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The
OMMjtlf
Railway Sr Industrial Compendium
State & Municipal Compendium
VOL. 121.
Public Utility Compendium
Railway Earnings Section
SATURDAY,OCTOBER 3 1925
Bank and Quotation Section
Bankers' Convention Section
NO.3145.
though we see no reason for undue haste in that respect, since the charters still have about nine years
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elaTitt dlspl
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PolOn request numerous occasions since then. The Economic
and Card
Fred
AssociaBankers
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and
icy Commission
ie gaertnleapegteen7Harrison 5616.
CEIcAG° °71.1"1108c=f,11
LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens, London, E.0.
tion sidesteps these amendments, or rather avoids
, WILLIAM B. DANA COMPANY, Publis ers,
taking a stand upon them. This attitude, in our
Front, Pine and Depeyster Streets, New Yor
view, is a mistake,since such a powerful body as the
ANY.
Published every Saturday morning by WILLIAM B. DANA CO
Risco: American Bankers Association ought to lead in the
President and Editor, Jacob Seibert: Business Manager. William
too.
Treas. William Dana Seibert; S.Herbert13.Seibert. Addresses of all.OM
expression and formulation of judgment on great
of
the
Charters
and
Convention
public questions relating to banking and finance, the
The ',Bankers'
Reserve
Banks.
Federal
the
more so as its judgment would be sure to command
with
the
entire
accord
in
We do not find ourselves
great respect and doubtless exercise wide influence
resolution adopted at the convention the present in swaying public opinion generally.
week of the American Bankers Association, on the
The amendments proposed are not of a nature that
CommisPolicy
Economic
its
of
recommendation
should provoke hostility or antagonism on the part
legislation
sion, that the question of Congressional
of any true friend of the Federal Reserve System,
for the extension of the charters of the Federal Re- though as they involve a curtailment of the powers
serve banks shall be considered as entirely separate of the Federal Reserve authorities it is not strange
and distinct from the proposed amendments to the that these latter should be violently opposed to them,
Federal Reserve Act. There is much force and merit since it is the part of human nature for men never to
in the general ncommendation of the Economic Pol- yield up power willingly. The amendments propose
icy Commission, to which the Association has given nothing except to restore the Federal Reserve Sysits endorsement and more particularly the statement tem to its original design and purpose. They aim
that all "new enactments and amendments should simply at the abolition of the war-time additions to
be embodied in single-purpose legislative measures the Federal Resetve Act. In particular it is sought
and that they should not be passed as riders or pro- to deprive the Federal Reserve banks of the right to
visos attached to bills relating to other matters." issue Federal Reserve notes against holdings of gold
This is a generalization to which no thoughtful per- especially acquired for that purpose, by which means
son will take exccption, not only in its application to it is made possible to corral all the gold in the counlegislation regarding the Federal Reserve banks, but try. The intention is to confine the Reserve banks,
in regard to other banking legislation and, indeed, as in the original Act, to the issue of notes upon the
legislation of any kind. As the resolutions of the security of discounted paper alone. In the second
American Bankers Association well say: "Changes place, it is desired to abolish the provision added
in the Federal Reserve Act are of such great impor- during the war which makes it compulsory for the
tance to our business and banking operations and to member banks to keep all of their reserves in the
our public welfare as a nation that they should re- Federal Reserve institutions, instead of only a part
ceive deliberate and undivided consideration, and of such reserves.
their adoption should not be conditioned by extraneThe object is the same in both instances, namely
ous considerations." Nor do we see any objection to to prevent an inordinate use of the facilities of the
Congress legislating separately in the matter of ex- Federal Reserve banks. Admittedly these facilities
tending the charters of the Federal Reserve banks, should be used sparingly and with the utmost eau-
The Throulde
1604
THE CHRONICLE
[VOL 121.
- - —
tion and the exercise of the wisest discretion and thorities have since then extended a credit also of
with the soundest good judgment. They are not so $10,000,000 to the Bank of Poland, though it is not
being used now. On the contrary, the Federal Re- possible to state whether this credit is of the same
serve System is being perverted from its original character as that granted to the Bank of England,
function, which was simply to aid trade and com- since no knowledge regarding it has been forthcommerce in its free and unrestricted operations. The ing. In the last analysis such arrangements involve
Federal Reserve banks provide super or excess bank- the issue of Federal Reserve notes in this country
ing facilities, not the regular or ordinary banking against the placing of gold in foreign countries or
facilities which the member banks themselves must the granting of credit to such countries. Yet under
always supply. With a superabundance of loanable the Reserve Act Reserve notes are declared to be
funds there is no need now for recourse to the extra "obligations of the United States and" to "be refacilities of the Reserve institutions, and there has ceivable by all national and member banks and Fedbeen no need for such facilities for over eighteen eral Reserve ban'ks, and for all taxes, customs and
months past. Yet the "earning assets" of the Re- other public dues." As we showed in our issue of
serve banks, which are a measure of the extent to May 23, no such right or privilege or power can be
which Reserve credit is being employed, amount, ac- deemed to exist, even impliedly, and now that the
cording to the statement of this week for Sept. 30, Federal Reserve banks have nevertheless undertaken
to no less than $1,257,024,000. Moreover, the amount to exercise such power Congress is imperatively
is being gradually, but steadily, increased, the total called upon, without delay, to provide by explicit
of these earning assets at the corresponding date enactment that transactions of this nature are belast year (Oct. 1) having been only $982,969,000. yond the authority and the power of the Federal
There are to-day $1,193,126,000 of Federal Reserve Reserve banks.
notes outstanding in exCess of the gold holdings,
There should be no extension of the life of the
after providing for the deposit liabilities of the Re- Federal Reserve banks until every one of the amendserve banks. This constitutes inflation or satura- ments proposed have first been enacted. To extend
tion of the credit and currency system of the coun- the charters in advance of the amendments, might
try to precisely that extent. Let no one mistake the serve to fasten the law in its present form upon the
meaning of this. The United States to-day has a country indefinitely, with all the abuses and pervergold stock of no less than $4,400,000,000, against sions to which it has led.
only $1,924,360,000 on Jan. 1 1914, and yet over and
above that the Federal Reserve System is superimThe Financial Situation.
posing excess Reserve notes to the amount of $1,193,On Thursday the Bank of England lowered its
126,000. Moreover, the Federal Reserve authorities discount rate from 4/
1
2% to 4%, narrowing the
do not intend to limit the excess note issues to the spread between New York and London to only /
1
2%,
the
rediscount
Federal
the
Reserve
of
rate
Bank
of
present figure of $1,193,000,000. Leading officials
New
York
%.
remaining
action
This
at
3
/
1
2
has
been
of the Federal Reserve System, in extolling the merits; of the System and endeavoring to show the ad- foreshadowed by the decline in prime 90-day paper
in London to below 4%, or only a small fraction
vantage Reserve notes possess over gold as a circuabove the rate on acceptances in New York. Neverlating medium are openly proclaiming in public ad- theless, the action of the Bank of England
came as
dresses and newspaper and magazine articles all a distinct surprise in New York, as there had been
over the country, that inasmuch as a reserve of only talk of a possible advance in the rediscount rate of
40% in gold is required against Reserve notes, it is the Federal Reserve bank. The English have very
possible to put out Reserve notes to 2/
1
2 times the difficult conditions to contend with. Their investamount of the gold held. With $4,400,000,000 gold ment and banking situation is healthy. There is continued increment in wealth, making available sums
in the country this would make it possible to put out
for investment, but the general business situation is
ultimately over $10,000,000,000 Reserve notes. It is very dull. There is
hence a plethora of money,
not possible to contemplate such a contingency, which tends to produce low rates. Furthermore
,
even at a remote date, except with the gravest con- easy money is urgently demanded by mercantile incern. With the war amendments abolished no such terests in order to bring down the cost of doing
business and thereby stimulate trade. On the other
menace would :.onfront.the country.
hand,
the, British bankers having brought sterling
The Reserve E ystem is also being perverted from
back
to
par, are trying to hold it there. This makes
its original purpose in some other respects, all behigh money rates desirable so as to attract foreign
cause of its power to corral all the gold in the coundeposits. Should the London and New York rates
try, or so much of it as may suit the purposes of the be the same, presumably
American funds now in
Federal Reserve authorities. Everyone will recall London would be withdrawn in still larger
amounts
the arrangement made towards tile close of last than has already occurred, rendering it difficult to
April, by which the Federal Reserve Bank of New maintain the parity of sterling. The British have
York agreed to place $200,000,000 gold at the dis- yielded to business pressure and are taking the hazposal of the Bank of England. If it is possible to ard as to sterling. As to this there is still the American credit of $300,000,000, established at the end of
do this in the case of one country of the world, it is
April, and thought to be largely or wholly unused.
possible to do the same thing in the ease of all other
This lowering of the British rate signifies the amcountries and, as a matter of fact, the Reserve au- ple supply of money
throughout the world in cen-
OCT. 3 1925.]
THE CHRONICLE
1605
The outcome of the French war debt negotiations
tres where moral credit conditions are good; and it
emphasizes the problem in New "York as to how to was disappointing. Instead of a comprehensive
checkmate too rampant speculation. The raising of agreement, covering the entire obligation, being
the rediscount rate by the Federal Reserve Bank reached, the conferences broke up on Thursday with
would probably count for little now, as the specula- only a tentative and partial plan for five years, and
tion has gone too far to be affected much by a mere which has not been signed and must first be subrise in interest rates. When stocks can be advanced mitted to the French Cabinet before further action
5 to 15 or more points a day, the cost of money is of can be taken by the French War Debt Commission,
little consequence. Actual curtailment of Reserve headed by Joseph Caillaux, Finance Minister. He
credit would be more to the point. Instead of this, sailed from New York for Paris last evening.
A Washington correspondent of the New York
the aggregate of Reserve credit is being steadily enlarged, the total earning assets the present week "Herald Tribune" outlined the situation in part as
(Sept. 30) being reported at $1,257,024,000, against follows :• "Franco-American debt settlement nego$982,969,000 on Oct. 1 last year. This emphasizes tiations were indefinitely postponed to-day. The
the point we have made again and again that the skyrocket flare, caused by the French announcement
Federal Reserve authorities were making trouble for last night that an agreement had been reached, was
themselves and the country by their policy of keep- coldly doused to-day with an announcement by Secing credit artificially easy, or rather intensifying the retary Mellon and Senator Smoot, after a visit at
the White House, that nothing of the sort had been
ease produced by a superabundance of gold.
accomplished,
that there was no disagreement among
There are clear signs that the security markets are
Commissioners, and that there never
American
in an overbought condition that demands pause and the
adjustment for correction. Bond salesmen of invest- had been anything approaching an agreement. Joment houses are finding that something more than a seph Caillaux, French Finance Minister, leaves
telephone ring is necessary to sell bonds. It is well Washington early to.-morrow morning and sails
known that brokers' loans are large and that collat- from New York for France to-morrow night without
eral loans at banks are large. The figures in them- the debt settlement which yesterday he professed so
selves might not contain any threat, but when it is much confidence of obtaining. He will carry back
realized that many of these loans are secured by to France with him a proposal made by the Ameristocks paying less dividends than the interest re- can Debt Commission that France shall make anquired to carry them and that earnings do not jus- nual payments for the next five years of $40,000,000
tify the prices a I, which they are pledged, it seems each, which would be considered interest on the
clear that there is an "overbought" condition exist- debt. After this. or at any stage in the meantime,
ing to-day that demands correction. The longer negotiations for the funding of the debt may be rethis reinains uncorrected the more severe will be the sumed. M. Caillaux declined even to promise that
reaction when it comes. Stocks that have advanced he would support this before the French Parliament
in price rapidly are not necessarily too high. It and declined to sign it on the ground that he had
requires examination of intrinsic value to determine no authority from his Government to make any other
what is too high. The selling of a stock because it agreement than one for the funding of the entire
has advanced or the buying of another because it debt. Actually, the difference in average yearly payhas not is entirely illogical; values only count; ments between the lowest terms the Americans were
willing to accept and the highest amounts the French
price records should not be too much considered.
were willing to pay averaged approximately $50,A development of interest during the week was the 000,000 a year. The total amount of all payments
appearance of a full-page newspaper advertisement which the French were willing to make, spread over
introducing the mime Brown Boveri to American in- the 68-year period, was $6,225,000,000. The total
dustry. The advertisement announced the estab- amount of all payments under the terms insisted
lishment of an American branch of Brown Boveri upon by the Americans reached approximately
& Co., Ltd., Baden, Switzerland, builders of elec- $9,000,000,000. The only. real point of contact
trical equipment. This is to be an American enter- seemed to be the amount which could be paid in
prise financed by American capital, but no solicita- 1926. This was $40,000,000. It is this amount
tion is made at present either for capital or business. which, under the French proposal, could be paid for
The company, which has branches in all the principal the first five years—although the Americans wanted'
European countries, points to its notable accom- to impose a sliding scale upward at once—which the
plishments in helping harness the power of Niagara, Americans suggested at the close of the negotiations.
in building and electrifying the Simplon Tunnel could be paid during the next five years as interest.
Railway through the Alps and the building of the Actually this amounts to about 1% on the debt."
world's first long distance power transmission line.
According to a special Washington dispatch to the
In the published statement predictions are made that New York "Times" yesterday morning, 'both Amerithere will be imich electrification of railways, that can and French officials looked upon the outcome as,
the central power stations will expend more than a a step in the direction of a mutual understanding,
billion dollars in 1926 and that gas is destined although by no means a satisfactory ending, wherelargely to replace coal and other fuel in domestic so much had been hoped for when the two Commisheating and industry. This coming development in sions began their deliberations. In behalf of Secgas is characterized as the third great phase in retary Mellon, bead of the American Debt CommisAmerican public utility growth. Apparently this sion, it was stated that he, of course, would have
advertising is notification of the appearance of a preferred a final agreement, but that he felt a temthird major concern in the electrical equipment field porary solution had been reached in a very critical
to take its place in the field with the General Elec- problem and that negotiations would be continued
for a complete settlement. M. Caillaux was pictured
tric Co. and the Westinghouse Electric Mfg. Co.
as saying to the American Commissioners, when he
1606
THE CHRONTOLE
refused to raise the terms of his last proposal: 'We
have offered all that France can pay; we have not
more money than that.' At the French Embassy tonight, in speaking of the American proposal for a
temporary settlement, he said: 'As you perceive,
far from being broken, the negotiations continue. I
take to Paris the proposal which I will submit to
the Government of the Republic.'" Washington dispatches last evening did not contain any additional
information regarding the situation.
[VOL 121.
ston and M. Morey-Neret, one of the French financial experts."
In a Washington dispatch to the New York
"Times" the next day it was claimed that the members of the two Commissions would meet on Monday "with a much brighter prospect of gradually
coming to an agreement, as a result of the CaillauxMellon conference of Friday night and the intimate
conversations among the members of the two Commissions which took place to-day on a trip to Mount
The negotiations at Washington between the Vernon and a luncheon at the home of Secretary
French and American War Debt Commissions rela- Mellon."
At that session the French Commission pretive to the debt of the latter country to the former,
during the early part of the week, appeared to con- sented a "new proposal," as had been expected. Acsist largely of an exchange of terms, with succes- cording to a special Washington message to the
sive modifications by both sides. In Washington New York "Times" that evening, "the terms were
'dispatches there were the usual rumors of impend- withheld, but it was stated that they were somewhat
ing "breaks," "near breaks," an "impasse" and a more lenient than those contained in the first Amer"deadlock." While no definite and formal state- ican proposal, which followed closely the lines of
ment was issued by either side, Secretary of the the British-American compact, and that certain
Treasury Mellon was reported to have stated from substantial concessions were made. The schedule of
time to time that progress was being made. The payments now suggested, however, was considerably
first proposal made by the French was said to have in excess of those in the offers made by the French."
been rejected by the American Commission. Ac- The New York "Herald Tribune" representative in
cording to a special Washington dispatch to the Washington claimed in a dispatch Monday evening
New York "Herald Tribune" on Sept. 25, "though that "modificatior of the terms which this country
the American Commissioners refused to reveal de- will accept in settlement of the French debt was pretails of the Mellon rejoinder, it can be stated that, sented to the French Commission, headed by M.
summarized, it embodied the following criticisms of Caillaux, by the American Commission late to-day."
M. Caillaux's proposal: The rate of interest sug- He further asserted that the modifications were
gested, about 21/
2%, was characterized as too low, made because it was feared by the American Comand the arrangements proposed for amortization mission that the French would break off the negotiawere'called unsatisfactory. The cancellation of in- tions and sail for home. This idea was not substanterest on the debt since the war, due, but not yet tiated in other Washington telegraphic advices at
paid, was rejected. The proposal that the debt pact that time. The New York "Herald Tribune" correshall contain a clause providing for a revision of spondent claimed that the modified terms were "conterms in case France's capacity to pay should be siderably lower than those on which the Americans
impaired in the future by a German default in rep- have been insisting." A New York "Evening Post"
arations payments was called unacceptable. The correspondent at the national capital said Tuesday
initial period of twenty years in which it was sug- afternoon that "the new American proposal is kept
gested that the annual installments should be less a secret, but it is understood to meet one of M. Cailthan the $90,000,000 maximum offered was pro- laux's difficulties, the political danger of promising
nounced too long, in view of the fact that by 1929, much money at first. The payments asked for the
under the Dawes plan, France should be getting first five years are said to be only slightly larger
$250,000,000 annually from Germany, which should than those offered by M. Caillaux. From this point
be sufficient payment from her principal debtor to they go up so, that, instead of reaching a maximum
enable her to undertake to settle her interior as well of $90,000,000 offered by M. Caillaux, they approach
the maximum of about $150,000,000 a year."
as her exterior debt."
It was stated also that "Secretary Mellon preMark Sullivan, a special Washington writer for
sented his reply to the offer made Thursday by M.
Caillaux at a joint session. of the two Commissions the New York "Herald Tribune," presented in a disthat lasted barely fifteen minutes. A meeting had patch the same evening what appeared to be the
been called for 11.30 o'clock, but as the American crUx of the negotiations. In part he said: "The
Commissioners were still engaged in drawing up fundamental issue between the American and French
their memorandlim when the French delegates ar- debt commissions is about the size of the yearly payrived, it was found necessary to keep the latter wait- ments to be made in the distant future, from 1940
ing nearly an hour. As soon as Mr. Mellon had read up to 1987. The Americans think France can safely
his answer the Caillaux Commission withdrew to promise to make quite large payments in those years,
consider it, a task which occupied them the rest of running as high as $175,000,000 a year. The French,
on the other hand, are shocked by the size of the paythe day."
Much stress was placed in Washington dispatches ments which the Americans propose for those years.
upon the importance of a strictly private dinner on To put it another way, the Americans look forward
the evening of Sept. 25. The New York "Times" to a France which will be much larger in wealth
correspondent said that "the conference took place and population, which will have recuperated from
at a private dinner at the home of Under-Secretary the war and which in other respects will be able to
Garrard B. Winston, who is also Secretary of the make yearly payments of a size which to-day seems
American Commission, and no announcement of the very great. The French Commissioners, however,
fact was made until to-day [Sept. 26]. The only insist on thinking of the France of the future as the
others present at any stage of the talk were Mr. Win- same France of to-day."
OCT. 3 1925.]
THE CHRONICLE
1607
The Washington dispatches Wednesday morning settlement of the French debt to the United States.
and evening were more uniformly cheerful as to the was agreed upon by the negotiators this afternoon.
outcome of the negotiations than those of any pre- A scale of payment for the first five years was devious day. The New York "Times" representative cided upon, after which another parley will be held'
said that "information obtained both from Ameri- to frame a definite agreement after the capacity of
can and French sources to-night indicated that defi- France to pay has become more apparent." It was
nite progress had been made during the day in over- indicated in the early dispatches Thursday evening
coming obstacles which stand in the way of an that the Americans decided to accept this tentative
agreement for the funding of the French war-time plan as a compromise and that it had been found imdebt to the United States, and on the surface at least possible to agree upon a comprehensive plan coverthere seemed to be more optimism than at any time ing a long period of years.
since the negotiations were begun last Thursday."
Considerable prominence has been given in WashThe New York "Herald Tribune" representative was
still more specific and said in part: "So close in ington dispatches to the idea that one of M. Cailaccord were the negotiators in the Franco-American laux's chief difficulties was to avoid accepting
debt settlement to-day, as a result of the sharp re- terms at Washington that would greatly increase
duction in terms offered by the American Commis- taxes at home. Before leaving Paris for the United
sion, that an agreement is fully expected within the States he prepared the 1926 budget, and left the
next two days. These terms offered by the Ameri- document with the Chamber of eommerce Finance
cans, but still under fire from the French in the Commission. It was made public on Sept. 26 and
hope of further concessions, are: Annual payments revealed "a heavy addition to the tax burden that
beginning at $40,000,000 in 1926, increasing $2,000,- the country is asked to take up." The Paris repre000 each year for ten years, to $60,000,000 a year, sentative of the New York "Times" added that, "aland with payments then rising sharply to a maxi- though financial experts, such as M. Berenger, whomumi of $130,000,000. This $130,000,000, it was is now in Washington with Caillaux, have often said
learned, is estimated as $100,000,000 divided be- that French taxation has already reached the limit,
tween principal and interest, $25,000,000 to make next year's plans provide for squeezing 3,440,000,000
up for the smaller payments during the first ten francs more out of the country." He also gave the
years and $5,000,000 interest on these deferred pay- following summary of the budget: "By raising the
tax on industrial and commercial profits from 9.6%
ments."
•
to 15%. By increasing the agricultural profits tax
These earlier dispatches were fully substantiated from 7.2 to 10% when the produce is sold as harby one from a Washington correspondent of the New vested and to 15% when this is modified in any way
York "Evening Post" that evening. He said that by the farmers. By raising the taxes on salaries of
"the American Debt Funding Commission and the 7,000 to 12,000 francs from 6 to 10%. By increasing
French debt delegation are on the verge of an agree- the tax on- earnings from liberal professions from
ment. In the private negotiations between Secretary 6 to 10%. By raising the tax on real estate from 12
Mellon and M. Caillaux, a formula for a revision of to 20%. By increasing the tax on mining outputs
the contract between the two Powers for the settle- from 15 to 20%. By increasing the taxes on revement of the French war debt was worked out. This nues from stocks and bonds, which are now between
formula was discussed by the American delegation 12 and 24%, to between 20 and 30%." He likewise
at a meeting in the Treasury Building, which lasted asserted that "the hardest blow of all is the creation
from 10 o'clock until nearly noon." The Washing- of a new complementary tax on income from capital
ton representative of "The Sun" was yet more defi- investments, including gross earnings, amounting to
2% for revenue between 7,000 and 50,000 francs
nite. He claimed that "important concessions have 21/
been made in the negotiations for the funding of the and following a sliding scale to 8% for revenue of
French debt of More than $4,000,000,000 to the over a half million francs. The latter tax means that
United States and it appeared to-day that there is a part of a Frenchman's revenue will be taxed four
fair chance of an agreement being reached before different ways." It was observed also that "these
to-morrow night, when Finance. Minister Caillaux taxation plans are declared necessary to balance the
will leave Washington. The American Commission ordinary French budget and will not coyer whatever
has cut its demands from a total of about $10,000,- must be paid to foreign Countries on account of war
000,000 to $6,200,000,000, while the French have debts."
added more than $1,000,000,000 to their first offer
of $4,000,000,000 over a period of 62 years."
The French forces in Morocco appear to have
gained further victories, some of them decisive and
In the Washington dispatches published Thurs- important. Dispatches from Fez indicated that the
day morning it was stated that the French Commis- French commanders were planning to stun their
sion had submitted "a new offer" to the American opponents by "a succession of brief, vigorous operaCommission, to which the latter had given careful tions." One big offensive, however, that was to
consideration the day before. A sub-committee com- have been started "in the eastern sector of the front,
posed of Secretary Mellon, Secretary Hoover, Sena- to be simultaneous with a Spanish attack from Altor Smoot and Representative Crisp was appointed hucemaS in the north," on Sept. 27, was delayed by
to go to the White House Thursday morning to con- a heavy rainstorm Word came from Fez two days
fer with President Coolidge. The conference was later that "the rainfall has stopped for the time beheld, but no important announcement was made ing, and the work of moving the French troops into
after it was over. Later in the day a joint meeting position and the bringing of supplies of food, ammuof the two Commissions was held at the Treasury nition and material to the front again is in full
Building and in the late afternoon announcement swing." The French met with considerable opposiwas made that "a temporary arrangement for the I tion, as "Abd-el-Brim is re-enforcing his positions
1608
THE CHRONICLE
[vol.. 121..
along the French front and harassing the French ence to frame a Rhine treaty will open Oct. 5." He
outposts."
added that "it is not yet certain whether the treaty
One of the chief developments of the week in the will be finally drafted at this conference. M. BriMoroccan situation was the resignation of Marshal and and Mr. Chamberlain favor doing the whole
Lyautey as Resident-General. It was received in job at once, whereas for some reason not yet clear
Paris on the afternoon of Sept. 28 by airplane from the Germans wish to have the Swiss conference preRabat, Morocco. In cabling the announcement of liminary to another bigger conference in London.
the Marshal's resignation, the Fez correspondent of This probably depends on the situation as it evolves
the New York "Times" said: "Marshal Lyautey; after the German and Allied Ministers have con'the grand old man who made Morocco,' has resigned. fronted one another at Lucerne or Locarno."
Thus, if the Government accepts his request to be
replaced as Resident-General, ends the official caThe London correspondent of the New York
reer of a statesman whose work as colonial admin- "Times" cabled, also on Sept. 26, that "the proposed
istrator has won more admiration and praise from security compact between France and Germany
more critics of more nations than any other colonizer has again assumed the chief role on the European
of modern times." Continuing his account of the diplomatic stage." He claimed that "the most cen• incident, the coirespondent said: "The Marshal's tral and most important clauses of the compact,
retirement has been expected in many quarters, par- which is described as short, relate to two cases of
ticularly since Marshal Petain's arrival and Mar- so-called flagrant aggression wherein the guarantee
shal Lyautey's recent visit to Paris. Indeed, since offered by Great Britain to the innocent party would
the beginning of the Riff war the internal political operate. These clauses in substance now read:
situation in France rather than the military situa- '1. Violation en masse of the frontier of one of the
tion in Morocco has been rendering this denouement signatories by the forces of another. 2. Military coninevitable. The resignation none the less causes centration en masse by any party within.the demilicertain surprise here. It was a touching scene when tarized Rhine zone, with the obvious intention of an
the Marshal made the first official announcement attack upon one of the other parties.'"
of his decision this morning at the weekly meeting
According to a special Berlin cable dispatch to
of the Council of Directors of various Governmental the New York "Times" on Sept. 26,"the Foreign Reservices who have been working under him for years lations Committee of the Reichstag ratified this
• and had come to look upon him as a father. Their afternoon the Luther Cabinet's decision to take part
wet eyes proved once more the loyalty Marshal Ly. in the security conference with the Allies on the
autey has known how to instill in the lowest of his basis of Germany's note to France of July 20. By
subordinates to a degree which has astonished all this decision the long and cumbersome process which
observers. Lyaatey's resignation is regarded as an nowadays attends any action of major importance
indication of how Parliament affects the situation undertaken by the German Government was closed."
in Morocco. It is here considered the result of poli- It was added, "that the committee's approval was
tics. The Riff war gave his enemies, particularly a foregone conclusion was demonstrated by the fact
the Socialists, who have long opposed having a mili- that the note of acceptance had been wired to the
tary man as Governor of Morocco, the lever they German Embassies in Paris and London long before
have hitherto lacked to oust him. Once he is out the the Deputies got together, and was delivered at the
next step will be to replace him with a civilian can- Quai d'Orsay an hour or so after their meeting."
didate, the most mentioned being M. Steeg, former
Governor of Algeria." Marshal Lyautey's resignaDispatches from the German capital two days
tion was accepted by the French Cabinet Septem- later introduced a new feature into security negober 29, with the customary formal expressions of tiations. The Associated Press representative, at
regret."
that centre said, "the fact that the German Foreign
Announcement was made in Fez dispatches on Minister, Gustav Stresemann, instructed Germany's
Sept. 30 that "France's big offensive against the Ambassadors at London, Paris, Rome and Brussels
Riffs is under way at last. The weather conditions to accompany formal acceptance of the invitation
at last have moderated enough to permit the open- of the Allied Powers to a security pact conference
ing blow in the eastern sector." Later cable advices by a verbal note raising the questions of war guilt
indicated that it was successful.
and reservations respecting entry into the League,
has left German politicians, press and public virThe question of security as between Germany and tually dazed." He added that "not only was the
France and her allies has continued to receive spe- German press unprepared for this, but it also ascial attention in European capitals, as it is reported serted that the Federal Premiers and Foreign Relato have done in the war debt negotiations between tions Committee were left in the dark. The unexFrance and the United States at Washington. Paris pected action seems to have occurred at the very
sent word on Sept. 26 that "Germany's reply to the moment the committee was debating whether to apAllies' invitation to a conference on the security prove the Government's acceptance." According
to
issue was delivered at the Quai d'Orsay this after- a special Berlili cablegram to the New York
"Evenoon by the German Ambassador." The New York ning Post" on Sept. 29,"Germany's attempt to
dodge
"Times" correspondent in Paris cabled that "the war guilt should be regarded as a political
gesture,"
Germans accept the Allied invitation contained in and that it "meant nothing more than a fulfilling
of
Foreign Minister Briand's note ten days ago. They the demands of domestic politics and was not
meant
suggest for the date Oct. 5 and the place Lucerne. in any way to stand as a German condition
for enThe Allies had unofficially suggested Locarno as tering the conference."
the place for the conference. Therefore, while the
Paris sent word on Sept. 29 that "Germany's
insisexact Swiss city remains to be named, it may be tence upon discussion of the matter of war
guilt, as
considered certain that the Allied-German confer- a necessary preliminary to the security pact
confer.
OCT. 31925.1
THE CHRONICLE
ence at Locarno, came seriously before the French
Cabinet this morning. In some political circles here
the feeling prevails that unless Foreign Minister
Stresemann of Germany is willing to modify his position the work of the security conference may be
considerably hampered or even delayed."
Much opposition was said to have been made by
European newspapers to the Foreign Ministers to
the selection of Locarno, Switzerland, as the place
for holding the security conference. It seems that
it is a "small Swiss city on Lago Maggiore, near the
Italian frontier, where there is one lone telegraph
wire for the use of several hundred diplomats and
scores of newspaper correspondents." The Paris
correspondent of the New York "Evening Post" said
that it has "only one telephone line. It was because
of its remoteness and inaccessibility that it was
chosen for the meeting, as the statesmen wish the
conference to be held without interference and without press reports so far as possible.."
Germany's reply with respect to a security conference was made public in London on the evening of
Sept. 29.• The New York "Times" representative
said that "with it was given out a note from the
British Foreign Office on behalf of Foreign Secretary Austen Chamberlain, from which it appears
that when Herr Sthamer, German Ambassador here,
saw Mr. Chamberlain on Saturday he was not content to speak only of the conference, but found it
necessary to make other general observations. These,
it is considered here, were made not with any hope
of changing the attitude which Great Britain has
consistently maintained with regard to them, but in
order to placate Nationalist feeling at home. From
the British point of view they have nothing whatever to do with the point at issue—merely fixing the
time and place where the conference is to be held.
One of the German declarations in particular—that
raising the question of responsibility for the war—
is thought here peculiarly dangerous to discuss on
the eve of delicate negotiations concerning the security compact.
The French did not like the German note either,
and they took a firm stand in their reply. The New
York "Herald Tribune" representative in Paris said
that "the French Government to-night dispatched
a firm note to Berlin flatly refusing to subscribe to
the German maneuver to use the security pact conference at Locarno as an excuse for the revision of
the Treaty of Versailles. The Reich demanded diplomatically that Article 231, relating to Germany's
war guilt, be expunged as compensation for her
agreement to guarantee the future security of the
Rhine, and that Allied supervision of German armaments cease with the evacuation of Cologne. The
short, sharp French note, framed by the Cabinet late
to-day and handed to Ambassador von Hoesch tonight, refuses to permit any of these subjects to enter the Locarno discussions. Whether this situation,
in view of the Na,tionalist pressure upon the Luther
Government, will compromise the success of the Locarno conference which Germany is now pledged to
attend, cannot yet be foretold."
It became known here Thursday morning through
Berlin cable advices that "M. Tchitcherin, the Russian Seeretary for Foreign Affairs, arrived in Berlin this [Wednesday] morning and coincidentally
1609
the European security project regained its smooth
and smiling aspect—on the surface. Having committed themselves before the whole world to absolutely
opposite views on the question of German war responsibility, Germany and the Allies are preparing
to sit down together at Locarno next Monday and
amiably attempt to square their contrary viewpoints
with the requirements of the security scheme." It
was suggested also that "whether the Soviets through
the director of their astute diplomacy will manage
to heave a hand grenade into the placid midst of this
peaceful enterprise remains to be seen. That some
such move will be attempted seems obvious. Despite
the intense mystery maintained by all concerned in
M. Tchitcherin's visit here, the New York 'Times'
correspondent 'earns that the Soviet statesman
clearly indicated to Dr. Stresemann to-night that
Germany's unconditional entry into the League of
Nations would be construed by Russia as detrimental to the spirit of the Rapallo Treaty."
Another turn was given to the situation in a special Liverpool cablegram to the New York "Herald
Tribune" yesterday morning. It was stated that
"an international Socialist conference will be called
to fight the security pact, which, it is hoped, will be
negotiated at the conference of European Foreign
Ministers opening at Locarno on Monday. Ramsay
MacDonald announced Socialist opposition to the
pact at the Labor Party conference here to-day.
This declaration divided the interest in diplomatic
circles with the visit of M. Tchitcherin, Soviet Minister for Foreign Affairs, to Gustav Stresemann,
German Foreign Minister. Austen Chamberlain and
other members of the British delegation, who will
leave London Saturday, were putting the finishing
touches to the British policy in connection with the
conference."
It would seem that in the following excerpt from
a special Berlin dispatch to the New York "Evening Post" last(vening may be found the chief reason for M. Tchitcherin's visit to Berlin. The correspondent said in part: "The German Government
definitely is launched on its policy of eating its cake
and having it too—in this case of making a security
pact in the West without losing the friendship of
Russia by approval at Cabinet meeting to-day of a
Russo-German trade treaty and by sanctioning a
credit of 100,000,000 marks to Russia for the purchase of agricultural machinery. This is the surprising result of the visit to Berlin of George
Tchitcherin, Soviet Foreign Minister, and comes as
a climax to a reception as cordial as only would be
accorded to the Foreign Minister of a powerful and
friendly Government. The sudden emergence of a
Russo-German trade treaty on the eve of a great international conference harks strangely back to the
day when the Germans wrecked the Genoa conference by signing the Rapallo treaty. The events,
however, were not sensational, inasmuch as a trade
treaty has been under discussion for a long time and
the agreement has only been hastened by impending
political events. But it shows that the Germans have
not waited for Locarno to make the first move in the
international chess game." The Associated Press
correspondent at the German capital was more
guarded in his statements, and in a dispatch last
evening asserted that the agreement had not been
signed. He added that "a commission from the German Foreign Office is proceeding to Moscow at' an
1610
THE CHRONICLE
[vol. 121.
early date in hope of arriving at a satisfactory con- has ordered commencement of the preliminary work
clusion."
essential to a conference for the control of the private manufacture of arms." President Dandurand,
The Council of the League of Nations adjourned in his farewell address, was quoted as saying: "The
its 35th session on Sept. 28. General Laidoner of Assembly has not disappointed the hopes of the
Esthonia was appointed to proceed to Mosul "to in- world. Our work has been of a nature to confound
vestigate the situation there." Council members ex- skeptics and convert pessimists and to give all bepressed the hope that "Turkey would give the League lievers in the League fresh ground for confidence,
agent permission to visit that section of Mosul held optimism and faith."
by Turkey, thus insuring an extensive and impartial
For the time being at least, the Conservative wing
inquiry, and would use its good offices to prevent
incidents calculated to endanger peace, pending a of the Labor Party in Great Britain appears to have
definite decision on the sovereignty of Mosul." It won a decisive victory over the Communists. At a
was explained that "General Laidoner was formerly conference in Liverpool on Sept. 29 of the Parliacommander-in-chief of the Esthonian army. He will mentary Labor Party a proposal to admit Commuproceed forthwith to the disputed territory to in- nists to membership in the party was defeated by a
vestigate the British charges of deportations of vote of 2,954,000 to 321,000. After the announceChristians by the Turks, and the Turkish counter- ment of the vote, Harry Pollit, "one of the greatest
charges that British forces have been invading the foes of constitutional leadership in labor, told the
section of Mosul provisionally held by the Turks conference that whatever it did it could not possince the Brussels conference. General Laidoner is sibly keep out the Communists, saying: 'We shall
a member of the Esthonian Chamber of Deputies and get in one way or another.'" According to an Assois Chairman of the committees on foreign affairs ciated Press dispatch from Liverpool, "the conferand national defense."
ence is the largest in the history of the movement,
Announcement was made also that "the and the first sitting was attended by more than 1,000
Council will meet here [Geneva] again in delegates, including several women."
December. Because of the importance of the
affair it is postponing its projected session
The long continued dulness in industrial lines in
in Madrid until next March." The Associ- Great Britain has been a decidedly weak and troubleated Press correspondent cabled that "the Memel some feature of her economic situation. The statequestion caused a stir at the Council meeting to-day, ment of revenues and expenses for the six months
when Mr. Galvanauskas, former Lithuanian Pre- ended Sept. 30 was disappointing, as it disclosed a
mier and now Minister to Great Britain, after pound- substantial deficit. According to London cable ading the table violently and shouting defiance to the vices, "receipts amounted to £343,934,735, and exLeague, stamped angrily out of the room. The Coun- penditures totaled £379,906,760, leaving a deficit of
cil was discussing the convention defining the status £35,972,025. The revenue shows a decrease in the
of the Memel territory, drawn up by Norman H. half year of £4,574,660 and expenditure an increase
Davis, former American Under-Secretary of State." of £19,514,765." It was suggested that "the last
Attention was called to the fact that "the Memel quarter of the financial year, however, is the heaviterritory, with a population of 170,000, was detached est revenue-collecting period, and the final figures
from Germany by the Versailles Treaty and placed may be better." The bad trade situation is supposed
under the control of the Council of Ambassadors. to have been one of the reasons for the further reIt was handed over to Lithuania in February 1923, duction in the Bank of England discount rate on
subject to certain conditions intended to regulate Thursday from 4/
1
2 to 4%.
the use of the port by both Lithuania and Poland.
Difficulties between Poland and Lithuania over the
Quite unexpectedly, although such a move had
administration of the territory were settled in March been regarded as among the possibilities, the Bank
1924, when the League Council ratified a convention of England on Thursday announced, as already
prepared by a neutral committee headed by Norman stated, a reduction of 1
/
2 of 1% in its minimum disH. Davis." Word came from The Hague, also on count rate, to 4%. The 41/
2% rate had been in effect
Sept. 28, that "the Permanent Court of Interna- since Aug. 6. Aside from this change, official distional Justice to-day called an extraordinary ses- count rates at leading European centres continue
sion to meet Oct. 22 to consider the questions con- to be quoted at 9% in Berlin; 7% in Italy; 6% in
cerning the disposition of the Mosul territory re- Paris; 51
/
2% in Belgium, Denmark and Norway;
ferred to it by the Assembly of the League of Na- 5% in Madrid and Sweden, and 4% in Switzerland.
tions."
In London open market discounts were steady and
closed at 3 3-16@31/
4%,against 31/
2% for short bills;
In summarizing the work of the sixth Assembly of three months' bills closed at 35-16@3%%, against
the League of Nations, the larger body, which ad- 3/
1
2(4)3 9-16% last week. Money on call at the Britjourned on Sept. 26, the Geneva correspondent of ish centre was much firmer, for a time touching
the New York "Times" claimed that it had "three 31/
4%, but finished at 2/
1
2%, against 27
/8% a
important accomplishments to its credit." He week ago. In Paris and Switzerland open market
added, "First, it has brought about an agreement on discount rates remain at 5% and 2%, the same as
the conditions under which a disarmament confer- heretofore.
ence can be he!d and has ordered technical preparation to be made for such a conference. Second,
Another loss in gold holdings, this time of £193,it has agreed that a conference to study the economic 362, was shown by the Bank of England statement
maladies of the world which might lead to war for the week ending Sept. 30. Moreover, as note cirshould be held, mid has ordered the Council to make culation expanded £1,864,000, there was a decline in
an essential study for such a conference. Third, it reserve of £2,057,000, while the proportion of reserve
OCT. 3 1925.]
THE CHRONICLE
1611
to liabilities declined to 27.37%, as against 28.50%
The German Reichsbank announced another cut
last week and 29.00% two weeks ago. At this time in note circulation, amounting to 101,628,000 marks,
a year ago the ratio stood at 2014% and in 1923 at in its statement issued as of Sept. 23. This reduc187
/8%. Important increases and decreases were tion, however, was accompanied by an increas
e in
shown in deposits. Public deposits increased £10,- other maturing obligations of 76,857,000 marks
and
063,000, "other' deposits were reduced £12,083,000. in other liabilities of 7,742,000 marks. As
to the
In the loan accounts changes were less significant. Bank's assets, there was a loss of 73,101,000
marks
Loans on Government securities declined £161,000, in holdings of bills of exchange and checks, while
while loans on other securities expanded £213,000. advances fell off 2,786,000 marks and reserve
in forThe Bank's stock of gold aggregates £160,466,075, as eign currencies fell 48,063,000 marks. Increas
es
against £128,426,147 last year (before the transfer to were shown in deposits held abroad of 30,000,
000
the Bank of England of the £27,000,000 formerly marks, in silver and other coins of 827,000 marks,
in
held by the Redemption Account of the Currency notes on other banks of 9,387,000 marks, and
in
Note issue), and £127,659,536 in 1923. Reserve to- other assets of 56,395,000 marks. Investments
retals £34,442,000, as compared with £25,887,312 a year corded a nominal gain of 69,000 marks. Gold
and
ago and £22,626,086 the year before that. Note cir- bullion holdings have reached a total of 1,174,76
6.culation is now £144,774,000, as contrasted with 000 marks, an increase for the week of 30,243,000
£122,288,835 in 1924 and £124,783,450 a year earlier. marks, and comparing with 560,080,000 marks at
Loans stand at £75,577,000. This compares with this time a year ago and 469,727,000 marks in 1923.
£80,740,529 last year and £71,260,165 for the corre- Note circulation now amounts to 2,311,710,000
sponding week in 1923. As noted above, the Bank of marks.
England on Thursday somewhat unexpectedly announced a reduction in its minimum discount rate of
Moderate losses in gold reserves and a lessening
y2%,to 4%,the 4/
1
2% rate having been in effect only in rediscounting but an increase in open operations
since Aug. 6. We append herewith comparisons
of were the features of the Federal Reserve Banks'
the different items of the Bank of England
returns statements, issued on Thursday afternoon. For the
for a series of years:
System as a whole the repolt showed a decline in
BANE OF ENGLAND'S COMPARATIVE
STATEMENT.
gold
of $5,600,000. Rediscounting of paper secured
1925.
1924.
1923.
1922.
1921.
Sept. 30.
05. 2.
05. 3.
by Government obligations fell off $20,800,000, but
Oct. 5.
Oct. 6.
Circulation
6144.774.000 122.288,835 124.783,450 123,199,775
"other" bills increased $13,300,000, so that total bills
Public deposits
27,109,000 17,383,907 11,503,591 16,695,645 125,666,690
19,266,387
Other deposits
102,390,000 110,696.485 108,762,384 122,167,20
7 127,772,217 discounted showed a shrinkage of only $7,500,000.
Governm't securities 36,772,000 39,733.443 44,658,834
Other securities-- - 75,577.000 80,740,529 71,260,165 60,266,973 58.540,907
Reserve notes & coin 35,442.000 25.887,312 22,626,086 73,589,534 84,948,639 Holdings of bills bought in the open market were
Coln and bullion.-n160,466,075 128,426,147 127,659,536 22,672.456 21,197.151
127,422,131 128.413,841 augmented $29,800,000. A substan
Proportion of reserve
tial gain was reto liabilities
27.37%
MI%
WA%
16.33%
14.40% ported in total earning assets, namely $44,109
Bank rate
*4 Si%
4%
4%
,000.
3%
564%
* Rate was reduced next day (Oct. 1) to 4%.
Deposits, however, remained practically unchanged,
a Includes, beginning with April 29 1925. £27,000,000
gold
coin
and
bullion
Previously held as security for currency note issues and
the Bank of England on the British Government's decision which was transferred to increasing about $500,000. Federal Reserve
to return to gold standard.
notes in
b Beginning with the statement for April 29 1925,
£27,000,000 of Bank actual circula
of England notes issued in return for the same amountincludes
tion expanded $14,700,000. At New
of gold
UP to that time in redemption account of curtency note issue.coin and bullion held
York the gold reserve was reduced $12,000,000. In
Government secured paper, rediscounts fell $10,800,The Bank of France reported a further small gain
000, while "other" bills gained $7,100,000, so that
in gold this week, namely 153,956 francs. Total gold
total bills discounted during the week declined
holdings now aggregate 5,547,230,375 francs, which
$3,700,000. Open market purchases were slightly
compares with 5,544,153,686 francs for the correlarger, increasing $1,600,000. Earning assets regissponding date last year and 5,538;447,425 francs for
tered an expansion of $17,200,000. Deposits, howthe year previous. Of the foregoing amounts,
ever, fell off $4,100,000. The amount of Federal Re1,864,320,907 francs were held abroad in both 1925
serve notes in circulation rose $6,400,000. Member
and 1924 and 1,864,344,927 francs in 1923. Note
bank reserve accounts revealed only minor changes,
circulation showed the large expansion of 797,169,000
increasing $2,800,000 for the banks as a group and
francs. The total outstanding is thus brought up to
$3,700,000 locally. Changes in reserve ratios were
the new high level of 46,353,559,110 francs. The
not important. The New York Bank reported a deprevious high record was 45,685,948,445 francs, cline
of 1.1%, to 75.6%, and the twelve reporting
reached Sept. 11. Last year at this time notes in cir- banks
a decrease of 0.4%, to 72.5%.
culation were 40,533,936,140 francs, and in 1923,
38,529,636,000 francs. During the week silver
Last Saturday's statement of New York Clearing
gained 167,000 francs, bills discounted rose 479,463,House banks and trust companies indicated a
000 francs, and general deposits were increased
strengthening of reserve position in preparation for
574,903,000 francs. On the other hand, advances the
approaching month-end strain. Loans decreased
showed a decrease of 163,781 francs and treasury $2,270,
000. Net demand deposits declined $27,786,deposits fell off 9,476,000 francs. Comparisons of 000,
to $4,331,620,000. This is exclusive of $39,757,
the various items in this week's return with the state000 in Government deposits. Time deposits fell
off
ment of last week and with corresponding dates in $2,939,
000, to $569,605,000. Cash in own vaults of
both 1924 and 1923 are as follows:
member
s of the Federal Reserve Bank rose $2,154,BANK OF FRANCE'S COMPARATIVE STATEMENT.
000, to $45,672,000, although this is not counted
Changes
Status as of
as
for Week.
Oct. 11925. Oct. 2 1924. oa. 4 1923.
Gold Holdings—
Francs.
reserve. State bank and trust company reserve
Francs.
Francs.
Francs.
In France
Inc.
s
153,956 3,682.909,468 3,679,832.779 3,674.102,498
in
Abroad
Unchanged
1,864.320,907 1,864,320.907 1,864.344,927 own vaults decreased
$111,000, and reserves kept in
Total
Inc.
153,956 5,547,230,375 5,544.153,656 5,538,447,425 other depositories by these
Sliver
institutions fell $189,000.
Inc.
167,000
309,908,267
301,523,958
294,976,000
Bills discounted__._ Ina.479,463,000 3,691,117,406 4,882.442,7
An increase of $31,525,000 in the reserves
32 3,846.352,0
Advances
Dec163,781,000 2,676,788,824 2,716,444,516 2,138,2C2,000
with the
00
Note circulation__ _Ine.797,169,000 46,353,559,110 40,533.936,
140 38,529,636,000 Reserve Bank was shown,
Treasury deposits Dec. 9,476,000
and
this,
23,164,675
togethe
12,968,850
r with
26,184.000
General deposits
Ine.574,903,000 2.718,575,518 1,959,436,125 2,147,110,0
00 smaller deposits, was sufficient
to bring about an
increase in surplus of $34,903,370, which after
wip
1612
THE CHRONICLE
Vol. 121
' acceptances the posted rate of
Ing out last week's deficiency in reserve of $15,674,- loans against bankers
the American Acceptance Council was advanced the
630, left an excess reserve of $19,228,740.
on yesterday,
present week to 5%, with a reducti
The Acceptance Council makes
The trend of call money was distinctly upward the however, to 4
prime bankers' acceptances
on
rate
t
the
discoun
6%
a
first three days of the week. On Wednesday
e by the Federal Reserve banks
rate was reached that was not lowered before the eligible for purchas
asked for bills running 30 days,
close of business. This sharp upturn was attributed 3/% bid and 3h%
asked for 60 days, 3/% bid
chiefly to preparation for the unusually large dis- 332% bid and 3V%
4% bid and 3/%
2% on and 332% asked for 90 days, 33
1
bursements on Oct. 1. After renewing at 5/
4% asked for
33
and
bid
%
A
37
that day the quotation broke rather abruptly on asked for 120 days,
for 180 days.
asked
3%%
and
bid
2%. It had not been expected that the 150 days, and 4%
1
Oct. 1 to 4/
:
follows
as
are
ons
quotati
the
Open market
drop would go quite so far on the very day of
SPOT DELIVERY.
30 Days.
60 Days
disbursements. In some circles there was a disposi90 Days.
3%@3K
future.
34(413%
near
394@34
Prime eligible bills
tion to look for a partial recovery in the
DAYS.
the
in
THIRTY
rate
WITHIN
ing
Y
FOR DELIVER
Even yesterday 5% was the prevail
354 bid
Eligible member banks
3% bid
regular market, although it was reported that Eligible non-member banks
2%.
1
"outside" money was to be had at 4/
member
the
and
e
large
continu
Loans of every kind
There have been no changes this week in Federal
at
the
loans
their
ed
increas
have
to
said
banks were
Reserve Bank rates. The following is the schedule
this
rably
conside
Bank
Reserve
Federal
York
New
of rates now in effect for the various classes of paper
week. The further reduction in the Bank of Eng- at the different Reserve banks:
2% to 4% was taken at DISCOUNT RATES OF FEDERAL RESERVE RANKS IN EFFECT
1
land discount rate from 4/
OCTOBER 2 1925.
once as practical assurance that the Governors of
innot
Paper Maturing—
would
Bank
the New York Federal Reserve
After 90 After.)
prehas
that
level
%
2
1
/
3
the
from
crease its rate
hut
Days. but
Wlihtn
Within 6 WWtin 9
as90 Days.
that
on
ing
Proceed
.
months
many
for
railed
Months.
Months.
PEDERAL RESERVE
RANK.
sumption specalators bought industrial stocks
Com'retal Secured
Trade 4yricui.* Agricul.
Ariel ci• by U. S. Bankers
freely on Thursday and a sharp recovery on the
and
and
AccepLivestock Govertun't Accep.
Ulnas Livestock Livestock
lances.
OblfgaPaper.
As
Paper
Stock Exchange followed Wednesday's decline.
Paper.
lions.
n.e.s.
314
314
314
had been expected, no change was made in the New Boston
334
3
3%
314
314
314
314
3.4
334
New York
314
314
34
314
York rate. Offerings of new securities were on a Philadelphi
34
334
a
314
3%
3%
334
34
3%
4
4
4
4
4
large scale, but the general bond market was dull Cleveland
4
Richmond
4
4
4
4
4
4
Atlanta
4
4
4
4
4
until after the announcement of the action on the Chicago
4
4
4
4
4
4
4
St. Louis
Cor4
4
Steel
4
States
4
United
The
rate.
d
4
Englan
4
Bank of
Minneapolis
4
4
4
4
4
4
Kansas City
4
of
4
80%
4
at
about
4
ng
operati
4
to
be
4
said
is
n
poratio
Dallas
314
3%
334
311
34
Ban Francisco
capacity, against 76% a week ago. The car loadings •Including bankers' acceptances drawn for an agricultural purpose and secured
for the week were in excess of 1,000,000 cars. Va- by warehouse receipts. dm.
rious European loans appear to be in the making.
The feature of an otherwise dull and uneventful
The American money market is likely to be higher.
week in the sterling exchange market was the und action of the Bank of England in lowering
Dealing with specific rates for money,call loans this expecte
to 4%. Al4
to 6%, which compares its official discount rate from
week covered a range of
been heard
had
step
a
such
of
ions
predict
with 4@6% last week. Monday the high was 532%, though
utterances
month,
past
the
during
time
to
time
the low 432%, with 43/2% the rate for renewals. from
the belief
to
led
lately
officials
banking
British
On Tuesday renewals were advanced to 5%, which of
the
immediate
no change was contemplated in
was the lowest rate named; the high was still 532%. that
were said
brokers
In fact London money
Increased firmness developed on Wednesday and call future.
t. Here,
inciden
the
be much bewildered over
funds went up to 6%, while the renewal basis was to
ead
caused
widespr
rate
reduction in the Bank
532% and 53/2% the low. Thursday's range was the
shock
first
the
after
but
ure,
t and conject
4M@53/2% and 532% the ruling rate. On Friday commen
had subsided it was taken as an indicasurprise
of
made
being
on
call
loans
all
only one rate was quoted,
that the British authorities were satisfied that
at 5%. In time money the market was firm on tion
underlying position of sterling was strong enough
lighter offerings and toward the end of the week sixty the
lowering the Bank rate to the level of
warrant
and ninety days and four months' money advanced to
ng in the open market. Whether this
prevaili
rates
to 43/2@49%, against 43((4)43/2% last week, while
will bring about the much-dreaded
action
of
course
five and six months moved up to 4%@5%, against
's gold holdings or undue pressure
England
upon
strain
43/2@4%% a week ago.
e reserves, remains to be seen.
Commercial paper remained at the higher levels an- on foreign exchang
ate effect of the cut was a decline in
nounced last week and four to six months' names of The immedi
sterling of 5-16c., bringing the quotation to
choice character were again quoted at 431@432%, demand
4 83 11-16, a new low on the current downward
with names not so well known still requiring
nt and below the generally recognized "gold
New England mill paper and the shorter choice names moveme
No special increase in
0. Trading was only mod- export" point for London.
continue to pass at 437
there was a further
and
r,
howeve
ed,
develop
erately active. Country banks were the principal activity
n to 4 83 on Friday. During the forepart
recessio
buyers.
movements were narrow but somewhat
Banks and bankers' acceptances continue at the of the week
shifting first in one direction, then in
r,
prices
irregula
of
levels previously current, although the undertone
tendency usually downward. As
the
with
other,
the
fallthe market has been rather firmer. A marked
selling pressure, demand bills
active
of
quite
a
result
noted,
was
ing off in the volume of business transacted
%to
were forced down from an opening figure of 4 841
due largely to the stiffening in call funds. For call
OCT. 3 1925.]
THE CHRONTCLE
1613
4 83%. At frequent intervals buying support was
Continental exchange was unsettled and dull,
put forth and the quotation brought back to 4 84, though in the main firmly held, up to Friday, when
with the close at 4 83 11-16. Prior to the announce- disappointment regarding the results attained through
ment of the cut in the British Bank rate, the primary France's war debt funding conferences caused
a
topic of discussion in exchange circles was the sharp slump and quotations dropped from 3 to '7
exact figure at which gold could be shipped. Opinion points. The reparation currencies waited upon
in this respect varied, some placing it at 4 843, the daily developments at the Washington conferothers 4 8432, and still others 4 8418@4 8422. ences between M. Caillaux and his Financial
MisLocal bankers intimate that Great Britain will sion and United States Treasury officials,
and
prefer to draw upon the credits established here trading was reduced to a minimum. A
few'
last May rather than ship gold. On the other moderate selling spells occurred in francs followi
ng:
hand, there are some who believe that the Bank of rumors earlier in the week that the debt
negotiations;
England may allow gold to come this way in a con- had been broken off. For the most part,
however,
siderable quantity, if need be, rather than continue speculation was at a low ebb and local dealers
conits efforts to maintain sterling or resort to its credits, tinued to show disinclination to risk
commitments in
for the reason that gold imports from South Africa French currency. The reason for this was a
belief that
are to be resumed next month. The continued ease no matter how favorable the settlement
might be to
in money conditions in England is expected to occa- France, no real improvement in French
financial
sion heavy withdrawals of American balances from affairs could be counted on for the immediate
future.
London. The British Treasury is reported as being A definite settlement was regarded as
almost sure to
well supplied with American dollars, it having bought result in agreement to make immediate
payments on,
nearly the whole of the dollar proceeds of the recent war debts, thereby adding to present
fiscal burdens,.
Australian loan that was negotiated in this country. even though benefits
would accrue in the end. UnDisappointment over the outcome of French war favorable reports regardi
ng subscriptions to the French
debt negotiations affected all the leading foreign Rentes, the basis and
foundation of the Caillaux
exchanges unfavorably, and helped to depress financial reorganization
plan, added to the general
sterling, which closed at the lowest point in five gloom, as also did a
poor Bank of France statement,
months.
showing large increases in note circulation and in
Referring to the day-to-day rates, sterling ex- advances to the Government.
Nevertheless, rates,
change on Saturday last was a shade easier; demand were maintained until near
the close, when there wassold at 4 841
/
8 (one rate)drcable transfers at 4 841% a decline from 4 721% to 4 61 on heavy
foreign selling
and sixty days at 4 817; trading was dull. On and the week's range was
4 721% to 4 61. Toward
Monday fairly liberal offering of commercial bills the latter part of the week
Belgian francs attracted'
sent quotations down to 4 83%®4 84 for demand, attention by an advance of
about 15 points, to 4.53,
to 4 8414@4 84% for cable transfers and to 4 81%@ though some of the gain was lost
at the close. Good'
4 813
4 for sixty days. A rather better undertone buying was reported which was
attributable to intiwas reported on Tuesday, owing to an improved mations that a large Belgian loan
is to be negotiated
inquiry; actual quotations, however, were not in this market shortly. Less than
three weeks ago
changed and demand again ranged at 4 833@4 84, Belgian francs were selling
as low as 4.30%. Italian
cable transfers at 4 843'@4 843/i and sixty days lire were steadier, but inactiv
e and ruled around
at 4 81%@4 813
4. Wednesday's market was a 4.07, with the close lower. Greek currenc
y moved
dull, narrow affair with prices practically unchanged, irregularly and closed easier.
In the minor Central
at 4 83 15-16@4 84 for demand, 4 84 5-16@4 843
% European group, Polish zloties again moved erratifor cable transfers and 4 81 11-16@4 813
4 for sixty cally; opening at 16 70, dropping back to 16 50, then
days. Lowering in the Bank of England rate on rallying and advancing to
16 75, all on light trans-Thursday was responsible for a further fractional de- actions. German marks
and Austrian kronen
cline in sterling quotations that carried demand down remained motionless, at
former levels. The steady'
to 4 83 11-16@4 83%, cable transfers to 4 84 1-16@ depreciation in Polish
exchange is attributed to lack
4 843 and sixty days to 4 81 7-16@4 815
%. Friday of confidence in Poland's internal finances, although
irregular weakness was still in evidence and the it is conceded that the
break in rates was caused in
range was slightly lower, at 4 831%@4 833
4 for part by outside influences. Attempts to arrest the
demand, 4 83%@4 841
% for cable transfers and decline by stringent regulations on
exchange trading
4 813@4 811% for sixty days. Closing quotations have been, as usual,
only partially successful and have
were 4 81 7-16 for sixty days, 4 83 11-16 for demand failed to halt the transfer
s of Polish funds to other
and 4 84 1-16 for cable transfers. Commercial sight countries. Governmental
intervention is reported as
bills finished at 4 83 9-16, sixty days at 4 79 3-16, having had a disturbing
effect on business; and hence
ninety days at 4 79 3-16, documents for payment did as much harm as good.
(sixty days) at 4 80 3-16 and seven-day grain bills
The London check rate on Paris finished at
103.50,
at 4 823/
8. Cotton and grain for payment closed against 102.29 last week.
In New York sight billsat 4 83 9-16.
on the French centre closed at 4.66, against
4.723
4;
Gold exports for the week included $450,000 cable transfers at 4.67,
against 4.733%; commercial
shipped by the Chartered Bank of India, Australia sight bills at 4.65,
against 4.713%, and commercial
& China for the Straits Settlements; $153,000 by sixty days at 4.60
3/2, against 4.673' a week ago.
the Farmers' Loan & Trust Co. in gold coin, and Closing rates on
Antwerp francs were 4.46% for
$75,000 by the International Acceptance Bank, both checks and
4.471% for cable transfers, as compared'
destined for the Straits Settlements. The Bank with 4.36 and 4.37 the
previous week. Reichsmarksof England this week sold £62,000 in gold bars and finished at 23.803%
, for both checks and cable transexported £39,000 in gold sovereigns for the Straits fers, against 23.87.
Austrian kronen remain at
Settlements.
0.00141
%, the same as heretofore. Lire closed
at
4.033 for bankers' sight bills and at 4.043
for cable
[VoL. 121.
THE CHRONICLE
16'4
transfers. This compares with 4.03 and 4.04 the
week before. Exchange on Czechoslovakia has not
8;on Bucharest the close was
been changed from 2.969/
on Finland 2.53, unchanged.
and
0.49,
0.473,against
Polish zloties finished at 16.75, as compared with
16.50 the week preceding. Greek exchange closed
2 for cable transfers,
at 1.44 for checks and at 1.443/
against 1.453/b and 1.46 last week.
Trading in the exchanges on the former neutral
centres was quiet and price changes narrow, with the
exception of Norwegian and Danish currencies which
continue to show sharp variations, as a result of
renewed foreign selling. Norwegian krone sold
down to 19.64, a drop of 71 points. Danish kronen
lost 31 points to 23.93. In both instances, however,
recovery set in which brought the quotation back to
20.21 and 24.22, respectively. Dutch guilders were
quiet but firm, at close to 40.18. Swiss francs continue to range between 19.29 and 19.30. Swedish
exchange was firm at around previous levels. Spanish
pesetas were less in demand and showed a declining
tendency, losing about 9 points to 14.31. Generally
speaking, these exchanges were neglected and
dealers showed very little interest in any branch of
the list.
Bankers' sight on Amsterdam finished at 40.17,
against 40.183/2; cable transfers at 40.19, against
40.203/2; commercial sight bills at 40.09, against
40.103/2, and commercial sixty days at 39.73, against
39.743/ last week. Swiss francs closed at 19.28 for
bankers' sight bills and at 19.29 for cable transfers,
against 19.30 and 19.31 a week earlier. Copenhagen
checks finished at 24.11 and cable transfers at 24.15,
against 24.27 and 24.31. Checks on Sweden closed
at,26.82 and cable transfers at 26.86, against 26.82
and 26.86, while checks on Norway finished at 20.11
and cable transfers at 20.15, against 20.36 and 20.40
last week. Spanish pesetas closed the week at 14.35
for checks and at 14.37 for cable transfers. This
compares with 14.40 and 14.42 the previous week.
BY FEDERAL RESER%
FOREIGN EXCHANGE RATES CERTIFIED
1922,
BANKS TO TREASURY UNDER TARIFF ACT OF
.
• SEPT. 28 1925 TO OCT. 2 1925, INCLUSIVE
Noon Miring Rate for Cable Transfers in New York
Value in United Stater Money
Country and Monetary
Sept. 26. Sept. 28. Sept. 29. Sept. 30.
Oct. 1.
Oct. 2.
S
$
$
S
i
8
EUROPE8.14074 1.14070 5.14074
Austria,whiffing*._ -• 8.14061 3.14075 1.14087
.0447
.0451
.0441
.0437
.0138
.0436
Belgium, franc
.007311 .007314 .007308 .007314 .007308 .007314
Bulgaria, lev
.029618 .029616 .029617
Czechoslovakia, krone .029620 .029616 .029619 .2418
.2414
.2417
.2405
.2401
2420
Denmark, krone
sterpound
England.
4.8399
.8419
4.8430
4.8433
4.8429
4.8446
ling
.025240 .025228 .025228 .025230
Finland, markka_ _._ .025230 .025238 .0473
.0465
.0473
.0472
.0473
.0473
France.franc
.2380,
.2380
.2380
.2380
.2380
Germany, reichsmark .2380
.014453 .014457 .014468 .014473
.014565
.014589
_.
_
.
drachma_
Greece.
.4019
.4019
.4020
.4020
.4020
4020
Holland, guilder
.000014
.000014 .000014 .000014 .000014 .000014
Hungary, krone
.0402
.0405
.0406
.0407
.0405
.0407
Italy, lira
.2016
.2013
.2013
.1988
.1991
.2020
Norway, krone
.1668
.18E3
.1675
.1668
.1670
.1870
Poland,zloty
.0510
.0510
.0501
.0508
.0512
.0510
Portugal, escudo
.004759
.004858 .004838 .004827 .004790 .604752
Rumania.leu
.1437
.1435
.1436
.1439
.1439
.1441
Spain, peseta
.2685
.2685
.2685
.2685
.2885
.2685
Sweden.krona
.1929
.1930
.1930
.1931
.1930
Switzerland. franc-- .1930
.017711 .017721
.017735
.017745
.017756
.017755
Yugoslavia, dinar-ASIAChina.8042
.8067
.8067
.8067
.8108
.8125
Chefoo. tadl
.7934
.7953
.7953
.7988
.8013
.8022
Hankow.tael
.7767
.7783
.7775
.7777
.7838
.7848
tael
Shanghai.
.8158
.8183
.8183
.8183
.8225
Tientsin, tael __ __ _ .8242
.5900
.5904
.5915
.5929
.5975
.5994
dollar_
Kong.
Hong
.5728
.5725
.5700
.5720
.5740
.5740
Mexican dollar__
Tientsin or Pelyani,
.5779
.5771
.5750
.5792
.5783
.5775
dollar
.5896
.5896
.5867
.5875
.5900
.5900
Yuan, dollar
.3659
.3861
.3661
.3661
.3659
.3661
India, rupee
.4083
.4087
.4096
.4095
.4083
.4081
Japan, yen
.5669
.5650
.5650
.5650
.5669
Singapore(S.S.),dollar .5650
NORTH AMER.1.000021
.990875 .999938 .999938 .999948 .990944
Canada, dollar
.998203
.998385 .997969 .997969 .998021 .998177
Cuba. peso
.493083 .492833 .492433
.493600
.493000
.493300
Mexico. Peso
.997781
.997500
.997250
.907250
Newfoundland. dollar .997656 .997469
SOUTH AMER..9233
.9224
.9214
.9211
.9211
.9216
krgentina, peso (gold)
.1423
.1405
.1389
.1395
.1398
.1399
tsrazii, milreis
.1206
.1204
.1206
.1206
.1205
(Defier)... .1206
.99E1
Peso
Mile.
.6974
onso
mica
Goss
ooa.3
- _ __ --to 10.000 Pager crowns
•One eehillinu Is equivalent
WithIregarditolSouthilAmerican quotations, the
undertone continued buoyant with rates sharply up
on light transactions. Brazilian milreis maintained
all of the gains of the preceding week, while Argentina
showed a further small net gain, touching as high
as 40.67 for demand, while cable transfers finished
at 40.72, against 40.59 and 40.64, respectively, last
week. Brazilian checks finished at 14.37 and cable
transfers at 14.42, against 14.12 and 14.17. Chilean
exchange remained steady, closing at 12 1-16, against
12.05,and Peru closed at 3 95,the same as a week ago.
Far Eastern exchange was quiet and nominal,
with only slight changes in prices recorded. Hong
2@60, against 60@603.';
Kong finished at 593/
783/2@793/2; Yokoagainst
i
2
@)79,
at
783/
Shangha
; Manila at
41@41/
against
,
hama at 4114@413/
2
49%@50, against 49%@49%; Singapore at 57A@
579/i (unchanged); Bombay at 369@37(unchanged),
and Calcutta at 369@37 (unchanged).
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $3,136,519 net in cash as a result of the currency movements for the week ended Oct. 1.
Their receipts from the interior have aggregated
$4,331,019, while the shipments have reached $1,194,500, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTFICUTIONS.
Week Ended October 1.
or Lore
Out ofGain
1
to Banks.
Banks.
Into
Banks.
4831.019
Banks'interior movement
$1.194.500 Gain 13.136,519
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
Tuesday, Wednesd'y, Thursday. Friday,
Oct. 2.
Oct. 1.
Sept. 29. Sept. 30.
Saturday, Monday,
Sept. 26. Sept. 28.
Aggregate
for Week.
8
Cr. 512.000.000
73.000.000 83,000.000 70.000,000 87.000.000 86.000 000 113000000
of
which come
checks
mass
Dote.-The foregoing heavy credits reflec the huge country in the operation
of
to the New York Reserve Bank from all parts of the These
large
credit
balances,
scheme.
collection
the Federal Reserve Systems' par
with the Clearing
however, reflect only a part of the Reserve Bank's operations
York City are represented in
House institutions, as only the Reim payable in New
on institutions located outside of
the daily balances. The large volume of checks
balances, as such checks do
these
at
arriving
in
for
not
accounted
are
York
New
with the Federal Reserve
not pass through the Clearing House but are deposited
banks.
Bank for collection for the account of the local Clearing House
The following table indicates the amount of bullion in the principal European banks:
Oct. 2 1924
Oct. 1 1925.
Banks of
Total.
Gold.
Gold.
Silver.
Total.
£
£
I
1
E
E
160.466.713128.426,1471128.426,147
12,360,000 159,676.379 147.192.1701 12,080,000 169,272,170
d994,8001 53,688,800 22,077,8501 1,423,500 23,501,350
132,000,000
2,000,000 62,000,000
b
26,190,000 127,657,000 101.394,0001 26,162.000127,556.000
3.422,0001
35,567,000
38,972,000
38,989,000
3,363,000
984,000 45,284,000
1,957,000 36,820,000 44,300,000
3,437,000 14,328,000 10,819,0001 2,662,0001 13,481,000
3,751,00
23,948,000
3,533,000 23,144,000 20,197,0001
I 13,698,000
12,879,000 15,398,0001
1,149,000 12,783,000 11.642.0001 1,119,000 12,761,000
8,180,000 8,182,000
8,182,000
£
England_ 160,466,713
France a_ _ 147,316,379
Germany c 52,694,200
Aus.-Hun b2,000,000
101,467,000
Spain
35,609,000
Italy
Netherl'ds 34,863,000
Nat. Belg. 10,891,000
Switiland. 19,611,000
Sweden__ _ 12,879,000
Denmark _ 11,634,000
Norway -- 8,180,000
Total week 597,611,292 52,983,600650,594,892 545,495,167 51,603,500 597,098,667
Prey. week 597,794,346 52,937,600650,731,948547,221,752 51,158,150 598,379,902
of £74,572,836 held
a Gold holdings of the Bank of France this year are exclusive
Bank of Germany this year
abroad. b No recent figures. c Gold holdings of the 7
1924.
Oct.
of
As
d
abroad.
are exclusive of £6,044,100 held
The Five-Year Truce With France.
How much of the discussion which has been going
on at Washington during the past week or so over
the French debt has been concerned with the possible effect of a debt settlement upon public opinion
OCT. 3 1925.]
THE CHRONICLE
1615
in the United States and France, and how much Mr. Coolidge, and presumably has his approval, will
with the real difficulties of the situation, is a ques- undoubtedly carry weight with Congress. We do not
tion about which a good deal of speculation might expect that Congress, with all the facts before it,
be indulged. There will be much regret, however, will feel disposed to withhold its assent to an arin financial as well as political circles, that a con- rangement which, however disappointing it may be,
troversy which has long troubled the relations be- appears to have been the best that could be obtained
tween the two countries should not have been set- under the circumstances, unless the assent of the
tled, or at least been put well forward on the road French Government shall be withheld, and we do not
to settlement, instead of being shelved by what is believe any one in this country would grieve very
practically a five-year truce. It did not seem likely much if France should reject the proposition.
that M. Calllaux, npon whose shoulders the responThe position of France is most difficult. The.
sibility for success or failure would immediately Painleve Ministry is reported to have given M. Callrest, would have taken the trouble to come to Wash- laux a free hand in his negotiations at Washington,
ington without some intimation being given of the and to have made known its purpose to stand or fall
terms which he was prepared to offer, and some with the results of his work. Whether, in view of
assurance received that it would be worth while to the fact that the proposed $40,000,000 annual paysubmit his proposals. Once the conference began, ment includes the $20,000,000 of interest which
however, it appeared that a wide gulf existed be- France has been paying on its debt for war materials,
tween the amount which France was prepared to the American proposal may not seem an equitable
pay in satisfaction of its debt and the amount which one to the Ministry and Parliament, is a question
the United States War Debt Commission felt that to which an affirmative answer may perhaps be
it could accept, and while the distance between the given. To be sure, extracts from Paris papers which
two points of view would appear to have been less- have been cabled to this country indicate a considened as the discussions proceeded, a makeshift ar- erable volume of adverse criticism of the American
rangement was the most that could finally be con- demands, and even a provisional arrangement such
cluded.
as has just been offered will not satisfy those who
What has been done, as will be seen from news still insist that the war debt should not be paid at
dispatches given elsewhere in this issue, is to pro- all. In France as elsewhere, however, the arguments
pose that France shall pay for the next five years that serve the press are not always the arguments
$40,000,000 a year, as interest in full on the approxi- that weigh with Parliament, and with the security
mately $4,200,000,000 of principal and accrued in- pact still pending, the Riff war still in an anxious
terest which France now owes to the United States. state, and the war cloud over Mosul not yet cleared,
Included in the $40,000,000 is the $20,000,000 of in- the Painleve Ministry may be expected to act with
terest which France has been paying annually on the deliberation and judgment proper to a Governapproximately $407,000,000 due to the United States ment which deals with serious business.
on account of the purchase of surplus war materials.
A further question of importance for France is
As the payment of the interest which has accrued at the effect of the Washington agreement, if it is apcurrent rates on the principal of the loans would proved, upon the Anglo-French debt settlement recease during the five-year period, being replaced by cently concluded at London. The London agreean inclusive interest charge of slightly less than ment, it will be recalled, stipulated that in case the
1%, the total of the consolidated debt at the end of United States should accord to France less favorfive years will, of course, be the same as now. Five able terms than those granted provisionally by Great
years hence, when the economic and financial recov- Britain, the latter would insist upon payments equal
ery of France will presumably be further advanced in all respects to those which the United States was
than at present, and when the questions of repara- to receive. As the London agreement calls for the
tions and security may occasion less anxiety, it is payment by France of approximately £12,500,000 anproposed that the discussion of the debt settlement nually, no substantial readjustment of the Angloshall be resumed.
French terms would seem to be required unless the
The proposal, involving as it does a departure provisional character of the American arrangement
from the limitations imposed by the Act of Con- is taken into the account. There is little reason to
gress which created the War Debt Commission, re- expect, however, that the readjustment, if one
is
quires the assent of Congress before it can become made, will be determined wholly or even mainly by
binding. M. Caillaux, on his part, could not see his mathematics. Any arrangements that are cemented
way to accept the proposal formally by signing it, between Great Britain and France are bound
to be
on the ground that his powers extended only to the political, whether they relate to the war debts
or to
conclusion of "a general and final agreement," and anything else, and the London agreement appears
to
that the agreement proposed "bears a provisional be no exception to the rule.
character which has not been contemplated" by the
Whatever disappointment may be felt at the failPrench Government. For the action of the respec- ure of the Washington negotiations,
it is clear that
tive Governments we must, of course, await the the principle of capacity to pay is
still the guiding
event. The original French offer of annual pay- principle of American policy. It is
true that Conments over sixty-two years, beginning with $25,000,- gress, in creating the War Debt
Commission and
000 and aggregating by theend of the period, for prin- defining its powers and
duties, did not assume to
cipal and interest combined about $4,200,000,000, dispense in advance with the
payment of any part
was obviously much less than had been expected, and of what was owed to the
United States, and accordeven the final French proposal involved so large a ingly made no provision for adjusting
the debts on
concession at the expense of American taxpayers as any other basis than that provided
in the law. It
to deter the War Debt Commission from accepting is entirely competent for the Commission,
however,
it. The fact, however, that the provisional offer of in considering the terms of settlement
in each case,
the Commission was made after consultation with to recommend to Congress such concessions as, in
1616
THE CHRONICLE
its judgment, the financial or general situation of
the debtor nation indicates as reasonable and just.
There has never been any disposition on the part of
the United States to demand of its debtors impossible payments, notwithstanding the heated insistence in more than one European country that the
Shylock policy was the only one being pursued.
Each debtor nation is to pay what it can; the rest,
be it large or small, will be forgiven. It was over
the application of this sensible principle that the
Washington negotiations appear to have broken
down. What weighed most heavily, it would seem,
with the War Debt Commission was not the small
annual payments which M. Caillaux offered for the
first few years, when the ability of France to pay
would presumably be much less than in the future,
but the small proportion of the actual debt, account
being taken of interest on deferred balances, that
would be discharged when the full amount which
be contemplated had been paid. It is to be regretted
that a final, rather than a provisional, agreement
ould not be reached, but it is satisfactory to note
that the discussion of facts and prospects went on
in an atmosphere of courtesy- and mutual good understanding, and that the principle of capacity to
pay, while deferred for a time in its application, appears to have been as fully recognized on the part of
France as it has all along been recognized on the
part of the United States.
National Fire Prevention Week.
In his Proclamation asking the study "of the prinriples of fire protection," the President states, on
reliable information furnished him, that in 1924 the
loss from fire amounted in property value to more
than $548,000,000 and cost approximately 15,000
lives, and says "the greater part of it could and
ought to be prevented." It is therefore fitting that
everyone take note of this tremendous waste and
resolve to do all in his power to prevent it. But it is
not easy to point out to the citizen how he can help
in the matter,save, of course,in the exercise of extra
care himself. We have laws providing means of prevention. But are these laws rigidly enforced? If
not, how can the individual citizen interested in fireloss prevention specifically aid in their enforcement? It is difficult to say. He naturally accepts
public buildings as "safe." He is not an inspector,
and is perhaps not qualified to act as such. After a
holocaust, because of the crowding of insufficient
exits, say in a theatre, he may recall that he noted at
some previous time that in his opinion there were
not enough exits available. But it is a delicate matter on such an opinion to "inform" the authorities.
in our schools we have fire drills, and they have
saved many lives. It will seem impractical to have
drills for adults in theatres, but is it entirely so?
•On the screen in New York City there was for a long
time flashed the instructive "choose the nearest exit
and in case of fire walk, do not run." But panic is
mot always preventable, and at last the question
comes down to "prevention" through the building of
fireproof structures and a proper provision for
escapes and exits and some way to test them. It is
not sufficient to say, for example, "this theatre can
be emptied in three minutes." Can it be?
Ground space is so valuable in our large cities
that unlike European countries with a smaller fire
loss, we do not have many of our amusement buildings situated so that there is an open space all
[VoL. 121.
around them. Perhaps we rely too much on our fire
companies which are for the most part in our large
cities all that can be desired. And it is worth while
to pause a moment here to pay tribute to the brave
men who repeatedly risk their lives in our behalf.
They are so often heroes that we have come to expect
heroism as a commonplace of duty. But as we think
of the danger they incur it ought to bring home to
each of us the duty of personal care that by no
thoughtless act of ours a fire occurs. It is so small
a think to see that the match is •ut before we fling
it away, that the fender is before the fire, that the
curtain cannot blow against an open flame, that the
cigar or cigarette is crushed out underfoot, that the
matches in the home are safety matches or are in
receptacles out of reach of children or rodents, that
hot ashes are not kept in wooden containers, that the
lamp is placed where it cannot be knocked over, that
coal is placed where it is not subject to spontaneous
combustion, that we do not try to start the fire in
the old cook stove with coal oil, and that we refrain from smoking in the garage, the mill, and in
the dryness of the forest, that the wonder is we feel
no compunctions when a fire occurs not of our setting.
Fire is an element that may become uncontrollable. The fearful conflagration was a small fire at
the start. It may be only a legend that the cow that
kicked over the lamp or lantern in a small stable in
Chicago was the cause of the burning of a city, but it
may very well be true. A dominie started a fire in
his home in the fall of the year and a flue hole left
open on the second floor did the rest. The insurance
company paid the loss; but contributory negligence
might well have been invoked. The moral of care is
no less binding because property is insured. In
fact, there is a reciprocal relation that cannot be
rightly ignored. Beyond every personal loss is the
danger to others. And we may well reflect upon
this during the coming week. Lighting by electricity
is a great convenience, but the householder should
see that an inspection of the insulation be made at
intervals to be on the safe side. Once a conflagration takes control the ordinary means of fighting
fire with water proves inadequate. Granite buildings are sometimes calcined by the intense heat.
Even dynamite is not always effective. And those
who have watched a great city fire burn itself out
for want of material will not soon forget the lesson.
Most of us, however, dwell in feeling of security that
begets carelessness or at least thoughtlessness. And
for this reason a fire prevention week ought to be a
time for serious reflection. Few desolations equal
that of a burned city. And it is imperative that
each of us consider "safety first."
We have no figures at hand, but undoubtedly a
large percentage of the loss in human lives occurs in
the tenement districts and in loft buildings devoted
to manufactures from material of an inflammable
nature. Tenant and owner alike should see that
every precaution is taken. Charred bodies taken
from the ruins of one of these buildings strike the
beholder with sickening terror. But the thought of
the agony endured by those who perish ought to
arouse every citizen to a keen sense of his duty. It
is not too much to say that honest, fair and just
complaint against the danger of fire where women
and girls are employed, though one have no immediate interest, is praiseworthy. We have many laws
covering these matters, but there are few of us who
OCT. 3 1925.]
THE CHRONICLE
1617
dare or care to make it a personal matter to call week set aside for a study of this really important
attention of the authorities to manifest hazards. problem? Fifteen thousand lives and half a billion
Many a man who will kick a banana peel off the dollars worth of property are worth saving. Apsidewalk to save a possible fall to one unknown, plied to a ten-year period it means one hundred and
would hesitate to report an unsafe building. As we fifty thousand lives and five billions of dollars worth
have said before, it is a delicate matter, and a com- of property. The property loss saved, if applied to
plaint should be based on knowledge and of a tech- our public debt, would extinguish an appreciable
nical kind. It is possible, however, in a proper way portion of it. The economic loss in human lives is
to call attention of authorities without injustice; incalculable. If, therefore, the citizen finds in his
just as it is possible for press and public to call at- own course of life an opportunity to aid in this cause
tention to the extra precautions taken by some firms and fails to take advantage of it, he fails in a public
and companies that the knowledge be spread abroad duty. Here is a means of civic betterment upon
which all can agree. In cities we do not rush to the
and compel imitation.
We are conscious of saying many commonplace fire as we do in country towns. Why in the one case
things, but perhaps the root of the matter lies in leave it all to the department, taking no notice; or
more rigid restrictions as to fireproof buildings. in the other find ourselves so little prepared to aid
But our cities do not spring up in a day. There is properly that in our excitement we do many ridicmuch that is old along with the new which, happily, ulous things? We cannot do much in the city when
in the ordinary course of things, is growing better the time does come; what we may do in the country
all the time. Few modern office buildings, hotels, town, though it shows good-will, comes too late.
apartments and ordinary manufactories, are not The time to aid our cities, towns and homes is in a
now made fireproof. It does not pay to construct continuous resolve that for our individual part we
them otherwise. But the safety of the public and will not harbor anything in our own surroundings
the conservation of property demand that those old that will contribute to a possible fire. Beyond firestructures (how often we call them "fire traps") be proofing our houses and exercising care in the use
fitted with all appliances possible tending to safety, of appliances and materials, there is the elimination
or if they cannot be made reasonably safe, then they of all accumulating waste in which a fire may gershould be summarily condemned and torn down. So minate. And as to our public buildings, we can in a
conglomerate of old and new are most of our cities quiet, honorable way, each of us, constitute ourselves
that no one can say which one is free from possible guardians of life and property and never fail to give
destruction. In the Chicago and San Francisco first aid in advance of a catastrophe.
fires, so rapid was the burning, persons escaping into
To-Day's Problems and the New Philosophy.
the streets were still forced to flee for their lives.
We all have to-day's problems. They pass with
Our cities are more congested now than then. A
more appalling disaster than has ever occurred is the day. Those that appear with the morrow will
possible, and the President of the United States have to-morrow's stamp; only in turn to give place
does well to use the weight of his high office to im- to the problems of the day following. No day is
press upon the people the imperative need of fire without them; so it always has been; so it will conprevention. The holocausts that have occurred in tinue. Is it any wonder that men are perplexed with
certain classes of public buildings ought everywhere indeterminate duties and are perpetually seeking
light on unanswered questions? When Horace, the
to be held up as warning.
the
ago
years
of
roof
movie
a
few
poet of the great days of the Roman republic, was
In Washington a
weight
a
of
killwhy he went to Athens to study philosophy,
snow,
the
heavy
asked
from
in
fell
theatre
ing nearly a hundred persons and maiming many his answer was that he "might know how to distinothers. Attempts in court to fix the responsibility guish the straight and narrow way from the crooked
for faulty construction were fraught with many dif- and to seek the truth." The "Why" and the "How"
ficulties. As we recall it, no one was ever convicted. of things is never settled; everywhere and for all
This illustrates one of the troubles we have to con- there is need of a satisfactory philosophy of Life,
tend with in fire prevention. The public is in part both in its entirety and in its parts.
For each age its Intelligence, however it got it, is
to blame. In the case cited no one could know. But
are we not all too willing to take risks, depending what it thinks; therefore it seeks explanations; it
upon what others ought to do? In theatres we de- must have a philosophy that serves its purpose, that
mand that the aisles be clear and that the exits be helps it to act and quiets its mind. Then, continunot clogged, yet do we always refuse to take "stand- ally,"new times, new manners"; new problems, and,
ing room" for ourselves? Do patrons ever take the necessarily, a demand for a new philosophy. We
trouble to know that the back-stage is as secure as need ours. Rightly or wrongly, we think our probthe auditorium? Do we not even continue to pat- lems far more numerous and more difficult than
ronize houses that have been called in question as to those of the past, because our world is so new. We
safety? The Iroquois theatre horror in Chicago, are doubly impatient of old teachings; they are not
where panic-stricken children by the scores were ours and they do not fit; they are not modern.
In these conditions new philosophies are sure to
trampled to death in a choked entrance is familiar
to every reader. But does not some responsibility appear. Just now two are before us; one from the
rest upon those who patronize these places or who Far East and one from the West. Both are entitled
permit their children to enter them? Loss of life to be called new,for they present life from different
by fire is so terrible a thing that the public must take standpoints and offer distinct interpretations that,
while they break away from the past, aim to be as
some share in being its own keeper.
We have laws in plenty—though not always ef- helpful for the needs of to-day as they are exclusive
fectively drawn or rigidly enforced. Are we not and authoritative. Both are presented in compact
right, then, in believing that the duty of the indi- and readable form in small volumes that can
vidual citizen should be well considered during this quickly read.
1618
THE CHRONICLE
[Vol, 121.
The first, "Proteus, or the Future of Intelli- far it goes to meet your need; it is the latest word
gence," takes advantage of the name of an ancient as a Philosophy of the West.
mythical character who always appeared in a new
The other one is the "Discovery of Japanese Idealand startling form, to represent the real character ism."t To say that it is Japanese and a Philosophy
of the world we look out upon. Not merely the vis- is enough to show that it is as modern, as keen and
ible material world, but that existence, not our- as authoritative as the other volume, and also, perselves, outside and beyond us, which we conceive as haps, to indicate that it shows more respect for the
Reality, this which our author terms "Otherness," Past; for the Past of philosophy in the Orient is far
is what the mental eye of Intelligence has to deal older than that of ours in the West, and it finds
with. By its apprehension of this Intelligence is to larger place for the obligations that lie in a man's
be judged and measured. Intelligence, the value of relations to the family and the State than we are
which we all understand, is not the peculiar posses- accustomed to do. It is, nevertheless, distinctly a
sion of the Intelligentsia, the select few who by birth new and very modern Philosophy, and intended to be
or education constitute a favored class; some of them satisfactory, workable and authoritative.
may possess it, but it is not a class possession. Nor
The author finds also a stream of change beyond
is it a mark of much reading and study. It must our ken in its origin and its end. But it is a stream
borrow the lenses of science before it can know within and not outside of human history. It also
things in microscopic detail or in their astronomical presents events of contradictory and seemingly deremoteness; yet with no aid save every-day experi- structive force, but he believes it possible to unite
ence Intelligence can teach us the most important all to produce a consistent, harmonious, perfected
and overlooked fact concerning "that Reality which human life. Obviously this can neither be underis Otherness," that it has ways of its own and does stood nor forwarded by breaking with the past. To
establish this he feels it necessary to declare the
not exist merely to suit our likings.
Intelligence, then, is before all else openness of entire inefficiency and therefore the transient charmind, freedom from preconceptions, traditions, the acter of the religion of the West, that is Christianity,
bondage of phrases, dogmas, customs, whatever which is set in the front of the civilization, the litwould bind us to the past, and is alert,to perceive erature, the society, the political and economic theand ready to accept new light, however it may come. ories of the nations just now uppermost in the
Set over against this, which is the supreme quality world's movement. While theoretically Christianity
of enlightened man, and which may be regarded as is admirable and has much that will survive, in his
an intellectual Common Sense, for it is within the view it has failed to prevail in the life, private or
reach of all, over against this is the great Reality of public, of the people of the West.
He sets over against it other great religions,
Existence which presents itself to us in whichever
direction we turn and always•in the same form of Buddhism, Brahminism, Mohammedanism and the
incessant Change.
early religions of China and Japan, and traces everyWe do not know the beginning nor the end of the where the awakening and development of the conmovement. Neither primarily concerns us; we have ceptions of the Path, along which all must travel, of
to deal with the stream of Change itself. There is Life as being within and not without, and in which
to be seen the counterpart of our life, and there, if all are equal, whatever may be their external differanywhere, lies its interpretation. How close is the ences, of Truth, of Righteousness, of Love, of Loyparallel! We did not start ourselves in being; we alty, of Kindness, as you pass from the high ideals of
have no attainable knowledge of our end; we do know Indian Philosophy to the advanced ethical teachings
the features of the changes that come to us. They of Confucius and the practical Idealism of Japanese
come every day, without our ordering or consent, and philosophy to-day. All this is given in interesting
as a rule, unexpectedly. They are not to be turned detail, and its many points of contact shown with
aside, they are compelling and decisive. These ex- the teachings of Christ. Naturally, he finds small
periences so frequent, so strange, so difficult to un- place for .modern theories. He finds the various
derstand or to account for, are what make up in kinds of "isms" and thought of to-day in nine cases
large part the material of our lives. They create our out of ten are relative, reactive, antagonistic, inproblems. Give us the key to these and we shall stinctive, and animal, owing to inadequate views of
life. He has himself a very superficial view of
know all we need to know.
Very well; then all we have to do is to recognize Christianity because he mistakes Western civilizathat we are a part of this realm of Reality. Every tion for Christianity, forgetting that the great and
change there is related to every other change. Each abiding truths which he finds in the leading religions
fills its place, des its task and passes along. We of the past were not to be sought in the community
are to do the same. No need of looking behind or to which they belonged; which, in fact, in each case
above or beyond. Would you know what is duty? very imperfectly recognized or reproduced them.
Would you do what is right? There is the task and These had to be sought in the lives and teaching of
the obligation. Do your part to-day, and each day. the men who gave themselves to the distinctive faith,
Do you ask where is the reward? Why any other living and teaching it.
He recognizes that the teaching of Jesus Christ
reward than that found in the pleasure aroused in
your own heart from having done your part? That and his attitude toward what is moral is akin to that
is immediate and sure. What need of more? Is it to be found in Japanese Idealism. The attitude of
not indeed a higher morality than that which must Christ to the old Commandments of Moses and his
have reward, or that which seeks a future heaven? putting aside the formal and external requirements
Here, then, is the key to life's problems. Here is the that he might set forth their inner meaning has its
sufficient inspiration, the sustaining of patience, of
*"Proteus, or the Future of Intelligence," by Vernon Lee,
courage, of satisfying toil!
Litt.D.
E. P. Dutton Co.
Think of it what you will. Read the book. Turn
rDiscovery of Japanese Idealism," by Kishio Satomi. E. P.
Dutton
the thought over. See what you make of it, and how k Co.
OCT. 3 1925.]
THE CHRONICLE
counterpart in the teaching of the Japanese as to the
early regulations of Buddhism. The "three Sciences" of their day,"Commandments, Intuition and
Wisdom," which mean "Ethics, Psychology and Philosophy," embrace the truth needed now. So the
"Japanese Ancient Idealism" he holds to be worthy
of understanding to-day, despite the limitations and
imperfections of the races to which it more particularly belongs. The Japanese Spirit is its product,
and that has characterized the loyalty and patriotism which have been peculiar to Japan since it became a nation. Its recognition by the people of
Japan is now their supreme need, as he also thinks it
contains the Principle and presents the final Goal
which the new Humanism seeks. The League of Nations he holds to be a step towards its realization by
the world.
This, then, may also be considered a New Philosophy. It goes beyond the other we have described,
in that it finds a world within us as definite and real
as the world without. The realm of the spirit is
genuine. In it arise the thoughts, the desires, the
impulses, the feelings which express ourselves. The
conceptions of right, of duty, of love, of kindness, of
a conscience, reveal our very self, our soul, if you
will, our personality. Through the years we change
to the eye of the outside world, but we remain ourself. We do not change. We are born, live and die
the same individual. Here is reality as truly
as any to be perceived without. Change is the feature of the world that is "not ourself." We are
joined to it, essentially a part of it we may believe, but
1619
when it comes to the problems of life, their solution
will be found not simply in regarding the stream of
change going on in that outside world and drawing
our encouragement and inspiration from it, but
rather in looking into our own hearts, studying our
own desires, propensities and passions, guiding them
in lines of our own clear choice, and finding our reward in the strength we thus attain and the inner
peace we win which is quite independent of what
transpires in the world outside.
Here, then, we have a New Philosophy that is
newer than the other, because.it is older. The "Intelligence" it appeals to and contemplates is based on
something more than contemplation of the stream of
Change in the "Otherness" we perceive existing
about us. It rests upon the consciousness we have
of a Reality within that is Ourself. I am, because I
think. Other men think and always have thought.
I will search the testimony of their thoughts, I will
seek to know something of their experience. They
have lived, and played their part, and had their
ideals and aims; they have discerned between right
and wrong, and they have believed in a Beyond, and
a Personality, also, above and beyond, greater than
ourselves, whose thought is to be seen in all this universe around us and whose voice is heard in our
hearts. Here is where our Philosophy reaches beyond that of Japan. It brings us to Him. The newest of all is the Philosophy of the New Testament
which in doing that solves as no other can the problems of life, as it alone presents life's satisfying completion as well as its rewards.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Oct. 2 1925.
Trade though still in promising condition is somewhat
less active than it was recently. Retail business makes on
the whole a better showing than wholesale, for the reason
that lower temperatures over a great part of the country
has stimulated retail buying. Wool has been firmer, with
rather more active demand in New York, though woolens are
quite a satisfactory showing owing to big buying by French
and other Continental interests. The Australian sales also
make an encouraging exhibit. Worsted goods have been in
rather more active demand in New York, though woolens are
for the most part quiet. The wheat market has broken some
8 to 10 cents, or owl- 20 cents in two weeks, owing to big
stocks and the lack of a good foreign outlet in Europe for
the American farmer's wheat. Canada' has a big crop and
supplies there are piling up. There is even some talk of
establishing a railroad embargo on shipments to Duluth.
Speculation in wheat has received a bad blow. The Agricultural Department has interfered, with a view of checking the decline in prices, which it considers was largely
due to manipulation. Russia is coining back as an agricultural factor in the world and is offering wheat in the Western markets of Eiirepe at prices well under those of America. Canada is also to all appearances underselling America
In the European inarkets. The great fall in grain during
September was one of the outstanding features of the business times. Corn, on the other hand, has advanced of late,
owing to rains and fear of frosts following them, together
with the unwillingness of the American farmer to sell at
present prices, which are some 50 cents per bushel lower
than a year ago. Snow has occurred in the American and
Canadian Northwest. Rye is 50 cents per bushel cheaper
than at this time last year and it is relatively too cheap as
compared with wheat. Prices of oats have been well sustained, at a level, however, some 17 cents a bushel under
that of a year ago. Cotton has been falling as prospects for
a larger crop increase. Not a few of the estimates nowadays are 14,500,000 to 14,700,000 bales, though there are
others under 14,000,000. The visible supply of American
cotton in the world is rapidly increasing. The receipts at
both the ports and interior towns are very large. There is
no bull speculation in cotton and the result is that about
the only buyers are the mills and operators covering to secure profits on short sales. There is a gradual improvement in the textile situation in this country, but it is undoubtedly only gradual. The mills make a better showing
in earnings with raw cotton about 3 cents per pound lower
than a year. ago. If the New England spinner could be
favored with a lower wage bill, his prospects would naturally improve much faster. The silk trade is still brisk, with
raw silk advancing. Coffee has declined noticeably, with
the Brazilian markets falling and the demand for the actual
coffee in this country for the time being only moderate.
Sugar has declined to a new low level for the present year,
owing to enormous supplies of cane and beet sugar at home
and abroad and the lack of an active market for refined
sugar in this country. Car loadings have been running
ahead of those of last year and the year before, except on
grain and live stock.
It is still true, however, that buying is for the most part
for prompt delivery to supply immediate needs. There is
not so much forward business as there was some years ago.
Possibly the methods of doing business have changed with
rapid deliveries by railroads and motor trucks. Dealers
know this and count upon it for supplying of whatever
commodities may bp wanted. In the steel trade railroads
have been buying on a fair scale. And reports show that
there has been some increase in the output. Pig iron has
been in the main firm, with an increase in the production
recently of 5%. Not for three years has the business in
machine tools been so brisk as it is now. Taking prices of
commodities as a whole, declines are more numerous than
advances. Money rates have advanced here, although the
Bank of England rate of discount has been reduced from
4% to 4%. In New England the shoe manufacturing industry and the leather trade are back apparently to very
near pre-war conditions. Dairy products have advanced.
Stocks have been irregular, with money at 5% to-day and
prices for most stocks higher. Sterling exchange has felt
1620
THE CHRONICLE
[VOL 121.
the effects of cotton bills and to some extent grain bills, surance assets were greater on Aug. 31 than at the end of
without being much depressed. French francs have declined the previous month, while fewer postal money orders
were
here and in London following the disagreement at Wash- paid or issued than in July.
ington over the Frcnch debt settlement, which it is feared
In comparison with August 1924 increases occurred in
may affect French credit to some extent, at least for the automobile exports, the production of common brick, North
time being. The London stock market to-day was slightly Carolina pine lumber, wood pulp, glove leather, and cigalower, with the French debt question well in the foreground rettes, the consumption of oleomargarine, stocks of hardand disappointment very evident. Taking trade in this wood lumber and total factory employment, while
the
country as a whole, it is larger than it was a year ago, production of maple flooring and cigars decreased. Savings
credits are stronger, failures fewer, and there is an under- deposits and life insurance assets were greater than a year
current of hopeful sentiment without any remarkable ac- ago but the value of money order issuances and payments
tivity as a rule in any branch of trade, nor any prospect of were less.
it in the near future. "Slow but sure" is still the word of
order throughout the United States.
Federal Reserve Board'sSummary of Business Conditions
The Reds or Communists of the Labor Party in Great
in the United States—Production of Basic
Britain have been endeavoring to seize control of it, egged
Industries Declined to Lowest
on, it appears, by Zinovieff, the new and sinister figure of
Level of year.
the Soviet, which has not given up its attempts to subvert
Production of basic commodities declined in August to the
existing Governments, despite the salutary check it has lowest
level of the year but was considerably higher than
received from the Russian peasant, and the concessions it
during the summer of 1924. The Federal Reserve Board
has been obliged to make to "capitalism" in manufacturing
reports in its monthly summary of general business and finantowns and cities of Russia itself. The fight between Comcial conditions in the United States, made public Sept. 27.
munism and individualism can end in only one way, the The Board
also has the following to say:
complete overthrow of Communism as a hare-brained scheme
Distribution of goods at wholesale and retail continued in greater volume
utterly unworkable in civilized society where individual than a year ago. Seasonal growth In the demand for credit, arising party
initiative and invention is and should be encouraged to do from financing of the crop movement, was reflected in an increase in the
its best for the welfare of the whole body politics, commer- volume of commercial borrowing.
Production.
cial and social. Sdvietism would stop the evolution of soThe Federal Reserve Board's index of production in basic industries,
ciety now in progress and its efforts are as mischievous as which is adjusted
for seasonal variations, declined 4% in August. but was
they are futile. The British labor unions have just rejected 15% higher than a year ago. Output of steel and of bituminous and
efforts of Communists to dominate the unions by a very anthracite coal and activity in the woolen industry increased in August,
while mill consumption of cotton and the production of flour and lumber
large majority.
decreased. Employment and earnings of factory workers were larger in
Fall River aclviees say the starting the Chace mills which August than in July, but continued smaller than in June. Building contracts
had been idle for a long period of time and also the Wee- awarded during August, owing chiefly to large awards in New York,
exceeded all previous records.
tamoe mills, gives tangible evidence of the improvement in
Crop reports of the Department of Agriculture at the beginning of
conditions in Fall River, even as to the coarse goods mills, September, as compared with forecasts a month earlier. indicated somewhat
concerning which there has been so much pessimism in the larger yields of spring wheat, oats, barley, hay, and tobacco, and smaller
yields of corn and potatoes. The mid-September cotton crop estimate
last two years. Boston wired: "New England mills and 13,931,000 bales compared with a forecast of 13,740,000 bales on Sept.was
1.
factories report mare improvement in activities during the
Trade.
last two months than plants in the same industries in other
Wholesale trade was 5% larger in August than in July owing to seasonal
sections of the country." New Bedford mills are said to be Increases in the sales of dry goods and shoes, and sales of all lines except
groceries
greater than those in August. 1924. Sales at department
abandoning the use of rayon in the warp of cotton fabrics stores andwere
at mall order houses showed less than the usual increase.in August
and are concentrating on rayon in the filler. At Pawtucket, but continued in greater volume than last year. Stocks of merchandise at
R. I., the J. & P. Coats thread mills, with 4,500 hands, have department stores increased in August and for the first time this year were
considerably
than in the corresponding month a year ago. Wholereturned from 44 hours a week to 48 hours, owing to im- sale firms in larger
all leading lines except drugs and hardware reported smaller
proved trade. At Manchester, N. H., the dressing and spin- stocks on August 31 than a month earlier.
Total freight car loadings were larger during August than in any month
ning department of the Langdon mill, a complete unit of the
since last October. Coal shipments, preceding the anthracite strike, were
Amoskeag Manufacturing Co., were reopened after a shut- especially heavy, less-than
-carload-lot shipments continued to increase, and
down of over three months. At Troy, N. H., on Sept. 29 the movements of livestock and grains were seasonally greater than in July,
although
smaller
than
in
August,
1924.
wages were reduced 10% by the Troy blanket mills.
Prices.
Building contract letting in September was the largest for
Wholesale prices showed a further slight advance in August and were
that month on record, calling for $248,808,000, against $153,- near
the high level reached in the spring of this year. Prices of agricultural
019,000 a year ago. The value of contracts let, including all commodities, which in recent months have been above the average for all
classes of construction, from Jan. 1 to date amounted to commodities, increased further, while prices of other commodities, declined
slightly. Between the end of August and the latter part of September
$1,854,630,000, a gain of 20%, compared with the corre- prices of bituminous
coal, pig iron, rubber, and cotton advanced, and prices
sponding period 3f 1924.
of spring wheat, corn, raw sugar, and wool declined.
Bank Credit.
The weather in New York was rather warm early in the
At member banks in leading cities loans chiefly for commercial and
week and 78 degrees-was reached on the 28th ult. But it agricultural purposes showed
further seasonal increases during the first
was cooler the next day by 10 degrees. On the 30th ult. it half of September and at the middle of the month were about $275,000.000
than at the end of July. Investment holdings remained in about the
higher
was cloudy and colder. At Chicago on the 29th ult. it was
same volume as during previous months, but loans on securities increased
70, at Cincinnati 72, at Cleveland 62, at Indianapolis 76, at and on September 16 were near the highest level of the year.
A further growth in the total of Reserve Bank credit in use occurred during
St. Paul 66, at Portland, Me., 60, and at Philadelphia 72. It
the five week period ended September 23. Member bank borrowings
was much cooler than recently in Texas and Oklahoma. Increased
in the early part of September, and after a temporary decline
Fear of a Gulf storm from the tropics, however, proved during the period of Treasury financing, increased to a larger total—than at
time
since the beginning of 1924. The seasonal growth in the demand
groundless. Latterly it has been cool here, with 48 on Oct. 1 any
currency during August was reflected in an increase of $65.000,000 in
and 60 was the maximum on that day; at Chicago it was 70; for
total money in circulation.
at Cincinnati 74,'at Cleveland 66, and at Minneapolis 54.
Money rates showed a firmer tendency during the last week of August and
To-day was raw and cloudy here, with the temperature at the first three weeks of September. The prevailing rate on prime commercial paper remained at 44% but there was an increased proportion of sales
3 o'clock 61. During the week there has been snow in the at 4;i %.
American and Canadian Northwest, which has affected
farm work and the marketing of crops to some extent.
Bankers at A. B. A. Convention Look for Greater
Business Activity.
Domestic Business Conditions According to the
Business is good at present and is going to be better in
Government.
the future, is the concensus of banking opinion, William E.
Further reports to the Department of Commerce on busi- Knox, President of the American Bankers Association, said
ness conditions in August, according to the Department's at Atlantic City (.n Sept. 27 in summing up views on the
summary made public to-day (Oct. 3), indicate increases over outlook expressed by bankers gathering from all parts of
July in the principal industrial indicators, such as the exports the country to attend the annual convention of the organiof automobiles, the production of common brick, maple zation. He warned lest the favorable outlook tempt the
flooring, North Carolina pine lumber, and glove leather, nation to over-confidence. Mr. Knox said:
the consumption of oleomargarine, and total factory emFrom all over the country come reports that indicate a high level of
ployment in the United States. The stocks of hardwood prosperity and at the same time voice a hopeful attitude as we face the
future. A good to-day is to be followed by a better to-morroW—such seems
lumber declined from July as did the production of cigars, to be the consensus of opinion. This optimistic outlook
should not, howcigarettes and wood pulp. Savings deposits and life in- ever, tempt us to relax our efforts.
OcT. 3 1925.]
THE CLIRONICLE
1621
The extension and continuance of our prosperity can only be secured if the exception of the war-time period. Retail business is slow, but the stock
we go about our business with renewed effort, coupled with all the effi- market has had a phenomenal rise and activity, which tends to put every
ciency, economy and wisdom we can muster. The American people have one in good humor, even though they are not speculating. There is every
the genius for organization, and this with our great natural resources, our reason to be cheerful over the outlook for the rest of the year.
Industrial equipment and our financial strength, gives us the assurance
Alexander Dunbar, Pittsburgh, in voicing his opinion,
that the future has much in store for us. Prosperity has often in the
said:
last
the
of
lessons
the
past led to over-confidence and disaster. With
Business conditions in the Pittsburgh district are sound and a marked
few years laid to heart we may hope that we can maintain the course of
The handibusiness sanely and steadily, without violent ups and downs. We have been forward movement has taken place within the last few weeks.
cap experienced in the last few months in the surrounding unionized bituabundantly blessed; let us use our opportunities prudently and gratefully.
minous fields is gradually being overcome by the opening of mines on an
Among bankers asked for their views, Oscar Wells, of agreed wage basis. The prospects for continued improvement in business
Birmingham, Ala, First Vice-President of the Association, are excellent.
said:
F. 0. Watts, St. Louis, in his view of the situation, said:
While drought in the Middle West and South has adversely affected
Conditions in the South are very favorable, although we have had prolonged heat and extreme drought. One of the effects of the drought has crops, the outlook for agriculture is for a better year than 1924. Added
been the rapid maturity of the cotton crop, entailing a quick movement of purchasing power for the farmer, with that of the industrial classes who
to
the staple. This has brought quick liquidation of debts and deposits in have been receiving high wages and good profits of corporations, ought
banks have increased. Trade conditions are reasonably satisfactory. Of make business very good. It is not to be expected that prices will increase
course we are sharing in whatever problems may exist as national in char- very materially above the prevailing level.
acter and recognize that there is some tendency toward an increase in
John G. Lonsdale, St. Louis, expressed himself to the fol.speculation in both stocks and land, but on the whole we see nothing but
effect:
lowing
favor in prevailing conditions.
Better days under most natural and lasting auspices seem in store for'
M. A. Traylor, of Chicago, Ill., Second Vice-President of
business. Cotton and corn, the crops that influence the "business feeling"
the Association, had the following to say:
of a large part of the country, have produced well. Business is looking up'
The situation in the Chicago district is very satisfactory. Turnover is accordingly, and buying, while of fair volume in the past, is being prelarge and increasing, though there are occasional complaints of relatively pared for in a larger way. The most gratifying circumstance of the more
small profits. Agriculture has never been in better condition and has had affluent period is that it is the natural outgrowth of sound readjustment,.
a very favorable reaction upon all industry. There is little unemployment and hence should be more lasting.
and an absence of strikes, or threats of strikes, instills confidence. There
Charles A. FIinsch, of Cincinnati, stated:
are some weak spots; building has been somewhat overdone, and the
The consensus of banking opinion seems to be that the business outlook
clothing industry has not yet entirely found itself, owing to some overfor several years. Merchandise stocks in nearly
production. I believe present favorable conditions are likely to continue is better than it has been
every line are low and prices seem quite stable. Until recently the crop
probably well into next year.
outlook has been most satisfactory, but if the drought continues we may
Francis. H. Sisson, of New York, Chairman of the Public expect the estimated yield to be cut materially, and this might have
Relations Commission of the Association, presented his detrimental effect on general business. The coal industry is in an unfortunate condition, and t would seem that wholesale consolidations, which
views as follows:
would have a tendency to curtail production to the country's needs, should.
. Most lines of business are fairly active, with a prospect of greater activ- be permitted. Our financial situation is sound and the immediate prosity. Not only are seasonal factors on the side of expansion; the revival in pect justifies a conservative optimism as to the future.
industrial production which began in July has continued steadily and jusR. E. Harding, Fort Worth, Texas, reported as follows:
tiflea an optimistic outlook. The textile industries are not yet prosperous,
While the expected general prosperity in Texas is somewhat curtailed by
but have made notable progress in adjusting their activity to changed
per cent
conditions. Agricultural conditions, on the whole, are conducive to active the continued drought, the general ontlook is good. Seventy-five
and profitable business. The spirit of conservatism among business men of the cotton acreage in Texas is reported in gdod condition. Small grains
has prevented the use of the abundant credit supply to produce rapid com- are short all over the State, but the prices for both cotton and grail( are
the
mercial and industrial expansion, with sharp advances in commodity prices. good. The packing industry reports the largest business this year in
improved and
However, large amounts of capital funds have been diverted into the se- history of the industry. Conditions in live stock are gveatly
20%,
a
report
interests
jobbing
and
retail
curity markets, producing a situation which is less stable than that which prices are up. Manufacturing,
or better, increase over 1924, manufacturing, particularly, showing a heavy
obtains in the markets for commodities.
increase. Oil prices are slightly off, but production has increased.
Lewis E. Pierson. New York, in expressing his views,
stated:
•
W. D. Longyear, Los Angeles, made the following observation:
Prosperity is greater and more widely diffused than a year ago, trade
normal
are
is more active and broader in volume, and, except in the coal industry,
more people are employed. Can these generally satisfactory conditions
continue indefinitely? It is well to ask ourselves that at a time when
speculation in stocks has attained its present intensity and magnitude.
Large industries where plant capacity is well in excess of any probable
demand in the near future lend significance to the fact that wholesale
commodity prices are encountering considerable resistaance. So quickly
can increased production follow an upward movement in demand that it is
difficult to imagine any widespread tendency of prices to rise. Indeed,
better technique in production and distribution, together with some intensification of foreign competition, would seem to point toward a long-time
downward trend of prices. Such a period requires greater skill in meeting
all problems of management.
Credit men are scrutinizing the enormous growth of installment sales.
An almost feverish boom in land values in Florida and several other localities is in full blast. Our private loans abroad are on a steadily expanding
scale. These and other tremendous demands for American capital call
attention pointedly to the comparatively low interest rates that still prevail. All who have to do with problems of business and banking must
bring to our task not only a judgment but also the wider vision that is
called statesmanship.
decidedly above
Business conditions in Southern California
and more stable and healthier than during the past two years. This is
reflected in bank clearings, which are the highest in history, and a retail
trade 5% higher than last year. The prospects of large crops and large
returns to growers mean enhanced purchasing power from agriculture.
Conditions throughout the country as a whole look good.
Federal Reserve Bank of Philadelphia Sees "Definite
Evidences of Distinct Betterment of Business."
"Definite evidences of distinct betterment of business in
the Philadelphia Federal Reserve District have appeared in
the past six weeks," says Richard L. Austin, Chairman of
the Board and Federal Reserve Agent of the Federal Reserve
Bank of Philadelphia, in his general summary of business
and financial conditions in the district compiled as of Sept.
23 and made public Sept. 29. In his summary Mr. Austin
says:
J. Elwood Cox, High Point, N. C., Treasurer of the AssoFactory employment, which had been declining steadily since last February,turned upward slightly in August, while factory payrolls in that month
ciation, stated:
Moreover, our preliminary reports
In my immediate locality business conditions are very good. Manufacturers generally have plenty of orders. Cotton mills and hosiery plants have
been quiet, but the textile business throughout the South is now much more
hopeful. The drought bas hurt crops in some sections, but in others they
have never been better. The tobacco crop is probably 50% over last year.
The cotton crop will undoubtedly be between thirteen and fourteen million
bales and is reported cleaner and of a better quality than usual. Crop
conditions throughout the country and the prospect of tax reduction are
encouraging to business interests and the outlook appears good for a prosperous year.
Burton M. Smith, North Lake, Wis., Chairman of the Association's Agricultural Commission, commented as follows:
The agricultural situation gives promise of greater prosperity to farmers than they have enjoyed in recent years. They are getting from under
some of their burdens by meeting bank loans and reducing, or even paying
off entirely, mortgages or notes. Despite a prolonged dry spell, crops
were exceptionally good. The situation in agriculture in general indicates
that the farmer is using better business methods and that he realizes the
need of diversification.
F. Winchester Denio, Boston, said:
General business is in sound condition, is being carried on without financial strain or inflation and should continue prosperous, and even improve.
Gradual improvement in foreign financial affairs, the imminence of tax
reduction and other constructive influences should accentuate and prolong
prosperity. New England industries have been suffering from a depression
somewhat out of line with conditions elsewhere in the country, this being
especially true of the textile and boot and shoe industries. However, these
are showing improvement and New England expects to share in prosperous
conditions.
Waldo Newcomer, Baltimore, in his conclusions stated:
In almost all lines of business 1925 has been a better year than 1924.
Statistics show • the largest export business in the country's history with
were nearly 3% larger than in July.
show a further gain in September of more than 2% in employment. Textiles, food and building material industries showed the largest gains. Of
course much ofthis improvement was of a seasonal nature,as was the marked
upturn in car loadings in the Allegheny district in August. However, both
the production and shipment of goods in this district have been well above
the levels of the same period of 1924. August retail buying also was in
larger volume than in the same month last year; especially heavy sales were
reported by apparel and shoe stores. Wholesale business in shoes was
nearly 20% larger than in August 1924, and In 'wholesale drugs and jewelry
sales were also much larger than in last year. But in other wholesale lines
August business was smaller than that of 1924. Check payments in the
district were smaller than in July but were 10% above last year's levels.
Commercial failures were very small in August,liabilities being much smaller
than in any month during the past three years.
Building continues very active in the district;the value of contract awards
in August was +7.3% larger than in July and +38.2% greater than in August
of last year. In consequence manufacturers of paint, bricks and lumber
are enjoying a good volume of business at firm or strengthening prices.
The iron and steel industries also report greatcr activity and more substantial buying, especially on the part of the railroads. Hardware,bars and
structural shapes are selling well. Production of bituminous coal has increased in response to better demand following the suspension of anthracite
mining and there has been some domestic buying of smokeless grades.
Increased sales of most textile products have been reported and these
industries are decidedly more active. Silk goods are selling excellently at
stronger prices and mill operations continue close to capacity. Sales of
cotton goods have also increased and are much larger than a year ago, and
mill buying of raw cotton is active. Woolen manufacturers report a better
demand and heavier production schedules. Hosiery mills are very active.
especially in full-fashioned silk. many of which are running at capacity.
The market for floor coverings is fair and improved since the auction. WI
There is a fair demand for hides from tanners at steady prices and the lat—
ter report free buying by shoe manufacturers. The latter report production.
above last year's level and goods sales to wholesalers and retailers. Among
1622
THE CHRONICLE
other industries the printing trades are active and cigar manufacturers report a fairly good demand for all grades. Sugar refineries are running close
to capacity, while prices of raw sugar have reached the lowest point for the
year.
With continued favorable weather, agricultural conditions have improved
substantially since Aug. 1. The outlook for most crops is better but potatoes suffered during the month. Good yield and quality for the district
tobacco crop is in prospect. Prices of farm products continue to be well
above last fall's levels.
Trade Outlook as Seen by Franklin National Bank of
Philadelphia.
According to the October number of "Trade Winds," the
monthly business review of the Franklin National Bank of
Philadelphia, "the approach of autumn is marked by a distinctly better tone in trade." Continuing, the bank says:
Improvement has spread Into many important lines, and confidence in
the season's prospects has grown quite general. With agricultural conditions the most favorable in five years and industrial employment high, the
demand for goods is on an extraordinary scale.
Current financial and industrial records show that numerous activities
have climbed to truly remarkable heights. Building construction, railroad
traffic. motor truck output, cement production, gasoline consumption and
production, bank clearings and stock exchange transactions all have set
new high marks for all time. Many other lines, including passenger automobile demand and mail order sales, have been at unprecedented levels for
this season of the year.
One of the most significant tendencies of the present is the less strict
adherence to hand-to-mouth buying by some purchasers. This is true in
textiles where there is more life than in months. It is true in iron and steel,
In which industry orders are accumulating for the first time for an extended
period. This development is the result of improving consumption and generally firm commodity markets. Although piecemeal buying is becoming
less religiously practised, widely soaring prices are improbable. For one
reason, the country's productive capacity is sufficiently large to prevent
an acute shortage of goods. For another, railroad efficiency has speeded up
freight deliveries. In addition, goods supplies are increasing through
foreign competition. August imports were the largest of any month since
1920, with but two exceptions. Exports are high also, but the excess of
exports over imports was the smallest of any August since 1914.
Despite Injurious droughts in South and West, only recently partially
relieved in some sections, the agricultural situation is generally sound. The
money income for farm products this year is expected to reach $10,500,000,000, a figure slightly in excess of last year's income. A greater portion
of this income is flowing back into trade, because the farmer has a lighter
burden of debts on his back than in 1924.
Further evidence of expanding trade is seen in increased demand for banking credit. Commercial loans of leading member banks of the Federal Reserve System have increased by more than $300,000.000 in a year. Credit
Is ample for normal business needs, but the excessive use of credit in speculative real estate booms is not a healthy symptom.
Factory Employment in New York State During August
-Average Earnings and Number Employed Above
That of a Year Ago.
Factory workers in New York State averaged $28 16 a
week in August. This is little above July but substantially
more than in August 1924. Not only are more employed in
the factories throughout the State, but the average wage is
76 cents above a year ago. The increase extends to practically all the industries of the State excepting chemicals and
building supplies. In the latter, wages in 1924 were exceptionglly high,so that no gain over the year period could be
expected without a falling off in employment. It is true
workers in the brick yards are receiving more than a year
ago, but this follows a summer of lowered employment.
This statement was issued at Albany on Sept. 30 by Industrial Commissioner James A. Hamilton. It is based on
reports from over 1,600 manufacturers employing 490,000
workers, says Commissioner Hamilton, who continues as
follows:
Wage Rate Tend Downward.
Higher earnings in 1925 may be attributed to longer working schedules
in wage scales. The extensive part-time which
reduced the average pay of the factory operatives last summer has been
less in evidence this year. Since 1923, when the rise in rates of pay affected
over 40% of the employees included in the State's reports, there has been
no general movement to change wage scales. Only part of the wage adjustments which take place in the representative factories are reported to us,
but these may be accepted as indications of the trend in wage rates. That
wage scales are tending downward rather than keeping even is brought out
by the ratio of Increases in rates to decreases. From September 1923 to
August 1924, 17,000 employees benefited by higher wage scales, while
18,000 were affected by reductions. At the time this was taken as the
end of the period of rising rate of pay. For a similar period from 1924 to
1925. 14,000 workers received increases and 21,000 accepted lower rates.
The importance of the change in ratio is emphasized further by the fact
that many of the increases occurred in the clothing, brick and canning
Industries and were purely seasonal. On the other hand, four-fifths of the
decreases occurred in the primary metal and textile industries.
Cost of Living Above Last Summer.
While average earnings are moving upward, although wage scales tend
to be reduced, the cost of living has risen slightly. In 1924 a decrease of
3% occurred in the summer when the industrial situation was at its worst.
This year the summer brought no lowering of living expenses. From June
1924 to June 1925. the cost of living in New York State has gone up 27%.
This figure is derived from the United States index numbers for New York
City and Buffalo. The increase is due entirely to a sharp rise in food
prices, especially outside New York City. The change in average earnings
from August to August was 2.8%.
rather than to changes
Increase in Wood and Leather Product Affect Men and Women.
The slight increase in earnings from July was shared equally by men and
women. Men received an average of $31 30 in August, while women
[vol. 121.
earned $16 75. Renewed activity in wood manufactures and leather and
rubber products was an important factor in the increase. For the past
few months these industries have been affected markedly by vacations,
summer dulness and poor market conditions. The opening of the new
season in shoes meant an increase of over a dollar in women's earnings and
three dollars in the men's.
Perhaps the most significant point in the August situation was the
absence of any real improvement in the metals and textiles which have been
the key industries in recent business developments.
The revival in the radio trade caused the principal increase in the earnings
of women metal workers. The large group employed in the manufacture of
Instruments and appliances averaged the same as last month. A larger
number of men in the metal trades were able to earn more. In cutlery and
Jewelry where vacations and poor market conditions had cut into earnings
last month the gain reached 90 cents. But in the steel mills the slight
Increase in the average was the result of reducing forces. In brass and
copper, sheet metal work and instruments and appliances, decreases were
reported.
Textile operatives were only slightly better off in August. The improvement in the silk mills brought up men's earnings from $28.70 to $30.00
but the number of women recently taken on in the mills caused the average
for women to drop. Part-time and wage rate decreases kept earnings in
the woolen mills low. Only men benefited by the gain in earnings in cotton
and knitting mills.
The end of the summer brought reductions in earnings in building supply
Industries. Men in the brick yards averaged under $25.00. 70 cents less
than in July and those employed in paint and varnish factories averaged a
dollar under the previous month.
Petroleum refineries began to slow up but linseed oil factories and certain
soap plants were running on longer schedules. Women engaged in the
manufacture of drugs and photographic and other chemicals felt reductions
in their weekly wages but men gained.
There were the usual increases in the modiste and millinery shops in
August for both men and women. Women also averaged more in underwear shops because of lowered employment. Men's earnings were the last
to fall in the men's clothing industry as they were the first to rise.
Fluctuations in average wages in food products plants were largely
seasonal. There were small losses in the printing shops both for men and
women.
Five of the seven industrial districts of the State reported higher factory
earnings in August. Workers in all the cities are receiving more than a
year ago. Binghamton leads with an increase of $1.70 over the year period
with Syracuse and Rochester next. The Capitol District which alone
shows employment below last year made the smallest gain over 1924.
Employees in the Capitol District averaged $28.22, 30 cents more than
In July. This increase followed reductions in employment, particularly
In the railroad shops and textiles and shirts and collars showed no improvement. The August gain in Rochester and New York amounted to 26 cents.
In both these cities the largest increases appeared in the shoe factories.
In New York, it amounted to more than $2.50. Further activity in the
men's clothing shops meant added employment in Rochester and higher
earnings in New York. Men in the railroad shops in Rochester also earned
substantially more than in the preceding month.
Shoes and to a lesser extent cigars determined the increase for Binghamton district. Workers averaged $25.70. 38 cents more than in July. Earnings in Buffalo stayed at $30.45. In Utica the dismissal of employees from
the textile mills caused earnings for the industry to rise but reductions in
forces in the metal factories did not prevent a loss in the average wage for
this group of workers. The only decrease in earnings from month to month
appeared in Syracuse. However, the important metal industries of this
district outside of steel reported the same average as in July.
Department Store Sales in Federal Reserve District of
New York During August Show Largest Increase
Since September of Last Year.
With regard to retail trade, the October 1 Monthly Review
of Credit and Business Conditions by the Federal Reserve
Agent at New York says that "sales of 75 leading department stores in this district averaged 10% larger in August
than a year previous, the largest increase since last September. This bank's index of department store trade, in which
allowance is made for the seasonal variation, year to year
growth, and price changes, indicated sales 2% above the
estimated normal. Apparel store sales showed a moderate
increase over August 1924, and mail order sales were 20%
larger." The Review also has the following to say:
Compared with the increase of 10% in sales, department store stocks of
merchandise increased only 3e.i% over last year, so that the ratio of sales
to average stock on hand during the month was nearly 6% higher in August
this year than last.
Net Sales
Stock on Nand
Percentage Change Percentage Change
August 1925
August 31 1925
from
from
August 1924.
August 31,1924,
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
Central New York State
Southern New York State
Hudson River Valley
Capital District •
Westchester District
All department stores
Apparel stores
Mall order houses
+10.8
+1.9
+16.7
+6.0
+11.1
+11.3
+5.2
-8.0
+5.9
+0.1
+22.4
+5.9
+3.0
+9.8
+4.5
+20.4
+3.7
+3.1
+0.0
+0.4
+1.7
+4.7
+4.6
+0.5
Sporting goods and books and stationery continued to show the
large
Increases in sales. Furniture sales were also substantially larger
this year
than last, and considerably increased business was reported in
home
furnishings, women's apparel, men's furnishings, yard goods, hosiery,
and
shoes. In the case of luggage and leather goods, sales, while larger
than
last year, showed much smaller gains than have appeared in recent
months.
The average amount of individual sales transactions was $2.62,
compared
with $2.44 a year previous, an increase of more than 7%.
OCT. 3 1925.]
THE CHRONICLE
Net Sales
Stock on Hand
Percentage Change Percentage Change
August 192.5
August 31 1925
from
from
August 1924.
August 31 1924.
Toys and sporting goods
Books and stationery
Men's furnishings
Furniture
Women's and Misses' ready-to-wear
Linens and handkerchiefs
Woolen goods
Silks and velvets
Silverware and Jewelry
Toilet articles and drugs
Home furnishings
Hosiery
Shoes
Musical instruments and radio
Women's ready-to-wear accessories
Luggage and other leather goods
Men's and Boys' wear
Cotton goods
Miscellaneous
+41.0
+19.7
+19.6
+18.5
+16.7
+16.7
+16.5
+13.2
+13.2
+13.1
+12.6
+12.0
+11.6
+9.1
+6.0
+5.5
+5.1
+4.4
-1.7
+0.9
+2.1
-2.3
+6.2
+3.0
+2.2
+2.3
-0.6
-5.1
+11.6
-3.2
+14.6
+6.8
-1.5
-0.7
+4.8
+7.9
+11.4
-2.8
1623
Considering the approach of winter, the building industry
in this district
reports an unusually large volume of new construction
in prospect, judging
by the number of projects in the early plan stage.
The actual value of
contracts awarded during the past three months was the largest
on record.
Residential construction continues to furnish approxima
tely half of the
new work. The number employed at representative
establishments in
Massachusetts increased 2% in August. This is the
first month since
last February in which an improvement in the number
on payrolls has
been reported. Furthermore, a larger proportion of
these employees
were reported to be on full-time working schedules
than in any month but
one since early in 1924.
The New England crops have in recent weeks been assisted by
generally
good growing conditions, and as a result the situation compares
favorably
with that existing in the late summer last year or the average
of the previous
five years.
Distribution of merchandise by New England railroads during
August
and September was in much larger volume than in the correspond
ing
months a year ago. Retail trade of representative departmen
t stores in
this district has not been quite as favorable as manufacturing
activity,
sales during August, increasing only 3.6% as compared with
a year ago,
when trade was exceptionally poor. Department stores continued
to
report that charge business is very much better than cash business.
In
fact, charge sales have consistently been larger than last year, whereas
cash sales have been less. Wholesale commodity prices were firmer
in
the first three weeks of September than in August. The average
level,
as reported by the Bureau of Labor Statistics, was slightly more
than 60%
higher than in 1913, and 7% higher than a year ago, due mainly to higher
prices for farm products. Money rates continued to strengthen in September, New England member banks' loans to customers increasing in
the largest volume on record.
Gains in Wholesale Trade in Federal Reserve District
of New York During August.
"Aggregate sales of leading wholesale dealers in this
district increased substantially from July to August, due
chiefly to large seasonal gains in sales of clothing, and 12 out
of 15 reporting lines reported increases over August a year
ago ranging from 1% to 35%," it is stated in the October 1
Monthly Review of Credit and Business Conditions by the Course of Wholesale and
Department Store Trade in
Federal Reserve Agent at New York. In its further account
Federal Reserve District of Chicago During
the Review states:
August.
Increases over last year in sales were particularly large in
diamonds,
The Federal Reserve Bank of Chicago has the following to
machine tools, shoes, and men's clothing, Sales of silk goods
continued to
show a substantial gain, but the margin over last year was
considerably say regarding merchandising conditions in its monthly business
smaller than in proceding months. Sales of cotton goods
by commission conditions roport issued Oct. 1:
houses, on the other hand, dropped below those of a year
ago, business
in
drugs continued smaller than last year, and sales of
groceries again fell
below 1924 after showing increases in June and July.
Stocks on hand in wholesale grocery houses fell slightly
below a year
previous for the first time this year, and those of cotton goods
and hardware
merchants were likewise below last year. Stocks of shoes
and jewelry and
diamonds continued to show increases, and silk goods recorded
an increase
over the year previous for the first time since last fall.
Net Sales
Percentage Change.
Stock at End of Month
Percentage Change.
August 1925 August 1925 August 1925 August 1925
from
from
from
from
July 1925. August 1924. July 1925. August 1924.
Groceries
-10.9
-5.5
+3.7
-0.4
Men's clothing
+908
+13.0
_
Women's drmies
+74.1
+2.3
_
Women's coats and sults+111.5
+1.5
Cotton-Jobbers
+1.7
+2.9
Cotton-Commission houses
+1.3
Silk goods
+12.3
+10.2
Shoes
+19.3
+13.9
-9.4
+24.5
Drugs
-14.4
-14.3
Hardware
-5.6
+2.9
Machine tools
-20.0
+30.0
_
Stationery
-0.5
+8.2
_
Paper
+5.9
+7.2
_
Diamonds
+13.2
+35.4
f
Jewelry
+31.7
+6.0
1+2.6
1+2.2
Weighted Average
+21.8
+3.2
*Stock at first of month-Quantity not value.
August Chain Store Sales in New York Federal Reserve
District Greater Than in Same Month Last Year.
The October 1 Monthly of Credit and Business Conditions
by'the Federal Reserve Agent at New York reports that
"August sales of reporting chain store systems were 17%
larger than in August last year, accompanying an increase
of nearly 20% in the number of stores operated." The
Review adds:
Increases in sales occurred in all types of chain stores, but, as
in past
months, were particularly large in the cases of grocery and variety
stores.
While in most cases the increases reflected chiefly the opening
of new
stores, the gains in variety, candy, drug, and 10 cent systems
were sufficiently large to cause an increase in the volume of sales per
store.
Percentage Change
August 1925 from August 1924.
Type of Store
Variety
Grocery
Candy
Drug
Ten Cent
Shoe
Tobacco
Total
Number of
Stores
+13.3
+22.9
+9.4
+4.1
+6.4
+21.3
+10.4
+19.6
Total
, Sales
+24.1
+20.1
+15.4
+13.8
+13.5
+10.5
+2.9
+16.8
Sales per
Store
+9.5
-2.3
+5.5
+9.3
+6.7
-8.9
-2.4
Business Activity in New England Industries Better
Than at This Time Last Year.
The Oct. 1 issue of the Monthly Review of the Federal
Reserve Bank of Boston, in an analysis of the business
situation, says:
Business activity in New England during the past two months has
been
greater than in the early part of the summer, and
considerably better
than at this time last year. Output in the leading industries
in
this
district
increased seasonally to about the usual extent during
August and the
early part of September. In fact, New England mills and
factories reported
more improvement than plants in the same industries in
other
of the country, thereby duplicating the encouraging gain made sections
in July.
Wholesale Trade.
August sales for the five commodity groups comprising
the wholesale
trade survey made by this bank followed the same trends
this year as
last, dry goods, drug, and shoe dealers with few exceptions
registering
expansion in business, but the majority of grocery and
hardware firms
reporting declines from July; in each of the three earlier
years for which
comparable data are available (1921-1923) all groups made
substantial
increases. In comparison with August 1924 gains were
shown by about
two-thirds of the firms in each group except groceries which
for the fifth
successive month averaged a decline.
Collection comparisons like those for sales were similar
to the 1924
changes, most of the firms having received smaller amounts
during August
than in July; by groups the decrease for dry goods amounted
to the same
as last year, less for groceries and hardware, and more for
shoes; in drugs
heavier collections at two stores offset the otherwise
general decline.
For dry goods, hardware, and drugs, collections averaged
larger than a
year ago.
Accompanying the decline from July in collections was
a general increase in accounts outstanding, so that as in 1924 amounts
on the books
Aug. 31 exceeded the previous month for dry goods, drug,
and shoo dealers;
in hardware the decline of 0.2% reflects individual decreases
at only half
the stores and compares with 1.2% in 1924; the grocery
group averaged
a drop of 1%, although three-fifths of the stores reported
increases. For
half the hardware firms and the majority of drug and
shoe firms accounts
receivable were higher than last year.
Stock comparisons vary, about half the grocery, hardware,
and dry
goods firms being inventoried lower on Aug. 31 than
at the beginning
of the month and about the same proportion of
firms below a year ago;
the drug group averaged a decline 0.8% from July 31,
but continued, an
noted since March, above last year; for shoes,
both comparisons showed
marked reductions.
Department Store Trade.
Developments in department store trade during August
were largely
seasonal, with the volume of sales increasing
from the July low point,
inventories evidencing a general stocking-u
p, and collections dropping
to the smallest amount for the year.
Individually, of the 91 firms reporting to this bank, 55 sold
more goods
In August than during the preceding month;
in comparison with a year
ago, 58 showed gains and 31 declines; while cumulativ
e sales for the first
eight months of 1925 are larger than last year for somewhat
over half
the group.
The increase in stocks by all except eight of the 64 stores
furnishing
data on this item reversed the downward trend
followed since Mush
comparable figures available since 1919 indicte for
August of each year
the beginning of an upward movement which extended
well into the fall.
Over three-fifths of the Moms were carrying heavier
inventories on Aug. 31
than a year ago, exceptions in two of the larger cities,
however, reducing
the net increase for the district to 0.7%. For
45 firms August sales represented 26.3% of average stocks during the month,
as
compared with
25.1% in August 1924; for several months a similarly
higher rate of stock
turnover has been noted. Fifteen out of 26
stores had larger orders for
new goods unfilled at the end of August than the
month before.
In collections the decline from July of
13.9% reflects the midsummer
trade quiet, and compares with similar reductions
in the three immediately
preceding years when August was the low
month. About two-thirds of
the stores reported collections heavier
than a year ago, but amounting
to 38.7% of accounts outstanding at the
beginning of the month, or about
the same ratio as last year.
Industrial Employment Conditions in Federal Reserve
District of Chicago.
While stating that "employment in industrial plants
in
the seventh district aggregated about the same
number
of workers on Aug. 15 as a month earlier, the
Federal Reserve Bank of Chicago reports that "an average
increase of
3.2% in payrolls was shown. The report goes on
to say:
The upward trend in
payrolls was apparent
the separate reports for Illinois and Wisconsin throughout the district.
as well as for the other
three states combined averaging practically
the
The increase.s were also well distributed among same percentage gain.
the industries, only two.
of the reporting groups showing a contractio
n; these were textiles and,
1624
(Vol. 121
THE CHRONICLE
ng
textile products and the food products group, both of which are experienci
a seasonal slackening after the marked gains registered for the two previous
well
:months. An expansion occurred in the number of men employed as
as in earnings of four of the industrial groups—metals and metal products,
and chemical, rubber, and paper products.
Reports on outdoor employment are generally favorable. Building
as before.
andrconstruction work continue to use as large a volume of men
and many of the coal mines have resumed operations. The ratio of applicants to places available at the free employment offices showed a definite
contraction during August both in Illinois and Indiana.
EMPLOYMENT AND EARNINGS—SEVENTH FEDERAL RESERVE
DISTRICT.
year, whereas 78% predict fewer insolvencies. Collections
are improving somewhat, for 60% report larger incomes in
August than in July and 35% showed smaller collections.
For the first eight months of this year 79% of the concerns
reported a larger volume of sales than in a similar period
last year. 44% had a larger volume of receivables on Sept. 1
than at the same time last year, while 45% reported a
smaller volume.
Mr. Tregoe
"Agricultural products this year in Nebraska are spotty."
"The
said in indicating the conditions the foregoing figures represent.
better weather
wheat crop was very lean, but an average crop is expected as
for fall
Total Earnings.
has improved the corn crops; and the soil condition is excellent
No. of Wage Earners,
fair.
Week Ended
Week Ended
wheat. General business conditions in the State are particularly
small
State's
The
year.
Industrial Group.
last
"South Dakota has felt improvement over
P. C.
P. C.
fair and the farmers' buying
Aug.15 July 15 Chge. Aug. 15. July 15. Chge. grain crop is very good with the corn crop
future on
power increased over the past year. The merchants see a good
370,460 369,920 +0.1 59,646,922 $9,351,467 +3.2 account of improved collections in particular. Stocks are normal and
All groups (10)
Metals and metal products
in greater volume.
143.424 140,255 +2.3 3.490,801 3,279,118 +6.5 the merchants are buying
(other than vehicles)
normal.
"Kansas has not fared so well, having a wheat yield 60% below
40.628 40.669 --0.1 1,197,775 1,190,825 +0.6
Vehicles
725,342
716,371
—3.1
to be buying somewhat more freely for
appear
29,306
28.380
_
the
merchants
products_
and
textile
Although
Textiles
—3.4
1,408,250
1,360,246
—3.3
51,234 52.964
hand-to-mouth buying. CollecFood and related products_
387,377 +4.2 future needs, there still exists considerable
403,738
Stone,clay & glass products__ - 13,690 13,706 —0.1
+7.1 tions have been slow and slightly below last year, whereas receivables have
754,745
808,400
32.759
32.535
Lumber and its products
242,050 +5.6 Increased and no increase in failures is expected. The middle section and
255,533
9,347 9,241 +1.1
Chemical products
384,395 +7.1
411,743
17,37? 17,470 —0.6
of the State are in fair condition and the western third
Leather products
82,797 +13.2 the eastern third
93,730
to
3,35°
+5.5
3.55?
Rubber products
The corn crop in the eastern half of Kansas was fair and poor
896.517 +1.3 Is poor
n
906.577
70.26c ^(1 1^
the farmers'
Paper and orbiting
failure in the western half. As these conditions might indicate,
•
buying power is below last year's average and normal strength.
State has
"Although Iowa's agricultural income suffered last year, the
Federal
in
ons
Conditi
s
is
Busines
farmers
Agricultural and
overcome its handicap to a degree. The buying power of the
merchants show an
Reserve District of Minneapolis.
improved, and principally in the rural communities the
is reported
ral
agricultu
of
inclination to buy more freely, an improvement in collections
Review
Monthly
the
29
Sept.
of
date
Under
merchants are
and failures have decreased. In some of the cities retail
of
District
Reserve
Federal
the
hopes in the
and business conditions in
experiencing serious difficulties while the farmers have fair
Minneapolis states that "business improvement was general
ago.
in this district in August as compared with a year
Practically all industries and interests participated in this
increase as shown by gains in all the classifications of carloadings except livestock and in the reports made to us by
representative firms in the more important lines of business."
Continuing, the Review says:
It is true that new-crop grain and range cattle began to move to terminals
and carloadings
earlier this year and that this has lifted the totals of debits
in shipments
substantially, but it is also significant to note the gains shown
retail lumber
in
,
of Iron ore and linseed products. in copper production
s and resales in the rural portions of the district, and in sales of wholesaler
tailers in the cities as compared with August last year.
movement
Potential purchasing power has been created by the heavy
purchasing power
of grains and livestock. Current confidence that this
gains as
the
by
shown
is
es
commoditi
will be utilized soon to purchase
building contracts
compared with a year ago in building permits granted and
agricultural impleawarded as well as in the heavy sales by wholesalers of
ments.
one exception, quite
Crop production forecasts for this district are, with
four grains, includunfavorable as compared with a year ago. However,
than the fiveing spring wheat and flax, are expected to realize more bushels
all the cash crops
year average, and the total money value at the farm of
present prices are mainmay indeed be equal to or greater than last year, if
rye, flax and potained, owing to the improvement in the prices of wheat,
year is redressed
tatoes. The shortage in the corn crop in this district this
cattle and hogs
to some extent by the greater profit to be realized by feeding
grains.
at present prices for fat livestock and for feed
ago, and the
The wool clip was both larger and better priced than a year
This is of
increase in the lamb crop is well above the national average.
portion of this
great importance in improving conditions in the western
district.
at terminal elevators
Extraordinarily large stocks of oats are now held
apparent. Oats receipts at
and a tendency for oat stocks to increase is
as the receipts of August a
terminals during August were twice as large
Duluth-Superior were
year ago, and the total stocks at Minneapolis and
with 3 million bushels
22 million bushels at the end of August. as compared
a year ago.
been a heavy movement of
For the second consecutive month there has
of feeder hogs was the largest for
feeder livestock. The August movement
As compared with a year ago.
that month since our records began in 1919.
kinds, with particularly large Inshipments of feeders were greater for all
is to some extent a reflection
creases in the cases of cattle and hogs. This
by us showing advances
of the price situation for livestock, all kinds quoted
steers.
In August as compared with a year ago,except butcher
compared with those in July,
When business conditions in August are
the physical volume.
some improvement appears to have taken place in
causes. The carloadwhich is thought to be not entirely due to seasonal
exceeded seasonal
lags of grain, grain products, and livestock in particular
expectations.
banking figures.
The customary effects of crop-moving are shown in
to country banks
City correspondent banks have had rising deposits due
note issues have
and
and rising loans, while Federal Reserve bank loans
banks in the largest
expanded. Interest rates charged customers by member
_cities were slightly lower on Sept. 15 than a month earlier.
Area.
Better Business Seen in Grain States
corn crops.
up the re"Improved incomes in North Dakota will probably clean
The business
mainder of last year's bank indebtedness, taxes and interest.
failures are
of this State is moving in good volume, collections are good,
informed
decreasing and stocks are about normal, in fact, a close observer
necessary
been
have
years
me that North Dakota 'has arrived.' Several
than any
for North Dakota, which suffered more In the agricultural debacle
spotty, yet
other State, to come back to normal activity. The crops are
there is a fair yield.
in the
"Minnesota is sharing North Dakota's betterment and the outlook
tion has
State for the remainder of the year Is promising. Her diversifica
always put her in a strong position in the agricultural States."
In pointing out what he believes this survey means to the
remainder of the country, Mr. Tregoe said:
chief grain-producing
Although this summary indicates progress in our
be tampered with. We
States, the control from the safety valve must not
the unexpected emergshould still carefully scrutinize credits; and to meet
behave conservatively.
encies which agricultural districts undergo, we should
but not foolish boom
Of course this summary justifies good expectations
profits continues to
Adequate
talk. There are still problems at hand.
many regions. If
be a serious one, and hand-to-mouth buying persists in
is fairly satisfactory,
production remains on an even keel, if retail business
may look ahead with
and if credit is sufficient for our reasonable needs, we
clear path ahead when
confidence and with the expectation of finding a
we turn the corner into 1926.
Purchasing Power
at
of Northwestern Farm Products
Level.
stern
According to the monthly "Review" of the Northwe
ng
purchasi
the
Minn.,
lis,
National Bank, of Minneapo
at
power of Northwestern farm products is now practically
says:
bank
The
its pre-war level.
though the
Its Pre-War
beef cattle,
An exception is to be made of the income from
towards improvement.
prevailing belief is that the cattle industry is headed
and butter are all near
hogs
The exchange values of wheat, corn, potatoes,
with exchange values that
par, a little above or below, when ccmpared
1914. Wool commands a
prevailed in the five-year period ending in July
country over, purchareng
decided premium. Taking farm products the
and better than in 1£16.
1919,
power is now the best it has been since
the diverse Industrie, of
All in all, there is now a better balance between
The cost of living rer sins
this country than there has been since the war.
opposite side of the le' ger.
high, but so does the general income on the
is undoubtedly r eatzr
Indeed,the purchasing power of the American people
during the month 17 he
than it was in pre-war times. Statistics published
establish this as fset.
National Bureau of Economic Research practically
ofthis period (1909 te 1921)
"The price changes during the more recent years
money values for different y Ars
have been so violent that comparisons of
that have occurred &Inr in
tell practically nothing about the variations
of goods that the 'nzzene
the physical volume of business or in the quantity
many itons into
will buy. It has been necessary, therefore, to convert
purchasing power. For
figures representing values in money of constant
as at n lard.
taken
commonly
been
this purpose, prices of the year 1913 have
the income in current d liars
. . . The results indicate that while
the actual purchasing pr we has
fluctuated widely in 1919, 1920 and 1921.
under review the roil a nme
varied but slightly, and for the thirteen years
continuous upward trend."OrThe
of the people has shown a practically
an investigation that ha,!tilted
findings given in the report are the result of
person" doubled the nur bar of
three years. The hypothetical "average
years; reduced to dollurs
dollars constituting his current income during these
still has consideral y Imof 1913 purchasing power, his economic position
year
the
1922: knowing as we
to
up
proved. The investigation carries us
of greater production : ni a
do that the trend since then has been one
it may be assumed that the
better industrial and agricultural balance,
individuals has been maintehrd
improvement in the purchasing power of
was below the level of the
and very probably improved. The Northwest
but with the exchange value of
rest of the country in the deflation period,
are fast swinging into line.
farm products now, roughly, at pre-war par, we
Expectation of improved sales and collections is indicated
the
in the grain States, J. H. Tregoe, Executive Manager of
after
ay
to-d
ed
announc
Men,
of
Credit
ion
Associat
National
on.
an analysis of a survey just eompleted by his associati
The survey, which embraces the States of Iowa, Kansas,
Nebraska, Minnesota and North and South Dakota, shows
expectations of improved business by 85% of the concerns
which provided the information. Larger sales were reported
larger
in August than in July by 62%, and 70% reported
Weekly Lumber Movement Decreased.
distribution in August 1925 than in August 1924; while 27%
Reports received by the National Lumber Manufacturers'
had smaller sales this August.
ion from 353 of the larger softwood mills of the
Associat
failures
in
n
reductio
The reports indicate further that a
for the week ended Sept. 26 indicated decreases
country
g concerns
may be expected as only 15% of the reportin
on, shipments and new business in comparison
in
producti
the
of
er
remaind
the
for
failures
look for an increase in
OCT. 3 1925.]
THE CHRONICLE
.
_
with reports from 369 mills a week earlier. In comparison
with reports for the same period a year ago, when 19 more
mills reported, a slight decrease in production was noted,
while shipments and new business showed some increase.
The unfilled orders of 237 Southern Pine and West Coast
mills at the end of last week amounted to 586,773,246 feet
as against 588,977,567 feet for 236 mills the previous week.
The 130 identical Southern Pine mills in the group showed
unfilled orders of 247,306,752 feet last week as against
250,350,592 feet for the week before. For the 107 West
Coast mills the unfilled orders were 339,466,494 feet as
against 338,626,975 feet for 106 mills a week earlier.
Altogether the 353 comparably reporting mills had shipments 105% and orders 98% of actual production. For the
Southern Pine mills these percentages were respectively
110 and 105 and for the West Coast mills 108 and 106.
Of the reporting mills 342 (having a normal production
for the week of 214,389,196 feet) gave actual production
107%, shipments 112% and orders 105% thereof.
The following table compares the national lumber movement as reflected by the reporting mills of seven regional
associations for the three weeks indicated:
Mills
Production
Shipments
Orders(new business)
Past.
Corresponding Preceding Week
Week.
Week 1924. 1925 (Revised).
353
372
369
234,095,962
237.859,095
247.112,255
246,368.043
236,601.036
253,443,333
228,383,502
228,188.261
249,315.090
The following revised figures compare the lumber movements of the seven associations for the first 39 weeks of 1925
with the same period of 1924:
1925
1924
1925 increase
Production.
Shipments.
Orders.
9.363,519,658 9.292.201,011 9,127,914.500
8.975.151.643 8.930,158.783 8,670.839,802
388.368.015
362,042.228
457,074,698
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 9,464,000 feet, shipments of 7,390,000
feet and orders 8,235,000 feet. The reported cut represents 20% of the total of the California Pine region. As
compared with the revised report for the preceding week,
when eleven mills reported, there were decreases in production, shipments and new business.
The nuthern Cypress Manufacturers' Association, New
Orleans (also omitted from above tables), for the week ending
Sept. 23 reported from 16 mills a production of 6,151,331
feet, shipments 5,760,000 feet and orders 6,720,000 feet.
With two more mills reporting, this Association showed
substantial increases in production and shipments, while
a considerable gain in new business was noted in comparison
with their report for the previous week.
West Coast Lumbermen's Association Weekly Review.
One hundred and six mills reporting to West Coast Lumbermen's Association for the week ending Sept. 19 manufactured
101,871,766 feet of lumber; sold 109,342,532 feet, and
shipped 114,181,227 feet. New business was 7% above
production. Shipments were 4% above new business.
Forty-five per cent of all new busineal taken during the week was for
future water delivery. This amounted to 49,725,482 feet, of which 38,031,682 feet was for domestic cargo delivery, and 11,693,800 feet export.
New business by rail amounted to 1,781 cars.
Forty-four per cent of the lumber shipments moved by water. This
amounted to 50,334,177 feet. of which 37,096,317 feet moved coastwise and
intercoastal. and 13,237,860 feet export. Rail shipments totaled 1,922 cars.
Local auto and team deliveries totaled 6,187,050 feet.
Unfilled domestic cargo orders totaled 126,004,678 feet. Unfilled
export orders 85,977.297 feet. Unfilled rail trade orders 4,215 cars.
In the first 38 weeks of the year production reported to West Coast
Lumbermen's Association has been 3,797,356.770 feet, new business 3,929,127,767 feet, and shipments 3.966.574,273 feet.
1625
tion, Cover Paper Association, Newsprint Service Bureau,
Wrapping Paper Manufacturers Service Bureau and Writing
Paper Manufacturers Association. The figures for August
for same mills as reported in July are:
No. of
Mills.
Grade.
Newsprint
Book
Paperboard
Wrapping
Bag
Fine
Tissue
Hanging
Felts
Other grades
66
62
101
77
24
80
44
8
18
64
Total all grades
Production,
Net Tons.
Shipments.
Net Tons.
Stocks on Hand
End of Month.
Net Tons.
120,902
85,879
121,487
52.219
9,690
29,119
12,368
3,386
13,387
18,320
118,752
84.073
126.770
55,323
9.701
27.968
13,102
3,933
13,654
17,962
35,077
47,393
34,659
56.385
8,143
40,916
13,420
1,916
2,660
14.588
465.757
472.238
255.187
During the same period, domestic wood pulp production
decreased 6%, this decrease being distributed over al
grades, with three exceptions. The August totals (mills
identical with those reporting in July) as reported by the
American Paper & Pulp Association, are as follows:
Grade.
No. of Production,
Used,
Shipments.
Mills Net Tons. Net Tons, Net Tons.
Oroundwood pule
101
Sulphite, news grade
39
Sulphite, bleached
21
Sulphite, easy bleached.
6
6
Sulphite, Mitscherlich„
Sulphate pulp
10
11
Soda pule
Other than wood pulp
2
Tntstl n11 grades
Stocks on
Hand, End
of Month,
Net Tons.
64,866
35,180
22,719
3.060
6,688
13,895
16.317
46
81.576
33,541
17,657
2.703
5,457
12.611
12.500
2,488
2,334
4.148
526
989
1,332
3.407
1C0,349
8,194
3.351
1,629
1,593
1.534
3,290
78
1R9 7-1
160 600
11 `,94
160 018
New Models and Price Changes in Automobile Industry.
The Chandler Motor Car on Sept. 29 reduced prices $100
to $505, the new and old prices comparing as follows: Twentieth Century sedan, $1,490, against $1,995; Metropolitan
sedan, $1,795,against $2,195; seven-passenger sedan,$1,895,
against $2,295; brougham, $1,695, against $2,045; roadster.
$1,695, against $1,795; sport touring, $1,495, against $1,595.
and seven-passenger touring, $1,595, against $1,735.
Reports from Pontiac, Mich., on Sept. 29 stated that the
General Motors Corp. is bringing out a new light six-cylinder
car to be companion to the Oakland and to be manufactured
at the Oakland plant at Pontiac. It is understood the car
will be called the Pontiac and priced around $800.
The addition of the heavy duty speed wagon to its truck
line has given the Reo Motor Car Co. an advanced position
in the truck field. With the light 3(-ton truck, the 13i-ton
standard speed wagon and the new 2-ton model, the company estimates it can cover 90% of the commercial haulage
requirements of to-day. All the models are sufficiently
powered and are available in body types which permit
loads of greater than rated capacity. The heavy duty
speed wagon easily handles three tons and has carried up
to five.
•
Tire Makers Adopt Conservation Plan-Set March 1
For Shipment of Spring Stocks Instead of
November-Will Curb Overproduction.
The following Akron, (Ohio) advices, Sept. 24, are taken
from the New York "Evening Post:"
Leading rubber manufacturers meeting here have definitely decided to
eliminate all dating terms on tires for the remainder of 1925.
Heretofore it has been the custom of manufacturers to start in October
soliciting orders from dealers for their spring requirements. Shipment of
these orders was made, beginning in November, and dealers were not
required to pay for the goods until after the opening of the spring buying
season.
To eliminate all artificial stimulation to production this year, it was
decided to postpone shipment of dealers' spring stock until after March 1.
save in exceptional cases, where transportation may necessitate a few
deliveries in February.
Solicitation of these spring orders will also be deferred until after January
1. It is felt that this policy will enable the industry to produce only for
current requirements, and these naturally will be reduced by the normal
seasonal decline in consumption.
Resolutions were adopted recommending this program by the tire executive committee and by the board of directors of the Rubber Association of
America, Inc.
Following this action, the larger companies in the industry approved the
plan.
Among the more prominent manufacturers participating were the United
States, Goodrich, Firestone, Goodyear, Fisk. Miller, Kelly. Ajax,Seiberling,
Hood, Dunlop and General companies, the total approvals representing
approximately ss% of the tire producers of the country.
It is felt that this action will eliminate excessive production and inventories
in the hands of manufacturers, thus conserving crude rubber, and will also
remove the incentive for dealers to overbuy and to carry excessive stocks.
Increase in Paper Production in August.
The August production of paper in the United States as
reported by identical mills to the American Paper & Pulp
Association and co-operating organizations, showed an increase of 2% as compared with July's production (following
a I% decrease in July over June), according to the Association's monthly statistical summary of pulp and paper industry, issued under date of Sept. 29. All grades showed an
increase in production as compared with July, with two
exceptions. The summary is prepared by the American Crude Oil Prices Remain at Recently Established Levels
Paper & Pulp Association as the central organization of the
-Gasoline Down in Certain Localities.
paper industry, in co-operation with the Binders Board
No changes in the price of crude oil were reported during
Manufacturers Association, Converting Paper Mills Associa- the week just closed. On the other hand, price reductions in
1626
THE CHRONICLE
[VOL. 121.
the gasoline markets occurred in certain sections of the Davison's Textile Blue Book for 1925, these non-reporting
country. Reports from Minneapolis, Minn. on Sept. 23 mills are equipped with about 3,864 looms, 139 sets of woolen
stated that the second price slash within a week in Twin cards, 29 worsted combs and 207,925 spindles.
City gasoline prices had gone into effect on that day, bringing
Looms.
Of the total number of looms wider than 50-inch reed space, 38,782, or
the price down to 17.2 cents a gallon, in another of a series 63.8%,
were in operation for some part of the month of August, 1925, and
of price maneuvers in a new "war" between rival companies. 21,969 were idle throughout the month. The active machine hours reported
The new cut amounted to 1.9 cents a gallon. All companies for wide looms for the month of August formed 62.9% of the single-shift
capacity, as compared with 60.7% for the month of July 1925 and 58.4%
reduced prices accordingly. The new "war" started a week for
August 1924.
ago, over coupon books sold by some companies, which
Of the total number of looms of 50-inch reed space or less covered by the
reports
for August 1925, 12,073, or 70.3%, were in operation at some time
entitle the purchaser to $10 in trade at a filling station, for
during the month, and 5,103 were Idle throughout the month. The active
•
$9.
machine hours for these looms represented 57.4% ofthe single-shift capacity,
On Sept. 26 the Standard Oil Co. of New Jersey established as against 51.6% in the preceding month and 54.3% in August 1924.
The number of carpet and rug looms reported for August 1925 was 9.704.
a 15c. tank-wagon gasoline price throughout its territory.
of which 6,981, or 71.9%, were in operation for some part of the month,
This involved a cut of
cent a gallon in New Jersey and 1 and 2,723 were idle throughout the month. The active
machine hours
cent in Maryland, West Virginia, Virginia, North and South reported for these looms represented 68.1% of the single-shift capacity of
the
looms,
as
compared
with
65,4% in July, 1925, and 58.8% in August,
Carolina, except in Baltimore and Washington, where the 1924.
reduction was M cent. The price of kerosene was cut 1 cent
Spinning Spindles.
Of the total number of woolen spindles reported in August 1925, 1,774,458,
in North and South Carolina, the new prices being 13 and
or 77.6%, were in operation for some part of the month, and 511,766 were
13M cents a gallon, respectively. The Sinclair Oil & Refining idle throughout the month. The active woolen-spindle
hours reported for
Co. and Gulf Refining Co. met the reductions. Later in the this month represented 79.3% of the single-shift capacity, as compared with
in July 1925 and with 72.1% in August 1924.
78.6%
week, on the 30th, the Standard Oil' Co. of New Jersey
The number of worsted spindles in operation during August 1925 was
advanced the price of cased kerosene for export Yi cent a 1,790,997, or 68.1% of the total; and the number idle was 837.788. The
active worsted-spindle hours were equal to 64.7% of the single-shift capacity.
gallon.
In July 1925 the active worsted-spindle hours represented 53.9% of the'
The price of retail gasoline was cut to 12%c. in the price capacity,
and in August 1924 51.1% •
war at Peoria, Ill. on Sept. 30. Some refiners closed their
Cards and Combs.
Of the total number of sets of cards reported for August 1925, 5,650, or
filling stations in that city. It is reported that about the
80.2%, were in operation at some time during the month, while 1,396
same condition prevails at Decatur, Ill.
were idle
the month. The active machine hours for cards
The wholesale gasoline market remained about unchanged were equalthroughout
to 81.8% of the single-shift capacity in August 1925, 79.8%
in
with a tendency toward weakness, 9%c. a gallon being the July 1925, and 73% in August 1924.
Of the combs reported for August 1925, 2,016, or 75.2%, were in operaprevailing quotation for ,metor gasoline on Sept. 30. Fuel
tion for some part of the month, and 666 were idle during the month. The
oil continued steady around $1.05 to $1.07M a barrel for active machine hours for this month
were equal to 77.2% of the single-shift
24-26 gravity.
capacity, as compared with 65% in July 1925 and 68.2% in August 1924.
Total
2.107,400
2,131,600
2,133,050
.4
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36,2251
36,280
34,108
114
2,557 11,9151
2,407 11,977
2,348 12,721
6,7111
6,754
6.283
Carpet and
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1,253,601
279,584
1,283.263
325,156
1,130.640
417,204
.4
391.216,877
102,233,757
409,652,128
111,470,074
367,622,556
142,589,885
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438,356
129.216
385.966
208.276
398,696
186,006
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1,432,822
672,605
1.417,805
749,596
1,158,882
880.030
i
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2,158,665
1,602,025
1,957,909
1,839,213
2,047,842
1,725,133
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8.125,626
4.796,921
8,193.370
5,294,663
7,848,626
5,591,310
4
2.236,224
1,774.458
511,766
2,292.202
1,750,671
541.531
2,281,001
1,663,814
617,187
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360,774.116
197,066,500
312,142,296
266,944,318
292,294,049
279,810,766
Worsted.
2,628.785
1,790,997
837,788
2,612,200
1.582,747
1,029,453
2,597,114
1,511,936
1,085,218
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2.024,350
Activity of Machinery in Wool Manufactures During
the Month of August, 1925.
The Department of Commerce on Sept. 29 issued its report on active and idle wool machinery for August, 1925,
based on reports received from 938 manufacturers, operating
1,105 miles. This is exclusive of 13 manufacturers, operating
19 mills, who failed to report for the month. According to
.ONt.
•00.0.-.
LOOMS.
DAILY AVERAGE PRODUCTION.
(In Barrels.)
Sept. 26 '25. Sept. 19 '25. Sept. 12 '2E. Sept. 27'24.
Oklahoma
493,950
535,050
488,550
479,050
Kansas
111,300
North Texas
76,600
77,350
73,900
77,250
East Central Texas
86,900
88.350
104.900
87,700
West Central Texas...74,650
78,700
74,950
74,500
North Louisiana
47,750
48,650
47.800
54.000
Arkansas
212,350
218,150
218.800
130,050
95,200
Gulf Coast
93.950
96.650
95,050
Sout.iwest Texas
45,150
47,900
43,850
45,450
107,000
Eastern
107,500
107.000
107.500
Wyoming
87,250
91,200
87,800
95,850
14,950
Montana
11,350
15,100
15,050
4,000
Colorado
1,450
4.000
3.800
4.000
650
3,850
4,000
New Mexico
653,000
California
607,500
669.500
661,000
Detailed Report.
The accompanying table gives the total number a machines in operation
some time during the month of August 1925, the number idle for the whole
month, the number reported on single-shift and on double-shift, the active
and idle machine or spindle hours, the percentages active and idle, and
comparative figures for July 1925 and August 1924.
Wider awn 50inch Reed Space.
Further Declines in Crude Oil Output.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the Smackover
heavy oil field was 174,400 barrels, a decrease of 7,200
barrels for the week ended Sept. 26. The daily average
production in the United States for the week ended Sept. 26
was 2,107,400 barrels, as compared with 2,131,600 barrels
for the preceding week, a decrease of 24,200 barrels. The
daily average production in the United States, excluding
Smackover heavy, decreased 17,000 barrels. The daily
,average production east of California was 1,454,400 barrels,
as compared with 1,470,600 barrels, a decrease of 16,200
barrels.
California production was 653,000 barrels as compared
with 661,000 barrels for the preceding week, a decrease of
8,000 barrels. Santa Fe Springs is reported'at 54,000 barrels, no change; Long Beach 106,000 barrels, against 104,000
barrels; Huntington Beach 44,000 barrels, no change; Torrance 34,000 barrels, against 35,000 barrels; Dominguez
28,500 barrels, against 29,500 barrels; Rosecrans 23,000 barrels, against 25,000 barrels; Midway-Sunset 100,500 barrels,
no change; Inglewood 90,000 barrels, against 93,000 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 Sept. 26 was 1,098,100 barrels, as
compared with 1,111,950 barrels for the preceding week, a
decrease of 13,850 barrels. The Mid-Continent production,
excluding Smackover, Arkansas, heavy oil, was 923,700
barrels, against 930,350 barrels, a decrease of 6,650 barrels.
The following are estimates of daily average gross production for the weeks indicated:
4g
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10403
OCT 3 1923.1
1627
THE CHRONTCLE
Petroleum Exports in August-Exports of Coal.
The Department of Commerce at Washington on Sept. 24
issued its monthly report showing the exports of petroleum
for August and the eight months ended with August for the
years 1925 and 1924. The exports of crude petroleum are
behind those of last year for the eight months' period ended
with August, but are ahead of last year for the month of
August; 60,739,413 gallons having been exported in August
1925, as compared with 50,617,070 gallons in August 1924,
while for the eight months ended with August this year only
392,380,464 gallons were exported, as against 504,615,983
gallons in the corresponding period last year. The exports
of refined petroleum show a decrease from last year both for
the month of August and for the eight months ending with
August, 323,953,891 gallons having been shipped in August
this year, against 344,414,472 gallons in August last year,
while for the eight months ending with August 2,587,570,670
gallons were sent out in 1925, as against 2,591,443,720
gallons the preceding year. The detailed report ad furnished by the Department is as follows:
nomr,wric EXPORTS OF COAL. PETROLEUM 44 REPINED PRODUCTS.
Month of August.
1924.
1925.
Eight Months Ended August.
1924.
1925:
Deal.2,592,924
476,046
254,086
2,295,782
Anthracite, tons
82,820,499 85,390,844 $25,397,035 $29.139,453
Value
1,395.866 1,797,603
9,844,417
10,159,638
Bituminous, tons
88,200,495 17.847.715 147.956,873 143,842,329
Value'
479,158
63,714
42,308
377,609
Coke, tons
$360,316
$3,720,275
$482,403
13,271,396
Value
Petroleum50,613,050 60,739.413 504,615,983 392,380,461
Crude. gallons
51,700,86,, $2,919,534 118,230,101 8,1 i,16.1,000
Value ".
344,414,472 J23,953,891 2,691,443,720 2,587,570,670
Total refined, gallons
$32,390,522 $39,422,132 1266,222,845 8284,232,679
Value
Ortsoline, naphtha and other
light products. gallons.._ 102,863.557 116.507,377 783,897,797 848,863.313
114,225,909 819,695,588 1115,519,926 $133,340,750
Value
Oils72,937,991 81,576,464 592,170,938 568,421,984Illuminating, gals
$7,438,507 $7,488,079 858,575,803 $54,985,393
Value
140,976,876 89.462,711 950,327,049 890,543,666
Can and fuel, gallons
14,529,758 $3,420,229 131,620,897 $33,473,223
Value
27,636,048 36.407,339 265,047,936 279,751,707
Lubricating,gallons
$6,196,348 18.818,236 $60,506,719 162,433,282
Value
26,928,434 25.716,521 258.555,686 208.411,438
Paraffin wax. pounds
111 019.8?7 811 AR3.843
Al.370.309 11.112
Value
Analysis of Imports and Exports of the United States
for August.
The Department of Commerce at Washington on Sept. 28
issued its analysis of the foreign trade of the United States
for the month of August and the eight months ending with
August. • This statement enables one to see how much of the
Trierchandise imports and exports for 1925 and 1924 consisted
of crude materials, and how much of manufactures, and in
what state, and how much o: foodstuffs and whether crude
or partly or wholly manufactured. The groups following is
the report in full:
ANALYSIS OF' IMPORTS AND'EXPORTS FROM THE UNITED STATES
FOIL THE MONTH OF AUGUST 1925.
(Values In 1,000 Dollars.
...um :II onms tnelea Auvust.
mown of .1.0‘...
Croups.
1925.
1924.
1925.
1924.
ImportsiCrude materials
)'oodstuffs. crude and
food anintals
Manufactured foodstuff
Semi-manufactures
Finished manufactures..
Miscellaneous
Value. P. C. Value. P. C. Value. P. C. Value. P. C.
83,288 32.7 140,524 41.3 800,652 33.6 1,086,893 39.8
Total
Dotneatfe ExportsCrude materials
Foodstuffs, crude an
food animals
Manufactured foodstuff
Scml-manufactures
Finished manufactures
Miscellaneous
254,542 100.0 340,484 100.02.382,727 100.0 4,730,229 100 0
31,471
30.306
47,140
60.466
1,781
12.4
11.9
18.5
23.8
.7
36,702 10.8 275,131 11.5 310,528
29,786 8.7 388,113 16.3 308.853
65.302 19.2 424,475 17.6 502.033
65.664 19.3 483,312 20.3 509,416
11,044
.7
.5
2,508
12,516
11.4
11.3
18.4
18.6
.5
63,044 19.4 71,472 19.2 671,228 25.3 747,691 24.7
31.728 9.8 29,564 7.6 126,247 4.8 223.280 7.4
44.378 13 . 47,514 12.8 357,190 13.6 370.427 12.3
47,166 14.5 52.149 14.0 402,987 15.3 454.988 15.0
138,234 42.5 172,406 46.3 1,073,832 40.7 1,223,239 40.4
.1
362
3,787
.1
.2
4.685
.2
477
Total domestic expor 325,027 100.0 372.467 100.02,635,28 100.0 1,024,310 100.0
7.395
61.751j
58,537
5.632
Foreign exports
..--2,697.031
3.082.847
379.862
Alf) RAO
Total exports
Volume of Steel Trade Increases-Pig Iron Output
Gains.
Casting up the September account, nearly all steel companies find that the month brought a gain in unfilled orders,
also that their production both of pig iron and steel ingots
was greater in the short month than in the 31 days of August,
says the Oct. 1 review by the "Iron Age." As the industry
enters upon the October quarter the expectation is more
general than at any time in the past month that consumption
in the immediate future will call for an increase upon the
average rate of operations in the three months just ended.
At the same time buyers haire made no departure from the
.Policy of carrying light stocks, continues the report, adding:
Preliminary figures gathered by the "Iron Age" show that the pig iron
output of all the steel companies in the 30 days of September, estimated
at 2.200.000 tons, was 30,000 tons more than in the 31 days of August.
Thus the gain in daily rate was about 5%, whereas the August gain over
July was but 1.5%•
The larger steel companies made a net gain of seven in active blast furnaces last month. Several additional furnaces are scheduled to start
in October.
While no close estimate is yet possible,- the Steel Corporation's unfilled
orders as of Sept. 30 are expected•to show some increase, after six months
of declines. Sheet bar contracts for the fourth quarter Are a factor in the
Increase.
In the case of the Bethlehem Steel Co., while August operations were
down to 5770, the average for September is 66% and October schedules
call for 75%.- This week the Steel Corporation's ingot production is between 78 and 80% of capacity.
Gradually the uncertainty as to railroad demand is clearing. Producers
emphasize the.fact that the-rail orders now coining on their books will call
for enlarged operation and are not nedeed. as at times has been the case'
to make up for declining demand in other lines.
The Buffalo and Chicago district rail mills will be active in October
and td the end of the year on contracts recently taken or about to be closed.
The New York Central will place 175.000 tons and the Florida East Coast
has given a 25,000-ton order to the Tennessee company.
In Canada the Algoma and British Empire mills have started up on
Canadian Pacific and other orders running above 60,000 tons.
In the, railroad equipment field the Louisville & Nashville bought 1.250
cars and 32 locomotives and the Baltimore & Ohio, following a purchase of
1,000 steel car bodies last week, placed orders for 1.500 bodies and inquired
for1.000 box cars. The Chesapeake & Ohio- closed on 20 more locomotives
on top of 50 ordered last week and purchased 100 caboose cars. Some of
this late car business developed figures representing distinct concessions
on the steel. •Including 75,000 tons for plate work for'the Oakland. Cal..
pipe line; fabricated steel bookings reported in the past week called for over
106.000 tons, almost twice the amount of the heaviest -week in fully a year.
Deliveries from Pittsburgh on-the Oakland plate contract will extend over
six 'months. Chicago mills are figuring on 25.000 tons of plates for oil
tank work sootito be let.
Some mills have better bar bookings than in mans months and 2c. Is a
more common price on fourth quarter business. In contrast is the weakness in sheets and cold relied steel bars.
Low river freights have made Cincinnati sharply competitive ground
on wire nails.'
Connellsville furnace coke at 83 75 did not attract buyers in the present
pig iron situation and the spot market is now 83 50. The coal trade also
is quieter, the efforts at labor disturbance failing signally.
Iron and steel exports in August were the heaviest in 20 months; exports
-of American machinery the greatest in over 4 years; shipments of agricultural machinery 42% above the highest previous record.
Imports of finished steel products, on tho other hand, fell off, being only
about 16,000 tons in August, against J9.000 tons in July. European mIlLS
are evidently tiring of the losses they -made on early 1925 shipments to
American ports.'
Export sales of tin plate have been on a good scale lately. Italy has
taken 300.000 boxes and in the past week the Standard Oil Co. of New
York closed for 190,000 boxes for Its plants in India and China.
The usual composite price table,stands this week as follows:
Sept-21).1925,'Finished Steel, 2.403c. per Pound.
2.396e.
Based on prices of steel bars, beams, tank(One week ago
2.396c..
plates, plain wire, open-hearth rails,-10ne month ago
- 2.474c.
black pipe and black sheets, constitut-1 One year ago
ing 88% of the United States output. .10-year pre-war average, 1.68Jc.
Sept. 29 1025. Pig* Iron, 819 63 per Gross Ton.
$1954
Based on average of -basic and foundry(One week ago_
19 13
Irons, the basic. being Valley quotation./ One month ago
1948
the foundry- an average of Chicago,10ne'year ago
110-year pre-war average. 15 72
Philadelphia and Birmingham.
1921.
1925.
1g23.
Finished steel___High 2.824c.,Apr. 24 2.789c. Jan. 15 2.560c. Jan. 6
Low 2.446c. Jan. 2 2.460c. Oct. 14 2.396e. Aug 18
High 83086 niar. 20 822 88 Feb. 26 822.50 Jan. 13
Pig iron
Low $20 77 Nov. 20 319 21 Nov. 3 $18 96 July 7
1
Expansion of iron and steel production is proceeding along
orderly lines, progress being marked from week to week,
according to the opinion of the "Iron Trade Review."
Especially, more recently has this largbr mill production
distinguished the steel bar and sheet trades. Yet the•expansion is featured by caution, being based upon actual improved volume -of sales and shipments rather than upon
expectations or nebulous estimates. Some mills are accumubacklogs than they
something
more nearly resembling
lating
_.
_
,
were able to do some months past. The "Review" goes on to
say, adding further details of interest as follows:
Twenty-seven hundred cars have been placed and 56 locomotives bought.
The actual appearance of an order for 75,000 tons of steel plates for an
Oakland. Calif., welded steam pipe line project have added to the rising
tide of confidence in autumn business.
The production trend Is upward, being about 76 or 77%,a gain of 1 or 2%
in the week. Steel works activities in the Chicago district have risen to
about 7870. against 75% last week, while sheet mills in the Youngstown
district now are operating 93% compared with 88% previously. Strength
and weakness both have appeared on the market horizon, giving it some-,
thing like a ragged appearance, but leaving upon the general trade a feeling
of more confidence in the stability of prices. Furthermore, intimations
are strong of impending advances in at least two lines of finished steel
products, these covering wire products and galvanized sheets. Those
follow further strength in pig iron prices, manifested by 50-cent advances
both Cleveland and Birmingham, and further strength at Philadelphia.
Pig iron shipments have exceeded furnace 'production in the cases of
important merchant producers in the Central West, statistics of one In
particular Indicating It will have shipped even more pig iron this year than
It ever did before, even under the stre.ss of wartime pressure. Some users
are covering, mostly in small lots into the first quarter of next year, at 50
cents a ton higher than to-day's market and in others a dollar a ton higher.
Furnace output in September is indicated by returns from 83%7
0 of
reporting capacity as making a gain of 21.000 tons over August. This
marks an increase in daily average production of 4.2% over the preceding
month. Stacks in blast the final day of September are estimated at 203.
compared with 192 the last day of August.
The composite this week on 14 representative Iron and steel products is
$37 42. This compares with 837 40 last week and $37 35 the preceding
week.
1628
THE CHRONICLE
Cooler Weather Brings Greater Demand for Coal in
East.
Cool weather for a few days last week increased the demand
for domestic sizes of anthracite by householders on the
Atlantic seaboard and retailers' equipment was kept busy
full time. In the New York district, retailers' supplies were
beginning to get scarce and stocks were being allocated to
some extent, but in New England, Baltimore and Philadelphia supplies are sufficient to last for some time and there
is no feeling of disquietude, according to the weekly review
issued by the "Coal Trade Journal" from which we quote
further as follows:
The smokeless market in New England continued dull last week and the
drop in price at the southern piers was promptly reflected in Boston and
Providence. New England industrials are, as a whole, not well stocked so
there is still considerable business to be done. All-rail coal was stronger in
price but orders were not large. The demand for coke was brisk and local
ovens were about sold up, opening up a demand for the Connellsville
product. Due to the drop in temperature, anthracite retailers were working
full time and are controlling the distribution to some extent. The New
York bituminous market fell off somewhat and prices in some cases went
down a nickel. The market for anthracite substitute was strong. Little
trading was done in domestic sizes of anthracite as the supply of these sizes
was almost exhausted, but quite a tonnage of buckwheat was moved.
Prices in general were little changed.
Cool weather produced an increased demand for domestic sizes of anthracite in Philadelphia with egg and stove the favorites. Dealers were
satisfying all the demands of customers but their stocks are rapidly decreasing. Bituminous moved better than during the preceding week but without
much change in price. Coke continued strong. At Baltimore. with the
exception of a three-day flurry when prices rose, bituminous quotations
were the same as for the first of the month. Export movement kept up with
three shipments to Canada and Porto Rico. The cool spell last week
increased the demand for domestic anthracite but this fell off again. Anthracite prices of August still prevailed and there was no indication of householders shifting to bituminous as an anthracite substitute. With supplies
of about 300.000 tons on hand, prices on pool 1 softened last week at
Hampton Roads and affected the New England tidewater market. Warm
weather in the west diverted the shipments from that quarter to tide,
causing the drop.
Coal shirments increased in northern West Virginia last week and the
demand seemed to be good, through prices were not rising rapidly. Shipments to Curtis Bay were light, as tonnage going forward to New England
from these piers was not heavy. Coke shipments eased off. Railroad fuel
shipments ran under those of the previous week. Price raises in the southern
part of the state were checked last week as the trade is well stocked, the
weather warm and supplies fully equal to demand. Low volatile coals
were in the best position and prices were unchanged. High volatiles were
in the best shape for some time and prices were firm. The anthracite strike
has not as yet affected the high volatile end of the market. Upper Potomac
and western Maryland demand has not increased and prices were unchanged,
although shipments were larger last week than earlier in the month. Spot
price levels in the Virginia field were up a little though the bulk of production was moving under contract at prices below spot quotations. Warm
weather held back the demand for prepared.
Seasonable increases in demand and production were a feature in the
central Pennsylvania districts last week although prices were without
change. Domestic business was the chief item in the Pittsburgh region and
accumulation of stocks by industrials showed no gain. Prices were unchanged. The operation of mines under individual agreement is still growing. The Connellsville coke field reported further gains in production and
prices were the same as for the previous week.
The reaction which set in a few weeks ago in the soft-coal
market showed no sign of abatement last week; if anything,
it was somewhat more marked,"Coal Age" stated on Oct. 1.
The flurry of buying that set in when the anthracite suspension began, which was expected to last at least as long
as the hard-coal miners remained out, has fallen far short of
expectations; as a matter of fact, thus far the cessation of
operations at the anthracite mines has had scarcely any
appreciable effect on the bituminous coal trade, continues
this trade journal, giving additional facts of interest which
we append:
The easing tendency has been quite general, demand having tapered
off, accompanied by a shaving of prices, in practically all the principal
markets. The lag continues to be most striking in the case of smokeless
coal, though this is no more than natural, considering the sudden and
striking increase in production and prices a few weeks previous. Movement
has slackened in Kentucky also, with a resultant paring down of quotations, save for western Kentucky screenings, which are much stiffer and
not offered freely, producers expecting better prices.
Aside from belated shipments to the lakes, which continue in ogod
volume, and railroad coal, orders are slow in the Middle West. Producers
are having trouble in moving screenings and are catching up on lump
orders. Many Illinois mines are getting shorter working time and conditions in Indiana are none too good. Production is gradually increasing
in Ohio, though business reflects no striking change. Trade is perking
up at the head of the lakes, in Kansas, Utah and Colorado, with little
change in Arkansas and Oklahoma. The tendency to moderate is in
evidence in New England, New York and Atlanta, while Philadelphia
and Baltimore are maintaining slight gains.
With hard-coal production held up a full month the old line companies
have only buckwheat and a little pea to offer. In the wholesale trade
only a few cargoes of independent coal are available, and these are being
held for $15@$16 alongside for chestnut and $171g$18 for egg and stove.
Most dealers are reluctant to pay such prices, however. Retailers are
still well stocked with chestnut, pea and steam sizes. but stove and egg
are getting scarcer.
The "Coal Age" index of spot prices of bituminous coal on Sept. 28
stood at 176, the corresponding price being $2 13.
Dumpings at Lake Erie ports during the week ended Sept. 27, according
to the Ore & Coal Exchange, were: Cargo, 744,853 tat tons, steamship
fuel, 44,764 tons, a total of 789,617 net tons, compared with 754.122
tons in the preceding week. Hampton Roads dumping's during the week
ended Sept. 24 totaled 427,363 net tons, compared with 332,097 tons
in the previous week.
[VOL 121.
August Production of Bituminous Coal.
The table below presents estimates of bituminous coal
product on by States during the month of August, the distribution being based on figures of railroad loadings courteously furnished by the American Railway Association. Total
production during the month amounted to 44,883,000 net
tons-5,301,000 tons more than that in July. The average
daily production in August was 204,000, or 13.4% greater
than in the previous month, according to the statistics
which were compiled by the United States Bureau of Mines.
The figures in the table show that every coal-producing
State of importance maintained a higher rate of output in
August than in July. For the great Appalachian field as a
whole this gain was approximately 10%; for the Eastern
interior region, consisting of Illinois, Indiana and eastern
Kentucky, about 24%. The States west of the Mississippi
River show increases ranging from approximately 6 to 36%.
Total bituminous production during the month of August
1924 was at the daily rate of 1,380,000 tons, and in August
1923, 1,922,000 tons. Comparison shows that the rate in
August 1925 was 25% greater than in the same month of
1924 and but 10% less than in August of 1923, a year of
high activity.
ESTIMATED MONTHLY PRODUCTION OF SOFT COAL BY STATES
(a)
(Net tons.)
State.
June 925.
Produclion.
July 1925
Daily
Average.
ProducHon.
August 1925.
Daily
Average.
Produrlion.
Daily
Average.
Alabama
1,513.000
58,200 1,658.000 63,700 1,863,006
71,700
Arkansas
82,006
3,200
106,000
4,100
121.000
4,700
Colorado
599,001.
23.000 602.006
23,200
761.001, 29,300
Illinois
4.198,000 161.500 4,622.000 177.800 5,731.000 220,000
Indiana
1,438,000
55,300 1,509,006
58.000 1.748.006
67,200
Iowa
300,000
11.500
309,000
11.900
380,000
14.600
Kansas
245.000
286,006
9,400
11.001
339.006
13,000
Kentucky:West,en
783.000
30,100
879,000
33,806 1,199,000
46,100
Eastern
3,319,000 127,700 3,504,004 134.800 3.773.004, 145,100
Maryland
134,004
5.200
174,001
6.706
191,000
7,800
Michigan
28,004
1.106
44,00
1.701,
53.000
2,000
Missouri
183.001
7,000
210.001
8,106
248.000
9,500
Montana
142,001,
5,500
155,00(
6,00
213.001
8,200
New Mexico
175.001
6,800
6.701
175,006
185.001
7.100
North Dakota...
57,000
2,200
58,001
2.20
68,006
2.600
Ohio
2,284.001
87,800 2,415,004
92 91 2.715.001 104.400
Oklahoma
165,001
198.001
6,300
7,001
225.004
8.700
Pennsylvania
8,800,004 338,500 9,203.004 354.004 10,121.001 389,300
Tennessee
428,004
18.404
479.004
16,504
535,004
20,600
Texas
64,00
2.804
2.500
72,004
83.006
3,200
Utah
287,001
11.701
303,001
11,000
403.000
15,500
Virginia
•
995,001
38,300 1,017,006
39.106 1.080.000
41.500
Washington
155,001
6,00(4
155.001
6.00'
189.004
7,300
West Virginia..., 10,399,00 399,904 11.041.004 424.701 12,119.004
486,100
Wyoming
383,00'
14,700
15.401
401.001
531.00(
20.400
Other States b__...
'8,004'300
300
9.00(
9,0C4
300
To641.
ts7 nn , 00 Ivy .9 sao nn 1 c°"441' .1 ,z•., no, 1 -,(1 00c
'
a Suldeot to rev) ion. b .n lades Georgia. Califs nIs, imegon and South Dakota.
Domestic Exports of Feedstuffs, Hops, Starch, Yeast
and Baking Powder.
The total value of the exports of feedstuffs during August
was $1,972,000, or $423,000 more than for August last year.
This amount was $40,000 larger than for July. For the eight
months January to August 1925, $21,381,000 worth of feedstuffs were exported, this being a gain of $8,594,000 over
the same period of 1924, according to a report.of the Department of Commerce issued on Sept. 25:
The chief gains were in the case of cottonseed cake, 12,180 long tons
being exported during Aug. 1925, as against 2,928 for Aug. 1924; cottonseed
meal, 2.823 long tons as against only 768, and prepared feed, 1,834 tons,
or 998 tons more than during August last year. The amount shipped
during August was larger than during July in the case of cottonseed cake,
linseed cake, screenings and prepared feeds. In all other cases, the shipments during August were less than during July.
DOMESTIC EXPORTS OF FEEDS.
August
1924.
Hay
Cottonseed cake
Linseed cake
Other oil cake
Cottonseed meal
Linseed meal
Other oil cake meal
Bran and middlings
Screenings
Other mill feed
Prepared feeds, not medicinal
Value alusamsdal
July 8 MosEnd.Aug.
1925. I 1925.
1924.
1925.
813
tons
999
845 11,558 14,424
tons 2,928 12,130 10,800 43,430 140.700
tons 24.870 21,370 18,270 189,800 199.200
tons
598
767
398 7,060
tons
768 2.823 6.850 9.710 54.300.
tons 1,000
159
800 5,500 5.113
215
6 1,150 7,435
tons
100
tons
228
25
207 1.267 2.899
96
47
tons
4,480 2,080
447
584 7,094 12,485
tons 1,566
836 I.83
tons
1,270 5,875 10,940
$1,548 gl 972 gi WV'$12.787 821.381
More hops were exported during Aug. 1925 than during Aug. 1924, but
much less than during July of this year. The unit value of the hops shipped
in Aug. 1925 was 20.3 cents per pound; in Aug. 1924, 29.4 cents, and in
July 1925, 15.6 cents. The exports for the past 8 months show a falling
off of over 1.000.000 pounds compared to the same period a year ago.
Nearly 20.000.000 pounds of starch were exported during August. This
was 2,750.000 pounds more than during the previous month and nearly
1,500,000 more than for August of last year.
The exports of yeast show an appreciable gain compared with both the
previous month and the same month last year. For the 8 month period
the exports amounted to 2,282,000 pounds, or a gain of over 30%.
The exports of baking powder during August were less than for July
and
also less than for August last year. The total for 8 months January to
August 1925, however, is greater than for the same period of last year.
THE CHRONICLE
OCT 3 19251
DOMESTIC EXPORTS OP HOPS,STARCH,YEAST AND BAKING
August.
1924.
1925.
July
1925.
POWDER
8 Mos. Ended Aug.
1924.
1925.
1629
during the same period of 1924. Corresponding figures for recent years
.
.
are given below.
Years of Depression.
Years of Activity.
336,395,000 net tons
tons 1919
net
424,058,000
1918
287,461.000 net tons
388.970.000 net tens 1921
1920
328.569,000 net tons
net
1924
tons
409,169.000
1923
642,000 13,065,000 11,706.000
264,000
229,000
lbs
HOPS
ANTHRACITE.
854,000 8100,000 34.010.000 32,225,000
$68,000
Value
197024000 140911000
17,209,000
19,976,000
According to reports received from the principal anthracite carrying
18,589,000
lbs
Cornstarch
35,144.000
86,245,000
$624,000
8585,000 $729,000
during the week of Sept. 19 approximated 9,000 net tons.
Value
192,000 2,7C0,000 2,599.000 roads, production
826,000
129,000
lbs.
over the
Other starch
813,000 8115,000 $123,000 presumably all from dredges and small washeries. This is a gain
$8,000 .830,000
Value
2.282,000
287,000 1,708,000
358,000
preceding week. Total production during the calendar year to date is
246,000
• lbs.
Yeast
869,000 8446,000 8579,000 now 61,653.000 net tons, or 5.8% less than the corresponding period
$S3,000
463,00C
Value
283,000 2,417,000 2,715.000
244,000
2R1,00
lbs
Baking powder
, tins non ‘034 Ann sl 095 000 of 1924.
.[O0 nnt
ei Ann
Value
Estimated United States Production of Anthracite (Net Tons).
1924
1925-Cal. Year
Cal. Year
Bituminous Coal Output Recovers From Holiday
Week.
to Date.a
to Date.
Week.
Week EndedGains.
1.451,000 61.758,000
Slump-Coke
432.000 61.639.000
Sept. 5
63.578,000
1.820.000
61,644,000
5.000
Sept. 12
1,851,000 65.429.000
9.000 61.653.000
Statistics issued by the U. S. Bureau of Mines regarding Sept. 19
a Less two days in January to equalize the number of days in the two
the output of coal show that during the week ended Sept. 19
the production of bituminous coal recovered to 10,867,000 years.
BEEHIVE COKE.
net tons, anthracite (from dredges and washeries) 9,000 net
Production of beehive coke continued to increase during the week of
122,000 net tens, the highest weekly
tons and beehive coke, 122,000 net tons. Data from the Sept. 19. the estimated output being
that of April 25. The gain over the preceding weed( amounted
since
record
appended:
report cited is
to 5,000 tons, or 3%. Compared with the corresponding week of 1924. the
Production of bituminous coal during the week ended Sept. 19, including Increase Is 50,000 tons, or 41%. Total production during the present
lignite and coal coked at the mines, is estimated at 10.867,000 net tons. calendar year to Sept. 19 is 6.915,000 tons-4.8% less than that during
Following a holiday week of curtailed working time, this represents a
are:
the same period of 1924. Comparable figures for other recent years
recovery of about 880.000 tons. When compared with the recent six-day
4,878.000 net tons
7,248,000 net tons11922
1924
19
Sept.
the
ended
week
during
production
however,
5,
Sept.
ended
period
4.091,000 net tons.
15,137.000 net tons11921
1923
shows a gain of less than 1%.
Production in the Connellsville district, according to the "WeeklyIncluding
,
Coal
Tons)a
(Net
Bituminous
of
stationary.
Production
Estimated United .States
Courier," remained practically
Coal Coked.
Estimated Production of Beehive Coke (Net Tons).
19 4
1925-1924
1925
Week EndedCal. Year
Cal. Year
to
to
Sept. 19 Sept. 12 Sept.20
to Date.
Week.
to Date.
Week.
Date.a
Date.
1925.b 1925.c 1924.
10.827.000 328,251.000 8.208.000 308.578.000
Sept. 5-c
5,541.000
5,247,000
83,000
137,000
133,000
Ohio
&
Pennsylvania
,475.000
1
,560
1
1.562.000
,000
1,805.000
Daily average
6.000 436,000 379,000
11.000 11.000
9.983.000 338.234.000 9,835,000 318,413,000 West Virginia
Sept. 12_c
11.000 11,000 16.000 659,000 688,000
1,480,000 Ala., Ky., Tenn. & Ga
1.639,000
1,569.000
1,849.000
Daily average
8.000 257,000 293.000
5.000
5.000
10.867,000 349,100.000 10,156,000 328,569,000 Virginia
Sept. 19_ d
5,000 173,000 194,000
4,000
1,486,000 Colorado & New Mexico- -- 5.000
1,693.000
1.575.000
1,811,000
Daily average_
3.000 4.000 143,000 153.000
3.000
& Utah
Washington
ected for usual error, which in past has averaged
a Original estimates
172,000 167,000 122.000 6,915,000 7.248,000
United States total
2%. 1, Minus 2 days' production in January to equalize number of days
32,000
31.000
29.000 28,000 20,000
Daily average
In the two years. c Revised. d Subject to revision.
the number of days covered in the two
comparable
make
to
Adjusted
a
net
to
19
1925
Sept.
is
year
349.100,000
The output during the calendar
Revisied since last report,
tons. This is approximately 20,530,000 tons. or 6.2% more than that years. b Subject to revision. c
Current Events and Discussions
The Week with
the Member Banks
Reserve System.
of the Federal
1111
Increase (+) or Decrease During
Year.
Week.
Loans and discounts, total
+134.000.000 +1955,000.000
Secured by U.S. Government obligations- +4,000,000 -10,000,000
+9.000,000 +727.000,000
Secured by stocks and bonds
+21.000.000 +238,000.000
All other
total
+85.000,000
Investments,
-48,000.000
-2,000,000 +276,000,000
U. S. bonds
U. S. Treasury notes
-12.000,000 -233.000,000
U. S. Treasury certificates
-8,000.000 -184,000,000
stocks
and securities
Other bonds,
-26.000,000 +226,000,000
Reserve balances with Federal Reserve banks +20.000.000
+36,000.000
+6.000.000
Cash in vault
-205,000.000 +130,000,000
Net demand deposits
Time deposits
+4.000,000 +524,000,000
-89.000.000
Government deposits
Total accoramodation at Fed'l Res've banks- +152,000,000 +380,000,000
The Federal Reserve Board's weekly statement of condition of 725 reporting member banks in leading cities as of
Sept. 23 shows an increase during the week of $34,000,000
in loans and discounts, and a decrease of $48,000,000.in investments. These changes in loans and investments were
accompanied by a drop of $205,000,000 in net demand
deposits and an increase of $152,000,000 in 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 Oity reported an increase during the week of
$16,000,000 in loans and discounts, and a decrease of
The Week With the Federal Reserve Banks.
$17,000,000 in investments, together with a decline of
The consolidated statement of condition of the Federal
$94,000,000 in net demand deposits and an increase of Reserve banks on Sept. 30, made public by the Federal
$119,000,000 in borrowings from the Federal Reserve bank. Reserve Board and which deals with the results for the
Further comments regarding the changes shown by these twelve Federal Reserve banks combined, shows an increase
member banks are as follows:
of $29,800,000 in holdings of acceptances purchased in open
Larger figures than a week ago were reported for all. classes of loans
market and of $19,800,000 in Government securities,
obligations
of
increased
$4,000,000,
Government
States
Loans on United
Which $3,000,000 was reported by banks in the New York district. Loans together with a decline of $7,500,000 in holdings of dison corporate stocks and bonds went up 19.000.000. the New York District counted bills. Total earning assets went up $44,200,000
reporting an increase of $13,000,000, and Philadelphia and Cleveland of
and Federal Reserve note circulation $14,800,000, while
$6,000,000 each, while Chicago shows a decrease of $9,000,000. "All
other" loans and discounts, largely commercial, were $21,000,000 larger cash reserves declined $5,400,000.
than a week ago, increases of $17,000,000 and 18,000,000 in the Chicago
An increase of $12,100,000 in discount holdings is reported
and Boston districts, respectively, being partly offset by small decreases in
the Federal Reserve Bank of Boston and of $4,400,000
by
districts.
some of the other
Investments in United States securities declined by $22,000,000, the by the Federal Reserve Bank of Chicago, while the San
New York District reporting a reduction of $9,000,000 and Chicago of Francisco Banks shows a decrease of
$7,900,000, Philadelphia
15.000.000 under this item. Holdings of other bonds, stocks and securities
went down $26,000,000, of which $10,000,000 was reported by banks in of $4,500,000, New York of $3,700,000 and Kansas City
the New York District and $6,000.000 by banks in the Chicago District.
and Richmond of $3,400,000 and $2,900,000, respectively.
Net demand deposits show a reduction of $205,000,000 for the week.
After noting these facts, the Federal Reserve Board proceeds
York,
New
Chicago,
follows:
$111,000.000;
The principal decreases being as
$41,000,000; San Francisco, $15,000,000, and Boston and St. Louis, as follows:
$11.000,000 each.
Of the increase of $152,000,000 in borrowings from the Federal Reserve
banks, $121,000,000 was reported by the New York District, $15.000,000
by the Chicago District, and $14,000,000 and $12,000,000 by the Boston
and San Francisco districts, respectively.
On a subsequent page-that is, on page 1651-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:
Increased holdings of acceptances purchased in open market are reported
by all Federal Reserve banks except Philadelphia. Richmond and St. Louis,
which show an aggregate reduction of $1,500,000. The principal increases
were: Boston 87,600.000, Chicago $5,500,000, Kansas City $4.600,000,
Dallas $4,100,000, San Francisco $3.200,000, and Atlanta $3,000,000.
Treasury notes on hand went up $16,600,000 and Treasury certificates of
Indebtedness $3,200,000, while holdings of U.S. bonds remained unchanged.
An increase of 86,500,000 in Federal Reserve note circulation is reported
by the Federal Reserve Bank of New York, and increases of 12.400,000 and
$2,100.000, respectively, by the Atlanta and Richmond banks. smiler
changes in Federal Reserve note circulation are reported by the other
Reserve banks.
1630
[VOL 121.
THA CHRONICLE
PARAGUAY.
The statement in full, in comparison with the preceding
The general situation in Paraguay has been good during
week and with the corresponding date last year, will be found
on subsequent pages—namely, pages 1651 and 1652. A the past month but the usual September between-season
summary of changes in the principal assets and liabilities of dullness characterized the recent inactivity in all trades.
the Reserve banks during the week and the year ending Retail buying has fallen off.
Sept. 30 1925 follows:
GUATEMALA.
Increase (-I-) or Decrease(—)
General business, which showed a slight revival during
During
August, slowed down during September. Coffee picking
Year.
Week.
Total reserves
—$5.400,000 —$265,500.000 has begun in some sections and shipments will begin the
Gold reserves
—5,600.000 —285,300.000 latter part of
November.
Total earning assets
+274.100.000
+44,200.000
Bills discounted, total
—7.500.000
Secured by U. S. Govt. obligatIons-20,800.000
Other bills discounted
+13,300,000
Bills bought in open market
+29,800,000
V.s. Government securities, total
+19,800,000
Bonds
Treasury notes
+16,600.000
Certificates of indebtedness
+3.200,000
Federal Reserve notes in circulation
+14,800.000
Total deposits
+500,000
Members' reserve deposits
+2.800.000
Government deposits
—900.000
Other deposits
—1.400.000
+366,400.000
+212.000.000
+154.400,000
+129,800,000
—233,000.000
+18.000,000
—129.600,000
—121,400.000
—59,900.000
+54.000.000
+82,000,000
—25,200,000
—2,800,000
SALVADOR.
Business conditions in Salvador have continued steady
during the entire month of September. The market in
coffee futures has been very active, and prospects for a good
crop are very favorable.
COSTA RICA.
An increased movement is noted in Costa Rica wholesale
stocks and retailers report that sales are steadily increasing.
The last coffee crop is all shipped and weather conditions
continue favorable for the coming harvest.
PANAMA.
Retail business in Panama is quiet, although activity is
Weekly Digest of Cables Received from Foreign Offices
manifest in building material lines. An agricultural fair for
by the Foreign Bureau of the Department
Panama during March 1926 is expected to be authorized
of Commerce at Washington.
shortly.
ARGENTINA.
AUSTRIA.
Crop conditions in Argentina are good, but the probable
large yields and big grain carryover are causing some depression in prices. The chilled beef and mutton export
movement has been sustained, while continental shipments
have reduced live stock prices. The total value of Argentine exports for the first six months of 1925 are 13% less,
while imports are 7% more than for the same period of 1924.
Because of the temporary depression in business, importers
and banks are watching credits closely. Further stringency
of the currency is indicated when the crop movement begins
or business revives.
The general economic situation in Austria continues encouraging. Production in the principal industries is increasing, and the Vienna Fair was quite successful. The
Austrian National Bank is still increasing its reserve cover
for circulation and deposits. Money is easy and foreign
short-term credits abundant. Stock exchange prices are
rising and savings bank deposits piling up. The Federal
Railways report a volume of business in July 6% over the
preceding month and 28% over July of last year.
BRAZIL.
With import markets in general still inactive, pending the
relative fixing of exchange and easier money, the month of
September failed to revive Brazilian business from its unsettled state. Exchange shows a steady tendency to
strengthen, due to the heavy surplus of export bills. There
is considerable construction going on in Rio de Janeiro and
business in iron and steel construction materials is fair.
The new sugar crop is moving well.
NORWAY.
Developments in Norway during the past month have been
largely influenced by the rise in the exchange during the
early part of the period. The Bank of Norway has taken
active steps to check the currency fluctuations with considerable success. Price levels have continued to drop with
some slackening in business. All labor disputes were amicably adjusted with little interruption to work. Norwegian
exports during August reached slightly higher figures and the
export demand 'continues fair in most lines.
CHILE.
Termination of Conferences between French and
Although no noticeable change in the general business
United States Debt Missions—Arrangements for
situation in Chile occurred during September, manufacturing
Payment by France of $40,000,000 Annually
and copper and iron ore production have been maintained
'for Five Years Pending Working Out of
at high levels. Total nitrate sales for this year closely
Agreement.
approximated those of same period of 1924. Retail sales
After conferences which had been in progress for a week,
were slightly below normal, while heavy rains in the south the termination of the negotiations between the French Debt
and central sections are causing some concern.
Mission and the American World War Foreign Debt ComPERU.
mission, occurred on Oct. 1 with the bringing forward of a
Trade in Peru during September has shown a slight im- tentative arrangement for the payment by France of $40,provement over the August level, particularly in the Lima 000,000 for the next five years. "This," says the American
district, the northern part of Peru still experiencing the de- Commission in its statement of Oct. 1, fis to be considered
pression. Reduced exports and low exchange continue to full current interest on the debt during that period, and at
be retarding factors to a return to normal conditions. Orders the end of this five-year period the two Governments shall
In practically all lines of imported goods were easy, with again review the capacity of France to pay and determine
construction materials still leading the activity. The auto- at that time the amounts which shall be paid over such furmobile trade was fair, while lumber sales were good, with ther term as may be then agreed. The above is, of course,
prospects of continued building activity in the Lima district. subject to the approval of Congress." Joseph Caillaux,
French Finance Minister, head of the French Mission, is
Minerals and other exports were normal.
sailing for France to-day to submit this proposal to the
PORTO RICO.
Seasonal dulness in Porto Rico has been accentuated by French Cabinet for approval. In withholding his sigthe anticipation of low prices for the coming sugar crop. nature to this provisional arrangement, he indicated, in a
Importations in practically all lines except foodstuffs are statement issued on the 1st inst., that he had been authorized
to sign only a general and final agreement. His statement
light.
MEXICO.
follows:
Before we answer the proposition handed to us, we desire to say to our
Mexican business in general showed no improvement over
colleagues of the War Debt Commission how highly we appreciate the
August. The outstanding features of September were the constant
courtesy shown to us and the efforts made to meet the difficulties
opening of the Bank of Mexico and the beginning of work which face our country.
also mindful of the principles laid down by your notes regarding
We
are
on the highway from Mexico City and Puebla. Oil produc- the unification
of the debt and the reduction of the accrued interest. We
tion is still declining. The International fair has been furthermore note that you fully recognize the capacity of France
to pay
as the only basis for any settlement of our debt toward the United States.
postponed until March 1926.
URUGUAY.
Although the general economic situation in Uruguay is
satisfactory with good prospects for the coming year, there
has not been, as yet, a general revival in business. The
wool market is inactive, pending the termination of London
sales. Cattle killing and prices are holding up unusually
well, although the hide market is quiet.
We would have been happy to reach a general and final agreement, which,
within the limit he has indicated, the French Minister of Finance has
been intrusted to sign. The arrangement you now propose hears a provisional character which has not been contemplated by the Government
of the Republic.
Consequently, being as desirous as you are not to interrupt the negotiations, which cannot fail to reach an agreement, the Minister of Finance
can do no more than to submit to his colleagues of the French Cabinet in
Paris the propositions which you have made to-day, and he will do his
utmost to give you an answer as soon as possible.
OCT. 3 1925.]
THE CHRONICL
1631
On Oct. 1 the Treasury Department issued the following
According to the New York "Times" advices from Washdited Sept. 28,regarding the French proposal:
statement
ington Oct. 1, Treasury officials said that the most important •
Prench Proposal.
'
follows:
as
up
summed
be
could
points of the discussions
of this morning'.
We have had the privilege of considering your statement
us of the
We understand this to be a re-affirmation of your proposal to
for the first
24th ult.; that is, that you should pay $25,000,000 annually
five years, $030,000,000 annually for the following five years, $60,000,000
the last
annually for the following ten years and $90,000,000 annually for
forty-two years, this sum completely to extinguish the indebtedness. We
have stated the reasons why this sum in our opinion is inadequate.
are an
It seems to us that you consider the above proposed annuities
between
application to your indebtedness to us of the principles discussed
England.
to
France
of
debt
France and England as applicable to the war
settlements
But we wish to point out that an examination of the existing
an entire
and tentative agreement between France and England discloses
applied to
difference. We find that the principles of these agreements, if
upon the
obligation
larger
the debt of the United States, would imply a
proposal
part of France to the United States than that contained in our
below.
its
For instance, in its treatment with England, France has considered
from the Bank
indebtedness for surplus war stocks and the indebtedness
ordinary comof France to the Bank of England for exchange purposes as
Already paymercial debts, repayable in full at current rates of interest.
able to work out.
On the Britishment is being made of these two categories of obligations.
about
bringing
in
only
resulted
ns
by
settlement
conversatio
a
While the
French war debt proper there appears to be contemplated
for sixty-two years.
the proposal for the five-year arrangement, there had been the payment of an annuity of £12,500,000
United States
$407,000,000 representing France's indebtedness to the
reports on the previous day (Sept. 30) that some of the forThe
the similar
surplus war stocks is, of course, of the same character as
to
agreeing
favored
into catecommission
separation
American
no
members of the
indebtedness to England. While there has been
the United States, there are in the
the final debt terms offered by the French mission, the New gories in the general debt of France to by
the United States was devoted
to which the money loaned
York "Journal of Commerce" published the following purposes
of the Bank of
many which are similar to those involved in the creation
date:
on
that
n
Washingto
from
of the American
Associated Press advices
France-Bank of England debt. Some $628,000,000
President Coolidge must decide the fate of the French debt negotiations. advances represent exchange transactions, meeting of maturing commercial
The French have offered what they consider to be their final proposal and debt obligations and advances to the Bank of France. In order that the
the American commissioners, unable to agree among themselves, will lay two creditor nations be treated on a parity, this sum would also have to
of England debt—
the problem before the President to-morrow.
be settled on the same basis as the Bank of France-Bank
Meanwhile, Finance Minister Caillaux, with the air of a man who has that is, as any commercial obligation.
indebtedness to the
finished an arduous task, sat back clamly awaiting a decision which has
These principles of settlement as applied to France's
been promised him at 11 o'clock to-morrow. To-night he entertained at United States would necessitate:
been
has
he
war supplies would in
the French Embassy the American commissioners with whom
(1) The $407,000,000 of indebtedness for surplus
and
engaged in the momentous battle of figures.
be treated as a commercial debt. It now bears 5% interest
terms
these
France's offer calls for a payment of $40,000,000 annually for five years, matures in 1929. Iffrom the 15th of June, 1925,the interest rate be reduced
$60,000,000 annually during the next seven years, and an annual payment to 4%,the rate which we now pay on our Liberty bonds, and if the
of $100,000,000 in the succeeding fifty years. This would aggregate a total principal be made payable over a period of twenty years, then the annuity
payment of $5,620,000,000 in principal and interest on the recorded debt of payments required would amount to over $30,000,000 per annum. This is
$4,210,000,000. The interest rate is not specifically mentioned anywhere. parallel to the existing French agreement for payment of British surplus war
The offer, described as the best the French delegation felt their Govern- supplies except that it is based on a lower rate of interest and upon a term of
ment could support, was worked out in a conference of sub-committees of years more favorable to France than accorded by England
indebtedness represents
the two commissions. The French gave it almost unanimous support;
(2) $682,000,000 of the $2,933,000,000 of other
members of the American sub-committee agreed only to report it back advances to make payments on maturing commercial obligations and in
to their commission, which in turn was compelled to take it to the President. support of the franc in international exchange, and is therefore on parallel
Bank of France.
lines to the advances made by the Bank of England to the
American Board Is Split.
were treated also upon a commercial basis and interest were
There were indications of sharp disagreement within the American Com- If this sum
to the Bank of
France
by
calculated to June 15 1925, at the rates paid
mission on several phases of the proposal when its members sat down to
be
principal sum with accrued interest at that date would
the
England,
departed.
had
after
the
French
Caillaux
M.
from
proposal
last
examine the
and if in this case, also future interest be reduced to 43i%
annual
Behind locked doors and with shades drawn on all windows of the confer- $927,000,000,
the
principal be repaid over a period of twenty years,
ence room, the American commissioners waged their discussion to send a and the
compares with
annuity required would be nearly $70,000,000. This again
rate of
committee to lay the whole matter before Mr. Coolidge. Secretary Mellon,
English-French settlement except that it is at a lower
existing
the
Representaand
Utah,
of
Smoot
Senator
Hoover,
the Chairman; Secretary
Wm of years more
future interest and the principal is extended over a
tive Crisp, of Georgia, were chosen to confer with the Chief Executive.
to France.
It is known that at least two of the Americans have expressed their favorable
that mentioned in
(3) If an annuity over sixty-two years comparable to
unqualified opposition to the arrangement of terms now before them.
our debt,
h negotiations were applied to the remainder of
British-Frenc
the
making
of
in
favor
been
consistently
has
and
now
Another group is inclined
per annum,
imply an annuity payable to us of about $61,000,000
negoconcessions, while still a third section is ready to take the advice that will it would
for the gold security involved in the British
be sought from the President to-morrow. To the President therefore will even without adjustment
tiations.
against
and
for
now
standing
be the task of supporting one of the groups
American debt
The net result of the application of the principles to the
the French proposal, respectively, or of finding a middle ground for a
an annual
would bring about that France should pay to the United States
French.
the
to
suggestion
counter
$61,000,000 thereafter
amount of $16,000,000 for the first twenty years, and
of
annuity
With the reaching of the provisional agreement, theNew for forty-two years. These payments would be altered if the to the subthe first seven years and added
York "Times"reported the following from Washington Oct. 1: $61,000,000 were deferred for London.
It seems to us that those principles
The events of to-day provided an exciting finish to the negotiations as it sequent period, as discussed in
in the application of its indebtedness
found some of the American officials at least in a highly agitated state of of repayment are infeasible to France
mind because of published reports that the American Commission had been to us.
a basis which we
We had intended in our note of the 25th to indicate
split yesterday over the question of the acceptance of the last offer made by
negotiations. We recognize the great
M. Caillaux, and also in a mood to exhibit anger because statements made believed would be a foundation for
Government is struggling and it is our
at the French Embassy last night by a spckesman for M. Caillaux as pub- difficulties under which the French
difficulties will be overcome
lished in some newspapers had placed the French in the position of pictur- utmost desire to meet them. We feel that such
is to take into account this
problem
mutual
our
and
that
years
as
few
a
in
the
Commission
with
agreement
American
within
the
ing a subcommittee of
expected improvement.
French on acceptance of the Caillaux offer.
American Commission's Proposal.
The feeling was so intense, in fact, that the following statement was issued
and we have now the
in behalf of the Commission after the subcommittee had consulted with
You have requested that we should be more specific,
President Coolidge this morning:
pleasure of laying before you a definite proposal.
into one total sum.
1. We propose to consolidate the entire indebtedness
The representation in the press on the supposed authority of a member
of the French Commission that an agreement had been reached, and pur- The amount of this indebtedness as of JI1110 15 1925, with accrued interest
porting to give the terms.Is entirely incorrect. Such a statement,obviously at the rate of the existing French obligations, is about $4,227,000,000. We
did not come from M.Caillaux because before the adjournment of the subbe calculated upon the most favorable
committee last evening the French members were informed by the Ameri- propose, however, the interest should
with accrued
basis of our previous settlements,'under 'which the principal,
can members that their proposals were not likely to be accepted.
There have been no differences of opinion whatever among the Ameri- interest, would as of June 15 1925 amount to about $4,025,000,000. being
can Commission. The visit to the President this morning was to inform a concession of over $200,000,000 in accrued interest.
him of the position of the negotiations. No proposal has been made ac2. We propose that the French Government should undertake to pay the
ceptable to the American Commission and none has been submitted to the
President for his approval or disapproval.
principal of the debt in annual installments graduated upward during
period of 62 years, as in the case of the other settlements made by the
As we indicated in our issue of a week ago (page 1527), a the
United States. This would require at the first year the sum of $20,000,000
the
of
the
outset
the
at
conferences
submitted
proposal
funding
on account of the principal, being approximately one-half of 1% of
gradually over the
by M. Caillaux was rejected on Sept. 25 by the American total principal, the payments on principal increasing
of 62 years. You will recognize that in the arrangement of
Commission, this being followed by counter proposals by • entire.period
this schedule it has been the desire of the American commission to so arrange
n.
of
the
Commissio
American
Chairman
Secretary Mellon,
the paYments as to meet the economic and fiscal necessities of France.
3. There therefore remains the question of the rate of interest to be paid
On the 26th a conference between Secretary Mcllon and
upon the debt. In our desire to meet the difficulties of the French GovernM. Caillaux took place at a dinner at the home of Under- ment,
and at the same time to provide that the American people may
Secretary Garrard B. Winston, Secretary of the American secure some return by participation in the increased strength and produeto be expected In France,we propose that interest the first year shall
Commission, but no developments were indicated until tivity
be at the rate of one-half of 1% per annum, and that this rate shall increase
of
the
sessions
and
American
French
joint
Sept. 28, when two
each year by one-quarter of 1%. This would bring an interest rate up to
commissions were held, and each of them produced a proposal; 334% at the thirteenth year, and this to remain as the maximum for the
balance of the period.
the Associated Press advices regarding these said:
The first, by France, suggesting terms regarded by the French as more
On Oct. 1 also the Treasury Department gave out a stateacceptable than the original offer calling for a $25,000,000 first payment; ment in which the revised French offer is referred to, and
figures
Mellon
Secretary
containing
the second, a counter-proposal by
the proposal is submitted that France pay $40,000,000
described as perhaps more favorable than those accorded Great Britain.
French
There was agreement by the American Commissioners and the
payments.
Commissioners as to the present capacity of France to make
capacity.
of
France offered $40,000.000 for the first five years as the ultimate
CommisBecause of the present financial distress of France the American
sion was willing to accept that viewpoint.
conBut on the question of future capacity to pay there was a very
she
siderable divergence of opinion. France said that the largest amount
and
would be able to pay in any one year in the future was $100,000,000,
in
that that could be promised only if a "safeguard" clause was included
to pay
a contract. The American viewpoint was that French capacity
should
would increase more rapidly and that later on annual payments
considerably exceed the $100,000,000 mark.
there
The two viewpoints could not be brought together and at all times
but
was a very wide gap to be bridged. And to this situation there seemed
the
of
one solution, a temporary arrangement under 'which the principal
which
during
years,
of
five
debt would remain as at present for a period
o
developments would themselves demonstrate whether the viewpoint
such
the American Commission or that of the French was scorrect. Into
were
an agreement we now hope to enter, and it was the best solution we
1632
THE CHRONTCLE
annually for five years incident to the reaching of final
agreement.
French Revised Offered—Tentative Arrangements Proposed.
•
We wish to express our high appreciation of the frank and earnest effort
of our French colleagues to find a basis for settlement of this, the most
difficult problem which confronts our two peoples.
We have before us the revised offer of the French Commission, that is,
France should pay $40,000,000 annually for the first five years; $60,000,000 annually for the following seven years, and $100,000,000 annually
for the next 56 years, spreading payments over 68 years—there being
Important conditions attached to this proposal which render these payments
entirely uncertain.
The total payments offered imply a return of the principal of the debt
and somewhat less than 1% per annum. In order to illustrate the sacrifice
which such a plan would impose upon our people we may point out that
the present value of the above payments if made in full (upon the basis
of interest which we bear on Liberty bonds) is about $1,750,000,000.
This amount compares with over $4,100,000,000 which we have to meet
In charges upon our taxpayers in respect of the loans to France. In the
plan which we laid before you the present value of the payments which
we proposed would be about $2,800,000,000 as compared with the $4.100,000.000 as above, so that we have made most important concessions.
We believe it is fully recognized by both Commissions that the only
basis of negotiation fair to both peoples is the prniciple of the capacity of
France to pay.
The nub of the difficulty of the two Commissions arises from a difference
in judgment as to the future capacity of France to pay without, as we
have stated, undermining her economic and social fabric, and this difficulty
narrows itself to the future rather than to the present, for we are prepared
to accept the views ofthe French Commission as to the immediate difficulties
of France.
In order that we shall not be unmindful of every effort to meet the
whole problem and at the same time to maintain the agreed principle of
settlement,and that there shall be no break in the effective continuity of
our direussions, we wish to lay before you the following suggestion; that
Is: While we cannot accept the proposal made we do propose that France
shall undertake unconditionally to pay the $40,000,000 per annum mentioned in your statement as your capacity for the next five years. This
is to be considered full current interest on the debt during that period,
and at the end of this five-year period the two Governments shall again
review the capacity of France to pay and determine at that time the amounts
which shall be paid over such further term as may be then agreed. The
above is, of course, subject to the approval of Congress.
It appears to us that within this period of five years the economic problem with which we are mutually confronted will have been much clarifed
and we shall both be in position to make better determination. We know
that it is the earnest desire of the American people not onlyto be justbut that they are willing to make necessary sacrifices. We believe that
with peace, the natural progress of industry and commerce and the recovering strength of France, a basis can be found at such later date which
will meet the views of our two countries.
The special advices to the New York "Times"from Washington Oct. 1 state:
A somewhat more detailed explanation of the temporary proposal made
by the American commission to M. Caillaux, than that contained in the
official statement issued by the Treasury, was made by officials to-day.
It was explained that the total principal amount of the French debt is
$3,340,516,043, and to that is to be added interest which has been accruing
since 1919, which would bring the total owed to the United States by
France at this time to about $4,200,000,000.
This total includes not only advances made under the Liberty Loan Acts
and accrued interest, but a debt of $407,000,000 contracted by France by
the purchase of surplus war supplies from the United States and upon which
she has actually been paying, since 1919, in cash, interest at 5%, or approximately $20,000,000 a year. Repayment of the $407,000,000 also falls
due, as things now stand, during the year 1929.
If the temporary proposal now offered by the American commission is
accepted, and France agrees to pay the stated amount of $40,000,000 a year
for the next five years, further accrual of interest on the portions of the
consolidated debt contracted by advances under the Liberty Loan Acts
will cease during the period, as will the payments of $20,000,000 in interest
annually on the surplus war supplies debt of $407,000,000.
Thus the total payments which France must make for the next five
years will be $40,000,000 a year and not, as some had at first thought
$40.000,000 in addition to the $20,000,000 already being paid annually on
the surplus war supplies debt.
The agreement, by stopping accrued interest for the first five-year period
on the Liberty Loan advances, will leave the total principal amount of
France's consolidated debt to the United States exactly as at present at the
end of the five-year period.
If a funding compact is reached by the end of the five-year period the
$407,000,000 surplus war supplies debt will be consolidated with the other
principal items, and thus France will not be faced by the burden of repaying
the *407,000,000 at the expiration of that time, a task which she will be
forced to shoulder if no general funding compact is reached in the meantime.
The proposal includes some of the features of a moratorium in that It prevents the amount which France owes the United States in principal plus
accrued interest from mounting higher, and this is desirable from the view
point of the United States as well as that of France, as some officials have
expressed the fear that on a 5% interest basis the total debt of France to
this country would mount, in a few years, to such huge proportions that it
would become oven more difficult to attempt compromises and concession
that France could accept.
[VOL 121.
At these meetings it was stated, the possibility of agreeing to some "safeguard" clause which would not tie up a funding compact with German reparations was one of the main subjects of discussion, and the added information
was given that some progress had been made in handling this delicate phase
of the negotiations.
The correspondents were given to understand that no actual agreement
had been reached, either on this subject of the "safeguard" clause or on the
terms which might be acceptable to the French mission if this obstacle
were overcome, but to the question whether progress had been made in
both directions the answer was in the affirmative.
Perhaps the most hopeful phase of the negotiations among M. Caillaux,
Secretary Mellon, Secretary Hoover and Under-Secretary Winston to-day
was this indication given that a way might yet be found to meet the French
request that recognition be given some sort ofsafeguard clause so that France
would not be tied down absolutely to make full payments of interest in the
event that unfavorable economic developments decreased the French
capacity to pay.
Won't Link Debt With Reparations.
The American commission has insisted, and still remains firm in the
decision, that the payment of German reparations to France shall not be
linked directly with a debt funding agreement, it being held that German
reparation payments and the French war-time debt to the United States
are separate problems.
The French Commissioners do not base their request for a "safeguard"
clause bluntly on the question of reparations collections, but contend that
the people of France will not give sanction to a compact which does not protect France,if it can be demonstrated at any time in the future that the general economic conditions in their country make it impossible for them to
meet in full the obligations which a funding compact would place upon
their shoulders.
From the same paper of yesterday (Oct. 1) we take the
following:
Demand for Security Clause,
The French demand for a "security clause" in a compact which some of
the American commissioners feared might link the compact with German
reparations and result in refusal of ratification by the Senate may have
played a big part in bringing about the rejection of the last Caillaux offer,
but it was almost forgotten in the excitement to-day.
Officials said that the issue had not reached a point on the security clause
where an attempt was necessary to come to a compromise
because the
French were unwilling to raise their payments to a level
which would be
satisfactory even if demand for a security clause was withdrawn.
One viewpoint expressed was that a compromise probably
could have
been reached on the security clause if acceptable payments had
been offered
by the French, but that the discussions on this point were
dropped when
Finance Minister Caillaux said flatly that he could not pay a
cent more
than was suggested in his last offer.
Official Statement of Economic and Industrial Conditions in Denmark During August 1925.
The National Bank in Copenhagen and the Statistical
Department of the Danish Government have issued the
following statement of economic and industrial conditions
in Denmark during the month of August 1925.
The value of the Danish Crown which increased considerably during
the
month of July, has continued to increase during the month of August,
as
the average of daily quotations in August was Kr. 20.83 for one pound
sterling (July Kr. 22.86) and Kr. 4.30 for one dollar (July Kr.
4.72).
equalling 23.48c. for a crown in August and 21.19c. for a crown in July,
which corresponds to an average gold value for the crown of 86.7 gold
Ore
against 79.1 gold Ore in July; on September 7th one pound sterling was
quoted at Kr. 19.50. one dollar at Kr. 4.035, corresponding to a value for
the crown of 92.4 gold Ore.
As it must be considered advisable that too rapid increase in the further
value of the crown be somewhat checked, so that the domestic price level
would have more time to adjust itself to the higher crown exchange, the
National Bank decreased its discount on August 24th from 7 to 6% and on
September 7th furthermore from 6 to 534 %•
Those factors which brought about the rapid increase In the value of the
crown in August; namely, a probably slight excess of Imports over exports
in connection, among other things, with the reserve of the imports in
covering their purchases: some exportation of bonds, and some, although
probably not very much, speculation in the Danish Crown, have also
contributed to the fact that the amount of deposits in excess of loans in
the three main private banks has increased 25 Mill. Kr. as their various
loans have decreased 16 Mill. Kr., their deposits increased 9 Mill. Kr.
They have therefore been able to again reduce their debt to the National
Bank, whose loans and other advances for this and other reasons,
have
decreased 22 Mill. Kr. and at the same time they increased their deposits
on current account in the National Bank.
For the three banks the relation abroad to their foreign correspondents
remains almost unchanged during the past month, while the National Bank
has increased its assets with 40 Mill. Kr.
The amount of notes in circulation has at the same time been reduced
6 Mill. Kr. from 448 Mill. Kr. to 442 Mill. Kr.
The transactions in bonds on the Copenhagen Exchange were also
considerable in August even though somewhat less than in July; on the
other hand, the transactions in stocks were small. The weekly transactions averaged 4.8 Mill. Kr. for bonds. 1.5 Mill. Kr. for stocks, against
respectively 6.5 and 1.7 Mill. Kr. In July.
The bond index shows a continual rise as the increase in the value of the
Secretary Hoover was one of the principals in the con- crown still brings a comparatively large demand for bonds, but
the index
for
stocks is declining, especially as a result of the lower quotations in
ferences with Secretary Mellon and M. Caillaux during the
those
companies which have the main part of their income in foreign money
and
week, before which was brought the question of a "safe- In industrial stocks. The index for bonds in
August was thus 87.3 (July
guard" clause in the proposed agreement. Regarding this 86.3), while the index for stocks was 97.9 (July 100.3), when the quotations
proposal, we quote the following from the New York "Times" of July 1 1924, are fixed at 100.
The wholesale price index of the Statistical Department has
fallen 15
advices from Washington Sept. 29:
points in August and is therefore 197. The decline Is the greatest which
has
Plans for a joint meeting of the two commissions were wiped off the boards taken place this year and is practically entirely due
to the rising value of
early to-day and the program of substituting heart-tt-heart talks among a the crown compared to.the exchange of other
countries.
few of the officials submitted. This procedure was determined upon after
The trade balance for July shows comparatively favorable figures
as In
M. Caillaux and Secretary Mellon had exchanged their views on the situa- the immediately preceding months. The imports
amounted to 190 Mill.
tion at luncheon at the home of Secretary Mellon.
Kr., the exports to 180 Mill. Kr., so that the excess of imports over
exports
The tentative plan last night had been to call the commissions together at was 10 Mill. Kr. In July, 1924, however,the imports
and exports balanced.
3 o'clock this afternoon, but instead, Secretary Mellon, Secretary Hoover
For the months of January-July inclusive, the excess of imports
over
and Under-Secretary Winston met at about 3:30 o'clock, to be joined half exports was considerably less this year than last year as
the excess this year
an hour later by M. Caillaux. For. another hall hour these men were clos- amounted to 83 Mill. Kr. against 147 Mill. Kr. In
January
-July, 1924.
eted in private conference, and then M. Caillaux and a small group of his The favorable relation between imports and exports this
year must partiexperts held a separate meeting with Under-Secretary Winston.
cularly be attributed to the agricultural exportation which
In spite of the
OCT. 31925.]
THE CHRONICLE
than last
falling sterling exchange has been considerably more profitable
year.
from meat
The exportation of agricultural products in August was, aside
and cattle, somewhat less than in July; the weekly exports averaged 23,937
score),
1,020.600
(July
eggs
hkg. butter (July 25,498 hkg.). 999,300 score
meat and
31,914 hkg. bacon and pork (July 37,703 hkg.), and 8,250 hkg.
cattle (July 6,762 hkg.).
general
The prices on the exported articles were, in accordance with the
lower than
fall of prices on account of the rise of the crown, on the average
the official
in July; only the prices on eggs were higher. The averages of
kg..
weekly quotations were: Kr. 418 for butter (July Kr. 438) per 100
Ore) per kg.
216 Ore for bacon (224 Ore) per kg., 202 Ore for eggs (200
condiemployment
The
weight.
and 86 Ore for meat (91 Ore) per kg. live
the
tions on the labor market were still more uncertain than last year, in
was
industries as well as in other work. The percentage of unemployment
1924.
thus at the end of August 9.2% against 5.4% at the end of August
In the industries the percentage was 9.5% this year against 6.8% in August
last year.
in
The Government receipts of taxes on articles of consumption were
In
August 17.9 Mill. Kr. of which, 5.1 Mill. Kr. were customs receipts.
Kr.
Mill.
4.6
and
Kr.
August 1924 the corresponding figures were 14.7 Mill.
Japanese Revenue and Expenditures for Fiscal Year
1924—Trade Conditions.
The Japanese Financial Commission in this city furnishes
the following latest announcement of the Japanese Government's Treasury Department relative to the actual account
of the Government's revenue and expenditures of the fiscal
year 1924:
• Account of our revenue and expenditures for the fiscal year 1924 (April 1
1924 to March 31 1925) was closed on July 31 with the following figures:
Yen.
Revenue—
1.438.640,618.826
Ordinary
688.751.153.417
Extraordinary
Total
Expenditure—
Ordinary
Extraordinary
2.127.391,772.243
1.051,010,011.355
'574.014.061.895
1633
the proceeds of the present offering will be used to carry out
the hydro-electric program of the State, to finance the State's
contribution to the construction of the Rhine-Main-Danube
Canal, and to acquire, improve, and develop various other
enterprises, all of which will correspondingly increase the
value of the State property.
The following information also supplied by Dr. Krausneck to the offering houses security:
These bonds will be the direct and unconditional obligations of the Free
State of Bavaria. No part of the State's revenues or property has been
pledged by it as security for any loan; and the State covenants and agrees
that if, while any of the bonds are outstanding, it should specifically pledge
or mortgage any part of its property or revenues to secure any funded debt,
the bonds of this issue shall be secured by such pledge or mortgage equally
and ratably with the other indebtedness thereby to be secured.
Bavaria is the second in size and population of the German States. It has
existed as a polltical unit for more than a thousand years. The State owns
revenue producing properties valued by the State at more than $500,000,000.
Of these the most important are the State forests and the State hydroelectric systems.
Finances.
Bavaria has an excellent financial history. Its obligations prior to 1914
were
were placed in Germany at coupon rates varying from 3% to 4% and
first
quoted at prices to yield about 3 %. The present loan represents the
of
external borrowing by the State. As of March 31 1925 the total debt
foregoing
The
the State amounted to $10,802,324, or $1.46 per capita.
mark
paper
internal
the
or
State
the
of
guarantees
figure does not include
an
debt, which latter has been revalued under the law of July 16 1925 at
amount estimated not to exceed $3,208,000.
1925,
ending
March
31
The total revenues of the State for the fiscal year
to $80,amounted to (preliminary figures) $80,938,633.09 and expenditures
balances
495.654.05. The budget for the fiscal year ending March 31 1926
at $96,351,047.62 and includes estimated revenues from the State owned
and
properties in an amount exceeding $12,000,000. The State property
the
revenues from taxes and duties are not subject to any charge under
lieu
"Dawes Plan." Certain of the State enterprises may be required, in
unsecured
of the secured charges imposed on private concerns, to make
per
payments to the Reich, which it is believed, will not exceed $80.000
annum.
Offering of $3,000,000 Department of Antioquia
(Republic of Colombia) Bonds.
Blair & Co., the Chase Securities Corporation and E. H.
Rollins & Sons offered yesterday (Oct. 2)$3,000,000 Department of Antioquia (Republic of Colombia) 7% 20-year
external secured sinking fund gold bonds, Series "A."
Immediate over-subscription of the issue was announced,
resulting in the closing of the books as soon as they were
opened. The bonds were offered at 90 and interest. The
entire issue is to be retired at par by semi-annual calls for
sinking fund, the first call to be made July 1 1926. At the
The following summary of Japan's trade conditions up to offering price of 90, the following table shows the approxiSept. 20 is also made available, although it is noted that the mate yield to certain of the various redemption dates:
figures for the month of September are not official:
July 1 1926, 22.79%; July 1 1927, 13.71%; July 1 1928,
TRADE.
11.37%; July 1 1930, 9.68%; July 1 1932, 9.01%; July 1
July.
Sept. (20th). 1935, 8.53%; July 1 1940, 8.18%, and July 1 1945, 8.01%.
August.
Jan.-June.
(Unofficial)
bonds will be dated July 1 1925. They are part of
1.505,000.000 168.000,000 191.000.000 160,000.000 The
Import
984.000.000 210,000,000 228,000.000 106.000,000 an authorized issue of $20,000,000. Series "A" is limited to
Export
$6,000,000. Principal and semi-annual interest (Jan. 1 and
Excess of import— 520.000.000
Blair & Co.,
37.000,000
54.000,000 July 1) are payable in U. S. gold at the office of
42,000.000
Excess of exportof the Departfuture,
or
present
taxes,
all
free
of
York,
New
GOVERNMENT FINANCE.
ment of Antioquia and of the Republic of Colombia. They
Expenditure.
Revenue.
1,051.000.000
1,438,000.000
are coupon bonds in denominations of $1,000, $500 and
Ordinary
574.000,000
688,000.000
Extraordinary
$100, registerable as to principal only. The bonds are
callable as a whole only,except for the sinking fund, at 10234
'
1,625,000.000
2,127,000,000
Total
and on any interest
502,000,000 and accrued interest on July 1 1935,
Gross surplus
fund of 2%% per
sinking
A
cumulative
251.000.000
thereafter.
date
Net surplus
annum, sufficient to retire the Series "A" bonds at maturity,
commencing Jan. 1
Offering of $15,000,000 Free State of Bavaria Bonds. is to be provided, payable semi-annually
by lot at 100 and accrued interest on the
call
bonds
to
1926,
Bavaria
gold
of
63/2%
serial
State
Free
.The $15,000,000
interest payment date. The proceeds of
bonds external loan of 1925 (mention of which was made in next succeeding
used to provide for the retirement of Fr.
be
will
issue
the
were
1523)
Monday
on
offered
page
week,
last
these columns
bonds and approximately $774,296 floatexternal
2,628,000
of
Company
Trust
Equitable
the
of this week (Sept. 28) by
Railway, the balance to be used
Antioquia
the
of
ing
debt
New York and Harris, Forbes & Co. They were priced to
and
improvements to the Antioquia
additions
for
extensions,
to
became
They
maturity.
according
yield 6.50 to 7.63%
construction.
railway
further
for
or
Railway
and
the prices ranged
due serially, August 1 1926 to 1945,
from Ricardo Jimenez Jarafollowing
information
The
bonds
to
for
maturities
1926
for
883'
interest
and
100
from
Governor of the Department of Antioquia,
maturing in 1945. The bonds were oversubscribed, the books millo, Esq.,
being closed at noon on the day of the offering. The bonds appears in the offering circular:
Security.
are dated August 1,1925. They are non-callable for five
These bonds are the direct obligation of the Department of Antioquia.
years. They are part of an authorized issue of $25,000,000.
They are to be specifically secured (upon the retirement of Fr. 2,628,000
Interest is payable February 1 and August 1. They are bonds mentioned below) by
and
are
$1,000
of
registerable
s
coupon bonds in denomination
(1) A first charge and lien on 75% of the revenues of the Department
tax, and
as to principal only. Redeemable as a whole on August 1 derived from the tobacco
(2) A lien, subject to $3,000,000 internal bonds, on the properties and
1930 or on any interest date thereafter, at 100 and interest, earnings of the Antioquia Railway, including all extensions, additions and
on 60 days' notice. Principal and interest are payable in improvements constructed or acquired with the proceeds of these bonds.
face amount of the bonds of this issue is to be reserved to retire
New York at the principal office of the Equitable Trust $3,000,000
the above mentioned $3,000,000 internal bonds, whereupon the bonds of
gold
of
the
coin
United
in
trustee,
Company of New York,
this issue will become a first mortgage on all the properties and revenues
States of America of the present standard of weight and of the railway.
The Department covenants that it will not issue any of the remaining
fineness, without deduction for any present or future $14,000,000
authorized bonds unless the proceeds of the assigned revenues
Wilhelm
to
Dr.
According
Bavarian or German taxes.
for the preceding fiscal year or the annual average of the two preceding
Krausneck, Minister of Finance of the Free State of Bavaria, fiscal years shall be at least equal to twice the annual interest and sinking
1,625,024,073.250
Total
502.367.698.993
Excess of revenue over expenditures
In the excess of revenue are included expenditures of 30.463.587 yen, the
payment of which is carried over to the succeeding (present) fiscal year.
The gross surplus of revenue is therefore 471,904,111 yen, which consists
of 247.632,593 yen of the unused balance of the preceding fiscal year's
(1923) surplus and 224,271.517 yen of the surplus of the said fiscal year
(1924).
Of this gross surplus 104,119.113 yen have already been applied to expenditures in the present fiscal year's (1925) budget, and 116,586,291 yen
set aside as reserve sources of revenue for the fiscal years 1926-1928. Deducting these two items, which amount to 220.705,403 yen,from the aforesaid gross surplus, there remains a net surplus of 251.198,707 yen derived
from the fiscal year 1924.
1634
THE CHRONICLE
fund requirements on the bonds outstanding. Including those
then to
be issued.
Revenues.
The proceeds On Colombian dollars) of the revenues assigned
for the
security of these bonds have been as follows:
Net Earnings of
75% of
Ry. after Deduct'g Revenues from
Year—
Prior Charges.a
Tobacco Taz.b
Total.
1924
$822,780
$851.056
$1,673.836
Annual average. 1920-1924.. 629.539
765.715
1.395.254
a Year ended Dec. 31. b Year ended June 30.
The average annual proceeds for the five years
1920-1924 from the
revenues assigned for the security of these bonds, as
shown above, converted at par of exchange, were equal to approximately 6;4
times the annual
interest requirements on the present issue of $3.000.000 external
gold bonds,
and in none of the five years were such proceeds
less than 53-i times said
annual interest requirements. On the same basis the
average annual
proceeds of these revenues for the five-year period were
equivalent to over
4 i-i times the maximum annual interest and sinking
fund requirements
on the present issue.
For the year ended Juno 30 1925 the estimated revenues available
for
the service of these bonds, compiled on the sarno basis,
amount to 82.069.390. or nearly 10 times the interest charges on the
presdnt issue.
Finances.
The total debt of the Department of Antioquia
as of May 31 1925.
exclusive of the debt to be retired through the proceeds
of the present issue,
amounted to $3,189,610. Including the present
loan. the total debt of
the Department amounts to less than
$8 (U. S.) per capita.
Since its creation in 1886 the Department
has never defaulted In the
payment of principal, Interest or sinking fund
of any of its Indebtedness
or in the payment of its bonds when due
[VoL 121.
Offering of Two Thousand Capital Shares of
International Bank of Washington.
Bennett, Post & Coghill, Inc., and Tormey, Civic & Co.,
offered on Sept. 30 a new issue of 2,000 capital shares stock
of the International Bank of Washington, D C., at $190per share. Dividends at the annual rate of 10% in cash
have been paid for five years and during the same period
the bank has paid 25% in stock dividends. Tho average
yield, accordingly, has been 104,% per annum on the
present offering price. • The bank was established in 1920
with capital and surplus of approximately 3450,000. Regarding the earnings; resources and liability, we quote the
following from the offering circular:
Earnings.—As of July 1 1925. the annual statement shows capital
stock
outstanding of $1.109,700 and surplus and undivided profits of $722,788
73.
Additional capital is required at the present time In order to handle
the
large volume of business which the bank has developed.
Resourees.—The remarkable growth of this business is best shown by the
steady Increase In resources from $452.420 on July 1 1920 to $2,887.324
58
on July 1 1925.
Liability.—The capital stock of the International Bank is free from the
double liability which Is carried by most bank stocks. The bank has no
demand liability, as its receives no deposits and incurs no obligations
payable upon demand.
United States Crop Board Defend Cotton Estimates.
The United States Crop Reporting Board, answering critiThe bonds were offered "when, as and if" issued and received and subject to approval of counsel. Interim receipts cisms of its Sept. 23 cotton report, announced on Sept. 27
that It stands fairly and squarely behind its reports and
or temporary bonds may be delivered in the first instance.
accepts full responsibility for them. The statement says:
The Board realizes at all times the magnitude of this responsibility and
Offering of $5,000,000 Bonds of Chicago Joint Stock
the necessity always to act upon the evidence before it. It calls attention
Land Bank.
to the fact that critics are free to make any estimate they wish based upon
as much or as little evidence as they may have. Statements that the Board
At 102 and interest to yield 4.25% to 1935 and
4
erred
thereafter, Kissel, Kinnicutt & Co. of New York and Chicago upon in certain reports are frequently merely expressions of opinion based
scant evidence and superficial observation.
and Janney & Co.of Philadelphia offered on Oct. 1 35,000,000
The complete records of the Board are on file at the
4
farm loan borids of the Illinois Joint Stock Land Bank.
Department, the Board pointed out, and members of ConThe issuo will be dated Oct. 1 1925, and will become duo
gress and others have frequently been invited to inspect
Oct. 1 1965. It wIll be redeemable at the option of the bank
them. These reeords contain the data upon which the Sept
at par and accrued interest on Oct. 1 1935, or on any interest
23 and earlier reports were based and "refute the insinuadate thereafter. The bonds coupon, of $1,000 and $10,000
tions which have. been made that the Board is affected by
denominations are fully registerable and interchangeable.
outside influences in arriving at its forecasts." The Board
Principal, and semi-annual interest (April 1 and October
1) declared in connection with its report issued Sept. 23 that
are payable at the bank of issue or at the Continental
& every source of information available to the Board, including
Commercial National Bank in Chicago, or at the Chathamreports of township and county correspondents numbering
Phenix National Bank and Trust Company, New York, at
many thousands,. Whieh are received direct at Washington,
the holders' option. The new issue is, in part, to refund a
the reports of the thousands of field correspondents who
portion of the 5% bonds of the Chicago Joint Stock Land
report to. the -State statisticians, the reports of the State
Bank. The latter operates in Illinois and Iowa, which are
statisticians themselves, based on personal field observanow callable at 100 and accrued interest.
tions and inquiries, as well as estimates from key men in
Its Condensed Balance Sheet as at August 31 1925,follows:
.hundreds of counties as to the number of bales of cotton
'Assets—
likely to be produced in their own counties, showed material
Cross loans secured by first mortgages on
Increase in the probable crop outturn. as of Sept. 16, comfarm lands
$59,810,360.00
Less: Amortization payments rec. on prim. 2.150,375.28
pared with the Previous report. Furthermore, the Board
added, careful analysis of the ginning report, which the
Net mortgage loans
$57.059.984.72
Investments: U. S. Liberty bonds at parBoard had before it In making its last estimate, coal-billed
$234,700.00
Joint Stock Land Bank bonds at par
"
435,000.00
669.700.00 with estimates from the correspondents as to the percentage
of the crop picked and ginned to Sept. 16, fully confirmed
Accounts receivable
92,543.64
Notes receivable, acceptances. &c
234.582.10 the data received from other sources. The Board also
Accrued Interest:. On 1st mortgage loans.. $1,310,710.89
states.
On investments
5,594.73 1,316,305.62
Contrary to some 'of the statements which have appeared to the effect
IM•••••
Cash on hand and In banks
Furniture and fixtures
Liabilities—
Capital stock. issued and outstanding
Reserves and undivided profits
Farm loan bonds. Issued and outstanding
Due Borrowers
Accrued interest on bonds outstanding
Other accrued interest
Coupons due not presented for payment
Amortization installments paid in advance
Bonds under repurchase agreements
Undelivered bonds
367,572.76
15.910.95
$60.356,599.79
$4,000.000.00
915,879.90
53,601,900.00
89,611.26
871.091.63
18,023.95
31,067.50
3.720.00
350,305.55
475,000.00
that the crop was going to pieces, many correspondents and State statisticians reported that the yield was turning out much better than expected
in some States and that the recent rains had helped the late crop in some
sections. When the Sept. 1 report was issued excessive drought and the
threatened invasion of numerous insects in various, sections gave a decidedly
pessimistic tone; to, many of the reports received. This pessimism was
largely missing from the reports received for the Sept. 16 report, except in
North Carolina, Tennessee, Missouri, Arks.nsas and Oklahoma, where a
decline in crop prospects occurred.
The function of the Board, it is pointed out. Is to review
carefully all of the evidence before the Board and to arrive
at the best possible estimate of the crop as it appears from
the data available, A -majority of the Board which makes
the cotton report arrive at Washington from the cotton belt
660.356.599 79 the day previous to the report, while the other members
of the Board make frequent trips to various sections of the
Offering of $1,000,000 Bons of Ohio-Pennsylvania belt, where conditions
seem to be uncertain. Every member
Joint Stock Land Bank.
of the Board Is thoroughly familiar with the methods used
The Union Trust Co. of Cleveland, R. V. Mitchell & Co., In estimating the crop, the Board said, and most of them
The Herrick Co., and Otis & Co., offered on Sept. 26 an issue have had many years' experience in the work.
of 31,000,000 5% farm loan bonds of the Ohio-Pennsylvania
Joint Stock Land Bank. The bonds, issued under the
New Rules Approved by Directors of Chicago Board of
Federal Farm Loan Act, were offered at 104 and accrued
Trade—Curb on Price Fluctuations and BUIti•
interest, to yield approximately 4.50% to Sept. 1 1935 and
ness Conduct Committee Proposed.
5% thereafter. They will be dated Sept. 1 1925 and will
directors
of the Chicago Board of Trade on Sept. 25
The
mature Sept. 1 1955. They are not redeemable before
Members Program Committee
Sept. 11935. The bank has issued, including this offering, adopted the report of the
which provides important changes in the rules of the ex39,000,000 principal amount of bonds.
change. The amendments will be submitted to a vote
OCT. 31925.]
THE CHRONICLE
1635
take these steps
A failure on the part of the Board to
the membership on Oct. 9. A curb on wide price swings, such a condition.leave
no
to me, under the terms of my plain obligations,
immediately will
creation
and
mail,
by
vote
or revocation
to
members
suspension
the
the right of outside
alternative than to inaugurate action looking to
Board of Trade as a contract market.
of a body to be known as the Business Conduct Committee of the designation of the Chicago essence.
the
are among the proposed changes, according to the Board, In these circumstances time is
the
Secretary Jardine considers of particular importance
which in its statement regarding the contemplated amendConduct.
Business
of
Committee
a
up
set
recommendation to
ments says:
of this committe, during the period of
The proposed amendment on price fluctuations which the Committee The regular members
ten
pledge themselves not to speculate
would
y,
would submit to the membership empowers the board of directors on
incumbenc
their
hours' notice to declare an emergency exists.
Among other things, the Comaccount.
personal
the
for
trading
no
be
there
shall
that
provide
may
Upon such finding the board
authority to prevent ma'and
duty
higher
some
or
the
5%
more
than
have
at
grain
would
specified
mittee
in
the
during any day
in the Grain Futures Act
for
provided
as
specified percentage above or below the closing price of the night before.
nipulation of prices
"Such an emergency may only be declared by the affirmative vote of
with broad powers over
supervision
general
have
would
and
twelve
of
an
attendance
and
present
two-thirds of the board members
the Board of Trade.
of
members
Upon
purpose.
of
this
for
quorum
a
conduct
constitute
to
business
the
directors shall be necessary
any subsequent motion to declare the emergency terminated, such emer- Another recommendation of far-reaching importance, in the
gency shall be deemed terminated unless two-thirds of the board members
board of
opinion of Secretary Jardine, is the one giving the
present vote in favor of continuing the emergency."
market
the
in
s
fluctuation
violain
traded
daily
emergency
such
of
limit
existence
to
the
Any member who during
directors power
periods such as occurred
tion of the regulations, would be brought to an immodate accounting.
emergency
during
grain
of
prices
daily
It was declared this rule would have all the benefits of a fixed
early this year.
limitation without the dangers of such an arbitrary rule.
it is
It is the general belief that the amendment permitting outside members
In the recommendations made public in Chicago,
to vote by mail will easily carry, as returns on a questionnaire were overof Trade have not had
Board
the
of
officials
the
that
stated
whelmingly in favor of such a step, which, the committee declared,"would
gathered in the investigation by the
bring to the exchange the benefit of the counsel of members wherever the benefit of the data
t of Agriof
rules
our
of
in
amendment
and
officers
of
election
located, both in the
Grain Futures Administration of the Departmen
s durfluctuation
price
procedure."
violent
the
of
causes
the
into
Restoration of privilege trading, it is generally felt in the trade, "will do culture
this
upon
g
commentin
In
1925.
of
fluctuadaily
months
ing the first few
more than any other single measure to encourage moderate
tions." The committee recommends co-operation with the Department of phase of the report, Secretary Jardine said that heretofore,
Agriculture with a view to obtaining such relief from Congress.
of the Board have been active operators
For months the committee of seven leading grain men headed by former since some members
n asked for might be turned to
informatio
President L. F. Gates, has been studying the personal views of the 1,600 in the market, the
s of their own rather
transaction
members by direct questions and answers, and the recommendations are
in
members
of
account
the
said to represent the feeling of a large part of the membership.
to eliminate the evils
Board
the
of
purpose
the
Like the clearing house issue, the right of outside members to ballot than in serving
The statement
prevent.
to
by mail has been a point of controversy for 20 years, but this important which it is the design of the law
views,
Jardine's
change is anticipated in the near future.
Secretary
portraying
28,
Sept.
on
Creation of the Business Conduct Committee charged with prevention issued
•
of such emergencies as that of last winter when public speculation caused also says:
recommended is set up, the situa-
as
wild price gyrations, is viewed with equal importance. Grain men say it
If the Business Conduct Committee
Department of Agriculture
is a long step toward preventing or meeting critical situations. It is tion will be quite different, in the opinion of
has authorized that "this comsimllar to the plan now effective at the New York Stock Exchange. It officials. In that event Secretary Jardine
information and data acquired by
has been advocated by certain leaders for many years.
mittee shall have access to such reports,
necessary for effective control
"It has been suggested," says the report, "that the main cause of the the Grain Futures Administration as may be
and as the Secretary of Agriculture
unusual markets of last winter was the activity in large volume trading of the operations of that organization
to it consistently within the law."
of a few individuals, coupled with general public participation.
may determine can be made available
ordered by Secretary Jardine last
During the course of the investigation
"Under the law the obligation to prevent manipulation clearly rests
fluctuations in the price of wheat.
with the contract markets. To this committee the members of the ad- spring to ascertain the cause of the wide
manipulation of the market. At this time
ministration should make available when and as requested all information evidence was found to indicate a
the development ofsome method by which
Which the Grain Futures Administration has the power to secure.
he expressed particular concern in
obviated. Hence he called upon the
"A body so formed would be able through anticipation and prevention destructive price conditions might be
in order" and laid down certain
rather than investigation and punishment after the event, to assist in Chicago Board of Trade to "put its house
suggestions.
avoiding a repetition of conditions now criticized.
Jardine at that time were
Among the suggestions offered by Secretary
"To serve on the committee of five a member must pledge his self not to
clearing house and the giving of non-resident
modern
business
a
of
the
committee
supervise
would
establishment
The
term.
the
speculate during his
Trade a vote by mail. The clearing house
conduct of members in their relation to non-member customers, the public. members of the Chicago Board of
281, and the plan to give the
the State and the Federal Government. The committee may examine was adopted on Sept. 3 by a vote of 601 to
vote by mail has been included in
constructive non-resident membership a
books and other records and its conclusions shall be final."
In a word, this body would supplement the efforts of the directors, and the recently accepted recommendations.
in the application of the
be responsible for the good conduct of the exchange.
Secretary Jardine recently interested himself
of farmers' elevators in Illinois and
Sentiment both local and non-resident was almost unanimously against a Rural Grain Company, an organization
Trade. He expresses gratificafixed daily limitation on price fluctuations, the committee report declared. Iowa, for a seat on the Chicago Board of
been taken. "I stand squarely OD
"It is recognized that no such limitation automatically applied would tion that favorable action already has
must have equal privileges
be effective when it is impossible to control the causes—climatic, political the general principle that farmers' organizations
marketing agencies," said the Secor psychological.
on markets or boards of trade with other
"The committee recognize, however, that at times conditions may retary in this connection.
suddenly arise causing violent fluctuations which mature deliberation
Might deem unreasonable. It was therefore the feeling that there should
Vancouver Cash Grain Board of Trade.
be power lodged with the directors to declare an emergency during which
limitation might be effected. But it was the opinion that no such limitation
the Los Angeles "Times" of Sept. 22 we take the
From
should be placed except when sentiment is very strongly in favor of such
following Vancouver, B. C., advices: place for grain on Oct. 1.
action."
This city :will become the only Western trading
"We wish it distinctly understood," says the committee, "that we shall
market will come into existence here. and will
never be able to provide against unusual market action brought by abnormal On that date a cash grain
before a call board. The market will be
session
afternoon
an
with
fluctuafunction
or
climatic.
the
of
widest
Some
conditions,either political,financial
continent. It will operate in a city which is at
tions in wheat prices ever recorded took place when the Federal Govern- unique among those of the
and a terminal point for export, combining
ment was in supposed control of the situation through the Food Administra- once a trading place for grain
Chicago and New York.
the features of Winnipeg and Montreal, or
tion vested with tremendous arbitrary powers."
among all other exchanges
distinctive
be
will
it
which
in
feature
Another
the
that
the
proposals will eliminate
The committee adds, however,
than
of time. It will function later in the day
element
the
in
is
America
in
e
in
that
resulted
causes,
have
unpreventabl
those
outside
conditions,
continent, and will be in operation when the
criticism. Moreover the committee has reason to believe that steps in any other wheat market on the
closed for several hours. Closwhich we take the lead will be adopted by other grain exchanges in this Winnipeg and Chicago exchanges have been
a. m. Plans do not
ing quotations from Winnipeg arrive here about 11:15
country."
forming the cash market having
"All of the above suggestions pro-suppose a closer co-operation between embrace a futures market, the committee
successfully a Vancouver
the grain exchanges and the Grain Futures Administration than has thus reported adversely on the possibilities of operating
far been enjoyed. There is reasonable expectation that such co-operation market for trading in futures..
as will make the steps more effective will be accorded us."
The committee includes L. L. Winters, Siebel C. Harris, Allan M.
Arguments for and Against Installment Selling Before
Clement, James C. Murray, Horace L. Wing, and Charles H. Sullivan.
Amendments Proposed by Chicago Board of Trade
Commended by Secretary of Agriculture Jardine.
In commenting on Sept. 28 upon the recommendations of
the Members' Program Committee of the Chicago Board
of 'Trade made to the President and Board of directors of
that organization, Secretary of Agriculture Jardine characterized them as of far-reaching importance. If put into
effect they will, he believes, go a long way in reflecting a
true supply and demand situation on the Chicago market.
Commenting generally upon the recommendations, Secretary Jardine said:
National Business Conference at Babson Park.
Three addresses bearing on installment selling were presented before the Twelfth Annual National Business Conference at Babson Park (Mass.) on Sept. 22 "The Price of
Volume" was dealt with by Herbert P. Sheets, SecretaryTreasurer National Retail Hardware Association; "The
Danger of Installment Selling from the Retailers' Point of
'Slew" was the subject of an address by William N. Taft,
editor "The Retail Ledger"; and "Financial Installment
Sales" formed the theme of S. G. Rosson, Vice-President
Commercial Credit Co. The latter, in summing up his
conclusions, said:
The purpose of my talk has not been to argue into your minds only
Recognizing that the wild fluctuations in the quotations of May wheat the justification of installment selling—its successful growth is its Justificawere, in the opinion of the Department, due to manipulation, I can not tion—but to suggest your reflection on one side of this great subject. you
Much has been said, both pro and con, but I wish only to assure
escape the conclusion that it is imperative for the Board of Trade without
the growth
delay to set up the administrative machinery to prevent recurrence of of the desire of reputable financing companies to assist in
1636
THE CHRONICLE
of installment selling only along the lines of sound business policy—which
means something more than immediate profit. As we learn more from
experience with a problem, new lights are shed upon it and new methods
are born. This is not the work of a few but of the whole.
You will grant me. I trust, that1. Our country has made exceptionally rapid strides in the last fifty years.
2. That a more intimate knowledge of credit has been a prominent factor
In this growth.
3. That a human being should better his standard of living.
4. That having the rights of an individual, he should decide what are
his necessities and what are his luxuries.
5. That since there is nothing compulsory about this type of business
the buyer and seller need only experience and educational advices.
6. That installment financing charges, considering the service rendered,
will be kept reasonable by competition.
7. That the increasing existence of the installment business proves its
merit and economical soundness.
8. That like most expansive developments some irregularities or abuses
may creep in, which time and experience will eliminate.
I only ask, as a representative of one of the largest institutions which
have made this system possible that we will work together devising means
of avoiding pitfalls, and methods of accomplishing the most for all in
Installment selling, a system which has meant, and can mean, so much
to the happiness of the people and the growth of the country.
[VOL 121.
travel and more freight to haul because of our growing country. Installment
selling has done two things for the automobile and the public—it has
enabled all classes to buy them and to buy them for less money because
the enormous distribution has enabled all manufacturers to materially
reduce the price—it has made cheaper automobiles for all classes. . . .
Elements of Credit in Installment Sales.
I ask you, if people want to buy on the installment plan from people who
want to sell on the installment plan, under terms and conditions mutually
agreeable, by what possible means can you stop them? If it is an evil,
it is here, and it is here because It is so interwoven into our family life as to
make it almost impossible to eliminate. The people will never submit to
class legislation limiting their freedom of action so long as they do not harm
others. Installment buying and installment selling is a trade between two
people—certainly it does not involve the elements of crime—and those of
us who buy and sell unwisely, either of necessities or luxuries, must take the
consequences—and right there is the remedy which will satisfactorily
adjust or eliminate the practice.
A writer opposing installment selling recently cited a case where a man's
Income was $60 per week, while he had contracted for purchases on the
Installment plan amounting to $72 a week. Is that a fair argument against
installment buying? Not to my reasoning—it exposes the lack of wisdom
on the part of two fools—the buyer and the seller—and both will soon learn
In part Mr. ROSSon also Said.
better or eliminate themselves. The credit grantor in such a case is entitled
to his loss, and I doubt if he would be successful even if he sold for cash.
Like Unto Borrowing Money.
The same principles of credit granting apply in the installment sales
How many men are there who have had to make their way in life, and who
have ever gotten anywhere, who have not borrowed money—and how far as in anything else. The ability to pay according to the terms is a question
of
credit judgment: that has much more to do with the wisdom of the credit
would they have gotten on the road to independence without borrowing?
Probably you are fortunate enough to have substantial credit or satisfactory than has the commodity being purchased. It is wise, however, for installment
credit granters to ask the applicant for a statement of his other incollateral to make a loan at your Bank at 6%. Having such favorable
credit standing you probably borrow money or pay cash for certain com- stallment purchases, so that in addition to having the picture of his assets
modities instead of buying on the installment plan. But how about your and liabilities, he may know what obligations he has to meet out of his
neighbor who does not have that credit standing and yet who has an income Income.
The States of the Union recognize the necessity of credit to the poor, and
and who could pay for what he wants our of that income? Is it just fair to
him to say that because we have or can get the cash that we should have have provided laws, as we all know, which permit a charge of 36% per anwhat we want but he shouldn't have it because of his being less fortunate? num and more to those whose credit is not sufficient to get money accommoSome of us are a bit inclined to think that something is all right for us but dations for less. The States recognize this need; it is all a question of supIt is not all right for the other fellow—why net concede to our neighbor ply, demand, compensition and the risk involved, and again it takes two
enough common intelligence and honesty of purpose to buy and pay for to make a bargain.
In our city contractors build long rows of houses for that class of people
that which he feels he can afford?
•
who cannot pay for them except on time; they pay for their houses as
' Is Installment Butting and Selling an Entirely New Practice?
they
pay rent, and probably have as much money after their homes are paid
Many women have educated their daughters in music and accomplishments and given them advantages in life that they could never have had for, and the houses too, as if they hadn't bought them. Had they been
except through the purchase of a piano on the installment plan, which forced to continue on as renters, because of their inability to buy homes on
practice has been in vogue for fifty years. I dare say many can remember time, we would have a more shiftless class of citizens, who would not be
when their ancestors bought a sewing machine on the installment plen— getting ahead. Ordinarily, they would pay about twice the cost in rent in
a dollar a week—and the privilege was almost equal to a charity. You may twenty years and never own a home. Building and loan companies get a
say I am speaking now of necessities and that their purchase on the install- considerably better rate than 6% per annum on the money advanced.
ment plan is all right. Just what are necessities and who can better decide
Large Concerns Financing Their Own Sales.
that than the person who is going to buy the commodity? I believe you can
Such large concerns as General Electric 0o., Westinghouse Electric &
depend upon the people to first buy that which they most need for their Manufacturing Co.,
Western Electric Co., American Radiator Co.. General
comfort, health and happiness, and probably in the order named and to the Motors and many others
are conducting their own installment sales plans.
extent of their ability to do so.
They have the right to sell their product as they see fit and their customers
have
an
equal right to buy. Safety Is assured because such manufacturers
Former Luxuries Now Necessities.
We have changed our mode of living and our viewpoint of life; luxuries of will only do business along the lines of caution—they know better on what
basis
it
is
safe to sell on installments than others who know nothing of
0 years ago are necessities now. Our life has progressed as well as our
usiness. Women's skirts used to drag the ground—(even there the point their business.
Our very Government lets us pay our income taxes in installments
cf v.ew has changed)—how ridiculous they would appear today. How
many concerns are conducting their business today upon the same lines they (pardon my recalling it to your minds).
•
did 25 years ago? They have changed to meet the times or their business
Is the Cost of Installment Financing Excessive?
would not be here.
"Water seeks its level." People will not pay us more than they have to
An old Savings Bank in conservative Philadelphia. In advertising a pay others for financing service, and why shouldn't they be
the judge as
vacation Savings Club, says: "Save for a good time;" "All work and no to the value received? There
are many different plans and rates in use
play makes Jack a dull boy." One may say if they have to save for a covering financing but
safe
to say that the cost
on the average it is pretty
vacation they should not take it, but life and enjoyment to them is just as Is around 10%, which is
about the difference that the average merchant
sweet as it is to you. The best way to save is to go in debt—strange as it makes between his cash selling price and his installment time
price. Inmay seem;(how much would you have today if you hadn't done it). Buying stead of the purchaser taking this 10% for cash he prefers to buy on time
on installments means to save, accumulate—it is our cash that we are apt and then the financing company practically discounts the transaction
in
to spend recklessly. Buying on installments means enabling the poor to his stead and gets the
10%—so there is little difference to the seller whether
have some of the comforts of the rich—and who would deny them?
he gets his money from the purchaser or the financing company and why
Take for instance, the woman who used to bend over the washtub all shouldn't the purchaser
decide whether he should buy for cash or on time?
day—now she does something else useful, but less irksome, while the electric As in the case of automobiles the increased volume resulting from installwasher relieves her of the drudgery—thanks to the privilege of being able ment selling of practically
any commodity reduces the price, possibly at
to buy in installments out of income.
times more than the amount of the financing charge—the purchaser buys
Take, again, the radio—no doubt many of us regard it as an extravagant enough cheaper because of the volume resulting from installment selling
luxury, but really does it not tend to bring in touch with the outside world to more than pay the cost
of it.
those who would never have otherwise been able to take advantage of such
It must be remembered that the financing company does not lend money—
educational and inspiring entertainment as comes through the medium purchasing a time sales transaction, payable monthly or weekly, for a year,
of the radio—operas, speeches and other educative and entertaining means a year's service, correspondence, calling on delinquents, travel
features? I day say many will tell you the radio is not strictly a luxury expenses, &c., repeated dunning, and other collection efforts and overhead
but renders a valuable service to the home.
expenses, payment of exchange on checks, and usually loss of interest in
Under the installment plan it is not now necessary to wait until you the case of delinquent payments. In addition, the financing company
have the money to paint your house and keep it from deteriorating—you furnishes all the legal forms for debtors and has to pay the market rats for
need not wait to fix the roof until the beams rot and the ceilings and walls the money they supply.
The financing charge is much more for service
are ruined by leaks.
than for interest. All very different from keeping a deposit in bank and
The automobile was once considered purely a luxury but to-day it has making a plain loan of the bank which lends its depositors money
(which
become practically an economic factor in our lives—It has a decided use- may cost them nothing), and for which only one note is given and
nothing
fulness to all of us, both in our business and social life. The Sunday suit to be done except to send
a notice of its maturity.
has disappeared. The old custom of every man having a Sunday suit is
Is this financing cost excessive when you consider that the transaction
practically no more—the silk hat and the frock coat is seldom seen. Now-a- runs for a year and involves a considerable overhead as against the
turndays a man spends Sunday in his automobile with his family—a day in over profit added
to merchandise by the seller in many lines, of say 20%
the country in God's sunshine instead of around the card table. The flat? When
such a seller receives settlement for his goods in 60 days he
medium-price, installment-bought automobile has served society well can turn that
capital six times a year and make six times 20% gross profit
by bringing this about.
on the same money in a year's time (120% Per annum). Certainly the
seller's
net
turn-over
profit is much in excess of that of the financing comAdvantages of Automobile Installment Financing.
In 1895 there were four automobiles built in the United States—in 30 pany's—no doubt it is more than 1% and we can assure you that the
years there are now nearly 20.000,000 cars registered in this country. financing company's net profit is usually less than 1% on the turnover.
Remember the financing company must get its business in the face
There are 2,866,061 miles of public highways which means about seven
automobiles to the mile. We have been talking about the saturation of world competition from all sources of money lending, and that no one has
point In automobiles for years—but it never comes. One Southern State to do business with them—and further, that competition will regulate them
is spending $90,000,000 on their public roads and by so doing they will and their charges. Competitors will always spring up who will do it for
be made useful for many more automobiles—and incidentally that State less if they are charging so much more than is necessary to result in a
Is becoming one of the foremost in our nation. Compare its income taxes fair profit. The purchaser knows what the cost is and is perfectly free to
paid to-day with that of many other States and you will get some idea beat the charge if he can—if he can't and thinks the charge excessive he
does not have to buy. Sometimes the purchaser feels the money is worth
of its prosperity. I am referring to North Carolina.
Manufacturers will have to make about 3,000,000 cars a year to replace more to him in his business—sometimes he prefers to pay the extra cost
rather
than increase his borrowings, even if he can—sometimes he thinks
those wearing out and there will probably be manufactured this year
about 4,000.000 cars and trucks. Is that too many to take care of the he will get better treatment from the seller as long as he owes a balance.
eliminations and the enormous, rapid growth of our country—bearing
Are We Hurt—Or Are We Scared?
in mind that there is every day developing a greater use for the motor car?
Can we experience grief from the consequences of installment buying
Now the passenger bus is here cheapening and facilitating transportation. so long as a proper proportion of the money spent
constitutes a saving?
In what way has the motor car injured anything else? Our railroads are Installment purchasing is a form of saving—one is
accumulating by buying
more prosperous than for many years. There are just more people to on time instead of spending the cash.
OCT. 3 1925.]
THE CHRONTCLE
Mr. Taft, in showing "The Danger of Installment Selling
from the Retailers' Point of View," declared that "if the
present rate of increase of installment sales continues, it
will be only a short time before a housewife will order a
steak on the agreement that she is to pay ten cents a week
for it." Mr. Taft pointed out the tremendous growth in
the partial payment plan during the past few years and
quoted figures showing that the approximate amount of
sales made on this basis is now in the neighborhood of
$3,000,000,000 a year, exclusive of real estate. He went on
to say:
While the piano industry is generally credited with having been the first
to sense the volume-increasing benefits of installment selling, it was not
until the same plan was adapted to the automobile market that it commenced to be a real factor in the economic life of the United States. There
were comparatively few who had money enough to purchase a car outright,
so individual dealers commenced to experiment with the old principle of
a-dollar-down-and-a-dollar-a-week—with such success that it was not
Jong before even the largest of automobile manufacturers found it profitable
to enter the financing business.
Furniture, radio, washing machines and other types of merchandise of a
comparatively high sales price were the next to step into line—the majority
of them leaving the question of handling the payments entirely up to the
dealer. But more recently there has been evident a tendency to permit
of the purchase of almost any item on the dollar-down basis. "Buy your
tires for a dollar down" and "pay for your car repairs in six months or a
year" are signs that may be seen in many cities throughout the country,
while a number of the better-class clothing stores are adapting the same
idea to their own sales, permitting the customer to pay 20% of the purchase
In cash and the balance in ten weekly installments.
But, because homes are sold in this way, because automobiles are sold in
this way and because other merchandise of considerable value is disposed
of through installments, does it necessarily follow that everything should
have the partial payment clause attached? If a clothing merchant adopts
and widely advertises the installment plan, will not the shoe store, the
grocer and the druggist soon be forced into line? If it is sound business to
sell a $50 suit of clothes on weekly payments, isn't it just as sound to sell
$50 worth of food or drugs or shoes or candy or chewing gum in the same
way?
And why should there be a limit of $50? As a matter of fact, no such
limit exists to-day. Already the competition of credit has made itself felt
and some merchants have openly declared that they are going to extend the
partial payment offer to cover everything in their stores and that they are
going to lengthen the credit terms so that monthly, instead of weekly,
payments may be made. Is it. therefore, too much to expect that the
housewife of the immediate future will order a steak and pay ten cents a
week for it? This is no more unreasonable than is the installment sale
of clothing when viewed in the light of public opinion of five years ago.
Installment business of and by itself is a sound sales stimulant and
business builder for certain types of merchandise—for articles, generally
speaking, which cost more than $100 and on which there is already an
established partial payment policy in the eyes of the public. This list
includes real estate, automobiles, pianos, some types of jewelry, the more
expensive radio sets, washing machines. &c., but only where there is an
admitted extra charge for this service. This latter point is essential, for
otherwise those who pay cash (and there are a considerable percentage
of them left) have to bear the burden of the credit system and a share
of its cost of operation which they should not carry.
But by no stretch of the imagination should clothing or other comparatively low-priced articles be sold on the dollar-down basis.
This is not a matter for the consideration of the single store. It is not
a point that can be definitely settled by the statement that "it increases
our business and gives us more profit at the end of the year." There are
times when the interests of the public must be considered, even in spite of
its wishes, for the fact that a man is willing to mortgage his future, to
burden himself with debts and to run the very real danger of keeping food
from the mouths of his children in order that he may satisfy some present
desire which is beyond the reach of the capital he has on hand, does not
form an excuse for permitting him to do it.
Installment business to-day is running wild, with the throttle wide open.
People are being urged to buy everything in the sales catalogue, from
automobiles to zinc roofs, and to pay for it in "easy installments," spread
over a year or more. A few of the installments may be "easy," but long
before the different articles have been paid for—though not before their
value has been greatly impaired—the payments become more and more
difficult, finally pyramiding to the point where those who sold the goods
have to take legal steps to recover them.
We are told that the adoption of the partial-payment plan is "good business" for stores, that it is the royal road to increased volume and greater
profits. But is there any "good business" which includes the mortgaging
of the future of a nation's earning power? Is there any real profit in a sale
which bangs in its trail the heartaches and regrets and worries which are
inevitably the lot of him who buys more than his present capital will permit
him to pay for?
The adoption of the installment plan by a store may be followed by the
attainment of temporary volume; it may for a short time bring an increased
bank balance; but both of these will be purchased with the most valuable
coins of business—good will and future earning power.
It is in the future, rather than in the present, that the real danger of installments lies, and view it as I will, I cannot see anything for the future—
Provided the partial-payment plan continues to grow—but haggard, debtridden, bankrupt men ,struggling along in an attempt to meet the obligations which they incurred years before.
1637
We seem to have come to think that the measure of business ability
is to sell more this year than last—regardless of the methods used.
The ambition to make a business grow is laudable, if that growth is
to be based upon sound economics. But eagerness for larger sales should
not be permitted to blind us to fundamentals.
Expansion gained by artificial, temporary stimulation is not the true
test of successful management—particularly when it causes additional
cost burdens to be placed upon the consumer.
We are rushing into dangerous paths in our mad scramble for larger
sales, which appear to be the primary objective to-day of all who sell.
It is time to weight the consequences of these efforts—it is time to think!
That deferred payments have their place in our economic structure
few will gainsay,but the present expansion in this type of selling and the
frenzied efforts of sellers to develop it on a still larger scale present an
issue of grave concern to those who attempt to vision America's future.
Installment selling was not so bad in its early days, when its use was
limited to a few retail stores competing with each other for a larger share
of local sales.
Contract selling, as it was then sometimes called, with decent down
payments and definite terms for subsequent payments seemed slot better
than open accounts with no down payments and little certainty of when
there would be any payments.
But in process of time, as competition became more intensive, many
sellers modified the original installment plan of having a high price for
time buyers and a discount for cash buyers, and quoted the same prices
to installment and cash buyers. Thus the cash buyers was made to pay
for the extra cost and losses accruing from the installment sales.
And the situation became still more serious when manufacturers, in
their efforts to get more of the consumer's dollar, sought to impose readymade installment plans upon their retail distributors regardless of the
latter's policies or desires.
But worst of all came when great industries, seeking to stimulate consumptive capacity for over-production, began to organize campaigns to
educate the public to the idea that because wages and salaries are paid
weekly or monthly, buying on the installment plan is the logical economical
and desirable course.
Usually such ready-made schemes incorporate the use of a finance company and are said to be projected to meet the "insistent demand" of dealers
and public: but strangely enough it always seems necessary to most vigorously promote such plans to those who are said to have wade the insistent
demand.
It is not strange, however, that those who most strongly urge the merchant to sell their goods on the installment plan do not themselves borrow
money from finance companies at an interest rate of 18% to 30%. These
ready-made installment plans, with their excessive interest rates, are
always for somebody else.
Under the stress of this greater volume urge installment selling has
spread until it has got into the class of good things gone to excess. Everybody's doing it, promiscuously and indiscriminately.
Competition no longer has its basis in merchandise and values, but in
terms of payment.
The chief promoters.of installment selling—who neither buy on such
terms nor borrow money at the interest rates involved—talk much about
the helpful service to the consumer, but they think in terms of desire for
increased sales. If it were not for the prospect of larger volume their
interest in consumer service would quickly wane.
But the most common argument is that installment selling increases
sales—and it doubtless does for a time. But every dollar the consumer
pays for interest lessens his ability to buy merchandise.
Still, frenzied sellers rush ahead in their competition to devise new "easy
terms" with which to appeal to the credulity and attack the pocketbook
of the buyer, and refuse to consider consequences. Yesterday is gone,
to-morrow may never come, so let's get to-day all we can while we can,
seems to be the theory on which they work.
And how the changes are rung on the so-called "easy terms." But if
installment terms are "easy," why should it be necessary to have special
laws to keep the consumer from denying liability on the ground of usurious
Interest?
Surely, it would not be "easy" on a manufacturer or merchant to borrow
money at 20% or 25% interest. Nor does it appear on the surface that
such an interest rate is easy on the consumer. Yet every installment
seller talks loudly about "easy terms."
It is said by the installment proponents that 60% of our population must
buy on "easy" terms. If this be true, if the people of this country have
fallen to such a state of bankruptcy that 60% must buy on "easy terms"
and pledge their future earnings at excessive interest rates, it is surely time
to pause and ponder.
Those who are trying to fool themselves and others into thinking that
installment selling is the passkey to selling success may get a lusty jolt
when they study the rapidly increasing sales of the chain stores which sell
for cash only.
And if those who talk much of what has been accomplished in the automoble field through the use of this method will but study the mortality
of both manufacturers and dealers in this industry, they may become less
obsessed with the idea that automobile experience is a good thing for others
to pattern.
Economicstudents who think in terms of the country's welfare see serious
consequences before us if sellers continue this mad scramble for greater
volume at any price and buyers continue their mortgaging of incomes
that may never be earned.
It is only natural that those so inoculated with the volumitis bug can see
no cloud in our economic sky. "Look," they say, "at the prosperity of
the national and the ahppiness of the people in this intensive selling era.
Why should we fear calamity?"
It is easy enough to blind ourselves to things we do not want to see.
Most people did not see trouble ahead in 1919 and early in 1920 when
business inflation had reached its peak and everybody was gambling on
,464
the future regardless of the inexorable working of economic law.
But the mere fact that they did not see its approach did not in the least
effect
its
soften
delay the coming of the business slump, nor in the least
upon those who were unprepared.
Nor vd11 similar blindness in any way affect the eventualities of the
tremendous over-expansion of individual obligations, and individual inability to pay, as a consequence of the frenzied effort to sell, sell, sell—to
get while the getting seems good.
In the view of Mr. Sheets, "the modern pressure to buy
on partial payments does violence to all our erstwhile teachings of thrift and the one-time idea that moral fibre is
strengthened by restraint and self-denial." "Rather," he
says, "it is based upon the insidious appeal to get what you
want when you want it. Think not of the cost. Live as
others live; have what they have, regardless of income or
McFadden Bill Amending Federal Reserve and National
station." He added:
Bank Acts to Be Re-introduced in New Congress—
The trend of modern business thinking is making a veritable fetish of
Bill Repealing War Time Amendments to
larger, and still larger, sales volume.
The minds of men are turning to it as a sort of panacea for all the ailReserve Act to Be Temporarily Shelved.
ments of business.
The intention of Representative Louis T. McFadden,
Salesmen for manufacturers, wholesalers and retailers hear the same
incessant plea: Get more volume! Get more volume! Get more volume! Chairman of the House Committee on Banking and Cwrency,
1638
THE CHRONICLE
to re-introduce in the next session the bill, popularly understood and known as the McFadden Bill (H. R. 8887), which
passed the House at the last session of Congress, was made
known in-a telegram addressed to William E. Knox, President
of the American Bankers Association, read at the opening
session of the Atlantic City convention on Sept. 29. Another bill (H. R. 12453), which Representative McFadden
introduced during the closing days of the last session and
which he explains was done merely to arouse discussion, will
not be re-introduced by him until Bill H. R. 8887 is out of
the way.
The adoption of Bill H. R. 8887 by the House was noted
in these columns Jan. 17 1925, page 282. Among other
things, it provides for the establishment of branches by
national banks. While.the bill reached the Senate it failed
of action by that body. As we indicated in these columns
Feb. 14 (page 478), the Senate Committee on Banking and
Currency struck out Sec. 9 of the bill, designed to amend
Sec. 9, paragraph 1, of the Federal Reserve Act by prohibiting State banks applying for membership from bringing into
the System branches established outside of city limits and
also by prohibiting those State banks already members from
establishing any additional branches outside of the city
limits. The section proposed to permit State banks already
members would, under the section, retain the State-wide
branches which they had at the time of the enactment of
the bill.
Representative McFadden's bill known as H. R. 12453,
introduced on March 2 1925, and on which action is to be
temporarily delayed, would repeal war time amendments to
the Federal Reserve Act. It provides for the lessening of
legal reserve requirements with the Federal Reserve banks,
and the placing of these requirements practically where they
were prior to 1917. The bill also forbids the issuance of
Federal Reserve notes in exchange for gold, and forbids also
the purchasing in the open market of paper to be used as
security for the issuance of Federal Reserve notes, which is,
under the war amendments, now permitted. Representative
McFadden's telegram to President Knox of the American
Bankers Association, indicating his purpose regarding the
two bills, is as follows:
Press notices indicate possibility of discussions taking place in the severe
meetings of the annual convention American Bankers Association now in
session on the two bills which I introduced in the last session of Congress
amending in certain important particulars sections of the Federal Reserve
and National Bank Acts. Recognizing the fact that much misunderstanding and confusion have arisen regarding H. R. 12453 affecting legal
reserves and deposits of gold with Federal Reserve banks in exchange for
Federal Reserve notes, &c., I have definitely decided not to introduce
this bill at the coming session of Congress until after H. R. 8887 has been
passed and finally disposed of, as it is evident that opponents of H. R.8887
are attempting to confuse the two bills for the purpose of defeating the
latter bill. This should not be done and I thought it was made plain in a
statement which I made during the closing days of the last session of
Congress wherein it was stated definitely that H. R. 12453 was being
Introduced for the purpose of bringing forth a discussion by the bankers
of the country on the various subjects covered by the several paragraphs
of the bill. Further discussion, to gain complete understanding of the
Items in this bill, should be continued as definite conclusions have not been
reached and legislation can be deferred until these conclusions are reached.
The bill, H. R. 8887, which was passed by the House of Representatives
at the last session of Congress, amends the Federal Reserve and National
Bank Acts in some twenty different instances tending to broaden the
opportunities for national banks. It was given the approval and endorseMont of your Association at its last convention, and I intend to re-introduce
it at the opening of the coming session of Congress in the same form that it
was approved and passed by the House. Because of the previous wide
discussion and present understanding of this bill and the importance not
only to the national banks but to the entire Federal Reserve System of its
passage early in the coming session of Congress, I thought It best to communicate in this manner to the bankers of the country and to urge their
further interest and co-operation in the passage of this measure, H. R.8887,
by the Congress of the United States. I shall hope that it will not be
Inconsistent for you to see that this message is properly presented to the
convention at the earliest possible moment.
L. T. McFADDEN.
Chairman House Committee on Banking and Currency.
American Bankers Association Favors Rechartering of
' Federal Reserve Banks For 99 Years or Indeterminate
Term—Would Have Question Considered Apart
From All Other Amendments to Federal Reserve
Act—Resolutions Also Advocate Elimination of
Estate and Inheritance Taxes.
A resolution favoring the rechartering of the Federal
Reserve banks indeterminately or for 99 years and recommending that this question be kept entirely separate in
Congress from all questions of detailed amendments to the
Federal Reserve Act was adopted by the American Bankers
Association in general convention at Atlantic City on Sept.
30. The only other issue treated in the Association's
declaration of principles was advocacy of elimination of the
Federal estate tax, of the Federal gift tax, and of inheritance
[VOL 121.
taxes by States on the intangible personal property of nonresidents. The resolutions also expressed appreciation of
the services of retiring President William E. Knox. The
action of the Association in limiting its resolutions to two
major questions was an innovation, as heretofore the declaration of principles has invariably covered a wide range of
financial and business subjects.
The opinion that the question of extending the charters
of the Federal Reserve banks should be kept entirely separate
from proposals for amending the "Federal Reserve Act"
was expressed in a report of the Economic Policy Commission
of the American Bankers Association, presented to the
Executive Council of the organization on Sept. 28. The
report recommended that the Association memorialize
Congress asking that when the question of extension of the
charters is taken up legislation be enacted providing that
the Federal Reserve System shall continue either indeterminately or for 99 years, and secondly that such legislation "shall not be confused by involving it with the amendments to the Federal Reserve Act." The report, presented
by Evans Woollen of Indianapolis, Chairman of the Economic
Policy Commission, was as follows:
During the past year there has been increased public discussion of the
Federal Reserve System and the legislation underlying It. This discussion
has in the main been of two kinds. In the first place there have been
numerous proposals looking toward the amendment of the Federal Reserve
Act, and in the second place there has been repeated reference to the fact
that the Reserve banks have now been in existence for more than half the
20-year period for which they are chartered and that the question of extending their charters must be decided without undue delay.
The Commission is firmly of the opinion that these two sets of problems
should be kept completely separate. It believes that in the interest of
public policy and national welfare all proposals for changes in the legislation
under which the System operates should be kept entirely apart from the
question of the extension of the charters of the banks.
The question of the continuance of the Federal Reserve System, now
that it has become the subject of public discussion, should be taken up
promptly and settled because continued uncertainty about the future of
the System is bound to prove a grave menace to the progress and prosperity
of the country.
The Commission wishes to make two recommendations which it believes
will, if acted upon, make for the preservation of public confidence and the
avoidance of uncertainties.
The first recommendation is that the American Bankers Association
memorialize the Congress asking that when the extension of the charters is
taken under consideration the legislation enacted provide that the Federal
Reserve System shall either continue indeterminately until the Congress
takes affirmative action to dissolve it or continue during the period for
which national banks are now chartered, namely 99 years. While between
these alternatives there is no substantial difference we are disposed to prefer
the pre-determined period of 99 years as inducing greater confidence in
the continuing stability of the System.
The second recommendation is that the American Bankers Association
in its memorial to the Congress ask that when the bill providing for the
continuance of the system is taken up the consideration of the subject
shall not be confused by involving it with other amendments to the Federal
Reserve Act. Amendments should be considered separately and on their
own merits. The Act confers on the System no unchangeable rigts.
It has already been amended 17 times and Congress, under our propoal,
would forfeit none of its present rights to amend it further at any time.
The Commission respectfully suggests that the principle on which this
second recommendation is based should guide the procedure of the Congress
in all future legislation relating to the Federal Reserve System. It believes
that all such new enactments and amendments should be embodied in
single-purpose legislative measures and that they should not be passed
as riders or provisos attached to bills relating to other matters. Changes
in the Federal Reserve Act are' of such great importance to our business
and banking operations and to our public welfare as a nation that they
should receive deliberate and undivided consideration and their adoption
should not be conditioned by extraneous considerations.
The Commission refrains from entering at this time upon a discussion
of recent proposals for amendments to the Federal Reserve Act. Just
as it holds that discussion by the Congress of suggested alterations in the
legislation under which the System operates should be kept separate from
discussion of the extension of the charter of the banks themselves, so it
believes that the same principle should be observed in this report.
The extension of the charters of the banks will remove at once the one
underlying question which will remain to create doubts and uncertainties
as long as It is in existence, and which invites political manipulation and
bargaining if it should by misfortune become attached to, or incorporated
In, proposals for amendment. For these reasons the Commission limits
this present report to the two recommendations: First, that the American
Bankers Association memorialize the Congress, petitioning it that when
the re-chartering of the Reserve banks is considered, the charters be granted
to run either for 99 years or until abrogated by Congressional action; and
second, that the same memorial to the Congress shall ask !that the bill
which provides for the continuance of the System shall .Pdeal exclusively
with that subject.
Respectfully submitted,
NATHAN ADAMS,
LEONARD P. AYRES,
CRAIG B. HAZLEWOOD,
WALTER W. HEAD,
R. S. HECHT,
WALTER LICHTENSTEIN, Secretary,
GEORGE E. ROBERTS,
H. M. ROBINSON,
W. A. SADD,
PAUL M. WARBURG, Vice-Chairman.
EVANS WOOLLEN, Chairman.
The resolutions adopted on Sept. 30, in which the AsSociadon recorded its views relative to the extension of the Federal
Reserve bank charters, were introduced by Evans Woollen
of Indianapolis, Chairman of the Resolutions Committee,
and were as follows:
OCT. 3 1925.]
THE CHRONICLE
1639
by Edgar L. Mattson of Minneapolis, President of the
National Bank Division of the Association, in addressing
the Division on Sept. 28. Mr. Mattson's reference to the
Federal Reserve System, which he characterized as "the
most scientific banking system that has yet been devised,"
was made in discussing a movement on foot to study the
question whether changes in its are advisable when its
charter period, which has more than half run its course,
shall expire. The feeling that perhaps some changes can
be made that will be helpful in developing to "a point as
near perfection as possible the one financial system which is
already recognized through the world as the most scientific
and the most resourceful," he said, had actuated the present
movement for a survey. He warned, however, that "we
must guard zealously against every movement which might
impair its efficiency. No less binding than the requirement
that we uphold the solidarity of our country itself is our
responsibility for the maintenance and the betterment of
the Federal Reserve System."
Declaring that the national banks were never in a stronger
position than to-day, with their stability and soundness
unquestioned, Mr. Mattson mentioned forces that retard
normal expansion, citing the falling off since 1923 of nearly
200 in the number of national banks and contrasting their
increase in resources in 1924 with the greater increases in
the resources of other banking systems. "The national
bank performs more than one feature of bank work," he
said, "but it is still under the handicap of limitations out
of harmony with business and social requirements. The
national bank has launched its savings department. It was
the first national bank stop in the movement to marshal
under one charter and one roof the several banking facilities
to which the public is entitled. It served to show the
possibilities of a broader policy and it emphasizes the need
Perpetuation of Federal Reserve System Imperative, of still further liberalization."
Even in the field of the fiduciary, which the national bank
According to President Knox of A. B. A.—Plea in
has successfully entered, Mr. Mattson said, a retarding force
Behalf of System by E. L. Mattson.
of charter under which the banks
The perpetuation of the Federal Reserve System is made is found in the character
that national banks work unimperative because of its paramount services, not only to operate, and he advised
the more important of
amendments,
charter
for
reservedly
E.
whole
William
world,
the
to
the United States, but
for consolidations, indeterminate charters,
Knox of New York, President of the American Bankers which provide
safe deposit business, loans on city real
Association, declared in his address opening the first general stock dividends,
investment securities and the regulating
in
dealing
estate,
Atlantic
City on Sept. 29.
session of the convention at
of branch banking. Mr. Mattson deprecated further curMr. Knox said:
of national bank note circulation, asserting that
There has been no sound criticism of the foundation and structure of the tailment
system, which has stood the test of time. The period for which the Federal they "have been a feature of the national system continuReserve Bank was chartered is half gone and we must look forward to the ously since its organization, and the privilege of issuing them
renewal of the charter. The extension of the charter is essential not only
gratuity." Admitting that they are inelastic,
to the banhis which are members of the system, but to every other bank has not been a
as well
he said that it cannot be contended that their usefulness
It is essential to the whole economic fabric of the country—industrial is thereby lessened, and added:
The single aim and purpose of the
The American Bankers Association in annual convention at Atlantic
City assembled Sept. 28 to Oct. 1,1925 records the following expressions:
We are grateful to retiring President Knox for his devoted service, to those
who have enriched by their contributions the program of the Association's
Golden Anniversary Convention, and to those who have assured the comfort
and pleasure of those in attendance.
In specific recommendation we limit ourselves, by way of emphasis,
to expression on two subjects.
We urge the elimination of the Federal estate tax, of the Federal gift
tax and of inheritance taxes by States on the intangible personal property
of non-residents. In support of this recommendation we refer to the
admirable report at this convention by the special committee of the Trust
Company Division of this Association.
Secondly, we present a subject which should challenge the thoughtful
attention of all citizens as it must particularly challenge the self-interest
and the patriotic concern of every banker. That subject is the Federal
Reserve System. The rechartering of the Reserve banks, now that it
has become the subject of public discussion, should be taken up promptly
and settled. Continuing uncertainty about the future of the System is
sure to prove a grave menace to the progress and prosperity of the country.
Further, in our opinion, when the extension of the charters is taken under
consideration, the legislation should provide that the Federal Reserve
System shall either continue indeterminately until the Congress takes
affirmative action to dissolve it or continue during the period for which
national banks are now chartered, namely, ninety-nine years. We also
believe that when the bill providing for the continuance of the System is
taken up the consideration thereof should not be confused by involving it
with amendments of the Federal Reserve Act. Amendments should be
considered separately and on their own merits. The officers of this Association are directed to memorialize the Congress in conformity with the
opinions herein expressed and the members of this Association are besought
to forego for the time the promotion of any divergent views on what is
secondary,the amendmentof the System, while giving ther united support
to what is primary, the life of the System.
Chairman, EVANS WOOLLEN, Chairman Economic Policy Commission.
Secretary, WALTER LICHTENSTEIN, Secretary Economic Policy Conantleskill.
BURTON M. SMITH, Chairman Agricultural Commission.
FRED I. KENT, Chairman Commerce & Marine Commission,
JOHN H. PUELICFIER, Chairman Public Education Commission.
FRANCIS H. SISSON, Vice-President Trust Company Division,
W. C. WILKINSON, Vice-President National Bank Division.
THOMAS F. WALLACE, Vice-President Savings Bank Division.
GRANT MePHERRIN, Vice-President State Bank Division
PAUL B. DETwILER, Vice-President American Institute of Banking Section.
EUGENE P. GUM, VIce-Prestdent State Secretaries Section.
ALEXANDER DUNBAR, Vice-President Clearing House Section.
and commercial as well as financial.
American Bankers Association in this respect should be to support the
Federal Reserve Bank whole-heartedly, to do all in its power to perpetuate it.
Bankers believe the time is now opportune for a reduction
of the tax burdens upon corporations, said Mr. Knox, adding
that the income tax and other Federal taxes have been an
increasing burden from the beginning. "The 1924 Act
gave individuals a measure of relief," he continued, "but
the 12Y% tax on the not income of corporations was left
as in the Act of 1921. In the prospective general reduction
of taxes, certainly the time has come when not only individuals but corporations should be considered as entitled
to a measure of relief. Before the repeal of the excess profits
tax, merchandise corporations increased the price of their
goods and made profits on a rising scale, while the banks,
under the Federal Reserve System, were getting less intrest
on their money and paying greater expense. While the
price of everything was going up, the price of money was
on the way down,and as money is the only commodity banks
have they were at a great disadvantage. The banks were
compelled to pay the maximum excess profits tax without an
opportunity to make excess profits. The same is true to-day,
though perhaps to a loss degree."
The problem of working out some plan of personal economics and household economy, which systematically followed will insure to every worker wise enough to follow it
a modest competence in his old age, is one which must be
faced in the near future, Mr. Knox asserted. "This may be
somewhat out of our province," he continued, "but I feel
that, over and above our interest in our own profession, a
plan such as suggested would be of great service to the
nation and well worth our serious consideration."
A plea for the perpetuation of the Federal Reserve System
substantially in its present basic form was coupled with one
for the removal of hampering limitations on national banks
Even those who would have it abolished admit freely that the soundness
of national bank circulation is unquestioned. It hak served our Government well in some of its trying periods and the retention of it, supplemented
by that now indispensable Federal Reserve currency, is a plan much more
appealing than one which would depend upon the latter alone. National
bank circulation belongs to national banks, and if we would preserve it
we must fight for It.
Meeting in Atlantic City of Opponents of Branch
Banking—State Bank Division of American Bankers
Association Reiterates Opposition to Branch
Banking.
opposed to branch banking,
bankers
of
meeting
At the
held in Atlantic City, at the Hotel Chalfonte, on Sunday
last (Sept. 27), the day before the opening of the sessions
of the American Bankers Association, it is stated that (we
quote from the New York "Journal of Commerce") that,
after a good deal of discussion the country bankers present
were induced to accept a general resolution unqualifiedly
endorsing the House form of the McFadden bill. They also
called for an organization in each State to work against
branch banking; and put the whole movement under direction of Mr. McKee. The McFadden Branch Banking bill,
as we note in another item of this issue, is to be re-introduced
at the coming session of Congress.
At the time it passed the House last January, Representative McFadden, in describing it, said in part:
This bill is much more of an anti-branch banking bill than a branch
banking bill. For example, it prohibits national banks from engaging in
State-wide branch banking in any State (Secs. 7 and 8); it prohibits a
national bank from engaging in country-wide branch banking in any State
(Secs. 7 and 8); it prohibits national and State member banks from establishing any branches in cities of less than 25.000 population (Secs.8 and ill;
it prohibits national banks from having any branches in any city located in
a State which Prohibits branch banking (Sec. 8); it prohibits a national
bank after consolidating with a State bank to continue in operation anY
branches which the State bank may have established outside of city limits
(Sec. 1); it prohibits a State bank upon converting into a national bank to
1640
THE CHRONICLE
retain in operation any branches which may have been established outside
of city limits (Sec. 7).
Section 9 of the bill was stricken out by the Senate Committee on Banking and Currency.
As to last Sunday's meeting of those opposed to branch
banking, we take the following account from the "Journal of
Commerce" of Sept. 28:
(VOL 121.
"Canada is dead when compared with the prosperity now prevailing in
the United States," he said. "It will stay dead as long as it remains in the
hands of the banking monopoly now prevailing there."
Canada has eleven central banks with more than 4,500 branches.
Referring to the failure of the McFadden-Pepper bill to obtain the recognition it should have had in the Senate, he said:
"Unless the bill is passed with Section 9 retained, you can say that monopoly is going to reign in the United States and that American independence
has gone out the door."
Banking interests opposed to branch banking and city bankers desirous
Referring to the likelihood of the branch banking issue
of legalizing local branches in municipalities joined hands to-day in opening
a campaign in behalf of the Mcfadden banking bill.
coming before the American Bankers Association at its
Criticism of Congress and of the Federal Reserve Board and particularly
of the Senate Banking Committee was freely used and a call was ordered sessions this week, the New York "Journal of Commerce,"
made for an organization in every State, designed to put pressure on Con- in its advices from Atlantic City Sept. 28 stated:
gress, to "educate" the newspapers, and to insist on support for the McOverhanding the whole meeting is an atmosphere of tension and conFadden bill. Among other things, according to leaders, it will be de- troversy. The banch
bank controversy and the attitude of the organizamanded of the Bankers Association that endorsement be again given to the tion toward the
Federal Reserve System are the two elements of most
anti-branch movement.
serious debate. This morning, it was the opinion of several influential
Controversy Runs High.
men that the private efforts of peacemakers had resulted in quieting the
Influential members of the American Bankers Association expressed most serious elements of friction, and that they might not crop out
again
regret on learning of the session and avowed a determination to prevent until another year.
the subject from coming up on the floor of the convention. There is a
The plan which the legislative committee had had of asking on the floor
very tense feeling to-night and controversy runs high.
for instructions whether to support the Senate or the House form of the
The campaign was planned at the Chalfonte Hotel, and soon after 2:30 McFadden bill—a project which would surely have precipitated a bitter
o'clock this afternoon a moderate representation, including members from debate—has been abandoned at the request of some of the managers.
many parts of the country, was present. Informal conversation preceded
Reserve System Under Fire.
and followed the main session and plans were laid for this week's activity
The notion of discussing the extension of Federal Reserve Bank charters
at the general sessions here. Not a few sharply took exception to past
has
also
been
largely shelved. An exceptionally capable committee has
attitude scf the American Bankers Association and vigorously protested
against the opinions and views of members of the Federal Reserve Board, been at work on a report regarding the condition of the Reserve banks
and has reached an agreement among its members. But the opinion is
while they rebuked members of Congress, and particularly of the Senate.
The session was called to order by Charles H. Segerstrom of California. strongly to the effect that the real endorsement of af avorable report on
head of the Independent Bankers' League, who'delivered a vigorous de- the Reserve System can be obtained only if Reserve membership is 'Tiede
nunciation of branch banking. In California, he said, the situation was al- conditional.
"When I came down here," said one of the best known bankers in New
ready most hazardous and monopoly powers had passed into the banking
hands of three or four major banking interests, which had built up over five York City to-day, "I was of the opinion that the country banks were
about
fifty-fifty on the Reserve System. I have changed my mind and
hundred branches, bludgeoning small banks into selling out to them. The
small banker both there and elsewhere was in danger and could not sustain I believe a vote of our country bank members would run 65 to 75% against
himself. It was necessary to secure indorsement of the McFadden bill with- the Reserve System. You can see what that puts us. We city bankers
out delay, and at the same time to force the Federal Reserve System to use want to see the Reserve System or something like it continued. But
its power against branch banking by refusing to admit banks with branches we have to reckon with the country banker and we believe the best thing
is to put the question on the shelf for the time being."
In the future.
Of course, this state of feeling was not to prevent the making of public
Gives Comptroller's Views.
statements of friendliness and approval for the Reserve System, and
Mr.Segerstrom called upon H.E. Collins. as representing the Comptroller
several speeches to-day contained remarks of that sort. But the opposition
of the Currency,and Mr. Collins delivered a message from the latter. "The
of feeling is there none the less, and in order to prevent some disagreeable
Comptroller," he said. "holds the same position now as in the beginning.
He has not changed his attitude and has not contemplated doing so. He denouement the leaders are to-night minded to try to defer the whole issue
to the future.
favors the House form of the McFadden bill. He does not favor splitting
McFadden Bill a Hot Pap%
the bill into two parts, is has been represented,so as to separate the branch
As for the coming winter, many brokers feel that they have taken hold
question from the other elements of the bill."
of
the
wrong
end of the hot poker. They wish they had never said anything
Mr. Collins then went on to analyze the bill. He said it was the most
drastic anti-branch banking measure ever put before Congress. It would go about the McFadden bill, and they want to be relieved of saying much
far toward making branch banking impossible, except in cities. It would further regarding it. The intense feeling on the subject both pro and
not let State banks with branches into the Reserve system. All this was con shown by Western bankers is remarkable. And the dissatisfaction
necessary for the sake of the national banking system. Concluding, he with the controlling committee of the association felt by many factions
reiterated the assurance that"the Comptroller's position remains as it was." is unmistakable. It may, unless checked, easily lead to the loss of not
H. S. McKee of Washington then described an organization of national a few influential members of the association.
bankers lately formed to support the McFadden bill and said he was conComptroller Criticised.
vinced that only by passing that measure could independent banking be
Whether Comptroller of the Currency McIntosh has not made a faux
protected.
pas of the worst sort in taking sides on the issue is a point sharply debated.
"The President favors the bill," said Mr. McKee. "Last winter he told There is the greatest
criticism of his action and dissatisfaction because
the leaders in Congress he wanted it adopted. Reports to the contrary of his supporting a
particular form of the measure. Many refuse to believe
are unfounded."
he has the sanction of the Administration for his policies, although others
Mr. McKee then urged the creation of a vigorous nation-wide organiza- assert that he is acting
in line with the President's wishes.
tion of State bankers to aid him in his campaign for the McFadden bill.
Controversy both as to Federal Reserve and branch banking problems
.T. S. Duncan of Davenport, Iowa, asked for the passage of the bill and runs very high.
told the convention the small banks of his State were a unit for it. They
The State Bank Division was apparently the only body
particularly like the large powers of lending on real estate which the bill
conveys. This large power was needed by national banks in competing to record itself on the branch banking issue. It adopted
with State banks.
a short resoution on Oct. 1, stating:
Hinsch Scores Glass.
We reiterate our oft-stated opposition to any system of branch banking
Charles A. Rinsch, President of the Fifth-Third National Bank of Cin- in this country.
cinnati, described his own efforts on behalf of the bill and discussed the
legislative situation. It was easy enough,said he, to get the McFadden bill
State Bank Associations Plan Organization of
through the House of Representatives, and would be again, but in the Senate the case was different. There, he said, Senator Glass, "whose name
Attorneys To Co-Operate with A. B. A.
had been attached to the Federal Reserve Act, is opposed because he thinks
Preliminary steps looking to an organization of attorneys
that nothing should be done to that Act if it does not bear the stamp of his
approval." Mr. Rinsch also told the bankers that "Vice-Governor Platt of State bank associations were taken in a conference held
of the Federal Reserve Board and two other members of the Board have at Atlantic City on Sept. 29. The following
resolution was
influenced Glass to take the position he does and it is by that means that the
unanimously adopted:
present situation has been created."
That this conference approves the organization of attorneys of State
Mr. Hinsch urged the McFadden bill, but thought that branch banking
should be permitted on a county basis, or in "territory contiguous to cities bank associations to co-operate with the general counsel of the American
where it is needed." One such place was Cincinnati. In fact, if this could Bankers Association and that temporary organization be perfected here
not be provided within a short time. Mr. Hinsch said he would withdraw by the election of a Chairman and Vice-Chairman and Secretary for the
purpose of carrying on the work of this conference and to extend the scope
his bank from the national system and consolidate with a State bank.
Andrew J. Frame of Waukesha. Wis., made a violent attack on branch of the organization by bringing others in. The matter of meeting and
banking and described Canada as practically dead owing to unrestrained affiliation with the American Bankers Association to be left for determinabranch banking. American prosperity was due to the absence of branch tion as the organization shall have developed.
banking, at least in large part, he declared.
In accordance with the resolution, Thos. G. McClellan
Mr. Hinsch then took the floor and asked for the strongest pressure on
of
Birmingham, general counsel of the Alabama State
the members of the Senate Banking and Currency Committee. He had
been appalled, he said, by the ignorance of banking in the committee, in- Bankers' Association, was appointed Chairman; Earl C.
timating that in times past he had found that through local pressure a mem- Mill of Des Moines, attorney for the Iowa State
Bankers'
ber of Congress could be made to vote in any desired way. and he told how
Association, Vice-Chairman; and James E. Hengts, attorney
he had forced the late Senator Shafroth not only to change his vote on the
Clayton Act, but to deliver a speech in opposition to his own original views for Ohio Bankers' Association, Secretary.
by working on him through the Denver Clearing House. Similar tactics,
if used now, would bring like results, he said.
Opening of
'According to the Philadelphia "Ledger," Mr. Frame
offered a resolution for the appointment of a committee to
work with one authorized at a meeting of bankers in Washington several weeks ago to seek the passage of the McFadden-Pepper bill at the next session of Congress. It was stipulated that this committee should work for the passage of the
bill as a whole, including the corporate city limit branch
bank section. The same paper stated:
Mr. Frame cited Canada as an example of the results of the branch banking evil, as hef(ermed it.
New York Cocoa Exchange.
The newly organized New York Cocoa Exchange, the
formation of which was referred to in these columns August
8 (page 669) was formally brought into operation on Oct. 1.
The Exchange is located at 124-126 Water Street this city.
William Bayne,Jr.,for three terms President of the Coffee
and Sugar Exchange, addressed the members of the Cocoa
Exchange with its opening, speaking on the safeguards and
benefits that a properly conducted Exchange offers to the
producers, manufacturers and operators in an important
OCT. 3 1925.]
THE CIRRONTCLE
commodity. Addresses were also delivered by L. Witkin,
President of the Coca Exchange; E. A. Canalizo, President
of the New York Cocoa Clearing Association, and Carl
Stoffregen, President of the Coffee and Sugar Exchange,
Ralph Dawson, Vice-President of the Guaranty Trust Co.
and Thomas Hale, Secretary of the New York Cotton
Exchange.
A bag of cocoa donated by F. J. Ryan of Wood & Selick,
Inc., was auctioned from the rostrum of the exchange, the
proceeds, 81,025, going to the Broad Street Hospital.
The following regarding the opening is from the New
York "Journal of Commerce" of yesterday (Oct. 2).
Over $266,000 worth of cocoa changed hands within the first few minutes
of trading on New York's new commodity mart—the New York Cocoa
Exchange—which opened its doors for the first time yesterday.
All told, seventy-six lots were traded in on call, each lot representing a
total of 30.000 pounds, of the value of about $3,500 each. The three
standard grades with which the exchange concerns itself are the main Accra
crop, Bahias and San Thome, but practically all other grades are deliverable
on exchange at variations in prices, some being at premiums and additions
and others at deductions from the contract price provided in the by-laws.
The Opening Exercises.
The exchange floor was crowded to capacity at the hour of opening, probably 200 or more being present, when 60 or 75 are the expected normal
attendance on call. Everyone was out to give the new trading mart a good
send-off.
President Witkin called to order and pointed out the magnitude of the
cocoa industry which had led to the stablishment of this first of all cocoa
exchanges in the world and the tacit recognition of New York as the world
trading center.
Since 1913, he said, the world production of cocoa had grown from
3,500.000 bags to 7.500.000, while America's takings had more than dounle
from 800,000 or 900,000 bags to more than 2,500,000 last year; fully
of which enters through New York. The fact that out of the 70 firms90%.
now
in the exchange 15 are located abroad, is evidence of recognized
leadership
for this market. Hence the importance of this new exchange
for the world
of cocoa.
1641
people, according to Judge John W. Haussermann, VicePresident of the American Chamber of Commerce of the
Philippine Islands and Chairman of the Chamber's United
States Mission. Judge Haussermann, who led the session
on the Philippines at the National Foreign Trade Convention
In Seattle, was attracted on arriving in New York by a report issued last month by the United States Department of
Commerce, estimating that 1,500,000 acres are available for
the growth of rubber in the Philippines, on the scale of
70,000 tons production annually. "This is an extremely conservative report," says Judge Haussermann, "and is based,
because of the limited labor supply, on production as worked
over only 500,000 acres, or one-third of the acres available."
He added:
On this basis, however, the surveyed lands of proved rubber production
alone can eventually produce 210,000 tons annually, or more than twothirds of America's present imports in crude rubber.
Since the report was issued on Aug. 10, Director of Forestry Arthur F.
Fisher of Manila has been quoted in news dispatches as characterizing the
Federal estimate as too low, and George P. Ahern, former Philippine
Director of Forestry, now in Washington, has declared that the Islands
contain as many as 7,000,000 aces of rubber land. Rubber manufacturers
who have investigated the possibilities of the Philippines on their own
account also incline to the higher estimate, and an official of one of the
largest rubber companies has himself assured me that private investigation
by experts had convinced him that the Island of Mindanao alone contains
3,000,000 acres of rubber land.
As a matter of fact, the American Chamber of Commerce in the Philippines is now convinced that the Islands can grow all the rubber needed by
the United States.
It is therefore clear that the remedy for the present situation, by which
we have to import a very large part of our consumption of over 300,000,000
tons of crude rubber from territory under British control, is not a criticism of the acts of Great Britain, but the actual production of rubber
under our own flag.
The principal beneficiaries of the development of the rubber growing
industry in the Philippines would be the Filipino people, as it would
mean a new source of revenue to them and the opportunity for the cultivation of a new crop for a worldwide market. The small grower would
benefit by the world demand to the same extent as the large grower.
This subject was thoroughly thrashed out at the National Foreign Trade
Convention at Seattle, to which both American and Filipino business organizations sent speakers and it represents a magnificent opportunity
American capital ought not to let slip by.
National Foreign Trade Council to Meet Next Year at
Charleston, S. C.—First Time Since Organization
That Meeting Has Been Held at South
Atlantic Port.
The thirteenth National Foreign Trade Convention will
be held at Charleston, S. C., April 28, 29, 30 1926, according
to 0. K. Davis, Secretary of the National Foreign Trade Creation by Mr. and Mrs. Felix M. Warburg of Fund
Council, whose announcement on Sept. 25 says:
for Training of Scholars, Ministers and
Next year's convention will be held for the first time since our organizaTeachers of Jewish Faith.
tion in 1914 in a South Atlantic port. It will afford an opportunity
to
Through the agency of The New York Community Trust,
focus attention on the foreign trade and industrial development which is so
rapidly going forward in the New South. Americans have been much in- Mr. and Mrs. Felix M. Warburg have created a fund of
terested to learn quite recently that the State of South Carolina is to-day $500,000 to be known as the "Moritz
and Charlotte Warburg
consuming more cotton than it is producing. The reason is not the falling
Memorial Fund for the Training of Scholars, Ministers and
off of cotton production but the immense increase of cotton manufacturing,
which is reflected throughout the South, and together with a remarkable Teachers of the Jewish Faith." This gift constitutes the
impetus in industrial development has brought a noteworthy and progres- fulfillment of the recently announced intention of Mr. and
Mrs. Warburg to increase to a total of $500,000 the sum of
sive momentum to the South Atlantic ports.
Foreign trade representatives from every section of the country will $100,000 previously promised by them, primarily for the
gather at Charleston to take concrete action looking to the development of support of the University of Jerusalem.
The agreement
Atlantic and South Atlantic trade with Central and South America, with establishing the memorial
authorized the use of some or all
Europe, and the Far East. The fact that it is three South Atlantic ports,
income
of
supporting
its
in
the newly established Institute of
Charleston, Savannah and Jacksonville, now the fifteenth, sixteenth and
seventeenth, respectively, in tonnage of imports into the United States, Jewish Studies at the University of Jerusalem in Palestine.
A
statement
issued by Ralph Hayes,. Director of the New
which have shown the most concerted development in American foreign
trade in recent years was one of the vital reasons for choosing Charleston York Community Trust, says:
as the next meeting place of America's principal convention on the business
of foreign trade.
The development of new trade routes out of and into the United States
has become of outstanding interest to foreign traders since parity rates to
the United Kingdom and Europe have been given to the South Atlantic
ports in high seas transportation and since domestic railroad rates have
been revised favorably to this section by the Inter-State Commerce Commission. With Philadelphia bent on marking sesqui-centennial year with
a much enlarged effort for high seas trade, a keen foreign trade activity
is also notable all the way from Baltimore to Key West, round the Gulf
ports and up the Mississippi to St. Louis, and the convention will provide
a meeting point for a profoundly interesting survey of the movement of
our international business.
Although Charleston claims the oldest Chamber of Commerce in the
United States, the terminal of the oldest railway, the oldest museum, the
oldest formal gardens, and the South's oldest daily newspaper, yet it hae
spent $11,000,000 on modern port terminals alone, it has built two new
modern hotels, possesses to-day the only first class Navy yard between
Hampton Roads and San Francisco, has developed within the latest recorded fiscal year from 34th to 24th place in gross tonnage of foreign trade
among American ports, and has become a strategic port of thoroughly
Up-to-date interest to American business men who are following closely the
trends of our foreign trade.
The new progressive South is waking up to foreign trade, and our gathering is sure to reflect very broadly the interest of the rest of the country
in this trend, most especially throughout the Middle West, which is particularly concerned now with new shipping points and is itself in the midst of
a great foreign trade development. We expect to have one of the most
interesting and profitable conventions in our history at Charleston.
If that disposition of income should become impossible or inexpedient,
the proceeds of the fund may be diverted to students and teachers at other
institutions of Jewish higher learning, particular reference being made to the
Jewish Theological Seminary of America in New York and the Hebrew
Union College in Cincinnati.
The principal of the endowment is placed in the custody of the 'United
States Mortgage and Trust Company,one of the trustees of the Cummunity
Trust. The appropriations of income will be made periodically by the
Community Trust's Distribution Committee consisting of: John G. Agar,
Mrs. August Belmont, Homer Folks. Ernest Iselin, Dr. Walter B. James,
Clarence H. Kelsey, James H. Post, Felix M. Warburg, Judge Henry G.
Ward. and Thomas Williams.
To assist the Distribution Committee, an Advisory Committee is constituted, composed of Mr. and Mrs. Warburg, Professor Cyrus Adler of
New York and Dr. Judah L. Magnes of Jerusalem.
As in the case of all gifts administered through the Community Trust,
the trust's Distribution Committee is given broad powers to utilize the
income of the fund "for such public educational, charitable and benevolent
uses and purposes as will most effectively assist and promote the well being
of mankind." and thereafter the donors state their desires as to the specific
means of accomplishing those objects. By this method the danger of the
fund's becoming antiquated is avoided. If the discontinuance of institutions or other reasons should make the execution of a particular purpose
impracticable, the Distribution Committee will exercise its discretion in
Carrying out the general intentions of the founders.
The present gift of Mr. and Mrs. Warburg follows another
benefaction of $500,000 established last November through
the Community Trust by Mrs. Warburg in memory of her
father, the late Jacob H. Schiff. That fund is being applied
in support of the Visiting Nurse Service, whose 248 nurses
The Philippines as a Source for Our Rubber Supply— provide bedside care for those who are ill in their homes,
regardless of race, creed, or financial standing.
Prospects Viewed by Judge John W. Haussermann,
Vice-President, American Chamber of
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Commerce of the Philippines.
The Now York Stock Exchange membership of the late
The Philippine Islands can grow all the rubber needed by
the United States and can save the American tire user and William H. Goadby was reported posted for transfer this
other rubber consumers a large amount of their rubber costs, week to Milton Well, the consideration being stated as
as well as provide a substantial revenue to the Philippine 8120,000. The last previous sale was at $119,000.
1642
THE CHRONICLE
&
Plans are being considered for the merger of the Coal
Trust
tional
Interna
y
Fidelit
the
with
Bank
al
Iron Nation
r,
Co., both of this city, according to Samuel S. Conove
y
President of the Fidelity International Trust. The Fidelit
a
and
000
$2,000,
of
a
capital
has
Co.
International Trust
00,
surplus of $1,500,000 and undivided profits of $600,0
ed
undivid
and
surplus
,
a
has
capital
Iron
&
Coal
while the
ively.
respect
0,
$500,00
and
000
profits of $1,500,000, $1,000,
the
Although Mr. Conover and Mr. Potter, President of
no
plans,
ed
discuss
have
l
Bank,
Nationa
Coal & Iron
of
formal action has been taken as yet by the boards
tion.
institu
of
either
rs
directo
the
At a regular meeting of the board of directors of
1
Oct.
on
York
New
of
Seaboard National Bank of the City
.
Russell J. Sharpe was appointed Assistant Trust Officer
York
Major John Hill Prentice, a member of the New
city,
this
of
Co.,
&
Dodge
Clark,
Stock Exchange firm of
graduating
died on Oct. 1. He was 51 years old. After
started as
from Columbia College in 1897, Major Prentice
becoming
later
Co.,
&
a clerk in the offices of Strong, Sturgis
and after
e
Prentic
&
Choate
Potter,
of
firm
the
in
a partner
partner.
a
as
Co.
&
Dodge
Clark,
of
the war joined the firm
was a noted
He was a veteran of the Argonne Forest and
of the late
hunter, being the African hunting companion
Co.
&
Henry P. Davison of J. P. Morgan
[Vol, 121.
tively,lby the issuance of/10,000-new shares of the par value
of $100 per share at $200 each. The shareholders also
approved an increase in the number of directors from 43 to
50 to enable some of the directors of the National Union
Bank to join the directorate. The business of the National
Union Bank has already been transferred to the State Street
Trust Co., according to an announcement which appeared
in the Boston "Transcript" of Sept. 23. The proposed
purchase of the National Union Bank by the State Street
Trust Co. was referred to in these columns in our issue of
Sept. 12, last.
The respective stockholders of the First National Bank
of Philadelphia and the Centennial National Bank of that
city at special meetings on Sept. 30, unanimously approved
details of the proposed consolidation of the institution
(referred to in the "Chronicle" of June 19, 1925 page 2150)
and the union became effective the following day, Oct. 1.
The former offices of the Centennial National Bank at
32d and Market streets are continued as the Centennial
branch of the enlarged bank, making three branch offices
in all, covering the very heart of Philadelphia's business
and financial districts. The main office of the First National
Bank of Philadelphia is at 315 Chestnut St. The officers
of the enlarged bank are as follows: Livingston E. Jones,
President; Harry J. Haas, Edward M. Malpass (former
President of the Centennial National Bank), Thomas W.
Andrew and Charles H. James, Vice-Presidents; Carl H.
Chaffee, Cashier, and Howard D. Sordon, Irwin Fisher,
R.E.Aldrich, T.Scott Root and Alfred W.Wright, Assistant
Cashiers. The First National Bank of Philadelphia was
the first bank to be chartered under the National Bank
Act. It was founded in 1863.
New York
Through the issuance of additional stock the
over $24,now
are
funds
capital
Title & Mortgage Co.'s
lders at
000,000. The issue, which was offered to stockho
000
$2,500,
s
proceed
the
Of
up.
taken
y
entirel
365, was
$6,500,000
went to increase the capital to $10,000,000 and
at 435-445.
was added to surplus. The stock is quoted
for further
plans
and
y
compan
the
of
s
Frank M. Howard, a director and one of the founders of
The growing busines
ng to Presi- the Peninsular State Bank of Detroit, died on Sept. 12 at
extension of activities were the reasons, accordi
e advisable. the age of eighty-five years. Before assisting in the organident Harry A. Koller, which made this increas
ed in zation of the Peninsular State Bank in 1855, Mr. Howard
appear
capital
the
e
increas
to
Reference to the plans
page 945.
22,
Aug.
and
293,
page
18,
July
of
had been connected with the First National Bank and the
issues
our
Ann Arbor, Mich.
nt of State Savings Bank, both of
Charles H. Ingalls, organizer and formerly Preside
St. George,
the First National Bank of Staten Island, at
Consolidation of the First National Bank of Chattanooga,
old. Mr.
died on Sept. 28. He was eighty-two years
and the First Trust & Savings Bank of that city
and held the Tenn.,
Ingalls organized the First National in 1886
ted
institutions, it is understood) under the name of
(affilia
1 1896, when
position of Cashier and Vice-President to Jan.
former
institution, was reported in a press dispatch from
the
1905 when the
he became President, a post he held until
on
Sept. 30, printed in the New York "Times" of
place
that
of this
bank was purchased by the Corn Exchange Bank
ed capital, surpus and undivided profits
The
1.
combin
Oct.
the latter, Mr.
500, it is understood.
$2,762,
is
city, and it thereupon became a branch of
y until of the new bank
Ingalls being made manager. He acted in this capacit
He was a
1911 when ill health caused his retirement.
four years; THE WEEK ON THE NEW YORK STOCK EXCHANGE.
member of the Board of Education of this city for
and Presiyears,
many
for
boards
The speculation for higher prices made furtherrprogress
member of local school
to Children. this week, though in the early part price movements were
dent of the Society for Prevention of Cruelty
Building & somewhat confused, with wide, and in some cases violent
He likewise served as President of North Shore
improve- fluctuations in the most active issues. Speculation centred
for
matters
all
in
active
Loan Association, and was
Island.
Staten
largely in motor stocks and rubber shares, the latter coming
on
ons
conditi
of
ment
y forward toward the last of the week. The specialties
r of the strongl
James Dunn Jr., Vice-President and Manage
ed
sensationally on Wednesday in one of the most
advanc
Co., Cleveland,
s since early summer, and yesterday the
income tax department of the Union Trust
market
active
' stay in Europe.
months
two
a
from
24
Sept.
on
d
returne
transactions reached nearly 2,500,000 shares. In the brief
tax conditions
While in England Mr. Dunn investigated
on Saturday, Chrysler led the upswing with 6 points
session
will report his
to a now high at 176, though it receded two points
there on behalf of our Government, and he
e
immediately advanc
hour. Motor shares and specialties were strong
findings to the committee next month. He left
final
the
in
Special Taxation
but most of the issues in the general list were
for Atlantic City to attend the session of the
y
Monda
on
tion, in convenAssocia
s
Banker
an
Americ
the
of
the greater part of the day. Hudson Motors
tee
during
Commit
irregular
tion there the present week.
made a gain of 83 points to 90. Rialroad stocks improved
es being recorded by
y a in the last hour, substantial advanc
At the age of forty-nine, Charles A. Hatch, formerl
Island. Violent movements in
Rock
and
Haven
New
William
of
firm
member of the New York Stock Exchange
features of the early trading
in the specialties were the noteworthy
Beekman & Co., died of heart disease on Sept. 23
of new highs were scored
number
large
a
y
and
Conn., of on Tuesda
office of the Stamford Water Co. of Stamford,
many of the stocks lost their morning
though
,
midday
before
Manl
Genera
which he was President. Mr. Hatch became
n toward the close of the day.
death of his gains in the downward reactio
ager of the Stamford Water Co. upon the
from 159M to 147, though it recovered
broke
Edison
Detroit
Vice-Presimade
brother Edward in 1920 and in 1921 was
Numerous new high records
as Presi- part of the loss later in the day.
dent, later succeeding his father (Albert J. Hatch)
Goodrich leading the adday,
Wednes
on
shed
the Stamford were establi
dent of the company. He was a director of
points followed by Fisk Rubber,
two
of
gain
net
a
with
vance
rd.
Stamfo
Trust Co. and the Citizens Savings Bank, both of
com. and pref. and Railway Steel Springs. Motor shares
were weak, Chrysler breaking sharply more than five points
a
at
Boston
of
Co.
Trust
Street
Shareholders of the State
1823, General Motors yielding 13i points and Moon
e
to
purchas
ed
special meeting on Sept. 25 ratified the propos
receding fractionally. The market continued unMotors
recommended by
of the National Union Bank of Boston as
Wednesday, an avalanche of selling shortly after
on
settled
the
of
lders
shareho
the
the directors, at a price that will net
g sending prices sharply downward, though the
openin
g
the
same meetin
latter institution $267.50 a share. At the
stronger at the close. Under the leadership
was
much
tone
capital
the
in
e
d
increas
propose
the
consent was given to
and industrial stocks the market again
shares
motor
the
of
000
$2,000,
Co. from
and surplus of the StatelStreet Trust
ay. Rubber stocks were unusually
Thursd
on
upward
0,000, respec- moved
to $3,000,000 and from $2,500,000,t4$3,50
1613
TRE CHRONTCLE
Ocr. 31925.]
class
Rubber ing finally to 73. Remington Noiseless Typewriter,
prominent in the day's transactions, United States
finally
sold
and
50
to
reacted
56,
to
45
ed
from
d by "A," improv
moving forward five points and crossing 69, followe
Securities
of which at 51. Among public utilities, Lehigh Power
B. F. Goodrich, Fisk Tiro, and Lee Rubber, all
Miss150.
at
finally
sold
and
to
points
123%
1533%
shares were gained
e
were in brisk demand at improving prices. Oil
advanc
an
for
uous
conspic
was
corn.
und with issippi River Power
actively bought, Marland corning into the foregro
sold up some 14
Power
States
rn
Northe
97.
to
from
similar
a
703%
an advance of one point and Pan American scored
4. United
8 points. points to 131, the close to-day being at 1303
gain. Railway Steel Springs spurted forward nearly
advanced from 144 to 158 and
"A,"
class
Power,
&
Light
motor
the
of
feature
Dodge Bros. A was the outstanding
gained over
le earnings ends the week at 1573%.• Western Power corn.
group and following the announcement of favorab
Engineers
79.
at
to-day
d
and
finishe
session six points to 803%
and prospects, moved briskly upward and closed the
section by a slump
mining
the
on
in
sensati
a
d
finishe
in
also
Gold
was
with a net gain of 4 points. Chrysler Motors
y from 553% to 163%, the close to-day being at 203%.
strong demand at increasing prices. Speculative activit
the
A complete record of Curb Market transactions for
day's
the
,
Friday
on
centred around the industrial stocks
1666.
page
on
found
be
will
t
week
heavies
transactions reaching a total of 2,403,400 shares, the
YORK CURB MARKET.
States
DAILY TRANSACTIONS AT THE NEW
volume of trading during the current year. United
3
e
of
1
advanc
%
BONDS (Par Value).
STOCKS (No. Shares).
Steel common led the upward spurt with an
an
Mining. Domestic. Poen Coot.
Oil.
points and substantial gains were scored by Americ
2.
Oct.
Ended
Week
Smelting.
Telephone, United States Rubber, and American
52,700 8365.000 $101.000
36,545
272,120
nt. Saturday
moveme
93.000
upward
749,000
able
42,400
remark
69,590
their
ed
222,010
continu
shares
Motor
Monday
115,000
62,300 1382,000
108,770
258,885
l Motors, Tuesday
60.000
998,00C
86,070
85.880
350,019
The strong stocks included Mack Trucks, Genera
Y
Wednesda
90,000
69.940 1,209,000
73,980
issues Thursday
275,835
94.000
693,000
Pierce-Arrow, Studebaker, and Chrysler. Rubber
14.000
145,340
310,573
for Friday
top
a
new
g
reachin
Rubber
Fisk
ent,
promin
were again
35.196,000 8553.000
327.410
520,105
1
1,689,442'
Total
4 and United States Rubber crossed 69 at its
the year at 283
hour.
high for the day, though it fell off a point in the final
CABLE.
for
ENGLISH FINANCIAL MARKETS-PER
Oil stocks improved, Marland reaching new high ground
Fleisch
London,
303%.
at
to
&c.,
ing
es,
advanc
tinent
1925 at 483% and Midcon
The daily closing quotations for securiti
mann forged ahead nearly 6 points to a record high at 134, as reported by cable, have been as follows the past week:
Mon. Tues., Wed., Thurs., Fri..
Sat.,
London,
General Electric advanced 2 points to 306 and Texas Gulf
Sept. 29. Sept. 30. Oct. 1. Oct. 2.
Sept.28.
26.
Sept.
2Oa.
was
45%
tone
final
Ending
The
Week
115.
points to
Sulphur shot upward
32 13-16 32 15-16 323(
32%
323
d 335
Sliver, per oz
84.113i 84.1l5 84.11% 84.11% 84.11% 84.115
strong.
Gold, per fine ounce
EXCHANGE.
TRANSACTIONS AT THE NEW YORK STOCK
DAILY, WEEKLY AND YEARLY.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
83,024,000
6.248.000
7.075,000
7,120.500
8.111.500
8,411.000
$2.705,500
1,798,500
2,959,500
2.168,000
2,692,500
3,304,000
$254.000
1.227,500
1.351,450
973.300
1.384,700
749,000
10.095,460
$39,990,000
315.628,000
$5.939.950
1925.
Stocks-No. shares-Bonds.
Government bonds- _
State At foreign bonds_
Railroad de misc. bonds
United
States
Bonds.
694,074
1,526.489
1,872.465
1,789,733
1.809,299
2.403.400
Jan. 1 to Oct. 2.
Week Ended Oct. 2.
Sales at
New York Stock
Exchange.
Total bonds
State,
Municipal &
Foreign Bonds.
Railroad,
cto.
Bonds.
Stocks,
Number of
Shares.
Week Ended Oct. 2.
1924.
1924.
1925.
10,095,460
4,662.456
305,078,223
181,232.416
$5,939,950
15.628,000
39,990,000
89,027.050
11.236.000
45.718,000
$276,037,260
532.571,500
2.395,833,775
$731,885,630
370,977.000
1,668,677,100
$61,557.950 $65,981,050 83.204,442,535 $2,771,539,730
BOSTON, PHILADELPHIA AND
DAILY TRANSACTIONS AT THE
BALTIMORE EXCHANGES.
Boston.
Week Ending
Oct. 2 1925.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
Philadelphia.
Consols, 25 per cents..........
British 5 per cents
British 4% per cents
French rentes (in Paris)_ Jr_
_
French War Loan(in Paris)fr.
55%
102
96%
49.45
58.70
Silver in N. Y., per oz.(eta.):
71%
Foreign
713t
8245,650
206,072
8208,600
55%
1025d
96%
48.40
58.10
553i
1023
96%
47.50
58.10
70%
71
715,i
701
COURSE OF BANK CLEARINGS.
a satisBank clearings for the present week again show
Preliminary
factory increase as compared with a year ago.
phic advices from
figures compiled by us, based upon telegra
e that for the week
the chief cities of the country, indicat
ges for all the
ending today (Saturday, Oct. 3) bank exchan
e to obtain
is
possibl
it
which
from
States
cities of the United
than in the corweekly returns will aggregate 16.6% more
,150,responding week last year. The total stands at $11,081
week in 1924. At
727, against $9,506,845,302 for the same
five days of 16.1%.
this centre there is an increase for the
is as follows:
week
the
for
ry
Our comparative summa
Bail more.
24,483
8231.700
THE CURB MARKET.
Prices on the Curb Market this week moved alternately
up and down, with the close showing decided strength.
Oil shares were
Trading was also active as the week closed.
strong features. Vacuum Oil was conspicuous for an
n
advance of over 103% points to 993%, with a final reactio
to 98. Humble Oil & Refining after early loss from 633% to
593%, sold up to 673% and closed to-day at 663%. Magnolia
Petroleum advanced from 1363/i to 1503%. Prairie Oil &
5
4 and ends
Gas dropped from 493% to 45%,recovered to 503
up from
cky)
sold
(Kentu
Oil
rd
Standa
the week at 503%.
133 to 1363% and at 136% finally. Gulf Oil Corp. ranged
between 73% and 743% during the week and to-day jumped
to 78, finishing at 763'. Among industrials a feature was
the slump in Southern Dairies, class "A" stock dropping
4 to 19. Partial
from 473% to 30 and "B" stock from 303
recovery was made, the former closing to-day at 36 and the
latter at 223%. Continental Baking, class "A," was also
weak, moving down from 1393% to 134, the close to-day
being at 1343%. Class "B" stock sold up from 333% to 37
and finished to-day at 363%. David Grimes Radio dropped
4. Kelvinator was
from 17 to 8 and recovered finally to 113
4 but ran up to 523% and closed to-day
off from 483% to 488
at 50. Land Co. of Florida sold down from 77 to 60,recover-
55%
IO2)
96%
47.95
57.35
has been
The price of silver in New York on the same days
Bond Sales.
Shares. Bond Sales. Shares, Bond Sales. Shares.
$13,000
1,732
$12,500
9,038
$17,000
19,134
23,000
3,068
26,300
16,105
22,000
37.116
19,900
2,840
54,500
16,315
36,000
36,727
47,000
2,496
55,200
12.307
89,000
42,012
24.600
2,634
40,400
14.919
27,500
39,556
44,000
3,614
30,000
37,780
14,000
32,641
8171,500
16.384
8218.900
207,186 $205,500 106,464
255.733
555
102
965
48.50
57
Clearings-Returns by Telegraph.
Week Ended October 2.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1925.
1924.
Per
Cent,
$5,389,000,000 $4,638.473,910
537,735,297
634,386,094
453.000.000
508,000,000
328.000,000
394,000,000
120,000.000
•140,000,000
125.900.000
145,000,000
147,500,000
00
162,518,0
120.000,000
132,357,000
136,344,458
156,349,104
107,995,807
145.612,838
102,625,070
104,575,566
90.725,875
15
103,606,0
68.152,778
72.980,111
+16.1
+18.0
+12.1
+20.1
+16.7
+15.2
+10.2
+10.2
+14.7
+34.8
+1.9
+14.2
+7.1
Thirteen cities, 5 days
Other cities, 5 days
88,088,384,728
1,145,907,545
86.976,453395
945,917,890
+15.9
+21.1
Total all cities, 5 days
All cities, 1 day
9,234.292,273
1,846,858,454
7.922,371.085
1,584,474,217
+16.6
+16.6
081 150.727
89.506.845.302
+16.6
Total all ettlea for week
4, Estimated.
811
by the
Complete and exact details for the week covered
cannot
We
week.
next
of
issue
our
in
appear
will
ng
foregoi
today
furnish them today, inasmuch as the week ends
le
(Saturday), and the Saturday figures will not be availab
day
last
the
above
the
in
ngly,
Accordi
today.
noon
until
of the week has in all cases had to be estimated.
we
In the elaborate detailed statement, however, which
te
comple
and
final
give
to
able
are
we
below,
present further
results for the previous week-the week ended Sept. 26. For
te
that week there is an increase of 11.9%, the 1925 aggrega
te
aggrega
1924
the
and
,
180,943
being
$9,162,
of the clearings
,189,380,029. Outside of New York City the increase is
15.6%, the bank exchanges at this centre recording a gain
of 8.8%. We group the cities now according to the Federal
it
Reserve districts in which they are located and from this
an
is
there
t
Distric
e
Reserv
the
Boston
in
that
appears
improvement of 5.6%, in the New York Reserve District
e
(including this city) of 9.0% and in the Philadelphia Reserv
1644
THE CHRONICLE
District of 15.4%. In the Cleveland Reserve District the
totals are larger by 12.6%,in the Richmond Reserve District
by.17.7% and in the Atlanta Reserve District (chiefly by
reason of the gain at Miami) by 50.8%. The Chicago
Reserve District shows a gain of 12.3%,the St. Louis Reserve
District of 21.7% and the Minneapolis Reserve District of
3.2%. In the Kansas City Reserve District there is an
increase of 4.6%, in the Dallas Reserve District of 18.6%
and in the San Francisco Reserve District of 25.0%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Sept. 26 1925.
1925.
Federal Reserve Districts.
fat Boston
12 cities 443,677,192
2nd New York
11 - 5,034,776,187
3rd Philadelphia
591,073,602
10 4th Cleveland
8 "
387,198,538
5th Richmond
6 205,080,669
6th Atlanta
295,008,790
13 "
7th Chicago
942,047,766
20 "
8th St. LOIli21
234,296,688
8 "
Ilth Minneapolis
7 "
149,860,889
10th Kansas City
248,741,409
12 "
11th Dallas
5 "
96,166,967
12th San Francisco. 17 "
539,252,246
1924.
Inc.or
Dec.
1923.
1922.
[VOL 121.
Week Ending September 26.
Clearings a(
1925.
Seventh Fe er
Mich.-Adrian -Ann Arbor _ _ - Detroit
-_
Grand Rapt I5_
Lansing _ _ _ - Ind.-Ft. Wayne
Indianapolis_ - South Bend _ -Terre Haute_ -Wis.-Milwau ee
Iowa-Ced.RaP.
Des Moines_ -Sioux City_ - Waterloo __ -Ill.-131oomlngton
Chicago
Danville
_
Decatur _ _ _ - Peoria
.Rockford __ _ ._
Springfield - -
1924.
IOC. OT
Dec.
1923.
1922.
S
$
$
%
$
al Reserve D istrict-Chi Cag0194.779
191,472 +1.7
200,830
168,12
1,222,158
1,090,471 +11.6
857,012
710,44
182,074,283 155,706.700 +16.9 130,158,694 105,350,00,
8,713,277
6,444,479 +35.2
6.239.239
5367,671
6.539.691
2,137,324 +205.9
2,208,938
1,701,841
2,509,419
1,948,042 +28.8
2,168,575
2,412,401
16,172,000
17,570.000 -8.0
18.101,000
16.477,001
2,433,500
1,997,000 +21.8
1.962.000
1.925,02;
5325,391
5,302.908 +2.3
6.082,649
37,551,298
33,411,242 +12.4
33,197,385
27,646,30:
2,553,143
2.406,581 +6.1
2,369,664
1,860,261
10.054,808
9.905,885 +1.7
9,987.416
8,375,321
6.139,078
6,246.235 -1.7
5.890,277
5.604,05
1,389,208
1,552368 -10.5
1,549,028
1,438,571
1,492,247
1,336362 +11.6
1,334,000
1,116,511
646,410,125 581,437,374 +11.2 550,997,341 543.939,901
a
a
a
a
1,474,605
1,333,933 +10.5
1,316,223
1272,941
4,871,867
4,272,986 +14.0
4,236.458
3,685,558
2,462,075
2,152,721 +14.4
2,313.498
1.752,399
2,364,814
2,274,604 +3.9
2,364,031
2,014,218
420,031,620 +5.6 363,929,704 341,838,663
4,679,657,5243 +9.0 3,789,889,738 4,149,575,409
512,394,571 +15.4 481,583,441 464,436,031
343,788,453 +12.6 360,590,809 375,528,398
174,309,015 +17.7 174,168,723 164,931,866
Total(20 MU 8) 942,047,766 838,718,857 +12.3 783,534,238 732,717,573
192,266,838 +50.8 176,350,788 146,591,700
638,718,857 +12.3 783,534,238 732,717,573
Eighth Fede Is I Reserve Dis trict-St. La uls192,484,310 +21.7 60,920,591 66,023,102 Ind.-Evansvill
5,453,749
4,246.599 +28.4
4,882,775
4.372,588
145,205,656 +3. 125,109,946 122,998,390 Mo.-St. Louis e.
141,200,000 125.300,000 +12.7
237,868,560 +4.6 239,776,145 235,325,501 Ky.-Loulsville
30.012,104
31.511,132
26,496,655
-4.7
24,639,736
81,102,198 +18.6 71,083,901 66,943,507
Owensboro
279,452
313,159 -10.8
337,751
289,880
431,552,42.3 +25.0 472,101,993 387,568,276 Tenn.-MemphIs
34.866,308
17,102,639 +103.8
17,172,749
22,739,529
Ark.-Little Ro 1
20,798,458
12,378,185 +68.0
Grand total
10,419,750
12,493,548
129 cities 9,162,180,943 8,189,380,029 +11.9 7,099,040,017 7,254,476,416 Ill.-Jacksonvil
e
388,753
345,117 +12.6
Outside New York City
367.515
313.824
4,238,275,492 3,667,042,087 -F15.6 3,414,510,905 ,204,020,365
Quincy
1,297,864
1,287,479 +0.8
1.243,396
1,193,997
Canada
29 cities 318,207,901 339,673,996 -6.3 305,268,720 307,375,965
Total(8 cities - 234,296,688 192,484,310 +21.7
66,023,102
Ninth Feder II Reserve Dist rict-Minne spoils-60,920,591
We now add our detailed statement, showing last week's Minn.
-Duluth , d13,909,725
14.474,476 -4.0
10,749,435
8,766.673
figures for each city separately, for the four years:
Minneapolis_ 99,132,181
94,693,256 +4.7
73,359,229
74.997.000
St. Paul
29,245,104
29,164,417 +0.3
32.497,600
33.596.252
No. flak -Fan o
1,501,641
1,555,810 -3.5
2,016,679
2,098,781
Week Ending September 26.
S. D.-Aberdee 1.
1,594,206
1,554,959 +2.5
1,287,551
Clearings at1,143,310
Mont.-Billings _
760,664
600,341 +28.7
578,456
581.145
150. 03'
Helena
3,717,369
3,162,397 +17-5
2.983,225
1925.
3,453,000
1924.
Dec.
1923.
1922.
Total(7 cities)- 149,860,889 145,205,656 +3.2 125,109,948
122,998,390
Tenth Feder LI Reserve Die trim- Kane as CityFirst Federal Reserve Dist rIct-Boston
Neb.-Fremont.
.
d494,552
347,327 +42.3
Maine-Bangor__
320,171
592,695
292,810
729,309 --18.7
620.951
694,377
Hastings
494,855
538,363 -8.1
411,147
Portland
3,285,803
491,775
3,353,840 --2.1
3.688,768
3,433,623
Lincoln
3,999,988
3.360,132 +19.0
.3.000.000 3,962,637
Mass.-Boston
397.000.000 376,000,000 +5.5 321.000,000 302,000,000
Omaha
41,468,745
40,872.444 +1.4
35.476.774
Fall River_ _ _
2,071,184
40,273,641
1,658,774 +24.9
2,204,945
1,825,103 Kan.-Topeka._. e2,765,154
2,808,085 -1.6
2,393,959
a
Holyoke
a
2,585,580
a
a
Wichita
d7,135,785
6,840.698 +4.3
6,851,081
Lowell
869,122
9,567,912
949,728 88.5
1,211,321
1.180,939 Mo.-Kan. City- 134,065,729
129,355,551
+3.6 127,120,469 131,418,183
a
Lynn
a
a
a
a
St.
Joseph
d6,644,592
6,272,996
+5.9
6,709,281
1,167.304
New Bedford._
1,238,658 -5.8
1,294.698
1,176,319 Okla.-Okla.CitY d29,550,425
25.602,479 +15.4
19,930.625
Springfield _ _
5.366.912
5,002,517 +7.3
23,780.893
4,614,286
4.217,528
Tulsa
a
a
a
a
Worcester
3,224.826
a
3.328,978 -3.2
3,082,000
3,207.000 Colo.-Col.SpgsL.
1,074,780
1.016,545 +5.8
991.738
Conn.-Hartford
12,108,840
1,044,269
10,858,341 +11.5
9,026,524
7.883.433
Denver
19,874,950
20,057,332 -0.9
35,883.000
New Haven_._
21,235,494
6.087,187
5,994.618 +1.5
5.715,018
5,191.619
Pueblo
01,171,854
798,608 +47.1
687.900
R.I.-Providence
11,269,900
672,307
10,383,800 +11.6
10,915,000
10,432,600
N.11-Manches'r
633,419
533.059 +18.8
558,193
594.122
Total(12 cities) 248,741,409 237,868,560 +4.6 239.776,145 235,325,501
Eleventh
Fed
D
ral
Reserve
alias-D
District
Total(12 aides) 443,677,192 420,031,62C +5.6 363.929,704 341.836,683 Texas-Austin
2,101,530
1.935.858
2,304,823 -8.8
1.814.208
Dallas
59,736,790
49,121,061 +21.6
34.170.121
Second Feder al Reserve D Istrict-New York.
36.934,740
Fort worth... d14,478.068
14,214.690
13,517,140 +7.1
12,796,562
N. Y.-Albany._
4,924,252 • 5,179,439
4,779,280
3,889,608
Galveston_
.
12,773,700
15,759,254
11,103,930 +15.0
Binghamton.-10,818,010
816,200
794,000 +2.7
877.900
838,934
Houston
a
a
a
a •
a
Buffalo
d52,943,421
43,128.718 +22.8
43.411,159
37,371.729 La.-Shreveport .
7.076,881
5,003.978
5,055,244 +39.9
4,579.987
Elmira
920,743
677.010 +38.0
684,170
516.118
Jamestown_
c1,369,474
1,083,940 +26.3
989,145
1,108,743
Total
(5
cities)
96,166,967
81.102.198 +18.6
71,083,901
66,943,507
New York - _ 4,923,905,451 ,522,337,942 +8.8 3.684,529,112 4.050,456,051
Twelfth Fede r at Reserve D Istrict-San Franc! scoRochester
lu,169,1 9
10,055,450 +1.1
8,802,715
8,363,645 Wash.-Seattle .
74,252.242
38,714,522
38,582.403 +92.5
31,584,417
Syracuse
5,347,269
4,112.324 +30.0
4,688.147
3,721.345
Spokane
•
12,470,000
12,278,000
11,600.000 +7.5
9,733,000
Conn.-Stamford
2,915,447 +40.8
c4,108.153
3,047,811
2,400,522
Tacoma
•
a
• a
a
•
a
N. J.-Montclair
532,464
643.104 -17.2
517,787
454,315
Yakima
•
1.735,829
1,469,165 +7-5
1,559.378
1,225,100
Northern N. J.
29,741,651
28,730,154 +3.5
37,562,512
40,454,401 Ore -Portland.,•
37,394,391
39.681.556
37.050.853 +0.9
34,788,572
18,845,565
15,881,012
14,970,281 +25.9
12.848.152
Total(11 cities) 5,034,776,187 4.619,657,528 +9.0 3,789.889,738 4,149.575,409 Utah-S. L. Cit
Nev.-Reno
a
a
a
a
a
Ariz L-Phoenix..
a
a
a
a
a
Third Federal Reserve Dist rict-Philad elphla
Calif.-Fresno...
5.213,892
4,534.371
4.850,019 +7.5
5,995,000
Pa.-Altoona__ _ _
1,658,398
1,541,171 +7.6
1,614,439
1,213,135
Long
Beach_
.
6.248,107
5,871,235 +6.4
8.320,538
Bethlehem __
4,683.665
4,142,933 +27.8
5.280,111
5,605,333
3,146,083
Los Angeles_
153.486.000 123,782.000 +24.1 147,376.000 102,878,000
Chester
1.486,839
1,288,882 +15.5
1,558.668
909,038
Oakland
19,164,269
15,484,503
15.638,006 +22.5
14.579,138
Lancaster
2,434,482
2,540,843 -4.2
2,917,463
2,663,709
Pasadena
4.931,391
4,416,826
4,606,744 +7.0
3,454,592
Philadelphia_
560,000.000 485,000,000 +15.4 453,000,000 442,000,000
Sacramento
8,573,863
8,625,136 -0.6
7,718,003
7,456,458
Reading
3,487,310
2,758,273 +26.5
2,993,184
2,748,473
San Diego....
4,599.069
3.189,851 +44.2
3,027.215
3.000.000
Scranton
5314,061
5.633.578 -3.9
5.415,672
4,279,954
San Francisco. 182,891,527 153,300,000 +19.3 166,700.000 149,600,000
Wilkes-Barre_ _
d4.123,415
3,264,684 +26.4
3,191,091
2.515,860
San Jose
3,084,040
2,420,558
2.544,270 +21.2
2.528,998
1,735,927
York
1,732,528 +0.2
1,388,937
1,382,313
Santa Barbara_
1,023,386 +30.3
1.333,790
921,811
761,486
5.453,059
N.J.-Trenton...
4.507,679 +20.9
3,902,654
3.583.468
Santa
Monica_
1.929.571
1,658,194 +16.5
a
a
a
a
a
Stockton
c3,099 700
3,067,700
2,792.900 +10.9
2,451,700
Total(10 cities) 591.073,602 512,394.571 +15.4 481,583,441 464,436,031
Total(17cities) 539.252,246 431.552,423 +25.0 472,101.993 387.568,276
Grand total (129
Fourth Feder al Reserve D strict-Cle veiand
cities)
9,162,180,943 8,189,380,029 +11.9 7.099,040.017 7.254.476316
Ohio-Akron.- d7,103,000
8.758,000 -18.6
7,299.000
6.518.000 Outside N. Y._ 4
9213 97K en,,AA, neo ma, _1_ t x r 1 Ala gin nnx x 9ne n9n 'MK
Canton
2,004,647
4,253,432
4,197,774 -52.3
3.989,041
Cincinnati _
71.029,336
59.859,757 +18.7
61,045,752
60,072.799
Cleveland
Week Ended September 24.
114.078,633
97,686,278 +16.8 101.385,778
87,598,933
Clearings atColumbus
12,644.400 +3.6
13,106,200
11,549,300
12,912.200
Dayton
Inc. or
a
a
a
a
a
1925.
Lima
a
1923.
Dec.
1924.
a
a
a
a
1922.
Mansfield
d2,075,421
2,028,235
1,749,658 +18.6
1,393,182
CanadaSpringfield__ _
$
$
a
a
a
$
a
%
$
Montreal
87,580.133
99.257.096 -11.8
Toledo
92,448.360
a
a
a
a
88,200,700
Youngstown...
90,368,140 136.697.724 -33.9
5,264,976
4,382,626
95.441.394
3.905,522 +34 8
3,11
'
44,243 Toronto
90.762,327
Winnipeg
Pa -Erie
65,472,853
40,050.492 +83.5
48,584,938 . 62.567,049
a
a
a
a
17,379,349
14,252,632 +21.9
Pittsburgh
172.538,32.5 154,987,064 +11.3 168,648.686 *200,000,000 Vancouver
14,663,779
12,378,458
Ottawa
5,331,582 +6.2
5,662,798
5,503,900
5,635,491
Total(8 cities). 387,198.538 343.788,453 +12.6 360,590,809 375.528,398 Quebec
5,223.235
5,068.594 +3.1
6,483,866
5,070.171
Halifax
3,923,024
2.397.205 +63.6
2,460,991
2,611,591
Htunliton
Fifth Federal Reserve Dist riot - Rich mond
4,976,261
4,586,862 +8.5
5,710,941
5,455.791
W.Va.-Hunt'g'n
1,285,602
4,893,465
5,054.124 -3.2
1.445,211 -11.1
1,839,352
4.874.576
1.602,408 Calgary
4,862,577
Bt.
John
Norfolk
87,854,423
2.453.435
2,188,038 +13.2
6,344,103 +23.8
7,353.998
2,713.386
6,662,694
2387,773
Richmond
63,533,000
2,048.680
1,835,015 +16.4
53,640,000 +18.4
52,225,000
47,959.638 Victoria
1.835.853
1,901,044
e2,883,832
S.C.-Charleston
2,614,481
2,491,791 +4.9
2,753,049 -F 4.8
2,493,313
2,531,328
1,717.684 London
2,569,168
Md.-Baltimore_ 105,203,246
4,371,198
3.601,042 +20.0
88,711,652 +18.6
3,974.934
00,210,252
89,334,856 Edmonton
4.134,077
D.C.-Washing'n
24,320,568
6,177,671
3,249.844 +90.1
21,415,000 +13.6
20,047,808
17,654,586 Regina
3,730,922
3,808,935
Brandon
649,391
606,951 +6.9
658,559
685,390
524,270
Total(6 cities). 205,080,669 174,309,015 +17.7 174,168,723 184,931,888 Lethbridge
453,349 +13.2
710,534
725.381
3askatoon
1,794,049
1323,887 +25.9
1.892.903
1,810.567
Moose
Jaw
Sixth Federal Reserve Dist rict-Mien ta1,207,581
1,053,513 +14.6
1,146,603
1,350,782
Tenn.-ChatVga_
d8,493,310
6.197,080 +37.1
957,630
924,024 +3.6
5,851,252
952,304
535.010 Brantford
925,755
2.892.314
Knoxville
3,204.645 -9.7
1,073,419
1,148,911 -6.6
2,319,103 Fort William
2,656,850
1,027,054
813,586
21,546,942
Nashville
18,497,577 +16.4
733,048
629,833 +16.4
17,800,927 New Westminster
19,328,219
555,953
553,196
85.611,094
Ga.-Atlanta.._ _
54,390.095 +57.4
334.588
47,752,023 Medicine Hat...
298.283 +12.2
53,668,661
359.468
330,282
2,621,587
Augusta
2,063,856 +27.0
699,555
747.018 -6.3
2,936,523
1,899.698 Peterborough....
762.416
732,729
2,300,853
1.698,493
Macon
44.4
875,018
650.564 +34.5
1,375,287 Sherbrooke
1.521,670
753.923
690,656
Kitchener
a
Savannah
a
a
927,445
961,198 -3.6
a
a
834,886
861,759
Windsor
32,070,618
12.927,271 +148.1
3,493.193
8,323,911
2,740,710 +27.4
10367,451
2.813,126
3,599,764
Pi Ince Albert_ _
26.979,461
2,843.834 +848.7
Miami
275,260
259.710 +5.0
364,734
292,205
Moncton
Ma.-Birming'm
28,486.668
25,969,460 +9.6
1,046,025 -24.3
24.967,985
770,997
25,070,963
1,086.873
1,019,711
2,055,018
1,85C,858 +11.0
Mobile
1,837,449 {ingston
749,734
887.979 +8.9
1,670,653
598.416
559,050
1,977,986
1,571,000 +25.9
Miss -Jackson._
830,741
1,406,917
Total(29 cities) 318,207,901 339.673.996 -6.3 305.266.720
732.373
380,851 +92.3
Vicksburg
353,928
335,951
307,375,985
74,240,566
La.-NewOrle.ans
60,674.000 +22.4
38,595,638
51,737,678
a No longer report clearings. b Do not respond to requests for
figures. c Week
ended
Sept. 23. d Week ended Sept. 24. e Week ended Sept. 25.
* Estimated.
Total(13 cities) 290.008.790 192.266,838 +50.8 176.350,788 146.591.700 I No clearings, all banks
closed. g Not Included in total.
OCT. 3 1925.]
THE CHRONICLE
434
30
1834
100
450
13735
731
11534
106
934
41
180
38
8534
1534
2134
11734
104
5834
2234
5834
82
11454
2934
724
X
00gOVIM=.M00,00.
4.0.000
0.NNt..m..pwro
Ww00N
w
..
..
158
14334 158
12,890 44
Mar
180
160 180
121 49
Jan
9234 9234 9254
694 81
Apr
49
49
360 42
Jan
493.4
2634 26
2731 2,175 1834 Apr
20034 20034205
1,495 112
Feb
6
8
425
234 Aug
18
18
330 1334 May
1834
13
75 13
Sept
1334
6
634
6
834 5,290
Oct
68
68
65
5,550 41
Mar
25 11234 Apr
1143.4 11434
1143.4 114 11435
160 110 May
20
734
734 734
534 Jan
10
27b
9)( Sept
1034
5535 5334 58% 8,100 4834 Jan
30% 283.4 30% 12,050 28
July
4794 4234 4835 5,950 3234 Feb
92
92
92
50 92
Oct
4834 4634 493.4 9,725 45
July
XXMXM MX XM MXX X X M
18
213-4
11034
963.4
10431
5035
9934
55
2434
5
92
MM MM MM M MM MM
2431
4935
MMMMMMX
3334
MM
107
12535
37
High.
"I24.4"1"4"0,2"555222.44155211gTstrig4;2747.;.211222naakgerorgAgh
Wirisga oagsaaaii^all4230124
2/r,.40,tk,zp,g,m2NNOemg....2224
3g,mn.,.gwe0.4gx.4g..4gftwx.o,..g.4ggygwgg.WDN.,
..g., 0,2ggar,g.,wgg.sx.,19.4.1v.,
98
Low.
90
90
15 89
Feb
9734 98
735 9734 Sept
99
425 9634 Sept
9934
434 5
334 Apr
300
30
30
165 2734 Aug
1814 1834
100 1111 June
4035 41
319 363.4 Sept
9914 100
280 9934 Sept
434 434
50
43.4 Oct
1
1
% July
400
450 450
13 400
Feb
137 13734
874 13034 Apr
731 734 1,120
H Jan
5934 60
130 30
Ma
3,050
834 Jan
1034 11
58
58
300 51
May
70 113
11534 11534
Apr
2,075 79
9934 106
Jan
48
4834
250 4734 Sep
I%
1
40
II July
10614 107
30 83
Jan
123 126
295 11534 Feb
3434 3734 3,325 15
Ma
28
2935 1,200 2334 Ma
32
333.4 2,070 3134 Aug
20 10334 July
10634 10635
1334 1534 3,380 12
Apr
3
Jan
934 1034 2,225
40
41
1,550 2614 Jan
97
85 97
97
Sep
171 180
2,440 943.4 Jan
7534 7534
30 68
Jan
2334 2434 11,950 1434 Ma
755 4134 Ma
4934 5034
3235 33
750 28 May
91
91
50 85
Jan
38
38
200 36 Sep
30 8531 May
9034 9034
8034 87
5,400 3534 Jan
15
4,405 1434 Jun
18
8
834 1,135
634 AP
40
41
400 3734 Apr
1734 18
225 13
Ma
2134 2234 2,175 2034 Au
107 11234
720 8234 Fe
802 9134 Jan
9634 98
104 10435
930 98
Jan
46
5034 1,010 3234 Jan
9934 9934 1.557 9834 Apr
54
85
2,600 42
Mar
2334 2434 8,000 2334 Aug
454 5
1,170
4
Apr
89
92
370 89 Sept
1134 12
755
9 Sept
1934 2234 3.600 1734 July
49
83
2,000 33 June
12534 128
245 10734 Jan
12534 12634
155 118
Jan
98
9835
135 92
Jan
109 110
135 102
July
114 11734
90 95
Apr
104 10434
155 10234 Jan
5734 5934 4.625 48
Mar
2214 23
1,065 1434 Mar
1834 1831
135 1734 Sept
58% 5834
30 4034 Jan
54
54
30 50
Jan
7634 82 137,900 553.4 Ma
112 11434 2,331 10935 Apr
2834 3034 4,085 2444 June
6934 7235 6,350 65
Mar
2
2
200
H Feb
XM M
E426,286
£693,965
The United Kingdom imports and exports of gold during the month of
August last were as follows;
Imports.
Exports.
Netherlands
£1,001.775 1359,415
Belgium
6,800
Prance
10,726
Switzerland
798,505
Egypt
17,944
West Africa
91.986
1,460
Java and other Dutch Possessions in the Indian Seas_
34,179
China (including Hong Kong)
5,100
United States of America
4,081
Central America and West Indies
4,325
Argentina, Uruguay and Paraguay
15.000
Other South American countries
212
Rhodesia
159,456
Transvaal
1,512,857
British India
514,751
Straits Settlements
233,300
Other countries
27,905 *704,271
Total
£2.802.597 £2.701,451
* Including about £600,000 to Germany and about £40,000 to Ceylon.
The Transvaal gold output for August 1925 amounted to 808,218 fine
ounces, as compared with 8.18,202 fine ounces for July 1925 and 809.571
fine ounces for August 1924.
The Netherlands Bank has reduced its price for the
of gold
from Ft 1,648 to pi, 1,647.50 per fine kilogramme. purchase
We understand
that the reduction has been made in order to cover certain expenses incurred
by that institution when purchasing imported gold.
SILVER.
Palling support from China, silver prices have fallen sharply and the
market has a quieter tone.
Demand from India for spot supplies again carried the quotation for
prompt delivery to a premium, the difference widening to %d. on the 12th
nst. The inquiry, however, was not sufficient to maintain prices and
although lower quotations induced some buying to cover bear commitments, this was more than offset by offerings from China.
We are advised from New York that the United States Government
purchased on the 3d inst. 500.000 ounces for subsidiary coinage, to be
delivered to the Philadelphia Mint within two weeks. It is understood
that the price paid was about 7234 cents.
The imports and exports of silver to and from the United Kingdom
during the week ending 9th inst. were as follows:
ExportsImportsFrance
£10,454 China
£220,520
United States
104,494 British India
36,697
Other countries
4.905 Other countries
6,573
Central Ind Power pref _100
Cen S W 7% pref
•
Prior lien
Chic City & Con Ry pref.•
Chicago Fuse Mfg - -•
Co.
Chicago Nipple Mfg
cl 1315
Chic No Sh & Milw com100
Prior lien
Chicago Rys part ctf ser 1_
Part ctfs series 2
Chicago Title & Trust _100
Commonwealth Edison 100
Consumers Co
20
Preferred
100
Continental Motors
•
25
Crane Co
Preferred
100
Cudahy Packing Co---100
Cuneo Press A
50
Daniel Boone Wool Mills 25
100
Deere & Co pref
Diamond Match
100
Elec Research Lab
•
Evans & Co Inc cl .L...5
Fair Co(The)
•
100
Preferre1
Foote Bros(G & M)Co..*
Gochaux Sugar
•
Gossard Co (II W)
•
Preferred
100
Great Lakes D & D_..100
Hibbard Spencer,Bartlett25
Hupp Motor
10
Hurley Mathine Co
•
100
Illinois Brick
Illinois Nor Utilities 01_100
Kellogg S.vitchboard ... _ _25
Kentu.ky Hydro-Elec.100
25
Kraft Cheese Co
La Salle Eat Min (Ill)._ _10
Libby McN & Lib new-10
McCord Bad Mfg A
*
McQuay-Nords Mfg
*
Maytag Co
•
.•
Middle West Utilities_ _.
100
Preferred
100
Prioe lien pref
Midland Steel Products..'
Midland Utll prior lien_100
Morgan Lithograph Co-*
Nar El Pow Corp "A" w l_
National Leather
10
Omnibus pref A W 1_...100
Voting trust ctis w I a- •
Pick (Albert) & Co
10
5
Pines Winterfront A
Pub Sem of Nor Ill
•
Pub fiery of No III_ _100
100
Preferred
100
7% preferred
100
Quaket Oats Co
Preferred
100
Real Silk Hosiery Mills_ AO
Reo Motor
10
Ryan Car Co(The)
25
Standard Gas& Electric-•
50
Preferred
Stewart-Warner Speedom.•
100
Swift & Co
Swift International
15
Union Carbide & Carbon _•
United Iron Works v t c.50
United Light & PowerCommon CIA w I a_ ....•
Common CI B w I a_ -- -•
Preferred CI A w I a_ -- -•
Preferred CI B w I a._ -•
United Paper Board- -.100
U S Gypsum
20
Univ Theatres Con CI A 5
Utll Pow & Lt CI A, pref.•
Vesta Battery Corp
•
Wahl Co
•
Ward (Montgom)& C0_10
Preferred
100
Class A
•
Wolff Mfg Corp
•
Wolverine Portl Cement-10
Wrigley Jr
•
Yates Mfg, part prat
•
Yellow Cab 511g. Cl B_ _10
Preferred w I
Yellow Cab Co.Inc(Chic)•
Range Since Jan. 1.
MXMM
GOLD.
The Bank of England gold reserve against notes on the 9th inst. amounted
to 159,561.265, as compared with p160.718,230 on the previous Wednesday. The following movements of gold to and from the Bank of England
have been reported since our last issue:
Sept.10. Sept.11. Sept. 12. Sept. 14. Sept. 15. Sept. 16.
Received
Withdrawn
E32,000 £10,000 £14,000 £95.000 £59,000 /96.000
The destinations of the £128,000 sovereigns withdrawn were given as
follows: India. s65.000; Singapore, £48.000; Argentine. .C10,000, and
Holland, £5,000. During the week under review £306,000 on balance
has been withdrawn from the Bank, reducing the net influx since the
resumption of an effective gold standard to £5,230,000.
The following figures show the imports and exports of gold bullion and
coin to and from the United Kingdom during the week ending 9th inst.:
ImportsExportsBelgian Congo
132,003 Germany
£25,539
British South Africa
389.895 Netherlands
108,227
Other countries
4,388 Switzerland
158,111
British India
321,395
Straits Settlements
65,054
Other countries
15,639
Stocks-
M0000WV00NM.W1-..000v00.t..*N0,0000N0NWNONMMONOWnn.OWOMVWW00
1,0.50.001/.00V.04
00W0 0.Mp.NNO..0t.,,N0wW21.
0.-.*-.0st. ONMMMO..v0OnNOMMVOON V..N000,
..
.
.1.
I..
.
.
.
.
.
.V.
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. 16 1925:
1645
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
A%Ili selgao
Stocks-
Sales
Friday
Last Week's Range for
1Veek.
of Prices.
Sale
Par Price. Low. High. Shares.
All America Radio c. A_ .5 28
28
American Pub Serv pref 100 91
91
American Shipbuliding.100 74
74
Preferred
100
100
Armour & Co(De,) pref 100 9514 95
Armour & Co pref
100 90
89
Common Cl A v t c_25 2434 24
Common Cl B v t c_25 17
le%
Armour Leather
434
15
4%
Auburn Auto Co COM_..25 463.4 4534
Balaban & Kats v t e_ _ _25 7815 7434
Preferred
100 102
102
Beaver Board prof etts_100
30
Bendix Corp el A
10 36
3434
Borg & Beck
• 2834 27
Bridgeport Machine Co_ _*
7
7
Bunte Bros
13%
10 15
Central Ill Pub Bevy pre _• 87
83
2834 1,125
260
9134
7935 1,398
25
100
505
9634
1,600
91
24% 4,955
173.4 13.750
90
4%
4934 9,375
77% 4,110
40
102
380
3231
3634 6,050
5.700
29
300
7
520
15
177
88%
Range Since Jan. 1.
Low.
18
89
49
85
90
84
1931
1134
334
3154
5134
95
2134
24
24%
7
1134
83
High.
June 3534
May 9311
Apr 85
June 100
Mar 98
Apr 94
Mar 25%
Apr 17%
May
6
Aug 4934
Feb 8334
Jan 106
June 40
Mar 38%
Mar 3034
Oct 10%
Jan 15
Sept 91%
Feb
Mar
Sept
Sept
June
Feb
Sept
Oct
July
Sept
July
July
July
Sept
Aug
May
Oct
Mar
..4=0
22
, x.4
M MMM
Vc100N
Go0r-V0
lake and r'ver ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Sept. 26 to Oct. 2, both inclusive,
compiled from official sales lists:
MXXXX M
goinmercial andAliscellarteons etus
MM
£119,853
£263.790
INDIAN CURRENCY RETURNS.
(In kits of rupees.)
Notes in circulation
Alla
Silver coin and bullion in India
8771
8878
8867
Silver coin and bullion out of India
Gold coin and bullion in India
i§l'i
225
iiii
Gold coin and bullion out of India
Securities (Indian Government)
iiii
8;711
17ii
Securities (British Government)
2000
2000
2000
No silver coinage was reported during the week ending 7th loot.
The stock in Shanghai on the 12th inst. consisted of about 52.865,000
ounces in sycee, 55.000.000 dollars, and 2,490 silver bars, as compared with
about 54.400,000 ounces in sycee. 52,000,000 dollars and 2,260 silver bars
Bondson the 5th inst.
Chicago City Ry 5•....1927
Apr
7754 7731 $3,000 74
-Bar Silver. Per Or. Std.Chic City dc Con Rys tis'27 4834 483.4 49
Bar Gold,
Apr
15.000 46
Quotations2 Mos.
Cash.
Per Or. Fine, Chicago Rys 5s, Ser A-1927
5334 5334 1,000 53 Sept
3334d.
Sept.10
333-16d.
48. Series B
848. 1134d.
1927
39
39
5,000 35
mar
3334d.
11
333-156.
1n5s4 10254 1 nnn 0941 JU1V
84s. 1134d. rnmmnnw Frilann 5s: 11142
84s, 1134d.
33 Kd.
12
3%d.
No
par
value.
•
32 15-16d.845. 113.4d
14
3d.
3234d.
15
3213-164.
845. 1134d.
329-16d.
16
3234d.
845. 1134d.
Breadstuffs figures brought from page 1698.-The
32.937d.
Average
33.010d.
848. 11.5d.
The silver quotations to-day for cash and two months' delivery are, statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
respectively. 5-16d. and %d. below those fixed a week ago.
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.1961bs. bush.60 lbs.bush.56 lbs.bush. 32 lbs. h Afilbs.bush.5615s.
Chicago
277,000 1,392.000 1,388.000
574,000 392.000 247,000
Minneapolis_
5,214,000
82,000 1,405,000 1,593,000 417,000
Duluth
5.741,000
1,000 1,686,000 775,000 786.001
Milwaukee...
105,000
55.000
95,000
275,000
183,000
8,000
Toledo
222,000
32,000
635,000
2,000
Detroit
28.000
11,000
24,000
4,000
114,000
276,000
Indianapolis236,000
St. Louis.... 128,000
471,000
331,000
450,0110
44,001
36,000
Peoria
38,000
70.000
544,000
136.000
28,000
1,000
Kansas City_
814,000
186,000
409,000
Omaha
389,000
280,000
430,000
St. Joseph_
173,000
187,000
148,000
Wichita
194,'''
17,000
38.000
Sioux City64.000
76,000
128,000
Total wk. '25
Same -wk. '24
Same wk. '23
498,000 14,991,000
525,000 17,433,000
484,000 9,403.000
3,504,000
5,98.5,000
3,121,000
6.574,000 3,015.000 1,501.000
9,326,000 2.786.000 3,897,000
5,130.000 1,176,000 903,000
Since Aug.13,951.000 106,515,000 31,050,000 80.909.00025,216,000 7.540,000
1925
1924
4,278,000180.332,000 42,450,000 81,189.000 15.642,00016,173,000
1023 _
2.1139.000 116.172.000 40.2ss OM SA 250 OM 111 4.R7 min 7 012(WI
Total 'receipts of flour and grain at the seaboard ports for
the week ended Saturday, Sept. 26, follow:
Wheat.
Flour.
Receipts at-
Barrels.
262.000
38.000
20,000
3,000
2,000
45,000
24,000
28,060
New York_ _
Philadelphia_
Baltimore_ __ _
Newport News
Norfolk
New Orleans•
Galveston_ _ _
Boston
Oats.
Corn.
Bushels.
1,914,000
342,000
214,000
Bushels.
92,000
6,000
5.000
4,000
114,000
20,000
Rye.
Barley.
Bushels. Bushels.
Bushels.
86.000
305,000
490,000
93,000
1.000
1,000
25,000
21,000
1,000
16,000
422,000 2.474,000
Total wk. '25
Since Jan.1'25 18.102,000140,318.000
87,000
307,000
645,000
237.000
5,375,000 59.827,00026,082,00028,046,000
151,000 1,608.000 1.089,000 1,748,000
Week 1924... 603,000 10.931,000
Since Jan.1'24 18,711.000193.003.000 15.779.0001 36.839.000 11.883,000 19.976.000
• Receipts do not include grain passing through New Orleans for foreign ports
on through hi is of lading.
The exports from the several seaboard ports for the week
ending Saturday, Sept. 26 1925, are shoNvn in the annexed
statement:
New York
Boston
Philadelphia__ _ _
Baltimore
Norfolk
Newport News_
New Orleans_ _ _
Galveston
Montreal
1,823,510
312,792
48.000
653,000
228.000
103,892
8,000
9,000
8,000
2,000
3,000
38,000 240,000 38.000
12,000
993,000 69,000 34.000
Peas,
Barley,
Bushels. Bushels.
Rye,
Bushels.
Oats,
Corn, Flour,
Wheat,
Exportsfrom- Bushels. Bushels. Barrels. Bushels.
17,299
584,989
298,000
560,000
870
The destination of these exports for the week and since
July 1 1925 is as below:
Since
July 1
1925.
1Week
Sept.26
1925.
United Kingdom_
Continent
So.& Cent. Amer.
West Indies
Brit.No.Am.Cols_
Other Countries__
Corn.
1Vheat.
Flour.
Exports for Week
and Since
July 110-
Week
Sept. 26
1925,
Week
Sept. 26
1925.
Since
July 1
1925.
Since
July 1
1925.
Bushels. Bushels.
Bushels,
Bushels.
Barrels. Barrels.
121,000
69,000
708,206 1,366.209 21,016,969
60,078
214,000
96,859 1,598,174 2,139,101 31,287,227 129,000
302,000
93,000
277,100
38,000
135,487
6,000
522,900
18,000
130,925
257,989
18,000
155,845
2,355
217,892 2,901,820 3.555,510 52.868,066
383.945 3.403.021 10,574,847 69,750,562
309,000 1,162,255
891,540
11.360
201,764
36,955
12,200
The world's shipments of wheat and corn, as furdshed by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Sept. 25, and since July 1 1925 and 1924,
are shown in the following:
Corn.
Wheat.
1921.
1925.
gortla Amer_
Black Sea...
krgentina__ _
kustralla ._ _
India
)th. countr's
Total
1924.
1925.
Week
Sept. 25.
Since
July 1.
Since
July 1.
Bushels.
300
8,806
73,886
Week
Sept. 25.
Since
July 1.
Since
July 1.
Bushels.
7,535
1,632
1,109
768
40
Bushels.
73,788
5,200
16,832
11.584
2,200
Bushels.
Bushels.
113
97,192
536
2,448
3,208
26,781
12,152
11,008
2,346
Bushels.
768
7,535
46,824
8,507
95
11.084
109.604
6.2031
63.634
81.087
149.581
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboarenports Saturday, Sept. 26, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Gal vesilan
W
Buffalo
afloat
"
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
GRAIN STOCKS.
Barley.
Rye.
Corn.
Oats.
Wheal.
bush.
bush.
bush.
bush.
bush,
210,000
71,000
1,969,000
19.000
164.000
1,000
2,000
68,000
1,000
6,000
5.000
4,000
574,000
38,000
944,000
18,000
53,000
228.000
44.000
2,226,000
36,000
2,000
34,000
54,000
422,000
14,000
369,000
382,000
687,000
240,000 3,197,000
1.699.000
283,000
83,000
105,000
253.000
766,000
4,000
6,000
121,000 1,006,000
875,000
12.000
225,000
20,000
215.000
445.000
5.928,000 2,081,000 10.535,000 2,276.000
202,000
25,000
96,000 1,494,000
296,000
8.042,000 2,388.000 1,502,000
11,519,000
80,000 22,890,000 1,852,000 1,820.000
5,606,000
8,000
1,000
740,000
79,000
144,000
79,000
24,000
136,000 1,028.000
2.031,000
65,000
96,000
486,000 5,512,000
4.896,000
156,000
2,622.000
2,000
8,000
60,000
85,000
1,361.000
1,369.000
19,000
3,000
2,000
682.000
197,000
600,000
19,000
22,000
81,000 3,910,000
1,150.000
207.000
54,000
76,000
225,000
907.000
329,000
162,000
532,000
54.000
73,000
7,840,000 5,583.000
Total Sept. 26 1925_ _44,822.000 4,409,000 64,466.000 8.845.000 4,860,000
Total Sept. 19 1925_ _ _40,967,000 5,130,000 63.919.000 13,633,000 4,689,000
48,006,000
Total Sept. 27 1924_ _ _81.559,000 6,040,000
7,000 bushels, BaltiNote.-Bonded grain not included above: Oats, New York,
97,000 bushels, against
more, 1.000. Buffalo, afloat, 73,000. Duluth, 16,000, total,13uffalo, 87,000. Buffalo
bushels,
New
York,
1,000
Barley,
1924.
in
bushels
982.000
On Lakes, 382,000, total,
afloat. 191,000, Duluth, 175,000, On Canal, 225,000.Wheat, New York, 337,000
1.061.000 bushels, against 406.000 bushels in 1924.
261,000. Buffalo, 844.000,
Baltimore,
243,000,
Philadelphia,
86.000.
bushels. Boston.
On Canal, 155,000, On
Buffalo afloat, 1,404.000. Duluth, 212.000, Toledo, 41,000, bushels in 1924.
1,220,000
against
bushels,
8,096.000
total,
2,513,000,
Lakes.
Canadian7,000 1,454,000
755,000
307,000
1,625,000
Montreal
1,180,000 1,032,000 3,979,000
Ft. William & Pt. Arthur-11,598.000
628,000
78,000
193,000
1,449,000
Other Canadian
307.000 2,128.000
Total Sept. 26 1925...A4,872,000
332.000 2,121,000
Total Sept. 19 1925_ _ _10,861.000
7,278,000
244.000
6,118,000
_
1924.
27
Sept.
Total
Summary44,822.000 4,409,000 64,486,000
American
307.000 2,128.000
14.672.000
Canadian
66,594.000
4,718,000
.000
l925._.59,494
26
Sept.
Total
5,462,000 88,040,000
Total Sept. 19 1925_ _ _51,628,000 6,284.000 55,284,000
-87,677,000
271924.Sept.
Total
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED.
Capital.
$25,000
Sept. 23-The First National Bank of Abernathy, Texas
Correspondent, J. M. Hicks, Goldthwaite, Texas.
CHARTERS ISSUED.
825,000
Sept. 21-12826-The First National Bank of Utica. Mich
Succeeds Farmers & Merchants Bank, Utica, Mich.
President, August B. Hahn: Cashier. E. F. Schulz.
05,0(10
Sept. 21-12827-First National Bank in Wilson, Okla
President, C. C. Chesnut; Cashier, J. V. Mitchell.
TITLE.
CHANGE OF
Sept. 15-6604--The Old-Commercial National Bank of Oshkosh. Wis.. to
"First National Bank in Oshkosh."
Sept. 17-10526-The First National Bank of Pearl River, N. Y., to
"First National Bank & Trust Co. of Pearl River."
Sept. 24-12019-The Peoples National Bank of Belleville, N. J., to
"Peoples National Bank & Trust Co. of Belleville."
VOLUNTARY LIQUIDATION.
$°5,00G
Sept. 24-9974-The First National Bank of Lahoma. Okla
Effective Aug. 27 1925. Liquidating agent, John
Ehlers, Lahoma Okla. Succeeded by First Bank
of Lahoma.
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Messrs. Adrian H. Muller & Sons, New York:
40,000
476,000
Total week 1925 3,555,510 309,000 217.892 1,056,792 315,299 1,144,989
Same week 1924 10,574,847 11,360 383,945 1.137,638 2.114.329 800,179
Total 1925
Total 1924
[Vol, 121.
THE CHRONICLE
1646
1,117.000 8,061,000
1,073,000 3,517,000
1.311,000 1,289,000
7,840,000 5,583,000
1.117,000 6.061.000
8,957.000 11.644.000
7,718,000 8,377.000
15.367,000 5,978,000
$ Per oh.
Shares. Stocks.
350 Photoplay Finance Corp. corn.
1350 lot
no par
$105 lot
7 Allerton Corp., no par
I 000 Mammoth 011 Co. el. A
$500 lot
common, no par
$1,000 lot
30 Lobes Body Co
115 Glimmerglen Farms Inc., no
150
par
400 Natty BumPpo Hotel Co., Inc_ 10
Per Cent,
Bonds.
$1,250,000 Carnegie Coal Co. 1st
with
bonds
Si. s. I. Os, serial
June 15 1925 and subsequent
275101
coupons attached
$10,000 Berks Iron Mining Co.6%1
gold bonds, due 1933
1,250 shs. Exploration & Investm't I
}SEIB
Co. of America, par $1
$5,000 Southern Tidewater Coaling' lot
Co. ls 4 Mtge.6s
I
110 shs. Boyertown Ore Co
5 shs. Domestic Utilities Co. ($2251
1
Paid on subscription)
By Wise, Hobbs & Arnold, Boston:
$ per sh.
Shares. Stocks.
1 National Shawmut hank. 230 ex-div.
60 National Shawmut Bank _229 ex-div.
181 ex-cliv.
8 Farr Alpaca Co
70
100 Nashua Mfg. Co., corn
2114
5 Saco-Lowell Shops, 2d pref
9 Bigelow-Hartford Carpet Co..
common
103-10334
8334-84
25 Ilarmony Mills, pref
40
1-3 Union Cotton Mfg. Co
5 Quincy Market Cold Storage &
106
Warehouse Co., common
14935
36 Brockton Gas Light Co
260
50 Great Northern Paper Co
10 Heywood Wakefield Co., corn_ 92%
16 Boston Woven Hose & Rubber
94
Co., common
1 Converse Rubber Shoe Co., pref. 70
25 Cambridge Gas Lt. Co., par $25_ 66
15 Bay State Fishing Co., corn__ _ _ 334
11-100 State Theatre Co., pref._ _. 81c.
$ per oh
Shares. Stocks.
107
2 U.S. Envelope Co., pref
1 Lawrence Gas & El. Co.. par $25- 4135
30 Mass. Bonding & Ins. Co.25234 ex-d iv
7534
4 units First l'eoples Trust
12834
20 Walter Baker Co., Ltd
5 Heywood Wakefield Co., 1st pf _106H
750 Northwest. Rubber Co., com.$75 lot
150 Northwest. Rub.Co., pref.$37.50 lot
4 Springfield Gas Light Co.. new
5534
stock. par $25
10 Charlestown Gas & Elec. Co..
10934
par 525
88
1 North Boston Ltg. Prop., corn
20 Lawrence Gas & El. Co., par $25. 411$
10 Worcester Gas Light Co.,
4635 ex-div.
par $25
$ per Right.
Rights.
20 Electric Lt. & Pow. Co. of Ab134
Rockland
ington &
By R. L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
5 Second National Bank......381 ex-div
305-30534
34 Old Colony Trust Co
3434
10 Manomet Mills
9534 ex-div.
10 Arlington Mills
13434
30 Pepperell Mfg, Co
2134
800 Hill Mfg. Co
4634
75 Lancaster Mills, corn
8155
3 Cabot Mfg. Co
1034
400 Saco Lowell Shops, corn
17
25 Great Falls Mfg.Co
134
10 Newmarket Mfg. Co
7534
1 reg. unit First Peoples Trust_
5.4
4 spec. units First Peoples Trust
80 Heywood Bros. & Wakefield,
9334 & 9634
common
5 Quincy Mkt. Cold Storage &
10634
Warehouse Co., corn
93
5 Somerset Hotel Trust
4 Gorton-Pew Fisheries Co., Ltd.,
4134
common
$ per sh.
Shares. Stocks.
2-100 State Theatre, pref. scrip_._ _ 75%
10 North Boston Ltg. Prop., pref-100
430 ex-div.
3 Boston Insurance Co
10 North Boston Ltg. Prop., corn- 88
8%
Lighting
Cos,
Massachusetts
2
11034 ex-div.
preferred
25c.
30 Corr Mfg. Co
3 Massachusetts Gas Cos., pref)
13 Sierra Pacific Elec. Co., pref.
10 Southern Cities Utilities, pref. $4100
5 Puget Sound Pr. & Lt., pr. pref. lot
5 Savannah El.& Pr., 1st pref____ I
500 Ilouston Ltg. & Pr.. lst 5s,'531
1000 UJIgawa El. Pr. Co., Ltd., I
l
7s, Mar. 15 1945, int. ctf
Per cent.
Bonds.
$100 Globe Enterprise Co. 634s,
60
Jan. 1 1931
100 Massachusetts Ltg. Cos. 75.
10034
Oct. 1 1930
By Barnes & Lofland, Philadelphia:
$ per oh.
Shares. Stocks.
$25 lot
Five dlomissory notes
$25100
Also Judgment for $3,250
All right, title and interest of Alice
Ilalfmann Estate in the Estate of
$100 lot
Samuel B. horning
10 Mfrs. Casualty Co., par $10_._ _ 25
63 Mfrs. Casualty Co., par $10_ _ _ 24
58034
4 Fidelity Trust Co
70
12 Continental Passenger RY
10 Penna. Co.for Ins. on Lives, &c.840
856
Trust
Co
Philadelphia
20
625
10 Provident Trust Co
801
5 Central National Bank
620
17 Franklin National Bank
7 Fourth Street National Bank_ _ _ _ 375
861
2 Girard National Bank
581
11 Fidelity Trust Co
58
8 Phoenix Trust Co., par $50
12 Phoenix Trust Co., par 550...- 58
10 Bank of North Amer.& TrustCo295
10 Bank of North Amer.& Trust Co21)3
7 Empire Title & Truat Co.. par $50 45
5 Chestnut Hill Title & Trust Co.,
60
par $50
165
4 Colonial Trust Co., par 550
11134
42 Mutual Trust Co., par $50
8334
2 Autocar Co., pref
8234
3 Autocar Co., pref
$ per oh
Shares. Stocks.
so
17 Auto Car Co., pref
Ins.
Indem.
Co-.325
Independence
1
47 Girard Life Ins. Co., par $10_ - 1234
20 Independence Fire Ins. Sec. Co.,
38
par $25
50 Boone County Coal Co., pref.__ 65
4 Phila. Bourse, corn., par 550.... 20
105
2 Union Passenger Ry
5 A. It. °outing Shoe Co., lot 8%
100
pref
9434
60 Hare & Chase, Inc., pref
corn.,
no
Inc.,
Chase,
par.
Hare&
28
9
100 Academy of Music Corp. ($40
$1 lot
paid)
100 Bankers Bond & Mortgage CO.
100
(old 8% Pref.)
30 Omar 011 & Gas Co.. par $10.--$9 lot
pref
86
134 1'. J. Ritter
Co.,Ferry, par $50_135
25 Phila.& Camden
25 Horn & Hardart Baking
Phila., no par
Co"264
110 Horn & Ilardart Automat Co.,
5
Ill., pref
80 Horn & Hardart Automat Co.,
5
III., corn., no par
_ 85
3 Abbott's Alderney Dairies, 2d pf,
3 Sixty-Third St. Title & Trust__ 50
43 Keystone Telephone, pref
54
By A. J. Wright & Co., Buffalo:
S per sh.
$ Per sh. Shares. Stocks.
Shares. Stocks.
7.85 300 Vipond Consolidated
1.07
100 Lake Shore
Niagara
Buffalo
&
10
50
Eastern
&
Lambert
Pratt
10
Power, class B
27
10 Buffalo Niagara & Eastern
2434 2,000 Consol. West Dome Lake__ _ .1234
Power, pref. A
734 10 Buffalo Weaving & Belting, pf_ 91
10 Booth Fisheries
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the cur-
Miscellaneous.
$1
Oct. 20 Holders of roe. Oct. 10
Abitibi Power & Paper,corn.(quar.).Aeolian, Weber Piano & Planola, pf.(qu.) 134 Oct. 15 Oct. 6 to Oct. 15
2
Oct. 19 Holders of rec. Oct. 10
Alliance Realty (guar.)
Nov. 2 Holders of rec. Oct. 15
Allied Chemical& Dye Corp.. Mc• ((110 $1
$1.25 Nov.16 *Holders of rec. Oct. 31a
American Can,common (guar.)
*S1
Nov. 1 *Holders or rem Oct. 10
American Coal
American Vitrified Prod., Cora (quar) '75c Oct 15
"25e. Oct. 15
Common (extra)
Jan. 15 *Holders of rec. Nov. 1
*31
Common (guar.)
Nov. 2 Holders of rec. Oct. 15
Atlantic Refining, pref. (quar.)
114 Oct. 1
Augusta Knitting, cont.(guar.)
1.54 Oct. 1
Preferred (guar.)
"1
Oct. 31 "Holders of rem Oct. 20
Blackstone Company
2
Nov. 2 Holders of rec. Oct. 21
Blaw-Knox Co., com. (guar-)
134 Nov. 2 Holders of rec. Oct. 21
Preferred (guar.)
154 SePt.26 Holders of rec. Sept.24a
Boston Morris Plan Co.(guar.)
Boyd-Welsh Shoe Co., com.(guar.) _ 50c. Oct. 1 Sept.26 to Oct. 1
Brandram-Henderson,Ltd., pref.(guar.) 134 Oct. 1 Holders of rec. Sept. la
4,3754c Oct. 26 "Holders of rec. Oct. 10
Briggs Manufacturing (guar.)
•134 Nov. 2 "Holders of rec. Oct. 15
Byers(A. M.) Co., pref. (guar.)
Oct. 30 Holders of rec. Sept.30a
3
Canadian Explosives, corn. (guar.)
134 Oct. 15 Holders of rec. Sept.300
Preferred (quar.)
2
Oct. 1 Holders of rec. Sept.25a
Canadian Oil, pref.(guar.)
2
Oct. 5 Holders of rec. Sept.29
Cleveland & Buffalo Transit (guar.)
200. Oct 30 Holders of rec. Oct. 150
Continental Motors (guar.)
Oct. 1 Holders of rec. Sept.28a
Cosgrove-Meehan Coal, pref.(guar.)
$1.25 Oct. 15 Holders of rec. Oct. la
Delaw. Lack.& West. Coal(guar.)
Oct. 31 *Holders of rec. Oft. 20
Drake Hotel, corn, and pref.(guar.) 51
Nov. 2 Holders of rec. Oct. 15
Eureka Pipe Line (quar.)
Fraser Companies, Ltd.,cony. pref.(qu.) 134 Oct. 1 Holders of rec. Sept.25
$1.50 Oct. 20 Holders of rec. Oct. 100
Firestone Tire & Rubber, cont.(guar.)
134 Oct. 15 Holders of rec. Oct. 1
Six per cent preferred (guar.)
Oct. I Sept.26 to Sept.30
Gary (Theodore) & Co., cont.(guar.)... $3
62
Oct. 1 Sept.26 to Sept.30
Preferred (guar.)
"75e. Oct. 15
Gilchrist Co. (guar.)
*3730 Oct. 20 *Holders of rec. Oct. 10
Ginter Company. com.(guar.)
371.4c. Oct. 15 Holders of rec. Sept.30
Godfredson Corporation,Ltd.(guar.)134 Oct. 1 Holders of rec. Sept.25a
Gray & Dudley Co., com.(guar.)
134 Oct. 1 Holders of rec. Sept.25a
Preferred (guar.)
fi Oct. 31 Oct. 25 to Nov. 1
Halle Bros., pref. (guar.)
2
Oct. 1 Sept.20 to Oct. 1
Hazel-Atlas Glass (guar.)
Nov. 2 Holders of ref. Oct. 15
Holly Sugar Corp., pref. (guar.)
. Preferred (account accum. dividends)_ 5134 Nov. 2 Holders of rec. Oct. 15
"134 Nov. 1 "Holders of rec. Oct. 20
Hood Rubber, pref. (quar.)
Hooven, Owen Rentschler Co.
114 Oct. 1 Sept.19 to Sept.30
Common and preferred (guar.)
Oct. 1 'Holders of rec. Oct. I
"2
Hotel Sylvania (quar.)
234 Oct. 1 Sept.26 to Sept.30
Houseman, Spitzley Corp., com.(410
134 Oct. 1 Sept.26 to Sept.30
Preferred (guar.)
Oct. 1 Holders of rec. Sept.210
2
Hussmann (Harry L.), pref.(quar.)
Huttig Sash & Door, corn. (guar.)
37340. Oct. 1 Sept.20 to Sept.30
Preferred (quar,)
134 Oct. 1 Sept.20 to Sept.30
Imperial Royalties Co.(monthly)
134 Sept.30 Holders of rec. Aug. 25
Iron Products Corp., com. (quar.)
50o. Oct. 28 Holders of rec. Oct. 13a
Oct. 1 Sept. 16 to Sept.17
Johnston (R. F.) Paint, pref. (quar.)-- 2
Judson Mills, pref. (guar.)
134 Oct. 1 Sept.26 to Oct. 1
Oct. 28 Holders of rec. Oct. 20
Kaufmann Dept. Stores, com.(quar.)_ $2
Kayser (Julius) Co., corm (No. 1)
*75e. Nov. 2 *Holders of rem Oct. 20
Keith,Simmons Co., Inc., pref.(guar.)_
134 Oct. 1 Sept. 26 to Sept.30
Laclede-Christy Clay Prod., pref.(qu.) $1.75 Oct. 1 Holders of rec. Sept.200
Lakewood Engineering (guar.)
$1.50 Oct. 15 Holders of rec. Oct. 5a
Lang Body,Preferred
3)4 Sept.30 Sept.21 to Sept.30
Macy(R.H.)& Co., Inc., pref.(quar.). 134 Nov. 1 Holders of rec. Oct. 17
Manchester (Ga.) Cotton Mills (guar.).
8 Oct. 1 Holders of rec. Sept. 16
Mantschewitz Co., pref. (quar.)
1,4 Oct. 1 Sept. 21 to Oct. 1
Maple Leaf Milling, pref. (guar.)
154 Oct. 19 Holders of rec. Oct. 3
15'
15'
*114
134
.
___--------..
-
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.
Railroads (Steam).
Si
Carolina Clinchfield ar Ohio,com.(guar.)
Stamped certificates (guar.)
15'
Clev.CM.Chic.& St. Louts,com.(qu.). 134
114
Preferred (guar.)
3
Cuba Railroad. pref
Delaware Lackawanna & Western (gm). $1.50
Gulf Mobile & Northern, Prof.(guar.).- 13.4
134
Joliet & Chicago (guar.)
Kansas City Southern, pref.(guar.)-- 1
$1.25
Midland Valley
Missouri-Kansas-Texas, pref. A (guar.). 154
134
New York Central Railroad (quer.)-Norfolk & Western,adj. prof.(guar.)--- 1
134
Northern Pacific (quay.)
134
Pere Marquette, prior pref.(guar.)
134
Preferred (guar.)
Philadelphia & Trenton (guar.)
23.4
Pitts. Ft. Wayne & Chic., pref. (guar.). 134
$1
Reading Company,corn.(quaz.)
50c.
Second preferred (guar.)
St. Louis-San Fran., pref.. Series A (qu.) 13.4
Southern Railway. corn. (guar.)
134
13'
Preferred (guar.)
United N.J. RR.& Canal Coa.(guar.)._ 254
354
Warren
Western Pacific RR.Corp., pref.(guar) 154
$1.25
West Jersey & Seashore
Public Utilities.
All-America Cables (guar.)
American Gas (guar.)
American Gas & Electric, pref.(guar.).Amer. Superpower Corp., Class A and B
Participating preferred (guar.)
Participating preferred (extra)
American Telep. & Teleg.((Emir.)
Associated Gas & Elec. Co., Prof.(extra)
Class A (guar.)
Barcelona Trac., L.&P.,7% prof.(qu.)
Bell Telephone Co.of Canada(guar.)...
Bell Telephone of Penna.,Prof.(quar.)Brooklyn Borough Gas,common (quar.)
.A (qui _
Brooklyn-Manhattan Tran., pf.
Carolina Power & Light, com.(guar.).Central Illinois Pub. Serv., pref.(guar.)
Central Power. preferred (guar.)
Chicago Rapid Transit, pref.(monthly).
Monthly
Cin. Newp.& Cov. L.& Tr., com.(qu.)
Preferred (guar.)
Commonwealth Power, new com.(guar.)
Preferred (guar.)
Continental Gas & Elec., com. (guar.)
Prior preference (quar.)
Participating preferred (guar.)
Participating preferred (extra)
lai
2
$1.50
41.50
134
1
234
1234c
6231c
134
2
134
We.
$1.50
134
$1.50
134
65c.
65e.
134
134
40c.
134
81.10
134
154
54
Books Closed.
. Days Inclusive.
010.00.N5t400.20.DWOWD,O.O0.0.040,00.0000
Oct. 15 Holders of roe. Sept.30a
Oct. 15 Holders of rec. Sept.30a
Holders of rec. Sept.300
Holders of rec. Sept.30a
Holders of rec. Sept.254
Holders of rec. Sept.254
Holders of rem Jan. 156
Holders of rec. Oct. 36
Holders of rec. Nov. 2a
Holders of rec. Sept.25a
Holders of rec. Sept.306
Holders of rec. Sept.30a
Holders of rec. Oct. 15a
Holders of rec. Sept.25a
Holders of rec. Oct. 31a
Holders of rec. SePt.30a
Holders of rec. Oct. 15a
Holders of rec. Oct. 15s
Oct. 1 to Oct. 10
Holders of rec. Sept.10o
Holders of rec. Oct. 15o
Holders of rec. Sept.22a
Holders of rec. Oct. 15o
Holders of rec. Sept.22s
Holders of rec. Sept.22a
Sept.20 to Bern.30
Holders of rec. Oct. Si
Holders of rec. Oct. 80
Holders of rec. Oct. lc
1 00=0,tOtiO10...-,n0.tOIWOOt0‘01-.000.0.01.1.2034.
4
4
nuRzz2zooxzzzzznp2V2RRR
••••••
14.
_,...-.
— •
Oct. 1 Holders of ref. Sept.25
zz,9,9dzgTx2,92,cano9xxxx2,9
3
Fire Insurance.
American Alliance (guar.)
Great American (guar.)
Books Cloud.
Dan hichwiet.
Dec. 1 *Holders of rec. Nov.14
Jan. 2 *Holders of rec. Dec. 15
Oct. 1 Holders of rec. Sept.260
Oct. 1 Holders of rec. Sept.260
Oct. 1 Holders of rec. Sept.260
Oct. 1 Sept.23 to Oct. 1
Sept.30 Holders of rec. Sept.300
Oct. 1 Sept.26 to Oct. 1
Oct. 10 Holders of rem Sept.ala
Oct. 25 Oct. 6 to Oct. 21
Oct. 1 Holders of rec. Sept.256
Nov. 1 Holders of rec. Oct. 20a
Oct. 1 Sept. 17 to Sept.30
Sept.30 Holders of rec. Sept.294
Oct. 15 *Holders of rec. Oct. 3
Oct. 15 Holders of rec. Sept.300
Oct. 15 Holders of rec. Oct. la
Oct. 15 Holders of rec. Oct. la
Oct. 1 Holders of rec. Sept. 210
Oct. 1 Holders of rec. Sept. 21a
Oct. 1 Sept.26 to Sept.30
Oct. 1 Sept.26 to Sept.30
Oct. 1
Jan.1'26
Aprl'26
Oct. 30 *Holders of rec. Oct. 15
Sept.30 Sept.26 to Oct. 1
Sept.30 Sept.26 to Oct. 1
Nov. 16 Holders of rec. Nov. 5
Nov. 2 Holders of rem Oct. 21
Oct. 1 Sept.25 to Oct. 1
Nov. 2 Holders of rec. Oct. 200
Oct. 1 Holders of mt. Aug. 156
Nov. 1 Holders of rec. Oct. 214
Nov.15 "Holders of Yee. Oct. 31
Oct. 15 Holders of rem Oct. la
Oct. 15 Holders of rem Oct. la
Oct. 1 Sept.21' to Sept.30
Oct. 1 Sept.21 to Sept.30
Jan. 2 *Holders of roe. Dec. 15
Oct. 1 Sept. 113 to Sept.30
Oct. 1 Sept.16 to Sept.30
Oct. 5 Holders of roe. Sept.304
Oct. 20 Holders of rec. Oct. la
Nov. 1 *Holders of rec. Oct. 15
Nov. 1 *Holders of rem Oct. 15
Oct. 20 Holders of rec. Oct. 10
Oct. 15 *Holders of rec. Oct. 7
Dec. 1 *Holders of rec. Nov.17
Dee. 1 *Holders of rec. Nov.17
Oct. 1 Holders of rec. Sept.15a
Oct. 1 Holders of rec Sept.25
Nov. 2 *Holders of rec. Oct. 15
Oct. 15 Oct. 1 to Oct. 13
Oct. 15 Holders of rec. Oct. 5
Oct. 10 *Holders of rec. Oct. 5
Oct. 1 Holders of rec. Sept.286
Oct. 1 Holders of rec. Sept.256
Dec. 1 *Holders of rec. Nov.16
Dec. 1 *Holders of rec. Nov.16
Oct. 15 Oct. 6 to Oct. 15
Oct. 5 Holders of rec. Oct. 3
Nov. 2 Oct. 4 to Nov. 2
Nov. 14 Holders of rec. Oct. 20
Oct. 15 Holders of rec. Oct. 7
Oct. 15 Holders of rec. Oct. 7
Nov. 2 Holders of rec. Oct. 15
Nov. 1 Holders of rec. Oct. 15
Oct. 1 Holders of rec. Sept. 19
Sept.30 Holders of rec. Sept.190
Sept.30 Holders of rem Sept.196
Sept.30 Holders of roe. Sept.194
Sept.30 'Holders of rec. Sept.28
Oct. 31 'Holders of rec. Oct. 28
,,Vi
Banks.
First National of Brooklyn (quar.)
* .•1.
... •
..2
•o•
•61""
***
......,..........***
• -"141. -4 w.V.2*M......
.............-.
g **
po.
s . xxxa.
g
.8
c=
aY:
Public Utilities.
Nov. 2 *Holders of rec. Oct. 10
Amer.Elec. Power, pref.(guar.)
Oct. 15 Holders of rem Sept.30
Appalachian Power, pref. (guar.)
Nov. 1 "Holders of rec. Oct. 15
First preferred (guar.)
Oct. 1 Holders of rec. Sept. 15
Arkansas Light & Power, pref.(guar.).Oct. 1 Holders of rec. Sept. 150
Athens Railway & Electric. Pref.(quar.)
Oct. 15 Holders of rec. Sept.30
Ches.& Potomac Telep. of Balt.(au.)-Oct. 1 Holders of rem Sept.15a
City Gas Co. of Norfolk, pref.(guar.)
Sept.30 Sept.19 to Sept.30
City Ry., Dayton, common (quar.)-Sept.30 Sept.19 to Sept.30
Preferred (guar.)
Oct. 15 Holders of rec. Oct. la
Cleveland Elec. Ilium.,common (quar.)_
Cottsol. Gas, El. Lt.& Power of Bait.
2
Jan 2'26 Holders of rem Dec. 15a
Preferred, Series A (guar.)
13‘ Jan 2'26 Holders of rec. Dec. 15a
Preferred, Series B (guar.)
134 Jan 2'26 Holders of rec. Dec. 150
Preferred, Series C (guar.)
*2
Nov. 2 "Holders of rec. Oct. 15
Commonwealth-Edison Co.(guar.)
Commonw'th Gas & Elec. Cos., pf.(qu.) $1.50 Oct. 15 Holders of rec. Oct. la
Edison Electric Ilium., Brockton (guar.) 62140 Nov. 2 Holders of rec. Oct. 20a
Oct. 1 Sept.23 to Sept.30
3
Harrisburg Rys., preferred
50c Sept.30 Sept.15 to Sept.30
Hartford City Gas Lt.,com.&pf.(01.)
Illinois Northern Utilities, pref.(guar.). 1)4 Nov. 2 Holders of rec. Oct. 15
International Utilities, class A(guar.). 87)4c Oct. 15 Holders of rec. Oct. 30
$1.75 Nov. 1 Holders of rec. Oct. 20a
Preferred (guar.)
*25c. Nov. 2 *Holders of rec Oct. 16
Interstate Railways, com
Oct. 1 Holders of rec. Sept.190
Kansas City Power Securities Co.,Mom_ $2
$1.25 Oct. 1 Holders of rec. Sept.190
Preferred
Oct. 15 Oct. 11 to Oct. 14
Kinloch-Bloomington Telep., com.(qu.) 2
3)4 Oct. 15 Oct. 11 to Oct. 14
Preferred
Oct. 1 Holders of rec. Sept.19a
Kings County Lighting,class B(guar.)34 Oct. 1 Sept.21 to Sept.30
Los Angeles Suburban Gas(guar.)
Louisville Gas& Elec.of Ky.7% pf (qu.) 134 Oct. 15 Holders of rec. Sept. 300
154 Oct. 15 Holders of rec. Sept.30a
Six per cent preferred (guar.)
2)4 Oct. 1 Sept.17 to SePt.19
Louisville Ry., pref
62)4c Nov. 2 Holders of rec. Oct. 2I0
Lowell Electric Light Corp.(guar.)
154 Oct. 31 Holders of rec. Oct. 20a
Milwaukee El. Hy.& L.13% pf.(410
13( Oct. 15 Holders of rec. Sept.30a
Missouri Gas& El. Scour. pr.lien (qu.).
$1.75 Oct. 1 Holders of rec. Sept.19
Municipal Gas of Texas, pref.(quar.)_
500 Oct. 25 Oct. 11 to Oct. 25
Municipal Service, com.(guar.)
1)4 Nov. 1 Oct. 16 to Nov. 1
Preferred (guar.)
North Boston Lighting Prop.,corn.(qu.) •31.1 Oct. 15 *Holders of rem Oct. 3
'$1.50 Oct. 15 *Holders of rec. Oct. 3
Preferred (quar.)
Omaha & Coun. Bluffs St. Ry.pf.(01.)- 15( Oct. 1 Sept.19 to Sept.30
Power Corp.of Canada, pf.
.(No.1)(qu.) 134 Oct. 15 Holders of rec. Sept.30
Southern Gas & Power Corp., pref.(qu.) 134 Oct. 1 Holders of rec. Sept.25
2
Oct. 15 Holders of rec. Sept.300
Southern New Eng. Telephone (quar.)
1)4 Oct. I Holders of rec. Sept.190
Tr-City Ry.& Light, pref.(guar.)
5
Oct. 10 Oct. 1 to Oct. 10
Trinidad Electric Co., common
75c Oct. 16 Oct. 7 to Oct. 16
York Railways, cont. (guar.)
Oct. 31 Oct. 21 to Oct. 31
Preferred (quar.)
8'4 **
Railroads (Steam).
Oct. 1 'Holders of rec. Sept. 25
Akron Canton & Youngstown (No.1)--- 314
I ),E Dec. 1 Oct. 18 to Oct. 19
Baltimore & Ohio,common (guar.)
Dec. 1 Oct. 18 to Oct. 19
1
Preferred (guar.)
2)4 Oct. 15 Oct. 2 to Oct. 14
Georgia RR.& Banking (guar.)
Nov. 2 Holders of rec. Oct. 240
2
Morris & Essex Extension RR
Nov. 2 Holders of rec. Oct. 240
2
Passaic & Delaware Extension RR
*5
Panama RR
3 Nov. 2 Holders of rec. Oct. 240
Syracuse Binghamton & N.Y.(quar.)
Nov. 2 Holders of rem Oct. 140
3
Utica Chenango & Susquehanna Valley
$1.25 Nov. 5 Oct. 25 to Nov. 3
Wabash Ry.,pref. A (quay.)
Miscellaneous (Concluded).
May Department Stores, com.(qear.).Preferred (guar.)
McCaskey Register, let pref. (guar.)._
Second preferred (guar.)
Second pref.(acct. accumulated div.).
Medan (Fred) Mfg., pref. (guar.)
Merchants Despatch Transit. (quar.)
Mexican Crude Rubber (guar.)
Miles Detroit Theatre Co
Miller Rubber, corn. (guar.)
Missouri-Illinois Stores, com. (guar.)._
Preferred (quar.)
Mohawk Rubber, pref. (guar.)
Mortgage Bond Co. (guar.)
National Grocery, corn
Ohio Fuel Supply (guar.)
Olympia Theatres, Inc., com. (guar.).Preferred (guar.)
Pacific Burt Co., corn.(guar.)
Preferred (quay.)
Page Hershey Tubes, corn. (guar.)
Preferred (guar.)
Pan American Petroleum of California..
Pan American Petroleum of California._
Pan American Petroleum of California
Pan American West Petroleum (No. 1)._
Pemberthy Injector, com
Preferred (guar.)
Penmans, Limited, corn. (guar.)
Preferred (guar.)
Perdigo-Weber Shoe (guar.)
Phillips-Jones Corp., pref.(quay.)
Pittsburgh Generator, pref. (quar.)
Postum Cereal, corn. (guar.)
Producers Oil Corp. of Amer., pref.(qu.)
Pro-phy-lac-tic Brush (guar.)
Extra
Putnam (Robt.) Candy, corn. (guar.)._
Preferred (guar.)
Reynolds Spring, pref. A & B (quar.)
Richardson Co., pref.(quar.)
Rumford Press, corn. (guar.)
St. Lawrence Paper Mills. pref.(guar.).
Seagrave Corp.(stock dividend)
Sears, Roebuck & Co., com.(guar.)._
Simmons Co., pref. (guar.)
Smith(How.)Paper Mills,Ltd., Pt.(qu)
Spalding(A.G.) Bros.& Co.,com.(qu )
First preferred (guar.)
Second preferred (guar.)
Sperry Flour, pref. (quar.)
Stedman Products, pref. (guar.)
Sterling Products(guar.)
Sullivan Machinery (guar.)
Superheater Co. (guar.)
Texon Oil & Land (quay.)
Traylor Engineering & Mfg., pref.(qu.).
Union Metal Mfg., pref. (guar.)
United Drug, com.(guar.)
Second preferred (guar.)
United Oil
United Electric Coal Cos., corn
U.S.& Foreign Securities, 1st pf.(qu.).
U.S. Rubber, 1st Pref. (quar.)
U.S. Smelt., Ref. & Min., com.(gu.)....
Preferred (guar.)
Ventura Consol. Oil Fields (guar.)
Vick Chemical(No. 1)(quar.)
Wagner Elec. Corp.. pref.(quar.)
Washburn Wire, com. (guar.)
Common (extra)
Preferred (guar.)
Western Electric (stock dividend)
Whitestone Co., pref.(quar.)
co
.s.....,
Books Closed
Days Inclusive.
4iAXIXXPnP X..XX
4
0
•
Per
When
Cent. Payable.
Per
When
Cent. Payable.
Name of Company.
--.
rent week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid. The dividends announced this week are:
Name of Company.
1647
THE CHRONICLE
OCT. 3 1925.]
Holders of rem Sept.30c
Oct. I to Oct. 12
Holders of rec. Oct. 10
Holders of rec. Oct. 15
Holders of rec. Oct. 15
Holders of rem Oct. 15
Holders of rec. Sept.190
Holders of rec. Dec. 10a
Holders of rec. Oct. frt
Holders of rec. Sept.15
Holders of rec. Sept.23
Holders of rec. Sept.19c
Holders of rec. Sept.30r
Holders of rec. Oct. it
Holders of rec. Oct. 15
Holders of rec. Sept.306
Holders of roe. Sept.30
Holders of rec. Oct. 20t
Holders of rec. Nov.17t
Oct. 1 to Oct. 15
Oct. 1 to Oct. 15
Holders of rec. Oct. 14i
Holders of rec. Oct. 140
1648
Name of Company.
"Cr
When
Cent. Payable
Books Closed.
Days Inclustre.
Miscellaneous (Conrtnued).
Consol Gas,El. L.& Pr, Bait.,corn.(qu.) 6234c Jan.2'26 Holders of rec. Dec. 15a
Consolidated Gas, New York, pref.(qu.) *8739c Nov. 2 *Holders of rec. Oct. 15
Detroit Edison (guar.)
2
Oct. 15 Holders of rec. Sept.21a
Diamond State Telephone, pref. (guar.) 1% Oct. 15 Holders of rec. Sept.19a
Dominion Pow.& Transmission, pt.(qu.) 1% Oct. 15 Sept.22 to Sept.30
East Bay Water, pref., Class A (guar.)_ _
1% Oct. 15 Holders of rec. Sept.30
Preferred, Class B (guar.)
1% Oct. 15 Holders of rec. Sept.30
Electric Bond & Share, pref.(quar.)_ _ _
1% Nov. 2 Holders of rec. Oct. 15
Electric Bond & Share Securities (guar.) 25c. Oct. lb Holders of rec. Sept.19
El Paso Electric Co., pref. A (guar.)_
194 Oct. 15 Holders of rec. Oct. la
Preferred B (guar.)
1% Oct. 15 Holders of rec. Oct. la
Georgia By.dr Power, 2d pref.(quar.).
1
Dec. 1 Holders of rec. Nov.20
Germantown Passenger By.(guar.).- -- $1.31 Oct. 6 Sept.17 to Oct. 5
International Telep. & Teleg.(quar.)._ _
139 Oct. 15 Holders of rec. Sept.26a
Kentucky Securities Corp., pref. (guar.) 1% Oct. 15 Sept. 19 to Oct. 14
Laurentide Power (quar.)
1% Oct. 15 Holders of rec. Sept.30
Manufacturers Light & Heat (guar.)_ _ _ 2
Oct. 12 Holders of rec. Sept.30a
Massachusetts Gas Cos., corn. (quar.)_ _
131 Nov. 2 Holders of rec. Oct. 15
Massachusetts Ltg. Cos.,6% pref.(qu.) 139 Oct. 15 Holders of rec. Sept.25
8% preferred (guar.)
Oct. 15 Holders of rec. Sept. 25
2
Middle West Utilities, pref. (guar.)_ _ _ _
191 Oct. 15 Holders of rec. Sept.30a
Midland Utilities, prior lien (guar.)_ _
194 Oct. 6 Holders of rec. Sept.22
Preferred, Class A (guar.)
194 Oct. 6 Holders of rec. Sept.22
Montreal Telegraph (guar.)
Oct. 15 Holders of rec. Sept.30
2
Mountain States Power, pref.(guar.) -- 194 Oct. 20 Holders of rec. Sept.30
Nevada-Calif. Elec. Co., prof.(guar.)_ _
1% Nov. 2 Holders of rec. Sept.300
New York Telephone, pref.(guar.)
1% Oct. 15 Holders of rec. Sept.19
4394c. Oct. 15 Holders of rec. Sept.300
Niagara Falls Power, pref. (guar.)
Nov. 2 Holders of rec. Sept.30
Northern States Power,corn., Cl.A (qu.) 2
Preferred (quar.)
i3 Oct. 20 Holders of rec. Sept.30
139 Dec. 1 Holders of rec. Nov. 16
Ohio Edison,6% pref.(guar.)
$1.65 Dec. 1 Holders of rec. Nov. 16
6.6% preferred (guar.)
1% Dec. 1 Holders of rec. Nov. 16
7% preferred (guar.)
Mc, Nov. 1 Holders of rec. Oct. 15
6.6% preferred (monthly)
Mc. Dec. 1 Holders of rec. Nov. 16
6.6% preferred (monthly)
191 Oct. 15 Holders of rec. Sept.30
Ottawa-Montreal Power, pref.(quar.)_ _
2
Oct. 15 Holders of rec. Sept.30a
Pacific Gas & Electric, corn.(quar.)_
139 Oct. 15 Holders of rec. Sept.300
Pacific Telep. & Teleg., Pref. (guar.).-Nov. 2 Holders of rec. Oct. 22
Pennsylvanla-Ohio P.& L.,8% pt.(qu.) 2
134 Nov. 2 Holders of rec. Oct. 22
7% preferred (guar.)
2
Oct. 17 Holders of rec. Oct. 30
Peoples Gas Light & Coke (guar.)
5
Oct. 10 Holders of rec. Sept.25a
Philadelphia dr Camden Ferry (guar.)_ _ _
Oct. 31 Holders of rec. Oct. la
Philadelphia Company, corn. (guar.)_ _ _ $1
$1.50 Nov. 2 Holders of rec. Oct. la
Six per cent preferred (guar.)
Oct. 31 Holders of rec. Oct. 15a
Philadelphia Rapid Transit,coin.(guar.) $1
$1.75 Nov. 2 Holders of rec. Oct. la
Preferred No. 1
Philadelphia & Western By.,Pref.(qu.). 8739e. Oct. 15 Holders of rec. Sept. 300
Pittsburgh Utilities, common
$1
Nov. 2 Holders of rec. Oct. 10a
Common (extra)
(to) Nov. 2 Holders of rec. Oct. 10a
Preferred
35c. Nov. 2 Holders of rec. Oct. 10a
Preferred (extra)
25c. Nov. 2 Holders of rec. Oct. 10a
Power Corp.of New York, pref.(guar.). 1% Nov. 1 Holders of rec. Oct. 150
Public Service Elec. Power, pref.(guar.) $1.75 Nov. 2 Holders if rec. Oct. 15a
Puget Sound Pow.& Light, corn.(guar.) 1
Oct. lb Holders of rec. Sept.21a
1% Oct. 15 Holders of rec. Sept.21a
Prior preferred (quar.)
Preferred (quar.)
139 Oct. 15 Holders of roe. Sept.21a
Quebec Power Co., corn. (guar.)
131 Oct. 15 Holders of rec. Sept.30
Preferred (guar.)
1% Oct. 15 Holders of rec. Sept.30
San Diego Cons. Gas& Elec., pref.(qu.) 134 Ore. 15 Holders of rec. Sept.30
Shawinigan Water & Power (guar.)
2
Oct. 10 Holders of rec. Sept.25
Southern Canada Power, pref.(quar.)__
139 Oct. 15 Holders of rec. Sept.25a
1% Oct. 15 Holders of rec. Oct. la
South Pittsburgh Water, pref.(guar.)._
Standard Gas & Electric, corn.(guar.)._ 75c, Oct. 26 Holders of rec. Sept.300
1% Oct. 26 Holders of rec. Sept.30
Preferred (guar.)
Tennessee Elec. Pow.,6% 1st pref.(qu.) 134 Jan.1'26 Holders of rec. Dec. 15
7% first preferred (guar.)
an.1'26 Holders of rec. Dec. 15
134
7.2% first preferred (guar.)
$1.80 Jan.1'26 Holders of rec. Doe. 15
134 Nov. 1 Holders of rec. Oct. 14
6% second preferred (guar.)
6% first preferred (monthly)
50c. Nov. 1 Holders of rec. Oct. 15
50c. Dec. 1 Holders of rec. Nov.16
6% first preferred (monthly)
6% first preferred (monthly)
50e.
an.1'26 Holders of rec. Dec. 15
60e. Nov. 1 Holders of rec. Oct. 15
7.2% first preferred (monthly)
600. Dec. 1 Holders of rec. Oct. 15
7.2% first preferred (monthly)
60e.Jan.1'26 Holders of rec. Oct. 15
7.2% first preferred (monthly)
194 Nov. 1 Holders of rec. Oct. 15
Texas Electric By., 2d pref. (guar.)._ _ _
234Jan.1'26 Holders of rec. Dec. 20
Tri-City By. & Light, corn.(guar.)._
Oct. 15 Holders of rec. Sept.30a
United Gas Improvement (guar.)
$1
United Light & Power,corn. A (guar.)-- 600. Nov. 2 Holders of rec. Oct. 15
Corn.. Class A (in Class A stock)
(a) Nov. 2 Holders of rec. Oct. 15
Corn., Class A(extra) (in Class A stk.) 99 Nov. 2 Holders of rec. Oct. 15
60c
Nov. 2 Holders of rec. Oct. 15
Common, Class B (guar.)
(8) Nov. 2 Holders of rec. Oct. 15
Corn., Class B (in Class A stock)
Corn., Class B (extra)(in Class A etk.) (g) Nov. 2 Holders of rec. Oct. 15
2
Nov. 2 Holders of rec. Oct. 15a
United Light & Railways, corn. (quar.)_
Oct. 15 Holders of rec. Oct. 50
$3
Utica Gas & Electric Co., corn
$1.76 Oct. 1 Holders of rec. Sept.15
Utilities Power & Light, pref.(guar.)
3
Dec. 15 Holders of rec. Oct. 310
Virginia Railway & Power, corn
1% Oct. 20 Holders of rec. Sept.30a
Preferred (guar.)
Oct. 15 Holders of rec. Sept.25a
Washington Water Power,Spokane(qu.) 2
West Penn Power Co.,7% pref.(quar,). 131 Nov. 2 Holders of rec. Oct. 15a
194 Oct. 15 Holders of rec. Sept.30a
Western Power corp.. Pref. (guar.)._ _
Western States Gas & Elec.. pref.(guar.) 1% Oct. 15 Holders of rec. Sept.30
1% Oct. 15 Holders of rec. Sept.250
Western Union Telegraph (guar.)
Miscellaneous.
$1
Oct. 15 Holders of rec. Sept.300
Air Reduction, Inc. (guar.)
$1
Oct. 15 Holders of rec. Sept.30a
Extra
1% Oct. 15 Holders of rec. Sept.24a
Allis-Chalmers Mfg., pref. (guar.)
Aluminum Manufactures,Inc.,com.(411.) 37%c Dec. 31 Holders of rec. Dec, 154
13( Oct. I Holders of rec. Sept.20a
Preferred (guar.)
1% Jan.1'26 Holders of rec. Dec. 200
Preferred (guar.)
2
Nov. 1 Holders of roe. Oct. 17a
Amalgamated Sugar,first prof.(guar.)_ _
American Art Works, corn. & pref.(gu.) 1% Oct. 15 Holders of rec. Sept.30a
American Bank Note,common (quar.)_ _ *$1.25 Nov. 10 *Holders of rec. Nov. 2
1
Oct. 31 Holders of rec. Oct. 10a
American Beet Sugar,corn.(guar.)
Jan3026 Holders of rec. Jan.9'26a
1
Common (guar.)
American Fork & Hoe, first pref._ __.___
334 Oct. 15 Holders of rec. Oct. 5a
Oct. 15 Holders of rec. Sept.300
American Greenhouse Mfg., prof.(qual.) 2
American Ice. common (guar.)
2
Oct. 26 Holders of rec. Oct. 9a
Preferred (guar.)
139 Oct. 26 Holders of rec. Oct. 9a
Am.La France Fire Eng.,Ine.,com.(qu.) 25c. Nov.16 Holders of rec. Nov. 2a
Amer. Laundry Machinery, com.(quar.) 75e. Dec. 1 Nov.23 to Dec. 1
Preferred (guar.)
131 Oct. 15 Oct. 6 to Oct. 15
American Linseed, pref.(guar.)
194 Jan.2'26 Holders of rec. Dec. 200
Preferred (guar.)
1% Aprl'26 Holders rec. Mar.19'26a
American Locomotive, corn.(extra)_ _ _ $2.50 Dec. 31 Holders of rec. Dec. 14a
Preferred (guar.)
194 Sept.30 Holders of rec. Sept. 140
American Manufacturing, cont. (quar.)_
136 Dec. 31 Dec. 16 to Dec. 30
Preferred (quar.)
134 Dec. 31 Dec. 16 to Dec. 30
American Rolling Mill, com.(guar.) _
500, Oct. lb Holders of rec. Sept.300
American Seeding Machine, pref.(guar.) 1% Oct. 15 Holders of rec. Sept.30a
American Shipbuilding, cont. (quar.)_ _ 2
Nov. 2 Holders of rec. Oct. 15a
Preferred (guar.)
154 Nov. 2 Holders of rec. Oct. 15
American Steel Foundries, corn.(guar.)_ 75c. Oct. 15 Holders of rec. Oct. la
2
American Type Founders, corn.(quar.)_
Oct. 15 Holders of rec. Oct. 5a
191 Oct. 15 Holders of rec. Oct. 5a
Preferred (guar.)
American Woolen, pref.(guar.)
Oct. 15 Sept.16 to Sept.24
75c. Nov.23 Holders of rec. Oct. 170
Anaconda Copper Mining (quar.)
Apco Manufacturing, Class A (Soar.).. _ 50c. Oct. 10 Holders of rec. Sept.20a
Asbestos Corporation, corn. dr pref.(pre) 1% Oct. 15 Holders of rec. Sept.30
Associated Dry Goods, corn.(guar.)_ _ 62e. Nov. 2 Holders of rec. Oct. 150
1)4 Dec. 1 Holders of rec. Nov. I66
First preferred (guar.)
1
Second preferred (guar.)
Dec. I Holders of rec. Nov. lire
50e. Oct. 26 Holders of rec. Sept.300
Associated Oil (guar.)
91
Atlas Plywood (guar.)
Oct. 15 Holders of rec. Oct. 1
13,6 Nov. 2 Holders of rec. Oct. 200
Atlas Powder, preferred (guar.)
Austin, Nichols & Co.,Inc., pref.(guar.)
Nov. 1 Holders of rec. Oct. 150
*25e. Nov. 1 Holders of rec. Oct. 200
Balaban & Katz, corn.(monthly)
*25e. Dec. 1 *Holders of rec. Nov.20a
Common (monthly)
*25c Jan.1'26 *Holders of rec. Dec. 200
Common (monthly)
lvoi, 121.
THE CHRONICLE
Name of Company.
When
Per
cens. Payable.
Books Closed.
Days Inclustre.
Miscellaneous (Continued).
Babcock & Wilcox Co.(guar.)
134 Jan.1'26 Holders of rec. Dec. 20
Quarterly
194 Aprl'26 Holders rec. Mar.20'260
Barnhart Brothers & SpindlerFirst and second preferred (guar.)_ _- 1% Nov. I Holders of rec. Oct. 24a
Bayuk Cigars, let pref. (guar.)
1% Oct. 15 Holders of rec. Sept.30a
Convertible 2d prof. (guar.)
194 Oct. 15 Holders of rec. Sept.300
8% second preferred (guar.)
Oct. 15 Holders of rec. Sept.30a
2
•$ 1.87% Nov.16 *Holders of rec. Nov. 2
Beacon Oil, preferred (guar.)
Beech-Nut Packing, corn. (Soar.)
60e. Oct. 10 Holders of rec. Sept.25
Preferred, Class B (guar.)
191 Oct. 15 Holders of rec. Oct. 1
Beigo-Canadlan Paper, corn. (quar.)--139 Oct. 12 Holders of rec. Sept.304
Big Store Realty
250. Oct. 15 Holders of roe. Oct. 1
Borne Scrymser Co
Oct. 15 Sept.27 to Oct. 14
4
Extra
Oct. 15 Sept.27 to Oct. 14
4
Oct. 15 Holders of rec. Sept.20
Brantford Cordage, Ltd.,first pref.(qu.) 2
Bush Terminal, 7% deb. stock (guar.).- $1.75 Oct. 15 Holders of rec. Oct. la
Cadillac Storage Co.(guar.)
Oct. 1
139 Oct. 15
Extra
Oct. 1
34 Oct. 15
Canada Cement (guar.)
1% Oct. 16 Holders of rec. Sept.30a
Canada Dry Ginger Ale (guar.)
25e. Oct. 15 Holders of rec. Oct. 1
Extra
25c. Oct. 15 Holders of rec. Oct. 1
Canadian Car & Fdy.,corn.& pref.(qu.) 194 Oct. 9 Holders of rec. Sept.25
Canadian Cottons, corn. (guar.)
Oct. 5 Holders of re?. Sept.250
2
Preferred (guar.)
139 Oct. 6 Holders of rec. Sept.25a
Canadian Industrial Alcohol (guar.). - 32e, Oct. 15 Holders of rec. Sept.306
Cartier, Inc., preferred (guar.)
194 Oct. 31 Holders of rec. Oct. 150
Casey-Hedges Co., corn. (quar.)
234 Nov. 15 Holders of rec. Nov. la
Central Aguirre SugarNov. 2 Holders of rec. Oct. 150
Common (Payable in common stock)_ 120
Central Steel, corn.(guar.)
Oct. 10 Holders of tee. Sept.Ma
$1
Chicago Pneumatic Tool (guar.)
Oct.
26 Holders of rec. Oct. 15a
131
Chicago Yellow Cab (monthly)
33 I-3c Nov. 2 Holders of rec. Oct. 20a
Monthly
33 1-3c Dec. 1 Holders of rec. Nov.20a
Chrysler Corporation, pref.(guar.)
Oct. 26 Holders of rec. Oct. 10
$2
Cities Service Co., corn.(monthly)
36 Nov. 1 Holders of rec. Oct. 15
Common (payable in corn. stock)__ _ Nov. 1 Holders of rec. Oct. 15
Preferred and prepaid B (monthly)_ -34 Nov. 1 Holders of nee. Oct. 15
City Ice & Fuel of Cleveland, corn.(qu.) 50e. Dec. 1 Holders of rec. Nov.11
Cohn-Hall-Marx Co., cont.(Soar.)
70e, Oct. 15 Holders of rec. Oct. 5
Common (guar.)
70e. Jn15'26 Holders of rec. Jan.5'26
Common (guar.)
70c, Ap15'28 Holders of rec. Apr.5'26
Common (quar.)
70c. July5'26 Holders of rec. July 5'26
Consolidated Car Heating (guar.)
1% Oct. 15 Holders of rec. Sept.300
Consolidated Royalty 011
Oct. 25 Oct. 16 to Oct. 25
10
Corn Products Refining, corn. (guar.)._ 50c. Oct. 20 Holders of rec. Oct. 5
Preferred (guar.)
1% Oct. 15 Holders of rec. Oct. ba
Craddock-Terry Co., corn. (guar.)
Dec. 31 Holders of rec. Dec. 15a
3
First and second preferred
Dec. 31 Holders of rec. Dec. 15
3
Class C preferred
334 Dec. 31 Holders of rec. Dec. 15
Creamery Package Mfg., corn.(quar.)-- 50e. Oct. 10 Oct. 2 to Oct. 10
Common (extra)
Oct. 10 Oct. 2 to Oct. 10
$1
Preferred (guar.)
134 Oct. 10 Oct. 2 to Oct. 10
Cresson Cons. Gold Mre.& Mill.(guar.) 10
Oct. 10 Holders of rec. Sept.30
Crex Carpet(quar)
Oct. 15 Holders of rec. Sept.30
$1
Crucible Steel, com.(guar.)
1
Oct. 31 Holders of rec. Oct. 15
Cudahy Packing, tom.(Soar.)
1% Oct. 15 Oct. 8 to Oct. 15
Detroit Motor Bus (guar.)
2
Oct. 15 Holders of ree. Sept.306
Extra
1
Oct. 15 Holders of rec. Sept.300
4
Detroit Steel Products, corn
25c. Nov.15 Holders of rec. Nov. 50
2
Oct. 15 Holders of rec. Sept.30a
Dictograph Products, pref. (guar.)
Dodge Brothers, Prof. (guar.)
1% Oct. 15 Holders of rec. Oct. 1
Dome Mines,Ltd.(guar.)
50e. Oct. 20 Holders of rec. Sept.30a
Dominion Textile, pref.(guar.)
154 Oct. 15 Holders of rec. Sept.30
duPont(HI,)de Nom.dr Co., deb.(au.) 154 Oct. 26 Holders of rec. Oct. 100
duPont(E.I.) de Nem.Powd.,corn (qu.) 134 Nov. 2 Holders of rec. Oct. 200
Preferred (guar.)
134 Nov. 2 Holders of rec. Oct. 20a
Eagle-Picher Lead Co., pref. (guar.).- 154 Oct. 15 Oct. 1 to Oct. 14
Eastern Steamship, no par prof.(guar.). 87M c. Oct. 15 Holders of rec. Oct. 80
Eaton Axle & Spring (guar.)
50e. Nev. 1 Holders of rec. Oct. 150
250. Oct. 15 Holders of rec. Oct. I
Economy Grocery Stores Corp.(quar.)
Elgin National Watch (guar.)
6239c Nov. 2 Holders of rec. Oct. 150
Fair (The), corn.(monthly)
20e. Nov. I Holders of rec. Oct. 200
Nov. 2 Holders of rec. Oct. 15a
Famous Players-Lasky Corp., pref.(qu.) 2
Fifth Avenue Bus Securities (quar.)--- - 16c. Oct. 16 Holders of rec. Oct. 20
Finance & Trading Corp., corn
*SI.75 Jan.2'26 Holders of rec. Sept.280
Finance Co. of America (Baltimore)Common A and B (guar.)
62Sin. Oct. 15 Holders of rec. Oct. 5a
Seven per cent pref.(guar.)
4394c. Oct. 15 Holders of rec. Oct. 50
Eight per cent convertible pref.(guar.) 50c. Oct. 15 Holders of rec. Oct. 50
Foot Bros. Gear dr Machine,corn.(guar.) 25c. Jan.1'26 Dec. 21 to Dec. 31
Oct. 15 Holders of rec. Oct. 1
Fox Film Corp., corn., Class A and B.
Si
2
Oct. 15 Holders of rec. Sept. 30
General Electric, corn.(guar.)
15 Holders of rec. Sept. 30
(0)
Oct.
stock)_
_
_
Common (Payable in special
Special stock (quar.)
15e. Oct. 15 Holders of rec. Sept. 30
Oct. 15 Holders of rec. Oct. 1
General Ice Cream Corp., corn.(No. 1). Si
General Motors,7% pref.(guar.)
134 Nov. 2 Holders of rec. Oct. 50
6% preferred (guar.)
1% Nov. 2 Holders of rec. Oct. 5
6% debenture stock (guar.)
134 Nov. 2 Holders of rec. Oct. 50
59c. Oct. 15 Holders of rec. Oct. 70
General Refractories (guar.)
Goodyear Tire & Rub.of Calif., pf.
.(qu.) .131 Oct. 15 *Holders of rec. Oct. 1
Pref.(account accumulated dividends) *6191 Oct. 15 *Holders of rec. Oct. 1
Goodyear Tire & Rubber, pref.(guar.).- 1% Oct. 15 Holders of rec. Sept.lba
250, Nov. 2 Holders of rec. Oct. 210
Gossard(H. W.) Co.(monthly)
250. Dec. 1 °Holders of rec. Nov. 20a
Monthly
135 Oct. 29 Holders of rec. Sept. 19
Goulds Manufacturing,cont.(qUar.)-- - Gulf States Steel, let pref.(guar.)
134 Jan 3'26 Holders of rec. Dec. 150
250. Dec. If Holders of rec. Dec. 100
Hall (C. M.) Lamp
Harbison-Walker Refractories, pref.(qui 1% Oct. 20 Holders of rec. Oct. 100
Hayes Wheel Co., corn. (guar.)
750. Dec. 15 Holders of rec. Nov. 30a
Common (extra)
25e. Dec. 15 Holders of rec. Nov. 30a
Preferred (goar.)
1% Dec. 15 Holders of ree. Nov. 300
Hibbard,Spencer, Bartlett& Co.(mthlY) 35c. Oct. 30 Holders of rec. Oct. 23
350. Nov.27 Holders of rec. Nov. 20
Monthly
35c, Dec. 24 Holders of rec. Dec. 18
Monthly
20c. Dec. 24 Holders of rec. Dec. 18
Extra
134 Oct. 15 Holders of rec. Sept.300
Hillcrest Collieries, corn. (guar.)
Preferred (guar.)
154 Oct. 15 Holders of rec. Sept.30a
Oct. 15 Holders of rec. Oct. 50
$1
Hoe(R.)& Co., Inc., Class A (guar.)
Sc. Oct. 7 Holders of rec. Sept.21
Hollinger Consolidated Gold Mines
50c. Oct. 15 Holders of rec. Oct. 50
Howe Sound Co.(guar.)
*50e. Nov. 1 *Holders of rec. Oct. 15
Hunt Brothers Packing (guar.)
$2.40 Oct. 15 Oct. 4 to Oct. 15
Illinois Brick (guar.)
25c. Oct. 5 Holders Of rec. Sept.210
Independent Oil & Gas (guar.)
500. Nov. 1 Holders of rec. Oct. 15a
Indian Motocycle, corn,(No. 1)
Nov. 19 Holders of rec. Oct. 20
$1
Indiana Pipe Line (quar.)
Inspiration Consol. Copper Co.(guar.)_ _ 50c. Oct. 5 Holders of rec. Sept.170
Oct. 10 Holders of rec. Sept.240
International Business Machines(guar.). $2
I% Oct. 15 Holders of rec. Sept.250
International Harvester, corn,(guar.).- Internat. Match Corp., partic. pf.(nu.)_ 80c. Oct. 15 Holders of rec. Sept. 250
International Paper, 7% pref. (guar.).- 1% Oct. 15 Holders of rec. Oct. la
139 Oct. 15 Holders of rec. Oct. la
Six per rent preferred (guar.)
Kerr Lake mines, Ltd. (guar.)
1239c. Oct. 15 Holders of rec. Oct. 1
el()
Oct. 15 Holders of rec. Oct. la
La Salle Extension University
Loose-Wiles Biscuit, 2d pref. (guar.).
1% Nov. 1 Holders of rec. Oct. 19a
*2
Nov. 1 *Holders of rec. Oct. 20a
Lord & Taylor, 2d pref. (guar.)
2% Oct. 15 Holders of rec. Sept.300
MacAndrews & Forbes, corn. (goat.)..
134 Oct. 15 Holders of rec. Sept.30a
Preferred (guar.)
Macy (R. H.) & Co.. pref. (guar.)
134 Nov. I Holders of rec. Oct. 170
75c. Oct. 15 Holders of rec. Oct. la
Magma Copper Co
el
Oct. 5 Holders of rec. Sept.21a
Magnolia Petroleum (in stock)
Maple Leaf Milling, pref. (guar.)
134 Oct. 19 Holders of rec. Oct. 36
McCrory Stores, pref. (guar.)
1% Nov. 1 Holders of rec. Oct. 20a
Oct. 20 Holders of rec. Sept.304
Mexican Petroleum, corn, (guar.)
$3
Oct. 20 Holders of rec. Sept.300
Preferred (guar.)
52
Motion Picture Cap. Corp., pref.(guar.) 2
Oct. 15 Holders of rec. Oct. 1
Motor Products Corp.. prof.(guar.)--- *51
Nov. 2 Holders of rec. Oct. 20
Mountain & Gulf Oil (guar.)
2c, Oct. 15 Holders of rec. Oct. la
Extra
lc. Oct. 15 Holders of rec. Oct. la
Murray Body CorporationCommon (payable in common stock)- - (134 an.1'26 Holders of rec. Dec. 180
OCT. 31925.]
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Conaudtd).
National Biscuit, corn.(quar.)
750. Oct. 15 Holders of rec. Sept.306
Oct. 15 Holders of rec. Oct. 96
$1
National Cloak & Suit, corn.(Oust.)
Nat. Enameling & Stamping, pref.(qu.) 134 Dec. 31 Holders of rec. Dec. 11
National Fireproofing, prof. (quar.)
Oct. 15 Holders of rec. Oct. la
National Fuel Gas (guar.)
$1.50 Oct. 15 Holders of rec. Sept.30
National Paper & Type, pref.(guar.).- 2
Oct. 15 Holders of rec. Sept.306
12%0. Oct. 15 Holders of rec. Oct. la
New Bradford 011 (guar.)
60c. Oct. 15 Holders of rec. Oct. 1
Newmont Mining Corporation
New York Air Brake, corn.(Oust.)
500. Nov. 2 Holders of rec. Oct. 7a
Jan.4'26 Holders of rec. Dec. 2a
$1
Class A (quar.)
New York Canners, Inc., 1st pref
334 Febl'26 Holders of rec.Jan.22'26
4
Feb 1'26 Holders of rec. Jan.2226
Second preferred
New York Transit (quar.)
75c. Oct. 15 Holders of rec. Sept.18
New York 'transportation(guar.)
50c. Oct. 15 Holders of rec. Oct. la
Nipissing Mines Co.(guar.)
15c. Oct. 20 Oct. 1 to 0.t. 18
Ohio Brats, Class B (guar.)
Oct. 15 Holders of rec. Sept.30a
$1
Preferred (quar.)
134 Oct. 15 Holders of rec. Sept.30a
Ohio Fuel Corporation (guar.)
Oct. 15 Holders of rec. Sept.30a
Oklahoma Natural Gas(guar.)
500, Oct. 20 Holders of rec. Sept.26a
15c. Nov. 2 Holders of rec. Oct. 20a
Orpheum Circuit, corn.(monthly)
Common (monthly)
150. Dec. 1 Holders of rec. Nov.20a
Otis Elevator, corn. (guar.)
$1.50 Oct. 15 Holders of rec. Sept.300
$1.50 Oct. 15 Holders of rec. Sept.30a
Preferred (guar.)
Overman Cushion Tire,COM.A & B (qu.) 1% Oct. 20 *Holders of rec. Sept.30
Pacific Coast Co., 2d pref
1
Nov. 2 Holders of rec. Oct. 236
Packard Motor Car (guar.)
Oct. 31 Holders of rec. Oct. 156
Pan Am.Pet.detran..com.dreom.B(qu.)_ $1.50 Oct. 20 Holders of rec. Sept.306
Peabody Coal. preferred (monthly)
690. Nov. 2 Holders of rec. Oct. 20a
Preferred (monthly)
d58c. Dec. 1 Holders of rec. Nov.20a
Preferred (monthly)
d58c. Jan. 2 Holders of rec. Dec. 19a
Pennsylvania Salt Mfg.(quar.)
$1.25 Oct. 15 Holders of rec. Sept.30a
•1% Nov. 2 *Holders
Phillips-Jones Corp., pref.(guar.)
of rec. Oct. 20
Pierce, Butler & Pierce Mfg..corn.(qu.)_ 2% Oct. 15 Holders of rec. Oct. 5a
Seven per cent preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 20a
Eight per cent preferred (quar.)
2
Nov. 1 Holders of rec. Oct. 206
1% Oct. 24 Holders of rec. Oct. 90
Pittsburgh Coal, pref. (Oust.)
✓iLyi Oct. 20 *Holders of rec. Oct. 1
Plymouth Cordage (quar.)
Extra
*2
Oct. 20 *Holders of rec. Oct. 1
Pressed Steel Car, Pref. (guar.)
1% Dec. 8 Holders of rec. Nov. 170
Prairie Pipe Line (guar.)
2
Oct. 31 Holders of rec. Sept.30a
Procter & Gamble,8% pref. (quer.). _ _ 2
Oct. 15 Sept.27 to Oct. 14
Quaker Oats, corn. (guar.)
750. Oct. 15 Holders of rec. Oct. la
Preferred (quar.)
1% Nov. 30 Holders of rec. Nov. 26
Remington-Noiseless Typewt., pref.(qu.) 1% Oct. 15 Holders of rec. Oct. 3
Richmond Radiator, pref. (guar.)
1% Oct. 15 Holders of rec. Sept.30a
Preferred (guar.)
134 JanI526 Holders of rec. Dec. 310
River Raisin Paper, wet. (guar.)
1% Oct. 15 Holders of rec. Oct. 56
St. Joseph Lead (guar.)
50c. Dec. 21 Dec. 10 to Dec. 21
Extra
$I
Dec. 21 Dec. 10 to Dec. 21
Savage Arms Corp., 2d pref.(Oust.)--- *134 Nov. 16 *Holders of rec. Nov. 2
Scott & Williams, Inc.(guar.)
$1.75 Oct. 15 Holders of rec. Sept.21a
Seagrave Corporation, corn. (guar.)_ - - 30e. Oct. 20 Holders of rec. Oct. la
Shattuck (F. G.) Co.(Oust.)
50c. Oct. 10 Holders of rec. Sept.21a
Silver (Isaac)& Bros. Co.. pref.(guar.). •134 Nov. 2 *Holders of rec. Oct. 20
Spanish Riv.Pulp&Pap.,corn.& p1.(qu.) 184 Oct. 15 Holders of rec. Sept.30
Standard Publishing, Class A (guar.).- - 1% Oct. 20 Holders of rec. Oct. la
Steel Co.of Canada. corn.& pref.(guar.) 1% Nov. 2 Holders of rec. Oct. 8.2
Sterling 011 & Development
100. Oct. 5 Holders of rec. Sept.250
Extra
100. Oct. 5 Holders of rec. Sept.250
Teiautograph Corporation, corn
250. Nov. 2 Holders of rec. Oct. 156
Preferred (oust,)
134 Oct. 10 Holders of rec. Sept.30
Thompson (J. R.) Co., corn. (monthly)_ 250. Nov. 2 Holders of rec. Oct. 236
Common (monthly)
250. Dec. 1 Holders of rec. Nov.236
Tobacco Products Corp., corn.(oust.).. 31.50 Oct. 15 Holders of rec. Oct. 1
Tonopah Mining
734c Oct. 21 Oct. 1 to Oct. 6
Traneue & Williams Steel Forging(quar.) 50c. Oct. 15 Holders of rec. Sept.30a
Tuckett Tobacco, corn. (quer.)
1
Oct. 15 Holders of rec. Sept.30a
Preferred (quar.)
Oct. 15 Holders of rec. Sept.30a
Union Discount Co.,common (guar.).- - $1.25 Oct. 15 Holders of rec.dSept.30a
1% Oct. 15 Holders of rec.dSept.30a
Preferred (Oust.)
Union Storage (quar.)
2% Nov. 11 Holders of rec. Nov. 1
United Drug, first pref.(guar.)
134 Nov. 2 Holders of rec. Oct. 15a
United Dyewood, pref. (oust.)
134 Jan.1'26 Holders of rec. Dee. 15a
United Equities Corporation
$1
Oct. 15 Holders of ret. Oct. 1
United Profiv-Sharing, pref
5
Oct. 31 Holders of rec. Sept.30a
United Shoe Machinery, corn. (quar.)- - 62340 Oct. 5 Holders of rec. Sept.15
$1
Common (extra)
Oct. 5 Holders of rec. Sept. 15
Preferred (guar.)
373.40.Oct. 5 Holders of rec. Sept. 15
United Verde Extension Mining
750. Nov. 2 Holders of rec. Oct. 66
750, Oct. 15 Holders of rec. Sept.306
United States Can, corn.(oust,)
Preferred (quar.)
134 Oct. 15 Holders of rec. Sept.306
U.S.Cast Iron Pipe & Fdy., pref.(guar.) 134 Dec. 15 Holders of rec. Dec. la
U.B. Industrial Alcohol. pref.(guar.).- 1% Oct. 15 Holders of rec. Sept.306
U.S. Radiator Corp.,SOM.(guar.)
1
Oct. 15 Holders of rec. Oct. 1
Preferred (guar.)
194 Oct. 15 Holders of rec. Oct. 1
U.S. Realty & Impt., pref.(quar.)
1% Nov. 4 Holders of rec. Sept. 46
Utah Apex Mining (guar.)
•35c. Oct. 15 *Holders of rec. Oct. 3
Vulcan Detinning, pref. & pref. A (guar.) 1% Oct. 20 Holders of rec. Oct. 96
Preferred (acct, accumulated divs.)-- hl
Oct. 20 Holders of rec. Oct. 90
Warner (Chas.) Co., corn.(quar.)
50c. Oct. 10 Holders of rec. Sept.30a
First and second preferred (guar.). _
1% Oct. 22 Holders of rec. Sept.30a
Weber & Hellbroner, corn.(quar.)
$1
Dec. 30 Holders of rec. Dec. 15
1,4 Dec. 1 Holders of rec. Nov. 16
Preferred (guar.)
West Coast Oil (guar.)
$1.50 Oct. 5 Holders of rec. Sept.256
Extra
Oct. 5 Holders of rec. Sept.250
$3
Western Grocer, pref
334 Jan.1'26 Dec. 20 60 Jan. 1 1926
Westinghouse Air Drake (Oust.)
$1.60 Oct. 31 Holders of rec. Sept.300
Westinghouse Elec.& Mfg.,corn.(guar.) 81
Oct. 31 Holders of rec. Sept.300
• Preferred (guar.)
$1
Oct. 15 Holders of rec. Sept.30a
White Eagle Oil & Refining (guar.)
50c. Oct. 20 Holders of rec. Sept.300
White Rock Mineral frogs., corn.(guar.) 300. Dec. 3 Holders of rec. Dec. 22
Common (extra)
20c. Dec. 3 Holders of rec. Dec. 22
First preferred (guar.)
1% Dec. 3 Holders of rec. Dec. 22
Second preferred (quar.)
1% Dec. 3 Holders of rec. Dec. 220
Second preferred (extra)
Dec. 31 Holders of rec. Dee. 220
1
Woodley Petroleum (quar.)
150. Oct. 1 Holders of rec. Sept.30
Wrigley (Wm.) Jr., dr Co.(monthly).- 250. Nov. 2 Holders of rec. Oct. 206
Monthly
250. Dec. 1 Holders of rec. Nov.200
Yale Leasing Corporation (annual)
434 Oct. 15 Holders of rec. Oct. 1
Yellow Taxi Co. of Detroit, pref.(quer.) 1% Oct. 15 Oct. 2 to Oct. 15
Yellow Truck & Coach Manufacturing
.Class B (stock dividend)
Oct. 10 Holders of rec. Oct. z2a
(x)
From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further
3 The
New York Curb Market Association has ruled that stock will notnotice.
be quoted ex
dividend on this date and not until further notice.
3 Annual dividend for 1925 all payable in equal quarterly installments
on April 1
July 1, Oct: 1 1925 and Jan. 11926, have been declared as follows: On the common
stock $4 40, quarterly installments SI 10. prior preference.7%.quarterly installments
%,participating preferred, 7% regular, quarterly Installment 134 %,participating
preferred, 2% extra, quarterly installment %%, preferred, 6%, quarterly installment, %.
a Transfer books not closed for this dividend. d Correction. e Payable
in stock.
IPayable in common stock. p Payable in scrip. h On account of accumulated
dividends. m Payable in preferred stock. n Payable in Canadian funds.
o General Electric Mock dividend is one share of special stock for each two
shares
of common stock.
,
7 Payable at option of holder either in cash or common Class A stock at a price
of $25 per share.
g Stock dividends are the regular send-annual dividend of one-fortieth of
a share
of Class A common and an extra dividend of one-fortieth of a share of Class
A
common, payable on both Class A and B stocks.
Payable in participating preferred stock.
w Extra dividend on common stock is $187,500.
x Payable in 7% preferred in the proportion of one share of preferred for each four
shares of Class B held. N. Y.Stock Exchange rules stock ex-dividend on Oct.
14.
134
1649
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 Sept.26. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Mated In thousands of dollars-that U.(hrm cipher, MOO) ons(Ued.)
New
R
Capital Profits. Loans.
Discount. Cash
with
Net
TOSS Bask
Week Endin
Os
Legal Demand
DeSept. 26 1925 I all. June 80 /numCircutate. June 30 mono, Vault. * Deposits. posits. laCos.June 3,
&c.
forks.
Ma.
(000 omitted.)
Members of F .Rea. Bank.
$
$
Bank of N Y
4,000 12,519
Trust Co_ __ _
Bk of Manhat'n 10,000 14,230
Mech& Met Na 10,000 16,280
6,500 5,120
Bank of Amer'
National City_ 50,000 62,255
4,500 17,166
Chemical Nat_
Am Ex-Pac Na a7,500 a12,20
Nat Bk of Corn. 25,000 40,235
Chat Ph NB& 13.500 12,554
Hanover Nat__ 5,000 24.391
Corn Exchange_ 10,000 13,777
National Park_ 10,000 23,761
East River Nat_ 2,500 2,251
70,102
First National_ 10,
17,500 12,869
IrvingBk-Col
Continental_ _ _ _ 1,000 1,123
Chase National_ 20,000 26,365
500 2.787
Fifth Avenue_
Commonwealth:
600 1,030
Garfield Nat'l__ 1,000 1,686
Seaboard Nat'l_ 5,000 8,448
1,500 1,476
Coal & Iron Na
Bankers Trust_ 20,000 27,999
U S Mtge & Tr_ 3,000 4.484
Guaranty Trus 25,000 20,369
2,000 2.140
Fidelity-InterT
New York Trus 10,000 19,14.
Farmers L & Tr 10,000 18,028
Equitable Trail 23,000 11,685
Average Average Atm
Average Average As• WI
$
$
$
$
$
$
71,542
554 7,474
55,193 7,930 -160,447 2.759 17,733
129,256 26,377 _178,091 3,261 21,639
163,156 11,682
546
77,970 1,935 11.647
85,778 3,694 _607,833 4,812 66,042 *625,230 72,148 856
136.786 1,235 15,702
117,810 5,410
347
145,573 2,134 17,570
130,376 10.1:1 4.936
359,184
893 39.419
302,571 13,380
216,611 2,497 23,271
160,448 41.059 5.938
121,582
557 14,235
107,021
___ ...... _
195,268 6,383 23,910
170,190 29:712
895 16,760
172,104
126,655 10,389 3.535
41,899 1.409 4.161
29,099 10,681
517
338,469
455 28,71
216,535 19.211 4,951
290,310 2,490 37,304 278,346 35,818 -_
8,299
140
874
6,176
371 -366,034 4,264 45.241 *354,316 17,606
MI
918 3,234
26,253
24,632
13,869
417 1,235
8,487 3,982
16.817
457 2,249 ' 16.475
213
114,056
979 14,780
112,161 3,199
47
20,755
342 2,364
411
17,172 1,886
346.923
901 36,554 *280,346 60,246 -- -58,959
713 7,051
52,188 5,521 -406,906 1,413 44,961 *417,208 43,850 - --22,123
412 2,31
18,072 1.835
168,325
581 19.022
145.202 19,180 -- - 141,897
552 14,670 *114.386 19,072 -251,433 1,736 29,859 *290,521 26,985 --
Total of averag 308,600486,4745,076,318 46,094669.993 c4.223,562501,61623.070
Totals, actual condition Sept.265,081,334 45.672681,709c4,212,814499,73523,068
Totals, actual co ndition Sept.195,086,038 43,518550,184c4,242,137502,94523.124
Totals, actual condition Sept.125,016,659 47,581 572,563 c4,212,533.506,22822.923
State Banks Not Members of Fed'! Ree've Bank.
22,396 1,892 2,047
Greenwich Bank 1,000 2,485
21,684 1,567 --250
918
Bowery Bank__
5,624
353
238
2,937 1,908 -State Bank-. 3,500 5,477 102,444 4,252 2,152
35,070 63,138 -Total Of averages
4.750
8,880
130,464
6,497
4,437
59,691 66,61
---
Totals, actual condition Sept.26 131.118
Totals. actual co nditionSept.19 130,358
Totals, actual co ndition Sept.12 129,220
TrustCompani es Not Members of Fed I
62,943
Title Guar &Tr 10,000 16.421
22,233
Lawyers Trust. 3,000 3,083
6,460 4.474
6,547 4,855
6,529 4,254
Res'v e Bank.
1,417 4,681
902 1,837
60,183 66,694 -60,204 66,438 -59,403 66,151 - --40,319
17,620
2,082 -1,087 --
Total of averages 13.000 19,504
85.176
2,319
6.518
57,939
3,169 --
Totals, actual co edition Sept.26
Totals, actual co nclition Sept.19
Totals, actual co ndition Sept.12
85,851
84,177
83,899
2,185
2,209
2,360
6,685
6,493
6,267
58,623
67.065
56.532
3,176 --3,161 -3,239 ----
Gr'd seer.,aver_ 326,350514.880 5,291,958 54,910580.948 4,341,192571,39823,070
Comparison with prey.week __ +35,975 -185-7,069 -30.670-1,717 -39
Gr'd aggr.. wetcond'n Sept.265.298,303 64.317592.868 4,331.620569,605 23,068
Comparison with prey.week ... -2,270 +2.043+31336 -27,786-2,939 -56
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., act! ond'a
aggr.. curlcond'n
aggr., acelcond'n
agrr.. act' cond'n
aggr., aci'lcond'n
aggr., act'l .nd'u
Sept.195,300,573
Sept.12 5,229,778
Sept. 65.244.594
Aug.295,243.367
Aug.225,267,861
Aug.155.253,487
52.274561,532
56,470583.084
53,597556,333
53,439580,135
53,193606,676
52,728585.005
4.359.406572,54423.124
4,328,468575,618 22,923
4.338,588576,17923,101
4,371,835586,62923.123
4,385,556588,438 23,067
4,375,015575,704 22,708
Note.-U. S. deposits deducted from net demand deposits in the general tots
above were as fo lows: Average total Sept. 26. $39.757,000. Actual totals Sept. 26.
$39,757,000; Sept. 19, 839,758,000; Sept. 12, $3,612,000; Sept. 5, $3,632,000;
Aug. 20, 5.5,421 000. Bills payable, rediscounts, acceptances and other liabilities,
average for the week Sept. 26,$600.602.000; Sept. 19, 1546,205.000; Sept. 12. 3571.480,000; Sept. 5, $523.396,000; Aug. 29, 8521.065.000. Actual totals, Sept. 26,
$641,604,000: Sept. 19, 3568.371,900; Sept. 12,8578,910,000; Sept. 5,1532,569.000;
Aug. 29, $505,076,000.
•Includes deposits in foreign branches not included In total footings as follows:
National City Bank, $145,918,000; Chase National Bank, $11,032,000; Bankers
Trust Co., $14.287.000; Guaranty Trust Co.. $81,529,000; Farmers' Loan & Trust
Co., $6,888,000; Equitable Trust Co., 371,790,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank,516,677,000:
Chase National Bank, $1,682,000; Bankers Trust Co., 82,777,000; Guaranty Trust
Co., $3,904,000; Farmers' Loan & Trust Co., $6,888,000; Equitable Trust Co..
$7,956,000. 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.
Cash
Reserve
Pt Vault.
Members Federal
Reserve Bank._
State banks*
Trust companies*._ _
6,497,000
2,319,000
Reserve
in
Depositaries
Total
Reserve.
Reserve
Repaired.
Surplus
Reserve.
569,993,000 569.993,000 564,111,540 .5,881.460
4,437,000 10,934,000 10,744,380 - 189.620
6,518,000 8,837,000 8.690,850
146,150
Total Sept.26.- 8,816,000 580,948.000 589,764,000 583,546,770
Total Sept. i9...8,939,000 588,017,000 596,956,000 587,589,690
Total Sept. 12_ __
8,868,000 581.920.000 590,788,000 583,154,380
8.387.000 585.534 000 593.921.000 588,919.020
Total Sept. 5_ _ _ _
6,217,230
9,366,310
7,633,620
5.001,980
'Not members of Federal Reserve Bank.
a This is the reserve required on the net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount in reserve required on net time deposits, which was as follows:
Sept. 26, $15,048,480; Sept. 19, 515.108,180; Sept. 12. 815,227,640; Sept. 5, 315,314,340; Aug. 29. 315,533,700.
[VOL 121.
THE CHRONICLE
1650
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank_
State banks*
Trust companies,
Total Sept. 26......_
Total Sept. 19
TotalSept. 12..
TotalSept. 5
6.460,000
2,185,000
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
581,709,000 581.709.000 562,657,870 19,051,130
101,060
4.474,000 10,934,000 10.832,940
76.550
6,685,000 8,870,000 8,793.450
8,645,000 592.868,000 601.513,000 582,284,260 19,228,740
8,756,000 561,532.000 570.288,000 585,962.630 15,674,630
8,889,000 583,084,000 591,973.000 581,988,470 9,984,530
8,479.000 556,333.000 564,812.000 583,329,270 18.517,270
•Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: Sept. 26,
$14,992,050: Sept. 19, $15,088,350; Sept. 12. $15,186,840; Sept. 5. $15,210.030:
Aug. 29, $15,529,560.
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Sept 16
1925.
&S.23
1925.
Changes from
previous week.
Sept. 30
1925.
s
$
2
$
66,800.000 66,800,000
66,800,000 Unchanged
Capital
87,175,000 Dec. 1.687,000 88,862.000 88,862.000
Surplus and profits
Loans, disels dr investments_ 9E8.675,000 Inc. 11.501.000 977,174.000 968.882.000
Individual deposit/1,1nel. U.S 688,032,000 Inc. 5,768.000 682,264,000 680.672.000
133,221,000 Inc. 3,696,000 129,525,000 135,621,000
Due to banks
195,328,000 Dec. 2,427,000 197,755,000 207,710.000
Time deposits
62,000 13,673.000 5,972,000
13,735,000 Inc.
United States deposits
Exchanges for Clearing House 28,460,000 Inc. 2,034,000 26,426.000 27,272,000
85,301,000 Dec. 628,000 85,929.000 94,200,000
Due from other banks
95,000 79,312,000 79,598,000
79,407.000 Inc.
Reserve in Fed. Res Bank
Cash In bank and F. R. Bank 9,298,000 Dec. 183.000 9,481,000 9,778,000
Reserve excess in bank and
876.000 1.016.000
484.000 Dec. 412.000
Federal Reserve Rank
State Banks and Trust Companies Not in Clearing
Philadelphia Banks.-The Philadelph'a Clearing House
House.-The State Banking Department reports weekly
return
for the week ending Sept.26, with comparative figures
comtrust
and
banks
figures showing the condition of State
for
the
two weeks preceding, is given below. Reserve
follows:
as
House
Clearing
panies in New York City not in the
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve.Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not mem(Figures Furnished )nt State Banking Department.)
Differences front bers of the
Federal Reserve System the reserve required is
Previous Week.
Sept. 26.
Inc. $6,041,200 10%.on demand deposits and includes "Reserve with legal
31.111.360,900
Loans and Investments
130.500
Inc.
4,589,600
depositaries" and "Cash in vaults."
Gold
23.465.900 Dec. 227.000
Currency notes
82,738,400 Dec. 18.477,700
Deposits with Federal Reserve Bank of New York
1128,683,600 Dec.23,024,700
Total deposits
dereserve
from
due
amounts
eliminating
Deposits,
positaries and from other banks and trust com30,345.100
panies in N.Y.City,exchanges & 13.5.deposits...1,063,206.300 Dec.
150,443,400 Dec.21.347,800
Reserve on deposits
Percentage of reserve, 19.9%.
RESERVE.
-Trust CompaniesState Banks$76.882,000 14.15%
$33.911,900 16.08%
*
Cash In vault
28,845,500 530%
Deposits in banks and trust cos_ .. _ 10,804,000 5.10%
$105.727,500 19.45%
$44,715,900 21.18%
Total
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Sept. 26 was $82,738,400.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week Ended-May 29
June 6
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
Sent. 26
Loans and
Investments.
Demand
Deposits.
$
6.285.428.000
6,329,320.400
6.319,885,700
6,338,178,900
6,311,487,200
6,403,112.800
6,353,275.000
6,320.677,200
6,264.570,900
6.302,682.100
6,324,244,800
6,332,147,800
6,345,708.100
6,341,502,700
6,354,728,100
6,345,880,300
6,361,302,700
6.403.318.900
$
5,439,376,100
5,508,073,800
5,471,996,200
5,502.440,100
5,469,225,600
5,598,609,700
5.534,240.800
5,509,425,100
5.466,216,200
5,472,674,300
5,481.392,100
5.463,129,200
5,442,736,800
5,443,132,500
5,466.107,300
5,419,137,800
5,465,413,400
5.404.398.300
*Total Cash
in Vaults.
Reserve in
Depositaries.
$
83.550.000
81,243,900
83,427,400
81,037,200
81,431,500
81,367.100
85,120,100
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
82.965.600
3
719.708.300
732,827.700
726.011.100
741,188,800
724,783,000
750.531,400
741,205,700
734.107.700
724,886.500
718,669,200
721.005,000
723.923,1011
712,983.700
715.040.400
711,813,900
718,328,800
731,651,200
703,335,90e
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE
(Stated in thousands of dollars-that U. three ciphers 10001 omitted.)
Week Ended September 281925.
Two Ciphers (00)
omitted.
Membersof Trust
F.R.Sgstem Companies
Capital
Surplus and profits
Loans, disc'ts & Investm'te
Exchanges for Clear.House
Due from banks
Bank deposita
Individual deposits
Time deposit.
Total deposits
U. S. deposits (not incl.)._
Res've with legal depos'leo
Reserve with F. R.Bank__
Cash in vault •
Total reserve & cash held._
Reserve required
Excess res. dr cash in vault
Loans,
DI.counts,
Investmenu,
Ale.
Members of
Fed'l Res've Bank
Grace Nat Bank._ _
Average Average Average Average Average.
$
$
I
$
$
4,255
5,598
896
59
11,393
Total
State Banks.
Mot Members of the
Federal Reserve sank.
Bank of Wash. Ma_
colonial Bank
Total
Tryst Company.
Not Member of th
Federal Reserve Bank.
Idech Tr, Bayonne_
Total
Net
Net
Reserve
Time
with Deman
Cash
Deposits
Deposits.
Legal
In
Vault. Depositortes.
$
1.000
$
1,773
1,s 1 s
1,773
11,893
59
896
5,598
4,255
200
1,200
543
2,469
8,717
29,: i t
804
3,134
341
1,553
6,217
26,040
2,525
4,134
1,400
3,012
38,617
3,938
1.894
32.257
6,659
II
532
8.962
392
94
3,136
5,988
500
532
8,962
392
94
3.136
5.988
2,884 .40,991
+271
-273
16,902
+22
3,157
3,035
2,820
9 727
.40,720
a39,848
.39,650
s30.833
16,880
16,761
16.751
15 732
2,900
)rand aggregate
:lomparison with prev. wee
5,319
59,472
+2,275
2,900
2,900
2,900
2004)
5,319
5.319
5,319
5.310
57.197
57.859
57,417
A7 700
4,448
4,376
4,158
A1129
3r'd aggr., Sept. 19
)rd eV/1%. Sept. 1:1
Se
3s'a mug.,Sept.
,...4 aryor Am, 20
a United States deposits deducted. $19,000
Bills payable, rediscounts, acceptances and other liabilities. $1,631.000.
Excess reserve. $355,230 decrease.
3.543,0
64,809,0
9,722,0
74,531,0
64,571.0
9.960,0
1,342,0
4.885,0
4,306,0
579,0
$46,875.0
143,609.0
876,357,0
36.544,0
109.288,0
143.123,0
625,793,0
95,220,0
864,136,0
13,336.0
3,543.0
64.809,0
11,064,0
79,416,0
68,877,0
10,539.0
246,875.0
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
$46,875,0
143,609,0
871.634,0
30,206,0
105,406,0
143,266,0
612,430,0
98,953,0
854,649,0
3.127.0
2,897,0
63,659.0
10,587.0
77,143.0
68,017,0
9.126,0
••
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the 'close of business Sept. 30 1925 in
comparison with the previous week and the corresponding
date last year:
1925 Oct. 1 1924.
Sept. 301925. Sept. 23
Resources300,609.000 300.728,000
Gold with Federal Reeerve Agent
10.202.000
Gold redemp.fund with U. S. Treasury.. 13,886.000
569,839,000
4,231,000
Gold held exclusively eget. F.R.notes. 314,495,000
Goldsettlement fund with F. R. Board_ 260,222,000
339,641,000
Goldand gold certificates held by bank
310,930,000
268,325,000
347.076,000
574,070,000
147,583,000
168,946,000
914,358,000
24,771,000
926,331,000
24,422.000
890,599,000
17,262,000
Total gold reserves
Reserves other than gold
939,129,000 950,753,000 907,861,000
Total reserves
12,524,000
18,295,000
' 17.083.000
Non-reserve cash
Bills discounted36,878.000
Secured by U. B. Govt. obligations- 148.922.000 159,791,000
72.974,000
16,936,000
80,138,000
Other bills discounted
229,060,000
28,753,000
232,765,000
27,151.000
53,814,000
74,964,000
1,257,000
73,737.000
4,299,000
1.257,000
58,492.000
755,000
4,902,000
136,394,000
46,020,000
79,293.000
2,754,000
60,504.000
2,187,000
187,316,000
Total earning assets
339,860,000
322.607,000
316,114,000
Uncollected items
Bank premises
All other resources
143,759,000
17,161.000
3,993,000
149.676.000
17,159,000
4.082,000
142,930,000
16,718,000
8,492,000
Total bills discounted
Bills bought In open market
U. S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
Total U. B. Government securities
Foreign loans on gold
1,460,985,000 1,462,572,000 1,404,639,000
LiabilitiesFed'I Reserve notes In actual circulation_ 355,684.000 349,210,000
Deposits-Member bank, reserve seal- 883.184,000 859.457,000
14.841.000
7,753.000
Government
15,989.000
15.192,000
Other deposits
304,341,000
858,899,000
10,485,000
18,676,000
886,129,000 890.287,000 888,060,000
124,914.000 128,780,000 120.446,000
31,953.000
31.949.000
30,201,000
58,749,000
58,749.000
59,929,000
3.597.000
3.556,000
1,662,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
4,389
-59
$5,000.0
16,869,0
46,956.0
457.0
18,0
919.0
27,604,0
1.980,0
30,503.0
•Cash in vault not counted as reserve for Federal Reserve members.
Total resources
Net
Capital.I Profits.
CLEARING
RON-MEMBERS.
Nat. bks. Dec. 31
Week Ending State bke. Nov.15
. cos. Dec. 31
Sept. 26 1925.
$41,875,0
126,740.0
829,401,0
36.087.0
109,270.0
142,204.0
598.189,0
93.240,0
833,633,0
Sept. 12
1925.
Sept. 19
1925.
1925
Total.
1,460.985,000 1,462,572.000 1,404,639,000
Ratio of total reserves to deposit and
Fed'I Ree've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondents
75.6%
76.7%
76.1%
8.363.000
8.549.000
5,053,000
CURRENT NOTICES.
•
-The Pacific Properties Corporation of Pasadena, Calif., announces the
opening of a bond department to be conducted under the management'of
Ross K. Boore. Mr. Boore has had a wide experience in distributing
high-grade securities, both in Eastern and California markets, having beim
associated with Harris, Forbes $c Co. of Now York for eleven years and,
for the last two years, with the Citizens National Co. of Los Angeles. The
bond department will deal in high-grade government, municipal and
Corporation securities. The Pacific Properties Corporation occupy their
own building at 54 South Los Robles Ave., Pasadena, Calif.
-Brown Brothers & Co. have installed a private wire to the Union Trust
Co. of Cleveland,0 to.
OCT. 3 1925.]
THE CHRONICLE
1651
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,
Oct. 1, 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 fable 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 Rescrve
banks. The Reserve Board's comment upon the returns for ths
latest week appears on page 1.62
2,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 SEPT.30, 1925.
Sept.-30 1925 Sept. 23 1625 Sept.16 1925. Sept. 9 1925 ,
'
4pt. 2 1925 4ug. 28 1925. dug. 19 1925. Aug. 12 1925. Oct. 1 1924.
RESOURCES.
S
$
•
$
$
$
S
$
3
3
3018 with Federal Reserve agents
1,381,941,000 1,4.05,691,000 1,489,563.000 1,451.175,000 1,441,993.000 1,444,444,000 1,437,985,000
1,447,740,000 2,027.304,000
bold redemption fund with U.S. Treas.
54,197,000
48,728,000
48,019.000
54.343,000
42,737.000
44.340.000
55.694,000
04,433,000
34,772,000
Gold held excluolvely agst. F.R.notes. 1,436,138,000 1,454.420,000 1.537.587.030
gold settlement fund Wahl'. R. Board. 736,603.000 719,341,000 636,067.000 1,495.515.000 1,484,730,000 1.498,787.000 1,602,418,000 1,503,434,000 2,062,076,000
689,685.000 665,842.000 633,307.000 675,046.000 588,384,060
Dold and gold certificates held by banks_ 587,226.000 591,784,000 598,530,000 679,480.000 602,230,000
597,524,000 609.481,000 599,130,000 394.779.000
595.696,000
Total gold reserves
2.759,967,00( 2,765,545,000 2,772,834.000 2.770,891,000 2,776,695,000 2,762.153.000 2,775,206,000 2,777,810.000 3,045,239,000
Reserves other than gold
105,507,000 105,394.000 109,020,000 110,230,000 121,205,000 125,374,000 130,218.000
85,786,000
133,052.000
Total reserves
2.865.534,000 2,870,939,001 2,881.704,000 -,880,921.000 2.897.900.000 2,887,627.000 2,905,424,000 2,910,692.000
3,131,025,000
Nou-resorve cash
48,189,001
51.872,000
51,520.000
48,237,000
43,614,000
51,418,000
39,776,000
50.309,000
50,557,000
12111s discounted:
Secured by U.S. Govt. oblIgatlonef__. 316,794,001 337,649.000 223,694,000 364,724,000 320,527.000 310,690,000
200,432,000 239.251,009 104,785,000
Other bills discounted
316.394,00, 303,078.000 259.346.000 274.468.000 256.363,000 268,985,000 269,051,000 248A133,000 161,971.000
Total MIN discounted
633.188.001 610,727,000 487,940,000 639,162 000 576,890,000 579,575,000 559,483,000
538.184,000 266,756,009
Dills bought in open market
258)310)000 238.493.000 211.962.000 214,143.000 213,167,000 201.519,000 195,309,000 211,659.000 138,506,000
17. S. Government securities:
Bonds
55.658,001
55,610,000
55,418.000
69,942,000
69.683.000
70.403,000
37.663,000
69,188.000
69,047,000
Treasury noted
265,155,001 251,603,000 245,751,000 236,501,000 230,996,000 230,255.000
224.699.000 226,374,000 397,762,000
Certificates of indebtedneos
19,003.000
15,919,000 108.080.000
32,808,000
25.274,000
29,373,000
19.910.000
33,159,000 140,532,000
Total U. 0. Government COcUr1tteS
342,906,00
323,132,000 409,249.000 327,114,000 328,212,000 332,249,000 323,260,000 328.580.000 575,957,000
Voreigu loans on gold
10,200,00.
8.100.0fr,
7,500,0011
7,500,001.
7,500.001
10,500,000
10.000.000
10,600.000
all other earning assets
2,120,00,
2,420,00
2,420,000
2,350,000
2,320,000
2,320,001,
2,350.000
1,750,000
1.850.050
Total earning assets
1,257,024.00 .,212.872.000 1.119,071,000 1,190,269,000 1,128,039,000 1,128,293,000 1,000,902,000
982,969,060
1,090.773,000
Dric,ollected Items
655,053.00, 685,239,000 925,961.000 858,563.000 628,059,000 570,518,000 664,573,000
647,738.000 621,449,600
Bank ever:a036
61,401.001
61,399,000
61,333,000
61.210,000
61,370.000
81,245.000
61,180,000
60,040,000
61.114,000
ill other resources
.
18,339,000
18.751,003
20,305.000
21,983,000
22,097,000
23,200,000
21,849.000
26,511,000
21,814,000
Total resources
1,905,540.001. 1,001,072,000 0,062,931,000 1.857,9(30,000 4,781.627,000 1.727,947,000 1.794.237.000
4.782,685.000 4,861.730,000
LIABILITIES.
r. R. notes In actual circulation
L.685,114,00C
i,670,348,006 1.077,299,000 1,680,115.000 1,837.725.000 1,815,887,000 1.615.189,000 1.817.678.000 1,744,974,000
,.
D01%03141Member banks-reserve account
2,209,037.001 3.207,090,000 2,197,633.000 2,195,648,000 2,186,593,000 2.183.487,000 2.183,668.000
2,170,668,000 2,127,948,003
Government
31,302.001
32.169,000
22,786,000
3,528,000
28,688,00)
25,321,00',
28,667,000
56,542,000
31,191,000
Other deposits
26,740.001
28,195.000
23,814,00),
24,383.00)
26.072.000
20,007,000
24,858.000
29,511,000
25,380,000
,
Total deposits
2.267.979.00; 1.267.454,03C 2.238.198.004
)2,244,508,000 .3,235,728,000 1,236,533,00 3,237,193,000 4,238,239.000 2,214,002,000
Deferred availability Items
603,977,00, 614,787,00u 807,583.000 585,506,000 561,085,001 528,297,000 594,188.000
Capital paid In
116,440,00) 118,433,000 116,423,000 116,380,000 116.363,000 116,324,00) 116,313.000 582.794,000 557,664,000
115,818.000
3urplus.
217,837,00, 217.837.001, 217,837,000 217,837,000 217,837.00u 217,837.000 217.837.0(10 217,837.000 111.964.0011
220,915,000
11.11 other Ilabilltles
14,193,00,
14,213.000
12,889,000
13,084,00(1
13,591.000
13,628,000
12,517.000
12,324,000
12,211,005
Total Babillties
0.005.549.00' 1.901,072,000 5.082.931,000 1,857,980.000 4,781.827,000 1,727,947.000 1,794,237.000
4.782.888.000,4,861,739,4100
R.atio of gold reserves to deposit and
F. R. note liabilities combined
69.8%
70.2%
70.9%
70.5%
72.0%
71.8%
1.8%
72.0%
76.9%
Ratio or total reserves to deposit and
F. R. note liabilities combined
72.5%
72.9%
73.7%
75.4%
73.4%
74.8%
75.5%
75.0%
79.1%
CoOntIngent liability on bills purchased
for foreign correspondents
33,531,000
34,027,000
31413,003
31,148.000
34,646,000
34,665,000
31,128,000
31.186.000
18,727,000
_._------D4sfri5uffon by Maturitiess
5
3
$
S
S
$
3
$
85,686,000
1-15 day Mils bought In open market_
74,270,000
58,274,000
80,683,000
50,778.000
$9,057,000
62,084,000
32,103,003
84,744,000
488,986,000 402,035,000 352,410,000 505,311,000 434,304,000 438,256.000
1-15 days bills discounted
404.338,000 401,591.000 155,256,000
4.409,001,
1-15 days U. 8. certif, of indebtedness
865.000
18,190,000
14,170,000
94,810,000
4,280.000
8,247.000
8,787.000
1-15 days municipal warrants
49,306.000
16-30 days bills bought in open market
46,240.000
43,260,000
34,973,000
36.335.000
37,205,000
38,188,000
34,767,000
18,333,000
36.430.000
16-30 days bills discounted
38,323.000
36,084.000
37,050,000
38.305,000
27,961,000
80,423,000
26,276,000
28,940,000
10-30 diva U. S. certif. of Indebtedness
.)
17,144,009
15.848.000
16-30 days municipal warrants
65,989,000
11-00 dayo bills bought in open market
58,431,000
61,111,000
62,690,000
64,095,000
49,027.000
53.601,000
43,359,000
34,949,000
59.502,000
31-60 days bills discounted
62.630,000
56,659,600
55,644,000
55,83 ,000
64,981.000
62,041,000
54,683.000
48,200,000
81-60 days U.13. certif. of Indebtedness
1,275,000
2.000.000
1,625,000
17,1917,000
2,000,000
81-130 days municipal warrants
55,955,000
81-90 days bills bought in open market.
49,444.000
45,022,000
41,988,000
39,900.000
38,627,000
37,905.000
23,404,000
36,469.000
51-00 days bills discounted
41.776.000
41.407.000
33,024,000
34,858,000
40,916.000
44,151,000
39,568,000
29,236,000
29,043,000
1.746.000
81-90 days U. S.certif. of Indebtedness.
1,684.000
1,203,000
550.000
72.760,040
51-90 days municipal warrants
11,374,11
Over 90 lays bills bought In open market
10.108.000
11,791,000
13.451,000
14,921,000
11,132,000
7.472,000
12,160,000
10,162,000
Over 00 days bills discounted
6,494.000
5,732,000
6.723,000
8,114,000
8,987.000
15,612,000
11,849,000
7,981,000
15.784.006
12,938,000
Over 90 days certif. of Indebtednoss
13.370.000
12.067,000
4,439,000
4,534.000
8,882,000
8.855.000
9
.
375
.
000
67,772
.000
warrants
municipal
days
Over 90
F. Ft. notes received from Comptroller_ 2.940,E80,000 2,950,948,000 2,946,295,000 2,907,442.000
2.908,605,020 2,907,445,000 2,968,412,006 3,143,195,000
F. R. notes held by F. It Agent
960,287.000 963,736,000 970,667,000 953,899,000 2,917,358,000
991,769,000 992,908,000 1,000,504,000 999.298,000 913.532,000
--Is3uscl,to Federal Reserve Banks
1,980,293.000 1.987.160,000 1.975,828.000 1,953,643,000 1,925,589,000
1,915,607.000 1,906,941,0001,909,114.000 2,232,463,000
Now StCurcdBy gold and gold certificates
307,731.000 307,901,000 308.701,000 310,698,000
399.098.000
309,008.000 307,501,000 30e,001.000 331.305,000
fund
redemption
Gold
1 1 5,490.000 105,346.000 110,150,000
Gold fund-Federal Resorve Board
958,720.000 992.447,000 1,070,717,000 112,018,000 113,963,000 101,659.000 105,034,006 106,702,000 115,626,000
1,013,932,000 1.033,687.000 1,025,460,000 1,034,137,000 1.580,173,000
By eligible paper
860,054.000 838,933,000 669,519,000 1,028,459.000
805,848,000 745,186,000 747.811,000 .719,937,000 713,039.000 3,83,887,000
Total
2.242.005.000 2,244.032.000 2.159.037.000 2.260.023 nem 2 167 170 con 2 109 20A non 21C7 099 nnn 2 101L770
ono 1 .., .., 555
WEEKLY STATEMENT OF RESOUI),:lES AND LIABILITIES OF EACH OF
THE 12
Two ciphers ((j0) omitted.
Federal Reserve Bank of-
Boston
$
RESOURCES.
awe with Federal Reserve Agents 121.031 0
Gold redo fund with U S. Treas. 7,641,U
Gold held excl agst. F. R.notse 129,572,0
Gold settle't fund with F.R. B.rd 43,103,0
Gold and gold certificates
26,781.0
-Total gold reserves
199,456,0
Reserves other than gold
13,578.0
Total reserves
213.032.0
Non-reserve cash
3.911.0
Bills discounted:
Sec. by U.S. Govt. obltgations 20.532.0
Other bine discounted
29,484.0
---Total bills cliqmunted
50.016.0
Bills bought. In open market._ 49.246,0
IL 14. Government securities:
Bonds
537,0
Treasury notes
2,521,0
Certificates of Indebtedness_
4.7000
rotal U. A
Govt. securities.
7.761.0
New York.
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT.30 1925.
P5114. Cleveland, Richmond Atlanta, Chicago. St. Louts. Aftrineop. Kan.City
Dallas, San Fran. Total.
S
$
s
$
s
$
s
$
s
i
$
$
300,609,0 127,854,0 181,750,0 50,637,0 128,710.0
135,003,0 15,925,0 44,416,0 49,527,0 32,783,0 192.748,0 1.331.941 0
13.886,0 9,712,0 2,880,0 1.830,0 2,077(1 4,943,0
1,613,0
1.884,0 3,401,0 1,619,0 2,711,0
54,197.0
314.495,0 137,566,0 184,630,0 .52,51740 130,787.0 139,946,0 17,538,0
52,928.0 34,402,0 l94,457,01,436,138,0
260.222,0 53,766.0 74,866.0 34,276,0 28,867,0 102,673.0 36,293,0 46,300.0
21.637,0
339.641.0 21,089.0 46,883.0 8,690,0 2,618,0 89.615.0 9,437,0 7,621,0 27,913,0 15,128,0 37,950,0 736.603.0
4,915,0 7,238,0 22,698.0 61)7,228,0
914.358,0 212,421,0 306,379,0 95,483,0 i62.272,04)32,134,0 63,268,0 75.558,0
24,771.0 5.0080 7,837,0 ' 3.728.0 7,419.0 15.305,0 9.300,0 1,420.0 85,756,0 56,768.0 256,114.0 2,759,967,0
5,069.0 8,210./ 5,864,0 105,587,0
939 129.0 217.489.0 314,216,0 99,211,0 169,691,0 347,439,0 72,568,0 78.978.0
90,825,0 62,978,0 281,978,0 2.885,534.0
17.083.0 1.039,0 3.518.0 2,696.0 2,169.0 8,099.0 2,829.0
558.0 2,043,0 1,1340,1
2,504.0
48.129.0
148,922,0 25.442,0 33.794,0 12,671,0 3.056.0 32,643,0 8.815,0 1,468.0
28,741,0 318,704,0
1.502,0
1,210.0
80.128.0 18.508,0 25.822,0 35.056.0 25,904.0 30,523,1 29,144.0 4,478.0
22,753.0
316,394,0
7,540,0
8,146.)
---,--229,060,0 43,948,0 59.616,0 48,627,0 28,960.0 63,168,0 35.959,0 5,944.0
8.750,0 7,648,0 51,494,0 633.182.0
23,753.0 19.787.0 18.682,0 4.604,0 19,657.0 35.374.0
959,0 25,019.0 26.135.1 16,078.0 24,016,0 '268,310.0
1,257,0
585,0 7,965,0 1.191.0
889,0 91.928.0 1,1E17,0 7,558,0 8,137.0 6,361,1
55.058.0
53.1
73,737,0 18,428.0 21,990.0 4.253,0 12,398,0 22,069,0 18,873,0 9,020,0
22,980.0 22,944,0 38,942.0 268,153.0
4,299,0
50.0 1.021,0
..- 885.0 1.227,0
93,0
4,937,0
19,093,0
1.875.0
-79,2934) 19.003.0 30 070 11 A 441 0 is 179 li la 991 (1 on 1111 fl Ift 57f.. n 22 002 n go 2nn
42 019 11
352 CNIA C
[VOL. 121.
THE CHRONICLE
1652
RESODREES (Concluded)Two Cl phers (00) omitted.
$
755,0
Foreign loans on gold
All other earning assets
Total.
Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan City Dallas. San Fran.
Boston. New York.
$
949.0
2,320,0
$
2,754,0
$
1,091.0
$
540,0
i
418,0
$
1,408,0
$
469,0
$
337,0
$
408,0
100,0
$
357,0
8
$
10,200,0
2,420,0
714,0
1,257,024,0
339,860,0 86,067,0 110.365,0 59,215,0 63,207,0 143,172,0 57,550,0 47,878,0 68,385,0 53,388,0 120,156.0 655,053,0
143.759.0 63,833,0 58,921,0 60,537,0 34,692,0 77,965,0 34,699,0 14,890,0 40,225,0 27,112,0 38,587,0
61,401,0
3,324,0
1,834,0
4,613,0
2,448,0
2,780,0
3,046.0
7,948.0
8,099,0
4,708.0
17,161.0 1,252,0
18,339,0
741.0 1,348,0 4,131,0
587,0 2,265,0 1,353,0
445,0 2,805,0
283.0
291,0
3,993,0
4,905.540,0
430,780,0
148,300,0
206,832,0
388,844,0 1,460,985.0 369,971,0 495,251,0 224,692,0 274,804,0 586,127.0 172,799,0 146,155,0
Total enriling assets
Uncollect d items
Bank pre nises
All other resources
107,781,0
59,833,0
4,190,0
97,0
Total r source.;
IABILITIES.
F.R.not s in actual circulation 157,679.0 355,684,0 146,113,0 223,929,0 78,789,0 152,655,0 145,833,0 40,395.0 67,175,0 66,544,0 46,048,0 204,270.0 1,685,114.0
Deposits:
Member• bank-reserve acct._ 143,620,0 863,184,0 131,997,0 177.157,0 65,347,0 78,744,0 318,310,0 78,246,0 51,218,0 87.348,0 58,717,0 156,049,0 2,209,937,0
31,302,0
Govern nent
7,753.0 2,207.0 1.756,0 3,409.0 2,142,0 1,487,0 2.305,0 1,637,0 1,517,0 1,793,0 2,138,0
3,158,0
26,740,0
173,0 4,963.0
179,0 1,167,0
234,0 1,711,0
269,0
862,0
278,0 1.475,0
237,0
Other deposits
15,192,0
2,267,979,0
163,150,0
60,683,0
90,576,0
Total d aposits
147,015,0 886,129,0 134.482,0 180,388,0 69,025,0 81.065.0 320,964,0 81,413,0 53,089,0
Deferred vallabillty Items
58,457,0 124.914,0 57,351.0 54.2560 58,165,0 26,589,0 71,516,0 35,214,0 14,088,0 35,854,0 28.827,0 38,746,0 603,977,0
116,440.0
Capital p Id in
31,953.0 11,501.0 13,058,0 5.984,0 4,614.0 15,617,0 5,126,0 3,192,0 4.268,0 4.330,0 8.191,0 217,837,0
8,606,0
Surplus _
58.749,0 20,059,0 22,462,0 11.701.0 8,950,0 30,426.0 9,971.0 7,497.0 8,977,0 7,592,0 15,071,0
16,383,0
14,193,0
820,0 1,352,0
613,0
931,0 1,771.0 , 680.0 1,114,0
465,0 1,158,0 1.028,0
All other I abilities
3,556,0
705,0
Total ha,bilities
388,844,0 1,460,985,0 369,4471,0 495,251,0 224,692,0 274,804.0 586,127,0 172,799,0 146,155,0 206,832.0 148,300.0 430.780,0 4,905,540,0
Memoranda.
72.5
71.3
59.0
57.8
72.6
74.4
67.1
64.0
59.6
77.7
77.5
Reserve nth:, (per cent)
75.6
69.9
ContingenI liability on bills our33,581,0
2,370.0
1.185,0
1,354,0
1,388,0
4.673,0
1.795.0
1,117,0
3,623.0
1,558,0
chased f u foreign correspond'ts 2,506,0
8.863,0 3,149,0
F. R. notea on hand (notes reed
from F. R. Agent lees notes in
in Am n 112 ma n 27 089.0 17.203.0 13.096.0 21.140.0 16.377.0 5.9fin 0 2 R12 0 6.8711.0 5.672.0 40.560.0 295.179,0
eirculati mil
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS SEPT. 30 192$.
Federal Reserve Agent at-
Boston
$
(Two Ciphers (00) Orniffed.)
P.R. notes rec'd from Comptrol'r 269,818,0
F.R.notes held by F.R. Agent-- 96,630,0
F.R.notes issued to F.R. bank 173,188,0
Collateral held as security for
P.R. notes issued to FM.Bk.:
Gold and gold certificates- 35.300.0
16,631,0
Gold redemption fund
Gold fund-F.R.Board
70,040.0
99.262,0
Eligible paper
Total collateral
221.193.0
Total
Phila. Cleveland Richmond Atlanta Chicago &Louis Minn. Kan. City Dallas San Fr.
$
$
$
$
$
$
S
$
$
$
$
$
758,629,0 214,182,0 284,902.0 116,925,0 222,720,0 431,787.0 69,735,0 89,377,0 99,603,0 71.072,0311.830.0 2,940,580,0
960,287,0
67,000,0
25,040,0
48,925,0
269.577,0
19.352,0
43,770,0
23,360,0 18,590,0 26,183,0
290,860,0 31,000,0
New York
467,769,0 183,182,0 241,132,0 91,885,0 173,795,0 162,210,0 46,375,0 70.787,0 73,420,0 51,720,0 244,830,0 1,980,293,0
307.731,0
115,490,0
958,720,0
860,064,0
17.136,0
10,575,0 13,052,0
186,698,0 4,800,0 8.780,0 21,160,0 10,230,0
27,911,0 11,165.0 12,970,0 5,027,0 8,480,0 4,359.0 1,850,0 1,364,0 3.167,0 4.147,0 18,419.0
86.000,0 111,889,0 160,000,0 24,500,0 110,000.0 130.644.0 3,500,0 30,000.0 46,360,0 11.500,0 174,327,0
227,745,0 56,027,0 77.347,0 51.803,0 48,488,0 98,344,0 36,905,0 30,654,0 34.773,0 23,582,0 75.134.0
528.354.0 183.881.0 259,097,0 102,490,0 177,198,0 233,347,0 52.830.0 75.070.0 84.300.0 56.365.0 267.880.0 2.242.005.0
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 Discussione," on page 1629
1. Data for all reporting member banks In each Federal Reserve District at close of business Sept. 23 1925. Three ciphers MID omitted.
Federal Reserve District.
Phila.
Boston. New York
Cleveland. Richmond Aflame. Chicago. Si. LOWS. Minneap /Can. City Dallas. San Fran.
55
75
72
36
100
33
25
70
49
$
3,231
78,852
218,977
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_ __ _
102
41
$
$
69,005
10,068
325,847 2,247.937
650,523 2,546,436
12.123
355,021
384.317
$
19.337
497,707
770,501
$
6,540
134.313
377,047
$
$
7.360
31,512
97,094 804,325
416,318 1,240,355
7,028
172,718
322,886
• $
$
3.662
2,433
65,420 111,851
178,017 327,305
Total loans and discounts
Investments:
U. S. pre-war bonds
U. S. Liberty bonds
U.S. Treasury bonds
U.S. Treasury notes
U.S. Treasury certificates
Other bonds, stocks and securities
986,438 4.863,378
751,461 1,287,545
517,900
520,772 2,076,192
502,632
245,470
442,818
39,809
9.965
79.398 592.121
20,347 199,638
4,826 178,872
16,812
6,211
201,926 1.131,282
9,690
50,849
15,797
7,982
5,305
252.398
32,731
169,599
35,314
33,132
21,936
343,237
25,763
29,105
7,653
2.023
2,863
62,195
14.407
14,265
5,774
2,347
6,244
52,051
17,607
172,595
54.966
68,215
10,574
418,948
12.707
22,585
11,202
6,582
2,782
112,310
6.896
25,959
12,277
18,871
1,821
42,335
8,698
48,788
16,711
15,364
5,139
79.072
322,673 2,158,534
342,021
635,949
129,602
95.088
742,905
168.168
108,159
173,772
647,502 615,860 2,819.097
39,043
43.916 241.107
10.567
51.158
14,099
365,691 352,990 1,768.869
198,362 202,785 983,651
1,209
11,322
23,001
670.800
42,561
8,165
381.418
209,689
5,108
353,629 616,590
57.180
26,429
13,214
6,261
232,533 495,852
104.443 138,194
2,174
3,048
Total Investments
8
Total loans and investments__ 1,309,111 7,021.912 1,093,482 1.923,494
76,417 122,154
Reserve balances with F.R. Bank__
94,736 769,620
32,505
15,564
79.516
19,828
Cash in vault
884,6545,477,205 761,378 1,006,059
Net demand deposits
362.580 1,179.843 178,525 756,855
Time deposits
30,067
17,895
5,251
Government deposits
13,462
Bills parle dr redisc. with F It. Bk.:
20,295
10,560
3,270 143,852
Secured by U.S.Gov't obligations
20,896
14,218
60,022
18.608
All other
Bankers' balances of reporting member banks in F. R.Bank cities:
46,144
120,461 1,026.469 176,469
Due to banks
25,901
60,524
98.563
37.397
Due from banks
3
Total
67
725
3
$
8.241
180.540
242,459 5,133.144
885,316 8.317,998
301,060 1,136,016 13,631,682
17.090
16,676
7,903
7,848
5,879
21,604
219,292
23,929
143,556 1,365,496
48,870
436,452
373.791
27,729
24,893
110,459
193,052 2,910,410
77.000
462,029 5.415,900
378,060 1,598,045 19,047,582
29.700 105,135 1,647,998
283,360
11,256
21,227
269.195 764,282 12,760,126
95,426 778,290 5,188,643
143,954
22,859
8,558
8,598
16,243
2,263
16,058
27,687
10,648
2,171
19,161
330
1,091
4.685
2,300
1.432
1,543
33,923
18,982
28,307
13,680
361,181
163,826
82,243
30.007
55,176
20,272
101.870
42.210
40,119
31.092
35,661
13,372
260,784
194,160
103,451 2,175,813
592,844
50,390
2. Data of reporting member banks In New York City. Chicago. and for whole country.
AU Reporting Member Banks.
Reporting Member Banks in N. y. City.
Reporting Member Banks in Chicago.
23 1925. Sept. 18 1925. Sept. 24 1924.
Sept. 23 1925. Sept. 16 1925. Sept. 24 1924. Sept. 23 1925. Sept. 16 1925. Sept. 24 1924. Sept.
46
46
48
67
61
747
61
727
Sumter of reporting banks
725
$
$
$
$
5
$
$
$
$
Loam and discounts. gross:
23,530.000
22,892,000
25.106,000
68,002,000
190,352,000
63,745,000
177,392,000
60,770,000
Secured by U. S. Govt. obligations
180,540,000
Secured by stocks and bonds
5,133,144,000 5,123,533,000 4,405,952,000 2,002,079,000 1.984.543,000 1.834,071,000 607,689,000 618,058,000 518,476,000
8,317,998,000 8,296,995,000 8,080.435.000 2,240,125,000 2,245,549,000 2,303,601.000 700,843.000 676,208,000 727,115,000
All other loans and discounts
Total loans and discounts
13.031,682,000 13,597,920,000 12,676,739,000 4.306.849,0004.290,862,000 4,205,674,600 1,332,062,000 1.317,158,000 1,270,697,000
Investments:
1,917.000
1.917,000
40,762,000
4,129,000
266,007,000
29,098,000
29,098,000
218,302,000
U.S. pre-war bonds
219.292,000
96,661,000
94,261,000
77,628,000
U. B. Liberty bonds
1,365,496,000 1,368,694,000 1,409,464,000 495,187.000 499,364,000 590,435,000
3,555,000
16,702,000
17,557,000
13,452,000
69,663,000
183,432,000
184,277,000
436,362.000
U.S. Treasury bonds
436,452,000
53.163.000
58,170.000
93,895.000
607,121,000 167.321,000 170,135,000 272,406.000
385,171,000
U.S. Treasury notes
373,791,000
1,165,000
0
1.206,0(
136,770,000
17,775,000
294,550,000
13,828,000
13,068,000
118.299,000
certificates
Treasury
110,459,000
S.
U.
Othetbonds.stocks and securities.. 2,910.410,000 2,936,682.000 2.684,011,000 837,107,000 846,682,000 789.116,000 185,5105,00 191.773,000 181,372,000
Total Investments
5,415,900,000 .5,463,510,000 5,330,816.004 1,725,973,000 1,742,624,000 1,842,935,000
355,118,000
364.884.000
378,354,000
Total loans and Investments_ 19,047,582,000 19,061,430,000 18,007,555,004 6,032,822,C00 6,033,486.000 6,048,609,000 1,687,180.000 1,682,042,000 1,649,051,000
teserve balances with F. R. banks
1,647,998,000 1,628,072,000 1,612,066,000 714,784,000 682,981,000 693,468.000 160,208,000 168,372,000 169,258,000
24,345,000
23,685,000
28,504,000
282,879,000
65,495,060
63,196,000
61,717,000
277,054.000
283,360,000
7ash In vault
klet demand deposits
12,760,126,000 12,964.967,000 12,630,089,000 4,944.013,0005,038.323,000 5.136,326.000 1.176,056,000 1,183.376.000 1,216,386,000
470,389,000 404,049,000
rime deposits
5,188,643,000 5,184,829,000 4,664,210,000 784.436,000 789,016,000 775,021,000 475,317,000
9,916,000
37,929,000
9,834,000
9.916,000
4,120.000
232,790,000
4,120,000
143,456,000
143,954,000
lovernment deposits
Sills payable and rediscounts with
Federal Reserve Banks:
9,111,000
160.000
31,261,000 121,040.000
1.050,000
4,386,000
34,640,000
157,648,000
260,784,000
Secured by U.S. Govt. obligations
2,411,000
8,550,000
43,380,000
6,562,000
56,119,000
23,541,000
1455.83.000
194,160,000
All other
Total borrowings fronl F.11 bk.
454,944,000
303,331.000
74.641.000
177.159.000
53,181,000
9.600.000
11,522.000
10,948,000
160,000
OCT. 3 1925.]
THP, CELHONICLE
tankers' %aectick,
Wall Street, Friday Night, Oct. 2, 1925.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 1642.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Oct. 2.
Sales
for
Week
Par..Shares
Range for Week.
Lowest.
per share
Highest.
Range Since Jan. 1.
Lowest.
Highest.
$ per share. $ per share.$ per share.
Railroads.
Allegheny & Western__ _
10 103 Oct 2 103 Oct 2 103 Oct 103
Brunsw Ter AL Ry Sec _10 1,500 6% Oct 1 84 Sept 26 3
Feb 934
Canada Southern _ _ _ _10
11 574 Oct. 2 574 Oct 2 56
Jan 59
Ch M & St P ctts_ _ _ _100 300 734 Sept 30 7% Sept 30 7 Sept 15
Preferred certificates__
300 15% Sept 29 154 Sept 29 14
Sept 154
Ch St P M & 0 certifs__
300 44 Sept 30 44 Sept 30 44
Sept 45
Preferred certificates__
200 9534 Sept 30 954 Sept 30 92
Jul 9534
Duluth 8 S & AU__ _100 200 334 Oct 2 334 Oct 2 24 Ap
434
Preferred
ICO 54 Oct 1 54 Oct I 334 Apr 6%
100
Erie certificates
100 32 Sept 26 32 Sept 26 254 July 3334
Illinois Central rts
2.600 14 Oct I 14 Sept 30 14 Oct 134
RR Sec, series A100 100 70 Sept 2: 70 Sept 28 70
Jul 74
Havana El R&P pf. _100 200 115 Sept 30115H Sept 28 115 Jun 117
Michigan Centrat_ _ _ 100
49303 Oct 2650 Oct 2 510
Feb 350
50
2 80 Sept 26 80 Sept 26 774 Ja 804
Morris di Essex
Nash Chats & St I._ _100
100 16434 Oct 216434 Oct 2 143
Apr 175
Nat Rya Mex let p1..100
100 434 Oct 1 44 Oct 1 3H Ap 6
New ON Tex & Mex .100 100 12134 Sept 29 12134 Sept 29 1134 Feb 1234
27 1014 Sept 26 1014 Sept 26 100
N Y Lack & West_ _100
Jan 104
N Y Rys certificates- - _
138 285 Sept 26 290 Sept 28 262
A 294
Preferred certificates_
300 ssi Sept 29 834 Sept 29 834 Sept 12
P Ft W & Chi pref _ _100
10 143 Sept 26 143 Sept 26 139
Ja 143
3,000 18 Sept 2: 184 Sept 26 1634 Au 244
Reading rights
Oct
Sept
May
Sept
Sept
Aug
Sept
Aug
Jan
Aug
Sept
Apr
June
Oct
July
Sept
May
May
May
May
June
Sept
Jan
Industrial & Miscell.
Amer-La France F Eng
100 96H.Oct 1 9634 Oct 1 9534 Feb 100 June
7% cum pref
100
American Repubdcs__ -• 200 5834 Oct 2 59 Oct I 4$
Ja 76 June
American Snuff
100 14534 Oct 2 1454 Oct 2 1384 Ap 15034 Feb
10
Amer W P pref cgs__
100 14 Oct 2 14 Oct 2 1
Aug 4
Jan
Am Type Fths pref
200 111 Sept 3 111 Sept 30 10534 Ma 111
Sept
Arnold, Constable ctfs_ 1,800 124 Sept 29 1334 Oct 2 10
Sept 1434 Sept
Atlas Powder Co
500 60 Sept 26 5134 Oct 2 45 Jun 5234 Feb
Bayuk Cigars 1st pf-.100 200 96 Sept 26 96 Sept 26 95
Ap 98% Feb
Booth Fish 1st pref_ _100 400 48 Oct I 50 Oct 1 25 Jun 50
Oct
Barnet Leather pref.__ _
100 x10234Sept30 x10234Sept30 93% Jan x10234Sept
Brit Emp Sti 1st pf _100 200 2734 Oct 1 2834 Oct I 22 Jun
3334 Feb
Bruns Bros pref 7%
200 94 Oct 1 95 Sept 29 9134 July 9734 Apr
Cluett Peab & Co p1.100
100 106 Sept 301064 Sept 30 10334 Jan 109 Sept
Commercial Credit Co
4,200 3834 Sept 29 394 Oct 2 3834 Sep 40 Sept
Preferred
700 2534 Sept 28 27 Oct 1 2531 Sep 27
Oct
Corn Investment Trust_• 1,200 7434 Sept 30 7634 Oct 2 50
Jan 7634 Oct
Preferred
100 300 104 Sept 29 105 Sept 29 102
Ma 10634 Jan
Continental Can pref_ _
300 11634 Oct 1 117 Oct 1 114
Feb 118
Aug
Crest Carpet
100 4934 Sept 30x4934 Sept 30 36
100
Ma 524 Sept
Cushman's Sons
• 8,200 80 Sept 26 9034 Oct 2 62
Ma 904 Oct
Devoe& Reynolds pref__
200 101 Oct 21014 Oct 2 9734 Jan 1014 Oct
Deere & Co pref
100
200 105 Sept 29 105 Sept 29 8231 Jan 107
July
Detroit Edison rights__ 129403 434 Oct 1 634 Sept 29 24 Sept 634 Sept
Durham Hosiery
25 17 Oct 1 17 Oct 1 8
Jan 17
Oct
Preferred
100 57 Oct 1 57 Oct 1 4334 Jun 57
Oct
Elk Horn Coal pref _ _ _50
100 1234 Sept 29 1234 Sept 29 12,34
25
Emerson-Brant pref _100 1,400 19 Sept 28 21 Oct 2 8 May 264 Sept
Aug
Fairbanks Mores pref._
20010934 Sept 28 10934 Sept 28 10634 June 110 Sept
Fair(The) Co
4,300 324 Sept 29 35 Sept 29 324 Sept 35 Sept
First Nat Pic lat pref.100
100 103 Sept 30103 Sept 30 100 Jun 103
Sept
Fox Film A
5,400 6834 Sept 29 71 Sept 30 684 Sep 72
Sept
Gen Baking Co pref._ __* 500 118 Oct 112034 Oct 2 118
Oc 12034 Apr
General Cigar pref
1001074 Sept 281074 Sept 28 105
Jan 1114 Mar
Deb preferred
10010634 Sept 28 1064 Sept 28 104
July 10934 Feb
Gould Coupler A
2 400 22 Sept 30.224 Sept 29 224 Sep 23 Sept
Guantanamo Sugar._ _*
200 4 Oct 1 4 Oct 1 3% Sep
634
Hanna 1st pref C I A_ 100 100 62 Oct 1 62 Oct I 4234 July 89 June
Feb
Hayes Wheel pref __ _100 100102% Sept 2810234 Sept 28 100
Jan 1054 May
Helme(0W)
25 600 74 Sept 26 74% Sept 28 66
May 83
Apr
200 11434 Sept 301144 Oct 2 11434 Sept1144 Oct
Preferred
Indian Refining pref._100 200 82 Se t 26 83 Sept 28 74
95
Jan
Ingersoll Rand
100 16227434 Oct 2280 Sept 30 218 May 85
Aug
Internet Cement pf _ _100 1.2 I 10434 Sept 26 105 Sept 29 104
Sep 107
Aug
Internet Tel AC Tel Ns__ _ 4,197 44 Sept 28 74 Sept 30 2
M
734 Sept
Internet Agric pr pf..100 200 68 Sept 29 68 Sept 29 40
Ap 72
July
Jones & L Steel pref _ _100 300 115 Oct 1 116 Oct 2 1114 Feb 116
Aug
ICansas & Gulf Co
200
34 Oct 1
34 Oct 2
g May 134 June
K C Pr & 3.1 1st pref__ _• 70 10634 Sept 3010834 Sept 26 99
Jan 109%
Co pret
100 200 101 Sept 29 101 Sept 29 95
Ap 101
SeptKiny
Sept
Loose-witea
38( pm° 100 109 Oct 2 109 Oct 2 1044 Feb 110 June
Macy Co pret
1 I, 117 Sept 28 117 Sept 2 11434 Jan 118
100
Aug
Manati Sugar
100 600 454 Oct 2 47 Sept 28 44 Sept 55
July
100 9234 Sept 29 9234 Sept 2 9 834 Ap r 94 Jun
Mid-Cont Petrol pfd-10
Montana Power pref.
.100
100 111 Sept 28 111 Sept 2 109
Mar 117 June
Murray Body
• 300 3034 Sept 28 31 Sept 26 3014 Aug 42H Mar
Nat Supply prof
100 100109% Sept 2610934 Sept 26 10434 Jan 110
Apr
Niag L &0Pow pfd _ 100 100 108 Sept 29108 Sept 29 107
Feb 108 Sept
Npt N & H Ry G&E_100 100 70 Sept 26 70 Sept 26 52
Feb 110
July
NY Canners 1st
300 98 Oct 1 100 Oct 1 95
Mar 100 May
N Y Shipbuilding
• 4,800 59 Sept 28 70 Oct 2 17
Feb 70
Oct
N Y Steam 151 pref _ _• 200 100 Oct 1 100 Oct 1 97
Ja 102 June
Norwalk T & Bubb_ _.10 21,100 1234 Sept 30 16 Oct 2 1234 Sept 184 Aug
Preferred
200 814 Sept 2 8134 Sept 26 814 Sept 85
100
Aug
Onxy Hosiery pref _ .10C
400 88 Sept 26 9334 Sept 2 7834 Ma 9334 Sept
Orpheum Circuit pfd..100 200 107 Sept 28 107 Sept 2 98
Ja 107 Sept
Otis Elevator pret_._i00
Sept
29
101
100 108 Sept 29 108
Feb 112
July
Palish & Bing stpd
1,300 14 Oct 1 17 Oct 1 I
Jan 14 Feb
Pathe Exchange 'A"
7,500 7634 Oct 1 83 Sept 26 7634 Oct 85 Sept
Philadelphia Co pref _ _50 500 4734 Oct 2 49 Sept 30 4534 Jan 49
July
Phoenix Hosiery
5 3,100 3134 Sept 2 am Sept 30 18
Apr 424 July
Preferred
100 300 97 Sept 30 97 Sept 30 84
Apr 97 Sept
Pitts Term Coal pref _100
100 8634 Sept 29 8634 Sept 29 79
July 88
Jan
Prod & Ref Corp pref _50 300 30 Oct 2 304 Sept 2: 27 Sept
Feb
P S Elee & Gas pref _ _100 1,300 97 Sept 30 9734 Sept 28 0234 May 474 Sept
9734
Pub Sort'Elec Pr pf_106
10010434 Oct 2 10434 Oct 2 9634 Sept 10534 Sept
Ry Stem Spring pref _100 00011734 Sept 28 119 Oct 111434 Mar 121
Aug
Reid Ice Cream pref__ 200 95 Sept 30 95 Sept 30 94 Sept 954 Sept
Sherwin-Williams pf _100
10010234 Sept 28 10234 Sept 28 1024 Sept 10534 Apr
So Porto Rico Sug p1_100
108
Sept
30
t
30
100 108 S
Jan11034 Aug
Stand Gas & El pret_ _50 1,200 5334 Sept 30 54 Sept 29 9934
5034 Mar 514 Aug
Texas PaC Land Tr_ _100
10400 Sept 30400 Sept 30 255
Apr 425 Sept
Tidewater 011 pref
200 100 Sept 30 100 Sept 30 100
Aug 100
Aug
17n Paperboard Co_ _100 1,600 26 Sept 2 274 Oct 2 184 Apr 274 Sept
17 S Tobacco
• 1,100 56 Sept 2: 5734 Sept 29 5134 Mar 5734 Sept
Va-Caro Chem pref ate_
300 12 Sept 26 12 Sept 26
Mar 18
Apr
West Penn Power p1.100 200 108 Sept 28 10834 Oct 2 104
Jan 111
July
* No par value.
Foreign Exchange.-Sterling exchange ruled dull and
weak, declining at the close to the lowest level in five months.
The Continental currencies were irregular and nervous, with
moderate losses in rates on francs as a result.of the disappointing outcome of the French debt negotiations.
To-day's (Friday's)
rates for sterling exchange were 4 81%(g)4 8134
for sixty days, 4 83 (D4 834 for checks and 4 8334€94 8434 for cables.
Commercial on banks, sight, 4 83% ©4 83%; sixty days. 4 79%(414 80;
ninety days,4 79@4 7934,and documents for payment (sixty days).4
80@
1653
4 8034; cotton for payment, 4 8334(84 8354. and grain for payment.
4 83%@4 83%•
To-day's (Friday's) actual rates for Paris bankers' francs were 4 5534@
4 6134 for long and 4 6004 66 for short. German bankers' marks are not
yet quoted for long and short bills. Amsterdam bankers' guilders were
39.73 for long and 40.09 for short.
Exchange at Paris on London, 103.50 fr.; week's range. 102.28 fr. high
and 103.50 fr. low. •
The range for foreign exchange for the week follows:
Sterling ActualSixty Hays.
Cables.
Checks.
High for the week
48134
484
45434
Low for the week
4 81 A
4 8334
483
Paris Bankers FrancsHigh for the week
4 67
4 7334
4 7234
Low for the week
45534
462
461
Germany Bankers' MarksHigh for the week
23 81
23.81
Low for the week
____
23.8031
23.8034
Amsterdam Bankers GuildersHigh for the week
39.75
40.19
40.21
Low for the week
39.73
40.19
40.17
Domestic Exchange.-Chicaso, par. St. Louis, 15©25c. per $1,000
discount. Boston, par. San Francisco, par. Montreal, par. 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 Stock
Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
Daily Record of II. S. Bond Prices. Sept.26 Sept.28 Sept.29 Sept.30 Oct. 1
Oct. 2
First Liberty LoanHigh 1001,3 1001,3 100.00 10013, 10041 100638
334% bonds of 1932-47._{Low_ 100.00 996032 993,3
99"n 100.00 100,31
Close 100.00 996,31 99"n 100631 10042 100633
(First 334')
62
260
14
73
108
Total sales in $1,000 units__
226
----------------100.00
Converted 4% bonds of (High
____
--- _
____
____ 100 00
1932-47 (First 45)____(Low_
Total sales in $1,000 units _ _ _
Converted 44% bonds 'High
of 1932-47 (First 4 WO(Low_
(Close
Total sales in $1,000 units...
Second Converted 44%(High
bonds of 1932-47 (First( Low_
Second 4345
Total sales in $14000 units_ __
Converted 434% bonds (High
4% bonds of 1927-42 _ _ (Low_
(Close
(Second 4s)
Total sales in $1,000 units__ _
(High
Second Liberty Loan
of 1927-42 (Second I Low_
(Close
448)
Total sales in $1,000 tint/J.__
(High
Third Liberty Loan
44% bonds of 1928_ __ _(Low_
(Close
(Third 4345)
Total sales in $1,000 units__
(Mg];
Fourth Liberty Loan
44% bonds of 1933-38._I Low.
(Close
(Fourth 4348)
Total sales In 51.000 units._
(High
Treasury
(Low.
4348, 1947-52
(Close
Total sales in $1,000 units...
(High
(Low.
48. 1944-1954
(Close
'Mtn/ enhte Intl OM tint,*
____
1016,33
10121,3
101,732
2
- ---- --
-_ _
... _ _
___
6
101,631 101"n
101,631 10215 102
101641 101,,n 101"st 101"st 101113,
1012733 1012433 101"st 102.00 101un
10
133
21
130
13
1016033
101143
____
------__--
____
____
____
- -____
1008032
1001,13
1006033
19
101"33
1011133
1011133
42
102331
102,
33
102631
86
106"33
1061033
106643
28
1032n
102163
103233
2
100.00
100.00
100.00
3
100",,
100"33
100"31
106
101"st
101631
101"3,
240
1026n
101663:
101"n
550
106"33
10663,
10663,
ill
1033t2
102,633
102"33
IS
10-0:1515
100.00
100.00
2
100",,
100663,
100"n
157
101"st
101611
10168,
107
1024st
101"31
101"31
629
1066n
106,11
106633
95
1021633
102"n
102"33
Alb
_ - -____
____
__
100663
.10064
100",
116
10114
101.632
10110s
209
102133
10114
101",
351
106,4
10614
106123
100-.150
100.00
100.00
2
100ton
100243
1006632
576
101"n
101632
101"tt
154
1026n
101643
1024t
642
106114,
106633
106163:
14
17
103,32 103633
10341 102"n
103 00 103681
21
IIM
100-lin
1001011
1001en
2
1008181
100"31
1006681
226
101"n
1016n
10110n
112
102"n
10242
10242
150
1061.33
1066n
10663s
7
103.33
103.00
1036n
1
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
992,33 to 99"31 12 3d 434s
100
to 100
24 4th 434s
10111,3 10 101",, 14 Treasury 431s
100243 to 100"33
10 1st 3348
1 1st 48
9 1s1 434s
14 2d 44s
101632 to 1011ln
1011,31 to 102,1,
to 10641
106
Quotations for U. S. Trees Ctfs. of Indebtedness, &c.
Maturity.
Rate.
Asked.
Mar.15 1926... 44% 100'18
Dec. 15 1925._ 44% 10034
Sept.15 1926... 4 3i% 100Tos
June 15 1926.99"It
100h,
10034
1001,,
99%
Maturity.
Bale.
Bid.
June 15 1926-- 34% 99648
Dee. 16 1927-- 438% 101,
18
Mar.15 1927... 481% 1014
Dee. 15 1925.... 3%
991682
Asked
100
sul1t8
10134
100
New York City Banks and Trust Companies.
AU prices dollars yer sitars
Banks-N.Y. Bid Ask
Banks
Bid
Ask
Trust Co. Bit Ask
America •-..-- 290
Hamilton
185
New York
A3ner Each.. 425 435 Hanover
1085 1115 American _
_Amer Union*. 190
Harriman_ -- 490 505 Bank of N
Broadway Cen 210 iio Manhattan* - 210 215
& Trust C 605
Bronx Sorts*. 650
Mech & Met. 435 440 Bankers Trust 518 523
Bronx Nat... 225
Mutual.
425
Bronx Co Tr. 205 230
BryantPark* 215 225 Nat American 155
Central Unio 880 890
Butch & Drov 188
National City 498 503 Empire
355 365
Capitol Nat_ 215 225 New Neth•._ 265 285 Equitable Tr_ 321 325
Cent Merean. 270 290 Park
500 510 Farm L & Tr_ 570 580
Chase
510 515 Penn Each... 115 125 Fidelity In
330 360
Chath Phenix
Port Morris._ 200
Fulton
. 340 350
Nat Bk &Tr 353 358 Public
600 sio Juaranty 'tr. 377 381
Chelsea Each* 215 230 Seaboard __
615 630 Irving BankChemical
665 670 Seventh Ave. 145 153
Columbia i.e 323 326
Coal & Iron_ 315
Standard
425 450 uawyers 'Tr.
Colonial*
550
State*
620
Aanufaeturer 495 WOO
Commerce __ _ 390 395 Trade*
140 150 Autual(WestCom'nwealth• 330 340 United
225
chester)
200
Continental _ _ 230
United States* 275 282 N
Trust... 492 498
Corn Each._ 520 525 Wash'n
300
Title Gu & T 615 625
Cosuloplan•_ 193
Brooklyn
U S Mtg & Tr 362 370
East River _
350 365 Coney Island. 210
United Ste 1815 1835
Fifth Avenue* *300 2500 First
450
Wanting 'Tr. 400
First
2850
Mechanics'* _ 225
Brooklyn
Franklin
150 160 Montauk•
265
Brook% n Tr- 830
Garfield
360 370 Nassau
315 530 Kings County 2150 2350
Grace
People's
270
450
Midwood220
Greenwich'
420 450 Queensboro•
People's
900 925
*Banks marked 09 are State banks. (5)Ex-dividend
New York City Realty and Surety Companies.
Bid
Alliance R'ity; 165
Amer Surety.) 153
Bond & M G_I 290
Lawyers Mtge 227
Lawyers Title
& Guarantee 318
All prim dollars per share.
Ask
Bid
Ask
Bid
- - - Mtge Bond.. 135 140 Realty Assoc
156 Nat Surety__ 210 214
(Bklyn)com 470
N
Y Title &
300
let pref.... 93
231
Mortgage.. 442 450
2d pref _
ss
U S Casualty- 315
Westchester
323 U 8Title Guar 345 355
Title & Tr_ 415
kik
490
se
89
The Curb Market.-The review of the Curb Market is
given this week on page 1643.
A complete record of Curb Market transactions for the
week will be found on page 1666.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1654
'OCCUPYING FIVE PAGES.
For sales during the week of stocks usually Inactive, see preceding page.
LEIGH AND WW SALE PRICES-PER SHARE, NOT PER CENT.
lailsrday.
Sept. 26.
hi onday.
Sept. 28.
Tuesday.
Sept. 29.
Wednesday
Sept. 30.
Thursday,
Oct. 1.
PrIday.
Oct. 2.
$ Per share $ per share $ per share g per share $ per share $ per share
*371 40
37
37
40
394 40
*393 4112
40
*5512 58
*5512 581*
*55/
1
4 58
*56
59
*5812 59
122 12258
1211
/
4 12238 12112 12278 121 12214 12158 122
*95
9514 *95
9514 95
9478 9514
95
9478 95
57
534 6
6
534 534
534 534
534 57
19412 197
19518 20014 195 198
197 19912
19612 197
8058 8134 8118 8234 8012 8184 8114 8238 8158 823
6534 6534 6534 6534 *6534 6578 66
68
6618 6618
4358 4478 447 4634 4512 4714 46
48 I
47
46
9478 9478 9458 95
9534
*94
9514 *94
9534 *94
56
5612 564 5814 5518 5614 5558 5618 558 5734
81
8118 81
80
8034
81
*80
81
*7814 80
*78
86
*76
86
8612 84
84
*76
*76
8812 *75
86
15012 15112 15012 15112 14912 15012 14814 14934 149 14958 14958 14958
*290 300 *285 290
'
'280
1
290 *285 298 *285 298 *280 298
10914 11012 1077o 10938 10734 10912 10718 10812 1071
/
4 10878 10758 10838
•115 117
11312 115 *11454 11518 11434 11484 *11414 11538*11414 11538
*514 534 *5
5
5
5
524
5
5
54
512 818
*1138 12
1114 1138 11
1114 1012 1034 1012 1034 10/
1
4 1034
•15012 160 *151 158
158 162 *158 170 *158 170 *158 170
36
*35
*33
37
35
*34
37
*34
37
35
35
*33
4512 4512 *44
*44
47
4612 4534 4534 45
45
*4312 46
11% 1012 1118
1114 1138 11
10% 1012 1114
912 1034 10
2412 24/
1
4 2418 2458 2378 2412 2358 2118 2312 2412 2418 2512
1
4
858 834
812 914
858 914
812 878
8,
s 8/
858 9
1514 1618
1512 16
1534 1614 1514 1558 1514 16
*---- ___
6838 -69
6818 6834 6814 6918 68
69
677 688 6818 6834
11514 116
*11214 114 *115 116
115 115
115 115
115 115
46
47
1
4 4634 4534 47
4714 45/
4714 4884 4512 4634 46
98
98
9712 98
*9612 9712 *9612 9712 *97
981s 9812 98
841 *84
8412 8412
84
84
8512 8554 8414 85
8412 84
44
44
47
*44
47 1 *44
47
*44
*44
47
*44
47
*95 100
*95 100 .95 100
*9518 100
*95 100
*9.5 100
6334
6512 6512 6414 65126312 631z 63
66
651
/
4 66
86
64/
1
4
1
4 ____ ____ *6412 64/
1
4 *63
6412 .64
6418 6414 64/
*64
6218
*61
*60
61 I *60
61
65
61
61
61
61
*60
1467 147
14518 14612 14512 14512 14434 146
145 14514 145 145
137 13814
139 13914 139 13912 139 139
13812 13912 13712 138
4334 44
4318 4318 43
44
4334 44
4312 435g 4314 4314
313 32
3212 3314 3158 3258 3134 32
32
3238 3212 3258
4112
41
41
4134 4038 4114 4014 41
42
4012 41
40
38
40
*38
*38
39
*38/
1
4 3912 38
38
*3814 398 38
74
7212 73
73
7218 73,
8 7318 7334
7212 7378 7214 73
3112
31
30/
1
4 3012 30
3012 303s 31
30/
1
4 3034 3014 31
33
33
3118 3118 32
3258 3118 3214 3112 3112 3118 31%
*102 103 *101 102
102 10234 102 102 *101 103 *101 10218
239/
1
4 240
239 239
238 238
239 239
*240 24212 240 240
35
354 3518 3512 35
354 35
3514 354 3534 3512 3634
*6912 71
*6912 70
*6912 70
*6912 70
70
70
*6912 71
11414 11414 11414 115
115 115
11512 116
11514 11584 11512 11578
114 115 *114 117 *11512 117
*111 117 *112 117 *112 116
3158 3158 3112 3112 *3112 3134 *3112 3134 3112 3112 301* 31
*6312 65
*6312 65
*61
65
65
*6312 65
4312 65
*61
26
*25
2634 243 2512 *2412 2612 25
26
25
2484 25
/
4
4114 3912 401
4034 41
40
40
,
4 4014 40/
1
4 39/
1
4 4012 40
6012 6012
60
61
61
62
62
259
59/
1
4 60
.61
62
7812 79
7812 79
*7834 791
79
7918 797o 78
8038 78
118 11878
118 118
11734 117/
1
4 11784 119
11712 11938 *11712 hg
88
*87
*113 118 *114 118
115 115___ *x8612 90
*4312 4412 43.4 44
4312 4312 4312 -4312 4312 4378 4314 4314
*012 1018
984 11
97 10
*934 10
*912 1034 10
10
41
*38
41
*40
46
*35
*38
41
*36
41
*35
42
55
5414 5434 55
55
5512. *5313 56
5534 5712 55
55
25
*22
*22
25
*26
31
25
2612 27
25
25
*22
31
*3
312
318 318 *3
312
3
3
318 31
31
4214 4214 43
4212 *4114 43
4234 4234 4234 43
4312 41
*6912 73
69
73
7154 72
89
70
7118 72
73
*70
4158 4234 4038 4178 411,
. 417
4012 4134 4038 42% 4114 417
85
8'
86
8612 85
8614 8434 8534 8458 8512 8118 85
3612
3714 3778 3512 3638 3578 3658 3512 3658 3512 365/3 36
1
4 8312 8238 8318 8258' 8312
1
4 82/
8412 8558 82/
1
4 84
8234 83/
214 214
*2
214
21
2
214
*2
214 *2
214 *2
1221
/
4 1233* 12114 122/
1
4 122 12314 12084 12234 12158 12214 12178 12258
136 13712
135 136
136 136
13718 138
13612 137
136 136
943* 9458
94
94
94
9412 9412 943 0438 0438 9412 94
3714 37/
1
4 3612 3714 3612 3714 3514 3634 357 3658 3512 38
2712
27
27
2718 28
•2812 29
2818 2814 2734 2838 27
43/
1
4 4414
42,
4 4438 4214 44
44
43
45
4278 4312 42
1394 14034 1384 14012 13818 13914 13834 140
1388 1403g 1383s 140
82
8812 *80
.80
*80
81
81
81
*80
82
.81
83
68,
4 6978 8914 6978
70/
1
4 7018 71 136878 695
7058 7188 70
.3612 40
*56
59
12212 123
*95
9514
618 64
196 197%
8218 8278
6558 6558
4478 4514
*94/
1
4 9512
5518 5634
81
81
1
4 4858
1
4 48/
/
4 48/
4818 4878 4814 4834 4818 4878 481
49
20
_ *17
1912 *1712 1912 ____
1912 *18
1934 .18
73
73 -i3-38 7314 7314
7214 7212 73
72
7314 72
8412
*8312 8412 *84
84
*8312 84
8312 8312 8334 84
7334 7354 7312 7312 7312 7412 7412 7412
7414 73/
1
4 74
/
4 *8114 8112
81,
8 811
8158 *8112 82
8112 8178 81% 82
8514 8412 8514 8414 85
8412
8512
8434
8614 84
86
*3912 4018
3978
39/
1
4 *39
/
4 *39
/
4 3912 391
no 3978 3914 391
4018
40
40
3934 3934 40
40
*3934 4012 3034 3934 40
5312 54
60
*54
58
*54
60
053
58
*0
58 .52
/
4 9714 9612 9712
951
98
96
98
9734 9818 96/
1
4 9734 97
8778 88
87
87
90
*84
*89
91
*87
90 *____ 88
1
4
1
4 5558 58/
56/
1
4 5512 56/
55
58
5534 57
5638 5734 56
8778 88
7614 7614 76
76
751
/
4 *75
461
/
4
4514
41318
2
441/
1
4
461.
45
4614 47
4434
4518 4614 4512
47
4738
47/
1
4 48
4614 48
46% 4714 4618 4638 465 47
1
4 9714 975
971
/
4 9712 97/
97/
1
4 9814 9734 97/
1
4 9712 9734 97
1
4 107 10712
10714 108
10558 10718 105/
1
4 10684 10518 10658 106 106/
9214 9238 9238 9134 92
9234 92
9218 92/
1
4 9112 921s 92
5218
51
5218
51
5112
511
/
4
5012
5112
5118
5038 5258 5018
1212 1214 1214
*12
13
1212 1212 *12
1212 *12
13
*12
61
*60
62
*60
62
59/
1
4 59/
1
4 5912 60 i *60
*59/
1
4 61
/
4 140 14084
8 141 14112 141 1411
/
4 140 14012 140 1401
14138 142,
7532 75,8 *7512 7572 7512 7512 7512. 7534 7512 7558 7512 7512
2412
*23
25
*21
25
25
*21
25
*2112 26
*22
25
7112 7112
*8612 72
69
69
71
69
69
89
74
*69
125 125 *120 130 *120 130 *12414 12412
*122 132 *120 130
42
43
42/
1
4 4058 4238 40% 4178 4078 417
1
4 42
43/
1
4 43/
1
4 6958 7014
7078 6912 7012 6934 70/
701
/
4 7078 6934 7014 70
60
*50
60
60
*55
60
____
__ *55
*55
60
*55
1
4 16
161
/
4 15/
1512
1614
1612 1634 1614 1612 1612 1612 1534
22
2134 2178 2134 2134 22
2234 2278 2134 2212 2178 22
3112 3134
3038 3178 3012 32
3134 3234 3114 3178 3158 32
/
1
4
77
77
/
1
4
7714
7612 77
77
7634 7714 7714
77
7634 77
/
4 2012
19,
4 2014 201
19/
1
4 197s 1912 20
20
1912 20
20
43
/
1
4
4312
42
,
4
4312
423
4
4212
4234
4
423
4
423
423*
4254 4314
4858
•1912
73
*8312
*74
811
/
4
8334
87
67
•130 132
9912 9912
1512 1512
*5714 58
1014
10
10912 10912
4
6812
132
*96
015
58
1018
10814
6812
132
99
1512
58
1014
109
a Ex-dividend.
z Ex-rights
STOCKS
NEW YORK STOCK
EXCHANGE
Shares.
Railroads.
Par
100
600 Ann Arbor
Do prof
100
4,800 Atch Topeka dc Santa Fe_100
100
700 Do pref
2,800 Atlanto Birm & Atiantio
100
13,500 Atlantic Coast Line RR.....100
49,300 Baltimore & Ohio
100
700 Do pref
100
27,900 Bangor & Aroostook
50
300 Do prof
100
11,700 Bklyn Manh Try t o___No par
1,700 Do pref v to
No par
25 Buffalo Rochester & Pitts_100
11,900 Canadian Pacific
100
Central RR of New Jersey_100
100
41,200 Chesapeake & Ohio
Do prof
100
100
2,200 Chicago & Alton
100
Do pref
2,300
100
800 0 C C & St Louis
100
200 Chic & East.111 RR
100
400
Do prof
100
13,200 Chicago Great Western
100
Do pref
11,900
100
100
8,000 Chicago Milw & St Paul
Do pref
9,900
100
13,300 Chicago & North Western_100
Do Prof
600
100
34,700 Chicago Rock Isl & Pactflc_100
700
Do 7% preferred
100
Do 6% preferred
400
100
100 Chic St Paul Minn dr Om .j00
Do pref
100
2,200 Colorado & Southern
100
300
Do 1st pref
100
300
Do 2e1 prat
100
3,200 Delaware & Hudson
100
3,400 Delaware Lack & Weetern_ 50
2,300 Denver Rio Or & Weet prat 100
8,600 Erie
100
Do let pre
9,400
100
200
Do 211 prof
100
13,800 Great Northern pre}
100
13,700
Iron Ore l'ropertlee__No par
3,300 Gulf Mob dr Nor
100
Do pref
400
100
1,600 Havana Elec fly, Lt & P 100
8,000 Hudson dz Manhattan
100
po pref
100
100
4,200 Illinois Central
100
Do prof
200
100
900 Int Rys of Cent America 100
Do pref
100
2,500 Interboro Rap Tran v to_.AO0
16,000 Kansas City Southern
100
Do pref
600
100
3,300 Lehigh Valley50
2.900 Louisville & Nashville
100
200 Manhattan Elevated guar_100
1,100
Do modified guar
100
1,200 Market Street RY
100
Do prat
100
Do prior pref
1,500
100
Do 2d pref
300
100
600 Minneap & St L
100
1,000 Minn St Paul & S S Marie_100
Do pref
1,300
100
28,000 Mo-Kan-Texas RP. ._No par
Do pref
7,900
100
27,300 Missouri Pacific
100
Do pref
19,200
100
900 Nat Rys of Mex 2d pref
100
54,700 New York Central
100
100
2,400 N Y C dr St L Co
100
Do pref
1,300
100
37,300 NY Nil & Hartford
3,800 N Y Ontario & Weetern
100
6,300 Norfolk Southern
100
100
24,100 Norfolk & Western
Do prof
400
100
1001
18,300 Northern Pacific
50
16,700 Pennsylvania
Peoria & Eastern
100
100
1,300 Pere Marquette
100
Do' prior prat
400
1,100
Do pref
100
2,700 Pittsburgh & West Va
100
60
15,500 Reading
50
Do lst pref
500
Do 20 prof
50
3,600
100
200 Rutland RR Prof
100
17,800 St Louis-Elan Francisco
Do pref A
100
300
100
13,500 St Louis Southwestern
100
Do pref
600
100
33,000 Seaboard Air Line
Do pref
100
10,100
9,100 Southern Pacific Co
100
100
37,400 Southern Railway
100
Do pref
3,200
100
7,600 Texas & Pacific
100
300 Third Avenue
400 Twin City Rapid Transit..100
100
7,400 Union Pacific
Do Prof
100
1,100
100
500 United Railways Inveet
100
Do Pre'
500
100 Virginia Railway & Power_100
100
36,400 Wabash
100
Do prof A
24,100
Do prof B
100
100
8,100 Western Maryland
100
Do 2d pref
1,700
100
12,400 Western Pacific new
100
Do prof new
2,500
6,500 Wheeling & Lake Erie Ry_ _100
100
Do prof
4,900
/
4 6,000
8712 6712 5712 711
6612 6712 6712 88
300
_ .130 140 *130 134
132 132 *2130
800
98
96
98
9812 9812 9814 -9-8-1
/
4 *95
300
15
15
8
1512
*15
15 4 *15
1512 *15
200
*5734 58
*571g 5712 5712 58
/
4 53
*571
1038 5,300
1018 1012 1014 101* 1014 1032 10
108% 10914 3,100
106 108
108% 110
106 106
nl.
I n, ,,t_
193. 1%
28(100
•Bid and asked priori.
Sales
for
the
Week.
.
PER SHARE
Range for Year 1925.
On basis of 100-share lots.
Lowest
11455501
$ Per share
$ per share
22 Feb 17
40 Mar 24
11614 Jan 16
9212 Feb 17
3 Jan 14
14714 Jan 16
71 Mar 30
62/
1
4 Apr 21
3514Mar 23
89 June 22
354 Jan 5
7278 Jan 2
48 Apr 2
13612 Mar 30
285 Mar 30
8914 Mar 30
1051
/
4 Apr 14
358 Apr 24
518 Apr 23
140 May 20
2934 Mar 30
40 Mar 30
9 Jan 2
1914 Mar 30
314 Apr 20
7 Apr 20
47 Apr 14
10134 Apr 14
4012 Mar 30
92 Jan 2
82 Mar 30
334 Apr 22
7314 Apr 21
444 Jan 6
60 Mar 26
54 Jan 21
13312Mar 30
125 Mar 30
35 July 3
2634May 15
35 June 23
34 June 29
60 Apr 24
2634 Aug 15
23 Mar 30
8912 Mar 30
112 May 16
2134 Mar 18
6412 Feb 18
111 Mar 31
11212 Apr 23
18 Jan 8
591 Jan 2
1312 Mar 23
28/
1
4 Mar 30
67 Jan 15
69 Mar 30
106 Jan 16
44 Aug 19
6012MaY 8
12772 Mar 2
9738June 25
712 Mar 6
201 Sept 18
8414Mar 6
6612 Jan 6
48 Oct 2
96 Sept 15
59 Sept 15
82 July 28
9258May 2
15258 Jan 8
321 Jan 3
11138Sept 2.5
11512Se5t 25
1058 Feb 9
1912 Feb 21
16412 Feb 11
3814 Aug 25
5714 Jan 2
15 Feb 7
3238 Feb 6
1538 Jan 7
2812 J .n 7
7558 Jan 12
117 Mar 5
5414 Mar 3
991
/
4 Feb 21
8912Mar 3
5912 Jan 13
108 Jan 13
7012Sept 1
6412June 16
6212 Aug 27
155 Apr 6
14734June 8
60 Jan 12
34% Aug 18
4678 Jan 2
4334 Jan 6
7614 Aug 18
40% Jan 10
3635Sept 8
10914 Sept 5
246 Sep., 10
373 Aug 29
72 July 10
1191
/
4 Jai 7
119 Jan 7
334Sept 11
6612July 14
3412 Feb 9
4312Se0- 14
62 Sept 9
8338June 6
12078 Aug 6
11912Sept 14
511
/
4 Feb 9
12' Sept 21
4614 Sept 21
6514Sept 21
35 Sept 21
4 Mar 6
6214Sept 16
73 Sept 28
4512Se2t 8
91/
1
4 Aug 18
41 Feb 6
8812 Aug 24
2/
1
4 Jan 12
124/
1
4 Jan 13
13878Scpt 25
96 Aug 7
39/
1
4 Aug 19
3434 Aug 13
45 Sept 29
14112Sept 25
81 Sept 24
7238Sept 14
4958Sept 18
2078 Jan 12
74 Aug 20
8412Sept 17
75/
1
4 Jan 10
83/
1
4Sept 14
9114June 1
41 June 1
4438June 1
827s Jan 9
10214 Aug 28
9214 July 28
63 Aug 21
88 Oct 2
4832 Au!27
5112 Aug 27
108% Jan 9
1081zSept 25
9512Sept 19
581
/
4 Mar 13
1558Sept 9
7084JulY 1
15314 Jan 10
7714July 31
33I2May 18
8314Ju0e 25
13512Aug 7
4714 Aug 26
7312 Aug 17
6012 Aug 22
18/
1
4 Aug 25
2614 Jan 9
3338Sept 23
7778 Oct 2
22/
1
4 Aug 18
47's July 16
64 May 20
3218 Mar 23
714 Mar 11
20 Jan 13
4314 Mar 20
16 Mar 19
2/
1
4 Jan 6
301
/
4 Apr 4
40 Mar 31)
2814 Jan 2
7434 Jan 2
30/
1
4 Jan 5
71 Mar 30
112June 24
11314June 10
118 June 24
88/
1
4 Jan 6
28 Mar 24
2058 Apr 4
211
/
4 Apr 22
12312 Mar 30
7512 Jan 8
584 Apr 25
4212 Apr 9
13/
1
4 Apr 30
6134June 2
78 July 29
6812 Apr 16
63 Mar 19
69/
1
4 Mar 30
3578 Mar 18
3614 Mar 18
42 Apr 24
/
4 Jan 18
571
76 Jan 20
4334June 11
7018June 25
2038 Jan 16
35 Mar 30
97 Sept 2
7758 Jan 2
83 Jan 2
4314 Jan 27
712 Apr 17
08 Jan 22
13314 Apr 24
72 Jan 30
18 Aug 31
4812 Is.lar 23
6418 Jan 14
1912 Mar 30
5534 Jan 20
3812 Jan 21
11 Mar 24
16 Mar 27
1934July 31
72 July 27
1038 Mar 31
22 Apr 2
Industrial & Miscellaneous
Abitibi Power & Paper_No par 62 Jan 6 7512May 29
All American Cables
100 119 Jan 6 133 May 26
Adams Express
100 90 Apr 18 10314 Jan 9
1812May 13
Advance Rumely
100 13 Apr 11
Do pref
100 47 Feb 18 62 July 28
12581Mav 77
Ahumada Lead
938 Apr 21
Air Reduction. Inc___No par 8834 Jan 30 114 Aug 19
10 Mar 19 1578June 19
MaX Rubber. Inc
No oar
PIM 471,1 Anil
Range for Previous
Year 1924.
Htolleal
Lowest
$ per share $ per atm
12 Apr
25 Mar
974 Jan
8612 Jan
158 Feb
112
Jan
524 Apr
5614 Apr
3934 Dec
86
Jan
1312 Jan
484 Jan
40 May
142/
1
4 Mar
199 Mar
6734 Feb
991 Jan
314 Apr
818 May
100 Apr
21 May
37 May
4 Apr
1012 June
107s Oct
1814 Oct
4914 Jan
Jan
100
2112 Feb
764 Feb
6558 Jan
Jan
29
6814 Apr
20
Jan
Jan
50
Jan
45
10412 Mar
11034 Feb
42 Dec
2034 Jan
282s Feb
2518 Jan
5354 Mar
26 May
1114 Apr
50
Jan
2272 Dec
461
/
4 Dot
120,
4 Dec
9658 Dec
5 De(
15214 Dec
847k Dec
6612 Del
4414 De(
95 Not
411
/
4 Dec
7514 Del
681
/
4 Dec
1561
/
4 Not
295 Dec
9814 Dec
10912 Jul]
1012 Dec
1978 Doi
15014 NO4
38 De(
627s De(
1178 Not
3188 Not
184 Not
3218 Not
7534 Dec
114/
1
4 Dec
50 Nol
9734 Del
8712 Noi
5712 Dec
94 Dec
49 Nos
65'4 Dec
2058 Nov
5714 Oct
1001
/
4 Mar
104 Mar
1134 July
444 May
1284 Jan
171
/
4 Mar
5114 Mar
03912 Apr
87/
1
4 Jan
42 Jan
301 Jan
61
/
4 Mar
het
20
41 Nov
14 Mar
152 Jan
2814 Mar
50 June
1012 May
29/
1
4 Feb
9/
1
4 Jan
Jan
29
118 July
991
/
4 Feb
7212 Feb
83 May
1412 Jan
18 May
1212 Apr
10212 Jan
7234 Feb
477s Mar
4214 Jan
914 Mar
4012 Mar
7112 Apr
60
Jan
38
Jan
511
/
4 May
34
Oct
1331e Jan
32
Jan
1918 Apr
42/
1
4 Jun
33
Jan
57/
1
4 Jan
814 Jan
1414 Jan
8512 Mar
3812 Jan
66/
1
4 Jan
19
Jan
858 May
391
/
4 Oct
12658 Mar
70 Mar
7/
1
4 14pr
261
/
4 1411r
36 Feb
1014 Jan
34
Jan
2212 Jan
8/
1
4 June
1514 May
2914 -Del
64/
1
4 Dec
11772 Dec
11714 Dec
181, Not
63 Not
3914 Jul,
411
/
4 Dec
59/
1
4 Del
85 Del
109 Dec
85 De
5174 Jul
131 Jai
42 D
7113 Ja
30
Ja
4
Jsu
53% D
75 D
3438 D
7584 D
3414 No
74 D
3 D
11984 D
128 D
937s Se
3314 Dec
2814 No,
29 No,
13314 Dec
8018 Jum
73 Den
50 De,
2218 No,
73 Do
8512 Aul
77 Ani
7514 Doo
7912 Dd
561
/
4 Jac
56
Jel
66 No,
65 Del
8212 Del
5678 Dec
74 No,
2418 Dec
4512 Da
10512 NO,
79/
1
4 Dec
85 Dec
4858 Do
1841 Jul:
60
Jai
1511
/
4 Dec
7813 Aui
41
Dec
8472 Do
7234 Jul;
241
/
4 De,
601
/
4 Dec
4258 Do
1614 De.
2614 Dec
712 Jan
1414 Jan
-1.7 i2 -&-a,
32/
1
4 Da
j9 NO1
1391
/
4 Dec
8 Dec
149,
434 Dec
3532 AuS
4914 Dec
4614 Dec
75 Dec
3934 Nos
291 Dec
99 Dec
61 Dee 84 De
9612 May 12212 De
2512 Jan 9312 De
6 June 16/
1
4 De
281
/
4 June 64
De
. ose
6714 Jan 9-3
4/
1
4 May 141. ,,-,,,S
New York Stock Record-Continued-Page 2
1655
For sale. during the week of stocks usually Inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARR, NOT PER CENT.
Saturday
Sept. 26.
Monday,
Sept. 28.
Tuesday.
Sept. 29.
Wednesday. Thursday,
Sept. 30.
Oa. 1.
Friday.
Oct. 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share 3 per share $ per share S per share $ per share $ Per share Shares Indus. & Miscall. (Con.) Par
2
2
*2
218 .2
218 *2
218
2
2
350 Alaska Juneau Gold Min__ 10
101 10214 9919 101
9918 1011a 9912 10112 10118 103
10034 103
36,300 Allied Chemical & Dye_No par
•11912 120
11958 11958 11958 11958 11978 11958 11934 11934 11934 11934 1,400
Do pref
100
88
8814 8714 88
8734 8334 8638 88
87
8714 6,100 Allis-Chalmers Mfg
8734 87
100
•10534 108
106 106 *10558 10734 .105 108 .10558 107 .106 107
Do prof
100
700
2112 2112 2118 2112 2112 2238 2158 22
2178 25
251g 2678 43,300 Amer Agricultural Chem _ _100
6734 6814 67
6834 67
6978 6718 6914 6912 7414 7414 77
Do prof
100
28,600
*3434 3514 *38
3558 .35
3538 35
3518 3514 3514 36
100
3614
800 American Beet Sugar
.7212 85
*7212 85 .7212 85
•7212 85
"70
*8212 85
85
Do prof
100
3514 3512 35
3512 3578 3814 3638 3712 3612 3718 37
3734 55,000 Amer Bosch Magneto. No par
.11114 115 .11114 115
111 11114 *111 114 •11212 114
114 115
600 Am Brake Shoe dc F____No par
•112 115 .112 115
11412 11412 *112 115 .112 115 .112 115
Do pre(
100
100
237 24412 23314 242
236 24412 23514 241
23534 24012 23938 24112 132,000 American Can
100
•118 120
11934 120
120 120
119 119 •118 120
Do prof
900
100
110 11058.
16§i2 116- 110'11134 10734 10934 108 10912 109 111
9,400 American Car& FoundryNopar
•124 12614 125 126 .123 127 *123 127 *123 12614 *122 12534
Do prof
200
100
23
2314 2234 2314 23
23
2234 2234 2234 2234 2253 2234 2,900 American Chain. class A.__ 25
.4612 48
*4612 48
47
4714 4734 4812 48
4638 48
48
No par
1,300 American Chicle
.44
49 '44
49
*44
.44
*4612 48 .44
48
49
Do certificates
No par
4734
434 434
434 48I
434 434
434 434
434 434 *434 478 1,700 Amer Druggists Syndicate_ 10
13958 14014 13912 13958.13712 13878 *137 1387g .137 138
Express
American
138 138
100
500
481s 4934 4634 4838 4612 4758 46
4838 4678 4818 4718 4878 54,600 Amer & For'n Pow new_No par
91
9114 9078 91
91
91
9078 9078 91
91
9158 92
Do Prof
No par
2,400
•136 139
•
•
•133 13378
Do 25% Paid
.1012 11
*1012 11
iioi3
T64 ;i6i4 If- 1012 1118 1,400 American Hide & Leather_100
.63
65
63
6212 6212 *6212 63
63
63
6378 6378 64
100
Do prof
700
118 11814 117 11934 11812 11912 118 11812 11734 11734 11714 118
100
14 4,000 American Ice
.83
84
84
•8312 84
83
84
83
8334 833 *83
100
84
Do prof
300
3634 3714 3612 3834 3712 3814 38
42
4058 42
3912 41
68,600 Amer International Corp._100
1418 1434 1353 1414 1312 14
1314 1334 1314 1312 1314 1338 14,600 American La France F E
10
3712 3778 3734 37711 38
4178 4414 44
41
501
4914 52
100
28,400 American Linseed
8212 83
8434 84
8312 8334 84
8514 8458 8758 8712 89
Do prof
100
8,700
11614 117
115 11612 11514 11714 115 116
11512 11612 11512 11614 8,500 American Locom new_ _No par
•11912 122 •12012 122
12012 12012 12012 1201 *11534 120
120 120
Do prof
100
200
51
51
5078 507s 50Ia 5018 50
5034 4934 50
5012 51
No par
1,400 American Metals
11014 11134 10912 11114 1093, 11138 110 11134 110 111
11012 11012 7,100 American Radiator
25
*7812 80
7812 7812 *77
80
*77
80
*7712 80
*7712 80
100 Amer Railway Ex press__ 100
6334 6512 6414 6518 64
66
6334 65
64
6514 63
100
7,80 American Safety Razor_
65
612 634
612 634
638 612
63a 012
638 638
6
614 3,900 Aner Ship & Comm-No Par
11014 111
11018 11238 111 11318 11018 112
11118 11234 1123s 1133, 35,500 Amer Smelting & Refining_100
•11212 114
113 113
11214 113 *112 11312 .113 11312 11212 11212
100
Do prof
400
4158 417s 4138 4178 4112 42
4158 417/3 24034 41
40
4034 10,400 Amer Steel Foundries_.No par
•111 114 .111 114 *111 114 •111 114 .111 114 •111
100
Do mei
6612 67
65
6614 6612 6714 6512 66
66
6638 66
6712 15,10 American Sugar Refining_.100
9734 9734 9712 98
*9714 988 2 9812 9812 .98
9812 .98
100
9812
Do prof
60
1014 11
1034 1134 11
1018
1018
1018 1078 11
1114
1118 7,10 Amer Sumatra Tobacco
100
.90 107 .90 -___ .87
88 .88 125 .107
_ _ •109
100
Do prof
.41
42
41
41
.41
42 .41
42
.41
42
.41
-421-8
100 Amer Telegraph & Cable_ _100
139 1393, 13918 1393, 139 13934 13878 13912 13938 1397fl 13934 14212 20,500 Amer Talon
100
& Teleg
11618 11878 11512 11714 11512 117
11212 11718 11312 11434 11314 11612 24,800 American Tobabco
60
•106 10612 *106 10682 .106 106,2 •106 10612 10612 10634 •10634 107
100
Do prof
400
11558 11712 11378 11534 11412 11558 11114 115
11258 11312 11312 11412 28,800
Do common Class B_ _ _ _50
119 11914 .11812 120
120 12014 .120 121
120 120
121
800 American Type Founders_ _100
5714 5838 5638 5784 5512 5712 5418 561s 563* 5632 121
6612 5512 4,400 Am Wat Wks & El
20
•100 10034 100 10058 100 1001 10014 101
10114 10114 10112 102
100
Do 1st prof (7%)
1,700
41
4118 4038 40'2 40
4018 3958 4018 6,600 American Woolen
4014 3934 40Ig 40
100
8758 8758
86
871 .86
87
86
87
8518 8534
100
Do Dref
800
.2
238 *2
212
238 238
23s 212 "212 234
2313 318 2,500 Amer Writing Paver pref 100
*712 812 .712 812 *712 81
*712 8
.
758 778 .758 8
Amer Zinc, Lead & Smelt__ 25
•29
31
.29
3012 3034 303 .2914 3012 .2978 301 2 •30
25
3012
Do prof
100
4234 43
4234 4312 4278 431
4212 4338 4258 431, 4312 44
16,200 Anaconda Copper Mining_ _50
4218 4234 42
4212 42
4134 457s 4478 4512 8,900 Archer, Dan'Is MidI'd_No pa
4214 4112 42
*9914 100
*9914 100
9938 993* .9934 1051s *9912
100
Do prof
100
•
.0
96
96
9534 9534 9534 9638 *9512 96 .10198
100
1,800 Armour de Co (Del) pref
-241s 2438 2378 2414 24
2412 24
2412 2378 2414 24
25
48,400 Armour of Illinois Class A..25
"13
1334 13
1318 1314 1379 1312 1312 •13
1312 1338 1434 2,800 Arnold Constle&Covtc No par
'45
48 .45
.45
*45
*45
47
47
47
48
46
No par
46
800 Artloom
*103 106 .103 106 *103 106 .103 106 *103 105 *103 105
Preferred
100
5034 5034 5114 5114 5034 527
52
51
5134 5178 5112 5312 10,300 Associated Dry Gooda
100
.98 100 .98 100 .98 100
•99 100
100 100
99
100
Do lat prof
310
99
•104 10612 *10412 10012 10512 1051 •105 106 •10512 10612 106 106
Do 2d Prof
100
200
3614 3614 3534 3614 3558 36
36
3514 36
3614 3618 3714 8,200 Associated 011
25
75
76
7214 751
77
7314 7514 75
7358 7514 7334 75
27,300 All Gulf & WI SS Line_ __ _100
5934 5934 5918 5918 5919 5912 5878 587
5838 5812 5814 587s
Do prof
100
1,400
100 100
9912 100
9934 9934 9912 1007 100 10078 101 10278 8,100 Atlantic Refining
100
•116 11718 *116 11714 .110 11718 •11612 117
11612 11612.116 11738
Do prof
100
100
1334 1334 .1312 1334 1338 1334 1312 1312 1312 1312 1314 1314 1,200 Atlas Tack
No par
.26
2614
2714 27
26
2678 26
26
27
2718
27
2812 7,900 Austin,Nichols& Cov t c No par
93 .93
94
9234 9234 93
94
*93
*93
94
*93
Do prat
200
100
94
21
214
214 214 .2
.2
214 .2
214 .2
212
200 Auto Knitter Hosiery-.No par
214
11914 12038 11714 11938 118 121
11618 11938 117 11834 11818 11958 56,700 Baldwin Locomotive Wks_100
•11012 11212.11012 11212 11238 11212.111 115 •111 114 .111 114
Do prof
400
100
2014 2034 20
2034 2018 207s 203* 21
2118 22
2018 20
10,400 Barnsdall Corp, Class A.__ 2
•1614 1634 1614 1614 *1614 18 .1612 18
•1614 18
Do Class B
.17
100
18
2
.4058 44
*41
42
44
46
42
4312 44
4934 49
52
No Da
1,600 Barnet Leather
3912 3912 .38
3914 3914 3914 3912 391
391 2 3814 38,4 39
No pa
700 Bayuk Cigars, Inc
7014 7014 70
71
6912 7012 687
, 6934 6878 69
69
7178 9,700 Beech Nut Packing
20
3814 3812 3818 3812 3818 383* 3818 38113 3818 3838 38
No pa
381 11,900 Belding Bros
4018 4058 3912 4038 3934 4012 3912 4018 395g 40
4018 411 10,000 Bethlehem Steel Corp
100
•11412 115 *11412 115 •1141z 115 •11412 115
11434 11434 11434 1143
Co cum cony 8% pref.-100
200
.95
*95
96 .9312 96
97
97 .95
•95
96
*9334 96
Do prof 7%
100
778 8
778 8
714 734
712 8
712 778
734 77
2,800 Booth Fisheries
No par
.4212 4234 4234 4234 .4112 4312 4258 43
•4212 431
300 Botany Cons Mills Class A_50
2714 30
2758 2914 2812 30
2978 31
30
3012 3038 307 50.300 Briggs Manufacturing..No par
14334 146
144 147
144 147
144 14418 144 1443
143 144
7,100 Brooklyn Edison, Inc
100
.8912 9075 8878 9014 8978 9034 89
8838 89
89
8834 911 17,000 Bklyn Union Gas
No par
*143 145
141 143
141 144
138 141
14112 143
138 138
3,300 Brown Shoe Inc
100
•108 109 •108 109 .108 109 •108 109 •108 109 •108 109
Do prof
100
.3318 3334 33
33
3233 33
321g 3312 32
327
, 31
3134 1.800 Brunswick-Balke-Coll'r No par
. 11734 11878 117 11758 11712 118
117 11712 116% 117
11612 1171
2,300 Burns Brothers
par
No
31
31
32
3158 31
31
311
31
31
32
32
32
Do new Class Boom No par
2 500
.9212 95
92,4 92,4 .93
95
*94
98
951
95
96
400 Burroughs Add's Mach_No par
96
•1858 19
1858 1858 1734 18,2 1712 1734 '17
171
1718 171
600 Bush Terminal new _ _ _ _No par
87
87
*8614 87
8612 8612 .8614 8634 .8412 871
8512 87
400
Debenture
100
612 818 *Ws 614
618 63s
6,4 614
61s 618
6
6
,700 Butte Copper & Zinc
5
•19
20
1938 1934 20
20
*1958 1934 1958 1958 1958 1958
500 Butterick Co
100
1112 1112 11N
•11
1112 11
1034 11
11
11
1114 111
.500 Butte & Superior Mining._ _10
•82
34
84
55
N
",8
N
58
N
es
800 Caddo Cent Oil dr Ref __No par
3
12614 127
12358 12634 125 127
12812 12812 1253, 126
12634 1273
4,S00 California Packing
No par
26521 27,2 27
2712 27
2712 2712 28,4 28
281
2838 29
50,700 California Petroleum
25
2
2
21s
2
2
2
2
2
2
2
2
2
4.700 Callahan Zino-Lead
10
050
5034 50
5058 5012 5012 50
5012 *4978 50
50
.5034 1,900 Calumet Arizona Mining
10
15
1412 1412 1412 1434 1414 1438
•14
141a 1414 14
14
1,500 Calumet & Hecht
25
44
45
95
44
44
4514 4514 44
*45
4514 .44
4514
900 Cage Thresh Machine__ _ _100
*92
*9212 94
9312 9234 94
9212 9212 •9334 94
*9312 9412
Do prof
SOO
100
18
18
1814 1914 1858 1918 1812 1938 1812 197
1938 2014 10,300 Central Leather
100
6034 6034 5978 6012 5912 6078 6018 6172 61
633
6314 6412 20,000
Do prof
100
3314 3338 33
3412 3458 3534 3514 373
3212 33
38% 3978 16,500 Century Ribbon Mills...No pat
95
•9314
9734 .92
95 .92
95
•93
95
95
*9412 97
Do Prof
100
100
5214 5314 5214 5234 53
53
5173 521
5178 521
52
5258 5,800 Cerro de Pasco CoPper_No par
5212 5314 5234 531
5314 53
53
53,4 5334 53
5314 54
17,100 Certain-Teed Producta_No par
3634 37,4 3534 37
3612 3912 3512 37
3534 367
3612 37
12,200 Chandler Motor Car_ __No par
11118 11312 11412 11612 113 11514 114 1143 114 117
•113 114
10,900 Chicago Pneumatic Tool 100
49
4614 4614 48
*46
48 .48
4914 4612 48 .48
49
700 Chic Yellow Cab torn et!No par
6812 6712 69
6618 681
68
6712 6814 6512 681
6714 6758 12,100 Childs Co
No par
3413 3413 3312 34 •
__
3358 3414 3358 34
34
3438 9,600 Chile Copper
25
*2112 23 .2112 23
2112 *21
2112 2112 •2112 2212 -iii2 -23
200 Chino Copper
5
17514 190
173 176
18712 19478 18212 190
181 187
18434 18934 212,900 Chrysler Corp
No par
106 106
10512 106
10618 10612 106 107 *10612 107
107 1091s 3.700
Do preferred
No par
•6112 6312 •6111 6312 61
62
61
61
62
61
.6134 63
300 Cluett.Peabody &00
100
141 142
14112 14278 14034 143
14134 1427 14278 14278 8,900 Coca Cola Co
142 143
No par
3814 39
3812 3814 381
38,2 3834 3778 3818 38
39
4034 7,500 Colorado Fuel & Iron
100
4734 47
47
40
46
46
4612 46
47
46
46
4912 4,200 Columbian Carbon•to No par
76
771, 753i 767, 75,, 784 7512 707
. 76
7074 44.200 Col Gas et Elea
7714 78
No par
'Bid and asked prima; DO sale!! OD this day
a lux-right..
Ez-dividend.
PER SHARE
Range for Year 1925.
On basis of 100-share lots
PER SHARB
Range for Previous
Year 1924.
Lowest
Highest
Lowest
Per share
1 Jan 8
80 Mar 30
117 Jan 9
714 Jan 5
10314 Jan 3
1312 Mar 19
3812 Mar 23
3412Sept 2
8014 Jan 19
2812 Mar 24
9014 Mar 30
10712 Jan 12
1581g Jan 18
115 Jan 29
9712 Apr 27
12034 Apr 2
2232 Apr 22
37 Jan 27
37 Jan 7
Per share
214 Ma,27
1063sSeP 10
12012Sept
11
91
Sept 12
10812Sept 17
2378 Aug 22
77 Oct 2
43 Jan 7
8772June 19
5412 Jan 3
122 Sept 10
11412Sept 29
250 Sept 17
1217aSept 14
11534Sept 17
128 July 28
27 Feb 14
62 Apr 18
5812 Apr 18
gai Jan 22
168 Jan 2
5138Sept 3
94 Feb 19
142 Sept 23
14 Jan 14
7572 Jan 14
124 Aug 24
86 July 9
42 Sept 30
1454 Sept 29
52 Oc
2
89 Oct 2
14471Mar
124 Feb le
54 Aug 24
118 Sept 12
84 Jan 13
69 Sept 18
144 Feb 28
11438Sent 17
11434Sept 14
44 Sept 14
112 Apr It
7114 Apr 14
1014 Feb 28
2412 Feb 14
97 Sept 25
47 Feb 25
14414June 18
11878 Sept 25
108 June 8
11712Sept 24
124 June 25
8812July 21
103 Feb 18
6434 Jan 6
984 Jan 20
713 Jan 3
1212 Jan 9
39 Jan 9
48 Jan 3
45780ct 1
100 Sept 21
984 July 17
2514 Sept 17
15 Sept 17
4832Sept 17
105 Sept 24
5534July 3
loo June 16
10814 Feb 7
4112June 15
77 Sept 29
80 Sept 23
11712 Feb 5
1174June 8
1412 Sept 18
3212 Jan 12
95 Aug 15
414May 14
146 Feb 28
11643 Jan 31
30 Mar 3
23 Feb 6
4978Mar 4
5314 Feb 14
7734 Aug 28
403,Sept 9
5312 Jan 13
11613 Feb 8
102 Jan 31
818Sept 22
46 July 21
4412May 25
147 Sept 28
9138May 22
148128ept 14
108 Sept 18
4938 Jan 21
12034Se9t 15
3232Sept 21
103 Sept 4
1912June 15
8978June 20
834 Jan 2
2834 Jan 3
244 Jan 9
Jug
an 2
112
132
2:
41 A
$ per share
4 Jan
85 Mar
110 Apr
4158 May
90
Apr
713 Apr
184 Apr
313 Mar
8812 Oct
2214 Apr
78
Apr
10414 July
9572 Apr
109
Jan
434Sept 26
125 Apr 27
2714 Apr 7
87 Jan 6
1144 Apr 7
812 Mar 31
5812 Sept 2
83 Mar 18
744 Mar 17
3218 Mar 30
1114 Jan 2
20 Mar 25
53 Jan 2
10413 Jan 5
115 Aug 14
4534 Mar 30
894 Jan 3
278 Sept 15
384 Jan
558July 7
9038 Mar 30
1054 Jan
3758June 11
108 Jan 7
4732 Jan 16
9113 Jan 16
8 May 8
28 Apr 27
3734June 1
13032 Jan 2
85 Feb 17
1044 Jan 5
8412 Feb 17
103 Apr 22
3432 Jan 13
9714 Aug 6
3434May 6
6912May 6
2 Aug 31
7 May 12
2472hlay 1
3514 Apr 21
28 Jan 7
0012 Jan 5
901s Mar 31
20 Mar 19
8 Jan 5
39 June 19
10112 Allg 20
4612 Aug 17
94 Jan 7
101 Jan 2
32 Mar 30
20 Jan 5
31 Jan 5
9512 Jan 2
1134 Jan 6
918 Feb 16
22 July 6
874 Jan 27
112 Aug 19
107 Mar 30
107 Aug 7
1834 Aug 12
16 Aug 18
35 Jan 5
3814Sept 29
60 Mar 23
37 Sept 4
37 June 5
109 Mar 18
9314June 1
418May 4
4058 Aug 26
2714Sept 25
12043 Jan. 2
754 Feb 17
8412 Mar 31
96 Mar 25
24 June 25
9212 Feb 11
17 Mar 31
65 Jan 3
143/June 4
80 May 14
414 Mar 31
17 May 13
812MaY 5
12
03
01712
3k Aj
Jan
aPnr 222
2 Sept 10
45 Apr 22
1214May 26
24 Mar 18
60 Mar 11
1443 Mar 28
4914 Mar 24
3034Sept 2
9434June 23
4318 Mar 24
4034 Mai 24
2712 Aug 20
8014 Mar 19
4412July 7
4978 Mar 31
30I Mar
19 Apr 23
10814July 14
10018July 24
584 Mar 17
80 Jan 6
3214 Apr 21
45 Mar 24
4534 Jan 21
327k Mar 7
434 Feb 19
58 Jan 7
1832 Jan 5
49 Aug 10
94 Sept 28
2134 Feb 7
68 Feb 7
4712 Mar 11
9834 Jan 14
5512 Jan 2
5814Sept 8
3958June 9
12214 Aug 22
55 Jan 3
694Sept 25
375s Jan 2
2838 Feb 1.1
194785ept 29
10914 Aug 26
7134 Jan 12
146 Aug s
4813 Jan 13
5134 Jan 8
78128ent 25
11834 Apr
214 Mar
1414 Apr
23 Sept
I
Highest
Per aim
112 Mar
8712 Dee
1184 Dee
734 Dec
1044 Dec
1712 July
4938 Jan
4912 Feb
83 Dec
3873 Jan
102 Dee
110 Mar
18312 Dee
119
Oct
1-2-5
July
25 Sept
407a Dee
39 Dec
313 June
7
Oe
88
Apr 18434 Dee
------ 9212 Mar
714 Apr 1413 Dec
5012 Jan 724 Deo
72 Aug 98
Feb
7312 Nov 83 Feb
173s Mar 354 Nov
10 May 1214 Jan
1334 May 2834 Dee
Apr 5332 Dee
30
7012 ADP 10934 Dee
11814 Apr 12012 Sep&
3834 June 54 Dec
9414 Apr 136 Dee
Oct
83
774 Nov
54 Apr 104 Nov
1532 Feb
1012 Oct
574 Jan 10014 Dec
Jan 1074 Dee
98
10114 AD
38
Oct
Oct
77
832 July
2212 Sept
3814 Dec
1214 June
1383a Mar
101
Apr
13514 Mar
106 Sept
40 Feb
8912 Mar
5114 Sept
Oct
90
112 Apr
7 Mar
24 June
284 May
2812 Dec
90 Dec
8314 June
6
Oct
8312 May
Jan
89
274 July
1034 Mar
1211 Jan
7812 July
108
Oct
5 June
1812 Mar
Apr
79
112 Nov
10431 May
1101,June
14 Feb
Jan
10
2312 Nov
3913 May
44$4 Apr
1094 Nov
6114 Feb
994 Feb
284 JaLl
Jan
69
4313 Jan
13414 Dee
18973 Nov
10612 July
16813 Nov
115 Sept
144 Dee
101 Dec
784 Jan
10232 Jan
7 July
1214 Dec
3872 Dee
484 Dee
29 Dee
9111 Dee
9444 Doc
15
94
10234
3443
23
3112
1401g
118
114
3312
91
812
1344
11712
2312
1712
39
59
7243
Jan
No
Dee
Feb
Dee
Dec
Jan
Feb
Jan
Dec
Nov
Jan
Dee
Nov
Dee
Dec
Dee
Jan
Dee
3744 Oct 624 Feb
10114 Apr 1104 Feb
894 June 97 Feb
353 June
713 Jan
1071,, June 12414 Dee
6853 Apr 8234 Dee
99 May 7812 Dee
84 June 9954 Dec
_
95 Dec 1121, June
1932 Feb 29 Noy
8214 Nov 874 001
_
34 June
17 Apr 253a DM
14 May 2512 Dea
1 Nov
414 Jan
80 Apr 1084 Dee
1912 July 294 Feb
212 May
573 Jan
4114 Mar 58/3 Dee
1318 May
1911 Dee
14 Mar 35 Dec
Jan
4114 May 77
94 Mar 2162 Dee
2914 Mar 5814 Dee
2534 Apr 354 Nov
Jan 9513 July
91
404 Mar 5834 Dee
244 June 4412 Dec
287s Nov 15613 Jan
797s May 1007a Dec
39 May 6113 AD/
253* Mar
1-, Mar
29
Dec
Dee
$5" Oct
81 Apr
247s Feb
3934 Sept
33 Mar
8313
544
5553
48
Deo
Aug
Jan
Dee
ii;
New York Stock Record-Continued-Page 3
1656
For
ales during the week of stocks usually inactive, see third page preceding.
OHM AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Monday,
Sept. 26. I Sept. 28.
Tuesday,
Sept. 29.
Wednesday. Thursday, 1
Sept. 30.
Oct. 1.
Friday,
Oct. 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 100-share lots.
Lowest
Highest
PER SHARE
Range for Previous
Year 1924.
Lowest
FROM
S per share 8 per share S per share $ per share
per share S per share Shares. Indus. & Miscell. (Con.) Par $ per share g per share $ Per Mare $ per awn
1123 11238 112 112
900 Col Gas & Flee pref
100 lova Jan 5 113 Sept 29 10314 Dec 105 Det
112 113
11218 113 *11218 11212 *11212 11234
434 Jan 13114 Dee
99 101
9678 9878 *94
400 Commercial Solvents A No par 80 May 25 190 Jan 29
98
*93
98
98
*98 105
98
33
Jan 12912 Dee
Do -13"
*95 100
9534 96 j *94
200
No par 78 May 25 189 Jan 29
98
*92
*95 100
98
95
97
323* May 66% Feb
2034 21
207 22341 2212 2412 2234 24
2234 2318 23
2314 27,100 Congoleum Co new__ No par 2012Sept 29 4312 Jan 2
734 May 1414 Dec
tymay 19 17 Feb 10
*34
1
600 Conley Tin FoilstampedNo Par
*34
1
* 34 1
58
34
34
34
*58
34
1188 Mar 30 Nov
4158 41% 4014 4012. 40
41
3934 41
4012 4053 3912 4058 3,400 Consolidated Cigar__ _. No par 2812 Jan 2 4418Ma3'29
591
1 Apr
pr 83414
Do prof
*87
300
88 I *87
87
100 7984 Jan 2 897s Feb 14
88
*87
88
87
8734 88
Dee
938 Feb 19
5
518
318 Jan 7
434 518
434 434
434 434
47
518
5
511 7,100 Consolidated Distrib're No par
9218
18
804
Jan 7978 Dec
94125ept
Consolidated
9112 918 9014 9138 9053 9112 90
Gas
31,400
Mar
30
(NY) No Par 7418
91
9014 9134 9078
Jan
238 Apr
8
514 Jan 7
318 3%
3
234June 9
318
3
318
3
3
3
3
314 5,300 Consolidated Textile__ _NO Par
353
434 Apr 8938 Dee
7578 7714 7512 7614, 7512 7638 7414 7512 7412 76
8,600 Continental Can, Inc._No par 8012 Mar 29 80 July 29
7513 76
us% 11312 113 113
8918 Apr 1094 Dee
25 103 Jan 5 12012 Jan 26
11212 11213 11212 11212 112 11212 11212 11312 1,100 Continental Insurance
84 Jan 2 1112Sept 16
103g 1012 1034 1034 1012 1034 1034 1078 1012 1034
6 Apr
vs Dee
33,500 Cont'l Motors tern ctfe_No par
1053 11
314 Jan 4334 Nov
3653 3712 37
_ 25 3238May 29 4138 Feb 25
3734 3634 371s 3618 3612 3638 3634 36% 3634 16,700 Corn Products P.01In w
Do pref
400
120 120
120 120
100 11818 Jan 7 127 July 3 11518 Apr 12334 Aug
120 120 *120 121 *120 120
120 122
No par 48 Aug 21 55%Sept 26
5112 555
54
555
53
5312 5334 54
5412 7,500 Cots', Inc
54 I 5253 53
48 May 70 Dec
7134 7214 7112 7213' 72
7378 715* 73
7213 7412 11,200 Crucible Steel of AmerIca__100 644 Mar 30 79. Jan 17
7234 73
88 May 98 Dee
9913 9912 *9912 100
Do pre
*94
500
98
*9314 100
100, 92 May 8 10012Sept 14
9912 9912 9912 9912
Cuba
Feb
9
tory Oct 18 Feb
Cane
Sugar
812
Aug
28
14%
1,900
958 958
No
12
par!
9513 934
1
93
s
93
8
912
914 914
9
9 2 912
6338 Apr 7178 Feb
Do pref
4312 431. 4212 4314 4214 4234 42
43
43% 7,300
42
4212 43
100 41 Aug 28 6238 Feb 26
284 NOT 3878 Feb
225* 23
8,800 Cuban-American Sugar--__10 22 Aug 48 3312 Mar 3
2238 23
2278 23
2234 23
2212 2278 225* 227
96
Jan 10014 Nov
Do pref
100
*90
97
9612 .90
*90
100 9512may 5 101 Mar 13
97
9712 *90
96
96
96
*94
418 June
812 Feb
088 Feb 27
212 Oct 1
3,200 Cuban Dominican Sug_No par
*338 358 *338 312
314 312
212 314 *234 3
353 312
38 Dec 63 Feb
900
Do prof
100 18 Oct 1 4412 Jan 6
*2314 24% *2314 2412 2314 2314 23
23
18
21
*1634 23
19,100 Cudahy Packing
100 95 Aug 20 10611July 3
99% 100
103 104
101 102
102 106
10158 104
10014 103
74'j Jan
45's Nov
No par 47 Sept 30 59 May 25
4878 13,500 Cuyamel Fruit
*5178 5312 *5178 5212 4878 517s 47
48% 47
485* 47
8 Nov 8214 Mat
300 Daniel Boone Woolen Mills_25
778 Jan 9
1
*118 114 *1
1
1 June 25
118
*1
11
*1
114
114
11
Nov
6912
Jan
3812
Davison
4
Jan
23
Chemical
v
495
4134
6,600
t
o_No
par
277
8
Apr
30
4112
403
8
*3934 4012 3834 3934 40
40
4078 3912 41
1814 Jan 224 Dee
De Beers Cons Mines_ _No par 2014 Mar 18 2514Sept 16
*2334 2514 .2334 2514 *2334 2514 1.2334 2514 *2334 2514 *2434 2514
100 110 Jan 5 159128e9t 29 10114 Jan 11534 Dee
143 146
143 14812 90,600 Detroit Edison
149 15034 14813 15734 147 159131 146 152
2812 2918: 285 2934 2978 335
3314 3438 354,200 Dodge Bros class A___No par 2134June 9 3433 03 2
285* 2914 2818 29
Preferred certifs____No par 7312May 7 89 Sept 14
8614 8678' 8634 8712 28478 8714 8612 8634 29,900
868 87
865* 87
1114 Nov
No par 1234 Apr 14 1012 Jan 19
201.. Jan
21434 1478 *1434 1434 1438 1453 1,100 Dome Mines, Ltd
1434 1434 1434 15
1478 15
988 June 18 Dee
500 Douglas Pectin
14 Feb 16 2312 Aug 4
21- 21
2114 2114 211 21'4 21
21
*2118 2134 *21
22
300 Duquesne Light lst prefN
__o_lp0O
ar 105 Jan 7 113 Sep123 10012 Mar 1081.4 Sent
*11212 11314 *112 113
113 113
11134 11134 *111 112 *111 112
27,400 Eastman Kodak Co
No par 10434July 18 118 Jan 19 10418 Apr 11478 Nov
111 11312 111% 11314 111 112
113 115
11112 114% 11212 115
834 Sept 244 Jan
No par 1012 Feb 13 2838 Oct 2
2312 2434 2334 2434 2412 2478 2418 2458 2418 2434 2478 265* 30,500 Eaton Axle & spring
18512 1931 18512 19114 18934 19112 56,800 E I du Pont de Nem & Co_ _100 1344 Jan 5 20112 Aug 5 112 May 142 Dos
184 18612 18113 1911 18912 195
Do pre/ 6%
85
Apr 96 Dee
700
100 94 Jan 23 10234 0it 2
•10114 10212 101'4 10114. 10134 10218 *10214 ____ 10212 10212 10212 10234
1738 Apr 25 4018July 16
-3312' 3114 3214 3114 32
3138 3212 3112 3238 46,300 Elee Pow & Lt ctfs___ _No par
3214 3318 32
40% Pr Pd
100 Mar 18 110 June 16
---107 107
107 10714 10614 10612 106 10634 .106 107 I 10612 10612 1,300
Pref full paid
100
10012Mar 28 11034June24_*10614 10834 10712 10712 *10614 10812 *106 108 *106 108 *10614 108
8978 Aug 28 94 June 10
911 9112 9112 9112 9112 91781 9112 9112 9112 9138 9112 9138 4,3001 Do pref ctfs
up
i yt 3
18
1
1,3
12 e
Dee
1 76
ayr 30
1a
6613 6758 6512 6612 655* 67181 66
13
141,,
8M
6718 6618 668, 6612 68181 8,400 Eleo Storage Battery.. No par 60
16
718 June 11.8.3:2 July
:
31
8001 Emerson-Brantingham Co_100
334 334
353
353 35* *358 334
314 312
*314 4
5578 May 73% Dee
6878 69
6834 69
6834 688 6818 6918 6818 7038 6912 7012 6,2001 Endlcott-Johnson Corp_. 60 5334 Apr 2 74788e91 17
Do pref.
Jan
200
100 111 May 28 117125e9t 26 1064 June 115
11712 11712 11714 11714 *11714 11934 *11712 11934 .11734 11912 .11734 119
18 Dec 2412 WU
800 Exchange Buffet Corp_No par 1312July 23 194 Jan 3
17
1538 1614
*1512 1612 *1512 1614
1614 *16
16
16 I 16
434 Aug 5
2 Dec
413 Jan
Fairbanks Co
24 Mar 27
25
412
412 *3
412 *3
*3
412 .3
4121 *3
412! *3
25l May 34 Dee
45% 1,100 Fairbanks Morse
No par 3214 Jan 2 4978July 20
4578 45
4512 4512 *4412 4512 4538 4538 4514 4578' 45
81
Jan 9812 Dee
10712 10878 10512 1077 10612 10734 10514 107 ! 10612 1071s 10714 10814 22,500 Famous Players-Lasky_No par 9014 Feb 17 114%July 27
July
27
120
877
2 Jan .
08_1
Do
pref
17
1.
!De
11712
200
10378
Feb
100
11612
11514
*115
117%
*115
(8%)
11412
11712
*11512 11812 *11512
*115
Full paid receipts__ _ _No par 102 Aug 31 11112Sepl 17
__ _-_- ---•107 109 *10613 108 *10512 10812.10512 108 I ____
15 26 Oct 2 36 June 19
2734 - "4-,iiiio Federal Light & Trac
271
267 27
2634 26
26
2712 2718 2718 27
27
Ws Apr -I4-34 Tie;
2,100 Federal Mining & Smelt'g_100 1514 Mar 13 25 Jan 19
22
22
23
*2112 2313 2134 2312 2312 2312 2212 2213 *22
4112 Jan 6412 Dee
Do pro_
6234 2,200
100 4912 Mar 11 6478Sept 10
6212 63
62
61% 62
6114 6234 62
62
6112 62
200 Fidel Phen Fire Ins of N Y _ . 25 1474 Jan 6 175 May 15 118 Mar 148 Dee
•160 166 *160 166
16534 16534 *160 166 *160 165 *162 164
91. Jan 133e Jan
Fifth Ave Bus tern otfs_No par
12 Jan 8 1734July 13
17
*14
17
*14
17
*1334 17
*14
17
*14
17
*14
25 6014 Feb 17 10078 Oct 2
94 100
9973 9814 10078 88,400 Fisher Body Corp
94 10012 961.3 985* 98
9114 92
2
62
June
it-e;
2834
Mar
24
Fisk
Rubber
172,800
par
1012
283
4
No
2753
2612
2612 2714 2612 278 2678 275*
2618 2678 2534
384 July 86 Dee
5,300
Do let pref
100 754 Jan 16 120 Sept 18
111 III
111 111
11758
11138 112% 113 11434 11212 114
11034 111
4414 Jan 904 Nov
89,400 Fleischman Co
No par
75 Mar 19 139 011 2
11812 11712 12314 120 123
124 12834 13012 139
11758 11835
8812 Jan 9438 Dee
No par 90 Jan 6 14134Sept 11
13512 137 I 13638 14114 19,800 Foundation Co
13634 1381 136 13812 137 13814 13412 137
718 Sept .
1_3
.7
!
8 Mar 18 1878June 15
18% 43,000 Freeport Texas Co
No par
1634 1734 1653 1678 1612 1714 157 1634 1614 1658' 17
_
14
Aug
25
3614Elept
Gabriel
287
18,200
Snubber
A..
..No
par
7
3512
343
4
35121
3412
3334 35
3314 33
3314 3334 3314 34
Oct
2
3
14
Mui
7
Ja
Jan
2
1814
413
Gardner
Motor
8'
4,100
103
No
par
95
8
97
95* 1012
1078 1034 1034
1012 1012
953 9%
351j May 63 Dee
568 5512 5614 8,600 Gen Amer Gino uar.... wt., 4412 Aug 4 59125ept 18
56
57 1 5612 5712 5514 57
5612 57% 55
92 Feb 994 Dee
6
8
Aug
1027
9334
Feb
16
Do
pref_
800
100
102
102
103
10112
*101
103
*101
102
993
4
1005
8
10138
•100
3138 Apr 633s Dee
100 4212 Mar 30 6334 Jan 2
5838 30,700 General Asphalt
5334 5434 53
5312 5314 5412 5353 5434 5334 548 55
714 Apr 100 Dee
2,200
100 8812 Mar 17 101 Sept 14
DO Pref.
97 101
9612 97
98
*9714 100 *9714 100 1 9714 9714 *97
93
Jan 160 Sept
Oct
2
226
Mar
7
General
121
44,600
Baking
No
par
226
225
223
21714 22434 220
17678 193
19314 20512' 212 220
8214 Apr 9818 Dee
100 8412May 4 10134 Mar 4
97
96
9796
961s 961s 9618 5,100 General Cigar Inc
9734 9778 9714 978 96
38,300 General Electric
.100 22714 Feb 17 33714 Aug 24 19312 Jan 322 Dee
30412 307
30412 31214 300 3054 30212 31014 .297 306 I 300 305
1912 Apr
1112 July
11 Jan 2 1178July 10
Do special
10
1118 1114 5,800
1114
1118 1114
1118 1114
1114 1138 1114 1114 *11
5534 Oct 8878 Dee
10618 10712 10514 10978; 10812 11212 10858 11134 10738 11278 1113s 11234 265,300 General Motors Corp__No par 8438 Jan 5 11278 Oct 2
July 10313 Dee
951e
Oct
2
1143
8
Jan
5
102
Do
7%
pref.__
1143
8
1,500
100
114%
114
1143
8
1133
4
11418
*98 100 I 11313 11334' 11334 114
5212 5153 5278 9,400 Gen Outdoor Ads A. .No par 45% Aug 13 5484sent 21
5238 5318, 51314 52341 5138 5318 5158 528 52
Trust certificates__ _No par 2618 Aug 13 33 Sept 18
3112 3034 3112 10,500
3038 3178 31
3012 31 I 30
3038 3018 32
25 42 Jan 16 59 June 12 113.-378
7
46
4678
46% 4814 32,900 General Petroleum
4538 4612
45
4514 4534 45
4538 45
_
1,200 Gen Railway Signal
100 144 June 11 367 Sept 1
32114 325
320 323
*300 320 *300 315
31514 31834 *310 320
_
400
Do preferred
100 9012 July 10 102 Sept 28
*997*.... *10112 10212 *10112 10212
102 102
102 102
102 102
31
June
Jan
Jan
28
Apr
43
General
Refractories..__No
par
500
*4212 44
*4212 45 , *4212 45
43
44
44
43
43
43
t 12
4
471s June 6478 Dee
818
17,500 Gimbel Bros
No par 47 Mar 18 655
6338 6218 6218 6234 65
62
637
6012 6234 62
60
61
99
Jan 107 Bain
2001
Do pref.
100 10214 Mar 14 107 Aug 11
10614 10614 10614 10614 *105 106 *105 106 *105 106
•106 107
21 Dec 271s Nov
2234 Feb 13 4912 Aug 5
No par
4434 4434 1,4001 Ginter Co temp etfs
4618 4412 4518 45
45 I *441 45
4512 4512 45
2412Sept 19,
8 June 15 Nov
Mar
19
par
1212
13,300.
Glidden
Co
No
23
2212
•
22
223
8
8
225
*
2214
223
4
217
2312
227
8
2212
2214
44
4353 4312 4312 4414 1,500 Gold Dust Corp V t 0_ _No par 37 Mar 3 4738Sept 17; 2812 Am 4378 Nov
44
4434 4453 *43
44
4334 44
17 June 38 Dee
Oct 2
624 6238 6534 644 6712 6618 6853 67% 69% 90.900 GoodrIch Co (B F). _ No par 3834 Jan 6 8938
6134 6234 61
7014 May 92 Dee
Do pref
100 92 Jan 3 10014 Aug 3
6001
*98% 99 I
99
99
99
99
*98
9878 9878 *98
*9878 99
39
Jan 9082 Dee
Rub pf v t(3_100 8618 Jan 6 10912 Oct 2
10518 106
*105 106
106 10618 10518 106 I 106 10712 108 10912 6,400, Goodyear T &pref
8814 Jan 1084 Des
100 103 Apr 27 108 Aug 7
500, Do prior
105 10514 10553 10558
105 105
10412 10412 *104 106 1.'10412 106
1211 Apr 2172 Dee
Jan 14
2114
30
Mar
Min
13
4,8001
Granby
Cons
Sm
&
Pr_100
1814
1812
1734 1778 1712 1778' 1712 1778 1734 1818 1734 1818
8314 Oct 983* Dee
Jan 18 11318June 19
9834 1004 9914 9975 100 10184 3,300 Great Western Sugar tern ctf 25 91
10114 10234 10012 101
100 100
10 May 2178 Dee
200 Greene Cananes Copper _ _100 1134 Mar 19 1914 Jan 2
1212 1212 1212 1212
*1212 18
*1212 13
•1212 13
*1212 13
May 894 Feb
62
Feb
5
947
8
Mar
24
6718
States
Steel
Gulf
14,6001
too
79' 8014 7912 8034 8038 8238
7914 79% 79
81
7934 80
3712
Jan
7
31
Sept
4446 Feb
24
Apr
7001 Hartman Corporation..No Par 2534
29
2912 29
2912 *29
*29
29
29
30
2834 2912 *29
3214 May 5272 Feb
Mar 14 4412 Aug 5
Wheel
30
par
Hayes
No
15,500.
40
42%
1
40
40
4012
41
40
41
4012 41
*4012 41
Jan
9
4814
Dec
48%
1
513*
Apr
Dee
par
45
(R)
&
Co
tern
otfs_No
Hoe
700
4712 4712 *4612 4712 4714 4714 4714 4712 4714 4714 4714 4714
35 July 564 Jan
100 43 Jan 2 60 Jan 12
500 Hornestake M fling
*4812 49
*47
*4814 4812 4812 49
49
49
49
49
*48
315s Apr 38 Noy
8July 18
43
3
Jan
5
3412
Prod
Houseb
.Inc.temetf
Nopar
2,200
4,
1
413
4118
41
41% 4118 4112 4112 4112 4112 *4114 4112 41
Jan 29 48611;
i862112 feb
6618 6913' 3.100 Houston 01101 Tex tern etre_ 100 59 Apr 22 85
66
*66
67
668 66321 6512 66 I 6612 6612 66
1612June 11 2478Sept 14
No par
2314 23% 2318 23141 2314 2312 2312 2478 2418 244 2458 2478 10,300 Howe Sound
29
May
sem
Jan
5
98
4
333
Motor
Car_
_
No
par
Hudson
7
9612
273,700
9418
95
81
8334 81
90
8918 98 I 9112 9714 93
111s May 18
Jan
2412 68,400 Hupp Motor Car Corp... 10 1414 Mar 18 2618Sept 23
2412 2334 2412 24
23% 2412 2334 2412 2414 25
23
/212 Jan 5 4134June 17
534 Sept 184 Dee
2638 38,200 Independent Oil & Ga8.Ne par
243 2514 2418 2438 24
2518 2414 2514 248 2512 25
1518 June 2514 Feb
Aug
28
Mar
24
24
13
No par
2014 2014 2012 1,300 Indian Motocycle
*2118 2112 21
21
2012 2112 2014 2034 20
334 Apr
715 juin
512 Jan 2 103* Feb 6
10
834 912' 3,700 Indian Refining
*8
813
813 812
8
818 *814 834 *814 834
b 17
2
eept
Sept4912S
6 4m
a 1 30 F
Certificates
10 38
812 812 1,000
834 834
81s 818
818 818
814 814 *814 812
3112 May
3
No Pa
4,000 Inland Steel
43 I 4212 43
4212 42
43
43
4212 4314 42
4212 42
Apr 13 112 Sept 28 10114 Jan 10734 Dee
Do pref
100
400
112 112 *112 114 *112 114 *112 114 '*112 114
111 111
2218 Feb 3372 Dee
1,800 Inspiration Cone Copper_ . 20 2214 Apr 22 3234 Jan 12
26
2614 2638 267g
26
26
2634 2612 2634 2534 26
712
Jan
7 1738July 24
3 June
938 Jan
No Par
1718 16111 167 • 3,800 Internet Agricul
1634 1634 1612 1613 1613 1612 1514 1514 16
83 Apr 11878 Dee
110 Mar 30 15534 Oct 2
14434 1444 14414 14434 14412 14838 14914 15014 150 15358 15314 15534 11,100 int Business Machinee_No par 52 Jan 5 8112Sept 30
401
4
Apr
5918
Nov
international
.No
Cement_
Par
13,900
7912 8112 78
76, 7618 80
7934 7818 7914
7412 75
74
22 Mar 89 Dee
Jan 21 51 Aug 14
4438 4314 44 1 4318 4412 4334 4634 4438 4638 4578 4753 64.800 Inter Combus Engine .NO Par 3154 Mar 25 13814Sept 18
44
78
Jan
1104
9818
International
Dee
Harvester.
_.100
32,800
13034
13278
I
132
13112 13234 12914 131121113014 13412 12834 13214 12914
100 114 Mar 3 12038July 29 106 Feb 11512 Nov
Do [net
1,000
11912 11912 11912 11934 120 120
120 12018120 120
119 119
834 Jan 1538 Dee
noun°25 1478 Feb 5
Mercantile
Int
Martne____100
4,200
*834
1
9
9311
83
8
83
8
83
8
914
83
4
9
9
83
4
834
284 Mar . ova Dee
..
100 27 Aug 15 5234 Feb 5
Do pre!
3212 3114 3112 3118 3338 3138 3278 3114 3233 11,20
318 3238 31
18 3538 Aug 24
1112 May 2718 Dee
3312 3314 3312 21,800 International Nickel (The).25 2414 Mar
3312 34 1 3334 34
3314 3334 33
3334 34
100 Aug 19
7512 May 95 Nov
94
Jan
0
pref
Do
100
100
1
*100
100
8
10018
*9818
9912 9912 9912 *9938
*9818 9912
*9818 100
4814
Oct
2
Mar
19
7512
_371_1
(_10_ Lio
7512
,
nternatIonal
Paper
100
5
.8
1:2
200
73141 7212
71
6834 69
70
7214 72
6612 6838 67
6212 Mar 7478 oat
Do stamped pre(
100 71 Mar 9 8273Sept 30
83
*82
8113 8112 8112 8112 8178 82,8 823s 82714 *28012 83
July31 93125ept 35
86
(7)
pref
Do
100
93
2,700
93
9312
92
9214 9238 9212 9338 9314 9312 0291
92
73 Apr tio Nov
International Shoe
NO par 108 Feb 2 19934Ju1y 27
*185 18812 0181 18212 186 18812 18812 18812 18812 18812 *187 190
Do pre
100 115-'.,July 9 121 June 3 11514 May 1194 Dee
4
10
00
115 115 *115 11714 *115 11714 31,0
•114 11514 *115 11514 *115 116
144
Aug
14
Apr
3
86
Feb 94 Dee
8712
Internet
Telep
&
Teleg- --100
11518 11534 113 11534 114 12112 11678 12214 119 121 1 121 12112
2412 Dee Ms Mai
Intertype Corp
NO par 18 July 8 2612 Jan 5
24
*22
*2112 22
*2114 24
2114 22 , *2113 24
24
22
8 Feb 28
20
217
183
1612July
8
Apr 2314 Jan
Tea,
Inc
ewel
100
1712
1712
1712
1712 *17
1712 *1612
1634 16/14 •17
*1612 17
78 Mar 108 Dee
100 10212 Jan 19 113 Aug 12
Do pref
108 108 1 108 108 '107 111 *107 112 1'107 112
*10712 112
1334June 23 2178 Feb 3
1434 Sept 274 Jan
Bros
Tea,
Jones
Inc,
1.335
11
17
0
000
stPd-100
17
1
16121
1653
1578
16
1612
16%
1612
16% 1638 *16
2133 may 5251 Ms
NO gar 353 Aug 10 5912Mar 3
4414 4312 4412 4213 4334 424 4353 428 4312 8,700 Jordan Motor Car
4312 44 1 43
184 Aug 11812 Jan
No par 1834 Mar 17 37 Oct 1
9,500 Kayser (J) Co v t o
3614 3578 37 I 3634 37
3512 3634 35
357
3512 3512 35
2
Mar
30
10014June
77
Aug tools 701
83
let
pref
Na
par
Do
600
100
97
1
97
*95
97
*95
97
97
*95
*95
97
*95
that
bads
June
3.
•15g-Nghsg.
on
beetallIne
Par value °hanged from $100 to $50 and prices
a givalvIdend
mine sates prime no Wm on Mile day
-55
I
I
4.84
zn
•ain
1041,
Nov
New York Stock
Record--continued-Page 4
1657
For Wee during the week of st eke usually inactive, see fourth page preceding
Si1011 AND LOW SALM PitICEd-PElt SHARE, NOT PER CENT.
4•Birday.
Sept. 26.
Aforklap
Tuesday. 'Wednesday
Sept. 28. I Sept. 29.
Sept. 30.
Thursday, ,
Oct. 1. I
Friday,
Oct. 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHAKE
Range for Year 1925.
On Oasts of 100-snare lots.
Lowest
S per share RS per share 3 per share 3 per share $ per share $ per share Shares. Indus. & MIseell.(Con.) Par $ per Mare
18
1814 1738 1814 17
1814 1634 1734 1718 1814 1714 184 12,000 Kelly-Springfield Tire
25 1214 Mar 24
*63
65
65
65
*64
63
65
63
65
6512 *64
67
300
Do 8% preL
65
67
----------63
66
65
*64
*62
65 I *62
20
85
0 Zing
Do 6% pref
100
A
10612 10612 10512 10612 107 10712 10434 105 *105 10712 10514 10514 1,600 Kelsey Wheel, Inc
100 87 Aug 4
534 5438 5313 544 5378 5412 53,4 54
5314 5334 5378 5438 39,300 Kennecott Copper
No par 4812 Mar 30
178
17g
178 2
*178 2
2
2
178
2
2
218 1,700 Keystone Tire & Rubb_No par
17s Jan 9
*75
7812 *75
78
*75
7812 *75
78
75
75
*75
78
300 Kinney Co
No par 74 Mar 25
*57934 584
580 580
563 563 5560 570
563 570
570 5701
500 Kresge (3 S) Co00 355 Apr 28
*3438 35
3412 3412 3334 35 I *34
3412 34
3414 33
34
3,100 Kresge Dept Stores_ _ _No par 3112 Jan 21
166 17012 17138 17334 164 17014 165 165 *162 165
164 161
2,700 Laclede Gas L (St Louis)-100 11014 Jan 5
1512 1512 *1512 16 1 1578 1578 1538 1578
1534 19
1734 184 44,500 Lee Rubber & Tire_ _ _ _No par1 1132 Feb 20
77
7812 7712 78781 7738 78 , 7718 78
7734 7734 77
774 3,900 Liggett & Myers Tob new.. 25 57 Mar 25
120 120
120 120 *11912 120 1 12034 12034 *120 122
120
120
400
100 1164 Jan 18
Do prof
76 .7638 76
7712 7612 7612 7614 7712 76s 767o
75
77
25 551z Mar 27
9,600
Do "13" new
66
66
66
66
66
67 I 6512 66 : 651s 65,8 66
1,100 Lima Loo Wks
No par 60 June 23
66
3478 354 344 3514
3434 3518 3412 354 3412 35
3412 3518 13,900 Loaves Incorporated
No par 22 Feb 17
74 718 *714 712
714 k *71
714 714
714
7
7
No par
714 2,500 Loft Incorporated
6 Jan 28
4878 49
49
49
4838 4878 4718 48 I 474 4834 4834 4934 2.600 Long Bell Lumber A_ No par 4514 M-tr 20
585
86
86
9112 90
91
90
9278 8912 9078 914 9134 5.800 Loose-Wiles Biscuit
100 77 Feb 17
3834 3912 3714 3834 3538 374 3512 3612 3558 361g 3538 36 I 69,500 Lorillard
25 304 Jan 24
•114 117 *114 115 *114 115 I --------114 11412 5114 11412
Do oref
100 1081s Feb 27
15
1538 15
15
144 1518 1434 15 1 1434 15
1368 Aug 26
154 1614 20.100 Louisiana 011 temp ctfe_No pa
52338 24
2338 2378 2338 234 2312 2334. 2338 24
2.112Sept 19
2334 12
3441
8
3,000 Louisville G & El A_ _ _ _No pa
3514 3538 35
35318 3434 3514 36
3512 35
36
35
3134 Feb 17
3634 5,400 Ludlum Steel._ ______ No pa
•13512 138
.2
13418 138 •1341 138 *13312 138 *13312 138 *133
100 114 Mar 20
Mackay Companies
2074 213
20714 21212 21034 21514' 98,900 Mack Trucks. Inc
200,4 20612 20512 214 1 20634 214
No pa 117 Jan 18
109 109 .1081, 1101, 110 110 *109 III
110 110 *110 11015
100 104 Jan 27
Do let pre!
300
10334 10378 .10312 10434 5104 10434 *104 105 *104 10412 10412 10112
100 99 Jan 2
Do 29 pref.
400
101 10134 100 10278 10012 10334 0834 1014 10112 10238 101 104
6912 Jan 3
9,700 Macy (R II) & Co, Ino_No pa
4212 4212 4212 4234 42
4234 4212 4212 242
42 I 4114 42
34 Mar 31
2,500 Magma Copper.
No pa
2438 2438 2434 2434 2412 25 1 2312 25
2334 2478 2438 25
2158 Mar 30
3,300 Mallinson (11 R) & Co_No pa
5338 5478 5338 5338 52
5434 5234 53
5212 53
5317 5,500 Manh Elec Su pp tem etre No Pa
52
32 Mar 21
*2812 2938 *2812 2912 2818 2912 29
29 .2814 2938 2812 30 1 2,000 Manhattan Shirt
2
2014 Mar 16
*3814 4038 .38
39 1 *38
40 1 .38
39 .38
39
3814 3978
2812 Mar 5
500 Manila Electric Corp__No pa
521
2112 21
21 1 2032 21 1 21
2114 21
2112 2112 2278 3,100 Maracaibo 011 Expl___No pa
2038Sept 29
4378 4434 43
4378 4314 4412 44
447s 45
46
_ _ No pa
46
324 star 30
4838 223,700 Marland 011
•27
2734 2712 2712 27
27 , 2634 27
2634 27
2712 2734 2,2001 Marlin-Rockwell _-No Pa
1032 Mar 13
2012 2012 .2012 21 • 2018 20,2 20
20
2018 204 2014 2014 1,400 Martin-Parry Corp- - --No Pa
1912 Aug 31
8212 8212 8212 8212 8212 8478 8212 84
8412 8612 85
8678 9,1001 Mathieson Alkali Wkstemett5
51 Jan 6
11912 121 I 12012 123
123 125
12112 12512 12212 125
12314
12412
45,8001
.50
May
101
Stores..
Department
Mar 23
593
9312 9212 93 1 9234 93 .92
9234 92
9234 .92
93 '
9001 McCrory Stores Class B No pa
79 Mar 17
19
19
1918 1918 1918 1938 1914 1912 1914 1912 1912 1912 2,700' McIntyre Porcupine Mines_
18 Jan 2
52114 2138! *2114 2138 2114 2138, *2114 2112 2114 21141 21
21 I
600 Metro-Goldwyn Pictures p1.27 18 Jan 3
1212 1212 1218 121z 12
1212
124 1214
14 1214
941
1212 134 3,200 Mexican Seaboard Oil. _No pa
1112 Mar 17
912 934
938 935
9
9's
9,8
8 Slay 12
9
9181
918 914 3,100 Mlaml Copper
2912 2964 2834 2914 2878 2912 2918 30
291s 30
2932 314 55,000 Mid Continent Petro .No par 2534 Aug 19
112
112
112
112
112
112
138
112
138
132
138
138 3,500 Middle States 011 Corp._
10
32 Apr 16
•133 136
13212 13212 13212 13818 135 138
137 140I 139 141 I 7,700 Midland Ste. rod pref _100 98 Jan 2
8412 85
8312 844 8378 8518 8312 8534 8334 854 8538 8712 22,400 Montana Power_ _ _
100 84 Apr 17
674 68
65
67
6612 68141 674 6812 109,900 Monte Ward & Co ill corp 10 41 Mar 33
6534 6738 6538 67
3512 37
3512 37
37
3938 3712 3912 3738 384 38
No par 2234 Mar 19
3834 69,000 Moon Motors
713 712
712 758
738 768,
760 758
712 768
6 May 4
733 76s 8,000 Mother Lode Coalltion_No par
4034 41
4034 41
4114 4034 4114 4012 41 I 4078 41
41
No par 4014 Sept 2
Motor Meter A
7,900
314 3218 304 324 3114 3178 31
3138 3118 3112 3112 32
No par
18 Apr 9
7,000 Motor wheel_
17
17
516
1678
17
1678 17 1 1612 1612
.16
17 .16
No par 13 Aug 26
800 Mullins Body Corp
53112 34
*3112 34
*3112 34
3112 34
•3112 34
.3112 34
Munsingwear Co
No par 3018 Apr 23
5450 460 460 460
46712 46712 .455 465
465 470
456 456800 Nash Motors Co
No par 19312 Jan 5
.106 10612 106 106
106 106 "10512 10612 *106 10612 *106 10612
.
100 10334 Jan 21
Do pref
400
*734 814
7
812 878
8
834
812 8,2 .
414 Mar 24
3
834 3,200 National Acme stamped_._ 10
7138 7112 7112 7414 7134 7314 271
72
7112 72 1 72
7314 10,300 National Biscuit
25 65 Apr 29
*125 127 r•126 127 5126 127 I 126 126 *125 128 *125 128
100 1231:Mar 11
Do pref
100
72
72341 7134 7212 7134 74
7112 7332 72
73
71
7224 8,500 National Cloak & Suit._ _100 8512 Mar 5
*100 10012 5100 101
10018 10014 *10014 10034 .100,4 10114 *103 101
. 100 99 Jan 13
400
Do pref
6312 64141 6434 6514 61
6134 6334 61 1 ____ _._ _I 6312 6434 6.200 Nat Dairy Prod tern etfeNo par 42 Jan 2
54114 43
4114 4114 4112 4112' 42
*4118 42
42
4118 4134 1.000 Nat Department Stores No par 3812 Jan 2
59712 98
*97
•9678 98
9712 9712 *9678 98
97121 *97
100 96 Apr 15
Do pre!
200
9712
3814 3512 3836 83.100 Nat Distill Products_ __No par 30 Apr 9
3534 3538 3678 37
3478 34
4 34
564
65
7512 79
6414 6634 6712 75
6412 65
77
81
5212 Jan 8
19,200 Nat Distil Prod pf tem ctf No Par
.35
36
*3312 35
35
35 1*33
3412 3412 *33
36
36
200 .Nat Entun & Stampine
100 25 Apr 30
586
87
87
89
89 .86
*87
89
89
*87
*87
89
Do pref. .
100 75 June 22
100
15612 15612 156 15612 15612 16134 159 160
15812 15812 16034 16034 2,200 National Lead
100 1384 Apr 27
*116 117
116 116 *116 117 *116 11634 *116 117 *116 117
100 11412Sept 2
Do prof
200
56
56
5512 56 1 5512 5612 .5534 5634 554 5534 56
56
1,700 National Supply
50 5518Sopt 24
127s 1278 124 1234 1234 1278 1212 1234 1238 1312, 13
1338 6.000 Nevada Consol Copper...
6 1134 Apr 27
3612 3534 35781 3512 3574, 6,800 NY Air Brake tern etfs.No par 34t4 Sept 24
3538 3712 36
3568 361
3612 36
*5213 53 I 5212 5212 *524 5212 5218 5218
"52
53
5212 53
par 51 Mar 19
p
800
Do Class A
1
47
49
5712
4918 5038 52
56 2 604 5832 6114 94,200 N Y Canners temp ctfe_Noo
4734 50
N par 3134Mar 30
*31
*3012 3112' *3012
31
32
3118, 31
31
31
31
New York Dock
100 18 Mar 24
•65
'.65
68 I •65
69
70
*65
69 1 *65
69
*65
68
Do pref
100 52111 Jan 14
.._.
.281e 2814 .2818 2814 2814 2814 .z2712 2814 *28
2814 *28
2814
100 Niagara Falls Power pf new 25 2778July 1
58% 591
5812 59
5812 587si 5818 58713 5814 6434 6312 65 176.500 North American Co.. __
10 414 Jan 5
.
5018 50,4 *5018 5011 4978 501s 4934 50 , 5494 4978 4978 50
Do pref
1,000
__ _.
50 4668 Jan 2
1612 161
*153 1612 164 161,, 1532 164 1,300 Nunnally Co (The)....No par
16
1612 *1534 17
8 Jan 18
832 87s
838 838
772 814
*734 814
74 73
834 918 2.000 Ontario Silver Min new No par
512 Jan 22
3314 3368 3338 34 1 3418 3418 3414 35 I 344 3438 *3412 3514 3,100 Onyx Hosiery
NO par
1838 Jan 8
43
44
54312 4412 4378 4418 4378 4378 4234 4334 4413 4614 4,700 Oppenheim.CollIns&CoNo par 41 14 Aug 31
3038 301
3038 3018 304 3014 3032 6,700 OrPheum Circuit, Inc
3014 3012 3018 3014 30
1
2534 Jan 18
13012 130,2 127 129 . 129 12912 212614 128
1274 12838 12812 129
3,400 Otte Elevator (8)
50 874 Feb 27
1212 1234 1214 1212 1214 1234 1214 1214
1214 1214 1218 1214 3,700 Otis Steel
No par
8 Mar 18
86
86
8512 8512 8312 8434 8412 8412 1,000
84
86
84
85
Do pref
100 5014 Mar 18
5812 5878 5838 587g 5838 5834 5838 5878 5818 5834 5834 6068 8,900 Owens Bottle
25 4234 Mar 17
12334 128
11912 12014 120 121
124 12812 124 126 25118 121
17,000 Pacific Gas et Electric
100 1024 Jan 5
534 5334 53
5314 53
54
531z 53
5338 5378 5438 5514 34,300 Pacific011plaor 5138 Aug 18
3912 41
40
4018 39
3912 4014 82,600 Packard Motor Car __ No
3812 40 1 3912 4038 39
.
15 Jan 16
25
2534 251g 2614' 2512 2638 2412 264 2478 26
244 28
45,700 Paige Del Motor Car_.No par
173851ay 6
63,2 6414 6538 3,500 Pan-Amer Petr & Trans__ 60 5912Sept 3
' 63
63
61
631z 634 61,4 6112 262
6314
6312 6334 6338 644 6338 6434 26138 634 6278 6334 6234 6514 46,460
50 6018 Aug 27
Do Class B
•218 24 *218 3 1 .214 312 .214
*214
3
21
234 3
200 Panhandle Prod & Ref_No pa
214 Aug 28
25
26
28
26
25
26
26
26
2514 26 1 26
2612 1,300 Park & Tilford tern ctfs_ No pa
2514Sept 8
21
214 2012 2012 4,600 Penick & Ford
22
21
214 214 21
2114 2114 22
1914 Aug 11
No pa
18
*17
1812
1812
171s 1812 1812 .1812 19
1734 1734
.1734
200 Penn Coal & Coke
50 1234 Apr 29
112 14
1 12 14
112
134 14,000 Penn-Seaboard St'l vto No Pa
11 2 14
14 141
112 14
1 Aug 12
119 12078 119 120
11934 120 211718 11812 3.600 People's0 L & C (Chic). _100
119 120 1 119 119
Jan 115
12J
1,27,1
6
16
5858 5858 58
5968 5,900 Philadelphia Co (PRIAM
5438 5814 5812 5738 58'2 25718 5734 58
511
394 4038 3934 4068 3978 4038 3968 3934 3934 40
40
4034 7,900 Phila & Read C & I ..No pa
3734May 6
-- -- - - - - -- __
Certificates of Int__-No Pa
38 July 11
;Li- li- ;:ii.- -r;6-1 •51- -59-- •5i.51
55
*51
54
Phillips-Jones Corp__ _No pa
52 July 13
2134 2218 2134 2134 21%22
2112 22
2112 2168 21
22
2,100 Phillip Morris & Co, ito__ _10 1234 Mar 19
3838 3914 3738 3838 374 3812 3814 394 3812 3918 3834 40% 47,600 Phillips Petroleum
No Par 384 Mar 30
40'2 4134 40
4178 4032 4334 44
4134 41 18 4212 40
454 255,100 Pierce-Arrow Mot Car_No Par 1078 Mar 30
8912 9012 89
923
921
914 8938 917g 8812 9034 91
100 43 Mar 24
•
190 220 .190 220 5220 270 5200 220 .......................Do prior prof
No Par 85 Mar 18
15g
13s
*13
8
132
134
4
134
15g
1,100
s
134
155
13
erce 011 Corporation
25
112 Aug 10
.261. 28
52612 2734 2614 2638 2614 2678
2638 28
500
100 2518 Jan 2
Do Prof
535
51- 514
538 5,2
54
538 512 7,000 Pierce Petram tem etts_No pa
5314 558
5 Aug 10
*42
4312 4214 4214 .42
43
*42
4334 *42
4312
4312 .42
100 Pittsburgh Coal of Pa _
100 3714May 2
.
87
90
*87
8638 8638 58712 90
90
90
•87
587
90
100
100 80 May 4
Do pref
.95
9812 *95
9814 *95
9814 .95
9814 *95
9814 *95
100 94 Mar 26
Pittsburgh Steel pre(
9814
48
48
*47
4712 4712
49
4614 46,4300 Pine Term Cos
100 30 Apr 27
__ 1514 1512 513
"1412 1514 *15
1412 1412 15
1538 1,600 Pittsburgh Uthitles pref____10 1278 Mar 24
1478 15
*1312 1412 15
1514
1412 15
1412 1412 513
15
100
Do prof r-ertlficates____10 1234 Mar 20
13338 13518 13038 133
12912 13034 9,500 Post'mCerC,,InctemcttNopor 9314 Feb 16
13112 13312 1304 13212 130 132
5438 55
5412 5412 5438 55
544 5338 534 2,300 Pressed Steel Car
544 5438 54
100 45 June 25
8018 8012 .80
81
82 , *80
*79
100 7612 July 9
80
.79
80
81
82
200
Do prof
•1414 15
1418 1412 1432 1412
*1412 15
14
14 •141z 16
700 Producers & Refiners Corp_ 50 1212 Aug 26
7814 7914 7
7834 78
7834 7812 814 804 8312 31,000 PubServCorp of NJ newNo Fa
19'4 78
2432 N.Lanr
•103 105 *103 105 *103 105
103 1031s •10212 10478 *10212 10478
300
Do 7% prat
.11418 12212 •11418 1221, •1141g 12212 .115 11578 .115 12212 *115 116
100 1084 Apr 1
Do 8% prof
159 16134 158 160
160 16414 162 16412 162,4 18434 43,800, Pullman Company
15714 165
100 129 Mar 30
*35
354 3434 35
35
35
3412 3412 3,800 Punta Alegre Sugar
3412 35
3412 36
50 33 July 23
2614 2612 2534 26 I 2534 254 2538 264 25,
8 26,8 2534 2718 13,550 Pure 011 (The)
25 2518 Aug 13
•107 109 1.10612 108 .106 108 *106 108
107 107 .107 108
200
100 10212 Jan 5
Do 8% pre!
5834 5934 5738 5878 58
5712
584 5818 59 67,300 Radio Corp of Amer___No pa
6034 5712 5914
4832 Mar 27
4938 4932 5484 4934 •487g 4934 4814 487g *48,4 49
*48
4918
:300
Do prof
50 48 Sept 3
- •Bld and asked oriees. en sales on this day. s ECI-dividentl• III EX-new rights.
• No par.
I Ex-rlghts
It Trading on
because of email amount 01 stock OUtstandIng.
Highest
Per share
2162JulY 3
74 July 3
72 July 3
114 Sept 18
5734 Jan 1.1
312July 16
8734May 25
599 Sept 2
4644 Jan 7
178 Mar 31
19 Oct 1
787g Sept 28
12234.1uly 20
7712Sept 28
7438 Jan 14
3578 Aug 24
912 Apr 6
53 Sept 19
974 Mar 7
3934Sept 25
116 Aug 26
234 Feb 3
2618July 23
55 Mar 4
141 Sept 23
238 Aug 18
113 Aim 17
10638 412 7
10734Sept 12
44123ept 19
37,2 Jan 23
59 Mar 10
3114 Sept 17
4912 Apr 24
384 Jan 11
4838 Oct 2
30 Sept 15
37.. Jan 7
8578 0:t 2
12834May 25
9834JulY 7
1934 Aug 4
2214 Feb 5
224 Jan 6
244 Jan 13
3618June 8
314June 6
147 Aug 10
994 Aug 6
73 July 28
3932 iept 29
4., Jan 2
4314Sept 14
35 June 29
2112 Feb 20
35 July 23
475 Sept 18
1117 July 15
104July 24
754 Aug 24
12812May 9
78 Jan 26
104 Jan 29
6712 Aug 31
45 May 12
102 Jan 2
3838 Oct 2
81 Oct 2
39 Aug 29
8934 Jan 12
16674 Jan 9
11834 Aug 13
71 Jan 29
1632 Jan 7
5612 Jan 3
67 Jan 7
6114 Oct 2
3658 Aug
7214June 26
29 Jan 12
65 0.t 2
501213ePt 12
17 Sept 21
918 Oct 2
36 Sept 8
4614June 26
327s July30
1404 Aug 21
1514 Aug 28
9712 Aug 28
6178Sept 10
128,2Sept 28
65.. Jan 31
43345ep5 19
274 SePt 23
8372 Mal 3
844 Mal 3
538 Feb 26
3512 Jan 10
28 Apr 14
2832 Jan 2
3 Jan 9
16
2214.1
4Auu
nR
e 16
5
623
524 Jan 9
5012 Jan 23
9012 Jan 12
2514 Sept 1
474J une 12
4538 0zt 2
94 Sept 8
210 Sent 14
312 Feb 5
40 Feb 26
814 Feb 5
5412 Jan 13
99 Jan 5
10212 Jan 8
633, Jan 17
1772.1une 25
16 June 26
143 Aug 25
69 Jan 23
9218 Jan 3
3232 Feb 3
lay
,: Aug
6-5
14
116 Sept 2
17312Sept 17
4714 Jan 7
3334 Feb 4
10812Sept 9
7778 Jan 2
54 Feb 4
N. Y. Stook
PER SN
Range for Previon•
Year 1924.
Lowest
per share
9$s June
33 June
40 June
76 May
3418 Jan
112 Oct
5214 May
28713 Jan
4212 Nov
79
Jan
8 May
50 Mar
1144 July
4878 Mar
56 June
1518 June
54 Apr
_
50 Mar
3338 Deo
112 Nov
Highest
Per snare
Jan
35
88
Jan
784 Jan
104 Dee
5754 Dee
438 ca,.
8614 Dec
47514 Dee
6278 June
113 Nov
1718 Jan
684 Dee
121 June
8812 Dee
71 Dec
25 Der
84 Jan
IC NO;
4014 July
117 Fe.
17
Oct
107
Jan
754 Apr
9512 Jan
Apr
87
59 May
2818 June
18 Mar
3314 Mar
284 Dec
2814 Dec
244 Oct
29 May
8
Jan
3118 Nov
294 May
8212 Apr
Oct
86
1432 Dec
161-4 -De:
119 Au*
11872 Dec
10714 Dee
10114 Dee
714 Dec
4598 Dec
4112 Dec
4954 July
44
Jan
314 Dec
3712 Jan
42
Feb
1734 Mar
3738 Jan
584 Dec
115 Dee
10634 July
184 Jan
15 Sent 19 Dec
1418 Jan 2534 Sept
20 May 25 Apr
Aug
9112 June
6114 June
213A May
1712 Oct
6 May
67
98
7434
4812
2712
914
Jan
Nov
Dec
Dec
Feb
Fell
9 Mar
294 July
984 Apr
9814 July
34 Oct
5014 Mar
12012 .1an
44 June
9112 Mar
3012 Apr
3614 Oct
924 June
304 Aug
184 Sept
67 Sept
12312 Apr
11112 May
6412 01St
1178 Jan
3818 Apr
4714 Jan
32
une
19
Jan
414 Feb
27 June
Jan
22
4378 Jan
7 Apr
44 Mar
18 May
--1-8-14
3914
204
1044
104
7714
12834
7072
10072
4414
43
101
Dee
Jan
Dee
Nov
Jan
Bops
Dec
Dee
Dee
Dee
Jan
Dee
64 -De;
4472 Jan
Jan
89
16914 Aug
118 Sept
724 Felt
1634 Dee
57 Dee
57 Dee
37 Dec
374 Mal
5514 Ma,
29 Sept
45 Dee
5014 July
912 Dee
818 001
Jan
SO
16- Feb
Dee
Dee
Jan
MS3
Jan
Dec
444 Feb
414 Feb
14 Sept
24 Sept
11 -i5e;
Nov
104 ...i;in
Jan
11912
44 Dec
i
6712 Des
29
8838 June 92
1172
614 Nov
44
Oct 7434
3914 May 4714
9014 Jan 105
45 Apr
1614
2
972 May 68
jl Oct
9234 Apr
4272 May
3412 Mar
35 Mar
44 May
11 July
2812 Oct
618 May
181s May
594 June
112 Apr
20 Mar
432 Oct
474 Dec
9472 Aug
95
Jan
5878 Dec
94 Jan
Ills Feb
4812 Apr
39 Aug
67 Aug
2234 Apr
39 Mar
9612 Mar
994 Apr
11312 Apr
3738 Dee
20 June
Jan
92
2572 Oct
454 Oct
Exchange
Dec
Feb
8432 Dec
412 Jan
3584 Dee
5244
18 Put;
88 July
234 Jan
42
161k D
A in
erz
94
64
582 D
J.D
ete
36
Jan
54 Dec
634 Mat
110300
Aug
6334 Dec
Dec
1
Dee
10312 Dec
82
Jan
Fob
90
4313 .h.
38811
70
10118
115
15132
67.8
3014
10
66
57
1s4
1.33t
Dee
Dec
Dec
Mar
Dee
D i
Dec
suspended
W
pd
1658
New York Stock Record-Continued--Page 5
!or sales during the week of *tucks usually Inactive. see fifth page preceding.
NIGH AND LOW SALE PRICES-PER SHARE, NOT PEA CENT.
Hafarday.
Sept. 26.
Monday.
Sept. 28.
Tuesday,
Sept. 29.
Wednesday;
Sept. 30.
Thursday
Oct 1
I
Friday.
Oa. 2
Sales
for
the
Week
STOCItE3
NEW YORE STOCK
EXCHANGE
per share S per share 3 per share $ per share S per share Shares. Indus. & Miscall. (Con.) Par
t per Share
155 155
154 158
160 171 -168 173
171 17812 173 175
22,500 Railway Steel Spring
100
37 .
354 37
•36
.3514 38
36
35
36
38
3514 3514 .
800 Rand Mines, Ltd
No par
1314 1334 13
1338 13
1314
13 • 1312 13
1314
13
1314 10,700 Ray Consolidated Copper. 10
_
.45
47
44
45
4314 4314 43
4314. .4334 4412 1,700 Reid Ice Cream
No par
2113 2112 21
,21-12 18
1934 1814 1912 1812 1818 .184 184 5,600 Reis (Robt) & Co
No par
91
9034 02
95
9212 96
89
9013 9112 9114 93
92
17,700 Remington TyPewriter_-__100
*103 105 .104 105
103 103 •100 105 .103 ____ •103
200
Do tat pref
100
•103 106 *103 105
103 105 .100 105 •103 105
1034 10334
300
Do 2d pref
100
1512 1512 15 ' 154 15
1514
1412 15
7,600 Replogle Steel
1434 15
1512 18
No par
4918 4934 4812 494 494 5114 4834 4934 4834 5014 5012 51
4,700 Republio Iron & steel
100
.9114 92 .9114 9134 9113 9112 .9112 92
400
95
95
92
92
Do pref
100
10
11
1032 11
10
10
938 94
94 10
3,800 Reynolds Spring
912 934
No par
9234 9318 92
93
9134 9212 9012 9134 90
9138 894 904 18,40C Reynolds(R J) Tob Claim B 25
•120 121 '120 12112 .12012 121
1204 1204 •12012 12032 .120 12014
100
Do 7% pref
100
"88
89 .88
89 .88
89
89
•88
8812 8812 .88
100 Ramie Insurance Co
89
25
49
4014 4834 484 4834 404 49
4938 494 4934 4912 4032 8,200 Royal Dutch Co(NY 8hares)4432 45
4412 444 4312 44
43
4318 4318 4372 4,000 St Jotteph Lead
4378 43
10
6818 8878 6434 8514 *6514 654 65
65
6512 8778 6672 6734 8,900 Savage Arms Corporation_100
10412 10512 10413 10412 10334 10412 1034 10334 10332 104
10418 10512 3,400' Sahulte Retail Stores-No par
•11213 11434 .111 11414 .111 11434 •111 11434 •111 11434 •111 113
Do pref
100
1414 1412 1414 1414
14
1414 '14
1414 21312 1312 14 .144 2,500 seagrave Corp
No par
2084 21214 205 20778 207 212
20414 2094 20612 20812 208 20838 19,900 Sears, Roebuck & Co
100
•6
614
6
6
1,000 Shattuck Arizona Copper.. 10
.578 84 .578. 6
578 578 .578 6
7412 7412 72
7334 7114 734 71
71
71
71
7214 3,700 Shattuck (F 0)
73
No par
*2914 40 .39
41
.39
41
Shell Transport & Trading_ £2
41
•40
•3938 41
.3934 41
2214 2232 22
2238 22
45,000 Shell Union 011
2214 224 2238 2232 2212 224 24
NO Par
•103 10412 103 10412 10412 10412 .103 10412 10334 10334 •103 10413
300
Do prof
100
1913 194 19
1912 19
1938 19
20
204 8,200 Simms Petroleum 1932
1934 2014
10
5132 5I12 50
5114 . 4912 5034 5012 .51
5032 5032 504 51 18 11,100 Simmons Co
No par
1814 1812 1814 1832 184 1813 1812 184
1814 47,500 Sinclair Cons 011 Corp_No par
18
1812 18
, Do pref
8818 90 .8818 90 .8818 90 .
•8818 90 .
8812 8834 .8814 8834
100
2632 2612 2814 2614 26
2634 2632 27
2634 2714 2734 2834 27,300 Skelly Oil Co
25
.9712 99
9712 9738 9712 101 .
100 103/8 3,400 Slose-E3heffield Steel & Iron 100
97
9812 .98 100
•75
8.512 .
.71
75
80
80 '
8512 .69
100 South Porto Woo Sugar-100
85
80
75
80
•15
Spear & Co
17
•1512 17
•15
17 '15
17 '15
17
•15
17
No Par
8112 .8013 8112 .8012 8112 .80
*80
Preferred
200
8113 8112 8112 .80
8212
100
3414 3434 3314 35
25,900 Spicer Mfg Co
3314 3434 3212 34
3314 344 3314 34
No par
•10212 105
10213 104 .1024 104 .10212 104 .102 104 *10212 104
Do pref
100
5712 5818 5718 58
25614 5714 5614 5678 57
.5714 .58
594 42,300 Standard Gati & El Co_No par
68
68 .
8834 7012 .69
72
1,100 Standard Milling
70
71
6912 70
73
72
100
.8014 86 .8014 86 .8014 86 .8014 86 .
Do Prof
▪8014 8534
804 88
100
53
5314 5232 524 524 53
5312 5432 9.700 Standard 011 of California. 26
521* 5312 534 53
3978 40
3934 40
394 3978 394 4018 3934 4014 40
4078 36,000 Standard Oil of New Jersey 25
11678 117
Do pref non-voting_ _ _ _100
117 11718 117 11718 '117 11712 117 11712 •117 11712 1,600
.7
714
7
7
800 Stand Plate Masa Co_ _No par
7
7
.812
614
834 7
*84 64
72
,2 7212 7134 7134 .7134 72
No par
7112 71,
72 •7112 72 26.700 Sterling Products
4 72
8 7812 7838 7734 7938 7678 79
7712 78,
82
40,400 Stewart-Warn Sp Corp_No par
7714 784 79
73
O72
714 7112 72
7312 7418 2,200 Stromberg Carburetor_No par
7378 72
73
7114 72
5612 5772 5514 5714 5632 59
5814 5838 5612 58 • 5678 58 269,800 Stubob'r Corp(The)newNo par
Do pref
800
•118 121 •120 122
120 125
*118 123
100
34 4
10,000 Submarine Boat
414 414
44 418
*414 433
4 • 418
No par
34 4
314 314
3
3.3
312
3
3
314 4,900 Superior Oil
3
No par
3
3
.2212 224 .2213 24
200 Superior Steel
2212
.2212 2312 *2212 2312 .2212 2312 22
100
978 1014 104 11
1212 1334 1234 1312 1212 1272 10,300 Sweets Co of America
1072 12
50
184 1878 1812 1878 184 198 184 1914
1812 9,900 Symington temp etre...No par
184 1832 18
221; 2212 22
Class
A
temp
2,400
2238 214 22
WEL...No par
2232 22
214 22
22
22
•12
1214 •12
100 Telautograph Corp.___No par
1214 •12
1238
1214 •12
1232 1232 .12
1214
45,300 Tenn Copp &0
•1034 1078 104 1034 1034 104 104 10,
12,
8 13
No Par
4 104 13
4712 4734 47
4712 474 4734 4712 4818 4734 4814 4778 494 44,300 Texas Company (The)____ 25
169 10912 108 10834 10814 11178 109 1114 109 10914 11212 11612 72,200 Texas Gulf Sulphur
10
114 114 114 12
114 1134 114 1218 121 12112 12112 13112 21,500 Texas Pacific Coal & Oil
10
3014 31
3078 31
100
314 314 3114 32
3112 3113 314 3234 5,200 Tidewater 011
4473 44
4418 4478 44
4478 4418 4514 4478 4612 4534 4614 38,800 Timken Roller Bearing_No par
9138 93
100
9134 9214 914 924 91
9212 290
9034 8938 9012 22,125 Tobacco Products Corp
Do Class A
3,000
100
1034 104
10334 10412 10414 10414 10334 10412 1034 104
*10334 104
34 4
13,300 Transet'l°S tern ett new No par
312 358
313 34
312 338
312 338
338 • 334
400 Transue dt Williams St'l No par
2612
•2412 28
26
28
27
27
s25
25 .
2512 2612 .25
501g 5018 5012 5112 5012 504 4914 5038 4914 4972 4912 4912 3,100 Underwood Typew
25
6512 68
6818 7018 70
7134 7034 7234 44,300 Union Bag & Paper Corp100
7478 6912 7278 70
3412 7,900 Union 011, California
3378 3372 34
2"
3414 34
3414 334 3414 34
3418 34
300 Union Tank Car
100
•122 125 •122 128
12334 12334 •124 125
123 .12314 •122 125
Do prof
100
•115 118 *115 11612.115 11812 11514 11514 •11814 12014 •115 11812
100
No par
2918 29
2834 2,800 United Alloy Steel
29
29
20
2978 2612 29
27
2834 .28
8312 84
25
82
8214 4,800 United Cigar Stores
83
83
8212 83
82
8018 8234 81
7,300 United Drug
1304 13078 12972 130
100
128 12813 12812 129
12912 1324 12712 132
Do ist prof
2,900
50
55
5438 55
5434 55
55
5472 55
5434, 5478 5478 55
4,700 United Fruit
100
240 245
23934 24034 23634 23834. 23712 239
239 246 •237 240
3612 24,800 Universal Pipe & Rad--No par
35
38
35
35
3672 35
38
35
36
3534 35
Do pref
7978
2,300
100
*7812 7912 7812 70
78
7812
804 78
*774 7912 78
4,400 US Cast Iron Pipe &Fdy 100
184 168
.165 168
184 168
183 165
16012 169
16478 168
Do pref
800
100
100 100
.98 102 .
9912 103
100 101
.9912 103
•9912 103
3334. 3378 3312 3378 3214 33
3212 3253 3212 3253 3,000 US Distrib Corp tern ctf No par
3212 33
Do prof
100
•130 150 •130 150 •120 150 •120 150 •120 150
-4112 4,000 U 8 Hoff Mach Corp v t°No par
4634 4034 4034 404 404 41
4014 404 4014 4072 41
9232 54,200 1:1 S Industrial Alcohol.....100
9134 9034 9232 89
883, 9072 89
9114 8912 9132 91
Do prof
100
100
•110 11212 •110 .11212 11211 11212 •s10814 112 *110 112 .109 112
100
14313 14712 6 400 US Realty & Improv't
14214 14314 141' 14134 14172 14212 • 14014 142
14014 143
100
5834 594 6888y 611
6114 6338 6114 6434 6478 694 881a 894 74.740 United States Rubber
PER 3114.115
Range for Year 1925.
On basis of 103-share iots
Lowest
$ Per share
12212 Feb 17
3378 Jan 7
1138 Apr 22
43-Oct 1
10 May 18
4034 Jan 27
100 Jan 2
107 June 19
1258June 12
4218 Apr 30
84'4 July7
8 July 2
7214 Mar 24
11972 Jan 8
85 June 25
4814 Mar 24
3534Ju1Y 1
4812JulY 15
10134Sept V
110 Jan 6
Highest
1044 105
481g 48
4834 4634
11812 12038
12418 12438
•99
9934
3134 3214
2918 2914
•16
18
•85
67
158
153
10
10
112
.114
1412 1612
1538 18
164 175
70
724
108 10814
2034 207g
Lowest
Highest
$ per shots $ per share $ per slam
17812 Oct 1 106
Jan 13712 Deo
3913 Aug 5
30 Jan 3313 Noe
1738 Feb 9
9 Mar 1713 Dec
5314 Aug 31
-9; -45
.7-ei 1-6-2 -ifil;
9
26
814
.1eIt
£1
29
9
32 4 an
901a July 9
59
41
105 Apr 21
3 Dee
9013 May 110 Dec
11313 Apr 29
714 June 2314 Nov
2314 Jan 13
42 June 6338 Dee
6488 Jan 3
82 June 95 Mar
95 Jan 13
972 May 223, Jan
• 18 Jan 5
6152 Mar 7988 Dee
93385ept 25
122 Apr 29 11514 Mar 121 June
88 Mar 90 Sept
9712 Feb 20
5738 Jan 31
4032 Sept 5912 Feb
5212May 26
22
Jan 4572 Dee
3258 Jan 8872 Dee
10832Mar 3
9834 lor 12914 Aug
11872 Feb' 9
118 Aug 21 105 May 11234 Dee
1e
ee
pe
t2
12
4
13
6738
4S
7834 May 155 Dec
22
4 Apr
8 July
772 Jan 3
92 Aug 6
83 Jan 42 Dee
4534 Jan 30
1534 July 2213 Dec
2882 Feb 4
9113 Jan 9912 Dec
10553Sept 4
1038 Jan 24 Dee
2834 Jan 12
22 Apr 37 D80
5312Sept 17
15 July 2712 Jan
2472 Feb 2
Oct 90. Jan
75
9412 Feb 3
1712 July 29 Feb
3012 Feb 3
52 May 8478 Dee
107123uly 21
8913 Aug 7
58 Oct 9572 Mar
24 May 28 -__ -__ __ -92 May 19
2-0- ii-e;
732 June -2673SePt 23
78 July 9814 Dee
108 July 10
811k May 4158 Deo
"5934 Aug 3
3912May 7334 Dec
8078June 18
• 8831June 12
70 July 85 Mel
5512 Apr 6813 Jan
674 Feb 2
33 May 4214 Jan
4713 Feb 3
119 Feb 24 11512 Mar 11912 'Aug
16 Jan 16
1318 Oct 3514 June
5513 Apr 6512 Nov
7514July 18
79708ept 22
4812 July 10072 Jab
6113 May 8472 Jan
7934 Jan 3
3012 Nlay 4814 Dee
59189e1)1 23
125 Sept 29 10978 Nov 115
Jan
6 Nov
12 Mar 0
1232 Dee
238 Jan
818 Aug
613 Feb 9
23 July 35 Dee
4112 Jan 10
1334Sep1 30 _1_84 (!e_p_t
3 Jan
2078Sept 18
2818Sept 18
____ -- 1434 Dec
- i3-1.4 iine
15 Feb 7
64 Mar
13 Oct 1
934 Jan
3704 June 4559 Jan
5438June 12
5714 Apr 110 DM
11612 Oct 2
8 Oct
2332 Feb 6
11
5'4 Pep
364 July 17 11814 Oct 16
jaa
o,
112 o
43
83
81114
2M
maar
y 9
4834Se0t 1
62 Apr 7312 Dee
9412July 24
106 Aug 7
578May 9
334 Apr
614 Jan
312130Pt 23
2838 Oct 3518 Jan
225189ept 30 35 Jan 10
3618 Sept 43 Jan
3813 Mar 26 53 July 28
3313 Sept 16
84
2,
7
53 se
7478 Sept 29
re
ptl
i
38 Apr I
3318 Aug 18 4338 Feb 5
35 Nov 39 Nov
Jan
94
118 Sept 2 134 June 19
11314June 17 11718May 6 10814 Feb 11614 July
20
Oct 87 Feb
24 May 15 .3678Mar 4
4212 June 6414 Nov
8014 Jan 6 9612 July 1
71 May 12152 Dee
11072 Feb 4 13114Scpt 18
464 May 53 Dog
an 18 56 June 15
52
20473 Mar 31 248 Sept 30 182 Jae 22412 Aug
13 July 18
48De
01, Dee
2813 Apr 27 5078 Feb 11
4712 OctOat 79 Dr
65 .111132 10 '94 Feb 11
64 Feb
13114 Apr 22 260 Feb 11
8172 Jan 10414 001
91 July 11 113 Aug 21
2123 May 42 Doi
3012 Feb 17 3914 Jan 17
98 July 168 Dee
130 Mar 9 154 Jan 8
1652 Mar 24312 on
23 Jan 3 4212 Aug 18
6112 May nig Dag
70 Mar 19 9458May 26
98 Jan 10614 Deo
105 Jan 29 115 June 22
90 June 14818 Deg
11412 Mar 30 1473aMay 12
224 MILY 4212 J110
3313 Mar 30 6938 Oct 2
684 May 9572 Dee
923a Mar 30 1O84 July 18
17
4838Sept
Feb
D:
e
e
24
4137
1: D
30
1813 Mar:
3713 Mar
44 Apr 18 48 Sept•25
114;
1 Jijununnis121
11282Mar 30 12263 Jan 93 ..1iih1
Dee
1:3
4 Feb
.1:n
y2
18
2 11
o: 1
20
854
83.4
:
81
23
la
uy
g:
2 12
3:1s ..
12
12
5:84,
1A
3.1:117.
1
0.
64 Jan .8
82 Mar 19 10018 Aug 21
81114
..ii Ze
6
30 Aug 27 38 Aug 6
2532May 4 3431July 9
un
aer 30
9
17
3112
2.1M
14
514 Apr 22
4018Miir 30
2934June 3
2158 Aug 12
9913 Jan 2
1734Sept 3
3114 Mar 17
17 Jan 8
7834 Jan 2
2134Mar 30
8014Mar 30
62 Jan 6
1418 Aug 31
7918 Aug 31
164 rob 17
92 Apr 1
404 Jan 2
62 May 19
81 Jan 20
5112 Aug 1...
3838Mar 30
11814JuIY 7
54 Aug 31
6214 Mar 25
55 Mar 18
61 Mar 18
4114 Jan 28
112 Mar 13
338 Oct 1
27e Aug 17
20 May 1
573 Mar 19
1013 Jan 15
20 Aug 19
11 Atli; 14
752 Apr 1
4234 Jan 5
9712 Feb 17
1072 Aug 27
3012 Aug 17
3711aMar 18
70 Jan 2
9313 Jan 2
Do 1st pref
100
1043, 10534 10512 10572 10534 10732 107 10712 15,800
6,500 II S Smelting, Ref & Min_ 50
454 47
45,
8 45
4813 4712 45
48
• Do pref
60
48
4718 4718 4712 4712
.47
4734 .47
11932 12134 11914 121
12018 12112 121 12333 281,980 United State, Steel Corp_100
Do pref
3,000
100
12414 12412 12458 12478 12414 124,
4 12478 125
200 Utah Copper
10
9514
9934 95
9934 .95
.95
9934 •95
3318 6,400 Utilities Pow & Lt A....No par
33
33
32
3133 32
32
32
2978 4,600 Vanadium Corp
No par
29
•2813 29
29
2912 2813 29
Van Raaite
17
*18
No par
17
•113
17
•16
.16
17
Do 1st pref
100 60 Apr 1 73 Mal 22
67
•65
67
67
•65
•65
"65
87
8301117 9
112 Sept 23
24 24 2,600 Virginia-Caro Chem-No Par
2
2
173 172
178
172
811 Jan 5 2312Ju1Y 8
Do prof
1112 124 3,300
100
1034 12
104 1078
.104 1014
18
3 14
8172
717: A
ja
un
g2
Do "B"
14 14
800
No par
112
112
112 .114
•114
1 12
jO
UC
1Yt 9
2
No par
18
1812 59,400 Vlvadou (V) new
1814
187, 1738 17
164 17
No par 1412 Aug 10 1972 Jan 3
1512 1512 •1513 1534 1,600 Waldorf System
1538 1812 153
, 1534
185 Sept 30
Apr
30
118
Ward
par
Baking
data
A.
No
185
1,200
180
187
.182
185 185
1804 181
Class B
No par 3714 Mar 30 8434 Oct 2
71
4 7712 - 7512 7732 774 8434 22,160
7272 73,
Preferred (100)
No par 9412 Feb 11 11034 Aug 13
109 110
1,100
110 110
109 109 •109 110
Warner
Bros
4 Oct 2 223aSept 21
19,
Pictures
A...10
20
7,900
103
4
2058 2078 2018 2012 194 204
43 June 24 5012July 6
No par
.4712 48 • 4614 4718 4632 4732 4634 4812 3,200 Warren Bros
pt
t 18
4
4se
Sep
75
43
78
A
japn
r 17
2 14
Weber
15
1
&
1
6
4
Helibr.
new-c
11,100
NO
Par
7412
7514
75
74
71
734 731 744 7312 75
Western Else 7% prat
100 110 Aug 15 11712June 25
.8478 8813 .8472 8613 •s8378 8612 *8378 8612
13412 13912 13534 13834 13812 13812 13734 1384 _ -6;i6O Western Union Telegraph 100
135 135
9,700 Westinghouse Alr Brake... 50 97 Apr 9 144 A ug 17
12614 12878 125 12614 128 131 312512 129
126 12814 12578 128
7334 7413 20,200 Westinghouse Elea & Mfg_ 60 6814 Mar 28 84 Jan 3
74
75
7514 7452 7514 7458 7378 373
744 73
6,400 West Else Instrument
94 Apr 1 2012 Aug 17
17
17
17
174 18
17
18
17
17
1712 17
17
1958 Mar 31 2712 Sept 18
Class A
2714 4,400
.
2534 2612 26
2672 2672 27
2638 2672 264 264 27
4
:
t 330
mAA
eupgrr
975
0
4,113
0
2,600 West Penn Co
11034 114
No par 152
11014 11012 108 11012 11112 112
113 113
112 112
1
Y 22
1
100
45 5
Jluely
Do 7% pf tern ctf new.100
700
9612 9612 9618 0878 96
9614 9614 964
.98
9614
3134 Feb 2
28
White
Eagle
par
011
No
26
264 2,300
26
26
26
26
26
26
26
32534 2534 26
10412 Aug 18
60
9534 125,700 White Motor
9134 9372 8978 02'2 9034 9512 9038 934 9114 9312 93
1,400 White RR. NI dt S ctts.No par 36 Sept 3 4938 Aug 7
37
38
.37
38
3612 3738 384 374 31
38
3712 38
May 2
12
5
2781,se:282 115132m
3
314
3
312 6,000 Wickwire Spencer Steel Cert _. n
33*
3
3
314
314
3
3
314
Sept 22
Will ye-Overland (The)
179,200
6
264
273
2
26
26
,
8
2534 2634 2512 2618 2614 2732 2534 2672
Do
pref
100
10812 10912 10734 10734 *10712 10812 10712 10712 3,100
10712 109
108 108
8
9:
8sj
en
:t 28
4 2
18
3:Mar 7
Wilson & Co,Inc
No par
'.512 6
•512 *512 8
.534 6
.
512 6
.534 6
Do prof
100
100 17 Sept 2 60 Mar 7
20
20 '18
20 .18
20 .18
1814 1814 .18
*1814 20
25,200 W Dolworth Co(F W)
25 11214 Jan 28 17234Sept 1
188 .172
167 16814 16538 16714 16758 18913 16552 16812 167 168
4018 4272 3,200 Worthington P & M
100 3,514 Aug 12 80 Sept 10
4012 4018 42
40
4012 40
4018 4012 *4012 42
Ja
eb
n 19
1
88 F
7
Aug
A87 t 2
20
10
9 78h
Do prof A
79
300
100 5
79
79
80
79
79
"70
80
79
*70
8012 •77
Do pref B
Aug
100
100
'6214
633
4
624
.
1807
2
64
•131
64
'
61
6212
61
.59
64
8July
Wright
1
323
30
16
Aeronautical_Nolpar
Mar
5,400
.2814
283
4
274 29
2734 2834 2812 2834
2734 28
28
28
No par 4513 Mar 30 56 Oct 2
5412 58
2.000 Wrigley(Wm Jr)
53
.53
54
53
54
53
54
•
5412 .53
•53
7024 July29
Yale
&
Towne
Sept
Z3
62
'
25
65
600
643
4
65
.
63
80
8412 .82
65
.63
65
4813 79,300 Yollow Cab Mfg tern etfs_ 10 3313 Feb 18 4814 Oct 1
4334 4712 4472 474 4812 4834 47
4332 4334 4212 43
7778 744 7638 75
764 7714 783s 12.400 Yt unzstowa Sheet & T No par 03 Mar 27 81 Sept 12
7414 764 7313 754 76
a Ex-rights. •New *took on the :male of 1 new share for three old share..
.84 and sated pricier: no sales on this day. z Ex-dividend
.10412 10434
4612 47
.4612 4812
1194 12138
12434 12434
•95 100
32
324
2938 2932
18
.18
•65
67
•112 2
•10
1034
.1 14
112
•1434 15
1572 1578
163 16'3
6.5
7112
106 10878
2078 2118
4912 4913
7013 7112
8612
.83
138 138
PER SHARS
Rang,for Previous
Year 1924.
5336
„
80
.7_ .
/.1
j.:_
.
•
212 June au, ..18.,
',June
432 July 18% gag
14 Aro.
-_. ____
____ ____
-..... -.. iiii
____ .....
.:7:. .1: : :
-iill;-ii-r ifF
105 May 118
124 ne6Dee
.....
:
Th. ::..
..•.
84 Jan :I.:2::
:
5512May 75 may
-__ ____
ail -ii;
.
.8
...
7.
12.A._.
9_r
2312 May
5013 Apr
2128 Dee
Feb
7213 Dee
---15isiiiii 8
14;
14 -j
iiii
an
412 May 28
Jan
11 Aug 7348 .4,
7212 Apr 12034 Do,
61111.4"
2314 June 8g
1,3 neDe:
6
5813 July
Jhn .
7
524
Deo
958 May 3338 De2
35 Apr 48% Dee
ii. KO; iiBi Ili;
5934 Oet 72 Dee
New York Stock Exchange — Bond Record, Friday, Weekly and Yearly
1659
/as. 1 1909 188 lisehange method of quoting howls WW1 chanoed .,na rin,CPA arc now "and fruerso"—erreps for Inrnme and defaulted bonds
BONDS
A. Y. BTOCK EXCHANGE
Week Ended Oct. 2.
t
Prue
Friday
Oct. 2.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS.
N.Y.STOCK EXCHANGE
Week Ended Oct. 2.
ti
Price
Friday
Oct. 2.
Week's
Range or
Last Sale
Rata,
Si'.,
Jas. 1
Bid
MO
Ask Low
Ask Low
High
Did
High No, Low
High No. Lora
U. S. Government.
first Liberty LoanPanama (Rep) 5345 tr recte_1953 3D
6
10214
9912 104
10234
• D 10(Po Sale 99'042100044 743 993021 01'911 Peru (Rep of) extl 8s
1944 A0 1004 gale 10033
974 103
17
101
804% of 1932-1947
6 100
02.'31 Poland (Rep of) g 68
100
100
6 6632 79
1940 A0 68 Sale 6712
Cony 4% of 1932-47
68
J D 100 101
8758 Sale 8714
Cony 434% of 1932-47
Ertl of g 85 interim rects.1950 j
126
86
D 101111u Sale 10114410244 309 101"j1 03.31
96
88
1 101
103
9812
04
Porto Alegre (City of) 84_1961 J D 98 Sale 9618
2t1 cony 414% of 1932-47
• D 10113n103 1011'42101142
9812 75
Ileoond Liberty LoanQueensland (State) ext s f 713 1941 A0 112 Sale 112
11214 23 109 1111%
9 100
01142
10015u
48 of 1927-1942
1947 FA 10312 Sale 10212 10312 87 10112 107
25-year 65
MN 1601.,, Sale 100
9812
Cony 434% of 1927-1942
1946 A0 9634 97
94
96
9712 31
M N 1001332 Sale 1001%210001441260 10014101'4s Rio (kande do Sul Ss
Third Liberty Loan93
9812
9638 12
Rio de Janeiro 25-yr 13 f 88.._1946 A0 96 Sale 9514
9512 .54
97
434% of 1928
1947 A0 9578 Sale 9478
92
25-yr esti 88
M S 1011044 Sale 10142 101'44 864 101420244
Rotterdam (City) external 651964 MN 10278 10314 10234
fourth Liberty Loan10338 35 100 10412
10512 106 10534
434% of 1933-1938
7 10214 10312
1948 j
106
AO 102132 Sale 1012421021'42 2418 1011.22 031°12 El Salvador (Rep) 88
1952 MN 10078 Sale 9978
Treasury 43.4s
97 102
10078 34
1947-1952 AO 1069.: Sale 106.42 106"42 272 104141 08"42 Sao Paulo (City) e f Ss
Treasury 48
10334 24 100 104
1944-1954 3D 10314, Sale 102,14210342 258 1001.21 04144 San Paulo (State) ext of 8s 1936 ▪ j 10318 Sale 10214
State and City Securities.
1950 J J 9978 Sale 9978
9912 101,
4
External s f Ss Int rects
10134 75
10018 10112 Seine (France) ext. 78
1001s
Y City-44s Corp stock 1960 MS 10014 -- 1004
1942• j 91 Sale 91
8214 92',
9178 211
10114 10378 Serbs. Croats & Slovenes 88_1962 MN 8812 Sale 8838
434s Corporate stock
10118 102 1037,4 July'25
130
84
90
1964 M
89
102 10314 Soissons (City) 65
88
Me Corporate stock
1936 MN 86 Sale 86
82
1972 AO 10114 10218 102 Sept'25
8
8612
1014 10238 Sweden 20-year 68
4142 Corporate stock
1939 3D 10434 Sale 10412 10434 57 103 10514
1966 AO 10118 102 10238 Apr'25
1667s 10812
4345 Corporate stock
9812 10314
External loan 534s
1954 MN 10178 Sale 10178
1971 3D 10512 10634 10812 July'25
1024 80
10578 10778 Swiss Confeder'n 20-yr s f Ss 1940 J 3 11614 Sale 11614
11634 55 113 117
434s Corporate stockAuly 1967 J J 105 10618 10778 May'25
10614 108
9812 1044
10312 46
Switzerland Govt ext 534a 1946 A0 10234 Sale 10258
4544 Corporate stock
1965 3D 105 10610 10614 Aug'25
0714 25
1 10478 10834 Tokyo City Ea loan of 1912
8414 6812
105
43'4s Corporate stock
1963 MS 105 106 105
MS 6734 6814 67
9734 1004 Trondhjem (City) esti 6348_1944 J J 10014 Sale 9913 10014
97 1014
4% Corporate stock
9814
1
9814
10
1959 MN
9814 9958 Uruguay (Republic) ext 88_1946 FA 10812 Sale 10712
Registered
9938 July'25
MN
10812 10 10614 11015
4% Corporate stock
9814 1004 Zurich (City of) 5 f 85
6 10712 1114
1945 A0 108 Sale 108
1084
1958 55 N 9712 9812 9814 Aug'25
4% Corporate stock
98 10018
Railroad.
9812 Sept'25
1957 M N 9712
4% Corporate stock
9818 100
Ala Gt Sou lst cons A 551943 J D 10012 10134 10034
98
9973 June'25
10114
5 10034 102
1956 51 N 97
4% Corporate stock
4 984 Ala Mid 1st guar gold 58_1928 M N 1104 ____ 10012 10012
98
1 10012 10132
98
9834 Mar'25
,
1955 NI N 97
8114 8414
9778 100
Alb & Snap cony 33,4s
100 June'25
Registered
1946 A 0 8258 ____ 8214 Sept'25
MN
8118 84
____ 84 Sept'25
1054 10758 Alleg & West 1st g 4s gu .1998 A 0 84
434% Corporate atock____1957 MN 10434 10514 10514 Aug'25
90
9414
92
94
92
93
1942 M
105
12 10412 10768 Alleg Val gen guar g 4s
3
434% Corporate stock ____1957 MN 10434 10514 105
6314 77
8753 Sept'25
87,
2 9078 Ann Arbor let g 4s......July 1995 Q J 7514 Sale 74
7514 32
334% Corporate stk_May1954 MN 8714
8814 9212
8912 47
Atch Top & S Fe—Gen g 413.1995 A 0 89 Sale 89
8758 91
834% Corporate stk _Nov 1954 MN 8714 8858 8758 Sept'25 _ _ _ _
84
904
New York State Canal Im- 451961 J J
Registered
102 Sept'25 _ _ 102 1034
88 Sept'25
8418
8112 85
ls Canal
Adjustment geld 4s_July 1995 Nov 8234 85
1942 33
10118 10118
10118 Mar'25
8312
824 8514
Stamped
8412 14
434s Canal limit
July 1995 ▪ N 8378 Sale 8314
1964 J J
10978 11414
10978 Aug'251_
794 82
48 Highway Impt register'd 1958
Registered
---- 10278 July'25
_ 1024 103
55 N ---------82 Sept'25
814 85
Highway Improv't 4)45 1963 MS ---Cony gold 45 1909
16
1955 J D 83
114 July'25
11134 114
83
8378 8275
8112 8514
Virginia 2-3s
6414
Cony 48 1905
1991
1955 j D 8318 Sale 83
7612 Feb'25
8318 11
7612 7612
81
8312
Foreign Government.
Cony g 4s Issue of 1910_1960
83 Sept'25
98 100
Argentine (Govt) is
10212 397 10134 10314
East Okla Div let g 4s
1927 FA 10212 Sale 10214
1928 M
984
9814 9878 984
2
8378 8732
Argentine Treasury 513.Z___.1945 MS 8712 88
8112 8814
Rocky Mtn Div 1st 4s._ 1965
8312 90
8438 Sept'25
8612
8753
3
89
Sinking land 8e Ser A_....1957 MS 9612 Sale 9578
86
874 Sale 87
95
9734
9612 241
Trans-Con Short L let 48_1958 j
10
92
9534
Ertl 68 Ber B temp_ _Dee 1958 3D 9614 Sale 9534
9434 97
9378 9512 9414 Sept'25
Cal-Ariz let & ref 434s"A"1062 M
9614 354
914 914
S f 68 of 1925 temp
9614 563
Registered
9514 9678
M 8
1959 3D 9614 Sale 9534
Australia 30-yr 5s.. _July 15 1055 33 974 Sale 97
874 9234
97
9953 Atl Knoxv & Cm Div 4s____1955 MN
9753 585
2
8912
8912
9314 10034 Atl Know & Nor 1st g 53___1946 J D 10212 ----10214 Aug'25
Austrian (Govt) a f 73
10214 103
1943 3D 10058 Sale 9934 10034 172
Belgium 25-yr ext s 7 Me g..1945 3D 10914 Sale 10834
95
984
9634 Aug'25
10912 43 107 11014 Ati& Charm AL let A 434s__1944 j 2 9634 103
20-year a f 85
10112 11.1334
10734 32 10638 10938
10214 10278 10234 Sept'25 _
lat 30-year 58 Series B____1944 J
1941 FA 10712 Sale 10714
25-year ext 6349
9034 96
8512 8512
9234 56
8512 July'25 ____
Atlantic City 1st cons 45___1951 J J 834
1949 MS 9214 Sale 92
Eat!e its inter rcta
944
89
8338 8814 At) Coast Line 1st con 48_51952 M 13 9114 92
9112
8658 205
9234 49
1955 33 8638 Sale 86
Esti 5178 int ctf
9538 9812
1930 M N 10714 10734 10734
10-year secured 78
9634 257
103
11 1054 105
1955 J D 9614 Sale 96
Bergen (Norway) e f 821
1964 J
General unified 43413
904 95
9318 9412 9312 Sept'25
11312 16 10818 11514
1945 MN 11312 Sale 11314
8514 89,1
25-year sinking fund 613_1949 AO 0758 Sale 9758
L & N coil gold 4s____Oct 1952 MN 88 Sale 8712
9914
95
9814 23
88
32
Berne (City of) f 88
70,
8 80
1048 J
3
7833
109
7834
18 107 11112 Atl Az Dare: let g 48
1945 MN 10838 109 10838
Bogota (City) ext'l s f 8s..„1945 AO 9612 Sale 9612
6234 704
1948 J
7858 Sale 6412
2d 4s
94
98
97
6512 22
30
80
Botlyla (Republic of) 88
1949 A 0 7612 79
75
Ati & Tad let g guar 4s
924 97
9612 184
1947 MN 96 Sale 9534
2
Bordeaux (City of) 15-yr 6s_1934 MN 8713 Sale 8712
1941 J J 9934 101 10014 July'25
984 100'4
8934 A & N W 1st gu g 58
80
8834 115
954 99
Brash US,external 8s
8534 92,4
13alt & Ohio 1st g 43_ _ __July 191S A 0 8812 Sale 8812
9817 133
8912 72
1941
D 9812 Sale 98
78 (Central Ry)
8518 904
July1948 @
Registered
--------87 Aug'25
8014 844
8334 82
1952 3D 8312 Sale 8314
894 95
734s (coffee seem') Z (flat)_1952 AO 105 Sale 10758 10734
10-year cony 4344
1933 M 5 9234 Sale 9278
9312 178
2 10312 10812
Buenos Aires (City) ex,16A81955
8534 9218
9512 9914
Refund & gen 58 Sertee A-1995 J D 91 Sale 9078
9812 22
9112 71
9812 Sale 98
Canada (Dominion of) g 58.. 1926 A0 10018 Sale 10013
1948 A 0 10114•Sale 10078
10014 32 10018 10234
1st g 58 int Ws
10138 79 100 104
68
1929 j .1 103 Sale 10278
10-year 63
10258 23 1014 10312
10314 97 102,2 1044
1931 AO 10214 Sale 10214
10-year 5348
Ref & gen 65 ser C temp., i995
D 102 Sale 10178
10233 147 10034 10434
1929 FA 10234 Sale 10212 10234 53 102 10334
9934 91134
fla
P Jet & M Div let g 3348_1925 M N 9934 100
,105
9934 July'25 _ _ _
10314 132 1015
1952 M N 10278 Sale 10234
Carlsbad (City) a 1 8s
834 9114
PLE&W Va Sys ref 4a 1941 M N 87
96 102
8712 8714
102 Sale 102
2
102
88
18
19543
Chile (Republic) esti e f 8s 1941 F A 10853 Sale 10812 10914 43 10614 110
9534 994
Southw Div 1st 58
1950 J .1 97 Sale 9612
973a 75
6812 784
External 5-year e1 813
Tol &Cin Div 1st ref 48 A_1959 J J 7114 Sale 7114
10234 21 102 10334
7134 93
1926 A 0 102 Sale 102
9834 103
6058 6232
20-year esti 72
Battle Cr & Star lot Cu 38-1989 J D 6118 6412 6258 May'25
10112 52
1942 51 N 10012 Sale 10012
9218 9334
25-year a f 82
0338 935a 9334
9 10614 11014 Beech Creek let gu g 4a_1936 J
9334
1946 M N 110 Sale 10912 110
1
Chinese (Hukuang Ry)5s1951 J
9012 9114
Registered
4014 4812
J
4812 26
4734 Sale 46
9114 Sale 9114
9114
5
77 514
Christiania (Oslo) af 8a
Beech Cr Ext 1st g 3345..,
.__1951 A 0
11158 36 10934 112
1945 A 0 11113 Sale 111
77 Sept'25....__
9513 10112 Big Sandy let 45
8814
30-year 2 1(4
85
37
1954M S 9834 99
1944 J D 88
9812
99
89
88 Sept'25
9712 10014 B & NY Air Line 1st 40
67
75
30-year s 6s Int ctf
1955 F A
9878 235
5955M N 9878 Salo 98
7212 52
7214 7234 72
994 101,4 Bruns de W let gu gold 48
Colombia (Republ(c) 325 .1927 A 0 100 10013 10014
94
92
10012 13
1938 J J 9114 ____ 92 Sept'25 _ _ _ _
Copenhagen 25-years I 5%8_1944 3 J 9832 Sale 9734
944 100
Buffalo R & P gen gold 513_1937 M S 10012 10112 101 Sept'25
9812 96
_ 10012 1024
954 10212
Cuba Ea of 1904
Consol 43.44
8012 8812
1944 M S 10014 10034 10058
10078
5
1957 M N 87 Sale 87
874 35
Exter debt 5131914 Fler A 1949 F A 95
934 106
99
Registered
98
82
98
6
854
8258 May'25 _ _ _ _
M N
External loan 434s
84
93
Burl C it & Nor 1st 5e
95
15
1949 F A 9034 9578 95
59513 101
1924 A 0 9978 100 101 Sept'25
__
Canada Sou eons gu A 58_1962 A 0 102 Sale 102
534e
19533 J 10158 Sale 101
9612 102
10134 69
6 10012 1034
103
1
984
101 2 Canadian Nat 4lie_Sept 15 1954• S 9333 9378 9612
Osechoeloyak (Repub of) 88_1951 A 0 10034 Sale 10012
9314 99,4
101
39
9612
2
9734 10112
Sink fund Ss Ser 13 Int ctfe_1952 A 0 10034 Sale 10012
5-year gold 4:5s—Feb 15 1930 F A 9858 Sale 0812
9812 99
10112 49
984 536
Danish Con Nfunicip 88 “A".1946 F A 10914 10978 10938
110
28 109 11212 Canadian North deb e f 781_1940 J D 11514 Sale 11514
11538 19 11414 11734
10811
Series B f 8s
112
1946
10914 Sale 10914
20-years f deb 5545
10912
6
118 1 21 116 1184
1946 J J 11734 1174 11734
Denmark externals f 88
1945 A 0 110 Sale 110
10-yr gold 450_ _ __Feb 15 1935 F A 9618 Sale
9614 9634
1101.3 30 109 111
213-year 65
9912 105
1942 J J 103 Sale 10212 103
Canadian Pao Ry deb 48 stock_ J J 8014 Sale 7978
53
79
81
803a; 185
Dominican Rep Con Adm 2150'58 F A 10214 ____ 10233 Sept'25
101 1034 Carb & Shaw lot gold 42
9374
1932 M 13 9253 ___ 9312 May'25:__ , 93
Custom Admintatr 534s_.1942 M S 9334 Sale 9334
32
96
78
Caro Cent 1st con g 4e
8814
9414 54
8078
1
1938• D 8134 -8212 8078
Dutch East Indies ext6s
2834 10312 Caro Clinch & 0 1st 3-yr 58.1938 J D 101 10134 101
10312 61
1947 J J 10312 Sale 10234
101181 12 100 10174
40-year 68
9874 1031.
10311 152
10314 Sale 10318
1962 M
1st & con g Os ser A
1952 J D 10712 Sale 10712 107341 18 19571 1084
80-year ext 5%2
9314 10318 Cart & Ad lot gu g 45
1953 M S 10178 Sale 10158
84
10318 26
8414
1981 J D 8418 8612 8414 Aug'25
110-year ext 510
9234 102
102
33
1953 M N 102 Sale 10134
7432 80
Cent Branch U P 1st g 48._A948 .1 D 7634 7734 78 July'25
__
French Repub 25-yr ext 85_ A945 NI S 105 Sale 10412 10502 255
9834 10512 Cent New Eng lot gu 4a
544 7014
41
35
1961
J 6518 6512 65
653
20-yr external loan 73413-A941 J D 997s Sale 9934
93 10112 Central Ohio Reorg 41-4s..,_1930 55 S 97313 ____ 9814 Sept'25
101
395
9714 99
External 70 of 1924
86
19493 D 9212 Sale 9212
9378 Central of Ga let gold 58_0945 F A 10214 ____ 103
9372 3489
103 1
2 10134 104
Finnish Mun L'n 6344 A__1954 A 0 89
8512 9212
901 8934
8934
2
Consol gold 58
10112
5. 9914 10214
1945 MN 10138 Sale 10138
1(98
4
8512 9212
External 6346 Series B
90 Sept'25
__
1954 A 0 89
98 1004
Registered
M N
_ 10014 June'25
Finland (Rep) ext (le
88
8314 8918
46
1945 51 S 8712 Sale 874
10-year secur 6s
June 1929
10314 26 10112 106
103
D ioi
External s f 7s
944 307
94 Sale 94
934 9712
1950 M
Ref At gen 5%8 ser B
99 103
102 1 11
1959 A 0 10134 Sale 10138
German external loan 72 rcta_ 1949 A 0 9814 Sale 9712
4
9134 99,
9814 609
84
8612
Chatt Div pur money g 48_1951 .1 D 8434 8534 8512 Aug'251 _
German Cent Agric Ilk 7s _ _1950 M
9313 95
9414 319
9414 Sale 9334
M
Nth
ac
biAt
le N
9812 100
poirviD1v
710
.
1137
5t g 5s_1948.3 J 9914 ____ 9812 Sept'25
Git Brit & Ire'(UK of) 53,44_1937 F A 104 Sale 104
105
137 104 1074
1 10012 1004
1946 .5 J 10012 ____ 10012
10012
10-year cony 5342
11853 85 11512 11858 Cent RR & 13 of Ga colic 58_1937 M N 9734 Sale 9734
1929 F A 11858 Sale 118
95
99
9734
9
Greater Prague 730
89
9514 Central
9418 54
RtralofN J gen gold 5s
1052 M N 94 Sale 9334
1 107 110
1987 J J 10712 110 10912 10912
Greek Govt 72 lot refs
87
83
8812
123
1964 M N 8614 Sale 8614
1013 1081,
12
51987 C.) J 8712 88 107
107
3
Haiti (Republic) Be
9114 97
9612 34
Cent Pac let ref go g 4s____1949 F A 88 Sale 8734
1952 A 0 9612 Sale 96
864 90
8838 17
87
9512 108
Hungary (Kingd of) s f 7%8.1944 F A 9514 Sale 95
9573
Mtge guar gold 3lie
9512 964
k1929 J D 9634 9712 9634 Sept'25
Ind Dank of Japan 6% notes 1927 F A 9912 Sale 9938
984 100
9978 97
Through St L 1st go 4s1954 A 0 ____ 8712 8712 Sept'25
8.54 sp.
Japanese Govt Z loan 4s
81
8312 71
1931 J
8412
8312 8334 8338
Guaranteed g 54
1960 F A 9678 Sale 9634
964 9818
9714 438
30-Year 816lie
90
95
9314 211
93 Sale 9234
1954 F
Charleston & Savannah 7s__1936 J J 117
1121,117',
___ 11212 Feb'25
Oriental Development 65.1953 M
8312 874 Chee & Ohio fund & !rapt 5(3_1929 J J 10012 Sale 10012 10078
8734 58
87 Sale 8612
984 102
3
Lyons (City of) 15-year 65_1934 51 N 8734 Sale 8738
8034 894
8834 93
let consol gold 5s
1939 M N 10234 Sale 102
10234 11 101 11134
Marseilles (City of) 15-yr 62_1934 M N 87 Sale 87
8834 100
SO
8934
Registered
1
,
9
,
32
9 10
M N,
1004 1024
July'25
_
10
,
1
14
Mexican Irrigation 4%s
24
18
19
5
1933 Sept'25
16
1943 M N
General gold 414s
9117 Sale
874 93
914 52
Aasenting s f 43,4s
19
1678 24
19 _
1943 _
Registered
1992 M
8572 9011
9018 July'25
Mexico(U 5) eat' 58 of '99 1945 Q J 4012 4078 45 Sept'25 _ _ _ _
38
4512
20-year convertible 434s 1930 F A 9714 Salo 974
9434 9812
974 112
Assenting 58 or 1899
41
31
44
44
1945 _--- 4114 Sale 40713
30-year cony secured 58
11148 A 0 11814 Sale 11814
4 376 10178 12212
1213
Assenting 5s large_
4034 Sept'25
3518 4034
__
_______
Registered
A0
10334 11512
11512 Sept'25
Assenting 5s small
35
3712
3712 May'25
Craig Valley 1st g 59
1940 J J
974 9944
_
98 Aug'25
__
Gold deb 48 01 1904
_
1834 26
2414 22 Sept'25
1964 J D 24
Potts Creek Branch let 481463 J 973481
824 85
83- 8218
8218 10
Assenting 4e of 1904
1812 25,4
2412 19
24 Sale 24
R & A Dix,lot con g 4s_..1989 J J 8312 8418 8518
8112 8534
8518
1
Assenting 48 of 1904 small__ —
2412
20
2314 Aug'25
2c1 consol gold 45
1989 J J 80
79
83
82 Sept'25
83
Assenting 4s of 1910
2014 2412
28(4 -283-4 2233 Sept'25 _ _ _ _
Warm Springs V 1st g 54_1941 M S 0812 ___ 9812 July'25 _ _
954 9812
Assenting 45 of 1910 large
22
304 Chic & Alton RR ref g 3a
2834
18
2814 Sale 2814
1949 A 0 63 -65
62
58
6338
4
634
Assenting 45 01 1910 small__ _ --- 26 Sale 2534
261 4 80
194 2878
Centre dep stpd Oct 1924 int__ ____
5914 6112 6118 Sept'25
5834 6234
Treas 68 of '31 assent(large) '33 J J
4214
4314
421. 3
33
Certlf den stmpd Apr 1925 Int
_
59
__
61 Sept'25
534
Small
42 Sept'25 _ _ _ _
344 43
Railway first lien 3348___ _1950 JJ
_—
-4812 gale- 4812
50
40. 444 68,4
Montevideo 7s
Sale
65
88
9512
97
9614
1952 J 13 96
Ctrs dep Jan '23Arsub coup__
46
45
4712 47
4712
111
554
Mtge Ilk of Chile 034s June 30'57 J
9378 95,4 Chic Burl AC CI—Ill DIN' 3%8_1949 1--i 83,8 8478 834
95
297
9434 Salo 9412
8318
11 8114 864
Netherlands tie Wag prices). _1972 M
10634 122 10234 10914
10638 Salo 10614
Illinois Division 48
1949 J 3 91 Sale 9058
91
191 884 944
50-year external 6e
10358 106 1004 10412
_1954 A 0 10312 Sale 10314
1927 M N 9912 9934 9912
Nebraska Extension 4s
981z 100
993
4
11018
Norway externals f 88
11 10934 11312
Registered
1040 A 0 10934 1104 1094
9834 994
20-year ext 138_
101
111
9712 10112
1943 F A 10034 Sale 10014
1958 M NI
General 4s
S Sale
---- 8
99
884
8
34
67
SeP
9214
8
V
9
255
4
10058 66
20-year external Op
974 10133
1944 F A 10014 Sale 100
1971 F A 102 Sale 10178
ref 58
10214
11 1004 10314
80-year esti 68
10034 75
1952 A 0 100 Sale 100
9718 101,2 Chic City & Conn Rye 58
1927 A 0' 4814 4912 4812 Sept'25
4512 63
f
5
S4s
9512
-year
s
9513
40
132
94
temp__ _1965 J D 9513 Sale
9712 Chicago & East 111 1st 6e_ _ _1934 A 0 10458 10612 1064 June'25 ____ 1054 19714
e5=.61. a Due Jan. 5 Due July, S Due Aug. p Due Nov 8 Option sale
1., &
1660
BONDS.
N. Y STOCK EXCHANGE
Week Ended Oct. 2.
New York Bond Record — Continued—Page Z
t.5
t
Price
Friday
Oct. 2.
W eek's
Range or
Last Sale
4,2
Range
Since
Jan. 1.
r,
BONDS.
N Y STOCK EXCHANGE
Week Ended Oct. 2.
Price
Friday
Oct. 2.
Week's
Range or
Last Rale
ar
Rang.
Siang
Jan. 1.
Bid
Ask Low
No. Low
High
Bid
Ask Law
Hisk
High No. Low
C & E III RR (new co) gen 59_1951 MN 74 Sale 7312 Iligb
7412 71
724 79,2 Erie & Pitts gu g 3149 B____I940
Chic ex Erie let gold 54s
3434 July'25
84
8434
J J 8451
1982 MN 1004
25
-- 10258
1023
9912
1024
4
Series C
OlUcago Great West let 4s 1959 MS 6234 Sale 6212
8435 -8/i12, 8458 Aug'25
8432 84%
J
J
80
6314
59
14
6812
Fla
Cent & Pen 1st ext g 59_1930 J J 10014 Sale 10014
994 1004
1
011191nd & Loulev—Ref 61:4_ A947 J J 11038 111%
10014
10914 11212
11012 Sept'25 _
COLISOI gold 5s
1
99% 100 100
1943
Refunding gold 6a
954 10014
100
1947 .1 .1
9912 1001
9934 Aug'25 _ _ _ _
/
4 Florida East Coast 1st 4149_1959'.3 3358 96
9
98
43
5
142
9
96
4;4
Refunding 48 Series C
2
92
9672
J D
1947 J
8712
8534 87
87 June'25
let & ref Se Series A
224
1974
Sale
95%
9712
93
General 55 A
MS
1966 MN 9038 Sale 903s
87
9058 21
9212
1st & ref 5s Sur A
1974 51 S
96 July'25
95/
1
4 064
General fis B
May 1966 J J 10212 10234 10214
4 26 101 104
1023
Fla
West
&
Nor
78 Series A 1934 MN 176 Sale 16418
188
Ind & Louisville let gu 49_1956• J
197
1027
17818
2
7712 804 Fonda Johns & Olov 4148_1952
794 Aug'25 _ _ _
16
647
63% 73
Chic Ind & Sou 50-year 49_ _1958
,▪ j 8634 8
8312 881s Fort St U 13 Co 1st g 4149_1941 MN 64,2 Sale 6418
85%
8553
1
824 90
Chic L 9 & East let 4 He. 1969 J D 94
.1 J 9018 ___ 8214 Aug'25
9312 94
9512 94 Sept'25 _
Ft W & Den C 1st g 5Hs
1961
Sept'25
fos
10438
10435
0 M & Puget Sd 1st gu 481949
10432
10435
JO
.•1 4712 Sale
434 5818 Ft Worth & 1110(Sr let g 45_1928
4831 97
3
924 98
012M & St 13 gene 49 Ser A_e1989 JJ 7914 Sale 4714
9614 967 964
9854
7912 45
7014 8012 Frem Elk & Mo Val let 69_1933 J J 1063
79
4 108,2 10718 Aug'25
10914
10612
General gold 3 As Ser B_.e1989
AO
70
70
68
624
6
70
70
11 &SAM&P 1st 59
1931 MN 1004
. 10035 Sept'25
100 101
Gen 4149 Series C.._May 1989 J J 4834 49
21
7718 9258
89
88%
2d extens 53 guar
8
1931 J J 10038 1-0034 10053 10034
9953 101
Gen & ref Series A 4145 ..a2014 AG 49 Sale 4814
434 5414 Galy HOUS S2 Rend 1st 58
4912 81
1933 AO 9258 931! 9258 Sept'25
9018 95
Certificates of deposit
47
4818 4834 4.918 Sept'25.4918 Genesee River 1st 5 f 58_
10234 18 10014 10512
Gen ref cony Ser B 513___a2014 F- -A 4812 Sale 4814
J J 10218 102% 10218
444 5858 Ga & Ala Ry list cons 5s_ _1957
491
/
4 72
e1.945 J J 9
9
3,
9,474 Sale14 9,474
478
1
93 10234
Certificates of deposit
4612 4912 Ga Caro & Nor 1st gu g Is _A929
48% 21
4813 4834 48%
5
89 100
let eee (is
J
1934 J J 4812 Sale 104%
964 105
24
105
Georgia Midland 1st 35
_
1946 A0 6514 ____ 68 Sept'25
644 68
Debenture 4149
1932
44
481,Sale 4734
6012 GI R & lett 1st gug 4 Hs
4912 139
_
1941
9312
_
9418 Sept'25
9212 9612
Certificates of deposit
J
1634 47
4813 451, 4634 Aug'25
Grand Trunk of Can deb 78_1940 JAO
11511 Sale 1154
11535 35 1144 117
Debenture 48
1925J D 4812 Sale 481
46
4934 65
/
4
7812
15-year e f 68
18 10624 10833
10714
1936 M S 10718 Sale 107
Certificates of deposit
4734 4912 Great Nor gen 79 Series A 1936
4818 49
4935 Sept'25
110 Sale 110
110l4 120 10812 111
25-year debenture 49
J
1934.3 J 50 Sale 4818
44
5614
5935 53
Registered
109 Sept'25
- 109 109
J
Certificates of deposit
4634 4914
4813
4918 Sept'25 _
let & ref 43-Is Series A___196I J
89 9314
9118 28
Sale 9033
903
4
Chic & Mo Rly Div 56_1926 J
J
9913 9-97-8 9958
100
941s
9953
General 5148 Series B____1952 ii 10114 Sale 10114
5
102
50
9934 103
Chic & N'wrst Ext 49._1886-1926 F A 100% Sale 10035
1
98% 10118
10053
General 5e Series C
92
9512 139
9478 Sale 9434
1973 J J
96
Registered
1886-1928 F A 0831 9912 984 June'25
89% 9953 Green Bay & West deb ctfs "A"_
2
7712
72
2
80
7712
801
77,
1
Feb
General gold 310
1987 M N 7434 77
12
7318 77
7534
7434
Debentures Ws "B"
_36_
1212 1812
16
4;3
4 Sale_ 817418
Registered
Q F
72
7212 Greenbrier Ry 1st go 49.___1940 Feb 8
72.2 July'25 ____
86
Aug'25
8812
Oeneral 48
1987 M N 84
8112 8612 Gulf Mob & Nor 1st 514s __IOW MN
86
8412
8412
6
10212 14
9934 103
Stamped 49
1987 M N 84
2
8512
8512 Gulf & I 1st ref & t g 58_ _b1952 AO 10214 1-62-12 10212
82
851? 84
9812 10368
10212 1021
5
J J 102
General 59 stamped
1987 M N 10212 10378 101
4 101 105
101
Harlem R. & Pt Ches let 4s__1954
1
80
837
84%
N 83% Sale 83%
Sinking fund 138
1879-1929 A 0 10418 _
104 Sept'25 _ _ _ _ 10312 106% Hocking Val let eons g 410_1999
8812 92
9012 38
J J 897 9034 9014
Registered
A 0 10334
103 104
-- 10312 July'25 __
Registered
1999 J J
9012
9012 May'25
88
Sinking fund 59
1879-1929 A 0 1004 Sale 10014
10014
1 10012 10112 H & T C 1st g Int guar
1937 J J 1007 — _ 10038 Sept'25 -9912 10072
Registered
1879-1929 A 0,
9ult 10012 Houston Belt & Term let 18_1937
9912 July'25
99
95
J J 9518 -9-612 9653 Aug'25 - - Sinking fund deb 59
1933 M
ii85i8 gale 998 10018 6 9914 193 Houston
E & W Tex let g 56_1933 MN 100
994 10014
____ 10014 Aug'25 - - - Registered
9912 Sept'25 - MN 991?
9912 101
let guar 59 red
1
1933
100
994
____
100
100
100
MN
10-year secured 79 g
1930
D 10718 1-0712 10713
10712
7 105 1124 Housatonic Ry cone g 5s_
2
924 95
____ 95
95
95
115-year secured 6149 g
1936 M S 11012 112 111
11112 17 107 11212 Hud & hlanhat 5e Series A 1937 MN
204
1957 FA 9134 Sale 9114
864 93,
92
2
May 2037J D 9678 97
17
97
9112 102
9678
Registered
9114
9111
June'25
91,4
FA
P—Railway
491988
gen
Ohio R I &
.1
84% Sale 84%
6
84%
8214 86
Adjustment Income 58_
1
67% 774
Registered
7653 195
'.3 8153
8114 83,4 Illinois Central 1st gold ___1957 AO 7578 Sale 75 3
8112 Aug'25
4a__1951 '.3
9Ile 94
Refunding gold 49
1934 AO 8612 Sale 864
87
279
8314 897s
Registered
1951 J J 9013
93
238 July'25
904 93%
RegLstered
A
8818 Mny'25 - 8634 88,4
jet gold 3345
81
1951 .1
824
84
Sept'25
8154 8478
Chic St L & NO gold 59____1951 ▪ D 1031s
10112
10314
1034
Registered
10313
4 10114 103
8334 June'25
83 854
J J
Registered
.1 I) 10012
_ _ 10214 June'25
Extended 1st gold 3148___1951 A0 81
_ _ 8312 May'25
8012 84%
Gold 34e
1951 J D 78
_
793s
78
78 Sept'25
1st gold 35 sterling
1951 MS 64 -71- 62 Feb'25
62 82
Memphis Div let g (9
195I J O 8312 ____ 8514 Aug'25 -_ -83% 857s
Collateral trust gold 49
87
1
87
9_a_Ie_
87
1952
89
864
AG
Registered
.1 D
83
83
83 Sept'25
Registered
8558 Apr'25 - - - 85% 85%
AO
C St L & P let cone g 5e____1932 AO 100
101 103
134 _
101 Sept'25 _
1st refunding 49
891
Sale
20
904
:
9012
1955
8712
MN
Registered
92
,
2
AO
_ 10038 100%
100% Jan'25
Purchased lines 310
1952 J J 82
8314 8214 Sept'25
7832 8412
Chic 8t PM & 0 cons (19_ _ _1930 J D 1023
2 1024 108,1
10234
Registered
- 10234
8414 July'25
79
J J
8412
Cons Be reduced to 3 Xs_ _1930• D 90 4-9334
9214 93
93 July'25
Collateral trust gold 48___1953 MN 8418 Sale 8418
84% 17
83 85,
Debenture ba
4
9578
964 24
1930 MS 953s 96
90,4 1054
Registered
May'25
81
HN
82
Stamped
9512 97
9512 99%
961
/
4 Sept'25
Refunding 59
102 168 1044
1844
1955
1023
2
Chic T H & So East lat 59_ _19(30 J D 8538 Sale
MN
10612
75
9018
127
8653
8533
15-year secured 5149
10213 42 101% 10333
1934 J J 102 Sale 102
Inc gu bs
Dec 1 1960 St
8212 Sale 8114
55
8
8412
8212
15-year secured 6149 g
111,2
5 109,2 113
1936 J .1 11112 Sale 11112
Ohio On Elta'n let gu 4149 A.1963 .1 J 9334 Sale
9114 94%
22
94
93,4
Cairo Bridge gold 48
884 9112
Sept.25
91
913
9012
4
1950
J
o
lat E9 Series B
1943J
102 Hale 102
10214 20 100 10312
Litchfield Div 1st gold 35_1951 J J 71 14 ___ 811 1 Aug'25
70
7312
Guaranteed g 58
1944.3 D 100 Sale 9912 10038 124
971
/
4 10038
Loulsv
Div
&
Term
g 3Hs 1953 J J 7934 -81
7812 Sept'25 - - _
7712 821
/
4
let 610 Series C
1963.3 J 11734 11814 1174
118
8 11514 11812
Omaha Div 1st gold 39_ ..195l FA 7312 ____ 7314
7314
3
74
7012
Ohio & West Ind gene 6a—p1932 Q M 10514 -10512 106
St Louis Div & Term g 39_1951 J J 74
-- 106 Aug'25
___ 74 Sept'25
71,
4 77
Como!50-year 48
1952.3
79% 52
79 Sale 79
7611 5312
Gold
314s
1
4
79 8319
7953 -83
1951 ,1
4
let ref 5129 ser A
9812 46
1962 SI S 9833 Sale 9818
97 10034
Springfield Div 1st g 3149_1951 '.3 781
/
4 ___ 8278 May'25
79% 8272
Oboe Okla & Gulf corm U
1952 MN 101 10212 10035 Aug'25 - - 9934 101
Western Lines 1st g 4s
86 Sept'25 - 1951 1' A 86 -89
88
86
Gin IT & D 2d gold 4149_ _ 1937 J J 9612 Sale 9512
9312 9612
9612 21
Registered
84 Aug'25 -1951
87
84
FR
I St L & C let g 49___Aug1936 Q F 9234 9412 93 Sept'25 _
91% 93,2 III Central & Chic St L & N 0—
Registered
Aug1936 Q F 92
9012 92
92 May'25
Joint
1st
ref
55 Series A__
964 100%
Jo 9018 Sale 9918
9935 56
ClnLeb&Norgu4sg
1942 MN 874 -69
8718 8912 Ind Bloom & West 1st ext 4sA963
8731 25
8735
8814 8814
8814 Aug'25 ---19-10 AO 8912 95
Gin S & Cl cons let g 5s_ _ _ _1928'.3 10118 10112 10135 Sept'25
99,
4 10112 Ind Ill & Iowa 1st g 4s
1
92
92 Sale 92
8714 92
1954) J J
Cleve Cm Ch & St L gen 48_1993 J o 84
8512 Ind Union Ry
8438 Sept'25 - 85
99i2 ___ 9958 Sept'25,- - -gen 58 Ser A 1965 J J
8153
99 101
20-year deb 4148
1931 ▪ J 98
96
98%
9834 9814 Sept'25 _
Gen & ref 59 Series B
Sept'25
9912_
9914
997
-9912
8
1965
100,
•
4
J
General 58 Series B
1993 J D 10112 10134 10012 Sept 25
98 10538 Int & Grt Nor 1st Be Ser A.1952
10234 141 100 10512
J J 102% Sale 10211
Ref & kept 69 Series A
1929 J
10312 41 10218 1044
10312 Sale 1027
Adjustment 69, Series A.A952 Aprl 7534 Sale 75
79
66
69 Series C
1941 ii 10412 ----106-h Sept'25
10334 10734
Stamped
67
Aprl
78
55 Series D
1963 J J 9814 Sale 98
9412 100
9853 77
lot Rya Cent Amer 1st 5s___1972 MN 78
10
3
2, 7612 801s
12
91'2
68 3 3
6'3
58 S-(11-e- 77
6
70
6.
3'4
Cairo Div let gold 45
1939'.3 89
8813 Aug'25 -8812 91
91
Iowa Central let gold 5s_ _ __1938 J D 57
57
6018 59
65
Cm W & M Div let g 49...1991 J J 8053 8212 8058
83
80
8053
4
Certificates of depoelt____.
6112 59,? Sept'25 ----! 574 6214
57
St L Div let coil tr g g 49-.1990 MN 824 ____ 84 Sept'25 -8118 85
Refunding gold 49
Hos 261.
1934 Sale 194
1951 1-17
1934
2
Registered
MN
804 83
8018 July'25 _ _ _ _
James Frank dc Clear 1st 49_1959• D 8612 Sale 8612
6
87
85
90
Syr & Col Div let g 40- —1940 MS
8634 8912 Ka A &
8718 Sept'25 _ _
R 1st gu g 5s
1938 J , 100% ____ 100 Nov'24, - W W Val Div lat 49.__ _1940 J J 8678 -.-- 881
8733 8812 Kan & M 1st gu g 4s
:July'25
8114 Aug'25 - 80 84
8114
A0
1990
(30C&I gen corm g (39 .___1934'.3
_ 10612 108
__ 10612 Aug'25
2d 20-year be
9914 10012
1927
J 9912 1-0014 8114 Aug'25 -- -Clay Lor & W con let g 59_ A933 AO 10710112 103 10212 July'25 -- - - 10014 10212 KC Ft 9 & NI eons g 85
103
8 10238 10353
1027 Sale 10234
1928
CI & Mar Ist gu g 4149
1935 M N 9514 ____ 9818 June'25 _ - _
96% 9818 K C Ft S & M Ry ref g 49_1936 MN
161
88
13712
871
Sale
A
/
4
80% 88%
0
Cleve & Mahon Vail g 66_ _1938 J J 9853
981
/
4 10014 K C & M 11 & 131st gu 5s 1929 AO 9978 _ _ _
- 99 Aug'25
98 10014
9912 Aug'25 -CI& F` gen gU 414s Ser A
1942 J J 9612 _— 99 May'25 _
99
995s Kansas City Sou 1st gold 38_1950 A0 7233 Sale 7214
: 25
721
704 75
8512
Series C 315s
1948 M N 827
864
__
8512 Sept'25
Ref & impt 59
9114 58
884 92,
Apr 19541 J J 9058 Sale 9012
4
1950 F A 8113
Series D 3149
84
8-8534 854 Mar'25 — -8534 Kansas City Term let 4s___1960 J J 8412 Sale 84313
51
8353 8772
85
Cleve Sher Line let gu 4149_1961 A 0 97 100
95% 100
4
9712
9712
Kentucky Central gold 49_1987 J J 85
Sept'25 8
847
84
85
874
Cleve Union Term 5148_ _ _ _1972 A 0 10414 10618 106
4 104% 10712 Knoxville & Ohio 1st g 68___1925 J
10612
_ _ 100 10034
100 June'25
lst 9 f 5e Ser B
1973A 0 10012 Sale 10018
994 102
10012 32
Lake Erie & West let g 59_1937 J J 105
1
loo
____ ion
9934 1011
/
4
Coal River Ry let gu 4s_ __ _1945
834 8812
13 8434 867 8.513 Sept'25
_2d gold 58
Sept'25
_
957
_
_
97
_
5
__
9512 97
J
1941
J
Colorado & South 1st g 4s_ A929 F A 9814 Sale 9818
9678 99
17
99
Lake Shore gold 3148
711 78
938 Sept'25'__ _7-0
8;4
2 -8
7814 81
1997 .1 D 76
Refunding & eaten 4149_1935 M N 9412 Sale 9412
90% 9612
9473 22
Reglstered
1
78
N
761
/
4 79,4
l D
1997 im
Col &
V 1st ext g 49
8612 8634
1948 A 0 85% 8634 8634 June'25
__
Debenture gold 4s
9812 141
9814 Sale 9814
1928 M
97% 9914
Col le Tol 1st ext 49
1955 F A 844 _
81114 Apr'25 _ _
8414 8414
25-year gold 4s
9714 42
9714 Sale 9635
941s 9712
Conn & Passum Ely let 48. 1943 A 0 81
81%
8158
8153 Jan'25
84
Registered
957 Jan'25
94,3 _
8675 9975
Cuba RR let 50-year 59 g,_1952.3
8312 8812 Leh Val Harbor Term 65_1
87
23
8678 Sale 8612
10234
1031
/
4 14 10044 10314
F N
A
3311 M
119
9954
let ref 714s
10210 15 10213 106
1936.3 D 102 10414 10218
Leh Val NY 1st gu g 4149_1940 J
9558 9612 11535
9553
1
954
98
Cuba Northern Ry let 69_191343 J
89
92% 37
924 Sale 92
934
Registered
Jan'25 - _ _
93
93
J
40
3 .1
R4 N
%90
g 48_2
93
Day & Mich 1st cone 410
92
1931 J J 9318 99
984 Lehigh Val (Pa) cons
984
8
9818
8158 14
81 Sale 8078
79
8434
Del& Hudson let & ref 48
8811 9212
1943 M N 9014 9035 90
9014 12
Registered
July'25
8134 81
---NI 1
7812 81
80-year cony 59
1935 A 0 10611 Sale 10612 107,8 126 10114 10812
General eons 4149
9038 Sale 90
9
88
93
15-year 5%e
1937 MN 10212 103 10214
10333 14 101 10338 Lehigh Val RR gen be Series_2
5
9
)11.38
N 10012 101 1001'; 1(
M N
03 M
2
0
98%
10172
10-year secured 78
1
110
107
1930 J D 10858 Sale 108 4
10854 22
Leh V Term Ry 1st gg g 58,_1941 A 0 102% ____ 10212 Sept'25--.. 101Is 102
,
4
D RR & Bdge 1st gll 49 g
94
_
1938 F A 943g __._ 9514 Aug'25
95,4 Leh & N Y let guar gold 48._1945 M $ 83% _ _ _. 85 July'25 —
8433 89
Den & It 0-1st cons g 4e 1936 J J 8353 84
82
8334 28
8534 Lox A East let 50-yr 58 gu_1965 A 0 10412 Sale 10412
8333
10412
4 1034 102
Cense! gold 4145
8578 90,4 Little Miami 45
1
1936
J 8714 8131
8714
/
4 8714
10
88
4 Aug'25 __ 4___ __
83,4 8412
Improvement gold 59... _ _1928 .1 D 9734 9814 9758
95
99
10
98
Long Dock consul g 69
10734 ---10778 108
Den& R G West gen 5s _Aug 1955 MN 6218 Sale 6112
55
70
64% 1227
Long bed let con gold 59.3a1119
Sept'25
1003
10
85
1
8
14
:8
8
_
__
0
_
3
0
18
Q
A
M
0N
9
J
93
3
562
1
9934 1024
Dee M & Ft D 1st gu 49 .__1935 J .1 471
394 51%
7
4712
:Sale 4712
let consol gold 48
94
9534
Temporary ctfs of deposit ___
4538 50
46
6
45
11n8
1 j/1 M;
General gold 4s
I -61- - 9'4306:4: Sept'25Ael11)4t4 2 __- -__ _-_ __8812
9112
903
Des Plaines Val let 43-s
8
____
11‘
9312 Feb'25
1947
934 9335
Gold 44
s 83,4 8, 84
N1 D
2 .1
94
39
119
89% 9312
Get & Mack—let lien g 49 1995
D 7014 76
7014 75
715s Sept'25
Unified gold 49
84
1
824 85
Gold 49
1995 J D 65
65
7
July'25
67
,
3
671 65
Debenture gold 55
1934 J D 93 Sale 9734
9734
3
9512 98
Get RP/ Tun 4145
1961 MN 92
91
9212 -- - 1
9412
9234 0212
20-year p In deb 59
ivi
M N
s 92
t3 'a l
24
1
14
874 93
Gui MIssabe & Nor gen 5,3_1941 J J 10312
102 104
10353 Aug'25
Guar refuedIng gold 4s_ _ _1199497
3
3
854
82
Dul & Iron Range let 55
1937 AO 10112 10214 1011a
10012
1
103
101,2
Nor Sh B ltd con g gu 58_01932 0 J 10018 _. __ 9953 Sept'25 _ _ _ _
9811 100,
4
Dul Sou Shore & Atl g 55.. _ _1937 J J 8718 871
81
90
8712
: 87,2
Louisiana & Ark 1st g 58_1027 NI S 10058 ____ 10158
10158
5
9912 102
East Ry Minn Nor Div 1st 48.48 AO 99
88
1
9114 90
90
90% Lou &Jeff lodge Co an g 49_ _1945 M 9
86 Sept'25 _ _ _ _
83 8714
East Tenn reorg lien g 58_ _1938 MS 10014 101
9812 10212 Louisville ea Nashville 59_ _1937 M N 10212 ....102!: Sept'25 __ _ _
9
9934
1004
100 10512
11-121t T Va Ga Div g 69._1930 J J 10118 108 10033 Sept'25
9912 101
Unified gold 45
1940.3 J 9312 Bale 931 i
937
36
9172 11534
Cons let gold 5,1
1956 MN 10214 Sale 10214
103
2 10033 103
C
10
0-Ig
laetaerra
slecta
rurs
ea
t go
1031 NI N 10118 10112 10118
7rld 5s
10113
5 10012 103
Elgin Joliet & East let g 5s 1941 MN 10111 ____ 102 May'25
101 102%
1930
N
106
Sale
10614
M
10513
51 105% 1084
El Paeo & W let 5s
1965 AO 100
9932 10212
___ _ 101
16
101,8
let refund 5348 Series A2003 A 0 1057 107 10578
10618 23 1044 1084
Erie let consul gold 7s ext_11130 MS 10813 Sale 10810
2 107 1094
10818
1st & ref 55 Series 13
2003 A 0 10312 Sale 10312 10312
3 1014 10544
1996 • J 7311 Sale 7273
let cons g 48 prior
6934 7414
737 194
let&ret
N o & Ni48
1198S
,
(
1-ries
0 68 C._ _2003 A 0 94.2 Sale 9314
9538 17
92
97
Registered
1996 J J
Sept'25
6734 70
__
107
__
107
Sept'25
10414 107
1st cense' gen lien g 4s_ _1996 J J 6414 Sale 64
6134 6512
79
6434 101
2d gold 6e
J 10312 105 104 .luly'25 .
J j
1930j
104 105
Registered
1996 ii 97
58
6718
0
6718 Atig'2r.
Paducah A Stem Div 49_1948 F A 903i ._
9031 Sept'25 .__ _
86
914
Penn con trust gold 49 11151 FA
Sale
9512 99
97
11
St Louis Div 21 gold 39_ _1980 m 9 64
6434 64 Sept'25'.. _ _
62 66
50-year cony 4s Ser A_ _1953 A0 6713 sale 97
6212 69
6735 49
L & N & MA 51 let g 4 He.1945 NI 5 9531 ____ 9738 Aug'25
96
1003,1
1953 A 0 6713 ''M(, 67
do Series B
80 69
671
: 16
L & N South joint M 48...1952 J 1 3312 -___ 1431? Sept'25 ___ _
8112 8612
Gen. cony. 4s Series D 1953 A 0 74 Sale 7312
69% 7514 T.n,,,,• ,,,, I. ,.,,, ,. 4,1 41.ie 155,MN 983g ____ 9$i, Aug'25
7412 62
0141, hillS
3958.3
10312 10473 104
Erie & Jersey 1st s Rs
101
2 10112 10814 Mahon Coal RR let Se
1934.3 J 10153 1024 102 July'25 ._._
99 103
c Due June. e Due May. S Due July. n Due Sept. o Due Oct. p Illie Dec.
a Due Jan. 5 Due Feb
sOpt on sale.
New York Bond Record—Continued--Page
BONDS
Y. STOCK EXCHANGE
Week Ended Oct. 2.
It 4
t
Price
Friday
Oct. 2.
Week's
Range or
Last Sale
4
Rang.
SOW
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 2.
1661
3
Price
Friday
Oct. 2.
z
Week's
Range Or
Lair Said
Po
Range
Bina
Jas, 1.
MIA
RICO We. LOW
Ask Low
BM
High
High No. Low
Ask Low
Bid
9454 98
961 Sept'25 19
5912 6318 Norfolk & Sou 1st gold 5a___1941 M N 9714 98
3
6012
6012
10812
Manila RR (South Lines) 48 1939 MN 6012 el
Sept'25
10812
106
4
1083
10714
N
M
_1931
_
es_
gold
gen
West
dr
Nor!
6312
6714
67% 67 June'25
1959 ▪ N 62
4
let 4e
Improvement & art 80_1934 F A 107% ____ 10838 Apr'25 _ _ _ _ 10834 1083
_
9734 IGC12
4 _ _ _ _ 10012 Sept'25
/
Manitoba Colonization bo_.1934 .1 D 991
1932 A 0 106% 10814 1063 Sept'25 _ _ _ _ 106 108
New River let gold
8058 84
8138 Aug'25
Man 0 B & N W lst 334s_1941 J J 8058
9234
88
8912
16
91
8918
89
0
A
1996
48
g
cona
1st
Ity
W
&
N
1
9934 102
10134
1931 M tal 100 1-02- 10134
89
86
Michigan Central 58
87 July'25 ___ _
1996 A 0
Registered
10012 10012
M S 99 10112 10012 May'25
Regbitered
8814 92
9078 25
J 9078 Sale 9038
Dly'l 'Julien & gen g 4.9_1944
9034 92
9034 Sept'25 _ _ _ _
4 14012
1
125/
1940 J J 9034
‘e
63
14012
149
Sale
138
S
M
1929
es
cony
10-year
7718 Apr'24
S 7918
1951
1 L & S let gold 3348
9012 9314
4
1
9038 15
D 90% Sale 90/
1941
Pecan C & C joint 4a
86
81
1952 M N 7918 -8312 8312 Sept'25 _ _ _ _
let gold 3548
10034 103
1974 M S 10112 102 101% Sept'25
Nor Cent gen & ref 58 A
9612 98
9734
98
5
1929 AO 9734 98
20-year debenture 4s
94
86
_
_
_
_
Sept'25
8712
86
87
0
A
_1945
__
5s.
9312 Aug'25
9312 North Ohio let guar g
88
93
1940 AO 89
Mid of NJ lst ext 5s .
83 87
84% 17
QQ Fll 84% Sale 8414
7Q
0977
242
19
100 10038 Nor Pacific prior lien 48___a_2
100 Sept'25
Milw L S & West imp g 58..1929 FA
4 84%
1
82/
_
_
Sept'25
8355
-4
,
83
Registered
94
_
_
_
8512
8734 May'25 _
5914 8214
Sill & Nor let ext 4 4s(blue)1934 J O 005 91
6014 Sale 8018
6055 23
General Ilen gold 311
82% 902
1
9012
9012
Cons ext 434e (brown)_I934 J D 9912 95
37,z 60
5712
1
5712
a2047 Q F 5712
Registered
119%
88
2
8812
8714
Mil Spar & N W let gu 4a_ _ _1947 MS 8718 8812 8812
83
45
8410
84%
Salo
84%
J
J
A_2047
ser
430
Ref & Impt
80% 8112
8112 Aug'25
Milw & State L let gu 334eA941 J J 803
85% 8534
85% Feb'25
1 J
Registered
1
98%
1021s
100
100
1
102
49918
D
J
1927
1043.
'Minn & St Louis lit 7e
10814
10612 143
Sale
10534
10614
-I
J
2047
B
Baser
Impt
&
Ref
4
_
513
8218
N 978 Sale 58 Sept'25
1934
lit conaol gold be
_ 105 106%
J J ____ __ 106% May'25
Registered
5612 60
2
5612
5612
5612 61
MN
9418 9774
Temp ctfs of deposit
4
4 9612 9614
/
4
/
981
2047 J J 961
Ref & Impt Is ser C
1914 26
2134 18
lot & refunding gold 4s__ _1949•8 21 Sale 21
94% 98
95%
4
45
963
9614
9655
1
J
2047
D
mer
55
Mot
es
Ref
1312 2114
1738
1
1512 1738 1738
Ref & ext 50-Yr 68 Ser A.1962 J F
Mar'24
____
9914
10112
F
St Paul & Duluth jet 58_1931 Q
4 102
/
_ 1001
____ 102 Sept'25
7• 13 102
19,
lot guar g 7s
-i61-4
_
D 8412 8678 8412 Sept'25
let consol gold 45
8412 90
8612 28
M SIP & El f3 M con g 49 lot gu'38 Ji 8814 Sale 8512
4 10954
1
109/
977
2
94% 100% Nor Pam Term Co lot g 6s_ing j J 10912 ____ 10938 Sept'25
1938 J J 9634 9834 96
lirt cons bs
102 10314
9912 ____ 10314 Mar'25
Is
Cal
g
of
guar
No
10214
10434
6
108
Salo
1023
4
8612
MS
4
1
/
1931
1o3
10412
10-year coil trust 834e
____ 103% Apr'25 _
MI .1 ?I 100
...—
North Wisconsin let es
9834 103
_
9912 Sept'25
711
4 7534
/
1946 JJ 9918 100
let & ref es Series A
74
8
7355 7412 733
1948 J J
8314 9012 Og & L Cham let gu 48 g
85
.5
1049 MS 85 Sale 8412
4 101%
/
981
26-year 5348
109 Aug'25
100
____
55
g
let
RR
River
Ohio
Dec'24
9212
___
MN
lit Chicago Term it 49_1941
9858 100
Sept'25
General gold 55
4 i(1151-2
2 -6619934
4 100
9934
9212MS S M & A let g 45 lot gu.. 1926 Ji 993
4
0 10038 10172
0
10118 Sale 19817188
Ore & Cal let guar g Is
94
91
93 Sept'25 _ _ _ _
94
481091 Central let 5.3_1949 J i 93
1
8814 9034
MI88/
7
8978
Sale 894
8
j
897
7
6
14
45
g
con
Nay
&
RR
Ore
8512
20
8014
8314
Mo Kan & Tea—let gold 48.1990 J O 8314 Sale 8318
10314 ' 100% 107
9612 Ore Short Line—lit cons g 5s_'46 J J 101 104 10318 Sept'25
62
96
86
4 107
/
1021
Mo-K-T 1211.—Pr I bs Ser A_1962 J J 9534 Sale 9558
6
.
.....4
25
2
1946 J J 10314 10334 10314
Guar cons 53
42
7114 80
80
1062 1 J 80 Sale 7812
96% 97%
40-year 4a Series 13
19202 0 97 Sale 97
Guar refund 46
4 10414
/
10l'
10238 31 1011
1932 J J 10214 10238 10218
85
8138
10-year 6s Series C
172
83
8218
Sale
83
J
J
7634 92% Oregon-Wash lot dr ref 49_1961
89% 688
94
Cum adjust ba Ser A Jan 1967 AO 88% Sale 88
82
1
9155
9155
Pacific Coast Co let g 591946 J D 91% 93
WM
90
Missouri Pacific (reorg Co)
9
4
/
921
91
92%
9118
A
7s
F
1938
4s
g
ext
la
Mo
of
RR
Pac
9034
83
89
22
let & refunding lo Ser A 1965 FA 8812 Sale 8814
100
9814
_
___
Sept'25
9912
1938 J J 9912 9934
2d extended gold 5s
99 10214
10112 114
let & refunding 6a Ser D_ _1949 FA 101 Sale 10034
9412 98
Aug'25
95
4
1
/
93
____
1
J
1955
434s
1
e
lit
Ills
Paducah
&
102
99%
Sale
MN
10014
10118' 307
10038
7012 8112
let & refund 68 Ser E int_1955
8112 311
Paris-Lyons-Med RR es_1958 F A 80% Sale 8012
4 67
1
62/
6478 278
1975 MS 6458 Sale 6414
General 49
8014 89
8812 197
1958 M S 86 Sale 86
S I external 75
8434 89%
8512 Aug'25
1938 MN 8614 88
ado Pac 3d 78 ext at 4%
8013 90
55
8814
Sale
M
1954
S
854
854
75
f
s
RR
ParlsOrleans
10318
99
_
99 Sept'25 _
97 10118
1945 J J 99 100
Mob & Bir prior lien g 58
1
1004
4
S
1003
4
1003
M
10055
1942
Pauline Ry 75
91
78
8018 July'25
1945 J J 7814 82
Mortgage gold 48
9172 96
M N 94% ____ 96 July'25 __ _ _
4a1943
g
Rft—cons
Pennsylvania
11414
101%
O
1
J
4
/
10312
103
3
10318
861e 951
2
Mobile es Ohio new gold 6s 1927
2
MN
91
9112
18
91
91
1948
4s
gold
Consol
2 102 104
10318
10318 Sale 10318
81927 Q
lit extended gold 6a
90% 93
4 July'25 _ _ _ _
/
May 1 1948 MN ____ ____ 921
48 stamoed
4
/
8112 901
90 Sept'25
1938 MS 90
100
General gold 48
9712
6
99
1980 F A 9812 Sale 9812
Consol 434s
4 101
/
961
2
9812
Montgomery Div let g 5a-1947 FA 9812 991 9812
4 95
/
9312 371 911
1965 J D 9134 Sale 9234
General 4348
95 10012
St Louis Div 59
1927 JO 9912 1011 100 Sept'25
34
10214 621 9934 103,._
1968 J D 10112 sale 10114
General 58
844 86
4 883 85 Feb'25
/
1991 MS 861
Slob & Mar let gu if 4e
10712 1198.
67
108%
Sale
0
10818
4
A
1073
1930
7a
secured
10-year
113
109
1037 Ji 110 1121 110 Sept'25
Mont C let Cu ii 6s
1093
4
111%
11112
79
4
A
Sale
1103
11014
1938 F
15-year secured 834s
101 10312
let guar gold be
1937 Ji 102 10378 101 Sept'25
10914 109,2
F A 10712 ____ 10912 June'25
82
54
7634
6
77%
al & E 1st gu 3348
2000 J o 7734 7958 77%
6814
97
9734 194
9738 Sale 97
1964 M N
3 10018 102
40-year gold
10114
Ruby Chatt as St L let 58_1928 AO 101 10112 10114
8.08 8614
7
____
Pa Co—Gu 3tis coil tr A reg 1937 M S 85% 8714 84 Sept'25
997 102
101
3
N Fla & E3 1st gu g 6.3
1937 FA 101 10212 101
84
83
Sept'25
83
8412
A
F
82
B_1941
Ser
trust
coll
3349
____
Guar
...
_
_
30 Sept'23
Nat Ry of Mex pr lien 43-4s..1957 J J
82 83
1942 1 D 8118 ____ 82 Sept'25
19
Guar 3348 trust etre C
19
Apr'25 _
19
911
4 8214
/
July 1914 coupon on
Sept'25
_1944 J D 82
82
__
D_
etre
trust
3348
Guar
4
,
21
1314
4
1
96/
173
15
944
4
17
1714
4
173
Assent s 1 red June coup on
2
9538
Guar 15-25-year gold 48_1931 A 0 9514 ____ 9555
8718 July'23
Guar 70-years 14s
1977 ;CO
86'11
85
1952 M N
8534 8612 9512 Sept'25 ____
Guar 43 Ser E
-1-s
-1E12 -1E3-4 1512 1534 7 -11.- 3- -19
82%
4
1
/
Gen a f 413 =renting red
77
78%
1
____ Peoria & East lot con 949.. 1940 A 0 ____ ____ 78%
3812 July'24 _
Nat RP. Mex prior lien 430_1926 J J
5
31% 36%
3312
337 331,
1990 APr. 33
In 5
.
kin u
mee4s
cop
per&
32
2442
24
2
J J
24 Sept'25
July 1914 coupon on
gg 101
14
9934 100
34e _ _ _ _1974 A 0 9934 100
133
2814
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2612
2814
on
coup
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9718 10044
8
54
98
J
Sale
9818
J
9912
59_1958
Ser
let
A
Marquette
Pere
28 Apr'25
1951 AO
Lit consol 48
go
86
J
N
4
5
2
11
2
5
5
8
4
3
8212
3
6
5
4
2
19
_8_2_1
4 8212
/
let 48 Ser B
1134 20
17
17
17 Sale 15
4
1
Assent with Apr 1924 coupon
9212 94/
9212 Sept'25
Phila Bait & W let g 48
96
94
94 Sept'25
96
New England cons 68
1945 J J 93
198
104
7
10512
A
F
10518
1057
1974
8
10612
B
Series
5s
Gen
8134
81
7934 8078 81 June'25
44as
40
1945 J
Consol 48
13
4212
43
42
43
Philippine Ry 1st 30-yr 8 f 40 1937 1 J
86
86
86 May'25
1986 FA 8318 86
N J June RR guar let 42
10512 10513
1932 2 D 1007g ____ 10512 Mar'25
9214 Pine Creek regstd es
88
7
9118
9974
go
NO& N E let ref as imp 430 A '52 J J 90% Sale 90%
Sept'25
1940 A 0 96
8014 8455 PC C & St I. gu 430 A
5
8214
4
/
971
go
New Orleans Term let 4s_ 1953 J J 8134 821 8214
9(314 ---2
4 Sale 99661184
/
1942 A 0 961
guar
434s
B
Series
1004
100
D
Sept'25
101
109
99%
4 1925
1
/
N 0Texas & Mexico let(
96%
91
941
_
N
4
/
94
2
_
94
M
1942
guar
434s
C
Series
9814
8
923
11
9734
1935 AO 97% Sale 9738
Non-cum income be
4
893
95
95
2
95
1945 NI N
Series D 4s guar
9012 9734
43
96
4 94
/
901
1954 40 9512 Sale 9512
lit 58 Series 11
94 Sept'25
Series E 3348 guar gold _1949 F A
98 10212
98
102
93/
4 9312
1
1954 AO 10112 Sale 10118
let 53413 Series A
4 Sept'25
1
93/
1953 J 0
Series F 45 guar gold
9914 102,2
AO
101
10134 61
9412
Temporary
9012
93 Aug'25
1957 M N
Series G 4s guar
943 Sept'25 ---- 1 9318 94%
MAC lidge gen gll 434e_1945 J J 9412 95
94
91
933 Sept'25 __ __
Series H 43
9912 July'25
NYB&MB lot cong581935 AO 99% 100
96%
95
AA
F
July'25
3
0
8
6
9534
94
8 11991712
19
99
9914
Series I cons guar 434s
14 106
N Y Cent RIt cony deb es1935 MN 108,2 Sale 10812 109
94% 96
Sept'25
94
Series J 434s
11612
106
MN
1
108
116
108
9614 101
Registered
1
--i.IFS
D
_1970
9948'834
A
99
Series
5s
98%
M
General
8714
4
/
821
8412 37
1998 FA 84% 8478 8414
Consol 48 Series A
4 99%
/
971
137
1, 0; 10
M
5 .4
8
74
2
26
9
a 19
99
Gen mtge 5s Series B :
88% 93%
38 _9_8_3_4 9814
8%
95
123
92
2013 AO 9178 Sale 9114
4 101
1
99/
Ref & Inapt 434s "A"
101 June'25 _ __ _
99 10214 Pitts & L Erie 2d g Sc
10112 123
Ref es impt ba Series C2013 AO 101,8 Sale 10118
107
106
___
_
Aug'25
106
1932
gu
10612
lit
es
10512
Pitts McK & Y
9912 102
A0
10034 Aug'25
4
/
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1021
100
10014
1
1940 A 0 1001
4 10055 10014
/
Pitts Sh & L E 1st g 5a
Y Central & Hudson River—
10014
1
„
,
10
July'25
11
.
10014
9614
1943
2
.58
consol
gold
let
7955
75
Ji
7812 12
77% 7812 7712
1997
si-4
Mortgage 33.48
914,
____
May'25
1943 51 N
7814 Pitts Va & Char 1st 48
74
88% ---- 9114
77 Sept'25
1997 J J 7618 78
IN 10014
Registered
1927 M N 1011
9212 98
4 -- -- 10014 July'25 _ __ _
/
Pitte Y & Ash let cons bs
5
94
9114
1934 M N 9312 94
895,1
87
Debenture gold 48
1948 J 13 903g -- 8958 July'25 _ _ _
9214 9234
let gen 45 series A
MN 9218
9234 Aug'25
Registered
100 10214
1962 F A 1003 ---- 10014 Aug'25 -91
92%
let gen 58 series B
91 Aug'25
19421 J 9012
80-year debenture 4s
60.
5312
Aug'25
4
93
593
93
45_
Secur
9
1,
deb
i
,
z
6
27
,
Providence
---N56%
Feb'25
93
Registered
81% 803
7434 7812 Providence Term let 48
6 8318 8314 81% July'25 _ _ _ _
76% 20
Lake Shore coll gold 330_1998 FA 7614 Salo 7614
9212 96
3 ___ 95
95
1
74
gen
413
Co
gold
J
93
79
1997
Reading
2
FA
5
7518
7518
7512
75
1998
Registered
9412 95
4
'
J J
May'25
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7712 11
4
/
Mich Cent coil gold 330_1998 FA 7612 7734 771
93
1 78858
4
75/
12
- --a 88
92284
Jersey Central coil g 40___1951 A 0 -9112 Viii N7348
80
7612 July'25
1998 FA 75
Registered
9212 96
5
4
93
93%
A
Ser
91
8
4349
937
J
ref
&
J
9455
Gen
1997
AO
3
9355
93
93
9314
8
927
1937
MY Chic & St L lit g 4s
9944 1001
4
/
89
99
Mehra & Danv deb 5s stpd 1927 A 0 10034 __ 10012 Sept'25
Jan'25
_ 89
1937 AO 91
4
/
791
74
Registered
927e 9612 Rich & Meek 1st g 4s
1948 M N
797g 74 Aug'25 __ -74
2
94
1931 MN 94 -61-14 94
25-year debenture 4.8
9958 102
Sept'25
10412
J
1st
J
100
Ry
gu
10212
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58_1952
101
10255
MN
15
Richm
102%
102% 103 10234
lid es Series A 11 C
1931
98%
925s
D
9374 9834 1110 Grande June let go 58_1939 J
4
1
1 9414 Sept'25
93/
9712 12.5
1974 A 0 97 Sale 9634
Ref 5346 Series A
7
5
5 June'25 -_-_-_-_
90
93,2 11.10 Grande Sou let gold 4s 1940 2 2
512 7
9212 11
NY Connect let gu 4348 A_1953 F .,A 9134 9212 9214
6
6
89
89
6 May'25 ---Guaranteed
1940 2 J
_5
89 June'25
1,
M Y & Erie let ext g 4a___ 1947 01 "
8212 89
8534 11
9372 9812 Rio Grande West let gold 49_1939 2 J 8512 Sale 8534
9378 July'25
id ext gold 4348
1933 01 8
7551
71
25
74
99 1011
4
/
Mtge dr coil trust 48 A
1049 A 0 74 Sale 7314
1930 A 0 10
10014 July'25
90
'
34
4th ext gold be
89,,
85
8818 34
9712 971
4 RI Ark & Louis lot 430_1934 M 8 8755 Sale 8753
/
9712 Sept'25
97
5th ext gold 4s
1928 J
7314 77
90
7512 Aug'25
94
Rut-Canada 1st gii g 48
1949 2 2 7514 77
93 Sept'25
5
-N Y & Green L gu g ba
1946 M N 92% -6
4 89
1
85/
757g 783 Rutland let con g 43419
1
87
1941 2 2 8612 883e 87
7834 June'25
NY & Harlem g 330
2000 M N 7912 7512 83
80
8914 12
80
St Jos ds Grand 101 1st g 4s 1947 J J 8014 Sale 8014
- 80 July'25
N Y Lack & W let & ref 68_1973 MN
95%
91%
Sept'25
95
10914
2
&
2
Lawr
190%
1996
St
let
58
Adir
g
10012
Sept'25
-let & ref 434s
1973 M N
101 10312
2d gold 65
1996 A 0 100 105 10212 Sept'25
10512 10712
106 Aug'25
106 1930M
NYLE&WIst7sext
96,2
94
9934 99% St L & Cairo guar g 4e
5
9434
1931 2 2 9455 9514 9434
9978 Mar'25
Dock & Impt 58
1943 2 3
9914 101
9958 19934 St L Ir M AS gen con g 58 1931 A 0 10014 Sale 9934 10014 23
10014 fcif 10014 Sept'25
N Y & Je
1932 F Arsey
lst 5a
1
9112
96'1
4
913
9112
52
1929 2 2 9514 Sale 9514
ed & ref gold 4s
95
Unified
9112 June'25
N Y & Long Branch gen g 48 1941 M I, 9034
9112 93
8012 68
93 Apr'25 ---J A 9312 95
Registered
1233 iki
N Y N 11 & flan n-c deb 481947M 8 651
4 -6-73- 68 Sept'25
/
90
83%
52
Riv
0
8
4
&
1st
877
M
873
4s
Div
g
N...
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,
S
8712
60 June'25
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9983 10014
50
6
552 62
914 St L NI Bridge Ter RU g 5.3
1930 A 43 9912 102 10018 Aug'25
Non-cony deben 334s_1947 hi ._
8 °112 621; 6112 Sept'25
78
71
2
2
577
491950
5412
60
Fran
-299
St
San
(reorg
7714
&
co)
L
Salo
7612
1
53
58
7655
Non-cony deben 3348____1954 A 1-1 5514
4 9312
1
85/
1950 2 2 91 Sale 9012
9134 83
Prior lien Ser 13 bs
63
2
63% 62
62
Non-cony deben 45
1955 rJa
1928 2 J 103 Sale 10258
8
59
8
85%
6
41 10178 103%
103
Prior lien Ser C bs
6334
9
6212
6234 63
Non-cony deben 48
93% 10034
1942 2 ...
53
5912
Prior lien 5348 Ser D
2 9834 Sale 9838
9912 54
57
58
3
58
56 2 .
Cony debenture 330_1958
2 57
84% 9414
81955
8614 94
Cum adjust Set A 6s
9312 223
9312 Sale 9212
93
74
Cony debenture es
1948 2 J 91% Sale_ 9114
7gi4 97%
8312 90
es
A
Income
638
Series
9812
90
Sale
J
8912
J
1
4
883
4
883
Registered
105%
10334
69
Ry
049'31
9014
Fran
gen
963
Sept'25
San
&
4
_
1033
___
StLouls
4
105% 10412
8
9614
1940 A 0 9512 96 98
Collateral trust 6s
ionis
101
5334 611
4
/
1931 2 J 10012 ____ 10012
10012
General gold 59
60% 17
1957 MI N 60 Salo 60
Debenture 4s
10412
1
J
19010
,1948
1st
55
W
58..
4
64
L
N
Cu
St
&
8
Peo
1017
10018
1017
4
/
8
J
1001
5912
Sept'25
8
J
Cons Ry non-cony 45_
1954
5934 607
9371
92%
Sou
let gu g
9312 ____ 9378 Aug'25 _ _ _ _
St Louis
58 64
4
6114
Non-cony deben 48___ _1955 2 .
2 63 Salo 61
8331
78
1N
1 14
39
S 83
etts 198
459
St L S W 1st g 48 bond
5712 64
8278 21
8314 8234
5814 Sept'25
Non-cony deben 4s
1956 2 J
3
78
72%
7.57
Income
bond
100
2
1
100
2
45
4
ctfe_p1989
8
735
7355
g
7312
2d
Aug'25
4
1003
NY & Northern let g 5s.... _1927 A 0
8538 9074
7912
65
903 119
Consol gold 4519322 0 90 Sale 89%
6834 44
N Y0& W ref lat g 4s_June 1992 M 8 6834 ET;lo 6812
81% 90 .
2
2
bs..1952
&
691
unifying
62%
4
terminal
/
14
8712
8718
let
Sale
8718
64
Sept'25
6312
63
General 49
1955 J D
8734
80
65
65
St Paul as K C Sri L let 4348_1941 F A 8414 Sale 8414
8458 23
J D
Apr'25
65
Registered
3
'
9034 96
4 St Paid E Or Trunk 445_ _1947 2 2 911
/
8618 861
4 931 9118 Aug'25
/
8692 Feb'25
lie Y Proy & Boston 48
8518
9418
98,2
con
0
Man
48,10332
8
,
&
87
4
/
St
Minn
821
9418
7
9418
8414
Paul
9512
0418
1
8414
N Y & Putnam let con gu 4P1
3A 0
92
- 83% -- -9214 9412
100 1003s
Registered
100 Sept'25
1927M 6 100
1
2(Y&RB
let gold be
1933 2.7 1)1.) iiiii.8 10i83-4 Igg114 Z
lit consol g 45
66% 76
102:::: 10614 10912
75
1937 2 2 75 Salo 7214
N Y Swig de W let ref 5e
J J 10538 106 10555 July'25 __
10558 10555
5918 88ere
541treedguisctedtod
61 Aug'25
211 gold 4348
4
/
1937 F A 591
9512 100,4
gold 4348___1933
5974 68
9814 9855 9918
9955
61
ifii 973
1
61
General gold 58
1940 F A 6014 62
2
8 98
1933
J
97
93
Registered
Apr'25.,,...
9712
99
9712
I
Sept'25
97
2
4
/
051
99
Terminal let gold 5s
87% 9512
933
D
2
19371.1
701*
40
gold
9218
let
ext
9214 Aug'25 ____
Mont
5978
69
166
N Y W'chee & B 1st Ser I 43491_'4
3
6814 Salo 6712
946
9214
go
991
4 9312 90/
/
Registered
4 Sept'25 _ _ -1
7912 85%
8514 70
Nord Ry ext.' if 634s
1950 A 0 8312 Sale 8312
8954
88
Pacific ext guar 40_ __ __1940 J i 88
8912 8912 Apr'25 ___7055 84
81
55
Norfolk Sou let es ref A 55_1961 F A 7914 Sale 79
a Due Jan. 0 Due July
p Due Nov. i Option sale.
127 A 11
'
iI
4
7Actoi
TI N
1662
New York Bond Record—Continued----Page 4
BONDS
et Y.STOCK EXCHANGE
Week Ended Oct. 2.
t
C
442.
price
Friday
Oct. 2.
Week's
Range or
Lou Sale
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 2.
Price
Friday
Oct. 2.
Week's
Range or
Last Sale
Range
Bine'
Jan 1
—
Bid
Ask Low
High No
St Paul Union Depot be____1972'I 10134 Sale
Bid
RIR
Low High No. Loa
HOS
10114
102
30 111
02es
h ermour & Co lot real est 43481939
11O 111ta
8 A & A Pais let gu g 481943 J
.1
105
D 89 Sale 8812
89
88
91
8318
8338 84
854 Armour & Co of Del 6%a___1943
83% 29
81
Santa Fe Free & Peen 5e_1942 MS
93 Sale 92%
J J
Ill
9318 96
94%
9914
9914
9911 102
4
9812
993
4
Associated
0116% gold notes 194
Say Fla dr West 1st g 6s_ __ _1934 AO 10912 111
3
5
7
10212
1022
J
8
10212
a
i
10134
6
D
10312
S
102%
10918 Sept'25
Atlanta Gas L let 55
- 10713 111
1st g be
98%
97% 9834
- 9838 May'25
1934 AO
_ 102 June'25
Atlantic Fruit 7s ctfs dep
- 102 102
Scioto V & NE lot gu g 4a1989 MN 100181934 J D
18
-2-1195 Sept'25 -18
213
8818 89
- - 8838 Sept'25
-Stamped aft; of deposit
87% 9054
Seaboard Air Line g 48
12
39%
1512
June'25
1512
22
-74
1950 AO 7714 7978 7734
8112 Atlantic Berg deb 58
7734
1
1937 5--.1 9938 9958 9934
Gold 4e stamped
99%
9734 10014
8
1950 A 0 7714 Sale 7714
74
8212
Baldw
Loco
7714
Works
1
let 5s_A940 M N 103 Sale 103
Adjustment ba
9934 105
10312
Oct 1949 F A 84 Sale 8328
7
73
874 Baragua(Coup Az)7les_
8534 251
1937 j ) 105 10514 10518
Refunding 4s
10518 12 103 107
5912 7312 Barnsdall Corps f cony
1959 A 0 7078 Sale 7012
7078 45
8% A1
194
38
let & cons fle Series A_1945 M $ 95 Sale 942
C.
11
j
1 J 10414 10512 105 Sept.25 -- 1024 106
8
311
95
841*
953
Bell
4
Telephone
of Pa Is
Atl & Blrm 30-yr 1st g ea_d1933 M El 8758 8812 88
10078 Sale 1004
10034 61 10014 103
83% 89%
8812 11
let & ref 5s Ser
1960 A 0 10034 Sale 10018
aboard & Roan let 5e
10034 639 10018 10114
1926 J J 100 100% 100
9934 101 18 Beth Steel 1st ext of
6
10014
bs
& N Ala COL18 gu g be
1926 j j 100 10014 100
6 100 10114
100
1936F A 103 10418 10418 July'25
10214
10418
1st
& ref 58 guar A
Gen cons guar 50-yr 5e...1963 A 0 103% 105
95% 9812 9714
13
931e 98%
98
5 198
03
91122
27
104
1,
8 1088
094
30-yr p m dr imp s f 58
193
So Pas Col 48(Cent Pac col)k1949 J D 8512 Sale 104
46
2j
ai N
J 92% Sale 9212
90
9312 55
94
4
8512
86
Cons
30
-year
8 Series A1948 F 6
Registered_
94 Sale 93%
117
A
9414
9314
974
J D 8118 85
85 Sept'25
Cons 30-year 5les Series B 1980
53 8,1
20-eear cony 4zi
F A
s 86 Sale 86
85
894
8634 30
June 1929 M El 97 Sale 97
9112 9
88
5
686
9712
Bing
&
Bing
deb
61
,
5s
90-year cony 58
9434 Sale 9312
6
9212 96
9434
19342 D 9912 9978 9912
9978 20
Booth Fisheries deb a f 6s
1926
9112 Sale
20-year g 5s
5
9112
7014 9112
1944 M N 99 10014 004
2
10018
9812 101
Botany Cons Mills 6 AE1----1934 A 0 94% Sale 87
Elan Fran Term] lot 4g.. 1950A 0 854 85% 8518
94%
A 0
9518 25
9434 961e
6
888
8514
o
84
Brier
Hill
Steel
let
534s_ _1942 A 0 101 Sale 101
Registered
46
97 102
102
84 July'25 -- -83 8514 B'way & 7th Av 1st c g 5s
1943
elo Pac of Cal—Gu g be
77 Sale 76
52
68
77
79
1927 M N IO2T8
04 Aug'25
_ _ 10218 104
Ctfs of dep tamed June '25 lot J D 7412 77
So Pac Coast let gu g 4/3
4, 6734 78
75%
75%
1937 J J 94l8 ____ 9412 Jan'25 -9412 Brooklyn City RR 58
943
1941.
So Pac RR lat ref 45
92
921
923
2
8
Sept'25
.1"-i
90%
963
a
874
92
1955 J J 8814 Sale 8818
135
89
13klyn Edison Inc gen 58 A 1949 ,j
Southern—lot cons g 5a
.1 10138 Sale 10114
9918 103
10212 82
1994 J J 10338 Sale 10314
10334 163 10014 104,8
General 6s Series 11
1930 .1 J 10412 10434 10338
Registered
10338 106
10412
J D 10014
10114 Sept'25 -Bklyn-Man
R Tr Sec 65._1968 J J 8978 Sale 89
Develop & gen 48 Ser A1956 A 0 7812 Sale 78
90 I 242' 8214 92
7328 9012 Bklyn Qu Co & Sub con
gtd 58'41 NI N 62
6312
Develop & genes
11 6114 71
6334 6312
1956 A 0 10638 10638 10578
12
7:1:
0
°
3;34 110
10
76
let ba
81
43
1 13
0
°1
1 100
7314
Develop dr gen 6345
787
7318
7318 81
8
7341
5
1958 A 0 11038 Sale 111014
111
62
Brooklyn It'rr lot cony g 4s_2
10
90
12
1j
J j
92
Mem Div lot g 43 s-5a-1996
J 8818
_ _ 92 June'25 ----I 92
10014 ____ 10014 Sept'25
3-yr
7%
J
I
secured
notes
St Louie Div lst g 48
0912 Sept.24 -854 8712
1951 2 J 87 Sale 8512
Ctfs of deposit stamped 1921 J J
8618
14
Mob & Ohio coil tr g 43... _1938 M S 8838 Sale 8552
12314
May'25
14
8638
82% 8833 Bklyn Un El lot g 4-5a
1950 1-i -8812 883-4 8812
So Car & Ga lot ext 534e..,_1929 M N 10134 10212 10112 Aug'25
8112 90
8812 14
10012 108
Stamped guar 4-58
1950 F A 8812 Sale 8812
Spokane Internet 1st g 58_1955 J J 8018 83% 8478 July'25 - _
8112 80%
8838 17
834 874 Bklyn Un Gas 1st cons
g be 10
9
4
3
2
5
8i
M
100%
Term Assn of St L let g 4%8_1939 A 0 9638 ____ 9612 Sept'25
N
14
Sale
9918 102
10134
1003
8
9014 9814
10-Yr
cone
deb
78
13514
1st COUB gold 5s
176 July'25 -- 155 178
1944 F A 100'2 - - - - 10012 Aug'25
99 10114
1st lien & ref 65 Series A 1947
M
J D
N 10712 1-0I 10778
Gen refund s f g 48
108
2 10714 11038
19532 J 8334 8412 8312
8338 19
804 85,4 Buff & Susq Iron of 58
1932
91
Tex dr N 0 con gold be
_ 9112 July'25 -911s 934
19432 J 9634 _
9614 July'25
Bush Terminal let 48
9614 99
-1952 A 0 87% 90
Texas dr Pas lot gold 5a__2000 J D 19
8712 Sept'25 - - - 84
91
09
1,8
34
,
109
238
19
0
,
258 13
997 10234
5
Consol
be
1955.3
904
J
La Div B L 1st g be
26
92
864
92
90
90
19312 J
Sale
99
0934
Building 55 guar tax ex .1960
A 0 96 Sale 96
Tex Pac-Mo Pac Ter 5348_1964 M S 9812 99
9328 9934
9612 33
9812
2
9812
97 10014 Cal G & E Corp unif & ref 55_1937 MN
100 Sale 100
Tol & Ohio Cent let gu 58_1935 J J 10114 Sale 10014
98 1011
10012 12
:
9934 10112 Cal Petroleum 8 f g 034s
10114
10
__ _1933 A 0 10312 Sale 1034
Western Div 1st g be
10312 18 100% 10412
1935 A 0 9814 10134 100 Sept'25
9928 10014 Camaguey Sag lots f g 7s
-1942
General gold 58
90
89
9518
4
1935 J D 9634 98
97 Sept'25
9638 994 Canada SS Lines 1st coil 8 f 7e '42 A 0 8812 8978 89
al N 9934 Sale 99%
Toledo Peoria & West 48_ 1917 .1 J 31
14
100
9614 10014
32
2812 Aug'25 ---3112 Cent Dist Tel let 30-Yr
28
1943 J D 100 10114 101
Tol St 1. & W pr lien g 3 As 1925 J J ____
101
14 10014 1024
9912 9978 Cent Foundry 1st a f 635a
9978 May'25 -1931
50-year gold 45
9978 Sept'25
9234 9971
1950 A 0 8534 86
854
Cent Leather lot lions f 68_ _1945 F A 9512 100
86
824 87
16
J J 10034 Sale 10038
Tol W V &0 gu 4les A
97% 1014
10034 81
9634 9738 Central Steel 1st g s f 85_
19312 J 9614
9634 Sept'25 —.__ _1941 MN 113 11312 113
Series B 4 lea
113
2 110 116
97
19331 J 9712
974 Ch G L & Coke lot gu g 58_1937
9712 July'25 - _J J 10012 101 10014
Series C 45
9814 1014
10014
3
8928 90
1942 M S 8912 •
90 Aug'25
Chicago Rys 1st 55
1927 F A
7712 44
Tor Ham dr Buff 1st g 48
7712 Sale 77
7312 88
1946 J D 864 ____84
5
801e Chlle Copper 6s Ser A
86
84
Ulster & Del 1st CODS g 5a
10812 224 105 11112
71
1928 J D 8378 Sale 7512
9218 Cincin Gas & Elec lot & ref 1932 A 0 10818 Sale 108
8378 23
Is
'56
A
10112
0
let refunding g 4s
102
984
10112
102
3
104%
1952 A 0 4612 49
13
49
4978
53e5 Ser B due Jan
1967 A 0 10314 104 10314
Union Pacific lot g 4s
10418 25 1004 105
94 9
62412 Clearfield Bit Coal lst1
1947 J J 9178 Sale 9178
92% 60
48_1940 .1 J 7612 -- 80
Registered
Jan'25 - 80
80
8918 93
_,J J 8918
8912 Aug'25
Colo F & I Co gen 5 f 5a
1943 F A 9012 -9334 90
40-year cony 4e
9014
87% 93
2
984 997* Col Indus 1st & coil Is
1927 J .1 9938 Sale 994
99% 99
gu
1034 F A 85 Sale 8412
let & refunding 40
80
8538 11
8612
e2008 M S 844 8514 85
27
86
Registered
8312
90
F A
let lien & ref 58
82 Feb'25 -82
82
e2008 M 0 10418 10518 104%
1 1037s 10712 Columbia G & E 1st be
10434
1927 J J 5014 1-60310-year perm secured 68 1928 J .1 10312 Sale 103%
4 10038
10112 12 100 10214
10312 36 10234 10438
Stamped
1927 J. J 10012 Sale 10012
El N J RR dr Can gen 4s1944 M 13 9138
10034 12 100 101%
Col dr 9th Av lst gu g 5s
93 Aug'25
9214 93
10
2
94 14
Utah & Nor gold be
10
19282 1 100 10014 100
994 Pills Columbus Gas lot gold 5s. 1993 al s
3
10014
.1932 J J 9914 9934 993 Sept'25 - - - 084 994
let extended 48
1933 J .1 9358 9414 9338 Sep't25
9358 9315 Commercial Cable lot g 48_2397
Q J 7312 7412 74
Vandalla cons g 4s Set A
7112 7712
7412
3
1955 F A 8711 ____ 8714 Jan'25
86%
8714
Commercial
Credit s 1 6s_1934 MN 100
99 101%
8
C013801 4e 8eries B
100
1957 M N 8714
8628 Apr'25
8838 8628 Commonwealth Power 68_1947 IN N 10214 10014 100
97% 1034
Sale 10214
Vera Cruz & Fist gu 4348_1934 J J
103
49
2214 20 Sept'25
20
20
Computing-Tab-flee 51 611_1941 J
1033
10114
J
ementing let 43.58
4
104
1033
10413
4
4
1033
2
1934
2412 Jan'25 _
Conn
2412 2412
fly & List & ref g 43es 1951 1
9014 924
J
Verdi V I dr W 1st g Es
92 July'25 -1926M S 100
gets 10014
10018 May'25
Stamped guar 4 les
1951 J J
89
93
Virginia Mid Series E 5e1928 M S 9934 1004 100
9012 Sept'25
5 100 10012 C0118 Coal of Md 1st & ref E6_1950 J
100
D 8234 Sale 81%
7812 90
5e Series F
8234
11
9912 101
1931 J 1 100
_ _ _ _ 101 June'25
C01/1301 Gas(NY)deb 63.45_1945
3
1873
2 10114 105
9
3!
,8
1: 8
S8
84
°
90
4 20
11:
8
e
,
1 180
78
)3
5241,3,8
004
Genera I be
37,1,1
10
8
1980
1936 M N 10015
3 100 10212 Coned Pr Je Log let 6 les_ _1943 F A 10
10014
10014
-10018 105
S
Va & Southw'n let gu 58
934 102
2003 .1 J ____ 102
Coot Pap & Bag Mills 6les 1944 M
99 Sept'25
F
8012
7912 924
let cons 50-year Is
19.58 A 0 8834 8934 88%
4
8014 9334 Consumers Gas of Chic gu 581036 J A
8914
1
9278 100%
Virginian let 58 Series A__1961 M N 9914 Sale 9918
10034 Sept'25 - - - 95 10138 Consumers Power let 56
9934 164
1952 hi N 9712 Sale 9618
94
903
4 100
9734
Wabash lot gold Is
1004
10212
1939 M N 10114 Sale 10114
10
Corn Prod Refg s fg 58
10114
1931 M N 9914
2d gold ba
_ 9038 July'24 --- 1939 F A 9634 Sale 9634
2
944 9914
1st 25-year s f ba
9678
19 4 M N 10018 1-0-0-12 10012
Ref 8 1 5la s ser A
10034 , 6 100"
1975 M S 97 Sale 9612
9412 997 Crown Cork &Seal lot of 65_1943 F A
974 176
74
89
854 Sale 8514
Debenture B68 registered_ 1939 M S
85,4
_2
9334 93% Cuba Cane Sugar cony 75
9334 Feb'25
1930 J J 9212 93
92
98
92
let lien 50-yr g term 4a
774 837
1954 J J 8018 83
8218 July'25
Cony deben stamped
9758 67
96 102/
1
4
Det & Ch ext lets bs
9912 10112 Cuban Am Sugar 1st 83f4-1930 J J 9618 Sale 96
1941 J J 10034 ___ 101 Sept'25
coil 85_1931
5 10738 110
13 107% 10812 1074
Dee Moines Div 1st g 4a 1939.5 J 8111 87
108,4
8124 86
86 May'25
Cuban Dom Sug 1st 730_1944 IN
M N 97 Sale 9618
9512 9834
Om Div 1st g 3140
97% 61
74
1941A 0 7614 - - - - 7612
77
3
Cumb T dr T let & gen 6a.„1937 J J 99%
7612
10
97 10112
Tol & Ch Div g 4s
100
1941 M 8 8518 87
8712 Sept'25
8412 89
Cuyamel Fruit 1st 88 lot ctfs '40 A 0 95 Sale 994
95
994
96
Sept'25
Warren let ref gu g 334o_....2000 F A 8112 83
77
77
77 Aug'25
Deny City Tramw lot con 5s 1933 A 0-8218 8314
21
2
892518
11
:
5
22
8
11
Wash Cent 1st gold 48
85
8134
4
1948 @ M 83
813
88%
Den
4
Gas
8134
& E L letderef a I g be '51 MN 953 Sale 94
36
024
97
Wash Term let gu 3les
8118 8512
1945 F A 83
85
8312 Sept'25
Stamped
7
M N
_ 94
9234 9412
let 40-year guar 48
1945 F A 8914
- 83 Sept'25
83 89% Dery Corp(D G) let 8
7
76
8
94%
12
85
W Min W & NW let gu 58_1930 F A 0614 97
9554 974 Detroit Edison 1st coil f 75_ _1042 M 5 8412 844 84,2
5
9612
0612
99%
tr
17
58_1933
J
J
101
Sale
102%
West Maryland 1st g 4a
100%
0318 0712
1052 A 0 6628 Sale 6518
1st & ref 55 Series A_July 1940 M S 10212 Sale
66% 83
26
994 10234
West N Y & Pa let g be
,102,
8
983
4
1937 J J 10012
10112
10014
Sept'25
Gen
&
ref
5s Series A
97% 10134
11
1940
A 0
8 100 Sale I 90%
9m
100
Gen gold 45
1043 A 0 8134 83
8134 Sept'25
7912 83
13t dr ref 68 Series 13__July
107 Sale 107
10718 21 106% 1084
Income g be
Apr 1 1943 Nov 40
46
45 Feb'25
45
45
Det United lot cons R 4les 1932 J J 88
6
88
8838 88
8812
9334
Western Pac lot Ser A 541-1946 M El 93% Sale 93%
904
96
60
Dodge
94%
Bros deb 65 lot mt.& _1941 IN N 96 Sale I
94
9912
9712 2804
9514
let gold 68 Series B
10 10014 1044 Dold (Jacob) Pack 1st 6E3_1942
1946 M S 103 Sale 10212
10312
16
M N 80 Sale 80
80 884
84
West Shore 1st 4s guar
2361 .1 J 8214 83
8234
81
8614 Dominion Iron dr Steel 58
8278 14
9
19394 J 6012 Sale 604
50 68%
6214
Registered
3
7934 10238 Donner Steel lot ref 75
2361 1 J 8178 8312 8214
8214
9212 Sale ! 92,2
88% 97
9212 13
Wheeling & I. E 1st g 58_
2 100 101% du Pont(Elm Powder 434s_1936
1926 A 0 10034 101 101
101
1942 .1 D
j 9418 95
945
904 95
945
. Wheeling DO/ 1st gold 58_1928 J JI 100
984 101
Duquesne Lt lot & coll es_ 1949 J J 106 Sale
__-- 9834 Aug'25
10578
10614 41 10415 107%
Ext'n & impt gold 55
9818 9934
99, Sept'25
1930 F A
lot coll trust 5345 Series B..1949 J J 1047 105 104%
8 104 106
105
Refunding 434s Series A1966 M S 7612 7678 7612
17
68
81
East Cuba Sug 15-yr s f g 7les'37 M 5 10338
77
20 103 1087a
104 10312
4
10414
RR lot consol 45
S
72
1949 M
77
78
76%
78% Ed El III Bkn 1st con g 4e
77,4
_
1939) J 9212 9312 9212 Sept'25
89 9514
Wilk & Eaat 1st gu g be
8134 6712 Ed Elec III 1st cons g 5e
634 6478 6318 Sept'25
1995 J J 10134 ____ 103 July'25 ---9913 103
Will & El F let gold 56
10112 10312 10314 May'25 -- 102 103,4 Elec Pow Corp(GermanY)
53
Sale
e
M
'50
8712
87
s
6
861a 8813
A
88
Winston-Salem El B let 49
8238 8712 Elkhorn Coal6% notes
2
84141
19130 1 2 8418 86
8418
2
97 100
1925 1 13 ____ 9934 9912
9912
Wle Cent 50-yr 1st gen 43
79:81 21
1949 J J 79% Sale 791,
7714 81,4 Empire Gas & Fuel 734s
151
1937 MN 103% Sale 10338
9714 106
104
Sup dr Dul dly & term lot 4033 MN 86
823a 8714 Eqult Gas Light lot con 5s1932 M 8 100
86341
8612 8634
6
____ 100 Sept'25 - 9934 10012
Wor & Con Ea.et lst 4 1:e_ _ _1943 J J 7614 79
7534 Aug'25
75% 8134 Federal Light & Tr 1st Ss,,..1942 M 8 93
1
9338 10178
88 10172,
101%
INDUSTRIALS
1st lien 138 stamped
8
1942 M El 101 Sale 101
96
1017
,4 103
Adams Express cell tr g 48 1948 FA 8 854 86
10
85
8712
85
JO-year deb Os Ser B
85
1
1954 J D 9112 9338 92
9138 9432
92
Ajax Rubber lot 15-yr Si 8s_1936 J D 10078 10178 10114
18
9413 10278 Federated Metals s I 7a
102
9912 Sale 9912
99,2 107
991 2 10
Alaska Gold M deb 1321A
418
418 Sale
311 67s Fisk Rubber 1st s f fie
1925 M S
418
113 11312 113
11338 10 108 115
Cony deb 60 Series B
418
1926 M El
738 418 418
4
67s Ft Smith Lt & Tr let g 5s
1
M) D
1119
903
436
S
EI ____ 7934 7812
91 111
764 8234
7812
Alpine-Mouton Steel 7s
1955 M S 91 Sale 91
32
91
91 12 Frameric Ind & Dev 20-yr 7%8'42 J J
91
9338 Sale 9312
9438 13
8914 951
Am Agile Chem let be
984
1928 A 0 1024 103 10234
18
103
Francisco Sugar lot of 73.4* _1942 M N 10414 Sale 10414
10278
1
3
10312
10672
104
4
let ref a f 7lee g
1941 F A 10312 Sale 10312 104
97
9434 10434 Gas & El of Berg Co cone g 581949 J D 9918 ____ 9914
Sept'25 ---9812 9914
Amer Beet Sug cony deb 68_1935 F A 10018 Sale 10018
9734 102
10014 24
Gen Asphalt cony 68
104
____
Sept'25
---10455
101
American Chain deb s f 6s_ _1933 A 0 9812 Sale 98
10458
96% 9934 General Baking let 25-yr 68_11936
9812 43
D 18
A 0
05
7,8
9J
12
18
08
47a
---- 10412 10614
Am Cot 011 debenture 55_1931 M N 97
2
9118 96% Gen Electric deb g 334s
96
98
96
1
83
Aug
t;825
88
Am Dock &(mot gu lis
1936 J J 106,4 - - - - 10614 Sept'25
105% 10812 Gen Refr 1st s f g 65 Ser A__ _
101
102
101
101
2
100
Amer Ice deb 75. _July 15 1939
1024
11614 120 117
11914 71 11514 123
German Gen Elec 75_Jan 15 1945 J J 95 Sale 94
111
92
9.42„
95
Am Mach & Fdy 816a
1939 A- -6 10012 10112 10018
98 10012 Goodrich Co 634o
5
10012
10478 Sale 10414
1047s
17 10038 10634
Am Republic Corp deb 6s_ A937 A 0 9718 9712 9712
1
9113 98
Goodyear Tire & Rub 1st a f 217
9712
11
1V1 14 12012 Sale 12012 1207
47 119 1214
Am Elm & R let 30-yr bsserA 1917 A 0 98 Sale 9734
9512 99%
9812 76
10-year a 1 deb g es
11014 Sale 11018
11012 86 1083* Ill
1st M 138 series B
1947 A 0 10634 Sale 104%
10634 49 10358 10812 Gould Coupler lots f 6s___4
40
1F
_1193
F A 9414 Sale 9338
9414 21
9252 95
Amer Sugar Ref 15-yr 6s_.A037 1 J 10178 Sale 10112
25
9912 10412 Granby Cons MS dr Peon 6e A'28 M N 9912 101 101
102
Sept'25 - - - 934 101
Am Telep & Tcleg coil tr 4819291 J 9712 Sale 97
9618 9778
0712 180
Stamped
1928 M N 100 101 10018 Sept'25 ---9318
Convertible 49
1003*
1936 IN S 93 Sale 94
2
903
8 974 Gray & Davis 1st cony s 17s.1932 F A 933 95
94
943
95
8
92
20-year cony 4 %a
1933 M 8
5
90
9712
9438 116
98
Gt Cons El Power(Japan)76.1944 F A 9012 Sale 89%
9012 65
874 9111
30-year coil tr 54
1946J D 10078 Sale 100%
63' 100 10214 Great Falls Power let e f 5s.._1940
101
10238
10238
M N 10218
1
9974 10274
35-yr of deb be
1960 J J 9634 Sale 9614
517
944 984 Hackensack Water 1st 4s
97
1952
J
J
Sale
87
8638
87
3
1943 M N 103 Sale 10212 10318 194 101 105
83% 87
20-year of 5340
Hartford St fly 1st 4s
844 ___ 8512 Aug'25
82% 8512
1934 A 0 954 Sale 95%
Am Wat Wits & Elec 5
9212 98
9534 27
Havana El Ply L & P gen be A19
'34
59 M S 9238 93
9238
93
29
1939 J J 10
854 95%
8502148
Am Writ Paper a f 7-6s
39
4934
44
6312 levant: Elea consol g 56
53
1952
F
9714
A
Sale
974
9714
92% 971.
Temp Interchangeable Ws dep_
3
Sale 52
14
43 03% lershey Choc let a f g 6s. _ _1942 MN 104 Sale 104
52
14 103 105
104
Anaconda Cop Mln 1st 6s_ _1953 1:
9918 102
100
100% 275
18t M & col! 5les Int ctf _ _1940 J J 9878 Sale 9814
9812 253
98 99
1938 F A 10234 Sale 102
15-year cony deb 78
9934 104
103% 168
Inc (R1 & Co 1st 6 les temp_1934 A 0 103 Sale 10238
103
14 100% 1051
Andes Cop Mtn deb 7s 50% pd '43 J J 9938 Sale 99
94 10018 iolland-Amer Line 6,(flak _1947 MN
9934 335
4
88
8812
89
88
,
4
J 8812 Sale 8812
7
Antilla (Comp Azuc) 734e _l93.5
8812 9412 luelson Co Gee lot g 513_ _ A940 IN N 10038 Sale
79
9014
90,4 21
10038
10038
1
9814 1007.
91
Ark & Mem Bridge& Ter 58_1964 M S 9214 Sale 0218
9212
9514 qembie 011 & RefIntne 5 4.4.1932 J .1 10078 Sale 10134
10114 40
99,2 10212
Option sale.
a Due May. e Due June. h Due July. It Due August.
4g
1
13111 13
gm r 2
1663
New York Bond Record—Continued—Page 5
BONDS.
N.Y.STOCK EXCHANGE
Week Ended Oct. 2.
•-• a.
Price
Friday
ou. 2.
Week's
Range or
Last Sale
13
04,2
Ask Low
Bid
High No
Illinois Bell Telephone 58_1956 J D 9978 Sale 9934 10018 108
Illinois Steel deb 41
/
4s
1
4 Sale 94
1940 A 0 94/
5
943s
Intl Nat Gas & Oil 58
9112 July'25
1938 MN
91
Indiana Steel let 56
1952 MN lais Bale 102
10312 27
ngersoll-Rand 1st Is
1935 33 9934
1
9934
9934
Interboro Metrop coil 434s-1958 AO
11
Apr'25
Guaranty Tr Co ctfs dep....412 Aug'25
Ctf dep atpd asstd 16% sub. _
1012 Mar'25
Interboro Rap Tran Bit 58_ _1966
6:ire 681
6834 191
Stamped
68 Sale 6738
6818 328
10-year 6.
1932 AO 7058 Bale 7012
71
16
10-year cony 7% notes_ _ _1932 M S 90 Bale 8954
150
90%
Int Agile Corp 181 20-yr 58.1932 MN 811
8312 17
/
4 85
83
Stamped extended to 1942
7338 37
MN 7338 Sale 7114
Ines Mercan Marine f 5e__1941 AO 84 Sale 84
8478 50
International Paper 58
9112 Sale 9118
1947 .1
9134 39
Ref e f 65 Ser A
96 Sale 9558
9614 251
1955 M
Int Telep & Teleg cony 53a 1945 MS 10658 Sale 10378 10658 1527
Jurgens Works 6s(fl08 price)_19473, 9612 Sale 9614
97
53
Kansas City Pow & Lt 544.__1952 MS 9912 Sale 99
9978 76
Kansas Gas & Electric 614___1952 M
101 Sale 101
10112 29
Kayser & Co 78
1942 FA 10658 Sale 104
10658 109
Kelly-Springfield Tire 88_1932 MN 105 Sale 10414
106
97
Keystone Telep Co let 5e
1936ii 9012 91
7
9012
9011
Kings County El & P g 51.__1937 AO 1021s --- 103 Aug'25
Purchase money 89
1997 AO 11912 Sale 11912 11912
Slags County El let g 44_1949 PA 79'a 791 79 Sept'25
_
Stamped guar 49
1949 PA 7718 791 7978 Sept'25
KIM County Lighting 58_1954 3, 9914 Sale 994
9914
1
6142
1954 3, 105 Sale 105
2
105
Kinney Co 7348
1936 3D 108 Bale 108
3
10812
Lackawanna Steel 58 A
1950 MS 9214 Sale 91
9214 16
Lae Gas L of St L ref&ext 51_1934 AO 10014 Sale 100/
1
4 10014
5
Coll & ref 5/
1
45 Series C
1953 PA 10018 Bale 9934 10014 94
Lehigh0& Nay f 4/
1
45 A_ _1954'3 96
96
96
1
Lehigh Valley Coal let g 55.1933
J 10014 dide 100
10014 24
let 40-year Int red to 4%.1933'3
8958 Sept'24
Lax Ave & PP lit gu g 58_1993 MS %His 16 4113
411
2
Liggett & Myers Tobacco 78_1944 AO 115 119/
1
4 120 Sept'25
Registered
AO 11712
1
4 Aug'25
- 117/
tis
1051 F • 100 101 100
1003s
2
Registered
PA 9612 10114 9778 Aug'25
Lorffiard Co (P) 78
1944 AO 11678 Sale 115
118/
1
4 14
Registered
AO 115
_
115 Sept'25
_
Si
1951 PA 97 Sale 9612
9
975a
Louisville Gas & Electric 58.1952 MN 9612 Sale 96
9612 54
LOU111, Ry let con 5a
1930 33
9212 9313 July'25
Lower Austrian Hydro-Elea Co111 1 OM
1944 PA 8518 Sale 85/
1
4
8518 20
&Lanett Sugar 71
/
41
1942 AO 100 Sale 99
100
32
Manhat Ry(NY)cons g 45.1990 AO 8012 Sale 8012
611
/
4 58
2d48
2013 3D 54 Sale 54
54
2
Manila Electric 7s
1942 MN 10134 102 102
10214
4
Manlla Elec Ry & Lt s f 1544_ _1953 M
89
89
90
90
8
Market St Ry 7s Series A
10013 Bale 100
10078 97
1940 Q
Metz Ed let & ref g 68 Ber 13.1952 PA 105 10514 10234 104
15
lit & ref 58 Series C
9512 Sale 9434
9512 22
1953
Metropolitan Power(
/
1
4
1953 3D 104 Sale 10212 104
7
Met West Bide El (Chic)421
4 7212 714
7112
1
1938 PA 72/
Mid-Cont Petr let 6145.. _ _1940
M
9978 Sale 9958 100h 129
Midvale Steel &0cony.!M 1936 MS 9114 Sale 91
9158 52
MIlw Elea Ry & Lt cons g 58.1926 PA 100 Sale 9978 100
13
Refunding & exten 4 Hs_ A931'3 9834 - -- 964
97
2
General 5a A
1951 3D 9818 Sale 9818
9812
5
let 5a 13
891 89
8918
1961 3D 89
3
let&refg6gS1esC953 M
100/
1
4 Sale 100
10013 24
Milwaukee Gas Lt let 4s..1927 MN 9858 983 9834
9914
7
Montana Power let 154 A
9978 24
1943 3, 9913 Sale 9912
Montreal Tram let & ref 53_1941 3, 97/
1
4 Bale 978
4
97e
Morris & Co let 11 f 434e...._1939 3, 8514 Sale 85
8614 42
Mortgage-Bond Co 45 Ser 2_1966 AO
-- _ 7718 Mar'25 _ _
10-25-year 55 Series 3
9614 Sept'25
9614 97
_1932'3 79__
Murray Body 1s0 634.
9812 16
1934 3D 9812 Sale 98
Mu Fuel Gas la gu g 58_...1947 MN 9838
9812 Sept'25
Mut Un gtcl bonds ext 4%...1941 MN 99
.101 June'25
_Nassau Elm guar gold 414..„1951 J
60 10.1 6014
8033 29
Nat Enam & Stampg lat 51.1929 D 984
- 9912 May'25 -National Acme 71
/
4e
1931 3D 954 Sale 9414
96
73
Nat Starch 20-year deb 59_1930 3, 9712 99
99 Sept'25
_
National Tube let M
1952 MN 101 103 10012 1013e 45
Newark Corso! Gas 58
1005
, 1005e
1948 3D 1003s 1
New England Tel & Tel 5s-1952 3D
10014
_
10012 12
NY Mr Brake let cony 89..1928 MN 10014103 104 10314 Sept'25 _ _ _
New ON Pub Sem, let 5s A_ .1952 AO 0012 Sale 90
9034 12
lat & ref 58 aer B
3D
89
/
1
4
Sale 89
1955
905a 40
NY Dock 50-year let g 48_1951 PA 81 Sale 81
8112
4
NY Edison let & ref 634. A.1941 AO 11458 Sale 114
11434 64
lit lien dr ref 59 B ......1944 AO 10034 Sale 1004 10114 -88
Y Gas El Lt & Pow g 51_1948 3D 10312 104 10333 Sept'25 - _
Parches) money g 48
1949 PA 89 Sale 89
89
8
N Y L &West C &RR 5)421942 MN
101 10012 Apr'25
_
NYQElL&P1etgSe.193O FA 105 10014 100
100
1
N Y Rya 1st R E & ref 48_ _1942
49 Bale 49
491
/
4
2
Certificates of deposit
49
4814 51
4918 13
80-year ad1 Inc 58_ _ __Jan 1942 A 0
334 412 412 Aug'25
Certificates of deposit
418 Sept'25
334 4
---N Y RysCorpinc(is__ __Jan 1985 - - -- 2734 Sale 2712
2834 140
N Y & Rich Gas let 611
1951 MN 10012 Sale 10012 10012
1
Y State Rye 1st cons 41
/
48_1982 MN 60 Sale 6034
6114 20
Registered
M N
63 Apr'25
let con 634e series B
1962 MN 80 Sale 80
80
4
WY Steam let 25-yr 6e Bar A 1947 M N 1023s 10312 102/
1
4 103
5
N Y Telep 1st & gen s f 4148_1939 MN 9714 Sale 9718
9712 67
80-year deben s f t
/
1
4_ _ _Feb 1949 F A 10924 Bale 10934 110
52
20-year refunding gold 08.1941 A 0 10678 Sale 10658 107
74
Niagara Falls Power let 58..1932 3 J 103 Sale 101
103
5
Ref & gen 66
Jan 1932 A 0 10614 Sale 10612 10612
4
NIss Lock & 0 Pow 1st 5s. _1954 M N 9853 99 1094 July'25
_
Is & ref 53 ser A temp_ _ _1955 A 0 9812 Sale 9812
99
49
Refunding 6, Series A_ _ „1958 F A 103/
1
4 10412 10978 July'25
_
Nor Amer Edison 88___ __1952 M 8 101 Sale 10058 10138 55
Secured
g 634a Ser 8_1948 M
104 Sale 10334
10412 19
Nor Ohio Tree & Light 6e __I947 M 8 9414 Sale 9312
95
70
Nor State, Pow 25-yr M A.1941 A 0 96
9614 9578
96e 22
A 0
Registered
9314 Jan'25
1st & ref 25-yr 68 Ser B_ _ _1941 A 0 10414 Sale 10434 1061i 33
Northweet'n Bell T let 75 A.1941 A A
10712 Jan'25
North W T lat fd g 4148 gtd_1934 J
-68fl 9713 9612 Sept'25
__
Ohio PublIc Service 734e A 1946 A 0 In Sale 111
11112
4
lat & ref 75 series B
1947 F A 109 110 109 Sept'25 _
Ohio River Edison let 89_1948 3
1011
/
4 Bale 10134 104
20
Old Ben Coal lat Os
1944 F A 9678 9714 965a
0712 23
Ontario Power N F lat 55_ _1943 F A 995s Sale 9918
9912 11
Ontario Transmission 55
1945 M N 9918 Sale 9918
9918
1
A
/
1
4
Ots Steel(
1941 F
105 106 105
10534 26
1st 25-yr f g 7/
1
48 Ser B1947 F A 10012 Sale 10012 101
28
Pacific 0& El gen & ref 5.._1942 J 3 9612 Sale 9614
961* 40
Pao Pow &
lethaet 20-yr '30 F A 9914 9914 99
994 16
Pacific Tel & Tel 1st 5s
19373 J 101 Sale 101
10114 29
Ref M 5s series A
1952 MN 9758 Sale 97
9778 71
Pan-Amer P & T lat 10-yr 79 1930 F A 105/
1
4
_- 10578
10578 13
Conv f fis
1934 M N 106 dte
10424 108/
1
4 187
at
leasehold
61
/
48_1953 J
Park-Lax
93 Sale 93
93
4
Pat& Passaic & El riona 58 1949 M
10038
-- 10018
1004
1
Peop Gas C Ist cons g 68..1943 A 0 1093- - 10934 Sept'25
__
Refunding gold 56
1947 M S 9714 9814
9818
9814 13
Philadelphia Co coll tr 65 A.1944 F A 10378 Sale 103h
104
22
15-year cony deb 5148-- -.1938 78 8 98 Sale 98
9812 20
Pblla&ReadlflgC&lrsfSe.1973 J J 100 Sale 100
10053 15
Due Jan. 4 Due April. •Due Dec. a Option sale
Rases
Mica
Jan. 1.
Low
High
97 101/
1
4
9224 9634
8712 94
101 1041
/
4
92 9934
71z
10
11
44
1013 1012
5938 7434
59 7313
6124 80
85 95
87
8313
8213 7338
82/
1
4 9112
87/
1
4 94
95
98
10112 10838
88 10712
9558 101
9814 10312
10112 10858
90 109
82 9212
99 103
11412 12014
75
7914
74
80
89 10114
10352 10812
1048 109
8954 9434
9814 1017s
9514 102
9534 100
99/
1
4 10112
WI;-i119
118 12035
11714 11734
9124 10212
974 9778
11414 11733
11312 115
9434 9812
9053 994
9114 9312
851
/
4 861:
99 102
57/
1
4 64
51
58
9714 10234
85
92
9712 10214
10112 106
9112 97
100 104
6878 80
954 10012
874 9314
9974 10113
9478 97
94 100
84/
1
4 9271
9834 104
9614 9934
97/
1
4 10053
94
9813
7812 87
77
771s
9558 9712
9634100)2
9513 9812
9778 101
5712 84
98
9954
80
96
9855 10112
10012 103
9811 101
99/
1
4 102
10112 104/
1
4
90
92
89
9012
7724 8134
112 11513
995s 102
1004 10412
86
9034
10012 10012
994 10034
45
5412
4254 54
412
378 534
2514 32h
9914 10214
58 8814
83 83
7934 97
9711 104
95
99
10778 11034
10618 10812
100 103
10334 1081:
10412 110
9712 100
10438 11033
967s 10212
10034 106
91
97
93 9915
9314 9314
103 107/
1
4
10733 10778
94/
1
4 98
108 11234
107/
1
4 11112
981
/
4 104
96 99
98 10034
97
9934
9534 106
8934 10112
934 99
98 100
9918 102
924 10012
10412 107
103 11858
91
99
96 10014
107 11034
94 100
1011
/
4 105
93/
1
4 100
99 10218
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 2.
Price
Friday
. 2.
Week's
Range or
Last Sale
BM
Ask Low
High No.
8 10814 107
Pierce-Arrow Mot Car deb 881943
0512 10612 51
1
0314
Pierce Oil a f 8s_ ___Dec 15__1931 3D 10314 105
10314
4
Pillsbury Fl Mills 20-yr 68.-1943 AO 10112 10214 0112 10134
Pleasant Val Coal let g s f 58_1928 33 973 99
9734
977s 19
Pocah Con Collieries 1st 1561957 33 8934 Sale 8934
5
8934
5
Port Arthur Can & Dk 85 A-1953 FA 10012 10118 004 1007a
let M Os Series B
1953 FA 10038 10112 007g
100%
21
Portland Elea Pow let (18 8_1947 MN 9934 Sale 9834 100
Portland Gen Elec let 55
9914 Sept'25
1935 3, 9854 100
2
Portland Ry 1st & ref 5L.-1930 MN 884 Sale 9458
94s
9
Portland Ry Lt& P lst ref 581942 FA 942 963s 8714
8814
7
1947 MN 9834 Bale 9834
1st I & ref 68 ser B
9834
let & refund 7346 Bee A-1946 MN 10618 10612 0611 Sept'25
Porto Rican Am Tob 8L.-1931 MN 101 103
02 Sept'25
15
1933 3, 95 Sale 9412
Pressed Steel Car 54
95
Prod dr Ref.!85(with waents)'31 3D 11018 Sale 1018 Sept'25
Without warrants attached___ J D 11014 111
10
11014 15
5
Pub fiery Corp of NJ gen 54-1959 AO 105 Sale 0434 105
82
1944 P A 9934 Sale 9912 100
Secured g 88
Pub eery Elea & Gas 1,1 534,1959 14 0 103 Sale 0234 1033
, 33
9
let ee ref 5148
1964 AG 10278 Sale 0258 10314
10658 15
Pub Berv El Pow & Ltg 68_1948 AO 10618 10633 0578
33
108
1937 3, 10414 Sale 10414
Punta Alegre Sugar 78
Remington Arms 68
7
8912
1937 MN 8712 8934 89
9
96
Repub 118 10-30-yr 5ss L-1940 A0 9512 Sale 9512
'
3 9058 Sale 9058
1
903s
Ref & gen 594, ser A..... _1953
P A 884 Sale 8814
Rime Steel 1st 78
8814 11
68
58 Sept'25
1955
2 3D 83
Robbins & Myers 1 78
9
Rochester Gas & El 78 ser B_1946 MS 11112 112 11112 112
3
10312
103
Gen Mtge 534s series C_ _ _1948 MS 103
_ _ 90 Aug'24
Roch & Pitts Coal & Iron 58_1948 MN 9938
/
4 Sale 61'
63
Rogers-Brown Iron Co 79_1942 MN 611
10
913
St Jos Ry Lt Ht & Pr M___ _1937 MN 9158 Sale 915g
1
9534
St Joseph Stk Yds let 4348.1930 33 958 Sale 9534
7814 Sept'25
St L Rook Mt & P55 stmpd-1955 3, 7712 81
8812 Aug'25
1924 AO
St Louis Transit 55
95 Sept'25
1937 3' 95 100
St Paul City Cable 55
923 "jai
Saxon Pub Wks(Germany) 78'45 P A 9233 Bale 92
8
106 Bale 106
10614
Saks Co 75
1942 M
10158 12
San Antonio Pub Ber 611_1952 33 10138 Sale 10114
7
106
Sharon Steel Hoop let 8s ser A '41 MS 106 106h 106
3
106
Sheffield Farms 6345
1942 AO 106 10612 106
Sierra & San Fran Power 50_1949 P A 9012 9114 91
9112 19
Sinclair Cons Oil 15-year 75_1937 MS 9172 Sale 9134
9234 64
let In coil tr65C with warr 1927 3D 100 Sale 10453 10812 197
56
87
1938 3D 8678 Sale 8612
let lien 634s Ser B
10012 47
Sinclair Crude 011 3-yr 65 A 1928 P A 10018 1005s 10014
10012 34
3-yr 6% notes B Feb 15...1926 P A 10018 Sale 10014
98
85l
1942 AO 84h Sale 8412
Sinclair Pipe Line 55
117
1927 A0 117 Sale 11114
311
885111 011634% notes
3
10574
South Porto Rico Sugar 78._1941 3D 10578 Sale 1051a
'
3 10112 Sale 10112 10134 21
South Bell Tel & Tel lat f 591941
10038 77
S'weet Bell Tel let & ref 55_ A954 P A 100 Sale 100
99
10
9814
Southern Colo Power M....1947 3, 9814 99
__
9712 9912 9812 Sept'25
Spring Val Water g 54
—1948 M
_
9934 Sept'25
1930 MN 9954 101
Standard Milling let 56
108
4
Steel & Tube gen ,f 75 Ser C 1951 3' 108 Sale 107h
911
/
4
5
Sugar Estates (Oriente) 75_1942 MS 8952 923s 9014
974 37
1929 FA-I 9514 Sale 9412
Superior 011 let,1 74
Syracuse Lighting let g 59_1951 3D 995 10034
11
93Sept'252
9'4
9984
5
Tenn Coal Iron & RR gen 55_1951 J J 10138 10254 10
Tennessee Cop 1st cony 8s 1925 MN 991 10114 9934 Sept'25 —
10212 108
Tennessee Elm,Power let 65.1947 J D 10212 Sale 10218
31
57
1960 33 .564 Sale 56
Third Ave let ref 45
Ad; Inc 55 tax-ex N Y...4'1960 AO 3812 Sale 3754
414 67
947g Sept'25
1937 3, 935 95
Third Ave Ry lst g 58
MS
32
108h Sale 10834
109
1941
Toledo Edison let 75
9831 22
Toledo Tr L & P 513% notes 1930 3, 984 Sale 98
25
997834
Trenton G&El lat g 5s__1949 MS 98 102
Sept'
Trumbull Steel deb 8s
1940 FA
Twenty-third St Ry ref 58_1962 J
6O's 66's 6158 Aug'25
11
95
_ _ _ 95
Underged of London 4/
1
48_1933 J J 92
_ _ _ 89 Apr'25 _ _ _ _
Income Si
1948 33 92
9824 58
Union Bag & Paper let M 88_1942 MN 98 Sale 97.
102
6
Union Elec Lt & Pr lit g 58 1933
2 MS 101% 102 10058
MN 9912 100
9913
9934
8
Ref & ext 55
lst g Misseries A
1954 J J 10034 Sale 10012 10034 16
Union Elev Ry (Chic) 59_1945 10 78
771 7614 Sept'25
'
3 9934 100 100
Union 011 let lien e I 53._ _ _1931
pt'2
,
5
03
112 BAeug
30-yr Si Ser A
May 1942 P A 10312 1041 10
Union Tank Car eaulp 7a.„1930 P A
10312 19
United Drug 20-yr 6s_Oct 15 1944 AO 10234 fiLe 10234
9
10212
United Fuel Gas 151 51 65-1938 JJ 102 Sale 102
9978
United Rye Inv 5,Pitts Issue 1926 MN 9934 9972 9978
3
__
Stamped
9972 Sale 993* Sept'25
United Rye St L 1st g 48__1
6712 6912
19
93
34
7
MN 94 Sale 6
5
6
98
44 29
United BS Co 15-yr 88
94
72
2
United Stores Realty 20-yr 85'42 AO 10312 104 10312 10414
U Rubber 1st & ref 5a ser A 1947
9014 358
90 Sale 8958
10-yr 734% sec notes
1930 F A 10733 Bale 10634 10733 20
US Smelt Ref & Menu,88.1926 F A 10012 Sale 10012 10034 18
MN 10533 Sale 1053s 10578 113
963 M
60yr
_Corp
m{c
re
oguipon_d
stered di196,
U elf Ste l1 10514
5
10514
Utah Lt dr Trac 1st & ref 58..1944 A 0 8713 Sale 8733
8712 15
9478 30
Utah Power dr Lt 1st 58.-1944 F A 9434 Bale 9418
Utica Elec
P 1st 5s_ _1950
102 Sept'25
/
4
3 1011
Utica Gas de Elm,ref & ext 58 1957 J
102 Sale 10034 102
Victor Fuel Ist f 58
1986 3 J 58
83
57 June'25
5
Va-Caro Chem tat 79
10134 Sale 9934 10124 112
Certificates of deposit
10114 Sale 9958 10114 35
Certificates of deposit stm
9912 199
19pd247 3 7
- 1001
/
4 10014 9912
Stpd as to payt 40% of prin
1st 75
1
4
10158 Sale 9912 101/
1947
Ct1 of deposit
1
4 10112 60
10112 Sale 99/
Ctf of deposit stpd
1004 30
10012 Sale 99h
108
345 with & without war_ _1937
89 Sale 8212
89
55
Centre of dep without ware
89 Sale 8212
89
85
6
Certifs of den with warrants
87/
1
4 Bale 82/
1
4
Va Iron Coal &Coke lat g 5a 1949 MS 91h 97
9114 Sept'25
Va Ry Pow 1st & ref 5s
40
987
1943 3, 9618 Sale 9614
3D
Vertientes Sugar let ref 75 1942
27
1
4
89 Sale 86/
88
Warner Sugar Refin let 78 1941 3D 92 Sale 92
9238
'
3 80 Sale 80
Warner Sugar Corp let Ts__ _1939
30
81
Wash Wat Power a 1
10012 _
_1039
10112 Sept'25
Westches Lta g 58stmpd gtd 1950 3D 10118 1-031 10118 Sept'25
MN
West Ky Coal let 7s
101 Sale 101
1944
9
10112
West Penn Power Ber A 5a-194
46
1 MS 9834 9934 9418
99/
1
4 12
let 78 Series D
119963
46 MS 10034 Sale 108
10634 17
M
let Se Series E
9812 Sale 9812 • 9834 35
Temporary 5s Series E 1963 M
984 9812 983 Sept'25
1s1 5/
1
49 Series F
1953 AO 103 Sale 103
8
10312
'
3 8612 Sale 8612
West Va C dr'C 1st 88
1950
8814 15
Western Electric deb Es__ _ _1944 A0 10012 Sale 10038 101
160
'
3
Western Union coll tr cur 59_1938
101 Sale 10058 10112 19
Fund & real estate g 41
/
49_1050 MN 974 Sale 98
9714 15
FA 110 Sale 110
15-year 61
/
48 g
11012 29
Westinghouse E & M 75_ _1
19
93
31
8 MN 10612 sale 10614
10853 41
Wickwire Spen Steel 1st 75...1935 JJ 7714 8034 7718
4
79
Certificatee of deposit
801: Sept'25
77
85
791 78
Certificates of deposit stamped MN 77
3
7813
Willys-Oyeriand f 61
/
48 _._ _1933 MS 102 Sale 10134
10234 40
Wilson & Co let 25-yr it 88_1941 AO 9734 Sa1
9734
9838 49
Registered
93
Feb'25
1928
10-year cony s f 611
6914 7114 70 Sept'25
Certificates of deposit
69 Sale 6814
6912 26
PA 6814 Sale 6814
10-yr conyf 794s
69
5
_1
1
493
9
_.
_1
Certificates of deposit_9
6712 69
9
68
6814
AO 10134 Sale 10134
Winchester
es
Arnie 734i
22
102
Younten Sheet & T 20-vr as _194a
10014 Sale 10014
101
162
Rams
Sims
Jas. 1.
ENO
Low
91 107
10258 107
9938 10252
98/
1
4
97
88 9439
9912 102h
1004 102
964 1004
9838 100h
924 964
844 92
94 1001s
10518 108
101 106
9214 97
104 1154
1
4
110 113/
laps 10514
95 100
98/
1
4 10514
9958 105
10213 10714
102/
1
4 107/
1
4
861
/
4 92
9312 (111
8913 94
884 90
5712 7319
110 112
10234 106's
60 88's
85/
1
4 92
9512 96
771
.87
74 8819
95 97
9012 19139
106 109
9919 1011
10572 10719
105 10724
90 9524
88 95
104341181*
82/
1
4 9044
9988101
9912 10114
82 88
106/
1
4 120/
1
4
102 108
99 10219
9818 10119
53/
1
4 owl
9852 981s
99/
1
4 101
105 109
9014 971
/
4
90
99
9712 10034
10078 103
1
4 102
99/
9914 10414
58/
1
4
51
3414 5014
9358 98
108/
1
4 110
98 10019
98 100
1
4
97
97/
61
70
95
89
88/
1
4 119
94/
1
4 99/
1
4
9954 102
9814 101
100 104
79 7714
86 101
10229 10514
101 10514
10014 1042
.
48 103
99 10012
99 100/
1
4
6712 7414
91
95Is
102/
1
4 105
85 9012
10419 108
100/
1
4 102
10414 10834
10378 10614
8318 9112
91
9812
10034 102
9814 103
53 57
73 10214
7119 102
68 10024
98/
1
4 102
98 101/
1
4
9412 10134
43 89
42/
1
4 89
41
88/
1
4
90 95
9314 99
8612 9412
8979 9g4
7719 87/
1
4
9934 101/
1
4
98 102
100/
1
4 10234
9324 100
10414 107/
1
4
931s 9912
9813 9914
10012 10534
8512 98
98 1011
/
4
9918 102
9253 9754
10912 11214
10358 10814
78
91
783s 88
78
81
9913 102/
1
4
9158 9912
93
93
55
7812
53
75
83/
1
4 77
8938 74/
1
4
10014 10214
*64 1011s
1664
BOSTON STOCK EXCHANGE-Stock Record see8=1,.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
latarday.
Sept. 26.
Monday,
Sept. 28.
Tuesday,
Sept. 29.
Wednesday.
Sept. 30.
Thursday,
Oct. I.
Friday.
Oct. 2.
Sales
for
the
Week.
Range for Year 1925.
STOCKS
BOSTON STOCK
EXCHANGE
.
Lowest
Highest
Railroads
15834 15834 159 15912 15912 160
15914 160
160 161
159 160
364 Boston & Albany
100 156 Feb 18 16414 Jan 7
7814 7814 027814 ____
7812 7012 7812 7914 78
827 Boston Elevated
7814 7912 7912
100 7514 Mar 17 86 Jan 2
•9612
_ •96
_ .97
_ .9612
_ *97
__
9712 9712
10 Do pref
100 92 Jan 16 9812June 11
*_._ _ fig •114 fig •114 fig 114 1-1-4- •114 1-1-5 114 115
45 Do lot pref
100 109 Mar 31 116 Sept 8
.29713 98
98
98 029712 98
40 Do 2d pref
9712 9712 *9712 9812 98
98
100 94 Mar 20 102 Jan 9
3478 3412 36
34
33
35
3312 3412 3312 3412 34
3412 9,324 Boston& Maine
10 Apr 17 36 Sept 28
100
35*
.__ _ 33
3314 3412 3313 3512 33
32
1,043 Do pref
33
33
32
100 1112 Apr 24 352Sept 28
3812 40
40
41
3912 41
38
3978 3,501 Do Series A 1st pref
3912 39
3912 37
100 17 Apr 27 41 Sept 28
5712 5812 59
60
60
60
5614 56,4 5712 1,049 Do Series B 1s1 pref
58
5812 56
100 29 Apr 27 60 Aug 29
54
5112 54
54
51
52
753 Do Series C 1st pref. .100 25 Apr 25 54 Aug 29
50
5212 5212
5012 5112 50
75
7812 7512 7512 76
455 Do Series D let pref
7412 75
75
76
76
72
72
100 3512 Apr 25 7812Sept 28
4,24781,
0217812_
Boston & Providence
0
_
*17812
100 167 Feb 26 180 May 28
311 ii
37
37
35
3613 21781235
38
3712 38
3712 3712 -1,531 East Mass Street fly CO..100 26 Sept 4 39 Feb 11
62
62
60
60
60
--------35 Do let pref
60
*6012 62
*6034 62
100 60 July 31 71 Apr 3
05112 55
*511
. 55
*5112 55
52
52
70 Do pref B
.5112 55
05112 55
100 51 Aug 26 6212 Jan 12
3712 3734 "236
3734 37
3712 37
37
37
3712 ---- ----400 Do adjustment
100 35 Sept 3 48 Mar 10
40
41
40
40
*38
--------445 Maine Central
40
39
40
*39
40
100 23 May 27 44 Aug 18
03752 3778 3638 3718 3652 3634 34
3634 3534 3618 3512 3618 3,703 NY N II & Hartford
100 28 Mar 30 3958 Aug 19
80
80 *280
83 *280
83 •280
--------5 Northern New Hampehlre_100 70 Feb 16 80 Apr 29
83
080
83
*2117 118 .120 ____ 02117 123 "2117 123
7 Norwich & Worcester pref_100 100 Jan 13 124146ept 15
119 119
____ ____
02110 ____ .210938 110 *2110 ___ 110 110
--------40 Old Colony
10912 110
100 96 Jan 2 111 July 7
5314 5314
6 Rutland pref
100 4514May 1 6313 Jan 2
*z66 ii
9212 -6212 *2-021.3 li
34 Vermont St Massachusette_100 87 Feb 24 96 June 26
63 -9-353
. 13
Miscellaneous
1,340 Amer Pneumatic Service___25
4
4
414 Jan 7
334 334 *334 4
334 334 *334 4
212 Mar 25
33s 4
2034 21
21
21
21
380 Do pref
21
21
21
2114 21
21
21
50 1612Mar 25 2214Sept 14
139 13938 13878 13914 13878 13938 139 13912 139,4 13912 13958 14078 1,264 Amer Telephone & Teleg 100 13038 Jan 2 14334June 18
72
72
73
No par 6112N1ay 6 87 Aug 8
70
72
7114 7012 7234 1,035 Amoskeng Mfg
73
70
*7212 73
075
Do pref
81
*75
77
No par
*75
77
7014May 11
*7512 ---- *7512 ---- ---8634 Aug 20
•1713
_ •1712
_ _ __ __ _ Art Metal Construe, Inc__ 10 14 Jan 16 16 Aug 20
_ *1712
_ _ ____
.1714
__ •16
800 Atlas Tack Corp
1334 _1318
1714 Sept 19
133
- 4 1334 -1-3-34 1338 -133
1314 1312 *1314 13
- -12 1318 _-- 4
No par
912 Aug 21
--------110 Boston Cons Gas Co pref_ _100 103 Jan 17 10814 Aug 31
*106 107
10712 10712 106 10738 •106 107 0106 107
__ _ _ _ __ _ Boston Mex Pet Trus_ No Par
.07 ____
.07 •____
.07 *____
-------.07 .____
.
2912 3,937 Connor (John T)
'23114 3134 3034 31
2912 2758 -2814 3034 29
3014 31
10 20 Jan 26 3214 Sept 23
473 Dominion Stores, Ltd_ _No par 2814 Jan 30 7112Sept 12
71
.266
70 .26612 68
67
7012 70
67
67
70
67
Do pref A
_ ___
_ ____
*9212 _ _ .9212 _ __ 09212 . . 09212 . _ •9213
100
99 June 12 99 June 12
358 1,010 East Boston Land
414 114
338 _-4
-4
314 _-312 -212
312
314 -314
632Sept 23
10
113 Apr 30
780 Eastern Manufacturing
.312 4
4
4
413
4
5
0414 412
*312 4
514
5
634 Jan 24
3 July 29
6812 7312 721s 7478 9,860 Eastern SS Linee, Inc
69
7014 87
69
70
6612 6612 67
25 42 Mar 9 7472 Oct 2
Do
pref
960
4312 44
42
43
4213 4212 4212 43
43
42
42
42
No par 35 Jan 15 44 Oct 1
10 lot preferred
98
99 *2-07
99 .206
99 .297
98
98 .96
.297
08
100 89 Jan 3 100 July 20
429 Edison Electric Blum
203 20312 20312 20312 20312 20412 204 206
205 206
204 204
100 200 Jan 5 213 May 21
150 Elder Mfg Co (v t c)
4
.4
4
434 ____ ____ ___ ____ ____ ____
4
4
318July 1
10
512Mar 16
10 Galveston-Houston Eleo 100 1812 Oct 2 38 Jan 7
01812 2012 *1812 20121 *1812 2012 .1812 2012 *1812 2012 1812 1812
Georgia fly & Elec
•12414 ____ *12414 ____ •12414 ____ 012414
____
.12414
100 11516 Feb 27 11534 Feb 27
_ .83
_ _ _
__
Do 6% non-cum pref 100 7812 Apr 15 8414 Sept 8
__
583
*83
Gilchrist Co.__ _ _ ___No par 3234 Aug 29 43 JIIIY 1
1
8 3814 108 3813 -3-9-73812 -28.3-4 38 -38739 -3-9-12 ao -4-0
6,743 Gillette Safety Razor_No par 5712 Jan 2 109345ept 24
10412 10612 10234 106
1063
2
107
10434 10614 10414 106
10612
10514
50 Greenfield Tap & Die
1234 1234 013
.13
1312 *1314 14
14
013
14-- -25 11 May 12 1512June 1
15,492 Hood Rubber
59
60
601s 6212 63
No par 52 May 6 72 Oct 24
6912 6934 -7-2
6714 65
6734 67
80
80
07812 79,2 ---------10 Internat Cement Corp_No par 5212 Jan 5 80 Oct 1
0 International Products_No par .12 Aug 20
.
1.25 .40
.25 .25 0.25 .50
.25 .25
.25 .25 0.25 .50
2 Jan 3
85 Do prof
259 *1
•1
212 *1
100
212
1
1
1 July 13 1012 Jan 9
01
212 -------Kidd r, Peabody Acceptance
595 _
095 _ __ *95 _
5 Corp Class A pref
*95
95
100 8212 Jan 6 95 June 16
95---- - --812
150 Libby, McNeill & Libby
8
*8
-812 *8
932 Jan 7
-8
-8
8
*8
813
614 Apr 16
812 *8
10
___ __ _ Lincoln Fire Insurance
.95
070 _ __ '70
__ *70
20 70 Mar 18 7014 Mar 2
245 Loew's Theatres
•1214 1212 1213 1212 1214 1-214 012 -1-212 1212 12-1-2 -I2 12-1-2
25 1114 Aug 11 1378 Jan 5
349 Massachusetts Gas Cos_ _100 68 Feb 3 78 Sept 22
78
78
77
78
7712 78
7734 7734
7778 78
7734 78
69
631 Do pref
69
69
6913 69
69
6912 '68
69
69
67
100 6312 Jan 9 6934 Aug 6
68
186 186 *186 188
79 Mergenthaler LInotype
188 189 a____ 18912 18812 18812 189 189
100 107 Jan 7 195 Aug 16
*812 9
*714 812
-------------- Mexican Investment, Ins.. 10
714Sept 21
1614 Jan 15
8912 i 9612 4,425 Mississippi River Power 100 36 Jan 2 9512 Oct 20
70
7112 'ia.?, 16.34 '761-2 ii
igi -29-12 80
8 Do stamped pref
.29212 95 '292
94
9212 9212 *29212 95
*9212 9312 ---100 8712 Jan 10 9412July 9
456 National I.eather
0478 5
4% 473
434
434 ---614 Jan 13
458 458
434 478
452 458
10
4 Apr 22
950 New Eng, 011 Ref. Co. to otin_ .20 Feb 9
•.35 .50 •.35 .50 0.25 .50
.40 .46
.40 .40
2 June 22
.40 .40
--------2,335 Do pref (tr Ms)
*9
9
514 Apr 7 12 Sept 8
11
10
10
9
10
100
10
9
10
1,221 New England Telephone 100 99 Apr 21 11612 Oct 1
15 11514 11512 116
11478 115
116 11612 116 11612 116 116
OlYmPla Theatres, Inc_No par
19 Mar 18 2614May 16
____ ____ ____ ____ ____ ____ ____
1 2534 Jan 16 3234July 30
____
___
___
*30
__ _ OrPheum circuit. Inc
31
31
.23012
31
31 0230
"230
31 0230
334 Pacific afills
59
59
59
100 5212June 12 8112 Jan 13
59
5812 59 -59
58
59
59
5334 59
--------55 Reece Button Hole
021558 1614 •x1558 1638 16
*15
10 1614 Aug 12 18 Apr 3
16
16
16
16
Reece Folding Machine
112 ____ ____
214 Jan 8
112 • __
•x____ 112 7___ 112 *z_ _ __ 112 *Z.90
10
138Sept 17
__
Simms Magneto
_
.15
_
.15. . .15 •
•
.15
5
.15 •
11212 113
loo 10914 Apr 22 120 Feb 6
114f4 11412 HA 11414 Hi 1-1112 -2,664 swtft & co
iiii2 113
1171 115
768 Torrington
6734 68
0262
63
63
66
6314 64
6534 67
25 4512 Apr 13 68 Oct 2
6514 65
*313 5
Union Twist Drill
712 Jan 23
312Sept 19
*312 5
____ ____
5
*312 5
0313 5
0313 5
4418 4412 4414 4413 4412 45
25 4034July 29 4778Sept 8
4412 45
441. 4458 4412 4434 2,566 United Shoe Mach Corp
29
523 Do prof
'28
2834 2814 2814 28
*28
28
28
25 2612Jan 13 2812 Aug 8
28
2814 28
13,587 Ventura Copse]011 Fields_ _ 5 1912 Jan 3 25 Feb 24
2012 2012 2012 21
21
2114 2138 2212 2213 2318 2214 23
725 WaldortSys,Ine,new sh No par
1412 Aug 4 1934 Jan 3
1514 16
16
16
1618 1512 1512 01514 1534 1513 1512
16
.1612 18
28 Walth Watch CI B com_No par
5 Jan 15 1818June 8
18
17
17
---- --*17
*16
18
17
17
Do
pref
trust
50
1714 Jan 3 40 June 2
--__
_-__
36
ctts
'35
36
100
38
36
37
36
033
37
*33
10 Do prior pref
_
88
____
*85___ *85
100 65 Jan 6 90 June 20
87
87 "85
88
*84
87
2214 2218 -2214 3.090 Walworth Manufacturing_ 20 1634June 2 2714July 29
2214 22 -2214 22
2112 2214 2112 2134 22
48
1,251 Warren Bros
48
4712 4612 47
60 37 Jan 2 5012July 7
4812 4912 4712 48
47
4712 46
10 Do let pref
4178 0241
*240
501 3752 Jan 10 43124uly 1
4178 023934 4178 3934 3934 --_- ---42 ":41
10 Do 2d pref
44
.._ __ _ _ ..42 '42
.242
44
44 .
42
1242
44 "242
501 4014 Jan 17 46 Mar 2
Stifling
115 Adventure Consolidated___ 26 15 Feb 16 .25 Jan 261
'.25 .50 0.25 .50 0.25 .50
.21 .21 0.25 .
.25 .25
Algomah Mining
25 10 Mar 3 .25 Jan 2
.20 0.10 .18 ".10 .18 0.10 .18 0.10 .18
..10 .20 *.10
3 Jan 10
1,070 Arcadian Consolidated
1
25 .90 Sept 21
.99 .99 .1.95
.90
1
.92 .92
.90 .90
•.90
1
912 Mar 28 1532 Feb 6
5
12
1214 1218 1218 1,250 Arizona Commercial
1214
1214 1212 1218 1212 1212 1212 12
Sept 23
59
July
1
Bingham
12,180
Mines
28'4
59
10
57
5634 5412 56
57
5418 5612 5512 5614 54
56
1414 3,918 Calumet & Heels
25 1238June 8 1873 Jan 2
1414 14
1412 14
1438 1458 1412 1434 1412 1458 14
1 .20 May 5 90 Aug 4
.25 .30 0.25 .40 1,700 Carson Hill Gold
.
1.25 .40
.30 .30 *.30 .50 ".30 .50
1,084 Copper Range Co
25 1834June 18 33 Jan 10
1912 1934 1912 20
1934 20
20
20
20
20
20
20
Davis-Daly Copper
.05
1 .02 July 6 .78 Feb 6
.05 .____
.05 .____
.05 .____
.05 __
.05 '__ _ _
•--64 Jan 2
East
Butte
3 June 5
Copper
Mining_
375
10
412
412 *4
4
*4
4
4
4
412
4
*4'2 459
138 .1E12124
30 Franklin
25 .40 Jan 7
114
114 0.85
.80 .80 0.85
.80 .80 0.85
114
1
0.85
134 Feb 6
1
10 Hancock Consolidated.... 25 .50 June 13
0.50
1
".50
0.75
114
I
.75 .75 0.50 .75 0.50
Jan 24
6
23
1
1512.1gdy
Hardy
Coal
Co
193
4
818
*1912
2012 2012 2012 2012 2012 2078 2014 21
1934 2014
312 Feb 5
Helvetia
112 Jan 6
25
•134 214 '134 214 "134 214 *134 214 *114 211 •112 2
Sept
30
150
Mar
28
121
Creek
785
Island
Coal
14914
1
148
14812
14812
147 147
146 147
147
148
150
147
1
941451ay 27 99 Aug 28
99
70 Do pref
"98
99
*298
99
098
99
99 .298
99
99 *298
390 Isle Royal Copper
97s Apr 22 2012 Jan 7
26
1112 1134
*12
13
1134 121s *1112 12
1114 1112 *1114 12
150 Kerr Lake
1
1
114
*21
5 .90 Aug 19 11.11 Feb 4
1
114 *1
114 *1
1
*1
_ _
112June 19
115 Keweenaw Copper
25 .50 June 29
.65 .65 0.75
114 0.90 114
114 0.75 -1-14
0.90
1
1
it2
3 Jan 2
8 Lake Copper Co
118
1 Apr 11
118 0118 112 *118
112 *118
26
112 0118
112 .118
118May 14
214 Jan 10
--------230 La Salle Copper
25
112
112
112 112
0113 2
112
112 *112 2
214 Jan 13
5
138 Apr23
238
100 Mason Valley Mine
'2
214 .2
214 *2
*2
2
212 ____ ____
2
14 Jan 2
Mass Consolidated
25 40 May 141
0.70 .71
".70
1
1
0.70
1
1
0.70
..70 1
0.70
3 Jan 2
2
Mayflower-Old
Oct
1,410
.90
.90
1
118
.90
.99
Colony.... 25
1
.95
118
1
.95 .95 0.95
270 Mohawk
32
25 2512June 9 41 Jan 13
31
31
30
3034 *30
31
3012 3012 3012 3012 31
18 Mar 30 25 Jan 2
135 New Cornelia Copper
f
•19
20
*1812 1912
*19
20
19
19
19
19
19
018
.10 July 2 85 Feb 18
350 New Dominion Copper
__
0.15 .25
.15 .20 0.14 .25 ..14. 30 0.14 .30 _ _
New River Company
100 25 Apr 2 31 Aug 28
*30 • -35
•_ _ _ 2912• _ _ 30 •_ _ _ _ 30 •_ _ _ _ 30 •_ _ _ _ 30
Prof
40 June 30 65 Aug 31
50
Do
65
100
*60
0260
64
60
60
60
60
85
6014 6014 .260
614 Jan 10
145 N1plasing Mines
438Ju1y 3
"458 478
5
478 478 Ws 478 2412 458 *2438 478 .412 434
314 Jan 14
15 .89 June 5
735 North Butte
112
118
l's
118
118 118
1
1
112
118
1
1
114 Jan 10
Ojibway Mining
26 35 Apr 22
5.53 .75 .1 .51 .75 0.50 .75 0.51 .57 0.50 .75 0.50 .75
26 1712June 9 27 Jan 10
355 Old Dominion Co
.1914 20
1834 1834
19
19
1914 *19
20
1912 191, 19
614 Aug 24
Park City Mining & Smelt_ 5
4 May 19
1012June 18 1878Sept 21
-162 -1-7 - -iiig li- - iiiz Ii- -1634 -1-7-4 -162 li- -I6164 2,555 Pd Crk Pocahontas Co_No par
407 Quincy
2312
25 19 Apr 22 3912 Jan 10
23
2412 24
2414 2414 24
24
23
2312 24
23
St
Mary's
410
3414
25 2812 Apr 21 48 Jan 12
Mineral Land
533
34
34
34
34
533
3378 34
3412 34
34
112 Jan 9
40 Shannon
10 .50 May 1
*.55
.75 0.55 .75 *.50 .75
.55 .55 0.55 .75 •.55 .75
25__
South Lake
0.25
.75 0.25 .50 0.25 .75 *.25 .75 0.25 .75 0.25 .75
2 Jan 5
380 Superior Or Balton copper_ 10 .70 May 13
114
114 .1
138
1
138
1
1
1
1
5
373 Jan 2 811. Jan 23
10,020 Utah-Apex Mining
672 7
711
678 71s
718
678 7
678 718 •6% 7
1 .40 July 7 98 Jan 29
.83 .83 3,950 Utah Metal & Tunnel
.82
.83 .86
.
.81
.83 0.80 .87
.80 .80
114 Jan 31
Victoria
1.40 .50 0.40 .60 *AO .60 0.40 .60
25 .25 Aug 3
0.40
.75 0.40 .50 .
70 Winona
26 .15 Aug 17 48 Jan 7
.17 .17 0.17 ..
0.17
.20
•.17 .
•.17 .30 '.18 .30
Wyandot
.75 5a..
.75,*a__
25 .05 Apr 14 21 Feb 11
.75 ea ___ _ .75
.75 "a__
.75 *a__
.a__
• Win and asked prima: no *ales Os this day. s Ex-rights
C El-div. and rights
PER Elf ARE
Range for Previous
Year 1924.
&tweet
Highest
14578 Mar
718g Aug
8714 Dec
107 Dec
92 Sept
812 Jan
12
Jan
13 June
1712 Jan
16 Feb
23
Jan
43
Jan
18 May
5812 Jan
48 May
28 May
25 June
Jan
14
62
Jan
80
Jan
7212 Jan
34 Mar
70
Jan
184 Deg
85 Del
9614 Ma!
11614 Jar
10114 Del
2514 Not
2672 Noi
3714 Nos
48 Nos
41 No
62 No
172 Nol
3812 Deo
71 Del
6112 Noi
4614 Del
3712 An
3314 Deo
81 No1
108 NO1
98 Not
64 Not
9318 Not
1 Nov
12
Jan
121 June
5712 Oct
Oct
69
13 Aug
6 June
100 Deo
.05 Dec
2018 Dec
2412 May
84
Jan
2 Sept
Oct
4
Jan
38
341s Jan
8512 Jar.
16312 Jan
212 Jan
Jan
13
11314 Mar
79 Aug
-- --5512
- -Oct
1218 Nov
46 Mar
41
Apr
.10 Feb
.25 Feb
414 Des
2014 Des
13412 Des
83
Jar
79 Aui
16 Fel
1014 Jar
108 July
Jat
.20
2818 Ma,
35 Sept
8812 Deg
3 Fet
812 Fet
5514 Mal
40 Fed
93 Mal
20412 Del
5 Des
41 Des
11612 Sep'
80
Jar
- ---6812 Oe
1572 Jai
60 Dec
59 Nos
3 Del
14 Deg
Jan 8812 Dec
80
4 June
813 Del
70
Jan 71 Nos
9 Mar 13 Dec
66 Nov
81
Feb
Jar
62 June 70
Apr 172 Des
150
612 Jan
17ss Feb
19 Feb 3614 Dec
80
Jan 90 Sept
Apr
532 Nos
2
512 Apr
.50 Des
6 Dec 3114 Ma1
98 Dec 11512 Jar
2112 Dec 2232 Dee
Jan 2812 Des
14
6918 Oct 87 Felt
1114 Jan 17 J013
3 Jan
218 May
Oct 40 Felt
10
100 June 118 Dee
3512 June 62 Dee
5 Dec 10 Feb
Jan 4314 Dec
34
2458 Feb 2814 Nov
1914 Oct 27
Jan
1378 Apr 20 Nov
612 Jan 1012 Felt
14 June 2312 Felt
6212 Dec 73 Feb
1513 June 22 Feb
2912 Jan 3934 Nor
3414 Apr 41
Jar
38 Mar 42 Iwo
.15 Dec
.10 June
5 June
Jan
8
14 June
1352 May
.37 Nov
1812 June
.30 Dec
31.4 July
.40 May
.30
Oct
1912 Dec
.30 May
9414 Apr
90 June
12 June
112 Mar
.50
Jan
.90 Apr
.70 June
114 Oct
.50
Jan
80 Apr
2312 June
1013 Jan
.40 Dec
35 June
5712 Dec
534 Jan
178 Oct
.40 June
15
Jan
312 Jan
1084 July
14 June
26 June
.30
Apr
.25 July
25 Aug
178 June
.14 June
.15 Apr
.13 Feb
.10 July
r Ex-div. 0 Ex-stock div. a Assessment Paid. o Price on new basis
.61 Dec
.25 Dee
312 Dec
16 Dec
3158 Dee
1972 jar
3 Feb
3312 De(
.70 Mat
678 Dee
1
Jar
2 Jar
284 Jar
214 Dec
142 Nov
100 Sem
2212 Dee
218 Pet
DA Nov
314 Dec
3 Dee
214 Del
134 Aui
5 July
61 Del
2553 Dec
214 hot
di) Mat
75 ma,
614 Del
633 July
1 Nos
2812 Dee
51e Pet
1512 July
3434 Dee
49 Dee
112 Sept
.75 Dee
212 Dec
378 Dee
.70 July
1
Aull
.71 Jul)
.25 Jul)
OCT. 3 1925.]
H141 CHRONICLE
Quotations of Sundry Securities
Outside Stock Exchanges
All bond prices are "and interest" except where marked"L"
Railroad Equipments Per CS. Baste
Standard 011 Sccccc Par Bid. AO.
Anglo-American 011 new_11 .22
5.25 5.00
2212 Atlantic Coast Line as
Atlantic Refining
Equipment 655e
5.05 4.85
100 102 103
Preferred
5.30 5.10
100 116 11738 Baltimore de Ohio 68
Borne Scrymeer Co
Equipment 445 de 58.... 5.05 4.50
100 220 225
Buckeye Pipe Line Co._ 50 *56
57 Buff Bach dc Pitts equip 6e. 5.25 5.00
Cheeebrough Mfg new.. 25 *6434 65 Canadian Pacific 454s & 68- 5.00 4.75
Preferred
5.25 5.00
100 *112 113 Central RR of N J 66
Continental 011 new..... 25 *2338 237s Chesapeake & Ohio es
5.35 5.113
Rights
Equipment 6546
5.10 4.85
•83c 85e.
Crescent Pipe Line Co_ 50 *17
Equipment 5e
5.05 4.80
1714
Cumberland Pipe Line__100 144 147 Chicago Burl & Quincy es
5.25 5.00
Eureka Pipe Line Co_ _ _ _100 *701 71 Chicago & Eastern III 555e. 5.50 5.15
Galena Signal 011 com _ _100 36
36 Chicago & North West 66._ 5.40 5.15
Preferred old
Equipment 6348
5.10 4.85
100 102 110
Preferred new
5.10 4.75
100 101 10112 Chic R I & Pao 434s & 58_
Humble 011 & Ref new
Equipment &I
25 *661 6634
5.50 5.25
Illinois Pipe Line
5.50 5.15
100 136 137 Colorado de Southern 6a.
Imperial 011
5.25 5.00
25 *1341 135 Delaware & Hudson 6e
New when issued
5.25 5.00
3 321 3212 Erie 455s & 5e
Indiana Pipe Line Co__ 50 *651 66
Equipment 6a
5.60 5.25
International Petroleum_(3) *261 2638 Great Northern 611
5 35 6.10
Magnolia Petroleum..._ _100 150 15012
Equipment 5,3
National Transit Co. 12.50 *20
2014 Hocking Valley Se
5.10 4.85
New York Transit Co....100 52
Equipment 6s
54
5.45 5.10
Northern Pipe Line Co. 100 7812 50 Illinois Central 455s & 5... 4.95 4.70
Ohio 011128W
Equipment Os
25 *6314 6312
5.25 5.00
Penn Mex Fuel Co
Equipment 7s & 645._ 5.05 4.80
21
25 *19
Prairie Oil& Gas new... 25 *5014 6012 Kanawha & Michigan 13e___ 5.50 5.20
Prairie Pipe Line new
Equipment 4%a
100 12114 122
5.20 6.00
Solar Refining
Kansas City Southern 53.45. 5.35 5.00
100 215 220
Southern Pipe Line Co 100 75
7512 Louisville & Nashville Os... 5.25 5.00
South Penn 011
Equipment6%a
100 158 159
5.00 4.80
Southwest Pa Pipe Linea 100 •59
62 Michigan Central 53& &I_
5.25 4.75
Standard 011 (California) 25 *5414 5412 Minn8tP&SSM430&58 5.30 5.00
Standard 011 (Indiana)._ 25 *6212 6238
Equipment 634. &
5.35 5.05
Standard 011 (Kansas)... 25 *3112 3158 MILIBOUrl KAMM & TAM 6. 5.65 5.35
Standard 011 (Kentucky) 25 *13512 13612 Missouri Pacific 6s & 634s.. _ 5.60 5.25
Standard Oil(Nebraska) 100 239 243
Mobile & Ohio 434s & 56..- 5.05 4.80
Standard 011 of New Jet'. 25 *4034 4078 New York Central 4348 & 55 4.85 4.70
Preferred
100 117 11718
Equipment 6s
5.25 5.00
Standard 01101 New York 25 •42
4214
Equipment 78
5.05 4.80
Standard 011 (Ohio).--_100 360 383 Norfolk & Western 454e
4.80 4.60
Preferred
Northern Pacific 7e
100 117 118
5.10 4.90
Swan & Finch
17 Pacific Fruit Express 7s_ _ 5.10 4.85
100 16
Union Tank Car Co.......100 12
125
Pennsylvania BR eg 5e & 68 5.20 4.75
Preferred
100 115 11612 Pitts & Lake Erie 645
6.10 4.85
Vacuum 011 new
25 *98
9812 Equipment Os
5.50 5.25
Washington 011
Reading Co 450 & 511
10 *30
4.85 4.60
Other 011 Stocks
St Louts & San Francisco de_ 5.15 4.90
Atlantic Loboe Oil
218 Seaboard Air Line 654s dr 68_ 5.50 5.25
Preferred
(/(j
4 Southern Pacific Co 455e_ 4.85 4.70
Gulf Oil new
2 *76,2 77 1 Equipment 7e
5.05 4.80
Mountain Producers__ _. 1 *2138 2112 Southern By 454s & 58
5.05 4.80
. Mexican Eagle 011
Equipment fle
5.40 5.10
5 *412 512
National Fuel Gas
100 118 119 Toledo & Ohio Central 135_
5.50 5.10
Salt Creek Cons 011
10 *612 7 Union Pacific 79
5.00 4.80
Salt Creek Producers__ 10 26
261s
Public Utilities
Tobacco Stocks
Amer Gas as Elm new
97
79 American Cigar common 100 94
G) *76
6% pref new
97
Preferred
92
100 95
Deb
2014
98 Amer Machine & Fdry_ _100 185 200
caner Light & Tree com11140
British-Amer Tobac ord. LI 25
26
10 210
1 231
Preferred
25
26
Bearer
100 100 102
LI
Amer Power & Lt common.- 5912 60,4 Imperial Tob of0 B & Irel'd 24
25
Preferred
95
94 Int Cigar Machinery__ _100 89
100 92
Deb 66 2016
80
rel&S 9512 9612 Johnson Tin Foil de Met.100 60
Amer Public Utll com___100 78
MacAndrews at Forbes_ _100 164 166
81
7% Prior preferred __100 88
Preferred
91
100 100 103
4% Pattie pref
64
100 62
85 Mengel Co
100 80
Associated Gas & El pt..(2) *51
65
53 Porto Rican-Amer Tob 100 55
Secured g 6556 1954 J&J 102 104 Universal Leaf Tob com_100 48
51
Blackstone VaiG&E cem 50 *88
Preferred
91
100 97 100
Carolina Pow & Lt corn__ 420 430 Young (3 13) Co
100 123 127
Cities Service common...20 *381 39
Preferred
loo 105 110
Preferred
8412
100 84
Rubber Stocks (Cleveland)
Preferred B
10 *738 8
Am Tire & Rub corn
Preferred B-B
10
80
Cities Service Bankers Shares
Preferred
40
M *LT
Com'w'Ith Pow Corp new(I) *34 ig Firestone Tire & Rub corn 10 *130 138
6% preferred
Preferred
84
100 981 100
100 83
Elec Bond de.Share pre!_100 103 105
7% preferred
100 991 100
Elec Bond de Sh Secur
*65 66 General Tire & Rub corn. 50 *325 400
Elm Ry Securities
Preferred
(I) *15
17
100 1023 103
Lehigh Power Securittee.(2) •150 152 Goodyear Tire & R eom.100 373 38
Mississippi RP,Pow tom 100 96
Goody'r TA R of Can Of 100 901 91
Meson Tire & Rub com.(2) *11
Preferred
2
100 93 95
Finn mtge fre 1951....J&J 983 9914
Preferred
ioo 14 17
S F g deb 7e 1935__M&N 102 103 Miller Rubber
100 220 235
Nat Power & Lt corn..-(3) *396 398
Preferred
100 105 10512
Preferred
Mohawk Rubber
(:) *10() 102
100 47
Income 7s 1972
Preferred
85
75
J&J 102 103,
North States Pow corn_ _100 130 131
Selberilng Tire & Rubber (2) *2412 2512
Preferred
Preferred
100 100 102
100 10012 102
Nor Texas Elm Co com_1001 40
17
50 Swinehart Tire & R oom.100
Preferred
Preferred
60
1001 50
100
Pacific Gas & El 1st pref_100 96 98
Power Securities com___(2) *14
Sugar Stocks
17
Second preferred
312
33 Caracas Sugar
(I) *28
50 *2
Coll trust 6e 1949.....1&D *90
89
93 Cent Aguirre Sugar com. 20 •87
Incomes June 1949__F&A *79
83 Fajardo Sugar
100 124 126
Puget Sound Pow & Lt_.100 49
Federal Sugar Ref corn _100
55
51
Preferred
01% Preferred
90
100 84
87
100
7% preferred
100 10612 10812 Godchaux Sugar, Ine___(:) *8. 11
1st & ref 5348 1949_..J&D 99 100
Preferred
52
100 47
Republic By & Light-100 60
63 Holly Sugar Corp oom_(I) *42
45
Preferred
Preferred
100 8112 8212
96
100 92
South Calif Edison com_100 136 140 Juncos Central Sugar...100 10312 105
8% preferred
National Sugar Refining_ 100 104 105
100 127
Standard(MEI 7% or p1100 9912 101
New Niquero Sugar_ _ _ _100 80
90
l'ennessee Elec Power...G) *60
Santa Cecilia Sue Corp pf100 1
4
let prof 7%
99 166" Savannah Sugar com___
*126 130
Western Power Corp __100 80
Preferred
81
100 107 110
Preferred
98 Sugar Estates Oriente 01.100 so
100 96
60
West Missouri Pr 7% plc ._
94
97
I n dustrIal&M
American Hardware
Short Term Securities
• 5101 103
anaconda Cop Min Os'29.I&J 10234 10314 Babcock & Wilcox
100 146 148
Chic R I & Pate 5e 1929 J&J 99
9912 Bliss(E VV) Co new
29
(2) *27
Federal Suet Ref Os'33.M&N 94
Preferred
95
so *4 6
Cocking Valley 5s 1926 Mdcf3 100 1003* Borden Company oom_.(t) *80
82
Preferred
0 Term Ry 655s_ ...1926 101 1014
100 107 110
Lehigh Pow See 6e '27_F&A 1007 1015* Celluloid Company
100 28
30
Missouri Pacific 5e '27 J&J 100 10038
Preferred
100 68
Sioee-Sheff S&1 es '29 F&A 10212 10312 Childs Company pref
100 114 116
WI. Cent 512s Apr 15 '27 __ 10014 10014 Hercules Powder
100 128 132
Preferred
Joint Stk Land Bk Bends
100 110 112
Chic Jt Stk Ld Bk 58_1951 lO2ie 10312 International Silver oretioo 107 109
55 1952 opt 1932
10214 164 Lehigh Valley Coal Bales 60 82 84
5s 1963 opt 1933.
100 130 131
10254 10414 Phelps Dodge Corp
654e 1951 opt 13031
Royal Baking Pow 0006.100 140 143
104 106
Preferred
100 100 102
45(5 1952 opt 1932
10134 10314
34e 1952 opt 1932
10014 10134 Singer Manufacturing..-100 305 313
4348 1964 opt 1934
100'4 102
4345 1963 opt nag
10134 10314
Pao Coast of Portland,Ore_
1. 1955 opt 1935._ MAN 10214 103
55 1954 oP 1934._ MAN 10134 10234
•Per share. t No par va ue. b Basis d Purchaser also pays accrued dividends
Ex-rights.
New stock. fFlat price. k Last sale n Nominal. z Ex-dividend.
•Ex-stock dividend. s Bale price. r Canadian quotation. e En-Internet.
**31,
1665
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Sept. 26 to Oct. 2, both inclusive:
Bonds-
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. bow. High. Week.
Amer Tel & Tel 4s_ _1929
9734
1943
.994
Andes Copper 7s
AUGult& W I SSL 5s1959
77
Chic June Ry & S Y 591940
9934
East Maas St RR Ser A
1948
434s
64
1936
1044
Hoed Rubber 7s
92
1934
K C Mem & B 4s
974
K C Mem tit B Inc 53.1934
1929 9934 9855
Mass Gas 455e
1931
9654
454s
Miss River Power 5s...1951 9851 9855
1931: 10034 10054
New Engl Tel 58
115
PC Pocah Co deb 78_1935
1944 1004 9994
Swift & Co 5s
150
Warren Bros 754s- -1937
irrn.,....... n...? J. Tal ,ca 1O'3'
(KIM
9754 62 000
9955 16,000
784 38,000
9954 5,000
Range Since Jan. 1.
Low.
964
99
63
96
64
7,000 62
10434
7,000 10174
924 3,500 91
9754 6,000 9554
9914 9,000 96%
9634 1,000 9454
99
5,000 964
10054 17.000 9934
118
3,000 101
most 8.000 9755
150
1,000 123
Cbg 7
.6 in um
901,4
High.
Jan 974
Sept 9954
Jan 7834
Feb 100
Sept
Sept
Sent
Sept
72
106
933.4
9945
994
9754
100
10194
120
100%
155
101114
Feb
July
Aug
Sept
Sept
June
June
Aug
Sept
June
May
June
Sept
Jan
Ain
Mar
Sept
Jan
Jan
Jan
Aug
Jan
Jan
Inn
Chicago Stock Exchange.-For this week's record of
transactions on the Chicago Stock Exchange see page 1645.
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Sept. 26 to Oct. 2, both
inclusive, compiled from official sales lists:
Friday
mites
'veers Range for
Sale
Week.
of Prices.
Par. Price. Low. High Shares
LOX
Stocks-
Range Since Jan. 1.
High.
Low.
100 101
Jan
30 92
Abbots Al Dairy, pref-100
10 5554 55
270 37
56
Jan
Alliance Insurance
Jan
188 98
Amer Elm Pow Co. pref 100 10054 1004 10154
•
7994 814 6,712 4554 Jan
American Stores
100 140
Mar
930 95
130 140
Brill(JO)Co
51
50
Apr
326 50
But& Susq Corp pf v t 0100
3934 3934
Mar
50
89 38
Cambria Iron
2334 2354
•
400 234 Sept
Congoleum Co Ine
14
100 1434
1,862
934 July
1494
Elsenlohr (Otto)
66
66
25 61% Apr
Electric Storage Batt'3,_100
275 275
•
5 275
Sept
Erie Lighting Co
534 5434
100
1,100 4534 Apr
General Asphalt
1.900 4634 Feb
Insurance Co of N A___ _10 5554 554 56
10
6
655
Jan
634 655
Keystone Telephone._ _ _ 50
1,200
334 4
3
34
Aug
Lake Superior Corp_ __ -100
98
50 9734 95
5,893 8034 Mar
Lehigh Navigation
50
80
100 7454 Jan
80
Lehigh Valley
10 2355 234 244
210 2134 May
Lit Brothers
704
Jan
304 60
Penn Cent Light & Pow..• 704 70
May
145 70
7035 73%
Pennsylvania Salt Mfg_50 71
25 4734 4534 4754 33,962 3734 Apr
Phila Electric of Pa
10 46
52
52
May
•
Phila.Insulated Wire
Jan
948 40
4934
Phila Rapid Transit-50 4994 49
296 57
Apr
584 59
Philadelphia Traction-_50 59
35 134 Sept
50
1334 14
Phila & Western
50 3574 35% 364
258 354 Jan
Preferred
15 744 Mar
8554 8534
50
Reading Company
10 96
Jan
9834 9894
Scott Paper Co. pref..-100
11-16 54
475 11-18 Sept
Tono-Belmont Devel_-__I
4 1-164% 17,715
154 Mar
1
Tonopah Mining
763 3854 Sept
3954
50 394 39
Union Traction
50 9934 934 9954 31,263 7954 Mar
United Gas Impt
108 3154 June
4354 45
West Jersey &Sea Shore_50 45
41 4134 Aug
4555 48
50
Westmoreland Coal
Bonds8934
Amer Gas & Elec 5s_ _2007
Elec & Peoples tr ctfs 4s'45 6074 60
9034
Keystone Telco let 5s _1935
Lehigh C&Nav gen 4345'24 9654 9634
10094
Lehigh de New Ens 5s-1954
1949
944
Phlia Co let 5s
104
Stamped sk fd de red 1949
94%
Cons & coil trust 58.1951
1966 10054 10054
Phtla Elec 1st 55
106
106
1947
554s
.. .....
....
$6,100
92
4,000
61
9034 15,000
9634 10,000
limy, 1,000
32,700
104
1,000
104
1,000
94%
102 . 1,300
1,000
106
In..
n 'Inn
87
57
824
9554
10034
944
9354
9334
100
10354
Inn
July
101
60 JUDE,
10455 Apr
8854 July
Sept
147
Jan
53
40
Jan
Mar
43
154 Sent
704 Feb
275
Sept
5835 Jar
70
Jam
934 June
754 Feb
110 June
813.4 June
2555 Sept
7034 Aug
8594 Jar
474 Oct
Sept
52
49% Oct
6354 Ma
1855 Jar
37
Mai
8834 Sat
9854 Sept
I 5-16Fel
551 Am
Mai
44
100% Aug
Aue
48
JAI
57
Apr
June
June
Sept
Sept
Sept
Jan
Jan
Aug
Jan
94
65
9254
101
10094
104
9854
9834
104
107
T..
1 li Q ILL
Jun,
Ma
Jun
Jun
See
See
Sep
Sep
Sep
Jun
inn
• No par value.
Cincinnati Stock Exchange.-Record of transactions at
Cincinnati Stock Exchange Sept. 26 to Oct. 2, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last 1Peek's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Am Laundry Mach,com.25
100
Preferred
Amer Rolling Mill,com.-25
100
Preferred
Baldwin, corn
100
Carey (Philip), corn_ 100
100
Preferred
Champ Fibre, pref.....l00
•
Churngold Corp
•
City Ice & Fuel
Cooper Corp "A"
20
100
New
100
New preferred
Crown Overall, com__ _100
Dalton Add Mach,com.100
100
Preferred
Eagle-Picher Lead, corn-20
•
Formica Insulation
•
Gibson Art. corn
Globe Wernicke, com_ _100
100
Preferred
Gruen Watch, corn
100
Preferred
10
Kroger, corn
100
New preferred
•
McLaren "A"
Paragon Refining, corn_.25
Procter & Gamble, com_20
100
6% preferred
100
Pure 011. 6% pref
100
8% preferred
•
Putman CandY.com
100
Richardson, corn
100
Preferred
•
U S Can, corn
100
Preferred
20
U S Playing Card
US Print & Litho, corn.100
100
Preferred
•
U S Shoe, corn
100
Preferred
126
124%
4954
10734
211
180
11255
102
7654
2354
20
85
112
103
70
10554
3454
2874
3794
844
102
34
1014
140
11154
134
854
12454
10954
8874
106
2255
113
105
644
103
130
79
9434
754
54%
12154 1264
1244 12454
4754 494
107% 108
210 211
180 180
11254 11234
102 102
7654 80
2355 2334
20
20
85
85
112 112
103 103
70
7054
10554 10574
34% 354
2834 2854
374 384
8274 844
102 102
3354 34
10155 101%
137 1404
11154 11254
13
1334
854 Ste,
12454 1273-4
10974 10934
88
884
106 108
2254 224
11254 113
105 105
6435
64
10294 103
130 130
68
8034
9434 9534
74 74
5454 5834
2,421
4
2,601
155
53
31
2
17
604
260
4
2
50
5
75
2
3,88
5
1,040
14
10
150
35
1,090
25
486
100
306
5
104
12
11
8
6
190
40
50
545
218
170
140
Range Since Jan. 1.
Low.
72
118
4755
10674
198
135
105
9955
484
23
1755
6555
9534
101
56
9955
31
1894
35
8234
984
30
1004
7334
110%
114
555
112
10754
81
103
2255
90
102
51
100
High.
Feb 12654 Oct
Aug
Jan 126
Sept 5755 Jan
Feb 11135 May
Jan
Feb 220
Oct
Jan 180
Sept
Jan 113
Apr
Jan 105
Sept
Jan 80
Jan
June 26
Jan 214 May
Sept
June 88
Sept
Apr 117
Apr 10554 Jan
Jan 7734 Jan
June
Feb 106
Mar 404 Jan
Sept
Sept 32
Apr 40
Feb
Sept8854 May
Feb 10255 May
Feb 35
Sept
Mar
Jan 103
Mar 14054 Sept
Jan 11335 July
Sept
May 14
July
Jan 10
Apr
Jan 131
Jan nog Aug
Jan 8834 Sept
Jan 108
Aug
Sept23
Sept
Feb116
May
May 107
Aug
Jan 6435 Oct
Apr 105
July
59
Feb
774 Jan
554 Apr
47
Jan
80
98
1055
64
Oct
June
Feb
Feb
THE CHRONICLE
50
90
33
105
11 1696
41 43
50 30
16 104
310
310
310
7 270
Jan 31394 Aug
47 79
174 82
2 103
61 75
100 60
2 106
4.418
5
Jan 97 June
Jan GO
May
Jan 12695 Sept
Jan 84 June
Apr 6394 Feb
Mar 110 May
Sept
6 Sept
79
76% 79
8795 87
8735
125% 12594 12595
81
81
82%
61
61
62
109
109 109
5%
595 5%
37
80%
36
79
37
80%
103
103 103
9434 9495 94%
Jan 50
Jan 90
July 38
Feb 109%
Sept
Sept
July
June
39
85
Sept
Sept
55 10191 May 105
40 92
Jan 95
July
Jan
1,258
154
31% May
Jan
40
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Sept. 26 to Oct. 2, both inclusive, compiled from official sales lists:
Stocks—
Fraday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
Am Vitrified Prod, com_50 3494 2995 35
Preferred
9334 9334 95
Am Wind Glass Mach_ _100 80
80
8235
Arkansas Nat Gas, com_10
634
695 61.4
Byers(AM)Co,corn _ •
1734 1791
Preferred
100
95
95
Carnegie Metals
10 15
15
1534
Consolidated Ice, proi so 1695 16
1895
Devonian Oil
15
15
Duquesne Light pref.. 100
11234 11234
Indep Brewing, corn_ __ _50
234
134 234
Preferred
50
834 7
Jones & Laughlin pref _ _100
114 115
Lone Star Gas
25 4094 41
42
Merchants Say & Trust 100
70
70
Nat Fireproofing, corn..50
1439
14
Preferred
50 36
353.4 3639
Ohio Fuel Corp
3391 r33
3334
Ohio Fuel Oil
1 1351 1395 14
Oklahoma Natural Gas_ _25 3094 30
3035
Peoples Sav & Tr Co _ _100
400 400
Pittsburgh Brew, com_ _50
4
491
Preferred
50
14
1495
Pittsb & Mt Shasta Cop_ _1 3c
30
3c
Pittsburgh Oil& Gas
5
594
531 594
Pittsburgh Plate Glass_100
270 270
Pitts Steel Fdy, pref
73
73
Rech & Boyne Ball, pt._ _•
37
37
Salt Creek Con 011
694
631 696
Stand Plate Glass, pref _100
31
40
Prior preferred
100
80
80
Stand Sanit Mfg, corn._25 10694 10634 107
Tidal Osage OR
10 10
10
511
U S Glass
25
14
14
West'house Air Brake- -50
12534 13034
West Penn Rye, pref. _100
92
92
West Penn Rye 5s- -1931
9734 9754
Wt Pam% Tr R.
I ORA
120
90
347
162
295
1,415
340
52
442
80
523
131
425
356
238
1,905
6
495
88.5
2,112
130
352
24
470
235
1,000
210
10
20
10
500
218
50
375
925
230
70
10
1,000
0 000
Range Since Jan. 1.
.
Low.
High.
1914 Jan
85 May
80 Sept
594 Apr
July
17
93
July
14
Aug
12 June
1434 Sept
10594 Jan
134 Mar
4
Feb
1113l Jan
Jan
32
60 May
1134 Jan
313.1 Jan
Apr
31
Mar
12
Jan
28
325
Feb
194 mar
mar
6
3c Aug
Aug
5
Aug
255
69 June
37 Sept
631 Aug
30
Aug
80
Aug
100 June
8% Jan
Apr
13
97
Apr
Apr
89
9595 Jan
12.7
STAh
35
98
110
851
1995
95
16
17
15
11254
394
8
11594
4434
70
1434
383.1
3434
1699
3195
400
494
15
9c
834
295
73
40
9
79
98
136
1334
2094
14034
95
99
Oct
Sept
Mar
Feb
June
Sept
Aug
Aug
Sept
Oct
Apr
Sept
Sept
Aug
Sept
June
Sept
Feb
Mar
Feb
Sept
Sept
Sept
Feb
Feb
Feb
Sept
July
Feb
Feb
Jan
Jan
Feb
Jan
Aug
Feb
Apr
520U
T0na
•No par value.
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange Sept. 26 to Oct. 2, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Bank Stocks—
Nat'l Bank of Comm'ce 100
Trust Co.Stocks—
Mercantile Trust
100
Mississippi Valley Trust100
400
265
490
265
531
70
4491
63
30
____
795
9934
4834
8534
7195
109
235
6134
111
43
Bonds—
E St L & Sub Co 511_1932 84
St L & Sub Ry—
Gen mtge 58 C-D__ _1923
United Railways 4.s__ _1934
Independ Breweries 681943
Kinloch Telephone 6s_1928 103
*No par value.
14694
Low.
39 14395
High.
Jan 15095 Feb
.
Street Ry. Stocks—
United Rye, pref, C-D _100
Miscellaneous Stocks.
Berry Motor
•
Beet Clymer Co
•
Boyd-Welsh Shoe
•
Consol De M preferred_ 100
EL Bruce common
•
Preferred
100
Ely & Walker D G,com_25
1st preferred
100
2d preferred
100
Fulton Iron Works,com_ •
Preferred
100
Globe Democrat, pref _ _100
Hamilton-Brown Shoe_ _25
Hussmann Refr, com_
•
Huttig S & D common •
Preferred
100
Hydraulic Pr Brk corn.100
Preferred
100
Internat'l Shoe com
•
Preferred
100
Ind Pkg common
•
Preferred
100
Johansen Shoe
•
Johnson-S & B Shoe
•
Laclede Gas Light, pref 100
Mo-Ills Stores,com
•
Mo Portland Cement_25
Nat Candy common_ _100
let preferred
100
Pedigo-Weber Shoe
•
Rice-Stix D G common _ 100
Scruggs-V-B D G com_ _100
2d preferred
100
Bkouras Bros "A"
•
Sou Acid at Sulph, com _100
S'western Bell Tel pref _100
Wagner Electric. corn__ •
Preferred
1150
145
Range Since Jan. 1.
5 396
3 242
534
5
33
33
69
70
4331 4434
46
42
61
63
100 100
2934 3094
108 108
87
8795
4295
41
100 100
110 110
6534 67
4695 463.4
3395 3395
101 102
794 734
9995 993-4
185 189
11494 11494
2934 3034
106 10694
48
4834
100 101
8534 86
15
15
71
7231
96
96
109 109
45
47
225 235
113 113
94
94
8094 6235
305 305
11091 11134
42
47
89
92
25
318
813
704
220
10
1,294
20
25
155
10
10
471
10
40
15
195
170
803
2
695
35
203
60
92
10
1,068
10
2
315
23
15
8
2,408
94
423
1,638
430
84
84
77
6834
3734
103
77
69
38
103
82,000
4
Sept 400
Feb 280
June
May
21
4296 Feb
38 June
42 Sept
Apr
38
100 Sent
2234 Jan
10294 May
813.6 July
35 May
98 June
104 June
4434 Jan
3734 Mar
3134 Mar
Apr
100
5 June
Jan
81
Feb
115
11494 Sept
Aug
28
10234 Aug
Mar
40
80
Aug
Jan
81
1334 Aug
4139 Feb
Apr
94
Mar
107
Mar
40
Aug
200
Feb
104
92 May
Apr
36
Sept
290
10794 Apr
26% Jan
Aug
79
84
Sept
Oct
1,000 77
12,000 6895 Sent
3,000 36
July
5.000 10294 May
Oct
Apr
795 Feb
Stocks—
Sales
Friday
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Arundel Corp new stock_ _• 34
3334 34
Baltimore Brick
100
10
10
Baltimore Trust Co
50
142 144
Benesch (I) corn pref_ _ _ _25 27
27
27
Central Fire Insurance_ _10 41
4094 41
Century Trust
so
150 150
Ch & Po Tel of Balt pfd 100 11134 11154 11335
Commercial Credit
• 39
39
38
Preferred
25
2594 26
Preferred B
25 2894 2696 2691
Commerce Trust
50
59
59
Consol Gas E L & Pow_ _.• 4334 43
4594
Cons G El L & Pr8% pf100
104 10496
635% preferred
100
108 11091
7% preferred
100 112
112 112
8% preferred
100
125 12654
Consolidation Coal_ _ _ _100 53
53
53
Eastern Rolling Mill
• 129
128 129
8% Preferred
100
135 135
Equitable Trust Co_
25
5794 5791
Fidelity & Deposit
50 106
10596 107
Finance Co of Amer prat_ 25
2734 2736
Finance Service Class A 10
2095 21
Ga So & Fla corn
100
135 135
2d preferred
100
140 147
Houston Oil pref tr ctfs_100
85
85
Humphreys MR pref_ ....25
25
25
Hurst(John E) 1st pref 100
81
81
Lorraine Pet Co__ ic shares
196 135
Manufacturers Finance_25 5896 5834 5995
1st preferred
25 2291 2294 24
2d preferred
25 2434 2494 2591
Trust preferred
25 22
2234 2296
Maryland Casualty Co_ _25 101
9754 101
Merch & Min 'Tr Co__ _100 175
170 175
Mt V-Woodb M pf v t r 100
65
66
Mortgage & Accept
* 1795 1735 1734
Preferred
50 4394 4394 4391
New Amsterda'm Gas Col° 54
5234 54
Northern Central
50
7934 74
Penn, Water & Power_ 100
160 180
Silica Gel Corp
•
18
18
Stand Gas Equip com....100
110 110
United Ry & Elec
50 1834 1894 19
U S Fidelity & Guar_ _ _50
205 207
Wash Ball & Annap__ _ _50 16
16
16
Preferred
50
22
2291
West Md Dairy, Inc, p1.50
5234 53
Bonds—'
Bait Elee 5s
1947
10054 10135
Balt Spar Pt dr C 4%8_1953
8.5
85
halt Trac lst 5s
1929
9994 9991
Bernhelmer-Leader 7s_1943
104 104
Commercial Credit 6s_1934 10034 100 10039
Consolidated Gas 5a..1939
101 101
General 495s
1954
95
95
ConsG EL &P 4%6_1935
9791 9795
6% notes Ser A._ _ _ 1949
10594 106
Consol Ccal ref 434s.1934
92
92
Elkhorn Coal Corp 68.1925 9934 9934 9951
Fair & Clarks Trae 58.1938
9331 94
Georgia & Alabama 5s 1945 94
99
94
Lexington (ICy) Lt 58_1949
93
93
Md Elec Ry 696s_ _ _1957
95
95
Md & Pa ist 4s
1957 7795 7795 7714
N N & Hamp CdtE 1st 5s'44 90
85
90
Norf & Ports Tree 5s.1936 95
95
95
North Bait Trac 5s.. _1942
100 100
Titusville Jr Wks 78_1929 9994 9991 0935
United El L & P 496e-1929
9854 9834
United Ry & E 4s....1949 68
68
6891
Income 48
1949 5095 50
5034
Funding 5s
1939
7034 71
8% notes
1927
98
98
6s when issued
1949
9494 9595
Wash Balt & Annan 5s 1941 69
69
8935
Wilm & Weldon 58_ _ _1936 10034 10094 10034
• No par value.
Range Since Jan. 1.
Low.
High,
2096 Mar 3996 July
6
Jan 1034 Sept
11134 Feb 150 Sept
July 2794 Aug
25
Jan 41
34
July
105
Jan 150 Sept
11095 Jan 11434 June
2234 Mar 3991 Sept
Apr 2654 Sept
24
2394 Sept 2631 Sept
5795 Mar 60
Feb
32
Jan 4794 Aug
102
July 10434 Sept
105
Apr 11031 June
109
Mar 114
Sept
122
Mar 12754 May
36 May 72
Jan
103
Apr 140
Aug
111
Apr 140
Aug
Jan 5791 Sept
52
Jan 108 Sept
89
Apr 28 Sept
26
July
1831 Jan 22
Mar 135
Sept
39
Jan 147 Sept
67
Jan
Apr 97
78
Jan
Jan 25
25
July 84 June
80
454 Feb
134 Sept
Aug
5096 July 60
Jan
22 June 25
22 June 2534 Aug
June 2414 June
21
Sept
8296 Apr 101
Sept
115
Jan 175
Mar 8714 Sept
55
1395 Jan 1896 June
Jan
4395 Jan 45
4234 Jan 56
JU1Y
7834 Jan 8134 June
12695 Jan 185
AUg
Jan
12 May 22
9795 Mar 110 Sept
1594 Apr 21
Sent
179
Jan 215
July
555 Apr 1791 Sept
11 May 23 June
44
Apr 60
Aug
100
8415
9931
9995
9894
99
9234
9334
10491
8994
9794
92
9234
92
95
75
85
92
9994
9991
984
6794
49
69
9734
93
58
10095
Mar
June
Sept
Jan
Apr
June
Jan
Mar
Jan
Aug
June
June
Jan
Jan
Sept
May
Sept
Jan
Jan
Sept
Jan
Sept
Apr
Apr
Sept
Apr
Apr
Sept
10195 Sept
8834 Feb
100 May
10434 Sept
101 June
10134 June
95 Sept
9751 July
108 Sept
Feb
98
Jan
100
9596 July
9595 June
9451 June
Mar
100
7795 Sept
9235 July
9734 June
100
July
101% June
99 May
71 June
6296 Jan
74
Jan
9994 Jan
9691 Jan
7451 Sept
102 May
New York Curb Market.—Below is a record of the
transactions in the New York Curb Market from Sept.26 to
Oct. 2, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
33 Sept
70 Sept
5094 Jan
Sept
46
63 Sept
Friday
10195 June
Week Ended Oct. 2.
Last Week's Range
4334 Sept
Sale
of Prices.
108
Oct
Stocks—
Par. Price. Low. High.
8795 Sept
July Indus. & Miscellaneous.
43
10295 Feb Adirondack P & L com _100
72
72
110
Oct
Preferred 7%
10095 101
100
70 Sept Aero Supply Mfg. Class A.•
2096
20
48 Sept
Class B
•
15
1634
40
Feb Allied Packers,corn
496 434
*
102
Oct Alpha Portland Cement 100 136
132 136
851 July Amalgam Leather, corn. •
1454 1995
101
Sept
Preferred
60
60
100
19734 July American Gas& Elec com • 78
7834
76
122 June
Preferred
• 92
9194 92
3396 Aug American Hawaiian SS_ _10 14
14
13
10734 Aug Amer Lt & Trao,cum-100 23034 229 234
5495 Sept
Preferred
100 10295 10234 10295
Aug Am Pneumatic Serv com.25
115
4
4
8634 Sept Amer Pow & Lt oom new.* 5995 58
597
1695 Apr
100 63
Preferred
9234 9334
75 Sept Amer Rayon Products...' 373-4 3795 3851
107
Jan American Seating
100
218 230
109 Sept sm Superpow Corp,Cl A.
3895 3551 40
55 Sept
Class B
__.• 4031 3594 41
235
Oct American Thread, pref —5
374 311te
11634 July Apco Mfg Class A
2195 2334
25
95 June trmour & Co(DIM oomB25 17
1651 1794
6234 Sept
Preferred
8995
100
-, 88
305
Oct taw CI & E Class A.......• 3896 373.4 39
112 June
Mantic Fruit & Sug____•......750 76c
Feb Atlas Portl Cement new_ _• 65
50
6134 68
92
Sept Auburn Automobile corn 25._ _ _ -- 44% 4835
Barcelona Tr, Lt & Pow_ _ _ 22
22
22
Blaw-Knox Co ___________ ____ - - 54
5435
88
Feb Silas(E W)Co common_ • 2739 2794 2795
Blyn Shoes Inc coin__ l0 - - - --3%
591
8395 Jan Boissonnault(0) Co
700 750
• 740
Jan Borden Co,com,exchstk50 82
74
82
81
38 Sept
Corn subscription stk _ 50 - - _ _-- 7995 8059
10394 Aug
Preferred
100
__ 110 110
_
Sales
for
Week,
Shares
200
70
500
800
100
50
400
100
3,800
500
2,900
4,750
25
200
18,800
200
5,900
40
13,300
31,000
400
1,300
38.500
320
7,900
4,300
8,100
200
100
50
200
400
800
700
300
20
Range Since Jan. 1.
Low.
Feb
33
Jan
92
18 Sept
1194 Sept
4% Sept
130 Sept
895 Aug
42
Jan
6895 Apr
8334 Apr
891 May
187
Jan
94
Jan
391 Sept
4834 Feb
84
Apr
2651 May
211
Sept
2504 Mar
2794 Mar
334 Jan
21
July
1151 Apr
84
Apr
2534 Mar
750 Sept
44 June
40 Sept
2134 Sept
54 Sept
2214 Aug
354 Sept
310 May
8754 Mar
67H Mar
106
Jan
High.
44q01.7.1:2.. Af31..18.4alts4PgqIin4nAn..4,7
50
85
33
105
X) 4
..1r0WW2V4OZMgOng.
114WW›.
n1
4141".
50
90
33
105
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange Sept. 26 to Oct. 2, both inclusive, compiled from official sales lists:
b.,
High.
Low.
•
w
.. C. .Cm.
04:..0.W.
w
.
W8W-4000..0.014.0 W..
.4W•P.^.00WW-40.00...4...40
0. .0.00000.0-40W4a.M..40
0W.4.14.00..01^0CWW000.4.00MOW.00•
Whitaker Paper, corn.-•
Preferred
iOo
Western Paper
•
Wurlitzer, 8% prat-...100
Banks—
First National
100
Public Utilities—
Cincinnati & Sub Tel_ _ _50
Cincinnati Gas& Elec _ _100
Cinc Gas Transporta'n _100
C N & C Lt & Tr, cons_100
Preferred
100
Ohio Bell Tel, pref_ _..100
Suburban Tel rights
Tractions—
Cincinnati Street Tty _
50
Ohio Traction, pref_ _100
Railroads—
C N 0& Tea Par, pref _100
Little Miami. guar
50
* No par value.
Range Since Jan. 1.
[VoL 121.
..
..
...0.0.04.......01.Ng5.01...M.NWT
.04
,
080100§00§§w0.00000008800000
0 0 00 00
0000000000
00000
000 00 00
00000000000000000
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
w
.
.to
. ..
MOINA.01 0.Ww. ^^W000 0w.ww0.w...00
..OW
'
,W=.4WM.4.0.WWW.0.4..43.4,
.00.0..4*.wW0.4.00.0000.40
XXXX X XXXXXX
X
X
XX
1666
OCT. 3 1925.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Brit-Am 'rob ord bear_Er
2554
Ordinary registered_ £1 2544
Brooklyn City RR
Bucyrus Co.corn
100
Preferred
100
Burroughs Adding M pf 100
Campbell Soup pref. _ _ _100 11051
Can Dry Ginger Ale new. • 3544
Car Ltg dr Power corn_ _25
244
Carolina Power S. Lt _ _100 420
Celluloid Co Common..i00
Cent Aguirre Sugar
20
Central Steel corn
•
Cent Teresa Sugar corn_ _10
Centrifugal Pipe Corp
• 22
Chic Nipple Mfg. Cl A__50 37%
Class it
50 1945
Christie, Brown dr Co
Cities Service com.__-_20 3845
Preferred
100
Preferred B
10
Bankers' shares
Cleveland Automobile corn• 2344
Preferred
100 97%
Cohn-Hall-Marx
Colombian Syndicate
1%
Com'wealth Power CorpCommon, new
• 3444
Preferred
100 83
Warrants.
55%
Connor (John T) Co_ _ _ _10 28
Calm Gas.E L&P halt new• 4434
Continental Baking,comA• 134%
Common B
• 36%
8% preferred
100 102
Continental Tobacco --• 14%
4931
Cuba Company
55
Cuban Tobacco v t
Curtiss Aeropl & M.corn_• 20%
Preferred
100
Curtiss Aeropl Assets Corp
De Forest Radlo Corp_ -• 22%
Denver Tramway new pref 46
Devoe & Reynolds CIA _ _ _
4954
Dixon(Jos) Crucible
100 149
Doehler Die Casting
• 13%
Dow Chemical corn
•
Dubilier Condenser & Bad' 17
Dunhill International__ •
Duplex Cond & Bad v t c_*
Du Pont Motors, Inc_ _ _ _• 60c
Durant Motors. Inc
• 14%
Due & Co, Class A v t c__• 18
Class A
20
Eisenlehr(Otto)& Bro_100 14%
Electric Auto Lite Co_
•
Elec Bond & Share,pref 100 10434
Elm Bond & Share Sec_ _ _• 68%
Else Invest without wafts' 61%
Elec By Securities
•
Ely & Walker DO,com_25
Engineers Public Ben,cam* 20%
Preferred (50% Paid)--• 100
Pref full paid allot Ws_
Eureka Vacuum Cleaner.' 48 5-4
Fageol Motors Co. com_10 10%
Preferred
10
Federal Motor Truck- __10
Federated Metals
• 26%
Film Inspection Mach._ •
5
Firestone T & R 7% pf_100
Ford Motor Coot Can.101
Forhan Co, clam A w I. _• 1841
Franklin(H H) Mfg corn •
Preferred
100
Freed-Eisemann Radio_ _ _• 14
Freshman (Chas)CO
• 1544
Gamewell Co, corn
•
Garod Corporation
• 13
General Fireproofing pref.. _ ......
Gen.0 & E of Del Cl A w I* 56
•
Class A preferred
105
Gen'l Ice Cream Corp w1.' 4144
General By Signal new__ 66
Georgia L,P&Rys.com_100 58
Georgia Ry & Power_.A00 10944
Gilchrist Co
3944
Gillette Safety Razor__ • 10645
Glen Alden Coal
• 135%
Goodyear Tire & R,com100 3744
Grand (1,W)5-10-25c St_• 77%
Gt Atl & Poe Tea prey_100 11644
Grennan Bakeries Inc_ -• 18%
Grimes Ra & Cam Rae ' 11%
Happiness Candy St ol A.•
9
Founders shares
Havana Elec &Utilvt C.. 4441
Preferred
68
Hazeltine Corp
• 2134
Hellman (Richard), IncCommon
•
Pref with warrants_
*
Heyden Chemical
2
Hood Rubber corn
71
Horn & Harden Co
• 57
Hunt Bros Pack CIA
*
Intercontinental Rubb_100 14%
fat Concrete Ind Fdrs Ors
9%
Inter Match non-vot of -35 50%
New preferred
35
lot Utilities, Class A
•
Class 1.1
•
8%
Inter-Ocean Radio Corp- •
Johns-Manville Inc
• 16944
Jones(Jos W)Radio Mfg_.
234
Keivinator Corp
• 50
Keystone Solether
10 50c
Kraft Cheese
25 86%
Lake Torpedo 1st pref_10
2
Land Co of Florida
73
Landover Holding Corp A. 2741
Lehigh Power Securities_ _• 180
Lehigh Valley Coal Sales 50 81
Leh Vail Coal ctte sew... 38
Lehn dr Fink Products...* 36%
Libby McNeill dr Libby_10
Libby Owens Sheet Glasa25 19431
Liberty Radio Ch Stores--•
8%
Lit Bros
10
Long Island Ltg corn_ _ • 136
Lupton (F H)Pub, cl A_ •
Marconi Wirel Tel Lend_ £1
Maytag Co, WI
• 21%
McCord Had & Mfg vta • 22%
Mengel Co
100
Mesabi Iron Co
•
Middle West Utilities oom• 11045
Prior Hen stook
100 10431
Preferred
100 95%
Midland Steel Products_ •
Midvale Co
•
--
2544 2554
25
2545
7% 7%
183 184
105 105
107 107
110% 110%
3544 37
2% 2%
415 430
26% 26%
87
87
5644 5645
1
1
21% 224(
3745 37%
1854 19%
3844
84
734
1834
2334
9734
3344
134
4,100
500
400
125
25
5
10
2,500
4,100
550
10
20
100
100
6,500
500
1,900
300
17,200
700
300
300
.6,900
10
400
37.900
32% 3434
8231 83%
5041 62%
31%
28
4341 4534
134 13934
33% 37
102 103
14% 1434
48% 4934
50
55
19% 21
77% 78
3341 3641
22% 2434
45
47
473.4 5144
148 152
13H 13%
50
5954
1541 1744
2044 21
8
844
60c 60c
13
14%
19
18
19
20
14
14%
70
7244
10434 10434
65
6831
62%
60
15% 1644
30
30
20% 21%
100 100
100 100
45
48%
1034 11
844 844
33
35
26% 2634
5
53(
9634 9634
500 509
1754 1854
3434 37
90
90
1334 1434
1544 1644
59
59
1234 1334
3434 35
504 5644
105 10534
41
43
64
6734
57
6034
1093-410954
3934 3954
10254 107
1353-4 138
3634 3834
753.4 7744
11534 11645
1834 1934
17
8
834 9
854 854
4454 4434
68
68
2144 2234
9,100
700
1,655
1,100
9,400
17,000
268,800
8,400
800
8,600
900
11,400
400
400
2,140
1,400
2,500
225
500
800
7,200
200
200
200
14,400
700
200
3,800
1,900
2,570
6,500
11,000
900
100
1,100
2,100
100
3,900
22,600
100
2,400
100
3,300
10
100
9,090
3,700
225
2,900
4,500
100
4,400
200
3,100
300
500
2.700
900
100
200
21,200
1,100
23,200
400
20
4,300
27.300
2,000
100
300
100
900
3754
83%
7%
18%
22%
9744
3144
144
Range Since Jan. 1.
Low.
24%
21%
741
121
10434
106
110
333-4
144
300
18%
79%
51
500
10
29
1144
48
85
8144
714
17%
1934
89
3034
600
June
Feb
Sept
Jan
July
Aug
Mar
Sept
Jan
Feb
June
Jan
July
Apr
Mar
Apr
June
Sept
Mar
Jan
Mar
Mar
Feb
Feb
Sept
Jan
3034 Sept
7954 Jan
2544 Feb
Sept
28
3134 Jan
108
Jan
2144 Jan
9134 Jan
14% Oct
3554 Apr
654 Jan
13
Feb
55
Mar
1744 Mar
1851 Mar
Oct
45
4754 Oct
143
June
Apr
10
50
Sept
1234 Mar
2054 Sept
341 Mar
50c May
914 Aug
17
Sept
1845 Sept
1244 Aug
67% July
10134 Sept
5534 Apr
40
Jan
12% Mar
2754 Sept
1954 Sept
99 Sept
100
Aug
Sept
42
634 Aug
844 Sep
30 Sept
2544 Au
434 Jun
96 June
462
Mar
1734 Sept
1648 Apr
78
Apr
7
Apr
934 Mar
57
Sept
2
Apr
3434 Sept
5454 Aug
103
Aug
34
July
Sept
64
3154 Jan
95
July
3944 Oct
5714 Jan
117
Feb
2454 Jan
55 June
111
Jan
1544 Mar
Sept
8
644 Jan
544 Feb
4334 Sept
68
Sept
1444 June
1434 14%
300 1445
600 32
32% 3348
800
2
2
1%
64% 71% 1,600 61%
5244 58% 6,200 46
300 25%
2645 27
1334 14% 3,700
15%
900
8% 954
7
50% 51% 4,400 37%
51
100 45
51
1,100 31
3344 36
8
654
8% 6,100
100 80c
• 2
2
650 163
169% 177%
1,300
1
2% 3
45% 5241 7,300 1844
1,900 49c
500 75c
650 64
8451 8845
2
100
2
2
19,400 5034
60
77
300
26% 27%
834
139 153% 9,800 82
200 78
8041 81%
38
38% 3.100 33
36% 3634 4,700 131%
300
841
8
6%
191 195
70 182
654
7% 854 9,900
24% 2444
100 24
135 136
75 130
344
300
3% 3%
300
6%
7
7%
9,000 2054
21% 22
2254 23% 1,700 2154
50 30
62
62
2
2% 254 1,700
106)4 11154 4,300 82)4
103% 10454 3,530 9814
185 91
95% 97%
300 47
47
4814
19
19
200 19
Aug
Sept
Apr
Aug
May
Aug
Jan
Mar
Jan
Aug
Sept
May
May
Aug
May
Feb
Jan
May
0:rt
Sept
Jan
Feb
May
Mar
Sept
Apr
June
June
Sept
Sep
June
Aug
Sept
Sep
Jan
July
Feb
Jan
Jan
Sep
Sep
High.
1667
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares
Miller Rubber corn_ __100 z226
Mississippi River Povr_100
97
Mohawk Valley Co new' 3534
Moore Drop Forge CIA'
Motion Pict Capital Corp• 18%
25
Preferred
Municipal Service Corp- •
Mu-Red Radio Corp
•
534
Music Master Corti
• 15
National Grocer
10
National Leather
Nat Power & Light, oom-• 400
Preferred
Nat Pub Serv CI A corn • 23%
• 1644
Class B common
• 465
National Tea
New Mex dr Ariz Land-1 15%
N Y Mdse Co, Inc
N Y Telep 644% pre!_100 11144
Nickel Plate corn new w L. 9334
Preferred new w I
• 63
Nicer Corp Class A
• 6234
Class B
Northern Ohio Power Co.• 1134
Nor Ont Lt & Pr cem_100 48
No States P Corp,com_100 130
Preferred
100
4341 May Nor States Pow Del waents
May Ohio Traction, com_ _ -100
85
100 8134
May
Preferred
86
•
32% Sept Omnibus Corp v t c
• 4054
47% Aug Outlet Co corn
100 9844
July
7% preferred
144
39% July Penne Power S. Light, pr..
10644 Aug Penna Water & Power_100 164
100
26% Jan Pet Milk 7% Prof
July Phelps Dodge Corp- -100
51
25 46%
Oct Phila. Electric corn
55
22 May Pillsbury Flour Mills _-- 405-4
79
May Pittab dr L ERR com_ 50
36% Oct Pittsburgh Plate Glass.100
Feb Power Corp of N Y. corn.' 8034
34
Oct Power Securities,
47
•
Sept Pratt& Lambert Inc
55
Oct Procter & Gamble, com_20
152
2031 Jan Puget Sound P & Loom 100
59% Oct Purity Bakeries class A.25 44
• 4334
Class B
35% Jan
100 97
Jan
31
Preferred
Jan Pyrene Manufacturing_ -10
17
144 Jan Rem Noiseless TyPew, A.• 51
100
Jan
Preferred
21
10 224i
22% July Res Motor Car
Feb Repent, Inc
5 55c
33
15% SePt Republic Motor Truck v t c
Seat Richmond Radiator new.. 195-4
77
100 40
Preferred, new
Mg
107
8
91)4 Feb RIckenbacker Motor
6634 July Rova Radio Corp tr
114 Aug Royal Typewriter, corn. •
Sent Safety Car Heat S. Ltg_100
30
• 8154
Aug St Regis Paper com
29
100% Sept Schwartz(Bernard)Cig A •
Aug Seiberling Tire S. Rub,com•
100
• 31
52% June Servel Corp A
1554 Sept Silica Gel Corp corn v I 0-•
1044 Aug Singer Manufacturing-100
£1
89% Aug Binge' Mfg,Ltd
654
•
Sept Sleeper Radio t o
30
1114 Jan Bou Calif Edison oom__100 1394(
7% pref Series A _ __ _100
983.4 Sept
100
Feb
524
6% pref aerie/ B
19
Sept SouthCitiesUtil Co com100 60
Common v t c
42% Jul.)?
100 40
36
9254 June South Dairies CIA w
22%
Class B w
3354 Jan
Jan S'esatern Pr & Lt oom_ •
28
30
Oct
New w I
59
• 2334
17% Jan Southern & P ol A
Sept Southw Bell Tel.7% of 100
35
64% July Stand Publishing CI A. 25 2054
100 115
107 Sept Standard Screw
45 Sept Standard Tank Car com--• 16
Sept
Preferred
70
35
7714 July Stand Textile Prod,B pref_
109% Oct Stutz Motor Car
• 1441
2934
3934 Oct Swift & Co
100 114
109% Sept Swift International
15
145
Aug Thatcher Manufacturing.*
38% Aug Thermiodyne Radio
• 1051
82% Aug Thompson(RE)Radio vie* 1234
118% June Timken Detroit Axle_ _ _ _10
8
2151 May Tob Prod Export Coro_ _ _•
6
•
Aug Todd Shipyards Corp_
27
9% .1103
, Tower Manufacturing...5
944 Aug Trans-Lux Day Pict Screen
r
654
45
Sept
Class A com
70% Sept Trumbull Steel, corn..25
841
5151 Jan Tubize Anti Silk A v 1...c.• 165
Tulip Cup Corp
•
15
Aug Union Carbide & Carbon.' 72%
3444 Sept United Elec Coal Cos v to_
45
Jan United G & E corn new_ •
3
71% Oct United Gas Improvem1.50 99
58% Mar United Lt dr Pow corn A • 15745
Sept United Profit Sharing...._1 14%
27
1614 July Un Rye & El(Bait) corn -50
S Light S. Sleet corn. _10
13% July
944
56,4 July
Preferred
10
445
52% Aug U S Rubber Reclaiming..'
4644 Jan Universal Pictures
•
17
Jan Valley Mold S. Iron Corp.
14
Jan Vick Chemical Co
• 42
185
Aug Victor Talking Machine100 8844
Jan Va-Car Chem (new co) w I_
9
17
52q Oct
52
Preferred w I
1% Feb
Prior preferred w I
88%
99% AU, Walwortb Mfg
20
3 June Ware Radio Corp
•
94
Sept Warner Bros Pict com •
29 Sept
Western Pr Corp.'oom_100 79
160 June
Certificates of deposit... 79
87
Jan
Preferred
100 98
5054 Jan West Penn Elec Clam Awl 9145
37)4 Sept
1214
Wilson & Co (new) w 1--7. 2834
9)4 Jan
Class A
219
Jul,
Preferred, w I
6834
9
Jae Wolverine PortlCement..
2454 Sept Yellow Taxi Corp. N Y •
142
Sept
841 Jan
10
Jan
Former Standard 011
22% Aug
Subsidiaries.
25 Sept
Anglo-American 011____ZI 2254
69% July
4% Jan Buckeye Pipe Line
50 5644
25
12454 Aug Chesebrough Mfg
107% Aug Continental 011•t e----10 23%
99 June Crescent Pipe Line
25
58
Aug Cumberland Pipe Line_100 145
100 71
2834 Jan Eureka Pipe Line
28%
28%
9%
193
111
107
111
51;4
5)4
445
27%
90
5644
61c
2734
40
1954
57)4
48
84%
8
2144
26
99
34%
244
Apr
Apr
Feb
Aug
June
Oct
Jan
July
May
July
Sept
Sept
Sept
Jan
Jan
June
Oct
Aug
Feb
Aug
Aug
Feb
May
June
Sept
Sept
--13 -
215 237
7054 97
3544 37
65
65
1854 19
2544 2544
13% 1354
444
53.4
12
16
534 534
4% 4%
393 402
10044 10145
2344 24
15% 1654
464 465
1344 1634
28
28
111 11134
9241 93%
8754 8834
587
% 64
5934 63
1054 113-4
47
49
117 131
100 100
14
2031
103.4 1034
77
8258
1141 123.4
3945 40%
9854 10034
102 104
160 164
1027
%
% 1027
130 130
4654 4641
3334 4154
148% 14845
274 274
76
83
1544 1544
'50
50
130 130
49
50
44
45
4144 4534
9534 97
1034 1134
45
56
11144 120
2244 23
50c 55c
43.4 5
1544 2044
40
4044
734 83.4
2
234
32
32
118 11845
7854 8334
16
HS
25
25
3031 31%
1654 18
3123431231
741 754
644 6%
13654 149
111 11134
97
98
60
6534
37
4334
4745
30
19
30%
1463.4 149
2954 303.4
23
2344
111 11134
20% 21
115 115
1354 16
55
65
35
•35
14
143.4
112 115
2854 3034
6854 72
9
1334
1154 13
8
8
4
544
32
32
954 10
1,790
4,800
600
1C0
1,000
100
200
6.000
6,500
100
100
2,880
50
3,600
2,600
110
14,700
100
150
9,600
400
7,800
19,400
7,800
850
18,800
100
7,800
200
1,000
300
2,000
4,000
500
740
100
200
100
1,900
60
10
33,500
100
200
10
200
1,600
5,300
200
800
20,600
400
3,710
200
300
12,600
600
122,500
2,300
100
30
8.200
200
100
7,100
1,300
10
• 200
300
36,415
600
975
2,300
500
29.900
59.200
400
14,600
600
60
2.300
10
1.200
400
25
3,400
930
8.500
200
4.1C0
5,400
600
15,000
100
300
Range Since Jan. 1.
Low.
145 June
47
May
3544 Oat
6345 Mar
Mar
17
July
25
1244 July
434 Sept
8% Mar
554 Sept
4
Apr
184% Feb
Jan
95
2254 June
14 June
230
Jan
634 Jan
Sept
28
11054 Jan
8254 Aug
8154 Mar
37
Apr
4334 June
634 May
4334 July
10234 Jan
0434 Feb
Feb
6
1041 Sept
Aug
62
914 Sept
38
July
9834 Oct
Sept
102
127
Jan
10254 May
Sept
128
Apr
39
3134 Sept
142
Aug
260 'ha
38
Jan
1334 Apr
Feb
40
109
Mar
49
Ma
Apr
35
34
Ma
93
Ma
944 Jul
Mar
37
9654 Mar
1554 Ain
50c July
454 Sept
1344 Sept
40
Sept
7% Sept
2
Sept
20
Feb
10744 May
3634 Apr
16
July
22 June
954 Apr
1234 Mar
19944 Jan
Mar
4
4% May
10134 Jan
10434 Mar
88
Jan
5344 Sept
Oct
37
30 Sept
19 Sep
5244 Feb
2834 Au
2234 Sep
10641 Mar
19
May
115 De
834 June
Sept
49
34
Sept
6
Apr
109 May
2414 June
Sept
62
634 Mar
may
6
33.4 Jan
334 May
3134 Sept
Mar
5
High.
246
Sent
Oct
97
4554 July
68% May
19% June
2544 Sept
Aug
15
554 Oct
2145 Jail
6% June
654 Jan
402
SePt
102 June •
30
Aug
20 June
470 Sept
19% Sept
30% Aug
Feb
114
PIM Aug
88% Sept
Sept
70
Sept
65
1354 July
53 May
Oct
131
10151 July
29)4 June
13
Aug
8454 Sept
1734 Jan
41
Aug
100% Sept
Sept
107
187
Aug
103% Aug
Olt
130
49% Aug
Sept
35
May
161
290 June
9154 July
Jan
26
Aug
55
Sept
130
6045 May
463.4 June
June
47
99 May
1241 Mar
56
SePt
Sept
120
,
2414 JUL
75c Mar
5
Sept
2034 Sept
40% Sept
834 Sept
14% Jan
Sept
32
121)4 Sept
95
July
18 June
May
25
32% Sept
Jan
21
322
Sept
10 June
1954 Jan
Sent
149
113% SePt
98 Sent
71% July
Alb,
55
Aug
56
34% Aug
July
159
313.4 Sept
2444 JU1Y
11134 SePt
174( Feb
Oct
115
1644 Aug
65
Sept
4154 July
18% SePt
120
Feb
8654 Jan
Sept
72
223( Jan
Jan
25
9% June
654 Oct
Mar
42
24% Jan
644 10.900
53.4
1,900
9
8
734
160 147
162 16955
100 1444
15% 1541
69% 72% 6.300 65
1.800 39
45
47
1,700 25
41% 4231
93
9945 6,800 9034
14341 158
49,500 4414
1,100
14
554
1544
200 1854
1941 1934
300
944 1045
341
2,400
444 5
144
5% 6% 1,100
434
35
35
300 24
14
16
200 14
41% 42% 4,060 41
85
9145 7,150 65
15% 17% 8,900 1254
4954 52% 4,800 4554
8745 89
1,800 85
21% 22% 2,400 2134
15% 16
700
9
1644 1744
400 1334
74% 80;4 23,100 30
74% 8051 7,100 7434
94% 98
410 8645
8745 .9135
20
8745
12% 13
400 11
284( 29
1,300 2634
68% 69
400 68
10
10
400 10
12
14% 6,000
9
Sept63.4 Sept
Sep '1934 Feb
Aug 180 June
Feb 1644 May
Mar 7434 Aug
Sept4734 SePt
July
Feb 52
Feb 10154 Aug
Oct
Mar 158
Jan 16% Mar
July 2154 Sept
June 1054 Sept
5
Jan
Sept
7
Aug
July
Mar 3734 Aug
Sept
Sept 16
Aug 43 Sent
ADr 105
Jan
Aug 18 Sept
Aug 54 Sept
Sept OM Sept
Sept 2534 Aug
Mar 4034 Jan
July 19 SePt
Mar 8034 Oct
Sept 8044 Oct
Jan 99 Sept
Oct 9144 Oct
Aug 1534 July
Apr
Aug 35
June 7534 Apr
Sept 1334 Bent
Jan
Sept 22
21%
56
64%
22%
1745
143
7044
26%
Jan
Sept 72
Jan 6654
Mar 31)4
17%
Feb
Mar 155
Aug 96
22% 3,300 18
57
30 56
65%
1,200 48)4
24
23,700 21%
17%
100 10
144
30 132
71
30 69%
Apr
Jan
May
Feb
Oct
July
Jan
Former Standard Oil
Subsidiaries
Par
(Concluded)
Sales
PridaV
Last Week's Range for
Week.
Sale
ofPrices.
Price. Low. High. Shares.
Galena-Signal 011, corn _100
New preferred
100
Humble
& Refining._25
Illinois Pipe Line
100
Imperial 011 (Can) new.
Indiana Pipe Line
50
Magnolia Petroleum__ _100
National Transit.. _12.50
Northern Pipe Line__ __100
Ohio 011
Penn Mex Fuel
25
Prairie 011 & Gas
2
Prairie Pipe Line
104
104
South Penn 011
Southern Pipe Line.
100'
Standard 011 (Indiana)..27
Standard 011 (Kansas)._21
Standard Oil (Ky.)
2'
Standard 011(Neb)_ _ _100
Standard Oil of N
Standard 011(0) corn_ Apt
Swan & Finch
100
vacuum 011
25
38
6834
32%
15034
2034
7814
63%
5034
12131
159
76
62%
31%
13634
240
423*,
15
98
35% 36
101%
101
59% 6731
135 13131
31
32%
653; 66
13631 150%
20
20%
78
8031
62% 63%
21
21
4534 5031
121% 123
157 159
76
75
6131 62%
3134
31
13131 138%
239 240
4041 43
365 366
15
15
87
9931
200
30
24,400
30
3.600
180
3.470
400
2,110
3.500
100
19,000
1,600
110
80
29,400
1,500
7,160
50
9,800
100
40
55,300
Range Since Jan. 1.
Low.
34
100
4234
127
2734
6534
130%
1934
78
60%
21
45%
106
139
75
59%
30%
11434
231
40
338
12
g()%
Sept
Feb
Jan
Jan
Mar
Seta
Apr
Anse
June
Aug
Sept
Oct
Inn
Jan
Sept
Mar
Apr
Mar
Aug
Aug
Jan
Aug
Jail
High.
65
107)4
7214
15434
3434
84
159
2534
88
7534
4431
65%
12714
197
103
70
48.
13634
270
4834
369
27
9934
Feb
July
June
Jan
June
Jan
Vet
IS,
Feb
Feb
Mar
Jan
July
Jai/
Jan
Feb
Fat
Oct
Jan
Feb
Jan
Jan
Oct
Other Oil Stocks.
Amer Contr Oil Fields_.5
Amer Maracaibo Co__ _ Argo Oil Corp
10
Arkansas Natural Gas_ _ IL
Atlantic Lobos 011 coin...
Brit Amer Oil
5
Cardinal Petroleum Corp..
Carib Syndicate
Creole SyndlOste
Crown Cent Petrol Corn-•
Euclid 011
Gibson Oil Corp
1
Gilliland 011 corn v t c-- •
25
Gulf 011 Corp of Pa
International Petroleum. •
•
Kirby Petroleum
Lego Petroleum Corp__.•
•
Lion OU & Refining
Livingston Petroleum....•
25
Lone Star Gas
•
Margay Oil Corp
1
Marland Oil of Mex
Mexican Panueo 011_ _..l0
Mexico Oil Corp
10
Mountaln & Gulf 011
1
Mountain Producers ..._II
Vew Bradford Oil
New England Fuel 011_25
New York Oil
25
Noble Oil dt Gas corn
1
1
Northwest Oil
Ohio Fuel Corp
25
1
Ohio Fuel 011
Pan-Am West Pet Clam /341
•
Peer 011 Corp
Pennock Oil Corp
•
25
Red Bank 011
Reiter-Foster 011 Corp_ __ •
Royal Can 011 Syndicate.*
Ryan Consol Petroleum_ _•
Salt Creek Consol Oil._ _10
Salt Creek Producers_ 10
•
Sup 011 Co
Tidal Osage Oil non-VOL.*
Veneauelan Petroleum_
Wilcox(H F)Oil& Gas new
Woodier Petroleum Go .•
"Y"011 & Gas
3
5%
3%
6%
2
2%
5%
9%
7%
134
234
76%
26)4
23-4
5
18
I36
40%
95c
3
15c
21)4
31%
1%
24
24%
15%
513(
4
631
2631
37
10
3%
2433
5
Sc
3
3;6
334
634
2
41
2%
43-4
841
7%
1%
1%
1%
7334
25%
244
4%
18
131
4031
90c
3
2%
15e
131
20%
5
531
9
70
30
33
12
2834
131
2134
2234
14%
55c
334
6%
25%
35%
10
23,1
2231
5
50
3
714
3%
6%
341
42%
214
5%
934
834
1%
231
131
78
26%
234
5
18%
1%
4231
95c
3
334
15c
131
2131
531
5%
9%
70
3c
3331
12
32
1%
24
24%
15%
650
435
6%
26%
37
10
3%
241,
531
6c
1,401
28,80u
400
3110
800
506
1.400
12,000
4,700
2.800
4,700
13,000
500
8,400
26,000
600
24,000
800
2,300
500
500
100
8.700
3.000
2.200
10,200
1,400
300
1.806
1,000
1,000
300
20
28,800
11,900
2,200
1,100
2,700
4,500
700
200
6,700
2,900
100
26,609
4,700
700
49,100
1
2)4
334
5
2
38
234
3%
8%
7%
87o
1%
1%
6331
22%
434
18
75e
3234
50e
1%
56c
10c
1
1834
344
5
84
7e
8e
31
12
23%
91115
1714
16
9
500
3%
Sept
Jan
Sept
API
July
AUf
July
Mar
Jan
Sept
Jan
Jan
May
Mar
Mar
Sept294
June
Oct
Jan
Jan
Jan
Jan
Apr
Feb
July
Jan
Jan
July
Feb
Sept
Jan
Mar
Jan
Sept
May
Jan
Mar
Sept
July
Jan
g Sept
Jan
24
33% Sent
July
1% Sept
2234 Sept
8% Max
Jan
Sc
7% July
11% June
10)4 June
8% Feb
4% May
:2:1 Sept
4% Aug
734 Aug
1436 Apr
1211 May
1% June
11% June
331 Mar
79 June
28,4 Feb
5% Jan
7% Apr
July
23
1% Sept
4231 Sept
131 Sept
431 Feb
394 Sept
37c Mar
Mar
2
23% June
834 June
8% June
12% June
13c Feb
Sc June
34% Feb
Feb
20
Sept
33
144 Feb
28% June
4434 June
3334 June
2
Apr
9% Mar
834 Mar
28% June
48% June
103-5 Feb
434 Apr
31% June
Mar
7
95 June
Mining Stocks20
21
Arizona Globe Conner .. I
150 15c
Butte & Western Mining.1
Calaveras Copper
1% 2
1
13c 13c
Calumet & Jerome CoPP-1
7% 8
10
Canario Cooper.
8
2% 2%
Consol Copper Mines _
244
8c
Cortez Sliver Mines Co _1
Sc
234 2%
Creeson Cons Gold M&M
2%
17
55%
Engineer Gold MInes.Ltd
2034
8e
70
Eureka Cromus
7c
7c
Sc
Sc
First Thought Gold M...1
8e 10e
Sc
Forty-nine Mining .
_1
334 5%
Golden Centre Mines
434
4c
6e
6c
Goldfield Consol Mines_.1
6e
Or
Goldfield Florence
16c 17e
Hawthorne Mines Inc.._ I
Heola Mining_
1834 15% 1634
. _25(
1531 1531
Hollinger Consol0 M._..6
50c 75c
Jerome Verde Develop...52o
131 211.3
211
1
Kay Copper Co
134
1
1
5
Kerr Lake
2
2
Mason Valley Mines
5
19
19%
New Cornelia Copper-._5 19
192 198%
New Jersey Zinc-.100 198
Newmont Mining Corp_10
44% 45
NIplasIng Mines
4%
4%
6
Ohio Copper
80c 87c
1 85c
Premier Gold Min, Ltd..1
234
234
Red Warrior Mining
250 30c
1
Reorganized Divide Min..
2c
2e
Sc
Rochester Sliver Corp
Sc
San Toy Mining
3c
3c
1
Shaw Mines Corp
93c
750 94c
Silver King Coalition
19
10
South Amer Gold & Plat _1
2% 234
Spearhead Gold Mining I
Sc
50
Sc
Tack Hughes
114,
2
1
Tonopah Belmont Devel_ 1
70
70
Tonopah Extension
138
134 1%
Tonopah Mining
4%
1
434 434
8c
S&D
be
80
Sc
United Eastern Mining_ ..1 52c
51c 520
United Verde Extens. _ .50c 26% 26
2631
II S Continental Mines.._5
7c
70
5
Unity Gold Mines
50c 50c
it
Utah Apex
6% 7%
Walker Mining
1
1%
1% 1%
Wooden Copper Mining-I
3%
3
331
West End Consolidated..5
30,3 30c
West End Extension Min_1
4e
40
Jan
Me Feb
4.000
7a
1,000 105 Mar 19c Feb
Feb
2
800
1% Jan
1,000 12e Sept 260 Mar
334 Feb
12,800
Aug
8
Feb
4
5,500
134 July
2,000
7c June 25c Feb
Feb
2,200
4
2% Sept
July
73,50
14% Jan 109
JEW 230 Feb
13,000
7c
Jan
43,000
50 Sept 58c
Jan 42e July
16,000
5o
22,400
7% July
334 Sept
8e Mar
5,000
Jan
le
2,000
Sc June 14e Feb
8,000
So Feb 230 Apr
1,200 1234 Ayr 17
Aug
400 1334 Mar 18% May
Apr
2
1,800 50e Sept
JUIY
134 Jan
61.700
1% Feb
2,300 88c May
1% Mar
2% Jan
1,600
500 18% Mar 24% Jan
Aug
May 200
1,030 181
600 43% Aug 46% July
634 Jan
4% May
3.600
1% Jan
3.700 730 Aug
Jan
2% Sept
1,900
2
5,000 200 Feb 151c Aug
7c June
20 Aug
1.000
Jan
2.000
50 Apr I4c
Jan
70 Feb
2c
4.000
Oct
42,800 320 Aug 440
Jan
8
Aug
100
5
314 Jan
294 May
100
40 Feb 12e May
74,000
134 Jan
2
Sept
8,300
Apr 894 Aug
200 52c
nil Feb
1,801
134 Aug
Aug
17,. Mar
8
1,40(1
Jan
Sc May 13c
1.000
Jan 63c Feb
2.200 39c
1.000 20% Apr 29% Jan
gc
Aug 160 Mar
1,000
100 49e Sept 950 June
8% Jan
4% Jan
1.400
I% Oct
331 Feb
1,600
Jan
5
Apr
7,200
AM' 56c July
1,000 24n
Jan
40 June 17c
1.000
BondsAnted Pack, deb 6s...1839
75
1939 8934 89
Cony deb 8s
Aluminum Co of Am 7s'33 106% 106%
Amer G & E deb 68_ _2014 9731 97
American Power & Light
9541
8.old without Irarr 2014 96
9631 96
88 new
10131
Amer Rolling Mili811-1938
[VOL 121.
THE CHRONICLE
1668
76% 56,000 7334 Sent 8436 Feb
Mar 9434 Feb
6.400 84
90
107
35,000 108% Aug 107% June
Jan 99% July
9735 160,000 95
9631 132,000 9814 Jan 98% May
Mar 98% May
9631 19,000 95
Jan 103% June
1,000 100
101%
Bonds (Concluded)Amer Sumatra Tob 7348'25
Amer Thread 65
1928
inaconda Cop Min 60_1929
Andian Nat Corp 68 _1940
Without warrants
Assoc Ow &
6s _1965
44/We'd Simmons Hardware
630.
1935
Atlantic Fruit 8s
AUG& W ISSL5e..1959
Beaver Board Co 88_1931
deli Telep of Can 55..1955
Beth Steel equip 7s... _1935
Panadlan Nat Rye 78 1936
Chic Milw & St P (new cm
AdjM bawl
2000
Chic R I & Pac 534s_ _1926
Citle8 Service(Is
1966
Cities Service 7s Ser C-1966
(titles Service 7s Ser D 1966
Cities Service 78Ser E _1966
Cities Serv Pr & Lt 68_1944
Cons G. E L & P.Ban1949
es. Series A
&Series F
1905
1941
Camel Textile 85
Cosgrove-Meehan Coal1954
8 34s
1935
Cuba Co(is
Cudahy Pk deb 534e_ _1937
Deere & Co 7945
1931
Det City Gas 6s
1947
Detroit Edison 65-1932
58 Series B
1955
Debenture 78
1928
Debenture 79
1929
Debenture 7s
1930
Est RR of France 78 _ 1954
Federal Sugar 78
1933
Gait' (Robert) Co 76_1937
Galena-Signal Oil Is. _1930
General Ice Cream 6345'35
General Petroleum 611_1928
1st 58
Aug 15 1940
Grand Trunk Ry 0348.1930
Great Cons Elec 630 1950
Gulf 011 of Pa 55
1937
General 53,5s
1926
Serial 534s
1928
Hood Rubber 7s
1936
Italian Power6365.. .1928
Kan City Term 5 34e__1960
Keystone Telep 5345_.1955
Krupp(Fried) Ltd 78 1929
Lehigh Pow Seely Os. _1927
Libby, MoN & Lib 78_1931
Long Island Ltg 68-.1954
Manitoba Power 7s.__1941
Missouri Pac RR 5s.. _1927
Morris& Co 730
1930
Nat DIMS Prod 7s
1930
No Amer Cement 6348 1940
With warrants
Nor States Pow 834E1..1935
631s gold notes
1933
Ohio Power 5s Ser B._1952
Oklahoma Gas az El 5e 1950
Park & Tilford Os
1930
Pennok 011 Corp 6s _1927
Penn Power & Light 136 '52
1953
5s Series D
1941
Philo, Elec 8s
Phlia Rap Transit 138 1962
Phillips Petrol 734s_ _1931
Pure Oil Co 13348
1933
Schulte R E Co es.__ A935
Seaboard Air Line 68_ _1945
Shawshcen Mills 7s_..1931
Slemans & Halske 7s._192r3
7s
1935
Sloss-Shelf St a I 68..1929
1934
Solvay & Cie (38
Southeast P & L 138 A_2025
South Calif Edison 58_1944
Stand Milling 5948_1945
Stand 01101 N Y 6%a-1933
Sun 011594.
1939
Swift & Co 5s__Oot 15 1932
Thyssen(Aug) lAS 78 1930
Tidal Osage Oil 7... _1931
Toho El Pow (Japan) 76'55
Tokyo Elec Light 68_1928
Trans-Continental 0117.30
Tyrol Hyd-El Pow 734s'35
Union 011 Calif 58_ _ _ _1935
Un
011 Prod 8s_ _ _ _1931
Rys of Hay 73.4.'36
US Rubber Ser 630..1926
Serial 6 Si% notes_ _1927
Serial 631% notes _1928
Serial 69-4% notes _1929
Serial 6%% notea__1930
Serial 634% notes. _1931
Serial
% notes_ _1932
Serial 6)4% notes_ _1933
Serial %% notes..1934
Serial 6%% notes_ _193.5
Serial 834% notes..1938
Serial034% notes..1937
Serial 63.4% nags- -1938
Serial 634% notes _.1939
Serial 694% note& _ 1940
Vacuum 011 is
1937
Webster Mills 63.4.._.b039
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
May 98%
3,000 80
98%
98
102% 10231 103% 7.000 10234 Jan 104
20,000 102% Jan 104
102%
Apr 125
1,000 103
118
2.000 96
Sept 10034
98
96% 96
Aug 96
93% 9436 116,000 92
94
Apr
Feb
May
June
May
JUDO
90% 93
20% 2034
76
77%
76
89%
8931 89
99% 9934 99%
10431 103% 10434
11031 110 110%
119,000 81
7,000 1834
70.000 62
18,000 87%
28,000 9734
28,000 108
9,000 108%
Feb 93
Jan 27
Jan 78%
Sept 96
Aug 100
Mar 104%
Jan 11234
Oct
Mar
Sept
Jan
June
Jan
Apt
53% 5334 55%
100% wog 100%
90% 9034 9034
124% 12431 125
10234 102% 102%
112 113
94% 93% 94%
50.000 5234 Sept 55%
35,000 10016 Aug 101%
Sept 91%
110,000 90
12.000 111
Jan 128
72.000 9834 Jan 10034
Oct 112%
2.004 112
305.000 92
Feb 94%
Sept
Aug
June
Feb
Feb
Sept
Mar
93
99
83
103%
10534
14531
9931
145%
86%
10434
10134
9416
107%
84%
90
92
101%
104%
104
104%
103%
105
99
83
10534
gog
85
2.000 10434 Jan 108 June
17,000 98
Aug 100% June
Apr 95
7,000 80
Jan
95
9734 31,000
93% 44,000
92
9234 92% 32.000
103% 10334 30.000
105 105% 8,000
143 145 136.000
99% 9934 19,000
150 158% 7,000
14934 15834 22,000
142 15834 55,000
86
87 316,000
6,000
93% 95
10334 10334 25,000
10434 10534 6,000
1113.41121-4 18,000
101% 10134 34,000
9431 94% 165.000
107% 107% 8,000
86% 8,000
86
9914 10034 28,000
100% 10034 2,000
12,000
102 102
104 10434 11,000
100 10034 6,000
84% 84% 245,000
88
9034 127,000
20,000
92
92
101% 101% 45,000
104% 104% 26,000
100 100% 19,000
104 10434 13,000
100% 100% 2,000
104% 10436 20,000
101 10331 36,000
95
9134
89m
10234
102%
110%
9734
125
114
121%
78%
9234
99
104
104
100%
94%
10644
88
9834
10036
101
102
97%
83
87
86
10036
102
99%
98%
99%
9834
9934
Sept
Sent
Jan
July
Jan
Jan
Aug
July
Mar
June
Apr
Apr
Ain
Aug
July
Jan
Sept
Jan
JUR'
Jan
Oct
Aug
Jan
Jan
July
Sept
Aug
July
Jan
Aug
Jan
Apr
Jan
July
9834 June
Mar
98
Feb
95
Feb
105
106% May
155 Sent
100 June
156% Sept
15634 Sept
15834 Sept
88% Feb
Max
99
104% July
106% July
117 Sept
10214 July
94% Sept
110
July
88% July
10134 May
10234 Jan
10234 Sept
105% July
100% Sept
86% July
91
Aug
9934 Jan
101% Mat
AIM
105
102
July
104% Sept
May
101
10444 Sept
10334 Oct
98% 9834 98%
126
11634 126%
103 103
103
9234 92%
91% 9134 9234
100 100
loog 100% 100%
96% 9634 97
9834 9834
108% 10734
107
98% 9734 98%
10434 105
10234 102 102%
100 100,4
100
94% 94,4 9474
101% 101% 101%
9534 96,4
9434
94
102% 102,4 103%
104 104
104
9634 97
9434 9534
0534 95% 96
106 106%
106
9734 98
98
9831 98%
063-4
94%
9434 94
10434 10334 10494
8934 90%
90
98% 99%
99
95% 96%
96
9034 90%
9434 943.4 0434
39
39
109 109
10034 10034
10134 101 101%
10134 102%
101)41013.4
100% 10034 101
100Si 100 10034
100% 100 10034
100% 100 10034
100% 100% 10031
9934 100%
99% 99 100
9934 100
100
99% 9946 9931
99% 98% 99%
99% 9934 9994
104% 105,34
105
99% 100
68.000
776,000
10,000
14,000
38,090
1,000
21,000
22,000
12,000
9.000
35,000
11,000
67,000
52,000
75,000
1,000
45.000
18.000
8,000
13,000
134,000
14,000
20,000
21,000
31,000
70.000
87,000
7,000
73,000
26.000
41,000
7,000
19,000
3.000
2.000
5,000
31,000
12,000
16,000
13 000
16,000
14,000
24,000
22,000
13,000
25,000
23,000
23,000
50.000
10,000
19,000
3,000
Cologne (City) 6948_1950 87Si
8734 8734
9934 100
Denmark (King)es__ _1971 100
53'4, wt
1955 99% 99% 9931
99
9931
Gratz (City) Austria 85 '54 99
843/
French Nat Mall 8S70 1949 83% 83
Hungarian Cons Mun
Loan 7348
8931
1945 8934 89
Indust Mtge Bk of Finland
let M coils f 7s....1944 94% 94% 95
9831
Medellin (Colom)88_1948 9831 98
106% 106%
Netheriands(Kingd)6sB'73
13
13
Russian Govt 34s __ _1919
69-4% certificates__.1919 12% 12% 1331
Santa Fe (Troy) Argentina
94
95%
Grad ex 7s
1942 05
Saar Basin Cons Co 7s 1935
9634 97
Switzerland Govt 534e 1929 102% 10231 10231
92
92%
Upper Austria(Prov) 7s'45 92
511,000
73.000
47,000
18,000
144,000
87
98
9934
97
7754
Aug
Sept 88
July 10034 Sept
Aug 100 Sept
May 9934 Sept
Apr
VI
Jan
273,000
89
July
9834 Aug
105% Jan
9934 Jan
Jan
89
91% Aug
95% Apr
Jan
97
Apr
95
Apr
95
104
Aug
984 Aug
103% Jan
9714 Jan
100 June
94% Sept
Apr
100
9334 Aug
90% Aug
101
Jan
Jan
100
96% Sept
92
Jan
94
July
100
Aug
9534 Jan
Jan
94
90
Aug
103
Jan
87
Aug
9814 Aug
9434 Sept
9434 June
9434 May
Jan
28
107% Mar
190,4 Oct
100% Apr
100% Apr
993( Apr
9914 API'
9734 Apr
97
Mar
116% Apr
9634 May
96
Apr
95% Apr
95% May
95% Apr
95% May
95% -May
104% Sept
974 Mar
99%
126%
10434
96%
95
98
100%
9894
9834
108
99
Aug
Oct
May
MaY
Max
Jan
June
May
May
June
Mar
102%
100%
95
104
9934
98%
103%
105
97%
9734
98%
108
9934
97
9934
104%
91%
9934
103%
9634
98%
50
112
10234
102
10234
101%
102
101
101
10034
100%
100%
100%
10034
10034
10034
100%
107%
103M
May
Sept
Sept
Jan
Feb
Feb
Sept
July
Aug
May
May
Feb
July
July
Feb
Jan
May
Sept
May
May
Mar
June
July
May
Mar
Mat
Mar
Sept
July
Sept
Sept
Sept
Oct
Sept
Sept
Sept
Sept
Sept
Jan
Jan
Foreign Government
and Municipalities
8044 Sept
14,000 9234 Mar 97 June
5,000 9734 July 0834 July
1,000 10234 Mar 11934 Aug
21,000 1194 Aug 173-4 Feb
14.000 11
Aug 17
Feb
106,000 9234
11,000 9434
20,000 101
53,000 9234
Sept 96%
Sept 97
Jan 104
July 9244
July
Sept
July
July
•No par value. k Correction. I Listed on the Stork Exchange this week, where
additional transactions will be found. o New stock. a Option sale. o SaLs o.
Standard Publishing in our issue of June 27 at 1734 was an error. to When .ssued
z Ex-dividend. y Ex-rights. z Ex-stock dividend.
inuestment and
gailtoratt intellioentec
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third
week of September. The table covers 16 roads and shows
15.32% increase over the same week last year:
Third Week of September.
1925.
1924.
Increase. Decrease.
$
$
$
126,363
121.667
Ann Arbor
12.651
343.255
355,906
Buffalo Rochester & Pittsburgh_
5,264,296 4,381.29:3 883,003
Canadian National
4,629.000 3,511,000 1,118,000
Canadian Pacific
131.555
124.707
Duluth South Shore & Atl
9.300
31,100
40,400
Georgia & Florida
3,070,000 2,648,234 421,766
Great Northern
9,111
6,252
Mineral Range
421,923
2,286
424,209
Minneapolis & St Louis
372,587
39.669
412,256
Mobile & Ohio
13,740
2,006
15,746
Nevada California & Oregon_ _ _
81,923
2,033,929 1.952,006
St Louis-San Francisco
541,429
32,871
574,300
St Louis Southwestern
4.189,128 3,837,549 351,579
Southern Sty System
695,778
32,453
728,231
Texas & Pacific
375.249 .376,312
Western Maryland
3
4,696
22,365,276 19,393,235 2,987.507
2.972.041
15.466
Total 06 roads)
Net increase (15.329t)
6.848
2,859
1,063
In the table which follows we also complete our summary
of the earnings for the second week of September:
Second Week of September.
a4
1925.
1924.
s
$
Increase. Decrease.
$
roads)-- 21,553.483 18.162,901 3,428,461
Previously reported
130.074
124.036
Duluth South Shore & Atl
5.019
8,098
Mineral Range
Total (16 roads)
Net increase(18.48%)
21,682,538 18,301,073 3.428.461
3.381.465
s
37.879
6,038
3,079
46,996
1669
after razes
-Grossfrom Railway--Net from Railway- -Net
1924.
1925.
1924.
1925.
1924.
1925.
Atlantic Coast Line6,386,633 5.012,223 1,455,457
August
From Jan 160.222.586 55,325,241 18.701,027
Ohio
Baltimore &
August _ _ _ _21,435,866 18,478,537 6,237,643
From Jan 1 151247,890 146705,427 34,678,855
B & 0 Chic Terminal80,005
260,507
August...... 310,950
352,114
From Jan 1 2,375.539 2,348,544
Bangor & Aroostook
5,583
405,383
370,903
August _ _
From Jan 1 4.558,617 4.473,820 1,275,784
Belt Sty of Chicago230,750
596,177
August...... 632,729
From Jan 1 4,541,087 4,431,751 1,453,794
Erie
Bessemer & Lake
897,926
August ____ 1,688,314 1,545,362
From Jan 1 10,585,282 10,066,097 3,854,676
904,524 -61,182
390,791
15,005.657 14,689.248 11,542,845
5,239,533 5,398,256 4,411.259
32,256.302 27,904,619 25,454.127
Bingham & Garfield12,176
46,205
47,784
August ____
111,002
319.562
416,078
From Jan 1
Boston & MaineAugust.._ 7,154,808 6,695,291 2,072,544
From Jan 1 52,169,865 51,637,600 10,764,538
Buffalo Rochester & Pittsburgh332,404
August ____ 1,590,304 1,298.169
From Jan 1 10,381,401 10,576.765 1,552,295
Canadian National RyaAugust _ _20,747,640 18.323,938 2,718.405
8,385,692
Fr'm Jan 1146,661,997 153173,166
All dr St Lawrence22,152
150.555
224,264
August _. __
42,219
From Jan 1_ 1,704,495 1,586.357
Chi Det & Can G T Jet75,240
196,173
227,005
August ____
977.424
From Jan 1_ 2,017,958 1,951,731
Milwaukee
&
H
Bet G
235,135
505,300
August....... 645,161
1,411,939
From Jan 1_ 4,486.957 4,263,083
14,063
14.574
37,177 -27,700
21,700 -304,956
46,239
1,068,111
4,700
908,787
13,580
743,207
254,399
1,415,259
183,363
1,106,141
209,132
1.074,157
505,151
773,389
552,604
2,057,751 3,338,935 1,687,588
3.937
68,850
1,663
26,540
-5,457
-13,492
1,539,573 1,816,538 1,278,667
8,825.587 8,696,937 6,815,342
252,849
297,355
282,850
1.421,535 1,272,010 1,165,791
713,683
3,928,364
-36,188
-273,180
2,647 -52,880
-93,733 -402,135
75,703
892,883
67.179
894,032
61.731
803,065
126,516
973,869
231.146
1.375.619
120,822
931.189
Canadian Pacific3.168.591
August _ _ _ _15,421,148 14.324,121 4,181,781
15.898,237
Fern Jan 1105,765,016 113864,715 15,368,303
Me
In
Lines
Canadian Pax
136,643 -30.598 -24,484 -41,598
114,270
August ____
17,600 -196,024
Current
Previous
-108,024
Increase or
From Jan 1_ 1,580,768 1,791,136
Year.
Year.
%
Decrease.
Week.
Central of Georgia633,376
378,945
760,797
August ____ 2.615,610 2,110,745
$
$
$
3,680,356 3,384,683
From Jan 1_19.196,106 17,642,119 4,248,340
-261.838 1.51
1st week June 16 roads)---- 17,075.429 17.337.267
J
-405.984 2.33 Central RR of N
2d week June 16 roads).- 16.982,661. 17.388.645
5.520,638 5,013,802 1,998,078 2.001,627 1.577,104
-288,496 1.65
August _
3d week June 16 roads)-- 17,170.036 17.458.532
7,585,954
From Jan 1_38.554,984 36,646,395 10,623,444 8,569,731
+610.569 2.68
4th week June 16 roads)- --- 23,465,981 22,855.412
+243,852 1.43 Central New Englandlet week July 16 roads)___ 17,280,373 17,037,297
178.574
179,232
203,576
651,149
+258,533 1.47
677.709
2d week July 16 roads).- 17,742,468 17.483.935
__
August
1,344,164
+922.795 5.35
3d week July 16 roads)__-_ 18,163.598 17.240.803
From Jan I_ 5.138,372 5,366,647 1,546,402 1,535,291
4th week July 16 roads)---- 27.201,378 25.022.731 +2,178,647 8.70 Central Vermont167.667
173,467
186,762
1st week Aug. 16 roads)---- 18,408,362 17.160.592 +1.247,770 7.27
742,996
789,925
August ____
238,844
711.139
392,140
2d week Aug. 16 roads)____ 18.693.557 17.140.935 +1.552,622 9.05
From Jan 1_ 5.602,886 5,780,780
3d week Aug. 16 roads)____ 19.313.356 17.533.547 +1.779,809 10.15
Carolina4th week Aug. 16 roads)....__ 27,448,599 24.984,483 +2.464,116 9.86 Charles & West 294,081305,709
44,395
69,847
64,553
August ____
let week Sept. 16 roads)_ .._ _ 18.849.977 17,369.297 +1.480,680 19.93
582,342
470,123
742,909
2,569,306
2,731,987
1_
Jan
From
18,301,073
18.48
21.682,538
+3.381,465
--2d week Sept.(16 roads)
R9
IA
n4i
Ches & Ohio Lines3d week Sent. MR roads)._ _ _ _ 22.365.276 19.393.235 4-2_072
3,146.816
August _ _11,685,394 9,714,519 3,651,591 2.276,073 17,384,652
16,602,263
From Jan 1_78,541,245 70,329,379 21,117.757
We also give the following comparisons of the monthly
Alton
&
Chicago
727,822
totals of railroad earnings, both gross and net (the net before
824.388
827,013
August....._ 2.856.037 2.762,425
3,850,342
the deduction of taxes), these being very comprehensive.
Fronz Jan 1_19,868,462 20.016.076 4.646,618 4,439,810
In the following we show the weekly earnings for a number
of weeks past:
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
-35,484
-70,400
287.560
2,853,287
1,639,318
5,634,561
153,532
1.329,414
154,583
559,390
52,271
329,372
1,868,668
13,812,985
706,787
3,679,517
Chicago Burl & Quincy4.009,322
August _ _ _ _15,063,899 14,835,620 5,158,478 4,891,379 4.049,927 18,652,126
From Jan 1 100954,369 103404,304 24,718,553 25,670,580 17,870,842
Chicago & East Illinois249.946
395,370
380,946
516,319
Net Earnings.
Gross Earnings.
August ____ 2,346,061 2,127.854
1,534,865 1,010,656
Month
From Jan 1_16.796,464 16,883.413 2,401,149 1,927,776
Increase or
Increase or
Chicago Great Western407.211
1925.
1924.
Decrease.
517,339
Decrease.
485.308
1924.
600.656
1925.
August ____ 2,290.774 2.232,489
1.785,810
From Jan 1_15,476.024 15,803,723 2,391,232 2,391,417 1,745,566
LouisvIlleJan __ 83.195,642 467,329,22E +15.866,417 101,022.458 83.680.754 +17,341,704 Chicago Ind & 1.574,477 1,447.795
381,512
397,759
474,922
478,990
August ____
Feb
2,379,843
454,009.669 478,451.607 -24.441,938 99,460,389 104,441,895 -4,981,506
From Jan 1_11,392.018 11,180,041 3,088,042 2,985,336 2,509.736
Mar_ 485,498,143 504,362.976 -18,864.833 109,230.086 114,677,751 -5,447.665
Apr _ _ 472,591.665 174,287,768 -1,696,103 102,861.475 97.471,685 +5,389,790 Chicago Milw & St Paul1,992,141
August _ _15.208,771 13,072,986 3,951,939 2,746,642 3,251,425 10,080,132
May 487,664.385 176,549,801 +11,114.584 112.859,524 96.054.494 +16.805.030
From Jan 1 102268.013100226,214 15,866,369 16.384,487 9,717,734
June 506.002,03( 164,774,329 +41.227,707 130,837.324 101,487,318 +29.38,006
139.606,752
+27,819,865
111,786,887
+40.595,601
180,943.003
July_ _ 521.538,604
Chicago & North Western2.007,528
Auguet _ _ _14.383,063 13,105,657 4.344,575 2.765.922 3,542.850 10,224.840
Note.-Percentage of increase or decrease In net for above months has been
From Jan 1_94,851,078 96,794,423 19,991,409 16,278,895 13,666,946
January, 20.73% Inc., Februari,4.77% dec.. March,4.74% dec.. April, 5.53% Inc.,
Chicago River & IndianaMay, 17.49% Inc., June, 1891% Inc., July, 24.88% Inc.
158,851
134,798
190,148
177,218
539,298
563,623
August
In Jan. the length of road covered was 236,149 miles In 1925, against 235,498
989,760 1,227,518
From Jan 1_ 4,483,368 4.560,545 1.308.106 1.519.087
miles in 1924,In Feb.. 236.642 miles, against 236,031 miles. In March, 236,559 miles,
In
236.045
miles.
against
May,
miles,
236,663
against 236.048 miles,in April, 236,664
Chic R I & Pacificmiles. against 236,098 miles. In June, 236,779 miles, against 236.357 miles. In July.
_11,076,479 11.582,059 2,920,696 3,392,987 2,335,298 2,820,435
August
10,719,336
236,762 miles, against 236,525 miles.
FromJan E80,277,257 79,331,246 16,072,843 14,998,470 11,726,927
Gulf&
I
Chic R
155,208
112,125
Net Earnings Monthly to Latest Dates.-The table
167.767
144,901
575,619
August ____ 488,314
946 527
858.920
From Jan E 4.043,280 4,161,685 1,022,010 1.047,107
following shows the gross and net earnings for STEAM
Chicago St Paul Minn & 0
railroads reported this week:
342,098
548,093
471,283
688,592
2,650,133 2.314,406
August
Dazes
1,910,941
-Grossfrom Railway- -Net from Railway- -Net after
FromJan 1_17,278,468 17,686.598 3,222.429 2,908,335 2,220,393
1924.
1925.
1924.
1925.
1924.
1925.
Chic Indiana & Western38.922
59.704
57.422
78,662
379,163
437,492
August _ __
278,424
379,198
Akron Canton & Youngstown422,886
525,793
From Jan 1_ 3,139,903 2,867,156
120,056
113.365
130,331
106.700
255,563
August
291,040
710,084
854.384
602.871 Clinchfleld743.804
213.408
From Jan 1 2,061,024 1,789,447
196,980
263,395
252,067
760,672
706,153
_
August
Alabama & VicksburgFrom Jan 1_ 5,738,317 5,596,707 2,082,963 1,755,982 1,642,668 1,355,683
71,659
76.421
43,832 Colorado & Southern111,359
August ____
306,412
317.538
182,125
471,092
146,951
410,845
277,577
245,030
636,067
211,940
From Jan 1 2,304,466 2,305,940
August....,. 1.053,082 1,089,227
825,220
706.891
From Jan_ _ 7.622,527 8,143,569 1,219,309 1,327,709
American Sty Express CO183,655
187,914
June
City
Denver
&
24,546,508 23,772.392
Ft Worth
355,237
296.639
1.030,072 1,138,680
394,670
928,135
From Jan 1_140906735 143183,710
340,165
908,704
August ...__
From Jan 1_ 6,887,906 6,479,209 2,180,029 2,109,347 1.738,439 1,789,364
Ann Arbor91,317
91.309
112,209
70,009
August __
453.738
515,384
Trinity & Brazos Valley6,484
740,497
779,293
559,592
935,398
13,614 -64,794
152,717 -57,079
From Jan 1 3,757,777 3,554.838
130,632
August..___
FromJan 1 _ 1,647,443 1,267,842 -124,474 -293,029 -186.690 -350,566
Atch Topeka & Santa FeAugust _ _ _ _16,754.594 17,477.046 5,674,457 5.168,658 4,355.788 3,586,798
Wichita Valley
59.480
53.463
From Jan 1122202,783 120810.260 31,895,062 26,339,303 22,632,729 17,510,826
66,940
130,295
60,135
August...... 116,724
438,528
343,296
499,499
987,849 1111,820
420,176
From Jan 1_
Gulf Colo & Santa Fe842.767
758.331 Columbus & Greene630.717
724,555
August ____ 2,426,311 2.650,265
8.953
21,381
From Jan 158.330,069 16.768.266 3,567,116 2,387,022 2.858,853 1,707,219
10,452
24,112
144,168
August..... 151,004
109.261
38,709
120.842
54,000
From Jan 1_ 1,022,126 1,019,706
Panhandle & Santa FeHudson
506,948
&
311.169
Delaware
480,243
360,654
August _ _
1.159,924
906,080
850.495
954,935 1.490,765
August _ _ __ 4,545,863 3.789,158 1.603,067
From Jan 1 6,500,316 6,332,255 1,774,364 1.353.104 1.520,809 1,152,884
From Jan 1_31,044.711 29.714.027 7,187,978 5.076.403 6,287,297 4,249,073
Atch Topeka & Santa Fe SystemGrande
Rio
&
Denver
August _ _20,085,985 21,287.235 6,759.667 6.518,433 5,054,866 4,812,892
13,477
615,695
169.722
793,736
August ____ 3,046,122 3,012,880
From Jan E147053168 143910.721 37,236,542 30,079.429 25,164,147 20.348,598
From Jan 1_20,281,044 20,224,522 4,677,234 2,508,241 3,310.531 1,178.968
Atlanta Birmingham & AtlanticMackinac
de
49.295
29,663
51,526
36,512 Detroit
64,622
12.355
August.. - 457.474
410.259
4 .334
22.517
173,563
159.803
_
August
115,678
246,083
143,252
225,455
330,725
From Jan 1 3,462,385 3,156,242
9,062
202,297
89,861
From Jan E 1,132,061 1,285,988
&
Atlanta
West PointDetroit Terminal59,481
55.218
42.538 • 57,371
29,854
75,624
August.,..
81,889
196.049
212,469
75,260
August ____
231,881
272,622
273,097
393,052
363,160
352,429
267,451
475,949
430.207
From Jan 1 2,041,133 1.885,772
552,093
From Jan E 1.640,296 1,570,557
Detroit Toledo & IrontonAtlantic City301.577
279.881
324.112
294.930
957.135
961.953
August
408.819
388,869
485,134
507,830
August ....._
902.938
913,513
FromJan 1_ 8,672,018 7,859,237 3,251.325 3.000,200 2.870.287 2,728.716
523.427
697,868
363,519
879,457
From Jan 1 3,675.047 3.399.581
1670
THE CHRONICLE
[Vol, 121.
-Grossfrom Railway- -Net from Railway- -Net after Taxes
-Gross from Railway-. -Net from Railway- -Net after Taxes1925.
1924.
1925.
1924.
1924.
1925.
1925.
1924.
1924.
1925.
1924.
1925.
$
Tel
Det &
Shore LineMinnStP&EISMAugust __ _ 365,893
248,409
191,071
123,682
170,436
101,488
Minn StP& El 5 M SysFrom Jan 1_ 2.523,828 2,208,332 1,159,118
896,897
985,830
715,095
August _ _ _ _ 4.460.047 3,823.331 1,350.776
757,949 1,080,861
513,268
Duluth & Iron RangeFrom Jan 1_30,138,227 28,561.662 6,616,501 4,472,180 4,632,751 2,593,778
August
9E0.482
790.271
508.281
445,725
376,512
328,157 Mississippi CentralFrom Jan 1_ 4,740,469 4,306,699 1,520.871
848,315 1,202,397
664,922
August _
159,225
163,617
57,687
56,775
40,188
50.187
Dul Missabe & NorthernFrom Jan 1_ 1,057,355 1,211,318
331,519
318,876
225,693
274,835
August _ _ _ _ 2,602,159 2,211,079 1,816,825 1,516,107 1,593,029 1,372,616
From Jan 1_12,442,032 9,678,947 7,075,316 4,448,387 5,964,954 3,323,062 Miasourl-Kansas-Texas-August _ _ 3,201.511 2,976,166 1,332,684
918,151 1,154,002
687,881
Dul So Shore & AtlanticFrom Jan 1_22,722,724 21,300,406 8,431,606 6,549,140 7,020,772 5,062,087
August __
524,901
532,211
105,097
114,244
133,097
82,244
Mo-Kan-Tex of TexasFrom Jan 1_ 3.912,031 4,020,380
772,756
523,764
542,747
774,867
August
1,706,105 1,928,500
64,803
531,190
579,496
116,470
Dul Winnipeg & PacificFrom jan 1_13,881,810 12,944,016 2,647,588 2,948,871 2,175.554 2,553,251
August __
174,850
158,741
31,834
23,017
12,841
5,072 Missouri &North Arkansas
From Jan 1_ 1,489,036 1,482,817
246,695
172,784
204,990
130,507
August _ _ 135.197
13,989
21,971
16,359
21,410
140,767
East St Louis ConnectingFrom Jan 1_ 987,594
69,140
78,748
95,429
45.805
996,816
August _
190,365
186,636
82,258
76,714
90,759
87,429 Missouri.PacificFlom Jan 1_ 1,487,905 1,462.418
641,065
601,509
623,833
569,368
August _ _ _ _11.218,257 10,798,768 2,594,293 2,329,283 2,167,328 1,947,542
Elgin Joliet & EasternFrom Jan 1_84,546,073 77,624.788 17,298,239 14,560,817 14,040.333 11.547.974
August ____ 1,952,350 1,398.432
371,073
525,069
404,365
239,141 Mobile & OhioFrom Jan 1_16,802,553 14,302,629 5.091,014 3,778,918 4,321,697 3,122,506
August __ 1,618,099 1,557,550
431,745
426,719
522,316
345.028
Erie RailroadFrom Jan 1_12,293,878 13,006,997 3,278.701 3,565,855 2,563,499 2.877,849
August _ _ _ _ 10,268,320 8,922,827 2,710,951 1,598,982 2,342,806 1,256,535
From Jan 1_70.274.806 68,891,934 12,952,021 10,574,082 10,036,234 7,792,356 Monongahela ConnectingAugust ____ 158,521
10,420
5,973
22,096
26,121
133,751
Chicago & ErieFromianL 1.441,562 1,336,271
178,301
89,857
49,575
214.943
August
_ 1,229,450 1,113,721
422,900
405,287
479,499
352,620 Nash Chatt & St Louisnom Jan 1_ 9,225,496 9,098,651 3,575.187 3.218,950 3,130,685 2,797,194
August _ _ 1,969.095 1,917,550
345,242
352,924
302,774
420,365
• NJ&NYRRFrom Jan 1_15,520,328 15,649,186 2,799.928 2,500,349 2.303,647 2.027,755
August ____ 153,701
142,484
26,011 Nevada Northern
39,240
35,535
29,686
From Jan 1_ 1,097,163 1,059,621
122,105
162,488
102.018
151,526
August ____
90,978
31,063
50,847
44,902
94,845
44,298
Evaniv Ind & Terre HauteFrom Jan I_ 692.630
218,398
303,559
356,794
710,339
304,987
ugust
221,180
145,782
80,617
30,112 Newburgh & South
75,534
34,912
Shore
From Jan 1_ 1,558,811 1,132.723
436.810
487.730
210,804
249,241
August _ _
159,784
37,827
19.501
51,427
174,702
32.278
Florida East CoastFrom Jan 1_ 1,342,686 1,329,525
29,642
199.894
137,454
305,719
August ___ 2,205.083 1,136.903
636,904
209,843
527,928
109.643 New Orleans Gt NorthernFrom Jan 1_18,310.055 13,239.174 6,049,899 4,533,617 4,126,308 3,734,238
August _ _ __ 245,959
59,800
67,153
77,827
82,172
247,767
Ft Smith & WesternFrom Jan 1_ 1,903,333 1,968,178
437,897
408,301
579,939
564,250
144,668
August _
167,842
30,584
60,786
36,853
54,936 New On Tex & MexicoFrom Jan 1_ 1,127,185 1,111.440
127,080
214,791
174,783
259,803
August _ _ 235,649
290,994
76,340
-11.201
94,797
9,283
Galveston WharfFrom Jan 1_ 2,277,295 2,223,112
569,932
536,430
796,982
735,400
78,950
August ____
156,852
-3,582
44,523
64,523 -25,082
Beaumont
So
Lake
&
W
From Jan 1_ 1,031.298
784,593
90,121
1,526
142,811
237.199
August _
214,026
227,701
60,871
95,192
102,929
52,259
GeorgiaFrom Jan 1_ 1,869.040 1.838,591
630.426
719.038
771,957
565,512
August -__- 474,886
498,208
80,894
67.048
73,892
87,957
St
L
Browns
& MexFrom Jan 1_ 3,931,593 3,938,357
679,953
743,137
568.886
624.727
August _ _ __ 881,322
738,663
443.631
409,302
343,632
307,615
Georgia & FloridaFrom Jan 1_ 5,709,859 5,318,712 2,311.912 2,400,481 2,055,570 2,165,979
August ___ _ 190,665
173,844
55,242 New York
67,842
74,366
61,817
Central
From Jan 1_ 1,127,157 1.170,985
238,462
240,648
290,535
293,211
August _,..34,498,465 30,425,067 9,711,415 7,740,476 7,410,186 5,792,452
Grand Trunk WesternFrom Jan 1_249833821 243163,079 63,530,465 59,387,621 46,227,516 43,604,120
August
_ 1.676.298 1,441,619
480,703
214,824
418,447
294,248
Indiana Harbor BeltFrom Jan 1_12.020,222 12,228,834 2,463,949 1,843,647 1,929,276 1,243,398
August ____ 932,932
346,027
870,651
162,272
294,746
139,034
Great Northern SystemFrom Jan 1_ 7,156,929 7,064,459 2,208,683 1,632,600 1,892,567 1,428,065
August ___A0,787,000 8,925,495 3.714,382 2,656,579 2,829,400 1,780,161
Michigan
Central
From Jan 1_67,717,453 63,723,731 18,326,860 15,051,448 12,040,176 8,666,072
August ___ _ 8,227,350 7,280,245 3,088,948 2,338,076 2,535,691 1,848,930
Green Bay az WesternFrom Jan 1_59,843,401 58,579,576 19,045,575 16,981,185 15.278,970 13,384,967
August ___
138,166
117.345
41,146
23,703
33,646
31,182
C C C & St LouisFrom Jan 1_ 990,151
966,258
249,941
155,974
189,147
216,001
August _ _ _ 8,324,532 7,284,951 2,577,396 1,700,808 2,058,883 1,300,464
Gulf Mobile & NorthernFrom Jan 1_59,395,030 56,668,257 15,842,348 12,387,674 12,245,310 9,353,296
August _ _ 534,418
484,474
196,980
115,212
145,181
144,077
Cincinnati
NorthernFrom Jan 1_ 4,056,481 3,895,273 1,196,622 1,098,422
872,458
910,273
August -___ 440,600
415,583
158,959
184,175
155,653
132,772
Gulf & Ship IslandFrom Jan 1_ 2,993,865 3,106,424 1,042,266
961,806
849.834
804,340
August __ 283,292
297.600
44,572
102.690
68,144
75,734
Pittsburgh & Lake ErieFrom Jan 1_ 2,352,021 2,319,890
652,766
417,316
679,611
474,148
August ____ 2,630,583 2,404,761
302,641
354,058
494,369
207,030
Hocking ValleyFrom Jan 1_21,218,131 21,136,747 4,175,237 4,090,219 2,767,979 2,832,941
August _ - 1,830,020 1,605,880
377,011
278,946
347,610
256.475 New York Connecting
From Jan 1_12,478,030 11,374,400 3,289,888 2,982,275 2,489,495 2,241,492
August _ _ _ _ 243,967
220,498
314,760
100,306
136,706
179.748
Illinois Central SystemFrom Jan E 1,803,414 1.943,310 1,155,869 1.344,203
839,069 1,037.103
August _ _ _ _15,366,689 14,133.620 3.898,485 3,337,341 2,734,564 2,319,786
Wm Jan 1113.297,730 112784,399 26,175,000 24,814,448 17,916,176 17,196,019 NYNH& HartfordAugust. _11,530,555 10,749,905 3,020,156 2,618,226 2.596,052 2,215,819
Illinois Central CoFrom Jan 1_86,263.144 84,106,940 21,752,867 18.669,729 18,487,373 15,405,318
August - _ _13,357,827 12,375,276 3,380,217 2,899,445 2,345,354 1,997,279
N
Y Susq az WesternFrom Jan 1_98,282,605 99,332,418 22.145,641 21,626,707 14,916,492 14,932,031
August...... 542,858
130,511
43,446
159,411
388,760
14,280
Yazoo & Miss ValleyFrom Jan 1. 3,537,573 3,098,921
624,830 -28,675
211,242
856,116
August _ _ _ 2,008,862 1,755,344
518,268
437,896
389,210
322.507
From Jan 1_15,015.125 13,451,981 4.029,359 3,187,741 2,999,684 2,263,988 Norfolk SouthernAugust _ _ 722.497
182,438
721,678
138,290
173.988
130,780
International Great NorthernFrom Jan 1_ 5.916,515 6,358,972 1,473,646 1,605,899 1.108,893 1,258,915
1,403,896 1,394,047
August
331.643
294,466
365.940
330,750 Northern PacificFrom Jan 1_10,791,365 10,246,621 1,901,642 1.889,058 1,611,173 1.408,102
August.... 8,661,071 7.631,971 2,409,747 1.859,939 1,566,086 1.171,435
Kansas City Mexico& OrientFrom Jan 1_58,873,416 57,539,348 12,020,699 10,240.853 6,433.352 4,812,318
August --__ 188,286
271,407
20,941
74,664
64,664
16,943
Northwestern
PacificFrom Jan I_ 1,759,138 1,403,506
203,009
142,508
142,077
83,470
August _ _ _
798,852
768,522
352,091
303.511
262,478
305,947
Kansas City Mexico & Orient of TexasFrom Jan I_ 4,557,307 4,805,436 1,126,299 1,288,977
766,940
923,631
August _ _ 275,405
270.319
32,869
82,887
25,871
75,887
Pennsylvania CoFrom Jan I_ 2,184,294 1.467,799
209,926
477,053
420,653
168,858
August _ _ _ _ 59,457,093 55,293,118 16,215,644 13,354,419 12,552,876 9,837,532
Kansas City SouthernFrom Jan 1_434437096 424279,748 90,012,776 84,768,465 69.113,694 64,892,072
August
_ 1,589.479 1,514,844
512,451
385,354
418,267
301,738
Bait Chas & AtlanticFrom Jan L11,807,000 11,874,842 3,268,986 2,847,810 2,511.279 2,139,134
August
56.554
72,934
188.369
45,525
179,974
56,083
Texarkana & Fort SmithFrom Jan 1_ 984,847 1,004,301 -69,973
31,459 -96,997
-9,747
August
237.834
247,092
93,638
120,606
105,121
77,719
Long IslandFrom Jan 1_ 1.081,461 1,889,460
926,719
842,706
715,577
802,897
August.... 4,093,355 3,780,741 2,030,699 1,654,489 1,678,156 1.390,627
Kansas Oklahoma & GulfFrom Jan 1_25,044,428 23,569,412 7,276.032 5,898,995 5,806,066 4,794,953
August _ _
214,786
9,965
182,896
29.856
1,037
40,128
Monongahela
From Jan 1_ 1,457,347 1,352,934jE 29,028
102.630 -36,918
21,336
August __ _ _ 540,548
172,891
301,670
396,336
270,539
160,188
Lake Superior Sz Ish pemingFrom Jan 1- 3,627,502 3,350,856 1,609,028 1,113,076 1.447,546 1.011,757
August __ _ _ 285,819
199,129 Tor 156,156
126,439
75.039
63,691
West Jersey & SeashoreFrom Jan 1_ 1,369,002 1,194,3511E473,748
351,642
290,079
185,617
792,330
August _ _ 1,890,351 1,902,657
809,358
425,251
477,412
Lake TerminalFrom Jan 1_ 9,372,604 8,920,240 2,384,884 1,736,677 1,451,361
967.513
A ugust _ _
100,539
21,461
120.696
1,239
26,744
-5,166
System
Pennsylvania
From Jan 1_ 790,816
711,866
61,280 -36,511
13,298 -87.748
August _ _ _66.062,535 61,605,959 19.258.431 16,015.140 14,792,762 11,841.478
Lehigh & Hudson RiverFrom Jan 1_472328133 460405,643 99,842,957 92.732,429 76,205,185 70.600,628
August ____ 313.374
262,691
116,305
99,173
75,903
63,478
MarquettePere
From Jan I_ 2,158.478 2,101,193
544,418
616,036
657,856
506,845
August _ _ _ 3,877,674 3.494,727 1,274,429 1,154,331 1,075,583
997,367
Lehigh & New EnglandFrom Jan 1_26,718,795 27,264,703 6,691.575 6,523,236 5,381,037 5,256,295
August _
654,219
476,190
182,794
159,398
209,706
136,134 PerklomenFrom Jan 1_ 3,929,719 3,456,955 1,158,643
995,558
795,601
662,370
August _ _
34,115
66,748
133,124
96,383
61,560
29,679
Lehigh ValleyFrom Jan 1- 880,560
322,027
376.959
787,135
335,535
284,952
August _ _ 7,370.394 6,426,109 2,278,634 1,607,361 1.827,101 1,276,520
From Jan 1-52,814,482 50,248,647 13,892,722 10,107,849 10.935,368 8,056.418 Pittsburgh & ShawmutAugust _ _ __ 102,631
19,157
20,922
98,971
20,675
18,967
Los Angeles & Salt LakeFrom Jan 1_ 796,598
120,187 -24,841
707,961
99,577
29,886
August ____ 2,097,422 1,944.256
603,536
479,704
276,903
140,273 Pitts Shawmut & NorFrom Jan 1_15,565,535 16,280,361 3.182.504 3.033,184 2,089.615 1.994,822
August _ _ _ 176,517
12,803
30,078
123,650
27,367
10,146
Louisiana & Arkansas-3,958
From Jan 1_ 1,195,159
203,169
895,014
181,614 -25,491
August _ _ 378,705
356,385
192,496
157,051
112,289
85.856 Pittsburgh & West
Virginia
From Jan 1_ 2,672,873 2,624,852
894,027
667,906
674,815
491,897
August
109,680
192,239
441,000
354,765
137,127
Louisiana Ry & Nay Co66,145
From Jan 1_ 3,140,196 2,592,573 1,175,670
703,185
828,645
Louisiana Ry & Nay Cool Texas389.594
Reading98.952
August -___
122.604
2,395
-1,610
40,748
36,747 Port
August -___ 305.667
40,542
183.096
154,530
From Jan I_ 813,487
167,734
836,318
69,019
86,651
36,278
37.079
54,629
From Jan 1_ 1,716,655 1,323,477
472,446
882,811
755,653
Louisville & Nashville360,723
Quincy
Omaha
&
K
C
_._12.556,934
August
10,996,667 3,538,047 2,806,977 2,839,959 2,198,536
August _
39,437
93,963
-5,885
135.983
From Jan 1_91,572,503 87,516,670 20,457.985 15,852,519 16,235,870 12.249,821
34.788
-9,871
From Jan 1. 644,980
680,332 -60,761 -70,261 -97,835 -102,865
Louisville Henderson & St LouisReading Co_ 327,106
August
275,096
92,105
69.820
52,614
36.738
August -___ 8,749,678 7,026,812 2.762,002 1,741.795 2,395,570 1,441.589
From Jan 1_ 2,454,641 72,233,848
737,913
589,281
447.036
352,050
From Jan 1_62,639,552 60,436,334 15,906,895 13,363,778 12.969,841 10,490,118
Maine CentralRich Fred & Potomac-.
August ____ 1,708,096 1,638.023
397,070
August _-_ _ 1,070,058
296.561
307,639
205.418
447.669
891,212
327,710
375,065
269,292
FromJan 1_13,378,304 13,626,914 2.882,311 2,434,524 2,058,782 1,615,006
From Jan 1_ 8,644,195 8,152,298 3,209,649 2,807,319 2,696,819 2,346,714
Minneapolis & St LoutsRutlandAugust..... 1,454,280 1,252,890
339,031 -28,786
280,975 -83.980
August
139,884
570,070
599,713
119,519
106,802
89,387
From Jan 1. 9,494,471 9.377.490:
506.820 -468.223
-5,913 -946,181
From Jan E 4,256,380 4,363,714
623,003
755,469
417,624
533.335
OCT. 3 1925.]
1671
THE CHRONICLE
-Gross from Railway- -Net from Railway- -Net after Taxes
1924.
1924.
1925.
1924.
1925.
1925.
8
8
$
$
I
i
Wheeling & Lake Erie248,939
442,615
353,748
590,182
August _ _ __ 1,828,001 1,528.662
From Jan 113.141.420 12,033,500 3,760,756 2.512.993 2,706,168 1.658,982
-Gross from Railway- -Net from Railway- -Net after Taxes
1924.
1925.
1924.
1925.
1924.
1925.
St Louis-San FranciscoAugust __
8.038,867 7,460,193 2,629,960 2,360,521 2,186,768 1,941,414
From Jan 1_57,432,102 54,282,152 17,129,619 15,137,903 14.109.577 12,379,466
St L-S Fran of Texas-Deficit.
57,065
45,554
59,541
47,888
177,330
August .___ 188,908
Charges. Balance.
Income.
232,012
324.843
250,519
344,228
From Jan 1_ 1,382.729 1,157.863
$
I
$
36,878
13,427
Aug'25 "50,305
Ft Worth & Rio GrandeGeorgia & Florida
17,288
-2,449
21.556
27,403
12,677
'24 *40,080
1.584
127,798
August ____ 113.376
78,028
109.422 -29.416
12,419
2,966
105,934
'25 *118,353
998.380
From Jan 1_ 870,513
From Jan 1 to Aug 31
99,934
45,508
'24 *145,442
St Louts Southwestern355.850 New York New Haven & Hartford_.__Aug 1925 *2,523.548 1.894,361
372,815
424,740
435,660
629,186
1,445.187 1,453,170
August _ _
'19.190,816 15,271,158 3.919,658
From Jan 1_11,534,456 11,396,295 3,454,778 3,387,009 3,022,598 2.882,346
From Jan 1 to Aug 311925
516,464
116,748
Aug'25 *633,212
St Louis S W of TexasNew York Ontario & Western
-25,078
-11,516
533
15,322
116,657
680,931
*617.640
500.982
'24
August _. 613,770
757,431
939,228
'25.1,696.659
From Jan 1_ 4,836,825 4,885,327 -178,479 -150,289 -394,575 -357,037
From Jan 1 to Aug 31
558.714
'24'1,489,110
930.396
St Louis Transfer17,023
12.450
17,357
12,833
66.293
August __
65.653
from Railway- -Available for Mt.- -Surplus after Ches.-Gross
66.861
85.243
68,319
88,420
529,444
From Jan 1_ 518,592
1924.
1924.
1924.
1925.
1925.
1925.
S
$
$
$
3
San Antonio Uvalde & Gulf5
55,675 St Louis-San Francisco (Including subsidiary lines)29.261
58,896
32,885
155,321
August __
126,637
209,105
210,905
236,340
240.589
811.212
662.053
From Jan 1_ 1,024,421 1.059,240
August __ __ 8,420,615 7,831,646 2,069,916 1,926.200
From Jan 1_60,279,217 56,933,647 13,889,258 12,363,855 3,809,232 2,408,598
Seaboard Air Line649,741
840,622 1.056.086
August ___ 4,869,596 3,764,718 1,365,404
ml.for
Net
-Available
Income
Railway-Grossfrom
From Jan 1_39,495,901 35,059,132 9,744,461 7,864,450 7,834,887 6,335.582
1924.
1924.
1924.
1925.
1925.
1925.
8
8
8
$
$
Southern Pacific System$
Southern Pacific CoLines
-Texas
Missouri-Kansas
August _ _ _ _18,564,066 17,894,157 6,436,654 5,994,997 5,018,787 4,409,314
1,054,611
1,070.903
4,904,665
430,302
478,942
4,907,617
_
_
August _ _
From Jan L133359372 134605,510 33,517,116 38,026,713 22.636,051 26,836,558
From Jan 1_36,604,535 34,244.422 7,936,186 6,892.632 3.130,374 1,868,932
Atlantic Steamship LinesFixed
Total Net
82,548
-76,106
97,425
-61,569
968,265
808,257
August___
Charges.
Income.
Balance.
30,103
127,728 -454,408
From Jan 1: 7,276,992 7.656,577 -337,632
$
i
$
Antonio
Galveston Harrisburg & San
Texas)
of
Southwestern
Louis
800,277
682,410 St Louis Southwestern (incl St
598,128
506,061
August ____ 2,558,234 2.919.391
232,957
"406,509
173,552
1925
Aug
3,233,150
2,856,952
2,171,710
21.224.519
3,955,939
1_18,987,093
Jan
From
1924 "374.354
232.172
142,182
Houston & Texas Central836,263
From Jan 1 to Aug 31 1925 *2,712,231 1.875,968
355,697
290.962
174,479
110,087
August ____ 1,074,209 1,227.180
808,949
1924 "2,663.384 1,854.435
958.962
From Jan 1_ 9,454,858 9,207,322 1,799,707 1.328.298 1,303,777
Balance,
Fixed
Net after
Gross
Houston East & West TexasSurilus.
Charges.
Taxes.
Earnings.
Companies.
63,858
105,231
89,714
280,484
72,751
August __ __ 302,672
89,099
33,959
458,735
374,258
2,043.265
2,125.881
1_
Jan
From
Gulf Coast LinesLouisiana Western127,953
346,871
Aug 1925 1,352,213 *474.824
78,339
49,523
88,417
61.451
311,095
August _ _ _ _ 343,683
315,704
131,892
1924 1,277.364 "447.596
605,285
384,974
372,647
553,260
From Jan 1_ 2,692,312 2,636,283
From Jan 1 to Aug 31 1925 10.045.813 *3.162,711 1,054.402 2.108.309
Morgans Louisiana dr Texas1924 9,548,330 *3.059,391
416,740 2.642,651
142.674
94,021
65,170
15,108
688,756
August ----686,307
'Includes other income.
266,224
137,281 -139,463 -249,215
From Jan 1 5,312,845 5,237,277
Texas & New OrleansElectric Railway and Other Public Utility Net
233,425
63,161
93.069
265,604
731,011
August _ _ __ 981,623
485,111 1,220.493
244,155 Earnings.-The following table gives the returns of
From Jan 1_ 7,235,085 5.959.660 1,478,317
Southern Rallay SystemELECTRIC railway and other public utility gross and net
Southern Ratiway Cocharges and surplus reported this week:
August _ _ _ _12,565,352 12,079,380 4,071,090 3,469,241 3,256,891 2,739,714 earnings with
-Gross Earnings---Net Earnings
From Jan 1_95,713,213 92,932,644 26,970,073 23,688,906 21,221,618 18,875,275
Current
Previous
Current
Previous
Alabama Great SouthernYear.
Year.
Year.
Year.
Companies.
254,096
210,953
214,386
273,747
August _ __
854,704
897,953
From Jan 1: 6.729,834 6,534,944 1,928,161 1,556,622 1,511,143 1,238,003
cAmer Power & Lt Co__Aug 3.963.208 3.363,222 *1.689,778 *1,372,852
Cincinnati New Orleans & Texas Pacific12 mos ended Aug 31_ - -47.272,765 42,366,991 *21185.953 *17909,042
649,253
544,883
776,799
659.567
August --- _ 2,000,110 1,899,542
From Jan1_15,273,835 14,591,555 5.433,700 4,226,559 4.628,409 3,618,874 eBarcelona Tr Lt & Pr Co Ltd6,576,995 6,027,202 4.160.875 3.880,154
August
Georgia Southern & Florida56.695.033 51.882.461 37,380.435 32,658,138
8 mos ended Aug 31
193,380
126,882
108,698
232,663
426,864
627,580
August
Ltd
Co
Pr
842,477
&
693,332
Lt
1,422,709
1,192,669
Trac
Brazilian
3,275,096
From Jan-1: 4• ,122,612
2,805,346 2,217.189 1.585.830 1.351,749
August
New Orleans & Northeast19,273,760 17.413.668 11.020,919 10,811,307
8 mos ended Aug 31
134,429
134,876
97,081
192,725
452,215
August ____ 511,056
Aug 1,350,653 1.145.476 1.279.748 1,081,661
987,490
758,943 I Cities Service Co
From Jan 1_ 3,837,558 3,676,990 1,398,881 1,062,392
12 mos ended Aug 3L...18,668.415 17.147.441 17.900,351 16,561.827
North Alabama37,136
56,953
33,085 Federal Lt & Trac (incl subs)
61,389
107,817
142,150
August...._
445.970
I
429,025 *155.078 *146.891
399,974
450,591
398,260
351,145
August
983,242
From Jan 1: 1,026,652
5,797,899 5,593.281 *2,176,534 *2.110.875
12 mos ended Aug 31
Spokane Internationalof
Earnings
companies only.
subsidiary
14,144
60,798
55,695
8,489
94,722
'After taxes. c
August...... 142,716
201,394
265,629
223.940
761,136
155,651
e Given in pesetas.
From Jan 1_ 809,694
Gross
Net after
Fixed
Spokane Portland & SeattleBalance,
268,283
266,995
200.280
190,429
743,128
August _
790,988
Earnings.
Taxes.
Charges.
Surplus.
970,203 1,318,348
From Jan1:
5• ,020,773 5,354,027 1.574,197 1,877.309
_$
$
Companies.
$
$
Staten Island R T458,313
Wat Wks & El Aug '25 3,322,257 1.491,746 11.033.433
28,655
41,034 Am
59,973
43,842
284,476
August _ _
308,293
'24 2,999,2281,277,714 1930,736
346.978
Inc, & sub cos
Co,
83,618
212,528
86.020 -43,762
1 1,987.775 1.853,423
From Jan _12 mos end Aug 31 '25 39.839,724 18.060,563112,320,566 6,739.997
'24 37.949.876 16,499.279111.213.240 5.286,039
Tennessee Central90,032
50,346
251,240
44,964 Eastern Shore GasSt Aug'25
79,512
300,515
August
28,776
74,031
12.798
15,978
428,831
493,481
275,028
437,717
From Jan 1- 2• ,065,4(6 1,841,170
19,829
53,298
9,981
'24
9,848
Elec Co and subs
248,664
762,617
138.541
146.123
12 mos end Aug 31 '25
Term Ry Assn of St Louis133,294
76,408
156,359
86,349
421,408
231,405
605.833
115.503
'24
115,902
434,833
August _ _ _
867,890
639,534
393.208 I Interboro Rapid
From Jan 1 3,348,036 3.300.721 1,152,883
946,859 1,308.061 --361.202
Aug '25 4.387,903
'24 4,234,118 1,011,110 1,275,393 --264.283
Co
St L Mer Br Term79,324
138,944
60.943
109,328
2.612.511
373,671
146.954
2,769.465
9,647,115
'25
31
Aug
ended
mos
432,258
__
2
August
539.693
868,706
644.451
353,830 I
'24 8,660,255 2,224,501 2.550.509 --326.008
1 3• ,186,294 2,954,651
From Jan _65.538
30.626
34,912
'25
July
284,935
Lake Shore Elec
Texas & Pacific7.592
237,846
35.134 --27.542
'24
By System
838,513
720.298
686,514
568.299
2,895,713 2,801,290
August _ _
84,959
255,770
1.852,849
'25
31
340,729
July
ended
mos
4,188,409
7
3,347,024 3.003,907
121,546,085 20.864.747 4,530,582
From Jan _20,341
246,779
267.120
'24 1,799,277
Ulster & Delaware105.071
105,786
'25
Aug
*210,857
385,083
Elec
79,377
74.812
69,312
73,832 Nevada-Calif
211,020
208,212
August _ _
76,591
99.678
*176.269
351.008
'24
cos
sub
and
Corp
157,641
195.265
151,141
113.639
From Jan 1
995,064 1,064,687
12 mos end Aug 31 '25 4,823,598 *2,320,667 1,249,358 1.071.309
'24 4,396.702 *2.255,911 1,093.793 1,162,118
Union PacificAugust _ _ _10,284,664 10,492,474 3,167,462 3.593,393 2,685,737 2.857,167 Penn Central Light Aug'25
76.172
74,719
150,891
325,134
From Jan 163.021,607 67,837,348 18,981,910 19,806,786 14,068,753 14,379,647
63.831
130.668
66,837
285,869
'24
& Power Co
897,834 1,159,033
Oregon Short Line12 mos ended Aug 31'25 4,004,966 2,056,867
750,047
961.053
596,757
747.786
. 3,111,131 3,009,953
396,161
August.....
476,230
'24 3,590.060 1.708.839
From Jan 120,465,976 22,356,623 4,237,212 5,224,382 2,355,991 3,002,962 Southern Calif
544.450 1.066.296
Aug '25 2.299,550 1.610.746
400.663
65,996
466.659
Ore Wash Ry & Nay Co'24 1.704,189
Edison Co
485,411
712.157
._ _ 2,668,605 2,478,449
542,226
314,096 1
12 mos ended Aug 31'25 23.532,926 13,461,836 5,161,401 8,300,435
Jan1 17,340,588 18,764,869 2,710,262 3,652,385 1,349,627 2,284,354
AugustFrom
'24 21,416,181 9,602,483 4,529.899 5.072,584
227.974 --14,591
St Jos & Grand IslandThird Avenue By Aug '25 1,201.038 *213,383
308,985
99,547
297,461
120,584
114,181
August _
224,839 --26.228
'24 1.184,003 *198.611
78,394
System
441,483
381,924
451.466
FromJanl 2,076.529 2,118,938
338,626
*443,246
--8,220
259,596 I
2 mos ended Aug 31 '25 2.432,291
449,585 --23.071
'24 2,436.954 *426.514
Union RR (Penn)'25
Aug
240,629
Elec
&
Gas
145,457
1,078.088
United
*386.086
335,944
927,861
137,176
993,701
294,367
August _ _
110,676
'24
200.838
975.199 *340,753
139,915
Corp
396,103 1,376.959
1 7.678,118 7.270,712 1,570,562
From Jan _279,738
12 mos ended Aug 31'25 14.202,963 *5,069,661 1,755,899 3.313,762
Utah'24 13,362,294 *4.732.826 1.686.404 3.046,422
49.922
132,799
33,099
145,908
August _
41,810
27,957
Aug '25 2.012,728
295.215
Penn Co
814.959 1519,744
302,984
944,067
228,492
244,535
From Jan 1 1.018.334
175,063 West
'24 1.906.377
251.577
740.889 1489,312
12 mos ended Aug 31 '25 25,599,752 10,929.415 16,110.415 4,819.000
Yicks Shreve & Pacific119,293
'24 25,335,109 10.423,375 15,819,817 4.603.558
383,174
125,535
434,0n1
88,742
August _ _
96,537 I
606,874
587.807
From Jan 1 2,810,653 2,769,759
409,170
410,259 I
* Includes other income.
f Includes preferred dividends on subsidiaries.
Virginian605,408
626,524
531,745
- 1,600,995 1,565,127
August
Month of Augun
515,466
-12 Months Ended August 31From Jan 1 12,262.279 12,206,891 4,326,575 4,148,341 3,421,983 3,207,134
Surplus
Surplus
Net
Aft.Chges.
Gross.
Aft.Chges.
Net.
Gross.
WabashAugust --- 6,134,214 5,538,202 1,729,907 1,619,179 1,454,198 1,382,765 Baton Rouge Electric Co197,534
65,078
19,477
265.946
754.701
13,629
1925
From Jan 1 44,906,913 42,587,610 10,682,727 9,131,448 8,737,160 7,251,512
22,098
184,759
225,288
58,828
677,893
16,930
1924
Western MarylandCo.
Electric
&
Gas
Valley
381,331
611,315
546,315
1,771,126 1,485.926
August
311,331 Blackstone
1,405,913
381,040
1,821,287
133.486
102,384
4,877.940
1925
3,193,384
1
3,918,859
12,547,712
3,408,859 2.553,364
From Jan 12,921,025
347 766
107,669
66,948 4,554,085 1,504,979 1,107,995
1924
Western PacificCape Breton Electric Co., Ltd.392,671
528,278
449,197
August - - 1,589,105 1,426,396
330,323
6,675
40,081
73,446
3,986
575,717
-1,750
1925
From Jan 1- 0,088,914 8,690.446 1,943,264 1,064.730 1,310,281
431,403
11,025
49,759
81.917
150,156
5,271
1924
699,217
Valley
Electric
Mississippi
Properties
Central
Western Ry of Alabama123.214
47,049
11,338
66,612
96,589
163,397
244,100
603,335
- 287,331
7.606
83,127
August
52,759
1925
12,959
502,378
46,956
123.982
619,254
162,719
592,529
9,757
1924
494,230
From Jan 1 2,156,399 2,005,179
401,812
I
I
I
I
I
II
I
$
8
$
$
1672
THE CHRONICLE
[Vol. 121.
---Month of August
12 lfonths End. Aug. 31Gross
*Net
Fixed
Net Corp.
Surplus
Sruplus
Companies.
Revenue. Revenue.
Charges.
Income.
Gross.
Net.
aft. Chges. Gross.
aft. Chges.
Net.
Companies.
$
$
$
$
$
Long Island
$
S
$
$
June '25
38,881
6,855
4,617
2,238
Edison Electric Illuminating Co.Electric (Roe)
'24
38,082
1.394
4.309
-2,915
1925
125,162
37.627
620.554
38,987 1,647,398
612,307
6 mos ended June 30 '25
207,986
34,365
23.785
10.580
1924
111,987
30,730
530,145
31,186 1,556,970
539,226
'24
197,382 • -9.546
22,278 -31,824
The Elec. Light & Pow.Co.of Abington 4 RocklandNew York &
June '25
6,432
43,567
6,802
-370
1925
48,532
12,276
80,245
85,2(2
Long Island (Roe)
493,845
11,683
'24
8,572
38,577
7,063
1.509
1924
36,661
6,636
6,384
72.471
6 mos ended June 30 '25
446,510
74,077
231,957
26,401
39.837 -13.436
Fall River CU Works Co.'24
2/3,791
19.165
40.361 -21,196
1925
78,583
265,955
264,171 Ocean Electric
15,763
15,473 1,008.037
June '25
37,371
14,110
7.426
6,684
1924
78,113
15,927
15,921 1,019,623
236,918
235,894
'24
31,796
13,766
6,083
7,683
6 mos ended June 30 '25
Galveston-Houston Electric Co.128,082
8,801
25.830 -17.029
1925
330.525
'24
120,586
87,601
20.088
425.613
26,086 3,937,944 1,022,279
24,171
-4.083
1924
337,661
103,675
888,876
372,568 Manhattan &
59,506 3,632,286
June '25
35,454
8,330
9,831
-1,501
Queens (Roe)
Haverhill Gas Light Co.'24
9,419
34.604
10.243
-824
6 mos ended June 30 '25
1925
55,859
150,662
150,346
204,957
13,922
43.781
635,226
13,917
59.279 -15,498
1924
'24
190.269
54,174
16,295
35,590
133,934
132,059
598,382
16,292
51,699 --16,109
Richmond Light
June '25
Houghton County Electric Light Co.59,929
4,398
10,670
-6,272
& RR Co
'24
1)25
91,268
69,377
35,797
8,528
139,031
501,753
5,825
10,081
2,203
-1.553
6 mos ended June 30 '25
1924
415,999
-559
87,746
35,456
521,015
136,857
68,808 -69,367
5,754
1,671
'24
390,365
33,834
54,327 -20.493
Keokuk Electric Co.1925
66,762
423.531
109,068
33,782
9,170
5,438
*Includes other income. - Deficit.
1924
34,363
112,067
72,581
422,807
6.059
9.462
The Key West Electric Co.1925
70,192
253,789
100,032
21,795
6,493
9,026
1924
61.672
91,801
238.391
5,145
19,420
.7,63I
FINANCIAL REPORTS.
The Lowell Electric Light Corp.549,560
552.962
1925
33,594
33,583 1,589,305
114,748
481,910
507,502
1924
Annual, &c., Reports.-The following is an index to all
25,343 1,501.627
104,507
26,254
Mississippi River Power Co.annual and other reports of steam railroads, public utihties,
199,051
102,383 3,216,417 2,420,967 1,249,680 industrial
1925
277,496
and miscellaneous companies published since and
116,440 3,136,423 2,285.782 1,096,293
1924
274,600
215,218
including Aug. 29 1925.
Northern Texas Electric Co.827,983
484,962
21,475 2,535,756
50,368
185,823
1925
This index, which is given monthly, does not include
960.772
624,766
37,045 2,784,890
65,265
1924
207,422
reports in to-day's "Chronicle."
Paducah Electric Co.Boldface figures indicate reports published at length.
91,868
612,653
202,142
17.194
8,203
51,464
1925
197,155
85.672
628,876
642
10,164
49,124
1924
Steam RoadsPave
Industrials (Continued)Page
Central Pacific Ry
Puget Sound Power & Light Co.1097 Canadian Locomotive Co., Ltd
1351
336,915
142,855 12,664,212 4,755,120 2,639,674 Chicago St. L. & New Orleans Ry--1345 Canadian Woollens, Ltd
1,021,576
1925
1351,
1465
303,707
139,869 12,585,921 4,751,751 2,790,913 Cleveland Union Terminals Co....1098 Caterplliar Tractor Co. (Calif.)-1230
980,893
1924
Georgia
&
Florida
Ry
1343
Charcoal Iron Co. of America
Savannah Electric & Power Co.1572
322,305 Gulf Mobile & Northern RR
696,353
1566 Chicago Yellow Cab Co
21,327 1,900,515
51,767
154.536
1925
1230
349,966 Illinois Central RR
1345 Childs Co
722,025
58,391
24,802 1,926,247
1924
154,326
1573
Seaboard Air Line Ry
1567 Coca Cola Co
1105
Sierra Pacific Electric Co.Pacific Co
1098 Cohn-Hall-Marx & Co
464,762
400,158 Southern
1351
44.453
40,998 1,143,610
99,340
1925
& Gulf Coast RR
1458 (John T.) Connor Co., Boston
471,844
400,092 Tampa
1231
29,622
23,625 1.060,848
1924
90,630
Texas Pacific-Missouri Pacific TerContinental Optical Corp
1105
Tamna Electric Co.minal RR. of New Orleans
1098 Continental Oil Co
1351
80,557 2,880,765 1,225.890 1,172,624
256.224
84,972
1925
Public UtilitiesCorticelli Silk Co
1106
955,750
899,393 All America Cables, Inc
63,585 2,241.176
68,600
181,199
1924
1458 Crex Carpet Co
1455
-- Deficit
American Power & Light Co
1458 Croft & Allen Corp., Bethlehem,Pa.1465
A nerican Super-Power Co
1458 Devonian Oil Co
1573
New York City Street Railways.
A grociated Gas& Electric Cos.1099, 1567 Edmunds & Jones Corp
1106
1459 Electric Auto-Lite Co
Net Corp. Bell Telephone Co. of Pa
Fixed
Gross
*Net
1573
Brooklyn City RR. Co
1454 Eureka Vacuum Cleaner Co
Charges.
Income.
Revenue.
Revenue.
1574
Companies.
Buffalo Niagara & Eastern Power •
Exchange Buffet Corp
1106
Corp
1459 (The) Fair (Chicago)
1352, 1573
986,657
200,309
47,962
152.347 Central Indiana Power Co
June '25
Brooklyn City
1567 Fairbanks Co
1106
41,248
197,704 Contral & Southwest Utilities Co__ -1347 Famous
238,952
'24 1.018,521
Players-Lasky Corp
1574
274,242
800.572 Cities Service Co
6 trios ended June 30 '25 5.801.500 1,074.814
IOU), 1410 Federal Mining & Smelting Co
1486
253.506
1,062,892
6,035,475
1,316,398
'24
Cleveland Elec. Illuminating Co__ __1(119 Fisher Body Ohio Co
1106
1,673
7,123
57.973 --60.850 Columbia Gas & Elec. Co_ _ ...1099. 1567 Fisk Rubber Co
Brooklyn Heights June '25
1106
57,954 --50.909 Commonwealth Power Corp. (44
2,022
'24
7.045
Ern han Co
1574
Subsidiaries)
9,660
41,003
347,743 --306.740
1100 Fourth Ave. & 21st St. Bldg., N. Y.
6 mos ended June 30 '25
Consumers
33.169
24,636
rower
(Me.),
--324.318
348,954
Co.
Mich.,
'24
City
1466
1100, 1568 Fox Film Corp
51,994 --73,929
213,584 -21,935
Brooklyn Queens June '25
1352
Gas & Electric Corp...._1227 Gardner Motor Co., St. Louis
59,433
51.757
7,676 Continental
216,715
'24
Co & Subs
1107
Detroit
Edison Co
1100 General Outdoor Advertising Co.....1574
112,972
318,198 --205,226
6 mos ended June 30 '25 1.307,205
East St. Louis & Suburban Co
1100 General Petroleum Corp _ _ _ _1107, 1221,
310,686
318.390
--7,704 Eastern
'24 1,279,195
Minnesota Power Co
1460
1238, 1352
61,231
32.603
283,067
June '25
28.628 Electric Pow.& Lt. Corp.
Coney Island &
.1568 Gill Mfg. Co
(&
1353
62,970
28,283
272.099
34,687 Federal Light & Traction Co subs.) 1568 Ginter
Brooklyn
'24
Co., Boston
1353
191,689
182.582
--9,107 General Power & Light Co
6 mos ended June 30 '25 1,391,503
1347 Globe Grain & Mining Co
1353
164,963
322,117
157,154 Great Western Power Co. of Calif._1348 (B.
'24 1,400,913
F.) Goodrich Co
1096
3,331
13.610 --10.279 Havana Elec. Ry., Lt. & Pr. Co.....1455 Gould Coupler Co
18.346
Coney Island &
Juno '25
5,128
13.576
Oravimend
13,419
'24
--8.448 Interborough Rapid Transit Co_ _..1101 (F. & W.) Grand 5-10-25 Cent1107
81,246 --81,037 Keen (N. H.) Electric Ry
45,199
209
6 rnos ended June 30 '25
1462 Stores, Inc
1232
45,933
--1.954
81,329 --83.283 Lone Star Gas Co
'24
1348 Greylock Mills, Inc
1467
536,937
92.568 --12,694 Los Angeles Gas & Electric Corp_ _1227 Hamilton Mfg. Co., Lowell, Mass 1107
Nassau Electric
June '25
79,875
Louisville
(Del.)_1101
Gas
&
Co.
Electric
(M.
A.)
Hanna
514,298
116.290
'24
Co
92,145
24,145
1107
1462 (Richard) Hellman. Inc
408,762
556,940 --148,158 Manrachusetts Lighting Cos
6 zoos ended June 30 '25 2,949,210
1487
551,235 --10,198 Mexican Light & Power Co., Ltd...1223 Hoopes & Townsend Corp
541,037
'24 2,881,518
1353
Mt
xico
1222
Tramways
Co
Horn'Signal Mfg. Corp
1232
South Brooklyn
52,603
Ati.io '25
125,317
27,772
24,831 Milwaukt e
Ry.& Light Co-1101 Hortman-Salmen Co., Inc
1467
105.583
22,179
26,356
'24
--4.177 Nat.Put%cElectric
Corp.(& Subs.)_1227 Household Products, Inc
1468
715,386
183,235
6 mos ended J1.11 :.0 '25
150,243
32,992 New OrleansService
Public Service, Inc_ .._ _1102 Howe Sound Co
1107
571,533
141.882
'24
35,907
--4.025 New York State
1348 Hudson Motor Car CO
Rys
1575
Manhattan Bridge. Jii e '25
20.913
1.118
297
821 New York Steam Corp
1223 Indiana Lamp Corn
1232
3e Line
22.544
2,019
261
'24
1,758 Niagara Lockport & Eastern Power
Industrial Rayon Corp
1107
5,444
6 mos ended June :30 '25
127,671
1.780
3,664
Co.(& Sub idS.)
1462 International Agricultural Corp__ A564
137,362
'24
1,701
11,011
9,310 North Americt n Co
1102 International Cement Corp
1108
North Anieriern Edison Co
1102 Iron Cap Copper Co
Interboro Rapid Transit1354
1102 Jewel Tea Co., Inc...1108, 1233, 1575
Subway Division June '25 3,102.987 1.167,095 1,083,812
83,283 Northern Ohio Power Co
1462 KeivinatorCorP
'24 3,104,882 1.225,162 1.063,013
162.149 Northwestern Electric Co
1108
6 mos ended June 30 '25 20,489,545 8,935,873 6,470,299 2,465,574 Ottawa-Montreal Power Co., Ltd_ _1463 Kendall Mills, Inc
1469
1463 Keystone Steel & Wire Co
'24 20,213,030 8,857,445 6,361.325 2,496.120 Pacific Power & Light Co
1469
Pennsylvania Gaq & Electric Co__ _.i463 (G. R.) Kinney Co.. Inc
Elevated Div
June '25 1,551,617
1233
688.634 --251.718 Piedmont
436,916
&
Northern
1463
Ry
Kresge
S.)
Co
(S.
'24 1,629,259
1233
947.014 --566,607 Portland
380,407
Gas di Coke Co
14(3 (S. H.) Kress 44 Co
1354
6 mos ended June 30 '25 9,509,603 2,483,321 4,134,149 -1,650.828 Republic
Ry & Light Co
11(3 Lake Superior Coal Corp
1108
'24 9,718,056 2,730,871 4,068.442 -1,337.571 Shenandoah
River
1228
Power Co
Lake Superior Corp
1096
N Y Rapid
498,210
June '25 2,591,664
780.821
282.611 Southwestern Bell Telephone Co...i103 Laurentide Co..
Ltd
1222
Transit Corp
480,852
'24 2,462,451
343,639 Spring Valley Water Co
824,491
1570 (Louis K.) Liggett Co
1470
6 mos ended June 30 '25 15,616,321 5,150.435 2.985,284 2,165,151 Standard Gas&
1570 Loft.Incorporated
Electric Co
1108
'24 14.372.793 4.411.930 2,894.010 1,507,920 Streator (III) Aqueduct Co
1570 Ludlum Steel Co
1354
Third Avenue
215,743
June '25 1,260.356
45,378 Tennessee Electric Power Co...1103, 1570 McCrory Stores Corp
261.121
1108,
1354
Railway System
217.477
248,881
'24 1.272,271
1103 McIntyre Porcup. Mines, Ltd.,1233.1354
31,404 Toho Electric Power Co., Ltd
6 mos ended June 30 '25 7,196,534 1.257,982 1,328.711 --70.729 Union Electric Light & Power CO.,
Martin-Rockwell Corp
1576
St. Louis, Mo
1103 Mason Tire & Rubber Co---1108, 1470
8,683
'24 7,376.720 1.352,931 1,344,248
New York
June '25
146,861
89.043
702.595
57.818 United Light & Power Co.(of Md.)_1228 Maytag Co. (Del.)
1109
Western
Power
Corp.
(&
Metropolitan
Railways (Rec)
Subs.)
-1349
Chain Stores, Inc_ ....1354
361.729 --274,096
763,369
'24
87,633
1104 Meyer Dairy Corp
6 mos ended June 30 '25 3,821.187
999,225 --281.789 Wisconsin Electric Power Co
717.436
1354
1104 Michigan Sugar Co
'24 4,408,488
375,419 1,443,309 -1.067,890 Wisconsin Gas dr Electric Co
1470, 1576
IndustrialsPave Miller Rubber Co
Eighth Avenue
June '25
2.102
11(19
2,154
93.436
52 Ahumada Lead Co
1571 Mirror (Candies), N.Y. City
1354
10,286
'24
2,119
--8,167 Albers Bros. Milling Co
100,853
1350 Montgomery Ward & Co
6 mos ended June 30 '25
1234
12,453 --76,227 Algoma
534,589 -63,774
1097 Moon Motor Car Co
Steel Corp., Ltd
63.809 --80,758 American
'24
595.422 -16.949
1221 Moto Meter Co.. Inc......_ _1109. 111)9
Agric. Chemical Co
1355
Ninth Avenue
June '25
3,847 --23,943
42,265 --20,096
1461
,
577
3.557
38.351
--3,755
'24
--7,312 American Cyanamid Co
National Grocers Co., Ltd
1234
6 mos ended June 30 '25
23.962 --119.741 American Machine & Foundry Co_ .112
239,181 --95,779
09
29
6 National Tea Co
1234
11,352 --50,282 American Road Machinery Co
237,702 --38,935
'24
1104 New Mexico Lumber Co
- 1577
New York &
June '25
106,311
50,208
59,782 American Shipbuilding Co.._1464, 1564 New York Oil Co.(Wyo.)
109,990
1577
Harlem
58,313 American Ship & Commerce Corp_ _1571 Norwalk Tire & Rubber Co
'24
66,780
119.523
125.093
1109
6 mos ended June 30 '25
370.135 American Wire Fabrics Corp
1230 Oppenhelm, Collins & Co.,Inc
675,773
670,849
300,714
1355
248,656 Anglo-American Corp. of South
'24
314,788
773,674
743,444
(S.) Oppenheimer & Co
Africa, Ltd
Pan American Petroleum & Trans-1234
Second Avenue
June '25
17,343
89,923
7.914
--9,429
port Co
(Roe)
'24
94.154
17,653 --10,945 Armour Bldg. Co., Kan. City, Mo._11464
6.707
1355
Armour
1464
Fertilizer
Works,
Park
Inc
& Tilford,Inc.(& Subs.)-I471, 1578
6 mos ended June 30 '95
417,848
94.071 --77,474
16,597
Pathe Exchange Inc
'24
550.918
114,171 --70.305 Arundel Corp
43,866
1578
Atl.
Gulf
&
W.
I.
Lines.
.
SS.
(&
Subsidiaries)
_1105,
1
5
7
7
1
New York &
June '25
67,547
25.345 -16.476 Atlas Plywood Corp
1579
8,869
114105
64 Penick & Ford, Ltd., Inc.,1110.
Queens
'24
New
60,984
30.096 -20,802 Autocar Co., Ardmore,
9,294
Pa
Orleans
6 mos ended June 30 '25
397,050
150,460 -94,324 Bates Mfg. Co
1222
56,136
1465 (J. C.) Penney Co., Inc
'24
338.568
1235
43,418
163,174 -119,756 Brownstein-Louis Co., Los
Angeles-1572 Pennsylvania Coal dc Coke Corp.
Steinway Ry
June '25
63,464
4,435
7.162
2,727 Budd (Edward G.) mtg. Co
1572 (& Subs.)
1110, 1570
'24
(Roe)
63,947
4,258
6,606
2,348 Butterlek Co., New York
1465 Pullman Co15
6 mos ended June 30 '25
327,056
26,811
31.417
4,606 California Cotton Mills Co
1350 Real Silk Hosiery Mills, Inc 64
1579
'24
438,383
30.492
25,690
4,802 Canadian Bakeries, Ltd
1230 (C. A.) Reed Co.(Del.)
1356
Year-
UTE CHRONICLE
OCT. 3 1925.]
Page
Industrials (Concluded)Page
Industrials (Continued)1581
1356 Trumbull Steel Co
.Reed-Prentice Co
1111
1235 Tulip Cup Corn
St. Joseph Lead Co.(& Subs.)
1357
Co
Drill
Twist
Union
1579
Saenger Theatres Inc
nal
1580 United Alloy Steel Corp
Safety Cable Co.. N. Y
1110. 1235 United Cigar Stores Co. of America 1581
Salmon Falls Mfg. Co
1357
,
In
Works.
Iron
United
1110
Schulte Retail Stores Corp
1111
1235 United Oil Co.(Calif.)
Sears. Roebuck & Co
1471 United States Dairy Products Corp.1581
Sebring (0.) Mfg. Corp
1357
Corp
1235 United States Rayon
Servel Corp
1581
1356 United States Stores Corn
Shaffer Oil & Refining Co
1581
Co
Tobacco
Leaf
Universal
1580
Shawsheen Mills
1158, 1582
Co
Shubert Theatres Corp.(& Subs.)._1472 Victor-Monaghan
1473
Ltd
Co..
Cotton
Wabasso
1356
(Isaac) Silver & Bros. Co
1237
1235 Washburn Crosby Co
Sinclair Consolidated Oil Corp
1582
Weber & Heilbroner
Spanish River Pulp & Paper Mills,
1358
Co
Finance
American
West
1235
Ltd
1582
1111, 1530 West Boylston Mfg. Co
Sparks-Withington Co
1237
Co
Coal
Kentucky
West
1236
Sperry Flour Co
1237
Co___1112,
Steel
Spencer
Wickwire
Strornberg Carburetor Co. of Ameri1096
1111 Willys Overland Co
ca. Inf.
1353
1472 (F. W.) Woolworth Co
Swan-Finch Oil Corp
1112, 1237
1357 Yellow Cab Mfg. Co
Swiftsure Petroleum Co
1237
Corp
Acceptance
Mfg.
Yellow
1531
1236.
Corn
Telautograph
1111 Yellow Truck &Coach M fg.Co_1112.1582
Tooke Bros.. Ltd.(& Subs.)
1343
Torrington Co. (of Conn.)
1673
of revenue freight
Matters Covered in "Chronicle" Sept. 26.-(a) LoadingRR. attains age of
declines, p. 1515. (b) President Rea of Pennsylvania
freight traffic
railroad
H.
S.
(c)
70 and is automatically retired. p. 1531.
In July, p. 1531.
Akron Canton & Youngstown Ry.-Initial Dividend.An initial quarterly dividend of $4 per share was paid Oct. 1
on the outstanding $1,500,000 Common stock, par $100, to
holders of record Sept. 25.-V. 120, p. 2007.
Alton & Southern RR.-Stock.the company to issue
authorized
The I.-S. C. Commission on Sept. 19(par
$100).
not exceeding $316,200 Commontostock
the Aluminum Co. of America, which
The stock will be sold at par
shares, and the proceeds
qualifying
directors'
except
stock
the
of
all
owns
will be applied to the following purposes:
5262.000
Completion of its line to Mitchell.
48,000
locomotive
Purchase of one Mikado-type
6,200
expenditures
Reimbursement for capital
322.
p.
119,
-V.
Birmingham & Atlantic Ry.-Status, &c.
Atlanta
the Atlantic & Birmingham Ry. 1st
The bondholders' committee for bonds
has issued a circular in which
Mtge. 5% 30-Year Coupon Gold
its efforts to find either a buyer
it states that the committee has continued
receiver, to put the property
the
with
co-operation
in
or,
property
for the
No definite offers, it is stated,
salvation.
es).
in shape to work out its own
American Smelting & Refining Co. (& Subsidiari
property in part or as a whole have been made. The
the
purchase
to
(Semi-Annual Report-Six Months Ended June 30 1925.)
letter further states:
& Atlantic Ry.
"The capital structure of the Atlanta Birmingham
25, wrote in brief:
Birmingham & Atlantic RR.
Pres. Simon Guggenheim, Sept.
(which acquired the property of the Atlanta
The period showed a continuation of the steady improvement in com- at foreclosure sale in 1914), besides the stock, consists of $4,090,000 of
Ry. 1st 55 of 1934, $8825.000 1st & Ref. fis of 1945
pany's affairs which has been manifest for several years last past.
ore deple- Atlantic & Birmingham
1930, of which $400.000 are pledged against
After deducting all bond interest, depreciation, obsolescence,net
and $4,909.693 Income 5s of a
income
was
a
there
taxes),
Federal
estimated
(including
tion and taxes
There is protective committee acting for the income
corresponding period of last a loan of 5180.000.
the 1st & Ref. 6s is represented by counsel.
of $6,378,916, an increase of $688,379 over the
for
trustee
the
and
bonds
the last six months of 1924.
of the Atlanta BirmingYear. and an increase of $882.462 over
"While your bonds are secured on important parts
After further deducting dividends on the Preferred stock for the six ham & Atlantic system. the same is true of the Ref. & Income bonds.
committees and their
two
the
of
minds
the
in
months, amounting to $1,750,000. company earned upon the Common
doubt
considerable
There is
stock $4,628,916, an earning per share for the six months period of $7 59, counsel as to the extent of the lien of your mortgage upon the property
execution of your mortgage. This committee,
the
which is at the rate of $15 18 per annum.
to
subsequent
acquired
In the first six months company earned more than sufficient to pay. the therefore, subject eventually to your approval, has agreed with the probonds that in any reorganization the two
dividend for the entire year at the present rate on the Common stock.
tective committee for the income
There is no indebtedness to banks.
equal treatment, bond for bond.
loans. issues are to receive exactly
shows that there has been a marked
(below)
At the end of the period company had on hand, in cash, call
earnings
"The statement of
bankers' acceptances and Government securities, $27,689.142, an increase Improvement and that while, during the first part of the receivership, the
it is now doing much better."
expenses,
of $1,374,152 over Dec. 31 1924.
operating
its
e,arn
to
unable
road was
of the adoption of
CONSOL. INCOME ACCOUNT SIX MONTHS ENDING JUNE 30.
"However, the poor earnings of the system, ininspite
a lack of credit which
1922.
1924.
1923.
1925.
all possible operating economies, have resulted
sale of securities.
ths
involving
n
reorganizatio
any
has made impossible
Net earns. smelt. & ref.
have been to strive to sell the road or
plants and industries_$10,284.836 $9,111,114 $8,519.899 $5.216,128 The only practicable alternatives
that its earnings
hope
the
in
the
receiver
under
operation
877.409
1,967.327
1.712,223
its
continue
prop'y_
1,624,961
to
Net from mining
plan
would improve so that reorganization may be possible. The latter
Total net earnings_ _ _ _$11,909,796 $10,823,336 $10,487,226 $6,093,537 has been adopted.
South
the
in
conditions
improved
generally
the
by
gained
has
"The road
Interest, rents, dividends,
and if by
167.316 and by the increased Florida traffic. If these gains continue strengthen
241,145
659,658
582.751
commissions, &c
found to generally
earnings or otherwise sufficient funds can be
profitable
increased
of
prospects
definite
are
there
that
$12.492,547 $11,482,994 510.728.371 $6.260.853 the road we believe
Gross income
$504.201 traffic. If our hopes are realized it should not be very long before a reor$631,518
$682.461
Gen'l & admin. expenses $663,266
effected.
be
can
own
merits
its
on
property
26,496
the
•
71,279
99.602
of
ganization
117,967
Research & exam.exps
"If this is done as will presumably be necessary, through foreclosure
Corporate taxes (incl. est.
pay
286.222 sales under the principal mortgages, money will have to be found to with
802,929
735,086
897.315
Federal taxes)
and to furnish the company
865,926
1.060.330
1,027.661
taxes, other priorities and receiver's debts
Int. on first mtge. 5s_ _ _ 1,010.935
n."
reorganizatio
of
the
expenses
289,406
85,985
284,905
adequate working capital as well as to cover
Int. on first mtge. 6s_ _ _ _
Earnings Years Ended Dec. 31.
Int. on Resits Coal &
Charges.
Int.
for
Amt. Avail.
21.175
Gross Oper. Revenue.
Coke Co. Cell. 6s
72,739
505.085
def.51,258,000
$5,820,000
Misc. profit & loss adj_ _
def.1,818,000
2,225,825 1920
2.907,546
2,958,241
3,201,000
Depr'n & depl. of ore res. 3,139.242
1921
1.750,000
1.750.000
def.398,000
1,750.000 1922
4,017.000
Preferred diva. (3). (7.)_ 1.750,000
def.96,000
4.538.000
to.
Amer. Smelt. Sec.
30.029
194,361 1923
195,000
4,810.000
pref. "A" divs. (3%).
1924
James IL
R.
Hart
(Chairman),
Francis
Amer. Smelt. Secur. Co.
of
The committee consists
2.352
24.143
George Bramwell Baker and F..1. Lisman.2d.,
Pyne
R.
Percy
Perkins,
1,524,950
762.475
1.829.940
Common dividends
V. 120, p. 2285.
•
Valuation.Balance,sur.,for 6 mos $2,798,976 $2,415.587 $2,551.189 def$142.580
Blue Ridge Ry. (So. Caro.).-Final
on
$1.816,000
of
final
valuation
a
placed
has
Commission
The I.-S. C.
Total profit & loss.sur.$19,584,509 $20,183,373 517,989,733 $20,179,497 the owned and used, and 5397.000 on the used but not owned properties of
2946.
118,
p.
1916.-V.
Comparative General Balance Sheet.
30
of
June
as
the company,
June 30 '25 Dec. 31 '24
June 30 '25 Dec. 31 '24
Liabilities$
Roston & Maine RR.-New Haven t3 Mscribe.
$
8
$
Assetssaid, is expected,
Co.
Ref.
dr
S.
The New York New Haven & Hartford RR., it isfor
Property aec't_.120.955,941 119,699,313 A.
of the
quota
its
pref. stock- _ - 50,000,000 50,000,000 through the Boston Railroad Holding Co., to subscribe
Investments ___ 5,249,352 5,208,035
Co.
proposed new $13,000,000 Prior Preference stock of the Boston & Maine
Prepd. tax.& ins 2.285,254 1,816,541 A.S.& Ref.
stock
common
60,998,000 60,998,000 RR., this quota amounting to $4.531,700.
Deferred notes
83,432 1,074,597 Bds.outstanding:
receivables_ _ _
Seeks To Abandon Losing Branch Lines.A.S.& R.Co.:
branches,
Inter-plant acets
Applications for authority to discontinue rail operations on six
1st M."A" 40.311,100 40,529,100
37,610
55,107
in transit_ _ __
operating losses are said to
1st M."B" 9,571,000 9,571,000 aggregating 63 miles, on which the annual
4,575,261 12,132,867
Cash
Sept. 26. Losses
Commission
C.
-S.
I.
the
with
filed
were
$150,000,
exceed
iirc.,
5,000,000 2,000,000 Accounts,
Call loans
in all of the lines now
11,248,955 12,637,694 totaling $600.000 annually are said to be Involved
payable
238,757
Liberty bends_
706,071 before the Commission in such proceedings by the road.
bonds._
705,146
Treas. notes,&c. 16,942,024 11,613,000 Int. onpayable
company asserts that
the
petitions
new
the
announcing
statement
a
In
1,848,997 1,857,027
Divs.
Bankers* aceeDserved to some
the public and the industries on these lines are now being
330,366 Accr.tax.not due
1,171,857
lances
vehicles, and in most instances can be served adequately
motor
by
extent
eat)
3,001,974
3,602,673
(Fed,
tax.
Accounts & notes
the application
which
on
lines
The
routes.
truck
by motor bus and motor
receivable__ _ _ 11,550,512 11,607,874 Rey,for obsoree,
from Bedford to Reconting., dm_ 4,893,758 5,000.000 was filed Sept. 26 include: Reformatory Branch
7,758,112 7,072,569
Mavis & supp
7 miles: Essex
Billerica.
North
to
Bedford
MUM
7
Station,
formatory
35,803,579 38,330,950 Empl. pen. res_ 2,809,252 2,805,998 Branch, 6 miles: Ashburnham Branch. 3 miles, all in Massachusetts;
Metal stocks
Res.for metal stk 8,350,231 8,227,009
Cash with true.
and Rochester to Lakeport.
Maine,
in
miles
5
Branch,
rt
Kennebunkpo
cred.
susp.
Misc,
180
Of sink. funds.
922,381
743,459 35 miles, in New Hampshire.-V.121, p. 1565. 1223.
accounts
Employees' pen19,584,509 16,785,533
sion fund__ 2.808,873 2,300,906 Surplus
Bristol RR.(Vt.).-Final Valuation.of $108,600 on
The I.-S. C. Commission has placed a final valuationJune
Total
214,245,303 213,463.585
214,245,303 213,463,565
Total
30 1917.total owned and used properties of the company as of
the
-V. 120, p. 2553.
V. 109, p. 476.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Western Maryland RR. Engineers and Firemen Favor a Walkout to Win
5% Wage Increase from Road in Accordance with 1.ward Made Two Years
Ago by RR. Labor Board.-"Baltimore Sun" Oct.
Surplus Cars.-Class I. railroads on Sept. 14 had 160,368 surplus freight
cars in good repair and immediately available for service. according to reports filed by the carriers with the Car Service Division of the American
Railway Association. This was an increase of 13,370 cars over the number
Sept. 14 totaled
reported on Sept. 7. Surplus coal cars in good repair on
a week, while sur59,929, an increase of 16,640 cars within approximatelyof
1,729 during the
plus box cars in good repair totaled 68,779, a decrease
same period. Reports also showed 14,943 surplus stock cars, an increase
of 1,141 over the number reported on Sept. 7, while surplus refrigerator
cars totaled 9,539, a decrease of 2,565 cars compared with the previous
period.
Car Shortage.-Practically no car shortage is being reported.
New Equipment.-Class I. railroads during the first 8 months this year
placed in service 105,446 freight cars, according to reports filed by the
carriers with the Car Service Division of the American Railway Association. This was an increase of 490 over the number installed during the
during the same period
corresponding period last year but 10,671 less than
in 1923. Of the total number installed during the 8-months' period this
year. 11.577 were placed in service during the month of August, including
on
3.519 box cars, 6,730 coal cars and 269 refrigerator cars. Freight cars
order on Sept. 1 this year totaled 20.863, compared with 41,476 on the same
date last year and 72,906 in 1923. Class I. railroads during the first 8
months in 1925 placed in service 1,213 steam locomotives, compared with
1,497 during the same period last year and 2,583 during the corresponding
period in 1923. The same roads on Sept. 1 1925 had 193 locomotives on
order, Compared with 324 on the same day last year and 1,517 two years
ago. During the month of August this year, 147 locomotives were installed in service.
These figures as to freight cars and locomotives include new ebuIlt and
leased equipment.
Line.Brooksville & Inverness Ry.-Construction of
19 issued a certificate authorizing the
The I.S. C. Commission on Sept.
railroad extending from a connection with
company to construct a line of
direction
the Tampa Northern RR. at Brooksville in a general northerly
at or near
to a connection with the railroad of the Seaboard Air Line Ry,
Fla.
counties,
Citrus
and
in
all
Hernando
Holder, a distance of 18.74 miles,
Seaboard, which
The company is being incorporated at the instance of thecontrol
railits
of
obtain
and
to
stock
capital
the
of
all
proposes to acquire
of a perroad by lease or purchase. Pending approval of the Commission
Is contemplated
manent basis of control and operation by the Seaboard, itline
trackunder
proposed
the
over
operate
would
that the latter company
age rights.
Northern
The main object of the proposed line is to connect the Tampa
another line
RR. with the Seaboard's railroad, so as to give the Seaboard
to Tampa. The Seaboard owns lines that form a route from Jacksonville
Waldo, 155
At
and
Wildwood.
Waldo.
Ocala
through
to Tampa, passing
southmiles from Tampa,another line of the Seaboard diverges and extends
Inverness.
westerly and then southerly about halfway to Tampa, ending atthe
Tampa
controls
Seaboard
near
The
Holder.
point
Citrus County, a
of the
Northern through ownership of all of its capital stock. The railroad Tooke
and
Tampa Northern extends from Tampa northerly to Brooksville
between
gap
the
close
would
line
The
proposed
Lake, Hernando County.
would give the
the Seaboard's Inverness line and the Tampa Northern and
Seaboard a second route from Waldo to Tampa, located generally from 15
to 25 miles west of its existing route.
and
It is represented that the Seaboard's present route between Waldo
line on
Tampa is overcrowded with traffic, while the 136 miles of existingthat by
the proposed new route is not used to one-fourth of its capacity;
a part of its trafbuilding this relatively short connecting line and divertingbetter
service and
give
fic over the new route the Seaboard will be able to
line between
to defer for many years double-tracking most of its existing
and Plant
Wildwood
between
part
that
particularly
Tampa,
Waldo and
of the
City or Valrico. It is further represented that the construction
of time and cost of
proposed connection will result in substantial savings
line,
Inverness
Seaboard's
the
on
and
points
Tampa
between
transportation
between which there is a constantly increasing traffic.
route would be
The distance from Inverness to Tampa by the proposed
present one
bout 70 miles, as compared with 242 ml les by the Seaboard's
1674
THE CHRONICLE
line route, and there would be lesser savings in distance
from other points.
The company further represents that
the proposed construction will open
up a territory almost wholly
oped because of the lack of adequate
transportation facilities; thatundevel
the chief products of this territory will be
stone, lumber, logs, citrus fruits,
es and possibly phosphate rock;
that none of these can be hauled tovegetabl
existing railways economically; that the
largest known deposits of hard limeston
by the proposed new line and that theree in Florida will be made accessible
present construction activities in the is need of this stone to supply the
State.
The cost of construction will
financed from moneys advanced by the
Seaboard, to be funded hereaftebe
r either by securities of that company or
of the Brooksville company. The
method of permanent financing has not
been determined definitely. The company
expects to complete construction
within four months after receiving
authority therefor.
Buffalo Rochester & Pittsb
Ry.-B
urgh
onds.The L-S. C. Commission on
19 authorized the company to procure
authentication and delivery ofSept.
not exceeding $1.186.000 of Consolidated
Mortgage 44% bonds to be held
mission.-V. 121, p. 1455. 1345.subject to the further order of the ComCampbell's Creek RR.-Tenta
The I.-S. C. Commission has placed tive Valuation.
a tentative valuation of $330,215
on the total owned, and $333,02
5 on the total used properties of the
com an as of June 30 1918.-V
. 117 '.2541.
[Vol. 121.
Capitalization Outstanding June 30 1925.
135,080.000
First Mortgage 5s, 1972
I £983,461)
1st Mortgage Central Division 58,
1st Mortgage Guatemala Central 1972
$2,261.000
68,
1931
6% Notes due 1927
2,319,000
730,100
67 Notes due 1936
2,429,100
59 Preferred stock
10,000,000
Common stock
30.000.000
Earnings-Calendar Years.
Gross
Gross
Int. & Sink. Fund
Revenue.
Income. On all Mtge. Bonds Balance.
1921
$3,723,387 $1,286,120
$536,130
1922
3749,990
3,927,484
1,394,528
541,695
1923
852,833
4,320,950
1,830,27
1
540,855
1924
1,289,416
5,120,571
2.198,67
8
556,580
*1925
1,645,97
8
0
2,500,000
57.5.000
•8 months actual,6,020,00
1,925,000
4 months
d.
Purpose of Recent Issues.-Toestimate
complet
e 193 miles of railroad now under
construction, purchase of additional equipme
nt, and for extensive improvement as outlined in the 1924 report.
In the past year the company has
made very liberal expendit
ures
for additional improvement and equipment.
( Compare also V. 120, p. 1323).V. 121, p. 9/4.
Kansas City Mexico & Orient
RR.-Appe-d Against Sale
An appeal has been taken by
English noteholders to the U. S. Court of
Appeals at St. Louis, Mo.,
ng against the sale ofthe road on March
27 1924 when the Orient wasprotesti
purchased by a group of Kansas City financie
for 33.000,000. This sale and
the subsequent reorganization was approvers
by the Federal Court at Kansas
d
Chesapeake Beach Ry.-Final Valuation.City. English
ers at that time
proteste
d
against
the sale. In an attempt to settlenotehold
The I.-S. C. Commission has placed
a final valuation of $765.000 on the purchasers offered to the English noteholders differences, Kansas City
owned and used property of the company
an opportunity to take
, as of June 30 1916.-V. 107. over the Orient at the purchase price of 33,000,0
IP• 802.
00 plus receivers' and
attorneys' fees of 3500,000,
but this offer was declined. ("Railway Age.")
-V. 121. p. 1566.
Chicago & Alton RR.-Interest Payment.The Protective Committee for
3% Refunding 50-Year Gold bonds,
New Orleans Texas &
(Charles A. Peabody, Chairman)the
notified the bondholders that the
The Irving Bank-Columbia Mexico Ry.-Bonds Ready.
committee has, as usual, arranged has
Trust Co., 60 Broadway. N. Y. City, is
that
deposito
now
who
rs
request
so
may
prepared to deliver definitiv
at
any time on or after Oct. 1 receive an advance
e bonds in exchange for outstanding
of the Oct. 1 1925, interest temporary 1st Mtge. 54%
upon presentation of their certificates of deposit
Series
A
bonds. (For offering, see V. 120.
to New York Trust Co., p. 1583.)-V. 121, p. 1566.
100 Broadway, N. Y. City, depositary, or to Illinois
Merchants Trust Co.,
Chicago, sub-depositary.-V. 121, p.
New York New Haven &
1456.
Central New England Ry.-Fi
nal Valuation
The I.-S. C. Commission
placed a final valuation of $13,812,880 on
the owned and used propertihas
es,
$8.250.139 on the used but not owned
properties of the company, as ofand
June 30 1916.-V. 120, p. 2008.
Hartford RR.-Asks Federal
Chicago Milwaukee & St. Paul Ry.-Foreign Bond- Court to Modify So-Called Federal
Decree.-The management
holders to Fight Plan.-A Paris dispatch to the New York of the company issued the followi
ng statement Sept. 27 in
"Times," Sept. 29. says:
regard to its petition just filed in the
U. S. District Court at
A committee headed by George Casmeze,Pres. the Societe Immobill
of
ere New York asking for a modification of the
Commercial et Financiere, has been
so-called "Federal
formed in Paris to Protest against the decree."
proposals of the Reorganization Committ
ee with respect to terms offered
bondholders in the 4% European
of 1910. "The bonded debt of the
road was under $200,000,000 in loan
M. Casmeze said today, "and
owing to this low bonded indebted1910.'
ness the European loan was floated at
par with the very low interest rate due
naturall
y to the security offered.
"Since then, however, the St. Paul has
issued, according to the reorganization plan, more than $275,000
,000
in
divers
e bonds, besides
$31,000,000 in equipment notes since the war. mortgag
The reorganization plan
proposes to allow all mortgages precedin
g the European loan and the
equipment notes to remain undistur
bed, and recommends the full cash
payment of $55,000,000 due the U. S.
Government, for which the Goverment accepted as collateral $72,000,
000 in reserve bonds of 1913.
"This is despite the express stipulati
on
in the terms of the European issue
of 1910. that so long as any of the said bonds
were outstanding and unpaid
the railroad would not make any new mortgag
e upon its railroad. Reorganization plans propose to exchang
e
the
Europea
n issue for 5% adjustment bonds, which will not bear interest
until 1930, when interest will
become cumulative. As the St. Paul
defaulte
in
d
interest,
and failed to pay
the principal of its European issue which became
due last June, it appears
that the Reorganization Committee
has ignored the rights of European
bondholders.
"Unless a more equitable offer
made to European holders, an application will be made by this committis
ee for the sale of the railroad, which it is
believed would realize an amount far
in excess of the outstanding indebtedness existing immediately after the offering
of the European loan of 1910."
-V. 121, p. 1565, 1456.
The company as a further step
in the effort to rehabilitate itself and
ordinate its transportation
co, has filed a petition in the District Court
for the Southern District facilities
of
New
decree in the Federal suit which York asking for a modification of the
in
trustees the Connecticut and Rhode October 1914 placed in the hands of
the stock of the Boston & Maine RR.Island trolleys and its investment in
The decree also
the New Haven's interest in
the sale of
the stock and bonds of the directed
Eastern Steamship
Corp. and the stock of the New
York
and
Western Massachusetts trollcIvs,
and of the notes of the New England
Investm
ent & Security Co. The
decree withheld action
respect to the other steamshi
the decision of the I.-S.with
C. Commission as to whether suchp lines pending
hold by the New Haven under
lines might be
the
provisio
ns
of the Panama Canal
The petition which
Act.
filed Sept. 28 recites that by modifica
June 1923, the stock was
tion in
of the Boston & Maine RR. wasareturned
Boston Railroad Holding Co., a Massach
to
usetts corporation controlled the
the New Haven:that the Rhode Island
by
trolleys were sold under receiver
In Sept. 1920: that in obedienc
ship
e
the
to
decree,
all of the stock and bonds
of the Eastern Steamship Corp. have
been sold. As to the New York
trolleys the petition recites that the Westches
ter Street RR. is now advertised for sale under receivership;
that the Shore Line Electric RR. has
abandoned and the operation
thereof has ceased: that the New York & been
ford Ry. ought to be retained
Stamto ;provide for the development of future
suburban traffic into and out of
York City in connection with the
New York Westchester & Boston New
By. As to the western Massachusetts
trolleys the petition recites that roadway
structures of a book value of
$4,300,000 have been abandoned because and
Death Valley RR.-Final Valuation.non-paying: that the Now Haven
is
now
engaged in rehabilitatiog the remainin
• The I.-S. C. Commission has placed a final
g parts particularly Pittsfield,
North
valuatio
$360,54
Adams
n
of
6
the
on
and
Benning
ton
properti
es,
owned and used properties of the company, as of
and that it ought not to be asked
June 30 1915.-V. 118, to put money into these properties for the
p. 2947.
If it continues to be under the obligation to purpose of rehabilitating them
As to the New England Investment & self them.
Denver & Rio Grande Western RR.-Pass Up Int. Pay.
recites that they are In default as to both Security Co. notes the petition
The directors of this road which recently emerged
principal and interest and have
from receivership and been in default since
is now jointly owned by the Western
That steps are being taken to
and the Missouri Pacific have finances of the New 1915.
ze the
decided that it would be unwise to payPacific
England Investment & Security Co.,reorgani
any
of
the
and that the
interest
the
on
New
Gen.
Haven,
Mtge•
in order to
bonds for the period from Feb. 1
for Its stockholders the greatest benefits
Aug. 1 of this year. Payment of
this from such reorganization obtain
Interest. it was said, would not be to
ought
to be in position where it is no longer
consistent with due regard for protection required to sell these
of the property of the company and
notes within a specified time.
the
ance of efficient service.
The petition
Under the reorganization plan interestmainten
states that the I.-S. C. Commission has
upon the Gen. Mtge. bonds prior the New Havenfurther
the
to Feb. 11929,is payable only out of the net
authorit
y to retain control of its Sound lines. granted
As to the Connecticut Co.,
tion of the dIrectors.-V. 121, p. 974, 195. income and is left to the discrethe petition recites that the property
now and never has been one engaged
is not
Inter-State commerce. That
its
Illinois Central RR.-To Issue Additional Preferred Stock. business Is not substantially competitiveinwith
the Public Utilities Commission of Connecti that of the New Haven; that
-Secretary D. R. Burbank, in a notice to Common stock- General Assembly that
cut has recommended to the
the property should be returned to the New
that modern methods of transportarion
Haven:
holders Sept. 30, said:
dictate the desirabil
ordinating motor
The board of directors at a meeting held Sept. 29 1925 has in
trolleys and steam railroad operationityinof coaccordance to give the service coaches,
order
with authority granted by the stockholders on
which
the public requires: that to this end it
April 19 1922, and subiect to and desirable that
the approval of the I.-S. C. Commission, authoriz
Connecticut Co. and the New Havenis economical
ed the issue of additional their resources and the
their methods of operation: that moreovershould pool
67v Convertible Preferred stock, Series A.
financing of
Connecticut Co. will require the help of the the future
In the event that the necessary approval
each holder of which cannotthe
New Haven
be
Common stock will have the right to subscribeisatobtained
if it is required to be sold and permane
par for such additional from Its control. exected
ntly taken
Preferred stock [over 513,000,0001 to an amount
This is in line with the New Haven's recently
equal
to
10%
the
Comof
policy
of
announced
operatin
g motor
mon stock registered in his name upon the company's books at
through its subsidiary the New
the close Transportation Co., and iscoaches
of business Oct. 22 1925.
further evidence of the determination onEngland
its
to use all modern methods of transportation In giving
Payment in full for the new shares will be due at the company's office
adequate service topart
in public.
the
New York on or before Dec. 10 1925.
The petition states further that none of said
Separate warrants evidencing the stockholder's right to subscribe will be
securities could have been
sold during the eleven years duration of the decree
issued by the Treasurer for full shares and also for fractional shares and
without
a
will
disastro
unwarranted sacrifice of the interest of the New
us and
be mailed, together with an explanatory circular shortly after
Haven
Oct. 22 1925. quotes the opinion of Judge
ders.
Mayer who directed the returnstockhol
of the Boston It
Seeks Authority To Issue Preferred Stock.Maine stock in June 1923 as follows:
&
"There recently has come a change because it
The company has asked the I.-S.
Commission for authority to issue co-opera
seems that there must
$14,218,230 of Preferred stock and aC.
tion, united effort and sensible companionship,
be
Common
amount
like
of
stock.
all
The
looking
capable
latter will be issued from time to time in exchange for and
operation of the great railroad properties and
towards
retirement of
the installing of
Preferred stock, share for share.
and devices which shall
for economy."
The proceeds from the sale of the methods
Preferred stock will be used in electrifi
It is expected that an early date make
will
be
set
company
for
cation
the
a
of
's
hearing
lines
within
at
testimony will be offered by the New Haven
the City of Chicago, together with rehabilitation
in support of the which time
properties within the Chicago terminal district.-V. and development of In the petition. When the decree was entered
allegations
121, p. 1566, 1348.
mitting either party to ask for further modifica it contained a clause perIllinois Terminal RR.-Tentative Valuation.and it will be the
tention of the New Haven that the time has tion,
conarrived when
The I.-S. C. Commission has placed a tentative value
of $1,176,030 on changed conditions the decree should be modified so that itby reason of
the total owned and $1.231,030 on the total
control of the remaining securities ordered sold
will resume
properti
used
of
es
the
compan
y
under
the decree.
as of June 30 1919.-V. 114, p. 79.
p. 1566, 1346.
-V.121
International Rys. of Central America.-Bonds
Sold.
-F. J. Lisman & Co., New York have sold at 7834 and
int., to yield 63/2% $1,250,000 1st Mtge. 5% Sink. Fund
Gold bonds. Dated May 1 1912; due May 1 1972.
Listed.-Liste
d on New York Stock Exchange.
Restriction.--Company has agreed not
to issue any further bonds nor
create further fixed charges unless the total
outstanding and those proposed to be issued fixed charges on the bonds
at any given time shall be
covered twice by the net earnings of the Railway
s for the preceding 12
months.
Security.-(1)First lien on 462 miles of railroad
equipment in operation and 193 miles of railroad now being construcand
ted and equipment, and
a mortgage on 135 miles of railroad and equipment in operatio
n, subject to
$4,580,000 prior liens.
Equity Over Mortgage Debt ($47,391,960).
Property cost and construction
$61,838,131
Mortgage debt
14,446.171
Physical equity (equal to $3,280 per $1,000 bond)
•-347.391.a60
Northeast Oklahoma RR.-Tentative
The I.-S. C. Commission has placed a tentativ Value.
e valuation
on the property of the Oklahom
& Missouri fly. of $299,720
used for common carrier purposes,aasKansas
June 30 1919. This owned and
now a part of the Northeast Oklahomof
company is
a RR. which has entered
protest against the aforesaid valuation.-V.
a formal
112, p. 1866.
Old Colony RR.-Bonds Offered.-R. L.
Day & C0.,
Boston are offering at 100
yielding about 4.96% $5,598
0 0 1st Mtge. 20-Year 5% Gold bonds, Series
0
"B."
Dated Dec.
1 1925;
Dec. 1 1945. without option of
Principal and int. (J. &due
D.) payable in Boston. Denom. c*prior payment
$1,000, and authorized multiples. Old
$1,000 and r*
Colony Trust Co., Boston,
Legal investment for savings banks in Massachu
setts, Vermont, Trustee
cut and other States.
ConnectiCompany.-Owns a total of
miles of road, located in the
soutneastern parts of Massachu533
eastern and
setts
and
extendin
g
into
Rhode Island. In
addition to Boston the more important municipa
lities served Include
burg, Lowell, Framingham, Attleboro,
FitchProvincetown Plymout
River, New Bedford, Brockton and Newport
h, Fall
.
OCT 3 1925.]
THE CHRONICLE
The position of the company is in addition very greatly strengthened by
the lease for 99 years extending to 1987 of the property of the Boston sz
Providence RR.Corp., having a total of 63 miles of road, and including the
very important male line from Boston to Providence. This lease is at a
comparatively low rental, considering the value of the property and the
density of traffic over Its lines. The Bureau of Valuation of the I.-S. 0.
Commission has placed a tentative valuation on the property of the Boston
& Providence RR. Corp., as of June 30 1915. of $23.463,752, as against
which there is a bonded debt outstanding of only $2,170.000, and Capital
stock amounting to $3.996,000. The lease provides that the company shall
pay a rental equivalent to dividends of 10% on the Capital stock, and
$3,000 per annum for organization expenses and shall pay the interest on the
bonds outstanding. This rental at the present time amounts to only
$511,500 per annum or at the very low rate of only 2 1-10% of the tentative
valuation. Company also leases 14 miles of road from the Providence.
Warren & Bristol RR.connecting Providence, Warren and Bristol.
Security.-Secured by a direct first mortgage. (subject to the lease to the
New York, New Haven & Hartford RR.) on the entire property of the
company, except leasehold interests in leased lines at present unassignable
which the company will covenant to hold upon the trusts of the mortgage.
Company's outstanding funded debt of $5,000,000 debenture bonds (not
Including $5,598,000 bonds to be retired out of the proceeds of this issue)
will be secured equally with these bonds under this mortgage. The total
amount of bonds which may at any time be issued and outstanding secured
by this mortgage may not exceed a total of the par of the Capital stock and
the premium paid in. 1.-S.C. Commission has placed a tentative valuation
on the property of the Old Colony RR.as of June 30 1915, on which these
bonds will be secured. of $57,462,428. not including equipment and other
assets valued at over $7,000,000.
Purpose.-Proceeds will be used to retire at maturity an outstanding issue
of $5,598,000 debenture bonds on Dec. 1 1925.
Lease.-The entire property of the company including its title and
Interest in the leased roads, has been leased for a period of 99 years extending
to 1992. to The New York, New Haven & Hartford RR,at a rental which
includes the payment of all operating expenses, maintenance, taxes, &c.,
Interest on the ponds and 7% on the Capital stock. It is provided in the
lease that at its expiration whether by lapse of time or otherwise, New
Haven shall return to the Old Colony RR. the property of the company,
including all additions and betterments thereto, and in lieu of the personal
property of the company, shall return the same or other personal property
of similar character, value and uses, appropriate for its operation; and also
shall return to the Old Colony RR.the property of the Boston & Providence
RR.Corp. and the Providence, Warren & Bristol RR.(ooth operated under
lease) including all additions and betterments thereto.
Capitalization (Upon Completion of Present Financing).
Capital stock
$22,294,000'
Premium paid in on Capital stock
6.836,174
Funded debt (all equally secured), First Mortgage Gold bonds,
Series B 5% due 1945 (this issue)
$5,598,000
do Series A 53-5% due Feb. 1 1944
3,500.000
Debenture bonds 4% due Jan. 1 1938
4,000.000
Debenture bonds 3%% due July 1 1932
1.000,000
Capitalization of Boston & Providence RR. Corporation.
Capital stock (10%)
$3,996.000
Capital stock held by company
4,000
Funded debt debenture bonds 5% due 1938
2,170.000
-V. 121, P. 1566.
1675
Virginian Ry.-Bonds.-The I.-S. 0.Commission on Sept. 25 authorized the company (1) te Procure authentication and delivery of $3,896,000 of 1st Mtge. 5% 50-Year
Gold bonds; and (2) to sell $7,500.000 of 1st Mtge.5% 50-Year Gold bonds
to National City Co. and Lee, Higginson & Co. at not less than 953i and
accrued int., the proceeds to be used for corporate purposes. (See offering
in V. 121. P. 704.)-V. 121. p. 1567. 1468.
Wheeling & Lake Erie Ry.-Bonds.The I.-S. C. Commission on Sept. 22 authorized the company to issue
81.650.000 5% Refunding Mortgage bonds, Series B, to be sold at not less
than 85 and int., and, pending their sale, to be pledged as collateral security
for a short-term note of not less than $1,000.000. which the company may
Issue under paragraph (9) of Section 20a of the Inter-State Commerce Act.
The company represents that there will mature on Oct. 21 1925 its two
notes to the Secretary of the Treasury, aggregating $1,400,000, which were
issued to evidence loans to it under Section 210 of the Transportation Act.
1920, as amended. It is proposed to pay these notes at maturity and the
company states that if the payment thereof is made from earnings it will
so materially reduce the funds needed for fixed charges and principal payments for about the next six months that it may be necessary to reimburse
Its treasury to the extent of between $1,000,000 and 31.400.000. through
the proposed sale of the bonds or by a short-term loan, pledging the bonds
as collateral.
The company has not made definite arrangements for the sale of the bonds
but will furnish particulars in due course. It seeks authority in the meanwhile to sell them at not less than 85 and kit. On that basis. if sold prior
to April 1 1926, the annual cost to the company will be approximately
5.986%.-V. 120. p. 2934.
PUBLIC UTILITIES.
American Electric Power Co.-Pays Off Bonds.
The company is now paying off the balance of the American Railway Co.
5-Year 87e notes, due 1925, at the Pennsylvania Co. for Insurances on
Lives & Granting Annuities. The amount being retired is $930,500.
-V. 120, p. 3184. 4
-American Public Serviere Co.-Bonds Offered.-Halsey,
Stuart & Co., Inc., and A.B. Leach & Co., Inc., are offering
an additional issue of $2,000,000 1st Lien 531% gold bonds,
series "B," of 1912, due Dec. 1 1942, at 96 and int., yielding
about 5s%.
security.-Dirct obligation of the company and now secured by a first
lien on all outstanding bonds and Capital stocks (except directors' qualifying
shares) of the subsidiary companies, all of which are deposited and pledged
with the trustee under the mortgage. No additional stocks or bonds may
be issued by the subsidiary companies unless deposited as additional security
under the first lien mortgage.
Company.-Ineorp. in Oct. 1912 in Delaware. Controls, through ownership of all the Capital stocks (except directors' qualifying shares) and all
outstanding funded debt, eleven _public utility operating properties,supplying without competition electric light and power, gas,ice and street railway
service. The subsidiary companies serve a rapidly developing territory
situated in eastern Oklahoma and central and eastern Texas, including 92
Panama RR.-Dividend of 5%.
communities and having an estimated population of 202.000. The varied
The directors have declared a dividend of 5% on the outstanding $7,000,- resources and industries of the territory offer excellent opportunities for
000 capital stock (all owned by the U. S. Govt.). Last April a dividend of securing large and profitable increases in the power and lighting business.
5% also was paid, making a total of 10% for the year.
The physical property of the company includes electric generating plants
The current dividend involving a distribution of $350,000 was sent to having a generating capacity of approximately 44.000 K. W., and a comthe Secretary of War on Sept. 24 and was payable out of earnings to June 30
bined daily ice capacity of 1.013 tons. The electric light and power translast.-V. 111 p. 74.
mission system consists of 956 miles of high tension lines. The two gas
properties serve their respective localities with natural gas through 77 miles
Pennsylvania RR.-Samuel Rea Retires.of mains.
General iV. W. Atterbury. Vice-President of the company, has been
CapitalizationAuthorized. Outstanding.
elected President, succeeding Samuel Rea, who has retired under the 7% Cumulative Pref. stock
$10,000,000 $6,772,300
pension rules, effective Oct. 1.
Common stock
b5.573.380
15,000,000
First Lien Gold bonds due Dec. 1 1942 (incl.
To Use Aluminum Chairs.this issue)
c
al1,707,900
The company has decided to equip its dining cars with aluminum chairs.
The initial order was placed in Pittsburgh Sept. 24 with the Aluminum 20-year 8% Collateral Gold Notes, Series "C"
due March 1 1941
474.500
500,000
Co. of America. This action will make the Pennsylvania RR. the first
b1,003.000
railroad in the world to use aluminum chairs in dining cars, and these will General Lien 6% Gold bonds, due Dec.1 1942be the first chairs built of aluminum to be used for dining purposes anywhere.
813.185.400
The advantage of using aluminum in place of wooden chairs in the all-steel
a Of this amount $8.412,700 bear 6%.81.295.200 bear 634% and 82.000.dining cars, which are standard to the Pennsylvania RR., is the elimination
of all fire hazards. Aluminum also provides the necessary strength and 000 bear 535% interest and this amount is exclusive of bonds pledged as
security for Collateral Gold Notes. b Entire amount of General Lien
rigidity with less weight than any other material, either wood or metal.
Delivery of the first installment of the new chairs will be made as promptly bonds are owned by Middle West Utilities Co. which company controls
as circumstances permit. The Pennsylvania RR. at the present time is practically all of the Common stock outstanding. c Authorized issue
operating 139 all-steel dining cars and 10 new cars are under construction. limited by restrictions of the respective Trust Indentures.
Earnings 12 Months Ended August 31.
The total seating capacity, including the new cars, will be 5,022.
k'1925.14.4
1924.
No Financing Necessary.-Samual Rea, retiring President, Gross earnings, incl. other income
$4,101,024 $4,730.003
Operating expenses, incl. taxes
issued the following statement Sept. 30:
2,395,842 2.964,018
While it is gratifying that the newspapers continue to discuss the sale of
Net earnings before depreciation
$1,705,182 81,765,987
large amounts of Capital stock of,Pennsylvania RR., may I repeat, on
behalf of the company that unless some emergency arises, which cannot The annual interest on all First Lien bonds and Collateral
Gold Notes to be presently outstanding in the hands of the
now be foreseen, it will not be necessary to issue an6sell any new securities
public requires
this year and probably none throughout the year 1926. The earnings and
736.910
-Cor
Management-Company
ica4itai3
c, concte
roted
.
id1^ West Utilities
o. b3;nthoe,,,,.
M
ra
P
cash position of the company at present are excellent.-V.121, p.1566,1346.
'haas
en
;
Co.a
Reader RR.-Operation of Line.American Public Service Co., has purchased the Waskom (Texas) Light
The I.-S. C. Commission on Sept. 19 issued a certificate authorizing the & Power Co. Through the purchase of this utility, a connecting link is
road to operate in inter-State commerce a line of railroad, beginning at a formed between the East Texas company at Marshall, Texas, and the
connection with the Missouri Pacific RR. at Reader and extending thence Southwestern Gas & Electric Co. at Shreveport. La.-V.121. p. 1346.
in a general southwesterly direction a distance of approximately 23%
miles, all in Ouachita and Nevada counties. Ark.
Associated Gas & Electric Co.-Pays Initial Dividend
The line which the company asks authority to operate was built by the
Mansfield Hardwood Lumber Co.and has been heretofore operated in intra- on $7 Dividend Series Preferred Stock.
An
initial dividend of $1 75 per share on the $7 dividend series Preferred
state commerce by that company pursuant to an order requiring such operation entered April 15 1925. by the Arkansas Railroad Commission. The stock was also paid on Oct. 1 to holders of record Sept. 10. This dividend
order of the Arkansas Commission was thereafter affirmed by the U. S. was also made payable in Class "A" stock at the rate of 53. hundredths of
District Court for the Western Division of the Eastern District of Arkansas. one share of Class "A" stock for each share of $7 Dividend series Preferred
The company was incorporated in Arkansas July 13 1925. Its outstanding stock held. On the basis of $38 per share for the Class "A" stock, the stock
capital stock, amounting to 8325.000, has been issued to the lumber com- dividend Is equivalent to approximately $2 09 per share, or at the rate
of $8 36 per share per annum.
pany in exchange for working capital and for the railroad in question.
The regular quarterly dividend of 87 i cents per share on the original
series Preferred stock was paid Oct. 1 to holders of record Sept. 10. The
Reading Company.-To Pay Off Bonds Due Oct. 15.An authorized issue of $2,000,000 1st Mtge. 5% bonds of the Phila- third installment, amounting to 12% cents of the extra dividend for the
delphia Harrisburg & Pittsburgh Ry., which matures Oct. 15, will be paid year 1925 was also paid with the regular dividend. These dividends were
off by the Reading Co., into which the former company was merged as of also made payable in Class "A" stock at the rate of 3 hundredths of one
Jan. 1 1924. Of the $2,000,000 issue only $515,000 are in the hands of share of Class "A" stock for each share of original series Preferred stock
held. On the basis of $38 per share for the Class "A" stock, the stock
the public. The bonds will be paid for out of cash, involving no financing,
dividend was equivalent to approximately $1 33 per share, or at the rate
It is said.-V. 121, p. 1566, 145'7.
of $5 32 per share per annum.
St. Louis & Hannibal RR.-Bonds.--
The I.-S. 0. Commission on Sept. 23 authorized the company to issue
not exceeding $650,000 1st Mtge.6% bonds dated Jan. 2 1925, due Jan.
2
1955, $250.000 to be delivered to John Ringling to be used in satisfaction
of advances of a like amount and $400,000 to be sold at par and the proceeds
used for capital purposes.-V. 120, p. 3184.
San Antonio & Aransas Pass Ry.-Tentative Value.-
The I.-S. C. Commission has placed a tentative valuation of $17.396,228
the total owned and $17,402,723 on the total used properties of the
company as of June 30 1919.-V. 120, P. 3083•
on
Seaboard Air Line Ry.-New Subsidiary.See Brooksville & Inverness Ry. above.-V. 121, p. 1567, 1457.
Southern Pacific Co.-To Acquire Control of Road.-
The company has applied to the I.-S. C. Commission for authority to
acquire control by stock ownership of the Holton Interurban Ry., extending
from El Centro to Holtville, Calif., a distance of ten miles.-V.121,
p. 1225.
Toledo Peoria & Western Ry.-Foreclosure Sale.-
Edward P. Allen. Special Master, by order of the U. S. District Court
for the Southern District of Illinois will sell the entire property Oct. 28, at
Peoria. Ill. Upset price has been fixed at $2,100,000. Suit to foreclose
was brought by the Farmers' Loan & Trust Co.,trustee, for the outstanding
$4,8d5,000 1st Mtge. 4s dated July 11887. Principal and int. due July 1
1917 in default.-V. 120. p. 3310.
Sales by Subsidiary Companies.The company reports for the month ending Sept. 19 sales of electricity
by its subsidiaries totaling 19.431,672 k.w.h.. against 15,840.532 k.w.h. in
the corresponding period of 1924, an increase of 22.7%. The Pennsylvania Electric Corp. recently acquired by the Associated, showed a gain
of 21%, reflecting increased industrial activity in the bituminous coal
regions of western Pennsylvania as a result of the anthracite strike. Staten
Island properties reported an increase of 45%.-V. 121, p. 1567. 1346.
Beverly Gas & Electric Co.-TO Issue Stock.-
The company has applied to the Massachusetts Department of Public
Utilities for authority to issue 11.000 shares of additional capital stock of
$25 Par to pay for capital additions to the company's property. Iii is proposed to issue the new stock to shareholders at $55 a share.-V.117, p. 1351.
Binghamton (N. Y.) Railway.-Receiver.-
William H. Riley, Binghamton, and J. J. Walker. Schenectady, have
been appointed equity receivers by U. S. Judge Cooper.-V. 121. p. 1567.
Carolina Power & Light Co.-May Acquire Properties.
The company is negotiating for the purchase of the municipally owned
power plants in Norlina and Warrenton. No, Caro. The citizens are
expected to vote on the sale in the near future.-V.120. p. 1325.
osst
;
- ----TIwn -R., New York Ci-tT.=Forectosure.
-- Central-Ci
Bern Budd,special master, will sell at public auction without valuation.
appraisement, redemption or extension, to the highest bidder at the New
1676
THE CHRONICLE
[Vol. 121.
York County Oourt House on Dec. 1, certain property of the company in
two parcels, viz.: (1) all existing franchises, trackage rights and 76 electric 'Columbia Gas & Electric Co.-Definitive Notes.
On and after Oct.5,the Guaranty Trust Co.of New York will be prepared
street railway cars (1917 P-A-Y-E type) and all other property covered by
to deliver definitive 3-Year 5% Gold Notes, dated Max 1 1925. in exchange
mortgage dated Nov. 1 1882 (except property described in Parcel 2): (2) for
the outstanding temporary notes. (For offering, See V. 120, p. 2010).
eight city lots situated on the west side of Avenue A and north side of 22d St.
The special master will not accept any bid for parcel 1 less than the gum of -V. 121, p. 1567.
$25,000; for parcel 2 not less than the sum of 375,000.-V. 117, p. 323.
Connecticut Light & Power Co.-Bonds Called.Seventy-five 1st & Ref. Mtge. 7% S. F. Gold bonds Series A dated
Central Indiana Power Co. & Subs.-Annual Report.- May
1 1921 of $1,000 each and 13 of $500 each have been called for reIncome Statement for Year Ended June 30 1925.
demption Nov. 1 at 110 and int. at the Bankers Trust Co., 16 Wall St.,
Gross earnings
$7,116.654 N. Y. City.-V. 121. p. 457.
Oper. caps.. $4.086,384; taxes, $545,821; total
4.632.205
Net operating earnings
Other income
Connecticut R.& Lighting Co.-Sale.--
$2.484.448
251.058
Total income
$2.735,506
Int..$2,014,731;amen.of disc. & exp.,$187,265: total, 32.201.996; less net loss of Indiana Electric Corp. capitalized during
construction and development period, 6146,700
2,055.296
Net income
Balance June 30 1924
Reversal of prov. for renewal & retirement of property from
Jan. 1 1923 to June 30 1924. less charges against such Provisions for year ended Dec. 31 1923
Total
Sundry charges and credits applic. to prior years
Dividends on Preferred stock
$680,210
685,607
340,029
31.705.846
deb.59,213
515,462
See Waterbury Gas Light Co. below.-V. 107. p. 401.
Consumers Elec. Lt. & Power Co., New Orleans, La.
See Citizens' Light & Power Co. above.-V. 102, p. 1349.
Des Moines City Ry.-Fares Increased.Effective Oct. 1, single trolley fares were increased from 9 cents to 10
cents with 10 tickets for 95 cents. Cash fare for children from 6 to 12 years
of age will be 5 cents, or 10 tickets for 48 cents.
Pres. F.0.Chambers states that the company suffered a deficit of$47,871
for July, due largely to the cessation of operation of the cars from July 4
to 9 because of a strike of employees. For August the deficit was 623,228
and to meet operating expenses, taxes and fixed charges, the company was
forced to borrow $64,074.
Mr.Chambers also states that the installation of one man cars throughout
the city would reduce the operating expenses of the company $250,000 to
$300,000 per year. This existing contract with the street car men's union,
however, provides that twt, men shall be employed on each car.-V. 119.
p. 2760.
Balance, June 30 1925
31.131,171
Consolidated Balance Sheet June 30 1925.
Detroit Edison Co.-President Hits Speculation in Stock.LiabilitiesP1at, prop. & franchises_ x1.47.515,222 7% Cum. Pref. stock
87,590.000 In connection with the rise of the company's shares, Pres.
Cash
233,530 Pref. subscribed for (1.153
Alex Dow says:
Notes & acc'ts receivable.. _ _
115,800
828,517 shares)
There is nothing in the company's business or the company's prospects
66.900
Inventories
624,4786% Cumu. Preferred stock__
that
warrant any spectacular rise in the price of the stock. The additional
8,550,000
Insurance prems. & interest_
70,322 Common stock
y'32 560.500 stock issue of 10% is required for natural growth. It will be paid for at
Subscribers for Pref. stock_ _
58,210 Funded debt
par
and
every dollar will go into the business where it is required.
2,271,112
Dep.for normal tax on bd int.
22,622 Notes payable
About the talk of holding companies seeking control-I cannot under815,572 stand
Miscellaneous assets
883,587 Accounts payable
the sane management of any holding company buying into any
120,984 situation
Unamort. disct. & exp.,fundConsumers' deposits
in Michigan at such prices as are current in to-day's market or
347.932
3.153,236 Accrued interest
ed debt
265,067 Accrued taxes
620,963 at such prices as are rumored to be coining. The talk is that some holding
Rate inv. & appraisal experts
44,275 company or other, and three at least have been named. is willing to pay up
Abandoned property
222.789 Divs.accr'd, Preferred stock_
to $200 for a control. Assuming that the holding company began buying
Deferred maintenance
50,889 Reserves49,727 long ago at $100 and can buy control at an average of $150 which figure
Sundry deferred charges_ _ _
59,337 Renew.& retire,of pi't prop.
Is
too low, but will serve to illustrate-the stock outstanding including the
Pre50,625
Unamort. disct. & exp.,
Doubtful receivables
issue will be nearly $80,000,000• They will have to buy $40,000,000
60,976 new
!erred stock
435,657 Injuries and damages
with a 50-point rise above the amount of money which has been put into
24,927 the
Contributions for exten'ns_
property.
The property has earned and will earn a liberal return on
Total (each side)
1,131,171
854,421,465 Surplus
every dollar that has been put into it. We serve our public well and it
x Including the net excess of the parent company's carrying value of does not grudge
the return to us.
capital stocks of sub. cos. over the sub. cos.' book values thereof. y ExBut if the people who have bought control have spent 320,000.000 in
clusive of $2,303,000 of Series "A" 6.7,, and 3.5,000.000 of Series "B-7% money which never
went into the property they might ust as well kiss that
let Mtge. Collateral & Refunding Gold bonds of the Central Indiana Power money good bye. They
will not be allowed to earn a liberal return upon it.
Co., authenticated and pledged as collateral to 3-year gold notes.
Anyone who is watching the signs of the times will see that this State of
Note.-In connection with property purchase contracts the Central In- Michigan is no place
to
try
such an experiment.
diana Power Co. is under contract to repurchase its Preferred 7% capital
I am answering people who make personal inquiries to me that I have
stock as follows: On Dec. 15 1928. 2.780 shares at par. At various dates nothing to do
this present speculation and would be ashamed to be
on or before Mar. 29 1934. 1,939 shares at $92 50; at any time prior to April mixed up in it.with
Also, that I do net know one stockholder from another
18 1929, upon 90 days' demand. 2,460 shares at $85.-V. 121, p. 1567.
and am managing the property so that it will earn a fair return on the
actual money put Into it and that I will not try to do any more than that.
Central Maine Power Co.-New Control.And, lastly, in this State of Michigan, and a pioneer in electric service, I
See New England Public Service Co. below.
have a responsibility to my fellow citizens and to my fellow townsmen to
The Central Maine Power Co. has awarded a contract to the Morton 0. see that they are fairly well served at a fair price whether I am managing
Tuttle Co.for the construction of a dam and power house at Gulf Island on the service or not.
the Androscoggin River,5 miles above Lewiston, Me. The new station will
No holding companies at this time are stockholders of record to any
be 27.000 h.p. The dam will be 50 ft. high and roughly 1,800 ft. long. extent in Detroit Edison. The North American Co. has been a stockholder
Work is to start immediately and it is expected that the contract will be during our company's entire existence to the extent of about 10% or 12%
finished by Jan. 1 1927.-V. 121. p. 1460.
and investment concerns have from time to time had small holdings. However, it is difficult now to say who has the stock. Recently the company
Central & South West Utilities Co.-Preferred Stock had about 15,000 stockholders, and from 40% to 50% of the stock was
Sold.-A. B. Leach & Co., Inc., Tucker, Anthony & Co., held within Michigan.-V. 121, IL 1347.
Howe, Snow & Bertles, Inc., Pearsons-Taft Co. and Hornblower dr Weeks have sold at $96 per share and div., to yield
7.29%, 65,000 shares Preferred stock, $7 dividend series (no
par value).
Detroit United Rys.-Fare Application.-
The Security Trust Co., receivers, has requested the Pontiac, (Mich.)
City Commission to approve increases in fares on city lines from 5 cents to
7 cents cash fare, 4 tickets for 25 cents or 17 tickets for $1. The receivers
stated D. U. R. lost $53.239 on its Pontiac lines last year, not including
depreciation or return on the investment, and $12,440 for the first 7 months
Common Stock Purchase Warrants.-On date of payment of the first divi- of
this year.-V. 121, p. 1568.
dend on the Preferred stock, $7 dividend series, the holder of each share of
this stock is entitled to a warrant giving the holder thereof for a period of
Eastern Massachusetts Street Ry.-Wage Increase.12 months the right to buy one share of Common stock of the Central &
The Board of Arbitration has granted an increase of 3 cents an hour to
South West Utilities Co.at the price of$30 a share.
Dividends exempt from present normal Federal income tax. Transfer the carmen over the present basic rates of 58 cents an hour for men operatoffices, Middle West Stock Transfer Co., Chicago, and Bankers Trust Co., ing 2-men cars and 63 cents an hour for men operating 1-man cars, retroNew York. Registrars, First Trust & Savings Bank. Chicago, and Chase active to May I. It is estimated that the 3-cent-per-hour increase will
National Bank. New York. Preferred as to $100 of assets and $7 cumu- cost the company about $150.000 a year.
As Kastern Massachusetts is about 95% a 1-man-car system, practically
lative dividends over Common stock. Dividends payable Q.-F. This
Pref. stock is subject to call for red. upon 30 days' notice at any time at all of the carmen will henceforth receive 66 cents an hour. The carmen had
asked
for an increase of 16 cents in the basic rate,or from 58 cents to 74 cents,
$120 per share plus any unpaid accrued diva., and is fully paid and nonand a differential of8 cents for 1-man car operators, which would have made
assessable.
their wage 82 cents an hour.
Listed.-Listed on the Chicago Stock Exchange.
As a result of the above, the trustees decided to increase fares beginning
Business.-Company,all of whose Common stock is owned by the Middle
which Oct. 1 in all but 3 of the 15 districts served by the railway. The fare inWest Utilities Co.. is a holding organization incorp.
wnsutntai
in Delaware.aIltge
creases are in the nature of a reduction in number of rides per ticket selling
gon
ton completion of
stock ofteAli3ece
Oklaoma.treimeran
l Pub- for $1. The cash fare of 10 cents per single ride remains undisturbed.--.
fincnlf
Co.
lic Service Co., the Chickasha Gas Az Electric Co.. the Central Power & V. 121, p. 1227. 977.
Light Co., and the Southwestern Securities Co., which controls the SouthEastern Shore Gas 8c Electric Co.-New Control.western Gas & Electric Co. These five major public utility companies,
See National Public Service Corp. below.-V. 120, p. 3313.
with their subsidiaries, serve a total of 209 communities having an estimated
combined population of 1,086,312 in the States of Texas, Oklahoma. LouisiEngineers Public Service Co.-Board of Directors.ana. Arkansas, Kansas and Mississippi. Additional communities are served
The following directors were elected on Sept. 30: Homer L. Ferguson
by these subsidiaries under wholesale contracts.
During the year ended May 31 1925 these companies generated 190,852.- (President of the Newport News Shipbuilding Az Dry Dock Co.): Andrew
-Locomotive Co.); Eppa Hunton, Jr,
645 K. W. H. of electrical energy, and sold a total of 14,259,279,700 cu. ft. Fletcher (President of the American
of artificial and natural gas, and 478,473 tons of artificial ice. During the (President of the Richmond, Fredericksburg &,Potomac RR. Co.): G. W
same year the consolidated gross revenues were derived 67.05% from elec- Kellogg (of Stone & Webster, Inc.); Arthur W. Page (Vice-President of
tricity and gas, 24.89% from ice; and the remainder from miscellaneous Doubleday Page & Co.).
C. W.Kellogg has aLso been elected President.
public services.
In addition to the foregoing the following are directors of the company:
Consolidated Earnings Statement Year Ending May 31 1925 (Adjusted to Murray
W. Dodge (of the Chase Securities Corp.); George M. undaa.,,
Present Financing).
(of Blair & Company, Inc.); Rai Morris (of Brown Brothers & Co.';
$17,088,741 Bayard F. Pope (of Blodget & Co.): Charles A. Stone and Edwin
Gross earnings, $16,819,694; other income,$269,047; total
Ei.
Oper. exps., taxes, bond,&c.,int., amort. & other deductions
13,193,713 Webster (both of Stone & Webster, Inc.).-V. 121. p. 1461.
Dividends on Preferred and Common stocks of subsidiaries outstanding in hands of public
927,538
Feather River Power Co.-SecuretiesThe company, according to a dispatch from Los Angeles, has been
Balance for reserves and for stocks owned by Central & South
authorized by the California RR. Commission to issue and sell $5,500,000
West Utilities Co
$2,967,490 1st Mtge.6% bonds and to use the proceeds to finance the construction
of
700,000 a hydro
Annual div. requirements on 100.000 shs. Prior Lien Pref. stock
-electric plant in Plumes County. The bonds, it is stated, have
been underwritten by the First Securities Co. of Los Angeles.
Balance
$2,267,490
company
to
authorized
the
sell
The Commission also
this power plant
Annual dividend requirements on 65,000 shares Prof. stock_ --- $4455,000 and appurtenances to the Great Western Power Co. under an agreement
Management.-The properties of the company are under the direction covering 35 years. during which all power produced at the plant will
be
of Samuel Insult, Martin J. Instill and associates. Compare also Vi 121. taken by the Great Western company.
p. 1347.
grnnt
Florida Telephone Corp.-Bonds Offered.----R. F. De Voe
Citizens Light & Power Co. (La.).-Proposed Merger.- & Co., New
York, are offering at 99 and int. to yield about
6.10% $400,000 1st Mtge. Gold bonds, Sinking Fund 6%
Series of 1925.
Dated Oct. 1192,5: due Oct. 1194.5. Interest payable A. & 0.at Orlando
(Fla.) Bank & Trust Co., trustee, and at National Bank of Commerce
Cleveland Electric Illuminating Co.-Acquisition.- Now York. Red. all or part on any int. date on and after Oct.
1 1930'
A dispatch from New Orleans states that President C. A. Tessier Jr.
and associates have acquired control of the Consumers' Electric Light &
Power Co. with a view to consolidating the two companies.
The Citizens' Light 8e Power Co. operates a complete plant, including
a powerhouse, in Carrollton, La.
The Avon RR.,the stock of which is all owned by the Cleveland Electric
Illuminating Co., was recently incorporated to acquire from the Lake
Shore Electric Ss. that part of the latter company's railway line running
from Avon to South Lorrain. Ohio. This acquisition will furnish the
Illuminating Co. a direct connection with several important railway
, thus insuring the company a continuous supply ofcoal forits new
systems,
tnraeing built at Avon.-V. 121, p. 1099. 977.
on 30 days' notice at 105 and int. Bonds may be purchased for sinking
fund at any time at not exceeding redemption price, or may be redeemed
through sinking fund at any time on any int. date on 30 days'Inotice at
105 and int. Denom. $1,000 and $500c5. Company will agree to pay
interest without deduction for any Federal normal income tax not in
excess of 2%. Company will refund the Penna. 4-mills tax, Conn. taxes
nit in excess of 4 mills per annum, the Maryland Securities tax not in
Oar. 3 1925.]
THE CHRONICLE
excess of 434 mills per annum, and the Mass. Income tax on int. not in
excess of 6% per annum.
Data from Letter of Otto Wettstein Jr., President of the Company.
Company.-The system represents a consolidation of the following seven
telephone properties formerly operated as separate units by the present
management: Citrus County Telephone Co. Lake County Telephone
Co. Orange County Telephone Co., Osceola County Telephone Co.. Pasco
County Telephone Co.. Sumter County Telehpone Co., and Florida
Telephone Co.
The properties; supply, without competition, telephone service to 3,630
subscribers in 31 communities located in Citrus, Lake, Orange, Osceola,
Pasco, Sumter, Alachua. Hamilton, Lafayette, Levy, Suwanee and Union
counties in central and northern Florida and having a population estimated
to exceed 100,000. Based on unfilled applications for service now held
by the company, further demands for service expected to result from a
continuation of the present rate of growth of the territory both in population
and industrial activity and contemplated acquisitions and extensions,
the company's officials conservatively estimate the growth in the number
of its subscribers during the next 18 months at approximately 6.000 and
ate number of subscribers by the end of 1926 at more than 9.600.
aggregate
naddition to its local properties, the syste la includes a local toll line
system connecting its 31 exchanges and 68 toll stations in other towns
in the 12 counties in which it operates. These lines aggregate approsdmately
745 miles of wire conduits and produce revenues which, together with
commissions from connecting lines, constitute about One-fourth of the
gross revenues of the properties.
The properties include 13 buildings in which exchanges are located and
four parcels of land on which buildings will be erected to house exchanges.
The aggregate value of this real estate as appraised by W. H. Crumb.
telephone engineer of Chicago. is approximately $200,000 and is increasing
rapidly in value.
The lines of the system connect with those of the Southern Bell Telephone
Co., with which it has satisfactory contracts for toll service to and from
points outside its territory.
Valuation.-The reproduction cost new, less accrued depreciation, of toe
telephone properties comprising the present system, together with the
value of real estate owned, is approximately $700,000 and, upon application
of the proceeds of the present financing, will be approximately $1,000,000,
or 234 tin.es the amount of 1st Mtge. bonds presently to be outstanding.
CapitalizationAuthorized. Outstanding.
1st Mtge. Gold bonds, B. F.6% Series of 1925_ __ 41,000.000
5400.000
8% Preferred stock (par $100)
1,000.000
200,000
Common stock (par $100)
.500,000
400,000
Earnings of Properties Comprising System for Calendar Years.
(Earnings for last six months of 1925 estimated at same rate as actual
earnings for first six months.)
1924.
1925.
Gross income
$129,578
$151,178
Operating expenses, including maintenance
67,879
73,950
1677
per annum, the bonds being red., however, on May 1 1945 at 10034 and
int. Denom. $1,000 and $500
Harris Trust & Savings Bank Chicago. trustee. Corporation agrees
c*. to pay interest without deduction to
the extent of not exceeding 2% of such int. for any normal Federal income
tax, and to refund Penn. 4-mill tax.
Company.-Owns or controls and operates electric power and light, gas,
heating, street and interurban railway properties in Iowa, inducting those
of the Iowa Railway & Light Co., as well as eight gas and electric properties
which were recently acquired by the corporation (V. 121, p. 74, 457,
Population served estimated at 140,000. Over ,;": of the present net 586)•
earnings of the properties is derived from the sale of electric power and light.
Corporation owns or controls and operates without competition, the electric power and light plants in Cedar Rapids, Marshalltown, Boone, Perry.
Marion. Nevada, Jefferson and Coon Rapids; the gas plants at Ames.
Marshalltown, Nevada and Boone; the heating properties in Cedar Rapids.
Marion, Boone and Perry: a high-grade interurban electric railroad over 43
miles in length between Cedar Rapids and Mount Vernon and Cedar Rapids
and Iowa City; and the local street railways in Marshalltown, Boone and
a portion of Cedar Rapids. It also owns undeveloped water power sites
capable of developing annually 111,000,000 k. w. h. The electric power
and light plants have a rated capacity of 48,385 k. w. all of which are confleeted with each other and with the centers of distribution by a comprehensive system of high-tension transmission lines aggregating 650 miles.
Capitalization upon Completion of Present Financing.
Common stock
$8,500,000
Preferred stock (7% Cumulative)
4,658.000
Gold notes
394,650
Iowa Ry.& Lt. Co. 1st & Ref.(now 1st) 6s, due 1832 (closed)._ a8.072,000
Iowa Ry. & Lt. Corp. 1st az Ref. 534s. 1945
b4,000.900
a $500,000 of these bonds carry additional interest coupons at the rate of
207 per annum, and $1.000,000 thereof carry additional interest coupons
at
'
the rate of 3% per annum. 12 $600,000 additional bonds of this issue
may be issued at any time upon order of the corporation.
Earnings of Iowa Railway ek Light Co.for Fiscal Years 1923 and 1024 and of
the Properties for Fiscal Year 1925.
Years Ended July 311925.
1924. .
1923.
Gross earnings
$3.995,208 $3,607,023 $3,485.495
Oper. °rms.. maintenance and taxes._ 2.448,432
2,360,088
2.264,422
Net earnings
$1,546.776 $1,248,935 $1.221.073
Ann. int. charge on $12,072,000 bds
063,600
aremity,--Itonds will be issued by the Iowa Railway & Light Corp.
under a joint mortgage of that corporation and of the Iowa Railway & Light
Co. In the opinion of counsel this indenture will be a first mortgage on the
recently acquired properties and a mortgage on the properties of the Iowa
Itansvay & Light Co.. subject only to the 1st & Ike% (now 1st) Mtge. of
that company dated Aug. 30 1912. No additional bonds will be 'sweetie
under the last-named mortgage; consequently, upon the retirement in 1932
of the $8,072.000 of bonds now outstanding thereunder, the present issue
of 5;4% bonds will be secured by a first mortgage upon all of the properties.
Franchises.-Eloctrlc and gas properties are operated under franchises
of various mats:aides. Corporationie Interurban lines are located on private rights-of-way except for short distances, within the terminal
the opinion of counsel the general franchise situation is satisfactory.
cites.In V. 121. p. 74, 457, 586.
Net earns, avail,for depr., taxes & fixed int. chgs
$61.699
577,226
Annual interest on 1st Mtge. bonds
24,000
Purpose.-Proceeds will be used to liquidate indebtedness incurred in
the acquisition of telephone properties for permanent improvements and
extensions required to keep pace with the rapid development of the territory
served, and for other corporate purposes.
Jacksonville Traction Co.-Reorganization Plan.Directors.-Otto Wettstein Jr., Chairman: E. E. Edge, Groveland,
The deposit managers(below)under the agreement dated Dec. 18 1919,for
Fla.: G. G. Ware, Leesburg Fla.: Col. H. C. Duncan, Taveras, Fla.;
R. F. De Voe._,__New York: W. M. Davis, A. M.Crittenden, Orlando, Fla.: the deposit of 2-Year 6%,_Gold Coupon Notes. dated March 1 1917 have
declared operative and effective a plan and agreement for adjustment of
G. T. Smith, Wintergarden, Fla.; IC. V. Cartledge, Mt. Dora, Fla.
the affairs of the company and for the readjustment of the rights of holders
German-Atlantic Cable Co. (Deutsch-Atlantische of coupon notes which NUNS submitted to depositors under date of August 12
Telegraphengesellschaft).-Bonds Sold.-W.A. Harriman 1925.
The receivership of the company was terminated by order of Federal
R. M.Call and the property restored to the company on Sept. 11925.
& Co., Inc. New York, have sold at 94 and int. $4,000,000 Judge
Deposit managers are: Hermann F. Clarke, Allan Forbes, Edward H.
1st (Closed) Mtge. 20-Year 7% Sinking Fund Gold Dollar Gleason
and Edwin S. Webster.
bonds.
Digest of Plan for Adjustment of Affairs of Company.
The following is a digest of the plan for adjustment of the affairs of the
Dated April 1 1925:due April 1 1945. Interest pay_able A.& 0. Principal
and interest payable in U. S. Gold at the office of W. A. Harriman & Co., company and for the readjustment of the rights of holders of coupon notes:
Receirership.-The property was operated since Oct.30 1919, by a receiver
Inc. New York City, without deduction for any German taxes. Denom.
Court for the Southern District, of Florida.
$1.01)0 and 500. Red. all or part on any int. date, upon 6 months' prior appointed by the U. S. District
Outstanding Securities.-Company has outstanding securities Issued by it
notice at 110% on or before April 1930, the rate reducing 234% each five
thereafter. A cumulative Sinking Fund, commencing April 11927. and by a subsidiary guaranteed by it and issued by the receiver or the
Ve
atres
timated to retire the entire issue by maturity. American Exchange Jacksonville :Electric Co. and secured by liens on a portion of the property.
as follows:
National Bank, New York, trustee.
(1) Jacksonville Electric Co. 1 Mtge. 5a. May 1 1927
$1.245,000
German-Atlantic Cable Co. (of Berlin) was formed in 1922. acquiring the
(2) Jacksonville Traction Co. 1st Consol. Mtge. 5s, March
assets and assuming the liabilities of German-Atlantic Cable Co. (of
1 1931
Cologne), the German-South American Cable Co. and the East European
a800.000
obligations
held
by
(3)
lien
Paving
City
of
Jacksonville,
payCable Co.• the lines of which were seized by the Allies during the War.
able serially
At present.the operations of the company are confined to a cable crossing
132,423
(4) Receiver's Car Trust Certificates secured by rolling stock,
the North Sea and connecting with the lines of the Eastern Telegraph Co.
payable serially
(of England) through which messages are sent to and from South America,
125,994
' (5) Duval County Traction Co. 7% notes guaranteed by
Africa, Asia and Australia.
New Emden-Azores Cable.-To re-establish its trans-Atlantic service, Jacksonville Traction Company
690,900
IZS Judgments
German-Atlantic Cable Co. has made arrangements to lay a new cable of
c28,081
7 Overdue unsecured bank loans carrrIng 7% interest_ _ _ _
modern design from the Island of Borkum (near Emden. Germany) to the
213,000
coupon
unsecured
notes
(8
due
6%
March
1 1919
Azores. The Emden-Azores cable about to be constructed, together with
750.000
(9 Preferred, stock
the New York-Azores cables of the Commercial Cable Co. (The Mackay
500,000
(101 Common stock
System) and The Western Union Telegraph Co. constitutes the only direct
1.000,000
a In addition there are $56,500 of bonds in the company's treasure
cable connection now projected between the linked States and Germany.
Purpose.-Proceeds will be used exclusively for the manufacture and lay- unpledged and there are $112,500 of bonds pledged as collateral for the
$90.000 Duval County Traction Co. notes. b These notes are collaterally
ing of this new Emden-Azores cable.
Security.-Bonds will constitute the sole mortgage obligation of the com- secured by deposit of $112.500 of Jacksonville Traction Company bonds.
pany and will be secured by a first (closed) mortgage on all materials now c Arising out of damage claims resulting from accidents which occurred
owned by the company and to be used in the manufacture of the Emden- prior to receivership. including interest to Sept. 11925.
In addition to the $1,000,000 of outstanding Common stock there it
Azores cable, all land and equipment now owned or hereafter acquired for
of Common stock held in the company's treasury.
the construction or operation of the said cable, the cable when
and as $100,000
The accrued and unpaid interest on the secured notes of Duval County
constructed, and certain rights and concessions now owned or hereafter
acquired in respect of said cable. The Bonds will be further secured by Traction Co. will amount to $38.570 on Sept. 1 1925.
The accrued and unpaid interest on the unsecured bank Inane and 0%
pledge of traffic agreements with the German Postministry, which has
coupon notes will amount to $405.992 on Sept. 11925.
control of the telegraph industry of Germany, and with the Commercial
Cable Co. and The Western Union Telegraph Co.
Treatment of Misting Debts and Stocks.
Earnings.-Annual earnings accruing to the Emden-Azores cable, after
It is now proposed to terminate the receivership, fund the overdue debt
the cable is in operation, are estimated as follows: gross revenues,
and
pay
MT
certain;
liabilities as follows:
operating and general expenses and maintenance $109,000: $694.800:
Upon the termination of the receivership, the two issues of bonds, the
operating
profits, 585.800.
paving Hen obligations and the receiver's car trust certificates (items 1. 2.
Prorisions.-Company covenants to maintain net tangible assets,
as 3 and 4 above) will remain undisturbed.
defined, at not less than 175% of the principal amount of outstanding
The holders of the $90,000 of secured notes of Duval County Traction
Bonds of this Issue, and to complete the manufacture and laying of
the Co. (Mena 5 above) will surrender them for cancellation and will waive
Emden-Azores cable in accordance with the provisions of the concessions.
unpaid interest thereon in consideration of the delivery to them as absolute
owners of the $112,500 Jacksonville Traction Co. bonds now held by them
International Telephone & Telegraph Corp.-Acquires as
collateral. together with all matured and uncollected coupons, and
unaatured coupons, attached thereto.
Control of International Western Electric Co., Inc.he judgments arising out of damage claims (item 6 ateeve), current
See that company under "Industrials" below.-V. 121, p. 1227.
liabilities now due and expenses incident to the receivership and its terminapaid in cash. This cash will be provided from funds now in the
International Western Electric Co., Inc.-New Control. tion will beof
the receiver and will be available to the company
Formal transfer of the ownership of the company, which was
sesalien of the receivership.
recently
upons
acquired from the Western Electric Co.. Inc., by the International
The
Teleholders
of the unsecured bank debt and unsecured coupon notes
phone & Telegraph Corp., took place on Sept. 30. At a special meeting (items 7 and 8 above),
millets with accrued and numall interest will amount
of the directors of the International Western Electric Co.. nc changes
to $1.368.992 on Sept. 1 1925. mill receive new 10-Year 5% Gold Notes
In the membership of the board were effected and officers ofI"
the company dated Sept. 1 1925 and due Sept. 1 1935 to the full face
value of the overdue
were chosen to accord with this change in the ownership of the company.
notes'Atm accrued interest, except that any amounts for less than
$100 will
The members of the new board of directors elected are: Sosthenes be paid
in
funds
now
cash
in
out
of
the
possession
of
the
Behn, Pros, of the International Telephone & Telegraph Corp.; Hernand
The Preferred and Common stock Issues (Kerns 9 receiver.
and 10 above) will
Behn,Pres, of the Cuban Telephone Co.: H. B. Orde, V.-I'res. & Treas, of remain
undisturbed. It is planned to centimes the stockholders' protective
the International Tel. & Tel. Corp.; George H. Gardiner of Davis, Polk, committee for the time
being in order that the depositing stockholders
Wardwell, Gardiner & Reed; G. A. Ogilvie, Kenneth E. Stockton and F. through their committee :may
be in a position to take prompt and concerted
H. Wilkins.
action should the occasion arise.
Officers of the company were chosen as follows: Chairman of the
board
Estimated
Net
Earnines
and
Gross
12 Months Ending Dec. 31 1925 [mitt;
of directors. Sosthenes Bohm Vico-Chairman of the board of directors, .
deductions for full 12 months' charges based on the capitalization the
Helmand Beim: Pres., George E. Pingree: Executive V.-Pres.,
K.
widels will be in effect under the Pan outlined above]:
Condict; V.-Pres. & Treas., H. /3. Orde: Sec. Kenneth E. Philip
Stockton.
Gross
earnings $1.180,230; operating expenses $712,645: balance_ _$467.585
Asst. Treas., L. R. Brown; Asst. Bee., W. E. Leigh -V.121, p.984.
Taxes____________________________________
___________ 99.640
Iowa Railway 8c Light Corp.-Bonds Offered.-Harris,
Net earnings
Forbes & Co. are offering at 99 and int., to yield about Interest bonds $108.030: paving lien obligations $8.280; car trust$367,945
certificates (int. & dis.) $11.065: 10-Year 5% notes $68.445:
5.58%, $4,000,000 1st & Ref. Mtge. 20-Year 5%2% Gold
total
195,820
bonds.
Balance __
Dated Sept. 301925: due Oct. 11945. Int. payable M.& N.In Chicago
$172 125
and New York. Red. on any int, date up to and incl. Nov. 1 1935 at 105 Payment of ills iiti.i":"Certificates, bond
75.'46.
8
and
thereafter
with successive reductions in the premium of 34%
and int,
Balance for construction and sinking fund for new 5% notes- $96.657
rg
__________
1678
THE CHRONICLE
Special Provisions to Be Incorporated in Indenture Under Which New 10Year Coupon Notes Will Be Issued.
Indenture will provide that any default in the payment of present or
future indebtedness secured by mortgages or Hens on the property of the
company will also constitute a default under the note indenture. It will
also provide that while the notes are outstanding, the trustee representing
the noteholders shall have the right to nominate a majority of the directors.
and that if the directors so nominated by the trustee are not elected, this
shall constitute a default and the principal of the notes may be declared
due,and that no sale or conveyance of the property of the company substantially as a whole shall be made until the trustee has been satisfied that such
sale or conveyance will not be detrimental to the interests of the noteholders.
The special provisions may be altered and other provisions inserted in the
indenture by the deposit managers under the agreement of Dec. 18 1919.
which deposit managers shall have full power to determine the form of
indenture to be issued.
While the indenture will not provide for a fixed sinking fund, it is the
present intention to apply any surplus earnings of the company which are
not required to pay maturing obligations and interest charges or to provide
for depreciation and obsolescence and new construction to the retirement of
the new notes of the company from time to time. To this end it is proposed
that the new notes shall be issued in registered form only so that notification
can be given to all noteholders when funds are available for the purchase of
such notes. Funds available for the sinking fund will be applied to the
purchase of notes at the lowest prices at which they may be tendered by
the holders. As the physical condition of the property is excellent and it is
not anticipated that the construction requirements will be heavy for some
time to come, it is hoped that a substantial amount of new notes can be
retired in the manner contemplated. The value of the junior securities will,
however, depend on the ability of the company to successfully refund its
maturing bond issues in 1927 and 1931. The principal franchise of the
company in the City of Jacksonville expires in 1932 and a new and satisfactory franchise will be needed in order to enable the company to carry out
such refunding. If the plan outlined above is adopted, efforts will be made
to secure a new franchise satisfactory as to terms and conditions.
Officers.-George J. Baldwin. Pres.; D. C. Barnes, Vice-Pres.; H. L.
Harding, Vice-Pres.; H. B. Sawyer, Treas.; W. T. Crawford. Clerk, W.H.
Rice, Cashier.
Directors.-George J. Baldwin, John W. Gale. Henry Endicott. Ralph
E. Forbes, Harry H. Hunt, Russell Robb, Henry B. Sawyer, E. S. Webster,
C. F. W. Wetterer, Henry M. Williams and Henry G. Bradlee.-V. 121.
P. 457.
Jacksonville (Fla.) Gas Co.-New Control.
Control of the company was recently acquired by the Dawes interests of
of Chicago,
Leonard
'I'.
William
Chicago. Rufus C. Dawes is president;
treasurer; R. A. Zeigler. vice-president and general manager, Frank .1.
9. 242.
103.
-V.
treasurer.
assistant
and
secretary
Chicago.
of
Carroll
Interborough Rapid Transit Co.-Earnings.
Net Earnings of the Interborough System under the Plan.
-Month of August- -2 Mos.End.Aug.311924.
1925.
1924.
1925.
$4,387,903 $4,234,117 49,647,115 $8,660.255
Total revenue
(a) Oper.exp.,taxes &
rentals paid city for
3,053.935 6,507,577 6,126,154
3.200.142
the old subway_
•
[Vol- 121.
time the property could be purchased by the new corporation. The sole
purpose of the plan is to facilitate financing, it is said.
The petition filed with the Commission some time ago, asking for permission to segregate the electrical property of the Laclede company by an
outright sale, was found to be impracticable.-V. 121. p. 839.
Lowell (Mass.) Electric Light Corp.-Rights, &c.
The Massachusetts Department of Public Utilities on Sept. 22 approved
the issue of 30,915 additional shares of capital stock at $47 50 per share.
Subsequently, at an adjourned meeting held on Sept. 28, the stockholders
voted to so increase the capital stock, and the directors thereafter authorized the offering and issue thereof.
Each stockholder of record on Sept. 28 has been given the right to subscribe on or before Oct. 19, at $47 50 per share, for X of a share of the new
capital stock for each share of capital stock held. Subscriptions must be
made with payment in full to Stone & Webster, Inc., transfer agent, 14
Oliver St., Boston, Mass. Checks should be made payable to the order
of the Lowell Electric Light Corp.
Stock certificates will be issued on Oct. 26 1925 for stock so subscribed
ana paid for on or before Oct. 19 1925. Such stock will participate in any.
dividends payable on Nov. 2 1925 and thereafter.-V. 121, p. 200.
Manchester Traction Light & Power Co.-Control.-
See New England Public Service
' Co. below.-V. 121. p. 839.
Maritime Telegraph & Telephone Co.-Bonds Called.-
All of the outstanding $1,000,000 Ref. Mtge. 7% Gold bonds Series
"A," due 1945, have been called for payment Dec. I at 106 and interest
at the principal offices of the Canadian Bank of Commerce, in Halifax.
Montreal or Toronto, Can.-V. 115. p. 2275.
Mississippi River Power Co.-Debentures Called.-
Certain 15-Year 7% S. F. Gold Coupon Debentures. due Nov. 1 1935
(aggregating $500,000) have been called for redemption Nov. 1 at 102 and
int. at the State Street Trust Co.,trustee, Boston, Mass.
An additional $64,500 of Debentures will be retired Nov. 1 at 102 and
hat. through operation of the sinking fund.-V. 121. p. 706.
Missouri Power & Light Co.-Bonds Called.-
All of the outstanding Series A 7% and Series B 6%% 1st Mtge. & Ref.
Gen. Lien Sinking Fund Gold bonds have been called for payment Dec. 1
at 105 and int. at the Central Trust Co. of Ill., 125 West Monroe St..
Chicago, Ill., or at the Chase National Bank of the City of New York.V. 121, p. 1462.
National Light, Heat & Power Co.-New Control.-
See New England Public Service Co. below.-V. 120. p. 2012.
National Public Service Corp.-Acquires Control of the
Eastern Shore Gas & Electric Co.-
This corporation on Sept. 29 purchased the Eastern Shore Gas & Electric
Co. from Day & Zimmerman of Philadelphia. This property furnishes
electric light and power service over a wide area in southern Delaware and
the Eastern Shore region of Maryland. The headquarters of the company
are at Salisbury, Md. The power plants are located at Ocean City, Saltsbury and Laurel.
The new management expects to extend the territory served by the
$1.187,762 $1.180,182 $3.139,538 $2,534.101 company and to carry on additional improvements in the present property.
This further addition to the Fitkin Utility properties is in line with the
(a) Maint. in excess of
309,599 extension of that company in developing the National Public Service Corp.
380.073
169,072
240.902
contractual provisions
-V. 121, p. 1227.
Income available for
New England Co.-Enlarged Power Plans in New England
$946,860 $1.011,111 $2.75,466 $2.224,501
all purposes
Fixed chargesof Company Planned.-Reorganization
$1,344,966
$1,345,452
$672,483
$672,726
M.5s
Int.on I.R.T.Ist
The management announces that arrangements have just been completed
301,373
301,373
150,687
150,687
Int.on Manh.Ry.bds_
for the enlargement and reorganization of the company and the participation
Int.on I. R.T.7% se395.009 in the enlarged company of F. L. Carlisle & Co. (on behalf of The Power
396.140
197,505
198,070
cured notes
Corp. of New York system). Stone & Webster, Inc., The International
Int.on I. R.T.6% 1057,586 Paper Co. and other interests allied with this group.
82,581
28.793
41.290
Year notes
The plan which the management has protected provides for the exchange
12,021
51,647
6.421
27.519
Int. on equip. tr. ctfs_
70,040 of the company's 2d Pref. stock into Common stock and the issuing of a
65,805
34,749
30.01a
Misc,income deduc'ns
substantial
block of Preferred stock which will be taken by the present
R.
Sink.
(b)
fund on I.
369.513 stockholders. It also provides for the issuing of 360,000 additional shares
369,513
184,757
184.757
T. 1st mtge. 5s_
of Common stock which will be purchased by the new interests for cash.
$1,308,062 $1.275,393 $2,612,511 $2,550,509 After this stock has been issued there will be outstanding approximately
Total
$326,007 480,000 shares of Common stock.
$264,282 sur$146,952
$361.202
Balance, deficit
The interests to be associated with the company are identified with
Div. rental at 7A on
electric light and power systems covering a large part of industrial MasCapital stock of manh.
sachusetts, Rhode Island, Vermont, New Hampshire and northern New
Ry. Co. not assenting
38,830 York, They own over a million horsepower of developed and undeveloped
38,783
19,415
19,392
to plan ofreadjustm'twater power, besides some of the largest and most efficient steam plants in
Div.rental on Manh.Ry.
471.169 the eastern states.
472,297
235.584
236,389
stock under plan
The combined output of the present plants is more than one billion
kilowatt hours annually, and with the expansion of the present plants and
Bal., def., after actual
$836,007 utilization of the undeveloped water powers which are now largely running
$364.127
4510,282
$616,983
maintenance
the to waste this output can be increased to five times the present amount.
(a) From the commencement of operations under Contract No.3 and
in all V. 121, P. 1569.
related certificates, respectively, it has been the practice to include
the
upon
revenue
operating
gross
the
of
14%
expenses
reports of operating
New York Telephone Co.-Expenditures Authorized.Manhattan Division and 17% of the Subway Division,to cover maintenance
of
The directors have authorized the additional expenditure of $1.685,255
and depreciation. These are the percentages fixed for the first year
comthe
new construction in various parts of the territory served by the company.
for
between
pending
been
have
Negotiations
operation in each case.
to determine This brings the total appropriations made since Jan. 1 of this year to
pany and the Commission ever since the end of the first year
subsequent
for
made
$41.875,915.
of which $36,105,210 was set aside for the enlargement of
be
should
percentages
these
in
changes
any,
if
what,
upon plant facilities in the metropolitan area.-V.121, p. 1348, 1228.
years. Prior to July 1 1923, the amount expended in excess of 14%
1.7% exthe Manhattan was approximately offset by the amount under
New England Public Service Co.-Pref. Stock Offered.pended upon the Subway Division. The net expenditures for maintenance
In excess of the amounts therefor, included in "operating expenses, taxes and Old Colony Trust Co., Boston;
Anthony & Co.,
rental paid city for the old subway." are shown hereinabove as "maintenSmith & Co..and Spencer
Bonbright & Co., Inc. Edward B Tucker,
ance in excess of contractual provisions."
deis
fund
per share and div., to yield
(b) Under the plan of readjustment payment of the sinking
amount Trask & Co. are offering at 98
ferred until July 1 1926 on condition that, prior to that date, animprove7.14%,80,000 shares Prior Lien Preferred stock, $7 dividend
equal to the deferred sinking fund be expended on additions or
series (no par value).
ments to the property.-V.121. p. 1569, 1461.
Preferred as to assets and dividends over the Preferred and Common
Kaministiquia Power Co., Ltd.-Sale of Company to New stocks.
This series red. at $120 per share and diva Fully paid and nonInterests Approved-New Bond Issue to Be Offered.assessable. Cumulative dividends payable Q.-M.
to
offer
an
of
acceptance
Transfer
offices, Old Colony Trust Co., Boston, Mass.; Middle West
the
The shareholders on Sept. 30 approved
terms of the Stock Transfer Co., Chicago, Ill. Registrars, American Trust Co., Boston,
purchase the entire undertaking of the company. Under the
company
power
new
a
Mass.;
Merchants Trust Co., Chicago, Ill. Exempt from present
Illinois
incorporate
will
Co.
offer the Fort William Paper
(preferably under the same name) to which the undertaking of this company normal Federal income tax.
Listed.-Listed on the Boston Stock Exchange.
will be transferred.
Data from Letter of Martin J. 'mull, Vice-Chairman. Sept. 24.
The new company will have an authorized bond issue of $5,000,000. of
which $3,000,000 will be issued at the present time for the purpose of reCompany.-Incorp. in Maine Sept. 18 1925. Upon completion of the
general
the
for
and
company
this
of
bonds
present
the
outstanding
deeming
own practically all of the Common stock
issue 7% present financing company will
purposes of the new company. The new company will also
and the Manchester Traction, Light & Power
the purpose of of Central Maine Power Co.
of the Common stock of the National
Cumulative Preferred stock in the amount of $1,250,000 forPreferred
majority
stock Co., and a substantial
distribution among the shareholders of this company, which
Light, Heat & Power Co. 'Through the latter it will control through stock
cannot be increased without the consent of two-thirds of the holders thereof. ownership Twin State Gas & Electric Co., the Berwick & Salmon Falls
Under the terms of the offer the shareholders of Kaministiquia Power Co. Electric Co., the Vermont Hydro-Electric Corp., Inc., the Rutland Ry.,
will receive the equivalent of $145 per share for their stock, payable $95 per Light & Power Co. and the Pittsford Power Co.
share in cash and the balance in 7% Cumulative Preferred shares of the
The operating companies with their subsidiaries serve at retail a total of
communities having an estimated comstock of the new power company referred to.
and 286 thriving industrial and farming
The new securities to be offered are $3.000,000 First Mortgage bonds
bined
population of 599,000 in the States of Maine, New Hampshire, Verthe banking house who have underwritten the $2,000,000 to be issued in mont and New York. Eighty additional communities are served by these
and
Montreal,
Wood.
Canada.
Canada are Societe de Placements du
companies under wholesale contracts. An important part of the vast waterGundy & Co., Toronto. See also V. 121. p. 1461.
power resources of New England is controlled by the company. Plants of
the subsidiaries have a generating capacity of over 108,000 k. w., of which
Completed.
Plant
Ice
Kentucky Utilities Co.-New
The ultimate capacity of the undeveloped
com- over 66% is hydro-electric. is
The company's new $70,000 ice plant at Lebanon, By. has been
estimated to be about twice that of the
output water power sites controlled
pleted and ice is now being manufactured. The plant has a daily nearby
stations. The strategic location of the company's
existing
hydro-electric
other
of 20 tons and is operated by electricity. Springfield and as well as the properties offers possibilities for further development and inter-connection.
Kentucky towns are also being supplied by this new plant
To meet the constantly Increasing demands for electrical energythe comCity of Lebanon.-V. 121. p. 1348.
pany has already begun development of about 20,000 k. w. of 'additional
power on the Androscoggin River. During the year ended July 31 1925
Laclede Gas Light Co., St. Louis.-New Company to 76.7%
of the consolidated gross revenue was deriv'ed from the sale o
electricity, 7.8% from gas. 12.8% from transportation service and 2.97
be Formed to Acquire Electric System of Co. and Subs.S. Commission for from merchandise sales and miscellaneous sources.
The company on Sept. 24 applied to the Missouri P.electric
Authorized. Outstanding
system and
Capitalizationpermission to lease and sell, subject to mortgages, its
dlv. series_ _200.000 shs. 80,000 els
& Power Co.. to a new Cumul. Prior Lien Pref. stock, $7 (no
that of its subsidiary, the Phoenix Light, Heat
par value)200,000 shs. 40,000 shs
dividend series
$7
Laclede
Preferred
stock,
the
of
stockholders
formed
the
and
owned
by
be
to
corporation
400,000 labs. *181.800 sh8
mortgages on Common stock (no par value)
Gas Light Co. This lease would be subject to the existing
* Exclusive of 43,400 shares authorized for sale.
at which
the property of the Laclede Gas Light Co. It would run until 1953
1679
THE CHRONICLE
OCT. 3 1925.]
Consolidated Earnings Statements for the Years Ended July 31.
1923.
1925.
1924.
$9.289,000 $8,861,025 $8,599,932
5,153,491
5,118,145
4,897,928
Gross operating revenues
Gross operating expenses
Net earnings from operation
Other income
$4.391,072 $3,742,880 $3,446,441
362,330
235,470
205,276
$4,596,348 $4,105,210 $3,681,911
Gross income
Int.on funded debt,other int., amort.,
1,788,734
1.909,191
1,764.426
&c., deductions
$2,687,157 62,316,476 $1,917,485
Net income
Prof. divs. and proportion of undistributed net income applicable to
946,644
791,831
Common stock of subs. not owned_ 1,064,108
Oklahoma Railway.-Earnings.
8 Mos.
Month.
$129,278 $1,124,702
848.645
107,541
307.433
38,559
Period Ended Aug. 31 1925Total revenue
Operating expenses
Taxes and interest charges
$16.823
Deficit
-V.120. p. 331.
631.376
Pacific Gas & Electric Co.-Earnings.
Twelve Months Ended Aug. 31Gross earnings
Net, after taxes
Interest, &c
Depreciation
1924.
1925.
646,771,856 $42,605,718
$18,502,480 $16,367,003
7,308,890 6,592,786
3,469,198 3.086.253
67,724.392 86,687,964
Surplus
Bal.for reserves & for stocks owned
Vice-President A. F. Hockenbeamer says: "Dividends on the 6% Prof.
61.623.049 $1,369,832 $1,125,654 and (8%) Common stocks were earned in the 12 months ended Aug. 31
by New England P. S. Co
Annual div. requirement of 80,000
1925 with about $1,000.000. Net addition of customers was 45.722.
$560,000
shares Prior Lien Prof. stock
making a total of 788,693. Surplus and reserves Aug. 31 1925 totaled
Purpose.-Proceeds will be used to pay in part for the acquisition of stocks $33.800.000, an increase of over $.1.000,000 in the 12 months after dividend
of subsidiaries and for other corporate purposes. Upon completion of this payments and of all losses realized and charged against these reserves
financing, the company will have no funded debt and will be in a strong cash during that period."-V. 121, P. 1570, 1348.
position. A substantial equity Junior to this issue will be provided by 40,000
Philadelphia Suburban Water Co.-Bonds Ready.shares of Pref. stock and by 181,600 shares of Common stock, representing
a large cash investment.
Drexel & Co. of Philadelphia announce that they are now prepared to
Control.-Company is controlled by the Middle West Utilities Co. The deliver definitive 1st Mtge. Gold bonds, 5% Series due 1955, in exchange
properties of the operating companies are thus under the direction of Samuel for their interim certificates. For offering, see V. 120. p. 2551.-V. 121,
Insull, Martin J. Insult and associates.-V. 121, p. 1569.
p. 979.
North American Co.-Control of Western Power Corp.
With sufficient stock already deposited to assure the consummation of
the plan for the acquisition of control of the Western Power Corp., by the
North American Co., President Frank L. Dame of the latter company on
Oct. 1 issued a statement in which he gave much detailed information
about the combination of the two companies.
With the inclusion of'Western Power properties. Mr. Dame said, the
North American system is the world's largest electric energy producing
group under a single ownership.
The addition of Western Power system's present generating capacity
of 412,500 h. p. will increase the North American system's generating
capacity to 1.655.416 h. p. Full development of projects in California
will increase the hydro-electric capacity of the Western Power group to
1,600,000 h. p.
"Control of the Western Power Corp. is regarded as one of the most
advantageous acquisitions in the North American Co.'s history," said
Mr. Dame. "Because of its vast irrigation and reclamation projects,
California. perhaps more than any other State in the Union, is dependent
upon central station electric power, and this is particularly true of the
central section of the State served by the Western Power system, including
the Great Western Power Co. and the San Joaquin Light & Power Corp.
These subsidiaries operate in the most important industrial and agricultural
parts of California, comprising 24 counties with an area of 40,000 square
miles and a population of 1,750,000."
Combined Earnings of Subsidiary Companies of Western Power Corp.
Calendar Year
12 Mos.end.
1922.
1923.
Aug.31 '25.
1924.
1920.
Grossearns.$17,182,053 $16,513,260 $15,390,245 $15,312,776 $14,107,630
8,225.736
8.081,569 '7.338.092
Net earns_ _ 9.276.286 x7,457,789
x The decrease compared with the previous year was due to the worst
drought in California's records, which adversely affected all California
power companies and made necessary steam generation at higher operating
costs. It is announced that "the present construction program includes
protective plans against future dry periods-in fact, had *Western Power's
completed storage reserves been available to the San Joaquin company
during the last drought (as they will be hereafter) a $1,300,000 saving
in fuel cost would have been effected."
The Western Power Corp. had more than 155,000 electric customers
on Aug. 31 and has over 8.000 miles of transmission and distribution lines
in 24 California counties.
Income Account of San Joaquin Light & Power Corp.
Month.
8 Months.
Period Ended Aug. 311925$845.998 $5,221,622
Gross revenue
318,459
2,275,603
Operating expenses
Phoenix Ry. Co. of Arizona.-Fares Increased.The Arizona Corporation Commission on Aug. 31 refused to allow the
company to cease operations on Oct. 20. but granted certain consessions.
Under the Commission's amended order of Sept. 2 the cempany will be
permitted to charge 10 cents for a single fare. 3 tickets for 25 cents, 10 tickets
for 70 cents and 16 tickets for $1, with an optional fare of Scents for school
children. The increase in fares became effective Oct. 1.-V. 121. D• 76.
Potomac Electric Power Co.-Securities Authorized.-
The Washington (D. C.) Public Utilities Commission has authorized the
company to sell $5,881,000 Series C Gen. Sz Ref. Mtge. 534% 30-year gold
bonds. The Commission also authorized the company to issue $2,013,000
6% Preferred stock series of 1925. In maldng this authorization the Commission declared officially that "in the allotment of the Preferred stock to
subscribers, a preference should be given to the company's employees and
consumers."
The additional funds to be realized from this financing is to be used to
meet demands for extensions, additions and betterments to existing plants
and equipment.-V. 121. p. 1103.
Power Corp. of Canada, Ltd.-Initial Pref. Div.-
The directors have declared an initial quarterly dividend of 1;4% on the
6% Cumul. 1st Prof. stock, payable Oct. 15 to holders of record Sept. 30.
See offering of stock in V. 120, p. 3315.
Rapid Transit in New York City.-5-Cent Fare Bill.-
George P. Nicholson, Corporation Counsel, notified the Board of Elections Sept. 30 that the 5-cent fare law, passed by the Municipal Assembly
and approved by Mayor Hylan on Sept. 17,is to be submitted to the voters
for ratification at the coming election Nov. 3. He advised the Board of
Elections that the proposition could be submitted to the voters on the same
ballot with the proposed amendments to the State Constitution.
The law,known as the Craig bill, having been introduced in the Municipal
Assembly by Comptroller Craig, restricts the powers of the Board of Estimate and prohibits an increase of fare on rapid transit or surface railways
without the approval by referendum of a majority of the voters of the city.
Because of the provision of the Home Rule law, which stipulates that a
local law proposition shall be submitted to the people at a general election
to be held not less than 60 days after the adoption of the law, the Board of
Elections had asked for the opinion of the Corporation Counsel. In his
opinion the Corporation Counsel advised that the language of Section 15
of the Home Rule law, relating to such measures, was not to be interpreted
as mandatory as to time, because "a reasonable time elapses between the
passage of the local law and the date of the general election.'
"Under the circumstances," said the Corporation Counsel,"I advise that
the course of prudence would seem to dictate the submission of this law at
coming election."-V. 121, p. 1570. 1463.
the
$527,539 $2,946,019
Net earnings
18.022
118,669
Non-operating revenue
Ruston (La.) Gas Co., Inc.-Bonds Offered.An issue of $175,000 1st Mtge.7% Gold bonds is being offered at par and
$545.561 $3,064,688
Total revenue
by T.L. James. Ruston, La. The bonds are dated April 1 1925: due
178,386
1,398,856 int.
Interest, other deductions
serially
April 11927-1933. Int. payable A.& 0. at Citizens' Bank & Trust
80,692
644,205
Depreciation
Co., Ruston, La., or National Bank of Commerce, St. Louis. Denom.
and $1,000. Red. all or part on any int. date at 102 and int.,
$286,483 $1,021,627 6100. $500
Net income
the last maturities to be called first. Citizens' Bank & Trust Co. and T.L.
Results of Great Western Power Co.
James, trustees. Federal income tax up to 2% paid by the company.
Company.-Incorp. in Louisiana May 5 1925 with an authorized capital
1925-Month-1924. 1925-12 Mos.-1924.
Period Ended July 31$643,448 $615,108 $7,817,692 67,489,048 of $200,000, of which $100,000 is outstanding.
Gross revenue
47,797 1,368,891 1,325,644
Security.-Secured by a (closed) first mortgage on the entire plant and
Bal. after taxes & charges.,... 112,319
holdings of company, which are right-of-way from gas field to Ruston, a
Subsidiary Acquires Dixie Power Co.6-inch pipe line from the gas field to Ruston (the line is approxigraduated
The stockholders of the Dixie Power Co., Cotter, Ark., on Sept. 5 mately 32 miles long), a complete distributing system in Ruston, which is
ratified the sale of the assets of that company to a subsidiary of the North about 11 miles at present, all gas fixtures and property of the company.
American Co. for a consideration of $300,000 in Preferred stock of the including fittings, meters, meter stations, &c., and a franchise granted by
subsidiary company and the immediate placing of $50,000 in cash in the the Town of Ruston. The plant of the company is conservatively estimated
treasury so that exploration and construction work could be started at to be worth $250.000.
once.
As an additional, guaranty to the bondholders, the company also mortgages 60% of its gross income, which is to be paid to the trustee monthly
New President of Securities Co.to be used solely to pay the interest on and to retire these bonds.
The North American Securities Co., distributors of the Common stock of and
Earnings.-Income is conservatively estimated to be $50,000 for the first
the North American Co., on Oct. 1 announced the election of Louis E. Niland inside of three or four years should be 880,000 annually.
year
mars as president, to succeed Loring R. Hoover who recently resigned to
Legality.-All legal matters pertaining to the issuance of these bonds were
become president of the Investors' Bond lk Share Co., (an investment passed
upon by Barksdale, Warren, Bullock, Clark & Van Hook of Shreveof
president
Central
States Electric
securities company). Mr. Kilmarx is
and approved by White, Holleman & White of Alexandria, La.
Corp. and Federal Utilities, Inc. Rolland T. Veitch has been elected port
-J, H. Thatcher (Pres.), Houma, La.; Guy Oakes, Vice-Pros.;
Personnel.
vice-president.
Jr., Treasurer,
'she Investors' Bond & Share Co.(recently formed) proposes to make its C. C. Clark, Sec.. and J. H. Thatcher,
principal investments In Common stocks of established companies.-V.
(Calif.) Gas Ca.-Bonds 011c...ed.-First
Maria
Santa
121. P. 1569.
offered
at 99 and
Securities Co., Los Angeles, in August last
North Boston Lighting Properties.-Larger Dividend.- int. to .vield 6.10%, $210,000 1st & Ref. Mtge. Gold 6s.
The directors have declared a quarterly dividend of $1 13 a share on
the Common stock and the regular quarterly dividend of $1 50 a share
on the Preferred stock, both payable Oct. 15 to holders of record Oct. 3.
This compares with $4 per annum previously paid on the Common stock.
-V. 120, D. 704.
North Carolina Electrical Power Co.-Tenders.-
The Wachovia Bank & Trust Co., Winston-Salem. N. C., trustee, will
receive bids on and after Oct. 1 for the sale to it of 1st & Ref. Mtge. 30-Year
5% bonds. due Oct. 1 1940, to an amount sufficient to exhaust $11,306,
at enrice not exceeding 105 and int.-V. 91. D• 1776.
Orange County Public Service Co., Inc.-Bds. Called.
WAll of the outstanding Orange County Hydro-Electric Corp. 1st Mtge.
20-Year 7% S. F. Gold bonds. Series "A," dated May 1 1922, have been
called for payment Nov. 1 at 10734 and int. at the Equitable '...rust Co.,
New York City.-V. 112,11. 1102.
Ottawa-Montretil Pwr. Co., Ltd.-Bal. Sheet June 30'25.
.
Lir:Macs$750,000
7% Cum. Pref. stock
025,000
Corn. stk.(20,000shs.,no par)
1,500,000
64i% 1st mtge. bonds
3,225
Bank overdraft
Accounts payable
52,202
3,854
Customers' deposits
2,900
Reserve for income tax
8,125
Bond Interest
25,783
Customers'dep.(pay in pow.)
13,125
Pref. div.. pay. July 15
20,000
Reserve for depreciation _._
6,641
Total (each side)
$3,310,861 Profit & loss
Pr' The income account for the year ended June 30 1925 was published in
V. 121, P. 1463.
AssetsProperties
Call loan (secured)
Investments & seer. int
Bills receivable
Accounts receivable
Materials and supplies
Prepaid charges
$2,033,448
100,000
174.453
2,210
63.410
35,405
1,013
Dated April 1 1920; due April 1 1940. Denom. 31.000. Int. payable
A. Sz 0. at Wells Fargo Bank & Union Trust Co.. San Francisco, trustee,
or at First National Bank, Santa Maria, Calif. Red. in whole or in part
In numerical order on any int, date at 101 and int. Auth., $700,000;
outstanding. $218.000. Exempt from personal property tax in California.
Issuance authorized by the California RR. Commission.
Company -Organized in California on March 16 1920 as successor to
the Santa Maria Gas & Power Co. Company is engaged in distributing
natural gas for domestic, commercial and municipal street lighting purposes
in portions of San Luis Obispo and Santa Barbara counties, including the
following cities and town: Santa Marla. San Luis Obispo, Orcutt, Pismo,
Guadalupe, Arroyo Grande. Betteravia. Nipomo, Siquoc, Avila and intervening territory. The directors of the company are: Thos. B. Adam.
M. P. Parker, R. E. Easton, G. L. Goodwin, J. F. Goodwin, Paul 0.
Tietzen and J. H. Tietzen.
Company obtains its supply of natural gas under contracts from oil
companies operating in the Santa Maria fields. The supply of gas is considered to be adequate for many years in the future. During 1924, the
company's gas output was 694.159.000 cu.ft. Company's system includes
the necessary compressor plants, 275 miles of high-pressure transmission
and distribution mains, gas holders and meters. Company serves 4.700
customers.
1921.
1923.
1922.
Earnings-Cal. Yrs.- 1924.
$321,956
$236,690
$293,613
$306,354
Gross revenue
184,029
242,951
236,231
244,964
Oper. exp. taxes & depr_
Net revenue
Int. on bonds, &c
$79.005
22,829
$61,390
25,255
857.382
25,523
$52,661
29,873
822.788
$32.859
856.176
Balance
636,135
3.5
1.8
Fixed charges earned__ _
2.3
2.4
Security.-Secured by a direct lien on all of the property now or hereafter owned. This issue is subject to the lien of a close mortgage securing
$124,000 underlying bonds, for the retirement of which bonds of this
1680
THE CHRONICLE
[VOL:121.
issue are reserved. The capital assets of the company, constituting land,
Treasurer Fred Anderson has announced that a majority of the board of
buildings, pipe lines, equipment, franchises, &c.. were carried on the directors has agreed that at its formal meeting, to be held on Oct. 3, it will
books of the company, as of Dec. 31 1924. at $672,816. after a liberal declare a dividena on the free Common stock for the third quarter of the
reserve for depreciation, or nearly two times the total amount of bonds current year as follows: Increasing the regular dividend rate to $1 a share
outstanding. including underlying bonds.
for the quarter,
with an extra dividend of 25 cents a share, both
Sinking Fund.-Indenture provides for an annual sinking fund, payable payable Oct. 10 together
to holders of record Oct. 1.
April 1 of each year. equal to 1% up to and incl. 1926, and thereafter to
the Common stock has been on a $3 annual dividend basis.-V. 121, p.
maturity equal to 2% of the amount of these bonds outstanding. These 1570.
sinking fund payments shall be applied either toward purchasing bonds
of this issue in the market or to their redemption by call.
Southwestern Cities Electric Co.-Subsidiary Co.Capitalization-Authorized.Outstanding.
The Lawton (Okla.) Gas Co.. a subsidiary, has changed its name to
Capital stock (par $100)
$500,000
$300,700 Southwestern Gas & Fuel Co.-V.99, p. 542.
Santa Maria Gas & Power 65, 1927
124.000
Closed
Santa Maria Gas Co. 6s
Tampa (Fla.) Electric Co.-Stock Increased.218.000
700.000
The stockholders on Sept. 30 increased the authorized capital stock
Shawinigan Water & Power Co.-Rights.$4,968,600 to $6,210,700. par $100. It is proposed to offer the
The stockholders of record Oct. 15 will be given the right to subscribe from
12,421 shares of new stock to stockholders at $100 a share, in the ratio
on or before Dec. 28 for additional Capital stock at par ($100 per share). of
one new share for every four shares outstanding. The proceeds are
on the basis of one share of new stock for each 20 shares outstanding. The to be
used to finance improvements, &c.-V. 121, p. 1103.
subscription price of the new stock will be payable in full at the Montreal
Trust Co., Place d'Armes, Montreal, Can., or at the office of Aldred &
Toledo (0.) Edison Co.-Preferred Stock Increased.Co.. Ltd., 24-28 Lombard St., London, B.C. 3, Eng., on or before Dec. 28.
The stockholders have Increased the authorized Preference stock from
Payments in Montreal should be made by draft or check payable to the order
shares to 250,000 shares, par $100, the new stock to carry dividends
of Montreal Trust Co., in funds current. Payments in London should be 100,000
not to exceed 7% per annum. The present 100.000 shares of 7% Cumul.
made in Canadian dollars by draft payable to Aldred & Co.. Ltd. Sub- Preference
stock. Class "A," remains undisturbed.-V.121. p. 1349. 1103.
scriptions will be accepted for full shares only. Holdings that are not
multiples of 20 can be adjusted by the purchase or sale of "rights" but the
Twin City Rapid Transit Co.-Fare Decision.company will neither buy, sell nor adjust "rights."
The City of St. Paul has been enjoined by the Federal Court at St. Paul,
Oh and after Dec. 28 1925 the Royal Trust Co.. Montreal, Can., or
Aldred & Co., Ltd., London. will deliver certificates of the ordinary Capital Minn.,from proceeding with an action in the District Court to restrain the
company,
from collecting k fare in excess of 6 cents allowed under its franstock in exchange for certificates of subscription outstanding with respect
he city's action was based on the contention that the Brooksthereto. The shares represented by such certificates of subscription will chise.
Coleman Act, under which the Minnesota RR. & Warehouse Commission
rank for dividend for the quarter ended March 31 1926.
Since the last offering of stock to shareholders in Sept. 1924. the directors granted an 8-cent fare, with 10 tickets for 60 cents, is unconstitutional.
have sold to the employees and customers of the company 18,204 shares The Federal Court held that the action in the District Court is an infringement on the jurisdiction of the Federal Court, which had ordered 6 months'
of stock at a substantial premium.-V. 121, p. 1463.
trial of the Commission's order. The city is lint enjoined, however, from
Southern California Edison Co.-Sale of Stock.testing the validity of the Brooks-Coleman Act in any manner that will not
Sales of the capital stock of the company for the first 7 months of this infringe on the Jurisdiction of the Federal Court and another action for that
year totaled a par value of $16.423.200, compared with a total of $12,- purpose will be brought, it is said.-V. 121, P• 709.
924,900 in the corresponding period of last year. an increase of $3,498,Union Street Ry. New Bedford, Mass.-Buses.-300, or 27.07%. Total sales of capital stock directly to the public in the
The company has applied to the Massachusetts Department of Public
past 8 years from July 1917, when the company adopted the system of
direct sales, down to July 31 last amounted to $77,509,900, a yearly aver- Utilities for authority to operate buses in New Bedford, Dartmouth.
Westport and Fall River, Mass..over routes which have been In operation
age of $9,688,700.
The number of new stockholders acquired by the company during the by the railway for some time.-V. 121, p. 1228.
first 7 months of this year was 7,816. compared with 4,563 in the corresponding period of last year, an increase o13.253. or 71.29% • The total
United Electric Light Co., Wilmerding, Pa.-Bonds
number of stockholders acquired by the company during the 8-year period
from 1917 to 1925 was 75,846, bringing the total on July 31 last to 78,0,53. Sold.-Parsly Bros. & Co. and Lewis & Snyder, Phila.
Of this total 3,649 are employee stockholders.
have sold at 99 and int. to yield about 6.08% $500,000
Capital Stock Outstanding as of July 31 1925.
1st Mtge. Gold bonds, Series A, 6%.
Original Preferred stock (8%)
$4,000,000
Dated Oct. 1 192,5; due Oct. 1 1945. Denom. $1,000 and $500c5.
7% Preferred stock, Series 'A"
25,719,400 Red. all or
part on any int, date on 30 days' notice before Dec. 31 1926
6% Preferred stock, Series "B"
15,146,900 at 105 and int,
and thereafter at
of 1% per year lees for each succeeding
Common stock _
47.654,072 year to Dec. 311944.
Red. during 1945 at 100 and int. Northern Trust
-V. 121. p. 1570.
Co., Philadelphia, trustee. Int. payable A. & 0. without deduction for
Southern Canada Power Co. Ltd.-Bonds Sold.- present normal Federal income tax not exceeding 2% and Penna. personal
property tax not exceeding four mills. In addition certain taxes in Conn.,
Nesbitt, Thomson & Co., Ltd., Montreal and Dominion Mass.,
Maryland, District of Columbia will be refunded.
Securities Corp., Ltd. Toronto have sold at 97 and int.,
- Data from Letter of Pres. Henry Harris, Sept. 25.
yielding 5.20% $6,006,000 1st Mtge. 5% 30-Year bonds
Company.-Incorpomted in Penna. in 1904. Is now supplying electric
light and power service in East Pittsburgh. Turtle Creek, Chalfant, WilBones 'A."
Dated Oct. 1 1925: due Oct. 1 1955. Principal and int.(A. & 0.) payable merding, Wall, East McKeesport and North Versailles. Wilkins and Patton
at Canadian Bank of Commerce, Montreal, Toronto, Winnipeg.'Vancouver townships. Population estimated at approximately 40,000.
Company does the major portion of the domestic business, with one
and Halifax or at the Agency of the said Bank in N. Y. City, in the U. S.
Gold Coin, or in Sterling at its branch in London, Eng. at the fixed rate small exception, supplies the entire street lighting business in its territory
of $4.86 2-3 to the £ sterling, without deduction for present or future taxes and supplies certain of the smaller industrial power consumers. The large
of any nature imposed by any taxing authority in Canada save any income industrial companies are either served by their own plants or by the Dutax which may be imposed on any person residing in Canada in respect to quesne Light Co. The growth of the business during the past six years
the interest on the bonds. lied, all or part on any int. date on 60 days' Is indicated by the following figures:
notice at 102% and int. Denom. $1,000, $500 and $100 e*• Montreal
K. Ii'. H. Generated
K. W. H. Generated
No. of
No. of
Trust Co., Montreal, trustee.
(A. Purchased. Customers.
& Purchased. Customers.
1919
2581,444
3.541.169
Capitalization (As Approved By Stockholders, Sept. 25 1925).
3,605 1922
5,135
1920
2 983,345
5.451.054
4,209 1923
5,935
Issued.
Authorized.
1921
4,495 1924
3,116,897
6 497,661
6,454
1st Mtge. 30-year bonds (this issue)
$6,000.000
450.000.000
In addition to the sub-station, transmission line and power plant now
6% Cumul. Participating Preferred stock__ 10.000.000
4,500,000
Common stock-shares of no par value_ _ _
.50,000 shs. being built, company owns a small gas engine driven generating plant
100,000 MIS.
x Balance may be issued as debenture stock and (or) bonds, in such located at Wilmerding, distribution and street lighting systems which cover
currencies and series, and may be payable in such places, mature at such the territory and all other necessary equipment. The gas-driven generating
dates, bear such rates of Interest, and carry such sinking fund provisions plant is used in connection with the street lighting systems and will be
and redemption prices as the directors may determine at the time of issue: continued for the present in connection with the new plant. Company's
Of the unissued -bonds $5,000.000 can be issued for the cost of-and the distribution system which totals approximately 125 pole miles is substantialW
balance for 75% of the cost of-extensions and additions to property and constructed and is well maintained.
plant of the company provided in all cases that the annual net earnings are
CapitalizationAuthorized. Outstanding.
equivalent to 1% times the interest requirements of the bonds outstanding let Mtge. Gold bonds, Series A (this Issue)$500,000
and those to be issued.
Preferred stock, 7% cumulative (par $50)
$6001.000
6350,000
Company.-Owns and controls, under leases from the Province of Quebec, Common stock (par $100)
400,000
c217.000
which have 62 years to run, water powers on the St. Francis River, with a
a Additional bonds may be Issued only subject to the restrictions
of the
capacity of 160,000 b.p., of which 54,000 h.p. Is developed and 106.000 n.p. mortgage. Is $245,000 now outstanding, sold under partial payment
undeveloped. It also owns 350 miles of high tension transmission lines and plan, $105,000 par value additional being offered in territory served for
325 miles of low tension distribution lines by which its service is carried to subscription at par. c Dividends on the Common stock at the time outapproximately 18,000 customers. Owing to the distribution of load, the standing have been paid without interruption for over 19 years.
company operates under a very favorable load factor.
Valuation.-The reproduction cost new, ass acrued depreciation as of
The diversity of the company's business Is shown by the fact that it has June 30 1925, as reported by Day St Zimmermann,Inc., plus the
over 600 users of power for industrial purposes, and about 17.000 customers cost of additions about to be made, will give a total value of the estimated
property
for the prupose of lighting, heating, &c. No large proportion of the
secured
company's earnings is derived from any single industrial load.
0
11
of aPPmzimatelY
0c
0hotrh2351°t!ginset theseg
r2n50v1
value Off=
e
The power plants, transmission lines, distributing system, &c., of the
Company has been purchasing the major portion of its current from
conlpany have been conservatively valued at over $15,000,000. without the Duquesne Light Co. In anticipation of the expiration of the contract
placing any value whatever on the power rights, concessions and franchises therefor, the company is proceeding with the construction of its own
owned by the company.
generating station. This station will be built on the Monongahela River
In addition to the above assets, which the company owns outright, it at Braddock.Pa.,under the direction of the Day & Zimmermann Engineering
controls, through ownership of the Common stock, the Sherbrooke sty. & & Construction Co. A sub-station and approximately 4% miles
of highPower Co.
tension transmission line connecting the new power plant
the subCompany serves 70 communities in that part of the Province of Quebec station will be built by the company. The total expenditurewith
involved will
which is situated between the St. Lawrence River and the International be approximately 6760.000. The new power plant will have
an initial
Boundary. This district comprises 5,000 square miles and has a population installation of two 2,500 k. w. turbo-generators, with
boilers
of over 400.000. It is one of the most progressive and stable industrial and auxiliary equipment and will be thoroughly modernnecessary
in all respects.
centers in Canada. and labor conditions are unsurpassed. This district has The proceeds from the sale of the present issue of bonds will provide
in part
excellent transportation facilities, being served by ten railroad lines.
for the foregoing construction.
SecaritY.-Flzst mortgage on fixed assets, and a floating charge on other
Sinking de. Improvement Fund.-A sinking and improvement fund will
assets of the company.
be established providing for payments to the trustee of the following
perPurpose.-Company has $4.537,500 of 1st mtge. bonds outstanding under centages of the amount of Series A bonds issued thereunder:
a mortgage authorizing a total issue of $5.000.000. In view of the rapid annum for the years 1927 to 1930 incl.; 114% per annum for I% per
development of industry in the territory served, and the necessity for further 1931 to 1935 incl.. and 2% per annum 1936 to 1935 incl., such the years
financing in years to come, it was considered advisable to retire the old be used for the retirement of Series A bonds issued thereunder amounts to
or to reimmortgage and place the company in position to make further extensions. burse the company for additions, extensions, betterments,
This issue of $6.000.000 of new bonds will retire the old bonds and finance or acquisitions on account of which the company would improvements
otherwise
be
the additions now being made.
entitled to the authentication of bonds under the
Company
Customer Ownership.-Company has always endeavored to promote and will have the right to surrender bonds issued undermortgage.
its first mortgage in
maintain cordial relations with the public it serves, and is gratified by the lieu of such cash payments.
confidence bestowed in it by Be customers, of whom about 25% (nearly
Equity & Distribution of Preferred Stock -Company has outstanding
5.000) have become shareholders: over 9057 of the company's employees and sold under a partial payment plan $245,000 Preferred
stock. This
are also shareholders. The high opinion of the company's 6% Preferred stock has been purchased by 1.161 individuals of which 1,022 are
customers.
stock is evidenced by the present market quotation. The annual customer In addition to the Preferred stock already sold and in
connection with the
ownership campaign will be put on in Oct. next, when a further block of present construction program. approximately $105,000
Preferred
stock
Preferred stock will be offered at par.
in expected to be sold.
Maintenance & Sinking Fund.-Deed of Trust provides that company
shall annually set aside a sum corral to 15% of Its total gross revenue, to be Earnings-Calendar Years 1923, 1924 and the Five Months to May 311925.
-Calendar Years- 5 Mos.End.
known as "maintenance and sinking fund.' Of this amount, company
1923.
1924.
may annually expend on items properly chargeable to maintenance and
May 31 '25.
$236,323
renewals, an amount equal to 7%% of its total gross revenue. The balance Net revenues from sale of current_ - _
$257.965
$121.816
may annually be expended by the company on permanent additians: any Oper. exp. incl. maint., taxes other
than Fed, taxes. empl. bonus, &c__
172,632
amount not so utilized shall annually be used by the trustee for the retire1d5,145
81,011
Int.
issue
present
of
requirement
on
ment of bonds as outlined in the Trust Deed.
1st Mtge. bonds
30.000
Earnings.-Not earnings after repairs, replacements and taxes, available
30.000
12,500
for bond interest, depreciation and income tax for years ending Sept. 30:
Balance
$33.691
1921.
1922.
. 1923.
632,820
x1925
1924.
$28,305
$326.151
$412,625
6635,397
$700,000
$484.277
United Traction Co. of Pittsburgh.-7'o Acquire
x Eleven months actual. Sept. estimated.-V. 121. p. 1349.
bonds issuedgr
Southern Cities Utilities Co.-To Increase Div. Rate Properties.The stockholders will vote Oct. 8 on approving agreements
and Declare Extra Div. of 25c. on Common Stock.company and North End Passenger Ry.. Turtle Creek Valley between the
Electric Ry..
OCT. 3 19254
THE CHRONICLE
1681
and Pittsburgh Glenwood & Homestead Passenger Street Ry., providing was made,compared with quarterly dividends of $1 from Feb. 1921 to Feb.
for the sale to and acquisition by the United Traction Co.of all the corporate 1925, incl.-V. 120, p. 2150.
powers, franchises, property rights and credits, and all the corporate property. real, personal and mixed, possessed, owned, held, exercised and
American Hardware Corp.-Extra Dividend of 3%.
enjoyed by the street railway companies, and in accord with which the
An extra dividend of 3% (75 cents per share) was paid Oct. 1 in addition
corporate existence of the street railway companies shall terminate.-V.114. to the regular quarterly dividend of 3%. Extras of 4% each were paid
n• 1892.
on May 15 and July 1 last.-V.121. 9. 78.
Washington Ry. & Electric Co.-Control.See North American Co. in last week's "Chronicle" page 1569.-V. 121,
p. 709.
Waterbury (Conn.) Gas Light Co.-Acquisition.The Connecticut P. U. Commission on Sept. 24 approved the sale to
the above company of the rights and franchises of the gas business of the
Connecticut R. & Lighting Co. in Naugatuck., Conn., for $219,000.
The change will not affect the consumers, as the Waterbury company has
been supplying the gas to Naugatuck for several years with the Connecticut
Light & Power Co., lessees, as distributors.-V. 121, p. 709, 332.
Western Power Corp.-Consummation of Plan Assured.-
See North American Co. above.-V. 121, p. 1464, 1349.
American Railway Express Co.-Earnings.Sic Months Ended June 30Average miles operated
Revenue from transportation
Other revenue and income (net)
1924.
1925.
258.236
264,759
$138,792,058 $140,865,308
2,318,401
2.114,677
Total revenues and income
Express privileges-payments to carriers
Operating expenses
Uncollectible revenues
Express taxes
$140,906.735 $143,183,710
65,663,241
66.230.867
75,330.152
72,592,189
23,238
15,727
1.037,880
1,028,400
Net income
78.
$1.030.072
$1,138.680
Worcester (Mass.) Gv Light Co.-Extra Div. Paid.-
American Wholesale Corp. (Balt.).-Sales.The company on Oct. 1 patff an extra dividend of 25 cents per share in
Month of1925-Aug.-1924.
1925.-July-1924.
addition to the usual quarterly dividend of 50 cents.
$3,202.241
83.404.965
$3,129,921
$3,733.265
The company has applied to the Massachusetts Department of Public Sales
Utilities for authority to issue $1,400.000 5% Mortgage bonds to 'provide -V. 120, p. 448.
for the calling for payment of $11200,000 53 % bonds and $200,000
Andes Copper Mining Co.-Registrar.6% bonds.-V.120. p. 3067.
The Guaranty Trust Co. of New York has been appointed Registrar for
3,600,000 shares of capital stock of no par value.-V. 120. p. 1588.
INDUSTRIAL AND MISCELLANEOUS.
Appleton Co., Boston.-Seeks Southern Mill.-
Refined Sugar Prices.-On Sept. 29 the following companies eacli reduced
price 10 points to 5.35c. per pound: American, Atkins McCahan,..ational,
Revere and Warner. On the same date Federal declined 5 points to 5.20c.
per pound. On Sept. 30 Arbuckle declined 10 points to 5.20c. per pound.
On Oct. 1 the following companies declined 10 points to 5.25c. per pound:
American, Atkins, McCahan, National, Revere and
arner. Federal
reduced price 10 points to 5.10c. per pound. On Oct. 2 Arbuckle reduced
price 10 points to 5.10c. per pound..
American Radiator Co. Advanced Prices 5% on All Classes of Radiators."Wall Street Journal." Sept. 28 p. 1.
Ward Baking Co. Reduces Wholesale Price of Bread.-About 20% reduction
to dealers was rondo effective Oct. 1, bringing retail price of larger loaf
down from 15c. to 1234c. and of small loaf from 10c. to f46c. "New York
Evening Post" Oct. 1, p. 1.
Stoinehart Tire ,t Rubber Co. Increased Prices 10%.-Akron firm advances
tire prices because of high cost of crude rubber. "Wall Street Journal"
Oct. 2.
Mailers Covered in "Chronicle" Sept. 26.-(a) New capital flotations in
August and for the eight months to .Aug. 31. p. 1508, 1513. (b) Opening
by American Woolen Co. of won.en s wear department for spring of 1926
with lower price scales, p. 1518. (c) Wage cuts in Jersey mills-6,200
employees affected by reduction in Botany plants, p. 1518. (d) No general
wage reduction in shoe trade In Haverhill, Mass.-Chairman of Haverhill
Shoe Board denies request of manufacturers, p. 1518. (e) A. C. Bedford,
Chairman of Standard Oil Co. of New Jersey. dies suddenly. p. 1528.
(f) Federal Trade Conunission's report on grain futures-cash wheat prices
most stable. p. 1528.
Albers Brothers Milling Co.-Earnings.-
Statement of Income for Year Ended June 30 1925.
Operating profit •
$705,120
Interest paid to banks, $81,453; int. on bonds. $121,865; total- - - 203,318
Depreciation on buildings equipment
174,160
Net profit for year
Previoussurplus
$327,642
92.524
An offer has been made by the company for the purchase of Brogon
Mills of Anderson. So. Caro. The offer has been approved by directors
of Brogon Mills; the stockholders will act on the proposal Oct. 13. This
definite offer comes after three years of efforts by Appleton Co. to find a
southern plant whim might be advantageously acquired.-V.120. p. 3068.
Armour Grain Co.-Changes in Personnel.John Kellogg, Vice-Pres., has been elected President of the company,
succeeding George E. Marcy. who has been elected Chairman. George E.
Saunders has been made a Vice-President.-V.119„ p. 459.
Bath (Me.) Ironworks, Ltd.-Sale.The property of this company, builders of many naval craft, merchantmen and yachts, was sold at auction Sept. 24 by the receivers, subject to
group
aourt. oriteallpah 0. Iglei;icriecper
valyb
res
. enit
a i'
iiiTti31 is
cthm
eaC
am,
wast:
r
ew
lU al ITI1o1
ie
the plant and $25,000 for the merchandise and supplies. It is stated that
the purchasers plan to tbrm a corporation under the Maine laws and continue the plant for the manufacture of engines and pumps.-V.121.P. 1465.
T
11
Briggs Mfg. Co., Detroit.-Dividend Decreased.- '
The directors have declared a quarterly dividend of 3754c, a share,
Payable Oct. 26 to holders of record Oct. 10. In the past 3 quarters dividends of 8734 cents each were paid.
President Walter 0. Briggs says: "Due to changes in models of our
principal customers our volume of business decreased tern''ratty so that
the earnings for the third quarter, while in excess of $1,100,000 did not
justify payment of a larger dividend at this time. Our volume is again
approaching normal and I look for better conditions in the last quarter of
the year."
It is also announced that "After expenditures of over 85.000.000 for addi-
tional plant facilities the company shows current assets of $16.618.000
against current liabilities of 85,371,000. Its surplus is in excess or 915,900,000."-V. 121. p. 843.
Brown Shoe Co., Inc., St. Louis.-Billings.-
BillingsTotal surplus
8420,166 Month of September
Dividends paid on Preferred stock
Month
of August
157,861
Depr. on bligs. & equip, for period May 1 1923 to June 30 1924_ _ 169.362
Total for 2 months
Surplus June 30 1925
$92,942 -V.120. 13. 2819.
The balance sheet as of June 30 1925 was published In V. 121, D. 1350.
Buena Vista Hotel
1925.
1924.
33,541.000 $3,108,000
3,373,000
2,867,000
Increase.
$433,000
506,000
$6.914.000 $5.975.000
$939,000
Co., Biloxi, Miss.-Bonds Offered.Watson,
Mississippi Bond & Mortgage Co., Gulfport,
Miss.,
84 Savings
Williams & Co., and Canal-Commercial Trust
.Bank, New Orleans, are offering at 100 and interest $625,000
Alms 8c Doepke (Dept. Store), Cincinnati.-Dividends First (Closed) Mortgage 6% Serial Gold bonds.
0
%
Dated Oct. 1 1925: due serially, Oct. 1 1927-1942. Denom. $1.000
Algoma Steel Corporation.-Tenders.-
The U. S. Mortgage & Trust Co. until Oct. 2 received bids for the sale
to it of First & Refunding 5% bonds due 1962, to an amount sufficient to
exhaust $54,000.-V. 121. p• 1097.
The regular dividend of 13,1 on the Preferred stock has been declared
Rayable Oct. 1. In addition a dividend of 5% has been declared on the
llsommon stock.-x. 118. p. 87.
and $500. Principal and int. (A. & 0.) payable at First National Bank.
Biloxi, trustee, or at Canal-Commercial 'trust & Savings Bank, New
Orleans, without deduction for normal Federal income tax up to 2%.
Aluminum Co.of America.-$15,000,000 Damage Suit.- Red. all or part on any int. date on 60 days' notice at 102. Free from
George D. Haskell, Springfield, President of the Bausch Machine Tool ad valorem and personal property taxes in Mississippi.
Security.-Direct obligation of the company and secured by a closed
Co. Sept. 30 entered a 815.000.000 suit in the Federal Court at Boston
against the Aluminum Co. of America and its officers and directors. and first mortgage on the entire property, including land, buildings, furniture,
James B. Duke, for an alleged conspiracy in restraint of trade and the equipment, &c., now owned and all additions thereto, valued at $863,884.
as follows:
maintenance of a monopoly.
8563.884
The bill alleged that Mr. Haskell used large quantities of aluminum in his Present hotel buildings, land and equipment
business and has always experienced great difficulty in getting a proper New addition to hotel, containing 100 rooms, each with private
bath, absolutely fireproof, furniture and equipment
300.000
supply of it because of the existence of a monopoly in the manufacture and
Property.-Property has a beach frontage of 250 ft. by an average depth
sale of the metal. The defendant company, the bill further avers, sells
crude and semi-finished aluminum and has acquired and now owns and of 700 ft. and is within convenient walking distance of the business centre.
controls all of the deposits of the ore from which aluminum is made in Automobile bus operates between hotel and golf course for the convenience
of guests. A 200-ft. wharf and bathing pier extends from the beach to
America and owns or controls large foreign deposits.
Prior to 1924, the plaintiff says, he made a thorough investigation of the deep water, affording ample yachting and bathing facilities.
Upon completion of new addition this hotel will comprise 220 guest
ore deposits in America and elsewhere and a survey of the possibility of
entering the aluminum business. The outlook promised a great profit. rooms, each with private bath. In addition, it is equipped with ballroom,
The plaintiff's idea was to use a water-power development on the Saguenay lounge, Turkish baths, drug store, barber shop. beauty'parlor. brokers
office, &c., and all modern conveniences and facilities.
River, Quebec, belonging to James B. Duke of Somerville, N. J.
Capitalization.-Upon completion of this financing these bonds will
An agreement was reached between Duke and Haskell. whereby they were
to undertake the enterprise jointly. Duke to furnish the waterpower
constitute the company's sole funded debt. They are followed by an
and
aid in financing the project. In connection with this scheme Duke caused authorized issue of $350.000 capital stock of which $300,000 is full paid
to be created the Quebec Aluminum Co., Ltd., with a capital of 31.000.000. and outstanding.
Earnings.-Seven months' operation of present properties shows a net
The other defendants learned of Haskell's enterprise and, it is alleged,
entered into a conspiracy to defeat it. Thereupon, It is alleged, the de- profit of $56,000. Upon completion of new addition, which will practically
fendant company, its officers, Duke and a defendant named Alien, entered double capacity, with very small added overhead expense, it is estimated
into a conspiracy to monopolize the trade and commerce in aluminum, that company should annual earnings of at least $125,900. which is over
Duke to repudiate his agreement with Haskell and joint the defendants in 23i times the maximum annual interest and sinking fund requirements
their conspiracy. To-day, as a result. it is alleged, the defendant
company on these bonds.
almost a co
complete monopoly in the sale and manufacture of aluminum.
(Edward G.) Budd Manufacturing Co.-Pref. Stock
121. p. 1671. 1350.
62±71
Offered.-Lee, Higginson & Co. and Brown Brothers & Co.
American Agricultural Chemical Co.-New Officers.- are
offering at 9834 and div., to yield over 7.10%,$2,500,000
7% Cum. Pref. (a. & d.) stock, Series of 1925. Authorized,
820,000,000; outstanding (incl. this issue), $5,344,700.
American Brown Boveri Electric Cori -Stock Offering.
Dividends payable Q.-F. Callable as a whole, or in part for sinking
A
E. S. Hammersen, Comptroller, has also been elected vice-president;
and A. W. °miler as treasurer, which office had been vacant.
-V. 121.
p. 1571.
syndicateheaded by Pynction & Co., it is ex
will offer next
260,000 shares of Participating stock at $50 a share. t is understoodweek
that
dividends of$3 annually will be paid on the stork. Foginesrs and appraisers
estimate the sound value less accrued depreciation of the properties of the
corporation. Including working capital and cash to be provided, after deduction of all liabilities and prior obligations, Is approximately $77 a
of
Participating stock. Quick assets are said to be $11 790 366 and share
ratio of
current assets to current liabilities exceeds 12 to 1.
The capital upon completion of tho present financing will be as follows:
$5 359 600 outstanding 30-year First Mtge. 5% Sinking Fund gold bonds
due 1946 (authorized $25 000,000): 83,000.000 7% Cumul, Pref. stock
(authorized. $10,000,000); 285,000 shares of Participating stock, of no par
value (authorized, 1,000,000 shares): and 300,000 shares of no par value
Founders stock.
The purpose of the Issue is to acquire New York Shipbuilding Corp.,
together with property and business of Conduit Electric Mfg. Co. of
Heston. and Scintilla ?Magneto Co., and to provide additional working
capital.
American Coal Co. of Allegheny County.-Dtiv. o $1
The directors have declared a dividend of $1 per share, payable nov. 1
to holders of record Oct. 10. On May 1, a distribution of 50 cents per share
fund, upon 30 days notice at 110 and diva. Exempt from present Penna.
4 ndlls personal property tax. Dividends exempt from present normal
Federal income tax. Registrars: New York Trust 0o., New York, and
Philadelphia National Bank, Philadelphia. Transfer agents, Mechanics &
Metals National Bank. New York, and Girard Trust Co., Philadelphia.
Capitalization and Surplus (Upon Completion of Present Financing).
First Mtge. Serial 6% gold bonds,due Aug. 11926-1932 (closed)-$1.045,000
6% Sinking Fund Cony. gold bonds, due Feb. 1 1938
3,350,000
7% Cumulative Preferred stock. Series of 1923
a2,844,700
Series of 1925 (this issue)
do
do
a2,500,000
Common stock
2,455,600
Surplus (excluding patents and other intangible assets)
2.880,107
Company also has outstanding two real estate mortgages, $325,000 at
5% and $300,000 at 6%. both due in 1927.
a Pref. stock of the Series of 1923 and Prof. stock of the Series of 1925 are
identical in rights, privileges and terms, except that sinking fund paymente
are applied to each series in the proportion which its total issued amount
bears to the combined total issued amount of all series.
Data from Letter of Edward G. Budd,President of the Company.
Company.-Incorp. in Pennsylvania in 1912. Largest manufacturer of
all-steel automobile bodies in world lianas capacity of 1.000.000 bodies a
1682
THE CHRONICLE
year. Plants, at Philadelphia, occupy buildings having 1,250,000 sq. ft.
of floor space, on 12 acres of land, well located on lines of Pennsylvania and
Philadelphia dr Reading railroads. In addition to manufacture of bodies,
company is also engaged in manufacture and sale of diversified steel products
in automobile industry, including fenders, running boards, hoods, doors,
SMB and variety of metal stampings. Company is also largest Common
stockholders in Budd Wheel Co.. which, with exclusive rights in this country, manufactures and sells Budd-Michelin disc wheels. Company has
more than 5.700 employees. Customers include practically all the leading
automobile manufacturers in the United States. Sales in 1924 in excess
of $24.000,000.
Sinking Fund.-Sinking fund, payable semi-annually out of net earnings
or surplus, at annual rate equal to 10% of preceding fiscal year's net profits
(after deducting depreciation charges, interest, bond sinking fund, all taxes
and preferred dividends) or 3% of total Preferred stock theretofore issued.
whichever is greater.
Purpose.-Proceeds will provide funds for the purchase of additional
equipment and will provide additional working capital for rapidly increasing
business, particularly in the manufacture of closed bodies.
Sales and Net Earnings (Available for Dividends) Years Ended Dec. 31.
Sales.
Net Earns.
Net Earns.
Sales.
1916
$5.125,936
$332,032
$982,701 1921
$9,873.275
1917
8.829.915
670,127 1922
1.299,974
15,019.317
1918
15,280,540
1.825,335
29,849.379
747,533 1923
1919
18,150.808
1.423,371
1,174,353 1924
24,396,044
1920
21,438.407
1.617,031
Total net earnings, nine years
$10,072,457
Average per year, nine Years
1.119,162
Average per year, six years
1,278,682
Annual div. requirement on Pref. stock now to be outstanding_
374,129
Balance Sheet Aug.31 1925[Giving Effect to the Issuance and Sale of62,500,000
Additional Preferred Stock].
AssetsLiabilitiesPlant, mach'y & equip.,
1st Mtge. Serial Os
$1.045,000
less depreciation
$7,416.210 6% Sink. Fd. Cony. bds- 3,350.000
Investrbents
1,517,919 Purchase money mtges.on
Cash
625,000
real estate
2,281,563
Accounts receivable
5,344.700
1.571.097 Preferred stock
Notes reel° & acceptances
2,455,600
10,940 Common stock
Inventories
1,005,856
3,909,845 Accounts payable
Prepaid items
54,102
136,633 Accrued int. & local taxes..
Pat Is, disc., prem., &c
83,842
792,186 Reserve for Federal tax__
3,672,293
Surplus
Total
$17,636,393
$17,636.393
Total
Directors.-Edward G. Budd (Pres.), Hugh L. Adams (V.-Pres.),
William B. Read (Sec. & Treas.), O. C. Schoenwerk (Works mgr.), Frederick W. Allen, H. E. Bodman, J. Crosby Brown, B.'W. Frazier and H. R.
McIlvaine.-Y. 121, p. 1572.
Burroughs Adding Machine Co.-Earnings.
Consolidated Income Account for Stated Periods.
6 Mos.End. Cal. Year
1924.
June 30'25.
Gross profit on sales of machines, service, Parts,
accessories, supplies, &c
$5,321,983 $10,411,587
Other income
649,564
351.749
Total
Sales, general and miscellaneous expenses
Provision for U. S. Federal income taxes
$5,673,732 $11,061,151
2,984,361
5,959,133
382.000
577,000
Net profit for period
Previous surplus
$2.307,371 $4,525,018
7.506,966
9,529,431
Total
$11,836.803 $12,031,984
Value of total investments in foreign subs,due to
fluctuations in rates of exchange
Dr.4,552 Cr.101.663
Premium paid on treasury stock
1.652
64,817
Dividends paid in cash
2.602,564
1,356,903
Profit and loss, surplus
$10,410,530 $9,529.432
The net profits of $2,307,370 is equivalent, after deducting Prof. stock
dividends, to 53 08 a share on 600.000 no par Common shares outstanding.
At the indicated annual earning rate of 56 16 a share this report compares
with net earnings of $5 87 a share for the full year 1924 and $5 65 a share
for the year 1923.
Consolidated Balance Sheet.
June 30'25.Dec.31 '24.
June 30'25. Dec.31 '24.
AssetsLiabilities$
$
Plant, equip., Ore.:4,527,653 4,550,320 Capital stock_ __48,012,000 29,325,800
Good-will
2,024,001 2.024,001 Accounts payable.. 629,993
507.077
Pats.& develop.wk. 3,099,212 3,099,212 Wages&comm.pay.1,010.167
838,935
Cash
713,503
3,837,619 5,063,471 Prov. for inc. taxes 767,518
Govt.securities 14,093,636 10,070,974 Repairs to mach.
Municipal securit-'s
276,947
130,000
under guaranty_ 292,039
Notes de accts. rec.y4,828,534 5,078,545 Workmen's comp_ 188,354
172,893
Inventories
822,447
8,974,300 10,918,864 Deferred credits__ 903,794
Miscell. investm'ts 112,081
500,000
113,262 Res, for canting_ 650,975
Deferred charges_ 1,268,335 1,638,387 Surplus
10,410,530 9,529,432
Total
42,765,371 42,687,035
42.765,371 42,687,035
Total
x After deducting 55,399 54 reserve for depreciation. y After deducting
reserves of $838,457. z Represented by 513,012,000 7% Cumul. Pref.
stock (par $100) and 600,000 shares of no par Common stock valued at
$25 per share for the purpose of payment of dividends thereon.
President Standish Backus, in commenting on the situation. said:
"Business during the third quarter has been satisfactory and there is
every indication that business will be good for the balance of the year.
-V. 120. p. 2015.
By-Products Coke Corp.-Bonds Called.All of the outstanding 1st & Ref. Mtge. Gold bonds dated May 1 1921
have been called for payment Nov. 1 at 107% and int. at the Continental
& Commercial Trust & Savings Bank, trustee. Chicago, Ill., or at the First
National Bank, N. Y. City.-V. 120, P. 1463•
Canadian Locomotive Co, Ltd.-Bal. Sheet June 30.- Assets1924. •
1925.
1925.
1924.
Plant, Arc
$3,763,325 $3,692,094 Preferred shares_S1,500,000 $1,500.000
Good-will
1,000.000 1,000,000 Ordinary shares_ 2,000,000 2,000.000
Sink, fund invest_ 2201,459
175,288 1st Mtge. bonds- 1,500,000 1,500,000
Investments
45,000
45,000
1,291.368 1,289,677 Intsccr.(pd...Ply2)
Work in process....
235,000
775,000
14,057
850,492 Bank loans
Mans Jr supplies. 101,425
811,774
76,489
143,403 Acc'ts pay., Jrc .
Trade drmisc.acc'ts
26,250
26,250
Pref. dirs. July_ _
rec., less reserve 267,834
20,000
(pd ..I'ly2)
728,870 Com
Cash
100,000
17,795
32,655 Deprec. reserve.
Derd chgs. to oper. 25,162
175,288
20,981 Sink.fund reserve_ 201.459
Profit and loss_ _ __ 998,227 1,080.148
Total
$6,682,425 17,933,461
56.682,425 $7,933,481
Total
a Includes $190,200 company's let Mtge. bonds at cost, $180.649: cash
In hands of trustees, including July 1925 coupons and cash Payable to trustees on or before July 1 1925, $20,809.
The usual comparative income account was given in V. 121. p. 1351.
[VOL 121.
135 ft. on 70th St. The building covers the entire lot, excepting the 33-ft.
parkway and the front and rear courts. 63 apartments are comprised in the
Castle Courts-24 of 4 rooms, 21 of 3 rooms including a bedroom, and 18
of 3 rooms without a bedroom.
Income.-Estimated income of this property 3 times the largest annual
interest charge.
Central Steel Co.-Earnings.
-
six Months Ended June 301-1925.
1924.
Net income after int., taxes & deprec., but before
Federal taxes
$1.394,014 $2.015.607
-V. 120. p. 1590.
Certain-teed Products Corp.-Bonds Called.All of the outstanding 1st M.634% Serial Gold bonds have been called
for redemption Nov. 1 at 105 and int., at the office of S. W.Straus & Co.,
565 Fifth Ave., N. Y. City.
This issue, originally $8,000,000. was underwritten by S. W. Straus &
Co. Apr. 30 1923. It was reduced to $7,760,000 by the first semi-annual
serial payment of $240,000 May 1 1925.-V. 121. p. 1351.
Chandler Motor Car Co.-Balance Sheet June 30.1925.
Assets$
Land, bides., &c__ 3,560,567
Good-will
5,000,000
Acc'ta Jr notes rec_ 510,970
Cash
765,606
Advances
98,000
Cars and parts sold
for export
Misc,accountsand
notes receivable.
27,515
Inventories
1,985,986
Other assets
639,537
Deferred expenses..
19.144
1924.
$
3,353,247
5,000,000
237.990
792,278
1925.
1924.
Liabilities$
Capitalstock
x7,000.000 7,000.000
Notes payable_
600,000
Accounts payable.. 398,305
995,719
Dividends payable 210,000
420,000
313,227
Accrued taxes, &o- 123,109
67,682
Dealers'deposits__
127,347
44,144 Unpaid drafts disc.
27,367
Reserve for Federal
280,165
527,585
8,960
taxes, <fro
4,528,064 4,015,560
3,387,390 Surplus
1,161,812
40,983
Total
12,607.328 14.026,804
12,607,328 14,026,804
Total
z 280.000 shares, no par value.
The usual comparative income account for the 6 months ended June 30
was given in V. 121. p. 464.
Chile Copper Co.-Semi-Annual Report.-
The financial outcome of the Chile Copper Co. and Chile Exploration
Co., combined, based on copper sales, shows for the 6 months as follows:
Six Months Ended June 30-1923.
1924.
1925.
Total pounds sold
94,260,618 103,984,796 127,057.968
Total gross receipts
813,658,068 814,050.779 $19,770,937
Exp.,incl. deprec.,amort. disc. on 6%
Cony, bonds, due 1932, accrued
Fed,tax and accrued bond interest- 8.055.421
8,655,190 10,346,078
Surplus
$5,602,647 $5,395,588 $9,424,859
For the 6 months ending June 30 1925 there were treated 3,877,004
tons of ore averaging 1.575% copper.
The output for the 6 months was 110.180,113 pounds, or a monthly
average of 18,363,352 pounds.
The companies had at July 31 1925 511,377.600, representing cash on
hand and marketable securities, as against 513,918,700 on April 30 1925.
-V. 120, p. 2543.
City Mfg. Co. of New Bedford, Mass.-Acquisition.-
Negotiations are reported to have been completed for the purchase of
the old Eagle Mill at Taunton, Mass., by the City Mfg..Co. It is stated
that the product of the Taunton mill will be of a different type than that
manufactured by the company in New Bedford.-V. 120. p. 1463.
Colombia Syndicate, N. Y.-To Inc. Stock-Rights, &c.
The stockholders will vote Oct. 21 on increasing the authorized capital
stock from 2,000,000 shares of no par value to 3,000.000 shares, par Si.
The stockholders of record Oct. 23 will be given the right to subscribe
on or before Nov. 9 for 500.000 shares of the increased stock at par (51),
in the ratio of one new share for each four shares held. Subscriptions
will be payable in full in New York funds.
Pres. Franklin D. Mooney Oct. 1 says in substance:
On June 22 1925 new directors and officers of the company were elected.
The situation at that time and at present may be briefly summarized
as follows:
The principal assets of the company consist of 12 leases upon oil lands
in Colombia, the most important of which ,viz., the so-called Valenzuela
lease, is pledged to Atlantic Gulf & West Indies SS. Lines as security for
indebtedness of approximately $50.000 and interest. The company is
Indebted to various creditors in an aggregate amount exceeding 5200,000,
and has no cash on hand or other substantial assets excepting the oil leases.
It is subject to constant expense in making regular deposits under certain
of the leases and in carrying on development work to avoid a forfeiture
of the Valenzuela lease.
Therefore, to enable the company to carry on the development of its
properties, the following plan has been prepared: (1) To obtain from the
principal creditors of the company extensions of the maturities of its
Indebtedness for the period of two years; (2) to change the capital stock
from shares without par value to shares of the par value of $1 each, and
to increase the authorized number of shares from 2.000,000 to 3,000.000:
(3) to offer for subscription to stockholders 500.000 of these additional
shares, at the rate of $1 per share, and to sell any of such shares not subscribed for to underwriters.
Pursuant to this plan, the management has succeeded in obtaining from
all substantial creditors an extension for a period of two years, and has
executed a contract for the underwriting of the offer of 500,000 shares of
additional stock, at $1 per share, in which underwriting certain of the
directors are participating. As compensation for the underwriting, the
underwriters are to receive 50,000 shares of the additional stock. The
5500.000 of cash to be thus provided will be available for the aggressive
development of the company's properties.
The company no longer maintains a transfer agency in Pittsburgh, Pa.;
stock certificates are now transferable only at the office of the New York
Trust Co., New York, which is the sole transfer agent of the company.-V.120. p. 3319.
Commonwealth Apartments, Chicago.-Bonds Offered.
Butz St Co., Chicago, are offering at par and int.
$350,000 6M% 1st Mtge. Real Estate gold bonds.
-Lackner,
Dated Aug. 1 1925; due semi-annually Aug. 1 1927 to Aug. 1 1935.
Denom. $100, $500 and 51,000. Callable at 103. Int. payable F. & A.
Chicago Title & Trust Co., trustee.
Security.-Secured by a first mortgage on the land and building located
at 2322-28 Commonwealth Ave., Chicago. The lot. 80x222 ft., is now
being improved with 3-story and English basement apartment building of
reinforced concrete fireproof construction. There are to be 80 apartments
of 4, 3 and 2 rooms which will be served by automatic elevators. The
apartments are well arranged and will be appointed with the best grade of
interior finish and the latest type of design in fixtures.
Income.-The gross annual income is estimated to be about $85,000.
leaving a net income after operating expenses of over 2Si times the greatest
annual interest charge.
Continental Motors Corp.-Common Div.-Outlook.-
Castle Courts Apartments, Chicago.-Bonds Offered.If. 0. Stono & Co. Chicago, are offering at par and int.
$350,000 1st Mtge.'
6M% Real Estate Serial gold bonds.
The directors have declared the regular quarterly dividend of 20 cents
per share on the Common stock, payable Oct. 30 to holders of record
Oct. 15. With the payment of this dividend there will have been paid to
stockholders this year 81,408,676.
In discussing business conditions, President Ross W. Judson said: "Our
business has been very satisfactory during the past 6 months; in fact, much
better than we had anticipated. Our present customers are increasing their
regular schedules and we have completed negotiations with several new
customers who are quantity producers. We anticipate a healthy increase
in business for the next 6 months."-V. 121. P. 1465.
Dated Sept. 1 1925: due serially Sept. 1 1927-1935. Int. payable M.& S.
Red. at 103. Principal and int. payable at the offices of H. 0. Stone &
Co. Chicago Title & Trust Co., trustee. Denom. $1,000 and $550.
$250 and $100 c*. Mortgagor, Gideon W. Turnquist. Federal income
tax, not in excess of 4%, payable for the bondholders by the mortgagor.
Securtty.-A first mortgage on the land and 3-story and English basement
apartment building. The land fronts east 230 ft. on Jeffery Ave. and
Coronado Annex (Coronado Hotel Co.), St. Louis,
Mo.-Bonds Offered.-S. W. Straus & Co., Inc., are offering
at prices to yield from 6.10% to 6.30%, according to maturity, $1,050,000 1st Mtge. 63I% Serial coupon bonds,
safeguarded under the Straus plan.
Carnegie Coal Co.-Bonds at Auction.-
At the auction salesrooms of Adrian H. Muller & Sons, auctioneers,
Sept. 30. 51.250.000 Carnegie Coal Co. 1st Mtge. 6% S. F. Serial bonds
with Juno 15 1925 and subsequent coupons attached were sold at auction
for $275 for the lot.-V. 118. p. 1016.
OCT. 3 1925.]
THE CHRONICLE
Dated Aug. 15 1925; due serially Aug. 1929-1940. Interest payable
F. & A. Denom. $1,000, $500 and $100 c*. Bonds and coupons payable
at offices of S. W. Straus & Co. Callable at 102 and int. 2% Federal
income tax paid by borrower.
Security.-Under the terms of the mortgage, the bonds will constitute a
direct closed first mortgage on land in fee, approximately 90x128 ft., and
a modern fireproof 14-story kitchenette apartment building of reinforced
concrete fireproof construction forming an annex to the Coronado, a highly
successful residential hotel in one of the best locations in St. Louis. The
building will contain 122 kitchenette apartments of 1, 2 and 3 rooms each
With bath. The apartments will be furnished.
Earnings.-Net annual rental earnings are estimated at $136,000, which
is greatly in excess of the combined principal and interest requirements.
Borrotoing Corporation.-Bonds are the direct obligation of the Coronado
Hotel Co., which operates the Coronado Hotel and will operate this annex
and the present hotel as a unit. The President and controlling stockholder
of the Coronado Hotel Co. is P. J. Bradshaw.
Cuban-American Sugar Co.-Final Output.Final production of the company for 1924-25 was 2,103,324 bags of 325
lbs. each, compared with 1,853,202 bags in 1923-24, 1,847,746 bags in 192223. and with 2,256,736 bags in 1921-22.
Delicias, the largest mill of the company, was the last to finish grinding,
making 813.089 bags compared with 775,786 last year. Chaparra made
586,773 bags, compared with 508,240 bags. These two centrals failed to
reach estimates made earlier in the season, due to labor troubles which held
up operations for several weeks in the spring. Centrals Tinguaro, Unidad,
Mercedita and Constancia had a combined outturn of 703,462 bags, compared with 569.176 bags in 1923-24.-V. 121. p. 982.
Cuban Dominican Sugar Co.-Bonds Called.The company has called for redemption on Nov. 1 $114,000 of its 1st
Lien 20-Year S. F. 73.5% Gold bonds, dated Nov. 1 1924, at 110 and int.
Payment will be made at the National City Bank, 55 Wall Street N.Y.
City. out of sinking fund moneys set aside for the purpose.-V. 121. p. 204,
Cuneo Press, Inc.-Earnings.
The company reports net earnings for the six months ended June 30 1925
of $397,167 before Federal taxes.
Current assets of $1,709.481 compare with current liabilities of $565.644.
-V. 119. p. 2766.
Cuyamel Fruit Co.-Definitive Bonds Ready.Lehman Brothers announce that definitive 1st Mtge. 15-Year 6%
Sinking Fund Gold bonds are now ready for delivery at the Central Union
Trust Co., 80 Broadway, N. Y. City, in exchange for interim certificates
now outstanding. (See offering In V. 120. p. 1464.)-V. 121. p. 712, 591.
Cyclops Steel Co., Inc.-Bonds at Auction.At the auction salesrooms of Adrian H. Muller & Sons, auctioneers,
Sept. 24 $250,000 Cyclops Steel Co., Inc., 1st mtge. 8% gold bonds were
sold at $25,000 for the lot.-V.119, p. 816.
It Delaware Lackawanna & Western Coal Co.-Div., &c.
The directors have declared the regular quarterly dividend of 23i%
($1 25 per share) payable Oct. 15 to holders of record Oct. 1.
It is announced that a majority of the stock of the company has already
been exchanged for that of the Glen Alden Coal Co.-V. 121. p. 844.
Dubilier Condenser & Radio Corp.-Report.
Statement of Income for Year Ended June 30 1925.
Sales
$1.665,924
Operating & administrative expense, taxes, &c
1.317,033
Net operating profit
Less profit & loss adjustments
$348,891
95.701
Net profit for year
Depreciation, obsolescence, &c
Balance Sheet, June 30, 1925.
LiabiltliesAssetsLand, bldgs., mach. & eq- 4306,168 Capital stk. (no par, 304.Patents & patent rightsy1,268,158
150 shares)
$2,053,694
Cash
257.574 Accounts payable
53,798
Accts. & notes receivable63,096 Accr. Fed. tax & payroll_
62.105
97,500
Merchandise inventories..- 496.299 Real estate mortgage_
294,467 Surplus
Investments
427,525
Deferred charges
8,859
Total (each side)
$2,694,621
x After deducting $55,646 reserve for depreciation. y After deducting
$125.000 reserve for obsolescence.-V. 121, p. 1573.
Ducktown Sulphur Copper & Iron Co., Isabella,
Tenn.-Sale.-
1683
Falcon Steel Co.-Earnings.
The company reports for the year ended June 30 1925. gross business of
$4,285,000. and a net profit of $11,339. After payment of Preferred
dividends there was a deficit of $58.660. Total assets on June 30 1925.
were $3.030,549. current assets $720,394, current liabilities $487,784 and
surplus of $145,465.-V. 118, p. 3203.
Falls Motors Corp., Sheboygan Falls, Wis.-Sale.Jenkins Machine Co., Sheboygan, Wis., manufacturer of specialized
woodworking machinery for automobile body plants, furniture, casket
piano factories, &c., has bid in the entire property of the defunct Falls
Motor Corp.; plant contains 122.000 sq. ft. of space, with 13;4 acres of
land.-V. 119, p. 1848.
Federal Compress & Warehouse Co.-Bonds Offered.Harris, Forbes & Co. are offering at prices to yield from 5%
to 6% according to maturity $3,700,000 1st Mtge.6% Serial
Gold bonds.
Dated Oct. 1 1925: due annually 1926 to 1940. Red. on any int. date
upon 45 days' notice at 100 and int., plus a premium of M of 1% of the
principal amount for each year or part thereof of unexpired term, such
premium, however, not to exceed 5%. Int. payable J. & J. in Chicago,
Harris Trust & Savings
New York and Memphis. Denom. $1,000
c*. Company agrees to pay
Bank, Chicago. and M. H. MacLean, trustees.
interest without deduction for any normal Federal income tax not in excess
of 2%.
Data From Letter of R. L. Taylor, Memphis, Tenn., Sept. 29.
Company.-Is being formed as the result of the consolidation of 29
corporations engaged in a cotton compress and warehouse business in five
of the central and southern cotton states and will be the largest concern of
its kind in the country. This business has heretofore been controlled
through stock ownership in the constituent companies by Joseph Newburm
and R. L. Taylor, Memphis, Tenn. and their associates, who will also
control and operate the new corporation. The consolidation of these 29
companies is being effected in order to reduce overhead expenses, simplify
operation and provide ways and means of future financing.
Company will not own, buy or sell any of the cotton handled by it. but
will merely collect fees for its services of compressing and storing. These ,
charges are substantially uniform all over the cotton belt. The fees for
compressing are included as part of the freight tariff and are paid by the
railroads to the compress companies before cotton is moved from the
warehouses. The storage fees are paid by the shipper before he can deliver
his cotton to the railroads for shipment. Thus the business is conducted
on a strictly cash basis.
The physical property of the new company consists of 37 cotton compresses and warehouses of over 1,000,000 bales capacity. The largest plant
is located at Memphis. Tenn. with a capacity of 325.000 bales. This is
the South Memphis plant formerly operated by the Memphis Terminal
Corp. Its warehouses cover, with the receiving platforms and courts and
switch tracks, a total of 176 acres.
The company will do the largest part of the cotton compress and storage
business in Tennessee and Mississippi and a large part of the business in
Louisiana, Arkansas and Missouri. Approximately,one-fourth of the cotton
ginned in the United States comes from these five states. The most important communities in which plants are located are: Memphis, Dyersburg
and Jackson, Tenn.; New Orleans and Monroe. La.; Clardale, Cleveland,
Jackson. Greenwood and Grenada, Miss.; Little Rock, Pine Bluff and
Blytheville, Ark.. and Malden, Mo.
Purpose.-Proceeds will be used, in part to effect the consolidation, to
retire all outstanding bonds and notes payable of the constitutent companies, to provide additional working capital and to complete the new
plants at New Orleans and Pine Bluff.
Authorized. Outstanding.
Capitalization$10.000,000 $5,608,850
Common stock
1,850,000
5.000,000
Cumulative Prof. stock
3,700,000
5,000.000
First Mortgage 6% Serial (this issue)
Consolidated Earnings of the Properties for the Years Ended May 31.
Net Earns.
After
Balance for
Gross
Earnings.
Local Taxes. Depreciation. Bond Int.
Year$458,263
8689,359
$231,096
$2,444,554
1921
1,476,711
1,750.644
279.933
3,580.968
1922
702.237
2,783,212
990,872
288,635
1923
368,552
2,126,246
695.802
327,250
1924
790.552
2,950,181
1,149,237
358,685
925
759.263
Average for five years
222,000
Annual int, requirements on (this issue)
Security.-Secured by a direct first mortgage on all the physical property
now or hereafter owned. Additionally secured by direct pledge of all first
mortgage bonds and all stocks (except directors' qualifying sham.) of the
Malden Compress Co., Malden, Mo.
'T%
First Investment Co. of N. H.-Extra Dividend.-
The company on Oct. 1 paid an extra dividend of 60 cents per share on
The entire property will be offered for sale at auction, Oct. 16, by W.F.
the Class"AA"stock in addition to the regular dividend of $1 50 per share.
Lamoreaux and W. F. Russell, special masters at Isabella, Tenn.
-V.120, P. 834.
Eaton Axle & Spring Co.-Dividend of 50 Cents.-
The directors have declared a quarterly dividend of 50 cents per share
on the capital stock, no par value, payable Nov. 1 to holders of record
Oct. 15. Dividends were resumed on Aug. 1 by the payment of a dividend
of like amount.-V. 121, p. 1231, 1573.
Ebor Realty Corp.-Building Loan.
Howson, Wolfe & Co. have arranged for the corporation (Nathan Relater,
Pros.) a building loan of $600,000 secured by first mortgage on the 15-story
and pent house apartment on plot 100.11x100 in course of construction at
the southeast corner of 102d St. and Fifth Ave., N. Y. City.
Fisk Rubber Co.-Sales-Earnings.The company reports sales for August of$6,500,000 and net after depreciation, interest and taxes of $1,120,000. Sales for September are estimated
at $5,500.000 and net is expected to show about $800.000. The fiscal
year of the company ends on Oct. 31 and sales for the year are expected
to reach more than $70,000,000 with net earnings, after depredation,
interest and taxes, of over $8,000.000.-V. 121, p. 1106, 466.
Flat Iron Building (Battery Park Investment Co.),
Asheville, N. C.-Bonds Offered.-S. W. Straus & Co.,
Electric Railway Equipment Securities Corp.--Certifs. Inc., are offering at prices to yield from 5.90% to 6.15%,
All of the outstanding Equip. Trust Gold certifs., dated Feb. 1 1922.
Serial couhave been called for payment Nov. 1 at par and diva, at the Fidelity Trust according to maturity, $300,000 1st Mtge. 6%
Co_.. 325 Chestnut St., Philadelphia, Pa.
pon gold bonds.
The corporation has also elected to redeem on Nov. 1st 96 Equip. Trust
Dated May 20 1925: due serially May 4 1928 to May 4 1937. Interest
Gold certifs., due Feb. 1 1926 and May 11926, at par and diva. Payment Payable
M. & N. Denom. $1,000. $500 and $100 c*. Principal and
will be made at the Fidelity Trust Co., trustee.-V• 120, P. 458.
Interest payable at offices of S. W. Straus & Co., Inc. Callable at 104
and int. up to and incl. May 4 1929; at 103 and int. after May 4 1929,
Estey-Welte Corp. N. Y. City.-Dividend No. 2.up to and incl. May 4 1933: and at 102 and int. after May 4 1933 and
The directors have declared the regular quarterly dividend of 5(1c. a share and
before May 4 1937. 2% Federal income tax paid by the borrower. Ceron the Class "A" stock, no par value, payable Oct. 1 to holders of record taM
State tax refunds.
Sept. 26. An initial distribution of like amount was made on July 1 last.
Security.-This bond Issue is less than a 60% first mortgage on land and
-V • 121, P. 81.
8-story fireproof office and store building to be erected at the junction of
one of the most desirable business corners
Excelsior Shoe Co., Portsmouth, 0.-To Buy Pref. Stk. Battery Park Ave. and Wall St.,and
completed building are appraised at
The company will until Oct. 5 receive flat offers for the sale to it of 1,000 In Asheville. N. 0. The land
$500,000.
shares of the 1.450 shares of Prior Preferred stock now outstanding. The over
is owned and will be operated by Battery Park
property
Ownership
.-The
stock is to be taken up by payments out of the surplus fund.-V.117,e.330. Investment
Co.
Guaranty.-Bonds are guaranteed by endorsement, both as to principal
Fageol Motors Co., Oakland, Calif.-Earnings Eight and
interest, by Lynwood B. Jackson and Charles N. Malone, controlling
Months Ended Aug. 31 1925.
stockholders of the borrowing corporation.
Earnings.-Net annual rental earnings, after deducting taxes, insurance
Net inc. after deducting exp. of mfg. (incl. deprec.), selling,
operating costs, are estimated at $44,400, more than 2X times the
administrative and local taxes
$350.772 and
greatest annual interest charge and much more than principal and interest
Provision for Federal income tax
44.000 requirements
taken together.
Net surplus
$306.772
Fall River.-Capital Stock Reduced.Mills,
Flint
Previous surplus
201,018
The stockholders on Sept. 28 approved the proposal to reduce the out$1,740,000 to $1,160,000 by the retirement of
Total surplus
$507,790 standing capital stock from share).
-V. 121, p. 1466.
Preferred dividends paid and declared
58,254 5.800 shares at par ($100 a
Surplus Sept. 1 1925
Co.,
Ltd.-Acquisition of KaminisPaper
$449,536
Fort William
Comparative Balance Sheet.
Approved by Stockholders of Latter-New
tiguia
Co.
Power
AssetsAug. 3125 Dee.31'24
LiabilitiesAug. 31'25 Dec.31 '24
Real estate, plant
$839,200 $831,220 Financing
Preferred stock..
Fe equipment__ $321,243 $221,154 Common stock..__ 1,999,080
See Eaministiquia Power Co., Ltd., under "Public Utilities" above.
Investments
Current liabilities_ 1,019,814
12,000
417,363 V. 121, P. 1466.
Current assets_ -__ 2,211,202 1,368,160 Deferred liabilities
35,462
13,292
Prepaid expenses_
Fox River Paper Co., Appleton, Wis.-Bonds Paid.15,153
15,652 Reserves(Including
TJnamort. cap.stk.
215,586
taxes)
There were called for redemption on Oct. 1 at 10334 and int. $75,000
130,072
discounts
449,536
Surplus
let
1,999,080
201,018
Mtge. 7% S. F. Gold bonds, due Oct. 1 1931. Payment is being made
at the First Trust Co. of Appleton, Wis., and at the First National Bank
Total
Total
$4,558,878 $1.592,985
$4,558,878 21,692,965 of Chicago, in.-v. 113. P. 1579•
1684
THE CHROMCLE
(Charles) Freshman Co., Inc.-Suspends Dividend.-
President Freshman In a letter to the stockholders states that at a
directors'me4ngonSep. 18. It was voted that the dividend be suspended,
as it was for he best Tnterests of the stockholders that the surplus be used
as aditiorlal wprking capital. In each of the previous two quarters, regular
Oahu ements of 50c. a share were made on the stock. An extra dividend
at 12 cents per share was also paid on Feb. 25 last.-V.121, p. 713.
Gary Motor Truck Co.-Must Pay Creditors' Claims.
-
vol, 121.
reduced to a point where its immediate funds were insufficient to meet
maturing obligations. On that ground application for a receiver was based.
See also V. 121, p. 1353.
Hudson Builders Corp.-Mortgages.-
Howson, Wolfe & Co. have arranged with the Union Dime Savings Bank,
a loan of $450,000. at 54% for 5 years, on the bond of the above corporation. secured by first mortgages of $225,000 each, on the two, five story
and basement apartment houses on plot 150 x 150 each, at W.S. Vermnyea
Avenue, 100 ft. South of 207th Street.
A Gs,,ry, Ind.. dispatch Sept. 28 says that as a result of the finding of
Harry Sheridan, referee in bankruptcy in the Federal District Court at
Industrial Office Building, Newark, N. J.-Bonds
Hammond,200 or more stockholders of the bankrupt Gary Motor Truck Co.'
which went Into hands of receivers more than 5 years ago, may be forced Sold.-Edmund Seymour & Co. announce the sale at 100
to pay 1213,000 in creditors' unsatisfied claims against the company. and
int. of $1,000,000 7% Convertible Sinking Fund Gold
The principal creditors are Timken Axle Co., Detroit; Midland Steel Co.,
Cleveland; Buds Motors Co.. Chicago. and Joseph T. Ryerson Steel Co.
bonds (closed mortgage), due Oet. 1 1935.
The plant and physical assets of Gary Motor Truck Co. were purchased
The new building is to be located on Broad St.. the leading thoroughfarb
at trustees' sale by Gary Motors Co. In April 1922. The new company is of the city
of Newark. It will be 8 stories in height. containing 5,840.000
not involved in the present Federal proceedings.i-V. 113, p. 2189.
Cu. ft• and covering 62.051 sq. ft. of land. By a resolution adopted by
the Joint Legislative Housing Committee of the New Jersey Senate and
General Baking Co.-William B. Ward Offers to Buy General Assembly, many of the most important aepartmenta of the State
will be housed in the Industrial Office Building. 'The rental from these
Controlling Interest at $225 a Share.departments, it is announced, together with the rental of other space
President Wm. Deninger has sent a letter to the stockholders advising already
for, will be more than sufficient to cover the maximum
them that Wm. B. Ward has offered to purchase a controlling interest in interest contracted
charges on the total mortgage debt.
the Common stock of the company and to pay for such $225 a share and
Provision is made for a sinking fund commencing April 1 1928 which will
accrued dividends In cash. President Deninger says the offer has been retire the whole
issue by maturity through purchase in the open market
given careful consideration by the officers and directors and certain stock or by call by lot at
105. For further details see V. 121, P. 468.
holders, who believe the terms are fair and reasonable. Holders of more
than a majority of the stock, including the President and all the directors.
Industrial
Rayon
Corp.-New Directors-Acquisition.have agreed to sell all their stock to Mr. Ward on these terms.
The temporary directors have retired to make place for new interests on
The offer is limited to those who deposit their stock on or before Oct. 10. the
board. New directors elected are: Arthur House, president of the
Such stock must be deposited with Guaranty Trust Co.. Fifth Ave. office.
Guardian Trust Co. of Cleveland; Frank H. Ginn, of Telles, Hogsett. Ginn
William B. Ward has deposited 52,000,000 in cash with the depository &
Morley of Cleveland; Oscar L. Gubelman; Clifford Buckman, of Pynchon
against the transaction, for RICA stock as may be deposited up to Oct. 10. &
Co. and Frank Millet, vice-president of the Seventh Avenue National
-V. 120. p. 3195, 820.
Bank,
'
New York.
The directors have ratified the acquisition, through exchange of securities,
General Electric Co.-New Mine Motor.of the Fibre Throwing & Dyeing Co. Inc., with a plant at Paterson, N..1.
A new type of totally enclosed motor designed by the General Electric It is understood
plant will be an'
adjunct to the Industrial Fibre Corp.,
Co. especially for use in gaseous mines, has successfully passed the tests of over two-thirds this
of whose stock Is owned by the Industrial Rayon Corp.
the U. S. Bureau of Mines. The development followed Insistent demands The Fibre Throwing
& D yeing Co. is engaged in the converting and dyeing
from the mining industry for a permissible motor for small pump work. of rayon.-V. 121, p.
1107.
The method of construction followed is total enclosure. The control switch
is built on the same principle and is mounted directly on the motor. When
Industrial Salvage Co.-Liquidating Dividend.the cover is removed from the controller, all circuits are automatically
This
formed by the du Pont Powder Co. to salvage surplus
killed except two shielded terminals of the incoming line. It is thus impossi- materialcompany
and equipment following the war, early this year paid a liquidating
ble to start the motor or draw an arc with the controller cover removed dividend of 90
a share on the stock, thus automatically carrying out
unless done maliciously. By means of this construction no heat, from any the decision of cents
the stockholders to reduce the par value of the shares from
cause, whether sparking or explosion, can be transmitted to the outside of $1 to 10 cents.-V.
118, p. 2709.
the motor in such Intensity as to ignite any gases surrounding the equipment. The Bureau of Mines states that this is the first complete, selfInternational Salt Co.-Tenders.contained motor and control unit submitted.-V. 121. p. 1467, 1352.
The U. S. Mtge. & Trust Co.. trustee. 55 Cedar 8t., N. Y. City, will
until Oct. 13 receive bids for the sale to it of 1st & Con.sol. Coll. Trust Mtge.
General Motors Corp.-Director-No. of Stockholders.
- bonds, dated Oct. 1 1901 to an amount sufficient to exhaust $66.525, at a
Junius S. Morgan Jr. has been elected a director and a member of the price not exceeding 105 and int.-V. 121. p. 469.
finance committee.
On Sept. 12 the 36,585 Common stockholders of General Motors received
International Smelting Co.-Acquisitions.-dividend checks for the third quarter of 1925. The total number of General
This company, a subsidiary of the Anaconda Copper Mining Co., has
Motors Common and Preferred stockholders is now 58,118, compared with acquired
all of the poroperties of the Falcon Lead Co., practically all
60,414 in the preceding quarter. The total number by quarters for preced- holdings of the
Syndicate Mining & Milling Co. and the R. L. Pellet
ing years follows;
property at Rico. Colo.-V. 118, D. 1672.
Calendar Years1st Quer. 2d Quer. 3d Quer. 4th Quer.
1917
2.902 •
1.927
2.699
2,525
Iron Products Corp.-Smaller Dividend.1918
4.739
3.918
3,615
3,737
The directors have declared a dividend of 50 cents per share on the Com1919
18,214 mon
8,012
12,358
12,523
stock, payable Oct. 28 to holders of record Oct. 13. A dividend of
1920
36.894
31,029
26,136
24.148
1921
66,837 75 cents was paid on this issue on July 30 last.-V.121, p. 208.
65,324
49.035
59,059
1922
65.665
71.331
72,665
70,504
Irving-Pitt Mfg. Co., Kansas City, Mo.-Pref. Stock.
1923
68,063
1924
66,097
69,427
An issue of $900.000 7% Carnal. Pref. (a & d) stock was recently placed
71,382
70.009
1925
*58,118
by the company at 100 and div., the bulk of the issue being taken by the
60,414
' 60.458
* Senior securities of record July 13; Common, Aug. 24 1925.
holders of 8% First Preferred stock, which was called for payment Sept. 15
In August 63% of all cars sold by General Motors were closed cars, com- at 105.
pared with 40% in August 1924. 30% in 1923 and 31% in 1922. This
Pref, stock exempt from normal Federal and Missouri state Income taxes:
comparison includes Chevrolet. Oldsmobile, Oakland. Buick and Cadillac. also personal property tax in Missouri. Company agrees to retire 3% of the
These lines of cars cover practically all price classes.
outstanding stock of this issue each year. Company agrees to maintain net
tangible assets of $200 for each $100 of this stock.
A New General Motors Car.mortgages or other liens now exist nor may be placed on the assets of
General Motors is planning a new automobile which will be produced and theNo
except purchase money mortgages, nor any additional stock
distributed by its Oakland Motor Car Division as companion to the present withcompany
equal or prier rights issued without the affirmative vote or assent in
Oakland Six. The space for building this new car is available in the Oak- writing
of the holders of two-thirds of the First Preferred stock outstanding.
land factory at Pontiac, Mich.. because the Fisher Body Co. has erected First Preferred
has equal voting power with Common stock in event
a 12.000.000 building in Pontiac in which to build all Oakland bodies. of default of stock
two consecutive quarterly dividends. Callable at $105 after
Previously all Oakland open bodies were built in the Oakland factory. The Sept.
15
1927,
and
a
sinking
fund is to be set aside each year by the company
m with regard to this new product has not advanced sufficiently for
its retirement beginning Sept. 15 1927 in the amount of 3% of the stock
e:al Motors to make public at this time the prices and specifications for
outstanding on Dec. 31 next preceding. Dividends payable Q-M.
and the field this new car will cover.-V.121, p. 1574. 1467.
Purpose.-Proceeds will be used to retire and replace the present outIssue of 8% First Preferred stock.
General Outdoor Advertising Co., Inc.-Earnings.- standing
Company.-Incorp. in 1904 for $30.000 and has a record of uninterrupted
Quarter EndedAug.31 '25. May 31 '25. Total 6 Mos. growth
since
that time. The business has never had an unprofitable year,
Operating revenue
57.542,341 37.219.839 114.762.180 dividends (cash and
stock) amounting to more than $3.000.000 have been
Operating expenses & depreciation__ _ 6,840,962
6.674,109 13,515.071 paid to stockholders during
the past 20 years. Company manufactures the
nationally
loose I-P leaf line of loose leaf forms and accounting
Net revenue
$545,730 $1,247,110 devices andadvertised
5701,380
maintains
at Chicago. Brooklyn and New York City.
branches
Miscellaneous income
240.285
145,252
95.033
Dividends.-Cash dividends totaling 51.386,000 have been paid to stockholders during the 11% consecutive years ending June 30 1925, or an average
Total Income
1690.982 11.487.395 of $120.000 per year.
$796,413
During that period the sales of the company have
139.666 more than tripled in volume
Interest on bonds. &c
104,230
35,436
and the net assets have more than doubled.
168.466 Dividends to Preferred stockholders
Federal taxes
73,344
95.122
have been paid uninterruptedly since
1913 when the first issue of Preferred stock was put out.
$513,408 51.179.263
Net profits
5665,855
Net Income Before Deducting Federal Income Taxes.
85,559
Preferred dividends
42,778
42.781
1919.
1923.
Dividends on Class "A" stock
250,000
1920.
1922.
125.000
1924. 1925(6 mos.)
125.000
1921.
1173.843 $3302,169 $85,525 $144,307 1245.160 5322,453 $142,159
Net profit after dividends
$843.704
$345,630
1498.074
Balance Sheet-June 30 1925 (Before This Financing.)
-V. 121, p. 1574, 1467.
AssetsCash
$194,078 Notes payable
General Petroleum Corp.-New President.peels payable,incl.def Annan. 5350,000
Trade
acc'ts & notes rec., less
Lionel T. Barneson has been elected President. succeeding Capt. John
reserve
381,557
of 1924 Fed. tax
69.032
Barneson, who has been elected Chairman. William Walker succeeds Sundry
641 Accrued expenses
receivable
13,873
L. T. Barnes= as Vice-President. R.A. Sperry and Frank W. Griffin have Inventories
746,688 Reserves
been elected directors.-V. 121. D. 1352, 1221.
18,350
Other receivable assets
9,171 8% 1st Pref.stock
938,600
Property
1,641,892
2d
Pref.
stock
7%
account
(net)
Goodyear Yellow Pine Co.-Bonds Called.147,300
160,000 Common stock
designs & draw.
The directors of the Goodyear Yellow Pine Co. and Virgin Pine Lumber Trademarks,
1,500,000
(net)
124,781 Surplus*
Co. have elected to redeem &500.000 outstanding bonds dated Nov. 1 1924 Patents
340,068
Deferred
debit
116,415
Items
(Nos. 41 to 380, both incl.), on Nov. 1 next at its offices. Luther L. Tyler
is Secretary of both companies.
Total
$3,375,222 Total
$3,,
375 222
* Surplus arising from revaluation of Property. $317.968. Profit and
Hartman Corp., Chicago.-Subsidiary Co. Official.Joseph M. Goldsmith has been made a director and Vice-President and loss surplus. $22,099; subject to proposed net assessment of additional
General Manager of the Hartman Wholesale Corp., Chicago, which is Federal income and profits taxes for the years 1918, 1919 and 1920, amountowned by the Hartman Co. Mr. Goldsmith is reported to have acquired ing to $24.866. Purchase commitments at June 30 1925.for future delivery,
amounted to $102,079.
a large financial interest In the Hartman Wholesale Corp.-V.121, p.847.
getr
Holly Sugar Corp.-13
4% Back Dividend.-
(Julius) Kayser & Co.-Dividends Inaugurated on the
A dividend of1g% on the Preferred stock has been declared for the quar- No Par Common Stock.
ter ending Nov. 1 1925, and a cumulative deferred dividend of 1 U'% for
The directors have declared an initial quarterly dividend of 75
the quarter ended Feb. 1 1923: both payable Nov. 2 to holders of record share
cents per
on
the
no par value payable Nov. 2 to holders
stock
Common
Oct. 15. Like amounts were paid in the previous six quarters.-V. 121, record Oct.
of
20.-V. 119 p. 2416.
p. 82.
(B. F.) Keith-Columbus(0.)Co.-(Keith-Albee Palace
• Hoopes & Townsend Corp.-Receivership:Former Judge Charles F. Lynch of Paterson, N.J., and Justice C. Burns. Theatre).-Bonds Offered.-The L. R. Ballinger Co.,
President of the company, have been appointed by Judge Runyon in Federal Cincinnati and First Citizens Corp.,
Columbus, 0. are
Court as receivers for the property of the company in New Jersey. The
6%
company operat.es steel plants at Bayonne, N. J., and in the States of offering at prices to yield 5.70% to 63,
Michigan, Illinois. Pennsylvania and Ohio. The Federal District Court maturity $750,000 6%% 1st Mtge. Leaseholdaccording to
Serial Gold
at Philadelphia appointed the same men as ancilliary receivers.
bonds.
Application for the receivership was made in behalf of Harley E. Burns
Dated Sept. 1 1925: due serially Sept. 1 1927-1937. Principal
or Columbus, 0., holder of 8450.000 of capital stock and an indorser of
and int.
commercial paper to the extent of $165,000.
(M. & S.) payable at Citizens Trust & Savings Bank,
0.,
According to the petition the assets of the company exceed its fundea and trustee, or at the office of L. R. Ballinger Co.. Cincinnati, Columbus.
0.
current liabilities by more than 14,000,000. Notwithstanding excess of part on 20 days' notice at 102 and hit. in inverse order of Red, all or
maturities.
assets over liabilities it is stated that the company has been operating Denom. $1,000 and $500. Interest free of Federal income tax not in excess
of 2%.
at a loss for some time, with the result that its working capital has been
OCT. 3 1925.]
'PRE CHRONTCLE
S
1685
Security.-Secured by a first mortgage on the company's leasehold estate
Security.-Are secured by first mortgages on certain carefully selected
in property located at Lynn, Wall and Broad Sts., Columbus, 0., being types of real estate which are deposited with the trustee. Deposited mort1573.1 ft. by 115 ft. with a perpetual ground easement of 42 ft. on Broad gages are always equal in face value to the amount of bends outstanding.
St. with a depth of73 ft. The lease to the ground estates is for 99 years Ths total of all mortgages made by the company amounts to 42% of total
(renewable in perpetuity) and provides for annual rentals as follows: appraisals of the properties securing them. Selling prices of these prop110,000 per annum to and Including Aug. 31 1929. $12,000 per annum to erties over a period of 20 years have averaged 5% above the appraisals.
and incl. Aug. 31 1934. $15,000 per annum to and incl. Aug. 31 1939.
The mortgages, which average about 84.000 each, are on improved reel
118.000 per annum to and incl. Aug. 31 1944. and 820.000 annually there- estate. In every instance the property securing these loans is a home or
after, payable in equal quarterly installments. The leasehold estate has an essential business property. It is thus restricted because real estate
been appraised at $541,000.
of these two types are elementary necmities in the life of any community.
On the above property there is being erected and nearing completion a and have long been recognized as the most substantial and consistently
modern fore-proof theatre building of steel and concrete construction, the valuable of all property.
cost of which is estimated to be over $1,000.000 with a seating capacity of
Guaranty.-Bonds are also the direct obligation of the company with
approximately. 3,000.
capital, surplus and undivided profits amounting to 32,850.000. Every
In addition to the value of the leasehold estate and the building being dollar of these funds is obligated solely to guaranty the prompt and full
erected thereon, which will be known as The Keith-Albee Palace Theatre. payment of both principal and interest of the bonds issued by the company.
the company owns a booking contract or franchise, issued by B. F. KeithStatement of Condition July 11925.
Albee Vaudeville Exchange. agreeing to supply first class entertainers for
Assets.
Liabilities.
the theatre for a period of 25 years. This franchise Is valued at 3150 000.
815.158.856 Capital
82.000.000
Based upon the appraised valuation of the leasehold estate of$541,000and Mortgages..
712,750 Surplus
750,000
the estimated cost of the building of 11.000.000, this bond issue is less than U.S. bonds
194.151 Undivided profits
105,418
a 50% loan without any consideration being given to the value of the Other bonds
30.296 Mortgage bonds
Real estate
13.822,100
booking contract.
321,882 Interest payable
221.586
Earnings.-Based upon earnings of the present Keith Theatre in Collum- Interest receivable
502.670 Reeerved for taxes
21,500
bus and those in operation in other cities it is conservatively estimated that Cash..
the net earnings of the company available for the payment of principal and
Total
$16.920,604
Total
$113.920.604
interest will be not less than $150 000 per annum.
Company.-B. F. Keith Theatre Co., a holding corporation for the -V.121, p. 2278.
various Keith Interests in the United States, will have control of this
National Steel Car Corp., Lt4.-Reportcompany, which assures the company able, efficient and successful manage1922.
1925.
1924.
Years End. June 30-1923.
ment. Officers of the B. F. Keith-Columbus Co. are E. F. Albee, Pres.:
1142.888 loss$79,733
108446,336
1608,815
Net profit for year
I. Libson. V-Pres.: Ben L. Heidingsfeld. Sec. & Treas.
Reserve for deprec. of
95.379
72,470
67.098
97.384
bidgs.„ mach.& equip_
Kelly-Springfield Tire Co.-To Close Akron Plant.107,653
104.100
199.430
1
84,100
This company,it is announced, will cease operations at Akron, O., within Interest on bonds
59,417
155.624
46.516
1
a week. The local plant will be dismantled and the property sold. This Other interest (net)
move is in line with the policy of the company to concentrate production
def$197.534 sur$358,381 def3118,013 def$306.37
Balance
at its Cumberland. Md.. plant.-V. 121, p. 82.
2.513,950 2.820,324
Previous capital & surp- 3.396,250 2,395.937
Provision against invent.
Lakeside Live Stock Co. Inc., New Orleans.Dr.358.068
& acc'ts receivable.The stockholders will vote Oct. 30 ondissolving
'
and liquidating the affairs
or the company.
82.198,716 $2.396.250 $2.395,937 52.513.950
Balance June 30
-V. 119, p. 1743.
Latham Square (Building)
Corp., Oakland, Calif.Bonds Offered.-Bradford, Kimball & Co., Wm. Cavalier
National Tea Co., Chicago.-Calls 7% Preferred Stock& Co. and Shingle, Brown & Co., San Francisco, are offering New Issue of $3,500,0006%% Preferred Stock Underwritten.at 100 and int. $950,000 1st (closed) Mtge. 63% Serial
The company has sent notice to its Preferred stockholders calling its
outstanding 11.300,000 7% Cumul. Pref. stock for redemption on Not.. 1
Gold bonds.
next at 110 and diva.
Dated Sept. 11925; due serially Sept. 1 1928 to 1945 incl. Callable, all
or part, last maturity first, on any int. date upon 30 days' notice at 10235
and int. Denom. $1,000 and $500 c*. Normal Federal income tax up
to 2% paid by corporation. Principal and in (M. & 8.) payable at
American Bank, San Francisco. trustee. Exempt from personal property
tax in California.
Security.-Secured by a 1st Mtge. on a parcel of land located in the business centre of Oakland on Latham Square, having a frontage on Telegraph
Ave. of 105 ft. and on 16th St. of 100 ft. and upon a 14-story class "A"
office and store building, to be known as'
the Latham Square Building.
Valuation.-The real estate securing this issue has been appraised at
over $735,000. The cost of the building, including only the labor and
material,architectural and construction charges, to be not less than $850.000.
Building.-A 14-story class "A"faced-brick structure of the most modern
type, together with a basement garage designed to accommodate 152
automobiles. Preference will be shown the tenants of the building in the
rental of this automobile space, and it is expected that this parking opportunity will add greatly to the attractiveness of the office space. The
locatign of'the building is said to be one of the very best in the entire city
of Orfftland.
Ownership.-Latham Square Corp.. which numbers among its principal
stockholders the following: Thomas Day Co.. George G. Jamieson, George
Clark, Robert Peary, M. I. Diggs, Edward L. Soule, W. J. Wigmore,
Timothy Sexton, Judson Iron Works, Lannom Brothers Mfg. Co., Bruce
Miss. Sartori.' Co., G. H. Burchell, Eislie & Dondero, George Hudson.
Carl Doell. Michel & Pfeffer.
Lexington Motor Co., Connersville, Ind.-Foreclosure.
Suit for foreclosure of a $1,500,000 mortgage against the company
has been filed in Federal Court by the Central Union Trust Co.. New York.
trustee-(Chicago "Eoonomist").-V. 119, p. 701.
(Louis K.) Liggett Co.-Reduces Capital Stock.-
The company has notified the Massachusetts Commissioner of Corporations that it has reduced its capital from $10.850,000 to $9.855.000 by the
cancelation of $995.000 1st Preferred stock. The capital after the change
will consist of 59.850,000 Common stock and 85.000 1st Preferred stock.
-V. 121, p. 1576, 1470.
Magor Car Corporation.-Annual Report.Years End. June 301925.
Total income
y $38,217
Depreciation
37,772
Credit adjustments
Interest
Prem.on red.of Pref. stk.
Est. prov. for Fed. taxes
Dividends paid
43,030
1917
43,707
72,854
x81,621
1923.
$142
60:8
77
51
3
1922.
8391,340
62,201
17.840
600
43,030
4.%
93'9773
70,352
46.180
Balance, surplus
$39,434
def$42.585
85.764
8212.607
x Of provisions for Federal taxes and liability insurance claims. y After
deducting inventory lasses.-V. 119. P. 2889.
Mammoth Oil Co.-Government Appeal Filed.-
The Government's appeal from the District Court of Wyoming decision
in the Teapot Dome naval oil reserve case was filed in the U. S. Circuit
Court of Appeals at St. Louis Sept. 28. The Government charged the
trial Court made 64 errors in hearing the case to cancel the lease on Teapot Dome by the Mammoth Oil Co.-V. 121, Is• 716. 337.
Marshall's Inc., Fall River Mass.-Sold to Bondholders.
A Pall River, Mass., dispatch stales that this company, one of the
Largest hat factories in the world, was sold Sept. 24 to the
protective committee for $100.000, at mortgage sale by order of the trustee.
G. L. and H. J. Gross of Providence and New York were the auctioneers.
The accepted bid was made for the committee by Earle P. Charlton of Fall
River, Vice-Pres of the F. W. Woolworth Co. The plant, which has been
closed since Feb. 15, at capacity employs 2,200 persons and manufactures
1,500 dozen hats daily.
At the same time announcement was made that Merrill. Lynch & Co. of
New York and Chicago. had under% ritten a new issue of 83.500.000 635%
Cumul. Pref. stock. Present Preferred stockhslders are given the privilege
of exchanging present holdings for an equal amount of new stock, plus a
redemption premium of $10 and the accrued quarterly dividend of $1.75
per share. The proceeds of the new issue are to be used to retire such of the
Preferred stock as is not exchanged and the remainder is to provide funds
for the further development of the business.
The company is now operating 722 stores, 124 of which were added to the
chain during the first 7 months of this year. It is understood that the greater
part of the new funds will be used for the opening of new stores.-V. 121.
p. 1234. 1109.
National Union Mortgage Co.-Bonds Offered.-Marine
Bank & Trust Co., New Orleans, are offering at 100 and int.
85.000.000 61,, Gold bonds (issue of Sept. 1 1925).
Dated Sept. 1 1925: due Sept. 11945. Principal and int.(M.& S.) payable at the'Maryland Trust Co. Baltimore. trustee, or at Bankers Trust
Co.. New York. Denom. 51.060 and $500 c*. Red. on any Int, date
in whole or in part at 101 and int.
First Mortgage Security.-This issue Is secured by the collateral deposited
with the Maryland Trust Co.. trustee, consisting of obligations of the approved mortgage companies and(or) cash or U. S. Government bonds.
These obligations are secured by first mortgages or equivalent liens on fee
simple improved real estate In cities and other communities approved by
both the National Union Mortgage Co. and the guaranteeing surety companies. The par value of the deposited collateral must equal or exceed
the amount of outstandingbonds.
Short Term Collateral.-The guaranteed first mortgages securing this
issue mature in from 1 to not over 12SS years. Annual reductions are
required on all mortgages exceeding 5 years, thus reducing the average life
of the deposited mortgages and assuring constant reappraisal of the collateral. As mortgages mature there may be substituted with the trustee
cash, U. S. Government bends and(or) guaranteed mortgages meeting the
"standardized requirements" of the National Union Mortgage Co., otherwise bonds must be redeemed.
Guarantees.-The bonds deposited as collateral for this issue are secured
by first mortgage bonds, first mortgage or equivalent liens guaranteed
principal and interest in varying percentages by the following surety cos.:
Capital & Surp. Total Resources
Guaranteeing Surety Companies841.431.626
U. S. Fidelity & Guaranty Co., Baltimore.---$11.920.372
34,671.247
14.798,306
National Surety Co., New York
32.548.482
10.879.811
Maryland Casualty Co. Baltimore
18.095,792
7,120,846
Fidelity & Deposit Co., Baltimore
No other surety company may be accepted as guarantor unless it has
resources exceeding 3113.000.000.
Company.-Does not engage in the mortgage business. Its sole purpose
IS to make available to investors a real estate mortgage security of unusual
diversification and safety by uniting under one bond issue the obligations
of successful mortgage companies, national in the scope of their combined
activities and operating under standardized requtrements.-V. 121. p. 717.
New York Shipbuilding Corp.- Option Purchase Signed.
The option given the Brown. Boyer! & Co. interests for sixty days to
purchase the Capital stock of the corporation at $30 a share in cash and
$15 in Cumulative Preferred stock of the American Brown Boveri Electric
Corp.. to be issued, has been closed.-V. 121 p. 1578, 1109.
Olive Products Co., Oroville, Calif.-Bonds Offered.First Securities Co., Los Angeles, recently offered at 100
and int. $150,000 1st Mtge. 63% Serial Gold bonds.
Dated July 1 1925,• due $18,000 July 1 1928 and 1929: $19,000 July 1
1930 to 1935 incl. Denom. $1,000 c*. Int. payable J. & J. without
deduction for normal Federal income tax not exceeding 2%. Principal
and interest payable at Pacific-Southwest Trust & Savings Bank, Los
Angeles, trustee. Callable, all or part, on any int. date on 60 days' notice
at 100 and int, plus a premium of SS of 1% for each unexpk.d year or
Miller Rubber Co., Akron,0.-To Split Up Shares.fraction thereof of the respective maturities. If red, in part the company
The stockholders will shortly vote on splitting up the Common stock by will call by lot bonds of the latest maturity outstanding at the premium
either reducing the par value or changing the Common to shares of no par
stated. Exempt from personal property tax in California.
vshio.-V. 121, p. 1109.
Data from Letter of B. B. Meek, President of the Company.
Company.-A California corporation, engaged in the manufacture and
Minnesota & Ontario Paper Co.-Permanent Bds. Ready
Permanent 1st Mtge. Sinking Fund 6% Gold bonds, are now ready to sale of ripe olives and olive oil, being the largest concern in this line of busiexchange for the temporary bonds outstanding, according to an announce- ness in California. Company has recently acquired the physical properties
ment by Halsey, Stuart & Co. (See offering in V. 120. p. 2410).-V. of the Ehmann Olive Co. and the Mt. Ida Packing Co. The former company, founded in 1898. was the pioneer concern in California to engage in
121, p. 848.
the commercial packing of ripe olives. The plants of the Olive Products
Montgomery Ward & Co., Chicago.-Soles.Co., located at Oroville, have a combined seasonal capacity of over 6.000
tons of raw products. Company obtains its raw product from 2,000 acres
1924.
1925.
Increase.
Month of September
815,477,307 $13.543.038 $1.934,269 of groves, either owned outright or controlled by stockholders of the
9 months
120.547,736 108.254.771 12.292,965 Ehmann Olive Co. and the Mt. Ida Packing Co., and is therefore not de-V. 121, p. 1234---8.
pendent on purchasing its plant requirements in a competitive market.
During the past five years the company has marketed a total of 288,524
Mortgage Bond Co. of New York.-Bonds Offered.- cases of olives (an annual average of 57;705 cases) and 253.530 gallons of
olive oil (an annual average of 50.706 gallons). During the past 8 years
The company, with offices at 58 Liberty St., N. Y. City, the
net sales averaged annually $410,027, and for 1921 such sales were
is offering at 100 and int. $2,000,000 5%% 10-Year Gold $531.072.
Earnings.-Net earnings of the predecessor companies applicable to
Mortgage bonds Series 8.
the payment of the interest and principal charges of these bonds for the
Dated Oct. 1 1925; due Oct. 11935. Normal Federal income tax paid 8 years ended Sept. 30 1924 have
averaged annually, after depreciation.
op to 2%. Bonds and coupons payable at the office of the company, $38.638. or nearly 4 times the maximum annual interest charges, and more
New York. Coupons sayable A.& 0. Denom. UN.1500.81,000 csacro. than 1 X times the average annual amount required for the payment of
United States Trust Co., New York, trustee.
the principal and interest of this bond issue.
1686
THE CHRONICLE
Olympia Theatres, Inc., Boston.-Smaller Dividend.-
The directors have declared a dividend of 45c. a share on the Common
stock and the regular quarterly dividend of 141% on the Preferred stock,
both payable Oct. 15 to holders of record Oct. 1. On July 15 last, the
company paid a dividend of 50c. a share on the Common stock.-V. 121,
p. 718.
Ontario Biscuit Co., Buffalo, N. Y.-Stock Increased.-
The company has filed a certificate at Albany, N.Y.,changing its authorized capital stock from 2,500 shares of Preferred (par 8100)and 10.000 shares
of Common (no par value) to 10,000 shares of Preferred stock par $25 and
40,000 shares of Common stock of no par value.-V. 121, 13• 85.
Pacific Sanitary Mfg. Co.-New Control.-
See Standard Sanitary Mfg. Co. below.-V. 117, p. 215.
Paige-Detroit Motor Car Co.-Calls Debentures.-
Pres, H.M.Jewett, says: "Our company has had a very successful year,
and business is continuing In record volume. The company is in an exceptionally strong cash position and the directors on Sept. 25 decided it
would be wise to call the notes maturing in June, 1926, for payment with
those coming due Dec. 1. this year. This will reduce the company's funded
indebtedness to $1,000,000, no part of which will fall due until Dec. I
1926.
Period Ended Aug. 311925Mth. of Aug. 8 Months.
Net earns after deprec. & int. but before taxes_ ___
$532,281 $2,834,126
-V. 121, p. 1355, 1235.
[VOL 121.
Consolidated Balance Sheet April 30 1925.
[Adjusted as of that date to give effect to the present financing.)
Liabilities.
Assets.
Cash
$245,333
$691,717 Notes payable
Accts. reedy., less reserve_ _ _ _
254,455
88,392 Accounts payable
Notes receivable
15,000
984 Installments on 2d mortgage
U. S. Govt.sec
securities
32,304
20,200 Pay-roll, taxes & int. accrued_
Inventories
32,965
425,676 Federal inc. taxes. 1924 & 1925
Life insurance
307.000
1,723 Mortgages payable
Other investments
1,400,000
11,332 7% cum. Pref.stock
Special deposits
12,000 Class A and B stock & surplus.a3,450,000
Mortgage receivable
Prepaid exp. and supplies__ _ _
30:
103517
00
Organization expenses
107,843
Property, plant & equip
2,363,215
Good-will, patents, &c
35,737,059
Total (each side)
1,973,162
a Consists of Class A stock. 60.000 shares of no par value, Class B stock
90v
.0.
00
12
s1harpes1o7f1n
9.
o 1p5
a7
r9v
.alue and surplus (including capital surplus).
Plymouth Cordage Co.-Balance Sheet July 31.-
1925.
1924.
1925.
1924.
AssetsLiabilitiesReal estate, &c.,
8,000,000 8,000,000
Capital stock
less depreciation 7,038,545 7,104,469 Empl. spec. stock_
95,070
91,260
Mdse. & supplies.. 9,567,571 8,076,104 Acc'ts payable
213,796
605,160
Cash
447,324
452,363 Notes & acceptNotes & acc'ts rec. 2,265,760 1,644,994
ances payable 3,112,255 2,369,308
Pan American Western Petroleum Co.-Initial Divi- Exp. paid in adv
2,448
4,087
170,807
168,841 Insurance fund_ _ _
securities_
Deprec'n reserve__ 633,584
91,000
dends Declared on Class "A" and "B" Corn. Stocks-Earnings. Invest.
Stk. of sub.owning
108,497
392,802
accrtaxes
Int.
&
The directors have declared initial dividends of 50 cents per share on the
& operating Sisal
7,500,170 6,547,731
Surplus
Class "A" and "B" Common stocks payable Oct. 30 to holders of record
Planta'n in Cuba 160,000
160,000
Oct. 15.
Adv. to sub. corn_ 113,491
55,428
The Pan American Petroleum Co. of California (a 100% owned subsidiary) Loans to employees
62,204
Totaheach side) 19,951,765 17,724,404
has declared a 10% dividend 5% of which is payable Oct. 1 244% on Jan. 1 -V. 121, p. 1579. 97,266
and 244% on April 1.
Net income for the 8 months ended Aug.31 1925 amounted to 84,417,829.
Postum Cereal Co., Inc.-To Split Up Shares.after depreciation. Federal taxes, &c.
The stockholders will vote Oct. 23 on increasing the authorized Common
Charles E. Harwood and Graham Youngs have been elected Vice- stock of no par value from
shares (all outstanding) to 800,000
Presidents. New directors elected are: S. M. Spaulding, Harold B. Reed, shares. It is proposed to issue400,000
two shares of new stock for each share owned.
Mrs. S. E. Doheny and Mrs. L. S. Doheny.-V. 121, p. 1578.
The directors have declared the regular quarterly dividend of $1 Per
share on the present Common stock, payable Nov. I to holders of record
(C.) Pardee Works, Perth Amboy, N. J.-New Control. Oct. 21.-V. 121. p. 210,
85.
Control of the company was recently acquired by S syndicate headed by
Producers & Refiners Corp.-Acquisition.Charles A. Levine, President of the Columbia Salvage Corp., New York.
The corporation is reported to have taken over the properties and
The entire holdings of the Pardee company consists of 112 acres, of which
operations of the Hatfield Oil Co.and the Hatfield No.2 Oil Co. in the Eight,he plant occupies 53 acres.-V.89. D. 475.
Mile Lake field near Rawlins, Wyo. This is a gas field which has been
Paterson (N. J.) Parchment Paper Co.-Notes Called.- supplying gas to the Parco refinery of the Producers & Refiners Corp.All of the outstanding Series "B" Serial 544% Gold notes duo Oct. 1 1926 V. 121. p. 339.
have been called for redemption Dec. 1 at 10044 and int. at the Passaic
Pro-phy-lac-tic Brush Co.-Extra Dividend.National Bank & Trust Co.,655 Main Ave.,Passaic, N.J.-V.116. p.2646.
The directors have declared an extra dividend of 25 cents per share on the
outstanding 100,000 shares of Common stock, no par value, in addition to
(J. C.) Penney Co., Inc.-Expansion Program.regular quarterly dividend of 50 cents per share, both payable Oct. 15
The company's expansion program provided for the opening of 105 new theholders
of record Oct. 1. Like amounts were paid on the Common stock
stores during 1925, bringing Penney's chain to 676 stores. Sites have been to
on April 15 and July 15 last.-V. 120, p. 3324.
secured for all of the 105 new stores.-V. 121. p. 1235.
Pennsylvania Salt Mfg. Co.-Report.-
Years End. June 301925.
1922.
1923.
1924.
Inc.from sales,aft.exps. $1.658.342 81,648.285 $2.338,786 81,241,846
Total income
1.897.006
1,340,936
1.858,963
2.483,396
Net income after depreciation, depletion, &c_ $708,863
$935,188
$717,244 $1,303,236
-V. 120, p. 2021, 462.
Rheben Theatre, Port Chester, N. Y.-Definitive Bonds
Ready.-
Definitive 634% 1st Mtge. bonds are now ready for delivery at the office
of the American Bond & Mtge. Co., 345 Madison Ave.. N. Y. City. See
also offering in V. 121. p. 595.
Richmond-New York Steamship Co.-Security Holders
Expect to Realize 90% of Face Value.-
Holders of bonds, notes and Preferred stock of the company, according
Pershing Square Bldg., N. Y. City.-Bonds Called.All outstanding 1st Mtge. Serial 644% Gold bonds have been called for to a dispatch from Richmond, Va., will realize 90% of the face value of the
redemption Nov. 1 1925 at 105 and int. at the office of S. W.Straus & Co.. securities, instead of 80% as announced in the original estimates in the sale
of the line to the Eastern Steamship Lines, Inc. Holders of Common stock
565 Fifth Ave., N. Y. City.
This issue, originally $6,000,000, was underwritten by S. W. Straus & will receive 810 a share, or have the option of exchanging 5 shares of RichCo. May 1 1922. It was reduced to 15.925.000 by the serial payment of mond-New York stock for one share of the Eastern Steamship Lines, Inc.
The purchase price of $250,000 for the Richmond-New York company will
175.000 May 1 1925.
The bonds are being called as the owners have obtained a first mortgage o absorb all but approximately 825,000 of the organization's indebtedness,
and, to make the sale possible, it will be necessary,for the Preferred stock
$6.000.000 at 5% from the Prudential Life Insurance Co.
and bond holders to accept 90% of the value of their holdings plus interest.
The sale, already authorized by stockholders, probably will be formally
Philadelphia Grain Elevator Co.-New Elevator.effected
at a meeting on Oct. 2.-V. 121, p. 1579.
It is announced that the company is to erect a grain elevator with a capacity of 2,500,000 bushels in Philadelphia at a cost of 84,000,000. This
Richmond Radiator Co.-Earnings.company is a subsidiary of the Reading Co. Work is to begin within two
1924.
Eight Months Ended Aug• 311925.
weeks and the elevator and storage annex are expected to be in operation
$233.638
Fed. taxes $283,692
in 18 months. The new elevator will be constructed of reinforced concrete Net profits after depreciation but before
assets
gaalnst
current
were
current
81,946,495,
31
1925
Aug.
As
of
and will be capable of expansion to a capacity of 5,000,000 bushels.- liabilities of
$553.429.-V. 121. p. 720. 340.
V. 121. p. 1471.
Pickwick Stages System.-Merger.-
The company has appl
@FedFRASER