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Public Utility Compendium
Railway& Industrial Compendium
Railway Earnings Section
State & Municipal. Compendium
VOL. 121.
Bank and Quotation Section
Bankers' Convention Section
SATURDAY,SEPTEMBER 19 1925
NO.3143.
offering price, closing yesterday at 94%. Translated
into English the•name of the institution is the new
PUBLISHED WEEKLY
Central Bank for Agriculture. It was created under
Terms of Subscription—Payable in Advance
the Dawes Plan to supply agriculture with the cred6Mos.
12 Mos.
Including Postage—
$6,00
$10.00
its urgently needed to replace deficiencies in workWithin Continental United States except Alaska
11.50
6.75
In Dominion of Canada
13.50
territories—
and
7.75 ing capital resulting from the inflation period. As
Other foreign countries. U. S. Possessions
NOTICE.—On account of the fluctuations in the rates of exchange,
implies, the bank is a central institution
remittances for European subscriptions and advertisements must be made the name
n New York Funds.
agricultural credit organizations. The
existing
for
Subscription includes following Supplements—
SECTIONS —
capital of $40,476,190. Bonds
COMPENDIUMS —
paid-up
a
has
bank
BANK AND QUOTATION (monthly)
PUBLIC UTILITY (semi-annually)
RAILWAY EARNINGS (monthly)
RAILWAY & INDUSTRIAL (1031111-5013.)
of six times paid-up capextent
the
to
issued
be
may
STATZ AND MUNICIPAL (semi-annually) BANKERS' CONTENTION (yearly)
ital, comparing with twenty times in our Farm Loan
Terms of Advertising
45
cents System, and are secured by an 'equivalent amount
Transient display matter per agate line
On request
Contract and Card rates
of farm mortgages at not exceeding 40% of value, as
CHICAGO Gums—In charge of Fred IT. Gray, Western Representative.
208 South La Salle Street,'Telephone Harrison 5616.
are calLONDON Onion—Edwards & Smith. 1 Drapers' Gardens. London, E. C. compared with 50% in our system. Values
sinking
a
is
There
yields.
farm
average
on
culated
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depoystor Streets, New York
fund sufficient to retire the entire issue of bonds by
Published every Saturday morning by WILLIAM B. DANA COMPANY, maturity.
President and Editor, Jacob Seibert; Business Manager, William D. Riggs:
Treas. William Dana Seibert: Soo. Herbert D.Seibert. Addressesof all,Office of Co.
The issue price, yielding 7.63%, is a matter of interest. On the day of issue leading European Government dollar bonds were selling at yields varying
The Financial Situation.
7s, 1949,
The offering on Thursday of $50,000,000 Bell Tele- from 7.10% in the case of German external
followThe
1949.
7s,
French
phone Company of Pennsylvania first and refunding to 7.70% in the case of
original
the
offering,
of
date
the
ing
shows
table
5s, Series C, 1960, at par, by a syndicate headed by
since issue
J. P. Morgan & Co., Kuhn, Loeb & Co. and Kidder, amount, the issue price, the price range
16, the
Sept.
Wedneday,
and
on
yield
price
the
and
Peabody & Co., gave renewed evidence of a broad in7s
Agriculture
for
Bank
German
Central
the
day
vestment demand at the present level of prices. The
European
largest
the
of
several
of
offered,
were
bonds were offered on a 5% basis and were immediately over-subscribed, selling on the Stock Ex- issues now outstanding:
PROMINENT FOREIGN ISSUES.
change as soon as the books were closed at a subRange in
Offer- Price
stantial premium above par. Series B bonds of the
Dale of
Original
fag Sep16 Yield. Price Siaal
Issue.
Issue.
Offering. Amount. Price. 1925.
same mortgage, 5s 1948, have ranged in price this
Deutsche Rentenbank 7s'50 Sept. 1925 525,000,000 93 a9314 761% a93
year from 10014 to 103, and on Wednesday sold at German External 78, 1949_, Oct. 1924 110,000,000 92 99 7.10% 9134 9334
9934
External 8s, 1945._ Sept. 1926 100,000,600 100 104347.55% 90 109
1021%, yielding about 4.84%. With the appearance French
FrenchExternal 7Iis, 1941_ May 1921 160,000,000 95 100547,50% 84 10434
94
9254 7.70% 86
External 7s, 1949_ _ _ Nov. 1924 100,600,000 94
964 7.25% 9534 9834
of the new issue they declined somewhat, and they French
Belgium External 78, 1955_ June 1925 50,000,000 98
r..........n 0`vis9-nnlit 445 1954 Fell 1094 1 Fdi nnn Ann 0914 (mu 7 mica. RAU 95
closed yesterday at 101, indicating sales of the old a Later in the week this issue sold up to 95 and the bonds closed yesterday
bonds to acquire the new. The company reports at 94)5
assets two and one-half times funded debt and earnThese figures evidence that American investors
ings 3.3 times fixed charges. The financing is for are still inclined to be somewhat skeptical of bonds
new construction to the extent $18,000,000 with the of the late Continental warring countries, although
remainder for refunding 6% indebtedness to the prices have risen and yields have fallen considerably
since the Dawes program was adopted. There is
American Telephone & Telegraph Co.
For a third successive week foreign financing has still room for material appreciation in price. Gerbeen a mein o/ interest Iii the securities markets, man credit here is better than French. This is, no
emphasizing both the key position America has taken doubt, due to the fact that since the adoption of the
as banker for the world, and the wealth of working Dawes Plan Germany has been prompt in coming to
capital now possessed by domestic corporations so business-like arrangements and has met its committhat capital can be spared for foreign requirements. ments. On Wednesday, the day of the new offering,
On Wednesday a syndicate headed by the National the first payment of the second year's requirements
City Co., Harris, Forbes & Co. and Lee, Higginson under the Dawes program, some $15,000,000, was
& Co. offered $25,000,000 'Deutsche Rentenbank- made to the Reparation-General. On the other hand,
Kreditanstalt Landwirtschaftliche Zentralbank first France has procrastinated in respect to her war
sinking fund 7s, 1950, at 93, yielding 7.63%. The debts. On Wednesday also, however, M. Caillaux
issue was immediately over-subscribed and the bonds sailed for America on his debt funding mission. If
which had been• simultaneously listed on the New the French debt is promptly funded on a business
York Stock Exchange sold At a premium above the basis, French credit will, no doubt, be at once greatly
31e Oilxroracle
1380
THE CHRONICLE
improved. In fact, this whole group of bonds, now
selling on the basis of uncertain speculations, with
yields of nearly 8%, should begin to move into an
investment position. The matter is of the greatest
importance to American investors and to any Europeans that may wish to borrow in the future. American investors, who believe that the French Government has finally determined to do business on a
business basis, may buy into these existing issues
for their high yields and with the hope of a better
credit rating and higher prices in the future. Europeans, who wish to borrow, may hope to do so at
-materially lower rates. A prompt funding of the
French debt might work wonders in restoring European credit to a proper basis. The French negotiation will find on this side a very exact knowledge of
France's capacity to pay and a willingness to make
necessary arrangements, but none but a business settlement is likely to be made. France has a chance
to greatly improve her situation by action that will
command the respect of the world.
The stock market has continued active and buoyant except for a sharp setback on Tuesday, and there
has again been a considerable amount of what seems
reckless bidding up of prices. The present level of
stock prices is undoubtedly high, and never was it
more important to scrutinize the relation between
value and price. The industries that are only now
emerging from post-war depression, present opportunities for the discerning. Stocks that have been
bid up by pools to levels above real merit present a
menace not only to individual holders, but to the
entire investment structure. However, all highpriced stock should not be considered in this class,
and on the other hand, the stocks of some of the
soundest and strongest companies are apparently
too high. Bond prices have been maintained at a
slightly enhanced level. On Tuesday the third installment of income taxes became payable. Last
week, as is known, the United States Treasury of.fered 3%7
0 nine months' certificates of indebtedness
at par, with payment for the same due Sept. 15. Subscriptions were received for $568,155,500, but allotments were made of only $251,936,000. Maturities
of $250,000,000 were paid off and $100,000,000 of
interest paid. These operations were so balanced as
to require only very slight movements of funds.
Money conditions became even somewhat easier
during the time these major operations were
made.
Some holders of the bonds and stocks of the Chicago Milwaukee & St. Paul Rwy. are apparently still
in a quandary as to the proper course of action to
pursue with reference to the reorganization of the
company. Sept. 15, the final date set by the reorganization managers, has passed with deposit of
about $97,000,000 bonds out of a total of 231, 000,000
affected by the plan and $71,000,000 stocks out of a
total of $233,000,000. The reorganization managers
in announcing the amounts of deposits also announced that these deposits insure the carrying out
of the plan and have instructed the various depositaries to continue to receive deposits of bonds and
stocks. The several groups of interest that have
organized opposition have seemingly secured a considerable following. Pressure is being brought to
bear on the Inter-State Commerce Commission to
grant higher rates. With this effort the reorganiza-
[Vol, 121.
tion managers are in sympathy. There is no evidence that the plan will be modified, or indeed, can
be modified. It is difficult to see what could be
gained by delay in carrying out the reorganization
plan, which appears fair and equitable and well
adapted to the needs of the property and its future
development. It is to be hoped that the Commerce
Commission will grant the advance in rates so urgently required for the welfare of all the Northwestern roads, but whether it does or not a reorganization of the Milwaukee & St. Paul cannot in any
event be avoided, and the sooner, therefore, this reorganization is carried out the better.
Both the imports and the exports of merchandise
for the United States during August were somewhat
larger than in the two or three months prior thereto,
which is quite usual, especially as to exports, the
early movement of wheat and cotton beginning in
that month. There was also a considerable increase
last month both in imports and exports over the
corresponding month of the past two or three years,
the same as in the earlier monthly returns of this
year. The notable feature about the August statement is that the margin between the value of imports and exports is again very narrow, as it was in
July—while for June there was a slight balance on
the import side. This situation is certain to be reversed in the succeeding months of this year, when
the cotton and grain movements become heavier,
although it is a fact that merchandise imports have
of late shown very considerable increases. Imports
last month were valued at $375,000,000, as against
$325,998,901 for July and only $254,542,143 in August 1924, while exports are estimated at $383,000,0000, against $339,629,653 for July and $330,659,566
in August a year ago. The excess of exports last
month was only $8,000,000—in July it was $13,630,752, while for June there was an excess of imports
of $1,835,347, which last has been the case in only
about six different months during the past ten years
or more. For August 1924 exports exceeded imports by $76,117,423. During the eight months of
the present calendar year, to and including August,
merchandise imports are valued at $2,764,767,352,
and exports at $3,086,107,656, the excess of exports
being $321,340,304. Imports for the same eight
months of 1924 were $2,382,726,580 and exports
$2,697,031,219, an excess of exports of $314,304,639.
The increase in imports for the eight months this
year over a year ago is $382,040,772—for the corresponding eight months of 1924 there was a decrease
in merchandise imports from the preceding year of
$268,215,000. Exports for this year to date are $389,076,437 larger than they were in the same period of
1924—last year the increase over 1923 was only
$139,320,000.
Gold imports last month were again very small,
amounting to only $4,861,736, but the exports of the
metal were even smaller, being only $2,135,690. For
the eight months of the present calendar year gold
exports were $197,488,601, and imports $55,732,352,
the excess of exports being $141,756,249. For the
preceding four years, back to 1920, the balance of the
gold movement was On the import side of the account, imports exceeding export each year by a considerable amount. Silver imports continue at about
the usual monthly average, last month amounting to
$7,273,298, while exports were $8,284,991.
SEPT.19 1925.]
THE CHRONICLE
A long step forward in the getting of a security
agreement between Germany and the Allies appears
to have been taken when it was decided by the latter
to notify the former that the "Allied Powers were
ready to hold the long discussed meeting" for that
purpose. A note signed by M. Briand, French Foreign Minister, was dispatched to Berlin on the afternoon of Sept. 11. The representative in the German
capital of the New York "Times" cabled that evening that "in diplomatic circles there is a report tonight that Foreign Minister Stresemann will go to
Lausanne within the next few days for a confidential conversation with M. Briand about the security
compact. Confirmation of this cannot be obtained in
German official quarters owing to Stresemann's absence from Berlin." According to a special wireless
message from London to the New York "Times,"
also on Sept. 11,"the Allied Powers have tentatively
agreed upon arrangements which will overcome the
greatest stumbling block in the way of the proposed
security pact—Germany's fears regarding passage
of the French troops through German territory in
the event of a German-Polish war. This was learned
in most authoritative British circles to-day." M.
Briand, before leaving Geneva for Paris on Sept. 12,
was quoted by "The Sun" correspondent as stating
that "the invitation suggested next month as the
time in which the conference should be held, but
fixed no definite plan and no place." Commenting
upon the proposed conference, the French Foreign
Minister was also quoted as saying: "Germany will
find in the approaching conference, perhaps for the
first time, the old atmosphere of distrust replaced
by a sane appreciation of the fact that the Reich is
as much interested as any one in building the ramparts of security around the citadel of peace. France
desires nothing better than to live on terms of good
neighborhood with Germany, and recognizes that it
is essential that Germany be admitted to a proper
share in the world's affairs, the Foreign Minister
said." He was said to have added,"all she has to do
to obtain it is to give proofs of good-will and sincerity of intention and tread the paths of conciliation and co-operation in Europe."
1381
the Ruhr. It is expected that the Cabinet will decide
in favor of such a conference, and that this decision
will then be submitted to the Foreign Affairs Committee of the Reichstag and the Premiers of the Federated German States. Consequently, this journal
says, the conference may be expected to begin about
Oct. 5. Official denial was made to-day that officials of the German Foreign Office have had conversations in regard to the security compact in Paris or
any other capital."
It became known here on Sept. 16 that "M. Briand's newest message to the German Government
was handed to Foreign Minister Stresemann by the
French Ambassador the day before." The communication proved to be brief, "which in substance
simply repeated the Allies' previous invitation to a
conference on the security compact without naming
a date or place." The text was issued for publication Thursday morning. It developed that the invitation calls for the sending of "representatives to 'a
conference of Ministers'for the discussion of the proposed security pact." It was added that "the invitation was oral and confirmed a written but unsigned
memorandum declaring that the time for direct negotiation has arrived and proposing the end of September or the beginning of October as a suitable time
for the conference."
The New York "Herald Tribune" correspondent in
Berlin stated that "Monday the Cabinet meets to
formulate Germany's reply. The reply will not be
sent until the text is approved by the Foreign Relations Committee of the Reichstag and the Premiers
of the German States, who will be summoned to Berlin for a conference with the Cabinet. This program
should be completed by the end of next week, when
the Nationalists will have decided just where they
stand on the pact question." According to a special
cable message from the German capital dated Sept.
16 to the New York "Times" the next day,"Foreign
Minister Stresemann will urge the German Cabinet
at its sitting next Monday to propose in the German
reply to the Allies' invitation Oct. 5 as the date and
Lucerne as the place of the security conference.
Whether Chancellor Luther and his colleagues, parWord came from Berlin on the evening of Sept. 12 ticularly the Nationalist Ministers, will concur in
through a special cablegram to the New York Dr. Stresemann's suggestion remains to be seen."
"Times," that "Foreign Minister Stresemann returned to his office to-day after a fortnight's vacaThe Spanish delegation at the League of Nations
tion and plunged into preparations for the security Assembly in Geneva, on Sept. 12, introduced a resocompact conference. He issued an emphatic denial lution,"with the approval of the French, and consent
of reports current here and published in the Nation- of the English," which the Geneva correspondent of
alist press in the form of dispatches from Geneva the New York "Times" interpreted as indicating that
that he contemplated conferring privately with M. there would not be a world disarmament conference
Briand. He also let it be known that under no cir- within the next 12 months. He cabled on Sept. 12
cumstance would be meet the Allied statesmen save that "there is not going to be any League disarmain company with Chancellor Luther and at least one ment conference in the next twelve months and probother member of the Cabinet."
ably there will not be any other disarmament conferIn an Associated Press dispatch from the same ence in that time. Which is one way of saying that
centre the next day the plans of the German Govern- if President Coolidge calls a disarmament conferment relative to the security conference were out- ence within the next year the League members will
lined in part as follows: "The German Cabinet will find reasons for not accepting the invitation, and it
not meet to discuss the Allies' invitation to a confer- will not be much use of having a limitation of arms
ence on the proposed security compact before Sept. conference not attended by League members." He
20, according to the al'aegliche Rundscbau,' consid- also asserted that "the League has centred on the
ered the organ of Foreign Minister Stresemann. formula of security before disarmament. Last year's
This newspaper says that the Cabinet will meet security efforts of the Assembly, notably the Geneva
again after President von Hindenburg and Chan- protocol, having failed, it is evident that the new
cellor Luther have returned from the festivities in security plan of regional compacts will not yield sethe Rhineland celebrating the Allied evacuation of curity before next September, and when the League's
1382
THE CHRONICLE
efforts shall have brought the reputed essential degree of security. Indications here are that the
League of Nations will not go across the Atlantic to
give Washington the credit of limitation of armaments, but will have their conference under the auspices of the League." Continuing, the correspondent declared that "talks in the League Assembly
with delegates from many nations reveal an absolute
lack of desire that President Coolidge shall call a
conference, and indeed reveal the hope that he will
not do so. The moral gap between America and
Europe has widened a good deal since the Washington conference and besides, America has not got the
bait to offer which she had in the proposal not to exercise her power of building the biggest navy in the
world. In short, the proposal that America should
call a disarmament conference leaves the League
members cold. Whether away from the atmosphere
of Geneva they might feel different is something else,
but it does not appear likely."
China was conspicuous in Monday's session of the
Assembly. The New York "Times" representative
cabled that "China to-day presented in the Assembly
of the League of Nations a resolution which will
draw the moral mantle of the League over the customs conference between the Powers and Pekin, to be
held Oct. 26 under the Washington Treaty. The
resolution, it is understood, has already been approved by Britain, France and Japan, and unquestionably will be adopted by the Assembly." The correspondent added that "it follows up the eloquent
plea made last week by the chief Chinese delegate for
the moral assistance of the League members in
China's struggle to free herself from the customs
and extra-territorial laws, which she asserts are responsible for her internal chaos. It reads: 'The
Assembly, having heard with deep interest the Chinese delegate's suggestion regarding the applicability of Article 19 of the Covenant of the League to
existing conditions in China, and having learned
with satisfaction that a conference of the interested
States will soon take place in China to consider the
questions involved, expresses the hope that a satisfactory solution may be reached at an early date.'"
For some little time cable dispatches from several
European centres have indicated that Austria was
rebelling more or less against the supervision of its
affairs by the League of Nations. In a special Vienna cable dispatch to the New York "Times" on
Sept. 14 it was stated that, "with all proposals to
insure Austria's independent economic existence
thwarted by the League Finance Committee at Geneva, the Austrian press speaks of a great strengthening sentiment for union with Germany. It is
pointed out that the League has turned down just
those measures which the English and American
press had advocated as an alternative to union."
The message further stated that "the standing committee of the Austrian Parliament meets next Friday and there are predictions on all sides that the
Social Democrats will vote against the budget and
thus prevent its passing. As not only the GrossDeutsche Deputies, but also a number of Christian
Socialists are expected to vote against accepting the.
Geneva terms, it is not likely these will be defeated.
Thereupon the original Seipel agreement with the
League will be reverted to and the League asked to
decjde at its next meeting whether Austria can do
[VO4 121,
without control. Even Foreign Minister Mataja,
who is a great enemy of union with Germany, and
had staked his hopes on the League experts' report,
now does not mince words in expressing his disappointment. In an interview printed in the ‘Tageblatt,' Herr Mataja denounces the League condition
about renewal of control as both meaningless and
undignified. He says the League is a political and
not a scientific body and suggests that there is not
much sense in getting up elaborate economic inquiries if they are not followed by appropriate action. 'Unless the League thought it could follow up
the experts'inquiry with practical measures it'would
have been better not to arouse expectations,' Herr
Mataja say's."
Evidently even some of the nations that are members of the League of Nations do not believe that it
can settle all international disputes. In a special
Geneva cablegram to the New York "Times" on
Sept. 16 it was stated that "the Danish proposal to
establish in connection with the Permanent Court of
International Justice a conciliation court through'
which all disputes between nations would have to
pass was definitely shelved to-day by the Judicial
Committee of the League of Nations Assembly, after
it had been opposed by the British, Brazilians,
Dutch and French, all of whom agreed that the juridical character of the Permanent Court must be
maintained if its value was not to be destroyed."
The correspondent added that "Sir Cecil Hurst, for
Great Britain, said a sharp distinction must be
drawn between the duties of judges and conciliators.
The present court was organized to deal with disputes of a purely justiciable character. If a conciliation court were established the impression might go
about the world that it was a body able to deal with
political disputes. This would be disastrous from
the point of view of the court's reputation and might
even encourage the court to deal with questions
which were beyond its competence. The establishment of a conciliation court was not a matter on
which judges could be consulted, as their opinions
could only be personal."
The day before, however, "a resolution looking to
the convocation of an international economic conference was introduced in the Assembly of the League
of Nations by Louis Loucheur, speaking for France."
It was added in an Associated Press dispatch that
"the French resolution states that the League Assembly, resolved to try every method to promote peace
and convince that economic peace will contribute
largely to the general security, invites the League
Council to appoint a committee to prepare for a conference, with the collaboration of the League's technical organization and the International Labor Bureau, to study 'the economic differences standing in
the way of a restoration of general prosperity and
the best methods of surmounting those difficulties
and avoiding disputes.' M. Loucheur declared the
conference did not necessarily have to be a large one
or have to result in drawing up a series of draft
conventions; it might simply lay down a number of
general principles."
In Geneva dispatches yesterday morning there
were further indications that the European Powers
would oppose the holding of a world disarmament
conference within the next twelve months. The New
York "Times" representative said that, "having sue-
SEPT. 19 1925.]
T-FrE CHRONICLE
cesssfully opposed the Geneva protocol, the British
Government began this morning in the Disarmament
Commission of the League Assembly a fight for delay in acting on a resolution in favor of beginning at
'once the technical preparation for another disarmament conference, proposed by the Dutch and Hungarian delegates, which was a resurrection of the
protocol's essential points. Britain would leave the
commencement of the necessary preliminary technical study to the discretion of the Council. She
has one of ten votes in the Council, whereas in the
Assembly there are forty-eight nations who might
take issue with her."
Apparently Great Britain is not taking this position single-handed. According to an Associated
Press dispatch from Geneva last evening, "Italy and
'Australia to-day backed Great Britain's opposition
to the immediate creation of a special League of Nations organization to prepare for a general disarmament conference." It was added that "their spokesmen, addressing the committee on disarmament of
the League Assembly, held that such preparations
should not be inaugurated until security is attained."
The Mosul situation has had a threatening aspect
all week, as it had last week. In a special Geneva
dispatch to the New York "Times" on Sept. 15,it was
stated that "the British Government to-day made
formal complaint to the Council of the League of
Nations that Angora is breaking the Brussels 'agreement regarding the status quo in the disputed Mosul
territory, which both parties are pledged to observe
till the Council's decision on the disposition of Mosul is rendered." It was added that "the protest says
in part that Turkish soldiers surrounded the Christian village of Baijo on Sept. 8 and removed the inhabitants to Keroar, while another force surrounded
the Christian monastery at Zarawak. One hundred
and twenty Christians who escaped this attack fled
into Iraq territory. On the 10th of September 260
Christians arrived at Zakho, in Iraq territory, in a
terrible state of destitution, declaring that the Turks
were deporting all Goyan Christians, to the number
of 8,000, to Bashkala. The British protest points
out that it was such action on the part of Turkey
which last year forced Great Britain to appeal to the
League Council and which resulted in the conference
at Brussels." On the other hand, "Tewfik Bey,
Turkish Minister at Berne and Deputy Chief of the
Turkigh delegation pleading the Mosul question before the League Council, declared this morning
[Sept. 15] that the British charges could not be true,
as there have been no Christians in the territory in
question for a year. Just a year ago, he said, Turkish troops entered the territory to punish the persons who had kidnapped the Turkish Governor. All
the Christians fled before the Turkish troops and
none returned. The British charges were simply an
answer to the Turkish demand for a security compact."
Apparently the League took a firm stand on the
Mosul situation. The New York "Times" representative at Geneva cabled on Sept. 16 that "it is understood from well-informed sources that the Council of
the League this morning, in transmitting to Angora
the text of the British complaint of yesterday,
pointed out to the Turkish Government the engagement which it had taken to observe the status quo in
this territory pending the CounciPs decision and
warning that the moral disapproval of the world
1383
would fall on a country breaking such engagement."
He added that "on the Turkish side this afternoon
Tewfik Bey issued a voluminous statement aimed at
refuting British charges of oppression of Christians
in the territory between the 'Brussels line' and the,
frontier claimed by Britain in Iraq. His principal
assertion is that all Christians fled from this territory long ago and never returned." The next day,
Sept. 17, "the British Government submitted to the
Council of the League of Nations two telegrams from
Christian priests of the Goyan district, forwarded
by the British High Commissioner in Iraq, and reporting the wholesale shifting of the Christian population in the disputed territory which is in the hands
of the Turks. One telegram states that all the Christians of Goyan were driven off to Bashkala by armed
soldiers, and the second message asks the protection
of the League of Nations." It was added that "the
Turks to-night answered the charge by persisting in
their declarations that all Christians left the territory a year ago. The correspondent of the Agence
d'Anatolie to-night issued a categoric denial on behalf of the Angora Government of the British charges
of yesterday."
Further definite steps have been taken relative to
the forthcoming negotiations between France and the
United States over the former's war debt to this
country. On Tuesday tlm French Cabinet "unanimously voted Finance Minister Joseph Caillaux full
power to negotiate a plan of settlement of France's
war debt to the United States." At a luncheon of
British and American journalists the same day he
was quoted as saying,"I am going on a hard mission,
but I am going to deal with gentlemen and I am going to make them a gentleman's proposition." The
following day he "left for the United States on his
debt-funding mission, taking the boat train for
Havre at 3.35 p. m." According to an Associated
Press dispatch from Paris the same day,"simultaneously with his departure it was announced that Premier Painleve and his Cabinet would stand or fall
upon the result of the Washington negotiations.
They were quite conscious of that hazard, it was
stated, when they voted yesterday to give M. Caillaux
full powers to negotiate." It was also suggested
that "the present French Government may be said
to be erected upon a tripod—Painleve, Briand and
Caillaux—and if one leg gives way, the structure
will collapse." •
Announcement was made in the dispatch that
"prior to his departure the Finance Minister gave
am leaving for
out a printed statement reading:
America, not with the intention of repeating to the
Americans the phrase they have so often heard—
"France will not repudiate her debt." I am going
there for the purpose of telling them "France is
ready to settle." I am leaving with the conviction
that our friends across the Atlantic are kind-hearted
enough and good enough business men to accept an
equitable settlement. Under these conditions I have
the sincerest hope for a success which cannot fail to
strengthen the credit of France, at the same time giving the United States another opportunity to show
the traditional Anglo-Saxon spirit of fair play. I
shall be unable to make a tour of the United States
as I should have wished, but in this case it is business before pleasure, and it is on business and not
pleasure that I am leaving.'" It was added that
"M. Caillaux and the members of his mission were
1384
THE CHRONICLE
[VOL 121
cheered at the station by all the other members of withheld, as was the case during the preliminary nethe Cabinet, except Premier Painleve and Foreign gotiations over a settlement of the Belgian debt."
Minister Briand, who were unavoidably absent." The
Paris representative of the New York "Times" said
The negotiations at Washington next month with
that "M. Caillaux expects to be back on Oct. 4."
respect to Italy's war debt to the United States,from
the Italian point of view, were outlined in part as
In a dispatch the following day the same corre- follows in an Associated Press dispatch from the
spondent made the following rather striking obser- Italian capital on Sept. 15: "The American Ambasvations about the Finance Minister and his mission sador, Henry P. Fletcher, was received to-day by
to the United States: "Joseph Caillaux, France's Premier Mussolini, dined with Finance Minister
spectacular Finance Minister, sailed for America to- Count Volpi and had long conversations with both
day at the head of a mission of eleven to arrange for in preparation for his departure aboard the steamer
the payment of the French debt to the United States. `Duilio' from Naples on Thursday for a vacation.
He is the man who in 1917 tried to halt the war be- The conversation dealt chiefly with the Italy war
fore France had borrowed from America the billions debt to the United States, and Mr. Fletcher expressed
for which he now goes to settle—and almost got shot conviction that the question would be settled satisfor it. Was there any cynicisfa in the farewell smile factorily to both countries. He has chosen to take
of this dapper little man as his train pulled out of his vacation at this time so as to be in the United
Gare St. Lazare? Has his return to power enabled States before and during the sojourn there of the
him to learn from the Government's files the answer Italian Debt Commission, thus being available to
to the mooted question of whether Washington with President Coolidge, Secretary Mellon and the AmeriLondon insisted on his arrest and imprisonment can Debt Funding Commission for any explanations
eight years ago? Think what you like of M. Cail- desired. Count Volpi expects to arrive in the United
laux. Call him a traitor, as do his foes, or a genius, States between Oct. 22 and 25, by which time he beas do his friends, you must be interested in his per- lieves the American negotiations with the French
sonality, the tragedy of his life, his political recov- will have been concluded, since Finance Minister
ery and his hopes for his country. The man who goes Caillaux must return to Paris for the reopening of
to-day on a mission momentous not only for his coun- the French Chamber of Deputies. The Italian Fitry, but necessarily and unescapably for America as nance Minister is convinced that he will be able to
well, lay in jail as Pershing's doughboys held back reach an agreement with the Americans. He wants
from the French capital the German troops, so close to assure them that he will not attempt any Machiathat the booming of their guns roared dully through vellian methods, but, as a business man, will go
the grating of his narrow windows. Some say his straight to the core of the problem. Ambassador
country has forgiven; others say France has admit- Fletcher is leaving with an optimistic view of the
ted her mistake. Anyhow, his country sent him to- Italian situation, both at home and abroad, and the
day on this all-important job."
belief that after the war debt is settled Italy and the
In dispatches from both Washington and Paris it United States will enjoy closer and friendlier interhas been intimated that liberal terms would be of- course."
fered the French when the negotiations actually were
taken up. In a special Paris cablegram to the New
The French have been conducting a more aggresYork "Evening Post" on Sept. 17 it was stated that sive campaign in Morocco for some little time. Just
"even inside of French financial circles runs with recently the results appear to have been more derapid current the report that Caillaux sails knowing cisive. For instance, on Sept. 12, a special cable
the full extent of the awaiting generous attitude of dispatch from Fez to the New York "Times" stated
the American Debt Commission, revealed to him in that the French were pressing on and that the Moors
cabled messages from Washington,for it is known he were in flight. Paris heard at the same time that
has been in direct communication with Secretary of 500 square kilometres of Moroccan territory had
the Treasury Mellon." Announcement was made in been recovered by the French in three days. The disWashington the same day that "Acting Secretary patches from several points recently have indicated
Winston of the Treasury, the Secretary of the Amer- that the Spanish forces were co-operating actively
ican Debt Commission, issued a call to-day for a with those of the French Government in the Morocpreliminary meeting of the American Commission at can campaign. According to a United Press dis10 o'clock next Thursday morning, by which time patch from Paris on Sept. 14, "Spanish forces for
the French mission will have arrived." The French several days fighting a desperate action against the
Commission is expected to arrive in Washington Riffians in the Tetuan zone were reported to-day to
next Wednesday, Sept. 23, and will be met in New have inflicted a summary defeat upon their foes."
York by Acting Secretary of the Treasury Winston,
As the week drew to a close the cable advices from
the American Ambassador, Myron T. Herrick, and Fez and Paris seemed to show that the joint forces
the French Ambassador, M. Daeschner.
of the French and Spanish were gaining additional
In a special Washington dispatch to the New York victories, but that the Riffians were making a stub"Times" yesterday morning it was stated that "the born fight. The reported strength of the French
American Commission will seek payment in full of position was outlined in part as follows in an Assothe principal of the $4,000,000,000 debt, but indica- ciated Press dispatch from Fez last evening: "The
tions here are that there will be concessions in inter- French are now said to hold most of the important
est payments and probably provisions which will strategical positions on the northern battle front.
permit a delay where heavy payments are concerned It was said in military circles to-day that thanks to
until France has had further time to reorganize her Marshal Petain's carefully matured plans, this result
internal affairs." It was suggested, "but just how has been achieved with a minimum of losses. In the
the American Commission hopes to work this out to capture of the Bibane Ridge, one of the strongest
the satisfaction of the French Commission is being positions of the Riffians, the French are declared
SEPT. 19 1925.]
TEA CHRONICLE
to have had only about thirty men put out of action." Announcement came from Paris on Sept.
15 that "M.Painleve, as the Premier and War Minister, has telegraphed Marshal Petain the Government's congratulations and gratitude for the important successes gained during the preliminary operations against Abd-el-Krim's Riffian rebels."
1385
good editors from among the young intelligentsia.
Of 600 Socialist Deputies in the Reichstag and the
Provincial Palriaments, only 10% belong to professions, the others being workers."
Various incidents and formal acts at the recently
held Scarborough Trade Union Congress in England
have indicated the growing aggressiveness on the
Quite naturally a favorable impression with re- part of the radical element in organized labor cirspect to industrial and financial conditions in Ger- cles in Great Britain. On Sept. 11 the London repmany was created in this country by the announce- resentative of the New York "Times" cabled that
ment from Berlin recently that Charles E. Mitchell, "a long step forward was taken yesterday in the camPresident of the National City Bank, who has been paign directed largely from Moscow, to 'Bolshevize'
traveling in Europe for some weeks, had agreed to British organized labor and to use it to help carry
take a block of German bonds for that institution out plans for a world revolution." He added: "That
and others making up a syndicate. Through more is the consensus of opinion even in calm conservative
detailed cable advices a little later it became known circles to-night concerning yesterday's dramatic acthat the issue was for $25,000,000 and it was made tion by the Scarborough Trades Union Congress in
by the Central Bank for Agriculture, "which has adopting a resolution authorizing the Trade Union's
been organized under the name of the Deutsche Ren- General Council to do everything in its power to
tenbank-Kreditanstalt Landwirtscheftliche Zentral- secure the world-wide unity of the trade unions movebank." The bonds were offered to the public on ment through an all-inclusive federation." ContinuWednesday, as noted at the beginning of this article, ing to comment on this situation, the "Times" repreby the National City Co., Harris, Forbes & Co. and sentative said: "Moreover, the Scarborough ConLee, Higginson & Co. It was explained in the offi- gress also have riveted general attention on itself tocial announcement that "the 'Central Bank for Agri- day by adopting a resolution this afternoon conculture' (Deutsche Rentenbank-Kreditanstalt) has demning the Dawes Plan as a 'capitalistic scheme
been organized to act as a central bank for the exist- for enslaving German labor.' It is expressly stipuing agricultural credit organizations, some of which lated in the first named resolution that Russian
have been in operation more than one hundred years, trade unions are to be included in this federation.
and through these organizations it will utilize its Twenty-four hours having elapsed since yesterday's
own resources, and loans obtained at home or abroad, vote at Scarborough, it is beginning to be realized
in granting credits for the promotion of agricultural here only too clearly that British organized labor
production in all its branches. The creation of an has been maneuvered into a position whence it may
institution to remedy the existing deficiency in work- be the most dangerous opponent of the Amsterdam
ing capital of German agriculture was suggested by Trade Unions Federation, which is an avowed opthe organization committee appointed under the ponent of the Bolsheviki. Amsterdam stands for reDawes Plan to recommend detailed provisions with form. Moscow stands for revolution."
respect to Germany's new bank of issue and curStill another radical step was taken by the Conrency." The bankers announced shortly after the gress the following day. The Associated Press corformal opening of the subscription books that all the respondent at Scarborough cabled that "the British
bonds had been taken. Cable advices from Berlin Trades Union Congress at its closing session to-day
stated that the successful offering of the loan in the adopted a resolution pledging opposition to imperialUnited States "had a reassuring effect upon the ism and supporting 'the right of all peoples in the
Boerse."
British Empire to self-determination, including the
right to choose complete separation from the EmSocialism in Germany is on the wane, according pire.'" He noted that "the card vote on the resolu- •
to a special Berlin dispatch to the New York "Eve- tion was 3,082,000 to 79,000." London advices toning Post." The correspondent declared that "the ward the end of the week indicated that the Baldwin
annual congress of the German Social Democratic Ministry might be called upon to make a fight for
Party, being held at Heidelberg, to-day finds the its continuance because of various unsatisfactory
party which made the Republican revolution and in features of the situation in Great Britain, and re1918 had the decisive position in the country weaker newed activity on the part of political opponents.
in influence than at any time since the war." ConThe growing strength, as well as aggressiveness
tinuing he said: "Although still the strongest party of the Labor Party appeared to be demonstrated by
numerically in the country, in the last year it has the following excerpt from a special London dislost 100,000 members and gained only 5,000, mostly patch to "The Sun" last evening: "In wresting a
women. Particularly significant is the fact that seat in the Southport by-election yesterday from the
Socialism fails utterly as a program appealing to Tories, Labor has scored a victory over the Baldwin
youth. 'Whereas before the war and in the early Government which to-day aroused the keenest condays of the republic German university students cern of Tory Party chieftains, for the Conservative
flocked to the Socialist banner, to-day the 'Young candidate made his appeal to the electorate on the
Socialist' organization has only 4,000 members, success so far with which the Government has conwhereas the Catholic Youth movement has 50,000, ducted the nation's affairs." It was explained that
*the United Right and Radical movement probably "A. E. Townend, Socialist railway clerk, who was
100,000. and the Communists 50,000." He likewise defeated by the late W. Greenwood, Conservative, at
added that "the party is still rich. German workers the general election by 6,071, yesterday defeated T.
contributed to the party funds last year more than Eastham, a clever and able candidate of the Tories,
$2,000,000 and expended $800,000 in the elections. It by 2,327, representing a turn-over in Labor's favor
owns 142 newspapers, but finds it difficult to get of more than 8,000 votes. Lloyd George, who had
1386
[Vor. 121. •
THE CHRONICLE
stumped for Fildes, the Liberal candidate, nearly with comparisons of the different items of the Bank
brought off second place for the Liberals, who also of England returns for a series of years:
gained heavily at the Tories' expense."
BANK OF ENGLAND'S FINANCIAL STATEMENT.
1925.
Sept. 16.
A feature of the British trade statement for August was a substantial decrease in imports, compared
both with July of this year and with August of last
year. In the former instance it was £7,014,000 and
in the latter £10,466,000. There was a decrease in
exports also, but it was not strikingly large; they
were £1,682,000 less than for the previous month
and only £338,000 less than for the corresponding month a year ago. The excess of imports declined £5,332,000 from July of this year and £9,728,000 from August 1924. The following are the principal figures for August and the first eight months
of this year, compared with the corresponding periods of last year:
1924.
Sept. 17.
b143,528,000 124,099,235
Circulation
Public deposits
17,449,000 10,379,643
Other deposits
111,039,000 111,696,713
Govt. securities_ 38,013,000 41,988,443
Other securities__
71,445,000 74,273,285
Reserve notes & coin 37,286,000 24,077,552
Coin and bulllon_a161,063,686 138,426,787
Proportion of reserve
29%
to liabilities
1934%
Bank rate
434%4%
1923.
Sept. 19.
1922.
Sept. 20.
1921.
Sept. 21.
123,383,615
18,085,594
104,509,754
45,063,548
71.780,450
24.015,081
127.648,696
121,490,640
15,786,053
108.534,592
44,547,645
73,593.972
24,388.171
127.426,811
124,406,495
13,960,111
115,203,773
39,690.329
85.120.154
22,460.802
128.417.297
1994%
4%
19.61%
3%
17.39%
534%
In this week's statement of the Bank of France
the gold item continues to show a small gain, namely
340,125 francs. Total gold holdings now aggregate
5,547,243,700 francs, as against 5,544,021,641 francs
for the corresponding date last year and 5,538,250,457
francs the year before. Of the foregoing amounts
held abroad in both
--Month of August-- —Jan. I to Aug. 31- 1,864,320,907 francs were
1924.
1925.
1924.
1925.
and 1,864,344,927 francs in 1923.
1925
and
1924
Exports, British goods
£61,030,000 £66,288,294 £518,515,530 £526,038,385
Re-exports, foreign goods
13,490,000 8,970.029 102,315,317 93,E72,789 Following the large expansion of last week, note
circulation fell 72,338,000 francs the. present week.
Total exports'
£74,520,000 £75,258,323 £620,830,858 £619,309.174
Imports
91.730.000 102,198.492 867.939,426 808,558.483 This brings note circulation down to 45,613,610,000
Excess of imports
E17,210,000 £26,938.169 £247,108,570 £189,247.309 francs as against 40,244,483,675 francs in 1924 and
37,607,071,035 francs in 1923. During the week
increased 84,000 francs. On the other hand,
silver
No changes were noted in official discount rates,
fell off 17,535,000 francs. General
bills
discounted
at leading European centres this week from 9% in
49,820,000 francs, Treasury dedecreased
deposits
Berlin; 7% in Italy; 6% in Paris; 51/
2% in Belfrancs, and advances fell
8,308,000
declined
posits
gium, Denmark and Norway; 5% in Madrid and
of the various
francs.
Comparisons
of
35,082,000
2% in London and 4% in Holland and
Sweden; 41/
with
of last
the
statement
return
Switzerland. In London the open market discount items in this week's
1924
both
in
dates
corresponding
with
rates were slightly easier at 3 9-16@35
8% for short week and
/
follows:
as
and
are
1923
bills, compared with 313-16% a week ago and three
BANK OF FRANCE'S COMPARATIVE STATEMENT.
months' bills at 35
8%, against 37
/
/
8% last week.
Status as of
Changes
Money on call at the British centre likewise disSept. 171925. Sept. 18 1924. Sept. 201923.
for Week.
Francs.
Francs.
Francs.
Francs.
Holdings—
played a tendency toward lower levels and closed at InGold
340,125 3,682,922,793 3,679,700,733 3,673,905,529
Inc.
France
1,864.344,927
1,864,320,907 1,864,320,907
Unchanged
8% a week earlier. In Paris the Abroad
2% against 31/
21/
open market discount rate dropped to 5%, against Total
340,125 5,547,243,700 5,544,021,641 5,538,250,457
Inc.
294,750,611
309.506,000
301,099,091
84,000
Inc.
4% last week, while in Switzerland it was 2%,the Silver
1
5/
Bills discounted_ _ _Dec. 17,535,000 4,337,103,600 3,887,748,772 2,371,513,209
2,115,767,221
35,082,000
2.863,809,000
2,779,819,720
Dec.
Advances
same as a week ago.
Another reduction in gold holdings, this time of
£314,078, was indicated by the Bank of England in
its statement for the week ending Sept. 16. As note
circulation, however, was brought down £669,000,
• there was an addition to reserve of £354,000, while
the proportion of reserve to liabilities advanced to
29.00%, as against 28.63% a week ago. In the corresponding week of 1924 the reserve ratio stood at
8%.Public deposits
/
19.75% and a year earlier at 195
again expanded, £4,217,000, but "other" deposits fell
off £4,732,000. Loans on Government securities increased £103,000. As to loans on other securities, a
reduction of £986,000 was shown. The Bank's stock
of gold now amounts to £161,063,686, as against
£128,426,787 last year (before the transfer to the
Bank of England of the £27,000,000 formerly held by
the Redemption Account of the Currency Note issue)
and £127,648,696 in 1923. Reserve totals £37,286,000, which compares with £24,077,552 last year and
£24,015,081 in 1923. Note circulation aggregates
£143,526,000, against £124,099,235 in 1924 and £123,383,615 the year preceding. The loan total is £71,445,000, which compares with £74,273,265 a year
ago and £71,780,450 the year before that. No change
has been made in the Bank's official discount rate
2%. Clearings through the London banks for
from 41/
the week were £686,902,000, against £658,225,000 last
week and £675,016,000 a year ago. We append here-
Note circulation..Doc. 72,338,000 45,813,610,000 40,244,483,675 37.607.071,035
18,181,593
14,202,881
20,056,000
Treasury deposlts_Dec. 8,308,000
General deposits_ _Dec. 49,820,000 2,166,907,000 1,746,085,350 1,877,467,482
The Imperial Bank of Germany, in its statement,
issued as of Sept. 7, reported a cut in note circulation of 35,276,000 marks, although in other maturing
obligations there was an increase of 744,000 marks
and in other liabilities of 19,961,000 marks. As to
the Bank's assets, holdings of bills of exchange and
checks decreased 64,464,000 marks and advances 18,858,000 marks. Reserve in foreign currencies declined 5,655,000 marks. Deposits held abroad, however, increased 5,642,000 and silver and other coins
38,000 marks. Increases were likewise shown in
notes of other banks, 7,549,000 marks, investments
46,000 marks and other assets 61,088,000 marks. A
further gain of 5,685,000 marks was noted in gold
and bullion stocks, which brought the grand total up
to 1,144,046,000 marks, as compared with 528,110,000 marks a year ago and 489,895,000 marks in 1923.
Note circulation outstanding aggregates 2,559,286,000 marks. The figures here given are expressed in
rentenmarks—one rentenmark being the equivalent
of a trillion paper marks.
Striking changes, in sharp contrast with those of
the preceding week, were shown in the reports of the
Federal Reserve banks, issued on Thursday afternoon. Chief among these were heavy declines in re-
SEPT. 19 1925.]
THE CHRONICLE
discounts, both locally and nationally. At New
York a gain in gold, $38,500,000, was shown. For
the System gold reserves increased $2,000,000. Rediscounting of paper secured by Government obligations for the banks as a group declined $136,200,000
and secured by other bills, $15,000,000, so that total
bills discounted fell off $151,200,000. Holdings of
bills bought in the open market decreased $2,200,000.
There was an increase of $82,000,000 in the holdings
of Government securities, occasioned entirely by the
fact that $89,000,000 of temporary certificates were
issued by the United States Treasury to the Federal
Reserve Bank of New York and $5,000,000 to three
other Reserve banks pending the collection of the
quarterly installment of the Federal income taxes.
Total earning assets fell off $71,100,000 and deposits
$14,300,000. The falling off in rediscounts at New
York by itself was no less noteworthy. In all classes
of bills there was a shrinkage of $144,000,000. Open
market purchases decreased $10,200,000. 'Total earning assets fell off $69,200,000, while deposits decreased $11,400,000. Federal Reserve notes in actual circulation revealed only comparatively minor
changes, declining $2,800,000 for the System as a
whole but increasing $1,000,000 at New York. Member bank reserve accounts expanded $2,000,000 nationally, but declined $12,500,000 locally. As to the
reserve ratios, that at New YOrk advanced 3.6%, to
78.7%, in response to gold expansion and reduced
deposits. For the System, however, there was only
a minor increase of 0.3%, to 73.7%.
Laast Saturday's statement of New York Clearing
House banks and trust companies showed not only
elimination of the deficit in reserve of the prevous
week, but a surplus reserve of more than $9,000,000.
Loans fell off $14,816,000. Net demand deposits declined $10,120,000, to $4,328,468,000. This total is
exclusive of $3,612,000 in Government deposits. Time
deposits decreased to $575,618,000, a loss for the
week of $561,000. Cash in own vaults of members of
the Federal Reserve Bank expanded $2,463,000, to
$47,581,000, but this is not counted as reserve. State
bank and trust company reserves in own vaults increased $410,000, but reserves kept in other depositories fell $804,000. Member banks added to their
reserves at the Federal Reserve institution the sum
of $27,555,000, which together with the contraction
in deposits brought about a gain in reserve of $28,501,800; and this after wiping out the deficit of $18,517,270 reported last week, left excess reserves of
$9,984,530. It should be noted that the figures.here
given for surplus are on the basis of 13% legal reserves for member banks of the Federal Reserve System, but not including $47,581,000 cash in vault held
by these member banks on Saturday last.
1387
tary situation. That there was an abundance of
funds in the country seeking investment was fully
demonstrated by the fact that the subscriptions to
the offering of $250,000,000 United States Treasury
certificates, bearing only 314% interest, totaled at
least $568,000,000, and by the promptness which the
$25,000,000 bonds of the new agricultural bank of
Germany and the $50,000,000 Bell Telephone of
Pennsylvania bonds were taken. Although forecasts by the Federal Reserve Board and other organizations and individuals indicate increasing
trade during the autumn, rates for money continue
surprisingly easy. As the week closes reports are in
circulation of other large foreign loans soon.
Dealing with specific rates for money, call loans
this week covered a range of 332@5%, which compares with 43/2@5% last week Monday a flat
figure of 431% was quoted, this being the high, the
low and the ruling rate for the day. On Tuesday
renewals were again made at 43%, which was the
high; the low was 4%. Easier conditions prevailed
on Wednesday, when call funds renewed at 4%, with
4% and 4% the highest. There was a
the low 33
further decline on Thursday th 31A% low, 3%%
4% the renewal basis. On Friday rehigh and 33
newals were negotiated at the lowest point of the
although before the close a brief flurry
week, 3
carried the rate up to 5%. In time money the market was inactive and the undertone firm and a trifle
higher up till Friday (yesterday), when freer offerings
brought increased ease for the shorter maturities
and sixty and ninety days and four months were
ast week.
quoted at 43,1@43/2%, against 4
months'
money
remains
at
4
/
1
2
@4Vt%,
six
Five and
unchanged.
Commercia' paper has been fairly active with a
ready market reported for prime names. Most of the
inquiry continues to come from country banks. Four
to six months' names of choice character are quoted
at 4@43%, with the bulk of the business being
done at the outside figure. New England mill paper
and the shorter choice names continue to be dealt in
at 4%. Names less well known require 43@
the same as heretofore.
Banks' and bankers' acceptances remain at the
levels previously current. Trading has been quiet.
Interior institutions absorbed most of the offerings,
but the aggregate turnover was light. For call loans
against bankers' acceptances the posted rate of the
American Acceptance Council is now 3317
0, in
comparison with 3%% last week. The Acceptance
Council makes the discount rate on prime bankers'
acceptances eligible for purchase by the Federal
/
1% asked for bills
Reserve Banks 3%% bid and 31
running 30 days,3% bid and 3%% asked for bills
running 60 days, 3%% bid and 33'% asked for bills
running 90 and 120 days, and 3% bid and 34%
asked for bills running 150 and 180 days. Open
mallet quotations are as follows:
Even on the day before the mid-month disbursements money was easy in the New York market. The
very next day, after the big turnover of funds, rates
for call loans on the Stock Exchange were still
SPOT DELIVERY.
lower, while the following day the renewal quotation
90 Days.
60 Days.
90 Doys.
3%0334
bills
and
355(43%
33
4%
the
eligible
33@3
only
afternoon
was
loaning rate31/
2% Prime
FOR DELIVERY WITHIN THIRTY DAYS.
Yesterday, however, out-of-town funds were said
member banks
3% bid
to have been called to the extent of $20,000,- Eligible
3% bid
Eligible non-member banks
000 to $30,000,000 and call money here ad1
2% at the opening to 5%.
vanced from 3/
There have been no changes this week in Federal
Time money was again dull and unchanged. Aside Reserve Bank rates. The following is the schedule
from the operations on the 15th of the month there of rates now in effect for the various classes of paper
were 110 specially new features in the general mone- at the different Reserve banks:
[VOL 121.
THE CARONTC1LE
1388
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
SEPTEMBER 19 1925.
Payer Ma:wing—
After 90 After 6
but
Days, but
tilthla 9
Within
Mouths. Months
Within
90 Days.
FEDERAL RESERVE
BANK.
Com'rcial Secured
Apia & by U. 8. Bankers
Livestock Gorernm't Accey.
Paper. Obttga- lances,
n.eA.
lions.
Boston
3%
3%
34
New York
314
3%
Philadelphia_
314
34
Cleveland
33
4
Richmond
4
4
4
Atlanta
4
Chicago
4
4
4
St. Louis
4
Minneapolis
4
4
4
Kansas City
Dallas
4
4
34
San Francisco
34
• Including bankers' acceptances drawn for
by warehouse receipts. Ac.
Trade Aoricut.• Apices!
and
and
Amylances Livestock Livestock
Payer.
Payer.
3%
314
314
14
34
34
3%
4
4
4
4
4
4
4
4
4
4
4
4
4
4
34
34
an agricultural purpose and secured
3%
34
34
34
4
4
4
4
4
4
4
34
314
34
34
34
4
4
4
4
4
4
4
34
4 833/a. Cotton and grain for payment closed at
4 84 3-16.
For the first time in some weeks, gold was engaged
here for export. The Farmers Loan & Trust Co.
and the Chartered Bank of India, Australia & China
are shipping $400,000 each in gold coin to the Straits
Settlements, making one of the largest consignments
to leave the city in some time. The International
Acceptance Bank is also shipping gold coin to the
amount of $120,000 to India and the Straits. The
movement at this time is attributed to the "marriage
season" in the Malayan Peninsula.
As to the Continental exchanges, irregularity characterized operations, although price changes, with
one or two exceptions, were restricted to a few points
in
either direction. Tradirg showed an appreciable
exceptionally
Sterling exchange moved within
falling
off, locally speakirg, and the market was dull
fact
the
notwithstanding
narrow limits this week and
that a steady stream of cotton and grain bills was and uninteresting. Mixed movements and sporadic
reported, fully equal to the volume offered last week, activity were reported in Italian lire, which opened at
2 on renewed buying, but
demand bills at no time went below 4 84 5-16—the 4.08, advanced to 4 173/
again
a result o a fresh accession
off
as
slumped
later
low point established a week ago, until yesterday,
the earlier gain, declining
of
of
all
lost
and
offerings
when there was a further recession of %c. to 4 843.
the
close there was a rally
to
before
although
4.03,
incent
The high was 4 84%,and the range of % of a
situation
was appreciably
the
to
4.12.
However,
forthcoming
dicated that sufficient buying power was
felt
was
it
that the Govand
ago
week
a
than
quieter
the
prevent
to absorb the supply of bills on offer and
time
being
carried
out its prothe
for
had
ernment
a
of
was
Trading
market from becoming topheavy.
is
somewhat
opinion
as to
gram.
Banking
divided
still
interest
speculative
routine
with
character
dull,
lacking. As a matter of fact, there was absolutely the wisdom of the drastic methods resorted to, alnothing of importance in the week's developments, though it is conceded that a dargerous short interest
which so far as sterling is concerned were nil. Deal- was probably eliminated. It is claimed that Governers are apparently awaiting action of some sort be- ment intervention and regulation more often does
fore attempting to take on commitments. The harm than lasting good, since it tends to destroy conprobability of gold exports to New York seems to fidence and interferes with the regular course o' busihave diminished—if such were ever likely, which is ness. On the other hand, there are some who mainbeginning to be doubted, since in the event that the tain that conditions fully warranted the steps taken.
rate should recede to a point where it was profitable It will probably require continued improvement in
to bring the precious metal to New York, the British economic and financial conditions in Italy and favorauthorities would, it is believed, avail themselves of able trade balances to really stabilize the lira. French
francs received some attention, although the outlook
the credit arranged here for the Bank of England.
is regarded as too uncertain to warrant a resumption
of active trading. The week's range of quotations
exReferring to the day-to-day rates, sterling
was 4.68M@4.72%. Preliminary announcements
slightly
change on Saturday last was inactive at
the features of M. Caillaux's budget for
concerning
84%
4
lower levels; demand declined a fraction, to
as a depressing influence, since it means
1926
acted
days
sixty
(one rate), cable transfers to 4 84% and
to 4 813/
8. On Monday accumulated offerings of the securing of much additional revenue and the imcommercial bills caused weakness with a further position of still heavier taxes. Francs, however,
recession to 4 84 5-16@4 843
% for demand, to were accorded support and closed at an advance.
4 84 11-16@4 843
4 for cable transfers and to Reports of subscriptions to the new gold rentes
% for sixty days. Quiet firmness were disappointing and far below original expecta4 81 1-16@4 811
prevailed on Tuesday and quotations for demand tions.
On the other hand, military developments in the
were maintained at 4 84 5-16@4 84%, cable transcampaign have been favorable, while the
Moroccan
at
days
fers at 4 84 11-16@4 849 and sixty
a satisfactory adjustment of France's
for
outlook
dull
was
g.
/
811
1-16(0)4
4 81
Wednesday's market
United States in the course of the next
the
to
debts
of
offering
in
easier
slightly
tone
on
and
continued
cotton and grain bills; the range, however, was not few weeks, tended to create a better impression as
% for demand, regards French financial affairs, although local financhanged from 4 84 5-16 @ 4 843
484 11-16@4 84% for cable transfers and 4 81 1-16@ ciers continue to urge caution in dealing in francs,
1 for sixty days. Dulness characterized trading since it is felt that these many conflicting elements
4 81%
on Thursday and demand ruled all day at 4 84%, are sure to make for speculative maneuvering which
cable transfers at 4 84% and sixty days at 4 811%. may render it difficult to maintain present price
On Friday some irregularity developed with a slightly levels. Belgian francs remained at close to 4.39,
weaker trend; quoted rates were 4 843@4 84% for until Wednesday, when there was a drop to 4.3034
demand, 4 84%@4 84% for cable transfers and on heavy selling. This constituted the lowest point
% for sixty days. Closing quotations of the year. Later on the quotation moved back
4 81@4 811
were 4 811-16 for sixty days, 4 84 5-16 for demand to 4.42. German exchange remains nominal and
and 4 84 11-16 for cable transfers. Commercial sight unchanged, and the same is true of Austrian. Greek
bills finished at 4 84 3-16, sixty days at 4 80 9-16, currency was dull and heavy. In the minor Central
ninety days at 4 79 13-16, documents for payment European group, the only changes of moment were
(sixty days) at 4 80 13-16 and seven-day grain bills at those in Polish zloties which opened at 17.90, ad
•
SEPT. 19 19251
TRP rfi-Roisr-req,P,
vanced to 18.00, then dropped back to 17.50, all
without specific reasons to account therefor. Russian chervonetz continue in about the same position
as reichsmarks; quoted nominally at close to par5.15-but with whatever business is passing with
these countries transacted either in sterling or dollars.
The London check rate on Paris finished at 102.43,
against 103.24 on Friday of 'ast week. In New York
sight bills on the French centre closed at 4.723
%,
3 aglinst
against 4.683; cable transfers at 4.73,(,
4.693j; commercial sight bills at 4 71%, against
4.673, and commercial sixty days at 4.673,against
4.623
%. Closing rates on Antwerp francs were
4.40 for checks and 4.41 for cable transfers. Last
week the close was 4.3834 and 4.3934. Reichsmarks
finished the week at 23.81 for both checks and cable
remittances, the same as a week ago. Austrian
kronen closed at 0.001434, against 0.0014 3-16 last
week. Lire finished at 4.1034 for bankers' sight bills
and at 4.1134 for cable transfers, as against 4.0634
and 4.0734 the week preceding. Exchange on
Czechoslovakia closed at 2.96%, against 2.9634; on
Bucharest at 0.48 against 0.4932, and on Finland
at 2.53 (unchanged). Polish zloty finished at 17.60,
against 17.65 ast week. Greek exchange closed at
1.453/ for checks and at 1.46 for cable transfers. This
compares with 1.46 and 1.463/i the previous week.
Trading in the neutral exchanges, formerly so
called, also showed a general sowing down, although
considerable activity of a sporadic nature at intervals continued in both Norwegian and Danish currency, with occasional outbursts of buying and
selling in Spanish pesetas. In the early part of the
week a resumption of buying, both for loca and
foreign account, sent quotations for exchange on
Denmark up 30 points to 24.79; but the strength
was only temporary and subsequently the quotation ran off to 24.22, on profit taking, though recovering later in the week to 24.41. Norwegian krone
moved parallel, and advanced from 20.81 to 21.66,
slumped to 20.66, then rallied to 21.06. Pesetas
were in demand at the start and gained 15 points
from last week's close, touching 14.66 but thereafter
suffered reaction, main'y on unfavorable budget
developments in Spain, and declined by degrees to
14.34, but closed at 14.44. Dutch guilders remain
inactive, but steady, at around 40.17, while Swiss
francs ruled within a point or two of 19.30 on light
trading. Swedish exchange was inactive and finished slightly off.
Bankers' sight on Amsterdam finished at 40.18,
against 40.16, cable transfers at 40.20, against
40.183/2; commercial sight at 40.10, against 40.08,
and commercial sixty days at 39.74, against 39.72
last week. Swiss francs closed at 19.293
%for bankers'
sight bills and at 19.3094 for cable transfers. A week
ago the close was 19.30 and 19.31. Copenhagen
checks finished at 24.38 and cable transfers at
24.42, against 24.49 and 24.53. Checks on Sweden
closed at 26.76 and cable transfers at 26.80, against
26.77 and 26.81, while checks on Norway finished
at 21.06 and cable transfers at 21.10, against 21.14
and 21.18 the preceding week. Spanish pesetas closed
at 14.44 for checks and at 14.46 for cable transfers,
as compared with 14.51 and 14.533/ last week.
South American exchange was dull with mixed
movements. Argentine checks opened weak, but
firmed up and closed strong at 40.59, with cable
transfers at 40.64, against 40.27 and 40.33 last week.
1389
Brazilian milreis advanced 7 points to 13.57 in the
early dealings; later sold off to 13.51 for cheeks and
at 13.53 for cable transfers, but rallied and finished
at 13.62 and 13 67, against 13.51 and 13.56 the
week before. Chilean exchange was strong and
weak by turns, but closed lower at 11.99 against
12.05, while Peru was not changed from 3 95.
Far Eastern exchange was actively dealt in, but
showed an easier tendency. Japanese yen were
traded in for a time and gained a few points on
rumors that Japan was shipping gold to New York.
When these reports proved to be premature, the rate
declined, then ra:lied and finished higher. Hong
Kong closed at 59@593, against 6034@61%;
Shanghai at 780.79, against 793
/
8@80%; Yokohama
at 419/8@414, against 41@4134; Manila at 49%@
7 (unchanged); Singapore at 57@5734, against
494
57@6734; Bombay at 3694@37, against 36%@373/
8,
and Calcutta at 3694@37, against 36%@.373/
8.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
SEPT. 12 1925 TO SEPT. 18 1925. INCLUSIVE.
country and Monetary
UnU.
Noon Buying Rate for Cable Transfers in New York
Value in United 4mres Money
Sept. 12. Sept. 14. Sept. 15. Sept. 18. Sept. 17. Sept. 18.
$
$
$
$
$
.14062
.14064
.14057
.14077
.14071
.0441
.0439
.0437
.0436
.0432
.007314 .007289 .007309 .007317 .007297
.029610 .029616 .029609 .029615 .029615
.2440
.2450
.2474
.2442
.2448
EUROPE$
Lustria,schilling*„ .14071
.0440
lelgium. franc
007303
lulgarla, lev
1sechoslovakia, kron .029613
2454
Ninniark. krone
llngland. pound ster4 8468
ling
.025234
Inland, markka
0469
Prance. franc
Jermany, reichsmark. .2380
.014539
;recce. drachma
4019
talland, guilder
000014
lungary. krone
.0410
taly. lim
.2083
gorway, krone
.1793
'Oland. zloty
.0513
•ortugal. escudo
.004925
turnania.leu
.1462
!pain. peseta
.2681
lweden. krona
.1930
iwItzerland. franc
Yugoslavia. dinar
.0178G6
ASIA:bineChefoo, tael
.8200
Hankow.tael
.8063
Shanghai. tael
.7897
Tientsin. tael
8250
Hong Kong. dollar_ .5980
Mexican dollar __-- .5754
Tientsin or Peiyang
dollar
.5858
.6092
Yuan. dollar
.3666
,ndia. rupee
;assn. yen
4060
grigapore(S.S.),dol
.5671
NORTH AMER.
.999313
Jansda. dollar
.998438
3uba. Peso
493333
viexico. Peso
aewfoundland, dolla .996625
soUTH A MER.trgentlna, peso (gold) .9158
1339
IraZII. milreis
mile. peso (paper)___ .1202
._......_..
1 nri9
.....
4.8469
.025244
.0473
.2380
.014516
.4019
.000014
.0412
.2111
.1748
.0518
£04847
.1442
.2682
.1930
.017802
4.8472
4.8469
4.8468
4.8469
.025227 .025220 .025234 .025234
.0469
.0471
.0472
.0471
.2380
.2380
.2380
.2380
.014638 .014630 .014504 .014527
.4019
.4019
.4019
.4019
.000014 .000014 .000014 .000014
.0413
.0410
0410
.0406
.2100
.2153
.2102
.2114 •
.1764
.1786
.1772
.1783
.0514
.0513
.0515
.0514
.004926 .004908 .004847 .004900
.1452
.1442
.1445
.1437
.2681
.2681
.2681
.2681
.1930
.1930
.1930
.1930
.017783 .017802 .017813 .017818
.8042
.7938
.7770
.8150
.5829
.5680
.8200
.8056
.7890
.8250
.5958
.5768
.8100
.8013
.7835
.8217
.5883
.5738
.8079
.7953
.7783
.8196
.5815
.5681
.8075
.7969
.7794
.8192
.5860
.5705
.5708
.5825
.3660
.4093
.5650
.5829
.6083
.3668
.4065
.5671
.5775
.5892
.3663
.4069
.5650
.5750
.5867
.3665
.4105
.5650
.5750
.5867
.3668
.4071
.5650
.999854
.998464
.494900
.997438
.999922
.998542
.493267
.997000
.999917
.998438
.493233
.997063
.999855
.997938
.493167
.997422
.999814
.998568
.493267
.997375
.9157
.1347
.1191
.9158
.1345
.1189
.9180
.1328
.1200
.9151
.1334
.1202
.9196
.1346
.1200
1 nnkn
I nfvm
I nnrat
I nnAn
I nn..
•One schGling is equivalent to 10.000 Loaner crowns
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,041,340 net in cash as a result of the currency movements for the week ended Sept. 17.
Their receipts from the interior have aggregated
$5,333,390, while the shipments have reached $1,292,050, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended September 17.
Banks interior movement
Into
Banks.
$5.333.390
Out of
Banks.
Gain or Loss
to Banks.
11.292.050 Cain $4041340
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1923, it is no longer
1390
THE CHRONICLE
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANKS
AT CLEARING HOUSE
Saturday, Monday,
Sept. 12. Sept. 14.
Tuesday, Wednesd'y
Sept. 15. Sept. 16.
Thursday. Friday,
Sept. 17. Sept. 18.
Aggregate
for Week.
S •
$
88,000,000 92,000.000 87.000,000 136000000 123000000 109,000,000 Cr. 634,000,000
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve Systems' par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
September 18 1926.
September 19 1924.
Banks of
Gold.
England _ _ 161,063,686
France a__ 147,312,912
Germany c 51,698,300
Aus.-Hun_ b2,000,000
Spain ____ 101,467,000
35,608,000
Italy
Netherl'ds 34,863.000
Nat. Belg_ 10.891,000
Switterl
'
d 19.603,000
12,900.000
Sweden
Denmark _ 11,634,000
8.180.006
Norway
Silver.
Total.
Gold.
Silver.
Total.
£ •
128,426,787
161,063.686 128,426,787
12,360.000 159,672,912 147,186,889 12.040,000 169.226,889
d994,600 S2,692.900 21,972.850
977,200 22,950,000
62.000,000
62.000.000 62.000,000
26,218,000 127.685,000 101,392,000 26,205,000 127,597.000
,
35,558,000 3,422,000 38,980,000
970,000 45,270,000
1,910,000 36,773,000 44,300,000
3,382.000 14,273,000 10.819,000 2,642,000 13,461,000
3,523.000 23,126,000 20,204,000 3,746,000 23,950,000
13,877,000
12,900,000 13,877,000
1.149.000 12,783,000 11.642.000 1.119,000 12.761,000
8,182.000
8,180,000 8,182.000
Total week 597,220,898 52,899,600650,120,498 545,560.526 51,121,200 596,681,726
Prey. week 597,297,267 55,218,600652.515,867 545,552,204 51,542,300 597,094,504
a Gold holdings of the Bank of France this year are exclusive of £74,572,836 held
abroad. b No recent figures. c Gold holdings of the Bank of Germany this year
are exclusive of £3,504,000 held abroad. d As of Oct. 7 1924.
The Defeat of Mayor Hylan.
The defeat of Mayor Hylan for renomination at
the primaries in this city on Tuesday is an event of
more than local significance. In some respects the
office of Mayor of New York City is more important
than that of President of the United States. Unfortunately, while the office carries with it possibilities of great public service, as the mayoralties of
Gaynor and Mitchel showed, experience has proven
that the possibilities of evil are an ever-present menace. The relatively large centralization of power in
the hands of the Mayor, his ability to influence and
perhaps distort the framing of the budget, his opportunities to hinder or obstruct education, public services and the maintenance of order, and the many
chances for the display of partisanship, favoritism
or self-seeking in policy and the use of patronage,
give to the Mayor a far more direct and personal
control over the daily welfare of the city and its inhabitants than a President can possibly exercise over
the daily welfare of the United States and its people. When, accordingly, as has been the case under
the Hylan Administration, evils such as these have
been many, great and prolonged, the profligate and
inefficient Government which has resulted has reacted to lower the tone of municipal government
throughout the country.
Mayor Hylan's defeat was emphatic. Of the five
boroughs which compose Greater New York, Hylan
carried only the smallest two, Queens and Richmond; and only in the latter, a borough coextensive
with Staten Island, was his majority relatively
large. In a total Democratic primary vote of 403,615
Senator Walker, Hylan's Democratic opponent, won
a majority of 95,543, only about 1,300 less than the
plurality obtained by Mr.Waterman, the Republican
candidate, in the Republican primaries, the total
Republican vote having been 134,934, of which 113,682 went to Waterman, 16,758 to Lyons, and 4,494
to Bennett. The defeat was the more impres
[VOL 121.
sive because of Hylan's independent appeal for
support. Spurning the opposition of Tammany
Hall, which refused to support him for a third
term, and denouncing the regular Democratic
candidate in unmeasured terms, he obviously put
himself pre-eminently in evidence, and his repudiation by the Democratic voters was a verdict which
admits of but one interpretation. Before the primaries were held there was much talk about the possibility that Hylan would bolt if the vote was adverse, and run independently at the November election, but on the day after the voting, with the figures
before him, he announced that he was through. With
him, it was rumored on Thursday, will probably
also go Commissioner Etnright, whose action in stationing uniformed police at the polling places on
Tuesday, with a view, apparently, of exerting pressure and intimidation on the voters, in open violation of law and against the orders of the Supervisor
of Elections, has won him odium and contempt from
the people of New York City without regard to party.
A primary is not an election, and there are rumors
that a third ticket, nominally styled independent,
may be put in the field, but if a third ticket represents either Mayor Hylan or his following, or purports to stand for any of the methods for which he
has stood, its fate in the November election may
with some confidence be predicted.
No one ought to be in doubt as to the character of
the administration of Mayor. Hylan. Every intelligent and unbiased person knows that he has been one
of the worst Mayors that New York City has ever
had, and one of the worst that could well be thought
of as likely to be elevated to such an office. He has
been an expert in misgovernment on a large scale.
When he took office the budget of New York was
$238,123,759. The Midget for the present year has
risen to $399,618,885, and of the increase of $161,495,126 nearly two-thirds, or $100,147,451, represents
additions to the municipal payroll. Eight years of
Hylanism have left the city in pressing need of
schools and subways, with mounting budgets forcing
taxes and rents to well-nigh impossible figures, and
with the financial credit of the city a matter of serious concern. The Hylan slogan of a five-cent fare.
and such beneficent steps as the setting aside of certain street blocks as 'playgrounds for children, have
been made to cover an almost unbelievable neglect
of municipal welfare in general, gross extravagance
in municipal expenditure, and a smug tolerance of
Personal favoritism and petty graft. For these untoward conditions Mayor Hylan himself is primarily
responsible. He might have had things better if he
had wished, but he has chosen to have things as they •
are, and the uprising of the Democratic voters at the
Primaries is the verdict of the people upon him and
all his works.
Those who are inclined to deplore the weaknesses
of popular government, and to insist that the people
are more disposed to endure political ills than to bestir themselves to correct them, may well ponder the
lesson of Tuesday's demonstration in New York City.
With a clear-cut issue before them which no amount
of demagogic appeal could befog, the voters made a
clear-cut decision along right lines. Mayor Hylan
was not defeated solely because he "kicked over the
traces" and antagonized Tammany Hall, although
Tammany will doubtless claim the chief credit for
his defeat and for any good that may ensue should
his Democratic opponent be elected in November. It
SEPT. 19 1925.]
THE CHRONICTLE
1391
was the people of New York City, voting according inquiry into the state of the municipal finances, with
to conviction for candidates of their choice, who sent a view to putting the financial administration as
Mayor Hylan into retirement. It is a travesty of soon as possible on a sound business basis, of rooting
democracy to think of Hylan as a Democrat. His out corruption and extravagance, and of defeating
formal affiliations as a politician, until he launched organized raids, like those of the teachers, upon the
his recent campaign for renomination, have been city Treasury. The voters on Tuesday repudiated
with the Democratic Party, but that is as far as his Hylan at the primaries. It will be for the Mayor
democracy has gone. He has been a pretender in who shall succeed him to rid the city of Hylanism in
office, with the vast interests of a great city to play administration and finance.
with and manipulate, largely for personal ends, and
it is the people who have rejected him. The outlook
The Price of Progress.
for American democracy is brighter now that his
Progress at the price of continual tumult is payofficial career is apparently near its end.
ing "too dear for the whistle." There are so many
The good results which ought to follow from "problems" before us that some doubt the efficacy of
Mayor HyIan's overthrow, however, will be of only everything we have done. A French Professor of
temporary importance if the system of which he was Physiology, Charles Richet, writes a book,
the title
the exponent and manipulator is allowed to continue of which is translated to be "Idiot Man, or the Folin substantial vigor. It will make little difference lies of Mankind," in which he tries to show
that
who is Mayor of New York City if municipal expen- "God's Not in His Heaven—All's Wrong
With the
ditures and taxes are to go on mounting inordinately World." In this work he, by contrast
, reduces everyat the caprice of policitians, or if political or class thing, almost, to folly, through the
reductio ad abschemes involving huge outlays of public money are surdunt process. For example, man
is striving by
to be railroaded through the city Government with- research and method to prolong life
and protect
out regard to the condition of the city Treasury. An health; then proceeds to engage
in war at the cost of
incident which occurred only three weeks before the eight million lives, let us say,
rather than an asserted
primary election illustrates the dangers to which a fifteen. He builds a flying
machine, thus partially
political regime of the Hylan type exposes the tax- overcoming gravity; then
proceeds to use it to drop
payers. On April 23 Governor Smith vetoed eighteen bombs on defenseless
cities. This is the way the inbills which collectively, if they had become laws, dictment is made up.
And there is no doubt that in
would have increased salaries in New York City to the broad sense man
does not use his knowledge
an amount estimated at more than $15,000,000. One wisely. But where is
the trouble? Is it in the facts
of the bills, which raised the salaries of school teach- known, the powers achieved
, or in their use? This
ers in the city, involved an expenditure of $11,500,- cannot easily be answere
d. Is it in both? And the
000. The veto was based upon a statement of the
object of life must first be determined before the
Corporation Counsel that the city was not in a finananswer can be given. "A little learning is a dangercial condition to assume the additional expenditure, ous thing." "When ignoranc
e is bliss, 'tis folly to be
called for, and upon the further ground that all the wise." These antiquat
ed aphorisms may be invoked
salary increases called for could be made by the city
to turn the attention to the value of the knowledge
itself, without legislative sanction, through
the attained and the direction in which it may be used.
Board of Estimate and Apportionment. On Aug.24,
Is happiness the end of living? If so, what of serhowever, the Board of Education, with the financial
vice and sacrifice? Perhaps we may come closer to
outlook for the city Treasury no better than it
was the central truth in it all if we say that life is to be
in April, voted to add to the 1925 budget for
schools judged by spiritual measurements. At least this
a lump sum of $5,700,000 for increases in teachers'
will change the definition of happiness from selfish
salaries. The responsibility for the increases
was and environmental measurements to those of the
reported to have been frankly assumed by George J.
unselfish and spiritual.
Ryan,President of the Board and a Hylan appointe
e,
Again, is progress, in the sense of development and
while the Chairman of the Budget Committee,
Arthur achievement, the aim and end of life? This question
S. Somers, also a Hylan appointee, did not
vote carries us far beyond the economics of labor and
against the measure, notwithstanding that, accordwealth. It passes the instrumentalities of governing to his own statement, he opposed it
"because ment. It levels a lance at science. It places letters
there was not time for proper study" of the situation.
art on the defense. Happiness is not a collecWhat action the Board of Estimate and Appor- and
thing, it is personal. In its spiritual compretive
tionment will take in the matter remains to be
seen. hension it demands not organization but freedom.
The incident illustrates very well, however, the
kind Of course, it will be said at this point there can be no
of financial administration to which the city
has control of progress by any preconceived spiritual
been subjected under Mayor Hylan, and for
which rule or measurement without ultimate decadenu,
the taxpayers have to pay. It is time that such
a and even atrophy. All the powers of man, physical,
system were ended. Schools and Subways
and mental, spiritual, must be kept bright by use. They
streets and other public improvements the city
needs cannot be used without increase, progress. But even
and will continue to need, together with
adequate with a spiritual quality given to happiness, that
salaries for all persons in its employ, but before
any
comes from service and sacrifice, may it not
of these undertakings are entered upon, or salary which
Is it not better to "go slow and compreasked:
be
increases granted, it should be made clear where
the hend," rather than to try to gather all the harvest
money is to come from,and what effect the new
taxes in a single generation? Suppose we could take out of
are likely to have upon the property from whose
tax- the world the desire to surpass others. Does not
ation the main revenue of the city is derived.
The every institution we have seek to make a "record"?
first duty of the incoming Administration of
New Does not every people, for example, seek to get the
York City, Democratic or Republican as the case may
larger portion of the trade of the 'world? Do we
be, should be to institute a thorough and competent
not build cities to be "greater" than all others? Are
1392
TH V. CHRONICLE
[Vor. 121.
we not continually organizing agencies for social, mistake that this constitutes democracy. Thousands
commercial, Governmental and economic perfection of men and women in every country constitute thembefore we have tested the value of our achievement selves the instruments of reform. Visionaries, and
by extended application to the individual and com- too often fanatics, they set out to organize a force to
make men "equal," to make them rich, to make them
munal needs of our particular time?
Surely, herein lies much of the tumult. We do not right and righteous. They are the stick that stirs
think calmly. We do not act with forethought. We the foment to the boiling point. Universal education
are dazzled by the very splendor of our advancement. over the world according to formula. Universal reWe survey the world's progress, so-called, every ligion by virtue of church organization and combinamorning at the breakfast table. And there is so tion. Super-Governments by virtue of Leagues. Inmuch of it, that we are not only spurred to heroic side the several States, right-living by means of proendeavors to gather the best of it into our individual hibition. Laws innumerable for control of morals
and communal lives, but we grow sore at heart be- and manners. State-born credits to give every man
cause we cannot have it all before nightfall. Few success. The name of these agencies is legion—when
men, few families, need a million, but many strive each man doing the duty nearest at hand by the simfor it. The sick man is often better off if he does not ple guidance of the Golden Rule is enough. It is the
know his blood pressure. Progress, happiness, what sudden atmospheric changes which cause the storm.
are they? Suppose we say that the navigation of the It is these reform conflicts that destroy the equanimair is not necessary to the spiritual happiness and ity of effort and neutralize the individual benefits.
content of man, must you say that by the same rea- The muddy river of life rushes ever down to sea, why
soning we would remove the steam railroads and go not let it flow gently and clarify itself as it goes?
back to the ox-cart? May not life be made so costly Yes a "little knowledge" is dangerous. And how
by physical progress that it actually starves the soul? many honest, eager, aspiring souls are troubled by
Take the divine trinity of the good, the true and the these social and Governmental storms that break
beautiful—cannot the soul feast on these as exem- from every quarter through the sudden changes
plified in nature, thought and love without an over- classes, blocs, boards and societies would visit upon
all.
abundant equipment, individual or social?
midst
Is the New Freedom gone mad? Will youth dethe
In
Something is wrong with the world.
equipall the old principles of conduct? Will civilid
stroy
unequale
of a vast achievement, a hitherto
wingo down in a welter of laws, remedies, reshow
zation
a
is
world
The
is
happy.
not
ment, man
dow; and he a boy gazing wistfully at the marvels he forms? Perhaps there is hope in failure. Man must
how
cannot possess. And he turns away, a revolutionist learn his limitations sometime. He must find
He
law.
natural
to
oppose
himself
lookingfor a stone with which to smash the window; futile it is to
within;
is
s
happines
lasting
only
the
or he hurries down the street frenzied for a job that must find that
Govwill bring money, willing to sell his soul's happinen after he has searched in vain through science,
of
pleasures
petty
The
key.
the
for
trade,
not
does
ernment,
for possession of things he wants but
East
The
need. Why the tumult? What cause for trouble? a life are not those that touch the spirit.
contemof
use
magic
by
its
much
West
the
as
ns
teach
conditio
can
Can it be other than impatience with
as lackthey relate to self? How did this collective achieve- plation. We look upon these older peoples
Westthe
are
not
But
e.
ment come into the world save by free individual ing in energy and enterpris
these
of
because
of
tumult
midst
•efforts and enetgies, furnishing to each his reward ern nations in the
fighting
es,
enterpris
and
energies
according to his work? Yet the dissatisfaction grows. same conflicting
supremacy, measuiFalse teachers point to possible communal blessed- for quick success, striving for
is
tangible either in
that
ent
achievem
ness. Selfish leaders point to Government as the ing all by
the contemplative not
Must
use?
its
or
y
e
Humanit
knowledg
road to wealth, ease, happiness, for all.
these inis not made up of Monte Christos forever exclaim- mind get away from these "appearances,"'
plane of
higher
the
ing "The world is mine." It is made up of humble strumentalities of reality, into
of life
flow
eternal
men and women eating their bread in the sweat of spiritual contentment with the
attained
be
can
s
happines
their brows and humbly thanking God for the chance and love, before any true
collectively?
—that is, it ought to be, but is not. Of course these by man individually or
ly saying "this is an
continual
are
Problems! We
efforts groove together, these energies coalesce. And
not many of our
are
But
."
problems
we call the result civilization. But the mind of the age of great
not some of the
Will
making?
own
our
individual man is not made to contain all the knowl- difficulties of
What part
alone?
left
if
es
themselv
folsolve
would
problems
edge of the collective man. If commerce
" is a necessity, what part
low the inherent rules of the road there would be no of the "horseless carriage
of the metropolitan city
need of a traffic officer from the League at the cross- a luxury? The problems
city itself? Crowding into
roads of the world. If science would be slower to and the problem of the
complaining of the hardships of
accept the seeming discoveries as final truth there these centres and
skyscrapers and doublewould be fewer lives sacrificed. If letters and art the congestion, building
to stop it save a wider
would allow for free expression and free use of the decked streets, what is ever
there is happiness
that
tools of the trade, without seeking the spectacular, spread of the consciousness
the road"? Govof
side
the
there might be fewer oddities to vex the taste. If in the little "house by
individual know
the
—must
religion
for
duties ernment,science,
Government would quit being a carry-all
ly lashcontinual
are
We
all?
we
would
reconcile
all, use all,
men should perform of and for themselves
"unattainable."
not have to continually lament waste, extravagance, ing ourselves into a fury over the
must make towe
because
y
to-da
enjoy
to
We
refuse
.
debt and taxes. .
down the road of
Simplicity, tolerance, individualism, these have morrow more enjoyable. We rush
and forests and
accomplished most of the world's good, and how life so fast we cannot see the fields
individuals, we
much more they might do if unrestrained! But we flowers by the way. And then, as
because the
others,
course
are sacrificing the individual for the mass under the blame ourselves, and of
SEPT. 19 1925.]
THE CHRONICLE
1393
rious attempts at regulation and their results. The
inquiry includes the Fundamentals of Regulation,
the bases for Investment,for adjusting Costs and Depreciation, with the Effect Upon Service and Efficiency of Operation, and the Standards and Methods
The Regulation of Public Utilities.
to be adopted by those who would either regulate or
of
few
State
sessions
are
There
Legislatures or of organize Utilities and Public Corporations. These
Congress in which there are not vigorous efforts to will attract the attention of many men having special
interest. We can only refer to a few of the more
regulate somebody.
In a rapidly growing country there are sure to be general subjects.
He defines Public Utilities in a comprehensive sensharp conflicts of interests. These are carried up to
the public assemblies. Aggressive resolutions are tence. They are "industries in which the right of
introduced; hot debate follows, suspicion is created, special public regulation has become firmly recogdenunciation is reckless until feelings are too hot for nized." It gathers into one class all industries,
real deliberation, no clear understanding can be however originated or organized, which have come
reached and a Commission is appointed only to pro- to be regarded both by the public and the State as
long the debate and to postpone any settlement of proper subjects of such special regulation as is
the issue. The railroads, because they have the thought necessary. This will be seen at once to apply
most extensive business and the most intimate points to the railroads, to lighting, heating, telephone, teleof contact with the people, are the chief subjects of graph and power companies, and to very many lesser
attack, but public service corporations are coming industries which variously affect the comfort or wellto receive similar attention.
being of the people. The right of legislative interThis is not in itself an evil. It is far better for the ference with these is quite different from police
people to be alert in matters of general interest, and power. It extends, if necessary, to control and directo believe that prompt and effective regulation is tion adequate to the need. It embraces the rates
within their reach than to be indifferent or to feel charged, profits collected and service rendered, no
that their interference will be useless. If regulation less than the service and welfare of the community.
is to be enacted it is far better for the parties imme- All other forms of business stand quite apart and are
diately concerned, and to a certain extent even for left free in the management of their own affairs.
This right of regulation resides in the State and
the public it is desirable, to have a clear understanding of what wise and effective regulation in the in- has been developed through the recognition of emiterest of the public really is. It is not strange that nent domain, special franchise, monopoly conditions
with the tremendous increase with us of.business of and public interest, as from time to time these have
all sorts and the development of public utilities in variously appeared. The decisions of the courts susmany lines there should be much waste effort, with taining action in special cases are given in detail.
The principal purposes of regulation are three:
inevitable friction, unrecognized relations, ignorance of basic principles, ineffective methods, and al- (1) Reasonable rates; (2) proper service; (3) finanways unsettled issues. Commissions have become so cial stability. To these may be added an important
numerous and, if not uncertain and slow of action, minor purpose, the control of.accounting. A basic
reach decisions which so often have to be revised or principle is that rates follow service. If the service
reversed that they are in danger of forfeiting all re- is clearly rendered people are willing to pay the necspect. If their position is to be re-established, and essary cost. Regulation has been fixed as applicable
it should be as they are representative of the State, to both quantity and quality of service, to its extenand if men of the class who have the confidence of sion as needed, its improvement by renewals of propthe people are to be induced to serve on the commis- erty and by better processes of operation. In these
sions with a certainty of respect, it is clearly evident directions the right of regulation is no longer dethat a stutly of the whole problem should be made bated. It extends to requiring "the lean with the
as being under present conditions really a new one. fat," i. e. the meeting of the needs of the people
To be useful it should be in the light of an experi- throughout a district and at all hours, often at night
ence that is both enlightened and sufficiently exten- as well as by day, in winter as in summer, for the
sive. In a certain sense it must be "from the firing few as for the many. Reasonable service is required
line," and of a kind to command the respect of all even if unprofitable, and is always the basic test. • To
who are in the same position, accountants, econo- determine this many factors have to be taken into
mists, engineers and business lawyers. If it does this account. Particular regard has to be paid to the
it cannot fail to be useful to all who are engaged in treatment in accounting of deductions to be made
the great organizations and the public who buy their from revenue because of operating expenses, costs,
taxes and Governmental demands, and attention is
securities.
Of the various books which treat different aspects called to the questions of financial stability, finanof the question one has just been published which cial manipulation and the control over holding commeets the initial requirements with adequate under- panies and of new security issues.
The chief difficulty has lain in the statutes which
standing and in a simple and reasonable manner.
give power to regulate without underusually
a
John
Dr.
Bauer,
is
author
public utility conThe
the principles or fixing the policies, methstanding
a
and
experience
of
lecturer
sultant
at Cornell,
ods and machinery by which reasonable rates may be
Princeton and Columbia universities.*
In a series of some fifteen chapters extending from determined. Irregular forms Of accounting and inthe Nature of Public Utilities and the Purposes of frequent appraisals lead to the uncertainty and irRegulation, to Financial Stability and the Future regularity of action which render regulation inefDevelopment of Public Control, he discusses the va- fective and disturbing.
The responsibility for. regulating lies in the first
"Effective Regulation of Public Utilities," by John Bauer, Ph.D.
with the Legislatures. The.eluty is primarily
Co.
instance
Macmillan
promised Land of Success is "over the mountain,"
only to find that every life has its "ups and downs"
and after all is "just one blessed thing after another."
1394
THE CHRONICLE
[VOL 121.
theirs rather than with. the courts. Hitherto the and his emphasis upon the importance of a clearer
Legislatures have been content with general declara- understanding of the principles and method by which
tions, leaving details and cope to be settled by judi- harmony can be secured deserves to be heeded. It
cial decision. In consequence they have had to certainly is in the line of needed improvement. It
struggle with opposing demands, preconceived opin- will secure increased respect for the State, which
ions and the necessity of meeting emergency situa- when all is said stands for the people, coupled with
tions, and have stood in awe or been under constraint such recognition of the power of the State as will arof the courts. They follow the moves of local poli- rest fear of the growth of great business because
tics and are always under the pressure of exacting State control of all public utilities is in entire harlocal or political interests. If the Legislatures would mony with the protection it affords to the rights of
respect the obligation that is theirs and make in- private property. Because ill-considered action in
structions more definite, even in terms which they connection with either class works only harm to
themselves had laid doWn, the appeal to the courts both, the regulation here proposed is advocated to
to draw boundaries between public and private rights secure individual enterprise and unimpeded freedom
would be assumed as proper when needed, and the of action alike in public utilities and in private busilegislative act would receive more respect. Its spe- ness.
cific features would be recognized. In time the fixing of rates under legislative orders, the proper treat- Is
Cheap Money Permanent?—Operation of the
ment of existing property, of railroad and other valuFederal Reserve System.
ations, and in all lines certainty and uniformity of
[From the New York "Journal of Commerce," Sept. 10 1925.]
treatment would settle the policy and shape the acThe continued abundance and reasonableness of "money"
—or in other words loans at banks—continues to afford a
tion of the Legislature.
on the part of
All this is established by chapters in the book on theme for elaborate and learned discussioncurrent
number
financiers and "experts." In the
bankers,
Court Decisions, Depreciation, Reparation Costs of the Journal of the American Bankers Association there
and Rate Schedules. The effect that the adoption of is found another installment of this same discussion written
this policy would have on the future development by a banker of recognized standing and authority. Not only
and the general efficiency of. public utilities is the he but a good many others are apparently giving themselves
that cheap money is more or less permasubject of the closing chapters. Its obvious advan- to the conclusion assigned is the Federal Reserve System-nent. The reason
tages are the elimination of controversy between the a co-ordinated banking system based upon the idea of coauthorities and the companies, protection against operation and permitting quick and easy expansion of credit
unwarranted interference,. acceptance of schedules by any bank that has "sound" loans to offer for rediscount.
and data of valuation furnished by the companies, Of course, there is no one who predicts that we shall never
have any advances in money or any considerable fluctuaintelligent interest in all departments of the service, tions
in rates, but it is quite positively asserted that these
the gradual shaping of a satisfactory labor policy have been very much lessened and that extremes at least
and the doing away of the reason for strikes.
have been abolished or rendered improbable.
It is highly essential that conclusions of this kind should
The way would be opened for such examination by
be
carefully tested before being accepted. Both from the
their
of
commissions as might be desired,for the lines
stock market standpoint and from the point of view of the
the
and
fixed,
procedure and its legality would be
general theory of money, banking and exchange, conclusions
decisions of the Commission would mean assured as to the probable future of rates are of the utmost signifipeace, and not further controversy and disturbance. cance. And first of all, the facts in the case should be very
a
Co-operation would,take the place of authoritative carefully differentiated. Cheap money in this country is
phenomenon. General rates in the West and
local
purely
or dogmatic interference.
South have not been greatly reduced. Partly because the
The immediate appeal of the book is to the present banks have held together to maintain them, partly because
and possible members of commissions. They will the structure of our banking prevents malh competition
recognize the need of definite duties and good organi- from outside, rates have held largely to their older level,
zation to insure proper methods. The evil of polit- not, perhaps, quite as high as before the Reserve System
nevertheless very high considering the
ical influence will be warded off. This influence has was established but
the country in wealth. The rates, moreover,
of
progress
been the chief ground of opposition to the proper use which are paid by business men upon ordinary local paper
of experts, and is what chiefly tends to make the ten- of good grade in all parts of the country are cfertainly not
ure of office of commissioners brief and uncertain. low, indeed, they do not vary much from those of ten years
It interjects personalities and makes difficult the ago. Mortgage loan rates and rates on foreign loans have
risen.
restricting of debate to the prescribed task.
What has happened has been a comparative stabilization
regulaAfter twenty years of struggle with rate
and on the whole a substantial reduction in the rate for call
tion, the public authorities, our author declares, are funds and for open market paper generally. Perhaps never
scarcely in a better position than they were when before have we had so long a period of low rates for these
Never before have we had so
they started: They have conducted endless investi- Particular classes of advance.
tied up in carrying Stock
continuously
funds
of
total
a
gations, caused the spending of millions.of dollars, great
securities, both those traded in on the Exchange
Exchange
piled up mountains of records; and mostly have not and those which are carried on brokers' and bankers'
reduced rates when fairly justified nor advanced "shelves." The reduction in rate that has taken place is
them when reasonably needed. They are all but help- thus localized from the market standpoint. It is also in part
the low rates being in no small
less before the huge task of prescribing rates for the geographically localized,
New York business, or perhaps lf
of
phenomenon
a
degree
conmany utilities operating under greatly varying
New York and one or two other centres, where the condiditions, rapidly shifting prices and , tremendous tion is, however, much less noteworthy than here.
With the facts thus restated the question may be again
transitions in industrial organizations.*
growth
raised:
Is it, then, true that the low speculative money
the
in
The facts to which he calls attention
the low open market rates are the reand
rates
sufare
it
as
to-day
exsits
business
and complexity of
Reserve organization, as, in this insult
of
Federal
ficiently evident to .all. the difficulty of adjusting terpretation, the recent discussion would seem to
it to the general interests of the public so far as this .,Indicate? Doubtless they are. The Reserve System has
is the inevitable task of the State,. will be accepted maintained low rates and has followed an open market polmarket
as described by one.whose.b.usiness it is to know; icy which has dumped funds continuously upon the
SEPT. 19 19251
THE CHRONICLE
for a long time past. The result, as has often been complained, has been that of establishing low figures for accommodation of a speculative variety which would not
otherwise have been reached or maintained.
When the Federal Reserve System was established there
were many who feared as a result of it the "starving" of the
stock exchanges of the country. "International bankers"
took occasion to rebuke the Wilson Administration for its
underhanded blow at "legitimate speculation." It is interesting as well as amusing now to find on looking back that
these conclusions were based upon the belief that the plac•
1395
ing of fixed or requifed reserves with the Reserve banks
would take the money out of the hands of the member banks
and thereby would prevent the latter from putting it into
stock market operation, as they had been doing under the
old correspondent bank system. Of course, all these conclusions were based upon the theory that the management
of the Reserve System would refuse to allow its funds to be
employed in such a way as to stimulate speculation.
Is cheap money permanent? Well, as to that, the question
is whether those who have been keeping it at low levels can
continue existing policies.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME
Friday Night, Sept. 18 1925.
There is further evidence of a gradual increase in trade
in this country. It is not so much noticeable in the South
as it is further North. Cooler weather in the higher latitudes makes for better business. Worsted mills at Boston
are said to have been buying raw wool for the first time in a
long period on a large scale and wool prices there were reported steadier, or even slightly higher. The big London
wool sales, begun this week, have shown firm prices, with
a keen demand from France, Germany and Japan. American buyers are taking hold to some extent in parts of Australia. It begins to look as though the raw wool business at
home and abroad had turned the corner or was near that
point. Cotton goods business at Fall River has by no means
made a bad showing. In fact, for the second week in succession the sales of print cloths there have reached 100,000
pieces at rising prices. At times there has been a good dry
goods business in Worth Street. Manchester reported
a
better demand, although there undoubtedly exist such drawbacks as low bids from East India and more or less financial
stringency in Lancashire. The tendency is to increase working hours in New England and to-night it was announced
that a mill in Greenville, S. C., had resumed full time work,
after having stopped for two days a week recently on account of water shortage. The business in dry goods is
made up for the most part of small lots, but in the aggregate the transactions are of good volume. In woolens and
worsteds, trade is only moderate, but the tone is firmer in
consonance with the recent upward turn of raw wool prices
in London. In the South the continued warm weather and
drought have been drawbacks in jobbing and retail trade.
But in the nature of things these are only temporary. At
the West the outlook for the corn crop has improved and
it is significant that prices for corn during the past week
have declined some 5 to 6 cents per bushel, and some grades,
and also futures, are now 15 to 20 cents lower than a year
ago. Wheat prices have been fully sustained, in spite of
persistent reports that the crop in Russia is double that of
last year, and the fact that export trade of late has fallen
off on this side of the water. Wheat is some 15 to 20 cents
a bushel higher than a year ago. On the other hand, not
only corn, but oats and rye, are some 10 to 15 cents lower
than at this time last year. The American farmer, however,
is in better circumstances than he was some years ago. His
buying power is greater. The big mail order business
and
railroad traffic are indications of it.
Cotton has advanced some $250 to $3 a bale, with estimates of the crop reduced in private reports anywhere
from
500,000 to 900,000 bales, as compared with those of
two
weeks ago. This decrease is traceable to prolonged
drought,
followed by heavy rains, which are supposed to have
beaten
out more or less cotton. Back of this, however, are
the
effects of drought and premature opening over great
areas
of the belt, or in other words, the reduction in the output per
boll. There has been a great deal of shedding of bolls
within
the last few weeks. In the Southwest, particularly, the
has
been
hard hit, though the central and eastern
crop
belt
has also severely felt the effects of prolonged and unexampled heat and drought, especially in the Atlantic
States.
The idea of the crop here is now crystallizing around 13,400,000 bales, as against the last Government estimate
of
13,740,000 bales and a final crop last year of 13,628,000
bales. Estimates of the condition are around 52 to 53%,
as
against 56.2 on Sept. 1 and 55.4 a year ago. There
were
rumors this afternoon that the Agricultural Bureau
might
give a statement in its report of Sept. 23 on the extent of
acreage abandonment. But Washington dispatches say
that this question has not yet been determined by the Department. Meanwhile there is an excellent demand for the
actual staple from home and foreign mills, more or less
alarmed by the recent reduction in crop estimates to a point
1,000,000 to 1,500,000 bales below the expectations of a
month or so ago. Coffee has declined with a pressure to
sell in Brazil, which would seem to suggest that interior
supplies there are somewhat larger than they were at one
time supposed to be. Raw sugar has fallen to a new low
point for the year attended by only very moderate transactions. The sugar market feels the effects of increased pro-,
duction of both cane and beet sugar on both sides of the
ocean. Steel meets with a better demand from railroads
and the tone in that branch of business is more cheerful.
Nobody is counting too much on this; there have been too
many false starts. But the consensus is that business is
gradually improvingand that shading of prices is rarer than
at any time for a considerable period. Pig iron prices have
advanced 50 cents per ton and there is a steady if not a very
large demand. The output of steel is said to be at about
75% and the production in pig iron also shows some tendency to increase.
There is a large business in the furniture trade. Shoe
factories are having a good business in some cases and in
others at least a fair trade. In the East the bituminous
coal sales are larger than in the Middle West, which seems
to be pretty well supplied for the time being. Lumber prices
have declined on the Pacific Coast coincident with an increase in production. The sales of silks, rayon and silk
mixtures still set the pace for the textile trades in this country, and none of the rest come up to it any more than they
have for many months past, although the undertone in cotton goods and woolens is more promising. Before long it is
hoped general business at the South will improve. That is
bound to come after the drought has been broken in the
South Atlantic States and the effects of heavy rains and
floods in Oklahoma and Texas have passed off. The leading
automobile manufacturing centres report an increasing
output and larger employment of workmen. In August,
however, the output in the United States was only 250,533
cars and trucks, as against 387,333 in July and 377,563 in
August 1924. Things are certainly on the mend in this
branch of industry. The stock market has moved upward
with occasional reactions, bonds have been in better demand
and foreign exchange has advanced. The rise in the Italiax
lira is attributed in a dispatch from Rome to American
buying. Call. money has latterly been down to 3%, but
to-day rose to 5%. In London money has been easy, with
Treasury bill sales at 3%% and the higher class of stocks
moving upward. The feeling in business circles of this country is hopeful.
It is a significant sign of the times that at Melbourne on
Sept. 16 Premier Bruce in an address stated that the Communists had gained control of the trades unions and were
using them to promote social revolution and seizing the dictatorship over all Australia. Recently, it will be recalled,
the British Government made a regrettable surrender to
the coal miners by granting them a subsidy to stave off a
strike. The remedy may prove worse than the disease. It
would be strange if Communism should make any considerable progress in western Europe and in Australia, whereas
in Russia Lenin and his successors have had to modify their
communistic ideas very perceptibly. The British unofficial
shipping strike has failed in British home ports and shows
declining confidence in Australia and South Africa. In
the ports of these Dominions sentences were Imposed on
more than 100 men on Sept. 11 of as high as six weeks' imprisonment for absence from duty, which has the right ring.
1396
THE CHRONICLE
,rircoL 121.
Corporation,
Government to amount of loans outstanding of the War Finance
At Sydney, trade union leaders asked the
United States Mint, the imports of
the
at
of
gold
s
receipt
try to end the strike.
that gold and silver and exports ofsilver were less than a year ago.
At Fall River, the American Printing Co. announced
mill
4
No.
of
part
and
No. 1 mill of die cotton goods division
Everlastic, Survey of Current Business by United States Departthe
on,
Brockt
At
itely.
12
indefin
Sept.
on
closed
ment in
ment of Commerce-Increases in August in PrinInc., has dismissed .all employees of its gore depart
of
t
accoun
cipal Industrial Indicators.
on
anticipation, it is said, of strike by weavers
the
for
of
Sept. 13 the U. S. Department of Commerce
date
worked
Under
had
men
the
Of
Many
on.
reducti
a wage
r,
says:
Andove
At
ago.
years
40
ent of Commerce
firm since the factory was built,
Early reports on business conditions to the Departm
Thread
industrial indicators,
Mass., on Sept. 13 employees of the Smith & Dove
indicate increases in August over July in the principal
three such as the production of steel ingots and pig iron, deliveries of tin, shipManufacturing Co., who had been on a strike for
ts of new locoand ments of iron ore through the upper Great Lakes, shipmenwhile
ent
settlem
of
contracts
weeks, voted to accept the company's terms
s and deliveries of silk to mills,
grinding
corn
motives,
inare
ne and rosin and reresume work the next day. About 450 employees
awarded for concrete pavements, receipts of turpenti indicators showed
a 10% ceipts of wool at Boston declined. Trade and financial
volved. The strike was called Ili protest against
five-and-ten-cent stores,
cut 5%. an increase in the sales of mail-order houses and
s of failwage cut. The company has agreed to make the
average prices of stocks and bonds, the liabilitiereceipts,
receipts,
customs
textile
postal
ing firms and the ordinary receipts of the Government, while
In Massachusetts part time operations prevail in the
and
ures
been in- the number of business failures, new incorporations, the expendit
industry, but in many cases working quotas have
ent decreased.
Governm
the
of
debt
in
gross
s
the
worker
increases in
creased. In Rhode Island there is a surplus of
August 1924, industrial indicators showed
however, theCompared onwith
s of tin, shipments of
producti of steel ingots and pig iron, deliverie
the textile industry. In one section of the State,
ts
In Con- iron ore and deliveries of silk, while contracts for new pavements,shipmen
silk mills and braiding mills are on overtime basis.
of turpentine and rosin, and
receipts
s,
grinding
corn
ves,
locomoti
of
new
nt
resulta
of mail-order
necticut some of the mills are on part time, but
of wool at Boston decreased. Postal receipts, sales
prices of stocks and
At Bidde- receipts
houses and ton-cent stores, new incorporations, the
surplus of labor Is quickly absorbed in other lines.
an
plant of the bonds and the ordinary receipts and expenses of the Government showed
ford, Me., on Sept. 14 the cotton manufacturing
in number and the
Increase over August 1924, while business failures, both
time,
full
on
ed
d.
operat
was
decrease
Co.
g
States
Pepperell Manufacturin
of liabilities and the gross debt of the United
is un- amount
BUSINESS INDICATORS.
with more than 3,500 operatives. The wage scale
For
shift.
(Relative numbers: 1919 Mo. Ave. 100.
changed. It may be necessary to put on a night
time,
Per Cent Increase(+)
the last two years the plant has been running short
tempoor Decrease(-).
192.5.
1924.
usually four days a week, with frequent stoppages
texsome
in
ue
1925 Aug.1925
Aug.
contin
ons
operati
time
part
rarily. In Maine
from
from
July. Aug. July. Aug.
State. In
July 1925. Aug. 1924.
tile and all shoe industries in many parts of the
intextile
+43.2
New Hampshire a surplus of workers exists in the
-1.0
106
105
74
70
Pig iron production
+34.1
ue in the Steel
+10.9
122
110
91
67
ingots, production
dustries. In Vermont part time operations contin
Locomotives:
-24.2
+56.7
47
30
62
63
textile industries.
Shipments
-14.8
-20.7
23
29
27
37
whole is
Unfilled orders•
In North Carolina textile employment on the
Postal recelpis:
+10.6
In
-2.9
136
ement.
140
improv
123
124
50 largest cities
+9.1
fairly satisfactory, with prospects of early
-3.2
120
124
110
111
50 industrial cities••
will en4-21.3
said,
+3.2
97
94
is
it
80
Co..
rn
74
Power
Southe
the
houses)
nas
(2
Caroli
sales
the
Mall-order
+7.0
+0.5
184
183
172
164
against Ten-cent store sales (4 chains;
+23.3
+2.8
74
72
60
65
large its plant to 80,000 horsepower and provide
al paper int. rates
In North Commerci
Federal Reserve banks:
+114.3
future drought and obviate curtailment of power.
30
+25.0
24
14
15
Bills discounted
-9.6
-1.5
are now on
134. 132
146
149
Total reserves
Carolina, it is said, the White Oak cotton mills
-9.1
-3.2
149
154
164
165
a
on
Ratio
been
had
they
full time operation. For three months
Business failures:
-32.5
+7.9
394
365
584
had
390
that
Number of firms
--0.7
-10.2
281
313
283
100
four-day schedule. At Greenville, S. C., cotton mills
Liabilities
operations
closed down because of power shortage resumed
average equals 100.
monthly
1920
•
working on "1920 monthly average equals 100.
to-day, it is stated. In Georgia cotton mills are
Texas emIn
e.
shortag
water
l
of
unusua
e
half time becaus
August. Continued Increase in Wholesale Prices in August.
during
ed
y
increas
ployment in textile mills slightl
very
the Bureau of
still
MInformation collected in leading markets by
In Alabama activity in the textile industry is
in
of Labor
change
ment
Depart
little
States
was
United
the
there
of
see
much curtailed. In Tennes
Labor Statistics
exists. In
le prices in August
shows that the general level of wholesa
employment in textile mills. A surplus of labor
in the tex- was slightly higher than in July. The Bureau's weighted
Kentucky there was an improvement in condition
Bombay
ities or price
At
ment.
employ
in
tile industry with an increase
index number, which includes 404 commod
for
CurrinbhoY
registered 160.4 for August compared with 159.9
on Sept. 15 20,000 textile operatives of the
series,
&
this
effect,
Cloak
to
advices
's
an
Bureau
Americ
The
The
cut.
month.
wage
a
the preceding
group struck against
rescinded
Suit Manufacturers' Association on the 14th inst.
made public Sept. 17, continues:
July level, due to rising prices of rye,
•
15th.
the
on
s
worker
Farm products advanced above the
of
30,000
t
lockou
a
for
order
its
higher, with
hay, hides, and tobacco. Foods also averaged
the
in
cattle,
wheat,
early
rains
with
off
passed
The warm wave here
and flour. Small increases were likes is
increases for meats, butter, coffee,
17th
products,
metal
the
and
metals
On
,
clothing
week and the weather has since been cooler.
in the groups of cloths and
of recorded
West
chemicals and drugs.
the
and
s,
at
hot
material
been
has
building
It
here.
to
68
61
Inst. it was
notwithstanding slight increases for anthFuel and lighting materials,
s City
in July, due to pronounced
late, with 86 at Chicago and Cincinnati, 94 at Kansa
bituminous coal, averaged lower than
and
racite
Clevecrude petroleum. In the group of miscelanti
gasoline
of
prices
and 90 at Milwaukee. At St. Paul it has been 80, at
in
declines
Albany, 62, laneous commodities the sharp drop in rubber prices caused the index
land 76, at Montreal 58, at Portland, Me.. 60,
here.
r
number to recede almost 4%.
warme
series for which comparable information
and Philadelphia, 74. To-day it was clear and
Of the 404 commodities or price
increases were shown in 141 instances
to
73.
up
ature
temper
ly and August was collected.
July.
with the
instances no change in price was
and decreases in 79 instances. In 184
reported.
the
Domestic Business Conditions According to
by Groups of Omunodiltes.
Index Numbers of Wholesale Prices,
.
nment
Gover
(1913=100.00)
1925
1924
ment
A ugust
5
July
August
Further reports on business conditions to the Depart
Groups
163.1
161.8
145.3
now
ry,
products
159.2
157.3
of Commerce, according to the latter's summa
144.0
over
189.7
188.8
August
189.9
in
es
made public (Sept. 19) indicate increas
Cloths and clothing
170.0
172.1
169.7
the
as
and
Fuel
lighting
127.3
126.4
130.4
July in the principal industrial indicators, such
Metals and metal products
172.4
170.1
169.2
Mo., the Building
materials
134.6
133.3
130.1
mine production of copper, receipts of lead at Joplin,
drugs
s and
169.2
plumbing Chemical
169.2
171.0
Housefurnishing goods
production of oak flooring, and prices of tubular
137.9
143.4
115.0
-storage Miscellaneous
cold
160.4
159.9
cotton,
149.7
of
ption
the
consum
while
s,
fixture
All commodities
a year ago, as measured by
stokers
Comparing prices in August with those of
holdings of beef and pork and sales of mechanical
seen that the general level increased 7%.
is
it
,
numbers
inan
index
in
the
changes
were smaller than in July. Gold exports showed
shown for the group of miscellaneous commodities,
nding of The largest increase was
products were
crease over the previous month, while loans outsta
which averaged 20% higher than in August, 1924. Farm
imports 123 % higher and foods 1016% higher than in the corresponding month of
the War Finance Corporation, exports of silver,
were slightly
United last year. Fuels, building materials and chemicals and drugspractical
ly no
of gold and silver and the receipts of gold at the
higher than a year ago, while cloths and clothing showed
hand, were
change. Metals and housefurnishing goods, on the other
States Mint decreased.
showed somewhat cheaper.
Compared with August 1924, industrial indicators
cotton
of
stocks
,
cotton
raw
of
ption
increases in the consum
Increase in Retail Food Prices in August.
copper, the
at mills and warehouses, the mine production of
of
price
food index issued by the United States Depart
The
retail
the
production of oak flooring, receipts of lead and
shows
ics
Statist
Labor
of
beef and ment of Labor through the Bureau
plumbing fixtures, while cold-storage holdings of
July 15
declined. The for Aug. 15 1925 an increase of about 0.3% since
pork and the sales of mechanical stokers
and an
1924,
15
Aug.
since
11%
over
e
of
the
an
increas
1925,
1924, while
exports of gold were greater than in August
SEPT. 19 1925.]
THE CHRONICLE
1397
increase of 59% since Aug. 15 1913. The index number Federal Reserve Bank of Cleveland,in its "Monthly Business
(1913 equals 100.0) was 159.9 in July and 160.4 in August Review," dated Sept. 1, says:
1925, says the Bureau,under date of Sept. 18. Continuing,
A valuable indicator of the business trend consists of earnings comparisons
in various lines of industry. Along this line, an analysis has been made
it says:
income
During the month from July 15 1925 to Aug. 15 1925, 16 articles on
which monthly prices are secured increased as follows: Strictly fresh eggs,
93%;canned red salmon and lard,3%;pork chops, butter and oleomargarine,
2%; bacon, ham, fresh milk, evaporated milk, nut margarine, cheese,
rice and canned corn. 1%;and vegetable lard substitute and coffee, less than
-5-10 of 1%. Fifteen articles decreased: Onions. 16%; cabbage, 15%;
bananas, 5%; leg of lamb, corn flakes and oranges, 2%; round steak,
chuck roast, plate beef, hens, granulated sugar and raisins, 1%;and sirloin
steak, rib roast and macaroni, lass than 5-10 of 1%. The following 12
articles showed no change in the month; bread, flour, cornmeal, rolled oats,
wheat cereal, navy beans, potatoes, baked beans, canned peas, canned
tomatoes, tea and prunes.
Changes in Retail Prices of Food, by Cities.
During the month from July 15 1925 to Aug. 15 1925 the average cost
of food increased in 30 cities as follows: Jacksonville and Portland (Me.),
3%; Boston, Buffalo, Charleston (S. C.). Manchester, Newark, New York
and Scranton, 2%; Birmingham, Bridgeport, Denver, Fall River, Little
Rock, Los Angeles, Memphis, New Haven, Norfolk, Providence, Richmond, Rochester, Salt Lake City, San Francisco and Savannah, 1%; and
Atlanta, Butte, Chicago, Houston, Louisville and New Orleans, less than
5-10 of 1%. Twenty cities decreased: Milwaukee, 4%; Peoria, 2%; Cincinnati, Cleveland, Columbus, Detroit, Kansas City, Minneapolis, Pittsburgh, St. Paul and Springfield, Ill., 1%;and Baltimore, Dallas, Indianapolis, Mobile, Omaha, Philadelphia, St. Louis, Seattle and Washington,
D. C., less than 5-10 of 1%. Portland (Ore.) showed no change in the
month.
For the year period August 1924 to August 1925, all of the 51 cities
showed increases: Cincinnati, 16%; Buffalo, Memphis and Savannah, 15%;
Atlanta, Detroit, Louisville, Norfolk, Omaha, Salt Lake City and Scranton, 14%; Birmingham, Jacksonville, Kansas City, Philadelphia, Rochester
and St. LOU1s, 13%; Baltimore, Bridgeport, Charleston (S. C.), Mobile
and Richmond, 12%; Boston, Chicago, Cleveland, Denver, Houston,
Indianapolis, Little Rock, Minneapolis, New Haven, New York, Peoria,
Pittsburgh and Washington, D. C., 11%; Columbus, Fall River, Manchester, Newark, New Orleans, Portland (Me.), Providence, St. Paul and
San Francisco, 10%; Springfield (HI.), 9%; Butte, 8%; Dallas, Portland
(Ore.). and Seattle, 7%; Milwaukee, 6%; and Los Angeles, 5%.
As compared with the average cost in the year 1913, food in August
1925 was 72% higher in Detroit: 71% in Chicago; 69% in Richmond;
% in Birmingham and Washington, D.C.;67% in Baltimore and Buffalo,
66% in Scranton; 65% in Boston; 64% in Charleston, S. C.; 63% in New
York, Providence and St. Louis;62% in Atlanta and Philadelphia;61% in
Cleveland; 60% in Cincinnati and Pittsburgh; 59% in Omaha; 58% in
Manchester, Milwaukee and New Haven; 57% in Fall River, Jacksonville
and New Orleans; 56% in Dallas, Indianapolis. Minneapolis and San
Francisco; 55% in Kansas City and Louisville; 54% in Memphis; 53% in
Newark: 52% in Little Rock; 49% in Los Angeles and Seattle; 46% in
Denver; 42% in Portland. (Ore.), and Salt Lake City. Prices were not
obtained from Bridgeport, Butte, Columbus, Houston, Mobile, Norfolk,
Peoria. Portland (Me.), Rochester, St. Paul. Savannah and Springfield
(Ill.), in 1913, hence no comparison for the 12-year period can be given for
those cities.
I7q1jE7C NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
Sirrn
Year
Rib 'heck Plat Pork
B Wand Month. Steak Steak Roast Roast Beef ChogrBacortHam Lard Hens gm UT
01,
1:0.b.cCiC;4120CiQ
0:1000000C..4,e200.
1924
154 149 144 129 110 130 138 86 118 182 158 160
January
152 148 143 128 110 127 136 165 114 165 144 157
February
March
153 148 144 129 110 128 134 184 111 169 101 151
156 151 146 131 110 137 134 1165 109 169 93 181
April
160 155 148 133 112 142 134 1166 108 172 95 120
May
160.2 158.1 148.5 132.. 109.1 143.8 134.1 165.8 107.0 168.5 104.6 120.9
June
160.2 155.2 147.0131.3 108.3 144.3 134.81168.2 108.2165.7 114.2129.2
July
August
160.2 156.1 147.0 131.3 108.3 165.7 141.91178.2 122.2163.4 129.3 126 1
September-_ 168.3 153.8 146.. 130.8 109.1 170.5 l45.6174.3 126.8 165.7 160.4 128.0
October
155.9 151.1 144.4 129.4 108.3 178.6 148.5 175.1 135.4164.8.1
November_._ 152.4 147.5 142.4 127. 109.1 150.5 148.5 74.7 141.8 182.0 197.4 125.1
,7
December
150.4 145.3141.4 128.31108.3139.147.8 173.2 . 161.5 202.3 137.1
Average for yr.. 155.9 151.8 145.5 130. 109.1 148.7 139.8 188.4 120.3 185.7 138.8 135.0
1925.
January
152.4 147.1 143.1 128.1 109.9 148.2 149.3 177.0 144.3 168.1 204.4 138.6
151.8 148.6 143.4 127. 109.1 144.3 150.7 178.8 144.3 169.5 154.8 132.1
February
March
155.9 150.7 147.1 131.31111.6178.1 164.4 190.3 146131173.2 113.3 144.9
110.1 155.2 150.0 135.01114.1 175.2 172.1;1198.9 146. 177.9 110.4 139.2
April
1.8
80 157.0150.5 138.1 115.7 171.4 171. 197.0
May
161.4 157.8 150.5 136. 114.0 172.4 173.7 197.0 143.0177.9113.9135.8
June
144.9 173.2 122.6 137.E
166.1 163.7 113.5 140.01113.7 168.71180.4 202.2 148.7171.8 133.9 1384
JulY
P'S A 1.9 •515.4 01gA 111101511 A 1 n2.0 004.i 1s3.8170.0
August
141.7141zt
Year
1CornPotaCotAP Articles
and Month. cheat Milk Br
Flour meal Rice toes SUoar fee Tea Combined
1924
169 180 155 138 147 113 165
January
128 191
149
188 157 155 139 147 113 185
Februari
130 130
147
188 158 155 139 147 Ill 165
March
137 MO
144
161
155 155 139 147 113 165
140 130
April
141
157 153 155 139 147 114 171
14.67
142 131
141
155.7 151.7 155.4 139.4 148.7 113.8 194.1
June
141.9 130.8
142.4
1157 51.7 155.4 145.5 150.0 114.9 194.1
July
142.3 130.1
143.3
155.7 153.9 157.1 154.6 156.7 117.2 152.9
August
145.6 130.8
144.2
September _ _ 156.8 156.2 157.1 154.5 160.0 118.4 152.9
148.7 130.5
146.8
157.5
.
October
. 160.6 166.7 119.5141.2
154.7 132.0
148.7
November __ 157.0 155.1 158.9 103.6 170.0 120.7 129.9
164.9 135.1
150.1
157.9 155.11158.9 169.7 173.3 121.8 135.3
December
189.5 135.7
151.5
Average far yr. 159.7 155.1 157.1 148.5 136.7 116.1 158.8 167.3 145. 131.4
145.9
1925.
162.4 158.2 164.3 181.8 180.1 123.1 147.1 147.3 173.2 136.4
January
154.3
164.7 156.2 189.8 193.9 183.3 124.1 152.9 140.0174. 137.5
February
151.4
165.2 155.1 167.9 193.9 183.3 125. 147.1 140.0 175.6 138.1
March
151.1
165.2
155.1
187.9
1M.8
183.3
126.4
141.2
136.4
174.8 138.1
API'll
150.8
164. 153.9187.9 184.8 180.0 128.4 158.8 130.9 175. 139.0
May
151.6
185.2 153.9,167.9 84.8 180.0 126. 205.9 130.9 170.1 139.3
June
155.0
165.6
155.11167.9
84.8 180.0 128.7 2581129.1 170 139.5
Jai,
159.9
188.5 157.3 167.9 84.8 180.0 129.9 258. 127.3 170 139.3
August
160.4
by this bank of the
accounts of 42large and representative industrial
corporations in the United States, having total resources of $7,262.108,000.
The result of this analysis shows that net profits (after all deductions but
before dividends) of the 42 corporations combined for the first half of 1925
amounted to $237,672,332, as compared with $195,315,110 for the first
half of 1924. or a gain of 21.7%. Thirty-two companies showed a gain
In earnings over 1924. while only ten showed a decline. The above statistics bring out forcefully the improvement which has taken place in 1925
as compared with 1924.
Agricultural and Financial Conditions in Federal Reserve District of Minneapolis-Record-Breaking
Daily Receipts of Wheat.
In its preliminary summary of agricultural and financial
conditions, issued under date of Sept. 15, the Federal Reserve Bank of Minneapolis says:
Grain marketing began earlier this year than last, and the operating
efficiency of railroads in this district brought about some record-breaking
daily receipts of wheat during the first half of September. Grain receipts
at terminals in August were 17,000,000 bushels greater than last year. This
has been an important influence on the total car loadings in this district,
which were 17% greater during the first three weeks of August than a
year ago. Median cash grain prices have shown mixed trends, with wheat,
rye and flax advancing and corn, oats and barley declining as compared
with a year ago. Trading in grain futures increased both as compared with
a year ago and with the preceding month. The customary effects of crop
moving are shown in banking figures. City correspondent banks have had
rising deposits due country banks and rising loans, while Federal Reserve
bank loans and note issues have expanded.
Extraordinarily large stocks of oats are now held at terminal elevators
and a tendency for oat stocks to increase is apparent. Fourteen million
bushels of oats were received at terminals during August, which is twice as
large as the receipts of August a year ago, and the total stocks at Minneapolis and Duluth-Superior were 22,000,000 bushels at the end of August,
as compared with 3,000,000 bushels a year ago and as compared with 15,500,000 bushels a month ago.
For the second consecutive month there has been apparent a noteworthy
movement of feeder live stock. The August movement of feeder hogs was
the largest for that month since our records began in 1919. As compared
with a year ago, shipments of feeders were greater for all kinds with particularly large increases in the cases of cattle and hogs. This is to some extent a reflection of the price situation for live stock, all kinds quoted by
us showing advances in August as compared with a year ago, except butcher
steers, hogs alone having advanced during the year from $9 25 to $12 26.
Prospective business activity in this district is indicated by building
permits reported to us by 18 cities in this district. As compared with a
year ago, there was an increase in August of about a tenth in total valuation and number of permits. As compared with the preceding month,
August permits increased 6% in number and declined 3% in valuation.
The total volume of business in this district as indicated by individual
debits reported by representative banks in important cities was 19% larger
in August of this year than a year ago. It is significant to note in this
connection the aforementioned increase of nearly 17% in the physical volume of business as shown by the car loadings during the first three weeks
of August, as compared with the same period last year. All classes of
commodities loaded showed increases except live stock.
Cost of Living Trending Upward in All Countries
Except Great Britain and India.
A slight upward trend in the cost of living, due in most
eases te- higher food prices and higher rents, has taken place
in the past few months in all countries except Great Britain
and India, according to a study published by Dominick &
Dominick under date of Sept. 12. Despite its very recent
decline in living cost, England is still credited with the highest wholesale price, with an index number (on a gold basis)
of 170 for the first six months of this year; the United States
is second with 165;Japan, 162; Canada,152,and France, 124.
"The trend of the cost of rent in most countries did not accompany that of the cost of other items," says the report.
When food prices reached a maximum in 1920, rents were
kept within bounds, largely by Government regulations.
With the relaxation of these laws, rents began to rise, showing a particularly strong upward movement in the countries
of excessive post-war inflation-such as Germany, France
and Italy. Using 1913 as a normal year, the present index
number of rent cost in Italy is 393; in France, 200; in the
United States, 156 (estimated); in Great Britain, 147, and
in Canada, 145. The 7% reduction from the high level
reached in July last year in the United States indicates that
this country will take its place with Great Britain and
Canada as the only countries where rents are actually decreasing. Index numbers of the general cost of living in
the United States and Great Britain are given as follows:
1914
1920
1921
1922
1923
1924
United
States.
103
200
174
170
173
171
Great
Britain.
100
252
219
181
174
175
Analysis of Income Accounts of Representative
Industrial Corporations by Federal Reserve
Bank of Cleveland-Decided Improvement in 1925 Over 1924.
Monthly figures for the year 1925 indicate a slight increase
Stating that "activity in the great majority of industries for the United States and a slight decline for Great Britain.
continues to be well ahead of a year ago at this time," the The opinion is expressed that there is no likelihood of any
1398
THE CHRONTCLE
important reduction in the cost of living in this country in
the near future. The statement in detail is as follows:
The situation has been particularly acute in France. Both wholesale
and retail price indexes are higher this year than 1924. It is estimated that
the cost of living for a working class family of four persons,basis 100 in 1914,
had climbed to 390 in the second quarter of this year in Paris, while at
Marseilles it was 435 and at Grenoble 438—levels hitherto unrecorded. A
comparison of international whclesale prices in index numbers on a gold
basis follows:
n
Japan
Capaooda
France
England
United States
100
1913
100
100
241
1919
242
223
iii
233
239
1920
175
150
133
149
1921
156
175
147
190
136
158
1922
183
147
124
159
164
1923
166
145
121
160
159
1924
162
152
124
170
1925(first6 mos.)_ 165
There is no indication here that the consumer in any country is likely to
be relieved in the near future by a reduction in the cost of his purchases.
The trend of the cost of rent in most countries did not accompany that
of the cost of other items. When food prices reached their maximum in
• 1920,rents were kept within bounds largely through Government regulation.
When these laws for the protection of the tenants were abolished or relaxed,
rents everywhere began to rise to a level equal to or greater than that already reached by food, fuel, light, clothing, &c. A comparative table of
rent costs in index numbers follows, using 1913 as the normal year:
Italy
France
Germany
United States Great BrUain Canada
100
100
100
100
102
100
1913
108
100
___
134
151
118
1920
139
110
___
144
1921
145
161
202
164
___
1922
146
153
161
234
148
164
1923
147_ _ _200
329
200
1924
58
146
147
168
393
200
145
1925(first4 mos.)_ _ __
75
147
Note.—Statistics in this article have been secured from the Federal Reserve Bulletins and the United States Department of Commerce. The tables giving comparative figures with other countries do not afford a completely accurate comparison
due to the fact that the articles valuated and the dates of valuation vary in some
cases.
In general, the upward movement of rents shows now the greatest momentum in the countries of excessive post-war inflation, where the currency
Is now stabilized, such as Germany. France and Italy.
In the other countries the rate of increase seems to have reached its
maximum in 1922 or 1923 and is now slowing down, although there is still
a gradual and moderate rise. Latest surveys in this country in the past
three months indicate a noticeable drop in renting costs. Rents here have
been higher than any other item in the family budget when compared to the
pre-war figures-79% above July 1914; this is a 7% reduction from the high
level reached in July last year. It seems likely that this trend will continue, and the United States can therefore take its place with Great Britain
and Canada as the only countries where rents are actually decreasing.
In the United States wholesale prices are now about 61% above the 1914
level and retail prices about 65%. On the basis of retail prices, the Purchasing value of the dollar to-day is about 60% of its value before the war.
For the 5li years since January 1920, when the dollar was worth 42.9 cents,
the buying power of the dollar in various commodities averaged as follows:
Foods, 65.2 cents; clothing, 50 cents; fuel and lighting, 50.7 cents; building materials, 53.9 cents; all commodities, 62.4 cents.
Index numbers of the general cost of living in the United States and
Great Britain from 1914-1924 are given as follows:
United States Great Britain
United States Great Britain
.
1914
200
1920
100
103
219
1915
174
125
1921
105
181
1916
170
148
1922
118
174
1917
173
1923
142
180
175
1918
171
1924
174
203
1919
208
199
Monthly figures for the year 1920 indicate a slight Increase for the United States
and a slight decline for Great Britain.
In June 1925 the general cost of living in the United States increased
2.6% over June of the previous year. It is not likely that there will be
any important reduction in this in the near future. The enormous gold
reserve in this country, which is being distributed only very slowly: the
slowing up in foreign investment; the payment of foreign governmental
debts—these will exert a pressure to keep the price level high for some time.
The high and fluctuating costs shown in the above tables indicate that
considerable economic adjustment is still necessary in the United States as
well as in Europe.
Industrial Employment in Illinois During August—
Notwithstanding Slight Increase in Number on
Payrolls, Month Was Worst August Since 1921.
According to R. D. Cahn, Chief of the Illinois Bureau of
Industrial Accident and Labor Research, scant indications
of a revival in industry have as yet made their appearance
in Illinois. Mr. Cahn's review of the industrial situation in
Illinois during August, made public Sept. 13, continues:
The decline in factory operations which set in early in the current year has
only been checked at the outset of the seasonal upturn which usually comes
In August. Although the extent of the decline in the number of workers in
this State has been slight as compared with that of a year ago,the downward
course has gone on steadily since March. As a consequence with a change of
only 1-10 of 1% in August, 1925, It was the worst August as far as factory
operations are concerned of any since 1921. While few of the factories have
increased the number oftheir workers,a considerable number have continued
in progress for some time.
In the moderate downward course which has been.
In fact, some of the industries in which, from news accounts, most was to
be expected, have shown the least tendency to recover.
One thousand one-hundred and forty manufacturers representing all of
the principal industries of the state reported to the Illinois Department of
Labor that they had on the payroll of the middle of August,273.337 workers
which was an increase of less than 1-10 of 1% from the number the identical
employers had 30 days earlier. The absence of any consistent trend may be
seen in an examination of changes industry by industry. Of the 56 lines of
factory employment represented in the survey of the Department. 28
showed increases during August and 28 showed declines.
The most disappointing fact brought out in the survey for the current
month has been the tendency for employment to decline among the steel
firms. The 120 plants distributed about the state in all the steel producing
areas had 6.7% fewer workers in August than they had in July. The car
building industry showed a decline of 13% when an increase also was to be
expected. Operations in that industry are now about 30% less than a year
ago at this time. Elsewhere, in the metals, machinery and conveyance
group, however, the trend was upward. In the auto and accessories
4
[Vol. 121.
gronp 9% more people were employed in August than in July, and there
was a good-sized gain in machinery and electrical apparatus.
The effects of the passing of the busy season are shown in the stone, clay
and glass products group, with most of the firms laying off help. Glass and
cement industries were definitely following that policy. The brick concerns, however, were still busy and kept their forces intact.
With the exception of the planing mill concerns, industry was on the upmusical
grade in the wood products of industries. Furniture factories and
some
Instrument factories in which employment has been held back for
time, took on more employees during August.
At
In the leather group of industries, the trend was generally upward.
now
the tanneries there was a gain of nearly 10% and more persons are
Boot
employed in these factories than at any time in several years.
and shoe firms also reported a decided tendency to hire more employees.
The sole exception in the leather group of industries was in the case of several factories producing gloves which laid off a considerable amount of help
and reduced operations to part time.
winter
An indication of the expectation of a large trade during the fall and
was indicated by the purchasing of paper containers during the month.
Paper box manufacturers were actively hiring help during August and by
the middle of the month had 5% more persons than they had in July.
Job printers who regularly have a spurt in business in the middle of the year
not only had a sufficient amount of work on hand to justify them in keeping
the number of their employees at the former level, but even expanded
slightly. 2.4% more persons were employed in August by the 75 reporting
printers than were employed in July.
other
The employment trend was generally downward in the clothing and
the
wearing apparel factories during August. With the termination of
fell.
workers
season in important men's clothing factories the number of
The factories manufacturing women's apparel also were generally reducing
employment. The millinery concerns laid off 1% and women's furnishings
exfactories 2.2%. However, the dress and waist industry showed an
pansion of 1.5%.
which
Seasonal changes were the rule in food industries. The canneries,
year.
have a busy short season, are reporting a large pack for the current
They had one-third more employees during August than they had in July.
millMeat packers also increased the number of their employees slightly and
ers put on more workers than one month ago. Confectionery manufacturers also took on more workers than they had in the preceding month.
and
The seasonal influence carried employment down in the ice cream, ice
beverage factories.
Contractors
Meanwhile, building work is in progress on a largo scale.
onereporting to the Illinois Department of Labor stated that they had
sixth more people on their payrolls in August than they had in the preceding
for
month. Indications, moreover, are that the activity will continue
issued
some time because of the volume of building permits that have been
new
during recent months. Building authorizations last month set a
August record in Chicago, when 1.419 permits were taken out for buildings
exceeded
estimated to cost $31,000,000. The aggregate for the month
one million dollars in Berwyn; was between one-half a million and a million
In Cicero, Decatur, Evanston, Rockford and Rock Island, and in addition
Park.
exceeded a quarter million in East St. Louis, Highland Park, Oak
Peoria and Springfield. The rebuilding of Murphysboro is progressing.
city
that
Since April, permits for 242 structures have been taken out in
new
which was devastated by the tornado. The estimated cost of the
building thus far authorized is approximately $700,000.
manuFifteen hundred employers in a wide range of industries, including
of the
facturing, public utilities, builders and mines paid out in the week
identical
middle of August, $10,607,798, which was 2.7% more than the
alone
employers paid out in the week of July 15. The manufacturers The
Increased their payroll disbursements by 2% during the month.
have
average weekly earnings of workers in the manufacturing industry
passing
remained up notwithstanding the fact that industry has been
manufacturthrough a state of depression. Average weekly earnings of all
of
ing employees in August amounted to 328 18, which was an indication
workers
steadier work. That is also shown by the increase in the number of
employed full time from 55% to 58%.
revival
One of the most hopeful signs for the coming winter has been the have
in the mining industry. Southern Illinois miners in many localities
progress since
welcomed the resumption of operations which has been in
early
the first of August. Many of these mines have been shut down since
mines
spring or longer. The resumption of operations not only affected the only
in southern Illinois, but those in central Illinois as well. Apparently,
change
the northern Illinois mines with high costs are unaffected by the
to be
in the industry. The demand for coal for domestic use is reported
diminish
quite large due to a fear that the strike in the anthracite field may
With the
the supply and increase the price of bituminous coal in Illinois. southern
the
reopening of the mines and the large corn crops in Illinois,
part of the State expects to have a prosperous fall and winter.
The ratio
Some improvement is noted in the state of the labor market.
139
of applicants to jobs at the Illinois free employment offices stood at
jobs than
Per 100, indicating a smaller excess of idle workers over available
13
the
at any time this year. The labor market index improved at 8 of
during the
cities. The offices were able to place 13,315 persons in positions
greater
month, which though slightly less than the July record, was 3,500
than the number placed in August, 1924.
In furnishing details of the situation in the various cities;
Mr. Cahn says:
Chicago.—Employment in Chicago factories increased slightly during
August. Reports to the Illinois Department of Labor from 592 factories
the
show that during the 30-day period from July 15th to August 15th,
moderately
employment increased to 8-10 of 1%. Operations expanded
at
among machinery, electrical and packing companies and was sustained
a high level in the automobile plants. The number of workers fell slightly
at the steel mills, however, and when the end of the season came employment was down in the clothing factories. The ratio of applicants to lobs
at the free employment offices in Chicago stood at 140 per 100 which was
the
the best since October, 1923. Building permits taken out by the end of
0
month of August amounted to the huge sum of $31,000,000—$2,500,00
ahead of July and nearly 50% larger than a year ago.
the
Aurora.—Reports to the Illinois Department of Labor from 19 of
month
Principal manufacturing industries of this city show a decllne for the
of August amounting to 6-10 of 1% following minor gains in the two prelarge.
ceding months. However, the number out of work in this city is not
and
Such as are unemployed consist principally of handicapped persons
mill
outside workers coming to Aurora seeking employment. The cotton
is
week
Which thirty days ago was reported to be working only two days a
are
almost back to full operations again. Although all the metal shops
first
working to an extent, one of the factories laid off over 100 men the
week of August. Towards the end of the month, the plant was again in the
time.
market for labor. Building work is not only active at the present
but will probably be so for sometime in the future. Permits exceeded a
half million dollars in July and fell less than fifty thousand dollars below
that figure in August. Work on two large concrete bridges and a dam IS
SEPT. 19 1925.]
THE CHRONICLE
still in progress. Other projects of consequence include a railroad shop,
storehouse,street railway car barns and a hospital. The excess of applicants
to jobs increased during August, there being 144 applicants per 100 jobs
compared with 130 in July and 137 one year ago.
Bloomington.-Seasonal increases in the food factories in this city have
brought an expansion of8%% in the volume of employment during August
following a decline of 434% in July. Elsewhere in this city, industry
changed but little during the month. The important local railroad shops
are working their usual summer forces. Skilled labor of the city is actively
employed, but there Is a pronounced surplus of common labor. With the
farmers well supplied with help, there was a decline in the ratio of applicants
to jobs from 134 to 120 during August. The present year is proving to be
a record year for construction in this city. Permits issued already indicate
there will be the largest amount of building since the great fire a quarter of
a century ago. The aggregate for eight months is 190 permits involving a
total of $993,600.
Cicero.-Employment increased at most of the plants in this community
during August and fell slightly at the largest Cicero plant. The volume of
building authorizations totalled $594,000 which, although put one half of
the July figure, was yet $180,000 ahead of August one year ago. For the
first time in nearly two years, the ratio of applicants to jobs at this office
was less than 200 per 100 jobs. The free employment office placed 440
persons during the month, which also is the largest for some time.
Danville.-Employment rose 1 3-10% in the factories of this city during
August, it appears from an analysis of the reports to the Department of
Labor from 17 Danville employers. The number of both male and female
factory workers expanded in the month. During the last half month, the
opening of cannerieh at Hoopeston, Rossville and Milford took a large part
of the surplus laborers for the season of about six or eight weeks' operation.
Conditions at the railroad shops did not change from the preceding month.
Coal mines are working three and four days a week. Building projects
continue at a high point-21 permits for August authorizing $147,000 worth
of work. The free employment office reports the placement of 129 persons
during the month of August. The ratio of applicants to jobs, however, was
119 per 100, an increase over the preceding month.
Decatur.-While the general tone was improved among the industries of
this city during August, there were several instances of sharp declines
among the larger factories. Twenty-three Decatur employers reported to
the Illinois Department of Labor that they had 2,992 workers employed
in all, whickis about 4% less than the number that were employed 30 days
before. Improvement was noted,however, in the latter half of the month.
Building 'activities are being carried on on a large scale and all indications
are that this work will continue good as long as weather conditions permit.
Hlrings made in the last half month are responsible for the more favorable
showing in the index of placements to jobs in the free employment offices.
There were 138 per 100 jobs in August compared with 152 applicants per
100 jobs in July.
East St. Louis.-The labor market at this terminal city was somewhat
Improved during August over the July condition. The ratio of applicants to
jobs at the free employment office in this city stood at 193 for August which
compares with 228 in July. That local plants were not responsible for this
condition was indicated in the reports to the Illinois Department of Labor
by the leading employers of this city. These employers reported 10% fewer
workers in August than they had in July. The number of individual
building projects registered with the local building commissioner was larger
during August than in the preceding month or the same month one year ago.
The cost of the projected work totalled $411,000 during August which was
approximately two-thirds of the August 1924 total.
Joliet.-Employment among the plants of this city has changed but little
during the past 30 days. Reports to the Illinois Department of Labor from
28 plants whose aggregate payrolls contain 5,900 names show a fall of 6-10ths
of 1% from the number of persons whose names are on the payroll. In the
preceding month, employment fell 735% and in June about 23,5% so that
it appears that the lay offs in this city which have been in progress for
several months have practically ceased. The ratio of applicants to Jobs at
the free employment office stood at 148 per 100 in August compared with
139 to 100 in July. The building trade workers are fully employed and the
sentiment among the contract workers is that they will be throughout the
winter. Most of the larger buildings, it is said, will be ready for inside
finish when cold weather arrives. The local free employment office which
does a large business in farm help is still placing a considerable number of
workers during August, although a greater number of orders were filled
during the month of July.
Peoria.-Employment fell nearly 2% in the factories of this city during
August, it appears from an analysis of reports to the Department of Labor
from 34 of the principal factories of the city. The changes were moderate
-in most cases slight, but one factory employing a considerable number of
women, temporarily laid off most of its employees. An excess of common
labor exists in this city. Numerous small Jobs however, have helped to
relieve the situation. There were 175 applicants per 100 Jobs at the free
employment office during August which is slightly better than the July
ratio. The flood of new building projects is the bright spot in the local
monthly survey. One hundred seventy-eight projects registered with the
local building office called for $360.000 worth of work, a 50% increase over
August of last year. During the past two months more than 400 separate
permits were taken out for an estimated cost exceeding $1,500,000.
Quincy.-An advance in the volume of employment of 6%, chiefly
seasonal, was the only notable change in the past 30 days. The number of
both male and female employees has expanded. The change was not
sufficient to affect the ratio of applicants to jobs at the free employment
office, it appears, for where there were only 160 applicants per 100 Jobs at
the office in July,the August ratio was 171. There is a great deal of common
labor out of work here although considerable numbers are employed in
street paving, sewer work, laying gas and water mains and a large
concrete
reservoir, stone quarry work and railroad work. Building permits totalling
$137,000 were taken out in August by the projectors of 42 single structures.
This was $40,000 ahead of the August figure one year ago.
Rockford.-There was considerable expansion in the industrial activity
in this city during August with the plants giving steadier employment to
their workers and increasing the number of employees at the same time.
The advance in the size of the working forces during the month
amounted
to 2.3%, it appears from the analysis of the returns from 57 Rockford
employers with a total payroll aggregating $225,818. The furniture industry
has varied but little, the only fluctuation being in casual labor. The metal
and machinery plants, however, have been tending to expand and the
Superintendent of the free employment office is authority for the
statement
that "pattern makers in the various shops were retained for orders and that
it was impossible to secure for them the skilled labor that they needed."
Foundries are also in need of molders and machinists which
Superintendent
Anderson says cannot be filled with available orders. It appears that
the
building industry will overshadow all former years in buildings erected
and
extensions made. Permits taken out during August total $529,840 or
$300.000 ahead of last year. Aside from Chicago and its suburban cities and
villages, no Illinois city surpassed Rockford in the volume of building work.
1399
The free employment offices during August, placed 1,506 workers compared
with 887 a year ago.
Moline-Rock Island.-A sharp advance in the volume of employment
among the factories of Moline is shown in the reports from 20 employers
to the Illinois Department of Labor for August. They had nearly 500 more
persons on their payroll in August than they had in July. There was a
decline in the plants at Rock Island. A canvass made among the plants of
the vicinity by the superintendent of the free employment office indicated
that there was good sentiment among the employers. Building work is
being carried on actively and prospects for even greater operations are
forecast by reports of the building office for August. One hundred and four
permits were taken out during the month calling for over 3.6 million dollars
worth of work in Rock Island, and in Moline the total of new projects
involved an estimated cost of $85,000. Included in the list for Rock Island
are one hospital, 3 stores, 2 factories, 10 residences and 25 garages-while
in Moline the permits represent 9 residences. 15 garages and an auto supply
building The ratio of applicants to jobs at the free employment office for
the Twin Cities dropped to 107 applicants per 100 Jobs which was the best
In a number of months.
Springfield.-With the reopening of mines in this vicinity and the
resumption of operations of a large factory which regularly closes down in
July, the industrial outlook was considerably improved during the month.
Building permits issued by the local building office during August totalled
$322,000-365,000 less than in July. A year ago in August permits were
ata peak point when $2,000,000 worth of work was authorized by the permits
taken out.
Employment and Wages in Pennsylvania and New Jersey-Betterment in Conditions Shown by
Increased Wages.
According to the Department of Statistics and Research
of the Federal Reserve Bank of Philadelphia, industrial operations in Pennsylvania and New Jersey expanded from July to
August, as evidenced by increased wage payments, although
a slight decrease in employment occurred in Pennsylvania.
Both employment and wage payments were larger in New
Jersey, with increases of 2.3 and 4.0%, respectively, says the
bank's summary, just made public, which continues as follows:
Many plants that were closed or partly shut down in July because of vacation or inventory periods, resumed operations in August, thus effecting
a great part of the advance.
In Pennsylvania the most substantial gains in employment and wages
were experienced in-the shipbuilding industry and at plants manufacturing
heating appliances, electrical machinery, tobacco products, furniture,
leather products and rubber tires and goods. The automobile, car construction and lumber industries showed the greatest declines. Although
employment fell off slightly at iron and steel blast furnaces, structural iron
works, knit goods and hosiery mills, dyeing and finishing textile plants and
paint and varnish plants, operations expanded considerably,
In some New Jersey industries, notably those manufacturing heating
appliances, cotton goods and musical instruments, one plant is responsible
for the very large increase. The same Is true in the case of the decreases
in the printing and publishing, and electrical machinery industry. The
most marked gains in employment and wages occurred at steel works and
rolling mills, hat factories, canneries, shoe, paper and pulp, and rubber tire
factories. Glass factories, miscellaneous textile plants, and woolen and
worsted mills experienced the most notable declines.
EMPLOYMENT AND WAGES IN NEW JERSEY.
(Compiled by Federal Reserve Bank of Philadelphia.)
--Increase or Decrease
Aug. 1925 over July 1925.
No.of
TOlai
Average
Plants EmployWages.
Wages.
Group and Industry-Reporting. meal.
+4.0
+1.7
+2.3
328
All industries fah
-4.6
-2.6
+2.1
95
Metal manufactures
-2.8
-6.2
-3.5
Automobiles, bodies and parts
7
-17.5
-15.9
+2.0
aEiectrical machinery and apparatus
20
16
+4.8
+3.2
Engines, machines and machine tools
+1.4
Foundries and machine shops
15
-0.3
+1.0
3
+39.8
+53.2
+9.6
*Heating appliances and apparatus
5
+6.3
+2.6
Steel works and rolling mills
+9.1
-0.1
Structural iron works
-0.4
-0.5
3
+4.8
Miscellaneous iron and steel products
16
+1.9
+6.8
+0.5
-1.1
4
-1.6
Shipbuilding
+0.5
+0.8
Non-ferrous metals
6
+0.3
-1.2
+1.9
+3.2
Textile products
74
-4.1
+5.5
+10.0
Carpets and rugs
3
+8.3
+10.5
+2.0
8
Clothing
+1.3
+7.8
+6.5
4
Hats, felt and other
13
+14.8
*Cotton goods
+18.7
+3.5
-0.8
+0.5
+1.3
19
Silk goods
-7.7
-8.1
-0.4
10
Woolens and worsteds
+0.1
+1.3
+1.2
Dyeing and finishing textiles
10
-2.2
-5.6
Miscellaneous textile products
-3.5
7
+56.5
+44.5 +126.3
12
Foods and tobacco
+83.4
+61.9 +196.8
8
Canneries
4
-3.8
+1.7
+5.6
Cigars and tobacco
+1.1
+0.5
-0.5
23
Building materials
+5.9
+0.1
9
+5.5
Brick, tile and terra cotta products
-5.0
-13.9
-9.5
3
Glass
-0.2
+3.1
11
+3.3
Pottery
+1.1
42
+1.1
+2.3
Chemicals and allied products
+1.7
23
+3.3
+5.1
Chemicals and drugs
9
+1.5
+9.9
+8.3
Explosives
-2.2
-3.3
7
-1.2
Paints and varnishes,
+0.2
0
+0.2
3
Petroleum refining
+7.8
+10.7
+2.7
82
Miscellaneous industries
+3.3
+5.0
+1.6
6
Furniture
5
+36.2
+43.4
+5.3
Musicalinstruments
+4.0
12
-1.0
+3.0
Leather tanning
7
+8.8
+17.4
+8.0
Boots and shoes
8
+12.6
+10.1
Paper and pulp products
8
-17.9
-33.9
-19.4
aPrinting and publishing
14
+3.7
+17.5
+13.2
Rubber tires and goods
9
-1.4
-1.6
-0.2
Novelties and jewelry
13
-0.1
-0.4
-0.2
All other industries
•Large Increases due to the figures of one plant. a Large decrease due to the figures of one plant.
1 170L 121.
.
THE CHRONTOLE
140C
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
(Compiled by the Federal Reserve Bank of Philadelphia and the Department
of Labor and Industry, Commonwealth of Pennsylvania.)
Increase or Decrease
Aug. 1925 over July 1925.
No.of
Average
Toted
Plants EmployWages.
Wages.
Reporting. meat.
Group and Industry+2.8
+2.8
-0.1
872
en industries(43)
+3.2
+2.3
-0.9
302
Metal manufactures
-6.6
22
Automobiles, bodies and parts
-8.5
-9.7
-1.3
20
Car construction and repair
+28.0
+44.0
+12.5
18
*Electricat machinery and apparatus
-3.1
40
Engines. machines and machine tools
+5.5
+3.2
60
Foundries and machine shops
+6.1
+23.4
+16.3
16
Heating appliances and apparatus
+15.6
+10.8
12
Iron and steel blast furnaces
-0.1
13
steel
and
forgings
Iron
-2.0
40
Steel works and roiling mills
+12.3
+12.3
-0.0
16
Structural iron works
+5.5
+3.1
-2.3
26
Miscellaneous iron and steel products
+2.1
+11.7
3
+9.4
Shipbuilding
+1.2
+1.4
+0.2
8
Hardware
+0.4
8
Non-ferrous metals
+0.9
183
Textile products
1
-1 :
+0.3
13
Carpets and rugs
+4.6
+2.7
-1.8
31
Clothing
+1.0
6
Hats, felt and other
+2.6
17
Cotton goods
47
+2.1
Silk goods
16
+1.5
worsteds
and
Woolens
+8.0
+7.5
42
-0.5
Knit goods and hosiery
+7.1
+6.1
11
Dyeing and finishing textiles
-2.6
110
+3.4
Foods and tobacco
.36
Bakeries
-4.3
-4,6
25
-0.3
Confectionery and ice cream
-1.6
15
+0.1
Slaughtering and meat packing
+3.4
+13.2
+9.5
34
Cigars and tobacco
+4.5
+3.2
75
--1.3
Building materials
+0.4
+0.1
32
Brick, tile and terra cotta products
+3.5
+2.5
14
--1.0
Cement
+6.2
+3.8
25
Glass
+18.9
+19.5
4
+0.6
Pottery
+0.6
+0.5
40
+1.1
Chemicals and allied products
+2.6
23
+3.7
Chemicals and drugs
+4.9
+7.4
+2.4
3
Explosives
+11.7
+11.3
-0.3
9
Paints and varnishes
-2.4
-1.8
+0.6
5
Petroleum refining
+2.4
+2.8
162
+0.4
Miscellaneous industries
-5.6
-7.9
28
-2.5
Lumber and planing mill products
+4.0
+9.3
21
Furniture
+5.1
+6.7
+5.3
19
Leather tanning
+2.8
+9.4
Leather products
+6.7
9
+11.5
+14.6
24
Boots and shoes
+2.7
+3.7
+3.6
Paper and pulp products
18
-0.1
-1.6
-2.5
37
Printing and publishing
+1.3
+7.9
Rubber Urea and goods
3
+6.5
+1.8
Novelties and Jewelry
3
+2.0
* Large increase due to figures of one plant.
•
Employment:and Wages in the Cities of the Philadelphia Federal
Reserve District.
The accompanying table shows the results of our first month's survey of
factory employment and wage payments in the principal cities of the
Philadelphia Federal Reserve District. The area for which figures are
shown in each case includes not only the territory within the corporate
limits of the city but also'nearby suburbs and cities which are a part of the
industrial area. Thus the Philadelphia area includes Camden, Chester.
and several smaller municipalities; the Allentown area includes Easton
and Bethlehem: the Reading area includes most of Berks County. drc.
In each of the areas except Altoona and Johnstown, the reporting plants
employ a fairly large proportion-from one-fourth to one-half-of the total
number of factory workers employed there, so that the changes shown
should be fairly representative of manufacturing conditions in the area.
In Altoona and Johnstown it is hoped soon to obtain more adequate repre-
Tl..2
1
11.2
sentation.
Both employment and wage payments increased from July to August
in eight of the fifteen areas; Philadelphia, Reading and Johnstown showed
the greatest improvement. Small losses in employment were reported in
the Trenton, Wilmington, Allentown, Sunbury and Williamsport areas,
while wage payments were smaller in Wilmington, Harrisburg, Sunbury,
Williamsport and Wilkes-Barre.
Areas.
Philadelphia area
Trenton area
Wilmington area
Reading area
Lancaster area
York area
Harrisburg area
Schuylkill area
Allentown area
Sunbury area
Wilkes-Barre area
Scranton area
Altoona area
Johnstown area
Williamsport area
No. of
Plants
Reporting
291
32
32
69
3.5
43
35
21
77
20
23
34
15
12
27
Increase or Decrease
August, 1925, ore' July. 1925.
Employment Total Wages Aver. Wages
+3.0
-2.3
-1.2
+3.2
+2.6
+2.4
+1.2
+2.6
-0.1
-0.4
+0.2
+2.8
+0.4
+3.7
-2.0
+6.7
+2.1
-2.0
+16.2
+3.5
+7.3
-1.4
+7.2
+3.8
-1.1
-10.3
+6.6
+7.3
+10.8
6_-.g
+3.6
+9.6
-0 8
+12.6
+0.9
+4.8
-2.5
+4.6
+3.9
-0.7
-10.5
+3.7
+6.8
+6.8
-5.0
August Building Permits Establish a New Record.
The volume of August building permits in 369 cities and
towns established a new record for that month, with a gain
of 38% over August 1924, according to the national monthly
building survey of S. W. Straus & Co. The total in these
places was $387,951,884, compared to $281,012,160 in
August 1924, a gain of $106,939,722. Every region of the
country, nearly all of the large States, most of the large
cities and hundreds of smaller places, showed gains over
August 1924. In the East 108 cities had a total of $185,607,963, compared to $115,957,617 in August 1924, an
increase of 60%. In the Central district 107 cities had a
total of $107,716,976, compared to $88,844,539, an increase
of 21%. In the South 75 cities had a total of $51,062,322,
compared to $33,874,457, an increase of 51%. In the Pacific
West 79 cities had a total of $43,564,623, compared to
$42,335,547, an increase of 3%.
Some of the cities showing substantial percentages of increase were: New York, 183; Chicago, 41; Newark, N. J.,
185; Miami, 77; Tampa, 207; Houston,' 145;_St. Petershim
238; Minneapolis, 82; Long Beach, 476; Boston, 55; Columbus, Ohio, 265; Washington, D. C., 73; St. Louis, 85; Cincinnati, 123, and Miami Beach, 483.
TWENTY-FIVE CITIES REPORTING LARGEST VOLUME OF PERMITS
FOR AUGUST 1925, WITH COMPARISONS.
New York, P. F__-_
Chicago
Detroit
Los Angeles
Philadelphia
Newark, N. J
Boston, P. F
Long Beach
Miami
Washington
Columbus, Ohio__ _
Cleveland
Baltimore
St. Louis
Houston
San Francisco
Portland
Pittsburgh
Oakland, Calif
WestPalmBeach,Fla
Minneapolis
Milwaukee
Tampa
Cincinnati
St. Petersburg
August
1925.
August
1924.
August
1923.
August
1922.
July
1925.
$
97,334,087
31,059,700
15,467.701
10,221,257
9,996,675
8,966,945
8,065,266
6.026,029
6,024,177
5,964,111
5.328,000
4,943,150
4,924,300
4,657,298
4,460,889
3,840,076
3.544,110
3,336,925
3,246.419
3,113,188
3,073,205
3,063,743
2.718,187
2,636,405
2,600,300
$
34,334,726
21,944,550
11,913.135
13,893,091
23,047,300
3,148,828
5,203,136
1,045,041
3,398.920
3,434,045
1,457,900
5,685,685
3,741,509
2,513,223
1,819,51/
4,040,980
3,152,125
3,356,991
3,026,716
347,105
1,693,215
4,346,576
885.065
1,178,625
768,200
$
51,715,780
20,134,150
15,530,075
22,249,262
8,246,280
3,686,900
1,989,607
1,566.817
584,785
4.286,358
2,304,300
4,746.725
3,956,256
2,371,005
1,129,906
3,915.300
2,218,355
2,872.640
2,118,416
203,300
2.231.535
3,009,975
386,089
1,468,795
213,000
$
36,452,104
17,919,950
13,103,831
11,523,891
10,945,830
2,150,922
9,625.938
856,988
998,700
4,008.579
2,894.100
5,199.429
3,620,000
2,206,670
1,109.897
6.214,082
1,941,380
3,071.479
1,651.201
384,489
2,158.790
1,956.069
281,979
2,600,650
352,075
's
$
90,301.859
28,502.400
18,748,871
11,298,896
30,757,760
3,522,563
5,468,484
692,071
4,526.316
5,816.160
2.687,800
6,121,475
3,039,500
3,616.381
1,539,453
5.102,987
2,295,390
2.964,300
4,268,075
1,292,145
1,750,085
3,478,108
2,925.295
2,327,850
2,281.200
OCA :kin 140 tramn nnn
r,'or /Inn lAn non nna oAe .200 AGA
Index of Real Estate Market Activity for July Tops
Year's Record-Month Shows Best Condition
of Any July for Past Ten Years..
The index of real estate activity computed monthly by
the National Association of Real Estate Boards reached 178
for the month of July 1925. The figure, which is based
upon official reports of the actual number of real estate
transfers and conveyances recorded in forty-one typical
cities, is the highest figure recorded for the month of July
during the nine and a half years covered by the Association's
records, and the highest point reached for any month of the
present year. While the computations, beginning with the
records of the 41 cities for January 1916, show a long-time
trend toward an increasing number of transfers and conveyances each year, a factor which has not been excluded
from the index, the figure 178 for July, indicating an activity
78% above the average for July of the years 1916-1923,
which have been taken as the norm, indicates a more than
usually active real estate' market. The index figure for
previous Julys were as follows: For 1916, 67; for 1917, 68;
for 1918, 68; for 1919, 109; for 1920, 114; for 1921, 99; for
1922, 121; for 1923, 155; for 1924, 151.
The figures for the earlier months of 1925 were as follows:
January, 171; February, 173; March, 168; April, 176; May,
168; June, 164.
John H. Kirby Appointed Chairman of the Central
Committee on Lumber Standards.
of Commerce at Washington on Sept. 12
Department
The
advised the Central Committee on Lumber Standards that,
on the invitation of Secretary Hoover, John H. Kirby,
well-known lumber manufacturer of Houston, Texas, had
agreed to serve as Chairman of the Committee in place of
John W. Blodgett, Grand Rapids, Mich,. whose personal
affairs require his retirement from the Committee after three
years of service. The statement continued as follows:
Mr. Kirby has served on the Central. Committee as a representative of
the lumber manufacturers since It was created in 1922. He is President
of the Kirby Lumber Co., one of the largest lumber manufacturing companies of the South,and has extensive interests on the Pacific Coast. He is
a director of the National Lumber Manufacturers' Association and of the
Southern Pine Association, is a past President of both these associations,
and has been a leader in the lumber standardization movement from its
inception.
In accepting the invitation to act as Chairman of the Central Committee
on Lumber Standards, Mr. Kirby wrote Secretary Hoover:
"When a citizen has been drafted he has no choice but to respond and
the greater his alacrity in that response, the higher the tone of his citizenship. I shall, therefore, do the best I can in these new duties to which
you have called me.
"You have done so great a work for the lumber industry in this standardization movement, and in other respects, that I would be quite remiss as
a lumberman if I did not undertake to show such appreciation of your
great leadership in these matters as might be testified to by my prompt
acceptance of the duties of this position."
Other vacancies having arisen in the Committee, Secretary Hoover is now in correspondence with others interested
in lumber standardization with a view to enlarging and
completing membership. Information before Mr. Hoover
indicates that the vast bulk of the lumber production of the
country is already in accordance with American lumber
standards, with the result that the "waste already eliminated," afir,he puts it, "runs into millions yearly. Whatever
1401
THE CHRONICLE
SEP r. 19 1925.]
with the preit may be, it is just as important to the public and the week on record. The decrease, compared
ceding week, was due to a falling off in the loading of coal,
industry as a reduction of taxes."
grain and grain products, forest products, and ore. Miscellaneousfreight, merchandise and less-than-carload-lot freight,
Weekly Lumber Movement Declines.
coke and live stock, however, showed increases. Although
that loadings have
According to reports received by the National Lumber this was the eighth consecutive week
the million-car mark, the present heavy traffic is
Manufacturers' Association from 364 of the larger softwood exceeded
being moved virtually without car or locomotive shortgage,
mills of the country for the week ended Sept. 12, decreases there having been on Sept. 1 more than 162,000 surplus
in production, shipments and new business were noted as freight cars in good repair and immediately available for
compared with reports from 350 mills the previous week. service, as well as approximately 5,900 serviceable locoare given as follows;
In comparison with reports for the same period a year ago motives in storage. Further particulars
The total for the week of Sept. 5 was an increase of 181.643 cars over
while
and
shipments,
in
production
increases
were
there
the corresponding week last year and an increase of 174,030 cars over
new business fell off to some extent.
the same week in 1923. Labor Day holidays were included in the correThe unfilled orders of 245 Southern Pine and West Coast sponding weeks in the two previous years.
Miscellaneous freight loading totaled 425,060 cars, an increase of 10,715
mills at the end of last week amounted to 607,964,491 feet, cars
over the week before and 86,185 cars above the same week last year.
as against 631,485,854 feet for 244 mills the previous week. It also was an increase of 100,244 cars above the same week two years ago.
Loading of merchandise and less-than-carload-lot freight amounted to
The 137 identical Southern Pine mills in the group showed
cars, an increase of 4,692 cars ova.the week before and 50.303
268,992
as
272,against
week
last
feet
of
unfilled orders 266,834,293
cars above the same week last year. Compared with the corresponding
546,021 feet for the week before. For the 108 West Coast week two years ago. it also was an increase of 51,319 cars.
Coal loading totaled 178,218 cars,a decrease of 33,465 cars under the week
mills the unfilled orders were 341,130,198 feet as against
but 28.273 cars above the same week last year. Compared with
before
358,939,833 feet for 107 mills a week earlier.
the same week in 1923 it also was an increase of 25,196 cars.
Grain and grain products loading amounted to 55,731 cars, a decrease of
-Altogether, the 364 comparably reporting mills had shipthe week before and 9,265 cars below the same week last
ments 94% and orders 85% of actual production. For the 953 cars under
year. It was, however, 8,967 cars above the same week in 1923. In the
Southern Pine mills these percentages were respectively 107 Western districts alone, grain and grain products loading totaled 41,327
.
cars, an increase of 724 cars over the week before but 6.790 cars below the
and 99; and for the West Coast mills 93 and 87.
week last year.
Of the reporting mills, 351 (having a normal production corresponding
Livestock loading for the week totaled 32.212 cars,an increase of 480 cars
for the week of 220,748,849 feet) gave actual production over the week before but 494 cars below the corresponding week last year
as well as 2,924 cars under the same week two years ago. In the Western
104%, shipments 98% and orders 89% thereof.
alone. 23,600 cars were loaded with livestock during the week. 100
The following table compares the national lumber move- districts
cars above the week before but 1,064 cars below the same week last year.
ment as reflected by the reporting mills of seven regional
Coke loading totaled 11,305 cars, an increase of 967 cars above the preComceding week but 4,037 cars above the corresponding period in 1924.
associations for the three weeks indicated:
cars.
Mills
Production
Shipments
Orders (new businees)
Past Week.
384
240,297,746
226.158,218
203,764,018
Corresponding
Week 1924.
364
227.223.229
223,354,158
225,565,709
Preceding Week
1925 (Revised),
350
241.198,131
233,016,146
233,487.968
The following revised figures compare the lumber movements of the seven associations for the first 37 weeks of 1925
with the same period of 1924:
1925
1924
1925 increase
Production,
9,005.382.194
8,595,574.860
Shipments.
8,876,586.904
8.536,588.307
Orders.
8,728.654.393
8,282,126,837
409.807,334
339.998,597
446,527.556
The mills of the California White and Sugar Pine Manufacturers' Association make weekly reports, but for a considerable period they were not comparable as to orders with
those of other mills. Consequently, the former are not represented in any of the foregoing figures. Eight of these mills
reported a cut of 12,579,000 feet, shipments of 10,513,000
feet and orders 9,736,000 feet. The reported cut represents 30% of the total of the California pine region. As
compared with the revised report for the preceding week,
when 11 mills reported, substantial decreases in production,
shipments and new business were noted.
The Southern Cypress Manufacturers' Association (also
omitted from above tables) for the week ending Sept. 9
reported from 13 mills a production of 4,644,271 feet, shipments 5,280,000 feet, and orders 4,780,000 feet. With three
fewer mills reporting, this Association showed decreases in
all three items as compared with the previous week.
pared with the same period in 1923 it was a decrease of 2,235
Forest products loading totaled 71,659 cars, 620 cars below the week before but 8,784 cars above last year and 5,393 cars above the same week two
years ago.
precedOre loading totaled 59,769 cars, a decrease of 3,386 cars below the
decrease of
ing eek but 13,820 cars above last year. It was, however, a
ago.
years
two
11.930 cars under the same period
total loadCompared with the preceding week this year, increases in the
Allegheny
ing of all commodities were reported in all except the Eastern.
not only over
and Pocahontas districts. All districts reported increases
1923.
in
week
same
the
over
also
but
the corresponding period last year
years
Loading of revenue freight this year compared with the two previous
follows:
1923.
1924.
1925.
4,239.379
4,294,270
4,450,993
Five weeks in January
3,414.809
3,631.819
3,619,326
Four weeks in February
3.662,552
3,661.922
3.694.916
Four weeks in March
3,764,266
3,498,230
3,721,662
Four weeks in April
4,876,893
4,473.729
4,854,720
Five weeks in May
4,047,603
3.625,182
3,956,011
Four weeks in June
3.940.735
3,524.909
3.887.834
Four weeks in July
5,209,219
4,843.997
5.364.010
Five weeks in August
928,916
921.303
1.102,946
5
Sept.
Week ended
34.084,372
32.475,361
34,652,418
Total
Automobile Production Diminishing.
The Department of Commerce announces August production of motor vehicles as 221,756 passenger cars and 37,643
trucks. This compares with 357,883 cars and 41,748 trucks
in July and with 255,232 cars and 28,647 tsuck-s in August
last year.
The table below is based on figures received from 183
manufacturers for recent months, 73 making passenger cars
and 128 making trucks (18 making both passenger cars and
trucks). Data for earlier months include 65 additional
manufacturers now out of business, while June data for 24
Weekly Lumber Review of West Coast Lumbermen's small firms were not received in time for inclusion in this
Association.
report. Figures on truck production also include fire
One hundred and seven mills reporting to West Coast apparatus, street sweepers and buses.
Lumbermen's Association for the week ending Sept. 5
AUTOMOBILE PRODUCTION.
(Number of MachlneS)
manufactured 103,134,746- feet of lumber; sold 100,491,914
feet.
New
97,659,036
shipped
and
business
was 2%%
feet
Trucks.
Passenger Cars.
1924.
below production. Shipments were 3% below new business.
U. S. Canada.
U. S. Canada. Toted.
Total.
Thirty-seven per cent of all new business taken during the week was for
293,824 283,983
future water delivery. This amounted to 37,382,303 feet, of which 27,425,- JanuarY
343,460 331,388
199 feet was for domestic cargo delivery, and 9,957,104 feet export. New February
357,045 341,851
March
business by rail amounted to 1,888 cars.
346,405 331,957
April
Thirty-two per cent of the lumber shipments moved by water. This
288,324 271,033
May
225,079 214,322
amounted to 31,249,425 feet, of which 23,267,025 feet moved coastwise June
244,544 235,925
Rail
export.
and
feet
7,982,400
intercoastal,
shipments
totaled
and
1,998 July
255,232 249,796
August
Car&
2,260,255
Local auto and team deliveries totaled 6,469,611 feet.
2,351,913
months)
(8
Total
Unfilled domestic cargo orders totaled 123,213,189 feet. Unfilled ex256,940
263,528
September
trade
orders,
feet.
rail
Unfilled
88,590,044
4,571
cars.
port orders
260,881 254,524
In the first 30 weeks of the year production reported to West Coast October
204,343 198.381
November
Lumbermen's Association has been 3,602,419,025 feet, new business 3,738,- December
182.099 174.899
740,668 feet, and shipments 3,705,042,701 feet.
3,262.764 3,144,999
Total
Railroad Revenue Freight Loading Continues Heavy.
Loading of revenue freight for the week ended Sept. 5
totaled 1,102,946 cars, according to reports filed by the carriers with the Car Service Division of the American Railway
Association. This was a decrease of 21,490 cars under the
week before, when revenue freight loadings amounted to
1,124,436 cars, the largest number loaded during any one
1925.
January
February
March
April
May
June July
August
Total(8 Montbel
•Revised.
9,841
12,072
15,194
14,44(
15,291
10,757
8.616
5,43(
30,741
32,910
36,444
37,948
35,314
29,067
26,391
28,647
28,994
31,231
34,404
36,015
33,561
28,117
25,284
27.767
1,747
1,679
2,040
1,933
1,753
950
1,107
880
91,65E
257,462
245,373
12.089
6.586
6,357
5,962
7.200
31,960
32,475
27,905
27,542
30,609
31,205
26,824
25,852
1.351
1.270
1.081
1 690
117,765
377,344
359,863
17,481
204,620
242,024
319,140
375,787
364,363
350,557
*347,365
214,326
8,301
10,776
13,014
15,515
18,351
14,249
11,151
7,430
28,141
34,410
45,098
47,822
43,303
*38,048
*41,748
37,643
26,576
32,717
43,009
46,247
41,415
936,254
*39,968
36.20.
1.585
1,693
2,089
1,576
1.888
1,794
1,780
1,436
1.516.239 2.41u 189
04 704
11801-5
509 191
1250.
212,921
252,803
332,154
391,302
382,714
364,806
357,883
221,756
1402
THE CHRONICLE
Automobile Price Reductions.
A price reduction of $60 was on Sept. 14 announced on
the Overland standard sedan from $655 to 16595 by WillysOverland, bringing the price of this model to the lowest
figure ever made on a full-sized sedan with sliding gear
transmission. Reductions were also announced on Sept. 17
by the Cleveland Automobile Co., which cut prices $50 to
$200. The new prices are: De luxe sedan,$1,595;four-door
sedan, $995; special four-door sedan, $1,295; sport sedan,
$1,625; sport touring, $1,245; coach, $1,295; touring, $895;
and special touring, $1,095. The company is reported to
be adding several models to its line.
Slight Decrease in Crude Oil Production.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the Smackover
heavy oil field was 180,700 barrels, a decrease of 5,500
barrels for the week ended Sept. 12. The daily average
production in the United States for the week ended Sept: 12
was 2,133,050 barrels as compared with 2,138,850 barrels
for the preceding week, a decrease of 5,800 barrels. The
daily average production in the United States, excluding
Smackover heavy, decreased 300 barrels. The daily average production east of California was 1,463,550 barrels, as
compared with 1,465,850 barrels, a decrease of 2,300 barrels.
California production was 669,500 barrels as compared
with 673,000 barrels for the preceding week, a decrease of
3,500. Santa Fe Springs is reported at 54,000 barrels,
against 54,500; Long Beach 104,000 barrels, against 101,000;
Huntington Beach 43,500 barrels, against 44,000; Torrance
36,000 barrels, against 35,000; Dominguez 29,500 barrels,
no change; Rosecrans, 22,500 barrels, against 24,000;
Inglewood 99,000 barrels, against 106,000.
The estimated daily average gross production of the
Mid-Continent field, including Oklahoma, Kansas, North,
East Central and West Central Texas, North Louisiana and
Arkansas, for the week ended Sept. 12 was 1,101,400 barrels,
as compared with 1,110,100 barrels for the preceding week,
a decrease of 8,700 barrels. The Mid-Continent production,
excluding Smackover, Arkansas heavy oil, was 920,700
barrels, against 923,900 barrels, a decrease of 3,200 barrels.
The following are estimates of daily average gross production
for the weeks indicated:
DAILY AVERAGE PRODUCTION.
(In Barrels.)
Sept. 12'25. Sept. 5 '25. Aug.29'25. Sept.13'24
547,500
Oklahoma
479.050
459.900
476,000
84,600
Kansas
111.150
111,650
111.200
72,200
North Texas
77,350
77,700
78,950
108,550
East Central Texas
88.350
90,750
90,850
78.700
West Central Texas
78,700
76,050
80,900
50,850
North Louisiana
48,650
49,050
48,150
134,750
Arkansas
218,150
228,450
224,050
82,000
Gulf Coast
96,650
95,700
89,800
45,350
Southwest Texas
43,850
44,200
44.050
108,500
Eastern
107,500
107,500
107,500
101,800
Wyoming
91,200
86,000
88.050
10,250
Montana
15,100
15,150
12,450
1,600
Colorado
4.000
4,200
4,200
New Mexico
800
3,850
3,950
3,800
614,000
California
669,500
672,000
673.000
TotaL
2.133,050 2,138,850 2,116,350 2,041,450
Crude Oil Prices Remain Unchanged-Gasoline Prices
Show Further Reductions.
The price of crude oil during the week just ended remained
unchanged at the levels established by the recent declines.
On the other hand, some further reductions were announced
in gasoline prices. The earliest of these were by the Standard
Oil Co. of New York, Jenney Mfg. Co. and Colonial Filling
Stations. These three companies reduced the retail price of
gasoline lc. a gallon to 19e. in the New England territory,
while tank wagon prices remain unchanged. On Sept. 16
the Standard Oil Co. of Kentucky reduced the tank wagon
price of gasoline lc. a gallon in Alabama, Florida and Mississippi, effective Sept. 9, and 2c. a gallon at Lexington, Ky.
Covington, Ky., price was reduced lc. a gallon, effective
Aug. 29. No other changes were made in Kentucky or
Georgia.
Effective Aug. 26 the Georgia gasoline road tax was increased to 3%c. a gallon from 3c., the increase being included
in the tank wagon price. Reports from. Minneapolis on
Sept. 17 stated that the Standard Oil Co. or Indiana cut the
price of gasoline 2.1c a gallon, effective in iMinneapolis and
1
St. Paul.
Wholesale gasoline prices in the Mid-dontinent regions
are slightly higher, with the trendIdefinitelyIupward. Re-
rvoL 121.
finers on Sept. 16 quoted United States motor gasoline at
93' to 94c. per gallon.
Reports from Omaha, Neb., late on Sept. 18 stated that
the Standard Oil Co. of Nebraska had reduced gasoline in
Omaha 33/2c. a gallon, making the tank wagon price 16c. and
service station price 18c. Other companies, it is expected,
will follow. There has been no cut in other parts of
Nebraska.
Creeping Extravagances in Business-Office Barnacles.
Among the tendencies created by the close competition
peculiar to the moment is the tendency toward large production units as opposed to a multiplicity of smaller units. This
is particularly apparent in the automobile industry where the
process of elimination, purchase and amalgamation is working
toward the centralization of automobile production, says
E. J. Kulas, President, The Otis Steel Co., Cleveland, in
Trade Winds, issued by the Union Trust Company of
Cleveland. Mr. Kulas proceeds as follows:
In the majority of instances, the practical economies obtainable through
a combination are more or less patent, but the writer's several years of
experience-not only in amalgamations but in individual plants-has
created a certain philosophy regarding the source of some of the profit
leakages in business.
Almost without exception, as a business increases in age and size, it
accumulates a corresponding number of "barnacles" of extravagance, the
majority of which grow up around its executives without their consent and
in most cases without their knowledge.
Only recently, I was informed of a reorganization after which the pay roll
was reduced 20%, yet the production per man increased by measurably
more than that amount so that the net saving in labor charge was better
than 40%. Yet this is but one example of the barnacles which gradually
creep up around a business which enjoys any particular size or history.
In the majority of cases, however, the efficiency of the manufacturing
organization is under the direct personal supervision of one of the higher
executives and hence is likely to be of a high caliber. But in the office
routine an astounding multiplicity of wastes are likely to grow up-decendents of times of prosperity which become apparent necessities and ultimately accepted practices even in times of comparative adversity.
The average executive is likely to be almost totally ignorant of office
routine. Assistants, bureaus, departments, secretaries, and a variety of
useless furbelows creep up around him and become established and authenticated by precedent until to dislodge them becomes something of a task.
I feel certain that if the nation were to nominate a given week as "Office
Efficiency Week" and if the executives of the nation were to devote this
week to a cold-blooded investigation of "office barnacles," the overhead
account would be reduced by 10% or better.
Only a few weeks ago, while in Detroit, one of these subtle yet debilitating
office wastes-and its remedy-was brought graphically to my attention
by Mr. F. H. Diehl, Purchasing Agent of the Ford Motor Company, and I
present it here as a practical suggestion which will materially assist in
ridding every office of the type of economic barnacle referred to above.
It is but natural that Mr. Diehl, intimately familiar as he is with office
systems and routines in addition to the larger phases of policy and purchasing, should develop what I personally believe to be an outstanding economy
of its type.
Every reader knows what an "invoice" is. Yet if I were to ask you what
your invoices cost you per year, you would probably turn to your purchasing
agent and ask for the printer's bill. As a matter of fact, your invoices cost
You many, many times the cost of the paper and printer's ink in the labor
charge involved in the production and handling of your outgoing and
incoming invoices.
Office practice varies somewhat, but should you ship today six items to
one destination, each item applying on a different purchase order,it is
highly probably that you would make out six invoices, each containing
some such data as the following:
Quantity
Shipped from
Date
Package number
F. 0. B.
Invoice number
Description
Terms
Order number
Unit price
Shipped via
Name of purchaser
Amount
Shipper's order
Address of purchaser
Shinned to
Thus, if you ship me six orders today, the probabilities are that six
invoices would pass through the hands of a varied number of people in your
Plant with a duplication of the vast majority of the labor cost required by
each invoice.
And then what happens to these six invoices when they come into the
Purchaser's plant? Probably he places a large rubber stamp half obliterating
most of the material on the invoice and thj.s stamp bears some such terminology as the following for the approval of the various departments concerned:
Transportation 0. K. Adjustments
Terms
Receipt acknowledged Final audit
Account number
Calculations checked
0. K. to pay
These six semi-mutilated invoices then start traveling through the plant
in conjunction with a large number of other invoices of varied size with the
date, order number and other material spattered over each in a different
Place until checking tho invoice becomes a job for a "blind reader" at the
Dead Letter Office.
In the production of these six invoices at least 30% of the work is duplicated and hence wasted. In the receipt and approval the confusion in size.
form, terminology and typographical appearance adds a needless labor
charge of at least another 25%.
Yet this system of complications, duplications and multiplications continues unchecked. In terms of dollars and cents in your plant, you will
find that the needless intricacy and lack of uniformity of the invoice item
alone runs into figures which are likely to prove astounding. It is one of the
barnacles of business requiring united action and the same type of unification and standardization which is saving millions of dollars in other
phases of manufacturing.
Mr. F. H. Diehl of the Ford Motor Company has devised a Uniform
Invoice which means a saving of a substantial percentage of the effort
formerly employed in advising customers of their purchases. Explanatory
replica of this invoice is illustrated below. You will note that instead of
addressing the customer six times for his six purohases and introducing the
form each time into the machine, and multiplying every operation by7six
thereafter, this form reduces it to one operation and permits the listing o
all items purchased in a given day with thelcustomer's order number a
SM,19 1925.]
THE CHRONICLE
'without duplication ofsuch items as the date,the customer's name,shipping
directions, terms, &c.
The centralization of this information and its placement on the invoice
favors all billing equipment and simplifies the operation of writing to the
irreducible minimum. There is a four-item saving in the writing alone,
four more are saved in the papers handled for the posting against stock
ledgers. Four items are saved in posting to the General Ledger and sales
record.
But the selfish arguments for a Uniform Invoice do not alone stop with
the saving in the creation of your invoice. Were all your incoming invoices
uniform—as suggested by Mr. Diehl's Uniform Invoice—your saving would
be even equal or greater in the department of receipts, purchasing and
bookkeeping.
For example, in Mr. Diehl's Uniform Invoice you are passing on to your
customer a condensed form which means the same kind of saving in his
organization as in yours. You reserve a definite space for your customer's
Use—a space clear of any other information, a space for any data he may
wish to affix in his method of checking or approving. In short, through the
operation of Mr. Diehl's invoice your customer begins to save on your
order at the moment your invoice is received in his (or your own) mailing
department. It's a sales service and effects economies for both buyer and
seller.
Instead of handling six or more papers for six orders or more, only one
paper is handled. The distribution of this paper to the purchasing department, to the respective ledger clerks, department heads and otherwise,
represents a similar 'saving and so on into the disbursing units and the
posting to ledgers.
Throughout, instead of a multiplicity of ill-assorted sheets of varied sizes
and shapes, whose data are half-obliterated by the necessity of placing
various approval stamps thereon, there is but a single sheet, or at most a
great reduction in the number of invoices, each one of which is uniform in
every detail so that checking, posting and listing becomes not a tedious
labor but the rapid operation which characterizes use of an old and familiar
form whose every detail is constant'and unchanging.
Of course, the form as shown would necessitate certain changes for the
Individual business insofar as the column headings are concerned, although
the top half would seem to be requisite for every business.
Mr. Diehl's form has the following substantial advantages. It permits
maximum speed and accuracy, since it centralizes all shipping data and
gives a continuous writing space with natural carriage shifts for the typist.
Furthermore, it gives a fixed column for the customer's order number,
permitting a consolidated billing. In other words, it permits you to list all
shipments for any single day, regardless of their order number, on a single
invoice, thus reducing papers to be handled by both shipper and customer
by at least 25%.
In addition it reserves and centralizes the space for accepted headings for
the customer's approval notations, thus eliminating the use of the customer's
rubber stamp and sticker riders, with possible loss of riders, obliteration of
invoice and confusion which unavoidably appears in the present day hitor-miss method of invoicing, owing to the obliteration or defacement of
important data.
In addition to the features mentioned, space is reserved for the address
In such a manner as to permit the use of a window envelope, thus saving the
necessity of addressing an envelope in addition to the other very major
saving accruing through the use of such a standard form.
Mr. Diehl's invoice gives ample room for the comparatively small latitude
in terminology required by manufacturing industries through change in
column headings as shown on the sample illustrated herewith.
The Association of Purchasing Agents have likewise developed h suggested
Uniform Invoice form, which is not without substantial advantages,
although the writer frankly prefers Mr. Diehl's suggestion,feeling, however,
that the universal adoption of even an approximately correct Universal
Invoice would eliminate one of the most trying and expensive business
barnacles which has grown up out of nowhere, yet levies a tribute running
well over six figures each year upon the American consumer, through
needless duplication of work in the creation of the invoice and in its checking,
with the resulting confusion, misunderstanding and dispute which inevitably
arises therefrom.
Needless to say, neither the Ford Motor Company nor Mr. Diehl receive
or expect to receive any royalty on the acceptance of their suggestion,
Mr. Diehl contributes it to the manufacturing public much as a physician
would contribute a cure for consumption, and I am not so sure but what
Mr. Diehl has placed his finger upon one of the consumptive parts of
American business in putting forth this substantial remedy for the dry rot
of wasted effort and expense which is now involved in the creation and
checking of the invoices of the American business house.
I would court an expression of opinion from my fellow executives in the
manufacturing field regarding Mr. Diehl's invoice and its application to
their industry, since I am glad to enlist myself in the endeavor to eradicate
this very substantial source of waste and irritation.
[We are obliged to omit the various cuts and diagrams that accompany
the paper in illustration of the plan.—Ed.]
Steel and Iron Trade Gains Somewhat —Pig Iron
Price Higher.
Signs of better railroad buying, an increased demand for
the heavier finished steel products, particularly bars, for
which prices show more strength, and an advance of 50c.
in Valley and Chicago pig iron again put the balance of the
week's developments in iron and steel on the side of gain,
declares the "Iron Age" this week. The reported increase
of 11% in August steel ingot production and the negligible
loss of 26,000 tons in Steel Corporation orders helped also
as evidence of August betterment.
Steel ingot output last month was a surprise to producers,
as it showed a 76% rate for the entire industry (counting
capacity at 54,000,000 tons a year), whereas weekly estimates had pointed to a 72% average, continues the "Age,"
adding:
In the first half of September, apart from the Labor Day loss, production
has increased somewhat, and the movement may go a little farther, as two
blast furnaces are likely to be added to the Steel Corporation's active list
in the Pittsburghrdistrict.
If the last four months of the year only maintain the August rate, 1925
will come Close to a 43,000.000-ton ingot output, which would be but half
a million tons behind the remarkable record of 1023 and exceed 1924 by
6,200,000 tons.
Prospects of'railroad equipment buying are bettered by inquiries for
3,000 box cars from the St. Louis-San Francisco and 1,250 freight cars and
1403
32 locomotives from the Louisville & Nashville. The New York Central
has ordered 1,000 70-ton gondolas. Over 75,000 tons of steel is represented
in all the pending car business.
The Chicago & North Western has just added 25,000 tons to its recent
rail order, making 35,000 tons in all. Of the 80,000 tons of orders reported
last week 70,000 tons was for the Norfolk & Western.
Among total structural steel lettings of 25,000 tons was 5,000 tons for
a Pennsylvania RR. office building, the first unit of Philadelphia terminal
improvements that will cost $60,000,000. A hotel in Toledo. Ohio, calls
for 3,500 tons. A bridge in Pittsburgh, up for bids, requires 6,700 tons
and the New York Central RR. plans bridge construction that will take
6,500 tons. The week's inquiries exceeded 38,000 tons.
An advance of 50c. in pig iron prices in the Valley and Pittsburgh districts and at Chicago, while not directly caused by the anthracite strike,
has drawn attention to its possibilities. The first effect of the recent
'starting up of Connellsville ovens has been slightly lower prices for prompt
coke. But on fourth quarter contracts coke operators ask $4, as against
$2 75 in June on some third quarter contracts.
In all districts the pig iron situation is stronger, as it is realized that
no merchant furnace now idle can blow in, under the present prospect as
to fuel values, and come out whole on the late prices for foundry iron.
Recent buying of pig iron by important foundry companies is now seen
as in large part protection against an expected upturn.
After having led the way in the improvement in pig iron and finished
steel markets last month,steel scrap is now turning to weakness. In some
quarters the change has-.brought more conservative views of the fall expansion of steel works activities.
Rather unusual so late in the season is the Steel Corporation's purchase
of 100,000 tons of manganiferous iron ore for use at Gary, as reported at
Cleveland this week. More may be taken for other plants. Other transactions and inquiries in manganiferous grades represent a total close to
200,000 tons.
The composite pig iron price is higher, at $19 46, compared with $19 13 last week. It now stands at exactly the
level of one year ago, but $5'58 below that of two years ago.
Finished steel shows no change, the composite price standing
at 2.396c.: per lb. foi the fifth successive week. This is
$1 50 per net ton bolo+, last year and nearly $7 80 below the
figure of two'years ago, according to the composite price
tables which follow:
Sept. 15 1925, Finished Steel, 2.396c. per Pound.
2.396c.
Based on prices of steel bars, beams, tank One week ago
2 396c.
plates, plain wire, open-hearth rails, One month ago
2.481c.
black pipe and black sheets,constituting One year ago
10-year pre-war average, 1.689c.
88% of the United States butput.
Sept. 15 1925, Pig Iron, $19 46 per Gross Tons
Based on average of basic and foundry One week ago
basic
being Valley quotation, One month ago
$19 04
13
Irons, the
19 46
the foundry an average of Chicago, One year ago
10-year pre-war average, 15 72
Philadelphia and Birmingham.
—1923— —1924— —1925—
Finished steel__ _High 2.824c. Apr. 24 2 789c. Jan. 15 2.560c. Jan. 6
Low 2.446c. Jan. 2 2.460c. Oct. 14 2.396c. Aug. 18
High $30 86 Mar. 20 $22 88 Feb. 26 $22 50 Jan. 13
Pig iron
Low $2077 Nov. 20 $1921 Nov. 3 $18 96 July 7
Awakening of railroad buying in considerable magnitude,
which was needed to round out the present steel revival, is
pointed to more surely by new developments, observes the
Sept. 16 review of market conditions issued by the "Iron
Trade Review." This is the week's outstanding contribution
to an otherwise active, market, well supported by uninterrupted flow of new business from all quarters. Individual
orders in the main still are small and frequent, leaving the
general character of the market unchanged. Lengthening
mill deliveries and more stabilized prices are tending to
induce the placing of larger amounts in a growing number
of cases. Recent news has added cheerfulness to the general
sentiment, adds the "Review's" resume, which gives further
details as follows:
Operations were interrupted by the holiday last week but still are inclining higher. Four additional blast furnaces have resumed this week.
Steel production in August reversed itself, official figures now show,
and netted the first gain after four months of steady decline. This terminates the total slump since March of 27%. The rate of output in
August was 10.9% ahead of: July and on an annual basis of 40,950,000
tons this scaled 84.4% of the country's record for steel production in
March
placed in the week totaled 3,000, the best showing for months.
Car
These include 2,000 for the New York Central, and 1,000 for the Baltimore
& Ohio. New inquiries for at least 5,000 have appeared, of which 3,000
are
-for the Frisco, and 1,250 for the Louisville & Nashville. Track progress
for 1926 is being formulated and Chicago railmakers have booked a
round tonnage from at least two Western systems for that delivery. Two
Southern roads have placed 80,000 tons.
Tin plate shipments so far this year are the highest in history. Further
reductions in sheet mill wages in September and October, as a result of
lower sales prices shown by the by-monthly examination, are disturbing
to some executives. Skilled sheet mill operatives now are receiving 203i%
abovebase.
19o1f4
nces
vathe
50 *a ton were established in Valley foundry, basic and
Bessemer pig iron by the week's trading. Higher coke costs are a factor.
Foundry and basic are $19 and Bessemer $19 50. These advances have
been communicated to lake and nearby furnaces.
Iron shipments at Chicago in September are heading for a historic high
•44
record.
te
composite this week on 14 representative iron and steel products
Is $37 35. This compares with $37 35 last week and $3721 the preceding
•
week.
Rogers Brown St Crocker Bros., Inc., of this city in their
weekly letter, issued on.Thursday,say that general conditions
in pig iron and .coke• during.the past week have been marked
by. some irregularity but in the main show an improving
•
trend.. It is then added:.
The foundry.business has.been somewhat quieter, but sales of basic iron
In the Valleys and in the West have been heavier. This is due to increasing
THE CHRONICLE
1404
[VoL 121.
At a meeting in Unity Hall on Sept. 16 the strikers ratified
an agreement entered into tentatively Sept. 15 between
committees representing the employers and the union.
Mr. Portenar said the conference was held on the initiative
of E. H. Dunnigan, Commissioner of Conciliation of the
Federal Labor Department, and himself. The terms of
agreement, reached after a discussion lasting three hours,
Portland Cement Production and Shipments in August were announced by Mr. Portenar as follows:
All working conditions are to be restored as they were before the strike.
1925-Further Increase-Stocks Continue to Shrink.
All the striking employees are to be taken back and put to work as rapidly
possible.
Production and shipments of Portland cement during the asThe
date of the expiration of the three-year contract is to be Sept. 30
month of August were the highest ever recorded for any instead of Aug. 24 as heretofore.
The employees are to receive time and one-half for Sunday work instead
month in the industry, according to statistics compiled by
the double time demanded.
the Bureau of Mines, Department of Commerce. Produc- ofAll
employees are to receive a wage increase of $I a week.
tion shows an increase of more than 8% and shipments of
The calendar again figures significantly in the setting of
continue
stocks
Portland
cement
9% over August 1924.
the date for the expiration of the three-year contract, it is
the seasonal decline but are nearly 12% greater than in Au- pointed out in the New York "Times." Should the contract
gust 1924. Another new plant, located in Ohio, is included be permitted to expire as it has, on Aug. 24, a strike would
for the first time in the statistics. The following tables, be much more effective about that time than it would
prepared by the Division of Mineral Resources and Statistics Sept. 30, approximately a month after the peak of the busy
of the Bureau of Mines, are based mainly on the reports of period. One of the employers involved in the strike said he
producers of Portland cement. The August 1925 totals could not see that any concession had been made, as the $1
include estimates for two plants.
a week wage increase was offset by the time and one-half
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND instead of double time. Mr. Portenar said a majority of the
STOCKS
CEMENT BY DISTRICTS IN AUGUST 1924 AND 1925, AND
strikers returned to work on Sept. 16, and that all would be
IN JULY 1925 (in thousands of barrels).
back the next day. An official of the New York Transfer
Stocks as end of Stocks
Shipments.
Production.
Co.
said all their men were back at work by noon Sept. 16.
end
rate of steel operations and the assurance that the present rate of production
will be maintained and probably increased during the balance of the year.
In the foundry trade there has been a small falling off in the volume of
business, particularly among the smaller inciters. Larger users, particula ly
those manufacturing stable lines, have covered heavily for 4th quarter and,
in some cases, through the 1st quarter of the year. Prices are steady with
premiums asked for Sat quarter delivery.
The coke market is very firm with a rising tendency.
Commercial
Maria.
Eastern Pa., N.J.& Md.
New York
Ohio, Weet.Pa.& W.Va_
Michigan
Wis (h), Ill., Ind. & Ky.
Va.. Tenn., Ala. & Ga..
East. Mo., Ia., Minn. &
So. Dak. (e)
West. Mo., Neb.,Kan.&
Oklahoma
Texas
Colorado and Utah
California
Oregon, Wash.& Mont
at
of July
1926. 1925.a
August.
Aug.
1924.
Aug.
1925.
Aug.
1924.
Aug.
1925.
1924.
3,621
803
1,707
1,105
2,133
1,049
3,726
867
1,810
1,192
2,425
1,302
4,263
942
1,882
1,175
2,529
1,241
4,402
1.001
1,905
1,285
2,914
1,263
2,092
645
1,018
821
1,554
414
1,784
623
1,517
873
2,122
303
2,460
757
1,612
967
2,611
264
1,596
1,632
1,660
1,592
2,046
2,080
2,399
1,033
414
283
1,063
321
1,170
481
210
1,181
423
1,036
433
259
1,056
379
1,268
452
230
1,234
477
1,142
245
191
334
464
1,430
262
362
381
194
1,529
232
382
435
248
15,128 16,419 16.855 18.383 10 666 11.931 13,896
a Revised. 9 Began producing June 1924. e Began producing Dec. 1924 and
shipping Jan. 1925.
Stocks of clinker, or unground cement, at the mills at the end of August, 1925,
amounted to about 5.634,000 barrels, compared with 6,961,000 barrels (revised) at
the beginning of the month.
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT. BY MONTHS, IN 1924 AND 1925, IN BARRELS.
Production.
Shipments.
Stocks at End of Month.
Month.
1924.
1925.
January __ 8,788.00(1 8,856,000
February
8,588,000 8,255,000
March____ 10,370,000 11,034,000
1924.
1925.
1924.
1925.
5,210,000 5,162,000 14,155.000 17,656,000
5,933,000 6,015,000 16,815,000 19,698,000
8,995,000 10,279,000 18,189,000 20,469,000
1st quer__ 27,746,000 28,145,000 20,138,000 21,452,000
April
May
June
11,726,000 13.807,000 12,771,000 14.394,000 17,159.000 19,877,000
13,777.00C 15,503,000 14,551.000 16,735,00Q 16,403,000 18,440,000
13,538,000 15,387,000 15,036,000 17,501,000 14,903,000 16,409,000
2d quer__ _ 39,041.000 44.697,000 42,358,000 48,630,000
July
14.029.000 15,641.000 16.614,000 18,131,000 12.3190)0 a13,896,000
15.128,000 16,419,000 16,855,000 18,383,000 10,666.000 11.931,000
August
16,827,00Q
8.404,000
September 14,519.000
3d quar___ 43,676.000
50,296,000/
October___. 14.820,000
Nei/ember. 13,141.000
00
.
December_ 10.435,0
17,160.000j
10.289,000
5,106,000
4th guar__ 38.306,000
32.955,000
Year total.148,859,004
145,747.000
6,073.000
8.928.000
13,913,000
a Revised.
Baggage Handlers' Strike on Westcott Express and
New York Transfer Company Terminated by
Pay Compromise.
The strike of more than 400 baggage handlers employed
by the Westcott Express Co. and the New York Transfer
Co. came to an end on Sept. 16. An amicable settlement
was announced by A. J. Portenar, chief mediator of the
State Department of Labor. The strike had been in progress
since Aug. 25. Had Sept. 1, Labor Day and the day for
the reopening of the schools come very close together, an
official of one of the affected transfer companies pointed
out, the strike would have been thoroughly effective, as it
would have been impossible for the independent companies
and the taxicab men to handle the rush of business. In
view of the fact that it will be seven years before Labor Day
and Sept. 1 are the same, this official added, employees will
have to wait just that long for an opportunity to strike
effectively. The employers say there was never any great
congestion of baggage at any of the terminals and that about
the only result of the walkout was the loss of between $75,000
and $100,000 by the two companies involved.
Lynn (Mass.) Shoe Workers Asked to Accept Wage Cut
-All Year Employment Planned.
The Boston "News Bureau" of Sept. 17, reported the
following from Boston:
Lynn Manufacturers' Bureau, formerly Lynn Shoe Manufacturers'
Association, has made a request of Boot & Shoe Workers' Union that there
be a revision of prices for various kinds of piece work on shoes. The manufacturers pointed out that if the pay of the workers be reduced slightly this
will enable them to cut prices for shoes sufficiently, they hope, to capture
the chain-store trade in the East. If this can be accomplished, the manufacturers say,they will be able to give the workers year-around employment.
Officers of the union headquarters in Boston are said to favor the plan on
the basis that continuous employment is worth far more than the slight
reduction necessary to secure it.
Rubber Factories Cut Production-Curtail Output 5 to
30% in Akron (Ohio) District-Outlook Favorable.
A canvass of the different rubber factories in the Akron
(Ohio) district shows that production has been curtailed in
some quarters from 5 to 30% under what it was a month
ago, says special advices to the New York "Journal of
Commerce" from Akron, Sept. 15, which go on to say:
Most of the larger factories, including Goodyear, Gocdrich, Firestone,
Miller and General, are still running close to capacity, owing to the large
quantity of accumulated orders on hand from the midsummer rush.
In view of the slowing up in tire purchases, however, the general opinion
is that by the first of October these factories will curtail somewhat. No
radical cut in production is expected.
After conditions become more settled and manufacturers have had the
Opportunity of regulating their stocks and supplying their branches, some
of which are now demanding shipments, a probable general reduction of
20% will be noted.
Optimism prevails in all quarters. Dealers' business, both wholesale
and retail, is expected to be good and the outlook for manufacturers is
better than at any time in the last five years.
The past week witnessed a sudden rise in the crude rubber market, which
raw
proved alarming to some manufacturers not well supplied with the
commodity. The major rubber corporations practically all have on hand
large supplies of crude rubber, bought at considerably lower prices.
after:
Tire production has not declined as rapidly as many predicted
the boom during the spring and summer months, and this, together with
the fact that one vessel from Singapore carrying a large cargo of rubber
for America, has been delayed and probably will not arrive until the end
of this month, bolstered prices considerably.
United States Raw Cotton Exports Jump 2,500,000
Bales in Year-Total Over 8,000,000 Bales, the
Highest in Decade-Within 200,000 Bales of
Pre-War Average.
Raw cotton exports from the United States for the first
time during the last decade passed the 8,000,000-bale mark
in the fiscal year ended June 30 1925, when 8,205,000 running bales were shipped abroad as against 5,732,000 bales
for the previous fiscal year, according to the Textiles Division, Department of Commerce. Foreign shipments in
1921-1922 totaled 6,542,000 bales, and in 1922-1923 reached
5,066,000 bales. The average exports for the five years
1908-1909 to 1912-1913 amounted to 8,414,000 bales, so
that the 1924-1925 exports came within 209,000 bales of
pre-war averages.
The quantity taken by Europe during the past year
exceeded that taken in 1923-1924 by 2,139,000 bales, the
increase going largely to the United Kingdom and Germany,
the exports to the former showing an increase of 928,000
SEPT. 191925.]
ININE
14U, •
THE CHRONICLE
bales and to the latter of 520,000 bales. Exports to the
other countries likewise showed considerable increases.
For example, exports to France were 188,000 bales larger.
to Italy 184,000 bales larger and to Spain 70,000 bales larger
than the exports of 1923-24, while exports to Russia more
than doubled and Japan took 261,000 bales more than in
1923-1924. In its statement the Department of Commerce adds:
While the exports of 1924-25 came within 2% of the pre-war average,
the relative position of the various countries has undergone considerable
change from their position prior to 1914. The United Kingdom,the largest
threesingle customer for American cotton, took in 1924-25 only about
fourths of the pre-war quantity, and the exports to Germany were someit
must be rewhat more than three-fourths. In the case of Germany
membered that a considerable portion of the United States exports of cotton
to
other
countries.
Bremen
European
from
transshipped
is
to that country
the other hand, exFrance took 12% less than its pre-war quantity. On
higher than the
ports to Italy were 50% higher and those to Belgium 33%
pre-war exports, while the quantity of cotton going to the Netherlands
war. Canada
before
the
was
it
what
six
times
than
more
in 1924-25 was
three times its pre-war
took 41% more and Japan 228% more, or over
quantity.
real situation beThe figures on exports to Russia do not present the
Russia
cause the bulk of American cotton, until recent years, reached
indirectly. In the five years from 1908-09 to 1912-13 the Russian mills
of American
(except Poland and Finland) consumed.about 460.000 bales
cotton annually.
for
raw
customers
cotton will
our
of
importance
relative
The shift in the
appear more clearly when it is realized that Europe took during the past
five years about 84% of the total United States cotton exports, whereas
before the war it took 95%, while other than European countries took
about 16% of the exports compared with 5% in pre-war times. This
change has been brought about mainly by the increased exports to Japan,
amounting to 11% of the total during the past five years, as against only
3% during the five years ended 1913. Within Europe there has also taken
place a change in the relative importance of the countries with respect to
of the total cotton
the United States cotton exports. Thus, the percentage
exports from the United States which went to the United Kingdom decreased from 41% before the war to 29% in the past five years, and those
to Germany from 28 to 22%. On the other hand, the proportion going to
Italy increased from 6 to 9%, to the Netherlands from 0.3 to 1.7%, and
to Belgium from 1.9 to 2.9% of the total exports.
The average United States production during the past five years declined
by 14%, and the exports declined by 27% and the yield per acre declined
by'20% from the pre-war level, while consumption increased 17% and the
price increased 81% above the pre-war basis. In 1924-25 the yield per
acre and the exports were likewise below the pre-war level, but production
registered an increase of 7%. The consumption and price were also
above the pre-war level by 26 and 72%, respectively. The percentage of
the past five years
the crop exported in 1924-25 amounted to 60% and in
57%, compared with 67% during the pre-war period. In 1924-25 the
past five years
the
in
and
United States consumed 43% of its own crop
50%, while before the war only 37% of the crop was consumed. It may
be observed in this connection that while the cotton consumption during
a
this period increased, there took place at the same time tremendous increase in the use of silk and rayon in the manufacture of the finer fabrics
of
for example,
rayon,
consumption
estimated
The
per wearing apparel.
Jumped from 3,871.000 pounds in 1913 to about 41.000,000 pounds in 1924,
while the imports of raw silk increased from 26,000.000 pounds in 1913 to
51.000,000 pounds in 1924.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
Imports of Foreign Cotton (500-Pound Bales).
12 Months Ending Jul,31.
August.
Country of Production.
1925.
Egypt
Peru
China
Mexico
British India
All other
Total
1924.
1924.
1,381
____
164.152
19,928
45,118
27,062
34,419
1.609
4.136
313.328
202.288
1,488
707
522
1.481
249
9.266
as
8
1925.
190,313
13,274
33,702
44.384
28,148
3,507
4,920
2,306
304
Exports of Domestic Cotton and Linters. Running Bales (see note for linters).
August.
Country to Which Exported.
United Kingdom
France
Italy
Germany
Other Europe
Japan
AU other
Total
12 Months Ending July 31.
1924.
1925.
1924.
1925.
46,035
41,588
20.760
110,485
54,615
36,503
5,839
90,996
54.641
35,578
44.673
40.485
7,000
4.274
2.545.123
903,688
734,922
1,852,735
1,040,168
862.057
257,203
1,713,229
717.838
549,433
1,364,378
801,259
543,889
181,974
315,825
277.647
8.195.898
5.772.000
Note.—Figures include 2.640 bales of linters exported during August in
1925 and 8,064 bales in 1924, and 190.648 bales for the 12 months ending
July 31 in 1925 and 116.144 bales in 1924. The distribution for August
1925 follows: United Kingdom. 979; Netherlands, 100; France, 316; Germany.932; Spain,105;Canada,197; Newfoundland,5;Panama,2;Mexico.4
World Statistics.
The preliminary estimated world's production of commercial cotton,
exclusive of linters, grown in 1924. as compiled from information secured
through the domestic and foreign staff of the Department of Commerce,
cotton
is 23,377,000 bales of 478 pounds lint, while the consumption of
(exclusive of linters in the United States) for the year ending July 31 1924
number
lint.
The
total
pounds
478
of
bales
was approximately 19.982.000
of spinning cotton spindles, both active and idle, is about 159.000.000.
Thousand Acres Set Aside for Fur Production by
Pontiac Strain Organization.
A thousand acres of land to be set aside as a fur producing
centre have been purchased near Cheboygan, Mich., by the
Detroit Silver Fox Farms, better known as the Pontiac
Strain Organization, the world's largest fur-producing enterprise. A large crew of workmen under A. J. Anderson,
Vice-President in charge of construction, has already started
work building fences, pens, kennels, &c., to care for the
thousands of fur-bearing animals that will soon populate
the vast area. The company already owns, or operates,
fifteen ranches in several States and Canada. This is the
first of a group of similar areas that will be established by
this company in different sections of the country that are
suitable for the raising of different kinds of fur-bearing
animals. For almost three years the company has been
looking over different tracts of land and has been making a
Census Report on Cotton Consumed and on Hand in careful research and study of the results of investigations
August—Consumption for August Above a Year Ago.
by the United States Bureau of Biological Survey and the
Under date of Sept. 14 1925, the Census Bureau issued its Geodetic Survey; as well as of the various State departments
report showing cotton consumed, cotton on hand, active cot- of agriculture and of Canada, in addition to a study of the
ton spindles and imports and exports of cotton for the month fur markets of the world.
The enormous scale of the new project brings strikingly
of August 1925 and 1924. Cotton consumed amounted to
448,665 bales of lint and 63,583 bales of linters, compared to the mind the passing of the historic fur trading organizawith 245,779 bales of lint and 44,926 bales of linters in Aug- tions whose activities blazed the way for civilization to follow.
ust 1924 and 483,898 bales of lint and 62,513 bales of linters In their place are coming gigantic fur-producing organizations
in July 1925. rt will be seen that there is an increase over that will rival and surpass in magnitude the great fur-trading
August 1924 in the total lint and linters combined of 109,942 companies that flourished in the early days of the country
bales, or 27.3%. The statistics of cotton in this report are and built the first fortunes in America. The new industry
given in running bales, counting round as half bales, except of fur production is closely related to conservation. It is
restoring what the fur trading companies destroyed as they
foreign bales, which are in equivalent 500-lb. bales.
took off the fur bearers and civilization made their reproducSPINNING
MILLS AND IN
COTTON CONSUMED AND ON HAND IN
COTTON
ACTIVE
AND
NTS,
SPINDLES.
tion impossible. The statement issued by the Pontiac
OTHER ESTABLISHME
(Linters not included.)
Strain Organization at Detroit continues as follows:
Cotton Consumed
During (boles).
Locality.
Year
12 Mos.
August. ending
July 31.
CoUon on Hand Aug. 31.
Cotton
In consuming In public for- spindles
age and at active durestablishevents.
compresses. ing August.
(bales)
(bales)
(number)
United States! 1925 '448,665 '6,191,349
1924 357,380 5.880,554
.880,527
552,789
*1,040,178
802.084
31,269,774
29,010,630
Cotton-grow- { 1925 302,604 4.218,611
Mg States__ 1924 245,779 3,858,317
New England! 1925 121,187 1,639,021
1924 93,018 1,534,777
Stotts
333,717
1925 24,874
All other
287.460
1924 18.583
States
335.220
226,229
300,668
28.3.981
44,639
42,579
948,151
705,111
5562:406873
16,479,272
15,291,114
13,183,432
12,192,552
1,607,070
1.526,964
35,344
44:534464
'Includes 16.167 Hz..6,197 other foreign, 764 Am.-Eg.and 265 sea Island
consumed, 41,722 Hg.. 29,273 other foreign, 2.263 Am.-Eg. and 2.509 sea
island in consuming establishments. and 7.887 Hg., 14.758 other foreign,
1,678 Am.-Es. and 515 sea island in public storage. 12 months' consumption, 190,833 Hg.,83.557 other foreign, 19.252 Am -Hg.and 3.988 sea island.
Linters not included above were 63.583 bales consumed during August in
1925 and 44.928 bales in 1924; 97.230 bales on hand in consuming establish_
ments on Aug. 31 1925 and 82,816 bales in 1924; and 22,747 bales In public
storage and at compresses in 1925 and 44,239 bales in 1924. Linters consumed during 12 months ending July 31 amounted to 651.065 bales in 1925
and 536,738 bales in 1924.
make possible the
Another feature of the new industry is that it will
that are now useless and
putting to profitable use great sections of country
alone there are thousands
valueless for any other purpose. In Michigan
abandoned or taken over by the State
of worthless farms that have been
reforestation go hand in
and
our forests
for taxes. The conservation of
bearing animals. This has been
hand with conservation of game and fur
the policy of the United States
the practice of Europe for years and is
Forest Service.
afford to make the longPrivate interests that do not feel that they can
vast areas that never will be fitted
time investment required in reforesting
now do so and by raising fur-bearing animals
for agricultural purpose, can
investment. Shade is essential to
realize immediate profits from their
fur, which makes reforestation and fur
the production of good quality
production logically go together.
of Michigan,
Cheboygan was selected because of the climatic advantages
entirely surrounded by four of the Great
due to the fact that it is almost
with moisture from these great bodies
Lakes. Its atmosphere is laden
climate is just severe enough to produce the growth
of fresh water and the
moderate spring and summer months
the
while
of beautiful, luxurious fur,
climates too cold or too dry the fur does not
make it easy to raise pups. In
lustre of sheen comparable with the
attain the softness of texture and
Michigan foxes.
beauty of the silky full-furred pelts of
sold on the market are from ranchskins
More than 90% of the silver fox
prices are from foxes raised
highest
the
bring
that
raised foxes. The ones
that the animals are protected and
in captivity. The reason for this is
1406
THE CHRONICLE
properly fed and the fur taken when prime. Fur becomes primethe same
as fruit.
All kinds of fur-bearing animals will be raised, including mink, marten,
muskrat, fisher, beaver, chinchilla rabbits, and karakul sheep. Enormous
beds of small fruit will be grown in order that the fruit necessary for priming
the fur of the animals will be available for their diet and the surplus will be
marketed.
Thoroughbred cattle, sheep and hogs will be raised so that in addition
to raising breeding stock, milk and meat can be produced to feed the fur
bearers. In other words, nature's great plan in the wilderness will be
worked out on a scientific basis, by man.
Big Increase in Shipments of Fruits and Vegetables.
With the shipments of fruits and vegetables now approaching their annual "peak," the "Railway Age" anticipates that
in the entire year 1925 the total shipments of these commodities will reach an entirely new high record of 1,000,000
carloads. It publishes an editorial in its current issue showing how greatly the production, transportation and consumption of fresh fruits and vegetables have increased in the
'United States within the last five years, and the difficult
problem their transportation presents to the railways because
of the enormous fluctuations in the volume of them shipped.
in different seasons.
"The well-known 'average citizen' who every day sits down at a dining
table loaded with fruits and vegetables from every part of the country,"
says the "Railway Age," "has little conception of the problem w ich providing his table regularly with them presents to the railways and which the
railways are daily, weekly and annually solving in a more and more satisfactory way. There is hardly any other kind of freight business which has
grown so much within recent years; and probably there is no other kind the
volume of which fluctuates so much in different seasons.
"In 1920 the number of cars loaded with fruits and vegetables was 663,477;
In 1921, 751,699; in 1922, 854,081; in 1923, 878,502, and in 1924, 923,549.
The increase in 1924 over 1920 was 40%. It is expected that the loadings
in 1925 will be 1,000,000 cars, an increase over 1920 of 50%.
"To handle this increasing business the railways and car lines controlled
by them have been obliged within recent years to add largely to the number
of refrigerator cars. They have put in service 22.078 new refrigerator cars
in 1923; 14,052 in 1924, and 6,000 thus far in 1925, a total of 42,130. They
now have about 140,000 such cars which represent an investment averaging
about $3,000 each, or a total of over $400,000.000.
"The handling of fruit and vegetable traffic presents to the railways an
extremely difficult problem both because it is growing so fast and because
there are such great seasonal fluctuations in the volume of it. For example, in the first four months of 1924 the average number of cars loaded with
fruits and vegetables monthly was 59,403. In September the loadings were
106,728 cars, and in October 133,426. Therefore in October the loadings
were almost 125% greater than they averaged in the first four months of
the year. In the very next month. November, they declined to 75,549,
or to 43% less than in October, and in December to 45,517, or to almost
two-thirds less than in October.
"Formerly there was little co-operation between the shippers and the
carriers to secure the best possible distribution and movement of the available refrigerator cars when the traffic was at its annual peak. The result
was that the grape shippers of California and producers of perishables in
other parts of the country found themselves unable to get enough cars
when they most needed them, and not understanding the acute problem
the handling of the peak load presented to the railways, they set up loud
outcries against the railways on account of 'car shortage.'
"In 1924 there was almost no complaint from shippers because of car
shortage. This was largely due to the fact that the carriers, shippers and
consignees organized to co-operate in handling the traffic.
"There were formed terminal perishable committees at 65 of the principal terminals as parts of the various Regional Shippers' Advisory Boards.
These terminal committees consisted of the receivers of freight and of railroad agents.
"This plan worked so well in 1924 that it is being used again this year.
and the number of these terminal perishable committees has been increased
to 135, or to one in practically every city of 20,000 population or more.
"One big problem which confronts the railways and shippers which has
hardly yet been tackled is the problem of reducing the seasonal fluctuations
In shipments of fruits and vegetables. Because of the fact that the shipments in August, September and 'October are now so large and in other
months relatively so small it is necessary for the railways and their controlled car lines to provide a very large number of extremely expensive
refrigerator cars from one-half to two-thirds of which are idle during twothirds of the year. This means that from $200.000,000 to $250,000,000
of the capital the railways have invested in refrigerator cars does nothing to
earn a return upon itself during two-thirds of the year.
"Furthermore,the large volume of these products shipped in the late summer and early fall months results in the markets being repeatedly glutted,
with consequent heavy losses to both producers and consumers because of
great fluctuations in prices."
Florida Has More Oranges Than Last Year—Less Grapefruit and Tangerines.
A preliminary estimate of the orange crop in Florida by
the U. S. Department of Agriculture indicates 10,900,000
boxes, excluding tangerines, for 1925-26, or about 600,000
boxes more than the revised estimate of the crop last year.
Tangerine production is placed at 600,000 boxes, or 100,000
less than last year, and grapefruit 7,500,000 boxes, or 700,000
less than last year.
The total preliminary estimate for citrus fruits is 19,000,000
boxes, compared with a revised estimate of 19,200,000 boxes
last year. These estimates are of the commercial carlot
and express movement,and exclude the usual loss from drops.
For the orange crop there will be a light season for Parson
Browns and other early fruit, a fairly heavy setting of midseason fruit, and about the same outlook for Valencias and
other late varieties as for last year. Decreased production
[VOL. 121.
of grapefruit is attributed to light and spotted setting of
fruit, and to the fact that there will be more oversized fruit
than usual. Unless market conditions are such that the large
sizes can be shipped and sold they will either move by truck
or be lost from dropping, the Department says.
Tea Import Average Values Highest Since 1875—
Smaller Supply Brings Import Average to
30.79 Cents Per Pound.
Tea imports into the United States during the fiscal year
ended June 30 1925 declined 12,664,293 pounds, valued at
$1,456,193, according to the Foodstuffs Division, Department of Commerce. Official statistics show that 92,778,704
pounds, valued at $28,563,896, were imported during the
past fiscal year, as compared with 105,442,997 pounds with
a value of $30,020,089 during the year ended June 30 1924.
The percentage of decrease was greater for quantity than
for value, being 12.01% and 4.85%, respectively.
The combined shipments from the British East Indies,
the United Kingdom and "other countries," though larger
than in the year preceding, did not offset the loss in receipts
from Canada, China, Japan and the Dutch East Indies.
Direct shipments from the British East Indies averaged
22.5% of the total in 1924 and 26.7% in 1925. The United
Kingdom stood with 16.9% and 20.5%, respectively. This
tea, of course, is transshipped from British possessions, and
thus the British East Indies furnished about half of our
supply. Japan and Formosa rank next, furnishing 32.5%
of the total in 1924 and 30.7% in 1925. China and the
Dutch East Indies were next in order.
Tea shipments from Japan to the United States amounted
to 28,529,302 pounds, valued at $6,113,057; from the British
East Indies, 24,784,514 pounds, valued at $9,628,121; from
the United Kingdom, 18,985,531 pounds, with valuations
of $7,389,959, while our purchases from China totaled
10,321,852 pounds, and $1,942,405, and those from the
Dutch East Indies, 6,202,286 pounds and $2,060,004.
After deducting re-exports from total imports, the tea retained in continental United States for con.sumption amounted
to 0.80 pound per capita, compared with 0.93 pound-17TM
and 0.85 pound in 1923.
In 1925 the import value averaged 30.79 cents per pound
contrasted with 28.47 cents in 1924 and 27.21 cents in 1923.
This is the highest import value per pound on record since
1875, when the average was around 31 cents per pound.
The increase in prices of teas during the year has been
attributed to the fact that the effort to improve the quality
of teas, notably in Ceylon, India, Java and Sumatra, reb filled.tedin a smaller supply from which the demand had to
sulted
Anthracite Strike Scarcely Affects Market—Bituminous
Coal and Coke Show Greater Activity.
The anthracite strike, while of course curtailing the
amount of hard coal available, has caused no feeling of
panic in any of the consuming centres of this region, asserts
the "Coal Trade Journal" on Sept. 16. There has been the
usual September raise in prices, but, outside of that, very
few instances of exorbitant prices are. reported. The demand for low volatile bituminous coals has increased and
prices have followed this improved market; even the high
volatile coals are participating in the general betterment
and the demand for this class has increased appreciably.
Demand for Connellsville coke has improved further and
production and prices have increased, according to this
trade authority, which we quote further as follows:
The demand for tidewater steam coal at Boston is not as brisk as it was
last week, but prices were further advanced on account of the rise at the
Southern loading piers. Prices at Providence, while not as high as Boston
followed. This increase in price of tidewater coal turned the attention of
some consumers to all-rail coal, inquiries for which have increased. The
anthracite strike has had little apparent effect on the hard coal market
In New England and prices have not skyrocketed. At New York prices
on bituminous low volatiles were slightly higher and demand better. There
was very little anthracite offered and few instances of profiteering were
reported. Retailers and wholesalers at Philadelphia, with the exception
of a few "fly-by-nights," have failed to jack up prices on account of the
strike, the only advance being the usual one for September. Dealers are
discouraging abnormal buying by consumers. The bituminous market is
better, but nothing startling has transpired. Most of the pools are up a
little, low volatile coals are enjoying the greatest popularity, but gas coals
are also in greater demand.
The upward trend of the Baltimore bituminous market early in the
month did not last and prices softened last week. Buying. however, was
on a better basis. Exports continued to be draggy. The retail buying
of anthracite did not increase and prices were not raised. At Hampton
Roads the price on pool 1 coal went up again and large arrivals and shipments were reported.
Prices and demand increased in the first half of September in the central
Pennsylvania field. Large buyers, who had been playing the spot market
up until then, started contract negotiations and some of these closed con-
SEPT. 19 1925.]
1407
TFIF4 CHRONICLE
tracts up to next April. Most of this increased demand was seasonable,
but some undoubtedly was due to the anthracite strike. The demand in
the Pittsburgh territory continued to improve and prices recovered materially. Industrial consumers were buying more freely and gas coal
showed a decided solidity. Producers were not willing to make any contracts ahead at present figures, as prices are sure to advance further.
ConneUsville coke production again increased and quotations on both
grades were materially higher.
The railways are still buying only a month ahead in the Fairmont district of northern West Virginia, but the market for all sizes, and particularly lump, has strengthened. Prices are also stronger. Lake shipments
picked up slightly last week, as did those into the Pittsburgh territory.
Present demand stimulated production of both high and low volatile coals
In the southern part of the State, due partially to the strike but principally
to better business conditions in general. Prepared smokeless was the
strongest item and producers were well sold up, but there has been a general
betterment all along the line. The combined output of the southern West
Virginia fields during the last week was the greatest in the history of the
district. Upper Potomac and western Maryland production increased
on account of the strike, but prices remained unchanged, although they
were firmer. There was a little more contracting done and the market,
on the whole, was improved. Production in the Virginia field increased
and prices, particularly spot, were better.
The third week of the hard-coal "suspension"finds definite
steps toward a settlement no nearer than a week ago,observes
the Sept. 17 issue of the "Coal Age." Governor Pinchot
of Pennsylvania, it is true, has had conferences with[Major
inglus and John L. Lewis, but the results, if any, have not
been made public, the Governor stating that his action was
not an attempt at mediation, but in order to keep posted
on the situation. Never, perhaps, has a shutdown been
marked by less.evidence of panic or even nervousness on
the part of the public than the present. Anthracite consumers, for one thing, have a larger proportion of their
winter's needs on hand than usual at this time, and, basing
their opinion on past experiences, are confident that an
agreement will be brought about-through Government
intervention, if necessary-before the danger point is
reached, continues, this weekly summary of market conditions, and adds:
The market, of course, is not lacking in vagaries, wholesale prices for
domestic sizes varying according to buyer and seller. Quotations were
reported ranging from Ell for stock chestnut and 12 50 for fresh-mined
chestnut to $14 for stove and egg. Coal in bottoms is reported quoted
at $15 to $16 25 alongside. Practically all sizes but pea and No. 1 buckwheat are out of the market, old line companies taking care of regular
customers as best they can.
Increasing activity marks the bituminous coal trade, working time at
most mines showing an advance and many operations that had been closed
for some time being able to resume. The demand is strongest for highgrade coals, smokeless continuing to be the outstanding market feature.
It is worthy of note, however, that such union fields as southern Illinois,
Indiana and Ohio are beginning to feel the benefit of the improvement in
demand. In many instances operators are selling their product subject
to price prevailing at the time of shipment, no definite figures being quoted.
The "Coal Age" index of spot prices of bituminous coal receded slightly
last week, standing on Sept. 12 at 178. the corresponding price being a
fraction less than 32 16.
Dumpings at Lake Erie ports during the week ended Sept. 13, according
to the Ore & Coal Exchange. were: Cargo, 887,705 net tons; steamship
fuel, 45,331 tons, a total of 933,036 net tons compared with 931.257 tons
n the preceding week. Hampton Roads dumpings during the week ended
Sept. 10 totaled 382,935 net tons, compared with 421.390 tons in the
previous week.
received were insufficient to permit the publishing of a figure to cOver this
output.
BEEHIVE COKE.
Production of beehive coke declined slightly during the week ended
indicated by reports from the principal coke
as
Sept. 5. Total output,
carriers, amounted to 159,000 net tons, a decrease of 6,000 tons, or about
4% from the record of the preceding week. Compared with output during
the corresponding week in 1924, the week of Sept. 5 shows an increase of
47,000 tons, or about 42%. Total output during 1925 to Sept. 5, however,
is 44,800 tons, or 6.4% less than that during the corresponding period in
1924.
Estimated Production of Beehive Coke (Net Tons).
1925
1914
-Week Ended
to
to
Sept.5 Aug.29 Sept. 6
Date.a
Date.
1925.6 1925.c 1924.
123,000 130.000 75,000 4.971.000 5.383.000
Pennsylvania & Ohio
11,000 11.000 5.000 413.000 368.000
West Virginia
14.000 12,000 15.000 637.000 658.000
Ala., Ky.. Tenn. & Oa
5,000 5.000 8.000 246.000 277,000
Virginia
Colorado & New Mexico _ _ 4.000 5.000 5.000 163.000 184,000
2.000 2,000 4,000 137.000 145,000
Washington & Utah
159,000 165.000 112.000 6.567,000 7.015.000
United Statestotal
33.000
31.000
27.000 28.000 19.000
.
Daily average
the
in
two
covered
days
of
number
the
comparable
make
to
Adjusted
a
years. b Subject to revision. c Revised since last report.
Coke Production in August.
Production of by-product coke during August remained
practically stationary, the output reported being 3,161,000
tons, a decrease of 10,000 tons, or 0.3%, when compared with
July, according to statistics furnished by the United States
Bureau of Mines. Daily output during August amounted to
101,983 tons. The plants operated at approximately 78%
of capacity. Of the 76 plants in existence, 69 were active,
6 idle, and 1 was in process of rebuilding. With the exception of that in August 1923, current output is the highest on
record for the month of August.
The "Iron Age" reports that the production of pig iron during August amounted to 2,704,476 gross tons, or 87,241 tons
per day, a gain in daily output of 1,305 tons, or 1.5%. For the
first time since March, pig iron output in August made an
increase over the preceding month. Beehive coke production shows an increase during August,
the total for the month being 602,000 net tons, as compared
with 532,000 tons reported for July. The increase amounts
to 70,000 tons, or 13.3%.
Production of all coke during August amounted to 3,763,000 tons, by-product plants producing 84% of the total, and
beehive plants 16%.
MONTLY OUTPUT OF BY-PRODUCT AND BEEHIVE COKE IN THE
UNITED STATES (NET TONS).a
By-Product Coke.
Total.
Beehive Coke.
1,615,000
3.133,000
806,000
2,833.000
613,000
3,285.000
596,000
3,155,000
532,000
53,171,000
6n°000
I 161 ADO
195
Amy 1,
last report.
since
Revised
a Excludes screenings and breeze. S
1923 monthly average._
1924 monthly averageMay 1925
June 1925
July 1925
4,748,000
3,639,000
3,898,000
3,751,000
53.703 000
3 753 000
To produce the coke reported required 5,492,000 tons of
Strike Closes Anthracite Mines-Output of Bituminous
bituminous coal, 4,542,000 tons being consumed at by-prodCoal and Coke Declines Because of Holiday.
at beehive plants.
The production of anthracite ceased on Sept. 1 because of uct plants and 950,000 tons
OF COAL IN THE MANUFACTURE
CONSUMPTION
DAILY
and
ESTIMATED
coal
coke
bituminous
strike,
of
while
that
the
declined
OF COKE (NET TONS).
owing to the observance of Labor Day, according to the
Total Coal
Consumed in
Consumed in
usual weekly report issued by the United States Bureau of
Consumed.
By-Product Ovens. Beehive Ovens.
Mines, which we quote as follows:
Total production of bituminous coal during the week ended Sept. 5, including lignite and coal coked at the mines, is estimated at 10,808,000 net tons,
This estimate is based on reports of shipments furnished by the American
Railway Association. The occurrence of the Labor Day holiday considerably affected the completeness of returns.
Estimated United States Production of Bituminous Coal (Net Tons)*.
Including Coal Coked.
1925
Cal. Year
Cal. Year
to Date.
Week.
Week.
to Date.a
306,291,000
8,582,000
10,522,000
Aug. 22 b
291.364.000
1.545.000
1.430.000
1,754.000
Daily average
1.472,000
9,006.000 300.370.000
11.202.000 317.493.000
Aug. 29 c
1,555.000
1.867.000
1.501.000
Daily average
1.473.000
8,208.000 308.578.000
10.808.000 328.301.000
Sept. 5 c
1.560.000
1.561.000
1,801.000
Daily average
1.475.000
* Original estimates corrected for usual error, which in past has averaged
2%. a Minus 2 days' production first week in January to equalize number
ofdays In the 2 years. b Revised since last report. c Subject to revision.
Total output during the calendar year 1925 to Sept. 5 is 328,301,000 net
tons. This is approximately 19,720,000 tons, or 6.4%, more than that
during the same period of 1924. Corresponding figures for recent years
are given below:
Years of Depression.
Years or Acanthi.
398.981.000 net tons 1219
313,750,000 net tons
1918
1921
tons
net
366,119.000
270.380,000 net tons
1020
385.553,000 net tons 1924
308,578.000 net tons
1023
4,523,000
4,060,000
4,721,000
4,534.000
a4,556,000
4.542.000
A t•ff 1095
a Revised since last report.
1923 monthly average...
1924 monthly average-_May 1925
June 1925
July 1925
7,030,000
5.332,000
5,688,000
5,474.000
a5,395,000
5.492.000
2,507,000
1,272,000
967,000
940,000
839,000
950.000
Production of by-product coke from plants not associated
with iron furnaces continued to increase slightly during
August, the percentage of the total output being now 17.9%,
as compared with 82.3.% from furnace plants.
BY-PRODUCT COKE
PER CENT OF TOTAL MONTHLY OUTPUT OF
THAT WAS PRODUCED BY PLANTS ASSOCIATED WITH IRON
FURNACES AND BY OTHER PLANTS. 1920-1925.
1924.
1923.
1922.
1921.
FurFurFurFurFurnace. Other sacs. Other nace. Other nace. Other sacs. Other
17.2
83.1 16.9 82.4 17.6 82.8
January -- 79.8
16.4
82.3 17.7 83.3 16.7 82.3
February - 80.7
16.0
82.6
16.7
83.3
18.7
81.3
81.1
March-16.4
80.3 19.7 83.7 16.3 82.6
81.1
April
20.0
82.7
14.5
85.5
18.9
81.1
-----82.0
May
19.2
82.6 17.4 85.7 14.3 83.1
82.3
June
19.2
81.2 18.1 86.0 14.0 83.3
82.5
July
20.5
82.7
19.7
80.3
17.0
83.0
August- - - 82.0
83.8 16.2 82.7 17.3 82.2
September 81.1
84.0 16.0 83.3 16.7 82.2
October_._ 81.3
84.2 15.8 83.1 16.9 82.2
November 81.1
ANTHRACITE.
84.9 15.1 82.9 17.1 82.6
December. 82.5
The strike of the anthracite miners became effective on Tuesday, Sept. 1.
142.7 17.3 83.6 16 4 826 17.9 82.3 17.7
IS A
41 a
Monday,
on
mines
Aug. 31, but reports
There was some production at the
1925.
Fursacs. Other
k
Ct Ct 60GAD Li et, C.L ;0.
84.8
83.7
83.7
83.7
83.2
83.1
82.6
82.1
15.2
16.3
16.3
16.3
16.8
16.9
17.4
17.9
,
01'10tc9gtV9Rot,
ooccwoonnoommocn
wwww-awcipooQowoo
a.wwt*c.o.w.ww
4e4.6b.b.Eeiobbeeziabo
1
1920.
___. ..
1408
(IIIItoxici.E
[VoL 121
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Sept. 16, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Federal Reserve banks combined, shows a decline
of $151,300,000 in holdings of discounted bills and of $2,200,000 in acceptances purchased in open market, and an
increase of $82,100,000 in Government securities, holdings
of which on Sept. 16 included $94,000,000 of temporary
certificates issued to the Federal Reserve banks by the
Treasury pending the collection of the quarterly installment
of taxes. Total earning assets went down $71,200,000 to
$1,119,100,000 and Federal Reserve note circulation declined $2,800,000, while cash reserves increased $800,000
and non-reserve cash $7,900,000. After noting these facts,
the Federal Reserve Board proceeds as follows:
Net demand deposits fell off $35,000.000, the arger decrease of $54.000,000 reported by banks in the New York district being partly offset by
increases of $9.000,000 in both the Atlanta and DaUas districts.
Borrowings from the Federal Reserve banks went up 161,000,000 In the
New York district and $12,000,000 in the Cleveland district. These increases were partly offset by small decreases in a number of the other districts.
On a subsequent page—that is, on page 1437—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Increase (+1 or Decrease (—)
During
Year.
Week.
—333.000,000 +3963,000,000
—19.000.000
—22.000,000
—48.000.000 +745,000,000
+34.000.000 +240.000.000
+14,000.000 +316.000,000
+1.000,000 +283,000.000
—2.000.000 —270.000.000
—1.000,000
+4.000,000
+16.000,000 +299.000.000
+15.000.000
+25,000.000
+21.000.000
—6,000.000
—35.000.000 +214,000,000
+3.000.000 +626.000.000
—17,000,000
—40.000,000
+69.000,000 +368,000.000
Loans and discounts, total
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other
Investments, total
Largely as a result of the Treasury's financial operations on Sept. 15,
U. S. bonds
which included the redemption of Treasury certificates maturing on that
U. S. Treasury notes
date, member banks in the New York district reduced their borrowings
U. S. Treasury certificates
from the Federal Reserve bank by $144.000.000. Discount holdings of
Other bonds, stocks and securities
the Federal Reserve Bank of Chicago went down $8400,000. and of the Reserve balances with F. R. banks
Federal Reserve banks of San Francisco and Boston by $6,400.000 and Cash In vault
13.600,000. respectively, while discount holdings of the St. Louis bank Net demand deposits
show an increase of $8.800.000. The New York bank also reports a decline Time deposits
of $10.200,000 in acceptances purchased in the open market, while Boston Government deposits
reports an increase of 32.900.000.
Total accommodation at F. R. banks
The increase of $88.200.000 in holdings of Treasury cretificates of indebtedness is more than accounted for by $89.000.000 of temporary certificates issued by the Treasury to the Federal Reserve Bank of New York Weekly Digest of Cables Received From Foreign Offices
and 35.000,000 to three other banks pending the collection of the quarterly
by the Foreign Bureau of the Department of
installment of taxes. Treasury notes on hand went up $8,000,000, while
Commerce at Washington.
United States bonds declined $15.000.000.
A decrease of $3.900.000 in Federal Reserve not.. circulation is reported
FRANCE.
by the Federal Reserve Bank of Boston and an increase of 32.800,000 by
The general aspect of business in France, particularly of
Atlanta. The remaining banks report =anal changes in Federal Reserve
manufacturing, continues favorable, owing to increasing
note circulation.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages—namely, pages 1436 and 1437. A
summary of changes in the principal assets and liabilities of
the Reserve banks during the week and the year ending
Sept. 16 1925 follows:
Increase (-FLor Decrease (—)
vuring
Year.
Week.
Total reserves
+3800.000 —$28.1,700.000
Gold reserves
—308.800,000
+2.000.000
Total earning assets
—71.200.000 +136.200.000
Bills discounted. total
—151.300.000 +230.000.000
Secured by U. S. Govt. obligations....--136.300.000 +145.000,000
Other bills discounted
+85.000,000
—15.000.000
Rills bought in open market
—2.200.000 +112.800.000
U. S. Govt. securities. total
+82.100.000 —209.500.000
Bonds
+19.400.000
—15,000.000
Treasury notes
+8.900.000 —152.100.000
Certificates of indebtedness
—76.800,000
+88.200.000
Federal Reserve notes in circulation
—.57.400.000
—2.800.000
Total deposits
—67.000.000
—14.300.000
Members' reserve deposits
—6.3.600.000
+2.000.000
Government deposits
—2,800.000
—19.200.000
Other deposits
—600,000
+2,900,000
industrial activity, the comparative stability of franc
exchange, and the increased exportation of finished products.
The principal unfavorable factors are rising production costs
and the labor situation. August production of iron and steel
was very active and the total output for the month should
exceed the record figure attained in July. Coal sales have
been unusually large. The textile industries are uniformly
active with a special emphasis on cotton fabrics. Although
weather conditions have been less unfavorable recently, with
better yields of grain, the general crop output is unsatisfactory and increased living costs with cereal importation
are expected next spring. The outlook for automotive,
agricultural implements, and light elPctrical equipment
industries is favorable. Wholesale and retail prices have
remained almost stationary throughout the summer.
GERMANY.
Aside from a temporary recovery on the Berlin bourse,
German business conditions showed no improvement in
August. The consolidation of the principal German coal and
iron konzerns with a single holding company is expected to
have far reaching results, both in Germany and abroad.
The Week with the Member Banks of the Federal Labor agitations continue.
Reserve System.
SPAIN.
The Federal Reserve Board's weekly statement of conThe principal feature of the Spanish situation during
dition of 727 reporting member banks in leading cities as August was the summer dulness which was more than usually
of Sept. 9 shows a decrease during the week of $33,000,000 apparent in the financial world. Bank clearings were conin loans and discounts, and an increase of $14,000,000 in siderably below the previous month and two new bank
investments. These changes were accompanied by a drop failures of minor importanca occurred. The credit balance of
of $35,000,000 in net demand deposits and of $17,000,000 the Government with the Bank of Spain showed a considerin Government deposits, and by increases of $21,000,000 able increase as compared with previous months, owing to
in cash and of $69,000,000 in borrowings from the Federal the liquidation of accounts receivable, applying to the past
Reserve banks. It should be noted that the figures for fiscal year. Government revenues in July, however, were
these member banks are always a week behind those of the slightly below those for July, 1924. The exchange developReserve banks themselves. Member banks in New York ments and the general feeling in Spain with regard to future
City reported a decrease during the week of $48,000,000 in probabilities have had an unfavorable effect on purchases of
loans and discounts and an increase of $12,000,000 in invest- American goods in competitive lines. The depression in iron
ments, together with a drop of $53,000,000 in net demand ore mining continues and in the metal working trades a
deposits, and an increase of $64,000,000 in borrowings from decline in unfilled orders has produced a less favorable situathe Federal Reserve bank. Further comments regarding the tion. The textile industries show little change except that
changes shown by these member banks are as follows:
the outlook for knit goods has become somewhat brighter.
Loans on U. S. Government obligations and on corporate stocks and The
coal industry has been hampered by prospects of larger
bonds declined by $19.000.000 and $48.000.000, respectively. The New
York district reported a reduction of $17.000,000 in loans on U. S. Govern- imports from Great Britain, following the settlement of the
ment obligations and of $42,000.000 in loans secured by corporate stocks coal dispute in that country. The principal favorable factor
and bonds. "All other" loans and discounts, largely commercial, were in
the Spanish sitation is the high yield of nearly all crops.
$34,000,000 larger than a week ago, the principal increases of $12,000,000
and $10,000.000 being reported by banks in the New York and Atlanta Estimates on wheat production have been revised upward
districts, respectively.
and the orange, raisin, and rice crops have been unusually
Investments in U. S. securities show only nominal changes during the
week, while investments in other bonds, stocks and securities went up favorable. Good weather has improved prospects for the
olive yield.
$16,000.000, principally in the New York and Chicago districts.
THE CHRONICLE
SEPT. 19 1925.]
POLAND.
An unfavorable trade balance of 417,000,000 zloty for first
six months of 1925 has reduced Bank of Poland's foreign
currency reserve to 63,000,000 zloty and note cover to 38%.
Import contingents and restrictions have been adopted, and
new export markets are being sought. The industrial situation is serious, an increase of unemployment is expected,
and textile mills are shortening working time. The export
of grain is counted on to reduce budget deficit and relieve
nancial situation.
1409
The National City Co., National City Bank Building, New York, N. Y.
Gentlemen: In connection with your purchase of $25,000,000 Deutsche.
Rentenbank-Kreditanstalt First Lien 7% Gold Farm' Loan Sinking Fund
bonds, we take pleasure in giving you the following information:
Organization and Purpose.
The Deutsche Rentenbank-Kreditanstalt, which hereinafter, for the purpose of brevity, is referred to as "Central Bank for Agriculture," has an
authorized capital and surplus of 500,000,000 reichsmarks ($119,047,619)
and a paid-up capital of 170,000,000 reichsmarks ($40,476,190). It is situated in Berlin, having been organized under the auspices of the German'
Government in accordance with a law passed on July 18 1925.
This Central Bank for Agriculture is the central institution for German
agricultural credit organizations. Its purpose is to use its own resources
RUMANIA.
and the proceeds of loans obtained at home or abroad in granting through
August business conditions were unchanged but greater existing agricultural credit organizations, some of which have been in
stringency was noted in money market on account of harvest existence for more than 100 years, loans or credits for the promotion of
production in all its branches.
requirements. A large part of crops has been successfully agricultural
The Governing Board is composed of 27 members, of whom 11 are apharvested, but refusal of producers to sell their grain for pointed by the German Reichsrat, two by the German Government and it
agricultural organizations specified in the charter law..
export at prevailing prices is causing much concern in local by certain leading
members, together with the President, who acts as Chairman of the
circles. Trade figures for first quarter of 1925 show adverse These
Board, may elect, by a two-thirds majority, two additional members whobalance. Revenues for half-year exceed expenditures. must be credit experts.
Government Supervision.
The argus cost of living index shows little change.
According to the provisions of its charter and by-laws, the Central Bank
SOUTH AFRICA.
of Agriculture is under the supervision of the German Government and of'
Continued briskness marked the building trade in the the
Reichsrat, the Upper House of the German Parliament, the memberr
Union of South Africa during August, while other lines main- of which represent the several German States. The Government must are
tained their activity. The automotive trade, in particular, prove all changes in the by-laws, the disposition of assets in liquidation;
the distribution of profits, except when the latter are used to increase
continued excellent. The Transvaal mines increased their and
the paid-up capital and reserves to a total not exceeding the authorized
output from 780,251 fine ounces, valued at £3,316,067, in amount of 500,000,000 reichsmarks ($119,047,619). The Government must
all bond irues and through its Commissioners supervise
June to 818,202 fine ounces, valued at £3,477,359 in July. furthermore approve
conduct of the business of the Central Bank for Agriculture to assure
A slight decrease is estimated for August, but this is due the
carried
on
in accordance with legal and other obligations. The
that it is
mainly to a seasonal shortage in native labor. Railway Reichsrat must be kept informed of the operations and policies of the Centraffic has been exceptionally heavy and it is anticipated tral Bank for Agriculture.
Security.
that a serious problem will have to be faced during the
These bonds have the following security:
months while the maize crop is being handled. To relieve
(1) They are the direct credit obligations of the Central Bank for Agrithe situation, fifteen American locomotives have been culture, secured •by its entire resources. Its paid-up capital amounting tzr
$40,476,190 (which may be increased to a total authorized capital and surordered for delivery within three months.
plus of 2119,047,819) affords an equity of exceptional strength.
(2) There will at all times be on deposit as security therefor mortgage'
Offering of $25,000,000 Farm Loan Bonds of German documents evidencing mortgages of an unamortized principal equivalent jar
gold marks to the aggregate principal amount of the outstanding bonds, or,
Rentenbank (Central Bank for Agriculture)—
In lieu of such mortgage documents, cash of an equivalent amount. ExBooks Closed—Issue Placed—Organization and
cept for any prior existing mortgages, for the immediate discharge of
which appropriate provisions will be made in the trust indenture, these
Purpose of Bank.
mortgages will constitute absolute first liens on the property covered subFollowing the news from Berlin on Sept. 14 that the ne- ject only to the original 'Rentenbank land-charge annuity for a period in
gotiations between the Deutsche Rentenbank-Kreditanstalt no case extending beyond Oct. 11 1934, amounting to Wto per annum of
the official land valuation, which annually is pledged for the redemption
and the National City Bank of New York for an agrarian of Rentenmark notes remaining outstanding, and to possible minor charges
loan of $25,000,000 had been completed, the issue was for- not of a capital nature for which due allowance will be made in advances
made on such mortgages. These mortgages will not exceed 40% of the
mally offered in this country on Sept. 16 by a syndicate com- official
valuation of German agricultural, forestal or horticultural land',
posed of the National City Co., Harris, Forbes & Co., and must fulfill the requirements of the German Mortgage Bank Law of 139P,
Lee, Higginson & Co. The subscription books were closed will mature not later than the maturity of the bonds and will bear interest
the rate of at least 7% per annum. Payment on account of the prinshortly after their opening at 10 a. m., advance orders in at
cipal thereof will be collectible by the trustees. The deposit of the snortsufficient volume, it is stated, having been received to in- gage documents under the trust indenture provides security equivalent to
law. The remedies with respect thereto in case of
sure the placing of the entire issue. A part of the $25,000,- a pledge under Germanenforceable
through an Official Receiver, and not by
default are, however,
reserved
for
subscription in Hol- the trustee directly.
000 issue ($6,000,000) was
(3) Each of the agricultural credit organizations from which the deposland, Sweden and Switzerland. The fact that Charles
documents are acquired by the Central Bank for AgriMitchell, President of the National City Bank, had been ited mortgage
culture will be individually respectively liable with respect to such mortarranging abroad for the new loan was indicated in these gages to the full amount of the unamortized principal thereof.
The Central Bank for Agriculture covenants and the German Government
columns last week, page 1299. The issue, which is desigin its approval of this issue, given in conformity with the
nated as first lien 7% gold farm loan sinking fund bonds of stipulates
charter law, that the Central Bank for Agriculture will not issue any other
the Central Bank for Agriculture, Germany (Deutsche Ren- bonds or contract any indebtedness in any manner sharing in the specific
tenbank-Kreditanstalt Landwirtschaftliche Zentralbank) security provided for the bonds of this issue.
The Central Bank for Agriculture under present restrictions may not
was offered at 93 and interest, yielding 7.63%. The bonds issue bonds in an amount in excess of six times its capital, which limit may
will bear date Sept. 15 1925 and will mature Sept. 15 1950. be increased to eight times its capital with the consent of the Reichsrat.
The valuation of farm lands is officially determined in accordance with
Beginning March 15 1926 a cumulative sinking fund will
the revised "Wehrbeitrag" assessment, made in 1924, which is based on the
operate semi-annually to purchase bonds at not exceeding average annual yield that may be produced under average farming condipar and interest, or, if bonds are not obtainable at or below tions and is made exclusive of all improvements. The official valuation of
German agricultural, forestal and horticultural lands subjected to the
that price, by redemption of bonds by lot semi-annually at all
Rentenbank land-charge annuity is now placed at approximately $10,000,100. This fund, it is stated, is sufficient to retire the entire 000,000, a conservative valuation, appreciably lower than pre-war valuaissue by maturity. The issue is also redeemable in whole or tions. The ratio of official valuation to actual value varies in the different States and provinces, but has always been kept at a conservative level
in part, in installments of not less than $2,000,000 each, upon substantially
under the actual value.
30 days' notice, on Sept. 15 1935, or on any interest date
The German Mortgage Bank Law of 1399, the basic law governing
thereafter, at 100 and interest. Interest will be payable loans made by mortgage banks, allows secured loans to be made against
fortgages on a general basis of 60% of the valuation of the property
March 15 and Sept. 15. They are coupon bonds in denomina- first
by such mortgage banks and bankers and provides that mortgage bond,
tions of $1,000 and $500 and are registerable as to principal issued by such banks must be covered by not less than an equal amount of
interest. Such mortgages
only. Principal, interest and sinking fund are payable in first mortsrages carrying at least the same rate ofregisters
(Grundbuechera7,
must be officially registered in the public realty
New York City, in United States gold coin of the present
issue
may
be made only against
granted
from
the
of
this
proceeds
Loans
standard of weight and fineness, without deduction for any first mortgages deposited under the trust indenture not exceeding 40%
official valuation of the property as hereinbefOre indicated.
past, present or future taxes or duties levied by or within of thespecial
bond reserve will be established by the Central Bank for AgriA
the German Reich at the National City Bank of New York, culture and invested in liquid securities determined by the Governing Board'
of the Managing Directors, into which reserve will'
recommendation
upon
Such
principal
and
trustee.
interest shall also be collectible
paid one-third of all profits earned until this reserve is equal to 5%
at the option of the holders, either at the City office of the be
of the value of all bonds issued and outstanding.
National City Bank of New York, in London, Eng., in pounds
The Reichsbank will act as supervisory trustee in Germany and win'
sterling, or at Amsterdamsche Bank, Amsterdam, Holland, exercise general supervision over bonded agents appointed by it in conjunction with the German Government to examine and pass upon the mortin guilders, in each case at the then current buying rate of gages securing the bonds and to have the custody of the deposited mortgage
for
sight
bank
exchange
on
such
New York City, New York. documents.
Purpose of Issue.
The Reichsbank, Berlin, is German supervisory trustee. ReThe purpose of this issue is to provide funds fa the making of farm
garding the purpose of the issue, the object of the Rentenloans calculated to increase the productivity of German agriculture. The
bank, etc., we quote the following advices to the syndicate consequent growth in agricultural production in Germany shouM tend to
from Messrs. Kissler and Lipp, Managing Directors of the reduce the import of foodstuffs, thereby exerting a favorable influence on
national economy and on the potential balance of payments availDeutsche Rentenbank-Kreditanstalt, under date of Sept. 12: German creditor natIons.
able to
1410
THE CHRONICLE
The proceeds of this issue may also be used to retire existing liens on
tans' which will' be mortgaged to secure the bonds of this issue provided
thitt not more than 20% of the proceeds of this issue can be used to retire such existing liens. Inasmuch as these liens are in a majority of
cases in favor of mortgage banks or other mortgage credit institutions,
such sums as may be repaid in order that the mortgages securing this issue
may have a first lien, will in the main be reloaned for agricultural purposes.
Business and Management.
The Central Bank for Agriculture, in the execution of its role as a central agricultural credit institution, functioning under Government supervision, grants interest bearing loans for agricultural purposes to the credit
institutions designated in its charter and by-laws, to the States, and to
organizations designated by the national or State Governments. These will
be mainly long-term first mortgage loans as described above, made from
the proceeds of bonds issued in its own name, such as the present issue.
Under the charter law it may also make short-term loans until Dec. 31
1930, from its own capital, primarily by rediscounting the agricultural
paper of regional banks.
The Central Bank for Agriculture may purchase and sell exchange as
required in carrying out its business and may invest available cash in
short-term securities through the agency of the Reichsbank or other approved banking institutions.
It may facilitate the repayment of outstanding agricultural loans which
were made in rentenmarks soon after the stabilization of German currency,
thereby aiding in the abrogation of the land-charge annuity, amounting to
,491 per annum of the official land valuation imposed upon German agricultural, forestal and horticultural lands to secure the rentenmark currency,
as previously described. This abrogation becomes effective on or before
Oct. 11 1934.
The conduct of business is in the hands of not less than two Managing
Directors, elected by the Governing Board and responsible to the same.
Although subject to Government supervision, the management of the
Central Bank for Agriculture enjoys independent discretion in the conduct
of the business of the institution.
[Vol. 121.
New York for an agrarian loan of $25,000,000 had a reassuring effect upon the Boerse, according to the "Boersen Zeitung, which stated: "Although the fact cannot be overlooked
that foreign countries charge a good price for their readiness
to extend credit, yet transactions of this kind doubtless
indicate a certain measure of confidence in Germany."
One interesting point in connection with the loan, it is
noted, is. that it is not subject to taxation. The security
offered is regarded as exceptionally good and, therefore, the
possibility of oversubscription is being discussed.
City of Oslo (Christiania) Bonds to Be Offered Next
Week.
A. Iselin & Co. and L. F. Rothschild & Co. of this city
will offer next week Kr. 10,000,000 City of Oslo (Christiania)
20-year 53-% sinking fund kroner bonds. The issue will
be offered when, as and if issued, subject to allotment and
bearing interest from Oct. 15 1925, at 953'%, to yield 5.80%
at the current rate of exchange. Pending delivery of definitive bonds, interim certificates of A. Iselin & Co. or L. F.
Rothschild & Co. will be delivered, and will be exchangeable
for definitive bonds when and as received from Norway.
The bonds will be dated Oct. 15 1925 and will become due
Oct. 15 1945. They are non-callable as a whole before 1935.
They are coupon bonds in denominations of Kr. 5,000,
Kr. 1,000 and 500. Interest will be payable April 15 and
Oct. 15. Both principal and interest payable in kroner„
will be cashed at prevailing rates of exchange at the office
of A. Iselin & Co., 36 Wall Street, or L. F. Rothschild & Co.,
120 Broadway. Regarding kroner exchange, it is stated:
Capital and Earnings.
The paid-up capital of the Central Bank for Agriculture at present totals
reichsmarks
($40,476,190)
and may be increased from time to
170,000,000
'time as indicated in the following paragraph to an authorized total of
500,000,000 reichsmarks ($119,047,619), including the surplus and all
reserves except the special bond reserve.
Capital increases may be effected from time to time by the application
Since the beginning of this year kroner has advanced frem 15.10c. to
of earnings and through payments to the credit of the capital account of
the Central Bank for Agriculture by the Rentenbank by transfer of its approximately 22.45c. The present quotation is abcut 21c. Par of exassets during the period of liquidation and also from sums received in pay- change is 26.80c. per kroner. Although metiers may take place, it is
ment of the land-charge annuities to the extent that such proceeds are not believed that kroner will continue its advance toward parity. An advance
.ent of $10 per Kr. 1,000 bond
designated for the retirement of the rentenmark notes, in accordance with of lc. per kroner would mean an enhancer'
the provisions of the rentenmark liquidation act of Aug. 30 1924. The and the yield would increase accordingly. Shculd krcner return to par, the
present paid-up capital of 170,000,000 reichsmarks ($40,476,190) of the annual approximate income in dollars would amount to 7% on the original
Central Bank for Agriculture represents the first of such payments. Moneys investment, while the dollar value of the bonds would show an Increase of
receivable from the annuities paid on the land-charge are paid over in sums more than 25%.
up to 25,000,000 reichsmarks ($5,952,381) annually and will cease when
Simultaneous with the offering here, a syndicate of Northe land-charge annuity is abolished upon the final liquidation of the Ren- wegian bankers will handle the offering in the Norwegian
tenbank. This will probably take place in six years, but in no case later
market.
than Oct. 11 1934.
In addition to the above accretions to the capital, not less than 25% of
the. net profits earned by the Central Bank for Agriculture must be paid
Bremen $10,000,000 Loan Offer Tuesday.
into the legal reserve until the same is equal to not less than 10% of the
The
New York "Journal of Commerce had the following
paid-up capital. At least 33 1-3% of such net profits must be paid into the
special bond reserve until this reserve amounts to 5% of the bonds of the to say in its issue of yesterday (Sept. 18):
Central Bank for Agriculture issued and outstanding. The profits remainThe next German municipal loan to be Mated in this country is a $10.ing may by resolution passed at the general meeting be added to the capital, 000,000 10-year 7% loan which will be offered Tuesday, it is reported in
to the legal reserve, or to such other reserves as may subsequently be set financial circles. A banking group headed by the Guaranty Company
up, or they may be applied to agricultural purposes with the approval of and including Dillon, Read & Co., it is said, will snake the offering.
the German Government. Under certain conditions profits in excess of
This loan is being floated to provide the city with funds to finance the
those required to be devoted to statutory reserves may be used to expedite construction of railways. No further details of the loan were disclosed.
the redemption of rentenmark notes outstanding.
Bankers also pointed out that over $200.600,000 in loan options to France
are held by American banking houses pending the settlement of the naGerman Agricultural Credits.
Agricultural credit institutions granting both long-term mortgage loans tional debt. Among the impending issues are the City of Paris loan, French
and short-term credits have long existed in Germany, many of them co- railway loans and a large mortgage.bank loan.
operative in character somewhat similar to mutual savings banks and other
co-operative institutions in the United States. Prior to 1914, these organi- J. P.
Morgan & Co. and National City Company Bid for
zations did a flourishing business granting agricultural credits totaling
Argentine Loan Accepted.
approximately $2,382,457,000, against which were issued bonds secured
by farm mortgages to the extent of $1,357,100,000. These bonds were
announcement
from Buenos Aires, Sept. 17,
The
following
dealt in on the German Stock Exchanges, the majority carrying coupon
rates of 3%% and 4%. The organization committee appointed under the was made by the Associated Press:
The National City Bank of New York and J. P. Morgan he Co. have been
Dawes Plan to recommend detailed provisions in regard to the new bank of
issue suggested that an agricultural credit institution should be formed to awarded the Argentine Government's new loan of $30.000.000, it was anwhich the Rentenbank should transfer its credit balances and which should nounced here to-day. This amount Is the balance of the $150,000,000 loan
supply agriculture with the credits urgently needed to replace deficiencies authorized by Congress, the remainder of which already has been floated
in working capital resulting from the inflation period. The Central Bank in tho United States.
for Agriculture has been organized pursuant to this suggestion to act as the
Commenting on this the New York "Journal of Commerce"
central bank for the existing organizations which have previously served
yesterday (Sept. 18) said:
German agricultural needs.
The banking syndicate headed by J. P. Morgan & Co. and including the
The bonds of the Central Bank for Agriculture are not Government oblitime in six months awarded an
gations or Government guaranteed obligations, but they are the secured National City Company was for the second
Morgan synobligations of a credit institution operating under Government charter Argentine loan, although it was not the highest bidder. The
Argentina 30-year 6% bonds.
of
Republic
dicate
bid 93.50 for $30,000,000
and under Government supervision on whose governing board there is GovThe banking group headed by Blair & Co., and including the Chase Securiernmental representation.
Throughout this letter German currency have been converted into United ties Co., were reported to have bid 93.53 for the issue. A few months ago
when the Morgan group bid 93 for the $45,000.000 long-term issue, the Blair
States currency at the rate of 4.20 reichsmarks to the dollar.
syndicate also placed a higher bid. Two other groups, the Equitable Trust
Very truly yours,
Co.,
with a bid of 93.34, and the Guaranty Company, with a bid of 92.78,
RENTENBANK-EREDITANSTALT,
DEUTSCHE
bid for the present issue.
Lan el wirtschaftliche Zentralbank.
This loan will probably be offered for public subscription Monday at
HISSLER, Managing Director.
96Ji. This financing will complete the $150,000,000 authorized by the
LIP?, Managing Director.
of the country's obligations on a long-term
Application will be made to list the bonds on the New Government and will place all reported
first in the "Journal of Commerce"
basis. Such negotiations were
when
Exchange.
They
and
were
as
offered if,
York Stock
In February of this year, but at that time denied by the bankers.
issued and received, subject to the approval of counsel, and
It is expected that the bondi will be offered next week,
Dr. Ernst Wolff, Berlin. Delivery in temporary form is expected on or about Sept. 28. Reference to the Rentenbank Offering of £300,000 Customs Lien Refunding Gold.
and - the proposed issue of bonds appeared in our issue of
Bonds of Republic of Costa Rica—Issue Sold—
Aug. 22, page 931.
Books Closed.
F. J. Lisman & Co. offered on September 16, at $680 per
Reassuring Effect on Berlin Boerse of $25,000,000 £200 to yield about 8.15% to average maturity, £300,000
Farm Loan.
Republic of Costa Rica Customs lien 5% refunding gold
Under date of Sept. 14 the Associated Press, from Berlin, bonds of 1911. It was announced yesterday (Sept. 18) that
reported that the conclusion of negotiations between the the bonds had all been sold, and that the subscription books
Rentenbank-kreditanstalt and the National City Bank of had been closed. The bonds are part of a total issue of £2,-
SEPT. 19 1925.]
THE C1111/ONTOLE
1411
Extended reference to the strike appeared in our issue
000,000 of which £185,700 has been redeemed by the sinking
fund, leaving outstanding £1,814,300. The issue, which is of Aug. 29, page 1044.
listed on the London Stock Exchange, is dated July 1 1911,
and will become due July 1 1958. The bonds are payable, Bank of Poland Restricts Sales of Foreign Exchange.
both principal and interest, at Hambro's Bank, London, or
The "Wall Street News" reports the following from
at the National City Bank, New York, in pounds sterling or Washington, Sept. 8:
The Bank of Poland is selling foreign exchange to importers only for
in dollars at the fixed rate of $4.86 to the pound. They are
payment of necessary imports, according to a cable received by the Departand
at
Paris
fixed
rates.
Berlin
Amsterdam,
in
payable
also
ment of Commerce from Commercial Attache Leighton W. Rogers. The
It is announced that
Polish Government has adopted a policy of rigid restriction of imports
Provision is made for the redemption of the bonds on or before January
1 1958, through the operation of a cumulative sinking fund of at least 1%
per annum,con-mencing January 1 1921. operating by purchase of bonds in
the market if obtainable under par or by half-yearly drawings in New York
at par. The Government reserves the right to increase the sinking fund
without limit at any time.
because of the abnormal unfavorable trade balance for the last six months.
The system adopted is known as the "Import Contingent System," but as
yet the import quota of various commodities for different countries has not
been announced.
American exporters are, therefore, warned to ascertain whether their
Polish client has obtained a license covering any contemplated importation
before making shipment and is assured for the necessary foreign exchange
with which to make payment for the goods. It is believed that the Bank
of Poland will continue this policy until October. This action by the bank
was necessitated by a considerable drain on its foreign currency reserve, as
a result of the adverse trade balance.
Interest is payable January 1 and July 1. The bonds are
in coupon form, with the privilege of registration as to
principal, in denominations of £20, £100 ($486), £500
($2,430). The principal,interest and sinking fund payments,
it is stated, are secured by a first lien on 100% of the Customs Time Limit Extended for Conversion of Polish Loan
Revenues, covering import and export duties and revenues.
Bonds.
In a letter to Lisman & Co., dated September 1, Minor C.
advices, Sept. 14, are from the
Warsaw
following
The
Keith, says in part:
"Commercial":
The contract securing the interest and sinking fund charges of this loan New York
was entered into between the Government of Costa Rica and myself, acting
as agent for the bankers.
The purpose of this loan was to fund the then outstanding external and
Internal indebtedness of the Republic.
This loan is a direct obligation of Costa Rica and the interest and sinking fund payments are especially secured by a first charge and lien on all
the customs duties and the revenues receivable by the Republic from exports and imports. The Republic agrees not to create any charge or encumbrance upon the export and import revenues that shall have equal rank
with or preference over there refunding bonds and that no changes shall
be made in the laws relating to the customs duties pledged which shall
be prejudicial to the security afforded by this contract.
In the contract between the Republic and myselfit was agreed to nominate
Mr. John M. Keith to receive each month from the Republic such portions
from the customs receipts as shall be necessary to meet the semi-annual
payments for interest and sinking fund, with provision for the appointment
of a successor in case of his death or resignation.
For the purpose of guaranteeing fully in advance the semi-annual payments,the Republic deposited with Mr. J. M.Keith during the first month
of this contract a sum equal to the next semi-annual payment of interest
and since then payments have been made to Mr. Keith in each month of
one-sixth of the amount necessary for the next succeeding semi-annual
interest payment and one-sixth of the amount necessary for the next installment of the sinking fund.
It is agreed in the contract that there shall always be in the hands of the
banker, after each interest payment date, a sum equal to at least five-sixths
of the amount necessary for the next payment of interest, in addition to the
sinking fund. Beginning the first of each month,all amounts received from
the customs duties and revenues are paid by the Republic daily until the
respective amount obtainable in that month shall be paid, and Mr. Keith
sends these amounts to the bankers weekly.
These payments have always been promptly and faithfully met.
As an added safeguard and precaution, provision has been made for the
appointment, if necessary of a customs agency to collect all customs and
export revenues and with sole and exclusive authority to create and issue
customs certificates, of fixed value in United States coin, which shall be the
sole currency for the payment of customs and exports duties and charges.
This provision may be put into effect if the Government shall be in default
for thirty days on any of its obligations hereunder.
The customs and exports duties are payable in colones, equal to about
25 cents United States money. The United States dollar is legal tender in
Costa Rica at the fixed rate of 2.15 gold colones per dollar.
The amount necessary to meet the interest and sinking fund payments is
$583,000 per annum. The monthly installments are $48,583 33. These
installments are being paid promptly and, as stipulated in the contract, at
least five months in advance of requirements.
The revenues pledged for the service of this loan have during the last 20
years never been less than two and a half times the maximum amount
necessary and during the last six years averaged more than 3% times.
Zurich Issues Loan to Redeem Bonds Here.
The following is from the "Sun" of last night (Sept. 18):
Word was received today from London that the city of Zurich, Switzerland, was issuing a loan of 20,000,000 Swiss francs at home in order to raise
funds to redeem the $6.000,000 8% American loan of 1920. This confirms
reports printed here several months ago that the loan would be called in
October of this year.
The Zurich issue may be called at 107 five years after date of issue, or by
October 15 1925, by a process of increasing the sinking fund sufficiently to
redeem the entire issue.
The time limit for the conversion of the Polish 5% internal loan bonds
of 1920 has been extended to Dec. 311925. Holders of these bonds may
exchange them for zloty bonds at the rate of 100 to 1 (100 Polish marks
for one gold zloty).
Bonds should be sent for conversion to the Union Bank of the Co-operative Societies of Poland, New York agency, 853 Third Avenue, New York
City.
Bank of England Profits for Half-Year, £698,888.
Advices from London, Sept. 17 (Associated Press), state
that the Bank of England profits for the half-year ended
Aug. 31, after providing for all contingencies, totaled
£698,888.
Britain Takes Direct Charge of Poor Relief—Acts
After Dispute with West Ham for Spending
$100,000 Weekly for Doles.
copyright advices were reported from
following
The
London, Sept. 16, by the New York "Herald-Tribune":
For the first time, it is said, in the history of the administration of poor
relief in this country the Government department has taken control away
from the local authorities and proposes to meet the bills itself. This is a
sequel to a long quarrel between the Ministry of Health and the Board of
Guarantees of the London borough of West Ham. These local authorities
for some time have persisted in expending $100.000 weekly in the relief of
the poor and unemployed. The Ministry of Health contends that they
are not entitled to more than $75.000, and, since the local officers do net
agree, has decided entirely to cut off their appropriation.
The reason for the discrepancy in figures is that the West Ham guardians
$15) weekly, against 55 shillings($13 76)
Pay individuals 59 shillings (about
sanctioned by the law. The ministry computes the guardians will have
exhausted all their funds ten days hence and has warned the storekeepers
not to honor the guardians' checks thereafter.
There is some confusion as to whether the ministry's position is strictly
legal, and the matter may take on considerable importance when Parliament reassembles, as the present case probably will be regarded by the
Labor Party as a test case covering the whole field of the Government relief
policy.
Shipping Gold to Malaya—Paving the Way to Far
Eastern Marriage Altars with United States
Gold Coin.
The following is from the "Wall Street Journal" of Sept. 16:
Farmers Loan & Trust Co. is shipping $400,000 gold coin to Straits
Settlement.
Chartered Bank of India, Australia & China is shipping $400,000 gold
coin to the Straits Settlement
This makes a total of about $1,000,000 being shipped on one steamer
by various banks.
Current movement of gold coin to Straits Settlement is attributed to
the "marriage season" in that part of the world. Unusually large shipment is due to the fact that in previous years most of the gold taken from
United States was shipped from San Francisco. With the transfer of the
direct steamship service this year to New York, the metal is now being
sent via Panama Canal.
Bankers say present shipments are not directly influenced by the Malay
rubber situation as they are not based upon exchange. To the extent',
however, that the rubber industry has brought greater prosperity to the
Straits Settlement, it has made Malay papas more generous with the usual
dowers of gold coin to their bride daughters.
Paris Bank Strike Ends.
The following regarding the termination of the strike of
French bank clerks, is from copyright advices to the New
Favorable Reception Accorded Mexico's New Bank of
York "Times," from Paris, Sept. 11:
Issue.
The strike of the Paris bank employees, which has lasted for seven weeks,
is now over. The strikers are going back to work tomorrow.
accorded Mexico's new
the
reception
regarding
Comment
This decision of the Strike Committee was reached after bank directors
had agreed to consider the arbitration proposals of Minister of Justice Steeg. bank of issue is contained in the weekly Mexican Financial
Delegations this morning visited the directors of big credit establishments
and Business Review issued under date of Sept. 12 by
to ask under what conditions the strikers might return. The majority
announced that they would stand by the offer of Aug. 31, making certain John B.Glenn, representative of Mexican financial interests.
allowances for coal and the high cost of living. Few imposed penalties on Detailed mention of the bank appeared in these columns
any returning to work later than tomorrow.
Aug. 29 '(page 1039) and Sept. 5 (page 1164). We quote as
Certain dismissals are being upheld, while some banks are imposing
follows from Mr. Glenn's review:
penalties on all strikers guilty of violence during the demonstrations.
The strike, which began at Marseilles,rapidly spread to Paris, then to the
whole of France and greatly affected the normal business of the country
and is understood to have exercised a detrimental effect on the flotation of
the new4oan, with which it coincided.
The principal feature of the week and which considerably affects the
economic situation of the Republic of Mexico is the establishment of the
Bank of Mexico with a capital of one hundred million pesos, of which
51% were subscribed by the Mexican Federal Government.
1412
THE CHRONICLE
The Bank of Mexico is subject to a special law regulated by Article 83
of the Constitution, according to which law it is authorized to carry out
all ordinary operations of deposit and of commercial banks, with the
_authorization to issue bills to a total of twice its gold reserve. The bank
will also have the right of rediscount for which it demands certain conditions from those banks desiring to obtain the benefit of this advantage.
The Bank has been favorably received by the public in general as well
.as the other banks and commercial firms. But to date, as is natural,
nothing can be said definitely in view of the fact that the large activity
displayed is due to the initial enthusiasm in view of the fact that the general
belief is that the hank will take care of all economic difficulties which
business has suffered in general in the past.
The directors of the bank are not as optimistic in this regard as the
general public. They admit that it is not possible to produce immediately
the results which everybody hopes for and they are more prepared to
race a series of problems such as the monetary problem the existence and
solution of which is difficult. The problem of the acceptance of the bank
bills is not the most important for the moment, because they are confident
In carrying out same and it will be handled by a very prudent and conservative policy. However, the bank is faced with a general impoverished
condition of the country occasioned by a long crisis, which situation has
placed commerce and industry in a very bad position. The situation.
however, is expected to improve rapidly, as is indicated by the large increase in imports and exports.
The banking situation has improved as regards deposits, showing an
aacrease of 312.000.000 Mexican currency in June over the month of
May. It is hoped on well-founded reasons that these deposits will increase
to a large extent as the Bank of Mexico has produced a general feeling
.c>f confidence which will induce individuals; who have been hoarding
,their gold in private vaults, to deposit same with the banks, which will
AciMate at the same time payments which, up to a short time ago, were
.r.ey difficult. . . .
from all the information I have been able to obtain, the Mexican Governanent intends to renew within the shortest possible time the payment of
the interest on its foreign debts and have only awaited the establishment
of the Bank of Mexico, which was of vital need to Mexico's economic
situation.
The Government is reforming the fiscal system as regards taxes. Meanwhile,the condition of the Treasury is satisfactory and not only have they
overcome a constant deficit but have obtained a credit balance of receipts
over disbursements, which, in addition to permitting the Government to
.ostablish the Bank of Mexico has left sufficient margin to pay all back
salaries of employees and bills to merchants of more than 827,000.000.
the Government's interior debt being reduced to $14,000.000 from a total
Of 841,000,000, all of which has taken place since Jan. 1 1925.
[Vor.. 121.
"It is an incontestablefjuridical obligation. M. Calilaux's efforts will
be to obtain conditions fora settlement not beyond our capacity to pay."
The Paris Associated Press advices of the same date
(Sept. 16) stated:
Simultaneously with the departure to-day of Finance Minister Caillaux
for the United States on his debtfunding mission it was declared in authoritative quarters that Premier Painieve and his Cabinet were determined to
stand or fall upon the result of the Washington negotiations.
They were quite conscious of that hazard, it was stated, when they voted
yesterday to give M. CaManx full powers to negotiate.
The present French Government may be said to be erected upon a tripod—
Painieve, Briand and Caillaux—and if one leg gives way the structure will
collapse.
On the 13th inst. it was stated in Associated Press cablegrams from Paris that M. Caillaux would leave Paris for
Washington delegated with full power from the French
Government to negotiate a funding agreement with the
United States Government covering France's war and postwar debt. It was also stated therein:
Premier Painlevo's instructions to M. Caillaux are of a broad character.
What he does will be subject only to the ratification of Parliament.
Before receiving these instructions M. Caillaux acquainted the Premier
and the leading members of the ministry with his general ideas as to the
terms of the settlement of France's debt with the United States; but he
did not take his fellow members of the Debt Commission which will go to
America into his confidence when they met in a brief session yesterday.
He reserved such a statement until the members of the Commimion have
more leisure, as they are now busy preparing for their departure on Wednes
day.
M. Caillaux took occasion to remind his associates that it was the desire
of Washington, as well as of the French Government, that specific proposals should not be discussed outside the actual meetings of the French and
American Debt Funding Commissions. M. Caillaux, however, did not
tell his associate; what his offer to the United States will be. He also has
cautioned French newspapermen against the unwisdcm of speculation or of
publishing possible solutions of France's American debt problem.
One of the most important documents in regard to the American Government's views on the debt question that M. Calmat has in his portfolio
probably is four lines of typewriting that Jules Jusserand, former French
Ambassador to the United States, brought back frcm Washington early
this year, as a concrete result of his prolonged cenversatiens in January with
Charles E. Hughes, then Secretary of State, and Andrew W. Mellon, Secretary of the Treasury. This is a memorandum which was read and approved of in substance, it is stated here, and the gist of it is as follows:
"If the French Government should propose to amortize its debt to tho
United States by paying one-half of 1% of the principal annually for sixtytwo years. the American Debt Funding Commission would consider in
the most liberal spirit the question of interest."
M. Caillaux, Sails for United States With Other Members of French Debt Mission—Conferences to
Open in Washington Sept. 24—Jusserand
According to this document France's debt to the United States is to be
Memorandum.
treated as including 8400.000,000 owed for American Army supplies left
in France.
'The departure of Joseph Caillaux, the French Finance
The principal of the French debt, including these supplies, would be.
Minister, from France on Sept. 16 with the other members therefore, about 33,400,000,000, to which might be added accrued interest
amounting to about $900,000,000 on the debt contracted prior to the armisa the mission which is to confer with the American debt tice.
As France has been paying about $20,000,000 a year, or 5%,on the
mission on the funding of the French war debt, was followed purchase
price of the military supplies left behind by the American Expedi.on Sept. 17 by the announcement that conferences will be tionary Forces, the contribution of such a payment would more than cover
be brought under way at Washington next week. Acting one-half of 1% on principal. if this were considered 33.400,000,000. It is
also stated that such a payment would nearly cover the accrued interest
secretary of the Treasury Winston who is Secretary of the if that
should be considered a part of the principal.
American Debt Commission, (the World War Foreign Debt
Regarding the Jusserand memorandum, Washington
Commission) issued a call on the 17th for a meeting of the
advices under date of Sept. 13 to the New York "Times"
American commission at 10 o'clock Sept. 24, by which time had
the following to say:
the French mission, will have arrived in Washington. PresiThe report from Paris that a memorandum was given last January to
dent Coolidge has asked Mr. Winston and Myron T. Herrick, former Ambassador Jusserand stating that the French Government in a
American Ambassador to France, to meet the French mission debt funding agreement would be expected to make arrangements for
payments for the reduction of the principal amount of her war
in New York. French Ambasador Daeschner will also be immediate
debts to the United States and that consideration would be given to the
.on hand to receive M. Caillaux. The plans, it is stated, economic conditions in France and the French capacity to pay in dealing
.contemplate an immediate trip from New York to Wash- with the interest payments to be made after the debt was funded, wa
here tonight by Government officials
angton, thus permitting the French delegation to have next confirmed
The memorandum was prepared by the American officials when M.
'Wednesday to prepare for the formal meeting the next day. Jusserand held a series of informal conferences with Secretary Mellon in
M. Caillaux sailed from Havre on the Steamer Paris. January just before the former French Ambassador gave up his post here
and returned to France, and had the approval of the American Debt
'Those accompanying him are Senators Berenger, Chapsal, Commission.
It was brief and was intended to establish some of the points
Dausset and Dupuy, Deputies Auriol, Lamoureux, Bok- which the French were given to understand must form the basis of the
Anowski and Marquis Pierre De Chambrun, Maurice Simon, negotiations if later they sent a debt mission here
Officials felt tonight that the paraphrase of the memorandum as made
'Comptroller of the French Treasury; Andre Moreau-Neret, known in France
might result in a public misunderstanding of the facts.
.expert of the Finance Ministry, and M. Haquenin, Inspector This paraphrase states that the French Government would be expected to
pay one-half of 1% of the principal amount of the debt annually for the
of Finances, who was added to the mission at the eleventh reduction
of the principal amount.
bour. Before his departure from Paris M. Caillaux declared:
The actual request in the memorandum was that a part of a funding
am going there (to Washington) for the purpose of telling agreement covering reduction of the principal amount of the debt should
follow the terms accepted by Great Britain. The British agreement provided
them: 'France is ready to settle.'"
that Britain make payments on the reduction of principal over a period of
The associated Press cablegrams from Havre on the 16th sixty-two years, these payments representing one-half of 1%
of the total.
or 823,000,000 for the first two years, but increasing gradually from that
Inst. from which this is quoted, said:
time, the final payment for the cancellation of the principal of the debt
M. Carnal"' is determined to avoid any fog of figures in Washington and being $175,000,000.
will not allow the experts to confuse simple fundamentals by sterile controversies over statistics. Economic and financial studies which encumber the
baggage of the members of the mission are regarded even by them as
scarcely relevant.
Tho deliberations of "experts," which have taken up so much time at all
the interallied conferences since the war, are looked upon with disfavor by
M.Calm's, who considers them as interfering with the advance of business
rather than promoting it, because technicians would spend days in obstinate
rontroversies over secondary questions.
There had been some doubt until the last minute whether Vincent Auriol,
Socialist Deputy and former President of the Finance Committee, who
resigned after a clash with M. Caillaux, would sail. He had been absent
from most of the meetings of the mission since it was organized and was
reported to be sulking in his tent, but he was one of the first members
to appear at the St. Lazare station platform to-day.
The entire French press devotes leading articles to M. Calliana's task at
Washington. The "Journal des Debats" says:
"Our delegates will formally recognize our debt, which France never
dreamed of repudiating.
It was requested in the memorandum to France that In return for recognition of the French capacity to pay in dealing with interest payments, the
French should begin payments on the reduction of the principal at the rate
of one-half of 1%, and that later these payments would
be increased as in
the case of the British compact, so that the sixty-two payments would
exactly equal the principal amount of the debt.
The memorandum, it was said here tonight, did not make any definite
statement as to lower interest rates in the case of France as compared with
those accepted by Groat Britain. It did state, however, that where future
interest payments and a possible desire on the part of France to obtain delay
in making such payments were concerned, the American officials would be
willing to give the most careful consideration to the French economic conditions and the capacity of France to pay.
It is pretty generally accepted that the American attitude, as stated in
the brief memorandum,is that the French will not be asked immediately to
make payments of interest comparable to those which are being received
by the United States from Great Britain, and that the early interest payments assessed against France in a debt funding agreement would be
relatively small, and not add materially to her other financial burdens.
SEPT. 19 1925.]
1413
THE CHRONICLE
rs
0
§
r"5N
"-e
CC)
ils0S5R.1=.2 gs
0000000
g
zo,
1
8,188,143.707
8,676,373,198
8,326.338,267
5.312,109,272
3,738,288,871
Accordink to Associated Press dispatches from Washington,
Sept. 16, sentiment in both Administration and Congressional circles now appears to be against the granting to
France of any more favorable terms for the settlement of its
$4,000,000,000 war debt to the United States than were
extended to Great Britain. These advices said:
for
A possible exception may be made in the extension of a moratorium
its financial affairs into
a few years to enable the French Government to get
principal
of
the
on
account
payments
better shape before beginning actual
and interest of the debt
a
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Amount.
82.
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03.4.
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1.•
it s? ti,
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t
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ar.d
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8E88
.4
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6,138,123,347 1,354,098,80214,784,024,545
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and
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0000
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,
According to the New York "Times" of yesterday (Sept.
18), the Institute of Economics, which has headquarters
here, announced that in a review of the French financial
problems and the debt question, soon to be published, it
would take the position that France "cannot possibly pay
anything on her foreign debts in the near future except by
methods which would only intensify the general financial
difficulties with which she is now confronted." The "Times"
says:
...
-...-..,
nn pin
M. Caillaux's views received the unanimous approval of the Cabinet,
and the Finance Minister will leave for New York to-morrow with full
authority to deal with the United States plenipotentiaries along the lines
he laid out to-day.
"A gentleman's offer to gentlemen," is the title under which M.Caillaux's
propositions to Washington will be known in French history.
M. Caillaux scored another victory when Louis Malvy, former Minister
of the Interior, once banished and later given amnesty by the Senate,
was elected Preisdent of the Finance Committee ofthe Chamber of Deputies
to-day. The first resolution adopted under the new presidency came
In response to a motion demanding that France's creditors, naming Rumania, be brought to a settlement of their debt. The resolution read:
"The Finance Committee decides that until the end of the ngetiations
shortly to be opened at Washington no move in the Inter-Allied debts of
Prance shall be made. The committee will hear the Minister of Finance
and the members of the delegation accompanying him upon their return
lalt%taig
from Washington."
"ce
0
o
p...0
200,791,4666,105,403,920,
207,340,7076,085,879.430
350,626.5306.616,390.721
1.05,219.4145,053,910,830
186,273,4443,402,015,427
At Paris on Sept. 15 M. Caillaux, before a Council of
the Ministers presided over by President Doumergue, elaborated the program for the settlement of France's debt to
the United States which he intends to place before the
American Debt Commission, said Associated Press advices
from Paris that day,from which the following is also learned:
DOWM0W
700
1§Wo28
.Q.c4..
,
1
a
0
.-•
14
..3
..
a"
MONEY HELD IN THE TREASURY.
..•;abW1.-b.
D0
0 0..40
DWOO.00.4
..-,.....
DNm..400,
QW-41.2.g.
..to .m
GS
I.*
CD
M.
Amt. Held tnIlles've Agatnet
Trust Against' Unttert Sta1es1
Notes
Gold & Merl
Certificates (tt1(anti Treasury
Notes
Treas'y Notes
.11890).
01 1890).
In a speech at a banquet of local farmers, the "Matin's" Le Mans correspondent quotes Minister of Finance CaiIlaux as saying
that if France
"I never tire of repeating both to England and America
for the coats in which
owes her debt—money which she borrowed to pay
of the fact
taken
account
wishes
lives—she
their
down
laid
her soldiers
that in no case can she
that if she must pay she must also be paid, and
pay more to her Allies than her enemies pay her."
of Finance
"I don't see," M. Calliana continued, "how the Ministers
can ask a country to pay the Allies sums greater than those received from
paying
to
reparations,
devoted
former enemies, sums which ought to be
but which, alas, will remain a charge upon us, for, let us have no illusions—
that is what is before us."
M. CalHaus attributed the present condition of France's finances to the
fact that the country has not told the truth: as a consequence it has now
found itself confronted by a budget of thirty-six billion francs, of which
twenty-two billion is for interest on her debt. The only way to reduce the
burden, he declared. was gradually and reasonably to lower the rate of
interest and decrease the mass of the fifty billion francs of national defense
bonds. That was the object of the present loan, he said.
Cu4a0.0.
b00
Total.
From Paris Associated Press accounts of Sept. 7 we take
the following:
00
o
co
C.
o
o iZO.
.-. • .t.
.
baw.00,-. ...0
w
- co. o
wawa^.
- • - co o• co- o
12822
8'42884
.4
ba 00 •-•
° li.I.
'-n
V, -OD
- In :-. OWE
8
.2.0
45
....
.4020000. a. 00..
iza
...D2 c 4 ..,
g.
iii .g... e e
•
• P.
a
circulation in foreign countries and the
a Includes United States paper currency in
Reserve banks.
amount held by the Cuban agencies of the Federal
coin outside of vaults of the Treasury.
I, Does not include gold bullion or foreign agents.
Reserve
Federal
and
banks,
Reserve
Robert S. Brookings, once associated with the War Industries Board, is Federal
since the money held In trust against
c These amounts are not included in the total
President of the Institute; President Arthur T. Hadley of Yale is Vice- gold and sliver certificates and Treasury notes of 1890 Is included under gold solo
the
of
dollars,
respectively.
silver
Secretary
Treasury, is and bullion and standard
President and David F. Houston, former
gold and silver certificates and
d The amount of money held In trust against
Treasurer. The Board of Directors also include Edwin A. Alderman,
notes of 1890 should be deducted from this total before combining It with
Whitford R. Cole, Vernon Kellogg, David Kinley, Samuel Mather, John C. Treasury
stock of money In the United
the
total money outside of the Treasury to arrive at
Merriam, John Barton Payne, Leo S. Rowe. Bolton Smith, Jamea J.
Storrow, Charles D. Walcott and Paul M. Warburg.
About two years ago the Institute prepared an analysis of "Germany's
Capacity to Pay" which attracted widespread attention here and in Europe.
The review dealing with the French situation has been prepared by Harold
G. Moulton, Director of the Institute, and Cleona Lewis, after research
work of more than two years.
The review gives a gloomy picture of the French domestic finances and
suggests as the only effective cure for a situation brought about by mistakes
made in the past the devaluation of the franc at not more than 6.5 cents.
and the adoption of a general policy of deflation.
If such a policy is carried out in France, the review contends, it will be
Impossible for that nation immediately to take on new burdens which would
call for an outflow of additional funds to the United States for payments
on her war debt.
Stock of Money in the Country.
The Treasury Department at Washington issued its customary monthly statement showing the stock of money in
the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. The figures this time are
for Sept. 1. They show that the money in circulation at
that date (including, of course, what is held in bank vaults
and the reserve that the member banks of the Federal Reserve System keep with the Federal Reserve banks) was
$4,784,024,545, as against $4,719,518,511 Aug. 1 1925 and
$4,773,878,272 Sept. 1 1924 and comparing with $5,628,427,732 on Nov. 1 1920. Just before the outbreak of the European war, that is, on July 1 1914, the total was only $3,402,015,427. The following is the statement:
States.
of redemption. $153,112,158
e This total includes $16,889,877 of notes In processnotes,
511,321,853 deposited
of gold deposited for redemption of Federal Reserve
deposited for retirement of additional
for redemption of national bank notes. 54.670
as a reserve against
circulation (Act of May 30 1008), and $6,568,290 deposited
postal savings deposits.
Reserve banks of
Federal
the
of
agencies
Cuban
by
the
IIncludes money held
Boston and Atlanta.
gold held in the Treasury
by
dollar
for
dollar
secured
are
certificates
Note—Gold
secured dollar for dollar by standard
for their redemption: sliver certificates are redemption; United States notes are
silver dollars held In the Treasury for their
in the Treasury. This reserve fund
held
5153.820,986
of
reserve
secured by a gold
notes of 1890, which are also
may also be used for the redemption of Treasury held In the Treasury. Federal
dollars
silver
standard
by
dollar
for
dollar
secured
a first lien on all the assets
and
States
Reserve notes ate obligations of the United
Reserve notes are secured by the
of the issuing Federal Reserve bank. Federalamount of gold or of gold and such
like
a
of
agents
Reserve
deposit with Federal
the Federal Reserve
discounted or purchased paper as Is eligible under the terms of
reserve of at least 40%.Including
Act. Federal Reserve banks must maintain a gold
States Treasurer,
United
the
with
the gold redemption fund which must be deposited
Lawful money has been doagainst Federal Reserve notes in actual circulation. retirement of all outstanding
for
States
United
of
the
Treasurer
posited with the
secured by United States
Federal Reserve bank notes. National bank notes are
with the Treasurer of the
bonds except where lawful money has been deposited maintained in lawful money
also
is
United States for their retirement. A 5% fund
of national bank notes
with the Treasurer of the United States for the redemption
secured by Government bonds.
Senators Smoot and Borah on French Debt.Funding.
Senator Smoot, Republican, Utah, a member of the
World War Foreign Debt Commission, in a statement issued
be
on Sept. 16 declared that the French war debt must
settled without reference to any agreement its Government
may have reached with Great Britain for the funding of the
Franco-British debt. At the same time Senator Borah,
Republican, Idaho, chairman of the Senate Foreign Relations
Committee, discussed the debt question with President
Coolidge and subsequently reiterated his position that the
1414
THE CHRONICLE
French debt should be funded on the basis of the British debt
settlement. The Associated Press despatches from Washington on the 16th inst. said:
Senator Borah is not wholly satisfied with the terms of the settlement
entered into between the United States and Belgium. and he indicated after
his talk with the President that he probably would have something to say
on this subject when the agreement comes before the Senate for ratification.
Senator Smoot was quite outspoken with respect to the Anglo-French
negotiations, saying:
"The United States will settle with France without any reference whatever
to the conference held between M. Calliana and Mr. Churchill, or any
propaganda by either one or both of them. The United States has nothing
to say about any political deals or understandings between European
countries and does not propose to be drawn into them.
"M. Caillaux and his associates will be granted every possible chance of
presenting their side of the question. The United States commission will
look after the interests of America."
[Dot 121.
States, This I had the honor of saying to your President, Mr. Coolidge,
when I presented to him my credentials."
The make-up of the Italian mission was indicated in these
columns Sept. 5, page 1169. On Sept. 15 the American
Ambassador to Italy, Henry P. Fletcher, was received by
Premier Mussolini, dined with Finance Minister Volpi and
had long conversations with both in preparation for his
departure aboard the steamship Puilio from Naples on
Sept. 17 for a vacation. The Associated Press accounts
from Rome, in stating this, said:
The conversations deal with the Italian war debt to the United States
and Mr. Fletcher expressed conviction the question would be settled
satisfactorily. He has chosen to take his vacation at this time to be in the
United States before and during the sojourn there of the Italian Debt
Commission, thus being available to the American Debt Funding Commission as adviser.
Count Volpi expects to arrive in the United States between Oct. 22 and
2$. by which time he believes the American negotiations with the French
will have been concluded. He is convinced he will be able to reach an
agreement with the Americans. He wants to assure them he will not
attempt any Machiavellian methods, but, as a business man, will go
straight to the core of the problem.
Ambassadors Daeschner and Herrick Look for Settlement of French War Debt.
Speaking at the annual Lafayette-Marne Day exercises,
held at West Point Sept. 6, the French Ambassador to the
United States, Emile Daeschner, alluded to the forthcoming
negotiations for the funding of the French war debt and exPresident Mitchell, of National City Bank, Visits Italian
pressed it as his opinion that "it would be showing a very
Finance Minister—New Measures on Lira.
diffident and pessimistic spirit not to trust that none but an
The following Associated Press advices from Rome, Italy,
issue satisfactory to all is to come out from the negotiations."
The following account of his remarks is from the New York Sept. 15, appeared in the New York "Times":
Count Volpi, Finance Minister, had a long conference to-day with
"Times":
Charles E. Mitchell, President of the National City Bank of
In two weeks hence a French mission is to land here;
it is headed by the
Finance Minister, and it includes members of both Houses
of Parliament.
From the French public point of view, the debt question is
not only a matter
of money,and that is why it makes it for those sito are
in charge of it a matter difficult to handle.
ItI were to translate literally an old French proverb, I
would say:"Money
wounds are not mortal," but there is also at stake a question
of sentiment,
and that makes the difficulty for it.
The reasons of that feeling I am not going to explain
at length; it is meetly
resting on the memory that is kept,right Cr wrong,
of hopes that were given
at a time as to the consequences of the Versailles
Treaty, and that could
not be fulfilled, and the consequences of which led
the people of France to
assume themselves very heavy burdens which they
consider they should
not have to suffer.
Now, the members of the French mission have
been chosen in order to
represent all shades of French political opinion,
besides their own personal
authority. They are best qualified to know what,
in the run of the discussion, may be conceded in the name of France, and
what they later on shall
be able to have ratified.
The fact that they were chosen and are coming
is in itself a proof of the
real and true desire of settling the question.
They are to meet here representatives of the
American Administration,
equally qualified fcr the task entrusted to them and
at the same time animated by a spirit of loyalty, equity and friendship.
It would be showing
a very diffident and pessimistic spirit not to
trust that none but an issue
satisfactory to all is to come out from the coming
negotiations.
And this is hy in this very day, when we are
celebrating the long-standing friendship between our two countries, I, for
my part, feel entirely confident for the future.
Myron T. Herrick, American Ambassador to France, who
also spoke at the celebration, declared that the debt settlement involved "almost the last and most difficult problem
for the advance of trade and commerce upon which these
nations depend," adding:
I have great hopes, great faith that our people and
the people there
will be able to bring about a solution of the debt
question.
New York.
Both were most reserved as to the details of the conference, but financial
circles are of the belief that the meeting was symptomatic of a general
move of certain big American banking houses to discuss ways and means
of extending credits to Italian industrial enterprises so as soon
as the
auspicious time arrives.
It is emphasized, however, by those in a position to know that no American financial enterprises of this sort will be sponsored or even encouraged
by the Government until the debt question is definitely
settled. After
that both the Italian Government and Italian financial interests have been
even to understand that American money for development of the Italian
economic situation will be plentiful.
Count Volpi, it is reported in responsible quarters, is not satisfied with
the success of recent measures in connection with the "battle of the lira,"
and is planning to issue a new set of regulations, probably to take
effect
the first of the month. These regulations are designed to give
ample
scope to honest trading on exchanges, but at the same time to safeguard
against constant attacks against the lira by speculators. The Minister
has issued a circular to Chambers of Commerce and industrialist banks
hinting at additional measures to protect Italian currency, saying that
the greatest damage will be felt "by these who do not have faith in
the
future of Italian money."
Rumanian Debt Mission to Sail for United States
Oct. 10.
Following a conference of Treasury officials, called by
Vintila Bratiano, Finance Minister, at Bucharest(Rumania)
on Sept. 16, to discuss the forthcoming visit to the United
States of the Debt Funding Commission headed by M.
Titulesco, Minister to Great Britain, it was announced that
the Commission would leave Bucharest Oct. 10. A previous
reference to the Rumanian Debt Funding Mission appeared
in these columns Sept. 5, page 1170.
The "Times" goes on to say:
Dr. Nansen Asks $5,000,000 Loan for Armenians.
Referring to the outlook, he said this year was
better than last year,
which in turn was better than the year before. He
The following Geneva Associated Press advices, Sept. 17,
stressed the present
need of understanding because of the close contact
of nations which rendered are from the New York "Times":
it important "that we should exercise great patience
and have great faith
A drive for a $5,000,000 loan to repatriate 15,000 Armenians and inauguin our dealings at this critical moment."
rate an irrigation project to enable them to grow cotton as the first step
He said he had no doubt that the debt problem
would be handled to toward
recreating the Armenian national home was launched last night at
the satisfaction of both nations if "approached in a
spirit worthy of the a banquet
by Dr. Fridtjof Nansen,the Norwegian delegate to the Assembly
past relationship."
of the League of Nations. Dr. Nansen stressed the fact that the project
was an entirely business one and predicted that the principal of the loan
Italian Ambassador De Martino on Forthcoming
would be repaid within five years.
Negotiations for Funding of Italy's Debt.
Italy wants to arrive at an agreement with the United
States in respect to the payment of Italian war loans that will
be within the capabilities of the Italian people, according to
his Excellency Giacomo de Martino, Italian Ambassador to
the United States, who returned on Sept. 17 on the Navagazione Generale Italiana liner Giulio Cesare after a visit to
his own country. This is learned from the New York
"Times" of yesterday (Sept. 18), which asys:
The Ambassador said that while in Rome he had many conferences with
Premier Mussolini and with Count Volpi, Minister of Finance. He said
that the presence of tho latter as a member of the Italian Debt Commission
which will soon visit this country is a guarantee that the negotiatfons will
be made hi a practical and efficient manner.
"The great experience of Count Volpi in financial matters promises a
complete and rapid understanding with the American officials," he said.
"The presence on the commission of his Excellency Grand!, who is Under
Secretary of Foreign Affairs, indicates the importance that the Italian
Government attaches to the negotiations.
"Signor Pirelli and Signor Alberti have a technical knowledge of the
matters to be discussed which is derived from the experience they acquired
in similar negotiations in Europe, while Count Bonni, who is the fifth
member of the commission, has been in many financial and official negotiations and is a person very well informed in the political life of Italy.
"I am reminded that Premier Mussolini has always said that Italy is
'ver ready to recognize her international obligations toward the United
Features of the Dawes Plan What Germany Has
Accomplished.
"It would be a mistake to consider the Dawes Plan solely
in the light of payments made during the past year," declares
"The Index" of the New York Trust Co. "Of the first
year's contributions of 1,000,000,000 marks,only 200,000,000
was found directly by Germany—and this by the German
railways alone—the balance of 800,000,000 marks being the
proceeds of the German external loan. Besides making
possible a stabilization of German currency, and restoring
order into German industry, this actual receiving of 1,000,000,000 marks is by no means all that has been accomplished between the dates of Sept. 1 1924 and Sept. 1 1925:
Several plans, although these have not as yot had time to
bring direct financial returns, were nevertheless put into
effect." The New York Trust Co. then adds:
The industrial debenture system, organized during the first year, but
which only goes into effect during the second, will be a special reparation
contribution made by German industry.
Another accomplishment of the Dawes Plan during the past year has
been the control of German revenue though this has, as yet, brought
in
no actual reparation payment.
SEPT. 191925.]
THE CHRONICLE
Finally came the difficult problem of deliveries in kind, a set of regulations having been drawn up by a special independent committee and
approved by the Reparation Committee on June 9 1925, as operative
since May 1, for all creditor States.
1415
"Old" bondholders, who as such claim the preferential treatment accorded
in the law of July 16, must file, also a list, each one stating the numbers
of his bonds and giving proof that he acquired them before July 1 1920.
The claimant may offer any kind of proof, and banks which have handled
his bonds are obliged to help him free of charge.
His claim to be an "old" bondholder may be provisionally attested by
sriecial authorities called "old ownership bureaus." which may require
him to testify on oath. These bureaus will advise a higher new authority
caned "Federal Commissioner for Exchange of Bonds." If the claim is
rejected the claimant may appeal within two weeks. Further regulations
dealing with the special position of bondholders resident abroad are expected
Germans Complain of High Prices Here—"Gold Inflation" in America Held Up at Bankers' Congress
as Grave Obstacle to Europe.
The New York "Times" in a copyright message from Bersoon.
lin, Sept. 15, gave the following account of the discussions
Berlin:
at
conference
bankers'
at the
Germany's:7 Reparation Payments for Year Total
$291,600,000.
The stability of German currency is permanent, but German trade is
confronted with many grave obstacles, chief among them being the exorbitreported the following from Berlin,
Press
Associated
due
to
States
United
the
The
"gold
American
from
materials
raw
of
ant cost
inflation." That is the substance of addresses made to-day before the Sept. 14:
sixth congress of German bankers assembled in Berlin. The bankers
applauded and demonstrated their approval of their eminent speaker's
observations.
A note ofstrong optimism,flavored, however, with outspoken criticism of
the German Government's fiscal policy, permeated the congress. Germany's money masters strenuously oppose the budgetary system, which
has resulted In the first four months of the present fiscal year in the collection of revenues exceeding by more than $100,000,000 the amount required
to meet the public expenditure of the same period. This was emphasized
by Oskar Wassermann,executive head of the Deutsche Bank, who declared
that the tax burden, which he figured came to $50 per capita a year. "was
wholly unbearable and, moreover, quite unnecessary, since the Reich's
income so greatly exceeds its outlay that gigantic sums are being assembled
n the public treasury." He added:
"That the bulk of these sums are offered to commerce and industry at
exorbitant rates of interest as short-term loans is a great evil, but less so
than the catastrophe that such sums should be drawn at all from the country's impoverished trade."
Wassermann called for a law reducing taxes for the balance of this year
and demanded that the surplus already realized should be at the disposal
oflegitimate business enterprise on equitable terms. He also urged restoration of legal secrecy in banking operations and said the discount rate reduced since Jan. 9 1924 from 20 to 14% should be further lowered as soon
as sufficient foreign capital flows into the German banks.
Dr. Schacht, President of the Reichsbank, denounced ruiners spread
by adherents of the extreme Left and Right in politics that the present
price increase constituted new inflation of the currency, and exclaimed:
"The German public wants nothing lass than it does monetary depreciation."
The Reichsbank, he added, was stable and would remain so.
Franz Urbig. President of the Disconto Gesellschaft, one of the four
leading banks, also proclaimed lasting stability of German money, but said
the sure foundation for the nation's prosperity must be sought in increased
trade and not through foreign credits, which merely augment the need
for foreign gold currency reserves.
The great problem with which German finance was faced, he observed,
was Europe's debts to America. He declared:
"America has solidified her independence behind high tariff wells,
whereas European dependence upon American raw materials and other
products continues, and pressure of this dependency is increased by American gold inflation and the consequent rise in all prices In the United States.
If even wealthy England seeks greater independence from the American
raw material market through costly developments in the Sudan, then
assuredly opportunity must not be denied to Germany, fighting as she is
for very existence, to obtain the raw materials she needs in overseas colonies
developed by her own strength and money. Otherwise she cannot long
pay rising prices in the American dollars demanded of her, together with
the reparational burdens."
Germany's total reparations payments during the first year of the operagold marks, or about
tion of the Dawes plan amounted to 1,458,000.000
$291.600,000. it was announced to-day.
paid
Out of this sum the agent-general for reparations. S. Parker Gilbert,
to various Allied creditors 893.500.000 gold marks.
Hanover Bankers in Bankruptcy.
The New York "Journal of Commerce," in a cablegram
from Frankfort-on-the-Main, Sept. 11, stated:
Hanover,
The old important banking firm of Ephraim Meyer & Son, of
Negotiations
having suffered severe losses, has gone into bankruptcy.
of getting support to
with business friends are under way for the purpose
in this direction
enable re-establishment of the banking firm. Prospects
solution.
succesful
are encouraging and give promise of
German Syndicate Cuts Ruhr Coal Price.
radio advices from Frankfort-on-the-Main,
following
The
Sept. 10, are from the New York "Journal of Commerce":
its Ruhr coal
The Rhenish-Westphalian Coal Syndicate to-day reduced
in taxes.
prices by Mi %, corresponding to an equivalent reduction
German Iron Firms in Receivership.
According to advices from Frankfort-on-the-Main, Sept. 8,
Sichel
to the New York "Journal of Commerce," the Julius
Co. iron group in Mayence and several of its subsidiary companies filed a receivership petition giving liabilities of about
20,000,000 reichsmarks. It is added that the Textile Industry
insolCo. of Rappeport, and Lilienthal, of Berlin, declared
vency, giving liabilities of 2,000,000 and assets between 17,000,000 and 10,000,000 reichsmarks. Swiss purveyors, it is
said, are the principal creditors.
Gen. H. T. Allen, Chairman of Committee for Relief
of German Children, Receives Degree from
Frankfort University.
General Henry T. Allen, who commanded the Army of
on the Rhine, and who, upon his return to the
German Reichsbank Vetoes Inflation—President Tells Occupation
was Chairman of the American Committee
States,
United
Financiers Present Policy Will Continue.
German Children, has received a cablegram
of
Relief
the
for
Receipt of the following Associated Press advices from
the Chief Mayor of Frankfort-on-the-Main, informing
from
Berlin, Sept. 15, was reported in the New York "Evening
him that the Medical Faculty of the university there has
Post":
bestowed upon him the honorary degree of Doctor of MediThe Reic.hsbank will not yield to pressure from some circles to be a
in recognition of his unselfish work for the relief of
cine
party to a new period of inflation, Dr. Hjalmar Schacht, President of that
children.
German
Institution, told the assembled German bankers at the opening session of
their national convention here. The credit policy will also remain unchanged, he announced.
Commenting on the present high prices in Germany, Dr. Schacht said:
"There is no doubt that our prices to-day are determined primarily not by
production costs, but by distribution costs."
Bankers of Germany Oppose Foreign Loans—Object to
Borrowing Abroad While There Is Money
at Home—Production Urged.
From the New York "World" we take the following copy16:
by right cablegram from Berlin, Aug.
Bankers Would Safeguard Currency
Restricting Imports.
According to Associated Press advices from Berlin, Sept.
16, a resolution declaring that the German currency must
be safeguarded in the interests of the country's economic
life was adopted by the conference of German bankers that
day. The advices state:
German
Rudolf Loeb, of Mendelssohn & Co., bankers, speaking at the annual
bankers' conference to-day, referred to the recent estimate of Germany's
and declared his
short term obligations abroad at 1,600,000.000 marks,
belief that this figure was much too high. Long term obligations, exclusive
credits,amounted to 660,of the Dawes loan. but Including Rentenbank
000.000 marks, he said.
such debts as rapidly as
reducing
While admitting the necessity of
possible. Loeb, nevertheless, asserted that Germany must increase her
productive capacity in order to meet her increasing obligations under the
The bankers went on record as welcoming all measures aiming at
Dawes plan. If new debts were assumed for furthering production, these
increased exports of raw materials and finished goods and restriction of
would be justified, he said.
the importation of unnecessary articles.
Censuring the pessimists in Germany, Loeb 'said that he saw no reason
Efforts must be made, the resolution declares, to make German industry
expressed similar views.
for "exaggerated pessimism." Other bankers
at
All
those
foreign
raw
on
materials.
home
or
dependent
less
abroad who
are interested in safeguarding the German currency are urged energetically
Banker Calls Credit Danger to Germany—Herr Loeb
to support Germany's endeavors to regain suitable overseas colonies.
Tells Berlin Meeting that Country Owes 2,250,000,000 Gold Marks Abroad.
Rules for Exchange of Old Paper Mark Bonds—German
Quoting what Herr Loeb had to say before the Banker's
Ministry Issues Regulations for Effecting the
Authorized "Revaluation."
Congress on Sept. 17, the New York "Times" copyright
dated
following
cablegram,
Berlin,
Sept.
The
13, is from advices from Berlin stated: gold amrks in private credits abroad,
Germany owes 2,250,000,000
the New York "Times" (copyright):
according to a statement made before the German Bankers' Congress
issued
its
by Rudolf Loeb, Director of Mendeissohn & Co. Of this total,
has
for
the
to-day
Ministry
regulations
1mark
Finance
The
exchange of paper
bonds.
Bondholders wishing to exchange for the new "loan
redemption bonds" must lodge notification between Oct. 5 and Feb. 28 next.
This notification may be made through the Bank, a savings bank or a cooperative bank, and the loan scrip lodged simultaneously.
which Herr Loeb characterized as far too high for economic comfort,long
term loans, including the recent Rentenbank agrarian loan made by the
National City Bank of New York, aggregate only 660.000.000 marks, the
balance of 1,600,000,000 marks being composed of short term obligations.
141.6
THE CHRONICLE
[Vol. 121.
By far the greatest part of the German trade foreign indebtedness has
President Zimmerman's thirty-second report, covering period mid-July
been incurred, the broker pointed out, with the United States, American
to mid-August published to-day, compared budget figures first eight
capital is more heavily interested in German industrial enterprises than
months with actual expenditure and revenue and states that while eightthat of any other country, but England also Is displaying keen interest,
twelfths of annual expenditure and receipts, according to budget provisions
Herr Loeb added.
The banker declared foreign credits to be largely responsible for Germany's amount to $74,700,000 and $69,300,000, respectively, the actual outgoing
and incomings were likely to be $83,850,000 and $79,300,000, respectively.
adverse trade balance, and said that while the huge total of commercial
loans may not constitute an immediate danger, nevertheless every effort Deficit, $4,600,000. instead of $5,400,000.
Observe that expenditure includes $7,700,000 for productive purposes.
must be made to reduce this debt. He criticized the policy of German
Eliminating capital expenditure receipts exceed current expenditure by
municipalities who borrow money in America, observing that the cities'
credit was almost too good and, erroneously they receive the financial $3,150,000.
aid badly needed by commerce and industry.
Increase in Capital of Banca Italo-Britannica of Milan.
The Banco, Italo-Britannica, Milan, has increased its
New Import Plan Set for Germany—Government Will
Put Into Effect Grain Certificate Used in 1914.
capital, according to a cablegram received by Lee, Higginson
From Hamburg Sept. 10 the New York "Commercial" & Co. on Sept. 15, which read as follows:
General meeting of our shareholders held yesterday. Resolved increase
reports the following:
our capital to 100,000,000 lire to be effected as to 30,000,000 immediately.
The German Government has decided to put into effect beginning Oct.
1 and as to
remaining 50,000,000, and as when board considers advisable.
a grain import certificate system similar to that in existence
before 1914,
but which has been ineffective during the period of duty
The bank was established in 1916 by the British-Italian
free admission of
grain and flour into Germany, according to a cable sent by Trade ComBanking Corporation of London. It has branches in Genoa,
missioner Squire to the U. S. Department of Commerce.
Under this new system exporters of grain or flour will receive a certificate Rome, Naples and Venice.
for a sum equal to the import duty on a corresponding quantity, and this
certificate can then be used in payment of import duty on any grain imported (but not on imports of flour).
This new system is expected to work in the same manner as the pro-War
system.
Traders in Germany believe that this will greatly increase the German
import demand for fodder stuff and wheat and strengthen the German
flour industry to such an extent that it will be able to export.
Italy to Sell Postal Savings Bonds in Dollars and
Pound Sterling.
From Rome Associated Press cablegrams Sept. 8 it is
learned that in order to increase the flow of foreign money
into the Italian Treasury the Ministry of Finance has
decided to sell postal saving bonds in dollars and pounds
sterling, paying 33 % interest and redeemable in the currency in which they are purchased. The cablegrams state
that it is expected that Italian emigrants abroad will take up
the bonds, thereby putting their savings at the disposal of
their mother country and at the same time being protected
against speculators.
Soviet Russia's Large Sugar Production—No Further
Imports of Sugar Necessary.
According to statistics of the Soviet Sugar Trust, as
received by the Russian Information Bureau here, this year's
sugar beet crop in the Soviet Union,from sowings of 1,513,000
acres, will run close to six million tons. This will yield about
900,000 tons of sugar, nearly double the output of last year,
and about 60% of the average for 1910-15. The output
Rumania Seeking Loan of $100,000,000 for Utility
exceeds the estimated program, it is stated, by 100,000 tons.
Enterprises.
Since the population of the Soviet Union is 75% of that of
The following Associated Press advices were reported from
the former Russian Empire it is estimated that no further
imports of sugar will be necessary. A good crop of sugar beet Bucharest Sept. 17:
Samuel Reading Bertron, New York banker, accompanied by officers of
seed is also anticipated this year. It is planned to collect the American
European Utilities Corp. and representatives of the Ameri1.3 tons of seed from every hectare (23/i acres) as compared can railroad equipment manufacturers, arrived in Bucharest to-day. The
with .46 ton in 1924. This will, it is declared, fully cover the local newspapers report that a loan of $100,000,000 for various public utility
enterprises will be taken under consideration as soon as Mr. Rertron and
needs for next year's sowings and provide a surplus of 6,500 his associates
confer with representatives of the Rumanian Ministry of
Finance.
Soviet Russia's Foreign Trade.
The foreign trade of the Soviet Union for the forthcoming
fiscal year, beginning Oct. 1, will reach nearly $1,000,000,000,
according to a bulletin of the People's Commissariat for
Foreign Trade received by the Russian Information Bureau
in Washington. The figure is nearly double this year's
foreign trade and is 75% of the annual value of the turnover
during the five years before the World War. According to
the plan adopted by the Commissariat for Foreign Trade
exports will reach a value of about $511,900,000, and imports
$473,800,000 leaving a favorable balance of $38,100,000. It
is furthermore asserted that the bumper crops of this year
will enable the Soviet Uniori to expend upwards of $100,000,000 abroad during the next twelve months for agricultural
machinery and basic machinery for industry. The plan also
contemplateethe importation during the year of $187,000,000
worth of raw materials and $90,000,000 worth of semimanufactured goods.
Agricultural and dairy products, poultry and meats will
make up it is stated 70% of the exports. In addition it is
expected that exports of fish and furs will amount to $32,400,000, and metals $57,100,000.
Dollar Rises in Vienna—Demand for American Notes
Is Traced to Polish Buying.
The following from Vienna Sept. 17 was contained in
a special cablegram (copyright) to the New York "Times":
Since yesterday there has been no quotation on dollar notes on the
Vienna Exchange because dollar notes. which otherwise were plentiful
have disappeared from the •Vienna market. Sold in private transactions,
dollar notes fetched in the last days 7.20 schlllings, against a parity of 7.05.
This sudden disappearance is said to be due to the Polish zloty fluctuations last month. The Poles are now seeking dollars as stable currency.
fearing further inflation. As the demand for dollar notes increases notes
on hand are withheld in the hope of a further rise. Currency smuggling,
which was a prominent branch of industry in post-war days,
has again
started. Squads of Polish smugglers evading the zloty embargo are
exporting Polish currency in double-bottomed trunks and other devices.
Fluctuations of the zloty and the ensuing embargo on practically all
imports have hit Austrian industry hard. Several branches which depended on the Polish markets are practically at a standstill.
Bonds of Czechoslovak State Loan of 1922 Drawn for
Redemption.
Kuhn, Loeb & Co., the National City Bank of New York
and Kidder, Peabody & Co. have issued a notice to holders
of the Czechoslovak State Loan of 1922 8% secured external
sinking fund gold bonds due 1951 announcing that certain
bonds of this issue have been drawn by lot for redemption
for the sinking fund on Oct. 1 1925 at their principal amount.
The bonds so drawn will be paid upon presentation at the
offices of the bankers on Oct. 1.
Gold Standard for Finland Recommended by
Government's Financial Advisers.
Helsingfors Associated Press cablegrams Sept. 10 stated
that the Finnish Government's financial advisers have
recommended the restoration of the gold standard and, that
the par value of the Finnish mark shall be 39.70 to the gold
dollar (the present par value of the Finnish mark is 19.3).
Ecuador to Establish a Bank of Issue.
From Guayaquil, Ecuador, Sept. 15, the following Associated Press cablegram is reported:
The Government has authorized the establishment of banks of issue,
guaranteed by dollar and sterling, and is urging greater use of checks to
relieve the scarcity of bank notes.
Peru Removes Ban on Gold Coin Shipments.
Lima (Peru) Associated Press advices state that, to assist
in raising the present low exchange rate of the Peruvian
pound, the Government has removed the embargo on shipments of gold coin, permitting exportation under a 2%
ad valorem duty.
Offerin g of Bonds of Potomac Joint Stock Land Bank.
At 103% and interest, to yield 4.51% to the callable
date and 5% thereafter, Brooke, Stokes & Co. of Philadelphia, Washington and Baltimore offered on Sept. 14 a
$500,000 issue of 5% farm loan bonds of the Potomac Joint
Austria's Budget Figures for First Eight Months.
Stock Land Bank of Washington, D. C. The bonds will
F. J. Liman & Co. report the following cable received be dated Sept. 1 1925, will become due
Sept. 1 1955 and will
from the Association of Viennese Banks, dated Vienna, not be callable before Sept. 1 1935.
In coupon form in
Sept. 11:
denominations of $1,000 and $500, they will be interchange-
THE CHRONICLE
SEPT. 19 1925.]
able for fully registered bonds. ,Interest:willtbeTpayable
March 1 and Sept. 1 at the Riggs National Bank, Washington. The Potomac Joint Stock Land Bank operates in the
States of Virginia and Maryland. Its principal office is in
Alexandria, Va., but for the purpose of meeting the convenience of the bank, as well as the farmers of the States
of Virginia and Maryland, business offices are maintained
in Washington. The following data regarding the bank's
loans as of Aug. 31 1925 are made available in the offering
circular:
Number of loans
Acres of real estate security
Amount loaned
Appraised value of land and buildings
Average amount loaned per acre
Percentage of loans to appraised value
697
138,153
83,313,300 00
38,443,673 00
$23 98
393i%
We also give herewith the statement of financial condition
as of Aug. 311925:
Assets.
Net mortgage loans
$3,260,747 18
U.S. bonds and securities_ 265,000 00
110,000 00
Certificates of deposit
131.191 06
Deposits with banks
415 36
Accounts receivable
Amortization payments In
6,77288
course of collection
Furniture and fixtures
25,141 14
Real estate
53,828 72
Accrued in mtge. loans. _
23 88
Other accrued interest
•
Farm loan bonds outstand _53,499,800 00
Advance amortization pay6.18937
ments
Reserve for coupons,unpaid
3.48500
Accrued Interest farm loan
bonds
56,248 33
Rebate int. due borrowers..
971 38
Capital stock_
250,000 00
25.00000
Surplus
6,00000
Legal reserve
Undivided profits
8.15568
1447
Operations of the Federal and Joint stock land banks are believed by the
Department to have tended to lessen variations in interest rates throughout
the country. Loans by these institutions are made at a nearly uniform
rate in all States. As they are provided out of funds obtained through
the sale of tax-exempt bonds, the loans of the Federal Farm Loan system
probably also tend to make interest charges generally lower.
One of the factors in making interest rates unequal in different parts
of the country is the varying adequacy of banking facilities. Whero
banks are small, with a limited capital and a limited clientele, interest
charges are naturally higher than in regions having large, well-organized
and heavily capitalized financial institutions. Thus, North Dakota in
with
1920 had one bank for every 722 persons in its pspulation, compared
one bank in Rhode Island for every 12,625 persons in its population.
means
clientele,
small
a
with
each
banks,
small
of
An excessive number
involves keen
an abnormally high overhead cost per unit of business. It
competition for deposits, on which the banks must pay high interest rates.
limited areas
in
There is also a greater risk on loans heavily concentrated
are
and not backed by adequate banking resources. Such conditions
agricultural
naturally translated into higher interest rates. Although the
depression of the last few years undoubtedly contributed to the failure
to unof many such banks, the failures were also in no small degree due
sound banking conditions and inefficient banking methods.
Death of Seymour L. Cromwell, Former President
New York Stock Exchange.
Seymour L. Cromwell, who besides serving as President
of the New York Stock Exchange for three terms had been,
active in instituting reforms on the exchange, died on Sept.16.
in the Morristown (N. J.) Hospital as a result of injuries'
83.855,84976
$3,855,849 76
received when thrown from his horse on Sept. 6. News of
his death came as a shock. Announcement of it was made
Wide Difference in Money and Interest Rates on on the exchange as follows by President E. H. H. Simmons:
the death
Agricultural Loans.
It is with emotions of deepest sorrow that I have to announce
Seymour L. Cromwell. We have lost a warm-hearted, loyal friend.
Some of the factors responsible for the wide variation in ofHis
institution
the
to
service
courage and personal sacrifice in devoted
the interest rates charged on agricultural loans in different he loved will ever be a high example and enduring inspiration to the memparts of the country are indicated by a study of credit bers of the exchange.
The Board of Governors on the same day adopted the
information recently gathered by the United States Departresolution:
following
in
the
lower
much
are
East
ment of Agriculture. Rates
and
profound
The sudden death of Seymour L. Cromwell has come as a
Central West than in the South and West. On loans based shock
to the entire Membership of the New York Stock Exchange. Rarely
on personal and collateral security the variations are often do the members of any association of business men experience the good
as his appear among
wider than in the case of mortgage loans. In general, fortune of having such a character and personality
As a man he was the embodiment of kindness, sympathy and good
interest rates appear to vary with the risk that the lender them.
in his position as a
and
will to all with whom he came in friendly contact,
takes and with the local supply of loanable funds, although recognized leader and official of the exchange he showed an intellectual
and a loftiness of ideals that commanded
the distance of a region from financial centers is less important attainment, a force of character,
admiration and respect of all his fellow members.
today_ than it was before the Federal reserve system and the theHis business career rested upon that high plane of ethical standard
annels th=igh which which it is the desire of all good citizens to see established in the economic
Federal FaiiirL`oa
-Ts- ysteniprovided7h—
funds could freely flow from money centers to points where activities of the nation.
Committee for
As an official of the exchange he served on the Governing
years:
capital is needed.
six years, was Vice-President for two years and President for three
Body.
Governing
Interest rates on first mortgage farm loans made by and he died an active and leading member of the
the New
Be it therefore, Resolved, That the Governing Committee of
commercial banks in 1923 averaged 6.89%. Rates in
sorrow at
York Stock Exchange do hereby record their profound grief and
different States varied from 5.3% in New Hampshire to the death of Seymour L. Cromwell, whom they regard as having been one
exchange,
9.6% for New Mexico. There was less variation between of the finest and most outstanding members ever admitted to thevalue
that
services to the institution were of such far-reaching
States in the rates charged by insurance companies than in and whosean
irreparable one.
his loss is
minutes
the rates charged by commercial banks on first mortgage
Be it further Resolved. That this memorial be spread upon the
by the
farm loans. In some States the average interest rate charged and a suitable engrossed copy of the proceedings be transmitted
of sincere sympathy and affection to his family.
by insurance companies was as low as 5.09% compared with President as a token
Funeral services were held at St. Bartholomew's Church
8.48% in other States. Moreover, the rates charged by
the Stock Exinsurance companies declined more between 1921 and 1923 in this city yesterday afternoon (Sept. 18),
hour earlier
half
a
m.,
p.
2:30
at
trading
suspending
change
than did the rates charged by commercial banks. It is
Cromwell's
Mr.
to
respect
of
out
closing
time,
usual
supposed that rates on bank farm mortgage loans responded than the
closed at 2:30'
also
Market
York
Curb
New
The
memory.
less fully to changes in general credit conditions than did
Stock Ex-,
rates on farm mortgage loans made by the insurance com- yesterday and the_Boston Curb, the Philadelphia
also among the
panies chiefly because commercial banks can shift their change and the Detroit sColli Exchange were
tribute to his
advances from long term to short term obligations when it exchanges which adopted a similar course in
in April
Brooklyn
in
born
was
who
Cromwell,
suits them to do so. As a result, banks do not feel the memory. Mr.
May 28 1896,
on
Exchange
the
of
member
a
became
1871,
competition of other farm mortgage credit agencies as quickly
when he joined the firm of Strong, Sturgis & Co., continuing
and as fully as do the insurance companies.
a partner in
As a rule, says the department, interest rates vary with with the latter until Jan. 1 1925, when he became
Mena
Carlisle,
firm.of
Exchange
Stock
odd-lot
the
the demand for loanable funds, and this demand fluctuates
his death. Mr.
with the opportunities for the profitable use of funds, with This partnership he held at the time of
in May 1921
Exchange
the
of
President
elected
was
Cromwell
the seasonal need for funds, and with the interest rate
the "Wall
From
years.
succeeding
two
in
re-elected
was
charged. An important factor is the local supply of loanable and
funds. Where local savings are large, both individuals and Street Journal" of Sept. 16 we take the following: both within
Under his leadership the Exchange effected important reforms
banks are able and willing to make loans at relatively
without its organization. Two of the greatest accomplishments during
financial condition
favorable rates. Higher rates must be charged in regions and
his regime were the maintenance of closer scrutiny on the
that are deficient in savings and capital and are consequently of member firms and the aid given by the Exchange in gradually stamping
bucketing by outside brokerage houses.
dependable on outside supplies. The statement continues outMr.
Cromwell was particularly zealous in the work of the Better Business
as follows:
Bureau, an organization of investigatcrs which is working with the State.
Climatic conditions also affect interest rates, through their influence
on the amount and the stability of farm incomes. This is ?limn by the
rapid rise in interest rates as one moves weatward in North Dakota, South
Dakota, Nebraska and Kansas toward the semi-arid regions. Insurance
companies and savings banks often refuse to make mortgage loans where
the rainfall is below a certain minimum. Other influences on interest
rates are types of farming, and the soil and topography of farming regions.
In one crop farming region the chances of loss to agriculture are taken
into account by lending agencies in the form of higher interest charges.
The influence of soil and topography on interest rates is shown by the
fact that capital does not flow as freely to southern Illinois as to central
and northern Illinois. In the same way some parts of northern Minnesota
are much less abundantly supplied with loanable funds than the Red
River Valley of North Dakota. It is also considered probable that heavy
taxes, which tend to reduce farm incomes, lessen the borrowing power of
agriculture and influence interest rates.
operations. He particularly
and the Exchange to stop fraudulent stock
be enforced. It
urged that the drastic law known as the "Martin Act"
intention to fight
was under Mr. Cromwell that the Exchange declared its
announced the
and
integrity,
its
abuse and lies intended to reflect on
abandonment of its former passive policy in this respect.
serving for ten
Mr. Cromwell was active in the affairs of New Jersey,
the Comyears as President of the State Charities Aid, and as a member of
plans of
present
the
up
draw
mission appointed by Governor Edge to
management of penal institutions of that State. He was Fresident of the
also President of
New Jersey State Home for Boys at Jamesburg. He was
has adopted and
the Fatherless Children of France, an organization which
cared for 320,000 French orphans.
Mr. Cromwell was prominent in charitable and boys' wel—
fare work. He was President of the New Jersey State Charities Aid andrrisonv,Reform Association and of the Confer
1418
THE CITRONTCLE
once of Charities and Correction, and was a member of the
Prison Inquiry Commission of some years ago. He had also
been President of the Fatherless Children of France, Inc.,
an organization which adopted and maintained more than
300,000 French children. In recognition of his work in
-connection with this organization the French Government
decorated him with the Legion of Honor. Mr. Cromwell
was a sergeant during the Spanish-American War.
To Extend Stock Ticker Service to Pacific Coast.
Plans are under way, it was learned, whereby the Western
Union Telegraph Co. will extend its service of furnishing
stock ticker service from New York to Pacific Coast points,
said the "Wall Street News" of Sept. 12, from which the
following is also taken:
It is planned to transmit quotations of New York Stock Exchange stocks
and bonds, also Chicago grain prices, through the new service.
The extension of the service in effect will mean that stock and bond
tickers now being operated locally can be installed as far west as San
Francisco and boil Angeles. Prices at Western points will be published
almost simultaneously with those in New York.
Hitherto, owing to mechanical difficulties, the farthest Western point
for the ticker service has been Cleveland. Prices on stocks for points
west of Cleveland have been sent via the Morse wires. Consummation of
present plans will enable customers in Pacific Coast and other Western
brokerage offices to have a record of stock and bond transactions sale by
sale.
[Vol, 121.
By the present vote Chicago will be placed on the same basis as Duluth
and Minneapolis, and buyers here need not fear that some undesirable grade
of wheat will be delivered to them just because contracts made in the pit
do not sPecify exactly what grade is to be delivered.
The new ruling will become effective on Oct. 1. It will answer a question
that frequently has come before the public, especially at times when there
is a wide difference between the pit prices and those quoted for cash grain
on track.
Explanation to Reporter.
Not long ago a correspondent wanted to know why No. 2 red winter
wheat on track was quoted and selling at 22 cents over Chicago September.
but was deliverable at only contract price. An effort was made to explain
to this correspondent that an operator who bought wheat in the pit could
not tell whether he would get No. 2 red winter en delivery or any of the
17 various grades that are deliverable at varying differences in prices.
As a result many buyers prefer to pay a premium for the exact grade of
wheat offered on track, rather than take a chance on what will Come to
them from an elevator on a contract made in the pit.
The change in the deliverable status of spring wheat grades made possible
by the vote is regarded as particularly important this year because of
production conditions and the difference in prices existing between the
Northwest and this market.
•
Influx of Low Grades.
It was regarded as inevitable that Chicago this year would accumulate a
large quantity of low quality spring wheat. As a matter of fact, several
cargoes already have been reported bought for shipment from Duluth to
this point. This wheat is regarded as undesirable to millers and exporters,
but under the old rule could be delivered at stated discount under the
contract price.
Now it is eliminated entirely and the miller or exporter who make a
contract in the pit need not fear that it will be foisted on him.
It is believed that a material amount of buying support has been kept
Under date of Sept. 16 the "News" gave the following
out of the futures market because of the possibility that short sellers might
additional information:
tender low grades of wheat to meet their contracts, paying the difference
Further details of the plan of the Western Union Co. to extend its quo- where the grades tendered called for a discount.
tation service from New York to the Pacific Coast cities of San Francisco
The elimination of certain low grades and the placing of others on a
and Los Angeles reveals that the stock, grain and cotton prices will be lower contract basis will raise the standard of grain to be expected on pit
relayed through Sihicago and the services to this point are expected to be contracts, and should improve the basis of futures and tend to minimize
completed by Nov. 1. The company also plans at the same time to estab- cash premiums that are often misleading.
lish a similar service in Dallas, Tex., from which ticker news may be sent
to Oklahoma City. Tulsa and other cities in that vicinity. Stock and grain
Increase in Membership of Chicago Board of Trade
tickers will also be furnished to New Orleans, Atlanta and Charlotte, S. C.
Western Union engineers have perfected the "channel" system whereby
Incident to Creation of Cotton Market.
quotations for stocks, grain and cotton may all be sent over one wire
According
to the Chicago Board of Trade, memberships
instead of over three, as formerly. Through this system the service is
given in Chicago simultaneously with New York, when previously Buffalo therein have, as a result of the creation of the Chicago
and Richmond were the most distant points that simultaneous service could
be rendered. From Chicago the service is transmitted to the Coast at the cotton market, been purchased by those interested in that
average rate of 300 characters a minute, which is the same average speed commodity to the extent of $300,000. The Board says:
that the New York Stock Quotation Co. has attained. Prices will be
Obviously memberships are highly desirable, for under the same roof
printed in the Coast cities five or six seconds after publication in New there is trading in grain, cotton and provisions. A single membership
York. according to present expectations.
covers all.
The price of the stock ticker service will probably be $75 a month in
But Chicago's cotton market alone is sufficient to attract new members.
Los Angeles and San Francisco and $50 for the other two services, while It has a fundamentally sound contract. This contract is based on Texas
the new services in the Southern cities will be correspondingly priced. or Western cotton. It provides for delivery at Houston or Galveston.
according to the distance covered. It is the hope of the Western Union which together constitute the greatest spot cotton centre in the world.
officials that this new service may later be extended to other points on Such plentiful supplies, always available, are an added protection to buyer
the coast such as Seattle and other large cities, so that customers of large and seller.
Western brokerage offices at a reasonable price may have a record of
Resting upon cotton values at this gigantic concentration point, Chicago
stock, grain and cotton transactions sale by sale.
quotations represent world values for cotton.
Chicago's contract offers splendid opportunities to grower, merchant.
shipper, spinner and arbitrageur.
Committee
of Chicago Board of Trade Named to
Formulate New Clearing Plan.
Parker M. Paine, director of the Chicago Board of Trade, First National Bank of Wetumpka, Ala., Loaning
on Cotton at 4%.
was on Sept. 10 appointed chairman of the committee which
The First National Bank of Wetumpka, Ala., makes the
is to work out details of the new modern clearing house
system. authorized under an amendment adopted by the following announcement:
To enable our farmers to market their cotton in proper manner, we will
members on Sept. 3, and referred to in our issue of Sept. 5, until
further notice make loans on cotton secured by deposit of warehouse
page 1174. Mr. Paine is quoted as saying:
receipts at the low rate of 4% per annum.
This is one of the steps suggested by Secretary Jardine. The vete of
the membership clearly indicated confidence in the Secretary's efferts to
solve problems of the Exchange and to prevent a recurrence
of disturbing
fluctuations during periods of crop uncertainty.
It is the purpose of the committee to include in its plan the most constructive features of existing modern clearing house systems and to present
this plan at the earliest possible date. It is the first step, and an extremely
'important step, in a broad program of changes intended to meet all the
constructive suggestions advanced by the Department of Agriculture,
which is charged with the duty of administering the grain
futures Act."
The other members of the committee appointed by President Frank L.
Carey are Si. D. Norton, Harry H. Lobdell, Edward P. McKenna and
Fred S. Lewis.
Cotton must be stored in warehouse at Wetumpka, Ala., and properly
insured and must be free from all incumbranee.
Drop in Coffee Prices at Rio de Janeiro—Proposed
Restriction of Imports Under Valorization
Scheme.
From Rio de Janeiro, Sept. 17, the Associated Press
announces the following:
Falling prices on the Rio spot coffee market are attributed to the abnermalIV heavy arrivals of coffee from the State of Minas Geraes since the
middle of August, when the valorization scheme was planned.
Coffee now is coming here on an average of 20.000 gags daily. The
Minas Geraes State Government is completing arrangements to limit shipments to Rio to 12,000 bags daily under the new valorization plan, which
is similar to the price defense plan in operation at Sao Paulo.
Chicago Trade Board Bans Inferior Wheat—Acts to
Protect Buyers.
The special correspondent of the New York "Evening
Post," in advices to that paper from Chicago, under date
Assets of Failed Firm of C. P. Dow & Co., Boston,
of Sept. 15, stated:
About Fifth of Liabilities.
Hidden in a mass of technical and trade terms, a new rule has been
passed by the Beard of Trade again eMphasizing the intention of that
According to the Boston "Herald" of Sept. 12, Bartholoinstitution to clean its own house and regain respect of the public and the
mew A. Brickley, receiver for the failed brokerage firm of
farmer.
The rule, passed by a vote of 410 to 46, provides simply that a higher C. P. Dow & Co., Boston, announced on Sept. 11 that the
standard of spring wheat be delivered in future contracts executed on the liabilities of the firm amounted to approximately $5,960,126
Board: but it means more than that. It means that the Board of Trade
is attmepting to give the producer the best possible value for grains sold and the assets to about $1,250,000. The latter amount, it
was stated, represented cash on hand and securities. The
on the Exchange and to restrict unnecessary short sellings.
Tho vote eliminated No. 3 dark Northern and No. 2 Northern spring firm's failure was reported in our issue of
Aug. 8 1925,
as grades that could be delivered on contract. It reduced No. 1
page 665.
spring to contract price: placed No. 2 Northern at 3 cents
Northernel under
a bush
the contract price and No. 2 dark Northern at 2 cents bushel discount.
a
•
Spring Grades Affected.
The spring wheat grades affected by the ruling originate in the Northwest. For same time neither Duluth nor Minneapolis has recognized
No.3 Northern spring and No.3 dark Northern spring as grades deliverable
(a contract, while Chicago has accepted them at a discount of 8 cents
I ado' contract price.
Increase in Savings Deposits in the Philadelphia
Federal Reserve District During August.
Savings deposits, as reported by 99 banks in the Philadelphia Federal Reserve District, increased .1 of 1% during
August. On September 1 such deposits were 7.1% above
SEPT. 19 1925.]
THE CHRONTOLE
those of a year before. Altoona, Harrisburg, Lancaster,
Reading and York reported increases of more than 10% in
the course of a year. Percentage comparisons by cities, as
furnished by the Department Statistics and Research, of
the Federal Reserve Bank of Philadelphia, follow:
Changes Sept. 1 1925
compared with
Cities
Allentown
Altoona
Bethlehem
Chester
Easton
Harrisburg
Johnstown
Lancaster
Philadelphia
Reading
Scranton
Trenton
Wilkes-Barre
Williamsport
Wilmington
York
Others
Totals
Previous
Month.
+0.6%
+0.5%
+3.2%
+0.17
Prerious
Year.
+6.3%
+12.6%
+6.6%
+3.2%
+4.27
' +19.9
2.0;
+0
0
—0.49
+2.1
+0.2%
+16.9%
++40..001s%
%
++187..267
—0.87
+8.0
—0.3
+0.7
—0•0
+9.9
+9.4
+0.2
.-0.2%
+5.3%
+12.1 o
+1.3%
—0.0%
+2.3%
6
+0.1%
+7.1%
Return from Abroad of Governor Strong of New York
Federal Reserve Bank.
3;M
Benjamin Strong, Governor of the Federal Resenof New York, who had been abroad since July, has returned
from his European trip, and on Tuesday of this week resumed his duties at the bank. While abroad Governor
Strong held conferences with Montagu Norman, Governor
of the Bank of England, and Dr. Schacht, President of the
Reichsbank. Items regarding this appeared in our issues
of July 11, page 149, and July 18, page 281.
Subscriptions to and Allotments of United States
Treasury Certificates of Indebtedneps.
Total subscriptions of $568,155,500 to the offering last
week of the $250,000,000, or thereabouts, of 334% United
States Treasury Certificates of Indebtedness were announced
on Sept. 14 by Secretary of the Treasury Mellon. Sub_
scription books for the offering were opened on Sept. 8,
and, as indicated by us last week (page 1304), were closed
Sept. 10. The allotments totaled $251,936,000. Allotments on subscriptions were made as follows:
Subscriptions in amounts not exceeding 31,000 were allotted in full; in
amounts over 31,000, but not exceeding 310,000, 60%, but not less than
$1,600 on any one subscription; in amounts over $10.000 to $50,000, 50%,
but not less than 36.000 on any one subscription; in amounts over $50,000,
but not exceeding 3500,000, 40%, not less than $25.000 on any one subscription; in amounts over 3500.000. 30%, but not less than $200,000
on any one subscription.
The subscriptions and allotments were divided among
the several Federal Reserve districts as follows:
Federal Reserve District—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Total Subscriptions-Received.
Allotted.
$34,220,500
316,988,000
239.570,500
81,123,000
48.242,000
24.700,000
52,317,000
25,745,500
15.827,000
7.610,000
26,219.500
15,618.500
38,352,500
25,415.500
14,456,000
8,121,500
11,201,000
6,875.000
8.691.000
4,402.000
19,714,000
9,845,000
59,344,500
25,492.000
$568,155,500
$251,936,000
Henry Ford Predicts a Century of Prosperity--Finds
Service, Not Dividends, Best in Business.
The following account of at interview with Henry Ford at
Seal Harbor, Me., Sept. 17, is from the New York "Times":
Henry Ford in an interview at his summer home here to-day prophesied
that the country in in for 100 years of prosperity. Times are good, he declares, and will be even better.
"The thing we must bear in mind," he continued, "is service. Service—
that's the thing. We should give service. The individual should give
it in
work; organizations should give service. Service brings Prosperity.
"Making money isn't important. The important thing is to give service. Then you can't help making money.
"The trouble is there are too many heads of organizations who try to
„yew down wages and wring dividends out of the business. They
want
to get a lot of money and retire.
"Men should not retire. I haven't retired. The thing to do is to keep
on working. And a man should not consider his business as a dividend
producer. Any man who thinks more of dividends than he does ofservice
and the welfare of persons who work for him is a poor business man.
"His business will not survive long. It can't. Ile may think it can, but
he is fooling himself. Such a man hurts a business.
"I believe in good wages. I pay them. It makes prosperity. If you
don't pay good wages you hurt yourself."
He thought the nation's system of government was working out finely.
He considered it a benefit that Congress was slow and ponderous
Speaking of his airplane plans, he added:
"The airplane of the future, in my mind, is a combination of dirigible,
heavier-than-air plane and helicopter. We are working toward that end
1419
now. That gives you stability and speed and the ability to navigate more
easily."
Ile declared that every family was entitled to an automobile. "It isn't
extravagance, he insisted; "a family needs an automobile."
Touching on dancing, he asserted that he had found that the young people of to-day liked the old-fashioned dances, once they learned them. He
had tried it out and found that the young folk actually enthused over the
dances that their mothers enjoyed.
He expressed the belief that the young generation was the greatest ever
because it was intelligent.
Merger of Morris & Co. with Armour & Co. Declared
Not in Restraint of Trade—Secretary Jardine Issues Warning Against Future Violations.
The complaint against the Armour-Morris packer merger,
pending before the Secretary of Agriculture since February
1923, was on Sept. 14 dismissed by Secretary W. M. Jardine:
The dismissal was without prejudice, however, and the
opinion warns that "in the event that Armour & Co. violates
any of the provisions of the Packers and Stockyards Act
there is ample power and authority in the Secretary of Agriculture under that Act to take appropriate and effective
action."
In his opinion Secretary Jardine holds that the acquisition
by Armour & Co. of the physical properties, business and
good-will of Morris & Co. does not in itself constitute a violation of the law, which provides against manipulating or
controlling prices, creating a monopoly or restraining oommerce. He points out that while Congress in the Clayton
Act specifically forbade the acquisition of a competitor's
stock, it refrained in the Packers and Stockyards Act from
any such provision with reference to the acquisition of a
competitor's business.
Neither the purpose nor the effect of the merger, the Secretary rules, was price fixing, monopoly or unreasonable
restraint of commerce. On the contrary, the evidence, he
states, shows that the transaction was consummated in
order to reduce overhead expenses and to increase the sales
of the finished products. As to the actual effect of the
transaction, the opinion cites evidence that Armour & Co.
since the merger has controlled less than 25% of the Federal-Inspected slaughter of animals, which is a lower proportion than that controlled by Swift & Co., a competing firm.
Neither monopoly nor price manipulation to the disadvantage of producer or consumer has occurred, according to the
evidence offered in the case, as cited by the Secretary,
Secretary Jardine alludes to the argument that the lack
of change in competitive conditions since the merger was
more apparent than real, due, perhaps, to the pendency of
the case before him, and that the real effect on competition
would occur after the disposition of the case. In answer to
this, the Secretary, "without attempting," as he says, "to
forecast the future policy of Armour & Co. in the conduct of
Its business," issues his warning that violation of the law
will bring future action on his part.
The packer merger case has been before three Secretaries
of Agriculture, Henry C. Wallace, Howard M. Gore and
William M. Jardine, although the oral arguments last Aptii
were the only proceedings carried on during the present
official's term.
The opinion handed down by Secretary Jardine, however,
covers the entire case, tracing its history from the beginning.
In November and December 1922, it is related, officials of
Armour & Co. had several conferences with Henry C. Wal-:
lace, then Secretary of Agriculture, concerning the proposed
purchase of the 1116rris & Co. packing business. These officials expressed the hope that the purchase would not be
found in viOlation of the law and that it would not meet
with the opposition of the Department of Agriculture. On
Dec. 22 Secretary Wallace, in response to a Senate resolution, informed the Senate of his conference with the Armour
officials and of an opinion he had obtained from the Attorney-General. Secretary Wallace stated that there was nothing in the Packers and Stockyards Act itself which specifics
ally prohibited the purchase by one packer of the physical
assets of another and that the question seemed to be whetherout of such a transaction would flow conditions or actions
which would come within the prohibitions of the Act.
Neither he, the President, nor the Attorney-General felt, he
stated, that they should express an opinion in advance on
the matter.
After the Armour-Morris contract was entered into, Secretary Wallace issued a complaint on Feb. 17 1923. Hearings were held from time to time at Kansas City and Chicago from April 30 1923 to Oct. 31 1924, making a record of.
more than 12,000 pages and several hundred exhibits. Proposed findings on behalf of the Government and the defend-
1420
THE CHRONICLE
ants were submitted to Howard M. Gore, who had then become Secretary of Agriculture, in January and February
1925. Oral arguments were offered before Secretary Jardine
from April 6 to April 11.
Upon learning through the press of the Department of
Agriculture's decision with respect to the purchase of Morris
,& Co. properties by Armour & Co., F. Edson White, President of Armour & Co., on Sept. 14 issued the following statement:
Naturally, we are pleased with the favorable decision of Secretary Jardine.
Such decision should reassure the public, particularly live stock producers,
that highly competitive conditions exist in the meat packing industry and
no restraints of trade or monopolistic conditions have resulted from our
purchase of the properties belonging to Morris & Co.
Prior to such purchase we fully advised the late Secretary Wallace and
the public generally, of the facts, clearing showing the transaction would
not result in any restraint of trade or monopolistic condition in the industry, but quite the contrary. Our statements at that time, that large savings
in operations would be effected, have been subsequently borne out by the
facts and Armour & Co. is now able to conduct its packing and distributing
operations more economically, and consequently compete more vigorously
both in the purchase of live stock and in the sale of meats.
The investigation by the Department of Agriculture to determine the
conditions resulting from the purchase covered thoroughly every phase of
the marketing of live stock and the manufacture and distribution of meats
'
and meat food products.
During the period of April 1923 to October 1924 public hearings were
held in Kansas City, St. Louis, Omaha, Denver, Washington, Chicago and
New York, where over 300 Witnessed called by the Government and ourselves testified as to the facts actually existing in the live stock and meat
Industry. Such witnesses consisted of live stock producers from all parts
of the United States, wholesale and retail dealers in meats, live stock, commission merchants and owners and representatives of 68 smaller meat packing concerns who are in daily competition with us both in the purchase of
live stock and in the sale of finished products. Their evidence is contained
In the record of these hearings consisting of over 12,000 pages of sworn
testimony and 500 exhibits and such record is the most comprehensive survey of actual conditions in the meat packing business ever made, with a
view to ascertain the real facts. The testimony of all witnesses shows
conclusively the existence of a keen and active competition in such business
and an absence of restraints or monopolistic conditions in the meat packing
Industry.
The company is in excellent condition financially, and now that the legal
questions involved in this purchase have been settled, it is in a stronger position to carry on economically and efficiently its part in this great industry.
Secretary Jardine's opinion is a document of nearly 3,000
words, almost entirely free, however, from technical legal
phraseology. The text of the opinion follows:
UNITED STATES OF AMERICA.
BEFORE THE SECRETARY OF AGRICULTURE
PACKERS AND STOCKYARDS ADMINISTRATION;
Secretary of Agriculture
Complainant,
vs.
Illinois,
of
Company
Armour &
Armour & Company of Delaware,
North American Provision Company,
J. Ogden Armour and
Morris & Company,
Respondents.
Docket No. 19.
Conclusion and Order.
This proceeding had its inception in several conferences in November
and December 1922, between the then Secretary of Agriculture, Hon. Henry
-0. Wallace, and officials of Armour & Co., in which the Secretary was informed that there was under consideration a purchase by Armour & Co. of
the physical properties; business and good-will of Morris & Co. These
officials expressed to the Secretary the hope that the proposed purchase
would not be found to be in violation of law and that it would not meet
with the opposition of the Department of Agriculture. On Nov. 22 1922
the Secretary addressed an inquiry to the Attorney-General as to whether
the terms of the Packers and Stockyards Act contemplated or required him
to take any action with regard to such transaction in advance of its consummation. To this the Attorney-General replied that the Act did not require
the Secretary to take any formal action unless he had reason to believe
that the law had been violated or was being violated, and that to constitute a violation of the Act there must be something more than a mere
statement of what a person or corporation contemplates. Concluding bin
opinion, the Attorney-General added that the Act vested the Secretary
with broad powers of inquiry and that he might make such inquiry.
On Dec. 22 1922, in response to Senate Resolution 364 of Dec. 6 1922,
Secretary Wallace informed the Senate of the confeences he had had with
the officials of Armour & Co., of his request to the Attorney-General for
opinion above referred to. and the opinion. In this report he stated that
he had given careful consideration to the Packers and Stockyards Act.
particularly to that portion which makes it unlawful for any packer "to
engage in any course of business or do any act for the purpose or with the
effect of manipulating or controlling prices in commerce, or of creating a
monopoly in the acquisition of, buying, selling, or dealing in, any article in
kornmerce, or of restraining commerce." He then stated that there was
nothing in the Act itself which specifically prohibited the purchase by one
packer of the physical assets of another and that the question seemed to be
whether our of such a transaction would flow conditions or conduct which
would come within the prohibitions of the Act. He then referred to a
conference between the President, the Attorney-General and himself
on Nov. 27, at which there was unanimity of agreement that there was no
obligation upon either of them to endorse or acquiesce in the action proposed or to express an opinion concerning it: that, on the contrary, each was
firmly of the opinion that none of them would or could be expected to
approve in advance a transaction of this kind: and that the real question
under discussion was whether the proposed purchase and sale might, in
and of itself, be'a violation of the law, or whether it was of such a nature
as to warrant action by any of them in advance of its consummation. He
concluded his report to the Senate with the following paragraph:
"Foe some weeks I have been making certain investigations and studies
for the purpose of trying to measure the probable effect upon competition in
the buying of livestock and the selling of meat if the suggested purchase
and sale should be completed, but as yet no occasion seems to have arisen
which requires formal action. As to future action, that will depend altoether upon future events."
[VoL 121.
On Dec. 30 1922 J. Ogden Armour, acting for himself and in behalf of
Armour & Co. of Illinois, enteredrinto a written contract with Morris & Co.
trIzoutre all the physical assets.ibusines.s and good-will of M.
orris & CoSi
Thereafter, on Feb. 17 1923, the Secretary, having learned of the executioa of this contract, issued and caused to be served upon Armour & Co.
of Illinois, Armour & Co. of Delaware, J. Ogden Armour, and Morris &
Co., as respondents, a complaint charging, in paragraphs 9, 10 and 11,
as follows:
That the acquisition of said assets and business of Morris & Co. by the
respondents, J. Ogden Armour and Armour & Co. of Illinois or Armour &
Co. of Delaware, on the one hand, and the acquisition of the stock of
Armour & Co. of Illinois or of Delaware by Morris & Co. on the other
band, as provided for in said contract or contracts, has the tendency or
effect of restraining inter-State commerce or of creating a monopoly in
many sections and communities in various States of the United States in
the purchase of livestock and in the shipment and sale of meat and other
livestock products in many sections ard communities in various States of
the United States and in foreign countries.
That in the making of said contract or contracts or the carrying out
thereof, the respondents. J. Ogden Armour and Armour & Co. of Illinois
or Armour & Co. of Delaware are engaged in a course of business and have
done an act for the purpose or with the effect of manipulating or controlling
prices in the buying of livestock and the sale and distribution of the products
thereof in inter-State and foreign commerce and for the purpose or with the
effect of restraining/ inter-State and foreign commerce or of creating or
tending to create a monopoly therein.
That by the acquisition by Armour & Co. of Illinois or Armour & Co. of
Delaware of the assets and business of Morris & Co., including the stock or
share capital or business of other corporations owned in whole or in part
by Morrie & Co., the names of which corporations are contained in said
contract or contracts and the schedule or schedules annexed thereto, and
the acquisition by Morris & Co. as set forth in this complaint of the stock
or share capital of Armour & Co. of Illinois or Delaware, the respondents
have combined, arranged and agreed to eliminate entirely the respondent
Morris & Co. as a competitor of the other respondents and to materially
Increase the power of the other respondents to control and dominate the
livestock and meat-packing industry in the United States and foreign countries, thereby restraining inter-State commerce in many sections and communities in the United States and foreign countries in the purchase of livestock and the sale of livestock products, or tending to create a monopoly
In inter-State and foreign commerce in the buying of livestock and the sale
and distribution of the products thereof in the United States and foreign
countries.
On March 24 1923 J. Ogden Armour and the North American Provision
Co. entered into a supplemental written agreement with Merris & Co.
and all of its stockholders for the sale of the physical properties, business
and goodwill of Morris & Co. and its subsidiaries to the North American
Provision Co., a subsidiary of Armour & Co. This agreement modified
the original agreement ot Dec. 30 1922 by providing among other things
that no stock or share capital owned in whole or in part by Morris & Co.
should be transferred to Armour & Co. or its nominee, the North American
Provision Co. By virtue of this provision in the supplemental agreement,
the charge codtained in paragraph 11 of the complaint is eliminated from
consideration. The purchase was consummated on March 28 1923, since
which time Morris & Co. has not engaged in the meat packing business.
On April 23 1923 the respondents filed an answer in which they specifically denied that they had violated or were violating any of the provisions
of the Packers and Stockyards Act, and further setting up as an affirmative
defense that the purchase was made in good faith and as an economic and
Industrial necessity.
Upon the issues thus joined, hearings were commenced at Kansas City.
Mo., on April 30 1923, on which date the North American Provision Co.
was made a party respondent to the proceedings by and with its consent
and that of the other respondents. These hearings proceeded from time
to time and were finally concluded at Chicago on Oct. 31 1924. The
record thus made consists of 12,265 typewritten pages and several hundred
exhibits.
At the close of the hearings on Oct. 31 1924, time was allowed until
Jan. 2 1925 for counsel for the Government,and until Feb. 21 1925 for counsel for the respondents, to draft and submit for consideration of the Secretary proposed findings as to the facts. Such findings were prepared and
submitted within the time allowed. Oral argument was had before me beginning on April 6 1925 and concluding on April 11.
The provisions of the Packers and Stockyards Act which I conceive to
be Pertinent to this case are Title II., Section 202, subdivision (e), which
reads as follows:
"It shall be unlawful for any packer to engage in any course of business
or do any act for the purpose or with the effect of manipulating or controlling prices in commerce, or of creating a monopoly in the acquisition of,
buying, selling, or dealing in, any article in commerce, or of restraining
commerce."
Decision as to the legality of the acquisition by Armour & Co.of the physical properties, business and good-will of Morris & Co. involves, at the outset, consideration of the question whether such acquisition, in and of itself,
constitutes a violation of the above cited provision of the Act. The purchase by one competitor of the physical properties, business and good-will
of another competitor is not in express terms condemned by this statute.
Since Congress is presumed to legislate with full knowledge of the subjectmatter, it must be assumed, without adverting to the numerous hearings
which had brought that knowledge specifically to them, that it knew of
the existence of the so-called Big Five Packers, and of such influence as
they exercised, or were in a position to exercise, in the livestock and meatpacking industry, and that it knew of the results which might flow from any
acquisition by one packer, or one large packer, of the physical properties,
business and good-will of another. With this background, it would have
been very easy for Congress, when legislating,to prevent evils in the packing
industry, to have incorporated in its legislation a prohibition of the acquisition of the properties, business and good-will of one packer by another.
The fact that it did not do so argues that it did not intend to do so, but left
open afield for the lawful and normal disposition of their properties by competitors subject to this Act. This conclusion is strengthened by the fact
that in the Clayton Act the acquisition of the whole or any part of the stock
or other share capital of a competitor, with the effect of substantially lessening competition, is forbidden in express terms. Manifestly, therefore, the
purchase by Armour & Co. of the physical properties, business and good-will
of Morris & Co.is not forbidden by the Act unless it be made for the purpose
or with the effect of manipulating or controlling prices in the buying of
livestock in commerce or in the sale and distribution of livestock products,
or of creating a monopoly in the acquisition of, buying, selling, or dealing
In such articles in commerce, or of restraining commerce.
The purchase by Armour & Co. of the physical properties, business and
good-will of Morris & Co. creates no legal presumption of a purpose to accomplish the ends forbidden by the Act.
There is not in this record sufficient evidence upon which to base a conclusion that the acquisition of the physical properties, business and good-will
of Morris & Co. by Armour & Co. was for the purpose of manipulating or
controlling prices in the buying of livestock in commerce or in the sale or
distribution of their products, or of creating a monopoly in the acquisition
of, buying,selling, or dealing in such articles in commerce, or of restraining
commerce. On the contrary, the evidence is persuasive that it was for
the purpose of effecting economies in the conduct of Armour respondents'
SEPT. 19 1925.]
THE CHRONICLE
1421
business by reducing overhead expenses and increasing the volume of sales that ruling but for the fact that in the present application
of the finished products.
for the restraining order a clear-cut case of improper use of
There remains, therefore, for consideration whether this acquisition by
the city radio by Mayor Hylan had been made out, and that
manipulating
or
controlling
prices
in
effect
of
had
the
Co.
has
Armour &
commerce, or of creating a monopoly, in the acquisition of, buying, selling, under a ruling by the Court of Appeals in a suit against
or dealing in any articles in commerce, or of restraining commerce.
Comptroller Craig the courts had a right to curb city officials
The evidence in the record does not warrant the conclusion that the purshowed an inclination to exceed their authority. In
who
properties,
business
physical
and
good-will
the
Armour
&
Co.
of
chase by
of Morris & Co. has had the effect of unduly or arbitrarily lowering prices his opinion Justice Mahoney said:
The plaintiff, a taxpayer, has instituted action to restrain defendants
to the shipper who sells livestock, or unduly and arbitrarily increasing the
price of livestock products to the consumer who buys, or otherwise manip- (Mayor nylon and Commissioner Mills) from maintaining or operating the
commerce.
prices
in
controlling
municipal radio broadcasting station WNYC. Plaintiff, having applied for
ulating or
The evidence discloses that since the acquisition of Morris & Co. by Ar- a temporary order restraining the defendants pending the action, Mr.Justice
mour & Co.the latter has controlled less than 25% of the Federal-inspected Levy, under date of Sept. 4, issued an order which, among other things,
slaughter and less than that controlled by Swift & Co. The undisputed contained this provision:
"And, it appearing that such use of said station, WNYC, constitutes
evidence shows that competition on the whole in the sale of meats and meat
food products In inter-State commerce has not been diminished. Conse- Illegal official acts on the part of the defendants and a waste of the funds of
the City of New York, and plaintiff having given the undertaking required
quently, the acquisition has not had the effect of creating a monopoly.
The question still remains whether this acquisition has had the effect of by law, it is
that
the
elimination
from
business
of
obvious
"Further ordered that pending the determination of this motion the
restraining commerce. It is
one competitor resulting from the acquisition of his business by another defendants and each of them and their several agents, deputies and suecompetitor extinguishes competition between the two and may tend to cessors, are hereby restrained and enjoined from using the radio broadlessen competition in that field of business, but since the decisions of the casting station known as WNYC or any other radio broadcasting station
Supreme Court of the United States in the Standard Oil and Steel cases maintained or operated at the expense of the City of New York for broad(Standard Oil Co. vs. United States, 221 U. S. 1; United States vs. United casting any political speeches or propaganda, or for any political purpose,
States Steel Corporation, 251 U. S. 417), it has been settled law that the or for the political advantage of any officer of the City of New York, or
mere lessening of competition through the acquisition of one competitor for broadcasting any reports or comments on the activities of any departby another does not amount to an unlawful restraint of trade or commerce. ment, bureau, commission, official or employee of the State or Federal
While Morris & Co. has been eliminated as a competitor, it does not neces- Government charged by law with the exercise of any jurisdiction in the
sarily follow that competition as a whole has been thereby reduced. It City of New York."
Passes Only on Use of Radio.
may be said with very good reason that the merger has resulted in making
of Armour & Co. a more potential competitor of the largest existing packer,
The order to show cause containing such injunction was made returnable
Swift & Co.
before me on Sept. 8, and by such order the defendants were directed to
As was said in the Steel case,"the law does not make mere size an offense show cause why the defendants should not be restrained pending the
or the existence of unexerted power an offense," but in order that such a disposition and determination of the main action. Although the action as
combination may be declared unlawful, it must be shown to have restrained instituted seeks to restrain the entire operation and maintenance of the
trade or commerce unreasonably or unduly, or that the power thereby radio station by the City of New York, it was conceded before me that it
acquired is being used for the accomplishment of the evil which the law was should be assumed for the purposes of the argument that the general
aimed to prevent. In the Steel case, the control secured by the various operation and maintenance of said station was a valid city purpose and
acquisitions was about 45%. In the Quaker Oats case (232 Fed. 499) the hence a legal act, and I should pass upon the sole question as to whether
control secured by the acquisitions was approximately 60%, yet the Court or not an illegal use is permitted to be made of said station by these deheld that this did not constitute a violation of the Anti-Trust Laws. In fendants.
its opinion in this case the Court said:
If, however,it were necessary for me,in the determination of this motion,
Every purchase between two people in the same business, one buying out to pass upon the right of the City of New York to operate and maintain the
the other, is necessarily a lessening of competition, but as long as the prop- station within the limits of the purpose for which an appropriation was
arty is such that the fullest opportunity for countrywide competition exists,
its construction, I would not hesitate te decide that such
the field being open to everybody with but small capital, there being no authorized for
patent rights, there being no other hindrance to the development of individ- operation and maintenance was a proper city purpose.
Furthermore,in a previous application by the defendants for a temporary
ual enterprise, I fail to see anything undue, anything unreasonable, in the
restriction of competition that results, although it be the largest of the sev- injunction in this action, Mr.Justice Churchill determined that the city had
eral competing firms that buys out the second largest.
the right and the power to so construct and maintain such an instrumentality
This language has peculiar application to the case before me.
for the use of the various city departments, and under all the circumstances
Much evidence was introduced both bY the Government and the respon- I would be constrained to follow such ruling.
dents as to the effect of competition before and since the acquisition. The
Plaintiff, therefore, now seeks to have defendants restrained from using
overwhelming weight of the testimony is in favor of the view that compe- or permitting the use of the station for personal political purposes as distition has not been materially lessened by reason thereof, either in the buy- tinguished from general city purposes. Defendants point out, however,
ing of livestock or the sale of the meat or meat products thereof. Scores of that such complaint was likewise before Mr. Justice Churchill upon the
independent packers were called by the respondents and they all testified original application for an injunction, and that he refused to restrain the
that in the handling and sale of meat and meat food products competition defendants in the use of said station, even in the dissemination of political
has been keen and active. Many large retail dealers scattered throughout propaganda.
the country were placed on the stand by the respondents and they testified
It is true that Mr. Justice Churchill did deny to plaintiff any injunctive
that competition was keen and active, and that no unfair practices or co- relief on the papers and facts before him. If, therefore,the present applicaercive methods had been engaged in by Armour & Co. The evidence fur- tion was based on the same facts considered upon the original application,
ther discloses that during the last decade both the number of independent there would be nothing for me to do but deny this present application,
packers of substantial size and the volume of business done by them have requiring plaintiff to seek relief through an appeal from the ruling of Mr.
largely increased.
Justice Churchill. However, additional facts have been presented upon
My understanding is that the cases involving the merger of competing this present application which seem to justify its consideration upon the
railroad systems or the acquisition by corporations of the stock or share merits.
capital of competitors in violation of the express prohibition of Section 7
The moving papers consist in the main of certain utterances of the
of the Clayton Act are not applicable to this case. It undoubtedly is true defendant Hylan made over station WNYC. Certain of said speeches were
that the Supreme Court has distinguished between combinations of public made on Aug. 28, Aug. 31 and Sept. 3 1925, subsequent to the ruling of
utilities and combinations of industrials, holding combinations of the Mr. Justice Churchill. It appears that broadcasting station WNYC Is
former class to be unlawful without regard to the purposes of their formation maintained and operated by the City of New York at the expense of the
or their effect on competitive conditions generally. While the Packers and city, pursuant to a resolution of the Board of Estimate and Apportionment
Stockyards Act apparently classes stockyards as public utilities, it has not authorizing an appropriation for its construction "as an adjunct to the
impressed the packing business with a public use, and combinations of Police and Fire Departments and such departments as may require and
packers are to be treated as industrial combinations.
use such service."
In the argument before me it was suggested that the lack of change in
It does not appear from the papers before me that any use of the city's
competitive conditions since the acquisition was more apparent than real, radio station has ever been authorized by any enactment, legislative or
due, perhaps, to the Pendency of this proceeding, and that the real effect otherwise, beyond that expressed in the resolution of the Board of Estimate
of the acquisition on competition would appear after the disposition of this and Apportionment just referred to. Any use, therefore, of said station,
case. Without attempting to forecast the future policy of Armour & Co. to be justified, must be within the use authorized by that body. Naturally
in the conduct of its business, it is a sufficient answer to this suggestion to there could be no judicial interference with the exercise of proper discretion
say that in the event that Armour & Co. violates any of the provisions of
of those in charge of the city's radio in deciding exactly what should be
the Packers and Stockyards Act there is ample power and authority in the broadcast within the use heretofore authorized by the Board of Estimate
Secretary of Agriculture under that Act to take appropriate and effective and Apportionment, but it is clear that the station could not be used for
action.
any private purpose of any person, be he a public official or private person.
After careful consideration of the entire record and the arguments of
There is a limitation to the authority of all city officials and all city
counsel, I find and conclude that the evidence is insufficient to sustain the departments, and as a general rule their authority is prescribed in the
charges made in the complaint, and therefore this proceeding is dismissed statute of law creating them and courts have never hesitated to disapprove
without prejudice, and it is so ordered.
unauthorized illegal acts of public officials or departments.
Use of City Owned Radio for
Political Purposes by Mayor Hylan Continued.
Supreme Court Justice Mahoney handed down an opinion
last Saturday continuing the injunction granted by Justice
Levy on Sept. 4 restraining Mayor Hylan and William Wirt
Mills, Commissioner of Plant and Structures, who conducts
the city broadcasting station WNYC, from using the
municipal radio for private political purposes. The injunction was applied for by Henry Fletcher, Vice-President of
the Citizens Union, suing as a taxpayer on the ground that
the alleged illegal use of the city radio was a waste of municipal funds. A previous application of the same nature was
denied several weeks ago by Supreme Court Justice Churchill
on the ground that no concrete instance of improper use of
WNYC had been cited, and that the courts couldn't attempt
to set up a censorship over the matter sent from the station.
Justice Mahoney said he would be constrained to follow
Injunction
Against
Justice Mahoney then referred to the decision of the
Court of Appeals in the suit of the Continental Guaranty
Corporation against Comptroller Craig to compel the city
to pay for moving picture films authorized by the Transit
Commission to show crowded conditions in the subway
during the last Mayoralty campaign. In this case. the
Court of Appeals said that the Transit Commission was
"without power, under the law, to acquaint the public with
its work and its schemes regarding the transit situation by
means of moving pictures." Justice Mahoney also said
that the Court of Appeals ruled in one of the suits of William
J. Schieffelin of the Citizens Union against Mayor Hylan
that "the use of city property for other than a city purpose
could not be authorized by any act or enactment of a legislative body, State or local." His opinion continued:
I do not believe any reasonable person would attempt to justify the use of
city-owned automobiles on private excursions outside the city limits, or the
use of city material in buildings privately owned. The speeches complained
of, even from a casual reading, are seen to contain much matter clear],
1422
THE CHRONICLE
[Vol. 121.
1
political or relating to a personal controversy in which the Mayer has an reference to the debt
of the former, and the notable industrial and flnancia
interest as a private citizen rather than as a public official.
progress evident in other sections have given renewed confidence in the
Naturally the Court cannot be concerned with the merits of the contro- ability of European
countries to work out their problems. Probably at no
versy. It is clear, however, that when so used in the dissemination of time since the war
has the foreign outlook been more hopeful. As a result,
private political utterances of the Mayor or anybody else, the city-owned there is much to
inspire confidence in the outlook for sound foreign bonds.
radio station Is not being used as an adjunct to the Police and Fire DepartRecent foreign offerings have increased somewhat in number, and have
ments or any other city department, nor for any "city purpose" whatever.
been readily absorbed. The price levels of previously Issued foreign bonds
The Mayor in no way attempts to deny the utterances complained of, have registered
some advance. Additional offerings of foreign bonds
but in fact, in a letter to the Corporation Counsel, dated Sept. 5 1925. appear probable
and it seems only reasonable to expect that there will be
admits them.
a gradual reduction in the price disparity now existing between foreign
The injunction should therefore be continued, but only in so far as it bonds and
comparable domestic issues.
restrains the use of the city's radio station from broadcasting private
Reviewing industrial conditions in this country and their effect on finanpolitical utterances or for any political purpose,or for the political advantage cing in that
field, it is stated that the sustained consumer demand for
of any official of the City of New York.
commmdities,induced by prosperity on farm and in factory,has impart(d
a cheerful tone to general business. Industry is not only busy, but, for
the most
is earning a satisfactory profit—a cenditien N% hi(h has
Stock Dividend May Be Taxed in New York, Is Appellate necessarilypart,
been reflected in a better &nand and higher price level for
sound industrial bonds. The greatly increased preductiv e capacity of
Decision—Levy Constitutional Under New York
existing plants, dating back to wartime expansion, has necessitated far less
State Laws.
financing than would otherwise have been necessary to meet prevailing
The following is from the New York "Journal of Com- demands. This situation appears likely to continue, at least so fez as bond
financing is concerned,and while restricting the Investor's choice somewhat.
merce" of Sept. 17:
should prove a stabilizing factor in the price level of industrial as well as
Stock dividends, heretofore considered exempt from taxation in New other
bonds.
York State, as they are in the nation, are now subject to a tax levy, under a
New offerings of public utility bonds were also somewhat reduced in
ruling handed down by the Appellate Division of the Third Department at volume in
the past three months, but their well-merited popularity conAlbany and made public yesterday
tinues unabated. Quite naturally, the combination of these two tendencies
The decision was written last week by Justice Cochrane and concurred in has been
reflected in an orderly upward trend in the price level, which,
by the other Justices. It was brought before the court by Robert Sterling though
now at practically the highest point since the war, is still in keeping
Clark. beneficiary under a trust created in. 1896 by Alfred Corning Clark, with
pre-war quotations when the investment qualities of such bonds were
which consisted of Singer Manufacturing stock. He had sued because his not so
generally appreciated as now. It appears probable that new offerings
stock was assessed. He was represented at one time by former Governor of utility
bonds will continue in diminished volume both because the finanNathan Miller.
cial requirements of the industry fcr the near future have been largely
In making the decision the ruling of the United States Supreme Court in arranged
for, and because of the continued ease with which utility stocks
the case of Elsner vs. Macomber was held as not applying to the statute are being
sold. Indications point strongly toward an excess of demand over
of New York State. In this ruling the Supreme Court denied the right of supply
among sound utility bonds, a situation which should inevitably
the Federal Government to collect taxes on stock dividends, holding such impart a
well-sustained, if not, in fact, an advancing tendency among such
taxation was unconstitutional, although expressly recognizing that the securities.
purpose of Congress had been to make such dividends taxable. Following
The past month has seen some recession from the recent high price levels
this case. the Tax Commission of New York State had refrained from levying in the
municipal bond market. New Issues have been well received, howsuch taxes, but this phase of the question is dealt with as follows In the ever, and
there,is abundant evidence that the supply of funds available
decision of the Appellate Division:
for investment in tax-exempt bonds continues large. It is noteworthy
"There would seem to be no doubt of the intent of the Legislature to make that well-known
large community issues have been relatively greater in
stock dividends taxable Hence it is that Eisner against Macomber is not recent
flotations than those of small or Intermediate municipalities. While
an authority against this State tax, as seems sometimes to have been the volume
of municipal offerings this year has been large, the August total
assumed, but, on the contrary, is an authority in favor of the tax. The was only
about 60% of last year's, and there appears good reason to believe
court expressly stated that the purpose of Congress to tax stock dividends that the
remainder of the year will bring out a smaller volume than the
as income was plainly evinced, but such purpose was thwarted by the same
period in 1924. Prices, therefore, should remain stable.
Constitution. The State Legislature is not htm:)ered by constitutional
restrictions. It had the power to make stock dividends subject to the tax
Opponents of Branch Banking to Meet in Advance of
and It has plainly exercised that power.
"It Is our view chat under the Federal statrte. by reason of its constituConvention of A. B. A.
tional limitations, stock dividends are not taxable, either in the hands of
A committee of bankers has issued a call for a meeting of
Individual stockholders or of beneficiaries (and such statute is being
administered by the Federal Government en that theory) but that under the all bankers opposed to branch banking, to take place at
State statute, unrestricted as It Is by constitutional limitations. stock
dividends are taxable alike, whether received by individual stockholders or Atlantic City Sept. 27, the Sunday preceding the opening
by beneficiaries The statute makes no distinction between these two classes of the American Bankers Association Convention. The
of persons"
meeting will be held at 2:30 o'clock Sunday afternoon,
It is believed the case will be taken before the Court of Appeals before
the Tax Commission takes action looking toward the collection of any Sept. 27, at the Hotel Chalfonte, at Atlantic City. Bankers
taxes which might become payable under the Appellate Division's ruling. issuing the call are: Charles H. Segerstrom, President, Cali-
Hornblower & Weeks Remove to Larger Quarters in
Chicago.
Hornblower & Weeks announce the removal of their Chicago office to new and larger quarters on the banking floor
of 30 South La Salle Street, the New York Life Building.
Among the features is the size of the board room, which is
one of the largest in the country, covering a floor area of
2,700 square feet. The stock board measures 44 feet in
length and is about 11 feet high. On this board are listed
312 stocks of the New York Stock Exchange, all the active
stocks of the Chicago Stock Exchange and in addition the
leading stocks of the New York Curb Exchange and the Boston Stock Exchange. A Transflux Projector seven feet long,
the first to be installed in Chicago for throwing instantly
on a screen the symbols of New York stocks traded in, is a
most unique feature for making known each and every trade.
Lamson tubes have been installed for the quick transmission of orders and messages.
fcrnia League of Independent Bankers and temporary
Chairman of the committee; Andrew J. Frame, Chairman
of the board, Waukesha National Bank, Waukesha, Wis.;
William MacFerran, President State Savings Bank, Topeka,
Kan.; A. W. Tremain, President American Bank & Trust
Co., Bridgeport, Conn.; J. A. Ormand, Cashier, Citizens
State Bank, Marianna, Fla.; M. C. Tifft, Vice-President,
Mercantile State Bank, Minneapolis, Minn.; Henry Carter,
President, Savings Trust Co., St. Louis, Mo.; Earle Meeks,
Vice-President, West St: Louis Trust Co., St. Louis, Mo.;
George A. Lubeley, Vice-President and Cashier, Natural
Bridge Bank, St. Louis, Mo.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
George Temple Bowdoin was this week appointed an Assistant Treasurer of the Bankers Trust Co. of New York at
a meeting of directors. Mr. Bowdoin is a son of the late
Temple Bowdoin, who was a partner in J. P. Morgan & Co.
He was born in New York, went to Groton, and on graduation entered in the Air Service, in which he was commissioned
a Second Lieutenant. When he was discharged from
Halsey, Stuart & Co. Find the Outlook Bright.
the army in 1919 he went to the Bankers Trust Co., where
plentiful
supply
in
"Money continues
and rates low, with he is
now one of the officers in its Fifty-seventh Street
indications pointing toward a continuation of those condi- office.
tions. The agricultural situation is seemingly sounder and
more satisfactory than during any year since the war. InThe New York Stock Exchange membership of Edward A.
dustry, with the exception of a few lines, is active and Manic° was reported posted for transfer this week to Sheldon
reporting good profits. Employment is generally satisfac- R. Noble, the consideration being stated as $120,000 an
tory. The political situation is sound and foreign condi- advance of $1,000 over the last preceding transaction.
tions appear to be improving. Confidence and optimism
The Mechanics & Metals National Bank of New York
characterize the situation generally." Such is the cheering
picture of present business conditions contained in the quar- announces the appointment of Harry B. Churchill as Assistterly review of Halsey, Stuart & Co., which was issued on ant Cashier, Mr. Churchill has been connected with the
bank since 1914, prior to which he was on the staff of the
Sept. 14. The situation is outlined as follows:
The fall season has seldom opened with a more generally expressed Fourth National.
optimism regarding the outlook for well-maintained prices in the bond
market. An active bond demand and the maintenance of present strength
In price levels appear assured, the only uncertainty existent being the question of whether or not there will be an adequate supply of new offerings.
The settlement of the Belgian debt to the United States, the successful
negotiations attending the parleys between France and Great Britain. with
W. S. Gray Jr., President of W. S. Gray & Co., was
elected a Vice-President of the Central Union Trust Co. of
this city at a meeting of the directors on Sept. 15.
Siam'. 191925.]
TILE CHRONICLE
John Nicholas has been appointed an Assistant Trust
Officer of the Chemical National Bank of this city. Mr.
Nicholas was formerly connected with the Bankers Trust Co.
Maurice Leon, a member o- f the firm of Evarts, Choate,
Sherman & Leon, lawyers, has been elected a director of the
Eastern Exchange State Bank of this city.
The American Union Bank
- of this city has received the
approval of the State Banking Department to increase its
capital from $800,000 to $1,200,000 by the sale of 4,000
shares of stock at par, $100. Mention of the fact that the
stockholders had voted on Aug. 24 to increase the capital
stock was made in our issue of Aug. 29, page 1048. The
enlarged capital became effective Aug. 24.
The forty-sixth semi-annual statement of condition of the
International Banking Corporation of this city (owned by
the National Bank of New York), covering the six months
ending June 30 1925, has just been received. It shows
total assets as of that date of $129,031,012, of which the
principal items are: Demand loans and advances, $42,056,221; bills, remittances and other funds, $23,310,126;
oustomersl liability on account of acceptances, $17,745,664;
time loans and bills discounted, $15,778,208, and cash on
hand and in local depositaries, $14,584,236. On the debit
side of the statement demand deposits are given as $42,570,382; time deposits as $40,101,558; total acceptances,
$18,359,096, and combined capital surplus and undivided
profits as $13,723,534. H. '1'. S. Green is President and
General Manager.
The Seventh Avenue Nation- al Bank of this city has just
received the official approval of the Comptroller of the Currency • in Washington to its proposed plan to establish a
branch office in the Harlem section of the city. Quarters
have been secured at the northwest corner of 116th Street
and Lexington Avenue and the building at that location
will be remodeled to meet the needs of the Institution.
The following is an excerpt from an interesting description of the new main office of the State Street Trust Co. of
Boston, sent to us by the company this week. The opening
of the building, which took place last week, was referred to
in these columns in last Saturday's "Chronicle," Sept. 12.
As then stated, throughout the new offices an effort has
been made to preserve in the architecture and furnishings
the atmosphere of Colonial Boston:
The interior of the banking rooms, designed by Richardson, Barrot & Richardson, arc.nitects, is a repi.ca ot the o.d counting rooms of the
merchants during the first part of the 18th century, arranged on aBoston
much
larger scale and with the addition of the most up-to-date banking facilities.
To accomplish this resu.t it was found advisable to select, instead of
the
usual marble counters, granite from the Pilgrim Granite Co., in Hingham,
the oniy known place in the world where this particular stone can be found.
Its outstanding feature is an almost perfect series of parallel joints. The
floor of the public space is made of fiagstones of the same material, which
is also an innoation. The granite of Boston's older buildings came from
the vicinity of this quarry. It was decided that the grill work most in
keeping with Ode counter should be of hand-forged wrought iron,
the
design being copied from early Colonial shapes and motives. The grill work
for the ventilating and heating openings, both wood and iron, were designed
following early Colonial motives. A simple style of paneling of
Michigan
pine and English oak covers part of the ceiling and walls, the pillars being
of fluted wood, also copies of those in use in older days. Even the broad
mullions of the windows are carefully copied from the early ones. Set
in
the floor opposite the main entrance is a compass cast in brass and iron
with a 22-foot arrow pointing to north and south marks cut in the granite
shelves of the counters.
Within the entrance is a treasured relic from Boston, England—a flagstone from the floor of the Guildhall of that ancient borough, presented to
the trust company by one of its former Mayors. It was in this old Guildhall
that Elder Brewster and others of the Pilgrims were imprisoned and tried
before coming to New England. The dungeons are still in existence. It
may be of interest to recall that the building was restored by members
of the Bostonian Society in 1910.
Another original feature on the main floor is the President's room, which
is a copy of a very old State Street business office of the latter part of
the
17th century, included in which is a large brick and granite fireplace, earlier than those supported by wooden beams, copied from an early Connecticut house, also of the 17th century. The fireback is known as the Governor Dudley fireback and is one of three known to be in existence. It
was taken from an old house in Marshfield and shows a sarcastic effigy
of the Governor surrounded by guns to protect him from the angry populace.
It will be noted that the fireplace has two sets of andirons in accordance
with the custom of early days of being able to have more than one fire at
a time to cook on. Everything in this room is actually old and was selected with great care. The woodwork came from an early farm house in
southern New Hampshire in the Connecticut Valley and the old beams in
the ceiling have for years seen service in Massachusetts Hall, the oldest of
the Harvard College buildings, dating back to 1720. They were presented
to the trust company through the courtesy of President Lowell. It may be
of interest to recall that the number of students at the college in those early
days was only thirty-seven.
Other features of the room include an early American refectory table
for a desk; antique chairs, one of which, a transitional Carver-Brewster,
came from the tap room of the Wayside Inn; another, an old slat back
Connecticut chair; an oval maple tavern table with a top of a single piece
of wood 27 inches broad, carrying an early American Bible box with ball
feet (all from the collection of B. A. Behrend of Longwood), old-fashioned
fire buckets for waste baskets; a very old English clock of the period;
1423
old settles, a churn for an umbrella stand; old-fashioned pewter Ink wells;
a door check showing the facade of the Old State House, and a sea chest
with a whaling scene on the cover, used as a wood box to supply the fuel
for the fireplace. The lights on the walls are arranged in lanterns hung
on wooden pegs, as in the olden days. On the two window shades are
views of State Street, one showing the Old State House and the other the
Merchants Exchange, formerly on the present site of the bank. It was
here that the merchants, shippers and captains used to congregate to transact business with China, India, Russia and th.. West Indies and other parts
of the world and talk over the affairs of the day, which at that time had
to do chiefly with ships and their record runs, the latest arrivals in port
and the price of foreign commodities. These shades were attractively
drawn in Japanese ink by Mrs. James R. Hooper Jr., expressly for the trust
company.
Tne door of one of the cupboards came from the whale ship "Wanderer,"
wrecked off Cuttyhunk last year and the hinges came from the very old
Mansfield house in Lynnfield, owned by one of the office force.
The only object of interest that is not a trust company exhibit is one of
the very rare "Tea Party" chests that was thrown overboard in Boston
Harbor, loaned temporarily to the bank by the Boston Tea Party Chapter
of the Daughters of the American Revolution.
Other features of the banking floor are the lanterns on the ceiling, the
square one being like the early one which hqng outside the old Boston
Tavern at the time of Paul Revere. The octagonal ones are copied from the
old wooden lanterns of the same period. The tables and chairs are imitations of old tavern furniture and the radiator covers under the mezzanine
resemble' the fronts of moulded oaken chests of the 17th century. Attention is called to the lamps on the depositors' tables, many of which are
old whale-oil lamps and others exact copies of this early type of illuminating
device, now fitted for electricity, of course. The brass candlesticks on the
officers' desks are real antiques. The pewter ink wells in use come from
old English counting houses and are originals.
The doorway opening into the Exchange Building, for the use of the
tenants of the building and those having their offices lower down on State
Street, deserves special mention, for it is an original from an old house in
Hatfield, near Deerfield, built probably between the years 1735 and 1760,
one of three of this kind in existence.
The clock in the public space came from Ipswich, England. and was
made by the well-known clock maker of that town, Moore, who built the
clock sent over from the English Ipswich to the First Church in the Massachusetts Ipswich. It was chosen on account of its resemblance to the
exquisite clock on the gallery of the old North Church on Salem Street.
Frederick M. Thayer has been elected Manager of the
Bond Department of the National Shawmut Bank of Boston
and Vice-President and General Manager of the Shawmut
Corporation. Mr. Thayer, who is a native of Philadelphia,
comes from a family which has always been a prominent
one in all lines of activities in that city. He is a son of
John B. Thayer, who was a Vice-President of the Pennsylvania Railroad and who went down with the "Titanic" In
1912. Mr. Thayer entered Yale in 1914. and graduated with
the class of 1918. He was a Lieutenant and then Captain in
the 310th Field Artillery in the 79th Division during the
war and served about one year in the A. E. F. After going
through the First Officers' Training Camp in 1917, he was
detailed as Instructor of the Second Officers' Training
Camp and thereafter joined the regiment mentioned above.
He has been associated with Janney & Co., a prominent investment house in Philadelphia, for five years, serving for
the last year and a half as City Sales Manager.
Harry L. Osborne, Tice--President of the Bloomfield
National Bank of Bloomfield, N. J., died on Sept. 14. He
was in his fifty seventh year. Mr. Osborne had been Town
Treasurer for the past twenty-five years.
Stockholders of the Lincol-n National Bank of Newark,
N. J., will meet on Oct. 15 next to vote on a recommendation
of the directors to increase the capital of the institution from
$300,000 to $600,000 and the surplus from $150.000 to $300,000, according to the Newark "News" of Sept. 12. The new
shares, par $100, it is stated, will be offered to present holders in proportion to the shares now held, share for share,
at $150 each. The Lincoln National Bank opened for business on Oct. 20 1924.
The board of directors of th- e American National Bank of
Passaic, N. J., held their organization meeting on Sept. 15
and elected the following officers: General Bird W. Spencer, Chairman of the Board; William H. Dillistin, President; Michael Mok ray, Vice-President; Frank Terhune,
Acting Cashier; Joseph L. Weiss, Assistant Cashier. The
approval of the Comptroller of the Currency of the bank's
application to organize was noted in these columns last
week, page 1314.
The board of directors of th- e Franklin Trust Co. of Philadelphia on Sept. 15 declared a semi-annual dividend of 6%,
payable on Oct. 1 to stockholders of record Sept. 17 1925.
The board also directed that on Oct. 1 $250,000 be transferred to surplus account. This will then show the company
to have: Capital, $1,500,000; surplus, $2,250,000, or a combined capital and surplus of $3,750,000. C. Addison Harris
Jr. is President.
The Southwark National B- ank of Philadelphia and its
affiliated institution, the Southwark Title & Trust Co., each
1424
THE CHRONICLE
opened a Central City office last Monday (Sept. 14) in the
Pennsylvania Building at 1515 Chestnut Street, Philadelphia. The new offices were thrown open for public inspection on that day between the hours of 9 a. m. and 10 p. in.
The main office of the Southwark National Bank is located
at 610-12-14 South Second Street, Philadelphia, while that
of the Southwark Title & Trust Co. is at the Southeast corner of Seventh and Morris streets. The former bank has
capital and profits of over $1,475,000 and deposits in excess
of $11,700,000, while the latter has capital and profits of
more than $330,000 and deposits of over $1,450,000. The
Southwark National Bank will maintain every department
of banking at its Central City branch. This is the centennial
year of the institution, it having been organized in 1825.
William W. Foulkrod Jr. is President of both banks.
[VOL 121.
until January 1917, when he was made Assistant Cashier
in charge of new business and publicity. After the merger
of the Lowry National Bank, the Trust Co. of Georgia and
the Atlanta National Bank, he was transferred to the Whitehall office and placed in the new business and business development department when these departments were consolidated and placed under direction of J. Sherrard Kennedy, Vice-President. Mr. Johnson is a former President
of the Atlanta Chapter of the American Institute of Banking. He is Chairman of Group 3 of the Georgia Bankers
Association and is Chairman of the Executive Council of
the Georgia Bankers Associaton.
A special dispatch from Greenville, S. C., on Sept. 13 to the
New York "Journal of Commerce" stated that George Norwood, President of the Norwood National Bank of GreenMax Pam of this city and Chicago, noted corporation law- ville, had announced the sale of a controlling interest in his
yer, died of heart disease at his home 36 West 59th Street, institution to the Bank of Charleston, N. A., Charleston,
this city, on Sept. 14, after an illness of two months. Mr. S. C. The dispatch went on to say in part:
While there will be no change of policy or of official personnel of the
Pam was born near Carlsbad, Austria, in 1865 and as a small
Norwood Bank for the present, J. W. Norwood, ex-President and Chairman
child was brought to this country by his parents, who set- of
the board of directors of the institution, points out that "the Bank of
tled in Chicago. In 1899 Mr. Pam is said to have been asso- Charleston interests are paying me personally for my good-will and agreeof
organization
ment not to compete against them in any active commercial banking busiciated with the late John W. Gates in the
ness." Be adds in the announcement that "there is no agreement to retain
the American Steel & -Wire Co. and the following year, as me or any member of my family as an officer or employee of the bank."
counsel, with Judge Elbert H. Gary in the organization of
The combined resources of the two banks will be over $19,000,000, comand combined capital, surplus and
the United States Steel Corporation. In 1902 he aided bined deposits will be $15,000,000
profits over $2,600,000. R. S. Small is President of the Bank of Charleston.
United
the
of
Vice-President
now
Dawes,
Charles G.
Under the provisions of the merger each bank will continue to function
States, in the organization of the Central Trust Co..of Illi- with its present organization. The board of directors of the consolidated
be made up of thirty-one members, six from the Bank of
nois, Chicago, and at the time of his death was said to be interests will
Charleston and twenty-five from the Norwood board, of which J. W. Nor.
one of its largest stockholders
wood is Chairman.
Clarke Washburne, formerly controller of investments
of the Federal Reserve Bank of Chicago, has been elected a
Vice-President and director of the Union Bank of Chicago
and beginning Sept. 15 has become actively associated with
Its commercial department.
Plans to convert the Bank of Commerce, Tampa, Fla., to
a national bank under the name of the National Bank of
Commerce (capital $200,000) were approved by the Comptroller of the Currency on Aug. 12. Under date of Sept. 8
we learn that the conversion plans have not yet been completed, but will be carried through during the latter part of
On Sept. 4 a charter was issued by the Comptroller of the the month.
Currency for the First National Bank in Valley City, Valley
City, N. D., with a capital of $100,000. The officers apThe California Bank of Los Angeles on Sept. 12 added to
pointed for the new bunk are: John Tracy, President, and Its branch banking system four units, through the acquisiC. F. Mudgett, Cashier.
tion of the Bank of Alhambra, the Bank of San Gabriel, the
Broadway branch of the latter institution, and the
East
The application of the Guardian Trust Co. of Denver to
Bank of Los Angeles, according to the Los AnNortheast
by
approved
was
Bank
convert to the Guardian National
of Sept. 12. Through the acquisition of these
"Times"
geles
will
bank
the Comptroller of the Currency on Aug. 28. The
Gabriel Valley institutions, it is stated, the Calihave the same amount of capital as the trust company, viz-, four San
has now a total of 42 offices in Los Angeles and
$240,000. Denver R. Platt, President of the trust company, fornia Bank
s of Van Nuys, Owensmouth, Lankershim,
communitie
the
in advices to us under date of Sept. 8, says:
Santa Monica, Pomona, Alhambra, San
We do not know when the conversion will become effective. Under our San Pedro, Sawtelle,
State law the Guardian Trust Co., which is to be converted into the Guardian Gabriel and El Sereno. The Bank of Alhambra will hereNational Bank, has to give 30 days' notice to its stockholders for a meeting after be known, it is said, as the Alhambra branch of the
to be called Oct. 2 for that purpose.
Bank of San Gabriel and its branch
There is no doubt but what the stockholders will vote to convert and California Bank; the
shortly thereafter, upon word from the Comptroller of the Currency, the will be operated as the San Gabriel branch and the East
Guardian National Bank will commence to operate.
San Gabriel branch of the California Bank, respectively,
while the Northeast Bank of Los Angeles will be known as
-PresiPaul Hardey has tendered his resignation as Vice
branch of the enlarged institution. The poldent of the Drovers National Bank of Denver, effective the Northeast
by the officers of the California Bank conannounced
icy
as
Strasof
by
Totten
Grover
Sept. 20. He will be succeeded
in the management of the new branches.
change
no
templates
in
burg, Colo. Mr. Hardey, who intends to enter business
Bank is capitalized at $3,000,000 and has
California
The
tha
of
Secretary
also
as
has
Fla.,
resigned
Beach,
West Palm
of approximately $80,000,000.
Colorado Bankers Association, a post he hasfilled for the last total resources
thirteen years. Before joining the Drovers National he was
Application has been made to the Comptroller of the Curconnected with the Stock Yards National Bank as Cashier
for permission to organize the Citizens National Bank
rency
and Vice-President for four years, and prior to that was
Cal., with a capital of $250,000. The bank wil
Berkeley,
of
Western representative of the Metals & Mechanics National
Nov. 15 or thereabouts if the charter is
business
begin
emformerly
Bank of New York. Mr. Hardey was also
will start with a surplus of $62,500
institution
The
Issued.
ployed as bank examiner by the State of Colorado, and was
of the stock at $125 per $100 share.
sale
the
created through
the first deputy bank examiner ever chosen by the State.
H. A. Brown has been chosen President and E. S. Bender
nt and Cashier.
James Kimball Vardaman Jr. was elected Assistant Vice- Vice-Preside
by
Louis
St.
of
Co.
Trust
President of the Liberty Central
Application to organize the First National Bank in Santa
Its board of directors recently. Mr. Vardaman will be in
Cal., with a capital of $200,000 has been made to the
Paula,
the Country Bank Department. He was born in Greenwood,
of the Currency. The institution will have a
Comptroller
from
Miss.,
Miss., in 1894. He practiced law in Jackson,
and contingent fund of $50,000. The stock
$50,000
of
surplus
1914 to 1917 and served as Captain in the Field Artillery of
placed at $150.
being
(par $100) is
the United States Army in France during the World War.
St.
Co.,
He had recently been connected with Whitaker &
Announcement was made last week of the appointment of
LouIS.
F. E. Meredith, K.C., senior member of the firm of Merethe
of
dith, Holden, Heward & Holden of Montreal, to the advisory
directors
the
of
At the regular monthly meeting
8,
Sept.
board of the National City Co., Ltd., of Canada, to fill tile
Atlanta & Lowry National Bank of Atlanta, Ga., on
1917, vacancy caused by the death of the late Sir Augustus Nansince
bank
the
of
Casher
Assistant
Johnson,
Harry H.
institution. Mr. ton. Mr. Meredith is a director of the Bank of Montreal and
was promoted to a Vice-President of the
Ga.. of the Canadian Pacific Steamships, Ltd. He is a native of
Johnson went to Atlanta in 1904 from Winterville,
as Quebec. He was called to the Quebec bar In 1887 and was
Bank
National
Lowry
and entered the employ of the old
hank
the
created Q.C. in 1899. •
of
a messenger. He Worked in all departments
SEPT. 19 1925.]
TIfE CHRONICLE
THE WEEK ON THE NEW YORK STOCK EXCHANGE
Speculative activity in the New York Stock market again
centred around the motor shares, industrial issues and
specialties during the present week. The trend of prices
was generally upward except on Tuesday afternoon when
the market reacted downward on extensive profit taking.
Trading was on a larger scale than the previous week, the
transactions on Monday and Tuesday recording a substantial
advance over the two million mark. In the short session
on Saturday motor stocks continued the centre of interest,
Studebaker leading the upswing with more than a point
advance to a new top. Substantial gains were also recorded
by Willys-Overland and Chandler. Other prominent stocks
in the day's transactions included American Can, which
equaled its high record for the year at 248, Westinghouse
Air Brake and Mack Trucks. Railroad shares continued
quiet, the only notable exception being Pittsburgh & West
Virginia, which broke into new high ground at 813
4. The
market took a vigorous upward spurt on Monday, an
avalanche of buying orders raising the day's transactions
substantially above two million shares, and more than forty
issues exceeded their best prices for the year. Advances of
from two to four points were numerous among such issues
as United States Cast Iron Pipe & Foundry, American
Tobacco, United States Rubber, Pullman and Universal
Pipe, and new high records were established by American
Smelting, Fleischmann, Timken Roller Bearing, and General
Asphalt pref. Goodrich sold at its highest for the year and
Railway Steel Spring crossed 150 for the first time. Motor
shares continued their remarkable forward movement.
Railroad shares improved and gains of a point or more were
recorded by Louisville & Nashville, New York Central,
Atlantic Coast Line, Northern Pacific, Seaboard Air Line
corn. and pref., and Delaware & Hudson. On Tuesday
heavy realizing sales swept prices down and carried a large
number of stocks below their morning highs. Sharp declines
were recorded by the motor group. The market again moved
upward on Wednesday, motor stocks leading the upswing
with gains of two to three points among the more active
issues in the group. The strong stocks were General Motors,
Chrysler, Mack Trucks and Studebaker. Railroad shares
were also in active demand, Baltimore & Ohio, Reading,
Lehigh Valley and Pennsylvania moving sharply forward to
higher levels. On Thursday more than 40 issues made new
high records in the early part of the session. After midday a brisk downward reaction developed that carried many
of the market leaders below the high levels of the first hour.
One of the features of the day was the rapid advance of
Pullman Co., which surged forward more than 13 points to
a new top at 1733(. Railway Steel Spring made a gain of
11 points, followed by American Car & Foundry with an
advance of five points. New high records for the year were
made by Endicott-Johnson, Kelsey Wheel, Fleischmann,
General Baking and Western Union. Motor stocks led by
Chrysler with a 432 point advance were in active demand.
Steel shares continued weak, United States Steel corn.
slipping back a point or more to 1229 and Crucible Steel
receding more than 2 points to 733'. Under the leadership
of the railroad stocks the market continued its upward swing
on Friday. New York Central advanced more than two
points to 123k,followed by Atlantic Coast Line with a gain
of five points, St. Louis-San Francisco up two points and
Wabash 1% points. Motor stocks were also in strong
demand, Chrysler shooting upward more than two points to
a new high level at 1643'. Other strong stooks included
American Locomotive, du Pont, General Electric, Kelsey
Wheel, United States Cast Iron Pipe & Foundry and Western
Union Telegraph Co. Asa token of respect for the memory
of the late Seymour Cromwell,former President of the Stock
Exchange, the session closed at 2.30 on Friday. The final
tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY, WEEKLY AND YEARLY.
Week Ended Sept. IS.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks,
Number of
Shares.
Railroad,
&c.
Bonds.
State,
Municipal &
Foreign Bonds.
900,044
2,156,655
2,011,075
1.599,049
1,805.615
1,606,600
$3,310,000
6,843,000
7,580,500
8,565.000
8,362,2..0
7,478,000
$1,467,000
2,754,500
3,129,000
2.468.500
3,217,500
2.982,000
$309,500
1,150,100
1,643,850
896,000
2,525.600
541,000
10,079,038
$42,138,700
$16,018,500
17.066.0sn
United
States
Bonds.
1425
Week Ended Sept. 18.
Sales at
New York Stock
Exchange.
1925.
Stocks-No. shares_ _..
Bonds.
Government bonds_ _ _
State & foreign bonds_
Railroad & misc. bonds
10,079,038
1924.
1925.
3,721,276
285,464,279
171,784,770
$7,066,05( 317,343,700
16,018,50( 10,726,500
38,689,500
42,138,701
$265,010,760
501,019,500
2,318,345,275
$709,771,180
347.684,500
1,572,003.700
$65,223.251
Total bonds
Jan. 1 to Sept. 18.
1924.
866.759,700 $3,084,475,535 82,629,459,380
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
Week Ending
Sept. 18 1925.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Pr",
meek revised
Bait more.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
34,059
*62,868
40,218
28,161
37,313
42,265
$14.500
18,500
45,500
21,000
27,500
44,000
6,929
24,753
15,043
21,997
17,715
17,047
224,883
$171,000
103,484
$137,900
18,974
$218,500
164.709
8241.450
98.043
8125.300
12.481
8110.500
$10,000
26,000
16.500
22,000
40.400
23,000
3.391
3.914
2.526
5.359
4.554
24,100
33,400
28.500
40.000
92,500
* In addition, sa es of rights were: Monday, 157.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Sat.
Mon., Tues., Wed., Thurs., Fri.,
Sept.12. Sept.14. M0.15. Sept. 16. Sept.17. Sept.18.
Week ending Sept. 18.
d 3331
32 13-16 32%
33
3211-16 328
Silver. per oz
84s1134(184s11%d84311308481134d84311308481134d
Gold, per fine ounce
____
55%
Consols. 234 per cents
5534
5534
5534
5531
10134
102
10134
10134
10134
British 5 per cents
9634
9634
British 4% per cents
9634
91334
9634
46.21)
46.80
47.80
46.40
47.50
French Rentes(in Paris)_ _fr_
French War Loan (in
fr_
59
58.85
57.50
58.75
Paris)
58
The price of silver in New York on the same day has been:
Silver In N.Y., per oz.(eta.):
7134
Foreign
7134
71
7034
7034
7034
COURSE OF BANK CLEARINGS.
Bank clearings for the present week show a small decrease
as compared with a year ago, but as the percentage of loss is
so small it may be changed into a slight increase when the
final figures are received. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of the
country, indicate that for the week ending to-day (Saturday,
Sept. 19) bank exchanges for all the cities of the United
States from which it is possible to obtain weekly returns will
aggregate 0.5% less than in the corresponding week last year.
The total stands at $8,994,065,398, against $9,023,694,644
for the same week in 1924. At this centre there is a decrease
for the five days of 10.5%. Our comparative summary for
the week is as follows:
Clearings-Returns by Telegraph.
Week Ended September 19.
Per
1925.
1924.
Cent.
New York
Chicago
Philadelphia
13o9ton
Kansas city
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Baltimore
Cleveland
New Orleans
13,735.000,000
596,778.179
515,000,000
386,000.000
131.042.253
150.600.000
199.688,000
161,535,000
158.514.000
160,155,518
125.637,883
118,167.997
72,303,809
86,174.660,701
532,462.711
453,000.000
377,000,000
128.019,238
130,300,000
168,000,000
120,299,000
135,719,301
134,795,796
87,092,893
107,026,475
66.172,965
-10.5
+13.1
+13.6
+2.4
+2.4
+15.6
+12.9
+34.2
+16.8
+18.8
+44.3
+10.4
+9.3
Thirteen cities, 5 days
Other cities. 5 days
$6,510,422,639
984,631,860
86,614,549,080
913,529,790
-1.6
+7.7
Total all cities, 5 days
All cities, 1 day
$7,495,054,499
1,499.010.899
17,528,078,870
1.505,615,774
--0.5
-0.5
28 004 ORS ROR
SA ina RA4 R44
....OS
mnfal un cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the previous week-the week ended Sept. 12. For
that week there is a decrease of 6.4%, the 1925 aggregate
of the clearings being $7,416,666,174, and the 1924 aggregate
$7,922,681,980. Outside of New York City the decrease is
5.6%, the bank exchanges at this centre having recorded a
loss of 7.0%. This decrease is due mainly to the fact that
Labor Day fell in this week the present year, while last year
it came a week earlier. 'We group the cities now according
to the Federal Reserve districts in which they are located,
and from this it appears that in the Boston Reserve District
there is a falling off of 10.6%, in the New York Reserve District (including this city) of 7.0%, and in the Philadelphia
Reserve District of 9.5%. In the Cleveland Reserve Dis-
[Vol,. 121.
THE CHRONICLE
1426
trict the totals are smaller by 18.0% and in the Richmond
Reserve District by 7.6%. In the Atlanta Reserve District,
on the other hand, the totals are larger by 29.3%. The
Chicago Reserve District shows a falling off of 5.6% and the
Minneapolis Reserve District of 2.2%, but the St. Louis
Reserve District has a gain of 6.0%. In the Kansas City
Reserve District the totals are smaller by 15.8%, in the Dlalas Reserve District by 6.3% and in the San Francisco Reserve District by 9.3%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Sept 12 1925.
Federal Reserve Districts.
12 cities
let Boston
11"
tad New York
10 "
6rd Philadelphia
8 5th Cleveland
8 5th Richmond
13 5th Atlanta
21 "
rth Chicago
8 "
5th St. Louis
7 "
lob Minneapolis
12 lOth Kansas City
5 "
ilth Dallas
12th San Franclaco....17 "
1925.
1924.
$
a
361,822,57: 404,701,93E
3,020,213,911 .,323,914,72
445,031,96; 491,913,733.
327,446,925 355,811,361
161,792,571 175,130,922
251,291,995 195,888,70
810,686,865 858,500;0
191,230,550 183,286,67;
137,528,75 140,518,930
221,212,471 262,659,611
76,777,723. 81,923,423
406,629,731 448,379,62E
Inc.°,
Dec.
%
-10.8
-7.3.
-9.E
-18.1
-7.3
+29..
-56.1
+6.0
-2.:
-15.5
-6.:
-9.::
1923.
1922.
$
$
378,850,561 381,514,697
,725,107,035 ,472,527,369
473,541,471 482,138,205
360,752,932 409,640,914
167,376,861 165,605,922
170,352,121 165,717,766
850,239,486 786,781,583
65,782,471 61,776,349
116,893,31, 129,300,6s8
254,954,443 258,224,411
79,235,951 61,361.331
456,388,29; 447,216,090
130 cities 7,416,666,174 7,922,681,950 -6.4 7,119,474,941 7,821,915,464
Grand total
3,489,374,62 3,698.277,679 -5.0 3,504,020,267 1,452,733,697
Dutsisle New York City
29 Mlles 244.800.1/19 918 MO 944 -55• na, gal IA, 41.47 Alal Ro5
lined&
Week Ending September 12.
Clearings at1925.
,1924.
Inc. or
Dec.
9123.
cagoSeventh Fede, al Reserve D
205.640
287,030 -19.7
230,393
Mich.-Adrian _ _
722,39;
831,277 -14.4
711,462
Ann Arbor._ _ 139,411,024
127,013,179 134,165,437
Detroit
7,307,97(
7,669,651
6.914,540
Grand Rapids.
4,895.749
2,477,776 +0.0
2,478.105
Lansing
2,576,930
2,708,990 -1.0
Ind.-Ft. Wayne
2,661,030
22,039,000
20,300.001 -31.9
13,930,000
Indianapolis_ _
2,769,000
2,009,800 +27.7
2,555,232
South Bend._ _
6,082,159
5,604.740
Terre Haute_ _
5,206,601
40,269.475
39,365,314
36,425,960
aukee
Wis.-Milw
+9.2
7.859.381
8,583,765
Wausau
2,358.83C
+1.0
2,374,61.
Iowa-Cedar Rai
2,397,480
11,095,672
10.773,680 -19.1
8,703,384
Des Moines_ _ _
6,720,305
7,148,021 -20.7
Sioux City....
5,666.267
1.487,599
1.883,851 -34.t
1,239,611
Waterloo
1,660.064
1.500.561 -0.1
1,492,763
Ill.-Blooming'n.
589,229,279
573,797,658 600,182,721
Chicago
a
a
a
a
Danville
1,491,569
1.530,65: --6.4
1,432,411
Decatur
4,623.984
4,741.106 --12.7
4,137,645
Peoria
2,486,63(
2,419,433 +4.0
2,516,760
Rockford
2,805,193
2,666,237 -2.t
2,592,380
Springfield_
Total (21 cities) 810,686,869 858,500,303 -5.0 850,239.405
elsEighth Feder, ,Reserve Di trict- St.
5,517,554
5.439,081 -9.1
4,946,210
.-Evansville
Mo.-St. Louis._ 121,700,000 115,900,006 +5.3
29,944,600
30,241,590 -61
28,231,450
Ky.-Loutsville._
354.57(
417.019 -21.:
Owensboro....328,160
16.826,373
17,783,000 +7.7
22,812,830
Tenn.-Memphis
11,388,373
+
23.0
11,783,291
14,491.860
Rock
Ark.-Lit Ile
415,891
310,51: +28.0
397,320
III.-Jacksonvllle
1.335,201
1,412,184 -6.1
1,322.695
Quincy
1922.
229,229
605.009
127,552,329
6,622,155
2,040.872
2,192,277
19,935,000
2,437,914
35,265,654
2,150.678
9.289,291
6.121,853
1,348,174
1,233.045
560,378,981
a
1,246.914
4,044,908
1,958,339
2,128,961
786,781,583
4.608,408
27,483,107
384.922
19,399.602
11,229,391
315,845
1,355,071
64,776,349
65.782,475
Total(8 cities). 194,230,550 183.286.677
Ninth Federal Reserve DI trict-Mi n capon.
8,903,676
11.670.977
10,169,341 +15.1
Minn.-Duluth.. d11,746,230
78,076,006
81,122,372
93,846.400 -0.1
92,961,626
Minneapolis_ _ 34,636,858.
36,159.390
-10.0
29,143.400
26.243,865
St. Paul
2,210.445
2,383,711
1,809,361 -14.2
1.553,000
No. Dak.-Fargo
1,613.251
1,494.505
1,837,350 -12.2
1,614.195
S. D.-Aberdeen
Week Ending September 12.
095,141
538,650
869,821 -8.4
613.637
Mont.-Billings 3,365.478
3,523,721
Clearisigs at3,073,230 -9.0
2,796,200
Helena
Inc. or
1922.
11123.
Dec.
1924.
1926.
8
Total(7cities). 137,528,752 140,548,934 -2.2 136,893,344 129,400,84
Tenth Federal Reserve Dis trict-Kant as City
471,931
398.108
497,594
-18.0
c405,556
Neb.-Fremont..
563,398
575,291
First Federal Reserve Dist rict-Boston
764,228 -23.4
585,741
Hastings
734,461
842.416
824.740 -13.5
713.760
4,389.664
4,254,124
Maine-Bangor__
4,501,857 +1.4
4,565,901
Lincoln
3,160,196
3,155.695
3,116,417 +0.8
3,142.667
41.019.0914
44,768.153
Portland
-20.4
44.604,725
35,523,236
Omaha
317.000,000 359,000,000 -11.7 327,000,004 334,000,000
2,869,242
3.101.158
Mass-Boston
3,055,347 +20.7
d3,687,777
1,901,834 Kan.-Topeka _ 2.797,471
1,801,228 +7.1
1,932.618
10,351,355
8,351,804
Fall River...8.523,059 -16.2
d7,142,671
Wichita
a
a
a
a
a
Holyoke
144,410,840 -17.1 142,763,771 148,418.485
119,734,860
City...
Kansas
1,082.168
1,403,476
1,124,212
-10.5
1.005.634
8,085,441
Lowell
7,299.80( -16.1
d6,069,72C
St. Joseph.
a
a
a
a
a
a
a
Lynn
a
a
a
1,631.502 Okla.-M uskoge,
1,525,031
1,466.971 -10.0
1,311,480
23,414,709
New Bedford..
22,178,360
27,042,89( -17.5
d22,394,111
City
4,663.381
Oklahoma
4,898,403
4,743,943 -0.0
4.718.351
a
Springfield. _
a
a
a
3,471,000
Tulsa
3.621,000
3.430,518 -5.4
3,246,716
1,350,562.
1,266,015
Worcester
1,250,211
1,210,359
13,523.550 Col.-Col Spring,
14,299,720
11.458.311 +10.1
11,610,700
20,817,978
21,873,761
Conn.-Hartford
19,621,74( -3.(
18,914.021
5,721.347
Denver
6,595,033
6,729,001 -15.1
5.683,877
882.759.
1,013,680
-10.0
New Haven...
1,087,570
978,510
10,694,100
Pueblo
11,844,006
10 183,700 +5.6
10,770,901
R.I.-Providence
931,158
868,304
686,744
822,89( -16.1
1
258,224,41
254,954,441
N.H.-Manchesr
-15.8
262,659.613
221,212,470
Total(12 cities)
7
Eleventh Fed, ral Reserve District- D alias
2,387,064
2,530,444
Total (12 cities) 361,822.673 404,701,931 -101 378.850.56E 381,514,69
1,833,872 -18.0
1,502,944
Texas-Austin...
32,267,186
48,188,851
52,238,171
47,554,271
Dallas
12.279,000
12,560,00:
Second Fede, al Reserve D Istrict-New York.
12,949,391 -17.1
4,080,458
Fort Worth._. d10,638,904
5,183,234
5,683,321 -18.0
4,633,83.
9,045,203
10,971.621
N. Y.-Albany._
+2.1
9,700,46(
9,908,000
1,093,743
Galveston
950.304
992,300 -F 8.4
1,071,700
a
Binghamton_ _ _
a
a
a
a
38,163,396
Houston
45,743,971
41,109,277 -3.1
d39,737,391
5,382.879
4,985,029
Buffalo
5,201,511 +37.8
7,173.590
rt.
558,873
La.
-Shrevepo
871,94(
906,866 -8.0
829,181
Elmira
1,318,513
1,281,724
+2.4
1.331.116
c1,362.581
Jamestown__ _
79,235,958 61,361,331
81.923,421 -6.3
76,777,720
Total (5 cities).
5,927.291.551 4,224.404,301 -7.0 3,615,454,671 4,372,181,788
New York_ _
9,956,863
Twe.fth Fedes al Reserve D !strict- S81 Frail cs co-10,586.701
10,375,59; +0./
10.456.140
36,881,462
Rochester
43,259.728
+24.4
35,262,63:
43,851,05!
3,914,564 Wash.-Seattle _
4,294,000
4.534,218 +7.0
4,851.713
13,331,000 11,817,000.
Syracuse
+41
11,456,000
11975,000
2,653,905
Spokane
3,133,831
2,735,220 +14.1
c3,122,747
a
a
Conn.-Stamford
a
a
a
405,179
Tacoma
345,010
424,541 +43.0
609,549
1,557,446
1,577,829
1,2.56,897 +30.5
K. J.-Montclair
1,635,923
38,200,087
Yakima
37,261.630
31,417,960 -16.1
26,247,536
42,385,185 35,979,727
Northern N..1_ _
39.766,57/ -4.t
37.843.641
Ore.-Portland_.
15.787,257 13,420,431
15,565,451
15,251,880
69 Utah-S.L.City.
a
Total(11 cities) 1,020,213,940 4.323,914,724 -7.0 3.725,107,039 4,472,527,3
a
a
a
Nev.-Reno a
a
a
a
a
Aria.-Phoenix
4,942.704
4,852.777
Third Federal Reserve Dist nict-Philac Aphis.
-10.4
4,774.301
4,278,713
1,227.113 Calif.-Fresno.
1,631,885
1,512,408 -8.3
1,380,590
6,313,789
8,786,336
6,193,231 -7.7
Pa.-Altoona__ _
5,718.151
3,082,217
Beach
Long
5,255,325
3,690,187 +2.8
3,793,881
Bethlehem
-9.1 137.873,000 121,265,000
1,107.706
Los Angeles_ _ _ 119.456,000 131.541,003 -13.7
1,458,530
+2.1
1,059,484
1.081.544
16.213,660 16,872,758
Chester
17.186.011
14,840,017
2.776,200
Oakland
3,171.621
2,638,797 -4.7
2,514.444
4,589,373
4,777,617
-13.1
5.051.801
Lancaster
4,390,88:
0
458,000,00
Pasadena
7,016,559
7,533.888
-39.1
Philadelphia_ _ 418,000.006 463,000,006 -9.7 444,000,006
10,700,021
d6,475.770
2,914,872
Sacramento
3,241,684
3,289,650 +0.1
3,272,686
3,885.649 *3,500.000
Reading
+52
4.580.581
4,830,947
4,238.167
Diego__
San
5,460.610
5,677,515
5,515.548
176.800.000
149,700,000
-17.f
Scranton
156,700,000
128,743,557
3,115.189
San Francisco.
+5.0
3.193.916
2.843.791
2,520,696
d3,002,759
2,360,702
Wilkes-Barre..
2,504.49E -11.0
2,229,372
1.528.537
San Jose
1,530,403
1,511,399 +5.9
1,141,805
1,599,883
1,245,669
York
1,265,857 -4.1
1,214,020
4,148,204
Santa Barbara.
4,597,512
6,710.499 -27.4
4,870,839
-5.15
N.J.-Trenton_ _
1,860.351
1.757.279
a
Santa Monica.
a
a
a
a
2,607,400
_
2,818,010
2,714,400 -21.1
c2,137.500
Stockton
482,138,205
0
7
447,226,09
456,388.29
-9.2
Total(10 cities) 445.031,967 491,913,730 -9.5 473,541,471
448,379,62f
Total(17 cities` 408,629,731
Grand total (130
07,824.915,485
-6.4
.119,474,94
Fourth Feder al Reserve D Istrict-Cie veland
80
7.922.681,9
74
7,416,666.1
*6,500,090
cities)
7,058.000
8,900,000 -53.4
3,482.733.697
d4,147,000
Ohio-Akron_ _ _
5,086,798 Oilt,Ifle New York 3.489.374.824 3.698.277.670 -5.6 3 504.020.267
5,004,880
5.056.525 -15.9
4,254,11)
Canton
64,878,525
Week Ended September 10.
67,400,053
63,918,704 -6.7
59,642.127
Cincinnati
98,752,45/ 113,278.992
99,962,561 106.749,132 -6.4
Cleveland
18,364,600
Inc. or
20,012,500
17,968,200 -8.3
16,477.900
Columbus
1922.
a
1923.
Dec.
1924.
a
a
a
a
1925.
Dayton
a
a
a
a
a
. Lima
S
2,217,911
$
%
1,576,665
a
1.408.069 +5.6
d1,489,400
$
Mansfield
Canada88,523,839
a
89,309,470
89.412.559 -15.9
a
a
a
a
75.202,730
Montreal
Springfield86,927,119
a
87.622.943
-36.3
122,917.973
a
a
a
78,258,323
a
Toledo
42,807,061
7,214,088 Toronto
35,659,411
5,307,873
39,276,971 -14.1
4,631,849 -3.1
33.528,671
4,490,170
Whullpeg
Youngstown - a
13,869.254
14,364.247
15,096,492 -17.5
a
a
a
12,456.179
a
Vancouver
Pa.-Erie
00
•192.100,0
6,115,591
-9.0
6,210,961
5,891,125
136,983,644 147,200,906 -6.9 155,562.506
5,358,328
Ottawa
Pittsburgh5,560,629
6.512,387
-17.2
5,625,420
4,659,516
Quebec
4
409,640,91
2,770.665
2,862,539
-13.4
3,061,189
360,752,932
2,850,400
Total(8 cities)- 327.446,929 355,833,386 -18.0
Halifax
5,831,084
5,887,469
4,774,039 -18.0
3,912.979
Hamilton
4,386,058
4.738,428
4,859,407 -21
4,732,077
Fifth Federal Reserve Dist rict - Rich mond
1,729,719 Calgary
2,630.639
2,880,670
2,493,408 -8.8
2,258.085
1.541,577 -5.3
2.273,075
1,460.000
W.Va.-Hunt'g'n
6,111,926 St. John
2,115,622
2,053,528
+0.2
7,229,657
1,902.704
-5.5
6.558,779
1,905,788
d6.199,738
Norfolk
Victoria
51.191.003
2,745.406
2,757,618
-,18.6
50,601,000
2.427.717
-19.1
51,886,000
1,975.822
47,977,000
Richmond _ _
*2,000.000 London
4,232.014
3,759,452
2,304.710
3,982.488 -5.1
+16.3
1.995,382
3,779,222
2,321,066
n
-Charlesto
S .C.
85,186.158 Edmonton
3,809,461
3,680,257
+18.4
83,643,399
2,724,989
-10.1
91,291,184
3,227,179
Regina
Md.-Baltimore. 082,029,120
19.387,116
876,191
+1.7
670,690
21.340.037
549.840
559.047
21,858,000 -0.2
21.805.647
Brandon
D.C.-Washing"
582,945
747,003
+29.8
451,978
585,972
Lethbridge
165,605,922
1,875,418
+0.7
1,788,718
167,376,888
1,475,911
1,486,142
Saskatoon___,
Total(6 cities). 161,792.578 175,130,922 -7.6
1,133,795
1,257,863
944.810 +0.3
947,234
Moose Jaw
881.652
965,138
872,757 -18.0
716.068
Sixth Federal Reserve Dist rict-Attar: ta-5,726,027 Brantford
809,500
8.281,946
874,052
780,574 -4.2,
747,408
5.638,71E +7.4
6.054.392
Tenn.-Chatt'ga.
3,382,873 Fort William-.
578.952
3,451,479
502,453
+34.1
589,187
-9.6
790,337
3,603,484
3,256,017
r
New
Westminste
Knoxville
18.739,051
316,955
19.993.937
322.684
+14.1
257,420
+5.3
293,762
19,465,477
18,443,499
Nashville
48,493,679 Medicine Hat...
713,893
51.150.696
883.052
551,650 +43.9
793.997
57,561,467 +21.4
gh....
69,888,320
Peterborou
Ga.-Atlanta__ _ _
2,214,389
759,233
2,350,463
882,381
812,879 -4.3
777,670
2.789,267 -12.9
2,428,687
1,496,842 Sherbrooke
Augusta
988,642
1.499,919
1,075.856
-16.2
846.485
709,753
1,582,836 +40.7
2,227,661
Kitchener
Macon
a
3,592,189
a
3,771,178
-20.6
3,643.373
a
2.895.357
a
Savannah
9.628.063 Windsor
319,400
9,367,606
287,869
-14.8
302,962
258,700
13,688,275
28,444,427
Prince Albert....
Fla.-Jack'nvllle_
962,263
789,758
838,515 -19.9
671,931
3,331,150 +808.3
30,258,918
Miami
24,599,228 Moncton
23,986,584
681,907
764.641
-2.7
-5.5
664.427
646,504
25,698,30E
24,291,880
Ala.-Birming'm.
1,886.641 Kingston
1,889,145
1,805,975 +18.8
2,148,207
Mobile
1,029,365
918,309
283,767,347 287.493.645
1,367.739 +33.1
1,821.000
306,541 Total Can.(29)_ 246,800,182 318.029.259 -22.4
Mlas.-Jackson..
346,682
40.0
+
455.299
637.566
Vicksburg
48,215.067
for figures. c Week
to
requests
not
respond
Do
b
clearings.
49,115.379
No
a
longer report
58.900,710 +7.8
63,393,412
La.-New Orl'ns.
ended Sept. 9. d Week ended Sept. 10. e Week ended Sept. 11. • Estimated.
165,717,766 f No clearings, all banks closed. 9 Not included In total.
170.352.125
+29.3
Total(13 cities) 253,291.996 195,888,704
We now add our detailed statement showing last week's
figures for each city separately, for the four years:
SEPT. 19 19251
THE riTRONIcT,r
1427
Condition of National Banks June 30.-The statement of condition of the national
banks under the Comptroller's
call of April 6 1925 has been issued and is summarized below. For purposes of comparison,
like details for previous calls
back to and including Mar. 31 1924 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN
THE UNITED STATES ON MARCH 31, JUNE 30, OCT. 10 AND
DEC. 31 1924 AND APRIL 6 1925 and June 30, 1925, (in Thousands of
Dollars).
Figures are given in thousands of dollars.
Resources'..oans and discounts (including rediscounts)_a
)verdrafts
3ustomers' liability account of acceptances
7nited States Government securities owned
)ther bonds, stocks. securities, &c
3anking house, furniture and fixtures
)ther real estate owned
lawful reserve with Federal Reserve banks
:terns with Federal Reserve banks in process of collection
)ash in vault
kmount due from national banks
kmount due from other banks, bankers and trust companies
Exchanges for clearing house
3hecks on other banks in the same place
3utside checks and other cash items
ledemption fund and due from United States Treasurer
)ther assets
Total
Afar.31 '24 June 30'24 Oct. 10 '24 Dec. 31 '24 April 6 '25 June 36'25.
4.115 banks 8.085 banks 8.074banks 8.049 bank., 8.016 banks 8,072 banks.
$
$
2
$
$
S
11.952.287 11,978.728 12,210,148 12,319.680 12,468.836 12.674.067
10.075
10,815
12,242
9.862
11.410
9.352
135.840
202.572
143.666
244,728
240.962
176.583
2.494,313 2,481.778 2,579.190 2,586.697 2.614,185 2.636.767
2.511.637 2,660.550 2.897.040 3.075.999 3.139.255 3.193,677
525.335
532.728
541.852
551.371
564.103
585.267
104.6.30
100,098
107,459
108.966
112.481
111.191
1,160,766 1,198.670 1.303.631
1,394.386 1,273,274 1.326.864
379,307
397.340
427.894
486.933
411.539
466,787
342,969
345,219
360,101
409.566
361.671
359.605
934.804 1,099.763 1,412.807 1,349.859 1.192.049 1.096,768
345.020
283.386
439.356
431.043
395.655
403.366
925.568
842.719
575.360
996.615
665.288
988.294
67.083
75.925
53.871
85.225
67.708
80,727
56,420
69.687
52,898
70.6.35
54.541
69.517
37.167
37.129
36.726
36.310
33.120
33.038
157.210
167,280
166,820
223,466
226.348
238,993
22,062,888 22.565.919 23,323,061 24,381,281 23.832,483 24.350,863
LiabilitiesJapital stock paid in
1,335.572 1,334.011
1,332.527 1.334.836 1.361,444 1,369,435
lurplus fund
1,073.363 1,080.578 1,074.268 1.088.880 1.106,544 1,118,928
individed profits, less expenses and taxes paid
507.905
501.656
442.484
556,792
490,457
481.711
leserved for taxes, interest. Am., accrued
'
60,784
60.224
60,078
9ational bank notes outstanding
726.483
729.686
723,530
714.844
649.447
648.494
3ue to Federal Reserve banks
25.328
26.445
33.188
27.342
29.323
30.740
kmount due to national banks
886.435 1,035.000 1.338.309 1,239.923 1,147.628 1.028,168
kmount due to other banks, bankers and trust companies
1,653.347 1,759,556 1.933.857 2,029.671
1,839.935 1.827.492
)ertified checks outstanding
187.704
226,714
184.363
147.404
197,508
224,089
)ashiers' checks outstanding
323.621
261.785
415.260
217,231
204.447
336,167
3emand deposits
9.292,127 9,593,250 9.795.580 10.363,250 9.923,243 10.430,254
rime deposlta (including postal savings)
5.108,970 5,259.933 5,460,677 5,581.287 5,785,211 5,924,658
3.nited States deposits
183.000
123.318
153.266
188,398
255.652
104.181
rotal deposit•
17,598,696 18,347,837 19,108,797 20,000,208 19,382.947 19,909,669
hilted States Government securities borrowed
35.684
32,542
28.930
28.729
21.747
21,684
3onds and securities (other than United States) borrowed
2,532
2.565
3,405
3,581
3.821
3.530
kgfwments to repurchase United States Government or other securities
sold_
3,413
3Eli5 payable (inciuding all obligations representing borrowed money other
than
rediscounts)
238,888
143.847
123,611
202,304
245.107
219.198
fsates and bills rediscounted (including acceptances of other banks and foreign
bills of exchange or drafts sold with indorsement)
271.645
196.396
170.419
196.778
233.874
226.597
Jetters of credit and travelers' checks outstanding
6,225
9.456
6.124
6.135
12,127
6.537
keceptances executed for customers and to furnish dollar exchange less
those
purchased or discounted
193,240
131,411
140.574
164.569
235,232
232.761
keceptances executed by other banks
25.455
17.381
26.584
18.435
28.773
29.502
labilities other than those stated above
47.200
38.171
40.290
35,662
49,471
41.237
Total
22.062.888 22,565.919 23,323.061 24,381.281 23.832,463 24,350.863
)etalls af Cash in VaultGold min
19,121
19.253
19.368
19,678
18,857
19,246
Gehl certificates
27,095
37.484
41,787
36,988
35,880
52,904
Clearing house certificates based on gold and gold certificates
11
5
50
381
7
8
Clearing house certificates based on other specie and lawful money
27
18
Standard silver dollars
35,629
7.254
40,123
35,293
7,919
35,334
Subsidiary silver and minor coin
28.277
29.640
Silver certificates
26,662
28,666
Legal tender note,'
261,119
23,879
308,238
287.761
271,21
25.501
National bank notes
68,152
67,609
Federal Reserve and Federal Reserve Bank notes
134,121
128.484
3etalls of Demand Deposits,
Individual subject to check
8,418,168 8,636,595 8,998,738 9.508.771 9,001,022 9,433,675
Certificates due in loss than 30 days
248.293
263.832
240.176
247.839
252,144
239.978
State and municipal
512.554
431.822
442.375
548,074
543.752
580.416
Deposits subject to less than 30 days' notice
20.243
28.517
28.009
22.166
19,956
19.426
Dividends unpaid
34,335
16.675
37.553
2,650
34.228
4.256
Other demand deposits
105,710
89,475
68,574
93.263
102,643
122,001
3etalls of Time DepositsCertificates due on or about 30 days
1.142.545 1.161.704 1.212.080 1,221,302 1.274.894 1,277.699
State and municipal
100.708
93.968
90,937
88.459
112,710
114.399
Postal savings
65.064
54.359
71.517
68.067
67.648
70.285
Other time deposits
3.818,098 3.932.457 4.086,143 4.203.464 4.325.633 4,466,601
'ercentages of ReserveCentral Reserve cities
12.07%
13.03%
13.10%
12.66%
13.84%
12.847
Other Reserve cities
9.88%
9.787
10.187
10.22
10.53%
9.95%
All Reserve cities
11.486
10.90%
11.23%
12.02%
11.37
11.12%
Country banks
7.54
7.38%
7.55%
7.64%
7.58 ,
7.45%
Total United States
9.42%
9.724
9.38%
10.07%
9.44%
9.65%
a Includes customers' liability under letters of credit.
THE CURB MARKET.
Trading on the Curb Market this week was in moderate
volume and while there was some irregularity to price
movements the general tone of the market was firm. Large
advances were made in some of the industrials, Land Co. of
• Florida on a heavy business advancing from 503/2 to 94,
the close being at 90. Canada Dry Ginger Ale sold at from
3534 to 3834 and reacted finally at 37. Centrifugal Pipe
gained over five point to 243
/
1 and ends the week at 24%.
Durant Motors advanced from 1334 to 15%and sold finally at
15. Garod Corp. rose from 8% to 133,4. New Mexico &
Arizona Land sold at from 11 to 1834 and at 173/i finally,
Nizor Corp. declared an extra dividend of 25 cents on the
B stock which advanced from 5834 to 62 and closed today at
6134. The A stock sold at from 59 to 623
%. Radio shares
show improvement. In public utility shares Amer. Light &
Trite. Co. was conspieious for an advance from 216 to 236
with the final transaction at 233. Amer. Gas & Elec. Corn.
improved from 7634 to 7834 and closed today at 78. Lehigh
Power Soc. ran up from 13534 to 151 and finished today at
14834. Northern State Power sold at from 115 to 12334 and
%. Southern Cities Utilities advanced
closed today at 1223
from 56 to 6534 with the final figure today at 643
,4. United
Pow.
Class A. advanced from 136 to 1463
Light &
%
closed today at 1453%. Tho passing of the dividend and
Prairie Oil & Gas stock caused a drop of over four points on
to
4534 though it recovered finally to47%. Borne Serymser
Co.
advanced from 228 to 235. Galena Signal Oil Corn,
declined
from 3834 to 35. South Penn Oil gained 534 points to 15934
and sold finally at 158. Standard Oil (Indiana) weakened
4 and closed today at 61%. Reiter-Foster
from 6334 to 613
Oil was conspicuous for a drop from 16 to 9 and an advance
today to 18, the close being at 1634.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS (No. Shares).
Week h'nded Sept. 18.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Ind.ctMis.
Oil.
Mining.
BONDS (Par Value).
Domestic. Poen Coe.
144,7IC
248,280
241,850
207,675
280,055
258,462
43,240
102,075
83,275
73,335
82,190
114,885
16,3C0 $485,000
866,000
45,480
90,550
984,000
84,000
957,000
97,700 1,186,000
97,940 1,100,000
282,000
93,000
130,000
144,000
104,000
196,000
1,381,072
499,000
431.970 75.578.000
$749,000
Public Debt of United States-Completed Returns
Showing Net Debt as of June 30 1925.
The statement of the public debt and Treasury cash holdings of the United States as officially issued Ju le 30 1925,
delayed in publication, has now been received, and as interest attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making comparisons with the same date in 1924.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
June 30 1925. June 30 1924.
saiance end month by daily statement.dm
$217,835,732 $235,411,482
4ad or Deduct-Excess or deficiency of receipts over
+2.143.709
or under disbursements on belated items
+2.618.033
$219,979,441 $238,029,515
Deduct outstanding obligations:
$2,565,497
Treasury warrants
$1,396,323
Matured Interest obligations
53.115,692
56,113,477
Disbursing officers' checks
71,479,255
82,298,683
Discount accrued on War Savings Certificates
15.781.078
25,145,875
Total
$142,941,522 $164.954.3.58
(+)
or
surplus
deficit
(-1
Balance.
+$77,037,919 +$73,075,157
1428
[Vol. 121.
THE CHRONICLE
INTEREST-BEARING DEBT OUTSTANDING. June 30 1924.
Interest June 30 1925.
15
$
Payable.
Title of Loan599.724.050
Q.-J. 599.724,050
2e, Consols of 1930
118.489,900
Q.-F.
es, Loan of 1925
48,954,180
48,954,180
Q.-F.
23 of 1916-1936
25.947,400
25,947,400
Q.-F.
Is of 1918-1938
49.800,000
49,800.000
-54.
Q
35011961
28,894.500
28,894,500
Q -.1
3s, Conversion bonds of 1946-1947
807.513.500
J -J. 578,685,000
Certificates of indebtedness
1,409,999,000
1,409,995.950
.3-i
354s, First Liberty Loan, 1932-1947
7,172,050
5.243,350
.I.-D.
45. First Liberty Loan, converted
530,861.550
J.-D. 532,788,200
431s, First Liberty Loan. converted
3.492,150
3,492,150
43s,First Liberty Loan,second converted_ _J.-D.
28.445.000
21,091,690
M.-N.
le.Second Liberty Loan,1927-1942
3,076,142,150
3.083,467.150
4)(8, Second Liberty Loan, converted
M.-S. 2,885,377.350 2,997,199,950
454s, Third Liberty Loan of 1928
A.-0. 6,324,481.200 6,324.495,550
£34., Fourth Liberty Loan of 1933-1938
763,948,300
763,948.300
4548 Treasury bonds of 1947-1952
1.047,088.500
45 Treasury bonds of 1944-1954
413,304.040
385,690,091
Matured
48. War Savings and Thrift Stamps
11,893,760
11,995.880
3.4.
2348. Postal Savings bonds
J D 2.404.241.400 3.735,309,400
654s to 5515, Treasury notes
20,981,586,430
20,210,906,251
Aggregate of Interest-bearing debt
239,292,747
275,122,994
Bearing no interest
30.241,250
c30.242.930
Matured,interest ceased
21,251,120.427
a20,516,272,175
Total debt
+77.037.919 +73.075.157
Deduct Treasury surplus or add Treasury deficit
820.439,234,256 21,178,045.270
Net debt
was
a The total gross debt June 30 1925 on the basis of daily Treasury statements
receipts
$20,516,193,887 90. and the net amount of public debt redemption and
n transit, &c., was 578,286 83.
or
bNo reduction is made on account of obligations of foreign Governments
Other investments.
c Includes $1,438,750 4% Loan of 1925.
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,2 1925:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares
2934 30
Chicago Fuse Mfg Co-..*
37
3736
Chicago Nipple Mfg cl A15
4056 42
Chic No Sh deMilw com100
9936 100
100
Prior lien
1
1
1
Chic Rys part etts series 2..
440 440
Chicago Title & Trust_100
4334 45
Rights
Commonwe,alth Edison-100 13554 135= 135%
8
6
654
20
Consumers Co
67
60
100 60
Preferred
5 1134 1034 1154
Continental Motors
58
58
25 58
Crane Co
11551 116
100 116
Preferred
9734 100
Cudahy Packing Co_ 100
1
1
1
Daniel Boone Woolen M-25
20
20
Decker (Alf) & Cohn Inc.* 20
104 10434
100
Deere & Co pref
120 120
100
Diamond Match
22
22
Eddy Paper Corp (Tbe)--*
37
33
• 35
Elec Research Lab
3034
2734
29%
_5
A_
class
Inc
Evans & Co
Fair co(The)
* 3234 3134 3236
106 10634
100
Preferred
Foote Bros G & M)Co• 1354 1336 1354
454 5
454
•
Gill Mfg Co
754 8
754
•
Godchaux Sugar
3934 4236
* 40
Gossard C H W)
18454 19454
Great Lakes D & D_100 191
11354 115
Hart Schaffner & Marx..100
7534 7554
Hibb Sven° Belli & Co25
10 2034 2034 22
Hupp Motor
49
5336
5 51
Hurley Machine Co
3234 33
100
Illinois Brick
91
91
Illinois Nor Uttl pref__-100
40
38
Kellogg Switchboard_._25 39
9834
95
25 95
Kraft Cheese Co
20
La Salle Ext Univ (Ill) _ _10 1934 19
8
934
8%
Libby, MeN & Lib new_10
4154
41
41
A_*
Mfg
Radiator
McCord
• 1834 1834 19
MeQuay-Norrls Mfg
2134 2234
5 22
Maytag Co
Middle West Utilities_._ _ 5 11034 108 11236
9734 9834
100 98
Preferred
Prior lien preferred_ _100 10454 104 105
Midland Steel Products...* 5034 5034 5234
101 101
Midland 5..311 prior lien_100 101
57
x56
Morgan Lithograph Co.-' 57
122 122
Nat Carbon pref new_ lee
2336 2555
Nat El Pow Corp "A" w i_ 24
454 531
534
10
National Leather
92
91
Omnibus pref A w 1_ _ 100
13
13
1236
•
a_
I
w
ctfs
Voting trust
11534 11534
Peoples Gas L & Coke_ _100
1934
10 1951 19
Pick (Albert) & Co
5636
5 52% 49
Pines Winterfront A
12534 12654
• 126
Pub Serv of Nor III
12454 12551
Pub Serv of Nor III__ _100
98
98
100 98
Preferred
108 108
100
7% preferred
105
104
105
100
Quaker Oats Co
Real Silk Hosiery Mills_10 6051 6034 6151
2134 2234
10 22
Reo Motor
3outhwest G & E 7% pf 100 9734 9734 9734
134 1734 1734
25
Ryan Car Co(The)
5751
Standard Gas de Electric.* 5731 57
54
54
50
Preferred
75
7251
7431
*
Speedom
Stewart-Warner
112 1153.4
100 114
Swift & Ccmpany
3031
15 3031 28
Swift International
4434 45
25
Thompson (J R)
7355
Union Carbide & Carbon _* 7234 72
2
2
2
United Iron Works v t c-50
United Light dr PowerCommon CIA w I a_ -- -• 14654 135 14654
180 180
Common Cl B w I a__.• 180
94
Preferred Cl B WI a _ __ _• 9234 92
Preferred cl B WI a_ _-• 4936 4954 5054
25%
20
_100
2554
United Paper Board_ _
65
65
100
Preferred
204
201
204
20
US Gypsum
6
4
6
Univ Theatres Cone cl A.5
1834 19
Utilities pow & Lt Cl B_ •
13
1334
Vesta Battery Corp
8
7
•.8
Wahl Co
7054
69
Ward(Montgomery)&Co 10
115 11554
•
Clams A
734 754
•
Wolff Mfg Corp
6151 ssi
Voting trust certificates*
1136
Wolverine Portland Cem 10 1136 10
6236 54
• 54
Wrigley Jr
2954
28%
Yates Mach part pref _ -.-5
43
41
Yellow Cab Mfg Cl B._...10
Yellow Cab Co,Inc (Chic)* 4654 4656 47
•No par value. xEx-di vldend .
Bondskrmour & Coot Del20-year
9234 9254
1943
gold 5%s
76
76
:Micas° City Ry 5s_ _ _1927
4954
49
Thic City & Con Rye 5s'27
40
40
Micas° Rys4s,Ser B_1927
97
97
1945
Gas Co 5s
)gden
innu 100•4
-..._ .-.. .._ •-• ..• r. ,n0,
195
110
850
30
200
10
206
645
2,925
635
9,475
101
635
310
15
110
40
95
150
7,420
4,570
4,040
80
30
290
710
2,820
10,755
95
51
16,575
2,805
131
10
625
2,370
5,680
18,000
115
40
10,980
2,815
1,145
1,125
505
1,438
2,735
100
2.650
7,000
125
625
65
656
7,497
302
30
313
20
436
6,375
800
95
90
25
30
7.200
4,930
25,750
225
5,975
50
Range Since Jan. 1.
Low.
2734 Aug
Apr
26
3836 Sept
9936 Sept
% July
Feb
400
40 Sept
13036 Apr
34 Jan
Mar
30
851 Jan
51 May
Apr
113
Jan
79
34 July
Jan
20
Jan
83
11554 Feb
Apr
15
Mar
15
2336 Mar
3134 Aug
10336 July
Apr
12
Jan
4
Jan
3
2634 Jan
9434 Jan
Jan
111
Jan
68
1434 Mar
4134 Mar
28 May
Jan
85
3734 June
35% Jan
1436 June
636 Apr
3734 Apr
13 Mar
2034 Aug
8254 Feb
9136 Jan
Jan
98
3236 Jan
9851 Apr
42. Mar
Feb
120
2334 Aug
Apr
4
8954 June
9 Sept
11454 Mar
1754 July
33 June
10734 Jan
Jan
118
Jan
92
102 July
10236 Jan
Mar
48
1434 Mar
9236 July
1736 Sept
4036 Jan
Jan
50
5534 Mar
10954 Apr
2434 June
4336 July
Mar
65
54 Feb
High.
3934 Apr
40 June
44 Sept
100 Sent
2 Mar
455 July
Aug
52
14134 June
834 Sept
67 Sept
1134 May
Feb
70
Feb
118
10134 Feb
754 Jan
2234 Feb
105 July
129 July
Jan
25
3754 Jan
3034 Jan
3534 Mar
1095-4 Mar
1634 Mar
7 May
934 May
4234 July
195 Sept
Jan
125
7554 Sept
22 Sept
Jan
56
3434 Aug
923,4 Apr
Jan
48
9934 Sept
Aug
22
934 Jan
Feb
42
1934 Sept
Aug
2234
125 July
9834 Mar
10734 May
Aug
57
101 June
Aug
59
130 July
2634 July
634 Jan
9534 Feb
1734 Mar
11534 Sept
2334 Jan
Jan
74
12834 Aug
12834 Aug
100 June
11036 June
106 July
7534 Feb
2454 July
9754 Aug
2536 June
Aug
60
5431 Sept
7734 Jan
12034 Feb
Jan
36
Apr
48
743-4 Aug
Jan
5
§§§§§§§§§§§§
Lynn nicvcial i utl 111 tsceilanecatsgems
nDotz.a.co
GOLD.
The Bank of England gold reserve against notes on the 26th ult. amounted
to £161.366.640,as compared with £162,201,535 on the previous Wednesday.
The following movements of gold to and from the Bank of England have
been reported since our last letter:
Withdrawn.
Received.
£255,000
nil
Aug. 27
13,000
nil
Aug. 28
7.000
nil
Aug. 29
62,000
nil
Aug. 31
nil
nil
Sept. 1
319.000
nil
Sept. 2
The destinations of the £349,000 sovereigns withdrawn were given as
follows: India, £310.000: Singapore, .£34,000, and Switzerland, £5.000.
During the week under review £656,000 on balance has been withdrawn
from the Bank. The net influx since the resumption of an effective gold
standard is now £6.695.000.
The Southern Rhodesian gold output for July this year amounted to
49,453 ounces as compared with 47,647 ounces for June 1925 and 54,483
ounces for July 1924.
SILVER.
The inquiry from China persisted, imparting fresh strength to the market, and although there was little competition prices rose on the 31st ult. to
3274d. for cash and 32 15-16d. for two months' delivery-the highest quotations since Dec. 13 1924. At this figure some Indian selling and some
profit-taking by bulls on China account checked the advance, though
quotations remained unchanged next day. America has maintained a firm
front on the whole, and the tone of the market has kept good. Some
Continental selling has taker place, but has been readily absorbed owing to
the keenness of the demand.
The production of silver in Canada, 1924, as officially revised, was:
ine Ounces.
184
Nova Scotia and Manitoba
Mar 1465i Sept
83.814
6,750 44
Quebec
Jan 180 Sept
11,272,567
150 49
Ontario
Apr 99 June
880 81
8,153,003
British Columbia
Jan 54 June
226.755
270 42
Yukon Territory
4,250 1836 Apr 25% Sent
19,736,323
Total
71 May
June
64
80
The United States official final estimate of the production of silver in
Feb 206 Sept
2,320 112
the United States during 1924 is as follows: Ounces, 65,407,186.
Jan
53
Aug
254
535
years
The 1924 silver product was materially greater than during the
150 1354 May 19 July
1919 to 1922, inclusive, but was 7.930,784 ounces less than for 1923: the
Jan
24
Aug
1334
371
ounces.
year of greatest silver production was 1915. with 74,961,075
7 Sept 2334 Feb
1,290
INDIAN CURRENCY RETURNS.
July
7231
Mar
1,075 41
Jan
(In Lacs of Rupees.)
Aug. 7. Aug. 15. Aug. 22.
122 110 May 123
18454
18714
350
18599
Notes in circulation
536 Jan 1034 Mar
Feb
8771
8656
Silver coin and bullion in India
Jan 10
8508
150 '6
Silver coin and bullion out of India
9% Sept 1434 Jan
1,470
_
_2
_3
22
2232
Gold coin and bullion in India
2232
3,115 4636 Jan 5436 Aug
Aug
Gold coin and bullion out of India
____
2,320 28 July 3134 June
5711
5711
Securities (Indian Government)
5714
725 sag Feb 4834 Jan
2000
2000
Securities (British Government)
45 July 5556
2000
735
The silver coinage during the week ending 22d ult. amounted to two lacs
of rupees.
The stocks In Shanghai on the 29th ult. consisted of about 57,200.000
ounces in sycee, 50,000,000 dollars and 3,860 silver bars, as cornpared with
21,000 91% Jan 9454 June
Apr 843% Mar
about 58.300,000 ounces in sycee, 50,000,000 dollars and 4,100 silver bars
10,000 74
Mar
on the 22d ult.
Apr 63
36,000 46
Mar 4836 Mar
Statistics for the month of August last are appended:
15,000 35
Bar Gold
-Bar Silver per Oz. Std.5,000 97 Sept 9854 June
per Oz. Fine.
1 Ann ionic 9amt 10044 Seth
Cash.
2 Mos.
1134d.
323/sd.
Highest price
32 15-16d. 84s. 1036d.
84s.
Lowest price
32d.
value.
31 15-16d.
par
No
•
848. 11.2d.
32.337d.
Average price
32.267d.
Bar Gold
-Bar Silver per Oz. Std.2 Mos.
'
Per Os. Fine
QuotationsCash.
Breadstuffs figures brought from page 1482.-The
collected by
32 11-16d. 84s. 1136d.
Aug. 27
3234d.
84s. 11 d. statements below are prepared by us from figures
3234d.
Aug. 28
329-16d.
34s. 1134d. the New York Produce Exchange. The receipts at Western
Aug. 29
324 .
32 13-16d.
Aug. 31
32 15-16d. 84s. 1134d.
3234d.
ports for the week ending last Saturday and
32 15-16d. 84s. 1034d. lake and river
3236cl.
Sept. 1
84s. 1036d. since Aug. 1 for each of the last three years have been:
3236d.
3274cl.
Sept 2
84s. 11.1d.
32 822d
32 770d
Average
The silver quotations to-day for cash and two months' delivery, resPecRite.
Barley.
Oats.
Corn.
Wheal.
Receipts at- Flour.
ively. are 7-163. and %d. above those fivd a week ago.
81b5.
,b1s.1961bs bush.80185.bush.3218s. bush.481b5.tntsh.5
588,010 202.0008,000
348,000
230,000
Chicago
710,000
1,081,000
1,697,111
5.037.000
Minneapolis_
2.258,111 2,542,000 685,000
4,804,000
Duluth
10,000
182.000
293,11$
79,000
48,C00
Milwaukee..
3.000
1,000
170,000
118,000
Chicago Stock Market.-Concluded.
Toledo
5,000
I
1,000
1
56,1
29,000
Detroit
owes
r rtaay
106,00'
1.
Jan.
41,00C
Since
Indianapolis
Range
for
19,000
Last Week's Range
33,000
512,000
460,000
108,000
St. Louis__
Week.
ofPrices.
Sale
11,000
131,000
62,000
High.
46,000
Peoria
Low.
Par. Price. Low. High. Shares.
Stocks480,000
1,298,000
Kansas City
385,001
437,000
Omaha
20,100 5131 Feb 8334 July
7654 80
Balaban & Katz v t 0...25 78
46,000
Apr St. Joseph_
142,000
7
354 July
550
354 4
Beaver Board v to B_ •
32,111
July
215,000
40
June
Wichita
272 2154
31
28
Preferred certificates_100 31
100,000
Jan Sioux City_ _ _
56,000
38
Mar
24
2,450
3454
3351
10 3334
Bendix Corp el A
Sept
7
Sept
7
7
*
100
7
1,440,000
7
Booth Fisheries
3034 Aug Total week'25 432,000 13,126.000 2,031,000 6,854,111 4,053.''' 3,254,000
• 2834 2854 2934 1,700 2454 Mar 14
Borg & Beck
Jan Same wk.1924 461,000 20,373,000 4,834,000 16,153,000 3.474.000 1,245,000
170 1156 Jan
1315-4 1334
10
Bunte Bros
1,573,000
June
6,278,000
254
4,526,000
11,512,000
Sept
Same
357,000
wk.1923
1
100
1
1
1
100
Case(J I)2d pref
Jan 9134 Mar
130 84
8636
86
Central Ill Pub Serv pret•
Feb 93 May Since Aug.1110 89
90
4,135,000
90
Central Ind Power pref _100
9934 Sept
Sept
3,005,000 77,377,000 25,558,000 68,010,''' 18,767,000
1925
600 9954
9936
• 993-4 99
Cent & S W 7% pref
134 Jan
' 3,263,000 144,024,000 31,631,000 61.073,1'1 9,607,000 9,065,000
1924
51 Apr
275
54
34
Chic City & Con Ry pt als•
7.715.000 5.778.000
4.c345000
Jan
ono
157
32
11011.
420
AR
954
000
4100
2
1025
Apr
334
490
5
44 5;4
.
4I.4
Pr•farrail
SEPT. 19 1925.]
THE CHRONICLE
1429
tO
Barrels.
218,000
46,000
29,0 i i
42,000
42,000
23,000
R.*Z5t.
......
§§88tte
.....
New York_ _ _
Philadelphia__
Baltimore_ _ _
New Orleans *
Galveston.
Montreal ___
Boston
E
Total receipts of flour and grain at the seaboard ports for
BANK NOTES-CHANGES IN TOTALS OF, AND
the week ended Saturday, Sept. 12 follow:
IN DEPOSITED BONDS, &c.-We give below tables
which show all the monthly changes in national bank notes
Receipts atFlour.
Wheat.
Corn,
Oats.
Barley.
Rye.
and in bonds and legal tenders on deposit therefor:
Total wk.1925
391,000 1,742.000
Since Jan.12517,275,000 135,542,000
Bushels,
114,000
5,000
2,000
75,000
27,000
1,000
Bushels.
Bushels. Bushels,
347,000
461,000
5,000
63,0 I
4,000
12,000
116,000
12,111
1,351,001
16,161
818,000
224,000 1,501,1 i I 1,399,000
18,000
4.997,000 57,075 1 i 6 23,800,000 27,067,000
•Receipts do not include grain passing through New Orleans for
foreign Ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Satarday, Sept. 12 1925, are shown in the annexed
statement:
Wheat.
Corn.
Flour.
Oats.
Rye.
National
Fed, Res.
Bank Notes, Bank Notes.
National Bank Ciroulation
Afloat onBonds.
Legal
Tenders.
662,156,083
660,341.413
660.501,393
661.293,595
661;397,5573
661.613.281
663,324,911
722.092.263
727.175.641
733.995.551
735,602.435
736,557,660
737.141,058
740.549,740
744.953.710
745.029.518
745.795.653
745,171,676
743,454,755
742,670,537
740.521.752
743.954.275
743.506.385
742.184.915
61,476,914
66,214,271
72.864,681
763.275,574
56,025,261
93.597.406
100,532.366
47.745,139
44,571.176
40.152.976
35,679359
39,269.184
40,052,135
36.537.549
33,055.069
32.460.609
31.611,339
31,162.366
30,964,444
30.126.232
31.045.227
29,450,769
28.799.584
28.137.092
12,000
1,000
Same wk.1924
481,000 6,619,000
354,000 1,574,000
551,000 1,031,000
Since Jan.1'2 17.454,000172,958,000 15.264.000 32.002.0(10 9 5R1 non Is
7na Con
Exports from-
Amt. BB,. on Deposit to
Secure Circulation for-
Barley,
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
New York
650,531
78,005 349.516 145,748 191,714
Philadelphia
75,000
2,000
30,000
Baltimore
718,000
2,000 100,000
New Orleans
65,000
40,000
29,000
6,000
Galveston
3,000
Montreal
2,027,000
30,000 1,095,000
34,000 126,000
Total week 1925__ 3,538,531
40,000 144,005 1,550,516 179.748 317,714
Same week 1024
7054 OM
ox non
dodgem
Ana OAQ
non,.
gen AAV
Aug. 31 1925._
July 31 1925..
June30 1925..
May31 1925-Apr. 30 1925Mar.31 1925..
Feb. 28 1926..
Jan. 311925..
Dec. 30 1924._
Nev 30 1924..
Oct. 31 1924._
Beet.30 1924..
Aug 30 1924_
July 311924..
June 30 1924_
May 31 1924A Dili 30 1924_
Mar 31 1924_
Feb. 29 1924..
Jan. 311924..
Dec. 311923.
Nov.30 1923..
Oct. 811923..
Sept.29 1923..
665,810,130
665,227,130
665,061,330
665,502.5130
666.010,330
665,608,330
666.943,330
725,171.730
731,613.630
737.635.7110
739.842,890
741.239.890
742,462,390
746.611.640
750.6355.93f
750,113.430
750,676.650
749.974,150
745.6375,150
747.256,230
746.577.780
746.778.030
746,562.330
746.780,830
545.900
545,900
545,900
545.900
545.900
545.900
545,900
545.900
545.900
Toffs1.
723,662,997
726,555,684
733.366.074
739.569,469
747.425.819
755.210.687
763,857.277
769.840,402
772.046.817
774,148,557
774.281.624
775.826.844
777.193,194
777.087,589
778.011,779
777.490.127
777.406.992
776.334,042
774,419.202
772,796.769
771.566.979
773,435,044
772,608,269
770.322.007
$6,515,523 Federal Reserve bank notes outstanding Aug. 31 1925. secured by
lawful money, against $9,794,170 Aug. 31 1924.
The destination of these exports for the week and since
The following shows the amount of each class of United
July 1 1925 is as below:
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on Aug. 31:
Exportsfor Week
and Since
July Ito-
Flour.
Week
Sept. 12
1925.
Since
July 1
1925.
Wheat.
Week
Sept. 12
1925.
Corn.
Since
July 1
1925.
Week
Sept. 12
1925.
U. S. Bonds Held Aug.31 to Secure-
Since
July 1
1925.
Barrels. Barrels.
Bushels.
Bushels. Bushels. Bushels.
United Kingdom_ 31,057
590,798 1,554,355 17,928,921
52,000
Continent
56,038 1,463,130 1,945,176 27,680.506
85,000
So.& Cent. Amer_
1.000
122.487
9,000
239,100
198,000
West Indies
15,560
222,989
130,925
40,000
476.900
Other Countries
10,350
161.509
143,645
2,355
Total 1925
144,005 2,564,213 3,535,531 46,123,097
40,000
814,255
Total 1924
424.360 2.615.904 7.064.015 50.463.286
2.500
520.150
Bonds on Deposit
Aug. 31 1925.•
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
2s. U. S. Consols of 1930
4s, U. S. Loan of 1925
2s, U. S. Panama of 1936
2s, U.S. Panama 01 1938
Totals
Total
Held
591,417,150
591,417.150
45,622,660
25.770,320
45.622.660
25,770.320
665,510.130
665,510,130
The world's shipments of wheat and corn, as furnished by
The following shows the amount of national bank notes
Broomhall to the New York Produce Exchange, for the week
ending Friday, Sept. 11, and since July 1 1925 and 1924, afloat and the amount of legal tender deposits Aug. 1 1925
and Sept.1 1925 and their increase or decrease during the
are shown in the following:
month of August:
Wheat.
1925.
1Veek
Sept. 11.
Corn.
1924.
Since
July 1.
1925.
Week
Sept. 11.
Since
July 1.
1924.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer. 6,047,000 62,339,000 72,471,000
36,000
423,000
252,000
Black Sea..._ 1,352,000 2,608,000 2,384,000
280,000 0,319,000 6,127.000
Argentina_ .._ 1,295,000 14,454,000 24,948,000 3,528,000 41,204,000
63,5113.000
Australia _ _
312,000 10,312,000 11,368,000 •
India
8,
2,160.000 10,584.000
0th. countr'
1.913,000 3.773,000
95.000
Total
I 9,014.000 91,873.000 121.755,000 5,757,0001 51,719,000
69,992,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Sept. 12, were as follows:
GRAIN STOCKS.
Wheat.
Corn.
Oats,
Rye.
Barley.
bush,
bush.
bush.
bush.
bush.
305,000
27.000 1,841,000
47,000
54,000
6,000
1.000
64.000
3,000
953.000
36,000
627.000
4,000
21,000
2,791,000
58,000
243,000
59,000
42,000
•
36,000
459,000
91,000
70,000
3,000
394.000
14,000
1,162,000
433.000 2,340,000
105.000
259.000
937,000
234,000
619.000
124.000
459.000
614,000
103,000 1,035,000
5,000
7.000
215,000
25,000
220,000
15,000
5,060,000 3,141,000 11,521,000 2,156,000
39
1;000
290,000
102,000 1.455.000
16,000
215,000
7,919,000
31,000 6,684,000 1,575,000 1,462,000
2,637,000
104,000 22,089,000
880,000
567,000
99,000
61,000
1,000
10,000
2,218,000
250.000 1,075.000
25,000
63,000
4,937,000
769.000 5,142,000
106,000
64.000
2,700,000
133.000
1,361,000
62,000
42,000
5,000
3,000
3,000
20,000 1,361,000
-----621,000
272,000
611,000
2.000
1,404,000
206,000 3,679,000
55,000
27,000
596,000
338,000
981.000
175,000
367,000
21,000
26,000
625,000
198,000
639,000
Total Sept. 12 1925...37,732,000 6,390,000 63,212,000 5.573,000
Total Sept. 5 1925..35.019.000 6,689,000 55,140,000 4,911,000 4,959.000
Total Sept. 13 1924_76,939.000 4,869,000 29,713,000 16,157,000 4,209,000
2,704.000
Note.-Bonded grain not included above: Oats, New York,
Baltimore, 1,000; Buffalo, 1.000; Duluth, 2,006; total 10,000 6,000 bushels:
bushels,
against
1.776.000 bushels in 1924. Barley, New York, 4.000 bushels;
Duluth, 67.000;
total, 71000 bushels, against 240,000 bushels In 1924. Wheat, New
York, 161,000
bushels; Boston, 3,000; Philadelphia, 303.000; Baltimore, 277,000; Buffalo,
128,000;
Buffalo afloat, 106,000; Duluth, 44,000; Toledo, 35,000; Canal,
266.000; On Lakes
155,000; total. 1.508,000 bushels, against 2,603,000 bushels in 1924.
CanadianMontreal
1,029,000
373,000 1,075,000
53,000
177,000
Ft. William & Pt. Arthur_ 4,975,000
576,000
644,000 1,595,000
Other Canadian
836,000
241,000
1,000
6.000
Total Sept. 12 1925.- 6,540,000
373,000 1,892.000
728,000 1,778,000
Total Sept. 5 1925.... 4,002,000
361,000 2,030,000
651,000
Total Sept. 13 1924.-- 8,572,000
59,000 5,175,000 1,717,000 1066.000
476,000
SummaryAmerican
37,732.000 6,390.000 63,212,000 5,573,000
4,959,000
Canadian
6,840,000
373.000 1,892,000
725,000 1,775.000
Total Sept. 12 1925-44,572,000 6,763,000 65,104,000 6,301,000
Total Sept. 5 1925_ _39,021,000 7,050,000 60,170,000 5,562,000 6,737.000
Total Sept. 13 1924...85.511.000 4,925.000 37,591.000 17.574,000 5,275,000
4.180.000
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
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
National Bank Notes-Total Afloat
Amount afloat Aug. 1 1925
Net decrease during August
Amount of bank notes afloat Sept. 1 1925
Legal-Tender NotesAmount on deposit to redeem national bank notes Aug. 1 1925
Net amount of bank notes redeemed In August
Amount on deposit to redeem national bank notes Sept. 1 1925
$725,555,684
2.892,687
5723,662,997
$66,214,271
4,737,357
361.476,914
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Sept. 10-The Inkster National Bank, Inkster, Mich
$25,000
Correspondent, Richard Holland, Box 41, Inkster, Mich.
Matoaka
-The
National Bank, Matoaka, W. Va
Sept. 12
25.000
Correspondent, C. H. Gilmer, Matoaka, W. Va.
APPLICATIONS TO ORGANIZE APPROVED.
Sept. 12-First National Bank in Halley, Idaho
$50000
Correspondent, Joseph W. Fuld, Halley, Idaho.
Sept. 12-The Ft National Bank of Newfoundland, Pa
25,000
Correspondent. Clarence F.Ehrhardt, Newfoundland,Pa.
APPLICATION TO CONVERT APPROVED.
Sept. 12-Bowery National Bank of New York, N. Y
$250.000
Conversion of the Bowery Bank, New York, N. Y.
CHARTER ISSUED.
Sept. 10 12818 The East Rockaway National Bank, East Rockaway, N. Y
$50.000
President, Edward Bermingham; Cashier, Henry W. A.
Helfrich.
VOLUNTARY LIQUIDATIONS.
Sept. 8.-11485 The Guaranty National Bank of Tahlequah, Okla_S25,000
Effective Aug.6 1925.
IAq. Agent, A. '1`. Edmondson, Tahlequah, Okla.
Absorbed by the Liberty National Bank of Tahlequah.
No. 12089.
Liability for circulation not assumed under Sec. 5223,
U.S. R. S.
Sept. 9.-9560 The Drovers National Bank of Kansas City, Mo.$1.000,000
Effective Aug. 25 1925.
Liq. Agent, Si. F. Dreyfoos, Kansas City, Mo.
Succeeded by Drovers National Bank in Kansas City,
No. 12794.
Sept. 9-11136 The Clayton National Bank, Clayton, N. Meg
25,000
Effective June 6 1925.
Lig. Agents. I.E.Cameron and A.E.Cameron,Guymon,
Okla.
Absorbed by the Farmers and Stockmens Bank of Clayton.
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 Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per oh. Shares. Stocks.
$ per sh.
20 Tower Consolidated Mills 00.1
100 San Juan Sugar Co., com.,
par 310
Class"A" pref.. par 310
32 lot
10 Canadian Libbey-Owens Sheet
7 Tower Consolidated Mills Co.
412
Glass Co., Ltd., corn. temp.
common. Par $10
en., no par
$ZOO May's Food Products. Inc., I lot
8350 lot
10 Canadian LIbbey-Owens Sheet
1st Mtge. 5% cony, gold notes. I
Glass Co., Ltd., pref.temp.cit.. 91
1936; $100 Oct. 1 1923 and $1001
April 1 1923 coupons on
20 Meyer & Measor (U.K.), Ltd.,
1
109 Amer. Motor Body Corp., no
ordinary, par fl
310Iot
$50 lot Sundry notes aggregating $55,par
1
100 San Juan Sugar Co.. pref
115 09
5350 lot
I
1430
THE CHRONICLE
{vol. 121.
Books Closed.
When
Per
Days Inclusive.
By R. L. Day & Co., Boston:
Cent. Payable.
Name of Company.
$ Per oh.
$ per oh. Shares. Stocks.
Shares. Stoc.ts.
800 Utah Met.& Turin. Co., par $1
328
5 First National Bank
Public Utilities (Concluded).
S3
•s1
Oct. lb *Holders of rec. Sept. 21
1 Webster dr Atlas Nat.Bk.,Bost_ _215 M 500 Thine Co., par
Puget Sound Power & Lt., corn. (qu.)_ _
3,576 Boston dr Corbin Mining Co.,
383k
Bank
National
•15( Oct. 15 *Holders of rec. Sept.21
1 Second
preferred (guar.)
Prior
$5
par
2234
.P1A Oct. 15 *Holders of rec. Sept. 21
11 Hill Mfg. Co.
(guar.)
Preferred
2 Boston Opera Co
136
Oct. 10 Holders of rec. Sept. 25
2
10 Pepperell Mfg. Co
Shawinigan Water & Power (guar.)20 Standard Beet Sugar Co., pref. _
106
of rec. Oct. la
10 Brookside Mills
South Pittsburgh Water, pref. (guar.).. 15( Oct. lb Holders of
133A 25 Michigan Telep. Co.(Mt dated
rec. Sept.10
Holders
Sept.15
435(c
10 Newmarket Mfg. Co
(guar.).
A
Class
Power,
&
Southern Gas
May 16 1899)
rec. sent. 21
of
182A-183
1
Holders
Oct.
15 Farr Alpaca Co
$1.50
(guar.)
$425 Southwestern Light& Pow.,pref.
19
1 New Boston Music Hall
27 Waltham Bleschery Jr Dye Wks_ 40
(qu.). 4.134 Oct. 1 *Holders of roc. Sept. 216
pref.
lot
Pow.,
temp.
&
Lt
Water,
Superior
Mines,
rec. Sept.
of
1
Holders
Oct.
15(
10 Naumkead St' Cot. Co_19234 ex-div. 400 Cortes Assoc.
(guar.)
United Utilities, preferred
$3
220
par
Sept.
ctf.,
rec.
ex-div.
of
3534
Holders
29
Sept.
3
10 West Point Mfg.Co_135-1
Virginia R.& Power,common
4 Wonderland Co., corn
Dec. 15 Holders of rec. Oct. 316
3
3 Bost. Woven Hose & Rub., com_ 88
Common
8 Wonderland Co., pref
•I34 Oct. 30 Lawrence G.& E.Co., par $25_ _ 41
Co., .
(guar.)
Preferred
Mining
Parral
Arizona1,400
5
8special units First Peoples Trust__
Par $5
10 Lynn G.& El. Co., par $25_ _ _ _112
Banks.
Land & Mining
Oct. I Holders of rec. Sept.24a
4
7 New England Pr.Co., pref _100A & div. 200 Union Copper
American Exchange-Pacific (guar.)
Co., par $25
' 78%
13( Oct. 1 Holders of rec. Sept. 24
8-100 State Theatre, pref
(quar.)
National
Capitol
Co,
1163 500 Nevada Douglas Copper
3
Oct. 1 Holders of rec. Sept.20a
50 Boston Wharf Co
Colonial (guar.)
5334 Sept.30 Sept.27 to Sept.30
asst. No. 3 paid, par $5
4 Puget Sound Power & Light Co.,
(old)
East River National (guar.)
108A & div. 7 Springfield Gas Light Co.
Oct. 1 Holders of rec. Sept.300
Prior pref
3634
Avenue
(guar.)
Fifth
par $25
Holders of rec. Sept.30
*2
1 Boston Chamber of Commerce
Co.,
First National of Jamaica (guar.)
&cur.
Elec.
ge
44
Cambrid
5
*Holders of rec. Sept. 30
*2
Realty Trust, 2d pref
101
Extra
par $25
80
of rec. Sept. 19s
1
Holders
Oct.
3
30 North Boston Ltg.Props.,corn
16
Greenwich (guar.)
12734 10 Winchendon Elec. Lt.& Pr. Co-1
Oct. 1 Sept.20 to Sept.30
6
50 Plymouth Cordage Co
26434 Hanover National (guar.)
10 Algonquin Printing Co
3
Oct. 1 Holders of rec. Sept. 190
2 Mutual Fin. Corp., pref., par $50139
right. Mechanics, Brooklyn (guar.)
per
$
Sept.196
Rights.
_
5 Oct. 1 Holders of rec. Sept.
1 Mutual Fin. Corp.,corn., par $50.1
15
Mechanics & Metals National (guar.)_ _
206
12 Brockton Gas Light Co
rec.
2
Oct. 1 Holders of rec.
Municipal, Brooklyn (guar.)
Sept. 24a
of
Holders
1
3
Oct.
:
30
By Wise, Hobbs & Arnold, Boston Stocks.
Sept.
to
29
oh. Mutual (gear.) ial (guar.)
1
per
Sept.
$
Oct.
134
Peoples Commerc
$ per oh. Shares.
Shares. Stocks.
13934 State
Oct. 1 Holders of rec. Sept.180
4
(guar.)
22734 2 U. S. Envelope Co., corn
Sept. 300
2 National Shawrnut Bank
rec.
of
1
Holders
65
134
.
__
Oct.
corn_
Co.,
(guar.)
on Heights, Bank.of
6 Nat. Fabric & Fin.
18
5 Great Falls Mfg.Co
44 A Washingt
7034 5 American Glue Co., corn
15 Nashua Mfg. Co. common
ld Co.,c0m 105
Trust Companies.
33 Nashawena Mills, 1st install. pd 10834100 Heywood-Wakefie
37
Oct. 1 Holders of roe. Sept. 254
6
pref._
Brooklyn (guar.)
1734 5 Graton & Knight Mfg.Co.,
15 Great Falls Mfg.Co
Oct. 1 Holders of rec. Sept.22
6
160
(guar.)
Union
Co
Paper
5
Central
96
Keith
2 Arlington Mills
Sept.29 Holders of rec. Sept. 19a
81c.
3
pref....
Co.,
Empire (guar.)
98
34-100 State Theatre
10 Nashua Mfg. Co., pref
234 Sept.30 Sept 19 to Sept.30
& Rub.,corn 8834 Fidelity-International (guar.)
15 Boston Woven Hose & Rub.,com 8834 10 Boston Woven Hose Co., com___104
234 Oct. 1 Sept. 22 to Sept. 30
Fulton (quar.)
5 Heywood-Wakefield
10 Quincy Mkt. Gold Storage &
_
_
right.
per
$
(gear.).
354 Oct. 1 Holders of rec. Sept.186
Trust
106
Irving Bank-Columbia
Rights.
Warehouse Co. corn
lb
Sept.30 Holders of rec. Sept.196
5
New York (guar.)
7 units First Peoples Trust_ _ _ _75 ex-div. 20 Brockton Gas Light Co
5
Sept.30 Holders of rec. Sept.29a
Peoples, Brooklyn (guar.)
30 Holders of rec. Sept.22
Sept.
3
:
By Barnes & Lofland, Philadelphia Stocks.
Title Guarantee & Trust Co.(guar.)---$ perch
$ per oh. Shares.
Shares. Stocks.
(new),
Assn.
Ins.
Fire
100
83
pt.
neous.
Camden
6%
Miscella
45 Penn Public Serv. Corp..
15
*50c. Oct. I *Holders of DX. Sent.20
Acme Steel (guar.)
4 Phila. Bourse, corn., par $50-- 2034
Oct. 1 Sept. 10 to Sept.30
2
__
corn., no par_ 18
Acme Road Machinery, pref.(guar.).
4 Phila. Bourse, corn., par $50__ 2034 50 Almar Stores Co.,
93
corn_
Co.,
Sept.15 Holders of rec. Sept. 10
2
French
&
5
350
Smith, Kline
Acme Wire (guar.)
7 First Nat. Bank of Phila
165
13( Sept.30 Sept.22 to Sept.86
12 Ridge Avenue Pass. Ry
260
Aeolian Company, preferred (guar.).10 Union National Bank
Oct. 1 *Holders of rec. Sept.21
6 Phila. Life Ins., Co., par $10---- 13
231
Aero Supply Mfg., Class A (No. 1)(qu *3734c
5 Quaker City Nat. Bank
9534
Oct. I Sept.24 to Oct. 1
50c.
pref
Alive & Fisher, Inc.(guar.)
5 Drovers & Merchants Nat.Bank-166A 7 Hare & Chase, Inc.,
(qu.) 134 Oct. 15 Holders of rec. Sept.304
corn., no par 2751
pref.
Inc.,
&
5
&
Hare
Chase,
coin.
125
Bank
Works,
National
Art
k
1 Overbroo
American
__ 25
I Sept.21 to Sept.30
A__
Oct.
13(
_
class
(guar.).
pref.
Corp.,
lte
,
325
30
Estey-We
Amer. Bond & Mortgage
12 Aldine Trust Co
Sept.254
40 Estey-Welte Corp.. class A_ - __ 25
Fdy., corn.(guar.)_ $1.25 Sept.30 Holders of rec. Sept.
11 West Phila. Title & Trust Co.,
254
16534 Amer.Brake Shoe &
30 Holders of rec.
Sept.
154
Co
se
Warehou
ts
225
4
Merchan
Preferred (guar.)
Par $50
lba
Sept.
rec.
pf
of
I
Holders
81
Oct.
2
6%
(guar.).
Corp.,
11 Penn Public Serv.
5 Central Trust & Say., par $50- _161
60
American Caramel, preferred
Oct.
rec.
Cent.
of
Per
334 Oct. lb Holders
Bonds.
10 Central Trust & Say., par $5016O
American Fork & Hoe, first Preferred
to Oct. 1
ref.
17
1
&
Sept.
Oct.
134
let
(guar.)
Ry.
Corp.
Scranton
11034 $2,000
American Hardware
15 Mutual Trust Co., par $50
25
Sept.
rec.
of
7734
1
•Holders
Oct.
*2
210
5s, 1947
American Milling, corn.(gear.)
25 Phila. Co. for Guar. Mtges
•134 Sept.30 *Holders of rec. Sept. 21
Square Club
20 Horn .4 Hardart Baking Co. of
$500 The Brookline
Amer. Pneumatic Service, 1st pref
77
Oct. 1 *Holders of rec. Sept.17
.31
(guar.)
24034
. 1952
Philadelphia, no par
American Sales Book, corn. pref.(guar) 4.13.4 Oct. 15 *Holders of rec. Sept.30
American Seeding Machine,
3
Sept 30 Holders of rec. Sept.199
By A. J. Wright & Co., Buffalo:
(guar.)
$ per oh. American Surety
Sent.30 Holders of rec. Sept.190
$ per oh. Shares. Stocks.
Shares. Stocks.
of
Extra
Ltd.,
Co.,
Oct. 15 Holders of rec. Oct. ba
2
434c. 100 Tobacco Holding
2,000 Lake Side Lorraine
$4.25 lot American Type Founders, corn. (guar.)
Oct. 15 Holders of rec. Oct. ba
154
4634c.
Canada
Mining
Oak
Tough
3,000
(guar.)
lot
Preferred
$6
Mining
Bar
Silver
Oct. I Holders of rec. Sept. 240
_
134
)
1,000
51
2 Pratt & Lambert
Amer. Window Glass Mach.,com.(gu.
1
100 Peoria Decatur & Evansville
13( Oct. 1 Holders of rec. Sept. 240
50 Daniel Boone Woolen Mills
(quar.)
Preferred
$2.90 lot
4,5
Co
Ry.
Sept.14 *Holders of roe. Sept. Sa
634
Copper
Arizona
10 Shattuck
1
Appleton Company (guar.)
tic
154 Oct. 1 Sept. 18 to Oct. 1
375 M•,r,h Gold
Armstrong Cork,common (guar.)
Oct 1 Sept. 18 to Oct.
15(
29
Preferred (guar.)
Sept.
rec.
of
Holders
26
Oct.
50c.
Associated Oil (guar.)
DIVIDENDS.
Oct. lb Holders of rec. Oct. I
$1
the Atlas Plywood (guar.)
Oct. I Holders of rec. Sept.23
par) 2
Dividends are grouped in two separate tables. In curAtlas Portland Cement, pref. MOO
682-3c Oct. 1 Holders of rec. Sept.23
Preferred new ($3334 Par)
4.1% Nov. 1 *Holders of rec. Oct. 15
first we bring together all the dividends announced thewhich Austin,
Prof.
(guar.)
Inc.,
Co.,
Nichols &
rent week. Then we follow with a second table, in have Barnhart Brothers & Spindler- 13.4 Nov. 1 Holders of rec. Oct. 240
First and second preferred (guar.).
4,154 Oct. 15 *Holders of rec. Sept.30
we show the dividends previously announced, but which
1st pref.(guar.)'
Cigars,
Bayuk
•13i
Oct. 15 *Holders of rec. Sept.30
not yet been paid.
Convertible 2d pref. (guar.)
Oct. 15 *Holders of rec. Sept.30
*2
8% second Prof.(guar.)
The dividends announced this week are:
_
_
Sept.15 Sept. 11 to Sept.15
2
(guar.)
pref.
1
Berkey & Gay Furniture,
250. Oct. 15 Holders of rec. Oct. 154
Books Closed
Big Store Realty
Per
When
134 Oct. 1 Holders of rec. Sept.
Days Inclusive.
16
Bird & Son, preferred (guar.) (quar.)_
Sept.
rec.
Cent. Payable.
of
1
*Holders
Name of Company.
Oct.
30
Bowman-Biltmore Hotels, pref.
50c. Oct. 1 Sept.19 to Sept.19
British American 011, Ltd.(guar.)
rec. Sept.
Railroads (Steam).
Sept.16a Brown dr Williamson Tobacco, corn.(au) 134 Oct. 1 Holders of
rec.
of
19
Sept.
1
Holders
Oct.
rec.
(guar.)
of
Lynn
134
&
134 Oct. 1 Holders
Boston Revere Beach
210
Preferred (quar.)
of rec. Sept. 21
766. Oct. 1 Holders of rec. Sept.21a
Buffalo & Susquehanna.common (guar.) '134 Sept.30 *Holders of
rec. Nov. 16
N.) & Co., common (guar.)--(F.
Burt
Sept.
_
_
22
*Holders
Nov.
*134
(guar.)
rec.
pref.
of
,
Northern
&
Holders
1
Oct.
144
Mobile
Gulf
Preferred (guar.)
*134 Oct. 5 *Holders of rec. Sept. 25a
2
Oct. 1 Holders of rec. Sept.300
Joliet & Chicago (guar.)
Oct. 15 Holders of rec. Sept. 30a Ilutterick Publishing, prof.(gar.)
134 Oct. 16 Holders of rec. Sept.300
Kansas City Southern, preferred (quar.). 1
SePt.19a Canada Cement (guar.)
rec.
of
Sept.22
1
Holders
Oct.
_
2
lines_
leased
Marie,
&
Minn.St.P. 8.8.
30a Canadian Consol. Rubber, pref.(guar.). 13( Sept.30 Holders of rev. Oct. 4
134 Nov. 2 Holders of icc. Sept.
134 Sept.30 Sept.20 to
Northern Pacific (guar.)
Canfield Oil, common (guar.)
Oct. 4
Nov.12 Holders of rec. Oct. 15
to
20
15(
Sept.
30
Sept.
Reading Company,common (guar.)_ _ *El
la
Preferred (guar.)
$1.25 Oct. lb Holders of rec. Oct.
*154 Oct. 1 *Holders of rec. Sept.21
West Jersey & Seashore
Carey (Philip) Co.. pref.(guar.)
of rec. Sept. 22
Holders
1
$1.50
Oct.
(guar.)
common
Central Aguirre Sugar.
Public Utilities.
Nov. 2 *Holders of rec. Oct. 15
stcck) *120
Common (payable in common
134 Oct. 1 Holders of rec. SeP t. 19
Oct 10 Holders of rec. Sept.25
Si
Alabama Power, preferred (guar.)
Sept. 30
Central Steel, corn.(guar.)
*134 Oct. 14 5Holders of rec.
Oct. 1 Holders of rec. Sept. 15
2
All-America Cables (quar.)
of rec. Sent. 17
Preferred (guar.)
*200. Oct. 1 *Holders of rec. Sept. 19
Amer. Gas & Elec.,common (guar.) _ _ 25c. Oct. I Holders of rec. Oct. 10
Chatterton & Son (guar.)
$1.50 Nov. 2 Holders
Oct. 1 *Holders of rec. Sept. 15
23(
•
Preferred (guar.)
m.(qu.)
.Yds.,co
21
Un.Stk
of rec. Sept.
Chic Jot.Rye
*134 Oct. 1 *Holders of rec. Sept.15
Arkansas Cent. Power, preferred (guar.) $1.75 Oct. 1 Holders
19
Sent.
rec.
(guar.)
of
Preferred
Holders
Birmingham Elec. Co., pref.(quar.)_. $1.75 Oct. 1
of rec. Sept. 15a
15
ServiceCentral Illinois Light.6% pref.(quar.)... 134 Oct. I Holders of rec. Sent. 15a Cities
34 Nov. 1 Holders of rec. Oct.
Common (monthly)
134 Oct. 1 Holders
Nov. 1 Holders of rec. Oct. 15
7% preferred (guar.)
to SePt.30
10
Common (payable in corn. stock).
Sept.
of rec. Oct. 16
1
Holders
Nov.
34
Consumers El.L.& P., New ON.,pf.(qu.) 134 Sept.30 *Holders
).30
B
(monthly
Sept.
prepaid
of rec.
289
Preferred and
I M Oct. 1 Holders of rec. Sept. 1
East Bay Water, preferred. Class A (qu.) *154 Oct. 15 *Holders of rec. Sept.30
City Investing, preferred (guar.)
•134 Oct. 15
Oct. 1 Sept.20 to Oct.
Preferred, Class B (gar.)
Stock Yards (guar.).- 2
rec. Sent. 21
of rec. Sept. 25
134 Oct. 1 Holders of rec. Sept 19a Cleveland Union common (quar.)
*Holders
1
*SI
Oct.
Eastern Kansas Power, pref.(guar.)_ _ _ _
Clinchfield Coal,
Holders of
Oct. 1 Holders of rec. Sept. 23
Eastern Texas Elec. Co., corn.(guar.).- $1.25 Oct. 1 Holders of rec. Sept. 19a Commercial Solvents, class A (guar.)-- $I
134 Oct. 1
2
Oct. 1 Holders of rec. Sept.23
Preferred (guar.)
of rec. Oct. 15
First preferred (guar.)
Holders
2
Nov.
134
(guar.)
1
preferred
Oct.
dr
'134
Electric Bond Share,
of rec. Sent. 19
Conley Tank Car, corn.(guar.)
*2
Oct. 1
Elec. Bond & Share Securities(quar.).._ 25c. Oct. 15 Holders
1
Preferred (guar.)
Co.
•50c.
10
*Holders of rec. Oct. 1
Oct.
Light
&
(guar.)
Power
cont.
Electric
Creamery Package Mfg.,
Holders of rec. Sept. 19a
*S1
Oct. 10 *Holders of rec. Oct. 1
Allotmentctfs.for corn.dr M.(full Pd.) 154 Oct. 1
Common (extra)
1 Holders of rec. Sept. 19a
rec. Oct.
of
*Holders
10
Oct.
Allotm't Mts.for com.& pl.(40% pd.) 70c. Oct.
is
Oct.
Preferred (guar.)
141 Oct. lb Holders of rec. Oct. is
51.75 Oct. 1 Holders of rec. Sept.lba
El Paso Electric Co.. pref. A (guar.). _
pref. (gear.)_ _
Oct. 15
134 Oct. 15 Holders of rec. Sept. 21a Crown Finance Corp., (guar.)
Oct. 31 Holders of rec. Sept.
Preferred B (quar.)
300
Crucible Steel, common
I Holders of rec.
Oct.
(qu.)
$1.75
Prof.
Co.,
2
Oct. 15 Holders of rec.
Service
Public
s
(guar.)
Engineer
of rec. Sent. 10
ph Ptoducts, pref.
Dictogra
Holders
1
Oct. 1
Oct.
•Im
_
(guar.)
134
rec.
of
Oct. lb Holders
10
Illinois Power dr Light,7% pref.
Sept.
(guar.)
rec.
preferred
of
20
Bros.,
Dodge
Holders
134 Oct. 1
*75c. Oct. 1 Holders of rec. Sent.
Six per cent preferred (guar.)
of rec. Sept. 19
Edmunds dr Jones Corp., corn.(guar.)-- .14 Oct. I Holders of rec. Sept.20
134 Oct. 1 Holders to Oct. 1
Illinois Traction, preferred (guar.)
(guar.)
22
Preferred
Sept.
26
1
Sept.
Oct.
314
15(
1 Holders of rec.
Indianapolis Water Works Sec.. pref. _
rec. Sept. 15
21
Eisenstadt Manufacturing, pref.(guar.). •$1.50 Oct.
134 Oct. 1 Holders of rec. Sent. 21
Oct. 1 Holders of rec. Sept.28
Iowa Power & Light, preferred (guar.)_ Electric Auto-Lite (guar.)
Sept.
144 Oct. 1 Holders of rec. Sent.30
(guar.)_ _ _ •1M Oct. 1 Holders of rec. Oct. lba
Kansas Elec. Power, preferred (quar.)_ _
pref.
1st
Mills,
of
Cotton
Essex
Holders
1 M Oct. 15
Nov. 2 Holders of rec.
Laurentide Power (quar.)
22a Famous Players-Lasky Corp., pref.(qu.) 2
1 Holders of rec. Sept.
*50c. Oct. 1 Holders of rec. Sept. 15
Manhattan Ry., modified guar (guar.). 75c. Oct.
rec. Sept. 25
Faultless Rubber (guar.)
6
134 Oct. lb Holders of rec.
15 Holders of roe. Oct. 5
5234c.
Oct.
(qu.)
A&B
Massachusetts Ltg. Cos.,6% Pt.(qu.)
25
t.),cm.
Sent.
Am.(Bal
of
ba
Co.of
Finance
Oct. 15 Holders
2
I35(c. Oct. 15 Holders of rec. Oct.
8% preferred (guar.)
of rec. Sent. 19
per cent pref. (guar.)
Seven
ba
*Holders
Oct.
1
Oct.
rec.
•S1.75
of
Memphis Power & Light, pref.(guar.)
R per rent convertible pref. (guar.)_ _ 50c. Oct. 15 Holders rec. Sept.4149
1 Holders of rec. Sept. 19
Oct. 1 Holders of
1
Missouri Power & Light,7% pref.(qu.). 134 Oct. 1 Holders of rec. Sent. 19
Flint Mills (guar.)
Oct. 1
154 Oct.
Oct. 15 Holders of rec. Sept.
North Amer. Lt. & Power, pref. (nu.).
rec. Sept. 15
of
Film Corp., corn., Class A & B_ _ _ _ 'SI
Fox
20
Holders
1
Oct.
134
Oct. 1 Holders of rec. Sept. 19
Nor.Ohio Trac.& Light,6% pref.(qu.)_
15
Sent.
rec.
pref.
(guar.)
of
Leather,
General
Holders
rec.
154 Oct. 1
cf
Holders
1
Oct.
134
21
Seven per cent preferred (guar.)
Sept.
(guar.)
of rec.
Tire & Rubber, pref.
General
20
Holders
Sept.
1
Oct.
_
rec.
_
of
154
(guar.)
preferred
Holders
*550. Oct. 1
Ohio Bell Telephone.
(guar.)
rec. Sent. 24
Sent.20
134 Oct. 1 Holders of rec. Bent. lba Gibson Art Co.. common
•10c. Oct. 1 Holders of rec. Sept.
Ohio River Edison, pref. (guar.)
20
Common (extra)
Sept.30 Holders of
rec.
of
(qu.)_
corn.
134
,
Pow
Holders
&
1
Heat
Oct.
Light.
•141
Ottawa
Preferred (guar.)
Oct. 1
154 Oct. 1 Holders of rec. Sept. I5a
•
Preferred (guar.)
•154 OA. 15 Holders of rec. Oct. 1
18
Goodyear Tire & R.of Calif., pt.(qu.)
Oct. 1 Holders of rec. Bern. 30
1
of rec.
Holders
15
Oct.
(
Ottawa Traction (guar.)
)...•1315
Sept.
dividends
ted
rec.
Prof. (acc't accumula
Oct. 15 Holders of
Holders of rec. Sept.19
Pacific Gas & Electric, common (quar.). *2
Sent. 16
Goodyear Tire & Rubber, Can., pf.(qu.) 134 Oct. 1 Holders of roe. Sept. 19
154 Oct. 1 Holders of rec.
134 Oct. 29
Panama Power & Light, preferred (qu.)_
Goulds Manufacturing. corn.(guar.)._ _
I Holders of rec. Sent. 15
Holders of rec. Sept. 19
1
Oct.
Pennsylvania Power & Lt., pref.(gu.) '$1.75 Oct.
154
Preferred (guar.)
Oct. 15 'Borders of rec. Sent.30a
PhilaIelphla & We•tern Rm.. Prof.(om.). 5714c.
SEPT. 19 1925.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Miscellaneous (Concluded).
Grasse111 Chemical, common (quar.)._
2
Sept.30 Holders of rec. Sept.15.
Preferred (quar.)
1)4 Sept.30 Holders of rec. Sept.15
Hamilton-Brown Shoe,common (m'thly) 1
Oct. 1 Sept.24 to Sept.30
Harbauer Co.(quar.)
45e. Oct. I Holders of rec. Sept. 15
Harris Automatic Press (quar.)
75e. Oct. 1 Holders of rec. Sept. 19
Heath(D.C.)& Co., preferred (quar.)-13.5 Oct. 1 Holders of rec. Sept. 25
Hibernia Securities, preferred (guar.)... 3
Oct. 1 Holders of rec. Sept.26
Hollinger Consolidated Gold Mines
8c. Oct. 7 Holders of roe. Sept.21
Holt, Renfrew & Co., pref. (quar.)
135 Oct. 1 Holders of rec. Sept.26
Imperial Tobacco of Canada, preferred_
*3
Sept.29
Interlake Steamship (quar.)
"81.25 Oct. 1 "Holders of rec. Sept. 18
Kansas City Bolt & Nut, pref.(quar.).. 2
Oct. 1 Holders of rec Sept.20a
Kirshbaum (A. B.) Co., pref. (guar.)._ _
155 Oct. 1 Holders of rec. Sept.20a
La Salle Extension Univ.,com.(guar.)._ 15c. Oct. 1 Holders of rec. Sept.20
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept.20
Laurentide Company (quar.)
114 Oct. 1 Holders of rec. Sept. 17
Lawyers Mortgage (quar.)
235 Oct. 1 Holders of rec. Sept. 21
Lehigh Valley Coal Sales (quar.)
32
Oct. 1 Holders of rec. Sept. 15
Library Bureau. common (quar.)
50c. Oct. 1 Holders of rec. Sept. 19
Preferred (quar.)
2
Oct. 1 Holders of rec. Sept. 19
MacAndrews & Forbes, common (quar,) 234 Oct. 15 Holders of rec. Sept. 30a
Preferred (quar.)
134 Oct. 11 Holders of rec. Sept. 30a
Magor Car Corp.. common (quar.)
25c. Sept.30 Holders of rec. Sept.23
Preferred (quar.)
15.5 Sept.30 Holders of rec. Sept.23
Manning, Maxwell dr Moore,Inc.(quar.) 134 Oct. 2 Holders of rec. Sept.30
Marlin-Rockwell Corp.. pref. (guar.)._, "155 Oct. 1 "Holders of rec. Sept.25
Merck & Co.. preferred (quar.)
$1
Oct. 1 Holders of rec. Sept. 17
Michigan Sugar, common (quar.)
•15c. Oct. 1 "Holders of rec. Sept. 19
Mill Factors Corporation (quar.)
134 Oct. 1 Holders of rec. Sept.19
Morgan Lithograph, preferred (guar.)._
134 Oct. 1 Holders of rec. Sept.16a
Mountain & Gulf Oil (quar.)
•2c. Oct. 15 "Holders of rec. Oct. I
Extra
•le. Oct. 15 *Holders of rec. Oct. 1
National Cloak & Suit, corn.(quar.)._ _ _ 31
Oct. 15 Holders of rec. Oct. 9a
National Fuel Gas (quar.)
$1.50 Oct. 15 Holders of rec. Sept.30
National Paper & Type, preferred (quar.) 2
Oct. 15 Holders of rec. Sept. Ma
National Tea, common (quar.)
32
Oct. I Holders of rec. Sept.22
Naumkeag Steam Cotton Co.(quar.)_. _
3
Oct. 1 Holders of rec. Sept.17
Newark Yellow Cab Co.,(guar.)
"25c. Oct. 1 *Holders of rec. Sept.20
New Bradford 011 (quar.)
5123.4c Oct. 15 "Holders of rec. Oct. 1
Newmont Mining Corp
60c. Oct. 15 Holders of rec. Oct. 1
Newton Steel,common(quar.)
*50c. Oct. 1 *Holders of rec. Salt.20
Preferred (quar.)
"155 Oct. 1 *Holders of rec. Sept.20
New York Title dr Mortgage (quar.). _
3
Oct. I Holders of rec. Sept.220
Nicer Corporation, Class A (quar.)
750. Oct. I Holders of rec. Sept.19
Class B (quar.)
25c. Oct. 1 Holders of rec. Sept.22
Class B (extra)
25c. Oct. 1 Holders of rec. Sept.22
North American Car,Class A (quar.) _ _ "6234c Oct. 1 'Holders of rec. Sept.24
Ogilvie Flour Mills (quar.)
$1.25 Oct. 1 Holders of rec. Sept.23
Bonus
$3
Oct. 1 Holders of rec. Sept.23
Otis Elevator,common(qmar.)
$1.50 Oct. 15 Holders of rec. Sept.30
Preferred (quar.)
$1.50 Oct. 15 Holders of rec. Sept.30
Pet Milk Co.. ommon (quar.)
75c. Oct. 1 Holders of rec. Sept.10
Preferred (guar.)
155 Oct. 1 Holders of rec. Sept.10
Phelps Dodge Corporation (quar.)
$1
Oct. 2 Holders of rec. Sept.I9a
Prairie Pipe Line (guar.)
*2
Oct. 31 'Holders of rec. Sept.30
Procter & Gamble 8% pref.(quar.)
2
Oct. 15 Sept. 27 to Oct. 14
Remington Arms,first pref (guar.)
*155 Oct. 1 'Holders of rec. sePt.19
Reynolds Spring, Prof., Cl. A & B (qu.) •155 Oct. 1 *Holders of rec. Sept.15
St.Louis National Stock Yards(quar.)_ _ *2
Oct. 1 'Holders of rec. Sept.25
Schwartz (Bernard) Cigar (quar.)
"260. Oct. 1 "Holders of rec. Sept.20
Schulte Retail Stores, pref. (quar.)
2
Oct. I Holders of rec. Sept.15a
Sefton Manufacturing, preferred (quar.) •135 Oct. 1 *Holders of rec. Sept.22
Sherwin Williams Co., Canada,com.(qu) 134 Sept.30 Holders of rec. Sept.15
Preferred (guar.)
155 Sept.30 Holders of rec. Sept.15
Silver King Coalition Mines(quar.)
*25c. Oct. 1 *Holders of rec. Sept.20
Southern Baking. preferred (guar.)
$2
Oct. 1 Holders of rec. Sept.14a
Standard Publishing, Class A (guar.)... *134 Oct. 20 'Holders of rec. Oct. 1
Standard Screw, common (quar.)
3
Oct. 1 Holders of rec. Sept. 16
Stern Brothers. Class A (quar.)
"El
Oct. 1 *Holders of roc. Sept.18
Textile Banking (quar.)
*2
Oct. 1 "Holders of rec.-Sept.24
Tintic Standard Mining (guar.)
'40c. Sept.29 "Holders of rec. Sept.22
Tobacco Products Corp., corn.(guar.)._ $1.50 Oct. 15 Holders of rec. Oct. 1
Torrington Company,corn.(quar.)
234 Oct. 1 Holders of rec. Sept.22
Common (extra)
Si Oct. 1 Holders of rec. Sept.22
Tuckett Tobacco, common (quar.)
•1
Oct. 15 *Holders of rec. Sept.30
Preferred (quar.)
•135 Oct. 15 *Holders of rec. Sept.30
Union Twist Drill, preferred (guar.)... _
155 Sept.30 Holders of rec. Sept. 2Ia
United Profit-Sharing, preferred
5
Oct. 31 Holders of rec. Sept. 30a
United Verde Extension Mining
*750. Nov. 2 *Holders of rec. Oct. 6
U.S. Industrial Alcohol, pref. (quar.)_ _ *135 Oct. 16 'Holders of rec. Sept.30
Universal Leaf Tobacco, pref. (quar.)__
2
Oct. 1 Holders of rec. Sept. 22
Van Dorn Iron Works, prof.(quer.) _ _
155 Oct. 1 Holders of rec. Sept.22
Warner(Chas.) Co., corn.(quar.)
50c. Oct. 10 Holders of rec. Sept.30a
First and second preferred (quar.)
135 Oct. 22 Holders of rec. Sept.30a
West Coast 011 (quar.)
411.50 Oct. 5 *Holders of rec. Sept.25
• Extra
"83
Oct. 5 'Holders of rec. Sept.25
Western Electric, common (quar.)
$2.50 Sept.30 Holders of rec. Sept. 28
Western Exploration
Sc. Sept.20 Sept. 16 to Sept.20
Westinghouse Air Brake (quar.)
$1.50 Oct. 31 Holders of rec. Sept.30
Westmoreland Coal(quar.)
50c. Oct. 1 Sept.26 to Oct. 1
White Eagle 011dr Refining (quar.)
*50c. Oct. 20 *Holders of rec. Sept.30
Will & Baumer Candle, pref.(quar.)_ _
2
Oct. 1 Holders of rec. Sept.18
Winnsboro Mills, common (quar.)
*2
Oct. 1 *Holders of rec. Sept.24
• Preferred (quar.)
'
1)4 Oct. 1 'Holders of rec. Sept. 24
Woodley Petroleum (quar.)
150. Oct. 15 Holders of rec. Sept.30
Yale Leasing Corn (minim!)
4
Oct. It Holders of roc Oct. 1
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railroads (Steam).
' Alabama di Vicksburg
Bangor & Aroostook, COM. ((Buar.)
Preferred (quar.)
Beech Creek (quar.)
Boston & Albany (quar.)
Boston & Providence (quar.)
Canadian Pacific. corn. (quar.)
Preference
C. C. C. & Bt. Louis, cam. (guar.)._
Preferred (quar.)
Consolidated RIM.of Cuba, pref.(quar.)
Cuba RR., common (quar.)
Preferred
Delaware & Hudson Co.(quar.)
Lackawanna RR.of N.J.(quar.)
Lehigh Valley. COM.(quar.)
Preferred (quar.)
Newark dr Bloomfield
New York Central RR.(guar.)
N.Y.Chic.& Bt. L., corn. & prof.
N. Y. Lackawanna & Western (quar.). _
Norfolk & Western, corn. (quar
Old Colony (quar.)
Pere Marquette.corn.(quar.)
Prior preferred (guar.)
Preferred (quar.)
Philadelphia & Trenton (quar.)
Pittsburgh, Bessemer & Lake Erie, com_
Pittsb., Ft. Wayne & Chic., corn. (qu.)..
Preferred (quar.)
Reading Company. 2d pref. (quar.)....
St. Louie-San Francisco, Corn. (guar.)._
St. Louis-San Fran.. pref., Ser. A (qu.).
St. Louis Southwestern. prof foliar
Per
When
Cent. Payable.
3
75e.
155
50o.
2
2k
2k
2
Oct. 1
Oct. 1
Oct. 1
Oct. 1
Sept.30
Oct. 1
Oct 1
Oct. 1
g Oct. 20
134 Oct. 20
$1.50 Oct. 1
$1.50 Sept.30
3
Febl'28
2k Sept.21
1
Oct. 1
87k Oct. 1
$31.25 Oct. 1
3
Oct. 1
1)4 Nov. 2
1)4 Oct. 1
134 Oct. 1
134 9ept.119
1,5 Oct. 1
1
Oct. 1
1)4 Nov. 2
135 Nov. 2
234 Oct. 10
75c. Oct. 1
155 Oct. 1
155 Oct. 6
50s Oct. 5
155 Oct. 1
1)4 Nov. 2
sf Rent.30
Books Closed.
Days Inclusive.
Holders of rec. Sept. 15a
Holders of rec. Sept.15e
Holders of rec. Sept.15a
Holders of rec. Sept. 15a
Holders of rec. Aug. 31a
Holders of rec. Sept. 19
Holders of rec. Sept. 1
Holders of rec. Sept. 1
Holders of rec. Sept. 25a
Holders of rec. Sept. 25a
Holders of rec. Sept.15
Holders of rec. Sept.29a
Holders of rt0. Jan. 15a
Holders of rec. Aug. 28a
Holders of rec. Sept. ga
Holders of roe. Sept. 12a
Holders of rec. Sept. 12a
Holders of rec. Sept. 22a
Holders of rec. Sept. 250
Holders of rec. Aug. 15a
Holders of rec. Sept.15a
Holders of rec. Aug 31a
Holders of rec. Sept. 12a
Holsters of rec. Sept. is
Holders of rec. Oct. 15a
Holders of rec. Oct. 15a
Oct. 1 to Oct. •10
Holders of rec. Sept. 15a
Holders of rec. Sept. 10a
Holders of rec. Sept. 10a
Holders of rev. Sept. 22a
Holders of rec. Sept 15a
Holders of roe Oct. 15
Sept. 6 to Oct. 8
Railroads (Steam) Concluded).
Southern Pacific Co. (quar.)
Southern Railway, common (quar.)
Preferred (quar.)
Southern Ry.. M.dr 0.stock tr. Ws-_
Union Pacific, common (guar.)
Preferred
United N.J.RR.& Canal Cos.(quar.)_
Vicksburg Shreve.& Pao.. COM.& pref._
Warren
Western Pacific RR.Corp., pref.(q.)
1431
Per
When
Cent. Payable.
114
135
135
2
234
2
234
234
334
134
Oct. I
Nov. 2
Oct. 15
Oct. I
Oct. 1
Oct. 1
Oct. 10
Oct. 1
Oct. 15
Oct. 20
Books Closed.
Days Inclusive.
Holders of rec. Aug. 31a
Holders of rm.Sept.220
Holders of rec. Sept.220
Holders of rec. Sept.150
Holders of rec. Sept. la
Holders of rec. Sept. la
Sept. 20 to Sept.30
Holders of rec. Sept. I5a
Holders of rec. Oct. 5a
Holders of rec. Oct. 80
Public Utilities.
Amer.Foreign Power, preferred (quar.)_ $1.75 Oct. 1 Holders of rec. Sept. 19a
Corn.and prof.allotment ctts.(quar.) 4355c Oct. 1 Holders of rm.Sept. 19a
American Power & Light, pref.(quar.)
134 Oct. 1 Holders of rec. Sept.15
155 Oct. 1 Holders of rec. Sept.15
Amer. Public Service, prof. (quar.)___ _
Amer.Public Utilities, prior Prof.(quar.) 155 Oct. 1 Holders of rec. Sept.15
Participating preferred (quar.)
134 Oct. 1 Holders of rec. Sept.15
Amer.Superpower Corp., Class A and B_ 41.50 Nov. 15 Holders of rec. Oct. 15
155 Nov. 15 Holders of rec. Oct. 15
Participating preferred (quar.)
1
Participating pref. (extra)
Nov. 15 Holders of rec. Oct. 15
$1.50 Oct. 1 Holders of rec. Sept. 15
First preferred (quar.)
Amer. Telep. & Teleg. (quar.)
23.4 Oct. 15 Holders of rec. Sept 19a
American Water Works & Elec., corn_ /5
Sept.30 Holders of rec. Sept.15
Sc. Oct. 1 Holders of rm. Sept.100
Arkansas Natural Gas (guar.)
114 Oct. 1 Holders of rec. Sept. 15
Asheville Power & Light, pref. (guar.)._
Associated one dr Elec.Co., prel.(extra) 1234e Oct. I Holders of rec.Sept. 100
Preferred (extra)
1234r Jan 1'26 Holders of rec. Dec. 100
6234r Nov. 1 Holders of rec. Oct. 90
Class A (Muir.)
Bangor Hydro-Elec. Co., pref. (guar.)._
134 Oct. 1 Holders of rec. Sept.10
155 Sept.30 Holders of rec. Sept. 15
Barcelona Tr. Lt. & Pr.7% pref.(qu.)
Bell Telephone Co. of Canada (quar.)_ _ 2
Oct. 15 Holders of rec. Sept.23
Bell Telephone of Pa. pref.(quar.)
134 Oct 11 Holders of rec. Sept. 190
Beloit Water. Gas dr El. Co., pref. (qu.) 1,5 Oct. 1 Holders of rec. Sept.25
Boston Elevated Ry., COM.(quar.)
134 Oct. 1 Holders of rec. Sept. 19
Second preferred
334 Oct. 1 Holders of rec. Sept. 19
1)4 Oct. 1 Holders of rec. Sept. 15a
Brazilian Tr., Lt. & Pr.. Prof. (guar.)._
$1
Oct. 1 Holders of rec. Sept. 120
Brooklyn Union Gas (quar.)
Buff. Niag & East. Pow., cont.(No. 1). 1254c Oct. 1 Sept. 13 to Sept.27
40c Oct. 1 Sept. 13 to Sept.27a
Preferred (quar.)
Capital Traction. Wash,D. C.(quar.). 13.4 Oct. I Holders of rec. Sept. 14
Carolina Power & Light, corn. (guar.)._
134 Nov. 2 Holders of rec. Oct. 15
Preferred (quar.)
155 Oct. 1 Holders of rec. Sept. 15
Central Ill. Pub.Serv., pref.(guar.)..._ $1.50 Oct. 15 Holders of rec. Sept.300
155 Oct. 1 Holders of rec. Sept.10
Central States Elec. Corp., prof. (qu.)._
Chicago City Ry. (quar.)
1)4 Sept.30 Sept.d18 to Sept.25
Chic. North Shore & Milw., pref.(quar.) 134 Oct. 1 Holders of rm. Sept. 150
Prior lien stock (quar.)
135 Oct. 1 Holders of rec. Sept.15a
Chicago Rapid Transit, Prof.(monthly)- "65c. Oct. 1 'Holders of rec. Sept.15
"85c. Nov. 1 'Holders of rec. Oct. 20
Monthly
Monthly
"85c. Dec. 1 'Holders of rec. Nov.17
Ctn. & Suburban Bell Telephone (qu.)_. $1
Oct. 1 Holders of rec. Sept.15
Citizens Pass. Hy., Philadelphia (quar.) $3.50 Oct. 1 Sept. 20 to Sept.30
Cleveland Ry. corn. (guar.)
134 Oct. 1 Holders of rec. Sept. 120
Coast Valleys Gas & Mee..6% Pt. (au.) 134 Oct. 1 Holders of rec. Sept. 15
Seven per cent preferred (quar.)
1)4 Oct. 1 Holders Of MC. Sept. 15
Columbus Elec. & Pow., corn. (guar.)._
23.4 Oct. 1 Holders of rec. Sept,15
135 Oct. I Holders of rec. Sept. 15
First preferred, series A (quar.)
135 Oct. 1 Holders of rec. Sept. 15
Second preferred (quar.)
Consolidated Gas. New York, pref.(qu.) •8734r Nov. 2 Holders of rec. Oct. 15
Cons.Gas El. L.& P., Balt., com.(qu.)_ 50c. Oct. 1 Holders of rec. Sept. 150
2
Oct. 1 Holders of roe. Sept. 150
8% preferred (quar.)
135 Oct. 1 Holders of rec. Sept. 15a
7% preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 150
6)4% preferred (quar.)
13i Oct. I Holders of rec. Sept.156
8% preferred (quar.) •
Consumers Power$1.50 Oct. 1 Holders of rec. Sept. 15
6% pref (Qmar.)
6.6% preferred (guar.)
$1.65 Oct. 1 Holders of rec. Sept. 15
$1.75 Oct. 1 Holders of roe. Sept. 15
7% preferred (quar )
50c. Oct. 1 Holders of rec. Sept. 15
6% preferred (monthly)
55e. Oct. 1 Holders of rec. Sept. 15
8 6% preferred (monthly)
(quar.)_
$1.10 Oct.' Holders of rec. Sept.120
Continental Gas & Moe.. com.
134 Oct. 1 Holders of rec. Sept.120
Prior preference (qar.)
Participating preferred (quar.)
13.4 Oct. 1 Holsters of rec. Sept.120
Participating preferred (extra)
14 Oct. 1 Holders of rec. Sept.120
134 Oct. I Holders of rec. Sept. 120
Six per cent preferred (guar.)
Oct. 15 Holders of rec. Sept.21a
2
Detroit Edison (quar.)
1 34 Oc'. lb Holders of rec. Sept.190
Diamond State Telep.. prof. (guar )
Duluth-Superior Trac., pref. (quar.)
Oct. 1 Holders of rec. Sept. 150
1
Eastern Mass. St. Ry., adj. stock
23.4 Oct. I Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept.d 20
2
Eastern N. J. Power, pref. (quar.)
Electric Light & Power Co. of
Abington & Rockland (guar.)
50c Oct. I Holders of rec. Sept. 16
Electric Power & Light Corp., pref.(qu.) $1.75 Oct. 1 Holders of rec. Sept. 19
20e. Oct. I Holders of rec. Sept.15
moral Light & Traction, common
Common (payable in common stock). 15c. Oct. 1 Holders of rec. Sept.15
Frankford & Southwark Pass. (quar.)
$4.50 Oct. 1 Sept. 2 to Oct. 1
Con.Gas & Elec., Del., corn A (No.I)._ p373ic Oct. 1 Holders of rec. Sept.15
Preferred Class A ($13) (quar.)
Oct. 1 Holders of rec. Sept.15
$2
Preferred, Class A ($7) (guar.)
$1.75 Oct. 1 Holders of rec. Sept.13
Preferred B (quar.)
$1.75 Oct. 1 Holders of rec. Sept.15
Georgia Railway & PowerOct. I Holders of rec. Sept.10
First pref.8% Ser. of'22 &'24(quar.) 2
First pref. 7% Ser. of'24 &'25 (quar.) 1 55 Oct. 1 Holders of rec. Sept.10
Dec. 1 Holders of roe Nov.29
1
Second preferred (quar.)
Germantown Passenger Ry.(quar.)____ $1.31 Oct.
Sept. 17 to Oct. 5
Gold & Stock Telegraph (quar.)
Oct.
13.4
Holders of rec. Sept.300
Haverhill Gas Light Co. (quar.)
560. Oct.
Holders of rec. Sept. 150
Sept.3 Holders of rec. Sept.29a
2
Illinois Bell Telephone (quar.)
Internat. Telep.& Teleg.(quar.)
134 Oct. 1 Holders of rec. Sept. 28
Interstate Power Co., pref. (quar.)
Holders of rec. Sept. 15
$1.75 Oct.
135 Oct.
Jamaica Public Service, Prof. (quar.)
Holders of rec. Sept. 11
Jersey Central Power & Light, pref.(qu.) 13.4 Oct.
Holders of rec. Sept. 170
155 Oct.
Kansas City Pr. & Lt., 1st pf. A (qu.)_
Holders of rec. Sept.15a
155 Oct.
Kansas Gas & Elec., Prof. (quar.)
Holders
rec. Sept. 140
Kentucky Hydro-Elec.Co., pref.(qu.)._
155 Septd2 Holders of rec. Aug. 31a
Kentucky Securities Corp.. corn.(quar.) 135 Oct.
Sept. 19 to Oct. 14
Preferred (quar.)
134 Oct. 15 Sept. 19 to Oct. 14
50c. Sept.30 Holders of rec. Septd19a
Lone Star Gas (quar.)
Long Island Lighting, pref. (quar.)
135 Oct. I Holders of rec. Sept.21
Louisville Gas & Elec. of Del.
4354 Sept.25 Holders of rec. Aug. 31a
Class A & 13 (quar.) (No. 1)
Mackay Companies, corn.(quar.)
154 Oct. 1 Holders of rec. Sept. 5a
Oct. I Holders of rec. Sept. 5a
Preferred (clear.)
1
62Sic Oct. 1 Holders of rec. Sept.210
Manila Electric Co. (guar.)
Manufacturers Light & Heat (quar.)
2
Oct. 12 Holders of rec. Sept.30a
Massachusetts Lighting Cos.. corn.(qu.) 75e. Sept.30 Holders of rec. Sept. 10a
Middle West Utilities. met (quar.)._. 135. Oct. 15 Holders of rec. Sept.300
155 Oct. 6 Holders of rec. Sept. 22
Midland Utilities, prior lien (quar.)_
155 Oct. 6 Holders of rec. Sept. 22
Preferred Class A (quar.)
134 Oct. I Holders of rec. Sept.15
Minnesota Power & Light, pref.(quar.)_
1)4 Oct. 1 Holders of rec. Sept. 120
Mississippi River Power. pref. (guar.)._
30c. Oct. 1 Holders of rec. Septd2la
Mohawk Valley Co.. new stock
Monong.WestPenn Pub.Ser.6% pt.(qu.) 37kc Oct. 1 Holders of rec. Sept. 15
4355c Oct. 1 Holders of rec. Sept. 15
Seven per cent preferred (quar.)
1
Oct. 1 Holders of roe. Sept. lb
Montana Power, corn. (quar.)
154 Oct. 1 Holders of rec. Sept. 110
Preferred (quar.)
135 Oct. 20 Holders of rm. Sept.80
Mountain States Power, pref.(quar.)
Oct. 1 Holders of rec. Sept. 12a
Narragansett Lighting (quar.)
$1
National Electric Power. pref. (guar.). 155 Oct. 1 Holders of rec. Sept. 21
National Power & Light. pref. (quar.).- $1.75 Oct. 1 Holders of rec. Sept.15
Nat. Public Serv., pf. A&partie.pf.(qu.) 155 Oct. 1 Holders of rec. Sept. 17
1
Sept.30 Holders of rec. Sept.100
New England Tel & Tel.(quar.)
/Newport News dr Hampton Ry. Gas &
135 Oct. 1 Holders of rec. Sept. 15a
Electric, common (quar.)
Preferred (quar
154 Oct., 1 Holders of rec. Sept. 154
155 UM, 1 Holders of rec. Sept. 21
New York Central Elec Corp., pf.(qu.)_
New York Steam Co., Prof.(quar.)-134 Oct. 1 Holders of rec. Sept. 15a
New York Telephone, Prof. (guar.)._ _ _
134 Oct. 15 Holders of rec. Sept. 19
50c. Oct. 1 Holders of rec. Sept. 15a
Niagara Falls Power, corn. (guar.)
Preferred (Muir.)
4334c. Oct. 15 Holders of rec. Sept.300
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Banks.
America, Bank of (guar.)
Amer. Exchange Securities, class A (gu.5
Chase National (quar.)
Chase Securities (guar.)
Chatham Phenix Nat. Bk.& Tr.(qu.)_.
Chelsea Exchange (quar.)
Coal & Iron National (guar.)
Commerce, National Bank of (guar.)._
First National (guar.)
First Security Co.(quan)
Manhattan Co., Bank of the (quar.)___
National City (guar.)
National City Company (quar.)
Public National (guar.)
Seaboard National (guar.)
Standard(guar.)
Standard National Corp. corn. (quar.).
Preferred (quar.)
United States. Bank of(quar-)
Trust Companies.
American Trust (guar.)
Bank of New York dr Trust(guar.)
Bankers (guar.)
Equitable (guar.)
Guaranty (guar.)
Lawyers
Manufacturers (guar.)
Extra
Title Guarantee dr Trust (extra)
United States(guar.)
Fire Insurance.
Reeds (guar.)
Miscellaneous.
Adams Express (guar.)
Advance-Rumely Co., pref. (guar.)._
Ahumada Lead (guar.)
Extra
Air Reduction,Inc.(guar.)
Extra
Allied Chemical & Dye, prof. (guar.)._
Allis-Chalmers Mfg., Prof.(guar.)
Aluminum Manufactures,Inc.,com.(gu)
Common (guar.)
Preferred (guar.)
Preferred (guar.)
American Bank Note. pref.(guar.)
American Beet Sugar.common (quar.)
Common (guar.)
Preferred (guar.)
American Can, pref.(guar.)
American Car & Fdy., corn.(guar.)._
Preferred (guar.)
American Chain, Class A (guar.)
Amer. Chicle, 7% prof. (four mos. div.)_
Six per cent preferred (guar.)
American Cigar, pref. (guar.)
American Cyanamid. corn. (guar.)
Common (extra)
Preferred (guar.)
American Express (guar.)
Amer. Greenhouse Mfg., pref. (guar.)._
American Linseed, Prof.(guar.)
Preferred (guar.)
Preferred (guar.)
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Am La France Fire Eng, Inc., corn.(qu.) 250. Nov.16 Holders of rec. Nov. 2a
131 Oct. 1 Holders of rec. Sept. 15a
Preferred Mum.)
1
Amer. Laundry Machinery,corn.(Us.)-. 75e. Dec. 1 Nov.23 to Dee. 15
135 Oct. 15 Oct. 6 to Oct.
Preferred (guar.)
140
Sept.
rec.
of
Holders
31
Sept.
(quar.).
$2
common
American Locomotive,
62.50 Sept 30 Holders of rec. Sept.140
Common (extra)
$2.50 Dec. 31 Hoidens of roe. Dec. 14a
Common (extra)
, Sept.30 Holders of rec. Sept. 140
154
Preferred (guar.)
135 Oct. 1 Sept. 16 to Sept.30
Amer. Manufacturing, corn. (guar.)
134 /rm. 31 Dec. 16 to Dec. 30
Common (guar.)
135 Oct. 1 Sept. 16 to Sept.30
Preferred (quar.)
134 Dee. 31 Dee. 18 to Dec. 30
Preferred (guar.)
Oct. I Holders of tee. Sept. 150
2
American Plano, corn. (guar.)
154 Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
Sept.30 Holders of rec. Sept.150
SI
Amer. Radiator, corn. (guar.)
155 Sept.30 Holders of rec. Sept.15a
American Railway Express (quar.)........
50e. Oct. lb Holdeds of rec. Sept.300
Amer. Rolling Mill, common (quar.)
134 Oct. 1 Holders of rec. Sept. 15a
Preferred (gar.)
100
American Safety Razor Corp. (guar.).- 75e. Oct. 1 Holders of rec. Sept. lba
Nov. 2 Holders of rec. Oct.
9
American Shipbuilding, corn. (guar.).15
Oct.
rec.
of
Holders
151
2
Nov.
Preferred (guar.)
Oct. 1 Holders of rec. Sept.1la
3
American Snuff, corn.(guar.)
134 Oct. 1 Holders of rec. Sept.110
Preferred (guar.)
Oct. la
Amer. Steel Foundries, cop.(guar.).-- 75e. Oct. 15 Holders of rec. Sept.
lba
194 Sept.30 Bidders cf rec.
Preferred (guar.)
Oct. 1
to
16
Sept.
1
Oct.
40c.
American Stores (guar.)
la
Sept.
rec.
of
American Sugar Refining, prof. (oust.). 1% Oct. 2 Holders
155 Oct. 1 Holders of rec. Sept. 100
American Tobacco. pref. (guar.)
200
Sept.
reg.
of
Holders
1
I%
Oct.
Amer. Wholesale Corp., pref.(guar.)
151 Oct. 15 Sept. 16 to Sept. 24
American Woolen, pref.(guar.)
Sept.106
Armour & Co., Ills., el. Acorn.(guar.). 60c. Oct. 1 Holders of rec. Sept. 106
154 Oct. 1 Holders of rec.
Preferred (guar.)
151 Oct. 1 Holders of rec. Sept. 100
Armour & Co., Delaware. pref.(guar.)._
75c. Oct. 1 Holders of rec. Sept. 170
Artloom Corp., corn.(No. 1)
Asbestos Corporation, corn.& pref.(qu.) 135 Oct. lb Holders of rec. Sept.30
50e. Oct. 26 Holders of rec. Sept.30
Associated 011 (guar.)
to Sept. 30
Auburn Automobile, common (guar.)--. 75e. Sept 30 Sept.21
134 Oct. 1 Holders of rec. Sept. 15
Ault& Wiborg Co., pref.(guar.)-Sept.20
rec.
I
of
Oct.
Holders
155
Babcock & Wilcox Co.(quay.)
194 Janl'26 Holders of rec. Dee. 20
Quarterly
134 Aprl'26 Holders rec. Mar 20'260
Quarterly
200
Balaban & Eats,common (monthly).- 25e. Oct. 1 Holders of rec. Sept.
131 Oct. .1 Holders of rec. Sept 200
Preferred (guar.)
Sept. 26
to
19
Sept.
h3
Sept.26
dvs...
accum.
accr.
pref.
Brick,
Baltimore
Sept.30
Beatrice Creamery, common (guar.). - 51.25 Oct. 1 Sept.20 to Sept.30
131 Oct. 1 Sept.20 to
Preferred (guar.)
Sept. 25
rec.
of
Holders
10
Oct.
600,
(guar.)
Beech-Nut Packing, corn.
154 Oct. 15 Holders of rec. Oct. 1
Preferred, Class B (guar.)
Sept.210
Belding Bros.& Co.,corn.(qu.)(No. 1). 75e. Oct. 1 Holders of rec. Sept. 300
Belgo-Canadian Paper, corn. (guar.)... dl 55 Oct. 12 Holders of rec.
1% Oct. 1 Holders of rec. Sept. 120
Preferred (guar.)
50c. Oct. 1 Holders of rec. Sept. lba
Bendix Corp., class A (quar.)
50c. Oct. 1 Holders of rec. Sept.200
Berry Motor(guar.)
Sept. 206
Bessemer Limestone & Corn, corn. (qu.) 135 Sept.30 Holdem of rec.
134 Sept.30 Holders of rec. Sept.20
Preferred (guar.)
151 Oct. 1 Holders of rec. Sept. la
Bethlehem Steel, 7% pref.(guar.)
Oct. 1 Holders of rec. Sept. la
2
Eight per cent preferred (guar.)
50c. Sept.30 Holders of rec. Sept.19a
Bingham Mines(guar.)
50e. Oct. 1 Holders of rec. Sept. 180
Borg & Beck (guar.)
Oct. 15 Sept.27 to Oct. 14
4
Borne Scrymser Co
Oct. lb Sept.27 to Oct. 14
4
Extra
Oct. 1 Holders of rec. Sept. 20
155
(guar.)._
preferred
Machine,
Bridgeport
Holders of coup.No.1071
Sept.30
)
British-Amer. Tobacco, ordinary
rec. Septd20a
Brunswick-Balke-Collender, pref. (gu.). 194 Oct. 1 Holders of rec.
Sept. 19
1
Holders of
Oct.
60e.
(guar.)
Buckeye Incubator
Sept. 19
rec.
of
1
Holders
Oct.
1%
Bucyrus Company,corn.(guar.)
135 Oct. 1 Holders of rec. Sept.19
Preferred (guar
Sept.106
rec.
of
Holders
Sept.30
50e.
Budd Wheel, corn. (guar.)
151 Sept.30 Holders of rec. Sept. 100
First preferred (guar.)
of rec. Sept. 196
Holders
1
Oct.
151
(guar.)
pref.
Burns Bros.,
of rec. Sept. 15a
Burroughs Adding Machine, corn.(qu.)_ 75e. Sept.30 Holders of rec. Sept. 15
134 Sept.30 Holders
Preferred (amar.)
of rec. Oct. la
lb
Holders
Oct.
$1.75
(quar.).
deb,
stock
Bush Terminal 7%
1 Holders of rec Sept.176
154 Oct
Bush Terminal Bldgs.. prof.(guar.). _ _
of rec. Sept. 18a
Holders
Sept.30
50c.
(guar.)
Mining
Superior
&
Butte
Sept.21 Holders of rec. Sept. 40
Si
Calumet 5c Arizona Mining (guar.)
Oct. 1 Holders of rec. Sept. 21a
3
Oct. 1 Holders of rec. Sept. I56
$1
Cambria Iron
Oct. 1 Holders of rec. Sept. 15
2
Oct. 1 *Holders of rec. Sept. 25
•191
(guar.)
pref.
18a
Oct. 1 Holders of rec. Sept. 18a Canada Bread, 1st
4
Holders of rec. Sept. 25
Canadian Car & Fdy., corn. & pf. (qu.) 154 Oct. 9
Oct. 1 Holders of rec. Sept.
51
1
Oct. 1 Holders of rec. Sept. 18,
(qu.)
pf.
Mills,
Cot.
30
Connecticut
Sept.
Canad.
4
Oct. 1 Sept. 15 to
Holders of roe. Sept. 120
I
151
Oct.
)__.
(guar
Canadian General Elec., pref.
20
155 Oct. 1 Holders of rec. Sept. 18a
ira Canadian Locomotive. pref. (quar.)- - 1% Oct. 1 Holders of rec. Sept.
Oct. 1 Holders of rec. Sept. its
3
of rec. Sept. 15
*Holders
Sept.30
*2
(quar.)---Co.
e
Westinghous
Canadian
4
Oct. 1 Holders of rec. Sept.
1
Nov.
ree.
of
15
Holders
2% Nov.
Casey-Hedges Co., common (quar.)
1235 Oct. 1 Holders of rec. Sept. 30a
1% Oct. 1
Sept. 306
Preferred (guar.)
Sept. 1,56
1234 Oct. 1 Holders of rec. Sept. 18a
rec.
of
1
Holders
Oct.
51
corn
Corp..
Certain-teed Products
4
Oct. 1 Holders of rec.
1% Oct. 1 Holders of roe. Sept. 180
First and second preferred (quar.)____
Oct. 1 Holders of rec. Sept. 18a
4
75c Oct. 1 Holders of rec. Septd2la
(guar.)
4
Oct. 1 Holders of roe. Sept. 18a Chandler Motor Carcommon
30 Holders of rec. Sept. 100
6230.Sept.
(guar.)...
2
Chesebrough Mfg.,
4
Sept.30 Holders of rec. Sept.23
131 Sept.30 Holders of rec. Sept.196
Preferred (guar.)
4
Oct. 1 Holders of rec. Sept.
1 Sept. 17 to Sept.30
Oct.
623.4e
(guar.)
2
Oct. 1 Holders of roe Sept. 28a Chicago Fuse Mfg.
pref.(guar.) -- 134 Oct. 1 Holders of rec. Sept. 21
500. Oct. 1 Holders of rec. Sept.25a Chicago Mill & Lumber,
1 Holders of rec. Sept.21a
1-3c
Oct.
33
(monthly)
Cab
Sept.
26a
Yellow
rec.
Chicago
134 Oct. 1 Holders of
33 I-3e Nov. 2 Holders of rec. Oct. 200
Monthly
255 Oct. 1 Holders of rec. Sept. 2Ia
33 1-3c Dec. 1 Holders of rec. Nov.200
Monthly
(el .ret. 1 Holders of tee. Aug 280
par) (extra)
134 Sept.30 Holders of rec. Sept.21a Childs Co., corn.(no
(v) Dee. 30 Holders of rec. Nov 280
Common (no par value)(extra)
Mt. 1 Holders of rec. Sept. 18a
5
Sept.25 Holders of rec. Sept.120
6255e
lb
Sept.
rec.
(guar.)
ChM Copper Co.
5
Oct. 1 Holders of
Oct. 23, *Holders of rec. Oct. 10
.$2
(Ouar.)._
pref.
Sept.30 Holders of rec. Sept. 18a Chrysler Corporation.
3
18
Sept.
Co
Service
roe.
Cities
of
Holders
3
Sept.30
1 Holders of roe. Sept. 15
Oct.
31
19a
Sept.
Common (monthly)
135 Sept 30 Holders of rec.
f34 Oct. 1 Holders of rec. Sept.15
Common (payable in common stock)_
4
Oct. 1 Holders of rec. Sept. 15
54 Oct. 1 Holders of rec. Sept. 15
B
(monthly).preferred
15
Sept.
and
Preferred
roe.
of
1
Oct. 1 Holders
1 Holders of rec. Nov. 11
City Ice & Fuel of Cleveland, corn.(qu.) 60c. Dec. 1
4
Sept.30 Holders of rec. Sept. 22
131 Oct.
Holders of rec. Sept. 190
pt.(qu.)_.
1234 Oct. 1 Holders of rec. Sept.19a Cluett, Peabody & Co.. inc.,
1
Oct.
Holders of rec. Sept. 150
$1.75
(guar.)
common
Co.,
Coca-Cola
15
of rec. Oct. 5
Oct.
70e.
Ilolders
Cohn-Hall-Marx,Co. common (guar.)..
700. J 15 '26 Holders of roe.Jan.5'26•
15a
Sept.
(oust-)
rec.
Common
of
51.50 Oct. 1 Holders
rec. Apr 5
of
Ap15'26
Holders
70e.
Common (oust.)
70e. Jull5'26 Holders of rec.July 5'26
Common (guar.)
rec. Sept. 120
1
of
Oct.
50e.
Holders
(guar.)...
Mfg.
15a
Arms
Sept.
Eire
rec.
Colts' Patent
$1.50 Sept.30 Holders of
*15e. Oct. 1 Holders of rec. Sept. 20
75c. Oct. 1 Holders of roe. Sept. 15a Columbia Sugar (guar.)
Oct. 1 Holders of rec. Sept. 150
(qu.)
pf.
1st
194
Trust.,
19a
rec.
Invest.
Sept.
of
Commercial
Holders
73.40.Oct. 2
50c. Oct. 1 Holders of rec. Sept. 19
1734c. Oct. 2 Holders of roe. Sept. lea Connor (J. T.) Co.(quar.)
5151 Oct. 1 Holders of rec. Sept.150
SI
Oct. 15 Holders of rec. Sept. 30a Consolidated Cigar Corp., pref A
Oct. 1 Holders of rec. Sept. 170
$2
Cl.
(qtr.)
corn.,
30a
rec.
Sept.
Baking,
of
Continental
Oct. 15 Holders
81
2
Oct. 1 Holders of rec Sept. 170
Preferred (quar.)
151 Oct. 1 Holders of rec. SePt• 15a
131 Oct. I Holders of rec. Sept. 190
151 Oct. 15 Holders of rec. Sept.24a Continental Can, preferred (guar.)
Oct. 1 Holders of rec. Sept.15a
50c.
(guar.)
corn.
3730. Sept.30 Holders of roe. Sept.15a Corona Typewriter,
2
Oct. 1 Holders of rec. Sept.150
First preferred (guar.)
3735c Dec. 31 Holders of rec. Dec. 15a
131
1 Holders of rec. Sept.154
Oct.
(guar.)
Sept.
200
rec.
preferred
Second
134 Oct. I Holders of
95e. Sept.30 Sept. 20 to Sept.29
131 Janl'26 Holders of rec. Dec. 20a Coty,Incorporated (guar.)
Sept.30 Holders of ree. Sept.15
75e. Oct. 1 Holders of roe. Sept.15a Craddock-Terry Co.. common (guar.)... 3
3
Dec. 31 Holders of rec. Doe. 15
Common(guar.)
1
Oct. 31 Holders of rec. Oct. 10a
3 Dec. 31 Holders of rec. Dee. 15
First and second preferred
1
Jan31116 Holders of ree. Jan.() 28a
355
Dec.
31 Holders of rec. Dee. lb
182
rec.
Sept.
preferred
of
C
Class
131 Oct. 2 Holders
$1
Sept.30 Sept. 17 to Sept.30
134 Oct. 1 Holders of roe. Sept. lea Cramp (Wm.)& Sons S.& E. B.(quar.) $1
Oct. 1: Holders of rec. Sept. 300
$1.50 Oct. 1 Holders of rec. Sept. 15a Crex Carpet (guar.)
131 Sept.30 Holders of rec. Sept. lba
131 Oct. 1 Holders of rec. Sept. 15a Crucible Steel, preferred (guar.)
Sept. 30
Cuban-Amer.Sugar,common (quar.).. 50e. Sept.30 Holders of rec. Sept. 30
50e. Sept.30 Sept.20 to Sept.30
194 Sept.30 Holders of rec.
15a
Sept
roe.
of
(guar.)
Preferred
Holders
1
$2.33 Oct.
Oct. 15
to
6
151
Oct.
Oct.
15
Cudahy Packing.corn.(guar.)
154 Oct. 1 Holders of rec. Sept. 15
134 Sept.2e Holders of rec. Sept.12
134 Oct. 1 Holders of rec. Sept. I5a Davis Mills((Mar.)
Sept. 15
rec.
of
21
Holders
1
Oct.
Sept.
(guar.)
Nay.
15
rec.
of
Cleveland
&
Detroit
Oct. I Holders
1
Is
.400. Oct. 1 *Holders of rec. Sept. 20
Detroit Creamery
34 Oct. I Holders of rec. Sept.
Sept.30
Devoe & Raynolds, common (quar.)___ _ $1.50 Oct. 1 Sept.d18 to Sept.30
135 Oct. 1 Holders of rec. Sept. 15
50e. Oct. 1 Sept.d18 to
10a
Common (extra)
51.50 Oct. 1 Holders of rec. Sept.
, Oct. 1 Sept.d18 to Sept.30
131
First and second preferred (guar.)._
2
Oct. 15 Holders of roe. Sept.39a
50c. Oct. 20 Holders of rec. Sept.300
151 Oct. 1 Holders of tee. Sept.19a Dome Mines, Ltd. (guar.)
51.25 Oct. 1 Holders of rec. Sept. 15
Dominion Textile, corn.(guar.)
134 an.2'26 Holders of rec. Dec. 20
131 Oct. 15 Holders of rec. Sept.30
19-'26
Mar.
rec.
of
(guar.)
Hold,
Preferred
Apr.1'26
1%
Public Utilities (Concluded).
rec. Sept. 15
Niagara Lock.& Out. Power.tom.(qu.) 50c. Oct. 1 Holders of rec. Sept. 15
134 Oct. 1 Holders of
Preferred (guar.)
5a
(0 Oct. I Holders of rec. Sept. ba
North American Co.. corn.(guar.)._
75e. Oct. 1 Holders of rec. Sept.
Preferred (Quar.)
Sept. 15
Northern N.Y. Utilities, corn.(quar.)_. 75e. Sept.30 Holders of rec.
25e. Sept.30 Holders of rec. Sept. 15
Common (extra)
-Nov. 2 Holders of rec. Sept.30
Northern States Power,corn., Cl. A (qu.) 2
134 Oct. 20 Holders of rec. Sept.30
Preferred (guar.)
Sept. 15
Northwest Utilities, prior lien (guar.)._ 51.75 Oct. 1 Holders oi rec. Nov.16
134 Dec. 1 Holders of rec.
Ohio Edison.6% pref.(guar.)
Nov.16
rec.
of
Holders
1
Dec.
51.65
(guar.)
6.6% preferred
I% Dec. 1 Holders of rec. Nov.16
Seven per cent preferred (guar.)
550. Oct. 1 Holders of rec. Sept.15
6.6% preferred (monthly)
55e. Nov. 1 Holders of rec. Oct. 15
6.6% preferred (monthly)
55c. Dec. 1 Holders of rec. Nov.16
6.6% preferred (monthly)
Sept 25 Holders of rec. Aug. 31
(guar.)._
pref.
Elec..
&
Gas
Oklahoma
155 Sept.31 Holders of rec. Sept.15a
Pacific Telep. & Teleg., corn. (guar.)._
Sept. 30a
Pacific Telep. & Teleg., pref.(quar.)--- 135 Oct. lb Holders of rec.
Oct. 1 Holders of rec. Sept. 10a
Penn Central Light & Pow., pref (qu.). 31
Sept. 100
rec.
100. Oct. 1 Holders of
Preferred (extra)
Nov. 2 Holders of rec. Oct. 22
Pennsylvania-Ohio P.& L..8% Pf.(qu./ 2
Oct. 22
rec.
of
Holders
2
Nov.
IM
Seven per cent pref.(guar.)
Sept. 11
Pennsylvania Power & Light, Prof.(qu.) $1.75 Oct. 1 Holders of rec. Sept. 18a
rec.
of
Holders
1
Oct.
2
(guar.)...
&
Power
Water
Pentsylvania
2
Oct. 17 Holders of rec. Oct. 3a
Peoples Gas Light & Coke (guar.)
$2 Oct. 1 Holders of rec. Sept.10a
Philadelphia Traction
1 Holders of rec. Sept.lb
Oct.
155
_
(guar.)
Portland Elec. Power. 1st pref.
134 Oct. 1 Holders of rec. SePt.15
Prior preference (guar.)
25e. Oct. 1 Holders of rec. Sept.15
Power Corp. of N. Y., corn.(quar.)__
134 Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
Sept. 40
Public Fiery. Corp. of N..1., corn.(gu.). $1.25 Sept.30 Holders of rec. Sept. 40
2
Sept.30 Holders of rec.
Eight per cent preferred (guar.)
Sept. 40
tee.
9ept.30 Holders of
Seven yer cent preferred (guar.)
40
Public Service Elec.& Gas.6% pf.(qu.)- 134 Sept.30 Holders of rec. Sept.
1
Oct.
to
16
Sept.
1
8.4
'et.
Ridge Ave.Pass. Ry., Phila.(quar.)....
Oct. 1 Holders of rec. Sept.lba
3
Savannah Elec. dc Power, pref
Sept. 15a
rec.
of
Holders
1
Oct.
2
A
(guar.)
Series
Debenture
Oct. 1
Second & Third Sta.Pass. Ry..Phila.(gu) 33 Oct. 1 Sept. 2 to Sept.25a
Southern Canada Power, pref.(guar.).- 134 Oct. 15 Holders of rec.
15
SW.
rec.
of
*Holders
1
')et.
*I
(quar.)
Southwestern Gas & Elec., pref.
134 Oct. 1 Holders of rec. Sept.15
Springfield R.& Light, pref. (guar.)._
75c. Oct. 26 Holders of rec. Sept.30a
Standard Gas& Elec.,corn.(guar.)
131 Oct. 20 Holders of rec. Sept.30
Preferred (guar.)
Sept.12
Tennessee Elec. Pow.,7% 1st pref.(qu.) 134 Oct. 1 Holders of rec. Sent. 12
134 Oct. 1 Holders of rec.
6% first preferred (guar.)
15
Sept.
rec.
2
Oct. 1 Holders of
Toledo Edison Co.. pref.(quar)
Sept.20
Tr-City Ry.& Light.common (guar.)-. 234 Oct. 1 Holders of tee. Dec. 20
tee.
of
Holden
21( Jan1'26
Common(guar.).
151 Oct. 1 Holders of rec. Sept. 15a
Twin City Rap.Tram. Minn., pf.(in.)_
Sept. 18
United Gas & Elec. Corp., pref. (guar.) 135 Oct. 1 Holders of rec. Sept.30a
31 Oct. 15 Holders of rec.
United Gas Improvement (guar.)
rec. Oct. 15
United Light & Pow.,com. A (guar.)._ _ 60e. Nov. 2 Holders of rec.
Oct. 15
(0) Nov. 2 Holders of
Corn. class A (in class A stock)
10 Nov. 2 Holders of rec. Oct. 15
Com.Class A (extra)(in Class A stk.)
60e. Nov. 2 Holders of rec. Oct. 15
Common Class B (guar.)
15
(6) Nov. 2 Holders of rec. Oct. 15
Corn. Class B (in class A stock)
Oct.
Gom.Class B (extra)(in Class A stock) (q) Nov. 2 Holders of rec. IRO.15
rec.
of
Holders
1
Oct.
$1.63
Preferred Class A (guar.)
Oct. 1 Holders of rec. Sept. 15
$1
Prete-red Class B (guar.)
Nov. 2 *Holders of rec. Oct. 15
*2
United Light & Rys., corn. (guar.)
Sept. 15
•135 Oct. 1 *Holders of rec. Sept.
First preferred (guar.)
15
Oct. 1 *Holders of rec.
*2
Participating preferred (guar.)
Sept. 15
rec.
of
Holders
I
131
Oct.
(qu)
Utah Gas & Coke.Prof.& panic. pf.
10
Sept.
rec.
of
155 Oct. 1 Holders
Utah Power & Light, Prof.(guar.)
15a
s50c.. Oct. 1 Holders of rec. Sept.
Utilities Pr.& Lt., Class A (qu.)
15
Sept.
rec.
of
Holders
1
Oct.
$1.75
Preferred (guar.)
Oct. 15 Holders of rec. Sept. 25a
Washington Water Power, Spokane (qtr.) 2
150
SePtrec.
of
Holders
Sept.30
$1
(quay.).
West Penn Company,common
15a
151 Nov. 2 Holders of rec. Oct.
West Penn Power Co., 7% pref. (qtr.)- rec. Sept.30
Western States Gas & El., pref.(qu.)--. I% Oct. 15 Holders of rec. Sept. 25a
of
Holders
15
Oct.
134
Western Union Telegraph (guar.)
154 Oct. 1 Holders of rec. Sept. 15a
Winnipeg Electric. pref.(guar.)
lh Oct. 1 Holders of rec. Sept. 15
Yadkin River Power,Prof.(guar.)
{VoL. 121.
THE CHRONICLE
1432
SEPT. 19 1925.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Dominion Glass, corn. & pref. (quar.)__
Oct. 1 Holders of rec. Sept. 15
Douglas-Pectin Co.(guar.)
25c. Sept.30 Holders of rec. Sept. la
Draper Corporation (guar.)
2
Oct. 1 Holders of rec. Sept. 5
Dunham (James H.)az Co.,corn.(guar.) 134 Oct. 1 Holders of rec. Sept. 18a
First preferred (guar.)
144 Oct. 1 Holders of rec. Sept. 18a
Second preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 182
duPont(E. I.) de Nem.& Co.,deb.(qu.) 1% Oct. 26 Holders of rec. Oct. 10a
duPont(E.I.)deNemoursPowd.,com.(qu) 144 Nov. 2 Holders of rec. Oct 20a
Preferred (guar.)
1% Nov. 2 Holders of rec. Oct. 20a
Eastern Rolling Mill, corn
$1
Oct. 1 Sept. 16 to Oct. 1
Preferred (guar.)
2
Oct. 1 Sept. 16 to Oct. 1
Eastern Steamship, no par pref.(guar.). 87Mc Oct. 15 Holders of rec. Oct. 8a
First preferred (guar.)
I% Oct. 1 Hclders of rec. Sept. 24a
Eastman Kodak, common (quar.)
81.25 Oct. 1 Holders of rec. Aug. 31a
Common (extra)
75c. Oct. 1 Holders of rec. Aug. 31a
Preferred (guar.)
144 Oct. 1 Holders of rec. Aug. 31a
Economy Grocery Stores Corp.(guar.)._ 25c. Oct. 15 Holders of rec. Oct. 1
Eisenlohr(Otto) & Bros., pref.(quar.)_ _
I% Oct. 1 Holders of rec. Sept.21a
Electrie Controller & Mfg., corn.(guar.) $1.25 Oct. 1 Holders of rec. Sept. 21
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 21
Electric Storage Battery, com.&pf.(qu.) 31
Oct.
Holders of rec Sept. 19a
Electric Research Laboratories (guar.)._ *60e. Oct. 1 *Holders of rec. Sept. 21
Elliott-Fisher Co.,com.azser.B Com.(gu.) $1
Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
1g Oct. 1 Holders of rec. Sept. 130
Emerson Elec. Mfg., pref.(guar.)
1% Oct. 1 Holders of rec. Aug. 20
Empire Safe Deposit (guar.)
131 Sept.29 Holders of rec. Sept.260
Endicott Johnson Corp., corn. (quar.)_ _ $1.25 Oct. 1 Holders of rec. Sept. 19a
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 19a
Equitable Office Bldg.. corn. (guar.)._ _ $1
Sept.30 Holders of rec. Sept. 15
Equitable Office Bldg., pref.(guar.)
I% Oct. 1 Holders of rec. Sept. 15
Erupclon Mining (guar.)
nqc. Oct. 2 *Holders of rec. Sept. 19
Extra
714c. Oct. 2 'Holders of rec. Sept. 19
Evans(E. S.) Co., clam A (quar.)
.50c. Oct. 1 *Holders of rec. Sept. 21
Fair (The), common (monthly)
20c. Oct. 1 Holders of rec. Sept.19a
Common (monthly)
'20c. Nov. 1 Holders of rec. Oct. 20a
Fairbanks-Morse az Co., corn. (guar.)._ 65o. Sept.30 Holders of roe. Sept. 15a
Famous Players-Lasky Corp., corn.(qu.) 2
Oct. 1 Holders of rec. Sept. 15a
Federal Motor Truck (guar.)
30c. Oct. 1 Sept. 20 to Oct. 1
Fifth Ave. Bus Securities (guar.)
162 Oct. 16 Holders of rec. Oct. 2a
Fisher Body Ohio Co.. pref. (quar.)... 2
Oct. 1 Holders of rec. Sept. 16.2
Fleishmann Co., corn. (guar.)
81
Oct. I Holders of rec. Sept. I5a
Common (extra)
$1
Oct. 1 Holders of rec. Sept. 15a
Foot Bros. Gear az Machine,corn.(qu., 25e. Oct. 1 Sept. 1 to Sept. 30
Common (quarterly)*
2193
an1'26 Dec. 21 to Dec. 31
Francisco Sugar (quar.)
$1.60 Oct. 1 Holders of rec Sept 2Ia
Gabriel Snubber Mfg., corn. (guar.)._ _ _ 6212c Oct. 1 Holders of rec. Sept. 15a
Galena-Signal Oil, pref. de new pref.(qu.) 2
Sept.30 Holders of rec. Sept. 10a
General American Tank Car, pref.(qu.)_
1% Oct. 1 Holders of rec. Sept. 15a
General Baking, corn. (guar.)
81.50 Oct. 1 Holders of rec. Sept. 190
Preferred (guar.)
52
Oct. 1 Holders of rec. Sept.19a
General Cigar Co., Inc., deb. pref.(qu.) 1% Oct. 1 Holders of rec. Sept.24a
General Electric, common (guar.)
2
Oct. 15 Holders of rec Sept. 3a
Common (payable In special stock).
(o) Oct. 15 Hoidens of rec. Sept. 3a
Special stock (guar.)
Ho. Oct. 15 Holders of rec. Sept. 3o
General Motors, 7% preferred (quar.)_
1% Nov. 2 Holders of rec. Oct. 54
6% preferred (guar.)
1g Nov. 2 Holders of rec. Oct. 5a
6% debenture stock (guar.)
144 Nov. 2 Holders of rec. Oct. 5o
General Railway Signal, corn.(quar.)___ I% Oct. 1 Holders of rec. Sept. 19
Common (extra)
1% Oct. 1 Holders of rec. Sept. 19
Preferred (guar.)
144 Oct. 1 Holders of rec. Sept. 19
Glidden
prior pref.(guar.)
1g Oct. 1 Holders of rec. Sept.15a
GoodrichCo.*
(.
13 F.) Co., pref. (quar.)
1% Oct 1 Holders of rec. Sept.15a
Goodyear Tire & Rubber. rifler pref.(qu.) 2
Oct. 1 Holders of rec. Sept.15a
Preferred (guar.)
1% Oct. 15 Holders of rec. Sept.15a
Gossard (H. W.) Co.(monthly)
25c. Oct. 1 Holders of rec. Sept.19a
Monthly
250. Nov. 2 Holders of rec. Oct. 230
Monthly
25e Dee. 1 Holders of roe. Nov.20a
Great Lakes Towing, corn. (guar.)
134 Sept.30 Holders of rec. Sept. 15
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 15
Great Western Sugar, corn. (quar.)
$2
Oct. 2 Holders of rec. Sept. 15a
Preferred (guar.)
1% Oct. 2 Holders of rec. Sept. 15o
Greenfield Tap & Die,6% pref.(quar.)
1% Oct. 1 Holders of rec. Sept.15o
Eight per cent preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 15a
GrennanBakeries,non-par.com.stk.(qu) 525e, Oct. 1 *Holders of rec. Sept. 15
v15,‘ Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
Guantanamo Sugar, preferred (quar.)
2
Sept.30 Holders of rec. Sept. 15o
Gulf Oil Corp.(guar.)
37440. Oct. 1 Sept.20 to Sept.23
Gulf States Steel, common (guar.)
51.25 Oct. I Holders of rec. Sept. 154
First preferred (guar.)
1% Oct. 1 Holders of rec. Sept. iso
First preferred (guar.)
134 J5n3'26 Holders of rec Dec lea
Hall (C. M.) Lamp
25c. Dec. 15 Holders of rec. Dec. 10a
Hammermill Paper, pref. (guar.)
1% Oct. 1 Holders of rec. Sept.
Hanes(P. N.) Knitting, pref.(guar.).- 1% Oct. 1 Holders of rec. Sept. 20a
19
Harbison-Walker Refractories, pref.(qU.) 134 Oct. 20 Holders of rec. Oct. 190
Harmony Creamery, pref.(guar.)
134 Sept.25 Holders of rec. Sept.15
Hayes Wheel Co., common (guar.)
75c. Dec. 15 Holders of rec. Nov.30a
Common (extra)
25c, Dec. 15 Holders of rec. Nov.304
Preferred (guar.)
114 Sept.15 Holders of rec. Aug. 31a
Preferred (guar.)
144 Dec. 15 Holders of rec. Nov.300
Belie (George W.) Co., common 91114 - 3
Oct. 1 Holders of rec. Sept. 14a
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 14a
Hercules Powder, common (guar.)
134 Sept.25 Sept. 16 to Sept.24
Holly Oil
250. Sept.30 Holders of rec. Sept. 15
Homestake Mining (monthly)
50c. Sept.25 Holders of rec. Sept. in
Hood Rubber, common (quay.)
$1
Sept.30 Sept. 20 to Sept.30
Hudson Motor Car (guar.)
75c. Oct. 1 Holders of rec. Sept. 15a
Humble 011 & Refining (guar.)
30c. Oct. 1 Sept. 17 to Sept.30
Hydraulic Press Brick, preferred (guar.). 1% Oct. 1 Holders of me
Sept. 21
1de (Geo.) P.4 Co., Inc., pref.(guar.). 2
Oct. 1 Holders of rec. Sept. 15a
Illinois Brick (guar.)
2.40 Oct 15 Oct. 4 to Oct. 15
imperial Tobacco of Canada, ordinary_ •134 Sept.29
Independent 011 & Gas (guar.)
25c. Oct. 5 Holders of rec. Sept.21a
Independent Pneumatic Tool (quar.)--- 51
Oct. I Sept.22 to Sept. 30
Indian Motocycle, corn.(No. 1)
50c. Nov. 1 Holders of rec. Oct. 15a
Preferred (guar.)
1% Oct. I Holders of rec. Sept. 21a
India Tire & Rubber. corn.(Maar.)
2
Oct. 1 Holders of rec. Sept 210
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept.21a
inland Steel, preferred (guar.)
Oct. 1 Holders of roe.
Inspiration Consol.Copper Co.(guar.).- 50c. Oct. 5 Holders of rec. Sept.15a
Sept. 17a
Internat. Acceptance Bank. corn. WO - 21
Oct. 1 Holders of roe. Sept. 15
International Business Machines(q.).- 82
Oct. 10 Holders of
Internat. Button Hole Sew. Mach.(qu.) 1% Oct. 1 Holders of rec. Sept.24a
rec. Sept. 15
International Cement, corn. (quar.)-$1
Sept.30 Holders of rec. Sept.is
Preferred (guar.)
134' Sept.30 Holders of rec. Sept.15a
Int.Concrete Industries(guar.)
234 Sept.20 Holders of rec. Sept. 15a
International Harvester Corn.(quar.)
134 Oct. 15 Holders of
Internat. Match Corp., panic. p1.(qu.). 80o. Oct. 15 Holders of rec. Sept.25a
International Nickel, common (guar.)._ 500. Sept.30 Holders of rec. Sept. 230
rec. Sept. Ila
International Paper, 7% pref. (guar.)._
144 Oct. 15 Holders of rec. Oct.
Six per cent preferred (guar.)
I% Oct. 15 Holders of rec. Oct. la
la
International Salt (guar.)
1% Oct. 1 Holders of roe. Sept. 154
International Shoe. corn. (guar.)
$1.25 Oct. 1 Holders of rec. Sept.
15a
Preferred (monthly)
1
Oct. I Holders of rec. Sept. 15a
International Silver, pref. (guar.)
Oct. 1 Holders of rec. Sept.15a
Prof. (acct. accum. dividends)
X
Oct. 1 Holders of rec. Sept. 150
Intertyrie Corporation, let pref.(guar.). 32
Oct. 1 Holders of rec. Sept. 15
Island Creek Coal,common (guar.)
82
Oct. 1 Holders of rec. Sept 21a
Common (extra)
Et
Oct. 1 Holders of rec. Sept.
Preferred (guar.)_
51.50 Oct. 1 Holders of rec. Sept. 21a
21a
Jewel Tea, preferred (guar.)
Oct. 1 Holders of rec. Sept. 19a
Preferred (account accum. dividends). 52% Oct. 1 Holders of
rec Sept. 19a
Jones & Laughlin Steel, preferred (guar.)
Oct. 1 Holders of rec. Sept. 15zt
Jordan Motor Car,common (quar.)
7Eo. Sept.30 Holders of rec. Sept. 15a
Preferred (quar.)
134 Sept.30 Holders of rec. Sept.
Kaufmann Dept. Stores, pref. (guar.)._
14( Oct. 1 Holders of rec. Sept.15a
21
Kayser (Julius) & Co., pref. (quar.)...,. 52
Oct. 1 Holders of rec. Sept.
Kelsey Wheel, Corn. (guar.)
134 Oct. 1 Holders of rec. Sept.21
18a
Kennecott Cooper Corp.(guar.)
75e. Oct. 1 Holders of rec. Sept.
ha
Kerr Lake Mines, Ltd. (guar.)
1244c Oct. 15 Holders of rec. Oct. 1
King Philip Mills(guar.)
1% Oct. 1 Holders of rec. Sept.
21a
Kinney(G.R.)Co.,common
21
Oct. 1 Holders of rec. Sept. 20a
141
134
134
14(
144
Name of Company.
1433
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
*3744c Oct. 1 *Holders of rec. Sept. 18
Kraft Cheese, corn.(guar.)
*2
Oct. 1 *Holders of rec. Sept.18
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 150
Kresge Department Stores. pref. (guar.) 2
2
Oct. I Hciders of rec. Sept. 15a
Kresge(5.5.) Co.,corn.(guar.)
1% Oct. 1 Holders of rec. Sept. 154
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 19a
Kress (S. H.) Co., Prof.(guar.)
144 Oct. 1 Holders of rec. Sept. 17
Laurentide Co., new stock (guar.)
244 Oct. 1 Holders of rec. Sept. 190
Lawyers Title & Guaranty Co
1% Oct. 1 Holders of rec. Sept. Ha
Liggett & Myers Tob., pref. (guar.)._
50c. Sept.30 Holders of me. Sept. 120
Loew's, Incorporated (guar.)
Sept.30 Holders of rec. Sept. 100
Long Bell Lumber, Class A corn..(guar.) $1
1% Oct. 1 Holders of rec. Sept. 180
Loose-Wiles Biscuit. let pref. (guar.). _
1% Nov. 1 Holders of rec. Oct. 190
Second preferred (guar.)
2% Oct. 1 Holders of rec. Sept. 170
Lord & Taylor, common (guar.)
75e. Oct. 1 Hclders of rec. Sept. 150
Lorillard (P.) Co.,common (guar.)
1% Oct. 1 Hclders of rec. Sept. 150
Preferred (guar.)
50c. Oct. I Holders of rec. Sept. 190
Ludlum Steel (guar.)
$1.50 Sept.30 Holders of rec. Sept. 150
Mack Trucks, Inc., Cora. (guar.)
lg Sept.30 Holders of rec. Sept. 153
First and second preferred (guar.)._
750. Oct. 15 Holders of rec. Oct. la
Magma Copper Co
1
Oct. 5
Magnolia Petroleum,stock dividend
ct. 1 Holders of rm. Sept.226
Martinson(H.R.) ar Co., Inc., pref.(111.) 151
131 Oct. 1 Holders of rec. Sept.150
Manati Sugar, pref. (guar.)
Manhattan Electrical Supply (guar.)_ _ 81.1244 uct. I Holders of rec. Sept. 19a
134 Oct. 1 Holders of rec. Sept. 170
Manhattan Shirt, pref. (guar.)
75c. Sept 30 Holders of rec. Septdlitz
Marland Oil (guar.)
dreferred wear.)
I% Oct. 1 Holders of rec. SeDt.1641
1% Oct. 1 Holders of rec. Sept.180
Mathieson Alkali Works, pref. (guar.)._
May Department Stores, pref.(quar.).. 1% Oct. 1 Holders of rec. Sept.15s
1% Oct. 1 Sept.16 to Sept.30
McCall Corp., first pref. (guar.)
Oct. 1 Sept. 16 to Sept.29
First Prof.(account accum. dividends) 8
134 Nov. 1 Holders of rec. Oct. 206
McCrory Stores, preferred (guar.)
-Mergenthaler Linotype (quar.)
234 Sept.30 Holders of rec. Sept. 2a
144 Sept.30 Holders of rec. Sept. 20
Extra
31.25 Sept.30 Holders of rec. Sept. 12a
Merrimac Chemical (guar.)
Oct. 1 Holders of rec. Sept. 15
Metropolitan Filling Stations, corn.(qu.) 3
3
Common. Class A (guar.)
Oct. 1 Holders of rec. Sept. 15
2
Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
Metropolitan Paving Brick, pref.(guar.) I% Oct. I Sept. 16 to Sept. 38
*S.3
Oct. 20 *Holders of rec. Sept.30
Mexican Petroleum, corn.(guar.)
*$.2
Oct. 20 *Holders of rec. Sept.30
Preferred (guar.)
Oct. 1 *Holders of rec. Sept. 15
Midland Steel Products. common (guar.) *51
.
450. Oct. 1 *Holders of rec. Sept. 15
Common (extra)
Oct. 1 Holders of rec. Sept. 150
52
Preferred (guar.)
51
Oct. 1 Holders of rec. Sept. 150
Preferred (extra)
Montg. Ward & Co., cl. A & pf. (qu.) *51.75 Oct. 1 *Holders of rec. Sept. 19
51.25 Oct. 1 Holders of rm. Sept. 160
Morgan Lithograph, corn. (guar.)
Motion Picture Capital Corp., common_ 3744c Sept.20 Holders of rec. Sept. 10
2
Oct. 15 Holders of rec. Oct. 1
Preferred (guar.)
90c. Oct. 1 Holders of rec. Sept 154
Moto Meter Co., Class A (No. 1)
50c. Sept.20 Sett. 11 to Sept.20
Motor Wheel Corp., common
20c. Oct. 1 Holders of rec. Sept.I56
Mountain Producers Corp. (guar.)
300. Oct. I Holders of rec. Sept. 154
Extra
Murray Body Corp.
Common (payable in common stock)... Jig Oct. 1 Holders of rec. Sept.160
g Jan.1.26 Holders of rec. Dec. 16a
Common (payable in common stock)
2
Oct. 1 Sept.20 to Sept.30
Murray Ohio Co., preferred (quay.)
75c. Oct. 15 Holders of roe. Sept.306
National Biscuit, corn.(quar.)
1% Oct. 1 Holders of rec. Sept. 15
National Breweries, Prof.(guar.)
75e, Oct. 1 Holders of rec. Sept. 21a
National Dairy Products (guar.)
g Sept 30 Holders of rec. Sept.Ha
Nat. Enameling & Stamping. prof.(qu.).
1.56 Dec.
Holders of rec. Dee. 11
Preferred(guar.)
2
Sept.30 Holders of rec. Sept. 116
National Lead,corn.(guar.)
134 Sept.30 Holders of rec. Sept. 150
National Licorice. pref. (guar.)
2
Oct. 1 Holders of rec. Sept. 15
National Refining, preferred (guar.) _ _
National Sugar Refining. prof. (quar.)..., 141 Oct. 2 Holders of rec. Sept. 14
1% Sept.30 Holders of rec. Sept. 19a
National Supply. pref. (guar.)
25( Oct. 1 Holders of rec. Sept. 180
National Surety (quar.)
Oct. 1 Holders of rm.Sept. 15
New England Equity Corp., pref.(qu.). 2
Oct. 1 Holders of rec. Sept. 96
New York Mr Brake. Claw A (guar.)._ . 51
preferred_
3%
Inc.,
first
Febl'26 Hold, of rec. Jan. 22'26
Canners,
York
New
4
Feb. h' 26Hold.of rec.Jan.22'26
Second preferred
730. Oct. 1 Holders of rec. Sept, IS
New York Transit ((Mar.)
*50c. Oct. I *Holders of rec. Oct. 1
New York Transportation (guar.)
Holders of rec. Sept.21
Nichols Copper Co., preferred (guar.)- 14( Oct.
(qu.)
*75c.
class
A
*Holders of rm. Sept.19
Oct.
Corporation.
Nicer
1% Oct.
Holders of rec. Sept.100
North American Provision, Prof.(guar.)_
Holders of rec. Sept.10a
Norwalk Tire & Rubber, cont. (guar.)._ 40c. Oct.
1% Oct.
Holders of rm.Sept. 100
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept.306
Ohio Fuel Corporation (guar.)
50c. Sept.3 Aug. 529 to Sept.20
Ohio Oil (guar.)
*2
*Holders of rm. Sept. 21
Oct.
Omnibus Corp.. pref.(guar.)
Holders of rec. Sept.190
150. Oct.
Orpheum Circuit, corn.(monthly)
Holders of rec. Oct. 200
15o. Nov.
Common (monthly)
Holders of rec. Nov.20a
150. Dec.
Common (monthly)
2
Holders of rec. Sept. 150
Oct.
Preferred (guar.)
750. Oct.
Holders of rec. Sept. 154
Owens Bottle, coniniOn (riar.)
154 Oct
Holders of rec. Sept. 15a
Preferred (guan)
Holders of rec. Sept. 150
Paige-Detroit Motor Car. common (qu.) 350. Oct.
Pan Am.Pet.&Tran., com.&com .13 (qu.) *51.50 Oct. 2 *Holders of rec. Sept.30
21
Sept.2 Holders of rec. Sept. 180
Paraffine Companies, common (quay.)
131 Sept.2 Holders of rec. Sept.180
Preferred (guar.)
15c. Oct.
Holders of rec. Sept. 150
Park City Utah Consol. Mines
Holders of rec. Sept.20a
Penick & Ford, Ltd., prof. (guar.).- 1% Oct.
Holders of rec. Sept.200
Pref.(acct. accumulated dividends).- 51% Oct.
1% Sept.30 Holders of rec. Sept. 19
Penney (J. C.) Co.. 1st pref. (quar.)
37 h e Sept.2 Holders of rec. Sept.154
Pennock 011 Corp. (quar.)
Pettibone-Milllken Co.. 1st az 2d of.(on) 14( Oct.
Holders of rec. Sept. 220
50c. Oct.
Holders of rec. Sept. 150
Phillips Petroleum (guar.)
Holders of rec. dOct. la
Oct.
Pierce-Arrow Motor Car, prior pf.(qu.)_ 2
Pittsburgh Plate Glass. common Maar.) 2
Holders of rec. Sept.150
Oct.
Common (extra)
Holders of rec. Sept.15a
5
Oct.
1
Oct. d Holders of rm. Aug. 31a
Pittsburgh Steel, common (guar.)
Sept. 16 to Sept.30
Pittsburgh Steel Foundry, pref. (riti.)-- - 1% Oct.
Holders of rec. Nov.17a
1% Dec.
Pressed Steel Car. pref. (guar.)
Holders of rec. Sept.15
44 Oct.
Price Bros., Ltd.(guar.)
Holders of rec. Sept. 15
Provincial Paper Mills, COM. (rivar.)--- 145 Oct.
1% Oct.
Holders of rec. Sept.15
Preferred (quar.)
Holders of rec. Sept.10
I% Oct.
Pure 011 5Si% prof. (quar.)
Holders of rm. Sept. 10
114 Oct.
Six per cent pref.(quay.)
2
Holders of rec. Sept. 100
Oct.
Eight per cent pref. (guar.)
/5c. Oct. 1 Holders of rec. Oct. 10
Quaker Oats, common (guar.)
144 Nov.3 Holders of rec. Nov. 20
Preferred (guar.)
1% Oct.
Holders of rec. Sept. la
Radio Corp of Amer., pref.(guar.)
Sept.3 Holders of rec. Sept.17a
Railway Steel-Spring, corn. (quar.)____ 2
134 Sept.2 Holders of rec. Sept. 50
Preferred (guar.)
$1
Holders of rec Sept. 520
Oct.
Real Silk Hosiery (guar.)
35o. Oct.
Holders of rec. Sept. 15
Reece Button Hole Mach. (guar.)
Sc. Oct.
Holders of rec. Sept. 15
Reece Folding Machine (guar.)
75e. Oct.
Holders of rec. Sept. 19a
Reid Ice Cream Corp., corn
Remington-Noiseless Typewr..DI (gu.). 1% Oct. 1 Holders of rec. Oct. 3
Remington Typewriter134 Oct.
Sept. 20 to Oct. 1
1st pref. az Series S 1st pref.(guar.)_ _
2
Oct.
Holders of rec. Sept. 21
Second pref.(guar.)
Sept.22 to Oct. 1
Oct.
Second pref. (acct. accumulated diva.) 54
200. Oct.
Holders of rec. Sept. 150
Rec. Motor Car (guar.)
30c. Oct.
Holders of rec. Sept. 150
Extra
Holders of rec. Sept. 150
134 Oct.
Republic Iron & Steel. pref.(quar.)
Holders of rec. Sept.18a
Reynolds (11..1.) Tob.,cm.6: cm.B (qu ) 750. Oct.
15‘ Oct.
Holders of rec. Sept.18a
Preferred (guar.)
Richardson&BoyntonCo.,partic.pf.(qu.) 730. Oct.
Holders of rec. Sept. 1$
Holders of rec. Sept.300
134 Oct. 1
Richmond Radiator, Prof.(guar.)
131 Jan151 Holders of rec. Dec. 316
Preferred (guar.)
1)4 Oct. 1
Holders of rec. Oct. 5a
River Ralsln Paper, pref. (guar.)
2
Sept.3 Holders of rec. Sept. 150
Royal Baking Powder, corn. (quar.)
154 Sept.3 Holders of rm. Sept.15a
Preferred (guar.)
2
Oct.
Holders of rec. Sept. 14a
Safety Car Heat. & Ltg. (guar.)
500. Sept.2 Sept. 10 to Sept.21
Bt. Joseph Lead (guar.)
500. Deo. 2 Dee. 10 to Dec. 21
Quarterly
St. Louis Rocky Mt.& Pac. Co:, p1.(qu) 134 Sept.30 Holders of rec. Sept.15a
144 Sept.26 Holders of rec. Sept.19
St. Maurice Paper Mills Wear
Name of Company.
[VOL 121.
THE CHRONICLE
1434
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
50c Oct. 1 Holders of rec. Sept.15
St. Regis Paper,corn.(guar.)
134 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 15
150.
Salt Creek Cons& Oil (gear.)
Savage Arms Corp., 1st pref. (gust.).... •IM Oct. 1 *Holders of rec. Sept. 15
•I34 Noe.18'Holders of rec. Nov. 2
Second preferred (guar.)
50c. Oct. 10 Holders of rec. Sept.21a
Shattuck (F. G.) Co.(guar.)
350. Sept.30 Holders of rec. Sept. 80
Shell Union Oil Corp.,corn.(guar.)
Oct. 1 Holders of rec. Sept. I5a
(guar.)
500.
common
Company.
Simmons
234 Sept.30 Sept. 11 to Sept.30
Singer Manufacturing (guar.)
Sloss-Sheffield Steel & Iron, corn.(qu.)-- IK Sept.21 Holders of rec. Sept. 100
IK Oct. 1 Holders of rec. Sept.2Ia
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 10a
South Porto Rico Sugar, corn.(guar.)
Oct. 1 Holders of rec. Sept 100
2
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 15
$1
Southwest Pa.Pipe Lines(qusr.)
2
Oct. 1 Holders of rec. Sept.210
Spicer Mfg., pref.(guar.)
Sept. 16 to Sept.30
Sept.30
$1
Oil
Standard
(Kentucky)(guar.)
234 Oct. 1 Holders of rec. Aug. 28
Standard Oil (Ohio), corn.(guar.)
134 Oct. 1 Holders of rec. Sept. 190
Standard Plate Glass prior pref.(qu.)
K Nov. 2 Holders of rec. Oct. 8
Steel Co. of Canada. corn. & pt.(qu.).
`100. Oct. 5 *Holders of rec. Sept. 25
Sterling OH & Development
.10c. Oct. 5'Holders of rec. Sept. 25
Extra
$1.50 Oct. 1 Holders of rec. Sept. 10a
Stromberg Carburetor (guar.)
2
Oct. 1 Holders of rec. Sept. 10
Swift & Co. (guar.)
Oct. 1 Holders of rec. Sept. I50
(gust.)....
50c.
A
Class
Symington Company,
25c. Nov. 2 Holders of rec. Oct. 15a
Telautograph Corp.. corn
134 Oct. 10 Holders of rec. Sept.30
Preferred (guar.)
The. Sept.30 Holders of rec. Sept. 40
Tease Company(guar.)
Thompson (J. R.) Co., corn.(monthly).. 250. Oct. 1 Holders of rec. Sept.23a
25c. Nov. 2 Holders of rec. Oct. 23a
Common (monthly)
25e. Dec. 1 Holders of rec. Nov.23a
Common (monthly)
Preferred (guar.)
Ili Oct. 1 Holders of rec. Sept.23a
4
Oct. 1 Holders of rec. Sept. 19
t
preferred
Co..
Thompson-Starret
25e. Sept.30 Holders of rec. Sept. 18a
Tide Water Oil (guar.)
$1
Sept.21 Holders of rec. Sept. la
Todd Shipyards Corp. (guar.)
Sc. Oct. 1 Sept. 18 to Sept. 21
Tonopah Belmont Development
7.4c. Oct. 21 Oct. 1 to Oct. 6
Tonopah Mining
Underwood Computing Mach.. pf.(qu.) 1;4 Oct. 1 Holders of rec. Sept. 19
Underwood Typewriter, core.(guar.).-- 750. Oct 1 Holders of rec. Sept. la
Preferred I guar.)
134 Oct. I Holders of rec. Sept. la
$1.25 Oct. 1 Holders of rec. Sept. 4a
Union Carbide & Carbon (guar.)
234 Nov.II Holders of rec. Nov. 1
Union Storage i guar )
United Cigar Stores of Amer.,corn.(Ou.) $I Sept.30 Holders of rec. Sept.15a
Common (payable In common stock). 1134 Sept.30 Holders of rec. Sept.loa
1% Nov. 2 Holders of rec. Oct. 15a
United Drug, first preferred (quar.)...._
United Dyewood. prof. (quar4
134 Oct. 1 Holders of rec. Sept. 15a
13(.1 an 1'26 Holders of rec. Dec. 15a
Preferred (guar.)
$1
Oct. 15 Holders of rec. Oct. 1
United Equities Corp
234
Oct. 1 Holders of roe. Sept. 50
_
(guar
.)
United Fruit
United Profit-Sharing, corn. (no par)... 300. Oct. 1 Holders of rec. Sept. 10a
15
Oct. I Holders of rec. Sept.100
Common (par $1)
United Shoe Machinery, corn. (guar.)
6234c Oct. 5 Holders of rec. Sept. 15
$1
Oct. 5 Holders of rec. Sept. 15
Common (extra)
3734c Oct. 5 Holders of rec. Sept. 15
Preferred (guar.)
U.S. Bobbin c‘ Shuttle, preferred (guar.) 134 iept.30 Holders of rec. Sept. 9
If.8. Cast Iron Pipe a Fely pref.(qu.). 131 Uec. 15 Holders of rec. Dec. la
40c. Sept.30 Sept. 16 to Sept.29
U.S.Gypsum,common (guar.)
Preferred (guar.)
1.34 Sept.30 Sept. 16 to Sept.29
U.S. limit). it Inlet., pref. (guar.)._ _. 134 Nov. 4 Holders of rec. Soot. 4a
134 Sept.29 Aug. 29 to Aug. 31
U.S.Steel Corp., common (guar.)
Common (extra)
34 Sept.29 Aug. 29 to Aug. 31
United States Tobacco,common (guar.)_ 75c. Oct. 1 Holders of rec. Sept. 145
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 140
154 Oct.
Holders of rec. Se2s.15a
Upson Co., preferred (guar.)
El
Sept.30 Holders of rec. Sept. 18a
Utah Copper (guar.)
50c. Sept. IS Holders of rec. Aug. 31
Vacuum Oil (guar.)
Extra
50e. Sept.11 Holders of rec. Aug. 31
134 Oct. 20 Holders of rec. Oct. 9a
Vulcan DetinnIng, pref. & pref. A (qu.)_
Preferred (acct. accumulated dive.).- hl
Oct. 20 Holders of rec. Oct. 90
Waimea° Cotton Co.(guar.)
$1
Oct. 2 Holders of rec. Sept 15
31540 Oct. 1 Holders of rec. Sept. 20
Waldorf System, common (guar.)
Preferred & let pref.(guar.)
20c. Oct. .1 Holders of rec. Sept.20
Wale orth Manufacturing. pref. (quar.)_ 750. Sept.30 Holdesr of rec. Soot. ha
Ward Baking Corp., preferred (guar.)- 134 Oot. 1 Holders of rec. Sept. 15
SI
Oct. 1 Holders of rec. Sept. 150
Warren Bros.. common (quar.)
First preferred (quar.)
75c. Oct. 1 Holders of rm.Sept. 19a
8734t Oct. 1 Holders of rec. Sept. 19a
Second preferred (guar.)
Sept.30 Holders of rec Sept. 16,1
Weber & Hellbroner, common(gnat.). Si
Dee. 30 Holders of rec. Dec. 15
Common (guar.)
$1
15‘ Dec. 1 Holders of re, Nov 16
Preferred (guar.)
2
West Point Mfg.(guar.)
Oct. 1 Holders of rec. Sept. 15a
334 Jan I'26 Dec 20 to Jan.)'28
Western Grocer preferred.........
Westinghouse Elec. & Mfg., COCO. (qu.). $1
Oct. 31 Holders of rec. Sept. 30a
31
Oct. 15 Holders of rec. Sept. 30s
Preferred (guar.)
Weston Electric Instrument cl. A (au). 50c. Oct.
Holders of rec. Sept. Itia
$1
Sept.30 Holders of roe. Sept.2Ia
White Motor (qUM.)
White Motor Securities, pref.(guar.)... 134 Sept.30 Holders of rec. Sept.21a
White Rock Mineral 89ga., COM.(qu.).. 300. Oct. 1 Holders of rec. Sept. 22a
20e. Oct. 1 Holders cf rec. Sept. 22
Common(extra)
30o. Dec. 31 Holders of rec. Dec. 22
Common (guar.)
20e. Dec. 31 Holders ot rec. Dec. 22
Common (extra)
First preferred (gnat')
1,4 Oct. 1 Holders of roe. Sept. 22
First preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 22
1)4 Oct. 1 Holders of rec. Sept. 2g
Second preferred (guar.)
Second preferred (extra)
1
Oct. 1 Holders of rec. Sept. 22a
134 Dec. 31 Holders of roe Dec. 220
Second preferred (gnat)
1
Dec. 31 Holders of roe. Dec. 230
Second preferred (extra)
134 Oct. 1 Holders of rec. Sept. 2Ia
Willys-Overland Co., pref. (guar.)._
Worthington Pump de Mach., pf. A (qu.) I% Oct. 1 Holders of rec. Sept. 21a
134 Oct. 1 Holders of rec. Sept.21a
Preferred B(guar.)
234 Oct. 1 Sept. 16 to Sept.30
Wright-Hargreaves Mines(guar.)
Extra
234 Oct. 1 Sept. 16 to Sept.30
Wrigley (Wm.) Jr., & Co.(monthly)... 25c. Oct. 1 Holders of rec. Sept.19a
250 Nov. 2 Holders of reo. Oct. 20a
Monthly
250 Dec. 1 Holders of roe. Nov.20a
Monthly
13( Oct. 1 Holders of rec. Sept. 19
_
Wurlitzer (Rudolph) Co.,7% pt.(qu.)_
Oct. 1 Holders of roe. Sept. 51
Yale & Towne Manufacturing (guar.).- 51
21c. Oct. 1 Holders of rec. Sept. 1Sa
Yellow Cab Mfg.(monthly)
Sept.30 Holders of rec. Sept. 15a
$I
Youngstown Sheet & Tube,corn.
Preferred (guar.)
134 Sept.30 Holders of rec. Sept. 15a
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. 12. 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.
(Hated In thousands of dollars-that is. three Ciphers (000) oingled.)
New
apital I Profits. Loans,
Discount
Week EndIn
Sept. 12 1925 Nat'l, June 30 InvestState, June 30 merits.
&c.
(000 emitted.) r.Cos June 3
Members of Fed. Res Bank.
Bank of N Y &
Trust Co__ __ 4,000 12,519
Bk of Manhat'n 10,000 14,230
Mech& Met Nat 10,000 16,280
6.500 5,120
Bank of AMeric
National City.. 50.000 62,25
Chemlcal Nat _ 4,500 17,166
Am Ex-Pac Nat a7,500 al2,208
Nat Bk of Com. 25,000 40,235
Chat Ph NB&T 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
First National_ 10,000 70,102
Irving Bk-ColT 17,500 12.869
Continental. _ _. 1,000 1.123
Chase National. 20,000 26,365
500 2,787
Fifth Avenue__
600 1,030
Commonwealth.
Garfield Nat'l__ 1,000 1,686
Seaboard Nat 1_ 5,000 8,448
Coal & Iron Nat 1,500 1,478
Bankers Trust 20,000 27.999
U Mtge & Tr. 3,000 4,464
Guaranty Trust 25,000 20,369
Fidelity-InterTr 2,1100 2.140
New York Trust 10,000 19.145
Farmers L & Tr. 10,000 18,028
Equitable Trust 23,000 11,685
Time
Net
with
Legal Demand
DePari- Deposits. Posits
tortes.
Cash
in
Bank
MOWIaBoa.
Average Average Average AMMO Average As go
5
$
53,375 8,153
614 7,386
70,598
126.08 26,054
160,365 2,869 17,211
645
162,353 11,895
175,611 3,298 21,524
86,283 3,515
77,846 1,999 11,581
865
618,594 4,864 66.520 *641,271 72,501
348
5,355
116,54
135,178 1,318 15,445
125,102 1C,157 4,942
139,347 2,212 17,293
12,043
298,593
965
38,666
343,660
162.466 41,060 6.907
213.291 2,636 24,126
106,062
549 14,369
120.131
173,525 29,914
196,234 6,702 25,308
128,795 10,323 3-jai
166,505 1,033 17.015
521
28,22 10,519
40,961 1,404 4,081
449 26.966
202,562 21,126 4,951
330,065
268,606 35,393
279,860 2,647 36,066
366
143
6,484
940
8,070
362,766 4,326 46,195 "361,681 17,980
24,302
817 3,210
25,749
9,002 3,977
439 1,356
13,790
422
16,111
472 2,155
16,653
110,2,1 3,505
980 14,510
111,658
384 2,471
17,939 1,886
21,001
346,433
906 35,794 *274,413 83.116
5,172
746 7,3
52.81
58,833
414,379 1,314 48,085 *438,510 42,257
401 2.41
18,001 1.882
22.013
145,87 19,853
563 19,495
168,821
833 14,541 *111,082 21,5541
143,072
283,982 27,630
245,484 1,433 20.1551'
571,214'c4,221.235507.588 23,055
Total of averages 308,600488.4745,026.781
Totals, actual co ndition Sept.12 5,016,659 47,581 572,563 c4,212,53;506,22822,923
Totals, actual to ndition Sept. 55.,03l,57145,118 545.008 c4,222.056 507.00123,101
Totals, actual co ndition Aug.2 5,028.286 45,152 568,838 c4,253.107 517,65223,123
State Banks Not Me mbers of Fed'I Res've Bank.
21,136 1,523 -- 21,961 1,796 1,061
Greenwich Bank 1,000 2,485
3,002 1,874 376
275
5,447
918
250
Bowery Bank__
34,915 82,663 ---4,362
2,105
101,316
State Bank.... 3,500 5,477
a RanI 128,724
4,341
59,053 66,060
Totals, actual co ndition Septl 129,220 6,520 4,254
Totals, actual co ndition Sept. 5 128,554 6,268 4,683
Totals, actual co ndition Aug.2 129,228 6,224 4,532
Trust Compani Ci Not Membe rs Of Fed 'I Res's,e Bank
61,557 1,402 4,482
Title Guar & Tr. 10,00 16.421
932 1,883
22,554
Lawyers Trust_ 3,000 3,083
59,403 66,151
59,072 65.922
59,793 65.881
Total of averages
4,750
6,534
38,959
17,952
2,050
1,208
Total of averages 13,000 19,504
84,111
2,334
6,365
56,911
3,258
Totals, actual to ndition Sept.12
Totals, actual co ndition Sept. 5
Totals, actua/ co ndltion Aug.29
83,899
84,470
85,853
2,360
2,211
2,058
6,267
6.642
6,765
56,532
57,460
58,935
3,239
3.256
3,116
Gr'd agar.. met 326,350 514,860 5,239,616 55,984581.970 4,337,199 576,906 23,055
Comparison will, prev.lweek _ -9,58 +2,098-3,614 -43,503-2,673 -27
I
Gr'd aggr., act! ond'n Sept.12 5,229,778 56.470583,084 4,328.468 575.618 22,923
-14,816 +2,873 +26751 -10,120 -561 --ITS
Comparison with prev.'week
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., act' ond'n Sept. 55.244,594
aggr., ad' oad'n lAug. 295,243,387
aggr., act' ond'n ,Aug. 225,267,861
agrr., ace ond'n 'Aug. 155,253,48
aggr., nal cond'n 'Aug. 85.212,656
cond'n Aug. i5.247,902
aggr.,
53,597 556,333
53,439 580.135
53,193606,676
52,728 585,005
53,393597,947
49.705 592,587
4,338.588576,176 23,101
4.371,835 586.626 23,123
4,385,556 588,438 23,067
4.375,0i5575,704 22.708
4.363.531 569,344 22,600
4.432.589 574.036 22,579
Note -U. S. deposits deducted from net demand deposits in the general tots,/
above were as follows: Average total Sept. 12, $3,612,000. Actual totals Sept. 12,
53,612.000; Sept. 5, 53,632,000: Aug. 29, 85,421.000: Aug. 22. $5,424,000: Aug. 15.
55,430.000. Bills payable, rediscounts, acceptances and other liabilities, average
for the week Sept. 12,$571,480,600: Sept. 5, $523,396,000; Aug. 29. $52i,065.000;
Aug.22,$516,263,006; Aug. 15.$507,888.000. Actual totals Sept. 12. 5578,91,o000:
Sept. 5, $532,569,000; Aug. 29, 8505.076,000; Aug. 22, $542,873,000; Aug. 15.
$522,734,000.
follows:
* Includes deposits in foreign branches not Included in total footings asBankers
National City Bank. 5143443,000: Chase National Bank, $11,034,000;
& Trust
Loan
Farmers'
$85,542,000;
Co.,
Trust
Guaranty
513.847,000;
Trust Co.,
banks In
Co., $5,070,000; Equitable Trust Co., $69,669,000. Balances can led in
$17,522,000:
foreign countries as reserve for such deposits were: National City Bank,
Trust
Guaranty
Co..
Trust
$5869,000;
Bankers
$1,497,000;
Chase National Bank,
Co., 54,514,006; Farmers Loan & Trust Co., $5,070,000; Equitable Trust Co.,
branches not included.
foreign
In
Deposits
c
1925.
1
Aug.
of
As
a
37,057,000.
The reserve position of the different groups of institutions
for the week and the actual
•From unofficial sources. f The New York Stock Exchange has ruled that stook on the basis of both the averages
will not be quoted ex-dividend on this date and not until further notice. 3 The
the end of the week is shown in the following
New York Curb Market Association has ruled that stock will not be quoted ex- condition at
dividend on this date and not until further notice.
two tables:
on April 1,
•Annual dividend for 1925 all Payable In equal quarterly Installments
July 1. Oct. 11925 and Jan. 11926. have been declared as follows: On the common STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
nook $4 40, quarterly installment$1 10;prior preference. 7%,quarterly installment
AND TRUST COMPANIES.
Participating
134%;Participating preferred 7% regular, quarterly installment 134%:
%
Preferred.2% extra,guar. Installment 34%; preferred.8%.guar.Installment
Averages.
a Transfer books not closed for this dividend. rt Correction. e Payable In stock
Payable in scrip. h On account of accumulated
/Payable in common stock.
Reserve
funds.
Cash
Canadian
in
n
Payable
stock
in
preferred
dividends. m Payable
Reserve
Surplus
Total
in
Reserve
Dividend Is one-fortieth of a share of corn,stock for each share corn,stock held
Reserve.
Required.
in Vault. Depositaries Reserve.
!Changing dividend period from Nov. 1 to Oct. 1.
5
5
$
Payable in Class B common stock
$
Members Federal
571,214,000 571,214,000 563,988.190 7,225,810
IDIvIdend is 10 pence per share All transfers received In London on or before
Reserve Bank _
245,460
10,829.590
10.875.000
4,341,000
transferee.
to
6.534.000
dividend
Sept. 4 will be In time for payment of
State banks•
162,350
8,699,000 8,536,650
o General Electric stock dividend is one share of special stock for each two shares Trust companies • - 2,334.000 6,365,000
of eommon stock.
7,633,620
583,154,380
590,788,000
8,868,000 581,920,000
Total Sept. 12
p Payable at option of holder either in cash or common Class A stock at a price
Total Sept. 5_ - 8,387,000 585,534.000 503,921,000 588,919.020 5,001,980
Of $25 per share.
Total Aug. 29_ - - 8,443.000 584,391,000 592,834.000 587,593,630 5,240,370
cStock dividends are the regular semi-annual dividend of one-fortieth of a share
Total Aug. 22_ - - - 8.240,000 580.778,000 589,018,000 587,387,690 1.630,310
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.
• Not members of Federal Reserve Bank.
Payable to holders of record July Si
•This is the reserve required on the net demand deposits in the case of State banks
sPayable at option of holder either In cash or in Class A stock at the rate of one.
and trust companies, but in the case of members of the Federal Reserve Bank
fortieth of a share for each rhare held.
Includes also amount In reserve required on net time deposits, which was as follows:
Payable In participating preferred stock.
common
stock
Sept. 12. 515,227,640: Sept. 5, 515,314,340; Aug. 29, 515,533,700: Aug. 22, $15,Childs Company stock dividends are one share of no Par value
543,990: Aug. 15, 515,116.970.
or each 100 shares co par value common stock held
SEr-f. 19 1925.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve,
in
in Vault. Depositaries
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
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.
Members Federal
Reserve Bank.
State banks°
Trust companies
6.529,000
2,360,000
Total Sept. 12._
I Total Sept. 5._
'Total Aug. 29
1, Total Aug. 22_._
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
8,282,000 580.135,000 588,417,000 588.036,460
380,540
8,286.000 606,676,000 614.962,000 589.836,800 25,125.200
g
g
572,583,000 572.563.000 562.816,130
4.254.000 10,783.000 10,692,540
6,267,000 8,627,000 8,479,800
1435
9,746.870
90,460
147,200
•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. 12.
815.186,840; Sept. 5, 315,210,030; Aug. 29, 315,529,560; Aug. 22, $15,587.160;
Aug. 15, 815,210,690.
Sept. 16
1925.
Changes from
previous week.
Sept 9
1925.
Sept. 2
1925.
$
$
8
$
66,800.000 Unchanged
Capital
66.800,000 66,800.000
88,862,000 Unchanged
Surplus and Profits
88.862,000 88,862,000
Loans, disc'ts & investments_ 968,882,000 Inc. 2.373,000 966.509,000 965.266.000
Individual deposits.incl. U.S.680,672,000 Inc. 17,520.000 663.152.000 670.281.000
135,621,000 Inc. 3,030.000 126,743,000 122,574,000
Due to banks
207,710.000 Dec. 4,501.000 212.217.000 207,907,000
Time deposits
5,972.000 Inc. 3,030,000 2,942,000 4.318,000
United States deposItS
Exchanges for Clearing House 27,272,000 Inc. 5,715,000 21.557,000 22,335,000
94,200,000 Inc. 17,415,000 76,785.000 79,780.000
Due from other banks
79,598,000 Inc. 1,137.000 78.461,000 78.445.000
Reserve in Fed. Res Bank
Cash in bank and F. It. Bank 9,778.000 Inc.
171,000 9.607,000 9.583.000
Reserve excess in bank and
Federal ne.erve Bank
1.016.000 Inc.
398.000
618.000
779.000
State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
figures showing the condition of State banks and trust comPhiladelphia Banks.—The Philadelphia Clearing House
panies in New York City not in the Clearing House as follows: return for the week ending Sept.12, with comparative figures
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
Differences from
is not a part of legal reserve. For trust companies not memSept. 12.
Previous week.
Loans and investments
51.106.264.300 Inc. 3732.200 bers of the Federal Reserve System the
reserve required is
Gold
4,502.300 Inc.
16,800
Currency notes
23.725,100 Inc.
945,400 10% on demand deposits and includes "Reserve with legal
Deposits with Federal Reserve Bank of New York_ 97,028,360 Inc. 7,872,200 depositaries" and "
.Cash
i
n
vaults."
Total deposits
1,134,504,600
Dec. 335.900
Deposits, eliminating amounts due from reserve depositaries and from other banks and [dust companies in N. Y. City, exchanges dv U.S. deposits_1,081,938,800 Dec. 3.466.500
Reserve on deposits
164,631,200 Inc. 5,127,300
Percentage of reserve, 21.4%.
RESERVE.
State Banks
—Trust Companies—
Cash In vault •
833.593,600 16.09%
591,657,100 16.38%
Deposits In banks and trust cos.__ 10,619.100 5.09%
28.761,400 5.14%
Total
$44,212,700 21.18%
8120,418,500 21.52%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Sept. 5 was 589,156.100.
Banks and Trust Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City, outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week Ended—
May 16
May 23
May 29
June 8
June 13
June 20
June 27
July 3
July 11
July 18
July 25
Aug. I
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Sent. 5
Sent. 12
s
6,333.256.700
6.257.736.200
6,285,428.000
6.329,320,400
6.319,885,700
6.336.178,900
6.311,487.200
6,403.112.800
6,353.275,000
6.320.677.200
6.284.570.900
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
Demand
Deposits.
*Total Cash
Reserve in
in Vaults. I Depositaries,
$
5.523,581.000
5.452,014.500
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
5.809.425.100
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 f300
82,201,400
80.842.200
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
79,377,64/0
79,866.100
82,507,800
79.454.700
80,540,400
81.151,400
84 211 411(1
729,894.500
720.787.700
719.708.3M
732,827.700
726.011,100
741.188.800
724,783,000
750,531.4181
741,205.700
734,107.701
724.866.501
718,669,201
721.005,001
723,923,101
712.983,70(
715.040.401
711,813,901
7111298 sav
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.
(Staled in thousands of dollars—that is, three ciphers (0001
oraued.)
,
I Net
Capital.t Profits.
Loans,
CLEARING
Diecounts,
10N-MEMBERS.
Nat. bks. Dec. 31 InvestWeek Ending State bks. Nov.15 menu.
. cos. Dee. 31 &c.
Sept. 12 11925.
Members of
ind'I Ree've Bank
irace Nat Bank...
Total
State Banks.
4fof Members of the
,eder(11 Reserve Bank
lank of Wash Ills.
)olonial Bank
$
1.000
1.0
Cash
in
Vault.
Reserve
Net
Net
with Demand Time
Legal Deposits. Deposits,
Depositortes.
Average Average Average Average Average,
$
$
$
8
$
$
1.773 11,330
62
881
5,122
4,261
1.773 11,330
62 ' 881
5,122
4,261
200
1,200
543
2.4119
8,748
28,8001
736
3.157
342
1,715
6,343
25,140
2,475
4.043
1.400
3,012
37,548
3,893
2,057
31,483
6,518
500
532
8,981
421
97
3,243
5,982
500
532
8,981
421
97
3.243
5.982
;rand aggregate...
2.900
;omparison with prey, week
5.319
57,859
+442
4,376
3,035 a39,848
±218[,,,_
15
+198
10.761
+10
.."..d aggr., Sept 5
w d aggr., Aug.29
yed aggr.. Aug. 22
:ed agar.. Aug. 15
5,319
5.319
5.319
5.319
57,411
57,700
57,445
57,345
4,15
4.1821
4.2441
4.3661
is ,no
Total
Trust Company.
Vol Member of th
'edam! Reserve Bank
dech.Tr., Bayonne
Total
2,900
2.900
2,900
2.900
2,820
2.727
2.914
2.795
539,650
a39,833
a39,773
afill MA
a United States deposits deducted, 319,000
Bills payable, rediscounts. acceptances and other nab litiee. 31,434.000.
FACESS reserve,.$394,220 increase.
16,751
16,732
18,679
I Week Ended September 12 1925.
Two Ciphers (00)
omitted.
Membersof
Trust
F.R.System Companies
Capital
Surplus and Profits
Loans. disets & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits.— •
U.S.deposits(not incl.)
Res've with legal deposit..
Reserve with F.R.Bank
Cash in vault•
Total reserve & cash held._
Reserve required
Excess res. & cash in vault
$41,875.0
126,740,0
823.560,0
29,759,0
105,029,0
142,349.0
584,390,0
96,956.0
823,695,0
$5,000,0
16,869.048,074.01
447,0
17.0
917.0
28.040.0
1,997.0
30.954,0
2,897.0
63,659,0
9.223,0
1.364,0
72,882,0
4,261.0
63,645,0
4,372,0
9,237,0 def.111.0
Seyi.1 I Asts.29
1925.
1025.
1925
Total.
846.875,0
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
. .
14'3.609.0
866,809.0
40,293.0
105,200.0
143,537.0
622,229.0
99.235.0
865.001.0
3.472.0
3,443.0
64.851,0
10.165.0
78.459,0
68.594,0
9.865,0
. .
143.809,0
867,603,0
31.071,0
100.344,0
139,115.0
614,095,0
98.332,0
851.542,0
5.287.0
3.062,0
63,564,0
10.640.0
77.266,0
68.164,0
9.102,0
•Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
—The following shows the condition of the Federal Reserve
Bank of New York at the close of business Sept. 16 1925 in
comparison with the previous week and the corresponding
date last year:
Sept. 161925. Sept. 9 1925. Sept.17 1924
$
Resources—
$
I
Gold with Federal Reserve Agent
375,723.000
Gold redemp. fund with U. S. Treasury- 11,545,000
355.728.000
7.478.000
569,868,000
7.901.000
Gold held exclusively agst. F.R.notes_ 387.273.000
Gold settlement fund with F. R. Board. 174,529.000
Gold and gold certificates held by bank.- 357,652.000
353.206.000
164.397.00d
353.279.000
577,769,000
220.737,000
173,532,000
Total gold reserves
Reserves other than gold
919,454.000
25.697.000
880.882,000
28.759.000
972,038,000
16,624,000
945,151,000
Total reserves
Non-reserve cash
16,497,000
Bills discounted —
Secured by U. S. Govt. obligations— 70,200.000
40,161,000
Other bills discounted
909,641.000
13.569.000
988,652,000
14,484,000
185,103.000
69,226.000
16,171.000
17,255,000
Total bills discounted
Bills bought in open market
U. S. Government securities—
Bonds
Treasury notes
Certificates of indebtedness
110,361,000
11,960,000
254.334.000
22.146,000
33,426,000
46,035,000
1.257.000
50,902,000
89.700.000
4.912,000
51,361.000
1,228.000
4,902.000
136.394.000
80,301,000
Total U.S. Government securities—
Foreign loans on gold
141.859.000
2,025,000
57,501.000
2,025.000
221,597,000
336,006,000
5,200,000
306,238,000
189,053.000
16,433.000
8,448,000
Total earning assets
266,205,000
224,497,000
17,134,000
4,002,000
Uncollected items
Bank premises
All other resources
Total resouroee
146,079,000
17,133.000
7.193.000
1.473,486,000 1,429,626.000 1,523,338.0041
mamma—
Fed'i Reserve notes in actual circulation_ 350,615.000
Deposits—Member bank, reserve acc't
833.865,000
Government
263,000
Other deposits
16,478.000
349,528.000
846.377,000
1,973.000
13,694,000
304.218,000
962,142,000
.996,000
18,762,000
Total deposita
availability Items
Capital paid In
DeferSurplus
All other liabilities
862.044.000
124,072.000
31.900.000
58,749,000
3.333.000
981,800,000
145,616,000
30.201,000
$9.929,000
1,574,000
Total liabilities
850,606,000
178,155.000
31,919,000
58,749,000
3,442.000
1,473,486,000 1.429,626,000 1.523.338,000
Ratio of total reserves to deposit and
Fedi Reeve note liabilities combined.
Contingent liability on bills purchased
for foreign correspondents
78.7%
75.1%
76.9%
9,187.000
9,168.000
5,330,000
CURRENT NOTICES.
_Rogers & Tracy, Inc., 139 8. La Salle, St., Chicago, announce that
Harold Blumenthal and Richard J. Hickey have become associated with
them in their Trading Department.
—A booklet giving quotations on more than 2,000 Public
Utility. and
Industry Bonds has been issued for free distribution by Lilley. Blizzard
Company, Philadelphia.
—Harry O. Reton, formerly with 0. E. Quincey & Co., has
become
associated with Gilbert Eliott ts Co. of New York.
[VOL 121
TECO CHRONICLE
1436
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,Sept.17, 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 tke corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
for the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns
and
Discussions."
Events
of
our
"Current
department
in
latest week appears on page 1408, being the first item
SEPT. 16, 1925.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
1925. Sept. 17 1924
Sept. 16 1925. Sept. 9 1925. lege. 2 1925. Aug. 26 1925. Aug. 10 1925. Aug. 12 1925. Aug. 5 1925. July 29
$
$
$
3
$
$
$
$
$
RESOURCES.
1,447,958.000 3,038,632,000
1,489,568.000 1,451,175,000 1,441.993,000 1,444.444,000 1,437,985.000 1.447,740,000 1.436,480.000
Gold with Federal Reserve agents
36,638,000
50.682,000
57.715.000
55,694,000
64,433,000
42.737,000
54,343,606
44,340.000
48,019,000
Gold redemption fund with U. S. Trees
1,503,434.000 1.494,195,000 1.498.640.000 2,075,270,000
Gold held exclusively agst F R.notes- 1,537.537,000 1,495.515.000 1,484,780,000 1,498,787.000 1,502,418.000 675.046.000 686.989,000 687.023.006 611,304,000
Gold settlement fund with F. R. Board- 636,567,000 679,480,000 689,685,000 665,842.000 633,307.000 599,130,000 596,830.000 605.421,000 394,919,000
Gold and gold certificates held by banks. 598,530.000 595,696,000 602,230,000 597,524,000 609.481,000
,,772,684,000 2,770.691.000 2,776.675.000 2,762,153,000 2.775.206,000 2,777,610.000 2.778,014,000 2,761.084,000
109,020,000 110,230,000 121.205,000 125.374,000 130.218,000 133.082,000 136,289.000 145,549,000
3.081,493,000
83,919,000
2,881,704,000 2,880,921.000 2.897.900.000 2,887,527,000 2,905,424.000 2.910,692,000 2.914,303.000 2.936,633.000
Total reserves
55,917,000
50,557,000
49.756,000
50,309.000
46,237,000
51,416,000
43,614,000
51,520,000
Non-reserve cash
Bills discounted:
289.251,000 303,260,000 248,235,000
Secured by U. S. Govt. obligations- 228.594.000 364,724,000 320,527.000 310,690.000 290,432,000 248.933.000 240.577.000 220.121,006
259,346.000 274,468,000 256,363.000 268,985,000 269,051,000
Other bills discounted
487,940,000 639,192.000 576,890.000 579,675.000 559,483,000 538,184,000 543,837.000 468,356,000
Total bills discounted
211,962,000 214,143,000 213,167,000 201,519,000 195,309.000 211,659.000 211.972,000 210.476.000
Bills bought in open market
U. S. Government securities:
69,406.000
69.047,000
69,441,000
69,942.000
69,188,000
69,688,000
70,403,000
55,418,000
Bonds
225.787.600
245,751,000 236.801,000 230,996.000 230,255.000 224,699,000 226.374.000 229.071,000
Treasury notes
34.967,600
34,982.000
33.159.000
25,274.000
29.373.000
32,306.000
19,910.000
108,080,000
Certificates of Indebtedness
330,160.000
333.494.000
328,580.000
409,249.000 327,114,000 326,212,000 332,249,000 323.280.000
Total U. S. Government securities
10,500,000
10.500,000
10,500.000
10.500.000
7.500.000
10.500.000
7,500,000
7,500,000
Foreign loans on gold
1,850,000
1.850.000
1,850.000
2,350.000
2,320.000
2,350.000
2,320,000
2,420,000
All other earning assets
3,165,412,000
44,543,000
1.101,653,000 1,021,342,000
1.119,071.000 1,190,269,000 1,126.089,000 1,126.293.000 1.090,902,000 1.090.773.000 592.665,000
583,542.000
928,961.000 658,563,000 628.059.000 579.518.000 664,573.000 647.738,000
60.562.000
60.975,000
61,114.000
61.180.000
61,245.000
61,210,000
61,333,000
61,370,000
21.764.000
21,817.000
21.814.000
21,849,000
22,097.000
21.983.000
23.260.000
20,305,000
982,858,000
775,917,000
59.672.000
26,464,000
Total gold reserves
Reserves other than gold
Total earning assets
Uncollected items
Bank premises
All other resources
83,601,000
174,366,000
257,967,000
99,212,000
35,951,000
397,863,000
184,915,000
618,729,000
6,950,000
4,679,813,000 5,054,866,000
5.062,931,000 4,857.960,000 4,781.627.000 4.727,947,000 4,794,237,000 4.782.688.000 4.741.116.000
1.605.557,000 1.598.397.000 1,734,666,000
1.677,299,000 1,680,115.000 1.637.725.000 1.615.887.000 1.616.189.000 1.617,678.000
2,179,668.000 2,211.753.000 2.152.867.000 2,261,255,000
2.197,663.000 2,195.648,000 2.186,593,000 2,183.487.000 2,183,668,000
6,339,000
28.201,000
21.1.10.000
31.191,000
28,667.000
25,321,000
28,688,000
22,783,000
3,528,000
39,583,000
26,603.000
25,380,000
26.013.000
24,858.000
23,814.000
24,363.000
26,072.000
29.007,000
2.265,967,000 2.200.580.000 2,297.177,000
2.230.198,000 2,244,506,000 2,235,728.000 2,236,538.000 2,237.193.000 2.236.239.000
Total deposits
524.173.000 535,3.3.000 678,050.000
807,583,000 585,506,000 561,085,000 528,297.000 594,188.000 582,794.000
Deferred availability items
115,816,000 115,677.000 115.706.000 112,032,000
118,423,000 116.380.000 116,363,000 116,324.000 116,313.000 217.837.000
Capital paid in
217,837.000 220,915,000
217.837.000
217.837.000
217,837.000
217.837.000
217,837,000 217,837.000
9urplus
12,026,000
11.905.000
11.970.000
12,324.000
12.517.000
12,889.000
13.064.000
13,526.000
13,591.000
All other liabilities
5,054,866,000
4.679,813,000
4,782,688,000
4,741,116,000
4,794,237,000
4.781,627.000
4.727,947.000
5,082,931,000 4,857,960,000
Total liabilities
Ratio of gold reserves to deposit and
. 76.4%
73.4%
72.0%
71.7%
72.0%
1.6%
71.6%
70.3%
70.9%
F. R. note liabilities combined
Ratio of total reserves to deposit and
78.5%
77.3%
75.5%
75.3%
75.4%
74.8%
75.0%
73.4%
.....
combined_
73.7%
liabilities
note
F. R.
Contingent liability on bills purchased
20,959,000
31,961.000
31.186,000
31.508,000
31,113.000
31.148.000
34,646,000
31,128,600
34.665,000
for foreign correspondents
8
$
$
$
$
$
$
$
3
20,121,000
Distribution by Maturities81,065.000
83.143,000
84.744,060
59.057.000
62,084.000
60.683.000
58,274,000
50,778.000
1-15 day bills bought In open market__
401.591,000 405.914.000 333,833.000 137,243,000
404,336.000
438,256.600
434.304.000
505,311,000
352.410,000
35,001,000
1-15 days bills discounted
7.403.000
7.106.000
6,767.000
3,247.000
18,130,000
4,280,000
14,176,000
94,810.000
1-15 days U. S. certif. of indebtedness_
14,200.000
1-15 days municipal warrants
34,767.000
36,621.000
45.793.000
38.188.000
34,973.000
37,205,000
36,335,000
43,260,000
31,591,000
16-30 days bills bought in open market_
25,586,000
27,632,000
26,940.000
30,423.000
37,050.006
27,961.000
36.084,000
38,305,000
16-30 days bills discounted
15,846.000
17.144,000
16-30 days U.S. cert it of Indebtedness.
23,902,000
44.508,000
16-30 days multi gsti uarrants
45,745.000
43.359.000
49,027.000
53,601.000
62,690.000
64,095,000
61.111,000
47,631,000
31-60 days bills Ina ig to lo open market_
52 825.000
42,796.000
54,683.000
64,961.000
56,650,000
55,633.000
62,041,000
55,644,000
1,000,000
11-60 days bills til....mint.-.1
19,081.000
16.098.000
17,017.000
1,625.000
2,000.000
2,000.000
1,275.000
11-60 days U. S. cert if of lutiebtedness_
32,438,000
31-60 days municipal warrants
34,289.000
29.720.000
38.627.000
37.905.000
39,900,000
36,469,000
41,988,000
45,022.000
31,438,000
51-90 days hills bought in ,men market40.603.000
39.758.000
39,236,000
44,151,000
40,916.000
39,568.000
33,024,000
34,858,000
98,421,000
11-90 days bills discounted
3,022.000
550,000
1,203,000
01-90 days U. S. certif of Indebtedness.
8,551,000
51-90 days municipal warrants
9.390,000
12.174.000
10,162,000
11.132.000
12,160,000
14.921,000
13,451,000
11,791,000
9,659,000
Over 90 days bills bought in open markei
16,863.000
21.883.000
15,734,000
15,612,000
8,114,000
8,987.000
11,849.000
6,723,000
50,493,000
Over 90 days bills discounted
9.498,000
8,741.000
9,375.000
8.655.000
4,534,000
8,882,000
4,459,000
12,037,000
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
2.920.284,000 3,159,117,0010
2.903,605,000 2.907.445,000 2,908,412.000 2,902.676.000
F. R. notes received from Comptroller- - 2,946,295,000 2,907,442,000 2.917.358.000
999.298,000 989.432 000 1,003,636.000 912,042,000
970,667,000 953,899.000 991,769.000 992,998,000 1,000,504.000
F. R. notes held by F. R Agent
1.909,114,000 1,913.244.000 1.916,648,000 2.247,075.000
1,975,628,000 1,953,543,000 1,925.589.000 1,915,607.000 1.906.941.000
Issued to Federal Reserve Banks
How Secured306.901.000 308,028,000 306,551.000 331,504,000
308,701,000 310,698,000 3t)9.098.000 309.098.000 307,501.000 106,702.000 108,506,000 105,103.000 113,459,000
By gold and gold certificates
110,150,000 112.018,000 113.963,000 101.6S9.900 105.034,006 1,034.137,000 1,019,946,000 1.036,304.000 1,593,669,000
3old redemption fund
0
1.025,450.00
1,070,717,000 1,028,459.000 1,018,932,000 1 .033.687,000
)old fund-Federal Reserve Board
713.039,000 721.028.000 637.137.000 348,369,000
669,519,000 808,848,000 745,186,000 747,811,000 719.937.000
3y eligible paper
2.157.508.000 2.085.095.0041 1.387.001.000
2.160.779.000
2 119 007 nnn,atm rem ono 2187.179.000 2.192 2AR mm 2 157.922.000
mt.!
Total resources
LIABILITIES.
P. R. notes in actual circulation
DepositsMember banks-reserve account
Government
Other deposits
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 16 D25.
Minneap. Kan. City
Twociphers (00) omitted.
Boston
New York. Phila. Cleveland. Richmond Atlanta, Chicago. St. LOLC1.
Federal Reserve Bank of-$
$
$
$
$
$
$
$
RESOURCES.
$
$
135,074,0 16.299,0 44,977,0 51,203,0
Gold with Federal Reserve Agents 147,910,0 375,728,0 129,555,0 180,783,0 41.580,0 128,866,0 3.007,0 1,347,0 1.870,0 2,553,0
4,435,0
2,867,0
2,919,0
Treas.
5,719,0
S.
8,182,0
11,545,0
U
with
Gold redo fund
17,646,0 46,847,0 53,756,0
Gold held excl agst. F. R.notes 156,092,0 387,273,0 135,274,0 185,218,0 44,447,0 131,785.0 138,081,0
124,991,0 15,455,0 12,919,0 34,751,0
Gold settlel fund with F. R.1314 55,377.0 174.529,0 57,198,0 58,466,0 28.504,0 27,693,0 88,214,0 9,698,0 7,472,0 4.003.0
25,454,6 357,652,0 18,924,0 45,983.0 8,107,0 2,341,0
Gold and gold certificates
Total gold reserves
Reserves other than gold
236,923,0
13,654.0
250,577,0
Total reserves
3,796,0
Non-reserve cash
Bills discounted:
Sec. by U. S. Govt. obligations 12,013,0
9,462,0
Other bills discounted
21,475,0
Total bills diocounted
38,981,0
1311is bought in open market
U.S. Government securities:
537,0
Bonds
518,0
Treasury notes
Certificates of Indebtedness_ 5,206,0
Total U.S Govt. securities
6.261.0
Dallas. San Fran
Total.
$
$
8
33.014,0 204,579,0 1,489,568.0
1,469,0 2,106.0
48,019,0
34,483.0 206.685,0 1,537.587,0
14,184,0 32,500,0 636.567,0
7,113.0 23,567,0 598,630,0
42,799.0 67,238,0 92,510,0 55,780.0 262,752,0 2,772,684,0
919,454.0 211,396,0 289,667,0 81,060,0 161,819,0 351,286,0 10,216,0 1,747.0 4.325,0 8.237,0 5,336.0 109,020,0
25,697,0 5,080,0 7,969,0 4,021,0 7,118,0 15,620,0
68,985,0 96,835,0 64,017.0 268.088,0 2,881,704,0
945,151,0 216,476,0 297,636,0 85,081.0 168,937,0 366,906,0 53,015,0
51,520,0
898,0 2.358.0 1,797.0 2,608.0
16,497,0 1,048,0 4,035,0 3,528,0 2,844,0 9,214,0 2,897,0
2,006,0 29.825,0
6,489.0 18,347,0
228,594,0
259,346,0
8,495,0 48,172.0
11,251,0 20,848,0
487,940,0
211,962,0
53,0
7,558,0 8,052,0 6,409,0
8,220.0 21,505,0 22,687.0 38.142.0
79.0 4,933.0
2.500,0 1,729.0
55,418.0
245.751,0
108.080,0
5,444.0 13 860 0 40086.0 30.163.0 18,278,0 31.286,0 29.175.0 43.128.0
409.249,0
70,200,0 23,236,0 38,896,0 15,099,0 6,494,0 19,395,0
40,161,0 25,315,0 30,555,0 39,224,0 22,391,0 24,184,0
-110,361,0 48,551,0 69,451,0 54.323,0 28,885,0 43,579,0
11,960,0 19,961,0 18,077,0 5,142,0 12,088,0 28,912,0
585,0 7,965.0
1,257,0
50,902,0 17.228.0 21,189,0
50.0 1,792,0
89.700,0
141.859.0 17_863.0 30.946,0
3,064.0 1,069,0
4,818,0 6,134,0
-39,563,0 7,882.0 7.203.0
2,374,0 23.670,0 18,698,0
7,297,0
32,266,0
1.191,0
829,0 19.785,0 1,197.0
4.253.0 11.965.0 20,269.0 28,873,0
______
93,0
932.0
1,066,0
SEPT. 19 1925.]
THE CHRONICLE
RESOURCES (Concladed)Two ciphers (00) omitted.
Boston.
Foreign loans on gold
All other earning assets
Total earning assets
Uncollected Items
Bank premises
All other resources
Total resources
LIABILITIES
F. R.notes in actual circulation
Deposits:
Member bank-reserve sect
Government
Ogler deposits
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
New York.
$
555,0
8
2,025,0
Phila.
1437
CSe.etead. Richmond Atlanta. Chicago. St. Louis. Minnoap. Kan City Dallas. Son Fran.
$
697,0
2.320,0
$
803,0
$
398,0
$
307,0
$
1,035,0
$
345,0
$
247.0
$
300,0
100,0
$
263.0
$
525,0
Togas.
$
7,500,0
2,420,0
266,205,0 89,392,0 119.277,0 65,307,0 55,140,0 114,512.0 72,445.0 50,077,0 57,587.0 49.184,0 112,673.0 1,119,071.0
224.497,0 86,164,0 84,300,0 76,719,0 48,149,0 128,308,0 45,742,0 18.266,0 48,255,0 34.852,0 54.369,0 928.961,0
17,134.0 1,252,0 7,948,0 2,446,0 2,780,0 8,099,0 4,706.0 3,047,0 4,612,0 1.833,0 3,323,0
61,370,0
4,002,0
327,0
285,0
338.0 4,629,0
607,0 2.356,0 1,300,0
611.0 1,450,0 4,210,0
20,305.0
-405,265,0 1,473,486,0 394,659,0 513,481,0 233,688,0 280,206.0 628,339,0 179,143,0 145,902,0 210,358.1 153,133,0 445.271,0 55062931,0
67,272,0
79,340.0
4,190,0
90,0
158,469,0
350,615,0 150,142,0 224,968,0 75,666,0 147,631,0 144,968,0 40,052,0 65,340,0 65,749.0 46,172,0 207,527,0 1,677,299,0
143,728,0
214,0
265,0
833,865,0 134,767,0 177,654,0 86,458,0 80,153.0 328,374,0 77,467,0 51,834,0 87,252,0 58,096,0 158,015,0 2,197,663,0
263.0
263,0
190,0
555,0
482.0
248,0
210,0
813,0
144,0
53.0
293,0
3,528,0
16,478,0
513,0 1,238,0
268,0
413,0 1,145,0
386,0 1,811.0 1,366,0
183,0 4.941,0
29,007,0
144.207,0
77,028,0
8,596,0
16,382,0
583,0
850,606,0 135,543,C 179,082.0 67,281,0 81,152.0 330,433.0 79,315,0 52,457,0 88,450,0 58,423,0 163,249,0 2.230,198.0
178,155,0 76,951,0 72,832,0 72,053.0 37,000,0 105,187,0 43,971,0 16,320.0 42.314,0 35.853,0 49,919,0 807,583.0
31,919,0 11,501,0 13,059,0 5,980.0 4.617,0 15,619,0 5,121.0 3,202,0 4,304,0 4,314.0 8,191,0 116,423,0
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 15,071.0 217,837,0
3.442,0
463,0 1.078,0 1.007,0
713,0 1,086,0
856,0 1,706,0
779,0 1,314,0
564.0
13,591,0
Total liabilities
405,265,0 1,473,486,0 394,659,0 513,481,0 233,688.0 280,206,0628,339,0 179,143,0 145,902.0 210,358.0 153,133.0 445,271,0 5,062,931,0
Memoranda.
Reserve ratio (percent)
82.8
78.7
75.8
73.7
44.4
595
77.2
58.6
61.2
62.8
73.8
72.3
73.7
Contingent liability on bills purchased for foreign correspond'ts 2,583.0
9,187.0 3,246,0 3.734,0 1,850,0 1,431,0 4,816,0 1,605,0 1.152.0 1,396,0 1,222,0 2,443,0
34,665,0
F. R. notes on hand (notes ree'd
from F. It Agent less notes in
circulation)
19,698.0 117,722,0 34,941,0 16,398,0 14.693.0 21.130.0 13.429,0 4,557,0 3,488,0 6,738,0 5,339,0 40,196,0 298.329.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL
RESERVE AGENTS AT CLOSE OP BUSINESS SEPT. 16 1925.
Federal Reserve Agent at-
Boston
New York
Phila.
Cleveland Richmond Atlanta
Chicago
St.Louis
Minn. Nan. Cite Dallas
San P.
Total
(Two Ciphers (00) Omitted.)
$
F.R. notes rec'd from Comptrer 275,797,0
F.R.notes held by F.R. Agent-- 97.630,0
$
$
,
$
8
8
$
it
$
$
$
8
$
764,797,0 214,883,0 287,836,0 114,919,0 216,346,0 429,904,0 68,769.0 87,798,0 98,220.0 72,303,0 314,723,0 2.946,295,0
296.460,0 29,800,0 46,470,0 24,560,0 47.585,0 271,507,0 24,160,0 18,970,0 25,733.0 20.792.0 67,000,0 970,667,0
F.R. notes Issued to F.R. bank 178,167,0
Collateral held as security for
F.R. notes Issued to F.R. Bk.:
Gold and gold certificates__ 35,300,0
Gold redemption fund
12,610,0
Gold fund-F.R.Board_. 100,000,0
Eligible paper
60,456,0
468.337.0 185.083,0 241,366,0 90,359,0 168,761,0 158,397,0 44,609,0 68,828,0 72,487,0 51,511,0 247,723.0 1,975,628,0
Totaleollateral
208,366,0
186,698,0 4,800,0 8,780,0 21,160,0 10,000,0
11,775,0 13,052,0
17,136,0
308.701,0
28,030,0 11,866,0 12,003,0 4,125,0 7.866,0 4,429,0 1,024,0
925,0 2,843,0 5,378,0 19.051,0 110,150,0
161,000,0 112,889,0 160,000,0 16,295,0 111,000,0 130,645,0 3,500,0 31,000,0 48,360.0 10.500,0 185,528,0 1,070,717,0
100,757,0 62,856,0 87,079.0 57.865,0 40,944.0 72,392,0 41,856,0 31.162,0 25.849.0 19.696.0 68,607.0 668,519.0
476,485,0 192,411,0 287,862,0 99,445.0 169.810.0 207.466,0 58,155,0 76.139,0 77,052.0 52,710,0 273.186,0 2,159,087,0
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 727 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 1408
1. Data for all reporting member banks In each Federal Reserve
District at close of business Sept. 9 1925. Three ciphers (000) omitted.
Federal Reserve District.
Number of reporting banks
Loins and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds
All other loans and discounts
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
Total Investments
Boston. New York
42
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Ran. City Dallas. San Fran
Total.
102
55
$
$
10.164
62,142
322,242 2,205,791
635,978 2,510,214
$
12,345
340,390
385,814
75
$
19,101
490.442
768,041
72
3
6.525
136.281
373,422
100
33
25
71
49
$
$
29,460
7,308
92803 799,534
404,735 1,221,699
$
7.154
171,814
312,274
$
2.432
68,064
173,657
3
3,603
112,234
330.786
$
3,138
78,847
213,985
968,384 4,778.147
738,549 1,277,584
516,228
504,844 2,050,693
491,242
244,153
446.623
295,970 1.129,713 13,442.130
9,965
39,809
79,888 601,163
20,487 199,243
4,640 181,521
2,234
40,564
206,454 1.141.899
9.690
50,427
16,938
7,795
5.926
254,079
.32.281
170,564
34,749
36,354
12,090
350.672
14.929
33753
5'605
2'345
2'106
51,574
17,608
171.920
55,090
72.752
7,324
429,095
12,707
22.603
11,364
6,481
553
110,950
6,811
25,712
12,277
19,410
2.381
42,841
8,868
49,019
17.264
17.594
3,809
80.768
323,668 2,204,199
344,855
636,710
90,312
Total loans and investments-- 1.292,052 6,982,346 1,083,404 1,914,294
Reserve balances with F.R. Bank__
93,671 759.379
79,232 129,929
Cash In vault
20,615
81,603
14,874
32,190
Net demand deposits
877,011 5,485,357 762,389 1,013,661
Time deposits
376,976 1.182,420 185,001 755,780
Government deposits
2,705
5,251
3,335
6,296
Ma pay'le & redIse. with F R. Bk.:
Secured by U.S. Gov't obligations
3,300 171,082
7,685
33,306
All other
5,919
56,343
15,643
14,894
Bankers' balances of reporting member banks in F.R. Bank cities:
Due to banks
123.516 985,998 169.620
51,507
Due from banks
36,162
92.205
56,445
24,751
24,638
32.068
5,103
2,023
1,442
60.479
125,753
641.981
38,193
14,708
367,201
198,645
1,209
36
753,789
164,658
109,432
177,322
595,156 2,804,482
43569 245,584
52,440
11'149
355.107 1.790,514
206'715 978,127
7,266
2,515
655,900
43,246
7,759
348,800
208,864
870
353.585
28,572
6,657
240.261
100,420
609
623,945
54,462
12,888
501,728
139.856
326
67
727
3
$
8,155
171,525
244.621 5.063.063
876.937 8,207,542
17,090
17,641
7.248
8.085
1,962
21,922
23,930
218,326
143,107 1,377,865
48.451
433,819
27,412
386,412
17,103
97,494
192,309 2,943,042
73.948
452.312 5,4.56,958
369,918 1,582,025 18,899.088
29.356 105.630 1,650,823
11,042
21,819
287,742
263,609 771.194 12,812,832
95.113 774,662 5,202,579
1,388
2,653
34,423
5,141
16,448
4,781
1109
23,107
6,812
4,804
9,857
3,323
665
637
2,277
762
2.106
30,827
14.566
27.821
14216
371,649
165,266
82,098
28,381
61,430
22,554
108,064
43.273
34,568
29,056
32,439
9,455
290,347
151,498
102,944 2,149,842
44,153
571.028
2. Data of reporting member banks In New
York City. Chicago. and for whole country.
AU Reporting Member Banks.
Sept. 9 1925.
Number of reporting banks
Loans and discounts. gross:
Secured by U. S. Govt. obligati°
Secured by stocks and bonds
All other loans and discounts
Sept. 2 1925
Beimrting Member Banks in N. Y. City. Reporting Member Banks in Chicago.
Sept. 10 1924. Sept. 9 1925. Sept. 2 1925. Sept.10 1924. Sept. 9 1925. Sept. 2 1925 Sept. 101924.
727
727
747
61
el
67
$
$
$
$
3
$
171,525,000
190.288,000
193,504,000
73,846,000
57,188,000
70,332,000
5.063,063,000 5,111,535,000 4,318,093,000
2,005,346,000
8,207,542.000 8.173,611,000 7,967,561,000 1,962,033,000 2,189,558,000 1,742,791,000
2,222,309,000
2,201,941,000
46
$
21,788,000
602,145,000
682,189,000
46
3
22,778.000
603,610,000
684,344,000
48
$
26,577,000
518,935.000
728,656,000
Total loans and discounts
13,442,130,000 13,475,434,000 12,479,158,000
4.221,162,0004268,750,000 4,035,432,000 1,306,122,000 1,310.732,000 1,274,168:000
U. S. pre-war bonds
218.326,000
219,618,000
267,664,000
29,096,000
40,943,000
1,917,000
29,098,000
1,917,000
4,129,000
U. B. Liberty bonds
1,377,865,000 1,375,718,000 1,411,358,000
95,736,000
95,160,000
503,126,000 503,396,000 597,408.000
72,148,000
U. S. Treasury bonds
433.819,000
434,023,000
67.504,000 184,629,000 184,722,000
13,448,000
17,787,000
17,723.000
3.469,000
U. B. Treasury notes
386.412,000
388,437,000
656,552,000 169,689.000 171,009,000 320,895.000
57,842,000
58,040.000
91,466,000
U. S. Treasury certificates
97,494,000
98,251.000
93.851.000
38,421,000
33,511,000
37,873,000
3,249.000
3,186,000
6,044,000
Oth ellionds, stocks and securities_ 2,943,042,000 2,926,491,000
2,644,058,000 851,819,000 837,671,000 789,818.000 194.806.000 187,127,000 177,736,000
Total Investments
5,456,958,000 5,442.538,000 5.14
0.987,000 1,776,234,000 1,764,315,000 1,796,023,000 371,337,000 363,153,000 354,992,000
Total loans and Investments_ 18,899,088,000 18,917,972,000
Reserve balances with F. R. banks._ 1.650,823,000 1.635,350,000 17,620,145.000 5,997,396,000 6,033,065,000 5,831,455.000 1,677,459,000 1,673,885.000 1.629,160,000
1.625,634,000 703.318,000 691,682,000 703.357.000 164,135,000 163,925,000 178,115.000
Cash In vault
287,742,000
266,670,000
293,445,000
60,480,000
66.535,000
23,950.000
22.376,000
64.669.000
29.741,000
Net demand deposits
12.812,832,000 12,847.657,000
12,598,679,000
Time deposits
5,202,579,000 5,199,405,000 4,576,615,090 4,950,382,000 5,003,837,000 5.062,174,000 1,191,337.000 1,190,142,000 1,222,678,000
788,477,000 709,302,000 470,115.000 466,362,000 395.063.000
786,975.000
Government deposits
34,423,000
51,340,000
74,747.000
6,171,000
11,015,000
3,759,000
Ems pay:title and rediscounts wltb
5,645,000
4,120,000
4,951,000
Federal Reserve Banks:
Secured by U.S. Govt. obligations
290,347,000
248,472,000
31,553,000 142,740,000 107.065.000
5.375,000
2,821,000
1.551,000
175.000
All other
151,498,000
124,698.000
42,330.000
24,552,000
7,831,000
1,746.000
52,706,000
1,885,000
Total borrowings from F.R.has
441.845,000
373.168,000
73,883.000 inc AAA Ann 121 817 non
13.206.000
4.587.090
3.436.000
175 MC
• Revised figures.
[Vol. 121.
THE. CIMON 1'i LE
1438.
Vaniters' 5aettL
Wall Street, Friday Night, Sept. 18 1925.
aneous Stocks.-The review of the
Miscell
Railroad and
Stock Market is given this week on page 1425.
this
The following are sales made at the Stock Exchange
the
on
list
detailed
our
in
nted
week of shares not represe
pages which follow:
STOCKS.
Week Ended Sept. 18.
Sales
for
Week
Range for Week.
Lowest.
Par. Shares I per share.
Highest.
Range Since Jan.1.
Lowest. I Highest.
$ per share. $ per share II per share.
Railroads.
Brunsw Ter & Ry See_10 12,500 6 Sept 15 9% Sept 18 3
85 Sept 14 86 Sept 15 76
Buff & Suseuehanna_10
800 7 Sept 12 15 Sept 17 7
Ch1oMil&StPctfs._10I
50011534 Sept 14 16 Sept 15 15
Hay El R & P pref__ _100
200 6 Sept 17 6 Sept 17 334
Duluth 88& Atl pf--100
100 3134 Sept 14 3134 Sept 14 2534
s
certificate
Erie
M St P&EISM leased
3934 Sept 17 3914 Sept 17 57%
1
100
line certifs
100 175 Sept 14 75 Sept 14 143
Nash Cbatt & St L_ _ 100
400 9034 Sept 15 9134 Sept 15 8914
NY Chic & St L etts leo
89 270 Sept 14 283 Sept 16 262
New York Rye cents_ _ _ _
1,200 8% Sept 15 9% Sept 17 8%
Preferred certifs
1 14134 Sept 15 14134 Sept 15 139
Pitts Ft W & Chi pret 100
12,500 1834 Sept 14 20 Sept 17 1634
Reading rights
Febj 934
Bey 105
Sept 15
Jun 117
Apr 6%
July 33%
Sept
Jan
Sept
June
Jan
Aug
Junel 63
AprIl75
Juiyj 9134
Aug 94
Sept( 12
Jan114234
Augi 2454
Feb
Sept
Aug
May
June
Sept
Jan
Cables.
Checks.
60 Days.
Sterling Actual484
48434
48134
High for the week
484
Si
4 84
4 81
Low for the week
Paris Bankers' Francs-.
4.73%
4.72%
4.6734
High for the week
4.69%
4.68%
4.63
Low for the week
Germany Bankers' Marks
23.81
23.81
High for the week
23.81
23.81
Low for the week
Amsterdam Bankers' Guilders40.20
40.18
39.74
High for the week
40.19
40.17
39.73
Low for the week
15©25c. per $1.000 disLouis,
St.
par;
ago,
e.-ChIc
Domestic Exchang
par.
i,
Cincinnat
par;
,
count; Boston, par; San Francisco, par; Montreal
United States Liberty Loan Bonds and Treasury
low
Certificates on the New York Stock Exchange.-B
Latin
we furnish a daily record of the transactions in Liberty
bonds and Treasury certificates on the New York Stock
given
Exchange. The transactions in registered bonds are
in a footnote at the end of the tabulation.
15 Sept. la SePt.17 Sept. 15
Daily Record of El. S. Bond Prices. Sept.12 Sept.14 Sept.
100nal
(High 100"11 100'on 100nn 100iss 100"ss 100"n
First Liberty Loan
100"ss 100"n
314% bonds of 1932-47_5 Low_ 10011s 100"as 100"ss 1000ss 100"3: 100"ss
100"ss
(Close 100"s 100"n
(First 334a)
33
45
69
42
50
30
Tetal sales in $1,000 units.Converted 4% bonds of (High
__
__
____
____
____
....__
1932-47 (First 4s)_-__1Low.
___
Total sales in $1,000 units-Converted 414% bonds (High 10111112
101"ss
Low_
4348)(
Of 1932-47 (First
(Close 10111,s
4
Total sales in 31,000 units _ _.
Second Converted 414%(High
- -__
bonds of 1932-47 (First( LOw.
Second 414s
Total sales in $1,000 units...
- --Converted 434% bonds (High
__ _.
4% bonds of 1927-42._ _(Low.
(Second 4s)
- -_
units._
$1.000
in
sales
Total
(High 1014z
iecond Liberty Loan
of 192742 (Second (Low. 10011ss
(Close 1003132
414s).
38
Total sales in $1.000 units_ _. 101"ss
IMO
['hiss Lltesty Loan
1011:3
Low.
474% bonds of 1928_5
(Close 10114,s
(Third 4148)
26
Total sales its $1.000 units_ _ _
(High 102"s:
rourth Liberty Loan
4%% bonds of 1933-38 1Low.. 10273,
(Close 102'ss
(Fourth 4148)
209
Total sales in $1,000 units...
10611s
(High
'reasury
106"s:
(Low.
4(4, 1947-52
(Close 10611s
Total sales in $1,000 units..-1
(Higy 102"ss
Mow. 102"ss
45. 1944-1954
(Close 102"ss
I
7,,,,,, :‘,/.. dm SI non and/.
__-.
____
___
____
-._
102"ss 102.00
102.00 102112 101181:
101"ss 101"ss 101"ss 102.03 102.00
ss 102.00
10121.2 1011*ts 10115s 102,
3
34
7
33
2
Industrial & MIseel.
__ _ _
____
____
___
--- _
Amer-La France Fir
300 296 Sept 15 98 Sept 1419534 Feb 100 June
Eng 7% cum pref _ _100
Feb
Apr
15034
_17
____
Sept
17
-___
Sept
13834
____
500
14234
14334
100
American Snuff
Jan 100. July
100 100 Sept itt 100 Sept II, 96
1001•12
Am',hoie'leCorppf1Il
Sept 1414, SePt
10010s
Arnold Constable Ws.... 18,500 1134 Sept 1: 1434 Sept It 10 June 5234 Feb
45
lt
Sept
I:
Sept
50
900
5034
•
Atlas Powder
Aug
1734
June
200 1634 Sept 1: I634 Sept I: 15
Art Metal Construc'n_10
Sept
Aug 10
4
101,ss 1 .645 iiiiiie units 10-1iss
Atl Gulf & w I rights- -_ 13.360 87, Sept 11 10 Sept 141
Aug
500 43 Sept II 43 Sept 16 25 June 43
101.00 100nas 100"as 100"ss 1001oss
Booth Fish 1st pref _ _100
Feb
300 634 Sept16. 7 Sept lt 634 July 1134 Apr
101.00 100.11 101.00 101"n 101.00
Brit Emp Steel 2d pf _100
61
9734
July
181
9
Sept
3.15
199
96
134
103
15
200
100
Sept
9514
161
Burns Bros pref
Sept
10(1109 Sept 15 109 Sept 11110334 Jan 109
101"ss 1011's: 101nn 101"1: 101"ss
Cluett, Peabody pref 100
Mar 10615 Jan
10114 101nn loll',,
101nss
101ns:
100 104 Sept 14 104 Sept 14 102
Comlnvestm'tTrpf..11
Aug
Feb 118
100 118 Sept 15 118 Sept 111114
1011rit 10111,1 10111st 10111s 101"ss
Continentul Can pfd_100
119
Mar 5210 July
548
29
382
552
800 48 Sept lb 4834 Sept 17j 36
10
Crex Carpet
Mar 87 June
Sept
1(
Sept
7714
102nss 102ns: 10210s: 102"s: 102"ss
10
•
16162
7734
Sons
Cushman
July
107
102.00
Jan
102.s:
lt
102"ss
Sept
8234
1
102•ts 1022ts
100
300105% Sept 15 0534
Deere & Co pre
234 Sept 434 Sept
2% Sept 1: 43l Sept It
102'n 102'ss 102h: 102nss 102"ss
Detroit Edison rights_ __ 22,10
Sept
26
Jan 16
339
342
46.
92
100 16 Sept 14 16 Sept 141 8
50
Durham Hosiery
.:
Au,
2614
May
106"ss 106"as 106"ss 106"n 106"ss
Emerson-Brant pref.106 1,300 20 Sept It 2211 Sept 1: 8
9734 Apr
1013"ss
Aug
106"ts
100"ss
Sept
106nn
1519634
106nss
15
9814
200
9636
100
Sept
pf
1st
M
Cotton
Essex
Mar
10616,1 10611s 1031•,, 1061es 10617,1
100 8334 Sept It 8334 Sept lbj 8334 Sent 87
Fed Lt & Trac pref 100
Sept
5
74
56
74
11
100109% Sept 13 10934 Sept It 10634 Jun( 10934 Sept
Fairbanks Morse prefl
72
Sept
70
17
Sept
14
Sept
71%
102ns: 102nn 102'011 103'n 1031st
70
12,600
Fox Film class "A"
Sept
106
102"s:
Mar
102"s:
102"ss 102"ss 102"ss
200 10434 Sept It 108 Sept lf 101%
Franklin-Simon pref _100
June
1020n 102"as 102"zs 103.00 103.00
200 98 Sept 17 9834 Sept If 8834 Apr 9834 Apr
Gen Motors deb stk_ _100
fia
112R.
11
Jan 12034
St
g
200 119 Sept 1C 120 Sept 16 119
Gen Baking Co pref_ _ _ _*
Mat
11134
Jan
100107% Sept 15 10734 Sept 15 105
General Cigar pref _ _ A00
Feb
July
10934
104
15
Sept
15
Sept
coupon
100
10734
100
10734
Deb pref
10134 May 115% June
Note.-The above table includes only sales of
fit Western Sugar pfd100 200112 Sept it 112 Sept 16
Feb
•
100 48 Sept 12 48 Sept 12 4234 July 89
Hanna 1st pref C I A.100
Apr bonds. Transactions in registered bonds were:
83
May
66
13
Sept
If
71
Sept
100 71
25
Heinle (G W)
Jan
1023. 40 102",
Mar 95
to 10010a 32 4th 4348
100"sz
200 77 Sept 17 79 Fe ,t 17 77
25
Indian Refining pref_100
4%s
52
Aug
May 285
1011s to 1011ts I
331 275 Sept le 17914 Sept 14 218
100
Ingersoll Rand
Mar 734 Sent 12 3d 4145
Internet Tel & Tel right 12,400 534 Sept 11 7 Sept D. 2
Aug
Sept 107
104
edness, &c.
Intl Cement, pref.__100 1,20010434 Sept 17 106 Sept 12
% May 110 June Quotations for U. S. Treas. Ctfs. of Indebt
18 Sept 15
11 Sept 15
100
Kansas & Gulf Co, 10
Jan 109% Sept
4008109 Sept 15 1095'4 Sept 17 99
K C Pow & L t, 1st pref.*
DU.
Feb
Bid. 1.1s1.1•
Rule.
Maturity.
100 2334 Sept 15 23% Sept 15 2334 Sept 27 , Aug
Asked.11
Bid.
Kuppenheimer (B) Co_5
Rats.
Aug232
Maturity.
500205 14 Sept 16 210 Sept 14 199
Mack Truck, 1st paid_ _*
Mar 7834 Feb
99"s 100,ss
314%
1926...
15
June
100"ts
Mackay Cos. pref_ _100 300 6834 Sept 15 69 Sept 17 66
100'is
July Mar.15 1926-- 434%
Sept55
1'',,1'',,
4001 44 Sept 18 45 Sept 17 44
100
100114 I Lieu IS la27___ 4% So 10191
Manati Sugar
Sept I% Aug Dec. 15 1925-: 494% 10034
%
15 1927._ 434% 101% 10134
Mar.
1(10",,
Marlin-Rockwell rights_ 2,300 114 Sept 12 134 Sept 14 1
100'n
Sept
434%
%
Apr 116
Sept.15 1926...
16
9734
99",,
100
11
Sept
116
2
I
_
3%
_
Sept
1925_
15
.
.
Dec.
7%
20011634
pref
993.4
Edison,
99ns:
Met
June
3%
117
Mar
1926-15
June
109
14
Sept
1
10011234 Sept 411234
Montana Power, pref.100
4234 Mar
• 3,600, 3034 Sept I2 35% Sept 14 3034 Aug 110
Murray Body
Apr
100,110 Sept 16 110 Sept 16 104% Jan 60
Trust Companies.
Nati Supply. preL.._100
Sept
Feb
17
14
Sept
New York City Banks and share
* 1.300 5734 Sept 16 5834
N Y Shipbuilding
June
102
Jan
AU prices dollars per
N Y Steam, 1st pre! _• 10010034 Sept 1810034 Sept 18 97
1554 Sept 1834 Aug
Norwalk Tire& Rub.AO 20,200 15 Sept 15 17 Sept 12
July
Trust Co. 814 Ask
Ask
844
Feb 12
300109 Sept 17109% Sept 17 101
Otis Elevator. pref_ _100
New Yoe&
Sept Banks-N.Y. Bid L
175 185
Jan 18
94
s H
Hamilton 15
Sept
118
5
1
Sept
100.118
285 :
Teleg.100
&
America
Pacific Telep
ican
Fab
1100
1%
Jan
1070
Hanover
134
14
1%
Sept
14
435
425
1001 134 Sept
Eh
.8.aer
Parish & Bingham stpd _ _
of N 1
Bank
Feb
505
490
6034
_
._
Harriman
190
200 40 Sept 16 40 Sept 16 3834 Sept
Panhandle P & R pref100
& Trust C 605 615
212 217
5034 Jan Amer Union*. 200
_
n*
July
Manhatta
38
17
Sept
4234
17
Sept
4
100
•
_
etre__
I
234
Piffle & R C &
Broadway Ce
July
Trust 817 522
Bankers
442
436
49
Jan
Met_
&
Mech
Homo_ 650
Philadelphia Co pref _.50 200 49 Sept 17 49 Sept 17
Bronx Co Tr. 205 230
425
June 9534 Jan Bronx Nat_
Mutual*
45
100 85 Sept 17 85 Sept 17 81%
225
Phillips-Jones Corp p110
July Bronx
Central UH1OD 875 885
155
4234
Apr
America
Nat
12
18
Sept
225
16
Sept
3234
5 1.400 3134
Phoenix Hosiery
. 364 370
July Bryant Park* 215
500 Empire
r 603
175 National City 495
100 93 Sept 12 93 Sept 12 4&10x
100
Preferred
Sept Butch & Drov 165 240
Mar
New Neth•__ 230 250 Equitable Tr. 308 311
100 60 Sept 16 60 Sept 16
Porto Rican-Am Tob 100
Capitol Nat__ 230
L &'Fr 570 680
Feb
Farm
510
000
4754
Sept
27
4
Park
1
S
s
9361
t
p
e
280 290
Prod & Ref Corp pref _50 400 30 Sept 12
115 126 Fidelity Inter 270
3734 Sept Cent Mercan_
505 510 Penn Exch_t_ 190
P S Elec & Gas pref._ WO 1,200 96 Sept 12 9714 Sept 17 924 May
Chase
340 557)
Fulton
96% Sept 05% Sept Chath Phenix
Port Morris
34
300 9634 Sept 14
Pub Serv Elec pr pf.100
July
94%
545 Guaranty Tr 380 383
535
Mar
100 89% Sept 15 8934 Sept 15 63
Nat Bk &Tr 358 363 Public
Reis (Robt) & Co 1st pf_
ly
Tipt
Je
S
595 605 Irving BankJan 105
Seaboard
14
10034
ics
14
Sept
Sept
105
245
100
.10
pref.
235
Co
Huth'
Simmons
Chelsea
315 .1320
Columbia
1 98 Sept 17 98% Sept 15 92 Jun 105%
(
20
1168 Seventh Ave. 130 150
____ 662
Sloss-Sh Steel & I pt.I011
_ Lawyers Tr
Marl5534 Aug Chemical
. Standard _...... 400
Stand Gas & El Pr_ _ _50 10.00 5334 Sept 14 54% Sept 16 5034 Sept
Sept Coal & iron-- 315
_
2
550
Manufaeturer 500
%
State*
12
1%
2
14
Sept
Sept
27.970
650
Rights
Sept Colonial* __147 155 Mutual(WestA 425
Trade*
400 Sept 12 255
Texas Pacific Land Trl0
Sept Commerce __ 385 389 United
_
cheater) __. 200
225
Apr 25
United PaperboardCo100 8.200 2034 Sept 14 25 Sept 17 1814 Apr111234 Sept Com'nwealth• 325 335
Trust__ 493 497
285 2-4k) N
States*
105%
United
18
18
Sept
112
14
Sept
.._100
.101
11234
al-- 230
U S Tobacco pref.__
Continent
Sept
2
Gu & Tr 527 532
'nue
300
Ma
fits*.
%
Weuth'n
Va-Carolina Chem ctfs_ _ 1.000 1% Sept 12 2 Sept 15
Apr Corn Exch_ _ 515 520
U hltg & Tr 360 368
Marl 18
drooklyn
4
16
Sept
10
12
s..
1.200
Sept
1234
certificate
190
Preferred
Cosmoplan*.
June
117%
United
States 1830 845
210
Sept
Island*
111%
14
Coney
Sept
11
I%
114
14
355
1
Sept
346
Western Electric pf__100 900 1
Sept East River
450
Westehes Tr. 400
First
300 534 Sept 15 6 Sept 17 434 SeptI 8
25
Wilson & Co ctfs
Mar Fifth Avenue* 2300 500 !Mechanics'. - 220 235
42
Brooklyn
Sept1
17
17
I
Sept
22
910
Sept
300
2234
100
2890
Preferred ate
First
Tr 815
240
1
150 110 Montauk'... 290 310 Brooklyn
Franklin
Kings County 4200 500
360 370 Nassau
Garfield
220
___
_
3113
MIdwood_
People's
•No par value.
270
Grace
840 860
420 450 Queensboro• _ 175 -__ People's
Greenwich'
01
lAmer
Foreign Exchange.-Sterling exchange was dull with
the
prices a shade lower as a result of selling pressure, but
es
exchang
ntal
Contine
range exceptionally narrow. In the
irregularity predominated with lire, the Scandinavians and
pesetas strong and weak by turns on sporadic trading activity.
8104 8134
4
To-day's (Friday's) actual rates for sterllng exchange were
for cables.
for sixty days, 4 843i(4)4 8434 for checks and 4 84%©4 8434
8034;
8034@4
4
days.
sixty
8434;
4
banks,
sight. 843404
Commercial on
4 8034
days),
(60
ninety days,4 794(0)4 793-4, and documents for payment payment,4 8434
for
grain
and
8434,
4
©4
84%
for
payment,
cotton
4 80%;
©4 84%.
were 4 6636©
To-clay's (Friday's) actual rates for Paris bankers' francs
bankers marks are
4.6734 for long and 4.71©4.7134 for short. German
guilders were
bankers'
not yet quoted for long and short bills. Amsterdam
39.74 for long and 40.10 for short.
high and
102.43
range,
week's
Exchange at Paris on London, 102.43;
103.14 low.
follows:
week
the
for
exchange
for
foreign
The range
(I)Ex-dividend ()New stoats
*Basks marked(a)are State banks.
Surety
New York City Realty and
per share.
04E3-rights
Companies.
AU prices dollars
01/1
Alliance R'Ity 185
Amer Surety.' 154
Bond & hi G. 270
Lawyers Mtge y218
Lawyers Title,
& Guarantee 320
Ask
158
280
223
330
But
Mtge Bond__ 135
207
Surety_
Nat
N Y Title &
Mortgage__ y4I0
U S Casualty- 310
US Title Guar 345
Bia
ask
140 Realty Assay
211
(Bklyn)com 440
1st pref..... 92
416
2d pref.__ 83
320 Westchester
Title & Tr- 415
---
A Si
450
97
86
is
The Curb Market.-The review of the Curb Market
1427.
page
on
week
this
given
the
A complete record of Curb Market transations for
week will be found on page 1451.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1439
OCCUPYING FIVE PAGES.
For •aiss during the week of stocks usu•Ily in•ctive, sea preceding page.
ilIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Sept. 12.
St onday.
Sept. 14.
Tuesday.
Sept. 15.
Wednesday
Sept. 16.
Per share $ per share I Per share $ Per share
Thursday,
Sept. 17.
Friday,
Sept. 18.
Sales
fer
the
Week.
Per share $ per share Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On lasts of 100-share Jots.
Lowest
Highest
per share 5 per share
Railroads.
Par
41
.36
41
.36
41
*36
.36
41 '*37
40
*37
40
22
Ann
Feb 17 44 AUg 19
100
Arbor
*55
58
5512 55,2 *5514 58
*5512 58 1.5512 55/
1
4 *5512 58
100 Do pre
100 40 Mar 24 6012MaY 8
12314 12438 12319 12414 12314 124
123 123/
1
4 1122/
1
4 12378 12234 12438 13,400 Atch Topeka & Santa Fe_ _100 11614 Jan 16 127/
1
4 Mar 2
9512 96
95/
1
4 9618 9534 95/
1
4 *95
9578 9512 9512 9538 95/
1
4 1,800 Do pref
100 9212 Feb 17 9738June 25
638 67s
634 678
612 634
61
. 634
612 6/
1
4
612 718 8,300 Atlanta Birm & Atlantic_ _100
3 Jan 14
712Mar 6
197 19712 197 200/
1
4 195 199
19514 19734 196 197
19678 201
23,500 Atlantic Coast Line RR_ _ _100 14714 Jan 16 201 Sept 18
8012 8078 8018 8118 8012 83
8114 8238 8112 8212 8134 83
75.800 Baltimore & Ohio
100 71 Mar 30 844 Mar 6
6538 65/
1
4 6578 6578 .
65
66
6514 6514 6512 6614 66
66
1,1001
Do pref
00 6278 Apr 21 684 Jan 6
•4312 4412 4312 44
4312 4334 *43
44
*43
4334 4312 4334 1.100 Bangor & Aroostook
60 3514 Mar 23 4534 Aug 14
9518 9518 •9412 9512 29518 96
9518 9518 *9518 96 .95
96
200 Do prof
100 89 June 22 96 Sept 15
57/
1
4 5814 5738 58
5712 59
5734 5878 57/
1
4 5834 8
38,000,1Bklyn Manh Tr v 1 o__ _No par 3518 Jan 5 59 Sept 15
57
1/
1
4 5
88
1
79/
1
4 7978 80
80 .7912 81
81
81
*7934 81
700' Do Drat v 1 o
No par 727a Jan 2 82 July 28
85
85
*82
87
8412 8412 .81
87 .81
87
*81
87
150
iftic
er & Pitte_100 48 Apr 2 9238May 2
pa
hces
11
0oc
14314 14314 143 14312 14334 14414 144 1441
/
4 145 14514 146 147/
1
4 2,900 Canadian
100 13612 Mar 3 152% Jan 8
•285 290 *288 295 *285 295 .280 295
286 286
290 290
200 Central RR of New Jersey_100 265 Mar 30 321 Jan 3
10412 10434 10414 105/
1
4 104 10514 104 10514 10438 105
105 105/
1
4
100 89'gMar30 1061
/
4 Aug 24
11212 11212 *112 11212 11212 11212 *112 11212 112 112 •112 11212 19,100 Chesapeake & Ohio
400
100 10514 Apr 14 11212 Aug 25
Do pref
6
6
6
6
534 534 *534 6 I .534 6
Alton
2.8
5
0
0
Ch
D
ic
100
o
agoAr
338 Apr 24 10/
1
4 Feb 9
1214 1214 1218 1214 1214 1212 12
12/
1
4 1214 1214 12
5114
4 1251144
100
51a Apr 23 1912 Feb 21
* _
.150 1601
00 140 May 20 16412 Feb 11
C C C & St Louis
.3614 3712 *3512 3712 .36
3712 .36 -37121 *36
3712 36
36
600 Chic &East.111 RR
100 2934 Mar 30 381
/
4 Aug 25
•4612 4712 •4612 48 .464 48
*46
47 .46
47
4634 4634
Do pref
100
100 40 Mar 30 5714 Jan 2
111
/
4 1134 1134 1214 1112 1178
1138 1138 1138
/
4 1138 1218 7.500 Chicago Great Western_ _ _100
9 Jan 2 15 Feb 7
2514 2514 254 2634 254 2618 2518 2534 247 111
8 2534 2538 2638 7,700
Do pref
100 1914 Mar 30 3232 Feb 6
8
8,4
8
94
818 918
814 878
814 8/
814
81 2
1
4 30,600 Chicago Maw & St Paul_ 100
314 Apr 20 1638 Jan 7
15/
1
4 1614 1534 1678 1534 1612 15/
1
4 16
15/
1
4 1612 16
16/
1
4 40,800
pref
Do
100
7 Apr 20 2812 J .n 7
6814 6812 68
68/
1
4 6734 6838 67/
1
4 68
6712 6734 6814 69
7.700 Chicago & North Western.100 47 Apr 14 75/
1
4 Jan 12
•111 117 .111 115 "110 115 *1101. 115 *111 114 .111 114
100 10134 Apr 14 117 Mar 5
Do pref
4938 50
49/
1
4 51
4912 5078 494 50
4838 49/
1
4 4
09
7,i 0
580,8
34 39
selm&edPacific_100 4018Mar 3
5414 Mar 3
9712 9712
9712 9712 97/
38
1
4 97
'
910
0 ChD
Rockprelf
icoago7%
100 92 Jan 2 9914 Feb 21
86/
1
4 8612 86
8614 8612 8612 86
8678 8614 8614
900
100 82 Mar 30 8912Mar 3
Do 6% preferred
•44
47
*43
47 .44
47
*44
47 .43
*44
47
47
Chic St Paul Minn & Om....100 3318 Apr 22 594 Jan 13
.
94
99
*94
99
*94
99
9412 944 .94
99 .9414 99
100
100 7314 Apr 21 108 Jan 13
pref
Do
.674 69
6812 6878 68
6812 .68
6812 6734 6734 68
6812 2,000 Colorado & Southern
100 4458 Jan 6 7012Sept 1
*6338 6412 63/
1
4 6438 •6312 6412 *6312 6412 63/
1
4 6338 "6312 6412
300
100 60 Mar 28 6412June 16
Do 1st pref
82
62
*60
65 .60
65 .60
65 .60
65
*60
65
100
100 54 Jan 21 6212 Aug 27
Do 20 prof
.145 1464 146 14878 14834 149
14834 148/
1
4 148 148
148 140
3,200 Delaware & Iludson
100 13312Mar 30 155 Apr 6
13914 13914 13912 141
1340 141
140 140
13912 140
13934 14214 3,100 Delaware Lack & Western_ 50
Mar 30 14734June 8
4734 4734 47
4718 4512 46
4479 4612 4458 4458 4514 4512 2,300 Denver Rio Or & West prof 100 125
35 July 3 60 Jan 12
31
4 31:4 3178 3112 3178 3138 3112 3134 321
32/
1
4 13,400 Erie
/
4 32
100 2634MaY 15 3412 Aug 18
40/
1
4 40/
1
4 4012 4078 40/
1
4 40/
1
4 4013 41
4012 4034 41
411
/
4
7,100
100 35 June 23 48/
Do 1s1 Prof
1
4 Jan 2
3712 3712 .37/
1
4 3834 *3734 39 .38
39
*3712 39
39
39
300
100 34 June 29 43/
1
4 Jan 5
Do 2d prof
74
7438 7418 74/
1
4 74
7158 74
7412 73
74
73/
1
4 74/
1
4 13,800 Great Northern pref
100 60 Apr 24 7614 Aug 18
2814 2814 2834 30/
1
4 3018 3034 3012 3214 3134 3238 3114 311
/
4 29,000
Properties..No Par 2634 Aug 15 4038 Jan 19
Ore
Iron
3412 35
34
35
3312 35
3414 3414 337 34
3312 3434 2,700 Gulf Mob & Nor
100 23 Mar 30 363sSept 8
106 106
10534 10534 10412 10434 104 104
104 104
104 10434 1,100
100 8912 Mar 30 10914Sept 5
Do pref
.235 245
241 241
23934 24018 240 24212 242 24412 24312 24412 3,400
Elec Ry, Lt & P_ _100 112 May 16 246 Sep..10
Havana
36
3638 • 3534 38
3534 3638 3538 36
35
3534 3478 3538 5,600 Hudson & Manhattan
100 2134 Mar 18 3738 Aug 29
.70
75
*70
75
*701 4 7012 "7014 72
71
71
.70
72
100
100 644 Feb 18 72 July 10
f
D
11714 11714 .116 118
11734 11734 11712 11712 *116
11712 11712
000 Illinois Central
100 111 Mar 31 11914 Jai 7
116 116 .115 118 •116 118 *11617 11734 .115 1 1712 •115 11724
11734
100
Do pref
100 11212 Apr 23 119 Jan 7
33
33
*32
3234 •3134 33 .32
33 .32
3134 3134
33
200 Int Rye of Cent America_ _100 18 Jan 8 3318 Sept 11
.6514
*6514 _ _ _ _ .
6512 68
4 ---- *6514 _ _ -- 6412 6514
800
Do pref
100 5912 Jan 2 6612July 14
27/
1
4 2818 2734 2814 2814 2934 29
30/
1
4 2712 29
2718
28
30,300 Interboro Rap Tran v t C.
_100 1312 Mar 23 3412 Feb 9
4178 42
4134 4312 42
4314 42
4318 4138 4212 4114 4338 34,900 Kansaa City Southern
100 2838 Mar 30 4312Sepu 14
611
/
4 6178 614 611
/
4 .61
62 .61
62
6138 6134 •61
62
800
100 57 Jan 15 62 Sept 9
Do pref
79
7939 79
8014 79
81
7934 80/
1
4 80
8014
813
8
8034
13,200 Lehigh Valley
1
4June 6
6o 69 :Mar 30 83/
•117 118
118 11938 11714 119/
1
4 11712 11818 118 118
118 12014 9.300 Louisville & Nashville
100 108 Jan 16 1207a Aug 6
115 115
115 11912 11634 11634 117 119
11714 11812 .119 120
1,750
Elevated
May
20
guar_100
119125004
Manhattan
14
64
46
48
47
48
4712 4878 4714 49/
1
4 45
4512 12,100
4634 44
100 3218 Mar 23 5114 Feb 9
Do modified guar
.8
834 *814 9
958
934
938 1114 4.000 Market Street Ry
2'95* 10
1114
Sept
714
Mar
100
11
18
.
25
30 .
22
32
3012 3012 3312 36
374 38
39
42
2,000
100 20 Jan 13 42 Sept 18
Do pref
*47
49
47
48
4914 5112 5078 5278 5212 5434 54
57
7,600
100 4314 Mar 20 67 June 27
Do prior pref
•16
22 .16
20
•10
22
2214 24
2312 2412 23
26
6,600
100 16 Mar 19 25 May 7
312 312
Do 20 pref
312 334
314 314
3
34 318
3/
1
4 3/
3
1
4
1,700 Minneap & St L
212 Jan 5
100
4 Mar 6
6112 6112 *39
40
62
62
6214 6214 "39
40
40
40/
1
4
500 Minn St Paul & El S Marie 100 3038 Apr 4 82'4 Sept16
69/
1
4 6978 .159
71
.6917 71
.69
71
"69
7012 6978 70
400
Do pref
100 40 I\lar 30 72 Sept 1
4314 4312 4318 4438 43
4418 43
4312 4278 4314 4278 4438 26,700 Mo-Kan-Texas RR_
_--No Par 2814 Jan 2 45125ept 8
88
88
88
8812 88
88
8718 88
8712 8778 8712 8812 5799,
Do prof
100 7434 Jan 2 911
/
4 Aug 18
37
374 3718 3734 37
3712 37
37/8 37
37/
1
4 3612 3712 9,200 Missouri Pacific
100 30/
1
4 Jan 5 41 Feb 6
8434 8578 8514 864 85
86/
1
4 8434 8514 • 85
85
84/
1
4 8612 8,200
Aug 24
pref
8812
Mar
Do
100
30
71
.2
212 *2
212 *2
212
2
2
800 Nat Rys of Max 20 pref...100
1'2June24
214 Jan 12
1214 12112 12112 12234 12114 12214 12034 1211
/
4 1201
/
4 12134 12114 12334 70,900 New York Central
100 11314June 10 12434 Jan 13
•129 130
12912 12912 12912 12934 130 131 .12912 131
13012 13012
900 NYC&StLCo
100 118 June 24 13714 Feb 24
94
04
041
/
4 9414 9414 9414 *94
9412 9412 9413 9412 95
1,700
Do prof
100 8812 Jan 6 96 Aug 7
3714 3758 3714 38
3718 3818 37
3712 3612 37/
3814 30,300 N Y N H & Hartford
1
4
100 28 Mar 24 39/
2918 2934 2912 29/
1
4 Aug 19
1
4 2938 2978 294 2914 2834 29
28/
1
4 3012 6,000 N Y Ontario & Western_ _ _100 203
.3912 42
2 Apr 4 3434 Aug 13
3912 3912 40
40
39
39
38
38
900
13534 136
100 21% Apr 22 43 July 29
136/
1
4 13734 13518 13814 1351
r51
19
2 13614
1 19 13534 13714 13638 13812 19,400 Norfolk Southern
:
Norfolk & Western
"80
100 1234 Mar 30 14078 Aug 18
85
*80
85
•80
82 .80
85 .80
85 .80
85
Du pref
100 7512 Jan 8 8014Sept 11
7138 7214 7112 72/
1
4 71
7214 7114 711
/
4 714 7218 7114 721
/
4 24,600 Northern Pacific
100
5814 Apr 25 7238Sept 14
48
484 4818 4812 4814 4834 48/
1
4 49,8 49
4914 4918 4938 76,100 Pennsylvania
513 4212 Apr 9 49125ept 15
1812 19
400
Peoria
&
Eastern
72
100 1334 Apr 30 20/
1
4 Jan 12
72
72
72
12 7112 -7112 7112 72
"7034 7212 7112 -712,100 Pere Marquette
.
8112 83
100 6134J nue 24 74 Aug 20
*8312 84
84
84
.8334 8412 84
8412 8412 8412
500
Do prior pref
100 78 July 29 8412Sept 17
•7334 75
.7134
.7134
.711
/
4 7334 7334 *7134 _
100
Do prof
100 6812 Apr 16 75/
7918 8134 82
1
4 Jan 10
83/
1
4 81
82
8034 -82-14 81
8218 8218 -82-7-8 13,100 Pittsburgh
& West Va_ _100 63 Mar 19 8378SeP514
84/
1
4 84/
1
4 85
8638 86
8814 8678 8778 86
8712 87
8778 28,400 Reading
50 6934 Mar 30 9114June 1
40 •39/
.
39
1
4 40
39/
1
4 39/
1
4 *39/
39/
1
4 40
1
4 391
/
4 3914 39/
1
4
500
Do tat Prof
50
*4014 41
41
$5/
1
4 Mar 18 41 June 1
41
41
4138 *4014 411 1 4034 4034 4012 4012
700
Do 20 pref
50 3614 Mar 18 4438June 1
63 .
.55
5514 62/
1
4 5514 5514 *54
59 .54
0.1
"54
60
100 Rutland RR pref
100 42 Apr 24 6278 Jan 9
9812 99
9834 9912 z97
98/
1
4 971s 98
96
9738 9612 9878 29,000 St
Louis-San Francisco_._ _100 5712 Jan 16 10214 Aug 28
.88
9012 .
88
9012 .88
90 .8812 90 .88
90 .88
90
Do pref A
100 76 Jan 20 9214July 28
1
4 58
5814 58/
5912 5714 58/
1
4 5718 571
1
4 5712 .57
/
4 56/
58/
1
4 5,100 St Louis Southwestern_ _ _ _100 4334June 11 63 Aug 21
7512 77
7618 7638 7612 7612 .76
77
•76
77
77
77
1,200
pref
4512 46
Do
100
7018June 25 77 Sept 12
46
4712 45
4814 4518 4538 45
4614 46
4712 42,700
100 20/
1
4 Jan 16 4838 Aug 27
4734 4812 48
4912 47
48
47/
1
4 4734 474 4712 4714 4938 11,100 Seaboard AR Line
Do
100
pref
35
0734 98
97/
Mar 30 5112 Aug 27
1
4 9838 984 99
9818 98/
9818
9812
1
4
9818 99
16,800
100 97 Sept 2 108/
104 10438 10418 10434 1044 10512 10414 10518 10414 1041
1
4 Jan 9
/
4 1041a 10534 26,400 Southern Pacific Co
100 77/
Southern Railway
9118 91
1
4 Jan 2 10778 Aug 26
91
9112 0114 92
92
92
92
9212 93
95
100 83 Jan 2 04 Aug 28
Do pref
5312 .54
534 5412 53
54/
1
4 5234 5312 5278 5312 5334 5434 7,800
0,000
100 4314 Jan 27 5814 Mar 13
1434 1434 1434 15
14/
1
4 1512 1478 154 .14
141
/
4 1378 1378 3,000 Texas & Pacific
Third Avenue
100 1383
58 .
142
7 15/
58
pnrr 22
:
4
2 Ap
58
1
4Sept 9
61
5934 5934 *5912 61
*60
6118 6118 6118
400
Transit...100
City
Rapid
Twin
14118 14112 14118 142
7034July I
14118 14114 14138 1411
/
4 14114 14178 1411
/
4 14214 5.000 Union Pacific
100
15314 Jan 10
75
75
7518 7512 751. 7512 69
69
75/
1
4 76
76
76
1,1011
Do pref
100 72 Jan 30 7714 July31
.21
27 .21
27 .21
27 .21
26
24
24
.21
25
1.6
20
010
) United
es _ _100 18 Aug 31
D ed p
llal
retlways Invest.
6714 6712 .6514 68
3312MaY 18
67
68
69
69
72
72
7212
7214
100 4812 Mar 23 8314June 25
13234 13234 •131 133 *125 135 •125 133 "125 132 .122 132
58.0
100 Virginia
vvba80 Railway & Power_100 6412 Jan 14 13512Aug 7
4414 4212 4314 4134 4278 4214
4312 4378 4314 4412 43
4378
100 1912 Mar 30 4714 Aug 26
7134 7214 711
/
4 7238 711
/
4 72
71,2 7134 7114 7112 7114 72/
1
4 11,100
100 55/
Do 'mei A
1
4 Jan 20 7312 Aug 17
60 .57
.
58
60 .58
60
*58
60 .55
60 .50
GO
100
3812 Jan 21 6012 Aug 22
1634 16/
1
4 1614 1714 1638 1718
17
1638 1678
33
1612 17 10;66 Western
100 11 Mar 24 • 1838 Aug 25
rnPrNelfaB
Maryland
231. 231. 2312 24
2318 2312 .2212 2312 "2212 2312 2312 24
1,800
100 16 Mar 27 2614 Jan 9
Do 2d pref
3118 3178 3012 3112 30/
1
4 3134 304 30/
1
4 3012 304 3078 3318 35
:20
35(0
)0 Western Pacific Dew
100 19/
1
4July 31 3318Sept 18
7634 76/
1
4 7612 761
/
4 7612 774 7612 7612 7634 7634 77
7714
100 72 July 27 7734 Aug 25
Do prof new
20/
2012 2112 2014 21
1
4 21
2038 201
/
4 2038 21
201
/
4
2118
7
100
0 101
•4212 4312 4238 43 .42/
/
4 Mar 31 2212 Aug 18
Wheeling & Late Erie Ry...1
1
4 43
4238 4238 4214 4212 4238 43
100 22 Apr 2 4738July 18
66
Do prof
66
•6512 66
6578 6618 6512 6534 6612 6612 6612 68
3,600
Industrial & Miscellaneous
Abitibi Power & Paper_No par 62 Jan 6 7512May 29
•127 13012 .127 13013 •127 13012 .127 13012 130 130 .130 132
100 All American Cables
100 119 Jan 6 133 May 26
93 .02
93 .9012 94
.92
*9012 93
*9012 91
.9112 92t.
100 90 Apr 16 10314 Jan g
ely
R priense
AAddavul
anscebiu
15
15
15
15
1518 1518 1514 1514 1514 1.514 154 1638
100 13 Apr 11
2,000
1812May 13
59
1
4 58
.
5712 58/
25714 5714 .57
59 .5614 59
58
59
900
100 47 Feb 18 62 July 28
Do pref
1038 1034 1034 11 18 11
11
1072 11
1073 1138 1034 11
934 Apr 21
7,900 Ahumada head
1
h2'sSiay 77
107 109
.107 108
10612 108/
1
4 10618 10712 106/
1
4 10178 1073s 109
8,500
__No par 8634 Jan 30 114 Aug 19
111. 111. 121* 1154 1 77. 113s 12
11
11 1, 1138
111, 114 16.700 Air Reduction, Inc_
10 Mar 19 15/
1
4June 19
Alas Rubber. Inc_No par
•Bld ad &awl prices.
•Ex-(11,141en4.
Ex-e1gbia.
PER SHARE
Range for Previous
Year 1924.
Lowest
$ per share
Highes1
per ,are
1
4 Dec
12 Apr 22/
25 Mar 4614 Dec
974 Jan 120% Dec
8612 Jan 98/
1
4 Dee
11
/
4 Feb
5 Dec
112
Jan 1524 Dec
5218 Apr 8478 Dee
6614 Apr 6812 Dec
3934 Dee 441 Dec
86
Jan 95 Nov
1312 Jan 41% Dee
4834 Jan 7514 Dec
41) May 6839 Dee
142/
1
4 Mar 16812 Nov
199 Mar 295 Dec
6734 Feb 9814 Dec
9912 Jan 10915 July
34 Apr 101* Dec
818 May 1978 Dec
100 Apr16014 Nov
21 May 38 Dee
37 May 6278 Dee
4 Apr 1178 Nov
1012 June 311
/
4 Nov
10/
1
4 Oct1834 Nov
1814 Oct324 Nos
4914 Jan 75/
1
4 Dec
100
Jan 11434 Dec
2112 Feb 50 Nov
7614 Feb 97:4 Dee
65/
1
4 Jan 8712 Nov
29
Jan 5712 Dee
6814 Apr94 Dee
20
Jan 49 Nov
50
Jan 6514 Dee
Jan
45
Nov
10412 Mar 139/
1
4 Dec
11014 Feb14938 Dec
42 Dec4312 Dee
2014 Jan 35/
1
4 Aug
28/
1
4 Feb4914 Dec
254 Jan
4614 Dee
63/
1
4 Mar 75 Dee
26 May 391
/
4 Nov
111
/
4 Apr2912 Dec
50
Jan 99 Dec
20/
1
4 Nov
5714 Oct
10014 Mar
104 Mar
1134 July
4414 May
12/
1
4 Jan
1714 Mar
5114 Mar
63912 Apr
1
4 Jan
87/
42 Jan
3013 Jan
6/
1
4 Mar
20
het
41 Nov
14 Mar
11
/
4 Jan
284 Mar
50 June
1012 May
2934 Feb
914 Jan
29
Jan
118 July
994 Feb
7212 Feb
83 May
144 Jan
16 May
1212 Apt
10212 Jan
72/
1
4 Feb
47/
1
4 Mar
4214 Jan
914 Mar
4012 Mar
7112 Apr
60
Jan
38
Jan
611
/
4 May
34
Oct
63318 Jan
32
Jan
194 Apr
42/
1
4 Jan
33
Jan
577,2 Jan
614 Jan
1414 Jan
8512 Mar
3812 Jan
88:4 Jan
19
Jan
8:4 May
3912 Oct
12652 Mar
70 Mar
Ps 14pr
2612 14Dr
36 Feb
1034 Jan
34
Jan
2212 Jan
833 June
154 May
_
712 Jan
1414 Jan
Dec
6478 Dec
11778 Dee
11758 Dee
1812 Nov
63 Nov
3914 July
4138 Dee
594 Dee
85 Dec
109 Dec
85 Dec
51/
1
4 July
1312 Jan
42 Dee
7112 Jan
30
Jan
4
Jan
534 Dee
75 Dee
34/
1
4 Dec
751g Dec
3414 Nov
74 Dee
3 Dee
11934 Dec
128 Dec
93/
1
4 Sept
334 Dec
2814 Nov
29 Nov
13314 Dee
804 June
73 Dec
50 Dec
2212 Nov
73 Dec
854 Aug
77 Aug
7514 Dee
7912 Dec
5612 Jan
Jan
56
66 Nov
65 Dee
8213 Dee
55/
1
4 Dec
74 Noy
2418 Dee
4512 Dee
1054 Nov
7954 Dee
86
Dee
481
/
4 Dec
18.1' July
Jan
68
15138 Deo
7613 Aug
41 Dee
647 Dee
72% July
24/
1
4 Dec
6014 Dee
4232 Dec
164 Dee
2614 Des
Dec
"3212 De,
61 Dec 64 Dec
9612 May 12212 Dec
7912 Jan 9313 Dee
6 June
16/
1
4 Dec
284 Jun, 54
Lie6734 Jan
412 May
93 15'
mt, Dec
1440
New York Stock Record-Continued-Page 2
second page preceding.
Foe males during the week of stocks usually inactive. see
PER SHARE
MI ARE
Range for Presto.,
Range for Year 1925.
STOCKS
Sales
CENT.
PER
NOT
Year 1924.
SHARE.
-PER
tots
PRICES
-share
SALE
LOW
100
of
On Oasts
HIGH AND
NEW YORK STOCK
EXCHANGE
the
Friday.
Highest
Lowest
Wednesday.1 Thursday.
Highest
Tuesday.
Monday.
LOID6811
Saturday.
Week.
Sept. 18.
Sept. 17.
Sept. 16.
Sept. 15.
Sept. 14.
Sept. 12.
$ per share $ net slat.,
$
share
Per
$
Par
per share Shares. Indus. & Mlscell.(Con.)
112 Mar
78 Jan
Per share
4 11172
67
271%
1 Jan 6
3 per share $ per share 5 per share S per share
17
900 Alaska Juneau Gold Min__ 10
178
134
134
65 Mar 874 Dee
134 .158 172
1081gSeP" 10
.158
17
178
11
l7
32,700 Allied Chemical & Dye_No par 80 Mar 30
10114 103
1184 Der
Apr
110
11
t
12012SeD
9
Jan
10418 10512 101 10412 10112 10278 10118 103
117
10412 105
100
Do pref
300
11913 1194
4158 May 7358 Dec
•12038 121 .12012 12184 .11914 11934 .11914 11934 11912 11912 8912 90
100 7113 Jan 5 91 Sept 12
10,100 Allis-Chalmers Mfg
89
9034
90 Apr 10474 Dec
90, 8914 90
9018 9078 89
8934 91
100 1034 Jan 3
Do pref
700
110
.108
10812
10812
-__
74 Apr 1712 July
7
12
2
t
Pg
____
Au
Se
108
2
718
8
3
108
°
12
19
108
Mar
108
1312
108 108
4 6,300 Amer Agricultural Chem _ _100
1
217 22/
1834 Apr 4958 Jan
2214 21 18 22
22
227
22
2212 2278 2212 23
100 3612 Mar 23
Do prof
6612 6712 6712 6778 7,100
36 Mar 494 Feb
7
8
19
e
9t
e
Jan
:8
4
8
7
3
7
84
°
6778 6914 6834 68
2
3412Sept
67h 6812 6812 69
100
700 Amertcan Beet Sugar
3833
*3838 3934 .37
6813 Oct 83 Dec
3612 3712 .3618 40
37
3612 3612 37
100 804 Jan 19
Do pref
2214 Apr 384 Jan
86 .____ 86
Mar 24 6414 Jan 3
3734 3812 34,900 Amer Bosch Magneto_ _No par 2613 Mar
76 Ain 102 Dee
3812 3978 367 393
10
Sept
122
344 3634 3734 41
30
9014
3334 34
par
2.900 Am Brake Shoe & F_ No
z
,
117
11712
117%
4
3
July 110 Mar
115
10414
117
117
11612 119
11912 11013 11914 121
100 10713 Jan 12 11314May 20
1
100
Do pref
38
9573Apr 16314 Dee
111 111 *11014 115 .11014 115 *11014 115 .110 113 4 101.800 American Can
*110 115
100 1584 Jan 16 250 Sept 17
Ocit
24414
246%
Jan 119
250
244
109
247
14
24114
12178Sept
247
4
3
3
240
29
249
Jan
24314
24412 248
100 115
700
Do prof
11914 120
4 12114 *119 121
1
9712 Apr 27 115348ept 17
•12012 12114 121 12178 *12012 122 •120/
11312 11534 53.800 American Car& FoundryNopar
11834 Apr 125 July
8
8
1
2
r
Y
l
up
A
2812J
158
2
Apr
10012 11112 210734 10812 10812 10912 11012 11534 *12414
109 110
4
3
120
100
Do pref
126,4
2133 Mar 25 Sept
Feb 14
•1213 12734 •126 12734 .12412 12712 .12414 12814 .12414 12612 .2334 24
2.400 American Chain.class A_ 25 2258 Apr 22 27 Apr 18
24
24
24
144 Apr 404 Der
.2312 2334 235 2334 235,, 2334 24
No par 37 Jan 27 62
Chicle
23 Sept 39 Dec
5012 4934 4934 4912 4934 4934 4934 2,300 American
518 5214 5134 5134 49
7
Jan
37
No par
certificates
Do
200
50
*4612
50
*47
50
.49
51
.49
51
51312 5053 *49
001
7
313 June
63, Jan 22
478Sept 15
10
Syndicate_
47
Druggists
2,200
Amer
47
Apr 1644 Dec
5
478 48
88
.4h
4% 5
5
5
5
5
100 125 Apr 27 166 Jan 'A
2,900 American Express
142
141
142
1373
138
.135
138
17
.136
June
13712
47
137
Apr 7
•135 138
4312 45,2 50,400 Amer & For'n Pow new _No par 2714 Jan 6 94 Feb lb
4114 4212 4218 44
4114 4273 4118 42
42
42
No par 87
, 2,000
Do pre!
29238 928
Ka; 13274 Dec
9112 9134 92
.9118 9133 914 9112 9114 9114 91
1144 Apr 7 135 June 17
500
Do 25% Paid
135
:135
74 Apt 1458 Dec
14 Jan 11
812 Mar 31
•129 135
2,400 American Hide & Leather_100
1034 11
5012 Jan 7233 Dec
14
Jan
8 • 11 -1-1-1-4 1078 1113 1012 11
8
757
2
1018 104 1053 -1-1-1Sept
5812
100
400
pref
Do
Fob
3624 64
64 '
72 Aug 98
6214 614 6134 6134 61% •62
62
.6012 63
100 83 Mar 18 124 Aug 24
4,800 American Ice
12112 122
1211. 122
734 Nov 83 Feb
122 12212 12012 12112 121 122
121 122
100 7412 Mar 17
200
Do pref
837s
3548 Nov
_ .83
Mar
8
173
83
83
83
•82
84
30
Mar
.82
324
_100
3938 18,600 Amer International Corp_
7i4 -3-81-4 38
10 May 124 Jan
I
9
Jan
el 16
Jua
81 jF
14
3834 388 3812 39% 3712 3834 3714 38% -5.
10 1114 Jan 2 48
1312 0,100 American La France F E
13
1334 May 2834 Dec
1314 134 13% 13% 1318 1312 1314 13% 1314 138
100 20 Mar 25 3573 Aug 11
2,600 American Linseed
337
Apr 6338 Dec
30
3313 34 .3312 3412 3214 3334 32
15
Sept
83
2
Jan
3334 34% 3314 337
100 53
Do pref
1,000
8
807
x8078
83
83
8314
A Pr 10912 Dee
•8212
83
8278
7012
8238 8253
83
Jan 5 1447s Mar t
.82
118 11914 15.000 American Locom new _ _No par 10414 Aug 14 124 Feb If
11678 11812 1174 119
1164 Apr 1204 SeId
116% 119
12318 12414 211914 120
115
100
Do pref
122
64 Dee
.116
011612
11834
June
118
.11678
4
122
24
383
.118
Aug
122
•z118
54
122
•118
No par 4534 Mar 30
5134 5134 4,900 American Metals
5112 52
9414 Apr 136 Dee
5114 5134 52
5114 51h 51% 5214 51
25 8978 Jan 3 116 Sept 12
18,600 American Radiator
Oet
83
Nov
lc
774
Jan
11453 116 z113 11414 113 114% 11212 11312 11213 114
84
15
11434 116
Sept
276
300 Amer Railway Express _ _._100
7612
7712 *76
54 Apr 1014 Nov
764 .76
76 .76
77% :713
77 .77
77
3678 Jan 2 69 Sept 16
_100
_
Razor_
Safety
11,800
American
Pet
68
1538
6712
68
66
1013 Oct
Fepbt
14',8e
558July 7 11438
6614 67,4 6634 674 6513 6614 6434 69
73
5,200 Amer Ship & CommNo Par
714
734
712
714
7
574 Jan 1003s Dee
634 634
634 63
612 612
11373 45,700 Amer Smelting dr Reflning_100 904 Mar 30
Jan 10758 Dec
96
Jan 5 11434 Sept 11
113 11312 112% 11414 11153 11338 1117g 11414 1 1234 1 1434 113
1054
100
1,300
pref
1
Do
11312 113 2
114 114
14
Sept
44
11
3758June
11212 11212 11234 11434 11312 11312 11352 114
par
_No
27.800 Amer Steel Foundries_
43
8
425
43
437
4252
43%
428
44
42%
4234
4234 4314
10914 Nov
100 108 Jan 7 112 Apr 18 1014 Apr
100
Do pre
111
Oct 614 Feb
112 112 .111
36
.110 113
'
4758 Jan 16 7114 Apr 14
11014 - - - .11014
2 57,500 American Sugar Refining_ _100 9114 Jan 16 101 12 Feb 28
6838 -615Oct 9974 Feb
7018 6812 70
77
6614 6974 6812 7012 69
6612 67
100
700
Do prof
99
9934 99
99 .98
638 July 2812 Jan
9912 9912 99
28812 100
9914 993
6 May 6 244 Feb 14
2,200 Amer Sumatra Tobacco _ _ -100
11
Jan
1034 1138 11
2213 Sept 69
107g 11
1014 10% 1012 11
*984 11
100 28 Apr 27
100
Do pref
94
_ _ •81
.81
384 Dec 4311 Jan
90
5
5
1
2
90
t
b
e
F
8
°
7
9
4
94
1
97 .90
4June
373
•90
100
Cable
500 Amer Telegraph &
42
Dee
"41
1344
4118
June
414
4
413
1208
.41
42
4112
4144
18
1444.1une
.4114
41
2
41
100 13053 Jan
Teleg
16974 Nov
1417 14214 142 14238 z140 14018 5,700 Amer Telep &
14158 142
142 14214 14134 142
so 85 Feb 17 113 Sept 17 13658 Mar
110% 11152 29,100 American Tobacco
Apr 10613 July
10512 109% 108 10934 10734 110% 110 113
10412 105
100 10412 Jan 6 108 Juue 8 101
700
Do pref
4
107,
Nov
10714
16848
Mar
.106
10712
13514
107
17
107
107
•106
3Sept
106 10612 .10534 107
Do common Class 13...._ _60 844 Feb 17 1117 June 25 106 Sept 115 Sept
110 111% 27.700
124
10412 10434 105 19834 101334 1094 10734 10978 10978 11152 11912
500 American Type Founders_ -100 103 Apr 22
119,2
Dec
144
Feb
40
•118
120
118
21
11814
118
6812July
118
13
Jan
120
4
1
•11814
20 34/
Dec
574 5812 6,700 Am Wat Wks & El
894 Mar 101
5612 57,8 5713 58
60
25612 58
103 Feb18
126013 601. 58
100 9714 Aug
1,100
Do 1st pref (7%)
99
99
5114 Sept 7874 Jan
8
Jan
4
643
9812 9812 9812 9534 9834 98% 99
*97
4MaY
6
343
100
23,900 American Woolen
42
Jan
404
1024
Oct
4132
423
8
41%
90
4112
4018
3953
Jan
40
20
8912May
9618
2
3
39
6
, 397g 40
100
Do pref
7 July
14 Apr
8834 8834 8834 1,200
88
74 Jan 3
2 Aug 31
894 8912 8918 8912 .8714 8934 871. 88
1214 Dec
*238 212 1,300 Amer Writing Paper pref_100
Mar
7
9
212
Jan
1213
2
2% 2%
12
May
7
214 2,4 .24 212
25
500 Amer Zinc, Lead & Smelt
8%
8
24 June 367s Dec
.712 8
*712 8
.74 8
812 •712
.8
25 2478Nlay 1 39 Jan 9
Do pref
1,500
32
284 May 4814 Dee
3012 2912 2912 31
31
30
48 Jan 3
30,4 .29
31% .30
30
12,500 Anaconda Copper Mining _60 3514 Apr 21 42 Sept 18
4
3
45
4478
2812 Dec 29 Dec
45
4512
457g
4512
46
443
4
4478
46
7
Jan
4434 4512
9,200 Archer, Danis Micll'd_No par 26
3812 3914 3912 4012 40% 42
90 Dec 9113 Dec
Sept
38
38
38% 3838 39
38
100 9013 Jan 5
200
Do pref
June 9438 Dec
834
99 .9812 100 .99 100
99
7
1
1
1
July
998914
9812 9812 •984 99
31
Mar
1.9814 99
904
_100
pref
(Del)
97
974 974 974 3.300 Armour & Co
9712 9658 97
1 96349634 9614 9614 97
'
of Illinois Class A_ _25 20 Mar 19 25145ept 17
2312 2333 23% 23; 24,2 2378 2478 2434 2514 2478 2514 130.700 Armour
Jan
Oct 15
6
8 Jan 5 15 Sept 17
20.609 Arnold Constle&Covtc No par
144 15
15
14
145
117g 1312 1212 1378 13
117 12
No par 39 June 19 4838Sep1 17
1,500 Artloorn
48
48
24773
48%
48
19
48
.46
wit2
484
10314May
48
4714
Aug 20
.4612 4712
100
Preferred
105
3
,103 .1024 103 •1024 103 .10314 105 .103
•102 10212 •1023
6134 3,700 Associated Dry Goods-100 4612 Aug 17 5534July 16
4 May 94 iiO;
3--84934 508 5058 5114 45144
4978 60
50
100 94 Jan 7 100 June
5014 5012 50
pref
700
1st
Do
100
.97
Jan 1024 Dec
100
89
.98
.98
100
100 100
100 100
•99 100
100 101 Jan 2 10814 Feb 7
pref
2d
Do
155
10614
July 3458 Feb
10513 10518 104
2712
15
4112June
30
Mar
32
25
.104 106 .104 106 •104 '106 0104 106
3.700 Associated 011
36
36
23 Dee
3612
Mar
3
10
36
14
3614
Sept
4
707
363
36
8
5
367
35
Jon
363
20
36
4 36
8818 7012 17.400 All Gulf & W I SS Line_ _ _ _100
997
1214 Jan 314 Dee
7
70
6614 69% 68
.epbt 15
14 Si?
:
71
19
100 31 Jan 5 15
6553 6673 6614 7078 67
Do pref
4,700
7813 July 14013 Jan
2
Jan
5838 5712 5833 577 5812 5812 5914 •5812 59
954
100
5734 5814 58
100 10012 1,500 Atlantic Refitting
Oct 118 Feb
100 11312 Jan 6 11734June 8 108
10314 10334 102 102 •101 14 10334 101 10112 10012 101
Do pref
200
113 11378
5 June 1113 Jan
12
45
1118
n:8 31
:
11514 1151z'114 11514
SAJJ1C:ua
852 N
1
2
41it4
4
16
94 Feb 16 193
No par
.114 11514
1418 1412 4,000 Atlas Tack
334 Dee
Mar
1814
-1418
13i4
*1234
1314
6
134
1314
July
13
22
-1
4
33par
4
1 1334 133
2,700 Austln, Nichols& Covt e No
Apr 91 Nov
79
2814 27% 28
2812 28
28
100 8733 Jan 27
1 2812 2858 2834 2834 2814 283
Do pref
100
95
84 Jan
*93
14 Nov
112
Aug
94
19
94
Par
300 Auto Knitter Hoelery-NO
212
.2
13
2
.18
2
30 146 Feb 26 10438 May 1344 Den
2
134
.112 2
•112 2
55.100 Baldwin Locomotive Wks_100 107 Mar 7
12018 124
11013 June 11712 Nov
Aug
121 12234 1193 12112 11913 12078 11912 121
107
100
12118 122
prof
200
Do
11212
14 Feb 2313 Dee
25 1834 Aug 12 30 Mar 3
•111 11212 11112 11112 •110 11212.111 11212 11112 11112 •11014
8,100 Barnsdall Corp. Class A_
21
Jan 1714 Dee
10
25 16 Aug 18 23 Feb 6
2012 2112 2112 2178 2134 2113 2112 2134 2012 2153 21
300
Do Class B
18
"16
2313 Nov 39 Dec
•16
17
17
494 Mar 4
18
17
5
•17
Jan
18
35
18
18
par
No
*17
Leather
100 Barnet
37
Jan
May
59
37
3913
14
Feb
44
.37
404
*37
28
5314
45
Apr
.37
45
39
No par
37__ .37
.
400 Bayuk Cigars, Inc
40
40
444 Apr 724 Dee
13
g 26
un
ja
1 A
:
773
3912 3912 393 393
20 60 Mar 23 53
*3912 4-8 .394 41
72% 1,900 Beech Nut Packing
_
72
9
73
4
404Sept
Sept
37
Vopar
7312 .6212 6312 7274 7312 7212 7212 72
73
Bros
4 30% 3834 394 11.600 Belding
1
3834 3934 38/
397
39
3912 40
374 Oct 624 Feb
3878 393
100 37 June 5
Steel Corp
19,900
Bethlehem
1104
4214
Feb
41%
Apr
1014
417
8
4253
433
Feb
11613
42
18
4212
11.418 417g 4112 42% 4214
600
Co awn cony 8% pref_100 109 Mar 1 102714 Septe':i 3
8912 June 97 Feb
1
18
11412 11412 114 114
11412 11412 .11413 115 .11412 115
100 9314June
*11412 115
600
Do pref 7%
96
71s Jan
96
34 June
97
97
418,May 4
9678 067
No par
*9534 9678 •9534 9614 9534 967
Fisheries
13.600
Booth
714
3
63
21
612
6
Aug 20 46 July
6
6
6
6
6,8 618
6
6
200 Botany Cons 511112 Class A.50 4052 Mar
43
25
4214 4214 •42
4413May
17
43
33%
43
par
_No
factUring_
124', Dec
3633 3678 17,800 Briggs Manu
377 -3634 3732 -303., -3-7.- 3612 37
100 12058 Jan 2 14324 Sept 18 107'4 Juno
3712 -3812 37
12,100 Brooklyn Edison, Inc
5658 Apr 8212 Dee
4Nlay 22
/
754 Feb 17 911
13712 13833 1383, 13838 13784 13914 13934 143%
138 138
No Dar
•1313 138
23,200 Bklyn Union Gas
91
7812 Dee
May
39
90
14
14812Sept
2
913
89
31
Mar
88
8834
2
8
897
89
2
3
89
641
100
8834 8914 89
Inc
84 June 9934 Dee
144 14412 146 14612 4.100 Brown Shoe
141 143
146 14812 145 145
100 96 Mar 25 108 Sent 18
144 146
100
Do pref
108 108
21
Jan
49%
25
108
June
•10712
108
24
*10714
108
•10714
108
Par
•1074
iani
33% 3534 14.200 Brunswick-Halke-Coll'r NO par 924 Feb 11 12034SePt 15
95 Dec
37
36
3714 3612 37
36
3412 36
No
3334 34
114 1164 5,300 Burns Brothers
194 Feb 29 Nov
11514 117
Mar 31 3218Sept 15
10812 10914 110 11814 118 12034 116 118
6712 001
Do new Class Boom No par 17 Jan 3 103 Sept 4
3034 10,100
Nov
30
4
623
30
30%
3
3034
31
65
3218
par
3112
Mach_No
2814 28,4 2814 3078
_
8June 4 1912J une 15
9812 98,2 9712 9712 1,200 Burroughs Add'g
99
99 .96
91) z99
99 10012 99
1784 1778 1,800 Bush Terminal now __.No par 145 May 14 8978June 20
1712 1713 17,2 1714
100 80
17% 1734 173
•17
17% 17
500
Debenture
35
87
974 )5i;
June
2
.8614
Jan
4
83
87
31
•8512
Mar
8534 858
s 414
8634 8634 *8512 87 .854 87
612 6% 6.600 Butte Copper & Zino
17 Apr 2538 Dec
612 634
674 634
100 17 May 13 2834 Jan 3
6311 612
632 612
6,4 6,4
2012 20,2 1,900 Botteriok co
14 May 254 Dec
9
Jan
244
2114
6i21.,1ay
•19
21
5
21
213
203g
2111 22
21
21
4,200 Butte A Superior Milling-1°
44 Jan
1 Nov
338 Jan 12
1234 1178 12% zni2 1112 1,600 Caddo Cent Oil & Ref __No par
4 Apr 25
12
1232 113 12
1252 12% 12
Apr 10614 Deo
34
80
53
% .
52
.
34
34
No par 1004 Jan 27 13212 Aug 21
34
58
34
34
34
58
13114 24,600 California Packing
2914 Feb
July
1913
12914
7
Mar
131%
3274
2
1294
Jan
4
13012
237
129
4
25
12511 12512 125 1304 128 1313
13,300 California Petroleum
574 Jan
26% 27
212 May
26% 27
44 Feb 19
2 Sept. 10
10
27% 2752 274 2758 267g 2712 2634 27
218 24 1,900 Callahan Zino-Lead
212 2,8
24 212
24 24
4,144 Mar 584 DE
24
2
24
22 58 Jan 7
2
Apr
45
10
Mining
Arizona
700 Calumet
1913 Dee
134 May
5113 518 .5112 5134 514 5112
52
25 1214May 26 1858 Jan 5
52 .51
.5112 5134 .51
800 Calumet & Ileola
1518
14 Mar 35 Dec
Mar 18 49 Aug 10
1538 .154 1534 154 1514 154 45
154 1518 .16
16
•15
1,900 Case Thresh Machine_ _ _ _100 24 Mar 11 9112Sept 15
Jan
45
414 May 77
45
44
45
60
45
4614
100
454
45
48
.
Do pref
94 Mar 2158 Dec
9014 91,4 1,200
91
100 1434 Mar 28 2134 Feb 7
91
91
Leather
92
90
12,900
Central
.
DE
2014
5814
197
Mar
2914
_-4
197 203
2053 1932 2014 --100 4914 Mar 24 86 Feb 7
2018 2058 1932 9112--_Do pref
6212 9,200
1934 203
62
2534 Apr 3514 Nov
6212 6212 63
3134Sept 2 474 Mar 11
61
63
62
633
6358 63
63
3234 1,700 Century Ribbon Mills_ _No par 9434J une 23 9834 Jan 14
32
Jan 951s July
91
32
32
32
.31
31
31
100
33
33 .31
31
pref
.
Do
9512
3 .9514
4034 Mar 6634 Dec
5514 Jan 2
97
24
*9511
Mar
957g
par
4318
*9514
3
4
973
•9514
CoPper_No
97
11,900 Cerro de Pasco
5412
9514 9734 •954
.
4414 Dec
544
June
2478
3
55
5814Sept
53
24
3
Mat
4
3
54
548
54
5411 54
:
5414 54
5514 5538 34,300 Certain-Teed Produots_No Par 40
.54
2678 Nov 6613 Jan
5512 5538 5558 5534 56,2 374 3958 51.600 Chandler Motor Car_ _ No Par 2712 Aug 20 3958June 9
5578 5512 5512 55
55
10071 Dec
May
3918
7974
Aug
3734
22
12214
19
Mar
39
37
8014
3812
_100
Pneumatio Tool_
3813 3914 3813 3912 37
39 May 8112 Apt
113 11412 11414 11612 6,500 Chicago
4412July 7 65 Jan 3
11312 114
114 117
116 118
117 118
Chic Yellow Cab tom elf No par
4634
.4612 4631 .46
No par 4978 Mar 31 6434Sept 17
*4612 463 *4612 47 .4812 4914
•4612 47
64,4 23,700 Childs Co
4
623
2
254 Mar -38-48 Dee
Jan
6212
64%
374
3
30
Mar
633
59
25 3012
5934 5978 5973 587g 5912
59
20,600 Chile Copper
3433 35
Mar 29 Des
5 19 Apr 23 2838 Feb 2
343 354 3412 3518 3434 3514 343 3534 .2112
23
343 35
Chino Copper
1
.22
18
2
14
23
10814
1655,Sept
July
2314
.22
par
24
V0
*2213
24
2214 24 .23
174,500 Chrysler Corp
.
165%
16212
4
,
15914
26
163
Aug
24
1094
3
No par 10018 July
15218 15412 1524 15414 14812 15334 1524 158
Do preferred
5.800
Oct -.fit; -3i;
65
10534 10634 105% 106
106
100 584 Mar 17 7154 Jan 12
1,100 Cluett,Peabody & Co
65
10512 10512 10534 10573 10512 10534 10534
.61
Apr 8318 Dec
61
--__
65
No par 80 Jan 6 146 Aug 6
6534 65
9,400
Cola
8
Co
6412 6412 65
Coca
1447
14212
-78
44
1
Feb
544 Aug
8
144.
247
-44-32
100 3214 Apr 21 4814 Jan 13
143 14313 143 14334 14052 14214 14014 14114 4013 4134 404 4014 3,900 Colorado Fuel & Iron
3034 Sept 5512 Jan
394
600 Columbian Carbon v t a No Par 45 Mar 24 514 Jan 8
4012 140% 4012 4178 3912 413
4612
4612
48 Me
46
Mar
48
33
47
21
25
Aim
fr48
4
753
47
• Ne par 4534 Jan
474 4614 4614 47
.46
18,000 Ool Gas & Elee
7312 7252 734 7234 73,4 7273 7313
7414 7472 7234 7452 72
Ex-dividend.
Kx-righta.
a
'Bill and asked prices; no sales on this day.
ri2314
New York Stock Record-Continued--Page 3
Foe
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Sept. 12.
Monday.
Sept. 11.
Tuesday.
Sept. 15.
1441
ales during the week of stocks usually inactive. see third page preceding.
Wednesday. Thursday.
Sept. 17.
Sept. 16.
Friday.
Sept. 18.
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
Ht0haai
per share $ per share
per share
Per share
$ per share IS Per share $ Per share $ per share $ Per share 3 per share Shares. Indus. & Miscall. (Con.) Par
100 10414 Jan 5 111 Sept 16 1034 Dec 105 Dee
11033 11038 *11112 112
300 Col Gas & Eiec pref
*110 III *110 11014 •110 1104 111 111
4313 Jan 13114 Dec
4 104 105
/
3,000 Commercial Solvents A No par 80 May 25 190 Jan 29
104 10612 10414 1051
100 103
•100 104 *100 105
Jan 1291s Dee
33
No par 76 May 25 189 Jan 29
Do -B"
4 4.600
/
10012 1011
98 10114 101 10312 10112 102
*94 105
•97 101
3283 May 6614 Dee
Feb
22 July 29 4313 Jan 2
2314 2338 2338 17,200 Congoleum Co new. .No par
2314 23
4 2338 23
1
4 23
1
23/
2314 23% 22/
1414
714 May
05, 1
12May 19 17 Feb 10
100 Conley Tin FollstampedNo par
1
4 1
1
/
.
*34
1
.38
1
*38
1
1
Nov
30
Mar
11$3
441sMay
2
Jan
2612
29
par
.No
4 8,900 Consolidated Cigar...
/
411
3912 41
4038 4178 41
.4012 4112 3934 4012 3914 40
Jan
594 Apr 84
4 Jan 2 89% Feb 19
1
100 79/
90
*87
90
Do prat
100
90 .87
*86
90
*85
88
88
97
*90
4 Dog
1
3/
18 Jan
913 Feb 19
318 Jan 7
Consolidated Distrib're No par
44 478
4
1
412 4/
434 512
412 41z
412 412
44 44
6078 Jan
797s Dec
4 9414 921, 941, 169.200 Consolidated Gas(NY) No par 741s Mar 30 944sent 18
/
4 8938 9012 8938 9133 9018 9114 901
1
894 89/
Jan
8
238 Apr
514 Jan 7
4June 9
1
2/
2% 338
314
3
314 34
2% 3
34 33s 23,000 Consolidated Textile___No par
278 3
4312 Apr 8933 Dee
4 7712 19.300 Continental Can, Inc. No par 6012 Mar 29 80 Julyzo
1
4 784 7638 7818 76/
1
7734 75/
4 76
1
7712 7734 7612 .77/
8918 Apr 1094 Dec
25 103 Jan 5 12013 Jan g,
4 11338
1
1121s 11234 11212 11212 11234 11234 113/
800 Continental Insurance
•_
878 Dee
6 Apr
814 Jan 2 1112Sept 16
1078 1114 1114 114 1114 1112 1114 1112 128,500 Cont'l Motors tern ctfs_No par
4 16E8 11
1
1012 10/
314 Jan 4314 Nov
3233May 29 4114 Feb 25
4 354 35/
1
4 3638 12,500 Corn Products Rena w
1
3612 3534 3613 35/
4 36
1
4 364 36/
1
3618 36/
100 1184 Jan 7 127 July 3 1151s Apr 12314 Alla
Do prof
12414 12414 122 124 *120 124 .118 122
600
12414 12414 •123 128
Vo par 48 Aug 21 4934 Aug 13
49
*49
49
4812 4813 49
500 Cots', Inc
4812 4812
49
*48
48 May
- -Dee
4 39,500 Crucible Steel of America__100 64's Mar 30 7934 Jan 17
1
4 76/
1
4 7314 7514 7312 74/
1
764 7634 7534 7714 7518 7718 75/
88 May 98 Dec
100 92 May 8 10012Sept 14
4
1
/
99
9938
9914
99
pref
101
.9814
Do
.974
600
8
1003
10012
10012
100
100
18
Oct
Feb
101$
9
Feb
Aug
812
4
1
/
14
28
par
No
.912 10
9/
4 1038 1012 7.500 Cuba Cane Sugar
/
4 1038 1018 1018 1033 101
1
.94 10
4 Apr 71% Feb
1
53/
4 Feb 28
1
100 41 Aug 28 62/
4512 4512 11,600
4512 4514 46
4534 45
Do prof
4334 4438 43
.4212 44
3372 Feb
2814 Nov
241, 24
2414 8,600 Cuban-American Sugar..._10 22 Aug 18 334 Mar 3
4 234 2434 2312 2412 24
1
2378 23% 2318 23/
Jan 10014 Nov
96
*9512 98 .951, 98 .954 961,
100 954May 5 101 Mar 13
Do pref
.954 98 .9512 98 .9512 98
314 July 16
4 June
/
41
63e Feb 27
84 Feb
338 338 1.400 Cuban Dominican Sug_No par
4
1
4 3/
1
3/
4
4
4 34 .
1
3/
4 38
/
31
34 314
38 Dec 52 Feb
100 234 July 17 4912 Jan 6
254 2578 244 2478
Do prof
400
*2314 2613 2312 2312 234 2312 *231, 26
July3
106',
20
Aug
05
100
9914 99% 99% 10012 10012 1011, 100 10112 1,200 Cudahy Packing
99
99
*9914 101
No, -i41.3 Jan
No par 50 Feb 17 59 May 25
5212 5212 1,400 Cuyamel Fruit
034 534 5314 54
*5138 54
4 54 .5213 54
1
52/
7% Jan 9
6 Nov 324 Mat
1 June 25
118 1.700 Daniel Boone Woolen Mills_25
1
114
114
1
14
14 118
118 118
*118 14
3811 Nov 694 Jan
4 4214 414 4234 411
/
411
4 4318 10,200 Davison Chemical v t c_No par 2778 Apr 30 4034 Jan 23
/
43
4113 4134 4034 414 41
184 Jan 2214 Dec
4Sept 16
/
2514
2514 *24
25 .24
2512 2514 254 *24
100 De Beers Cons Minee_ _No par 2014 Mar 18 251
*2414 2512 .24
100 110 Jan 5 15312Sept 18 10114 Jan 1154 Dee
14312 1534 27,100 Detroit Edison
131 1314 13138 13314 133 1344 13312 139
•130 131
281, 29
4 2834 2914 2814 29
1
2838 29/
4 30
1
75,800 Dodge Bros Class A__-NO Par 2134June 9 31 July 14
281, 2918 28/
Preferred certifs_ _ __No par 731zSlay 7 89 Sept 14
8872 8734 8812 6,100
4 89
1
87/
88
8634 87
8631 89
4 881
1
87/
Nov
-ii;
4 Apr 14 1813 Jan 19
1
No par 12/
1538 15/
4 15
1
1518 3,200 Dome Mines. Ltd
1514
4 1514 1538 15
1
1514 15/
933 June 18 Dec
No par 14 Feb 16 2312 Aug 4
*2112 2212 214 2114 2114 2114 2114 2114 2118 2118 1,000 Douglas Pectin
22
22
Mar
10011
14
Sept
1124
1084
7
Jan
6693
105
_100
_
prof.
1s1
Light
11214 11214
1114 112
11212 11212 112 112
700 Duquesne
No par 10434July 18 118 Jan 19 10418 Apr 1147s Nov
4 10812 *jai, 16i- 1074 10812 10812 1114 10,800 Eastman Kodak Co
1
106/
1054 1054 1057 106
4 Jan
1
84 Sept 24/
No par 101,Feb 13 2933 Sept 11
2512 25
25
257
25
25
4 254 24
1
24/
2534 19,300 Eaton Axle & Spring
2512 26
4 17018 176
/
1684 1711
163 18578 16212 16514 1644 170
4 165
1
31,200 E I du POOL de New & 00_100 13414 Jan 5 20112 Aug 5 112 May 142 Dee
163/
85
Apr 96 Dee
100 94 Jan 23 102 July 7
1014 10118 .100 10012 *1004 10118
300
Do pre! 6%
*100 101 •100 10018 101 101
1733 Apr 25 404July 16
3312
3213
3212
34
314
3212
34
3212
4
1
/
32
314
47,200 Elee Pow & Lt ars__ _.No par
3312 334
100 Mar 18 110 June 16
106 106
40% Pr Pd
106 106
_
_--- 106 10618 10634 107141.106 10838 2.800
10012 Mar 28 11034June 24
Pref full paid
•10512 108 •10512 108 *---- - - - .10612 109 •10712 110 1.10778 1094
8978 Aug 28 94 June 10
924 2904 9278 4.900
4 92
/
4 911
/
Do pref etts
9178 9118 9134 911
904 9012 91
504 May 86 De
par
Battery__No
8034 Mar 30 7113Sept 18
6912 7112 6912 7112 48,500 Elea Storage
69
6714 6634 671, 6714 681, 68
67
513July 31
h June
311 July
1 18May 1
34 312 0313 4
31z 312
*312 4
312 312 1,500 Emerson-Brantingbam Co_100
3,2 34
55% May 733s Dec
17
7473Sent
2
Apr
4
633
747
50
Corp__
-Johnson
717
7112
4
1
/
72
4
1
/
73
7114
73
Endicott
72
8
737
7014
7214
71
24,700
Jan
115
June
10512
VI
Feb
1164
28
May
Ill
100
4 1194 *113 120
1
4 *116/
1
4 •11634 11934 •11638 119/
1
•116 118 .11634 119/
18 Dec 2412 4uli
4 1712
/
171
16
16
Exchange
400 Exp
ehoting
.1512 16
16
P Buffetuffet Corp_No par 134July 23 1973 Jan 3
154 1514 •15
Jan
44
Dec
2
44
214
5
Aug
27
Mar
25
3
Co
412
412 *3
Fairbanks
*212 4
*3
44 •312
*34 4,2
•27s 41
264 May 34 Dec
No par 3214 Jan 2 4973July 20
4534 46
4578 46
45
4 4638 45
1
2,400 Fairbanks Morse
4614 4538 x45/
4612 47
Jan 9812 Dec
61
107 11212 10934 1124 10938 1113 84
1074 11012 10934 11114 210638 108
1:2g FainiootispPrellynIcais_k_y N_o_1par 9014 Feb 17 11434July 27
27
Jan 10812 Dec
July
87%
120
10378
17
Feb
11713 1174 117 11734 117 11714 117 11734 1181, 1187 118 118
No Par 102 Aug 31 11112Sept 17
4 11112 *10912 112
/
1101
4 110
1
10538 108 .107 108
107/
Full paid receipts
3,500
10412 105
19
June
36
3
15
2614Sept
Trac
&
Light
2814
29
281
2814
29
,
2814
2834
28
29
228
284 28%
2,400 Federal
4 Apr 2-4-34 -Dee
1
5/
1912 2,900 Federal Mining dc Smelt'g_100 1514 Mar 13 25 Jan 19
1912 *18
1934 1934 1814 1814 1914 1914 1838 1914 *18
4112 Jan 6412 Dee
100 4912 Mar 11 6478Sept 10
6478 6312 6412 3,000
6212 6312 63
4 64
1
64/
644 6212 63
Do Pref
64
15
Mar 146 Dec
118
Slay
6
Jan
14712
175
par_2
NY0.
N_
2
1
,
1
2
a:
rm
I
t:
e
r
Fulsc
4 166
1
16412 16412 16412 164,2 *____ ____ *164/
BeondBy
Ar
,rP
si :
FriIll
F
4 Jan
1
912 Jan 13/
12 Jan 8 1734JulY 13
17
8
912 .
17
434 8
17
8
9 .
15
712 31,821000000
18
812 8
15
8
434 8
17
17 .14
•14
17
•15
25 6014 Feb 17 8912Sept 17
8712 8834 8712 8814 85/
4 8712
1
13
5
Juno
8St‘o1
s -De;
127
---15
24
253
Mar
par
1012
No
4 2414 217.600 Fisk Rubber
1
227 2414 2418 2538 2412 254 2312 2412 23/
4 23
1
22/
7512 Jan 16 12) Sept 18
3813 July 88 Dec
4'•109 1094
1
4 110 *10812 10934 *10814 109/
1
109/
4 10934 •109 10934 109/
1
600
Jan
4414
17
Nov
9014
1171zSept
19
Mar
par
75
No
of
pr
Co
114
117121
116
116
120
n
t
113
1s
hma
8
21123
4
1
115
4 11514 116/
1
D
114 115/
52,700 Fleischman
4 Dec
1
664 Jan 94/
No par 90 Jan 6 14134Sept 11
136 13634 13578 13612 13512 13712 9,000 Foundation Co
1354 137
139 14011 13712 139
74 Sept 1373 Jan
8 Mar 18 18711June 15
No Pa
17 I 19,000 Freeport Texas CO
1714 1612 1738 1634 1714 164 1678 1533 17 I 16
17
2578 Aug 25 3614Sept 14
No pa
4 3478 3412 3434 12.100 Gabriel Snubber A
1
34/
4 3534 3412 35
1
3538 3614 34/
4 36
1
35/
IN Oct
7
Jan
41s Jan 2 1614 Mar 2
No Pa
10/,. 1112 1058 1118 29,300 Gardner Motor
4 1114 1218 1078 12
/
1118 1134 1112 121
3513 May 53 Dee
444 Aug 4 5912Sept 18
10
5912 30,400 Gen Amer Tank Car
4 58
1
57
4 54/
1
58
5512 56/
5278 5212 5678 55
52
Feb
92
994
6
Aug
Dee
4
1
/
102
16
Feb
934
100
102
.100
102
09934
*9934 10312 *9934 102
Do prof
•100 103 *10112 153
4 Apr 63/
1
31/
4 Dec
1
100 4212Mar 30 634 Jan 2
4 17.400 General Asphalt
1
54/
554 54
4 54
1
4 56/
/
4 5434 56,4 541
1
544 544 5418 56/
714 Apr 100 Dee
100 861/ Mar 17 101 Sept 14
9912 9912 2,600
•9634 9912 9914 101
100 100
100 10078 100 100
Do Prof
Jan 160 Sept
93
18
18412Sept
par
7
Mar
No
121
176 17612 175 17512 1754 17512 175 1774 17734 183 2184 18412 6.200 General Baking
8214 Apr 98/
4 Dec
1
100 8412May 4 1014 Mar 4
9678 9778 10,500 General Cigar. Inc
967
95
4 05
1
9314 9312 06
95
964 94/
93
100 22714 Feb 17 33714 Aug 24 19312 Jan 322 Dee
32014 323
3247 32712 317 325
315 32134 31978 326
326 327
17,100 General Electric
1013 Apr 1112 July
11 Jan 2 1173July 10
10
4 1112 1114 1112 114 1138 5.800
/
4 1114 1138 1114 111
/
1118 111
4 111
/
Do special
5534 Oct 66% Dec
6433 Jan 5 10038Sept 17
4 9914 1001 225,100 General Motors Corp_ _No pa
/
4 96% 98/
1
98/
4 971z 10014 99 1001
1
9834 97
98
9533 July 1034 Dee
100 102 Jan 5 11334July 11
4 1 121
1
4 1121, 11214 11238 112/
1
4 11234 113
/
1124 11214 11214 1124 112/
Do 7% prof
3,400
454 Aug 13 5412Sept 16
-5414 5314 53% 28.400 Gen Outdoor Adv A_ __No pa
5134 5334 53/
4 4934 51
1
4 5412 53
1
4918 49/
pa
Sept
33
13
Aug
2618
16
__No
certificates__
321
3114
8
327
3112
33
4
1
/
30
3114
3018
4
303
3012
Trust
4
1
3018 30/
30,900
38¼ June 45 Aui
42 Jan 16 59 June 12
2
4 16,800 General Petroleum
1
464 4738 4838 46/
4 48
1
483s 4878 4814 4834 4734 4838 47/
10 144 June 11 367 Sept 1
328 340 232212 326
340 346 •____
33414 33414 336 342
2,000 Gen Railway Signal
9012July 10 10114Sept 9
10
*100 102
Do preferred
31 June 55
Jan
43 Apr 28 584 Jan 14
*43
45
44
44
45
45
*44
45
45
*44
200 General Refractories__ -No pa
4 June 647s Dee
/
471
47 Mar 16 6418Sept 17
No
pa
62
611,
6418
624
4
633
59
Bros
59%
5714
Gimbel
*5714 58
5734 5934
36,500
Jan 107 Seta
99
100 10214 Mar 14 107 Aug 11
10512 10513 106 106
105 105 •10434 108
4 106 *10434 106
1
•104/
Do prof
500
21 Dec 27/
4 Nov
1
04518 4612 *---- - - -- 46
2234 Feb 13 4912 Aug 5
46
46
4518 46
45
46
• 45
600 Ginter Co temp ctfs_..No par
8 June 15 Nov
No par 1213 Mar 19 2414Sept 18
23/
237
2314 23
4 2414 50.600 Glidden CO
1
4 23
1
2318 2312 2212 23/
2238 23
284 Apr 437s Nov
4538 46/
4 4638 4678 29,400 Gold Dust Corp v t o No par 37 Mar 3 47338ept 17
1
4 464 47/
1
4412 4514 4434 4613 45% 47
1
17 June 38 Dec
NO par 3634 Jan 5
4 634 6238 6312 40.100 Goodrich Co (B F)
1
62/
64
6412 63
6178 6234 624 6414 63
9934 9838 9838 3,700
7014 May 92 Dec
100 92 Jan 31 10014 Aug 3
9934 .98
10018 10018 29814 9912 *98
*9934 100
Do prat
Jan 9083 Dec
39
10338 10414 104 106
4 210314 104
1
1051, 1064 3,100 Goodyear T & Rub pf v t 43_100 864 Jan 6' 10673Sept 18
10412 10412 10412 104/
8814 Jan 10813 Dee
100 103 Apr 27 108 Aug 7
4 10112 .10578 1061,
1
4 10738 210538 10538 10538 10538 .105/
1
Do prior pref
10712 10712 107/
500
214 Dec
Apr
124
14
Jan
2114
30
Mar
13
_100
Pr
&
Sm
Min
4
1
/
19
1812
4
1812
183
18
Cons
194
19
1812 18
1812
4,900 Granby
1712 18
8314 Oct 967s Dee
10112 10112 10238 10238 2,700 Great Western Sugar tern ctf 25 91 Jan 16 11318Junc 19
4 10238 10112 102
/
1034 10438 10318 10418 1011
10 May 21% Dec
14
*12
4 1.400 Greene Cananea Copper_ 100 1184 Mar Ill 1914 Jan 2
1
4 14
1
13/
1214 12/
14
4 14
/
1412 1412 1414 141
62 May 8914 Feb
100 6718 Mar 24 9473 Feb 5
8312 8318 • 85
8412 8112 83
82
8412 8218 83
282
'.83
12,200 Gulf States Steel
4434 Feb
31 Sept
2934 294 2934 2912 3038 29/
4 30
1
4 2934 3014 29
1
30/
30
3,800 Hartman Corporation__No par 2534 Apr24 374 Jan 7
324 May 527s Feb
par
41
411,
5
41.12
Aug
No
4413
4
4212
413
14
4112
41
Mar
41
Wheel
42
30
42
414
414
14,700 Hayes
4814 Dec 51% Dee
47
4612 47
4738 4737
4614 4612 •46
47
8 1,000 Hoe(R)& Co tern ctfs_No par 45 Apr 1 487s Jan 9
454 4612 47
35 July 5612 Jan
50
100 43 Jan 2 50 Jan 12
49
4 46% 4678 464 48
/
50
*49
4614 4614 4614 461
1,100 Komestake Si fling
4 Apr 38 Nov
/
311
4 4112 4112 401
/
411
41
41
4 41
/
414 4112 4112 4112 41
1,300 KousehProd,Inc,temett Nopar 3413 Jan 5 4333July 16
Apr 824 Feb
61
6718 6918 6614 6734 6618 6618 66
69
66
4 681, 68
1
67/
3.500 Houston Oil of Tex tern ctfs_100 59 Apr 22 85 Jan 29
1612June 11 2478 Sept 14
2412 2412 2412 16,900 Howe Sound
No par
2412 24
4 24
1
24/
2438 2378 2478 24
24
4 66
1
64/
4 7038 82.000 Hudson Motor Car....No par 334 Jan 5 7033Sept 18 -2012 May 36 -De;
/
651
654 668 2641
4 661, 6478 66
/
654 67
Jan
1113 May 18
211, 2058 2114 20% 204 97,400 Hupp Motor Car Corp-- __ 10 1414 Mar 18 22 Sept 14
21
2114 22
201, 2034 2078 22
54 Sept 1614 Dec
254 2434 253, 2434 25
4 2634 2438 26
1
25/
25
1312 Jan 5 4134June 17
27
26
18,100 Independent Oil& Gas_No par
154 June 2514 Feb
2218 2218 2034 204 6,300 Indian Motocycle •
23
23
No par 13 Mar 24 24 Aug 28
4 23
/
231
2112 2112 2112 24
713 Jane
4 938 101.000 Indian Refining
1
8/
334 Apr
512 Jan 2 1033 Feb 6
878 912
10
784 84
712 712
74 712 *712 734
_
612 6/
4
1
6 Sept 4
10
912Sept 17
4
1
74 8/
Certificates
6% 718
813 94
84 918 13,000
612
*6
314 May 4834 Nov
4 43
1
4 43/
1
4312 43/
4312 43
4 43
1
No par 38/
4MaY 1 50 Feb 2
1
4 434 434 43/
1
43/
4312 4,600 Inland Steel
Jan
1073
Dee
4
108 108
10114
21
Aug
108 108 .108 115
11018
13
.107 110 *10514 110
100
Apr
10412
Do pref
300
224 Feb 33% Dee
4 2878 22738 28/
1
4 274 2814 6,400 Inspiration Cons Conner
1
20 2214 Apr 22 324 Jan 12
4 2838 2878 2814 284 28/
1
2838 28/
74 Jan 7 1733July 24
934 Jan
3 June
4 1338 1334 *13
1
13/
14
134 163
No par
1334 134 1312 .13
*13
6,000Internat Agrieul
Apr 11871 Dec
83
par
144
14514
14338
144
30
144
147
31
14612
Aug
8
1473
Machines_No
14114
Mar
1451,
141
110
1461
Business
140
6.000Int
6912 6912 6914 691
4014 Apr 594 Nov
70
7014 70,4 7014 704 x6938 691, *69
1,900International Cement No par 52 Jan 5 7111 Aug 24
4638 474 464 4658 20,900B:11er Combue Engine_.No par 314 Jan 21 51 Aug 14
4 467
1
45/
22 Mar 39 Dell
4 47
1
4 46/
1
4 47/
1
473s 46/
47
Jan 11011 Dec
4 128 1311, 12814 13114 12834 132/
1
78
4 131 13814 78.800International Harvester___100 964 Mar 25 13814Sept 18
1
4 13118 132/
1
132 132/
11814 11814 •11814 119
119 119
100 114 Mar 3 12038July 29 106 Feb 11514 Nor
•118 119 •11814 119 .11814 119
1,200 Do pref
1533 Dee
Jan
634
718June
4
1
/
8
4
1
/
8
812
8
4
1
/
8
147
4
1
/
8
25
4
.83
812
5
Feb
84
4
83
9
Marine-100
Mercantile
4
1
8,4 8/
3,500Int
4 Dee
1
4 32
1
4 3214 314 33
/
2613 Mar 47/
3314 311
100 27 Aug 15 524 Feb 5
3278 35/
4 36,600 Do pref
1
4 3234 3238 33/
1
30/
114 May 27% Dee
4 3434 3418 3434 34
1
4 3434 33/
1
4 33/
/
341 44.600International Nickel (Tbe).25 2414 Mar 18 3538 Aug 24
4 3418 341
1
3414 34/
*9712 994 • 974 9918
*9714 9834
95
May
Nov
Jan
7512
94
6
19
100
Aug
100
09
.98
Do preY
3413 Apr 60 Dee
4 6914 704 ------------------------ Paper
/
100 481, Mar 19 7438June 1
684 6733 69/, 6712 6834 6718 6918 6734 691
68
Mar
s
8212May
747
81
81
6213
81
26
Oct
9
Mar
71
100
82
8012 8012 81
•80
prof
stamped
800 Do
914 92
9112 9112 91
914 92
100 86 July 31 93 Sept 14
914 9212 9112 93
92
1.700 Do pref (7)
73 Apr 119 No,
4 *187 190
1
4July 27
/
195 195 .193 195
186 186 •18534 190/
No par 108 Feb 2 1991
*192 195
500International Shoe
1164 1164 2115 115 *11412 115 •11412 115 .1141z 115
100 11584July 9 121 June 3 11514 May 1194 Dag
117 117
100 Do preY
66 Feb 94 Dec
____ 120 123
,12273 12018 122
1215
4.122
1
128 128/
100 8712 Apr 3 144 Aug 14
1281,130
5,9001nternat Telep de Teleg
2413 Dec 3213 Mar
*2014 24 .2012 24
2118 2118 :217118
*2012 24
No par 18 July 8 3612 Jan 5
1001ntertype Corp
.2012 24
164 Apr 234 Jan
100 16',July 2t 21% Feb 26
1838 184
2183
500.ewel Tea, Inc
78 Mar 106 Dee
111 111
112 112
z11112 11112
100 10212 Jan 19 113 Aug 12
111 112
400 Do Prof
12
1718
1718
3
163
1414 Sept 274 Jan
3
Feb
-16
1712
1613
23
•164
1614
13s4June
_100
3
217
1633
stpd_
Inc,
•1612 1174
700Jones Bros Tea,
4233 4158 43
4 May 52/
/
211
411
4 Dec
1
4312 4433 34214 4373 41
4 4212
/
No par 354 Aug 10 5913 Mar 3
434 ,44
Jordan Motor Car
334 .3312 3334 15,300 HaYser (J) Co v t 13_-_ _No par 184 Mar 17 3412Sept 14
1534 Aug 384 Jan
337
3212 3212 33
3234 3413 33
3233133
3,300
.
77 Aug 10212 Feb
98
974 984 •97
984 9814 .98
981. 917
981, *95
No par 83 Mar 30 1004June 2
981,
100 Do lat prof
Dia animated WOOF DO Wel On Mai day, s Ett-dlyklend. S Par value changed from MO to 250 and pr1oee on that baala beginning June 3. • Ex-lights.
New York Stock Record-Continued--Page 4
1442
For sales during the week of scats usually inactive, see fourth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Manton.
Sept. 12.
Monday.
Sept. 14.
Tuesday.
Sept. 1.5.
Wednesday
Sept. 16.
Thursday.
Sept. 17.
Friday.
Sept. 18.
Saks
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
lall. Orld,(16
Range for Year 1925.
On hosts of 100-share tots.
Lowest
Highest
Range for Prestos,
Year 1924.
Lowest
Highest
5 Per share 3 Per share $ per share $ Per share $ Per share $ per share Shares. Indus. & Miscall.(Con.) Par 8 per share $ per shoes 4 per Oars $ Per sky*
384 June 35 Jan
/
4Jull 3
25 1214 Mar 24 2111
18
1912 1734 1814 17/4 18/
1
4 17/
1
4 18 20,600 Kelly-Springfield The
17
1812 1812 19
33 June 88 Jam
620
100 41 Mar 25 74 July 3
Do 8% pref
65 *64
65
64 64
65 65
65
65 65 *64
65
40 June 7818 Jam
Do 6% prat
600
100 43 Mar 25 72 July 3
62 62
63 *61
63
6234 63 63
63 63
*61
61
76 May 104 Dec
100 87 Aug 4 114 Sept 18
15,800 Kelsey Wheel. Ino
*95
96
9612 9734 10014 10012 10612 3105 114
9812 96 96
3418 Jan 574 Dee
No par 4618 Mar 30 5784 Jan 13
5514 5534 73,400 Kennecott Cooper
5478 5572 55 5534 5518 5618 5534 5614 5512 56
4/
1
4 JaL
112 Oct
312July 16
172 Jan 9
1,500 Keystone Tire de Rubb-No par
2
2
2
2
2
2
2
2
214
2
524 May 8814 Dec
200 Kinney Co
No par 74 Mar 25 8714May 25
7912 7912 7912 *7912 82 '7812 80
*75
7912 7712 7712 '78
300 Kresge(3 5) Co
100 355 Apr 28 599 Sept 2 28712 Jan 4754 Dec
*575 .59212 *575 592 *562 599 58234 58234 *57334 589 57334 575
424 Nov 624 June
3678 25,800 Kresge Dept Stores--No Pox 3118 Jan 21 454 Jan 7
33 3714 353s 3714 35
34
3414 33 331s *3318 35
79 Jan 113 Nov
1
4 Jan 5 178 Mar 31
400 Laclede Gas L (St Louie)-100 110/
156 156 *150 160
156 156
•158 162
155 155 '153 189
8 May 174 Jae
/
4 Feb 20 18 July 1
_ _No Dar 111
1518 1512 1514 1618 16
1612 *1512 16
16
16
1534 1534 4,200 Lee Rubber & Tire_
Mar 6884 Dee
50
72128ept
14
57
Mar
25
4,300
Liggett
&
Tobnew_
25
7112
72
Myers
7112
70
7212 7112 72
7238 7238 7112
7034 71
Do pref
100
1
4 Jan 16 122114July 20 1144 July 131 June
100 116/
12114 12114'121 123 *118 121 •11914 121 '119 121 *11912 121
48/
1
4 Mar 684 Dee
Do "B” new
25 5512 Mar 27 7212Sept 18
7134 7112 7212 2,600
70
7012 7012 7112 7114 7134 7114 7134 71
2,900 Lima Loa Wks
56 June 11 Dee
No par 60 June 23 74/
1
4 Jan 14
69 6912 89
69 69
6912 6914 70
70 70
6944 70
1518 June 25 Dee
10,200 [Mew's Incorporated---No Par 22 Feb 17 3378 Aug 24
35
3434 3334 34% 34
3478 3434 3514 34
3314 333s 34
714
718
•
714
788
714
84 Jar'
54 Apr
7i8
9/
1
4 Apr 6
8 Jan 28
1,800 Loft Incorporated
No par
•714 723
714 714
7
733
-.12.600 Long Bell Lumber A_ _ No par 45is Mar 20 5212 Apr 21
4712 4612 4634 4614 4614 4712 5018 5012 52
'46
47 *46
9112 1,400 Loose-Wiles Biscuit
1
4Mar 7 -60 - Mar -84 Nov
100 77 Feb 17 97/
9078 9178 *90
90 91
90 9114 9112 9112 90 90
33/
1
4 Dec 404 MP
25 3014 Jan 24 3772 Jan 13
3478 3514 x3412 35
34 34% 344 3458 342s 3434 2,600 Lorillard
3478 35
1
4 Feb 27 116 Aug 26 112 Nov 117 Fee
Do oref
100 108/
"111 117 '114 117. *111 116
'115 117 *11314 11612
1
4 Aug 26 2384 Feb 3 ---- --- ---- -1514 1538 15
1578 1472 1514 1412 1458 141s 1412 1412 1514 16.000 Louisiana Oil temp etlis_No par 13/
2314Se11t
3 2638July 23
5,200
Louisville
par
2352
G
A._
_
_No
2412
2312
82
El
2418
2312
24 24
24
2312 2312
24
2413
3614 3712 3624 37
5,300 Ludlum Steel
No par 3114 Feb 17 55 Mar 4 17 Oat -3814 -De.
36
*36
371g 38
37 373s 37 38
300 Mackay Companies
100 114 Mar 20 132'2Sept 18 107 Jan 119 Ane
13212 13212
*128 135 '128 133 *125 135 130 130 *128 135
7514 Apr 1184 Dee
No par 117 Jan 16 238 Aug 18
21312 21678 215 218 3206 21312 206 21112 208 21212 20912 21112 56,600 Mack Trucks. Inc
1
4 Dee
9512 Jan 107/
500
Do let pret
100 104 Jan 27 113 Aug 17
'110 113 112 11212 310812 10812'10814 111
10812 10812 *10912 112
106
/
1
4
Jan
2
100
87
Apr 10114 Dee
Aug
7
99
Do
2d
prof
100
106
*106
10434
*104
'104
'106 107
107 *10434 107
10434
10614
59 May 7112 Dec
1
4Sept 12
106 10734 107 10712 1031s 104 10312 10712 10512 106 '103 10434 2,800 Mary (11. H)& Co,Ino_No par 6912 Jan 3 107/
1
4 Dec
261s June 45/
No par 34 Mar 31 4412Sept 19
44
4412 4334 4414 4312 4438 4314 4334 4212 4318 8,000 Magma Copper
44 44
/
4 Jan 23
18 Mar 4112 Dee
2612 2612 2612 2658 2558 2612 2538 26
2514 2514 2538 253s 1,700 Mallinson (H R)& Co_No par 213* Mar 30 371
1
4 July
33/
1
4 Mar 49/
*5012 5112 5138 5212 515g 5214 *5112 52
5214 5278 5134 5234 3,300 Manh Elec Bunn tem otfeNo par 32 Mar 21 59 Mar 10
2612 Dec 44 Jan
25 2014 Mar 16 3114Sept 17
3024 307s 3012 31
3014 31
3014 3078 3078 31,4 3012 3058 5,300 Manhattan Shirt
/
4 Dee
2814 Dec 311
Manila Electric Corp__No par 2812Mar 5 4912 Apr 24
46
41
*30 4012 *37
*37 40 *38
40 *37
40 *32
24/
1
4 Oct 3712 Jan
Maracaibo Oil Expl___No par 2012Sept 2 3512 Jan 31
2212 2212 23 2378 2214 2278 22
2238 2218 221s 2114 22
29 May 42 Feb
1
4July 28
1
4Mar 30 47/
No par 32/
4412 4518 4412 4518 4312 44
4332 4378 433g 4414 4338 4412 58.800 Marland 011
8 Jan 1714 Mar
No par 1018 Mar 13 30 Sept 15
2934 2838 2912 *28
2818 7,200 Marlin-Rockwell
29
2414 247g 25 2714 2812 30
1
4 Jan
/
4 Jan 7
311s Nov 37/
1
4 Aug 31 371
No par 19/
2112 207g 2112 2,300 Martin-Parry Corp
21
21
21
2114 2114 2134 2114 2138 *21
1
4 Dee
29/
1
4 May 58/
8412 3,440 MathieeonAlkall Wkstenictf50 51 Jan 6 8512SePt 11
8512 *82
79 82
83
82
'82 84
8214 8212 80
1
4 Apr 115 Dee
82/
11934 12134 120 12012 11,400 May Department 5tores___50 101 Mar 23 12814MaY 25
119 11912 11834 11914 11712 11812 118 119
July
101314
July
86
Oct
984
7
79
Mar
17
800
Class
B
No
par
McCrory
Stores
*9214
94
9312
94
*9212
9412
923
4
'92 93
93 93 '9214
14/
1
4 Dec 1814 Jan
1
4 Aug 4
500 McIntyre Porcupine Mines__5 16 Jan 2 19/
*1878 19
1858 185s 185g 1858 *1812 1878 *1858 1878 1878 187s
/
4 Feb 5
15 Sept 19 Dec
500 Metro-Goldwyn Pictures 91_27 18 Jan 3 221
2112 2112
21
*2012 2114 2114 2114 2034 2034 2118 2118 21
1
4 Jan 6
141s Jan nig sers
1318 1312 135s 14
1314 8,700 Mexican Seaboard 011 No par 1112 Mar 17 22/
1318 1312 1314 1312 13
1358 13
20 May 25 Apr
1
4 Jan 13
8 May 12 24/
6
912 95s 4.200 Miami Copper
95g 934
972 978
958 978
958 978
958 934
____ ___
2912 15,000 Mid Continent Petro_ _No par 2514 Aug 19 3818June 8 ____
2858 2912 2852 29
2812 29
29
29
2958 2912 30
314June 6
1 -AugAg64 Jar.
4,900 Middle States 011 Corp
/
1
4 Apr 16
10
112 158
112 1
112 112
112 158
158 184
113 112
9112 June 98 Nov
1,000 Midland Stee Prod prat_100 96 Jan 2 147 Aug 10
139 140 '134 139 '135 141
13812 13812 •135 138
138 139
611
/
4 June 744 Dec
100 64 Apr 17 9914 Aug 6
8412 8612 8412 8814 42,400 Montana Power
8618 8714 85 8612 8412 863s 8512 87
2114 May 4818 Dee
6932 7038 6958 7034 8834 6934 69 6912 6812 70
6812 6912 44,700 Monte Ward de Co Ill corp__10 41 Mar 33 73 July 28
1712 Oat 27/
1
4 Feb
No par 22114 Mar 19 38 Sept 11
347s 3638 35 36
3434 36
3412 3558 11,100 Moon Motors
3634 3738 36 37
9/
1
4 Jan 2
6 May
6 May 4
94 Feb
778 8
772 8
734 8
758 778
75s 754 8,800 Mother Lode Coalltion_No par
778 8
No par 4014Sept 2 4314 Sept 14
4134 4214 *4178 421g 4112 42 36,700 Motor Meter A
4158 417s 4134 4314 42 43
-__ ____ ._
No par 18 Apr 9 35 June 29
3234 3334 43,000 Motor Wheel
30
3638 3073 3173 32 3278 3212 3314 3278 34
/
4 Feb 20 ---1
4 -Dee
9 Mar 18/
400 Mullins Body Corp
No par 13 Aug 26 211
16
16
16
16
16
1512 1512 *1512 1578 *1512 1612
•10
1
4 July 3914 Jan
29/
/
4 Apr 23 35 July 23
No par 301
Munelnewear Co
•32 34 *32 34 "32 34 *3178 34 "317g 35 *3214 34
1
4 Jan 5 475 Sept 18
96/
1
4 Apr 204 Dee
2,000 Nash Motors Co
No par 193/
437 439 440 450 468 468 *458 470 '455 470 470 475
1
4 Noy
9814 July 104/
100 1o334 Jan 21 107 July 15
500 Do pref
10512 10512 *10512 106 *10512 106
*10512 106 *10512 106 *10512 106
414 Mar 24 1072July 24
384 Oct 1018 Jan
9
914
812
*71s 8
8
314 914 3,300 National Acme stamped_ ___10
8
87s
812 918
7714
Sept
5014
Mar
Aug
24
7611
/
4
65
Apr
29
25
9,700
National
Biscuit
73
7112 7218 72
7214
7218 7212 72 7258 7112 72
7213
1
4 Jan 12614 Dee
100 12312 Mar 11 12812May 9 120/
Do pref
*125 127 *125 12712'125 127 *125 12634 *12512 12612 "126 127
44 June 707s Dee
7314 21,300 National Cloak ds Suit. ...100 6512 Mar 5 78 Jan 26
7258 75
725s 74
7318 7512 731s 7512 733s 7538 73
9112 Mar 1004 Dee
100 99 Jan 13 104 Jan 29
400 Do pref
10254 10258'10214 103 •101 104 '102 104
102 102 *101 103
30/
1
4 Apr 4414 Dec
6534 6578 6578 6712 66 867s 6614 6812 6534 6634 8514 6534 5,600 Nat Dairy Prod tern otfsNo par 42 Jan 2 6712 Aug 31
3614 Oct 43 Jan
6.600 Nat Department Stores No par 3812 Jan 2 45 May 12
4078 4134 4114 43
*4012 4178 4134 42
43
4412 4212 44
92
June 101 Dee
102
Jan
2
15
/
1
4
96
Apr
100
200
Do
pref
98
98
"967
g
•967
2
98
*9678
97
9712 *9678 9712
•9672 98
_ __
3414 3534 3414 3512 3438 3574 7,900 Nat Distill Products_No par 30 Apr 9 3714May 27 _ __ ___
3558 8578 35 3512 3412, 35
54Deo
___Aug
1,400 NatDistdProd pftem otiNopar 5212 Jan 8 70 July 20
iI012
66
6712 6734 8814 6814 6678 6712 8634 8834 66 6658 66
Jan
44
/
1
4
39
Aug
29
25
Apr
30
1812
Sept
1,000
Stamping-100
Nat
Enam
&
3434
3658 *3534 3612 35
3612 36% 3653 36
3552 *33
*36
1
4 Jan 12 87 Sept 89 Jan
100 75 June 22 89/
400
Do pref
89
877g 8778 88 88
8712 8712
88 88
*8712 90 "87
100 13812 Apr 27 16674 Jan 9 12312 Apr 16914 Aug
154 155
*151 15334 154 15614'152 156
15512 163 162 16634 9,200 National Lead
100 11412Sept 2 11814 Aug 13 11112 May 118 Sept
200
Do pref
116 116 *111 119
117 119
*116 119 "116 119 •116 119
5418 Oat 7218 Feb
2.200 National Supply
1
4 Aug 7 71 Jan 29
50 56/
5838 57
57
563* 57
5612 57
57
5612 57
11/
1
4 Jan 1614 Dec
1
4 Jan 7
1
4 Apr 27 16/
1314 1314 1312 *131
/
4 1312 1314 1338 3,000 Nevada C061301 Copper__.. 5 11/
1314 1338 1314 134 13
1
4 Apr 57 Dec
4312 49.300 NY Air Brake tern otfe_No par 4214May 1 5612 Jan 3 36/
49 50
4834 4912 4812 49
4314 4918 39
4912 503
47/
1
4 Jan 57 Dee
No poi 51 Mar 19 67 Jan 7
4,700 Do Class A
52
56,4 ,5512 5512 51
55
50
563* 5612 5614 6634 56
32 une 37 Dee
/
4Mar 30 5412 Aug 8
4912 5012 49 5014 4938 5012 10,100 N Y Canners temp otte_No par 311
4912 5012 49 5014 4834 49
19 Jan 37/
1
4 Aug 8
1
4May
100 18 Mar 24 36/
32
32 32
3112 3112 3112 3312 1,600 New York Doak
31h 3112 *3112 3212 "31
4118 Feb 55/
100 521s Jan 14 7214June 26
1
4M47
Do pref
70 '65
70
70 "65 68 "65
70 "65
*65 68 '65
27 June 29 8010
1
4July 1 29 Jan 12
500 Niagara Falls Power pf new_25 27/
28 28
2814
2814 28,4 "28
2814 2814 *2734 2814
22 Jan 45 Dew
10 4118 Jan 5 6014July 29
585s 5912 5913 5934 583* 5914 5878 5934 185s 5938 5812 5914 38,400 North American Co
43/
1
4 Jan 50/
1
4 July
50 4618 Jan 2 5012Sept 12
Do pre:
5014 5012 5012 5012 5018 503s 5018 5018 501s 5038 5018 504 1,300
7 Apr
1
4Sept 13
8 Jan 16 14/
94 Dee
14
131g 1318 1334 1334 1384 143s 1,600 Nunnally Co (The).-No par
14
14
1378 1414 14
Jan
22
4
/
1
4
Mar
714
Sept
8
5
/
1
4
84
Ord
par
No
600
new
Ontario
Min
8
Silver
*712
712
8
'712
7/
1
4
734 734 *734 8
712 712
18 May 80 Jan
1
4 Jan 6 36 Sept 8
No Dar 18/
300 Onyx Hosiery
*3314 3312 *3314 3312 *33 3312 33 33
3312
33 33 *33
500 Oppenhelm,Collins&CoNo par 414 Aug 31 4614June 26
44
44 *42 4412 42 44
4312 44 *42
4418 4414 44
1 2514 Jan 16 3278July 30 18 -Feb -29 -Dee
3034 3012 3112 *305s 3112 4,000 OrPheum Circuit, Inn
3012 3078 3034 3078 3018 3058 *30
68/
1
4June 92 Dee
1
4 Feb 27 14012 Aug 21
50 87/
136 13638 4,400 Otis Elevator (6)
135 13712 137 138 133 13512 1355g 136
135 136
6/
1
4 Nov 11/
1
4 AID
8 Mar 18 1514 Aug 28
No par
131g 1314 1278 14
13
1378 1318 1318 1314 133* 1314 1314 9,500 Otis Steel
44 Oct 744 Mar
100 5014 Mar 18 9712 Aug 28
1,160
Do prof
87
89
90 90
90 92
9134 9134 89
89
88
87
Sept
10
894
May 474 Jan
611
/
4
Mar
17
42
/
1
4
25
601s 6012 5912 6053 35938 5978 591 5934 5834 5978 5914 5914 6,500 Owens Bottle
9018 Jan 105 Dec
100 10212 Jan 5 11812July 29
113 11412 1,400 Pacific Gas & Electric
11312 11312 11312 114
*11358 115 '11312 115 '112 114
lb Arc 584 Feb
/
4 Aug 18 6514 Jana).
No par 511
5418 2,760 Pacific 011
5478 5312 5412 54
545* 5334 5414 54
5418 543s 54
9/
1
4 May 1618 Dee
/
4Sept 14
10 15 Jan 16 411
4178 3978 417s 4014 4138 • 4058 4124 4034 4158 188,200 Packard Motor Oar
3834 3918 39
July 8
2134 2214 2138 2218 2158 2218 2112 2178 18,200 Paige Det Motor Car_ _No par 1738MaY 6 2312
2114 21/2 2112 22
6
44
Mar
3
-Feb 65- We;
8
83
7
5912Sept
3
50
6,500
Pan-Amer Petr & Trans
65
8518 6518 6378 657s 64
6538 6612 6678 6718 66 67
1
4Mar 3 6114 Feb 644 Dec
• 50 6018 Aug 27 84/
Do Clasial
6534 6612 6638 6714 65 6612 647g 6512 6334 6512 6438 65,4 68,200
112
/
1
4
Feb
26
41s Jan
Sept
5
28
Aug
214
.Nopar
300
Ref
Panhandle
Prod
&
.
.
2
6
__
58
284
212
212 *238 212 *212 234 •23s
*2114 2112
24 Sept Uwe Dee
1
4 Jan 10
6,200 Park & Tilford tem otfs_No par 2514&Pt 8 35/
2712 2612 2714 2612 27
2634 27
27
2534 26
11 28 Apr 14 ____ _-- _--.. ____
Aug
1914
par
19,000
Penick
d,
No
Ford
2114
223
213*
4
22
22
21
22
2014
20
20 *1934 20
1814 ilov 80/
1
4 Jan
1
4 Jan 2
50 121/4 Apr 29 26/
1933 20
1978 21
2012 2012 1912 1978 2,500 Penn Coal & Coke
1812 1872 19
18
Ils Oct
44 Jan
3 Jan 9
1 Aug 12
153 178
15* 178 31,600 Penn-Seaboard St'l vto No par
184 17s
134 178
134 178
134 178
92/
1
4 Apr 11912 Dee
16
12214June
16
Jan
112
-100
(Chic)
1,700
PeoPle'e
0
L
&
0
116
116
11518 11534 11518 11578
116 116
•11512 11612 116 116
4272 May 5712 Des
5953 8,700 Philadelphia Co (PIttati). 60 5112 Mar 18 6214 Aug 5
581s 5834 5818 5978 59
5914 59
583* 5858 5812 59
6 5212 Jan 9 3412 Mar 5414 Dec
411 434 4258 44
4214 43 22,600 Phila dc Read 0& I -NO liar 3714May 11
41
41
401 41
404 42
35
Mar 5218 July
5012
Jan
23
July
38
par
Int_-No
4412
Certificates
of
43 *4234 4458 *4112
42 *40
411
/
4 '3912 42 "40
*40
1
4 Jan 12 64 May 88 July
100 Phlllips-Jonee Corp_ --NO poi 52 July 13 90/
53
54
52 52 *51
55 '52 60 '52 55 '52
*52
2514 Sept 1
11 July 2314 Jan
Mar
19
12
/
1
4
-1()
Co.Ltd_
9,800
Phillip
Morris
&
2418
5
8
23
2318 2378 24
24
22 25
23
2338 2234 23
28/
1
4 Oct 4212 Apr
3812 31,500 Phillips Petroleum
NO Dar 304 Mar 30 4718June 12
3912 3978 3934 -4014 33814 3914 3814 3834 3818 38% 38
6/
1
4 May 16 Dec
44/
1
4Sept 8
4172 4038 42,4 4038 415s 132.600 Pierce-Arrow Mot Car_No par 107s Mar 30
417 433* 4114 42% 3972 4134 40
181, May 54 Dee
94
Sept
8
24
Mar
43
100
0014
9114
12,600
Do
pref
89
8972 8858 9134 9012 9134
91
91
92
90
5912
210
Sept
14
18
Mar
June 95 Dec
85
Nova?
100
Do
pre!
prior
*200 210
'210 240 210 210 200 240 1*200 210
1/
1
4 Apr
312 Feb 5
412 Jan
112 Aug 10
25
1114 134 6,200 Pierce 011 Corporation
158 158 -153 --113-4
158 158
158 158
20
40
Feb
26
Jan
2
Mar 36 Jan
/
1
4
25
100
100
Do
pref
28
28
28
28 "26
2734 *26
28 *26
2778 *25
'26
814 Feb 5
4/
1
4 Oct
5 Aug 10
514 Dee
512 552 7,000 PlercePetram teinctfs_Nopar
512 534
534 534
512 534
5,2 534
538 512
47/
1
4 Dec 63/
1
4 Mar
100 3714May 2 5412 Jan 13
800 Pittsburgh Coal of Pa
4328
4312 *42
43
44
4378 4378 43 4338 *42
44
44
100
go
99
Jan
5
May
4
94
/
1
4
Apr
Aug
100
400
Do
pref
88
85 '87
8612 87 *87 8722 8712 8712 "84
*8612 87
100 94 Mar 26 10212 Jan 8 95 Jan 103 Aug
Pittsburgh Steel pref
9812
*96
9812 '96 9818 "96
9812 '96
9812
'96
58
6314
Jan
17
27
/
1
4
Dee
Apr
63
/
1
4
Dec
30
100
400
Pitts
Term
Coal
52
52
53
51
*50
54 '51
51
51
51
"5112 53
9/
1
4 Jan 16/
1
4 Den
1
4 2,900 Pittsburgh Litilitlee pref__ __10 1278 Mar 24 177sJune 25
1414 1453 1452 1453 1458 1412 14/
1413 141g 1412 1412 14
111s Feb 1612 Dec
Do prof certificates- _ - _10 1214 Mar 20 16 June 26
1412
1412 *13
1412 "13
1412 '13
1412 •13
1412 '13
*13
143
Feb
16
Aug
25
/
1
4 Dec
4812
9314
103
Apr
InctemotfNo
par
4,100
Post'm
Cer
Co
135 136
137 137
13918 1391s 1387s 13918 134 13612 136 138
39 Aug 62 Jan
100 45 June 25 69 Jan 23
2,400 Pressed Steel Car
56 5778 5634 57
56
57
56
5872 5878 58 5874 56
100 7612 July 9 92/
1
4 Jan 3 67 Aug 90 Fob
200
Do
pref
82
82
8178 8178 '80 82
82 "80 82
'80
1
4 Feb 3
2214 Apr 4312 Jan
2,200 Producers & Refiners Corp_ 60 125* Aug 26 32/
15
157s 1514 1558 1512 151k "18- Tics 15
1578 1578 "15
1
4Mar 30 873* Aug 5 89 Mar 70 Dec
8012 8078 22,800 PubServCorp of NJ newNo par 62/
8038 7912 81
7912 8138 80
82
8134 8214 81
99
1051ySept
Jan
7
96
14
/
1
4 Mar 1011
100
/
4 Dec
200
•10314
Do
7%
pref
105
10418 10418 10512 10512 10312 ---- 105 105 *104 105
1
4 Apr 115 Dee
100 10868 Apr 1 116 Sept 2 99/
200
Do 8% pref
1
4 11512
11514 11534 113 12212 *11372 1151 •11378 11512 *114/
*1131
17312SePt
129
Mar
30
11312
Apr
17
112.400
151
/
1
4
Dec
100
Pullman
Company
4
170
165
15934
16014
149
15214
15012
17312
14734 1517
146 148
1
4 Jan 7
374 Dec 674 Mar
50 33 July 23 47/
3612 3512 3512 10.400 Punta Alegre Sugar
1
4 35
35
3458 3514 3414 3514 3514 35/
34
25 2512 Aug 13 33/
1
4 Feb 4
20 June 304 Dee
273it 27 2714 2658 263i 2658 2634 2612 264 8.200 Pure Oil (The)
26/
1
4 2718 27
100 10212 Jan 5 10812Sept 9 92 Jan 105/
1
4 De,
D
f
•106 109
48/
1
4 Mar 27 7778 Jan 2 25% oot 66/
1
4 Dec.
6012 8212 60 6134 5934 617a 5914 60% 200,000 Radio
-_ Corp of Amer___No par
5814 62
5732 58
....
300
4
497
*48
4934
50
*48
'49
497
8
4912
4912
4912
.49 50
S Trading on N. Y. Stool liketuange auspendend
No par. s Ex-riglits.
e-Eild and asked nriee*- ea sales on this day. a Ex-dividend. a Ex-new rights.
because of small amount of stock outstanding.
1443
New York Stock Record-Continued--Page 5
For sales during the week of stocks usually Inactive, see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Sept. 12.
Monday,
Sept. 14.
Tuesday,
Sept. 15.
Wednesd,ay. Thursday I Friday,
Sept. 16.
Sept. 17.
Sept. 18.
Sake
for
the
Week.
Z /I LI .311,14,11
Range for Year 1925.
On lasts of 1GO-share tote
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
$ per share $ per share $ per share 3 per share $ per share $ per share Shares. Indus. & Miscall.(Con.) Par
1493 14938 149 15034 146 149 145 1534 x152 16412 158 160
100
16,600 Railway steel 80110g
*3618 3712 *3618 3712 *35314 37 *354 37 *3538 37
No par
__ Rand Mlnes,Ltd
*3612 3712
1418 144 1414 1434 14
1414 1312 14
1414 14
1313 14
Ray Consolidated Copper- 10
13:60
5
*4814 4938 4938 4913 494 497 *4814 50
No par
*4814 50 *4812 4913
800 Reid Ice Cream
23 24
*23 234 *23 24
23
2318 23
24
No par
*2213 2313 2,800 Reis (Robt) dr Co
8112 8138 8138 8013 8112 80
8012 8013 8014 8114 80
82
3,300 Remington TypewrIter__-100
•100 105 *101
__ *101__ *101 105 *103 105 *103 105
100
Do 1st pre!
•106 109 110 119 *106 19-612 *106 112 *109 112 *111 11112
100
Do 2d pref
100
1434 1518 147 1612 16
1714 1678 1734 1612 1738 16
No Dar
1634 53,200 Replogle Steel
497 51
50
5314 524 5433 5212 53
100
5114 52 20,500 Republic Iron & Steel
5038 53
*91
92
x9012 9012 9114 9114 9114 9114 *9012 9114
91
91
100
Do prat
400
914 914
914 912
914 1138 1138 1212 1012 12
No par
1034 1113 37,100 Reynolds Spring
8224 83
83
83 8314 828 83
8212 83
8318 28178 8334 15.800 Reynolds(R J)Tob Class B 25
*12112 122 *12112 122 12138 12138 *12113 122 *1214 122 *11978 122
100
300
Do 7% Met
25
'88
90
Rossia Insurance Co
453s 19.3; 49 4914 5,620 Royal
'
al /1-14 5012 11-4 aie 1612 49i8 16
Dutch Co(N Y shares)_
4238 4212 4214 4212 42 4214 417 42
42
43
10
4212 4212 4,300 St Joseph Lead
6714 6834 67
6713 69
6812 6818 6818 67 6814 67
6712 3,600 Savage Arms Corporation_100
105 106 106 10812 10612 10878 10534 107
10618 10714 10618 10714 9.300 Schulte Retail Stores-No par
*____
11414 11414
114 114
100
Do pre
200
1518 -1-518 15 15
147 -1-5
1434 -1134 1434 1434 1458 1434 LOCO Seagrave Corp
No par
219 221
22013 22378 21538220 21513 21914 21612 21834 21734 218
100
12,700 Bears, Roebuck & Co
*6 612 6 6 *6 614 614 614 614 614 *6 614 500 Shattuck Arizona CoPrier_ 10
727
7278 727
7212 7212 72
7434 7434 79
70
7038 72
No par
12,200 Shattuck (F G)
4058 4038 4034 4034 *4012 41
*4014 41
*4014 41
*40
41
300 Shell Transport dr Trading- £2
2234 2234 2238 2234 2212 2234 2214 2234 2238 2238 2238 2212 10,900 Shell Union 011
No par
10434 10434 *10412 105
10412 10413 104 105 *103 105 *103 10412
100
700
Do pref
21
2138 2038 2078 20
2034 1934 204 1934 2012 1934 1934 10,600 Simms Petroleum
10
524 5214 5238 527 252
5338 53
5234 523g 5314 53
No par
5338 10,200 8101M0112 CO
1918 1938 1918 1938 187* 194 1834 187
1812 187
1838 1878 12,200 Sinclair Cons 011 Corp-No par
88 88 *8712 89 *88 90 *88
.88 91
90 *8318 90
100
Do pref
200
2614 2612 2638 2638 26
2638 2578 26
25
2538 2618 2578 264 11,300 Skelly On Co
9934 102
98 100
10012 10234 101 101
100 10214 10012 10012 6.800 Sloss-Sheffteld Steel de Iron 100
.70 85
8513 8612 8512 88 *_-__ 877
85
85
*81
88
1,700 South Porto Rico Sugar_100
*1412 20 *1411 17
15
20
15 *15
*15
16
No par
*15
20
800 Spear & Co
•80
8212 82 82
82 82 *80
8212 8112 82
100
82 82
400
Preferred
3012 31
3038 3434 3358 3538 3418 3538 3312 3434 3378 3414 142.000 Spicer Mfg Co
No par
*105 10518 10584 10534 106 106
106 106 *105 106
10614 10614
100
Do pref
400
5738 5838 5758 5814 5714 58
5714 5734 574 578 5714 5734 41,600 Standard Gas & El Co_No par
*65 70 *66
70 *67
7012 67 68 *68
100
7012 *68 09
300 Standard Milling
*82 8612 *81
86 *81
8612 8534 8534 *8014 86
8612 *82
100
100
Do pref
535 5334 53 5438 5318 5312 13,000 Standard Oil of California- 25
54 54
54
5412 5314 54
4018 4012 404 4034 4018 4038 3934 4018 3912 3978 3934 40 26,400 Standard Oil of New Jersey 25
117 117
11678 11678 11634 117
11634 117
1168 117 117 117'
2.500
Do pref non-voting_ _.100
.538 76
614
712 8
7
87
6
9
6
6
4,800 Stand Plate Glass Co_ _No par
.70
71
701 71
71
71
6978 70
No par
7013 7012 7038 71
1,900 Sterling Products
5
7434 7314 7438 31,400 Stewart-Warn Sp Corp-No Par
72
7311 75
7334 74
74% 7212 7434 73
7138 718
72
7334 74
75
7212 7178 7334 73
7212 72
5.400 Stromberg Carburetor_No par
5478 5738 5558 5712 554 56/2
5434 5612 5534 5712 5518 57
Stubeb'r Corp(The)new No par
•11514 118 *11514 118 *11514 118 118 11814 *119 121 *118 11934 34,000
100
200
Do pref
5
5
478 5
434 484
5
5
No par
414 48 3,100 Submarine Boat
478 5
*314 338
314 314
3
3
314
No par
3
318
3
3
34 1,100 Superior 011
*2114 25 *22
25 *22
24
2358 2358 *2312 2412 24
25
100
200 Superior Steel
7i2 8
*7
8
*712 8
84 84 *8
734 818
50
834
700 Sweets Co of America
1514 15
*1412 1538 *15
1514 1638 1714 1938 1914 2078 92,900 Symington temp etteNo par
15
22 22
22
2212 22134 22
clam A temp etts_No par
2112 22
2238 2478 2578 2618 25,900
1112 12 *1113 12
*1112 12 *1112 12
*1112 12
*1112 1212
300 Telautograph Corp-No par
1118 1114 11
1113 1034 11
107 107
1034 11
No par
1034 11
4,700 Tenn Copp & 0
4812 4834 4834 4914 48
494 478 4818 4778 4814 47% 4784 29.700 Texas Company (The)--- 25
111 111114 11058 1114 10834 111
110 11034 12.600 Texas Gulf Sulphur
10958 110% 11012 112
10
12
1238 12
128* 1134 1238 1184 117s 114 1134 1112 1113 6,000 Texas Pacific Coal & Oil- 10
3312 3312 3312 3334 3238 3278 3232 3278 3212 33
x32
3218 3,000 Tidewater Oil
100
44
4612 4536 4634 45
4512 4638 4512 4638 4538 464 84,100 Timitep Boiler Bearing_No par
46
92 92
9212 9114 934 9218 934 18.100 Tobacco Products Corp
9178 9212 91
924 91
100
10312 10312 10312 104
10234 10334 10334 10334 1034 104
10312 104
100
4,600
Do Class A
37
37
37
3% 4
4
334 334 10,600 TranscT1011temetf newNopar
334
334
378 4
*25 26 *2512 26
2513 2512 *2512 26
*2512 26 *2512 26
100 Transue & Williams St'l No par
48 4814 *48
43 4814 *4718 4814 1,200 Underwood TYPew
49
48
474 4814 *47
25
6012 6012 60 6012 5984 6012 6012 6258 6114 6234 61
6212 19.800 Union Bag & Paper Cor0--100
3418 348* 3418 341
34
3414 3338 3418 331 3438 335* 3334 7.600 Union 011. California
25
•12014 124 *121 124 *120 124
123 123
12512 126 *125 128
100
500 Union Tank Car
*115 117
____
___ *115 11612 *115 11612 *115 11612 *115 11612
_
Do pref
100
*2912 30
2978 3134 3014 3158 3058 31
2984 30
2912 -30
No par
20.900
United Alloy Steel
84
843s 84
85
x83
8412 8338 8418 8414 8578 844 854 57,400 United Cigar Stores
25
128 128 12712 128 12612 12838 12712 133
133 13414 14,700 United Drug
13278 134
100
55
55
5438 5478 *547 S5's 5518 5518 5518 5512 *55
5512
900
50
Do 1st pref
*22512 230 230 23234 *226 233 23014 23178 *225 233 230 230
100
1,000 United Fruit
3718 38 8 37
40
39
38
377
39 41
37
3614 38 94,800 Universal Pipe dr Rad_-No par
81
82
83 90
827 83 *83
85
8734 83 83
8438 8,200
Do prof
100
168 16978 168 1734 16412 172
168 174
166 16814 165 168
14,600 US Cast Iron Plpe &Fdy_100
..
- 105 105 ------------------------105
_
10612
Do pref
100
400
8
331 3438 3418 3414
3312 1134 3312 337
3338 3458 8,400 V S DIstrlb Corp tem Mt No par
•125 150 *130 145 *130 150 *130 150 *130 150 *130 150 ._.
Go pref
100
41
4114 4182 3958 4178 41
*40
41
41
413
4038 418 4,000 US Hoff Mach Corp v t o No par
914 02
8938 9114 8918 913
9012 927
8918 90 21,700 US Industrial Alcohol____100
8912 91
*111 115 *110 115 *110 113 *110 11412 11234 11234 11278 1127
100
Do pref
200
1411
14113
*139 141
14118 14134 140 14114 141 143
143 144
100
14,800 II El Realty & Imprort
5718 5818 574 6014 575* 6014 578 595
5814 60% 5812 5912 73,900 muted States Rubber
100
*103 10412 10433 10412 104 10412 10414 1044 10458 105
10478 10512 2,400
pref
100
Do 1st
4638 4638 4912 45
4614 4612 4618 4612 46
46
4538 451
6,400 US Smelting, Ref & Min- 60
4634 4634 463 4684 4614 4634 *4614 48
*4714 48 *47
474
60
Do pref
500
,12212 12234 12214 125
123 12558 12313 12412 12212 1244 12234 12414 177.800 United States Steel Corp_100
124 124
12438 12412 12434 12478 1244 125
125 125
12434 125
prof
100
Do
2,200
•100 10018 100 100 *95 1004 *95 100 *95 100 *95
99
10
200 Utah Copper
34
3418 3314 3412 324 3338 3214 33
3212 3314 324 3238 7,000 Utilities l'ow dr Lt A_No par
2934 30
3012 3114 3034 3113 3012 31
*30
*30
31
31 • 2,600 Vanadium CorP
No par
•15
1834 *15
1814 *1514 1834 •15
1834 *1514 1834 174 1712
No par
100 Van R.aalte
.65 . 70 *65
70 *65
_
*65
70
*65
70
70
70 *65
100
Do 1s1 prof
214 233
212 234
24 27
218 238
24 28
284 3
Virginia-Caro Chem-No par
1082 11
11
12,4 12
134 1234 1318 114 1278 114 12
pref
100
Do
22,000
1% 138
158 134
158 134
158 18
15
158
1% 15
....1470 par
Do "B"
2,900
1514 1538 1514 1512 15
15
1484 1514 1434 15
1434 15
No par
3,800 Vivadou (V) new
1514 1538 1518 1514 15
15
1518 1518 154 21514 153* 2,100 Waldorf System
15
No par
•160 170 *160 170
164 164 *165 170 *165 170 *165 175
100 ward Baking Class A_No par
8834 6978 6814 70
6858 6912 24,000
7031 7112 6912 7114 694 702
No par
.000
Class
'105
•105 11018 *110 11012 *105 11018'105 110 *105 110 *105 110
No par
_
Preferred (100)
2018 2014 2018 2012 2012 2038 2058 215* 21% 22
2178 224 -14-;700 Warner Bros Pictures A___10
*4734 4914 49 4938
4718 4814 x47
2 49
47
No par
Bros
Warren
2.000
7212 7458 7412 7534 x735 754 7234 74
7312 7414 734 743 14,600 Weber & Helihr. new ..c No par
*111 11112 1114 1114 .111 11112
_
__ *11118 11112
100
500 Western Else 7% pre/
13212 1224 13i12 Ili
132 133
132% 134
iiii2 -140
14038 14478 21.200 Western Union Telegraph 100
131 134 1321s 1354 12314 132 12834 1317 129 13384 212834 1323 26,100 Westinghouse Al? Brake
50
7518 7688 754 7618 7534 7612 76
7512 76
7714 76
7812 47,800 Wtingbouse
Elm & Mfg. 50
es
1912 18
1813 1812 1818 1878 1718 1838 18
194 18
1878 20.900 West Elec Instrument
2738 •27
2714 22738 2712 2714 274 2714 2712 2,400
2714 2714 27
Class A
•105 114 *110 115 211118 11212 111 111
11014 11014 11112 11412 1,80c West PennCoC
No par
9612 9612 9612 9612 9612 9612 97 97
9614 9614 97
97
600
Do 7% pf tern ctf new_109
2612 264 264 254 26
26
2534 2534 2512 2534 253, 2334 1.700 White
par
No p
Eagle 011
9434 97% 9234 9612 9314 9534 94
948 96
9612 9434 9638 97.20C White Motor
50
39
4178 39
39
41
42
39
4138 39
4112 39 40
.No
par
ode
&
S
M
RR.
9,300 White
32
33* 33
338
312 31
312 334
3,2 37
312 334 9.400 mIckwtre Spencer Steel Cart__
2514
2712
2412
2612 2833 267 2734 254 2734 26
214
27 210,150 Killys-Overland (The)
5
109 109
1081 10918 109 10934 10812 110
10812 11012 110 1104 8,209
100
Do prof
534 534
6
6
1552 532 *512 6
578 54 *512 6
No par
In:
Co.
&
500
Wilson
20 20--__
20
•17
20 *17
- - --_ - -_- "20
21
100
100
Do pref
16718 1687169 17018 16912 17012 167 170
8 16912 .
17014 16814 1704 13,500
25
!worth Co(F W)
4314 4478 437g 4514 424 4412 4214 4212 42
4314 42 42
100
P
&
M
orthington
13,700
Wx'
VI
8172 8172 817g 8172 .78
8212 *78
82 82
82 *80
82
100
Do pref A
300
65 65
66
64
6412 6412 65
66 *65 66
*62
6412
100
Do pref B
2738 274 2712 2734 2734 274 1 700
274 274 2734 2814 2712 28
A
Vd elght Aeronantical-Nolpar
,-00
53
53
5384 5334
53 , 53
No
800 Wrigley(Wm Jr)
*62
64
65
69
65
•64
____- __ _
_ *62
65
25
200 Yale J., Towne
4214 434 424 4314 43 4334 43 13-12 4212 -43
4212 4318 90
7
Yollow Cab Mfg tem otfs.10
7812 8078 784 7978 7812 7934 7813 7932 724 7/110 22'
7912 81
2o .. __-.-- - co-.. J. T 74;o• a•••••
Highest
and ask" tri.e,
°O
sales
on lab
day
"
Cleati
z ICZ-421
"
9. a New stook on the basis of
a KI4.14
Lowest
Iltghesi
9 Pa share $ per share $ per share $ per share
12212 Feb 17 164125ept 17 106 Jan 13712 Dec
337 Jan 7 3912 Aug 5
30 Jan 3312 Nov
9 Mar 1713 Dec
1133 Apr 22 1783 Feb 9
444 Aug 13 5314 Aug 31
10 May 16 2814July 9
9 Oct -1-612 Jan
3214 Jan 544 Dec
4634 Jan 27 8538July 29
100 Jan 2 105 Apr 21
9014 July 99% Dee
9012May 110 Dec
107 June 19 11312 Apr 29
714 June 2314 Nov
1258June 12 2314 Jan 13
4212 Apr 30 6438 Jan 3 42 June 6333 Dee
82 June 95 Mae
8414July 7 95 Jan 13
8 July 2 18 Jan 5
IA May 2224 Jan
6138 Mar 798$ Dec
7214 Mar 24 8438 Aug 20
11978 Jan 8 122 Apr 29 11514 Mar 121 June
86 Mar 96 Sept
85 June 25 9712 Feb 20
4033 Sept 5912 Feb
4814 Mar 24 5738 Jan 31
22 Jan 4573 Dee
3534JulY 1 5212May 25
4812July 15 10338 Mar 3 325* Jan 8873 Dec
9638 14Pr 1294 Aul
10134Sept 3 11673 Feb 9
110 Jan 6 11$ Aug 21 105 May 11238 Dec
1312June 9 1684June 22
7884 May 155- Dee
14712 Mar 30 223788ept 14
77 Jan 3
514 Apr 22
6 Apr
8 July
4018 Mar 30 92 Aug6-33- Jan 42- Dec
3934June 3 4534 Jan 30
2158 Aug 12 2838 Feb 4
1538 July 2213 Dec
9112 Jan 991k Dec
994 Jan 2 10538Sept 4
10% Jan 24 Dec
17348ept 3 2684 Jun 12
22 Apr 47 Dec
3114 Mar 17 5338SePt 17
17 Jan 6 24% Feb 2
15 July 274 Jan
75 Oct 90 Jan
7884 Jan 2 944 Feb 3
171$ July 29 Feb
2134 Mar 30 304 Feb 3
804Mar 30 10712JulY 21
52 May 8473 Dee
62 Jan 8 8912 Aug 7
58 Oft 9573
1418 Aug 31 24 May 28 ___- ____ ___ ____
7913 Aug 31 92 May 19 __ _ ____ _
_- - -ei
7738 June 10j:s
1512 Feb 17 3538Sept 15
78 July 9814 Dee
92 Apr 1 108 July 10
404 Jan 2 5934 Aug 3 8118 May 4138 Dee
391k May 7338 Dee
62 May 19 8078June 18
70 July 85 Mai
81 Jan 20 86381une 12
5112 Aug 13 6714 Feb 2
554 AVM 6838 Jab
33 May 424 Jam
3833Mar 30 474 Feb 3
11614July 7 119 Feb 24 11584 Mar 1191$ Alll
553 Aug 31 16 Jan 16
1813* Oct 3514.11111101
5512 Apr 6513 NO•
6214 Mar 25 7514Ju1y 16
55 Mar 18 777 Jan 8 4813 July 10073 Jan
6412 May 847y Jan
61 Mar 18 7934 Jan 8
4114 Jan 28 57'2Sept 14
3013 May 4614 Dec
112 Mar 13 11834June 3 10978 Nov 115 Jan
6 Nov 1283 Dee
3785ept 1 12 Mar 6
818 Anti
230 Jan
2% Aug 17
613 Feb 9
23 July 85 Dec
20 May 1 4133 Jan 10
57 Mar 19 1184 Jan 7
184 Sept
8 Jam
1012 Jan 15 2073SePt 18 ---- ---- ---- ---20 Aug 19 2648ept 18 ____ -__ ___ --- -Dec
614 June 14%
11 Aug 14 15 Feb 7
984 Jam
65 Mar
7% Apr 1 1214July 17
3738 June 4638 Jam
4238 Jan 6 5438June 12
574 Apr 110 Dec
9712 Feb 17 115 Aug 19
8 Oct 1514 Fat
1078 Aug 27 2333 Feb 6
3012 Aug 17 3614July 17 11614 Oct 151 Pet
3784 Mar 18 46348ePt 14
3113 MaY 41
MI
52 Apr 735 Dec
70 JAI/ 2 9412,fu1y 24
8314 Mar 934 Oct
934 Jan 2 106 Aug 7
814 Jar
334 Apr
578May 9
3348ept 2
2883 Oct 3513 Jar
2518 Sept 8 35 Jan 10
3818 Sept 43 Jaz
3818 Mar 26 53 July 28
3312 Sept 6453 Pet
36 AM 1 63 Aug 26
334 Aug 18 435 Feb 5
85 Nov 39 NOt
94 Jan 13278 Semi
118 Sept 2 134 June 19
11314June 17 11713May 6 10614 Feb 116% Jul]
20 Oct37 Fat
24 May 15 3678Mar 4
4212 June 6414 Nos
6014 Jan 6 9612July 1
71 May 12153 Dec
1107s Feb 4 13414Sept 18
4613 May 53 Des
52 Jan 16 56 June 15
204% Mar 31 234 July 27 182 Jan 22411 Ant
13 July 48 DO
2612 Apr 27 507 Feb 11
4713 Oct79 Des
65 July 10 94 Feb 11
64 Feb 16953 Do
1314 Apr 22 250 Feb 11
8178 Jan 10414 001
91 July 11 113 Aug 21
2112 May 42 Do
304 Feb 17 3234 Jan 17
98 July 168 Do
130 Mar 9 154 Jan 8
1653 Mar 24% Oa
23 Jan 3 4212 Aug 18
614 May 874 Da
78 Mar 19 9458May 26
98 Jan 106% De
105 Jan 29 115 June 22
90 June 14312 De
11412 Mar 30 14734blay 12
3312 Mar 30 654JUIY 16
2218 May 4238 Jai
6612 Mayl 957 De
9284 Mar 30 1O8..July 18
1812 Marl 4113 Da
30 Feb 17 4634 Aug 28
44 Apr 16 47 Aug 3 374 Marl 4678 De
944 Junel 121 De
11233 Mar 30 12953 Jan 23
12218May 7 1265cc Jan 28 11833 FebI 123 Jub
64 JanI 8814 Dec
82 Mar 19 10018 Aug 21
30 Aug 27 38 Aug 6 - - -- -- - - ,-.
1918 June -8312 ,F411
2558May 4 3434 JulY 9
155 Oct &Ms Jai
154 Aug 20 2434May 19
53 Sept 80 Jai
60 Apr 1 73 Mat'22
2 Sept 1
834Ju1Y 9
%Jun* 101$ 301
213 Junel FA Jai
8% Jan 6 2312July 8
7 Jai
liJunel
478 JulY 9
78 Aug 28
714 Jan 13 113341une 26
434 Jul71 15% Jai
14 AM 90 NO1
1412 Aug 10 197 Jan 3
---- ---- ---.
116 Apr 30 170 Aug 22
3714 Mar 30 7378July 30
---,
----I
9412 Feb 11 11034 Aug 13
---- -- ---•
20 Aug 19 228
43 June 24 504July 6 --.---- -- ---.
51 Apr 17 7534Sept 14
110 Aug 15 11712June 25 11138 Apr 117 Jab
11814 Jan 2 1447 8ept 18 105 Mayl 11838 Del
97 Apr 9 144 Aug 17
84 Jan 111 De
6614 Mar 28 84 Jan 3
5513 May 75 AIM
914 Apr 1 2012 Aug 17 ---- ---- ---- ---•
1958 Mar 31 2712Sept 16 ---- -,-- 4713 Jan 127- 1:4"3;
100 Sept 4 145 May 21
94 Apr 3 100 July 22
874 Apr 97 De.
2318 May 2933 Fel
2512 Aug 28 314
3 Feb 2
5012 Apr 724 Do
57/8 Mar 30 10412 Aug 18
36 Sept 3 4938 Aug 7
-- -- ---- --278 Sept 2
538May 15
672 May 1438 Jai
918 Jan 26 28339ept 15
6112 May 88 Jai
7214 Jan 28 111 May 22
44 May 28 Jaz
512May 29 1384 Mar 7
11 Aug 7218 Jai
17 Sept 2 60 Mar 7
7213 Apr 12634 Des
11214 Jan 28 172345ePt 1
234 June 81 Del
3514 Aug 12 80 Sept 10
68 July 8912 Des
77 Aug 20 88 Jan 9
594 Jan 7538 Do
58 Aug 19 761 Feb 11
16 Mar 30 3283 Jul)
93 May 238$ Dec
, 1
85 Apr 4684 Des
Mar 30 5412 Aug 29
63 Aug 25 70'4 July 29
3312 Feb IA 4833June 27 92 -Nov -855$ -Mai
.7.1
vsMIL rt..
ao 1...0.1 ot ctoo• to
par atpz
•B °
1,5tt 0.49.56
Ranoe for Previous
Year 1924.
new share for three old shares.
mai
1444
New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
income and defaulted bowls
Jas. 1 1909 the Exchange method of quoting bonds was changed anti prices are not$ "and interesi"—except for
BONDS
es. Y. STOCK EXCHANGE
Week ended Sept. 18.
9
11,
t
Price
Friday
Sept. 18.
Week's
Range or
Last Sale
5
.
c:1
Range
Since
Jan. 1.
BONDS.
N.Y.STOCK EXCHANGE
Week ended Sept. 18.
t
-E
Price
Friday
Sept. 1S.
Week's
Range or
Last Sale
c
Banos
Stitef
Jas. 1
'44
.919.
HMI
Fligh No. Loco
Ask Low
Biel
High
High No. Low
Ask Low
Bid
U. S. Government.
9912 104
1
1021 1
10214
Panama (Rep) 534s tr rects_1953• D
first Liberty Loan4 103
/
971
45
8
1003
Sale
4
1003
i5538
1944
01"31
A0
Peru
84
100"32
extl
of)
(Rep
269
Sale
1001°32100"n
J D 100203,
4% of 1932•1947
/
31
664 79
6834 15
69
684
1940 AG 68
101'41 021,o Poland (Rep of) g es
J D 100'',, 10120,, 1002042Sep'25
Cony 4% of 1932-47
06
86
8814 355
J 88 Sale 8734
of g 84 interim rects_1950
83 1011.n 03.24
Sale 1011,44102442
4% of 1932-47
/
Cony 41
.1 D 102
94
9634
7
96
9578
Sale
8
957
88_1961
103
of)
O
J
101
(City
Alegre
Porto
3c1 cony 414% of 1932-47._ _. J D 161 103 102131Sept'25
4
1123
109
4
11112
11138
112
Queensland (State) ext si 7s 1941 A0 11158
Oecond Liberty Loan3 10114 107
10458
104
8
1043
100
101
ou
1947
n
,
FA
25
1
65
-year
20
100
1001°32100"n
100 32
MN
444 of 1927-1942
94
9812
38
98
97
s
977
97
1948
019n
AO
Rio Grande do Sul 88
Sale 1002734101'o 947
4% of 1927-1942
/
Cony 41
M N 101
93
9812
9734 136
Rio do Janeiro 25-yr s I 84_ _1948 AO 9734 Sale 9534
Third Liberty Loan92 97
9578 242
1947 AO 9514 Sale 95
25-yr extl 85
,Sale 10111,21011732 1531 101,ss 02143
4
1
M S 101'/
414% of 1928
100
10414
22
10314
102
4
,
8
1033
Rotterdam (City) external 651964 MN 1024
fourth Liberty Loan1948 J 3 10512 Sale 10512 10612 26 10214 10814
1021,42 1474 101110 031°a4 El Salvador (Rep) 84
A 0 1024/ Sale 102
434% of 1933-1938
97 102
9
10114
1952
N 10114 Sale 100
44
1
Treasury 4/
1947-1952 A 0 10611a2 Sale 10610341062,42 413 10411.4 081744 Sao.Paulo (City) s f 8s
7 100 104
10378
Sale 10272s:103.3i 1143 100141404"n San Paulo (State) ext s f 85 1936 J J 103 Sale 103
Treasury 44
1944-1954 J D 103
9912 10114
10114 85
10018
Sale
10118
1950
rects
J
•
tnt
84
f
Externals
State and City Securities.
8214 92
352
92
1912'.8 92 Sale 9118
10018 10112 Seine (France) ext 7s
1004
H Y City-414s Corp stock_1960 M S 10014 ____ 10018
90
84
894 89
4
,
10114 10378 Serbs, Croats & Slovenes 88_1962 MN 8878 Sale 88
61
411 Corporate stock
/
1964 M 8 10118 102 10378 July'25
88
82
8778 28
87
Sale
10314
8712
1936
MN
102
Solasons
65
(City)
4Nts Corporate stock
1972 A 0 1011.1 10218 102 Sept'25
103
4
,
105
27
10412
10514
8
,
102
1939 3D 10414 10514
10114
Sweden 20-year 68
434a Corporate stock
1986 A 0 1014 102 10238 Apr'25
9812 10314
Sale 10178 10314 126
10218
10812
MN
1954
1664
5348
loan
External
July'25
10812
43.4e Corporate stock
1971 J D 10512 10634
25 113 117
1157
1164
8
Sale
4
1163
4
/
1071
1940
8s
1
4
J
J
Swiss
a
20-yr
1057
Confeeler'n
4145 Corporate stock_July 1967.2 J 105 .10618 10778 May'25
9814 10454
10312 94
44 1946 AO 10318 Sale 10278
1
10614 108
Switzerland Govt ext 5/
{No Corporate stock
1965 J D 105 10618 10614 Aug'25
6414 68,4
6712 31
4
,
10538 10834 Tokyo City 58 loan of 1012
MS 6634 Sale 66
10834
4344 Corporate stock
1963 M El 105 106 10834
10158
97
1
100
100
100
10014
4
1
/
99
650..1944
98
.1 .1
Trondhjem (City) extl
9
9814
4% Corporate 8tock
98
1959 M N
11 10614 11014
108
_- 107
984 9958 Uruguay (Republic) ext 85_1946 FA 106
995 July'25
M N
Regletered
19 10712 11111
108
1083
4
10014
4
1
/
108
A0
1945
1
S
9814
(City
Zurich
85
;
9I
of)
10
4% Corporate stock
1958 M N 9712 9812 9814 Aug'25
98 1001s
Railroad.
4% Corporate stock
___ 100 Aug'25
1957 M N 971
4 102
1
100/
Ala Ot Sou let cons A 58_1943 J O 101 10212 102 July'25
4 100
/
981
a% Corporate stock
1956 M N 97 2-98 I 994 June'25
10034 10153
_ 10118 Aug'25
9834 91834 Ala Mid 1s1 guar gold 58_1928 MN 10012
4% Corporate stock
1955 M N 97
98 9834 Mar'25
8414
82
8214 Sept'25
1946 AO 8134
Alb & Susq cony 3145
4 100
/
971
Registered
100 June'25
hi N
8114 84
_
_ 84 Sept'25
1998 A0 84
10514 107'8 Alleg & West 1st g 45 gu
434% Corporate stock____1957 M N 10434 1053-4 10514 Aug'25
4
1
94/
9.9
9134
9112
3
492
,
91
1942 M
10514 107
, Alleg Val gen guar g 48
'
4 10534 10318 Aug'25
414% Corporate stock. __.1957 MN 104,
6314 77
13
74
7414 74
74
8758 907S Ann Arbor 1st g 4s___July 1995 Q
8758
4% Corporate stk_May1954 MN 871
1
3/
___ 8758
4
1
8814 92/
8912 88
Sale 8834
4
/
891
91
8
875
AO
45_1995
g
Fe—Gen
Top
Atch
S
&
814% Corporate stk _Nov 1954 M N 8714
4-884 8758
874
9054
84
88 Sept'25
A0
102 10334
Registered
102 Sept'25
Hew York State Canal Ina- 4a196 I 4 J
8112 85
14
84
10118 10114
Adjustment gold 44__July 1995 Nov 83 Sale 8312
10118 Mar'25
4sCanal
1942 J J
85'I
8214
8
8414
4
1
/
83
4
843
4
833
MN
1905
July
11414
Stamped
10974
10978 Aug'25
4345 Canal Impt
1964 J J
7978 801
4
/
8012 Apr'25
Ni N 7912 82
Registered
10278 103
10278 July'25
48 Highway !mot regIster'd 1958
8153 85
__
83 Sept'25
4
,
82
8
114
837
o
J
1955
gold
Cony
4
,
1909
111
45
114 July'25
Higaway Improv't 410.-1963 5.1 S
811
4
,
85
4
/
8
8418
83
84
7622 7612
83
19.55 J
Cony 4s 1905
_ 7612 Feb'25
Virginia 2-38
1991 1 .1 6414
8314
81
81 Sept'25
83
Cony g 48 issue of 1910_1960 JD 81
Foreign Government.
100
98
30
9912
8
993
4
,
985,3
103
M
0914
4
/
let
1011
Div
Okla
East
45-1928
g
10212 44
1927 F A 10238 Sale 1024
Argentine (Govt) 78
8378 8754
8412 11
844
1965• J _so
8112. 8814
Rocky Mtn Div 1st 44
4
88
Argenttne Treasury 5s_f
87
1945 M 8 8512 87
89
86
3
_ 874 89
§95 9734 Trans-Con Short L 1st 48_1958 J J (358
254
97
Sinking fund 88 Ser A___ _1957 al S 9634 Sale 9614
9534
92
9514
2
94
4
933
9373
MS
44"A"1962
1
9434 97
Cal-Ariz let & ref 4/
9674 420
Ext.' 65 err B temp_ _Dec 1958 J D 9614 Sale 9614
4 9114
/
911
_
9133 Jan'25
MS
8814
Registered
8
967
9514
951
4
003
96
8 f to of 19254emp
1959 .1 D 9634 Sale
4
8714 92,
17
91
89
MN
Ati
4s____1955
Div
CM
&
Knots'
4
99
9714
419
98
Australia 30-yr 5s_._July 15 1955 J 1 9734 Sale 9758
_ 10214 103
4 Aug'25
/
_ 1021
All Knoxv & Nor 1st g 5e___1946 JO
934 100
131
Austrian (Govt) 4 f 74
1943 J D 9978 Sale 9958 100
4
/
981
95
9634 Aug'25 -03
19634
11014
J
J
Ati
44__1944
/
41
A
List
&
107
A
Char!
Belgium 25-yr ext s f 71
48 g_1945 .1 D 10914 10912 109
/
1091 2 77 10648 109/
4
1
60 10112 103/
4 Salo 10214 103
,
4
1
1st 30-year 55 Series B____1944.2, 102
10758 20
20-year s I 85
4 Sale 10714
1
1941 F A 107/
801*
8512 8514
_
8512 July'25
Atlantic City lot eons 45_ _1951.2'
9034 96
75
93
25-year ext 61
1949 M S 9278 Sale 9212
45
/
4
1
94/
89
25
92
4
/
911
Sale
8814
8
83,
4
/
911
MS
44_111052
Atl
con
let
Line
Coast
Esti 4 f es Inter rota
8714 195
8
1955 1 J 8634 Sale 86,
4 108
1
7 105/
1930 MN 10734 10812 10734 108
10-year secured 7s
9538 98'2
Extl s f 78 int ale
1955 J D 9678 Sale 9634
971 2 377 10818
9074 95
943, 9412
944 45
• D 93
11514
1964
unified
General
414s
N
84
194(.
88____
f
a
11312
Bergen (Norway)
11314 Sale 11314
8514 897s
8712 45
L & N eon gold 4s____Oct 1952 NI N 8712 Sale 8612
9914
95
14
98
25-year sinking fund 68_1949 A 0 9712 98
9712
7638 80
10
79
79
'7838 80
1948 J
Atl & Deny 1st g 4s
10834 10 107 11112
Berne (City of) 4 188
1045 MN 10838 Sale 10838
62/
4
1
4 70/
1
2
8
657
8
657
98
6612
66
J
1948
264s
94
51
98
Bogota (City) ext'l 4 1 84_1945 A 0 97 Sale 97
80
75
8
7712
7814
All de Tad 1st g guar 48
9238 97
1949 AO 7712 79
80
Bolivia (Repubik of) 88
97
1947 Si N
97 Sale 9612
4 10014
1
98/
1941 .1 1 9912 101 10014 July'25
4 A & N W 1st gu g 55
,
89
go
Bordeaux (City of) 15-Yr 68_1934 al N 8918Sale 89
8534 9214
2
8912
8
,
88
98 sale 98
4 99 [milk Ohio 1st g 4s___ _July 194S AO 8918 90
/
951
80
98%
3
12
14
Brash US,external 8a
1941 J D
8514 90,4
87 Aug'25
8484 88
July1948 Q
8014 8434
Registered
144
84
is (Central Ry)
1952 1 D 8334 Sale 8312
4 95
/
891
288
MS
934
4
1
/
92
Sale
4
1
/
93
1933
cony
-year
10
10312
,
4%s
,2
1082
1
730(coffee seem.) a (flat).1952 A 0 107
____ 10812 10812
8534 9218
175
8
897
Sale
9511
JO
9028
8
907
A.1995
Series
Refund
58
gen
&
9812 29
Buenos Alma (City) ex.I 6/
44145.; J J 98 Sale 98
1
100
104
72
10234
1918 A0 102 Sale 10112 10258
1st g 5s int ars
Canada (Dominion of) g 51_1928 A 0 10014 10058 10014
10014 24 10014 10312
4
1
54 10212 104/
1929 J J 103 Sale 10212 103
10-year Os
10119
fis
1931 A 0 10214 Sale 10214
4
1041
4
,
100
10328 90 102 10334
141
O
J
10214
Sale
$
1025
4
1
/
102
1995
Ref & gen Os ser C temp
10-year 534g
9934 9914
1929 F A 10212 Sale 10212 10318 41 10154 105
_
MN 994 100
9954 July'25
P
lst
Div
Ni
&
Jet
g
314s-1925
132
54
10314
4
1
8353 90/
1952 M N 103 Sale 10234
43
MN
8
877
864
4
/
8
1011
883
90
8712
48_1941
ref
Sys
Va
PLE&W
4
4
/
Carlsbad (City) s f 88
4
1
1954 .1 J 10158 Sale 10012 1011
9534 99/
9758 379
110
1950 J .1 9712 Sale 9612
Southw Div 1st 59
Chile (Republic) extl 51 8a 1941 F A 10914 10934 10912
10934 15 10614
4 784
1
68/
85
72
10334
Tol & CM Div 1st ref 48 A.1959 J J 72 Sale 7138
10212 12 102
External 0-years I 84
4 82/
/
801
192f A 0 10238 Sale 10214
4
1
D
May'25
6258
4
/
981
103
6412
61114
1989
38
Battle
gu
1st
Stur
dc
Cr
64
102
20-year mit' 75
9214 9314
1942 M N 10114 Sale 10114
J
9612 93 Aug'25
93
25 year s 1 88
4 41 196,4 11014 Beech Creek 1st 14t1 g 4.41938 J O 8914 95
1
9012 9012
1948 M N 10912 Sale 10912 109/
9012 July'25
4014 4812
Registered
4812 119
Chinese(Hukuang Ry)58_1951 J D 48 Sale 4334
4
/
77 811
2
AO
77
77
112
4
1093
Beech Cr Ext 1st g 334s.,.,.1951
Christiania (Oslo) 5 f 83
1945 A 0 11134 Sale 11112 11134 26
8814
85
J D 8
814 July'25
82
9
94
8912
9512 10112 Big Sandy 1st 4s
8
4
,
13
7
9
1944
71
30-year s f es
99
1954 M S 9812 Sale 98
75
67
18
J A 73 Sale 73
75
9712
10014
1955
4s
1st
Line
Air
Y
N
&
B
54
99
30-year s f 88 Int ctf
1955 M N 1111
94
4 Sale 98
/
92
1
92
9924 1011
4 Bruns & W lot gu gold 48-1938 J J
/
10038 14
Colombia (Republic)61
40_1927 4 0 10018 Sale 10018
/
10912 10214
4 100
/
941
Buffalo B. & P gen gold 541_1937 MS 10038 10134 10012 Sept'25
9558 95
Copenhagen 25-year s f 510_1944 J .1 9734 Sale 9734
8012
4
1
88/
11
MN
87
4
9512 101,8
863
4
863
8812
1957
Consol 4144
1
Cuba 55 of 1904
1944 M S 10218 ____ 1011
4 101 18
/
4
1
85/
82
8258 May'25
MN
4 106
1
93/
Registered
24
99
Exter debt 58 1914 Fier A_ .1941 F A 9812 99
9814
4
1
9954 100/
3
AO 155 tot !too
loo
93
1934
Burl
R
511
84
1st
Nor
&
5
9212
External loan 41
1941 F A 9212 Sale 92
48
/
7s
103
4
1
/
100
2
AO
10218
10218
10212
9612 102
10218
Canada Sou cons go A 58..A962
10138 29
5144
195. J J 10114 Sale 101
9314 99,4
9814 10112 Canadian Nat 4/
95 I 9614 Sept'25
44_Sept 15 1954 NI S 314
1
31
Osechoelovak (Repub of) 84_1951 A 0 101 Sale 10012 101
4
1
9858 98/
4
F A
4 100,
1
97/
4
983
985t3
8
987
984
4
_Feb
5
1930
15
-year
68_
1
,
,
4
gold
Sink fund 84 Ser B Int etts_195/ A 0 10054 Sale 100
4 74
1
100/
4 11714
/
18 1141
Canadian North deb s I 741_1940 J O 11578 Sale 11512 116
Danish Con Munich:.88 "A".194( F A 10912 11014 110
11014 10 109 11212
4
1
11814 10 116 118/
118 Sale 11778
20-year el deb 6%s
1946 J
Serles 13 4 f 8a
5 10812 112
194( F A 10934 Sale 10912 110
81
79
12(1
80
J
J
8012
I
Sale
8
5
8
807
111
Canadian Pac Ry deb 44 stock_ _
Denmark external a 1 84
11018 54 109
194: A 0 11018 11014 110
93 937s
MS
9312 May'25
9912 105
1932
4s
gold
Carb
Shaw
&
let
90-year 6e
1942 1 J 10234 Sale 10254 10314 72
78
8314
4 Caro Cent 1st con g 45
1938 3D 8034 -8212 82 Aug'25
Dominican Rep Con Adm it f 58'51- F A 10234 -- -- 10234 10238
1 101 103,
3 100 10174
10158
96
Caro Clinch &0 1st 3-yr 541_1938 J D 10118 10218 10158
92
Custom AdminIstr 5/
94711 23
45
1
194/ M S 9414 Sale 9414
4
1
5 10578 108/
1 D 10714 Sale 10714
1074
1952
10314
A
1st
4
ser
983
&
6s
g
con
Dutch East Indies ext 88
1947 1 J 103 Sale 10234 10314 85
84
8414
1981 J O 8412 8612 8414 Aug'25
4 10314 Cart & Ad 1st go g 48
1
98/
110-year 68
1962 al 8 103 Sale 10258 10314 94
4 80
/
741
7814 78 July'25
8 Cent Branch u P 1st g 45..._1948• D 76
101,
4
1
/
93
80-year ext 51/45
41
10112
195:- M S 10112 Sale 10078
6418 701
4
/
4
1
4 287
65,
1961 3.2 6534 Sale , 64/
9234 10134 Cent New Eng let go 44
30-year ext 53-4s
ISM:. M N 10134 Sale 100/
4 10134 15
1
9714 99
98/
4 105,2 Central Ohio Reorg 41
1
44_1930 M S 9gi4 -_ _ _ 1 99 Aug'25
/
Trench Repub 25-yr ext 88 1945 M S 105 Salo 10458
10512 162
10138 104
F A 10214 10378 10312 Aug'25
54_7)1945
10112
gold
93
lst
of
Central
Ga
20-yr external loan 734s..1941 1 D 10014 Sale 10014
10078 152
4 10214
1
99/
3
4
/
4 1011
/
4 Sale 1011
/
9312
1945 M N 1011
86
Consol gold 54
External 74 of 1924
1941 J D 931e Sale 9214
9312 802
98 1001s
10014 June'25
NI N 9978
8512 9212
Registered
Finnish Mun L'n 61441 A__1954 A 0 90 Sale 89
90 I 10
17 10112 106
D 10318 EitZle 103
103/
4
1
9212
1929
8512
10
June
-year
Os
occur
External 63-Os Series B1954 A 0 8912 Sale 89
8912' 11
99 103
5959A 0 10134 102 10117 10112 24
834 8944
44 ser B
/
Ref dr gen 51
194: M S 8712 Sale 8712
8812 16
Finland (Rep) ext 68
84
8614
9314 9712
Chatt Div per money g 48_1951 J D 841* 8534 8512 Aug'25
External s 1 is
1950 M S 9412 Sale 94
9812 100
3
J
99
J
58_1946
4
913
&
Mac
4
g
993
let
Div
Nor
German external loan 74 rate.194s 4 0 9918 Sale 98/
72
162
9934 19
4
1
4
1007
10012
Sept'25
2
9112
0
9
-110
___
-J 10012 19441
4
4 94,
03,
Mobile Division 54
German Cent Agri(' Ilk 7q__ _1950 M S 9412 Sale 934
683
95
99
95
1
M Ig 9734 Sale 5731
9734
(It Brit & Irel(UK of) 5145_193' F A 10514 Sale 105
130 10414 107,8 Cent RR & B of Ga coil g 54_1937
08
110
107
5
109
109
4
1
/
109
109
10-year cony 51
44
/
1921 F A 11814 Sale 11734 11818 82 11514 11812 Central of NJ gen gold 58-1987 Q j
_ 106 10834
t425
,
07638 Sep
4 18
34
083
714 18
08
J 18
k1987
9514
89
Reghitered
Greater Prague 7148
9514 75
1951 M N 94 Sale 94
4 90
/
861
85
8814 Cent Pac lot ref au g 4s----1949 F
Greek Govt 7s lot rots
8778 70
1964 M N 8712 Sale 87
9514 964
10
9631
9612
I
9712
•-•
9634
91,4 97
Mtge guar gold 3144__....k1929
Haiti (Republic) 844
9634 35
195/ A 0 96 Sale 96
8.518 89/
4
1
9
Sale 8612
8714
874
0
A
_1954
9512
4s
1st
87
gu
L
St
Through
Hungary (Kingd of) s f 71
9512 362
48_1944 F A 9538 Sale 9358
/
9634 9814
974 370
9738 Sale 9634
1960 F A
9812 100
Guaranteed g Ss
Ine Bank of Japan 6% notes 1927 F A 9938 Sale 9918
9912 76
11214 11714
____ 11212 Feb'25
J 117
8412 Charleston & Savannah 74_1936
81
Japanese Govt £ loan 42
28
84
1931 J J 8378 Sale 83,
8
9858 102
10114 30
95
90
Ohre A Ohio fund & Impt 54_1929 3J 10078 Sale 10034
50-year 8 f 6/
44
1
9378 463
1954 F A 9338 Sale 9314
4
1
2 101 103/
10218
1939 M N 10218 ____ 102
8314 8714
lit consol gold 58
Oriental Development 64-1953 M 8 8634 Sale 8614
47
87
4 1021
1
100/
4
/
July'25
1014
_
_0
N
01
1939
8912
4
803
Registered
(City
Lyons
of) 15-year 64_1934 M N 89 Sale 8858
8912 132
8778 93
4
/
911
68
4
/
911
6;1
8
M
1992
4
,
89
80
44
/
General gold 41
Marseilles (City of) 15-yr 65_1934 M N 8912 Sale 8834
8934 121
857
8
9014
July'25
9018
1992 M
24
16
Registered
Mexican Irrigation 4148
1734 10
1943 MN
1754 1912 1734
4
/
9414 981
63
08
4 Sale 9712
1
24
23
20-year convertible 4145-1930 F A 97/
Aseenting 4 f 414s
Jan'25 _ _ _ _
1943
24
874 10178 11814
117
0 11612 Sale 115
4512
38
30-year cony secured 54_1946 A
Mexico cu 5) ext1 58 of'99 E 1945 Q--.1 40
4014 Aug'25 _ _
45
4 11512
103,
A0
11512 Sept'25
41
31
Registered
Assenting 54 of 1899
3912 37
1945.
9714 9914
3854 3912 3678
9734 98
98 Aug'25
1940
35'8 3712
Craig Valley 1st g 59
Assenting 55 large_ __ _ _______ —._
4 Aug'25
1
35/
82/
4 85
1
83 Aug'25
_ _ 83
35
3712
Potts Creek Branch lot 45_1946 J J
Assenting 55 small
3712 May'25 _ _
8112 854
8158 Sale 814
8534 30
44_1989
26
g
4
,
con
18
1st
Div
A
&
R
5
22
Gold deb 48 of 1904
1964J D 24
22
83
79
6
2
2
8
8
Juiy
12
2
8
8
__
82
J
8112
1989
1812 2514
2d consul gold 4s
Assenting 441 of 1904
24 sale 22
9558 9814
9812
2412
20
Warm Springs V 1st g 58 1911 M
-39
4
Assenting 44 of 1904 small____
2314 Aug'25
_
ea
62
644 25
4 6412
6412 -64,
0
A
1949
3s
2412
g
ref
2014
&
Chic
RR
Alton
2258 15
.2 .2 2412 1414 2214
Aseenting 44 of 191(1
6118
4 8234
1
58/
4
6312 6118
3054
22
Certlfs dep stpd Oct 1924 int__ --- - 61
2758 30
Assenting 48 of 1910 large
2758 Sale 2558
4
1
44 1,2 Aug8
62/
59
2
12,52
6.0
112 69,
a91,
6
461_ _9_3_4 s4
—let
8
1925
287
8
193
Apr
grope]
Certif
2412 33
Assenting 48 of 1910 email_ _ _
2414 Salo 2278
4414 5814
58
43
33
Rathsay first Hen 31
48— -1950
/
"
4012 Sept'25 _ _
Tress 64 of '31 assent(large)'33 I-j
45
554
_
43
3414
'23&sub
Ctrs
Jan
dee
8
4012
Small
4-1-3-4 4012
41
81,4 8614
84
8318 844 8358
20
9,
Chic Burl dc Q—III Div 310_1949
88
540
97
1952.2 D 9614 Sale 96
Montevideo 75
8434 84,3
J J
8438 Apr'25
9:34 9514
Registered
Mtge ill, of Chile 6 1;t3June 30,97 1 I) 9518 Sale 9418
9514 37
8814 9411
J J 9058 Sole 9058
9058
1949
10914
4
1023
Division
Illtnole
45
42
10612
Netherlands 68 (flat PfQ,3)_.1972 111 13 10612 Sale 10618
MN
9814 100
19
Sale
4
1
/
99
9912
9954
4s...1927
10414
1001s
Nebraska Extension
10334 75
80-year external fie (flat)__1964 A 0 10314 Sale 10334
MN
4 991$
/
51 981
Registered
11014 36 110 11314
1940 A 0 110 Sale 110
Norway external s f 8s
597 Sale59
4
1
884 92/
21
9
90
9"
11
38
8
M
10112
1958
4
/
971
45
General
4 79
1
100/
1943 F A 10012 Sale 10038
20-year ext es
10314
A
Sale
10014
50
10214
1021g
F
1024
1s0
1971
4
9714 101,
& ref 5s
118
1944 F A 10034 Sale 10034 101
20-year external 84._
13, 4512 63
A 0 46
4912 49
50
58-1927
10114
1/714
Chic
City
Rys
&
Conn
66
10112,
4
1003
101 Sale
1953
30-year esti es ___
10514 10714
9714 Chleago A E.' III 1st itp . 1934 A 0 10412 10614 10638 June'25
94
96 1 '206
.19611 .2 D 96 Sale 9538
40-year ,I f 544s teMn_
$5=
allUcJaU
It Due July. k Due Aug.
p Due Nov
e Option sale.
1445
New York Bond Record- Continued -Page 2
BONDS.
N. Y. STOCK EXCHANGE
Week ended Sept. 18.
t
t
Price
Friday
Sept. 13.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS.
N Y STOCK EXCHANGE
Week ended Sept. 18.
Price
Friday
Sept. 18.
Week's
Range or
Last Sale
ROW,
Stha
Jas. I
Ma)
High No, Low
Ask Low
Bid
High
High No. Low
.48k Low
Bid
84
8414
3 845 ____ 8434 July'25
'
129
72% 7912 Erie & Pitta gu 533.45 131940
75
7434 Sale 74%
84% 8438
8 8812 8455 Aug'25
843
J
9912
J
10212
Series
C
4
1003
1003
5
4
10112
101
ba
1982
N
Erie
gold
NI
let
et
Chic
9938 1001e
7
10018
10018
Salo
10018
lot
58_1930
g
ext
6812
Pen
J
J
4
102
&
693
Cent
Fla
6412
Chicago Great West let 4s 1959 NI S 64 Sale 64
4
1
4 100/
/
961
9918
9914 37
1943 J J 99 102
10914 11212
Consol gold be
Chic Ind & Loulev-Ref 65_A947 J J 11014 11178 11012 Sept'25
92
Ws
9539 122
9912 10014 Florida East Coast 15t 434s.1959 3D 935s 9412 9478
1947 J J 99% __ 9934 Aug'25 - -Refunding gold 58
9712
93
3
4
1
/
95
4
/
941
Sale
4
1
/
95
A
1974
M
Series
5
8534 87
1st & ref be
_ 87 June'25 - - -1947 J J 8712
Refunding 45 Series C
9514 9672
96 July'25
197451
87
9213
1st & ref 5s Ser A
7
4
1
-61 89% 89/
1966 M N so
General 55 A
1183 10272 197
7 101 104
Fla West & Nor 75 Series A1934 M N 192 Saoe 15112 197
May 1966 J J 102 Sale 10112 102
General 6913
73
14
63%
6412
6512
6512
6412
N
m
8 SO's Fonda Johns St Gloy 4348_1952
7912 Aug'25 - -Ind & Louisville 1st gu 49A956 J J
4 90
/
821
9012 ____ 8214 Aug'25
8618 881
4 Fort St U D Co 1st g 4 Htl 1941
/
Chic Ind & Sou 50-year 4s__1956 J J 853s 8812 88 July'25
104% 10472
July'25
4
1043
105
10435
D
J
g
let
C
5349-1961
93%
Den
&
Ft W
9312
-- 9339 Aug'25 - Chic L S & East let 434e_1969 J D
921g 98
97 Sept'25
4312 5812 Ft Worth & Rio Gr 1st g 45 1928 J J 9612 97
4912 188
M & Puget Sd let gu 4s___1949 J .1 4934 sale 4714
10612 10914
7014 8012 Frem Elk & NI° Val let 68_1933 A 0 10714 10812 10715 Aug'25
7938 44
Ch M & St P gen g 48 Ser A_e1989 J J 7914 Sale 79
101
100
2
s
100%
1003
5s
1st
P
1931
8214
MN
&
1
70
70
GE&SA
General gold 3148 Ser B__e1989 J J 691s 6972 70
9952 101
1
4
1
99/
4
1
4 Sale 99/
1
1931 J ..1 99/
771
4 92%
/
8834 46
26 extens Is guar
Gen 4345 Series C__ May 1989 J J 8812 Sale 8814
901g 96
2
9255
95
9255
5414
9255
1st
4312
0
A
Bend
58-1933
&
218
5012
Nous
Sale
4818
Galt,
Gen & ref Series A 434s__a2014 A 0 5038
10014 10512
1957 J J 10112 10314 10314 Sept'25
47
4712 Genesee River let 8 f 5s
4712 Aug'25 -„i
Certificates of deposit
93 102114
3
9434
9434
95
o1945 J J 94
4419 5838 Ga & Ala Ily let eons 58
233
50
Gen ref cony Sec B 59a2014 F A 50 Sale 4838
99 100
2
100
9912
Sale
100
5s
g
1929
gu
J
4612
J
let
Nor
4834 Ga Caro &
1
4810
48's
Certificates of deposit
8414
68
Sept'25
68
1946 A 0
9812 105
54
105
1
Georgia Midland let 3s
1934 J J 10412 Sale 104 4
let sec 69
9212 Ws
9418 Sept'25
44
6012 GrR&Iextlstgug44e
lO4lJ J
464
50
1932• D 4934 Sale 4814
Debenture 4348
117
11412
5
8
1153
11614
4
1153
11555
0
A
16% 47
Grand Trunk of Can deb 78_1940
4912 _ _ _ 4634 Aug'25 - Certificates of deposit
10734 62 10882 10812
1936 M S 10735 Sale 1073e
46
7812
50
25
15-year 8 f Oe
1925 3D 4978 Sale 4812
Debenture 45
4734 4912 Great, Nor gen 78 Series A 1936 J 1 110% Sale 10978 11055 154 10812 111
1
4912
4912 Sale 4912
Certificates of deposit
109 109
109
Sept'25
J J
6614
44
Registered
4 184
/
501
4 Sale 4812
1
1934 J J 49/
25-year debenture 45
89 931.4
5
92
92
4634 4634
_
_
4634 Aug'25
1st & ref 4345 Series A___1961 J J -91 18 92
Certificates of deposit
9934 103
100
1003
10112
4
Sale
10113
J
J
9418
6
100
99%
General 530 Series B__1952
8 99%
8 99-74912Chic & Mo Riv Div 6a___1926 J J 993
96
92
94l
187
95
1973 3 J 94% Sale
9838 10118
5
'100
General 51 Series C
Cub teN•west Ext 48...1886-1926 FA 9934 101 100
80
72
79 July'25
-_
89% 9058 Green Bay & West deb ctfe"A"„ Feb 7712 79
9834 June'25
Registered
1886-1926 FA 98% 100
1818
4
/
121
Sept'25
15
14
1418
Feb
7318 77
6
7414
4
1
Debentures Ws "13"
73/
7378 75
1987 MN
General gold 3349
86
8312
____ 87 Aug'25
72
7212 Greenbrier Ry 1st gu 4s__1940 tot N
7212 July'25 -J F
Registered
9934 103
13
1021g
10214
8112
0
A
_1950
_
11
8612
530
let
Nor
84
Gulf Mob ex
General 4e
1987 NI N 83% Sale 8312
981
4 10338
/
10312 20
82
8512 Gulf & I let ret t g 58_61952 J J 15312 Sale 10218
Stamped 4e
1987 MN 83% 8512 8312 Sept'25
8414
80
4 Aug'25
1
83/
4 1011g 105
10212
Harlem R ex Pt Ches let 45_ _1954 M N
General be stamped
1987 MN 10212 Sale 10212
92
/3812
6
90
Sale
9018
9018
1 10312 10674 Hocking Val 1st cons g 4345_1999 J .1
104
Sinking fund 6s
1879-1929 AO 104 Sale 104
9012
88
9012 May'25
1999 J
10312 July'25 -- 103 104
Registered
A 01
Registered
10
9912 100%
100
4 -_-_-_-_ 100
/
2 10018 10112 IFI & T C let g int guar
19373 J 1001
4 101120
/
Sinking fund 50
1879-1929 A 0 10012 10112 1011
95
99
Aug'25
98%
95
9612
9912 10012 Houston Belt & Term 1st 58_1937 J J
9912 July'25 - Registered
1879-1929 A 0'
99% 10014
10014 Aug'25
9914 103
2
100
Houston E & W Tex let g 68_1933 M N
Sinking fund deb be
1933 MN jail I-6618 100
4 100
1
/
99
7
100
100
Sale
100
N
105
M
4
1933
11218
10778
let guar be red
10-year secured 7eg
1930 3D 10714 10713 10712
921s 9412
2 107 11212 Housatonic Ry cons g 59
1937 MN 9334 9434 9412 July'25
111
15-year secured 6345 g1938
B 11114 11212 111
881
4 93%
/
68
93
9112
9112 102
13
97
Nf ay 2037 3D 9634 Sale 9612
let & ref g ba
Bud & Nfanhat 59 Series A1957 F A 93 Sale 9114
9114 9114
Jnne'25
F A
8214 86
Registered
8414 .54
Chic 11 I& P-Railway gen 491988 • J 8414 Sale 84
6734 7718
7612 131
8114 8314
Adjustntent income 58__1957 A 0 761 Sale 7534
8112 Aug'25 -33 8012
Registered
91 1e 94
8314 8978 Illinois Central 1st gold 48__1951 .1 J 90% 9355 9334 Aug'25
873 221
Refunding gold 49
1934 AO 8714 Sale 8634
9012 9338
9339 July'25
1951 .1 J
8818 May'25 -8634 8614
AO
Registered
Registered
8134 8472
8214 Sept'25
84
81
10112 10314
1951 J
Chic St LA NO gold 68.___1951 3D 10214 -- 10209 Aug'25
let gold 3345
83 85%
June'25
4
833
J
J
4 103
/
1011
Registered
10214 June'25
100%
J
Registered
80
4 8412
1
/
8312 May'25
78
79%
73
78
Extended let gold 3348_1951 A 0 81
Gold 3!4s
1951 ID
82 82
62 Feb'25
71
64
1951 M
4
1
4 85/
1
83/
8514 Aug'25
Memphis Div let g 4.91951 Jo
let gold 3e sterling
89
We
17
4
8735
873
88%
83
83
83 Sept'25
J o
Collateral trust gold 49_1952 A 0 8718
Registered
8538 86%
85% Apr'25
101 103
A 0
101
Registered
101
0 St L & P 181 cons g ba__1932 A0 ioi8712 92%
7
91
905
9014
89
N
10038
M
1003
1955
2
45
A0 10038
100% Jan'25
let refunding
Registered
78% 8411
3
8214
8314 8214
10258 10812
1952 J J 82
10234
Purchased lines 334e
Mc St P M & 0 cons 6s___1930 • D 10234 Sale 102%
8412
79
8412 July'25
9214 23
J .1
93 July'25 - Registered
D
Cons 6a reduced to 3349_1930
8514
83
541.
851!
9
85
8514
N
M
Collateral trust gold 42_1953
4 11 .,9014 10514
/
961
Debenture 68
1930 MS 96 Sale 96
82
81
82 May'25
NI N
1
9512 9958
97
Registered
97
96
97
Stamped
10238 10613
38
75
9012
1955 M N 10414 105 10418 Sept'25
87
865 Sale 86%
Chic T H & So East 1st bs_ _1960 J
Refunding 59
10172 10332
103
J 103 Sale 10214
89
8412
1934
65
83
Deo I 1980 NI 8 8218 8217 8114
Inc gu 59
15-year secured 5345
112
6 10912 113
9114 9458
9312 41
Chic Un Stan let en 4348 A.1963 J J 9312 Sale 9314
15-year secured 6345 g..1938 J J 11112 Sale 11112
884 9112
8912
5
9134 8912
1950 J D 91
10234 16 100 10312
Cairo Bridge gold 45
let be Series B
1983 J J 10234 Sale 10212
7312
70
8114 Aug'25
9714 10032
9912 114
1944 J D 993 Sale 99
Litchfield Div let gold 313_1951 3 J 7114 _
Guaranteed g 55
7712 8214
7812
Sept'25
_
_
_
7914
J
J
7
1953
11614
11812
33-4s
g
8
Term
1177
&
1171.1
Div
J
Sale
C
11712
Series
634s
Loulsv
let
1963
74
7012
June'25
4
733
7214
A
F
10512 106
Omaha Div let gold 39_ _ _1951
Chic & West Ind gen g 69p1932 Q M 10514 ____ 106 Aug'25
7184 77
74
7418
6
7612 8312
80
1952 1 .1 7912 Sale 7914
Consol 50-year 45
St Louis Div dr Terms 35_1951 J .1
83%
79
AO%
Aug'25
74
7012
J
J
171
97
1003
1951
4
9834
let ref 512e eer A
1982 NI S 9812 Sale 98
Gold 3349
4 8278
1
79/
8278 May'25
99% 101
Springfield Div lets 330.1951 J J 7814 _ _
Oboe Okla & Gulf cons 581952 M N 1003 ____ 10009 Aug'25
88
86
86
89
86
1951 F A 86
93,2 9534
9512 ----9509 July'25
& D 2d gold 43413_ _1937 J J
Western Lines 1st g 45
Cin
87
84
Aug'25
84
A
2
93'
91%
F
1951
Registered
0 I St L & C 1st g 413._ Aug1938 Q F 9334 9412 93 Sept'25
9012 92
92 May'25
Registered
Augl,36 Q
III Central & Chic St L & N 04 100%
1
96/
991
9912
31
Sale
99'a
0
J
8912
1963
8712
A
Series
55
M
Aug'25
1942
N
8712
ref
812
8712 -8.
C712 Leb Lk Nor gu 48 g
Joint let
8814 8814
8814 Aug'25 _ _ _ _
95
9914 10112 Ind 13loorn & West lot ext 481940 A 0 89
3
10138
4 10112 10109
1
592sJ J 100/
CI38&Cleonslstg5s
__
8714 92
8114 8512 Ind Ill & Iowa let g 4s
1950 3 3 8812 9014 8918 Sept'25
__ 8314 Sept'25
Cleve Clo Ch & St L gen 49_1993 J D 8318
5
99 101
3
99
4
8
993
99
9912
5
J
98%8
2
96
A.
3
_1965
97
20-year deb 4348
1931 J J 9712 0812 9755
Ind Union Ry gen be Ser
9904 10044
1
9912
98 10538
19853 3 9912 9934 9912
General be Series B
1903 3 D 10012 10134 10012 Sept'25
Gen & ref 58 Series 13
4
/
141 100 1051
2 10218 10418 Int & Grt Nor let Ple Ser A 1952 J J 10234 Sale 10212 103
Ref & Inlet 68 Series A
1929 J J 103 10314 103
10318
79
68
4
783
101
78
7834
Sale
Aprl
103% 10784
613 Series C
Adjustment 13s, Series A 1952
1941 J J 106
____ 10638 Sept'25
78
67
Aprl 7618 ____ 78 Sept'25
9412 100
37
99
Stamped
59 Series D
1963 J J 99 Sale 9734
761s 8012
10
77
8812 91
8812 Aug'25
91
89
Cairo Div let gold 413
1939 3
Int Rye Cent Amer let 59_1972 M N 77 Sale 77
65
57
11
61
80
8212 Iowa central let gold 59_1938 J D 61 Sale 6014
M Div 1st g 48_1991 J J 8009 8078 8212 Sept'25
CM NV
5718 6214
591.
591.
5912
I
59
811
24
4 85
/
84
Certificates of deposit
St L Div lot coil tr g g 49_1990 MN 84 Sale 8218
2614
s
193
2
8
211
4
1
/
8012
4
20
21
203
48
M N
83
1951 M 33
8018 July'25
Registered
Refunding gold
90
85
1
8612
8634 8912 James Frank tt Clear lot 48_1959 J D 8612 Sale 8612
__ 8718 Sept'25
Spr & Col Div let g 45___1940 M S 89
Nov'24
100
____
J
8
J
1003
8812
_1938
be___
g
gu
July'25
lst
R
%
87
8812
W W Val Div let g 4e ____1940
86%
Ka A & G
84
80
8114 Aug'25
10612 108
1990 A 0 8114 __
1st gu g 48
____ 10612 Aug'25
OCC&I gen court g 6s.___1934 J .1 107
Kan &
991, look,
1
100
100 10014 100
10014 10212
1927 J
Clay Lor & W con 1st g 59..1933 A 0 10155 ____ 10212 July'25
2d 20-year 58
8
1033
102%
N
10318
10318
5
103
141
1021
2
963
MN
981s K C Ft S & M cons g 6s1928
4 June'25
/
_ _ 981
1935
CI & Mar let gu g 434e
8038 88%
88
61
9814 10014 K C Ft SAM Ry ref g 4s1936 A 0 88 Sale 87
9814
100- 99 Aug'25
9514Cleve & Mahon Vail g 58_1938 J
4
1
98 io0/
_
_
Aug'25
____
9912
99
9955
1st
0
A
59
99
9952
gu
1929
May'25
;48
4
C&MR&B
gu
Ser
J
gen
J
P
A1942
K
CI &
701g 75
9
6512 8612 Kansas City Sou 1st gold 313_1950 A 0 7212 Sale 72
7234
_ _ 8512
Berle9 C 3340
1948 M N 8214
8512
4 92%
1
88/
92
50
84
92 Sale 903
Apr 1950
8534 Mar'25
8554
Series D 3348
1950 F A 8114 Ref &'mot be
8 8772
833
3
Sale
953
845
85
85
53
4
8
971
100
let
0
Term
J
4
/
971
9712
97
Cleve Shor Line 1st gu 4345_1961 A
48_1960
Kansas City
8712
84
1
8472
847e 8612 847e
10612 26 10438 10712 Kentucky Central gold 48..1987 3
1972 A 0 10612 Sale 106
Cleve Union Term 5345
9912 102
100 June'25 _ _ _ _ 100 100%
10012 31
10012 Sale 10014
let 5 f be Ser 13
Knoxville & Ohio 1st g 6s___192.5 J 3
10114
4
3
99
_
_
4
_
Sept'25
_
J 160 101 10012
8512
4 8812 Lake Erie & West 1st g 513-1937
/
531
8512 Sale 8512
Coal River Ry let gu 4s__1945
4 97
1
95/
2
9634
96%
1941 J J 9634 __
9678 99
4
/
9814 14
Colorado & South let g 45_1929 F A 981s Sale 981
2d gold 59
7814 81
7878 10
61
943
943
Refunding & eaten 4345 1935 M N 945s 95
8 9912 Lake Shore geld 3.1415
,
90
1997 J D 79 -797-8 7978
7914
7814
1
7812
1948 A 0 8534 8634 8634 June'25
861s 8634
Registered
1997.
1 D 7812 Sale 7812
Col & II V let ext g 45
9738 00
1955 F A 84 4 _
4 Sale 9855
1
73
1928 M S 98/
99
84's Apr 20
Debenture gold 4s
8414 8414
Col & Tol let ext. 45
18
97
9418
3g
2
25
N
9712
0
97
M
A
97 Sale
1931
84 I 8109 Jan'25
51% 81%
81
Conn & Passum fly let 49..1943
25-Year gold 48
9534 9971
8712 17
1931 M N 9412 ____ 9578 Jan'25 _ _ _
8311 8812
Registered
Cuba RR let 50-year 58 g_ _1952 J J 8712 Sale 8612
( 103
1004
10212
28
A
F
2 102/
4 106
1
_1954;
102
Harbor
_
Term
5a_
let ref 749
1936 3 13 10418 105 10412 105
Val
Lob
9.5% 93
9312 Lob Val N Y 1st gu g 4148.19403 J 9555 9612 9555 Sept'25 _ _
9212
89
9312 64
Cuba Northern Ry let Cs...,.1966 J J 9212 93
93
93
98
92
Jan'25 _ _ _ _
93
4 Sept'25
1
97/
Day & Mich let cons 4345
1931 ii 98
Registered
19401J .1
84%
79
11
N
82
MN
81
4
1
/
80
M
91
-1;3Sale
9012
9212
g
9012
cone
4
48..2003
-gi1-1
4
/
881
Del& Hudson let & ref 4s__ A943
Lehigh Val (Pa)
81
7812
2 _ _3
1235
00
M N _ 00_2
0'
_ 35_
8138 Ju y
10713 113 10114 108%
8 34 00
Registered
_ 1 Sale0
80-year cony be
1935 A0 10714 Sale 1061.1
93
88
101 10318
4 1021g
/
10218
1937 M N 102 1021
General cons 4349
15-year 5345
2003
8
983
1017
8
D
107
51
N 10034 Sale 10012
5
109
110
107 Sale 107
1930 .1
Lehigh Val RR gen 8eSeries_2003
10-year secured 75
9514 Leh V Term Ry 1st gu it 59_ _1941 A0 10214 ____ 10258 July'25 _ _ _ _ 10114 10244
94
A 943 ____ 9514 Aug'25
1936
1) RR &'Mee 1st gu 4s g
89
s
843
_
_
5
4
NI
853
July'25
82
85
8418
23
__
J
cons
8312
8412
g
lot
G-lst
It
49
guar
8304
49_1938
gold
1945
Sale
Den &
Leh & N Y
10312 107
1
8578 9014 Len & East let 50-yr 55 gu 1965 AO 10309 106 104 Sept'25
8814 8809 8814
11
1936.
8814
Confiol gold 434e
83% 8412
95
4 98
/
4
1
84 Aug'25
97/
9814 25
99
Improvement gold Ss., _,.1020 3 D 971
1952 MN 83
Little Miami 4s
108
10772
5
38
A0
00
e2
1
70
Ap
55
890
Dm& R G West gen 5e _ Aug 1955 M N 6634 Sale 8434
838
00
69
18 s_;l_e_ 10
838
00
10
1935
Long Dock consol a (93
9914 10214
48
1
4712 4912 48
3911 5172 Long leld 1st con gold 58__h1931 Q J
Dee NI & Ft D let gu 4e_ _ A935 J
9412
94
J
Q
1
4
4538 50
/
941
47 Aug'25
46
58
9414
Temporary ctfs of deposit
Sale
9414
51931
48
let eonsol geld
8812 9112
9314 9313
8912 Sept'25 _ _ _ _
1938 3D 8912 91
8809 ____ 9312 Feb.25
General gold 45
De9 Plaines Val let 4Sis1947
8972 931s
4 76
/
7014 75
71%
711s
1932 3D 93-- _ 9312 Aug'25
Gold 49
pet & Mack-let lien g 4s__11195 J D 701
8214 85
65 July'25
65
6712
1949 M
1995 3D 65
8312 89- 84 Sept'25 _ _
Gold 48
Unified gold 4s
9512 98
1
9612
9139
3
1934 3D 963e 9734 9612
1961 MN 918 93
9134
9412
Debenture gold 5e
91
pet Riv Tun 4319
8718 92
J
MN
J
42
4
913
10312
____
102
10309
&
gen
Sale
4
90
Nor
5e1941
913
Aug'25
1937
hltesabe
be
deb
m
104
p
-year
Dui
20
8512
82
M
AO
3
10112 102 102
8512
102
3 10012 103
8409 8512 8512
Dul & Iron Range let 59_ _ I937
Guar refunding gold 4s_ 1949
9839 100',
_
87
86
90
88
3
995e 9918 Sept'25
81
Nor Sh B let con g gu 58_01932 44 .1 99
1)ul Sou Shore & All g 58_ _ _1937• J 86
9912
102
M
0
A
99%
90
Sept'25
4
9212
88
90
Aug'25
4s_'48
4
/
1013
Nor
let
1001
____
Div
_1927
Nlinn
.5e_
g
Louisiana & Ark let
East fly
83 8714
_
100
1938 M 8 100 Sale 991e
4
8572 8534 Sept'25
85
East Tenn reorg lien g bs
9942 10212 Lou & Jeff Bdge Co gu g 49_1945 M
_ _ 100 10512
99,2 101
Louisville & Nashville 513_1937 MN 10212 ____ 10212 Sept'25
East T Va & Ga Div gss....A930J 3 9912 10078 9912 Sept'25
8 9534
917
N
M
1956
3,
47
10114
Sale
94
10114
2 10038 10234
93 Sale 925
1940
10114
Unified gold 45
Cons 1st gold 59
10112
2 10012 103
_ _ _ _ 102 May'25
101 102%
Collateral trust gold 5&...1031 MN 101 10112 10112
Elgin Joliet & East 1st g 55 1941 M N 101
5 10812
1055
MN
A
1965
0
15
101
102
105%
10612
102
102
5
Sale
9
10612
59
let
1930
7s
W
S
&
939 10212
10-year secured
El Paso
4 10812 108
/
1055
9 10414 10872
108
4 107 10934
1081
let refund 5349 Series A 2003 AO 10539 10714 105
Eerie 1st cense! gold 75 ext_1930 M
10534
1011g
A0
105
15
1996 3 3 7234 Sale 721 2
104
7414 309
10414
____
B
2003
6934 7414
let eons g 4e prior
Series
58
ref
&
let
97
92
6912
1996 3 J
9539 97
3
691 2
953k 95% 9434
71
67% 691,
70
Registered
let & ref 434e Series C....2003 AO
3 10334 107 105 July'25
'
_ _ in414 105
4
/
6434 125 6184 (364
1930
let consol gen lien g 48 1996 3 J 6409 Sale 641
N O& NI let gold 65
3
105
'
_
_
_
104
July'25
105
1996 3 J
_ 6718 Aug'25
104
10312
1930
Registered
813
6718
58
213 gold
86
9518 99
9118
9812
7
9034 12
Penn coil trust gold 48_1951 F A 98 Sale 98
Paducah & Mem Div 45_1946 FA 9014 - - 9034
B 62
62 66
68
87
6212 69
62 Sept'25
64
50-year cony 413 Ber A_1953 A 0 6778 Sale 67
St Louis Div 2d gold 35.._1980
0
A
1953
68
Sale
6714
43
96 100
8
,
gg
68
60
IL
1st g 430.1945 M S 9678 ____ 9738 Aug'25
do Series
N& &
&
L
82.18 8812
741.4 116
8334
8.3% Sale 8312
2
1952 J
49
Gen. conv. 4s Series D.1953 A 0 7414 Sale 7334
6958 7314
L & N South lotnt
NI
10412
3
Bale
M
J
10412
5_1932
10452
Aug'25
22
Cs1955
8
8
9814
13195
983
9812
f
4
/
41
lst
10112
gold
Jersey
Erie &
10814 Loulsv Ciii & Lex
C at E Ill RR (new co) gen 65.1961 M N
Due Jan,
Due Feb
c Due June.
e Due N a1. la Due July.
n Due Sen., o Due Oct
p Due Per. s()mum We.
1446
BONDS
N. Y.STOCK EXCHANGE
Week ended Sept. 18.
New York Bond Record-Continued-Page 3
Price
Fridag
Sept. 18.
Week's
Range or
Last Sale
Banes
Sines
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week ended Sept. 18.
Pries
Friday
Sept. 18.
Week's
Range or
Last Sale
Rang.
Singe
Jan, 1.
High
Biti
Ask Low
High No, Low
HOD
80
Ask Low
High No. Low
Mahon Coal RR lit 56
99 103
1934 .1 .1 10158 103 102 July'25
Norfolk & Sou lit gold 5a___1941 M N 97
94% 98
98 97 Sept'25
Manila RR (South Lines) 48 1939 MN 60 Sale 60
5912 8318 Norf & West gen gold 68____1931 IN N 10834 107% 106 Sept'25
4
80
108 108
let 44
1959 MN 66
634 6714
67 67 June'25
Improvement & ext 64_1
108% 10838
19
934
2A
F 0
A 107% -- 10834 Apr'25
Manitoba Colonisation 56......1934 J D 994 --__ 10013 Sept'25
9734 10012
New River let gold
log 108
10834
-- 10834 Sept'25
Man GB&NW lst 3%2_1941 J
80% 84
805s -___ 818 Aug'25
N & W Ry lat cons g 48
88 9234
8934 Sale 8934
1998
7
A
0
9012
Michigan Central 54
9934 102
1931 MS 102
2
102
102
Registered
86 89
19913 A 0
87 July'25
loolt 10012
Registered
MS 9812 10112 10012 May'25
Dirl 18allen & gen g 44_1944 J .1 0014 9113 90 Sept'25
8814 92
4.
1940 J J 9058
3 9034 92
9034
10-year cony Os
9034
1929 M S 13818 Sale 13714 13814 38 12312 13913
IL & S let gold 3314
Kos 9314
1951 MS 7734 -___ 7718 Apr'24
Pocal,C&Cjolnt4e..,,_l941J D 9014 Sale 9014
9058 14
1st gold 3310
1952 MN 79 8312 8312
83 "W- Nor Cent gen & ref 58 A.--1974 M S 10178 Sale 10178 101%
1
103
8312
20-year debenture 4e
W2 98 North Ohio let guar g 54.-1945 A 0 8718 89 89 Sept'25 5 1004
1929 *0
98 Sept'25
36
94
Mid of N J 1st ext 58
88 9313 Nor Pacific prior lien 44
1940 *0 89
93 93/3 Aug'25
83 87
1997 Q J 8412 Sale 8414
84% 38
Milw L S & West iron g 54_1929 P A
100
100%
100 Sept'25
Registered
8312
8214
--_
1997
Q
J
8
834
474
17
83%
Mg & Nor let ext 4318(blue)1934 J D 90
8512 94
5914 (1211
94 8734 May'25
General lien gold 39
a2047 la F 6038 Sale 8014
6034 32
Cons ext 43118 (brown)_ _1934 J D 9012 91
82% 9112
90 Sept'25
Registered
591a 60
62047 Q F 5714-__ 80 June'25
Mll Spar & N W let gu 4a_1947 MS 87
88
89%
Ref & impt 4318 ser A--2047 J J 85
8912 87 Aug'25
83 8712
8578
- 84%
854 15
Mllw & State L let gu 3318_1941 J J 804 --_- 8112 Aug'25
8684 85114
80% 8112
Registered
J J
8534 Feb'25
Minn & St Louis lit 78
9853 10218
1927 J D 10114 102 102 Aug'25
Ref & impt 6s set B
2047J .1 10612 Sale 106
10812 115 104% 10811
let consol gold 513
1934 MN 57
8112 58
3 5134 6218
Registered
105 10072
58
J
10878
May'25
J
Temp aft of deposit.......
584 60
58
81
9418 9772
59 Sept'25
Ref &'mot 59 ser C
2047 J J 9618 Sale 96
7
9618
lit & refunding gold 4e _A949 MS 2118 22 214
1914 28
Ref &'mot 58 aer D
94% 98
2047J J 96 Sale 96
2212 77
97
19
Ref Lk ext 50-yr 55 Set A_1982 Q F 1512 1612 17 Sept'25
1312 2114
St Paul & Duluth lit 5a 1931 Q F
Mar'24
994
61 SIP &55 M con g 4s int gu'39 J J 8534 86 8534
3 8413 90
let consol gold 48
8534
-6114
8514 July'25
let 0011858
1938 J J 954 96
9558
5 9478 1004 Nor Pac Term Co 1st g 64_1
9534
106
933
8j
J D
J 10938 Bale 10938 109%
1 10914 10934
10-year coil trust 34e
34 10214 10434 Hoof Cal guar g 5s
1931 MS 10234 103 10212 103
102 10314
0314 Mar'25
1938A 0
113 & ref 69 Series A
9834 103 North Wisconsin let 88-1930 J J
1946 J J 9912 - - 9912 100
40334 104%
Apr'25
25-year 5319
8314 9012 Og & L Cham lat gu 4a 13_1948 J J -7214 7418 03%
1949 MS 844 854 84
18
85
7114 7534
74
74
10
let Chicago Term if 4/L....1941 MN 9213 __
98/
1
4 101,
9213 De3'24
Ohio River RR 1st g 58
2
1936.8 D 100 - _ 00 Aug'25
9914 100's
aiSSM & A letg4sIntgu_1926 J J 991 100 9934 Aug'25
General gold 58
9858 100
1937 A 0 984
8
Sept'25
987
11121118811/111 Central let 5s_ _1949 J J 93 94 93 Sept'25
94 Ore & Cal 1st guar g 5a
91
10034
J
.1
1927
1003
s
01
101
12
10173
Mo Kan & Tex-1st gold 48.1990• D 84
8014 8512 Ore RR dr Nav eon g 4s
8412 83g
11
84
1946.8 D 89% Sale 8914
8814 9034
8958 10
Mo-K-T RR-Pr I 54 Ser A_1982 J J 9534 Sale 9518
86 9612
hort
cons
Linse
e-Ist cons g 58248 J .1 102% 104 0334 10334
9612 140
5 10034 107
40-year 4e Series B
7114 80 DreS
1
10214 107
1982 J J 7934 Sale 7914
12
Guar
1946 J J 10314 10412 0378 Aug'25
79
10-year 138 Series C
1932 J J 103 Sale 10212 1034 26 10112 10414
9613 9773
Guar refund 48
1929 J D 9712 Sale 97%
9778 53
Cum adjust 59 Ser A Jan 1967 *0 90 Sale 894
76% 924 Oregon-Wash let dr ref 44_1981 .1 J 83% Sale 82
8133 85
904 584
8358 45
Miaeouri Pacific (reorg Co)
Pacific Coast Co let g 54
1948 J D 9078 9118 91%
82 94
92
44
lit & refunding 58 Ser A..1965 P A 89 Sale 8734
83
9034 Pac RR of Mo lst ext g 44-1938 F A 9078 917s 92
go 9813
42
89
92
1
lit & refunding 6s Ser D 1949 FA 10134 Sale 101
90 10214
2d extended gold 53
10134 91
9914 99,
9814 100
4 9812 Aug'25
let & refund 68 Ser E Int.1955 MN 10134 Sale 10058 10114 316
99% 102 Paducah & Ills lit if 4;0_1
944 96
J .1
-1 9314
18S5
35 j
95 Aug'25
General 48
8212 67 Paris-Lyons-Med RR 88-1958 F A 7978 Sale 7914
1975 MS 854 Sale 84
6514 209
7012 80%
8014 243
Mo Par 3d 76 ext at 4%
84% 89%
1938 MN 8814 88 8512 Aug'25
S f external 78
8812 Sale 8712
ao1/4 89
8834 163
Mob & Bir prior lien g 6a 1946ii
99 103% Paris
paris-Orleana
99 Sept'25
-Orleans7R
e lt a I Ti1
1951
9 M S 87% Sale 8714
801s
90
115
873
4
Mortgage gold 49
91
76
gy 1011a
1945 J J 80 82 8018 July'25
fly
1942 M El 100% Sale 100% 101
23
Mobile & Ohio new gold 64_1927 J O 1034 ---- 10314 Sept'25
101% 10414 Pennsylvania RE-cons g 4.1943 M N 9455
98 July'25
911a 90
let extended gold 86____781927 Q J 1034 104 1034 10318
104
1 102
Consol gold 44
88% 95%
1948 M N 01,4 Sale 91%
9134
6
General gold 48
8111 904
1938 MS 90
431 stamped
90 Sept'25
May 1 1948 MN
9038 93
9218 July'25
Montgomery Div lit g 514_1947 FA 8834 100 99 Sept'25
9818 101
Consol 4314
19130 F A 9812 Sale 9812
9812
9712 100
7
St Louis Div Os
95 10012
1927 J o 9913 100 95 July'25
General 411s
1965 J D 93 Sale 9278
9114 95
9338 94
&fob & Mar 1st gu g 48
8434 85
1991 MS 8618 8834 85 Feb'25
General 55
19
96
368 J D 10238 Sale 10112 102% 69
9934 103114
Mont0 let gu g 214
109 113
1937 J J 110
10-year secured 74
109 Aug'25
A 10814 Sale 10814 10858 50 1074 11038
1930 F
A O
let guar gold 54
101 10312
1937 J J 102 10378 101
15-year secured 634.
111 Sale 11034 111
101
88 109% 1114
& E lat gu 340
82
3
4
76
2000 J o 7734 7934 77%
10914
10911
Registered
11 A
7712
0911 June'25
Neatly Chatt & Bt L lit 58_ _1928 * 0 101 10134 10138 101
9814 Bale 9734
40-year gold 56
14 10018 102
971, 9834
9814 245
N Fla & S 1st gu gts
99% 102 Pa Co-Gu 3;19 coil tr A reg 196
1937 FA 997g 102 9978 Sept'25
8478 sem
S 8578 8714 8478 Sept'25
37
4MN
Nat Ry of Meg pr lien 4314._1957 J J Guar 3316 coil trust Ber B_1941 F A 83 8412 83
---- 30 Sept'23
B3 84
83
12
July 1914 coupon on
"iti" 19
Guar 3,318 trust offs0
19 Apr'25
1942 3 0 82_ 82
82 83
82
2
1314 2114
Assent a f red June coup OD
flys 821,
184 1634 154
Guar 3319 trust otfs D
1944 J 0 82 ET;1-e 8138
1614 42
82
2
Guar 70-year e f 48
9414 964
Guar 15-25-year gold 44..1931 A 0 9514 9512 9578 Sept'25
8718 July'23
1977 AO
Gen e 1 4s assenting red.......
13 19l
1514 Sale 1514
Guar 4s Ser E
9
8534 884 8512 Sept'25
85 8614
1514
Nat RR lkiex prior lien 4314_1926 JJ
Peoria & East lit con Ma-19
7712 82%
:
O 79 Sale 78%
3812 July'24
94
5
0
2r N
79
3
3212
24
Assent with July '24 coup on
Income 44_
26 24
4
25
1990 Apr.
25
31% 3073
34 Sept'25
let consol 48
99 101
Peo& Pekin Unlet5;14 -.1974 A 0 -5584 1661i 00 Sept'25
28 Apr'25
1951
llt 20 Pere Marquette let Ber A 35_1956 J J 9912 Sale 9834
Assent with Apr 1924 coupon
9714 10014
144 Sale 14
1414 19
9912 30
New England cons 54
1st 44 Ber B
2 94 96
1956 J .1 83 Sale 8214
94
1945 J J 94 Sale 94
80 85
83
19
8134 Phila Balt & W lst g 48
Como! 46
81
1943 MN 92
1945 J J 784 838 81 June'25
9213 114%
93l Sept'25
86 86 FhOeuipnp5sineSeRrlyes1313130_yr 40 10
J Juno RR guar 181 48_
log 108
j 10438 1-08 05 Aug'25
J A
93
77
4F
1988 P A 8318 86 88 May'25
9214
40 44%
NO&NEIstrefesimp4344A'52 J J 9058 Sale 8934
if
, 63 88
4278 Sale 42
905
4278
6
8014
847
New Orleans Te:m let 4a
8
J
Pine
J
10512 1051s
Creek regstd 6s
4
8234 8278 82
10558
1953
9214
_- 0512 Mar'25
NO Texas & Mexico lit 13s 1925 D 100 Sale 100
96
119%
O 9612 _5 100 101% PCC&StLgt14%4A
940
2j
i. D
193
100
9913 9612 Sept'25
00
9718
Non-cum income 5e
92% 9814
Series B 4314 guar
11
1942 A 0 94
97
1935 * 0 9614 Sale 96
96% 983 Sept'25
let 54 Series B
9012 9724
Series C 434s guar
61
1942 MN 94
1954 * 0 9612 Sale 9514
97
93/4
96
96
%
9558
July'25
lit 5318 Series A
98 10212
Series D 48 guar
1945 M N 9334 95 9412 July'25
1954 * 0 101 10178 101
89% 9413
10112 18
9914 10213
Temporary
Series E 331s guar goid_1949 F A 9334 -- 94 Sept'25
* 0 10138 Sale 101
9011 93
10112 41
9318
94%
N &0 Bdge gen gu 4314_1945 ii 943 ____ 943
9914 9312
Series F 4s guar gold
2
1953.8 0 9312
943
9313
9312
1
X YB & M B latcong 56_1935 AO 9938 100
9914 100
es 0 48 guar
9913 July'25
1957 M N 9312 -93 Aug'25
9012 9413
N Y Cent RR cony deb 84_1935 MN 10838 10878 10812 10878
1174
Serie H 4a
A 93,
6 1064
4444_1
1963
960 F s
91 94
4 ---- 9334
1
93%
106
11512
Registered
MN
96963*
SeriSeries Icons gear
118 10814 June'25
9534 July'25
824 8714
Consol 48 Series A
Series J 431s
1998 FA 8411 Sale 844
94
8478 12
944 .
9538 July'25
11
Ref & impt 4%9-A"
9378
9618 101
General M ba Series A -196
N 100 Eiiie 9834 100
2013 * 0 92 Sale 9112
i D
970
4r
9218 53 884
28
99 10214
Ref & !mot Si Series C_ _2013 AO 10114 Sale 10012 10112 145
Gen mtge 55 Series B
1975 A 0 99% Sale 98%
974 9934
9918 239
.
99%
102
Registered
AO
10.
Flue
092
s
&
al928 A 0 1003
L Erie 2d g 58
10034 Aug'25
- 01 June'25
Y Central & Hudson RiverPitte McK & Y lst gu 136____1932 J J 1054
106 107
s10-113 06 Aug'25
75 79% Pitts Sb & L E lst g 56
Mortgage 33413
1997 J J 7814 Sale 7712
1940 A 0 9934 10058 00% Aug'25
7814 23
ioula 1024
7814
74
Registered
ls
1st consol gold 54
1997 J J 7814 7812 7612
7
1943 .1 J 9614 -- _ 0014 May'25
10014 101
77
9212 96
Debenture gold 48
Pitts Va Ar Char 1st 48
1934 MN 944 Sale 94
1943 MN 8858 -- 9114 May'25
9412 22
9114 91%
MN 9213 ____ 9234 Aug'25
9214 9234 Pftta Y & Ash 1st cons 54-1927 MN 10034 Registered
100 100%
-- 0014 July'25
92%
30-year debenture 46
91
let gen 43 series A
87 89114
1942 J J
91 Aug'25
1948 J D 9036 -- 895* July'25
Registered
93 93
let gen 55 series B
93 Feb'25
10034 -- 10014 Aug'25
100 10212
Lake Shore coil gold 3;0_1998 PA 78
7434 7812 Providence Secur deb te
7714 7812
A 5934 60 5934 Aug'25
F N
1957
952 M
7734 33
5312 6
_0._
Registered
74 79 Providence Term 1st 48
1998 P A 75
1956 M 13 8138 8314 813* July'25
7434 Aug'25
8136 61
,
.
Mich Cent coil gold 3314 1998 P A 7634 7734 7634
75 78% Reading Co gen gold 418
0 764
1997 .1 J 9334
764
9212 Aug'25
924 96
7613
Registered
P
A
1998
J
80 7612 July'25
Registered
9478
May'25
944
"
4
Y Chic & St L 1st g 4a
91 94%
1937 *0 9212 Sale 9234
Jersey Central coil g 44-1951 A 0 -139E8 -114-12 9212
944 19
88 95
92,
4 io
Registered
89 89
1937 A0 91
Gen & ref 43.16 Ber A
89 Jan'23
1997 3 J 94 Sale 9378
02's 96
9412 33
25-year debenture 4.
MN
9278 913'2 Richm & Deny deb Sistpd-1927 A 0 10012
1931
941
94 Sale 94
4
_ 10012 10012
9934 11111
_,
14
1
gd 88 Series A B 0
1931 MN 10258 Sale 10212 10234 32 102% 10412 Rich & Mock let g 44
74 /97e 74 Aug'25 _
74
19'3
932, 9814 Richm Term Ry lit gu 54. 994
Ref 53118 Series A
1974 *0 97 Sale 9612
99% 102
J 99,
94
52
8r N
10212 9934 100
-1
4
9712
2
90
gala
Y Connect let gu 430 A-1953_ _ 92 Sale 9114
Rio Grande Juno let gu 54-1939 J 0 9318
31
92
- _ 944
9218 96's
9414
2
N Y & Erie 1st ext g 44_ 1947 65.61 8434 ---_ 89 June'25
89 89 Rio Grande Sou let gold 44-1940 J J
A
513 --7
5 June'25
7
9374 95,3
84 eat gold 434.
1933 94 8 9334
6
9378
Guaranteed
July'25
_
_
May'25
_
1938) A 0 10014 --- 10014 July'25
90 10112 Etio Grande West 1st gold 46.
4th ext gold 59
Lots
j
J
j
J
8913
813
61887
88
86
2
9712
974
5th ext gold 44
1928 J D
71
9712 Aug'25
WS
Mtge & coil trust 4s A_ _1949 AO 734 74 734
6
7312
N Y & Green L gu g 34
1948 M N 9212 94 9212
90 94 RI Ark & Louis let 4318_1934
2
925,
8818 Sale 8713
aa sois
8814 18
7673 7834 Rut-Canada let gu g 4.
N Y & Harlem g 3;18
2000 M N 7912
7834 June'25
1949 ii 754 77 7513 Aug'25
7314 77
Y Lack & W let & ref 58l973 MN so
80
80 July'25
Rutland let con it 4148
1941 $ 3 8812 8712 87
854 89
87
1
1004 10034 St Jos & Grand Isl
lit & ref 431e
1973 M N
10012 Sept'25
1st g 46 1947 J
7714 814 8013 Sept'25
754 53
NYLE&W 1st 74 ext_ _1930 M S 106 fdi 108 Aug'25
10514 107% St Lawr & Adir 1st g 54
1996 Ji
_ 95
9133 951s
95
1
J
J
Dock & impt 54
1943
9954 9974
2d gold 84
AO 100
9978 Mar'25
111213
1998
95101
10
3
.
1024
•
1024
1
N Y & Jersey lit 58
1932 F A 10014 101 10014 10014
99% 10034 fit L & Cairo guar g 4a
94 964
1931 1 J 9458 95 94%
94%
2
9112 914 St L Ir M AS gen con g 56_1931
NY & Long Branch gen g 481941 M S 9034 9112 9113 June'25
*0 10018 Sale 99% 10018
9914 101
9
•
S
N YN H & Hart n-c deb 48_1947
8012 08
68 Sale 8012
Unified & ref gold 44
14
1929 J J 9578 Sale 9512
68
ois4 vo's
954 62
M 8
Registered
60 80
J
60 June'25
Registered
94
95 93 Apr'25 _ _ _
914 93
Non-conv.deben 3318__1947 M
5558 61
8012 Sale 80
MN 88% Sale 884
Rly & G Div lat g 44
8012 23
1933
831
4 90
8834
20
Non-cony deben 3314____1954 A 0 57 Sale 5578
5413 60 St L M Bridge Ter 1111 g 51L-1930 A0 9914 102 10018 Aug'25
1
5778
9955 100%
Non-cony deben 48
1955 J J 63 8334 13334
2 60 65 St L & Ban Fran (reorg co)44 1950 j j 7712 Sale 764
833
773 332
71
78
M
N
66
65%
Non-cony deben 48
1956
6334 Sale 8318
Prior lien Ser B 54
8814 9312
8334 18
1250 .1
92 Sale 9114
9213 230
53 5913
Cony debenture 33111
1956 J J 5678 5712 5878
Prior lien Ber C be
18
1928 J J 1024 Sale 10234 10278 28 10178 103:4
57
J
J
8614
94
Cony debenture 84
1948
94 Sale 92
Prior lien 5348 Ser D
87
94
1942 J J 9958 Sale 994
9343 100's
99% 63
J J
Registered
8313 90
Cum adjust Ber A 6L....51955 A0 94 Sale 9314
90 Aug'25
545k 9414
9414 183
1940 A 0 96 Sale 9512
Collateral trust 88
90,4 9634
10
Income Settee A 84
yet, 9714
98
51960 Oct
9614 Sale 95
98
3
8
268
M
N
OA
61,4 StLouls & San Fran Ry gen 811'31 J J 10412
1957
Debenture 4s
8934 Sale 5918
40
105%
10334
807
8
1033
10534
Aug'25
55 84
CODA Ry non-cony 4s......1954• J
594
1
General gold 54
1931 • J 101
5912
101
101
1 10018 101
Non-cony deben 44
1956 J J 59 82 59 Sept'25
58 64 St L Peo & N W lat gu 58-1948 J J 9978 16i18 1031 June'25
1044
102
J
J
3713
64 St Louis Sou let gu g 4a
Non-cony deben 44-1958
5814
59% Sept'25
1931 MS 95
9518 934 Aug'25 _
92% 93
.
73
NY & Northern let g 58_ _ _1927 A 0 10034 _
100 10034 St L S W let g 44 bond infs. _1989 MN 82,
10034. Aug'25
4 83 82%
78 83N
83
17
NY0& W ref lit g 4a_June 1992 M
66 704
70 Sale 89
2d g 4a Income bond ctfs_p1989 J
45
70
7312
757$
723
3
78
73%
754
4
1955 J D 64
General 44
65 64
7 627a 6912
1932 D 9078 Sale
Consol gold 48
84
853e 9074
904 125
▪ D
Registered
65 65
lit terminal & unifying 54_1952 3 .1 88 Sale 904
85 Apr'25
8143 90
88
17
1942 A 0 8518 -___ 8812 Feb'25
861s 864 St Paul & K C Sh L let 4348.1941 P A 8514 Sale 864
Y Prov & Beaton 481
80 8734
8414
8514 71
824 87% St Paul E Or Trunk 431s_ _ _1947 3
NY & Putnam lit con gu 48.'93 A 0 8212
8058 July'25 _
9118 9312 91% Aug'25
9034 9614
M
S
100
1927
1003
3
100
NY&RB 1st gold 54
St Paul Minn & Man con 43_1933 J D
101 100
100
9414 0014
9514 Aug'25
N Y Swig & W 1st ref 54-1937• J 81 Sale 7158
6614 76
J
13
72
Registered
9214 944
9214 July'25
1937 F A 7134 7234 81 Aug'25
26 gold 4314
594 68
lit consol g 44
1933 J D 10734 10884 10614 Aug'25 _
1064 1094
F
A
66
1940
5914
General gold 58
594
61
J J 105 106 105% July'25 _
3
6112
Registered
8 1055s
1055
1943 M N 9518 99 97 July'25
Terminal lit gold 58
93 97
Ila reduced to gold 4314-1933
95t, loot4
99% 100 994
99%
5974 701
.
N Y W'ohes & B 1st Ber I 4%4246 J J 69 Sale 8712
8918 .148
1933 J
Registered
9712 99 9713 Apr'25
975k 98
1960
A
0
Nord Ry exti a f 631s
85
,
4 Sale 8313
791s 8434
8434 130
Mont ext IN gold 4.
1937.8 D 92
87% 954
9334 9214 Aug'25 _
Norfoik Sou 1st & ref A 54.-1961 F A 7978 Sale 794
5 70so 84
1 D 90 9312 9014
90 9213
7978
Registered
9014
Pacific ext guar *L.- -1940 .1
88 89Ia
88
8912 8912 Apr'25 __
1-3,12 Jan Is Due July, V Due Nov. a Option sale.
pas
1447
New York Bond Record-Continued-Page 4
BONDS
N.Y.STOCK EXCHANGE
Week ended Sept. 18.
1
Price
Friday
Sept. 18
Wears
Range or
Lasi Sale
Ranee
Shwa
Jas. 1.
BONDS
N. Y. STOCK EXCHANGE
Week ended Sept. 18.
Mee
Friday
Sept. 18.
Weer.
Range or
Law Sale
gangs
81255
Jan, I.
High
Ask Low High No, Low
Bid
High
High No Low
Ask Low
MA
91
88
91
89
10112 11 100 1025* krmour &Co let real eat 4)481939 J D 89 Sale 8834
It Paul Union Depot 68___1972 J J 10112 10214 101
91
9434
9312 58
8514 Armour & Coot Del 1514s-1943 j j 9318 Sale 92%
81
6
8414
8 A & A Peas let gu g 48_ _1943 J
8414 Sale 84
10184
10318
2
103
10212
9934 102
Associated 0116% gold notes 1935 M S 103 Sale
Santa Fe Pres & Phen 68_ _ _1942 M S 9938 998 9934 Aug'25
9784 98%
1947 3 D 984 -- 98% May'25
10712 111
Atlanta Gas L let 55
Say Fla & West 1st g 68_ _ _ 1934*_
0 108% 1091* 109% July'25
26
18
19% June'25
1934 J D 1912 21
102 102
Atlantic Fruit 75 etts dep
102 June'25
1st g 5s
1934 A 0 100
1312 28
3978 1512 June'25
12
adore VA N E let gu g 43L.1989 MN 88% -8912 88 Sept'25
8734 9034
Stamped ctfs of deposit___________
97% 10014
99% ao
9988 Sale 9912
8111 Atlantic Refit deb 58
1937
74
2
78%
Seaboard Air IJne g 45
1950A 0 7834 7978 78%
99% 105
1034 11
74
8
7812
Gold 48 stamped
1950 A 0 78% Sale 7884
82,2 Baldw Loco Works 181 66_1940 M N 103 Sale 103
10514 14 108 107
10518 10514 924
183
86
73
Oct 1949 F A 8584 Sale 8512
874 Baragua(Coup As)734s_ _ _ _1937 J
Adjustment be
106
10218
a
105%
Sale
0514
1054
8%
eonv
f
s
A1931
81
Corp
J
3
5912
7184
Barnsdall
4
Refunding 4s
7313
1959 A 0 7078 7184 703
10212 62 1004 103
8l
40
96
,
1
A0
789
.1 100% Sale 01
95
8458 96114 Bell Telephone of Pa 58
lit & cons 68 Series A
1945 M S 9434 Sale 9488
10034 Sale 0011 10114 1077 10012 10114
3 8378 8978
88
1st & ref 5s Ser C
Atl&131rm30-yrletg41dl933 M 13 9484 9478 88
_ 100% 10114
4
J 1004 10014 0018 Sept'25
995* 10114 Beth Steel 1st est s f 55
1926.9
192„4N
Seaboard & Roan let 6a._ 1926.1 .1 10014 10114 10014 Sept'25
9312 9834
98% 11
97 Sale 98
1028* 1044
lst & ref ba guar A
1936F A 19028 10414 10418 July'25 5&NAiaconegugse
94
90
9314 29
4 10274 109
30-yr p m & Imp s f 58_ _ 1936 J J 9314 Sale 9212
Gen cons guar 50-yr 58_ _1963 A 0 10358 10612 10413 10412
9314 9712
46
97
Sale
9412
94
8812
84
Cans 39-year 6s Series A.1948 F A
8654 21
So Pac Col 48(Cent Pac 001)11949
D 864 Sale 85
8911
85
8612 37
9818 98
one 39-year 5148 Series B 1953 F A 8618 Sale 85%
9712 146
June 1929 M 13 9712 Sale 9718
20-year cony 48
9218 98
94% 15
1950 M S 9414 9458 9414
9934 10311 Bing & Bing deb 6J46
20-year cony 56
1934J D 10018 10038 10034 10084 15
7018 85
8018 Aug'25
20-year g 5s
Booth FIsheiles deb a f 68.-1926 A 0 8018 84
1949 M N 9812 98% 9812 Sept'25
98% 101
944 964
9534 20
3 84 88% Botany Cons Mills 6tie_ _ _1939 A 0 95% Sale 95
8518
Ban Fran Terml let 4s-1950 A 0 8518 Sale 85
97 10114
83 8514 Brier Eli steel let 5548_1942 A 0 100 Sale 9974 10012 34
84 July'25 ---Registered
A 0
79
68
89
75
102% 104
So Pac of Cal-Gu g 58
B'way & lth Av 1st c g bs-1943 J D 7412 Sale 71%
1927 MN lairs :::: 104 Aug'25
6724 78
7412
73
9412
lot
'25
June
stmpd
dep
0412 Jan'25
So Pac Coast 1st gu g 4s__1937 J J 9418
of
Ctrs
9484
96%
90%
92
9112
Sale
1941 1'i 9112
874 92
So Pac RR let ref 4s
Brooklyn City RR 56
1955J .1 89 Sale 8834
8914 143
99% 103
10212 37
3 10138 10134 10114
33
03
49
,
19
10312 90 10014 1044 Bklyn Edison Inc gen 58 A-1
Southern-1st cons g be
1994 J J 10318 Sale 10318
106
10354
9
4
1063
10514
105
105
10114
B
Series
99
101 July'25 Registered
General 65
J D
8214 92
90% 349
7914 309
Develop & gen 48 Sec A1956 A 0 79 Sale 7818
735* 8012 Bklyn-Man R Tr Sec 68.-1968 J J 90 Sale 89%
6114 71
6112 Sept'25
J 631g 64
MN
41 3
;
1
10612 42 103 107
Develop & gen 68
Bklyn Qu Co & Sub con gtd 58
1956 A 0 10612 Sale 106
80 81
July'25
77
8
5
8012
72
72 10688 1118*
111
Develop & gen 64il
1st bs
1956 A 0 1107* Sale 110%
92 92
92 June'25
2
10014
9912 10212 Brooklyn rvir 1st cony g 46-2002 J J
Mein Div let g 4%s-54_1996 J J 1001
___ 10014
Sept'24
10912
_
J
J
_1921
notes_._
St Louie Div 1st g 46
secured
18
7%
8618
3-yr
854 8712
4-8714 8618
1951 J .1 86%
121 122'ö
1234 May'25
_
Mob & Ohio coil tr g 98_1938 M
86% Bale 8588
Ctfs of deposit stamped
8688
8
8236 88%
90
law F;o: 89 Sale 8712 89 99 8112 89%
go Car & Ga 1st ext 534s1929 M N 10134 10212 10112 Aug'25
Bklyn Un El 1st g 4-5s
1004 103
8112
41
8912
8713
A
F
1950
8912
Sale
Spokane Internal let g bs_ _1955
8314 8712
Stamped guar 4-59
J 8018 837 84% July'25 ---9918 102
10114
Term Aeon of St L lat g 4348_1939 A 0 9658 _ _
9514 9814 Bklyn Un Gee let cons g 5a-1945 MN 101 10112 101
9612 Sept'25 ---155 176
1932 M N 13514 ---- 176 July'25
99 1014
1st cons gold 58
10012 Aug'25 10-yr cony deb 7s
1949 F A 10058
2 1074 11088
109
Gen refund f g
9
8312
8034 -8514
1953 J .1 8312 Sale 83
let lien & ref 65 Series A1947 M N 108 109 109
9118 93%
9112 July'25
19323 D
Tex & N 0 con gold 5a
-I 9614 July'25
Buff & Susq Ironsf 55
1943J J 96%
964 99
91
84
91
91
91
1952 A 0 87
9978 10284 Bush Terminal let 48
Texas de Pac let gold 582000J D 10212 103 10134
3
10134
sal, 92
2
92
92
La Dtv B L 1st g 5el
19553 J 9014 92
99
Consol 5s
1931J J 3389 Sale I 9934
9939
9934 28
9388 99%
10
90
Tex Par-Mo Pac Ter 5346_1969 M
97 10014
b
Building 58 guar tax ex-1960 A 0 9578 Sale 95%
975*
9712 98% 978
98 10112
6
100%
Vol & Ohio Cent let gu 5s 1935 J J 10014 10034 10014 Aug'25
9984 10112 Cal G & E Corp unit& ref58_1937 MN 10018 Sale 10018
10412
9988 10014 Cal Petroleum s f g 61.46 _1933 A 0 104% Sale 1034 1044 22 100%
Western Div let g Le
1935 A 0 9814 10134 100 Sept'25
954
99
12
Sale
9212
90
0
A
9934
g
f
1st
1942
90
Bug
78
General gold be
3
97
9684
Camaguey
97
1935 J D 9634 98
1994
Ng,
11
3112 Canada SS Lines 1st coils f 78'42 M N 9934 10014 100
10014
Toledo Peoria & West 48_1917 J J 27
28
2812 Aug'25 ---36
10212
15 1004
101
J D 10038 10214 10118
9912 9978 Cent Dist Tel 1st 30-yr
Tol St L & W pr lien g 330_ _1925 J
997 May'25
85% 86
9284 9978
60-year gold 4e
1931 F A 9978 Sale 9434
99% 27
8218 87
6
8534
Cent Foundry 1st a f 68
1950 A 0
854
9798 10112
100% 30
9758 9788 Cent Leather 1st lien s f 63 1945 1 J 10088 Sale 100
Tol W V & 0cu 430 A
1931 J J 9614 ---- 9758 July'25 ---110 118
9712 Central Steel 1st g s f 83_ ___1941 MN 11312 11418 11414 Sept'25
97
Series B 4 hs
1933.1 .1 9712 ____ 9712 July'25 ---9814 101.1a
21
100
J 10078 10112 100
89% 90
Series C 4s
9058_ 90 Aug'25 --1942 M
Cb G L* Coke lat gu g 58_1937
7312 88
Tor Ham & Buff 1st g 4a
7888 84
8418 8612 Chicago Rye 1st 56
1927 F A 78 Sale 7712
1946 J D 858 -/112 8612 July'2511111
105
149
9218 Chile Copper 66 Ser A
1932 A 0 10914 Sale 108%
71
Ulster & Del let cons g 68_1928 J D 713* 73
8
71
73
10912
98% 104%
3
102
50 69
let refunding g 4a
2
50
50
51
Cincin Gee & Elec lat & ref 58 56 A 0 109 10912 102
1952 A 0 49
10012
105
3
9024 9412
103%
1967 A 0 10188
Union Pacific let g 48
10314
9212 35
1947 J J 9214 Sale 92
5tie Ser B due Jan 1
80
80
Jan'25
J
8918 93
1940
Registered
7612 - - 80
J 891*---- 8912 Aug'25
Clearfield Bit Coal let 46
877s 93
9014 90 Sept'25
110-year cony 46
9912 65
984 997 Colo F & I Co gene f 58._ _1943 F A 90
1927 J J 9914 9(12 9914
80 861z
7
98
8614
5
J J
Registered
98
98 Jan'25
Col Indus 1st & coil 58 gu_1934 F A 86 Sale 85
82 82
F A
40
let & refunding 4s
82 Feb'25
8311 90
86
Registered
e2008 M S -8834 11;1-e- 84%
10214 13 109 10214
19273 .1 1005* Sale up%
2 10378 10712 Columbia 0& E let 58
lat lieu & ref 58
10418 105 104% 10412
92008 M
199
101%
1
8
1005
8
5
100
J
104%
Sale
8
19273
1005
10314
10-year perm secured 6s__1928 J .1 10338 10334 10314
20
10334
Stamped
914 14
13% July'25
U N J RR & Can gen 48_ _1949 M 8 91%-- 93 Aug'25
114
9
(
34 iStia Col & 9th Av 1st gu g 515-1993 MS
984 9972
1-90
Utah & Nor gold 58
14 100 Aug'25 - -1926.1 J 100
Columbus Gee let gold 56_ _1932 J J 99,4 9934 9934 Sept'25 _ _
7112 7712
7134 7438 71% Aug'25
let extended 46
93% 9384 Commercial Cable 1st g 411._2397 Q
1933 .1 J 935* 9414 9358 Sept'25 ---98 101%
10014 15
86% 8714 Commercial Credit ef 65_ - _1934 M N 100 10014 100
Vandalle cons g 46 Ser A
1955 F A 8718 ---- 8714 June'25
971.1035*
36
N
M
10212
_1947
862
Sale
102
102
66_
Power
Consol 48 Series B
Commonwealth
1957 MN 87148658 Apr'25 ---865*
15 10114 104%
104
20
20
Vera Cruz & P 1st gu 4 He_ 1934 J J ____ IA 20 Sept'25 _-Computing-Tab-Ree a I 611_1941 .1 .1 10388 105 10314
9014 9218
_
J 8912 9012 92 July'25
2412 2412 Conn Ry & L 1st & ref g 414s 1951
Assenting 1st 4 Sas
_
2412 Jan'25 ---1939
89 93
2
J
Sale
J
1951
9012
90
9011
8
58
M
g
1st
1926
W
guar
&
41.41
Verdi V I
ioo"
10018 May'25
Stamped
7872 90
ao
8318
4 Cons Coal of Md 1st & ref 53_1950 J D 83 Sale 82%
9 12
99% 19001
4 100
100
Virginia Mid Series E 58_ __ _1926 M El 100 100% 100
204 10114 105
9912 101
58 Series F
1931 3 J 100 ---- 101 June'25
Canso'Gas(N Y)deb 554e 1945 F A 10304 Sale 10312 104
108
10018
17
M
10414
Sale
1943
10414
104
Genera I be
-- 10212 May'25
124 1
1936 M N
1213 Cons'd Pr & Ltg let 61.4s,
7918 924
8058 10
Va & Bouthw'n 1st gu 156_2003 J J 10098 1941 10012 July'25 -Cont Pap & Bag Mills 6)48-1944 F A 8012 Sale 7912
9278 10058
_
Sept'25
J
1936
52
10014
gu
9334
Chic
8414
of
let Wu 50-year 58
4
Gas
27
1003
0
A
89
Consumers
1958
8812 89% 89
9054 100
9714 37
95 1018* Consumers Power 181 59----1952 154 N 97 Sale 97
Virginian let 58 Series A_1961 MN 99 Sale 9812
68
99
1931 M N
905* July'24
Wabash let gold ba
9 10014 1023k Corn Prod Refg s f g 5s
1939 M N 10188 Sale 10114 10158
1022*
100
1
MN
10014
10014
1003
1934
100
9914
4
9412
1
2d gold 5s
9612
1939F A 0612 Sale 9612
1st 25-year s f bs
89
74
4
85
Ref a f 5
ser A
9738 Sale 97
9713 178
1975 M
944 997 Crown Cork & Seal 1st sf681943 F A 85 Sale 85
98
s
933
55
94
J
9414
9412
78_
J
cony
I930
94
8
937
4
933
Debenture 13 611 registered _1939 M
Sugar
Cane
Feb'25
4
3
93
.
---Cuba
102%
9812
60
99 Sale 9854
4
1
99/
8-1930 J
/
7713 83%
ID lien 50-yr g term 4e___1959 J J 8018 1i 8218 July'25 ---Cony deben stamped 81
32 107% 110
99% 10112 Cuban Am Sugar 1st coll 88_1931 M S 10718 Sale 10758 108
Del & Ch ext 1st g 56_. _1941 J ./ 101-- 10034 Aug'25
9512 98%
9712 48
8184 96
Des Moines Div let g 0 1939
86 May'25
Cuban Dom Sug lot 7SO_ _1944 MN 9738 Sale 97
J 81 -17
97 10118
9934 Sale 0084
77
0034 11
74
Om Div 1st g 3tis
7612 Sept'25 ---1941 A 0 7684 77
Cumb T dr T 1st & gen 68_1937 J
93 994
5
95
95
97
8412 89
Tol & Ch Div g 46
8712 Sept'25 ---Cuyamel Fruit 1st 66 lot ctfs '40 A 0 95
1941 al
82% 8314
77
- 8218 Aug'25
77
Warren let ref gu g 3jis___2000 F A 7777 Aug'25 ---Deny City Tramw lat con 5s 1933 A 0
5
921s 97
9413
83 8678 Den Gas & E L Ist&ref efg5s'51 M N 554 -if% 94
Wash Cent let gold 4a
1948 Q M 78 -111 8678
2
1
9234 93/
3
N
M
Sale
4
924
8
5
93
8118
3
92
21
8512
1945 F A 82
Waeh Term let gu 3%8
8314
Stamped
June'2585
815*
56
76
8438 29
895* Dery Corp(D G) 1st s f 7s...1942 M S 8312 Sale 831e
83
1st 40-year guar 48
8
83
1945 F A 894- -- 83
9984 10254
10238 13
9614 9718 97
1024 10238 10214
9534 97'2 Detroit Edison 1st con tr 58_1933 J
WMinW&NWIst gu 58_1930 F A
1
97
9912 19234
10211 14
6318 6712
131
10214 Sale 10214
67
1952 A 0 10
West Maryland let 548
148 Sale 6638
63
60
let & ref 55 Series A_July 1940 M
9758 10114
16
s 100 Sale 994
mO
100
49 A
982 10112
190
Wed N Y & Pa lert g Di
10038 Sept'25 19373 J
Gen & ref 5s Series A
4 10813
1063
7
Sale
10712
83
BJuly
7912
Gen gold 4s
Series
107%
4
1073
Aug'25
8
68
817
ref
83
8
815
&
A
1943 0
93%
86
7
87% 88
Income g Is
45
45
45 Feb'25 ---2
Apr 1 1943 Nov
3514 46
Det United 1st cons g 4348-1932
99%
94
9014 96
964 850
Western Pac let Ser A 58._1946 M
944 59
9334 944 93
Dodge Bros deb 136 lot rats_ _1941 MN 9614 Sale 96
8814
80
10
MN
84
1
8312
let
85
10212
10014
68-1942
10418 Dold (Jacob) Pack
let gold 65 Series B
83%
1946 M 8 10212 10234 10212
59 88%
19
621
2361
Weal Shore 1st 4s guar
8312
1
81
8312 Sale 8312
8614 Domlnlon Iron & Steel 58_1939 Si 6212 Sale 58
8854 97
1
921
9212
1942 3' 9212 93
795* 1025* Donner Steel 183 ref 751
Registered
6
8214
2361 J J
8214
9018 95
1926 A o 10018 101 10018 10058
95 July'25
8 100 101% du Pont(El)Powder 41.48_1936 3D 945 95
E lst 5s
Wheell119
29 10458 10758
Wheeling Div let gold 56_1928 J J 100 ---- 98% Aug'25 ---106
9834 101
105% Sale 10518
Duquesne Lt 1st & coll 6s_. _1949 J
105
104
19
v:, 9918
7738ia
99
4
Ext'n & In5pt gold 54
trust
1057
Sale
9818 995*
5341Series
1930 F A 99
13_1949
10514
10512
let coil
79 103 10578
1041
Refunding 4146 Series A1968 M
81
68
77 Sept'25
East Cuba Bug 15-yr s f g 750'37 M S 10414 Sale 104
89 954
10
RR let comet 48
921
72
784 Ed El III Bkn let con g 4s___1939 J
77% 14
1949 M $ 7712 Sale 77
9212 Sale 92
9912 103
Wilk & East 1st gU g 5e
2
6312
6134 874 Ed Elee III 1st cons g Es___1995 J
1942 3 D 6312 Sale 6314
10134 --1103 July'25 ---804 Ms
67
Win & 8 F ist gold 56
881
- 102 10334 Else Pow Corp(Germany)614*'50 M S 87 Sale 86%
10134 10312 10314 May'25
97 100
Winston-Salem S B let 48_
8412 Aug'25 99%, 98% Aug'25
86
82% 8712 Elkhorn Coal6% notes
19263 D
84
105
974
Wis Cent 50-yr let gun 4a
8
80
1048s 141
7714 8114 Empire Gee & Fuel 7145- 1937 M N 1(1414 Sale 110378
1949
80 Sale 7914
993,10012
Sup & Dul div & term let 4e'30 M N 8514 86
on,,
Isticin
8238 8714 D
h&tTr
7
11____119
5.
8514
B
M S
86
32 61
94
LIt
,
u,
--- 10012 May'25 --?as
Feldueirta
9814
88
Wor & Con East 1st 4 Ike_ .. _1943 J
825*
4
753
7
7614
93
7554 8154
Aug'25
9234 94
10092%
9614 103
3
1011
1942M 8 10012 10114 10114
INDUSTRIALS
let lien 138 Stamped
9112 944
D
199411
Miami Express coil tr g 48..1948 M
-B
86
Ser
Sept'2
as
1
85
9112
86
8712
86
85
deb
91)
9112
-year
.30
994 107
8
Max Rubber let I5-yr e f 88_1936 J
1939 J D 100 Sale 9913 100
10034 10114 1008 101
94:41142 11;271: Federated Metals if 76
5
198 115
3la 672 Fisk Rubber let s f 83
Alaska Gold M deb 6s A__1925 711
458 5
4
458
1121
11212 11312 111%
45
784 9958
1
Cony deb 6s Series B
1928M
EI
S
M
M
1
38
994
458 7% 418 July'25 ---_1
58_
g
79
1st
Tr
79
80
&
4
61s Ft Smith Lt
78'2
891s 905
Alpine-3fontan Steel 78 _1955 M
35
91
38
911 91
91
95
1
9414 947 944
Framed° Ind & Dev 20-Yr 710'42.
1 10312 10674
1928A
£mAgrloChemlet5s
106
10234 Sale 10234 10224 10
Francisco Sugar ist sf 734s _1942 M N 10514 Sale 10514
984 MA
1st ref f 730 g
94
9
4
7% 104
104 Sale 103114 10434 82
987 Sep1'2
02% Gas & El of Berg Co cons g 561949 1 D 99% 100
1 F
35
94
2 101 104
Amer Beet Bug cony deb 6519
1939 A 0 104 Sale 104
104
1008 Sale 1007
Gen Asphalt cony (Is
loos 10512
American Chain deb e I 6a_1933 A
9814 47
9058 9934 General Baking let 25-yr 66_19361J D 10518
9814 Sale 98
10478 Aug'2
83 87
Am Cot 011 debenture 58_ _1931 M N
1942 F A 87 - - 87 Sept'2
94 --- 9414
944
5
9114 9658 Gen Electric deb g 3 Sis
6 100 10311
Am Dock & Impt gu 68
1936J
1013k
10558 --- 1064
10614
5 10534 10812 Lien Refr ist f g 66 Ser J1_1952 F A 101 10112 101
92 9478
Amer Ice deb 78__July 15 1939 --- - 12114 Sale 120
107
94
1218e
7J
11 11514 123
94 Sale 9312
German Gen Else 78_Jan 15 1945
50 1008 10564
1939 AO 10012 10119 10012 10015
AmMach&Fdyef6a
105
2
10453 Sale 10418
98 10u12 Goodrich Co 645
12111
119
42
Am Republic Corp deb 68._1937 AO 9738 9712 9738
1207
97%
M
1941
4
3
7
120
8
1207
4
1203
if
bat
Rub
9112 98
Goodyear Tire &
30 10882 111
Am Eim & It 1it30-yr5,,erA 1947 AO 98 Sale 977
988 62
11098 11034 11012 III
9512 9958
10-year f deb g 85
92% 95
30
94
let M 65 series B
1947 AO 107 Sale 10678 1078
1 F A 94 Sale 9314
30
12 1035* 1081
: Gould Coupler 1st s f 6s_'. _ d_1194
9318 101
Amer Sugar Ref 15-yr 66_ _ _1937'.1 1024 Sale 102
10234
Granby Cons M113 & P con 65 A'28 M N 10013 101 101 Sept'2 -7
1
1731
93% 1008s
rill:
9734 2N
Am Telep & Teleg coil tr 48_1929 3.9 975* Sale 97%
10018 Sale 10018
100'e
Stamped
92 98
2
A 93 Sale 93
95
Convertible 45
1936 MS 91
2P N
9512 9412
96
28
193
7
9038 9714 Gray & Davis 1st cony 8176_1
____ 9712 Sept'25Sept'25_-__
89
A 9034 Sale 904
91
874 9151
20-year cony 4;4s
1933 MS 97
9438 115
Gt Cons El Power(Japan)75.1944,F
9978 10278
5
89-year coil tr ba
1013
1946 J o 101 Sale 10158
102
141 100 10214 Great Falls Power 1st if ba_1940:M N 102 10298 10134
8352 87
8
Aug'2
35-yr 6 f deb 55
86
_1952,J
1960 .9.9 96% Sale 9638
87
97
861
tot
459
48._
9412 9818 Hackensack Water
8238 851e
1943 MN 10314 Sale 10234
20-year f 5148
844 ____ 8512 Aug'25 _ _ _
1034 187 101 105
St Ry 1st 4s
Hartford
9313 23
8518 953s
Am Wet Wks & Eleo 58___ _1934 AO 9534 Sale 95%
96
391138M S 9312 Sale 9314
94
9212 98
Havana El Ry L & P gent% A1?54
.• 1 5378 Sale 5318
11
9288 97
1939
97
97
Am Writ Paper if 7-68
54
6
44
6313 isyans Klee eonsol a 58.-1952 F A 97
10414 14 103 108
Temp Interchangeable etta dep.
5228 55
53
53
12
43
6354 dershey Choc tat if g 8s_ - -1942 M N 10418 Sale 104
988g
9834
98
145
9814
1j
Sale
Anaconda Cop Min let 6s...1953 FA 10118 Sale 101
J
10112 244
98%
J
1940
ctf
99 102
lac M & con 534e Int
ma ,o.
10312 4
cs
1938 FA 10314 Sale 103
15-year cony deb 7s
-.....,
...-4
avs
Hoe(R)& Co 1st 6145 tomp_1934 A 0 10318 Sale 10212 10312 17 100% 1054
S 9918 Sale 98
'
79
904
3
Andes Cop Mln deb 7s 50% pd '43
88
8812
89
991 583
94 10018 aolland-Amer Line 65 (11a:)_1947 MN 88
7
.
91 Bale 91
98% 100
Antall&(Comp Ante) 714s -1930
914 13
9012 9412 Hudson Co Gas 1st g 58-.1940 M N 10018 ____ 10018 Bept'25 --pips 10212
A rk & Mem Bridge & Ter 58_1964 M
10158 32
9214 92g 9214
9214 76
91
9514 Humble Oil& Refining 5t415.1932 J J 10112 Sale 10115
_ Tag
Due M&v
a Due June. 8 Due July. 1 Duo August
a Option sale.
1448
BONDS.
N.Y.STOCK EXCHANGE
Week ended Sept. 18.
New York Bond Record-Continued-Page 5
Price
Friday
Sept. 18.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week ended Sept. 18.
Pries
Friday
Sept. 18.
Week's
Range or
Last Sate
RangS
macs
Jan. 1.
High
Bid
Ask Low
High No. Low Mob
dal Low
High No Low
Bid
25
91 107
97 10178 Pierce-Arrow Mot Car deb 851943 M 8 10834 Sale 10631 107
Illinois Bell Telephone Sc_ _1956 J D 10012 Sale 10014
10012 78
10258 107
9234 9634 Pierce 011 et fie__Dec 15 1931 J D 10314 106 104 Sept'25
8
Illinois Steel deb 4145
9378
1940 A 0 102 Sale 9334
9958 102%
9
9712 94
Pillsbury Fl Mills 20-yr 68_1943 A 0 10112 Sale 10112 10134
Ind Nat Gas dr 011 68
9112 July'25
91
1938 M N 90
1
97 9814
1
4 99 97/
1
4
97%
Indiana Steel let 58
1952 M N 1024 Sale 10212 10234 45 101 1041s Pleasant Val Coal let g ef 55.19283 J 98/
92 9914 Pocah Con Collieries let s f 581957 J
88 94as
1
4 9118 90 Sept'25
87/
ngersoll-Rand let As __....1935 J .1 9934
- 92 May'25
8
9912 10234
10 11
Port Arthur Can & Dk135 A.1953 F A 1011
/
4 1011
/
4 10114 10114
Interboro Metrop col] 414s_1956 A 0
- - - - 11 Apr'25
4% 712
1064 102
1053 F A 10114 10134 101 Aug'25
1st M 8s Series B
Guaranty Tr Co Otis dep_________
- - -- 44 Aug'25
964 100
1012 1012 Portland Elec Pow lst 88 B.1947 MN 9912 Sale 9834 100
14
Ott dep stpd asstd 18% sub _
_ _ 13 10% Mar'25
6938 7434 Portland Gen Elea let 58-1935 J
1
98% 100%
9914 9934 994
Interboro Rap Tran 1st 55-1966 J .1 .6938 Sale 08
9914
89% 505
9213 964
59 7312 Portland Ry lst & ref 55-.1930 M N 94% 9814 945 Sept'25
6878 824
Stamped
68 Sale 87%
8414 92
6134 80 Portland Ry Lt& P let ref 581942 F A 8714 8814 87%
10-year Se
87% 22
73 217
1932 A 0 7114 Sale 7012
94 1004
3
85 95
10-year cony 7% notes_ _ _1932 M S 9014 Sale 90
le I & ref 62 ser B
t 9834 99 99
9914
9134 143
1 10518 108
let & refund :Hs See A-1
20 67 80
Int Agri° Corp let 20-yr as 1932 MN 80 Sale 77
107
80
4
4
17
8 g 10812 107 107
8 101 108
8 6212 72 Porto Rican Am Tob 88
101
Stamped extended to 1942_.. M N 88 Sale 68
1931 MN 101 102 101
69
8234 9112 Pressed Steel Car 58
11
9214 97
95
183
95 Sale 9412
Inter Merean Marine if f 5s-1941 A 0 8578 Sale 8414
88
87% 94 Prod & Refs f Ss(with war'nt11
104 11514
i 11014 Sale 11018 Sept'25
29
33i
J D
9112
92
International Paper 58
'31
09
19473 J
110
113%
95
98
10
D
11014
11034
J
110
155
Without
attached__
11014
Ref 5 f 8e Ser A
9818
9814
Sale
warrants
98%
1955 M B
103% 10614
Int Telep & Teleg cony 53.s 1945 M S 10434 Sale 104
703 10112 10538 Pub
sesu
Seseds6s
rv Corpof N J gen 58_1959 A 0 10434 105 10434 Aug'25
105
95 997s
95
SS 10712
0912 134
99
Jurgens Works Os(f7at v1;1(.4).1947 J .1 98 Sale 98
1944 F „.
55 9878 Sale 9834
9972 10514
98
9558 101
Pub Serv Elea & Gas let 5)4s1959'4
Kansas City Pow & Lt 56_1952 M S 99/
103% 10334 10314 104
9958 40
1
4 Sale 9918
9958 105
9814 10312
27
Kansas Gas & Electric 63._1952 IN El 102 Sale 10112 102
32
1034 Sale 10312 104
ref 54.514
4!
3 10111 10412 Pub Serv El Pow & Ltg 68_26
9878 Sale 10578 10838 20 10212 10714
Kayser & Co 7e
104
1942 F A 104 Sale 104
90
103
7
1023
4 10712
Kelly-Springfield Tire 8e_ 1932 M N 102 Sale 10112 10238 71
Punta Alegre Sugar 7e
10512
10512 108 105
1937J
86% 92
90
7 82 9212 Remington Arms Os
90 Sale 8912
Keystone Telep Co 1st 5e_ _1938 J J 9012 91
901?
9134
93
99 103 Repub I & S 10-30-yr 553LA0A
934
98
N
O
9534
M
Kings County El & P g 58._.1937 A 0 10218 -- 103 Aug'25
9812
Sale
9612
47
14
8918 94
2 11412 12014
1
4
Ref & gen 514s set A__ 1953 3
Purchase money 68
91% Sale 89/
9134 21
1997 A 0 118% - - - - 11834 11834
7914 Rims Steel let 7s
8812 15
881s 90
75
1985 F A 8812 Sale 88 8
79 Sept'25
Kings County El 1st g 42_ _ _1949 F A 774 81
5712 73%
74 80
Stamped guar 42
Robbins & Myers s f 76
1949 F A 7718 7812 777 Sept'25
1952J D 5734 58 5713 Aug'25 --5 89 10114 Rochester Gas & El 78 ser 8_1948 MS 111 112 11112 11112 11 110 111,2
/
4 9834 98%
Kings County Lighting 50_1954
9834
J 981
10354 10812
8541
Gen Mtge 5%s series C_ _ _1948 M S 10313 104 10414 1044
1954.1 J 10518 107 10518 Sept'25
3 10312 1054
3 10453 109 Hoch & Pitts Coal & Iron 53-1948 M N 913
90 Aug'25 ---Kinney Co 7118
1936.1 D 10834 Sale 10834
10834
89% 9434 Rogers-Brown iron Co 7s-1942 M X 8514 67 84
Lackawanna Steel 58 A
6512
9312
1950 M S 9334 94
9418 28
6 60 531j
8518 92
984 1014 St Joe Ry Lt Ht & Pr 5e._1937 MN 9514 --- 91%
4
91%
8
Lae Gas L of St L ret&ext 58 1934 A 0 10013 Sale 10012 10012
9514 102 St Joseph Stk Yds let 4%5_1930 J J 954
9512 96
Coll & ref 5132 Series C
96 Sept'25 1
4 Sale 10018
1953 F A 100/
10034 119
9534 100 St L Rock Mt & P be stmpd.1955 J J 77% 81
Lehigh & Nav s f 414s A 1954 J .1 9558 9812 9958 Sept'25
7814
7814
1; 774 87
99% 10112 St Louis Transit Eri
Lehigh Valley Coal 1st g 50.1933 J -1 10014 Sale 10014 10014
J
A
7012
8812 Aug'25 ----I 74 8612
95
2
95 97
let 40-year int red to 4%_1933 J J - - 95
St Paul City Cable 58
8958 Sept'24
95 100
0012 0312
3912 44's
F
A
Lel Ave & P F let gu g 56_1993 M
9li
9212 215
4114 60 444 July'25
9212
Sale
Wks(Germany)711399
4
27
5
4
Liggett & Myers Tobacco 73_1944 A 0 119 120 120
4 116 120%
10812
120
5 104 109
1942 M S 10012 Sale 106
1174 117% San Antonio Pub Set Os
64_
Registered
5; 9912 104
A 01 117%
1952 J J 10112 102 10112 10178
- 17738 Aug'25
9754 10212 Sharon Steel Hoop 1st 96 see A '41 131 S 108 10612 10812 10812
17
8 10578 1074
1951F • 10118 10112 10178 102
97% 97% Sheffield Farms6%sA 0 10478 10714 106% 107
2 105 10754
Registered
F A 984 10114 9778 Aug'25
90 9554
Lorillard Co (P) 78
6 11414 11738 Sierra & San Fran Power 58194
9112 33
1944 A 0 11538 11512 115
11512
949
2 F A 9114 9134 9034
88 96
11312 115 Sinclair Cons 011 15-year 7s-1937 M S 9214 Sale 92
115 Sept'25
9212 64
Registered
A 0 114
5s_
4 9434 9812
97 9838
1st In coll tr(ls C with warr 1927 J D 10534 Sale 10534 1074 197 10434 11811
1951 F A 98
97
8238 9034
43 90% 9934
8738 37
Louisville Gee & Electric 58_1952 M N 97 Sale 9858
let lien 634e Ser B
97
1938 J D 8878 87 8634
9114 9312 Sinclair Crude Oil 3-yr Os A 1928 FA 10018 Sale 1881004 70
9914 101
_ _ 9212 9312 July'25
Louisv Ry 1st con 55
1930 J
FA 1004 Sale 10018 10018 10 190 10071
Lower Austrian Hydro-Elec Cos04
3
s
l
y
si
rs
6
Xe
n
otes
ine
B
6s
Feb
151928
_
ma 8612
85
82 88
25
let s f 6138
5
1944 le A 85% 8514 854
8518
1942 AO 85 Sale 84
99 102 Skelly 0116)4% notes
112
69 1067s 12012
Maned Sugar 7145
1942 A 0 10018 Sale 10018
100/
1
4 21
1927 A0 111 Sale 111
574 84 South Porto Rico Sugar 7s._1941 ID 10513 Sale 10518 1054 10 102 106
Manhat Ri(N Y)cons g 48_1990 A 0 6138 Sa-e 6034
8158 114
51
56
99 10218
54
2d4s
5412 Aug'25
20133 D 54
South Bell Tel & Tel lets f 661941 J J 10115 Sale 1014 10178 23
9714 10234 fewest Bell Tel 1st & ref Sc._1954 FA 10038 Sale 100
9618 101%
10012 74
Manna Electric 7s_
15
102
1942 Al N 10112 Sale 101
85 92 Southern Colo Power es__ _ _1947 J J 9814 9812 98
9314 99%
13
Manila ElecRy&LtsfS&1953M S 101 10112 89 Sept'25
99
97% 10018 Spring Val Water g As --A948 M
96% 9812
Market St Ry 70 Series A
1004 Sale 9812 10018 153
9813 Sept'25 -1940 Q
10118 106
994 101
Metr Ed 1st & ref g 811 fler 13.1952 F A 10412 Sale 10412 105
Standard Milling 1st 58
1930 MN 9958 9978 100 Sept'25
914 97 Steel & Tube gen is f 7s Ser C 1951 J J 10738 10712 0858 1074
1st & ref 58 Series C
19533 .1 95 Sale 9438
9518 10
7 105 108
9178 974
11 100 104 Sugar Estates (Oriente) 73_1942 MS 911
Metropolitan Power fie
/
4 Sale 91%
9214
19533 D 102 ____ 10118
102
5
08% 80 Superior 011 lets f 7s
90 99
Met West Side El (Chic)48-1938 F A 71
76 6878 July'25
9234 90 Sept'25 - -1929 FA-1 90
9514 9914 Syracuse Lighting let g 58_1951 ID 100
2
satti-Cont Petr let 9 s. _ _194u M 13 98/
973410034
1
4 Sale 9778
10038 10038
98/
1
4 87
8718 9314 Tema Coal Iron & RR gen 68_1951 33 10034 103 03 Sept'25
100% 103
Midvale Steel &0cony los 1938 M S 9214 Sale 91
9214 54
99% 10112 Tennessee Cop 1st cony 8s...1925 MN 9934 Sale 9934
9934 102
6111w Elee Ry & Lt cone g 58_1928 F A 100 10014 9978 100
8
9934
2
94% 9634 Tennessee Elec Power 1st 05_ 196
993810410
7
Refunding & eaten 4%6..1931 J J 9818 Sale 9618
10234 57
9618
940
7 3D 10234 Sale 02
94 100 Third Ave let ref 4s
'.1 5814 Sale 5814
32
57
13 61 584
General 58 A
1951 .1 D 99 Sale 98
99
1st 52 B
184
42
34,
4 504
1981 J D 90 Sale 89
inc
90/
1
4 23 84% 9278
s
xN
68 Y___a1960 AO 41 sale 4012
9534 104 Third
Ii 9338 95
3 935s 98
91
9358
1et&refg6sSerlesC.j953M5 100 Sale 100
Adj A y SBtase
10014 19
Ry 1et
9 Imps 110
3 9614 9934 Toledo Edison lot 7s
Milwaukee Gas Lt 1st 45
99 Sale 9872
99
1927 M
1941 MS 10834 Sale 0834 10918
9758 100% Toledo Tr Lt & Pr 5122_ _ __.119
98 10013
Montana Power let 58 A1943 J J 9912 sale 9914
99/
1
4 54
98% 14
930
7 33 9838 Sale 98
94 9812 Trenton o& El let g 63_19
98 100
Montreal Tram 1st & ref 58_1941
9834 Aug'25 -.9714 Sale 97
9714 44
940
49 MS
07 9754
P A
7813 85 Trumbull Steel deb Os
Morris & Co let of 434s
174
97 Sept'25
85
1939 3 J 85 Sale 8234
77 7718 Twenty-third St Ry ref 55_1982 J J 6014 164 81% Aug'25
70
61
Mortgage-Bone Co 45 Set 2_1988 A 0
7718 Mar'25
80 9212
95% 9712 Unis
'
3 9134 ---- 921 June'25 _ _
10-26-year As Series 3._ _1932 .1 J 9614 971
/
4 Sept'25
/
4 961
der
ssgr
me
'd es
of London 443-1933
961
4
10012
881
8
89
3
Murray Body 1st 6%a
89
Apr'25
D
9818 9834 9778
---19343
98
1948
961s 9812 Union Bag & Paper let M 83_1942 M N 9814 9814 9738
5 944 9912
Mu Fuel Gas 1st tug 5e. _1947 MN 984 ____ 9812 Aug'25
9734
97% 101
9934 102
6
Mut tin gtd bonds ext 4%-.1941 MN
UnI
101 June'25
Rs
ont &
10134 102
Elec
es4L6s
t & Pr 1st g 54_1932 M A 10158
5712
64
39
984 101
Nassau Elec guar gold 48_1951 J J 6034 Sale 5934
61
9934 Sale 9934 1003s 13
1933 ....11
m
98 9934
18 100 104
Nat Enam dr Stampg let 58_1020 J D 9978 ____ 90-2 May'25
1st g 5%5series A
1954 J J 10058 Sale 10058 101
80 9514 Union Elev Ry (Chic) 58_1945 A 0 7612 7712 7634 July'25
75 7714
National Acme 714s
1931 J D 95 Sale 9212
9514 110
86 101
9858 10112 Union 011 1st lien ii f 58_1931
2
Nat Starch 20-year deb 5e_ _1930
9934 101
9714 97
99 Sept'25
"9934
3 10258 10514
National Tube 101 5s
1952 M N 101 10134 10034 100/
1
4 15 111084 103
May 1942 F A 10312 105 10312 1037
101
9812
101
10514
10038
Newark Consol Gas 52
101
Aug'25
____ 100/
1
4 10012
1948
Tank Car
YrS8Se
ar eaulp 7s.._1930 F A
9913 102
43
10034 Sale 10038 101
New England Tel & Tel 58_1952
United Drug 20-yr 8s_Oet 151544 A 0 10334 Sale 10312 1034 19 10014 10453
98 103
3 10112 10434 United Fuel Gas let s t 8s.._1938 J J 10112 Sale 101
10112 59
NY Air Brake 1st cony 8e_1928 MN 10312 Sale 10313 10312
90 92
99 10014
23
New Orl Pub Serv 1st 5s A 1952 A 0 90
9958 9978 Sept'25
91
90
91
United Rye Inv 52 Pitts issue 1926 M N 99
89 904
99 10018
1st & ref 5s ser B
9012 90 Sept'25
19553 D 90
9934 9978 997 Sept'25
Stamped
7734 8134 17:Med Rys St L let g 48.__ _1934 i-i 8812 70 1 70
15
8378 7414
N Y Dock 50-year 1st g 48_1951 F A 80 Sale 79
70
80
91 95%
88
95
19371W
N Y Edison 1st & ref 8He A.1941 A 0 1141s Sale 11358 11418 40 112 11512 United BS Co 15-yr Os
. N.,, 9412 Sale 94%
99% 102
1024 106
10434
lst Ilen & ref Sc B
1944 A 0 101 Sale 1004 10138 251
United Stores Realty 20-yr Gs '42.
A
'
: 10358 105 ;10358
85 90%
D 10338 10334 10334 10338 18 10013 10412 U 8 Rubber lst & ref res ser A 1947 3 f 90 Sale 8914
N Y Gas El Lt & Pow 50_1048
9014 181
86 9034
10738 27 10413 108
1949F A 8834 Sale 8858
Purchase money g 48
8834 14
10-yr 733% sec notes
1930F_ A. 107 Sale 107
1004 10012 U$ Smelt
10011
8 102
18
Sale
10012
10212 10012 Apr'25
101
N Y L E&West C &RR 5%is 1942 MN
10114
cony
88_1926
r
.
Ref & M
9912 100% U 8 Steel Corp(coupon_ _ _;11983 MN 10818 Sale 10518 108
4
94 1044 10834
10014 10014
NYQElL&Pletg5e..1930F A ioo.i4 _
45 5412
103% 1064
10814 Sept'25
- - 47 July'25
151 Rys let R E de ref U....1942
If 10-80-yr Eolregistered.d1983 M. N„,
4418 -5378
4253 54
12
834 9112
88
48 Sept'25
Utah Lt& Tree 1st & ref 55._1944 A " 88 Sale 8712
Certificates of deposit
91
4% 6 Utah Power & Lt 1st 55__1944 ;
47
984
95
412 Aug'25
80-year aril Inc 56Jan 1942 A 0
0 41 9412 Sale I 944
3% 534 Etlea Elec I. & P lot
1 10034 10134
3
434 4%
418
Certificates of deposit __ _ _
_ _1950 1 '. 10112 ___ 10134 10134
2514 3258
9814 103
2978 894
91 Y Rye Corp Inc Os__ _Jan 1985 - - 2912 Sale 26
ref &5903158 1957 3 3 10034 102 10034 10034 26
63 67
3 994 10212 VUltotoicarGFuage&IlEstieset
83 ; 57 June'25
If Y & Rich Gas lst fls
1951 M N 100 102 10018 10034
1953 J. ...
1 58
73 10214
58 8814 Va-Caro Chem Igt 7s
129
102
20
60
WY State Rye let eons 4338_1962 MN 5912 Sale 4912
1947 .. 5. 101 Sale 101
25
7112 102
' 63 63
MN
63 Apr'25
Registered
Certificates of deposit
---- 10034 Sale 10034 102
68 10034
8212 97
10034
7978 8212
8212
let con 6las series B _
1982 M N 79
Certificate of deposit stmpd ---- 10034 Sale 1003
104
974
13
Stpd4
1s as
NY Steam let 25-yr 88 Set A 1947 M N 10212 Sale 10214 1024
7sto payt 40% of prin
95 99
Ws 102
9738 37
NY Telep 1st dr gen s f 434e1939 MN 974 9712 974
1947 ---- 10034 Sale 10034 102 399
98 10158
10078 Sale 10032 1011i 57
38 107% 11034
80-year debar:15188.--Feb 1949 F A 110 sale 10954 110
et( of deposit
9412 10134
1064
10812
10034 Sale 10034 10134 187
Ctf of deposit stpd
20-year refunding gold 63.1941 A 0 10738 Sale 10738 10734 74
43 89
89 228
i) 8718 8712 86
10112 10214 10112 10212 10 100 103
Niagara Falls Power 1st 5s...1932 J
7138 with & without war__1937 1---19
88
424 88
7 10334 10812
10512
Ref & gen 8s
Certife of dep without wart; ---- 87 Sale 8718
Jan 1932 A 0 10512 106 105
41 88%
8718 Sale 8818
88% 87
1
4 July'25 - - - - 1044 110
Slag Lock dr 0 Pow let 5e__1954 MN 9812 0834 109/
Certl% of dep with warrants
90 98
9712 100
Va Iron Coal & Coke Ist g ro 1949 ii13 9118 91% 9114 Sept'25 --59
99
Is & ref 51 ser A temp_ __1956 A 0 99 Sale 9814
0314
00
110%
84
1043
3
97
4
97
983
Va Ry Pow lst & ref 52
1943 J 1 9834
Refunding Os Series A_-__1958 F A 10358 104 10978 July'25 - 89 9415
89
29
89 89
vvwemere!
ttte
cK
n
he
101 Sale 10134 10212 43 96% 10212 1
Nor Amer Edison
tys
est g
7.ii
e 1193
S
toaguarglac
erorlpst ref78
49
__I952 M
2.ij S 88
92%
106
11
1003
4
89%
92
92%
Sale
25
76_1941
Warner Sugar Refits let
Secured erg Ms Set 11._1948 M 8 10334 Sale 10312 10414
J
97
91
82
7
7712 874
814 8153 81
Warner
9212 27
let
9238 Sale 91
Nor Ohio Trac & Light tle _.19471W
93 99% Wash Wat Power e f 52„...1939 .f .11
10112 10112
5
993410138
97
59
Nor States Pow 25-yr 58 A..1941 A 0 9858 Sale 9838
0314
03%
J
D
101
101
1
98 102
101%
A0
1sm pd gtd 1950
0
887
934 Jan'25
Registered
102
I 1004 10234
10112 102 102
Coal let
.1st & ref 25-yr 8is Ser B _ _ _1941 A 0 10512 Sale 10434 10634 21 103 10714
10728 107% West P
9334 100
09 4 13
4 SMI N
8
s 994 Sale gills
19
946
7s
ensnerP
ies
owD
er Sec A 58_1
10712 Jan'25
Northweern Bell T 1st 75 A_1941 A A
M 8 101334 Sale 10578 10834 17 1044 1075,
953 97
9512 Sept'25 -- 94% 98
North W T let fd g 4Hs gtd_1934
9914 Sale 9855
9914 15
9318 994
lst 55 Series E
4 108 11234
Ohio Public Service 7%5 A 1948 A 0 11178 Sale 11158 112
9858 Sale Ms
9858 14
MS 9914
3
1
91
164
7
6
em
hs
po
srearry
ies5F
5 Series E 1119
8 107% 11112
1st & ref 7s series B.. .. 1947 F A 10878 110 10834 10834
M
A O
S 10212 Sale 10212 10258
984 104
6 10012 10534
2
07
211 11
0234
19
Ohio River Edison 1st 6(1_1948 .1
10212 1027g 196
99
98
8912
8512
96
88
89
90
8
West
lst
(le
Va C & C
Old Ben Coal 1st 68
1944 F A 974 Sale
j
i 10034 Sale 10014
98 100% Western Electric deb 55_ _1194
10112 142
98 10138
91 1!: O
Ontario Power N F let 50_1943 F A 9734 10012 9934
99%
6
97
9934 Western Union coil tr cur 55_1938
994 103
100% 10138 10114 10134 28
Ontario TransmIsston 5s_
1945 M N 991 10012 9934 July'25
9554 108
973
87
92% 973s
F
istinyd
eas
7
&6rea
401 s
estate g 4548_1950 M X 974 Sale 9812
Otte Steel Se
1941 F A 10514 10534 10534 .108
89% 10112
11012 Sale 11014 11012 18 1094 112,
4
55
Ist 25-yr s f g 7448 Ser B _ _1947 F A 101 Sale 0012 101
N
S
J
99
78_1935_I
M
F
934
108
107
Sale
1077
1
88
103%
1084
38
3
78-1
19
9
83
Westinghouse
E
&
M
9812
9718
Pacific & El gen & ref 58_ _1942 J J 9678 Sale
98 100
91
70
794 8078 81 Sept'25
9918 27
Wickwire Spen Steel let
Pao Pow & Lt let&ref 20-yr de'30 F A 9938 9912 9918
994 102
4
703
8018 Sale 78
801s
, 88
Certificates of deposit
7
10114 10112 10114 10114
PaelLta Tel & Tel let 58
1937
924 10012
78
81
78
1
984 101
of deposit stamped MN 7812 80 78
1952 1W N 98 Sale 9734
Ref M 52 series A
9912 1024
S 102 Sale 10012 10234 81
m0
Willes-Overland a f 8 As_ ___1933 A
ran-Amer P & T 1st 10-yr 78 1930 F A 10538 -- 10518 10513 11 10412 107
118%
97%
103
Sale
9713
9812
44
9152
994
Wilso
R
88_1941
n
f
184
esL4sed
25-yr
s
10758
dCo
r
ltit
1057
8
Sale
N
10612
Cony I f Si
1934 M
99
91
_
93 Feb'25
0314 12
8
93 93
Park-Lex st leasehold 650-1953 I 1 93 Sale 93
96 10014
55
7812
7012 27
10-year cony s f 13e
1928 I"O 7012 Sale 8812
Pat& Paessie & El eons to 19491W B 9914 10018 99 Sept'25 _ 107
1103
4
7012
Sale
88
76
53
7012 23
to_c
y
ertacv
r
a
r
f
7o4deeposit
1091
/
4
10934
5
Peep Gee & C 1st eons if 68-1943 A 0 10912 Sale
/75.
94 100
69 Sale 68
69
15
534 77
984
6
1047 M S 98 Sale 98
Refunding gold 5s
6912 Salo 6734
6912 17
5938 741s
WissC
hess
rttlfs
eicA
ates
mso;44
desposit S1931
Philadelphia Co coil sr lie A-1944 F A 10338 10414 10358 10414 31 10158 106
9334 100
102
29 10014 10214
1941 WO 10134 Salo 10134
17
99
15-year cony deb 5%s_ _ _1938 191 S 984 Sale 981,5
100/
1
4 Salo 100
101
184 1 95'e 101
5 99 10213 Yenng'n Sheet & T20-y3 64-1948
10018
Mille& Reading C &
5a_1978 J 3 10018 10012 100
"
ot &
saki c10.1,17be
saxon
Untn
a Due Jan. d Dna Aptil
y Due Dec. s Option sale.
h 28
BOSTON STOCK EXCHANGE-Stock Record
ZOE AND LOW BALE PR10ES-PER SHARE. NOT PER CENT.
flatierdai.
Sept. 12.
Monday.
Sept. 14.
Tuesday.
Sept. 15.
Wednesday. Thursday.
Sept. 17.
Sept. 16.
I
Friday,
Sept. 18.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
1449
BONDS
•
.
Range for Pear 1925.
Lowest
Highest
PER SHARE
Rancid for Pren,re
Year 1924.
Lowest
Higbee
4 Mar 164 Erre
1
100 158 Feb 18 18434 Jan 7 145/
irculds
Rabiany
105 Boston &Al
159 159
15812 15812 158 159
7134 Aug 85 Dee
15912 15912 159 159 7._ _ 159
100 7514 Mar 17 86 Jan 2
reevated
r::
tn pEl
4 Boe
1,035
._
9
.
78.. .7
.
793s 7934 8014 8034 .
8714 Dec 964 Ma 8034 7912 80
80
4.1une 11
1
92 Jan 16 98/
8034 81
100
96
96
•
*96
96 96
'96
100 109 Mar 31 116 Sept 8 107 Dec 1168e Jae
70 Do lst pre!
--- - ---115 116
115 116
4 116
1
92 Sept 10114 Dee
115/
•____ 115 .115 115
100 94 Mar 20 102 Jan 9
220 Do 2d pref
102 102
10114102; 10112 102
812 Jan 2514 Noy
*101 102 *101 102
100 10 Apr 17 3212 kug 31
Maine
3014
2 12 16- 2,t153 Boeton &
29
4 Nor
1
30'z 2934
12 Jan 26/
35 Sept 2
24
Apr
4
4 3034 291s 3014 2814 29;
/
1
111
30/
100
pref
__
Do
31
--31
31
31
*30
June 3714 Nov
13
31
28
31
32
32
100 17 Apr 27 40 Aug
3.5 1514 1,657 Do Series A 1st pref
36
35
3312 35
371
1712 Jan 48 Nov
3712 35
29
Aug
60
27
29
3712 3712 37
Apr
pref.-100
1st
B
55
Do Series
55
55; 53 5334 55 35
54
16 Feb 41 Nov
4 5
1
55/
Apr 25 54 Aug 29
56
55
343 Do Series C 1st prof....i00 25 Apr 25 76 Aug 29
4712 4712 4612 4612
46
Jan 62 Nov
47
23
49
4812 46
*50 -___ 49
307 Do Series D 1s1 prof-100 3512 Feb 26 180 May 28
6812 6812
6614 6714 6914 70
69 69
43 Jan 172 Nov
70
70
72
72
167
100
& Providence
_*181
Boston
•181
3812 Dec
.181
May
18
____
11
*181
39
Feb
4
____
*181
320 Eaat Maas Street Ity Co_100 26 Sept
-if)- 16- -----29
2-9 *27
29
*27
127
5812 Jan 71 Dee
29
28
30
*27
100 60 July 31 71 Apr 8
60
211 Do let pref
60
58
58
60
Nov
May
6112
- 60
43
12
Jan
60
6212
26
Aug
62 *58
51
•58
100
101 Do pref B
5112 6112
55
55 .51
*51
55
28 May 4614 Dee
55 .51
*51
51
51
100 35 Sept 3 48 Mar 10
167 Do adjustment
3514 --- ___35
36
3512 3512 36
25 June 3712 Apr
40
18
*38
Any
27
44
40
May
23
*38
100
201 Maine Central
40
*31
40
40
Jan 3314 Dee
14
40
40
4 Aug 19
1
40
.36
100 28 Mar 30 39/
38
2,495 NYNHar Hartford
37
; 3628
3738 38/
4 3718 -3-73
1
62 Jae 81 Nov
3714 3754 3734 38
80 Apr 29
20 Northern New Hampshire-100 70 Feb 16 1241*
r3 --_- ..--Jan 108 Nov
80
Sept15
13
Jan
100
- 83 z____ 83
•
CoelhonkyWorcester pref-100
12414 12414 122 1-24 - •21.20 -123 123 s12
4 Jan 98 Nov
1
72/
100 96 Jan 2 111 July 7
4
2
10912
5
rwi
35
10912
ld
O
N
10912
*2109
109
109
64 Nov
109
Mar
34
109
2
109 10912
109 .109
100 4514May 1 6312 Jan
Rutland pref
4 Nov
1
Jan 93/
_
70
96 June 26
*53 -55-- 20 Vermont & Massachwiette_100 87 Feb 24
93
;AI
93
93
93
____
•294
4 Der
1
4/
1 Nov
414 Jan 7
25
Mar
212
ice___25
us
rv
e°
l9celisnSe
pneumatic
lid
4 3% 5,112 Amer
1
3/
334 4
334 4
Jan 2014 Dee
334 4
12
414
4
44
4
1612 Mar 25 2214 Sept 14
2112 2012 2012 2,987 Do pref
2112 21
21
4 Dec
1
2012 2214 2034 21
13034 Jan 2 14334June 18 121 June 134/
4 22
1
21/
°
Jar
4 14214 14134 14238 13984 14018 1,085 Amer Telephone & Thing-inn
1
5712 Oct 83
4 14214 14138 14178 141/
1
87 Aril 8
6
4 14214 141/
1
6112MaY
par
141/
No
76
7614
76
7512
Aug
79
7612
7478
Oct
76
69
20
75
Aug
4
883
76
11
7014may
*75
No par
76
_7_61_2
21 Arakea8
855
m profe fg
Do
84
80
80
80
80
84
13 Aug 16 Feb
*80
84
14 Jan 16 16 Aug 20
.80
10
Inc_
Construe.
Metal
:Art
-,:
:
-1.1_,
•16 „ _ *16
6 June 1014 Jan
•16 _- .16 _
my Aug 21 14 Sept 10
*16
No at
-ii- -1418- -14
Atlas Tack Corp
1314 1314 *1314 1334 13
134 14
Aug 31 100 Dec 108 July
1378 14
58 Hoe:on Cow GM Co pref__100 103 Jan 17 10814
Jan
107 107 '108 107
107 107
.05 Dee .20
108 108
108
•_ _
Par
True
-NO
Pet
Boston Me:
B7
4 Mar
1
2018 Dee 28/
-- .07
•_ _ _
10 20 Jan 26 29345ept 11
T)
(John
Connor
283
4
2812
284
2812
Bep.
2812
35
2812
2412 May
2938
---2912 29
29
4 Jan 30 71125ePt 12
/
977 Dominion Stores, Ltd -NO Par 281
7112
69
70
84
83
Jan 8812 Dee
*62
84
63
83 *62
83
99 June 12 99 June 12
100
Do pref A
*9212
8 Feb
*9212 ____
2 Sept
3 Jan 2
*9212 -- -- *98
4 Apr 30
/
11
10
Land
312
212
640
Boston
East
3
---.234
81 Feb
3
Oct
4
*234
634 Jan 24
*234 3
29
*234 3
July
3
5
ing
Manufactur
4
1
/
4
135 Eastern
4h 48 *418
412 412 *44 412
5514 Mar
Jan
41
4
38
4
121
pt
6212Se
*4
9
Mar
42
25
o otLines, Inc
6012 61
6112
rnlip
5,
0
0
5
7
5
9
61
p
Eastern
6112
60
Feb
40
6112
60
Jan
61
3414
6212
20
6212
6112
No Par 35 Jan 15 43 Aug
42
42
42
4212 42
8512 Jar, 93 May
4212 4212 4212 4212 42
100 89 Jan 3 100 July 20
115 lot preferred
98
Dee
98
4
1
/
98
204
98
98
Jan
•97
16312
98
211
*97
May
97
213
97
Jan
6
100 200
209142-61. 1,242 Edison Electric Illum
Dee
20014 20012 20014 201
200 201
4 Jan
1
2/
4 200 201
/
201 2011
Ws Mar 16
314July 1
10
120 Elder Mfg Co(v t .1)
5
---- ---5
5 *--5
412 5
.312 4
13 Jan 41 D-o
38 Jan 7
4
pt
2412Se
-100
Eleo
uston
oec
n-Hz
ty
i
3 0alvesto
22
*20
4 Sept
/
22
*20
21
21
23
*20
22
•20
100 11534 Feb 27 11514 Feb 27 11314 Mar 1161
Georgia
Jan
.. •12414 -.- •12414
*12414
8414 Sept 8
79 Aug 80
•12414
*12414 6%
Co.D non-cum pref _100 794 Apr 13 43 July 1
*83
- 29
4
1
/
32
Aug
par
No
3812 3712 37 -37.711- -iii4 -3-13.- _ 72-iii Gilchrist
-601
Oct
3712 38
al;
15
364 38
Sept
4
1
/
97
3612 37
2
Jan
4
1
/
57
3,644 Gillette Safety Razor NO Par
Jan
4 Nov
1
9538 9778 9812 9712 9612 9712
12/
961
95
944 95
25 11 May 12 1512June 1
30 Greenfield Tap rk Die
1312 1312 1212 1212 •1212
46 Mar 80 Dee
14
13h •13
•13
No par 52 May 6 64 July 24
Rubber
Rood
6
6
60
Nov
59
59
59
Apr
6014
5914
41
61
24
Aug
5912
61h
60
.
4 Jan 5 711s
1
Internal Cement Corp-No pa: 52/
3 Dee
70 46914 70 .2694 70
469
2 Jan 8 .10 Feb
360 International Produote-No par .12 Aug 20 1012 Jan 9 .25 Feb 14 Dee
.50 .50
.25 .25
•.10 .50
--io*::::
1 July 13
100
pref
Do
•1
112
*.50
.50
•
•____
2
112
•.50
iii
Kidd r, Peabody Acceptance
Jan 8812 Dee
80
100 8212 Jan 6 95 June 18
80 Corp Class A pref
95
81 Dee
95
4 June
_
4 Jan 7
1
9/
---*95
614 Apr 16
812
812
594
Libby. McNeill Os Libby- 10 70
81
:
812
812
Jan 71 Nov
12
8
70
84 814
4
1
81s 8/
8
7014 "'Aar 2
8
18
Mar
20
...
Insurance.
Fire
_
_
_
9
_ Lln
62
69
c n
E)
88
13
Dee
- •____ 68 •---- 68 *---- 68
9
5
Mar
s
137
Jan
Aug
11
*71
1114
25
85 Loew's Theatres
•1134 1211;
Vett
1134 12
1124 12
68 Nov 81
7712Sept 17
1218 •12
.
12
77
preitts Gas Con...100 68 Feb 3
7712 77
Massachuse
Jan
7634 77
76
76
75
62 June 70
75
9 6934 Aug 6
Jan
7512 7512 75
6312
100
6914
69
69
Apr
Dec
172
6714 6714 6714 6712 8712 69
15
160
67
Aug
195
7
Jan
67 67
167
Linotype-100
er
87
Mergenthal
•186
18612
185
18412
_..185
4_
Feb
185
185
4
1
/
17
612
15
186
Jan
Jan
4
186
1
'183 188
812 Apr 4 16/
10
734 812
8
260 Mexican Investment, Inc
19 Feb 3614 Dee
9
100 36 Jan 2 7012iune 20
115 Mississippi River Power...1
64
432
64
*62
6212 63
Jan 90 Senn
80
63
63
874 Jan 10 9412July 9
*63 65
pref
stamped
Do
50
93
93
93
4 Nov
1
5/
*292
2 Apr
___. 492
4 Jan 13
1
6/
95 *292
22
Apr
4
493
10
Leather
5
5
1.644 National
472 5
5
5
512 Alir
44 518
Dec
4h 412
.60
22
June
2
9
4
1
Feb
4 4/
1
4/
.20
et's_
Oil Ref. Co. tr
Eng.
3.50
'
114
New
.90
..50
.90
•.50
.90
'.50
I
•.25
6 Dee 3114 May
534 Apr 7 12 Sept 8
100
Do pre! (tr ottO)
___
.9
10
10
98 Dec 1164 Jan
•9 ___
_
Apr 21 x116 Sept 9
New England Telephone_100 99 Mar 18 2634May 16
11512 liWs 1-il)
*9_2112 Dec 2238 Dee
par
115i2 11-6 i 11412 11512 115 11534 115 11514 11514
19
Olympia Theatres. Ino-NO
19
Jan 2812 Dee
14
1812 1812 1812 1812 19
4July 30
1
4 Jan 16 32/
1
1 25/
;it- ii"
Orptieum Circuit, Ino
31
*30
31
*30
4 Oct 87 Feb
1
69/
31
4 Jan 13
/
iiii, If *30
100 5212June 12 811
1 5-' Pacific Mills
ii) Wi
.5812 59
58
5812 58
Jan 17 July
58
114
59
3
Apr
59
18
12
Aug
*5812 60
1514
10
10 Reece Button Hole
Jan
. 1678 2-- - 16%
3
4 May
1
2/
16 41112 __-- 4_.
234 Jan 8
1612 16
4Sept 17
/
11
•16
40 Reece Folding Machine-- 10
138' .... ____
138
184
Oct40 Feb
134 2-- 2 •2138 2
10
2
a
Dee
118
June
------ Simms Magneto
100
6
Feb
120
22
Apr
4
1
100 109/
11212 11212 iiiis ifi 532 Swift & Co
11134 113
3512 June 52 Dee
112 11234 11212 113
112 112
4 Apr 13 64 Aug 25
1
25 45/
6234 63
320 Torrington
36112 63
6134 63
64
5 Dec 10 Feb
•132
62
4 Jan 23
1
7/
621.1 6312 62
5 Sept 15
5
*314 5
Drill
312
Twist
2
1
31
Union
5
395
Jan 4334 Dee
*314
5
5
34
8
5
Sept
*314
3
4
1
/
3
4JulY 29 47
1
4 44
4412 3,740 United Shoe Mach Corp- 25 40/
/
441
4 44
1
44/
4 Nov
/
4 Feb 281
1
4 24414 4534 44
1
24/
4 46/
1
45/
4 46
1
45/
2812 Aug 8
13
2612Jan
25
2818
365 Do pref
Oct27 Jan
1914
2812 42818 2818 2818 2818 4281s 2812 28
24
28
29
Feb
26
*28
Jan
3
1912
775 Ventura Consol Oil Fields- 5
2014 2012 2012 2034 2012 21
4 Apr 20 Nov
1
13/
2012 2012 2012 201
4 Jan 3
1
2014 21
Aug 4 19/
par
1412
No
oh
,Inc,new
WaldorfSys
_
____
620
1514
1518 154 154 1538 15h 1538 1518 154 1514
4 Jan 1012 Feb
1
6/
5 Jan 15 1818June 8
205 Walth Watch CI B com-No Par
18
316
17
17 •18
17
14 June 2312 Feb
17
11
16
•14
4 Jan 3 40 June 2
1
100 17/
46 Do pref trust °Us
35
*32
34
33
35
33 .31
6212 Dec73 Feb
33
33
June 20
33
90
6
Jan
65
100
prof
10 Do prior
85
85 .82
•83
85
85
85
4 June 22 Feb
1
15/
4 July 29
/
*53---- *83
42une 2 271
; 3,125 Walworth Manufacturing- 20 163 Jan 2 5012July 7
2414 2312 2334 2312 2312 2312 -238
4 Nov
1
4 Jan 39/
1
29/
2418 2412 2418 2438 24
ao 37
4812 4914 4714 4812 4612 4712 1,265 Warren Bros
4912 4814 49
Jan
4914 49
4 Apr 41
343
49
1
10
4312July
Jan
4
1
/
37
50
41 1 •4012 42
41
43
30 Do lot prof
41 1 *41
Jan
41
42
Mar
38
2
.4012 43
Mar
46
I
ao 4012 Jan 17
44
44
0 Do 2d pref
44
44
44
*43
44
_ *43
Mining
Dec
'Adventure Consolidated_ _ - 25 15 Feb 16 25 Jan 28 .16 Dec .51
40
.15 .40 •.15 .18 •.15 .40 •.15 .40 •.15 .40 *35
.
25 10 Mar 3; 25 Jan 2 .10 June .25 Dec
Algomab Mining
312 Doe
6 June
•.10 .18 •.10 .18 •.10 .18 •.10 .20 •.10 .18 •.10 .20
3 Jan 10
May 111
1
25
_
_
_
d_
Consolidate
1
1
1
Arcadian
1
1
1
1
lls
•I
1
1
912 ,Mar 281 1538 Feb 8
8 Jan 10 Dee
5
.o. Arizona Commercial
1338 144 .134 144 1314 1418 1312 134 --2:48
4 Dee
1
1312 1318 1414
14 June 31/
13
10 2814 July 11 49 Sept 17
4834 14,950 Bingham Mines
47
49
46
134 May In
Jan 2
447s 4612 444 4514 4333 4514 4312 46
1878
8June
8
123
25
Hecla
1618
&
1514 9,945 Calumet
1538 .15
Felt
3
Nov
.37
1514 1512 1518 1538 151 1538 1514 1538
4
Aug
93
51
May
1 .20
3.45 .80 •.45 .60 •.45 .60 •.45 .60 2,234 Carson Hill Gold
4 Dec
1
.65 .65 '
.60 .60
1812 June 33/
25 1834June 18 33 Jan 10
2114 21,44
22
21
Copper Range Co
2112 22
2112 2214 2112 22
2114 22
6 .30 Dec .70 Mat
Feb
78
6'
July
.02
1
Copper
.05
405 _ _
_ __
.05
3,000 Davis-Daly
4 Der
1
6/
.05
4 July
1
3/
.06 .06
614 Jan 2
3 June 5
414
4
225 East Butte Copper Mining_ 10
44 414
Jac
I
12
378 414
412
44 43*
412
4
4 Jan 24 .40 May
/
11
25 .40 Jan 7
.90 .90 1,881 Franklin
114
.80
.85 .85
1
Jan
2
.80 .80 '3.85
1
Oct
'.85
.30
6
Feb
4
/
11
13
June
.50
25
Consolidated
114
114
'.75
175
.75
Hancock
•
3.75
.
114
114
J111)
3.75
'
2812
.75
Dee
.75
1912
114
•.50
1512July 6 23 Jan 24
1
2012 20
20
Hardy Coal Co
214 Dee
2012 2034 2012 2012 2014 2014 2018 2014 20
31v Feb 5 .30 May
4 Jan 6
/
11
25
590 Helvetia
134
.134 214
I 4 *134 214 .134 214
*17s 2
2
2
9414 Apr 142 Nov
1 121 Mar 28 14934Sept 1
Coal
150
Creek
•149
149
•14812
149
14812
135
14814
Inland
14812
149
148
148
90 June 100 Sept
148
Aug 28
99
27
ay
1
9414M
98
*97
pref
99
*97
185 Do
99
99 •97
4 Dec
1
99
99
*97
12 June 22/
4 Apr 22 2012 Jan 7
1
9/
25
1312
1318 1318 •13
1314
10 lale Royal Copper
134 13
1312 13
13
14
4 Feb
1
2/
13
4 Mar
/
11
5 .90 Aug 19 11616 Feb 4
118
118 •1
14
Oa
118 .3.95
920 Kerr Lake
14 .3.95
1.14 Nov
118 •.95
*.95
Jan
.50
19
112June
29
June
25
.80
Copper
.65 .65
114
20 KoweenaW
114 •.75
184 •.75
.75 .75 .3.75
14 Dec
3
Apr
114
.90
2
•.75
Jan
8
11
1 Apr
25
112
112 •114
165 Lake Copper Co
14 114
114
112
8 Dee
112 *114
112 •114
*114
234 Jan 10 .70 June
Ilskday 14
25
112 *112 2
112
50 La Salle Copper
•134 2
*14 2
234 Dec
•134 2
Oct
4
11
••134 2
13
Jan
4
23
23
1Apr
4
/
11
6
278
238 •2
32
50 Mason Valley Mine
234 •2
23* '
2 , .2
2
4 Al*
1
1/
Jan
.95 .95
114 Jan 2 .50
25 40 May 14
.55 .70
.65 .75 •.70
120 Maas Consolidated
1 ' •.50 .75
1
•.75
1
• 1
5 July
80 Apr
3 Jan 2
Apr 4
1
25
Colony--Old
Mayflower
112
8
112
13
3
/
112
13
635
112
112 112
Dee
134 134
2312 June 31
114 138
25 2512June 9 41 Jan 18
3212 324 3218 3218
3212 3212 3212 33
356 Mohawk
314 33
Ws Dee
34
1612 Jan
33
Jan 2
5 18 Mar 30 25 Feb
1912 1938 1912 19i2 19i2 lora
395 New Cornelia Copper
4 497
1
2/
18 .40 Dee
1934 2014 1912 20
.86
2
July
.10
Copper
2b
,
";.
Dominion
.30
.30
.20
•
30
30 •20
25 .20
505 New
40 Idar
30 .20
35 June
*15
100 25 Apr 2 31 Aug 28
30
30
30
2912
------ New River Company
30
5712 Dec 75 Mar
100 40 June 30 65 Aug 31
64
64 *259
64
64
Do pref
64
66
6/
4 Dee
1
65 459
534 Jan
1.0
Jan
4.:59
4
61
3
July
8
43
5
434 4/
434 44
434 434
4
1
55 Nipissing Mince
434 434
438 434
888 J1117
lh Oct
• 438 434
314 Jan 14
15 .89 June 5
III
138
188
138
114
14
485 North Butte
112
112
13s
138
112
1 Nov
112
114 Jan 10 .40 June
22
Apr
35
25
3.55
'
.75
.75
•.55
•.55
.75
.53 .53
965 0,11bway M111189
Jan 284 Dee
15
*.50 .90 •.55 .90
25 17101010 9 27 Jan 10
2112 2112 2112 2112
21
21
26 Old Dominion Co
511 Feb
4 Jan
1
3/
2014 2014 2012 2012 2012 21
64 Aug 24
4 May 19
468 Park City kilning & Smelt_ 5 1012June
1512 31.612
1034 July
18
Sept
16h
18
par
Co_No
1614
Pocahontas
16
167k
1612
151 16
18
Pd Crk
BA
Dee
June
14
151* 147 15*2 16
"ii
10
Jan
8912
22
Apr
25 19
26
2614 2534 2634 *25
26
2512 26
26,534 Quincy
26 June 49 Dee
2512 2612 2512 26
4 Apr 21 48 Jan 12
1
25 28/
3614 •35
3634 36
36
36
354 36
439 St Mary's Mineral Land
•3511 36
4 Sept
/
11
37
36
Jan 9 .80 Apr
112
1
May
.50
10
.60 .60 '.55 .85
.55 .75
633 Shannon
.60 .65 •.55 .75'
25 July 75 Dee
.62 .82
26
75 • 25 .75 •.25 .75 •.25 .75
316 South Lake
21s Dee
• 25 .75 •25
2 Jan 5 .26 Aug
May 13
11
138
138
114 •114
112 *14
7 6 •114
lh 1/
Superior de Boston Copper- 10 .70
4 Dee
1
3/
174 June
23
138
13s
Jan
8716
2
Jan
4
1
/
3
5
678 7
6% 678
64 718
6e 7
Utah-Apex Mining
0e 7
67s 7
1 .40 July 7 98 Jan 29 .14 June .70 July
Tunnel
.50
.45
.48
.98
.43
&
.50
.50
45
Metal
•
55
.50
12,910 Utah
Aug
Apr
1
.60 .53
.15
31
Jae
114
3
Aug
25
.25
.40 .40 31.100 Victoria
.40 .40
3.40 .60 •.40 .60
60 '
'.40 .60 •.40
25 .16 Aug 17 48 Jan 7 .13 Feb .71 July
.25 .25
3.20 .30
.18 .18 '.20 .30 '
209 Winona
.20 .20 .3.20 .30
.21 Feb 11 .10 July .28 July
14
Apr
25
.05
_
.75
.75
•a
159 Wrandot
75 •a____ .75
16%
493
3?
•BI8 and asked Wines. no sales on this day. s Ex-eighte
S Ex-div. and rights. s Ex-div . 0 Ex-atock div. a Assessment paid. p Price on new baste.
1450
THE CHRONICLE
Quotations of Sundry Securities
[Vol. 121.
Outside Stock Exchanges
MI bond prices ere "and interest" except where marked "f."
Standard 011 Stocks Par Bid. Mk•
Railroad Equipments Per
Basta
Boston Bond Record -Transactions in bonds at Boston
Anglo-American 011 newigl ;22
0018 2214 Atlantic Coast Line 68
5.25 5.00
Atlantic Refining
101
Equipment6 4512
5.05 4.85 Stock Exchange Sept. 12 to Sept 18, both inclusive:
Preferred
100 11512 11614 Baltimore dc Ohio Bs
5.35 5.10
Friday
Borne Scrymser Co
100 230 240
Equipment
5.05 4.50
Last Week's Range Sales
Buckeye Pipe Line Co__ _ 60 *5812 5712 Buff Roch & 434e & Ss__
Range Since Jan. 1.
Pitt.
5.25
equip
5.00
86_
Sale
of Prices.
Cheoebrough Mfg new
for
25 *83
64 Canadian Pacific 435s & 6A
5.00 4.70
BondsPrice. Low. High. Week.
Preferred
100 *11112 113 CentralRR of N J 6s
Low.
High.
5.20
5.00
Continental Oil new.... 25 *2338 2312 Chesapeake &
5.40 5.10 Amer Tel dr Tel 4s_ _1929
Ohio 138
9734 9744 52,000 9642 Jan 9754 Sept
Rights
•83c. 850
Equipment 640
5.10 4.85 Atl Gulf& W I SS L 551959 78
Crescent Pipe Line Co__ 50 *18
1612
Jan 7834 Sept
Equipment be
5.05 4.80 Chic J unc Ry &I3 Y 45 1940 8634 7754 7834 60,000 63
Cumberland Pipe Llne_100 142 145 Chicago
8554 8834 5.000 84
Feb 8634 MaY
Burl & Quincy 133- 5.25 5.00
5s
1940 9934 9945 99% 13,000 96
Eureka Pipe Line Co_ _ _ _100 *7012 7112 Chicago &
Feb 100
Sent
Eastern Ill 534.- 5.50 5.15 Crew Let/15k 135 1928 w I_ __ _ _____ 97%
Galena Signal 011 com__ _100 35
9734 10.000 9745 July 9834 Aug
3612 Chicago & North West 6,.
5.40 5.15 EastMassStRRSerA440'48
Preferred old
65
100 108 112
65
1,000' 64
Jan 72
Feb
Equipment634a
5.10 4.85 Hood Rubber 75
1938
Preferred new
10434
12,000
10134 Jan 106
10434
July
100 101 105 Chic R I & Pao 445s & 585.10 4.75 Mass Gas 4348
Humble Oil& Ref new
1931
9634 9634 3,000 9434 Jan 9734 June
25 *60% 8112
Equipment 6.
5.50
5.25
Miss River Power 59.._1951
IMnois Pipe Line
98
99
2,500 9634 Jan 100 June
140 Colorado & Southern 65_
5.50 5.15 New England Tel 5a...1932 99
Imperial 011
10045 10045 4.000 9934 Jan 10154 Aug
135
22
'
Delaware & Hudson 138
5.25 5.00 PC Pocah Co deb 75-1935 115
New when lamed
105%
115
t 31
47.000
Sept
101
Aug 115
3112 Erie 435s & 5a
5.25 5.00 Swift dr Co 55
Indiana Pipe Line Co_ 50 *67
1944 9934 9944 100
9,500 9734 Jan 10034 June
68
Equipment S.
5.60 5.25 Western Tel & Tel 55-1932 9934
International Petroleum_() *2614 2612 Great Northern
100 100
10,000 9945 Jan 100% June
5.10
5.35
IN
WInkarlra <inanin, tat Is '35 65
Magnolia Petroleum____100 140 141
65
65
1.000 83
Ana 79% mar
Equipment 5s
5.10 4.80
Rational Transit Co_12.50 *20 2014 Hocking
5.10 4.85
Valley 68
New York Transit Co___100 5412 55
Equipment
66
Cincinnati Stock Exchange.-For this week's record of
Northern Pipe Line Co--100 78 80 (Innate
Central 435s & 54
4..10
95 5
7
5
4..4
Olilo Oil new
25 *6212 6278
Equipment 6s
5.25 5.00 transactions on the Cincinnati Stock Exchange see page 1428.
Penn Mex Fuel Co
24
25 *23
7
Equipment
5:820
0
05 4
5.50
& 6)46„
Prairie OH & Gas new__ _ 25 *4714 4712 Kanawha
dr Michigan 6,....
Philadelphia Stock Exchange.-Record of transactions
Prairie Pipe Line new.. _100 12412 125
Equipment4455
5.20 5.00
Solar Refining
100 215 220
Kansas City Southern 535s_ 5.35 5.00 at Philadelphia Stock Exchange, Sept. 12 to Sept. 18,both
Southern Pipe Line Co_0
) 7812 77
Louisville & Nashville 135.
5.25 5.00 inclusive, compiled from official sales lists:
South Penn OH
157 159
Equipment 845s
5.00 4.80
Southwest Pa Pipe Lines 100 *60
62
Fr may
Michigan Central Re & 68- - _ 5.
5.
.00
75
.3
20
5 4
dales
Standard 011 (California) 25 *5314 5312 Minn
Last Week's Range for
St P&SSM 435s & 58
Range Since Jan. 1.
Standard Oil (Indiana)._ 25 *6178 62
Sale
Equipment 634s & 78_ _ -- 5.35 5.05
of Prices.
Week.
Standard Oil (Kansas)._ 25 *31
Stocks3112 Missouri Kansas & Texas 68
Par. Price. Low. High. Shares.
Low.
High.
Standard 011 (Kentucky) 25 *129 130
Missouri Pacific 6s & 6455.
35
60
5 5..2
5..8
Standard 011 (Nebraska) 100 235 240
Mobile & Ohio 434a & 5s10
55
.65 Alliance Insurance
48
5:05 4.80
55
20 3745 Jan 60 June
Standard 011 of New Jar_
40
Amer Elec Pow Co pref-100 102
slew York Central 4448 & 58
102 102%
42 96
Jan 10434 Apr
Preferred
117
American Milling
10
Equipment es
1045 1014
10 10
July 12
Feb
Standard Oil of New York 25 *41
r
4112
Equipment 7it
5.81 American Storm
5.2
05 4
5
7934 83
13,882 4534 Jan 8844 July
Standard OH (Ohlo)......100 352 354
Norfolk & Western 4456...- 4
100 142
4.90
60 Brill(J G)Co
131 147
5.180 4
4,291 95
Mar 147
Sept
Preferred
100 116 118
Cambria
Northern
Iron
50
Pacific 7s
39
40
247 38
Mar 40
Jan
Swan & Finch
100 18
1812 Pacific Fruit Express 75.-Catawissa 1s1 pref
50
423.4 4214
21 42
Aug 4334 Jan
Union Tank Car Co
100 125 128
2d preferred
'ennsylvania RR eq 55 de 85 5..2
SO
75
5
4335 4334
10
0 4..8
40 4334 Apr 4334 Sept
Preferred
100 115 11812 Pitts dr Lake Erie 6345
Eisenlohr (Otto)
100 15
1434 1544 8,025
935 July
1534 Sept
Vacuum Oil new
. 25 *86
87
Preferred
100
Equipment 65
'2
85
5
4.
10
0 5
5..5
59
90
140 8034 June 90
Sept
Washington 011
10 *30
35 Reading Co 435s dr 55
80
0 Electric Storage Batt'Y-100
85
5 4:6
8734 7045
4
5.1
430 6134 Apr 7034 Feb
Other Oil Stocks
Fire As.soclatIon
St Louis dr San Francisco 58.
50 275
275 275
65 227
Jan 280
Mar
Atlantic Lobo, Oil
(5) *2
218 Seaboard Air Line 5345 dr 6s.
Giant Portland Cement_50
3534
3645
137
1744 Jan 3845 Sept
Preferred
50 *312 334 Southern Pacific Co 4455
Preferred
50
5
55
4 25
60
5 5..6
5
4..8
56
333 46
Jan
58
Sept
Gulf 011 new
25 *7334 7412
Equipment 7s
.0
05
5 4.80 Insurance Co of N A _ _ _.10 5454 5356 55
5.
1,282 4634 Feb 70
Jan
mountain Producers
10 *2014 2012 Southern Ry 434s & Si....
Keystone Telephone---50
7
7
7
110
6
Jan
934 June
Mexican Eagle 011
5 *412 512
Preferred
Equipments.
50
30
5..4
50 5.10
5
30
16 20
Apr
35
June
National Fuel Gas
100 119 120 Toledo & Ohio Central
Lake Superior Corp--_100
334
334 334
***
3
Be
Aug
734 Feb
Salt Creek Cone OH
10 *612 634
50 9634 95
5.00 4.80 Lehigh Navigation
9745 2,850 8034 Mar 110 June
'
Salt Creek Producers... 10 2514 2512 Union Pacific?,
Lit Brothers
10 2434 2344 2434 4,070 2134 May 25 June
Public Utilities
Minehill dr Schuyl Hay_ -50
Tobacco
5034
51
Stock.
72 5044 July 53
Amer Gm & Elec new -AO *7612
July
North Pennsylvania_ _50
89
78 American Cigar common 100 86
80% 8035
5 80
Jan
Aug 82
8% pre: new
92
(5) *90
Penn Cent Light de Pow...*
Preferred
97
8834 8834
100 95
37 60
Jan 7034 Aug
Deb 6s 2014
M&N 97
98 Amer Machine & Fdry_-100 175 185
Pennsylvania RR'
50
4834 4934 19,501 4234 Apr 4944 Sept
Amer Light & Trao com_100 231 233 British
Pennsylvania Salt Mfg..50 74
26
-Amer Tobao ord. £1 *25
72
74
95 70 May 8554 Jan
Preferred
100 100 102
Penn Traffic
Bearer
234
26
154 134
LI *25
100
15-4 Sept
234 Apr
Amer Power & Lt common__ 56
57 Imperial Tob of GB & Irerd 24
Phlla Electric of Pa
25 4734 46
25
4734 28,615 3754 Apr 4934 Aug
Preferred
100 92
93 lot Cigar Machinery_-100 77
ss Philo, Insulated Wire_ -•
50
50
40 46
Sept
May 50
Deb 85 2016
M&S 9512 9612 Johnson Tin Foil & Met-100 60
Phlla
Rapid
Transit-50
80
4854
4945
Mar
1,210 40
Jan 51
Amer Public UM corn..., 100 95 100 MacAndrew
P Sr R Coal & Iron
42% 44
s de Forbes-100 157 160
150 3834 May 52
Jan
7% prior preferred-_100 89
92
Philadelphia Traction-50
Preferred
57
58
100 100 103
53 57
Apr 6334 Mar
4% partIc pref
100 80
85 Mengel Co
Phila
&
1434
50
Western
1444
65
1445
150 1434 July
100 63
1845 Jan
Associated Gas & El pf (5) *51
53 Porto Rican-Amer Tob-100 50
Preferred
50 3634 3634 3845
60
227 3545 Jan 37
Mar
Secured g 6455 1954 J&J 103 105
Scott Paper Co pref- -100
Universal Leaf Tob 0010_100 48
51
98
98
28 96
Jan 9834 May
Blackstone VaiG&E corn 50 *90
Tonopah Mining
93
Prefereed
1
4 1-16 4% 5,810
100 98 100
13.6 Mar
534 Aug
Carolina Pow & Lt coin__ 400 425 Young
Union Traction
50 39
3834 39
(.1 13) Co
100 124 128
830 3834 Sept 44
Mar
Met Service common...20 *3812 39
United Gas Impt
50
Prefereed
96% 98% 6,464 7934 Mar 10054 Aug
100 105 110
Preferred
100 84
West Jersey & Sea Shore_50 44
8412
43
44
564
3145
June
48
Aug
Preferred B
10 *77k 818 Rubber Stocks (Closeland)
Westmoreland Coal
50 51
51
51
40 4134 Aug 57
Jan
Preferred B-B
100 80
8012 Am Tire & Rub corn
York Railways pref
50
8
3634 3645
15 3535 Feb 38
Aug
Cltlee Service Bankers Shares *19%
Preferred
Bonds35
Com'w*Ith Pow Corp new(t) *35 -3.ii - Firestone
Amer Gas & Elec 55_ _2007
90
Tire
140
&
92
corn
Rub
10
54,900
•129
87
Apr 94 June
Preferred
100 82
84
Elm & Peoples tr ctfs 45'45
8% Preferred
81
6134 29,000 57 June 65
100 9912 100
Mar
Elec Bond & Share pref _100 10312 105
7% preferred
Keystone Telep 1st 55_1935 98
9034 98
15,000 8234 June 98
100 99 100
Sept
Elec Bond & Sh Secur ____ *6712
General Tire & Rub corn. 50 •310 350
Lehigh
6812
'54
414a
C
cons
&
N
9534 9534 3,000 9544 Sett 101
June
Elea Ry Securities
(5) *15
1812
Preferred
Leh VatTran ref dic Imp 55'80 .79
78
79
8,000 78
100 10114 104
Sept 8045 Mar
Lehigh Power Securities-(1) *149 152 Goodyear
3612 3712 Peoples Pass tr ctfs 45_1943 6254 6234 83
Tire
7,000 6254 Sept 70
Jan
Missimitild Rh,Pow corn 100 82 64 Goody'r T & R& R com.100
1949
Phila Co lat 5s
104 104
of Can pf 100 793 1,000 10334 June 104
Sept
Preferred
100 92
94
Mason Tire & Rub corn-(t)
Cons & coll trust 55_1951 9454 9454 9434 1,000 9354 Jan 96
27s
Mar
First notge 5s 1951
J&J 9812 9912
Preferred
_1951
red_
94
Sind
fd
&
sk
94
100
16
1,000 9354 Jan 9834 Sept
14
13 F g deb 75 1935__M&N 102 103 Miller
Igo 10044 10014 10034 8,000 99
Rubber
Phila Elea 53
100 20112 215
Mar 10334 June
Rat Power .1 Lt com.„(5) *370 372
Preferred
1988 101% 10134 10144 17.000 100
lst 5s
100 104 105
Aug 10334 June
Preferred
(I) *99 101
Mohawk Rubber
10534
1947
544s
1051.6 6,000 10334 Jan 107 June
40
100 30
Income 7e 1972
J&J 10112 103
1053 106
Preferred
10544 106
5455
15,000 10434 Feb 1075-4 May
75
78
North States Pow com_100 122 124 Selberling
Tire
&
10845
1941
Rubber
10634
(t)
16,000
106
*2514 26
Jan 108% June
Preferred
100 100
Preferred
West Phil Pam 5s.. _ _1926
99
99
1.000 99
100
Nor Texas Elec Co com_100 40 ___
Aug 99
Aug
60 Swinehart Tire & R com-100 9912
12
Preferred
100 50
•
No
value.
par
60
Preferred
100
Pacific Gas& El let pref_100 96 98
Power Securities com
Baltimore Stock Exchange.-Record of transactions at
(2) *15
18
Sugar Stocks
Second preferred
(2) *28
32 Caracas Sugar
Baltimore Stock Exchange Sept. 12 to Sept. 18 both in..
50 *2
312
Coll trust 13a 1949-_J&D *91
94 Cent Aguirre Sugar cont. 20
--- Income@ June 1949-F&A *81
*89 91
elusive, compiled from official sales lists:
Fajardo Sugar
84
100
Puget Sound Pow & Lt-_100 52
55
Federal Sugar Ref com_100 128 128
Friday
55
Sales
NE, preferred
100 84
88
Preferred
100
Last Week's Range for
00
7% preferred
Range Since Jan. 1.
100 d10812 10812 Godchaux Sugar, Inc (2)
Sale
of Prices.
10
Week.
1st dr ref 5345 1949.-J&D 9812 100
Preferred
100
StocksPar. Price. Low. High. Shares.
41
Republic Ry & Light-100 63 65 Holly Sugar
Low.
High.
Corp com (2) 36
*38 40
Preferred
100 80
83
Preferred
100 90
Amer Wholesale pref-100
100 100
93
South Calif Edison com_100 122 123 Juncos Central
75 99% Jan 100
Sent
Sugar_ _ _100 105 120
44
Armstrong-C
pref
44
8% preferred
8% D
25 36
100
Apr 57
100 128
Jan
National Sugar
Arundel Corp new stock-• 3454 34% 35
1,482 2034 Mar 3945 July
Standard G&EI 7% pr p8100 99 1-0-1- - New Niquero Reflning_100 104 105
Sugar..._100
Allan Coast L (Conn).-50
208
208
25
Tennessee Elec Power -(5) *60
90
160
85
Jan 208
Sept
Santa Cecilia Sus Corp pf100
Baltimore
10
Brick
100
10
4
225
Second preferred
8
1
Jan ION Sept
(2) •80
Savannah Sugar corn_
Balt Electric pref
4454 4434
50
100 42
Western Power Corp..-- _100 7412 7411
*123 126
Feb 4434 Sept
Preferred
100
Baltimore Trust Co
50 13734 135 13734
479 11134 Feb 140
Preferred
100 95
Aug
98 Sugar Estates Oriente Pf-100 106 109
20
100
20
Tube
West Missouri Pr 7% pfr -- 94
75 19
ao 80 Baltimore
May 32
Jan
97
100 50
Preferred
50
50
5 50
July 70
Jan
industrIal&Miscall
*
Beneach
(I),
3934
40
corn
73 3845 Jan 40
Short Term Securities
American Hardware...AO° 95 96
May
25
27
27
Preferred
Anaconda Cop Min 8e'29J&J 10278 0338 Babcock & Wilcox
22 25
July 2734 AMC
100 145 147
Central Fire, Inc
10 40% 4035 4045
125 34
Chic R I & Pax 5s 1929 J&J 9938 9934 Bliss(E W)Co
*23 25
July
Jan 41
new
a) *53
Ch & Po Tel of Balt pf.100 11434 114 11434
15 11034 Jan 11434 June
Federal Sue Ref 85'33.M&N 94
58
96
Preferred
ao 4%2 84 Commercial Credit
• 36
33
37
5,227 2234 Mar 37
Hocking Valley fre 1928 MMS 10014 100114 Borden Company
Sept
oom
(t)
25
25
Preferred
26%
265-4
529 24
K 0 Term Ry 6 Ns__ __1926 101
Apr 2854 Sept
011i.
Preferred
100 107 110
Preferred B
25 2834 23% 2845
211 2334 Sept 2856 J1113,
Lehigh Pow Sec Oa '21.FAA 101 10112 Celluloid Company
28
100 25
60
Commerce Trust
100
60
40 5745 Mar 80
Missouri Pacific 55 '27 J&J 100% 10038
Feb
74
Preferred
100 67
Consol
Gas, EL & Pow._• 4345 43
44
681 32
Sloss-Sheff 541 6s '29 FAA 10214 103 Childs Company pref
Jan 4734 Aug
100 115 117
100 108
845% preferred
10756 10945
18 105
WI,Cent 5125 Apr 15 '27 _- 10012 100% Hercules Powder
Apr 11034 June
100 122 128
112
preferred
100
112
112
7%
30 109
iciest Stk Land BA Bends
Mar 114
Preferred
Sept
100 110 112
125 12534
100
8% preferred
35 122
Chic Jt Stk Ld Bk 54_1951 10214 10334 International Sliver pref_100 2106 110
Mar 12734 May
Consolidation Coal_ _ _ _100 52
51
52
295 36
5s 1952 opt 1932
Jan
May 72
10214 104
Lehigh Valley Coal Sales 50 82 84
Continental
240
Trust
222
100
240
56 201
Jan 240
58 1963 opt 1933
Sept
103 buts Phelps Dodge Corp
100 120 123
Eastern Rolling Mill
12034 127
•
28
103
53.4s 1951 opt 1031
Apr
140
Aug
Royal
106
143
Baking
140
10414
Pow com_100
8% preferred
125 125
100
50 111
1%. 1952 opt 1932
Apr 140
10112 10314
Aug
Preferred
100 100 102
Fidelity & Deposit
50 10556 105 108
68 89
435s 1952 opt 1932
Sept
Jan 106
10014 0134 Singer Manufacturing
100 318 323
Fin Co of Amer pref
2734
25
2754
2734
20
28
Apr 2754 Sept
4355 1984 opt 1934
10034 0078
20
Class
Finance
20
10
Service,
A
2034
135 1834 Jan 22
gNs 1583 opt 1933
July
10134 0314
Preferred
10 _ ..
1034 1034
11
9
July
Pao Coast of Portland. Ore__
Jan 11
Ga So & Fla 2d pref _ _ _100
12654 128
23 67
54 1955 opt 1935-- MAN 103'4 0314
Jan 128
Beni
Houston
83
Oil pref tr 505_100
8545
260 78
Apr 97
Jan
fei 1954 op 1934- MAN 10134 0231
Manufacturers Finance_25 5834 5731 5835
357 5035 July 60
Aug
•Per ,hare. t No par vale. S Basis d Purchmer also pays accrued dividends.
1st preferred
25 22
2254 233.4
156 22 June 25
Jan
e New stock. IFIat price. k Lart gale. n Nominal. z Es-dividend. v Sx-fignl8
2d preferred
25
2334 25
147 32 June 2554 Aug
9R 0714 971.4 973f
• Elx-stock dividend. ,Sale price. r Canadian quotation. e Ex-Interest.
135 6214 Aor 100
JU19
* 12
,i18 ilg';84
Fi
SEPN. 19 1925.]
THE CHRONICLE
Friday
Sales
Lail Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Merch & Min Tr Co__ _100
170 170
Mtge & Acceptance Corp_• 1734 17
1716
50
4334 43%
Preferred
Mt V-Woodb Mills v t r 100 12
13
12
100
Preferred v t r
68
68%
51% 54
New Amsterd'm Cas Co 10 54
Northern Central
50
79
79
Penns Water St Power_100
160 162%
• 19
19
19
Silica Gel Corp
United Ry & Electric_ __50 2031 18% 204
U S Fidelity & Guar_ _50
211 211
Wash Bait & Annan_ _50
16
1734
50
Preferred
22
22
BondsBernhelmer-Leader 75_1943 1034 1034 104
99% 9935
Central Ry Cons 58..1932
100 1004
Commercial Credit 65_1934 100
97
974
Consol G El & P 443_1935
9234 92%
Consol Coal ref 4348._1934
Elkhorn Coal Corp 613_1925 99% 9934 99%
100 100
Ga Sou & Florida 58_ _1945
95% 95%
Md Electric Ry 1st 58_1931
IGO 100
North Central Ser A 581926
100% 100%
Stand Gas Equip 1st 6s'29
1949 6934 6834 694
United RI 43
1949 51% 5031 5154
Income 48
1936
70% 714
Funding 55
1927 98
98
98
6% Notes
95
68, when issued_ _1949 96
96
71 14 79
Wash Balt & Annan 58 1941
•No par value.
Range Since Jan. 1.
Low.
6 115
249 13%
16 4334
94
157
453 55
97 424
31 764
30 12616
100 12
4,122 154
45 179
534
300
300 11
$4.500 994
1.000 99
3,600 98%
5,000 9316
1,000 8916
974
19,00
2,000 97%
95
2,00
2,000 100
5,000 100
61,000 67%
30,000 49
1.500 69
15,000 97%
5,000 93
35,000 58
High.
Jan 170
Jan
1854
Jan 45
Apr 15
Mar 684
Jan 56
Jan 814
Jan 185
May 22
Apr 204
Jan 215
Apr 174
May 23
Jan
Mar
Apr
Mar
Aug
June
Mar
may
July
Jan
Sep
Apr
Apr
July
Apr
An
Sept
June
Jan
Jan
Sept
July
June
Aug
Jan
Sept
July
Sept
June
1044 Sept
994 Mar
101
June
9734 July
98
Feb
100
Jan
100
Sept
974 Mar
10036 June
100% Sept
71
June
62% Jan
74
Jan
9934 Jan
98% Jan
74% SIn't
of transactions at
Pittsburgh Stock Exchange Sept. 12 to Sept. 18, both inclusive, compiled from official sales lists:
Pittsburgh Stock Exchange.-Record
0.1...4
Stocks-
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Am Vitrified Prod corn--50
Preferred
100
Am Wind Glass Mach--100
100
Preferred
Arkansas Nat Gars com...10
50
Bank of Pittsburgh
Byers(AM)Co common.•
Preferred
100
Carnegie Metals Co
10
Colonial Trust Co
100
Consolidated Ice pref-50
Devonian
Duquesne Light pref _ _ _100
Harb-Walk Retro.° corn 100
50
Indep Brewing corn
50
Preferred
Jones & Laughlin pref__100
25
Lone Star Gas
100
Marine Nat Bank
Nat Flreproottng corn_ _50
Preferred
5C
25
Ohio Fuel Corp
1
Ohio Fuel 011
Oklahoma Natural Gas_25
Pittsburgh Brew com.....50
50
Preferred
Pittsburgh Coal com _100
100
Preferred
Pittsb & Mt Shasta Cop...1
Pittsburgh Oil ds Gas--5
Pittsburgh Plate Glasy_100
10
Salt Creek Con 011
1
San Toy Mining
Stand Plate Glass Pre:AOC
100
Prior preferred
Stand Sant Mfg corn- _25
100
Preferred
10
Tidal Osage 011
25
U S Glass
West'house Air Brake_50
West Penn Rys pref._ _100
Bonds1955
Indep Brewing 68
West Penn Rvs 58_ _1931
Range Since Jan. 1.
Low.
High.
28
351 1936 Jan 2936 Sept
28
2336
94
25 85
May 98
94
Sept
80
124 80
92
Bent 110
80
Mar
95
95
96
35 93
May 110
Feb
7
64 734 21,198
514 Apr
84 Feb
Jan 13734 Feb
13616 13636
7 135
40 17
174 1716
July
1954 June
944 95
70 93
July 95
Sept
15
15
1,462 14
1516
Aug 16
Aug
Jan 225
200 200
3 190
May
150 12 June 17
1516 1516
Aug
15
15
15
Sept 15
250 15
Sept
Ill 111
10 1054 Jan 11134 May
20 115
125 125
May 145
Mar
14 Mar
100
236 234
34 Apr
7
734
4
245
Feb
734 Sept
11554 11516
50 11116 Jan 11536 Sept
42
41
42
912 32
Jan 4434 Aug
130 130
5 125
May 130
Sept
14
1434
100 1136 Jan 1436 June
36
1,399 314 Jan 36 June
3436 36
33
324 33
Apr 3434 Feb
1,864 31
14
14
1434 1,440 12
Mar 164 Mar
31
29
2,426 26
31
Jan 3134 Feb
4
334 4
1,075
134 Mar
Feb
4
14
134 14
678
Mar 15
6
Sept
43
43
200 3934 May 54
Jan
864 8736
260 834 June 9934 Jan
3c
3c
4c
9,000
30 Aug
9c Feb
54
54
534
20
5
Aug
834 Feb
40 255
280 282
Aug 295
Feb
636 636
645
64 Aug
9
Feb
30
3c
7,900
2c SeptSc Feb
45
45
50 30
Aug 79
Feb
25 80
8036 8034
Aug98
Jan
1674 108
1,299 ICO
June 136
Jan
116 116
30 11434 Mar 11616 Sept
tg 934
100
855 Jan 134 Feb
14
14
1434
225 13
Apr 2036 Jan
476 97
Apr 14036 Aug
1284 135
92
9254
92
80 89
Apr 95
Feb
75
52,000
75
974 0736
1.000
75
9514
Jan
Jan
7534 July
99
Ap
• No par value.
Note.-Sold last week and not reported: 25 Standard Plate Glass preferred at 33,
10 Standard Sanitary Mfg. preferred at 11634.
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange Sept. 12 to Sept. 18, both inclusive, compiled from official sales lists:
Stocks-
h'rrday
Niles
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
Bank StocksBoatmen's Bank
100 145
First National Bank...100
Nat Bank of Commerce 100
United States Bank
-100
Trust Company Stocks
American Trust
100
Mercantile Trust
100
mississippi Valley Tr_ _MO
Street Railway Stock.
United Rye pref
100
Preferred ctfs of dep-100
Miscellaneous Stocks
• 33
Berry Motor
•
Best Clymer Co
• 444
Boyd-Welsh Shoe
100
Brown Shoe corn
Preferred
100
chleago Ry Equip corn_ _25
Preferred
100 2651
•
E L Bruce corn
Preferred
100
Ely & Walker Dry G com25 31
100
2d preferred
1
Rights
Fred Medart Mfg com_ •
Fulton Iron Works corn...444
Preferred
Globe Dem pref
100
Hamilton-Brown Shoe_ _25 674
•
Hussmann Refr corn
Huttig 13 & D cora
•
8
Hyd Press Brick corn...100
Preferred
100 1004
International Shoe com• 190
Preferred
100 1144
• 30
Ind Pk com
100
Preferred
• 4734
Johansen Shoe
* 102
Johnson-8 & S Shoe
*Y1
0.
88..V.sfionA r,Almant
145
220
146%
135
145
222
14754
135
160 160
396 397
26236 265
6
8
6
6
8
24
196
88
Range Since Jan. 1.
Low.
July 147
142
Jan
205
Feb 222
Aug
14334 Jan 15035 Feb
Mar 135
127
Sept
35 160
37 396
129 242
6
100
High.
Sept 165
Sent 400
Feb 280
4 June
44 Jan
July
July
Apr
734 Feb
7
Feb
3234 334
125 21
May 334 Sept
66
325 4234 Feb 7034 Sept
7034
40
4634 1,270 38 June 504 Jan
141 1464
1,669 69
Mar 14834 Sept
10736 108
5 9834 Apr 10836 Aug
47
47
25 47
Sept 50
Mar
2635 2836
26 26 June 27
Mar
5734 59
140 • 38
ArP 59
Sept
44 100
100 100
Sept 10136 June
2736 3136
5936 224 Jan 32 Sept
26 8134 July 8236 Sept
8034 8634
3734e SI.
16,205 3734c SePt $I
Sept
33
3334
165 30
Apr 3434 Feb
45
40
480 35
May 45
Sept
1004 10055
10 98 June 1024 Feb
10954 109%
50 104 June 110
Aug
65
70
2.920 4436 Jan 70
Sept
4634 48
103 374 Mar 48
Sept
35
135 3136 Mar 40
3536
Feb
8
84
500
5 June
84 July
994 101
135 81
Jan 101
Sept
18534 194
572 115
Feb 19734 July
265 11534 July 122 June
11434 11754
2934 32
1.622 28
Aug 3336 Aug
65 10234 Aug 10734 Aug
105)4 106
63
47
1,042 40
Mar 5434 Sept
102 102
75 80
Aug 115
Aug
gt
,1
.
ept
1451
/Friday
Sales
Last Week's Range for
ofPrices.
' Sale
Week
Low. High. Shares.
Stocks (Concluded) Par
100
Nat Candy com
•
Pedigo-Weber Shoe
Rice-Stix DO.2nd pre1100
*
Securities Inv, corn
•
Skouras Bros "A"
Southwest Bell Tel, P1.100
•
Wagner Electric, corn_
Wagner Elec Corp, p1.100
Mining Stocks10
Granite BI-Metallic
Street Ry BondsStL&SubRy gen M 5s cd'23
1934
United Rys 48
1934
48 c d
Miscellaneous BondsAmerican Bakery 68_ _1927
Mo-Edi•on Elec 58_ _ _1927
9434 99
474 47
524
104 104
43
42
43
574 544 59
111 11134
384 40
8754 88
25e
25c
100
100
100
100
Low.
259 94
87 40
10 100
175 41
1,135 36
90 10734
690 264
140 79
. 600
77
77
11,000
69
6954 14,000
6836 6834 4,000
69
Range Since Jan. 1.
High.
Apr 107
Mar 55
June 104
Mar 4434
Apr 59
Apr 112
Jan 50
Aug 91
Sept
25
Sept
77
6834 Sept
7634 Sept
Jan
Sept
Sept
Jan
Sept
June
Feb
Feb
May
40
Sept
77
Jan
74
734 Sept
Sept
Sept 100
Sept 10034 July
500 100
2.500 100
*No par value.
Cincinnati Stock Exchange.-Record of transactions at
Cincinnati Stock Exchange Sept. 12 to Sept. 18, both inclusive, compiled from official sales lists:
rrlUay
Stocks-
IndustrialsAm Laundry Mach com_25 123
Amer Rolling Mill corn_ _25 4954
100 108
Preferred
100 210
Baldwin corn
100 107
New Preferred
Carey (Philip) cora_ _ _ _100 162
109
pf100
Paper
Coated
Champ
• 78
Churngold Corp
• 2374
City Ice & Fuel
Cooper Corp (new)_ _._100 85
100 11134
New preferred
Dalton Add Mach com„100 7016
Eagle-Filcher Lead com_20 3334
• 45
Early & Daniel corn
100 65
Fay & Egan pref
• 30
Formica Insulation
• 39
Gibson Art corn
100
Preferred
Globe Wernicke com_100 8434
• 35
Gruen Watch corn
100 1014
Preferred
Hatfield-Reliance com___* 22
Johnston Paint pref__ - _100 101
• 19
Kodel Radio"A"
20 204
Preferred
10 138
Kroger corn
100 1114
New preferred
• 1334
McLarcn "A"
835
Paragon Refining corn--22
Procter & Gamble corn_ _20 126
100 170
8% preferred
100 110
6% Preferred
100 874
Pure 0116% pref
100 10535
8% preferred
• 23
Putnam Candy corn
100 113
Richardson corn
• 5934
US Can corn
100 103
Preferred
20 138
1.1 S Playing Card
6734
_100
cora
Litho
&
Print
S
U
100 9534
Preferred
734
U Et Shoe corn
100 5634
Preferred
40
Whitaker Paper corn
100 70
Preferred
• 3434
Western Paper
100 105
Wurlitzer 8% Prof
BanksCitizens National
oases
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
11134 12434
494 5034
10736 10934
210 210
106 107
162 162
109 109
78
77
234 24
85
85
11154 11234
7034 7036
333.4 3334
45
44
65
65
2934 30
3734 39
115 115
83
8434
35
33
101 1014
22
22
101 101
19
19
2016 20%
129 139
1114 113
1134 14
834 94
126 128
170 170
10934 110
86% 8734
1054 10554
2234 23
112 113
5951 5934
103 103
125 138
674 674
9534 9536
74 734
5934
53
40
40
70
70
3454
33
105 105
100 218
218
Public Utilities535
534
Telrites
79
Cincinnati & Sub Te1-50 80
100 8734 8734
On Gas & Elec
On GasTransportation 100 12634 12655
814
C N rIrC Lt & Trac corn 100 82
62
100 62
Preferred
10834
100 109
Ohio Bell Tel pref
Tractions50
Cln Street RY
Ohio Traction corn_ _ _100
100
Preferred
•No par value.
374
1154
8034
218
535
80
8834
12655
824
6236
109
37
3934
104 1134
804 85
3,802
2,322
166
2
30
30
2
960
846
16
247
10
1,288
31
8
471
2,036
50
39
373
120
5
25
20
110
1,631
Si
626
1,164
812
4
80
103
2
81
60
55
13
179
319
25
380
584
78
5
133
12
Range Since Jars. I.
Feb
72
July
48
1064 Feb
Feb
198
1034 Jan
Jan
135
July
101
484 Jan
23 June
6534 June
954 Apr
Jan
56
Mar
31
344 Jan
Aug
60
1836 Mar
Apr
35
Jan
112
8334 Jan
Feb
30
1004 Jan
1634 July
Mar
100
July
18
204 Apr
7334 Mar
1104 Jan
114 May
534 Jan
Jan
112
Feb
156
10754 Jan
Feb
81
Feb
103
2234 Sept
Feb
90
Jan
51
Apr
100
1074 Apr
59
Feb
7734 Jan
54 Apr
Jan
47
164 May
Jan
43
30
July
104
Feb
3 205
5
1,602
50 79
152 82
10 103
305 75
21 60
114 106
2,991
670
2 194
High.
Low.
Sept
123
574 Jan
1114 May
Jan
220
1094 June
170
July
Sept
109
Sept
78
244 Jan
88
Aug
115
Aug
774 May
404 Jan
484 Mar
Jan
95
Sept
30
Feb
40
11551 Apr
8854 May
35
Sent
Mar
103
21
Aug
Feb
103
2334 Mar
204 Aug
Sept
136
11334 July
Apr
13
10
July
Apr
131
170
Sept
1104 AIM
Mar
89
108
Aug
Sept
23
May
116
31
June
July
105
Sept
135
724 Mar
9254 June
1034 Feb
Feb
64
Sept
40
70 Sept
38
Jul)"
10934 may
Mar 225
May
Sept6
Jan 94
Jan 90
Jan 12634
Jan 84
Apr 6354
Mar 110
Sept
June
May
Sept
June
June
May
314 Aug
9
Apr
40
Jan
3936 Sept
15
may
85
Bent
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Sept 12 to Sept.18, both inclusive,
compiled from official sales lists:
Stocks-
Friday
bales
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High Shares.
All America Radio el A__5
American Pub fiery pref 100
American Pub Util pref_
American Shipbuilding-100
100
Preferred
Armour & CO(Del) pref 100
100
Armour & Co pref
Common Cl A v t c-25
Common Cl B v t 0-25
15
Armour Leather
Auburn Auto Co com__ _25
91
793(
64
9734
9034
25%
16%
44
44
284
z91
77
58'4
100
9636
88%
234
15
44
41
32
4,535
92%
50
70
79%
64
675
10
100
1,245
9754
1,675
91
25% 28,625
16% 21,675
44
200
473.4 14.925
Range Since Jan. 1.
Low.
18
89
75
49
85
90
84
1934
1134
334
31%
High.
June 3831
Mar 93%
Apr 8534
Apr 64
June 100
Mar 98
Apr 94
Mat 25%
Apr 164
6
May
Aug 494
Feb
Mar
May
Sept
Sept
June
Feb
Sept
Sept
July
Sept
Contiinued on Page 1428.
-Official transactions in the
New York Curb Market.
New York'Curb Market from Sept.12 to Sept.18. inclusive:
Friday
bates
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares
Week Ended Sept. 18.
Stocks-
Indus & Miscellaneous.
7136 7134
Adlrond'k Pr & Lt oom_100
100 10231 10135 10236
7% preferred
Aero SuPPIY Mfg,CI A_ ...• 194 1836 19)4
• 134 134 14
Class B
130 130
Alpha Portland Cement 100
1234 12h
Amalgam Leather. com_ •
101 101
Amer Elec Pow pref-100 101
American Gas & Electric
764 7874
• z78
Common
..
91h 92
Preyerad
Range Since Jan. 1.
Low.
100 33
40 92
1,400 18
1,300 1134
10 130
300
836
22 101
2,200
700
Feb
Jan
Sept
Sept
Sept
Aug
Sept
6816 Apr
83h Apr
High.
100
107
1936
14
186
1234
101
July
May
Sent
Sept
Aug
Sept
Sept
8436 may
92
Sept
1452
Bonds (Concluded)-
Friday
LAW Week's Range Sales
Sad
ofPrices.
for
Price. Low. High. Week.
Amer Lt & Tree. oom--100 233
100
Preferred..
Am Pneumatic Secs.com.25
Amer Pow & Lt 0001 new-• 57
100
Preferred
Amer Rayon Products. •
American Stores
Am Buperpow Corp.CIA.' 36
• 36
Class B
25
Prior preferred
4
American Thread, pref---5
25
Apco Mfg Class A
Arizona Power, corn_.A00 26
Armour & Co (Ills) oostB26 1634
100
Preferred
Assoc CI & E Claes A----• 37
atlantic Fruit & Sue---• 80e
5634
Atlas Portl Cement new..
Auburn Automobile cons 25 4234
22%
Barcelona Tr Lt & Power__
Bigelow Hartf Carp't corn•
Bliss(E W)Co corn
Boissonnault(G) Co
* 65c
Borden Co,coos,exchst150
Corn subscript stock_ _ 50
100 10755
Preferred
Brazilian Tr. L & Pow-100 7334
Bridgeport Machine cow •
100
Brill(JO)Co
Tob ord bear-gl 25%
Ordinary registered...2l
10
Brooklyn City RR
734
Brown & Will Tob cl B10
Bucyrus Co,corn
100 x184
20
Butler Bros
Can Dry Ginger Ale new..' 37
Canadian Indust Alcohol__
3
Car Ltg & Power com....25
Carolina Power & Lt---100 416
100
Celluloid Co corn
100
Preferred
Cent Aguirre Sugar
20 8934
Cent Teresa Sugar com.AO
Centrifugal Pipe Corp ..-• 2434
Ghia Nipple Mfg,CI A-411 3734
50 1834
Class B
Christie. Brown .4 Co
150
Preferred
Cities Service oom.----20 38%
100 84
Preferred
10
Preferred B
734
Bankers' shares
1935
Cleveland Automobile cow• 23
Cohn Hall Marx
3234
Colombian Syndicate
23-4
Com'wealth Power Corn100 3534
Common. new
• 823(
Preferred
Warrants
Connor (John T) Co_ _ __10 x2854
Uons Gas.E L&P Bait new• 4334
Continental Baking.00mA• 14034
Common B
• 3534
8% preferred
100 102%
Continental Tobacco _ _
15
Cuba Company
• 49
Cuban Tobacco v t
•
Cuneo Press common_
Claes A
50 48
Curtiss Aeropl & M.coin.' 1714
Preferred
100 75
Curtiss Aeropl Assets Corp 3254
Davies(Wm)Co Class A,•
Del Lack & West Coal._50 125
us Forest Radio Corp. • 2534
Devoe& Reynolds cl A_ ___
51
Doehler Die Casting
" 14
Dubiller Condenser & Rad• 1834
Dunhill International....• 20A
.934
Duplex Cond & Rad v t c_ *
• 15
rsuraat Motors. Ino
Duz & Co, Class A y Cc... 1855
Class A
1833
Eastern Dairies
Eisenlohr (Otto)& Bro.100 1474
Electric Auto Lite . __• 75
10455
Ripe Bond & Share.pref101
CoElec Bond & Share Seo.....• z87%
KW° Wyo.& without weer's. 5934
Ely & Walker D G.com _2!
Engineers Public Saw corn. 2134
Preferred (50% paid)
100%
Eureka Vacuum Cleaner." 4774
Fageol Motors Co. com-10 1251
Federal Motor Truck___10 3334
•
Federated Metals
Film Inspection Mach
•
6
Pord Motor Co of Can.100
Frseklin iN H) Mfg corn • 40
100
Preferred
Fre.1-851SeMants B.adlo--• 15%
• 16
Pr.qhmall(Chas)Co
Galsr-HOuS Elec, com _ _100
1354
Garod
Corporation.
Gen.G &
E of Del CI A w 1• 56
• 54%
Class B w I
•
Clas A preferred
(Isn't ice Cream Corp w 1_• 4355
General Ry Signal new_..66%
Georgia L,P4tRys.com..100
Giant Portland Cement... 3834
• 97
lidiette Safety Razor--.
Glen Alden Coal
Goodyear Tire & R.00m100 3634
Gould Coupler. Class A..• 2331
Grand (1.' W)5-10-250 St...
OrenIlan Bakeries Inc- • 19%
Grimes Ra & Cam Reo...• 21%
Ilabirshaw Elec Cable new_
Happiness Candy St el A.•
Founders shares
44
Havana Elec do Utll v t e _
Haseltine Corp
• 24%
Hellman (Richard), me-•
Common
*
Pref with warrants..
•
1%
I-Ryden Chemical
Horn & Hardart Co
• 53%
Hunt Bros Pack CIA
• 25%
Illinois Pr & Lt7% pref.100
Int ri ontinentai Rubb_104, 14%
Int I oncrete Ind Fdre shre
Inter Match non-vo t pf _35 513-4
1st Utilities. Class B
• x171%
•S
Johns-Manville Inc
Jones (2011W) Radio Mfg.•
334
EelOliver Corp.• 43
Keystone Solether
10
1
Kraft Cbeese
26
90
Land Co of Florida
Landover Holding Corp A.
[VoL 121.
'.CIIE CHRONICLE
Range Sint.4 .1612. 1.
Low.
High.
216 236
100% 101%
3%
5655 5955
91% 93%
37
4054
81
8234
36
39
36
39%
27
27
4
4
23
2435
26
2734
1454 1635
8955 90
36% 38%
72e 80c
5334 5754
40
48
2234 2254
101 102%
24
25
65e 85c
82% 8354
81%
81
10735 107%
7134 7334
7% 855
130 14734
25% 25%
25% 2535
754
1634 16%
x184 191
3654 3655
35% 38%
15% 1555
255 334
385 416
2655 27%
71
73
88
90
50c 50c
19% 25
37% 3734
1754 1834
48
48
150 150
38% 38%
8354 84%
754 735
19% 19%
22% 26
31% 3254
154 2%
14,675
75
100
8,200
240
6,300
300
3,300
15,400
100
1,200
400
300
73,200
70
15,800
3,700
2,700
1,200
400
225
400
2.000
900
300
40
1.200
400
1,600
600
200
1,900
100
300
100
4,100
200
4.400
310
50
90
290
100
44,400
300
1,700
100
10
10,300
1,500
3,400
200
28,500
200
49,200
187
94
3%
48%
84
2631
44
2634
27%
24%
3%
21
17%
1131
84
2534
78e
44
40
2734
100%
22%
31c
67%
671%
106
49%
4)4
125
24%
2131
734
10
121
32
3334
15%
131
300
18%
65
79"i
50c
10
29
Jan
Jan
Sept
Feb
Apr
May
Jan
Mar
Mar
Feb
Jan
July
Jan
Apr
Apr
Mar
Sept
June
Sept
Sept
Sept
Aug
May
Mal
Mar
Jan
Apr
Feb
Sept
June
Feb
Se
Janl)t
Jan
June
Sept
Sept
Jan
Feb
June
June
Jan
Apr
Mar
Apr
June
Sept1%
Sept
Mar
Jan
Mar
Mar
Feb
Sept
Jan
Sept
236
103% My
315 Sept
6734 Jan
July
95
51% June
84% Aug
3955 July
July
41
27% Sept
4% Feb
26% Mar
31
June
1534 Sept
94% Feb
4534 Aug
1% Mar
5734 Sept
4931 Sept
22% Sept
10231 Sept
25
Sept
3% Feb
July
87
Aug
86
May
113
7331 Sent
11
May
147% Sept
2834 Apr
28% Apr
934 Feb
1634 Sept
Aug
193
3655 Sept
51% July
1531 Beet
5% May
July
445
27% Sept
97
Jan
Sept
90
Jan
61c
27% Jan
40 June
18% Sept
5734 Aug
Sept
150
43
Feb
8434 Aug
Aug
8
21% Feb
May
28
32% Sept
234 May
34% 3754
82% 82%
71%
65
28
29%
43% 44
138 140%
34% 36%
102% 106
14% 15
40
49 •
50
52
2755 2934
47% 48%
1535 18%
75
75
3254 32%
32
32
125 125
23.55 2655
5035 51
14
1454
18
19%
2054 21
9% !934
1355 15%
1855 2054
1855 19
41
42
1434 1534
6855 76
104% 105
6655 69%
59
80%
27% 29
2155 23
100 10054
47% 48
1234 1431
33% - 34%
2834. 29%
5% 7%
485 495
34
4055
89
89
11% 16
15
16
20% 2055
8% 1354
5535 60
54% 57
104 107
41% 44
66% 70
64% 6535
3855 3835
9455 98
137 139
36% 37%
21% 2334
76% 79%
los, 20%
21
22%
1631 16%
8% 9
754 8%
44
44%
21
25
14,300
100
475
1,100
4,100
3,100
45,100
4,000
1.200
7,600
1.000
400
600
2,000
loo
100
loo
, 25
5.200
200
1,400
8,700
. /00
300
31,200
1,200
500
200
9,200
4,275
9,410
9,100
17,100
, 400
GOO
500
300
71,200
-1,000
200
4,200
20
26,560
100
8,700
4,100
10
15,800
3,500
2,000
200
1,700
4,000
300
100
22,100
1,100
11,000
6.700
300
5,400
1,300
100
9,800
500
300
2.800
3034 Sept
7934 Jan
25% Feb
Sept
28
J
3134 Jan
Jan
108
2131
9134
14% Aug
3554 Apr
654 Jan
27% Sept
4754 Sept
Feb
13
Mar
5.5
1734 Mat
2514 Juls
Apr
119
1834 Ma.
50% Sept
Apr
10
12% Mar
20% Sept
gar
3
A
Au
le
9%'
18%
18% SeptS8Aceupp
41
12%
67% July
10134 Apr
55% Apr
Jan
40
27% Sept
2135 Sept
99 Sent
May
46
6% Aug
30 Sept
2534 Aug
434 June
Mar
462
1654 AP
Apr
78
7
AP
934 Mar
20% Sep
Apr
2
5431 Aug
45
Aug
Aug
103
July
34
6655 Sept
3131 Jan
38% Sept
6734 Jan
Feb
117
24% Jan
Aug
20
55 Jun
16% Mar
9
Mar
1631 July
834 Jan
531 Feb
44
Sep
14% June
4331 May
May
85
May
86
29% Sept
4734 Aug
July
144
39% July
106% Aug
26% Jan
July
51
53 Sept
Sept
31
49
Sept
22
May
May
79
May
35
3434 Aug
Aug
144
34
Feb
Sept
51
2054 Jan
35% Jan
Jan
31
Jan
17
Jan
21
2254 July
Feb
33
Sept
42
1531 Sept
76% • May
July
107
91% Feb
6635 July
Sept
29
Aug
29
10054 Sept
5255 June
15% Sept
3934 Aug
Sept
30
II% Jan
Feb
524
42% July
92% June
3354 Jan
Jan
28
June
36
1734 Jan
64% July
62% July
107 Sept
44% Sept
Sept
70
7734 July
3834 Sept
98
Sept
Aug
145
3854 Aug
Aug
25
82% Aug
213( May
Aug
27
June
21
934 July
954 Aug
4435 Sept
5134 Jao
15
3254
1%
52
2534
95
1435
8%
50%
955
17035
3%
41%
50c
96%
5034
2234
4
18
150
35
8131
7%
1734
1934
31%
60c
15
200 14%
33% 2,430 32
2
135
900
53% 1,200 46
2535
300 25%
06
150 97
6%
1555 5,200
7
9%
. 800
5134 2,700 37%
6%
1134 16,500
1,800 163
180
4% 5,700
1
44
3,600 18%
I
3,900 490
450 64
9855
94
59,300 50%
25%
8%
2.200
Aug
Aug 15
33% Sept
Sep
3 . Jan
Apr
May 5834 Mar
AUg 2634 June
9755 Sept
Sep
Jan 16% July
Mar 1334 July
Jan 5654 July
Jan
May 17
Aug
Aug 185
V
Jan
May
Aug
Feb 45
Jan
1% Feb
May 99% Aug
94. Sept
Sep
Jan 2831 Sept
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
95
9555
50
Lehigh Coal dr Nay
Lehigh Power Securities._• 14835 13555 151
8255 83%
Lehigh Valley Coal Sales 50
3931 3755 40%
Leh Vail Coal °Us new _
Lehn & Fink Products.... 3755 3654 3735
8
9%
Libby McNeill & Libby-10
191 197
Libby Owens Sheet Glass25 197
735 835
Liberty RadloCh Stores- •
8
Lit Bros
i0 243,4 24
24%
•
130 137
Long Island Ltg corn
135
155
Marconi Wire'Tel of Can _1
131
734 755
Marconi Wirel Tel Lond.£1
754
76% 77
100 76 A
Mass Gas Coscom
2134 2234
Maytag Co, w I
• 22
McCord Bad & Mfg vtc....• 24% 22% 2455
•
90
90
McCrory Stores
64
....l00 64
6435
Mengel Co
137 140
Mercantile Stores Co_.100 140
•
Mesabi Iron Co
294 .255 2%
108 112
Middle West Utilities oom• 110
100 104% 10355 10554
Priorilen stock
100
97% 98
Preferred
19% 1955
•
Midvale Co
Miller Rubber corn. -100 204% 195 20455
6234 6254
Mississippi River Pow._100
38
3954
Mohawk Valley Co new_ •
6535 66
Moore Drop Forge clA__• 66
Motion net Capital Corp• 19% 1735 19%
1354 14
Municipal Service Corp..'
555
4% 5%
Mu-Rad Radio Corp
• 16% 1655 17%
Music Master Corp
55,
4 5%
National Grocer
454 5%
10
National Leather
342 372
Nat Power ec Light. oom.• 372
2455 25%
Nat Pub Sore CIA cora-• 25
• 16% 16% 1734
Class B common
440 450
450
National Tea'
Nev-.Calif Elec Co com_100 40% 36% 40%
19055 19055
New England Co corn._100
115 117
New England Tel & Te1.100 117
New Mex & Aria Land _ _1 17% 11
1834
N Y TeleP 6A % pref.-100 5012 5012 113
9155 90% 9174
Nickel Plate cons new w
87% 8734
Preferred new w
• x6234 58
6234
Mixer Corp Class A
• 6135 58% 62
Class B
Northern Ohio Power Co * 1055 10% 11%
48% 52%
Nor Ont Lt & Pr com--100 49
No States P Corp.com.100 12234 115 123%
100% 101
100 101
Preferred
2031
Nor States Pow Del war'nts 2035 13
11% 12
Ohio Traction corn_ A00
8454
100
82
Preferred
•
12% 1334
Omnibus Corp v t
•
38% 40
Outlet Co corn
100
100 10031
7% preferred
Pathe Exchange Inc el A.* 7734 7535 7934
Penne Power & Light. Pr-• 10555 105 107
160 164%
Penns Water dr Power-100
25 47
4631 48%
Phila Electric, corn
152 152
152
Pillsbury Flour Mills
152 152
PItteb & L E RR corn_._50 152
278 278
100
Plttsb Plate Glass
80% 84%
Power Corp of N Y,cons.* 81
•
48% 5055
Pratt& Lambert Inc
5335 55%
Puget Sound P & L corn 100 54
Purity Bakeries class A.25 4555 44% 4534
•
4055 41%
Class B
10% 11
Pyrene Manufacturing...10 1.1
4334 46
Rem Noiseless Typew, A..•
' 10 21% 21% 23
Reo Motor Car.
13% 15%
Richmond Radiator new.. 14
355
2
2
Rova Radio Corp tr ctfs__•
102 102
Royal Bak Powd pref 100
31
3135
Royal Typewriter coin...*
• 353
82% 8.5
St Regis Paper WM
16% 1755
Schwartz(Bernard)Gig A •
25
25
Selberling Tire& Rub corn. 21
Serv. El. Corp. al A....' 29% 29A 30%
16
16
Sierra Pac Elea Co corn...100
19
1954
Silica Gel Corp corn v i c...• 19
287 322
Singer Manufacturing. _101 322
7%
•
43%
6
Sleeper Radio v t
122 123%
Sou Calif Edison corn-10G 122
109 10955
pref Series A. __IOC
96' 96
100
pref series B
67s
'
6535
SouthCIties UM Co com100 6454 56
41 . 45
101
Common v t
50
54
South Dairies CIA w I.... •50
32
34
3254
Class B w I
14834 15414
B'eaatern Pr & Lt corn... 150
30%
3034 3134
New w I
22% 23
•
Southern & P al A
111 ill
Southw Bell Tel.7% of 100
10
3%
334
Stand Mot Constr
Stand Publishing Cl A ..25 2034 20% 20%
1155 1155
Standard Tank Car cons. •
• 17% 1635 1835
Stutz Motor Car
112 115
100 115
Swift & Co
15 3034 28% 30%
Swift International
65
62
Thatcher Manufacturing * 64
• 1234 11% 12%
Thermiodyne Radio
Thompson(RE)Radio vie* 14% 1354 15
831
831
8
Timken Detroit A xle_ _ _10
3% 531
Tob Prod Export Corp-• '5%
31% 32%
Todd Shipyards
9
9
Tower Manufacturing _5
Trans-Lux Day Pict Screen
6% .655
• .6%
Class A com
854 1034
Trumbull Steel. cons. .25 10
170 171
Tubize Artif Silk A
7355
Union Carbide & Carbon-. 72% 72
47
United Elea Coal Cos v t c. 46% 44
4134 4334
43
United Cl & E corn
99
United Gas Improvem3.60 9734 96
United Lt & Pow corn A • 14531 13555 146%
14% 1454 15
United Profit Sharing...
20%
Un Rya & El(Balt) com_50 20% 19
45
45
United Shoe Mach coin _ 25 45
202 202
20
US Gypsum corn
854 10%
S Light & Heat cons_ _ _10 10%
455 5
10 '435
Preferred
130
130
20
U S Playing Card
5% 555
US Rubber Reclaiming..' :534
35
3651
Universal Pictures
41
43
42
Vick Chemical Co
76
Victor Talking Machine100 75% 75
15% 18
Vs-Car Chem (new co) w I.
5131 54
1;
Preferred w 1
90%
8934 89
Prior preferred w 1
20 23% 23% 24
Walworth Mfg
1734 14% 17%
Ware Radio Corp
1631 19
Warner Bros Plot cam_ *
/4
9% 73% 74%
Western Pr Corp. oom-100
_•es
95
97
100 96
Preferred
4235
White Rock Min SPg com-• 4255 40
1454
Wilson at Co(new) w I.... 13% 13
28
• 2854
2835
ClassA
7031 6835 7054
Preferred, w
Wolverine Portl Cement... 1155
1114 1054-1234
Yellow Taxi Corp, N
Range Since Jan. 1.
Low.
High.
May
90
Feb
82
May
78
Mar
133
3331 Sept
8% Apr
182 June
6% June
Sept
24
Sept
130
1
Aug
655 Aug
7631 Sept
20% Sept
2134 Sept
Mar
87
Jan
30
Sept
137
July
2
8235 Feb
9834 Jan
Jan
91
19% Sept
145 June
47
may
Aug
36
6334 Mar
Mar
17
1254 July
454 Sept
8% Mar
5% Sept
4
Apr
184% Feb
2231 June
14 June
Jan
230
31
Sept
19035 Sept
102
May
831 Jan
11034
an
8254 Aug
81% Mar
87
Apr
48% June
634 May
43% July
102% Jan
9434 Feb
Feb
6
1134, July
62
Aug
935 Sept
38
July
100
Aug
12% Mar
10334 Sept
127
Jan
39
Apr
152
Sept
142
Aug
260
July
Jan
33
Feb
40
Mar
49
Apr
35
Mar
34
954 July
37 . Mar
1534 Apr
1355 Sept
Sept
2
100
Apr
Feb
20
3634 Apr
16
July
June
22
934 Apr
16
may
12% Mar
19934 Jan
434 May
101% Jan
10434 Mar
88
Jan
53% Sept
41
Sept
5231 Sept
32 Sept
52% Feb
28% Aug
22% Sept
10631 Mar
33j Jan
May
ol9
834 June
6
Apr
109
May
24% June
Sept
62
634 Mar
6 May
3% Jan
11% May
3154 Sept
Mar
5
109 June
160 June
Jan
87
11031 Jan
373i SCD t
934 Jan
July
219
ti
Jae
2434 Sept
Sept
142
lnis Mar
Jan
10
77
Sept
22% Aug
2434 Sept
Jan
95
6931 July
155 June
434 Jan
12454 Aug
10755 Aug
99 June
28% Jan
20434 Sept
6954 June
4531 JULY
68% May
19% JUJU,
Aug
15
5% Sept
2134 Jan
6% June
6% Jan
Sept
372
30
Aug
20 June
July
450
5055 July
19054 Sept
Sept
117
18% SePt
Fel
114
94% Aug
88 Sept
64% Aug
Sent
62
uoi Aar
53 May
May
126
10131 July
2934 June
Aug
13
8454 Sept
1731 Jan
41
Aug
10034 Sept
9334 July
Sept
107
Aug
187
4931 Aug
152
Sent
May
161
290 June
91% July
Aug
55
6054 May
4834 June
June
47
12% Mar
49% July
2434 July
1531 Sept
14% Jan
Mar
105
3134 Sept
95
July
18 June
May
25
Aug
31
2034 Jan
Jam
21
Sept
322
19% Jan
July
139
Aug
111
9651 Aug
71% July
July
55
Aug
56
34% Aug
July
159
31% Sept
24% July
July
111
5% Mar
2754 Fen
16% Aug
1835 Beet
Feb
120
8534 Jan
Sept
65
2231 Jan
Jan
25
934 June
5% Ian
Mar
42
24% Jan
3,700
eq Aug
8,900
7% Sept
256 147
Aug
6,000 86
Mar
9,900 39
Sept
1,200 25
Feb
3,800 90% Feb
46,100 44% Mar
1,000
ISM Jan
1,300 18% July
100 40% JUIY
Feb
10 115
3.400
331 June
5,400
1% Jan
25 130
Sept
1,400
4% Aug
500 24
Mar
8.600 41
Aug
1,950 65
Apr
32,700 12% Aug
11,300 45% Aug
5.000 85 Sept
1,100 23% Sept
2,300
Mar
9
2,100 13% July
23,800 30
Mar
610 8834 Jan
400 16
Feb
2,500 11
Aug
2,200 2634 Aug
, 1,400 68 June
Sep
300 11
2.200 .13 . Sep
635 Sept
19% Feb.
180 June
7434 Aug
4731 Sept
July
52
10131 Aug
14654 Sept
1014 Mar
2031 Sept
46% Sept
202
Sept
1034 Sept.
5
Sept
Sept
,130
7
July
3734 Aug
43 Sept
Jan
105
18 Sent
54 Sept
90% Sept.
25% Aug
40% Jan
19
Sept
74% Sept.
99 Sent
49% Aug
1534 July
Apr
35.
7534 Apr
1115 Sept
-Jan
22
300
.5,800
300
5.900
8,100
1,200
280
3,600
500
381
600
1.000
200
12,600
7,600
100
600
600
300
5.000
10,720
3,600
100
2,010
100
800
200
4.800
900
4,800
6,600
300
600
7,140
2,000
1,500
260
1.150
10
70
82.800
326
2,000
300
4,200
25,700
5,300
3,000
3,350
200
6,000
200
500
1,100
1,100
200
4,200
700
12
400
100
10
10
20,600
400
1,300
800
800
1,900
700
9,800
1,800
12,200
20
400
4.500
700
400
10,300
100
200
115
4,400
1,550
171
100
4,700
1,200
15,106
30,200
4,100
11,200
800
40
100
2,100
200
37.900
500
25,500
400
5,200
9,000
1,200
6,500
300
400
1453
THE CHRONICLE
SEPT. 19 1925.]
Sates
Priddy
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
AWawe Suwe Jan. 1.
Low.
High.
Bonds (Concluded)-
Friday
Last Weeks Range Sales
for
ofPrices.
Sale
Price. Low. High. Week.
Range Sines AM. 1.
Low.
High.
13,000 102% Jan 104 May
103 103
Anaconda Cop M11268-1938 103
Apr 125 Juno
Rights119% 119% 4.000 103
1% July Andlan Nat Corp 65 --1990
67c 36,300 21e Sept
35c
Sent 100% May
1,000 97
97
97
Commonwealth Power.
warrants
Without
Sept
134
Aug
50i3
4,500
1
50e
Aug 90 Just
92
55,000
92%
Southern Dairies. Inc
9234
92%
-1965
Os
Elec
Assoc Gas &
Former Standard 011
assoe'd Simmons Hardware
Feb 91 June
11,000 81
Subsidiaries.
9034
90%
9014
1935
Jan 2644 alp
6)4e
Mar
21% 2255 1,900 18
61 22
25,000 18% Jan 27
21
21
Anglo-American 011
Apr 240
July Atlantic Frult 8s
130 205
228 235
Jan 78% Sept
77% 7835 141,000 62
78
Borne Scrymser Co_ -100
Jan ASO& W I 1313L 5a--1959 89
Sept 72
340 56
Jan
50 5654 56% 5715
8734 Sept 96
11,000
89
87%
Buckeye Pipe Line
80-.1935
Co
100 4815 Jan 66% May Beaver Board
6315 6315
25
6,000 105 Sept 10714 July
105 106
Chesebrough Mfg
sua Mar 31% Feb Beaver Products 7348_1942 106
9934 85,000 97% Aug 100 June
99
99
Continental Oil•t0-10 2354 23% 24% 19,100
56..1955
Can
of
Telep
Sell
Mar
155
20 182
July
143 144
Mar 104% Jan
10331 103% 35,000 103
Cumberland Pipe Line-1
Jan Beth Steel &MID is- .1935
210 6914 Aug 96
July
100 7054 70% 74%
9134 9115 2,000 8234 Mar 92
Eureka PIpe Line
Feb Boston & Maine RR 651933
38% 1,550 35 Sept 65
35
2,000 9234 Sept 93 June
92%
9255
Galena-131611st Oil. oom-100 35
'39
6158
Mills
Cons
Feb 107% July Botany
10 100
Arm
11234
100 10134 101% 101%
log%
Jan
108%
23,000
110%
New preferred
8,200 42% Jan 72% June Canadian Nat Rys Ts 1935
61
Humble Oil & Refining...25 6014 59
Jan 15415 Jan Chic Maw & St P (new co) 5954
30 127
100 13834 138% 138%
1.2; 5454 62,000 5214 Sept 55% Aug
Illinois Pipe Line
2000
AdJM5owl
3,400 271( Mar 34% June
32
31
31
Sept 9134 June
9055 109,000 90
Imperial Oil (Can) new
1968 9035 90
Jan Cities Service Gs
200 66% Sept 84
66% 67
60 67
176% 176% 10.000 150)4 Jan 17834 Feb
Indiana Pipe Line
170 130% Apr 159
Feb Cities Service 78 Ser B _1966 12555 12454 125% 67,000 111
Feb
137 190
Jan 128
Magnolia Petroleum---100 140
C-1966
500 19% Aug 25% Jan Citise Service 78 Ser
20%
20
87,000 98% Jan 10834 Feb
102% 103
National Transit--12.50
40 50
Aug 79
Jan Cities Service 78 Ser D 1966 102%
100 x5454 x5415 56%
Feb 94% Max
94% 185,000 92
94
9415
New York Transit
66_1944
Lt
&
Pr
Seri
10 78 June 88
Feb Cities
78
78
Northern Pipe Line-- _100
1,700 6014 Aug 75% Feb Cons G. EL & P. Ban26 62% 624 63
106 106% 2,000 104% Jan 108 Jane
Ohio oil
965
1999
es, Series A
Aug 100% June
25 4754 4535 5035 61,900 45% Sept 6534 Jae
99% 9,000 98
99
Prairie Oil & Gas
Series F
59
Jan
1.140
July
12734
106
126
Jan
122
12454
100
Ant 95
8512 8755 4,000 80
85%
Line
1941
Prairie Pipe
Jan 254
10 202
Jan Conan! Textile 13a
218 218
100
954
1
Solar Refining
Coal
ove-Meehan
!a° Coegr
Jan 197
580 189
Sept 98% June
154 159%
100 158
19,000 96
98
9715 98
South Penn 011
160 75)4 Sept 103
Jab
6348
Mar
76% 78
92% 52,000 91% Sept 98
Southern Pipe LIne.--100 77
1935 92% 92
20 60
Aug 85
Jan Cuba Co 6s
60
60
Jan 11234 Aug
So West Pa Pipe Lines_100
_1941 111% 11115 11115 5,000 108
70
Feb Cuban Telep 7158_ _ _
Feb
95
Jan
89%
47,000
9214
9115
92
Standard 011(Indiana)-.25 8131 6155 63% 19,300 59% Mar
1,400 8034 Apr 413
32
Feb Cudahy Pk deb 5)48-1937
Apr 95 June
93% 6,000 90
93
Standard 011 (Kansas) 26 3131 31
1946
56
127% 131% 5,800 114% Max 13154 Sept
Feb
105
26
16,000
103%
10331
July
102%
Standard 011(Ky.)
1933
40 231
Aug 270
Jan Deere & CO 7151.
237 239
105 105% 44,000 102% Jan 106% May
Standard Oil (Neb)...-.100 237
1947 105
Aug 48% Feb Det City Gases
129 153 401,000 110% Jan 153 Sept
145
Standard 011 of N Y.---25 4154 40% 4155 8,100 40
5
2
3
5
9
9
1
6e----1
Edison
Jan 369
80 338
Jan Detrolt
354 358%
Standard Oil(0) corn. _100 354
9954 99% 9941 15,000 97% Aug 100 JUIN
July 123
58 Series B
20 116
Mar
100
11634 118
July 151% Sept
Preferred
1295-415134 120,000 125
1928 150
Debenture 7s
Aug 27
610 12
Jan
1855
100 18% 16
Mar 150 Sept
33,000 114
12915 150
150
Swan dz Finch
Debenture 78
8854 2.300 80% Jan 96% Feb
June
25 8614 86
151 Sept
121)4
183,000
151
129
vacuum 011
11993209 148
Debenture 75
8714 260,000 78% AIN sag Feb
Other 011 Stocks.
8614
86%
-.1954
7s
France
of
254 Jan 11% June Est RR
615 7% 12,600
744
Mar
99
Apr
10,000
92%
95
94%
Amer Maracaibo Co
95
1933
Apr
5
8% Feb Federal sugar 65
7
655 715 3,600
Ant 104% July
Arkansas Natural Gaa...10
103 10355 11,000 99
400
214
2
4% May Gale (Robert) Co 78-1937
2 July
Aug 106% July
105% 5,000 104
105
105
Atlantic Lobes Oil cont.
_1930
75_
Oil
-Signal
100
Aug 1254 May Galena
3
•
354 3%
July 117 Sept
Preferred
111% 113% 32.000 104
113
700
3
434 Aug General Ice Cream 8355'35 10155 101% 101% 32,000 100% Jan 102)4 July
254 July
3
3
Cardinal Petroleum corp..
8% Max
7% Aug General Petroleum 61%1928
5% 645 10.800
634
94% 64,000 94% Bent 94% Sept
94%
Carib Syndicate
99%
1940
15
Aug
100 91c Sept
1st 58
114 Jan
July
910 910
2,000 105% Jan 110
108 108
Consolidated Royalties__ A
814 Jan 14% Apr Grand Trunk RY 6148-1938
8% 9% 3,200
July 80% July
8%
6
8614 41,000 88
86
Creole Syndicate
27
1950
7% Aug 12% May Great Cons Elec 6%8 1937
7% 814 1,100
May
Jan
101)4
7%
9815
37,000
10055
99%
Crown Cent Petrol Oorp.•
99%
114 5,900 87e Jan
114 June Gulf 011 of Pa 51
1
July 10134 Jan
111
101% 101% 3,000 101
Euclid 011
Serial 5348
1% Jan
3% June
Aug 10215 Sept
141
154 2% 8,000
1
Glbeon Oil Corp
11993268 102% 102% 102% 1,000 101
Serial 5%8
Jan 10554 July
25 74% 73% 74% 2.500 63% Mar 79 June
2,000
102
10434
104%
Gulf 011 Corp of Pa
22% Mar 28% Feb Hood Rubber 7s
10034 18,000 9754 Jan 10015 Sept
International Petroleum -• 26% 25% 26% 25,900
99%
_1923
_
615s_
Power
Italian
700
214 Sept
5% Jan
255 2%
•
8634 July
July
85
135,000
83
84
Kirby Petroleum
8434
30,900
4% June
4% 5
741 Apr Kan City Term 4148-1960
Aug
87
Lago Petroleum Corp ' 43.4
8714 17,000 87 Sept 91
Aug 23
July Keystone Telep 534s 1955
19% 2,200 19
• 1935 19
Aug 99% Jan
88
77,000
93
•
91
92%
Lion Oil & Refining
1929
7s
Ltd
(Fried)
1% 4,400 750 Jan
1% July Krupp
155 95c
98%
9815
2,000
Sent
9834
9834
Livingston Petrcleum. _ _•
Sept
1935
2% 12,300 560 Apr
2
2% Sept Laclede G L 5155
2%
Mexican Pantie° 011.......10
10131 101% 1,000 100% July 10154 Mar
100 ' 25% Bent 2515 Sept Lehigh Pow Secur 68_1927
Aug
25% 25% 25%
Jan 105
104% 104% 8.000 102
Morton Petroleum
July
2
300
1
Mar Libby, Mc% & Lib 78_1981
154 1%
1
10735 10,000 10715 Jan 10834 Aug
Mountain & Gulf 011
10734
Winchester 7s-1942
July
10044 98,000 99% Aug 102
Mountain Producers...AO 2014 204 2154 5,100 18% Jan 2344 June Liggett
99%
100
68-1954
Lt8
Island
Jan 122
190 106
119 121
Mar Long
• 120
National Fuel Gas
7s--.1941 10315 10335 103% 23,000 98% Jan 10434 June
5% 1.200
334 Jan
5
6% June Manitoba Power
New Bradford 011
1930 10414 103% 1044 45,000 9815 Jan 10434 Sept
1.000
7p
7c Sept 13e Feb Morris& Co 714g
7e
Noble 011 & Gas. corn... _I
_ -1930 10034 100% 100% 16,000 9915 July 10231 June
7s..
Prod
Mar 3454 Feb Nat thins
500 31
25 32% 32% 32%
Ohio Fuel Corp
Amer Cement6%51940
70,000 98% Aug 9934 Aug
98% 9834 99
Pan-Am West Pet Class Bo 24% 2314 25% 4.700 23% Sept 32% Aug NoWith warrants
90o May
July
1% 1% 5,300
•
155
1% Feb
114 118 351,000 105)4 Jan 121
117
Peer Oil Corp
700 17% Jan 28% June Nor States Pow 634s-1933
21% 23
• 22
99% 'Jan 1043.4 MAY
42,004
103
102%
Pennock 011 Corp
6348 gold notes-...l933 103
1,30(2
16 Mar 4415 June
27
Jan 9634 may
25 2654 26
5,000 89
9344
93
Red Bank 011
13._1952
Ber
58
11,100
18
9
9 Sept 33/5 June Ohlo Power
Mar
9234 33,000 91% Aug 95
Reiter-Foster Oil CorD.--• 16%
53 92% 92
950
55 19
7,100
650 80o
50e July
Apr 9834 May
Apr Oklahoma Gas & El 15e '52 97
2
96% 9734 12,000 95
Royal Can 011 Syndicate.* 65e
315 Jan
4
354 414 2,600
Apr 98% May
9% Mar Penn Power AC Light
1,000 95
Ryan Consul Petroleum_ •
9634
96%
400
55 Series 13
615 Sept
614 6%
8% Mar
Aug 1(18 June
10634 10634 1,000 104
Salt Creek Consol 011_ .10
1941
Jan 2844 June Phila Elec 65
25% 3.200 24
Mar
Salt Creek Producers...10 2555 25
9o34 98% 3,000 9654 Aug 99
611..1962
100
1M May
1% 1%
Aug
Jan 105
3% Jan PIM& Rap Transit
4
1033
104%
5,000
109%
Savoy' Oil
_1931
Petrol 7155.
Phillips
•
3.100
38%
37
33%
sent
Co
Jan
46%
June
10214
97%
Oil
34,004
102%
May
102
Sun
1933
1% Sept
154 23-4 16,400
4% Apr Pure 011 Co 6348
134
June 10015 June
33,004
100
100
Venesuelan Petroleum_ .._
100
1935
65
24%
700 2214 Sept 31% June Schulte R E Co
Sept
24
9.000 9436 Sept 95
99% 95
Wilcox(H Fl Oil dz Gas new
68_ _1945
700
3% Max
Jac
534 5%
Apr 104
Mar Seaboard Air Line
7
wood1ey Petroleum Co •
10,000 100
101%.102
-1931
Jan
Sc
80 15,000
90 June Shawsheen Mills 7s.
Feb
1
99%
60
Aug
93)4
118,000
"Y" OU & Oas
9715
9614
-_192e
984
7s
Stemma & Bakke
Feb
96%
mining stupasAug
33,00(
90%
1936 94% 94% 9u54
7s
24c 6,000
21e
70 Jan 86. Feb
21c
Jan 102% Sept
Arizona Undre Cooper...
102% 102 102% 38,001 103
13c 2,000 10c Mar ilk Feb Slose-Sheff St a I (39._19211
13c
130
Jan 105July
11,000- 100
Butte dr Western
10334 104
1939
Cie Cs
&
Solvay
1,000
Sept
15c
150
12o
26e
Copp..1,
Mar
Jerome
dr
89,904) 96% Sept 9734' Aug
Calumet
96% 97
98%
A.2025
65
L
&
P
7
Southeast
734 14,700
344 Feb
Aug
7
10
8
Jan 9714 May
92
Caner%(Mauer
9.000
9.534
94%
954
543.1944
Edison
19c 3,000 100 Aug
19e
July 9655 May
June South Calif
Chino Extension
18,000 94
95% 96
534s. _1948
700
2% 254
4
2%
114 July
Feb
Feb Stand Milling
Aug 108
Consul v upper Mines......1
106
29,000
10834
108%
106%
6346-1933
Y
N
011of
4e Apr
4c 1,000
4c
Or Apr Stand
' 4c
Consol Nevada Utah
14,000 95% Jan 9934 July
1930 9715 97% 98
8c 1,000
7e Jung 25e Felt Sun 0116548
Sc
8o
July
Cortez Silver Mines Co_ _1
Jan 97
96% 9655 108,001. 94
96%
161932
_Oct
fmCo
&
Sept
400
3
Swift
2%
21.5
4
Feb
Cresson Cons Gold M&M .1
Aug 99% Feb
9415 81,000 90
93
7c 1,000
ThYseen(Aug) 1&13 78 1930 9415 1034 104
4c Mar
70
7e Sept
El Paso Consol
Jan 10444 Jan
8.006 103
A931 103%
July Tidal Osage 011 is. _ 7s
angineer Gold MInee.Ltil 6 79% 7515 8754 8,500 1414 Jan 109
Aug 914 Mal
59,001, 87
90%
8974
90%
'55
(Japan)
Pow
El
12,000
8c
70 Jan 23c Feb Toho
7c
7c
1
Eureka Crnesus
99% Sept
Aug
99
98%
28,000
98%
99
10c 45,30t
5e
70
50 Sept Z.80 Jan Tokyo Elec Light 68_ _1928
First Thought Gold M._ _1
17,000 94% Sept 103% May
9431 95
0 95
7s:335
.
7i:4
inienptort0
otE
od
Hy
22e 161.006
8e
8o
de ,Jan 42e July
N4Prt y-,,Ine NI Ming __I
9412 June 9614 May
42,000
98%
9834
5,100
54 6
5%
5% July
July Tyrol
Golden Centre Minot
33,000 94% May 96% Mar
94 54 95
17e 4.000
I7c
110 Fe
23o Apr Union Oil Calif 5s_ _1935
July
eiliwthorne Mines Luc_ _1 17e
109% 110% 12,000 107% Mar 112
Hay 7155'36
1634 2,800 1254 Apr 17
..i5c 16% 15
Aug United bye of 635s._1926
Mee% Mining
17,000 100% Apr 102% Mar
101
10041
15
15
1,000 1314 Mar 16% May U Rubber Ser
Mar
Hollinger Consol G M..6 x15
Apr
102
Serial 614% notes_ _1927 101% 10144 101% 20,000 100%
85e 1,900 760 Aug
700
700
2
Apr
Jerome Verde Develop__
10134 101% 9,000 100% Apr 102% Max
Serial 614% notes_ _1928
154 134 33,800
115
1% Jan
1
2% July
Mat
101%
Kay Copper Co__
15,000
Apr
994
10134
101%
Serial 654% notes _ _ 19231 101%
134 154 1,800 88o May
115 Feb
154
Sept
Kerr 1.ake
27,000 99% Apr 102
Ser19l63.4% notes_ _193i) 10155 100% 102
234
2
700
2%
134 Mal
2% Jan
July
6
Mason valley Mines
101
AM
9754
100%
21,000
10031
%
100%
_1931
serial
notes_
8e 6,000
•7c
50c
Sc Aug 18e Star
Sept
National Tut Corp
Mar 101
14,000 97
9931 101
&mai 634% notes 1932
306 18% Mar 2435 Jan
20
20
New Cornelia Copper
Apr 10015 Sept
9654
53,000
100%
99%
100%
1933
notes
194
Serial
64%
170 181
194
May 200
._100 194
Aug
Mew Jersey Line
9615 May 10014 Sent
Serial 614% notes_ _1934 100% 99% 10031 40,080
Newmont Mining Corp_10 44% 4454 4534 1,500 4354 Aug 4655 July
Apr 10031 Sept
99% 10034 23,000 96
5 100
tee____ 10
936
i% notes
Serial66 14%
44 4% Imo
415 May
4%
6
654 Jan
shaming Mines
Apr 10034 Sept
95%
24,000
99
1004
1004
90c 4,600 730 Aug
850
l'4 Jan
__I 900
clelo(Moyer
15,000
10034 Sept
May
9555
100 10034
% notes 1937 100
Serial
Jan
24 254 8.100
2
2% Sept
Sept10
Premier Gold Min, Ltd 1 22%
95% Apr
29,000
99%
100
100
_1938
notes_
6)4%
Serial
7,000
37c
30o
20e Feb 151c Aug
1 30e
Sept
100
Red Warrior Mining
May
9514
53,000
100
99%
100
77c 32,800 32e Aug 770 Sept
Serial 634% notes_ _1939
65c
750
Shaw mines Corp
10034 23,000 95% May 100% Sept
9941
100%
_1109430Vacuum6
notes_
100
%
634
255
Serial
2%
215
May
255
Plat_l
Gold
&
South Amer
Jan
7.6 me. _1935 10514 10534 105% 43,000 105% Aug 107,. Jan
341101
01i
Sc 21,000
7c
8o
40 Feb 12e May
Spearhead (/old Mining._ 1
9914 9934 9934 3.000 97)4 Mar 103% Jan
113c 2,000
15c
8c Jan 300 Apr Webster
Standard Silver-Lead..._1 150
Government
Foreign
2
2.400
1ut.
Jan
14
1
2 Sept
Took Hughes
es
Municipaliti
300 52e Apr 89c Aug
77e
and
75c
Tonopah Belmont DeveLl
88% 87 • 89 686,000 87 Sept 8934 July
115 154 2,600
114
115 Aug
Tonopan Extension
Aug
Sept 88
Feb
19,000 87
88
87
5() 88
1950
tiiy6f 69)c
- 7_1970
4 158
4
(a
45,4 1,500
ilenne
4%
orlo
lie
Pri Mar
6
Tonopah Mining
Aug C
July Ire 3.4 Sept
100% 9944 10034 39,000 98
6c 2,000
13c
6c May 13c Jan Denmark (Ong)613-_
60
Two Bullion S & D._ _ _10(
58,000 99% Aug 100 Sept
100
9934
9915
1955
I
2,400
w
520
5346
49c
520
39c
Jan
I
63e Feb
United Eastern Mining
May 9914 Sept
9914 52,000 97
27
900 20% Apr 29% Jan Gratz (City) Austria 8s '54 99% 99
Jan
United Verde Extens- --504 26% 25
Apr v.
7c 4,000
70
6c Aug 16c Mar French Nat Mall 88 7.1949 844 83% 87% 181.000 77)4
70
US Continental Mines_ _ _5
1941
Mon
rtaCons
s
70c
Hungarian
1300
400 50c Mar 950 June
Lo
5
Unity Gold Mines
Jul)
89
Aug
8934
91.00(
8914
89
89
64 754 1.100
4% Jan
6
7%
8% Jan
Utah Apex
St of Finland
1.200 75e Sept
1
75e
1
1
Jan Indust Mtge
Utah Metal & Tunnel
99% 9515 78,000 92% Mar 97 June
_1944
39c 11,000 22e July 39c Sept
25c
lit 131 colt s flu
Verde Mining & Milling_ _ 37e
6,000 97% July 98% July
98
98
85..1948
(Colom)
2%
215
Medellin
100
2%
Sept
1
Mining
355
Walker
196 3.4 106% 25,000 102,. Met 1 19% Aug
Feb Netherlands(KIngd)6eB12
2
5.400
354 374
Jan
3%
5
Jar 101.2 June
Wooden Copper Mining -.
9,000 99
AD?
100
100%
100%
8%1932
10c 10,000 Ilk Sept 25c. Feb Peril (Renublk of)
10e
Western Utah Copper_ __ _1 100
Am
Feb
17
1341 13% 31,000 11
100 65c Sept 750
65c
Russian Govt 6%.oths 1919
65e
_ _ 650
17% Feb
White Knob Copper pref.
11
July
1331
8,C00
12%
Aug
12%
1921
900 15
15%
Jar 16
534s
Yukon-Alaska Trust et% _ ...... 15
10/4
May
Jan
Jan
8,000
13
1534
13
1921
30c 1,000 26e Aug 50c Feb
5155 C118
30c
5 300
Yukon Gold Co
Santa Fe (Pray) Argentina 95% 94
Bonds92% Sept 96% JI117
308,000
953.4
1942
75% 811.000 74
75
Mar 84%
Cred on ls
Sept
Allied Pack, deb 8s_..l939 76
3,000 9412 Sept 95
9434 95
87
86
18,000 84 Mar 944 Feb
Saar Basin Cons Co 7s 1935 9434 102
1939 87
Cony deb Its
July
Jan 104
102% 38,000 101
14,000 meg Aug 107% Feb SwItaerland Govt 634.1929
10654 107
Aluminum Co of Am 76'33
92%
9234
July
July
2,004
92%
June
9216
7.'45
2
Jan 99% July Upper Austria (Prey)
Amer 0 & K deb 64..2014 97% 97% 97% 22,004 95
this
week,
where
the
Exchange
Stock
on
LIghtListed
I
&
Correction
American Power
ft
value.
par
No
•
9534 96% 323,000 95% Jan 9815 may
without warr 2014 os
Aa
transactions wil be tound. o New stock s Option sale •Sales ot
98% 98% 1,000 95
Mar 98% May additionalPublishing In our Issue of June 21st 17% was An MON r When %sued
65 new
10154 10141 1
100
Jan !2!'! dun, Standard
Amer Rolling Mill 6...1928
y Ex-r gbt . I Ex-stock dividend
'Wend.
d
Ex
r
Sc
1454
Inoestutent and
axIrax1gutelligena.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second
week of September. The table covers 5 roads and shows
19.92% increase over the same week last year:
Second Week of September.
1925.
Increase. Decrease.
1924.
$
$
$
Buffalo Rochester & Pittsburgh_
374,381
343,256
31,125
Canadian Pacific
4,049,000 2,967,000 1,082,000
Minneapolis So St Louis
443,381
445,490
St Louis-San Francisco
2,002,912 1.924,471
78,441
Texas & Pacific
764.732
685,915
78,817
$
Total (5 roads)
Net increase(19.92%)
2,109
7,634,406 6,366,132 1.270,383
1.268.274
2,109
In the table which follows we also complete our summary
of the earnings for the first week of September:
First Week of September.
1925.
Total (15 roads)
Net increase(8.54%)
Increase. Decrease.
1924.
$
Previously reported (4 roads)._ _ 5,578,663
Canadian National
6,450,379
Duluth South Shore & Atlantic_
108,246
Georgia & Florida
52,000
Great Northern
2,821,000
Mineral Range
8 389
Mobile & Ohio
354.141
Nevada California & Oregon__ _
10,622
St Louis Southwestern
487,300
Southern Railway System
3.800.151
Texas& Pacific
680,800
Western Maryland
392,713
$
5.369,297
4,042,709
118,740
42.800
2,290,102
8.185
327,839
13,739
485,202
3,537,235
655.996
376,312
$
242,231
407,670
$
32,865
10,494
9,200
530.898
204
26,302
3,117
2.098
262,916
24,804
16,401
18,744,404 17.268,156 1.522,724
1.476.248
46,476
In the following we show the weekly earnings for a number
of weeks past:
Week.
1st week
2d week
3d week
4th week
1st week
2d week
3d week
4th week
1st week
2d week
3d week
4th week
1st week
3d week
June (16
June (16
June (16
June 16
July 16
July 16
July 16
July 16
Aug. 16
Aug. (16
Aug. 16
Aug. 16
Sept. 15
Sept. (5
roads)-...roads).roads)---roads)____
roads)____
roads)-___
roads)__-roads)__..roads)._..
roads)____
roads)-___
roads)---roads)....
roads)----
Current
Year.
Previous
Year.
$
17,075,429
16,982,661
17,170,036
23.465,981
17,280,373
17,742,468
18,163.598
27,201,378
18,408,362
18,693,557
19,313,356
27.448.599
18,744.404
7.634.406
3
17,337,267
17,388,645
17,458.532
22,855.412
17,037.297
17,483.935
17,240.803
25,022.731
17,160,592
17,140.935
17,533.547
24.984.483
17,268,156
6.366.132
Increase or
Decrease.
%
$
-261,838 1.51
-405.984 2.33
-288,496 1.65
+610.569 2.68
+243.852 1.43
+258.533 1.47
+922,795 5.35
+2,178,647 8.70
+1.247.770 7.27
+1,552,622 9.05
+1,779,809 10.15
+2.464,116 9.86
+1,476.248 8.54
+1.268.274 19.92
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Gross Earnings.
Net Earnings.
Month
1925.
1924.
Increase or
Decrease.
1925.
1924.
Increase or
Decrease.
Net after
• Gross
Taxes.
Earnings.
Companies.
Fort Worth
July '25
218,225 *101.739
Power & Light Co
232.472 *108,267
'24
12 mos ended July 31 '25 2.901,405 *1,417.231
'24 3,119,292 *1,408.505
Hudson & Manhat Aug '25
433.523
944,443
402,389
908,806
'24
8 mos ended Aug 31 '25 7,957,707 3,773,402
'24 7,827.537 3,699,715
Kan City Power
349,354
Aug '25
736,175
& Light Co
319,288
'24. 683,006
12 mos ended Aug 31 '25 9,807.052 4,919,076
'24 9.308.815 4.611,622
Kan City Gas &
June '25
334,537 *166,563
Electric Co
'24
420,687 *155,036
12 mos ended Juno 30 '25 5,710,601 *2,091,741
'24 5.586,202 *1,878,367
July '25
331.383 *158,636
'24
383,960 *127,041
12 mos ended July 31 '25 5,658.024 *2,123,336
'24 5,601,661 *1,900,283
Market Street
Aug '25
838,629 *207.163
Railway Co
827.503 *191;001
'24
8 mos ended Aug 31 '25 6,499,182 *1 441,532
'24 6,537,175 *1,464,428
Massachusetts
July '25
292.106
Lighting Co
'24
253,604
7 mos ended July 31 '25 2,071.945
'24 1,919.751
c57,321
Mass Lighting Co Aug '25
299,377
277,529
c60,004
'24
8 mos ended Aug 31 '25 2,371,262 c526,048
'24 2,199.280 c497.931
Nebraska Power
310,046 *145,871
July '25
286,289 *115,579
Company
'24
12 mos ended July 31 '25 4,068,968 *2.178.214
'24 3,881.623 *1,848,437
New York Rys
673,175 *144,598
Aug '25
735.900 *148,991
'24
2 mos ended Aug 31 '25 2.724.327 *563786.
'24 3,018.197 *470.954
286,383
123.120
Pacific Power
July '25
256,299
117,168
& Light Co
'24
12 mos ended July 31 '25 3,308.221 1,430,030
'24 3,246,854 1,575,399
75,461
131.651
Philadelphia &
Aug '25
77,135
131.961
& Western Ry
'24
321,670 *125,335
July '25
Portland Gas
275,401
*91,8.89
'24
& Coke Co
12 mos ended July 31 '25 3,967,565 *1,427.955
'24 3,542.075 *1.298.324
503.027 *188,447
July '25
Texas Power
458.815 *172,436
'24
& Light Co
12 mos ended July 31 '25 6,624.322 *2,990,311
'24 6,184,288 *2,667.849
795,488 *414,101
July '25
Utah Power &
746,579 *373,744
'24
Light Co
12 mos ended July 31 '25 9,602,030 *5,218,427
'24 9.096.042 *4.730,850
Fixed
Charges.
Balance,
Surplus.
84,917
91,499
1,215,546
1,192.198
97,679
64.032
1,077.070
990,368
249,200
232,799
3,780,972
3.550,966
72,375
63.260
928,554
776.264
62.707
34,410
956,852
796,602
123,753
114.762
793,729
904,884
c45,172
c38,495
c386,645
c330,740
45,989
11.332
44,742
15.262
432.634
83.441
375.482
122,449
77,510
68,361
59.397
56,182
771.937 1,406,277
650.889 1,197,548
54,166
n90,432
16,822
16,768
201.685
216,307
335.844
338,357
2,696.332
2.709,347
100.154
86,489
1.138,104
1,060.656
94,188
91,776
1,163,187
1,102.103
95,929
92.631
1.166,484
1,103.681
83,410
76,239
647,803
559.544
n357.836
205,950
64,245
59,449
768.536
719,843
k15,920
k15.952
46,836
39,322
496.782
467.473
83.212
73,168
931,928
759.753
177,249
177,194
2.139,709
2,143,573
58,875
57,719
661,494
855.556
15.731
16.009
78,499
52,567
931,173
830,851
105,235
99.268
2,058,383
1,908,196
236,852
196.550
3.078.718
2,587,277
* Includes other income. b After rentals. c After depreciation. jBefore taxes. k Includes taxes. e Includes amortization of debt, discount
and expense.
n Exclusive of interest on new adjustment income bonds.
FINANCIAL REPORTS.
Financial Reports.-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Aug. 29. The next will appear in that of Sept. 25.
Brooklyn City Railroad sCompany.
(71st Annual Report-Year Ended June 30 1925.)
Pres. H. Hobart Porter, Sept. 16, wrote in substance:
$
$
$
s
s
$
Jan.. 483,195,642 167,329,225 +15,866.417 101.022.458 83.680,754 +17.341,704
Feb.. 454.009,669 178.451.607 -24,441.938 99,460,389 104,441,895 -4.981,606
Mar__ 485.498.14: 104,362.97C -18.864,833 109,230.086 114,677.751 -5,447.665
Apr.. 472,591,66. .74,287,768 -1,696,103 102,861,475 97,471,685 +5.389.790
May _ 487,664,38 76,549,801 +11,114.584 112,859,524 96,054,494 +16,805.030
June.506,002.03 64,774.329 +41,227,707 130,837.329 101,487.318 +29,35,1.006
July__ 521.538,60, 80,943,003 +40,595,601 139.608.752 111,786.887 +27.819,865
Nots.-Percentage of increase or decrease in net for above months has been
January,20.73% Inc.. February,4.77% dec., March,4.74% dec.. April, 5.53% Inc..
May. 17.49% Inc., June. 18 91% Inc.. July, 24.88% Inc.
In Jan. the length of road covered was 236,149 miles in 1925, against 235,498
Stock Dividend.-The last annual report stated that the Transit Commismiles in 1924. In Feb.. 236,642 miles, against 236,031 miles, in March,236,559 miles. sion
had approved the issue of the $4,000,000 additional stock authorized
against 236.048 miles, in April. 236,664 miles, against 236,045 miles.In May,236.663 by the
stoc.kholders in Feb. 1924. As provided in such approval, the
miles. against 236,098 miles, in June, 236,779 miles, against 236,357 miles. In July. Brooklyn City Development Corp., a subsidiary, was duly dissolved and
236.762 canes. against 236,525 miles.
Its assets acquired by your company, and on Sept. 30 1924 such additional
was issued as a 33 1-3% stock dividend to the sttckholders.
Net Earnings Monthly to Latest Dates.-The table stock
Results.-Gross revenues from transportation for the year ended June 30
$411,647 as compared to the previous
following shows the gross and net earnings for STEAM 1925 were $11.363,281. a decrease of
causes: (1) the unfavorable
Year. This decrease was due to four majorpart
railroads reported this week:
of the stunner of 1924:
weather which prevailed during the greater
the
operation
over
Williamsburg
Bridge: (3) the
-Grossfrom Railway- -Nes from Railway- -Net OW Taus
abandonment
of
- (2) the
1924.
1925.
1924.
1925.
1924.
1925.
serious curtailment of service over the Brooklyn Bridge during the greater
$
Part of the winter of 1924-1925, due to the reconstruction of the roadways
of the surface railways undertaken by the Department of Plant and
The Pullman Co644,952 Structures of the City of New York:and (4) the changes in traffic conditions
7,562,378 6,345,280 2,573,402
July
936,651 2304,981
In
4,243,078
the Greenpoint District which followed the opening of the 14th Street
1_45,470,004
41.930,070
9,351,906
Prom Jan
6.211.288 6,940,325
Eastern District subway line. Experience in other sections of Brooklyn
Electric Railway and Other Public Utility Net has shown that as time goes on the increase in short-haul traffic in the
in which subway lines are opened results in increased net earnings
Earnings.-The following table gives the returns of sections
which may ultimately equal the previous earnings of such lines. Increase
during the past few months on the lines affected
ELECTRIC railway and other public utility gross and net In short-haul traffic conclusion.
clearly confirms this
earnings with charges and surplus reported this week:
Maintenance.-In spite of the decrease in gross earnings company has
- continued its policy a liberal expenditures for maintenance. During the
-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year there was expended and reserved for the replacement of way and
Year.
Year.
Year.
Companies.
Year.
structures $1,407,398. an increase of over $163,000 as compared with the
previous year.
Injuries.-The increased cost of injuries to persons and property has been
c Amer & For Pow Co_ _ _July 746.195
547,690 *268,284 *228,807
much consideration by the management, and it is hoped
12 mos ended July 31._ 8.056.385 5.780,182 *3,387,451 *2,623,258 the subject of co-operation
of company's employees the total number of
that with the
C Amer Pow & Lt Co___July 3,781,948 3.208,385 *1.644,345 *1,296,476 serious
be reduced materially. In closing the accounts for
accidents
12 months ended July 31_ _45,950.791 41,419,777*20,539,995*17.465.253 the year, it was can
found necessary to make additional provision for such
c Elec Pr & Lt Corp __July 3,363,850 3,111,054 *1,325,087 *1.155,602 unforeseen increase, and, accordingly, operating expenses have been
12 mos ended July 31..40,326.032 38.142,703*16.528,020*14.929.313 charged and net income reduced by an amount sufficient to increase the
993,615 *514,732 *420,372 Provision already made month by month to what is believed to be a maxiC Southwest Pow & Lt_July 1,099.348
12 months ended July 31-13,263,178 12.477.429 *6.465,126 *5,783,115 mum average percentage of the gross earnings under normal operating
conditions need to take care of accidents and damages and a further
Provision of $200,000 has been appropriated out of earned surplus of the
c Earnings of subsidiary companies only. * After taxes.
which effects an increase of $103,901 in the casualty reserve at
company,
Balance,
Gross
Net after
Fixed
June 30 1925 over that at June 30 1924.
Surilus.
Earnings.
Taxes.
Charges.
Dividends -There were declared during the year one dividend of 25 cents
Companies.
$
$
$
shares then outstanding and three dividends of
b91.527 a share on the 1.200,000
666,367 c239,346
147,819
Adirondack Power Aug '25
cents a share and one extra dividend of 5 cents a share on the full shares
'24
561,500 c117,972
125.216 b-7,244 20
& Light Corp
which have been outstanding since Sept. 30
stock
of
of
shares
the
1,608,000
12 mos ended Aug 31 '25 8,033,647 c2.727,548 1,708.179 bl.019.369 1924, a total of 51,339,855.
'24 7,180,405 c2.255.974 1,327,428 b928,546
Equipment.-200 new passenger cars which were purchased and placed
324,188 c151.588
Aug '25
Central Maine
In operation during the years 1923-24 having proved so acceptable to the
303,948 c143,885
Power Co System '24
traveling public, directors authorized the acquisition of 335 additional cars
12 mos ended Aug 31 '25 4.095.288 c1,955,113
Of substantially similar type, a portion of which have already been delivered
'24 3.800,264 c1.695,422
and all of which it is expected will be in operation by Oct. 1925. The cost
395.231 of these 335 cars was provided for by the sale in Jan. 1925 of $3,750,000
Aug '25 2.817.281
Detroit Edison
*756,575 e361,344
196.992 10-Year 5% Car Trusts issued under the Philadelphia plan, and by the
'24 2,303,638 *533,126 e336,134
Company
8 mos ended Aug 31 '25 22.768.740 *7,564,233 e2,813.431 4,750,802 subsequent sale of $1,627.000 First Consol. Mtge. 5% bonds which the
'24 20.683,305 *6370,8/2 €2.733.233 3.737,579 company had held in its treasury since the settlement of the guarantee fund
SEPT. 19 1925.]
THE CHRONICLE
Company upon the return of its property in 1919 by the receiver of the
11. R. T. Co., found itself with an insufficient number of cars and it was
compelled to lease 469 cars from the receiver of the B. R. T. Co. in order
to render the public adequate service. From time to time company has
purchased additional cars and the number leased has been reduced. During
the past year 371 cars have been rented at a cost of approximately $200.000
a year and the expense for the upkeep and maintenance of the
cars so
rented. Upon delivery of the 335 cars above referred to. all of the leased
cars will be returned and company will be in a position to give adequate
and more efficient service with its own rolling stock at a decreased expense.
Construction Suit.-There has been no change in the status of the construction suit except that the Brooklyn-Manhattan Transit Corp. has been
permitted by the Court to intervene and file an amended and supplemental
bill of complaint increasing the amount claimed by approximately $3,200,000. Your officers are advised by counsel that, in their opinion, this claim
cannot be sustained.
INCOME ACCOUNT YEARS ENDED JUNE 30.
x1924-25.
x1923-24.
x1922-23.
y1921-22.
Passenger revenue
$11,363,196 $11,774,853 $11,715,814 $11,431,404
Other car revenue
85
75
150
247
Total transp.revenue_$11.363.281 $11,774,928 $11,715,964 $11,413,651
Advertising & other priv.
$96,000
$100,818
$85,871
$100.004
Rent of land, buildings,
tracks, terminals, &c_
202,882
184,662
182,414
173,553
Miscellaneous revenue..
1.516
2,691
2,004
543
Total oper. revenue_ _$11,663,679 $12,063,099 $11,986,253 $11,687,751
Maint. of way & struc
$1,407,398 $1,243,751 $1,246,177 $1,203,974
Maint. of equipment_ _ _ 1,441,866
1,584,102
1,404,316
1,368,205
Power
953,423
1,026,069
1,023,283
986,910
Operation of cars
4,143.845
4,111,428
3,865,306 3,835,850
Injuries to person & prop
583.184
361,893
419,436
524,310
General & misc. expenses
547.982
530,008
512,592
530,973
Total oper. expenses
$9,077.698 $8,857,250 $8,471,109 $8,450,221
Income before
$2,585,981 83,205.849 $3,515,144 $3.237,529
775,364
taxes_to oper.
Taxes assignable
849,553
889,532
931,521
Operating income.._ _ _ $1,810,617 82,356.296 $2,625,612 $2,306,008
Non-operating income
101,941
163,160
210,942
160,951
Gross income
$1,912,558 $2.519,456 $2.836,553 32.466,959
Interest
$282,688
6308158
$367,453
$428.319
Rent of cars, tracks, &c.
204,833
209,578
213,885
273,112
Other deductions
13,461
Dividends paid
*1,339,855
1,200,000
720,000
Net income
871.721
$810,720 81.535,215 81,765.528
x Includes Brooklyn City RR. and Brooklyn City Development Corp.
earnings. y Brooklyn City RR.only. z In addition,in Sept. 1924 a stock
dividend of 33 1-3% was paid.
CONSOL. BALANCE SHEET JUNE 30 (Incl. Brooklyn City Desert Corp.).
1925.
1924.
1925.
1024.
Assets$
Liabilities$
$
$
Fixed capital__ _ _a36,220,034 34,292,684 Capital stock
16,000,000 12,000,000
Cash
652,158
04,826 Taxes accrued
603,049
Deposit with trusProv.for spec.fran.
tee under equip.
taxes disputed__ 470,558
470,558
trust agreement. 3.269,091
Prov. for acer. Int.
Special deposits... 227.402
226,906
on special Iran.
Interest receivable
taxes disputed_ _ 169,022
3,899
136,083
Accts. receivable._ 127,830
113,250 Prey, for pay'ts to
U. S. Treasury
city for paving__
43,526
16,585
notes
214,510 Interest accrued__ 102,439
8,750
27,746
Prepayments
32.279 Matured coupons_ 112,862
112,700
hsuspense Items.
75,198 Accounts payable_ 227,811
199,979
Reacquired secure:
Unpd.wagee&dep
12,601
11,396
lst Cons.bonds_ 1,627,000 1,627,000 Matur. dive. unpd.
3,181
3,072
Ref. Mtge. bde_ 400,000
400,000 Prov. for Federal,
Unadjusted debit
State & city tax_ 582,650
255,606
items
lot Cons. Mtge. 5s 6,000,000 8,000,000
Ref. Mtge. 4s_ _ - 925,000
925.000
5% equip. tr. ctfs_ 3,750,000
Notes payable.. _ _ 1,250,000
Reserves
1,383,441 1,182,257
nerd or unadJust.
credit items__ _ _
28,865
34,877
Prop.& liab. leasehold suspense 7,800,000 7,800,000
Special surplus... 1,283,350 5,283,380
2,
Total(each Ode)_ _4
806,867 37,590,452 Surplus
2,661,529 2,802,967
a Fixed capital: The Brooklyn City RR. Co. at value set by the company
April 1 1924, together with additions since that date, and the property of
the Brooklyn City Development Corp., now liquidated.-V. 121, p. 584,
456.
140
Havana Electric Railway, Light & Power Co.
(Financial Statement-June 30 1925.)
The following statements were issued in connection with
the readjustment plan, which is outlined in our "Investment'
News" columns on a subsequent page.
EARNINGS YEARS ENDED DECEMBER 31.
Gross
Net aft. Oper. Int. on
y Net
Earnings. Exp. it Tax. Fund. Debt. Income.
85,541,303 $3,351,672 $1,115.414 52.236,257
1915
6,017,709
3,718,385
1916
1,297,093
2.421,292
6,989,599
3,753.884
1917
1,138,623
2,615,261
8,176,545
3,940,784
1918
989,138
2,951.646
9,397,452
4.482,305
1919
979,711
3,502,595
11,477,937
5.077,269
1920
968.759
4,108.510
12,882,653
5,629,075
1921
1,009,011
4,620,064
12,910,707 6,790,792
1922
1,087,008
5,703.784
13,458,064
7,282,994
1923
1,117,166
6.165.828
14,357,901
7,264.002
1924
1.088,950
6.175,052
14.935,377
1925*
7,518,310
1,078,486
x Year ended June 30 1925. y Available for reserves for depreciation
and contingencies and for dividends.
PROFIT AND LOSS ACCOUNT. 12 MONTHS ENDED JUNE 30 1925.
Gross earnings from operations
814.935.377
Oper. exp., $6,945,754: taxes, Cuban and American,8848.776.. 7,792,530
Operating income
Other income
37.142,847
375,463
Total income
Interest on funded debt
87.518,310
1,078.486
Net income available for reserves for depreciation and contingencfes, and for dividends on stock
86,439.824
HAVANA ELECTRIC & UTILITIES COMPANY.
Income as above available for reserves for depreciation and contingencies, and for dividends, applicable to stocks of Havana
Electric & Utilities Co. on the basis of exchange of 100% of
the stocks of Havana Electric Railway. Light & Power Co__ $6,439.824
Dividend requirements of $21,000,000 (par value) 6% First
Preferred stock
1,260.000
Dividend requirements of 300.000 shares (no par value) Prof.
stock, $5 per share
1,500,000
Applicable to reserves for depreciation and contingencies and
to dividends on the 603,000 shares (no par value) Corn,stock $3,679,824
COMPARATIVE BALANCE SHEET.
June 3025 Dec. 31 '24
June 30'25 Dec.31 '24
$
AssetsS
3
$
Property, plant .fc
6% pref. stock_.20,978.467 20,976,587
equipment..- _a87,327,247 66,283,398 Common stock _14,948,241 14,943,221
1,596,256 1,586,977 Funded debt
Investments
20.242,557 20.781.742
6,760,370 6,676,392 Mtge. on real eat..
Cash
100,000
Accounts payable_ 241,852
Accounts and notes
315,707
2,814,531 2,716,057 Divs.& int. unpaid 156,232
receivable
153,780
Accr. Int, on bonds 240,413
Materials, &c., on
245,579
1,763,766 1,658,320 Consumers'& other
hand
deposits
841,878
Materials In transit 146,489 • 55,123
803,906
Res.for tax.dicont. 2,833,309 2.435,095
Employees' retire968 Special reserve_ _ _ _ 522,953
ment fund
522,952
Reserve for deprec.12,201,132 10,975,628
Insurance paid in
110,300
52,599 Corporate surplus_ 7,312,125 6,775,638
advance
80,518,959 79.029,834
Total
Total
80,518.959 79,029,834
a Properties, plant and equipment as per balance sheet Dec. 31 1924.
866,283.398; net additions during half year, $1,043,849.-V. 120, p. 2396.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Final Valuations on 58 Roads covering 8.033 miles cost roads $83.529,500
and Inter-State Commerce Commission V4.849,500: total, $108,379,000,
up to June 30 1925.-New York "Times' Sept. 13. p. 13.
Car Surplus.-Class I roads on Aug. 31 had 162.397 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 a decrease of 32.930 cars under the number reported
on Aug. 22. Surplus coal cars in good repair on Aug. 31 totaled 40,427, a
decrease of 13,328 cars within approximately a week, while surplus box
cars in good repair totaled 85,732. a decrease of 17.331 cars during the
same period. Reports also showed 14,732 surplus stock cars, a decrease
of 1,763 cars under the number reported on Aug. 22, while surplus reCrex Carpet Company.
frigerator cars totaled 13,611. a decrease of 336 cars compared with the
previous week.
(Annual Report-Fiscal Year Ending June 30 1925.)
Class I roads on Sept. 7 had 146,998 surplus freight cars in good repair
immediately available for service, according to reports filed by the
James H.,Baldwin, President, New York, Sept. 16, wrote and
carriers with the Car Service Division of the American Railway Association.
This was a decrease of 15.399 cars under the number reported on Aug. 31.
in brief:
During the period covered floor coverings did not reach the general level Surplus coal cars in good repair on Sept. 7 totaled 43.289, an increase of
of business activity and sales were on a competitive basis that precluded 2.862 cars within approximately a week, while surplus box cars in good
any large margin of profit. The outlook for the coming year is somewhat repair totaled 70,508,a decrease of 15,224 during the same period. Reports
more promising.
also showed 13,802 surplus stock cars, a decrease of 930 under the number
reported on Aug. 31, while surplus refrigerator cars totaled 12,104, a de-'
EARNINGS STATEMENT FOR FISCAL YEARS ENDED JUNE 30. crease of 1.507 cars compared with the previous period.
Car Shortage.-Practically no car shortage was reported for either week.
1924-25.
1923-24.
1922-23.
1921-22.
Mauers Covered in "Chronicle" Sept. 12.-(a) Railroad gross and net
$306,425
Gross income
8396.284
8418,853
8349.387 earnings for July. p. 1283. (b) Revenue freight the heaviest on record.
Leas-Selling, adminisP. 1292. (e) 'Western roads petition for a 5% increase in rates, p. 1310.
_
tration, gen. exp.,
208,063
2(11.803
274,943
359,647 (d) Proposed legislation for consolidation of roads-other legislative proReserved for deprecia'n _
45,872
45,725 posals to be brought before Congress, p. 1310.
Doubtful accounts
2,081
Atlantic City RR.-Abandons Branch.a$98,362 4194.481
Net income
$98.038 loss$58,066
Because of a yearly loss said to be $30,000 the Sea Isle City branch of
801,056
Previous surplus
610.835
662,377
735,417
the
road ceased operation Sept. 13, the date designated by the New Jersey
Refund Federal tax
Cr.5.740
P. U. Commission. The abandoned line is a single track 8 miles long.
21,204
Gain on sale of real eat..
The I.-S. C. Commission on Sept. 12 issued a certificate authorizing
the company to abandon its Sea Isle City branch,extending from a connec8920.622
Total surplus
$815,056
$760,415
$677,351 tion with its Ocean City branch at Ocean City Junction,in a general southDividends
120,000
easterly direction to Sea Isle City, a distance of 8 miles, all in Cape May
Inventory adjustment_
deb.30,735 deb.14.974 County, N. 3.-V. 119, p.
848.
Settlement of Burt suit_
43,845
Co.
Crex
Carpet
Res.for
Atlantic Coast Line RR.-Construction of Extension.(Eng.),Ltd.,curnacct.
10,000
75.000
The I.-S. C. Commission on Aug. 31 issued a certificate authorizing the
to construct and operate an extension of a line of railroad from
Balance June 30---- - $800,622
$801,056
$610,835
$662,377 company
its southern terminus at Ixnmokalee in a general southerly direction to a
depreciation
taxes.
and
After
a
Point at or near Deep Lake in township 51 south, range 30 east, a distance
of approximately 27 miles, all in Collier County, Fla.
BALANCE SHEET JUNE 30.
The cost of construction is estimated by the company at $620.347. The
1925.
construction
1924.
LiabUttiescost will be paid from available funds in the treasury, andit
Assets1925.
1924.
Property account a$2.059,291 32,116,563 Capitalstock
83,000,000 $3,000,000 is not contemplated that any additional securities will be issued at present.
200,000
200,000 Accounts payable_
libr,sakiss.as
38,945
32,032 -V. 120.p. 2676. 2681.
Good-will
98,656 Unpaid dividends_
Liberty bonds__.. 273,656
644
434
9,533
9,543 Div. pay. July 15_
Investments
Buffalo Rochester & Pittsburgh Ry.-Stockholders
30,000
Accrued Fed. taxes
4,137
Due on land sale
4,560 Approve Lease of Road to Delaware & Hudson Co.
1,469
9,959 Surplus
contract
800.622
801,056
The stockholders on Sept. 15 approved the lease of the properties to the
314,285
431,546
Cash
Hudson
years.
Co.
for
&
202,144
Delaware
999
rec.
186,873
hiotea & acc'ts
The directors approved the lease last May, the Delaware & Hudson
Crex Carpet(Eng.)
managers approved it June 24 and the stockholders Sept. S.
59,163
48,626
Ltd.. eurr. ace't
The lease provides for payments by the Delaware & Hudson Co. of an
Income accr. on seannual rental sufficient to pay 6% net annual dividends on the $6.000.000
1,534
1.634
curities owned..
outstanding Preferred and 810.000.000 outstanding Common stock, pay697,792
693,629
InventorY
30,818
Total(e,ach side) $3,874,348 $3,838,082 ment of all fixed charges and maturing debts.
66,019
Deferred charges._
The 1.-S. C. Commission will shortly be asked to sanction the lease.a After deducting $443,728 reserve for depreciation.-V. 119, p. 2766.
V. 121, p. 1345, 582.
1456
THE CHRONTCLE
pror, 121.
need for new equipment and informed him that a purchase could be financed
Central of Georgia Ry.—Bonds.—
and deliveries secured in time for the crop movement in the fall. Early
The I.-S. C. Commission on Sept. 9 authorized the company to Pledge in the same month, the exact date not being stated, one of these receivers
and repledge,from time to tin.e, until June 30 1927. 83314.500 of Refund- conferred with a member of the firm of Kuhn, Loeb Se Co. and received
ing & General Mtge. 514 07 bonds, Series B, as collateral security f r any assurances that if the equipment were purchased, that firm "would stand
note or notes which may be issued by the cor .pany under paragraph (9) behind him so far as the financing of it was concerned." including a loan
of Section 20a of the Inter-State Commerce Act without auth-rity having of the necessary funds for a 25% cash payment if the carrier were unable
Mat been obtained from the Commission.—V. 121. P. 1224. 974.
to provide the funds out of its current cash resources. According to the
record, on or about April 17 a member of the firm of Coverdale & Colpitts
Chicago & Alton RR.—To Pay Interest on Ref. 33.—
went to Chicago and together with the same receiver met representatives
The committee for the 3% Refunding bonds (Charles A. Peabody. Chair- of car builders and discussed the possibility of making deliveries prior
man) announce that the receivers will pay on the 3% bonds the interest to or on Oct. 1. It will be noted that this is said to have occurred ten days
which became due on April I 1925. with interest thereon at 6%. Depositors after the talk with the Court. The firm of Coverdale & Colpitts was
should present their certificates of deposit promptly to New York Trust Co.,
then representing the Bondholders' Committee and the reoganization
100 Broadway, N. Y. City, depositary, or to linnets Marchants Trust Co.. managers, the latter being Kuhn. Loeb & Co. and the National City Co..
Chicago. sub-depositary. Upon such presentation: (I) Depositors who and its advice was an important factor in convincing the receiver of the
receive
such
have not received an advance on the April 1 1925 interest will
need for new equipment. During the period April 14-17 about 15 car
Interest with Interest thereon at6% to the date of payment by the receivers: companies were assed, under authority of this same receiver, to submit
(2) those who have already received an advance of the April 1 1925 interest bids on the new equipment. The contracts were verbally assigned May 8-9
will be credited with the repayment thereof.—V. 120. p. 2539, 1744.
and this assignment was confirmed by letters of May 12. under the same
Chicago & Illinois Midland RR.—Application.----to issue authority.
The other receivers at that time knew nothing of this $12,000.000 transThe company has asked the L-S. C. Commission for authority
action, nor had the Court approved the purchase. When the other re$4,700.000 1st Mtge. 6s and $1.000,000 capital stock. The company also ceivers learned that the orders had been placed, they required a showing.
asked for authority to acquire the entire capital stock of the Springfield They were at length satisfied of the wisdom of the purchase and were
Havana & Peoria RR. The carrier proposes to use $2.500.000 of the especially gratified, so it was testified, at the manner in which competitive
bends to retire a like amount of other bonds and to sell $1,862.500 to the bids had been secured. The transaction was then submitted to the Court
Conunonwealth Edison Co. at par for cash. The remainder will either be and was approved by him on June 2. According to the record, "'The
sold or used in acquiring bonds of the Springfield Havana & Peoria RR.
Court was particularly interested in whether there had been competitive
The Springfield Havana & Peoria RR. also asked the Commission for bidding for the equipment."
to
authority to issue $1,960,000 1st Mtge. 6s and $1.000.000 capital stock,
Upon July 2 a member of the firm of Freeman & Co. called upon one
shares
of
10
sell
to
and
RR.
par
at
Illinois
Midland
Chicago
the
be sold to
of the receivers in New York City, stated that he had learned of the prothe stock at par for cash and deliver the remainder as part consideration posed issue
89,270.000 Equipment Trust certificates, and further stated
for a line of road from Pekin to Springfield, Ill. (formerly owned by the that if theyofcould be delivered without delay he was prepared to offer
Chicago Peoria & St. Louis Ry.). a distance of 77 miles. The company 99 for them. This receiver was sympathe'ic wilt the desire to bid, but
also asked for authority to acquire and operate the Pekin to Springfield said that the certificates were not yet ready for sale, and suggested that
114. p. 1532.
the representative of Freeman & Co.see the other receiver who had ordered
cars. Shortly thereafter, apparently about July 8. the receiver in
Chicago Milwauke & St. Paul Ry.—Securities Deposited the
New York "learned for the first time" that the matter of the financing
and
the
Co.
&
Loeb
.—Euhn,
had
been taken up withthe bankers, and that an understanding had been
$168,000,000
Over
to
Amount
reached. He immediately wired the receiver who had ordered the cars
National City Co., as reorganization managers for the plan and
reached this understanding with the bankers, suggesting that he
advise the Court of the situation and ascertain how far the Court "wanted
of reorganization, have authorized the following statement:
us to go in soliciting bids from other bankers or negotiating with others."
The deposits up to the close of business on Sept. 15 amounted to over This
was done and the Court stated that "if the receivers were satisfied
$168.000.000 par value of securities, of which over $97.000.000 were the offer
of Kuhn, Loeb & Co. and the National City Co. represented
bonds. The depositaries have been instructed to continue to accept the
market rate, he would same ion the sale without. Inviting bids
in
continuing
current
are
and
penalty
without
deposits
present
the
deposits for
bankers." This bid was 97, and after cpnsideration of the
68
from
represents
other
large volume. The amount of bonds already deposited
40
market prices at which other securities were then selling and after studying
of the outstanding Puget Sound First Mortgage bonds and about
date on file with our Bureau of Finance, the receivers conof
all
which
comparative
plan.
dealt
with
the
debentures
under
and
of the other bonds
this figure fairly represented the "current market rate." and
are secured under the General and Refunding Mortgage. These deposits cluded thatthe
certificates was approved by the Court on July 30.
the sale of
assure the consummation of the plan.
In considering the matter of the "current market rate" the receivers
In order to remove any misunderstanding which may exist on the part
they are. o
did not, consult Freeman & Co.. which by the way has specialized in emilpof security holders, the reorganization managers state thatholders
of the ment trusts for nearly 20 years; nor was that firm or any firm other than
course. in sympathy with efforts on behalf of the security
to
carriers
Kuhn, Loeb & Co. and the National City Co. given on apportunity to
Chicago Milwaukee & St. Paul Ry. and other Northwestern
bid for the certificates.
obtain adequate rates, and that doubtless a considerable amount of th
those
I have given this historical sketch in some detail beesuse, in the first
spoken
In
are
included
also
plan
the
securities already deposited under
me extraordinary that one receiver sh-uld have committed
for by various committees formed for that purpose. The reorganization place, it seems to
expenditure of about 812.000.000 to• cars without the
managers and the bondholders and stockholders committees are convinced the carrier to an court
or even of his co-receivers. It seems equally exthe
of
of
the
determination
knowledge
however, that delay in the reorganization pending the
one of
traordinary that even after this knowledge had been gained at least
rate question is not in the interest of the security holders.
the receivers should for some weeks have been unaware that a practical
to
weeks
bankers
before
as
the
many
to
reached
Succeeded.—
been
had
Not
understanding
Opponents Say Reorganization Plan Has
whom the issue of equipment trust certificates should be sold, and that
Roosevelt & Son, leading opponents of the reorganization these
bankers should, from the very beginning, have had a more intimate
the entire transaction, including the determination of the
plan, issued a statement Sept. 17 in which they declared relation with equipment.
than all but one of the three receivers. I am
need for the
that the plan had failed. The statement follows:they had 20% further
with the fact that the receivers and the court were "parimpressed
"gratified" over the excellent arrangements
On July 15 the reorganization managers announced that
and
ticularly interested" in
of the securities of the Chicago Milwaukee & St. Paul RR. They now which had been made for obtaining competitive bids from the ear builders.
outhave been but was not applied in the sale
announce that they have 42% of the bonds and 37% of all securities they
might
principle
sound
The same
standing. After months of effort and without organized opposition
of the equipment trust certificates. In this connection I may say that it is
have fallen far short of securing a majority, either of the bonds or of the contemplated, according to the record. that the loan from the bankers
security
will be repaid out of the
stock. That condition shows the widespread dissatisfaction of the
covering the cash payment on the equipment
holders with the plan. The plan has not succeeded. It deserved to fall.
earnings of the carrier before the end of the year. The note evidencing
The reports from the rate hearings in Chicago give every reason to believe this loan enjoys the same priorities as receivers' obligations generally. No
that substantial relief In the matter of rates will be accorded to the North- evidence was offered that a loan of this amount could not have been obtained
western carriers. The prospect emphasizes the unfairness of a reorganiza- from other sources.
lower
Co. testified that equipment trust
tion plan which calls upon the bondholders to take new securities of ain
The representative of Freeman &
the
grade and with no provision for permitting them to participate
are "a preferred class of securities for investors"; that it would
restore certificates simple
railroads to get bids" on such securities: and
for
prosperity of the road in case the growth of business and better ratesthe
matter
very
"a
be
prothe road to a prosperous condition. We shall continue to oppose
that by means of such bids they would, in his opinion. "average about 14 of
testified that his firm does not get
posed plan.
1% higher" on the scale. He further
to bid on such securities as often as it would like and probably
cases. In this particular instance.
Equip. Trusts A pproved by Commission—Commissioner chances
not in more than 10 or 15% of the
however. he testified that the price of 97 paid by Kuhn. Loeb & Co. and
Eastman's Concurring Opinion.—
National City Co. was "a very fair price" at the time when their offer
The I.-S. C. Commission on Sept. 12 authorized the company to assume the
was accepted.
certificates,
Trust
obligation and liability in respect of 89.270.000 Equip.
upon the fact that two
have had occasion in other cases to remark
I
under
Series D, to be issued by the Bank of North America & Trust Co.&
City have a virtual monopoly of the
Co. large baoklea houses in New York
Loeb
an agreement to be dated Aug. 1 1925 and sold to Kuhn,
railroad securities fm distribution to inmost
of
carriers
from
purchase
with
connection
and National City Co. at not less than 97 and divs, in
vestors. In my judgment. this is an unhealthy stats of affaim from more
the procurement of certain equipment.
than one important point of view. and I have expressed the opininn that the
time
has clearly come to break away from these merlon listic conditions,
The rerOrt of tho CoIrin,SSiOn Says in Mill:
and in the case of the
in the case of equipment trust certificates
The District Court for the Northern District of Illinois, Eastern Division, certainlyissues
of bonds of unquestioned standing, such as guaranteed
smaller
place
orders
to
receivers
by its order entered June 2 1925 authorized the
to
change
this
occurred
view of the matter;
has
Nothing
bonds.
for certain equipment. On or about July 25 they filed with the Court terminalI am persuaded that the principle of competitive bidding may wisely
their report of negotiations for the creation of an equipment trust. &c., indeed
this particular inbroader
In
application.
much
a
given
be
safely
and
reand
sell
pursuant to such order and petitioned for authority to issue
this torinciple, which was so well employed in the purchase of the
ceivers' Equip. Trust certificates and receivers' notes. By order entered stanceshouldbeen employed in the sale of the equipment trust
have
also
cars
the
by
issued
be
the
to
to
receivers
cause
July 30 the Court authorized
. and the fact that the receivers were officers of the court should
trustee under the equipment trust agreement, $9,270,000 of Chicago certificates
conclusion. There is no better
assume more readily have brought them to this rate.'
Milwaukee & St. Paul Ry. equipment trust certificates. Series D;tosell
It so happens, however,
the "current market
ascertaining
of
way
the
to
obligation and liability as guarantors in respect thereof, and
been
adverse
since the making of the sale,
has
market
the
of
that the trend
certificates to Kuhn. Loeb & Co. and the National City Co.. N. Y. City, and
evidence on the whole tends to support the price
the
instance
this
in
amounts,
such
were
receivers
borrow
also
to
The
authorized
at 97 and diva.
paid. Under the circumstances I see nothing to be gained by attempting
not exceeding in the aggregate $3.600.000, as may be necessary to pay in to
upset the sale at this late date, and 1. therefore, concur in the disposition
cash that part of the cost of the equipment not provided for by the issue of
the case. I am authorized to say that Commissioner McManamy joins
amounts
the
for
of
the receivers
of trust certificates, and to Issue notes
in this expression of concurrence.
borrowed.
the
National
sold
to
been
and
Commiss'orer Woodlock, concurring, had this to say:
Kuhn.
Loeb
Co.
have
&
certificates
The
When Congress passed the Transportation Act in 1920 it elected to rely
City Co. at 97 and diva. On that basis the average annual cost will be
approximately 5.494%.
private management and private capital for an adequate railroad
upon
bids transportation system. It was under no compulsion to do sn. GovernThe protest filed in behalf of certain bondholders was because trust
in fact, in control of the railroads and it would have been an
was,
ment
had not been asked for in connection with the sale of the proposed
certificates. The testimony showed that on July 2 1925 a dealer in equip- easy thing, had Congress wished it, to complete and perpetuate that conand intimated
Instead of doing this, Congress, after prolonged deliberation, proment trust certificates called upon one of the receivers
for im- trol.
videc1 by elaborate legislation for a return of the railroads to managethat he would be willing to pay as high as 99 for the certificates
ment by their owners. It is clearly the spirit of that legislation that ownermediate delivery. However, the certificates could not be sold and delivered
stage of com- management shall have free play within the limits implied in the words
at that time, as the equipment trust had not reached such a the
certrust
the
when
market
that
so
declined
Subsequently
efficient and economical" as used in section 15a. We have no
"hnnest,
pletion.
accrued right in the exercise of our regulatory powers to use the letter of the law
tificates were sold on July 27 1925, the price realized was 97 and he
con- in such a manner as to nullify its spirit.
that
dividends. The dealer above referred to further testified further
shown
The powers given to us under section 20a must be construed in that
sidered 97 on July 27 a very fair price for them. It was
e rirerprove the issue or assumption of securities by a car- •
spirit. We awre
that the obtaining of this equipment and the sale of the trust certificates
they had rier only if
had been discussed with Kuhn, Loeb & Co. in April and that
to
required
be
up
to
amount
might
that
83.600.000
such issue or assumption: (a) is for some lawful object within its
agreed to loan any
of the "that
corporate purposes and compatible with the public interest. which Is
snake the initial cash payment of approximately 25% of the costbut
not
rate
be
to
made
at
loan
interest
such
current
or appropriate for or consistent with the proper performance
equipment.
necessary
trust
by the carrier of service to the public as a common carrier and which will
to exceed 6% and the term thereof to be six months. The dealer making
had not
impair its ability to perform that service: and (b) is reasonably necesthe offer mentioned was not aware that a loan for the cash payment
the banker sary and appropriate for that purpose."
to be floated, which loan would probably be obtained from
on the
We may approve or deny wholly or in part, or with modifications and
buying the certificates, which fact would also have an influence
obtained upon
price
the
facts
from
the
that
submitted
appears
It
such terms as we may deem appropriate or necessary. The purpose
made.
offer
the
sale
time
the
with
current rates obtaining at
of the section is clearly to give us power to prevent fraud or waste arising
was fair and comparable
of
*as consummated, consideration being given to the decline in the market from. mismanagement in the issue of securities. Manifestly the costand
capital is one of the most important Items in the finances of carriers,
during the month of July.
in the raising of capital this cost shall be as low as
that
see
to
Is
duty
our
following
the
filed
Eastman,
concurring,
Commissioner
possible That method by which securities are floated at the lowest cost
to the carriers is clearly the method which is best under the law, and it Is
opinion:
St. Paul our duty to see that it is followed in so far as we have power to enforce it.
This case has points of interest. The Chicago Milwaukee &According
I do not see that our present duty leads us beyond this point.
was placed in the hands of three receivers on March 18 1925.
Assuming—though it seems to be very doubtful—that the law gives us
to the record. on April 7 two of the receivers, neither of whom was present
to
the
regard
In
Court
with
talked
the
informally
power to prescribe so-called public "competitive bidding" for railroad
personally,
testify
to
SEPT. 19 1925.]
THE CHRONICLE
securities, the main question that we would have to ask ourselves is whether
or not such a method would result in lower cost to capital to the carrier
than does the present method. It does not appear that there is anything
in the letter of the law (and there Is certainly nothing in its spirit) which
requires us to invade the domain of management with the object of accomplishing a "reform." as such, of banking methods. We are concerned,
under section 20a. mainly to see that railroad capital shall be economically
raised, and that it shall not be wasted after it is raised. We have no right
morally (and I think we have no right legally) to interfere with management on any other grounds or for any other purpose, so far as security
Issues are concerned.
No competent person has yet seriously suggested that public "competitive
bidding" could wisely or safely be prescribed for railroad security issues In
general. The reasons are so plain that they need no recapitulation here.
It is with respect to certain classes only of securities that there is any room
for argument. Equipment trust issues and issues of terminal companies
(which together amount to probably less than 7 or 8% of railroad securities
outstanding) alone seem to possess a sufficient degree of standardization to
make their selling value at any time mainly a matter of money rates at
that time. Whether or not securities of this class could be s'old to greater
advantage under public "competitive bidding" than under the preseot
method whereby they are usually sold to the recognized bankers of the
issuing company is arguable.
As matters stand At present I have strong doubts that any system of
public "competitive bidding" would produce capital more cheaply to the
railroads than the method which has been generally followed up to date.
Between such a system however,and the system commonly in use, whereby
carriers have dealt with their own bankers middle ground has been tentatively occupied in several cases. The carrier has invited bids from several
banking houses for the securities that it wishes to sell, and has s
thorn
to the highest bidder. The Norf 1k & Western Ry. did this In 1924 and
1925 with, seemingly, good results. The Chicago & North Western Ry.
has notified us in connection with a recent application that it purposes to
adopt the same method of sale. This is as it should be. Carriers themselves have taken the initiative in the experiment and it is quite certain
that if the experiment shall, as seems likely, prove successful, the method
will come into common use. It is infinitely better that results come in
this way than from the exercise of the powers possessed-if it does possess
them-by this Commission.-V. 121. p. 1345. 1244.
1457
Randolph & Cumberland RR.-TP7itotirP V,,171"1 ion.The I.-S. C. Commission has placed a tentative valuation of $95,581 on
the total owned and 3185,581 on the total used properties of the company
as of June 30 1918.-V. 119. p. 1065.
Reading Co.-To Start Motor Bus Service.-
The Reading Co. Sept. 17 announced it contemplated going into the
business of carrying passengers by motor bus as well as by train. The
announcement was made at Harrisburg by E. D. Osterhout, Passenger
Traffic Manager of the company. At the same time Mr. Osterhout asked
the P. S. Commission to hold up for three months all motor line permits to
Private companies in territory contiguous to its lines. This action was
requested to enable the railroad to make a more thorough study of the
motor bus business.
The railroad, it was announced. Is considering extensive motor bus lines
to answer the two-f id purpcse of replacing train service, which is poorly
patronized or to act as "feeders" for rail lines already established.
The company also is studying the substitution of gas'line in place of
steam equipment. The company already operates gas line propelled cars
between Trenton Junction and Trenton and from Tuckahoe to Ocean
City, N. J. The company is the first railroad in Penns-Ivania to take
steps to enter the motor bus business.-V. 121, p. 703. 71.
River Terminal Ry.(Cleveland).-Trntative Valuation.-
The I.-S. C. Commission has placed a tentative valuation of $877.175
on the total owned and $892,572 on the total used properties of the company
as of Jpne 30 1917.-V. 102,9. 977.
Roanoke River RR.-Tentative Valuation.-
The I.-S. C. Commission has placed a tentative valuation of $160,000 on
the wholly owned and used properties of the company as of June 30 1918.
-V.109. p. 677.
Read &
Seaboard Air Line Ry.-Bonds
and Kissel, Kinnicutt
Co., Ladenburg, Thalmann & Co. Sold.-Dillon,
3 and int., to yield 6.47%,$10,000,000
& Co. have sold at 94%
1st & Consol. Mtge. 6% Gold Bonds, Series "A," of 1915.
Chicago & North Western Ry.-Company Has About Due Sept. 11945.
Authorized $300.000,000. Series "A" bonds have been authenticated
75% of Omaha Stock, Enough for Consolidation.-President
to the extent of $58.704,500 principal amount. On co, .pletion of this
Sargent says:
financing, 337.767,500 Series "A" bonds will be outstanding in the hands
We now hold a little over 75% of all Omaha stock. This Wall that is
needed to make the consolidation plan effective. We are leaving the same
terms open to holders of the remaining stock until the matter is actually
concluded after the I.-S. C. Commission hearing.-V. 121 p. 1224 974.
Chicago St. Paul Minneapolis & Omaha Ry.-75% of
Stock Deposited Under Chicago & North Western Offer.See Chicago & North Western By. above.-V.121 p. 1225.
Delaware & Hudson Co.-Buffalo Rochester & Pittsburgh
Ry. Stockholders Approve Leasing of Road to D. & H. Co.See Buffalo Rochester & Pittsburgh By. above.-V. 121, p. 1345, 455.
Denver & Salt Lake RR.-Time Extended.The reorganization committee (Gerald Hughes, Chairman) and committee representing holders of 1st Mtge. 30-Year Gold bonds, and the
committee representing the 5% 30-Year Adj. Mtge. bonds, announce that
under the terms of the reorganization plan (V. 121. p. 835) the time for
the payment of the initial installment of 10% of the total payments required
of the holders of certificates of deposit or bonds under the plan electing to
subscribe cash has been extended to Oct. 15. and also the time for the
deposit of any of the undeposlted bonds has been extended to Oct. 15. which
deposit must, in the case of holders electing to subscribe cash, be accompanied by the initial installment of 10% of the total amount payable by
the holders of bonds under the plan.
Such payments may be made to any of the depositaries under the respective deposit agreements of May 1 1917. and Jan. 5 1918. and must he
accompanied by the presentation of certificates of deposit on which will
be noted the payments as made. Compare V. 121, P. 835, 973.
Elberton & Eastern RR.-Tentative Valuation.The I.-S. C. Commission has placed a tentative valuation of $327,492
on the properties of the company as of June 30 1918.-V. 113, p. 70.
Hereford Ry.-Maine Central to Cancel Lease.-
See Maine Central RR. below,-V. 120, p. 2546.
Kanawha & Michiran Ry.-Tert,
tive Valuation.The L-S. C. Commission has placed a tentative valuation of $14,711.881
on the total owned and 315.088,€04 on the total used properties of the company as of June 30 1918.-V. 115, P. 543.
Kansas City Northwestern Ry.-Operation of Line.-.
The I.-S. C. Corranission on Sept. 9 dismissed the application of the
company for authority to operate a line of railroad extending fron. the
State line in Kansas City. han.. to Seneca. Han.: front Axtell Junction,
Han., to the end of track at V irginia. /Neb., and from Menages Junction,
to Leavenworth, Kan., a total distance of 161.65 n.iles in Nen.aha. Jackson, Jefferson, Leavenworth. Wyandotte and Marshall counties. Kan.,
and Pawnee and Gage counties. Neb.
The company was inccrp. In Kansas to acquire the railroad formerly
owned by the Kansas City Northwestern RR.. which had been in the
hands of a receiver appointed by the U. S. District Court for the Eastern
District of Missouri. tastern Division. By order entered Jan. 22 1925,
the court directed the receiver to deliver pessession of the pe pestles held
by him to the con.pany,and by further order entered Feb.5 1925,discharged
the receiver.
The railroad has not been operated since Dec. 1 1919. The company's
plan for the rehabilitation of Its pr pestles and providing a Nil rk lag fund
for the operation of its line conte. plated the securing of a loan of$2,355,731
from the Governn.ent, and the issue of $2.500,000 of first n.crtgage bonds
to be pledged as collateral security f, r such loan. Applications f. r a loan
from the United States and f, r authority to Issue first mortgage bonds
have heretofore been dismissed by the Commission.-V.121,p. 1345. 1098.
Louisville & Nashville RR.-Judgment for $2,000,000.
The company received Judgment against the Western Union Telegraph
Co. for $2,000.000 due for rentals in a decision handed down at Covington,
Ky., Sept. 12 by Federal Judge Cochran. The judgment comes after a
legal battle lasting 14 years.-V. 120. p. 3063.
Maine Central RR.-To Cancel Hereford Ry. Lease.--
The company. it is announced, will cancel the lease of the Hereford By.,
extending from the boundary line between Vermont and Canada near
Beecher Falls. Vt.. to Lime Ridge, Province of Quebec. Canada, as of
Nov. 1. It will, therefore, terminate all train and other public service
operations on this line at midnight Oct. 31.-V. 120. p. 2939, 2008.
Northern Pacific Ry.-Abandonment of Part of Red
Mountain Branch
The I.-S. C. Commission on Aug. 31 issued a certificate authorizing the
company to abandon part of Its Red Mountain branch extending from a
point 2.91 miles west of Rimini Junction in a general southwesterly direction
to Rimini. a distance of 12.85 miles, all in Lewis and Clark County, Mont.
-V. 121. p. 1098, 583.
of the public and upwards of $20.000 000 Series "A" bonds will be pledged
with the U. S. Government or in the cor, pany's treasury. Denom. c*
$1.000. $500 and $100, and r* $1,000, 35.000. 310.000 and authorized
n,ultiples of $10.000. Int. payable M. & S. Guaranty Trust Co., New
York,carp gate trustee. Red. all or in amounts of not less than 31.000.000
at any one time, on any interest date. on 60 days' notice at 1075i and int.
Listing.-These bonds will be listed on the New York Stock Exchange.
Data From Letter of S. Davies NNarfield, President of the Company.
Company.-The Seaboard Air Line Ry. System directly operates 3.7
miles of railroad (exclusive of 441 miles of subsidiary co,.panies,.extending
fron. Richmond. Va., through the South Atlantic States. The territory
traversed is one of the mcst productive sections of the South, including
the great citrus fruit-bearing, vegetable, cotton and tobacco growing
districts and also n.any in.portant n.anufacturing sections. The strength
of the Seaboard's pr sition is indicated by the fact that the percentage of
miscellaneous freight to total traffic is greater than that of any in.portant
cor..peting railroad of the South.
The Seaboard System enjoys superior competitive advantages as the
short line between Richmond and Florida. By the recent extension of its
main line to West Palm Beach it became the only railway system operating
through trains over its own rails from Richmond to points on the lower
to Miami
east coast of Florida. It is prcprsed that this line be extended
and beyond and that on the west coast an extension be constructed to
Fort Myers, Punta Rosso and other South Florida mAnts. Those proposed
extensions will reach some of the most rapidly developing sections of
Florida. The Seaboard System has the only direct line across the peninsula
et Florida connecting the two coasts.
Security.-A direct obligation of company and secured by direct first
Mortgage lien on approxin.ately 442 miles of railroad. including the through
low-grade main line of 258 miles from Hamlet. N. C., to Savannah. Ga.,
via Charleston. 8, C. They are further secured by pledge of certain
securities. including 348.879.000 Ref. Mtge. bonds out of a total of $68,229,000 issued.
that no additional bonds
The effect of covenants made by the company is
secured by any existing mortgage
(other than 1st & Consol. Mtge. bonds)now
owned may be Issued
directly
property
lien OD any of the con.pany's
except additional Ref. Mtge. bonds, which by the provisions of the 1st &
As such additional
thereunder.
pledged
be
to
required
are
Consol. Mtge.
under the 1st & Consol.
Ref. Mtge. bonds shall be issued and pledged
will
bonds
an increased
acquire
Mtge.
Consol.
&
1st
of
holders
Mtge.,
interest in the security afforded by the Ref. Mtge,
Years.
Calendar
Figures
Comparable
Other
and
Interest
to
Applicable
Income
1924.
1923.
$52,249.110
$53.384.173
revenues
Railway operating
40.342.259 41.387.634
Railway operating expenses
8.367.625 9.933.490
Total income applicable to interest
6.095.245 6.601.413
Fixed interest charges
ended
months
July 31 1925 were
7
the
for
revenues
operating
Gross
,greater, and net railway operating income was 9.4% greater,
over 10.6,
than f r the corresponding period f 1924. The officials f the con.pany
estin.ate that after the first year of full operation of the additional Florida
lines. of which 264 miles are now in operation and 204 miles pe p-sed to
be built, the annual gross c perating revenues of the system will be increased
by approximately $10,000.000 and the net operating revenues by approximately $4.500.000.
Purpose.-Proceeds will housed to increase the facilities of the Seaboard
System, n.ade necessary by a heavy increase in traffic for ii .proven.ents,
acquisitions. betterments. additions and extensions to the properties of the
col .pany and its subsidiaries. and to reimburse the con.pany's treasury
for expenditures n.ade for such purposes.
aFunded Indebtedness as of Aug. 31 1925 (Adjusted to Give Effect to TM.,
Financing).
Outstanding
With the
Pledged.
Authorized. the Public.
332.657.000 45.849.000
b
Underlying bonds
000 000
g27
000
12.775
bonds
Mtge.
1st
d$125.000.000 19,350.000 h48 879.000
Ref. Mtge. bonds
300.000.000 37.767.500 e18.578.500
1st & Consol. Mtge. bonds
16.453,900
Notes to U.S. Government
f25.000.000 25.000.000
Adjustment Mtge. bonds _,
and commitments as
guaranties
certain
outstanding
has
con.pany
The
a
to funded indebtedness of subsidiary con.panies. b No more to be issued.
c Pledged under 1st & Ref. Mtges.. 3100.000 additional underlying bonds
are pledged under a lease agreement. d Additional bonds Issued must be
Pledged under the 1st & Consol. Mtge. e Pledged under notes to U. 5,
Government. There are now also pledged under the notes to the U. S.
Government $6,000,000 additional Series "A" bonds which, If and to the
extent approved by the I.-S. C. Commission, are to be released to the
Company. The company now holds certain additional Series "A" bonds
in its treasury. f Adjustment Mtge. bonds have a junior lien upon the
collateral securing the Ref. Mtge. bonds. g Pledged under Ref. Mtge.
1st & Consol. Mtge.-V. 121, p. 1098.
h Pledged _under
a-
Southern Pgc;fic RR.-Aworrl in bawl Grant
CqRe.
United States District Judge Wolverton at Portland Ore., has allowed
the company 54.175.478 In the final accounting of the old Oregon-Oalifornia
RR. land grant cases. The company had asked for some 38,000.000,
Old Colony RR.-New Vice-President.while the Government conceded 31.200.000. The decision as to whether
B. A. Powers, Clerk of the corporation, has been elected Second Vice- an appeal shall be taken rest,s with the company's legal department. The
President.-V. 121. p. 975. 703.
accounting suit involved some 100 separate lawsuits that were rolled into
the one brought under the provisions of the Chamberlain-Farris Act,
Pennsylvania & Atlantic RR.-Abandonment of Branch. Passed
by Congress in 1916.
The I.-S. C. Commission on Sept. 9 issued a certificate authorizing the
Attorneys for the company say that the lands recovered by the Governcompany to abandon, as to inter-State and foreign commerce, a branch ment from,the old Oregon & California land grants are now worth at least
line of railroad in Burlington County. N. J., extending from a connection $30,000,000. chiefly from the timber on them. The district known as the
with the main line 498 ft. west of the centre of the passenger station at 0. & C. grant Is composed of two grants from the Government to aid in
Browns Mills Junction to Browns Mills-in-the-Pines, a distance of 1.82 the building of the Oregon & California RR.-the east side grant made
miles.-V. 100. p. 902.
In 1866. and the west side grant made In 1870.
The lands were given to the old railroad company with two covenantsthat they should be sold only to actual settlers and that they could be
sold only in tracts of 160 acres each.
The Government alleged that when the Southern Pacific obtained the
lands it went on the theory that it owned them outright, and proceeded
to sell as it saw fit without regard to the covenants. For years it sold
these lands and the Government took no action until some ten years ago.
In time the railroad company took these lands off the market. The
Government brought suit to compel the company to forfeit the lands back
to the Federal Government upon the grounds that the railroad company
had broken the covenants in the original grant.-V.120, p. 2547.
Southern Pacific Terminal Co.-Acquires Elevator.This company, controlled by the Southern Pacific RR., has taken over
the Sunset elevator at Galveston, Tex., formerly leased to the Grain Marketing Co. and Rosenbaum Grain Corp., and will operate it as a public
elevator. It will be for the use of all exporters of grain, and efforts will
be made to secure a considerable part of the corn that is slated to move
through Gulf ports for export this season. The Sunset elevator has a capacity of 1,000,000 bushels.-V.110, p. 262.
Tampa & Gulf Coast RR.-Bonds Offered.-J. A. W.
Iglehart & Co. Baltimore, are offering at 893' and int., to
yield about 53.%, $434,000 1st Mtge. 5% Gold bonds of
1913, due April 1 1953.
Authorized $5,000,000. Amount to be presently outstanding $1,184,000.
Callable as a whole only at 105 and bit, on any bit, date on 60 days notice.
Interest payable A. & 0. without deduction for the normal Federal income
tax up to 2% per annum. Continental Trust Co., Baltimore, trustee.
Guaranty.-Seaboard Air Line Ry.unconditionally guarantees payment of
principal and interest by endorsement on each bond.
Company.-Incorp. in Florida. Owns 78.27 miles of railroad extending
from Gulf Coast Junction, near Tampa, Fla., to St. Petersburg. Fla., with
branches to Tarpon Springs, Port Richey and Indian Branch. Other
important points on this line are Bellair and Clearwater. The territory
served by the company includes one of the most important citrus fruit
growing districts in Florida. The cultivation of vegetables and other field
crops is also being extensively developed.
Tampa & Gulf Coast RR., forming a part of the main line of the Seeboard System, is an important link in the chain forming the through line
of railroad across the peninsulas' of Florida. In connection with the Valrico cut-off, now being completed, the mileage and time between St. Petersburg and other west coast points to the east coast will be materially reduced.
Ownership -The entire capital stock of the Tampa & Gulf Coast RR.is
owned by Seaboard Air Line Ry. and is pledged under its Consolidated
Mortgage, bonds of that mortgage being reserved to retire Tampa & Gulf
Coast 1st 5.9 at maturity.
Earnings Years Ended Dec. 31.
1924.
1925.
(Estimated.) (Actual.)
Railway operating revenues
$1,620,930 $1,084,356
636.117
Railway operating expenses
952.827
23,750
Railway tax accruals
25,850
182
Uncollectible railway revenues
1
Railway operating income
Equipment rents-Dr
Joint facility rents-Dr
1642.252
283,773
14,742
5424,307
179.261
10,521
Net railway operating income
Other income
$343,737
7.068
$234.525
8,332
Gross income
Rents, &c.. charges
$350,805
54.258
$242.857
63.478 I
Applicable to interest
Fixed interest charges
1296.547
44,734
5179.379
37,500
Net income
$141,879
$251,813
Listing.-Bonds of this issue are listed on the Baltimore Stock Exchange
and application will be made for the listing of these additional bonds.V. 120, P. 2398.
--
Texas-Mexican Ry.-Tentattve alttation.The 1-9. C. Commission has placed a tentative valuation of $2,047,050
on the total owned and $2,497.050 on the total used property of the company as of June 30 1919.-V. 100, P. 734.
Virvinian Ry.-Hearinq on Lease Postponed.Hearing of evidence by the 1-9. C. Commission at Washington in connection with the proposed lease of the road to the Norfolk & Western Ry.
scheduled to begin Sept. 17 has been postponed until Oct. 12. Postponement was granted at the request of the Virginia Corporation Commission
and Norfolk interests, which have joined hands in opposition to the lease.
-V. 121, P. 1346.
11111
West Jersey & Seashore RR.-Dividend of '2W/0.The directors have declared a semi-annual dividend of 236% on the
Common stock, payable Oct. 15 to holders of record Oct. 1. This will
make a total of 5% paid in 1925, compared with 4% in 1924.-V. 120. It •
2140.
PUBLIC UTILITIES.
alters Covered in "Chronicle" Sept. 12.-Public utility regulation;
H. Hobart Porter says it is a State affair, p. 1311.
All America Cables, Inc.-Estimated
Net after taxes
Other Income
Total income
. Dividends
[VOL 121.
THE CHRONICLE
1458
Earnings.-Quar. End. Sept. 30- -9 mos. Sept.
1924.
1925.
1924.
1925.
$666,169
$652,566 $2,062,337 $2,074,322
160,831
452.650
167,650
495,831
5827.000
472,000
5820,216 $2,558,168 $2,526,972
1,209,000
1,415,420
403.000
Among the principal properties are the following: (a) Kansas Gas &
Electric Co., (5) Pacific Power & Light Co., (c) Portland Gas & Coke Co.,
td) Nebraska Power Co., (e) Minnesota Power & Light Co., (f) Florida
Power & Light Co. and associated companies, including Southern Utilities
Co., Miami Electric Light & Power Co. and Daytona Public Service Co.,
(o) Central Arizona Light & Power Co., (h) Northwestern Electric Co.,
() Southwestern Power & Light Co., which owns substantially all the
Common stocks (and in some cases also all Pref, stocks and bonds) of
Texas Power & Light Co., Ft. Worth Power & Light Co., El Paso Gas Co.,
Galveston Gas Co., Wichita Falls Electric Co., Texas Public Utilities
Co., and others.
Subsequent to June 30 the company has acquired practically all the
Common stock and a substantial amount of the Pref. stock of the Superior
Water, Light & Power Co., which supplies electric power and light, gas
and water service in Superior, Wis.
Outstanding.
Authorized.
CapitalizationPref. stock (no par) $6 per sh. p. a., red.
232,696 shs.
500,000 shs.
at $115 per share
a1,608,837 shs.
2,300,000 shs.
Common stock (no par)
Gold Debenture bonds, American 6%
c$35,982,900
b
Series, due March 1 2016
a As of Aug. 31 1925 and including scrip equivalent to 692 shares of
no par value issued for fractional shares in connection with the payment
of stock dividends. b Authorized amount of Gold Debenture bonds,
American 6% Series. Is unlimited except by requirements as to earnings
of the company. c Including $5,000,000 now being offered.
Purpose-Proceeds are to be used for working capital and for other
corporate purposes.
Earnings-Year Ended June 30 1925.
545,377.228
Gross earnings of operating subsidiaries
Net earnings of Amer. Pr. & Lt. Co., incl. undistributed income
8,267,257
(after renewal and replace't res.) of sub. cos. accruing to it
2,158,974
Ann. int. charges on $35,982,900 Gold Debenture bonds
$6,108,283
Balance
Option warrants.-There are authorized option warrants, issued and
to be issued. entitling the registered holders thereof to subscribe, at any
time on or before March 11931,at $10 per share, to an aggregate of 101,420
shares of the Common stock of the company of no par value. Any of the
company's Gold Debenture bonds now outstanding (including this issue)
will be accepted by- the company, at their principal amounts, in lieu of
cash payment for shares of Common stock of no par value subscribed to in
exercise of the rights given by these option warrants. Company will pay
in cash interest on Debentures so applied, accrued to the date of delivery
of same to it.
Supervision.-Electric Bond & Share Co. supervises the operations of
the company and its subsidiary companies.-V. 121, p. 1346.
American Super-Power Corp.-Pref. Stock Offered.Bonbright & Co., Inc. are offering at $96 and div. per share
to yield 634,% 30,000 shares 1st Pref. stock (no par value).
Cumulative dividends of $6 per share per annum.
Dividends payable Q-J. Preferred as to dividends and assets over any
other stock. Red. all or part at any time upon 60 days' notice at $110
per share and diva. Transfer Agent: Central Union Trust Co., New York.
Registrar: New York Trust Co., New York. Under the present Federal
Income tax law (Revenue act of 1924) dividends on this stock are exempt
from the normal tax and are entirely exempt from all Federal income taxes
when held by an individual whose net income, after all deductions, is $10,000
or less. Dividends when received by corporations are entirely exempt from
all Federal income taxes.
Data From Letter of L. K. Thorne, President of the Corporation.
Company.-Organized in Delaware, Oct. 26 1923, with broad powers to
acquire and hold securities of electric power and light companies, to construct, operate or lease power stations and transmission lines and to act
as fiscal agent for electric power and light properties.
Corporation has acquired as diversified permanent investments Common
stocks of a number of successful and progressive companies in the electric
light and power business. Tho primary source of its earnings lathe dividends
on these stocks. In addition, it has received fees in connection with the
underwriting of offerings of additional stocks of certain of the companies
in which it is interested, and has sold at substantial profits certain of its
holdings. Company is fundamentally interested in the development of the
electric power and light industry as a whole, and is particularly interested
in the development through interconnection of large power systems along
so-called "superpower" lines. It does not aim, however, to control or
operate any of the companies in which it has an interest.
Purpose.-Proceeds will be used for the acquisition of additional income
producing interests in certain electric light and power companies.
Corporation owns substantial interests in the following companies. Its
policy is in no case to own more than 15% of the outstanding Common
stock of any one company. Public Service Corp. of N. J.; Commonwealth
Power Corp.; Electric Power & Light Corp.: Georgia Ry. & Power Co.:
United Light & Power Co.; Middle West Utilities Co.: Detroit Edison Co.:
Brooklyn Edison Co., Inc.: Penn-Ohio Securities Corp.; Consolidated Gas
Co. of New York; Edison Electric Illuminating Co. of Boston; Electric
Bond & Share Securities Corp.: Southern California Edison Co.: Pacific
Gas & Electric Co.: American Power & Light Co. It also has holdings in
several other companies.
Authorized. Outstanding.
Capitalization100,000 shs.
80,000
First Pref. stock (no par value)
300,000 shs. 140,000 shs.
Participating Pref. stock (par $25)
600,000 shs. 173,000 shs.
Common stock no par value) Class A
750,000 shs. 506,138 shs.
Common stock no par value) Class B
There are also outstanding 243,862 option warrants which were issued to
the original subscribers at the time of the organization of the corporation
and which entitle the holders thereof to subscribe to a like number of sharesof the Class "B" Common stock at $10 per share.
Earnings 12 Months Ended.
Dec.31'24. Mar. 31'25. Aug. 31'25.
51,522,040 52,096.227 53,192,482
Income from all sources
Expenses
Taxes, incl. reserve for income tax
13,835
125,564
14,213
138.673
18,117
291,895
Balance applicable to dividends- $1,382,640 $1.943,341 52,882,469
$355,000
Surplus
5417.216 $1,142,748 $1,317,972 Annual dividend requirements on 80.480.000
000 shares of First Prof. stock
-V. 120, p. 3184•
-V. 121. P• 1346.
American Gas Co., Phila.-Larger Dividend.
American Water Works & Electric Company, Inc.The directors have declared a quarterly dividend of 2% ($2 per share).
payable Oct. 13 to holders of record Sept. 30. The dividend rate before Plan for • Unification of Electric Subsidiaries -The directors.
Gas
United
quarterly.
Improvement Co. was $1 50
the merger with the
The present rate provides an amount of revenue to the United Gas Improve- believing the time has arrived for the unification of company's
ment Co. treasury sufficient to pay the 8% dividend on the United Gas electric subsidiaries into a single system, propose to organize
Improvement Co.stock issued on account of purchase of American Gas Co.
to be known as The West Penn
Samuel T. Bodine, President of United Gas Improvement Co., has been a new company, probably
elected to the board of the American Gas Co. to succeed the late Lewis A. Electric Co., to acquire all the Preferred and Common stock
Riley.-V. 120. p. 2144.
the Common stocks of
American Power & Light Co.-Bois Offered.-Bonbright & Co., Inc., are offering at 96 and int., to yield
63s.%, $5,000,000 Gold Debenture bonds, American 6%
series. Dated March 11916; due March 1 2016.
This series is redeemable as a whole on any int, date at 110 and int.
upon 30 days' notice. Principal and int. (M. & N.) payable at Bankers
Trust Co., New York, trustee. Denom. c5$1.000. $500 and 5100. and
r* $1,000. Pennsylvania four-mill ta xrefunded.
Data from Letter of C. E. Groesbeck, President of the Company.
Company.-Incorporated in Maine in 1909. Owns practically all the
Common stocks of companies supplying directly or indirectly 543 communities, of which 473 are supplied with electric power and light service,
while gas and (or) water and other miscellaneous service is supplied to
the remaining communities. The territory served includes many imrortant cities, such as Portland, Ore.: Wichita and Pittsburg. Kan.:
Yakima. Walla Walla and Vancouver, Wash.; Omaha, Neb.; Council
Bluffs. Iowa: Duluth, Minn.• Superior, Wis.; Ft. Worth, Galveston, El
Paso, Waco, and Wichita Falls, Texas; Phoenix, Ariz., and Miami, Miami
Beach. Palm Beach, West Palm Beach. St. Augustine and Daytona, Fla.,
d has a population estimated at 2,535,000.
Potomac
of West Penn Co. and all of
Edison Co. and of Keystone Power & Light Co. These
latter companies were acquired by the American Company
because their properties were so located that they could beultimately welded with West Penn Co. into a single unit,
such as is known as "a super-power. system", the advantages
of which are universally recognized. President Hobart
Porter in a letter to the stockholders Sept. 10, in announcing
the plan, which differs in several respects from the plan announced in V. 121, p. 1226, further says in substance:
The new company will control the electric power and light business in an
area of approximately 22,000 sq. miles, extending from within 25 miles of
the City of Baltimore. Md., across Maryland and Northern West Virginia
to the Ohio River and northward in the important Industrial sections of
Western Pennsylvania, with the exception of Pittsburgh and its immediate
environs. The new company will have steam electric generating stations
With an aggregate installed capacity of about 500,000 h.p., about 2,100
miles of high tension transmission lines, and will serve a population of'
1,100,000.
SEPT. 19 1925.]
THE CHRONICLE
Issued.
Authorized.
New Company Capitalizationa$22,124,700
$50,000,000
First Pref. stock (par $100)
a59,258 shs.
59,258 shs.
Class A stock (no par)
165,742 shs.
165,742 shs.
Class B stock (no par)
1,000,000 shs.
a777,774 shs.
Common stock (no par)
a These amounts will be issued if all West Penn Co. stockholders accept
the privilege of exchange provided for in the plan.
1st Pref. Stock.-FIrst Preferred stock to be issued will be 7% Cumulative.
Preferred as to assets and dividends over the other classes ofstock. Callable
at $115 per share. Dividends payable quarterly.
Class A Stock.-Will be Preferred as to assets and dividends over the
Class B and Common stock. In case of liquidation it will be entitled to
$400 per share in preference to the Class B stock and Common stock.
Callable at $110 per share. Dividends will be cumulative at the rate of $7
per share per annum and payable quarterly.
Class B Stock.-Will be preferred as to assets and dividends over the
Common stock. In case of liquidation it will be entitled to $100 per share
in preference to the Common stock. It will be callable at $105 per share.
Dividends will be non-cumulative, but shall be paid at not less than $7 per
share per annum before any dividends will be payable on the Common stock.
Terms of Exchange of Stocks for Stocks of New Company.
Holders of the Preferred stock of West Penn Co. are asked to exchange
their stock, share for share, for the 7% Cumulative Preferred stock of the
new company.
Holders of the Common stock of West Penn Co. (except the Amtrican
Company) are asked to exchange their Common stock, share for share, for
the Class A stock of the new company, plus ji share of Common stock of
the American Company.
The American Company will receive for its 46.685 shares of Pref. stock
of West Penn Co. an equal number of shares of the 7% Cumulative Pref.
stock of the new company, and for its 165,742 shares of the Common stock
of West Penn Co. an equal number of shares of the Class B stock cf the new
company. It will receive for the Common stocks of Potomac Edison Co.
and Keystone Power & Light Co., and $2,000,000 in cash which it will
furnish to the new company 600.000 shares of the Common stock of the
new company, and an additional 6 shares of Common stock of the new
company for each share of its own Common stock issued in connection
with the exchange of Common stock of West Penn Co. for Class A stock of
the new company.
•
Equity for Stocks of New Company-Earnings.
The 7% Cumulative Preferred stock of the new company will have
behind it, in addition to the present assets of West Penn Co., the Common
stocks of Potomac Edison Co. and of Keystone Power & Light Co., and the
$2,000,000 of cash which will be furnished by the American Company.
Consolidated net earnings of the new company, before reserves, for the year
ended July 31 1925, would be equivalent to 3% times the dividend requirements of the new 7% Cumulative Preferred stock, whereas consolidated
net earnings of West Penn Co., before reserves, was equivalent to but 3
times the dividend requirements of that company's Preferred stock.
The Class A stock of the new company will likewise have behind it, in
addition to the present assets of West Penn Co., the Common stocks of
Potomac Edison Co. and Keystone Power & Light Co., and the $2,000,000
of cash which will be furnished by the American Company and will have
subordinated to It the entire present interest of the American Company in
the Common stock of West Penn Co.
The consolidated net earnings of the new company, before reserves and
after Preferred dividends, for the year ended July 31 1925, would be equivalent to about 10 times the dividend requirements of the 59,258 shares of
Class A stock of the new company, giving effect to the subordination of the
present interest of the American Company in the Common stock of West
Penn Co. and the additional earnings of Potomac Edison Co. and Keystone
Power & Light Co.
The West Penn Co. for the year ended July 311925, earned, applicable
to dividends on its 225,000 shares of Common stock, $1,438.000 or about
$6.40 per share. Dividends at the rate of $4 a share were declared.
There accrued to the American Company for the 12 months ended July
31 1925,from its ownership in West Penn Co. Common stocks, 31.059,00(1'
while for the same period there accrued from its water works and other
properties $3,035.000. The net earnings of the American Company available
for Common dividends for this period amounted to 17 3-10% on the Common
stock outstanding. Dividends at the rate of $1.20 per share per annum in
cash and 5% in Common stock were declared.
The Common stockholder of West Penn Co. will receive a share of Class
A stock of the new company and ji share of the Common stock of the
American Company, the return on which is to be compared with the $4
paid on the present stock of West Penn Co.
Depositary.-Equitable Trust Co.. New York will act as depositary for
the stock of West Penn Co. to be deposited under the plan. Stockholders
of West Penn Co. desiring to avail themselves of the privileges and benefits
of the plan should forward their stock certificates to the depositary.
Dividends.-Dividends paid on account of the deposited stock of West
Penn Co. will be paid to the depositary, which in turn will pay over the
dividend declared in respect of any deposited stock to the registered holder
or holders of the certificate or certificates of deposit for the stock who shall
have been such registered holder or holders at the time of the closing of
the transfer books of West Penn Co., or at the time of taking the record of
stockholders from such books, for the purposes of such dividend. As the
dividend payment dates of the Preferred stock of West Penn Co. and of the
7% Cumulative Preferred stock of the new company, and the dividend
payment dates of the Common stock of West Penn Co. and of the Class A
stock of the new company, are the same, no cash adjustment of accrued
dividends will be necessary. The 7% Cumulative Pre. stock and the Class
A stock of the new company will be delivered with the dividend accrued
from the dividend payment date next preceding the date of exchange.
Listing -Application will be made to list the certificates of deposit. the
7% Cumulative Preferred stock and the Class A stock of the new company
on the New York Stock Exchange.
Carrying Out the Plan -American Water Works & Electric Co. Inc ,
will declare the plan operative provided there shall have been deposited on
or before Dec. 10 1925, at least 90% of the issued and outstanding 7%
Cumulative Preferred stock and 00% of the issued and outstanding Compton stock of West Penn Co.. other than the stock of West Penn Co. owned
by American Water Works & Electric Co.. Inc. American Water Works
reserves the right to declare Mb plan operative at any
Electric Co.,
10 1925, and upon the deposit of a lesser amount of stock
Inc.,
time after Oct.
than such 90% of the issued and outstanding 7% Cumulative Preferred
stock and 90% of the issued and outstanding Common stock of West Penn
Co.. other than the stock of West Penn Co. owned by American Water
Works & Electric Co., Inc.
American Water Works & Electric Co., Inc.. may extend the time for
deposits, but not beyond June 10 1926.-V. 121, p. 1226.
1459
System companies in the United States and with telephone systems in Canada and in Cuba. On June 30 1925 company owned and operated 911,448
telephone stations, of which 478,688 were in the metropolitan centres of
Philadelphia and Pittsburgh. During the five years ended June 30 1925
there was a net increase in the number of stations operated by the company
or more than 276.400, and the present outlook is for an even larger growth
during the next five years. The book cost of the company's real estate.
buildings and telephone plant, which is consideralby less than their present
value, was over $198,000,000 on June 30 1925. Other assets amounted to
about $30,000,000. After giving effect to this financing, total assets will
be over $246,000,000,in comparison with a total bonded debt of$95,739,500.
Security.-Mortgage covers as a first lien the entire physical property
of the company in Pennsylvania, subject only to closed mortgages on portions of such property securing bonds now outstanding in the amount of
$10,739,500.
Purpose.-Proceeds to the extent of about $18,000.000 will be used to
Day for the extension and improvement of the company's telephone system.
The balance will be used to repay advances previously made for similar
purposes by the American Telephone & Telegraph Co., which owns all of
the company's outstanding Common stock.
Earnings Years Ended Dec. 31.
Net
Net Available Interest
Ratio of Earn.
Gross
Income.
to Int. Chges.
Revenues. for Interest. Charges.
3.53
1921_ _ _ _$37,305,062 $8,189,426 $2,320.521 $5,868,905
3.65
2,296,767 6,075,438
8,373,205
1922_ ___ 40,197,047
2.79
5,273,671
2,942,069
8,215,740
1923_ _ _ _ 44,622,121
:3.00
6,521,115
3,267,260
9,788,375
50,254.045
_
1924_ __
4,227.321
3.30
6.067.420
1,840,099
1925__ 26,976,204
* Six monthsended June 30.
During this period of 43 years, net earnings available for interest have
averaged over 3.20 times Interest charges. The net earnings available for
Interest for the first 6 months of 1925, amounting to 36.067.420, were
equivalent to 3.30 times the interest requirements on the total debt outstanding during that period. As the greater part of the proceeds of this
Issue will be applied to the retirement of 6% debt, and the balance invested
In revenue-producing telephone plant, it is expected that the present ratio
of earnings to interest charges will be improved by the issue of these Series
"C" bonds.
Equity.-Company has outstanding $80,000,000 common stork on which
the current dividend rate is 8% per annum, and approximately $20,000.000
% Cumulative Preferred stock. The latter is held by more than 60,000
stockholders, of whom 98% reside in Pennsylvania.
Bond Issue.-The bonds will be issued under the 1st & Ref. Mtge. dated
Oct. 11920. under which mortgage $35,000,000 Series "B" bonds are now
outstanding. Under the terms of the mortgage additional bonds may be •
issued for refunding purposes and for betterments and other new property
acquired in connection with the company's business subsequent to Oct. 1
1920, but for a principal amount not in excess of 75% of the actual cash
cost of such property; provided that no additional bonds shall be issued
under said mortgage which will make the total bonded debt (as defined in
the mortgage) of the company then outstanding exceed the then amount of
fully-paid capital stock outstanding, plus the unappropriated surplus:
and provided further, that, except in the case of bonds issued for refunding
purposes, the net earnings, after taxes, available for interest charges during
12 consecutive months within 14 months preceding such proposed issue.
times the interest during such period on
shall have been not less than 1
the company's bended debt outstanding, including interest charges on the
bonds proposed to be issued, but excluding interest charges on bonds in
any sinliing fund. Such additional bonds as may be issued in the future
may be in different series, and with such interest rates, maturity dates (not
earlier than 1945 nor later than 2020), and other provisions, as the directors
may from time to time determine.
Listing.-Application will be made to list the Series "C" bonds on the
New York and Philadelphia Stock Exchanges.-V. 121. p. 1226, 837.
Binghamton (N. Y.) Ry.-Application for Receiver.Preliminary steps toward placing the company in the hands of a receiver
were taken Sept. 14 when Federal Judge Cooper at Syracuse issued an
order restraining creditors from filing actions against the company until
Oct. 5, when arguments on the application for a receivership will be heard.
The application for a receiver for the company was filed early in Sept. by
the Miners Savings Bank of Pittston. Pa. See also V. 120, p. 3063.
Boston & Worcester Street Ry.-Bus Permits.-
The company has received authority from the Massachusetts Department of Public Utilities to operate buses in Waltham, Ashland, Brookline,
Grafton, Hudson, Hopkinton, Southboro, Natick, Watertown, Wellesley
and Westboro, Mass.-V. 121, p. 704.
Broad River Power Co.-Permanent Bonds Ready.Halsey. Stuart & Co. announces that temporary 63i% Secured Sinking
Fund Gold bonds may now be exchanged for permanent coupon bonds.
(For offering see V. 120. p. 85.)
Operation has been started at the new central steam power station built
on the Broad River at Parr Shoals, S. C.. by the company, a subsidiary of
the General Gas & Electric Corp. The first unit, the construction of which
was started last November, has been completed at a cost of $3,000,000.
It has a capacity of 17,000 h. p., with an extensive system of high-transmission lines. The plant, which has been designed for an ultimate capacity
of 85,000 h. _p., will furnish electricity in Columbia and Spartanburg and
throughout Central South Carolina.
. The company also has several other plants in the district located at
Columbia. Spartanburg and Gaffney, with a combined capacity of 35,000
11. p. and these plants will be linked together with the new Parr Shoals
plant by a high-tension transmission line. Powdered fuel, the latest and
most efficient medium for economic production of electric power by steam.
Is being used at these new plants. The results, according to the company,
have been highly satisfactory, especially in economy -V.121, p. 1346, 196.
Brunswick (Ga.) Terminal & Railway Securities Co.
Sells Control of Mutual Light & Water Co.-
Control of the Mutual Light & Water Co.,supplying electric light, power.
gas and water to Brunswick, Ga., has been sold by the company to William
Levering, of Philadelphia.
Samuel C. Steinhardt, Jr., President of the Brunswick Terminal & Railway Securities Co., stated that the directors felt that advantage should be
taken of the present high price prevailing for public utility securities to
put the parent company in a strong financial position, thus enabling it to
hold for higher prices its large real estate holdings in and about Brunswick.
The securities company can now pay off its bank loans and other debts,
Mr. Steinhardt added.-V. 106, P. 1796.
Buffalo Niagara & Eastern Power Corp.-Bonds OfAuburn & Syracuse (N. Y.) Electric RR.-Abandon.- fered.-Schoelkopf, Hutton & Pomeroy, Inc., uffalo, and
Frontier Finance Corp. Niagara Falls, N. V., are offering
at 100 and int. $2,000,060 5-Year 5% Convertible Debenture
bonds.
The stockholders on Sept. 10 voted to abandon two of the most important
city lines in Auburn, N. Y., planning ultimately to replace them with bus
service. The lines are the North street route and Seymour Street line.
W. J. Harvie, vice-president and general manager, said giving up of the
Seymour street franchise will be held up for a time, but application will be
made to the New York P. S. Commission at once for abandonment of the
North street route. Plans for substituting bus service also will be inaugurated. It is stated that the two lines have been running at a loss. Mr.
Harvie intimated that the abandonment of the Seymour street line will be
asked of the Commission if the city decides the street must be repaved.V. 117, p. 1554.
Bell Telephone Co. of Pa.-Bonds Sold.-J. P. Morgan
& Co., Kuhn, Loeb & Co., Kidder, Peabody & Co., First
National Bank, the Natioral City Co., Bankers Trust Co.,
Guaranty Co. of Now York, Harris, Forbes & Co. and Lee,
Rigginson & Co. have sold at 100 and int. S50,000,000.1st
& Ref. Mtge. 5% Gold bonds, Series "C."
Dated Oct. 1 1925; due Oct. 1 1960. Not redeemable before 1957.
Interest payable A. & 0. in N. Y. City without deduction for the Penn.
4-mills tax. Denom., c* $1,000, $500 and $100, and r* $1,000, $5,000 and
$10,000. Red. in whole but not in part upon 60 days' notice on Oct. 1
1957 or on any int, date thereafter at 100 and int. Bankers Trust Co.,
New York, trustee.
Data From Letter of Pres. L. H. Kinnard, Philadelphia, Sept. 18.
company.-Coxnpany with its subsidiary and connecting companies
provides telephone service throughout the entire State of Pennsylvania.
It has connections for the interchange of toll traffic with all other Bell
Dated Sept. 11925; due Sept. 1 1930. Prin. and int.(M.& S.)_ payable
at Buffalo (N. Y.) Trust Co., trustee. Red. in whole or in part in principal amounts of not less than $100,000 at any time on 30 days notice at the
following prices: On or before Mar. 11926, at 102 and int.. Sept. 1 1926.
1927, at 10131
March 11927. at 10134 and int.; Sept. 1'
at 101% and
1 1928 at 101 and int.* Sept. 1 1928 at 100% and int.; Mar. 1
int...
and int.; Mar.
to maturity
thereafter
int.;
int.;
and
1929
1
Sept.
and
'
at
10054
100
1929 at
at par and int. Denom. $1,000 c*.
Conversion.-Bonds may be converted on and after Sept. 1 1927 on the
1st and 15th days of the month until maturity thereof,or if before maturity,
called for redemption then at any time thereafter up to and including the
redemption date mentioned, into shares of the. Preferred stock of the corporation at the rate of $100 of bonds for 4 shares of Preferred stock (par
325 each), and bearing cumulative dividends at the rate of $1 60 per share
per annum. Interest and dividends to be adjusted at the time of conversion. Corporation in its discretion may waive the limitation and permit
the conversion of bonds prior to Sept. 11927.
Data from Letter of Chairman C. R. Huntley, Buffalo, Sept. 8.
company.-Organized in 1925 in New York for the purpose,among others,
of acquiring through stock control the properties of Buffalo General Electric Co., the Niagara Falls Power Co., Niagara Lockport Sr Ontario Power
Co. and the Tonawanda Power Co. Corporation has obtained the consent of the New York P. S. Commission to hold all or any part of the Common stock of each of the above companies.
The subsidiary companies are engaged in the production. transmission
and distribution of electric energy, principally hydro-electric, in western
1460
THE CHRONICLE
and central New York. and extending into northwestern Pennsylvania.
They serve a highly developed industrial territory extending from Erie. Pa.,
to and beyond Syracuse, N. Y. and from the Niagara frontier to Bradford,
Pa. This territory includes 17 counties in New York and 2 counties in
Pennsylvania, and its zone is roughly 300 miles from east to west. and 100
miles from north to south. Within this region over 2,000.000 people are
served with light and power and of this number over 400,000 are either
direct or indirect customers of the system.
Included in the territory directly served are the cities of Buffalo, Niagara
Falls, Lackawanna, Jamestown and Olean, N. Y., and Bradford, Pa.,
while the cities of Rochester. Syracuse, Lockport, Batavia and Dunkirk,
N. Y., and Erie, Pa. are supplied in whole or in part with electric energy
transmission lines.
through the system's'
At the present time the system has a total operating capacity of about
850,000 h. p., of which about 80% is hydro-electric. The hydro-electric
power is supplied by the plants of the Niagara Falls Power Co., located at
Niagara Falls, on the American and Canadian sides, Niagara, Lockport &
Ontario Power Co.'s plant on the Salmon River. and from their leased plant
at Minetto, N. Y., on the Oswego River. Additional hydro-electric power
Is purchased from the Hydro-Electric Power Commission of Ontario, most
of which is received under long-term contracts.
The capacity of the steam plants amounts to over 174.000 h. p. The
system's largest steam plant is the River Road plant of the Buffalo General
Electric Co., with an installed capacity of 126,600 h.p. Niagara Lockport
& Ontario Power Co. has a steam plant at Lyons, N. Y., with an installed
capacity of40,000 h.p. and 2 sn.aller plants; a modern steam plant of 6.000
h.p.at Olean, N. Y.,and a gas plant ofabout 1,500 h. p.at Bradford,Pa.
In addition to these s urces of power, interconnections have been n.ade
With the Power Corporatit n of N ew York system, which perates hydroelectric and steam pants in northern and.central New York and supplies
cities, villages and towns in and through several counties in that section;
with the Mohawk-Hudson Power system, which owns and operates both
hydro-electric and steam plants in central and eastern New York, and supplies cities, villages and towns from Central New York east to the eastern
boundary of the state (the Mohawk-Hudson Power system also Is interconnected with the New England Power system): with the Penn Public
Service system, which owns and operates hydro-electric and steam plants
In the States of Pennsylvania and Maryland, and with the system of the
Hydro-Electric Power Corsiission of Ontario. at Niagara Falls, Ont.
As a result of these inter-connections, a super-service system unites generating capacities aggregating considerably n.ore than 2,000,000 h. p.
Outstanding.
Authorized.
Capitalization$2.000,000
5-Year 5% Cony. Debs., due Sept. 1 1930-$2.000.000
Preferred stock ($25 par)
b2,080,000 shs. al.976.177 she,
• Common stock (par value)
2,000.000 shs. al.976.177
a Maximum to be outstanding as of Sept. 1 1925. assuming that 100%
of the Common stocks of the constituent con.panies were exchanged for the
Preferred and Common stocks et' this corporation. b 80.000 shares are
reserved to be exchanged for this issue of Debenture bonds.
Consolidated Income Statement 12 Months Ended June 30 1925.
Buffalo General Electric Co., Niagara Falls Power Co.. Niagara Lockport
& Ontario Power Co. and Tonawanda Power Co.)
$23263
, .377
Gross operating revenue
12.128.213
Operating expenses, depreciation and taxes
[VOL 121.
1923.
1924.
1925.
12 Months Ended Aug.31$18.668,415 $17.147,441 $16.638.879
Gross earnings
17,900,351 16.561,827 16,116,326
Net earnings
15,807,199 14,400,277 13,475.410
Net to stock and reserves
Net to Common stock and reserves_ - _$10,648,109 $9,334,726 $8,512.130
-V. 121, p. 1227, 1099.
Columbus (Ga.) Electric & Power Co.-Stock Approved.
The Alabama P. S. Commission has authorized the company to WIWI
$571,300 of 2d Preferred 7% Cumulative stock and $1,750,000 of Common
develstock. The proceeds will be used for carrying on the hydro-electric
opment on the Chattahoochee River at Bartlett's Ferry, for a transmission
line to Macon, Ga., and for other developments. See also V. 121, p. 1347.
Consolidated Gas Co. of New York.-Buys Building.-
The company, through Joseph P. Day, on Aug. 21 bought the Academy
of Music, cor. 14th St. and Irving Place, New York City. It is understood
that the building will be demolished and an addition to the Consolidated
Gas Co. building erected. The purchase of the Academy site, together
with the construction of the proposed new building, will involve, it is said,
about $7,000.000.-V. 121, p. 329, 197.
Consumers Power Co. (Del.).-Sale.-
See Interstate Power Co. below.-V. 119, p. 1513.
Denver Tramway Co.-Sale.--
The properties of the Denver Tramway Co. and the Denver & Northwestern By. were sold Sept. 11 at the upset price of $7,001,240 fixed by the
Federal Court to the reorganization committee. consisting of Claude K.
Boettcher and S. M.Perry of Denver and George C. Clark of Philadelphia.
A new company,as provided in the reorganization plan (V. 120, p. 2548),
has been formed to take over operations of the properties.-V. 121. P.
1100. 838.
Detroit United Ry.-Timefor Deposits Extended.-
The holders of (a) Detroit Ypsilanti Ann Arbor & Jackson 1st Cons. 5a,
due 1926; (b) Detroit United Ry. 6% Cons. Trust notes due 1926:(c) Detroit Almont & Northern.RR. 1st 6s due 1940: (d) Detroit Monroe &
Toledo Short Line Ry. 5s due 1933; (e) Detroit & Port Huron Shore Line
Ry. 55 due 1950; (f) Detroit Jackson & Chicago Consol. 55 due 1937. are
notified that time for deposit of the bonds has been extended to Oct. 15
1925, and are invited to communicate with the protective committee.
Prrtective Committee.-Henry H. Sanger, Charles R. Dunn, Frank D.
Seabourn R. Livingstone and William G. Lerchen, with Charles R.
Dunn, Sec'y, P. 0. Box 1292. Detroit, Mich.
Issue of $500,000 Receivers' Certificates Authorized.-
Judge Charles C. Simons Sept. 11 authorized the issuance of $500,000
receivers' certificates. These certificates will bear 6% interest. The
issuance is made with the reservation of issuing more certificates in the
future not to exceed a total value of $1.800.000.
These certificates hold priority rights over mortgages on the D. U. R.
properties held by the Central Union Trust Co., New York,and the Security
Trust Co., Detroit, and of mortgages on subsidiary companies.
The money raised by the certificates will be used for refinancing purpoees,
$11,135,164 for extension of the lines and to meet payments due various motor bus and
Operating income
405.224 coach con.panies purchased by the D. U R.
Net non-operating income
The 13, -U. R. has also filed a friendly suit against various subsidiary
$11.540.387 COD.panles in which it is the controlling stockholder, in order to bring them
Gross income
Into
a recognized receivership of the D. U. R.so as to enable debtors of the
4.289.047
Income deductions
subsidiary companies to bring their claims directly to the D. U. R. The
7.251.340 defendants are the Port Huron, Marine City & St. Clair Rapid By. the
Net income available for suh.cos'. dividends
1.643,152 Detroit & St. Clair RR., the Detroit Monroe & Toledo Trunk Line Ry.,
Dividends on subsidiary companies'Preferred stocks
the Monroe Connecting By.. the Highland Park & Royal Oak By., and the
Detroit Jackson & Chicago RR.-V. 121, p. 1347. 1100.
$5.608.189
stocks
*Balance for subsidiary companies' Common
* Common stocks of the four con ponies are being acquired by Buffalo
Eastern Minnesota Power Co.-Bonds Sold.-MinneNiagara & Eastern Power Corp. through exchange of its Preferred and
Common stocks. As of Sept. 5 1925, of the total number of shares of the apolis Trust Co. recently sold at 100 and int. $315,000
subsidiary companies to be acquired, over 79% had been deposited and 1st Mtge. 532% Gold Bonds, Series "A."
exchanged.
Dated July 1 1925, due July 1 1945. Int. payable J. & J. at MinnePurpose.-Proceeds will be used for working capital and other corporate
apolis Trust Co., trustee, without deduction for normal Federal income
purposes,
directors:
of
up to 2%. Free from moneys and credits tax in Minnesota. Denom.
tax
board
Management.-Charles R. Huntley, Chairman of the
Jacob F. Schoeilk,pf, Chairman of the executive committee. Paul A. Si .000 and $500 c* Callable all or part on any int, date on 30 days' notice
Schoellimpf. President: Fred D. Corey, 1st V.-Pres.; William R. Huntley at 105 and int. up io and incl. July 11935. thereafter at a premium decreas2d Vice-Pres.: Alfred H. Schoellkopt. V.-Pres.; Morris Cohn Jr., V.-Pres.; ing 3 % each Jan. 1 until maturity.
Walter P. Cooke. Sec'y: 11.-rage L. Mann, Treasurer.
Data From Letter of R. P. Allen, Secretary & General Manager.
Directors.-Jchn J. Albright, George T. Bishop. Morris Cohn Jr., WalCompany.-Organized in 1911 at Pine City, Minn.,for purpose of generatter P. Cooke, Fred D. Corey. Le Grand S. DeGraff. Nisbet Grammer.
energy made available by a hydro-electrical
Charles R. Huntley, William R. Huntley. Russell J. H. Hutton. Daniel ing and distributing electrical
River, known as the Cbengwatona plant. in
J. Kenefick, Horace L. Mann, George F. Rand. Alfred H. Schoellkept, development on the Snake
acquired other undeveloped sites on the Snake
0. P. Hugo Schoellkopf. Jacob F. Schoellkopf, Jacob F. Schoellkopf Jr., addition company has developed
in the near future. The Chengwatona
River which are to be
Paul A. Schoellkcpf, George Urban Jr., William C. Warren.
development has a head of approximately 15 ft. with installed capacity of
Initial Dividends-New Director.-Initial quarterly divi- 450 h.p. A lower site, owned by company has an available head orap
mately 62 ft. and may be developed in excess of 1.500 h.p. Other primary
dends of 1234 cents per share on the Common stock (of no par power
requirements are derived from a steam turbine station located at
value) and of 40 cents per share on the Pref. stock (par $25) Pine City, with installed generator capacity of 1,850 h.p. Auxiliary
stations of approximately 400 h.p. capacity are located at
generating
Sept.
record
have been declared payable Oct. 1 to holders of
strategic points on the system. In addition a modern 300 h.p. Diesel
15.
engine generating station is under construction at Milaca. Minn., which
George M. Tuttle of Niagara Falls, N. Y.. has been elected a director will not only serve as an important auxiliary station but will furnish conto succeed the late Carlton Smith of Buffalo, N. Y.-V. 121, P• 704. 584• siderable primary power for heavy peak load requirements. The towns
and generating stations are interconnected by means of well-built and
efficiently maintained transmission lines.
Central Maine Power Co.-Tenders.-Company supplies with light and power 28 communities in Pine, Kanabec,
receive
28
Sept.
until
will
trustee,
The State Street Trust Co. Boston,
!Mille
Lacs, Isanti, Chlsago and Anoka counties, Minn. Population served,
bids for the sale to it of sufficient 1st Mtge. bonds, dated Nov. 1 1909, to
approximately 15.000.
exhaust $45.707.-V. 121. p. 976.
Capitalization Upon Completion of Present Financing.
a$315,000
ChicoPO P
First Mortgage 53i% bonds outstanding (this issue)
Trensit Co.-Passengers Carried.50.000
7% Preferred (non-cumulative)
1924.
1925.
six Months Ended June 30209.925
CoomSm
po
stoercferred stock (cumulative)
ciaIPr
en
108.253,718 109,120.626 n
Passengers carried
267.000
-v.121. p. 838.
which
$185,000 will be held in the
trust
d0
a$5
0.000 to be Issued at this time of
eed
bonds are limited by restrictive provisions of the
treasury. Additional bon
Cincinnati Street Ry.-Stock A uthorized-Meraer.The Ohio P. U. Commission on Sept. 8 authorized the company to issue
Psroperty Covered by Mortgage Year Ended June 30 1925.
29,791 shares ofstock at $50 a share, to be given in exchange for interests of Earnings fng
33
000
2:0
78
$18
the Cincinnati Traction Co. and the Ohio Traction Co. in Cincinnati Gross ear
Sr taxes (except Federal taxes)
Oper.
maint.
exp.,
Street Ry. properties.
The stockholders of the Cincinnati Street Ry., Co. and of the Ohio
$84,033
Net earnings available for interest
Traction Co. on Sept. 10 approved the proposed reorganization of the street
Purpose.-Proceeds are to be used to retire the present outstanding
railway system of Cincinnati under the ordinance recently passed by the
closed first mortgage bond issue and to retire other obligations of the
City Council.
Under the reorganization all the street railway properties in Cincinnati company.
Depreciation Fund.-Mortgage provides that beginning Jan. 1 1926.
will be owned and operated by one company, the Cincinnati Street Ry. Co.
earnings of the company must be used either
The Ohio Traction and the Cincinnati Traction Co.are eliminated from the 1234% of the annual gross
its
provided
for maintenance of the mortgaged property and additions or improve(1)
Co.,
Traction
traction situation. The Cincinnati & Hamilton
which no bonds can be issued, or (2) for
against
in
property
ments to the
stockholders finally approve the plan, also will be eliminated as a factor
a sinking fund, which may be held in cash,
the street car world. The stockholders of the latter company will meet deposit with the trustee as
this mortgage or obligations of the U. S.
under
issued
Invested
bonds
in
Oct. 9.
expanded for additions and improvements to the
The final result of the reorganization will be the scaling down of capital Government and later
no bonds can be issued, or used for the
which
against
property
mortgaged
3
or
cash
cents
10
at
by about $11.000.000, and the fixing of the car fare
Purchase and retirement of bonds issued under this mortgage.
tickets for 25 cents.
The four proposals approved by the stockholders were: (a) the contract
Electric Light & Power Co. of Abingdon & Rockland.
back its
between the companies by which Cincinnati Street Ry. takes
Street By.
The Massachusetts Department of Public Utilities has authorized the
properties;(b) the proposal to increase the capital of Cincinnatidirectors
to
to issue 4,536 additional shares of Capital stock (par $25) at $30
company
the
directing
resolution
from $20,000.000 to $25.000.000: (c) a
of the a share, the proceeds to be applied to obligations incurred by additions
accept the new franchise ordinance;(d) the contract for the purchase
Cincinnati & Hamilton Tract. Co.linesin Hamilton and Butler Counties,0. and improvements to property.-V. 121, P. 197.
The stockholders of the Ohio Traction Co. ratified the agreement on Sept.
Elizabethtown Water Co. Consolidated.-Offer Rejected
10. The approval by the Cincinnati Traction Co. stockholders was merely
The company on Sept. 8 announced that it has rejected the offer of the
erfunctory, as the entire capital stock Is owned by the Ohio Traction Co. city
of Elizabeth, N.J., to acquire the property of the company for $4,eo also V. 121, p. 838, 1226.
that it values the plant and properties at
391.699. The company
$8,000,000. See also V. 121, p. 838.
Cincinnati Traction Co.-Merger.
See Cincinnati Street Ry. above.-V. 121. ro• 838.
Cities Service Co.-New Head of Oil Division-Earns.
Raymond
Henry L. Doherty & Co. announces the appointment of Frank
Coates as head of the Oil Division of the Cities Service Co., which includes
Production, refining, marketing, marine and pipe line transportation properties which have combined gross assets in excess of $300,000.000. Mr.
Coates is President of the Toledo Edison Co.. Toledo. 0.
Empire Gas & Fuel Co.-Tenders.--
Halsey, Stuart & Co., 14 Wall St., N. Y. City, will until Sept. 28 receive
bids for the sale to it of 1st & Ref. Cony. 15-year 7J.% Gold bonds dated
May 1 1922 to an amount sufficient to exhaust $450,000, at prices not to
exceed 106 and int. to Nov. 1.
Frank Raymond Coates has been elected Vice-President, director and
member of the executive committee. He also succeeds Waddell Catchings,
Who resigned as a director.-V. 120. p. 3186.
SEPT. 19 1925.]
THE CHRONTCLE
Engineers Public F ervice Co.—Initial Dividend.—
The directors have declared an initial quarterly dividend of $1 75 per
share on the Preferred stock, payable Oct. 1 to holders of record Sept. 21.
(See also offering in V. 120, p. 3313.)—V. 121. D. 74.
General Gas & Electric Corp.,(Me.)—Timefor Deposits
Further Extended—Over 92%% of Stock Deposited Under Plan.
The committee appointed under the plan and agreementto retire the bonded indebtedness and improve the capital structure of the corporation, dated
July 1 1925 (Vt 121, p. 198). has called for the surrender of all outstanding
certificates of deposit which,pursuant to the plan, have been issued for stock
of the General Gas & Electric Corp.(of Maine)and the General Gas & Electric Co. (of Maine) deposited thereunder. Each holder of a certificate of
depositshould promptly surrender such certificate,duly endorsed,to Equitable Trust Co. New York, depositary under the plan, at its office 37 Wall
St., N. Y. City.
On Sept. 15 1925 more than 92ii7 of the stock of General Gas & Electric Corp.(of Maine) and the General
& Electric Co.(of Maine) eligible
for deposit under the plan had been deposited.
Due to the receipt of many requests from stockholders who were absent
during the vacation season, and consequently were unable to deposit their
stocks, the committee has extended the time for the acceptance of deposits
under the plan from Sept. 15 to and including the close of business Nov. 16
1925.
The committee consists of William S. Barstow, Irving W. Bonbright,
William F. Ingold, John F. Moors and Lucien H. Tyng.
Powdered Fuel Brings Economies.
W.S. Barstow & Co.,of New York,operating managers of the above corporation and its subsidiaries, in an advertisement says:
"Powdered fuel, the latest and most efficient medium for economic
production of electric power by steam, is being used with striking success
at the new power station of the Metropolitan Edison Co., on the Susquehanna River, near Harrisburg, Pa.; at the enlarged station of the Binghamton (N. Y.) Light, Heat & Power Co.; and at the new station of the Eiroad
River Power Co., on the Broad River near Columbia. S. C,all subsidiaries
of General Gas & Electric Corporation.
"The plant of the Metropolitan Edison Co. on the Susquehanna Rive" is
the first generating station in the East to make exclusive use of powdered
fuel. At all plants in the General Gas & Electric system using this fuel
the results have been highly satisfactory in every way, especially as regards
economy in production of power.
"Pulverized bituminous or anthracite coal, blown into boilers under
compressed air pressure, is the engineer's newest recipe for economical
production of electric energy. It burns with maximum heat, practically
no ash and no smoke.
"Besides the great economy the possible use of any grade of coal means
relief from price increases on specified grades, transportation difficulties
n any certain localities and other conditions that heretofore caused operating emergencies."—V. 121, p. 1348.
Georgetown (D. C.) Gas Light Co.—To Issue Bonds.—
The company has applied to the District of Columbia P. U. Commission
for permission to issue the remaining $250,000 of the $1,000,000 bond issue,
authorized about twelve years ago.—V. 115. p. 2587.
Great Western Power Co.—To Issue Stock.—
The California RR. Commission has authorized the company to issue
before June 30 next $1,000,000 of 7% Cumul. Pref. and $2,000,000 6%
Cumul. Pref. stock. The purpose is to furnish funds for the construction
of the first physical power line link between the Great Western and San
Joaquin Light Power companies, also Western Power Co. property. The
link will permit San Joaquin to draw from Great Western's Feather River
and Lake Almanor development.
The company has advanced the price of its 7% Cumul. Preferred stock
for over-counter sales to $105 per share. This is the fourth price advance
on these shares sold by the con .pany's own sales organization since Jan. 1
1925, when the quctation was $100 per share.—V. 121, p. 1348. 1100.
Hackensack (N. J.) Water Co.—Offers Pref. Stork.—
Carrying out a policy of customer ownership, the company is offering
at par ($25) about $1.150,000 7% Cumul. Pref. Class A stock to the water
users of Bergen County and North Hudson, N. J. Payment may be
made either in cash or on the deferred payment plan.
The company serves approximately 52,000 customers in 45 communities
served.
The company states in part: "The stockholders on June 3 1925 increased the capital stock by authorizing an issue of $6,000,000 of 7%
Cumul. Pref. Class A stock. Of this amount. $1,500,000 is now being
Issued. The stockholders refrained from exercising their rights with
respect to $1.185,675 of this amount, to enable the board to offer this
stock to the company's customers and employees. The employees have
subscribed for $33,525 at par and the balance. about $1.152,000, is now
being offered to customers.
"Dividends are payable quarterly on the last days of March. June.
September and December in each year. The issue has the approval of
the State Board of P. U. Commissioners of New Jersey, and application
will be made to list it on the New York Stock Exchange.
"The money obtained from the sale of this stock will be used to pay
off the floating indebtedness already incurred in necessary additions to
plant and distribution system. &c., and for further similar additions.
The company during the last four years has spent on such additions to
capital $2,554.082.
"A limit of 40 shares ($1,000) has been fixed as the maximum amount
which the company will reserve for any customer."—V. 121, p. 585.
1461
under the laws of Maine, and except (2) upon any proposal to increase the
authorized amount of the First Preferred stock, and except (3) that, without the consent of the holders of 90% of the outstanding First Preferred
stock, company shall not 'a) reduce the amounts which the holders of
outstanding First Pref. stock are entitled to receive in preference to the
holders of Preference stock and Common stock (whether in dividends or
In distribution of assets), (b) decrease the redemption price of the First
Pref. stock, or c) create any class of stock having priority, as to assets or
dividends, over the First Pref. stock.
Preference Stock is entitled, in priority to the Common stock, to dividends
at the rate of $5 per share per annum, payable semi-annually or quarterly,
and to $100 per snare and divs, in case of liquidation or dissolution. The
dividends on this stock are cumulative from and after Nov. 15 1926. Red.
all or part at any time at $100 per share and diva. Not entitled to voting
rights, except for those purposes. if any, for which rights cannot be denied
or waived under the laws of Maine.
Common Stock has exclusive voting rights for all purposes with the exceptions noted above. All of the Common stock is to be held under a voting
trust agreement.
Exchange of Securities.
Stockholders are offered the privilege of exchanging their stock for stock
of the Utilities Company and cash on the folloWing basis:
a) Preferred Stock.—For each 10 shares of Havana Electric Co. Prof.
stock, the holder will receive: 10 shares of Utilities Co. 6% Cumulative
First Preferred stock; 3 shares of Utilities Co. Common stock v. t. c.).
and $40 in cash.
bl Common Stock—For each 10 shares of Havana Electric Co. Common
stock the holder will receive: 20 shares of Utilities Co. Cumulative Preference stock; 20 shares of Utilities Co. Common stock v. t. c.). and $200 in
cash.
In lieu of fractional shares, non-voting and non-dividend-bearing stock
scrip and voting trust scrip certificates will be Issued. Certificates for stock
and voting trust certificates delivered under the plan may be in termpoary
or permanent form.
Issuance of Stock for Other Purposes.
The exchange on the above terms of all of the outstanding stock ofHavana
exchange
on
the above terms of all of the outstanding stock of
The
Havana Electric Co. would require the issuance of all of the authorized
First Preferred stock and Preference stock and the issuance of 363.000 shares
of the 603.000 shares of authorized Common stock of the Utilities Co.
The shares required for making exchanges will be reserved for this put.P"se until the expiration of the time fixed for making deposits under the
plan. Any of these shares not theretofore Issued for purposes of exchange
shall be subject to issuance from time to time thereafter f or such pw-poses
and on such terms as directors may determine. The 240.000 shares of Common stock not required to be reserved for making exchanges shall be subject
to Issuance from time to time (either before or after the expiration of the
time fixed for making deposits under the plan) on such terms and for such
corporate purposes as the directors may determine,including, among others,
Procuring the funds necessary to make the cash payments to Havana Electric co. stockholders who exchange their stock, providing the company with
funds for the payment of expenses incident to the plan, and, to the extent
of not to exceed 40.000 shares, as compensation for services to the company
or Havana Electric Co. Speyer & Co., on behalf of a group in which certain directors of Havana Electric Co. and of the Utilities Co. participate)
have contracted to purchase, at an agreed price, enough of shares (v. t. c.)
to make the cash payments and to provide funds for the expenses above
referred to: the group expects to dispose of such stock (v. t, c.) at a profit
to themselves. So long as the voting trust agreement shall remain in effect.
the Utilities Co. will cause all Common stock issuable under or pursuant
to the plan to be issued to the voting trustees, and will require all persons
who otherwise might receive Common stock to accept voting trust certificates in lieu therent.
Compensation of Readjustment Managers.—The Utilities Co. will pay to
Speyer & Co. as compensation for their services as readjustment managers
and dep-sitary, including compensation for the services of the sub-depositaries, the sum of 50 cents for each share of stock of the Utilities Co. (of
whatever class, including voting trust certificates) issued for account of the
depositors in exchange for stock of Havana Electric Co.
Common Stock Voting Trust.—Voting trustees are Antonio San Miguel
and Frank Steinhart. Havana: R. R. Loening and Henry Ruhlender. New
York. The voting trust agreement (unless soenor terminated by the voting trustees or by the holders nf voting trust certificates calling for a majority of the shares held under the voting trust agreement) is to continue in
effect until Sept. 1 1930.—V. 120. p. 2396.
Havana Electric & Utilities Co. (Me.)—To Acquire
Havana Railway, Light & Power Co.—See that company below.
Haverhill (Mass.) Electric Co.—To Acquire Newburyport
Gas & Electric Co.—
An agreement has been entered into between this company and the
Newburyport Gas & Electric Co. for the consolidation of both properties.
Approval of the merger has been asked of the Mass. Depart. of Public
Utilities,
The Newburyport Gas & Electric Co. has applied to the Mass. Dept.
of Public Utilities for authority to issue 4,275 additional shares of capital
stock (par $25) at $30 per share, the proceeds to pay floating indebtedness,
&c. This will make the total capital of the company $961.875.
The Haverhill Electric Co. has applied to the Mass. Dept. of Public
Utilities for authority to issue 38.475 additional shares of capital stock,
Par $25, to be exchanged share for share for the stock of the Newburyport
company,—V. 117. p. 1134.
Indiana Power Co.—Sale.—
Havana Electric Railway, Light & Power Co.—ReSee Interstate Public Service Co. below.—V. 121. p. 706.
adjustment of Share Capitalization Through New Company—
Interborough Rapid Transit Co.—To Pay All Accrual
,
Basis of Exchange.—A plan for the exchange of securities of on Non-Assenting Manhattan Ry. Stock Beginning Oct. 1.—
begin
the company for securities of Havana Electric & Utilities Co.,
Oct.
1
to
pay
will
all installments of dividend rentals
The company
a new company organized in Maine, has been announced accrued on non-assenting stock of the Manhattan Railway Co. in accordance with a recent decision of the Court of Appeals.
through President Frank Steinhart and Speyer & Co., reH. M. Fisher, Secretary of the I. R. T. Co.. in a letter to U.S. Martin,
First Assistant Secretary of the New York Stock Exchange, says "This
adjustment managers. The announcement says:
company will, beginning Oct. 1 1925, pay all installments of dividend
The management is of the opinion that in the interest of the stockholders
a readjustment of share capitalization through the exchange of the existing stock for stock of a new corporation should be undertaken in order
that it may more nearly represent the actual value of the company.
The President. in conjunction with Speyer & Co., the company's bankers,
has formulated a plan for such exchange and in pursuance of the plan, which
has been approved by the directors, a new corporation. Havana Electric
& Utilities Co.. has been organized in Maine.
The plan provides that stockholders desiring to exchange their stock
deposit the certificates representing the same with Speyer & Co. at 24 must
Pine
St., New York. or with N. Gelat.s & Co., or Banco 'del Comercio, Havana,
on or before Oct. 15. Application will be made in due course to list the
certificates of deposit on the New York Stock Exchange and on the Havana
Stock Exchange.
Holders of substantial amounts of stock have agreed to deposit their stock
under the plan. Speyer & Co. will act as readjustment managers and
depositary under the plan, and on behalf of a group (in which certain directors of the company and of the Utilities Company participate) have agreed
to underwrite the cash requirements of the plan.
Plan for Exchange of Securities, Dated Sept. 15.
Capitalization of Havana Electric Railway, Light 8e Power Co.
6% Cumulative Preferred stock tpar $100)
$21.000.000
Common stock (par $100)
15.000,000
All of this stock except approximately $73,000 par value is outstanding.
Organization and Capitalization of Havana Electric & Utilities Co.
Under the direction of Speyer & Co., readjustment managers, Havana
Electric & Utilities Co. has been organized in Maine with an authorized
capital as follows:
0% Cumulative First Preferred stock (par $100)
Cumulative Preference stock without par value (cumulative $21.000,000
after Nov. 15 1926)
300,000 abs.
Common stock (without par value)
603,000 shs.
First Preferred Stock is entitled, in priority to the Preference stock and the
Common stock, to cumulative dividends from Nov. 15 1925.at the
of
6% per annum, payable semi-annually or quarterly, and to $115 perrate
and diva, in case of liquidation or dissolution. Red. all or part at any share
Lim
at $115 and diva. First Pref. stock not entitled to voting rights excepl(1) for those purposes, if any, for which rights cannot be denied or waived
rentals which have accrued upon the non-assenting stock of the Manhattan
Railway Co. from and including Jan. 1 1922 to and including Oct. 1 1925,
Upon presentation and transfer of those certificates of stock in respect of
which such installments have accrued. The Interborough Co. will endorse
upon these certificates issued upon such transfer, the form of guarantee of
annual dividends at the rate of 7%,for which the lease from the Manhattan
Co. to the Interborough Co. dated Jan. 11903. provides. All certificates
bearing dates on or subsequent to Oct. 1 1925 vrilLthen represent stock
Upon which all accrued installments of dividend rental have been paid.
"It is our understanding that such stock will be deliverable under the
ruling of the Stock Exchange as ex-dividend and that certificates of stock
bearing dates prior to Oct. 1 1925 will not be so entitled.
"This company will be very glad to facilitate payment of the accrued
dividend rental installments and suggests Oct. 1 as perhaps as early a date
as is consistent with the notice which present holders of certificates should
receive in view of the wide distribution of the stock and the fact that transfers have not been possible for several years."
(The Committee on Securities of the New York Stock Exchange rules
that the 7% Guaranteed stock of the Manhattan Ry. Co. shall be quoted
ex the $28 per share accrued dividend rentals installment on Oct. 1 and
that certificates for said stock must be dated Oct. 1 or subsequent to be a
delivery.[—V. 121, p. 1348, 1101.
•
Interstate Public Service Co.—Arquisition.—
The Indiana 1'. S. Commission has approved the transfer by purchase of
the physical property of the Indiana Power Co.and its subsidiary company,
the Knox & Sullivan County Light & Power Co., having their general office
in Vincennes, Ind., to the Interstate Public Service Co., of which Harry
Reid is President.
This transfer of property will terminate the identity of the Indiana
Power Co., which has developed from a small beginning 9 years ago to one
Of the largest electric utilities in the southern part of the State.
The Interstate company recently acquired the Consumers Power Co.(of
Del.), also a subsidiary of the Indiana Power Co., serving a number of
communities in the southern part of the State.—V. 121, p. 706.
Kaministiquia Power Co., Ltd.—Stockholders Offered
$93 in Cash and $50 in Pref. Stock of New Company for their
Holdings.—
1462
[vol. 121.
THE CHRONTCLE
The deal for the purchase of the company by the Fort William Paper Co.
has been practically completed. Under the terms of the deal, shareholders
will receive the equivalent of $145 per share for their stock, payable $95 per
share in cash and the balance in 7% cumulative Preferred shares of a new
power company which will be incorporated by the new interests, possibly
under the same name as at present. For the additional protection of
Preferred shareholders, it has been arranged that three of the present
Kaministiquia directors will be on the board of the new company.
A meeting of Kaministiquia shareholders has been called for Sept. 30,
when the deal will be considered.
Kaministiquia shareholders are receiving a circular signed by Sir Herbert
Holt, President of the company, in which the plan is outlined. This
circular states that since the entry into the Fort William field of the HydroElectric Power Commission of Ontario, the company has been faced with
numerous difficulties: also as a result of contracts made with the Hydro,
first by the city of Port Arthur and later by the city of Fort William and it
became necessary for directors of the company to find a new market for a
considerable portion of the output. For this purpose. Kaministiquia
assisted the Fort William Paper Co. In the establishment of its pulp and
paper mill at Fort William.
It is felt by the directors that risk of further unfriendly action will be
greatly diminished when control of the company passes into the hands of a
large Ontario industry such as is proposed.
The new company will have an authorized bond issue of $5.000,000. of
which $3,000.000 will presently be issued for the purpose of redeeming
outstanding Kaministiquia bonds and for general purposes. The new
company will also issue 7% cumulative Preferred stock amounting to
$1,250.000 for purpcse of distribution amongst Kandnistiquia shareholders.
V. 120, p. 330-
Market Street Ry.-Purchase Goes to Referendum.-
A San Francisco despatch Sept. 14 states that a petition being signed by
electors for a referendum on a proposal to have the city acquire the properties
for $36,500.000 has more than 27,000 signatures, or an amount making it
compulsory for the City Supervisors to place it on the ballot. This it is
said, indicates that the proposal will be voted upon at the next election.
Nov. 3.-V. 121, p. 978.
Melbourne (Australia) Electric Supply Co., Ltd.-
Twenty-seven 25-Year 734% General Mortgage Sinking Fund Gold
bonds, due 1946, aggregating S26,500. have been called for redemption
Dec. 1 at 10234 and int. at the offices of Lee, Fligginson & Co., 44 State
St., Boston, Mass.: 43 Exchange Place, N. Y. City, or at The Rookery,
Chicago,
120, p. 2269.
Missouri Power & Light Co.-To Increase Capitol-All
Properties Outside of Missouri Sold.-
The stockholders will vote Nov. 3 on increasing the capital stock from
32,000 shares of Pref, stock. par $100 each, and 40,000 shares of Common
stock of no par value, to 57,000 shares of Pref, stock, par $100 each, and
60,000 shares of Common stock of no par value, or to such other amount
as the stockholders may elect and determine.
Vice-Pres. E. R. Locke, Mexico, Mo., Aug. 29, says in
substance:
The company has sold all of its properties outside of Missouri. This is a
step which the Public Service Commission has approved. Our Oklahoma
and Kansas properties have been sold for a cash consideration of
Illinois
Keene (N. H.) Electric Ry.-Bondholders Asked to Aid in $5.175,000,
which represents a substantial profit to the company. All
Plan to Replace Street Car Service with Buses-Deposit of Bonds of this sum will go to reduce our funded indebtedness and provide money
for valuable extensions to our properties in Missouri.
Asked.-A letter to the bondholders, dated July 22, says:
to the good showing which the company has made we are able
Since the issue of the 7% Ref. Mtge. Gold bonds, and until recently, the to Owing
issue bonds bearing 536% interest instead of 6% to 7% as in the past.
company has been able to operate its property in a manner permitting the We are therefore
taking advantage of this condition to retire our present
periods
winter
prompt payment of bond interest, despite the fact that the
bonds and other funded indebtedness. This will effect a saving in our
of 1923-24 and 1924-25 were of such nature as materially to reduce the Interest
charges of $31,000 a year on the $6,500,000 of new bonds which
normal winter traffic and decrease profits.
then be outstanding.
Beginning in March of 1925. the accumulated influence of private auto- will
We now have occasion to sell over $1,250,000 more Pref. stock. This
mobile ownership was reflected in the volume of traffic, and revenues fell
will enable the stockholders to authorize twice that amount.
off as much as 25%. This condition has continued and has not been cor- opportunity
$2.500,000 of Prof. stock, all of which can be issued from time to time
rected by the summer traffic which usually increases from the opening or
only upon approval of the Public Service Commission. This $1,250,000
of the amusement season.
more which we have an opportunity now to sell is to help us buy the
The loss of these revenues is of such importance as to demand a speedy or
West Missouri Power Co., which will add to our company property worth
curtailment of corporate expenses, none of which can be reduced without approximately $4,600,000. This will enable us to use the proceeds of
endangering future service conditions. As revenues cannot be expanded. the stock sold and authorized at our last meeting to pay for the extensive
nor expenses curtailed, the management is confronted with the necessity of improvements now being installed. The owners of the Common stock
adopting without delay one of the following two plans:
of the Missouri Power & Light Co. will advance a substantial amount of
(1) Discontinue service and liquidate the company: in this event the the cost of the West Missouri property. for which they will receive only
dividend payable on the bonds will be almost nothing.
Common stock in return. The exact price to be paid is yet to be approved
(2) Install motor busses in place of street cars, expand the company's by the Commission. We are glad to report that the growth and increased
service to new districts, use the present property to secure credit to Purchase earnings of the West Missouri property, since we acquired an option on it
busses: with a fair prospect of being able to continue to pay bond interest.
a year ago, have even exceeded our expectations."-V. 121, p. 1227.
In order that the latter policy, which, without doubt, is the logical one
to follow, may be adopted, it will be necessary for the company to acquire
Municipal Gas Co. (Tex.).-Bonds Called.a motor bus equipment by outright purchase at a cost estimated at from
All of the outstanding el'orth Texas Gas Co. 15-Year 6% Serial Gold
$15.000 to $20,000. The payment for automotive equipment should be
dated March 31 1917 have been called for payment Oct. I at 103
bonds
provided out of the daily revenues as part of the service cost, and as such is
Broadway, N. Y. City.-V.
not property of a permanent nature. This first cost of motor busses must and int. at the Guaranty Trust Co.. 140
2684.
p.
120,
be absorbed from time to time as earnings are secured.
A transition from street railway to motor bus will be of primary interest
National Electric Power Co.-To Acquire Penn Central
to the bondholders and of minor interest to the stockholders. If liquidation
is adopted, the bondholders' dividend will be small. The stockholders can Light & Power Co.
expect nothing, and the future holds only the chance of prospective earnings
The company announces that it has completed arrangements for the
-something that has not heretofore materialized. This fact, and the fact
United Lighting Co. of the Common stock of the
the
through
that the lien of the bond mortgage acts as a bar against the company's purchase
Penn Central Light & Power Co., with headquarters at Altoona, Pa..
normal credit, will demand the adoption of special methods to establish the subject
of the Pennsylvania P. U. Commission. The
approval
the
to
necessary credit to accomplish this logical change. To this end the entire
Central Co. supplies electric light and power to a territory with an
property values should be made available to the management, if needed, to Penn of
square miles in central Pennsylvania, serving
4.000
than
more
area
essential.
that
support the required credit. It is proposed, and considered
and gas consumers in 50 communities. Tho territory served
the bondholders deposit their bonds with a committee under a plan which 40,000 e'ectric
large portion of the Clearfield bituminous coal region of Pennwill permit the committee to aid in establishing the company's credit for includes aaid
industrial centres along the main line of the Pennsylvania
purchase of the busses and use the bonds as collateral if temporary loans are sylvania
and including Lewistown and Altoona, Pa. The value of its
needed, and which will also authorize the committee to take all steps neces- RR. betwe 3n
and the gross earnings are over the
excess of
in
is
property
sary to protect the interests of the bondholders.
mark, it is announced. (See also Penn Central Light & Power
The following statistics illustrate the expected effect of the proposed plan: $4,000,000
Co, in V. 121, p. 1102.)
121.
12 Months Ended July 1925Street Cars (Act.) Bus(Estimated).
The National Electric Power Co. was organized March 3 1925 (V.
$34.500
of the NorthTotal revenues
$36,563
p. 330) and at that time acquired all of the Common stock Nebraska
28.000
and
Operating expenses and taxes
33.589
western Public Service Co. operating in South Dakota and
practically all of the Common stock of the Cumberland County Power &
$6,500
acquired
recently
has
Company
Operating income
National
The
$2,9- 74
Me.
Portland,
Light Co. of
3,250
Interest on bonds
3.250
the Common stocks of a number of other utility companies. including the
Kansas Electric Power Co., the Soutwest Power Co., operating in Oklahoma
Net income
loss$276
and Arkansas, and the Ohio Electric Power Co.. and upon completion of the
The recent decline in revenues, above referred to, if continued in the acquisition of Penn Central the gross earnings of the subsidiaries of the
Electric
future is sufficient to cause the operating income under street car operation National Company will be approximately $15,000,000. The National
Management & Engineering Corp. is also a subsidiary of the
to become a loss even before providing for the bond interest.
T. Russell Robinson, Boston, Wallace L. Mason, Keene, N. H., and Electric Co.
Charles G. Bancroft, Boston, Mass., have consented to act as a committee
The directors on Sept. 9 declared a quarterly dividend (No. 2) of 1X%
to carry out the proposed plan.
on the 7% Cum. Pref, stock, payable Oct. 1 to holders of record Sept. 21.
The holders of 7% Refunding Mortgage Gold bonds have been requested -V. 121, p. 707.
to concur in the plan and to deposit their bonds with the State Street Trust
Co., 33 State Street, Boston. Mass.
Newburyport (Mass.) Gas & Electric Co.- Merger.Should this plan fail of sufficient support, liquidation will become inertSee Haverhill Electric Co. above.-V. 120, p. 2817.
table.-V. 121, p. 1348.
New York State Rys.-Dividend Deferred.- concerning the
Keystone Power & Light Co.-Unification Plan.
Pres. J. F. Hamilton, in a letter to the Prof. stockholders
See American Water Works & Electric Co.. Inc., above.
postponing of the Oct. 1 Pref, dividend, says "The net earnings from
$510,000.
Lone Star Gas Co.-Forms New Subsidiary.Jan. 1 1925 to Aug. 31 1925 have amounted to approximately
a balance at the annual
This company has organized the Community Natural Gas Co. with an sufficient to cover the Pref. dividend and leave
necessary to expend a large
authorized capitalization of $1,000,000. to acquire the properties of the rate of 3% on the Common stock. It has been
amount of money in track construction and repaving streets in cities where
Farmers Gas Co. of Texas.
g fields, the company operates, and this extraordinary expenditure has made it
For the purpose of augmenting the natural gas supply of Dallas,
cash in order to meet its current
about 30% the Lone Star Gas Co. will lay 138 miles of new pipe lines cost- advisable to conserve the company's
is cumulative and arrears thereon will,
ing approximately $5.000.000. according to R. A. Crawford, Vice-Presi- expenses. The Prof. dividend
of course, be paid before any dividends are declared on the Common
dent and General Manager. Lines will be extended into
and will include a 16-inch line from Breckenridge to Caddo and an 18-inch stock." See also V. 121, p. 1348.
line from Caddo to Gordon and from Gordon to Joshua. paralleling the
Niagara,Lockport & Ont.Power Co.(& Subs.).-Earns.
present line. A line will be built from Desdemonia to Wells, 7 miles north
-Quar. End. June 30- -6 Mos. June 30of there. From Joshua a new 18-inch line will be constructed direct to
1924.
1924.
1925.
1925.
Dallas and serve several towns. Including Midlothian and Cedar Hill. along
Period*1,608.503 *1,371.758 *3,292.482 $2.913,601
energy
the route.-V. 121, p. 1348. 1101.
Sales of electric
466.964 1.035,792 1,001,094
505.874
Cost of energy sold
s30,000.000
Manhattan (tlevated) Ry.-Accruals on Non-Assenting
Stock to Be Paid Beginning Oct. 1.-
See Interborough Rapid Transit Co. above.
Quarterly t'aumePt of 75 Cents Authorized.The directors of the Interborough Rapid Transit Co. on Sept. 16 authorized the payment on Oct. 1 1925 of the quarterly rental dividend to stockholders of the Manhattan By. who subscribed to the readjustment Plan.
The payment will be 75c. per share on stock of record of Sept. 22 1925.
Frank Hedley, Pres. & Gen. Mgr. of the Interborough, issued the following statement: "The amount of the rental dividend for payment Oct. 1
next was arrived at upon the basis of the earnings of the Interborough
system for the quarter ended June 30 1925, less an over-payment amounting
to *7(711 for the fiscal year ended June 30 1925. The over-payment was
due to the fact that the actual earnings for the year were less by that
amount than the earnings as estimated when the payments were authorized
early last June. Failure to attain the estimated earnings was largely
due to the slump in traffic during the heated season in June 1925. V. 120, p. 2943.
Massachusetts Lighting Companies.-Earnings.
The income account of the operating companies, comprising the Massachusetts Lighting Company's system for July and the seven months ended
-July 31 1925 compares
1925-7 Mos.-1924.
1925-Jubt-1924.
-Gross earnings
$292,106 $25.3.604 $2,071,945 $1,919.751
437.927
468.727
Net earns. after taxes & depr_ 56,150
53,497
107,187
82,082
Fixed charges
15,002
10,978
Balance
-V. 119. p. 2878.
$45.172
$38,495
$386,645
$330,740
$1,102,629
267,549
*904.794 *2.256.690 *1,912.506
417,957
514.866
213.278
$835,080
28,468
$691,516 $1,741.824 $1,494,550
46,878
35,586
43,437
$863,547
Gross income
145.357
Taxes, rentals. &c
271.911
Int. on funded debt
97.288
Appropriations to reserves_ _
3727,102 *1,785.261 31.541.428
309,433
144,697
310,789
254,665
483,659
498.130
149,143
71,671
184,704
Gross profit
Operating expenses
Net earnings
Other income
Surplus for period
- 121, p. 708, 459.
$348.992
$256.068
$806.109
$584,722
Northampton (Mass.) Street Ry.-Abandons Part nt Line
The company will discontinue permanently operation of the HatfieldBradstreet section of the Northampton-Hatfield line. The last trip on this
section was made on Sept. 12. The company has had discontinuance of
this section under consideration for some time, but had not intended to
abandon it at this time.-V. 121, p. 1348.
Northwestern Electric Co.-Earnings.--3 Mos.End, July 31- -12 Mos.End.July 311924.
1924.
1925.
1925.
$482,283 *2,454,942 32.203,842
Gross operating revenues_ $531,362
329,254
1,195,050
291,239
1,404,272
Operating expenses
Net from operations_ -- $202,108
395.826
Balance
-V. 120, p. 1204.
$191,044
$79,863
$1.050.670
$608,780
$1.008,792
$584,515
SEPT. 19 1925.]
THE CHRONTCLE
North American Co.-May Acquire Control of
Power Cororation.See Western Power Corporation below.-V. 121, p. 1228.
Ottawa-Montreal Power Co., Ltd.-Report.Income Account Year Ended June 30 1925.
Gross earnings
Operating exps. incl. maint. & purch. power
Bond interest
Depreciation
Tax reserve
Preferred dividend
Balance
-V. 120, p. 3315.
Pacific Power & Light Co.-Earnings.-
1463
Capitalization Outstanding (as of July 31 1925).
$11,250,000
Common stock
5.000,000
stock
2d Preferred
6.894,700
1st Preferred stock
6,705,100
Prior Preference stock
1,117,100
Unsecured Five-Year 8% notes, due 1926
4,400,000
1st Lien & Ref. Mtge. bonds, Series A,7%%. due 1946
11,865,600
1947
due
6%,
B,
Series
bonds,
Mtge.
Ref.
$261,261 1st Lien &
12,058,300
129,221 1st & Ref. mtge.5% bonds, due 1942
83,061 Underlying divisional bonds, due 1930 and 1935 (three issues)-- 15,054,000
20,000 -V. 121, p. 587, 460.
2,900
19,432
Portland Gas & Coke Co.-Earnings.-3 Mos.End. July 31 -12 Mos.End. July 311924.
1925.
1924.
$6,646
1925.
Period8862,590 $3,967,565 $3.542,076
Gross operating revenues_ $979,711
2.290,100
2,584,072
556.335
616,121
expenses
Operating
Western
$306,255 $1.383,492 $1.251,975
Net from operations_ _ _ $363.590
-3 Mos.End.July 31- -12 Mos.End. July 3'$830.852
8931,173
$197,921
$241,492
1924.
1925.
Balance
1924.
1925.
$786,989 $3,308,220 $3,246.853 -V. 120, p. 2270.
t lross operating revenues_ $865,739
1.692,386
1.901.753
492,702
428,011
Operating expenses
Potomac Edison Co.-Unification Plan.See American Water Works & Electric Co.. Inc., above.-V. 121. P.
$358,978 $1,406,467 $1.554,467
Netfrom operation_ _- _ $373,036
$885,556 1228, 77.
$661,494
$185,942
$18,540
Balance
-Ir. 120, p. 2270.
Power Corporation of New York.-New Vice-President.
H.Edmund Machold has been elected a Vice-President.-V.121. p. 1228
Penn Central Light & Power Co.-National Electric Co.
to Acquire Control of Company.See National Electric Power Co. above. See also V. 121, p. 1102.
Pennsylvania Electric Corp.-Tenders.
The Bank of America, trustee, 44 Wall St., New York City, will until
sept. 26 receive bids for the sale to it of part of the outstanding 30-Ycar
% S. F. Gold Debenture bonds, due 1954, and 30-Year 6% S. F. Gold
Debenture bonds, due 1955, at prices not exceeding 105 and interest.
121, P. 1228.
Pennsylvania Gas& Electric Co.-Bonds Offered.-A. C.
\11 n & Co.,Inc., New York, are offering, at 97 and interest,
to yield over 5.70%, 81,350,000 First Lien & Refunding
Sinking Fund.
Mortgage Gold bonds, Series "A" 5
Dated Sept. 1 1925: due Sept. 1 1955. Interest payable M.& S. without
deduction for normal Federal income tax not to exceed 2%. Free of Penna.
State 4-mill tax. Denom. $1,000. $500 and $100 c*. Redeemable, all or
part, on any interest payment date, on four weeks' prior notice, to and
including Sept. 11931. at 105 and int.; thereafter to and incl. Sept. 1 1937
at 104 and int.; thereafter to and incl. Sept. 1 1943 at 103 and int.; thereafter
to and incl. Sept. 1 1949 at 102 and int.; thereafter to and incl. Sept. 1 1954
at 101 and int.; and thereafter at 100 and int. Interest payable at New
York, Chicago or Philadelphia. Principal payable at the office of Equitable
Trust Co. of New York, trustee.
Company will refund any taxes assessed and paid upon the income derived
from or on the ownership of bonds of this issue under the laws of any State
or Possession of the United States not in excess of 5 mills per annum to
holders resident in such State or Possession.
Company.-Is the direct successor, through consolidation, of York Gas
Co., which was incorporated in 1849 in Pennsyltrania. The corporation
and its predecessor have paid Common stock dividends during each of the
last 75 years. Company furnishes directly the entire gas service in the
@FedFRASER