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The
annwtrial
INCLUDING
Railway& Industrial Compendium
State & Municipal Compendium
VOL. 121.
firianttal.
tfrontde
Public Utility Compendium
Railway Earnings Section
Bank and Quotation Section
Bankers' Convention Section
NO. 3144.
SATURDAY,SEPTEMBER 26 1925
3iht Throtxxcle
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The Financial Situation.
Reactionary tendencies have been in evidence at
times in the stock market this week, especially on
Monday and Thursday, and there can be no question
that some stocks are too high and that aggressive
buying by pools is responsible for the phenomenal
extent of some of the advances. The market is unusually sensitive to changes in money rates. Last
Saturday's New York Clearing House bank statement showed a deficiency of $15,674,630 in the required legal reserves, and the present week the call
loan rate on the Stock Exchange has more than
once spurted sharply upward. On each occasion the
stock market has responded with a downward plunge
in the case of the stocks which have been carried to
such spectacular heights, though the general market
has held comparatively steady,and yesterday showed
renewed strength under the leadership of the railroad
shares. Experience teaches, however, that in the
event of any prolonged break, the good stocks would
go down with the bad, the strong with the weak.
The fact that the course of prices is so sensitive
to advances in call loan rates is significant of the
part that cheap money has played in fostering the
gigantic stock speculation of the last year or two,
enabling pools and cliques to carry large lines of
stocks with ease and facility. How much further
the Federal Reserve authorities are prepared to go
in keeping money rates low remains to be seen. This
much is certain, however, the Reserve banks to-day
are in far more extended condition than they were
a year ago, when they were justly open to criticism
for the way in which they were promoting inflationary tendencies. By turning to the statement of the
Reserve banks, issued on Thursday of this week, it
will be seen that the bill holdings of the twelve banks
combined stood at $640,727,000 on Sept. 23 this year,
against only *259,863,000 at the corresponding date
last year, that the open market purchases of acceptances amounted to $238,493,000, against $92,146,000,
and that total earning assets were $1,212,872,000,
against only $928,355,090. These figures are in apparent contradiction with the fact that the amount
Of Federal Reserve notes in circulation is somewhat
less than a year ago, being $1,670,348,000, against
$1,729,859,000, but this simply serves to illustrate
anew the confusion caused by permitting the Reserve
banks to issue Reserve notes against the acquisition
of gold. What has happened is that some of this acquired gold has been allowed to go back into circulation, and this involved the automatic extinction of
the notes originally issued to represent it. The true
situation is indicated by noting that whereas the
amount of notes at present in actual circulation is
$59,511,000 smaller than twelve months ago, the
gold holdings in the same interval have fallen no less
than $303,618,000. The difference between the two
amounts, which is $244,107,000, shows the extent of
the further inflation.
Both currency and credit saturation is steadily
increasing as a result of the operation of the Federal
Reserve System. According to the formula explained
in our issue of Nov. 22 1924, and again in our issue
of May 9 1925, the amount of the saturation on Sept.
24 1924 was $856,578,000; now (Sept. 23 1925) it is
$1,172,257,000. In tabular form the showing is as
follows:
Total gold
Total deposits
Free gold
Federal Reserve notes
Excess of notes
Sept.231925.
$2,765,545,000
2,267,454,000
Sept. 24 1924.
$3,069,163,000
2,195,882,000
$498,091,000
1,670,348,000
$873,281,000
1,729,859,000
$1,172,257,000
$856,578,000
It will be seen from the foregoing that after allowing in full for the deposits, there remains only U98,091,000 of gold as against the $1,670,348,000 of Federal Reserve notes in actual circulation. Who will
say in the face of such figures that our Federal Reserve banks are not in an extended condition? We
may add that if we took the total earning assets as
the basis of our calculation, these earning assets
constituting another way of measuring the extent
of the currency and credit saturation, the saturation
would be found to be still larger, the total of such
earning assets now being $1,212,872,000 and comparing, as already stated, with only *928,355,000 at the
corresponding period in 1924.
The widening distribution of property possessions
that is going on and the passing of ownership of in-
1492
THE CHRONICLE
dustry from the few to the many was emphasized on
Monday when a syndicate headed by Lee, Higginson
& Co. and Marshall Field, Glore, Ward & Co. offered
$17,500,000 Marshall Field & Co., Inc., 41/
2% debentures, 1928-1946, at yields ranging from 4.25% for
the 1928 maturities to 4.90% for some of the middle maturities. No name stands higher in American
industry, but this is the first time the public has
been asked to participate in the business. The dry
goods business established by Marshall Field in Chicago in 1865 is the largest of its kind in the world.
Many fortunes have gone out of this business to
start industries elsewhere, and the Field estate is
one of the country's largest. The present financing
is principally to enable the corporation to purchase
certain real estate from the Field estate. When this
enterprise first grew from its small beginnings to
great proportions it could not have been financed by
sale of bonds and stocks, as there were not adequate
savings for their purchase, and the capital necessarily was accumulated from surplus earnings. The
compounding of such earnings in the ownership of
those in control made possible the rapid accumulation of the few early fortunes. To-day, with saving
almost universal, ownership is being democratized
and many a small investor is experiencing the rapid
gain in wealth following the compounding of business earnings, which not so long ago was the privilege of few other than merchant princes. The gradual acquirement by the public of ownership of the
great enterprises of the country, once privately
owned, is evidence that our democracy is on sound
foundations.
Bond offerings were made in large volume during
the week, the largest issue being $29,700,000 Government of the Argentine Nation external sinking fund
6s, 1959, offered on Tuesday at 96%, to yield 6.25%,
by a syndicate headed by J. P. Morgan & Co. and the
National City Co. The bonds were all immediately
taken on subscription.
On Wednesday of this week the stockholders of the
Boston & Maine Railroad voted approval of the plan
of reorganization put forward by the management
as of Sept. 1. The meeting was by no means perfunctory. Many factions were present and had their
say, but the great majority of stockholders lined up
behind the management in the attempt to put
through a reorganization without any compulsory
power such as appertains to foreclosure, and without penalties of any kind. The opposition votes
amounted to less than V2 of 1%. Security holders
are asked to make sacrifices for their mutual interest. The management has had the satisfaction of
learning that all substantial leadership is behind
them and there are many indications that the security holders have the intelligence and self-restraint
to co-operate for their own benefit.
One of the principal factors in the Boston & Maine
situation is control by the New York New Haven &
Hartford Railroad Co., which owns indirectly more
than 23% of the Boston & Maine stock. This stock
was acquired in 1909 before consolidations became
tabou. In 1914 the Federal Government, acting under the anti-corporation mania that affected the
country for a decade or more, ordered the New
Haven to sell the stock. The stock was then and has
since remained unsalable; at any rate, no good offers
have been made, and New Haven retains its ownership. However, the New Haven is reported to have
[VoL 121.
recently declined $40 per share for its Boston &
Maine common stock. In this reorganization the
New Haven is asked to subscribe approximately
4,500,000 for a like amount of 7% prior preferred
stock and retain its holdings, or not caring to do this,
surrender about 31% of its holdings. The New Haven
stock was voted for the Boston & Maine plan, and it
is thought that New Haven will subscribe for its
•quota. This history is strange enough in view of the
fact that the Government is now demanding that the
roads of the country consolidate into a few big systems and threatening to force them to do so.
An interesting technicality of the Boston & Maine
situation is the Boston Railroad Holding Co. This
company owns the Boston & Maine stock to which
the New Haven has ultimate title. Its common
stock is wholly owned by the New Haven, which also
owns all of a large issue of Boston Railroad Holding
Co. preferred stock excepting $2,800,000 4% cumulative stock, which was sold to the public in 1911. The
aforesaid $2,800,000 stock is guaranteed as to both
principal and dividends by the New Haven by endorsement and secured by a lien on the owned Boston & Maine stock having a present value of more
than $6,700,000. This $2,800,000 publicly owned
stock has been given precedence as to this lien over
the New Haven owned stock by Federal decree and
dividends have been paid on it regularly by the New
Haven because of its guaranty. A year or two ago,
when New Haven's credit was at its lowest and Boston & Maine stocks were selling at very small prices,
this 4% dividend-paying guaranteed stock sold in
the thirties; even now it is still selling in the fifties.
The cotton report issued by the Department of
Ariguculture at Washington on Wednesday of this
week gave the trade another surprise, the yield now
being placed at 13,931,000 bales, or 191,000 bales
larger than was estimated two weeks earlier. The
latest estimate is based on a condition of 53.8% of
normal on Sept. 16, compared with a condition of
56.2% on Sept. 1, a decline during the intervening
period of 2.4 points, but the Crop Reporting Board
now anticipate a yield per acre of 143.5 pounds of
cotton, whereas the production per acre on the
Sept. 1 condition was put at only 141.5 pounds. Last
year the final estimate of yield was 157.4 pounds to
the acre, while the total production was 13,627,936
bales. Of the leading cotton States, practically all
show some decline in condition during the two weeks
of September, which is generally the case. There
was a loss of 6 points in Oklahoma; 5 points in Arkansas; 6. points in North Carolina; 3 points in
South Carolina; 2 points in Georgia,,and one each
in Alabama, Mississippi and Texas. Of the eight
leading cotton States above enumerated, the latest
estimate of yield, based on the Sept. 16 condition,
shows an increase for five of them as compared with
that indicated two weeks earlier, these five States
being Texas, South Carolina, Georgia, Alabama and
Mississippi, while there is a decrease in yield for
the other three States, namely Oklahoma, Arkansas
and North Carolina. For Texas a condition of 42%
of normal is indicated on Sept. 16, against 43% two
weeks earlier and 52% Sept. 16 1924. The estimate
of yield for Texas is now placed at 3,873,000 bales,
which is 22,000 bales larger than was estimated on
the Sept. 1 condition. Last year the production for
Texas was 4,951,000 bales and in 1923, 4,342,298
bales. For Oklahoma the yield is now estimated at
SEPT. 261925.]
THE CHRONICLE
1493
1,471,000 bales, in contrast with 1,520,000 bales two radiating optimism and vigor. For nearly half an
weeks earlier,. and 1,511,000 bales for last year's hour Mr. Mellon, M. Caillaux and Under Secretary
crop; Arkansas 1,367,000 bales, a decline of only Winston were closeted and then the French Minis1,000 bales from the reports of two weeks ago and ter and Mr. Mellon met the newspaper men." Natcomparing with 1,098,000 bales last year; Missis- urally, M. Caillaux did not make any specially imsippi 1.447,000 bales, nearly 100,000 bales over the portant statement to them. He handed the followestimate based on the Sept. 1 condition, and con- ing formal statement to the newspapermen in New
trasting with 1,099,000 bales in 1924.
York, which was about all that could be expected in
There are three other million-bale States this •advance of the negotiations in Washington: "I
year, making six in all outside of Texas, whereas have come, accompanied by eminent members of all
last year there were only four. The Sept. 16 condi- the political parties in the French Parliament, to
tion report restores Georgia to the million-bale class make a settlement of our debts. There is no instance
this year, with an estimated yield of 1,019,000 bales, in history in which France has failed to do so. We
which is 36,000 bales larger than was indicated by are men of good will, my colleagues and I. We shall
the Sept. 1 condition and contrasts with a yield have great pleasure in meeting the men of good will
last year in that State of 1,004,000 bales. In North who form the War Debt Foreign Commission. We
Carolina the production is now placed at 1,103,000 are convinced that, thanks to our mutual loyalty, we
bales, nearly 30,000 bales less than the Sept. 1 con- shall be able to reach an equitable and practical
dition indicated, while for Alabama the latest esti- agreement. The United States and France, which
mate shows 1,063,000 bales, an increase covering the have twice fought side by side upon the battlefield,
two weeks of September of nearly 40,000 bales. For cannot but attain a close understanding upon the
Louisiana the condition Sept. 16 is 70% of normal, basis of peace and righteousness."
against 67% two weeks earlier, and the yield, according to the latest report, 729,000 bales, an increase
Further outlining the activities of M. Caillaux
over the production indicated by the Sept. 1 condi- and the celerity with which he was conducting his
tion of 85,000 bales, and over the final estimate for part of the negotiations, in advance of the formal
1924 of 236,000 bales. Contrasting the latest esti- sessions of the French and American Commissions,
mate for all States outside of Texas with a total the New York "Times" correspondent said: "If
yield cif 10,058,000 bales for the current year, the there was any doubt that M. Caillaux dominated the
indicated increase in production for these States mission which has been sent here by France it was
amounts to 169,000 bales for the first two weeks of removed by the activities which marked his arrival.
September, and is 1,381,000 bales larger than the From the minute he stepped off the train until ha
yield in these same States last year. Just what the sought seclusion from public attention at a dinner
ultimate production this year in Texas is to be, will given in his honor at the French Embassy to-night
be known when picking in that State is completed. he was in the limelight. His word undoubtedly will
The total ginnings to Sept. 16 throughout the whole be law so far as the French Commission's part in
South this year are 4,275,928 bales, which contrasts the debt negotiations are concerned, and this adds to
with only 2,665,793 bales to Sept. 16 1924. Prac- the belief here that there will be a successful conclutically every State except Texas contributes to the sion to the conference. M. Caillaux had sought imincrease and in some of them the ginnings this year mediate audience in private with Secretary Mellon
are more than double what they were a year ago, by wireless and telegraph before he reached Washnotably Georgia, Alabama, Arkansas, Louisiana, ington, and even in advance of that he had begun his
Mississippi and North and South Carolina. In Texas work in conversations with Under Secretary Winthe ginnings this year are 1,282,800 bales, as against ston, who went to New York to meet him. Once the
1,476,936 to the same date a year ago.
conversation with Secretary Mellon was ended, just
before 5 o'clock this afternoon, it was evident that
Joseph Caillaux, French Finance Minister, and the whatever else happened the negotiations here would
other members of the French War Debt Commission, be carried forward with all speed; that there would
arrived in New York Wednesday morning on the be not a minute lost in unnecessary skirmishing.
French steamship "Paris" and proceeded shortly to This point was emphasized as M. Caillaux left the
Washington. They reached the National Capital at Treasury to pay a courtesy call on Secretary Kellogg
3.20 p an. It was related that, "within an hour of at the State Department. For the announcement
that time M. Caillaux was in conference with Secre- was made that plans for preliminary meetings of
tary Mellon, Chairman of the American Debt Com- the two Commissions had been put aside, and that
mission, at the Treasury Department, and the nego- there would be a joint meeting of the French and
tiations for the funding of the French war debt to American Commissions at 10 o'clock to-morrow
the United States were under way." The New York morning, the time originally set for the American
"Times" representative observed that "the rapidity Commission to get together."
of the developments was in sharp contrast with the
course of events when former efforts were made to
According to a special Washington dispatch
bring about an understanding between the two coun- to the New York "Herald Tribune" Wednestries. M. Caillaux's sense of speed left nothing to day evening, "the French Debt Commission,
be desired. He was off the train, smiling and volu- headed by Joseph Caillaux, Minister of Fible, the minute it pulled into the station, and told nance, will make a revised offer to repay the
the newspaper correspondents that as soon as he French debt to the United States as a maximum
could rush to the French Embassy to clean up a bit, rate, to be reached in gradual steps, of about $90,he would visit Mr. Mellon." He also stated that "au 000,000 a year, the 'Herald Tribune' learned toengagement was made to meet Secretary Mellon at night." The correspondent added that "though M.
4.30 o'clock, but ten minutes ahead of schedule M. Caillaux and his colleagues since arriving to-day
Caillaux burst into the Treasury Building, fairly have preserved inviolable silence as to the details of
1494
THE CHRONICLE
the plan with which they will enter into negotiations
with the United States Debt Funding Commission
to-morrow, beyond expressing firm confidence in an
ultimate settlement, it can be stated on high authority that the Finance Minister will base his offer on
the hypothesis that France cannot be expected to
pay more to her creditors than she receives from
Germany."
Continuing to outline the plan as he understood
it, the same'correspondent said: "This latter sum
M. Caillaux places at $150,000,000 a year. Having
reached an understanding with England under the
terms of which, if finally ratified, the British Treasury would annually receive about $60,000,000, the
head of the French Commission calculated that if
the United States is paid the maximum sum which
can be paid without increasing payments to England,
in accordance with his arrangement with Winston
Churchill, or $90,000,000, he will be paying out all
that France receives. The yearly installments of
$90,000,000 are expected to run 62 years. As reduced
payments for the first ten or fifteen years are expected to be stipulated, however, neither the total
sum which would be paid the United States under
this arrangement, nor the rate of interest during repayment of the principal, is yet known, since the
extent and magnitude of the proposed partial moratorium have not yet been disclosed. M. Caillaux arrived at the figure which he could pay the United
States without altering the plans for refunding the
British debt, by taking the ratio of the sum owed by
France.to England and the total owed to America
as 1 to 1.5. In other words, he estimated that his
country's debt here is $4,500,000,000, if its debt to
Britain is set at $3,000,000,000. England having
stipulated that payments to the British Treasury
must proceed in proportion and pani passu to payments to other countries, the Finance Minister found
that, subject to this condition, he could send $90,000,000 in round numbers to Washington each year
that he sent $60,000,000 to England. At the same
time he found that the total of these two sums conformed to the hypothesis regarding payments to
France by her principal debtor, which he had determined to be the sine qua non of his refunding operations."
The first joint session of the two Commissions was
held at the Treasury Building at 10 o'clock Thursday morning. As was to have been expected, it was
chiefly for "a brief exchange of greetings." According to a special Washington dispatch to the New
York "Evening Post" that afternoon, "a few words
by M. Caillaux, who spoke briefly for a Frenchman
and an orator, a few more words by Secretary Mellon, who always speaks briefly, a visit from the
photographers to the conference room, then the session with the photographers outside the Treasury
Building, and the first meeting of the French and
Americans to settle the war debt was over." He
added that "if 3L Caillaux's hundred words or so
furnish any clue to their attitude, the French Commission, in seeking a settlement, is going to be
strictly businesslike. They are going to meet the
Americans on their own grounds." Introductory
speeches were made by M. Caillaux and Secretary of
the Treasury Mellon. The former said in part: "I
have come from France intrusted by my Govern ment
to meet the obligations of my country toward the
United States. Now, if you wish, we'll go to work
EVoL 121.
as practical men, desirous to come to a settlenient
satisfactory for all material interests, worthy of the
past of the two great nations, combined in such a
way as to fortify peace and help the economic stabilization in the world." In welcpming the French
Commission Mr. Mellon spoke in part as follows:
"We know that this conference opened to-day may
influence greatly the peace of the world. We, ourselves, cannot escape its repercussions. We feel,
therefore, the great responsibility resting upon us.
It is our duty to reach with you a conclusion, in the
estimate of each of our peoples, fair, and, in the
practical test of time, workable. In the constructive
attitude of the representatives of the two countries,
who now meet together, a solution will come."
Although this first session was supposed to have
been one largely of greetings and formalities, the
Washington representative of the Associated Press
stated in a dispatch that afternoon that "documents
which, in effect, constitute a French offer for settlement of that nation's $4,000,000,000 debt to the
United States were submitted to the American Debt
Commission to-day at the first meeting between the
French and American negotiators." According to
a special Washington dispatch to "The Sun," also
Thursday afternoon, "the offer was received by the
whole of the American Debt Funding Commission,
headed by Secretary of the Treasury Mellon." It
was added that, "except for the formal speeches at
the opening of the conference, there was no discussion of the French offer and the conference adjourned without setting a time for another meeting.
However, the American Commission will meet this
afternoon to consider the French offer, and it is regarded as probable that there will be another joint
meeting to-morrow morning, as it is the expressed
wish of M. Caillaux to terminate the sessions of the
two Commissions as quickly as possible."
According to a Washington dispatch,to the New
York "Times" yesterday morning, "while the details
of the Caillaux statement were withheld by officials,
it was said that the proposed schedule of payments
followed closely the forecasts made this morning, the
French Commission agreeing that their country
could make payments beginning at about $25,000,000
for the first five years and gradually mounting to
from $80,000,000 to $90,000,000 within twenty years,
and representing a total over sixty-two years in excess of $4,000,000,000, which would more than cover
the principal amount of the debt." It was added
that "this offer, it was suggested, was made for trading purposes, the French Finance Minister realizing
that it would not bring immediate acceptance by
the American Commission. This, in fact, proved to
be the case, for the American officials did not even
accept it as an 'official proposal' and such inforthalion as could be obtained was to the effect that it
would be rejected when the Commissions met in joint
session again to-morrow. None of the American officials, however, took the position that there had been
any development that indicated a 'break,' and emphasis was placed upon that point."
The New York "Herald Tribune" representative
said that "M. Caillaux's offer to pay contained the
following three main propositions: That France's
borrowings during the war and the sum she owes
for the purchase of surplus supplies after the war
shall be consolidated into a single debt. That the
interest on France's debt since the end of the war,
due but not yet paid, shall be canceled. That France
SEPT: 26 1925.]
THE CHRONICLE
shall pay $25,000,000 this year, which shall be increased progressively for twenty years, until, in
1945, the annual installment shall reach $90,000,000,
which shall continue for forty-two years more, the
amounts deferred during the first twenty years to
be reimbursed to the United States during the second period under conditions analogous to those
agreed upon by France with England to cover a similar partial moratorium."
According to a special Washington dispatch to
the New York "Evening Post" last evening,"the second move on the chessboard of the French debt negotiations was made yesterday, when the American
Debt Commission submitted a counter-proposal to
the suggestions made the previous day by Finance
Minister Caillaux." It was added that "the American counter-proposal, described by a member of the
Commission as 'something for the French to think
about,' was a rejection of the French plan, at least
so far as M. Caillaux's initial move might be considered a program for complete settlement. The American Commission, it was said officially in behalf of
Secretary Mellon, went over the Caillaux proposal
with extreme care and designated specific items
which they found objectionable. M. Caillaux and his
associates were told plainly that the "offer" did not
constitute the best France could make when the
French capacity to pay, now and in the future, was
scrutinized. One comment was that the program
thrown on the table yesterday by M. Caillaux at the
opening of the negotiations was little more than his
'second best proposal.'"
The Washington representative of "The Sun"
stated flatly that "the proposal of the French Government to fund its debt of more than $4,000,000,000
to the United States on the basis of payments starting at $25,000,000 for the first year and mounting
to a peak of $90,000,000 at the end of twenty years
was unqualifiedly rejected by the World War Foreign Debt Commission to-day (Friday). It took
only ten minutes for the American Commission to
advise the French delegation headed by Joseph Calllaux, Minister of Finance, that the terms which had
been submitted yesterday (Thursday) were entirely
unsatisfactory to the United States. At the same
time the American viewpoint on the debt was outlined to the French Commission."
A settlement of war debts has been arrived at with
Latvia. Thursday evening "Secretary Mellon announced the conclusion of an agreement with Latvia
for the settlement of its war debt to the United
States. The agreement was signed at the Treasury
Department late that afternoon." It was explained
that "the indebtedness represents obligations received in connection with the sale of war supplies by
the Secretary of War and obligations received from
the American Relief Administration on account of
the relief supplies furnished on credit. The amount
of the indebtedness to be refunded is $5,775,000.
Secretary Mellon gave out a statement showing the
payments to be made under the terms of the settlement, in which Latvia has the option of semi-annual
cash payments, beginning June 15 1926 and ending
in 1930. The Secretary added that the economic
situation of Latvia is good, that the country is engaged in large reconstruction work, that her ports
are convenient trade routes between Russia and
Western Europe and that she is now in a position to
meet her international financial obligations."
1495
It has been assumed for some time that the completion of war debt funding plans between European
Governments and the United States would be followed by the floating of good-sized loans in this country for those Powers. According to a•special Paris
cablegram to the New York "Herald Tribune" under date of Sept 24,"American investments will flow
in increasing measure to Europe if European nations
promise to pay their debts to the United States, said
Charles E. Mitchell, President of the National City
Bank, New York, in a speech to-day at the American
Club. Mr. Mitchell, who has completed a tour of
Scandinavia, England, Germany, Spain and France,
said that debt pledges were necessary to give confidence to American investors."
Even while the French War Debt Commission was
on board ship bound for the United States evidence
continued to accumulate that before it left France
an understanding had been reached with the United
States relative to the broad features of a plan of settlement. For instance, last Saturday the Washington representative of the New York "Herald Tribune" said that "broad outlines of the French debt
settlement already have been virtually agreed upon
in preliminary negotiations, the 'Herald Tribune'
correspondent is enabled to state. These virtual
agreements have reached a point which insures the
success of the formal negotiations." He added that
"briefly, the fundamental principles which seem
satisfactory both to the French and to the Administration include: Consolidation of the three classes
of debt into one. Threse three are the pre-armistice
loans, the post-armistice loans and the price of the
war supplies sold to the French Government in 1919.
Fixing of the period over which payments shall be
made at sixty-two years, the same term as adopted
in both the British and Belgian settlements. An
1
2%. Reduction of the accumuinterest rate of 3/
lated interest, which had been figured at 5%, thus
bringing the present total of the debt up to $4,500,1
2% retroac000,000, roughly, by making the rate 3/
tive. Further reduction of the present total of the
debt by a retroactive adjustment of the interest actually paid on the $400,000,000 of debt for war supplies. France has actually paid $20,000,000 a year
since 1919, or six years, at the rate of 5%. This adjustment will practically credit France with the
1
2%, or some $6,000,000 a year for these
excess of 1/
six years, with a further adjustment for compounding. Very low payments during the first few years
of the sixty-two. This period of smaller payments is
fixed tentatively at not less than ten years nor more
than fifteen, but probably approaching the latter
figure."
Washington dispatches last Saturday morning
contained outlines of what purported to be
President Coolidge's views as to the attitude toward
the foreign debt negotiations that he thought should
be taken by the American newspapers. According
to the New York "Herald Tribune" dispatch, "meanwhile the Administration is somewhat annoyed by
the attitude of certain American newspapers and
organizations. At the White House to-day an official spokesman for the President advised that the
duty of American newspapers was to look after the
interest of their own country in the debt negotiations. The papers, this spokesman declared, may
rely upon the Administration to do the fair thing by
1496
THE CHRONICLE
the countries which owe this Government money, and
will certainly be fair in estimating their ability to
pay. Where doubts arise the President believes that
the newspapers should resolve the doubt in favor of
their own country and its citizens rather than another. The President does not believe that the newspapers will find this Government imposing hardships on any country which that country will be unable to bear. Mistakes may be made, it was admitted, but usually these papers will be right if they
resolve doubts in favor of their own Government and
they can assume that officials of this Government
are very well informed as to the problems facing the
debtor countries and as to their capacity to pay."
In wireless messages from the steamship "Paris"
that were made public here on Monday it was clearly
indicated that even then the French Commission had
ready a definite plan to present to the American
Commission at the first joint session on Thursday
of this week. In one dispatch it was stated that
Joseph Caillaux, Finance Minister, "remains closeted in his cabin the greater part of the time putting
the last touches to the proposal." It was added in
the same dispatch that "when on Thursday it [the
French delegation will be face to face with the
American Commission it will first of all affirm anew
that France formally acknowledges her war obligations towards America amounting to $3,340,000,000
in round figures. It will not only make that declaration but will submit immediately to the American
Commission a concrete proposal."
The Associated Press correspondent on the
"Paris" said that "the debt proposal which Finance
Minister Caillaux is understood to have prepared
for submission to the American Commission in
Washington contemplates immediate steps by
France to reduce the principal of her account. M.
Caillaux's program would offer a substantial installment payment in 1926. with increasing amounts
annually during each of the next twenty years. The
French Government's proposal will not be tied up
with reparations payments nor will it be conditioned
upon the tentative agreement recently entered into
with Great Britain, according to the summary obtained to-day. French budget calculations must
take both factors into account, but M. Caillaux is
said to have no intention of bringing either into the
Washington deliberations."
The following day (Sept. 19) it was reported by
wireless from the ship that "Finance Minister Calllaux and his colleagues on the French Mission to the
United States to-day completed the text of the proposals which they will lay before the American Debt
Funding Commission. Since the voyage from Havre
began the delegates have been devoting some hours
daily to consultations upon what should be said to
the Americans and the form in which it should be
put. One of the most troublesome parts of the document concerns transfers of money to America and
how these can be made without disturbing exchange
and depreciating the franc. M. Caillaux now is in
active wireless correspondence with the French Embassy in Washington regarding the arrangements
for the conference."
In a special Washington dispatch to the New
York "Times" the same day it was stated that "when
the members of the French Debt Commission sailed
for the United States they did so with the full un-
[vol. 121.
derstanding that in any agreement reached for the
funding of the French war-time debt, provision must
be made for the repayment of the entire principal
amount of the obligation, and that if concessions
were to be made by the American Commission, these
would involve reduction of accrued interest and the
interest payments which France would be called
upon to pay in the future,in the event a compact was
approved." The correspondent declared also that
"such was the position taken to-day by American
officials, and information contained in news dispatches received here by wireless from correspondents on the steamship 'Paris' with Finance Minister
Caillaux and his associates were interpreted as a
recognition by the French experts that these basic
principles must be accepted during the forthcoming
negotiations." As to the probable outcome of the
negotiations, the correspondent added that "the
American officials, therefore, were highly optimistic
of a successful outcome of the long controversy and
expressed confidence that a schedule of payments
could be worked out which would not call for heavy
transfers of capital during the early years, and
which the French Government could meet without
serious disturbance of exchange rates or disruption
of its plans for fiscal reforms at home."
Apparently it was expected during the greater
part of the week that the Sixth Assembly of the
League of Nations would finish its work by the end
of that period. One of the most troublesome questions has been the Mosul situation. According to
Geneva cable dispatches, "the League of Nations
Council sought a way out by referring certain technical legal aspects of the question to the Permanent
Court." The London correspondent of "The. Sun"
on Sept. 21 cabled, "that in itself in British eyes is
deplorable evidence of its impotence. But, on the
other hand, Turkey has signified that it will not recognize the findings of the League in any case unless
they are in Turkey's favor." He added that "Colonel
Amery, British Colonial Secretary, has countered
with a declaration that if Turkey will not recognize
the League's findings, Britain must have a free hand.
While the final showdown is not expected until December, there is likely at any moment to be a situation created by the Turks which will present this
country with the necessity of war if it is to maintain.
its hold upon Mosul and also, according to the view
in responsible quarters, to maintain the prestige of
its position through the Middle East." Continuing,
the correspondent said:"Critics of the Government's
determination to remain in Mosul for a quarter of a
century if the League desires it to do so have declared it to be too dear a price to pay for the possible
oil product of this potentially great oil area. However, it is openly stated in the 'Times' to-day that if
Britain tolerated Turkish aggression while the
League is leisurely proceeding with the legal aspects
of this highly delicate question it would not only
shake British credit to the foundation in Bagdad
but 'it would endanger those oil fields in southern
Persia on which we largely depend for service of the
navy.'"
London was disturbed over the Near East situation and its probable effect on the Baldwin Government, according to a special cable message to the
New York "Herald Tribune" on Sept. 21. It was
claimed that "reports from Geneva that the Irak
Seer. 261925.]
THE CHRONICLE
Government has demanded that a British division be
sent there to protect the country against the
Turks
has caused grave uneasiness here. Together
with
Colonial Minister Amery's stand at Geneva it is
regarded as appreciably increasing the risks of war in
the Near East, and this is calculated to weaken
the
position of the Baldwin Government." The author
of the dispatch also suggested that "the result of
the
Stockton by-election last week, which brought a
loss
of one seat to the Government with a drop of nearly
10,000 votes in the Conservative poll, shows that
the
Cabinet's commitments in Mesopotamia are highly
unpopular in this country. Already there is talk
of
dropping Premier Baldwin for another Conservativ
e
leader, and this was widely discussed in the Conservative clubs to-night."
.Still more alarming possibilities were suggested
in
a special London cablegram to the New
York
"Times" the following day (Sept. 22). Its author
asserted that, "surpassing in audacity of language
anything yet emanating from Turkey since the Irak
dispute started, a semi-official Turkish statement
reached here to-day from Constantinople which certainly revives the fears that a serious clash may
be
imminent between the British and the Turks." Continuing he said: "The statement, which purports
to give the views of the Angora Government on
the
Irak dispute, starts by saying that from the outset
Britain hoped to arrange the Irak-Mosul question to
her own advantage, thanks to Turkey's internal difficulties. It then continues: 'Though Lord Curzon
declared that Turkey would enter the League of
Nations on a footing of equality with other nations,
Turkey is now expected to make implicit renunciations in a question closely concerning her sovereign
rights. It is impossible to conceive that any Turkish
Government could agree to make such a concession.
The opponents of Turkey must learn that a new mentality now reigns in the country and that there
is
now a new State with which they must negotiate
terms on an absolute equality. So long as the old
methods are followed no understanding is possible.'
The statement concludes by coolly dubbing the stories of deportations of Christians by the Turks as
'fables of the old familiar type.'"
Developments at Geneva on Tuesday relative to
the Mosul problem were outlined in part as follows
in a special cable message to the New York "Times"
that evening. It was stated that "twice to-day Great
Britain gave evidence to the League of Nations that
she believes in the principles of the Protocol—even
though it be dead. First, her Ambassador to Belgium, Sir George Grahame, speaking before the Disarmament Commission of the Assembly, declared
that disarmament was not the foundation but the
apex of the structure of peace, arbitration, security
and disarmament, which the League of Nations is
building. Second, the British delegation officially
lodged with the League Council a charge against the
Turkish Government for deporting the Christian
population of Mosul and demanded that the League
take preventative measures, such as are provided in
the Protocol." It was suggested that "to-day's action throws the Mosul question back twelve months
to October of last year, when the British demanded
that a special meeting of the Council consider practically the same charges which were made to-day."
The correspondent also suggested that "the British
note to the Council, which asks consideration of the
1497
correspondence on the subject of Christian deportations, with a view to sending a commission to Irak
to investigate the complaints of both Governments,
was considered this afternoon by a sub-committee of
the Council, which, after discussing the affair with
Colonel Amery and Tewfik Bey, decided to call a
special meeting of the full Council. The British request, the note says, is made not only on humanitarian grounds; but because the Turks have broken
both the Lausanne Treaty and the Brussels agreement."
Further definite action was taken by the Council
at its session on Thursday. According to a special
Geneva dispatch to the New York "Times" yesterday
morning, "a League of Nations commission will go
to Irak to investigate the British charges of the deportation of Christians from the vicinity of the
Brussels agreement line, it was decided at a special
Council meeting this afternoon." It was added that
"whether the commission will be permitted to carry
on its search in the territory north of the Brussels
line will depend on the decision Angora will take in
the next twenty-four hours. The decision to send a
new League Commission to Mosul was taken this
afternoon amidst murmurs of disapproval from the
audience at the efforts of Tewfik Bey, the Turkish
Foreign Minister, to put stumbling blocks in the way
of the investigation. Tewfik Bey attacked the British charges savagely, declaring them filled with contradictions, and that the Council, the first day it discussed the Mosul question, had declared all such incidents closed."
European Powers, according to cable advices from
Geneva, London and Paris, are divided as to the desirability of a general disarmament conference being
held in the near future. The machinery of the
League of Nations for dealing with these various
problems is so complicated, that it is only with great
difficulty that the average American reader of foreign news can keep it straight in his mind. By way
of illustration it may be noted that on Sept. 21 the
Geneva representative of the New York "Times"
cabled that "the technical work preparatory to the
International Disarmament Conference will be
started immediately by the Co-ordination Commission of the League of Nations, which in future will
be called the Technical Commission for the Study of
Disarmament." He added that "this decision was
reached this afternoon in the Assembly Commission
which is studying the various propositions advanced
by different delegations in regard to disarmament.
The French were the strongest supporters of an immediate start in disarmament work, while Britain
represented the opposition."
Going a step further in a dispatch the next day,
the Associated Press representative at Geneva said:
"The questions whether or not the *United States will
be invited to send experts to Geneva to join in technical preparation for the League Disarmament Conference, on the holding of which the leaders of the Assembly, including delegates of Great Britain and
France have reached an accord, and whether or not
Americans will sit on the study commission remains
unanswered. The principal spokesmen for the Powers
are sidestepping the question, saying it is one for the
Assembly as a whole to answer." The reported attitude of President Coolidge was set forth as follows
in a Washington dispatch on Sept. 22: "American
participation in disarmament conference plans of
1498
THE CHRONICLE
the League of Nations should only be undertaken if
Congress authorizes it, in the judgment of President
Coolidge. The President wants to do nothing to
discourage efforts for reduction in armament by
mutual agreement, but he is not inclined to co-operate in a League disarmament conference if there
is any possibility Congress might object. No suggestion whether or not the Washington Government
would be asked to take part in the expert committee
of the League which will discuss plans for a disarmament agreement has reached here officially." It was
asserted in a special Washington message to the New
York "Herald Tribune" the next day that "the
United States will not under any circumstances be
represented in the disarmament conference planned
under the auspices of the League of Nations without
express authority from Congress. This was made
clear at the White House to-day and may be announced as the determination of the President."
Security, as well as the Mosul situation and disarmament, has been given further special attention
at Geneva, the Allied capitals and Berlin. At the
last named centre the Nationalists appeared to be
the principal political group opposed to the forming
of a security agreement at an early date. On Sept.
18 the representative of the New York "Times"
stated that "to the extent of a few days, at least, the
German Nationalists have spiked the wheels of progress toward a security compact. Their opposition
to the proposed conference, so sensationally revealed
yesterday through the Dresden ultimatum and the
speech of Von Hergt, their floor leader, will prevent
the Luther Cabinet from taking a final decision until
after the Nationalist Reichstag faction has been consulted. This means Monday's sitting of the Cabinet
will be inconclusive and the Reich's reply to the
Allies' invitation cannot be fixed finally before
Wednesday or Thursday." He added that "it may
be stated on the best authority, however, that Germany will attend the conference and in all likelihood it will be held at Lucerne on Oct. 5—unless
Mussolini decides to participate, in which case the
place of meeting will probably be shifted to Italy.
The membership of the German delegation remains
to be settled next week and depends almost entirely
on the attitude of the Nationalists. At Wilhelmstrasse, it is conceded, the Nationalist rank and file
throughout the country is strongly antagonistic to
the whole security idea, but it is not believed Hergt,
Count Westarp and other Parliamentary leaders
take an equally hostile stand."
Decisive action was not taken at the Cabinet meeting, largely because of the absence of President von
Hindenburg in the Ruhr district. According to a
special Berlin wireless message to the New York
"Evening Post" on Sept. 21,"an unexpected turn in
the progress of the proposed security pact occurred
when Czechoslovakia, through M. Krofta, Czech Ambassador in Berlin, informed Foreign Minister
Stresemann of the willingness of his country to enter
into negotiations with the German Government looking toward the conclusion of an arbitration treaty."
It was suggested also that "the step was surprising
to German public opinion and the Government. It
gives another problem to the Cabinet, which meets
to-day to consider the answer to the Allied invitation
to a conference."
[Vol. 121.
Advices from Paris the next day (Sept. 22) stated
that "it is understood that the Allied and German
Ministers' Security Conference will be held at Locarno, at the Swiss end of Lago Maggiore, beginning
Oct. 5. The German Government has yet to send a
reply of a formal nature to the French note dispatched to Berlin recently from Geneva, but there
have been diplomatic conversations as a result of
which the said place and time have been set."
The definite calling of the conference was dealt
with at greater length by the Paris correspondent of
the New York "Herald Tribune." He said in part:
"Europe's most important conference since the
framing of the Versailles Treaty in 1919 will be held
in the little Swiss town of Locarno, not far from the
Italian border, beginning Oct. 5. There the five
Allied nations, with Germany, Poland and Czechoslovakia, will send their delegations to strive for
European security. Five interlocking treaties are
contemplated to guarantee the peace of the Rhine
with general arbitration treaties between France and
Germany, Belgium and Germany, Poland and Germany and Czechoslovakia and Germany. The draft
texts of these treaties already have been prepared
and the settlement by the various Governments of
the place and date for the conference indicates that
the contents already have been studied in every interested capital. The conference will be momentous
because, if it fails, it means that Europe slips back
into intensified hatred and distrust,. and subtle preparation for war. If it succeeds, the benefits will be
incalculable and the Continent may be said to have
progressed far toward stable peace. But if one of
these five treaties fails of agreement, according to
indications, the whole structure falls. Locarno,
therefore, becomes a place where early next month
peace may be said to hang precariously in the balance. The memory of the fiasco at Cannes and Genoa
still rests like a heavy pall over European diplomacy,
but Locarno becomes the greatest effort yet made
since the Versailles conference."
Announcement was made in a special wireless
message from Berlin to the New York "Times" on
Sept. 23 that "the German Cabinet decided unanimously to-night that Chancellor Luther and Foreign
Minister Stresemann both should attend the conference on a security compact with the Allies." It was
stated also that "this decision, however, is still tentative, since it must be ratified to-morrow at a fulldress sitting presided over by President von Hindenburg. The approval of the Nationalists, with whose
leaders the Chancellor and the Nationalist Ministers
are conferring individually late to-night, also remains to be won." The further observation was
made that "the situation is clarified to the extent
that Dr. Schiele, Minister of the Interior and the
Nationalists' chief representative in the Cabinet,
will not be a member of the German delegation. His
proposed presence at the conference was voted down
by his own partisans, who have been debating the
question all day behind closed doors in the Reichstag committee rooms."
The power of a personality was fully illustrated
in a Berlin dispatch yesterday morning. It stated
that "President von Hindenburg, with his powerful
personality and his blunt common sense, poured oil
on the troubled waters of German domestic politics
to-day. In consequence the Nationalists who, in
SEPT. 261925.]
THE CHRONICLE
the person of their Governmental spokesman, Dr.
Schiele, Minister of the Interior, came into the Cabinet sitting held under the Field Marshal's chairmanship in the presidential residence this morning
like a lion, went out like a lamb. The adherents of
Juukerism lost out all along the line in their efforts
to obstruct the German Government's progress toward a security compact."
The French have gained further successes in their
Moroccan campaign. On Sept. 21 the Associated
Press representative in Fez cabled that "in army cirelse here to-day it was asserted that the French
again were in possession of all the posts they established in 1922 and at insignificant cost in casualties." He aldo stated that "what is declared to be
the crowning achievement of last week was the capture of Oulad Gheszzar. It was said to-day that although this action in itself was purely a local operation it was having widespread effects; in addition
to detaching the powerful Beni Zerroual tribe from
the cause of Abd-el-Krim, the Riffian war lord, it was
encouraging other tribes to throw in their lot with the
French." To this was added the further statement
that "Marshal Petain to-day, was speeding up preparations for his next drive in view of the fast approach of the rainy season. It is his hope to push
his line up to the Spanish frontier zone before the
bad weather sets in. Much depends on the aid of
the Spaniards. Abd-el-Krim is said to be massing
his forces on the front of Sheshuan and north of
Taza, the extremes of the two wings of the battlefront, where he expects the next blows against him
to fall."
Apparently Abd-el-Krim, leader of the Riffian
troops, was making active preparations also for
another big engagement. In fact, announcement
was made in an Associated Press cablegram from
Fez about the same time that, "as the hour for the
next large scale offensive by the French troops
against the Moroccans approached, Abd-el-Krim, the
Riffian leader, is said to be redoubling his activities." In a little later cable message from the same
centre it was indicated that the Riffian leader had
to contend with desertions from his ranks. According to still another Fez dispatch, "Abd-el-Krim's
promises of the pleasures of paradise and the possession of heaven for those of his soldiers who die
'in the war against the invader,' which the Moorish
chieftain and his brother have been preaching to
their faithful tribesmen during the last ten days,
have failed to curb wholesale desertions to the
French army. A delegation of Beni Zerroual tribesmen to-day called on General De Chambrun, one of
the French commanders, and proposed unconditional
surrender, providing French troops moved forward
into the 'Beni Zerroual territory to protect the country against reprisals by Abd-el-Krim's forces." According to a New York "Evening Post" dispatch, the
Riffians were short of ammunition.
Secretary of State Kellogg took logical and commendable action in warning American aviators who
volunteered several weeks ago to fly with the
French forces in Morocco that they were laying themselves liable to prosecution for "high
treason."
The Washington correspondent of
the New York "Times" said on Sept. 19 that "the
State Department has taken official notice of the
1499
participation of American citizens, as a part of the
army of the Sultan of Morocco, with the French
forces fighting the Riffians, and its course suggests
that unless these citizens sever their connection with
the troops they will be subject to prosecution for
'high misdemeanor,' which darries with it, on conviction, both fine and imprisonment. The matter has
not been brought officially to the attention of the
French Government, which directs all the forces engaged in the war, but a message by the Department
to Maxwell Blake, the American diplomatic agent
and Consul-General at Tangier, appears to place
responsibility on him of seeing that United States
laws on the subject are carried out. What has been
done by the State Department seems to be aimed
specifically at Colonel Charles Sweeny and the other
members of the Lafayette Escadrille composed of
American fliers, which he formed to operate with the
French army and which is now participating in the
operations against Abd-el-Krim and his native
tribesmen as an air squadron in the Sultan's
army."
The French did not like the action of Secretary of
State Kellogg. The Paris correspondent of the New
York "Times" cabled that "Secretary Kellogg's action in calling the attention of the American aviators to laws governing their service in the Moroccan
army makes a most unfortunate impression in
France. Being announced a couple of days before
Finance Minister Caillaux lands to negotiate a settlemen of the French debt to the United States, it
appears here to be at least unfortunately timed,
seeing that the American airmen have been in Morocco two months and seeing that their going was
widely heralded in America. In other words, the
French think Washington has taken a slap at them.
For although technically Coloney Sweeny and his
comrades are fighting in the army of the Sultan of
Morocco, in reality they are helping the French
forces fighting against Abd-el-Krim."
According to an Associated Press cable message
from Ouezzan, Morocco, on Sept. 21, "the American
aviators of the Sheriffian squadron are not worried
by the State Department's ruling that they are violating the laws of the United States, the first inkling
of which they received through the Associated Press
dispatches. The aviators declare that they feel fully
justified in serving under the Sultan of Morocco.
They point out that they have taken no oath of allegiance, have signed no enlistment papers and can
leave the service of the Sultan whenever they so
desire, and avow that they intend to remain throughout the campaign." In a special cable message from
Fez to the New York "Times" two days later (Sept.
23) it was stated that "Colonel Charles Sweeny,
commander of the American aviators in the service
of the Sultan of Morocco, to-day sent this telegram
to the New York 'Times' correspondent: 'After
consulting all of the members of the Lafayette
Squadron, unanimous decision was taken to allow
nothing to stop us from carrying on the work upon
which we have set out.'" The Associated Press correspondent at Fez cabled the same day that "Abd-elKrim, the Riffian leader, is reported to have offered
rewards totaling $5,000 for every member of the
Sheriffian squadron, composed of American volumteer aviators, brought to him, dead or alive."
THE CHRONICLE
1500
[Vol, 121.
Cable advices from London under date of Sept. 24
announced an advance in the discount rate of the
Imperial Bank of India of 1%, to 5%. The 4%
rate had been in effect since July 2, when it was reduced from 5%. Aside from this, however, official
discount rates at leading European centres have not
been changed from 9% in Berlin; 7% in Italy; 6%
2% in Belgium, Denmark and Norway;
1
in Paris; 5/
2% in London and 4%
1
5% in Madrid and Sweden;4/
Open market disnd.
in Holland and Switzerla
and finished at
lowered
again
counts in London were
2@
1
2% for short bills, against 3 9-16%, and at 3/
1
3/
8% a
/
39-16% for three months' bills, against 35
week ago. Call money, however, was slightly firmer,
2% last
1
8%, as compared with 2/
/
and closed at 27
week. At Paris open market discount rates continue to be quoted at 5% and in Switzerland at 2%,
unchanged.
ing date last year and with 37,625,549,000 francs the
year previous. The gold item shows a further addition of 67,275 francs, bringing the amount up to
5,547,176,425 francs. Last year the gold holdings
were 5,544,063,561 francs, and the year before
5,538,337,425 francs. Of the foregoing amounts,
1,864,320,907 francs were held abroad in both 1925
and 1924 and 1,864,344,927 francs in 1923. During
the week silver increased 234,000 francs, Treasury
deposits rose 20,892,000 francs, and general deposits
increased 26,585,000 francs. On the other hand,
advances decreased 23,239,000 francs. Comparisons
of the various items in this week's return with the
statement of last week and with the corresponding
date in both 1924 and 1923 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
The Bank of England continues to lose gold, and
this week reported a further decrease of £403,611, although as note circulation declined £616,000, reserve
expanded £213,000. Enlargement of deposits, however, brought about a decline in the proportion of
reserve to liabilities of 28.50%, which compares
with 29.00% last week. At this time a year ago the
/8% in 1923.
2% and 197
1
reserve ratio stood at 19/
in
public deposwas
shown
on
contracti
A moderate
gained
deposits
but
"other"
£403,000,
namely,
its,
£3,434,000. Loans on Government securities were
reduced £1,080,000, although as against,this, loans
on other securities expanded £3,919,000. Gold holdings now stand at £160,660,075, in comparison with
£128,425,337 a year ago (before the transfer to the
Bank of England of the £27,000,000 held by the Redemption Account of the Currency Note Issue), and
£127,658,268 the year prior to that. Reserve aggregates £37,489,000. This compares with £24,266,472
in 1924 and £23,406,128 a year earlier. Loans total
£75,364,000, as against £76,606,766 and £71,163,619
one and two years ago, respectively. Note circulation has reached a total af £142,910,000. Last year it
amounted to £123,908,865 and £124,002,140 in 1923.
Clearings through the London banks for the week
totaled £648,001,000, as compared with £686,902,000
a week ago and £651,667,000 last year. Notwithstanding continued affirmations to the contrary, no
change has been made in the Bank's official discount
2%. We append herewith comparisons
1
rate from 4/
of the different items of the Bank of England returns for a series of years:
BANK OF ENGLAND'S GoDAFABATIvE STATEMENT.
Total
Silver
Billsdiscounted
Advances
Note circulation
Treasury deposits.
General deposits
1925.
Sept. 23.
£
6142,910,000
Circulation
17,016,000
Public deposits
114,473,000
Other deposits
Governm't securities 36.933,000
75.364.000
Other securities
Reserve notes & coin 37,499,060
a160,660.075
Coln and bullion.
Proportion of reserve
28.50%
to liabilities
435%
Bank rate
1921.
Sept. 28.
1924.
Sept. 24.
£
123.908,885
13,536,898
110,763,965
41,898,443
76,606.766
24,266,472
128.425,337
1923.
Sept. 26.
£
124,002,140
13,516,990
104,582,580
41,780,237
71,163,619
23,406,128
127,658,268
1922.
Sept. 27.
E
122.467,180
18,829,386
103.831,200
44,062,645
71,386,295
23,414,415
127,431,595
124,972,580
12,231,323
105,420,935
33,360,329
80,494,440
21,891,787
128,414,367
1934%
4%
1934%
4%
19.40%
3%
18.61%
%
1925, £27,000,000 gold coin and bullion
a Includes, beginning with April 29 note issues and which was transferred to
Previously held as security for currency
decision to return to gold standard.
Government's
Pth
the Bank of England on the Brit
29 1925. includes £27,000.000 of Bank
b Beginning with the statement for Aprilsame
amount of gold coin and bullion
of England notes issued in return for the
currency note issue.
!geld up to that time In redemption account of
The Bank of France in its statement the present
note
week showed a decrease of 56,920,000 francs in
thus
is
n
circulation. The total of note circulatio
brought down to 45,556,690,000 francs, which compares with 40,338,740,720 francs for the correspond
Status as o
Changes
Sept. 24 1925. Sept. 25 1924. Sept. 27 1923.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold Holdings—
67.275 3,682.855,518 3.679,742,653 3,673,992,498
In France
Dee.
1,864,320,907 1,864,320,907 1,864,344,927
Unchanged.
Abroad
67,275 5,547,176,425 5,544.063,561
Dec.
301,284.278
309,740,000
234.000
Ins.
Inc. 32,239,000 4,389,462.600 3,995,307,116
Dee. 23,239,000 2.840,570,000 2.759,115,877
Dec. 56,920,000 45,556,690,000 40,338.740.720
14,622,938
32,640,000
Ino. 20,892,000
Inc. 28,585,000 2.143,672,000 1.727,181,737
5,538,337,425
294.823,000
2,510,633,000
2,116,371,000
37,625,549,000
884,000
'
17.
1,974,325,000
Important changes were again noted in the statement of the Imperial Bank of Germany, issued under date of Sept. 15, including another large contraction in note circulation, accompanied by expansion in other forms of liabilities. Detailed figures
indicate that note circulation declined 145,948,000
marks, although other maturing obligations increased 112,888,000 marks, and other liabilities
5,811,000 marks. On the assets side, a reduction of
98,920,000 marks'was shown in holdings of bills of
exchange and checks, and 2,829,000 marks in advances, while reserve in foreign currencies fell 19,198,000 marks. Increases occurred in silver and
other coins 1,655,000 marks, notes of other banks 10,278,000 marks and other assets 81,210,000 marks.
Investments increased nominally 78,000 marks. Gold
and bullion holdings increased 477,000 marks, to
1,144,523,000 marks, which compares with 543,770,000 marks a year ago and 489,727,000 marks in 1923.
Outstanding note circulation aggregates 2,413,338,000 marks.
The weekly statements of the Federal Reserve
banks that were issued at the close of business on
Thursday, again showed some notable changes.
Gold holdings increased at the New York Bank, but
declined for the banks as a group. Rediscounting
showed decided expansion both locally and nationally. For the System rediscounts of bills secured by
Government paper increased $109,000,000 and rediscounts of other bills $43,700,000, so that total bills
discounted for the week rose $152,700,000. Holdings
of bills bought in the open market increased $26,500,000. Deposits, which fell last week, increased $37,200,000 the present week, and earning assets were
added to in amount of $93,800,000. The amount of
Federal Reserve notes in actual circulation decreased $7,000,000. Member bank reserve accounts
increased $9,400,000. The New York Reserve Bank
added to its gold reserves $6,800,000, while rediscounting of all classes of paper was augmented by
approximately $122,400,000, bringing the aggregate
up to $232,765,000, as compared with $35,222,000
last year. Bill buying in the open market increased
$15,200,000. Heavy expansion was reported in
SEPT. 26 19251
THE CHRONICLE
earning assets, $56,400,000, and deposits ran up $39,600,000. There was a small decline in Federal Reserve notes in actual circulation ($1,400,000). Member bank reserve accounts showed an addition of
$25,500,000. As a result of shrinkage in gold and
greatly enlarged deposits, reserve ratios declined.
For the combined System the decline was 0.8,% to
72.9%, while at New York there was a drop of 2%,
to 76.7%.
Last Saturday's statement of the New York Clearing House banks and trust companies was featured
by heavy expansion in loans, which resulted in complete elimination of surplus reserves and the re-establishment of a deficiency in reserves. In detail
the loan item expanded no less than $70,795,000.
Net demand deposits were increased $30,938,000, to
$4,359,406,000, which total is exclusive of Government deposits to the amount of $39,758,000—an increase in the latter item for the week of $36,146,000.
Time deposits, on the other hand, fell $3,074,000, to
$572,544,000. Cash in own vaults of members of the
Federal Reserve Bank decreased $4,063,000, to $43,518,000. This item, however, is not counted as reserve. Reserves of State banks and trust companies
in own vaults declined $133,000, but reserves of these
institutions kept in other depositories increased
$827,000. Member banks drew down their reserves
at the Reserve Bank to the extent of $22,379,000, and
because of this and the increase in deposits, surplus
•reserve declined $25,659,160, wiping out the surplus
of last week and leaving instead a deficit in reserve
of $15,674,630. The above figures for surplus are on
the basis of legal reserves of 13% against demand
deposits from member banks of the Federal Reserve
System but do not include $43,518,000 cash in vault
held by these member banks on Saturday last.
1501
eign loans are likely to be a factor in the American
money market for some little time to come.
Referring to money rates in detail, loans on call
have ranged during the week at 4@6%, as against
33/@6% a week ago. On Monday call rates advanced to 6%,the highest point of the year, although
renewals were made at 431%, and this was the low.
Tuesday renewals went up to 54%,
1
and the low was
5%; the maximum, however, was 531%. Easier
conditions developed on Wednesday and the range
was 43/2 and 5% with 5% the renewal basis. On
Thursday there was a further lowering to 4% low,
with 44
3 % the high and also the rate for renewals.
Call funds renewed at 43i% on Friday, which was
also the low for the day, while the high was 5%.
For fixed date maturities the market was firm on
small transactions. A fair demand was noted, but
offerings were rather light. Rates for sixty and ninety days were not changed from 431.@432% (with
most of the business done at the 432% figure), and
432@4%% for four, five and six months' money.
Mercantile paper rates were firmer and advanced
to 431@41A% for four to six months' names of choice
character and 43/2% for names not so well known,
against 4@431% and 43-@43/2% a week ago. New
England mill paper and the shorter choice names are
now being dealt in at 434%. Trading was quite
active, with both local and country institutions in
the market as buyers and indications of a prospective
broadening in the inquiry; supplies of high grade
names, however, were not large.
Banks' and bankers' acceptances showed a slight
falling off in the inquiry, chiefly as a result of the
stiffening in the call market. Interior banks absorbed most of the offerings, which were limited, and
the week's turnover attained only moderate proportions. For call loans against bankers' acceptances
the posted rate of the American Acceptance Council
was advanced to 43'.% from 33I% last week, but
yesterday was marked down again to 34
3 %. The
Acceptance Council makes the discount rate on prime •
bankers' acceptances eligible for purchase by the
Federal Reserve banks 33A% bid and 33..
1 % asked
for bills running 30 days, 3
bid and 3%% asked
5
for bills running 60 days, 3/%
bid and 33'% asked
5
for bills running 90 days, 34
3 % bid and 3/%
asked
for bills running 120 days, 378% bid and 34
3 % asked
for bills running 150 days and 4% bid and 37A%
asked for bills running 180 days. Open market
quotations follow:
Call money has moved through a wider range
within a few days than for some months. Reaching
6% on Monday, it dropped gradually to 4% on
Thursday and yesterday turned upward again,
to 5%. Because of a deficit of about $15,000,000
in the excess reserve, as shown in the actual bank
statement of the Clearing House banks a week ago
to-day, and the presentation to the banks by the
Treasury Department of income tax checks aggreSPOT DELIVERY.
gating a large amount, loans were called on Monday Prime eligible bills
90 Days.
00 Days.
30 Haim.
334 l‘t 3%
316@334
33411334
to an estimated amount of between $20,000,000 and
FOR DELIVERY WITHIN THIRTY DAYS.
•
member banks
$30,000,000. As was to have been expected, the 6% Eligible
3,4 bid
Eligible non-member banks
3% bid
rate attracted funds from interior points, and as
There have been no changes this week in Federal
soon as Thursday the supply appeared to be in excess of the demand, although on that day the trans- Reserve Bank rates. The followipg is the schedule
actions in stocks on the New York Stock Exchange of rates now in effect for the various classes of paper
at the different Reserve
were close to 2,000,000 shares, and the offerings of DISCOUNT RATES OF FEDERALbanks:
RESERVE BANKS IN EFFECT
SEPTEMBER 26 1923.
new securities during the week showed a substantial
increase. Time.money was a little more active, natPaper Maturing'
-urally, while the higher quotations for demand
After 90 After 6
Within
Days, but
hut
loans prevailed, but it also became dull on FEDERAL
90 Days.
Within C Within 9
RESERVE
Months. Months.
BANK.
Thursday only to show renewed activity yesCom'rcial Secured
Apric't
by U. S. Bankers' Druck: Apricot.* Apricot.
terday. There was some talk up to the close of
Livestock Goverron't Accey.
Acceyand
and
Paper. Obitpa- Lances. tames Livestock Livestock
business on Thursday of the probability of an inn.e.s.
Hons.
Paper.
Paper.
crease in the rediscount rate of the New York Fed- Boston
3%
3)4
336
3%
334
New York
3%
3%
3)4
3%
3%
eral Reserve Bank, but none was made, and could Philadelphia
3%
334
3%
334
334
3%
3%
Cleveland
3%
334
3%
3%
3%
not reasonably have been expected, as there is said Richmond
4
4
4
4
4
Atlanta
4
4
4
4
4
4
to be a possibility of another reduction in the Bank Chicago
4
4
4
4
4
4
St. Louis
4
4
4
4
4
4
of England discount rate. The two could not be Minneapolis
4
4
4
4
4
4
Kansas city
4
4
4
4
4
made to harmonize. General business conditions in Dallas
4
4
4
4
4
4
Ban Francisco
3%
334
314
314
3
this country appear to be practically unchanged, ex- •Including bankers' acceptances drawn tor an3%
agricultural purpose and secured
by warehouse receipts. &c.
further
improve
for
ment in some lines. Forcept
1502
THE CHRONICLE
[vol. 121.
No gold was reported either for export or import
The sterling exchange market continues to mainof England sold gold bars to
tain a practically unbroken front, although on one this week. The Bank
,
while exports of the precious
06,000
of
the
amount
or two occasions price levels dipped slightly, indicat
for shipment to India,
£32,000
to
ed
amount
metal
comof
ing, apparently, that the persistent stream
to the Straits Settle£11,000
and
Java
to
£13,000
to
ng
mercial bills that was being offered was beginni
ments.
powers
s
prove somewhat of a strain upon the market'
of absorption. Nevertheless, losses were again
Trading in the Continental exchanges was listless
confined to the merest fractions and the net decline
ly speaking, continues to
for the week was only %c. Opening quotations were and the market, general
of business transacted
volume
the
with
4 843.@4 84 5-16 for demand. By Tuesday rates mark time,
in significance.
lacking
ons
rate
variati
and
had been forced down to 4 84 1-16, but the weakness small
ing in view of
surpris
all
is
at
not
affairs
of
state
This
a
proved temporary and before the close there was
d as a
expecte
are
ments
that
nt
develop
the
importa
sagging
recovery to 4 843.. As a result of the
,
Mission
al
Financi
French
the
of
visit
the
of
result
of
heard
was
tendency above noted, renewed talk
a
That
.
x, to this country
the possibility of gold importations. With sterling headed by M. Caillau
be reached in the settlewill
decision
tory
for
satisfac
point
export
gold
at 3-16 of a cent of 4 84, the
to the United States
dness
s indebte
London seemed very close and in certain quarters ment of France'
for, but until that
looked
ntly
it was claimed that conditions for an outflow of gold is everywhere confide
bankers and
mated
y
consum
actuall
is
event
were more favorable than at any time since the happy
will be inadit
that
opinion
the
express
alike
dealers
restoration of the gold standard. Further easing
in the
position
al
technic
definite
any
to
take
visable
by
d
in the money situation in London as reflecte
all
lly
practica
in
trading
ently,
Consequ
market.
is
bills,
'
declines in call rates as well as on bankers
ies
currenc
debtor
or
ion
an
reparat
Europe
major
s
the
balance
an
expected to cause withdrawals of Americ
restricted to bare routine requirements.
from London in increasing volume, and some anxiety has been
t was forthcoming, so far as French francs
is expressed as to the effect this is likely to have on Suppor
ed, and the quotation was maintained at
sterling exchange. Considerable pressure is being were concern
73, regardless of day-to-day hap4
brought,it is understood, upon the British authorities around 72@4
p francs ranged between 4 42 and
.
Antwer
for another reduction in the Bank of England rate, penings
were less fortunately situated and
lire
Italian
4
34.
in
while on this side rumors persist of an advance
about 8 points to 4.023j,though
on
broke
quotati
the
and
the Reserve Bank rate. Leading bankers here
to account therefor. Whatactivity
specific
without
that
opinion
in London, however, are still of the
was mainly in Norwegian,
d
occurre
trading
ever
present
the
at
nothing of the sort is in contemplation
or Spanish exchange, which are regarded as
time. The market,they state, is following its normal Danish
only "free" or uncontrolled exchanges. German
course for this season of the year and in the absence of the
and Austrian exchange was stationary. Greek exany serious break in rates, governmental interference,
opened firmer, but subsequently eased off
other than a certain amount of support, is unlikely. change
In the minor Central European group,
again.
Referring to quotations in greater detail, sterling
again attracted attention by another
zloties
Polish
exchange on Saturday last was slightly firmer, with
carried the quotation temporarily
that
break
sharp
cable
demand bills up Mc., to 4 843@4 84 5-16,
points. Selling by German in110
of
loss
a
to
16.50,
to
days
transfers to 4 84%@4 84 11-16 and sixty
y
no takers, was the cause of the
virtuall
with
terests,
usually
than
4 81@4 81 1-16; trading was more
inactive, however, owing to the Jewish New Year drop.
The London check rate on Paris closed at 102.29,
holiday. On Monday accumulated commercial offerson with 102.43 a week ago. In New
ings sent prices off a fraction and the range was in compari
on the French centre finished at
4 843/2@4 84 3-16 for demand, 4 843/og4 84 9-16 for York sight bills
cable transfers at 4.73% (unged);
(unchan
cable transfers and 4 81%@4 81 15-16 for sixty days. 4.72%
% (unsight bills at 4.713
cial
commer
);
changed
Increased weakness developed on. Wednesday, so
(unat
4.673
days
sixty
ial
commerc
),
and
changed
843/2,
that demand bills declined to 4 84 1-16@4
checks
for
4.36
at
closed
francs
p
Antwer
).
changed
days
cable transfers to 4 84 7-16@4 84 and sixty
at 4.37 for cable remittances. This compares
to 4 81 13-16@4 81%; continued offering of cotton and
and 4.41 a week earlier. Final quotations
and grain bills was responsible for the shading down with 4.40
were 23.81 for both checks and cable
in rates, also the receipt of lower London cable on Berlin marks
same as last week. Austrian kronen
rates. Wednesday's market was dull but steadier, transfers, the
0.00143/s, against 0.001434. Lire finished
and quotations ranged between 4 84 1-16 and closed at
4.03 for bankers' sight bills and at 4.04
4 84 3-16 for demand, 4 84 7-16@4 84 9-16 for cable the week at
s. A week ago the close was 4.1034
transfer
transfers and 4 81 13-16@4 8115-16 for sixty days. for cable
ge on Czechoslovakia was not
Exchan
4.1134.
Pronounced dulness characterized trading on Thurs- and
on Bucharest the close was
3
s;
/
2.96
from
d
day; nevertheless, rates were maintained and demand change
on Finland 2.53, unchanged.
and
0.483/2,
against
843/
0.49,
4
at
s
ruled at 4 843/2@4 84 3-16, cable transfer
d
at
16.50, against 17.60 the
finishe
6.
zloties
Polish
8115-1
8
@4
813/
4
at
@4 84 9-16, and sixty days
s week. Greek drachmae closed at 1.45 for
On Friday the undertone was steadier, and there was previou
s@4 84% for demand, checks and at 1.46 for cable transfers, the same as
a fractional advance to 4 843/
81%@ last week.
to 4 84V2@4 84% for cable transfers and to 4
4 81%
were
ons
quotati
Closing
4 82 for sixty days.
In the former neutral exchanges considerable
for
4
806
and
demand
for
for sixty days, 4 843/g
ed and after early firmness and
cable transfers. Commercial sight bills finished at irregularity prevail
s,
reaction set in with more or
e
advance
4 84, sixty days at 4 80%, ninety days at 4 79%, moderat
in the Scandinavians.
chiefly
losses,
less
sharp
documents for payment (sixty days) at 4 80% and
active. Liquidation
ttently
intermi
only
was
Trading
and
seven-day grain bills at 4 83 5-16. •Cotton
cessation of buying
ead
a
widespr
and
s
account
long
of
grain for payment closed at 4 84.
SEPT. 26 19251
THE CHRONICLE
1503
was the principal reason assigned for the weakness measures, favorable trade balances and a brisk
that carried Danish exchange down to 24.05, a loss demand incidental to rubber and coffee shipments.
of nearly 40 points, while Norwegian exchange The advance, however, is injurious to trade and a
dropped from 21.41 to 20.30, although in both cases reaction to lower levels is looked for. The close was
some of the loss was recovered before the close. 14.12 for checks and 11.17 for cable transfers, against
Swedish exchange, on the other hand, was steady and 13.62 and 13.67 last week. Argentine checks were
moved up several points to 26.82 on an improved de- steady and finished at 40.59 and cable transfers at
mand. Market observers regarded the downward 40.64 (unchanged). Peruvian exchange failed to
movement as a purely natural reaction, both curren- reflect any improvement as a result of the recies having been unduly expanded in recent months. moval recently of the Peruvian export embargo
Norwegian krone have appreciated about 750 points in on gold coin and finished at 3 95, unchanged.
the course of the last year, while Danish exchange has Chilean exchange was firmer at 12.05, against 11.99.
gained about 770 points, largely because of shifting of
Far Eastern exchange was quiet but steady.
foreign funds to those centres. Dutch guilders moved Hong Kong closed at 60 ®60Y
1, against 59®59%;
within a narrow range, 40.173/
2 to 40.15, on perfunc- Shanghai at 783/2®793/2, against 78®79; Yokotory trading, but advanced to 40.19 at the end of the hama at 41®413
,', against 41%®41N; Manila
week. Swiss francs were likewise inactive, but at 49%®497A (unchanged); Singapore at 57%®
3 against 57®573'; Bombay at 36%®37 (unsteady and little changed. Spanish pesetas tended 57/s,
and
after
opening
lower
at 14.41, declined to 14.37, changed), and Calcutta at 369'®37 (unchanged).
then recovered to 14.40.
Bankers' sight on Amsterdam closed at 40.183/
The New York Clearing House banks, in their
2,
against 40.18; cable transfers at 40.203/
2, against operations with interior banking institutions, have
40.20; commercial sight at 40.103/2, against 40.10, gained $4,844,325 net in cash as a result of the curand commercial sixty days at 39.743', against 39.74 rency movements for the week ended Sept. 24.
a week ago. Closing rates for Swiss francs were Their receipts from the interior have aggregated
19.30 for bankers' sight bills and 19.31 for cable $5,922,325, while the shipments have reached $1,078,transfers, in comparison with 19.29% and 19.303
% 000, as per the following table:
last week. Copenhagen checks finished at 24.27 CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
and cable transfers at 24.31, against 24.38 and
24.42. Checks on Sweden closed at 26.82 and
Into
Out of0001 Gain or Loss
Banks.
Week Ended September 24.
Banks.
to Banks.
cable transfers at 26.86, against 26.76 and 26.80,
55.922.325
Banks' interior movement
Gain 84.844.32$
11.078
while checks on Norway finished at 20.36 and cable
transfers at 20.40, against 21.06 and 21.10. SpanAs the Sub-Treasury was taken over by the Fedish pesetas closed at 14.40 for checks and at 14.42 eral Reserve Bank on Dec. 6 1920, it is no longer
for cable remittances. A week ago the close was possible to show the effect of Government opera14.44 and 14.46.
tions on the Clearing House institutions. The FedFOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
Reserve Bank of New York was. creditor at the
eral
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
Clearing House each day as follows:
SEPT. 19 1925 TO SEPT. 25 1925, INCLUSIVE.
Country and Monetary
Unit.
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANKS
AT CLEARING HOUSE
Noon Buying Rate for Cable Tratufere in New York
Value in United States Money
Sept. 19. Sept. 21. Sept. 22. Sept. 23. Sept. 24. Sept. 25.
s
EUROPE5
$
$
Austria,whining*.-. 14072 $.14069 $.14064 5.14068
Belgium. franc
.0442
.0440
.0438
.0436
Bulgaria, ley
.007300 .007306 .007303 .007303
Czechoslovakia. krone .029614 .029613 .029617 .029617
Denmark, krone
2440
.2445
.2433
.2418
England. pound ster8462
ling
4.8453
4.8445
4.8448
Finland, markka
.025236 .025232 .025241 .025228
France. franc
.0474
.0474
.0473
.0473
Germany. reichsmark. .2380
.2380
.2380
.2380
Greece. drachma._ .014678 .014730 .014664 .014638
Holland, guilder
.4019
.4018
.4017
.4018
Hungary. krone
.000014 .000014 .000014 .000014
Italy. lira
.0411
.0409
0408
.0408
Norway. krone
2112
2132
.2105
.2064
Poland. zloty
.1759
.1753
.1703
.1673
Portugal. escudo
.0518
.0513
.0512
.0509
Rumania.leu
004838 .004852 .004857 .004863
.1442
Spain, Peseta
1441
.1438
.1439
Sweden. krona
2882
.2682
.2683
.2684
Switzerland. franc_ .1930
.1930
.1930
.1930
Yugoslavia. dinar
.017804 .017796 .017703 .017774
ASIAChinaChefoo. tael
.8067
8092
.8150
.8133
Hankow.tael
.7906
.7994
.8050
.8013
Shanghai. tadl
7794
.7842
.7873
7825
.8183
Tientsin. tad
.8208
.8267
.8250
Hong Kong, dollar. .5848
.5879
.5985
.5750
Mexican dollar...- .5700
.5718
.5745
.5740
Tientsin or Peiyang
dollar
.5746
.5742
.5792
.5758
.5858
Yuan. dollar
.5863
.5908
.5883
.3661
.3658
.3661
India. rupee
.3656
4101
.4083
.4077
.4078
Japan. yen
Bingappre(S.S.),della .5650
.5650
.5650
.5650
NORTH AMER..999792 .999802 .999905 .999900
Canada. dollar
.998344 .999258 .998047 .998021
Cuba. Peso
493333 .493500 .493333 .493100
Mexico. Pe80
Newfoundland. dolla .997625 .997422 .997500 .997500
SOUTH AMER..9194
.9212
.9203
Argentina. peso (gold) .9195
1353
.1362
.1371
.1368
Israeli. milreis
.1203
.1205
.1206
.1205
Chile, peso (paper)
.9961.
1 0042
9946
T/manav. near,
.9955
•One
schluing
is e(illiVaiY111 en IDIOM)
$
$
.14077 $.14079
.0430
.0436
.007308 .007314
.029621 .029616
.2414
.2420
1.8451
1.8449
.025231 .025231
.0474
.0473
.2380
.2380
.014613 .014613
.4019
.4018
.000014 .000014
.0403
.0408
2013
.2043
.1668
.1672
.0510
.0510
.004849 .004845
.1441
.1441
.2684
.2654
.1930
.1930
.017764 .017760
Monday.
Sept. 21.
.8108
.7991
.7817
.8225
.5946
.5728
.8117
.7997
.7815
.8233
.5946
.5735
.5771
.5888
.3662
.4080
.5650
.5775
.5892
.3661
.4083
.5659
999854
.997969
.493000
.997375
.999917
.998021
.493667
.997469
.9205
.1398
.1205
.9966
.9208
.1385
.1206
Tuesday, Wednesd'g. Thursday. Friday.
Sept. 22. Sept. 23. Sept. 24. Sept. 25.
Aggregate
for Week.
98.000,000 91.000.000 68.000.000 78.000 000 75.000 MO 76.000.000 Cr. 486,000,000
Ng.e.-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 Re.ierve Systeme par collection scheme. These large credit balances.
however, reflect only a part of the Reserve Bank's operations with the Clearing
Douse institutions, as only the items payable in New York City are represented In
the daily balances. The large voluma 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 25 1925.
September 26 1924.
Banks ofGold.
Silver.
I
Total.
Silver.
Total.
England
160,660,075
160.660.075 128,425.337
128.425,337
France a_ 147,314,221 12.360,000 139.674,221 147,188.565 12.040.000159,228.565
Germany c 52.682,050 d994,600 53,676.650 22,027,850 1,044,150 23.072.000
Ans.-Hun. b2,000.000
b2,000,000 b2,000.000
b2,000,000
Spain
101,467.000 26,1b
76,0001127,643,000 101,393.000 26.151.000127.544,000
Italy..... 35,609.00
3,363.000 38,972,000 35,567,000 3,422,000 38,989.000
Nethlands 34,863.000 1,933,000 36,796.000 44,300.000
984,000 45,284,000
Nat.13rIg._ 10,891.000 3.429.000 14,320.000 10.819.000 2.652.00 13,471,000
Switzerrd. 19,611,0110 3.533,000 23.144,000 20,204.000 3,746,000 23,950,000
Sweden _
12.883,000
12,883.000 15,473,000
15,473,000
Denmark _ 11.634.00
1.149,000 12,783.000 11,642.000 1.119,000 12.761.000
Norway- _ 8.180.000
8,180.000 8.182000
8,182.000
Total week 597.794.345 52,937,600 650,731.946547.221,752 51,158,156 "•98,379,902
Prey. weelt597.220.898 52.899,600 650.120.498 545.560.526 51,121,200)96,681,726
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 .C4,644,100 held abroad. d As of Oct. 7 1924.
5:1(M7
moor orowns
As to South American exchange, while trading was
not especially active, the tone was very firm and
Brazilian milreis touched the highest point in over
a year-14.12. This was due to a variety of causes,
but principally to the success of the deflationary
Saturday.
Sept. 19.
Mosul and the League.
It is one of the ironies of politics that while the
vexed question of the inter-Allied debts has apparently been moving forward to a satisfactory and
peaceful settlement, and four of the Powers of
Western Europe have been laboring to perfect with
THE CHRONICLE
[Vol. 121.
Germany a security pact which shall insure the main- original Turkish concession. The next important
tenance of peace, an international cloud of ominous stage in the matter was reached when the Irak Govproportions should have been gathering rapidly in ernment granted to the Turkish Petroleum Comthe Near East. The occasion for anxiety is the con- pany, now composed of the Anglo-Persian, the Royal
troversy, involving not only the League of Nations Dutch-Shell, the Standard and the French oil
but more directly Great Britain and Turkey, over groups, a concession for seventy-five years in the
Mosul. After all proper allowance is made for the Irak oil fields. The concession did not include Moalarmist tone of recent news dispatches, it is clear sul, for the reason that the political status of the
that the situation is a serious one, and that skillful region was still awaiting the report of the League
diplomacy and a sincere desire for peace will have to Boundary Commission and the subsequent action of
be displayed by all the parties if a rupture of the Council, but it presumably would be enlarged to
friendly relations, and perhaps a recourse to war, include Mosul if Mosul were awarded to Irak. To
all this is to be added the Chester grant, the present
are to be avoided.
By the Treaty of Lausanne, concluded July 24 legal status of which, however, appears to be some1923, the delimitation of the boundary between Tur- what uncertain. Whatever the disposition of the
key and Irak, a new State practically coextensive Mosul region, however, at least five nations, Great
•
with the former Mesopotamia, was devolved upon the Britain, France, Turkey, the United States and Irak,
League of Nations. It was the understanding at the would be interested because of oil.
The report of the Commission, submitted Aug. 7,
•
time,from statements made by the British and Turkish representatives at Lausanne, that the British and was an extraordinary document. Instead of making
Turkish Governments agreed to accept in advance specific recommendations regarding the • boundary,
the decision of the Council of the League, to be made which was the purpose for which it was created, the
when the findings of an international commission Commission proposed three alternatives. Concedwhich the League was to appoint had been reported. ing that Mosul was politically a part of Turkey, the
The immediate interest of Great Britain in the deci- Commission proposed, first, the extension of a
sion lay in the fact that Irak was temporarily sub- League mandate over the region for twenty-five
ject to British supervision under a League mandate, years, the Kurdish inhabitants meantime to be
but the Province of Mosul was also of importance to granted administrative officials, judges and teachTurkey, as well as to Great Britain, because of its ers of their own race, and the Kurdish language to
strategic position on the upper course of the Tigris be recognized as official. The second proposal was
River, its consequent relation to Persia, and its al- that in the event of the termination after four years
of the British mandate for Irak, as provided for in a
leged immense wealth of oil.
The story of Mosul oil is a long and complicated treaty between those countries in 1922-23, and of the
one, but so much of it as bears more or less directly failure of the Kurds to give guarantees under Irak
upon the present controversy may be briefly sum- rule, the region should go to Turkey, to which the
marized. In 1904 the then Sultan of Turkey granted Commission had already found that it belonged, on
to the Anatolian Railway Company, a German-con- the ground that the majority of the inhabitants
trolled corporation, a concession to prospect for oil would prefer Turkish.to Irak rule. If neither of
in the Provinces of Mosul and Bagdad. Similar these alternatives was acceptable, and the League
prospecting was later undertaken on its own account thought that the territory should be divided, the
by the Anglo-Persian 011 Company. In 1914 the Commission recommended the Lesser Zab River, a
Turkish Petroleum Company, which had been formed tributary of the Tigris between Mosul and Bagdad,
in 1911 by the Deutsche Bank, the Royal Dutch-Shell as the boundary.
group and the National Bank of Turkey, to allay
Some weeks before the report was submitted, Turthe irritation which had developed between Germany key had complained to the League that British repand Great Britain over oil, was reorganized, the resentatives had been intimidating inhabitants of
interest of the National Bank of Turkey being taken Mosul who had demanded the allocation of the reover by Great Britain. With the elimination of the gion to Turkey, and that defenseless villages had
German interest as a result of the World War, a been bombed by British airplanes and a number of
share in the former German holdings was demanded prisoners carried off. The British Government adby France, and at the San Remo conference, in 1920, mitted the bombing and other forcible measures, but
the one-fourth interest formerly held by the Deutsche declared that they had been rendered necessary by
Bank was assigned to France for the benefit of a disorders which the Turkish authorities had stirred
up with a view to impeding the work of the Commisgroup of French oil companies.
At this point Mr. Hughes, then American Secre- sion. In this atmosphere of charges and countertary of State, alleging that Great Britain was seek- charges, curiously reminiscent of the days of the
ing to monopolize the oil resources of Mosul, inter- Corfu incident, the Council of the League met at
vened with a demand for an open door policy. The Geneva on Sept. 2 to take action on a report which
American profest was met by the transfer by the not only satisfied nobody, but which had also inAnglo-Persian Oil Company, in which the British flamed the Turkish press and evoked acrimonious
Government holds a controlling interest, of one-half criticism of the Baldwin Government in England.
of its own holdings in the Turkish Petroleum Com- The British Colonial Secretary shortly announced
pany to the Standard Oil and other American com- that Great Britain was willing to continue the Irak
panies. It was against the apparent ignoring of the mandate for twenty-five years, thereby insuring Britrights of the Turkish Petroleum Company, the valid- ish control of Mosul and its oil, notwithstanding
ity of whose concession the United States had never- that the Commission had been careful to speak of
theless questioned, that Turkey protested at Lau- a League mandate and not a British one. On Sept. 8
sanne, and the American demand for the open door the Turkish representative, after severely criticizing
was repeated when Great Britain tried to incorpo- the report of the Commission, declared that the Anrate in the Lausanne Treaty a confirmation of the gora Government had never promised to accept in
SHPT. 26 1925.]
THE CHRONICLE
1505
advance the decision of the Council, and demanded of the Mosul controversy are far from clear, but the
a plebiscite. The declaration, widely denounced as League which assumed jurisdiction has not only
a repudiation of solemn pledges, was explained as done nothing to help a solution of the question, but
based upon the contention that what was accepted has also brought its own authority into contempt by
at Lausanne was the decision of the League as ar- its evasive and timorous course.
biter, but that it was never contemplated that a report of an obviously political and biased character
A New Utopia in the Making.
would be made, or that Turkey should be asked to
A reviewer declares the new book by Thomas Nixon
give up its control of territory which the Commis- Carter, "The Present Economic Revolution
in the
sion itself conceded was Turkish. A reiteration of United States," to be "a Utopian essay." We
quote
the Turkish position on Sept. 19 called forth from from the review, which appears in the New York
the British Colonial Secretary the statement that if "Times" Book Review of Sept. 13: "The chief evithe Turkish contention were adhered to, Great Brit- dence that Professor Carter offers in support
of his
ten must also regard itself as absolved from the description of present industrial tendencies
in terms
Lausanne agreement. The dispute was further com- of revolution is: the rapid
growth of savings deposplicated by the insistence of Turkey, which is not a its, investment by wage earners
in shares of corporamember of the League, that it is entitled to a voice in tions, and the widesprea establishm
d
ent of successful
the decision of the Council as an interested party, banks owned and operated by trade
unions." Fur,
and that under the Covenant of the League the deci- ther, the reviewer
says: "The historic American
sion of the Council must be unanimous.
ideal, which Professor Carter thinks has suffered a
The Council, unwilling to offend Great Britain, slump within the last
half century, is defined as
which stands by so much of -the report of the Com- equality of prosperity among different
occupations.
mission as favors its own purposes and declines even Americans have long dreamed
of this type of equalto consider a plebiscite, and presumably not unaf- ity—every capable worker prosperous
, in a land free
fected by reports that Turkish troops were being from the traditions
of social caste, a fair chance for
massed in the neighborhood of Mosul and that an everybody, the laborer's
child enjoying as good eduarmy under British control was shortly to be raised cational opportunities
as the rich man's, the log
in Irak, has shelved the issue for the time being by
cabin always within communicating distance of the
referring to the World Court the question of the White House. The cherished
American concept, afcharacter of the decision, whether arbitral or me- ter having been made ludicrous
by political orators
diatory, which should be taken by the Council under and forgotten during the agricultur
al troubles of the
the Lausanne Treaty, whether the decision must be 1890s and the industrial conflicts
of the 1900s, nowt'
unanimous,and whether the representatives of either emerges as a practical possibility
, thanks to our
of the interested States have a right to vote. A com- amazing national wealth, restrictive
immigration'
mission is also to be appointed to investigate the and
the good sense of the more intelligent leaders of
reports of Turkish military maneuvers and the al- organized labor and business.
. . . Occupational
leged expulsion of Christians from the Mosul region. equality, as the term is used by
Professor Cartels
Here the matter may be expected to rest, unless some does not mean equality
of income—an arrangement
untoward incident brings on an armed conflict, until that most Socialists
conceive to be the ideal. Nor
the investigating commission shall have reported and does it mean equality
of individual rewards within
the World Court shall have rendered its decision. a given occupation. But
it does mean—and this will
Then the main question will recur, and the Anglo- not be long in arriving—
that the manual trades will
Turkish controversy will have to be fought over be about as
prosperous as the learned professions.
again.
. . . If those who ply one occupation were about
What will not escape notice in this maze of quar- as prosperous
on the average as those who ply any
rel and contradiction is the practical impotence of other occupation
, there might be said to be equality
the League. As with Mussolini and Corfu, the Coun- among occupation
s. Income should vary with incil has dodged a decision which might offend a pow- dividual skill, with
the hazards tid work, with the
erful member of the League, and has sought to gain chances
of success, with the amount of ;training nectime by invoking the wisdom of the World Court to essary as
a prerequisite. If a versatile young man,
settle a legal matter which it was apparently com- capable
of qualifying in either, finds it difficult to
petent to settle for itself. The explanation of M. choose between
two occupations, all things considLoucheur, Chairman of the Council committee which ered, then
there is equality between these two oecndealt with the controversy, that the decision of the pations.
Such equality 'is desirable if it can be atCourt was sought in order that the action of the tained.'"
Council, when taken, might not be questioned later,
Accepting this as a correct presentation of the
will not deceive anybody. We feel sure that if there thesis of
the book, it is pleasant to note that the
is to be any peaceable settlement of the Mosul im- "prospect that
excites in Professor Carver the most
broglio, it will be through the direct action of Great lively enthusias
m" is the "gradual disappearance of
Britain and Turkey, with no assistance from the a distinctive
ly laboring class through higher wages
League, exactly as in the case of the security com- and capitalizat
ion of savings, and elimination of a
pact with Germany, but the spectacle of the League capitalist class through
reduced rates of profit and
of Nations,formed for the sole purpose of composing interest, making capitalists
of laborers and laborers
international differences and maintaining world of capitalists
. . . ." Blessed are the discoverers of
peace, again evading a clear issue becaus'e it obvi- Utopia,for they shall not
want! It is all so easy and
ously lacks the courage to proceed, will tend to con- so plain that we hesitate
to attempt an analysis.
firm the impression, especially in this country, that Shut out the common labor
of Europe that once so
the League is no longer of much practical impor- congested industrial production
and presto! the
tance, and that its pretensions to competence and higher wages come that
make capitalists out of lafairness rest upon slender foundations. The merits borers. And by high
wages and a larger share in,
1506
THE CHRONICLE
[vol. 121.
agrithe profits cut down the unholy returns of capital to wholly equalize the consuming production of
ty
territoriali
given
a
in
e
manufactur
and
to
culture
go
to
compelled
• and all the "idle" rich will be
Ameri'work and become laborers. Then set up a labor bank strains the imagination. Not for long can
world
at every crossroads, and there you are! Not to over- can agriculture "glut the markets" of the
in
exist
lands
look the "good sense of the more intelligent leaders while immense stretches of fertile
prinits
to
true
be
it
if
of organized labor." The Professor seems, according other continents. Utopia,
no less.
to this review, to be somewhat enamored of labor ciples and purpose, must embrace the earth,
produce
to
even
tends
n
immigratio
restricted
And
it
g
• banks and finds in them a distinctively contributin
also
factor in the "bloodless revolution" now going on occupational equality in a given area it must
alleged
is
it
(which
congestion
the
to
produce
figures
tend
to
refers
he
which is to usher in Utopia, for
of, in
• put out by "Peter Brady of the Federation Bank had such disastrous results) complained
(who) is quoted as saying that each year $25,000,- others.
There are other important elements to be consid• 000,000 is paid to industrial workers, $6,000,000,000
• to $7,000,000,000 of which is saved, and that 'it is ered that hold this so-called revolution in abeyance.
this large sum which labor banks hope eventually to We turn for a moment to some figures drawn from
control.'" It has not been our idea that labor banks the recently published tax returns. Mr. James C.
would revolutionize our banking system or our in- Young, in the New York "Times" supplement Sept.
dustrial methods, rather that they would gradually 13, in an analysis of "25 Corporations That Lead
merge themselves into the general banking practice Income Tax List," says: "Study of the figures for
• and lose much of their solidarity. As to the possi- the twenty-five companies points to New York as
bilities of their growth through labor'ssavings we are the greatest centre of capital for the industries in• hardly prepared to accept the estimates of Mr. volved, although their operations in no sense were
Brady. In a recent issue, at page 1180, we printed local, with the single exception of the Consolidated
some careful estimates made by Benjamin M. Ander- Gas Co. The table is also enlightening with regard
son Jr., Economist of the Chase National Bank as to the Detroit motor industry, where the four great
,for 1919, in millions, as follows: Gross value of all automotive organizations are centred, the Ford, Gen, agricultural products $23,787, percentage of whole, eral Motors, Dodge and Fisher plants. No other city
46; value of all mineral products,$3,158, percentage, in the country offered a roster of industry to com6; value added by all manufacture, $25,042, percent- pare with that of Detroit, even so great a city as
age, 48; total, ;51,987-100%. In view of these fig- Chicago having but three organizations among the
ures $25,000,000,000 a year to "industrial workers" first twenty-five, that of Swift, the International
, alone would seem to approach too near to the "value Harvester Co. and Sears-Roebuck. The Detroit
, added by manufacture," which consists of other than group is made up of new industries, created largely
• wages paid, even allowing for a rapid increase in within ten years." Now, the Detroit group pays advolume of production since 1919. Moreover,$25,000,- mittedly high wages—supplying as it does a new
• 000,000 per year,does not all go to organized workers product, luxury or necessity, or blending of the two,
ix any event and $6,000,000,000 to $7,000,000,000 as the case may be. And it is a tremendous one. Is
per year as the savings of 4,000,000 unionized work- it a consequence of national wealth in resources, reers seems excessive. Utopia, if it is to be builded stricted immigration or labor banks? Admit that it
on figures must be accurate, or it will fall by the turns some laborers into capitalists, what of other
laborers in industries nearer to the basic requirewayside.
ments of life? It is a sufficient illustration to show
on
n
immigratio
As to the permanent influence of
that the "revolution" discovered is a myth—though
occupadifferent
the
for
prosperity"
the "equality of
tions, even under the restricted definition given, we admission will generally freely be made that wage
are not able to make the application. Dr. Anderson earners are increasingly becoming the holders of
envisions a "world afraid of production." If there stocks. Equality of opportunity is not consonant
are no hands to do the work machines will certainly with equaliti of occupational returns. The one is
through
be constructed to do it. And these machines, unlike seeking a way to immediate and large profits
a dead
is
or
the
need,
other
new
want
some
supplying
wage workers, are not convertible into capitalists.
The
of
the
dream.
Socialist's
short
little
a
line
just
drawin
Even organized labor is not sure it is right
the
Moreover,
the
other
stagnation.
advance,
is
one
immithe
against
ing the lines too hard and fast
must
a
and
well
as
as
worker,
a
is
manager
eapitalist
that
says
it
ent
pronouncem
grant, for in a recent
. while it recognizes the inherent right of the indi- be.
It is not at all wonderful that another Utopia
vidual to live wherever he can better his condition,
in the
yet group protection requires that where a group has should appear. But that it should be located
extremely
present
is
under
tendencies
States
United
attained to a given standard of living that standard
heartening
must not be broken down by the free entrance of optimisic. Most observers will concede a
set down.
of
the
in
some
premises
truth
of
degree
other and inferior groups. But how far away all
sobetween
the
of
antagonism
a
is
softening
There
occupathis . is from any permanent condition of
labor
of
in
body
that
a
and
large
capital
labor
called
The
inference
tional equality possible to establish.
and falsity of unioniza• drawn by Professor Carter as to farming and indus- is coming to see the futility
to
further
augment the power now
unwilling
tion—is
seemtakes
crises
consequent
trial congestion and
in
• ingly no note of the tremendous development of re- so wrongfully and disastrously employed
the
"inside
unions
sources thereby accomplished, ensuring, despite tem- "strikes." At the same time
force, are
porary hardships, the possibility of continued suste- plant," and unattached to any outside
But the
well.
functioning
and
in
number
growing
nance and advance.of and for.the whole population.
claims,
their
of
none
g
surrenderin
old
are
"unions"
if
,
producManufacture profited, as did agriculture
If
ever.
as
arrogant,
and
eager,
aggressive,
are
as
of
n
297,000
tion .means anything, by the introductio
which
it is one in
,. square miles added to the cultivated area at the ten. these vision any coming Utopia,
putting upon
But
whip-hand.
the
have
will
they
be
possible
ever
will
it
•That
year period mentioned.
SEPT. 26 1925.]
THE CHRONICLE
1507
"labor" the very best construction of intent4ossib1e, those who opposed the Federal Reserve System did so bethis element is not capable of taking a very rong step cause they thought that it would "inject politics into banktoward this equality of occupational returns found ing." Yet the System was by far the least dangerous and
least political of the various plans which at that time were
so big a force in producing the Land of Universal
before Congress and the National Administration; and
Happiness. While it is clearly impossible under the whatever it did toward introducing "polities" into banking
freedom of opportunity and effort ever to establish was done'by way of antidote. Had the original plan of the
this asserted desirability, once established the equi- Federal Reserve System been allowed to continue in operalibrium could only be maintained by an equality of tion the present political status would never have become
human consumption as well as production. Happi- acute.
ness being personal, the Socialist's dream of a social
But an acute stage has undoubtedly been reached. The
State is the one alone whereby, under enforced re- late President Harding greatly changed the composition of.
strictions and the dead line of apathy, consumption the Federal Reserve Board, and both he and his successor
can ever be made to equal production. As long as a have permitted political considerations to centre around the
people is willing to spend annually six to eight bil- Government supervision of banking. The attempt to "equal-..
and national .banks" by using
lions upon automobiles it is not worth while to hope ize competition between State
the Federal Reserve System as a weapon of attack against
for the creation or maintenance of equality of occubranch banking, the determination to keep discount. rates
pational rewards.
low and thereby to further the cause of "prosperity" and•
Not that this is the road Progress trivels, but if it various other factors in the case have been growing more
was there must be a leveling down rather than up. and more apparent. The recent session at the Treasury
Thrift, saving, energy and enterprise, in individual with bankers summoned there for the purpose of promoting
or business concern, are worthy the special rewards the McFadden bill show how the wind is blowing and illuswhich may come to them resioectively or collectively. trate one phase of the discussion which has now raged for
between the Comptroller, the Board and ConThe larger profit, the larger wage, through the ser- a year or so
gressional leaders on this subject.
vice and usefulness of the occupation, are not to be
In the endeavor to enlist the influence and support of..
denied to it. The "country doctor" now uses the the Bankers Association it is understood that a special conautomobile instead of the old-time horse and buggy. vention of members who were opposed to branch banking
But shall he surrender his place in the community has been called for Sunday next at Atlantic City, and the
is to happen at that time suggest that the
attained by hardy devotion and a new science, with forecasts of whatcall
upon the association to become active
result will be to
such profits as may attach, to the wage earned by in the political discussion of competition between State and
an operative in an auto factory who stands beside national banks. The Bankers Association, it is true, has
his machine doing the same task over a thousand already indorsed the McFadden bill, but has done so.only.,
times? These things are entirely impossible in a in a perfunctory way and without apparently definite exits members as to the real questions'
free society, and must remain so. They are imprac- pression of opinioninbythe
measure. What is plainly desired •
that are involved
tical and, we think, undesirable; though we concede is to put It on record again, this time as regards the more..
the right to adequate wage and uphold the dignity controversial points involved, and then to use its verdict,in
and worth of any and all helpful labor. But there is an appeal to Congress.
Unquestionably the banking problem will be before Conyet a higher standard of judgment alike satisfying
in various urgent foims during the coming winter.'
greSs
the
individual
and
to
society—the spiritual compenThat being true, it is highly desirable that the Bankers
sation of a satisfaction in work well done, whatever Association should exert itself to bring about sanity, calm- it may be; work that conditions of environment ness and non-partisanship in the treatment of the issues'
thrust upon the worker; work that gladdens that involved. If there is politics in the Federal Reserve Sys- ,
inner sense of service peculiar to each; work that tem or in any bureau of the Treasury Department the sitshourd
subserves a good to the extent of personal ability, nation is regrettable, and the Bankers AssociationIts
own
devote itself to eliminating influences of that kind.
and which in the end is as worthy as any other. For decisions in what it recommends should, so far as practhe rest the emulative clash of endeavor and varying ticable, be guided by what it knows to be best for the bankneeds of society must outline the continuous though ing system of the country. If it or any of its committees resort to "political" methods themselves they cannot com- •
irregular advance.
A Menace to Banking—Injecting Politics.
[From New York "Journal of Commerce," Sept. 24 1925.)
The American Bankers Association begins its annual session on Monday next at Atlantic City. The occasion is always notable not only for its hospitality and enjoyment but
also for its significance as a gathering representing the
strongest and many of the best elements in national finance.
This year the session has some rather unusual problems before it. They may come to the front in open debate or they
may be kept in the background—quite likely the latter. But
they will be present. How will they be met?
Fundamentally the real question before the American
Bankers Association and the bankers of the country at large
is the growing menace of political management and control.
There has been a steady growth in this danger within the
past ten years. It was materially increased through the
organization of the Federal Reserve System; enormously
emphasized by the war and only partially eliminated or reduced as the war organization of business and finance was
"demobilized." Our banking system remains to-day very
much more under the influence of politics and politicians
than it was a dozen years ago. And the worst of it is that
the danger has by no means reached a climax. Many of
plain of the presence of "politics" in the Government's relationship to banking. The case calla emphatically for what
is so much talked of and so seldom observed—a "scientific"
consideration of the entire banking situation, a non-partisan
treatment of the whole proposition, a refusal to allow the •
association to be used as the vehicle of this, that or the other •
group.
This may be an ideal program—a counsel of perfection.
Some approach to it will be found absolutely essential if
the threat to sound and safe banking which is involved,in
the present political status of the subject is to be made '
harmless.
Changes in Official Staff of Brotherhood of Locomotive
Engineers Co-operative Trust Co.
The New York office of the Brotherhood of Locomotive
Engineers Co-operative Trust Co. announced on Sept. 21
that A. R. Stone, Vice-President in charge, and a nphew
of the late Warren S. Stone, and Miss Helen Varick Boswell,
also a Vice-President, had resigned their posts. Mr. Stenos
will be succeeded by George P. Webb, Vice-President of the
Brotherhood's Cleveland bank. Mr. Webb will discharge
his new duties from his office in Cleveland. S. H. Huff,
who succeeded Warren S. Stone as President of the institution, is in active charge of its affairs. The Cleveland office
of the Brotherhood announced on the same date that Samuel
R. Stone, a brother of the late Warren S. Stone, has resigned
as Vice-President. His successor has not been named.
1508
THE CHRONICLE
[Vol. 121.
The New Capital Flotations in August and for the
Eight Months to August 31.
New capital issues are often light in August, the height Canadian: $2,000,000 National Grocers Co., Ltd., 7-year 6%s,
of the summer season, and this proves to have been the 1932, offered at 99%, to yield about 6.60%, and $125,000
case the present year. Corporate offerings were on a Peck Logging Co. (and George A. Peek) 1st mtge. 7s, 1933,
diminished scale, offerings of foreign Government bonds sold at par. Other foreign: $24,000,000 Tokyo Electric
Light Co., Ltd. (Japan), 3-year 0% notes, 1928, brought out
were small, being confined to a single issue for less than
at 98%, to yield about 6.40%.
$10,000,000, while the aggregate of bond awards by municiThe largest issue on behalf of domestic corporations durpalities was also below the average, and the farm loan issues ing August was $25,000,000 International Telephone & Telefell below a million.
graph Co. 20-year convertible debenture 5%s, 1945, sold at
Our tabulations, as always, include the stock, bond and 99, yielding about 5.58%; other large issues of public utility
note issues by corporations and by States and municipali- securities were: $13,200,000 Monongahela West Penn Public Service Co. 1st lien & ref.. mtge. 5%s, "B," 1953, offered
ties, foreign and domestic, and also Farm Loan emissions.
at 98, to yield about 5.65%, and $10,000,000 Southeastern
The grand total of the offerings of new securities under Power & Light Co.
(Me.) debenture 6s, "A," 2025, which
these Various heads during August 1925 reached $399,708,415. were placed at 96%, to yield about 6.20%.
This compares with $700,664,577 in July, when the total
Industrial financing was featured by the following:
was the largest of any month since last October, and it 402,000 shares of no par value Class B common stock of Pan
compares with $673,881,983 in June, with $530,841,330 in American Western Petroleum Co., offered to holders of
May, with $607,128,553 in April, when the financing of the Class A and B stock of Pan American Petroleum & Transport Co. at $23% per share and involving a total of $9,447,purchase of the Dodge Brothers automobile properties added
000; $6,500,000 the Van Sweringen Co. 1st mtge. & coll. tr.
$160,000,000 to the total; with $505,369,807 in March, with Os, 1935, offered at par, and $6,000,000 North American Ce4664,632,971 in the short month of February, with $685,403,- ment Corp. debenture 6%s, "A," 1940, offered at 98%, to
871 in January, with $557,168,130 in December 1924, and yield 6.66%.
Railroad issues worthy of special mention comprised
with $427,218,524 in November, when the amount was relaChicago Milwaukee & St. Paul Ry. equip. trust
$9,270,000
tively small, even though the $100,000,000 French loan was
5s, "D," 1926-40, offered on a 5.20% basis, and $7,500,000
brought out in that month. It also compares with $733,665,Virginian Ry. Co. 1st mtge. 5s, "A," 1962, brought out at 98,
611 in October 1924, when the total included the American
yielding about 5%%.
portion ($110,000,000) of the German loan.
Farm loan issues were confined to two small blocks of
As a matter of fact this year's August total is the smallest joint stock bonds totaling only $500,000, the bases on which
of any month either this year or last with the single excep- they were sold being 4.18% and 4.55%.
Only one foreign Government loan was floated here in
tion of March last .year, when the aggregate of the new
comprising $8,700,000 City of Munich (Gerflotations got down to $365,030,000. Moreover, if it had August, the issue
many) external loan 7s, 1926-45, offered at prices ranging
not been for the bringing out in this country during the
from 100 to 93%, and yielding from 7% to 7.65%.
month of $70,000,000 notes of the Canadian Government,
The following is a complete summary of the new financing
the August total the present year would have been only -corporate, State and city, foreign Government, as well as
$329,708,415, at which figure it would have been lower even Farm Loan issues-for August and the eight months ending
than last year's March aggregate. The Canadian offering with August, of the current calendar year. It will be obwas entirely a refunding issue put out to take up a Cana- served that in the case of the corporate offerings we subdivide the figures so as to show the long-term and the shortdian Government obligation previously floated in the
term issues separately and we also separate common stock
United States. With this included, the refunding issues from preferred stock, besides reporting the Canadian corIn August reached no less than $102,499,700, leaving only porate issues and other foreign corporate issues as wholly
$297,208,715 as the amount of actually new capital repre- distinct items.
SUMMARY OF CORPORATE. FOREIGN GOVERNMENT, FARM LOAN
sented by the August flotations.
AND MUNICIPAL FINANCING.
Public utility offerings during August totaled $111,538,1925.
New Capital. Refunding.
Total.
800, as compared with $107,853,335 in July. The aggregate
$
MONTH OF AUGUST$
$
of industrial issues placed in August was only slightly less Corporate-Long term bonds and notes_ 123,595,000
19.137.090 142,732,000
Short term
7,410,000
350,000
7,760,000
than that of public utilities, the amount being $110,203,300,
Preferred stocks
21,885,000
300,000
22,185,000
Common stocks
32,735,100
42,185.100
9,450,000
which, however, was a marked decline from the July indusCanadian
2,125,000
2,125,000
Other foreign
24,000,000
24,000,000
trial total of $225,205,536. Railroad offerings for August
Total
211,750,100
29,237,000 240,987,100
at $19,245,000 also show a sharp decline from the previous Foreign Government
8,700,000
8,700.000
Farm Loan issues
500,000
500.000
month's total of $72,500,000.
War Finance Corporation
Municipal
76,133,615
79,396.315
3,262.700
Total corporate offerings during August, as already
Canadian
70,000,000
70,000.000
United States Possessions
125,000
125,000
stated, amounted to $240,987,100, and of this $144,857,000
Grand total
297,208,715 102,499,700 399,708,415
.comprised long-term issues, $31,760,000 were short-term and
8 MONTHS ENDED AUGUST 31.$64,370,100 represented stock issues. The portion used for Corporate-Long term bonds and notes_ 1,541,753,375 324,663,025 1,868,416,400
Short term
144,528,750
77,580,000 222,108.750
Preferred stocks
refunding purposes was $29,237,000, or only 12%; in July,
392,047,585
30,693,500 422,741,085
Common stocks
304,729,989
45,876,910 350.606,899
Canadian
$74,681,500, or almost 19%, was for refunding; in June
73,495,000
91,245.000
17,750,000
Other foreign
211,400.000
211,400,000
467,737,495, or over 17%, was for refunding; in May $34,Total
2,667,954,699 496,663,435 3,164.518.134
947,015, or not quite 12%, was for refunding; in April the Foreign Government
310,831,000
95,000,000 405.831,000
Farm Loan issues
106,097,100
14,527,900 120,625.00
amount was $71,134,000, or over 14%; in March $70,251,000, War Finance Corporation
Municipal
936,232,258
33,060,287 969,292.543
Canadian
38,658,000
or almost 20%; in February $53,382,000, or only 10%, while
94,522,000 133,180 000
United States Possessions
4,175,000
4,175.000
In January $95,193,425, or over 18%, was for this purpose.
Grand
total
4.063.948055 733 572 522 4 707821 677
In August last year $92,862,000, or 32% of the total, was for
refunding purposes. Of the $29,137,000 raised for refunding in August of this year, $5,095,000 was new long-terra to
refund existing long-terra, $14,042,000 was new long-term to
refund existing short-term, $350,000 was new short-term to
refund existing short-term, $3,100,000 was new stock to refund existing long-term and $6,650,000 was new stock to replace existing stock.
Foreign corporate issues sold in our market during August aggregated $26,125,000 and comprised the following:
Note.-We have reduced our total for the eight months by $17,500,000 due to the
fact that Trumbull Steel Co. 6% debentures offered in July were subsequently
withdrawn.
In the elaborate and comprehensive tables, which cover
the whole of the two succeeding pages, we compare the foregoing figures for 1925 with the corresponding figures for the
four years preceding, thus affording a five-year comparison.
We also furnish a detailed analysis for the five years of the
corporate offerings, showing separately the amounts for all
the different classes of corporations.
New Capital.
Refunding.
Total.
New Capital.
Refunding.
Total.
New Capitol.
$
17.337.900
4.000.000
21.387.900
$
123,595.000
7.410,000
21.885,000
32.735.100
2,125.000
24,000,000
$
19,137.000
350.001
300,000
9.450,000
$
142.732,000
7.760,000
22,135,000
42.185.100
2,125,000
24,000,000
$
115.068.000
7,627.000
18,500,000
15,791,656
10.000,000
28.000,000
$
88,899.000
3,363.000
600.000
$
203,967,000
7.627,000
21,863.000
16,391.656
10.000.000
28.000,000
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions
211,750,100
8,700.000
500,000
29,237,000
240,987.100
8.700.000
500.000
194,986,656
28,055,000
1,000.000
92.862,000
20.000.000
287.848.656
48,065,000
1,000.000
1)1,657.186
40,000.000
79,316,315
3,22.700
70.000.000
70,000,000
125,000
125,000
.,,,, nne ,e, e ,net ...e.
e,,,,
,
,,,o
'MO.Al t
.
•
.
107.343,337
876.930
10.000,000
108.220,267
10,000.000
54,234,312
76,133,615
go,.on,.rm.,
•
100•.7.2st•owl
Agr•1.1.1
092
• •
Refunding.
$
94,214.900
2,885.500
9,410.000
5.146.786
CorporateLong term bonds and notes__
Short term
Preferred stocks_ ,
Common stocks
Canadian
Other foreign
Total.
$
111.602,800
6,885.500
9,410.000
5.146,786
133,045,086
40,000.000
New Capital.
Refunding.
Total.
New Capital.
Refunding.
$
a
$
$
$
52.925,400
5,089,000
27,963.000
12,388.720
200.000
21,196.000
3,561,000
98,566,120
26,150.000
1.393.000
2,753.642
9A
141
549
56,987.959
63,233,278
2.072,000
84,000
929 1(10 (10(1
179 303 204
Total.
$
74,121,400
8,650.000
27,962,000
13,781,720
200.000
54,600,000
4.115,000
2.500.000
3,600,000
7,361.000
735.000
61 ,951 .000
4.850.000
2,500.000
3.600,000
124,716,120
64,815.000
32,500,000
8.096,000
72,911,000
32,500.000
94.397.755
4,100.000
10,592.000
241 .000
84,000
94.638.755
4,100,000
10 592.000
202 071 116
206.401.755
8.337.090
214.741.70,1
8,500.000
8,500.000
2.072.000
907 r on/ ,100
1921.
1922.
1923.
1924.
1925.
MONTH OF AUGUST.
6,142.718
32 203 7IR
69,375.996
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF AUGUST FOR FIVE YEARS.
Total
Short Term Bonds and Notestailroads
'ublic utilities
ron. steel, coal. copper. &cc
tquipment manufacturers
4otors and accessories
)ther industrial and manufacturing
)11
and, buildings, &c
tubber
IhIPPing
iliscellaneous
Total
Stockstailroads
'ublic utilities
ron, steel, coal. copper, &c
/quipment manufacturers
4otors and accessories.
)ther industrial and manufacturing
)il
,and, buildings, &c
tubber
hipping
4iscellaneous
Total
Totaltaliroads
'ublic utilities
ron, steel, coal. copper, &c
tquipment manufacturers
4otors and accessories
/tiler industrial and manufacturing
)11
and, buildings, &c
tubber
hipping
liscellaneous
Refunding.
Total.
Refunding. I
$
19.245.000
60,851.000
2.500,000
500,000
$
34,340.000
53,879.000
5,971.000
960,000
$
77.000.000
470.000
7.029,000
$
111.340.000
54.349,000
13.000,000
960.000
$
25,895,000
22.478.900
1,000.000
110.000
12,303,900
$
25.895.000
34.782,800
1,000.000
110.000
3,650.000
5,736.000
18,568,000
9,264,000
3,650.000
10,000.000
18.568.000
1.375.000
19,516.000
20,240.000
5,084,000
3,200,000
12.095.000
5,000.000
36,428.000
1.375,000
24,600.1'4i')
20,240.UA
8.238.000
7.964.000
136.000
8,100.000
3.600,000
125,720,000
19.137.000
144.857.000
131,068.600
88,899.000
219,967.000
94.219.900
17,387,900
27,950,000
350,000
28.300,000
5.000.000
492.000
5.000.000
492.000
2.400,000
9.000.000
650,000
New Capital.
Long Term Bonds and Notestallroads
'ublic Utilities
roil. steel, coal, copper, lkc
tquipment manufacturers
4otors and accessories
Aber industrial and manufacturing
HI
and, buildings, &c
tubber
:hipping
4iscellaneous
New Capital.
New Capital.
$
19,245,000
45.214,000
2,500.000
500,000
11.795.000
5,000,000
33,228.000
Refunding.
$
15,637.000
300,000
8,238.000
Total.
Total.
3,300,000
100.000
60,000
3,300,000
100.000
60,000
650,000
23.485.000
23.485,000
485.500
31,410,000
350.000
31.760.000
29.627,000
29,627,000
2,885,500
22,087,800
300,000
22.387.800
17.227,400
1,750,000
2,063,000
19,290.400
1.750.000
2.250.000
11 ,844.256
500,000
1,900.000
4.150.000
11.844.256
500.000
12.132.6/40
9.447.000
506,250
8,650.000
800.000
3.995,120
6,451,250
54,620.100
19.245.000
95,251.400
2,500.000
500.000
27,227,680
14.547.000
33,794.250
Refunding.
Total.
$
I
4,878,900
10.970.500
1.500.0001
970.000
$
4,878.900
11,440.500
1,500.000
1,000,000
11,959.000
4,641,000
1,000.000
16,600,000'
$
New Capital.
$
29.450,000
5.750.000
3.600,000
10,000.000
111.602,800
52.925,400
21.196,000
74,121.400
54,600.000
6.400,000
5.089.000
3,561.000
8,650.000
3,350,000
85.000
6.000.000
Refunding.
$
1.500.000
3.611 000
2.250,000
Total.
$
1.500.000
33.061.000
8.000.000
4.850.000
10.300.000
2,000.000
9.850,000
10.300.000
2,000.000
8,102.000
7 000.000
1.000.000
22.600.000
2,250.000
2,250.000
7,361.000
61,961.000
3,350.000
765,000
735.000
1.500,000
735.000
4,850.000
200,000
200.000
485.500
6,885,500
5,289.000
3.561,000
8,850,000
4.115.000
6,274.250
2,332.536
6.274,250
2,332,536
5,602,720
4,880.000
1,506.000
5,602.720
4,880.000
2.899.000
2,500.000
2,500.000
1,393.000
1,925,000
1.925,000
3.600.000
3.600.000
1.400.000
1.400,000
4,000.000
5,250.000
1,658,000
945,000
5.250.000
1.668.000
945.000
20.500.000
720.000
720.000
2,625.000
2.625.000
20.500.000
14,556.786
14.556.786
40,351.720
6,710.500
4.878.900
21,662,220
6.340.000
1.505.000
1,033,030
17,203,000,
1.664.030.
9.162.000:
1.001.000
1,000,000
33.100 000
10.000 000
133.045.086
98.596.120
26.150.000
9,750.000
64.370,100
39.291.656
3.963.000
16,287.000
19.245.000
111.534,800
2,500.000
500.000
39.340,000
71.594.400
7,721,000
960,000
77.000.000
2,533.000
7,029.000
116.340.000
74.131.400
14.750.000
960.000
25.895,000
31.153.150
3,332.536
110.000
16.303,900
25.895.000
47.457,050
3,332.559
110,000
36,177.680
14,517,000
36.994.250
800.000
3.995.120
14,689.250
6.550.000
17,530.256
19,068,000
1.900.000
4,269.000
8,450.000
21.844.256
19,068,000
3.300.000
19,516,000
21.640.000
5.0144,000
3,200.000
800.000
3,300,000
24,600.090
21.640,000
32,169,000
136.000
32,305,000
6,510,500
on nl, nnn
0.1n (107 IAA
10.1 000 000
09 009 (1(1(1
9517 51.16 Acil
111 R07.166
•
8.950,000
New Capital.
8.01,.000
1.000.000
1.000.000
12.600.000
38.254.656
3,995.120
14.689.250
ell. ,-,rn Inn
20,782.680
9,447.000,
506.250
800.000:
3,995,120
6,451 250
$
- 1921.
1922.
1923.
1924.
1925.
MONTH OF AUGUST.
21.387_000
1,393,000
4.031.000
_ _ _ -__
1.393,000
4,641.000
85,000,
6,000.000'
41.749,720
6.100.000
6.100.000
4.874,900
35.300.009
25.693.220
5,750.000
6.340.030
2.893.033
1 001013
5,615.000
21.853.030
13,900.000
1.653.033
9.217.039
2,000.000
7.003 033
1 003.000
43.109,000:2,250,000
1,500.000
3,611 0013
2.250.000
1.500.000
38.911.000
8.000.000
735,000
6.350.000
13.909.000
2,000.000
61,815.000
8.096.000
72.911.000
124.716.120
2.250.000
L'9g6T 9g udHS
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF AUGUST FOR FIVE YEARS.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE EIGHT MONTHS ENDED AUGUST 31 FOR FIVE YEARS.
Refunding.
1924.
Total.
New Capital.
Refunding.
1923.
Total.
'
New Capital.
Corporate$
3
$
$
$
$
$
Lo rag term bonds and notes__ 1.541,753.375 324,663.025 1,866.416.400 1,244.922,223 286.208.377 1,531.130,600 1,199,952.457
Sh ort term
144.526.750
28,270,000 224.153,000
122.345,700
195,883,000
77,580.000 222.108,750
Pr iferred stocks
392,047.585
15,400,223 182,650,550
30,693.500 422,741,065
167,250,327
214,648,847
Co mmon stocks
304.729.989
45.876,910 350,606,899
401,021,079
5.500,000 409.521.079
198,142,114
Can ,dian
17,750,000
73,495.000
57.025,000
91,245,000
8,000,000
22,996,600
65.025,000
Ot her foreign
211.400.000
211,400.000
10,000,000
68.680,000
78.680.000
24.100,000
rota!
2,667,954,699 496,563,4353,164,518.134 2,137,781,629 353,378,6002.491,160.229 1.782,185.718
Fore igo Government
310,831,000
150,000.000
229,005.000
95.000.000 405,831.000
379,005,000
140.845.000
Far I Loan issues
106,097,100
14.527.900 120,625,000
144,400,000
144.400,000
243.118,000
War Finance Corporation
Muniicipal
936,232,256
33,060,287 969.292.543 1.004.215.831
9.873.088 1,014,088,919
691.304,720
Ca nadian
38,658.000
94.522,000 132,180,000
56,206.562
39.556.562
16.650,000
26,308.000
Un ited States P
ions_
4,175,000
4,175,000
6,035,000
6,035,000
2,851,000
lrand scs.1
A mq OfQ ficc
.3nq A7q 0994 707 091 077 0 n0000.1 099 n90001 0551 A non R00 71n 9 RRO 019 425
Note.-We have reduced our total for the eight months by $17,500,000 due to fact that 1 ruincull Steel Co. 6% debentures offered
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES
1925.
I MONTHS ENDED AUG. 31.
New Capital.
Refunding.
1924.
Total.
New Capital.
Long Term Bonds and Notes$
Railroads
295.133.500
Public Utilities
582,244,400
iron, steel, coal, copper, &c
33,150,000
Equipment manufacturers
7.800,000
1,1otors and accessories
76,150.000
Other industrial and manufacturing 148,849.800
Oil
60,400,000
Land, buildings, &c
910,034,900
Rubber
34.500,000
Shipping
3.259.775
Nliscellaneous
90,626,000
$
110.719.000
137,402,100
4,346,000
Total
1.742,148,375
Short Term Bonds and NotesRailroads
32,000,000
Public utilities
90,620,000
iron, steel, coal, copper. etc
20.265,000
Equipment manufacturers
1,150,000
Motors and accessories
Other industrial and manufacturing
17,618.750
311
16,600,000
Land. buildings, Ste
18,450.000
Rubber
Thipping
5.000.000
Miscellaneous
6,825,000
334,713.025 2.076.861.400 1.327,477.223
350.000
33,735,700
13,500,000
19.418,000
4,315,225
10.927,000
$
405.852,500
719.646.500
37,496,000
7.800.000
76.500.000
182,585,500
73,900.000
429,452.900
34,500.000
7,575,000
101,553.000
32,400,000
117.600,000
22,765.000
1.150.000
50,200,000
17.618.750
66.800.000
18.450.000
54,050.000
85,038,000
1.675.000
1,000,000
9.000,000
2,560.000
53.500.000
.2,925,000
5,000,000
6,825.000
29.285.000
288.608.750
239.033.000
Total
StocksRailroads
Public utilities
iron, steel, coal, copper. Ste
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, Arc
Rubber
3hipping
Miscellaneous
208,528,750
99,159,000
122.062.851
37.176.788
23.662,750
750.000
6,245.120
92,488.050
1,110.000
16.428.000
40,504.910
120.000
800.000
2,145.000
100,269.000
138.490.851
77.681.698
23,782,750
1.550.000
6,245.120
94,633.050
Total
TotalRailroads
Public utilities
Iron, steel, coal, copper, 1;c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land. buildings. &c
Rubber
Shipping
Miscellaneous
717,277,574
81.770.410
799.047.984
571,271,406
111,119.000 438.252,500
185,044.600 1,180,752.015
73.151,000
6.846,000
8,950.000
1.460.000 176,769.000
50,163,700 338,695,101
104.204,910 218.381,698
19,538.000 471.685,650
800,000
36,050,000
4.315.225
18,820,120
13,072,000 203.011,050
478,523,537
959,838,312
93,771,160
7,622,500
16,687,000
159,229,600
118.822,968
173.350,857
2.000.000
3,800,000
124.135.695
n ',Inn°, non
.........1.i,...
322.843.015
12,890,000
327,133,500
995.707,415
66.305.000
8,950,000
175,309,000
288,531.401
114.176.788
452.147.650
35.250.000
14.504.895
189.939,050
0 are? naA ann
20.662.500
343,505.515
12.890,000
Ana 500 .45o inA 510 10A
New Capital.
26.823,737
381,027.389
15.484.160
662.500
3,227,000
61,340,600
55.390,968
7.143,357
1,600.000
S
269,599.500
330.260.971
234,743.139
8,210,000
11.962.000
106.171.447
58.016.000
130,849.000
1,335.000
2,568,000
93,339.000
296,208.377 1.623,685,600 1,247.049,057
19.000.000
13,420,000
650,000
73.050.000
98.458,000
2,325.000
1,000.000
9,000.000
5,760.000
53,500.000
2.925,000
9,087,500
33,652.200
9,850.000
830,000
15.496.000
3.000.000
44,814.000
1.080.500
29,285.000
1,000.000
3.535.500
275.203,000
122.345.700
300.000
123,776.386
28,012,246
200.000
9.345,000
26.823.737
392.382.612
15.484,160
662.500
3,427,000
70,685,600
55.290.968
7,143.357
1,600.000
20.900,223
3,200,000
36.270,000
11,355,223
18.571.695
1922.
Total.
New Capital.
Refunding.
1921.
Total.
New Capital.
Total.
$
$
446.428,415 1,543,727.450
23,011,000 116,512,000
30,300,000 231,827,600
10,291.625 113.979,957
31.870,000
81.695,000
1,250.000
$
747.563,220
137,834,166
36.376,900
186.854.215
48.765,000
15,150,000
$
$
399,523.480 1.147.086.700
20,258.000 158.092.166
775,600
37,152.500
186.654.215
48.765.000
15,150.000
427,419.9422.209,605,660 1,608,330,967
6.000,000 146,845.000 354.305,000
55.032,000 298,150,000 222,340.000
511,281,040 2,119,612,007 1.172.543.501
15,000,000 369,305,000
189.000.000
42,000.000 264.340.000
40.000.000
420,557.080 1,593.100,581
50.000.000 239,600.000
40,000,000
15,260.990
14.941,679
709,565.710 797,033,279
22,044,958 819,078,237 660,578,516
41.249.679
65,356,650 103,250.000 168,606,650
26,324,000
2.851,000
24.484,000
24,484,000
25,022.000
A152 AcA All 2 AAR 907 nso 2(171 5A0 500
002 k7n 005 2 7An A9n R01. 9 112.1051117
in July were subsequently withdrawn.
FOR THE EIGHT MONTHS ENDED AUGUST SI FOR FIVE YEARS.
Refunding.
1922.
Total.
New Capital.
$3
26,073.000 295,667.500
164.169,629 494.430,600
46.806.861 281,550.000
6,210,000
4,288.000
16.250.000
24.757,053 130.928.500
30.084.000
88,100.000
1,250.000 132.099.000
665,000
2.000.000
107,000
2,675.000
35,426,000 128,765,000
Refunding.
8
$
397,848.9801 108,223,570
305 639,539, 119.721,161
84,560,000
1.750,000
8
506,072,550
425,360,700
86,310.000
11.650,0001
118,535,881
43.149.300
95,389,000
3,600.000
19,110.000
115.431,335
333,626,543 1,580.675,600 1,194,914,035
5,059.850
475
665.638,366
26.324.000
25.022.000
win 0209 55005.1 0,47
1921.
Total.
New Capital.
Refunding.
Total.
$
292.018,580
40,709,500
10,537.000
14,150.000
175,000.000
151,370,000
103,919.000
29,800,000
20,610,000
130,000.200
8
117.445.420
20.1,474.500
18,690.000
6.195.000
15,100,000
129,402,300
1.39,150,000
20,960.000
67.500,000
2,335,000
85,661,000
447.678,415 1,642,592.450
805,913.220
399,523,480 1.205.436.700
2,500.000
56,464,119
108,220,700
8,530,000
26,200.000
1,500,000
14,568,865
600.000
14.569.400
28.000.000
650.000
3.950.000
8.489,000
$
409,464.000
244.184.000
29.227.000
6,19..000
15.700.000
143,971,700
167,150,000
21.610.000
67,500 000
6,285,000
94,150,000
9.087.500
45.165,000
9.850.000
830.000
25,100.000
4,800.000
44,814.000
1,080.500
16.700.000
500,000
30,400,000
2,385.000
16,700,000
500.000
30,400,000
2,385.000
3,300,000
21.622.000
44,000,000
225.000
3.200,000
7.515.000
46.200.000
3,845.000
1.000.000
3,535.500
215.000
3.500,000
215.000
3.500,000
275.000
9.842,166
400.000
275.000
10.242.166
22.916.800
145,262.500
104.701.000
127.712.000
140.024.166
20,258.000
160.282.166
11,076,000
4.896.760
300.000
134,852.386
32.909,006
10.929,600
106,311.670
31.936.250
9,006,000
11,525,000
44.679.002
41.820.410
5.480.000
4.175.000
11,512,800
9.604,000
1,800,000
32.351.800
18,245,000
404,200
3.000,000
20.011,000
23.0/1.000
26,318.625
1.393,000
35.351.800
38,256,000
404,200
10,929.600
132.630.295
31.936,250
5.399.000
11,525,000
49,579.002
49.800.410
5,480.000
9.175.000
19.155,325
118,109.183
50,2J9,013
10.348,000
350,000
1,335,000
16.959,149
984.690
18.571.695
62,490,808
35.625,000
98.115.808
47.853,000
592,171,629
412.790.961
70,876,599
482.667.560
.308.715,932
278,982,000
487.689.557
272,605.385
9.040.000
46,613.325
227.280.630
153.079,013
142.277,500
1,685.000
3,568,000
159,365.308
non 'or nlo
26.073.000
186.758.429
51,703,621
-----15,227,0118
43,516.202
31.068,690
1,250,000
665,000
107.000
71.051.001
305,055.000
674.447.986
324,309.006
9.040.000
61.840.325
270,796,832
184.147.703
143.527.500
2,350,000
3.675.000
230.416.308
441.130,380 111.223,570 552,353.950
430.196.209 166,050,786 596.246.995
1,750,000 118,650,450
116.900,450
4,006.000
1,39.4.000. .
39.875,000
2,500.000
42.375.000
163.714.883
61,364.119 225.079.0021
115.369.710 116.200.700 231.570.410,
103,254.000
8.530.000 111.784.000,
7,775,000
26,200,000
33,975,000i
19,325.000
1,500.000
20.825.000
166.784.335
14,568.865 18',353.200
ano gonna
'
, K1. 001 nAn o iln 010 007 1
156,238,900 634,762,437
130,127.800 1.089.966.112
20.798.000 114.569.160
7,622.500
8,515,000
25,202,000
31 ,244,900 190,474,500
4,278,000 123,100,968
790.000 174.140.857
2,000.000
----3,800.000
17,386,000 125.521,695
nen nno annn An. Ian non 1
Refunding.
$
$
3
333,626.543 1,533,579,000 1,097.299.035
22,916,800 145.262,500
93,501,000
67,609.839 282,258.686 201,527,600
3,266.760 201.408.874
103,668,332
22.996.600
31,870.000
24.100.000
80.445,000
1923.
Total.
3
$
$
397,649.800 137,238.900 534.888.700
493,772.923 105,352.577 599,125,500
76,612,000
20,148,000
96.760.000
5,960,000
5,960.000
4,460.000
8,315,000
12,775,000
95,329,000
18.699.900 114,028.900
9,932,000
4,276,000
14,210,000
163,282.500
790,000 164.072,500
400,000
400.000
3.800,0003,800.000
76,279,000
1,7386,000
77,665,000
400,000
26,980,000
2,500,000
80.080.000
Refunding.
Refunding.
20.490,325
135,068,332
51.233.703
10.348.000
350,000
AO., Aln nAno onnanm 000 1
4.900.000
7.980,000
40.591.625
16,623.000
735.000
2.500.000
102.986 990
8.68.225
2.582.000
21.661.400
81.300.000
1.510.000
525.600
3.300.000
38,245.000
44.000.000
225.000
3.200.000
8.250.000
48.700.000
3,845.000
102.986.990
8.678.225
-2.582.000
22.187,000
81.300.000
1.510.000
47.853.000
7.887.500
250.000
8,137.500
349.307.557
226.606.115
775,600
227.381,715
120.745.420 292.018.580
57.332.500
328.083.490
71,368.225
10,537.000
6,420.000
----- --20.882,000
600.000
158.578,700
15,830,000
266.650,000
30,500,000
26.315,000
650.000,
67.500.000
I
2,610.000
3.950.000
103,390.666
9,139.000
1,0 1.0 on,
Ann 55,0001
an
New Capital.
arl'JINO111LJ
1925.
8M 3NTHS ENDED AUG. 31.
412.764,000
385,415,990
81.905.225
6,420.000
2'.482,000
174,404,-00
297.150.000
26.965.000
67.500,000
6.560.000
112.529,666
en') Inn Eel
ts:
THE CHRONICLE
SEPT. 26 1925.]
1511
DETAILS OF NEW CORPORATE FLOTATIONS DURING AUGUST 1925.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
4pewws
Amount.
Purpose of Issue.
Price.
Railroads9,270.000 New equipment
2.475,000 New equipment
7,500,000 Impts.; add'ns & betterments
To Yield
About.
Company and Issue and by Whom Offered.
5.20 Chicago Milwaukee & St. Paul Ry. Equip. Tr. 55 "D," 1926-40. Offered by Kuhn, Loeb & CO.
and National City Co.
Placed privately Texas Pacific Ry. Equip. Tr. 436s H. H., 1926-40. Offered by Kuhn, Loeb & Co.
5.12 The Virginian Ry. Co. 1st M.55 "A," 1962. Offered by National City Co.. Lee, Higginson & CO.
98
and Kissel, Kinnicutt & Co.
19,245,000
Public Utilities100
315,000 Refunding
550,000 Acquisitions; capital expenditures. 96
101.95
200.000 Refunding; additions
175,000 Refunding;extensions,6.e
450,000 Refunding
25,000,000 Acq. entire cap. stk. & certain
notes of Int. West. Elec. CO....
3,000,000 Additions & betterments
4,000,000 Acquisitions; development
13,200,000 Refunding; extensions 6c additions.
1,200,000 Acquisitions; other corp. purposes1,000,000 Refunding;extensions, &c
210,000 Refunding; acquisitions, ha
410,000 Acquire constituent companies_ 10,000,000 Refunding; other corp. purposes_ _
250,000 Refunding; acquisitions
791.000 Capital expenditures
100,000 General corporate purposes
Eastern Minnesota Pr. Co. 1st M. 5348 "A," 1945. Offered by Minneapolis Trust Co.
Gary (Ind.) Ry. lot Lien ,Sc Ref. M.636s "A," 1945. Offered by Halsey. Stuart dr Co., Inc.
Greenfield (Mass.) Gas Light Co. let M.4345. 1945. Offered by F.S. Moseley & Co., Boston.
Home Independent Telephone Co. 1st M. 5.365, 1931-45. Offered by Lumbermen's Trust Co.,
Bank, Portland, Ore.
97
5.75 Independence (Mo.) Waterworks Co. jet M.5365, 1945. Offered by Putnam & Storer, Boston.
by J• P.
99
5.58 International Tel. & Tel. Corp. 20-Year Convertible Debenture 5345, 1945. Offered
Morgan & Co., First National Bank, National City Co., Bankers Trust Co., Guaranty Co. of
New York, Edward B.Smith & Co. and Dominick dr Dominick.
5.70 The Laclede Gas Light Co. 10-Year 536s, 1935. Offered by Guaranty Co. of N. Y., Union Trust
9834
Co. of Pittsburgh, W. A. Harriman & Co., Inc., and Halsey, Stuart & Co., Inc.
5.50 Mississippi Power Co. lot & Ref. M.5s, 1955. Offered by Harris, Forbes & Co.and Coffin &Burr,
9236
Inc., New York.
534s
5.65 Monongahela West Penn Public Service Co.-West Penn System-let Lien & Ref. M.
98
"13," 1953. Offered by Halsey, Stuart & Co., W. C. Langley & Co., E. H. Rollins & Sons,
W. A. Harriman & Co., Inc., Hambleton & Co. and Dominick & Dominick.
York.
100
5.00 Mutual Telephone Co. 1st M. 55, 1945. Offered by R. F. De Voe & Co.. Inc., New
5.65 New Jersey Water Co. 1st M.58"A," 1950. Offered by P. W.Chapman & Co.,Inc., New York.
9134
99
6.08 Oregon-Washington Tel. Co.(Hood River, Ore.) 1st M.65, 1945. Offered by Ralph Schneelock
Co. and Blyth, Witter & Co.
8.35 Shenandoah River Power Co. let M. 6s, 1945. Offered by Battles & Co., Philadelphia.
97
Co., Inc.
6.20 Southeastern Pr. & Lt. Co.(Maine) Debenture 6s "A," 2025. Offered by Bonbright &
9635
Price on aPPlica'n Southern States Pr. & Lt. Co.(Jacksonville, Tex.) 1st M.Os "A," 1940. Offered by The WhitePhillips Co., Davenport, Iowa.
5.62 Tide Water Pr. Co. jet Lien & Ref. M.5368 "B," 1945. Offered by Coffin & Burr, Inc., Boston.
9834
100
6.00 Valley Water Co. (Calif.) 1st M.68, 1955. Offered by Bayly Bros., Inc., Los Angeles,
5.50
6.75
4.60
5.90
60,851,000
Iron, Steel, Coal, Copper,&c.
97
2,500,000 Repay curr, debt; impts., 6zc
Equipment Manufacturers500,000 Development of business
Other Industrial & mfg.100
400,000 Additions, extensions, ese
750,000 Consolidation of properties
370,000 Reduce curr. debt; wkg.capital-
101-100
100
150,000 Pay curr, debt; working capital_ _ _
100.70
98.50
100
2,000,000 Refunding;cap.exp.; wkg.capital _
100
1,000,000 General corporate purposes
6,000.000 Acq. constit. cos.; wkg. can•. &c- - 9834
500,000 Additional capital
9936
100
125,000 Acquisitions; additions, 6.cc
800,000 Retire bank loan; wkg.capital, &c. 100
6.25 Southeastern Fuel Co.(Birmingham, Ala.) 1st(C.) M.130. 1945. Offered by Harris,Forbes &
4.25-5.40 North American Car Co. Equip. Tr. 58, 1926-35. Offered by Freeman Zs Co.
6.50 Arrowhead Springs Corp. 1st M. 6365, 1928-40. Offered by First Security Co., Dean, Witter
& Co. and Anglo-London-Paris Co., Los Angeles.
6.45-7 Continental Optical Corp. 7s, 1928-35. Offered by Taylor. Bwart & Co, Inc • Chicago.
& Co.
6.50 Detroit Vapor Stove Co. 10-Year Convertible tat M.634s, 1935. Offered by Merrill. Lynch
and Nicol-Ford & Co., Inc., Detroit.
Co.
Trust
Chicago
by
Offered
(C.)
1st
M.630,1927-36.
6.00 Indiana Lamp Corp.(Connersville,Ind.)
6.70J
and the
6.00 The Little River Redwood Co. 6s, 1931. Offered by Cronwall & Co., Inc., Chicago,
Detroit Co., Inc., Detroit.
6.50 Mid-West Box Co. let M.636s, 1940. Offered by Cleveland Trust Co.
Noyes & Co..
6.66 North American Cement Corp. Debenture 630 "A," 1940. Offered by Hemphill.
Dominick & Dominick, Hornblower & Weeks, Eastman, Dillon & Co. and Mitchell, Hutchins
6. Co. Inc.
Inc
'Potter Printing Press Co.,Inc., let M.78, 1940. Offered by William C.Simons,
7.05 Premier St
Angeles.
7.00 Public Service Brass Corp. 1st M. 7s, 1929-40. Offered by John M.C. Marble Co., Los
Co.
&
Emerich
Ames.
by
Offered
1940.
65,
M.
1st
City)
Y.
West
(N.
Co.
6.00
Disinfecting
12.095,000
0115,000.000 Additions, extensions, Ac
& Co.. Bond
6.50 The United 011 Co. let M.& Coll. Tr. Convertible 6368, 1935. Offered by Aronson
& Goodwin & Tucker, Inc., Dean, Witter & Co., Shingle, Brown & Co., Drake, Riley & Thomas,
Hunter, Dulin & Co. and Wm. Cavalier & Co.
Land, Buildings &c.
Barry &
6.50 R. L. Bailey Properties (Bunkle, La.) 1st M. 630, 1926-35. Offered by Sutherlln,
100
•" 60,000 Real estate mortgage
Co., New Orleans.
6.00 Briertield Apt. Bldg. (Corinth Construction Co.), N. Y. City, 1st M. 6s, 1939. Offered by
650,000 Finance construction of apt. hotel_ 100
S. W. Straus & Co., Inc.
7.00 Broadway Apts, 1st M. 75, 1927-35. Offered by Wm. D. Perkins & Co.. Seattle, Wash.
55,000 Finance construction of apartment 100
West Palm
8.00 Broward Investment Co. 1st M.8s, 1926-35. Offered by Palm Beach uaranty Co.,
235.000 Finance construction of building
100
Beach, Fla,
Offered by First
350,000 Real estate mortgage
101-100 5.46-6.50 Capital Outlook Bldg. Co. (Columbus, 0.) let M. Leasehold 6368. 1926-36.
Citizens Corp., Columbus, 0.
7.00 Cascadia Apts, 1st M.7s, 1926-34. Offered by Wm.D.Perkins & Co., Seattle, Wash.
75,000 Finance construction of apartment 100
8.00 Coral Gables Corp. 1st & Coll. Tr. 8s. Offered by Atlanta Trust Co., Atlanta, Ga. Co., Seattle,
1,500,000 New construction
100
7.00 Cornelius Apt. Hotel 1st M.7s, 1928-36. Offered by Continental Mortgage & Loan
335,000 Finance construction of apt. hotel. 100
Wash,
apartment
6.50 Court Apts.(La Grange, Ill.) 1st M.630. 1927-35. Offered by Gerard & Co., Chicago.
165,000 Finance construction of
100
& Hardgrove,
50,000 Real estate mortgage
5-63i Elks Home Bldg. Assn. (Butte. Mont.) 1st M. 68, 1926-35. Offered by Ferris
Seattle, Wash.
Corp.
Investing
Strauss
the
by
Offered
7.00 Embassy Apts. (Los Angeles) 1st M. 7s, 1928-35.
200,000 Finance construction of apartment 100
5.85-6.1 Moraine Apts. (Detroit) 1st M. 6s, 1927-37. Offered by S. W. Straus & Co., Inc.
140,000 New construction
by G.L.
Offered
1928-40.
6368,
Leasehold
M.
41st
1st
Corp.)
Ave.
building..
7th
(570
&
St.
Bldg.
7th Ave.
6.5
850,000 Finance construction of
100
Miller & Co., Inc.
300,000 Finance construction of building-. 98.16-92.89
7.00 Grand View Arcade Bldg. 1st M. 68, 1927-35. Offered by Grand-Miami Corp., St. Louis.
6.06 Greeley Square Bldg. (6th Ave. and 31st St. Corp.) 1st M.65, 1950. Offered by A. B. Leach
2,200,000 Finance construction of building.. 100
& Co., Inc.
Harbor Bldg. (Harbor Trust Inc.). Boston, Mass., 1st (C.) M. 65, 1937. Offered by S. W.
1,250,000 Finance construction of building.. 100
6.00
Straus & Co., Inc.
245,000 Finance construction of apartment 100
7.0 Hartley Hall Apts.(Brooklyn, N.Y.) 1st M. 7s, 1927-37. Offered by G. L. Miller & Co., Inc.
5-534 Hibernia Mortgage Co., Inc., 1st M.& Coll. Tr. Os, "I" 1926-31. Offered by Hibernia Securi100.000 Additional working capital
ties Co., Inc.
825,000 Finance construction of apt, hotel
6-636 The Highlands Hotel Apts. 1st M. 1336s, 1926-35. Offered by the Straus Bros. Co.. Chicago.
6.62-6.9 Hotel Cortina (Applebrook Hotel Co.), Jacksonville, Fla., 1st (c.) M. 7s, 192845. Offered
1,000,000 Financeconstruction of hotel
101
by Caldwell & Co.
100
6.50 Hotel Wimbledon let M. 6348, 1927-35. Offered by Garard & Co., Chicago.
375,000 Finance construction of hotel
100
125.000 Finance construction of building
6.50 Ingieside Plaza Bldg.(Chicago), 1st M.630,1927-35. Offered by Lackner, Butz & Co.. Chicago.
6.00 Investment Securities Co. of Texas Guar. 1st M.6% Partic. Certificates, 1926-35. Offered by
500,000 Additionalcapital
100
Peabody, Houghteling & Co.
100
5.50 Jung Hotel (New Orleans, La.) 1st M. 536s, 1928-32. Canal-Commercial Tr. & Says. Bank,
650.000 Finance construction of hotel
Whitney Central Banks and Moore, Etyma & Co., Inc., New Orleans.
7.0 Kincaid Apts, 1st M. 75, 1927-35. Offered by Wm. D. Perkins & Co., Seattle, Wash.
90,000 Finance construction of apartment 100
275,000 Finance construction of building.. 100
6.50 The Kramer Bldg. 1st M. 6348, 1927-35. Offered by Gerard & Co., Chicago.
6.2 Locust Manor Apt. Bldg.(New Rochelle, N. Y.) 1st M.6345, 1935. Offered by S. W.Straus
450,000 Financeconstruction of apt. bldg. 100
& Co., Inc.
100
6.50 Mackinnon Land Co. 1st M. Guar. 634e. 1926-35. Offered by Backus. Fordon & Co.
75,000 Finance sale of Property
101-100 3.96-6.00 McVicker Theatre Co. 1st Leasehold M. Os, 1926-37. Offered by Standard Trust & Says. Bank
600,000 Finance lease of property
and Garard & Co., Chicago.
6.60 Medical Arts Bldg.(Physicians & Dentists Bldg. Corp.), Burlington, Ia., 1st M.6368, 192745.
200,000 Finance construction of building.. 100
Offered by Lackner, Butz & Co. Chicago.
6.50 Monticello Apts. (Monticello Bldg
' Corp) let M. 634s, 1927-35. Offered by the Straus Brae.
350,000 Finance construction of apartment 100
Co.. Chicago.
100
8.00 Mortgage Insurance Corp. (Los Angeles) Insured 1st M. Os, Issue No.6 due 1926-35. Offered
500,000 Additional capital
by Blyth, Witter & Co.
100
8.00 National Union Mortgage Co.(is "A," 1945. Offered by Mackuble. Goodrich & Co., Baltimore.
1,000,000 Additional capitol
100
6.00 Norfolk Apt. Bldg. (Detroit) 1st M. 13s, 1927-32. Offered by Guaranty Trust Co., Detroit.
85.000 Real estate mortgage
6.50 The Norford (Chicago) let M.6348, 1927-33. Offered by Lelght, Holzer & Co., Chicago.
105,000 Finance construction of building.. 100
100
6.50 O'Connor Properties Corp. 1st M.6365, 1926-32 Backus, Fordon & Co. and J. G. Holland &
170,000 General corporate purposes
Co.. Detroit.
100
6.50 The Paxton Apts.(Chicago) 1st M.634s, 1926-32. Offered by Leight, Holzer & Co.. Chicago.
110.000 Real estate mortgage
_
5.75-6.10 (The) Plalsance (Chicago, Ill.) let M. Os, 1927-40. Offered by S. W.Straus & Co., Inc.
800,000 Real estate mortgage
6.05 Professional Office Bldg. (Fullaytar Realty Co., Pittsburgh, Pa.) 1st M. 65, 1937. Offered
600.000 Finance construction of building.. 9936
by S. W. Straus & Co., Inc.
6.00-7.00 Rose Hotel (Roseburg. Ore.) 1st M. 6345, 1926-35. Offered by Lumbermen's Trust Co., Port45,000 Real estate mortgage
land, Ore.
6.00-6.30 Seneca Apts. (Seneca Hotel Bldg. Corp., Chicago) 1st M. Ms, 1928-40. Offered by S. W.
2,300,000 Finance construction of apt. bldg.
Straus & Co.. Inc.
100
6.50 Shelburne,Inc.(Atlantic City, N.J.) 1st (e.) M.6345. 1940. Offered by Redmond & CO.,Stroud
3,000,000 Refunding. Impts., work. capital
& Co., Inc., and Bank of North America & Trust Co.
100
5.50 Sisters of St. Joseph of Idaho (Lewiston, Idaho) 1st M. 5343, 1927-35. Offered by Ferris &
100,000 Refunding
Hardgrove, Seattle, Wash.
99
bldg.
office
of
6.12
construction
60 Park Place Office Bldg.(Military Park Construction Corp.) 1st M.Fee & Leasehold 65. 1937.
Finance
2,000,000
Offered by S. W. Straus & Co. Inc.
6.50 Sound View Garden Apts. (Gin/scion Bldg. Corp.), Mamaroneck, N. Y., 1st M.636s, 1927-35.
535,000 Finance construction of apartment 100
Offered by Geo. M.Forman A CO., New York.
100
1512
Amount.
TH-E CHRONICLE
Purpose of Issue.
To Yield
About.
Price.
[vol. 121.
Company and Issue and by Whom Offered.
Land. Buildings, &c.,(Con.)140.000 rInance construction of apartment 100
130,00(. Real estate mortgage
100
';
6.50 Sovereign Apt. (Seattle) 1st M.631s, 1926-35. Offered by Wm.D.Perkins & Co., Seattle, Wash
6.50 Spencerian Bldgs.(Cleveland, 0.) 1st M.Leasehold 634s. 1927 35. Offered by S. Ulmer & Sons,
Inc., Cleveland
320.000 Finance construction of club bldg- 101,4-100
6-7 Surf & Sand Club of Hermosa Beach 1st (c.) M.7s, 1927 38. Offered by Security Co.and Bayly
Bros., Inc., Los Angeles.
138,000 Finance lease of property
100
6.50 Taylor Square Realty Co. 1st Leasehold M. 13348, 1928 37. Offered by Brotherhood of Locomotive Engineers Co-operative National Bank, Cleveland.
650,000 Acquisition of property
100
6.50 Third & Broadway Bldg. Co.(Edison Bldg. Los Angeles) 1st M.Leasehold 6365. 1927 41. Offered by Hunter. Dunn & Co. Alvin H. Frank & Co. and California Co., Los Angeles.
100,000 Refunding
5-6 Tulsa Warehouse Co. let M.6s, 1926-35. Offered by Lorenzo E. Anderson & Co. and Taussig.
Day, Fairbanks & Co., Inc., St. Louis.
100,0100 Real estate mortgage
101.39-100 634-7 Tuxedo Hotel 1st M. 7s, 1927-35. Offered by Federal Bond & Mtge. Co., Inc., Detroit.
2,450,000 Finance construction of building_ _ 101.85-100
5-6 209 Lake Shore Drive 1st M.(is, 1927-40. Offered by Union Trust Co., Chicago, and First National Co., St. Louis.
200.00f Finance construe. add'n to build'g 100
7.00 Urban Military Academy(Los Angeles) 1st (c.) M.7s, 1928 40. Offered by Metzler & Co.of Calif.
6,500.001 Refunding, other corp. purposes
100
6.00 The Van Sweringen Co. 1st M.& Coll. Tr. Os, 1935. Offered by Pearsons-Taft Co., The Tillotson
& Wolcott Co. and West & Co.
90,C00 New construction
6.50 Wales Apt. Bldg. 1st M. 1334s. 1927-32. Offered by Guaranty Trust Co., Detroit.
100
210.00. New construction
100
7.00 Westlake Theatre Bldg. Co. 1st M. 7s. 1928-45. Offered by Frick, Martin & Co.. Los Angeles.
260.000 Finance construction cf apartment 100
6.50 Winthrop Manor Apts.(Chicago) 1st M.6)4s, 1928-35. Offered by Leight,Holzer & Co.,Chicago.
85.00( Real estate mortgage
100
7.00 Woodbury Bldg.(Los Angeles) 1st M.Leoschold 7s, 1928-33. Offered by Southwest Bond Co.
36,428,00(
Miscellaneous3,388,000 Finance construction of toll bridges 100
7.00 American Toll Bridge Co. (San Francisco) 1st M. 7s, 1945. Offered by Blyth, Witter dc Co.;
Peabody. Houghtellng & Co. and Bond & Goodwin de Tucker, Inc.
6.50 Anderson & Middleton Lumber Co. of Oregon let M.& Coll. Tr.6345, 1937. Offered by Blyth,
Witter & Co.
200,000 New grain elevator
5.40-6.40 Early & Daniel Co. (Cincinnati, O.) 1st (closed) M. 7s, 1926-40. Offered by Westheimer & Co.
and J. R. Edwards & Co.. Cincinnati.
1,100,000 General corporate purposes
100.95-99.75 5-6.03 Emporium Forestry Co.(Utica and Conifer, N. Y.) 1st M.6s, 1926-35. Offered by Baker, Fentress & Co.
250,000 Retire curr. debt,other corp. purp_ 100
6.00 (J. T.) Gibbons,Inc.(New Orleans). 1st M.(is, 1926-40. Offered by Hibernia Securities Co., New
Orleans.
125.000 General corporate purposes
101
5.88-5.90 Glendora Consolidated Mutual Irrigating Co. 1st M.Os. 1937-40. Offered by California Securities Co.
2,000,000 Acquire constituent companies_ - • 99)4
6.60 National Grocers Co. Ltd., 7-year 6)4s, 1932. Offered by Continental & Commercial Trust &
Savings Bank and :
Pynchon & Co.
125,000 Acquisitions, working capital
100
7.00 Peck Logging Co., Ltd. (and George A. Peck), Vancouver, B. C., 1st M. 75, 1933. Offered by
Freeman. Smith & Camp Co., Portland, Ore.
350.000 Acquire predecessor company
100
7.00 San Diego Ice & Cold Storage Co. 1st M.7s, 1935. Offered by First Nat. Bank, Stephens dc Co..
Security Commercial & Savings Bank and Rogan & Co., San Diego, Calif.
8,238000
700.000 Retire curr. debt, extensions, arc- 100
SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Public Utilities1,900.000 Refunding, acquisitions
2,000,000 New construction
24,000,000 Retire bank debt, constr. expend
400,000 Acquisitions
Price,
To Yield
About.
Company and Issue, and by Whom Offered.
6.00 Consolidated Power & Light Co.(South Dakota) 1-year Mortgage Lien 13s. Aug. 1 1926. Offered
by Pearsons-Taft Co. and West & Co.
6.00 Kansas-Oklahoma Gas Co. 3-year 1st M Pipe Line Os, Aug. 1 1928. Offered by Halsey, Stuart &
Co.. Inc.
98)4
6.40 Tokyo Electric Light Co..Ltd.(Japan),3-year Os. Aug.11928. Offered by Guaranty Co.of N. Y..
Dillon. Read & Co., Lee, Higginson & Co. and Harris, Forbes & Co.
Price on applica'n Wisconsin Public Utility Co. 1-year 1st Lien Coll. 5s, July 1 1926. Offered by Bartlett & Gordon,
Inc., Chicago.
100
100
28,300,000
Other Industrial & Mfg.
300.000 Reduce current debt
1,000,000 Acq. Int. Cork Co., wkg. capital
101-100
9735
2,000,000 Acquisitions, additions, &c
100
4.96-E McCaskey Register Co.(Alliance, 0.)6s, 1926-30. Offered by R.V. Mitchell dr Co., Cleveland.
7.10 New Process Cork Co., Inc.. 5-year (i)ls, 1930. Offered by Hemphill, Noyes & Co. and Paine.
Webber & Co.
6.00 Reid Ice Cream Corp. 5-year (is, 1930. Offered by Dillon, Read & Co.
3,300,000
011100,000 Reduce cur, debt, wkg.cap.,&c._ _ 100
Land, Buildings, &c.
60.000 Improvements,erection of building 100
6.50 Red Seal Refining Corp. 1-year 1st Mtge. Lien (1)4s, May 15 1926. Offered by Troy, Graham dc
Co., Inc., Chicago.
7.00 The Overtake Golf Club 1st M.7s, 1927-30. Offered by Seattle Title Trust Co.
STOCKS.
Par or
No.ofShares
Purpose of Issue.
a Amount Price
To Yield
Involved. Per Share. About.
Public Utilities2,365,200 General corporate purposes
2,365,200 100 (par)
3,000,000 Fund exist. oblig.,other corp. purp.
3,000.000
98
4,750,000
2,375,000
95
95
2,000,000
Sp
3,000,000
1,577,600
2,820.000
4
40
94
500,000
96
*50,000 abs Acq. addl secure., other corp.purgo
.25,000shs. A.m.Mks.of sub,cos..oth.corp.pur
2,000,000 Acquisition of constituent cos
*750,000sht Acquire stock mt. in Niagara Lockport & Ontario Power Co
*39,440 sits. %co.int.in Mohawk & H.Pr. Corp _
*30,000 ohs. Capital expenditures
500,000 Refunding,other corp. purposes__.
Other Industrial & mfg.250.000 Working capital
250.000 100 (par)
3,000,000
20
1,846,150 Refunding, other corp. purposes_ _
*250,000sh. Refunding, other corpf purposes- 150,000 Additional capital
5,907.680
5,0110.000
150,000
80
20
98)(
525.000 Expan. of business, working capital
*100,000sh Acquisition of predecessor company
American Public Utilities Co.(Grand Rapids,Mich.) Common. Offered by company
to stockholders.
7.14 Central States Electric Co. 7% Cum. Pref. Offered by company to Preferred and
Common stockholders, unsubscribed portion offered by A. D. Leach & Co. Inc.
6.30 Electric Investors, Inc.. Pref. Cum.,$(t per share. Offered by Bonbright & Co.,Inc.
7.36 International Utilities Corp. Pref. Cum.. $7 per share. Offered by Chandler & CO..
Inc.. R. E. Wilsey & Co., Inc., and G. E. Barrett dc Co.. Inc.
7.36 National Electric & Power Co. 7% Cum, Pref. Offered by A. C. Allyn dc Co., Inc..
Howe, Snow dc Bertles. Inc., and G.E. Barrett & Co., Inc.
Niagara Share Corp. Common. Offered to stockholders of Niagara Falls Power Co.
Power Corp. of New York Common. Offered by company to stockholders.
6.90 United Light & Power Co. (Md.) Class A Pref. Cum., $644 per share. Offered by
Howe, Snow & Bertles, Inc., Otis & Co. and Peirce, Fair & Co.
7.29 Western Public Service Co. 1st 7% Cum.Pref. Offered by G. E. Barrett & Co., Inc.
22,387.800
•150,000sh. Refunding, other corp. purposes
1,500,000 Acquire additional mill
350,000 Additional capital
Company and Issue, and by Whom Offered.
1,500,000 100 (Par)
350,000 100b
525,000
4,100,000
10 (par)
41
Buckeye Window Glass Co. capital stock. Offered by Frederick W.Freeman, Eugene
Gray & Co., Gilbert L. Fuller & Co., Claude Meeker, and Stevenson & Vercoe.
Columbus, Ohio.
Industrial Rayon Corp. (Del.) Class A stock. Offered by Watson & White and
Samuel Ungerleider & Co.
Kraft Cheese Co. Common. Offered by company to stockholders.
The Maytag Co. Common. Offered by Hornblower & Weeks.
7:15i Menasha (Wis.) Printing & Carton Co. 7% Cumul. Pref. Offered by DahindenSchmitz Co , Milwaukee.
Nashawena Mills(New Bedford. Mass.) capital stock. Offered by to. to stockholders.
7.00 Quaker Mfg. Co. (Chicago Heights, III.) 7% 1st Pref. Offered by Ralph A. Bard
& Co., Chicago.
Radio Pack Co., Inc.. capital stock. Offered by Hosbor Montanye & Co., Inc., N. Y.
Vick Chemical Co. capital stock. Offered by Chas. D. Barney & Co. and Merrill.
Lynch & Co.
20,782,680
Oil*402,000sh. Acq. all outstanding stock of Pan
American Pet. Co.(of Calif.).__
9,447.000
2334
Pan American Western Petroleum Co. Class B Common. Offered to holders of Class
A and B stock of Pan American Pet. & Transp. Co.: underwritten by Petroleum
Securities Co.. Los Angeles, and Blair & Co.. Inc.
Land, Buildings, &c.
*33,750 sits. New construction
Rubber500,000 Refunding
Shipping*49,878shs Purch. bds. & fund debt of N. Y.
& Cuba Mail SS. Co
506,250
15
J. R. Whipple Corp. Common. Offered by company to stockholders.
800,000
16
Norwalk (Conn.)Tire & Rubber Co. Common. Offered by company to stockholders.
1,995,120
40
*20,000she Acquisition& alteration of steamers
2,000,000 100
Atlantic Gulf & West Indies SS.Lines Common. Offered by company to stockholders:
underwritten by Hayden, Stone & Co.
7.00 Boston New York & Southern SS. Co., Inc.(Dimon Lines) Class A Cumul.& Portia.
Stock. Offerecrby Hugh A. Lamb, New York.
3,995.120
Miscellaneous-*40,000 she. Acquisition of predecessor company
140,000 Acquire Portland Sebago Ice Co_ _
880,000
22c
140,000 100
1,000,000 General corporate purposes
1,000,000 100
1,100,000 Acquisition of constituent cos
1,100.000
98
Detroit Cab Co. Class A Common. Offered by company through Chas. A. Floyd & Co.,
Detroit.
7.00 New England Cities Ice Cos. 7% Cumul, Panic. Pref. Offered by C. D. Parker dc
Co., Inc., Boston.
7.00 New York Merchandise Co., Inc., 7% Cumul. Cony. 1st Pref. Offered by Geo. H.
Burr & Co.
7.14 Pie Bakeries of America, Inc., 7% Cumul. Pref. offered by Spencer Trask & Co.
and J. & W. Seligman & CO.
SEPT. 26 1925.]
Par or
No.ofShares
THE CHRONICLE
Purpose of Issue.
kilmellaneous (Con.)—
•15,000shs Acquisition of constituent cos
2,000,000 Additional capital
a Amount
Price
To Yield
Involved. Per Share. About.
675,000
45
2,000.600 100
*31.250 abs. Additional capital
656,250
21
6.4-51,250
1513
Company and Issue. and by Whom Offered.
%
Pie Bakeries of America, Inc., Class A stock. Offered by Spencer Trask
& C,o. and
J. & W.Seligman & Co.
7.00 St. Louie Independent Packing Co. 7% Cumul. Pref. Offered by George
.Burr
44 Co., Smith. Moore az Co. and Lorenzo E. Anderson & Co.. t. Louis. H.
‘S
g
St. Louis Independent Packing Co. Common. Offermi by deorge H. Burr,
dz;Ce.,
Smith, Moore & Co., and Lorenzo E. Anderson & Co., St. Louis.
FARM LOAN ISSUES.
Amount.
Issue.
Price.
300,000 Fletcher Joint Stock Land Bank 440,
1935-55
200,000 Shenandoah Valley Joint Stock Land Bank 10244
of Staunton, Va. 5s, 1935-45
10344
500.000
Yield.
Offered by
4.18 Fletcher Savings & Trust Co., Indianapolis, Ind.
4.55 Guy Huston Co.. Inc., and Jackson & Curtis.
FOREIGN GOVERNMENT LOANS.
Arn,,nnt.
Issue.
Price.
Yield.
Offered by
$
%
8,700,000 City of Munich (Germany) External
Loan (100
7.00
Forbes
Muds,
&
Co.
7s, 1926-45
1 9344
7.65 I
•Shares of no par value.
a Preferred stocks of a stated gar value are taken at
par
while
preferred
and common stocks of no par value are computed at their offering price.
b Bonus of 34 share of common given with each
share of preferred stock.
c Bonus of I share of Class"B" given with
each share of Class "A"stock.
Indications of Business Activity j
THE STATE OF TRADE—COMMERCIAL EPITOM
E.
outlet, as it appears that the Russian rye crop this year IS
Friday Night, Sept. 25 1925.
unusually large. To all appearances, Russia is getting back
There is further evidence of a better state of trade in
this to somewhere near the position that it occupied in the grain
country. Lower temperatures are stimulating retail
busi- trade before the war. This furnishes renewed evidence
ness, especially in the more northerly States. Taking
trade that the peasant farmer of Russia is asserting himself. The
and industry as a whole, it shows more activity than
at any Soviet Government has to let him alone. Let alone he will
time for many months past. The textile industry in
New raise good crops; confiscate his crop and he will do nothEngland is in better condition, even if transactions
in Fall ing. Raw sugar has declined to a new low level for
this
River this week show some falling off in print cloths.
That year and quotations for the refined product have naturally
was because of a very sharp break in raw cotton
and the followed. There is evidently an oversupply of sugar, cane
evident hope of buyers that lower prices for goods
would and beet, in the world, and the bottom prices may not be
follow. They remained firm. Yet cotton declined
140 to 'reached at once. Coffee quotations, on the other hand,
150 points on the 23d inst. because of an increase
in the have advanced somewhat, although they were rather decrop estimate by the Bureau of Agriculture of nearly
200,- pressed to-day under the influence of declining Brazilian
000 bales, whereas a decrease had been expected of
about markets.
500,000. The report has been sharply criticised
as not apWith a large output of bituminous coal, prices have depearing to critics to reflect the effects of recent
very hot clined. In steel lnd iron there are persistent reports
of a
dry weather over much of the belt. Indeed, the
tempera- better tone. Still, it is evident that there is an easing
of
tures have been unprecedentedly high for this time
of the prices now and then here in the East, notably in New
Engyear in the Atlantic States. Experience seems
to show land. They are best sustained in the Chicago district.
Autothat such temperatures have been, as a rule, of a
kind to im- mobile industry reports are rather conflicting. Some
fa&
pair very noticeably the prospects for the crop. The
condi- tories are increasing their output; others are reducin
g it.
tion of the crop was reduced about 21/
2% and this fact From most branches of trade in
this country come cheerful
puzzles a good many because of the substantial
increase in reports. In the wool trade worsteds continue to
show the
the crop estimate. Apart from all this, opinion is
crystal- most animation. Woolens were opened at 5 to 10% lower
lizing around some such figure as that of the
Government than a year ago. Silks are active. The
clothing trades
as to the size of the yield. That is to say, the
Washington figure most prominently in the improvement in
business.
figure of 13,931,000 bales is not, after all,
considered so Also, the shoe industry is more active, as
well as the furniwide of the mark by everybody. Many, indeed,
look for a ture trade. All these, with the clothing
trades in general,
yield of 14,000,000 bales or more. A new problem
has arisen make the best showing at any time in
eight or nine months.
In the Southwest in the very heavy rains of late.
They may Significantly, too, the jewelry business
is better than it was
conceivably lower the grade and even beat out
no small last January and also better than at
.this time last year.
quantity of cotton. But on the other hand it is at
least pos- Merchandise prices have more generall
y declined than adsible that they may be the cause of increasing the
top crop. vanced this week. Copper prices are
down because of a
In any case the net decline for the week, after some
recov- notable increase in the supply. Stocks have
been irregular'
ery, due to large and persistent buying by the mills
and a and at one time there were rumors that the
New York Fedfalling off in liquidation, is 60 to 80 points, so
that very eral Reserve Bank would increase
its rate of discount.
much of the recent advance of nearly 300 points
remains Money rates have been of conspicuous interest
, and to-day
untouched. The wool trade shows some signs of
recovery. the call rate rose from 4% to 5%. The
foreign exchanges
At some of the foreign auction sales prices have
advanced.
have been irregular. Of course Wall Street is greatly inOne event of the week of outstanding interest is
the sharp terested in the French debt settleme
nt, and so is the coma
decline in the grain markets. It looks as though
foreign mercial world in general.
competition was beginning to tell very noticeab
ly on the
London cables that coal troubles again menace
wheat trade of this country. Farmers persisted in
Great
planting Britain, less than 60 days after the
Government bought off
a big acreage and at the same time the Russian crop is
said the coal workers with a subsidy; that is, allowed
itself to
to be about double that of last year. It is even asserted
that be blackmailed under threat of a big coal strike that
would
Russia has chartered some 200 steamers to take grain
to the paralyze British industries in general. Submitt
ing to blackmarkets of Western Europe. Certainly the export
sales for mail is the worst possible policy; the remedy
for the threattwo weeks past have been notably small in this country
, ened evil is always worse than the temporary evil.
It is ta
especially during the last week. To make matters
worse be hoped that the British authorities will see this.
Society
from the standpoint of the farmer, Canadian supplies
are will have to protect itself from this kind of evil sooner
or
very heavy. Under the circumstances wheat has
declined later by stern methods. Though morally the same
as indisome 8 cents a bushel net since last Friday. Corn has
also vidual blackmailing, the effects are naturally far
worse
been declining sharply, especially for September delivery,
where a whole nation is involved. The latest coal
strike
which is down some 10 cents a bushel. Rye prices have
threat overshadowed the London stock market to-day.
Car
fallen fully as much, partly because of a lack of an export
loadings, with some natural fluctuations, tend to
mount to
1514
[Vol. 121.
THE CHRONICLE
.....
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4,.00MW.
.NO MMOSOOMOt,
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new high records, and they are decidedly significant. They cold-storage holdings of beef and pork and the sales of mechanical stokers
declined. The outstanding balance of the War Finance Corporation was
mean a quickening of trade. Buying is still in small lots, less
than a year ago, as were the receipts of gold at the 'United States Mint
mean
therefore,
but it is more frequent. The car loadings,
and the imports and exports of gold and silver.
more than heretofore. Railroads are called upon as carBUSINESS INDICATORS.
Relative Numbers-1919 Monthly Averag(100.
riers to respond to a quicker turnover. Their car loadings
show it. They are one of the signs of the times. The tide
Per Cent Increase (+)
or Decrease (-).
1925.
1924.
of business is rising in this country.
Fall River is running at 60% on the cheaper goods and
Aug. 1925 Aug. 1925
from
front
July
August
August
July
its sales of print cloths this week dropped to 40,000 pieces,
July 1925. Aug. 1C24.
as against 100,000 each for two weeks previously. It re+26.4
-1.1
91
70
Cotton consumption ____
+25.0
+25.0
35
28
ports a better business in tobacco cloths, however. At Lens- Cotton stocks
+7.3
0.0
59
53
steel orders
Unfilled
+8.9
dale, R. I., the Ann and Hope of the No. 4 mills of the Lens- Cement shipments
+1.2
256
232
+6.8
0.0
78
71
prices
Wholesale
of
about
a
shutdown
after
inst.
the
on
21st
reopened
dale Co.
+11.7
0.0
86
77
Retail prices
+9.0
73
+2.8
63
a week. At Manchester, N. H., the Ameskeag Textile Farm prices
+11.6
-1.6
125
108
Check payments.
+84.4
+14.5
Workers' Congress voted to continue the present wage Building contracts
166
88
pricesagreement for another six months. At York, Me., the York Security
+31.0
+5.0
148
107
25 industrials
+16.5
+3.9
134
100
25 railroads
Manufacturing Co. announced on the 23d inst. that its tex- Car
+10.8
+37.5
154
101
loadings
+47.4
+15.0
115
tile plant, employing 2,500 workers, would be closed from Imports. merchandise.._ 86
-73.3
-52.5
76
295
Imports, gold
other
+18.0
Sept. 25 to Oct. 5. At Durham, N. C., the textile and
+15.7
59
42
Exports, merchandise.._
0.0
-50.0
7
1
Industrial plants may not have to curtail operations on ac- Exports. sold
seasonal adjustments.
*With
in
helped
has
it
Rigid
of
saving
count of the water shortage.
the general use of water. Good rains have fallen and the
Domestic Business Conditions, According to the
drought has been relieved. Although there has probably
Government.
of
shortage
not been sufficient rainfall to relieve the power
the big Southern Power Co., many small plants that have
Further reports to the Department of Commerce on
been idle are now able to operate again. Raleigh, N. C., business conditions in August (made public Sept. 26)indicate
wired that with the breaking of the long drought throughout increases over July in the principal industrial indicators,
the State, business and industrial conditions are likely to such as the production of anthracite and bituminous coal,
Improve. In North Carolina they are said to be already beehive coke, the production of lead, the cut of Douglas
getting better. Cotton mills in a number of cases that were fir and yellow pine lumber, and contracts awarded in 36
closed a month ago are running full time. Most of the mills States, both in floor space and value, while the production of
that were closed down or running on short time are again silver and by-products coke, the cut of northern and western
getting back to normal operation, except where power pine lumber, the production of steel barrels, sales of strucshortage prevents, the rains not having been sufficient to tural steel, billings of finished cotton goods, the spindle
relieve the shortage in the cases of the bigger power corn- activity in cotton mills and production of newsprint paper
.panies. Many a mill manufacturing its own power from decreased. New insurance business increased as did savings
small streams is now back at work after several weeks' in New York banks, while sales of ordinary life insurance
shutdown. At Passaic, N. J., the woolen plants are said to and bank clearings declined.
be sold ahead on the most popular lines, especially men's
In comparison with August 1924, all these items showed
goods. They are anticipating good spring business. At substantial increases with the exception of bank clearings
Bombay, India, 52,000 cotton mill operatives are idle owing in New York City and the production of silver.
to dulness of trade. The number may be increased.
Japanese cotton spinners fear that proposed higher duties Dr. Haney, of New York University, Predicts Favorable
Business Conditions Through January.
on cotton goods in Australia, India and China will curtail
their exports to those markets.
forecast for business and industry is favorable
general
The
At Akron, Ohio, the auto tire output has been reduced for a period which will extend through January, according
20% from the August schedule and a further cut in October to Dr. Lewis H. Haney, Director of the Bureau of Business
is expected of 10%. There is a decided increase in the new Research of New York University, in his monthly forecast
business in lumber.
of business conditions. "Our main barometer rose .during
The fore part of the week here was cool, with the ther- the months of May, June and July," he said, "and as this
mometer as low as 48 degrees, and it was cold at the West. barometer anticipates business changes by about five months,
Lower temperatures also occurred in the far Southwest. we are still in the period of expansion. Moreover, our inLater it became warmer here. On the 24th inst. It was 63 at dex of consumer purchasing power in New York State
New York, 68 at Chicago and Milwaukee, 74 at Cincinnati, showed a gain in August which indicates that throughout
62 at Cleveland, 64 at Kansas City and Boston, 76 at St. the entire northeastern part of the country conditions are
Paul and 60 at Portland, Me. To-day it was 62 at 4 o'clock on the average such as to support a moderate business
here, after being 49 at 7 a. m., with the Indications for show- upswing.
ers and warmer weather. It fell 16 degrees in this State in
"Perhaps the most fundamental factor is the condition of
24 hours. There were heavy rains in Texas, Oklahoma and balance which exists among the several departments of the
the Southwest generally overnight.
nation's business. Retail trade on the average has been
steadily gaining. The July index was 118% of the average
four years, against 114% in June, and all indiSurvey of Current Business by United States Depart- for the last
that a further gain will be shown by August
are
cations
in
August
in
creases
ment of Commerce-In
trade is 114%, against 113% in the
Wholesale
figures.
Principal Industrial Indicators.
month preceding. Production in basic industries is 113%,
Depart• Further reports on business conditions to the
compared with 110%. Thus all departments of industry and
ment of Commerce indicate increases in August over July trade have increased. The main point, however, is that they
promine
the
as
in the principal industrial indicators such
are in balance. Activity in the various departments of the
duction of copper, production of cement, receipts of lead nation's business is in sound adjustment. The production
at Joplin, Mo., the production of oak flooring and prices department shows a heavy output, but the sales departof tubular plumbing fixtures, while the manufacture of auto- ments are doing even better. More than that, the retail
mobiles and trucks, consumption of cotton, the number of department shows larger sales than the wholesale departactive cotton spindles, cold-storage holdings of beef and
ment.
pork, the sales of mechanical stokers and stocks of cement
"In fact, there are relatively few maladjustments in busiexports
and
imports
Gold
July.
were smaller than in
ness
at the present time, which is striking evidence that no
outthe
showed decreases over the previous month, as did
major
business setback is in early prospect. The chief
standing balance of the War Finance Corporation, imports
are not new. They are the fact that we have so
troubles
'United
the
at
gold
and exports of silver and the receipts of
that it makes the open market rates on money
much
gold
States Mint. Some of these indicators for August we
low
and
inflated values and excessive speculation at
causes
referred to last week, page 1396. In its latest advices,
points, as in real estate and in stocks. Another trouble lies
Sept. 21, the Department says:
in the over-capacity of many industries. This over-capacity
Compared with August 1924, industrial indicators showed increases in
it holds
the consumption and stocks of cotton, the number of active cotton spindles, for production tends to counteract inflation, because
the manufacture of automobile trucks, the production and stocks of cement, prices in check and prevents the fear of not being able to
the mine production of copper, oak flooring, receipts of lead and the prices get goods as desired. But it also keeps a load hanging over
cf plumbing fixtures, while the manufacture of passenger automobiles, the
SEPT. 261925.]
1515
THE CHRONICLE
the markets which prevents anything more than moderate
expansion.
"I look for the peak of the building boom early next year.
Probably it will not be many months before money rates
advance to a point which is higher than the average yield of
high-grade stocks and bonds. These two developments
should be closely watched, as they will probably mark the
end of the upswing in the present business cycle."
Every section of the country and ever/State except Oklahoma shared in
the general gain. The lowest gain made in any of the nine geographical
sections of the country was 15% in the West South Central States; the
greatest gain was 33%, which was shown by both the Middle Atlantic and
the West North Central States. The gain over last August is due in large
part to better general business conditions this year. In August 1924
business was slower than in any other month in the year, and life insurance
sales fell off sharply.
The figures for the first eight months of 1925 show an average gain of
13% over sales in the same period of 1924. Every section has shared in
this gain as well as in the gain for the month of August. The leading sections are the Middle Atlantic and the West North Central States.
Fall Outlook for Wholesale and Retail Trade in Federal
Reserve District of Boston.
"Although the fall outlook for New England wholesale and
retail trade is encouraging, it is probable that up to the first
of October neither one of these lines will have reached its
estimated "normal" volume of trade for any month of this
year," says the Industrial Statistics Division of the Federal
Reserve Bank of Boston in a statement made public today
(Sept. 26), from which the following is also quoted.
According to reports received by the Federal Reserve Bank of Boston,
department stores in this district reported their sales during the first three
'weeks of September to be of practically the same amount as during the
corresponding period of September last year. Sales of the average New
England department store during September of last year, however, were
less than their estimated "normal." It is reasonable to expect, therefore,
that sales for the entire month of September this year will also fall below
"normal."
The following summary of wholesale and retail sales is based on the fina
figures for August and for the year to date:
SALES CONDITIONS.
Aug., 1925 Jan. thru Aug., 1925
compared with
Aug., 1924. Jan. thru Aug., 1924.
+4.5%
+2.4%
Connecticut Department Stores
-0.2
+4.0
Maine Department Stores
+0.5
+3.9
Massachusetts Department Stores
+1.5
+6;8
Rhode Island Department Stores
-3.5
+1.3
Vermont Department Stores
-1.0
Stores
+2.5
Department
Boston
+7.0
+3.0
Boston Women's Apparel Shops
+7.3
+2.6
New Haven Department Stores
+9.3
+1.7
Providence Department Stores
Stores
-0.5
+3.6
N. E. Department
-1.5
+0.2
N. E. Wholesale Grocers
+20.8
+8.5
N. E. Wholesale Shoe Concerns
During August, as has been true throughout the greater portion of this
year, the southern New England stores had more satisfactory trade conditions than the average New England store.
During this year the larger increases in wholesale shoe sales have come
through the sales of rubber footwear, rather than leather shoes. Wholesale
stocks of both leather and rubber footwear so far this year have averaged
less than during either of the past two years.
Variations in New England credit conditions are outlined in the following
table:
CREDIT CONDITIONS.
Percentage of Total Accounts Outstanding at the First of August Collected
During August.
1924.
1925.
44.5%
Boston Department Stores
46.0%
40.7
42.0
Boston Women's Apparel Shops
51.0
New Haven Department Stores
49.8
46.8
45.5
Providence Department Stores
47.7
47.8
New England Department Stores
70.6
N. E. Wholesale Grocery Concerns
69.6
28.8
33.8
N. E. Wholesale Shoe Concerns
Of the women's apparel lines, misses', Juniors' and girls' wear sold more
readily during August. Men's and boys' clothing sold rather slowly, and
only a fair volume of trade was reported in men's furnishings.
The following table shows the condition of sales and stocks in some of the
leading departments of the New England department stores during the
first eight months of this year, as compared with the corresponding months
in 1924.
SALES AND STOOKS BY DEPARTMENTS.
New England Department Stores, January through August, 1925, Compared
with January through August, 1924.
Sales.
Stocks.
+13.5%
Silk and Velvet Dress Goods
-1.7%
-15.5
Woolen Dress Goods
+2.3
-9.8
Cotton Dress Goods
-8.4
-4.8
Silverware and Jewelry
+2.2
-7.9
Men's Clothing
+4.8
Furnishings
+2.5
Men's
-8.3
+3.1
Boys' Wear
+4.9
-10.6
Women's Ready-to-Wear
-1.1
-0.8
Misses' Ready-to-Wear
-3.8
Juniors' & Girls' Ready-to-Wear
+12.3
+5.5
Millinery
+0.9
-2.6
Women's & Children's Gloves
-15.5
-10.8
-0.4
Corsets & Brassieres
-3.4
Women's & Children's Hosiery
+2.8
+1.1
+2.2
Knit Underwear, inc. Glove Silk
+6.0
-5.8
Silk & Muslin Underwear
-3.0
+5.3
Women's & Children's Shoes
-14.7
+3.8
Furniture
-1.6
Life Insurance Sales in Canada During August Show
Substantial Increase-Improvement in Most
Provinces.
.
Thirteen per cent more ordinary life insurance was pur:
chased last month in Canada than in August of 1924, according to a report just published by the Life Insurance Sales Research Bureau of Hartford, Conn. During that month
$31,724,000 of new business was delivered and paid for Fy
companies having in force 83% of the total business in Canada. In its advices the Bureau states further:
All the Provinces in the Dominion with the exception of New Brunswick
showed improved conditions, and Alberta and Nova Scotia showed gains cf
41% each.
Improving business conditions in the west were reflected by the records
of British Columbia, with a gain of 3%; Saskatchewan with a gain of 4%;
Manitoba with a gain of 14%, and the Alberta record of 41% gain. In
the east. Quebec had a gain of 20% and Newfoundland and Prince Edward
Island had gains of 19% and 2%, respectively.
There was a wide variation in the records of the,different cities. The
greatest improvement was in Quebec, with a gain of 111%; Winnipeg had
of 22%, Montreal 17% and Toronto 11%.
gain
a
The first eight months of 1925 have reached a point where the records
show a gain of7% over the corresponding months of 1924. The gain in the
twelve months ended Aug. 31 1925 over the preceding twelve months is6%.
Loading of Railroad Revenue Freight Declines.
Loading of revenue freight for the week ended Sept. 12
totaled 975,434 cars, according to reports filed by the carriers
with the Car Service Division of the American Railway
Association. This is a decrease of 127,512 cars under the
week before with decreases, compared with the preceding
week, in the loading of all commodities. The falling off
followed from the observance of Labor Day. Compared
with the corresponding week last year, the total for the week
of Sept. 12 was a decrease of 86,347 cars and a decrease of
85,129 cars under the corresponding week in 1923. In
making comparisons, however, with the corresponding week
both in 1924 and 1923, consideration must be given, to the
fact that both represented full weeks, Labor Day holidays
having been included in the preceding week in both previous
years. The following further details are added:
Miscellaneous freight loading totaled 376,151 cars, a decrease of 48.909
ears under the week before and 17.544 cars under the same week last year.
It also was a decrease of 4,482 cars under the same week two years ago.
Loading of merchandise and less than carload lot freight amounted to
238,035 cars, a decrease of 30,957 cars under the week before and 16,270
cars under the same week last year. Compared with the corresponding
week two years ago, it also was a decrease of 11,382 cars.
Coal loading totaled 157,357 cars, a decrease of 20,861 cars under the
week before and 25,443 cars under the same week last year. Compared
with the same week in 1923. it also was a decrease of 14.520 cars.
Grain and grain products loading amounted to 44,690 cars, 11,041 cars
below the week before and 21,539 cars under the same week last year. It
also was a decrease of 9,761 cars below the same week in 1923. In the
Western districts alone grain and grain products loading totaled 32,367
cars, a decrease of 15,159 cars under the corresponding week last year.
Live stock loading for the week amounted to 28,687 cars, a decrease of
3,525 cars below the week before and 10,107 cars below the corresponding
week last year, as well as 10,373 cars under the same week two years ago.
In the Western districts alone 20,886:cars were loaded with live stock
during the week, 8,163 cars below the same week last year.
Coke loading totaled 10,975 cars, a decrease of 330 cars below the preceding week but 2.684 cars above the corresponding period in 1924. Compared with the same period in 1923, it was a decrease of 2,505 cars.
Forest products loading totaled 64,764 cars, 6.895 cars below the week
before and 5.069 cars below last year, as well as 10,222 cars below the same
. week two years ago.
Ore loading totaled 54.775 cars, a decrease of 4,994 cars below the preceding week but 6,941 cars above last year. It was, however, a decrease
of 21,884 cars under the same period two years ago.
Compared with the preceding week this year, all districts, because of
the Labor Day holiday, reported decreases in the total loading of all commodities. The Pocahontas and Southern districts were the only ones to
report increases over not only the corresponding week last year, but also
two years ago, which weeks, in both previous years, did not include a
holiday. Labor Day having been observed in the preceding weeks of both
years.
Loading of revenue freight this year compared with the two previous
years follows:
1925.
1924.
1923.
August Ordinary Life Insurance Sales Make Record Five weeks in January
4,294,270
4,239,379
4,450,993
February
in
3.619,326
weeks
3,631,819
3,414,869
Gain.
Four
3.694.916
3,661,922
3.662,552
Four weeks in March
A record gain of 27% over the corresponding month of last Four weeks in April
3,721,662
3,498,230 . 3,764,266
4,854.720
4,473,720
4,876,893
year was made by sales of ordinary life insurance in August, Five weeks in May
3.956,011
weeks in June
3.625,182
4,047,603
according to figures just issued by the Life Insurance Sales Four
3,887,834
3,524.909
3,990.735
Four weeks in July
Research Bureau of Hartford. The total volume of business Five weeks in August
5.364.010
1,843.997
5.209,21,9
1,102,946
921.303
928,916
sold by the 81 reporting companies in August this year was Week ended Sept. 5
975,434
1,061.781
Week ended Sept. 12
1,060,563
$646,493,000. These companies have 88% of the
total
business in the country. The Bureau says:
. Total
35,627,852.,
33.537,142
35,114,935
1516 '
THE CHRONICLE
(VOL. 121.
Advance Report for August on Electric Power in Phila- The 133 identical Southern Pine mills in the group showed
delphia Federal Reserve District.
The following table, issued the current week by the Department of Statistics and Research of the Federal Reserve
Bank of Philadelphia, shows the production and sale of electric power by representative utilities in the Philadelphia
Federal Reserve District in August as compared with the
previous month and with 1924. Total sales increased 1.2%
as compared with July and 26% as compared with August
1924. Sales to industries were nearly 30% larger than a
year ago, however. As compared with the previous month,
industrial sales in August increased 3% about the same
amount as wage payments to factory workers in the States
.of the district.
Electric Power.
August.
unfilled orders of 270,272,000 feet last week as against
262,211,072 feet for the week before. For the 106 West
Coast mills the unfilled orders were 338,626,975 feet as
against 341,130,198 feet for 108 mills a week earlier.
Altogether the 369 comparably reporting mills had shipments 103% and orders 101% of actual production. For
the Southern Pine mills these percentages were respectively
100 and 110, and for the West Coast mills 112 and 107.
Of the reporting mills 359 (having a normal production
for the week of 219,609,178 feet) gave actual production
109%, shipments 112% and orders 110% thereof.
The following table compares the national lumber movement as reflected by the reporting mills of seven regional
associations for the three weeks indicated:
Changefrom Changefrom
July. s
Aug. 1924.y
Rated generator capacity
792,000 KW
+7.2%
0.0%
Generated output
255,844,000 KWH
+1.3%
+24.3%
Hydro-electric
(z)
Steam
220,953,000 KWH
+1.1%
+23.6%
Purchased
34,362,000 KWH
+3.2%
+32.8%
Bales of electricity
222,701,000 KWH
+1.2%
+26.0%
Lighting
37,178,000 KWH
+2.9%
+18.9%
Municipal
5,800.000 KWH +13.1%
+9.4%
Residential and commercial__ _ _ 31,478,000 KWH
+1.5%
+21.4%
rower
169,238,000 KWH
+23.9%
+0.7%
Municipal
1.565,000 KWH
8.9%
+10.3%
{Street cars and railroads
37,870,000 KWH
-6.1%
+7.8%
Industries
129,803,000 KWH
+29.8%
+3.0%
All other sales
16.185.000 KWH
+2.6%
+85.7%
10 systems.
y 9 systems.
z Only 2 plants reported this item.
Mills
Production
Shipments
Orders (new business)
Past
Week.
369
248,950,255
256,565,333
250,889.090
Corresponding Preced'g Week
Week 1924. 1925 (Revised).
367
364
227,439,688
240,852.446
222,161.194
226.984,318
224,719,143
204.016,018
The following revised figures compare the lumber movements of the seven associations for the first thirty-eight
weeks of 1925 with the same period of 1924:
1925
1924
1925 increase
Production.
Shipments.
Orders.
9,314,783,696 9,179,871,968 9,023,128.998
8,893.165.548 8.808,633,847 8,547,551,541
421.618.148
371.238.121
475.577.457
The mills of the California White & Sugar Pine Manufacturers' Association make weekly reports, but for a considerable period they were not comparable to orders with
those of other mills. Consequently, the former are not
represented in any of the foregoing figures. Nine of these
mills reported a cut of 13,822,000 feet, shipments of 11,261,000 feet and orders 8,277,000 feet. The reported cut represents 32% of the total of the California pine region. As
compared with the revised report for the preceding week,
when twelve mills reported, there were decreases in production, shipments and new business.
The Southern Cypress Manufacturers' Association (also
omitted from above tables) for the week ending Sept. 16
reported from 14 mills a production of 5,167,052 feet, shipments 4,640,000 feet and orders 4,980,000 feet. With one
more mill reporting, this Association showed slight increases
In production and new business, while shipments were somewhat less than those reported for the previous week.
Automobile Prices and New Models.
Among the reports of interest to the automobile industry
during the week was that to the effect that the Hupp Motor
will announce on Oct. 10 the addition of a light six to its
line. The price hits not been determined. The company,
it is said, plans to make between 6,000 and 7,000 new sixes
fluring the last three months of the year and about 5,000 of
iaight-cylinder ears. The Jordan Motor Car Co. is introducMg a low-priced eight-cylinder series in two models called the
Lined Eight Series, with a roadster priced at $1,695 and a
sedan at $1,845. These models are the lowest-priced offerjngs in the eight-cylinder field. Prices on the Great Line
Eight series remain unchanged. It is announced that the
Rickenbacker Motor Co. has added a three-passenger coupe
roadster to both the six and eight cylinder lines. The price
(the former is $1,695 and that of the latter $2,095.- The
ears are provided with a rumble seat in the rear deck which
seats two additional passengers. The equipment is the Weekly Lumber Review of West Coast Lumbermen's
same as on other Rickenbacker closed cars.
Association.
One hundred and eight mills reporting to West Coast
Advance Report for August on Automobile Trade in Lumbermen's Association for the week ending Sept. 12 manPhiladelphia Federal Reserve District.
ufactured 93,065,979 feet of lumber, sold 81,044,567 feet
Sales of automobiles both at wholesale and retail by report- and shipped 86,750,345 feet. New business was 13% below
ing distributors declined seasonally in August, according to production. Shipments were 7% above new business.
Thirty-eight per cent of all new business taken during the week was for
the Department of Statistics & Research of the Federal future
water delivery. This amounted to 30,775,891 feet, of which 19.195,Philadelphia,
which
of
adds:
Reserve Bank
477 feet was for domestic cargo delivery and 11.580,414 feet export. New
Business was doubtless retarded by the expected announcement of
many new models and new prices in September. However, in the higherpriced class-cars selling at more than 32,000-both retail and wholesale
business was larger. The number and value of cars held in storage was
somewhat larger owing to a considerable increase in stocks of higher-priced
cars. Used car business was also less than in July Detailed figures are
shown in the accompanying table
Number.
15 Distributors.
Change
from
August
1925. July 1925
Sales of new cars at wholesale
Cars selling under $1,000
Cars selling from 51.000 to $2,000.._
Cars selling over $2000
Bales of new cars at retail
Cars selling under 51.000
Cars selling from 61,000 to 52,000
Cars selling over 52,000
Stocks of new ears
Cars selling under 61.000
Cars selling from 51.000 to 62,000...
Cars selling over 32,000
Sales of used cars
Stocks of used cars
Retail sales on deferred payment
2.638 -14.2%
1,955 -19.5%
423
-4.7%
260 +28.7%
308
-7.2%
35 -45.3%
105
-5.4%
168
+7 0%
1,029
+2.5%
604
-0.3%
185
-6.6%
240 +20.0%
1,223 -15.7%
1,351
-3.5%
117 -11 4%
Value.
August
1925.
Change
from
July 1925.
$2,525,401
-4.0%
1,286,874 -16.6%
-2.9%
577,827
660,700 +34 3%
782.189
-4•1%
29,407 -47.8%
191.925
-6.5%
560.857
+1.2%
1,318,940
+6.6%
-29%
369,471
-3.1%
276,167
673,302 +17.8%
446,354 -11.1%
-5.8%
497.683
236,471 +12.0%
Weekly Lumber Movement Increases.
Reports received by the National Lumber Manufacturers'
Association from 369 of the larger softwood mills of the
country for the week ended Sept. 19 indicate slight increases
In production, a substantial increase in shipments and a
marked increase in new business as compared with reports
from 367 mills the week before. In comparison with reports
for the same period a year ago there were notable increases
In all three items.
The unfilled orders of 239 Southern Pine and West Coast
mills at the end of last week amounted to 608,898,975 feet
as against 603,341,270 feet for 241 mills the previous week.
business by rail amounted to 1,514 cars.
Thirty-seven per cent of the lumber shipments moved by water. This
amounted to 31,771,669 feet, of which 21,637,607 feet moved coastwise
and intercoastal, and 10,134,062 feet export. Rail shipments totaled 1,671
cars.
Local auto and team deliveries totaled 4,846,676 feet.
Unfilled domestic cargo orders totaled 121,335,858 feet; unfilled export
orders, 88,454,340 feet; unfilled rail trade orders, 4,378 cars.
In the first 37 weeks of the year production reported to West Coast Lumbermen's Association has been 3,695.485.000 feet, new business 3,819,785.235 feet and shipments 3,852.393,046 feet.
Steel Consumption Is Large-Pig Iron Market Gains
Strength.
The steel trade as a whole is rather in the position of
consolidating its gains of August and early September than
of making a further forward movement in production,
according to the "Iron Age" this week. In new business steel bars show the largest gain, some good contracts
having been closed for the fourth quarter, and a number of mills came nearer to having backlogs in this widely
used product than at any time since February, continues
the market review issued by this authority, adding:
Rail buying still figures largely in all predictions for the later fall and
the present week has converted some recent car and locomotive inquiry
Into contracts. October and November are expected to bring out rail
orders from leading lines, with the possible exception of the Pennsylvania,
which only bought its 1925 rails last February and thus far has called for
but a part of them.
Manufacturing consumers of steel as a rule are holding to their recent
rate of operations, which was exceptional for the summer months. Car
works have picked up but little and there is some falling off in automobile
output, though less than was expected apart from the special interruption
at the Ford plant.
Steel ingot production, taking the average of the industry, is probably
a little above 75%. The Steel Corporation apparently has reduced its
pig iron stocks, as one Edgar Thomson furnace has blown in and one of
the Carrie group will follow.
SEPT. 261925.]
On the ordinary run of steel bar business the recent increase in buying
has brought a firmer market. Detroit is still a soft spot and larger transactions elsewhere have been at 1.90c. The sheet market still shows weak
spots and wire nails at $2 60 represent a concession of $1 a ton. Wire
mill orders this month from jobbers and manufacturers exceed those of the
first three weeks in August and operations are now over 60%•
The effort of some steel manufacturers to secure a large operation,
regardless of seasonal limitations and of the settled policy of consumers to
limit stocks, points to a continuance of the present price situation.
Equipment purchases of the week include 50 locomotives for the Chesapeake & Ohio, 1,000 box cars for the Illinois Central and 1,000 steel underframes for the Baltimore & Ohio.
New structural awards amount to 34,000 tons. The largest of these
was the Hotel Stetler, Boston, 8,000 tons. August sales of fabricated steel
were 79% of capacity, compared with 83% in July. Shipments were 83%
in August and 85% in July. For the eight months this year the shipments
were 1,734,000 tons, against 1,572,000 tons for that period in 1924.
The South Shore bridge at Montreal, 28,000 tons, goes to the Dominion
Bridge Co., but the announcement of the steel award in this country is yet
to be made. The Midland (Ontario) Shipbuilding Co. has taken a large
freight boat, requiring 5,000 tons of plates.
Production of sheets in August, according to records of the association
of independent sheetmakers, was nearly 10% and shipments were nearly
9% above those in July. Unfilled orders were reduced barely 3%,and on
Aug. 31 represented six to seven weeks of the current rate of output, which
is over 85% of capacity. August sales were about 5% below the July total.
The 50c. pig iron advances oflast week at Pittsburgh and Chicago followed
substantial bookings for the last quarter of the year. In some other districts, including the East,they have brought various large foundry interests
into the market for round lots. Merchant pig iron production is about
holding its own, and the same is true of foundry operations. Southern pig
iron and Ohio silveries have advanced. The coke situation, apart from
some nervousness over labor, is little changed, with prompt furnace coke
at $3 75.
The sale of 38,000 tons of receiver's pig iron in eastern Ohio means the
gradual marketing of a stock locked up for months.
Steel scrap is lower in all markets and in the Chicago district shipments
have been held up by steel companies. In the Pittsburgh district a number
of steel makers have increased the pig iron percentage in their open hearth
operations.
A German cast iron pipe foundry again made low prices on a portion of
the 7,000 tons on which bids were taken in New York this week. At the
previous letting in July foreign bids were rejected.
Further advance in the "Iron Age" composite price for pig iron brings it
to $19 54, against $19 46 last week. The gain since mid-year has been 58c.,
or 3%, according to the composite price table, which is appended:
Sept. 22 1925. Finished Steel, 2.396c. per Pound.
Based on prices of steel bars, beams. tank One week ago
2.396c.
plates, plain wire, open hearth rails, One month ago
2.3911e.
pipe and black sheets, constituting 88% One year ago
2.474c.
of the United States output
10-year pre-war average-1.689c.
Sept. 22 1925. Pig Iron, $19 54 per Gross Ton.
Based on average of basic and foundry One week ago
$19 46
irons, the basic being Valley quotation,_ One month ago.
19 04
the foundry an average of Chicago. One year ago
19 46
Philadelphia and Birmingham
10-year pre-war average.. 15 72
-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
Fig iron
Low $20.77 Nov.20 $19.21 Nov. 3 $18.96 July 7
Buyers of iron and steel are more alive to their forward
needs and for the first time in several months is there a
general attitude to provide against expected as well as
immediate requirements, says the "Iron Trade Review" this
week. Demands are proving greater than previous estimates, which, along with mill deliveries less prompt and
prices steadier, provides more incentive to extend commitments. Formal inquiry from consumers, which was exceedingly limited, is reappearing in volume, notably in the
Middle West. New tonnage in a number of lines is keeping
ahead of shipments and the position of makers with respect
to order books is further improved, according to the "Review's" summary of market conditions, from which we
quote further as follows:
The trend of production continues slowly upward and is now around
75%. The Steel Corporation this week is operating at highest point since
April with slightly more than 75% ingots and 64% blast furnace capacity
engaged.
An outbreak over sheet mill wages at the McKeesport plant of the
American Sheet & Tin Plate Co. was shortlived, the men returning this
week. A point to which sheet mill wages have been lowered by reduced
market prices under the sliding scale agreement remains a source of concern to various employers. Some sporadic labor troubles at independent
plants in Connellsville coke regions have been adjusted without advances.
After the auspicious showing last week, railroad buying failed to keep
pace with the more favorable prospects. All roads still show a disposition
to more slowly, with new purchases pending rate matters apparently a
factor. Heavy rail requirements are estimated at 600.000 tons, in addition
to 150,000 tons of track fastening in sight for Western systems for 1926
delivery.
Building steel activity is still showing unusual balance, the week's lettings
totaling 35,117 tons. Bookings for August are officially announced at
229,100 tons, with 237,800 tons for July and 253,200 tons in June.
Chicago furnaces from which shipments are the largest since the war,
have lifted pig iron 50 cents for second time. St. Louis and eastern Pennsylvania producers are able to establish a similar revision.
French cast iron pipe makers took 6,000 tons for Norwich, Conn., and
1,000 tons for Cuba this week. German makers are low bidders on about
3,000 tons for New York City.
The composite this week on 14 representative iron and steel products is
$37 40. This compares with $37 35, which is the composite over the last
two weeks.
Advance Report by Federal Reserve Bank of Philadelphia on Steel and Iron Foundry Operations
in August.
The Department of Statistics & Research of the Federal
Reserve Bank of Philadelphia presents as follows its advance
report on steel foundry operations in the Federal Reserve
District of Philadelphia for the month of August 1925:
1517
THE CHVONICLE
In the table below the main operating features of 12 steel foundries in
this district are given for August with percentage changes from the preceding month. Like comparisons are made with the corresponding month
of 1924, the computations being made from the reports of six identical
foundries.
STEEL FOUNDRY OPERATIONS,THIRD FEDERAL RESERVE DISTRICT.
Capacity,tons
Production, tons
Shipments, tons
Value
Unfilled orders. tone
Value
Raw stockPig iron, tons
Scrap,tons
clnk,z• tnna
August
1925.*
% Change
from
lifonth
Ago.
August
1924.a
% Change
from
Year
Ago.
12,490
5,191
4,157
3714,171
4,061
$1,541,364
-13.2
-22.2
-26.0
+2.1
+9.9
6,850
2.398
2.299
$399,899
2,388
$541,219
+43.3
+10.2
+2.1
+17.8
+119.7
2,248
10,550
1 306
-8.4
+8.0
+18.0
2,151
8.418
621
-12.5
+41.8
+50.7
*Twelve firms. a Six firms.
The following is the advance repoil on iron foundry
operations in the district for the month of August:
An analysis of the reports of 28 iron foundries in this district for the
month of August is presented in the table below, showing the percentages
of change in operating items as compared with the preceding month and
August 1924:
IRON FOUNDRY OPERATIONS, THIRD FEDERAL RESERVE DISTRICT.
•
Capacity,tons
Production,tons
Malleable iron, tons
Gray iron, tons
Jobbing,tons
For further mfr., tons
Shipments, tons
Value
Unfilled ordels,tons
Value
Raw stoa,
t*Iron.tow
Scrap,tons
Coke. tons
August
1925.
P. C. Change
Month Ago.
P. C. Change
Year Ago.
9,502
4,409
520
3,889
3,497
392
4,424
$642,46
4,943
5750,814
-8.7
-1.4
-9.9
+1.0
-54.2
-6.6
-3.9
-9.7
-8.4
+4.7
+30.0
+2.0
+28.5
-64.0
+2.5
-5.5
-6.2
-18.4
4,513
2,687
1.751
-12.6
+14.5
+3.9
-5.2
+6.4
+62.4
Price Reductions Occur in Crude Oil and Gasoline
Markets.
Mixed price changes occurred during the week in the pe.
troleum markets, one of the earliest noted being the report
from Houston, Texas, on Sept. 19 that the Gulf Coast fuel
oil market was showing improvement. Bunker "C" oil fuel
in cargo lots is bringing $1 40 a barrel, with ship bunker oil
quoted at $1 50. Panuco fuel oil was offered at slightly less
than $1 20 a barrel, and North Texas fuel oil was firm at
$1 10 to $1 15. Smackover was offered at 973c. a barrel
f. o. b. Smackover. The Standard Oil Co. of California announced on Sept. 23 reductions ranging from 5 to 25 cents
a barrel in the various grades of crude oil produced in that
State. The company also reclassified crude oils. The following statement was issued from its local office:
The Standard Oil Co. of California announces a reduction in its current
offered price for crude oil at the well in the California oil fields, effective
Sept. 22. Heretofore the company's offered price for a given gravity of
oil has been the same in all fields, representing an average value, although
oils of the same gravity in different fields varied in quality.
The new schedule now offered provides prices for each field and takes into
account the varying values of oils of the same gravity in different fields.
There are now nineteen price classifications covering the various fields in
California. In several of the major fields of Southern California the price
reductions range from 25 cents per barrel in the case of the base price for
14 gravity crude to 10 cents for the 42 gravity crude. In the Midway
Sunset, Elk Hills fields of the San Joaquin Valley the base offered price for
14 gravity crude Is reduced 35 cents per barrel, with no decrease for the very
lightest grades.
Several changes were also reported in the gasoline markets
early in the week. The Standard Oil Co. of New Jersey,
to meet local competition, reduced gasoline prices a half cent
a gallon in Maryland, Virginia, West Virginia and North
and South Carolina on Sept. 19. No change was announced
in Baltimore or Washington or in New Jersey. The company at the same time announced an advance of X cent a
gallon in export kerosene prices, making the price for standard white 16.40 cents a gallon in cases and water white
17.40 cents. The Gulf Refining Co. announced a reduction
of X cent a gallon on gasoline to meet competition of the
New Jersey company in the South. On the same day the
Standard Oil Co. of Louitiana announced advances of from
M to 1 X cents on gasoline. The advances affecting Louisiana and Arkansas became effective on Sept. 21. The advance of 1 X cents a gallon affected only a few districts.
Northwestern Pennsylvania refiners also announced an advance of X cent a gallon in wholesale gasoline prices.
Reports published on Sept. 22 observed that, although
the price in steel barrels to garages in New York City is
quoted at 17c. a gallon and some factors are asking a retail
price of 20o. a gallon, some gasoline stations are offering at
15c. a gallon, or two cents below the bulk price. Consumption is still very heavy, although the heavy consuming season
is rapidly waning. Export buying is spasmodic and not as
1518
[VOL 121.
THE CHRONICLE
good as anticipated. In tank cars at local refineries the
asking price is 113.c. a gallon, but it is more than likely
that this price can be substantially shaded on a firm bid.
Cased gasoline is quiet and unchanged, according to the
dispatches.
Press dispatches from Omaha, Neb., dated Sept. 22,
declared that the fifth day of Omaha's gasoline war found
prices at filling stations ranging from 14o. to 12.9c. per
gallon, including a 2c. tax. The latest cut was announced
by the Elrod & Howell independent gasoling filling station.
The cut rate stations of H. M. Michel still sold at 13.9c.,
including tax, a price which Mr. Michel said was "the limit."
Filling stations of the Standard Oil Co. of Nebraska were
selling at 14c., including tax.
On Sept. 23 wholesale gasoline was reported as being
slightly lower in price in Group 3, most refiners quoting 10e.
for United States 'Motor, while some large rzfiners have
dropped to 9Ye. North Texas prices, however, are firm.
Fuel oil was reported a little firmer, 1.073/zo quoted as
minimum for 24-26.
Silk and Fur Rivals.
However, no doubt.exists that worsteds will again be used in coatings
next spring, but the sellers are less sanguine about their use in dresses.
It was held, nevertheless, that the fall season is just getting under way
and that there will be a brisk increase in worsted goods used in dresses,
and to a lesser extent in suits. It is not thought that suits will be a spring
factor. Moreover, good grade woolens are suffering in competition with
popular prices fur coats.
The American Woolen Co., confirming the strong fashion trend toward
silky fabric effects, are sponsoring as a radical departure for the big factor,
rayon mixtures in many of their numbers, particularly in novelty cloths,
which run about equal to the number of staples brought out. Last spring
staples averaged 80% of the line to 20 for fancies. The extensive line is
also developed in 74 new color schemes, but the lightest weight cloths are
9 ounces as compared with 5% to 7 ounce weights stressed by a number
of indepdendents in dress materials to rival silks.
It Is noteworthy that the American was never considered an important
dress goods factor, confining most of its business to the cutting-up trade,
whereas other corporation mills which cater more strongly to the jobbing
mail-order and chain-store trades specialize in dress goods of lighter weight
to the comparative neglect of coatings, which still remain the American's
mainstays. It is questionable, some authorities say, whether the coming
style trend will lean toward dress goods or to coatings, but the spring
season is considered one for the former type of merchandise.
Fall Trade Expanding.
The leading factors agree that fall trade is just getting under way at
this time, that weather conditions begin to favor heavier cloths, and that
short stocks in both first and second hands will make themselves felt when
consumer demand broadens in a seasonal way In the next few weeks, providing that weather stimulus continues. A favorable development in that
line would serve to clean up fall goods and open the way to spring lines,
is the mill men's expectations, and on this premise the linos are expected
to show moderate success, competition from silks still remaining an obstacle of no mean proportion.
To meet the late season call for current fabric successes the American
Woolen CO., desirous of checking overproduction and stimulating further
interest in fall goods, has retained several important numbers for deliveries
the last quarter of the year. Consequently they have repriced the following:
Opening.
Now.
Reduced.
Duv-bloom 0891
$4 17%
$3 95
22%c.
Fawn suede 13434
240
2 17M
223-dc.
Ormadale 21371
5 62%
545
17iic.
Velsheen 0910
460
425
35c.
This change, an official states, was effected despite the success of the
numbers this season, and will favor buyers with orders already on the books.
Their Petit-tip type Venise 0923 remains unchanged at $4 62M, though
it has been sold in the secondary market at premiums ranging up to $1 a
yard. Velverette 21384 also remains at $5 72%. Velours, polaires, suedes,
duv-blooms, repps and flannels are continued in the line, but the flannels
show an average reduction of 8% in price, the company considering them
staples for spring.
Crude Oil Production Again Declines
The estimated daily average gross crude oil production
in the Smackover heavy oil field was 181,600 barrels, an increase of 900 barrels for the week ended Sept. 19, according
to data furnished by the American Petroleum Institute. The
daily average production in the United States for the week
ended Sept. 19 was 2,131,600 barrels as compared with
2,133,050 barrels for the preceding week, a decrease of 1,450
barrels. The daily average production in the United States
excluding Smackover heavy decreased 2,350 barrels. The
daily average production east of California was 1,470,600
barrels, as compared with 1,463,550 barrels, an increase of
7,050 barrels.
California production was 661,000 barrels as compared
with 669,500 barrels for the preceding week, a decrease of
'8,500 barrels. Santa Fe Springs is reported at 54,000 barrels, no change; Long Beach, 104,000 barrels, no change;
Huntington Beach, 44,000 barrels, against 43,500 barrels;
Torrance, 35,000 barrels, against 36,000; Dominguez, 29,500
barrels, no change; Roseerans, 25,000 barrels, against 22,500; Wages Cut in Jersey Mills-6,200 Employees Affected
by Reduction in Botany Plants.
Inglewood, 93,000 barrels, against 99,000.•
The following is from the New York "Evening Post" of
The estimated daily average gross production of the MidContinent field, including Oklahoma, Kansas, North, East last night (Sept. 25):
Notices announcing a wage reduction of 10% were posted to-day in the
Central and West Central Texas, North Louisiana and Ar- Botany
Worsted Mills of Passaic and the Garfield Worsted Mills of Garkansas, for the week ended Sept. 19, was 1,111,950 barrels, ield, according to the Associated Press. The notices, affecting 6,200
operators,
also announced a reduction in the payment for overtime from
with
1,101,400
compared
week,
barrels
for
preceding
as
the
of the basic rate to 10. The mills are operated by the Botany Conan increase of 10,550 barrels. The Mid-Continent produc- 25%
solidated Mills, Inc.
tion excluding Smackover, Ark , heavy oil, was 930,350 barColonel Charles F. H. Johnson, Vice-President of the mills, said the
reductions were necessary if competition was to be met. He pointed out
rels, against 920,700 barrels, an increase of 9,650 barrels.
that Passaic mills did not meet New England's wage reduction of last
The following are estimates of daily average gross produc- spring.
indicated:
weeks
the
tion for
No General Shoe Wage Reduction for HaverhillDAILY AVERAGE PRODUCTION.
Chairman of Board Denies Request of
Sept. 19'25. Sept. 12 '25. Sept. 5 '25. Sept. 20'24.
(In Barrels.)
546,500
Oklahoma
493,950
479,050
476,000
Manufacturers Therefor.
Kansas
111,500
111,150111,200'
72,700
77,250
77,350
North Texas
78,950
Associated Press advices from Haverhill,
The
following
104,300
87,700
88,350
East Central Texas
90,850
76,350 Sept. 23, appeared in the Boston "Transcript":
West Central Texas____
74,950
78,700
80.900
North Louisiana
Arkansas
Gulf Coast
Southwest Texas
Eastern
Wyoming
Montana
Colorado
New Mexico
California
Total
47,800
218,800
95,050
45,450
107,500
87,800
15,050
3,800
4,000
661,000
48,650
218.150
96.650
43.850
107,500
91,200
15,100
4,000
3,850
669,500
48,150
224,050
95,700
44,050
107,500
88,050
12,450
4,200
3,800
673.000
54.150
131,850
84,800
48,450
108,500
100,550
10,000
1,550
700
612,800
2,131,600
2,133,050
2.138,850
2,038,850
Chairman Edwin Newdick, of the Haverhill Shoe Board, to-day denied
the request of the Haverhill Shoe Manufacturers' Association for a general
wage reduction of 20 to 30%. The only changes in prevailing prices
approved by the board are in hour rates. The board will proceed to
equalize hour rates, but piece prices will remain unchanged. Ninety per
cent of the work in the local industry is done by piece rate. Chairman
Newdick, commenting on his decision, declares that the greatest improvement In business noted for several years in the local industry has occurred
during the fall season and that drastic changes in wages are not warranted.
Announcement of the policy to be followed in rendering detailed wage
decision removes all obstacles from the path of negotiations between the
union and manufacturers on a new working agreement Jan. 1. The
union had previously refused to enter negotiations until the board's decision
was made.
Opening by American Woolen Co. of Women's Wear
Department for Spring of 1926 with Lower
Price Scales.
Proposed Rubber Exchange of New York.
The American Woolen Co. opened on Sept. 23 complete
The following announcement was issued on Sept. 22 to
lines of women's wear fabrics for spring, comprising coatings,
suitings and skirt materials, at an average price reduction, members of the rubber trade by F. R. He:' erson, President
says the New York "Journal of Commerce," of 5 to 10% of the Crude Rubber & Foreign Proauce Corporation:
I have recently obtained a charter for the Rubber Exchange of New
compared with a year ago. Previous price reductions on York,
and hereby extend to the members of the rubber trade of New York
Aug.
8,
columns
in
these
lines
were
indicated
spring 1926
a cordial invitation to a meeting to be held on Friday afternoon at 3:30
the
p. m., Sept. 25 1925, at the Reform Club, Mill Lane, New York City.
page 648. Regarding this week's showing, we quote
At this meeting I will place before you the charter and by-laws for the
following from the "Journal of Commerce":
purpose of
Popular fall fabrics retained for the new season show cuts of 173ic. to
35c. a yard, except for the highly favored Petittip (honeycomb effect)
broken pile coatings, which remain unchanged in price.
The lower prices basis, not actually comparable on new fabrics, but
reflecting a general condition, is ascribed not only to lower wool, labor and
overhead costs, but to the pressure for a broader workable basis in stiff
competition with silk goods. Silk being the favored spring medium,
having gained popularity the last few seasons in coats as well as dresses,
selling factors are constrained to take radical steps to meet the resulting
narrower outlet for woolens and worsteds.
giving you an opportunity to join in the establishment of a
Rubber Exchange in New York, and to elect necessary committees.
Activity in the Cotton Spinning Industry for August,
1925.
The Department of Commerce announced on Sept. 19
that according to preliminary figures compiled by the Bureau
of the Census, 37,822,040 cotton spinning spindles were in
SEPT. 26 19251
place in the United States on August 31 1925, of which
31,269,774 were oyel:Wirat',some ,timen77171177MTE,
compared with 31,760,593 for July, 32,309,896 for,June,
33,147,632 for May, 33,412,650 for April, 33,225,182 for
March, and 29,010,630 for August, 1924. The,,aggregate
number of active spindle hours reported for the month was
6,954,443,849. During August the normal time of operation
was 26 days, compared with 26 for July, 26 for June, 2534
for May,252-3 for April,26for March. Based on an activity
of 8.78 hours per day, the average number of spindles
operated during August was 30,464,534 or at 80.5% capacity
on a single shift basis. This percentage compares with
84.3 for July, 89.0 for June, 93.6 for May, 100 for April,
99.6 for March, and 63.1 for August, 1924. The average
number of active spindle hours per spindle in place for the
month was 184.
The total number of cotton spinning spindles in place, the
number active, the number of active spindle hours and the
average spindle hours per spindle in place, by states, are
shown in the following statement:
Spinning Spindles.
Slate.
In Place
August 31.
Active DurAugust.
United States
37,822,040
31,269.774
Cotton-growing State
New England States_
All Other States
17,633,010
18,233,830
1.955:200
16,479,272
13.183,431
1,607,070
1.433,968
1.227.531
2,853,664
1.122.024
11.520.194
1,371,110
994.140
2,695,430
1.048,881
7,935,790
939,524
473.797.
783.376
5,525,178
132,012
2,167,102
5,088,052
466,311
223,784
677,534
747.692
Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All Other States
•
1519
THE CHRONICLE
5445,734
512,764
990.374
5,976,681
157,761
2,773,531.
5,320,341
549,21'.
239,59t
711.314
987,334
Production of Coal in August and Average Daily Output Per Working Dag.
BituminousAnthracite
Daily
Daily
Month.
Average.
Month.
Average.
Net Tons (a)1.430.000
June
37,167.000
7.804,000
300.000
1,522,000
8.544,000
39.582.000
329.000
July
44.883,000
1.726,000
August
8,882,000
342,000
a Estimated-subject to revision.
Output of Bituminous Coal Declines-Anthracite
Mines Not Producing-Coke Remains at Previous
Week's Level.
The weekly report on the production of bituminous coal,
anthracite and beehive coke, issued by the Bureau of Mines,
Department of Commerce, Sept. 19 1925, estimates that
the production of bituminous coal decreased by about 833,000
tons in the week ended Sept. 12, while the output of anthracite was but 5,000 tons. The report follows:
Because of.the Labor Day holiday, production of soft coal decreased
during the week ended Sept. 12. Total output for the week is estimated
at 9.993.000 net tons, against 10,826,000 tons in the full-time week of
Sept. 5.
From the loadings on Labor Day (Monday Sept. 7), which were 13,723
cars, compared with 33,890 on the preceding Monday, it appears that the
day was equivalent to about four-tenths of a normal working day. Loadings during the remainder of the week show that after the holiday producActive Spindle Hours for Aug.
tion recovered.
Estimated United States Production of Bituminous Coal (Net Tons)a,
Average per
Including Coal Coked.
Total.
Spindle in place.
1925
1924
Cal. Year
Cal. Year
6,954.443.849
184
Week,
to Date.
e
W ek.
to Date.(b)
11.1e3e3;000 317.424.000 9,006.000 309.370.000
Aug.29-c
4,297,033,825
244
1.856.000
1,554,000
1,501.000
Daily average
1,473.000
2,390,266.555
131
10.826.000 328,250.000
8,208.000 308.578.000
Sept. 5-c
267,143,461
137
1.804,000
1.562,000
1.560.000
Daily average
1.475,000
9,993,000 338,242.000
9.835.000 318,413.000
Sept. 12_4
358.727.435
250
g
1,569.000.639.000
Daily
1.480.000
197,951,275
161
Original estimates corrected 'for usual error, which In past has averaged
683.111,641
239
in
January
to
production
Minus
2
days'
equalize
I,
number
of days
2%.
158,534.437
141
In the two years. c Revised. d Subject to revision. Sept. 7 weighted
1,427,182,741:
124
as 4-tenths of a full working day.
189,988,745
131
61,407,651
120
Total output during the calendar year 1925 to Sept. 12 is 338.242.000
131.032,644
132
net tons. This is approximately 19,800,000 tons, or 6% more than that
1,451,510,90/
243
during the same period of 1924. Corresponding figures for recent years
27,860.317
177
398,114,881
144
are given below:
1,382,778,765
260
,,,
y0
.
411
/
2
13
ivil
Years of Depression.
Years 0
118,034.68:
215
net tons 1919____ _
_324,967.000 net tons
1918
59,537,051
248
377,049.000 net tons 1921
278.747.000 net tons
2
3
0
1
9
136,712.900
192
397,322.000 net tons 1924
318,413.000 net tone
171,057,771
174
AN raRACITE.
Production of anthracite for the week ended Sept. 5, based on railroad
ear loadings, is estimated at 432,000 net tons, and for the week ended
Sept. 12 at 5,000 tons. So far as known, there was no anthracite mined
Cottonseed Production During August.
alter Aug. 31, and the total shown for the week of Sept. 12 represents
from dredges only. Coal shipped from storage yards is excluded.
shipments
issued
the following
On Sept. 18 the Bureau of the Census
from storage amounted to 7,535 cars in the week of Sept. 5
statement showing cottonseed received, crushed and on hand Shipmentscars
in the week of Sept. 12.
and 7,451
and cottonseed products manufactured, shipped out, on hand
Estimated United States Production of Anthracite (Net Tons).
19251024
and exported during the month of August 1925 and 1924:
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date.a
Week EndedCOTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
132,251,000
1261.207.000
1.837.000 60.307.000
Aug.29
432.000 61.639,000
1.451.000 61.758.000
Sept. 5
'leaked at Ming.,
Crushed
71t Hand at Mills Sept. 12
5.000 61.644.000
1.820.000 63.578.000
Aug. Ito Aug. 31. lug. 1 to Aug. 31
Stale.
Aug. 31.
a Less two days in January to equalize the number of days In the two
report.
since
last
years. b Revised
1925.
1924.
1925.
1924.
1925.
1924.
BEEHIVE COKE.
Llabarna
23.760
4,761
8,501
2,965
15,631
3,091
Total production of beehive coke during the week ended Sept. 12. as
leorgia
42,55'
14,161,
9.611
16,454
26,491 . 8,464
12,194
1,531
23.585
Aulsiana
35,727
5.201
3,668 indicated by the number of cars loaded for shipment, amounted to 169.000
disitssIppl
5,54'.
24,154
3,158 net tons, an increase of 3,000 tons, or 0.2%. compared with that in the
35,091
14,121
3.131
981
Muth Carolina
6,251
1.660
2,434
5.201
1,302 preceding week. Compared with output during the corresponding week
40,325
115.930 101.53E
54,190
83,841
Grata
72.329
10.01:
1.390
5,480
3,584
10,625
ill other
1,810 in 1924, the increase is 58.000 tons, or 52.3%. According to the "Weekly
Courier," production in the Connellsville district continued to increase,
4,
4 Q0,1
2511.34, 134.251 113.3R1
United States__
(12 14' 1.n R4
the total for the week of Sept. 12 being 118,350 tons. There were 332
*Includes seed destroyed at n ills but not 33,577 ens and 21,711 tuna on mom additional ovens fired during the week.
Aug. 1. nor 3,321 tons and 1.932 tons reshipped for 925 and 1924, respectively.
Estimated Production of Beehive Coke (Net Tons).
Week Ended1925
1924
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND
Sept.12 Sept.5 Sept 13
to
to
ON HAND.
1925.1) 1925.c 1924.
Dale.
Date.a
Pennsylvania & Ohio
133,000 129.000 74,000 5.111.000 5.458.000
11,000 11,000 6.000 424.000 373.000
West Virginia
Produced :hipped Out
On
On
11,000 13.000 14.000 648.000 672.000
Ala., Ky., Tenn. & Oa
ieason
tug. 1 ic tug. 1 to
Hand
Dem.
Hand
Virginia
252.000 285.000
Aug. 1.
Aug. 31.
Aug. 31.
Aug. 31.
Colorado & New Mexico_ _ _ _ 5,000
5.000
5,000 168.000 189.000
Washington & Utah
3.000
3.000
141.000 149,000
4.000
1925-26 a5,103.25: 33.845.901 26,675.932
Crude oil (pounds)
18.040,947
1924-2
4,052.70 17.582,741 16,108.755 8358.260
1925-21 /174830491 :19.577,40E
592,212.147
1924-21 108,799,635 11,226.081
54,042.015
20,589
52,563
47,837
Cake and meal(tons)___ 1925-21
25.315
1924-25
41.620
28,904
46.376
24,148
1925-21
43,129
31,434
40,604
Hulls(tons)
33,951
1924-25
33,515
17,347
25.043
25.819
1925-21
20,764
Linters (500-1b. bales)
20,171
24.561
16.371
1924-25
53,410
11,44E
20.381
44,477
19.707.
Linters (running bales).. 1925-21
19,681
23,302
16,081
4,001
Hull fiber (500-1b. bales). 1.925-21,
2,714
2,714
4,001
Refined oil (pounds)_-_
169.000 166.000 111,000 6.744,030 7,126.000
United.States total
Daily average
28,000 28.000 19.000
31.000
33.000
a Adji,sted to make comparable the number of days covered in the two
years. b Subject to revision. c Revised sitter, Inct report.
The Country's Foreign Trade in August-Imports and
Exports.
1924-25
The Bureau of Statistics of the Department of Commerce
1,794
°rabbets, motes, &r 1925-21
681
1.294
1,181
at Washington on Sept. 15 issued the statement of the foreign
2227
0 AO.
4.644
17fi
1500 lb. bales)
1,124-25
a lneludes 684.748 awl 901.655 lbs. held by refining and manufacturing estab- trade of the United States for August and the eight months
lishments and 1.550,690 and 7.011.500 lbs. In transit to refiners and consumers ending with August. The value of merchandise exported in
Aug. 1 1925 and Aug. 311925, respectively. b Includes 12,781.788 and 7,170.087
lbs held by refiners, brokers, agents and warehousemen at places other than re- August 1925 was $383,000,000, as compared with $330,659,fineries and manufacturing establishments and 6,929.033 and 4,950,222 lbs. in
transit to manufacturers of I trd substitute, oleomargarine, soap, dm.. Aug. 1 1925 566 in August 1924. The imports of merchandise are proand Aug. 31 1925. respectively. c Produced from 21,187.670 lbs. crude oil.
visionally computed at $375,000,000 in August 1925, as
EXPORTS OF COTTONSEED PRODUCTS FOR MbNTH END. AUG. 31. against $254,542,143 in August the previous year, leaving a
1925.
1924.
trade balance in favor of the United States on the merchanOil, crtde (pounds)
2.509
598.233
Refined (pounds)
2,816,782
850.653 dise movement for month of August 1925 of
,000,000. Last
Cake a id meal(tons)
16,813
4,143
Linters (running bales)
2,640
8,084 year in August the favorable trade balance on the merchandise movement was $76,117,423. Imports for the eight
months of 1925 have been $2,764,742,532, as against $2,382,Production of Coal in August.
726,580 for the corresponding eight months of 1924. The
The U. S. Bureau of Mines has issued the following table merchandise exports for the eight months of 1925 have been
presenting estimates of coal production during the month $3,085,949,055, against $2,697,031,219, giving a favorable
of A,tgust 1925:
trade balance of $321,206,503 in 1925, against $314,304,639
1520
rHE CHRONICLE
in 1924. Gold imports totaled $4,861,736 in August 1925,
against $18,149,981 in the corresponding month the previous
year, and for the eight months they are $55,732,352, as
against $263,226,690. Gold exports in August 1925 were
only $2,135,690, against $2,397,457 in August 1924. For
the eight months of 1925 the exports of the metal foot up
$197,488,601, against but $6,579,709 in the eight months of
1924. Silver imports for the eight months of 1925 have
been $44,693,552, as against $48,688,060 in 1924, and silver
exports $67,149,329, as against $69,399,769. Some comments on the figures appeared in our issue of last week in our
article on "The Financial Situation." Following is the
complete official report:
TOTAL VALUES OF IMPORTS AND EXPORTS OF THE UNITED STATES.
(Preliminary figures for 1925, corrected to September 12 1925.)
MERCHANDISE.
August.
1925.
8 Months Ending Aug.
1924.
Increase(+)
Decrease (---)
1924.
1925.
$
$
$
375.000.000 254,542,143 2.764,742.532 2,382.726,580 +382,015.952
383.000,000 330,659,566 3,085,949,055 2,697,031.219 +388.917,816
Imports
Exports
Excessof!mots.
Excess of expts
8.000,00 76,117,423
321.206.503
314.304.639
IMPORTS AND EXPORTS OF MERCHANDISE, BY MONTHS.
1925.
/mgoas.
Januar
.
Februa y.
March
April.,
.._
May,._
June.
July _ _ ._ _ _
_
August
Septem ber_
Octobe•.
Novem bee_
Decem mr
-
1924.
$
346,165.289
333,457,369
385,378.617
346.090 956
327.518,721
325,215,735
325,915.845
375,000,000
1923.
$
$
295,506,212 329,253,664
332,323,121 303.406,933
320,432,113 397,928,382
324,290,966 364.252,544
302,987.791 372.544.576
274,000.688 320.233.799
278.593.546 287,433,769
254.542.143 275,437,993
287,144.334 253,645,380
310,751.608 308,290,800
296,147.998 291,333,346
333,192.059 288,304,766
1922.
1913.
$
$
217,185,396 163,063,438
215,743.282 149,913,918
256,177,796 148,194,461
217,023,142 155,445,498
252,817,254 133,723,713
260,460,898 131,245,877
251.771,881 139,061,770
281.376,403 137,651,553
298,493,403 171,084.843
276,103,979 132,949,302
291,804,826 148,236,536
293,788.573 184,025,571
mos. end.
Augs at.. 2.764,742,532 2,382,726,58C 2,650,491,662 1,952,556,052 1.156,300,228
12 mos end.
3,609,962.579 3,792,065,963 3,112,746,833 1,792,596,480
Dec
Esgo'M—
Janus r.__
Februa7_
March ____
April-- ____
_
May_ _
June_
July _ _ ____
August
SePtem ber_
Octobe r _
Novem ber _
Decem )er _
446,443.088
370,676.434
453,652,842
398,254.666
370,945,599
323,346.751
339,629,653
383.000,000
395372,187
385,781.772
339,755,230
346.935.702
335,088.701
306.989,006
276,649,055
330.659,586
427,459.531
527371,781
493,572,921
445,748,393
335,416,506
306,957,419
341.376,664
325,492,175
316,359,470
319,956,953
302,186,027
310,965,891
381,433,570
399.199,014
401,483,872
426,665,519
278,848,469
250,619,841
329.979,817
318,469,576
307,568,828
335,116,750
301,157,335
301,774,517
313,196,557
370,718,595
379,999,622
344,327,560
227,032.930
193.996,942
187,426,711
199.813,438
194,607,422
163,404,916
160,990,778
187,909,020
218,240,001
271,861,464
245,539,042
233,195,628
8 mos. end.
Au at_ 3,085,949.035 2,697,031,219 2,558,711,105 2,423,535.135 1,515,182,157
12 mos.end.
A Enn nog OAK A lay Ano non n on.. rpm.. Ann
.
AOA nlo on0
Dec
GOLD AND SILVER.
August.
1925.
Gold.
Impotts
Exports
8 Months End. Aug.
1924.
1925.
1924.
Increase(+)
Decrease(—)
$
$
8
S
$
4,861,736 18.149,981 55.732,352 263,226,690 —207.494,338
2,135,690 2,397,457 197,488,601 6,579,709 +190,908.892
Excess of impts_
Excess of cants_
Sayer.
Imports
Exports
Excess of Impts.
Excess of expts_
2,726.046 15,752,524
256,646,981
141,756,249
7,273,298
8,284.991
7,041,630 44.693,552 48,688,060
8,632,067 67.149,329 69,399,769
1.(311.693
1.590 437 22.455.777 20.711.709
—3,994,508
—2,250,440
IMPORTS AND EXPORTS OF GOLD AND SILVER,BY MONTHS.
Gold.
1925.
1924.
Silver.
1923.
$
Impts.
$
$
Jan__. 5,037,800 45,135,760 32.820,163
Feb_... 3,602,527 35,111,269 8,382.736
7,337.322 34,322,375 15,951,357
March__
April_ __ 8,869,883 45.418,115 9,188.470
May... 11,392,837 41,073.650 46,156.195
June_.. 4,426,135 25.181.117 19,433,539
July ___ 10,204,112 18,834,423 27,929,447
Aug..._
4,861,736 18,149,981 32,856,097
Sept _
6,656,155 27,803,961
19,701,640 29,795,185
Oct
Nov__
19,862.384 39,757,436
Dec_
10,274,049 32,641,226
1925.
$
7.338,559
4,928,916
6,660,750
4.944,807
3,390,180
4,918,605
5,238,437
7,273,298
1924.
1923.
s
$
5,979,758 5,824,637
7,900,409 3,792,387
6,220,934 4.626.376
3,907,745 4,261.869
5,639,582 4,461,146
4,870,389 6,065,947
7.127,613 10,066,463
7,041,630 6,465,949
7,082,962 8,517.971
5,828.572 6.929,311
6,481,416 5.269,173
5,863,892 8,172.301
8 mos.
end. Aug 55,732,352263.226,690 192,718,004 44,693,552 48,688,060 45,564,774
12 mos.
319,720,918 322.715,812
end. Dee
73,944,902 74,453,530
Expts.
Jan ____
Feb....
March__
April....
May __
June.._
July__ __
Aug____
Sept _
Oct
Nov _
Dec._..
73,525,943
50,599,708
25,104,416
21,603.945
13,389.967
6,712.480
4,416,452
2,135,690
280.723 8,472.198 11,384,799 8,208,644
505,135 1,399,089 6,832,647 8,876,713
817,374 10.392,100 7,916.717 8,355,278
655,235 9,322,618 7.801,689
1,390.537
824,444 6.535.761 9,686,517
593,290
548.484 8,522,492 8,648,499
268,015
522.826 8.349,304 9,190,362
327,178
2.397,457 2.200,961 8,284,991 8,632,067
10.345,205
862,697
4,579,501
9.465.023
4.125,266 1,307,060
9.401,406
746,794
6,689.182
11,279,630
39,674,653
711.529
6,921,002
2,191,059
4,731,705
4,336,338
3,499,358
3,581,081
6.233.163
7.032.221
8,123,460
7,522,845
8,775,474
9,521,083
8 mos.
end Atte 197.488,601 6,579,709 25,015,337 67,149,3231 69,399,7611 38,525,927
12 mos.
109,891.033 72,468.789
61.648,313 28,643,417
end.Dec
[VOL. 121.
Prices and Demand Improve at Eastern Coal Markets.
Reports from the various producing centres in West
Virginia and Pennsylvania show that demand and prices
improved over the past week. Prices in the East were on a
par with the West and, although the principal movement in
bituminous was westward, still shipments to tidewater were
strong, observes the "Coal Trade Journal" on Sept. 23.
The anthracite strike has failed to cause any excitement
along the Atlantic Coast and independent prices have not
gone up as much as might have been expected. Of course
some concerns are asking exorbitant prices but these cases
are isolated. Wholesalers as a rule are doing their best to
look after their regular trade an!:;1 not piling on any unusual
profit. The sale for coke and other substitutes has expanded
and the output of several briquet plants was said to be sold
up for the next month, says the "Journal," giving further
facts as follows:
Tidewater prices in New England declined somewhat last week due to
the drop at the Southern piers. New business at Providence was very
light and competition keen, resulting in irregular prices. The all-rail
situation brightened considerably and prices were higher. Retail demand
for anthracite decreased and prices were the same as for the previous week.
The demand for New England heating coke was greater and some producing
plants were behind in their deliveries. Connellsville coke, though lower in
price by a dollar, was not as popular. Domestic burning of bituminous
coals is being pushed throughout New England by means of exhibits and
retail dealers are making special displays in their office windows. At New
York there is a little pea coal available but all other sizes of anthracite have
pretty well disappeared from the market. Some steam sizes are available
at reasonable prices. The demand for bituminous coals Increased further
over the past week and prices were up another nickel or a dime.
The anthracite trade at Philadelphia continued on an even keel with no
disposition being shown by reputable dealers to "kite" prices. With very
little coal available, anthracite wholesalers in general were marking time.
The bituminous trade showed a steady improvement and prices as a rule
were up. Industrial calls were more numerous and wholesalers showed
no disposition to quote on deliveries a long time ahead. Coke was in
greater demand and prices were up again.
The soft coal situation in Baltimore stiffened slowly and industrials were
beginning to stock. Prices were unchanged. Exports turned out better
than predicted and a good tonnage was loaded overseas during the first
half of September. The anthracite trade was normal for this season and no
excitement was manifest in the trade. On account of the slackening ot
demand in the West for low volatile bituminous, shipments to the Virginia
piers were much greater last week than for some time past, resulting In the
lowering of prices for pool 1 coals.
Demand and prices increased further during the past week in the central
Pennsylvania bituminous fields and conditions are the best in the past
two years. The only cloud on their horizon is an anticipated car shortage
on one of the trunk lines. The demand in the Pittsburgh market continued
to increase and prices to become firmer but there was still little disposition
being shown by consumers to buy much ahead. Additional mines have
been opened on Hie 1917 wage scale. The domestic market showed the
greatest increase in activity and gas ceals were holding steady at higher
prices. The Connellsville coke fields showed another jump in production
and prices were strong.
A slight improvement was reported throughout northern West Virginia
lsst week and prices were stronger. Lake inquiry increased. The U. M.W.
has issued another strike call in this region calling on the non-union miners
to lay down their tools and loin the union. Prices for smokeless coals in
southern West Virginia steady over last week without further advances
being shown. The greatest demand was still from the west but prices
were even throughout the country. High volatile prices held up well and
production in all high and low volatile coals was strong. Western demand
led in the high volatile fields but a large tonnage also went to tidewater.
Production continued on a large scale in the Virginia field and spot prices
were higher in all grades. Improvement in 'demand ;and prices were
shown in the western Maryland and Upper Potomac fields and many
contracts were closed. Shipments were increased to keep abreast of
demand.
Much of the flurry of soft-coal buying which began at
about the time of the hard-coal "suspension" petered out
during the past week and the market has developed into a
weather proposition for the time being, a hot wave extending
over most of the country having taken most of the life out
of the business, says the "Coal Age" this week. As usual,
strike or no strike, the consumer refuses to get worked up
over coal when the weather is warm. Even smokeless,
which has been the market headliner right along, has lost
considerable of its strength, shippers having found that
they had run it up too fast when the bottom showed signs
of dropping out at Cincinnati. As a matter of fact, prices,
with few exceptions, show an all-around easing tendency,
adds the market review of the "Age," from which the following is quoted:
The midwest trade has been particularly hard hit. practically
all grades
having slowed up in Illinois, with a consequent slight curtailment of
working
time. Prepared sizes are somewhat weaker in Kentucky with a
slight
downward tendency in price. Business at the head of the lakes
shows
sustained improvement; shipments off the docks are increasing as
demand
for both steam and domestic gains, and prices show a steadily
stiffening
trend. Coal is moving better in Colorado, Utah and the
Southwest,
though labor unrest in Oklahoma is hampering output in that field.
Trade in Eastern markets is fairly steady with a tendency to
gradual
improvement. In New England and Ohio. however, a slight easing
up
is in evidence. Thus far, the increase in buying that was
expected as a
result of the anthracite suspension has not developed in accordance
with
advance reports. The attempt to call out non-union miners in
West
Virginia is not expected to have much effect.
Both sides are sitting tight as the hard-coal strike goes Into its
fourth
Week, and as summer weather lingers anthracite consumers
show no Wspesition to become excited. Nothing larger than pea is being shipped
SEPT. 26 1925.)
THE CHRONICLE
and it is likely that all of that will soon be ordered.7Buck-wheat Is still
plentiful. Retailers are well stocked with domestic sizes, however, and
with careful handling will be able to take care of reasonable needs for
several weeks yet. Substitutes are not in much demand as yet.
The "Coal Age" index of spot prices of bituminous coal stood on Sept. 21
at 185, the corresponding price being $2 24.
1521
Dumpings at Lake Erie ports during the week ended Sept. 20, according
to the Ore & Coal Exchange, were: Cargo, 708,393 net tons: steamship
fuel, 45,729 tons, a total of 754,122 net tons, compared with 933.036
tons In the preceding week. Hampton Roads dumpings during the week
ended Sept. 17 totaled 332,097 net tons, compared with 382,935,.tonsn the previous week.
IL Current Events and Discussions
Loans on stocks and bonds went up $61.000.000, member banks in the
The Week With thelFederal Reserve Banks.
New York district reporting an increase of $30,000,000 and in the Chicago
The consolidated statement of condition of the Federal district
$14.000,000. "All other" loans and discounts, largely commercial.
Reserve banks on Sept. 23, made public by the Federal Re- were 289.600,000 larger than a week ago, the principal increases of $41,serve Board, and which deals with the results for the twelve 000,000 and $11,000,000 being shown for the New York and St. Louis
respectively.
Federal Reserve banks combined, shows an increase of districts,
Investments in U. S. securities were $13,000,000 above the amount
$93,800,000 in total earning assets, more than offsetting reported a week ago, an increase of $21,000,000 in holdings of Treasury
being partly offset by a decrease of $9,000,000 In Liberty bonds.
the decline of $71,200,000 reported the preceding week. certificatesthe
New York district reported a reduction of $23.000,000 in
Banks in
Holdings of discounted bills went up $152,800,000 and of Treasury certificates. Total holdings
of other bonds, stocks and securitiesacceptances purchased in open market $26,500,000, as com- show only a nominal change during the week.
demand
went
deposits
Net
up
$152,000,000.
the principal increases by
pared with declines of $151,300,000 and $2,200,000, respecdistricts being as follows: New York. $103,000,000; Chicago. 219,000,0001
tively, reported a week ago. Government security holdings Boston, $18,000.000, and St. Louis, $11,000,000. Time deposits
declined
went down $86,100,000, a decrease of $94,000,000, resulting by 214,000,000 in the Boston district.
increase of $109,000,000 in Government deposits, $23,000,000'
the
Of
from the redemption by the Treasury of temporary certifi- was reported by banks in the Cleveland
district, 620,000,000 by banks
cates issued to the Federal Reserve banks on Sept. 16 pend- in the San Francisco district, and 215.000,000 and $16,000,000 by banks
ing the collection of the quarterly installment of taxes, in the Philadelphia and Chicago districts, respectively.
On a subsequent page-that is, on page 1546-we give the.
being partly offset by increased holdings of Treasury notes
and bonds. Gold reserves declined $7,100,000 and other figures in full contained in this latest weekly return of the•
cash reserves $3,600,000. After noting these facts, the Fed- member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal itemseral Reserve Board proceeds as follows:
The Federal Reserve Bank of New York shows an increase of $122.400.000 as compared with a week ago and with last year:
In discount holdings. Boston an increase of $16,400,000, Chicago $15,200,000, San Francisco $11,300.000 and Kansas City 24,900.000. The Cleveland bank reports a reduction in discount holdings of $9.400,000, St. Louis
$2.900,000. Richmond $2,800,000 and Minneapolis $2.600,000.
An increase of 615,200,000 in acceptance holdings is reported by the
Federal Reserve Bank of New York,of $4,500,000 by Atlanta. of $2,800,000
by Kansas City, and of $2,600.000 by Boston. Holdings of Treasury certificates of indebtedness went down $92,200,000,the redemption of $94,000,
000 of temporary certificates issued by the Treasury to the Federal Reserve
banks being partly offset by an increase of 61,800,000 in other certificates.
Treasury notes on hand went up $5,900,000 and United States bonds $200,000.
The principal changes in Federal Reserve note circulation during the week
comprise a decrease of $4,100,000 at San Francisco, of $3.600,000 at Philadelphia and of $2,500,000 at Boston. The Atlanta bank reported an increase of 22,600,000 in note circulation.
Increase (+) or Decrease (-)
During
Week.
Year.
Loans and discounts,total
+$156.000.000 +$1.021,000,000
Secured by U. S. Govt. obligations...
+6.000.000
-22,000.000
Secured by stocks and bonds
+61,000,000
+768,000.000
All other
+275.000.000
+89.000.000
Investments.total
+7.000,000
+169.000.000
U. S. bonds
-7,000,000
+280,000,000
notes
Treasury
U. S.
-1,000,000
-205,000,000
U. S. Treasury certificates
+21,000.000
-170,000,000
Other bonds, stocks and securities_ _ _
-6,000.000
+264.000,000
Reserve balances with F. R. banks
-23,000,000
-122,000,000
vault
-11,000,000
Cash in
-2.000,000
Net demand deposits
+152.000.000
+176,000.000
-18,000,000
Time deposits
+563.000.000
Government deposits
+109,000.000
-89.000.000
Total accommodation at F. R. banks_ _ _ -139.000,000
+227,000.00'
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 1545 and 1546. A
summary of changes in the principal assets and liabilities of Gold and Silver Imported into and Exported from the
United States, by Countries, in 'August.
the Reserve banks during the week and the year ending
Sept. 23 1925 follows:
The Bureau of Foreign and Domestic Commerce of theIncrease (+) or Decrease (-)
Department of Commerce at Washington has made public
During
its monthly report, showing the imports and exports of gold
Week.
Year.
Total reserves
-210,800,000 -$285,100,000 and silver into and from the United States during the month
Gold reserves
-7.100.000
-303,600.000
of August 1925. It will be noted that the gold exports
Total earning assets
+93.800.000
+284.500,000
Bills discounted, total
+1.52.800,000
+380.900.000 reached only $2,135,690. The imports were $4,861,736, the
Secured by U.S. Govt.obligations
+109.100.000
+248,200,000 bulk of which, namely, $3,450,205, came from Canada. Of'
Other bills discounted
+43.700.000
+132.700.000
exports of the metal, $764,184 went to Mexico; the
Bills bought in open market
+26,500,000
+146.300,000 the
U. S. Govt. securities, total
-86,100,000
-251.500,000 Straits Settlements took $410,300, and Germany $220,640:
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
Other deposits
+200,000
+5,900,000
-92.200.000
-7,000.000
+37,200.000
+9.400.000
+28,600,000
-800.000
+18.500,000
-146.100,000
-123,900,000
-59.500.000
+71.600.000
+86,800,000
-14,800,000
-400.000
with the Member Banks of the Federal
Reserve System.
The Federal Reserve Board's weekly statement of condition of 727 reporting member banks in leading cities as of
Sept. 16 shows increases during the week of $156,000,000
in loans and discounts, $7,000,000 in investments, $152,000,000 in net demand deposits, and $109,000,000 in Government deposits, together with a decrease of $139,000,000 in
borrowings from the Federal Reserve banks. It should be
noted that the figures for these member banks are always a
week behind those of the Reserve banks themselves. Member banks in New York City reported an increase of $70,000,000 in loans and discounts, and a decrease of $34,000,000
in investments. These changes in loans and investments
were accompanied by an increase of $88,000,000 in net
demand deposits and a decrease of $137,000,000 in borrowings from the Federal Reserve bank. Further comments
regarding the changes shown by these member banks are as
follows:
The
Week
GOLD AND SILVER IMPORTED INTO AND EXPORTED FROM TR
UNITED STATES, BY COUNTRIES.
GOLD.
Total Value,
France
Germany
Poland and Danzig_
Spain
United Kingdom____
Canada
Costa Rica
Guatemala
Honduras
Nicaragua
Panama
Mexico
Newfland & Labra'r
Trinidad & Tobago__
Jamaica
Cuba
Haiti
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
British India
Straits Settlements..
China
Dutch East Indies__
Hongkong
Philippine Islands___
New Zealand
Portuguese Africa___
Total
SILVER.
Refined Bullion.
Total Value.
Imports. Exports. Imports, Exports. Imports. Exports.
$
Oz.
$
Oz.
$
$
687
2,489
220,640
181 305.126
439,377
130,000
10,019
19,739
1,335
1,041
3,450,205 167,362 283,864
132,120 774,710 196,001
52,266
3,250
2,245
19,674
12
8 64.900
6,704
159,538
119,707
25,268
14,615 6,421
7
324,539 764,184 3,691,148
3,743,558 177.466
2,042
64,937
2,000
14
10
855
2,605
767
1,157
10,021
60,000
396
2,466
3,220
2,000
2,300
5,000
1,997
48,278 ......
85,303
5,496
2,300
3,759
1,837
119,027
6,921
234,869
10,694
'.420.910 56,500
32,535
118
788
198,000
3,662,578
2.563',54E
410,300
200,414
6,852.955
4,786.719.
184,880 115,600
91,555
52,790
152,926
2,490
14,340
18
5,534
7,085
4 861.738 2.135.590 4.154.134 11.092.550 7.273.298 .284.99
TTTF. CITY ONTC'T,F
1522
[vat, 121.
in
Weekly Digest of Cables Received from Foreign Offices Foreign trade for August shows a considerable increase
trade.
import
the
in
a
exports
increase
and
lesser
by the Foreign Bureau of the Department of
SWEDEN.
Commerce at Washington.
Although there has been some improvement, economic
CHINA.
With business slowly gaining momentum in China, developments in Sweden during the past month have been
undergone a
merchants are anxious to resume operations under normal somewhat unsettled. The iron industry has
sales have
lumber
further
while
in
operations,
curtailment
conditions. Strikers in Shanghai are returning to work in
crops are
Industries operated by foreigners, although native factories increased with a sacrifice in prices. This year's
quality.
and
yield
in
both
be
estimated
average,
to
above
conare still hampered by walkouts. Cargo movement has
August as a
tinued fair, but Canton is still closed and business there Wholesale prices registered a large drop during
result of lower grain, fuel and lumber prices.
Is at a standstill.
JAPAN.
Practically all business barometers in Japan indicate a Offering of $10,000,000 State of Bremen (Germany)
recovery from the depression that has prevailed during the
Bonds—Issue Sold—Books Closed.
past twelve months. Large exports of raw silk and cotton
syndicate,
headed by the Guaranty Co..of New York
A
textiles; heavy production of cotton yarns; easier credit and Dillon, Read & Co., offered on Sept. 22 $10,000,000
reconditions; marked progress in the readjustment and
State of Bremen (Germany) 10-year 7% external loan gold
organization of business and favorable crop conditions all bonds, maturing Sept. 1 1935 at 943
4 and interest, to yield
favorably
which
combine to indicate a greater prosperity
over 7.75%. It was announced on the same day that al/
affects Japan's purchases of foreign goods.
the bonds had been sold, and that the subscription books
AUSTRALIA.
•
were closed at 10:30 a. m. Mention of the fact that the
in
The labor situation has continued to be the main issue
was planned the present week was made in these
offering
Australia during the month, and a strike of the Seamen's columns last week, page 1410. Of the $10,000,000 offering,
transportation
Union is threatening to hamper overseas
$1,500,000 were withdrawn for simultaneous issue in Holland
facilities. Wool sales at Sydney and Melbourne have been by R. Mees & Zoonen, Rotterdam,; Nederlandsche Handelwell attended and competition has been keen.
Maatschappij; Mendelssohn & Co. and Pierson & Co.,
NEW ZEALAND.
Amsterdam; and $1,000,000 bonds were withdrawn for
Aside from shipping difficulties, conditions in New Zealand Switzerland by Credit Suisse and associates. Associated
outlook
during the month were satisfactory, with the general
with the Guaranty Co. of New York and Dillon, Read & Co.
good. The International Fair, which opens on Nov. 12, in the purchase are the Berliner Handelsgessellschaft, Berlin;
is attracting a large number of exhibitors and promises the J. F. Schroeder Bank, Bremen; and M. M. Warburg &
considerable success.
Co., Hamburg. The proceeds of the loan are to be used for
INDIA.
port improvements and other public works and forrepayment
coal,
with
Indian business continues seasonally depressed,
cement, steel and cotton mill industries being the chief of $5,000,000 one-year notes due Dec. 11925.
The bonds will be dated Sept. 11925; they are not redeemsufferers. Calcutta demands for financing the jute crop
have been offset to a large extent by small demands from able before maturity but a market purchase fund of 5% per
annum of the amount of bonds presently to be issued is to be
other centres.
PHILIPPINE ISLANDS.
payable semi-annually commencing March 1 1926, to be
Early September showed considerable improvement in applied to the purchase of bonds at not exceeding 100 and
Philippine business conditions over August, and the ap- accrued interest, the unused funds to revert to the State.
proaching close of the rainy season reacts favorably on
The $10,000,000 bonds are part of an authorized issue of
business in general. The export markets of copra and $15,000,000. They are coupon bonds in denominations of
abaft have recovered from their weakened positions and $1,000 and $500. Interest is payable March 1 and Sept. 1,
are experiencing increased prices. Revised Philippine sugar and principal and interest are payable in New York at the
production figures place the output of the present crop at office of the Guaranty Trust Co. of New York in gold coin
496,000 metric tons. Import trade in foodstuffs is fairly of the United States of America of present standard of weight
steady.
and fineness without deduction,for any taxes, present or
SIAM.
imposed by the State of Bremen or by the German
future,
Business conditions in Siam reflect a more optimistic tone,
Reich or by any taxing authority therof or therein. Such
and recent rains have improved growers' outlook. An adprincipal and interest shall also be collectible at the option
vance in both import and export trade was noted.
of
the holdersin Rotterdam and Amsterdam, Holland, at
•
NETHERLANDS EAST INDIES.
the offices of the above mentioned banking houses, in guilders
was
Indies
East
Netherlands
August business in the
at the then current rate for buying dollar bonds and coupons
reported good, and there was a noticeable increase in buying fixed by them. The Guaranty Trust Co. of New York is
native
the
while
population,
European
the
of
part
the
on
paying agent.
economic situation showed improvement, especially in the
State of Bremen one-year external gold discount Treasury
rubber districts. Sales of general imports, except textiles, notes due Dec. 1 1925 will be accepted in payment of the
trade
export
the
although
month,
the
were brisk during
new bonds at a price equivalent to a 4% interest yield basis
was generally inactive.
computed from the date of payment for the above 7%
HAWAII.
Hawaiian business during September was generally quiet. bonds to Dec. 11925. (As of Oct. 6, this figures $993.926
The demand for pineapples was good and favorable shipping flat for each $1,000 note.) Dr. Martin Donandt, President
Conditions enabled heavy removals to continental markets. of the Senate of the State of Bremen, in a statement relative
to the new issue, says in part:
There was also a heavy outgoing movement of raw sugar.
BRITISH MALAYA.
Prices for rubber and tin advanced the export trade of
British Malaya to a record figure, although total trade was
slightly less than the preceding month. Tin shipments
amounted to 6,290 tons, 72% of which was shipped to the
United States.
BELGIUM.
The gradual decline in the value of the Belgian franc, a
seasonal increase in buying and the general depletion of
*commercial stocks have brought about a renewal in foreign
orders for Belgian products, with a consequent marked
increase of industrial activity and an improvement in the
outlook for future sales. Revival in the cotton spinning
and weaving industries is apparent, while the glass indUstry
is somewhat improved. The coal market continues weak,
in spite of reduced imports.
These bonds are to be direct obligations of the State of Bremen which
covenants that so long as any of the bonds of this loan are outstanding,
none of its assets or revenues will be pledged as security for any loan or
obligations, public or private, without securing the bonds of this loan
equally and ratably therewith. None of the assets or revenues of the
State of Bremen.are now ledged as security for any loan.
Slate of Bremen.
The State of Bremen (Free Hanseatic City of Bremen), as a free Hanseatic city, has had local autonomy since 1303 and existed prior to the eighth
century. It Is also one of the independent States of Germany, with control
over its own affairs, subject to such matters as are reserved for control by
the German Reich.
The State of Bremen, with a population of about 330.000, comprises an
area of 99 square miles, including the harbors of Bremen, Bremerhaven
and Vegesack Its port is the second largest of Germany and is the largest
cotton-importing port on the Continent of Europe. It is the main German
port of entry for the North German Lloyd and the United States Steamship
Linen.
The total import trade in 1924 was 2,754,598 metric tons, as compared
with 3.086,108 metric tons in 1913. The exports in 1924 were 1,469,436
metric tons, compared with 1,062,892 metric tons in 1913.
NETHERLANDS.
A very satisfactory state of industrial affairs has been
renewed in the Netherlands after a temporary setback in
June and July. Security markets have been active, with
rising prices reflecting the favorable trend of business.
Debt and Properly.
The total debt of Bremen, internal and external, including this loan, is
approximately $15,000,000. Under the law of July 16 1925 the liability
of the State of'Bremen on its previously contracted funded mark debt is
estimated not to exceed $2,501,000, which is included in the above total.
SEPT. 26 1925.]
THE CHRONTOLE
After giving effect to the expenditure of part of the proceeds of this loan
for public works, the State of,Bremen will own properties, Including port
works, gas and electric plants and water works, valued at $70,000,000,
which is over four times the total present debt.
Revenues and Expenditures.
The revenues of the State of Bremen are derived from local taxes, the
utilities operated by the State, and allotment of
and
income of port works
certain taxes collected by the German Reich. For the fiscal year 1924-25
ordinary revenues showed an actual surplus of $1,377,304 over ordinary
expenditures. For the current fiscal year. 1925-26, the projected budget
estimates indicate that ordinary expenditures will exceed ordinary revenues
by about $942.000, but these estimates are based on minimum receipts
from the German Reich, and it is believed that the actual receipts will balance expenditures. Actual ordinary revenues for the first four months of
the current year have exceeded ordinary expenditures by about $214.000.
For the fiscal year 1924-25 extraordinary expenditures for productive
public works, after giving effect to the surplus of the ordinary budget.
exceeded receipts by about $994.500. In the budget for the current year,
1925-26, extraordinary expenditures are estimated at $8.455.000. Such
expenditures are to be applied to the improvement and construction of
revenue-producing public works and are to be provided for by loans.
Revenues from port works are by law payable in dollars or sterling, which
gives the State an Income independent of any future depreciation of internal
currency of Germany. These port revenues alone are estimated to yield
in the current fiscal year . he equivalen of $1,260.000. which more than
equals the maximum charges on the present $10.000.000 loan.
1523
Application is to be made to list the above bonds on the
New York Stock Exchange. The amounts due on allotments will be payable at the office of J. P. Morgan & Co. in
New York funds to their order, and the date of payment
(on or about Oct. 5 1925) will be stated in the notices of
allotment. Temporary bonds or interim receipts, exchangeable for definitive bonds when prepared, are to be delivered.
The acceptance of the bid of J. P. Morgan & Co. and the
National City Company for the above bonds was noted in
these columns last week, page 1410. In our issue of Julie 6
1925 (page 2882) we referred to the placing of $45,000,000
external sinking fund 6% gold bonds (issue of June 1 1925)
of the Argentine Government by the same banking houses.
Offering of $15,000,000 Bonds of Bavaria Next Week.
The Equitable Trust Co. of New York and Harris, Forbes
& Co. yesterday (Sept. 25) confirmed reports of the purchase
of $15,000,000 bonds of Bavaria. The bonds will be 63.%
Serial Gold bonds, maturing from one to twenty years.
the
list
to
made
be
The offering price is not stated, but it is undertood that
will
It is expected that application
bonds on the New York Stock Exchange. They were the public offering will be made the first of next week. In
offered when as and if issued and received and subject to making the announcement the Equitable Trust Co. says: in
This is one of the most important plecerl of German financing offered
approval of counsel. It is expected that trust or interim
this market. Bavaria, a political unit for more than a thousand years,
receipts will be ready for delivery on or about Oct. 6 1925. is one of the two largest States in Germany, with a population of over
All conversions of reichsmarks to dollars, except where 7.000,000 people and an area of nearly 30,000 square miles, the population
being, roughly, about equal to all of our New England States. Bavaria
otherwise stated, have been made at gold parity, 23.8 cents is
reported as owning revenue producing properties valued at more than
per reichsmark.
$500,000.000, including State owned forest, hydro-electric systems, mines,
&c. Bavaria has an excellent financial history, its obligations prior to
as high class American
Offering of $29,700,000 Bonds of Government of 1914 having been placed at about the same ratesare
Munich, the capital,
municipal issues. The principal cities of Bavaria
Argentina—Bonds Sold—Books Closed.
with
400,000 and Augsburg
Nuremburg
with a population of over 600,000.
•
The immediate placing of the $29,700,000 Government with 167.000.
The economic importance of Bavaria rests upon its agriculture and its
of the Argentine Nation external sinking 'fund 6% gold rapidly
expanding industrial activity. About 61% of the land is under
bonds offered on Sept. 22 by J. P. Morgan & Co. and the cultivation, and approximately 90% of the area devoted to agricultural
of Independent
National City Co. was 'announced, the subscription books, purposes is represented by small farms in the possession
a condition which fosters stability, industry and thrift.
which were opened at 10 a. m., having been closed at noon farmers,
The State ranks first in Germany in the cattle and dairy industries, and
with the oversubscription of the bonds. The issue, which also in the production of hops, to the world's supply of which the State Is
beet sugar factories in the
will be dated Oct. 1 1925 and will become due Oct. 1 1959, one of the chief contributors. One of the largest
world is located in Bavaria,its output being largely exported to Switzerland
was offered at 96%% and accrued interest, to yield about and
Austria.
6.25% to maturity. The bonds, coupon, in denominations . About one-third of the area of Bavaria is forest land. Lumbering is
For the fiscal year 1924-1925 the net.
of $1,000 and $500, will be registerable as to principal only. accordingly a leading industry.
from the State owned forests was over $8,000,000.
Principal and interest (April 1 and Oct. 1) will be payable revenue
Bavarian induaries are widely diversified, ranging from the applied
in United States gold coin of the present standard of weight arts to the manufacture of railroad rolling stock and equipment, bridges,
metal products. The chemical industry is one
and fineness in New York City at the office either of J. P. and other heavy fabricated
the most important of Germany and the largest enterprise of this charof
New
of
City
Bank
York, acter in Germany, the "Badische Anilin und Soda Fabrik," is located
Morgan & Co. or of the National
fiscal agents for the bonds of the issue of Oct. 1 1925, without in Bavaria.
deduction for any Argentine taxes, present or future. The
bonds will be redeemable through the operation of a cumuAids German Cities to Get Loans Here—J. Hamilton
lative sinking fund of 1% per annum, calculated to be
Lewis Proposes to Establish an American
sufficient to retire the bonds of this issue at par not later
Centre to Handle Applications.
than Oct. 1 1959. Regarding the sinking fund, purpose
follows from Berlin, Sept. 21 (copyright),
as
Advices
of the issue, &c., a statement (in which all figures originally
by the New York "Times":
reported
were
stated in Argentine currency have been converted into United
Lewis
The League of German cities has chosen ex-Senator .7. Hamilton
States dollars at par of exchange for the gold peso or paper its standard bearer In a crusade for loans and in a fight against German
York
peso, as the case may be) by Dr. Honorio Pueyrreon, Am- bankers who oppose municipal loans. Senator Lewis told the New
correspondent to-night that he favors granting certain municipal
bassador of the Government of the Argentine Nation at "Times"and
best
the
policy
in order to avoid entanglements it would be
credits
Washington, D. C., says:
to divide them carefully. He believes the larger cities, such as Munich,
Obligation.
These bonds are to be direct external obligations of the Argentine Government, The Government will covenant that if. while any of these bonds
remain outstanding, it shall create or issue or guarantee in accordance
with the Argentine Constitution, any loan or bonds secured by lien on any
of its revenues or assets, the bonds of this issue shall be secured equally
and ratably with such other loan or bonds or such guaranty.
Purpose.
•
The proceeds of the issue will be used to repay floating debt of the Argentine Governmentas provided for by Laws 11,206 and 11.207. which govern
this Issue. This issue of bonds will substantially complete the amount
authorized to be issued under such laws.
Sinking Fund.
The Government will covenant to pay to the fiscal agents as a sinking
fund, beginning April 1 1926 and thereafter semi-annually on Oct. 1 and
April 1 in each year, an amount equal to one-half of 1% of the maximum
principal amount of bonds of the issue of Oct. 1 1925 at any time theretofore
issued, plus an amount equal to the accrued and unpaid Interest on all bonds
previously acquired through the operation of the sinking fund. Such sinking fund payments (which may be Increased by the Executive power if
considered advisable) are to be applied to the purchase of bonds below
par through tenders, or, if not so obtainable, to the redemption of bonds
called by lot at par.
Government Debt and Assets.
The total debt of the Argentine Government as of June 30 1925 amounted
to about $979.000,000, or the equivalent of about $97 pee capita, as compared with the national wealth, according to the census of 1914 (the latest
official figures) of $14.543.000.000, or more than $1,450 per capita. Government-owned prorerties (including revenue-producing investments of
$530.000,000) had a total value in 1914, according to the same census, of
$1.125,000.000, or about $146,000,000 more than the total Government
debt new outstanding.
Gold Reserve.
A gold reserve of $463.000,000 Is held against the note circulation (equlvaNA to $588,000,000), resulting in a reserve ratio of over 78%.
Ieipsic, Hamburg and others, should receive loans apart from agrarian
credits given to the Rentenbank recently. This idea is not identical with
that of the bankers who, in a recent general conference, decided to oppose
municipal or Individual loans, preferring an entire sum lumped under the
head of a Government loan.
In order to facilitate direct loans Senator Lewis proposes to establish
banks
a centre in America where cities can apply for a loan and at which
can investigate the securities offered.
At the head of the banks' efforts to consolidate all short-term loans to
German industry obtained in America into one bulk credit extended a year
or more is Dr. Schacht, President of the Reichsbank, who expects to visit
America shortly to accomplish this purpose. Dr. Schacht is opposed to
the Lewis scheme for extending municipal credits, believing all loans from
America should be made through German banks, who have no difficulty
In obtaining an interest rate of 14 to 18%.
Though officially denied, it is a State secret that financial experts here
do not believe the Dawes plan will run more than a year or at most eighteen
months before meeting serious difficulties which will cause an economac
crisis. To attempt to avoid this Dr. Schacht hopes to hold a conference
of experts in America, Including General Dawes, Owen Young and others,
for the purpose of forming an economic compact. Senator Lewis, who
comes from Geneva, where he met representatives of Balkan countries
and Poland to discuss methods of funding war and post-war debts and to
investigate the probability of these countries getting additional credits
through banking institutions, leaves Berlin to-morrow for America. He
will meet delegations of these countries in Washington to complete arrangements for credits.
French Cabinee'Removes Bar Against Germany in
Colonial Exposition.
•
Paris Associated Press cablegrams Sept. 18 stated:
The Cabinet has removed the bar against Germany In the proposed
Colonial Exposition by making it "International" instead of being limited
to the Allies. The ministers also voted to postpone it from this year
until 1928. Both decisions must be approved by Parliamcmt.
1524
THE CHRONICLE
Reichsbank Plans for Buying Foreign Gold—Placing
of Purchases Governed by Relative Price in
Different Markets.
The New York "Times" reported the following from
Berlin Sept. 20 (copyright):
The question Is frequently raised here as to what will be the countries
from which the Reichsbank will make the future purchases of gold which
Dr. Schacht's program has foreshadowed. The Reichsbank stated last
week that its policy In this regard is shaped from day to day, and that the
only factor which counts is the relative price of gold in the different markets
and the comparative convenience of transportation.
A good deal of interest is taken in Warsaw cables stating that the Bank
of Poland, after having increased its gold reserve in the first half of Septtember by 10.000,000 zlotys, will make further considerable purchases
In the United States during the next few weeks.
,,VOL 121..
Co., which we indicated last week (page 1410) was to be
among this week's offerings, was made on Sept. 21, and it
was stated yesterday (Sept. 25) that the books had been
closed, L. F. Rothschild & Co. announcing that the issue
has been oversubscribed both in New York and Oslo. Details
of the issue, the offering price, &c., were given in our item
of a week ago.
$740,000,000 Loans to Be Sought Here by Foreign
Nations—Germany, France, Italy, Belgium, Japan,
Czechoslovakia, Austria, Hungary, on List—
Credits Depend on Debt Adjustments.
The following Associated Press advices are taken from
the New York "Journal of Commerce" of yesterday
S3,000,000 Treasury Gold Notes of Yugo-Slavia Sold By
(Sept. 25):
Blair & Co., Inc.
Opening of the French debt funding negotiations, with a prospective
'While an issue of $3,000,000 six months 6% Treasury settlement likely to pave the
way for a fresh flood of European loans, has
directed
attention to America's growing prestige as banker to the world.
gold notes of the Kingdon of the Serbs, Croats and Slovenes
Loans to foreign countries and industries, including private bank credits
(Yugo-Slavia) was formally offered yesterday (Sept. 25) by and advances,
so far this
have exceeded $1.000.000.1300 and with
a banking group headed by Blair & Co., Inc. and the Chase negotiations pending for anyear
additional $1,000,000,000, 1925 promises to
set
a
new high record in foreign financing.
Securities Corporation, it was announced that the issue had
been disposed of privately, all of the notes having been
Prospective Loans.
Based on inquiries from foreign governments, municipalities and indussubscribed for. The purchase of the notes by the banking
tries, tentative estimates made in banking circles list prospective loans
group had been made known on Sept. 24. The proceeds to
various countries as follows:
will be used to refund $3,000,000 Notes maturing Sept. 30 Germany
5200.000.000'Czechoslovakia
870.000.000
France
180,000,000 Japan
1925. The offering of the new issue was made at 100 and Italy
50,000.000
100,000.000 Austria
37.500.000
interest to yield 6%. The notes will be dated Sept. 30 1925 Belgium
75,000.000 Hungary
30,000.000
Scores of other loans, ranging in size from 81,000010 to 825,000,000,
and they will mature March 311926. They are in denom.
are listed as possibilities.
of $1,000. Principal and interest payable at maturity in
For several months the chief obstacle in the way of large scale European
United States Gold coin at the offices of the Chase National borrowing has been the tightening of American purse strings pending
agreements
on the funding of war debts. This has effectively closed the
Bank of the City of New York and Blair & Co., in New York
door to France, Italy, Czechoslovakia and other nations whose war debts
City without deduction for any tazes or imposts, present or are unfunded. Belgium
negotiated a settlement last month and is now
future, imposed by the Kingdom or any taxing authority eligible for a loan to aid in the stabilization of its money situation. Bankers
have
indicated
their
willingness
to assist in such a program as soon as the
therein.
country is ready to proceed, which may be late this year.
From information contained in the offering circular,
If satisfactory debt settlements are reached at conferences between the
furnished by Dr. M.M.Stoyadinovitch, Minister of Finance United States and the French and Italian Governments. It is considered
certain
large private loans to these countries will follow. France Is
of the Kingdon of the Serbs, Croats and Slovenes, we take expectedthatask
for at least 8100,000.000 and Italy probably will replace Its
to
the following:
present $50.000.000 exchange stabilization credit with a loan of 5100,000.-
Direct Obligation.
These Notes are to be the direct obligation of the Kingdom of the Serbs,
Croats and Slovenes, and the issuance thereof is duly authorized pursua'nt
to the Finance Law of July 31 1925. The Government agrees that until
these Notes are paid it will not issue any evidences of indebtedness having
any specific security without giving these Notes priority in respect of such
security.
Economic Progress.
During the last few years Yugo-Slavia has made great progress in improving its financial and economic situation and in consolidating the various
political units which form the Kingdom of the Serbs, Croats and Slovenes.
The recent agreement between the Serbian and Croatian parties and the
co-operation of representatives of the Croatian Peasant Party in the
Government Is one of the most important events in the Kingdom since the
war, in stabilizing the politics of the Kingdom. For the fiscal year 19241925 the estimates ofreceipts and expenditures were fixed at Dinars 10,405.000,000 whilst the actual budgetary expenditures amounted to Dinars
10,579.000.000 and the receipts attained the figure of Dinars 11,190,000,000,
leaving a surplus of receipts over expenditures of 611,000,000 Dinars. The
bulk of this surplus was applied in payment for railway construction and
equipment and for other productive capital expenditures. The estimates
for the next fiscal year 1925-26 are balanced in the budget at Dinars 11.910.000.000. For the last twelve months both Sterling and Dollar exchanges
have remained steady: Dollar exchange improved gradually from 1.2c. per
Dinar early last year to about 1.78c. per Dinar, the present rate, which
means an Increase in value of 48%. This large appreciation in the value of
the national currency should be borne in mind in estimating the real increase
In Government Revenues. Early last year the State signed a treaty with
Italy determining the status of Fiume and later a commercial accord
between the two countries was signed which has already exerted a favorable
Influence, both imports from and exports to Italy being higher than those of
any other country. The commercial accord has been recently completed by
a number of conventions which finally settled all questions between the two
countries which will contribute further to the improvement of economic
conditions. On June 20 1925 a new customs tariff was put in force, which
new tariff will serve as a basis for future commercial treaties, several of
which are already being negotiated or terminated.
000 or more. Flotation of a 550.000.000 Czechoslovakian bond issue awaits
only a similar agreement as to its war debt.
German Cities Seek Loans.
Bankers who have recently returned from Germany reported that no
further financial aid would be needed by the Central Government for some
time. The largest undertaking in Germany at the present time is the
development of the German Rentenbank as an institution to finance the
promotion of agriculture. This bank recently obtained an Initial $25.000.000 installment ot a loan which may total $100,000,000. Scores of German
cities and industries have applications on file for the sale of small bond
issues. Austria and Hungary are interested mainly in obtaining new capital
for the rehabilitation of their industries.
Relaxation of Japan's restrictions on gold exports and the possibility of
that country's return to the gold standard have aroused reports in Wall
Street that Japan may follow Great Britain's example of fortifying itself
with a large American credit. The only Japanese bond issue In sight,
however, Is one for the city of Tokio, which may total 550.000,000.
Demands upon American bankers for financial assistance are manifold
and varied. Public utilities in Japan, cotton planters In Ceara (Brazil),
coffee growers in Sao Paulo, nitrate producers in Chile and steel manufacturers in Hungary are seeking loans.
Industrial,'Mortgage Bonds of Finland—Permanent
Bonds Now Ready.
Permanent bonds of the Industrial Mortgage Bank of
Finland 7%,due 1944, are now ready in exchange for interim
certificates at the offices orteeZlligginson
York, Boston and Chicago.
Latvia Agrees to Refunding of War Debt to United
States of $5,775,000.
Regarding the proposal for the refunding of Latvia's
war debt to the United States, agreed to by the World War
Foreign Debt Commission, we quote the following to the
New York "Times" from Washington Sept. 24:
Governemnt Revenues.
The net receiptsfor the last five years from Customs and Monopolies and
gross receipts of State Railroads, which constitute the most important
revenues of the Government. Receipts from the above sources for the
Secretary Mellon announced to-night the conclusion of an
agreement
erst five months of 1925 compare as follows in Dinars:
with Latvia for the settlement of its war debt to the United States.
The
Customs.
Monopolies. State Railroads.
Total.
agreement was signed at the Treasury Department late this
afternoon.
1925(5 mos.)___ 651,932.690 1,173,402.617 1.362.537.251 3.187.872,558
The indebtedness represents obligations received in connection
with
the
1924(5 mos.)--- 664.006,827 790.250,811 932,809.570 2,387.067.208 sale of war supplies by the Secretary of War and
obligations received from
The revenues from these sources in the whole of 1924 at the monthly the American Relief Administration on account of the
relief supplies furaverage rate of exchange aggregated $80,750.000 whilst for the first five nished on credit.
months of 1925 these revenues already aggregate $51,500,000 against
The amount of the indebtedness to be refunded is 55.775,000,
computed
as follows:
$28,800,000 for the first five months of 1924.
Principal amount of obligations to be funded
Bank Note Circulation.
85,132,287 14
Interest accrued and unpaid thereon to Dec. 15 1922 at the
The volume of bank notes in circulation for the last two years has been
rate of 43 % per annum
647,275 62
practically stable, fluctuating according to seasonal requirements between Total principal and interest
accrued and unpaid as of Dec.
about five and a half and six milliards of dinars.
15 1922
5.779,562 76
To be paid in cash by Latvia upon execution of agreement
4.562 76
Total indebtedness to be funded into bonds
5775
,,
000 00
OfferingjoaCity of Oslo (Christiania) Bonds—Books
Secretary Mellon gave out a statement showing the payments
to be
Closed.
made under the terms of the settlement, in which Latvia has
the
of semi-annual cash payments, beginning June 15 1926, and ending option
The offering of the 10,000,000 kroner City of Oslo (Chris- The
in 1930.
Secretary added that the economic situation of Latvia is
good, that
tiania) bonds by L. F. Rothschild & Co. and A. Iselin & the country is engaged in large reconstruction
work, that her ports are
—
SEPT. 26 1925.]
THE CHRONTCLE
convenient trade routes between Russia and Western Europe and that
she is now in a position to meet her international financial obligations.
New British Loan Issue Next Week—£40,000,000
Conversion 33i% to Be Tendered for by
Tuesday.
The following special cablegram from London Sept. 22
appeared in the New York "Journal of Commerce":
At a time when many close students of the financial situation were
expecting the announcement of a new conversion scheme for War Loan 5s
the Government surprised the market to-day by the totally unlooked for
announcement that it was about to issue a £40,000,000 conversion 3 %
loan for cash.
Tenders will be accepted at the Bank of England by Tuesday next at
a minimum price of 7631. The next half year's interest will be due in April.
It is presumed that the proceeds of this loan will be devoted to reducing
the floating debt,this latter now totaling £768011000, which is E25.816.000
more than in March last.
Previous issues of conversion 3;is by tender were £30.000.000 in April,
which realized an average of 76.85%. The minimum acceptable tender
then was 7631, while in January last an unlimited amount was offered for
tender with a minimum of 7731, some £59,660,000 being then allotted
with the average price. 77.55%, which included a three months' accrued
dividend.
The unexpected addition of 140,000.000 to the floating supply of first
class investment securities caused a sharp reaction on the Stock Exchange
to-day. Furthermore arrangements for this issue are regarded as possibly
implying no early reduction in the bank rate unless the rate be reduced
to-morrow to assist the success of next week's flotation.
1525
winter. The first shipment, amounting to $2,000,000, will be made on
Sept. 20 to the Federal Reserve Bank of New York. According to word
received yesterday by New York bankers, Finance Minister Yuko Hamaguchi has confirmed the details of the program and has announced that the
gold shipments are "aimed at improving the international trade balance.
as a preliminary step toward a return to the gold standard."
It was also learned definitely that the $60,000,000 City of Tokio loan
which Kenzo Mori, Japanese Financial Commissioner, has been authorized
by the Government to contract will be placed in New York. The original
plan was to float part of this issue in London. The loan has been delayed
by the opposition of Japanese bankers, who have contended it was not
necessary to go out of the country to raise the needed funds, and suggested
that at least part of the issue be floated in the domestic market. It is
understood that the loan will be placed in New York in a month or so.
It is being arranged chiefly for the development of Tokio into a modern
city as part of the earthquake reconstruction program.
Japanese purchases of cotton in the United States this year are estimated
at between 600,000 and 700,00 bales, of which less than 50% has been contracted for to date. The large purchases yet to be made, necessitating
the sale of yen and the purchase of dollars, would be expected to depress
Japanese exchange, as is usual at this time of the year. An additional
factor is the high price of silver, which causes many Chinese merchants
to sell yen and acquire silver, which is the basis of the national currency
in China.
Later in the year payments for silk in large quantities will begin coming
into Japan. and this usually causes a return to an upward trend in yen.
The turn usually is reached in November, and it is to govern exchange
until then that the gold shipments were decided on. constituting a relaxation of the gold export embargo for the firs time in nine years.
Send £3,000,000 to Hong Kong—British Colonies'
Secretary Places Credit at Bankers' Disposal.
the New York "Evening Post" of last night we take
From
French Gold Loan a Disappointment—Total Subscribed
the following Associated Press advices from Hong Kong
Thus Far Is Only Four Billion Francs Toward
Sept. 25:
Twenty Billions Expected.
Replying to the petition of Chinese bankers and merchants, who urged
following
Paris
the
take
"Times"
we
From the New York
the Governor to relieve the economic crisis which was threatening widespread financial disaster, the British Secretary of State for the Colonies
cablegram (copyright), Sept. 18:
Kong. This will
It is now apparent that the French Government's gold conversion loan
will not be the success that had been hoped for. Fifteen days before the
end of the subscription period it is understood that the total stands at
around 4,000,000,000 francs, and authoritative estimates put the final total
at not more than 5,000.000,000 francs.
The purpose of this 4% loan, with guaranteed payment of interest on a
basis of 95 francs to one pound sterling, was to convert as much as possible
of the 67,000.000,000 francs of short-term national defense bonds into
long-term securities. At the inception it was hoped that the loan would
retire between 15,000.000,000 and 20.000,000.000 short-term paper.
The defense bonds constitute a constant peril to the Treasury, because in
case of even a mild panic there would probably be presented for payment a
greater amount of bonds of one,three. six and twelve months than the Bank
of France and the Treasury could redeem, it being borne in mind that the
circulation is about 5.000,000,000 francs from the legal limit and advances
to Government within 3,000.000,000 of the present legal limit.
There would then have to be inflation or repudiation. It is to remedy
this situation that M.Caillaux evolved the gold loan. While the conversion
of even 5.000,000.000 short-term paper means bettering the situation and
incidentally decreasing interest payments about 100.000.000 francs annually, it is quite clear that it does not solve the problem. There would still
remain more than 60.000,000,000 in defense bonds, and in the event of a
panic it might not make much difference whether there were 67,000,000.000
or 62.000.000,000 francs in defense bonds out.
Of course it is the hope of the Government that a settlement of France's
foreign debt to England and America will lead to a consolidation of the
French financial situation, removing the danger of panic and the consequent threat of large redemptions of defense bonds.
References to the Government's gold basis conversion loan
appeared in these columns July 11, page 146; July 18, page
275; July 25, page 405; Aug. 22, page 931; Sept. 5, page
1168, and Sept. 12, page 1300.
has agrged to place 13.000,000 at the disposal of Hong
relieve the financial stringency.
Belgium to Back Exchange—Stabilization Credit Will
Be Sought Here and in London.
Brussels advices Sept. 24 published in the New York
"Evening Post" state:
The Belgian Minister of Finance says that Belgium is negotiating for an
exchange stabilization credit for early next year in New York and London.
Otherwise foreign borrowing is finished. The Congo will obtain from now
added
on the necessary development funds upon her own credit standing, he
Polish Buying Boosts Dollar in Berlin—Reichsbank
Gets Large Orders in Zloty Exchange Canceled
as Premiums Are Paid.
24 the New York "Times" announces
Sept.
From Berlin
the following copyright advices:
Heavy purchasing of dollar notes in exchange for Polish zloty has caused
to-night
such a scarcity of United States currency in Berlin that the dollar
premium
was quoted at 4.25 marks. It was necessary for the banks to pay a
$80,000.
to
amounted
which
to fill large orders of the Poles, one of
give
The Reichsbank stepped in. fearing that the high quotation might
succeeded in
a wrong impression regarding the stability of the mark, and
are
canceling several other big orders. The heavy Polish purchases here
Poland,
attributed to the restrictions against buying foreign currencies in
paid in
the large Polish purchases of merchandise in America which must be
the
dollars, and the desire of holders of zloty ot protect themselves against
continually falling Polish money.
British Banks Stop Mail Credits to Polish Banks.
The "New York News Bureau" under date of Sept. 24 reports the following from the Central News at London:
Paris and Lyons Internal Issues.
According to information received by Moody's Foreign
As a result of the recently reported instances of misappropriation offunds
anDepartment, and made public under date of Sept. 18, the belonging to British traders by Polish banks, the British bank. It isPolish
ceased giving the Polish banks mail credits. Some
City of Paris is issuing an internal loan of 250,000,000 francs nounced, have
banks pay sterling bills in zloty instead of sterling.
(about $12,000,000), bearing interest at the rate of 7% per
annum and maturing in fifteen years. Bonds are in denomi- Russia Opens Paris Bank—Institution to Handle Deals
nations of 500 francs and are being offered at 84%%,yielding
Between Soviet and France.
currently about 8.28% and 8.89% to maturity.
following Paris Associated Press advices Sept. 25 are
The
From the same source it is learned that the City of Lyons
from the New York "Evening Post":
is issuing an internal loan of 30,000,000 francs (about
A Russian bank prepared to finance all commercial operations between
$1,500,000), bearing interest at 7% per annum and redeem- Soviet Russia and France and Belgium is to be opened here shortly. It
M. Gavriloff, Chairman of the bank,
able by purchase in the open market at or below par or by Is to be known as the People's Bank.
has Just received authorization from Moscow to open the institution.
drawings at par commencing in 1926, to retire the whole
issue by 1935. Bonds are available in denominations of
Name of Imperial Ottoman Bank Changed to
500 francs, which are being offered at 90%, yielding currently
Ottoman Bank.
about 7.78% and 8.51% to final maturity.
The name of the Imperial Ottoman Bank, by a resolution
meeting of the shareholders of the bank, has
Japan to Ship Gold to Protect the Yen—Has $48,000,000 of a general
to "Ottoman Bank," effective Oct. 11925.
changed
been
Ready, but May Send Only $10,000,000 in
Cotton-Buying Season.
Provisions of German Law for Revaluation of German
The following is from the New York "Times" of Sept. 19:
Bonds—Special Commissioner to Establish
Akira Den, Vice-Finance Minister of Japan, announced yesterday that
Office in New York for Exchange of
the Tokio Government has $48,000,000 in gold immediately available fcr
Bonds.
shipment abroad if necessary to protect exchange, according to private
cables received by New York bankers. It is considered likely that about
of the recently enacted
provisions
the
regarding
Details
Brnk
Reserve
the
to
Federal
of
shipped
New York
$10,000,000 will be
in the next two or three months when the pressure on yen exchange due to law for the revaluation of German pre-war bonds, were
cotton purchases in this country is expected to reach its Feight.
made public at Washington on Sept. 18 by the German
Further exports of gold by Japan are part of the program to protect
that in order to
exchange with the idea of returning to the gold standard some time next Embassy, the announcement indicating
1526
THE CHRONICLE
facihtate the exchange of old mark loan bonds of the German
Government a special commissioner will establish an office
in New York City in the near future. It is further announced that it will not be necessary for American holders
of these mark loan bonds to take steps for the protection
of their rights before issuance by the special commissioner
of detailed advices as to the proper procedure to be taken,
and it will likewise be unnecessary to send the bonds to
Europe. The signing by President von Hindenburg of the
revaluation bill was noted in these columns July 25, page
402, and on page 1299, in our issue of Sept. 12, we referred
to the fact that American holders of German industrial and
similar bonds must file notice of claim and proof of their
holdings by Dec. 28 1925 to benefit by revaluation of such
debts under the German law. The following is the Embassy's statement of Sept. 18:
On account of numerous inquiries about the German revaluation law of
July 16 1925, the German Embassy in Washington wishes to give the public
the following summary of the law:
1. For the revaluation of mark loan bonds of the German Government
and ofthe German Federal States and municipalities the following provisions
apply:
(a) Mark Loan Bonds of the German Government will be exchanged
against redemption loan bonds by the issue of 25 marks' worth of redemption loan bonds for each 1,000 marks' face value of the old bonds. The
holders of these new bonds are not entitled to demand payment.
No
interest is payable on these new bonds before Germany's obligations under
the peace treaties for the payment of reparations are fulfilled.
In addition, the original holders of old bonds will receive upon application
bonuses for every 500 marks' worth of their redemption loan bonds. The
bonus will be allotted within thirty years after Jan. I 1926. On the bonus
drawn the creditor will be paid five times the amount of the face value of
the bonus, together with 434% interest thereon from Jan. 1 1928.
All such persons are considered original holders who have acquired old
bonds before July 1 1920, and who have since been in continuous possession
of same. The same applies to certain cases in which the old bonds were
acquired by operation of law, for instance in cases of inheritance, after
July 1 1920.
(b) On mark loan bonds of Federal States and municipalities similar
provisions apply
[vol. 121.
No time limits have as yet been given for applications for revaluation
in
the cases quoted in this paragraph. It would, however, appear to
be
advisable for the creditors to communicate with their respective debtors
as to the question of revaluation of their paper mark debts.
s.s141
(d) Balances of current accounts are as a rule excluded from revaluation.
The German Embassy in Washington and the German Consulates in
New York, Chicago, San Francisco, Seattle and New Orleans will
be
pleased to answer any further special inquiries.
German Reparation Receipts and Paymenti_for Period
Ended Aug. 31 1925.
For the first annuity year to Aug. 31 1925-German reparation receipts under the Dawes plan totaled 1,000,457,572
gold marks, according to the statement, under date of
Sept. 10, which has just come to us from S. Parker Gilbert.
The payments for the year amounted to 893,444,301 gold
marks. For the month of August 1925 the receipts were
170,303,861 gold marks, while the payments were 76,253,702
gold marks. The following is the summary of recoil' ts and
payments to Aug. 31 1925 (on cash basis, reduced to gold
mark equivalents):
'
First Annuity
Month of
Year, Cumulative
August 1925.
Total.
Gold Marks.
Gold Marks.
A. Receipts—
1. Cash withdrawn from proceeds of German External Loan 1924
70,079.577.91
2. Cash received from Deutsche Reichsbahn-Geselischaft: Interest on Reparation bonds for First Annuity Year
100,000.000.00
3. Interest received
198.365.24
4. Exchange differences
25.917.78
800.000,000.00
200,000.000.00
293.572.82
163.999.63
Total receipts
170,303.860.93 1.000.457,572.45
B. Payments1. To or for the account of—
Great Britain
11.722.721.31
189,F63,406.74
France
36.430.771.40 396.179.043.33
Italy
4.473.750.63
60.' 74.403,89
Belgium
7,539.885.57
9:1.487.000.07
Japan
87,923.14
3.f 09 332.46
Serb-Croat-Slovene State
3,232.306.66
3r.080.743.69
Portugal
300,470.93
4.724.399.86
Rumania
588.265.98
7.394.225.43
Greece
208.290.98
2,642.364.43
Poland
40.179.12
Special Commissioner to Establish Office in New York.
2. For expenses of—
Reparation Commission
(c) In order to facilitate the exchange of old mark loan bonds of the
5.550,000.00
Rhineland IlighCommission
1,036.644.29
9.429.887.64
German Government and probably also of the Federal States and municiMilitary Commission of Control_ _ _ _
499.508.63
7.750.739.81
palities, a special commissioner will establish an office in New York in
Naval Commission of Control
70.000.00
3.
European
Commission
of the Danube_
the near future. It will not be necessary for American holders of the above216,106.33
mentioned mark loan bonds to take steps for the protection of their rights 4. For service of German External Loan
1924
9,496,533.60
77.529.576.60
before the special commissioner will have issued detailed
advices as to the 5. On account of cost of administration of
proper procedure to be taken. It will not be necessary to send the bonds
Office for Reparation Payments..._
433.826.97
3,700,000.00
6.
Discount
on
payment
made
by Deutsche
to Europe.
Reichsbahn-Gesellschaft in advance
Revaluation of Private Debts.
of due date
202,802.16
202.802.18
2. As to the revaluation of certain classes of private debts the following
Total payments
provisions will obtain:
76,253.702.25 893.444,301.56
7. Balance of cash at Aug. 31 1925
107,013,270.89
(a) Mortgages and similar rights on real estate, maritime mortgages and
mortgages on railroad property will generally be revalued
1.000,457.572.45
at 25% of the
gold value. No time limit is given for this revaluation.
The creditors
cannot demand repayment before Jan. 1 1932, but from Jan.
1 1925 they Offering of 63,756 Shares of Capital Stock of Virginian
are entitled to interest at a gradually increasing rate.
Joint Stock Land Bank.
The fact that the mortgages or similar rights have been
paid does not
prevent the revaluation. In cases, however, in 'which payment
C. G. Taylor & Co., Inc., and Gilbert Eliott & Co., who
was made
before July 15 1922, the creditor is not entitled to revaluation if
he did not on Sept. 22 offered 63,756 shares of Virginian
Joint Stock
reserve his right in accepting payment. In cases of
mortgages paid, the
creditors must make their request for revaluation known to the
respective Land Bank Capital stock, announced the same day that
revaluation offices, i. e., the German district court within the
district of syndicate subscriptions to their offering were received in
which the respective property is situated. For this notification a
time limit excess of the amount offered,
and that subscription books
Is given, running until January 1926.
On account of the difficult questions involved in most of these cases
of had been closed. The new stock was offered at $9 25 per
revaluation of mortgages, It would be advisable for the creditors to consult share
and accrued dividends. The stock is in shares of $5
a German lawyer.
and the present dividend rate is 10% (50 cents a share).
Revaluation of Industrial Bonds.
Dividends are payable on the first day of January and July.
(b) Industrial and similar bonds are generally revalued at 15%
of their
gold value. The creditors must send the debtor an application for
re- According to J. B. Madison, President of the Virginian Joint
valuation, together with the bond certificates or certificates
of deposit. Stock Land Bank, the purpose of the financing is to
provide
As to repayment and payment of interest, the same provisions apply
as
for the merger of the Columbus Joint Stock Land Bank with
aforementioned under 2-A.
In addition to the revaluation the original holders, as defined above under the Virginian Joint Stock Land Bank, reference to which
1-A, are entitled to so-called beneficiary rights, amounting to 10% of the
was made in our issue of Aug. 22, page 936. The Virginian
gold value of their bonds. Interest is payable on these beneficiary rights
from the surplus of the company during the next years and furthermore Joint Stock Land Bank was chartered May 7' 1917. Its
Installments for amortization.
initial paid-in capital of $250,000 was increased last March to
The debtors must publish a general request in the next Reichsanzeiger for
the creditors to file the application for such beneficiary rights. The $700,000 and is now being increased to $1,000,000. The
debtors must publish this request between Aug. 29 1925 and Sept. 30 1925. following balance sheet is a preliminary estimate, reflecting
Creditors haying their residence outside of Europe must file their
applica- the present financing and is based upon the respective balance
tion within four months after the publication of the request in the Reichsheets of the two banks, as reported by the Treasury Departsanzeiger.
For American original holders of these bonds this term will therefore not ment July 311925, and is intended to indicate the approxiexpire before Dec. 29 1925, and not later than Jan. 30 1926. It would mate
condition of the Virginian Bank upon the completion
appear to be advisable for American bondholders not to wait for the debtor's
request, but to file their applications for the beneficiary rights immediately of the merger, the final figures, it is stated, not yet being
with the debtor, enclosing bond certificates or certificates of deposit and available.
documentary proof of their continuous original ownership, as provided
PRELIMINARY CONSOLIDATED BALANCE SHEET.
for above.
Assets—
Revaluation is also granted for bonds heretofore drawn or called for Net mortgage loans
$14.812,770 62
redemption. It' an owner. of American residence, did already deliver his Interest accrued but not yet due on mortgage loans
256.209 28
certificates to a bank in charge of the redemption on behalf of the issuing United States Government bonds and securities
125,000 00
firm, he must then file with that bank his application as to revaluation and Interest accrued but not yet due on bonds and securities_
the granting of beneficiary rights within a time limit expiring by Dec. 31 Other interest accrued but not yet due
19251
Cash on hand and in banks
277.313 98
If he claims the privileges of an original holder he must at the same time Notes receivable, acceptances!. &c
8.562 03
request the bank to send his documents in his name to the issuing house, Accounts receivable
2.220 97
in order to inform the debtor of his original ownership.
Installments matured (in process of collection)
47.376 00
(c) Loan bends issued by public corporations and similar corporations as Banking houses
125.000 00
owners of economic er.terprises are generally revalued at 15% of the gold Furniture and fixtures
22.154 46
value. As to repayment and interest, the same provisions apply as set Real estate
176.023 50
forth under 2A.
Other assets
48.404
06
The revaluation of mortgage bonds, savings bank deposits and insurance Excess of expenses and interest charges over earnings
claims will be performed by liquidation and distribution of the old assets
of the debtors.
Total assets
515,901.034 88
8E1/11.
26 19251
Liabilities—
Farm Loan bonds outstanding
Interest accrued but not yet due on Farm Loan bonds
Notes payable
Accounts payable
Other Interest accrued but not yet due
Due borrowers on uncompleted loans
Amortization Installments paid in advance
Farm Loan bond coupons outstanding
Dividends declared but unpaid
Other liabilities
TUT` OFTRONTPLE
114,331.700 00
178.928 67
100.000 00
Coupon Bonds
M 5001 to M 5048. Inclusive
M 5052 to M 5150. Inclusive
1527
Registered Bonds
M 5001 to M 5003. Inclusive
The bonds are payable upon presentation on Nov. 1
at the First Trust & Savings Bank, Chicago, Ill.
The Virginian Joint Stock Land Bank of Charleston,
W. Va., has called for redemption on Nov. 1 1925 certain
of the Farm Loan bonds issued by it on Nov. 1 1918, May 1
8,801 11 1919 and Nov. 1 1919, maturity dates Nov. 1 1938, May 1
1 1939, callable five years from date of issue.
Total liabilities
114.664,515 19 1939 and Nov.
The Iowa Joint Stock Land Bank of Sioux City, Iowa,
Net Worth
Capital stock paid in
11.000.000 00 has called for redemption on Nov. 1 1925 certain coupon
200 oon 00
Reserve (legal)
1938, callable May 1
Surplus, reserves and undivided profits
36.519 69 bonds dated May 11918, due May 1
1923; also coupon bonds dated Nov. 1 1918, due Nov. 1
Total liabilitlea and net worth
115.901.034 88 1938, callable Nov. 1 1923; likewise coupon bonds dated
The Virginian Joint Stock Land Bank has paid in dividends May 1 1919, due May 1 1939, callable May 1 1924, and
to stockholders since its inception, an amount equivalent to coupon bonds dated Nov. 1 1919, due Nov. 1 1939, callable
approximately 75% of its entire initial paid-in capital.
Nov. 1 1925. The numbers appear in an advertisement on
The stocks of Joint Stock Land Banks have the same another page.
exemption from State, municipal and local taxation as national bank stocks,and need not be declared by the owner
for such purposes. The dividends are exempt from the Conferences Between French and United States Debt
Missions—Proposal of M. Caillaux.
Federal normal income tax.
During the past two days the French Debt Mission headed
French Finance Minister, and memOffering of $500,000 Bonds of Union Joint Stock Land by Joseph Caillaux, the
Commission (the World War Foreign
American
the
of
bers
Bank of Detroit.
Debt Commission) have come together with a view to
C. F. Childs & Co. offered on Sept. 21 at 102 and interest effecting an adjustment of the French war debt to the United
to yield 4.25% to the optional date and 432% thereafter, States. M. Caillaux and those serving on the Commission
$500,000 434% farm loan bonds of the Union Joint Stock with him arrived in New York on the French Line steamer
Land Bank of Detroit. The bonds, dated July 1 1925 and
Paris on Wednesday, the 23d, and almost immediately dedue July 1 1955, will be redeemable at 100 and accrued
parted for Washington, where the conferences with the Amerinterest on July 1 1935, or on any interest date thereafter. ican Mission were opened on the succeeding day. A funding
Principal and interest (July 1 and Jan. 1) will be payable proposal submitted at the outset of the conferences by M.
at the Union Joint Stock Land Bank of Detroit, Mich., or Caillaux failed of acceptance by the American members and
at the Guaranty Trust Co., New York. They are coupon yesterday (Sept. 25) on behalf of the latter a counter proposal
bonds in denominations of $500 and $1,000, fully registerable
is reported to have been made by Secretary of the Treasury
and interchangeable.
Mellon. This is apparently as far as the proceedings have
0. P. Gossard, Vice-President and Manager of the Union gone, the further exchanges being scheduled for to-day
Joint Stock Land Bank of Detroit, summarizes as follows (Sept. 26), when the members of the two commissions will
the salient features with respect to the bank's operations:
meet jointly this morning. In its account of yesterday's
The Union Joint Stock Land Bank of Detroit was organized May 1 1923
and given charter No. 79 with paid-up capital of $250,000 and 125.000 proceedings, the New York "Evening Post" had the followsurplus. The charter provides for loans to be made in Michigan and
advices:
Ohio. These two States are recognized as being among the best adapted ing to sy last night in its Washington
222 21
500 00
8.345 70
37.017 50
States in the Union for diversified or general farming. Soil, climate and
market conditions are exceptionally good and the borrowers are afforded
the best opportunity to pay their obligations. Loans are made only
in the parts of these two States where the community is prosperous and
has a reputation of having staple land values. All applications for loans
are passed upon by officers of the bank who have had years of successful
experience in the farm mortgage business and who are familiar with the
territory in which the loans are made.
Analysis of Loans as of Sept. 1 1925.
Total loans!Michigan-680
$3.063.500 00
lOhlo
—185
76.5.60000
The following collateral secures outstanding bonds totaling $3.5511 000 00.
Owners valuation of farms
$14 878.882 00
Appraised valuation of farms
10 669 844 00
Insurance (fire and cyclone)
4,320 352 00
Average amount loaned per farm Michigan
4 505 14
(Ohio
4.138 37
Average number of acres per farm ;Michigan
acres
121.75
acres
Ohio
92.36
Total acres M ichigan
acres
82.796.00
'Ohio
17,088.00
Average appraised value per acre (incl. buildings)!Miciaga
n
res
$102 16
(Ohio
129 38
Average amount loaned per acref Michigan
37 00
(Ohio
44 88
Foreclosures
None
Interest delinquent over 90 days
None
Frank W. Blair, President of the Union Trust Co. of
Detroit, is President of the Union Joint Stock Land Bank of
Detroit.
$200,000 Bonds of Fletcher Joint Stock Land Bank Sold.
The bond department of the Fletcher Savings & Trust
Co. of Indianapolis has issued, and sold, at 10234 to yield
about 4.18%, $200,000 434% farm loan bonds of the Fletcher
Joint Stock Land Bank. The bonds will be dated Nov. 1
1925, and will become due Nov. 1 1955. They will be
callable Nov. 1 1935 or at any interest date thereafter at par.
Interest will be payable semi-annually May 1 and Nov. 1.
The bonds will be in denominations of $1,000, $500 and
$100. They are issued under the Federal Farm Loan Act
and are exempt from Federal, State, municipal and local
taxation. The capital stock of the Fletcher Joint Stock Land
Bank is owned, with the exception of the directors' shares,
by the Fletcher Savings & Trust Co.
Redemption of Joint Stock Farm Loan Bonds.
The Illinois Joint Stock Land Bank of Monticello, Ill.,
has called for redemption on Nov. 1 1925 bonds numbered
as follows, issued by the Illinois Joint Stock Land Bank of
Monticello, Ill., on Nov. 1 1920, with maturity date of
• Nov. 1 1940, and callable five years from date of issue:
The American Commission, it was said officially in behalf of Secretary
Mellon, went over the Caillaux proposal with extreme care and designated
specific items which they found objectionable.
Mr. Caillaux and his associates were told plainly that the "offer" did not
constitute the best France could make when the French capacity to pay,
now and in the future, was scrutinized. One comment was that the program thrown on the table yesterday by M. Caillaux at the opening of the
negotiations was little more than his "second best proposal."
France's Second Best Offer.
The plan submitted by the French Finance Minister and rejected to-day,
with suggestions how it might be improved, seemed to have been nothing
more than a statement of what France could do at once, without further
negotiations. France, M. Caillaux informed the American Commission,
could begin immediate payments on the principal sum of about $25.000.000
for the first five years, 130.000,000 for the next five and payments ranging
from 145.000.000 to $50.000.000 for the next ten. For the last forty-two
years of the accepted sitxy-two year period those payments would be about
$80.000,000. The total sum paid over the sixty-two-year peried would be
more than $4.000.000.000.
The question of interest was not covered and it has not been made clear
whether the proposal precludes consideration of interest or whether If. Ca*
lens intended to leave that to negotiations.
The details of the American counter-proposal were not discloeed. but It was
obvious the American negotiators are standing squarely on the method of
funding the principal adopted first in the British and in all subsequent settlements, and the French were informed that the Commission stood ready
to negotiate on the subject of interest, both running interest and the amount
of reduction that would be allowed the French on the accrued interset. which
figured at 5% on the Treasury's books, amounts to nearly $900,000.000.
Cailluax Talks of Offer.
Although Secretary Mellon, Chairman of the American Commission,
would authorize no formal comment on the day's development, M.Cailluax
received newspaper men at the French Embassy.
M. Cailluax gave formal confirmation of the fact that he had submitted
a specific proposal to the American Commission. Ile declined to say
whether it constituted a minimum or a maximum of French effort for
an agreement.
"Yes, I submitted a proposal," he said, "and I think it was a good one.
I wrote it myself on the boat."
Pressed regarding its nature, or extent, the picturesque Frenchman,
with a characteristic gesture, returned:
"I never an.swer second questions; I answer only the first one."
Calls on Diplomacy.
Newspaper men who prodded M. Cailluax to say whether or not his first
proposal would be final, whether he was prepared to negotiate or compromise or would stick to his first offer, touched the button which revealed
the diplomat.
"I never stick," he exploded. "I am a public man of long experience."
M.Cailluax, it was said, had brought to Washington a program in general
outline similar to that he carried away from his London conferences with
Winston Churchill. the British Chancellor of the Exchequer. He proposes'
to segregate the several types of French obligations to the United States.
The first would be the so-called "cotton loans" made prior to American
entrance into the war.
1528
Would Hinder Funding.
The second group would be the Treasury advances to the account of
the Bank of France for the stabilization of her currency.
The third would be the actual war loans.
The fourth, the post-war debts owing for surplus army supplies left
in France to the amount of about $400,000,000.
Such segregation of the several components in the aggregate of French
obligations to the Treasury of the United States is contrary to the policy
followed by the American Debt Commission in its funding adjustments
with Great Britain and other countries.
Accurate informatien about the actual figures embodied in the first
Caillaux statement of what France could pay was not forthcoming. It was
said that one of the primary causes of American disappointment arose from
the fact that the Caillaux schedule of payments did not reach at their
maximum, some years hence, the figure regarded by the United States as
the bed-rock basis of consideration..
It was reported that Prance purposed to start her payments at something
like $20,000,000 to $30,000,000 a year and work steadily up over a period
of probably twenty years until annual payments of from $80,000,000 to
$90,000,000 would be reached. It was said those figures were below the
extreme outside the American commission ever had reckoned as a minimum.
even considering that such a sum would be paid over a longer stretch of
Years than the term of the British settlement—sixty-two years.
Arguments Are Convincing.
In fairness to the French Minister of Finance, it should be said that the
data on the financial position of his country carried some impressive arguments, so much so was it, that some of the American commissioners who
had scouted the whole theory of French inability to pay, began to express
doubt that France could make return for her American borrowings in anything like the sum thought consistent with an obligation of $4,000,000,000.
The Caillaux data were said to have been impressive in their showing of
the French internal debt, which is carried at around 5%, and the revenues
accruing from the tax levies.
Although M. Caillaux made no representations such as those which
enabled Belgium to gain a special treatment on her debt, the American
commissioners are not at all certain he does not purpose doing so in subsequent negotiations. The issue of "moral obligations" might not be produced from the Caillaux portfolio until a more psychologically favorable
moment.
Some of the American commissioners are confident that the negotiations
will not conclude without the French having brought forth the memorandum signed by President Wilson, Lloyd George and Clemenceau at the
Paris peace conference, securing France against attack by promises by the
United States and Great Britain until the League of Nations could become
a sufficiently powerful institution to offer such a guarantee.
It was believed that France would contend for special consideration under
that "moral obligition" on the score that she made large concessions in the
Treaty of Versailles, especially the Rhine frontier she had demanded
originally.
At the inception of the conferences on Thursday M.Caillaux delivered an address in which he said essayed that
"we'll go to work as practical men, desirous to come to a
settlement satisfactory for all material interests, worthy of
the past of the two great nations, combined in such a way as
to fortify peace and help the economic stabilization in the
world." Secretary Mellon, replying, made the statement
that "it is our duty to reach with you a conclusion. in the
estimation of each of our peoples, fair, and in the practical
test of time, workable. The following are M. Caillaux's
remarks:
Mr. Chairman, Gentlemen:
"I have come from France entrusted by my Government to meet the
obligations of my country toward the United States.
"Highly appreciated members of our Parliament, belonging to all parties,
chairmen or reporters of the financial and trade commissions of the Upper
and Lower Houses, have been so kind as to accompany me. Like myself,
these gentlemen have the greatest desire to reach a settlement.
"We do not forget and no one in our country will ever forget what we owe
to America for her splendid work to end victoriously the War and for the
generous help our people received from citizens of the United States in time
of need. We neither forget and we feel sure nobody on this side of the
Atlantic forgets the ties knotted between both our countries at the end of
the eighteenth century.
"Now,if you wish, we'll go to work as practical men,desirous to come to
a settlement satisfactory for all material interests, worthy of the past of
the two great nations, combined in such a way as to fortify peace and help
the economic stabilization in the world."
Secretary Mellon's reply follows:
"One by one the world Is overcoming the effects of the war which so long
after its termination linger with us. The Dawes plan is a forward step
toward economic stability in Europe. The reconstruction of devastated
areas approaches conclusion: governmental expenditures are becoming more
regular, more certain of estimation and more possible of being met through
taxation; and budgets approaching equilibrium. There still remain, however, loose ends to be gathered in. War and post-war governmental debts
In many cases remain unsettled.
"To establish the binding character of an international promise and to
protect its own citizens the creditor nation must seek adjustment. To keep
good its word and te give itself time to recover its prosperity the debtor
nation must determine its future liabilities. No concern can successfully be
reorganized in the face of an unfunded demand obligation. So we meet her
in council as business men to conclude the matter whichis in controversy
between our two countries."
"We were glad to receive the help which France extended to us when we
were fighting for our independence, and we were eager to make some return
in France's own great need. The war is over, but we minimize neither the
burdens France has borne nor the difficulties which menace her future.
Through the necessity of recreating her destroyed productivity, through
postponement of reimbursement from the destroyer, her present fiscal
Situation has been permitted to become impaired. We should make allowances for this condition. France now faces, however, all of the facts under a
strong leadership and with the courage which withstood the assaults at
Verdun. The condition is not permanent.'. France will emerge successfully
from difficulties.
"We khow that his conference opening today may influence greatly the
peace of the world. We, ourselves, cannot escape its repercussions. We
feel, therefore, the great responsibility resting upon us. It is our duty to
reach with you a conclusion, in the estimation of each of our peoples, fair.
p,oxici.p:
[vol. 121.
and in the practical test of time workable. In the constructive attitude of
the representatives of the two countries, who now meet together, a solution
will come.
• "Mr. Minister and gentlemen,I welcome you here."
With the arrival of the steamer Paris on Wdenesday, the •
French delegation was met at Quarantine by Garrard Bigelow Winston, Under Secretary of the Treasury and Secretary
of the American Debt Commission; Myron T. Herrick,
American Ambassador to France, and M. Daeschner, the
French Ambassador to the United States. At that time
M. Caillaux made the following statement:
I have come, accompanied by eminent members of all political parties in
the French Parliament, to bring a settlement of our debts. There is no instance in history in which France has failed to do so.
We are men of good will, my colleagues and I. We shall have great
pleasure in meeting the men of good will who form the War Debt Foreign
Commission. We are convinced that, thanks to our mutual loyalty, we
shall be able to reach an equitable and practicable agreement.
The United States and France, which have twice fought side by side upon
the battlefield, cannot but attain a close understanding upon the basis of
peace and righteousness.
Those accompanying M. Caillaux include Senator Paul
Dupuy, owner of "Le Petit Parisien"; Senator Henri Berenger, General Reporter of the Budget in the Senate; Senator
Ferdinand Chapsal, Grand Officer of the Legion of Honor;
Senator Louis Dausset, Reporter of the Budget of the Ministry of Finance in the Senate; Deputy Maurice Bokanowski,
formerly adviser on financial questions to Premier Poincare;
Deputy Marquis Pierre de Chambrun; Deputies Auriol
and Lamoureux; Maurice Simon, Comptroller of the French
Treasury; Andre Moreau-Neret, Inspector of Finances, and
M. Fromageot.
J. P. Morgan Sails for Europe.
J. P. Morgan sailed:on Sept. 18 on the Olympic for a
short stay in England. Mr. Morgan was accompanied by
Vivian Hugh Smith, partner in the London house of Morgan,
nre773171&- Co. Mr. Morgan, it is7stated,iwill:spend a short
time in London and will stay a few weeks in the English
country, returning to New York in December.
A. C. Bedford, Chairman of the Standard Oil Company
of New Jersey, Dies Suddenly.
Alfred Cotton Bedford, Chairman of the Board of Directors
of the Standard Oil Co. of New Jersey, and one of the
outstanding figures in the financial and industrial world,
died sudenly of heart disease on Monday morning, Sept. 21,
at his country home, Pemberton, at East Norwich, L. I.
He had been ill only 20 hours. Mr. Bedford's death came
as a complete surprise to the business and financial world,
though his close associates had known for some time that
he was in poor health. His physician, it is said, upon
Mr. Bedford's return from Europe early in August, had advised him that his heart was in delicate condition, but, he
said, he saw no need for immediate alarm. Mr. Bedford
was born in Brooklyn on Nov. 5 1864 and was educated
at Adelphia Academy, now Adelphi College. Afterward
he traveled and studied in England, Switzerland and Germany. His first business occupation was a clerkship in the
wholesale dry goods firm of E. S. Jaffray & Co. of this
city, where, however, he remained only a short time. In
April 1882 he entered the employ of the Bergenport Chemical
Co., a subsidiary of the Standard Oil Co., at the request of
Charles M. Pratt, whom he succeeded as General Manager
of the company when the latter in 1889 became a member
of the Standard Oil Co. directorate. Later Mr. Bedford
became general representative of Charles Pratt & Co. and
devoted a great deal of his time to the numerous activities
of that concern. Representing the Pratt interests, he was
made a director and Treasurer of the Long Island R.R., and
later, still in the same interest, he became a director and
Secretary of the Ohio River Railroad Co. Subsequently he
became President of the Portland, Ore., General Electrio
Co., President of the Pratt & Lambert Varnish Co. of the
Self-Winding Clock Co. and a director in many other corporations. In 1907,at the age of 43, Mr.Bedford was elected
a director of the Standard Oil Co. of New Jersey. Three
years later he became Treasurer. The following year he
was elected a Vice-President and in 1916, was made President, succeeding the late John D. Archbold. Upon the
reorganization of the Standard Oil Co. in November 1917,
Mr. Bedford became Chairman of the board of directors,
the highest office in the company and held the position
until his death. Mr. Bedford took an active part in the
establishment of the International Chamber of Commerce,
which held a congress in Brussels in 1923, and was Chairman
of its American section. During the war Mr. Bedford did
SEP.r. 261925.]
THE CHRONICLE
1529
notable service as Chairman of the Petroleum Committee and futures must come approximately together in the delivery month
owing to the downward bias of the future the hedge sale of the future
of the Council of National Defence. Decorations were con- If,
must be made at a discount below the cash price, the tendency referred te
ferred upon him in recognition of his war work by France, is much more likely to result in loss than if the bias were in the opposite
costly and
Belgium and Italy, it is said. Besides his many business direction. This, in any case, operates to make the hedge undulypractically
if the discounts are sufficiently large, render the future
interests, Mr. Bedford was deeply interested in church and may,
worthless as a hedge. The correct use of the futures market for the purpose
Y. M. C. A. work.
of protection against loss is, in consequence, not so simple a matter as
Hedging must, thereThe funeral services were held at Mr. Bedford's late home the advocate of future trading ordinarily assumes.
be done skillfully or else it contains risks to the user of the futures for
on Long Island on Wednesday afternoon, Sept. 23, and were fore,
riks incurred in abas
the
as
great
often
almost
that
are
purpose
this
marked throughout by simplicity. A special train from the staining from the practice of hedging altogether, at least as regards the
of alternative methods open to him, parPennsylvania Station took 200 business associates and country grain dealer, in view track"
bids.
ticularly "to arrive" and "on
friends to Oyster Bay, L. I., from whence they proceeded
by motors to the Bedford estate at East Norwich. During
ProclamationTof President Coolidge for Observance of
the services Standard Oil operations throughout the world
Week Beginning October 4 as National
were suspended for five minutes as a mark of respect to Mr.
Fire Prevention Week.
Bedford's memory. Among those who attended were many
dated Sept. 20, issued by President
proclamation,
a
Under
leaders in finance and industry.
Coolidge, it is recommended that the week beginning Oct. 4
be observed as National Fire Prevention Week. Calling
John P. Keogh, New Haven, Suspended From the attention to the fact that during 1924 fire caused the loss of
New York Consolidated Stock Exchange.
approximately 15,000 lives and of property exceeding $548,On Sept. 23 the New York Consolidated Stock Exchange 000,000 in value, the President says: "It is highly desirable
announced the suspension of John P. Keogh of New Haven that every effort be made to reform the conditions which
from membership for failure to meet his obligations to the have made possible so vast a destruction of the national
Exchange's Clearing House. Mr. Keogh had been a wealth," and he appeals to State and municipal officials,
member of the Exchange since 1916. In this regard, the civic organizations, school authorities and all citizens and'
following Associated Press dispatch from New Haven on organized bodies "for the fullest co-operation inimproving
Sept. 23 appeared in the New York "Times" of Sept. 24:
conditions." The following is the proclamation:
The brokerage firm of John P. Keogh, which was suspended from the
Consolidated Stock Exchange in New York to-day, has offices in New
Haven, New Britain, Waterbury, Danbury, Bridgeport, Bristol and
Stamford.
At the office here it was said that little was known about the firm's
financial difficulties. The New Haven office has been maintained about
ten years and had a considerable number of customers.
The New Britain offices wore closed this morning, but no announcement
was made.
By the President of the United States of America, a proclamation.
The time has come for the annual re-survey of the nation's enormous
wastage, alike in human life and in property, and for the annual appeal for
the lessening of this huge loss. I am informed that during 1924 fires caused
the loss of approximately 15,000 lives, and of property exceeding $548,000,000 in value. The figures are startling; they are yet more so when it is
added that this is declared by competent authorities the greatest fire loss in
any year of our history.
This waste results from conditions which Justify a sense of shame and
horror; for the greater part of it could and ought to be prevented. Not
Federal Trade Commission's Report on Grain Futures only was the 1924 fire loss greater than that of any preceding year. but
the loss for the first half of 1925 exceeded that for the like period of 1924.
—Cash Wheat Prices Most Stable.
As a result of careful inquiries. I am informed that whereas the absolute
A report on the grain trade, in which it is stated that "the as well as the per capita fire loss of this country tends to increase from
year to year, the same losses in comparable European countries tend to
data studied do not indicate that future prices are especially decrease.
For the most recent comparable periods fire losses in Great
stable, and the technical conditions of future trading appear Britain are calculated at less than $1 per capita per annum, while those of
to cause some fluctuations in prices that would not otherwise the United States are placed at approximately $5 per capita. Comparisons
other European countries are similarly to our discredit.
occur" was issued by the Federal Trade Commission on with
It is highly desirable that every effort be made to reform the conditions
Sept. 21. The volume deals with the prices of cash grain and which have made possible so vast a destruction of the national wealth.
grain futures as related to various factors of supply and To this end, for a long time past, it has been customary to set aside a
week in each year during which the need of fire prevention may be emphademand and especially with the functioning of future markets sized.
It is important that this practice be continued.
as indicated by price relations and comparisons. As to the
Therefore, I, Calvin Coolidge, President of the United States,recommend
that the week beginning Sunday. Oct. 4, be observed as Natoinal Fire
report and its findings, the Commission says:
organizations,
Cash wheat prices are more stable than the prices of cash corn, rye, Prevention Week. To State and municipal officials, civic
barley and oats, and the wheat harvest is also less variable from year school authorities and all citizens and organized bodies, I appeal for the
to year, according to analysis of data for a long series of years. The fullest co-operation in improving conditions. There is need for earnest
prices of the different grains do not show generally a close correspondence study of the principles of fire protection as a practical measure of national
In their year-to-year changes, and this is especially true as between wheat economy.
In witness whereof, I have hereunto set my hand and caused the seal of
and the four other grains considered. Statistical tests prove, what is
generally supposed, that the demand for the grains is inelastic, so that the United States to be affixed.
Done in the City of Washington on this 11th day of September, in the
a considerable increase or decrease in supply will cause a marked change
in price, rather than a prompt change in the rate of consumption. Other year of our Lord one thousand nine hundred twenty-five and of the indestatistical tests for the 30 years ending in 1916 also show that the prices pendence of the United States of American the one hundred and fiftieth.
CALVIN COOLIDGE.
(Seal.
are more apt to be low in years when exports of grain are Pdrger than in
years when exports are small, indicating that conditions relating to supply By the President:
FRANK KELLOGG, Secretary of State.
are more decisive than those relating to demand.
The critical time of readjustment of prices to the changing conditions
of supply and demand in different crop years is in general the month of
July for all the grains, notwithstanding the fact that the marketing of Roger W. Babson on "Sane Methods of Investing
the corn crop starts much later.
Money."
It has often been asserted by advocates of future trading, especially
At
the
twelfth
annual
National Business Conference,
large speculators and commission houses, that future trading operates
as a stabilizing infulence on prices. But detailed statistical analysis held this week at Babson Park, (Boston), Mass., Roger W.
of cash and future price movement for many years yields no convincing Babson, discussing on Sept. 24, "Three Sane Methods of
evidence of this.
Considerable significance is sometimes attached to the question whether Investing Money," said:
In my judgment there are three forms of investment by which both
cash prices lead future prices, or the futures cash, on the theory that one
market influences or controls the movement of the other. The statistical service is rendered and an appropriate reward received. I believe that it
evidence available relates only to priority of price changes from day to day. Is our duty as citizens to consider that we have as high a moral and civicSo far as this answers the question it gives a divided verdict, but with responsibility in connection with our investments as with our family,church
and nation. One way of accepting this responsibility would be to render
leadership preponderating for cash prices.
As between terminal markets in this country,the price changes of futures service in one of the following ways:
(1) To save money through thrift and economies. This gives a market
more often occur first in the Chicago market, but as between Chicago
rate of interest of at least 6% without undue risk.
and Liverpool, the Liverpool market leads.
To help finance new industries which are for the general good. The profitsOne of the most important and significant facts statistically demonstrated
here come through the increased value of the common stock. At the
the downward bias of the future market. An extensive comparison of
rice data for various grains and options over many years shows that, on present time, In my judgment, electric power companies present one of the
the average, there is a definite tendency for the future price in the earlier greatest opportunities along this line.
(3) To steady business conditions by buying stocks in a panic and sellingmonths of trading (perhaps nine months ahead of delivery) to fall short
of the price subsequently attained Just before or during the month of them in a boom thereby checking dangerous periods of inflation and
delivery. In other words, the tendency of the future price is to understate depression. This method of investment returns profit of about 50% from
the ultimate price. This is true merely in a large majority, but by no every four to eight years.
means in all, of the instances dealt with. This bias of the futures market
Mr. Babson also had the following to say on the subject::
In the direction of low prices is in part explained by the weight of selling
People wonder why so many lose money and why so few make money in
hedges during the heavy marketing season. But the prevalence of undue connection with their investments. The answer is because the average
discounts, or the downward bias of forecasts, at other seasons (as, for person seems to lack all moral sense of responsibility when it comes to theexample, for wheat in the spring before the opening of the new crop year, investment of money. It is true that the average person will not steal or
when trades of hedges are more likely to be on the buying side) must be lie to make a dollar, but if he can legally get one any way without stealing,
attributed to causes other than hedging pressure. The character of recent lying, or otherwise disobeying the law, it seems "ordinary business." The
professional speculation Is suggested as one of these factors. This bias of average person unconsciously uses the same argument relative to investing
the futures market operates especially to depress unduly the next-crop money that the flapper uses for her foolishness, namely, "everybody's
options. The downward bias of the futures market in large part explains doing it." This seems to be excuse enough.
the tendency of the future price to be at a discount below the cash price.
Even the acceptance of interest for the use of money wasfrowned upon by
Owing to the tendency of the futures to be at a discount, the risk on the Church for many centuries. Of course, no one knows what Jesus
hedge sales (which constitute the bulk of hedges) is considerable. Cash teachings today would be on the question of accepting interest; but probably-
1530
THF GITRONICLE
Form 121.
He would approve it as a reward for saving. There was no borrowing for
From the Washington. "Post" of Sept. 16 we take the
business purposes in Jesus' day—the borrowing then was by the poor to
keep body and soul together—but had there been, it is logically assumed following table giving a comparison of the receipts in the two
that the payment of a market wage for the use of money would be approved. fiscal years from the general sources to which the Treasury
On the other hand, the Church would have urged its people to keep out of looks for its funds to pay government expenses:
debt, showing thorn that the financial downfall of most men is due to the
Sources—.
1924.
1925.
borrowing of money. Such misfortune not only means failure for the Income
$1,761,659.049
$1,841.759.316
borrower, but loss to the lender and investor.
Estates and gifts
108.939.895
102.966.761
Cigars, tobacco, &c
344.131.396
324,501.782
Certain Profits Justified.
Admissions, dues
39.598.397
85.722.385
Justice demands paying a bonus or profits to those who would loan money Excise, manufactures taxes
140.852.097
186.884.235
for new and untried enterprises, if they are for something to make people Special taxes, corporation capital stock..
98.030.999
95,856,958
healthier, happier or more useful. Certainly those willing to risk their Stamp taxes, playing cards
49,251,784
62.257.553
savings in the construction of something untried, but believed worthwhile Other taxes, including receipts not taxable after July 1 1924
should receive more than those who loan on stable industries and established
41.702,321
96.250.591
State which would borrow money for industrial experiments the same as
Income tax receipts for the fiscal year 1925, by States, were made public
for roads and school houses; but this is pure Socialism such as is being tried by Commissioner Blair. as follows:
In Russia. Moreover, it cannot be tried by one individual without revoluStates.
Total.
Corporation.
Individual.
tionizing the entire social system of a nation.
Alabama
$5,101,225.85
$8,288,275.40
$3,187.049.55
Profits, however, are not justified when profit for one means loss to Alaska
67.917.88
194,373.20
126.455.32
another which is the case in ordinary stock market operations such as buying Arizona
1,416,794.43
810,252.05
606.542.38
and selling for a mere profit. No real service is rendered in such cases. Yet Arkansas
2,306,268.27
4,692,973.75
2.386.705.48
this attempt to buy something "Because it is going up" and sell something California
40,324,036.75
92,884.521.21
52.560,484.46
"because it is going down" is the real reason for most investment losses. Colorado
7.595,438.18
11,740,667.75
4.145,229.57
Frankly, we do not understand why church people who frown at poker Connecticut
13,760,553.10
26.565.630.68
12.805,077.58
playing, seem to approve the promiscuous buying and selling of stocks. Delaware
4,289,425.46
6.563,730.62
2.274,305.16
Both are attempts to get something for nothing; both are responsible for a District of Columbia..
5,702,674.25
12.480,534.83
6.777,860.58
tremendous lot of trouble; and surely one is as wrong as the other. Any Florida
3.888,995.67
12.118.724.67
8.229.729.00
attempt to get something for nothing is ethically wrong if not legally Georgia
8.334,311.71
4,279.419.85
12.613.731.56
gambling.
Hawaii
3.575,467.38
5,067.186.25
1,491.718.87
How then can one make a profit beyond simple interest without risk? Idaho
, 1.094,746.61
1.437.069.46
342.322.85
The answer is very plain, namely, by performing a real service. The man who Illinois
86.765,897.65
159.415.517.66
72.649.620.01
Intelligently uses his money as a trust unmoved either by the appeals of Indiana
15.101,138.32
8.601,699.92
23.702.838.24
friends for help or by lust for abnormal gain never makes any losses and is Iowa
6,224.734.96
4.492,064.89
10.716.799.85
often.handoomely rewarded. Losses are due either to unethical attempts Kansas
12,036.724.38
3.104.016.73
15.140,741.11
to get something for nothing or to mistaken Judgment. Moreover, in the Kentucky
9,560.538.65
4.764397.27
14.324.935.92
latter case the mistaken judgment is often the result of an attempt to get Louisiana
7,747.454.91
4.648.717.44
12.396.172.35
financial or business advice without paying for it. Men and women expect Maine
4,927,689.74
2.755.107.86
7,682,797.60
pay for legal or medical advice, but they think they can get financial or Maryland
12.664.298.66
12.446.313.16
25.110.611.82
business advice free. Hence, many depend upon brokers' circulars, inspired Massachusetts
52,754,992.15
46.689.245.42
99.444.237.57
newspaper articles, reports issued by banks, &c., instead of subscribing to Michigan
36.992.40567
63,875.996.53
100.868.402.20
a reliable Investment Service.
Minnesota
9.214.450.74
13.212.270.79
22.426.721.53
Mississippi
1.758.976.52
3.483.059.12
1.724.082.60
Large Profits -Morally Possible.
Missouri
28.446,278.83
14.021.294.80
42.467,573.63
Those who are willing to invest intelligently may eliminate mistaken Montana
807.366.88
1,885,190.42
1,077.823.54
Judgment and select securities of companies which are worthy of expansion Nebraska
3,069,830.26
2.611.556.41
5,681,386.67
and which have the greatest opportunity for service. For here again, the Nevada
451,905.66
247,150.07
204,755.59
largest price increases come in stocks of companies which are supplying the New Hampshire
3.221.556.83
1,580.866.62
1,640.690.21
greatest want or rendering the greatest service at the time. Why it is that New Jersey
33,020.872.54
33.116.155.29
66,137.027.83
so many good people fail to recognize this fact is beyond our understanding. New Mexico
317.758.14
415.318.37
733.076.51
The surest way to select securities in which to permanently invest is to New York
202,621.707.68 294.088,020.05 496,709,727.73
follow Jesus' principles of forgetting self and consider that one's money is North Carolina
5,296313.78
15.877.646.25
10,581,332.47
to render.
North Dakota
667,994.23
330 843.83
337,150.40
The greatest opportunity which people have for both rendering service Ohio
53,035,341.21
95.526.111.67
42.490.770.46
and making money is in connection with the studying of business conditions. Oklahoma
9.820.419.90
4,021,573.30
5,798 846.60
Economic history shows most conclusively that the greatest cause of social Oregon
6.784.101.67
4,099,024.07
2,685.077.60
unrest is the fluctuating business conditions. First, the country has a Pennsylvania
84,559.363.79
189.164,203.75
104,604,839.96
period of prosperity which gets everyone on an artificially high basis and Rhode Island
6,831.415.99
7,402.721.96
14.234,137.95
then comes a period of depression which wipes out fortunes, throws wage South Carolina
4,267,589.84
1,519.925.51
5,787,515.35
earners out of work and causes havoc generally. This situation can be Routh Dakota
858,943.34
426,475.75
432,467.59
controlled almost wholly by the withdrawing of money from circulation and Tennessee
7.232,346.62
4,537.854.75
11.770.201.37
by refusing to invest during periods of high prices so that funds will be in Texas
13.188.440.22
28.885,747.79
15.697,307.57
hand to use during periods of depression. For every additional person who Utah
2.704,964.69
681.030.02
3.385.994.71
will follow this example, the next boom will be less dangerous and the next Vermont
1.619.862.57
1.381.826.86
3.001,689.45
panic less harmful.
4.120.862.23
Virginia
11.182.945.38
15 303.807.61
Washington
8.681,215.44
3.652.938.94
12.334,154.38
7,964,864.32
4.079.301.67
12 044.165.99
West Virginia
8.227.232.02
26.697,560.11
18.470.328.09
Income Tax Collections for Fiscal Year Ended June 30 Wisconsin
862.684.67
587.475.26
1.450,159.33
Wyoming
1925 Only Slightly Lower Than Preceding Year,
Despite 25% Tax Cut.
Preliminary figures for the fiscal year ended June 30 1925,
made public on Sept. 15 at Washington by the Bureau of
Internal Revenue, show total internal revenue collections
of $2,584,140,268, as compared with total collections of
$2 796,179,257 for the year ended June 30 1924. For the
fiscal year June 30 1925 the income tax collections amount to
$1;761,659,049, comparing with $1,841,759,316, a decrease
of $80,100,267. The fact that so large a yield came during
the fiscal year 1925, when the 25% tax reduction (under the
Revenue Act of 1924) was operative,caused Treasury officials
to declare, says the Associated Press advices from Washington, the comparative figures had given proof of their argument that a lower Federal tax rate would produce a proportionately greater volume of taxes than high schedules. The
same dispatches (Sept. 15) said:
The comparatively aught reduction accomplished by the 1924 tax law,
a Treasury spokesman explained, had acted as an encouragement to business
and to investors, resulting in expansion of old tax sources and the creation
of new ones by withdrawal of funds from tax-exempt investment or places
of hiding and the re-investment in productive enterprise.
It cost the Government slightly more to carry on its tax collection
system in 1925, however, than in 1924. The Bureau's report pointed out
that its appropriation carried $9.013.000 for prohibition enforcement and
$1.128.000 for enforcement of the narcotic law in 1925, and approximately
equivalent sums in the preceding year. Eliminating these items from
• consideration in computing the coat of tax collections, the figure was placed
at El 43 for each $100 in 1925, as compared with $1 24 in the preceding
twelve months
The chief drop in the Federal tax items, came under the general heading
of miscellaneous receipts, where a decrease of $131.938.722 was shown
by the report, which gave the totals as $822,481,218 for 1925 and $954.419.940 for 1924.
Officials exylained that the tax law of 1924 had completely wiped numerous taxes off the statute books while lowering some others, but among
those remaining several important increases, were shown in receipts.
The principal increase came in receipts from the taxes on tobacco and
obseco raanufactures. This amounted to more than $19,600,000.
•
$916,232,697.02 $345,426,352.49 $1,761.659,049.51
Total
1
Campaign of Federation for the Support of Jewish
Philanthropic Societies.
Representative 'bankers, brokers and members of allied
fields, at a recent luncheon meeting of the Bankers' Club,
accepted the quota of $1,000,000 as their part in a general
campaign of $4,000,000 which the Federation for the Support
of Jewish Philanthropic Societies of New, York will conduct
thrs—fall—
.rg, chairman of the board of
. Felix IT.—Warbu
Federation, presented Frederick Brown, the philanthropist,
who will be the general chairman of the campaign. Arthur
Lehman, who will load the Banker's and allied industries in
raising their $1,000,000 quota, accepted the chairmanship of
one of the $4,000,000 days. Mr. Solomon Lowenstein,
Executive Director of 'Federation, described the handicap
under which many of the 91 charitable agencies in Federation
worked because of lack of funds, citing the case of the
Institute for the Improved Instruction of Deaf Mutes as an
example of an agency which could do even more effective
work if the community responded to the call for funds.
Edwin S. Friendly, business manager of The Sun, pledged
the co-operation of the committeemen in the newspaper,
publishing and advertising fields. The Far Rockaway
division of Federation, of which Leo. J. Goldberger is
chairman, also is included in the Lehman Million Dollar Day.
The formal campaign dates are November 16, 17, 18 and 19,
and the Bankers' group should report on the raising of a
million dollars on November 17th. The men's wear, women's
wear and textile industries are responsible for an additional
million dollars and the real estate and theatrical groups also
have pledged themselves with similar amounts.
SEPT.261925.]
THE CHRONTf1F
Income Tax—Ruling Governing,Loss from Short Sale.
An important income tax advantage is given to short sale
transactions over the ordinary purchase and sale in a ruling
just announced by the Income Tax Department, where it is
held that the loss resulting from a short sale is not a capital
loss, and therefore the deduction is not limited as in the case
of capital losses, according to M. L. Seidman, tax expert
of Seidman & Seidman, certified public accountants, of this
city. Mr. Seidman in explanation says:
Under the present law where a loss is sustained on stocks or bonds held
for more than two years, it is regarded as a capital loss and cannot reduce
the tax by more than 12;4% of the amount of such loss. The new ruling
declares that a loss from a short sale cannot be a capital loss because in a
short sale transaction the stock or bond is sold first and bought back later,
so that it is never "held" for the prescribed two-year period. The deductions for losses on short sales, therefore, are to be treated like other losses
having no limitation as to their deduction.
In other words, if a share of stock is bought at 100 and more than two
years later is sold for 60, the loss of $40 would be considered a capital less
that could reduce the tax by no more than $5 (or 12)4% of $40). However, if a $40 loss were sustained through a short sale—that is, the stock
was first sold for $60 and later the sale covered by a purchase at 100—the
loss of $40 could be deducted without limit. If the taxpayer's income were
subject to tax at the 40% rate, the loss would reduce his tax by $16. If
the taxpayer's income were subject to tax at the 30% rate, the loss would
reduce his tax by $12, and so on.
Obviously, this gives losses from short-sale transactions a tremendous
tax advantage, and is a factor to be considered by the stock market operator.
President Rea of Pennsylvania Railroad Attains the
Age of Seventy and Is Automatically Retired.
Samuel Rea, President of the Pennsylvania RR. Co.,
reached the age of 70 on Monday (Sept. 21) and under the
regulations of the company will automatically retire from
active service on the first of October. The following account
of his career comes from the General Office of the company
in Philadelphia:
Mr. flea's railroad career covers a period of 54 years. He is the first
President of the Pennsylvania RR. Co. to reach the age of 70 in its active
service, and his gradual promotion from the position of rodman to the
presidency covers a period of exceptional development and emergencies
His business experience embraces outstanding
in the railroad industry
activity in many fields, including construction work, merchandising, accounting and finance, and for a time he was a member of the New York
Stock Exchange and a partner in the firm of Rea Brothers & Co., bankers
and brokers, in Pittsburgh.
"No man should ask for more than employment," was one of'his maxims.
"When that is given, it is up to him to do the rest." He was forced to put
this theory to a test very early in his life. Born at Hollidaysburg in Pennsylvania in 1855. the death of his father 13 years later made it necessary for
him to seek a position clerking in stores and working on farms. His education as a railroad engineer began when he was not quite 16; from James
McCrea, later to become his predecessor as President of the Pennsylvania
System, he secured a job as chainman and rodman on that railroad in 1871.
There were then no college courses in the subject of railroad engineering.
When the panic of 1873 forced the railroads to limit their personnel, Mr. Rea
entered the office of the Hollidaysburg Iron & Nail Co., and the knowledge
there obtained of mercantile iron was valuable in later years.
Two years later he re-entered the service of the Pennsylvania, engaged
In various engineering undertakings. At one time, when the engineering
work slackened, be obtained a Job as cashier and later as ticket agent of
the Pittsburgh & Lake Erie RR., returning to his engineering at the first
opportunity. When promotion seemed slow in 1889, he resigned to go to
Baltimore as Vice-President of the Maryland Central fly. and Chief Engineer of the Baltimore Belt RR. This latter he located and put under
construction, and it is now a part of the main line of the Baltimore & Ohio.
In 1892 he accepted a call from President Roberts of the Pennsylvania
RR. to become Assistant to the President. Here he was responsible for
the construction and promotion of new lines, as well as for the general
financial work of the Pennsylvania subsidiary companies; and later he was
given charge of the engineering and accounting departments. The financial
experience, acquired from his work as partner in the investment house of
Rea Brothers & Co. and his 12-year membership in the New York Stock
Exchange, was valuable in his new position.
At one time he was president, vice-president, or director of over 100
companies in the Pennsylvania System, which number he was constantly
reducing through mergers. After climbing step by step through almost
every department of the System, he was elected President of the Pennsylvania RR. Co. on Jan. 11913.
Previous to this ke had been offered the presidency of the Southern
Pacific in 1899 by Speyer Brothers and Collis P. Huntington, and in 1903
Mr. J. P. Morgan offered him the presidency of the New Haven. Both
offers were declined. When the famous battle between the Hill and Harriman interests for control of the Northern Pacific RR. resulted in a compromise, Mr. Rea served as one of the "peace directors" on the board of
that road. During the war he was a member of the Railroads' War Board.
Much of his work with the Pennsylvania centred on the extension of the
Pennsylvania lines to New York City so as to secure a direct rail entrance
either by bridge or tunnel—a project that had been under consideration
since 1871.
In 1884 Mr. Rea presented before Mr. Roberts, then President of the
railroad, the proposition of Gustav Lindenthal, civil engineer, for the construction of a bridge across the Hudson between Jersey City and Desbrosses Street, New York. Plans for the bridge were temporarily discarded due to the cost of such a structure—twice that of the Brooklyn
Bridge. Lindenthal, Rea and their associates continued with the project,
however, with the idea that the Federal Government should charter a
company for the purpose. In 1890 the charter was granted; of the sixteen
incorPoratms of the North River Bridge Co.,only Mr. Lindenthal, Thomas
and Ryan and Mr. Rea survive. The Pennsylvania agreed to join with
other roads in guaranteeing sufficient trafficto the North River Bridge Co.
to make the project self-sustaining. Upon the failure of the other roads
to join in this guarantee, the bridge plan again lapsed. Speaking of the
present situation in regard to the bridge, Mr. Rea said: "It will be built,
of course, but only when an awakened public is overwhelmed with inconvenience and housing costs in the city are prohibitive. No system of tunnels can ever do as much for New York as a bridge properly located."
During the negotiations for the bridge Mr. Rea continued his study of a
tunnel for electric locomotives. In 1892 he had made a careful survey of
1531
the London Underground Railway projects in England; compiling from his
first-hand observations a discussion entitled "Railways Terminating in
London," which was now to prove extremely useful. A similar investigation was made later of the underground extension of the Orleans Railroad
In Paris. As a result, the Pennsylvania perfected its plans and Mr. Rea
was made supervisor of the construction of the New York tunnel extension.
The tunnels, in which the best engineers of the world co-operated, were
opened near the close of 1910 and now accommodate over 40,000.000 Passengers per annum.
When the University of Pennsylvania desired to confer a degree upon
some officers of the Pennsylvania RR. who was responsible for the construction of the tunnels, Mr. McCrea, then President of the company,
replied: "Rea .is entitled to the degree. If the project proves to be a
failure, he must take the responsibility, and if a success he Is entitled to the
credit."
Mr. Rea was also closely interested in the rapid transit tunnels built by
the Hudson & Manhattan RR. Co. between New York, Jersey City and
Newark. Believing that ferry transportation was becoming obsolete for
New York and not wishing to keep both an uptown and downtown station
active, the Pennsylvania RR., largely through Mr. flea's influence, permitted the Hudson & Manhattan Company to construct underneath its
station in Jersey City and to use its tracks in the open between there and
Newark. Both the public and the companies concerned were benefited
thereby.
In the period of railroad consolidation, from 1900 to 1907, Mr. Res
played an active part. Severe competition between 1892 and 1899, accompanied by the financial panic of 1893. had so reduced railroad rates that a
great part of the mileage of the country was in the hands of receivers.
To meet this situation the Pennsylvania Joined with other railroads in what
Is known as the "Community of Interest Plan." and bought a substantial
interest in the Baltimore & Ohio, the Chesapeake & Ohio, and the Norfolk
& Western Railway companies. Mr. Rea supervised and was responsible
for these purchases and served for many years as a director of the various,
companies.
in addition, in close contact with Jacob H. Schiff. he took charge of the'
acquisition of 43% of the Reading Company stock, which was subsequently
divided equally between the Lake Shore & Michigan Southern and the Baltimore & Ohio railroads, as the laws of Pennsylvania prohibited its acquisition by the Pennsylvania System. Subsequently, when the "Community'
of Interest Plan" was disapproved by the public, the Pennsylvania disposed
of its interest in the Baltimore & Ohio and the Chesapeake & Ohio. and Mr.
Rea resigned from their boards. He is still, however, a director of the
Norfolk & Western Railway.
His work has of necessity brought him into personal contact with the
leaders in business of the past half century. Recognizing the value of such
intercourse, he maintained a constant acquaintanceship with English engineers and economists, like the late Sir William Acworth. one of the greatest
of England's railroad authorities, and Sir George Paish. The late Jacob
H.Schiff, former head of Kuhn, Loeb & Co., was one of his Intimate friends;
and Mr. J. P. Morgan, Mr.E. H. Harriman, Mr.J. J. Hill, and many other
railroad notables of that period were in the circle of his acquaintances.
He did not, however, confine his contacts to those whom he would have
met in the natural course of his work. On one occasion he said to a friend:
"I am fond of motoring or travel as a quick means of acquiring knowledge
of one's State and the country and its resources -and getting into close Contact with business men, the farmers and the public. He will prove to be a
poor railroad man if he does not learn a-great deal about the public he is
called upon to serve." This same desire for knowledge of humankind found
expression in his love of books, supplying the background of culture, vision
and balance of life which he deemed necessary for the young business man.
He is known among his friends as an extensive and cultivated reader In hietory, biography, travel and economics.
When his retirement takes effect on Oct. 1 Mr. Rea will return to his farm,.
where most of his free time in the last few years has been spent. He hasbeen interested on the side in the study of old English silver craftsmanship
and its distinctive hallmarks, of which there is a record for about six hundred
years. On one occasion, on being questioned as to his hobbies, he stated:
"I have played about one game of golf each year for the last five years so
as to be ready to meet Mr. John D. Rockefeller if I am challenged, but I
expect he has become so expert as to beat me easily. My family will admit.
1 think, that as a consumer of tobacco I am entitled to a high rank, and as
to wood-chopping, I have done my share in the past ten or more years."
United States Railroad Freight Traffic in July.
Class I railroads in July handled a freight traffic amounting to 37,800,641,000 net ton miles, according to reports for
the month filed by the carriers with the Bureeu of Railway
Economics. This was an increase of 4,759,750,000 net ton
miles, or 14.4% over the same month last year, but a decrease of 717,265,000 net ton miles, or 1.9%, under July 1923
and 2,592,218,000 net ton miles, or 6.4%, below July 1920.
Freight traffic in the Eastern District showed an increase
of 17.0% over July last year, while in the Southern District
there was an increase of 19.1%. The Western District
showed an increase of 9.3%.
For the first seven months in 1925 the volume of freight
traffic amounted to 249,335,046,000 net ton miles, an increase of 5.3% over the corresponding period last year, but
a decrease of 5.6% under the corresponding period in 1923.
There also was a decrease of 3-5 of 1% under the same period in 1920. In the Eastern District an increase for the
seven months' period of 5.4% in the volume of freight trafficcompared with the same period last year was reported, and
in the Southern District, there was an increase of 7,7%.
The Western District showed an increase of 4.1%.
The daily average movement per freight car in July was
27.7 miles, an increase of 2.2 miles compared with July last
year, but a decrease of 1-10 of a mile compared with the
same month in 1923. The average daily movement per
freight car in July this year was an increase of 3-10 of a
mile compared with the preceding month. In computing
the average movement per day, account is taken of all
freigkt cars in service, ineluding. cars in transit, cars in
THE CHRONICLE
process of being loaded and unloaded, cars undergoing or
awaiting repairs and also cars on side tracks for which no
loan is Immediately available.
The average load per freight car in July was 27.3 tons,
3-5 of a ton greater than for July last year, but 1.2 tons
below the same month in 1923. The average for July was
An increase of 2-5 of a ton over June this year.
C. R. Fenton Appointed Executive Secretary of Investment Bankers Association of America.
Frederick R. Fenton, Secretary and one of the founders
.of the Investment Bankers Association of America, has
been appointed Executive Secretary of that organization
by the association's board of governors. Announcement of
=the appointment was made on Sept. 24 by Thomas N.Dysart,
President of the association. Mr. Fenton has been in the
bond business more than 25 years and for the last six years
has been president of the investment banking house of
Fenton, Davis & Boyle. He has been Secretary of the
Investment Bankers Association of America since its organization in 1912 and will retain that poition in addition to his
.new duties as Executive Secretary. In announcing Mr.
'Fenton's appointment Mr. Dysart said:
(VOL 121.
months past. Both have come nearer as the season has advanced. There
is a very acute situation in banking circles.
The point at issue is the relation of the member banks to the Federal
Reserve System. This question has been pushed to the front in a number
of ways, but perhaps the most urgent is the branch banking phase of the
situation. A convention of bankers opposed to branch banking has been
summoned for Sunday next in Atlantic City, and what is done at that
meeting will to some extent set the pace for the general convention.
It is predicted that the anti-branch bankers will demand action designed
to put the association squarely on record against branch banking, and will
put it in the position of demanding Congressional action to that end. This,
however, is only one phase of the real problem.
State Bankers Disturbed.
The underlying cause of the apprehension expressed by not a few circles
is the renewal of controversy between State and national interests. State
bankers feel that an unwarranted attack upon them has been made by the
national banking authorities and that in their advocacy of legislation
intended to keep State banks out ofthe Federal Reserve System,except on
very onerous conditions, they are forcing to the front the old issue, which
group of institutions shall be given the prior standing.
For years past decided differences of opinion have existed between leading
State and national bankers and at times they have broken out openly in the
Bankers Association. One result some years ago was the organization of
separate "sections" for State and national bankers. This tended to prevent
either of these groupsfrom imposing upon the other, but the question which
one would be able to influence the action of the association as a whole has
always been very urgent.
A year ago,the national bank group stole a march upon State bankers and
succeeded in getting an indorsement of the so-called McFadden bill without
discussion. The bill in question contained, among other things, provisions
putting the national banks into the real estate and loan business, and also
allowing them to go into investment banking without any considerable
supervision. But the measure also provided for a very stringent limitation
of branch banking and would effectually have confined State banks, which
already have branches to the number they already maintained.
Of course, if they were willing to leave the Federal Reserve system they
could do whatever the laws of their States would permit. But the Federal
Reserve system was definitely used by the McFadden bill as a means of
equalizing competition and attempting to put national banks into a position
similar to that of the State banks so far as competitive conditions went.
The McFadden bill was based upon an alleged effort to protect small banks.
a view which prevailed among various Government officials, at least
nominally, and this has resulted in rallying a great many small banks to its
support. The small bank issue is, however, considered largely artificial:
the real issue being that of national versus State banking.
The total amount of annual capital issues—stock and bonds—in this
.country was about $2,000,000.000 13 years ago when this association was
formed. Now more than $6,000,000.000 of new capital issues are sold
yearly in the United States. By far the greater part of these securities
are handled by the member houses of the Investment Bankers Association
of America. The activities of the Association itself are chiefly concerned
with the ascertaining the applying the soundest principles and practiles
in financing the business and civil enterprises of the country.
This work is carried on by the board of governors and by 19 standing
committees, which committees are continually studying the problems
and needs in the various major fields of finance. While the business of
the members has increased there has been a corresponding increase in
the activities of the organization. Because of this increase there was
need for a resident executive to direct the affairs of the association between
meetings and to execute the plans and program which concerned the interests
of the dealers and the investing public. Heretofore this work has been
A Stalemate in Congress.
carried out by voluntary committees assisted by the local groups of the
Last winter there was a stalemate in Congress on this whole issue but
national organization. The appointment of Mr. Fenton as Executive
Secretary will not supersede the work of these voluntary officials. Rather preparations have been made for pushing forward with the legislation,
during the coming session. Statements are already made that the McFadden
will the work of the association be pushed to a more vigorous conclusion.
bill is an Administration measure and will be passed as such. Administration friends and supporters deny that it has ever been made an Administration
measure and insist that some evidence be shown them on the subject.
Pplden Anniversary Convention of American Bankers
The point is absolutely essential because the McFadden bill, if passed at
Association.
al/, would be passed by a very small majority and the party standing of the
The attention of the bankers of the country will be centred bill would be of utmost significance.
Coolidge and the Secretary of the Treasury stand on
the coming week at Atlantic City, where the golden anni- theWhere President
subject would determine a good many votes. It is not at all certain
Association
the
of
American
Bankers'
versary convention
where they stand today and local bankers express the utmost doubt as to
•will be held. While the general convention will not open that point. It is believed that before making up his mind the President
Tuesday, Sept. 29 (and will continue through Wednes- Will seek important financial advice both here and elsewhere.
.until
day and Thursday), both the Savings Bank Division and the
National Bank Division will hold their sessions on Monday.
•On Monday also there will be a conference of Auditors and
'Comptrollers and a subscription conference dinner of Clearing
House examiners and managers. Tuesday the Clearing
Bouse Section will meet, and for the same day a conference
.on community trusts is scheduled. Wednesday is set apart
for the meeting of the Trust Company Division and the
State Secretaries Section, and on Thursday the State Bank
Division will meet. One of the speakers before the State
Bank Division (not previously announced) will be George
V. McLoughlin, New York State Superintendent of Banks.
With one or two exceptions, all the other speakers were
announced in our issue of Sept. 12, page 1312. F. M.Low,
Vice-President of the First National Bank of Houston, Tex.,
and Congressman John Q. Tilson, of Connecticut, are on the
program of the National Bank Division in addition to those
heretofore indicated. Congressman Tilson will speak on
"Federal Tax Reduction," while Mr.Low's subject will be
'Aids in Management of Clerical Departments."
As was noted in these columns a week ago (page 1422),
bankers opposed to branch banking have issued a call for a
meeting at Atlantic City to-morrow (Sept. 27). It is stated
that Congressman Louis T. McFadden and Comptroller
of the Currency McIntosh have been asked to be present.
Next Week's A. B. A. Convention Alleged to Be Facing
Revolt in Ranks—Secession From Association
and From Reserve System Said to
•
Be Possible.
from the news columns of
following
the
reproduce
We
yesterday's New York Journal of Commerce:
New York bankers, particularly those who have been closest to the work
ofthe American Bankers' Association,are looking forward to the convention
meeting at Atlantic City next week with an unusual amount of apprehension
and doubt. They recognize the possibility of a serious split in the American
Bankers' Association.
They also, in a number of cases at least, believe that developments at the
convention may mark the beginning of a serious disintegration of the Federal
.Reserve System. Both possibilities have been recognized for a number of
Bankers' Attitude Significant.
This makes the action of the Bankers' Association on the subject significant. What Is desired is to show that the association as a whole strongly
indorses the McFadden measure and thus to induce the Administration to
adopt it as a part of its program. This is a mode of proceeding that has
often been invoked in the past, but on most former occasions it has been
used for the purpose of modifying an attitude on the part of executive
Officers which was already well known. On the occasion, it is desired to
use the weight of the Bankers' Association to assist in shaping an attitude.
Because of the knowledge that this is intended, very sharp exchanges have
already taken place between the guiding committees of the association and
some extremely influential members both State and national. The latter
are unwilling to see the association used in this way. The present management on the whole is disposed to let things take their course and this would
normally mean that the action of last autumn, which was displeasing to a
large section of the membership, may be repeated.
Some Selfish Interests.
Some selfish interests have become involved in the banking controversy
thus developed, quite apart from the mere question of ordinary self-Interest
involved in banking policies of one kind or another. A few large banks with
extensive strings of branches have been desirous to have further development stopped or suspended, knowing that they themselves would be in a
very advantageous position because of the exploitation work which they
have done. Of course the city banks which have branches within their own
cities want to have these retained and the McFadden bill makes full provision for that, but there are a few of them which have fairly got their growth
and would apparently like to see the possibility of expansion outside of city
limits terminated. There are a good many wheels within wheels in the
whole discussion.
Disintegration Possible.
The American Bankers Association is a large and very loosely joined
organization. It would be very hard to make much of a "dent" in it.
Nevertheless, leaders in it have been made aware that it is facing the loss
of a good many members,or at all events a serious revolt within its membership designed for the purpose of overthrowing the present type of organization. Some stirrings with that end in view were apparent at the Chicago
convention last winter, but they were modest and inconspicuous as compared
with what now appears to be in sight.
At the same time it has also become apparent that considerable secession
from the Federal Reserve system is to be expected within the next year if
present tactics are continued at Washington. Such retirements from
membership have often been threatened and rarely carried into effect.
There is a good deal of reason for believing that in a number of parts of the
country substantial retirements will take place within the next few months
if conditions in Congress should be productive of legislation of the kind now
proposed.
The whole situation is also closely entwined with the question of renewing
Federal Reserve charters, the present dissatisfaction working strongly
toward a withdrawal of support from the Reserve system.
SEPT. 26 19251
THE CHRONICLE
Banquet of Association of Bank Women.
Mrs. Mabel Walker Willebrandt, Assistant Attorney-General, and Doris Stevens of New York will be among those who
will address the Association of Bank Women at their banquet
to be held at Atlantic City at the Ambassador Tuesday,
Sept. 29. The banquet is one of the features of the third
annual convention of this association, which opens Monday
the 28th and will continue until the evening of the 30th.
Miss Stevens'subject will be "Woman-Power."
1533
Edward Sanderson, heretofore Assistant Cashier of the
Franklin National Bank of this city, has been elected
Cashier to fill the vacancy caused by the resignation of
Nelson F. Fairweather, which was noted in our issue of
Aug. 29, page 1048. Mr. Sanderson had been connected
with the Chase National Bank and the National Bank of
Commerce before he joined the Franklin National.
The officers and trustees of the Italian Savings Bank of
the City of New York announce the opening on Sept. 28 of
their new main office on Cleveland Place, southeast corner
Labor Aims to Aid Western Farmers—Brotherhood of of Spring and Lafayette Sts., New York City. Inspection
Locomotive Engineers Backs Corporation with
is invited of their new bulding and safe deposit vaults.
$5,000,000 Capital—To Invest in Big Farms.
Albert P. Steiner, until recently Cashier of the First NaThe following special advices from Aberdeen, So. Dak.,
tional Bank of Roosevelt, L. I., and his brother-in-law, T.
Sept. 23 appeared in the New York "Times":
Funds of the Brotherhood of Locomotive Engineers' banks may be Smith Buchman, a broker, were sentenced by Judge Ervin
extended to relieve farmers of the Northwest. according to plans being In the Federal District Court in Brooklyn on Sept. 10 to
made in connection with the formation of the Northwest Co., a corporaserve two and a half years each at Atlanta Prison, accordtion with an authorized capital of $5,000,000.
Development of these plans was announced here to-day following con- ing to the New York "Times" of Sept. 11. Sentence folference of H. C. McCartney of Oakes, No. Dak., and George T. Webb, lowed pleas of "guilty" entered by the defendants the preVice-President of the Brotherhood of Locomotive Engineers' National
charge of misappropriating and dissipating
Bank at Cleveland and of the Empire Trust Co. of New York. Mr. vious week to a
McCartney, who is President of the new company, said it expected to In Wall Street speculation $72.000 of the bank's funds. Acdevote itself to investments in lands where owners of large holdings were cording to the New York "World" of Aug. 23, $40,000 of the
seeking relief. It is the intention later to make investments in banks.
bond and tile remainder
The new corporation is the outgrowth of a merger with the Northwest bank's loss is covered by a surety
Corp., the holding concern for interests in several banks in this State has been made good by the directors. The defendants were
and North Dakota.
held by United States Commissioner Wilson, Brooklyn, on
Among Mr. McCartney's associates are George T. Webb, William V.
time they both
Prenter, President of the Brotherhood of Locomotive Engineers; Ed Pierce Aug. 24, in bail of $15,000 each, at which
of Sheldon, No. Dak.; F. D. McCartney of Oakes, No. Dak., and Horace pleaded "not guilty." In default of the ball they were
Haldeman of Glover, No. Dak. Enormous resources are back of the lodged in Raymond Street Jail, Brooklyn, until sentenced.
new movement, which contemplates stabilization of conditions in this
and the adjacent State.
The plans for bringing farmer relief to the Northwest do not contemplate
loans to individual farmers, but support to large holders of acreage on
which they must realize because they are unable to carry the load. The
usual operation in such cases is to foreclose on delinquent contracts, to
their own drastic loss and to the wrecking of stable conditions in a whole
community. The Northwest Co. proposes to demonstrate its belief
in the future of the Northwest by acquiring deeds to such large holdings as
may be available and then, instead of proceeding to ouster, arrange for
carrying delinquent purchasers at a reasonable interest rate, to give them
a chance to work out their own salvation without loss of what they already
may have invested in their farms.
Mortgages and contracts already existent would be taken over without
disturbance, and relief would be afforded to farmers by extending the
time for them to make Rood.
The following from the Union Trust Company of Cleveland will attend the American Bankers Association convention at Atlantic City Sept. 28 to Oct. 1: Vice-Presidents
C. E. Farnsworth, F. J. Woodworth, E. E. Creswell; Assistant Vice-Presidents C. B. Anderson and J. C. Anderson;
Clara Dombey,Manager Women's Service, and Paul Eaferty
of the Estates Trust Department. Miss Dombey is scheduled to speak at the meeting of the Association of Bank
Women,to be held in conjunction with the convention of the
American Bankers Association.
The Fidelity Trust Company of Detroit, Mich., is at the
head of a group offering $1,500,000 University ot Detroit
first mortgage 5s, due 1928 to 1945, at par. The present
property of the corporation has been appraised by the American Appraisal Company at $4,226,985. The mortgage
covers all of the real estate and buildings of the corporation,
which includes some valuable downtown property. Any
J. Louis van Zelm, Vice-President of the Bank of New financing done by the University must have approval from
York & Trust Co., arrived in New York this week on the Rome, which has been obtained in this instance.
SS. Minnetonka after spending the summer abroad.
The Globe National Bank of Denver was closed by its
The Fordham National Bank of this city, a newly projected directors and its affairs turned over to a national bank
institution with a capital of $250,000 and a surplus of examiner on Saturday morning, Sept. 19, following a run on
$75,000, has received a charter from the Comptroller of the the institution which threatened its immediate cash reserve,
Currency and has elected as its President United States according to the Denver "Rocky Mountain News" of
Senator Royal S. Copeland. It is understood that Senator Sept. 20. The run on the institution was caused, according
Copeland's new duties will not interfere in any way with to the bank officials, the "News" stated, by rumors and
his political activities. He was Health Commissioner of false reports concerning the condition of the bank circulated
New York until his election to the Senate two years ago. within the previous fifteen days. The suspension of the
Percy N. Moore has been chosen Cashier of the new bank. bank's business, it was said came a short time afte Herman
Joseph P. Ryan is Vice-President. The stock, offered at B. Gates, the bank's President, had completed new financial
$130 per share, has, we are advised, all been sold. The arrangements in New York, and if the run had been held
bank plans to begin business in November. Its organization off until after Wednesday (Sept. 25), the refinancing plan
would have been made effective. A later issue of the
was mentioned in these columns on July 4, page 38.
"News," Sept. 22, stated that the directors had indicated
It is reported that Clark B. Davis, Vice-President of the that the institution would be liquidated. The institution
Bank of America of New York, will leave shortly for Miami, was capitalized at $200,000.
Fla., to become President of the City National Bank of
The Standard Bank of Canada, General Manager's Office,
Miami, which has just received a charter from the Comptroller of the Currency. The new institution, which will Toronto, Ont., announces the declaration of a dividend for
have a capital of $1,000,000 and a surplus of $250,000, will the current quarter ending the 31st of October 1925, at 3%,
being at the rate of 12% per annum upon the paid- up capital
be the third national bank to be establish6d in Miami.
stock of the bank, and which is to be payable on and after
The delegation of the Bank of America, NewYork, to the the 2d of November 1925.
coming meeting of the American Bankers Association in
Failure of the First State Bank of Cunningham, Kan., Is
Atlantic City will consist of Charles F. Junod, Vice-President;
reported in the following press dispatch from Topeka on
Clark B. Davis, Assistant Vice-President, and Giles Barks8 to the Kansas City "Star":
dale, 0. F. Meredith and John H. Trowbridge, Assistant Sept.
Heavily "over-loaned," the First State Bank of Cunningham voluntarily
Cashiers.
closed its doors this morning (Sept. 8) by action of the board of directors.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The New York Stock Exchange membership of Dewees
W. Dilworth was reported posted for transfer this week to
Clayton Dubosque, the consideration being stated as
$119,000. Last previous sale was for $120.000.
The board of directors of the Seventh Avenue National
Bank of this city has elected Joseph D. R. Freed, President
of the Freed-Eisemann Radio Corp., a director of the bank
to fill a vacancy.
Roy L. Bone, State Bank Commissioner, will send a deputy this afternoon
to take charge of the bank. With a capital of $25,000 and surplus of
$2,500, the bank had $53,000 deposits, $107,000 loans and discounts and
$53,000 of rediscounts. Correspondent banks refused to rediscount any
more paper and the bank closed. E. C. Crow is President and 144.A. Papp
Cashier. The bank is not under the Guaranty Act.
1534
THE PITRovrecr:17
A. C. Force, until recently a Vice-President and Cashier
of the Bank of 'Idler, Okla., was sentenced in the District
Court at Miami, Okla., on Sept. 8 to eight years in the State
Penitentiary and to pay a fine of $500. according to a press
dispatch from Miami on that date, which appeared in the
Kansas City "Star" of the following day. The sentence, it
is said, followed Force's plea of "guilty" to embezzlement.
The former Cashier, after disappearing from Picher the
night of Aug. 19 last with $10.000 of the bank's funds, zeturned three days later and gave himself up to officers. He
confess6d he had embezzled $20.000 In addition to the $10.000 which he returned to the bank upon h!s surrender. He
is reported as saying he used the money In gambling.
The First Guaranty State Bank of Cedar Hill, Texas, has
been sold by Judge G. W. Riddle, President, and R. B.
Bradenburg. Cashier, to R. L. Thornton of Dallas and a
group of men associated with him. The bank has been reorganized. effective Aug. 13. C. B. Pool, formerly VicePresident. has been made President: J. A. Anderson has
become Vice-President: Miss Josie Wilson is Assistant Cashier; C. Straus and R. L. Thornton are directors. The affairs
of the institution are being directed by W. F. Miller. Cashier.
Mr. Miller was formerly Cashier of the Commercial State
Bank of Dallas. Mr. Thornton is President of the Mercantile National and the Mercantile Trust & Savings banks of
Dallas.
[Vm.. 121.
forward from two to three points. The strong stocks were
General Motors, Chrysler, Mack Trucks and Studebaker.
Under the leadership of Now York Central the railroad
stocks further improved. General Electric was nowise
strong and closed with a net gain of 33% points. The_final
tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY.
Week Ended Sept. 25.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Erchange.
Stocks-No. shares__ _
Bo cla.
Government bonds _ _
State & foreign bonds
Railroad de misc. bonds
Total bonds
Stocks,
Number of
Shares.
Railroad,
&c.
Bonds.
940,480
1.804.152
1,727.363
1.558,586
1.811.r03
1.676.300
53.267.000
6.341.000
7.123.000
6,409.500
6,845.000
7.513.000
$1.930.000
3.086.000
2,622.500
2.183.500
3,470.000
2.632.000
8488,200
1,145.250
983,000
816,800
811,300
842.000
9,518.484
$37,498.500
$15.924.000
85,086.550
Week Ended Sept. 25
1925.
9,518,484
1924.
State,
Municipal &
Porelun Bonds
United
States
Bonds.
Jan. 1 to Sept. 25.
1925.
1924.
4.785,190
294.982,763
176,569.960
$5.086.550 $13,087,400
15.924,0130 12.056,500
37,498.500 50.955.400
$270.097.310
516,943.500
2.355.843.775
$722.858,580
359,741,000
1,622.959,100
558.509.050 $76.099.300 53.142.884.585 52.705.558.680
DAILY TRANSACTIONS AT THE BOSTON, PHILADELP11 I A AND
BALTIMORE EXCHANGES.
Boston.
Week Ending
Philadelphia.
Ball more.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Sept. 25 1925.
Shares Bond Sales. Shares nond Sales Shares nand Salm
Motor shares have been the outstanding feature in the iaturday
32.157
347.000
7.653
39.300
1.901
813.000
57.098
19.324
32,500
22.000
4.914
24,200
speculation on the New York Stock Exchange the present donday
Cuesday
43.958
38,300
13.56r
46.500
3.431
14.000
Yednesday
39.611
34.250
13.392
78.300
5,157
34.200
week and except for a sharp setback late on Thursday, have Thursday
42.747
40,200
13,401
44.000
5.661
21.400
moved steadily forward to higher levels. Trading has been ?Ili:lay
27.000
51.347
6.422
7,000
3,305
125.000
active and the trend of prices generally upward except on
Total
266,918 8227,450
73.758 8198.900
24,383 8231,800
Monday and Thursday, when there were sharp downward 'rev, week revised 234.824 g185 non 109.867 g144.800 18.929 1200.000
reactions. Specialties were in active demand and railroad
stocks moved to the front at advancing prices. On Saturday trading was unusually active for a week-end market, the
COURSE OF BANK CLEARINGS.
day's transactions aggregating nearly a million shares during
Bank clearings for the present week show a satisfactory
the two-hour session. Motor stocks were again the centre increase as compared with a year ago. Preliminary figures
of interest. General Motors moving upward 3M points and compiled by us, based upon telegraphic advices from the
Mack Trucks scoring a gain of VA points. Jordon, White chief cities of the country, indicate that for the week ending
Motors, Pierce Arrow, and Packard also registered substan- to-day (Saturday, Sept. 26) bank exchanges for all the cities
tial advances. The outstanding feature of this group, how- of the United States from which it is possible to obtain
ever, was Hudson Motors, which jumped forward 9 points weekly returns will aggregate 11.7% more than in the corto a new high record. Du Pont moved briskly forward 12 responding week last year. The total stands at $9,273,910,points to 187. The early trading on Monday was charac- 038, against $8,297,020,799 for the same week in 1924.
terized by numerous advances, ranging from 1 to 5 points, At this centre there is an increase for the five days of
but as the day progressed the early gains wore lost in the 9.9%. Our comparative summary for the week is as
general decline. Motor shares moved against the trend, follows:
General Motors and Hudson establishing new high records.
Clearings-Returns by Telegraph.
Other strong stocks in the motor group included PaigePer
Week Ended September 26.
1925.
1924.
Cent.
Detroit and Hupp Motors. Sharp declines were recorded by
New York
$4,101,000,000 83,732.834.384
+9.9
General Electric, American Can, Baldwin Locomotive, and Chicago
536.190,721
487,780.580
+9.9
441,000.000
Pullman. Motor shares again assumed the leadership on Philadelphia
399.000000 +10.5
Boston
327,000.000
313.000.0013
+4.5
Tuesday, Studebaker crossing 58 to a new high, followed by Kansas City
113,922,394
115,000.900
-1.1
St. Louis
123.800.000
108.300.000 +14.3
Hupp Motors, Pierce Arrow, Willys-Overland and Paige- San
Francisco
157.090.060
136,678,000 +14.9
Los Angeles
128,175.000
104,112.000 +23.1
Detroit. Specialties were in strong demand at advancing Pittsburgh
143,134.707
129.430.423 +10.6
prices, notably American Tobacco, Fleischmann and Rem- Detroit
156,626,043
134 084.420 +16.8
92,668.777
81,491,052 +22.3
ington Typewriter. Railroad shares again came to the front Cleveland
87.100.905
Baltimore
73.732.458 +18.1
New
74.950.978
Orleans
60,673.819
+23.5
Southern
Railway made a net advance of two points.
and
Total 13 cities, 5 days
36.482.659 525 $5.3176.117.136 +10.3
The railroad stocks continued to display strength on WednesOther cities. 5 days
1.245.598.840
1.038.066.855 +19.9
day and specialties moved forward in a vigorous fashion to
Total all cities, 5 days
97.728.258.365 $6.914.183,991
+11 7
higher ground. New high records were made by Atlantic All cities, 1 day
1.545.651.673
1.382.836.798 +11.7
Coast Line and Chesapeake & Ohio, and substantial gains
Total all cities for week
39.273.910 038 88.297 020 799 4-11.7
were made by New York Central, Missouri Pacific and SeaComplete and exact details for the week covered by the
board Air Line preferred. Motor stocks were in strong demand and new tops were recorded by Hupp, Studebaker foregoing will appear in our issue of next week. We cannot
and Paige-Detroit. The downward reaction that occurred furnish them to-day, inasmuch as the week ends to-day
in the market on Thursday carried many of the market (Saturday), and the Saturday figures will not be available
leaders to lower levels. Selling was particularly heavy in until noon to-day. Accordingly, in the above the last day
the motor group and numerous stocks in this section, in- of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
cluding Hupp Motors, Mack Trucks and Hudson Motors
showed substantial losses. One of the outstanding incidents present further below, we are able to give final and complete
of the day was the sharp break in Briggs Manufacturing, results for the previous week-the week ended Sept. 19. For
which receded more than seven points to 273/i on reports that week there is an increase of 16.2%, the 1925 aggregate
that the usual dividend would be passed. Railroad shares of the clearings being $10,511,264,263, and the 1924 aggregate
moved against the trend, Chesapeake & Ohio reaching the 89,048,330,085. Outside of Now York City the increase is
highest level since it was placed on the Stock Exchange list. 15.9%, the bank exchanges at this centre recording a gain of
Norfolk & Western and New York Central were also strong 16.4%. We group the cities now according to the Federal
features and Baltimore & Ohio recorded a substantial gain. Reserve districts in which they are located and from this it
The market resumed its upward trend on Friday, the price appears that in the Boston Reserve District there is an imrebound carrying numerous stocks to new high ground. provement of 1.0%, in the New York Reserve District
Industrial shares were prominent in the upswing, American (including this city) of 16.6%, and in the Philadelphia Re4 and motor shares moved serve District of 13.5%. In the Cleveland Reserve District
Can improving 113 points to 2413
SEPT. 26 1925.]
THE CHRONTCLE
1535
the totals are
larger by 12.9%, in the Richmond Reserve
District by 28.1%, and in the Atlanta Reserve District by
' The Chicago Reserve District has a gain of 12.9%,
'52.0%.
the St. Louis Reserve District of 21.4%, and the Minneapolis
Reserve District of 14.9%. In the Kansas City Reserve
District there is an increase of 6.6%, in the Dallas Reserve
District of 15.3%, and in the San Francisco Reserve District
of 22.7%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Sept. 19 1925.
Federal Reserve Districts.
12 citle..
1st Boston
II "
2nd New York
10 "
ard Philadelphia
8 "
4th Cleveland
a 5th Richmond
12 "
8th Atlanta
19 '•
7th Chicago
8 "
8th St. Louis.
7 "
9th Minneapolis
12 '•
10th Kansas City
6 ••
• 11th Dallas
12th Ban Francisco--17 "
1925.
1924.
517,370,97 512,571,303
5,897,875,1.8. 3,058,509,565
811,595,6.1 565,117,387
138,852,5:3 388,653,73:5
242,777,./15 189,515,805
308,923,595 201,792,79,
,005,108,425 889,939,91,
270,190,62 222,487,816
171,959,79. 149,671,821
279,935,214 262,479,696
105,206,741 91,262,39'.
533,157,041 516,148,05E
tric.or
Dec.
+1.6
+16.6
+13.1
+111
+2€1.1
+12.9
+21.+14.5
+6.6
+15.1.
+22.1
1923.
1922.
438,151,66:
,112,701,341
514,181,80.
389,427,31
179,648,18.
181,914,15_
854,111,625
67,426,105
136,241,54.
255,565,66:
80,018,685
101,68,92
375,239,039
,282,124,541
498,958,668
356,02.3,127
170,065,614
166,932,784
775,760,740
66,468,662
126,518,736
261,218,762
70,055,670
398,266,653
127 eine- .0511264,26 4,018,330,081 +16.: ',761,105,914 1,537,633,196
Grand total.
Outside New York City
,751,609,615 ,099,105,939 +15.8 3,719,381,911 .371,786,292
• Canada
29 eine. 311,828,225 301,373,832
+3.1 296,096,26
Week Ending Sep ember 19.
1925.
1924.
1 riL.Or
Dec.
1923.
$
$
t•
%
First Federal •teserve DIA rIct-Boston 082,131
Maine-Bangor..
772,51/ -14.2
784,041
Portland
3,489.00..
2,998,281 +18.9
*2.600,000
Mass.-Boston _
462,000.011
462.000.000
.:- - _ 395,000,055
Fall River
2,058,30.
1,822,155 +28.5
2 801.811
a
Holyoke
a
a
a
Lowell
1,195,841
1,100.900 +8.1.
1,312.300
a
Lynn
a
a
a
Bedford..
1,338,701
New
1,383,10. -3.4
1,339.43.
Springfield....
5,922,354,802.734 +23.3
4,315,29),
Worcester. _ _
3,017,1/1
3,810,000 -5.1
3.460,001.1
17,338,991
15,174,262 +14.3
Conn.-Hartford
9 141,18t.
6,824,27u
New Haven...
7,184,085 -5.0
8.031.24.
R.I.-Pro Mena
12,282,90)
11.102,101, +10.5 ' 10,995.105
843,29.
821,05.. +3.8
N.H.-Manch'e)
851,454,
Total(120111593
517,370,974
512,571,203
Second Fed.. .1 Reserve II) 1.trict-Ne%
6.421,111
N. Y.-Albany.
5,387.747
Binghamton..
11104,60)
968,300
Buffalo
d60,274,32.,
49,477,831
900,72.
Elmira
855,371
Jamestown_ _ . d2,026,03.
1,512,171
New York._ _ 5,759,654,56.. 4,949,224,545
Rochester
12,519.75.
10.860,091
Syracuse
5.878,01
4,842,292
c3,839,354
Conn.-Stamford
3,201,722
003,835
N. J.-MUntolaii
854,847
Northern N.J.
44,752,89a
31,824,535
+1.0
438.151,664
1922.
S
755,774
338.000.000
1,791,718
a
1,138,859
a
1,538.148
4,307.530
3,202,820
8.717,893
5,118.941
y10,0./0,000
809.558
375,239,039
York.
5,134,889
+19.1
3,880,570
+3.;
911,9uu
908,900
+21.8
51,005,220
44.006,875
+5.2
807,505
532,847
+34.0
1,131,725
1,150.675
+18.4 4,041,723,994 4,185,846,904
+17.4
9,417,30,
8,708,312
+28.0
4,463,142
3,925,842
+20.0
3,015.421
2,789,354
-7.2
459,502
400.891
+40.6
44,833,731
50,143,571
Total(11 cities, 1,897,875,2181 i.058,409.484 +18.6 4,182,704,341 1,282.124,541
Third Federal eeserve DI i rIct--Philau elphiaPa.-Altoona....
1,103,24.
1,831,771 -7.5
1,430,290
Bethleham
4,038,2,.
3,851,375 +27.0
4,278,27o
Cheater
1,5331596
1,312,61; +18.8
1.382.155
Lancaster
2,2133,335
2,521,304 -10.2
2,872,841
809,000,000 535,000,000 +13.8 486,000,000
Reading
4.031,250
3,240,870 +24.5
3,223,175
Scranton
5,985,02.
5,871,082 +1.6
5,190,666
Wilkes-Barre
d4.7 A3,924
3,610,255 +32.3
3,279.888
York
1,775,84..
1.008.997 +10.5
1,495.258
N.J.-Trenton..
8,405,056,971.111 -8.1
5,031,475
Del.-Wilm'ton
a
a
a
a
Total(10 cities,
841,895,841
585,417,387 +13.5
514,181,802
1,198,778
2,893,678
1,047,596
2,741,623
476.000,000
2,829,092
• 4.172,596
2,580,857
1,213,380
4.481,288
a
498,958,888
Fourth Fed.. al Reserve D istrIct-Cle veiandOhio-Akron._ _
d8.744,00,,
8,744,000 -0.3
7,244.000
8,257.000
Canton
2,949,571
5,317,975 -44.6
4,700,147
4.840,454
Cincinnati
84,077,33.
88,244,79. +23.2
70,281,904
81,937,1338
Cleveland
137,942,1K 125,741,318 +9.5 119,583,576 107,609,554
Columbus
17,229,401,
13,848,500 +24.4
13,028,900
13.0813,000
Dayton
•
a
a
a.
•
a
Lima
a
a
a
a
Mansfield
d2,912,897
2.154,38/ +35.2
2,039,886
1,720,874
Springfield
a
a
a
a
a
a
Toledo
aa
a
Youngstown
5,944,405
5,539.755
T7.3
8,757,157
3,771,607
a
Erie
a
a
a
a
Pittsburgh.179,053,175 159,033,002 +121. 1135,813,783 *157,000,000
Total(8 cities).
438,852,592
388,853,733 +12.1
389,427,313
356,023,127
mond
-1.6
+7.9
+10.0
+18.7
+43.15
+12.0
2,083,533
9,949,895
53,853,000
2,418,814
89,248,341
22,117,000
1,591,347
8,882,894
49,258,122
1,904.354
91.856,172
18.794,925
189,515,2101 +28.1
179,648,183
170,065,614
Fifth Federal aeserve Dist riot - Rich
W.Va.-11Unt'g'n
1,511,321
1,537.735
Norfolk
d7,786,711,
7,250,771
Richmond
59,995,001
54,518,000
02,753,041
2,380,035
B.C.-Charleston
Md.-Baltimore _ 145,484,425 101,299,270
25,247,190
22,550,000
D. C.-Washlou
Total(8 cities).
242,777,716
Sixth Federal Reserve Dist rict-Atlant
Tenn.-Chatt'ga
d8,808.781.
8,733,921
Knoxville
b
b
Nashville
24,485,881
22,383,587
95,888,081
58,743.817
2,953,835
2,771,441
Augusta
Macon
2,887,496
1,970.792
a
Savannah
a
Fla.-Jack'nville.
31,3131,347
14,240,411
29,120,08)
3,379,704
Miami
,.
31.482,314
28,058,421
2.318.722
1,945.876
Mobile
,
, 2,047,000
1,571.000
Miss.-Jackson_.
751,715
Vicksburg '
497,893
75,279,546
Ea.-NewOrleans
59,490.324
..
,
.1.2‘dltie8) ' 308,923:599 201.792,790
Total(
1925.
•
1924.
i ne. Of
Dec.
$
$
%
Seventh Feder al Reserve D Istrict-Chi cago233,031
217,256 +7.3
Mich.-Adrian..
1,211,550
1,107,342
Ann Arbor....
+9.4
192,481,785 155,572,857 +23.7
Detroit
8.431,605
7,830,782 +7.7
Grand Rapids_
b
b
Lansing
b
2,695.383
2,175,132 +23.1
Ind.-Ft. Wayn
Indianapolis_ _
17,883,000
19,750,000 -9.1
2,928,100
2,7138,800 +5.5
South Bend__
5,300.476
4,508,648 +18.5
Terre Haute_
43,170.109
38,443,671, +12.2
Wis.-M ilwauk
2,628,261
2,301,287 +14.1
Iowa-Ced. Rap
10,422,905
10.863,027 -2.1
Des Moines...
8.383,385
8,794.827 -43.1
Sioux City
1,383,790
1,314,213 +3.8
Waterloo
Ill.-Bioomingtolj
1,831,941
1,620,455 +13.1
895,888,174 824,052,037 +11.6
Chicago
a
a
a
Danville
1,482,407
1,524,319 -4.1
Decatur
• 4,917,921
4,859,200 +1.1.
Peoria
2,927.156
2,277.111 +28.5
Rockford
2,968.447
2,159,131 +37.5
Springfield
Total(19 cities, 1,005,108.425 889,939,911
Eighth Feders I Reserve DI trict-St.Lc
d5,545,335
5,972,053
Ind.- Evanson'.
171,400.000 147,900,005
Mo.-St. Louis.
35,811.131
33,331,776
Ky.-Louis.We_
349,587
385,143
Owensboro _
Tenn.-Memphi.
33,040,786
19,429,891
22,039,825
13,542,223
Ark.-Little Roe
383,101
394,141
111.-Jacksonville
1,820,87.
1,532,787
Quincy
+12.5
ulv-7.1
+15.1
+7.4
-9.1.
+70.0
+82.7
-2.6
+5.7
1923.
$
• 1922.
$
248.927
945,315
181,432,421
6,988,820
b
2,159.651
20,876.006
2,673.591
5,511.432
38,333.091
2,349,25)
10,918,281
5,992,671
1,547.551
1,620,240
582,425.302
a
1,392,827
4,155,902
2.097,854
2,448.582
30,171.059
2,114,357
9,189,5139
5,808,851
1,432,330
1,328,418
559,378.445
•
1,149,398
3,917,887
1,974.189
1,890,759
854,111,825
775,780.740
192,057
818,351
128.090,070
5,787.249
b
2,127,188
18,200,000
2,216,807
4,895,046
4,801.221
30.249,221
337.702
18.527,40o
11,830,485
388,078
1,400,165
27,297.408
307.797
21.103,088
11,824,306
298,572
1,238,292
270.190,824 222,487,811 +21.4
87,428,102
Total(8 cities)
Ninth Federal Reserve Di. trict-Minn °spoilsMin.-DoL.th.
16,194.42
13,941,83. +16..
10,964.982
95,197.167 +16.8
81.005.846
111,207,579
Minna Polls.
38.182,195
37.128,780
33.107.085 +12.1
St. Paul
1,944.271 -4.0
2.388.276
1.868.224
N. D.-Fargo...
S.D.-Aberdeen.
1,739.429
1,884,710 +4.5
1,580.777
595.877
845.497
823.724 +3.1 •
Mont.-Billings
3,523,723
3.189.880
Helena
3,193.037 -0.1
86,488,882
Total(7 Cities). 171,989,79. 149.1371.821 +14.1 136,241,451
Tenth Federal Reserve Die trIct-Kans as City 387,308
Neb.-Fremont..
545,430
410.089 +32.8
513.169
1324,122
599.180 +4.2
Hastings
Lincoln
5,024,971,
4,113,241 +24.1
4,201.079
45,209,484
43.717.570 +3.4
41,929.828
Omaha
d3,401.953
3.043.082 +11.8
3,018,919
Kan.-Topeka _
8.113,312
8.014,919 +1.2
8.107.000
Wichita
Mo.-Kan. City
152,587,446 148,927.703 +2.4 144.240.141
7.700,744
7,442,336
7.251.148 +2.0
St. Joseph- a
a
Okla._MUskogee
a
a
31,330,284
23.203,711 +35.0
22,399.222
Oklahoma City
a
a
a
Tulsa
a
1.131,822
1.260,215
1.083,897 +18.3
Colo.-Col. Spgs
21,072.399
23.192,408
21.072.324 +10.1
Denver
878.004
1,042,24e +17.4
1,223.272
Pueblo
128.518,738
308,349,122
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Clearings Er-
Week Ending September 19.
Clearings as
a+30.8
b
+9.3
+82.0
+8.6
+35.4
a
+20.3
+781.1
+12.1
+19.1
+30.3
+51.0
+28.5
7,241,899
b
20,853,255
55,988,654
2,725,291
1,056,140
a
11,489,815
8,459.803
b
18,834,837
49,348,707
2.137,545
1,522,108
a
9,083,328
25,810,082
1,838,321
892,855
379,790
53,482,284
27,017,451
831,535
285,835
51,852.035
+52.0
181,914.153
166.922 784
Total(12 cities) 279.935,217 282.479.890 +8.0
Eleventh Fade ral Reserve District-Da lias3.728,04. +49.4
1.885.53,
Texas-Austin...
57.817,800 +15.1
88,528,129
Dallas
14,799.379
13,887.993 +8.3
Fort Worth_ ...
10.718,287 +23.4
13.226.000
Galveston
a
a
a
Houston
8.767.855
5.313.881 +650
La.-Shreveport
9,141,754
74,744.538
34.839.384
2.347.749
1.333.701
512,391
3,599,221
390.813
635,880
4.015,819
42.179.280
2,839.491
10.334.998
145.278.458
a
24.044.427
•
1.088.552
19,629,884
883.802
255,585,685
251,218,762
2,327,502
47,194,507
14.015,551
10,971,829
a
5.539.493
2.007.359
38.589,207
13.830.343
10.754.472
•
5.074.289
80,048,882
91.242.39; +15.3
Total(5 cities). 105.208,745
Twelfth Feder al Reserve D Istrict-Sar Franc' co41.843,145
51.770.782
48,893,711 +104
Wash.-Seattle.
13,029,000
14,447,000
13.951,000 +3.6
Spokane
a
a
a
a
Tacoma
+8.1
1,440.981
1.878,843
1,549,791
Yakima
43.149,985
42,878,761 +11.0
47,582,244
Ore -Portland..
16.387,107
19,827.714
18,965,729 +18.6
Utah-S. L. CM
a
a
Nev.-Reno
aa
a
a
a
a
Ariz.-Phoenix _
5,828,101
5,851,615
5,137,077 +10.5
Calif.-Fresno.
9,263,856
8,878,826 +13.0
7,545,925
Long Beach...
Los Angeles... 189,025.000 141,303,000 +33.1. 152,094.000
17,411,201 +83.7
18,848.455
28,508.821
Oakland
4,792.730
6.191,884
5,002,325 +23.8
Pasadena
12.840,599
10,444,800 +21.0
9,049,545
Sacramento
4,128,125 +313.0
3,516.336
5,809.915
San Diego...
230,9131,545 193.100,000 +191 178,000.000
San Francisco
2,472,291
3.214.738
2.820,995 +14.0
San Jose
1,724,765
1,897,877
+1.6
975.761
Santa Barbara.
2,440,175
2.113.530 +15.5
Santa Monica
4,339,700
4,073,500 +8.5
3,393,600
Stockton
70,005,870
34,540.810
11,898.000
a
1.349,053
34,964,550
14,048.523
a
a
5,520.284
6,551.593
103,238.000
14,090,495
3,395,228
8.804.040
*3.000.000
152,000.000
2.185.000
1,013,999
2.908.600
833,157,041 518,148,051 +22.7 501,884,924 398,288.853
Total(17 citle8
Grand total (12
10511284,283 1.048,330.085 +18.2 7.761.105.9107,537.633,196
cities)
Outside New Yor 4.751 ano 606 t 11(1.2 Ina 4130 4.1 A 0 3 710 391 4117 .8571 785.292
Week Ended September 17.
Clearings at
1925.
1924.
Inc.ar
Dec.
1923.
1922.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New Westminster
Medicine Hat_ _ _
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert._ _ _
Moncton
Kingston
$
98,734,229
87,288,487
51.548,296
15,825,434
d8,857,571
5,878,222
2,880,907
5.379,403
8,187,270
2,599,441
1,892,484
2,533,890
4,808.013
5.314,815
808,803
592,767
1,844,847
1,228,713
971,782
943.425
824,756
299,212
751.992
859,227
947,141
3,417,989
297,908
730.357
807.282
$
98.058,180
98.158,287
39,781,191
14,481.730
8.305,291
5,883.007
2,720,750
5,270,160
4,845,324
2,573,842
1,990.170
2,493,741
3,978,992
2,788,952
•700.000
721.434
1,497,975
1,017,007
817.712
737,859
597,513
*300.000
751,021
848,821
889,3113
3,760,418
271,328
782,893
795,1281
%
+0.7
-9.2
+291
+7.4
+51
-0.1
-2.2
+2.1
+27.7
+1.0
-4.9
+1.6
+15.2
+92.1
-131.
-17.8
+23.1
+20.8
+18.8
+27.9
+25.4
-0.2
-0.1
+32.4
+8.6
--9.1
+9.6
-4.2
+1 5
$
92.851,901
91.251,886
391318,349
14,579.824
8,705.097
5,998.732
2,507.381
13,902,955
4,711.881
2,553.311
2,140,1811
2,717.751
3,888.367
3,894,10)
744,581
873,838
1,773,547
1,323,673
1.045.822
992,076
582.482
381,480
778,040
780,244
909,909
3,771.108
334,137
815,135
930,729
$
94.485.507
88.872.972
58.813.237
13,842.809
8.712.835
5.847.185
2.593.483
5,901.840
4.880.300
2,498.910
2,085,431
2,853.611
4.104.402
3,854.876
721.865
819.145
1,785.753
1,239.908
1,448.891
771.328
531,549
345.284
692.824
754,254
910,983
3,217.182
297.301
1,189.590
739,139
Total Can (29)..
411 929.92°
3131.776830
+3 •
99° WM *(01
:MR 3403.0
a No longer report clearings. b Do not respond to requests for figures. c Week
ended Sept. 18. d Week ended Sept. 17. e Week ended Sept. 18. • HstImared.
f No clearings, all banks closed. g Not Included In total.
THE CHRONTCILE
1536
Return to Standard Time-Notice of Federal Reserve
Banks of New York and Chicago.
Daylight saving time, which has been in effect in New
York since April 26, will end at 2 a. m. to-morrow (Sunday),
Sept. 27, when the clocks will be turned back one hour to
standard time. The following notice in the mattor has been
issued by Gov. Strong of the Federal Reserve Bank of
New York:
To all Banks, Trust Companies, Savings Banks and Bankers in the Second
Federal Reserve District;
Beginning on Monday, Sept. 28 1925, this bank and its Buffalo Branch
will open and close for business in accordance with standard time which
becomes effective in New York City and in the City of Buffalo by the
retarding of one hour at 2 a. m. on Sunday. Sept. 27 1925.
Clearings at the New York Clearing House will take place at 10 a. m.,
and at the Buffalo Clearing House at 11 a. m. on week days and 10:15
a. tn. on Saturdays.
Very truly yours,
BENJ. STRONG, Governor.
The Federal Reserve Bank of Chicago issued the following notice Sept. 21:
Effective Sept. 27, Chicago banks, in compliance with the Daylight
Savings Ordinance, will turn their clocks back one hour, reverting to
Central standard time.
There will be no change in banking hours, which are from 9 a. m.to 12 in.
on Saturdays and from 9 a. m. to 2 p. m. on other days.
I-V0L. 121
SILVER.
Silver prices advanced during the first part of the week under review,
owing to continued demand from China. Inquiries for spot delivery
from this quarter carried the quotation on the 4th Inst. to 33 3-168., a
premium of 1-16d. over forward-this being the first occasion since July 11
last that cash silver has been quoted at a premium. Underifurther pressure
from China and the Indian bazaars on the 5th inst. prices reached 33 7-16d.
and 3334d. for cash and forward delivery, respectively-the highest figure
for cash since Nov. 29 1924 and for forward delivery since Dec. 2 1924.
The higher level attracted som profit taking by bulls and offerings on
account of China. Failing support from India (where yesterday and to-day
are being observed as holidays) prices fell sharply, the price for both deliveries being quoted to-day at 32 15-168.
The popularity of currency notes in India continues, and again the
bullion reserves against notes is on the increase. The ratio on Aug. 31 last
was 59%, as against 53.5% on March 15 last. No change hsa taken place
in the gold portion of the holding and therefore the influx of silver rupee
has been considerable. The ratio of the silver reserve on Aug. 31 was
47.1%, as against 41.3% on March 15 last. The Government has sought
to retire the one-rupee notes from circulation on the score of heavy cost of
printing, but the natives have a fancy for them and recovery is therefore
difficult. Their risk of being lost and of being defaced or accidentally
destroyed must be very great, as they are doubtless freely handled by the
poorer portion of the community, often in bad climatic conditions. Hnce
the value of the substantial proportion that can never be presented for encashment may well set off against the cost of printing, for the issue of these
small notes was extremely useful in the time of emergency and it does not
follow, should similar difficulty recur, that the popularity of the notes
could be regained.
INDIAN CURRENCY RETURNS.
Aug. 15. Aug. 22. Aug.31.
(In Lacs of Rupees.)
18821
18714
18599
Notes in circulation
8878
8771
8656
Silver con and bullion in India
India
of
out
bullion
and
con
Silver
2-232
2232
2232
Gold coin and bullion in India
--Gold coin and bullion out of India
5711
5711
5711
Securities (Indian Government)
2000
2000
2000
Government)
Securities (British
No silver coinage was reported during the week ending 31st ult.
The stock in Shanghai on the 5th inst. consisted of about 54.400.000
ounces in sycee, 52,000.000 dollars and 2,260 silver bars, as compared wi h
57,200,000 ounees in sycee, 50,000,000 dollars and 3,860 silver bars on
the 29th ult.
Bar Gold,
-Bar Silver, Per Oz. Std.Per Oz. Fine.
Cash.2 Mos,
Quotations84s. 1134d.
3334ci.
3334d.
Sept.3
84s. 1134d•
3334d.
33 3-16d.
4
84s.
1154d.
3354d.
337-16d.
5
84s. 1134d.
335-16d.
33 5-16d.
7
Ms. 1134d.
33 1-16d.
33 1-16d.
8
84s. 114d.
32 15-16d.
32 15-16d.
9
11.5d.
84s.
33.156d.
33.177d.
Average
The silver quotations to-day for cash and for two months' delivery are
1-16d. above those fixed a week ago.
THE CURB MARKET.
Trading in the Curb Market this week was in large volume
and, while price movements were irregular, the general tone
was strong. Many new high records were established.
Miller Rubber common was conspicuous for an advance
from 2033' to 246, the close to-day being at 236. Gillette
Safety Razor was also in demand, jumping from 97 to 1093
%. American Hawaiian SS. rose
and reacting finally to 1055
4 to 16 and ends the week at 15. Atlas Portland
from 113
3
%
Cement advanced from 553' to 623., reacted to 59 and
recovered finally to 60. Continental Baking, class A, sold
down from 1403 to 1343' and up finally to 137%. Class B
fell from 353g to 32% and finished to-day at 333'. H. H.
% to 33. KelvinFranklin Mfg. common dropped from 403
% ran up to 493' and closed
ator after a drop from 43 to 415
to-day at 49%. New Mexico & Arizona Land lost some
of its recent advance, dropping from 19% to 133', with the
final transaction to-day at 14%. Nizer Corporation, class A,
ENGLISH FINANCIAL MARKETS-PER CABLE.
sold up from 63 to 70 and reacted finally to 66. Servel
finally
sold
The daily closing quotations for securities, &c., at London,
Corp., class A, improved from 293 to 32% and
been as follows the past week:
at 31%. Victor Talking Machine was strong, advancing as reported by cable, have
Sat.,
Mon., Tues., Wed., Thurs., Fri.,
London,
Activity
903.
at
from 75 to 92, the close to-day being
Sept. 19. Sept.21. Sept.22. Sept.23. Sept. 24. Sept.25.
Week Ending Sept. 25.
Lehigh
32 15-16 32 15-16
3333
33 1-16 33
d 3234
in public utilities was confined to a few issues.
Sliver, per oz
84.1133 84.1133 84.1134 84.1134 84.1133 84.1134
Power Securities lost 12 points to 141. National Power & Gold, per tine ounce
5534
5533
5533
5534
5554
233 per cents......
Light common after early loss from 373 to 368 advanced to Consols.
102
102
10233 10233 102
British 5 per cents
9633
9654
9634
9634
9634
397. Power Corporation of New York common fell from British 434 per cents
46.50 46.15 47.15 47.70 48.70
____
Rentes On Par
81% to 753., but recovered to 79. Southern California French War.
56.0E. 56.55 57.15 57.85
56.55
Loan(inParls)..fr. __
French
Edison common gained 243 points to 147. Oil stocks were
the same day has been:
New
York
on
in
silver
of
price
The
quiet and little changed. Humble Oil & Refining sold up Sliver in N.Y.,per oz.(ets.):
list
mining
72
7134
7134
7133
7154
the
7133
In
Foreign
4 to 633 and at 63 finally.
from 613
Engineers Gold was conspicuous for a drop from 80 to
463', with the close to-day at 553'.
erciai audit/iscellaneonsgnus
A complete record of Curb Market transactions for the 5/3MM
week will be found on page 1560.
National Banks.-The following information regarding
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
national banks is from the office of the Comptroller of the
Treasury Department:
BONDS (Par Value). Currency,
STOCKS (No. Shares).
Week Ended Sept. 25.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Ind.&Miv
Oil.
137,265
251.165
184.88r,
202.175
237.20(,
173,970
74,315
89,285
71,090
84.76(
79,220
63.550
1.166 6601
462.220
Mining.
Domestic. For'n Govt.
31.730 $587.000
860.000
69.500
850.000
43.710
895000
111.530
98,100 1.025,000
625,000
68,320
$208,000
205.000
210.000
190,000
236.000
172,000
422.890 34.842.000 31.221,000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Sept. 9 1925:
GOLD.
The Bank of England gold reserve against notes on the 2d inst. amounted
£161,366.640 on the previous Wedneswith
compared
as
to £160,718.230.
day. The following movements of gold to and from the Bank of England
have been reported since our last issue.
Sept. 3. Sept. 4. Sept. 5. Sept. 7. Sept. 8. Sept. 9.
Received
£30,000 £542,000 £157.000 £68,000 E256.000 £106.000
Withdrawn
given as
The destinations of the £143.000 sovereigns withdrawn were
follows India. £55,000; Singapore. £55,000; Straits Settlements, £28.000,
on
balance
£1,159,000
and Brazil .C5.000. During the week under review
resumption
has been withdrawn from the Bank. The net influx since the
of an effective gold standard Is now £5,536.000.
OnIt is officially announced that the production of the gold mines of
tario. Canada. during the first six months of 1925 constituted a new high
with
$11,810,060
compared
as
$14.506,219.
record, amounting in value to
during the corresponding period of last year.
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
$25,000
Sept. 15-The First National Bank of Geckle. No. Dak
Succeeds the Logan County Bank of Geckle, No, Dak.
Correspondent: A. F. Lehr. Geckle, No. Dak.
25.000
Sept. 17-The First National Bank of Gurdon, Ark
Correspondent: Rupert A. Stuart, Gurdon, Ark.
200,000
Sept. 17-The Third National Bank of Miami, Fla
Correspondent: Sudney D. Dell, El Comodoro Hotel,
Miami. Fla.
25,000
Sept. 19-The Deuel County National Bank of Clear Lake, S. D
Correspondent: Samuel Lewison, Canby. Minn.
APPLICATIONS TO ORGANIZE APPROVED.
25,000
Sept. 15-The First National Bank of O'Donnell. Texas
Correspondent:. L. D. Tucker. O'Donnell, Texas.
1,000,000
Sept. 18-The City National Bank of Miami. Fla
Correspondent: Thos. S. Davenport, P. 0. Box 1999,
Miami, Fla.
APPLICATION TO CONVERT RECEIVED.
50,000
Harrisburg National Bank. Harrisburg. Texas
-The
Sept. 15
Conversion of the Harrisburg State Bank, Harrisburg,
Texas.
CHARTERS ISSUED.
Sept 15-12819-The Seaside National Bank of Long Beach, Cal_ 300.000
President, H. S. Beckman; Cashier, J. D. Hines.
100,000
Sept.15-12820-The First National Bank of Brookfield, Mo
President, Walton E. Todd: Cashier J. D.Freund.
25,000
Sept.17-12821-The First National Bank of Tonganoxle, Kan
President, William Heynen; Cashier, Amos E. Wilson.
100,000
Sept.18-12822-First National Bank in Columbus, Miss
Conversion of First State Bank & Trust Co., Columbus,
Miss.
President. G. Y. Banks; Cashier, I. L. Gaston.
25,000
Sept. 18-12823-The Alpha National Bank. Alpha, N. J
President, W. II. Walters: Cashier. M. S. Willever.
25,000
Sept. 19-12824-The First National Bank of Littlefield. Texas
President, W.0. Stevens: Cashier, E. L. Maxey.
Sept. 19-12825-The Fordham National Bank In New York,
250,000
N. Y
President,Royal S.Copeland;Cashier,Percy N.Moore.
SEPT. 26 1925.1
THE CHRONICLE
VOLUNTARY LIQUIDATIONS.
-Sept. I4-11269-The First National Bank of Mussel!shell, Mont_
Effective Feb. 25 1925. Liquidating agent: D. J.
Dundas, Mussellshell, Mont.
Absorbed by Miners & Merchants Bank of Roundup,
Mont.
Sept. 16-5804--The First National Bank of Watonga, Okla.__ _
Effective July 21 1925. Liquidating agent: E. T.
Hoberecht, Watonga, Okla.
Absorbed by First Bank & Trust Co., Watonga, Okla.
Sept. 16-12086-The First National Bank of Putnam, Okla.__
Effective Aug. IS 1925. Liquidating agent: Frank
Waddell, Putnam, Okla.
Succeeded by First State Bank, Putnam, Okla.
Capital.
$25,000
50,000
25,000
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Sept.19 to Sept.25, both inclusive,
compiled from official sales lists:
Stocks-
p•, Wald
balCS
Last IVeck's Range for
Sale
of Prices.
Week
Par Price. Low. High. Shares.
All Ammic Radio cl A._5 29
28% 30
American Pub Serv pref 100
91
91%
Amer Pub 11tH Pr pref..100
77
77
American ShipbtdIding_100 74
7214 85
Armour & Co(Del) pref 100 96% 96% 97%
Armour & Co pref
100 so
91
90
Common cl A v t o_25 24
2534
24
Common Cl B v t c__25 16% 15% 1631
Armour Leather
15
4% 434
Auburn Auto Co corn_ 25 45
45
43
Balaban & Katz v t c_ _25 76% 73
7831
Beaver Board pref ctfs_100 32% 31% 33%
Bendix Corp el A
10 3634 34
38%
Booth Fisheries
731 731
Preferred
100 43
43
43
Borg & Beck
2731 2731 2834
Bunte Bros
10 13% 1334 1334
Central III Pub Eery pref.* 87% 86% 8734
Central Ind Power pref _100
90
90
Cent & S W 7% pref
•
99 100
Prior lien
96% 96% 96%
Chic City & Con Ry pref.*
5
Chicago Fuse Mfg Co._*
2914 2934
Chic No Eh & Milw com100 4031 90% 41
Prior lien
9914 100
Chic R s part Ws series 2_
1
1
Commonwealth Edison.100 137
13534 140%
Consumers Co
634 734
734
Preferred
10(1
62
60
• 10% 1034 1134
Continental Motors
Crane Co
25 58
57
58
Preferred
100
.115% 115%
Cudahy Packing Co_ _ _100
100 100
Cuneo Press A
50 48% 473( 48%
Dan Boone Wool Mills_.25
34 111
Deere & Co pref
100
106% 10634
100 1225( 120 122%
Diamond Match
Elec Rematch Lab
•
33% 35
Evans dt Co Inc class A..5
12834 2931
Fair Co(The)
• 3214 32
33
100
Preferred
- 10634 10634
Foote Bros(G & M)Co-• 14
13% 14
•*
Gill Mfg Co
431 434
Godchaux Sugar
734 9%
9%
Gossard Co (H W)
4034
4034 40
Great Lakes D & D___100 177% 170 190
Hart Schaffner & Marx_100
11334 11334
Bibb Spencer Bart & Co.25
75
75
Hupp Motor
20 243( 2034 25%
• 5034 50
Hurley Machine Co
52
100 3234 31% 32%
Illinois Brick
Illinois Nor Utilities pf_10(
90
9034
Kellogg Switchboard_ _25 36
36
3834
Kentucky Hydro-Elee_100
89
9034
Brett Cheese Co
25 .186
86
9514
La Salle Ext Univ
10
17% 19%
Libby MeN&Libby.new 10
8
8
8%
McCord Radiator Mfg A.
90% 903( 41
Maytag Co
• 21% 21% 2234
Middle West Utilities__-• 107% 107 ill
Preferred
100 98
973( 95
Prior lien preferred_ _100 10414 104 10434
Midland Steel Products_ -• 99
49
51
Midland Util prior lien..100 9934 99% 101
Morgan Lithograph Co..* 55% 5534 5635
Nat Carbon pref. new 100
122 122
Nat El Pow Corp "A" w 1_
2334 23% 2434
Preferred
94
95
National Leather
4%
10
4% 514
North American Carol A.*
26
26
Nor West Util Pr in prof 100
93% 95
Omnibus pref A w I. _100 89
89
89
Voting trust etts w I a.• 11% 111( 13
Pick (Albert) dr Co
10 194 19
1934
Pines Winterfront A
5 49
48% 5334
Pub Serv of Nor III
•
125% 126
Pub Serv of Nor III_ _100 120
124% 126
Preferred
100
98
9834
7% preferred
100 109
108% 109
Quaker Oats Co
100
115% 115%
Preferred
100 10434 104 104%
Real Silk Hosiery Mills.10 57% 5931 61
Bee Motor
10 22% 21% 2234
Ryan Car Co ci
25 18
1734 18
Southw G & E 7% pfd.100
.97% 97%
Standard Gas& El pref._ 50
54
5431
Stewart-Warner Speedom • 78% 74% 7934
Swift & Co
11234 115%
100 113
Swift International
It 28% 28
30%
Thompson (J 11)
4434 44%
25
Union Carbide & Carbon.* 71
70% 7234
United Iron Works v t 0.50
2
2
United Light & PowerCommon cl A w I a.... _• 14514 142% 14834
Common ci B w I a_ _ _ _*
180 180
Preferred el A w a._ __* 92% 92% 93
Preferred el B w I a_ _ _• 49% 49
50
United Paper Board..-100 26% 25
27%
20 20334 197 200
U S Gypsum
1110 118
Preferred
118 118
Unit,Theatres Cone el A.5
6% 10
634
Utilities Pow & Lt cl B._• 18
18
1834
Vesta Battery Corp
• 133, 14
14
9
•
Wahl Co
831 10
Ward(Montgomery)&Col0 68
67% 70
114 114
Claas A
•
Wolff Mfg Corp
711 714
Wolverine Portland Cem 10
1014 12%
53% 55
Wrigley Jr
• 54
• 28% 28
Yates Moe Part pref
29
Yellow Cab Mfg el B..10 43% 42
4534
Yellow Cab Co,Inc(Chic)* 4634 4634 46%
Low.
High.
2,110 18 June 3631 Feb
92 89 May 93% Mar
Apr 85% May
50 75
3,061 49
Apr 85
Sept
Mar 98 June
510 90
Apr 94
2,000 84
Fe
7,950 1931 Mar 25% Sept
16,025 1134 Apr 16% Sept
20
334 May
6
July
4,265 31% Aug 49% Sept
11,122 51% Feb 8334 July
190 2134 June 40
July
26,250 24
Mar 38% Sept
10
7 Sept
731 Sept
50 25 June 43 Sept
1,875 2434 Mar 3031 Aug
300 1134 Jan 14
Jan
Jan 9134 Mar
450 84
10 89
Feb 93 May
80 99 Sept 100
Sept
825 9634 Sept 9631 Sept
334 Apr
300
934 Jan
40 27% Aug 3931 Apr
605 3634 Sept 44 Sept
67 1)634 Sept 100
Sept
250
2
Mar
34 July
1.46- 130% Apr 141% June
2.421
34 Jan
831 Sept
880 30
Mar 67 Sept
4,975
831 Jan 11% May
232 51
May 70
Feb
230 113
Apr 118
Feb
so 79 Jan 101% Feb
650 4731 Sept 48% Sept
440
34 July 1134 Sept
190 83
Jan 10634 Sept
385 11534 Feb 129
July
2,325 15
Mar 3734 Jan
2,350 23% Mar 30% Jan
5,800 31% Aug 3534 Mar
10 10334 July 109% Mar
4,750 12
Apr 16% Mar
400
4 • Jan
7 May
2,175
3
Jan
9% May
1.000 26% Jan 42% July
8,475 9431 Jan 195 Sept
10 111
Jan 125
Jan
195 68
Jar 7534 Sept
52,580 14% Mar 25% Sept
1,750 41% Mar 56
Jan
1,580 28 May 34% Aug
20 85
Jan 9231 Apr
1,300 36
Sept 48
Jan
50 85% May 9234 Feb
9,600 35% Jan 99% Sept
3.325 1434 June 22
Aug
3,150
9% Jan
634 Apr
75 37% Apr 42
Feb
4,250 20% Aug 22% Aug
2,000 8214 Feb 125
July
1 046 9114 Jan 98% Mar
795 98
Jan 107% May
630 3234 Jan 57
Aug
730 98% Apr 101 June
1,700 42
Mar 59
Aug
10 120
Feb 130
July
4,300 23% Aug 26% July
150 94
Aug 96% June
1,729
4
Apr
6% Jan
40 24% Aug 29
Jan
105 90
Apr 95
Feb
70 89 Sept 954 Feb
375
9 Sept 17% Mar
925 17% July 23% Jan
6,550 33 June 74
Jan
141 107% Jan 12834 Aug
255 118
Jan 128% Aug
180 92
Jan 100 June
79 102
July 11031 June
100 95
Apr 11534 Sept
45 102% Jan 106
July
6,480 48
Mar 75% Feb
2,070 14% Mar 4234 July
225 1734 Sept 25% June
50 9234 July 97% Aug
55 50
Jan 54% Sept
05,300 5534 Mar 7934 Sept
2,091 10934 Apt 120% Feb
8.075 24% June 36
Jan
150 4331 July 48
Apr
4,200 65
Mar 7414 Aug
425
g Feb 5 Jan
5,260 44
240 49
651 81
625 42
4,250 18%
3,700 112
50 112
1,050
254
750 1334
200 1334
2,775
7
735 41
20 110
245
5%
5,450
934
5,385 4634
2,525 28
4,610 32%
1,030 45
Bonds76
76% $6,000
Chicago City By 58_ -1927
49
49
Chic City & Con Rye 59'27
12,000
100% 102
Cornmonw Edison 58_1943
6.000
9931 9934 3.000
SwIft &CnUstsfeSs5lfl4i
No par value. z Ex-dividend.
Range Since Jan. 1.
74
46
9931
98
Mar
Jan
Apt
Jan
Apr
Feb
Jan
Aug
May
Aug
Sept
Mar
MILy•
Jan
Sent
Jan
July
Feb
July
14834
180
99
54
27%
206
118
53
19
24
23%
7234
123
1034
1434
55
3134
4831
55%
Sept
Sept
June
June
Sept
Sept
Sept
Jan
July
Jan
Feb
July
Jan
Mar
Jan
Sept
Aug
June
Jan
Apr 84% Mar
Apr 63
Mar
July 10234 Aug
Jan 100% may
1537
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,
25 Fire Assoc. of Philadelphia
279
36 First Nat.Bank of Parma,Idaho,
$4,400 lot
120 Commonwealth Finance Corp.)
Preferred
450
772 Commonwealth Finance Corp.! lot
common
The Root-Telling Oil Syndicate etf.
for 1,000-160.500 interest
El lot
14,000 Southwestern Oil & Refining
$51ot
Co.. par $I
Shares. Stocks.
Per sh.
&COO Interstate Gasoline Co., par
$34 lot
$1
$5 lot
10 Research Inc.. preferred
10 Research Inc. common v. t. c...$6 lot
50 The Sutter Farms Co.(50% Pd.)$7 lot
Per cent.
Bonds.
$250,000 Cyclops Steel Co. let M.
82800010$
8s
$1,000 Illinois Coal Corp. 6% gen.
mtge.gold note,July 1925 coupon
a
on
By R. L. Day &.Co., Boston:
Shares. Stocks.
$ per oh.
15 National Shawmut Bank_ _226 ex-div.
326 ex-div.
3 First National Bank
2 Amerimn Trust Co
39534
18 Guardian Trust Co., Cleveland,
229 ex-div.
18 The'Union Trust Co., Cleveland 21234
2234
500 Hill Manufacturing Co
20 Manomet Mills
3134
35 Nashua Mfg.Co.,common
7034
SOO Saco Lowell Shops, common.... 11
95 ex-div.
19 Arlington Mills
4434
7 Saco Lowell Shops, let pref
16334
2 Ludlow Mfg. Associates
136
1 West Point Mfg.Co
3 Northern RR.of N.H
7831
9 Boston & Chelsea RR., par $50,
39 ex-div.
430
6 Boston Insurance Co
35 Boston Woven Hose & Rubber
96-97
Co., common
1-100 State Theatre, pref. scrip.._ 74%
$ Per sh.
Shares. Stocks.
4 Quincy Market Cold Storage &
10634
W'house Co., common
3 Merrimac Chemical Co., par $50_ 8434
2 Central Mass. Lt.& Pr., pref_. 9234
70
2 Laconia Car Co.,pre
4 Lowell Electric Light Corp., par
62%
$25
5 Merrimac Chemical Co., par 1$50. 8434
40 Fall River Electric Co., par $25. 40%
25 Heywood-Wakefield Co.. com100-10054
mon
Per cent.
Bonds.
$26,000 Boston & Worcester Street
2254
KY.Co.4 Hs,1923
$200,000 Spadra Anthracite Coal
Co. jet 7s, Aug. 1.1942. Coupon
Feb.'23 and subsequent on $101,395.44
$8,000 Lexington Motor Co. coll.
tr. 714s, 1934, ctf. dep. Metropolitan Trust Co., New York_ 360 lot
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ Per oh.
12
9 Saco Lowell Shops, common
24
5 Saco Lowell Shops, 2d met
6334
25 Sharp Mfg. Co.. pref
2 NaUmkeag St. Cotton Co_18934 ex-div.
20
10 Saco Lowell Shops, 2d pref
5734
10 Nonquitt Spinning Co
16431
17 Ludlow Mfg. Associates
5 Bigelow Hartf'd Carpet Co.. pref.103%
7034
100 Nashua Mfg. Co.. corn
10 Connecticut Mills, corn, class A
214
v. t. c., par S10
70
10 Connecticut Mills, 1st pref
2034
16 Nashua Street Ky., com_
11234
5 Nashua & Lowell RR
2534
25 Peterborough RR
753.4
4 unit:, First Peoples Trust
26214
15 Great Northern Paper Co
91 Boston Woven Hose & Rubber
96-9614
Co., common
10 Indus. Ext. Institute, Inc., pf...1 Si
10 Indus. Ext. Institute,Inc.,com.J lot
81
9 American Mfg. Co., pre:
per sh.
Shares. Stocks.
21 Puget Sound Power & Light
Co.. prior met
10734 ex-div.
5 Quincy Market Cold Storage &
10634
Warehouse Co., corn
40 Cambridge Gas Lt.Co.. par $25. 66 •
30 Heywood-Wakefield Co.. cora...100
31 North Boston Ltg. Prop., prof... 99
500.
1.000 Ace Mince,par $1
5 Mass. Bonding & Insurance Co 245
31 Southern N. E. Telephone Co_ _139%
10 special units First Peoples Trust 534
14934
8 Brockton Gas Lt., old stock
10 Indus. Ext.Institute. Inc., pref.), $1
10 Indus. Ext.Institute. inc., corn.) lot
7531
20 units First Peoples Trust
11 No. Boston Ltg. Prop., com__8031-81
10-100 State Theatre Co.. prof.... 77
Per Cent.
Bonds.
1,0023.4 Cuchams Devel. Corp.($20,000
$25,375 Cucharas Devel. Corp.) lot
7% deb. notes
By Barnes & Lofland, Philadelphia:
$ Per sh.
Shares. Stocks.
5 Security Title & Trust Co.,
60
par 550
20 Georgia & Florida Ry., pref-851ot
30 Georgia & Florida Ry., com_34 lot
6 Southern Transport. Co.. pref._ 70
1 Bell Telep. Co. of Pa., pref.-11031
360
h Franklin Trust Co
5 American Academy of Music
870
(with ticket)
10 Penn. Co.for Ins. on Lives, &c.816.
826
15 Philadelphia Trust Co
624
10 Provident Trust Co
40 Fertilizer & Prod. Corp., pref.)
25 ArlE0118 Consol. Mining Co__($10 lot
j
10 Oriental Navigation Co
18,000 Paymaster Consol. Mining-83 lot
916
10 Eighth Nat. Bk. of Phila
10434
10 American Dredging Co
5 Nat. Bk. of No. Philadelphia_ 176
10 Peoples Bk. & Tr. Co.. par S50_140
5 Metropolitan Trust Co., par 850-100
124 Mutual Trust Co., par $50. _ _110%
4 Commonwealth Title Ins. & Tr_450
11 Allegheny Title St Tr., par 350_ 60
10 Parkway Trust Co., par 850.--150
5 Republic Trust Co., par $50___.160
576
8 Fidelity Trust Co
575
17 Fidelity Trust Co
392
2 Franklin Trust Co
4 West Phila. Title & Tr., par $50_22835
6 Montgomery Tr. Co., Norristown242
10614
5 Phila. City PAO& KY
51 PhiladelPhia, Warehouse Co_ _ _111%
12
89 De Long Hook & Eye Co
100 Bankers Bond & Mtge., pref.
with 100 ohs, common
130
10 Phila. Sub. Mtge. & Guar Co 130
82
5 Autocar Co., pref
$7106
129 Dr. Von's Health Biscuit
Shares. Stocks.
$ perch.
10 Phila. Warehousing dr Cold
Storage Co.,
10434
43 Chicago Aurora & Elgin Corp,
10
ann., v. t. c
10 Catawissa RR. 1st pref
4334
3034
1 Penna. Academy of Fine Arta_ _
25 Camden Fire Ins. Assoc., par
16
$5 (old stock)
9 Camden Fire Ins. Assoc., par $5
15
(new stock)
80 Manufacturers Fire Ins. Co_.._ 20
10434
5 Reliance Ins. Co., par $50
5 Victory Ins. Co., par $50
10434
1 Fire Assoc.of Phila., par 550.-277
50 Phila. Life Ins. Co.. par $10- 13
9434
25 Hare & Chase, Inc., pref
25 Hare & Chase,Inc.,com.,no par 28
Per cent.
Bonds.
$2,150 Amer. Rys., inc. 75, 1940.J02%
$3,000 Portland Ry. 1st & ref. 5s,
19313
9554
$2,000 Portland Ry. let & ref. 58.
9434
1930
$5,000 Indianapolis Tree. & Term.
8834
lot 5s, 1933
85,000 Indianapolis Northern 'Frac.
1st 5s, 1932 temp. ctf.of dep_ __ 2434
35,000 Georgia & Florida Ry. 1st
3334
Is, 1956, ett. of den
$125 Georgia &Florida Ry.,coupon
$3
scrip
$1,000 American Ice 1st & gen. 68
10334
(real estate), 1942
$2,000 Indianapolis Columbus &
Eastern Tree.. gen. & ref. 58,
27
1926
81.000 No,1015 Chestnut St.Office
99
Bldg. let 634s, 1934
By A. J. Wright & Co., Buffalo:
$ per oh.
Shares. Stocks.
10 Buff. Mag.& East.Pow., cl. B- 2654
734
10 Booth Fisheries
14c
1.000 Beers Mining
10 Buff. Mag.& East.Pow., pt. A. 2434
1.87
100 Teck-Hughes
50
5 Pratt & Lambert
$ per sh
Shares. Stocks.
100 Peoria Decatur & Evansville
$2.90 lot
Ry. Co
$6.25 lot
1.000 Silver Bar Mining
100 Tobacco Holdings Co., Ltd.,
$4.75 lot
of Canada
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
34 Oct. 10 Holders of rec. Sept.30a
Carolina Clinchfield & Ohio,corn.(flu.).
134 Oct. 10 Holders of rec. Sept.30.
Stamped certificates (quar.)
Delaware. Lackawanna & Western (qu.) $1.50 Oct. 20 Holders of rec. Oct. 3
Oct. 1 Holders of rec. Sept.20a
Meadville Conneaut Lake & Lioes% He._ 2
$1.25 Oct. 15 Holders of rec. Sept.30o
Midland Valley
Mlesouri-Kansas-Texas, pref. A (Oiler.). 11( Nov. 2 Holders of rec. Oct. 15
Name of Company.
Railroads(Steam) (Joncluded).
New London Northern (guar.)
Norfolk dr Western, adj. pref.(guar.)„.
Northern RR.of N. H.(guar.)
Per
When
Cent. Payable.
Boots Chase.
Days Inclusive.
214 Oct. 1 Sept.16 to Sept.30
Nov.lb "Holders of rec. Oct. 31
134 Oct. 1 Holders of rec. Sept.140
Public Utilities.
Oct. 1 Sept.20 to Sept.30
2
Adirondack Pow.& Lt. b% pref.(qu.)
lig Jct. 1 Sept.20 to Sept.30
Seven per cent preferred (guard
Oct. 12 Oct. 1 to Oct. 12
2
American Gas (guard
$1.50 Sept.30 Sept.19 to Sept.30
Amherst Gas (gust.)
Associated Gad & Electric81.71 Oct. 1 Holders of rec. Sept. 10
37 dividend ser ies pre:(No. 1)
*2
Sept.30 "Holders of rec. Sept.29
Bell Teleph. of Pa.. com.(guar)
Binghanium L., H.& sow. I% Pl. Wu., 154 Oct. 1 Holders of rec. Sept. 21
134 Oct. 1 Holders of rec. Sept. 21
Six per cent preferred (guar.)
aept. 3t. *Holders of rec. Sept.24
*2
Boston Coosoliduted Gan (guar.)
Brooklyn Borough Gee, common (qua?.. b0c. Oct. 10 Holders of rec. Sept.300
6734c. Jet. 1 Holders of rec. Sept. 23e
Preferred (guar.)
Brooklyn-ManhistU.n Tran..61. A (qu.) 31.(iu Jct. 1. Holders of rec. Oct. 1
40e. Sept.30 Holders of rec Sept. 15a
Buffalo Central Elmer.; wear.)
134 ..113. 1 Holders of rec. Sept. 15a
California Elec. Generating, aro. iasc•
1% Oct. la Holders of rec. Sept.30
I
'ireful
ed
(qear.)
Central Power,
Sept.24 to Sept.30
Sept.
Chickasha Gas dr Elec., common (guar., 1
144 Sept.:it Sept.24 to Sept.30
Preferred (guar.)
15 to Sept.21
Sept.
I
Oct.
134
Cincinnati Gas & Elec. (guar.)
et: 15 Oct. 1 to Oct. 15
Cio.Newp.& Coy.L.& en,corn.(qu.). 134
134 Oct. 15 Oct. 1 to Oct. 15
Preferred (guar.)
apt.26 Holders of rec. Sept.18
3
Citizens G.& ,Tare Hautesom.(gu.
134 Oct. 1 Sept.26 to Sept.30
Preferred (quar.)
3o 'Holders of rec. Sept.24
Sept.
(qu.)
Mass.
*2
Quincy,
Citizens Gas L.,
Sept.30 Sept.20 to Sept.30
2
Columbia (Pa.) Gas Co
134 (let. 1 Holders of rec. Sept. 15
Columbia By., Gas& aka., pref.(guard
13-4 Oct. 1 Holders of rec. Sept.21
Columbus Ry.,Pow.& L., 1st pf.(qua Commonwealth Power, new corn.(qu.). 40c. Nov. 2 Holders of rec. Oct. 140
Holders of rec. Oct. 14a
lag
Nov.
(guar.)
Preferred
h Sept.30 Sept.20 to Sept.30
Conestoga Traction, corn.(guar.)
134 Sept.30 Sept.20 to Sept.30
Preferred (guar.)
Consol.Gas,El. I...4 P.,Bait..com.(qu. •6254..n.2'2r. Holders of rec. Dec. 15
234 Oct. 1 Holders of rec. Sept. lba
Consumers Gas (guar.)
see t.36 Sept.16 to Sept.30
2
Cuban Teleptione, common (quar.)
134 Sept.34, Sept.16 to Sept.30
Preferred (guar.)
Dayton Power & Light,common (quar., 12c. Oct. 1 Holders of rec. Sept. 190
50c. Oct. I Holders of rec. Sept. 19a
Preferred (monthly)
Sept.29 *Holders of rec. Sept.28
*2
Diamond State Telep., com. (quar.)
Dominion Pow.as Trananicalon, of. elta, 134 Oct. 1., Beet.= to Sept.10
Sept.au Sept.19 to Sept.30
$2
(guard
Easthampton Gas Co.
3
Sept.30 Sept.20 to Sept.30
Edison Electric Co.. Lancaster (guar.). _
(guar.)
cool.
Sept.30 Holders of rec. Sept.190
134
RR.,
&
Lt.
Elmira Water,
lig Sept.36 Holders of rec. Sept.19a
First preferred (guar.)
134 dept.30 Holders of rec. Sept.19a
Second preferred (quar.)
50c. Oct. 1 Holders of rec. Sept.21a
Fall River Elec. Light (guar.)
,21
Florida Public Service. pref.(qua?.)___. 134 On. 1 Holders of rec. RAI
.
(qua
pref.
Rye.,
154 (let. 1 Holders of rec. Sept.15a
&
Pow.
Light,
Georgia
Greenfield Elec. L.& Pow.,com.(qu.). _ $2.50 Sept.36 Sept.20 to Sept.30
37c. Sept.:it Sept.20 to Sept.30
Preferred (guar.)
25c. Sept.30 Sept.20 to Sept.30
Employees' stock (quar.)
Harrisburg Light & Power,com.(guar.). 254 Sept.36 Holders of rec. Sept.220
-hat.36 Holders of rec. Sept.21a
1
Preferred (utter.)
Sept.26 Holders of rec. fiePt.170
3
Houston Gas & Fuel. corn. (guar.)
134 iept.36 Holders of rec. Sept.17e
Preferred (guard
Lancaster Co. Ry.& Light,com.(guar., $1.40 iept.3e Holders of rec. Sept.24a
lag Sept.30 Holders of rec. Sept.24a
Preferred (guar.)
Sept.36 Sept.20 to Sept.30
3
Lancaster Gas Lt. dr Fuel (guar.)
_
(guar.)
.1.14
com.
Nov. 1 "Holden of I ec. Oct. 15
Massachusetts Gas Cos.,
Metropolitan Edison. pref. B (guar.).- $1.75 Oct. 1 Holders of rec. Sept. 21
1 Holders of rec. Sept. 21
Oct.
$1.50
(guar.)
C
Preferred series
Oct. IL Holders of rec. Sept.30
2
Montreal Telegraph (guar.)
134 Nov. 2 Holders of rec. Sept.300
Nevada-Calif. Elec. Co., pref. (guar.)
lag Oct. 1 Holders of rec. Sept.21
New Jersey Power & Light, pt et (qu.)
134 Oct. 1 Holders of rec. Sept. 18
New Orleans Public Sera., pref.(guar.)
Oct. 1 Holders of rec. Sept. lbe
(qu.)_
2
com.
Gas,
Richmond
&
New York
134 Oct. 1 Holders of rec. SePt. 15a
Preferred (guar.)
134 Oct. 15 Holders of rec Sept.30
Ottawa-Montreal Power. Pref.(gust >.114 Oct. 1 Holders of rec. Sept. 15
Parr Shoals Power. preferred (guar.)" •5
Oct. 10 *Holders of rec. Sept.25
Philadelphia & Camden Ferry (quar.)-.
Oct. 31 Holders of rec. Oct. la
Philadelphia Company,common (guar.) 2,1
$1.50 Nov. 2 Holders of rec. Oct. la
Six pet cent preferred (quar.)
Oct. 31 Holders of rec. Oct. 15
Philadelphia Rap.Tran.,com (altar.). $I
$1.75 Nov. 2 Holders of rec. Oct. 1
Preferred No. 1
Holders of rec. Oct. 10
SI
Nov.
Pittsburgh Utliftles, common
Holders of rec. Oct. 10
Nov.
W
Common (extra)
Holders of rec. Oct. 10
1
330.
Nov.
Preferred
253. Nov.
Holders of rec. Oct. 10
Preferred (extra)
1
18 to Sept 30
Oct.
Sept.
(quar.)
134
pref.
a,
Porto Rico Railway
Oct. 1 Holders of rec. Sept. 1.a
Porto Rico Telephone. corn.(guar.).-- - 2
4
Oct. 1 Holders of rec. SePt• laa
Prefened (guar.)
Oct. 1 Holders of rec. Sept. 15a
31
Providence Gas (guar.)
Sept.30 Sept.24 to fiePt• 30
Pub.Service Co.of Okla., com.(qua?.). 2
Sept.30
Sept.24 to Sept.30
134
(guar.)
stock
Prior lien
lag Sept.30 Sept.24 to Sept.30
Prefened (guar.)
Public Service Elec. Power. pref.(guar.) oil la Nov. 2 *Holders of rec. Oct. 15
134 Oct. 15 Holders of roe. Sept.30
Quebec Power Co.. corn.(guar.)
134 Oct. 15 Holders of rec. Sept.30
Preferred (guar.)
(go.)
pref.
Elec..
134 Oct. 15 Holders of rec. Sept.30
&
Gas
Cons.
San Diego
134 Oct. 1 Holders of tee. Sept. 21
Sayre Electric Co., pref.(quar.)
134 Oct. I Holders of rec. Sept.26
Southern Ind. Gas& Elec..6% pf.((M.)154 Oct. 1 Holders of rec. Sept. 26
7% preferred (guar.)
134 Oct. 1 Holders of rec. Sept 19
Southwester n Bell Telep.. pref.(guar.)._
144 :ant'2( Holders of roe Dec. 15
((MaraIst
6%
Pow..
El.
Tennessee
134 Jan l'24. Holders of rec. Dec.15
7% let pref.(guar.)
1.80 Jan 1'21 Holders of rec. Dec. 15
7.2% let pref. (quar.)
114 Nov. 1 Holders of rec. Oct. 14
6% 2d pref. (quar.)
50e. arm I Holders of rec. Oct. 15
6% let prof.(monthly)
Dec. 1 Holders of rec. Nov.16
50e.
(monthly)
pref.
1st
6%
50c. Jan 1'2C Holden of rec. Dec. 15
6% let pref.(monthly)
60e. Nov. 1 Holders of rec. Oct. lb
7.2% jet pref.(monthly)
60c. Dec. 1 Holders of rec. Oct. 15
7.2% let pref.(monthly)
60e. Ian l'21. Holders of rec. Oct. 15
7.2% let pref.(monthly)
(guar.)
134 Oct. 1 Holders of rec. Sept. 17
pref.
let
Ry.,
Elec.
Texas
134 Nov. 1 Holders of rec. Oct. 15
2d preferred (guar.)
Turners Falls Power & Elec.(guar.) _ _. 11.75 Sept.30 Sept.18 to sePt• 30
17
Sic. Sept.30 Sept.18 to Sept.30
(guar.)
Employees'stock
Oct. lb Holders of rec. Oct. ba
$3
Utica Gas & Elec. Co.,common
Sept.2i Holders ol rec. Sept.170
(guar.)
pref.
134
Securities,
Utilities
(qu.).
1 Holders of rec. Sept.28a
Oct.
134
West Kootenay Power & Lt.. pref.
134 Oct. if, Holden of rec. Sept.300
Western Power Corp.. pref.(guar.).- •
Oct.
I Holders of rec. Sept. 21
2
(guar.)_.
ef
pi
Williamson Electric Co..
134 Oct. 1 Holders of rec. Sept.21
Winston-Salem Gas Co.. pref.(guar.)___
to Sept.30
4eDt.30 Sept.20
Worcester Electric Light Co. (guar.)-- 31
Sept.160
Worcester Gas Light, com.(guar.)---- 50e. Oct. 1 Holders of rec. Sept.16a
230. Oct. 1 Holders of rec.
Common (extra)
16a
Sept.
rec.
of
1
Oct.
Holders
2
Preferred (guar.)
Banks.
Broadway Central (guar.)
Eastern Exchaige (guar.)
Europe, Bank of (guar.)
Federation (guar.)
Garfield National (guar.)
Nassau National. Brooklyn (guar.)
New Netherland (guar.)
Park, National (guar.)
Peoples National(Brooklyn)(quar.)___.
2
1
3
2
3
3
2
6
234
Oct. 1
Sept.30
Oct. 1
Oct. 1
aept.3(
Oct. 1
Oct. 1
Oct. 1
Oct. 1
Trust Companies.
U. S. Mortgage & Trust (guar.)
4
Oct.
Holders of rec. Sept.160
Holden of rec. Sep..25
Holders of rec. Sept.240
Holders of rec. Sept.30a
Holders of rec. Sept.26
Holders of roe. Sept.29a
Holders of rec. SePt. 19a
Holders of rec. Sept.25a
Holders of rec. Sept.22a
1 Holders of rec. Sept. 26
Miscellaneous.
154 Oct. 1
Abitibi Power & Paper. pref.(guar.)._
Oct. 1
2
Alabama Fuel & Iron apiara
Nov. 1
Amalgamated Sugar. let prof.(gear.) _ _. 2
.1,
American 11,4,k Vote newn ((pm' 1 . •51.2A 'toy.
[VOL 121.
THE CHRONICLE
1538
Holders of ree. Bela 24
Sept.20 to Sept.30
Holders of rec. Oct. 170
*lankiers of roe. Nov. 2
Per
When
Cenl. Payable.
Name of Company.
Boots Closed
Days Inclusive.
Miscellaneous (Continued),
Amer.Furniture Mart Bldg.,Pref,(lta)
134 Oct. I Sept.20 to Sept.30
dAmer.Hardware Corp.(guar.)
75e. Oct. 1 Sept.17 to Oct. 1
Extra
75e, Oct. 1 Sept.17 to Oct. 1
Amer.Ice,common(guar.)
2
Oct. 26 Holders of rec. Oct. 9
lag Oct. 21, Holders of rec. Oct. 9
Preferred (guar.)
American Screw (gust.)
lag Oct. 1 Holders of rec. Sept.21a
Anaconda Copper Mining (guar.)
75e, Nov.23 Holders of rec. Oct. 17
Apes) Manufacturing, Class A (guara_
50e. Oct. 10 Holders of rec. Sept. 20a
ArlIngton Mills (guar.)
2
Oct. 1 Holders of rec. Sept.220
Arundel Corporation (guar.)
30c. Oct. 1 Holders of rec. Sept.266
Associated Dry Goods,com.(quar.).... 62c. Nov. 2 Holders of rec. Oct. 15
First preferred (quar.)
154 Dec. 1 Holders of rec. Nov.16
Second preferred (guar.)
1% Dec. 1 Holders of rec. Nov.16
Atlas Powder pref.(gear.)
1 Holders of rec. Oct. 20a
Nov.2
.1c)4
25
Nov. 'Holders of rec. Oct. 20
Balaban dr Katz,common (monthly)
Common (monthly)
•25e. Dec. 1 *Holders of rec. Nov.20
Common (monthly)
*25c. Jan l'at, "Holders of rec. Dec. 20
Preferred (guard
'134 Oct. 1 "Holden; of rec. Sept.21
Bait. Acceptance Corp.,com.(guar.)
230. Oct. 1 Holders of rec. Sept. 19a
Prefer'ed (guar.)
134 Oct. 1 Holders of rec. Sept. 1941
Bancltaly Corporation
$2.26 Sept.36 Holders of rec. Sept. 15
Barker Bros.(Los Angeles), 1st pf.(qu.) 134 Oct. I Holders of rec. Sept. 15
134 Oct. 1 Holders of rec. Sept. 15
Second preferred (guar.)
lig Oct. 1 Holders of rec. Sept.30
Barnet Leather, Prof.(guar.)
1 .8734 Nov.1( "Holders of rec. Nov. 2
Beacon Oil, pref.(guar.)
Black & Decker Mfg., corn.& pref.(qu.) 2
Sept.30 Sept.25 to Sept.30
Bliss(E. W.) Co., common (guar.)
.25c. Oct. 1 'Holders of rec. Sept.23
First preferred (guar.)
Oct. 1 *Holders of rec. Sept. 23
.51
Preferred B (guar.)
'15c. Oct. 1 'Holders of rec. Sept.23
1
Oct. 1 Holders of rec. Sept.23a
Borden (Richard) Mfg. (gear.)
Boston Sand & Gravel, pref.(guar.)._
2
Oct. 1 Holders of rec. Sept. 210
Second preferred (guar.)
134 Oct. 1 Holders of rec. Sept.2141
Oct. 11, Holders of rec. Sept.20
Brantford Cordage, Ltd., 1st pf.(qua _- 2
Browning Company, pref.(guar.)
134 Oct. I Holders of rec. Sept.190
Bruce Co., corn. (guar.)
6234c. Oct. 1 Holders of rec. Sept.19
lig Oct. 1 Holders of rec. Sept. 191
Preferred (guar.)
25e. Oct. 1 Holders of rec. Sept.24
Brunswick Site Co.(guar.)
By-Products Coke Corp., pt.(goat.).... 234 Oct. 1 Holders of rec. Sept.210
Oct. 1 Holders of rec. Sept. lba
2
Cadet Knitting Co., pi.& 1st pf.(qua
Oct. 1
Cadillac Storage Co.(qua?.)
154 Oct. 15
Extra
Oct. 1
. ()
*25ch
t. 15 "Holders of rec. Oct. 1
ct..
Oc
Canada Dry Ginger Ale (guar.)
Extra
•25c. Oct. lb *Holden of rec. Oct. 1
Oct. 1 Holders of rec. Sept.21
2
Canada Salt, Ltd.(guar.)
2
Oct. 6 Holders of rec. Sept. 25a
Canadian Cottons,corn.(guar.)
1.14 Oct. 5 Holders of rec Sept.250
Preferred (guar.)
Canadian Industrial Alcohol(guar.)._ 32a. Oct. 15 Holders of tee. Sept.30a
Cartier, Inc.. preferred (guar.)
154 Oct. 31 Holders of rec. Oct. 15a
Century Electric Co., common (gust.)
134 aept.22 Holders of rec. Sept. 15a
134 Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
Chicago Morris Plan Bank (guar.)
134 Oct. 1 Holders of rec. Sept. 300
. 134 Oct. 26 Holders of rec. Oct. 150
Chicago Pneumatic Tool (guar.)
75c. Oct. 1 Sept. 20 to Oct. 3
Chicago Ry. Equipment, com.(guar.)
Preferred (guar.)
134 Oct. 1 Sept.20 to Oct. 3
2
Sept.3C Sept.20 to Sept.30
Cincinnati Union Stock Yards (guar.). _
154 Oct. 1 Holders of res. Sept. 25
Cohn-Hall-Marx Co., preferred (guard _
Oct. 1 Holders of rec. Sept. 216
Cleveland Automobile Co., pref.(guar.). 2
$1.40 Sept.15
Coleman ds Bell Co.,common (guar.)Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 300
114 Oct. 15 Holders of rec. Sept.300
Consolidated Car Heating (guar.)
10
Oct. 25 Oct. 16 to Oct. 25
Consolidated Royalty Oil
Cornell Mills (guar.)
1
(let. 1 Holders of roe. Sept. 150
Corn Products Refg., corn. (guar.)... *50e. Oct. 20 'Holders of rec. Oct. 5
Preferred (guar.)
'134 Oct. 11 "Holders of roe. Oct. 5
10
Oct. 10 Holders of res. Sept.30
Cresson Cons. Gold Min.& Mill.(qu.)
Dalton Adding Mach., pref.(guar.)._
134 Oct. 1 Sept.22 to Sept.30
.2
Oct. 15 *Holders of res. Sept.301
Detroit Motor Bus (guar.)
•1
Extra
uct. lb 'Holders of lee Sept.30 I
25e. Nov.lb Holders of rec. Nov. 80
Detroit Steel Products, common
I'referred (guar.)
134 Oct. I Holders of rec. Bept.20a
lag Oct. 1 Holders of rec. Sept.266
Dixie Terminal, preferred (guar.)
2
Sept.30 bent.22 to Sept.30
Dixon (Joseph) Crucible Co.(gear.)
154 (let. 1 Holders of res. Sept.210
Doehler Die-Casting, preferred (gust.)
Dow Drug, common (guar.)
2
Oct. 1 Sept.21 to Oct. 4
154 Oct. 1 Sept.21 to Oct. 4
Preferred (guar.)
Eagle-Picher Lead Co., pref.(gear.)
13-4 Oct. 15 Oct. 1 to Oct. 14
Eagle Warehouse & Storage (quar.)__
134 Oct. 1 Sept.27 to Oct. 1
'Holders of ree. Oct. 15
Eaton Axle & Spring (guar.)
Holders of refs. Sept.200
Edwards(Wm.)Co.. preferred (guar.)...
13'4.
2
▪5°
c
e
Holders of res. Sept. 19
Elder Mfg.. 1st preferred (guar.)
)5 .. 1 Shpt.26 to Oct. 1
1,i Oct.
Electric Vacuum Cleaner, com. (guar.) 31
Sept.28 to Oct. 1
Preferred (guar.)
Elgin National Watch (guar.)
'6234c Nov. 2 'Holders of rec. Oct. 15
50e. Oct. 1 Sept.27 to Oct. 1
Estey-Weite Corp., class A (qua?)
134 Oct. 1 Sept.20 to Sept.30
Falcon Steel, preferred (guar.)
Sept.30 Holders of rec. Sept.Ifla
2
Mar Alpaca (guar.)
134 Oct. 1 Holders of rec. Elept.15a
Faultless Rubber,Prof.(guar.)
244 Oct. 1 Sept. 26 to Sept.30
Federal Drop Forge(guar.)
$1.75 Oct. 1 Holders of roe. Sept.266
Finance & Trading Corp., com
$1.75 Jan 2'26 Holders of rec. Sept. 264
Common
134 Oct. 1 Mailers of rec. Sept 264
Preferred (guar.)
First investm't Co.,Concord,N.H.,c1.A 31.50 Oct. 1 Holders of rec. Sept.15
60e. Oct. 1 Holders of roe Sept.151
Class A (extra)
Oct. 1 Holders of rec. Sept.15
First National Pictures, Inc., lot pf.(qu.) 2
Oct. 1 Sept.28 to Bei:4.30
Florence Stove Co.,common(guar.)._ $2
$1.87 Oct. 1 Sept.26 to Sept.30
Preferred (guar.)
Foster(W.C.) Co.,common(guar.).- _ 75e, Oct. 1 Sept.21 to Sept.30
111.76 Oct. 1 Sept.21 to Sept.30
Preferred (guar.)
37ig c. Oct. 1 Sept.21 to Sept.30
Preferred (extra)
13-4 Oct. 1 Sept.20 to Sept.30
French Bros. Bauer Co., prof.(quara_
Frontenac Breweries, Ltd., pref.(guar.). 134 Oct. I Holders of rec. Sept.220
(qua?,)
Oct. 1 Sept.22 to Sept.30
30e.
common
General Fireproofing,
30e. Oct. 1 Beat.22 to Sept.30
Common (extra)
134 Oct. 1 Sept.22 to Sept.30
Preferred (quar.)
Oct. 15 Holders of reo. Oct. 1
General Ice Cream Corp.,com.(No.1).. *31
50c. Oct. 15 Holders of rag. Oct. 70
General Refractories(guar.)
2
Oct. 1 Holders of rec. Sept.21
(gear.)
pref.
Ginter Co.,
Oct. 1 Sept.24 to Sept.30
C. G.Spring & Bumper, pref.(gear.)... 2
$1.50 Oct. 1 Sept.20 to Sept.30
Great Lakes Steamship (guar.)
134 Oct. 1 Holders of rec. Sept. 26a
Great Lakes Transit. pref.(guar.)
lag Oct. 1 Sept. 18 to Sept.30
Greening(B.) Wire Co.. Ltd., pt.(qu.).
Hibbard,Spencer,Bartlett& Co.(mthly) 35e. Oct. 30 Holders of rec. Oct 23
35e. Nov.27 Holders of rec. Nov.20
Monthly
35c. Dee. 24 Holders of roe. Dec. 18
Monthly
Dcete 2
O
4 Holders of rec. Dec. 18
1155
Extra
20c13-4
Holders of rec. Sept.30
}Merest Collieries, com. (guar.)
Oct.34
Holders of rec. Sept.30
Preferred (guar.)
Oct. lb Holders of rec. Oct. ba
Hoe (R.)& Co., Inc., Class A (guar.)... $I
1
3
:
clct..
Oc
Holders of rec. Sept.26
Holmes(D. H.) Co., Ltd.(guar.)
3
Sept.22 to Sept.30
Home Title Insurance (guar.)
*2
5ecPtt
0
.•3? *Holden of rec. Sept.25
Hoover Steel Ball (guar.)
Sept.20 to Oct. 1
Howe Seale, pref (guar.)
50c. Oct. lb Holders of rec. Oct. 5a
Howe Sound Co.(guar.)
*50c. Nov. 1 *Holders of rec. Oct. 15
Hunt Bros. Pack. (guar.)
6234c. Oct. 1 Holders of rec. Sept.21
liessmann (Harry L.) Refr. (guar.)
El
Nov.14 Holders of rec. Oct. 20
Indiana Tape Line (guar.)
154 O
et.
oc
.
Industrial Acceptance Corp., let pf.(qu.) 2
Holders of rec. Sept.25
Second preferred (guar.)
Holders of rec. Sept.25
25e. Sept.30 Sept.26 to Sept.30
Internat. Petroleum Co., Ltd
75e. Oct. 1 Holders of rec. Sept. 19
Johns-Manville, Inc. (guar.)
154
Kaynee Company, pref.(guar.)
Holders of ree. Sept. 19
ct..
Oe
0
Kelley Island Lime & Transp (quar.)__ 2
Sept. 23 to Oct. 1
*e10 Oct. 15 'Holders of rec. Oct. 1
La Salle Extension University
244 got.30 Holders of rec. Sept.24
Lawton Mills Corp (guar.)
•2
Nov. 1 "Holders of rec. Oct. 200
1.ord & Taylor, 2d pref.(guar.)
eoil1S Nov.
.5
1 *Holders of rec. Oct. 17
Macy (R. H.) & Co.. pref. (guar.)
Oct
Magnolia Petroleum (in stock)
*Holders of rec. Sept.21
134 Oct. 19 Holders of rec. Oct. 311
Maple Leaf Milling. pref. (guar.)
4
Oct. 1 Holders of tea. Sept.25
Mexican Investment. prof
25c. Oct. 1 Holders isf rec. Sept. 18
Missouri Portland Cement
I motor ”rnti,,ta e.f.111.. TWO.(aesa)
'al
Nov. 2 "Holders of roe. Oct. 20
•5
SHPT. 26 1925.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Mystic Steamship (guar.)
*50c. Sept.30 *Holders of rec. Sept.24
Nashua Gum'd de Coated Paper.pf.(qu.) 1% Oct. 1 Holders of rec. Sept.210
Nashua Mfg., pref.(guar.)
13( Oct. 1 Holders of rec. Sept. 24a
(guar.)
National Casket
133 Sept.30 Sept. 6 to Sept.30
Extra
1
Nept.30 Sept. 6 to Sept.30
National Fireproofing, pref. (quar.)
1% Oct. 15 Holders of rec. Oct. la
New England Coal o Coke (guar.)._ _ *3
Sept.30 'Holders of rec. Sept.24
New England Fuel Oil (guar.)
25c. Oct. 1 Holders of rec. Sept.246
New England Fuel &'now.(quar.).. *1
*pt.30 *Holders of rec. Sept.24
New York Air Brake, corn.(quar.)
50c. Nov. 2 Holders of roe. Oct. 7
Class A (guar.)
Jan4'26 Holders of rec. Dec. 2
Si
Nipissing Mines Co. (guar.)
•15e. Oct. 20 *Holders of rec. Sept.30
Norton Co., pref. (quar.)
I% Oct. 1 Sept. 16 to Oct. 1
Ohio Brass, class B (guar.)
Oct. 15 Holders of rec. Sept.30
51
Preferred (guar.)
IH Oct. 15 Holders of roe. Sept.30
Ohio Leather. lot pref.(guar.)
*2
Sept.30 *Holders of rec. Sept.20
Oklahoma Natural Gas(guar.)
50c. Oct. 20 Holders of rec. Sept. 260
Overman Cushion Tire, coin. A&B (qu.)
144 Oct. 20 Holders of rec. Sept.30a
Pacific Coast Co., 2d pref
1
Nov. 2 Holders of rec. Oct. 23 •
Packard Motor Car (quar.)
*50e. ict. 31 'Holders of rec. Oct. 15
Parke, Davis dr Co.(quar.)
50c. Sept.30 Sept.20 to Sept.30
Extra
50e. Sept.30 Sept.20 to Sept.30
Peabody Coal (monthly)
*590. Nov. 'Holders of rec. Oct. 20
Monthly
•59c. Dec.
*Holders of rec. Nov.20
Monthly
.590. Jan.
*Holders of rec. Dec. 19
Pennsylvania Salt Mfg.(Quar.)
51.25 Oct. 1 Holders of rec. Sept. 306
PhIllipe-Jones Corp.. pref. (guar.)
*1% Nov.
*Holders of rec. Oct. 20
Pick (Albert)& Co.. pref. (guar.)
81.76 Oct.
Sept. 24 to Sept. 30
Pierce,Butler & Pierce Mfg.,corn.(qu.)
Holders of rec. Oct. 5a
234 Oct. 1
Seven per cent pref. (guar.)
1% Nov.
Holders of rec. Oct. 20a
Eight per cent pref. (guar.)
2
Nov.
Holders of rec. Oct. 20a
Pilgrim Mills (guar.)
2
Nept.3 Holders of rec. Sept.26a
Pittsburgh Coal, pref. (guar.)
133 Oct. 2 Holders of rec. Oct. 96
Plymouth Cordage (guar.)
*133 Oct. 2 *Holders of rec. Oct. 1
Extra
*2
Oct. 2 *Holders of rec Oct. 1
St. Joseph Lead Co. (extra)
Dec. 2 Dec. 10 to Dec. 21
$1.
St.Joseph Stock Yards(guar.)
1)4 Sept.3 Sept.22 to Sept.30
Sayers.& Scoville Co., corn.(guar.)
134 Oct.
Holders of rec. Sept. 216
Common (extra)
333 Oct.
Holders of rec. Sept. 216.
Preferred (guar.)
134 Oct.
Holders of rec. Sept.210
Scott & Williams, Inc.(guar.)
51.75 Oct. 1 Holders of rec. Sept. 216
Scovell Mfg.(guar.)
3
Oct.
Sept. 24 to Oct. 1
Scullin Steel, pref.(guar.)
13( Oct.
Sept. 29 to Oct. 1
Seagrove Corp.. common (quar.)
*30c. Oct. 2 'Holders of roe. Oct. 1
Securities Investment,common (guar.)- _ 6233e. Oct.
Holders of rec. Sept.20a
Common (extra)
50c. Oct.
Holders of rec. Sept. 20a
Preferred (guar.)
2
Oct.
Holders of rec. Sept. 20a
Shawmut Mills, common (guar.)
133 Sept.3 Holders of rec. Sept.21a
Preferred (guar.)
134 Sept.3 Holders of rec. Sept.21a
Shredded Wheat Co.(guar.)
233 Sept.3 Sept. 22 to Sept.29
Silver (Isaac) & Broi. Co.. pref. (qu.)
Holders of rec. Oct. 20
'134 Nov.
Soden(G. A.)& Co.. 1st pref. (guar.).- 13( Oct.
Holders of rec. Sept. 18
Second preferred (guar.)
2
Oct.
Holders of rec. Sept. 18
SpanIshRIT.Pulp&Paper.com.&pf. (qu ) 1% Oct. 1 Holders of rec. Sept.30
Sparks44ithington Co., corn. (guar.)._ The. Oct.
Holders of rec. Sept. 22
Common (extra)
Oct.
81
Holders of rec Sept. 22
Preferred (guar.)
1% Oct.
Holders of rec. Sept. 22
Stahl(H. A.)Properties Co., pref.(qu.)
13( Oct.
Sept.24 to Sept.30
Standard Comml Tobacco, corn.(qu.).- 25c. Oct.
Holders of rec. Sept. 23
Standard Safe Deposit Co.(guar.)
3
Sept.3 Holders of rec. Sept.26
Stanley Company of America (guar.).- - 51.50 Oct.
Holders of rec. Sept. 21
Stanley Works, corn. (guar.)
6244c. Oct.
Holders of rec. Sept.22a
State Theatre Co.(Boston), prof.(qu.)_
2
Oct.
Holders of roe. Sept. 19a
Sterling Coal (guar.)
1
Oct.
Holders of rec. Sept. 196
Sterling Salt (guar.)
2
Oct.
Sept.25 to Sept.30
Stevenson. Brien & Co., Inc., common_
5
Oct.
Holders of rec. Sept.22
Preferred (guar.)
1H Oct.
Holders of rec. Sept. 22
Syracuse Washing Maohine, corn. (cm.). The. Oct.
Sept.22 t o Sep;.3Q
Common (payable in common stock)
Oct.
Sept.22 to Sept.30
Preferred (guar.)
2
Oct.
Sept.22 to Sept.30
Telling-Belle Vernon Co., corn. (qu.)_
75c. Sept. 3(1 Holders of rec. Sept. 23
Preferred A & B (guar.)
134 Sept.30 Holders of rec. Sept.23
Thayer-Foss Co., pref.(guar.)
13( Oct. 1 Holders of rec. Sept. 2Ia
Transue& Williams Steel Forg.(guar.)._ 50c. Oct. 15 Holders of rec. Sept.30a
Trumbull-Cliffs Furnace, pref.(qu.)..- _
133 Oct. 1 Holders of rec. Sept. 19
Tulip Cup Corp.(guar.)
3733e. Oct. 1 Holders of rec. Sept. 22
Union Discount Corp., corn. (guar )... 51.25 Oct. 15 Holders of rec. Oct. la
Preferred (guar.)
1% Oct. 15 Holders of roe. Oct. la
Union Metal Mfg.(guar.)
50e. Oct.
Holders of rec. Sept. 25
United Alloy Steel. pref.(guar.)
13( Oct.
Holders of rec. Sept. 196
United Gas & Elec. Engineering
50
?cot.3 Holders of rec. Sept.24a
United Ice Service, Prof. A (guar.)
$1.75 Oct.
Holders of rec. Sept. 23a
United Securities, Ltd., pref. (quar.)
1% Oct.
Holders of rec. Sept. 21a
United States Can, common (guar.)_ _ _ 750. Oct. 1 Holders of rec. Sept. 30a
Preferred (guar.)
13( Oct. 1 Holders of rec. Sept. 30a
United States Lumber,common (guar.)134 Oct.
Sept.20 to Sept. 30
Common (extra)
233 Oct.
Sept.20 to Sept.30
U.S. Paper Goods. pref. (guar.)
134 Sept.3 Holders of rec. Sept.21
U.S. Playing Card (guar.)
51.50 Oct.
Holders of rec. Sept. 19
U.S.Pig.& Lithogr.. corn & pf.(qu.)_
1H Oct.
Holders of rec. Sept. 19a
U. S. Radiator Corp., corn. (quar.)._ _ sl
Oct. 1 'Holders of rec. Oct. 1
Preferred (guar.)
•134 Oct. 1 *Holders of rec. Oct. 1
U.S. Sheet & Window Glass, pt.(qu.)
2
Oct.
Holders of rec. Sept. 21a
Utah Apex Mining (guar.)
•350. Oct. 1 *Holders of rec. Oct. 3
Utah Idaho Sugar,corn. (guar.)
Sc. Sept.3 Holders of rec. Sept.18a
Preferred (quar.)
173.4r Sept.3 Holders of rec. Sept. 18a
Victor-Monaghan Co., pref. (guar.).- IR Oct.
Holders of rec. Sept. 200
Wesson Oil & Snowdrift, Inc. (guar.)
51.75 Sept.2 Holders of rec. Sept. 15
Wheeling Steel Corp., pref. A (guar.)_
1.4 Oct.
Sept. 13 to Oct. 1
Preferred 13 (guar.)
13( Oct.
Sept. 13 to Oct. 1
Whitman (William) Co., Inn., pret.(qu.) 1% Oct.
Holders of rec. Sept. 17
Williams Tool Corp., Prof. (guar.)
2
Oct.
Holders of rec. Sept.19
Woods Mfg.. Prof.(guar.)
Oct.
Holders of rec. Sept. 30a
Worcester Salt (guar.)
13.4 Oct.
Sept. 25 to Oct. 1
Yellow Taxi Co. of Detroit, prof. (qu.)_
1% Oct. 1 Oct. 2 to Oct. 15
Yellow Truck & Coach Mfg.. Class 13
21c. Oct.
Holders of rec. Sept. 19a
Class 13 (stork dividend)
(r) Oct. 10 Holders of roe. Oct. 2
134
. Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama & Vicksburg
Bangor & Aroostook, cons. (guar.)
Preferred (guar.)
Beech Creek (gone.)
Heston & Albany (guar.)
Boston & Providence (guar.)
Boston Revere Beach & Lynn (guar.) _
Buffalo & Susquehanna.common (guar.)
Canadian Pacific. corn. (guar.)
Preference
Cleve. C. C.& St. Louis. corn,(guar.)
Preferred (guar.)
Consolidated ItIts. of Cuba, pref.(guar)
Cuba RR.. common (guar.)
Preferred
Gulf Mobile & Northern, Prof.(guar.). _
Joliet & Chicago (guar.)
Kansas City Southern. preferred (quar.)_
Lackawanna RR.of N.J.(guar.)
Lehigh Valley. corn.(guar.)
Preferred (guar.)
Minn.St.P.&S.S. Marie,leased lines_
Newark &Bloomfield_ .
8
Oct. 1
75e. Oct. 1
134 Oct. 1
50e. Oct. 1
2
Sept.30
234 Oct. 1
134 Oct. 1
134 Sept.30
2H Oct
1
2
Oct. 1
134 Oct. 20
134 Oct. 20
81.50 Oct. 1
$1.60 Sept.30
3
Feb 1'26
133 Nov.22
134 Oct. 5
1
Oct. 15
1
Oct. 1
8734 Oct. 1
51.25 Oct. 1
2
Oct. 1
3
Oct. I
Holders of roe. Sept. 15a
Holders of rec. Sept.lba
Holders of rec. Sept.16a
Holders of rec. Sept. 15a
Holders of rec. Aug. 310
Holders of rec. Sept. 19
Holders of rec. Sept.16a
Holders of rec. Sept. 21a
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 roe. Sept.290
Holders of rec. Jan. 150
Holders of rec. Nov.d2a
Holders of rec. Sept. 25a
Holders of rec. Sept. 300
Holders of rec. Sept. 8a
Holders of roe. Sept. 12a
Holders of rec. Sept. 12a
Holders of rec. Sept.19a
Holders of roe Sent 22a
Name of Company.
Railroads (Steam) Concluded).
New York Central RR.(guar.)
N. Y.Chic.& St. L.. corn.& pref.(qu.).
N. Y. Lackawanna & Western (guar.).
Northern Pacific (guar.)
Old Colony (guar.)
Pere Marquette,corn.(guar.)
Prior preferred (guar.)
Preferred (guar.)
Philadelphia & Trenton (guar.)
Pittsburgh. Bessemer & Lake Erie, corn.
MUM., Ft. Wayne & Chic., corn. WO Preferred (quar.)
Reading Company, common (quar.)....
Second preferred (guar.)
St. Louis-San Francisco, corn.(quar.)St. Louis-San Fran., pref.. Sec. A.(qu.).
St. Louis Southwestern, pref. (quar.)_.
Southern Pacific Co. (guar.)
Southern Railway, common (quar.)Preferred (guar.)
Southern Ry.. M.10.stock tr. etts___.
Union Pacific, common (guar.)
Preferred
United N.J.RR.& Canal Co..(guar.)
Vicksburg Shreve. & Pam,corn: & pref._
Wat ren
Western Pacific RR.Corp., pref. (qu.)....
West Jersey dr Seashore
1539
Per
When
Cent. Payable
134
lh
1h
114
114
1
1)4
114
2)4
75c.
134
1%
Si
50c.
1%
134
1
133
13(
13(
2
233
2
234
233
334
1%
51.25
Nov. 2
Oct. 1
ict. 1
Nov. 2
Oct. 1
Oct. 1
Nov. 2
Nov. 2
OM. 10
let. 1
wt. 1
set. t
Nov.12
Set. /
Oct. 1
Nov. 2
Sept.30
(Jct. 1
Nov. 2
let. 15
Oct. 1
tet. 1
)01. 1
}et. 10
mt. I
Oct. II
Oct. 211
let. 15
Books Closed.
Days Inclusive.
Holders of rec. Sept.25a
Holders of roe. Aug. 160
Holders of ree. Sept.15a
Holders of rec. Sept.80a
Holders of rec. Sept. 13a
Holaers of rec. 8091.160
Holders of tee. Oct. 15a
Holders of rec. Oct. 15a
Oct. 1 to Oct. 10
Holders of rm. Sept.154
Holders of ree. Sept. 106
Holders of rec. Sept. 100
Holders of roe. Oct. 156
Holders of rec Sept. 224
Holders of rec. Sept.1154
Holders of rec Oct. 154
Sept. 6 to Oct. 6
Holders of roe. Aug. 316
Holders of ree. Sept.226
Holders of rec. Sept.226•
Holders of rec. Sept.166
Holders of roe. Sept. 14
Holders of rec. Sept. la
Sept. 20 to Sept.30
Holders of rec. Sept. 156
Holders of rec. Oct. 5a
Holders of roe. Oct. Si
Holders of rec. Oct. la
Public Utilities.
1% Set. I Holders of rec. Sept.19
Alabama Power, preferred (guar.)
13( Oct. 14 Holders of rec. Sept. 30a
All-America Cables (guar.)
Holders of rec. Sept. 190
Amer. Foreign Power, preferred (guar.). 81.75 mt.
Corn.and pref. allotment Mts.(guar.). 43%c ict. I Holders of rec. Sept. 19a
mt. I Holders of rec. Sept. 17
Amer. Gas dz Elec.,common (guar.)
- 25c.
$1.50 Nov. I Holders of rec. Oct. 10
Preferred (guar.)
American Power & Light, pro?.(quar.).. 134 ()et. 1 Holders of rec. Sept. 15
Holders of rec. Sept.15
1% let.
Amer. Public Set vice. Prof. (guar.)- Amer.Public Utilities, prior pref.(guar.) 13( (Mt. I Holders of rec. Sept.15
Participating preferred (guar.)
134 Oct. 1 Holders of rec. Befit. 15
Amer.Superpower Corp.. Class A and B. 181.50 Nov. 15 Holders of rec. Oct. 15
1% Nov. 15 Holders of roe. Oct. 15
Participating preferred (guar.)
Nov. 15 Holders of rec. Oct. 15
1
Participating pref. (extra)
$1.61) Oct. I Holders of roc. Sept. 16
First preferred (guar.)
214 Oct. 15 Holders of roe. Sept 19a
Amer. Telep. & Teleg.(guar.)
Sept.30 Holders of roe. Sept.15
American Water Works et Elec., com_ 1.5
Arkansas Cent. Power, preferred (guar.) $1.71 (Set. I Holders of rec. Sept. 21
Holtleis of rec. Sept.100
Sc. let.
Arkansas Natural Gas (guar.)
134 (let. 1 Holders of rec. Sept. 15
Asheville Power & Light. pref. (guar.)._
3seoclated Gas & Elec.Co., prel.(estrIO 1234. let. I Holders of me Sept. 106
1233, lan 1'20 Holders of roe Dec. 100
Preferred (extra)
6231, Nov. I Holders of rec. Oct. 96
Class A (guar.)
let. 1 Holders of roc Sept.10
Bangor Hydro-Elec. Co.. prof. (quar.)... th
114 Sept.30 Holders of rec. Sept. 16
Barcelona Tr. Lt.& Pr.7% pref.(qu.)_
2
)0t. 15 Holders of rec. Sept.23
Bell Telephone Co. of Canada (quar.)
1,4 let I.: Holders of rec. Sept. 190
Bell Telephone of Pa. prof. (quar.)
Holders of rec. Sept.25
Beloit Water. Gas & El. Co., pref. (qu ) 134 Oct.
Holders of rec. Sent. 19
61.75 let
Birmingham Elec. Co., pref.(quar.)_
Holders of rer. Sept. 19
114 oct.
Boston Elevated Ry., corn.(guar.)
Holders of rec. Sept. 19
334 Oct.
Second preferred
Holders of rec. Sept. 154
Brazilian Tr. Lt. & Pr., pref. (quar.)„ • 134 Set.
Holders of roe. Sept.12a
SI
Brooklyn Union (138(guar.)
Sept. 13 to Sept.27
Buff. Nlag & East.Pow.,corn.(No. I) 12(4. Oct.
Nept.13 to Sept.27a
40e
Preferred (guar.)
Holders of rec. Sept. 14
Capital 'fraction, Wash., D. C.(quar.). 1)4 let.
Carolina Power & Light, corn. (quar.).. 1% Nov. 2 Holders of rec. Oct. 15
14, Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
Central Illinois Light.67:pref,(quar.)_. 133 set. 1 Holders of rec. Sept. 15a
13( set. I Holders of rec. Sept. 15a
7% preferred (guar.)
$1.50 Oct. 15 Holders of rec. Sept.390
Central 111. Pub.Serv., pref. (quar.)....
1% Oct. I Holders of rec. Sept.10
Central States Elec. Corp.. pref. (au.)
134 Nept.3 'seek,. 18 to Sept.25
Chicago City Ry. (guar.)
Holders of roe. Sept.15s
Chic. North Shore & Milw., pref.(guar.) 134 Oct.
Holders of rec. Sept. 156
1% oct
Prior lien stock (quar.)
mt.
Holders of rec. Sept. 15
Chicago Rapid Transit, pref.(monthly). 65c.
65e. Nov.
Holders of ree. Oct. 20
Monthly
Holders of rec. Nov.17
65c. Dec.
Holders of me. Sept. 15
let.
hulYburban Bell Telephone (qu.)_. $1
.
%rnt
o&S
Ciiiil
Sept. 20 to Sept.30
Citizens Pass. Ry., Philadelphia (guar.) $3.50 Oct.
Holders of rec. Sept. 124
133 Oct.
Cleveland Ry. corn. (guar.)
Holders of rec. Sept. 156
Coast Valleys Gas & Elec. 6% Pt. (qu.)) 134 Oct.
Holders of rec. Sept. 156
'(guar.)
134 I ct.
Seven oer cent preferred
Holders of rec. Sept. 15
233 oct.
Columbus Elec. de Pow., corn. (quar.)._
Holders of rec. Sept. 15
1% Oct.
First preferred, series A (guar.)
Holders of rec. Sept. 15
13( Oct.
Second preferred (guar.)
.8733. Nov. 'Holders of rec. Oct. 15
Consolidated Gas, New)BYtatitrik;ep
prof.
ore
mf
50e. Oct.
Holders of rec Sept. 160
2
Holders of roe Sept. 160
Oct.
Cons.ras
efer
l.eL
d(
quP
ar
..
.
.&
Holders of rec. Sept. 154
1% Oct.
G
preferred (guar.)
1% oct.
oh% preferred (guar.)
Holders of rm.Sept. 156
Holders of rec. Sept. 1544
134 Oct
6% preferred (quay.)
Consumers El. L.&P.,New Orl., pt.(qu ) 1% Sept.3 Sept.10 to Sept.30
oreers
,P
oiouwaerr.)
Consumers
m
51.50 Oct.
Holders of roe. Sept. 15
6.6% preferred (guar.)
Holsters of rec. Sept. 15
51.65 Oct.
Holders of roe. Sept. 15
7% preferred (quar)
$1.75 Oct.
6% preferred (monthly)
Holders of roe. Sept. 15
50c. Oct.
6 6% preferred (monthly)
Holders of roe. Sept. 15
55e. Oct.
Holders of rec. Sept.126
Continental Gas & Elec.. corn.(quar.)
81.10 Oct.
Holders of roe. Sept.12a
Prior preference (guar.)
134 (set.
Participating preferred (guar.)
Ifdoers of rec. Sept.126
lh Oct.
Holders of rec. SePt.126
Participating preferred (extra)
)4 Oct.
114 Oct.
Holdere of rec. Sept.120
Six per cent preferred (guar.)
Holders of rec.. SePt.211
2
Detroit Edison (guar.)
Oct. 1
Holders of ree Sept.19a
Diamond Slate Telep.. pref.(quar ) _
134 Sc'.1
1
Duluth-Superlor Trac., pref. (guar.)._
Holders of roe. Sept. 150
Oct.
East Bay Water, preferred, Class A (qu.) 1 14 (Set. 1
Holders of roc Sept.30
Preferred. Class B (guar.)
Holders of rec. Sept.30
134 Oct. 1
Eastern Kansas Power, pref.(quar.)... _
Holders of rec. Sept. 21
Oct.
134
Eastern Mass. St. Ry., adj. stock
Holders of roe. Sept. 15
2)4 Set.
Holders of rec. Sept.20
Eastern N. J. Power, pref. (guar.)
Oct.
2
Holders of rec. Sept. ltla
$1.25 Set.
Eastern Texas Elec. Co., corn.(quar,)
Preferred (Mier.)
Holders of rec. Sept. 19a
1,4 Set.
Electric Bond & Share, preferred (guar.) 1)4 Nov.
Holders of rec. Oct. 15
Elec. Bond & Share Securities (quar.)_ _ 25e. Oct. 1
Holders of rec. Sept.19
Electric Light & Power Co. of
Abington & Rockland (quay.)
Holders of rec. Sept.15
50e. Oct.
Electric Power & Light Co.
Allotmentars.for corn.& pf.
.(full Pd.) 134 let. I Holders of rec. Sept.19a
Allotm't etfs. for corn.& p1.(40% pd.) 70e. Set.
Holders of rec. Sept. 196
Preferred (guar.)
Holders of rec. Sept. 19
$1.75 Oct.
El Paso Electric Co., pref. A (guar.)_ _ _
Holders of rec. Oct. la
134 Oct. I
Preferred B (guar.)
Holders of rec. Oct. la
134 Set. 1
Engineers Public Service Co., pref.(qu ) 51.75 Set.
Holders of rec. Sept.2Ia
Federal Light & Traction, common
Holders of rec. SePt•15
20e. Ont.
Common (payable in common stock) 15e
Set.
Holders of rec. Sept.16
Frankford & Southwark Pass. (guar.)._ $4.50 Oct.
Sept. 2 to Oct. 1
Gen Gar,& Elec.. Del., corn A (No.1)_ p3734c Oct.
Holders of rec. Bept.15
Preferred Class A ow (guar.)
Holders of rec. Sept.15
$2
Preferred. Class A (57) (guar.)
Holders of rec. Sept.13
51.75 Oct.
Preferred B (Otar.)
Holders of rec. SePt.15
11.75
Georgia Railway & PowerHolders of rec. Sept.10
Fttst pref.8% Ser. of'22 &'24 (attar.) 2
let.
Holders of ree. Sept.10
First pref. 7% Ser. of'241'25 (guar.) 154 let.
Second preferred (guar.)
Holders of roe Nov.29
1
SeC.
Germantown Passenger Ry.(quar.)_
$1.31 Oct. 11 Sept. 17 to Oct. 5
Gold dr Stock Telegraph (guar.)
Oct. 1 Holders of rec. Sept. 306
11.4
Haverhill 08R Light Co. (guar.)
56e. Oct. I Holders of rec. Sept.160
Illinois Bell Telephone (guar.)
Sept.30 Holders of rec. Sept.290
2
Illinois Power & Light,7% Pref.(guar.)1)4 Oct. 1 Holders of roe. Sept.10a
MN per cent preferred (guar.)
1 Holders of ree Rept.104
1 1.4 net
1540
Name of Company.
Per
When
Cent. Payable.'
Books Closed.
Days Inclusive.
Public Utilities (Continued).
Illinois Traction, preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 19
Indianapolis Water Works Sec., pref._ _ 34 Oct. 1 Sept.22 to Oct. 1
Internat. Telep. & Teleg. Mara
Oct. 15 Holders of rec. Sept.26a
81.75 Oct. 1 Holders of rec. Sept. 15
Interstate Power Co., pref. (guar.)
Iowa Power & Light, preferred (guar.)._
151 Oct. 1 Holders of rec. Sept. 15
Jamaica Public Service, pref. (quar.)
14 Oct. 1 Holders of rec. Sept. 11
151 Oct. 1 Holders of rec. Sept. 17a
Jersey Central Power & Light, prof.(qua
Kansas City Pr.& Lt., lot pt. A (qu.)
14 Oct. I Holders of rec. Sept.15a
141 Oct. 1 Holders of rec. Sept.21
Kansas Elec. Power, preferred (guar.)
141 Oct. 1 Holders 1:1 rec. Sept. 140
Kansas Gas & Elec., pref. (guar.)
Kentucky Securities Corp., corn.(guar.) 151 Oct. 1 Sept. 19 to Oct. 14
134 Oct. 15 Sept. 19 to Oct. 14
Preferred (quar.)
1)4 Oct. 15 Holders of rec. Sept.30
Laurentide Power (guar.)
50c. Sept.30 Holders of rec. Septd19a
Lone Star Gas (guar.)
141 Oct. 1 Holders of rec. Sept. 21
Long Island Lighting, pref.(guar.)
Louisville Gas & Elec. of Del.
4351 Sept.25 Holders of rec. Aug. 310
Class A & B (guar.) (No. 1)
14 Oct. 1 Holders of rec. Sept. 5a
Mackay Companies, corn.(guar.)
Oct. 1 Holders of rec. Sept. dsr
1
Preferred (quar.)
Manhattan Ry., modified guar.(quar.)_ 750. Oct. I Holders of rec. Sept. 22a
624c. Oct. 1 Holders of rec. Sept.21a
Manila Electric Corp.(guar.)
Oct. 12 Holders of rec. Sept.30a
2
Manufacturers Light & Heat (guar.)._
Massachusetts Lighting Cos., corn.(qua 75c. Sept.30 Holders of rec. Sept.100
14 Oct. 15 Holders of rec. Sept.25
Massachusetts Ltg. Cos.,6% Pr.(Clu.)
Oct: 1.5 Holders of rec. Sept.25
2
8% preferred Mara
Holders of rec. Sept. 19
Memphis Power & Light, pref. (quar.)_ $1.75 Oct.
Middle West Utilities. wet. (quar.).... 14 Oct. 1 Holders of rec. Sept.300
Holders of rec. Sept. 22
Midland Utilities, prior lien ((wan).... 154 Oct.
141 Oct.
Holders of rec. Sept. 22
Preferred Class A (guar.)
Holders of rec. Sept. 15
Minnesota Power & Light, pref.(guar.). 154 Oct.
Holders of rec. Sept. 120
1.4 Oct.
Mississippi River Power. pref. (guar.)._
Holders of rec. Sept. 19
Missouri Power & Light,7% pref.(qu.). 14 Oct.
300. Oct.
Holders of roc. Sept.21a
Mohawk Valley Co., new stock
Holders of rec. Sept. 15
.(qua 374c. Oct.
Monong.WestPenn Pub.Ser.6% Pf.
4331 c. Oct.
Holders of rec. Sept. 15
Seven per cent preferred (guar.)
Oct.
1
Holders of rec. Sept- 114
Montana Power, corn. ((luar.)
14 Oct.
Holders of rec. Selit• ills
Preferred (quar.)
Mountain States Power. pref.(quar.).
154 Oct. 2 Holders of rec. Sept.30
of rec. Sept. 12:
(guar.)
Lighting
tric
Oct.
Si
Holders
Narragansett Eie
144 Oct.
_Holders of rm. Sept. 21
National Electric Power. pref. (guar.)
Holders of rec. Sept. 15
National Power & Light, pref. (quo?.).- $1.75 Oct.
Holders of rec. Sept. 17
Nat. Public Serv., pf. Adrpartic.pf. (qu.) 14 Oct.
Sept.30 Holders of rec. Sept.100
1
New England Tel & Tel.(guar.)
dr
Gas
Hy.
!Newport News dr Hampton
114 Oct. I Holders of rec. Sept. 150
Electric. common Mara
141 Oct. 1 Holders of rec. Sept. lba
Preferred Mara
(an.).
141 Oct. I Holders of rec. Sept. 21
New York Central Elec Corp., pt.
14 Oct. 1 Holders of rec. Sept. liSa
New York Steam Co., pref. (guar.)._ __
,19
New York Telephone, pref. (guar.).... 14 Oct. 15 Holders of rec. Sept
50c. Oct. 1 Holders of rec. Sept. 150
Niagara Falls Power, corn. (guar.)
4351c Oct. 15 Holders of rec. Sept.30a
Preferred ((luar.)
Niagara Lock. & Ont.Power.corn,(qu.) 50c. Oct. 1 Holders of rec. SW- 15
14 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
(1) Oct. 1 Holders of rec. Sept. ba
North American Co., corn.(guar.)
The. Oct. 1 Holders of rec. Sept. ba
Preferred (guar.)
North Amer. Lt.& Power. pref. (qu.).. 141 Oct. 1 Holders of rec. Sept.19
Northern N.Y. Utilities, corn. Mar.)._ 75c. Sept.30 Holders of rec. Sept. 15
25c. Sept.30 Holders of rec. Sept. 15
Common (extra)
Nor.Ohio Trac.& Light,6% pref.(an.). 14 Oct. 1 Holders of rec. Sept. 15
131 Oct 1 Holders of rec. Sept. 15
Seven per cent preferred Mar.)
Nov. 2 Holders of rec. Sept.30
Northern States Power,corn., Cl. A (qua 2
141 Oct. 20 Holders of rec. Sept.33
Preferred (guar.)
Northwest Utilities, prior lien (qua?.).. $1.75 Oct. 1 Holders ot rec. Sept. 15a
14 Oct. 1 Holders of rec. Sept. 21
Ohio Bell Telephone. preferred (guar.)_ _
154 Dec. 1 Holders of rec. Nov. 10
Ohio Edison.6% pref. (guar.)
$1.65 Dec. 1 Holders of rec. Nov. 16
6.6% preferred (guar.)
14 Dec. 1 Holders of rec. Nov. 16
Seven per cent preferred (guar.)
55c. Oct. 1 holders of rec. Sept.15
6.6% preferred (monthly)
55c. Nov. 1 Holders of rec. Oct. 15
6.6% preferred (monthly)
55c. Dec. 1 Holders of rec. Nov. 16
8.6% preferred (monthly)
14 Oct. 1 Holders of rec. Sept. 24
Ohio River Edison. pref. (quar.)
14 Sept 25 Holders of roe. Aug. 31
Oklahoma Gas & Flee, Pref. (quar.)..
OttawaLight, Heat& Pow ,corn.(qua - 14 Sept.31) Holders of rec. Sept. 150
14 Oct. 1 Holders of rec. Sept. 15a
Preferred ((luer.)
Oct. 1 Holders of rec. Sept. 18
1
Ottawa Traction Mar.)
Oct. 15 Holders of rec. Sept. 30
Pacific Gas & Electric, common (guar.). *2
Pacific Telma. & Teleg., corn. (quar.)__. 194 Sept.30 Holders of rec. Sept.15a
14 Oct. 15 Holders of rec. Sept. 30a
Pacific Telep. & Teleg., pref.(guar.)._
Panama Power & Light, preferred ((lu.). 141 Oct. 1 Holders of rec. Sept. 16
(qu.).
Oct. 1 Holders of rec. Sept. 100
$1
pref
Pow.,
Penn Central Light &
10o. Oct. 1 Holders of rec. Sept. 100
Preferred (extra)
Nov. 2 Holders of rec. Oct. 22
2
Pennsylvania-Ohio P. & L..8% Pf.(qua
14 Nov. 2 Holders of rec. Oct. 22
Seven per cent pref. (guar.)
Pennsylvania Power & Light. pref.(qu.) $1.75 Oct. 1 Holders of rec. Sept.15
Oct. 1 Holders of rec. Sept. 18a
2
Pennsylvania Water dr Power (guar.).
Oct. 17 Holders of rec. Oct. 3a
2
Peoples Gas Light & Coke (guar.)
$2 Oct. 1 Holders of rec. Sept.10a
Philadelphia Traction
Philadelphia & Western Ry.. pref.(qu.). 8744c. Oct. 15 Holders of rec. Sept. 30a
Portland Elec, Power, lot pref.(guar.). 14 Oct. 1 Holders of rec. Sept.15
14 Oct. 1 Holders of rec. SePt.1.5
Prior preference (guar.)
Power Corp. of N.Y.. corn,(guar.)._ _ _ 25c. Oct. 1 Holders of rec. Sept.15a
14 Nov. 1 Holders of rec. Oct. 15a
Preferred (guar.)
Public Serv. Corp. of N.J., corn.
- $1.25 Sept.30 Holders of rec. Sept. 4a
Sept.30 Holders of rec. Sept. 4a
2
Eight per cent preferred (quar.)
141 Sept.30 Holders of rec. Sept. 4a
Seven per cent preferred (guar.)
Public Service Elec.& Gas.6% pf.(qu.)_
145 Sept.30 Holders of rec. Sept. 40
I
Oct. 1 Holders of rec. Sept. 21a
Puget Sound Power de Lt.. corn.(qu.)._
14 Oct. 1
Holders of rec. SePt. 21a
Prior preferred Mara
14 Oct. 1
Holders of rec. Sept.21a
Preferred (guar.)
Sept. 16 to Oct. 1
$3 Oct.
Ridge Ave. Pass. Ry..Phila. Marl__
Oct.
3
Holders of rec. Sept. 15a
Savannah Elec. & Power, pre
Oct.
2
Holders of rec. Sept. 15a
Debenture Series A (guar.)
Sept. 2 to Oct. 1
Second & Third Sta.Pass. Ry.,Phila.(qu) $3 Oct.
Holders of rec. Sept. 25
Oct. 1
Shawinigan Water & Power (guar.)._ 2
14 Oct. 1
Holders of rec. Sept.250
Southern Canada Power, prof. (guar.)._
of rec. Oct. Is
151
Holders
Oct. 1
South Pittsburgh Water, pref.(guar.)__
'Holders of rec. Sept. 15
Southwestern Gas & Elec., pref.(quar.). •141 Oct.
Holders of rec. Sept. 21
Southwestern Light& Pow.,pref.(guar.) $1.50 Oct.
Holders of rec. Sept.15
14 Oct.
Springfield Ry. & Light, pref. (guar.)._
750. Oct. 2 Holders of rec. Sept.30a
Standard Gas & Elec., corn.((luar.)
14 Oct. 2 Holders of rec. Sept.30
Preferred ((uar.)
Holders of rec. Sept. 19
134 Oct.
Superior Water, Lt & Pow., pref. (c01.).
Holders of rec. Slept. 12
Tennessee Elec. Pow.,7% 1st pref.(qu.) 14 Oct.
Holders of rec. Sept. 12
134 Oct.
6% first preferred (guar.)
Holders of rec. Sept. 15
Oct.
2
Toledo Edison Co., pref.(qua?)
Holders of rec. Sept.20
Tri-City Ry.& Light.common 011uara-• 24 Oct.
24 Jan1'2 Holders of roe. Dee. 20
Common (qua?.).....
Holders of rec. Sept. lda
Twin City Rap. Tran.. Mimi., Pt.(qu.)- 14 Oct.
Holders of rec. Sept. 16
pref. (guar.) 134 Oct.
United Gas & Elec.
Holders of rec. Sept.300
Oct. 1
al
((luar.)
Corp..
United Gas Improvement
Holders of rec. Oct. 15
Nov.
(guar.)...
A
60e.
corn.
United Light & Pow.,
Holders of rec. Oct. 15
Corn.class A (in class A stock)
(q) Nov.
(q) Nov. 2 Holders of rec. Oct. 15
Corn.Class A (extra)(in Class A stk.)
(30c. Nov. 2 Holders of rec. Oct. 15
Common Class B ((uar.)
(q) Nov. 2 Holders of rec. Oct. 15
Corn. Class B (in class A stock)
Corn.Class B (extra)(in Class A stock) (q) Nov. 2 Holders of rec. Oct. 15
$1.63 Oct. 1 Holders of rec. Sept. 15
Preferred Close A (guar.)
Oct. 1 Holders of rec. Sept. 15
$1
Preferred Class it ((luar.)
Nov. 2 Holders of rec. Oct. 15a
2
United Light & Rya.. corn. (guar.)
14 Oct. 1 Holders of rec. Sept. 15a
First preferred Mara
Oct. 1 Holders of rec. Sept. 150
2
Participating preferred (guar.)
United Utilities. preferred (quar.)
14 Oct. 1 Holders of rec. Sept.21a
Utah Gas de Coke, pref. & partie. pt.(qu) 144 Oct. 1 Holders of rec. Sept. 15
141 Oct. 1 Holders of rec. Sept. 10
Utah Power de Light. pref.(guar.)
2.50c. Oct. 1 Holders of rec. Sept.15a
Utilities Pr. & Lt., Class A (qu.)
$1.75 Oct. 1 Holders of rec. Sept.15
Preferred Pillar.)
3
Sept.29 Holders of rec. Sept.22a
Virginia Ry.& Power,common
Dec. 15 Holders of rec. Oct. 316
3
Common
Oct. 20 Holders of rec. Sept.30a
144
Preferred ((uar.)
Oct. 15 Holders of rec. Sept. 25a
Washington Water Power. Spokane(go.) 2
West Penn Company. common (otter t
$I Sept.30 Holders of rec. Bent. 16o
[Vol, 121.
THE CHRONICLE
Name of Company.
Public Utilities (Concluded).
West Penn Power Co., 7% pref. (qu.)
Western States Gas & El., pref.(gu.) -Western Union Telegraph (guar.)
Winnipeg Electric, pref.(gear.)
Yadkin River Power, pref.((luar.)
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
194
134
134
134
151
Nov. 2
Oct. if
Oct. It
Oct. 1
Oct. 1
Holders of rec. Oct. 15a
Holders of rec. Sept.30
Holders of rem Sept.25a
Holders of rec. Sept. 15a
Holders of rec. Sept. 15
3
4
2
141
4
$1
4
14
3
3
4
354
4
2
50c.
141
4
24
1)4
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Sept,30
Oct. 1
Oct. 1
Sept.30
Sept.30
Oct. 1
Oct. 1
Oct. 1
Oct. 1
Oct. I
Oct. 1
Oct. 1
Oct. 1
Oct. 1
Oct. 1
Oct. 1
Sept.30
Oct. 1
Oct. 1
Oct. 1
Oct. 1
Oct. 1
Oct. I
Oct. I
Holders of rec. Sept. 21a
Holders of roc. Sept. 24.
Holders of rec. Sept. 15
Holders of rec. Sept. 24
Holders of rec. Sept.18a
Holders of rec. Sept.18a
Sept. 15 to Sept. 30
Holder's of rec. Sept. 180
Holders of rec. Sept. 96
Holders of tee. Sept. 20a
Holders of rec. Sept.180
Sept.27 to Sept.30
Holders of rec. Sept.304
Holders of roc Sept. 306
Holders of rec. Sept.306
Holders of rec. Sept. 300
Holders of rec. Sept. 306
Holders of reit. Sept. 19.
Sept.20 to Sept.30
Holders of rec. Sept. 180
Holders of rec. Sept. 19.
Holders of rec. Sept. 194
Holders of rec. Sept. 2041
Holders of rec. Sept. 244
Holders of rec. Sept. 180
Holders of rec. Sept. I86
Sept.29 to Sept.30 ,
Holders of rec. Sept. 2
Holders of rec. Sept.23
Holders of too Sept. 26a
Holders of rec. Sept.26a
Holders of rec. Sept. 260
Holders of rec. Sept. 184
Holders of rec. Sept. 210
Holders of rec. Sept. 304
'Trust Companies.
134
American Trust (guar.)
5
Bank of New York dr Trust (guar.)
5
Bankers ((uar.)
6
Brooklyn Mara
6
Central Union Mar.)
3
Empire (quar.)
3
Equitable (quar.)
234
Fidelity-International (guar.)
234
Fulton (guar.)
3
Guaranty ((uar.)
Irving Bank-Columbia Trust (guar.).-- 334
14
Lawyers
4
Manufacturers (guar.)
1
Extra
New York (guar.)
5
Peoples, Brooklyn (guar.)
5
Title Guarantee dr Trust Co.(quar.)... 3
4
Extra
1234
United States (quar.)
Sept.30
Oct. 1
Oct. I
Oct. 1
Oct. 1
Sept.29
Sept.30
Sept.30
Oct. 1
Sept.30
Oct. 1
seat 30
Oct. 1
Oct. 1
Sept.30
Sept.30
Sept.30
Sept.30
Oct. 1
Holders of rec. Sept.216
Holders of rec. Sept. 186
Holders of rec. Sept 15
Holders of rec. Sept. 254
Holders of rec. Sept.22
Holders of rec. Sept. 19a
Holders of rec. Sept. 150
Sept 19 to Sept.30
Sept. 22 to Sept.30
Holders of rec. Sept. 18
Holders of rec. Sept.18a
Holders of rec. Sept. 190
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 19at
Holders of rec. Sept.291t
Holders of rec. Sept.22
Holders of rec. Sept. 22
Holders of rec. Sept. 19a
Banks.
America, Bank of (guar.)
American Exchange-Pacific (guar.)
Amer. Exchange Securities, clam A (qu.)
Capitol National (guar.)
Chase National ((uar.)
Chase Securities Mar.)
Chatham Phenix Nat. Bk.& Tr.(qu.)_.
Chelsea Exchange (guar.)
Coal & fron National (quar.)
Colonial (guar.)
Commerce, National Bank of (gust.)...
East River National (guar.)
Fifth Avenue ((uar.)
First National (auar.)
First National of Jamaica Mar.)
Extra
First Security Co.(guar.)
Greenwich Mar.)
Hanover National ((uar.)
Manhattan Co., Bank of the (quar.) -.Mechanics, Brooklyn (guar.)
Mechanics & Metals National((ear.)...
Municipal, Brooklyn (guar.)
Mutual ((luar.)
National City (guar.)
National City Company (guar.)
Peoples Commercial (quar.)
Public National Mar.)
Seaboard National Mar.)
Standard Mara
Standard National Corp. corn. ((tsar.)..
Preferred (quar.)
State (guar.)
United States, Bank of(guar.)
Washington Heights, Bank of (guar.)._ _
Fire Insurance.
Rower (gar.)
1234
2
2
1234
3
6
4
3
5
2
3
4
4
1)4
$1.50 Oct.
1 Holders of res. Sept.15a
Miscellaneous.
Acme Steel ((luar.)
"50c. Oct. 1 Holders of rec. Am/L.20
2
Oct. 1 Sept.10 to Sept.30
Acme Road Machinery, pref. Mara
Adams Express (guar.)
$1.50 Sept.30 Holders of rec. Sept.150
Advance-Rumely Co., pref. (guar.).- 750. Oct. 1 Holders of rec. Sept. 156
Aeolian Company, preferred (guar.).-- 141 Sept.30 Sept.22 to Sept.30
Aero Supply Mfg., Class A (No. 1)(qu)'3734c Oct. I Holders of roe. &VLSI
74e. Oct. 2 Holders of rec. Sept. 19a
Ahuwatia Lead (guar.)
1741c. Oct. 2 Holders of rec. Sept. 19a
Extra
Oct. 15 Holders of rec. Sept. 306
$1
Air Reduction,Inc. Mar.)
Oct. 15 Holders of rec. Sept. 3112
SI
Extra
50c. Oct. 1 Sept.24 to Oct. 1
Alles & Fisher, Inc.(guar.)
14 Oct. 1 Holders of rec. Sept. 15a
Allied Chemical & Dye, pref. (guar.). _
14 Oct. 15 Holders of rec. Sept.24a
Allis-Chalmers Mfg., prof.(guar.)
Aluminum Manufactureo.Inc..eam.(qu) 3734c. Sept.30 Holders of rec. Sept.154
3744c Dec. 31 Hoidens of rec. Dec. 15a
Common (guar.)
14 Oct. 1 Holders of rec. Sept.206
Preferred (quar.)
14 Janl'26 Holders of rec. Dec. 200
Preferred (gar.)
American Art Works. corn. & pref.(qu.) 134 Oct. 15 Holders of rec. Sept.30.
75c. Oct. 1 Holders of rec. Sept. 15a
American Bank Note, pref.(guar.)
Oct. 31 Holders of rect. Oct. 104
1
American Beet Sugar. common (quar.)
JanK1'16 Holders of rec. Jan.9 264
1
Common (guar.)
14 Oct. 2 Holders of rec. Sept. 18a
Preferred Mara
141 Oct. 1 Sept.21 to Sept.30
Amer. Bond & Mortgage, pref.(gear.)
Amer.Brake Shoe & Fdy., corn.(quar.). $1.25 Sept.30 Holders of rec. Sept.254
141 Sept.30 Holders of rec. Sept.25a
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept.166
American Can, pref. ((luar.)
Oct. 1 Holders of rec. Sept. 15.
American Caramel, preferred (quar.)... 2
American Car & Fdy., corn. ((uar.). _ _ $1.50 Oct. 1 Holders of rec. Sept. 1156
14 Oct. 1 Holders of rec. Sept. 154
Preferred ((luar.)
50c. Sept.30 Sept.20 to Sept.30
American Chain, Class A Mar.)
Amer. Chicle,7% pref.(tour mos. dig.). 82.33 Oct. 1 Holders of rec. Sept. 154
134 Oct. 1 Holders of rec. Sept. 15
Six per cent preferred (quar.)
144 Oct. 1 Holders of rec. Sept.156
American Cigar, pref. ((luar.)
1
Oct. 1 Holders of rec. Sept. 15
American Cyanamid. corn. (guar.)
54 Oct. I Holders of rec. Sept. 15
Common (extra)
134 Oct. 1 Holders of rec. Sept. 15
Preferred Mara
$1.50 Oct. 1 Holders of rec. Sept.10a
American Express ((luar.)
34 Oct. 15 Holders of rec. Oct. fla
American Fork & Hoe, first preferred__
Oct. 15 Holders of rec. Sept. 30a
Amer. Greenhouse Mfg., pref. (gar.)._ 2
Am La France Fire Eng. Inc., corn.(qu.) 250. Nov. 16 Holders of rec. Nov. 26
141 Oct. 1 Holders of rec. Sept. 164
Preferred ((luar.)
75c. Dec. 1 Nov.23 to Dec. 1
Amer. Laundry Machinery,corn. Ma
141 Oct. 15 Oct. 6 to Oct. 15
Preferred ((luar.)
144 Oct. 1 Holders of leo. Sept. 190
American Linseed, prof.(guar.)
131 Jan.2'26 Holders of rec. Dec. 206
Preferred ((uar.)
14 Apr 1'26 Holders rec. Mat.19'260
Preferred (guar.)
Sept.30 Holders of rec. Sept.146
American Locomotive, common (guar.). $2
$2.50 Sept Mt Holders of rec. Sept.146
Common (extra)
$2.50 Dec. 31 Holders of rem Dec. 144
Common (extra)
14 Sept.30 Holders of rec. Sept.146
Preferred (guar.)
134 Oct. 1 Sept. 16 to Sept.30
Amer Manufacturing, coca.(auar.)._
14 Dee 31 Dec. 16 to Dec. 30
Common ((luar.)
Oct.134
1 Sept. 16 to Sept.30
Preferred (goar.)
134 Dec. 81 Dec. 16 to Dee. 30
Preferred (guar.)
2
Oct. 1 *Holders of rec. Sept.25a
American Milling, corn.(Mara
2
Oct. 1 Holders of rec. Sept. 150
American Piano, corn. (guar.)
154 Oct. 1 Holders of rec. Sept.150
Preferred Mara
151.75 Sept.30 Holders of rec. Sept.210
Amer.Pneumatic Service, 1st pref
Si
Sept.30 Holders of rec. Sept.156
Amer. Radiator. corn. (quar.)
134 Sept.30 Holders of rec. Sept.15a
American Railway Express (guar.).50c. Oct. 15 Holders of res. Sept.304
Amer. Rolling Mill, common (guar.)
14 Oct. I Holders of rec. Sept.150
Preferred (guar.)
American Safety Razor Corp. Mara- 75c. Oct. 1 Holders of rec. Sept.100
51
Oct. 1 Sept.18 to Sept.30
Amer.Sales Book. Ltd.. corn.(gear.). _ _
American Seeding Machine. pref.((luar.) 134 Oct. 15 Holders of rec. Sept.306
Nov. 2 Holders of rec. Oct. 154
American Shipbuilding. corn. (Qua?.)... 2
14 Nov. 2 Holders of rec. Oct. 15
Preferred(guar.)
Oct. 1 Holders of rec. Sept.lla
3
American Snuff, corn.(guar.)
134 Oct. 1 Holders of rec. Sept.114
Preferred (guar.)
750. Oct. 15 Holders of rec. Oct. la
Amer. Steel Foundries, corn. Mara
141 Sept.30 Holders of rec. Sept. 156
Preferred (guar.)
40c. Oct. 1 Sept. 16 to Oct. 1
American Stores (griar.)
American Sugar Refining. pref. (guar.). 14 Oct. 2 Holders of rec. Sept. la
SEPT. 261925.]
Name of Company.
1541
TIIE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Books Closed
Daye Inclusive.
Miscellaneous (Continued.)
Miscellaneous (Continued).
Sept.30 Sept.16 to Sept.30
American Surety (guar.)
Sept 30 Holders ef rec. Sept.19a Craddock-Terry Co., common (quar.)_ _ 3
3
Dec. 31 Holders of rec. Dec. 15
3
Extra
Sept.30 Holders of rec. Sept.19a
1
Common (gear.)
Dec. 31 Holders of rec. Dee. 15
3
American Tobacco, pref. (guar.)
154 Oct. 1 Holders of rec. Sept. 100
First and second preferred
3% Dec. 31 Holders of rec. Dec. 16
Oct. It Holders of rec. Oct. ba
American Type Founders, corn. (quar.)_ 2
Class C preferred
Sept.30 Sept. 17 to Sept.30
Preferred (guar.)
151 Oct. 15 Holders of rec. Oct. Sc Cramp (Wm.)& Sons S.& E.B.(guar.) $1
Amer. Wholesale Corp., pref.(quar.)-- 1% Oct. 1 Holders of rec. Sept.20a Creamery Package Mfg., corn.(quar.)_ _ 50e. Oct. 10 Oct. 2 to Oct. 10
Oct. 10 Oct. 2 to Oct. 10
$I
Amer. Window Glass Mach., com.(qu.). 1% Oct. 1 Holders of rec. Sept.24a
Common (extra)
154 Oct. 10 Oct. 2 to Oct. 10
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 24a
Preferred (guar.)
Oct. lb Holders of rec. Sept. 30a
$1
American Woolen, pref.(guar.)
151 Oct. 15 Sept. 16 to Sept. 24
Crex Carpet (gear.)
Armour & Co., Ills., el. Acorn.(guar.)_ 500. Oct. 1 Holders of rec. Sept. 10a Crown Finance Corp., pref. (guar.).._ $1.71 Oct. 1 Holders of rec. Sept. lber
Oct. 31 Holders of rec. Oct. lb
1
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 10a Cruclble Steel, common (guar.)
1% Sept.30 Holders of rec. Sept.ISO
Armour & Co., Delaware, pref.(quar.)_ _
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 100
Holders of rec. Sept. 3a
Sept.30
50c.
(quar.)
common
154 Oct. 1 Sept.18 to Oct. 1
Sugar,
Armstrong Cork,common (guar.)
Cuban-Amer.
1% Sept.30 Holders of rec. Sept. Sc
Preferred (guar.)
Preferred (guar.)
1% Oct 1 Sept. 18 to Oct. 1
151 Oct. lb Oct 6 to Oct. lb
Artloom Corp., corn. (No. 1)
75c. Oct. 1 Holders of rec. Sept. 17a Cudahy Packing, corn.(guar.)
1% Sept.20 Holders of rec. Sept.120
Asbestos Corporation, corn.& pref.(qu.) 154 Oct. 15 Holders of rec. Sept.30
Davis Mills(guar.)
Oct. 1 Holders of rec. Sept. 15
Si
Associated Oil (guar.)
500. Oct. 20 Holders of rec. Sept.30a Detroit & Cleveland Nay.(guar.)
40c. Oct. 1 Sept. 22 to Oct. 1
Atlas Plywood (guar.)
Oct. lb Holders of rec. Oct. 1
Detroit Creamery
$1
_ $1.50 Oct. 1 Sept. 18 to Sept.30
Atlas Portland cement, pref. ($100 par) 2
Oct. 1 Holders of rec. Sept.23
Devoe & Reynolds, common (gear.)
500. Oct. 1 Sept. 18 to Sept.30
Preferred new ($3354 Par)
66 2-3c Oct. 1 Holders of rec. Sept.23
Common (extra)
Oct. I Sept. 18 to Sept.30
Auburn Automobile,common (guar.)._
780. Sept 30 Sept.21
to Sept. 30
First and second preferred (gear.)Oct. 15 Holders of rec. Sept. 306
2
Ault & Viborg Co., pref.(guar.)
Dictograph Products, pref.(guar.)
1% Oct. 1 Holders of rec. Sept. 15
Austin. Nichols & Co., Inc., pref.(guar.) 151 Nov. 1 Holders of rec. Oct. lba Dodge Bros., preferred (gear.)
134 Oct. 15 Holders of rec. Oct. 1
500. Oct. 20 Holders of rec. Sept 30a
Babcock & Wilcox Co.(guar.)
Dome Mines, Ltd. (quar.).
151 Oct. 1 Holders of rec. Sept. 20
Quarterly
1% Janl'26 Holders of rec. Dec. 20
Dominion Glass, corn. at pref. (guar.).- 1% Oct. 1 Holders of rec. Sept. 15
$1.23 Oct. 1 Holders of rec. Sept. 15
Quarterly
154 Aprl'26 Holders rec. Mar 20'26o Dominion Textile, corn.(guar.)
Balaban & Katz, common (monthly)
134 Oct. 15 Holders of rec. Sept. 30
Preferred (guar.)
2bc. )ct. 1 Holders of rec. Sept. 206
Preferred (quar.)
25e. Sept.30 Holders of rec. Sept. la
154 Oct. 1 Holders of rec. Sept 200 Douglas-Pectin Co.(guar.)
Oct. 1 Holders of rec. Sept. 5
2
Barnhart Brothers & SpindlerDraper Corporation (guar.)
First and second preferred (guar.) _
154 Nov. 1 Holders of rec. Oct. 240 Dunham (James H.)ti Co.. corn.(guar.) 1% Oct. 1 Holders ot rec. Sept. 18a
Bayuk Cigars, 1st pref.(guar.)
154 Oct. 1 Holders of rec. Sept. 184
151 Oct. 15 Holders of rec. Sept.306
First preferred (gar.)
1% Oct. 1 Holders of rec. Sept. 180
Convertible 2d pref. (guar.)
151 Oct. 15 Holders of rec. Sept. 30a
Second preferred (guar.)
8% second pref.(guar.)
ict. 15 Holders of rec. Sept. 300 duPont(E. I.) de Nem.& Co., deb.(qu.) 1% Oct. 2S Holders of rec. Oct. 100
2
154 Nov. 2 Holders of rec. Oct 200
Beatrice Creamery,common (guar.)
duPont(E.I.)deNemoursPowd.,com.(qu)
$1.25 Oct. 1 Sept.20 to Sept.30
Preferred (quar)
Nov. 2 Holders of rec. Oct. 200
134 Oct. 1 Sept. 20 to Sept. 30
Preferred (guar.)
Beech-Nut Packing, corn. (guar.)
Oct. 1 Sept. 16 to Oct. 1
81
60e. Oct. 10 Holders of rec. Sept. 25
Eastern Rolling Mill. corn
Preferred, Class B (guar.)
Oct. 1 Sept. 16 to Oct. 1
2
151 Oct. 15 Holders of rec. Oct. 1
Preferred (gmar.)
Belding Bros.& Co., corn.(qu.)(No. 1) 7bc. Oct. 1 Holders of rec. Sept.21a
Eastern Steamship, no par pref.(gear.). 8754c Oct. 15 Holders of rec. Oct. 8a
1% Oct. 1 Holders of rec. Sept.240
Belgo-Canadian Paper, corn. (guar.)
154 Oct. 12 Holders of rec. Sept. 30a
First preferred (guar.)
Preferred (guar.)
$1.25 Oct. 1 Holders of rec. Aug. 310
151 Oct. 1 Holders of rec. Sept. 12a Eastman Kodak, common (guar.)
Bend's Corp., class A (guar.)
750. Oct. 1 Holders of rec. Aug. 310
Common (extra)
b0c. Oct. 1 Holders of rec. Sept. Ita
Berry Motor (guar.)
1% Oct. 1 Holders of rec. Aug. 210
50c. Oct. 1 Holders of rec. Sept.20s
Preferred (guar.)
Bessemer Limestone & Cem, corn. (qu.) 154 Sept.30 Holders of rec. Sept.20a Economy Grocery Stores Corp.(guar.)._ 250. Oct. 15 Holders of rec. Oct. 1
Preferred (guar.)
1% Sept.30 Holders of rec. Sept. 20
Edmunds & Jones Corp.,corn. (gear.).._ 75c. Jet. 1 Sept.21 to Sept.30
Bethlehem Steel, 7% pref.(guar.)
1% Oct. 1 Sept.21 to Sept.30
1% Oct. 1 Holders of rec. Sept. la
Preferred (guar.)
Eight per cent preferred (guar.)
Oct. 1 Holders of rec. Sept. la Eisenlohr(Otto)& Bros., pref.(quar.)_. 1% Oct. 1 Holders of rec. Sept.21a
2
Big Store Realty
1% Ifiept30 Sept.26 to Oct. b
Eisenstadt Mfg., pref. (guar.)
2be. Oct. 15 Holders of rec. Oct. 1
Bingham Mines(guar.)
$1.50 Oct. 1 Sept.22 to Sept.30
b0c. Sept.30 Holders of rec. Sept.190 Electric Auto-Lite (guar.)
Bird & Son, preferred (quar.)
151 Oct. 1 Holders of rec. Sept. lto
Electric Controller & Mfg., corn.(guar.) $1.25 Oct. 1 Holders of rec. Sept. 21
Borg & Beck (quar.)
Oct. 1 Holders of rec. Sept.21
50c. Oct. 1 Holders of rec. Sept. 18a
Preferred (guar.)
Borne Scrymser Co
Oct. 1 Holders of roe Sept. 190
Oct. 15 Sept.27 to Oat. 14
4
Electric Storage Battery. com.&pf.(qu.)
Extra
Oct. 15 Sept.27 to Oct. 14
Oct. 1 *Holders of rec. Sept. 21
*60c.
(guar.)
_
4
Electric Research Laboratories
Bowman-Biltmore Hotels, 1st pf (qu.) _
Oct. 1 Holders of rec. Sept. 150
151 Oct. 1 Holders of rec. Sept. 16a Eltiott-Fisher Co.,com.&ser.Bcom.(au.) $1
Bridgeport Machine, preferred (gear.)-154 Oct. 1 Holders of rec. Sept. lba
151 Oct. 1 Holders of rec. Sept.2(34
Preferred (guar.)
British American Oil, Ltd. (guar.)
Oct. 1 Holders of rec. Aug. 20
Emerson Elec. Mfg., pref.(guar.)
50e. Oct. 1 Sept. 19 to Sept.30
British-Amer. Tobacco. ordinary
Sept.29 Holders of rec. Sept 250
(I) Sept.30 Holders of coup. No.1071 Empire Safe Deposit (gmar.)
Brown & Williamson Tobacco,corn.(qu) 154 Oct. 1 Holders of rec. Sept.19
Endicott Johnson Corp., corn. (quar.)_ _ $1.26 Oct. 1 Holders of rec. Sept. 190
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 190
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 19
Sept.30 Holders of rec. Sept. 15
Brunswick-Balke-Collender, nref. (qu.). 154 Oct. 1 Holders of rec. Eleptd:02 Equitable Office Bldg.. corn. (guar.)._ _
Buckeye Incubator (guan)
Oct.
1 Holders of rec. Sept. 16
600 Oct. 1 Holders of rec. Sept. 19
Equitable Office Bldg., prof.(guar.)._
Bucyrus Company,corn. (quar.)
Oct. 2 *Holders of rec. Sept. 19
571
1 Sa Oct. 1 Holders of rec. Sept. 19
Erupcion Mining (guar.)
*Holders of rec. Sept. 19
Preferred (guar )
Oct.
2
1% Oct. 1 Holders of rec. Sept.19
.7540.
Extra
Budd Wheel, corn. (guar.)
1% Oct. 1 Holders of rec. Sept. 28a
50c. Sept.30 Holders of rec. Sept.100 Essex Cotton Mills, 1st prof.(guar.)
First preferred (gear.)
*50c. Oct. 1 *Holders of ree. Sept. 21
151 Sept.30 Holders of rec. Sept. lox
Evans(E.S.) Co., class A (quar.)
Burns Bros., pref. (guar.)
200. Oct. 1 Holders of rec. Sept. 190
151 Oct. 1 Holders of rec. Sept. 19a Fair (The), common (monthly)
Burroughs Adding Machine, corn. (qu.). 75c. Sept.30 Holders of rec. Sept.156
200. Nov. 1 Holders of rec. Oct 20a
Common (monthly)
lba
Preferred (quar.)
154 Sept.30 Holders of rec. Sept. 15
Fairbanks-Morse & Co.. corn. (gear.).. 6be. Sept.30 Holders of rec. Sept. 154
Burt (F. N.) & Co., common (guar.).-- 75c. Oct. 1 Holders of rec. Sept.21a Famous Players-Lasky Corp.,corn.(gu.) 2
Oct. 1 Holders of ree. Sept.
Preferred (guar.)
Nov. 2 Holders of roc. Oct. lba
1% Oct. 1 Holders of rec. Sept.21a Famous Players-Lasky Corp.. prof.(gu.) 2
Bush Terminal 7% deb. stock (quar.)... 51.75 Oct. 15 Holders of rec. Oct. la Faultless Rubber, corn. (guar.)
50c. Oct. 1 Holders of rec. Sept.lba
Bush Terminal Mfrs.. peel. (quar.)_ -- 30c. Oct. 1 Sept.20 to Oct. 1
1 Holders of rec. Sept. 17a
151 Oct
Federal Motor Truck (guar.)
Butte & Superior Mining (gmar.)
160. Oct. 16 Holders of rec. Oct. 20
50e. Sept.30 Holders of rec. Sept. 18a
Fifth Ave. Bus Securities (guar.)
13utterick Publishing, pref.(guar.)
Oct. 1 Holders of rec. Sept.30a Finance Co.of Am.(Balt.),cm A&B (qu.) i254c. Oct. 1 Holders of rec. Oct. ba
2
Cambria Iron
43%c. Oct. 1 Holders of rec. Oct. ba
Oct. 1 Holders of rec. Sept. lba
$1
Seven per cent pref. (quar.)
54
Canada Bread, 1st pref.(guar.)
Oct. 1 *Holders of rec. Sept.25
8 per cent convertible pref. (guar.)_ _ 50c. Oct. 1. Holders of rec. Oct.
Canada Cement (guar.)
Holders of rec. Sept. 164
154 Oct. 10 Holders of rec. Sept.30a Fisher Body Ohio CO.. prof.
Oct.
2
Holders of rec. Sept. 150
Canadian Car & Fdy., corn. & pf. (gni 154 Oct. 9 Holders of rec. Sept. 25
Oct.
81
Fleishmann Co., corn. (guar.)
Holders of rec. Sept. 154
Caned. Connecticut Cot. Mills, pl.(gm) 1
Oct.
Oct. 1 Holders of rec. Sept. 18
81
Common (extra)
Canadian Consol. Rubber. pref.(guar.)_
Holders of rec. Sept.d1411
Oct.
1
134 Sept.30 Holders of rec. Sept.22
Flint Mills (gear.)
Canadian General Elec., pref.(guar) Sept.
1 to Sept 30
154 Oct. 1 Holders of rec. Sept. 12a
Oct.
25e.
lc
Machine,
Foot Bros. Gear
com.(gu.)Canadian Locomotive, pref. (quar.) . 1% oct. 1 Holders of rec. Sept 26
280. Jan 1'2 Dec. 21 to Dec. 31
Common (quarterly)
Canadian Westinghouse Co.(quar.)
dOct. 1 Holders of rec.Sept.d18a Fox Film Corp., com., Class A & B_ _
Oct. 1 Holders of rec. Oct. 1
$1
2
Canfield 011,common (guar.)
Holders of rec dept 210
Si .50 Oct.
134 Sept.30 Sept.20 to Oct. 4
Francisco Sugar (guar.)
Holders of rec. Sept. lba
Preferred (gmar.)
15/ Sept.30 Sept.20 to Oct. 4
Gabriel Snubber Mfg., corn. (gear.)___ _ 62140 Oct.
Carey (Philip) Co., pref.(guar.)
Sept.3 Holders of rec. Sept. 100
1% dSept3( Sept.22 to Oct. 1
Galena-Signal Oil. pref. & new pref.(qu.) 2
Holders of rec. Sept. lba
Casey-Hedges Co., common (guar.)
1% Oct.
2% Nov.15 Holders of rec Nov. la General American Tank Car, pref.(qu.)
Holders of rec. Sept.190
Preferred (guar.)
154 Oct. 1
$1.50 Oct.
General Baking, corn. (guar.)
Central Aguirre Sugar. common (gear.)- $1.50 Oct. 1 Holders of rec. Sept. 22a
Holders of rec. Sept. 190
Oct.
$2
Preferred (guar.)
Common (payable in common stock)-- 120
Holders of rec. Sept.244
Nov. 2 Holders of rec. Oct. lba General Cigar Co., Inc., deb. pref. (qu.). 1% Oct.
Central Steel, corn.(guar.)
Holders of rec Sept. 34
Oct 10 Holders of rec. Sept.25a General Electric, common (guar.)
$1
Oct. 1
2
Preferred (guar.)
Holders of rec. Sept. 30
Oct. 1 Holders of rec. Sept.lba
2
(o) Oct. 1
Common (Payable in special stock)
Certain-teed Products Corp., corn
Oct. 1 Holders of rec. Sept. 18s
Si
150. Oct. 1 Holders of rec. Sept. 34
Special stock (guar.)
First and second preferred (guar.)._
Holders of rec. Sept.20
1
134 Oct. 1 Holders of rec. Sept. 18a General Leather, Prof. (guar.)
Oct.
Chandler Motor Car (guar.)
Holders of rec. Oct. ba
780. Oct. 1 Holders of rec. Sept. 21a General Motors. 7% preferred (guar.)_ _
Nov.
Chatterton & Son (guar.)
Holders of rec. Oct. 150
*20c. Oct. 1 *Holders of rec. Sept. 19
Nov.
6% preferred (guar.)
Chesebrough Mfg., common (guar.)---- 62540. Sept.30 Holders of rec. Sept.10a
Holders of rec. Oct. ba
Nov.
6% debenture stock (guar.)
Preferred (guar.)
Sept.30 Holders of rec. Sept.19a General Railway Signal, corn.(gear.).... 154 Oct.
Holders of rec. Sept.19
Chicago Fuse Mfg.(guar.)
6254e Oct. 1 Sept. 17 to Sept.30
Holders of roe. Sept.19
1% Oct.
Common (extra)
Chic.Jet.Rys.& Un.Stk.Yds.,com.(qu.) *2% Oct. 1 *Holders of rec. Sept. It
Holders of rec. Sept.19
154 Oct.
Preferred (geae.)
Preferred (guar.)
•134 Oct. 1 *Holders of ree. Sept. 15
Holders cf roc. Sept.19
General Tire & Rubber, pref. (gear.).,.. 151 Oct.
Chicago Mill & Lumber, pref.(quar.)-- 151 Oct. 1 Holders of rec. Sept. 21
Sept.d20 to Sept.30
bbc. Oct.
Gibson Art Co.,common (guar.)
Chicago Yellow Cab (monthly)
331-3c Oct. 1 Holders of rec. Sept.21a
Sept.d20 to Sept.30
10c. Oct.
Common (extra)
Monthly
33 1-3c Nov. 2 Holders of rec. Oct. 20a
Sept420 to Sept.30
134 Oct.
Pretrrred (gear.)
Monthly
331-3g Dec. 1 Holders of rec. Nov.20a Glidden Co., prior pref.(Guar.)
Holders of rec. Sept.lba
1% Oct.
Childs Co., corn.(no par) (extra).
Holders of rec. Sept.lba
(a) Oct. 1 Holders of rec. Aug 28a Goodrich (B. F.) Co.. pref. (quar.)
151 Oct
Common (no par value)(extra)
(a) Dee. 30 Holders of rec. Nov 28o Goodyear Tire & R.of Calif pf.(qu.) _ *151 Oct. 1 *Holders of rec. Oct. 1
Chill Copper Co.(guar.)
6234c Sept.28 Holders of rec. Sept.I2a
Oct. 1 *Holders of rec. Oct. 1
Prof. (acc't accumulated dividends)_ _ 1
Chrysler Corporation, Pref. (quar.)__ _ $2
Oct. 26 Holders of rec. Oct. 10
Holders of rec. Sept.1$
Oct.
Goodyear Tire & Rubber,Can.. pf.(qu.)
Cities Service CoHolders of rec. Sept.lba
Oct.
Goodyear Tire & Rubber, prior pref.(qu.) 2
Common (monthly)
)4 Oct. 1 Holders of rec. Sept.16
Oct. It Holders of rec. Sept.lba
Preferred
(guar.)
Common (payable in common stock)_ '34 Oct. 1 Holders of rec. Sept.lb
2bc. Oct. 1 Holders of rec. Sept.194
Gossard (H. W.) Co. (monthly)
Preferred and preferred B (monthly)_ _
14 Oct. 1 Holders of rec. Sept.lb
25c. Nov. 2 Holders of rec. Oct. 214
Monthly
Common (monthly)
55 Nov. 1 Holders of rec. Oct. 15
280. Deo. 1 Holders of rec. Nov.204
Monthly
Common (payable In corn. stock)_
136 Nov. 1 Holders of rec. Oct. 15
Manufacturing,corn.(quar.)_ _ 1% Oct. 29 Holders of rec. Sept.19
Goulds
Preferred and prepaid B (monthly).54 Nov. 1 Holders of rec. Oct. lb
(guar.)
Oct. 1 Holders of rec. Sept.ii
Preferred
City Ice & Fuel of Cleveland, corn.(qu.) 50c. Dec. 1 Holders of rec. Nov.11
Sept.30 Holders of rec. Sept.164
()raiment Chemical, common (gear.).... 2
151 Oct. 1 Holders of rec. Sept. 26a
City Investing, preferred (guar.)
15‘ Sept.30 Holders of rec. Sept.lba
Preferred
(guar.)
Cleveland Union Stock Yards (guar.).•
2
Oct. 1 Sept.20 to Oct. 1
1% Sept.30 Holders of rec. Sept.15
Great Lakes Towing, corn. (guar.)
CUnchfield Coal, common (guar.)
Oct. I Holders of rec. Sept.25a
$1
1% Oct. 1 Holders of rec. Sept.15
Preferred (quar.)
Cluett, Peabody & Co.. Inc., pf.((BO 151 Oct. 1 Holders of rec. Sept. 19a Great Western Sugar, corn. (guar.)._ _ 52
Oct. 2 Holders of rec. Sept. lba
Coca-Cola Co.. common (gear.)
51.7.5 Oct. 1 Holders of rec. Sept.lba
Oct. 2 Holders of rec. Sept. lba
Preferred (guar.)
Cohn-Hall-Marx,Co. common (guar.)_ . 700. Oct. 15 Holders of rec. Oct 5
Tap & Die,6% prof.(gear.). 1% Oct. 1 Holders of rec. Sept.lba
Greenfield
Common (quar.)
70e. Jaalb'2 6Holders of rec.Jan.5'26 II Eight per cent preferred (guar.)
Oct. 1 Holders of rec. Sept.lba
2
Common (quar.)
70e. Ap15'23. Holders of rec. Apr 5'26
Grennanl3akeries.non-par.com.etk (qu) •25e. Oct. 1 *Holders of rec. Sept. lb
Common (guar )
70c. lu115'26 Holders of rec.July 5'26
Oct. 1 *Holders of rec. Sept. 15
Preferred (gmar.)
Colts' Patent Fire Arms Mfg.(guar.)_ 500. Oct. 1 Holders of rec. Sept. 120 Guantanamo Sugar. preferred (quar.).__
2
Sept.30 Holders of rec. Sept.15a
Columbia Sugar(quar.)
lbc. Oct. 1 Sept.21 to Sept.30
(guar.)
3754c Oct. 1 Sept.20 to Sept.23
Gulf
Oil
Corp.
Commercial Invest.Trust., 1st pi.(qu.)
1% Oct. 1 Holders of rec. Sept. lba Gulf States Steel, common (gar.)
$1.25 Oct. 1 Holders of rec. Sept.lba
Commercial Solvents, class A (quar.).__ $I
Oct. 1 Holders of rec. Sept. 23
151 Oct. 1 Holders of rec. Sept. 15a
First preferred (guar.)
2
First preferred (guar.)
Oct. 1 Holders of rec. Sept. 23
151 Jan 3'26 Holders of rec Dec. 154
First preferred (gear.)
Conley Tank Car, corn.(guar.)
134 iSep.30 Holders of rec. Sept.30a Hall (C. M.)
Dec. 15 Holders of rec. Dec. 100
25c.
Lamp
Preferred (guar.)
2
./Sep.30 Holders of rec. Sept. 30a Hamilton-Brown Shoe,common (m'thly) 1
Oct. 1 Sept.24 to Sept.30
Connor (J. T.) Co.(guar.)
bee. Oct. 1 Holders of rec. Sept. 19
151 Oct. 1 Holders of rec. Sept.20a
Paper, pref. (guar.)
HammermM
Consolidated Cigar Corp., pref
Al% )et. 1 Holders of rec. Sept.15a
1% Oct. 1 Holders of rec. Sept. 19
Hanes(F. N.) Knitting, pref.(quar.)._ _
Continental Baking, corn., Cl. A (qu.)
$2
Oct. 1 Holders of rec Sept. 17a Harootier Co.(guar.)
4bc. Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
2
Oct. 1 Holders of rec Sept. 17a Harbison-Walker Refractories, pref.(qu.) 154 Oct. 20 Holders of rec. Oct. 104
Continental Can, preferred (guar.)
151 Oct. 1 Holders of rec. Sept.19a Harmony Creamery, pref.(gar.)
154 Sept.25 Holders of rec. Sept. lb
b0c. Oct. 1 Holders of rec. Sept.15a
Corona Typewriter, corn.(guar.)
7bc. Dec. 11 Holders of rec. Nov.300
Hayes Wheel Co., common (guar.)
First preferred (guar.)
2
Oct. I Holders of rec. Sept.15a
2.5c. Dec. 15 Holders of rec. Nov.3ea
Common (extra)
Second preferred (quar.)
154 Oct. 1 Holders of rec. Sept.lba
1% Sept.15 Holders of rec. Aug. 310
Preferred (guar.)
Coty,Incorporated (guar.)
950. Sept.30 Sept.20 to Sept.29
114 Dec. 16 Holders of rec. Nov.300
Preferred (gear.)
154
154
$1
154
1%
154
Si
1%
4c.
154
154
134
1:151
1%
151
154
151
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Holders of rec. Sept.19
75c. Oct.
Harris Automatic Press (guar.)
Holders of roe. Sept. 25
Heath(D.C.)& Co., preferred (guar.).- 1% Oct.
Holders of rec. Sept. 14a
Oct.
Helm°(George W.) Co.. common (qua _ 3
Holders of rec. Sept. 140
1% Oct.
Preferred (guar.)
134 Sept.2 Sept. IS to Sept.24
Hercules Powder, common (guar.)
Oct.
Holders of rec. Sept.26
Hibernia Securities, preferred (guar.).- 3
Holders of rec. Sept.21
Sc. Oct.
Hollinger Consolidated Cold Mines
250. Sept.30 Holders of reo. Sept. 15
Holly Oil
134 Oct. I Holders of rec. Sept.28
Holt, Renfrew & Co.. pref. (guar.)
bflo. Sept.25 Holders of rec. Sept. 19
Homestake Mining (monthly)
Sept.30 Sept.20 to Sept.30
$1
Hood Rubber, common (guar.)
750. Oct. 1 Holders of rec. Sept.150
Hudson Motor Car (guar.)
30o. Oct. I Sept. 17 to scot.30
Humble Oil & Refining (guar.)
Hydraulic Press Brick. preferred (guar.). I% Oct. 1 Holders of roe Sept 21
Oct. 1 Holders of roe. Sept. 150
Ide (Geo.) P.& Co., Inc., pref.(guar.). 2
2.40 Oct IA Oct. 4 to Oct. 15
Illinois Brick (gum .)...
Imperial Tobacco of Canada. ordinary_ _ •14 Sept.29
Sept.29
Imperial Tobacco of Canada. preferred_ .3
250. Oct. 5 Holders of rec. Sept.210
Independent Oil & Gas (guar.)
Oct. 1 Sept.22 to Sept.30
Independent Pneumatic Tool (guar.)... $I
50c. Nov. I Holders of rec. Oct 150
Indian Motocycle. corn. (No. 1)
1% Oct. 1 Holders of rec. Sept. 210
Preferred (quar.)
Oct. I Holders of rec. Sept 210
2
India Tire & Rubber. corn. Iowa.)
1% Oct. 1 Holders of rec. Sept.21a
Preferred (guar.)
IN Oct. 1 'Holders of rec. Sept. 150
Inland Steel, preferred (guar.)
Inspiration Consol. Copper Co.(guar.)... 50c. Oct. 5 Holdets of rec. Sept. I70
81.25 Oct. 1 Holders of rec. Sept. 18
Interlake Steamship (guar.)
Oct. 1 Holdeis of rec. Sept. 15
Internat. Acceptance Bunk. corn. (qu.). El
Oct. 10 Holders of rec Sept.24e
International Business Machines (qu.). - $2
Intermit. Button Hole Sew. Mach.(qu.) 1% Oct. 1 Holders of rec. Sept. 15
$1
Sept.30 Holders of rec. Sept. 150
International Cement, corn. (quar.)._
154 Sept.30 Holders of rec. Sept. 150
Preferred (guar.)
154 Oct. 15 Holders of rec. Sept.254
International Harvester Corn.(guar.).Internat. Match Corp., panic. pl.(qu.). 800. Oct. 15 Holders of rec. Sept. 250
International Nickel, common (quar.)_. 50c. Sept.30 Holders of rec. Sept. 110
la
144 Oct. 15 Holders of rec. Oct
International Paper, 7% pref. (quar.)
14 Oct. 15 Holders of rec. Oct. la
Six per cent preferred (guar.)
134 Oct 1 Holders of rec. Sept. 16"
International Salt (guar.)
$1.25 Oct. 1 Holders of rec. Sept. 150
International Shoe. corn.(guar.)
1
Oct. 1 Holders of rec. Sept. 15o
Preferred (monthly)
144 Oct. I Holders of rec. Sept. 15a
International Silver. pref. (guar.)
Oct. I Holders of rec. Sept 15a
N
Pref. (acct. serum. dividends)
Oct. 1 Holders of rec. Sept: 15
Intertype Corporation, let pref.(guar.). $2
Oct. 1 Holders of rec. Sept 210
•
laland Cret k Coal. common ,quar.)
Oct. 1 Holders of rec. Sept. 210
El
Common (extra)
$1.50 Oct. 1 Holders of rec. Sept. 210
Preferred Biqa r.t
I% Oct. 1 Holders of rec. Sept. 190
Jewel Tea, preferred (guar.)
Oct. 1 Holders of rec Sept. 190
Preferred (account accum. dividends).
Oct. 1 Holders of rec SePt.15a
Jones & Laughlin Steel, preferred Mara
Jordan Motor Car, common (quar.)- _ 71c. Sept.30 Holders of rec. Sept. 153
1% Sept.30 Holders of rec. Sept. 15a
Preferred (guar.)
2
Oct.
Kansas City itolt & Nut, pref. (guar.)._
Holders of rec Sept.203
1% Oct.
Holders of rec. Sept. 21
Kaufmann Dept. Stores. pref. (quar.)_
$2
Oct.
Holders of rec. Sept.21
Kayser (Julius) & Co., pref. (quar.)1% Oct.
Holders of rec. Sept. 184
11e1sey %s heel, corn. (gum.)
750. Oct.
Holders of rec. Sept. 110
Kennecott Cooper Corp.(guar.)
124t Oct. 1
Holders of rec. Oct. 1
Kerr Lake Mines. Ltd. (guar.)
Oct.
Holders of rec. Sept. 2Ia
14
Mills
(quar.)
King Philip
$I
Oct.
Holders of rec. Sept. 290
Kinney (0. R.) Co.,common
Holders of rec. Sept.200
Kirshbaum (A. B.) Co.. pref.(guar.) -- 1% (let.
Holders of rec. Sept. 18
374c Oct.
Kraft Cheese. cont.(quar.)
Oct.
2
Holders of rec. Sept. 18
Preferred (guar.)
Oct.
Holders of rec. Sept. 15a
Kresge Departn.ent Stores. pref. (guar.) 2
2
Oct.
fielders of rec. Sept. 150
Kresge(S. S.) Co.,corn.(guar.)
Holders of rec. Sept. 150
1)4 Oct.
Preferred (guar.)
Holders of rec. Sept. 19a
Ili Oct.
Kress (8. H.) Co.. pref.(guar.)
La Salle Extenelon Univ.. corn.(guar.) - 150. Oct.
Holders of rec. Sept.20
1% Oct.
Holders of rec. Sept.20
Preferred (quar.,
134 Oct.
Holders of rec. Sept 17
Laurentlde Co. new stock (quar.)
Holders of rec. Sept. 21
Lawyers Mortgage (guar.)
2)4 Oct.
2%
Holders of rec. Sept. 190
Oct.
Lawyers Title& Guaranty Co
Oct.
Holders of rec. Sept. 15
$2
Lehigh Valley Coal Sales (guar.)
Holders of rec. Sept. 19
50c. Oct.
Library Bureau. common (guar.)
Holders of rec. Sept. 19
2
Oct.
Preferred (guar.)
Holders of rec. Sept. lta
144 Oct.
Liggett & Myers Tob., pref.(quar.)
500. Sept.30 Holders of rec. Sept. I20
Loew's, Incorporated (guar.)
Sept.30 Holders of rec. Sept. 10a
Long Bell Lumber. Class A corn.,(quay.) $1
Holders of rec. Sept. 18a
Loose-Wiles Biscuit. 1st pref. (quar.)_. 144 Oct.
Holders of rec. Oct. 190
134 Nov.
Second preferred (guar.)
2% Oct.
Holders of rec. Sept. I70
Lord & Taylor. common (guar.)
750. Oct.
HcIders of rec. Sept. 15a
Lorillard (P.) Co., common (guar.)
Oct.
Holders of rec. Sept. 15a
Preferred (guar.)
50c. Oct.
Holders of rec. Sept. laa
Ludlum Steel (quar.)
MacAndrews & Forbes, common (qua?.) 2% Oct. 1 Holders of rec Sept. 30a
154 Oct. 1. Holders of rec. Sept.303
Preferred (guar.)
$1.50 Sept.3 Holders of rec. Sept. 150
corn. (guar.)
Mack Trucka,
First and second preferred (quar.)--. 1% Sept.3 Holders of rec. Sept. 15a
70. Oct. 1 Holders of rec. Oct. 10
Magma Copper Co
Oct.
Magnolia Petroleum,stock dividend . 1
25c. Sept.3 Holders of rec. Sept.23
Magor Car Corp.. common (guar.)
1% Sept.3 Holders of rec. Sept.23
Preferred (guar.)
Holders of rec Sept.22s
Matheson(H R.)& Co.. Inc., Pret.(qu.) 13t Oct.
Holders of rec. Sept. 150
134 Oct.
Menet' Sugar, pref. (qster.)
Holders of rec. Sept. 190
Manhattan Electrical Supply (quar.)- *1.1234 Oct.
Holders of rec. Sept. 170
1% Oct.
Manhattan Shirt, pref. (guar.)
Holders of rec. Sept. 30
Manning. Maxwell & Moore,Inc.(quar.) 154 Oct.
750.
Sept
30 Holders of rec. Sept. 190
Marland Oil (guar.)
144 Oct. 1 Holders of rec. Sept.'Sa
Preferred Iowa.)
1% Oct. 1 Holders of rec. Sept.250
Marlin-Rockwell Corp.. pref.(guar.)
144 Oct. I Holders of reo. Sept. Ifia
Mathieson Alkali Works, pref.
May Department Stores, pref. (quar.)_. 1% Oct. I Holders of rec. Sept.15a
1)(
Oct. 1 Sept. 16 to Sept.30
McCall Corp.. first pref. (guar.)
Oct. 1 Sept. 16 to Sept.29
First pref.(account scam. dividends) 8
134 Nov. I Holders of reo Oct 20.
McCrory Storm, preferred (quar.)--- Oct. 1 Holders of rec. Sept. 17
$1
Merck & Co.. preferred (guar.)
254 Sept.30 Holders of rec. Sept. 20
Mergenthaler Linotype (guar.)
15i Seca.31) Holders of rec. Sept. 2a
Extra.
$1.25 Sept.30 Holders of rec. Sept. 12a
Merrimac Chemical (quar.)
Oct. 1 Holders of rec. Sera. 15
Metropolitan Filling Stations. corn.(qL) 3
3
Oct. 1 Holders of roe. Sept. 15
Common. Class A (guar.)
2
Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
(guar.)
"4 Oct. 1 Sept. 16 to Sept. 30
Metropolitan Paving Brick, pref.
$3
Oct. 20 Holders of rec. Sept.300
Mexican Petroleum, coca. (guar.)
$2
Oct. 20 Holders of rec. Sept.300
Preferred (guava
150. Oct. 1 Holders of rec. SW.190
Michigan Sugar, common (guar.)
Oct. 1 Holders of rec. Sept. 15a
Midland Steel Products,common (quay.) Si
450.
Oct. 1 Holders of rec. Sept. 15a
Common (extra)
Oct. 1 Holders of rec. Sept. 15a
$2
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 15a
$1
Preferred (extra)
1% Oct. 1 Holders of rec. Sept. 19
MUI Factors Corporation (guar.)
Monti/. Ward & Co.. cl. A & pt. (qu.) $1.7: Oct. 1 Holders of rec. Sept. 19a
Oct. 1 Holders of rec. Sept. 160
$1.25
Morgan Lithograph. corn. (guar.)
1% Oct. 1 Holders of rec. Sept. 160
Preferred (altar.)
Oct. 15 Holders of rec. Oct. 1
Motion Picture Cap. Corp., Pref (guar.) 2
900. Oct. I Holders of rem Stan 154
Met° Meter Co.. Class A (No. 1)
2c. Oct. 15 Holders of rec. Oct. la
Mountain & Gulf Oil (guar.)
le. Oct. 15 Holders of rec. Oct. la
Extra
20c. Oct. 1 Holders of rec. Sept. 15a
Mountain Producers Corp. (guar.)
300. Oct. 1 Holders of rec. Sept. 15a
Extra
Murray Body Corp.
Common (payable In common stock)_. 114 Oct. 1 Holders of rec. Sept. 160
16a
Common (payable in common stock). 114 Jan l'26 Holders of rec. Doe 30
Oct. 1 Sept.20 to Sept.
2
Murray Ohio Co., preferred (cigar.)
750. Oct. 15 Holders of roe. Sept. 300
National Biscuit. corn (guar.)
144 Oct. 1 Holders of reo. Sept. 15
National Breweries. Pref.(guar.)
Oct. 15 Holders of rec. Oct. fla
National Cloak & Suit, corn.(quar.)___ $1
75c. Oct. 1 Holders of rec. Sept. 21a
National Dairy Products (guar.)
Sept Ito
Nat Enameling & Stamping. pref.(qua - 14( Sept 80 Holders of rec
134 Dee. 31 Holders of reo Dec 11
Preferred (guar.)
Sept.30
rec.
of
15
Oct.
Holders
$1.50
(guar.)
Gas
Fuel
National
Sent 30 Holders of roe Sent I le
2
nom (nose t
National
[Vol. 121.
THE CHRONTCLE
1542
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
154 Sept.30 Holders of rec. Sept. 1541
National Licorice. pref. (guar.)
Oct. If Holders of rec. Sept. 300
National Paper & Type, preferred (quar.) 2
Oct. I Holders of rec. Sept.15
National Refining. preferred (guar.)._ _. 2
Oct. 2 Holders of reo. Sept.14
134
(guar.)...
pref.
National Sugar Refining.
National Supply, pref. (guar.)
134 Sept.3C Holders of rec. Sept.19e
244 Oct. 1 Holders of rec. Sept.18a
National Surety (quar.)
Oct. 1 Holders of rec. Sept.22
$2
National Tea, common (guar.)
Oct. 1 Holders of rec. Sept.17
3
Naumkeng Steam Cotton Co.(quar.)..
•25c. Oct. 1 ‘Holders of rec. Sept.20
Newark Yellow Cab CO.,(guar.)
12he Oct. 11 Holders of rec. Oct. 10
New Bradford 011 (guar.)
Oct. I Holders of rec. Sept.15
New England Equity Corp., pref.(qu.). 2
600. Oct. It Holders of rec. Oct. 1
Newrnont Mining Corp
•50c. Oct. 1 gloiders of rec. Sept.20
Newton Steel,common (guar.)
.114 Oct. 1 'Holders of rec. Sept.20
Preferred (quar.)
Oct. I Holders of rec. Seta. 94
81
New York Air Brake. Class A (qua?.).
old. of rec. Jan. 22'28
New York Canners, Inc., first preferred. 34
Feb. 1 ' 26Hold• of rec.Jan.22'26
4
Second preferred
let. I Holders of rec. Sept.22a
3
New York Title & Mortgage (quar.).._
750. Oct. 15 Holders of rec. Sept. 18
New York Transit (guar.)
Holders of rec. Oct. la
Mc Oct. l
New York Transportation (guar.)
Holders of rec. Sept.21
I% Oct.
Nichols Copper Co.. preferred (quay.) -.
750. Oct.
Holders of rec. Sept.190
Nlzer Corporation, Class A (guar.)
Holders of rec. Sept.220
25c. )ct.
Class 13 (guar.)
Holders of rec. Sept.22a
250. Oct.
Class B (extra)
of rec. Sept.240
Holders
_
Oct.
(guar.).
A
North American Car, Class
8234t
Holders of rec. Sept.100
144 Oct.
North American Provision, pref.(quar.).
Holders of rec. Sept.100
Norwalk Tire & Rubber. corn.(quar.)- 40c. Oct.
Holders of rec. Sept. 104
IN Oct.
Preferred (guar.)
Holders of rec. Sept.23
$1.25 Oct.
Ogilvie Flour Mills (guar.)
of rec. Sept.23
ha.
Holders
$3
Bonus
oct. lr Holders of rec. Sept.300
2
Ohio Fuel Corporation (guar.)
50o. Sept.30 Aug. 29 to Sept.20
Ohio 011 (guar.)
let. 1 *Holders of rec. Sept. 21
.2
Omnibus Corp.. pref.(guar.)
150. Oct. 1 Holders of.rec. Sept. 190
Orpheum Circalt. corn.(monthly)
150. Nov. 2 Holders of rec. Oct. 200
Common (monthly)
150. Dec. 1 Holders of rec. Nov.204
Common (monthly)
Oct. I Holders of rec. Sept. 150
2
Preferred (guar.)
$1.60 oct. 1: Holders of rec. Sept.300
(guar.)
common
Otis Elevator,
81.50 Oct. 11. Holders of rec. Sept.300
Preferred (quar,)
75o. Oct. 1 Holders of rec. Sept. 154
Owens Bottle common (Guar.)
1 Holders of rec. Sept. 1541
144 Oct
Preferred (guar.)
Paige-Detroit Motor Car, common (au.) 350. Oct. I Holders of two. Sept. 150
Pan Am .Pet.&Tran.. com.&com.B (qu.) .81(5) ort. 21 Holders of rec. Sept. 300
Sept.28 Holders of rec. Sept. 184
Paraffine Companies, common (quar.)-134 Sept.28 Holders of rec. Sept.180
Preferred (guar.)
150. Oct. I Holders of rec. Sept. 154
Park City Utah Consol. Mines
134 Oct. I Holders of rec. Sept.200
Penick & Ford, Ltd.. pref. (guar.).Prof. (acct. accumulated dividends)._ 5134 Oct. I Holders of rec. Sept.200
14 Sept.36 Holders of rec. Sept.19
Penney (J. C.) Co., 1st pref. (guar.)3754e Sept.2: Holders of rec. Sept. 154
Pennock Oil Corp. (quay.)
75c. Oct. 1 Holders of rec. Sept.10
Pet Milk Co., common (quar.)
14 Oct. I Holders of rec. Sept.10
Preferred (quar.)
Pettibone-Milliken Co.. 1st & 2d of.(qu) 14 Oct. 1 Holders of rec. Sept. 220
Oct. 1 Holders of rel. Sept.190
Si
Phelps Dodtre Corporation (guar.)
Holders cf rec. Sept. 150
50c. Oct.
Phillips Petroleum (guar.)
II older; of me Oct. la
2
Oct.
(qu.).
pt.
prior
Car,
Motor
Pierce-Arrow
Holders of rec. Sept.150
oct.
Pittsburgh Plate Glass, common (guar.) 2
Holders of rec. Sept.15a
(let.
5
Common (extra)
Holders of rec. Aug. 31a
Oct.
1
Pittsburgh Steel, common (guar.)
Sept 18 to Sept.30
154 Oct. •
Pittsburgh Steel Foundry. pref.(rm.)
Holders of rec. Nov. 170
134 Dec.
Pressed Steel Car, pref. (quer.)
Oct. 31 Holders of rec. Sept.300
2
Prairie Pipe Line(qum.)
Price Bros., Ltd.(quar.)
34 Oct. I Holders of rec. Sept. 15
Oct. L Sept. 27 to Oct. 14
2
Procter & Gamble 8% pref.(quar.)
14 Oct. I Holders of rec. Sept. 16
Provincial Paper Mills, com. (guar.)._ _
134 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
Pure Oil 534 % pref. (guar.)
134 ()et. I Holders of rec. Sept.10
134 Oct. I Holders of rec. Sept. 10
Six per cent pref.(guar.)
Oct. I Holders of rec. Sept.100
2
Eight per cent pref. (guar.)
Mo, Oct. I r Holders of rec. Oct. 10
Quaker Oats, common (guar.)
Preferred (guar.)
134 Nov.31 11 olders of reo Nov. 20
Holders of rec. Sept. la
144 Oct.
Radio Ccrp of Amer., pref.(guar.)
Sept.31 Holders of rec. Sept.170
2
Railway Steel-Spring. corn. (quar.).....
let.
Holders of rec Sept.20
$I
Real Silk Hosiery (qua?.)
Holders of rec. Sept. 15
350. Oct.
Reece Button Hole Mach. (quay.)
Holders of rec. Sept. 15
Sc. Oct.
Reece Folding Machine (guar)
olders of rec. Sept. 19a
corn
If
750.
Corp..
Oct.
Reid ice Cream
Holders of rec. Sept.190
134 Oct.
Remington Arms,first prof.(guar.)
Heroin zton-Nol.eless Typewr.,pt. (qu.). 134 Oct. 11 Holders of rec. Oct. 3
Remington TypewriterSept.20 to Oct. I
1st pref. & Series S ist pref.(guar.)... 1% Oct.
Holders of roe. Sept. 21
2
Second pref.(quar.)
Oct.
gent.22 to Oct. 1
Se:ond pref.(acct. accumulated dive.) h4
Holders of rec. Sept. 150
200. Oct.
Reo Motor Car (quar.)
Holders of rec. Sept. 150
30e, Oct.
Extra
Holders of roe. Sept. 150
134 Oct.
Republic Iron & Steel, pref.(quar.)
Holde-s of t eo. Sept. 150
Reynolds Snring 'pref., CI. A.& B.(qu) 1% Oct.
Holders of rec. Sept. iSa
Reynolds (R.J.) Tob.,cm.& cm.B (qu.) 75c. Oct.
Holders of rec. Sept. 18a
1% Oct.
Preferred (guar.)
of me. Sept. 16
Oct.
Holders
75c.
artimpf.(qu.)
Richardson&BoyntonCo.,p
tot 1
Holders of roe. Sept.300
1%
Itit•hntond Radiator. pref.(guar.)
an15•2f Holders of rec. Dee. 31.
114
Preferred (guar.)
1)4 On. 1: Holders of rec. Oct. 50
River Raisin Paper. pref. (guar.)
Sept.30 Holders of rec. Sept.150
Royal Baking Powder, corn. (quar.)___. 2
134 Sept.30 Holders of rec. Sept.150
(guar.)
Preferred
2
oct. 1 Holders of rem Sept. 140
Safety Car Heat. & Ltg.(gear.)
50o. Dec.21 Dec. 10 to Dec. 21
St. Joseph Lead(qe".
)
Oct. I Holders of rec. Sept.250
2
St. Louis National Stock Yards(quay.)
St. Louis Rocky Mt.& Pao. CO.. Pf.(au) 154 Sept.3r Holders of rec. Sept. 15a
Sept.2' Holders of rec. Slept. 19
(quay.)
1)4
Mills
Paper
St. Maurice
60c Oct. 1 Holders of rec. Sept. 15
Bt. Regis Paper,corn.(guar.)
144 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
16o. Oct. I Holders of rec. Sept. 15
Salt Creek Consol. 011 (guar.)
•1,4 Oct.
I -Holders et roe. Sept. 15
Savage Arms Corp.. 1st pref. (guar.)
*IN Nov. Is •Holders of rec. Nov. 2
Second preferred (guar.)
2
Oct. 1 Hoidens of rec. Sept.154
Schulte Retail Stores. pref. (guar.)
Schwartz(Bernard)Cigar,com.A&13(qu.) 25c. Oct. 1 Holders of rec. Sept.d2la
134 Oct. 1 Sept. 22 to Oct. 1
Sefton Mfg., preferred (guar.)
60c. Oct. lf Holders of rec. Sept.210
Shattuck (F. CI.) Co.(guar.)
35c. Sept.30 Holders of rec. Sept. 80
Shell Union 011 Corp., cons.(guar.)
Sherwin Williams Co..Canada,com.(qu) 154 aept.31 Holders of rec. Sept.15
144 Sept.3( Holders of rec. Sept.15
Preferred (quar.)
Silver King Coalition Mines(guar.)- --- • 25o, lot. 1 Sept.520 to Sept.30
Simmons Company, common (quar.).__ 500. Oct. 1 Holders of roe. Sept. 150
2)4 Sept.30 Sept. II to Sept. 30
Ringer Manufacturing (quar.)
Holders of rec. Sept.210
Sloss-Sheffield Steel & Iron, pref. (qu.). 134 Oct.
$2
et.
Holders of rec. Sept.140
Southern Baking. preferred (guar.)
Oct.
Holders of rec. Sept. 10a
South Porto Rico Sugar, com.(quar.)
2
Oct.
Holders of rec. Sept 100
Preferred (guar.)
Si
Oct.
Holders of rec. Sept. 15
Southwest Pa.Pipe Lines(guar.)
2
Oet.
Holders of rec. Sept.290
Spicer Mfg.. pref. (quar.)
$1
Sept.30 Sept. 16 to Sept.30
Standard 011 (Kentucky)(guar.)
24 let. I Holders of rec. Aug. 28
Standard Oil (Ohio), corn. (quay.)
1% Oct. I Holders of rec. Sept. 190
Standard Plat e Glass .prior pref.(qua -- •14.‘
Oct. 21) 'Holders of rec. Oct. 1
Standard Publishing, Class A (quar.)
3
Oct. 1 Holders of rec. Sept. 16
Standard Screw, common (guar.)
1% Nov. 2 Holders of rec. Oct. 8
Steel Co. of Canada, corn. & pt. (qu.)
100. Oct. 5 Holders of rec. Sept. 250
Sterling 011 & Development
100. Oct. 6 Holders of rec. Sept. 250
Extra
)ct. I .1folders of rec. Sept. 18
.81
Stern Brothers, Class A (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 100
Stromberg Carburetor (guar.)
Oct. 1 Holders of rec. Sept. 10
2
Swift & Co. (guar.)
Symington Company,Class A (qOar.).-- 600. Oct. 1 Holders of rec. Sept. 150
25e. Nov. 2 Holders of rec. Oct. I50
Telatitograph Corp.. corn
134 Oct. It Holders of rec. Sept.30
Preferred (quay.)
750. Sept.38 Holders of rem Sept. 44
Texas Company (quar.)
2
Oct. 1
ciders of rec. Sept.240
Textile Banking (guar.)
Thompson (.1. R.) Co.. corn. (monthly). 25c. Oct. 1 Holders of rec. Sept.230
250. Nov. 2 Holders of rec. Oct. 23a
Common (monthly)
260. Dec. 1 Holders of rec. Nov.230
Common (monthly)
oet. 1 Holders of roe. Sept.280
Preferred (guar.)
SEPT. 26 1925.]
N81,14
of Company.
THE CHRONTCLE
Per
When
cent. Payable.
Books Closed.
Days IncZweite.
Miscellaneous (Cerszternd).
Thempsou-Starrett Co.. preferred
4
Oct. 1 Holders of rec. Sept. 19a
Tide Water 011 (guar.).
25e. Sept.30 Holders of roe. Sept. 18a
Tintic Standard SituMg (guar.)
*40c. Sept. •Holders of rec. Sept.22
Tobacco Products Corp.. eon).(guar.)._ $1.50 Oct. 15 Hoidens of rec. Oct. I
Tonopah Belmont Development
60. Oct. 1 Bat. 18 to Sept. 21
Tonopah Mining
7)0. Oct. 21 Om.. 1 to Oct. 6
Torrington Company,COM.(guar.)
234 Oct. 1 Holders of rec. Sept.22
Common (extra)
34 Oct. 1 Holders of rec. Sept.22
Tuckett Tobacco, common (guar.)
Oct. 16 Holders of rec. Sept. 30a
Preferred (guar.)
19‘ Oct. 15 Holders of rec. Sept. 30a
Underwood Computing Mach.. pf.(au) in )ct.
Holders of rec. Sept. 19
Underwood Typewriter. cont.(quar.)_ _
75c. Oct I Holders of rec. Sept. to
Preferred ortrer-5
134 Oct. 1 Holders of rec. Sept. to
Union Carbide & Carbon (guar.)
$1.25 Oct. 1 Holders of rec. Sept. 4a
17ni in Storage (guar
211 Nov. 11 Holders of rec. Nov 1
Union Twist 1/r111 , referred (quar.)_...._
134 sept.311 Holders of rec. Sent 21a
United Cigar Stores of Amer., corn.(qu.) 31 Sept.30 Holders of rec. Sept. 15a
Common (payable in common stock).
M Sept.30 Holders of rec. Sept. 15a
United Drug. first preferred (quar.)...... 1% Nov. 2 Holders of rec. Oct. 15a
United Dyewood. pref. (guar.)
134 Oct. I Holders of rec. Sept. 150
Preferred (guar.)
10 an 1'26 Holders at roe. Dee. 150
United Equities Corp
Oct. 15 Holders of tee. Oct. 1
$1
United Fruit guar )
2)4 Oct. 1 Holders if rec. Sept. 60
United Profit-Sharing, corn. (no par)... 30e. Oct. 1 Holders f rec. Sept. 10a
Common (par $1)
15
Oct. 1 Holders • f rec. Sept. 10a
United Profit-Sharing, preferred
Oct. 31 Holders of rec. Sept. 300
5
United Shot Machinery, cum. (guar.)._ 62)4c Oct. 5 Holders of rec. Sept. 15
Common (extra)
$1
Oct. 5 Holders of rec. Sept. 15
Preferme (q tar.)
37Sic Oct. 5 Holders of rec. Sept. 15
United Virde Extenrion Mining
750 Nov. 2 Holders of rec. Oct. 6a
U.S.Bobbin a Shut tie. Preferred (guar.) 134 -tent. 30 Holders of rec. Sept. 9
U.S. Cast iron ripe A 1 dy. mel.(qu.)
134 Dec. 15 Holders of rec. Dec. Id
U.S.Gypsum, common (guar.)
40c. Sept. 30 Sept. 16 to Sept.29
Pr :erred (guar.)_
134 Sept.30 Sept. 16 to Sept.29
U.S.Industrial Alcohol. pref. (quar.)_ _
1)( Oct. 15 Holders of rec. Sept. 300
U.S. Realty & impt.. pref (quar.).... 134 \Toy. 4 Holdrre o rec. Sept. 4u
17. S.Steel Corp.. eon mon (guar.)
134 Sept.29 Aug 29 to Aug. 31
Common (extra).
Si Sept.29 Ant,. 29 to Aug. 31
United States Tobacco,common (guar.). 75e. Jct. 1 Heiden of rec. Sept. I4a
Preferred (guar.)
1% (Jct. 1 H.!der., of rec. Sept. 140
Universal Leaf Tobact 0. pref.(guar.)._ _
2
Oct. 1 H rides
,
of rec. Sept.22
Upson Co.. preferred (guar.)
134 'et. 1 11.1ders of rec. Sept tin
Utah Copper (guar.)
$1
Sept.30 Holders of rec. Sept. 180
Van Dorn iron w orkt pref. (guar.). _
HU dere of rec. Sept.22
134 0 t.
Vulcan DetinnIng. pref. & pref. A (:111.). 134 Oct. 20 Holders of Fee. Oct. 90
Preferred (acct. accumulated divs.)
/al
Oct. 20 Ho dere of rec. Oct. 9a
Waimea° Cotton Co.(et at.)
Si
Oct. 2 Ho dere of rec. Sept 16
Waldorf System, CO[1111101 (guar.)
31)(0. Oct. 1 Holders of rec. Sept. 20
Preferred & let pref.(guar.)
20J Oct. 1 Hokers of rec. Sept.20
Walworth Manufacturin. pref. boar.). 76c. Sept.30 Holt ear of re Sept. 19a
Ward Baking Corp.. preferred (q
1% Oct. 1 Holders of rec. Sept. 15
Warner (Chas.) Co., corn.(quit.)
60c. Oct. 10 trolocrs of vs.. Sert.30a
First and second preferred (guar.)...._
134 Oct. 22 Holders of ree. Sent.30a
Warren Bros.. common (guar.)
$1
Oct. 1 Holders of rec. Sept. 194
First preferred (guar.)
76e. Oct. 1 Holders of tee. Sept. 19a
Second preferred (guar.)
8734c Oct. 1 Holders of rec. Sept. 19a
Weber & Hellbroner. common (guar.). $1
Sept.30 Holders of rec. Sept.16a
Common (quar.)
$1
Dec. 80 Holders of rec. Doe. 16
Preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 16
West Coast Oil (guar.)
$1.50 Oct. 5 Holders of rec. Sept.25a
Extra
$3
Oct. 6 Holders of rec. Sept.25a
West Point Mfg.(guar.)
2
Oct. 1 Holders of rec. Sept. I5a
Western Electric, common (guar.)
52.50 Sept.30 Holders of rec. Sept. 26
Western Eaploratlon
Sc. Sept.20 Sept. 16 to Sept.20
Western Groper, preferred
3% an1'26 Dec. 20 to Jan.126
Westinghouse Air Brake (quar.)
$1.50 Oct. 31 Holders of rec. Sept.300
Westinghouse Elec. & Mfg., corn.(qu.). $1
Oct. 31 Holders of rec. Sept. 30a
Preferred (quar.)
EI
Oct. 15 Holders of rec. Sept. 30a
Westmoreland Coal(guar.)
50c. Oct. 1 Sept. 26 to Oct. 1
Weston Electric Instrument el. A (qu.). 50e. Oct. 1 Holders Of rec. Sept. 16a
White Eagle Oil & Refining (guar.).... *50c. Oct. 20 Holders of rec. Sept. 30
White Motor (quar.)
Si
Sept.30 Holders of rec. Sept.21a
White Motor Securities. pref.(gust.)... 1% Sept.30 Holders of rec. Sept.21a
White Rock Mineral Sega.. corn.(qu.)... 30e. Oct.
Holders of rec. Sept. 22a
Common (extra)
t ra)
20c. Oct.
Holders of rec. Sept.22
Common (quiz.)
300. Dec. 3 Holders of rec. Dec. 22
Common (ex t nil
20e. Dec. 3 Holders of rec. Dec. 22
First preferred Omar)
........
1% Oct.
Holders of rec. Sept.22
First preferred (guar 1
134 Dec. 3 Holders of rec. Dec. 22
Second preferred (guar.)
114 Oct.
Holders of rec. Sept.22
Second preferred (extra)
1
Oct.
Holders of rec. Sept. 220
Second prefen'ed (gust)
134 Dec. 3 Holders of me Dec. 220
Second preferred (extra)
1
Dec. 3 Holders of rec. Dec. 220
Will & Saunter Candle, pref.(quar.)
2
Oct.
Holders of rec. Sept. 18
Willys-Overland Co.. pref. (quar.)____
114 Oct.
Holders of rec. Sept.21a
Winnsboro Mills, common (guar.)
2
Oct.
Holders of rec. Sept. 24
Preferred (guar.)
1% Oct.
Holders of rec. Sept. 240
Woodley Petroleum (quar.)
15e. Oct. lb Holders of rec. Sept.30
Worthington Pump & Mach.. pf. A (go.) 1% Oct. 1 Holders of rec. Sept. 21a
Preferred 13(guar.)
1% Oct. 1 Holders of rec. Sept.210
Wright-Hargreaves Mines (guar.)
2% Oct. 1 Sept 16 to Sept.30
Extra
Oct. 1 Sept. 16 to Sept 30
Wrigley (Wm.)Jr., & Co.(monthly)
25c. Oct. 1 Holders of rec. Sept. 19a
Monthly
250 Nov. 2 Holders of rec. Oct. 200
Monthly
250 Dee. 1 Holders of rec. Nov.200
Wurlitzer (Rudolph) Co..7% of.(qu.):. 134 Oct. 1 Holders of rec. Sept. 19
Yale Leasing Corp. (anted)
Oct. 15 Holders of rec Oct. I
Tale & Towne Manufacturing (quar.)
$1
Oct. 1 Holders of tee. Sept. 52
Yellow Cab Nita (monthly)
21e. fret. 1 liukters of rec. Sept. lea
Youngstown Sheet & Tube. corn.(qu.)
$1
Sept.30 Holders of rec. Sept. 15a
Preferred (quer.1 - - - 194 Sept. 30 Holders of rec. Sept. 15a
•From unofficial sources 1 The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. I The
New York Curb Market Association has ruled that stock will not be quoted a:dividend on this date and not unt11 further notice.
Annual dividend for 1926 all payable in equal quarterly installmenta on
April 1,
My 1, Oct. 1 1925 and Jan. 1 1926. have been declared as follows: On the common
ittoOk 34 40. quarterly testament$l 10; prior preference, 7%.quarterly installment
%:participating preferred 7% regular. quarterly Installment
%:participating
preferred. 2% extra, quar. Installment %;preferred.6%.guar.Installment .1 .
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
fPayable in common stock. g Payable In scrip. 01 On account of accumulated
dividends. m Payable in preferred stock
n Payable In Canadian funds.
Dividend is one-fortieth of a share of corn,stock for each share corn,stock held
Changing dividend period from Nov. 1 to Oct. 1.
t Payable in Chula B common stock
!Dividend is 10 pence per share
All transfers received in London on or before
Sept.4 will be In time for psyment of dividend to transferee.
stock
Electric
General
dividend
is
one share of special stock for each two shares
o
el common stock.
p Payable at option of holder either in cash or common Class A stock at a price
•
at $26 per share.
q Stock dividends are (be regular semi-annual dividend of one-fortieth of a share
of Class A common and an extra dividend of one-fortieth of a share of Class A common, payable on both Class A and B stocks.
r Payable to holders of record July SI
s payable at option of holder either In cash or In Class A stock at the rate of onefortieth of a share for melt share held.
g Payable in participating preferred stock.
.ti Payable either In cash or in Class A ttock at the rate of five and one-half hundredths of a share of Clots A stock for each share of $7 dividend series stock.
t Childs Company stork dividends are one Share of no par value common stock
kV each 100 'Pares no tier value common stork held.
to Extra dividend on common stock Is $187.500.
Payable in 79. Pref. In the proportion of one share of preferred for each tour
shares of Class 11 held.
z One-fiftieth of a share of common stock.
1543
Weekly Returns of hew York City (-Jeering House
Banks and Trust Companies.
The following shows the condition of the New York aty
Clearing House members for the week ending Sept. 19. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Mated is thousands of dollars-Mat is. three ciphers (000) matted )
New
rictaitallProf1M1 Loam,
R
with
Discos's;. Casb
Na
This. (Mak
Week Engin
Is
Sept. 19 1925 'Jett. J1100 30 IowaDo- 611rats
L•fai Demand
Farris. Deposi- Deposits. posits. laState. June 30 mimic
tortes.
Ac.
(000 omitted.) Fr.cos J une 30
dos.
Members of F
Bank of N Y
._
Frust Co_.
Bk of Manhat'n
Meal de Met Na
Bank of AmerIc
Natioral City_
Cheat al Nat.
Am Ex-Pac Na
Vat Bk of Com_
Chat Ph NB
Hanover Nat..
Corn Exchange.
National Park.
East River Nat_
First NationalIrvingBk-ColT
Continental--
chase National.
Fifth Avenue.
Commonwealth.
Garfield Nat'l.
Seaboard Nat'l_
Coal & Iron Nat
Bankers Trust_
US Mtge & Tr.
Guaranty Trust
Fidellty-InterTr
New York True
Farmers L & T
Equitable Urns
Res.
$
4.000
10.000
10,000
6,500
50.000
4,500
a7.500
25.000
13.50(
5.000
10.000
10,000
2.500
10,000
17.501
1,000
20.001
500
600
1,000
5,000
1.500
20.000
3,010
25,000
2,000
10,000
10.000
23.000
Bank.
$
12,519
14.230
16,280
5,120
62,255
17,166
12,208
40.235
12.554
24,391
13.777
23.761
2,251
70,102
12.869
1,123
26,365
2.787
1.030
1.686
8,448
1.476
27.999
4,464
23,369
2,140
19,145
18,028
11.685
Average Average Average
s
$
s
Average
$
Ammo. so'po
s
$
....._
517
ii
8
348
4,963
71.515
550 7,519
55.389 7.98)
159,950 2.751 17.691
127,95 20.116
179,440 3.30' 22,061
165.49 11,851
77.351 1,930 11.40.
85,457 3,381
607,390 4.827 67,294 .635,521 72,674
133,101 1.247 15,76;
118.837 5.386
143,300 2,168 16.671
127,76 10.121.
356.069
309,312 12,850
963 40,366
212.724 2,439 23.450
160,794 41,009
123,203
109.112
534 14,635
106.594 6.317 24,245
172.075 29:640
172,267
996 16,945
128.211 10.394
41,852 1,273 4,167
28,734 10,614,
335,763
454 29.115
219,216 20.655
282,645 2,581 36,236
269.811 35.885
8,208
149
905
6.224
3134,
358.653 4,368 47.248 *357.044 18,35t.
26,076
24,77
873 3.321
13,844
434 1,265
8.787
472 2,433
16,752
16,481 3:312
111,372 1,019 14,458 109.93
3,411
20,869
17.147 1.875
323 2,337
344.4615
860 36,429 *280,980 60.013
59,735
741 7,150
54.09
5.386
412,814 1,365 47,815 *431.305 41.997
21,598
400 2,413
18.033 1.848
165.349
542 19.589
143,123 19,2341
143,646
651 14,634 *114.060 20.46
245.587 1,620 29,328 •290,271 27,32
.
6:935
---3,535
622
4,951
_oilis
48
409
Total of aatrages308,601)486.4745,042.143 46.156 576,897c4,255,0011503.60623,109
Totals, actual eo edition
Totals,actual co nillion
Totals, actual condition
State Banks Not Me
Greenwich Bank 1,000
250
Bowery Bank-State Bank-- 3,500
Total of averages
5,086.038 43.51b 550.184 c4,242.137 502.94523,124
5,016,659 47,581 572,563c4.212,533506.228 22,923
5,031,570 45.118 545.008c4,222,056 507,001 3,101
of Ferri Res've Bank.
22,279 1,866 2,356
21,875 1.54
5,553
371
251
2,968 1,88
102.049 4,361 2,182
35,236 62.88
4.750
129,881
6.598
60.079
4,789
Totals, actual condition Sept.19 130,358 6,547 4.85
Totals, aautd condition Sept.12 129.220 6.529 4,254
Totals, actual co ndition Sept. 5 128,554 6.268 4,683
Trust Companies Not Members of Fed'1 Res've Bank.
61,495 1,410 4,451
Title Guar & Tr. 10.000 16.421
22.464
931 1,880
Lawyers Trust. 3,000 3.083
60.204
59,40
59.072
38.875
17.900
Total of averages 13,000 19,504
83.959
2.341
6.331
56,775
3.187
Totals, actual condition Sept.19
Totals, actual co ndltIon Sept.12
Totals,(usual co nditIon Sept. 5
84.177
83,899
84,470
2.209
2,360
2,211
6,493
6,267
6.642
67,06
56,53'
57,460
3.161
3.23
3,256
Ord agar.,atter. 326,350514.8605.255.983 55,095 588,017 4,371.862573.11523,108
Comparison with prey.week __ +16.367 -889 +6,097
+34.663__3.7911 +54
Gr'd agar.. ace/cond'n Sept.195.300,573 52.274.561,532 4.359,406 572.544 23,124
Comparison with prey.week _ +70.795-4,196 -21.552 +30,938 -3.074 +201
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Or'd
aggr., ad'!cond'n
aggr., ace!cond'n
aggr oar!conWn
agrr., acel cond'n
aggr., act'l contra
aggr., ace!cond'n
Sept.125,229,778
Sept. .5.5,244,594
A rig. 29 5.243,367
Aug.225.267.861
„Aug. 165.253.487
Aug.l
815.212,656
56,470583,084 4.328.46: 575.618 22.923
53.597550.313 4.338.588576.179 23.101
53,439580.135 4,371,83. 5141.629 23.123
53.193606.676 4.385.556588.438 23,067
, „ 575.704 22,708
52.728
53.393.597.9471 4.363.531 569.34422.609
Note.-U. S. deposits deducted from net demand deposits In the general total
above were 89 follows: Average total Sept. 19, $25.283,000. Actual totals Sept. 19,
$39.758,000; Sept. 12, 53,612,000;Sept. 5.83,632.090; Aug.20. $5,421.000: Aug. 22,
$5,424,000. Bills payable, rediscounts, acceptances and other liabilities, average
for the week Sept. 19, $546,205 000; Sept. 12, $571,480.000; Sept. 5. $523.396,600:
Aug.29,$521,065,000; Aug.22,5516,263,000. Actual totals. Sept.19,8568,371.000
Sept. 12. 5578.910,000; Sept. 5, $532,569,000; Aug. 29, $505,076,000; Aug. 22,
$542.873.000.
• Includes deposits In foreign branches not included In total footings as followtc
National City Bank $145.057,000: Chase National Bank, 511,065.000; Bankers
Trust Co., $14,185.000' Guaranty Trust Co.. $81.987,000: Farmers' Loan de Trust
Co., $5,948,000; Equitable Trust Co.. $72,699,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank 519.393.000:
Chase National Bank, $1,576,000: Bankers Trust Co., $1,412.000: Guaranty Trust
Co., $3,201,000; Farmers Loan dz Trust Co., S5.948.000: Equitable Trust Co.,
57,408.000. a As of Aug. 1 1925. c Deposits In foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks.
State banks*
Trust companies•__.
Total Sept.19
Total Sept. 12
Total Sept. 5.Total Aug. 29
Total
Reserve.
Reserve
Requtred.
Surplus
Reserve.
I
6,598.000
2,341,000
$
S
576,897.000 576,897.000 568,259,220
4,789.000 11,387,000 10.814,220
6.331.000 8,672,000 8,516.250
8,637,780
572,780
155,750
8,939,000 588,017.000 596,956.000 587.489,690 9,368.310
8,868,000.581,920,000 590.788.000 583.154.380 7,633,6:8)
8,387.000 585,534,000 593,921,000 588,919,020 5,001.980
8.443,000 584,391,000 592,834,000 587,593,630 5,240,3_79
•Not members of Federal Reserve Bank.
a This is the reserve required on the net demand deposits In the case of Stale
and trust companies, but In the case of members of the Federal Reserve benlps
Bulk
inelt.des also amount in reserve required on net time deposits, which was as followec
Sept. 19, $15,108,180: Sept. 12, 115,227,640; Sept. 5, 815,314,340;
Aug. 29, $16,22,
533,700; Aug.
$15,543,990.
[VOL 121.
THE CHRONICLE
1544
Actual Figures.
Reserve
Cash
I
in
Reserve
in Yaw. Depositaries
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
Members Federal
Reserve banks_
State banks*
Trust companies*„ _
$
550.184,000 550,184,000 566,566,160 —16382160
565,280
6,547,000 4.855,000 11,402,000 10.836,720
142.250
2,209,000 6,493,000 8,702,000 8.559,750
Total Sept.19___ _
Total Sept. 12
Total Sept. 5
Total Aug. 29._
8,756,000 561,532,000 570,288,000 585,962,630 —15674630
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
380,540
8,282.000 580.135.000 588.417,000 588,036,460
*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. 19,
115,088,350: Sept 12, 815.186,840; Sept 5, $15.210.030: Aug. 29, $15,529,560:
Aug. 22. $15,587.160.
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Sept 9
1925.
Sept. 16
1925.
Changes from
previous week.
Sept. 23
1925.
$
$
$
$
66,800,000 66,800,000
66,800,000 Unchanged
Capital
88,862,000 88,862.000
88,862,000 Unchanged
Surplus and profits
Loans, disels as investments_ 977,174,000 Inc. 8,292,000 968,882,000 966.509,000
Individual depoalta,Inel. 'U.S.682.264,000 Inc. 1,592.000680,672.000 663.152.000
129,525.000 Dec. 6,096,000 135,621.000 126.743,000
Due to banks
197,755,000 Dec. 9,961,000 207,710,000 212,217,000
Time deposits
13.673,000Inc. 7,701.000 5,972,000 2,942,000
United States deposits
846,000 27,272,000 21,557,000
Exchanges for Clearing House 26,426,000 Dec.
Due from other banks "
85,929,000 Dec. 8,271.000 94,200,000 76,785,000
286.000 79.598.000 78,461,000
79,312,000 Dee.
Reserve in Fed. Res Bank
297,000 9,778,000 9,607,000
Cash In bank and F. R. Bank 9,481,000 Dec.
Reserve excess in bank and
618.000
140.000 1.016.000
876.000 Dec.
Federal Reserve Bank
State Banks and Trust Companies Not in Clearing
Housel—The State Banking Department reports weekly
Philadelphia Banks.—The Philadelphia Clearing House
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows: return for the week ending Sept.19, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
Differences from
memPrevious Week. is not a part of legal reserve. For trust companies not
Sept. 19.
81,105,319,700 Dec. 1944.600 bers of the Federal Reserve System the reserve required is
Loans and investments
43,200
Dec.
4,459,100
Gold
with legal
32.200 10% on demand deposits and includes "Reserve
23,692,900 Dec.
Currency notes
Deposits with Federal Reserve Bank of New York_ 101,216,100 Inc. 4,187.800 depositaries" and "Cash in vaults."
1,151.708,300 Inc. 17,203,700
Total deposits
Deposits, eliminating amounts due from reserve detrust
comand
other
banks
from
and
positaries
panies in N. Y. City, exchanges Ss U.S. deposits_1,093,551,400 Inc. 11,612,660
171,791,200 Inc. 7,160,000
Reserve on deposits
Percentage of reserve, 21.4%.
RESERVE.
—Trust Companies—
State Banks
194,391,700 16.47%
$34,981,400 16.41%
Oaah In vault *
5.36%
30,714,700
5.49%
11,703,400
_
cos_
Deposits in banks and trust
546,684,800 21.90%
Total
$125,106,400 21.83%
'Includes deposits with the Federal Reserve Bank of New York, whir h for the
State banks and trust companies combined on Sept. 19 was $101,216,100.
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.
Week Ended—
May 23
May 29
June 6
June 13
June 20
June 27
July 3
July 11
July 18
July 25
Aug 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Sept. 5
Sept. 12
Sent. 19
Loans and
Investments.
Demand
Deposits.
$
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
6.361.302.700
$
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
5,509,425,100
5,460.216.200
5,472.674,300
5.481.392.100
5,463,129,200
5.442,736,800
5.443,132,500
5.466,107,300
5,419,137,800
5.4415.413.400
*Total Cash
in Vaults.
Reserve in
Depositaries.
$
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
79.377,600
79.866.100
82.507,800
79,454.700
80,540,400
81,151,400
84,211,400
83.247.000
$
720,787.700
719,708.300
732,827,700
726.011.100
741,188,80d
724.783,00J
750.531.40i
741.205,701
734.107.70;
724.866.500
718.669.200
721.005,000
723.923,100
712,983,700
715.040.400
711,813,900
718.328.800
731,651.20n
New York City Non-Member Banks and Trust Cornpanies.—The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER -NBTITUTIONE4 OF NEW YORK CLEARING
HOUSE
(Stated in thousands of dollars—that is. three ciphers 10001 omitted.)
I
Loans,
Net
DI,Capital.; Profits.
CLEARING
counts.
$0N-MEMBERS
Nat. bits. Dec. 31 InvestWeek Ending State bks. Nov.15 meats,
r. cos. Dec. 31
ste.
Sept. 19 1925.
Members of
Fedi Res've Bank
3ace Nat Bank__
Total
State Banks.
Vol Members of the
Federal Reserve Bank.
3ank of Wash.HU_
3olonbal Bank
Total
Crust Company.
Vol Member of th
Federal Reserve Bank.
dech Tr, Bayonne_
Cash
in
Vault.
Na
Net
Reserve
with Demand Time
Legal Deposits.Deposits.
DePosttortes.
$
1.000
Average Average Average Average Average.
$
$
$
$
$
s
4,301
5,195
894
1.773 10.191
65
1
1,773
10,191
200
1,200
543
2.469
8.776
29.250
1,400
3,012
38,026
894
5,195
4,301
777
3,1
381
1.818
6,353
25.970
2,504
4,092
3,961
2,199
32,323
6,596
6
Week Ended September 19 1925.
Two Ciphers (00)
omitted.
Trust
Membersof
F.R.System Corn paniesl
Capital
Surplus and profits
Loans, slisc'ts & Investm'ta
Ftehanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits__ .
U.S. deposits (not incl.)._
Res've with legal deposele*
Reserve with F.R.Bank
Cash in vault •
Total reserve & cash held..1
Reserve required
Excess res. & rash in vault
541,875.0
126,740,0
822.804,0
37,253,0
117,652,0
148,773,0
594,193,0
93,714,0
836,680,0
85,000,0
16.869.0
48,235,0
368.0
15,0
915,0
28,921.0
1,997,0
31,833,0
3,668.0
63,916,0
0.360,0
73,276,0
63,818,0
9,458.0
1,362,0
5,030,0
4,516,0
514.0
Sept.i
1925.
Sept. 12
1925.
1925
Total.
$46,875.0
143,609,0
871,039.0
37,621.0
117,667.0
149.688,0
623,114,0
95,711,0
868.513,0
12,036.0
3,668,0
63,916,0
10,722,0
78.306,0
68.334,0
9.972.0
$46,875.0
143,609,0
871,634,0
30,206.0
105,406,0
143.266,0
612,430,0
98,953,0
854,649.0
3.127,0
2,897.0
63,659,0
10.587,0
77,143,0
68.017,0
9.126,0
$46.875.0
143,609,0
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
10365.0
78,459,0
68,594,0
9.865,0
•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. 23 1925 in
comparison with the previous week and the corresponding
date last year:
Sept. 23 1925 Sept. 16 1925. Sept. 24 1924
300,728.000
Gold with Federal Reserve Agent
Gold redemp. fund with U. S Treasury. 10,202,000
375,728.000 569,854,000
11,545.000 'sq 6,054,000
Gold held exclusively agst. F.R.notes_ 310.930.000
Gold settlement fund with F. R. Board_ 268.325.000
347,076,000
Gold and gold certificates held by bank
387,273.000
174,529,000
357,652.000
575,908,000
156,782.000
177,740,000
Total gold reserves
Reserves other than gold
926,331.000
24,422,000
919,454.000
25,697.000
910,430,000
17,518,000
Total reserves
Non-reserve cash
Bills discounted—
Secured by U. S. Govt. obligations
Other bills discounted
950,753.000
18,295.000
945.151,000
16,497,000
927.948,000
13,799,000
159.791,000
72,974.000
70.200,000
40.161.000
17.821,000
17,401,000
Total bills discounted
Bills bought In open market
U. S. Government securities—
Bonds
Treasury notes
Certificates of indebtedness
232,765.000
27,151.000
110,361,000
11,960,000
35,222,000
40,329,000
1.257.000
58.492,000
755,000
1.257,000
50,902,000
89,700.000
4,902,000
136,394.000
46,020,000
60,504.000
2,187,000
141.859.000
2,025,000
187,316,000
Total earning assets
322,607.000
266,205.000
262,867,000
Uncollected Items
Bank premises
All other resources;
149,676,000
17.159,000
4,082.000
224,497.000
17,134.000
4,002,000
133,330,000
16,714,000
8,325,000
Total U.S. Government securities—
Foreign loans on gold
1,462,572,000 1.473.486,000 1,362.983,000
Total resources
LiatrUttles—
Fedi Reserve notes In actual circulation_ 349.210,000
Deposits—Member bank. reserve soft_ 859,457,000
14,841,000
Government
15.989.000
Other deposits
350,615.000
833,865.000
263,000
16,478.000
302,733,000'
827,463,000
10,816,000
18,132,000
890.287.000
128,780.000
31,949.000
58,749.000
3,597.000
850.606.000
178.155.000
31,919,000
58,749,000
3.442,000
856,411,000
111,992,000
30,201,000
59,929,000
1,717,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
Total liabilities
1 462,572,000 1,473,486,000 1,362,983,000
Ratio of total reserves to deposit and
Fedi Res've note liabilities combined.
Contingent liability on bills purchased
for foreign correspondents
76.7%
78.7%
80.1%
8.549.000
9.187,000
5,181,000
500
532
8.980
422
64
3,202
5,983
500
532
8,980
422
64
3,202
5,983
CURRENT NOTICES.
2,900
;rand aggregate_ _ _
.lemparison with p ev. week
5,319
57,197
—662
4,448
+72
3,157 840.720
+872
+122
16,880
+119
2,900
2,900
2,900
2.900
5,319
5,319
5,319
5.319
57,859
57,417
57,700,
57.4451
4,376
4,158
4.182
4.2
3,035
2.820
2,727
2.014
*39,848
*39,650
839,833
239.773
16,761
16,751
16,732
16.679
_Guaranty Trust Co. of New York has been appointed trustee, paying
agent and registrar under an indenture of the Consolidated Power & Light
Co. of South Dakota. dated Aug. 1 1925. securing an authorized Issue of
Total
3r'd aggr.. Sept. 121
led aggr.. Sept. 5
3r'd aggr., Aug. 291
led nom. Ana. 22
a United States deposits deducted $19,000.
Bills payable, rediscounts, acceptances and other liabilities, $1,510,000.
Excess reserve, $35,260 Increase.
81,900,000 par value 1-year mortgage lien 6% gold notes dated Aug. 11925.
—R. B. Wright. who is the manager of toe Commercial Service and
Savings Departments of the First Wisconsin National Bank of Milwaukee,
has been elected president of the Advertising Club of Milwaukee for the
year 1925-26.
SEI'T. 26 1925.]
THE CHRONTGLE
1545
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,Sept.24,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. 'The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 1521, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
SEPT. 23, 1925.
Sept. 23 1125 Sept. 161925.Sept. 9 1925. ':ept. 2 1925. Aug. 261925.Aug.19 1925 Aug. 12 1925. Aug. 5 1925. Sept. 24 1924
RESOURCES.
$
3
$
$
$
$
$
$
S
Gold with Federal Reserve agents
1,405.694.000 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 2,031,406,000
Gold redemption fund with U. S. Treas.
48,726,000
48,019,000
44,340,600
42,787,000
54,343,100
64,433.000
55,694,000
57,715.000
34,686,000
Gold held exclusively agst F.R.notes. 1,454,420,000 1,537,587,000 1.495,515,000 1,484,780,000 1,498.787.000 1,502.418,000 1,503,434,000 1,494,195.000 2,066,092,000
Gold settlement fund with F. R. Board
719,341,000 636,567,000 679,480.000 689,685.000 665.842.000 633.307.000
603,448,000
Gold and gold certificates held by banks. 591,784,000 598,530,000 595,696,000 602.230.000 597.524.000 609.481,000 675,046,000 686,989.000 399,623,000
599,130.000 596.830,000
Total gold reserves
2,765.545,000 2,772,684,000 2,770.691.000 2,776,635,000 2,762,153.000 2,775,2011,000 2.777.610.000 2.778.014,000 3,069,163,000
Reeerves other than gold
105,394,000 109,020,000 110.230.000 121.205.006 125,374,000 130.218.000 133.082.000 136.289.000
86.852,000
Total reserves
2,870,939,000 2,881,704,000 2,880,021,000 2,897,900,000 2,887.527.000 2,905,424,000 2,9103392,000 2,914,303.000 3.156,015,000
Non-reserve cash
31,872,000
51,520,000
43,614,000
46,237,000
51.416,000
43,191,000
50,309.000
50,557,000
49,756.000
Bills discounted:
Secured by U.S. Govt. obligations... 337,649,000 228,594,000 364,724,000 320,527.000 310,690,000 290,432.000 289.251.000
303,260,000
89.515.000
Other bills discounted
303,078.000 259.346,000 274.468,000 256,363,000 268,985.000 269.051.000 248,933.1100 240,577.000 170,348,000
Total bills discounted
640,727,000 487,940,000 639,192 000 576,890,000 579,675,000 559,483.000 538,184,000 543.837.003 259.863,000
Bills bought In open market
233,493,000 211.902,000 214,143,000 213,167,000 201,519,000 195,309.000 211,659,000 211.972.000
92,146,000
U. S. Government securities:
Bonds
55,610,000
55,418,000
70,403,000
69,942,000
69,688,000
37,061,000
69,188.000
69,047,000
69,441.000
Treasury notes
251,603,000 245,751,000 233,801,000 230.996.000 230,255,000 221,699,000 226,374.00» 229,071,000 397,753.000
Certificates of indebtedness
15,915,000 108,080.000
25,274,000
32,306,000
19,910.000
29,3733)00
33.159,000
34.982.000 139,782,000
Total U. B. Governnlent securities323,132.000 409,249,000 327,114,000 225,212,000 332,249,000 323,260,000 328.580.000 333,494,000 574,596.000
Foreign loans on gold
8,100.000
7,500.000
7,500,000
10.500.000
7.500.000
10.500.000
10.5003100
10,500.0IN
All other earning assets
2,420,000
2,420,000
2,320,000
2,320,000
2.350.000
1,850,000
1,750,000
1,850.000
2,350.000
Total earning assets
1,212.872.000 1,119,071,000 1.190,269,000 1,126.089.000 1,126.293.000 1.090.902,000 1,090,773,001)1.101.653,060 928,355.000
Uncollected items
685,239.000 928,961,000 653,563.000 628,059,000 579.518.000 664.573.000 647.738.000 592,665.11(81 598,345.000
Bank premises
61,399,000
61,370,000
61,333.000
61.245,000
61.210.000
60,026,000
61.180.000
61,114.000
60.975.000
All other resources
18,751,000
20,305.000
23,260,000
22,097.000
21,983,000
26,211,000
21,849,000
21,814.000
21,764.004
Total resources
4,901,072,000 3,062,931,000 1,857,960,000 4,781,627,000 4.727,947.000 4,794,237,000 4,782,088,000 4,741,116.001 1,812,143,000
LIABILITIES.
F. H. notes In actual circulation
1,670,348,000 1,677,299,000 1,680,115,000 1.637,725,000 1,615,887,000 1,616.189.000 1,617,678,000 1.605,557.000 1,729,859,000
DepositsMember banks-reserve account
'.207,090,000 2,197,663,000 2,195,648,000 2,186,593.000 2.183,487.000 2,183,668,000 2,179,668.000 2,211,753,000 2,120,331.000
Government
32.169,000
3,528,000
22,783,000
25,321,000
28,688.000
28,667,000
31,191,000
46.926,000
28.201.001
Other deposits
28,195,000
29,007,000
26,072,000
23,814.000
24.363.000
24.858.0011
25.380,000
263)13.001
28,625.000
Total deposits
'267,454,000 2,230,198,000 _244,506,000 2,235,728,000 2,236.538.000 2.237,193.000 2.236,239.000 2.265.967.0(61 2,195,882,000
Deferred availability Items
614,787,000 807,583,000 585,596,000 561,085.000 528,297,000 594,188,000 582.794,000 524,173,000 540,929,000
Capital paid In
116,433,000 116,423,000 116,380,000 116,363,000 116,324,000 116,313,000 115,816.000 115,677.000 111.976.000
Surplus
217,837,000 217,837,000 217,837.000 217.837,000 217,837.000 217.837,000 217,837.000 217.837.000 220,915,000
All other liabilities
14,213,000
13,591.000
13,526,000
13.064.000
12.517.000
12,889.000
12.324.000
11,905.000
12,582,000
Total liabilities
4,901,072.000 5,062,931.000 4,857,960.000 4781,62700
4,727,947.000 4,794,237.000 4,782.688.000 4,741,116.000 4,812.143,000
.0
,
Ratio of gold reserves to deposit and
F. R. note liabilities combined
70.2%
70.9%
70.5%
71.6%
72.0%
72.0%
71.7%
78.0%
1.6%
Ratio of total reserves to deposit and
F. R. note liabilities combined
72.9%
73.7%
73.4%
75.0%
75.4%
75.5%
74.8%
75.3%
80.4%
.
Contingent liability on bills purchased
for foreign correspondents
34.027,000
34.665,000
31,128.600
31,113.000
34.646,000
31,186,000
31.148.000
31.508.000
19,692,000
Distribution by Maturities1-15 day bills bought in open market
1-15 days bills discounted
1-15 days U. B. certif. of indebtedness.
1-15 days municipal warrants
16-30 days bills bought in open market_
16-30 days bills discounted
18-30 days U. S. certif. of Indebtedness
16-30 days municipal warrants
81-60 days bills bought in open market.
31-60 days bills discounted
81-60 days U.S. certif. of indebtedness
81-60 days municipal warrants
61-90 days bills bought in open market_
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness.
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of Indebtedness_ __ _
Over 90 days municipal warrants
F.R. notes received from Comptroller
V.R. notes held by F. R. Agent
Issued to Federal Reserve Banks
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible DaPer
Total
5
5
74.270,000
402.635,000
865,000
5
50,778.000
352,410,000
94,810.000
$
58,274,000
505.311,000
14,176,000
$
60.683,000
434,304.000
18.190.000
46,240.000
38,323,000
43,260,000
38,305,000
36,335,000
36.084.000
34.973,000
37.050.006
37,205,000
27,961.000
17,144,000
58,431,000
62.630,000
61,111.000
55,644,000
64.095.000
56,650,000
1,275.000
62,690.000
55,633,000
2,000.000
49,444,000
41.407,000
1,684,000
45,022,000
34,858,000
1,203,000
41,988,000
33,024,000
10,108,000
5,732,000
13.370,000
11,791,000
6.723,000
12,067.000
13,451,000
8,114,000
4,459,000
$
62,084.000
59,057.000
438,256.601) 404.336,000
4,28.0,000
3,247.000
$
84,744.000
401,591.000
6,767.000
$
83,143.000
405,914.000
7.403.000
5
20,064,000
143,331,000
38,188,000
30.423.000
15,846,000
34,767,000
26,940,000
36,621.000
27,632,000
13,593,000
30.569,000
53.601,000
62.041.000
2.000,000
49,027,000
64,961,000
1,625.000
43,359.000
54.683.000
17,017.000
45,745,000
52 825.000
19,081.000
24,270,000
48,859,000
3.000
39,900.000
40,916.000
550,000
30,469.000
39.568,000
37,905,000
44,151,000
38,627.000
39,236,000
34,289.000
40,603.000
27,910,000
28,417,000
76,282,000
14,921,000
8,987.000
4,534.000
12,160,000
11.849,000
8.882.000
11,132.000
15,612,000
8,655,000
10,162.000
15,734.000
9,375,000
12,174.000
16.863.000
8,498.000
6,064,000
8,687.000
63,497,000
2.950,946,000 2,946,295,000 2,907,442,000 2.917,358.000 2.903.605.000 2,907,445,000
2.902.676.000 3,159,466,000
963,786,000 970,667,000 953,899,000 991,769,000 992.998,000 1,000.504.000 2,908,412,000
999,298,00(1 989.432 000 923,047.000
1.987.160.000 1,975.628,000 1,953,543,000 1,925,589,000 1,915.607,000 1,906,941,000 1.909,114,000 1.913,244.000
2.236,419.000
307.901.000 308,701,000 310,698,000 399,098,000 309.098.000 307.501.000
306,901,000 308.028,000 331,504.000
105,346,000 110,150,000 112.018,000 113,963.000 101.659.000
105.034.000 106,702.000 108.506.000 114,669,000
992,447,000 1,070,717.000 1,028,459,000 1,018,932,000 1.033.687.000 1,025,450.000
1,034.137.000 1,019,946.000 1,585,233,000
838,938,000 669,519,000 80.8,848,000 745,186,000 747,811,000
719,937.000 713,039,000 721.028,000 341,280,000
2,244,632.000 2.159,087,000',260,023.000 2.187179.0002.192.255.0002.187022.0002.169.779.000 2 157 VIR
non 2 A72 filif. 0011
IILWREKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF Tus 12 FEDERAL RESERVE BANKS
Two clylers (00) omitted.
Federal Reserve Bank of-
Boston
RESOURCES.
$
Gold with Federal Reserve Agents 144.931,0
Gold redo fund with U S.Treas. 10,535,0
Gold held excl eget. F. R.notes 155,466,0
Gold settle't fund with F. R. B'rd 32,788,0
Gold and gold certificates
26,337,0
Total gold reserves
Reserves other than gold
214,591,0
13,274,0
Total reserves
227,865,0
Non-reserve cash
4,328,0
Bills discounted:
Sec. by U.S. Govt. obligations 13,071,0
Other bills discounted
24,797,0
Total bills diecounted
37,868,0
Bills bought in open market...._ 41,626,0
U.S. Government securities:
Bonds
.537,0
Tressury notes
2,093,0
arrificates of Indebtedness_
4.706,0
Total U.B Govt. securities__
7,336.0
New York.
AT CLOSE OF BUSINESS SEPT. 231938.
Phila. C7evetand. Richmond Atlanta, Chicago. Si. Louis. Minneay. Kan. City
$
$
3
3
$
3
3
$
$
300,728,0 127,464.0 182,535,0 45,471,0 129,218,0 135,074,0 16.280,0
45,289,0 50,262,0
10,202,0 8,161,0 3.607,0 3,151,0 2,019,0 2,087,0 1,158.0
1,328,0 3,086.0
310,930.0 135.625,0 186,142,0 48.622,0 131,237,0 137,161,0 17.438,0
46,617,0
268,325,0 45,027,0 68,861.0 31.035.0 26,342,0 107,705,0 27,791,0 23.959,0 53,348.0
347,076,0 20,758,0 47,195,0 8,391,0 2,748,0 87,719,0 9,827,0 7.406,0 32,040,0
3,988.0
926,331,0 201,410.0 302.198,0 88,048,0 160,327.0 332,585.0
55,056,0 77,982,0
24,422,0 5,555,0 7,465,0 4,012.0 7,183,0 15.850,0 8,977.0 1,544,0 89,376,0
4,454,0
-950,753,0 206,965,0 309,663,0 92,060,0 167,510.0 343,435,0 64,033,0 79,526,0 93,830,0
18.295,0 1.125,0 2,965,0 3,320,0 2,561,0 8,903,0 3,323.0
715,0 2,047,0
159,791,0 26.977,0 32,851,0 15,651,0 3,380,0 33,374.0 7,346.0
803.0 5,262.0
72,974,0 21,511,0 27,209.0 35,875.0 26.163,0 25.405.0 29.300.0 4,529.0
6,889,0
232,765,0 48,488,0 60,060,0 51,526,0 29,543,0 58,779,0 36,646,0 5,332,0 12,151,0
27,151,0 20,478,0 18,348,0 4.719,0 16,623.0 29,900,0 1,699.0 23,659,0 21,499,0
Dallas. San Fran.
Total.
$
$
$
33,410,0 195.032.0 1.405,694,0
1.469,0 1,923,0
48.726,0
34,879,0 196,955,0 1,454,420,0
20,690,0 34,778,0 719,341.0
7.147.0 23,192.0 591,784.0
62,716,0 254,925,0 2,765.545,0
7,122,0 5,536,0 105.304,0
69,838,0 260,461,0 2.870,939,0
1,839,0 2.451.0
51.872.0
2,084,0 37,059,0
6,051.0 22,375,0
337.649,0
303.078.0
8.135,0 59.434,0
12,022,0 20,769,0
640,727,0
238,493.0
1,257,0
585,0 7,965,0
58,492,0 18.428,0 21.089,0
755,0
50,0 1,021,0
1,191,0
863,0 19,928.0 1,197.0
4,253,0 12,396.0 22.069,0 18,873,0
861,0 1,742,0
93,0
7.558.0 8,118.0 6,358,0
53,0
9,020,0 22,905,0 22,143,0 38,942,0
1,754,0
4,937.0
55,610.0
251,603,0
15,919.0
60,504,0 19,063,0 30.075,0
5,444,0 14.120.0 43.739,0 20.163.0 16.578.0 32.777.0 28.501.0 43.932.0
323.132.0
[Vol. 121.
TTIF, OTTRONTCLE
1546
REsoURCES (concluded)Two riphers (00) omitted.
Boston.
$
599.0
Foreign loans on gold
All other earning assets
New York.
$
2,187,0
Cleveland. Richmond Atlanta. Chicago. St. Louis Minneap Kan City Dallas. San Fran
5
$
$
$
$
$
$
8
$
$
567,0
284,0
324.0
267,0
373,0
429,0
332,0 1,118,0
867,0
753.0
100.0
2,320,0
Phila.
Total.
$
8,100.0
2,420,0
48,942,0 124,702.0 1,212.872,0
87.429,0 322.607,0 91,102,0 110,250,0 62,118,0 60,618.0 133.536,0 58,881.0 45,836,0 66,851,0
27.185.0 38,951.0 685.239,0
59,257.0 149,676,0 61,856.0 64,927.0 60,513,0 39,885,0 91,840,0 36.481.0 15,696,0 38,972.0
61.399,0
1,834,0 3,324,0
17.159,0 1,252,0 7.948.0 2,446,0 2,780,0 8,099,0 4.708,0 3,047,0 4.612.0
4,190.0
18,751,0
1.425.0 4,180.0
789,0
481,0
2,872,0
1,363.0
2,334,0
568,0
285.0
284.0
4,082,0
83.0
434,069,0 4,901,072,0
151,063.0
147,692.0
207,101.0
167,907,0
592,176.0
221.025,0
275,688.0
496.038,0
362,584,0
383,157,0 1.462,572,0
Total resource,
LIABILITIES
48,955,0 203,462.0 1,670,348,0
F.R.notee in actual circulation. 156,010.0 319.2101 148.569,0 224,452.0 76.700,0 150,277,0 145,182,0 39,567,0 66,148.0 65,816,0
Deposits:
59,794.0 158,161.0 2,207.090.0
90.832.0
Member bank-reserve amt 142.834.0 859.457,0 127,733.0 175.651,0 65.888,0 78,499.0 320,434.0 74,306,0 53.501.0
32.169,0
831,0 1,947,0 2,383,0
908,0
14,841.0 1,472,0 1.699,0 2,240,0 1,988,0 1,827.0 1,176,0
857.0
Government
28.195,0
167.0 5,640,0
1,335,0
249,0
1,176,0
1,148,0
376.0
188,0
1,255,0
358.0
15,989,0
314,0
Other deposits
168.184,0 2,267,454.0
144.005,0 890,287,0 129,563,0 178,605.0 68.504.0 80,675.0 323,409,0 76,658.0 54,658,0 92.998.0 61,908.0
Total deposits
39.783,0 614,787.0
57.519.0 128.780,0 54.377,0 58,311.0 57.099.0 30,272,0 75,754.0 35,877.0 15.090,0 34,431.0 29,4940
Diterred availability Items
8,191.0 116,433,0
31,949,0 11,501,0 13,058.0 5.980,0 4,613.0 15,629,0 5326,0 3.194,0 4,271.0 4,321,0
8.600.0
Capital paid In..
15,071,0 217,837.0
7,592,0
7,497,0
8,977,0
9,971,0
30,426,0
8,950.0
11.701.0
22,462,0
58,749,0 20,059,0
16,382.0
titn plus
14,213,0
1,378,0
793,0
608,0
1,105,0
708,0
901,0 1,776.0
515.0 1.150.0 1.041,0
3.597,0
641.0
All other liabilities
4,901.072,0
434,069.0
151,063,0
207,101.0
167,907,0
147,692,0
592,176,0
221,025,0
275,688,0
383,157,0 1,462,572.0 362,584,0 496,038.0
Total liabilitlee
Memoranda.
72.9
70.5
64.2
59.1
65.8
55.1
74.4
72.5
63.4
76.8
75.0
76.7
76.0
Reserve ratio (per cent)
Contingent liability on bills Our34,027.0
2,443,0
1 1,rrest.ond I 8,549,0 3,246,1' 3,734.0 1,850.0 1,431,0 4,816,0 1.605,0 1,152,0 1,396.0 1,222,0
2,583.0
els,eo to, frreign .
F. R. noted on hand (notes reed
from F. is Agent lees notes in
43.114,0 316,812,0
19,178,0 124,016.0 36.423.0 16,266.0 15.310.0 22,825.0 16,945,0 6.563,0 3,652.0 7.329,0 5,391.0
eircultittor )
Total earning assets
Uncollected Items
Rank premises
All other resources
1
23 1925.
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS SEPT.
Federal Reserve Agent al-
Boston
8
(Too Ciphers (00) Omitted.)
P.R. notes reed from Comptrer 272.818,0
97,630,0
F.R. notes held by F R. Agent
F.R. notee issued to F.R . bank 175.188,0
Collateral held as security for
F.R. notes Issued to F.R. Bk.:
Gold and gold certificates._ 35,300.0
9.631,0
Gold redemption fund
Gold fund-F.R. Board__ 100,000,0
179,494,0
Eligible paper
224.425.0
Totaleollsteral
New York
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louis
Minn. Kan. Clts
Dallas
San P.
Total
S
$
$
$
S
5
3
$
$
S
$
S
98,878.0 71,698,0 313,576.0 2,950,946.0
764,086.0 216.792.0 285,588,0 113,809.0 224,257,0 430,704.0 69,490.0 89.250,0
67.000.0 963,786,0
290.860.0 33,800,0 44,870,0 21,799,0 51,355,0 268,577,0 23,360,0 19,450.0 25,733.0 19,352.0
73,145,0 52,346,0 246,576,0 1,987360,0
473.226.0 182.992,0 240,718,0 92,010,0 172,902,0 162,127,0 46,130,0 69,800,0
.
307,901,0
17.136,0
10,975.0 13,052.0
186,698.0 4.800,0 8,780,0 21,160.0 10.000,0
4,774,0 18,774,0 105,346.0
28,030.0 8,775.0 13,755.0 3,016,0 7,218.0 4,429,0 1,805,0 1,237,0 3.902.0 11,500.0
992,447,0
176,258,0
46,630.0
31,000,0
86.000,0 113,889,0 160,000,0 21,295,0 112,009,0 130,645,0 3,500,0
80.066.0 838,938,0
234.179,0 59,185,0 77.590,0 52,958,0 46,093,0 88,596,0 38.330,0 28.702.0 33,607,0 20.138,0
2,244.632,0
534.907.0 188.649.0 260,125.0 98.429.0 175,311.0 223,670,0 54,610.0 73,991,0 83,869,0 53,548,0275,008,0
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;
behind
the liabilities of the 727 member banks from which weekly returns are obtained. These figures are always a week
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
figures
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the
1521
page
on
Events
and
Discussions,"
"Current
for the latest week appears in our Department of
lb 1925. Three ciphers (900) omitted.
I. fiats for all reporting member banks In each Federal Reserve District at close of business Sept.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
4
Total.
Federal Reserve District.
Boston. New York
Phila.
Number of reporting banks
Loans and discounts. gross:
Secured by U.S. Gov't obligations
Secured by stocks and bonds__
All other loans and discounts---
102
42
3
$
66.083
10,245
324,749 2.235.416
642,670 2.551.275
55
$
12.534
348.981
385.403
75
5
19.208
491.595
772.643
72
8
6,497
133,956
374,777
100
36
$
8
30,542
7.457
96.380 813.713
411,708 1,222.912
33
II
7,228
173,101
323,652
25
5
2.426
68.935
178,846
71
$
3.705
110,354
331.189
49
$
3.144
80,957
217,717
Total loans and discounts
investments:
U.S. pre-s ar bonds
U.I. Liberty bonds
U.S. Treasury bonds
U.S. Tressury notes
U.S. Tressury certificates
Other bonds. stocks and securities
977,664 4,852,774
746.918 1,283,446
515,230
515,545 2,067,167
503,981
250,207
445,248
301,818 1,137,922 13,697,920
9,965
39.809
79,257 596,526
23,643 200,334
4,615 182,246
7.483
17,112
203,348 1,141,391
9.690
49.978
15,875
7.796
5,703
253,256
32,281
170,383
33.834
34,725
23.178
347,850
24,644
29.489
8.079
2,023
3,160
63.137
14,899
14,041
5,765
2,347
8,244
52,585
17.608
170.206
55.875
73.215
12.442
425,041
12,707
22,788
11,247
6,737
3,648
112.441
6,896
25.769
12.283
19,346
1,821
42,443
8,784
48.583
15.994
16.758
3.979
80.967
325,311 2,177,418
342,298
642.251
130,532
97.880
754,387
Total Investments
Total loans and investments.- 1.302.975 7,030.192
96.128 739.705
Reserve bsiancee with F. R. Bank20.344
76,350
Gash in vault
895.203 5,588.598
Net demsnd deposits
363.167 1,183.465
Time deposits
5.251
13,463
Government deposits
Bills pay'le a roller. with F R Bk.:
3.575
56.551
Secured by U.S. Gov't obligations
4,773
26.736
Ail other
Bankers' balances of reporting member banks in F. R. Bank cities:
127,393 1,111,759
Due to tinnks
43.903 103.199
Due from banks
1,089,216 1,925,697
82,064 122,076
30,734
16.068
763.878 1,009,301
181,030 751,693
29,824
17.897
169,588
108.558
175.065
645.762 613,425 2.821,554 673,549
46.620
45,127 247,077
38,607
7.969
50,973
10,284
13.823
392,204
1,809,424
365,518 380,273
198.324 262,185 977,563 210,081
5.108
23,001
11.090
1.209
358.765
24,492
6,091
234,408
104,571
3,048
620,313
52,919
12,208
497,991
140.108
2,134
727
67
$
I
177,392
8,323
245,396 5,123,533
884,203 8,296,995
17,090
17.277
7,101
8.225
5,623
20,891
218,302
23,929
144.397 1,368,694
436.362
49,333
385,171
27.138
118,299
25,906
193,332 2,936,682
76.207
464,035 5,463,510
378.025 1,601,957 19,061,430
29.135 104,113 1.628,072
21,529
10,681
277.054
268,519 779,650 12,964.967
94.820 777.822 6,184,829
8,562
22,869
143,456
7.288
18,588
26,307
24,624
7,430
17,465
5,334
11,723
13,547
10.269
3,843
19,161
2.785
1.212
717
1,582
1,207
1.389
185,357
61.594
51,181
27.897
34,109
17,477
29,654
12.496
372.476
180,049
82,913
28.927
55,935
22,386
104,923
49.009
35,639
33,318
29,064
8,161
157,648
145.683
115,837 2,307,176
636,659
56,404
3. Data of reporting member banks In New York City. Chicago. and for whole country.
Ntlmber of reporting banks
Loans and discounts grown
Securen by U. S. Govt. obligati
Secured by stocks and bonds
All other loans and discounts
Reporting Member Banks in N. Y. City. Reporting Member Banks in Chicago.
All Reporting Member Banks.
Sept. Hi 1925. Sept. 9 1925. Sept. 171924. Sept. 16 1925. Sept.91025. Sept. 17 1924. Sept. 16 1925. Sept. 91025. Sept. 171924.
46
48
67
46
61
747
61
727
727
$
$
$
$
$
$
$
$
$
22,892.000
25,093.000
77.186,000
21,788.000
57,188,000
60,770,000
199,661,000
171,525.000
177,392.000
1,784,339,000 618,058.000 602,145.000 517,772,000
5,123,533,000 5.063,053,000 4,355,063.000 1,984,543,000 ,962,033,000
8,296.995,000 8,207,542,000 8.022,394,000 3,245,549,000 2,201,941,000 2.250,940,000 676,208,000 682,189,000 731,853,000
13,597,920,000 13,442,130,000 12,577,118.000 4,290.862,000 4,221,162,000 4,112,465,000 1,317,158,000 1,306,122,000 1,274,718,000
Total loans anti discounts
Investments:
4.130,000
40,761.000
1,917,000
1,017,000
29,098,000
29,098,000
267,060.000
218,326,000
218,302,000
U.8. pre war bonds
590,595,000
72,590,000
94,261.000
95,736,000
1,368.694.000 1,377,865.000 1,407.971,000 499,364,000 503.126,000
U S. Liberty bonds
3,413,000
17,557.000
13.626.000
17.787.000
184.829,000
68,669.000
184.277,000
433,819.000
436,362,000
bonds
Treasury
B.
U.
79,056,000
67,842,000
58,170,000
590,245.000 170.135,000 169.689,000 270.423,000
386.412,000
385,171,000
U.S. Treasury notes
21,794,000
3,249,000
1,206,000
37,873,000 115,384,000
13.088,000
288,131,000
97.494,000
118,299.000
U. S Treasury certificates
851,819,000 791,594,000 191,773,000 194,806,000 180,537,000
Otheibonds stocks and securities. 2,936,682,000 2.943,042.000 2.672.406,000 846,682,000
5,463.510,000 5,456,958.000 5,294,482.000 1,742,624,000 1,776,234,000 1,822,383,000 364,884,000 371,337.000 361,520,000
Total investments
8,000 1,682,042,000 1,677,459,000 1,638,238,000
Total loans and Investments_ 19,061,430.000 18,899,088,000 17,871.600,000 6,033,486.000 5,997.396.0005.934.84
703,318.000 830,383,000 168,372.000 164,135,000 174,353,900
Reserve balances with F. R. banks.. 1,628.072.000 1,650,823.000 1,750.240.000 682,981.000
27,711.000
63,555,000
64,669.000
23.950.000
23.685,000
278.654.000
61.717.000
287,742.000
277.054,000
Cash In vault
1,213,247.000
12.984,967.000 12,812,832,000 12,788,545.000 5.038.323.6004,950,382.000 5,227,974,000 1,183,376.000 1.191,337,000 402,042,000
Net demand deposits
747,183,000
786,975,000
470,389,000
470,115.000
4,622,281,000
789,016,000
5,202,579,000
5,184,829.000
Time deposits
9,834,000
37,909.000
3.759,000
4,120,000
9,916,000
232,915,000
4,120,000
34,423,000
143,458,000
Government depo5111.
Rills payable and rediscounts with
Federal Reserve Ranks:
335,000
4,625.000
2,871.000
4,386.000
30,360.000
34,640,000 142,740.000
290,347,000
157,648.000
Secured by U. S. Govt. obligations
8.907,000
1.746.000
52,706.000
6,562,000
46.419,000
23.541.000
151.498.000
145,683,000
All other
--225 ma
4 RA7 non
in 044 non
13.532.04)0
59.181.000 105_445 Ann
76 779.800
441 R4A.000
son 251 000
Total borrowingsfrom F. R bks.
SHPT. 26 1925.]
vautursi 05azettt0
Wall Street, Friday Night, Sept. 26 1925.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 1534.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Sales
STOCKS.
Week Ended Sept. 25. for
W colt.
Range for Week.
Lowest.
Highest.
• Range Since Jan. 1.
Lowest. t Highest.
Par. Share, $ per share. S per share. 3 per share.S per share.
Railroads,
7 201% Sept 21 20134 Septi21 203 June 203 June
Albany&Susqueliana 155
Bruns Term Hy 0ee_10 4,200 734 Sept 25 9% Sept 21 3
Feb 934 Sept
Beech Creek RR
3834 Sept 23 389-4 Sept 20 3834 Sept 3834 Sept
IOU 7% Sept 22 7% Sept 22 7
Sept 15
Chic Mil & St P otts.100
Sept
700 14 Sept 22 15 Sept 22 14
Preferred ette
Sept 15
Sept
boo 10534 Sept 21 1093( Sept 26 9334 Aug 10934 Sept
Ches Ohio Ws
100 115 Sept 21 115 Sept 21 115
Sept 115
Clev Chic, & St Louis pf_
Sept
300 11 Sept 22 6 Sept 2Duluth ei 0 & Ad pf_100
334 Apr 6% Jan
Mei 3134 Sept 19 32A Sept 26 2534 July 3334 Aug
Erie certificates
300 61 Sept 22 165 Sept 1. 43
Apr 175
Nash Chau st St L...100
bent
2uu 5% Sept 22 534 Sept 2, 334 Apr 6
May
Nat Rye ales let p1.1
luu 12134 Sept 21 12134 Sept 21 113% Feb 12334 May
New ori 'res & Mes_100
Si 279 Sept 21 283 Sept 2a 02
Aug 294
N Y Rys sots
May
200 8% Sept 26 894 Sept 2i, 834 Sept 12 June
Preferred Mfg
luu 91 Sept 22 91 Sept 22 8894 Jan 9234 July
NY ChIc&St L pf sets Is
10u 3034 Sept 25 3094 Sept 25 28
New X ork State Ry
Sept 3094 Sept
100
Preferred
Is 143 Sept 26 143 Sept 25 139
Jan 143
Sept
Reading Rte
2,800 18 Sept 2.5 1994 Sept 10 1634 Aug 2434 Jan
Turn City R I pfd_10
100 9934 Sept 22 9934 Sept 22 9434 Jan 10034 July
Indus. & Miscall.
American La brittle°
200 96 Sept 24 96 Sept 2s 9534 Feb100 June
Preferred
10
• American Repubilos_
400 5534 Sept 24 6194 Sept 20 48
Jan 76 June
American Swirl
1
1,400 145 Sept 19 14735 Sept 20 13834 Apr 150% Feb
• 100100 Sept 10 100 Sept lb 9834 Mar 102 June
American Snuff pref _1
Amer Typetds pfd
lu ol/ A Sept 22 10734 Sept 22 10534 May 110
Jan
Arnold Constable etla _ _ 1,90u 1234 Sept 21 14 Sept 2t 10
Sept 1434 Sept
211u 1734 Sept 2s 1734 Sept 20 15 June 1734 Sept
Art Metal Coostrue__Iii
Atlas Powder
1,0ut 60 Sept 2.. 51.134 Sent
45 June 0234 .1: eb
Barnet Leather pret. _
let WI) Sept l'. 100 Sept 2, 9334 Jan 100
Sept
Booth butt:terms let pf10
Mk, 4334 Sept 2., 46 Sept,... 25 June 46
Sept
British Flambe Ste....1.1
hit 1% Sept 21 134 Sept 21
May 334 Jan
2d prof
its
40t, tirs Sept it 834 Sept I. 6% July 11% Feb
Burns Bros pret 7%
lob 9434 Sept 24 9434 Sept Is 9194 July 9734 Apr
Cluett, Peabody prof 1
100 t06% Sept 25 1063.4 Sept 2., 103A Jan 109
Sept
toil 10034 Sept 23 10034 Sept 23 99
Coca-Cola prof
Jan 10134 Mar
Colo Fuel & Iron prat 10
BM 106 Sept 2.- Wti Sept 22 106
Sept 110A Aug
Commercial CIedit
3,900 3834 Sept 24 40 Sept 24 3834 Sept 40
Sept
Preferred 7%
000 2534 Sept 24 253.4 Sept 25 2543 Sept 2594 Sept
Preferred
100 2634 Sept 24 2694 Sept 25 2634 Sept 2634 Sept
1,200 68 Sept 23 76 Sept 25 50
Com Invost Trust
Jan 76
Sept
Preferred
200,104 Sept 23 104 Sept 23 102
Mar 106A Jan
CM 50 Sept 21 5234 Sept 23 36
10
Crex Carpet
Mar 5234 Sept
• 500 79 Sent 24 80 Sept Is 62
Cushman's Sons
Mar 87 June
1
Deere dr Co prof
July
30010534 Sept 21 10634 1%0.22 8234 Jan 107
Detroit Edison rights,. _ 7,100 3% Sept 2.. 594 Sept 2b 234 Sept 5% Sept
200; 13 Sept 10 25 Sept 24 13
Elk Horn Coal Corp pi
Sept 25
Sent
750; 18 Sept 25 20 Sept 10 8
Emersondsrant prof _1
May 26% Aug
600 32% Sept 2-a 3394 Sept 24 3234 Sept 33% Sept
Fair(The)Co
101)110 Sept 20 110 Sept'20 106% June 110
Fair, Morse pre(
Sept
500, 82% Sept 21. 0334 Sep.,lb 82% Sent 87
Fed Lt & Tree pret...1
Mar
3, 95 Sept 21. 95 Sept 22 95
Fisk Rubber 2d pref.__.
Sept 95
Sept
300 102% Sept
First Nat Fiat let pf_10
102% Sept 22 100 June 102% Aug
8.400 69% Sept 21 71% Sept 10 6934 Sept 72
Fox Film "A"
Sept
300107% Sept 2x 108% Sept 24.104
General Cigar deb pfd10
July 109% Feb
100 9834 Sept 24 98% SePt24 8834 Apr 9834 June
Can Motoris mei
cote 334 Sept 20 4 Sept 22 334 Sept 6% June
Guantanamo Sugar__ _
1.100 22% Sept 24 23 Sept 24 22;1 Sept 23
Gould Coupler "A"
Sept
200 58 Sept 25 59% Sept 25 42% July 09
Hanna lst pref C I A-10
Feb
WO 71 Sept 26 74 Sept 25 06
Beime(G
2
May 83
Apr
100 81 Sept 21 81 Sept 21 77
Indian Refining pret.10
Mar 95
Jan
103275 Sept 21 278 A Sept 21 218
Ingersoll Rand
1
May 285
Aug
13 105 Sept 26 105 Sept 23 105
Preferred
Sept 105
Sept
Internet Cement port I
Sept 107
1,400104% Sept 20 105% Sept 23 104
Aug
18,081 494 Sept 24 63.3 Sept 19 2 ,Mar 794 Sept
lot Tel dr Tel rights
Jones & is Steel, pref _100
Aug
200113% Sept 2z 11534 Sept 25 111% Feb 116
C Pow & Lt, let prof.
Jan 109% Sept
200108% Sept 25 10934 Sept 21 99
200
Kansas & Gulf Cas
A Sept 25
1
A Sept 2b
A May 134 June
100 100% Sept 19 10044 Sept 19 95
Kinney Co. prat
10
Apr 100A Sept
Mackay Cos, pref....11) 2.500 69 Sept 21 7734 Sept 23 66
Mar 78% Fqb
Mack Truok, let paid_ _ 6.700209 Sept 23209 Sept 23 199
Aug 232
Aug
WO 116% Sept 19 116% Sept 19 114% Jan 118
Macy Co, prof
10
Aug
10
200 45 Sept 24 46 Sept 25 44
Manati Sugar
Sept 55
July
100123 Sept 22 123 sSept 22 11634 Mar 124
May Dept Stores. Pf-1
June
100 INA Sept 19 116% Sept 19 9734 Apel16 A Sept
Metrupol Edison. pref. _
100 91 Sept 22 91 'Sept 22 83% Apr 94 June
Mid-Cont Petrol, pf.10
• 3,900 se% Sept 24 33 Sept 23 3034 Aug 42% Mar
Murray Body
200 5434 Sept 22 90 Sept 25 52
N & 11 Ry,O& B.10
Feb 110
July
• 5,000 57 Sept 19 6034 Sept 24 17
Feb 6034 Sept
Y Shipbuilding
100 100 Sept 21 100 Sept 21 97
Jan 102 June
N Y Steam. let prat__
100 108 Sept 25 108 Sept 25 107
Nies L &0Pow, prof 10
Feb 108
Sept
Norwalk Tire & Rub-1 12,300 1534 Sept 21 1634 Sept 24 1534 Sept' 18% Aug
800 83 Sept 24 87 Sept 25 7834 Mari 87
Onyx Hosiary, pref-100
Sept
Jan 10434 Sept
Orpheum Circuit, pf.1
200104% Sept 24 104% Sept 24 98
500 108 Sept 21 108 Sept 21 101
Feb 112
Otis Elevator, pref....1
July
100 41 Sept 23 41 Sept 23 41
Pacific Coast 2d pre
Sept 41
Sept
6,200 8034 Sept 24 85 Sept 24 8034 Sept 85
Petite Exchange A
Sept
100 38 Sept 111 38 Sept 19 38
Panhandle P & R,pf.
-10
Sept 6034 Feb
200 49 Sept 24 49 Sept 24 4594 Jan 49
Philadelphia Co, pref.
July
500 32 Sept 24 3234 Sept 21 18
Apr 4234 July
Phoenix Hosiery
200 9534 Sept 2x 9534 Sept 22 84
1
Preferred
Apr 9534 Sept
200 8434 Sept 21. 85 Sept 23 79
July 88
Pitts Term Coal pref 1
Jan
500, 01% Sept 21 62 Sept 23 4034 Mar 62
Porto Rican-Am Tob 1
Sept
300 30 Sept 21 31 Sept 21 27
Sept 4734 Feb
Prod & Ref Carp prer-51
P E3 Elea & Gas pref_ _10 1,700 97 Sept 26 9734 Sept 19 9214 May 9794 Sept
100 104 Sept 10 104 Sept 19 9634 Sep 105% Sept
Pub Serv Elec pr prof 10
40 7034 Sept 25 71 Sept 25 7034 Sept 71
Railroad Securities_
Sept
300 117% Sept 25 11934 Sept 25 14% Mar 121
-10
Ry Steel Spring pref.
Aug
400, 95 Sept 23 9534 Sept 24 94
Sept 95% Sept
Reid Ice Cream pref. _ _
100, 88 Sept 24 88 Sept 24 63
Mar 9494 July
Reis(Robt) & Co let pf_
600 5334 Sept 24 54 Sept 23 SOX Mar 5534 Aug
Stand Gas dt Elea 10_5
11,375' 134 Sept 21 1% Sept 19
Id Sept 2
Rights
Sept
200 425 Sept 23 125 Sept 23 255
Apr 425
Tex Pac Land Trust.10
Sept
100 100 Sept 23 100 Sept 23 100
Tidewater Oil pref _ _10
Aug 100
Aug
7.800 2534 Sept 21 2734 Sept 22 issi Apr 2734 Sept
United Paperb'd 00.1
100; 434 Sept 25 4% Sept 25 334 July 434 Mar
10
U S Express
400
55 Sept 22 56 Sept 25 5134 Mar 5634 June
IjS Tobacco
100 112% Sept 2Z 112% Sept 22 10634 Apr 112A Sept
101
Preferred
300, 1 Sept 25 15 Sept 24
% Mar 2
Sept
Va Carolina Chem otfs.. _
100 1044 Sept 25 1034 Sept 25 4
Preferred Miss
Mar 18
Apr
300 37 Sept 19 37 Sept 19 30 June 4334 Jan
Virginia Coal & Coke 10
100'
70
Sept
21
70
Sep::
10
21 70
Sept 7934 Jan
Preferred
100', 634 Sept 21 634 Sept 21 6
Aug 8
Vulcan Detinning- - -1
Mar
100 8634 Sept 25 8634 Sept 25 7934 Mar 8644 Sept
Westingh'se E & M 1st p
100 107 14 Sent 27 11)75( Sent 2 104
JAM 111
July
West Penn Power of.lot
* AO per value.
p Foreign Exchange.-Sterling exchange continued to
move downward, although the declines were again confined
to fractions. Trading was very dull. The Continental
exchanges were also inactive, but irregular movements were
still in evidence in the Scandinavian division. French,
Italian and Belgian currencies showed only minor changes.
1547
THE CHRONICLE
To-day's (Friday's) actual rates for sterling exchange wore 4 8134(44 82
for Meta days, 4 84 43(?e4 8434 for checks and 4 8454(4)4 8434 for cables.
Commercial on bands, sight. 4 8404 8434; sixty days. 4 8034 og4 804;
ninety days. 4 79% a4
, mi. and documents for payment (sixty days),
4 S034@4 ROM: cotton for payment, 4 84@4 8434. and grain for payment.
4 84@4 8434.
To-day's (Friday's) actual rates for Paris bankers' francs wero 4 67(4
467% for long and 471 34©4 7234 for short. German bankers' marks
are not yet quoted for long and short hills. Amsterdam hankers' guilders
wero 39.7491,39.75 for long and 40 10(4)40.11 for short.
Exchange at Paris on London. 102.29 fr.: week's range, 102.13 fr. high
and 102.42 fr. low.
The range for foreign exchange for the week follows:
Sixty Days.
Cheeks.
Cables.
Sterling Actual4 82
484 5 16
4 84 11-16
High for the week
4 84 7-16
481
484 1-16
Low for the week •
Paris Bankers' Francs46801
4 7311
High for the week
47434
4 7234
46534
4 71 .%
Low for the wee.:
Germany Bankers' Marks23 ft1
23.81
High for the week
23 8034
23.8034
Low for the week
Amsterdam Bankers' Guilders40.10
39.75
40.21
High for the week
39.71
40 15
40 17
Low for the week
Domestic Exchange.-Chicago. par: St. Louis, 15025c. per $1,000 discount; Boston. par: San Francisco, par; Montreal. par; Cincinnati. Par,
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.-B low
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stock
Exchange. The transactions in registered bonds art- given.
in a footnote at the end of the tsitithititte.
Daily Record of U. S. Bond Prices. Sept. 19 Sep1.21 Sept. 22 Sept. 23 Sept 24 Sept.25
'High 100,
..1 1002°,2 100"w 100,.$2 1011,,s, 100•31
First Liberty Loan
3.4% bonds of 1932-47_.i Low_ 1001% 1009n 1004 1008,2 11/0..2 100.00
(Close 1002orr 100,4, 100"ar 100hr 100.4 100.00
(First 3550)
4
54
164
66
58
73
Total sales in $1,000 units....
____ llguon
____
-___
____
____
Converted 4% bonds of I High
__---._
__----- -- - 100•01,
1932-47 (First 48)____( Low_
Total sales in 31,000 units.. _
Converted 4 A % bonds (high
of 1932-47 (First 434s)( Low_
(Close
Total sales in $1000 unto__
Second Converted 434 % i High
bonds of 1932-47 WindtLow.
Second 4348
Total sales in $1,000 units___
Converted 454% bonds (High
4% 000(18 01 l927-42._ (Low_
(Close
(Second 4s)
Total sales in $1,000 units...
(High
Second Liberty Loan
of 1927-42 (Second (Low.
(Close
434s)
Total sales in 31.000 units. __
(High
Third Liberty Loan
4349 bonds of 1928__( Low_
lei0S0
(Third 4 KO
Total sales in $1,000 war_ _ ..
(High
Fourth Liberty Loan
4%% bonds of 1933-38_ _(Low_
(Close
(Fourth 4548)
Total sales in $1,000 units_
[High
Treasury
(Low_
431s, 1947-52
(Close
Total sales in $1,000 units___
IH lgh
(Low_
4s. 1944-1954
(Close
___
__ _
1
____
____
____
102Ar 102.00 1010n 102.00 102.00 101"ss
101%, 101,84: 101,Tss 101".1 101nn 101,1,3
1012so 1012812 101wo 101".1 1011so 1012sn
24
20
24
35
13
21
-___
____
1AR
____
____
_-__
____
____
--------10010,,
___
_-_ 101len
____ --__ 100on
._
.. _ _
5
101.00
101.00
100"n
100"st 100-•ss 100on
100"n .10000sr 100"ss
113
121
73
101orr 101orr 101.1n
101",, 10112n 101"sr
101lin 1011an 101i•oi
89
262
136
10218ot 102lin 102"11
102•31 102on 102%
10210, 102821 102•.:
87
600
284
10623n 10624n 106841
106isto 1061031 106"os
10615as 1061,si 106"to
9
'28
27
103,31 1034n 103.00
102"ol 102•812 1024,1
103,n 103In 103.00
AR
____
____
----
____
____
-- 100on
-.--
100"11
---__
10-1.00
100"n
100"n
21
10111.2
101"n
101iiin
152
1021212
102Boo
102"ii
199
1061in
106"io
1013".,
10
103•12
102"in
103e o
1RR
11111
100'ems
6
100,41
100•Ar
100"n
188
101ion
1014n
101"n
284
102"io
102sio
102•31
237
106"11
106"io
1061eio
8
103•to
102"oo
102"n
-101.615
100"In
100"11
64
101oss
101"ar
101ien
398
10210,1
1020to
102•ao
207
-----103%
103•ss
103•22
II
‘-
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1011•12 to 101",,101",,26 4th 4345
100",,to 100"t: 2 Treasury 4%s
1019n to 101":2
6 1st 4%5
25 2d 4%8
52 3d 4)is
102$11 to 102•os
106lso to 1068n
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
ins.
Rate.
A14
Bid.
Mar.15 1926-- 494%
Dec. 15 1925- 434% 1004
Sept. 16 1926-- 4 Si % 1009,4
99"31
3%
June 15 026-
Asked. 11
Maturity
Rate.
Bid.
Asks&
100"to June 15 1926.- 334% 99"to 100
__ 4% 7, luitio
100,14 Ives, le
Pito
100°to Mar. 15 1927.... 41.1% 101% 101%
99',, 100
9931 ' Dec. 15 1925_
8%
New York City Banks abd Trust Companies.
AU prices doUars per sears
4s1
Trust Co.
Bid
Ask
Banks
Biel
Banks-N.Y Bid
AM
New York
.._ Hamilton.-- 175
185
Atuerlca •-- z285
:oiler Etch. 425 435 Hanover_ _ 0s85 1115 smerlean --Harriman... 490 505 slank of N )
Amer Union' ,90
& Trust Cs 605
Broadway Cm 210 240 Manhattan* z210 215
rankers True, 518 555
Ylech & Met 433 437
Bronx Boro• 650
irons Co Tr 205 230
Mutual'.... 425
Bronx Nat- _ 225
Bryant Park' 215 225 Nat America, 157.
.. ;entral Unto, 881 890
355 365
National CID 500 510 ▪mpire
Butch & Drox 188
220 24') New Netb*. a55
Capitol Nat
475 ,oiuitable Ti 308 312
arm L & Tr
100 510 '
580
Cent Mercan 280
90 Park
IS
126 Fidelity Inte, 300
507 515 Penn Exch._
Chase
340
Fuiwn
Port Morris. 200
Chatir Phenix
Itteranty Ti 370 375
550 580
Nat Bk &Ti 353 358 Public
rving BankChelsea Etch• 223 233 Seaboard...
Columbia T, 319 323
o68 Seventh Ave (
13.11 tl53
1
Chemical -. 862
dowyers Tr
itandard
Coal di iron_ 315
400
denuraetures 500
510
- Mate*
560
Colonial* --.
386 390 rrade•
Commerce
140
150 Autual(Wein
cheater)
200
225
Cone°wealth' 825 335 United
Y Trust- 488 492
United States* '275 282
Continental. 230
520 525 Wash'n Elts• 3010
Gu & Ti 60 625
Corn Each
wrooklyn
70
12 S Mtg & T1 ;162
Cosmop'tan• 19)
350 365 Coney Island. 210 - United State. 1815 1835
East River
stenches Tr 400
45,,
Fifth Avenue* 23510
-00 First
Mechanics"
Brooklyn
850
235 235
First
srooklrn Ti 815
Franklin _- 150 160 Montauk'- 250
300 325 Kings Count> 1150 2350
Garfield -.- 360 370 Nassau
270
People's
300
Grace
Midwood-- 120
People's
420 450 Queensborn.. 175
900 925
Greenwich'
*Banks marked (')are State banks (s) Ex-dividend
New York City Realty and Surety Companies.
•
Bid
165
153
275
230
Alliance Rit1
Amer Surety-I
Bond & M G.
Lawyers Mtge
Lawyers Title
* Cloarentee 318
AU prices dollars per share.
Ask
156
285
237
323
Mtge Bond__
Nat Surety__
N Y Title &
Mortgage__
US Casualty_
S Title Guisr
Bed
135
210
420
315
365
A -k
Bid
140 Realty Assoc
214
(Bklyn)corn 465
let pret___ 92
26 pref._ 83
430
Westchester
Title & Tr_ 415
375
4.8
480
97
86
1548
flew York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FIVE PAGES.
For sale* during the week of stock. usually inactive, see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 19.
& onday.
Sept. 21.
Tuesday.
Sept. 22.
Wednesday
Sept. 23.
Thursday,
Sept. 24.
Friday.
Sept. 25.
Sales
for
the
Week.
$ Per share 3 per share $ per share $ per share $ per share $ per share Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Par
Railroads.
900 Ann Arbor
100
*3612 40
3612 3718 36
36
*3718 40
*3718 40
37
37
Do pref
100
.56
58
57
5712
*5512 574 *5512 58
*554 58
•5512 58
12212 12313 123 12338 15,000 Ateh Topeka & Santa Fe 100
12318 12312 12212 12358 12214 1234 12234 124
100
9534 *95
9538 9518 9514 1.100 Do prof
9538 9538 9514 9514 9518 9534 *95
57g
614 612
6
612 612 5,100 Atlanta firm & Atlantic__ _100
6
6j
61
6
612 6%
100
19718 20114 19614 19814 19612 19978 9,200 Atlantic Coast Line R11
19614 19614 19578 19812 196 198
100
8258 8318 8214 8358 82
8278 8278 8378 8212 8358 8258 8358 84,800 Baltimore & 011Io
600 Do prof
6618 6638
100
*6512 6534 6534 66
*65
66
*6512 66
66
66
4538 10,800 Bangor & Aroostook
50
4518 45
4578 45
4312 43
4358 *42
43
4358 *42
100 Do pref
100
95
*9434 9512
*9478 954 95
95
•94
95
96
9534 96
5578 20,900 Bklyn Manh Try t o___No par
5434 5578 55
574 5712 5578 5778 5534 5732 5512 56
500 Do met v t o
Nova?
*80
81
8078 81
"80
81
81
81
81
•81
8112 81
Buffalo Rochester & Pitte_100
8612 *76
8612 *7612 8612 *76
8612
*8212 85 .80
*8212 85
100
14838 14978 149 15078 14812 14914 14812 15014 14918 15038 15038 15178 23,200 Canadian Pacific
900 Central RR of New Jersey_100
290 290 *290 298
29434 29434 29434 298 *290 300 *290 300
100
10518 10554 10518 10634 105 10638 10638 10878 10734 11014 10938 11138 106,400 Chesapeake & Ohio
Do pref
100
115 115
11514 11512 2,300
11218 11218 11212 11212 113 11314 114 114
534 534
300 Chicago & Alton
100
512 512
"578 6
*558 6 1 *534 6
*558
Do pref
100
1138 1188 1,500
12
1178 1178 1118 1114
*1218 1212 1218 1214 12
200 C C C &St Louis
100
152 152 *15012 160
*151 160 *151 160 .151 160 *151 160
Chic & East.Ill RR
100
*36
3713 *36
3713 *35
3712
37
3712 *36
*35
*35
37
400
Do prof
100
*4512 47
*4658 47
48
*4512 47
4634 48 1 *46
*4512 48
1212 1234 1112 1134 1,400 Chicago Great Weetern_100
1158 1158 1152 124 1158 1158 *1134 12
Do prof
100
2458 2534 2478 2512 5.400
254 26
2534 26 1 2514 26
2512 26
878 958 34,800 Chicago Milw & St Paul_ _100
853 94
814 834
834 878
838 812
838 852
48,100
Do pref
100
1618 1612 1512 1614!- 1514 1578 1534 1638 1512 1614 1534 16
6912 68
6834 6818 6878 9,300 Chicago & North Western_100
6834 6778 6812 68
6834 6834 68
200
Do
pref
100
*112
114
*112
116
.111
116
,•112
116
111
111
111 111
4914 32,600 Chicago Rock 181 & Paciflo_100
48
49
504 4812 4914 4858 4978 48
4914 4978 49
900
Do 7% preferred
100
9834 9834' 9858 99
99
*9814 99
9832 9812 99
*9814 99
Do 6% preferred
100
8 1,000
8614
86
8612
857
857
8
8612 86121 8612 8612 8614
87
87
Chic St Paul Minn & Om_100
*44
46
47
*43
47
47
*45
47
*45
*45
*45
47
Do pref
100
*95 100
*95 100
*95 100
99 .95 100
*95
*95
99
100
6614 6614 6614 6612 1,200 Colorado & Southern
*6612 67
6754 6634 67
6734 67
67
200
Do let prof
100
*64
6412 *6312 6438 *6312 6413
64
6352 6358 *6312 6412 64
Do 2d pre
100
*60
61
65
*60
65
*60
65
65
*60
•____ ____ *60
100
3,300 Delaware & Hudson
14538 14713 14534 146
14718 14834 14634 14712 14634 148
.
148 149
2,400 Delaware Lad,* Western_ 50
13912 14012 139 140
140 14012 141 142
•13912 14112 140 140
Went
prof
100
Denver
Rio
Or
&
2,100
4434
4434
44
443
4
44
447
8
4518
4512
4518
484
46
46
100
3153 3314 14,700 Erie
3213 32
3214' 3134 3278 3112 32
3134 3214 32
100
Do lst prof
411c 4114 4212 4012 4112 4034 4218 14,200
4058 4138 41
4014 41
100
700
Do 20 prof
39
*3734 3912 3834 39
3734 37341 39
*3758 39
*3758 39
100
10,900 Great Northern pref
7312 74
7358 7434 7312 7438; 7358 7438 7314 74
7378 74
Properties_No
par
Iron
Ore
11,500
30
3112
307
8
303
4
30
3
4
31
I
3018
3112'
31
30
313
8
3138
100
3114 3353 4,800 Gulf Mob & Nor
p3414 3484 3212 34 I 3212 33121 33
3334 3114 32
100
Do pref
100 10212 101 10212 1,500
102 103
.103 105 *100 104 *100 104
3,700 Havana Elec Ily, Lt & P_ A00
240 241
24034 24134 240 242
244 24514 241 24414 241 241
100
35
354 3514 3512 3514 3534 3514 3514 6,300 Hudson dr Manhattan
36 1 3514 36
35
100
Do pref
500
70
7073 *6912 701z
71
*70
71 I *7014 71
71
71
71
100
Illinois
Central
3,200
116
116
11518
116
11634
11614
117 117
11738 11758 11614 117
100
Do pref
100
117 117 *114 117 *112 117 *114 117 *115 117 *114 117
100 Int Rys of Cent AmerIca_100
3112 3112 *3158 33
*3112 33
*3112 33
*3112 33
*3184 33
100
200 'Do prof
•6312 65
*61
65
*61
65
6412 6478 *6312 65
*6412 69
25
26
2512 2512 7,400 Interboro Rap Tran v t c_ _100
2538 26
2514 2718 2558 26
*2714 28
100
19,900 Kansas City Southern
4134 4278 4112 4214 41 14 4258 4158 4314 4114 42
43
42
100
Do pref
400
82
6112 '61
62 , 6114 6114 61,
4 6134 *61
6114 6114 *61
50
Lehigh
6,700
Valley
795
8
797
8
7914
8012
7912
80
7913
81
8012
79
8033 8038
100
118 119
118 11972 3,100 Louisville & Nashville
117 11714 118 119
11818 11934 11712 118
Elevated
guar_100
Manhattan
300
11212 11212 113 113 *113 118
115 115 •112 115 *112 115
100
Do modified guar
4414 2,400
4312 4414 4313 4313 44
4412 4412 4412 4412 24412 45
100
034 5,300 Market Street Ry
*9
101
11
1178 1038 1038 10
1118 12
1034 11
100
Do pref
4012 4012 1,300
40
40
50
44
45
4412 4614 *45
46
*44
100
prior
pref
Do
18
1
:0
0
0
0
.
3
1
31
5
3
7
*
U
5
3
61
5
3
14
53
4
3
4
59
637
8
58
603
8
6514
574 60
100
Do 2d pref
3,000
27
27
28
32
*26
31
3312 30
35
2612 2933 31
100
Minneap & St L
314 314
338 338
3
3
318 318
Marie_100
Paul
&
SS
Millil
St
500
4013
4013
41181
4118
*39
41
41
4118
*3912
41
*3912 42
100
Do prof
700
69
69
69
6734 6734 69
69
69
*6812 70
.68
70
4258 37,900 Mo-Kan-Texas RR_ __ _No par
4378 4158 4314 42
4334 4278 4338 43
4314 4312 43
100
Do
prat
8
36
812
8712 87
8713, 86
87
87
8733 877
, 8714 88
100
3
86
85
121
8 26
7,28 00 Missouri Pacific,
3958
3738 3712 3788 3758 3712 3338, 3812 3958 33
100
85
857
81
Do
pref
19,800
4
86
87
843
853
4'
8514
8434
8558 8618 8458 8578
500 Nat Rys of Mex 20 pref-100
218 218I
*2
214
214 214 *218 21
214 214
214 214
100
600 New York Central
12234 12384 12318 12414 212218 12354 1311:2
12314 12334 12178 12358 12218 123
100
3871821 2,900 NYC&StLCo
34
514 18
13214 13434 18
13112 13112 132 132
*12912 13112 131 131
95
100
Do pref
95
9458 9434
9412 *94
94
*9414 9512 *9414
100
3634 374 3718 3778 22,000 N Y N H & Hartford
3758 3712 38
3712 3734 3718 3818 37
2812 2812 2912' 3,900 N Y Ontario & Western_ -100
28
2812 29
2812 2934 2812 29
2934 30
100
44 1 7.500 Norfolk Southern
3978 39
3984 39
39
39
39
*39
40
.39
40
100
& Western
13758 13813 13634 1384 13718 13814 138/2 1404 13914 14138 13912 14112' 48,400 Norfolk
100
Do pref
100
83
*81
81
81
83
*81
*8014 83
*8014 85
*8014 85
100
Northern
Pacific
23,503
8
715
71
71
7214
717
8
7114
7112
71
7112
7034 703 7052
50
32,900 Pennsylvania
4858 49
4912 4878 4914 4878 4918 4858 49
4938 4912 49
100
1812 1834 1834 1934 1,800 Peoria & Eastern
*1712 19
*1712 19
*1712 19 .1713 19
100
2,300 Pere Marquette
7112
73
7114
7114
71
7114
714
72
7118
7214 7212 .71
100
Do prior prof
600
8334 834
*8358 84
*8312 85
84
8412 8412 84
*8412 85
100
Do pref
200
7378 7414
_
*7134 -- *7134
•7134 -- -- *7134
West Va.--100
Pittsburgh
&
4,700
82
8158
827
8
82
8214
82
7
8
8012
8178
8218 8218 8212 -8212
60
8718 15,700 Reading
86
874 8512 8714 88
8678 8712 8633 8813 8618 87
50
Do 1st pref
700
3914 3914 3918 3913 3913 3934 3978 404 3933 393s 4,700
•39
40
50
Do
2d
prof
397
8
40
4114
4014
41
*40
4013 4012 4013 41
100
Rutland RR Prof
60
59
*54
*54
*54
60
60
59
*54
60 .54
•54
9734 974 9834 31,900 St Louis-San Francisco-- 100
9714 9834 0712 9812 9718 9734 9712 9834 97
100
Do pref A
1,100
8978 9034
9034 91
90
8912 8913 90
90
8934 8934 *88
5734 5718 5812 9,400 St Louis Southwestern__ _100
5652
58
5914
57
58
5834
5714
5734 58
100
Do
prof
2,400
77
,
2
763
4
7712
7612
7678 7714
7678 77
77
7734 77
*77
100
4778 4612 4714 33,600 Seaboard Air Line
46
4658 48
4614 474 454 4714 4538 47
100
Do pref
8,800
4814
48
49
4914
4614
4814
48
4778 4878 47
4812 49
100
Southern
Pacific
Co
22,800
2
983
9852 9914 9814 9913 9758 9812 9778
9838 9938 9812 99
100
10718 10812 51.900 Southern Railway
10534 10612 10558 1067g 105 10734 10634 10738 10658 10738
100
Do pref
10,600
92
,
8
9214
9314
9212
93
9212
9434 29212 93
9512 94
95
100
13,100 Texas & Pacific
53
5512 5318 5414 5312 5453 5112 5318 5234 5312
5312 54
100
1218 1212 1,200 Third Avenue
•1212 13
1258 1253 *1213 13
13
13
13
13
Transit_
_100
Rapid
Twin
City
300
8
60
*595
*595.3 60
*5958 60
*5958 60
60
60
62
*60
100
14118 14134 7,700 Union Pacific
1413
8
1423
4
1413
8
143
14212
14214
14214
8
1427
s
14218 1423
100
Do pref
1,100
7512 7512 754 75741
7614 *754 76
•76
7614 70
76
76
100
500 United Railways Invest
25
*21
2612 *21
*23
26
*23
26
2578 26
25
25
100
Do
pref
800
74
*69
74
*66
74
•66
74
*66
74
74
74
73
Virginia Railway & Power 100
132
*122
132
*122
132
*122
132
120 132 •122 132 *122
.
100
Wabash
50,400
443
8
4338
4418
4312 4414 4314 4413 4258 4338 4312 4438 43
100
Do pref A
24,300
7034 71
7114 7178 7053 7138 714 7214 7014 72
7158 72
100
Do prat B
60
*55
60
*50
60
58 .50
60 .52
60 .50
*50
100
Maryland
Western
13,100
1614 1653 1638 1678
1633 1673 1618 1612 1612 17
1678 17
100
Do 20 pref
1,900
233
3
22
22
225
8
23
233
8
23
23
2334
*2313 2412 23
100
Pacific
new
Western
27,400
4
323
3218
3338 3178 3314
3214 3313 3112 3258 3138 3214 32
100
Do prat new
1,600
77
7712 77
•7634 7714 *77
77
7712 7752 7714 7734 77
100
Ry
Erie
Wheeling
&
Lake
7,400
2018
197
8
20
207
21
2014
8
20
2012 2034 1934
2034 21
100
Do prof
4312 4318 4378 4,400
4312 4278 4312 4278 4314 4278 4312 43
43
6714
67
67
67
67
6712 67
67
68
68
.130 132 •
8130 132 *130 132 •130 132
98
9314 04
*9012 9212 *9012 9213 9212 9213 93
1534 1534 *1513 16
1614 1614 1534 1633 1512 16
5914
58
59
573
4
5913 *5712 59
58
59
58
10
11
1038 1034 10
11
1034 11
1034 11
11238 108 11138,
10818 11078 10912 11112 10858 11238 11018 1114
1012 11 1
11
1114
11
1114
114 1138 11
z EX-rights
a Ex-dividend.
•B18 and asked prime.
6634
13134
9834
*1512
58
1014
10878
1012
PER SHARE
Range for Year 1925.
On basis of 100-share tots.
Lowest
Highest
$ Per share
5 per share
22 Feb 17
40 Mar 24
11614 Jan 16
9212 Feb 17
3 Jan 14
14714 Jan 16
71 Mar 30
624 Apr 21
3514 Mar 23
89 June 22
3518 Jan 5
7272 Jan 2
48 Apr
1364 Mar 30
265 Mar 30
8914 Mar 30
10514 Apr 14
35s Apr 24
54 Apr 23
140 May 20
2934 Mar 30
40 Mar 30
9 Jan 2
1914 Mar 30
344 Apr 20
7 Apr 20
47 Apr 14
10134 Apr 14
4012 Mar 30
92 Jan 2
82 Mar 30
3318 Apr 22
7314 Apr 21
444 Jan 6
60 Mar 26
54 Jan 21
13312Mar 30
125 Mar 30
35 July 3
2634MaY 15
35 June 23
34 June 29
60 Apr 24
2634 Aug 15
23 Mar 30
8912 Mar 30
112 May 16
2134 Mar 18
644 Feb 18
111 Mar 31
1124 Apr 23
18 Jan 8
5912 Jan 2
134 Mar 23
2852 Mar 30
57 Jan 15
69 Mar 30
106 Jan 15
64 May 20
3218 Mar 23
NNW 11
20 Jan 13
4314 Mar 20
16 Mar 19
212 Jan 5
3058 Apr 4
40 Mar 30
2814 Jan 2
7434 Jun 2
3058 Jan 5
71 Mar 30
112June 24
11314June 10
118 June 24
8812 Jan 6
28 Mar 24
2052 Apr 4
214 Apr 22
12312 Mar 30
754 Jan 8
5814 Apr 25
424 Apr 9
1334 Apr 30
6134June 24
78 July 29
6812 Apr 16
63 Mar 19
6984 Mar 30
354 Mar 18
3614 Mar 18
42 Apr 24
574 Jan 16
713 Jan 20
4334June 11
7018June 25
2032 Jan 16
35 Mar 30
97 Sept 2
7752 Jan 2
83 Jan 2
4314 Jan 27
712 Apr 17
58 Jan 22
13314 Apr 24
72 Jan 30
18 Aug 31
484 Mar 23
6418 Jan 14
194 Mar 30
5534 Jan 20
3812 Jail 21
11 Mar 24
16 Mar 27
1934JulY 31
72 July 27
1034 Mar 31
22 Apr 2
44 Aug 19
6012MaY 8
12778 Mar 2
9738J une 25
712 Mar 6
201 Sept 18
8414 Mar 6
6612 Jan 6
4578Sept 24
96 Sept 15
59 Sept 15
82 July 28
9238MaY 2
15238 Jan 8
321 Jan 3
11138Sept 25
11512Sept 25
1038 Feb 9
194 Feb 21
16412 Feb 11
3814 Aug 25
574 Jan 2
15 Feb 7
3288 Feb 6
1638 Jan 7
28I1 J .n 7
7538 Jan 12
117 Mar 5
5414 Mar 3
9914 Feb 21
8912Mar 3
5912 Jan 13
108 Jan 13
7012Sept 1
6412J une 16
6213 Aug 27
155 Apr 6
14734June 8
60 Jan 12
8412 Aug 18
46'4 Jan 2
43/
1
4 Jan 5
764 Aug 18
4052 Jan 19
3638Sept 8
10914 Sept 5
246 Sep., 10
3733 Aug 29
72 July 10
11958 Jal 7
119 Jan ,
33'e Sept11,
3
664 FebJul y 141
8
PER SHARE
Range for Previons
Year 1924.
Lowest
4313500- 14
pel
08i j
S
suen
6
81:9
2
61
12072 Aug 6'
9
51/4 bob 141
9
12 Sept 21
4614 Sept 21
6514 Sept 21
35 Sept 21
4 Mar 6
6214 Sept 16
72 Sept 1
4512Sept 8
9134 Aug 18
41 Feb 6
8812 Aug 24
24 Jan 12
1244 Jan 13
13878Sept 25
96 Aug 7
3934 Aug 19
3484 Aug 13
44 Sept 25
141125ept 25
81 Sept 24
7238Sept 14
4958Sept 1
2078 Jan l'
74 Aug 2
8412Sept 1
75/
1
4 Jan 1
8378Sent 1
9114June
41 June
444June
6278 Jan
10214 Aug 2
92'i July2
63 Aug 2
7782Sept 2
4832 Au 12
6112 Aug 2
1084 Jan
10812Sep t 2
9512Sept 1
5884 Marl
1558Sept
7084 July
15314 Jan 1
774July 31
3312May 18
8314June 25
13512Aug 7
4714 Aug 26
7312 Aug 17
6012 Aug 22
184 Aug 25
2614 Jan 9
3338Sept 23
7754 Aug 25
2212 Aug 18
4738July 16
Industrial & Miwellaneous
1,400 Abitibi Power 34 Paper-No Par 62 Jan 8 7512MaY 29
67
100 119 Jan 5 133 May 26
400 All American Cabled
132
100 90 Apr 16 10314 Jan 9
10112 4,200 Adams Express
100 13 Apr 11 1812May 13
1,900 Advance Rumely
16
100 47 Feb 18 62 July 23
1,600
Do pref.
58
934 Apr 21
1258Mav 27
1014 4.500 Alin mada Lead ______ .. _1
110,
3 16,600 Air Reduction, 1no____No Dar 8834 Jan 30 114 Aug 19
._ _No Par 10 Mar 19 1578June 19
1034 7.300 Ajax Rubber. Inc.
Highest
per altars $ per share
12 Apr
25 Mar
9712 Jan
8612 Jan
158 Feb
Jan
112
524 Apr
5614 Apr
3934 Dec
Jan
86
1313 Jan
4834 Jan
40 May
14234 Mar
199 Mar
674 Feb
9912 Jan
314 Apr
84 May
100 Apr
21 May
37 May
4 Apr
104 June
1078 Oct
1814 Oct
4914 Jan
100
Jan
214 Feb
76% Feb
6558 Jan
29
Jan
88/
1
4 Apr
20
Jan
50 Jan
45
Jan
10413 Mar
11034 Feb
42 Dee
204 Jan
2852 Feb
254 Jan
5354 Mar
26 May
1184 Apr
Jan
50
22/
1
4 Dec
4614 Dee
120/
1
4 Dec
96/
1
4 Dee
6 Dee
15214 Dee
1
4 Dee
84/
6612 Dec
4414 Dee
95 Nov
411
/
4 Dee
754 Dee
681e Dec
18842 No
295 Dee
9814 Dee
10918 July
1012 Dec
1972 Dee
150/
1
4 Nov
38 Dee
62/
1
4 Dee
111
/
4 Nov
3182 Nov
18/
1
4 Noy
32/
1
4 Nov
7514 Dee .
114/
1
4 Dee
50 Nair
975 Dec
8712 Nov
5712 Dee
94 Dee
49 Nov
65/
1
4 Dee
.19 Nov
139/
1
4 Da6
149118 Dec
4312 Dee
Ws Aug
49/
1
4 Dee
461
/
4 Dee
75 Dee
39/
1
4 Nov
2912 Dee
99 Dec
2058 Nov
5714 Oct
10014 Mar
104 Mar
114 July
4414 May
1284 Jan
1784 Mar
51 14 Mar
53912 Apr
874 Jan
42 Jan
304 Jan
614 Mar
20 5401
41 Nov
14 Mar
132 Jan
2814 Mar
50 June
104 May
2984 Feb
934 Jan
29
Jan
118 July
9918 Feb
7212 Feb
83 May
144 Jan
16 May
1212 Apr
10212 Jan
7284 Feb
4778 Mar
4214 Jan
94 Mar
4012 Mar
714 Apr
60
Jan
38
Jan
514 May
34
Oct
b3318 Jan
32
Jan
194 Apr
42/
1
4 Jan
Jan
33
5778 Jan
64 Jan
141
/
4 Jan
854 Mar
384 Jan
6644 Jan
19
Jan
84 May
8912 Oct
12658 Mar
70 Mar
758 14pr
2612 14Pr
36 Feb
1034 Jan
34
Jan
2212 Jan
84 June
1514 May
_
291* Dec
64/
1
4 Dee
11772 Dee
11714 Dec
1812 NOV
63 Nov
3914 July
411
/
4 Dec
5912 Dec
85 Dec
109 Dec
86 Dec
6172 July
134 Jan
42 Dee
711
/
4 Jan
Jan
30
Jan
4
534 Dee
75 Dee
344 Dee
75/
1
4 Dee
3414 Nov
74 Dee
3 Dee
119/
1
4 Dec
128 Dee
93/
1
4 Bent
3314 Dee
2814 Nov
29 Nov
13314 Dee
801
/
4 June
73 Dee
712 Jan
144 Jan
50 Dee
2212 Nov
73 Dee
8512 Aug
77 Aug
75/
1
4 Dee
7912 Dee
6015 Jan
86
Jan
66 Noy
65 Dee
82/
1
4 Dee
55/
1
4 Dee
74 Nov
2412 Dee
4512 Dee10512 Nov
1
4 Dec
79/
85 Deo
4812 Dee
18: Ally
Jan
136
1511
/
4 Dee
76/
1
4 Aug
41 Dee
6478 De0
7234 July
2438 Dee
6014 Dee
424 Dee
1614 Dee
2614 Dee
l71 Dec
32/
1
4 Dee
61 Dec 64 Doe
9612 May 12212 Dee
7312 Jan 934 Deo
18188 Dea
6 June
44
Daa
2814 June
6714 Jan
4/
1
4 May
93 )5;
14/
1
4 Deo
New York Stock Record-Continued-Page z
1549
en/ 24412.4 during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Satardier.
Sept. 19:
Monday.
Sept. 21.
Tuesday.
Sept. 22.
Wednesday. Thursday,
Sept. 23.
Sept. 24.
Friday.
Sept. 25.
awe,/
for
the
Week.
PER SHARE
Range for Year 1926.
On basis of 100-share lots
STOOKS
NEW YORK STOCK
EXCHANGE
Lowest
Highest
per share
per share 2 per share S per share $ per share Shares. Indus. & Miscall. (Con.) Par
Per share
Per share
Per share
*114 11
/
4 *1.14 178
17s
178 2%
178 2
11
/
4
2
2
7.000 Alaska Juneau Gold Min__ 10
1 Jan 6
2% Mat, 27
10214 10234 10112 103
101 10214 1C112 102
100 10114 101 102% 15,400 Allied Chemical & Loye_No par 80 Mar 30 10613
85154 10
11912 11913 *11912 11934 119/
11912 11912 *119% 120
1
4 119/
1
4 11912 11912
600
Do prof
100 117 Jan 9 42,0128ep- 11
8834 8973 8834 8912 883* 8914 8814 8812 87
8814 8712 8814 11,400 Allis-Chalmers Mfg
100 7112 Jan 5 91 Sept 12'
"107 110 *108 110
108 • 103 *1073 110 *810434108
10578 10578
600
Do pref
100 10314 Jan 3 1081/Sept 171
2214 2214 21% 22
2112 2134 21% 22% 2112 21% 2114 21% 3,500 Amer Agricultural Chem 100 1312 Mar 19 23/
1
4 Aug 2Z
67% 68
671s 677
67 67% 67% 6778 6614 6734 67
68
5.800
Do prat
100 361:Mar 23 6934SePt 8
*36% 37
36% 36% 36
3618 35
35% 35
35
35
35
1,500 American Beet Sugar
100 3412Sept 2 43 Jan 71
•____ 86 *- - 80 •__ 85
*7213 85
*7213851
Do pref 00 80% Jan 19 8778June 19,
371s 38
3812 411
37% 38% 3612 37% 35
3614 35% 36
49,500 Amer Bosch Magneto__No par 2818 Mar 24 54% Jan 31
•11612 118
115 116
114 115
114 114
114 115 *113 116
2,800 Am Brake Shoe acF_-__No par 9014 Mar 30 122 Sept 10
.110% 11314 *11012 113% *11012 11212 '111 115 *111 115 *110 115
Do pref
100 107% Jan 12 11314May 20
24412 246
238/
1
4 24478: 23412 240% 43412 238
22712 23512 231 242 138,700 American Can
100 1581s Jan 18 250 Sept 171
11914 119% *11914 12012 11912 11912 11912 11912 1188g 119 *118 120
600
Do prat
100 115 Jan 29 121789e7t 14'
11414 11514 1121
/
4 11538, 112/
1
4 114
11134 11314 10812 11012 110 111% 23,800 American Car& FoundryNopa
9712 Apr 27 11534Sept 17
•12414 12614'12414 12614 125 125
12414 12414 12414 12414 12412 12412
Do prof
500
100 120% Apr 2 128 July 28
23% 2314 2312 2312 *23/
1
4 2312 23% 2312 2314 23% 2314 2314 1,000 American Chain.class A
2258 Apr 22 27 Feb 14
25
48% 4834 4914 4914 4814 4812 48
48
4513 4712 *4612 48
1,800 American Chicle
No par 37 Jan 27 62 Apr 18
*4612 50
*4612 49 1 "4612 49
*4613 49
45
4613 44
48
500
Do certificates
No par 37 Jan 7 5813 Apr 18
47
47
47
47
48 4%
414 47
4% 434
434 434
47 Sept 15
200 Amer Druggista Syndicate- 10
644 Jan 22
141 141
1371 13712 *13712 140
137 137
137 137
140 143% 1,200 American EzPress
100 125 Apr 27 166 Jan 2
45
4734 508 4814 51% 4818 5012 48/
4614 4514 51
1
4 501
/
4 158,500 Amer & For'n Pow new-No pa
2714 Apr 7 51 Sept 21
92/
1
4 9212 9112 92
9178 9212 92
9218 9112 92
90
91 I 3,600
Do prof
No par 87 Jan 6 94 Feb 15
*134 140
13812 13812 139 13914 140 142 •__
*137 142
1,400
Do 25% Paid
11438 Apr 7 142 Sept 23
1012 1012 .1013 11
10/
1
4 1076 10/
1
4 10/
1
4 10/
1
4 10/
1
4 1012 1012
900 American Hide & Leather 100
812 Mar 31 14 Jan 15
'6212 64
63
63
62
64 "63
6512 63/
1
4 8334 63/
1
4 63/
1
41 1,300
Do prof
100 5812Sept 2 7578 Jan 14
12178 122
121 123
119 121
11612 120
117 118
11812 119
6,900 American Ice
100 83 Mar 18 124 Aug 24
83
83
*83
8312 83
83% 84
84'4 84
8412 *83
84141
Do prof
700
100 74% Mar 17 86 July 9
3818 3814 3734 38's 3714 39
3734 39
3618 37/
1
4 3634 3712, 14,800 Amer International CorP 100 321s Mar 30 41 Feb 6
131/
1
4 1332 1318 13/
1
4 13
1318 13/
1
4 13/
1
4 13
13/
1
4 13
14 I
American La France F E
10 1114 Jan 2 14 Jan It
34
34
3334 3514 35/
9
7:40
1
4 3838 3712 38/
1
4 37
37/
1
4 3718 3734 10
00 American Linseed
100 20 Mar 25 38511Szp1 23
*8078 82
8038 811
82
83
8234 8318 8212 82/
1
4 8212 82/
1
4 3,500
Do prof
100 53 Jan 2 8318Sept 23
119 11978 11718 119
11718 118
117 118
115 11718 117 117 I 14,500 American Locom new...No par 10412 Jan 5 144% Mar t
•118 122 *120 122 *11912 122 *11912 122 .120 122
12014 120141
100
Do prof
100 115 Aug 14 124 Feb It
511
/
4 5178 51
51% 51% 5114 5012 5012 50
50g 5118 5118' 3.000 American Metals
No par 458 Mar 30 54 Aug 24
11214 113
112% 11212 1107 11214 109% 111
109 110
10934 111141 5,600 Amerivan Radiator .
25 g9/
1
4 Jan 3 116 Sept 12
*76
7612 76
7612 .76
77
*76
77
*76
77
77
7812,
700 Amer Railway Expree8._--100 376 Sept 15 84 Jan 1:6612 6712 6514 671
1
4 136
/
4 65/
65
65/
1
4 64
6412 3,800 American Safety Razor__ _100 363 Jan 2 69 Sent 18
65'e 64
712 712
672 714
612 64
*634 7
634 1384, 1,700 Arler Ship & Comm_ No par
538July 7 1411 Feb 25
112/
1
4 113
112 113/
1
4 11214 11212 11114 11218 11018 11112 11034 1111
/
4 20,800 Amer Smelting & Refining-100 9018 Mar 30 11433'31111 17
113/
1
4 11378 11212 113
11114 11212 *112/
1
4 11334 "112 114 *11212 11378!
900
Do
100
pref
10512
Jan 5 11434Sept 14
42/
1
4 42/
1
4 42/
1
4 42/
1
4 4134 4238 42
4214 411
/
4 42
411
/
4 42 1 9,500 Amer Steel Foundries_ _No par 3758June 11 44 Sept 14
•111 111 .111
____ •111
____ 112 112
__
100
Do
100 108 Jan 7' 112 Apr 18
pref
8818 69
6734 6812
2
66
6712 66
6634 •111-6612 67
11,500 American Sugar Refining 100 4758 Jan 16 7114 Apr 14
98/
1
4 9814 98
98
9734 9734 9712 9712 •971
/
4 98
*9714 98
400
Do pret
100 9114 Jan 16 10112 Feb 28
1014 1014 1018 11
1014 1012 *10
1012
912 10
10/
1
4 1014 1,400 Amer Sumatra Tobtwoo
100
6 May 6 2412 Feb 14
*85
94/
1
4 •81
95 •87
9512 *89
96
97
97
100
Do pref
-100 28 Apr 27 97 Sept 25
"41
42 "41
42
"41
42
*41
42
41
41
*3938 40
10 Amer Telegraph A Cable--100 37343une 1 47 Feb 25
140 14014 13934 140/
1
4 139/
1
4 139/
1
4 139/
1
4 13934 139 139/
1
4 13914 13912 10,70 Amer 'Palen di Teleg
100 130% Jan 2 14414June 18
11112 11334 113 116
11378 11578 115/
1
4 11512 11834 11612 118/
1
4 117/
1
4 56,70 American Tobacco
50 86 Feb 17 1187* Sept 25
'108 10712 *106 1071 '106 1061 •106 10612 10812 106/
1
4 •106 10612
20
Do prof
100 10412 Jan 5 108 June 8
1
4 112 11512 114 11512 11412 11612 11418 11712 11578 11712 63,80
11118 112/
Do
Class
common
B.....
_50
8413 Feb 17 11712Sept 24
•118 120 .11812 120
119/
1
4 11912 *119 120
11914 11914 11914 11914
50 American Type Founders...100 103 Apr 22 124 June 25
57
57/
1
4 57
5712 5612 5612 56
5612 54
55
54/
1
4 58
6,60 Am Wat Wks & El
20 3418 Jan 13 6812Ju1y 21
99
99 .9812 9934 9914 9914 9914 9912 '99
9934 9934 100
70
Do let Prof (7%)
100 9714 Aug 6 103 Feb 18
4112 411
41
/
4 42141 40/
1
4 4113 40/
1
4 411
/
4 40
40/
1
4 40/
1
4 411/1 11,70 American Woolen
100 3414May 6 648* Jan 6
8812 8812 8834 8834, 88/
1
4 88/
1
4 •8814 8878 88
8814 87/
1
4 87/
lop 6012may 6 9618 Jan 20
1
4 1,00
Do prof
•238 212 '2/
1
4 212!
2/
1
4 238 •2
212
2
2
.2
2/
1
4
20 Amer Writing Paper Pref.-100
2 Aug 31
712 Jan 3
812
"8
7/
1
4 7/
1
4! *8
812 .734 814
712 72
712 712
60 Amer Zinc, Lead di Smelt.. 25
7 May 12 1212 Jan 9
311
/
4 311
/
4 *30
30121 30
30
3014 3014 *29
30
"2912 3112
40
Jan 9
1
247
Do
8May
39
25
pre!
4512 46
4434 45131 44
441
/
4 4312 44
4212 43/
1
4 42/
1
4 43/
1
4 23,40 Anaconda Copper Mining50 3514 Apr 21
4g Jan 3
1
4 4112 43
4214 42/
42
4214 4218 4234 42
4234 4214 42/
1
4 5,60 Archer, Duels Mldrd_No par 26 Jan 7 43 Sept 21
*9914 100
*9914
100 100
__
_
_
*9914 9934 *9914 9934
100 100
20
Do pref
100 9012 Jan 5 100 Sept 21
961
/
4 97
*904 97
96/
1
4 96/
/
4 96/
1
4 961
1
4 96 8 96/
1
4 '913
97
1,40 Armour & Co(Del) pref
100 90% Mar 31 9814July 17
2514 2434 2514 24'2 25
25
2414 2434 2334 2412 24
2412 42,50 Armour of Illinois Class A__25 20 Mar 19 254Sept 17
14
15
15
1412 14
143
143 1434 13
141 •1318 133g 3,300 Arnold Constle&Covto No par!
8 Jan 5 15 Sept 17
45
•46
48
4634 *45
47
461a 4614 •____ ____ *45
47
700 Artloum
No Par1 39 June 19 4832Sept 17
•103 105 •103 105 *10312 105 *10312 105
105 105
105 105
200
100 10112 Aug 20 105 Sept 21
Preferred
50% 51
50
5012 49/
1
4 49/
1
4 4918 49/
1
4 4934 50/
1
4 5012 51
4,800 Associated Dry GOods
100 4612 Aug 17 5534July 3
*97 100 •97 100
.98 100
98 100
99 100
Do let pref
100 94 Jan 7 100 June 16
"103 106 •104 106 *104 106 *104 106 *104 10612 10618 106%
95
Do
2d
prof
101 Jan 2 108% Feb 7
100
361
•36
36
36
3534 36
35% 3614 357 36% 36
3634 4,100 Associated Oil
25 32 Mar 30 4112June 15
71% 737
71% 73% 71
751
7318 7612 7218 74
7434 7612 39.400 All Gulf & W 1 SS Line.. _100 20 Jan 5 761:Sept 23
59
5812 59
59% 5812 593
5912 60
5912 5958 5914 59% 5,200
Do pref
100 31 Jan 6 60 Sept 23
10034 1013 10018 10012 9934 1001
998 1018 100 100 *10014 101
3,700 Atlantic Refining
100 9512 Jan 2 11712 Feb 5
•115/
1
4 1161 •116 11714 •11534 1161 *116 11738 116 116 *116 1171s
100
pref
Do
113% Jan 6 11734J une 8
100
14
14
1334 14
13
14
14
14
1334 14
1312 131g1 3.300 Atlas Tack
No par
918 Feb 16 1412SePt 18
2712 2712 27% 2712 27
2738 27
2714 27
2712 27
2718 3,700 Austin.Nicbols& Covt°No par 22 July 6 32% Jan 12
*9314 95
*9314 95
9314 931 *93
91
93
93
*93
9312
200
873
Do
3 Jan 27 95 Aug 15
pref
100
*2
212 •134 2
•134 21
218 213 *2% 2% *2
2121
100 Auto Knitter Hosiery--NO Par
112 Aug 1
414May 14
12314 12514 121% 125
12118 123% 120 12212 118% 120% 1193* 1203* 111,400 Baldwin Locomotive
Wks_100 107 Mar 30 146 Feb 26
11014 11212 •11014 11212•11014 1121 •11014 11212 *11012 11212 *11012 1121
:
Do
prof
116%
100
107
Aug
Jan 31
7
2078 21% 2078 21
2012 207
201s 20% 2014 2118 2014 21
8.200 Barnsdall Corp. Clam A
30 Mar 3
25 1834 Aug 1
•16
18
14/
1
4 14/
1
4 1614 163
163* 168 1612 1612 *1614 1612
400
Class
Do
B
16
Aug
1
23
25
Feb
6
48
*35
4018 401
/
4 40% 40% 40
403* 40
40
4014 404 1.000 Barnet Leather
No par 85 Jan
49% Mar 4
•40
43
*3912 3934 *3912 401 *398 4012 3912 39% 3938 392
300 Bayuk Cigars. Inc
No par 39 Apr 28 5312 Feb 14
72% 7234 72
721
7112 711
71
71% 70
71
*70
70% 2,800 Beech Nut Packing........ 20 60 1.4‘r 2
77% Aug 26
38% 39
37% 38% 37% 39
381/ 38% 3818 3812 384 3812 18.200 Belding Bros
No par 37 SeP1
405sSept 9
41% 4134 41
413* 42
4112 40% 41
40% 407* 4012 4012 8,400 Bethlehem Steel Corp
100 37 June 5 5312 Jan 13
11412 11412.114 114/
1
4 •114 115 *114 114% 114% 114% 11412 11412
300
Co cum cony 8% pref-100 109 Mar 18 11612 Feb 8
'95
97 •9518 97
*95
9612 *96
96% *96
97
96
96
100
Do pref 7%
100 9314June 1 102 Jan 31
7
73*
6% 8
7% 818
712
724 8
7%
71
81 19,800 Booth Fisheries
No Par
818Sept 22
418May 4
*4214 43
42
4214 *4112 4234 *4134 428
41% 418 *411: 423
Botany Cons Mills Class A_50 40/
600
1
4 Aug 26 46 July 21
3612 3678 3614 37
361s 3612 3412 3678 2712 31% 28
31 112,800 Briggs Manufacturing_.No par 3334 Mar 17 4412May 25
14334 145
14312 145
14018 143% 141 142
1397 140
142 14434 8,300 Brooklyn Edison. Inc
100 120% Jan 2 145 Sept 19
9011 8884 9088 8812 898
90
89
89% 88% 89% 89
90
9,100 Bklyn Union Gas
No par
75% Feb 17 915sMaY 22
140 1443* 13812 13812 *141 147
•144 146
141 143 *14112 144
1,700 Brown Shoe Inc
100 6412Mar 31 14812Sept 14
*108 109 *108 109 *108 109 1*108 109 *108 109 *108 109
Do
pref
96
100
341
/
4 34/
1
4 34
3412 3312 3311' 32/
1
4 33/
1
4 311
/
4 32/
1
4 3178 3372 5.700 Brunswlek-Balke-Coll'r No par 24 Mar 25 108 Sept 18
June 25 4938 Jan 21
11778 118
11534 119
117 117
116 117
116 116
116111173* 2,100 Burns Brothers
No par 02% Feb 11 12034Sept 15
32
3112 3233 3078 31
31
3018 3042 30
3034 3012 3112 4,300
Do new Class B corn No par 17 Mar
32388ept 21
9714 9714 9512 9714 95
9214 9214 92
9511 9218 94
9212 1,600 Burroughs Add'g Mach-No par 65 Jan 31
3 103 Sept 4
17% 17% 177 1814 1778 1814 1814 1834 *1812 19
*18% 19
3.200
Terminal
Bush
new
_
_
No
8June
4
145
Par
1912June 15
8614
8634 8634 8534 8534 *87
8614
8712 *8634 8712 8634 8634
400
Debenture
100 80 May 14 8970une 20
612 61/4
6128
8% 6%
14 614
61s 61s •6% 612 1,900 Butte Copper & Zino
414
Mar
8% Jan 2
81
2014 2014 20
20
*19
0
20
20 •19
*19
20
20
SOO
Co
100 17 May 13 2814 Jan 3
11% 1178 117a 121s 11% 261
111s 1118 1112 1034 1114 107* 1114 2,100 ButterlckSuperior
Butte &
Mining_ --10
612MaY 5 2414 Jan 9
2
•33
34
34
34
*5's
34
•11s
34
38
"8
14
200 Caddo Cent Oil & ReL_No par
12 Apr 25
2,
3 Jan 12
12934 131 • 12814 12934 12812 1297 125 127
130 131
126 1271
6.400 California Packing
No par 10013 Jan 27 13213 Aug 21
2614 26% 2614 2612 26
2612 27
27
2614 2718 2638 271
/
4 17,709 California Petroleum
25 237 Jan 2 327* Mar 7
21
/
4 2's
218 218
218 218
2
218
2
2/
1
4 "2
218 2,500 Callahan Zino-Lead
10
2 Sept 10
434 Feb 19
5112 *5011 51
5112 5112 61
5078 507
50% 5012 5014 5012 1,100 Calumet Arizona
Mining-- 10 45 Apr 22 58 Jan 7
1514 *15
15
15
145 141g •14
153* 15
15
•14
15
400
Calumet & Heels
25 12%May 26 18% Jan 5
441 *44
4313 4412 44
4534 458
45
44
45
Is
Case Thresh Machine____100 24 Mar 18 49 Aug 10
91 I 91
92
91
91
94
*91
9112 911
9
93
Prof ther
100 60 Mar 11 03 Sept 25
195 1934 193 1978 18% 19
1818 18%, 18
18% 1778 18
6,500
100 1434 Mar 28 21% Feb 7
62 6218 60% 62 i 8014 80% 6012 6118 5934 6018 5914 5934 6,100 Central
Do pref
100 4914 Mar 24 66 Feb 7
1
4 3234 32
3234' 3238 3212 32/
.32
3212 *3112 32/
1
4 3112 32/
1
4 2.200 Century Ribbon Milla--No Par 393*Sept
2 47% Mar 11
1
4 *96
*95/
9714 *95
1
4 9512 9514 95/
9734 95
95
95
95
300
100 9434.1Se
Do prof
une
t 23 98% Jan 14
544 5412 5312 5412 53
54
5318 5312 5212 531
5238 53
7,000 Corrode Pasco Copper-No par 4318 Mar 24 55% Jan 2
5518 55141 53
551s 5234 5334 53% 54
5258 53% 53% 54
19,000
Certain-Teed Products_No par 44
403
:7;
1
24
7 58%Sept 8
37% 391
/
4 2361
/
4 38/
1
4 3818 37/
1
4 36/
1
4 3914 3612 3714 37
3734 25,800 Chandler Motor Car-No par 2712 Aug 20 3958.1une 9
115 11514 114 114 1 112 1153 114 115
111 113
11114 114/
1
4 9,400 Chicago Pneumatic Tool.-100 8014 Mar 19 1221g Ang 22
4634 *4612 463
4634 *46
.46
4634 4614 4612 46% *46
49
ab tem int No par
65 Jan 3
64
6212 63 1 6114 6214 6118 643
6734 6512 69
6714 69% 38,,Ng 21Idl
.
s
No par 49/
1
4 Mar 31 6018Sept 25
3515 3512 341s 35/
35
351s 35781 3518 353
36
1
4 3412 3412 33,200
25 3012 Mar
37% Jan 2
•21% 23
218 22
*2112 23
22
*2112 23
22
211/ 2112
400 R1
_ Leo(
2818 Feb 2
e Oo;w14:Crr
Cfl
160 163tp 157 16214 .15914 16314 16133 16418 15914 16278 163 170 139,800
No par 10814July 14 170 Sept 25
Chrysler Corp
106 106
105 106
10614 106%, 10512 106 1 106 106
10534 106
3,200
Do preferred
par 10018July 24 10914 Aug 26
No
65
1
*61
1
•62
64
641
*6112
63
*61
"61
618 *61
6312
144 144 1 14212 143% 140% 14238 11053 14134 14118 14258 141 14212 6,400 Cluett.Peabody & Co-.. .100 5812 Mar 17 71% Jan 12
COCA Cola CO
par
146 Aug 6
4014 3918 39/
1
4 39
39/
1
4 38
4112 39
.40
39
3812 39
3,900 Colorado Fuel & Iron go
1214 Apr 27 4814 Jan 13
4612 46114 4612 4612 46/
.4612 47 I *411111 47 . 4612 461
1
4 4734 1,100 Columbian Carbon v t0 No 100
par 45 Mar 24 51% Jan R
771. 751, 7718 761. 7734 77
74
727
. 731
711, 117.490 Col Gas & Elea_ ..
/
4 727• 74
No par 45% Jan 21 78120eDt 25
IRIS and asked prime: no sales on Ma day
a Hz-rights.
a its-dlyideog.
5
tr, 1183
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
per share 8 per abate
78 Jan
De Mar
66 Mar 87% Dee
110 Apr 118% Dee
4138 May 73112 Dee
90 Apr 10474 Des
7% Apr 17% Jab
1834 Apr 49% Jan
86 Mar 4911 Feb
6813 Oct 83 Dee
2214 AP
88% Jan
76 AO 102 Dee
10414 July 110 Mar
957s Apr leg% Dec
109
Jan 119
Oct
11884 Apr 125 July
21% Mar 25 Sent
1434 Apr 40% Dee
23 Sep
39 Dee
3% Jun
88 AD
Oe
184/
1
4 Dec
9213 Mar
714 Apr
60% Jan
72 Aug
78% Nov
1718 Mar
10 May
138 May
30 Ara
7013 Apr
11614 Apr
383* June
9414 Apr
7718 Nov
57e Apr
1014 Oct
571k Jan
96
Jan
132'., Dec
1424 Dec
725* Dec
96 Feb
83 Feb
3518 Nov
1214 Jan
283* Dee
538 Dec
10984 Dee
120% Sept
54 Dec
136 Dee
83 Oat
101.4 Nov
153* Pet
100% Dec
,Dee
1078
10114 Ale
38
Oot
Oct
77
6% July
2212 Sept
38% Dec
121% June
136% Mar
101
Apr
13514 Mar
106 Sept
40 Feb
8912 Mar
5114 Sept
90 Oct
1% Apr
7 Mar
24 June
2813 May
2812 Dec
90 Dec
8314 June
10914 Nov
6114 Feb
9974 Feb
28% Jan
Jan
69
43% Jan
13444 Dee
16974 Nov
um% July
168% Nov
115 Sept
144 Dee
101 Dee
7878 Jan
102% Jan
7 July
1214 Dee
86% Dee
4814 Dee
29 Dee
91% Dec
94% Dec
0(st
..-
15
Jan
94
1023*
3458
23
3112
140%
118
11%
831k
91
812
1345s
11712
2312
1712
39
59
72%
No,
Dee
Feb
Dec
Dec
Jan
Feb
Jan
Dec
Nov
Jan
Dee
Nov
Dee
Dec
Dec
Jan
Dec
373* Oct 6218
1011* Apr 11014
89'.June 97
8% June
7%
Feb
Feb
Feb
Jan
....
131s May
89 Jan
27% July
1014 Mar
12% Jan
7812 July
108 Oct
5 June
1812 Mar
79 Apr
112 Nov
10488 May
110% June
14 Feb
10 Jan
23% Nov
391k May
443* Apr
ifer
l
ee
I1
8-4
214
14 t7111
39 May 7614 Dee
84 June 9914 Dee
"95" Dec
19% Feb
628* Nov
jail;
29 Nov
671s Oot
„--
91g -17)eC
2255% Dee
Dee
1 Nov
41* Jan
80
1912 A /r 106'.294
July
DecFeb
21 May
57 Jan
4
1134
32 m
May
ar 51981142
Dee
14 Mar 85 Dee
4114 May 77
Jan
97 Mar 218
,Dee
29% Mar 6814 Dec
253* Apr 3514 Nov
91
Jan 9513 July
40% Mar 563* Der
2478 June 4412 Dec
267 Nov 6612 Jar
792j May 100% Dec
39 May 6112 Apr
81%June
1
,
7 m
Aapy
r
1
Mar
Mar
-sit;
61
Apr
24% Feb
3944 Sant
33 Mar
38%
381e Dec
Dee
iii;
831*
5414
ebee
48
Dec
Aug
Jan
Dee
New York Stock Record-Continued-Page 3
1550
For
ales during the week of stocks usually inactive. see third page preceding.
HAM AND LOW SALA PRICES-PER SHARE, NOT PER CENT.
.Friday,
Saturday,
Wednesday. Thursday,
Monday. 1 Tuesday,
Sept. 19.
Sept. 25.
Sept. 24.
Sept. 21.
Sept. 22.
Sept. 23.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCH ANGE
PER SH A Ra
Range for Year 1926
On baste of 100-share lots
Lowest
Maher!
PER SHARE
Ranee for Preolon.
Year 1924.
&MOM
Highest
$ Per share $ per share $ per share $ per share $ per share S per share Sha-es. Indus. & Miscall. (Con.) Par $ Per share $ per share $ per share $ per share
100 10414 Jan 5 112 Sept 24 103,4 Dec 105 De,
600 Col Gas & Elea pref
112 112
•11112 112
1113, 11178 1111z 11112 11158 11188 112 112
434 Jan 13114 De
1,800 Commercial Solvents A No par 80 May 25 1911 Jan 29
99 10112 10012 101
104 104
103 105
10214 10214 ..2102 104
Jan 1294 Dec
33
No par 76 May 25 189 Jan 29
Do "B"
700
9714 9714 *96 100
•97 101
9814 99
*93 100
*98 100
434
Jan
2
29
323
3 May 664 Fet
2912Sept
Co
new___
_
No
par
25,800
Congoleum
2012
21
2218
20
213
8
224 23
224 23
22
224 2118
1424 De,
May
17
Feb
10
12May
19
*Ai
1
74
.34 1
Conley Tin FolistampedNo par
"4 1*
34 - "4
1
1118 Mar 30 Nov
No par 2612 Jan 2 4418May 29
418 4034 42 12;1366 Consolidated Cigar_
4032 414 404 41
40
404 3912 4178 -40- -Jan
Apr
594
84
14
7934
Feb
Jan
2
897
8
_A00
100
Do
prof
88
*87
88
88
88
*87
90
*87
88
*87
90
*87
18 Jan
34 Dec
938 Feb 19
34 Jan 7
438 478
434 514 13.900 Consolidated Distrib'rs No par
512 6
5
Ps 578
53s
434 538
8078 Jan 7978 Dee
914 53,100 Consolidated Gas(NY) No par 744 Mar 30 9412Sept 18
9112 9212 9038 9178 91
9214 9312 9134 9338 9034 92
Jac
8
24 Apr
234June 9
51, Jan 7
3
34
3
314 4,8001 Consolidated Textile___No par
3
338
3
314 *34 314
3,4 338
434 Apr 694 Dec
13,700 ontinental Can, Inc_. No par 6012 Mar 29 80 July 29
7622 764 7534 774 7518 7618 754 764 7413 7518 754 77
10918
Der
Apr
2,
8918
1204
Jan
Jan
5
103
Insurance
25
Continental
700
11314
1134
11312
113 113 *11212 11312 11278 11278 113
*113 122
872 Dee
6
Apr
814 Jan 2 1112Sept 16
1038 11 I 1038 1034 52,200 Cont'l Motors tern ctfs_No par
1034 11
1114 1112 1118 1112 1034 1114
314 Jan 4334 Nov
3522 3534 3534 374 27,500 Corn Products Refit' w L._ 25 3238May 29 414 Feb 26
364 3638 3538 3038 3514 3578 3538 36
1234
Ain
3
1154
Ain"
127
July
11818
Jan
7
100
pref
100
Do
*118 122 •118 122 *118 121 •118 122 *118 122 1 120 120
Si s3ut 25
No par 48 Aug 21
8,200 Cots', Inc
5213 534' 5312 51
*49
4913 50
51
5112 5214 523* 53
ly
48 May -fir We;
7258 7312 72
7318! 724 7213 10,800 Crucible Steel of America_ 100 644 Mar 30 783 Jan
7412 744 7312 7413 7212 74
86 may 98 De.
100 92 May 8 100,2Sept 14
Do pref _
800
99
99
*98
99,8
*99
994 9!)
9914 9912 99
9913 99
ma Oct 18 Feb
812 Aug 28 144, Feb 9
No par
9/
1
4 958
94 933 3,400 Cuba Cane Sugar
978 1014 *93* 934
958 934
104 1013
5318 Apr 7173 Feb
100 41 Aux 28 6238 Feb 26
Do pre!
*4521 4534 444 4512 434 4412 434 4312 4212 4313 4312 4434 5,000
334
3872 Pet
Nov
281,
Mar
3
Aug
18
.10
22
Sugar_
Cuban-American
5,500
2313 2258 2318 2238 23
2314 23
24
244 2314 2414 23
Jan 10014 Nov
96
100 6512May 5 101 Mar 13
Do pref
100
9612
9613 '390
9612 *90
9612 *90
*9512 9612 9512 9512 .90
324 July16
812 Pet
64
418
June
Feb
27
Sug.No
par
Dominican
34
Cuban
4,700
3
312
34 334
358 334 *313 378
1
4 334 *31
/
4 34
3/
38 Dee 52 Feb
100 2318July 17 444 Jan 6
Do pref
400
25
*24
25
*21
25
25
*2314 25
•231z 25
*25
25
100 95 Aug 20 1061 2Jily 3
1,600 Cud shy Packing
9913 100
100 10023 100 100
101 101
100 100
100 100
74'l Jan
No par 50 Feb 17 59 NfttY 25 -4711-8 Nov
800 Cuyamel Fruit
52
*5113 53
*5222 5278
52
5234 5134 52
5223 5213 52
6 Nov 324 Mat
778 Jan 9
1 June 25
118 1.500 Daniel Boone Woolen Mills_25
128
118
1
14
118
118
118
124
128
1 18 118
3813 Nov 9918 Jar
394 394 9,300 Davison Chemical v t e_No par 274 Apr 30 494 Jan 23
4038 4113 4012 414 3812 40
4134 4234 4034 43
1814 Jan 2214 Dee
De Beers Cons Mines_ _No par 2014 Mar 18 25143491 16
25
*24
2514 *2373 2514
2514 *24
*24
2514 *24
100 110 Jan 5 153123e5t 18 10114 Jan 1164 Dec
142 15134 48,950 Detroit Edison
139 142
139 142
13524 142
14434 149
137 142
31 J113 14
4.12ine
9
213
..No
par
Dodge
Bros
Class
A.
90,400
2914
273
4
2723
2813
233
4
2812 2834 2714 2834 2712 2934 2838
Preferred certlfs____No par 7312May 7 89 Sept 14
8638 88
8718 8778 864 8712 8658 8718 23,600
8718 88
867s 83
-11-1; Nov -2014 Jar
1234 Apr 14 104 Jan 19
No par
Dome Mines. Ltd
1478 15
1514 1478 1578 15
15
1518 154 154 1514 15
93s June 18 Dec
No par 14 Feb 16 2312 ktte 1
5
Douglas
Pectin
:1°°
11100
21
21
21
*21
2134 21
21
*21
2112 2128 2138 21
900 Duquesne Light 13t pref __.100 105 Jan 7 113 S,31), 23 1004 Mar 10814 SePt
11213 11212 *11212 113
11214 11214 11212 11212 11278 1124 11234 113
Jan
.9
118
par
1044
4July
18
AM' 11472 Nos
1043
_
.
N
o
Kodak
Co_
35.600
Eastman
1073
4
107
1074
1033*
108
1084
10718
11513
109
1103
8
10912 11012
gat Sept 2413 Jar
2513 2412 2512 2438 2514' 2112 25,2 20,500 Eaton Axle & Spring.. _No Par 1012 Feb 13 21388001 11
25
2523 26
2522 26
185 18678 180 18522 18212 1854 20,500 El du P001 de Nem & 00..100 1344 Jan 5 2.)1,f Vig 5 112 May 142 Dec
185 191
18478 188
17534 188
WI Dec
86
Apr
100 94 Jan 23 102 July 7
900
Do pref 6%
10114 10114 *10014 101.34
_
10114 10114 101 10118 101 101
_
32g 30,400 Elec. Pow & Lt etre_ ..No par 174 Apr 25 4028.1111Y 16
1513 -137-8 3214 3334 32 3234 324 324 3118 324 3174 10718
100 Mar 18 110 June la
2,700
40% Pr Pd
10 08 10318 10714 108 210718 10728 210614 107 I 1063
10818 109
1.103
4June
24
Mar
28
10012
Pre(
full
paid
300
109 109 *108 110 *10613 109 *10612 108 I 107 107 1 10712 10712
8978 Aug 23 94 June 10
Do pref etfs
2,900
9132 9132 9132 91341 9134 92
9178 9273! 9134 92
93
93
Dec
6738 6634 6738 12.100 Elec Storage Battery..No par 6034 Mar 30 7112Sept 18 164 May 86
7014 6718 6838 6714 6734 66
6912 7034 67
WI July
June
31
1 18May 1
1
100
Emerson-BrantIngham
0o
1,000
314
*3
314,
314
3
4
311 322
3
314 *3
314 *3
5578 May 734 Dec
6938 6918 6912 6812 69 1 8834 6834 7,600 Endloott-Johnson Corp_ 50 634 Apr 2 7473 Sept 17
69
7034 7134 6912 71
Jan
100 111 May 28 117 Sept 23 1054 June 115
Do pref
300
116 116 1 117 117 *11714 11934 *117 119
11512 11512 .116 119
18 Dee 2412 14ug
Exchange Buffet Corp_No par 1312July 23 197s Jan 31
•16
1734 *1512 1614 *1513 1614 *1512 1614 *1522 1614 *1522 16,4
412 Jan
2 Dec
134 Aug 5'
224 Mar 27
25
Fairbanks Co
41
*3
41 *__ _ _
4
*3
4 1 *3
.312 412 *3
2518 May 34 Dec
494July 20
No par 3214 Jan
4578 4424 45 •444 4512 1,600 Fairbanks Morse
46 1 46
4638 451z 4614 *45
46
61
Jan 9812 Dec
1074 10878 34,100 Famous Players-Lasky_No par 9014 Feb 17 I 1434 July 27
10814 11034 10822 11014 108 10978 10778 10938 107 108
874 Jan 10812 Dee
100 10378 Feb 17 120 July 27
1,200
Do pref (8%)
11538 116
11678 11712 3'116 119
117 118 1 ____
17
Aug
31
11112Sepl
102
Vo
par
receipts
Full
paid
1,200
1064
1065*
10834 10834 109 10924 107 10738 10712 10718 107 107
15 2614Sept 3 36 June 19
2712 2712 2.100 Federal Light & Trac
2812 274 274 • 2712 28
2812 2834 2712 2723 28
54 Apr 243* Dec
2,600 Federal Mining & Smelt•g_100 154 Mar 13 25 Jan19
2184 22
184 19
1912 20
19
2212 23
1912 *18
•18
4118 Jan 6418 Dee
1347eSera 10
100 4912 Mar 11
1,900
Do pref
6214 6214 63
63
6314 62
63
63
6214 63
64
61
175 May 15 118 Mar 148 Dec
100 Fidel Phen Fire Ina of N Y _ .25 1474 Jan
16234 16234 *157 166
•162 166 *163 166 •163 166 *163 166
94 Jan 1318 Jar
1734.fu1y 13
12 Jan
Fifth Ave Bt35 tern ctts.No par
17
17
*14
17 .14
17
*14
*14
17
*14
•14
17
5)134 Sept 19
25 6014 Feb 1
904 51,100 Fisher Body Corp
9124 8714 8922 89
88
9134 90
9238 8934 9114 90
7 1)-e;
2 ;38 4401 25
54 June 13.
par
Mar
2
aa
1012
N
N
o
t
193,200
Fisk
Rubber
264
243
8
2
2614
253
4
2412
25
247
8
25
,
2
244
253
8
24 4 2479
7011 Jan 1
384 July 86 Dee
12 . Sept 18
Do 1st pref
10912 110 1 110 1104 2.200
•108 10912 *10712 10812 10812 10812 1904 110
4414 Jan 9014 Nor
75 Mar 19 1234 Sept 25
Fleiscbman Co
11618 11938 .11714 12034 11712 12338
113341153* 11334 117
11334 115
684 Jan 944 Dec
14134400111
No par 90 Jan
13123 1334 13234 1374 13,300 Foundation Co
133 134
133 135
13612 13634 13524 137
718 Sept 1378 Jan
1,478.1pro, 15
8 Mar18
174 28 200 Freeport Texas Co
1614
16
16
1622 16
1614 164 1538 1612 1538 17
Aug 23 36143ept 14
287
8
No
Snubber
A
_
par
Gabriel
9,000
34
3414
3412
3322
3312
344
3414
343
4
344
343
8
343
8
344
Jan
7
314 Oct
Oa Jan 2 1614 Mal 3
NO par
56
11
142 8,300 Gardner Motor
1014 1034 10
1038 1112 1078 1114
11
1014 11
11
3618 May 53 Dec
100 4412 Aug 4 5912Sept 18
59l
8.800 Gen Amer Tank Car
57
574 '356
58
59
5634 5834 5614 5678 56
92 Feb 9918 Dec
100 934 Feb 16 1021* Aug 6
Do pre!
500
5214
50 105
•100 102
101 18 10212 •102 103 *102 103 *102 103 *104
21/a Apr 8312 Der
100 424 Mar 30 634. Jan 2
6,800 General Asphalt
5414 5338 5578 5313 5422
5312 5423 5312 5438 53
7118 Apr 100 Dee
100 664 Mar 17 101 Sept 14
Do pref
500
83
7,4
19
7714
2 19
*9713 100
93
98
98
98
99
99
*9612 99
Jan 160 Sept
93
par 121 Mar 7 1851sScpt 22
No
Baking
General
6,300
184
177
180
17822
1854
178
4
183
185
182 1833
824 Apr 98% Dec
101) 8412May 4 101se Mar 4
9714 10,600 General Cigar. lno
9678 96
9714 96
97
984 97
984 9538 9612 96
100 2274 Feb 17 33714 Aug 24 19318 Jan 322 Dee
309 31212 24,100 General Electric '
31178 31412 306 312
32112 32212 318 32134 311 318
1012 Apr 1112 July
11 Jan 2 114 July 10
10
Do special
114 114 114 114 1118 1138 1118 1138 114 11 24 114 1133 6,800
5534 000 8678 Dec
100
300
0 General Motors Corp_ _No par 6488 Jan 5 1073/t4001 21
10014 10378 104 10738 10438 10678 10524 10618 104 10538 10514 10612 286:7
9618 July 10312 Dec
100 102 Jan 5 11384Ju1Y 11
Do 7% pref
1.300
11278 113
11323 11334 11334 1134
11222 113 *11213 113 •11234 113
Gen Outdoor Ads' A__ No par 454 Aug 13 5434Sept 21
5318 5278 5312
534 5312 5378 5434 5322 5414 5378 5373 52
Trust certificates_ _ ...No par 2618 Aug 13 33 Sept 16
13,600
3112 314 314 3224 3133 3238 3l78 324 3012 314 304 31
383e June 45 AUg
25 42 Jan 16 59 June 12
Petroleum
General
46
26,800
4434
443
4
46
444
4614
4434
453
8
454 4614 4538 46
100 144 June 11 367 Sept 1
600 Gen Railway Signal
316 320 *300 318
327 327 *324 326
325 325
•323 330
100 90I2July 10 10114Sept 9
Do preferred
•100 102 .100 102 •100 102 '3100 102 *100 102 *100 102
31 June 55 -:641.
43 Apr 28 58.• JAI it
General Refraetorles-No par
44
44
*43
*43
44
*43
2343
44
45
*43
*43
45
4718 June 6478 Dec
No par 47 Mar 16 6418Sept 17
5912 6,000 Gimbel Bros
5912 584 5914 5818 5934 59
59
59
61
6078 61
Jan 107 Sept
99
10214 Mar 14 107 Aug I
100
prof
Do
200
106
,
4
107
*106
107
*106
10614
*106
106
*106
107
*106 107
21 Deo 274 Noe
2234 Feb 13 4913 Aug 5
4412 3,100 Ginter Co temp otts___No par
4412 4534 44
4412 44
4534 4534 4534 46
*454 47
8 June 15 Nov
1212 Mar 19 2414 Sept 18
No par
2312 2312 2314 234 2238 23,8 2234 2312 20.400 Glidden Co
2412 2318 24
24
2812 Apr 4378 NO,
3
473
Mar
89ept
17
37
_No
par
•
t
e_
Corp
Gold
Dust
3,800
4413
444
44
44
443
4
45
4512 464
454 4514 4514 46
June 38 Dec
17
36
3
4
Jan
5
641414ept
14
par
F)...-No
Co
(B
6234 27,200 Goodrich
62
6318 6138 62321 6133 6212 6214 634 613s 624 62
7014 May 92 Dec
100 92 Jan 3 10204 tug 3
Do pref
400
99 .987g 99
•9812 9924 .9813 9912 9812 9812 9878 9872 99
Jan 9038 Dec
89
6,200 Goodyear T & Rub pf•10,100 8618 Jan 6 11.712Sept 21
10512 1057, 1064 10712 10614 1064 10614 10634 105 10622 10578 106
8814 Jan 10818 Dec
au 7
100 103 Apr 27 108
Do prior prel
400
105 105 *104 106
*10512 10634 105 1054 *10412 10634 *10412 106
vr 2178 Dee
124
13 Mar 30 214 Jan 14
1838 1712 1734 2,400 Granby .. on. Min no. d on.iv.
18
1812 1812 1814 1834 1812 1834 18
18
91 Jan 16 11318June 19
8314 Oot 987s Dec
3,800 Great Western Sugar tern ctf 21
100 10112 9922 10078 9812 9834 9734 9812 9778 99
10114 102
Jan
2
10
Mar
19
1914
214 Dec
MILY
113
4
Copper
100
Cananea
700 Greene
13
13
1234 1234 *1212 13
13
1278 1278 13.2 1334 13
62 May 8914 Feb
100 6718 Mar 24 9478 Feb 5
8012 8114 7912 8012 7912 8032 4,500 Gulf States Steel
8012 81
8233 814 82
82
Jan 7
24
3712
4414 Feb
31
Sept
2534
Apr
par
Corporation_
.No
Hartman
3,000
297
8
2918 2834 29
294
2934 29
2912 2978 2924 2912 29
3214 May 5278 Feb
30 Mar 14 4412 Aug 5
No par
4,400 Hayes Wheel.
4078 41
4134 40
41
41
4113 3984 41
4I3* 4112 41
4878 Ian 9
4814 Dec 5178 Dee
45 Apr 1
ctfs_No
par
tern
(R)
de
Co
Hoe
1,900
4712
473*
4814
4722
483
8
48
474 4738 4734 4734 .4784 48
35 July 5612 Jan
100 43 Jan 2 50 Jan 12
400 Homestake M fling
48
*4612 4712 48
4914 *4612 49
*484 4934 •48
4934 50
314 Apr 38 Nov
Prod,Inc.temctf Nopar 3412 Jan 5 4338July 16
4034 4034 404 4034 4022 4012 4012 4022 4013 4034 4012 4034 1,800 Housch
85
Jan
29
59
Apr
22
61
Apr 824 Feb
ctfs.100
tern
of
Tex
Houston
Oil
3,000
67
6614
6622 68
68
6514 65
65
6334 65
*6511 67
1612June 11 2478Sept 14
No par
24
2334 2334 7,100 Howe Sound
244 244 2414 23
2412 2413 234 2412 24
334 Jan 5 8512Sept 21 -3.151-2 May 16 Dec
No
par
Car
_
Motor
Hudson
4
275.280
843
804
79
,
4
8318
78
8014 8512 8118 8378 81
7112 83
Ills May 18 Jae
__ 10 1414 Mar 18 264 Sept 23
254 2418 2618 2212 2412 234 2414 243,200 Hupp Motor Car Corp_
224 23
204 2122 22
Ma Sept 1614 Dec
Oaa.No par 134 Jan 5 4134.1une 17
241q 2352 2572 2412 2532 2478 254 17,900 Independent Oil &
2412 24
z24
244 25
Mar
24
24
1518
13
Aug
par
June 2514 Feb
28
No
Motocycle
Indian
1.500
2
21,
2112 *214
2114 21
22
2034 2112 213* 2138 21
22
812 Jan 2 1038 Feb 4
10
74 June
354 Apr
4.000 Indian Refining
84 9
823 84
834 834
834 9
878 924
84 94
6 Sept 4
912Sept 17
10
Certificates
94
2,600
1
2
8
2
*812
812
873 914 *822 9 4
84 9
94 94
311,
Nov
383
4MaY
1
60
Feb
2
par
No
May
inland
Steel
4312
1,500
*43,4
43
4312 4234 4314 43
4314 43
*4324 4334 43
100 1044 Apr 13 11018 Aug 21 10114 Jan ugly Dec
110 pref
100
_ *10938 ____ *11014 111 *11012 111
109 109 0
•108 109
2214 Apr 22 324 Jan 12
Dec
2218
Feb
Copper__
20
337
8
Inspiration
Cons
1,700
284
2612
27
27
27
2758 274 2722 2814 2718 2728 27
718 Jan 7 1738Juiv 24
938 Jan
3 June
No Par
1638
1534 1638 16,2 1714 15,100 Internal A gricul
1612 16
1638 163* 1513 164 18
14914Sept
19
Dee
110
Mar
30
11878
par
33
Apr
Machines_No
144 14414 3,100 Int Business
14518 14514 1454 1454 214314 145
14612 14914 14612 148
4014 Apr 0012 NOT
International Cement_.No par 52 Jan 6 7338Sept 25
7012 6934 7012 7012 711.4 707s 7278 7234 7338 7.700 inter Combus F.ngine .No Dar 3134 Jan 21 51 '.,,g14
6934 7014 70
22 Mar 39 Dee
4434 29,100
44
4614 464 4514 4634 4514 46 I 454 4634 4313 45
78
Jan 1104 Dee
International Harvester....100 964 Mar 25 13814SeP1 18
50.400
13324
2131
13212
13018
134
131
13312
1313
4
137
135 13738 13234
114
Mar
3
1203
8Ju1y
29
100
106
Feb 1164 Nov
pref
Do
300
119
119 119 *11834 119 •1184 119 *11834 119 *11834
•11814 119
712June 25 1478 Feb 5
634 Jan 155a Dee
834 84 12,000 lot Mercantile Marine____100
838 834 *83s 922 *834 9
912
834 9
9
100 27 Aug 15 6234 Feb 5
264 Mar 4782 Dee
Do prof
344 324 3312 324 3338 3013 3212 3112 3214 6.100
3438 33
34
2414 Mar 18 3538 Aug 24
1111 May 2718 Dec
344 3314 344 3354 344 46,900 International Nickel (The)_25 94 Jan 6
34,4 3378 344 34
3418 34
34
100 Aug 19
752* MNY 95 Nov
100
Do pref
300
*9812 100
9912
*9714
*9812
10012
10012
9972
*98
9934
997
2
9934
4814
Mar
19
743
8June
100
6812
3418
Apr 60 DO!
Paper
'nternational
17,200
68
6912
6713 6918 684 7038 67
70
6912 7034 68
100 71 Mar 9 8212May 26
6218 Mar 74% Pet
500
Do stamped pref
8212
8118 *8022 8112 *81
82 I 81
*81
81
81
3930
82
101) 86 July 31 93 Sept 14
Do
pref
(7)
3,000
9212
9112
913
4
914
9112
914
9134
9132 9132 9114 9172 91,2
Nov19 •
73
No Par 108 Feb 2 19934July 27
Apr
400 International Shoe
187 18714 186 186 *185 18812
18934 18934 *187 188
•187 190
100 11534JulY 9 121 June 3 11514 May 11918 Dec
Do pref
11514
100
11412 11411 *114 11412 *114 11714 *114 117 *114 11714 *115 11712 7,400 Internat Telep & Teleg._.100 8712 Apr 3 144 Aug 14
Dec
94
66
Feb
21153
4
1193
8
115
119 11934
120 12034 11913 12034 119 120
18 July 8 2611 Jan 5
No par
244 Dee 3212 MS/
400 (ntertype Corp
*2112 25
22
22
23
*22
23
22 . *22
22
24
•22
100 1612Ju13 24 214 Feb 26
164 Apr 2314 Jae
200 ewel Tea. Inc
1678
164
1712
*1612
1712
*1612
1712
17
17
*17
18
•17
100 102,2 Jan 10 113 Aug 12
78 Mar 106 Dee
Do pref
100
11112 111i
•110 112 *107 113 *108 112 *107 112 *109 112
141.4 Sept 2714 Jar
1614 1614 1638 1,40( Jones Bros Tea, Inc.sty& _100 1334June 23 2178 Feb 3
16
16
1614 1634 1618 1618 16
•1612 17
No par 353* Aug 10 5912 Mar 3
2l5 May 5214 Der
Jordan
Motor
Car
453
8
42,501
44
44
423
4
4612
4438
4278 46
4478 4313 46
42
Mar
17
par
183
4
No
36
Sept
a__
1614 Aug 38s8 Jab
25
Co
•
t
Kayser
(J)
36
14,000
3534 3412 3514 354 o7
3313 3478 35
3312 3312 3333 3312 •ns
77 Aug 10212 Feb
Are ear RR M r 30 10014.1tine 2
De Int nret
Inn
n7L,
nR,,, nen
071. •07
os
051,
466
5
Vitale onauged !row $101) Lo you and Prams on that haste bealaulaa Jim* 8. a Ex-rights.
•810 one salon(Mom 00 Mae OD Una 041.• • nis-Clavaland I Pair
New York Stock Record-Continued-Page 4
For Wes during the week of st:c kg usually lr,lctIre, see fourth page preceding.
HIGH AND LOW SALM eurch;,h-PER SHARE. NOT PER CENT.
larday.
Sept. 19.
I
Monday.
Sept. 21.
Tuesday,
Sept. 22.
Wednesday
Sept. 23.
Thursday.
Sept. 24.
Friday,
Sept. 25.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
I"ifEt SHARE
Range for Year 1925.
On basis of 100-share lots.
1551
PER &Ida,.
Range for Pres/ow
Year 1924.
Lowest
Highest
Lowest
Highest
$ Per share $ per share $ Per share $ per share
per share $ Per share Shares. Indus. & Miscall. (Con.) Par
per share
per share5 Per Oar,
Per share
18
1714 1734 18
17% 18
18
1812 17
1734 1734 18
7.400 Kelly-SPrIngfield Tire
25 1214 Mar 24 2153July 3
Jan
35
534 June
6412 65
61
63
.61
*63
61
65
65
65
65
65
1,400
100 41 Mar 25 74 July 3
Do 8% prof
33 June 88
Jar
65 .57
65
*63
.63
63
63
64
6314 6314 *63
6512
400
100 43 Mar 25 72 July 3
Do 6% pref
40 June 784 Jan
10934 11334 107 1094 107 109
108 108
105 106
106 10734 6,040 Kelsey Wheel, Inc
100 87 Aug 4 114 Sept 18
76 May 104 Dee
5553 56
5514 55% 54% 55% 5518 5558 5438 5514 54
5414 38,400 Kennecott Copper
No par 4612 Mar 30 6734 Jan 13
3458 Jan 5734 Dee
2
.2
2
218
214
218
2
2
178 2
178 2
1% Jan 9
4,300 Keystone Tire & Rubb_No par
313 July 16
112 Oct
4% JIA,
7912
7912
80
78
*78
784 *76
78
76
76 .75
7812
400 Kinney Co
No par 74 Mar 25 87%May 25
5214 May 864 Der
•57434 585 .570 583 .572 580 *570 577 *571 577
53
74
7,2 53
84
0,2 2.500
200 Kresge (S 5) Co
100 355 Apr 28 599 Sept 2 28712 Jan 47514 De:
3512 3434 35
34
35
3434 35
36
3412
34
Kresge Dept Stores_ _ _ _No par 3112 Jan 21 4534 Jan 7
4213 Nov 6278 bum
•155 160 *155 159
157 16734 157 157
159 165
1,800 Laclede Gas L (St Louls)_ _100 11014 Jan 5 178 Mar 31
79
Jan 113 Nov
.1512 16 .1414 16 .15
1512 1514 154 1512 1558 1512 1553 2,000 Lee Rubber & Tire____No par 11% Feb 20 18 July 1
8 May 174 Jar
•72
73
7334 74
7212 7218 73
7678 7612 78
764 784 7,800 Liggett & Myers Tob new.
. 25 .57 Mar 25 7812sept 25
50 Mar 68% Der
11912 11912 •11912 121 *11912 121
11934 11934 *11912 121 .17
%2 17
2120
652 17.200
100 11612 Jan 16 1224July 20 11478 July 121 June
Do prat
0
72
7212 7212 72% 72% 7334 7338 7438 75
7653
25 5513 Mar 27 76511Sept 24
48% Mar 6812 De
69,4 694 69 69% *6712 69
*6712 69
66
6712 6618 6838 1,900 Llpa
"e
li"Wriks
No par 60 June 23 74% Jan 14
ew
uio Lo
56 June 71 De
3418 3434 3378 34% 3334 34,4 3378 3512 34
3514 3438 35% 33,500 Loew's 1 neon/orate& _ _No par 22 Feb 17 3572 Aug 24
1518 June 25 De
7,4 714
7
74 7,4
7,4 7,4
718
718
753
1,700 Loft Incorporated
No par
6 Jan 28
512 Apr
94 Apr 6
834 Jai
5212 51
62
51% 53
5178 50
5012 49
4934 49
718 49
73144 9,000 Long 15c11 Lumber A._ No par 451, Mar 2
53 Sept 19
-io
- Mar 84 No
.89
•90
89 .84
91
9012 89
87 I .84
87
Biscuit
8814 87
100
Loose-Wiles
77 Feb 17 971/Mar 7i
200
3434 3518 34% 35
3434 35
35
375
371y 3834 3812 3934 124,000 Lorillard25 3014 Jan 24 3934SePt 25
3338 Dee 404 July
115 115 .111 11612 .112 117
•111 116 .111 115
115 115200
10(1 10813 Feb 27 116 Aug 26 112 Nov 117
Do °ref
Fe
14% 1518 1438 1513 1412 1458 1458 1512 14% 1512
11,200 Louisiana Oil temp ctfs_No par
1353 Aug 2E1 2334 Feb 3
2312 2312 2312 23% 2312 23% 23,2 2312 2312 2312 2312
15
1
25
31
8
2 1,700 1-m113,111c G & El A
'Lo .
pa; r
13
,
4SF
eAt.
,4 2038July 23
3534 3612 36
36
36
36,4 36
36
3614 35
3518 357
3,30 Ludlum Steel
55 Mar 4
17
Oct 384 Lre
139 139
140 140
•13714 140
140 141 *13314 138
13734 13734
500 Mackay Companies
100 114 Mar 20 141 Sept 23 107
Jan 119 Ath
21312 22014 2124 21634 212 216
21112 218
205 , 21112 20612 21278 113,000 Mack Trucks. Inc
No pa? 117 Jan 16 238 AU 18
Apr 118% De.
753
4
109 109 .109 111 *10912 110,4 110 110
10912 1094 .10812 10912
400
Do 1st prat -----------IOU 104 Jan 27 113 Aug 17
9512 Jan 10714 Dee
10434 10434 .104 105 •10412 105
105 105
10414 10114 .10334 10434
400
101
Do 24 pref
99 Jan 2 10653 Aug 7
87
Apr 1014 Dee
101 102
102 102
103 103
101 102
99 101
9812 101
2,900 Macy (P.11) & Co,Ine_No par 6912 Jan 3 1074Sept 12
7112 Den
69
May
4212 4212 42% 4312 4212 4258 4212 43
4214 42% 4258 4278 3,800 Magma Copper
No par 34 Mar 31 44125e9t 19
2618 June 4558 Der
2514 25% 25
•2512 26
25% 2518 2558 24% 2514 2518 2518 2.200 Mallinson (H R) & Co_No par 215, Mar 30 3712 Jan 23
18 Mar 4113 Der
52
5212 53
5412 5312 56% 5434 56% 534 5534 5514 57
27,700 Manh Elec Stipp tem ars No par 32 Mar 21 59 Mar lu
3314 Mar 4953 July
30
3012 2914 3053 *2914 2912 .29
2912 29
2858 29
29
2,300 Manhattan Shirt
25 2014 Mar 16 3114Sept 17
264 Des 44
Jar
38
•37
38 .3612 38
40
3814 3814 38
38
38
38
800 Manila EfeCtrte Corp.. No par 2812 Mar 5 494 Apr 24
28% Dec 314 Der
211
2112 2112 .21
2012 21
20% 21% 2073 2134 2112 21 12 1,200 Maracatho 011 Expl_ _ _No Par 2012Sept 2 364 Jan 31
2453 OctI 37:2 bat
43% 43% 4212 43% 4212 43
4253 4414 4258 4334 4318 4434 69,600 Mariam] Oil. _ ..... No par 321 Mar 30 47%July 28
29 May
42
Fed
28
28
2712 2734 28
28
28
2812 .27
2814 *27
28
700 Marlin-Rockwell
Vo par 1038 Mar 13 33 sent 15
8
Jan
17% Man
•
2034 21
2118 21% 2112 2014 21
21
2112 2134 2,100 Martin-Parry Corp_ _ _ _No par
1912 Aug 31 3718 Jan 7
3118 Nov 37% Jae
'82
83
83
83% 81
81
8334 81
80
80
8214 8214 1,900 MathlesonAlkall Wkstem ctf50 51 Jan 6 8512Srpt 11
2953 May 68% De(
119 120
119 1191 11714 119
11812 11978 118 120
11814 11934 10,300 May Department Stores__ _50 101 Mar 23 12834May 25
8212 Apr 115 Der
•9234 94 .93
9314 93
93
9212 9212 93
93
*9234 9312,
400 McCrory Stores Class B No par 79 Mar 17 9834July 7
86
OctI 106% July
•18% 19
•1834 19
*1834 19
1878 19 •____
184 1878
700 McIntyre Porcupine Mines_ _51 16 Jan 2 19% Aug 4
1458 Dee 1814 Jar
214 .21
2112 211 *2114 2112 2114 2112 2114 213*
21
211
900 Metro-Goldwyn Picture,93_27 18 Jan 3 2214 Feb 5
15 Sept
19 Dec
134 1318 13
131
1234 127
124 13 .12
13
1212 125
4,100 Mexican Seaboard OIL No par 1112 Mar 17 2212 Jan 6
1413 Jan
2544 Bev,
912 034
953 93
94 93
012 034
912 958
912 934 4,600 Miami Copper ---------6
8 May 12 2414 Jan 13
20 May 25 Apr
2918 2912 2834 293
2812 2958 283 2012 2878 30
288 29
14,600 Mid Continent Petro. No par 2534 Aug 19 3618June 8
112
158
15
112 158 .112
112
112 153
11
112
112 3,800 Middle States 011 Corp.
._. 10
314June I -- 1 Aug
1113 Apr 16
67, Jot
13258 1325 134 13434 13334 1333 .135 13734 13312 135
134 134
700 MIdland Sloe "rod prof __ _100 96 Jan 2 117 Aug 10
914 June 4,8 380*
883 9014 86
8912 8512 863
8314 8553 8378 8538 29,900 Montana Power.
8514 86
100 64 Apr 17
6114 June 7434 De
Aug 6
6858 6912 67% 6822 6712 681g 677 6934 6738 0Ss 6734 6812 41,300 Monts Ward & Co III carp_ _10 41 Mar 3) 9914
2134 May 4812 Dm
73 JillY 28
3512 348 3653 3434 3714 36
35
3434 3512 29,100 Moon Motors
3733 344 353
No par 2234 Mar 19 38 Sept 11
1712 Oct 2712 Fel
75
734
75
734 734
75
734 734
712 75
712 75
3,800 Mother Lode Coalition_No Par
6 May 4
918 Jan 2
6 May
914 Fel
417 4214 42
4212 4158 42
4114 4138 4058 41's 4018 4114 13,400 Motor Meter A
No par 4014 Scot 2 4314Sept 14
3312 3218 33,
33
8 3218 • 33
3212 33
3012 3212 317 32,4 23,800 Motor Wheel
No par
18 Apr 9 35 June 29
16
•1512 16
1712 1712 18
18
18
1814 •16
.17
1712 4,300 Mulltne Body Corp.._.No par
13 Aug 26 2112 Feb 20
9 Mar
-15;
*3214 34
3234 34
323 3238 •32
34 .32
34 .32
34
200 Munsingwear Co
No par 301a Apr 23 35 July 23
294 July
394 Jar
47478 4747 .470 475 .465 470
47478 4747 *455 460
455 455
300 Nash Motors Co
No par 1934 Jan 5 475 Sept 18
954 Ant 204
Den
10512
106
•10512
10522 106 106 .10534 106 .10534 10612.10534 10612
200
_-.. _. -100 10334 Jan 21 107 July 15
Do pref
984 July 104% Nos
918
9
818 8%
853 918 *812 0
712 8
.73t 812 3,000 National Acme stamped.... 10
414 Mar 24 1073.fuly 24
3% Oct
1013 Jar
72
71
724 7212 71
7112 703 7134 7034 714 70% 7134 8,600 National Biscuit
25 65 Apr 29 7t58 Aug 24
5014 Mar 7714 Sen.
126 126 •125 127 .125 127
12634 12634 *125 127 .125 12712
200
100 1234 Mar ii 12812May 9 12011 Jan 12634 Oaf
Do pref
73
7312 7412 7312 747
74
737 7434 7212 7412 7253 7278 9,200 National Cloak & Suit
100 6512 Mar 5 78 Jan 26
44 June 70% Dec
101 10114 .10014 10234 •100 102 .100 102
•101 103 .101 103
300
100 99 Jan 13 104 Jan 218
Do pref
9112 Mar 100% Dec
6534 664 6412 6512 6338 653
64
6512 6312 61
6312 6114 8,700 Nat Dairy Prod tern etfsNo par 42 Jan 2 6712 Aug 31
3018 Apr 444 Dec
4214 4212 423* 424 4212 4212 *4118 4212 1,700 Nat Department Storee No par 384 Jan 2 45 May 12
43
43
43
43
3614 Oct 43
Jar
•9712 984 *9712 98
9814 9712 98
•98
•9712 98
.9712 98
200
100 96 Apr 15 102 Jan 2
Do pref
9238 June 101 De,
3514 358 3438 34% 3418 34,4 3358 3414 3353 34
3512 357
3,800 Nat 1)131111 Products...No par 30 Apr 9 3714May 27
6512 6512 67
66 .65
67 •65
66
6418 6514 65
65
1,000 NatDlstllprodpftemetfNoPar 5212 Jan 8 70 July 20
3012 Aug 54 Dee
33
3434 *33
35
35
35% 353 3512 .35
3414 *33
36
500 Nat Enam & Stamping_ ..100 25 Apr 30 39 Aug 29
1812 Sept 4478 Jan
89 .86
86
89 •86
89 .86
89
*86
89 .86
89
100 75 June 22 898 Jan 12
Do pref
67 Sent 89
Jar
160 16414 160 160 •158 161
161 161
157 157 .156 160
3,200 National Lead
100 13812 Apr 27 16673 Jan 9 12312 Apr 16914 Aull
116 116 .116 117
116 116 .116 117
116 116
116 116
100 11412Sept 2 11834 Aug 13 11111 May 118 Sera
400
Do pref
*565 57
5534 563
5578 56
56
5612 5518 5534 5512 5518 3,100 National Supply
Scot
24
5518
71
50
5412 Oct 724 Pet
Jun 29
1318 1318 13
1353 1312 134 131
1314 13
1314
1234 1353 4,500 Nevada Consul Copper...
163t Jan 7
11% Apr 27
1178 Jan
11334 Der
397
3812 401
39
3612 41
3514 37% 3414 3538 3534 37
11,700 NY Alr Brake tern etts_bio par 4234May 1 5612 Jan 3
3613 Apr 57
Der
.51
51
53
5118 52% 5278 53
51
528 5258 53
53
2,100
No par 51 Mar 19 67 Jan 7
Do Class A
4714 Jan 57 Den
501
4934 5014 49
4858 49% 4812 4938 448 48
4614 49
10,547 N V Canners temp ctte_No par 31% Mar 30 5413 Aug 8
one 37 Dec
32
3312 3312 331
•32
32
*3112 33
32
3138 313* 3118 3114
500 New York Dock
.100 18 Mar 24 3653 Aug 8
19
Jan 3718 May
065
68 .65
70
*65
68
68
68
•65
68 .65
69
200
Do prat_ ...... _-.101
524 Jan 14 7214June 26
414 Feb 5514 May
28,4 2814 .28
281 .28
2814 .28
28,4 .28
2814 *28
2814
400 Niagara Falls.
.....pf new 25 2778July 1 29 Jan 12
27 June 24 Sept
.58
587 5938 5818 581
5914 58% 5938 575 5878 5812 59,4 41,900 North American Co
414 Jan 5 6034July 29
1
Jan 45 Dec
22
5018 5014 5014 501 .50
50
50,4 50
50
50
50
501
1,700
Do pref...60 4653 Jan 2 5012Sept 12
43% Jan 5014 July
1438 1412 15
17
1 163 10,700 Nunnally Co (The)- - .. No par
164 17
1658 17
1614 1612 16,
8 Jan 16 17 Sept 21
7
912 Dec
Apr
77
77
713 71.
*712 8
.71z 8
712 712 *712 728
300. Ontario Silver Min new No par
513 Jan 22
71g Sept 25
4% Mar
8% Oct
3312 33
33
•33
33
33
33
33
331
3312 .33
33
800 Onyx Hosiery._ _ _ .No par
1838 Jan 6 36 Sept 8
18 May 30
Jar
43 .42
44 .42
•42
43 .42
4118 42
43
900, Oppenhelm,Collins&CoNo par 41 14 Aug 31
415* 421_
4614June 26
31
30% 3078 30% 30% 3012 307
•3058 3112 31
3014 3053 2,000 Orpheum Circuit, Inc
1 2534 Jan 16 32,July 30
18
Feb
/6-fie;
•132 13534 .132 1351 135 135 .132 135
130 132
1307 133
2,800 Otis Elevator (k)
50 8758 Feb 27 1404 AUK 21
68% June 92 Der
13
1338 123a 13
1234 13
1258 13
1212 1234 1212 1258 8,000 Otte Steel
No par
8 Mar 18 1514 Aug 28
64 Nov
11711 Jan
861
•108 11012 84
84
84
85
8512 8212 8418 8212 8634 2,000
Do prof
100 5014 Mar 18 9712 Aug 28
44
Oct 7434 Mai
5812 5914 58
583
5834 58% 5858 59
5838 58% 5838 58% 7,100 Owens Bottle
25 42% Mar 17 6178Sept 10
3914 May 6714 Jan
115 115
11512 11512 11412 115
115 116
115 11612 115 12214 5,900 Pacific Gas & Electric
100 10211 Jan 5 12214Sept 25
9014 Jan 105 Dee
537 5414 5312 5418 5313 5312 53
54% 5313 54,4 5312 5418 28,100 Pacific 011
No par 5158 Aug 18 654 Jan 31
Apr 5814 Feb
66
4112 4334 4218 441 2 41% 4212 4038 4214 3814 4012 38% 40
53,600 Packard Motor Car.
10 15 Jan 16 4334 Sept 19
9% May 1613 Dec
22
2334 23
2112 215
2478 2512 2718 2414 26'4 2412 25% 106,100 Paige Del Motor Car_ _No par
1738May 6 2718500t 2:3
_
6412
6314 633s 62% 65
6334 6412 6318
6334 64,4 6334 644 5,600 Pan-Amer Petr & Trans__ 50 5912Sept 3 83% Mar 3
444 Feb -i-5- Dee
63
6358 64
6414 6318 6312 6214 6518 6358 641s 63% 64% 39,600
Do Class B
50 604 Aug 27 844 Mar 3
4114 Feb 6435 Dec
213 .218 3
214
214 233
214 214
.218 238 •218 234
600 Panhandle Prod & Ret_No pa
214 Aug 28
5% Feb 26
112 Sept
418 Jan
2612 2612 2633 2612 26
26
26
2612 2512 2612 2512 26
2,000 Park & Tilford tern etfs_No pa
2514Sept 8 3513 Jan 10
24 Sept 3534 Dec
2134 23
23
21% 2212 2112 22,4 22
22
22,4 21% 2212 13,900 Penick & Ford
No Pa
1914 Aug 11 28 Apr 14
1812
19
•14
1812
19
1712 1778 18
17% •17
*17
174
500 Penn Coal & Coke
50 1234 Apr 29 263, Jan 2
Nov
.158
134
1%
15
134
134
1%
113 134 23,500 Penn-Seaboard St'h vtc No pa
134
112
134
1 Aug 12
3 Jan 9
118 Oct
4,4 Jar
11812 119
119 120
119 119
117 12034 120 122
119 121
13,400 People's0 LA C (Chic)_ _ _10 112 Jan 16 12214June 16
9234
Apr 1194 Dee
5812 5914 5838 59
58% 58% .5858 59
57% 58% 58,
8 5818 4,100 Philadelphia Co (Pitted))
60 5113/Mar 18 62% Aug 5
427g May 5711 Der
4278 4314 4153 4258 414 41 13 4012 4114 40
4012 404 41
19,400 Phila.& Itead C & I _ _ _No pa
373,h1ay
624 Jan 9
3412 Mar 15414 Dee
.3918 4113 •391g 41
•4112 4412 •4014 424 4014 4014 .394 42
300
Certificates of Int___No pa
38 July 11 504 Jan 23
36 Mar 5253 July
53
*51
53 .51
53 .51
.51
53 .51
.53
51
51
100 Phtllips-Jones Corp__.No pa
.52
13 9018 Jan 12
44 May 88 July
22% 2112 22% 2112 2212 9,800 Phillip Morris & Co, Ltd-..30 1234 July
23,2 2338 23
2312 2214 22% 22
Mar 19 2514 Sept 1
11 July 23,
4 Jan
3818 3814 38
38
,
8 37% 3814 3712 39
38
38% 3814 39% 20,900 Phillips Petroleum
No pa
364 Mar 30 4718June 12
2811 Oct, 421s Apr
4112 4312 4112 43
4112 43111 4112 44
3918 4134 4018 4158 172,600 Plerce-Arrow Mot Car_No pa
103 Mar 30 4453Sept 8
618
May;
16
Dec
92
90
89%
8934
9314
88
9114
90%
91
9012 8933 9012 16.100' Do Pre
100 43 Mar 24 94 Sept 8
181g May 54 Dee
_ •200 225 .200 225 .200 220 .200 225
1,600
Do prior pref
No par 85 Mar 18 210 Sept 14
95
5912
Dee
June
134
184
158
118
158 134
158
118
158
158
112
158 3,300 Pierce oil Corporation
2
112 Aug 10
112 Apr
318 Feb 6
44 Jac
28
28
*2034 28 .27
28
30
*2612 27
•28
.261 4 28
100
Do pref
Jan
100
2512
2
40
20
Feb
Mar
26
36
Jan
54
53
512
524 514
518 533
51
512
514 512
514
5,300 Pierce Petram tern etts_No pa
5 Aug 10
814 Feb 5
433 Oct
534 Der
4334 4314 4314 .42
4334 .42
4334 .42
.42
431
4312 .42
200 Pittsburgh Coal of Pa
100 374hIay 2 5412 Jan 13
4773
Dec
633
4
Mar
98
.97
8712
8714
98
8712 .87
8714
.97
90
85,8 8618
Do pref.
500
100 80 May 4 99 Jan 5
9474 Aug 100 Apr
9812 *96
9812 .96
981
•96
9814 .95
9812 .95
0512 .
96
Pittsburgh Steel prof
100 94 Mar 26 1024 Jan 8
95
Jan 103 Au*
51
46
4912 50
51
46
4618 47
53
•51
4614 47
800 Pitts Term Cos
100
Apr
27
30
6334
Jan
17
587
8 Dec 6334 Dee
1412
1412 1458 1434 1458 147
1434 15
•1414 1412
•I5
1514 1,400 Pittsburgh Uttrities pref.._._1
97 Jan 1618 Dec
127 Mar 24 177sJunc 25
14
1412 .13
1412 .13
.13
14
14
14
.13
.13
1438
pref
100
certificates_ _ _I
Do
12% Mar 20 16 June 26
1118 Feb 164 Der
134 136
134,8 13614 13414 1367 13512 13714 13412 137
133 134
5.90(1 Post'm CerCoInctern etfNo pa
9314 Feb 16 143 Aug 25
484 Apr 1034 Der
56
5524 5514 545s 5518 5412 5458 .5412 55
561s 5612 56
2,200 Premed Steel Car
100 45 June 25 69 Jan 23
39 Aug 62
Jae
82 .80
82 .80
82 .80
8134 81 8110
8114 8114 .80
100
Do pref
0 7612July 9 9212 Jan 3
67 Aug 90 Fet
1434 1434 1434 15
1434 15
14
14
15
14
14
15
3,500 Produeers & Refiners Corp_ 50 1212 Aug 26 3258 Feb 3
2234 Apr 4313 Jar
801. 80
7934 8112 79
8034 7814 80
81
7812 79
80
21,100 PubServCorp of NJ newNo par 62% Mar 30 878 Aug 5
39 Mar 70 Dee
_ .10312 105 .10312 10412 •10312 1047s 10312 10312 104781051
400
9612 Mar 10118 Dec
Do 7% pref 00 99 Jan 7 10512Sept 14
•
•11,-112 115(2 .11412 11512 .11412 11512 •115 11512 *114 12212 .11418 12213
100 1083
,Apr 1 116 Sept 2
9914 Apr 116 Dec
159 162
15812 154,4 15858 163
15814 160
15812 160
18214 168
45,800 Pullman
Pret
100 129 Mar 30 17312Sept 17 11312 Apr 1511 Dec
8 Company
357 354 35
3518 357
357 36
3514 347 353
348 3512 4,800 Punta Alegre Sugar
50 33 July 23 4714 Jan 7
3738 Dee 87.8 Mar
2634 26
2614 26
2678 264 2612 10,000 Pure 011 (The)
2618 2612 26'8 26141 20
25 254 Aug 13 3334 Feb 4
20 June 304 Dec
107 107 *106121091
•106 109 .10612 109 I 1063, 1065, •10612 109
400
pref 00 10212 Jan 5 10812Sept 9
92
Jan 10514 Den
Do
8%
5912 6034 5912 605s 57,4 5953 0838 .1934 104,900 Radio Corp of Amer. -No Par 4838 Mar 27 7778 Jan 2
5912 6112, 593* 62
25% Ott 667
, Dec
50 .49
4918 491. 491. .48
497
. .48
4918 *48
497
•48
100,
60 48 Sept 3 54 Feb 4
Do pref
457 Oct 50 Dec
a Ex-new right,,
-*Bid and asked nrices• no sales on this day. a Ex-dividend
a No oar.
/ Trading on N. Y. Stock Eaehange Klapende d
Ex-rights.
becallse Of small amount of stock outstanding.
New York Stock Record-Continued-Page 5
1552
For awes during the week of stocks usually inactive. see fifth page preceding.
HIGH AND LOW &ALB Pitloitid-PEN MARE, NOT PER CENT.
Safurdar.
Sept. 19.
Monday.
Sept. 21.
Tuesday.
Sept. 22.
Wednesday. 77iursday
Sept. 24.
Sept. 23.
Friday.
Sept. 25.
SOICI
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 1(n)-share lots
Lowest
Highest
PER SEARS
Range for Previous
Year 1924.
Lowest
Highest
Per share Per sitar
per share
Per share
per share Shares. Indus. & Miscell. (Con.) Par
per share $ per share
per share 5 per share $ per share
Jan 13712 De
100 12212 Feb 17 16112SePt 17 108
155 15512 4,600 Railway Steel Spring
15312 155
156 156
156 157
15212 15614 155 155
Jan 3312 NOI
30
337
3912
7
Jan
5
8
Aug
par
No
Ltd
Mines,
Rand
37
*36
"3618 37
37 "3533 37
"3458 37 '35
9 Mar 174
Feb 9
"i5i2
1312 1334 1312 1373 1313 1334 1314 1334 1314 134 7,300 Ray Consolidated Copper_ 10 11% Apr 22 17% Aug
31
4414
par
5314
13
Aug
No
Cream
Ice
Reid
400
4612
4
4713 *44
*443
47
*4822 4934 4914 4914 484 484 47
Oct 161 D,9Jan
No par 10 May 16 2814July 9
1 2134 '2112 2212 2112 2112 1,200 Reis (Robt) & Co
22
22
22
22
2134 2134 21,
3214 Jan 5412 Der
8812 8812 9212 35,800 Remington Typewriter_ _..100 4634 Jan 27 9212Sept 25
9113 8812 9034 86
84
8134 8134 8138 85
9934 De
July
2
904
Jan
21
100
Apr
100
106
pref
lot
Do
200
105 105 *_ _
•103 105
10514 •____ 10514 •- ___ 105 *10214 105
904 May 110 Cc
100 107 June 19 11312 Apr 29
Do 2d pref
__ *103 109
*109 112 '10318 1074 '103 107 '103 107 *103
234 Nov
June
13
Jan
par
ioo
2314
714
12
1258June
No
Steel
Replogle
6,100
1512
1614
4
16
153
1618
1614 1634 1618 1634 16
1634 16
42 June 63% Dee
4218 Apr 30 6438 Jan 3
4,600 Republic iron & Steel
4934 50
4 5114 494 50
/
50% 5134 501
5138 5138 513 52
82 June 95 Ma'
100 8414 July 7 95 Jan 13
Do pref
1,200
92
9214 '914 9178 92
92
9114 91
*91
9114 9114 92
97 May 224 Ja,.
No par
8 July 2 18 Jan 5
5,100 Reynolds Spring
978 10
1012
10
1014 11
11
11
1012 1134 104 11
6134 Mar 7938 Der
8838 8812 9134 9118 9278 9134 9334 52,100 Reynolds(R J) Tob Class B 25 724 Mar 24 93% Sept 25
88
89
83% 8712 88
8 Jan 8 122 Apr 29 11514 Mar 121 June
1197
100
pref
7%
Do
122
*12013
122
•12018
122
"11978
122
8
*1197
•11978 122 *1194 122
86 Mar 96 Sept
25 85 June 25 9712 Feb 20
500 Rossia Insurance Co
88
88
90
88 '88
88
88
88
88
88
90
*88
404 Sept 5913 Feb
4933 4934 6,200 Royal Dutch Co(NY ,hare,). 4814 Mar 24 5738 Jan 31
4 50
1
4934 49/
4918 4914 4914 501
4 4912 4934 49
/
22 Jan 457k Dec
25
5212May
1
4310Y
3
35
10
Lead
Joseph
St
11,600
8
425
8
4218
447
4312
4288 4214 4234
42
4288 4212 4234 42
3234 Jan 88% Dee
3
Mar
8
1083
15
Corporation.100
4812.1nly
4,900 Savage Arms
8612 6658 67
6712 6634 6634 6014 6688 6612 67
6834 67
9634 lor 12914 AU,
4,300 Schulte Retail Store,. N0 par 10134Sept 3 11678 Feb 9
10378 104
103 1054 10334 10512 104 104
107 107
10512 107
100 110 Jan 6 118 Aug 21 105 May 1124 DeDo pre:
4
•11212 11434 *11212 11434 *11212 11434 *11212 1144 *11212 11434 *11212 1143
par 1312June 9 1434June 22
1458 1458 1434 1413 1412 1412 1412 1412 1434 1412 1414 1414 1,300 Seagrave Corp
784 May 155 )10;
r 14712 Mar 30 223788ept 14
a0
210 21212 21214 21334 9,610 Sears, Roebuck & Co No 10
21412 215
21214 215
218 21812 214 217
8 July
4 Apr
773 Jan 3
514 Apr 22
10
Copper..
Shattuck
Arizona
400
1
4
6
"6
6
6
6
6
614
4 *6
/
61
614 "6
'6
4018
Mar
6
Aug
92
30
par
No
744 7512 4,300 Shattuck (F G)
7612 7434 76
75 I 75
7712 7912 75
7612 75
33 Jan 42 Dec
E2 3934June 3 454 Jan 30
Trading.
&
Transport
Shell
700
41
*3914
41
•3912
8
397
3912
4
393
I
41
*40
40
41
*40
1534 July 224 Dec
No par 2188 Aug 12 2838 Feb 4
2214 20,800 Shell Union Oil
2234 2178 2212 22
2234 2212 2214 2212 2214 2212 22
914 Jan 9912 Dec
100 9912 Jan 2 1054Sept 4
Do pre100
990
104 10412 104 104
•103 10412 *10312 10412 10414 10438 10334 104
Jan 24 Dec
Jan 12
105
4
263
3
4Sept
173
10
Petroleum
Simms
11.900
4
1
/
19
1918
2014
1914
1934 1934 1912 2018 1913 1934 1834 20
22 Apr 37 Dec
No par 3114 Mar 17 5338Sept 17
5134 5134 5,700 Simmons Co
4 5134 52
1
5134 52
5278 5172 52/
5278 5314 52
15 July 274 Jan
17 Jan 6 2478 Feb 2
Sinclair Cons 011 CorD_No par
19,600
184
3
183
1878
184
19
1818
4
4
183
1812
183
4
/
181
1858 18%
Jar
75 Oct 90
100 7834 Jan 2 944 Feb 3
Do pref
*8813 90
*8818 90
*8818 90 '8818 96 I *8818 90 I "8812 90
174 July 29 Feb
25 2134 Mar 30 3012 Feb 3
2612 14,500 Skelly Oil Co
2634 26
2513 264 2513 2578 2518 2512 2534 2612 26
10712July 21
52 May 8478 Dee
30
Mar
8014
100
Iron
&
Steel
Sloss-Sheffield
1,000
97
991
*97
4
/
100
'99
99
99
99
99 100
*100 101
58 Oet 957j Mar
100 South Porto Rico Sugar...I00 62 Jan 6 8912 Aug 7
*75
81
85,2
8512 81
87 "81
*81
87
88 '81
•81
1413 Aug 31 24 May 28
No par
Spear At Co
20
17
*15
20 '15
*15
20
3278 344 •15
20
•15
19
May
92
31
Aug
7918
100
Preferred
200
8112
8112
8112
•8012
8212 8014 8014 *8012 82
82 '81
*80
No par 1512 Feb 17 3578Sept 23 -7.38 Kiiie - 20- -nee
3413 3584 99,600 Spicer Mfg Co
4 364 3414 355
/
33% 33% 3278 344 3234 3514 351
78 July 9814 Dec
100 92 Apr 1 108 July 10
Do pref
100
*105 107 2•103 105 "103 10512 103 103 •10212 10512 *10212 105
3112 May 4188 Dec
par 4014 Jan 2 5934 Aug 3
Co_No
El
&
Gas
Standard
58,800
5712 5834 5734 58
5678 59
5738 574 5613 5734 5634 57
394 May 734 Dee
19
May
18
8June
807
100 62
700 Standard Milling
6834 6834
68
68
6712 6712 68
68 I 68
68
69
*68
70 July 85 Mar
20 3638June 12
Jan
81
100
met
Do
86
'8014
86
*8014
•8014 86
*8014 86 I *8014 86
*8014 86
5515 Apr 6812 Jan
Standard 011 of California_ 25 5112 Aug 13 6714 Feb 2
4 52% 5318 5213 534 5234 5334 5212 5314 12,000
1
4 53/
53% 52,
53
33 May 4214 Jar
29,400 Standard 011 of New Jersey 25 38% Mar 30 4712 Feb 3
3912 40
3953 3934 3912 394 3913 3978 3912 404 3912 40
Do pref non-voting _ _ _ _100 11614 JUIY 7 119 Feb 24 11534 Mar 11918 Aug
117 11714 1167 11678 2,200
117 117 *117 11714 117 11718 117 117
1318 Oct 3514 June
8 Aug 31 16 Jan 16
5,
714 2,000 Stand Plate Glass Co__No par
713 734
*7
7
7
712 734
7%
7
784 734
5512 Apr 654 Nov
No par 624 Mar 25 7514July 16
1,500 Sterling Products
72
'72
7012 70% 7034 704 7012 72
7012 7012 7134 72
484 July 10078 Jar
794Sent 22
18
Mar
par
Corp_No
55
Sp
-Warn
Stewart
96,500
2
78'
7712
7978
7712
8
753
784
7714
7912 77'4
7484 754 75
6412 May 84% Jan
7934 Jan 3
7212 727 7278 7,100 Stromberg Carburetor_No par 61 Mar 18 5918Sept
72% 744 72
75
744 7412 7434 7512 73
3012 May 4614 Dec
23
5938 5613 5814 5634 5734 306,000 Stubebir Corp(The)new No par 414 Jan 23
4 58
1
5733 5612 5818 5618 59/
56
Jan
,Nov 115
1097
23
Sept
122
13
Mar
112
100
pref
Do
800
122
12012 122 •121 122 *120
118 118
11934 12014 120 120
1238 Dec
6 Nov
No par
3% Sept 1 12 Mar 8
418 433 2,500 Submarine Boat
44 414
414 414
414 4%
414 4% *414 413
238 Jan
84 Au!
134 Feb 9
par
17
Aug
2%
No
011
Superior
2,600
314
34
4
,
3
3
3
3,3 3,4 *314
318
3
3
3
23 July 35 D-9e
100 20 May I 4138 Jan 10
*2212 2312 *2212 2312 *2212 2412 1,000 Superior Steel
24
*2313 2412 24
3 Jar
14 Sept
50
578 Mar 19 1134 Jan 7
912 934 1,800 Sweets Co of America
812 "-*i8% 914
812
812 '8
812 *8
*8
8Sept 18
207
15
Jan
1012
par
ctfs__No
temp
Symington
22,200
101
1814
1912
1814
1912 1778 1812 1818 184
1918 1934 18
18
Sept
2018
19
Aug
par
__No
Ws.
20
temp
A
Class
2214 2234 6,800
2278 2278 2218 23
22% 23
2418 2412 2233 24
34 Dec
11
ii171"; 900 Telautugraph Corp..__No par II Aug 14 15 Feb 7
12
1238 12
1214 1214 1214 •12
•1112 124 12
12
12
934 Jae
634 Mar
7% Apr 1 1214July 17
NO par
1078 11
1034 107s 3,600 Tenn COM)& C
1078 11
1078 11
11
11
5
104 11
June
3734
12
5433June
Jan
4234
45
5
Jan
31,800, Texas Company (The)____ 25
47% 4634 4838 4714 4838 4718 48
4714 4778 474 47% 47
574 Apr 110 Dec
10 974 Feb 17 115 Aug 19
10834 10914 13,300 Texas Gulf Sulphur
109 10978 10734 109
10858 110
110 110
11012 111
Feb
1514
Oct
23%
8
6
Feb
10%
27
Aug
10
011_
&
Coal
Pacific
Texas
9.600
1138 12
1112 1134 1114 1182 1118 1112 1112 1234 1138 1288
100 3012 Aug 17 38',July17 1164 Oct 151 Feb
4,300 Tidewater 011
32
3234 31
31
3214 32% 33
4 3218 32
1
32/
Jan
3112 May 41
18 4634Sept 14
4434 4533 4414 4478 4334 448 24,300 Timken Roller Bearing_No par 3734 Mar
4434 4573 4438 45
52 Apr 732 Dee
70 Jan 2 9412July 24
-.100
924 9112 9313 9288 93,4 21,500 Tobacco Products Corp
4 9134 9333 9012 914 91
,
9234 93
834 Mar 934 Oet
934 Jan 2 106 Aug 7
100
A
Class
Do
3,000
10334
10312
10414
10312
8
104
104
1037
4 10412 10312
1
10418 10414 104/
878May 9
64 Jan
334 Apr
334Sept 2
312 3% 22,500 TranscT1011 tem ett new No par
334 34
312 3%
34 334
354 37
334 34
2838 Oct 354 Jan
500 Transue & Williams St'l No par 2513Sept 8 35 Jan 10
2412 25
25
*24
*24
25
25
•24
25
2513 .24
25
Jan
3618 Sept 43
25 3818 Mar 26 53 July 28
8,400 Underwood Typew
52
50
8
507
8
493
4912
50
4
483
48
8
487
5134
4813
*47
3312 Sept 6438 Feb
17,900 Union Bag & Paper Corp.-100 36 Apr 1 65 Sept 25
6114 6034 6112 6014 614 624 65
6012 6134 61
6132 62
Nov
39
Nov
35
5
Feb
4388
18
Aug
25
334
California
5,500 Union Oil,
3388 3338 3358 337k 3334 3334 3313 34
3312 3378 334 34
Jan 13278 Sept
94
100 118 Sept 2 134 June 19
500 Union Tank Car
12314 12314
12214 125
*124 128 *124 127 ,•124 126 .123 126
100 11314June 17 11718May 6 10614 Feb 11634 July
Do prat
100
13115 11612 *115 11612 11512 1154 *11512 11612 .115 11512 •115 116
Oct 37 Feb
20
4
Mar
3
367
No par 24 May 15
2914 2978 2914 2912 13,400 United Alloy Steel
, 31
30
31
3134 297
3012 3078 30
424 June 6414 Nov
25 6014 Jan 6 9612July 1
8478 9,400 United Cigar Stores
84
8212 8412 8234 8334 8314 8312 8212 84
8434 85
May
71
18
13114Sept
Feb
110%
1215, Dee
100
4
3,800 United Drug
1324 13278 13034 13212 12912 13012 12912 1304 129 12938 130 133
404 May 53 Dec
50 52 Jan 16 56 June 15
Do Ist pref
400
55%
*55
55
55
4 55
1
55
.
5513 55/
8512 *55
5533 55
Jan
182
Aug
2244
239
25
Sept
31
Mar
100
204%
Fruit
United
2,500
239
230 23012 2304
•230 23212 230 230 *227 230 230 230
13 July 48 Dee
3412 3612 43,200 Universal Pipe & Rad_ _No par 2612 Apr 27 50% Feb 11
36
3668 34
35
3634 3733 3512 3714 3512 37
474 Oct 79 Dee
94 Feb 11
10
July
65
100
pref
Do
2,000
79
79
78
75
81
79
8
824 8034 80,
81
84
.83
64 Feb 169% Dec
12,600 U S Cast Iron Pipe & Fdy_ _100 13114 Apr 22 260 Feb 11
172 17412 172 17734 171 17212 16812 17214 16412 17012 166 169
8178 Jan 10414 Opt
100 91 July 11 113 Aug 21
Do pref
600
*98 102
10314 10314 100 103
•10412 10512 *10312 10334 .103 105
2112 May 42 Dee
17
Jan
4
3
39
17
Feb
304
par
No
ctf
tern
Corp
Distrib
US
6,100
4
343
4
333
35
4 33
/
341
344 34
334 33
3312 3334 33
8
Jan
164
July 168 Dee
98
9
Mar
130
100
Do prof
1,100
130 150
130 150
130 150 •11234 11234 *130 150 •130 150
'
165, Mar 2438 Oot
23 Jan 3 4212 Aug 18
par
No
a
t
v
Corp
Mach
Hoff
US
5,000
41
41
404
414
41
4112
414 4178 4033 42 I 4078 41
May
6118
8714 Dec
9453May
19
Mar
26
76
_100
__
Alcohol_
Industrial
8
U
21,200
8612 8812 87% 8834
88
8812 9012, 8753 884 87
8934 90
Jan 10684 Dee
98
100 105 Jan 29 115 June 22
Do pref
100
110 113
11234 11234 *110 11212 •110 113 *110 113
•110 113
90 June 1434 DC1473
30
Mar
12
4May
_100
Improv't___
11412
&
Realty
US
7.100
143
14112
140
142%
142 1427
1415g 143121 14014 143
14212 144
22'i May 427 JI111
100 3312 Mar 30 0512J/11Y 16
5912 564 5834 5712 584 51,200 United States Rubber
5818 5888 5734 5978, 5733 5918 58
6612 May 9574 Dee
100 9234 Mar 30 10834July 18
Do 1st prof
10438 10512 10434 1044 1,300
8 105
104,
1054 10534 10538 105341 10478 105
1812 Mar 4112 Dec
60 30 Feb 17 4838Sept 24
4838 4612 4712 10,100 US Smelting, Ref & Mln
4512 474 47
46121 4512 46
454 4614 46
374 Mar 4678 Dec
50 44 Apr 16 48 Sept 25
Do pref
1,100
48
47
47
4612 4612 4612 4612 4714 474 47
47
47
944 Jung 121 Dec
United States Steel Corp-100 11238 Mar 30 12958 Jan 23
72,700
12218
4
1203
1224
4
1203
122
12314
12314
12214
12414'
4
1223
123 124
100 12218May 7 1268, Jan 28 11834 Feb 123 July
Do pref
12412 12412 12414 12414 2,200
12434 12412 12412 12478 125 125
12434 125
Jan 8834 Dec
64
10 82 Mar 19 10018 Aug 21
Utah Copper
*95 100
*95 10018 *95 100
*95 10018 *95 100
99
95
.
_
A....No par 30 Aug 27 38 Aug 6
Lt
&
Pow
Utilities
3,100
324
324
324
3212
14
32'
31%
3212 3234
3234 3278 3212 33
g
4
4July
June
8May
-3-34 Feb
343
1918
,
25
par
No
Corp
Vanadium
3,300
30i
2918 2912 2914 2912
304 314 3018 30% 30
31
*30
1534 Oct 334 Jab
1514 Aug 20 2434May 19
No par
Van Raalte
18
*17
18
•16
18
*1512
*151
18
18
*154
•1512 18
Jan
53 Sept 80
Apr 1 73 May 22
60
100
pref
1st
Do
67
*65
67
*65
70
70 .65
70 .65
ig June 10% -In
*65
70
•65
834July 9
112Sept 23
134 15,300 Virginia-Caro Chem.... No par
112
134
14
112 2
178 2
218
2
24 218
812 Jan 5 2312July 8
212 June 344 Jan
100
pref
Do
11,900
10%
10
1012
10
1014
104
1134 12
1034 114 104 1034
478July 9
Jan
78 Aug 28
7
38 June
No par
Do "B"
700
14
138
114
1%
132
182
134
*114
13s 14 $132 182
434 July 1512 hill
714 Jan 13 1634June 26
No par
4 144 14% 1434 5,300 Vivadou (V) new
/
1434 144 1412 144 1432 1434 1452 144 141
14 Am 20 Nov
No par 1412 Aug 10 1978 Jan 3
Waldorf
9,600
System
154
1614
1614
16
1634
•15I3 1538 15
15
1518 15
15
100 Ward Baking Class A_ _No par 116 Apr 30 170 Aug 22
165
165 185 *160 170 *160 165 *160 165 •160 165 •160
No par 3714 Mar 30 73%July 30
Class 13
63% 65% 27,900
6712 6614 6714 6414 66
6978 6712 6834 66
68
No par 9412 Feb 11 1104 Aug 13
Preferred (100)
108
•105 110 *105 110 *105 109 *104 109 •104 109 •104
_ _ _ 10 20 Aug 19 2.2348ept 21
A
Pictures
2118 10,800, Warner Tiros
22
225, 214 2234 2138 2134 214 214 2034 2113 20% 4878 3,700; Warren Bros
No par 43 June 21 5012July 6
48
5
47
48%
4612 484
4614 4614 4614 46
47
47
new_t No par 51 Apr 17 7534Sept 14
7212 694 7112 69% 7012 3,700, Weber & Heilbr.
72
7412 7434 7334 7412 72% 74
I Weotern Elea 7% pref _ ...100 110 Aug 15 I ,12.Fune 35 11138 Apr 117 July
8612
*8612 8634 *83
*8612 87
87
*86
87
*86
87
*86
100 11614 Jan 2 1441 Sept 18 105 May 118114 Dec
Telegraph
Union
tern
We,
8.
13714 139 3137 137
13812 140
14014 1423, 1384 14238 138 140
Dee
50 97 Apr 9 144 Aug 17
84
Jan 111
121 12614 125 12634 9,800 Westinghouse Air Brake.12588 128
12712 130121 127 127
130 130
50 6614 Mar 28 84 Jan 3
Mfg_
5514 May 75 Ma,
7412 7534 22,900 Westinghouse Elee &
7633 7412 76
7634 7778 7614 7731 764 764 76
914 Apr 1 2312 Aug 17
Instrument
Elec
West
11,200
18
n
I
4
/
1878 1634 1834 1778 1814 1734 181
184 1834 IS
1938 Mar 31 2712SePt 16
Class A
700
2514 26
28,8 '2514 26
2612 2612 '25
*2612 27
2612 27
No par 100 Sept 4 145 May 21 "iiik Jan 127 -fie-e
11014 11418 3,300 West Penn Co
110 113
Apr 3 100 July 22
94
115 11612 115 11738 11434 115 ,*112 114
_100
8712 Apr 97 Dec
new
et!
tern
of
7%
Do
700
8
967
9612
9612 9612 *0612 97
97
97
97
595
2318 May 29% Feb
No par 254 Aug 28 3134 Feb 2
1,500 White Eagle Oil
2534 254 253 26
8 28
8, 25,
2534 2534 2512 2538 2538 25,
50 574 Mar 30 1044 Aug 18
504 Apr 724 Dec
Motor.
White
129,700
934
7
9213
4
933
9012
95
984 944 96121 94
3 4933 Aug 7
295
Sept
954 98
36
par
No
ctfs
S
&
- - - -- - 1VI
3,000
RR.
White
38
38% •37
3812 37
3978 3812 3978 3814 3814 38
39
533May 15
314 312 3,000 Ivickv.ire Spencer Steel Cert.- 273 Sent 2
312 312
312 334
313 312
Jan 28 2814Sept22
334 34
ii;
141,
918
334 334
5
s
7
6
(The)
May
ye-Overland
Will
301,100
26%
2718 2834 2712 2812 2512 2712 26
2612 2678 2613 28
Jan
100 7214 Jan 28 111 May 22
614 May 88
Do pref
6,200
107 108
111 111 310312 1097 10718 10933 1084 10812 107 10812
518S-nt 24 1334Mar 7
Jan
Cs May 28
No par
leo
Wilson
Co,
ez
200
6
54
518
6
*512
*54 6
*512 6
2
Jar
Sept
17
60
*512 6
7218
Mar
100
Aug
11
7
pro
1.10
100
20
1814 18'4 •1814
20
*18
21
*18
21
*20
21
•20
25 11214 Jan 28 17234Sept
724 Apr 12634 Dec
12,900 ty )olworth Co(F W)
163
16613
4
1693
16814
169
16712
16838
80
1674
16914 16914 16778 16812
De*
100 35/
4 Aug 12
1
81
soot 10
June
234
M
&
P
W
orthington
3,400
42
41
4133 3934 4014
41
43
4214 4014 4112 40
42
100 77 Aug 20 ea Jan 9
68 July 894 De
Do pref A
80
8012 '76
8012 *76
8012 .76
8112 *76
82 3•76
*80
100 58 Aug 19 7634 Feb 11
584 Jan 754 De'
Do prat B
100
60
*59
64
*60
64
6412 6412 3.594 6412 *5912 634 *60
1
Mar
16
8July
Aeronautical___Nolpar
30
323
9% May 23% DO'
V;
right
28
10,800
4
2878 2712 2312 273
28
28
294 28
2734 304 28
4 De'
35 Apr 46,
No par 4512 Mar 30 65 Sept 23
5412 1,200 W rIgley (Wm Jr)
•54
54
54
55
54
5414
4
*533
54
54
*5334 55
62 Sept 23 701s July 29
25
&
Yale
Towne
500
621z
6212
64
*6212
634
62
64
64 .62
*62
*62 84
We;
852,
18
Feb
334
483
8June
10
Nov
Ws__
32
27
tern
Mfg
4
Cab
433
Yi'llow
26,700
4438 43
444 4534 4312 4434 43
4318 4318 4314 46
ler
7614 771
594 Get
4 15,300 Yr ',nodes a Sheet ..k T No par 63 Mar 27 81 Sept 12
/
771 1
4439 7439 71119 7419 7474 76
7819 7579 74
a Ex-rights. s New stook on the Isola of new share for three old shares
Ex-dIvIdend
*Hid and asked 0r1atsg 00 salsa on this as,.
"4518 18-8;
1
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
1553
Jan. 1 Bing the rerchange method or quoting bonds was changed and prices are now "and interesr —mew for income and defaulted bonds
is.
BONDS
Y. STOCK EXCHANGE
Week ended Sept. 25.
Price
Friday
Sept. 25
Week's
Range Of
Last Sale
Range
Since
Jan. 1.
BONDS.
N.Y STOCK EXCHANGE
Week ended Sept. 25.
H
Fria
Friday
Sept. 25.
Week's
Range or
Last Sale
Jame
Si...
Jan. 1.
U. S. Government.
Biti
Ask Low
High No. Low High
Ask Low
Bid
High No.
First Liberty Loan—
Panama (Rep) 5348 tr recti_1953 3D
_
1021
/
4 Sept'25
II0% of 1932 1947
Sale 100
1005333 419 100
01"if Peru (Rep of) extl 88
.1 D 100
6
1944 A0 18
.534 Sale 10058
1003
Cony 4% of 1932-47
Sale
1005033
1005033100
1801331 02,58, Poland (Rep on g 61
.1 1)
5333
12
1940 AO 68 Sale 68
63
Cony 41
/
4% of 1932-47
.1 D 1015332 Sale 1015,n 102532 137 101 10n 03.81
158
Ext'l 51 g 135 interim rects_1950 ▪ J 8734 Sale 8713
88
26 cony 41
/
4% of 1932-47
j D 101 103
102333S3pt'25
101
Porto Alegre (City-of) de_ _1961 JO 96 Sale 96
103
984 15
Second Liberty LoanQueensland (State) ext s f 78 1941 A0 112 Sale 111
12
112
48 of 1927-1942
m N 100 1005332 1001333100"u
11 100
01"n
4
1947 FA 101 1033, 10334
104
25-year 88
Cony 434% of 1927-1942
630 100334,011,n Rio Grande do Sul 86
M N 1003.31 Sale 1005332101
22
1948 A0 9714 Sale 974
98
Third Liberty LoanRio de Janeiro 25-yr s f 80..1948 A0 96 Sale 98
9714 39
434% of 1928
M S 10113n Sale 101113,101,34, 1311 1018.2021n
79
25-yr esti 85
1947 AO 95 Sale 9434
957
Fourth Liberty Loan2
Rotterdam (City) external 01964 MN 10234 103 103
103
41
/
4% of 1933-1938
A 0 1023,1 Sale 10233e 1021531 1824 101110031.s, El Salvador (Rep) Se
16
10512 108 1051e
108
1948
j
3
Treseury 4/
1
4s
1947-1962 A 0 1061132108"n 100133210654n 82 104141 081'n Sao Paulo (City) a 1 Ss
5
1952 MN 100 Sale 9934
100
Treasury 46
1944-1954 J D 10353e Sale 102"n 103432 807 10014,04144 Ban Paulo (State) ext a f 88 1936 J J 10358 Sale 103
1035, 26
State and City Securities.
Externals 185 hit recta _ _ -1950 J J 10118 Sale 10034
1014 83
X Y City-41
/
49 Corp stock_1980 Si 8 10014 ____ 1003
10038 11 1004 10112 Seine (France) ext 79
1942 JJ 914 Sale 9112
924 384
4346 Corporate stock
8914 40
19841111 8 10118 102 1038 July'25 ____ 1014 10378 Serbs. Croats & Slovenes 88_1962 MN 88% Sale 8814
{Me Corporate stock
1972 A 0 10114 10218 102 Sept'25 _
102 10314 Solasons(City) 136
1938 MN 8612 86% 8612
8713 16
6/
1
48 Corporate stock
1966 A 0 1014 102 10238 Apr'25
10114 102% Sweden 20-year (ite
1939 J D 10412 Sale 104,4
10434 24
1154e Corporate stock
1971 J D 10512 10634 10812 July'25
10878 10812
External loan 5348
10218 57
1954 MN 102 Sale 101%
a 34. Corporate stock_July 1987 J J 105 10818 10778 May'25
10578 10778 Swiss Confeder'n 20-yr 0 f 88 1940 J J 1181
/
4 Sale 1161
/
4 1165, 26
434s Corporate stock
1965 J I) 105 10618 10814 Aug'25 _
10614 108
Switzerland Govt ext 530_ _1948 AO 103 Sale 103
1031s 77
3134s Corporate stock
1963 M S 105 106 10478
1044 10834 Tokyo City 58 loan of 1912
1047
6712 30
M S 671g Sale 67
4% Corporate stock
1959 M N
9734 10014 Trondhlem (City) ext1 630_1944 J J 9934 Sale 9934
2
9734
9734
1004 24
Regtstered
M N
9814 99,
9958 July'25
8 Uruguay (Republic) ext 89_1946 FA 108 10812 10712
21
10812
4% Corporate stock
1958 M N -57.4 -68-1-2 9814 Aug'25 _
984 10014 Zurich (City of) 8 f Se
10858 19
1945 A0 108 Sale 108
4% Corporate stock
1957 M N 984 Sale 98
98 10018
Railroad.
984
7
it% Corporate stock
997 June'25
1956 M N 97
9818 100
98
__
Ala Gt Sou let cons A to_ _ _1943 J O 10114 103 1011
/
4
10114
3
4% Corporate stock
1955 M N 97
9834 9834 Ala Mid let guar gold 5a
98
9834 Mar'25 _ _
1014 Aug'25
1928 MN 10012
Registered
974 100
100 June'25 _
Alb de Buse cony 348
1946 AO 8214 Sale 814
8214 le
434% Corporate stock__1957 MN 1041 10534 10514 Aug'25
10514 107/
1
4 Alleg & West let g 45 gu
1998 A0
84 Sept'25
136% Corporate stock _._ _1957 MN 10434 Sale 10412
/
4 Alleg Val gen guar g 4s
10434
92
92
93
1942•S 92
3 10412 1071
9
834% Corporate stk_May1954 MN 871
___ 8752 Sept'25 _ _
87% 90% Ann Arbor 1st g 4s___July 1995 Q
3
74
7414
74
74
334% Corporate atk _Nov 1954 M N 8714
4-88531 8758 Sept'25 _ _
8738 91
Atch Top de S Fe—Gen g 48_1995 A0 88% Sale 8834
895g 105
Wew York State Canal Im-4/31961t2 J
102 1034
102 Sept'25
Registered
Sept'25
88
A0
4s Canal
1942 J J
1014 1014
1011e hlar'25
AdJustment geld 48__July 1995 Nov 835
844 12
, 85
841g
4339 Canal impt
1964'J J
1094 11414
1097 Aug'25 _
7!
Stamped
July 1995 MN 8358 8412 8413
845*
is Highway impt regLsterd 19581_ _
Registered
1028 July'25 _ _ _ _ 1024 103
82
6
82
MN
7912
-Higbway Improv't 430._1963, M S
11134 114
114 July'25
Cony gold 4e 1909
_I
1955 ID 8234 84% 83 Sept'25
Virginia 2-3s
6414
19911 J J
784 7612
Cony 461905
14
7612 Feb'25
83
8312 83
1955 3D 83
Foreign Government.
Conv g 45 issue of 1910
83
83
Sale
1960
3
83
3D
Argentite (0ovt) 76
1927 F A 10238 Sale 1023
10212 212 101% 10314
East Okla Div let g 48_ _1928 MS 984 Sale 98%
54
99
Argentine Treasury fis_ £_ _1945 M 8 86 Sale 86
87
9
Rocky Mtn Div let 4s_ _ _ _1965 J 2 83
8112 884
8438 Sept'25
85
Sinking fund Be Ser A__19571M S 957 Sale 9578
95
9734
Trans-Con Short L tot 48_1958 J J 864 8812 87% Sept'25
96/
_
1
4 439
Ext.] 86 ser 13 temp_Dee I958'J D 957 Sale 9534
9612 241
94% 97
Cal-Ariz 1st & ref 430"A"1982 MS 944 Sale 9414 • 9414
21
8 f 6s of 1925 temp
9622 1487
9514 96%
19593 D 96 Sale 958
Registered
1
Jan'25
9158
881
/
4
MS
Australia 30-yr 5s_ July 15 1955 J J 9713 Sale 9738
9714 9958 Atl Knoxv & Cin Div 46_ _ _1955 MN
497
98
91
90
Austrian (Govt) s f 7a
934 100
1943 1 D 100 Sale 9934 100
160
Atl Knoxv & Nor 1st g 5s___1948 JO
Aug'25
10214
Belgium 25-yr ext s f 7348 9.1945 .1 D 10912 Sale 1093
10934 32 107 11014 Atl & Chart AL lot A 4348_1944 J J
9634 103
965 Aug'25 -4
20-rear s f 85
1941 F A 10714 Sale 10714
lot 30-year 59 Series B____1944 J J 10212 103 102%
1074 37 199,8 10938
5
10234
25-year ext 630
1949 M S 9258 Sale 9212
9034 96
851x July'25 -924 59
Atlantic City let cons 45_1951 J J 85
89
Exti 2 f Oa Inter rota
8334, 8814 Atl Coast Line let con 4a_h1952 MN51 8 92 Sale 9114
1965 ii 8612 Sale 8614
181
39
87
92
Eat's f 7s Int etre
1055 ii) 9634 Sale 9612
95/
1
4 9812
10-year secured 78
9714 216
10734 108 10734
3
10734
1930
Bergen (Norway)s 1 8a
1945 MN 11314 11358
9312
General unified 4348
11358 17 10818 11514
1984 J o
9334
,4
6
25-year sinking fund 06_1949 A0 9814 Sale 113
9914
95
98
L & N con gold 4a__ _Oct 1952 MN 873* Sale 8738
9814 12
33
88
Berne (City of) g(8.
11445 MN 108% Sale 1083, 10812 25 107 11112 Atl & Dan, let g 4s
7912 79 Sept'25
1948 j
78
Bogota (City) ext'l a t St.._1945 A0 9612 97
98
94
21
97
98
2d 45
1948 J J 6418 Sale 644
8414
1▪7
Bolivia (Itepublk of) 8s_ _ _1947 MN 9614 Sale 9512
92% 97
781
Atl & Yad let g guar 45
2
9634 285
1949 AO 7813 Sale 7812
Bordeaux (City of) 15-yr 88_1934 MN 8834 Sale 883
8934 A & N W 1st 3U ft 58
80
130
8914
j
July
1004
4
101
1941
.
3
2
3
5
003
4
4
Brash U 8, external 88
954 99
1941 J D 9818 Sale 98
122
Balt& Ohio 1st g 45____July 1943 AO 89 Sale 89
9814
8934
78 (Central Sty)
8014 8434
1952 3D 8312 Sale 8314
Registered
834 83
July1948 Q J 8434 88
87 A'25 - 64ug
730(coffee seem) t(flat).11152 A0 10713 10912 10753
9125
2 10312 10812
10734
10-year cony 4346
1933 MS 934 Sale 93
Buenos Alms (City) ex,16301955 23 9812 Sale 98
954 9914
107
108
Refund de gen 58 Serles A_1995 J O 91% Sale 91
9812
92
Dousda (Dominion of) g hs_ _1926 AO 10014
1004
1024
Sale 10014 10014 38
lot °Us
142
102
101
55
Sale
let
10114
1948
AO
a
64
1931 AO 10214 Sale 10218
10238 47 1014 10312
85
103
Sale 1024
10-year Bs
103
1929
J
J
10-year 530
1929 FA 10212 10234 10213 103
61 102 103%
Ref & gen 88 ser C temp_ _1995 J O 10238 Sale 102
10234 207
as
7 100
1952 MN 10234 Salo 10258 10314 86 101% 105
M
P
99
Div
Jet
&
lot
4
July'25
330_1925
MN
993
g
Carlsbad (City) a 11 86
96 102
1954 J J 10112 Sale 10112 102
PLE&W Va Sys ref 0_1041 MN 875* 88
8
88
8712
3▪ 3
Chile (Republic) 63033 f 88..1941 FA 109 Sale 10812 10912 73
10614 110
Southw Div 1,1 55
/
4
1950 J J
9718 Sale 971
9713 199
External 5-year 038,
1926 A0 10214 Sale 10218
102% 51 102 1034
Tol&CIn Div lot ref 45 A.1959 j
29
72
717
4
8
714
713
20-year esti 7s
98% 103
1942 MN 101 Sale 10012 10114 110
Battle Cr & Stun let go 38_1989 J O 61
_
6412 625e May'25
25-year a f 8s
1946 MN 1094 Sale 10834 10912 20 10614 11014 Beech Creek let gu g 0-1938 J
9334 94
93 Aug'25
Chinas*(Hukuang R7)54-1951 J o 4514 Sale
4014 4812
Registered
4734 36
--__
July'25
JO
904
93
894
444
Christiania (Oslo) 1 t fis
1945 A0 111 11134 11114
Beech Cr Ext 1st g 3345____1951 AO 77
11158 23 10934 112
1
77
77
80-year s f Bs
9513 10112 Big Sandy 1st 4e
1954 MS 9812 9912 9812
9913 39
1
89
88
1944 3D 88
88
30-year s t Bs lot ctt
9712 10014 B &N Y Air Line lot 48_ _1955 FA 7212 75
1955 M N 9812 994 9812
72
99
7258
73/
1
4
4
Colombia (Republic)630_ _ _1927 A 0 10014 Sale
9914 10114 Brune & W 151 go gold 45...1938 3
34 10013
9118 9412 92 Sept'25
7
COpenhagen 25-year s I 530_1944 .1 J 984 Sale 100
9414 100
9712
Buffalo R & P gen gold 56_1937 MS 10038 10112 101
9812 79
5
101
Cuba 66 of 1904
954 10212
1944 M 8 10014 10112 10212 10212
4
Consol 434s
8713 88
1957 MN 8712 Sale 80
Exter debt 5e 1914 ger A_ _1949 F A 9814 99
9314 106
12
Registered
13
99
98
May'25
82%
MN
External loan 430
84
1949 F A 9234 94
93
93
Burl C R & Nor 1st 53
93
3
2
101
1934 AO 101 Sale 101
514e
9612 102
19532 J 1011
/
4 Sale 10034 10134 67
Canada Sou cons 1811 A 5a_ _ _1962 A0 102 10214 10218
2
10218
Osechoelovak (Repub of) 86_1951 A 0 10034 Sale 100
9814 10112 Canadian Nat 430_Sept 15 1954 hi S 94 Sale I 9378
1014 36
32
13
94
Sink fund 8sSer B int etts_1952 A 0 10112 gale
9734 10112
6-year gold 4558_ _Feb 15 1930 FA 985* Sale 9858
10034 1014 54
9858 23
Danish Con Munlcip de "A"_1946 F A 10958 Sale 109
10958
9 109 11212 Canadian North deb 5 f 7C-1940 3D 11538 Sale 1154
14
116
Series 13 e t 88
1948 F A 10914 Sale 10912 10934 70 10812 112
20
-year.f deb 8348
52
118
1946• 3 11778 Sale 117%
Denmark externals:88
109
1945 A 0 11018 Sale 1095e
111
11014 40
10-yr gold 430_ _ _ _Feb 15 1935 FA 9814 9858 9814
9612 23
20-year Ba_
994 105
1942 J J 10234 Sale 10256 103
13
Canadian Pao Sty deb 0 stock__ J J 80 Sa_lt
.t_ 80
8014 38
Dominican Rep Con Admit 58'58 F A 10214 ____ 10258
102% 24 101 10334 Carb & Shaw 1st gold 48
9312 May'25
1932 MS
Custom AdminIstr 530_1942 M 13 9314 Sale
92
96
9414 62
Caro Cent lst con g 431
9324
9
821
1938 3D 81 Sale 80%
Dutch East Indies ext 68_ _1947 J J 10314 Sale 10
98% 103% Caro Clinch &0 let 3-yr 58_1938 3D 10114 10134 10138
234 10338 94
13
1011
40-year Bs
98% 103%
1962 M 8 10314 Sale 103
103% 30
lat & con g (35 ser A
11
1952 J O 10714 Sale 1071
/
4 1071
30-year ext 5348
93/
1953 Si S 10134 10214 10138 102
1
4 102
18
Cart & Ad lat gu g 4a
1981 J O 8412 8612 8414 Aug'25
80-year ext 530
9234 101% Cent Branch U P 1st g 0_1948 3D 76
1953 M N 10134 Sale 10138
334
7814 78 July'25 ---French Repub 25-yr ext 86 1945 M S 10514 Sale 10434 1014
9834 1051/ Cent New Eng let go 4a
10524 217
38
653
1961 33 6558 Sale i 65
20-yr external loan 730_1941 J D 10058 Sale 100
93 10112 Central Ohio Reorg 430_1930 MS 8714
10053 1651
2
9814
_ _ 1 9814
External 75 of 1924
86
1949 J D 9358 Sale 9253
93% Central of Oa 1st gold 56-91945 FA 103 1037 10312 Aug'25 -93%
696
Finnish Mun L'n 630 A
854
,1954 A 0 894 90
9212
2
8934
4
Consol gold 5s
4
1011
MN 10138 10214 1013*
1945
External 830 Series B_1954 A 0 894 9012 89 3
8512 9212
90
28
Registered
894
M N 9618 __ 10014 June'25 -Finland (Rep) ext 66
8314 894
1945 M S 8712 88
8712
8712 45
10-year secur 68
1031
June 1929 3D 103 Sale 103
13
External s f 79
1950 Si S 941
/
4 Sale 94
934 974
704
Ref
9412
&
gen
530
ser
B
1013
29
AO 101%102 10113
1959
German external loan 7s rots.1949 A 0 9734 Sale 9758
91% 9934
9918 726
Chatt Div pur money g 0_1951 3D 844 8534 8512 Attg'2
German Cent Aerie 11k 733
7
1950 ht S 941
/
4 Sale 93
9334 9434
9458 747
Mac & Nor Div lot g Ge_ _1948 J I 99 ,..J
_9812 Sept'2
Ot Brit & Irel (UK of) 530_1937 F A 105 Sale 105
10538 93 104% 1077e
Mobile Division 58
1948 J J 10012 ____ 10012 Sept'2
10-yea: Cony 5349
1929 F A 1184 Sale 11818
11814 89 11513 11812 Cent RR & B of Ga coil g 58_1937 MN 9734 9812 9734
973
Greater Prague 7348
89
1952 M N 9334 Sale 9318
9814 Central of N 2 gen gold 66—.1987• J 109 10934 109
94% 23
2
109
Greek Omit 7s lot nth
1984 M N 87
83 8813
8734 878
88
33
Registered
107 10834 106 Sept'25
*1987 Q
Haiti (Republic) 621
1952 A 0 96 Sale 96
9114
9812 58
97
Cent Pac let ref go g 48_ ___194g FA 881
25
/
4 884
883
/
4 881
Hungary (Kingd of) 6 f 730_1944 F A 95/
87
1
4 Sale 95
954
95% 327
Mtge guar gold 330_ _ _31929 J D 9634 97
96%
1
983
MI Bank of Japan 8% notes 1927 F A 9912 Sale 99%
984 100
99% 136
Through St L let go 45_1954 AO
87'x
Japanese Govt k loan 48
1931 3 J 8358 Sale 8358
81
834 21
8412
Guaranteed g 5s
F A
1960
87
9
6
34
Sale
2
31
3
6
7
971
8
9
6%
30-year a f B1
/
4a
1954 F A 93 ____ 93
90
934 312
95
Charleston de Savannah 78_1936 33 117
____ 11212 Feb'2
Oriental Development 86-1953 M S 8634 87
87
834 8714 Chem & Ohio fund & impt 56_1929 32 1005* 1007 10058
33
8634
9
1003
Lyons (City of) 15-year 861934 M N 8812 Sale 88
13
8014 894
8934 106
let consol gold 5a
1939 MN 10214 ____ 10218
3
1021
Marseilles(City of) 15-yr 68_1934 M N 8812 Sale 8812
80
8934 81
894
Registered
1939 MN
10114 July'25
Mexican Irrigation 434s__..,,1943 M N
16
1938
4
24
General gold 430
1992
92
MS
9112
Sale
46
921
Assenting a f 430
1943
18
,
1678 24
1913 187
1938 22
Registered
1992 M
904 July'25___
Mexico(U 8) ext1 56 of'99 1 1945 Q 3 40
45
45
38
1
4512
45
20-year convertible 434e.1930 FA 975* Sale 9712
226
98
Assenting 58 of 1899
1945 ---_ 414 42
3914
31
4214 285
4214
30-year cony secured de__ _1946 AO 121 Sale 116
1221 2492
Assenting 56large_ ___ _.______ __. _ 4112 Sale 3912
354 4034
4034 26
Registered
AO
11512 Sept'2
Assenting 513 small
3712 May'25
35
3712
Craig Valley 1st R 59
1940 23 9734 ____ 98 Aug'2
Gold deb 46 of 1904
1964 J D 24 ____ 22 Sept'25
18/
1
4 26
Potts Creek Branch 1st 0_1946 I J
83
5
Assenting 4a of 1904
24
2434 237s
1812 2514
25
77
R & A Div 1st con g 48_1989 3J 854 Sale 85
1
31s Aug
8.
524
Assenting 43 01 1964 small__
20
Aug'25
2412
comml gold 0
24
33
794
83
1989
82
Sept'25
--Assenting 46 of 1910
i-i 2558 26 2238 Spet'25
2014 2412
Warm Springs V lot g 5a 1941 MB
84 ____ 9812 July'25 --9
Assenting 48 0( 1910 large......... 29 Sale 28
22
2914 122
3034 Chic & Alton RR ref g0 1949 A0 6412 65
6412 24
8412
Assenting 45 0( 1910 small_
2534 Sale 2458
27
Ws 287e
296
Certifs dap stpd Oct 1924 Int_ _
611s Sept'25
Treaa 85 of '31 assentgarge)'33 713
- 41 4258 4234 43/
1
4 38
33
4314
Calif dep strapd Apr 1925 lot
60
6112 61 Sept'25
Small
42 Sale 4134
43
344 43
29
Railway first lien 330_1950 3-3 49
50
4958
50
69
Montevideo 78
1952 J D 96 Sale 951
96% 21
88
97
Ctfe dep Jan '23&aub coup_
50
48
4712
4712
1
Mtge Bk of Chile 630 June 30'57 J D 95 Sale 9418
93% 9514 Chic Burl de Q-111 Div 3348_1949 Ji 8318 845* 835* Sept'25
9514 304
Netherlands Bs (fiat pricia)..1972 M S 10614 Sale 10614
10612 12 10234 10914
Divialon
46
1949
Illinois
J
J
903
91
905
905*
8
3
80-year external Be Ulan _1954 A 0 10313 Sale 103% 103% 108 1004 10412
Nebraska Extension 0-1927 MN
998 Sale 9912
9934 18
Norway external if De
1940 A 0 10934 Sale 10934 11014
19 10934 11312
Registered
MN
9834 Sept'25
20-year eat 138
1943 F A 10012 Sale 10014
100% 70
9711 10112
1958
General
MS
Sale 8934
4e
894
90
31
110-year external as
1944 F A 10012 Sale 10014
101
9711 1011
116
/
4
lit & ref 55
1971 FA 10214 Sale 1024
10258 86
30-year extlas
1952 A 0 10013 Sale 10012 101
41
974 1014 Chic City & Conn Rye 56_1927 A0 4812 49
4812
10
484
40-Year a t 530 temp-- .19653 D 9812 Sale 9514
96
94
185
9712 Chicago & Feat Iii lot Se— 1954 h o 10413 10612 1063s June'25
-E1. a Due Jan h Due July. k Due AUg. pDueNov s Option sale.
35=-
-
_
L
a
Low
HISS
9915 104
9778 103
68% 79
86
Oa
94
96%
109 112%
10112 107
94 984
93
9813
92 97
100 10412
1
4
10214 108/
97 102
100 104
9911 10112
824 924
84
90
82 88
103 1054
98/
1
4 10314
113 117
9812 104/
1
4
6414 8812
97 101%
104314 11012
10712 11112
10054 102
10034 101%
811
/
4 8414
814 84
90
944
6314 77
8814 9212
84
9051
8112 85'
821s 8514
79% 82
81% 85
814 8514
81
5312
98 100
837s 8712
88
89
92
9554
911
/
4 911
/
4
874 92/
1
4
1024 103
95
9814
10112 10314
8512 854
89
9412
105/
1
4 108
90/
1
2 95
85/
1
4 897s
76/
1
4 80
6254 7012
75
80
9811
/
4 10014
85% 92/
1
4
8512 904
8912 95
8554 924
100 104
1021a 10414
100% 104%
99% 9934
833s 904
9554 9918
68/
1
4 78/
1
4
605s 62/
1
4
92/
1
4 93/
1
4
9012 9013
77 814
85
8814
67
75
94
92
10012 1024
8012 884
82 8514
9958 101 •
1004 10372
1
4
9314 99/
9858 98%
11414 11734
116 118/
1
2
9614 9612
79
81
93 93%
78
83/
1
4
100 101%
10572 1084
84
8414
74/
1
4 80
6418 704
9714 99
10152 104
9914 102/
1
4
98 100/
1
4
10112 106
99 103
84
81312
9812 100
10012 10072
96
99
107 110
106 10834
86% 90
9512 961
/
4
85,6 8934
9834 984
1121z 117%
98% 102
101 1034
1007s 10214
8771 93
85% 901$
9434 9812
101% 12212
103% 11512
9712 99%
8214 35
8112 8334
79
83
95/
1
4 9811
62 66
58% 62%
59 624
4414 584
45
55/
1
4
8114 864
881
/
4 944
084 100
9834 994
884 934
10012 103/
1
4
4512 63
10512 10714
1554
X
BONDS.
Y. STOCK EXCHANGE
Week ended Sept. 25.
New York Bond Record-continued -Page 2
Price
Friday
Sept. 25.
Week's
Range or
Last Sale
Banos
Since
Jas, 1.
BONalS.
N Y STOCK EXCHANGE
Week ended Sept. 25.
Price
..134
Sept. 25.
I
RangeB V
Lasi Sale
11
ROOM
Moo
Jas. 1
HIck
High No. Low
Ask Low
Bid
High
Ask Low
High No Low
Bid
84 8434
4 ____ 8414 J 1 '25
1
7234 7912 Erle & Pitts gu g 3)4s B----1940 J J 84/
7434 82
8414 84/
0& E III RR (new co) gen 58_1981 MN 7418 7412 74
4
1
8812
Aug'25
4
1
/
84
8
842
j
merles
C
10212
994
3
5
10112
1982 M N 10034 10112 101
4 1004
1
99/
Chic* 5.10 let gold fei
_ 10018 Sept'25
10018
5934 684 Fla Cent & Pen let ext g 54-1930 j
4
1
6458 42
4
9814 10014
...lbleage Great West let 412 1959 M S 6318 Sale 63/
991
4
/
9914
gi
9918
j
1943j
gold
58
11212
Consol
4
/
1091
4
.
11012
11134
11012
9878
92
Oble Ind& Loulsv-Ref 68_1947 J .1 11012
4 15
1
93/
4
1
4 9412 93/
1
4 Florida East Coast 1st 4410_1959 J D 93/
/
9912 1001
4 Aug'25
1
99/
1947 .1 1 9958 _
Refunding gold be
93 9712
9634 273
lst & ref 58 Series A
1974 M S 98 Sale 9534
8534 87
1947 J J 8712- 87 June'25
Refunding 4s Series C
9514 9674
July'25
96
6/
1974
58
A
ref
&
Ser
1st
9212
87
7
90
1988 M N 90 -61- 90
151 10272 197
General bs A
192
Fla West& Nor 7.Series A..1934 MN 179 62;1-e- 177
10214 10 101 104
May 19663 J 10218 10238 102
4 73
1
General lis B
83/
6412 18
4 Sale .6418
1
774 801s Fonda Johns & Glov 4)0_1952 M N 64/
7912 Aug'25
Ind & Louisville let gu 46_1956 J J
8214 90
Aug'25
8214
_
8312
9018
8818
g
Fort
U
let
J
St
Co
440.-1941
D
J
8612
8 10478
1043
Ohio Ind & Sou 50-year 0._1956 J J 851.2 gale 8612
4
1
/
104
4
1
/
104
4 1-66
1
9312 94
Ft W & Den C 1st g 534s-1961 J D 104/
2
94
9512 94
9218 98
Oble L S & East let 4301989 J D 94
97
97
4312 584 Ft Worth & Rio Or 1st g 0-1928 .1 .1 9634 97
4 58
1
49/
4
1
109/
1084
0 M & Puget Sd let gu 0_1949 J J 49 Sale 4834
Aug'25
10718
4
1
/
107
10812
ils1933
A 0
4 8012 Frem Elk & Mo Val 1st
1
70/
4 34
1
79/
7914 Sale 787s
100 101
.0bM&StPgeng 4sSer A_e1989 J J
4 100/
1
4
1
4 100/
1
4 100/
1
624 70
4
GH&SAM &P lst 58_1931 MN 100/
6918
89
70
9938 101
General gold 340 Ser B__e1989 J J 67
10014
1001
4
/
_
77
4
1
/
1003
1931
923
5
guar
2d
55
extens
4
1
8834 19
4 95
/
901
Gen 434e Series C__ -May 1989 3 3 8812 8834 88/
4 Sept'25
1
4 63-12 92/
1
4312 5414 Galv Hous & Bend lit 58-1933 A 0 92/
5014 146
4 Sale 493s
1
4
1
10014 105/
Gen & ref Seritw A 4348_ _a2014 A 0 49/
10212
4 Genesee River 1st s f 58-1957 3.8 10218 10212 10218
/
491
2 • 47
494
4
1
102/
93
Certificates of deposit ______ _ . 4918 Sale 4918
94
94
94
4
943
.1
_01945
8
585
eetta
444
1st
Ry
153
Oa & Ala
4934
4 Sale 4918
1
49/
100
99
Gen ref cony Ser B 6ea2014 FA
9
100
9978 Sale 99
be 1929 j
4612 4912 Ga Caro & Nor let gu gbs_6
4912
-- 4912
4834
Certificates of deposit
6414 88
Sept'25
68
9614
_
0
A
6514
105
1946
3s
let
Midland
105
Georgia
10478
9218 9818
1934 3 .1 10478 Sale 1044
lert sec iis
j 9312__ 9418 Sept'25
44 6012 • R & I ext 1st gu g 440._1941
180
50
17414 117
1932.1 D 4912 Sale 494
Debenture 440
1634 47
Grand Trunk of Can deb 7s-1940 A 0 11514 Sale 11535 11512 18
4 Aug'25 7 77
1
Certificates of deposit.......... 4834 5014 48/
4 10834
1
/
108
11
Sale
4
1
/
10714
107
10714
1936
46
MS
7812
ris
f
-year
15
254
4
1
49/
4912 Sale 4914
111
1925
Debenture 0
4734 4912 Great Nor gen 78 Series A...1936 J .1 1104 Sale 10934 11014 109 1084 109
5
4938
4
1
er 4834 - - -- 49/
109
C tificates of deposit..........
109 Sept'25
4
J
/
561
J
44
Registered
120
497g
Sale
4914
4934
.i
1934
9314
89
15-year debenture 4s
9212
5
21;
I1
92
J
J
4914
4
1
/
Series
46
A---1961
48
/
1st & ref 41
7
4914
4
/
4918 Sale 491
9984 103
Certificates of deposit--------944 100
9912 10
General 5448 Series B ...19523 J 10134 Sale 10138 10134 64
9912 9934 9912
92 98
Chic & Mo Riv Div 58_1926 J
137
95
Sale
944
95
10118
C
s
19733
J
Series
983
General
Si
-72 80
Milo & N'weet Est 4s1888-1928 F A 10018 -- 100 Sept'25 -79 July'25
4 9938 Green Bay & West deb etts"A"__ Feb 7712 79
1
89/
4 9834 June'25 - 1888-1928 F A 9858 -9931 • 1212 1818
Registered
4
1
14/
4
1
4 16
/
14/
141
Feb
7318 77
7
Debentures etfs "B"
75 I
75
881,
1987 M N 7434 76
80
General gold 330
Aug'25
87
_
8
863
N
M
7212
gu
let
4s__1940
Ry
72
Greenbrier
-- 7212 July'25'--Q F
Registered
9
102 2
9934 103
4 8612 Gulf Mob & Nor lot 540 __1950 A 0 10212 Sale 10214
/
811
7
85 I
1987 M N 85 Sale 85
General 0
4
/
984 1031
6
102
Sale
102
102
8512
g
t
J
82
J
5s_b1952
&
ref
&
let
Gulf
SI
-Sept'25
8512 8312
1987 M N 84
80 8434
Stamped 4s
8378 Aug'25
1011s 105
Harlem It Apt(Mee let 4s__1954 MN
4 92
1
1987 M N 10212 10434 10212 105 , 17 1034
88/
General 55 stamped
9014 18
4348.19993 .2 9014 Sale 9018
g
1067i
eons
1st
Hocking
Val
Sept'25
____
104
4
/
1041
9058
1879-1929 A 0
-linking fund Be
88
9012 May'25
.19993 J
103 104
Registered
A 0 10334
- 10312 July'25 -- 1004
Registered
1
10035 Sale 10038 1003s 10 9912 100
10112 H&TC1stgIntguar
19373
10112 Sept'25 -1879-1929 A 0 101
95 99
• Sinking fund be
10012 Houston Belt & Term let 50_1937 J J 9518 902 9658Aug'25
994
-July'25
9912
9928 10014
1879-1929 A 0
Registered
10014
Aug'25
____
100
103
N
M
58_1933
g
let
9914
Tex
W
6
Houston E.Tt
4 10018
1
4 100
1
1933 M N -9912 iiidla 99/
99/
Sinking fund deb be
___ 100 Sept'25
4 101
/
991
1933 MN 100
_
let guar be red_
m N 991, __ 9912 Sept'25
924 944
Kegistered
94
4 105 1121s Housatonic Ry cons g 58-.1937 MN 9378 -9514 94
107181
107
07114
9338
1930.1 13 11
8812
10-year secured 711g
160
4
/
911
93
Sale
92
11212
A
Hud & Manhat be Series A _1967 F
4; 27 107
17.2714 11134 1113
1
9114 914
18-year secured 8348 g
1936 M 0
9114 June'25
F A
914 102
97141 59
Registered
4 Sale 9634
1
May 2037 J D 98/
let @ ref g bs
GM 771
7612 129
Sale 7534
78
A
86
0
5s____1957
income
8214
AdJustntent
5
4
1
85/
OM. II I & P-Railwarr gem 401988 J 3 844 Sale 8414
9114 94
4 9358 9334 Aug'25
1
8114 8314 'Meek' Central let gold 48..1951 .1 J 90/
.1 J 8114 -_- 8112 Aug'25 187
9012 933s
Registered
4 July'25
1
93/
1951 .1 J
4
1
4 89/
1
83/
Registered
8758 1934 A 0 8678 Sale 8634
4 847s
1
81/
Refunding gold 46
Sept'25
8214
84
81
4
/
881
1951.1
4
863
1st gold 340
8818 May'25
A 0
8534
gg
Registered
8334 June'25
.1 J
4 10314
/
Registered _
-- 1011
4 8438
1
80/
Okla St L at N 0gold bs----1951 .1 D 10214 ---- 10258 Aug'25 ---- 1011
May'25
8312
103
4
/
0
A
3345-1951
gold
lit
Extended
-I D 10038 ---- 10214 June'25
82
62
Registered
Feb'25
62
71
64
1951 M
4
1
79/
78
181 gold 3e sterling
78 Sept'25 -19513 13 78
Gold 3348
861s _89
6
4
1
87/
4 Sale 8714
1
4 8578
1
83/
Collateral trust gold 0-1952 A 0 87/
.
.
Memphis Div lit g 48- 1951 J 0 Ws ---- 8514 Aug'25 -85% 56
4 Apr'25
1
85/
83
A 0
83
Registered
83 Sept'25 -- -J D 8212
Redatered
9
97,4 9218
90
8918
4 90
1
1955 M N 89/
101 103
48
let
refunding
-.Sept'25
101
_
_
101
0
A
4 844
1
78/
0 St L & P let eons g 53-- _1932
8214 Sept'25
4
1
/
83
82
4
1
/
J
100
0
-.1952
1003
__
lines
Purchased
-3340.
Jan'25
A 0 10038 -_- 10038
Registered
79 844
8412 July'25
J J
.
6 10238 1(1812
Registered.
10312
83 8634
Chle St P di di 0 eons 86_1930 J D 10312 Sale 10234
4
1
8434 13
9214 23
Collateral trust gold 0...1953 M N -54i28515 84/
July'25 --,,
82
81
_
May'25
Cons 68 reduced to 330..1930 J D ____ 9334 93
82
4
1
/
105
N
M
9014
Registered
32
9614
4 Sale 9618
/
1930M S 961
Debenture 58
082
10414 21 10238 1_
1955 M N 11)4's 105 10414
4
/
954 991
Refunding fis
5
9614
984 Sale 9614
Stamped
17 10178
10238 103
Sale
102%
9018
14
1934
J
75
gm,
540
secured
15-year
8
Sale
865
113
1094
Oble T H & So East 1st 58_1960 3 D 8714
15
4
1
/
111
11112
134
9
112
12
8412
9
111
J
52
1936
J
65
g
15-year secured 644e
8212
Dec 1 1960 M 13 8214 Sale 8112
Inc gu 58
884 914
1
91
91
4
1
9114 94/
Cairo Bridge gold 0
1950 J D
9334 16
,
731
Obit, Un Stall let 1111 444$ A.1963 J J 9312 Sale 9312
8114 Aug'25
Litchfield Div let gold 38.1951 J J 7114
-. 100 10312
4
-.2
4 __ __2
222,3552
06
a11:
48 j:i 1y0
23114
005
S_tt_I_ I.._13__ 188
774 8214
1963 J .1 1_0_2_ 14_ .
let be Series B
7812
Sept'25
4
1
/
9714 100
Loulsv Div & Term g 340 1953 J
59
8
995
8
993
Sale
9912
D
.1
1944
g
Guaranteed Ca
7018 74
9'41 -73
4 7334 June'25
gi14 11812
/
Omaha Div let gold 3s.._1951 F A 72
11734
6 1181
,44 11778 11712
73
15
1983 3 .1 10
7184 77
1st 640 Series C
74 Sept'25
4 106
1
St Louis Div & Term g 33.1951 J .1 74
_ 108 Aug'25 --r., 105/
79 8384
Ottle & West Ind gen g 6s-p1932 QM
4 Aug'25
1
7612 8312
1951 J .1 7914 if- 80/
44s
3
Gold
21
80
4
/
791
4
937
7914
7971 827s
J
1952 J
7814
Consol 50-year 45
May'25
4
1
/
82
4
1
/
100
61
97
J
g
let
340_1951
Div
Springfield
4
983
1962 M S 9814 Sale 9814
let ref 512s nor A
86 88
9934 101
Western Lines let g 0.-1951 F A 89 -9-6- 88 Sept'25
4 ____ 10038 Aug'25 ---,2.
1
Oboe Okla & Gulf cons 5a...1952 M N 100/
84 81
84 Aug'25
9318 9534
1951 F A
Registered
z
9558
1937 J ./ 9558 Sale 9558
46
1
Oln H & D 2d gold 4/
4 9312 Ill Central & Chic St L & N 0/
9111
Sept'25 -0814 10084
0 1 St L & C let g 4s___ Aug1936 Q l'. 9234 9412 93 May'25
66
72
4
1
/
4
993
994
Sale
9912
92
Joint 1st ref ba Series A..._198.3 J
- -- 92
864 8814
Aug1936 Q F
Registered
9014 8814 Aug'25
874 8912 Ind Bloom & West 1st ex t 4s 1940 A 0 89
8714 92
1942 M N 8712 8812 8712 Aug'25 --- 01n Leb & Nor gu 48 g Sept'25
8918
9014
8812
10112
4
.1
993
49
19503
g
let
Ind III & Iowa
--- 99 101
Oln S & CI cons 1st g 512-1928 J J 10118 10112 10138 Sept'25
4 Sept'25
1
9912 9934 99/
8134 8512 Ind Union Ry gen 56 Ser A-1965 J J
4
1
84/
8458 8414
4 10034
1
99/
Cleve Cin Ch & St L gen 48.1993 J 11 84
9912 Sept'25
-r
991
J
8
J
987
1985
96
B
2
Series
be
ref
&
Gen
9814
9712 9834 9814
1931 .1 J
10-year deb 430
;10212 10318 28 100 Iwo
1023
298 10538 Int & Grt Nor 1st tis Ser A._1952 J .1 10218
- - -Sept'25
10012
4
1013
100
D
1993.1
B
79
Series
be
88
General
4 178
1
78/
Adjustment 6s, Series A 1952 Aprl 78 Sale 78
10318 19 1021s 1041s
75
87
Ref & impt fla Series A__ 1929 J 1 103 Sale 10278
78 Sept'25
76
4 10734
1
/
Aprl
Stamped
10828 Sept'25 ---- 103
1941 3 J 10412
's
80
7612
64/
fle Series C
45
4 100
1
4
773
Sale
77
7734
lot Rye Cent Amer let 541_1972 M N
19633 .1 9834 Sale 98
88
57
be Series D
4 12
1
60/
884 91
_
_2
Iowa Central let geld 5e__1938 1' D 6014 sale 6014
2825 -8
'
8812 Aug
67/
91
4 6214
1
1939 J 3 89
Cairo Div let gold0
Sept'25
5912
6112
59
83
80
deposit
of
Certificates
4
83
4
1
4 8212 80/
1
1938 2614
Cln W & M Div let g 01991 J .1 80/
2114
7
1914 2134 21
1951
814 85
Refunding gold 0
8
84
St L Div lat coll tr g g 46-1990 M N 8218 ---- 84
85 90
•
1
4
1
86/
4
1
8638 8712 86/
801s 83
James Frank & Clear let 43_1959 J
M N
Registered
Nov•24
100
8912
4
1
4
1
86/
Ka A & G R let gu g be--1938 J J 100/
4 Sept'25 - - -_
/
871
80 84
Spr & Col Div lst g 0---1940 M 5
- 8114 Aug'25
1990 A 0 8114
8735 8812 Kan & M lit gu g 48
4
1
8634 -- _ 8812 July'25 -- 10812
99,4 100/
W W Val Des let g 0---1940
7
100
108
1927 J .1 100 1-6614 100
2d 20-year 571
Aug'25 ---10612
--_107
.1
1
8a.-1934
4
/
8 1031
gen
g
1023
cons
I
&
7
C
103
10314
0C
4 103
1
1928 M N 102/
10212 K C Ft El@ M cone g 60
4 ---- 10212 July'25 -.- 10014
/
4
/
8018 881
4
1
Cles Lot & W con let g 54_1933 A 0 1011
4 118
1
87/
87/
Sale
4
1
/
87
0
A
8
963
49_1936
g
984
ref
Ry
51
&
S
Ft
C
K
-.June'25
4
1
98 100/
1935 M N 9514 -- _ 9818
9912 Aug'25
CI & Mar let gu g 444s
4 _
1
9814 10014 KC&MR&BIstgubs 1929 A 0 99/
4 ____ 99 Aug'25 - _ -/
1938 .1 .1 981
7011 75
Olive & Mahon Vail g 5e
7212 29
4 Sale 72
1
A 0 72/
lit
91)
38_1950
s
992
gold
Sou
City
Kansas
-May'25
99
____
4
1
ggt4 92/
1942 J J 9612
CIA P gen int 444s Ser A
9114
92
50
Sale
91
J
3
8618
1950
8512
Apr
bs
impt
&
Ref
8512 Sept'25 - - -1948 M N 8238
4
_/
7
Series C 3 Ns _
8338 81
4 16
1
84/
4 Sale 8414
1
4 Kansas City Term let 4s___1980 J J 84/
1
85/
84
1950 F A 8118
8‘121
84
3
Series 13 330
8478
4 8612 84
1
3 9"100
Kentucky Central gold 0_1987 J J 84/
4
1
9734
9812 97/
100 10034
June'25
Cleve Shoe Line let gu 4448A981 A 0 97
100
.1
J
1st
6s-__1925
g
10712
1
1043
Ohio
12
&
Knoxville
9924 10114
1972 A 0 10612 Sale 1051/4
100
d
Cleve Union Term 530
100
9912 102
Lake Erie & West lst g 58_1937 J J 10018
10012 45
1973 A 0 10018 Sale 10018
9518 97
9678
5
Ist a f be Ser B
4
1
4 -- 96/
1
1941 J J 96/
8314 8818
2d gold 58
8512 10
1945 J D 8434 86 1 8512
_
7814 81,
Coal River Ry let gu 4s
22
4
1
/
79
80
D
79
4
1
/
78
1997J
9678 99
Lake Shore gold 340
9838 32
7614 00.4
Colorado & South le g 0-1929 F A 9818 9812 9818
7
4
1
78/
1997 .1 D 78 Sale 78
9033 9612
Registered
9512 36
9782 9914
RefurdIng & exten 430._1935 M N 9434 Sale 9434
39
Sale
4
1
/
98
9914
S
9812
M
1928
0
8812
gold
863
4
Debenture
941
4 974
/
1948 A 0 8534 8634 8634 June'25 - --4
1
001 & H V let ext g 4s
9712 30
1931 M N 9738 Sale 97/
8414 84/
4
1
25-year gold 48
8414 Apr'25 - -- 4 9978
1
96/
1955 F A 8434
_
4 Jan'25
1
Cel & Tol 1st ext 48
95/
4
/
1931 M N 941
4
/
813s 811
Registered
8158 Jan'25 ---84
103
6
8
1023
4
1
/
102
Conn & Psasum Riv 1st 0_1943 A 0 81
10034
A
F
0_1954
Term
831s 8812 Leh Val Harbor
7
87
1952 J .1 87 Sale 867s
4 98
1
95/
4
1
Ouba RR lst 50-year0g
9558
1
J 95
-1i8 -661-2 95/
Leh Val N Y let gu g 440_1940
10434 10 10212 108
19363 D 10312 Sale 10312
93
93
93
_
Jan'25
let ref 744s
J
1940
89
9312
Registered
15
9212
4
1
8434
79
Cuba Northern Ry let 6s......1988 3 .1 9218 9212 92/
4 13
/
821
92
98
1
Lehigh Val (Pa) cone a 411-2003 MN 9034 sale 8034
98
81 July'25
7818 81
Day & Mich let cons 434s_.._1931.1 J 98 Sale 98
_
MN
9212
8812
RegIstered
907s 35
1943 91 N 9038 Sale 9018
93
88
N
4
1
Del& Hudson 1st & ref 4s
/
90
903
30
91
4
M
s
903
2003
10812
440
cons
10114
General
4 10812 88
1
O 10634 10718 106/
A N
7m
9828 1017s
35
1993
101
15
80-year cony 58
10212 18 101 1031s Lehigh Val RR gen de Series-2003 51 N 100 Sale 100
10238 Sale 102
15-year 5340
5 10118 10214
- 10212 10212
gu g 58-1941 A 0 1023s
Leh V Term Ry
9 107 110
89
1930 3D 10812 Sale 10812 109
85
July'25
____
S
8415
M
_
10-year secured 7s
43_1945
844
gold
94 9514 Leh & N Y let guar
5
Aug'25
104
D RR & Bdge let gu 4iti g1938 FA 943 ____ 9514
4 28 losts 107
/
1041
82 8534 Len & East let 50-Yr 58 611-1965 A 0 1041/ 111i
8412 165
4
1
J 8378 Sale 83/
1341s
84 Aug'25
1952 M N
Den & R 0-let eons g 40-1936
8
7
85
45
9014
Miami
Little
20
8814
1936.1 3 8712 Sale 8712
1077s 108
108 Apr'25
1935 A 0 1081
Cense! gold 444e
99
95
Long Dock consul g 6s
93
98
1928 J D 98 Sale 978
9034 10214
Improvement gold ba
8 101-14 10038 Sept'25
10038Q
58_81931
gold
con
70
let
55
Isid
Long
348
6834
Den & R0 West gen 58.Aug 1955 MN 644 Sale 8414
4 -- 9534
/
9534
941
5 94 9334
A1931 Q
394 517s
3
let eonsol gold 4.
4812
as% 9111
Dee M & Ft D lstgu4c,1936J J 4812 Sale 4812 Aug'25
19383 13 904 Sale 90/
3
904
4 50
1
4
1
45/
General gold 0
5778 47
46
897s 931s
J D 9238
Temporary ctts of deposit.....
9312
1932
Aug'25
9312
9314
48
Gold
4 ___ 9312 Feb.25
/
8214 85
1949 M S 84 613e 84
Dee Plaines Val lit 4446...A947 MN 901
84
1
7014 75
Unified gold 48
Sept'25
8
713
76
4
1
/
3D
70
9512 98,
1934.1 D 9814 9734 97
Del & Mack-let lien g 01_1995
9734
4
85 674
Debenture gold be
6712 65 July'25
1995 3D 65
874 92.4
Gold 48
4
/
1937 M N 9134 9214 911
9214 13
944
91
20-year p m deb bs
9238 15
212 Sale 9134
93
1981 MN 10
82 8512
854 14
8434 Sale 8434
Oct Ftiv Tun 434s
gold 4s___1949 M
104
refunding
102
Guar
Aug'25
8
1035
994
Dul Miseabe & Nor gen 64_1941 ii
4
1
99/
1
981.10015
3 10012 103
Nor Sb B let con g gu 58_01932 Q J 10018
10158
_- 10138
9914 102
Dui & Iron Range let 58.. 1937 AO 10112 10134
10112 10112
1
90
81
12
Louisiana & Ark tat g 55_1927 M S 101
8
877
87
4
1
/
87
J
•
8718
89 8714
IN 13 85/
4 ____ 85
1
4s__1945
Dul Sou Shore & Ati g 5e1937
86
g
gu
Co
4
1
/
90
6
88
Bdge
&Jeff
Lou
9212 90 Aug'25
100 10618
N
M
10212
10212
Sept'25
58-1937
Ear By Minn Nor Div 1st 0-48 AO 90
Nashville
1024
12
98
1
&
Louisville
4
/
10014
_ 1001
8174 9534
1840 J .1 9314 Sale 9318
9328 30
East Tenn reorg lien g 0-1938 MS 10014
9912 101
Unified gold 0
fdi 10053 10038 21 1001
1930 J J
4 101
/
10112 12 10012 103
East T Va & Ga Div g ba
6 102/
4
1
Collateral trust gold bs___1931 M N 1004 1011
102
1958 MN 102 Sale 10114
N
IN
108
210811
1
/
1930
Cons let gold be
Sale
105
106
10812
6
101 10288
10-year secured 7e
____ 102 May'25
4 10371
1
Elgin Joliet & East let g 5s 1941 MN 101
4 107
/
23 104/
993s 10212
let refund 540 Series A 2003 A 0 10814 Sale 1061
10884
1965 AO 101___ 102 Sept'25
0
A
2003
Sale
1011s
103
12
El Paso & S W lst 5s
103
105
II
107
Series
be
ref
&
1093
4
lst
Sept'25
108
0812
.
1
MS
1081s
ext-1930
75
97
gold
92
0
0512 Sale 95/
4
1
Erie let consol
9512 10
114
6934 7414
let & ref 440 Series 0_2003 A
73
1996 .1 J 7278 Bale 7212
10414 107
J J 107-- _ 107
1930
let cons g 48 prior
2
Oa
107
873
gold
70
4
1st
9
M
&
NO
70
70
105
1996 ii
104
.1
1930
Registered
104
10312
July'25
105
613
4 6818
2d gold 60
6434 55
9118
gg
let consol gen lien B 4s..-1990 J J 6412 Sale 64 Aug'25
4
/
58 671
9034 Sept'25
Paducah & Mem Div 0_1946 F A 9034 _
_ 6718
1996 JP
62 85
Registered
62 -8414 64
6
84
9512 99
St Louis Div 2d gold 3s 1980 M
9713 6-878 981
4
/
4 29
1
98/
4
1
/
100
M
98
Penn coil trust gold 4s 1951 FA __
4 Aug'25
1
97/
97
6212 89
10
L&N &M &M Ire 430.1945
68
4
1
80-year cony 49 Set A 1953 AO 6738 Sale 67/
8118 864
4 Sale 8312
1
2
60 89
8312
L dr N South Joint M 45_1952 J .1 83/
6778 12
(11415
8
981
1953 AO 6738 Sale 67
MN
do Series B
____
4
1
/
4448_1932
98
9814
Aug'25
gold
69
&
4 7534 Louisv Cie
1
/
Lex
7438 185
Gen. cony. 48 Se-les D.1953 A 0 7414 Sale 73
99 103
1934 J J 10158
102 July'25'____
4 1011. ipet, lealion Coal RR let Si
4 1047k
1
104 10478 104/
,19M3
ErIe&Jereeyl.tpf6e.
Option
s
sale.
Dec.
Due
p
Due
0
Oct.
Due
n
Sept.
July.
Due
a Due Jan. b Due Feb c Due June. e Due May. h
1555
New York Bond Record—Continued—Page 3
BONDS
N Y. STOCK EXCHANGE
Week ended Sept. 25.
:
S3
t
6
Peke
Friday
Sept. 25.
Week's
Banos or
Last &fie
Rands
Since
Jan, 1.
Pries
Friday
Sept. 25.
BONDS
N. Y. STOCK EXCHANGE
Week ended Sept. 25,
Ranee
Maw
Jaw. 1.
Week's
Ranee or
Last Sale
Mob
Molt No. Low
Ask Low
1144
Htott
H4011 No. Low
Ask Low
Bid
3
9434 99
964
9634
8912 634 Vorfolk & Sou lit gold 5s_ __1941 M N 9718 98
61
60 Sept'25
Manila RR (South lAnes) 4e 1939 M N 60
1081:
11
106
108
10812
____
4
6312 6714 Nor/ at West gen gold 85_ _1931 M N 1063
4 67 June'25
1
67/
1st 4s
1959 M N 82
10844 108%
Improvement & ext 65_1934 F A 10758 ____ 10838 Apr'25 ---9734 10813
10012 Sept'25
Manitoba Colonization 56__ _1934 J D 994
1932 A 0 10634 ____ 10634 Sept'25 ---_ 106 108
80/
4 84
1
New River let gold
8058 _ _
8138 Aug'25
Man GBANW 1st 330_1941
8244
88
9
8
895
8938
1996 A 0 8912 Sale
NA WRY let cons g 4a
9934 102
102 Sept'25
102
Michigan Central 80
1931 M
89
86
1998 A 0 --------87 July'25 — -Registered
1004 1004
:May'25
99 10113 1001
M
Registered
92
13
14
88
8
903
9113
Sale
9112
J
48_1944
DIV!Innen & gen g
9034 92
da
19402 J 9034 ____ 9034 Sept'25
14012 93 12518 14012
1929 M 9 13913 Sale 138
10-year cony 68
7718 Apr'24
7918
L & 8 1st gold 330
1951 M
904 934
9014 Sept'25 ---86
Pocah 0& C Joint 4a1941 J D 9014 91
81
1st gold 3545
1952 MN 7918 8312 8312 Sept'25
10178 10 10014 103
1974 M S 10112 102 10178
1
Nor Cent gen & ref 5s A
9012 98
98
20-year debenture 48
1929 A 0 9734 9814 98
1
9l
68
88
8878 88
: North Ohio let guar g 5s. _._1945 A 0 87
931
88
:Aug'25
931
93
Mid of NI lit ext 56
1940 A 0 89
83 87
88
85
100 100% Nor Pacific prior lien M1997 Q J 8438 Sale 84%
100 Sept'25
Mllw L & West Imp g AL _1929 F A
_
___
72
84
4
1
/
82
Sept'25
2
8
5
831
83% 94
1.) 1 8318
al997 (4
Registered
8734 May'25
4 91
1
MB & Nor let ext 430(blue)1934 J D 90/
5914 824
6034 15
94%
General lien gold 38
Sacs 0
a2047 Q F 6014 -6-05a 6014
5
9058
4
1
90/
Cons ext 430 (brown)
1934 J D 9054 95
60
894
June'25
3
Registered
zo47 F 5734 Sale
88
Mil Spar & N W lat gu 4s__ _1947 M fil 874 894 88
-- 84':
U
—33
83 8712
8058 8112
Ref & impt 430 ger A----2047 J .1 8414 owe
:Aug'25
811
Milw & State L let gu 8348_1941 J J 8034 _ _
8818853$
J J
5
Registered
9853 19218
102
19272 D 9918 10234 102
Mtn & St Louis lst 78
8 108%
1043
2
5
1
2
1
1
MI
e
gatl2047 J .1 iEl64
Ref & Rapt 138 ser B
5134 8218
61
58 Sept'25
1st consol gold be
1934 M N 57
105 1067s
J J ____ ____ 1067s May'25
Registered
5816 80
59 Sept'25
Temp Ws of depoglt
M N 5612 61
977s
9412
8
0
—3
96
954
Sale
4
953
J
2112
J
2047
20
1914 '26
Ref & impt Ss set0
Iss & refunding gold 48_1949 M if 21 Sale 21
94% 98
983
Bale 98
9
1312 2114
Ref & Impt 58 ser D
1612
1812 Sale 1534
Ref & ext 50-yr Ss Ser A-1962 Q F
Mar'24 ---9914
.1
2
1
7
3
8634
10018
1st
35
9
194
Duluth
58_2
&
102
Paul
St
102
10018
1st guar g 7s
1927 J D 100
84s 85¼
1
8412
-7- 8412
-48
1968
8412 90
let consol gold 48
8534 14
1481 P&813M con g 4s lot gu'38 J J 8534 Sale 854
: ____ 10938 Sept'25 -- 1094 10924
94/
4 1007s Nor Pao Term Co let g 6e....1933 J J 1091
1
9612 9534 Sept'25
1M am 5a
J 96
1938
102 10314
-Mar'25
10314
____
103
0
A
1938
7
10214
58
1044
g
No of Cal guar
103
10-year coil Liana 630
1931 M 5 10234 103 10234
103% 10412
48
9834 103
North Wisconsin let (is_ _1930 J J 100 --__ 10334 Apr'25 -100
9914
lot & ref (is Series A
71% 71314
1948 J J 9918 100
7
7414
5
8314 9012 Og & L Chem 1st gu 48 g-..1948 .1 J 7358 Bale 7358
85
25-year 530
1949 MS 85 Sale 8414
99% 101%
-Aug'25
100
D
.1
1936
Ohio River RR let g 58
let Chicago Term if 0._1941 MN 9212 -- 924 Dec'24
9858 100
---1937 A 0 9878 ---- 9878 Elept'23
4 i66cs
ii1General gold 58
9934 Aug'25
aISSM&Aletg 4sintgu_1926 3 J 9934 100
24 10058 10178
4
1
/
101
Sale
8
1007
8
1015
J
J
1927
58
g
guar
91
let
94
Cal
A
Ore
Sept'25
93
94
Mississippi Central let 58
1949 J 2 93
9024
88%
3
4
1
/
89
89%
104
101
19463 D
8014 8512 Ore RR & Nay con g 48
8412 10
Mo Kan & Tea—let gold 40_1990 ▪ D 8312 Sale 8311
-- 10034 107
97
96
9611 Ore Short Line—let NM g 58246 J J 1034 10312 10334 Sept'25
96
afo-K-T ER—Pr I 58 Ber A_1962 J J 90 Sale 95
10214 107
15
8
1033
Sale
10314
10314
J
19402
43
Guar cons 5a
80
714 80
40-year 4s Berle@ B
1962 J J 7912 7934 7814
96% ors
9758 23
1929 3 D 974 Sale 974
Guar refund 46
10278 209 1014 10414
10-year Si Series C
1932 J J 10238 Sale 1024
818$ 85
8358 29
7834 92/
4 Oregon-Wash let & ref 48_1981 J .1, 83 Sale 827g
1
9014 652
Cum adjust 58 Ser A Jan 1967 A 0 8934 Sale 8912
94
82
2
8
915
4
/
911
Sale
8
915
Pacific Coast Co let g 58_ __ _1946 1 D
Missouri Pacific (reorg Co)
90 98%
41 25
/
911
47
83
9034 Pac RR of Mo let ext g 0-1938 F A 9134 Sale 9134
89
lot & refunding 58 Ser A._1965 F A 88 Bale 88
98% 100
8
9912
:
991
993
9912
3,
3
35
1933
58
gold
extended
2d
10134
lit & refunding 85 Set D.A94 F A 10114 Sale 101
99 1024
04x8 96
9918 102
Paducah & Ills let a f 4348_1955 J J 9314 ____ 95 Aug'25 ---10112 345
let & refund 8s Set E Int_1955 M N 10034 Sale 10034
7018 8014
8034 166
4
1
1958 F A' 8014 Bale 79/
6212 67
Paris-Lyons-Med RR 6s
8514 182
General 48
197 MS 65 Sale 8458
8014 89
142
8
887
8712
1
Sale
8712
S
M
1958
84
8934
S f external 7s
8512 Aug'25
slo Pao 3d 78 ext at 4%
1938 MN 8614 88
8011 90
8814 65
1954 M V 88 Sale 88
99 10314 Paris-Orleans RR s f 7e
99 Sept'25
Mob & Sir prior lien g 5a__ _1945 J J 99 100
gy 10114
3
10012
4
1
/
100
Sale
10012
El
M
1942
70
7s
By
91
July'25
Pauline
804
Mortgage gold 4a
194 J J 7818 82
9178 96
4 10414 Pennsylvania BR—cone g 4a 1943 M N 9558 Sale 98 July'25 -- -1
101/
10314
10314
Mobile & Ohio new gold 6s 192 J D 10318
96s
4
86%
91
911 91
102 104
Consol gold 451948 M N 91
lit extended gold 6a
J 1034 104 10318 Sept'25
/1192
9014 93
4 9218 July'25 ---/
8112 901s
May 1 1948 MN 9058 911
4s stewed
90 Sept'25
General gold 48
100
193 MS 90
9714
994 32
1960 F A 9814 Sale 984
984 101
Consol 4348
99 Sept'25
Montgomery Dl, lit g 58.194 F A 9812 100
9111 96
9358 158
19653 D 9358 Sale 9314
1
95 10011
General 430
100
St Louis Div 54
J D 9958 1011 100
9934 16314
4 40
1
: 102/
1988 J D 10112 Sale 1011
General
Mob & Mar lit gu g 4$
199 M S 8618 883 85 Feb'25
24 10712 110°1
10812
944 18
84
54
l secured
1 10
1930 A 0 108 Sale 108
5
13
76
110
Mont C let au g Si
193 J .1 110 Sale 110
10914 111%
61
4
1113
Sale
4
111%
1103
A
101
F
1938
secured
19312
-year
15
6541
Sept'25
1st guar gold M
193 J J 102 1037 101
F A 10714 _-__ 10912 June'25 -- 1094 10932
7834 82
Registered
11 E let gu 3348
2000 J D 7734 7958 7712 Sept'25
974 9814
984 117
4
1
1964 MN 9734 Bale 97/
2 10018 102
40-year gold 5.
Nash, Chatt & St L lit 56_1928 A 0 10114 Sale 10114 10114
8474 551e
4 Sept'25 ---1
4 8714 84/
1
M S 85/
997
1937
coil
8
rig
tr
102
A
Pa Co--Ciu 3345
DIFIa&EllstgugM
1937 F A 100 1017 9978 Sept'25
8384
-Sept'25
8412 83
Guar 3%8 coil trust Ser B_1941 F A 82
J
30 Bept'23
Wat Ry of Mex pr lien 410.-1957
82 08
-iti- "iiGuar 330 trust ctfs C--1942 1 D
July 1914 coupon on
16l3 17' 19 Apr'25
8118 3212
4 :25 -------B4
134 2134
Guar 3348 trust ctit D---1944 3 0 82 _ __ 82 8
1714 33
1714 Sale 1634
Assent s f red June coup on
2
0414 96,
95% 11
0
8
953
954
Sale
A
gold
-year
AL-1931
-25
16
_Guar
July'23
8718
Guar 70-years f 48
1977
85 86%
---Sept'25
8512
:
861
854
E
N
M
1952
"
ii
"
Ser
la
20
"W.
Guar
15
1534
Gen a f 4s assenting red
8234
4
1
/
77
2
79
79
____
Peoria & East let con MIL-1940 A 0 78sa 80
3812 July'24
Sat RR Me: prior lien 430_1926 JJ
4 36%
1
31/
: 19
341
Income 46
2412
24
1990 API. 3412 Sale 3334
J J
24 Sept'25
July 1914 coupon on
99 101
24
25
3218 Peo& Pekin tin lst5)4 is._ _ _1974 A 0 9934 100 100 Sept'25 ---26
25
Assent with July '24 coup on
1004a
971.
55
100
Pere Marquette let tiler A 60.19563 .1 9878 Sale 984
28 Apr'25
la consol 4s
1951 1--(10
80 55
: 10
831
82%
1e 824
1 Sale
34
92
8
4 inlet ti Ser B
9 -i13:
1412
137z 147e 141
Assent with Apr 1924 coupon
94%
9212
1
924
N
.11
9212
gra
48
94 96
Phila Bait & W let g
New England cowl 68
1945 2J 9412 9458 94 Sept'25
2 106 108
514 28
02
14
10514 Sale 10518
81
4
/
811
Gen Se Series B
Consol 4s
' 1945 22 7934 8332 81 June'25
4414
40
1
Sale
42%
4519
1
D
1st
Ry
f
Philippine
11
4
FA
2
0
9
8
30-Yr
80
00
834 86
86 May'25
NJ Juno RR guar lit 48._ 1988
-4
105 Mar'25 ---- 1061s 10634
J D 10538 .-PIne Creek regstd 68.
5
92
9134
NO& NE let ref &imp 430 A'52 23 9058 92
1491
98
IMO A 0 9812 9712 9612 Sept'25 ---8014 84/
4 P C C & St L flu 430 A
1
2
New Orleans Term let 48._ _1953 ii 8214 Sale 8214
8214
974
96
1942 A 0 9614 96% 9618 Sept'25 -100 10184
Series B 430 guar
NO Texas & Mexico let 6s 1925 3D 9974 1001g 100 Sept'25
9514
--July'25
__ 9558
94
9218 984
Series C 4343 guar
Non-cum Income 58
9734 33
9418
8104 904
1935 AO 9734 Sale 9514
:July'25
2 M N 9334 ____ 941
45
94
19
Sorted I) 48 guar
1st Si Series B
904 9734
96% 25
1954 £ 0 97 Sale 9578
9014 94
94 Sept'25
1949 P A 94
98 10212
Serbia E 330 guar gold
lit 530 Serfea A
4 13
/
1011
1954 AO 10112 Sale 101
13
93
9314
1953 1 0 934 -___ 934 Sept'25
Series F 43 guar gold
AO 10114 Sale 101
9914 10213
10118 73
Temporary
9014 9414
1957 MN 9312 ____ 93 Aug'25
Series (3 48 guar
9438 Sept'25
X & C Bdge gen gu 4Ha___1945 J J 9438 95
9313 9434
94
91
1960 F A 9334 ____ 9334 Sept'25
9914 100
Series 11 48
9912 July'25
NYBAMB let con g
_1935 AO 9958 100
95 9611
9534 July'25
Berks 1 cone guar 430-1963 F A 94
Y Cent RR cony deb 68__1935 MN 1085s Sale 10812 10834 19 1061s 11712
got 96
1
9418
4
/
1964 MN 9438 Sale 941
108 11612
N
Series J 430
10814 June'25
Registered
9614 101
4
994
93% 13
1970 1 D 9914 Sale 9914
8218 874
General M 55 Series A
Consol 4s Series A
1998 FA 8514 Sale 8412
9714 9914
108
9934
Sale
8
985
0
A
984
1975
58
B
intge
Series
4
1
/
88
AO
4
1
/
34
93
Gen
Ref & impt 4%8"A"
9134 Sale 9114
92
2013
9974 101
a1928 A 0 10018—_ 101 June'25
99 10214 Fitts AL Erie 2d'g 58
10112 148
Ref & impt Si Series C__ _2013 AO 10114 Sale 101
106 107
99% 102
AO
Pitts McK & Y let gu 68____1932 J J 10612 1-6412 106 Aug'25
10034 Aug'25
Registered
2 100 102%
100
4 100
1
1004 100/
Pitts Sh & L E 1st g M
Y Central & Hudson River—
16014 101
7/92
9I
79/
43
19
78%
75
4
1
let consol gold 58
7
Mortgage 3345
1997 J J 7712 79
9114 9114
May'25
4
91:4
MN
--199
_
_
_
14
8
8
85
9
8
.1
&
45
3
Va
1st
1943
Char
Pitts
814
7
77
74
Sept'25
764 7812
Registered
1997
100 11.11.14
July'25
MN
4
10078 ---- 1001
Pitta Y & Ash let cons 58-1927
9412 30
924 96
94 Sale 94
Debenture gold 4e
1934 MN
87 89%
924 9234
4 July'25
1
MN
1948 3 D 9034 --- 89/
lit gen 45 eeries A
9234 Aug'25
9212 _
Registered
100 1024
91
021
1962 F A 10034 ____ 10014 Aug'25
let gen 5s series B
4
/
91 Aug'25
80-year debenture 4s
1942 33 9114 _
6318 60
Providence Scour deb 48...A957 MN 5834__I 5934 Aug'25
93 Feb'25
93 93
Registered
804 81%
1958 M 13 834 1314' 8138 July'25
7434 794 Providence Term let 43
77
13
Lake Shore coil gold 348_1998 171 7632 Sale 7638
1
92% 96
4
93%
____I 933
1997 1 3 94
Reading Co gen gold 48
79
7434 Aug'25
Registered
74
1998 FA 75
9443 9614
May'25
7858
75
Registered
9
7718
Mich Cent coil gold 3;0_1998 FA 7834 7734 7714
90
88
3
6;iel
FA
coil
1127344
-iii,
1
6
A
2
g
Central
71113
Jersey
754
48_1951
Registered
- 7712 764 July'25
1998
96
92111
30
94
91
94%
1997 3 3 94 Sale 934
Y Chic A fit L let g 4a
Gen A ref 434s Ser A
1937 AO 9234 9412 9213 Sept'25
MK 1001a
Sept'25
_10012
100%
89
0
0
A
£
Deny
5s
89
deb
stpd_1927
&
Richm
Jan'25
89
Registered
1937
7913
74
Aug'25
74
i
92
7s 984 Rich A Meek let g iii
7i
741948 M N 74
3
25-year debenture M
94
9414 9434
9434
1931 MN
9954 102
Id 68 Borten A B
1931 MN 10258 Sale 1021: 10318 19 10238 1044 Mehra Term Ry 1st gu 53_ _ _1952 1 1 101 10212 100 Sept'25
.
558
92%
Sept'25
9414
9318
8
174A
_
937
0
Juno
J
112
let
Grande
58_1939
4
gu
8
983
967
4
Ref 5342 Berle) A
Rio
983
9718 Sale
5 7
7
512 .-7- 1 5 June'25
90 934 Rio Grande Sou 1st gold 45..1940 il 3
NY Connect lit gu 4346 A_1953
9234 9214
92
9214
6
6
61s ____ 6 May'25 -- -1940 3 J
9 10
99
8
89
112
89 June'25
Guaranteed
If Y
Erie lst ext g 4a__ _ 1947 m__
4
1
gale 89/
28
86
937a 9412 Rio Grande West let gold 45_1939 J 1 8534 Sale 854
Ild ext gold 430
1933 m 8 9313 ____ 9378 July'25
7558
71
13
74
1950A 0 10014 ---- 1004 July'25
Mtge A coil trust 4s A,1949 A 07358 Sale 7312
4th est gold 58
82 89%
49
881
874
Sale
88
S
M
3
let
Louis
434i..1934
&
Ark
974
9712
8th ext gold 48
RI
9712
9712
1928 _J D.,
7314 77
7512 Aug'25 ---90
2
IA
1949 1 J 7514 77
93
93
Y & Green L gu g 58
Rut-Canada lit gu a 4/
51 11
1946 1_
_, 9234 95
8514 09
: 881
:Sale 881
881
1941 J J3
7572 7884 Rutland let con g 430
:_
791
7834 June'25
Y & Harlem g 3Hs
2000 m__
7512 83
9
3
817
81
3
Bale
J
Grand
Isl
48_1947
g
1st
&
8138
80 July'25
N Y Lack & W let & ref 53_1973 53
St Jos
80
80
__
91% 9644
___ 95
1996 J .1 95
1004 Sept'25
lit & ref 414e
10014 111034 St Law? & AdIr let g 58
1973 m
101 10213
10512 1074
1996 A 42 100 1-05 1024 Sept'25
10618 107 106 Aug'25
2d gold 61
KYLE& W 1st 78 ext
1930 M
94 9811
4
9458
9458 Sept'25 9%
1931 3 3 9458 96
9978 Mar'25
99% St L & Cairo guar g 4a
Dock & impt 68
.. J
1943 3
9914 101
20
1001
9958 10034 St L Ir M & El gen con g 56-1931 A 0 100 Sale 100
1932 r A 1004 101 10014 Sept'25
N & Jersey let 5a
91% 96%
92
957
M
9511
194i
3
Sale
9112
9518
9112
A
J
1929
gold
9112
ref
g
921
48
gen
4
1
/
90
Unified
Branch
June'25
N Y & Long
93
91%
6012 08
68 Sept'25
N YN & Hart n-i) deb 4$1947M
83% 90
M 8
Apr'88235 121
60
2 8
60
13 8983
33
MN
312 £19
98
red
1933 2
60 June'25
iv let e 42
41eD
8:10
Y e2
LUN
10012
99%
---ii
M
Aug'25
A
10018
_1930
4
1
/
65
0
5s__
9914
102
4
8713 68
024 St L M Bridge Ter go g
8112
6214
Non-cony deben 3345_1947
78
71
771 148
3 5
4 5713
1
57/
4
/
571
Non-cony deben 330__1954 £ 0 57
St LA San Fran (reorg co) 461950 3 3 77 Sale 7634
_
413 60
_
8514 934
92*8 81
80 so
4
4 Sale 9134
/
13502 3 911
1955 32 62 Sale 62
63
Prior Ilen Ber B 58
Non-cony deben 48
4
1033
g
1017
21
MN
103
19282 1 1024 Sale 1024
6358 31
6052 6234 634
1958
Prior lien Ser C 55
Non-cony deben 4i
36 6511
9342 19071
70
997
53 5911
1942.5 3 9938 Sale 9834
5712 Sale 5712
5712
Prior lien 5345 Ser D
Cony debenture 330.„..1958 J J
9114
804
101
J
941
93
0
Sale
A
8
3
123
93
92
138__h1955
Sale
A
8
925
CUI:11 adjust Ser
1948
864 94
Cony debenture 68
9312
713% 97/
4
1
J
9634 347
4
1
98 Bale 95/
90 Aug'25
81960 Oct
Income Series A Ile
Registered
834 130
36 10334 10672
9612 54
: 1041
1940 AO 96 Sale 96
Collateral trust Si
9014 9634 &Louis A San Fran By gen 68'31 J J 10434 105% 1041
101
10018
2
MN
101
101
5314 41,4
6078 5974
1931 3 3
59
General gold M
8034 17
1957
Debenture 4e
8 103% June'25 — - 102 104J1
9974 10175912 Sept'25
1954 32
St L Pee & N W lit gu 5.... _1948 3 3 1001355 64
Cone Ry non-cony 48
9214 93%
1 J 62 Sale 82
_ -9518 9378 Aug'25 .-1931 M 11 95
58 84
2
62
Non-cony deben
St Louis Sou let gu g 43
8334
78
3
'
827/ 15
2
584
571:
584
Non-cony deben 45......1956
St L 8 W let g 4s bond ctf8_1989 M N 8234 Sale 8234
% 64
57
4 78
1
72/
4 Sept'25 ____
/
7312 7572 751
1004 Aug'25
100 10034
2d g 48 Income bond ctta_p1989 J
NY & Northern lit g 55._1927 AO 10084
9078
85%
M
86
4
1
/
90
90%
Sale
9012
6834 Bale 8834
65
691
18
7012
COON01 gold 45
NY0& W ref bit g 4a_Juna 1992
4 90
/
811
D 631
8814 35
3 D 8712 8772 8714
932 4
64 Sept'25
1965
4 6912
1
62/
: 65
General 41
lit terminal & unifying 68_1932
80
87%
J D
36
85
4
/
841
4
/
A
841
841:
F
65 Apr'25
65 65
4345_1941
01311
let
L
Registered
K
&
Paul
St
90% Ws
: Feb'25
861
1942 AO 8518
8618 86/
4 St Paul E Gr Trunk 4 tea_ 1947 1 J 9118 9312 911e Aug'25
1
N Y Prov & Boston 4s
944 964
£ 0 83% 87
A'25
9514
--ug
__
94
D
J
4
/
861
45_1933
July'25
&
46.'93
8214
100
gu
4
1
/
con
10
Man
lit
con
Minn
87
Putnam
Paul
St
&
Y
N
9214 9412
J 1) --------9214 July'25 - - _ _
1
1927 M
100 101 100
100
Registered
NY& RB lit gold 68
11
72
3 D 10758 10834 10614 Aug'25 - - — 10814 10913
1937 33 7158 7234 7138
1933 ,
, 76
4367
N Y Suiq & W lat ref fla
1st oonsol g 0
10358 105%
_
_
FA
—
July'25
106
10534
105
5918
61
1937
Aug'25
68
4
1
/
59
430
ad gold
9512 10014
14
100
811
81
10
60
1940 FA 60
6978 88
to gold 4345_1933 3 3 9834 _ _ 99
red
edgutd
re
General gold tie
SeD
N 97 Sale 97
1933 J J 9712 -99- 9712 Apr'25 —. 97% 98
97
1
1943
93 97
Terminal lit gold 58
87% 954
__
.
.
ii
Aug'25
9218
9214
4
3
93
138
69
884
6314
D
4%8248
.1
Bale
Berl
8
1st
597
7014
1937
Mont extgold 46
NY W'obea&B
924
90
931
J D 90
8558 89
1950 AO 8514 Sale 8413
794 853s
Registered
Nord Ry esti f 6%s
894
4
1
89/
88
7011 84
24
Pacific ext guar 44-- --1940 1 1 88
Norfolk Sou let & ref A 58 1961 FA 80 Sale
s Due Jan. h Due July. y Due Nov. 5 Option sale.
1
-ioe
;i 12114 -ii
1
rgi: 72,;14g ::::
1556
BONDS
N.Y.STOCK EXCHANGE
Week ended Sept. 25.
New York Bond Record-Continued-Page 4
Price
Friday
Sept. 25
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week ended Sept. 25.
Price
Fridad
Sept. 25.
Week's
Range or
Lost Sale
&MS
84B34
Jas. 1.
High
Bid
Ask Low
High No Low
High
110
Ask Low High No. Low
84 Paul Union Depot 59.._ -1972 J
91
1
4 Armour & Co let realest 43481939 J D 88/
10138 Bale 10138 102
85
15 100 102/
1
4 Sale 88
894 169
A & A Pass 1st gu g 4a_ _1943 J J 8388 8412 84
91
8514 Armour di Cool Del 5349-1943 J J 93 Sale 9234
9414
SI
84
13
9314 57
;pinta Fe Pres & Phen 59_1942 M S 9838 9934 9934 Aug'25
9914 102
10114 10311
Az-sedated 0118% gold notes 1935 MS 10234 Sale 10212 10279
Say Fla & West 1st g 85_ _ _1934 A 0 10912 111 1091g
Atlanta Gas L let be
97h 9814
2 1074 111
1947 J D 987 ____ 9839 May'25 -10918
lat g bs
26
102 102
100
1934
____ 102 June'25
18
Atlantic Fruit 75 ctfs dep_ _1934 JD 194 Sale 1912
19/
1
4
9
Scioto V & N E 1st gu g 4a 1989 M N 884 89
1514 22
Stamped Ws of deposit
88%
1
87/
1
4 9034
9
15
9
:
1 June'25
888
9 8„i3
Seaboard Air Line g 49
8112 Atlantic Refg deb 55
97% 10014
19541 A 0 7712 794 784
74
79
6
1937 37i 99a Sale 99i
Gold 49 stamped
9934 105
8212 Baldw Loco Works let 59_1940
1950 A 0 7814 Sale 7818
74
3
7838 34
N 103__ 10275 103
Adjustment 59_6-:_Oct 1949;F A 8534 Sale 8514
8714 Baragua(Coup As)7149
73
182
86
1937 J
.
05 14 10518 10512
1054 1
8 103 107
'
Refunding 49
59/
1
4 7312 Barnsdall Corps(cony 8% A1931• J 10319 10514 105
1959 A 0 7038 Sale 7038
7138 28
10514 12 10214 106
let & cotia 89 Series A_1945 M
9434 Sale 9334
84/
1
4 9584 Bell Telephone of Pa 59
46 10014 108
1948'.3 10014 Sale 10014
101
9478 287
AU & Birm 30-yr let g 48_d1933 M S 88
9372 8978
1st & ref Is Ser C
8812 8812
5
1950 A0 10038 Sale 10013 1004 586 10012 10114
8812
9984 10118 Beth Steel 1st eat a I 59
aboard & Roan lot 59
1926 J J 10014 1011810014 Sept'25
10012 27 100 19114
1926 J J 100 10018 100
N Ala cons SU g 54
10212 10413
93/
1
4 9834
let & ref 59 guar A
1936 F A 10038 10418 1044 July'25
1942
97
9
N 974 9712 954
Gen cons guar 50-yr 59_1963 A 0 104 10612 10412 10412
90
94
30-yr p m & Imp o f 5a..__ _1938'.3 9258 Sale 924
5 10278 109
924 37
So Pim Col 49(Cent Pac col)k1949 J D 8518 8638 8538
93/
1
4 97h
84
8812
Cons 30-year 89 Series A 1948 P A 9412 Sale 9418
67
95
8
8612
Registered_
81
85
85
891s
J 13 8114 85
85 Sept'25
Cons30
-years Hs Series B 1953 FA 8614 Sale 86
86,
8 93
20-year °env 4s
964 98
Bing & Bing deb 6 49
June 1929 M S 9712 Sale 9714
9213 96
9312 9452 9434 Sept'25 -1950 M
9712 107
9944 10312 Booth Fisheries deb a f
20-year cony 59
7U% 87
1934.3 D 9934 10018 100
7
87
10018
84
6
AO 8512 100
20-year g 59
9512 101
9512 25
1944 M N 9934 Sale 9812
94% 9619
Botany Cons Mills 81,4e__,.1934 AO 9412 9818 9412
9984 39
97 101%
Elan Fran Term) let 40_1950 A 0 8.54 Sale 854
84 8833 Brier Elill Steel lot 534e..,.__1942 AO 10112 Sale 100
5
10138 76
8512
Registered
/
4 Irway dc 7th Av isle g 59-1943 J D 77 Sale 7514
83 851
A 0
69
68
84 July'25
79
78
Bo Pac of Cal--Gu g 59
1927 M N 10218
1021s 104
Otis of dep stmpd June '25 int
6714 78
7512 23
104 Aug'25
7415 777 754
_
So Pac Coast lot gu g 4s
9438 9412 Brooklyn City RR 58
9013 9613
1937 J J 944 g_ -- 9412 Jan'25
93
1941 .3' 92
918
923*
7
Eto Pac RR let ref 49
Bklyn Edison Inc gen 5a A..1948.3' 10112 Sale 10138 10134 89
8714 92
991s 103
1955.3 J 8834 ale 8834
8914 88
Southern-1st cons g 5e_1994.3 J 10312 Sale 10314
General 6s Series B
6 l0334 106
10312 88 10014 104%
10412 Sale 10412 105
1930
99 10114 Bklyn-Map It Tr Sec 69-1968 J J 8934 Sale 8912
Registered
J D 10014 103 10114 10114
824 92
9014 312
1
J
J
Develop & gen 49 Fier A1956 A 0 7814 Sale 7814
6114 71
73/
1
4 801s Bklyn Qu Co & Sub con gtd Se'41 MN 6318 Sale 6318
79
204
4
634
Develop & gen 89
1958 A 0 10638 Sale 10512 10612
1,1 58
734 81
7 103 107
6878 7312
734
1
1941 ii 63
Develop & Ron 8345
1956 A 0 11034 Sale 11014
93 99
11112 69 10634 11112 Brooklyn RTr let cony g 49-2002.3' 881s ____ 92 June'25
9912 10212
Mem Div lst g 4349-59_1998 J J 10014
3-yr 7% secured notes_ __ _1921 .3'
10014 Sept'25
10912 Sept'24 ---St Louis Div 1st g 4a
8
CUR of deposit stamped
1051.3 .1 864 87
8514 5'712
12314 May'25 -- lir lig
2
____
Mob & Ohio coil tr g 49._1938 M S 8534 864 86
82% 88% Bklyn Un El let g 4-59
8113 90
8618 41
8812 28
1950 FA 8812 Sale 8814
lo Car & Oa lat ext 5;49_ _1929 M N 10134 10212 10112 Aug'25
10012 103
Stamped guar 4-5s
8114 89/4
8812 28
1950 FA 8814 88% 8814
Spokane Internal let g 59_ .1955.3 J 8018 8378 8478 July'25
5314 8712 Bklyn Un Gas let cons g 59-.1945 MN
994 102
10058 Sale 10052 10112
4
Term Assn of St L lat g 430_1939 A 0 9634 ____ I 9612 Sept'25
9514 984
10-yr cony deb 7s
1932 MN 1354 ___ 176 July'25 ---- 168 176
lit cons gold 59
/
4
1
4 11014
99 1011
1st lien & ref 89 Series A-1947 MN 108 Sale 108
1944 F A 10012 ____ 10012 Aug'25
10 107/
108
804 8514 Buff & Susq Iron sf58
Qenrefundafg4e
1953.3 J 83
8412 8312
914 93111
7
___ 9112 July'25 -1932 J D
8412
Tex & N 0 con gold 58
981
/
4 99
Bush Terminal 1st 49
1943.3 J 9634
84 91
2
8712
-1 9614 July'25
8712
8712 90
1952 AO 9199/
1
4 10234
Texas & Pao lat gold 5a2000 J D 102 10214 102
8813 92
Consol 5a
102
9114 90
1
9014 12
1955 J J 90
La Div B List g 59
99
9311
/
4 9914
9934 • Building 59 guar tax ex_ um AO 9534 96
9912
56
1931 J
-I 994
1
4
9938 48
96
95/
Tea Pac-Mo Pao Ter 5349_1964 M S 98 Sale 978
97 100/
1
4 Cal0& E Corp unit& ref 59_1937 MN 10018 Sale 10015 1001s
98
101s
98
4
3
Tol & Ohio Cent let gu 59_ _1935 J
1
4 10112 Cal Petroleum a f g 834s .. 1933 AO 10312 Sale 103/
10014 10034 10014 10014
99/
3
9 toes. taus
1
4 104
Western Div 19t g fo
9953 10014 Camaguey Sug 1st if g 79
1935A 0 9814 10134 100 Sept'25
89 9514
90
12
1942 A0 90 Sale 89
General gold 59
1935 J D 9634 98
961s 9914 Canada SS Lines let cell 5 f 7s '42 MN 100 101 100 Sept'25 -9814 10014
97 Sept'25
Toledo Peoria de West 49_1917 J J 27
28
36
3112 Cent Dist Tel let 30-yr 58,. 1943 J o 10014 10038 10114 Sept'25
2812 Aug'25
10014 10913
99/
1
4 99% Cent Foundry 1st sf68
Tol St L & W prllen g 3349 1925 J J 8578 86
9979 May'25
997k Sept'25 -9214 9974
1931 P A 9412 100
gr1
50-year gold 48
/
4 10111
1950 A 0 8534 Sale 8534
Cent Leather 1st lien at 89..1945• J 10015 Sale 10014
8219 87
10052 47
8534 63
9584 9759 Central Steel 1st g 5 f 85_ _ _ _1941 MN
T01 WV&Ogu4349A
1931.3 .1 964 Sale 9634
/
4 11312 113/
1
113 1141
9684
1
4
3 110 110
97
9712 Ch G LA Coke lot gu g 59._1937 J J 101 Sale 101
Sodom B 4;45
984 1014
1933.3 .1 9712 ____ 9712 July'25
9
101
Series C 48
1942 M S 91
Chicago Rye 1st 55
8913 90
90 Aug'25
7315 88
50
78
1927 FA 77 Bale 77
$4/
Tor Ham & Buff let g 49
1
4 8612 Chile Copper (Is Ser A
1948 J D 857
8534
108
2
109% 317 105 11114
1932 AO
8534
71
924 Cincin Gas & Elec lot & ref 59'58 AO 199 10988 102
Ulster & Del 1st cons g 56_1928 J D 77 Sale 717
981
/
4 104/
1
4
77
38
102
55 62
;et refunding g 4s
1952 A 0 49
5348 Ser B due Jan 1
4979 50 Sept'25
1907 AO 10312 Sale 1034 10334 27 10014 11.15
Union Pacific Ist g 48
9034 9419 Clearfield Bit Coal let 49-1940 J J 78/
80 80
923 Sale 92/
1
4
1947
9258 43
Jan'25 -_ _ 80
1
4
Registered
9is 93 Colo F & I Co gen s f 59
8912 Aug'25
877s 93
1943 F A 9012 Eilae 0014
9012
3
1
4 99% Col Indus let & coil 61 gu
20-year cony 49
"99i2 EiO."3" 0038 99,8 53 95/
80 8613
1927 J
I934 FA 85 Sale 85
8534 11
let & refunding 49
Registered
8312 90
82 82
52008 M S 8512 Sale 8512
8712 40
82 Feb'25
FA
let lien & ref 59
10372 10712 Columbia G & E lat 5s
_ 105
52008 M S 8012
10518
10034 gfa-e- 10073 10034 24 109 10214
1927
10-year perm secured (is..1928.3 J 10234 Sale 10234 10312 22 102/
Stamped
1
4 1041
/
4
1927 ▪ J 10059 Sale 10012 10034 15 op 101h
U NJ RR & Can gen 4s....._1944 M S 9138 __
Col & 9th Av let gu g 59-1993 M
9214 93
9/
1
4 14
93 Aug'25
1312 July'25 ---9934 1014 Columbus Gas 1st gold 59_1932
Utah & Nor gold 59
9813 9974
1926 J J 100 1-001;100 Aug'25
J , -45E1 993.,9934 Sept'25 -711, 77/
1
4
let extended 45
935s 93% Commercial Cable let g 49-2397 Q J 74 Sale 7314
9338 9414 9352 Sept'25
6
74
Vandalia cons g 4.9 Ser A1
8714
Commercial Credit,169_1934 MN 100 10014 100
86%
98 lO1h
2
1955
933 *I
100
F A
i 8715 ---- 8714 Jan'25
Consol 49 Series B
97/
1
4 10314
8855 86% Commonwealth Power Bs_ 1947 MN 10214 Sale 1017
88/
1
4 Apr'25
1957 MN 8714
10234 60
20
Vera Crux & P 1st gu 43491934 J J
20
Computing-Tab-Sac a f 89..1941 .1
-; 20 Sept'25
-g21
104
103/
3 10114 1044
1
4 104 104
Assenting let 434s
244 4471 Conn By & L lot & ref g 4149 1951
901
1934
2412 Jan'25
.921*
'
3 8915 9012 92 July'25 -Verdi V I & W 1st g 59
1
4 10014
Stamped guar 4145
99/
_ 10012 May'25
1926 MS 100
89 93
1951
9114
901
/
8912
4
Sept'25
'.3
Virginia Mid Series E 59_19213 MS 9814 1004 100
2 150 10012 Cons Coal of Md let & ref 59-1950 J D 82 Sale 82
100
7812 90
83
11
58 Series F
9912 101
Consol Gas(NY)deb 5545_1945
101 June'25
1931 J J
132 10114 103
10334 Sale 10338 104
100 10212 Cons'd Pr & Ltg lot 8149_ _1943 FA 10414 Sale 104
Genera I 58
1936 MN 100
____ 10212 May'25
10412 41 100h 105
S
9312 102
Va & Southw'n let gu 5s
Cent Pap & Bag Mills 6149-1944 FA 8034 81
99
99
99 102
2003
7914 9213
8
8012 17
80
let coos 50-year 58
8414 9334 Consumers Gas of Chic gu 511936
1958 AO 8834 Sale 88/
9274 1007s
5
10014 ___
4 Sept'25 -1
4
95 10139 Consumers Power lot 59._ 1952 3' 973 Sale 1003
Virginian 1st be Series A_ __ _1961 MN 998 Sale 99
993
97
96,
8
4
9038 100
MN
9734 65
Wabash 1st gold 58
1939 MN 10112 10214 10114
1931 MN 9918 ____ 90,
8, July'24 - 1014 78 10014 10212 Corn Prod Refg o f g So
94/
1
4 9914
2d gold Ea
let 25-year o f 511
1939 FA 9834 Bale 9834
1934 MN 10035 Sale 10039 10038
16
971s
2 kw'10228
Refer 5I4sserA
9412 9973 Crown Cork & Seal 1st s(85.1913 FA 8434 85
1975 MS 97 Bale 9834
74
89
5
9738 112
85
85
Debenture B 68registered_1939 MS
9314 931
/
4 Cuba Cane Sugar cony 7s_ 1930
9334 Feb'25
14
9218 Sale 9212
9213 98
94
let lien 50-yr g term 44_1954• J
9712 tow.
Cony deben stamped 8.4A930.3 J 9712 Sale 9712
7713 8373
8219 July'25
994 90
9912
10112
Del & Ch ext let g 5s_1941 .3.3 ioi"
Cuban Am Sugar let coil 89_1931 M
101
101
1
108 Sale 107/
1
4 10812 19 10732 no
Dee Moines Div let g 49 1939• J 8214 83
Cuban Dom Sue lot 73.4e
811
/
4 86
9512 9814
86 May'25
1044 MN
Om Dlv let g 33,48
Cumb T & T 1st & gen 69-1937
74
77
1941 AO 7812 7858 783s
97 10114
2
•7812
Tol & Ch Div g 4a
Cuyamel Fruit let 68 int ode '40 AO
844 89
95
1941 MS 85
873s 8712 Sept'25
994
Sept'25
Warren lit ref gu g 33,49
52/
Deny City Tramw 1st con 581933 0
1
4 8314
77 77
2000 FA
77 Aug'25
Wash Cent let gold 48
8134 861
1948 QM 8134 Sale 8134
999597-!
3
'1- S
/
4 Den Gas& E L leutret eta 54'51 M N 54
SS-9
a
aa-1711-e
9722368954 2
ee 8099942569:1822 u)99
25:9
4:1
5/215 97
9%
8134
Wash Term let gu 33•49
Stamped
811s 00's
1945 FA 8312 Sale 8312
8312
2
9234 944
M N 94 Sale 9234
9412 58
1st 40-year guar 48
83 894 Dory Corp(D G) 1st s 178_ _1942 M S 84% Sale 8372
1945 FA 8914 ---- 83 Sept'25
76
66
8478 45
W Mln W & N W lot gu 59.1930 FA 984 97
95/
1
4 9712 Detroit Edison let coil tr 58.1933) J 10115 10214 102/
97 Sept'25
9914 10214
10
1
4 1023
West Maryland let g 49
991
1952 AO 8834 Sale 8814
let & ref 59 Series A_July 1940 M
/
4 10274
634 6712
87
32
10214 Sale 102% 10212 53
Weet N Y & Pa lat g 59
0884
10112
J
J
Gen & ref 58 Series A
97% 10134
1937
10014 Sale 10014
1
1949 A 0 99/
12
1
4 10014 997
10014
100
Gen gold 43
7912 83
1943 AO 8134 83
18t dr ref Os Series B._July 1940 M S 107 Sale 107
8134
5
811
/
4
10734 25 108% 1084
Income g 59
45
Apr 1 1943 Nov 3514 48
45
Del United 1st cons g 4;0_1932 J J 8712 Sale 8712
88 93/
45 Feb'25
1
4
1
8712
Western Pac let Ser A 5e__ _1946 ▪ B 94 Sale 937
904
96
Dodge Bros deb 6s int tots. _1941 MN 96 Sale 95
94
9912
9414 55
9812 671
let gold 85 Series B
1948 MS 10234 Sale 10234 10234
10014 1044 Dold (Jacob) Pack let 69_19421M N 84/
2
go 8824
84
8312
1
4 85
West Shore lot 49 guar
81
0614
2361 ▪ J 8212 824 8234
Dominion
Iron & Steel 59
60 6814
8388 30
1939 J
63
11
6012 8179 8239
Registered
7914 10238 Donner Steel 1st ref 75
2381• J 8214 8312 8214 Sept'25 1942.3 J 9212 94
92/
13
1
4
8814 97
93
Wheeling & L E let g S8__1026 AO 100 101 101
/
4 du Pont(HI)Powder 4149_1936 J D 945 95
101
90h 95
95 July'25
5 100 1011
988
Wheeling Div let gold 59_1928 J J
4
101
Duquesne Lt 1st & cell 8a
9834 Aug'25
l949 J
108 Sale 10534 106
55 10414 10754
Ent'n & I mpt gold 59
let coil trust 5145 Series B_1949 J J 10478 Sale 10472 10572 10 104 108
1930 FA 9812 -- 99 Sept'25
984 99%
_
Refunding 434s Series A 1986 MS 77/
88
81
East Cuba Bug 15-yr s f g 730 37 M S 10412 Sale 104
1
4 7734 77 Sept'25
10434 86 103 10671
RR let consol 48
7814 Ed El III Bkn lstcong4s,...._i939J J
72
1949 M S 77 Sale 77
89 9514
77/
1
4 38
9212 Sept'25 Wilk & East 1st gu g 511
932
, D 8312 64% 831s
6vg 67is Ed Elec III 1st cons g 5s- _1995 J .1 10178 ____ 103 July'25
99/
1
4 103
194
831s
4
Will & S F let gold 59
J D 10134 10312 10314 May'25
_ 102 1034 Else Pow Corp(Germany)634s'50 M S 874 Salo 8634
8614 8813
8712 49
Winston-Salem S B let 49_ 1980 J J 8418 88
82% 87'5 Elkhorn Coa18% notes
8412
1925 J D 9912 100
8412
2
9934
97 100
994
1
Wia Cent 50-yr let gen 4_A949 J
774 814 Empire Gas II. Fuel 7;45...._1937 M N 104 Sale 10334 10414 164
7918 7912 7938
97/
1
4 105
7934
6
Sup & Dul div & term let 49'311 MN 8634 Sale 8518
8238 8714 Equit Gas Light 1st con 59_1932 M S
99/
1
4 1001s
8634
6
100
100
1
Woe & Con East let 4 J4s. _ _1943• J
7534 8134 Federal Light & Tr let 59_1942 M S 93
7612 8238 7534 Aug'25
9338 93
88
9814
93
1
INDUSTRIALS
lot lien 69 stamped
9514 102
10178 Sale 10114
1942 M
10178 15
Adams Express coil tr g 4a_ _1948
8712
85
30 year deb 6s Ser B
1954 J D 9112 92
911
/
4 9114
85
86
85
5
8514
9112
9112
2
Ajax Rubber 1st 15-yr s I 89_1938
94/
1
4 102% Federated Metals e I 75
99/
1
4 107
1939.3 13 100 Bale 100
10078 Sale 0018
10112 26
100
2
Alaska Gold M deb 6s A
3/
1
4 84 Fisk Rubber lst s f So
418 5
1925
1041 M
11338 Sale 110
438 Sept'25
11312 14 108 115
Cony deb Be Series B
4
84 Ft Smith Lt & Tr let g for___1936 M 8 7812 7934 79 Sept'25
1928
2
8
44 738 4,
4,
8
761a 0234
Alpine-Montan Steel 79_1955
91
9112 Framed° Ind & Dev 20-yr 7146'42 J J 94 Sale 94
9112 88
8914 9514
91 Sale 91
95
58
984 103
Am Agile Chemist 54
Francisco Sugar 151 51 734e _1942 MN 10414 105 104
1928
103 Sale 0234 103
15
104/
1
4
7 10313 10674
let ret s 714e g
9434 10434 Gas& El of Berg Co cons g 591949
1941
D 994
47
10334 Sale 0334 104
99/
1
4
9814 9914
9914
2
Amer Beet Sug cony deb 69_1935
9734 102
Gen Asphalt cony 65
1939 A 0 104 Sale 104
10034 Bale 0012 101
15
104/
1
4
9 101 1041s
American Chain deb s f 69...1933
9653 99% General Baking let 25-yr 89_1936 J D 10518 ---- 1047s Aug'25
9838 9812 9818
9812 29
_ 10413 10514
911
/
4
961
3
Am Cot Oil debenture 59_1931
Gen
Electric
deb if 3149
1942 F A 8712 Sale 8712
94
9612 9414 Sept'25 _
8712
2
83 871a
Am Dock & Impt gu 89
10514 1081z Gen Refr lat a f g 69 Ser A_ _ _1952 F A 101 10112 101
1936
10614 - - - - 0614 Sept'25
101
1 100 1021s
Amer Ice deb 7s_ _July 15 1939
German Gen Elec 75.Jan 15 1945.3 .1 944 Sale 93/
116 Sale 1712 122
51 11514 123
1
4
944 81
92
947s
98
10012
Am Mach & Fdy f 89
Goodrich Co 6 Ma
1047.3 J 10414 Sale 10414
10012 10112 0012 10012
1939
1
105
62 1001s 10614
Am Republic Corp deb 89_ _1937
9113 98
Goodyear Tire & Rub islet 1941 M N 12014 12078 12014
974 9712 9715
9712 41
121
32 119 1211s
9813
9913
km Sm & R left 30-yr 59 serA 1947 AO 98 Sale 97%
10
-year
e
f
d1931
F A 110% Sale 11014
139
deb g 89
99
11072 95 10111
.111
let M 85 series B
1947 AO 104 Sale 04
3 103% 10819 Gould Coupler 1st 5 f Os._ _ _1940 F A 93/
1
4 Sale 9335
104
944 25
9213 95
99/
1
4 10412 Granby Cons M 8& Peon Os A'28 M N 100 101
Amer Sugar Ref 15-yr Gs__ _1937 J J 10112 Sale 0112 10212 140
101 Sept'25
93/
1
4 101
981
/
4
977
8
Am Telep & Teleg eon it 4J5_1929 J
Stamped
9712 Sale 974
100 101 100
97% 86
93/
1
4 100h
1004
5
90% 9714 Gray & Davis let cony s f 75.1
Convertible 49
28
2P
M N
A 9414 Sale 944
1936 MS 91
193
9512 9412 Sept'25
92 94
9414
1
9438115
fat
Power(Japan)7s.1944
20-year cony 4349
Cons
F
El
A
2
1933 M 8
98
9012
Sale 894
9718
871, 9113
91
62
30-year coil tr 59
1948 J 0 10034 Sale 0034 1011
/
4 83 100 10214 Great Falls Power lets I 59_1940 M N 102 10228 1014 Sept'25 _
9973 1027s
944 984 Hackensack Water let 49-1952 J
35-yr 8 f deb 5s
437
1960.3 J 9634 Sale 9814
97
8618 87
86 Aug'25 -831s 87
105
101
MN
Hartford
20-vear s f 5;is
St Ry 1st 4s
1034 Sale 0252 10314 159
1943
1930 M S 844
- .8512 Aug'25
8214 8511
921s 98
Am Wat Wks & Elec 15s
Havana El Ry L & P gen 59 A '54 MS 9212 Sale 9212
1934 A 0 9512 9534 9512
96
64
88/
1
4 951s
9352 21
1
4 Iowans Eine coned g 59._.-1952 F A 9719 ___ 97
44 63/
Am Writ Paper s I 7-8a
32
1939 J J 53 Sale 51%
53
97
1
921s 97
43
6334 3er9hey Choc 1st 9 f g8s_ _ _ _1942 MN 104 Sale 104
Temp interchangeable ctla den- ---- 51
55
52
4
5234
103
104
105
9
99/
1
4 102
Anaconda Cop Min let 89_1953 F A 100/
1
4 Sale 0014
let M & coil &lie int cti._1940 J J 9834 Sale 9812
10114 208
99
208
98
99
9914 104
15-year cony deb 7s
1938 F A 10234 Sale 0234 10312 44
:
111/e(R)& Co letS ;is temp.1934 A 0 10238 103 1024 103
4
100/4
10614
94 10014 Solland-Amer Una fis W911_1947 MN 8812 Sale 88
Andes Cop Min deb 7350% pd '43 J J 994 Salo 98%
9912 324
884
4
79
9014
9014 9412 Hudson Co Gas lot g 5o_ _ _1040 MN 1004 10038 10012 10032
Antilla (Comp Aim)7349..1930.3 J 90
9212 9014
9112 28
2
984 10075
91 39514 ‘finnble Oil & Refining 5449_1932 J J 1011R Silo 101
Ark & Mem Bridge& Ter 53.1064 M S 93 Sale 92
93
20
Mit 10215
101sR 95
a Due May. e Due June. h Due July. 1 Due August. a Option sale.
1557
New York Bond Record-Continued-Page 5
BONDS.
N.Y.STOCK EXCHANGE
Week ended Sept. 25.
Price
Friday
Sept. 25.
Week's
Range or
Last Sale
Ask Lois
Sid
High
!Mole Bell Telephone 58-1956• D 100 Sale 100
10013
Illinois Steel deb 4348
1940 AO 9334 9412 94
9414
Ind Nat Gas dr 011 58
91
9113 July'25
1936 MN 90
Indiana Steel let 58
1952 MN 10278 Sale 1024
10278
ngersoll-Rand let 58 ...-1935
J 9934 - - 92 May'25
Interboro Metrop ooll 4)40_1956 AO
Apr'25
11
Guaranty Tr Co ctfs deD----413 Aug'25
Cif dep stud asstd 16% sub__ _
1012 Mar'25
Interboro Rap Tran let fa_ -1966 33 -5584 Sale 6734
6938
Stamped
68 Sale 6734
6834
10-year Ss
1932 AO 697s 7013 70
7034
10-year cony 7% notes__ _1932 MS 9014 Sale 8934
9014
tnt Aerie Corp hit 20-yr 58_ _1932 MN 8034 Sale 80
80%
Stamped extended to 1942_ _ _ MN 72% Sale 70
73
Inter Mercan Marine s f 58._1941 AO 8414 Sale 8414
8512
International Paper fel
9178
1947 J J 91% Sale 9118
Ref 8 f 68 Ser A
1955 MS 9578 Sale 9534
9614
Int Telep & Teleg cony 53-4s 1945 30 S 10414 Sale 10418
104%
Jurgen.Works68 Olaf Stir-4-1947 33 97 Sale 96
9832
Kansas City Pow & Lt 5a1952 MS 994 Sale 9914
9934
Kansas Gag dr Electric(18_1952 M
101 Sale 101
10212
Kayser & Co 79
1942 FA 104 Sale 104
10414
Kelly-Springfleld Tire 8s
1932 MN 10578 Sale 10178 109
Keystone Telep Co lot 5s_.-1936 J
904 91
9012
9012
Kings County El dr P g 58
1937 AO 10218 -- -- 103 Aug'25
Purchase money 6e
1997 AO 118% -- 11834 • 11834
Kings County El lot g 48_1949 P A 794 81
79 Sept'25
Stamped guar 4s
1949 P A 79% Sale 79
79%
Kings County Lighting 50._1954 J J 9834 Sale 95%
9834
8345
1954 33 105 107 10518 Sept'25
Kinney Co 7448
1936 J o 10812 109 10812 10812
Lackawanna Steel 58 A
924 94
9212
1950 M
94
Lao Gas Lot Eit Lrefttext 58 1934 AO 10018 Sale 100
10014
Coll & ref 5Hs Series0 1953 P A 100 Sale 100
10034
Lehigh C & Nay of 434o A_ _1954 J J 96
9612 964
9612
Lehigh Valley Coal let g 58_1933 .1 .1 100 102 100
100
lot 40-year Int red to 4%A933 J J
8933 Sept'24
Lex Ave & P F 1st gu g
1993 MS 413 16- 444 July'25
Liggett & Myers Tobacco 79_1944 AO 120 Sale 119
120
_ 11738 Aug'25
Registered
AO 11713
5s
101
10033 Sale 10014
1951 F
Registered
P A 9312 961 97% Aug'25
LcaMard Co (P) 7s
1151
1944 AO 11512 116 115%
Registered
_ 115 Sept'25
AO 115
58
1951 P A 97 Sale 96
974
Louisville Gag & Electric 56_1952 MN 9613 Sale 9612
9714
Louis, Ry let con Is
921 9312 July'25
.▪ 1
1930
Lower Austrian Hydro-Elec Cole f 6 He
8518
8518
1944F A 854 851
Menial Sugar 7348
99% 100
100%
1942 A 0 99
/Sanest Ry(N Y)cons g 48_1990 A 0 6112 Sale 61
614
264s
5413 Aug'25
2013 J D 5314 55
Manila Electric 78
10212
1942 M N 10213 -- 101
Manila Elec Ry & Lt s f 50_1953 M S 8913 -90
90
90
Market St Ry is Series A
101 Sale 10014
10214
1940 Q
ktetr Ed let & ref g 6sSer B_1952 F A 10238 Sale 10234
10412
1st & ref 50 Series C
19531 J 9512 Sale 9532
9512
Metropolitan Power thi
19531 D 10212 _ _ 102 Sept'25
Met West Side El (Chic)48.1038 F A _ _ 78
71
71
Mid-Coot Petr let 634e_ _ _1940 M
100 Sale 9812
10013
Midvale Steel &0cony of as 1936 M S 9134 Sale 91%
92
Milw Elec Ry dr Lt corm g 56_1926 F A 99% 100 100
100
Refunding & eaten 4349_1931
9612 Sale 9612
9612
General 59 A
1951 .1 D 9812 Sale 9812
99
1st 58 B
1961 3 13 8914 Sale 894
90
1st & ref g 6s Series C
10018
1953 M
10018 Sale 9934
Milwaukee Gas Lt let 4s
1927 M N 9932 Sale 99
9932
Montana Power let 58 A..,..,1943.1
9972
9912 Sale 99,4
Montreal Tram let & ref 511_1941 .1
9714 9718 974
9714
Morris & Co 1st s f 4 Hs_ _ _1939 J
84%
87
85
86
Mortgage-Bond Co 48 Ser 2_1966 A 0
7718 Mar'25
10-25-year ref Series 3
1932 J
9614 9714 9614 Sept'25
Murray Body le 6149
9812 Sale 9833
1934.1
9834
Mu Fuel Gas let cm g Is
1947 MN 984
9812
9812
Mut Un god bonds ext 4% 1941 MN
101 June'25
Nassau Elect guar gold 48_ _1951 3
61 Sale 6078
61
Nat Roam & Stampg let 58_1929 J 13 9918 _ _ _ 9912 May'25
National Acme 734o
1931 J D 9513 Sale 9413
96
Nat Starch 20-year deb 50_1930 J J 974 99
99 Sept'25
National Tube let 58
1952 M N 100% 101% 10078
10113
Newark Consol Gas65
1948 J D 100% -- 10012 Sept'25
New England Tel de Tel 5&.1952J D 100% 10012
10013 101
Y Air Brake let cony 612_1928 M N 1034 Sale 103
10312
New Orl Pub Serv 1st 5s A_ _1952 A 0 9112 Sale 90
9112
1st dr ref 5s ser B
19553 13 9012 Sale 90
9012
X Y Dock 50-year 1st g 48-1951 F A 80% 8113 8013
81
1S Y Edison Ist & ref 844s A_I941 A 0 11434 Sale 114
114%
1st lien & ref 5s B
1944 A 0 10113 Sale 101
10114
Y 088 El Lt & Pow g 53_1048 J D 103% 104 10338 Sept'25
Purchase money g 441
1949 F A
88%
8834
8838 89
Y L E&West C &RR 5 Hs 1942 M N
101 10012 Apr'25
N Y Q El L & P 1st g 58_ _1930 F A 10014 Sale 10014
10014
Y Rye Ist R E dr ref 4s
1942 J J 49 Sale 49
49
Certificates of deposit
49
49 Sale 4814
80-year ad) ino 50_ __ _Jan 1942 A 0
4
512 413 Aug'25
Certificates of
4
518 418 Sept'25
deposit. Y __ _Jan 1965 - - Rye Corpine Os_
2818 Sale 2818
29%
Y & Rich Gas 1st 68
1951 M N 10018 102 100
102
N Y State Rye Mt cone 4%3_1962 MN 61 Sale 5912
61
Registered
M N
63 Apr'25
bit con 614s series 13
831 7934
1962 M N 80
79%
Y Steam lot 25-yr 6sSer A 1947 M N 103 Sale 10212 103
Y Tele() lot & gen of 4%9.1939 MN 9718 Sale 9714
98
30-year deben f 69._ _Feb 1949 F A 10934 Bale 10934
110
20-year refunding gold 63_1941 A 0 10714 Sale 106%
107%
Niagara Falls Power lot 58..1932 J
103 Sale 102
103
Ref & gen 68
Jan 1932 A 0 10638 Sale 10513 106%
Slag Lock & 0 Pow 1st 5e_ _1954 M N
10978 July'25
la & ref 5s ser A temp___1955 A 0 9878 Sale 98%
9914
Refunding 69 Series A____1958 F A 10418 1041 10972 July'25
Nor Amer Edison 69.- _-1952 M
10114 Sale 10034
101%
Secured s f g 614e Ser B__1948 M (3 10418 1041 104
10414
Nor Ohio Trac & LIght 68 __1947 M S 94 Sale 9214
94
Nor States Pow 25-yr Si A__1941 A 0 98321 Sale 96%
9672
Registered
A 0
9314 Jan'25
lat & ref 25-yr 6s Ser B._.1941 A 0 ioA Sale 105
10534
Siorthwest'n Bell T lst 7s A_I941 A A
10712 Jan'25
North W T lot Id g 434egu1.j934J J 9513 9712 96%
ME
Ohio Public, Service 7)4o A 1946 A 0 11113
11012 11112
let & ref 78 series 13 . .. 1947 F A IN iff - 109
11014
Ohio River Edisco lot 68_1948 J J 102 10212 102
10212
Old Ben Coal let (18
1944 F A 9812 Sale 9633
9712
Ontario Power N F lot 5e_._1943 F A 9912 Sale 9812
9934
Ontario Transmission 58___ _1945 IS N 9918 Sale 994
99%
Otis Steel Si
1941 F A 105 10554 10514
10514
1st 25-yr s f g 7349 Ser B I947 F A 10014 Sale 1004
10114
Pacific G & El gen & ref 5s_ _1942
.1 908 Sale 9638
971s
Pow
&
Lt
Ist&ref
Pao
20-yr 59'30 F A 994 9914 99,4
9912
Pacific Tel & Tel lot 58
19373 J 10034 Sale 10034
10138
Ref M 58series A
1952 MN 9734 Sale 9734
9814
Pan-Amer P & T lot 10-yr 7s 1930 F A 105,4 - - - - 10538
10538
Cony f 68
1934 M N 10614 Sale 10514
10613
Park-Lex et leasehold 6%I_ _1953 3 J 93 Sale 93
9313
Pat & Passaic0& El cons 58 1949 IS S 9914 1004 99 Sept'25
poop Gm& C 1st oons g 6s1943 A 0
1094
1093
4
--Refunding gold 58
1947 M S 1091498
9812 98
9814
Philadelphia Co coil tr Os A_1944 F A 103% Sale 103%
104
I5-year cony deb 5
_ __1938 M S 9838 Sale 9818
9814
Phila & Reading & rst 58_1973 J .1 100 Sale 100
100
a Due Jan. 4 Due April. p Due Dec. a Option sale.
ft
Range
Sines
Jan. 1.
NO
Low
High
97 10178
92% 9614
8719 94
101 10413
92 9914
10
11
412 712
1012 1013
5933 7434
59
7313
6134 80
85
95
67
8034
6211 73
8234 914
9712 94
95
98
10112 10538
88 10713
954 101
9814 10313
10111 10412
90 109
9212
82
99 103
11412 12014
75
7914
74
80
89 10114
103% 10811
104% 109
89% 9434
9814 101%
9514 102
95% 100
993s
43
11
283
351
34
70
17
99
58
37
205
786
200
65
52
6
459
1
2
8
15
1
16
7
60
2
4
14
23
4
19
139
16
10
25
91
5
228
13
28
2
318
34
1
1
17
45
17
12
29
29
119
21
1
2
59
2
37
12
23
18
4
22
59
17
7
10
416
68
11
3
2
6
76
37
58
12
7
46
65
7
21
6
46
3
4
3
14
8
7
10
9
20
46
11
29
9
27
134
3
28
2
11
11
18
1039 441s
116 120%
11714 11734
9714 1024
97% 97%
11414 117%
11313 115
9414 9812
90% 9934
9114 9312
8518 8612
99 102
574 64
51
56
9714 102%
85
92
9712 10214
1014 106
9112 97
100 104
6878 80
9514 10013
874 9314
9973 10113
9473 904
94 100
84% 9274
9834 104
984 9934
97% 100%
9812
94
784 87
77
7714
9518 9712
9618 10011
954 984
97% 101
5713 64
98
9934
80
96
9813 10112
10034 103
9811 101
9912 102
10112 10434
90
92
89
9013
77% 81%
112 11512
99% 102
1004 10412
80
9014
1001s 1004
994 10014
45
544
42% 54
418 8
373 514
2514 3218
11911 10212
58 6814
63 63
7934 97
9719 104
95
99
10778 110%
10613 10813
100 103
10333106',
10412 110
9712 100
10438 11033
9678 10212
10014 106
91
97
93 99%
9314 9314
103 10714
107% 10778
048
, 98
108 112%
107% 11112
984 104
96 99
98 10034
97
9934
9534 106
8938 10112
934 99
98 100
994 102
924 1004
10412 107
103 118%
91
99
96 10014
107 110%
94 100
101% 105
93% 100
99 10214
BONDS
N. Y. STOCK EXCHANGE
Week ended Sept. 25.
03
Price
Friday
Sept. 25.
Week's
Range or
Last Sale
ft
Rased
Sines
Jas, 1.
Ad Low High No. Low High
B14
91 107
Pierce-Arrow Mot Car deb 981943 IS S, 106 Salo 10512 10614 SO
_ 10218 107
Pierce 011s I 88._ Dec 15 1931 J D 10314 106 104 Sept'25
9932 10201
15
Pillsbury 1.1 Mills 20-yr its 1943 A 0 10112 10134 10113 102
97
9814
9778 Sept'25
9778 99
Pleasant Val Coal bit get 50.1929 3 J
3
88 9412
90
88
88
Pocah Con Collieries 1st f 581957 J 3 89
9912 102%
10114 17
Port Arthur Can & Dk 65 A _1953 F A 10014 101 101
10014 102
1st M 6s Series B_ _ _ 1953 F A 100 10078 101 Aug'25 _
904 1004
Portland Elec Pow let 65-B.1947 M N 9934 Sale 9912 1004 32
98% 10079
1
9914
093
4
.1
9914
99
J
14
Portland Gen Elec let 58_1935
924 904
2
94%
Portland Ry lot & ref 58_ _1930 MN 9413 9638 9418
8414 92
6
8734
Portland Ry Lt & P 1st ref 581942 F A 8712 Sale 8738
94 10014
9834
9914 11
1947 MN 9834 99
1st 1 & ref 68 ser B
4 10512 108
lot & refund 7148 Set A 1946 MN 106 107 10612 10612
1 101 106
102
1931 MN 101 102 102
Porto Rican Am Tob 8s
95
19
9214 57
1933 J J 95 Sale 94%
Pressed Steel Car 5s
_ 104 11514
Prod & Rote f 82(with waents).21 J 13 1101e 111 11013 Sept'25
11013
5 110 1134
J 13 110 111 110
Without warrants attached.
Pub Serv Corp of NJ gen 58_1959 A 0 10454 Sale 10434 10414 15 103% 1054
95 100
178
1944 F A 9978 Sale 98% 100
Secured g 6s
9572 10514
103% 70
Pub Serv F2eo & Gas let 5%51959 14 0 10318 Sale 103
9913 105
35
1031
1961 A 0 103 10318 103
let & ref 5348
1024
10714
27
106
1057
3
A
0
60_1948
105%
Pow
dc
Sale
Ltg
El
Pub fiery
17 10214 1074
106
1937 J 3 10514 Sale 105
Punta Alegre Sugar 78
8612 92
37
8938 8938
90
Remington Arms Se
1937 MN 89
9312 98
97
23
Repub I & S 10-30-yr 58 f 1940 AO 97 Sale 95%
8913 94
90% 17
I953 J J 90 Sale 90
Ref dr gen 5445 ser A
8818 90
8814 33
195r F A 8814 Sale 884
Rims Steel let 79
5710 MS
3
58
Robbins & Myers 5 f 78
1952 3D 6334 Sale 58
110 11112
Rochester Gas & El 7s ser B.1946 MS 11112 112 11113 Sept'25
1023
4 10514
1
4
10233
MS
4
1033
10233
1023
Gen Mtge 5%a series C_ _1949
Roch & Pitts Coal & Iron 50_1946 MN 9138 ____ 90 Aug'25
651
12 -16 8311
Rogers-Brown Iron Co 79_1942 MN 624 Sale 623
854 92
1
9133
St Jos Ry Lt Ht & Pr 5s_1937 MN 9134 917 9134
9512 96
St Joseph Stk Yds let 4;46_1930• J 95% ____ 96 Sept'25
771s 87
Sept'25
7814
J
81
J
774
Mt
&
P 50 stmpd_1955
St L Rock
74 8612
8612 Aug'25
St Louis Transit 50
1924 A 0
95 97.
95 Sept'25
St Paul City Cable fts
1937 ▪ 3 95 100
921
67
9012 MSS
Saxon Pub Wks(Germany) 75'45 FA 9238 Sale 9134
1061
2 104 109
Saks Co 78
1942 MS 106 Sale 106
9912 106
10
'
3 10112 Sale 10133 102
San Antonio Pub Set 69
1952
105% 1074
Sharon Steel Hoop 101 Se ser A '41•B 106 10634 10612 8%32'2
3 105 1074
Sheffield Farms 6446
1942 A0 10434 10834 10884 1088
90 9584
12
911
Sierra dr San Fran Power 50.1949 FA 9114 Sale 9118
88 95
921 101
Sinclair Cons 011 15-year 75_1937 MS 92 Sale 9112
let In coil tr6sC with Warr 1927 3D 106 Sale 10512 1061 192 10434 11818
82% 9014
83
87
let lien 6348 Ser B
1938 II) 8613 Sale 864
9914 101
1001 115
Sinclair Crude Oil 3-yr 63 A 1928 FA 10012 Sale 100
32 100 1007s
3-yr 6% notes B Feb 15_.1926 FA 10033 Bale 1004 1001
82
88
92
85
Sinclair Pipe Line 5e
1942 A0 8434 Sale 8413
8 10678 1204
11178
Skelly 011 634% notes
1927 A0 11178 Sale 1103
106
102
106
J
D
32
Sale
10514
1054
South Porto Rico Sugar 75_1941
99 1024
South Bell Tel & Tel let Sf551941 3J 10112 Sale 10113 10112 94
9618 1011s
20
10038
Sweet Bell Tel let & ref 58..1954 P A 100 Sale 100
9314 9978
9814 18
Southern Cob Power Se. ...1947 3 .1 9814 Sale 9814
96% 9811
_
9912 9813 Sept'25
1948 MN 98
Spring Val Water g Sc
994 101
99% 21
Standard Milling let 50
1930 MN 99% Sale 9934
10712 21 105 108
Steel & Tube gen of 70 Ser 01951 J J 107% 108 10714
9112 974
9112
924 25
Sugar Estates (Orients) 78_1942 MS 9112 92
90 99
9714 90 Sept'25
Superior Oil let of 70
1929 FA-I 92
971s 10016
10018 Sept'25
Syracuse Lighting let g 55_ 1951 3D
1013
99%8 103-18 103 Sept'25 _ _ 10078 103
Tenn Coal Iron & RR gen 50 1951 J
9934 102
9934
Tennessee Cop 1st cony 6s_ _1925 MN 9934 101,4 9934
994 10414
Tennessee Elec Power let 69.1947 3D 10214 Sale 10218 10212 61
51
581s
554
563
J
8
16
Sale
5614
45
Third Ave let ref
1960
3414 5014
42
86
Ad)Inc 56 tax-ex N Y___a1960 AO 4078 Sale 4034
9133s 00
9473
2
94%
1937 J J 93% 95
Third Ave Ry 1st 855
22 108% 110
1041 M S 109 Sale 10812 109
Toledo Edison lot 70
98 100111
9812 29
Toledo'Sr L & P 512% notes 1930 J J 9818 9833 9818
_
98 100
9834 Aug'25
Trenton
1949.
51.
8
& El 1st g 58
97 97%
97 Sept'25
1940 11. A
Trumbull Steel deb Os
70
6014 164 6118 Aug'25
61
Twenty-third St Ry ref 58_1962 I
89 94
94
91% -.- 94
1
Underged of London 4348_1933
59% ---- 89 Apr'25 _ 864 89
1948 -1
Income Se
95% Sale 9678 97% 4 941s 991s
Union Bag & Paper Ist M 68_1942 M
9914 102
2
Union Mee Lt & Pr
9 10134 Sale 10134 101%
g 58_1932 M _
9814 101
99% 100
14
9913 100
1933 111
Ref & ext 5s
104
100
10012
13
1005,
100%
1003
4
series
A
1954 -7
1st g 514s
75
7714
76%
2
Union Elev Ry (Chic) 58
1945 A 0 7612 771 7634
86 101
100
7
Union 011 let lien o f 50_A931 J J 9934 100 100
10514
102%
10312
104
6
104
30-yr 13s Ser A
May 1942F_ A_ 1034
_ 101 10514
101 Aug'25
Union Tank Car eauip _ _1930 r A
United Drug 20-yr 6s_0ct
7s15 1944 A 0 103 10312 10312 10334 18 10014 104%
98 103
25
102 Sale 10112 103
United Fuel Gas lot if (Ss_ _1936
99 1004
99
5
9913 997 99
United Rye Inv Se PRts lame 1926 M
99 1004
9914
993
8
25
997
9912
Stamped
7414
United Rye St L let a 48„....1934
A 6834 70 70 Sept'25 _ _ _ 88%
91
9584
95
27
United SS Co 15-yr 6E1
1937 IS N_ 94% Sale 941
United Stores Realty 20-yr (15 '42,A 1•!, 10312 105 10434 Sept'25 _- 1021s 105
85 9011
9012 238
8918 Sale 89%
US Rubber 1st & ref baser A 1947
10713 28 IN% 108
107 Sale 10614
10-yr 7)4% sec notes
1930 t
_
X7 S Smelt Ref & NI cony 68.1926
19 10018 102
n 100% Sale 10012 101
10618 87 10414 10884
U S Steel Corp(coupon. _d196.3 MN 10518 Sale 1051s
I 10-60-yr 5slregistered_d1963 MN
10614 Sept'25
_ 10378 1064
_
834 914
Utah Lt &'Frac 1st & ref 50_1944 A
8814 32
8733 Sate 875s
91
9813
Utah Power & Lt lot 581944F A 9473 Sale 9418
945
43
Utica Elec L Jr P 1st 5s._ _1950
102
1 10034 102
J 10132
- 102
984 103
Utica Gas & Elec ref & ext-58 3957J
10184 Sale 10072 10134 17
53
57
57 Ju..
Victor Fuel let it 5s
58
63
1953 J
73 10214
Va-Caro Chem let 78
139
101
100 Sale 9978
1947 J
Certificates of deposit
100 10012 1001, 10012 18 7112 102
68 loo1
/
4
Certlficatee of deposit stmpd - 100 Sale 100
100
1
SUM as to payt 40% of prin
9812 102
let 78
991 Sale 992
1947
101,3 332
98 101%
Ctf of deposit
9978 Sale 9973 10012 114
9412 101%
Ctf of deposit stud
100 Sale 100
10012 140
43 89
84 Sale 84
7440 with & without war_ _1937
88
106
Centro of dep without wmirr
424 88
84 Sale 8412
7
8512
41
8874
Certifti of den with warrants
844 Salo 85
8614 24
90 95
Va Iron Coal &Coke Ist g 56 1949
914 Sept'25
9133 97
9314 99
Va Ry Pow 101 & ref 53
97
31
9634 Sale 9634
1943
87 941s
Vertientee Sugar let ref 78_ _1942
88
28
87 Sale 87
897s 9911
Warner Sugar Refin let 79_ _1941
9218 Sale 02
9213 17
771s 871
1
Warner Sugar Corp let 7s
8138 Sale 81
8112 21
1939
9954 1017s
Wash Wat Power o f 50_ _1936
101
____ 10112 Sept'25
98 102
10118 Sale 10118
Wenches Ltg g 5s °timid gtcl 1950
1015
2
102
West Ky Coal lot 75
102 Sale 102
13 1004 102%
1944
9333100
West Penn Power Sec A 50_ _1946
9914 Sale 994
9934 15
1st 76 Berle@ D
10614 Sale 10534 10612 26 10414 10784
1946 M
9312 9912
99
9918 16
9812 99
1983 M
let 58 Series E
Temporary 59 Series E1963
9813
98% 16 9812 9914
1953 A 0 104 Sale 10212 104
17 10012 105%
lot 5445 Serial F
8512 96
2
West Va C & C 1st 6s
8612 8814 8813
1950'
8812
98 101%
151
Weetern Electric deb 54_1944 A 0 101 Sale 10012 101
Western
994 102
Western Union roll ir cur 50_1938
10138 ' 4
J 100% 10118 1003
92% 9734
1
Fund & real estate g 4348-1950 M N 9714 ____ 9734
9734
1934 F A 11012 Sale 11012 11112
6 10912 11214
I5-year 6;•iee
Westinghouse E & M 7.1931 M N 10812 Sale 10614
10678 108 103% 10814
91
70
wtokwusi Brien Steel lot 78_1935 .1 J 80
797
1
81
798
76% 88
8012
8012
8018 85
2
Certificates of deposit
78
81
7812
79
8
80
Certificates of deposit stamped MN 78
9912 102%
13
%Mpg-Overland e f 634s_ _ _1933 M S 102 Sale 10134 102
91% 004
9838 48
Wilson & Co let 25-yr it 68_1941 A 0 9814 Sale 974
93
93
93 Feb'25
Regtstered
55
7318
70 Sale- 70
7
764
1928
10-year cony f els
24
53
70 Sale 6934 1 71
75
Certificates of deposit
5313 77
684 714 70
7
91931
7034
19-yr cony of 730
594 74%
6812 6912 6912
Certificate/4 of
7012 35
deposit18 10014 10214
1941 A 0 10134 Sale 10134 102
Winchester Arms 7%0
0111. 10115
10118 188
Younien Sheet 14. T 20-ve Re 515473 J 100 sale 100
BOSTON STOCK EXCHANGE-Stock Record SeeBO
1558
HIGH AND LOW BALE PRICES-PER SHARE. NOT PER CENT.
Saturday.
Sept. 19.
Monday,
Sept. 21.
Tuesday,
Sept. 22.
Wednesday, Thursday,
Sept. 23.
Sept. 24.
Friday,
Sept. 25.
Sates
for
the
Week.
.
STOCKS
BOSTON STOCK
EXCHANGE
Range for Year 1925.
PER SHARE
Range for PrevioYear 1924.
Lowest
LOTVen
Highest
Railroads
•
15834 159
100 156 Feb 18 164% Jan 7
294 Beaton dc Albany
15912 15912 15912 15934 15914 15934 15834 159
159 15912
449 Boston Elevated
100 7514 Mar 17 86 Jan 2
78
78
79
78
78
78
78
7812 7734 78
78
78
45 Do pref
*96
100 92 Jan 16 9812J une 11
97 .96
*9612
97
97
*9612_ *9612
97
_
115 115
100 109 Mar 31 116 Sept 8
60 Do 1st pref
115 115
115 lig *____ 115
115 115
100 94 Mar 20 102 Jan 9
0./98
56 Do 2d pre
9812 9712 98
*39812
- 9812 9812 98
100 10 Apr 17 34 Sept 25
10,049 Boston & Maine
2934 -2932912 31
29
30
29
4 2912 30
30
-561-2 34
100 1112 Apr 24 35 Sept 2
31
32
31
31
31
31
3312
32
30
3012 31
31
617 Do pref
100 17 Apr 27 40 Aug 28
3514 3612 3514 36
34
36
3612 34% 36
3818 3714 3832 4,871 Do Series A 1st prof
100 29 Apr 27 60 Aug 29
1.435 Do Series B 1st prof
5334 5334 53
58
5534 5712 56
53
55
53
5312 53
1,648 Do Series C 1st pref-.100 25 Apr 25 54 Aug 29
46% 4612 4612 47
51
4512 48
4512 47
49
5012 51
1,182 Do Series D 1st pref_100 3512 Apr 25 76 Aug 29
*6812 6934 67
74
72
69
73
68
68
66
6834 66
Boston & Providence
100 167 Feb 26 180 May 28
*31782e
*217812 - - *217812-34
3012 -31- 3214 33
"56- -3-7-1-2 - 2,003 East Mass Street fly Co100 26 Sept 4 39 Feb 11
5835
34'2 36
100 60 July 31 71 Apr 3
100 Do 1st pref
*58
62
*6012 68
68
60
6014 *6012 68 "62
100 51 Aug 26 6212 Jan 12
10 Do pref B
.5112 52
55
*5112 57 '5112 57
55 "5112 57
"3713 3722
100 35 Sept 3 48 Mar 10
890 Do adjustment
36
3712 3712 3712 3734 •235
37
37
377s *z36
Maine Central
100 23 May 27 44 Aug 18
40
*38
40
*36
38
*____ 40
373 3734 37
100 28 Mar 30 3958 Aug 19
3672 3712 3712 38
37
3752 -5714 15-34 - 2.274 NY N H &Hartford
38
Northern New Hampshire_100 70 Feb 18 80 Apr 29
*xso
83
83
•z____ 83 •z80
Norwich & Worcester pref_100 100 Jan 13 12414Sept 15
•x117
*z120
- **117
100 96 Jan 2 111 July 7
52 Old Colony
110 110
110 110 *2110
*z110
10912 10912 **110
Rutland pref
100 4514May 1 6312 Jan 2
----15 Vermont & Massachusette_100 87 Feb 24 96 June 26
93
93 *i-_::_ 93
93
14Miscellaneous
414 Jan 7
212Mar 25
1,475 Amer Pneumatic Service_ -..25
4
4
334 4
33
334 *312 372
334 334
334 3%
so 1612 Mar 25 2214Sept 14
695 Do pref
21
2012 2118 2034 2034 2012 2012 20
21
21
21
21
13978 140
13912 14018 13914 13934 139 13934 13912 13932 139 13912 1,599 Amer Telephone & Teleg._100 13058 Jan 2 14354June 18
No par 6112may 6 87 Aug 8
893 Amoakeag Mfg
7412 7214 73
7412 75
75
75
75
76
73
7612 75
par 7014May 11 8534 Aug 20
Do pref
79
80 •___
81
75
7514 7514
*75
75
79
14 Jan 10 16 Aug 20
Art Metal Construe, Inc.
N
r
_ •1714 -- -- •1714
*1612
_ *1612 ____ *1714
912 Aug 21 1714Sept 19
No Par
•131y 14
14
14 -1-4 - 14
14
1714 1714 14
"1512 161-2 ---555 Atlas Tack Corp
145 Boston Cons Gas Co pref__100 103 Jan 17 10814 Aug 31
•106 107 *106 107 *106 107
106 10612 106 106
Boston Men Pet True_ -No Par
.07
.0;2_
_
3012 3012 3214 31
10 20 Jan 26 3214Sept 23
812 29
3112 If1-2 --2;665 Connor (John TI
32
2834 2934 29
145 Dominion Stores, Ltd ..No par 2814 Jan 30 7112Sept 12
*68
68 "x65
69
•64
68
66
67
70
69
99 June 12 99 June 12
Do pref A
100
_ *9212 ____ *9212 ____ *9212 _ _ *9212
59212
638Sept 23
112 Apr 30
10
4
512 4 414 4,390 East Boston Land
412 412
5
632
358 412
3% 33
634 Jan 24
3 July 29
4
412
540 Eastern Manufacturing- 5
4
4
*312 4
4
4
*418 412 *412 412
25 42 Mar 9 67125ept 23
6512 6712 7,981 Eastern SS Linea, Inc
66
6712 ' 6412 66
6212 66
61
63
6058 61
ar 35 Jan 15 43 Aug 20
No 1poo
4212 42
720 Do prof
42
42
43
42
42
*4112 42
4212
4212 42
89 Jan 3 100 July 20
50 lot preferred
99 *217
99
99 •98
.98 100
99
*98 100
100 200 Jan 5 213 May 21
59TEdleou Electric Illum
20154 20234
201 202
-.- 20
201 20112 20034 202
201 201
78 2027s
512 M ar 16
31s July 1
10
660 ElderMfg Co (v t a)
*312 4
4
4
*4
5
412 412
5
60 Galveston-Houston Eleo .100 2412SePt 4 38 Jan 7
*20
20
22
22
22
*20
22
.20
22
20
fly
*124%
Georgia
& Elea
100 11554 Feb 27 115% Feb 27
*12414
_ •12414 ---- •l2414 •12414
•ga
Do 5% non-cum pref.A00 7812 Apr 15 8114scot 8
*83
.83
___
*83
_
3712
No
par 3254 Aug 29 43 JUIY 1
GlIchriet
2:823
Co
37
373
4
3718
38
3712
3712
38
3778 177-8
-574 169912 10538 10214 10512 106 10812 10612 10934 10514 10712 16,996'Gillette Safety Rasor_No par 571k Jan 2 109345ept 24
97. 99
25 11 May 12 1512June 1
540 Greenfield Tap & Die
13
1314 *13
1354
1312 13
1212 1212 13
•12
1212 •12
52 May 6 64 July 24
320 Hood Rubber
59
59
59
59
---60 *z59
59
59
60
59
Internat Cement Corp_N
NO
ppa
ar 5212 Jan 5 71% Aug 24
7054 *27014 70% *z7012 71 *z72
7312 ---*26912 7014 **70
2 Jan 3
International Products_No par .12 Aug 20
*.25 .25 *.25 .50 *.30 .50
---•.30 1
•.25
1
212 *1
212 *1
1 July 13 1012 Jan 9
Do pref
100
212 ---212 •1
•1
212 *1
Kidd r. Peabody Acceptance
Corp Class A pre!
100 8212 Jan 6 95 June 16
_ *95
•95
- *95 _ _ _ _ *95 ____ *95
958 Jan 7
812 812
614 Apr 16
392 Libby. McNeill & Libby_ 10
814 814
832 834
812 9
812 812
Lincoln Fire Insurance
20 70 Mar 18 7014Mar 2
*70
.70 _- *70 ____ *70 __
570
-139 Loew's Theatres
1214 1214
12
25 1114 Aug 11 1378 Jan 5
1214 1212
12
12
12
12
12
•1112
652 Massachusetts Gas Coe._..100 68 Feb 3 78 Sept 22
777 78
78
7712 78
77
78
77
7758 7734 7734 77
16: Do pref.
69
*69
_ _ 6812 6812 6814 6814 68
100 63% Jan 9 6934 Aug 6
69
•69
69
167 Jan 7 195 Aug 15
Mergenthaler Linotype..
*z184 18612 187 187 •x186 18612 "s186 187 **185 187 *187
714 734
- 1,520
UM Jan 15
714Sept 21
10
O Mexican Investment. Ino
834 9
*612 8
734 9
734 814
62
62
62
61
62
62
62
62
-ail 70 - 2,469 Mississippi River Power_ _A00 36 Jan 2 7012June 20
66
62
100 8712 Jan 10 9412July 9
25 Do stamped pref
9212 9212 *2_ _ __ 95 *29212 95
95
_*29212 9312 *g92
459 National Leather
4 Apr 22, 654 Jan 13
412 5
5
5
10
458 458
478 4%
*478 51
412 434
2 June 22
• •.50 114 *.50 114 •.50 114 •.50 1
.40 .45 1,110 New Eng. OH Ref. Co. tr °Us- .20 Feb 9'
.50 .50
58
4 Apr 7 12 Sept 8
*9
Do pref (tr ctts)
100
*9
11
*9
11
*9
ll4'z 1144 1.140 New England Telephone 100 99 Apr 21 x116 Sept 9
11412 11454 115 115
- --12 11434 115
11514 11138 115 11g
------ Olympia Theatres, Inc_NO par 19 Mar 18 2654May 16
1 25% Jan 16 3234July 30
Orpheum Circuit, Inc
256.
12 3114 •-x50- -61-- *i56- if"
256.12 3112 *e;515- 31 *100 5212.1une 12 '812 Jan 13
5812 61
61
"LW, 16- ---715 Pacific Mills
60
60
60
60
60
6012 61
10 1514 Aug 12 18 Apr 3
65 Reece Button Hole
16%
1614 1614 1614 *x15
•z15
1614 *.x15
1614 1558 15% 16
23.4 Jan 8
13 Sept 17
10
180 Reece Folding Machine
112
112
112 112
112 112
Ds 13s
*z138 158
5
Simms Magneto
.15
.15
100 109% Apr 22 120 Feb 6
231 Swift & Co
11214 113
114 114
11212 11212
11411 11512 114 115
25 4512 Apr 13 64 Aug 25
137 Torrington
6212 6212
62
62
62
6212 6212 x62
82% 63
71 Jan 23
322Sept 19
5
*312 8
35 Union Twist Drill
*3% 4
*312 5
312 312 *312 5
4412 4414 4412 44
4412 44 I471-2 3,059 United Shoe Mach Corp.__ 25 4034July 29 4778Sept 8
4414 4412 4414 4412 44
13
2812
Aug 8
2612Jan
25
381
Do
pre!
28
2818
2818
2818
28
28
*r28
2812
28
28
28
28
5 1912 Jan 3 25 Feb 24
3,895 Ventura Consol 011 Fields
2058 2112 2013 21
2014 21
2012 2113 2014 21
21
21
1412 Aug 4 1934 Jan 3
1,750 WaldorfSys,Inc,new sly No pa
16
1514 16
1512 •315
1614 16
1812 16
151s 1512 "215
5 Jan 15 1812June 8
196 Walth Watch Cl B oom _No pa
1612. 17
17
16
1612 17
18
*16
18
•16
18 '16
100 1714 Jan 3 40 June 2
47 Do pre( trust Ws
3512 36
*35
37
*35
37
*35
37
*34
35
35
*34
65
Jan 6 90 June 20
100
prior
pref
105
Do
85
87
85
85
*85
90
90
'85
.85
90
85
•84
3,820 Walworth Manufacturing.. 20 1634June 2 2714July 29
2312 2272 2314 2118 2212 2178 22
23% 2334 2314 2312 23
50 37 Jan 2 5012July 7
2,250 Warren Bros
4612 4812 4718 4812 4758 49
46
46
47
47
*24612 47
50 375* Jan 10 4312July 1
Do 181 pref
42
*4012 43 *34012 42 *z41
•x40
43 "s4012 43
ao 4012 Jan 17 46 Mar 2
Do 2d pref
44 •24312 4412 •24214 4412 *z4214 4412
44 •243
*243
Mining
Consolidated26 .15 Feb 16 .25 Jan 28
Adveature
350
.25
•.25
.50
.25
.16 .16 *.18 .40
•.15 .40 •.15 .40
25 .10 Mar 3 .25 Jan 2
Algomah Mining
$.10 .18 •.10 .18 •.10 .13 •.10 .18 *.10 .18
3 Jan 10
25 .90 Sept 21
670 Arcadian Consolidated
.90 .90
1
.90 .90 *.90
.90 1
.90 .90
1
1
912 Mar 2
1533 Feb 6
5
1312 1334 1232 1332 1212 1232 1214 1212 2,230 Arizona Commercial
•1332 1372 1332 14
59 Sept 23
10 2814July
20,305 Bingham Mime
5612 58
56
59
5612 5572 59
55
48
4634 48
55
1878 Jan 2
26 1238June
1412 14% 1,617 Calumet & Heels
1412 15
15
15
15
1512 1512 15
1514 15
.90 Aug 4
1 .20 May
100 Carson Hill Gold
.40 .40
•.45 .60 •.50 .60 *.40 .60 *.40 .60 *.40 .60
33 Jan 10
25 1854June 1
1,230 Copper Range Co
20
20
21
2014 20
21
2134 2012 21
2112 2172 21
.78 Feb 6
1 .02 My
Davis-Daly Copper
.05
.05
.05
.05
.05
.05
6% Jan 2
3 June
413 412 2,225 East Butte Copper Mining- 10
4% 478
432 434
4
412
4
4
4
4
158 Jan 24
.40
Jan
25
Franklin
30
.80
.80
•.85
1
.85 .85
.80 .95 '.80 .90
•.80 .95
134 Feb 6
June
1
.50
25
Consolidated
60 Hancock
114
114 •.75
114 •.75
.75 .75 *.75
114
•.75 114 •.75
1512July
23 Jan 24
1
2112 2214 2112 2172 2034 2172 2012 20% 5,365 Hardy Coal Co
2012 2014 22
20
312 Feb 5
1%
Jan
25
Helvetia
*134 214 *134 214 "134 214 *158 214
•172 214 *134 2
1 121 Mar 2 14934Sept 1
372 Island Creek Coal
34312 145
146 14612
145 146
149 149 3145 14512 144 145
99 Aug 28
1 9414May 2
15 Do pref
99
99
99
9712 9712 *x9712 98 "x98
*97
99
201,Jan 7
978 Apr 2
25
130
Isle Royal Copper
1218 1212 *1214 13
13
1314 -1-3-14 *1258 1314 13
13
13
11514 Feb 4
5 .90 Aug 1
515 Kerr Lake
118
•1
114
1
1
1
118 *118
1% 115
.95 1
112June 19
June
2
25
.50
Copper
105
Keweenaw
•
.75
114
.65 .65
.65 .65
.75 .76
•.75 114 •.75 114
3 Jan 2
1 Apr 11
25
677 Lake Copper Co
1
112 *114
118 14
112
118 114
118
118
•114
112
4 Jan 10
23
14
11sMay
25
La
Copper
Salle
17
8
•15
8
•13
2
17
2
2
•134
$112 2
*134 2
•134 2
254 Jan 13
Ps Apr 23
5
130 Mason Valley Mine
214
*2
2
2
212
212 '2
2
233 .2
*2
2%
114 Jan 2
25 .41) May 14
190,Maas Consolidated
.70 .70
1
.70 .80 •.75
.50 .50 *.70 1
•.70 1
3 Jan 2
1 Apr 4
1
114 1,960 Mayflower-Old Colony-. 25
114 1'4', •114 112
1% 1%
138 1%
112 112
25 2512.1une 9 41 Jan 13
750 Mohawk
3134 3252 3134 3214 31 31
32
32
3212 3212 3212 33
18 Mar 30 25 Jan 2
420 New Cornelia Conner
20
•1912 20
1912 1912 1912 1912 1912 1912 •19
•1912 20
.10 July 2 85 Feb 18
100 New Dominion Copper
.20 .20 •.15 .25 •.15 .25
•.20 .30 •.20 .30
100 25 Apr 2 31 Aug 28
New River Company
;2612 -6.
6"
30
30
40 June 30 65 Aug 31
100
Do
35
pre/
64
.60
64
•z60
64
64
65
85
63
5259
65 *359
4 Jan 10
a 43 July 3 611
120 Nipissing Mines
458 458 *458 4%
43
4% *458 434 .458 478
434 434
31 Jan 14
15 .89 June 5
1% 1,700 North Butte
114
112
1% 1.(', *1
124
114
114
•114 112
114
114 Jan 11)
Apr 22
35
25
09bway
Mining
172
.51
.61
•.55
.75
.50 .50
.62 .62 •55 .75
.52 .52
25 17%.june 9 .27 Jan 10
445 Old Dominion Co
19
1912 1912 1912 1912 1912
20
2012 2112 2018 2034 20
614 Aug 24
4 May 19
Park City Mining & Smelt_ 6
1012June 18 18733ept 21
Pd
Crk
Pocahontas
Co-No
Pm
3
2:186
16
1
4
17
1739 16
65
; "j71 18
'DA 177 "life 117-2 1722 -1.
25 19 Apr 22 391k Jan 10
340 Quincy
2412 2412
2512 241y 25
25
2514 25
2512 2512 *2514 26
185 St Mary's Mineral Land.- 25 2812 Apr 21 48 Jan 12
34
34
34
34
35
*34
35
35
37
*35
37
*35
1% Jan 9
10 .50 May I
790 Shannon
.55 .55 .5.55 .75 •.55 .60
.55 .55
.55 .65
.65 .55
25
South Lake
•.25 .75 •.25 .75 •.25 .75 •.25 .75 *.25 .75 .5.25 .75
2 Jan 6
May
13
.70
Superior
&
Boston
Copper_
10
705
114
114
114
114
114
114
11, 13
113 134
114
114
a 378 Jan 2 8,1* Jan 23
7
714 9,812 Utah-Apex Mining
714
7
714 7a8
7% 714
673 714
oz-Ve 7
98
Jan 29
July
7
.40
1
.82
Utah
19,286
Metal
&
Tunnel
.80
.80
.78
.80
.75
.87
.75
85 .88
.85
1
114 Jan 31
25 .25 Aug 3
Victoria
•.45 .60 •.40 .75 '5.40 .75 •.40 .75 5.40 .75 '5.40 .75
25 .15 Aug 17 48 Jan 7
200 Winona
.15 .15
.
.
.20 .
•.20 .30 •.20 .30 $.20 .30
25 .05 Apr 14 .21 Feb 11
1
Wyandot
.751 5.75
.75 5a___
.75
.75 •____
.75
•Bid and asked prices: se sales on this day. s Ex-rights. b Ex-61V. and rights
1457
,Mar
713 Aug
8714 Dec
107 Dec
92 Sept
812 Jan
12
Jan
13 June
1712 Jan
16 Feb
Jan
23
Jan
43
18 May
581, Jan
48 May
28 May
25 June
Jan
14
62
Jan
80
Jan
721k Jan
34 Mar
70
Jan
Miaow
164 I),
85 '
9614 Ma
11814 Ja
101% Dec
2514 Nov
2678 Nov
3714 Nor
48 Nov
41 Nov
82 Nov
172 Nov
381 Dec
71 Dec
611i Nov
4814 Dec
371k Apr
3314 Dec
81 No
108 No'
98 Nov
84 Nov
931k No,
414 Dec
1 Nov
Jan 2014 Dec
12
121 June 1341k Der
Jar
5712 Oct 83
Oct 79 Aue
69
Feb
13 Aug 16
6 June 1014 Jae
100 Dec 108 July
Jan
.05 Dec .20
2018 Dec 2818 Max
2413 May 35 Sep*
84
Jan 8812 Der
3 Feb
2 Sept
4 Oct812 Feb
38
Jan 5514 Mal
34% Jan 40 Feb
8512 Jar. 93 Mar
16312 Jan 2041, Dec
21 Jan
5 Dec
13 Jan 61 D•e
11314 Mar 1161, sew
Jan
79 Aug 80
561, Oct 581, -003
157
, Jan
1218 Nov
46 Mar .60 Dec
Apr 59 Nov
41
3 Dec
.10 Feb
.25 Feb 14 Dee
Jan 881, Dec
80
81 Dec
4 June
70
Jan 71 Nov
9 Mar 13 Dec
Feb
81
66 Nov
Jan
62 June 70
150 Apr 172 Deg
61 Jan 178e Feb
19 Feb 3614 Der
Jan 90 Seel
80
639 Nov
2 AIR
5% Apr
.50 Dec
Mar
3114
Dec
6
98 Dec 1151 Jan
2112 Dec 2238 Dec
Jan 2812 Dee
14
8918 Oct 87 Feb
1134 Jan 17 July
3 Jan
218 May
10
Oct 40 Feb
100 June 118 Dec
351k June 52 Dec
5 Dec 10 Feb
34
Jan 43% Dee
2458 Feb 2814 Nov
Jan
1914 Oct 27
1378 Apr 20 Nov
612 Jan 1012 Feb
14 June 231, Feb
6212 Deo 73 Feb
1512 June 22 Feb
298* Jan 3934 Nov
Jan
34% Apr 41
Jay
38 Mar 42
.15 Dec .51 Dee
.10 June .26 Dee
818 Dee
5 June
8
Jan 16 Dec
14 June 3158 Dee
1353 May 1978 Jan
3 Feb
.37 Nov
181,June 3358 Dee
.30 Dec .70 Mat
678 Dec
314 July
1
JAB
.40 May
2 Jan
.30
Oct
1912 Dec 28% Jan
234 Dee
.30 May
94% Apr 142 Nov
90 June 100 &Mt
12 June 221* DIJO
21. Feb
112 Mar
114 Nov
.50 Jan
314 Dee
.90 Apr
8 Dee
.70 June
14 Oct234 Dec
134 Aug
.50 Jan
6 July
89 Apr
2312 June 41 Dee
1612 Jan 265s Dee
234 4pr
.40 Dec
35 June CIO Mar
5712 Dec 75 Mar
534 Jan
634 Dee
178 Oct
1139 July
1 Nov
.40 June
Jan 282, Dee
15
31 Jan
618 Feb
1034 July 1618 July
14 June 341 Dee
26 June 49 Dee
11 Sent
.30 Apr
.25 July .75 Dee
218 Dec
.25 Aug
378 Dec
17s June
.14 June .70 July
1
Aug
.16 Apr
.13 Feb .71 July
.10 July .25 Jul,
z Ex-div. 0 Ex-stock di,. a Amassment Paid. I Price on new bads
SEPT. 26 1925.]
THE (11-TRONTOLE
Quotations of Sundry Securities
Outside Stock Exchanges
All bond price'. are "and Interest" except where marked "f."
Standard Oil Stocks Pat Bid. AM.
Railroad Equipments Per Ct. Basis
2'1210-American 011 new -El .22
2214 Atlantic Coaat Line 6.
5.25 5.00
Atlantic Refining
100 10014 101
Equipment 8228
5.05 4.85
Preferred
100 116 117 Baltimore & Ohio 68
5.10 4.80
Borne Scrymser Co
100 225 235
Equipment 4328 & 5iL._ _ 5.05 4.60
Buckeye Alpe Line Co
50 *57
5712 Buff Roch & Pitts equip 6s. 5.25 5.00
Cheeebrough Mfg new._ 25 *64
6412 Canadian Pacific 4323 & 611. 5.00 4.75
Preferred
100 *112 113 Central RR of N J 68
5.26, 5.00
Continental Oil new.
26 *23
2318 Chesapeake & Ohio 65
5.40 5.10
Itighta
*830 85c.
Equipment 6129
5.10 4.85
Crescent Pipe Line Co._ 50 *17
1712
Equipment 5s
5.05 4.80
Cumberland Pipe Line_100 143 143 Chicago Burl & Quincy les_ _ 5.25 6.00
Eureka Pipe Line Co.......100 *7012 71
Chicago & Eastern III 5349_ 5.50, 5.15
Galena Signal 011 com___100 35
36 Chicago & North West 69._ 5.40 6.15
Preferred old
100 102 107
Equipment 6 143
5.10, 4.85
Preferred new
100 1011, 105 Chic R I & Pac 4 328 & M._ 5.10 4.M
Humble Oil& Ref new.. 25 *63 6312
Equipment 68
5.50 5.25
Illinois Pipe Line
100 135 137 Colorado & Southern as
5.50 5.15
Imperial Oil
26 *13412 135
Delaware & Hudson as
5.00
5.25
525p5.00
New when Issued
: 303 31
Fale 434s & 5a
Indiana Pipe Line Co_ _. 50 *6512 66
Equipment els
5.60 5.25
International Petroleum.(2) •26
2614 Great Northern 138
5.35 5.10
Magnolia Petroleum... _100 138 140
Equipment M .
6.10 4.85
National Transit Co. 12.60 •20
2012 Hocking Valley 65
5.10 4.85
New York Transit Co_ _100 52
53
EquIpment es
5.45 5.10
Northern Pipe Line Co...100 79
80
illInois Central 434s & ed
4.95 4.70
Oblo Olinew
25 *6314 6334
Equipment 68
5.25 5.00
Penn Me:Fuel Co
26 *21
2212
Equipment M & 6 32s
5.05 4.80
Prairie Oil& Gas new
25 *4834 49
Kanawha & Michigan Ss
5.50 5.20
Prairie Pipe Line new
100 122 123
Equipment 4 %a.
5.20 5.00
Solar Refining
100 210 215
Kansas City Southern 5325
5.35 5.00
Southern Pipe Line Co_ _100 7512 76
Louisville & Nashville Ss__ 5.25 5.00
South Penn 011
100 156 158
F,quipment 6 %a
5.00 4.80
Southwest Pa Pipe Lines 100 *57
68
Michigan Central 5s & 6a._. 5.25 4.75
Standard 011 (California) 25 •53
5312 Minn St T'& 8 A NI 4 %a de 5e 5.30 5.00
Standard 011 (Indiana)._ 25 *61% 6178
5.35 5.05
Equipment 6128 & 7s
Standard 011 (Kansas)._ 25 •3114 32
VIiseouri Kansas & Texas 5, 5.65 5.35
Standard 011 (Kentucky) 25 *133 134
Mimouri Pacific as & 624s
5.23
5.60
Standard 011(Nebraska) 100 235 240
Mobile & Ohio 446 & So.__
5.05 4.80
Standard Oil of New Jer. 25 *3978
40 New York Central 4328 & 5s 4.85 4.70
Preferred
100 117 11718
Equipment 6.
5.25 5.00
Standard Oil of New York 25 MON 4114
Equipment 78
5.05 4.80
Standard 011 (Ohio).-.100 363 365
Norfolk & Western 4329...... 4.80 4.60
Preferred
100 11712 118
Northern Pacific 78
4.90
5.10
Swan & Finch
17
100 16
Pacific Fruit Express 7g... 5.10 4
'
85
Union Tank Car Co
100 123 125
4.75
Pennsylvania
5.20
RR
eq
51
&
es
Preferred
100 115 116
Pitts & Lake Erie 6245
5.10 4.85
Vacuum 011 new
26 *8734 8814 Equipment 68
5.50 5.25
Washington 011
35
10 *30
Reading Co 4%.& eis
4.85 4.60
Other Oil SSSSSs
it Louis & San Francisco 56
5.15 4.90
Atlantic Lobos 011
.32
21a Seaboard Air Line 5348 ex 68
5.60 5.26
Preferred
60 *Vs '334 southern Pacific Co 4 %a_
4.85 4.70
Gulf Oil new
07414 7413
2 '
Equipment 78
5.05 4.80
mountain Producers- 1 *2038 21
Southern Ry 414s & 58...... 5.05 4.80
Mexican Eagle Oil
5 *412 512
Equipment eis
5.40 6.10
National Fuel Gag
100 119 120
Toledo de Ohio Central 6s._. 5.50 6.10
Salt Creek Cons Oil
10 *614 6% Union Pacific M
5.00 4.80
Salt Creek Producers__ 10 251 2512
Public Utilities
Tobacco Stocks
Amer Gas & Elec new
()) •77
79
92
American Cigar common 100 89
6% pref new
93
(2) *91
Preferred
100 97 100
Deb 68 2014
PA&N 97
98
tmer Machine & Fdry 100 180 190
Amer Light & Tract com_100 232 234
AritIsh-Amer Tobac ord. El .25
26
Preferred
100 100 102
Bearer
26
tl *25
Amer Power & Lt common__
57
58
imperial Tob of GB & Bier() 2312 2412
Preferred
100 92
9312 int Cigar Machinery.._ .100 82
90
Deb 6.2018
M&S 9512 9612 Johnson Tin Foil & Met.100 60
80
Amer Public Util com....100 95 100
VfacAndrews & Forbes...100 160 165
7% prior preferred_ _ _100 88
91
Preferred
100 100 103
5% partic pre
100 80
85
Mengel Co
100 63 65
Lesociated Gas & El of .(I) •50
5112 Porto Rican-Amer Tob._100 55
65
Secured g 15129 1954 J&J 103 105
Universal Leaf Tot, ocon 100 49
51
Blackstone VaIG&E corn 50 .
88 01
Preferred
98
100
96
Carolina Pow & Lt corn__ _
420 430
Young(.1 5) CO
100 123 127
Cities Service common...20 •3818 38%
Preferred
100 105 110
Preferred
100 84
8412
Preferred 13
10 •78 812 Rubber Stocks (Cleveland)
Preferred B-B
100 80
8012 Am Tire ex Rub com
8
(Mies Service Bankers Sharee •19
Preferred
30
Corevelth Pow Corp new(I) *3413 35
Firestone Tire & Rub cam 10 •1-10 141)
Preferred
100 82 84 , 6% Preferred
100 9912
Eleo Bond & Share pref._100 1031
:105
7% preferred
100 9912 104)
Elec Bond & Sh Scour-. .6512 6622 General
Tire & Rub corn. 50 *311 325
Elm Ry Securitlea
17
12) *15
Preferred
100 10234 105
Lehigh Power Securitles.(2) •140 145
Goodyear Tire & R eom.100 3512 36
MIssisslppi RI,Pow nom 100 69
72 Goody'r T & R of Can pi 100 r90
Preferred
100 92
95
Mason Tire & Rub eom..(2) •1
134
First mice 58 1951_ ...1&.1 9834 9934
Preferred
16
100 14
F g deb 7. 1936__M&N 102 103
Miller Rubber
100 220 240
Nat Power & Lt oom
($) *397 399
Preferred
100 105 10512
Preferred
99 101
(2) .
Mohawk Rubber
100 35
income 78 1972
J&J 10112 103
Preferred
80
North States Pow corn 100 121 122 9eiberling Tire &
Rubber (2) *2512 26
Preferred
100 100 102
Preferred
100 10012
Nor Texas Else Co com_100 40
50 Swinehart Tire & 12, com 100
17
Preferred
100 50
60
Preferred
too
_
Pacific Gas & El let pref-100 96
98
Power Securities coma...
() •I4
17
Sugar SSSSSS
Second preferred
G) *28
32 Caracas Sugar
50 *2
312
Coll trust es 1949___J&D .
90
93 Cent Agulrre Sugar corn 20• 88 90
Income. June 1949__F&A *81
Fajardo Sugar
84
100 125 127
ireget Bound Pow & Lt_.100 50
53 Federal Sugar Ref corn. 100
55
5874 Preferred
100 84
Preferred
86
100
90
7% preferred
•
100 106% 10812 Godchaux Sugar, Inc-(I)
10
1st & ref 634a 1949...J*D 98% 100
Preferred
100 38 41
Republic By & Light__100 60
66 Holly Sugar Corp com..(2) •38 40
Preferred
100 81
Preferred
83
100 90 93
Booth Calif Edison 00M 100 146 148 Junco' Central Sugar...100
120
8% preferred
100 128
National Sugar Refining.100 105 105
Standard G&E17% Pr 01100 100 102- - New N1quero Sugar _100 104
Tenneesee Elec Power (2) *60
Santa Cecilia Sue Con)Pf100 80 90
4
1
let prof 7%
Savannah Sugar corn....(I)
10012 16
.123 126
Western Power Corp....100 74% 7413
Preferred
100 106 109
Preferred
100 95
Sugar
Estates Oriente 91.100
97
60
60
West Mhnouri Pr 7% ph.
94
97
industrial&Mlacoll
96
95
Short Term S•curitios
American Hardware-100
145 148
Anaconda Cop NI in Be'29J&J 103 10314 Babcock & Wilcox
100 .23 25
Chic R 1 & Par 5a 1929 J&J 9914 99% Bliss(E W)Co new
(3) *53
58
Federal Sug Ref 65'33.M&N 94
Preferred
96
so
83
Hocking Valley 58 1926 M&S 10018 100% Borden Company com....(2) *81
110
107
g 0 Term Ry 6
_ _1926 101 10114
Preferred
100
30
Lehigh Pow Sec es '27.F&A 101 10112 Celluloid Company
100 26
Missouri Pacific 59 '27 J.A.,1 1001 1003a
Preferred
100 68
Sloss-Sheff MI es '29. F&A 1021 10312 Childs Company prof...100 115 117
WI. Cent 6128 Apr 15 '27 _ 1001 1007s Hercules Powder
100 122 128
Joint Stk Land El. Bonds
Preferred
100 110 112
Chic Jt Stk 141 Bk 66-1951 1021 10313 International Silver pref.100 106 110
68 1962 opt 1932
Lehigh Valley Coal Sales 50 82 84
1021 104
124 1963 opt 194.
1023 10414 Phelps Dodge Corp
100 127 129
630 1951 opt FRI
Royal Baking Pow corn 100 140 143
104 106
ems 1952 opt 1932
Preferred
1013 10314
100 100 102
the 1952 opt 1932
10014 10134 Binger Manufscturing...100 312 318
532e 1964 opt 1934
100% 102
434s 1963 opt 1933
101% 10314
Pao Coast of Portland.(ire
Ia 1955 opt 1935. M&Ni 10214 103
58 1954 op 1934... M&N 10134 10234
• per share. t No par value 0 Beale d Purchaser aLo pays accrued dividends
y Ex-rights.
s New stock. !Flat price. lt Lain enls n Nominal. z Ex-dividend
• Ex-stock dividend. ,Sale wire rCanadian quotation. o Ex 1May:et.
1559
Boston Bond Record -Transactions in bonds at Boston
Stock Exchange Sept. 19 to Sept. 25. both inclusive:
F way
Bonds-
List
Week's Range Sales
for
of Prices.
Sale
Price. bow. High. Week.
1943 9934 99
Andes Copper 78
Atl G & W 1 SS L 58_.1959 78
77
Chic Jet Ry & S Y 53.1940 99
99
E Mass St RR ser A 414W4s
62
1948
53 Series B
67
1936 10412 10434
Hood Rubber78
K C Mem & B Inc 5s_ _1934
9934
Mass Gas 422s
1931
9634
Miss River Power 5s_ _1951
9834
New England Tel 59_ _1932 10032 100
112
P C Pocah Co deb 7s-1935 112
1944
Swift & Co 53
9934
no.......,,"o..1 .6. repi A., 101" Q0 Z.(
on TA'
Range Since Jan. 1.
High.
Low.
99% 386,000 99
Sent 9934 Sept
78
Jan 7834 Sept
47,000 63
Feb 100
1,000 96
99
Sept
Feb
4,008 62 Sept 72
62
Mar
Sept 78
8.45( 67
7031
July
10434 9,000 10134 Jan 106
1,001
9554 Mar 9934 Sept
9934
9634 2,000 9434 Jan 9734 June
99
3,000 9632 Jan 100 June
10034 7,000 9934 Jan 101% Aug
Aug 120
40,000 101
120
Sept
5,504
100
9734 Jan 10034 June
on Le .1 ow 0154 Jan 10034 .1une
Chicago Stock Exchange.-For this week's record of
transactions on the Chicago Stock Exchange see page 1537.
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Sept.19 to Sept. 25, both
inclusive, compiled from official sales lists:
Stocks-
8 ready
.saies
Last Week's Range for
Sale
1Veek.
of Prices.
Par. Price. bow. High. Shares.
Range Since Jan. 1.
High.
Low.
July
Jan 101
10 93
100 100
Abbotte Al Dairy, pref_100
Jan 60 June
10
386 37
5632
Alliance Insurance
56
Jan 10412 Apr
26 96
Arn Elec Pow Co,pref...100 10134 10134 102
8,000 4534 Jan 8834 Jul)
7912 81
• 8034
American Stores
100 11012 Mar 133
Jan
12034 12034
Baldwin Locomotive_ -100
Sept
Mat 147
100 14534 135 146
1,835 95
Brill(JO)Co
Mar
100
10 98 June 110
100 100
Preferred
4.075
100 1434 14
934 July 1534 Sept
15
Eisenlohr (Otto)
100
115 6132 Apr 7032 Feb
6734 6934
Elec Star Battery
Mar
Jan 280
25 227
50
275 275
Fire Association
sees
41
40
30 1714 Jan 41
Giant Portland Cement.50
Jan 5932 SePt
50
58
95 46
5934
Preferred
Jas
1,531 4634 Feb 70
5414 56
Insurance Co of N A....10
Aug
734 Feb
3
4
334 434 2,520
Lake Superior Corp_-_100
2,576 8014 Mar 110 June
50 96
9534 9734
Lehigh Navigation
24
10
2532 1.937 2134 Ma) 2532 Sept
Lit Brothers
July
51
25 5034 Jul) 53
51
Minehill & Schuyi Hav-50
79
33 7634 Feb 8032 July
79
50
Noithern Central
Jan 7034 Aug
307 60
•
6914 6912
Penn Cent Lt & Pow
4834 4934 11,783 4234 Apr 4911 Sept
50
Pennsylvania RR
May 8534 Jan
110 70
50 74
7334 74
Penne Salt Mfg
500
2
234 Apr
154 Sept
234
234
Penn Traffic
Jan 38
Sept
38
10 35
38
Phila Co(Pitts)Prei5%-50
Apr 4934 July
120 45
4812 49
50
Pref (cumul 6%)
20,756 3734 Apr 4934 AUL
25 4634 4534 47
Philo, Elec of Pa
50
15 46
•
50
May 50 Senn
Phila Insulated Wire
mar
Jan 51
50
1,392 40
49
Phila. Rapid Transit__ _50
Apr 6334 Mar
42 57
68
50 58
5834
Phila. Traction
12 14 SePt 1854 Jan
14
14
50
Phila. & Western
Mar
163 3534 Jan 37
50 3632 3632 3634
Preferred
Do Feb
32 Jan
100
34
34
_1
Tono-Belmont Devel
Aug
Mar
3,865
534
432
484s
1
134
Tonopah mining
859 3834 Sept 44
3834 3914
mar
50 39
Union Traction
50 9634 95% 9734 7.595 7934 Mar 10032 Aug
United Gas Impt
Aug
130 3134 June 48
w Jersey & ses shore...50 453 45 4532
BondsAmer Gas & El 5s. _ _2007 91%
ConsolTrac N J 1st 551932
Elec & Peoples tt ate 48'45 60
Keystone Teen 1st 53-1935
Lake Superior Corp 5s1924
Leh C & Nav cons 4%81954
Peoples Pass tr ctf 4s.1943
Philla Co cons & coil tr 53
stmpd skid & red_ _1951
1960 100
Phila Elec Co 513
1966 10434
lqt 53
1947
534s
1953
5323
1937
York Rve 1st 58
91%
73
60
9032
1512
9632
62
92
73
6012
9034
1532
9632
6234
34,000 .87
8,000 73
45,000 57
18,000 8214
1,000 1514
3,000 9532
10,000 62
Apr 94 June
May 7854 mar
mar
June 65
June 9234 June
Jan
Sept 17
June
Sept 101
Jan
Sept 70
9434
100
100
105
106
95
9434
10034
10434
106
106
95
12,000 9332
16,000 99
18,600 100
12,300 10334
7,000 10434
1,000 92
Jan
Mar
Aug
Jan
Feb
Jan
9854
10314
10434
107
10754
9534
Sept
June
Sept
JUlla
May
June
• No par value.
Note.-Friday's Price of Keystone Tel. 1st 5s was quoted in our last week's laime
at 98; this was an error, made in transmitting the figures by telegraph. The correct
Price was 9034
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Sept. 19 to Sept. 25, both inclusive, compiled from official sales lists:
Stocks-
yrulay
Naga
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares
Armstrong Gator pr p1.100
Arundel Corp. new stock.'
Atian Coast L(Conn)._ _50
100
Baltimore Brick
Baltimore Trust Co--50
25
Benesch (D. nref
50
Century Trust
Ches & Po Tel of Balt0100
•
Commercial Credit
25
Preferred
• 25
Preferred B
Consol Gas, E L & Pow-•
100
6% cum Pref
100
634% preferred
100
7% preferred
100
8% preferred
Consolidation Coal_ .._ _100
100
Continental Trust
Eastern Rolling Mi.. ..-•
25
Equitable Trust Co
50
Fidelity &DePoslt
Finance Co of America-25
25
Preferred
Finance Service, Class A 10
10
Preferred
Ga So & Fla, 2d pref...100
Houston Oil pre tr cUs_100
Lorraine Pet Co_ _ lc shares
Manufacturers Finance.25
25
1st preferred
25
2d preferred
25
Preferred..
MarYland Casualty Co-25
hierch & Min Tr Co_ _ _100
•
Mtge & Acceptance
ets
erred
45
45
45
3322 3334 35
20732 207% 20712
10
10
146
136 150
27
27
149 149
11334 1133411434
3832 3634 3934
2512
2534 25
2632 26
2634
4534 3354 46
1043410434
10734 10834
113 113
126
126 12732
54
5232 54
245 250
130
128 130
5634 57
106 108
55
5612
2734 28
2034 2034 2012
1034 1012
1034
135 135
86
86
134 134
5834 59
23
23
2334
24
2532
24 •
22
22
2234
97
98
97
167 170
1732 1732 1732
AO IL
AO 1,
10
2.620
25
348
1,261
40
10
40
8,432
594
606
736
20
30
1
30
643
119
216
20
285
132
68
170
93
170
35
500
208
189
143
47
416
51
106
Range Since Jan. 1.
High.
Low.
36
2032
160
6
11134
25
106
11032
2234
24
2334
32
102
105
109
122
36
201
103
52
89
50
26
1834
9
67
78
32
5032
22
22
21
8232
115
1334
A't IL
Jan
Apr 57
Mar 3912 JulY
Sent
Jan 208
Jan 1034 Sept
Sept
Feb 150
July 2732 Aug
Bent
Jan 149
Jan 11434 June
Mar 3934 Sept
Apr 2634 Sept
Sent 26 34 JulY
Jan 4754 Aug
July 10432 Selq
Apr 11034 June
sew
Mar 114
Mar 12734 May
Jan
72
May
Sept
Jan 250
Apr 140
AM
Beld
Jan 57
sew
Jan 108
Apr 5634 Se131
Apr 28
Bete
July
Jan 22
July
Jan 11
Jan 135
SeP1
Jar
Apr 97
Sept454 F(1
Aus
July
60
Jaz
June 25
June 2534 Aus
June 2432 Juni
Apr 100
Jul)
Sep
Jan 170
Jan 1834 Jun
Tots
AA
Tai
Jan
Jan
Jan
Aug
Aug
June
Jan
Mar
Sept
Jan
Sept
May
Sept
Jan
Sept
Apr
Apr
Sept
Apr
Apr
Jan
Sept
July
June
Sept
Jan
Sept
July
Sept
June
Aug
104% Sept
95 Sept
Sept
106
100% July
98 ,Feb
Jan
100
9534 June
100 Sept
98)5 Sept
86% Sept
Mar
100
97% Mar
10034 Sept
99 May
71 June
824 Jan
Jan
74
99H Jan
9634 Jan
74% Sept
•No par value.
Cincinnati Stock Exchange.-Record of transactions at
Cincinnati Stock Exchange Sept. 19 to Sept. 25, both inclusive, compiled from official lists:
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High Shares.
Amer Laund Mach corn-25 123
100 125
Preferred
Amer Rolling Mill corn.25 49
100 10734
Preferred
Am Seeding Mach pref-100 75
100 210
Baldwin corn
100 10739
New preferred
Carey (Philip) corn.. _ _100 168
Churngold Corp
. 78
Cin Postal Term pref-100 92
• 2334
City Ice & Fuel
100 11634
Cooper Corp new
Dalton Add Mach pref.100 10639
Douglas (John) pref....100 10834
Dow Drug common_ -100 180
Eagle-Picher Lead com-20 3539
• 29
Formica Insulation
• 3835
Gibson Art corn
100 10134
Gruen Watch pref
10 140
Kroger common
100 113
New preferred
• 13
McLaren "A'
Monitor Furnace corn....'1734
834
Paragon Refining corn..25
100 63
Preferred
Procter & Gamble com_20 12734
Pure0116% preferred_ _100 88
100 107
8% preferred
100 113
Richardson corn
63
IT S Can corn
100 103
Preferred
20 133
U 8Playing Card
U B Print & Litho com_100 68
100 95
Preferred
74
•
U S Shoe com
100 57
Preferred
• 33
Western Paper A
100 1054
Wurlitzer 8% pref
11839 1234
125 125
49
494
10734 10734
75
75
210 210
107 10739
165 188
78
75
92
92
2339 24
Ill 117
1064 10634
1084 10834
175 180
3334 37
29
2934
3834 3834
10134 10134
137 14034
11139 113
1234 1234
18
17
834 834
63
63
12634128
8734 88
10634 107
112 113
63
61
103 103
132 139
6734 68
95
95
74 74
57
57
34
33
10534 10534
Public Utilities534 535
531
relri tee
Cincinnati & Sub.Tel._ _ 50 7714 77h 7815
100 8734 874 88
'31n Gas& Elee
125 126
Din Gas Transportation 100 125
3 N& C Lt&Trcom_100 8134 8134 8134
6234
100 6234 62
Preferred
100 10834 10834 10834
Dhlo Bell Tel pref
Tractions50
:lin Street Ry
)hio Traction com_ _ _ _100
100
Preferred
Railroads3 NO&TPcom
Prafarrati
36
10
8039
36
10
80
3739
104
8134
700 700
100 700
inr. Inl% infr is in9 ,
Range Since Jan. 1.
High.
Low.
Feb
Jan
July
Feb
Mar
Feb
Jan
Jan
Jan
Jan
June
3,145
10
1,875
208
5
28
52
10
1.067
1
140
676
50
7
250
8,626
72
118
48
106%
65
198
10334
135
4834
90
23
9534
9939
105
159
31
1,008
75
1,782
24
20
480
285
10
1,733
158
23
170
105
5
264
258
20
no
64
300
22
Apr
Jan
Mar
Jan
May
Aug
sg Jan
Apr
56
Jan
112
Feb
81
Feb
103
Feb
90
Jan
51
Apr
100
10734 Mar
Feb
59
7734 Jan
54 Apr
Jan
47
30 July
Feb
104
oo Ism
Sept
Aug
Jan
May
Aug
Jan
Jan
July
Sept
June
Jan
Sept
Sept
July
Sept
Jan
Sept
Feb
Mar
Sept
July
Sept
Sept
July
July
Apr
June
Aug
May
June
July
Sept
Mar
Feb
Feb
Feb
July
May
6 Sept
Sept
Sept 94 June
Jan 90 May
Jan 1264 Sept
Jan 84 June
Apr 6334 June
Mar 110 May
39
15
85
Sept
May
Sept
May 700
Sept
MA
Jfilv
3134 Aug
9
Apr
Jan
40
10 500
All
-
35
1004
7634
11034
1134
17
5
2,979
36 7734
355 82
85 103
3 75
67 60
10 106
696
85
551
API
Feb
Jan
May
Mar
1244
126
5739
11135
76
220
10934
170
79
9934
2431
117
1064
110
180
4039
35
40
103
14034
11334
14
18
10
784
131
89
108
116
61
105
139
724
9234
104
64
38
10934
1(111V May
•No par value.
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Sept. 19 to Sept. 25, both inclusive, compiled from official sales lists:
Stocks-
Sales
Last IVeek's Range for
of Prices.
Week.
Sale
Par. Price Low. High Shares.
Range Since Jan. 1.
Low.
100 1939
274 2734
Am Vitrified Prod. corn-50
10 85
94
94
100
Preferred
248 80
8334
83
Am Wind Glees Mach_100 83
95
94
20 93
100
Preferred
sg
18,180
7
6
6
Arkanras Nat Gas, corn.10
70 17
•
1734 1739
Byers(AM)Co. com_
20 93
100
9434 95
Preferred
IS
783 14
1534
10
Carnegie Metals
2 190
200 200
100
Colonial Trust Co
30 12
1534 154
Consolidated Ice, pref _50
495
15
1434
1434
15
Devonian Oil
90 10539
112 11234
Duquesne Light, pref _.100 112
24 90
95
95
Fayette County Gas_ _101)
134
655
234 3
Indep Brewing, com- -50
4
430
50
734 8
Preferred
30
4
114
__WO
11134
pref
11434
Jones & Laugh'n,
845 32
414 42
25 42
Lone Star Gas
125 1134
1434 1434
Nat Fireproofing, corn_ _50
3634 2,200 314
50 3634 36
Preferred
3354 1.900 31
Ohio Fuel Corporation 25 3354 33
1434 1,964 12
14
1 14
Ohio Fuel 011
2.192 26
Oklahoma Natural Gas_ _25 3034 3034 31
14
845
44 439
Pittsburgh Brew, com_50
6
845
1434
1434
60
Preferred
Sc
Sc
2.500
ge
Mob & Mt Shasta Cop__ I
b
534 534
50
Pittsburgh 011 & Gm_ __5
Intl
1111
101,
101,
Jan
May
Sept
May
Apr
July
July
Aug
Jan
June
Sept
Jan
June
Mar
Feb
Jan
Jan
Jan
Jan
Apr
Mar
Jan
mar
Mar
Aug
Aug
0..1.
High.
2934
98
110
110
854
194
95
16 .
225
17
15
11234
95
334
8
11534
4439
1454
3639
3434
163.4
314
454
15
9c
84
Sent
Sept
Mar
Feb
Feb
June
Sept
Aug
May
Aug
Sept
Sept
Aug
Apr
Sept
Sept
Aug
June
Sept
Feb
Mar
Feb
Sept
Sept
Feb
Feb
901, v......
Range Since Jan. 1.
Low.
12 220
10 37
(334
50
886 100
834
160
240 13
100 97
40 89
220 221
Pittsburgh Trust Co---100
37
37
Rich & Boynton, part pref'
10
634 634
Salt Creek Cons 011
106% 107%
Stand Sara Mfg,com.-25 107
10
939 10
Tidal Osage Oil
25 1339 13% 14
U S Glass
125 125
WesVhouse Air Brake- -50
924 92%
West Penn Rya. pref_ -100
High.
Jan 225
Sept 40
9
Aug
June 136
Jan 13%
Apr 2034
Apr 14034
Apr 95
Aug
July
Feb
Jan
Feb
Jan
Aug
Feb
BondsMononRivConC&C(is.1949
Pitts Bess & L E RR 581940
Pittsburgh Brew 89. _ _1949
Apr
10834 10834 $1,000 1084 Jan 109
1003.9 10039 1,000 1004 Sept 10039 Sept
Mar 9134 Sept
9134 9134 1.000 85
Mote.-Sold last week and not reported: 10 Colonial Trust Co. at 200, 20 Consolidated Ice, pref., at 1539. 70 Independent Brewing, pref., at 734, 100 National Fire
proofing, corn., at 14. 1,000 San Toy Mining at 3c.
•No par value.
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange Sept. 19 to Sept. 25, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Sale
of Pricer•
Week•
Par. Price. Low. High. Shares
BanksFirst National Bank.._100
Nat'l Bank of Com•ce_ _100
State National Bank_ _ _100
Miscellaneous*
Berry Motor
•
Boyd-Welsh Shoe
Brown Shoe, preferred_100
Certain-teed Prod let pf100
Lead-Zinc
•
E L Bruce, common
100
Preferred
Emerson Elec. preferred100
Ely & Walker D CLcom-25
100
1st preferred
Fred Medart Mfg, pref _100
Fulton Iron Works,com--*
100
Preferred
Globe Democrat pref. 100
Hamtkon-Brown Shoe-25
Hussmann-Refr. corn....'
•
Huttig S & D,corn
Hydraulic Pr Brk com_100
100
Preferred
*
Internat'l Shoe, corn
*
Johensen Shoe
•
Johnson-13 & S Shoe
Mo Portland Cement .25
_..100
Nat Candy, 1st pref.
100
2d preferred
*
Pedigo-Weber Shoe
Rice-Stix D G,corn- -100
3ecurities Inv, common--•
•
9kouras Bros "A"
Bouthern Acid & S. corn 100
3'western Bell Tel, pfd_100
Wagner Elec, common...*
100
Preferred
222
146
173
4434
105
46
61
30%
43
67
4634
3334
8
47
6039
4834
9134
BondsE St L & Sub Co 59_1932
'23
3t
-.
. m bs
_ Ry gen
_ L dr Sub
fllted RaIlways48...
33
32
44
4639
108 108
105 105
464
45
61
60
100 100
98
98
3034
29
108 108
103 103
45
44
10039 101
110 110
644 67
4634 4734
3334 334
839
8
9934 994
188 190
4234 4734
102 102
7139
71
109 109
104 104
49
47
220 225
43
4431
5734 6336
300 300
110 11139
3831 4739
871h 92
Range Since Jan. 1.
Low,
High.
Feb
Feb 227
10 202
28 14334 Jan 15014 Feb
Mar
Apr 179
53 173
222
147
173
167
750
42
20
658
150
20
25
3,711
35
10
465
60
6
989
95
10
295
5
169
140
50
545
22
5
305
41
210
3,258
10
51
4,188
368
8339 8339 $8,000
2,000
77
77
21
38
9839
87
45
38
100
95
22%
102
10234
35
98
104
444
3734
3134
b
81
115
40
80
414
107
103
40
200
41
36
300
1074
2635
79
May
Jan
Apr
Jan
Sept
Apr
Sept
Aug
Jan
Jan
May
May
Jan
June
Jan
Mar
Mar
June
Jan
Feb
Mar
Aug
Feb
Mar
Apr
Mar
Aug
May
Apr
Sept
Apr
Jan
Aug
8314 Sept
77 Sept
Sept
Jan
Aug
Sept
Sept
Sept
June
Feb
Sept
Sept
Sept
Sept
Feb
Sept
Sept
Sept
Feb
July
Sept
July
Sept
Aug
Sept
Sept
Feb
Sept
Sent
33
453.4
108%
105
4639
61
1014
10034
32
108
103
45
1024
110
70
4739
40
834
101
19739
5439
115
75
109
106
55
225
444
6331
300
112
50
92
Sept
Sept
June
Feb
Sept
86
84
Feb
Jan
May
•No par value.
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from Sept.19 to
Sept. 25, both inclusive as compiled from the official lists.
As noted in our issue Of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Sales
Friday
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares
week Ended Sept. 25.
Stocks-
Indus. & Miscellaneous.
Adironcrk Pr&L 7%pref100 10134
Aero Supply Mfg,Class A.•
• 164
Class B
•
Allied Packers,corn
Alpha Portland Cement 100
Amalgam Leather, corn_ _• 1434
100 5939
Preferred
American Gas & Elec corn • 78
*
Preferred
American Hawaiian SS._10 15
Amer Lt & Trao,oom-100 233
100 102
Preferred
Am Pneumatic Serv com.25
Amer Pow & Lt oom new _• 5735
100
Preferred
Amer Rayon Products_._• 3734
100 222
American Seating
Am Superpow Corp,Cl A.• 36
• 37
Glass B
25 2735
Prior preferred
_b
prefAmerican Thread,
25
Ape° Mfg Class A
Arizona Power. com -100
Armour & Go (Ills) oomB25 1634
100 9034
Preferred
limo (1 & E Class A._ _• 38)4
ttlantle Fruit & find .-• 76c
Atlas Portl Cement new_ _• 60
Auburn Automobile com 25
Barcelona Tr Lt & Power_ _ 2234
Bigelow Hartf Carpet corn •
* 25
Bliss(E W)Co com
Bohn Aluminum & Brass__
• 72c
Boissonnault(0)Co
Borrien Co,com,each stk50 824
100
Preferred
Brazilian •rr, L & Pow_100 s.
Bridgeport Machine corn-•
'kit-Am Tob ord bear--81
715
10
Brooklyn City Mt
100 1884
Bucyrus Co,corn
100 106
Preferred
Can Dry Ginger Ale new-..• 3639
234
Car Ltg & Power aim_._25
100
Preferred
Carolina Power & Lt__ -100 424
100
Celluloid Co, pref
- - - •
10035 101
1934 204
1354 1654
431 5
130 134
1251 1534
5839 5934
7739 7939
9151 9134
1134 16
227 238
10035 102
334 339
55
594
9234 9239
38
37
211 22835
36
35
353.4 37
26% 2735
3Ih• 3,116
22
2434
27
27
1534 1639
91
90
37
3834
75e 790
5539 624
44
44
2134 23
10334 1034
23
25
144 1439
700 80e
82%
80
1074 1074
73
73
831 8%
2514 2539
714 734
182 189
106 106
3339
36
214 3
101) 10139
410 445
694 73
5or
BondsBernheimer-Leader 73_1943 10339 10339 103% 17,000 9934
1.000 9234
95
95
Cons Gas Gen 4 As--1954
5,000 104%
Cons G,E L & P 68 A.1949 105% 105% 106
1965 99% 99)4 9934 1,000 99
Se
3,000 89%
92
92
Cons Coal ref44s_ _ _1934
99% 99% 24,000 9734
Elkhorn Coal Corp 63-1945
4,000 924
94
94
Georgia dr Ala cons 59_1945
1945
994 9934 2.000 97%
Ga Sou & Fla 5s
9839 98% 1.000 98%
Guaranty Coot Md 68.1935
86
86% 2,000 7539
Macon Dub & Sab 53_1949
22,000 95
96
1967 95
95
Md Elee Ry 649
1,000 95
96
1931 96
96
bs
100 100
1,000 100
Seaboard dr Roan 5s..192r
98% 98% 2,080 98%
United E L& P 4399_1929
'United Ry dr Elec 4s._1949 6839 6834 69% 18,000 67%
1949 5039 5039 51% 9.000 49
Income 4s
6,200 69
72
71
1938
Funding de
1C.000 974
9739 98
1927
6% notes
95% 96
6,000 93
1949
6s when issued
69
71% 109.000 58
Wash Bait dr Annap 591941 69
Apr 15
Mar 67h
Jan 56
Jan 81%
Jan 34
May 22
Apr 21
Jan 215
Apr 17%
May 23
Apr 60
.
939
60
10 55
168 42%
25 76%
7 25
355 12
2,190 15%
15 179
5%
750
275 11
124 44
Ipb.to oowZwbCo
High.
Low.
Saks
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
.00
12
12
Mt V-Woodb Mills v t r 100 12
100 67
Preferred v t r
67
67
New Amsterdam Can Co-10 5234 5234 544
80%
50
Northern Central
80
34
33
Roland Park Homeland..'
*
19
17
Silica Gel Corp
1939 21
United Ry dr Electric_ _50
207 208
US Fidelity dc Guar_ -_ -50 208
184
15
Wash Bait & Annan_ -50
22
22
50
Preferred
West Md Dairy, Inc, pf _50 5234 5234 53
Range Since Jan. 1.
:g68388g888858888g888888888g888883888g88888H888
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluaed) Par Price. Low. High. Shares.
Stocks-
[Vol. 121.
THE CHRONICLE
1560
Range Since Jan. 1.
Low.
Jan
92
18 Sept
114 Sept
44 Sept
130 Sept
839 Aug
Jan
42
6834 Apr
834 Apr
834 May
137 • Jan
Jan
94
334 Sept
484 Feb
Apr
84
2634 May
211
Sept
2639 Mar
2751 Mar
244 Feb
33-4 Jan
21
July
1739 Jan
1154 Apr
Apr
84
2534 Mar
75e Sept
44 June
40 Sept
2134 Sept
10034 Sept
2239 Aug
144 Sept
31e May
674 Mar
106
Jan
4934 Apr
4Ii Feb
244 June
731 Sept
121
Jan
10434 July
334 Sept
134 Jan
100 Sept
Feb
300
65 June
_
an
High.
107
2034
1634
10
136
1534
594
844
92
16
238
10339
34
6734
95
5134
22834
3934
41
2739
434
2634
31
1639
9434
454
139
6234
49%
23
10334
25
1439
34
87
113
May
Sept
Sept
Feb
Aug
Sept
Sept
May
Sept
Sent
Sept
July
Sept
Jan
July
Julie
Sept
July
July
Sept
Feb
Mar
June
Sept
Feb
Aug
Mar
Sent
Sept
Sent
Sept
Sept
sept
Feb
July'
May
7351 Sept
M57
11
284 Apr
939 Feb
Aug
193
111 June
5114 Jul,
534.2657
10139 Sent
July
445
Jan
97
A
SHPT.
26 1925.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
of Prices.
Sole
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Cent Teresa Sugar com 10
Centrifugal Pipe Corp
• 22
Checker Cab Mfg, el A._•
5
Ohio Nipple Mfg. Cl A__50 3734
Class B.
50 1834
Cincinnati Gas & Elec.100
Christie. Brown & Co
Cities Service corn---20 3834
Preferred
100
Preferred B
10
731
Bankers' shares
194
City Ice & Fuel
Cleveland Automobile oom•
Cohn-Hall-Marx
Colombian Syndicate
134
Com'wealth Power CorpCommon, new
100 34%
Preferred
•
WouTants
61
Connor (John T) Co_ _ _ _10 3134
C.as rras.E L&P Balt new• 4514
Orntinental Baking.00mA• 13731
Common B
• 334
5% preferred
100 10211
Cuba Company
• 48%
Cuban Tobacco v to
Cuneo Press,common...." 274
Class A
50
Curtiss Aeropl & M,com.• 1934
Preferred
100
Curtiss Aeropl Assets Corp
De Forest Radio Corp_ __• 244
Devoe & Raynolds cl A..... 51%
Doehler Die Casting
• 134
Dubiller Condenser & Rad. 1634
Dunhill International._ •
Duplex Cond & Rad v t c_•
Du Pont Motors, Inc
•
Dorset Motors. Inc
• 1334
Duz & Co. Class A v t c_ •
Eisenlohr (Otto)& Bro.100 144
Electric Auto Lite Co__ _ _• 7234
Elec Bond & Share.pref 100 10434
Elec Bond & Share Sec_ ..• 66
Eke Invest without wane* 624
Elea Ry Securities
•
El Paso Elec Co, corn_ •
Ely & Walker DG,corn_ 25
Engineers Public Serv corn• 20
Preferred (50% paid)._• 100
Eureka Vacuum Cleaner.' 4411
Yageol Motors Co. com _10 104
Fajardo Sugar
100
Federal Motor Truck--10 30
Federated Metals
•
Film Inspection Mach __•
6
Firestone T & R 7% pf_100 9831
.Ford Motor Co of Can_100 503
Forhan Co, class A w I_ • 184
Franklin(H H)Mfg corn • 33
Preferred
100 90
Freed-Eisemann Radio...• 1341
Freshman (Chas)Co
• 16
Galy-lions Elm corn_ _100
Gamewell Co, corn
• 57
°mod Corporation
• 1334
Oen.° & E of Del CI A w I* 5634
Class 13 w I
•
Class A preferred
• 10614
Class B preferred
Gent Ice Cream Corp wl_• 42
General Ry Signal new....64
Georgia L.P&Rys,eont_100 5934
Georgia Ry & Power_ _100
Giant Portland Cement_50
Gillette Safety Razor__ _• 105%
Glen Alden Coal
•
Goodyear Tire & R.com100 36%
Gould Coupler. Class A. •
Grandly W)5-10-25c St. •
Grennan Bakeries ino. •
Grimes Ra & Cam Rec....* 18
Happiness Candy St el A.•
854
Founders shares
Ilayana Elec & tjtll v t c._ ......
Preferred
68
Haseltine Corp
• 23
Hellman (Richard), InsCommon
•
Pref with warrant.s.....• 3334
•
Heyden Chemical
134
Horn & Hardart Co
• 5234
Hunt Bros Pack ci A
• 264
Illinois Pr & Lt 7% pref 100 9611
Interoontinentai Rubb 10to 144
Ink Concrete Ind Fdrs ohm
814
Inter Match non-vol of .35 z51
New preferred
35
Int Utilities, Class A
•
Chas
811
.
• 1764
Joims-kianville Ins
Jones (Jos W)Radio 114r4.•
Keiner Williams Stamping.
Kelvinator Coro
• 493.4
Keystone Solether
10 79.3
Kraft Cheese
25
Kroger Grocery & Bak _10 140
Land Coot Florida
7611
Landover Holding Corp A.
Lehigh Power Securities • 141
Lehigh Valley Coal Bales 50 81
Leh Vail coal otts sew
_ 3811
Lehn Jr Fink Products...* 37
Libby McNeill & Liblry_10
Libby Owens Sheet Glass25 196
Liberty Radio Ch Stores..•
734
Lit Bros
10 24
Long Island Ltg corn
•
Lupton (F H)Pub, el A_ _•
44
Marconi Wirel Tel of Can _1
14
Marconi Wirel Tel Load_ £1
754
Maas Gas Cos corn
100
• 2134
Maytag Co. w I
McCord Rod & Mfg vto....• 24
McCrory Stores
• -Mengel Co
100 62
Mercantile Stores Co_ _100 14234
Mesabi Iron Co
•
Middle West Utilities oom• -ioi;i
Prior lien stock
100 104
Preferred.
100 9734
Midland Steel Products...0 4814
Midvale Co
• 1914
Miller Rubber corn.-.100 236
Miasi•sippi River Pow_100 70
Mohawk Valley Co new_ •
Moore Drop Forge ciA_
Motion Pict Capital Corp• 1854
Preferred
25 253-4
Municipal Service Corp..' 14
Mu-Rad Radio Corp
•
411
Range Since Jan. 1.
Low.
500 50c
100 50c Apr
21
244 15,800 10
Mar
1
Sept
6
1
1,400
3734 3751
800 29
Apr
18
1814 2.000 11% June
58% 89
75 ,88% Sept
51
100 48 Sept
51
37% 3834 13,100 35
Mar
834 84
900 8134 Jan
711 734
74 Mar
600
194 194
300 1734 Mar
234 244
200 23% Sept
700 19% Feb
2234 234
3034 344
900 30% Sept
111 24 71,000 600 Jan
344 3634
82% 83
63%
61
2811 3211
4311 464
1344 141
3234 3534
1024 10334
48
49
50
51
2734 2734
48
48
18
194
7651 78
33
33
2434 26
504 55
134 14
16% 184
204 22
9
9
60e 610
134 1551
17
19
144 15
72
77
10434 10534
6534 6834
6034 6334
1554 16
7454 7454
30
30
1934 2134
9934 10035
42
47
1054 1234
128 128
3314
30
2734 274
614
6
9734 984
492 503
184 19
33
4014
8911 90
1334 1534
1634 1641
2011 2011
57
57
1134 1314
5331 58
5334 574
10634 107
94
94
42
45
64
6634
57
61
107 107
4034 434
97 10931
137 139
3534 3734
2134 234
76
76
194 20
17
2334
841 9
751 831
43% 45
68
7034
23
2414
11,500
800
250
3,800
22,810
5.100
58,800
3,800
4,800
800
100
100
8,000
400
100
2,600
4,200
600
4,800
700
100
200
31,700
1.700
5,000
6.500
805
9,500
29,200
200
100
100
3.700
3,700
1,400
35,900
20
900
100
1.100
100
150
6.400
8.400
75
506
2,000
1
100
12,600
6.900
2.200
400
200
3,400
1.000
500
100
300
51.300
600
13,100
5,000
100
1.600
2,000
3,700
4.000
2,800
1.800
1.500
304 Sept
7941 Jan
25% Feb
28 Sept
8114 Jan
Jan
108
2151 Jan
91% Jan
3511 Apr
611 Jan
274 Sept
47% Sept
13
Feb
Mar
55
174 Mar
181( Mar
504 Sept
Apr
10
12% Mar
2031 Sept
311 Mar
50c May
934 Aug
17 Sept
12% Aug
674 July
1014 Apr
55% Apr
Jan
40
1211 Mar
74% Sept
27% Sept
1911 Sept
99 Sent
42
Sept
64 Aug
Feb
120
30 Sept
2534 Aug
44 June
96 Jun
Mar
462
1834 Seri
16% Apr
Apr
78
Apr
7
914 Mar
204 Sept
57 Sept
2
Apr
MX Aug
45
Aug
103
Aug
90% Aug
34
July
64
Sent
815( Jan
95
July
38% Sept
57% Jan
117
Feb
2454 Jan
Aug
20
55 June
154 Mar
9
Mar
634 Jan
54 Feb
43% Sept
68 Sept
14% June
15
15
3314 343i
1% 134
5241 5434
2514 264
964 964
15
14
834 94
50% 5131
51% 51%
3411 3614
814 911
16911 177
3
314
204 20%
41% 494
750
111
90
95
140 140
8951
74
2834 29
141 153
81
83
3841 3934
3654 3731
814 814
195 198
7% 8
24
24%
133 13414
4;4 4%
1% 1%
714 74
77
77
2141 22%
24
25
88
92
62
65
136 1424
234 2%
1074 111
10344 10414
97
974
4834 4834
19
194
2034 246
61
7134
3734 37%
65
65
18% 194
2515 25%
1334 14
454 511
100
2,900
360
700
700
25
2,100
2,000
3,100
400
800
4,100
1,800
2,100
100
15.000
12,900
350
100
28,200
900
5,000
500
2,800
8.000
600
390
3,300
1,80
200
200
:1,400
-,.1.200
, 100
13,300
3,300
409
400
100
600
3,500
280
90
100
200
4,070
1,800
100
200
1,300
200
400
2.000
1411 Aug
32
Sept
1% Apr
46
May
2514 Aug
9611 Sept
534 Jan
7
Mar
3734 Jan
45 , Aug
31
Sept
6% Slay
163
Aug
1 May
204 June
1841 Feb
490 Jan
64 May
140 Sent
5034 Sept
84 Jan
82
Feb
78 May
33
Mar
334 Sept
611 An
182 Jun
641 June
24 Sep
130 Sept
34 Jun
1
Aug
64 Au
7634 Sep
2011 Sep
2154 Sep
87
Ma
30
Jan
136
Sep
2
July
824 Feb
9834 Jan
91
Jan
4834 Sep
19 Sep
145 June
47 May
36
Aug
6334 Mar
17
Mar
25
July
1254 July
414 Sept
High.
Priam,
Sates
Last Week's Range for ' Range Since Jan. 1.
Sale
Week.
ofPrices.
Stocks (Concluded) Par Price. Low. High Shares
Low.
High.
Music Master Corp
• 1534
National Leather
10
Nat Power & Light, corn.• 397
Preferred
* 101
Nat Pub Sent CI A corn_ _
244
• 1534
Class B common
National Tea
• 468
Nev-Calif Elec Co com_100
New Mel & Ariz Land_ _ _1 1434
N Y Mdse Co, Inc
N Telep 634% pref....100 111
Nickel Plate corn new w I.. 924
Preferred new w 1
88
• 66
Niter Corp Class A
• 63%
Class B
Northern Ohio Power Co_• 104
4341 May Nor Ont Lt Jr Pr corn_ _100 49
85 May No States P Corp.com_100 12154
Preferred
100 101
May
86
32% Sept Nor States Pow Del waente 19
47% Aug Ohio Traction, pref__ _100
•
July Omnibus Corp v t o
144
Series A preferred..100
39% July
1064 Aug Outlet Co corn
* 40%
100 100
51
7% preferred
July
53 Sept Pathe Exchange Inc el Is_•
31
Sept Penns. Power & Light, pt.'
49 Sept Penns Water & Power.100
22 May Phelps Dodge Corp_ _100
79 May Milli Electric, corn
25 4631
35 May
Pillsbury Flour Mills_
50 148
34
Feb Pittsb & L E RR com
55 Sept Power Corp of NY.oorn-• 79
•
20% Jan Power Securities,com_
•
3534 Jan Pratt& LambertInc
31
Jan Pub Serv Co of N Ill, corn.'
17
Jan Puget Sound P & Learn 100
14 Jan Purity Bakeries class A_25
21
Class B
• 4131
Jan
2231 July Pyrene Manufacturing_ _10 11%
154 Sept Rem Noiseless Typew, A.•
Preferred
100
77 Sept
July Reo Motor Car
10 224
107
91% Feb, Republic Motor Truck v t c
15
6634 July Richmond Radiator new__
1711 Aug Revs Radio Corp tr etts...•
2
7534 Aug Royal Bak Powd pref_ _100 9934
30
Sept Safety Car Heat & Ltg_100 119
• go
29
Aug St Regis Paper corn
10011 Sept Schwartz(Bernard)Cig A •
52% June Serv. El. Corp. CIA
• 314
154 Sept Silica Gel Corp com v t e-• 164
129
Apr Singer Manufacturing...100
El
3934 Aug Singer Mfg. Ltd
30 Sept Sleeper Radio v ta•
114 Jan Sou Calif Edison com__100 147
pref Series A_ _ _100 11335
984 Sept
524
6% prof series B
100 9735
Feb
19 Sept SouthatiesUtil Co com100 6334
ComrnOnVtc
100
4234 July
9241 June South Dairies CIA WI....4734
3311 Jan
30%
Class 13 w
28
Jan Ereastern Pr & Lt porn.... 147
36 June
293(
Newwi
57 Sept Southern G & P el A
• 2334
1754 Jan Southw Bell Tel.7% of 100
I()
643( July Stand Mot Constr
6234 July Stand Pow & Lt.Class A.25
107 Sept Stand Publishing CI A 25 2011
94 Sept Standard Tank Car cora •
45 Sept
Preferred
70 Sept Stand Textile Prod,B pref.
• 1434
7734 July Scuts Motor Car
107 Sept Swift & Co
100 112
4314 Sept Swift International
16 28%
109% Sept Thatcher Manufacturing • 69
145
Aug Thermiodyne Radio
• 11
385( Aug Thompson(RE)Radio vto• 124
25
Aug Timken Detroit Axle_ _ _10
8211 Aug Tob Prod Export Corp...'
44
213( May Todd Shipyards Corp_ _ _
32
Aug Tower Manufacturing...5 1034
27
9% July Trans-Lux Day Pict Screen
•
9% Aug
654
Class A corn
45 Sept Trumbull Steel. com._ _.25
9
7011 Sept Tubize Artif Silk A v t 0..• 162
5134 Jan
Class 13
1534
Tulip Cup Corp
15
Aug Union Carbide & carbon.' 71
3454 Sept United Elea Coal Cos t c_ 4611
3
Jan United G & E corn new__ _• 42
584 Mar United Gas Improvem1.50 9631
26% June United Lt & Pow corn A • 14434
9734 Sept United Profit
1434
1834 July Un Rye & El(Balk) com.50
1834 July United Shoe Mach corn..25 44%
5654 July U s Light& Heat corn _ _10 1054
5211 Aug
Preferred
4%
10
4634 Jan
S Playing Card
20
17
Jan U 8 Rubber Reclalming__•
185
• 3434
Aug Universal Pictures
9
• 4154
Jan Vick Chemical Co
234 Jan Victor Talking Marrblne100 904
49% Sept Va-Car Chem (new co) Wi
1534
154 Feb
Preferred w i
5014
9914 AUP
884
Prior preferred w I
140 Sept Walworth Mfg
20 22
•
Sept Ware Radio Corp
94
29 Sept Warner Bros Pict corn.' 1631
160 June Western Pr Corp. oom _100 7434
87
Certifi-ates of deposit_
744
Jan
11034 Jan
Preferred
166 98
3734 Sept White Rock Min Spg corn.*
911 Jai Wilson & Co(new) w
219
July
Class A
;--2834
9
Preferred. w I
Jab
2441 Sept Wolverine Portl Cement...1034
142
Sept Yellow Taxi Corp. N Y__• 1235
83( Jan
1"st Mar
Rights10
Jan Southern Dairies, Inc
77 Sept
2251 Aug
Former Standard Oil
Subsidiaries.
25 Sept
95
22
Jan Anglo-American
6914 July Borne Scrymser Co---_100
155 June Buckeye Pipe Line
50
454 Jan Che,sebrough Mfg
25 63%
12451 Aug Continental Oil•t 13-10 23%
10734 Aug Crescent Pipe Line
25 17
99 June Cumberland Pipe Line-100
58
Aug Eureka Pipe Line
100
28% Jan Galena-Signal 011, com_100 354
298
Sept
100
New preferred
7114 Sept
100
Old preferred
4551 July Humble Oil & Refining_ _25 63
68% May Illinois Pipe Line
100 136
19% Jane Imperial Oil (Can) new _
3051
254 Sept Indiana Pipe Line
ao
15
Aug Magnolia Petroleum ..100 139
534 Sept National Transit....12.,
20%
610
27%
243.4
40
1834
89
5734
43
844
8
21%
24%
26
3411
2%
Jan
Jan
Jan
June
Sept
Sept
Aug
Feb
Aug
Aug
Feb
Sept
May
Sept
Sept
1561
15
164
5
5
368 397
99 101
24
2531
1534 17
466 470
3834 3834
1334 19%
2834 2834
111 112
90% 9311
8731 8734
63
70
6154 65
1011 1034
4814 50
11831 125
100 101
1514 214
804
80
12
12
88
88
4011 41
100 1004
7734 8351
10434 10544
150 16454
128 128
45% 46%
3114 35
148 151
7554 8114
154 1534
4954 5035
125 125
514
51
4131 45
4041 4134
1131 1154
4444 4934
108 113
2114 2354
414 414
1431 1534
2
24
9911 9954
118 12134
7931 834
16
16
2854 324
1844
16
310 317
711 714
64 74
12234 147
110 11334
9634 98
6214 654
42
4334
4741 50
30
3334
146 15474
29
31
23
2354
111 111
311 34
22
22
2034 21
10
134
49
49
34
34
13
17
112 11451
2734 31
6454 71
1041 134
123-4 1434
811 834
414 .514
32
32
84 1041
7.100
200
8,610
180
5.100
2,900
180
100
81,900
100
200
7.100
1,010
4,90G
23,300
4,700
1,000
5,650
150
11,300
400
100
100
500
400
8,800
300
890
10
1,500
1,300
280
16.600
200
400
200
300
1,000
600
800
2,400
300
8,800
100
2,100
8,300
20
400
2,800
100
23,100
510
30
200
2.000
59,390
475
850
5,300
600
9.400
37,000
3,200
15,900
1.400
40
200
100
2,600
1,400
100
25
11.800
170
8,600
400
5.700
5.900
300
4.300
100
1.800
84 Mar
4
Apr
18434 Feb
Jan
95
2231 June
14 June
Jan
230
Sept
31
634 Jan
284 Sept
11054
8234 Aug
813.4 Mar
87
Apr
4854 June
64 Way
4334 July
1024 Jan
9411 Feb
Feb
6
62
Aug
954 Sept
88 Sept
July
38
100
Aug
1231 Mar
10334 Sept
127
Jan
128 Sept
Apr
39
3114 Sept
Aug
142
33
Jan
134 Apr
Feb
40
118 May
Mar
49
Apr
35
Mar
34
941 July
Mar
37
9614 Mar
154 Apr
414 Sept
1334 Sept
2 Sept
9954 Sept
10714 May
863-4 Apr
July
16
954 Ain
1211 Mar
19934 Jan
4
Mar
434 May
10134 Jan
10434 Mar
88
Jan
5314 Sept
41
Sera
4754 Sent
30 Sep
52% Feb
2834 Aug
2234 Sep
10611 Mar
34 Jan
22
Au
19 May
834 Jun
49 Sep
34 Sept
6
Apr
109 May
244 June
62 Sept
634 Mar
6 May
334 Jan
334 May
3134 Sept
5
Mar
2131 Jan
641 Jan
Sept
397
102 June
Aug
30
20 June
470 Sept
5034 July
19% Sept
30% Aug
114
Feb
94% Aug
88 sent
Sept
70
65
Sent
1351 July
53 May
126 May
101% July
2914 June
84% Sept
174 Jan
96
Feb
41
Aug
IGO% Sept
9344 July
107 Sept
187
Aug
128 Sept
493( Aug
35 Sept
May
161
9114 July
Jan
26
55
Aug
125 Sept
604 May
4634 June
67 June
12% Mar
4941 Sent
113 May
2414 July
5 Sept
15% Sept
1434 Jan
Mar
105
121% Sept
July
95
18 June
32% Sept
21
Jan
Sept
322
10 June
19% Jan
Sept
147
113% Sept
98 Sept
71% July
July
55
56
Aug
3434 Aug
July
159
3114 Sept
2434 July
111
July
53( Mar
24
Aug
2734 Feb
16% Aug
52% July
41% July
18% Sept
Feb
120
35% Jan
Sept
71
22% Jan
Jan
25
9% June
5% Jan
42
Mar
24% Jan
Aug
Sept
Aug
Aug
Feb
Mar
Sept
Feb
Feb
Mar
Jan
July
July
June
Jan
Sent
Aug
Mar
Aug
Apr
Aug
Aug
Sept
Sept
Mar
July
Ma
Sep
Jan
Feb
Aug
Aug
June
Sept
Sept
6% Sept
19% Feb
180 June
200 June
16)4 May
74% Aug
4734 Sept
July
52
101% Aug
147)4 Sept
16)4 Mar
21% .Sept
46% Sept
10% Sept
5 Sept
Sept
145
7
July
3714 Aug
43 Sept
Jan
105
18 Sept
54 Sept
90% 840
2654 Aug
40)4 Jan
19 Sept
74% Sept
74% Sept
99 Sept
49% Aug
1514 July
35
Apr
75% Apr
13% Sent
Jan
22
500
Sept
14 Aug
2154 2251 2,200 18
230 235
60 205
574
57
110 56
6311 1,200 484
63
2244 2341 24,900 21%
164 17
500 10
144 144
20 132
20 694
704 7034
3531 1,200 34
34
1014 1014
80 100
103 106
270 102
6111 6311 11,200 4.21(
13514 138
50 127
3041 3114 5.400 27%
6514 67
140 85%
23 13054
1364 139
20
400 19%
20%
Jan
Apr
Sept
Jan
Mar
Feb
Mar
Aug
Sept
Feb
June
Jan
Jan
Mar
Sept
Apr
Aug
26% API
July
240
72
Jan
86% May
31% Feb
17
July
155 July
Jan
96
Feb
65
1074 July
114 May
7254 June
1544 Jan
345( June
Jan
84
159
Feb
25% Jan
611 651 1,700
64
9
74
10% 8,600
162 174
460 147
168 168
10 163
15
200 1434
154
70
7254 6,300 65
44
4734 5,900 39
42
43
1.400 25
0554 9734 2,300 9054
142 14734 48,400 4454
1434 15
2,000
554
19
21%
700 1811
44
200 40%
4454
1031 1034
800
354
434 5
1,200
134
143 146
50 130
534 blir 1,800
454
3454 3454
400 24
4154 424 2,700 41
92
75
10,600 65
1534 1711 19,900 1234
504 5234 5.600 OM
88
90
3,900 85
213.4 2314 3,200 2154
1551 174 2.200
9
1834 - 1854 1,100 1354
7454 7434 5.500 30
74% 7434 1,600 744
95
96%
550 8634
40
100 16
40
1354 14
1,100 11
284 2911 1.800 2634
6954 7034
700 68
104 134 7,000 1054
1054 1254 1,000
9
60.4
1
8,900
Porn., a•end..trd oil
Subsidiaries
Par
(Concluded)
New York Transit
100
Northern Pipe Llne
100
Ohio 011
2r
Penn Mex Fuel
26
Prairie 011 &(Jas
Prairie Pipe Line
101
Solar Refining
101
101,
South Penn 011
_ 100
Southern Pine Line
So West Pa Pipe LInes_100
Standard 011(Indiana). _25
Standard Oil (Kansas)_26
20
Standard 011 (Ky.)
Standard 011 (Neb)_
Standard 011 of N Y._._25
Standard 011(0) corn,.100
100
Swan & Finch
26
Vacuum 011
Last Week's flange for
Week.
of Prices.
Sale
Price Low. High Shares
Range Since Jan. 1.
High.
Low.
• 53
53
54k
793: 78
79h
614 634
63
23
23
49
46% 494
-122 r122 126
210 215
155% 15734
754 7534 764
584 584 61
62
614 61
31t. 3134 32
1334 12914 134%
235 236
236
40% 41k
41
352 365
305
184
17
17
884
884 85
70
1415.200
50
23.101.
1,256
50
240
200
40
28,100
1,301
4,700
310
8.200
310
60
5,000
50
78
6034
23
45%
106
202
139
754
58%
5934
303(
1144
231
40
338
12
804
Aug
June
Ally
Aug
Sept
Jan
Jan
Jar,
Sept
Sept
Mar
Apr
Mar
Aug
Aug
Jar
Aug
Jan
79
88
7511
4434
65)4
1274
254
197
103
85
70
46
13434
270
48%
369
27
9634
Jan
Feb
Feb
Mar
Jan
July
JILL
Jan
Jan
Jan
Feb
Feb
Sept
Jan
Feb
Jan
Jan
Feb
836
3h
7%
231
41
3
631
9
8
3h
131
2%
2
744
264
34
5%
184
14
134
3
ag
160
111
204
54
9%
3334
33
156
23
27%
16%
75c
4
6%
2534
37%
10
9%
2%
2331
5h
Sc
9.800
200
3,400
1,306
1,400
1,200
9,800
3,600
200
300
3,405
6,600
701
4.901
25,700
3.201
23,000
'Co
5,700
400
20(
13,60G
1,400
700
10,400
900
1,900
700
19,400
9,000
1,606
900
6,100
8,500
1,700
300
3,600
2.300
400
200
8,400
1,600
1.000
2,000
24
3%
5
2
38
24
34
836
7%
3
870
134
111
6334
2234
2%
414
184
75e
50c
1%
56e
10c
1
18%
3%
834
31
23%
900
174
16
9
50o
354
6%
24
33%
9
8
1%
224
3%
Sc
Jan
Sept
Apr
July
Am
July
Mar
Jan
Aug
Sept
Jan
Jan
May
Mar
Mar
Sept
June
Sept
Jan
Jan
Jan
Apr
Feb
July
Jan
II%
103(
8%
434
471
43-4
June
a
June
Feb
May
Sept
Aug
Aug
Other 011 Seocks.
74
Amer Maracaibo Co
10
Argo Oil Corp
6
Arkansas Natural Gas._ I(
2
Atlantic Lobos Oil nom- •
2' 41
Brit Amer 011
3
Cardinal Petroleum Corp..
Carib Syndicate
834
.5
Creole Syndicate
734
Crown Cent Petrol Corn •
33:
Derby 011 & Ref cam_ _ _*
1%
Euclid Oil
2
Oilman Oil Corp
•
Gilliland 011 con v t c _
26 7434
Gulf Oil Corp of Pa
International Petroleum_ • 2634
334
•
Kirby Petroleum
4%
Lego Petroleum Corp.__ •
•
Lion OH& Refining
134
Livingston Petrcleum--_•
Margay Oil Corp
1
Marland 011of Mex
314
Mexican Panuco Oil- _10
10 15c
Mexico Oil Corp
Mountain & Gulf 011
Mountain Producers.....1l) 20%
it
New Bradford 011
25
New York 011
25 33
Ohio Fuel Corp
Pan-Am West Pet Class B• 29%
1k
Peer Oil Corp
22%
Pennock 011 Corp
25 2434
Red Bank 011
Salter-Foster Oil Corp- -• 1534
Royal Can 011 Syndicate.• 65c
.5
Ryan Consol Petroleum.
6%
Salt Creek Consol 011-10
Salt Creek Producers....10 25%
• 36%
Sun Oil Co
Tidal Osage 011
•
Non-voting stock
2%
Venesuelan Petroleum__ _ .
Wilcox(H F)Oil& Gati new 22%
5
Woolley Petroleum Co_ .•
1
"Y” 011 & Gas
73.6
3S4
6
2
40
2h
5%
834
7%
3
Ms
1%
1%
73%
2534
234
44
18%
154
980
2%
314.
150
14
20%
5
9
33
24%
1%
2134
24%
13%
600
394
6%
244
353(
934
934
134
22%
4%
6c
Jan
Feb
Mar
Sept
May
Jan
Mar
Sept
July
Jan
Sept
Jan
Sept
Feb
July
Sept
Sept
Mar
Jan
Aapyr
4 M
24
14
Feb
7
r
u e
Jm
1
33
June
SA
%
1
e
nb
91 Fue
8
23
7
Jan
74 Apr
July
28
14 Sept
13-4 Sept
43-4 Febsept
334
37c Mar
Mar
2
23% June
un
834 JSepte
214 June
13
3
Feb
34
1% Feb
284 June
44% June
r
ae
Jr n
i:
911
33
Apr
2
8% Mar
28% June
15 June
46
Feb34
10% Feb
tie
k Apr
4%
31
Mar
7
go June
Mining Stock.29c 29c
Argonaut Gold old
21c 23c
Arizona Globe Cooper._.1 220
48h
48
10
Bingham Mines
13c 14c
Butte & Western Mlning.1
150 15e
Calumet & Jerome Copp.]
7%
7
It
7%
Canario Cooper
18c 18c
Chino EXte118100
2%
2
2
Conseil Copper Mines _ _1
2% 2%
Cresson Cons Gold M&M.I
35% 343( 38
Eagle-Picher Lead
5534 46% 80
Engineer Gold Mines.Ltd
7e
To
7o
Eureka Croesus
Sc
Sc
5o
First Thought Gold M_ _ _1
90 13c
1 10c
Forty-nine Mining
6%
4
531
Golden Centre Mines
160 180
17c
Saw thorne Mines Inc- _
17
16
25, 16
Heels Mining
15
154
Hollinger Consol G M_
75c
730
75c
Jerome verde Develop...
2
1% 2
KayCopper Co
131 111
5
Kerr Lake
239
2
2
Mason Valley MInes
8ci 100
50c
National Tin Corp
193-1
19H
New Cornelia Copper .-5
191 19335
New Jersey Zinc.. -101 191
4k
Nevrmont Mining Corp_10
434 4%
4%
NIpissing Mines
800 88c
_1 850
Ohio Copper
9.3 10c
Plymouth Lead Mines._ _
Pond Creek Pocahontas_ _ --1634 16% 1735
234 2%
234
Premier Cold MM, Ltd_ I
/ 28c . 2513 28c
Red Warrior Mining
Sc
Sc
Rochester Silver Corn
700 850
80c
Shaw Mines Corp
9
9
9
Silver King Coalition
2% 24
2%
South Amer Gold & Plat.]
8
7
Spearhead Gold Mlning..1
11518 1151,
1
Teck Hughes
700 700
Tonopah Belmont Deve1 1
Irte 1%
1
Tonopah Extension
4%
Vie 4%
Tonopah Mining
50c 520
United Eastern Mining..
United Verde Extens--.60c 264 26H 26%
70
70
US Continental Mines_ _5
490 620
5 550
Unity Gold Mines
7
634 734
Utah Apex
700 990
Utah Metal & Tunnel
2
2
2
1
Walker mining
3% 34
334
Weoden Copper Mining..1
1,000 290
3,000
IC
200 48
2,000 100
1,000 12c
24,800
3%
1.006 10o
1.000
13-4
900
2%
300 344
30.900 1431
2.000
70
46,000
50
63,000
54)
58,300
4
12,000
8e
3,800 1234
800 134
500 730
72,200
14
1,000 88o
300
134
17,000
Sc
200 184
290 181
600 434
4.100
44
14,000 730
5,000
7o
200 164
2.600
2
2,000 200
2,000
5.3
50,000 320
100
5
200
231
4o
18.000
200
1%
500 520
500
134
1,500
Pts
5,700 390
3.700 2011
2,000
60
3.300 490
3,800
434
1,900 70e
300
2
7,300
2
Sept 290
860
JIM
Sept 4834
Mar 19c
Sept 260
g
Feb
Aug
1%
4
July
Sept
4
Sept 35
Jai 109
Jan 230
Sept 580
Jan 420
Sept
74
Feb 230
Apr ti
Mai 16%
2
Sept
Jar.
234
134
May
Mai
2%
Aut 180
Mar 24%
May 200
Aug 46%
6%
May
1%
Aug
Sept 85c
Sept 1734
Jan
234
Feb 51c
Apr 140
Aug 850
8
Jai
3%
Ma)
Feb 120
Jan
2
Apt 890
Vie
Aug
6
Mar
Jan 630
Apr 294
Aug 160
Sept 910
84
Jan
1
Sept
3%
Sept
5
tan
Sept
Feb
Sept
Feb
Mar
Aug
June
Feb
Feb
Sept
July
Feb
Jan
July
July
Apr
Aug
May
Apr
July
Feb
Jan
Mar
Jan
Aug
July
Jan
Jan
Mar
Sept
Sept
Aug
Jan
Sept
Aug
Jan
MAY
Sept
Aug
Feb
Aug
Feb
Jan
Mar
June
Jan
Jan
Feb
Apr
BondsAllied Pack, deb 611. __1939
1939
Cony deb 85
Aluminum Co of Am 75'33
Amer G & E deb 415_ _2014
American Power & Ugh -6e old without wart 2014
65 new
Amer Rolling Mill 65..1928
Amer Sumatra Tob 7345'25
1928
Amer Thread 68
anaconda Cop Min 66.1938
Andian Nat Corp 65 ..1940
Without warrants
Assoc Gas & Elec an _ _1965
assoe'd Simmons Hardware
1935
634s
Atlantic Fruit 88
AU & W I SS L 56-1069
Seaver Board Co 86_1935
dell Telep of Can 5a._1985
Beth Steel equip 7s__19351
[VOL 121.
THE CHRONTCLE
1562
75
73% 75 310.000 7331 Sept 84% Feb
17,000 84
Mar 943.4 Feb
89
86% 89
log%
12.001 1064 Aug 107% June
107
1064
Jan 99% July
9734 974 97% 153,000 96
96
964
9635
98
96% 964
101 1014
97
97
103 103
10331 103 1034
117% 117% 120
96% 96%
93h 9234 933:
9031
20%
76%
88%
9934 99
103% 10314
2035
774
9031
2031
78
8934
9934
104
143,000
12.000
.3,000
2.000
1.000
39.000
8,000
1,000
61,000
93%
95
100
80
102%
10214
103
11634
93
6,000 81
13.000 1834
117,000 62
10,000 87%
40.000 97%
25.000 103
JAL
Mai
Jan
Mab
Jar
Jan
Apr
Sern
Aug
1/834
98%
1034
983-4
104
104
125
1003-4
96
May
May
June
Apr
Feb
Mav
June
May
June
Feb 91
Jan 27
Jan 78%
Sept 96
Aug 100
Mar 10442
June
Mar
Sent
Jar
June
Jar
Bonds (Condoled)
Friday
Lase Week's Range Sales
for
ofPrices.
Sale
Price. Low. High Week.
c'anadian Nat Rye 75 193.4
Chic Milw & SIP (new co
2000
AdJ M bawl
Chic R 1& Pac 5%8_19
1966
Cities Service 68
Cities Service 78 Ser B 1966
Cities Service 78 Ser C.1961.
Cities Service 7s Ser D 1966
Cities Service 78 Ser E.196C
tntles Serv Pr& Lt 68.1944
Cons G.EL & P. Balt1949
an, Series A
195
53-Is Series E
1965
58 Series F
1941
Conan' Textile
Cosgrove-Meehan Coal1954
6648
1936
Cuba Co 65
Cuban Telep 7115_ _ _ _1941
Cudahy Pk deb 5315-1937
1946
55
Deere & Co 748
1931
1947
Del City Gas 68
1932
Detroit Edison 65
1955
Is Series B
1928
Debenture 75
1929
Debenture 75
1930
Debenture 75
Egt RR of France 7s ..1954
1933
Federal Sugar 6s
Galr (Robert) Co 7s__1937
Galena-Signal Oil 78..1930
Galena-Sig Oil of Tex 65'3.
General Ice Cream 645'35
General Petroleum 65.1928
Aug 15 1940
lot Is
Grand ['runt Ry 6 45-1936
Great Cons Elec 6348 195))
1937
Gulf 011 of Pa 58
1927
Serial 531s
1928
Serial 53-45
1936
Hood Rubber 78
It .Ban Power 6345._ -192
KAI City Term 448..1960
K fmannDeptiltores68'35
Keystone Telep 5315.._1955
Krupp(Fried) Ltd 75 1929
Lehigh Pow Secur 6s_ _1927
Libby, McN & Lib 78.1931
Liggett Winchester 78.1942
Long Island Ltg 66...1954
Manitoba Power 75.-1941
Missouri Pac RR 55...1927
1930
Morrls&Co73-4e
Nat DIste Prod 75._ 1930
No Amer Cement636e 1940
With warrants
Nor State'Pow 8345-1933
6115 gold notes_ _ _1933
Ohio Power 58 Ser B..1962
Oklahoma this & El 58 1950
1936
Park & Tilford 6s
Penn Power & Light 55 '52
1953
55 Series D
1941
Phila Elec 6s
Phila Rap Transit 68..l962
Phillips Petrol 7115_ .1931
Pure 011 Co 611s
1933
Schulte RE Co 138._ -1935
Seaboard Air Line Is.._1945
Shawsheen Mills 75_ _ _1931
Siemans & Halske 78_1928
1936
76
Sloes-Shelf St m I 68..1929
1934
Solvay & Cle as
Southeast P & L 65 A_2025
South Calif Edison 68.1944
Stand 54111114 5348. -1945
Stand 011 of N Y 634s.1933
19310
Sun Oil 5348
Swift & Co 68_ _Oot 15 1932
Thyssen(Aug) 1&S 75 1930
Tidal Osage Oil 75. _1931
Toho El Pow (Japan)75'55
Tokyo Eleo Light 68_1928
Trans-Continental Oil 7830
Tyrol Hyd-El Pow 7 '35
Union 011 Calif 55.. _ 1935
United Oil Prod 85_ _ ..1931
United Rye of Hay 7348'36
US Rubber Ser 6348._1926
Serial 611% notes...1927
Serial 6 % notes-19204
Serial 6%% notee...1929
Serial 64% notes..1930
Serial 611% notes...1931
Serial 6h % notes.-1932
Serial 634% notes...1938
% notes_ _1934
Serial
Serial 64% notes._1935
Serial h % notes_ _1938
Serial 6%% notes _ _1937
&dal 631% notes _ _1938
Serial 634% 00103--1939
Serial 611% notes_ _1940
1930
Vacuum Oil 75
1937
Valvoline Oil 65
Webster Mills 6348_ -1938
Range Since Jan. 1.
Low.
High.
112k spr
110
110
1101: 16,000 1083( Jan
1004
904
1764
125
102%
94
54
100%
90%
17635
1244
102%
112%
93%
541s
100%
903s
17042
12514
10334
1123,
94
99%
85
106
104%
9931
85
1.000 1044 Jan 108 June
106
10554 2,060 1014 Jeri 1054 Aug
Aug 10034 June
99% 61,000 98
Jan
Apr 96
8534 9,000 go
127.000
19.006
79,000
1,000
40.000
156,000
1,000
151,00)-
5234
10031
90
1503(
111
9814
11214
92
Sept
Aug
Selo
Jan
Jan
Jan
Sept
Feb
55%
10156
914
178%
128
10634
112%
94%
Aug
Aug
June
Feb
Feb
Feb
Sept
Mar
97%
96
9231 93
110 111
927-4
92
9334 9356
1034 103%
105 105
139 150
9935 99%
139 150
140 144
138 150
86% 87
94
94
102 103%
104% 105
100 100
111 113
1014 101%
9431 944
1074 107h
86%
86
99% 100
101% 10131
101% 10134
104% 10431
10031 100%
8434 84%
96
95
89
87
9234 93
101% 10134
104% 104%
107% 10734
100 100%
104 104%
10034 10034
1044 10434
100% 100%
51,000
50.000
10,000
58,000
2,000
15,000
9000
98.000
28,000
56.000
12,000
68,000
255,000
1,000
10,000
3,000
2,000
85.001,
59.000
21,000
7,000
16,000
20,000
6,000
2.000
1,000
3,000
92,000
2,000
64,000
43,000
10.000
11,000
4,010
27,0110
7,000
6,000
15,000
13,000
96
913(
106
89%
90
1024
1024
1104
973(
125
114
12111
7814
92%
99
104
100
104
100,4
944
1054
86
984
101
101
102
973(
83
95
87
86
10034
102
107%
9934
98%
9911
9811
99%
Sept
Sept
Jan
Jan
Apr
July
Jan
Jan
Aug
July
Mar
June
Aor
Apr
Apr
Aug
Sept
July
Jan
Sept
Jan
July
Jan
July
Aug
Jan
Jan
July
Sept
Sept
Aug
July
Jan
Seta
Aug
Jan
Apr
Jan
July
98% June
Mar
98
11231 Aug
Feb
96
95 June
Feb
105
106% May
163 Sept
100 June
15134 Sept
150 Sent
151 Sept
8834 Feb
Mar
99
104% July
106% July
102 June
117 Sept
July
102
9434 Bent
July
110
NM July
10134 May
101% Jan
102% Sept
105% July
10034 Sept
8834 July
9634 Apr
Aug
91
994 Jan
1014 Mar
Aug
105
108% Aug
July
102
1044 Sept
May
101
1043, Sept
102 June
98% 98% 9831
11834 11734 12034
103 103'
93% 92% 9334
924 92% 924
974 9734 9731
9634 97
9636 96% 9734
10631 10634
98% 9834
10431 104%
102 10234
102
1005i 100 100%
94% 94%
10134 10134 101%
9634 9631 97
94
9515
103
102% 103%
104 104
104
97
96% 97
9534 95%
93% 954
106% 1064
9734 98
96% 9654 96%
9411 94% 94%
10334 104h
104
8931 89% 90%
99
98% 99
95% 9414 96
96% 9634
94% 95
39%
3934 37
109 109h
109
100% 100%
10131 101% 10131
10131 101%
1014 101% 101h
100% 102
100% 101
10035 99% 100%
10035 99341003-4
100% 10035
10031, 100 100%
99% 99% 10031
9911 99% 100
99% 100h
99% 9931 100%
9911 99% 100M
10434 10431 105h
105 105
99% 9954
28,000
175,000
7.000
29,000
67,000
5,000
5,000
84,006
6,000
6,000
3,000
54,000
36,000
12,000
10,000
12,000
30,006
1:4,000
10,000
104,000
1,000
3,000
65.000
31,000
62,000
68,000
18,000
36,000
16,1)00
45,000
11,000
16,000
10,000
14,000
8,000
17,000
23,000
31,000
12,000
18,000
41,000
55,000
8,000
27,000
39,000
11,000
8,000
32,000
17,000
42,000
1,000
7,000
98% Aug
105% J"
994 Jab
Jan
89
91% - Aug
9531 Apr
Apr
95
Apr
95
104
Aug
9634 Aug
10311 Jan
9711 Jan
100 June
94% Sept
Apr
100
9334 Aug
9034 Aug
101
Jan
Jan
100
96% Sept
Jan
92
July
94
106
Aug
9534 Jan
Jan
94
90
Aug
Jan
103
87
Aug
9834 Aug
94H Sept
9411 June
9431 May
Jan
28
10714 Mar
1003( Apr
i00% Apr
10034 Apr
994 Alw
9914 Ain
974 Apt
Mar
97
964 Apr
9634 May
Apr
96
95% Apr
95% May
964 Apr
95% May
9534 May
104% Sept
104
Jan
97% Mar
9934 Allg
Jul7
121
104% Ma7
9614 May
Mar
95
Jan
98
98)4 May
98% May
108 June
Mar
99
105 - Aug
1021( MU
1004 Sept
95 Sept
Jan
104
9934 Feb
9694 Feb
1.034 Sent
July
105
9734 Aug
974 May
9654 May
Feb
108
99% J111.1
Jul)
97
9934 Feb
1044 Jan
9134 May
9934 Sena
1034 May
96% May
96% Mar
50 June
112
July
974
92%
110
024
9334
10334
105
150
9934
150
147%
8661
112
101%
10734
99%
10134
10131
10411
8431
9231
101%
104%
1003,1
104
10031
10435
100%
Foreign Government
and Municipalities
894 476,000 57 Sept
89
Berlin (City) 6145-1950
88
88
9,000 87 Sept
Cologne )City( 6348-1950 88
100 1014 9.000 9s. July
Denmark (King)68. - 1970
1955 9934 99% 994 67,000 9934 Aug
5345 w I
9936 48.000 97
99
May
Gratz (City) Austria 88 '54
833( 8434 167,000 7734 Apr
French Nat Mall88 78 1949 84
Hungarian Cons Mun
8931
894 667,000 89
89
1945
July
Loan 730
Induat Mtge Bk of Finland
let M coll f 75_ _ _1911 9431 9434 94% 126,000 93% Mar
98
98
33,006 974 July
Medellin (Colom) 8s._1948 98
Netheriands(KIngd)65B'72 10634 10634 1064 12,000 10234 Mar
Jan
Peru (Republic of) 85_1932 10011 1004 100% 1,000 99
134 14
21,000 114 Aug
Russian Govt648- -1919
Aug
661% certificates_..1919 1331 13% 13% 1,000 11
15
15
1921
1,000 11
July
5345
13
13
1921
25,000 1034 May
5345 ctfs
Santa Fe (Prov) Argentina
96 289,000 9254 Sept
1942 9531 95
Cred ea 7s
94% 97
25,000 9431 Sept
Saar Basin Cons Co'751935 97
Jan
Switzerland Govt 5148 1929 10231 102% 10234 33,000 101
9254 July
Upper Austria(Prov) 78'45 92% 9234 92% 13,
102M mar
102
10234
101%
102
101
101
10011
10034
100%
10014
100%
100%
100%
100)4
10734
106
1034
Mar
Mar
Mar
Sent
July
Sept
Sept
Sept
Sept
Sept
Sept
Sent
Sept
Sept
Jan
Mar
Jan
8934
July
Aug
Sept
Sept
Seta
Jan
88
inn%
100
004
lei
5934 Sept
97
9834
119%
101%
1734
17
1734
1534
June
July
Aug
June
Feb
Feb
Feb
Jan
9634
97
104
9234
Jull
Sept
July
J1111'
•No par value. k Correction. I Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. a Option sale. o Sales of
Standard Publishing In our issue of June 27 at 1734 was an error. to When issued.
Ex-rights. r Ex-stork dividend •
z Ex-dividend.
Sales of Pillsbury Flour Mills stock t eported last week at 152 was an error.
It should have been 33.
1563
puestutent and glaiiroati intelligent&
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third
week of September. The table covers 3 roads and shows
20.88% increase over the same week last year:
Third Week of September.
1925.
1924.
Increase. Decrease.
$$
$
11651
343.255
355.906
Buffalo Rochester & Pittsburgh_
4.629.0(10 3.511.000 1.11Q.n0n
Canadian Pacific
81.923
2.033,929 1.952.006
St Louis-San Francisco
7,018.835 5.806,261 1,212,574
Total (3 roads)
1 212,574
Net increase(20 88%)
In the table which follows we also complete our summary
of the earrirrs for the second week of September:
-Grossfrom Railway--Net from Railway- -Net after Taxes1924.
1925.
1924.
1925.
1924.
1925.
$
$
$
$
Southern Pacific System"5.243,010
"5,531,973
7,685,944
7,730,955
25,154,663
.25,469,452
_
_
_
August
From Jan E185464772 187583.025 40.944,025 39,141.590.24.618,471.28,156,476
Union Pacific System
August _ _ ..18.161.823 17,925,132 5,079,913 5.108.754 4.103.828 3.787.767
From Jan 1.117293707 125239,202 29,111,888 31,716.738 19,863.986 21.661.786
Western Maryland311.331
546,315
381,331
611,315
August ___ 1.771.126 1,485,926
From Jan 1.15.921,024 12,547,710 3,918,856 3,193,381 3.408.877 2,573.381
• After rents. a After charges.
Income.
Fonda Johnstown & Gloversville
From Jan .1 to Aug 31
Western Maryland
Second Week of September.
1925.
Previously reported (5 roads)Ann Arbor
Canadian National
Georgia & Florida
Great Northern
Mobile & Ohio
Nevada California & Oregon__
St Louis Southwestern
Southern Ry System
Western Maryland
$
7.634.406
111.752
5.077,516
46.800
3,176,000
401,707
7.662
516,800
4.170.7.97
410.043
1924.
Increase. Decrease.
$
$
6.366.132 1,270,383
9.077
102,675
4,099.773 977.743
6,800
40.000
2,601.232 574,768
40,758
360.949
12,168
548.061
3,655.596 515.201
33.731
376.312
$
2,109
4.506
31.264
From Jan 1 to Aug 31
Charges.
Balance.
12.177
31.456
Aug'25 '43,633
8,383
30,961
'24 '39.344
3,938
255,727
'25 0259.665
252,404
23,776
'24 "276.180
304.708
251.281
Aug'25 *555,989
4.590
256,768
'24 .261,3e8
'2503,123,588 2,024,597 1,098,991
316,142
'24'2,384.545 2,068,403
Electric Railway and Other Public Utility Net
Earnings.-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
734.598 *439.126 *364442
Aug 1,082.929
37.879 Alabama Power Co
21,553,483 18.162.901 3.428 461
Total (14 roads)
4,129.979
*4.995.515
8.813.480
10,448.907
3.390.582
12 mos end Aug 31
Net increase(18.66%)
xGeorgia Rv & Pow Co--Aug 1,258,681 1.360.383 *336.783 *334.359
10,669.235 11,342.592 *3.276.278 *3.475.970
3
Jan
From
number
a
for
earnings
weekly
the
show
we
following
In the
and affil corp__Aug 4.350.076 4.045,115 b1.163.186 6947.876
Co
Phila
of weeks past:
40,817.630 39.718.734511.985,429641.325.822
8 mos end Aug 31
* After taxes. b After depreciation and taxes.
Increase or
Previous
Current
Northern By Co. and Gainesville By. Co.
Atlanta
z Includes income of
%
Decrease.
Year.
Year.
Week.
Balance,
Fixed
Net after
Gross
Charges.
Taxes.
Earnings.
$
$
$
Surpls.Comanie
$
$
$
1.51
-261.838
17.337.267
17.075.429
roads).June
(16
1st week
214.560
-405.984 2.33 Atl Gulf & W I SS July '25 2.367.006 c•406,192 /191.632
2d week June (16 roads).- 16,982.661 17.388.645
-288.496 1.65
'24 1.901.933 c•90.637 k198.354 --'07.7I7
Subs
&
Bd week June (16 roads).,.. 17.170,036 17.458.532
Lines
1.326.492
2.68
.832
k1.316.340
+610.569
17.221.78702.642
22.855.412
4th week June (16 roads)---- 23.465.981
7 mos ended July 31 '25
526,751
+243.852 1.43
'24 15,359.321c*1,934.913 /1,408,162
1st week July (16 roads)._. 17,280.373 17,037.297
+258.533 1.47
39,237
27.127
66,364
26 week July i16 roads)..... 17.742.468 17,483.935
131,329
Hydro-Elec Aug '25
Bangor
5.35
+922.795
34,659
3d week July 16 roads)--- - 18.163.598 17.240.803
60.654.
123.141
'24
Co
509.904
312.429
822.332
4th week July 16 roads)-.... 27.201.378 25.022.731 +2.178.647 8.70
1.552.520
31
Aug
'25
12 mos ended
488.806
301.753
789,839
1st week Aug. (16 roads).- 18.408.362 17,160.592 +1.247.770 7.27
1,546.725
'24
26 week Aug. 16 roads)._.. 18.693.557 17.140.935 +1.552.622 9.05
59.311
81.015
140.326
'25 *941.356
8d week Aug. 16 roads).... 19.313.356 17.533.547 +1.779,809 10.15 Brooklyn City RR Aug '24 *937.136
86.315
35.880
122.195
4th week Aug. 16 roads)__-_ 27,448.599 24.984.483 +2.464,116 9.86
198,029
117.207
315.236
'25..1.901.917
31
Aug
end
2 mos
0.680 19.93
,
let week Sept lb roads).-- 18.849,977 17.369.297 +1.41
202,435
75.021
277.456
'24 *1.906.519
18.66
26 week Sept. 14 roads),... 21.553.483 18.162.901 +3.390.582 20.854
511.626
654.736
Aug '25 3.814.525 '1,166.362
7.018.835 5.806.261 4-1.212.574
ad week Sent. (3 roads).._.
B M T Corp and
324.249
647.393
'24 3,550,973 *971.642
affil cos
1.307
891
1,008.174
*2.316.065
7.638.705
'25
Dates.
-The
Latest
to
table
31
Aug
Monthly
end
Earnings
mos
Net
2
831.408
1.293.022
*2.124.430
7.269.871
'24
following shows the gross and net earnings for STEAM
86.178
285.495
Aug '25
Central Illinois
114.130
railroads reported this week:
250.633
'24
Light Co
523,611 1.089.122
1,612.733
2.783.662
'25
31
Aug
ended
-Grossfrom Railway- -Net from Railway- -Net after Taxes
mos
12
499.481 1,020.524
1924.
1925.
1924.
'24 3,560.098 1,520,005
1925.
1924.
1925.
299
f603,492
510.807
2,477.202c•1,114.
'25
Aug
&
Gas
Columbia
Terminal
1498,872
185.503
District
c•684.375
Eastern
Brooklyn
'24 1,440,082
Elec Co & Sub Cos
39,237
30.662
47,958
24.310
105,007
August.,... 120,604
Aug 31 '25 20,900.050c•10226,094 14.565,701 5,660,393
ended
mos
8
326,864
369,489
311.680
386,895
941,315
954,166
From Jan 1
'24 17.949,33408,532,776 J4,193.570 4.339.206
Buffalo & SusquehannaAug '25 3,355.779 1,268,610
Power
-5,338
-4,776
-8,276 Com'w'th
-1.838
131.311
112,005
August..
'24 2,907,155 1,241.109
Corp & Sub Cos
.159,650m10706,839 7,452.811
-8,063 -83,651 -35,286 -120,455
- 1,075,601 1.229,364
From Jan1
8 mos ended Aug 3/ '25 41 ,7S8."( 58 18
39.183,496 17,118.197 m9,452,597 7.665.600
'24
Chicago & Alton*519,950 "572.786
651.833
2,858,037 2,762,425
August
Co Aug '25 1.575,055
Pow
Consumers
*2,653,589 *2852309
653.878
'24 1.372,934
From Jan 1 1,986.846 2,001,076
8.910,465 2,528.339 6.382.126
mos ended Aug 31 '25 19.357,922 8.E89,193
Chicago Great Western12
2.448.338 6.140,855
600,656
18,279.268
485,308
'24
2,232,489
2,290,774
August
2,391.232 2,391.417 Cumberland Co Pr & July'25
19.708
62.232
c81.940
292,827
From Jan -1 15,476,024 15,803,723
63,082
56.195
c119.277
317.129
'24
cos
Lt Co & cons
Delaware Lack & Western
589.411
741.366
mos ended July 31 '25 3.821.948 c1.330..77
August _ _ 7.660,047 6,943,347 2,347,037 1,781,959 1.696.460 1,231,473
12
731,728
754,822
'24 3,865,238 c1,486.550
From Jan_-1 59,010.666 58.881.566 15,953,932 13,845,249 11,115,349 9,487,579
6.462
8 087
1.625
16.293
Aug'25
Grafton Co El Le
Fonda Johnstown & Gloversville6.509
1.482
7.991
15.808
29,014
32,267
36,854
24,427
'24
97,752
106,804
Co
August
& Power
60.128
12.865
72.993
142.973
217.518
298,522
235.802
280.238
864,074
Prom Jan 1- 852.810
8 mos end Aug 31 '25
57.392
11.327
68.719
132,853
'24
Illinois Central System207.664
209.411
417.075
02,770.464 "2.470496 Great Western Pr
668,925
Aug'25
August....15,366.690 14,133.619
131.614
221.078
352,692
639.315
'24
006
.398
*18,102.80018.015,
1113297.731112784
Jan
From
System
1.460.109
8 mos end Aug 31 '25 5.230.118 3.193.817 1.736,708
Interest Rya of Central America'24 5,059.104 2.933.366 1.733.457 1.199.909
171.175
153,524
402,860
461 125
August _
3.623
2,162
5,785
34.679
1,835,429 1.597,885 Houghton County
Aug'25
From Jan 1 4,297.822 3,475,410
4.080
984
5.064
35,454
'24
Bloc Light Co
Kansas City Southern (Including Texarkana & FortSmIth)90.736
48.224
138.960
501.413
495.986
505,961
608,088
408,861
12 mos end Aug 31 '25
1,836,570 1,752,679
August
87.791
49.110
136.901
523.080
'24
3,226.856
3,774.529
4,111.692
2,942.031
13,764.302
1.13.788,461
From Jan
445,780
58.847
298,345 *104.627
New Bedford Gas Aug '25
Lehigh Valley49.804
648,851
•98,658
273,792
'24
*1.810,630 *1,215.587
Edison Lt Co
August.... 7,370,394 6,426,109
877,306
6615.739
*1,493.045
3.875,499
"10267008 *7600,817
12 mos ended Aug 31 '25 3,496,398 *1,240.161 6591.419
From Jan 1 52.814,142 50,248,647
648.742
'24
Maine Central53.943
20.891
74.834
190.947
Aug'25
a129,039
021,618 Nevrpt N & Hamp
1.704.096 1,638,023
August _
48.007
20.526
68.533
188.451
'24
Co
Elec
&
Gas
a685,570
y
al61,807
13,626,919
From Jan 113.378.304
857
441.629
248
690.486
2,043.052
'25
31
12 mos end Aug
Midland Valley380.524
253.260
633.784
'24 2.017.579
117,357
126,848
134,127
108.547
361,783
371,887
August
58,201
/94.982
276.891 5153.183
Aug'25
887.600
951.046
810.462 N Y Dock Co
From Jan 1_ 2,915,617 2.936.118 1,022,721
39.412
268.113 ./144.177 /104.765
'24
Minneapolis St Paul& Sault Ste Marie436.399
/775.830
/1.212.229
2.242.594
'25
31
Aug
8 mos end
535,558
360,795
712,283
208,179
2,486,869 2,110,764
August
361.911
51.209.925 /848 014
2.151.537
'24
1,959,592
2,163,916
3,412,181
15,721.555
805,338
From Jan 1.16,848,598
44.372
228,880 1184.508
927.178
Aug '25
Nor Ohio Power
Wisconsin Central154.173 1177,507 -23.334
801.689
'24
Co & sub cos
397.155
637.493
545,363
305,088
August _ _ 1.973,479 1,712,566
475,817
1460.333
1,936,150
7,553,698
'25
31
Aug
ended
mos
8
From Jan 1..13,289,629 12,840.107 3,204,319 2,512,589 2,468,835 1,788,439
39.811
'24 6,528.607 1,392.955 1353.144
Montour36.743
107.992
Aug '25
32,229
-5,051
-8.820
158,821
23,006 Ohio Edison Co
84,481
August
41.055
103.675
'24
98.445 -64,103
46.794
From Jan 1.. 677.398 1.040,359 -29.420
470.259
111,090
581.349
12 mos ended Aug 31 '25 1.496,533
462.688
140,716
603.404
'24 1,540.821
New York Chicago & St MUM-910.994
4.677.896 4.433,064 1,320,172 1,136,403 1.075,248
August
-33.691
632.755
1-936
'
446.688
'25
Coke
Aug
&
Coal
Penns
From Jan -1 35,525,062 35.398,091 9,682,981 8,226,136 7,701,554 6.372.135
03.164 --49,651
1-16.487
428.312 '
'24
Corp and subs
1-182.801 6255.932 -438.733
New Orleans Great Northern8 mos end Aug 31 '25 3.473.312'
59,800
77,827
82.172
67.153
247,767
245,959
6263.001
-237.879
*25.122
_
_
August
'24 3.894.212
579,939
564,250
408,301
437,897
From Jan 1. 1,903,333 1,968,178
Aug'25 3,920,323 *794.289 d1,087.068 -292,779
Philadelphia R T
5,740
Western
870.461
&
*876.201
Ontario
'24 3,320.930
New York
System
702,932
662,267 1.58
701.738
654
87
9:9
75
25,150
August _ _ _ 1.813,680 1,799,429
8 mos end Aug 31 '25 33.053.385 *8,772.532 d8,747.382
1,974,590
2,148,719
1,807.803
1,356424
9,382.650
9.522.875
6.948.178
*8,304.602
1
29.402,302
'24
Jan
From
205,624
110.205
315.829
859,162
Elec Pow Aug' 25
, Norfolk & Southern*117,924 *109,329 Portland
721,678
197.291
722,497
307,635
110.344
839.852
August
'24
Co
*837,866 *935,524
2.436,107 1,942,694
From Jan 1 5.916.515 6.358.972
12 tnos ended Aug 31 '25 10.944.224 4,378.801
'24 10.880.553 4,188.804 2,146,248 2,042.556
Norfolk & Western11359
22:375
3 Public Service Corp Aug'25 7.343.642
382.037
August _ _ 9,642.154 8,042,326 3,786,311 2,302,314 3,135.766 9
14,246,005
21,724,134
60,478,555
16,820,962
1_66.064.880
-40.684
6.566.923
'24
From Jan
of N J & Subs
8.504.145
mos end Aug 31 '25 91.927.714
12
Peoria & Pekin Union18.454
42,139
6,312.835
133.694
24.139
24 83.393,652
5.954
159.658
Augsst _ _
251,449
295,987
165,987
151.449 Republie By & Lt
295.872 1275.960
19.912
864.317
Aug'25
• From Jan 1 4,232.893 1,146,380
1225.843
233,522
7.679
796,788
'24
Virginia
Co
Pittsburgh & West
109.680
137.127
192,239
763.759
354,764
66.145
440,999
mos end Aug 31 '25 10.926 666 3,565.327 12.801.568
12
August
703,183
12,964,619
828,648
648.244
3,612.863
1,175,671
10.412,824
'24
2,592.572
389,593
3,140.196
From Jan 1
San Joaquin Light &
atLouis-San Francisco- 7,832.000 •
685.649
490;314
195.335
Aug'25 1,118,444
2,092,000 1,887,000
Power Co
F1,420.000
August
8 mos end Aug 31 '25. 6,543,963 3415.890 1.567,902 .1,947.988
12,7§7,000 12,343,000
FromJan1-57,845.000 56.675.000'
Companies.
1564
THE CHRONICLE
[VOL 121.
all successful corporations, has enabled it to respond to the varying needs
Gross
Net after
Balance,
Fixed
Earnings.
of a highly seasonal business without having to increase the cost of transTaxes.
Charges.
Surplus.
Companies.
acting that business by incurring interest-bearing indebtedness. Com$
Southern Indiana
Aug '25
pany has no funded debt.
207,161
82,415
Gas 8c Elec Co
'24
No. of Cars.—At the close of the year company owned 8,510 cars.
199.471
74.734
12 mos ended Aug 31 '25 2,632,035 1,033,321
616,690
Cash and Government Securities.—Government securities and cash in the
416,631
'24 2,644,369
539,259 treasury amounted to $25,237,669. The shrinkage in this item from the
977.949
438,690
amount reported last year is due to the increased Investment in equipment,
Tenn Elec Pow
Aug '25
896,569
304.023
which is reflected in that account. In addition to the above amount,
Co & sub cos
'24
744.692
329.458
12 mos ended Aug 31 '25 10,794,284 4,908,154 2,150,004 2,758,150 company's holdings of other bonds, stocks and equipment trust notes have
'24 9,360,141 4.410,483 1,859,883 2,550.600 a market value of $10,561.362, making the total value of cash and securities
$35,799,031.
Washington Water Aug'25
245,035 held
513.706
64,276
309,311
Pullman Car & Mfg. Corp.—The stock of this company, a subsidiary of
Power Co
204,988
'24
440,111
254.517
49.529
Co., is not included in the security holdings above
8 mos end Aug 31 '25 3,672,398 2.150,927
448,501 1,702,426 Pullman
but is shown separately. As of July 31 1925 the manufacturingenumerated,
corporation
'24 3,448,835 2,000.831
399.611 1,601,220 had in its treasury
$16,757,158 of cash and Government securities and $1,* Includes other income. g Includes deprecation. d Includes divi- 915.259 of car trust and other negotiable securities.
dends and management fee. j Before taxes. It Includes taxes. i InThe car m tnufacturing plants, wheel, malleable and brass foundries
cludes dividend on preferred stock ofsubsidiary companies in hands of public. formerly oy crated as a department of Pullman Co. are now owned and operC After depreciation. f Includes preferred dividends of subsidiaries. ated by the i'ullman Car & Mfg. Corp.. all of whose stock is held in the
m Inclunes amortization of det.1 discount and dividends on outstanding treasury of Pullman Co. The fiscal year of the manufacturing corporation
does not coincide with that of the Pullman Co.. but a statement of earnings
preferred stock of subsidiary companies.
received from the Pullman Car & Mfg. Corp. indicates that in the 12-month
period ended July 31 1925 that corporation earned $6,816.996 after all
charges. The stock of the Pullman Car Sc Mfg. Corp. has been placed
FINANCIAL REPORTS
on a 6% dividend basis and Pullman Co. has received as dividends $33,249,967. covering period of 13 months, and the sum of $3,566,996 was added
to the surplus of the manufacturing corporation.
International Agricultural Corporation.
Passengers Carried—During the fiscal year just closed 34,515.265 revenue
(16th Annual Report—Fiscal Year Ended June 30 1925.)
passengers were carried in Pullman cars, equivalent to a daily average of
over 94.500 passengers. These passengers, in the aggregate, traveled
John J. Watson, Jr., President, reports in substance:
13,422.311,533 miles, or an average distance of 389 miles per passeuger.
Operating profits for the year were $2,045,931. Interest paid on borrowed Accommodation of this volume of travel was made possible only by the
money was $193,439, a reduction of $326,456from tne previous year. Bond greatest efficiency in the operation of the various equipment units, as indiInterest remained the same. Charges for depletion of phosphate rock mined cated by the fact that each Pullman car operated during the year traveled
during the year and charges for depreciation of plants and properties were an average distance of 149,700 miles, or approximately 410 miles per day.
Depreciation and Approprialitms.—Accumulated depreciation on cars
$340,240, an increase over the previous year of $48,835. There was, however, a recovery of $71,197 from German debt made through the U. S. now being retired because of obsolescence is not sufficient to meet the presAlien Property Custodian, making net profits for the year of $1,172,035. ent-day cost of new equipment to replace the retired cars, and an appropriation of $1,000,000 has been set aside to furnish funds to meet these
as compared with a net loss of $549,008 for the last year.
General conditions in the industry have shown a gradual improvement excess reproduction costs.
Pensions, &c.—Directors have also appropriated $1,000.000 as an addiduring the year, and a substantial part of our fertilizer business has been
tion to the pension reserve. The sum of $185.087 was distributed in pendone on a cash basis.
The phosphate rock department of the corporation has shown improve- sions during the year.
In addition to pensions, company, under death benefit plan inaugurated
ment in volume and prices.
Our plants have been kept at a high state of efficiency and we have Dec. 1 1122, paid during the year $168,554 to widows and dependents of
deceased employees. Company's pension and death benefit plans do not
extended our manufacturing facilities and operations during the past year.
Reserves which are considered ample, under normal conditions, have require any contribution or payment on the part of employees.
been set up to cover accounts and notes receivable.
INCOME ACCOUNT FOR YEARS ENDED JULY 31.
During the war the U. S. Alien Property Custodian seized 5,000 shares
1924-25.
1923-24.
1922-23.
1921-22.
each of the old Preferred and old Common stock of the corporation (later
Earnings
of cars
$83,927,749 $81,240,688 $76,908.665 162.548.406
converted into 8,333 4-12 shares of non par value Common stock) which
,&c. 6.390,570 7,904.426 5,987.678 3,944,631
were held by our German corporation under an existing contract. The Returnsfrom mfg
corporation has claimed title to this stock, and was successful during the
Gross income
$90,318.319 $89.145,114 382,874.343 $66.493.03-7
past year in getting a decree from the U. S. District Court ordering the c Oper.expenses & taxes.$58,016,270 $57,286,330 $50,548.901 355.182,022
Allen Property Custodian to sell this stock at public auction on July 23 Depreciation in general_ 7,954,685
7,264.565
7,004.633
7.039,248
1925, according to us for the proceeds. Corporation purchased this stock Reserve for defer. maint.
3.000,000
at auction paying therefor $122.917. This amount less expenses of $1,183 Propor'n of rev. accr. to
corporation
by
to
the
the
Allen
was then returned
Property Custodian as a
railroad companies under oper'g agreement- 8,575.388
further recovery on the German debt. The 8,333 4-12 shares of non-par
8,991,156
8,433,239
Reserve for pensions- _ 1,000.000
value Common stock thus acquired are held in the corporation's treasury.
1,000,000
Present conditions in the cotton belt indicate a good crop which should Reserve for excess cost of
assure us of an increasing demand for fertilizer for the coming season.
replacement of cars,.....1,000,000
1,000,000
AddSi to reeve for depr'n
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
b670,633
Dividends (8%)
10,738,872 10,703,221 10,799,852 10.499.840
U.S. Railroad Admin'n_
aCr7.399.367
Grass profit on oper'ns__ $3,201,661 $1,929,1.
14 $1,650,022 $2,654,726
Balance, surplus
Operating, &c., exp_ _
1.155.670
1,255,408
1,255.906
$3,033,104 $2.899,842 $2,417.084 31.171.294
1,357,328
a Balance of amount received from the U. S. Railroad Administration in
Net earnings
12.045,931
$673,706
$292,764 $1,398.820
411.415
Bond Interest
411,415
449.445 settlement of claim for period of Federal control, Jan. 1 1918 to March 1
429.322
Interest on loans
193,439
519,895
1,015,154 1920. received during this year and which had not been taken up in Income
920,774
accounts of previous years. b Addition to reserve for depreciation to
Amortiz'n of bond disc't,
organization exp., &c_
92.841 complete provision for depreciation on cars in service prior to 1910 c Rep92,841
Profit on bds. purchased
Cr.79,511 resents "operating expenses, repairs of cars, taxes and insurance, &a.'
Cr.85,572
Depreciation & depletion
340,240
309.255 PROPERTY ACCOUNT AS OF JULY 31 (SHOWING DEPRECN. &C.)•
291,404
304,219
Recovered from Gerraan
1925.
1924.
1923.
1922;
Cr.71,197
debt
Total number of cars
8,510
7.791
7.665
7.674
Balance, surplus
$1,172,035 def$549,008df$1,368.820 def$388,363
$
Cars
and equipment
184.747.763 162.010,301 152.439,487 149.941.236
CONSOL. BALANCE SHEET JUNE 30, INCL. AFFILIATED COS.
Reserve for depreciation 81,805.150 73.877.320 74.355.398 89,100.963
1924.
1924.
1925.
1925.
Total
102,942,614 88,132.981 78.084,091 80.840.27-5
Dab/tides—
$
$
$
Assets—
Repair
shops
5,762.924
5.500.725
Prior
pref.
23,921,314
5,314,763 5.135.020
stock_
10,000,000
est.,plant,&c.23,767,149
_10,000,000
Real
1,351.246
522,993 Common stock _ _ _x2,250,000 2,250,000 Reserve for depreciation 1,457.896
1,211,983
538,533
1,089.142
Investments
1,144,809 1,406.102 First mtge. bonds_ 8,228,3E0 8.228,300
Total
Cash
4,305,027 4,149.478 4.102.780 4.045.877
Accounts payable_ 452,782
324,254 Pullman Building
Accts., notes, dm.,
1,133,361
1,120,107
1,099.774
1.096.279
rec. (less res've) 5,112,105 6,233,914 Loans dc notes pay. 252,500 3,318,317 Reserve for depreciation
165.895
147,462
129,029
110.596
1,743,820 1,771.672 Interest on bonds.
Inventories
Total
967,466
972,645
970.745
985.682
and loans acDue from jointly
Other
real
estate
1.140
1.140
1,140
6,651
crued, dm
349,944
256,597
owned corpor'ns 1.497,613 1.470,837
Total property acct--108,216.247 93,256.244 83,158.756 85,878.483
5,000 Special reserves_ _ _ 5,263,090 5,011,963
Duefrom Germ.Co
y7,477,165 6,305,130
154,856 Excess assets
Deferred charges_ _ 138,777
BALANCE SHEET JULY 31.
599
599
Cash in sink.fund _
1925.
1924:
1925.
1924.
50,000
L0,000
U. S. Liberty bds_
Liabilities—
$
$
Overburden from
Property account
Capitalstock _ _ _135,000.000 135,000.000
unmined phos(see above)_ _108,216,247 93,256,244 Accts. payable__ 19,761.946 21.146,354
250,622
phate property_ 187,029
Oper'g supplies,
Accr. dividends_ 2,684.734 2,684.734
linen, &c____ 8,627,759 8,743,347 Insurance and
Total
34,180,434 35,787,908
34,180,434 35,787,908 Unexpired Maur.
Total
22,848
80.103 other reserves 8,058,367 5,960,808
x Declared capital. 450.000 shares of no par value. y Excess assets over Equipm't notes_ 6,457,502 9,337.689 Net surplus_ _ _ _ 29,720,579 26,687,475
Securities
4,103,859 4,850,350
capital.
also
required declared
e are
contingent liabilities consisting of endorsements Cash es Govt.sec 25,237,669 32,618,341
on notes of jointly owned corporations, $250,000, not included above. Bills & accts.rec. 5,779,779 5,813,631
Pull'n CardzMfg.
—V. 120. P. 591.
Corp. cap.stk. 36,779,964 30,779,464 Total each side-195.225,626 191.479,172
The Pullman Company.
—V. 120, p. 10184.
(50th Annual Report—Fiscal Year Ending July 31 1925.)
Pres. E. F. Carry, Chicago, Sept. 14, wrote in substance:
Results.—Travel was heavy and the gross revenue from operation of
sleeping and parlor cars during the fiscal year covered amounted to $83.which was the greatest in the history of the company. Of this
amount
927.749,$65,970,955 were spent in conducting the business, $8,575,388 were
paid to the railroads as their share of Pullman revenue (this does not include surcharge payments), leaving as the net result of sleeping car operations for the year the sum of $9,381,406, available for necessary reserves.
other than depreciation, and for capital expenditures and dividends.
This net income of 39,381,406 from the sleeping car business was equivalent to approximately 27 cents for each revenue passenger carried; 7 cents
for each revenue passenger carried 100 miles, or 7 1-100 of a cent per passenger mile: and only 33 06 per day for each car owned by the company.
It represented a net return or less than 5% on a fair value of the properties
used in conducting the carrier business of your company.
Volume of Travel.—It is necessary to maintain at all times facilities and
trained personnel to meet the maximum demands of travel, which are highly
seasonal. It is not possible to curtail facilities and organization to handle
most economically minimum service requirements and then meet satisfactorily a sudden demand for maximum Pullman service. Therefore, the
heavier the volume and the greater the regularity of travel, the more
economical Is the operation of the company.
What promised to be a mediocre year became through the stimulus of
reduced rates for convention and vacation travel the biggest yin our
history, so that, notwithstanding the addition of 700 new sleeping cars
to equipment during the year. our facilities were taxed to the utmost.
This volume of travel, in the face of recession of general business, is
indisputable evidence that Pullman service is no longer considered a luxury,
but is absolutely necessary to travel by rail. Travelers in Pullman cars
come from every walk of life.
The operations of the company are growing each year with the increasi
diversity of travel. This company is keeping pace with the increas
demands made upon it by extending and improvingits already flexible
organization and its facilities for manipulating equipment. Pullman
operations extend into every State in the Union and into Canada and Mexico.
Financial Position.—The strong financial position of the company, due
to reinvestment hi the business of surplus earnings, a practice followed by
American Ship Building Co.
(26th Annual Report—Year Ended June 30 1925.)
President A. G. Smith, Sept. 4, wrote in substance:
Results.—The results from operation for the fiscal year just ended, vessel
operation on the Great Lakes considered, have been fairly satisfactory.
Ship repair business done by the company exceeded that of the yorevious
Year both*in volume and profit. New ship construction contracted for and
completed during the year proved to be profitable.
A number of Lake vessels have been temporarily out of commission since
the opening of navigation in 1925. During the year the company docked at
its various plants 247 vessels, aggregating 941,400 dead-weight tons, and
completed two side-wheel passenger steamers (the largest in service), one
bulk freight Diesel-drive motorship, one bulk freight steamer and one selfunloading steamer. The latter is equipped with turbo-electric drive for
propulsion and is the first of its kind on the Great Lakes.
Expenditures.—During the year the company expended $367,915 for
plant additions, improvements and betterments at the Cleveland, Lorain,
Buffalo, Chicago and Superior plants. Of this amount, $327.783 was
expended at Lorain, which, in the main, was made necessary by damage
resulting from the windstorm of June 28 1924.
Current Assets.—The net current assets of the company decreased 119.274
during the year. This decrease results after payment of all dividends, and
after making cash expenditures for plant account and other items not
falling within the above classification.
Financial Condition—Outlook.—The company being in good financial and
physical condition and having in hand a contract for the construction of
two large bulk freight steamers for April 15 1926 delivery, together with
fair prospects for an active repair business during the winter months, the
outlook is gratifying.
General.—Due to market conditions at this time,indicating that the value
at which Type Eleven ships have heretofore been carried on the company's
bookvalue
To effect operating economies, it has been decided to reduce$520.000.
to a smaller
compass the physical operating areas at the Detroit and Superior yards.
Consideration is being given to a similar change at our South Chicago yard.
In July 1924 the company sold U. S. Government Treasury certificates
of $409,000 par value, at a profit of $10,547.
SEPT..26 1925.]
THE CHRONTCLE
On April 5 1925 the electrical shop and general storeroom at the Cleveland yard were totally destroyed by fire. The loss is fully covered by
Insurance.
•INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
1921-22.
1924-25.
1923-24.
1922-23.
Net earns, all prop. after
mfg. expenses
$2.455,165 $1,316,939 $2.010,091 $1.369,758
Other income
691,228
1,514,098
395,596
390,736
Total income
$2.850.761 $1.707.675 $2,701,319 $2.883.857
$637,743
$480.491
Deduct-Gen.,&c., exps. $588,791
$619,429
State, county & miscel303.025
226.583
290,054
laneous taxes
253,884
41,897
52,499
Sundry charges (net)
74.736
169.233
505.165
Depreciation
466,258
333,446
428,306
353,843
Maintenance & repairs_ _
125,343
341,672
271,702
Fed. taxes, &c. (est.)
20,000
60.000
15,000
Alterations
34.530
Net income for year_ $1.123,844
Previous surplus
•
5,770,711
$70,576
7,024,758
4765.114 $1,490.446
7.221,388 11,363,320
Total
$6,894,555 $7,095,334 $7,986,502 $12,853,766
Net charges
x512,045
92,479 Cr.270.400
Pref. dividends (7%)__ _
54,992
54.992
54,992
428,498
Common dividends
294.288
1.177.152
1,177,152
5,203,880
Rate of Common diva_
(49 U %)
(8%)
(2%)
(8%)
Prof. & loss bal.feed_ $6,033,231 $5,770.711 $7,024,758 $7.221.388
x Including reduction of book value of Type Eleven ships, $520,000;
adjustments of claims, $37,825; and a credit of $45,780 excess of provision
for damages at Lorain. 0.
CONSOLIDATED BALANCE SHEET JUNE 30.
1924.
1925
1925.
Assets$
Liabilitiess
$
Plants, prop.. &e. 7,490,340 7,530,529 Stock, preferred__ 785,600
Goodwill, patents_ 5,492,166 5,492,165 Stock, common_ _A4,714,400
Govt.securitke___ 5,294,598 5,700,140 Accounts payable_ 247,422
Inventory
97,451
539,783
536,186 Accr.int.,tax,&c_
Accts.& notes rec. 1,597,408
752,023 Unpaid pref. dive_
13,748
Cash
1,409,838
572,104
do Com.stock_ y588,576
Ship constr.inven_
6,470,050 Prepaid rentals___
821
Deferred assets:
Adv. payment on
Ridge., mach'y,
ship construct'n
equipm't, &c_ x815,250
900,924 Reserves:
Prepaid exp.,&c. 84,742
71,403
Workmen's comCompleted ships._ 800,000 1,320,000
pens'n insur__ 341,566
Notes receivable &
Est. Fed'l taxes
accrued interest_ 1,042,316 1,249,305
& add. amort. 1,870,922
Other assets
127,294
113,684
Repairs due to
wind storm
6,033.231
Surplus
1924.
785.600
14,714,400
359.941
116,237
13,748
1,471,440
821
5,160,000
300,000
1,885,922
129,694
5,770,711
Total
24,693,736 30,708,514
Total
24,693.736 30.708.514
x This amount includes buildings, machinery, equipment. &c., built and
installed on account of war production, residual value, $858,572: surplus
materials, $41,060: special stock, $1,292. y Unpaid Common dividends,
amounting to $588,576, represent two quarterly dividends of 2% each,
or $294,288 each, payable Aug. 1 and Nov. 2 1925.-V. 121, p. 1464.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Telegraphers Ask Wage Increase.-Wage increases on the Chicago
Burlington & Quincy and the Chicago & Great Western roads were asked In
a petition filed by the Order of Railway Telegraphers before the United
States Railroad Labor Board. "New York News Bureau," Sept. 25.
Repair of Locomotives.-Fewer locomotives were in need of repair on Sept
1 this year than at any time since Jan. 1 1924, although freight traffic
measured by the number of cars loaded with revenue freight, is heavier
now than ever before on record, according to reports filed by the railroads
with the Car Service Division of the American Railway Association. The
total number of locomotives in need of repair on Sept. 1 this year was
10,551 or 16.5% of the number on line. This was an increase of 176 compared with Jan. 1 1924, but a decrease of 413 compared with the number in
need of repair on Sept. 1 last year. It also was a decrease of 369 compared
with Aug. 15 this year, at which time there were 10.920 or 17.1%. Despite
the fact that revenue freight loadings have exceeded the million car mark
for eight consecutive weeks, the railroads on Sept. 1 has 5,902 serviceable
locomotives in storage. Of the total number in need of repair on Sept. 1,
5,514 or 8.6% were in need of classified repairs, a decrease of 377 compared
with Aug. 15 this year, while 5,037 or 7.9% were in need of running repairs,
an increase of eight locomotives within the same period.
Freight Car Repair.-Freight cars in need of repair on Sept. 1 totaled
197,178 or 8.4% of the number on line, according to reports filed by the
carriers with the Car Service Division of the American Railway Association.
This was an increase of 1,907 cars over the number reported on Aug. 15,
at which time there were 195,271 or 8.4V. Freight cars in need of heavy
repair on Sept. 1 totaled 149,705 or 6.4,, a decrease of 1,560 compared
with Aug. 15: Freight cars in need of light repair totaled 47,473 or 2.0%,
an increase of 3,467 compared with Aug. 15.
Matters Covered in "Chronicle" Sept. 19.-(a) Railroad revenue freight
loading continues heavy, p. 1401. (6) Big increase in shipments of fruits
and vegetables, p. 1406.
Alabama Central Ry.-Final Valuation.The I.-S. C. Commission has placed a final valuation of $86,860 on the
owned and used property of the company, as of June 3e 1917.-V. 108,
p. 1935.
Bangor & Aroostook RR.-Expenditures, &c.President Percy R. Todd declares that while the Aroostook County
potato crop this year is smaller than last year it is much greater in money
value. Potatoes are bringing a good price, the farmers' purchasing power
Is increasing and they are paying off debts to the banks and to the fertilizer companies.
President Todd further says: "The company this summer has spent
unusually large amounts on increased maintenance and Improvements,
especially on reballasting track very extensively, building a concrete
engine house at Millinocket in place of a wooden one, and a new pier at
Searsport at a cost of nearly $500,000 to take the place of the piers burned
last November. The dividends on the Preferred and Common stocks will
be earned by an ample margin in 1925."-V. 121, p. 835.
Boston & Albany RR.-New Directors.Charles Francis Adams, of Boston, and Chandler Bullock, of Worcester,
Mass., have been elected directors to succeed the late Chester W. Bliss
and Augustus G. Bullock, resigned.-V.120. p. 2810.
Boston & Maine RR.-Reorganization Plan Approved by
Stockholders.-The plan for reorganization of the finances of
the company (outlined in V. 121, P. 1223) was approved by
the stockholders at a special meeting held Sept. 23.
Out of an aggregate of 560,551 shares voting. 557,416 were registered in
approval. Only 3,135 shares were voted in dissent. In all approximately
of the 814,728 outstanding shares were voted in person or by proxy.
he vote on two supplementary questions authorizing the application
for approval of the issue of $13.000,000 new Prior Preference stock and the
application for the approval of the proposed 15-year extension of943,522.000
shares, respectively, registered in
bonds showed only 2,894 and 2,603
opposition as compared with 557.372 and 557,672 shares which were voted
In favor of these propositions.
The board of directors was formally empowered to take such action as
necessary to further the plan, the vote being 557,441 to 2,834. On the
question of amending the by-laws to provide for election by the executive
committee of its Chairman, the vote was: Yee, 558,349, and No, 1.833.
The number Of shares necessary for a quorum in each instance was 407.365.
1565
The special stockholders' meeting called to pass the vote on the readjustment plan adjourned moth noon. Oct. 13. to transact further business
in connection with the reorganization.
At the stockholders' meeting W. Rodman Peabody,
Chairman of the general readjustment committee, outlined
the purposes of the reorganization and the underwriting
arrangements. He said:
"The general plan of reorganization has already teen submitted to stockholders. They will remember that its prin ary purpose is to insure an
extension of943,522,000 mortgage bonds which become due in the immediate
future and thus insure the company of an gap( rtunity to re-establish itself
free from the pressure cf its creditors. The secondary purpose is to secure
an adequate amount of new capital to permit the necessary additions and
improvements to its plant.
'Both of these purposes are accomplished by the issue of $13,000,000 of
Prior Preference stock which will add to the security of the bondholders'
new assets which are subject to the mortgage and which. in addition, will
provide the new equipment and modern facilities which the road so greatly
needs. Moreover, this new capital will relieve the road from the necessity
of putting its earnings back into plant and will allow the appropriation of
net income for dividends. Therefore, if the reorganization program goes
through dividends on present Pref. stocks should be in sight and continued
improvement in earnings will greatly improve the position of Common
stockholders. On the other hand, if the plan fails, the road is faced with
$40,000,000 of bonds already due or coming due within a few years. and
such of the earnings of the road as are not consumed by additional interest
must be applied to the immediate needs of a roadbed and rolling stock.
"The reorganization program, therefore, is of vital interest to all classes
of stockholders. It requires, however, their active and personal participation. Only by their willingness to share in the burden can they reap the
profits which it will being to them.
"This program is in one respect almost unique in the history of financing
of large corporations. It is to be accomplished. if at all, it is hoped, without
the pressure of court or receiver or penalty upon the stockholder who declines to participate. It is a voluntary reorganization undertaken by cooperation of stockholders and bondholders. It is an opportunity not only
to save ourselves but to better our condition.
"Such a thing was never heard or before in the history of railroads."
exclaimed an official of another railroad to me yesterday. Such a thing
could be heard of only in a company whose stockholders and bondholders
are of such education and intelligence that they can balance immediate
sacrifice against future welfare. That is the highest form of thrift. May
It not be that such a program would in fact be impossible in any community
which lacks the thrift and intelligence of our New England?
"Such a program, however, cannot be accomplished without a campaign
of education. Holders of 943,000,000 of bonds and 16,000 stockholders
must know the facts before they can judge and act. Therefore, if this
meeting passes the votes which will be presented for its consideration, an
army of 400 rouresentatives of New England bankers and brokers will
prepare to is 1 t le story to our security holders. Such a campaign needs
organization sod involves large expenditures. But it is a service which
will be paid for only if it succeeds.
"If as a result of the efforts of these financial associatessuch a large proportion of bondholders and stockholders consent to the plan, deposit their
securities, and offer to take the new stock or give up a portion of their
present stock so that the remainder may be of greatly increased value,If
the success of the program is assured-then and only then will the bankers
receive any remuneration, and even then they will be paid only if they
agree to undertake two further duties: first to subscribe, on terms I shall
state, to such Prior Preferred stock as has not been subs^rIbed for by stockholders or taken by the company for sale to its employees; and, second, to
Provide a fund of $500.000 to be loaned under fair conditions to such small
stockholders as are not financially able at the present time to take up their
new stock and yet desire to protect their present investment in the company. For all this service the bankers will receive a compensation of 3.3.5%
of the par value of the new Prior Preference stock.
"The market value of the Prior Prof. stock at that time will be agreed
upon between the readjustment committee and the bankers' representatives
and they will subscribe for the new stock not taken by stockholders at the
then market value less $3 a share. Thus, in any event, their compensation is strictly limited.
"You will remember that stockholders who elect not to subscribe for new
stock will be asked to give up a certain portion of that which they now hold.
The stock thus given up will be held by your committee for the account
of the railroad and when sold by the committee the proceeds will be paid
to the railroad as the balance due the company on account of the difference
between the then market price of the Prior Pref. stock and its par value.
Thus the proceeds of all stock voluntarily relinquished by stockholders
goes back to the company to strengthen its assets. The proceeds of stock
not necessary for paying the balance due upon the new stock may be used
by the railroad in paying the bankers for other services rendered by them
as may be the proceeds of any past cumulated dividends on Pref, stocks,
so far as these may be necessary for the purpose. We trust that stockholders will find this program to be of as great advantage to the railroad
as your committee is already convinced that it will be."
W, Rodman Peabody. explaining that the bankers would provide a
$500,000 loan fund to assist holders of Boston & Maine who have not the
Immediate means of paying for the new Prior Preference stock, stated
that the road has 6,000 stockholders holding 10 shares or less. The bankers, he said, would make the subscription for them. He further explained
in answer to questions regarding the underwriting agreement that the
on the face value of the
bankers would be paid a commission of 3)i
$13,000,000 Prior Preference stock, and, further, if any stock remained
unsubscribed for they would agree with the bankers as to the then market
value of the stock to be taken by underwriters.
"If the program of reorganization is not acceptable to our security
holders," he said, "it will be not for the reason that the plan is not sound,
but because our committee has failed to make clear to security holders the
advantages of the plan." The program, he declared, is sound. "Your
committee will do its best."
At the close of Mr. Peabody's remarks, Edmund D. Codman, who is
opposed to the underwriting features of the plan, questioned Mr. Peabody
closely as to the necessity for the reorganization and the compensation
to be paid to the underwriters. Mr. Codman asked how much cash the
railroad had in the bank, with the purpose of bringing out that the railroad
ample
can afford to pay the bonds which are due and at the same time have
working capital left. Mr. Peabody stated that the road had on hand
about 912,000,000 of cash, whereupon Mr. Codman declared that if the
due bonds were paid the road would have about $7,000,000 in the bank.
Mr.Codman then asked how much the accrued dividends on the 1st Prof.
stock amounted to. Mr. Peabody replied $10.000,000 or $11,000,000 to
Jan. 1 1925. Part of the accumulated dividends, Mr. Peabody stated,
could be utilized for the purposes of the plan, but he did not think this requirement would be very large. It would depend, of course, on the extent
the stockholders subscribe for the new Prior Preference stock.
"The advantage of the plan as I see it," said Mr. Peabody,"is to enable
the road to secure funds aside from earnings to rehabilitate the road and
the road needs rehabilitation. The bankers are to receive a commission
at such a time in the future as the plan shall have been put into operation.
MY hope is that a very small amount of Prior Preference stock will not
be taken by the stockholders, and that they will see the advantage of subscribing. If the reorganization does not go through, it does not matter
Whether they are accrued dividends on the lit Prof. or not. Money earned
Will have to go back into the property."-V. 121, p. 1223.
Chesapeake & Ohio Ry.-A equisition & Operation of Line
The I.-S. C. Commission on Sept. 9 issued a certificate authorizing the
company to acquire, and operate in inter-State commerce, a line of railroad
extending from Seth to Prenter, a distance of 10.05 miles, all tn Boone
County,'W. Va.
The Chesapeake on may 25 1925 entered into an agreement-with the
Federal Coal Co., the owner, and the Coal River Collieries Co., the lessee,
whereby it is to acquire, for the sum of $270,000, the above property
designated as the Laurel Fork, together with a side track approximately
1.200 ft. in length and certain rights of way at Prenter for additional yard
tracks. The purchase price, which is to be paid in cash, represents the
present cost of reproducing the property, as determined by the Chesapeake,
less $120,000, the estimated cost of bringing the road to the'branch line
tm
standards of the Chesapeake.-V. 121, p. 1345, 845.
Chicago Milwaukee & St. Paul Ry.-H. E.113yrateAsks
Quick Action-Urges Reorganization Before:Decision in Western Rat Case.-
1566
'FRE CARONTrILL
H. E. Byram, one of the receivers of the road, declared Sept. 22 that it
would not be wise in his opinion for the security holders of the road to await
a decision of the Western rate case before depositing their holdings in favor
of the reorganization plan. Mr. Byram says:
"There would be no point to it. as a 5% increase, if granted, will mean
that the St. Paul will only be barely able to meet its fixed charges and we
certainly do not want to leave the road in that condition. In addition, I
believe it is very doubtful if the Commission will reach a decision before
next summer at least on the application of the Western carriers, as the hearings are scheduled into next February, and after that the case must be argued in Washington."
Mr. Byram added that he still favored the Potter plan for pooling an
Increase of revenues in Western territory as the beet solution of the situation.
He called attention to the fact that the public had been apathetic on the
question of pooling the increase and said he felt the people should be more
interested, as they were vitally concerned.
President Jameson of Globe & Rutgers Fire Insurance
Co. Repeats Criticism.President E. C. Jameson of the Globe & Rutgers Fire Insurance Co.,
who has heretofore declared his opposition to the plan for reorganization
of the St. Paul Ry., says: "I think that the comparatively small amount
of securities that the proponents of the reorganization plan have been
able to secure since the plan was brought out several months ago clearly
indicates that the great body of security holders are dissatisfied with It."
Mr. Jameson added that the attitude of himself and those associated
with him,including other I, surance companies, remained unaltered. Their
principal objectiors are the deprivation of Junior bondholders of all fixed
Interest. "virtual assessment of $25,000,000 on the junior bonds," and
the placing of two more mortgages ahead of them, the severity of the
stock assessment and the voting trust. He predicted that a plan would
be brought out at the proper time by which these undesirable features
would be eliminated and the road placed upon a strong and permanent
basis without unnecessary sacrifices on the part of the security'holders.V. 121, p. 1456, 1345.
Fol. 121.
concerns, all of which hold some $360,000 in Orient notes. said he had filed
the notice in Judge John C. Pollock's Court. On Mar. 24 Judge Pollock
Issued an order confirming the sale of the railroad to Cliff md Histed and
others of Kansas City and approving a reorganization plan.-V.120, p.2142.
•
Kansas City Terminal R.I.-Notes (Jailed.
All of the outstanding 3-Year 5,4% Secured gold notes have been called
for redemption Nov. 15 at 101 and int. at the Illinois Merchants Trust Co..
Chicago, or at the offices of Lee, Higginson & Co. at Boston. New York or
Chicago.
The notes may be presented for payment at the above offices prior to
Nov. 15 and will be paid at the above rate with accrued interest to date
of payment.-V. 120, p. 582.
Lehigh Valley RR.-Lease of Line.See Ironton RR. above.-V. 121. P. 195.
Louisiana & North West RR.-To Pay Oct. 1 Interest.
The Chatham Phenix National Bank & Trust Co. announces that it
has received funds to pay interest coupons due Oct. 1 1925 on the Louisiana
& North West RR. 1st Mtge.5% bonds.-V.120. P. 1583.
Louisiana Southern Ry.-Abandonment of Part of Line.
The 1.-S. C. Commission on Sept. 10 issued a certificate authorizing the
company to abandon that part of Its line of railroad extending from Elysian
Fields Avenue along St. Claude Avenue to Reynes St., a distance of 1.82
miles, all in the city of New Orleans.-V. 118, p. 2704.
Madison County (N. C.) RR.-Abandonment.-
The 1.-S. C. Commission on Sept. 9 issued a certificate authorizing the
company to abandon, as to inter-State and foreign commarce, its line of
railroad which extends from a connection with the Southern Ry. at or near
Runion in a general northerly direction to Belva, a distance of 7 miles, all
In Madison County, N. C.
The company was incorp. in 1910 at the instance of the Laurel River
Chicago & North Western Ry.-Equip. Trust of 1925.- Logging Co.. and built its railroad to enable that company to transport
The I.-S. C. Commission on Sept. 12 authorized the company to assume logs to its sawmill at Runion. In June. 1910, the logging company 51.111 its
obligation and liability in respect of $5 415.000 4j. % Equipment Trust timber holdings to the Broad River Lumber Co. and caused the company
certificates of 1925, Series Q. to be issued by the United States Trust Co., to lease its railroad to the French Broad RR.for a term ended Aug. 1 1925.
The company has no debts or obligations outstanding other than those
New York, under an agreement to be dated Oct. 1 1925. and to be sold
at not less than 97 and int, in connection with the procurement of certain due to the logging company. The latter will accept the proceeds from the
sale of the track material in liquidation of the amount owing to it.
equipment.
It is represented that no arrangements for the sale of the certificates
Midland Valley RR.-Common
d No. 2.have been effected but that the company will invite bids therefor and the
The directors on Sept. 22 declared a semi-annual dividend of 234%
highest bid will be accepted, but in no event will they be sold at less than
97 and bat. On that basis the average annual cost to the company will ($1.25 per share) on the Common stook, payable Oct. 15 to holders of
record Sept. 30. An initial distribution of llke amount was made on April
be approximately 4.98%.-V. 121. p. 1457. 1224.
15 last.-V. 121. p. 1225. 975.
Manchester & Oneida Ry.(la.).-Tentative Valuation.-
The I.-S. C. Commission has placed a tentative valuation of $121.415
on the total owned and used property of the company as of June 30 1916.V. 113, p. 2614.
Erie & Pittsburgh RR.-Debenture
Minneapolis St. Paul & Sault Ste. Marie Ry.-Bonds.
The company has applied to the I.-S. C. Commission for authority to
Issue and sell $8.136.000 5% 1st Consol. Mtmo. bo ids to retire a like
amount of bonds of the Minneapolis Sault Ste. Marie & Atlantic Ry. which
becomes due Jan. 1 1926.-V. 120, p. 2546, 2396.
The I.-S. C. Commission on Sept. m authorized the company to issue
Muskogee Co.-Offering of Stock,&c.$183,944 of debenture 33.6% bonds pursuant to an agreement dated Nov.
The company was incorporated in Delaware Feb. 27 1923 as a holding
1 1905: the bonds to be delivered to the Pennsylvania RR. at par for
company with an authorized capital of 40.000 shares of no par value.
advances in a like amount.
The stock was offered to the stockholders of the Midland Valley RR.
Authority was also granted to the Pennsylvania RR. to assume obligation
and liability, as lessee and otherwise, in respect of the debenture bonds. at $50 per share. These shares have all been subscribed to and are payable
in three equal installments on Aug. 20. Sept. 20 and Oct. 20 1925. the
121, p. 327.
proceeds to be used partly in the purchase of Kansas Oklahoma & Gulf Ry.
securities and partly to supply cash to provide f n• deferred maintenance
Grand Canyon Ry. (Ariz.).-Tentative Valuation-The I.-S. 0. Commission has pi wed a tentative valuation of $1,073.925 on the Kansas Oklahoma dr Gulf Ry. Company has no bonds.
Officers are C. E. Ingersoll, Pros. and R. R. Schall, Sec. & Treas.
on the wholly owned and used properties of the company as of June 301916.
Directors are C. E. Ingersoll. 0. H. Bullitt and R.Sturgis Ingersoll. Office,
-V. 120, p. 2939.
717 Lafayette Bldg.. Chestnut and 5th Sta., Phila. See also V. 121, p. 1225.
Gulf Mobile & Northern RR.-Listing
The New York Stock Exchange has authorized the listing of $4,000,000
First Mtge. 514% Gold bonds, Series "B." dated April 1 1925.
Income Account. Six Months Ended June 30 1925.
$3.034,875
Total operating revenues
2.184.634
Total operating expenses
191.180
Railway tax accruals
1.719
Uncollectible railway revenue
Total net operating revenue
Equipment rents-Net
Joint facility rents-Net
Non-operating income
$657.342
Dr.80.293
Cr.9.172
61.389
New Orleans Texas & Mexico Ry.-Suh. Co. Valve.The I.-S. C. Commission recently placed a tentative valuation of $796,025
on the total owned and used prop-riles and $1,571,290 on the total used
properties of the New Iberia & Northern RR. In Louisiana (a subsidiary).
as f June 30 1918.
The New York Stock Exchange has authorized the listing of an additional
13,7.52.000 First Mtge.
% Gold bonds. Series A, due April 1 1954,
making the total amount of First Mtge bonds applied for: Series A bonds,
$14.270,000, and Series B bonds. 113,500,000.-V. 121, p. 975, 189.
New York New Haven & Hartford RR.-Offer of $40
Per Sharefor Boston & Maine Stock Turned Down by Directors.
The "Boston News Bureau," Sept. 25,says:"A firm offer of $40 per share
$647.611 cash
understood to have been recently made by certain interests to the
$16,875 New is
for its holdings of 219,189 shares of Boston & Maine Common
77.347 stock.Haven
New Haven directors at a meeti ig considered this bid and decided
6,502 not to accept
it, expressing belief that the Boston & Mai:s property is on
1.602 the way to rehabilitation
and gives indication of affording the I'.ow Haven
opportunity to emerge from its Investment of nearly $29,000.000 in this
$545,283
surplus
Balance,
road eventually without loss. Whether the parties making the offer were
General Balance Sheet as of June 30 1925.
acting for some other railroad or banking interests Is not disclosed.
Liabilities"The New Haven has clearly indicated its i.tention to maintain its
Asada$10.994,100 interest in the Boston & Maine, not so much perhaps with any idea of a
Investment In road & equip- -S27,726,574 Common stock
11,413,400 future New England railroad consolidation as with the idea of salvaging
2,438,38: 1 eferred stock
Other investments
976,144 Funded debt
4,000,000 Its large Investment so far as possible. In this connection it is understood
Cash
84.181 that the New Haven has virtually decided to subscribe to its full pro rata
80.682 Traffic 6c car serv, bal. paylle
Loans and bills receivable_
Audited acc'ts & wages parle
415,809 share of the new $13,000,000 7% Prior Preference stock orthe Boston &
Net balances receivable from
26,244 Misc. accounts payable
27,296 Maine, involving somewhat over $4.531,000. Much of the Boston &
agents and conductors_
172,575 Unmatured dividend declared
171.177 Maine Common stock which New Haven owns was acquired from the
34b3c, accounts receivable...
482,751 Unmatured interest accrued54.999 American Express Co., some of it as high as $165 per share.-V. 121. 13•
Material and supplies
191,429 Unadjusted credits
1,273,789 1346. 1225.
Interest & dividends teceirle
2.809 Corporate surplus
4,170,381
Deferred asse.ts
Norfolk Southern RR.-Final Valuation of Affil. Co.507.542
Unadjusted debits
The I.-S. C. Commission recently placed a final valuation of $110,798 on
532430: 134
$32.605.134 the owned and used properties and $50,043 on the used but not owned
Total
Total
Definitive let Mtge. 534% Series B Gold bonds are ready for delivery properties of the Kinston-Carolina RR.& Lumber Co., as of Juno 30 1914.
In exchange for temporary certificates at the United States Mortgage & -V, 120. p. 2812.
Trust Co. (For offering of bonds. sec V. 120, p. 1582.)-V. 121. P. 71.
Old Colony RR.-Bonds Authorized.The 1.-S. O. Commission on Sept. 12 authorized the company to issue
Illinois Central RR.-Proposed Lease of Roads Opposed by
15,598.000 1st Mtge. 5% bonds. Series B, said bonds to be sold at not
Kansas City Southern.less than 98 and int. and the proceeds used for refunding $5,598,000
The Kansas City Southern Ry. has filed a protest with the I.-8. C. Com- 30-Year 4% bonds due Dec. 1 1925. The bonds will be dated Dec. 1
mission against the prcpcsal of the Illinois Central to acquire control, 1925 and will mature Dec. 1 1945.
Arrangements have been made to sell the bonds to R. L. Day & Co.
through the Yazoo & Mississippi Valley RR.. of the Alabama & Vicksburg
and the Vicksburg Shreveport & Pacific RR. The Illinois Central has ap- at 98 and int. On that basis the annual cost to the company will be
5.16%.-V. 121, p. 1457. 975.
approximately
roads.
plied to the Commission for authority to lease the
The Kansas City Southern states that the prcp-sed lease, if made, would
Pennsylvania RR.-New Office Created.give the Illinois Central System, by reason of its control of the east side conThe directors have appointed Martin W. Clement, at present Gen.
nections, substantial control of all the principal Mississippi River crossings
south of Cairo and north of New Orleans. together with the great strategical Mgr. of the central region, to the newly created position of Asst. Vice-Pros.
advantage accompanying that control. The Kansas City Southern con- In charge of operation. Mr. Clement will go to Philadelphia and aid
tends that the application should be denied in its entirety and that the Vicks- Elisha Lee, Vice-Pros. In charge of operations. In co-ordinating operating
burg route should be permitted to remain an independent line. a free and activities. The appointment is effective Oct. 1.
The number of stockholders on Sept. 1 were 146,473, a decrease of 36
open bridge for traffic between the East and West in the Southern half of
compared with Aug. 1. and an increase of 480 over Sept. 1 1924. Average
the United States.-V. 121. p. 1345.
holdings on Sept. 1 1925 were 68.17 shares, as compared with 68.40 shares
a year ago. Foreign holdings totaled 3.72%, a decrease of .04% compared
Ironton RR.-Lease of Line.The I.-S. C. Commission on Sept. 12 authorized the acquisition by the compared with Sept. 1 1924.-V. 121. p. 1346, 1225.
railroad
of
the
Lehigh Valley RR. and the Reading Co. of control of the
Reading Co.-Rights Extended.Ironton RE., by lease. Each of the roads own 50% of the capital stock
The U. S. District Court at Philadelphia handed down an order granting
of the Ironton RR.
to
Siegersville, an extension of 6 months for exercising of Reading rights and certificates
The railroad of the Ironton extends from Hokendaqua
Coal shares. The application for an extension was
with branches to Copley and Ironton. a total distance of 12.06 miles of interest for Reading
It connects made by William Clarke Mason,counsel for the Reading Co.,on the grounds
Pennsylvania.
with 5.26 miles of side tracks. all In the State of
45% of the rights had been exercised. Rights which
with the Lehigh's railroad at Copley. Hokendaqua and Catasauqua, and that to date only about
the 616.650 owned by the Baltimore & Ohio
with the Reading's system at Catasauqua. It also connects with the remain outstanding Include
Widener interests.
Central RR.of New Jersey at Hokerdouqua by having connections between and 100,011 owned by
The action of the Court in granting the order extends the time In which
that point and Northampton.-V. 119. p. 74.
Reading rights may be exercised for certificates of Interest by payment of
$2 a share of Reading stock to June 30 1926. and the time In which certifiKansas City Mexico & Orient RR.-Sale Protested.be exchanged for stock of the coal corporation by
Formal notice of the appeal from the approval of the sale and reorganiza- cates of interest may
to Dec. 31 1921.
tion plan of the road has been filed in the Federal District Court in Kansas filing the necessary affidavit by
the Reading Co. In behalf of some stockThe extension was sought
City. Kan. Elliott H. Jones an attorney representing the Ametican Locoquandary
in
a
and without proper understanding of what
other
were
and
holders
who
Memphis
bank
Co.,
a
Foundry
Car
&
American
Co.,
the
motive
Gross income
Rent for leased roads
Interest on funded debt
Interest on unfunded debt
Amortization of discount on funded debt
SEPT. 26 1925.]
THE CHRONICLE
'they could do. It is understood that with original time drawing near, some
stockholders have been selling their rights not realizing that if they had
sold their Reading Co. stock they could take up their coal shares.
In granting the extension of6 months the Court stated that at the expiration of the period it would determine what disposition was to be made of
the outstanding certificates and stock represented by them.
Joint Lease of Ironton RR.-
1567
PUBLIC UTILITIES.
Alabama Power Co.-To Issue Bonds, &c.The Alabama P. S. Conuniesion has authorized the company to issue
$4,000,000 of 1st Mtge. Lien & Ref. gold bonds and 50.000 shares of no-par
value Cum. Pref. stock to be sold at not less than $100 per share.-V. .
121, p. 1226.
See Ironton RR. above.-V. 121, p. 1457.
American Water Works & Electric Co., Inc.-Listing.
St. Louis Southwestern Ry. Co. of Texas.-Control of
Stephenville North dc South Texas Ry.The I.-S. C. Commission on Sept. 9 approved and authorized the acquisition by the St. Louis Southwestern Ry. Go. of Texas of control of the
Stephenville North & South Texas Ry., by lease.-V.77, p. 299.
Salina Northern RR.-Tentative Valuation.The I.-S. C. Commission has placed a tentative valuation of $1,311,630
on the owned and $1,312,478 on the used property of the company as of
June 30 1919.-V. 118, p. 1774.
Sand Spring Ry.-Tentative Valuation.-
The New York Stock Exchange has authorized the* listing on or after
Sept. 30 of $550,000 additional (authorized $50,000.000) Common stock.
par $20 each, on official notice of issuance as a 5% stock dividend payable
Sept. 30 to Common stockholders of record Sept. 15, making a total amount
applied for $11,550,000.
President H. Hobart Porter announces: "The net power output of the
electric subsidiaries of the company for August 1925 was 105.992.578 k.w.h.,
comparing with 89,072,103 k. w. h. for the corresponding month of 1924. a
gain of 16,920.475 k. w. h. For the first eight months of 1925 the net power
output aggregated 843,798,441 k. w. h., against 782.802.832 k. w h. for
the first eight months of 1924, a gain of 60,995,609 k. w. h."-V. 121.
P.1458, 1226.
Associated Gas & Electric Cos.-Earnings.
The I.-S. C. Commission has placed a tentative valuation of $646,323
on the total owned and used properties of the company as of June 30 1918.
-V. 109, p. 1367.
Statement of Earnings and Expenses 12 Months Ended Jute 31.
1924.
-Increase-----1925.
$10.161.157 $3,845,667 $6,315.490 164
Gross earnings
Seaboard Air Line Ry.-Listing-Moves Offices.2,411,507
Oper. exp., maint.& taxes___ 6,369,614
3,958.107 164
706,027
1,189,233 168.
The New York Stock Exchange has authorized the listing of $14,696,500 Fixed ckgs. & other deduc'n.s_ 1,895,260
511.182
additional First & Consol. Mtge. Gold (coupon) bonds, Series A, 6%, Preferred dividends
205,087
306,095 149%
261,700
261,700
due Sept. 1 1945, making the total amount of Series A bonds applied for Class "A" dividends
$58.704.500.
Income Account for Six Months Ended June 30 1925.
Balance for property retire$30,137,491
Gross revenue
ment reserves, Class "B"
22,865.735
11.123.401
$523,046
dividends and surplus
Operating expenses
$600.355 115%
Taxes
1,360.000
Times preferred dividends earned, 3.7o, before retirement reserves.
9.654 -V. 121. p. 1346. 1226.
Uncollectible railway revenues
Operating income
Other income
$5.902,102
710,997
Gross income
Hire of equipment-debit balance
Joint facility rents
Spent for leased roads
Miscellaneous rents
Interest on funded debt
Interest on equipment trust obligations
Interest on unfunded debt
Miscellaneous income charges Income applied to sinking, &c., reserve funds
Interest Adjustment Mortgage (Income) bonds
Allotment of discount on securities
$6,613,100
$961,076
108,000
454.791
6,000
2,747,680
533,717
73,444
23,703
19
625.000
118,669
Balance to profit and loss
$961.001
General Balance Sheet June 30 1925.
LiabilitiesAssets$229,358,108 Capital stock
Total investments
960,950,500
2,390,184 Funded debt
Cash
153,576,400
2,101,993 Non-negotiable debt to affillSpecial deposits
27,991
ated companies
1,001,565
Loans and bills receivable
706,568 Loans and bills payable__
Traffic & car sem,. bal. rec.2.500,000
Traffic & car ser. bal. pay'le
546,569
Net balances receivable from
340,233 Aud. acc'ts & wages payable 5,591,007
agents and conductors_ _ _
1,577,023 Misc, accounts payable
858,708
Misc. accounts receivable__
5,074,572 Interest matured unpaid__
811,414
Material and supplies
54,381 Dividends matured unpaid_
9
Interest & dividends ree'le
282,055 Funded debt matured unpaid
143,750
Other current assets.
52,385 TJnmatured int. accrued __ _ _
2,123,990
Working fund advances_ __ _
393,539 Deferred liabilities
528,164
0-her deferred assets
6,220,648 Unadjusted credits
10,128,996
Unadjusted debits
Corporate surplus
9,818,568
Berkshire Street Ry.-To Operate Buses.The Massachusetts Department of Public Utilities has granted the petition of the company to operate buses on the highways of Pittsfield, Lenox,
Lee, Stockbridge and Great Barrington, Mass.-V. 121. p. 196. .
Binghamton (N. Y.) Ry.-Proposed Reorganization.In May last following default in the interest due on the 1st Mtge. Consol.
5s and the principal of $599,000 underlying bonds, a committee was organized representing the railway company, and that committee sent a letter
to the security holders inviting their co-operation in reorganising the company. Another committee representing the 1st Mtge. Consol. 55 (Frank
13. Newell. Chairman, V. 120, p. 3163) was formed to protect the holders
of these bonds. This committee has prepared a plan of reorganization,
but has not yet made it public. The committee of which Mr. Newell is
Chairman strongly opposes the proposition (below) set forth by the people
interested as officers of the railway company. .A petition to place the
company in receivership is now pending.
9248,579,641
Total
Total
9248,579,640
Vice-Pres. M.H.Cahill announces the temporary removal of the operating
offices of the company from Norfolk, Va., to Savannah, Ga. This transfer,
It is stated, will in no way affect the operating of its shops or other activities
in Norfolk and Portsmouth, Va. Other departments at Norfolk and
Portsmouth will not be moved.-V. 121, p. 1457.
Stephensville North & South Texas Ry.-Control.See St. Louis Southwestern Ry. of Texas above.-V. 118, p. 1912.
Sunset Ry. (Calif.).-Tentative Valuation.The I.-S. C. Commission has placed a tentative valuation of $1,081,335
on the total owned, and $1,177.469 on the total used properties of the
company as of June 30 1916.-V. 109. p. 477.
Texas & Pacific Ry.-Equip. Trust Authorized.The company has been authorized by the I.-S. C. Commission to issue
$2,475,000 4Si% Equip. Trust Certificates Series "HH' and to sell them
to Kuhn Loeb & Co. at 96.89% of par. Proceeds from the sale of the
certificates will be used in the acquisition of 25 locomotives and 750 gondola
cars. See also V. 121, p. 975.
Texas State RR.-Tentative Valuation.The I.-S. C. Commission recently placed a tentative valuation of $603,204
on the total owned and used property of the company, as of June 30 1917.
-V. 113, p. 1472.
United Railroads of Yucatan.-April 1 1923 Interest.Coupon due April 1 1923 on the 5% 1st Mtge. Red. Gold bonds will be
paid on and after Oct. 1 1925, together with interest thereon at 5% per
annum from April 1 1923 to Oct. 1 1925 at the office of Ladenburg, Thalmann & Co., 25 Broad St., N. Y. City.-V. 120, p. 1583.
Virginian RR.-Loses Rate Injunction Plea.The petition of the company for an injunction restraining the I.-S. C.
Commission from applying trough Western freight rates on carload
shipments by way of the Chesapeake & Ohio Ry. was denied at Richmond,
Va., Sept. 19 by a special court sitting for the Southern District of West
The company desired to establish through Western rats on coal by Way
of the Norfolk & Western. The court held that the commission had
exclusive jurisdiction as to whether the shipments originating on the
Virginian should be routed by way of the Chesapeake & Ohio or the Norfolk
& Western.
Judge McClintick of the Federal District Court of Southern West Virginia
dissented from the order, which was read by Judge Waddill of the United
States Circuit Court of Appeals.
The order of the Commission was entered on May 19 to become effective
June 25. It was sought by West Virginia coal operators and shippers, who
claimed the Chesapeake & Ohio route would afford them better facilities.
After the decision Sept. 19 the Virginian sought an interlocutory injunction pending appeal.
Inaugurates Eiertric Service.The company on Sept.21 inaugurated electric service on the heavy grade
the road between Elmore and Clarks Gap, W. Va., where the railway
of
climb., the western slope of the Allegheny Mountains. The
electrification
contract. whica was made with the Westinghouse company, provides for
the electrification of the 134 er Iles of the road between Mullens, W. Va.,
and Roanoke. Va., at a cost of approx.mately 315.090,000.
Pm.. C. h. His says in part: "The electrification was contracted for
in May 1923 to provide for the further growth of traffic. The greater
part a our coal tonnage is concentrated at Ehnore. The major obstacle
in handling this traffic Is a 2.07% 14-mile grade from Elmore to Clarks
Gap, since, after Clarks Gap summit has been reached, the maximum
grade against traffic is one of only 0 6%.crossing the Alleghany Mountains
at Whitehorne. Though the heavy grade section from Elmore to Clarks
Gap has been double tracked, restriction to the growth of traffic under
steam operation occurred at this point. In order to increase capacity,
the alternative was either to increase the number of tracks and employ
more steam locomotives, or to electrify, and we chose the latter."-V.
121, p.1453.
An introductory statement to the plan put forth by the
committee representing the railway company says:
The inability of this company to secure funds for the payment of $599,000
principal amount of underlying bonds, which become one June 1. and 3175.000 principal amount of secured notes. which are past due or will shortly
berome due, and for the paying of heavy paving assessments, and the
present grossly overbonded financial structure of the company, which
prevents either refunding of maturing obligations or the issuance of securities to provide for future improvements, make imperative the prompt re%co
a mpany.
al; the
oz
ra
dteirorLo
oria
nni
reorganization may have any possibility of ultimate
success and amount to something more than a mere temporary makeshift,
it must be attended by a substantial reduction in the amount of outstanding bonded indebtedness, so that new money, when needed. may be obtained by the sale of securities.
Terms of Proposed Reorganization Plan.
After careful consideration, not only by the company and its directors,
but also by security holders and their representatives, the following reorganization plan has been formulated:
(I) Company's electric properties, including such properties as are not
devoted exclusively to railroad uses, to be sold for an amount at least
sufficient to pay in cash the underlying bonds and secured notes.
(2) The holders of the 1st Consol. Mtge. 5% bonds, due Nov. 30 1931,
to receive for each $1,000 principal amount thereof, together with the interest accrued thereon, $600 principal amount of new 6% 1st Mtge. bonds
and $250 par value of 6% Prot. stock of the company or a successor corporation.
(3) The holders of the Gen.& Ref. 1st Mtge.6% bonds, due Jan. 11939.
to receive for each $LOW principal amount thereof, together with the
accrued interest thereon, $1,000 par value of the 6% Pref. stock of the
company or a successor corporation.
The new 6% 1st Mtge. bonds are to be a part of a new issue of bonds of
the company or of a corporation which shall acquire the railway properties
of the company, to mature 50 years from their date, to bear int. at rate
of 6% per annum, payable semi-annually, to be red., all or part, at par
and int., and to be secured by a 1st Mtge. upon the railway properties
and franchises now owned and hereafter acquired, which mortgage shall
be a modern open-end mortgage permitting the issuance of bonds in series
bearing different rates of interest, maturities and(or) redemption prices.
The new Pref. stock shall be non-cumulative Pref. stock of the company
or of a corporation which shall acquire the railway properties of the company, entitled to non-cumulative dividends at the rate of $6 per annum,
payable quarterly, and shall be red. at $100 per share. New Pref. stock
may either have the par value of $100 per share or may be without par
value, but entitled to $100 per share in preference to the Common stock
upon liquidation, dissolution or winding up, in which event the term "par
value" as herein used shall be deemed to be the amount to which the Prof.
stock shall be entitled upon liquidation, dissolution or winding up. New
Pref. stock shall be non-voting and non-participating in any new issue or
offering of stock or obligations convertible into stock.-V. 121 p. 1459.
Boston Consolidated Gas Co.-Smaller Common Div.The directors have declared a dividend of 2% on the Common stock,
payable Sept. 30 to holders of record Sept. 24. A distribution of 3% was
made on this on June 30 last, compar. with quarterly dividends of 2%
paid from Sept. 30 1922 to March 31 1925 incl.-V. 121, p. 1226.
Buffalo & Erie Ry.-Branch Line Abandonment.The petition of the company for consent to abandon that portion of its
line in the village of Fredonia on Main St. to the easterly line of the town of
Pomfret. Chautauqua county, has been denied by the New York P. S.
Commission. The privilege is granted the company of renewing the petition
not sooner than Nov. 1 1925, after at least 2 months' operation of the line
under a regular schedule and upon proof of its operating results on its entire
systein. as well as on the portion proposed to be abandoned. The village of
Fredonia and residents along the line contend that no attempt was made to
operate in Jan., Feb. and March and that such slrvies as has been given
was designed to discourage use of the trolleys.-V. 120. p. 954.
Central Indiana Power Co.-Earnings.Gross earnings for the year ending June 30 1925 were $7.116.654. with
other income of $251,058. Surplus earnings after interest, other deductions
and Preferred dividends were $164.748. equivalent to 31 92 a share on the
outstanding Common stock. This is the first annual report ever issued
and no comparisons are given.-V. 121, p. 72.
Cincinnati Lawrenceburg & Aurora Elec. Street RR.
The company has established a bus line from its terminal at Sedamsville
to the heart of Cincinnati. Ohio, about 6 miles. A fleet of four White buses
operates between the two points.-V. 118, p. 3076.
Columbia Gas & Electric Co.-Earnings &c.-Pres.
Philip G. Gossler in his monthly later lo shareholders says:
Continuing increases in the amounts of' electrical energy required by our
customers in the Cincinnati-Dayton districts reflect directly the very
satisfactory industrial conditions obtaining throughout that territory and
the substantial improvement in general business since this time last year.
Construction of the new Columbia power station, near Cindnnati. is
1568
THE CHRONICLE
rapidly nearing completion. The first generating unit of 45,000 k. W.
capacity will be ready for operation in October and the second unit of the
same size will be ready in November.
The ten year renewal of the contract for street lighting in Cincinnati,
announced last spring, provides for enlargements of the boulevard lighting
System to almost twice its previous extent. Work Is progressing rapidly
in the installation of the new units, of which more than 11,300 will be
placed in service during this year.
Earnings of Company and Subsidiaries (Controlled by Practically 100%
Common Stock Ownership or Lease.)
-Month of August- -12 mos.end. Aug.311924.
1925.
1924.
1925.
Gross earnings
$2,477,202 $1.440,082 $29.516.744 $25,026.767
Oper.exp.,taxes & depr. 1.569.216
928.145 17,181.672 14.766.143
Netoperating earnings
Other income
$907.986
206,313
$511.937 $12,335,072 $10.260.624
1,980.878
172.438 • 2,422.261
Total
31.114.299
Lease rentals
358,931
Interest charges & Pref.
divs. of subsidiaries
144,910
Interest charges(Colum.
Gas & Elec. Co.)
99,650
$684.375 $14,757,333 $12,241,502
390.569 4,547,977 4,773.688
Burp. avail, for divs__
-V. 121, p. 1099, 977.
$185,503 $8,082,829 $6,143,240
$510,807
31,872
1,150,844
256,773
76.431
975.683
1.067,801
Commonwealth Power Corp.-Dividends.-
The directors have declared regular quarterly dividend of $1 50 per
share on the Preferred stock and a dividend of 40 cents per share on the new
Common stock, both payable Nov. 2 to holders of record Oct. 14. This
disbursement to the Common stockholdes is substantially the equivalent
of that of the last quarter, when 31 50 per share was paid on the old stock,
which has since been split up on the basis of four shares for one
Combined Earnings Statement of Corporation and subsidiaries.
12 Months Ending Aug. 311924.
1925. •
Gross earnings
341.788,757 339.183.495
Operating expenses, Incl. taxes and maintenance
23.629.107 22.065,298
Gross Income
Fixed charges (see note)
Dividends on Preferred stock
Provision for replacements and depreciation
$18.159.650 $17,118,197
10.706.839 9,452.596
1,995.606
2,180.874
3,023.887 2,852,898
Balance
32.248.050 32.817,096
This combined earnings statement has been prepared on the basis of
giving effect for the full two-year period to the acquisition of the control
of the Tennessee Electric Power Co. under plan which became effective
in July 1925.
Note.-Includes interest, amortization of debt discount and dividends
on outstanding Preferred stock of subsidiary companies.-V. 121, p. 1100.
457.
Connecticut Company.-New Bus Line.The company has been granted authority by the Connecticut P. U
Commission to continue to operate a bus line between New Britain and
Meriden via Berlin, and to operate a new bus line between Middletown and
Durham.-V. 121. p. 705.
Consolidated Gas Electric Light & Power Co. of Baltimore.-Common Div. Increa30-To Cut Etertric Rates.The directors have declared a quarterly dividend of 6234c. a share on the
Common stock (no par value), payable Jan. 2 to holders of record Dec. 15.
This compares with a quarterly dividend of 50 cents per share, Payable
Oct. 1. The latter rate has been paid since Jan. 2 1925 on the no par stock.
President Herbert A. Wagner has notified the Pennsylvania P. S. Commission that the company has decided to reduce electric rates, which will
mean a saving of more than 10% to approximately 90.000 users ofelectricity.
The new rates, which will go into effect Nov. 1, will represent a reduction
for November and December of 382,000, and $875,000 for next year, it
was stated.-V. 121, p. 705. 197.
Denver & Northwestern Ry.-Sale.See Denver Tramway Co. below.-V. 120, p. 3313.
Denver Tramway Co.-Sale Ratified.-
[VOL 121.
Edison Electric Illuminating Co. of Brockton.-Stock.
.
The Massachusetts Dept. of Public Utilities has approved the issue
by the company of 32.280 additional shares of capital stock (par $25)
at $45 a share. The proceeds will be used to retire $530,000 of promissory
notes incurred for capital expenditures on the company's property and
the remainder to finance the company's proportion of the Montaup Electric Co.'s construction requirements.-V. 121, p. 74.
Electric Power Corp. (Elektrowerke Aktiengesellschaft), Germany.-Bonds Offered.-Harris, Forbes & Co.,
Lee, Higginson & Co. and Brown Brothers & Co. are offering
at 87 and interest, yielding over 7.68%, an additional
$2,500,000 First Mortgage Sinking Fund Gold bonds, 614%
Series, due 1950. Dated March 1 1925; due March 1 1950.
(See description in V. 120, p. 1457).
Guaranteed as to principal, interest and sinking fund by United Industrial
Corp. (Viag), which owns the entire Capital stock of the Electric Power
Corp. The entire stick of Viag is owned by the German Government.
Business.-Cm poration is the largest producer of electric power in
Europe. It supplies current within a territory baying a population of over
16.000,000, or approximately one-quarter of the entire population of Germany. Company supplies power entirely at wholesale, over 60% of its
output being sold to oistributing systell s serving the Province of Brandenburg, including the City of Berlin, the Province of Saxony, the Free State
of Anhalt and the Free State of Saxony. In this manner the corporation
supplies about 75% of the current consumed by the City of Berlin.
Security.-Direct obligation of the company and with very minor exceptions are to be secured by a direct first mortgage on all the fixed properties
of the company. Company haa agreed to extend the lien of this mortgage
to cover all fixed properties hereafter acquired. Authorized issue is
$25,000,000 (or equivalent in other currency). $5,000,000 of bonds of
the same series as the present issue are already outstanding. Additional
bonds to the amount of $2,500,000 (or equivalent in other currency) may
be issued against the property as it existed on March 1 1925, and the
remaining $15,000,000 (or equivalent in other currency) may be issued for
50% of additions when net earnings are three times bond interest, all as
provided in the indenture.
valuation.-Present reproduction value of the properties directly subject
to the lien of this mortgage, as shown by a recent appraisal by independent
American engineers with additions to date, amounts to over 4.5 times the
total funded debt now to be outstanding (Including this issue). A like
valuation, based on costs in the United States, would be at least 50%
higher.
Sinking Fund.-An annual sinking fund beginning April 1 1930 is calculated to retire one-half of the present series by maturity.
•
Earnings.-Net earnings of the company under its ver ylow wholesale
rates and after current maintenance expenditures and taxes but before
depreciation for the 12 months ended June 30 1925, were 33.525.046, or
over seven times the 333-$1 interest requirements on the First Mortgage
Gold bonds (including this issue) which constitute the company's sole funded
debt.
Relation td Dawes Plan.-Company by reason of Government ownership
(through Viag) of all of its Capital stock, is now exempt from the operation
of the so-called Dawes Plan. The German Government, however,in order
to equalize the reparations burden, requires the cbmpany to make certain
annual payments estimated as not exceeding $150,000, which are unsecured
and correspond in amount to the annual charges for interset and amortization of Dawes Industrial debentures, which would be imposed upon its
properties if privately owned.
CapitalizationAuthorized. Outstanding.
Capital stock
314.284,714 314.285,714
First Mortgage Gold bonds, 63.6% series, due 1950
(including this issue)
25,000,000
7,500.000
Purpose.-Proceeds will be used to provide for the development and
enlargement of the company's properties, thereby providing for increased
output and more economical operation.-V. 120, p. 1457.
Electric Power & Light Corp.(& Subs.).-Earninos.-
12 Months Ended June 30Operating revenue
Operating expenses, including taxes
1924.
1925.
$37,949.578 $40,073,236
23.101,070 23,714.701
Net revenue from operation
$14,848,508 $16,358,535
Net earns. of Elec. Pr. & Lt. Corp., incl. undistrib. inc. (before
renewal & replacement res.) of subs, applicable to it
36.984,192
xAnnual preferred dividend requirement
2,445,527
Federal Circuit Judge Lewis, in the U. S. District Court at Denver,
has approved the reorganization plan of Denver Tramway Co. and ratified
sale of its assets and the Denver & Northwestern Ry. to the reorganization
Balance
$4.538,665
committee for $7,001,240. These will be transferred to the Denver Tram- Annual second preferred dividend requirement
815,297
way Corp. per reorganization plan in V.120. p. 2548.
Balance
33.723,368
The joint reorganization committee of the Denver Tramx On 349.361 shares outstanding June 30 1925, including stock being
way Co. and the Denver & Northwestern Ry., consisting of Issued in connection with acquisition of properties.-V.121. p. 1347, 457.
Claude K. Boettcher, George C. Clark Jr., and SamuelM.
Perry, issued the following notice to holders of the various
securities of the companies:
Federal Light & Traction Co.-Listing.-
The New York Stock Exchange has authorized the listing on or after
Oct. 1 of $58,422 Common stock (par $15 each), on official notice of issuance
Subject to the compIetion of the necessary legal and other details, it is as a stock dividend of 15 cents per share, making the total amount applied
contemplated that the securities of the Denver Tramway Corp. the new• for 35,900,641 Common stock.
company organized under the plan of reorganization, dated April
Income Account 6 Months Ended June 30 1925.
'15 1925,
will be ready for delivery on and after Oct. 1 1925. Notices setting forth Inter-company earnings $697,514; miscellaneous earnings $157.
the requirements to obtain such delivery have been mailed to all record
176; total
$854,691
holders of certificates of deposit above mentioned, but any holders of Expenses
157.046
certificates of deposit who did not receive such notice may obtain a copy Total interest
251,987
of the same by applying to their respective depositaries.
Total discount
15.031
Holders of certificates of deposit for stock of the Denver & Northwestern
Ry. and stock of the Denver Tramway Co., are notified that in order to
Net profit
$430,627
obtain the new securities to which they severally become entitled under the Pref. diva. (paid and reserved) $235.380; Com. divs., $269,736
505,116
plan, they must pay, on or before Oct. 1 1425, to the depositary whose
Comparative Balance Sheet.
certificates of deposit they hold, the remaining installment of the payments
June 30'25. Apr. 3025.
June 30'25. Apr. 3025
required of them under the terms of said plan as follows:
LiabilitiesAssets$
$
$
$
38 00 per share of stock of the Denver & Northwestern Ry. Co.
Stks.dt bds.of subs.15,180.089 14,384,584 Pref. stock
x3,937,400 3,937,440
$4 80 per share of stock of Denver Tramway Co.
1.347
1,347 Common stock_
5,842,219 5,784.375
And at the time of making such payment must surrender to such deposi- Securer other cos.
19,346
Office
19,357
Long
term
turn.
&
fiat_
debt_
_
.
9.472,000 9,472,000
tary certificates of deposit (in negotiable form), nearing notation or the
382
215 Current liabilities_ 171,217
payment of the first installment paid in accordance with the requirements Sink. fund cash- - 189,941
of the plan. Any failure on the part of any holders of certificates of deposit Current assets_ _._ 1,018,226 1,169,482 Unadjusted credits 129.4.58
178.184
4,075,598
cos_
3,400,109
Corporate surplus_ 1,318,014 1,347,104
bearing notation of the payment of such first Installment, to make due and Due from sub
punctual payment, on or before Oct. 10 1925, of the remaining installment Unad). debits__ __ 1,249,797 1.268,473
of the payments required by the plan, in accordance with the terms thereof,
20.869,308 20,909,046
Total
Total
20.8i9.308 20,909,046
will forfeit all rights in respect of such first installment already paid and
x Outstanding 39.374 shares, no par value; authorized 155,000 shares.all rights and benefits of and under the plan.
Until the close of business on Oct. 10 1925, the depositaries will continue V. 121, p. 1347. 705.
to accept deposit of securities entitled to participate in the plan, and thereFederated Utilities, Inc.-Bonds Offered.-Wm,L. Ross
after no further deposits will be received.-V. 121, p. 1460, 1100.
Detroit Motor Bus Co.-Extra Dividend of 1%.
The directors have declared an extra dividend of 1% and the regular
quarterly dividend of 2%.both payable Oct. 15 to holders ofrecord Sept.30.
This is thesame rate as paid in the three previous quarters.-V.120, p.3313.
& Co.; Fenton, Davis & Boyle, Chicago, and Benjamin
Dansard & Co., Detroit, are offering at 100 and int.,
81,000,000 1st Mtge. Collateral Gold bonds, Series A, 6%.
Dated Sept. 1 1925; due Sept. 1 1945. Int. payable M. & S. at First
Trust Sr Savings Bank, Chicago. Denorn. $100, $500 and $1,0000.
Red,
all or part on any int. date on 60 days' notice as follows: On or
A 25% Increase in fares has been approved by the suburban towns of
at 105 and int.; thereafter at 3,6 of 1% less for each
River Rouge, Trenton. Wyandotte, Riverview and Sibley, Mich. The before Sept. I 1930
succeeding
year or part thereof, to and incl. Sept. 1 1936, and thereafter
one-man
company's
increase was conditional upon the
agreement to pur on
Company agrees to pay int. without deduction for any
cars and start installation of paving and double tracks and will become at 102 and int.tax
not exceeding 2%.
effective as soon as improvements are started. This agreement is expected Federal Income
to terminate the differences between the railway company and down-river Data from Letter of Fred W. Seymour, President of the Company.
towns which have existed for some time.
Company.-Incorporated in Delaware Aug. 18 1925. Owns all of the
The Detroit City Council has been requested by representatives from outstanding bonds and the entire outstanding Common
River Rouge, Trenton and Wyandotte to grant the company permission directors' qualifying shares, of the Michigan Federated stocks, except
Corp.
to abandon its service from Bates Street terminal to West Jefferson Avenue and the Palm Beach Gas Co., and in addition thereto, all theUtilities
stock,
Bridge over Rouge River. The company, operating on a day-to-day except directors, qualifying shares, of three subsidiaries in capital
Indiana and
agreement in these towns for the past year, has lost $100,000, the largest Georgia, and over 90% of the capital stock of the Consumers
Gas & Coke
item being in operating service from Rouge River to Bates Street terminal, Co. of Waycross. Ga., all of which properties will presently
be placed
It is said.
under this mortgage. [The Michigan P. U. Commission recently authorThe application of the receivers to abandon approximately 10 miles of ized the Michigan Federated Utilities Corp. to capitalize
at $1,000.000
track between Ypsilanti and Saline has been granted by Judge Simons in and take over interests of the Gas Engineering Co., Battle Creek,
Comthe U. S. District Court. The track is held under a 30-year franchise which pany was also authorized to issue $1,000.000 1st Mtge. bonds.)
expires in a year. Portions of the roadbed, it is said, will be used as part
Company's subsidiaries now under this mortgage serve apopulation of
Detroit
and
of the state's project for a second all-concrete highway between
over 110.000, which will be increased to about 160.000 by including the
Chicago.-V. 121, p. 1460, 1347.
new subsidiaries in Indiana and Georgia. Artificial gas is furnished to
•Detroit United Railways.-Fares-Branch Line.-
SEPI'. 26 1925.]
THE CHRONICLE
11 communities in the State of Michigan in what is known as the Michigan
Industrial Belt and to Palm Beach and West Palm Beach, Fla. There
are six gas plants in Michigan, all of which manufacture either coal gas
or both coal and water gas. The Palm Beach gas plant manufactures
water gas only.
Security.-Secured by pledge with the trustee of 1st Mtge. bonds of
subsidiary corporations, those on the Michigan Federated Utilities having
been approved by the Michigan P. U. Commission. The subsidiary
bonds constitute the entire funded debt in aggregate principal amount
equal to not less than 100% of the total amount of 1st Mtge. Collateral
Gold bonds outstanding and under the terms of the indenture this ratio
must always be maintained. There are $1,350,000 of .1st Mtge. bonds
of the Michigan and Florida subsidiaries now authorized and owned by
the company. These 1st Mtge. Collateral Gold bonds are further secured
by pledge with the trustee of the entire outstanding Common stocks,
except directors' qualifying shares, of such subsidiary companies.
Earnings.-Consolidated net earnings of the company and its subsidiaries now placed under this mortgage through pledge pf collateral for the
12 months ended July 31 1925 available for interest, Federal taxes, depreciation, &c., were over three times the annual interest requirements of
these $1.000,000 1st Mtge. Collateral Gold bonds.
Appraisal Value of Properties.-The combined properties under this
mortgage had a conservative present physical value as of Sept. 1 1925,
after making liberal deductions for depreciation, of over $2,200,000.
1569
t
On its 1924 income the company pays this year to the Federal governmen
a tax of $432,304. On the basis of a l21% levy on taxable income this
would indicate a net income after tax payment of $3,026.135. To its
shareholders the company reported net after taxes, depreciation and
interest $3,732,303. In explanation of the difference between these two
amouitts Assistant Treasurer Weston says:
"Under the Federal laws the tax of 12H % is not paid either on the
revenue that this company derives in the way of dividends from stocks that
it owns, nor on the item of interest charged construction, which is one of
our revenue accounts.
"This interest represents the estimated amount of interest accruing
during the year on funds devoted to construction work in progress prior to
the time that such construction is completed and ready for service. The
item is among the income accounts of the company in conformity with the
system of accounts for telephone companies prescribed by the I.-S. 0.
Commission.
"There are some other items that are taken into consideration when
making the tax return, such as the amortization of debt discount, &c.,
Which may be deducted only as it accrues from year to year, although
actually charged off in past years.
"In order to follow through the figures I offer the following:
Balance net income,shown by report of directors to stockholders_$3.732,303
432,503
Estimated Federal tax, payable in 1925
Total balance net income before deducting Federal taxes_ -$4.164,806
Fifth Ave. Coach Co., N. Y.-New Officer."The actual Federal tax as finally computed was slightly different from
Louis H. Palmer has been elected Vice-President & General Manager the estimated amount-namely, $432,304. This being 12H % of the
of this company and of the New York Transportation Co., which controls amount on which the tax was computed, it may be multiplied by 8 in order
$3,458,437
k the stock of the Fifth Ave. Coach Co. Mr. Palmer formerly was Vice- to determine this amount, which gives
"To this should be added:
President & General Manager of the United Rys. & Electric Co. Mr.
"Interest accrued during the year on funds devoted to construcPalmer will assume his new duties on Oct. 1.-V. 120. p. 2268.
tion work, dividend revenues and sundries including amortiza706.368
Illinois Bell Telephone Co.-Expenditures.tion of debt discount
The directors have proved the expenditure of $524,954 for new plant in
$4,164,806
"Total
Chicago and $885.303 in Illinois outside of Chicago making the total
-V. 121, p. 1227, 1102.
approved thus far this year $20,788,427.-V. 121. p. 1101.
Illinois Northern Utilities Co.-A rowisitions
The company has acquired from the Citizens Utility Co. of Durand, Ill.,
its properties in Dtrand, Rea k City, Davis and Dakota, Ill.
In July last the com_pany acquired the privately owned light.and power
plants in Steward and Lee. Ill. The town of Freeport granted the company
a.20-year franchise to operate its electric street railway. This was done at
the May meeting of the City Council. No franchise has existed for the
past two years.-V. 120. p. 1746.
Illinois Power & Light Corp.-New Director.-
Omer N.Custer of Galesburg, Ill., Treasurer of the State of Illinois,has
been elected•a director of the corporation.-V. 121, p. 1227.
Interborough Rapid Transit Co.-New Director.-
Charles E. Dunlap. of the Berwind-White Coal Mining Co., a director
of the National Bank of Conunerce in New York, of the New York &
Queens Ry.and of numerous other corporations, has been elected a director
of the Interborough Rapid Transit Co.to succeed the late August Belmont.
-V. 121, p. 1461, 1348.
Niagara Lockport 8c Ontario Power Co.-Merger.
The Carroll Electric Light & Power Co. was recently merged into the
above company.-V. 121, p. 1462.
North American Co.-Listing.-
The New York Stock Exchange has authorized the listing on or after
Oct. 1 of $785,600 (auth. $60,000,000) additional Common stock, par $10
each, on official notice of issuance as a 24,4% stock dividend, making the
total amount applied for $32.266,850.
Since June 17 1925 the company has completed the acquisition of 48.750
shares (par $100 each) of the Common stock of Washington Ry. & Electric
Co. The authorized and outstanding capital stock of Washington Ry. &
Electric Co. consists of $6,500.000 of Common stock and $8.500.000 of
5% Cumulative Pref. stock.-V. 121, p. 1463, 1228.
Northern Indiana Gas & Electric Co.-Stock.-
The company has applied to the Indiana P. S. Commission for authority
to issue $1,000,000 of Preferred stock at not less than 90, the proceeds to
be used to reimburse the treasury for extensions, additions and betterments made and to be made.
Iowa Railway & Light Co.-Pref. Stock Called.redemption
The petition states that in April and May the company spent $652,220
for
called
been
have
stock
Preferred
All of the outstanding
treasury has not been reimbursed for
Sept. 30 at 102H and dividends at the company's office, Cedar Rapids. Ia. in this manner and of that sum the expenditures
totaled $599,3S6 and in
Holders of Preferred stock may send their certificates either to the office $34,702. In June and July similar
of next December the expenditures
close
the
and
1
Aug.
the
between
period
Bank
Rapids
Cedar
or
National
of the company or to Merchants National
are expected to total $267,172.-V. 120, p. 1204.
Bank, each of Cedar Rapids, Iowa.-V. 121, p. 74.
Jersey Central Power & Light Co.-Acquisition.--
The New Jersey P. U. Commission recently authorized the company to
issue 35,000 shares of Common stock of no par value, the proceeds to be used
to acquire the property of the Millburn Electric Co. This issue is in lieu
of an order by the Board, dated June 25. whereby the company was authorized to issue the following securities: $260,000 of 20-Year 53 % First
Mtge. Ref. bonds, $106,0000f 7% Cumul. Pref. stock, and 1,000 shares of
no par value Common stock.-V. 121, p. 330.
I'
Kansas Power Co.-Earnings.-
F Year
Ended July 31Gross earnings
Operating expenses, taxes, &c
1924.
1925.
$381,194 $423,236
248,508
266,281
Net applicable to interest
Interest on $979,000 10-Year 7s
$132,686 $156.955
68.530
Balance
__AT. 120, p. 2012.
$88,425
Mackay Companies.-Rumors Denied.r In regard to rumors that the company proposed to retire
its Preferred
stock and possibly increase its dividend, Vice Pres. William J. Deegan
stated: "The trustees are not contemplating any benefits whatsoever to
the shareholders in the way of increased dividends, bonuses or anything
else, nor.is there any intention of changing the form of capitalization of the
Mackay Companies in any manner. -V. 121, p. 458.
Metropolitan Edison Co.-Pref. Divs.-Bonds Called.The directors have declared quarterly dividends of $1 75 per share on
the Series B Pref. stock and $1 50 per share on the Series C Pref. stock,
both payable Oct. 1 to holders of record Sept. 21.
All of the outstanding Ref. & Impt. 8% 15-Year Gold bonds, Series A.
due Nov. I 1935, have been called for redemption Nov. 1 at 1053 and
int. at the Guaranty Trust Co., trustee, 140 Broadway, N. Y. City.
The holders of these bonds, if they so desire, may immediately obtain
' 105H and int. up to the date of surrender upon presentation of the bonds
for cancellation at the Guaranty Trust Co. at any time prior to Nov. 1.V. 121, P. 839, 706.
Michigan Bell Telephone Co.-Expenditures.The directors have approved estimates for extensions totaling $3.705.000,
of which $1,400,000 is for plants in Detroit: $355,000 for Grand Rapids,
and the remainder of $1,950,000 for improvements and extensions in other
parts of the State.-V. 121. p. 979.
Michigan Federated Utilities Corp.-Acquisition and
Control.see Federated Utilities. Inc., above.
•
Minneapolis Gas Light Co. Gas Rate Cut.The price of gas in Minneapolis, Minn., was cut 2c. recently, from 95 to
93e. per 1.000 cu. ft., the lowest figure since 1918. The new rate is effective
from Sept. 1 to Jan. 1.-V. 120. p. 2012.
New England Co., Boston.-Acquisition.-
.
The offer of the company to acquire the stock of the Mascoma Light &
Power Co.. operating in White River Junction and Hartford, Vt., and
Lebanon and Hanover, N. II., has been accepted by holders of about 98%
of the Preferred stock of the latter concern, it was
of the Common and 97%
announced on Sept. 21. See V. 121, p. 970.
New England Public Service Co.-Organized.--
This company was organized in Maine Sept. 18 1925 to take over various
power properties in Maine,New Ifampshire and Vermont,recently acquired
interests of Chicago.
by the Insull
will be immediately transferred to the New
The following companies
Service Co., which will control the same stock ownership:
Public
England
Power Co., Manchester Traction Light & Power Co.
The Central Maine
Light, Heat & Power Co., which controls the Twin State
and the National
Gas & Electric Co., the Berwick & Salmon Falls Electric Co., the Vermont
Hydro-Electric Corp., the Rutland Ry., Light & Power Co. and the Pittsfield Power Co.
of the new concern will consist of 200,000 shares of
The capitalization
stock, 200,000 shares of no par Preferred stock
par Prior Lien Preferred
Common stock of no par value.
of
shares
and
o 400.000
Insull, of Chicago, is the Chairman and Walter S. Wyman, of
p. Samuel Mo.,
is the President of the new company.
Augusta,
New England Telephone & Telegraph Co.-Difference
to Shareholdersfor 1924.
in Taxable Net and Income Reported
Northern Ohio Power Co.(& Subs.).-Earnings.-
-8 Mos.End. Aug.31- -12 Mos. End. Aug. 311924.
1925.
1924.
1925.
$7,553.697 $6,528,607 $11,106.087 $9.768.249
Gross earnings
Oper. turps., incl. taxes
7.668.769
5.617,547 5,135,652 8,329.905
and maintenance
$1.936,150 $1.392,955 82.776,182 $2.099,480
Gross income
1,353,144
2,176.033
1,990.446
Fixed charges (see note). 1,460,333
$39.811
$600.149
$109.034
$475.817
xNet income
x Available for replacements, depreciation, &c.
Note.-Fixed charges prior to Feb. 1 1925 have been computed for comparative purposes to include interest of the Northern Ohio Power Co. for
expired periods of 1925 and for year 1924. and include interest charges and
dividends on outstanding Preferred stock of sub. cos.-V.121. p. 1102,459.
Northwestern Light & Power Co.-Bonds Offered.Emery, Peck & Rockwood, Chicago., and Minnesota Loan
2 and interest,
/
& Trust Co„ Minneapolis, are offering at 981
to yield over 6.10%, $500,000 First & Ref. Mtge. 6% Gold
bonds, Series "B."
Dated Aug. 11925; due Aug. 11950. Principal and interest (F. & A.)
payable at Central Trust Co. of Illinois, Chicago. Denom. $1,000. $500
and $100 c*. Redeemable, all or part, on 45 days' notice on any interest
date on or before Aug. 1 1930 at 105; thereafter on or before Aug. 1 1935
at 104: thereafter on or before Aug. 1 1940 at 103: thereafter on or before
Aug. 1 1945 at 102;thereafter on or before Aug. 1 1949 at 101. Redeemable
Feb. 1 1950 without premium. Central Trust Co., Illinois, and Aksel K.
Bodholdt, trustees. Interest payable without deduction for normal
Federal income tax not to exceed 27.
Company.-Incorp. in Delaware. Owns and operates public utility
properties serving a rich agricultural territory in northwestern Iowa. A
total of 34 cities and towns are served either directly or through other
companies to whom electric current is sold at wholesale. These communities are located in Dickinson, Osceola, Lyon. Sioux, O'Brien. Clay. Monona,
Ida, Woodbury, Cherokee and Buena Vista counties, and include among
others the towns of Peterson, Cherokee, Alvord. Ashton. Boyden, Doon,
Ocheyedan, Sutherland. Correctionville. Battle Creek, Lake Park, Harris,
Danbury, Linn Grove and St ,rm Like.
Of the total net earnings 81.37 is furnished by the electric light and
power departments (including small revenue from steam heat at one point)
and the remaining 16.7' IIs delved from the gas department.
Company has approximately 5.000 electric and gas motors installed, besides supplying electric current to a number cf towns where the distributing
systems are owned by other companies. Current is supplied from three
steam generating plants and three hydro-electric plants of a combined
capacity of 2,240 h. p., and is distributed over 208 miles of transmission
lines. Company is now building a plant at Correctionville, which is being
connected by a 33,000-volt transmission line with the steam plant at
Battle Creek and the hydro-electric and steam plant at Danbury.. In addition current is purchased at certain points under favorable contracts from
other companies. Gas plants are owned and operated at Cherokee and
Storm Lake.
Authorized. Outstanding.
Capitalization$500,000
First Mortgage 6% Gold bonds, Series "B"
(a)
184,500
Underlying Divisional bonds (closed)
11.500
$500.000
77, Cumulative Preferred stock
5.000 shs. 1.000 sbs.
Common stock (no par value)
mortgage.
the
a Issuance of additional bonds restricted by provisions of
Purpose.-Proceeds will be used to retire existing indebtedness to pay in
part for properties recently acquired and for other corporate purposes.
Security.-Secured by a first lien on all plants, real estate, transmission
lines and all other fixed property belonging to the Company except distributing system in the town of Harris, against which there is a prior lien
securing $7,500 bonds. Company has recently acquired and by supplemental indenture subjected to the lien of the mortgage, the properties of
Western Iowa Power Co. and the electric plants and systems of certain
municipalities, against which there are outstanding bonds in the aggregate
amount of $177.000 (closed mortgages) to which these bonds are subject.
Earnings Twelve Months Ended April 30 1925.
$254,844
O ress earnings
153,351
Operating expenses (including maintenance and taxes)
Net earnings
Interest on bonds (including present issue)•
$101.493
41,685
Balance available for Federal taxes, depreciation and dividends $59,808
1570
THE CHRONICLE
Ohio Edison Co., Springfield, Ohio.-Stock Offered.-
The right to purchase $400,000 of6.6% Preferred stock is offered to the
stockholders pro rata, according to their respective holdings, at par and
dividends to date of sale, payable at the office of the company in cash or in
New York or Chicago exchange. The right to subscribe pro rata $ntitled
stockholders to subscribe to one share of additional stock for each 15 shares
of their present holdings.
In order to enable stockholders desiring to subscribe to additional stock
to the extent other stockholders may not subscribe for their pro rata share,
the company will receive subscriptions from each stockholder for any
number of shares upon the understanding that shares in excess of their pro
rata right will be subject to allotment. Subscriptions are payable on or
before Oct. 12.-V. 121. p. 1228.
Ohio Fuel Corp.-Negotiating for Control of Ohio Fuel
Oil Co.The corporation has offered to exchange 29-66ths of one share of its
stock of $25 par value for each share of Ohio Fuel Oil Co.of 81 par value.
The Ohio Fuel Oil Co. stock must be deposited on or before Oct. 20 with
George W. Ratcliffe, Treasurer of the Ohio Fuel Corp. This offer is contingent upon the deposit within the time limited of60% of the outstanding
$320.000 capital stock (par $1) of the Ohio Fuel Oil Co.
The Ohio Fuel Corp. has increased its authorized Capital stock from
3100,000,000 to $125,000,000, par 525.-V. 119, p. 2879.
Ohio Fuel Oil Co.-Control Sought by Ohio Fuel Corp.-
See that corporation above.-V.121. D. 331.
Orange & Rockland Electric Co.-Expansion.
Pending assurance from the above company that it will furnish adequate
service in West Milford(N.J.) Township. the New Jersey P. U. Commission
withheld permission for the issuance of securities by the West Milford Electric Co.. a corporation recently organized to furnish heat, light and power
in that township. The Orange & Rockland Electric Co., which operates in
adjacent territory, objected to the activities of the rival concern. It is
ordered to begin installing equipment not later than Oct. 15 and its rates
must not exceed those announced by the new company.-V.115. p. 2486.
Pacific Gas & Electric Co.-630 Suits Against Company.
The company has been made defendant in 630 suits filed in Superior
Court at Oakland. Calif., by 60 insurance companies, for recovery of
approximately $4,000,000. representing losses sustained by the plaintiff
companies as a result of fire which two years ago razed scores of homes and
other buildings in Berkeley. The insurance companies hold the Pacific
Gas & Electric Co. responsible for starting the fire through "carelessness of
the respondent company in the construction and maintenance of its electric
power transmission line in the hills northeast of Berkeley." L. H. Susman,
general attorney for the Pacific Gas & Electric Co. is quoted as follows:
"We can see no liability on our part.
When the flames destroyed
Berkeley's hill section there were at least 100 similar fires in other parts of
the State. In fact, our electric line did not even come down.--V. 121,
p. 1348. 840.
[VOL 121.
South Bay Water Co., and the Sumpwams Water Co., supplying Linden
hurst and Babylon, L. I.
It is reported that for each share of stock held, the Amityville company
stockholders will receive $125 in cash and one share of stock of the new
company.-V. 120, p. 2684.
Southeastern Power & Light Co.(Me.).-Increase, &c.
The stockholders on Sept. 22 increased the authorized number of no
par value shares that may be issued from 600,000 (divided into 100,000
shares of Preferred and 500.000 shares of Common) to 3,600.000, divided
into 100,000 shares of Preferred and 3.500,000 shares of Common. It is
proposed to issue five shares of new Common stock in exchange for each
Common share now outstanding.
The stockholders also approved the merger of the company and the
Southern Power Securities Corp. (See also V.121. p.980.)-V. 121,p.1349.
Southern California Edison Co.-New Line Begun.-
On Sept. 1 the company began construction of the third 220,000-volt
transmission line between the Big Creek-San Joaquin River power houses
and Los Angeles, a distance of 250 miles. This line,it is estimated, will cost
approximately $11,000,000. The electrical carrying capacity will be
200.000 h. p.
The new transmission line will begin carrying power from the High
Sierras to southern and central California by Jan. 1 1927.-V. 121, p. 708.
Southern Cities Utilities Co.-Acquisition.-
The company has made additional purchases of properties in territory
served by it in Tennessee. The purchase just made and announced by the
company was that of the Sequatc.hie Light & Power Co., which operates in r
Hohenwald and Petersburg, Term.-V. 121. p. 1228, 461.
Southwestern Light & Power Co.-To Sell Ice.-
A permit to manufacture, sell and distribute ice at Hollis, Okla, was
issued to the company by the Oklahoma Corporation Commission, under 4
authority of a law passed by the last Legislature making ice companies
public utilities and placing them under control of the Commission. In
granting the permit the Commission requires the Southwestern Light dc
Power Co. to have at least a 15-ton distilled-water ice plant in operation at
Hollis on or before April 1 1926. or otherwise the permit will become null
and void. ("Electrical World.").-V.121. p. 1103.
Southwestern Public Service Co.-Properties.-
This company, incorporated in June, 1925. with general offices in tbe
Illinois Merchants Bank Building, Chicago, owns and operates 3 groups of
public utility properties, serving rapidly growing territory in New Mexico, '
Arizona and Texas. The properties acquired include the Roswell Public
Service Co., the Holbrook Electric Co.,the Arizona Power Co., of Winslow,
and the City Light and Water Co., of Amarillo, Texas. The company
provides a diversified service, supplying one or more vital public requirements.including the electricity, water,gas.ice and heat,in 10 municipalities
and extensive rural districts.
The principal centers served by the company are Amarillo, Texas, Roswell, Carlsbad and Artesia, Hagerman, Dexter and Lake Arthur, New
Mexico and Flagstaff, Holbrook and Winslow, Arizona. The important
Pennsylvania Electric Corp.-New Personnel.and basic activity of the company is the manufacture and distribution of
At a meeting of the board held Sept. 23, the following new directors were electric energy through a central
station and high-tension transmission line
elected incident to the taking over of the management of the corporation development. The company
owns and operates8central generating stations
by the Associated Gas & Electric Co.: J. I. Mange, H. C. Hopson, John M. with installed capacity of 10.825
horsepower.
Daly. W. C. Wishart, W. J. Henderson and Henry C. Hasbrouck. The
Southwestern Public Service Co. is a subsidiary of the Consolidated
first three were also added to the executive committee, H. D. Walbridge Power & Light Co. of South Dakota
which owns and operates directly or
and F. T. Hepburn being the other members.
through subsidiaries, 14 light and power plants with total Installed capacity.
New officers were elected as follows: J. I. Mange. President: H. C. 23,454. h.p., serving_ 30 prosperous
and growing communities in South
Hopson, Vice-Pres. & Treas.: Warren Partridge, John M. Daly, Vice-Pros,, Dakota, Nebraska,
Kansas, Texas, New Mexico and Arizona, having an
and M. C. O'Keeffe, Sec.-V. 121, p. 1463. 1228.
aggregate population in excess of 100.000.-V. 121, p. 332.
Philadelphia Rapid Transit Co.-Initial Pref. Div.-
The directors on Sept. 21 declared an initial semi-annual dividend of
335% (or $1.75 per share) on the Preferred stock, payable Nov. 2 to holders
of record Oct. 1. The regular quarterly dividend of 2% (or $1 per share)
was also declared on the Common stock, payable Oct.31 to holders of record
Oct. 15.-V. 121.p. 1349,1103.
Portland Electric Power Co.-Franchises Approved.-
Two franchisee were granted to the company by the City Council of
Portland, Ore., on Sept. 16-one to operate bus lines in five directions to
the remote sections of town and the other to construct street car lines,
chief of which will be the short-cut to St. Johns, Ore. Both franchises
operate until 1932. when most of the other franchises of the company
expire. They provide that fees shall be paid to the city for the privilege of
operation of both the bus and car lines and that transfers shall be made
from the bus lines to any street car line in the city and vice versa.-V.
121. p. 1463.
Portland -(Me.) Gas Light,Co.-City Sells Holdinos7
It is announced that Paine, Webber & Co. of New York has purchased
from the city of Portland its holdings of 4.857 shares of stock of the Portland Gas Light Co.-V. 121, p. 1228. 708.
Public Service Corporation of New Jersey.-Offers Stock.
. The directors have authorized the issuance at par and dividends of
115.500 shares of 6% Cumul. Pref. stock. This is the first issuance of 6%
Preferred to be offered to the present holders of the 8% Cumul. Pref. and
the 7% Cumul. Pref. stock, in the proportion of one share of the 6% Pref.
for each four shares of such stock held as of Oct. 7.
Beginning Nov. 1 the new issue will be offered by the corporation under
its popular ownership plan.-V. 121, p. 587.
•
The Board of Transportation applied Sept. 17 to the Board of Estimate
and Apportionment for authority to acquire, under the provisions of the
Rapid Transit Act, a site for a storage yard, inspection sheds and repair
shops for the cars of the city's new subway system which is now under
construction from 68th to 174th St., Manhattan.
The site which the Board proposes to take is located generally between
207th and 216th streets from Tenth Ave. to the Harlem River. It is
assessed at $3.403.750 for land and existing buildings. The area embraces
54 acres, with wharfage facilities 2.000 feet in length. The
will
accommodate 500 cars for storage. The repair shops will serve the
the equipment and the rolling stock on the entire new subway system.
In the application to the Board of Estimate the Board of Transportation
said that "the extent of the lines now under construction and the expedition with which such work is being prosecuted, together with the program
for new work, require immediate consideration of the fixation and procurement of a site upon which may be constructed yard and shop facilities in
the Borough of Manhattan for such system. This Board has made a
thorough and personal survey of available locations and has determined.
subject to your approval, upon the site in the Borough of Manhattan."
-V. 121. p. 1463, 1349.
res
44. rem
ra,agal
.---
Rockford (Ill.) & Interurban Ry.-Protective Committee
for Rockford Beloit & Janesville Traction Co. First Mtge. 5s.Owing to the default last April-and since continued-of the interest
due on the *907.000 First Mtge. 5% bonds of the Rockf3rd (Ill.) Beloit &
Janesville Traction Cc., W. Parson, of Parson. Son dr Co.. New York,
Aksel K. 134-Kiholdt and Otto Schadde. have formed a bondholders protective committee asking for a deposit of bonds with the Central Trust Co. of
Chicago. Ill, Charles J. Horn is SOT. of this committee. . Parson is
Chairman. and Pam & Hurd. Illinois Merchants Bank Building Chicago,
Ill., counsel.-V. 121, p. 1228.
$91,513
$ 99.750
Balance Sheet June 30 1924.
1925.
1924.
1924.
1925.
AssetsLiabilities$
Capital &mete_ _ _ _69.783,844 68,375.892 Capitalstock
28,000,000 28,000,000
Mat'ls,suppl.,&c_ 400,650
371,888 Stock assessment 840,000
840,000
Consumers'acc'ts_ 377,552
388,455 let Mtge.5s
22,000,000 22,000,000
Acc'ts receivable__
94,188
77,380 Arnortiza'n fund 1,091.146
746,963
Mtges.& contracts
Current liabilities_ 1,673,128
871,414
receivable
984.878 1,054,361 Reserves
151,039
192,215
Cash
109,031 Acc't of San Fran.
337,790
Special deposits_
70.141
loan
1,000,000
Investments
1,916.731 1,916,731 Depr. & obsolesce 5.294,662 5.064,594
Loan account
1,000.000
Cap.surp.(revarmii,930,764 11,944,884
Unamort.dis.&esp. 739,858
782,134 Real est, sales susEmergency water
pense
332,350
320,086
supply suspense_
10,421 Surplus
3,281,225 3.215,456
Total
75,635,490 73,154,437 Total
75,635,490 73,154.437
-V. 120, p. 2150.
Stamford (Conn.) Water Co.-Obituary.--
President Charles A. Hatch died at Stamford. Conn., on Sept. 23.
-V. 119, p. 464.
Standard Gas & Electric Co.-Listing.-
The New York Stock Exchange has authorized the listing of 126,484
shares (authorized 1.000,000 shares) Common stock, without par value.
upon official notice of issuance, making the total amount applied for not to
exceed 775,567 shares of Common stock without par value.
Stockholders of record August 24 were given the right to subscribe to
this stock at $48 per share in the ratio of one share of Common stock for
each 5 shares. Rights expired on Sept. 23.
General Ba once Sheet.
June 3025. Dec. 31'24.
June 3025, Dec. 31'24,
AssetsS
8
Liabilities-3
$
Securities owned_ _58,373,585 71,972,296 7% cum. pr. pt.stk18,000,000 12,500,000
Invest. in Ont. cos17,315,800
8% cum. pref.stk _16,500,000 16,500.000
Sinking funds__ __
93
687 Common stock__. See a
see b
1,903.005 1.001.219 Convert 6Iis 1933
Cash
3,253,500
Cash dep. for bond
6% non-cum stk__ 1.000,000 1,000,000
310,817 Cony. 635% debs.
& note interest- 106.119
538,969
Int. & diva. rec_ __ 382,075
1954
3,265,200 91563,600
142,428 20-year 6% notes.15,000,000 15,000.000
Acc'ts receivable__ 272,135
Due from affil. cos 1,939,738 1,465.094 Notes payable__.- 2,024,000 2,162,000
117,450 Accounts payable..
Notes] receivable__
21,650
71,650
1
Office turn.& fiat
1 Due to MM. cos_ 2,560,474 2,732.758
3.150
19,139 Accrued accounts_ 1,237,965 1,210,310
Prepaid acc'ts-Miscell. reserves_
34,502
35,191
Capital reserve_ _a12,979,719 63,992.801
Total(each Rlde)80,295,702 75,568.101 Surplus
7,671,604 7.556,968
a Capital reserve (1) arising from exchange of 212,000 shares of Common
stock without par value for 212,000 shares of $50 par $10.600,000; less
unamortized discount and expense on bonds, notes and Capital stock
110,178,385: (2) Capital account arising from conversion of funded debt
into Common stock $12.558.105.
b Capital reserve (1) arising from exchange of 212.000 shares of Common
stock without par value. for 212.000 shares of $50 par value, $10.600.000.
less discount and expense on bonds, notes and Capital stock, $9,758,183;
8811.817; (2) arising from exchange of 90.603 shares of Common stock
without par value for Convertible 634% Gold debenture bonds, $3,150,988:
total, 53,992,804.-V. 121, p. 841, 708.
Streator (111.) Aqueduct Co.-Pref. Stock Offered.Geo. A. Fernald Co., Boston are offering at 102 and div.
$250,000 7% Cumul. Pref. (a & d) stock.
Dividends payable Q-M. Callable at 110 and dile. approved by the
Illinois Commerce Commission.
South Bay Consolidated Water Co., Inc.-A 5qtrisifie rt.
CapitalizationThe company recently acquired the Amityville (L. I.) Water Works Co. 7% Cumul. Preferred stock
Other water companies which have previously merged with the South Bay Common stock
company are the Southampton and Port Jefferson concerns. the Ore it First Mortgage6% bonds
1924.
1925.
52.910.003 $2,883,694
1.952.182
1,968,202
840,000
842,051
Balance
Pittsburgh Utilities Corp.-Extra Dividends.-
The directors have declared the regular semi-annual dividend of 33,5%
and an extra dividend of 235% on the Preferred stock.
The regular semi-annual dividend of $1 per share was also declared on
the Common stock together with an extra dividend in the total amount
of $187,500. All of the Common stock Is owned by United Railways
Investment Co. All dividends are payable Nov. 2 to holders of record
Oct. 10.
Extra dividends of like amount were paid on the respective issues on
May 1 last.-V. 120, p. 1587.
Rapid Transit in New York City.-
Spring Valley Water Co.-Earnings.
-
Six Months ended June 30Gross revenue
Expenses, taxes, interest, &c
Dividends (3%)
$250.0013
250.000
225.000
SEPT. 26 1925.]
1571
THE CHRONICLE
standing. These shares are to be retired, either through purchase in the
open market or through call by lot at $110 per share if not available at or
below that price.
History and Growth of J. P. Bemberg A. G.-The firm of J. P. Bemberg
was originally founded in 1792 as a dyeing establishment and enjoyed for
more than a century a world reputation in the field of mercerizing and dyeing. Experiments with a new type of artificial silk of very fine fibre were
first made about 1901. Lengthy scientific research and investigation was
finally rewarded with the discovery of a method for successfully producing
a commercially satisfactory product on a large scale.
Shortly before the beginning of the World War the company gave up its
dyeing and mercerizing establishment and concentrated wholly on the manufacture of its new product, Bember "Adler" silk. Since then the company
has built establishments for the manufacture of artificial silk in Barmen,
been continually en5131,663 Ritterhausen and Oehle, which establishments have
Total
1925 is estimated at 5,500,000
Operating & miscellaneous expenses
52,761 larged and improved. Production for
artificial silk in the
of
manufacturer
largest
it
the
third
pounds,
making
amortiz.
Taxes $16,055; interest on funded debt $13.500; deprec. &
40.879 world. The quality of its product is unsurpassed.
$11,323
Owing to their superior quality, their silky touch and durability, the articonstantly in popularity
Net operating revenue
S1'8,023 cles manufactured of Bemberg silk have gained one
which never gave up
This shows earnings of more than twice the dividend upon this Preferred and demand. The firm of Bemberg is the only
silk. The result has
natural
substitute
for
Its
of
finding
a
real
original
idea
stock issue.
the article which
market
to
position
the
company
is
now
in
a
been that
ordinary artificial silk.
- can actually replace natural silk. It is not thewhich
Tennessee Electric Power Co.(& Subs.).-Earnings.
made a unique
has
material
at
the
present,
but
a
known
which
is
well
1924.
12 Months Ending Aug. 311925.
Gross earnings
$10,794,284 $ 9,360,141 place for itself in the textile industry.
Bemberg silk has been exported to the United States for the past six years
Operating expenses, incl. taxes & maintenance.._ _ 5,886,130 4.949.658
in constantly increasing quantities in spite of the present 45% ad valoren
,
Gross income
$4,908,154 $4,410,483 duty.
American Company.-A thorough survey has been made over a period of
Fixed charges
2,150,004
1,859,883
1% years by the Glanzstoff and Bemberg companies, together and sepaDivs. on 1st Pref. stock and Nashville Ry. & Lt.
clontraeCo. Pref. stock not owned
723,407 rately, with the co-operation of American experts, architects and
880,878
of a separate
Depreciation
884.306
837,567 tors. This has led to the conclusion that the establishment
American factory, to be erected with the proceeds of the present financing,
Balance
$989.626 will prove a very profitable enterprise. Construction will be started im$992,966
mediately in the northeastern section of the State of Tennessee. The
-V.121,p. 1103,461.
PaCtory, according to estimates, will be completed in about a year and will
• Utica Gas & Electric Co.-Larger Dividend.be capable of producing an annual output of 1,500,000 to 1.800.000 pounds.
The American Bemberg Corp. has been inoorpomted (July 14 19251 in
The directors have declared a dividend of 3% on the Common stock.
payable Oct. 15 to holders of record Oct. 5. This compares with quarterly Delaware and will manufacture in the United States artificial silk under the
dividends of 2% paid previously.-V. 121, p. 332.
Patents and processes which until now have been exclusively reserved to
the J. P. Bemberg A. G. in Germany. It has acquired the sole rights for
West Penn Co.-Listing.
the United States to all of the Bemberg patents and processes and will have
The New York Stock Exchange has authorized the listing of certificates the benefit of experts associated with the Bemberg organization in its manuof deposit to be issued by Equitable Trust Co., New York, as depositary, facturing operations.
under the plan of consolidation of the electric subsidiaries of American
Directors of the American Bemberg Corp. will include representatives of
Water Works & Electric Co., Inc., dated Sept. 10 1925, for $17,446,200 the parent companies, as well as members of the banking firms of Teixeira
Cum.
Pref.
of 7%
stock Mar $100)* and 59,258 shares of Common stock De 1\lattos Brothers, Amsterdam, C. Schlesinger Trier & Co., Berlin,
without par value of the West Penn Co., on official notice of issuance of Speyer & Co. and Lehman Brothers of New York. Officers of the American
certificates of deposit under the plan.-See V. 121, p. 1464.
Bemberg Corp. include Arthur Mothvrurf. Pres. & Treas.,- Jacob Strauss,
V.-Pres. & Sec.; Myron S. Falk, 2d V.-Pres., and Max Korff. technics/
Yonkers RR.-Acquires Bus Company.manager. The office address is 65 Madison Ave., N. Y. City.
This company, a subsidiary of the Third Avenue Ry. which recently
Estimated Profits.-It is estimated that the net profits of the company,
announced plans for a bus system to cover all of Westchester County, after production is at full capacity, will be many times the dividend requireN. Y., has purchased the franchise and all the outstanding capital stock of ments of the Preferred shares. The sales price of Bemberg artificial silk
the North Street Transportation Co., one of the largest operators of buses In the United States is at the present time considerably higher than that of
In the county.-V. 120. p. 3189.
other artificial silk products. The sales price of Bemberg Adler silk (120
deniers) in America is at present $3 per pound.
Company.-Incorp. in 1887. Furnishes exclusively the water supply: or
the City of Streator, Ill. It takes its water from the Vermillion River and
has acquired all the available water rights within 20 miles of Streator.
Company has a fine system of dams,filters and other machinery, all of which
are kept in the best condition. The distribution system consists of over
50 miles of mains, 39 miles of which is heavy cast iron pipe. Company
supplies 4,394 customers. Present franchise continues until 1940.
Purpose.-Constructing a new dam which will provide storage capacity
of 399,000,000 gallons. Company will also construct an addition to its
filter plant and add to its steam power.
Earnings Year Ending Dec. 31 1924.
$130,345
Operating revenue
1,317
Other income
INDUSTRIAL AND MISCELLANEOUS.
Refined Sugar Prices.-On Sept. 22 Arbuckle reduced prices 25 pta.
fro. 5.60c. to 5.35c. per pound; Federal, 5 pts. to 5.35c. per pound. On
Sept. 23 the American, Atkins, McCahan and Warner companies each
reduced price 25 pts. from 5.70c. to 5.45c. per pound. On the sarre day
National and Revere reduced price 15 pts. to 5.45c. per pound and Arbuckle
pts. to 5.30c. per pound. Federal. however, advanced price 10 pm. to
5.45c. per pound. On Sept. 24 the Federal Co. reduced price 15 pts. to
5.30e. per pound and on Sept. 25 a further 5 pts. to 5.25c. per pound.
movers covered in "Chronicle" Sept. 19.-(a) Baggage handlers' strike on
Westcott Express and New 1 ork Transfer (lo. terminated by pay cornpro nise, p. 1404. (s) Lynn (Mass.) shoe workers asked to accept wage
cut-all-year e nploy nent planned, p. 1404. (c) Rubber factories cut
production-curtail output 5 to 30% in Akron. Oh.o, district-outlook
favorable, p. 1404. (d) 1,000 acres set aside for fur production by Pontiac
Strain Organization (Detroit Silver Fox Farm), p. 1405. (e) Death of
Seymour L. Cromwell, former President of New 'I ork Stock Exchange.
p. 1417. (f) To extend stock ticker service to Pacific Coast, p. 1418.
(g) Merger of Morris & Co. with Armour & Co. declared not in restraint
of trade-Secretary Jardine issues warning against future violations, p.
1419. (h) Stock dividends may be taxed in New York, is Appellate
decision-levy constitutional under New York State laws, p. 1422.
Ahumada Lead Co.-Earnings.-Quarter Ended
6Mos.End.
PeriodJune 30'25. Mar.31 '25. June 30-25.
Gross receipts
$672,162
$918,490 *1,590,652
Net income, after depr'n. taxes. &c
339.869
422,646
762,515
For the six months ended June 30 1925 there were produced 41.262 dry
tons of ore, of which the smelter returned 17,059.123 lbs. of refined lead.
an average of 413.4 lbs. per ton. The sales for the six months amounted to
15,297,151 lbs. of lead.-V. 121. p. 1350, 78.
Aluminum Co. of America.-Federal Trade Commission
Charges Monopoly Against Cornpany-Alligations Denied by
,
le,
,freW. Mgaillcr
Company-Riahts.-,ittPaer&m
Charging practices which are alleged to lessen competition and tend to
create a monopoly in aluminum in the United States, the Federal Trade
Commission Sept. 24 announced that it had filed a complaint against the
Aluminum Co. of America, which is owned principally by Andrew W.
Mellon, Secretary of the Treasury, and his brother, R. B. Mellon of Pittsburgh.
The Aluminum Co. of America, through its counsel, Gordon, Smith,
Buchanan it Scott, has answered the complaint, denying that "any or all of
the averments set forth in the complaint disclose any violation of law,"
or that the same, if true, "would justify the making or issuing of any
decree" by the Commission against the respondent, and asking that the
complaint be dismissed.
The Commission's complaint was issued on July 21, but was kept secret
until now, and only made public after the Commission had received the
answer of the company. The former practice of the Commission was to
make its complaints public when issued. Since the reorganization of the
Commission, however, the rule has been to withhold all complaints until
after the accused corporations have had an opportunity to state their side
of the case and then make both complaint and answer public.
The stockholders have been given the right to subscribe on or before
Oct. 9 for additional new Common stock at $5 per share.-V. 121. p. 1350,
842.
American Agricultural Chemical Co.-Resignation.Peter B. Bradley has resigned as a director.-V. 121, P. 1229, 1221.
American Pemberg Corp.-Oraanization, &c.
Of the *3,500,0007% Cumul. Guaranteed Pref. stock authorized and outstanding. *2.000.000 has been placed privately and $1,500,000 was publicly
offered in Amsterdam. Holland, by Teixeira De Mattes Brothers at a price
equivalent to 106 for depositary receipts covering one share Preferred stock
(par $100) and one-half share Common stock (no par value).
Preferred dividends payable semi-annually Jan. 1. July 1. Preferred
stock dividends are unconditionally guaranteed from July 1 1925 until
July 11929. jointly and severally. by Vereinigte Glanzstoff-Fabriken A. G.
of Elberfeld. Germany, and J. P. Bemberg A. G. of Barmen, Germany.
Bank of the Manhattan Co., New York, transfer agent. Bank of America,
New York, registrar. In the event of liquidation, either voluntary or involuntary, Preferred stock is entitled to $110 and diva. Pref. stock is
callable either in whole or in part only for the sinking fund at 60 days' prior
notice at 110 and div. Except as provided by statute, all voting power is
vested in the Common stock.
Capitalization Authorized and Issued.
7% Cumulative Guaranteed Preferred stock (par 5100 per sh.)- $3,500,000
Common stock (without par value)
140.000 shs.
Sinking Fund.-Charter provides a sinking fund to redeem, on or before
July I 1930 and annually thereafter before July 1 each year. an amount of
Preferred stock equal to 2% of the maximum par value at any time out-
American Bosch Magneto Corp.-To Increase Capital
Stock-Retirement of 8% Note Issue Proposed.
The stockholders will vote Oct. 13 on increasing the authorized Capital
stock from 175.000 shares to 250.000 sharesof Common stock of no par value.
The corporation plans to issue 69,133 shares of additional stock at $33 a
share in the ratio of one new share for two old. The issue of stock has
been underwritten. The proceeds are to be used to retire the $2,125.0008
note issue, which is callable at 105. The retirement of the notes, it is said,
will pave the way for resumption of dividends on the stock. Under the
note indenture provision, no Common dividends can be paid unless quick
assets are at least twice the total of current liabilities and outstanding notes
combined.-V. 121, p. 710.
American Ice Co.-Dividend Increased on Common, Stock.
-The directors on Sept. 22 declared a quarterly dividend
of 2% on the outstanding $7,500,000 Common stock, par
$100, payable Oct. 26 to holders of record Oct. 9. This
compares with dividends at the rate of 7% per annum (13
4%
quarterly) paid on the Common stock from Oct. 1921 to
July 1925 incl.-V. 121, p. 842, 710.
American Locomotive Co.-Larae Contract.A contract involving approximately $3,250,000 has been awarded the
Richmond plant of the American Locomotive Works by the Chesapeake
it Ohio Ry. The order includes the manufacture of 50 of the h9avy type
Mikado locomotives. The first deliveries are expected to be made in Decamber.
The company has received orders for 24 heavy Mikados, weighting 165
tons each, for the Louisville & Nashville RR.; one 51-ton switching locomotive for the Richmond Car Works and one 62%-ton Prairie type for IT. L.
Bruce Co.-V. 121, p. 702.
American Pastry & Mfg. Co., New York.-Sale.-
The property of the company will be sold at public auction Oct. 14 by
Lee J. Perrin, special master, at the company's office. 629 East 15th St.,
New York City. The New York Pie Baking Co. will pay *100.000 for
the purchase of the real estate (subject to mortgages) and all parsonal
property, machinery, equipment, utensils, rolling and live stock, manufacturing and office fixtures, used in connection with the pie baking business
now or heretofore carried on by the company.
Robert H. Gay is the receiver of the company,42 Broadway, N. Y. City.
American Ship & Commerce Corp.-Earnings.6 Mos End, June 30Operating profit
Interest and taxes
Depreciation
1925.
$206.457
197,348
482,529
1924.
$500.657
240,242
612,622
Net loss
-V. 120. p. 3189.
$473,420
$352,207
American Stores Co. (Phila.).-Registrars, &c.The Transfer Agents and Registrars of the company's stock in New
York and Chicago, were discontinued as of the close of business Sept. 15
1925. The certificates of stock are now transferrable in Philadelphia, only,
by the Bank of North America & Trust Co. Transfer Agent, and counter'& Trust Co., Registrar.-V.
sighed and registered by the Liberty Title
121, p. 463.
Arnold Constable Corp. (Del.).-Organized.-
ld Constable
Papers were filed in Delaware Sept. 19 to organize the Arn,
Corp., with a capital of 225.000 shares of no par value. This company
was formed pursuant to the recent merger of Arnold, Constable & Co. and
M. I. Stewart & Co., Inc. See also Arnold, Constable & Co.. V. 121, p.
842, 981, 1350.
Arundel Corporation.--Earnings.Net profits
-V. 120, p. 1588.
-Month of August- -8 Mos. End.Aug.311924.
1925.
1924.
1925.
$215,794 $1,121,488 $1.077.109
$177,681
Atlantic Gulf & West Indies S.S. Lines.-Earnings.-
-7 Mos. July 31.-Month of July.1924.
1924.
1925.
1925.
$2,367,006 $1,901,933 $17,221,787 $15,359,321
Operating revenues
70,796 2,428,908
1,685.583
386.187
Net inc. after deprec_ _ _
2,642,842
1,04,913
90.637
406,192
Gross income
198,355
1,316,340
1,408,161
191,632
Int. rentals & taxes__ _ _
Net income
-V. 121. p. 1105, 463.
$214,560 def$107,717 $1,326,492
$526,751
1572
THE CHRONICLE
[Vol. 121.
Barnsdell Corp.-Receives Foreign Order.-
Red. except for sinking fund purposes all or part on any int, date on 3()
days'notice at 105 and int. on or before April 1 1936,the premium thereafter
to be 1% for each year or fraction of year of unexpired life of the bonds.
Red. for sinking fund on any int. date on or before .April 11936. at 102%
and int., the premium thereafter to be H of 1% for each year or fraction of
year of unexpired life of the bonds. Company will refund present personal
(The) Barrett Co.-To Reduce Capital Stock.The stockholders on Sept. 1 decreased the authorized capital stock from property or income taxes levied by the States of Penn., Maryland or Mass.
Pennsylvania Co. for Insurance on Lives & Granting Annuities and C. S.
$25,000,000 to 52,000.000, par 5100.-V. 120, p. 1884.
Newhall, Philadelphia, trustee. Auth., $5,000,000.
Bates Manufacturing Co.-Sells Lewiston Holdings.Data From Letter of Edward G. Budd, President of Company.
See Pepperell Manufacturing Co. below.-V. 121, p. 1465.
Property.-Company will acquire about 11 acres of land In the City of
Detroit,
on which is being erected a modern manufacturing plant having
Bonded Mortgage Co. of Baltimore.-Bonds Offered.- floor space
of 336,540 sq. ft. which
be used for upholstering and
Baltimore Trust Co.,recently offered at 100 and int. $250,000 finishing a substantial portion of the will
all-steel automobile bodies manufactured by the Edward G. Budd Manufacturing Co., the largest manu6% Real Estate Gold bonds, Series "B."
facturer of such bodies in the world. The 100 shares of $10 par value and
Dated Aug. 11925; maturing 575,000 Aug. 11926; 575,000 Aug. 1 1928; 700.000 shares of no par value Common stock of the company, presently
$100.000 Aug. 1 1930. Denom. $500 and $1.000 c5. Company agrees to to be outstanding, will be acquired by the Edward G. 13udd Manufacturing
refund the securities tax of any state, not exceeding 5 mills in any one year. Co. or by officers and stockholders thereof for cash at $10 per share.
Principal and semi-annual interest payable at Baltimore Trust Co., trustee,
Security.-Secured by a direct first mortgage on the lands and buildings
Baltimore.
(above). Also secured, by pledge with the trustees, of a lease of the
Guarantees.-The real estate mortgages securing these bonds are guar- properties to the Edward G. Budd Manufacturing Co. for a term of 16
anteed principal and interest by the United States Fidelity & Guaranty Co.. years, which will provide for payment of all taxes together with annual
Baltimore, Md. which has resources in excess of $40,000.000. Titles to the rentals sufficient to pay, interest and sinking fund charges on'the bonds from
mortgaged properties are guaranteed by the Maryland Title Guarantee Co., time to time outstanding
ts
under the mortgage.
Baltimore, Md.
Sinking Fund.-Mortgage will provide a cumulative sinking fund by
Security.-Bonds are secured by deposit with the trustee, of guaranteed means of which it is estimated that at least
bonds of this initial
first mortgages upon fee simple and leasehold real estate located in and about series will be retired by maturity date. Oct.51.125.000
1 1940.
the City of Baltimore, Md. They are furthermore the direct obligation of
Earnings.-Edward G. Budd Manufacturing Co. reports average annual
Bonded Mortgage Co.of Baltimore, which has capital of $250.000.
net earnings (after, depreciation. Interest charges and Federal taxes) for 9
years ended Dec. 31
of 51,119.1R2, or over 8 times total charges of
Boulevard Land
Los Angeles.-Trust Certificates 5138,000 for interest 1924.
and sinking fund on this issue of Edward G. Budd
Raalty Co. 1st Mtge. bonds.
Offered.-Dralce, Riley
Co.,
ez Thomas and California Co., Los • Manufacturing
Sales for the 8 months ended Aug. 31 1925. were $14,642,708 and net
Angeles, are offering at 100 and int. $218,400 Guaranteed earnings
were 51.489.376.
A despatch from Pittsburgh states that the corporation has received an
order for about $3,000.000 worth of lubricating oils from Clequet Co. of
Antwerp.-V. 121, p. 711. 463.
Mortgp.ze 7% Trust Certificates.
. Dated July 1 1925: due 540.000 July 1 1929 and 5178.400 July 1 1931.
Denom. of $1.000. 5500 and $100. Principal and int. (Q-J) payable at
Citizens Trust & Savings Bank. LOS Angeles. trustee. Red. on any int.
date at par and interest, together with a premium of 60 days' interest.
Interest payable without deduction for normal Federal Income tax not
exceeding 2%.
Con'none -A California corporation engaged In the developing.Improving
and mark .1 u. ef real estate. Company is at present building and selling
the Ton of iracd,b,eated In the southwestern aPt tion of the San Fernando
Valey and v holly within the corporate limits of the City of Los Angeles.
From S t.. 199/ to June :10 1925 the cowman y's sales of pronerty In Girard
amoun ed to 55.841.031. of which 52,407.397 have been paid in cash, the
balance .sung represented by sales contracts outstanding in the sum of
$33.433 634.
Certificates
Martaages.-This Issue of guaranteed mortgages trust
certificates represents a participating interest in the proceeds of first mortgages deposited with the trustee In anlllll nts aggregating not less than 110'
of all such certificates outstanding covering parcels of this property. The
mortgages so deposited are secured by property within the Town of Girard
previously sold or still held by the Boulevard Land Co.
Principal and interest of the deposited mortgages are payable in amounts
and at times sufficient to meet all payments on the certificates as they
severally become due. Adequate safertuirds In respect of certificates of
title and policies of fire insurance accompanying each mortgage are deposited
with the trustee.
Converlibility.-These certificates are exchangeable at any time at the
office of the trustee for an equivalent par value of mortgages
held as
collateral thereto, subject only to the privilege of the trustee at its option
to tender the holder of the certificates so presented cash in lieu of mortgagee.
Brownstein-Louis Co., Los Angeles.-Balance Sheet
June 27 1925.-
Caned, Dry Cinger Ale. Inc.(Del.).-Extra
The directors hayereelared an extra dividend of 25 cents a share on the
capital stock, In addition to the regular uarterly dividend of 25 cents a
share. both payable Oct. 15 to holders of record Oct. 1. This compares
with an extra of 50 cents and a resolar quarterly dividend of 75 cents paid
July 15 on the old stock has since been split up on the basis of four for one.
-V. 121. p. 843.
(The) Carlton Apartments(Dorothy Investment Co.)*
St. Louis.-Bonds Offered.-Waldheim-Platt & Co. Inc.,
a-d Manchester Bank, St. Louis, are offering at par and int•
$300,000 1st (closed) Mtge. 6% Real Estate Gold bonds.
Dated June 1 1925: due serially (J. & D.) from Dec. / 1926 to June 1
1935. Int. payable J. & D. at office of Waldheim-Platt & Co., Inc.,
St. Louis. Red. on any int. date upon 60 days' notice at 102 and int.
Company assumes the payment of the normal Federal income tax not
In P1CC0SS of 2% insofar as it may be required. Denom. $1,000, $500 and
$100.
Security.-Obligation of Dorothy Investment Co. of St. Louis, owners.
of the Carleton Apartments, and secured by a closed first mortgage on the
ground and building erected thereon, together with furnishings and
equipment.
The property fronts 100 ft. on the south line of Lindell Ilivd.by a depth
of 246.
The improvements recently completed consist of an exclusive apartment
building conservatively valued at a figure In excess of 5500.0110.
Central Foundry Co.-Closes Foundries in New York.The company has closed its several foundries In New York State, to devote
its efforts to those in the South. The plant at Medina, N.Y.,has just been
abandoned. ("Iron Trade Review.")-V. 121, p. 1105.
(After giving effect to the sale of the real estate to Brownstein-Louis
Central Park View Apartments (415 Central Park
Realty Co.-see below.'
West Corp.), N. Y. City.-Bonds Offered.-American Bond
Asst.
Liabilities.
Merchandise
$520,004 Notes payable, banks_ _ _ - $325,000 & Mortgage Co., Inc. are offering at par and int. for all
Accts. & notes receivable_
458.882 Notes payable, other _ _
32.000 maturities excepting Sept. 15 1927, March 15 and Sept. 15
Life insurance policies__
31,820 Accounts payable
208,538
N. Y. reciprocal under1,000,000 1928 and March 15 1929; which are offered at a price to yield
Common stock
writers
2.576 Pref. stock, 8% cumul--_ 500.000 6%, $1,325,000 6%% 1st Mtge. Serial Gold bonds. .
Cash
543,667 Surplus
1,091,659
Dated Sept. 15 1925. Maturities 2 to 10 years. Individual trustee:
Equip., turn. & fixtures-- 108,900
Charles C. Moore. Corporate trustee: Chatham Phenix National Bank &
Stocks in other cos., &c.,
Trust
Co., New York, N. Y. Callable at 102 and Mt. Interest payable
at cost
27,500
M.& S. Denom. 51,000, 5500 and $100 c5. Normal Federal income tax
Cap. stk. of Realty oo a1,134,000
up to 2% on the annual interest paid when claimed. Penn., Conn. and
Good-will, tr.-marks, &c.. 300.000
4 mills tax. Mass. and New Hampshire income tax up to 6% of
Deferred charges
29,847
Total (each side)
53.157,196 Vermont
interest refundable.
a Representing the equity on land and building of an appraised value of theMonthly
Payments.-Commencing Oct. 5 1926 on the interest and April
52,634,000 on which there has been placed a mortgage of 51,500,000.5 1927 on the principal,415 Central Park West Corp agrees to pay monthly
V. 116, p. 619.
to American Bond & Mortgage Co., Inc.. for account of bondholders oneof the interest and principal payments due during each succeeding
Brownstein-Louis Realty Co., Los Angeles.-Bonds sixth
months,except that during the 6 months ending Sept 15 1935, no monthly
Offered.-Alvin H. Frank & Co.and Hunter, Dulin & Co., 6
installments of principal will be paid.
Security -Secured by a closed first mortgage on the land owned In fee
San Francisco, are offering at 100 and int., $1,500,000, having
a frontage of 100 ft. 11 in. on Central Park West by 111 ft. on West
1st (closed) Mtge. 6%% Sinking Fund Gold bonds.
101st St., being the northwesterly corner, and the 16 story apartment
Dated July 2 1925: due July 2 1944. Int. payable J. & J. at Union Bank building to be erected and to be known as "Central Park View Apartments.'
& Trust Co., Los Angeles, trustee, or Anglo & London Paris National A conservative appraisal of the total security is over 51,925.000.
Bank, San Francisco. Principal payable at office of trustee. Int. payable
Building.-The building will he of modified Colonial design. 16 stories to
without deduction for normal Federal income tax up to 2%. Denom. height of steel frame construction and fireproof throughout. There will be
51.000 and $500. Callable during first five years at 103; during the next a combination of limestone and brick for the first three stories on both the
ten years at 102 and at 101 thereafter. Bonds are exempt from personal Central Park West and 101st Street elevations and the upper structure will
property taxes in California.
be of face brick trimmed with terra cotta.
Srecurits.-These bonds will be secured by a first (closed) mortgage on
The building will contain approximately 112 apartments of 4, 5,6 and 7
real 'property owned in fee, improved by a modern five-story and basement rooms each with
2 and 3 baths. Maids' rooms will be provided in the 6
building of Class A reinforced steel and concrete construction of the best and 7 room apartments and a library will be included in the 7 room suites.
type, subdivided into stores on toe ground floor, fully rented and occupied
Earnings.-It Is estimated that the net annual idcome from the operation
by desirable tenants. The upper floors are occupied by the Brownstein- of this property should be at least $182,102 after allowing for operating
Louis Co., which, from a small beginning in 1895. to-day has grown to expenses, taxes. Insurance and vacancies. This amount is over 2.11 times
one of the most important manufacturers of men's wear on the Pacific the heaviest annual interest requirements on this entire bond issue and
Coast, with net assets as of June 27 1925 (after giving effect to the sale considerably in excess of the amount necessary to meet all annual interest
of its real estate to Brown.stein-Louis Realty Co.) of 52,591,659.
and principal payments.
Organizalion.-Brownstein-Louis Realty Co. has been incorporated in
Century Holding Corp., Detroit, Mich.-Bonds Offered.
California by the Brownstein-Louis Co. for the purpose of acquiring the
realty holding of the manufacturing company. All of the stock of the -Benjamin Dansard & Co. and Union Trust Co., Detroit
Brownstein-Louts Realty Co., except directors' qualifying shares, will be
are offering at 100 and int. $170,000 (Closed) 1st Mtge.
owned by the Brownstein-Louis Co.
Lessee.-Entire building will be leased to the Brownstein-Louis Co. for 63/9% 10-Year Sinking Fund Gold bonds.
20 years at a rental ranging from $125,000 for the year ending July 1 1926
Dated Sept. 11925; due Sept. 11935. Denom. $1,000,5500 and $100.
to a rental of approximately $180,000 for the latter years of lease. This Principal and int.(M.& 8.) payable at Union Trust
Detroit. trustee,
rental is sufficient to rover the bond interest charges and reduce the present without deduction for normal Federal income tax upCo.,
to
Red. all or
bond issue to $599,000 prior to the expiration of the lease. Under the any part on 30 days' notice at 103 up to and incl. Sept.2%.
1 1927; at 10214
terms of the lease the Brovsnstein-Louls Co. also covenants to par, all from Sept. 1 1927 to and incl. Sept. 11929: at 102 from Sept.
1
1929
to and
taxes and upkeep of the building. This lease, duly executed, will be incl. Sept. 1 1931; at 10114 from Sept. 1 1931 to Sept. 1 1933 incl.; and
at
deposited with the trustee until all bonds have been retired and canceled. 101 from Sept. 1 1933 to Sept. 1 1934 incl. and Int.
The entire building except the ground floor frontages is now occupied by
Company.-A Michigan corporation engaged in real estate development
the Brownstein-Louis Co.
and home building.
Purpose.-To permit the Brownstein-Louls Co. to separate its manuProperty is situated in the township of Royal Oak, Oakland County,
facturing business from its fixed assets or realty holdings, thus enabling Mich. and consists of 100 houses and lots. This subdivision has been
the manufacturing company to free itself from all mortgages heretofore extensively developed and has now become one of the finest residential
held on the property, pay all bank loans and accounts payable and provide suburbs of Detroit. Only permanent homes of a substantial construction
additional working capital with which to increase largely its present business. have been erected in it.
Purpose.-To refund obligations incurred for the construction of the 100,
(Edward G.) Budd Mfg. Co.-Sales, Earnings.houses in Hazelwood subdivision. These houses have all been completed
Sales of the company for the 8 months ended Aug. 31 1925 were 514.642,- and sold under contract.
708 and net earnings were $1,489,376. See also Edward G. Budd Mfg.
Security & Sinking Fund.-Bonds are secured by a direct first mortgage
Realty Co. below.-V. 121. p. 1105.
on the property. All land contracts under which this property is sold are
to be deposited with the trustee and all payments made to the trustee.
(Edward G.) Budd Mahufacturing Realty Co.-Bonds From collections on contracts which shall be made by the trustee and from
Offered.-Brown Brothers & Co., New York and Townsend any other proceeds of the mortgaged property, the trustee shall providemonthly for one-sixth of the next maturing interest on the bond issue and
Whelen & Co., Philadelphia.are offering at 98% and int. to for
one-twelfth of the annual sinking fund requirements.
yield 6.15%, $1,500,000 1st Mtge. Gold bonds, 6% Series
due 1940.
Dated Oct. 1 1925: due Oct. 1 1940. Int. payable A. & 0. wit*out
deduction of normal Federal income tax up to 21. Denom. $1.000 c*.
Charcoal Iron Co. of America.-Protective Committee.-
At the request of the holders of a substantial amount of the 1st Mtge.
10-Year 8% Gold bonds. due Nov. 11931, the following have consented
to act as a protective committee.
SEPT. 26 1925.]
THE CHRONICLE
In order to participate in the benefits of the agreement dated Sept. 1 1925,
holders of 1st Mtge. bonds must deposit their bonds with coupons due
Nov. 1 1925, and subsequent thereto attached, with the Bankers Trust Co.,
New York City, depositary, or its agent, Illinois Merchants Trust Co..
Chicago, on or before Oct. 31 1925.
Committee.-Edward P. Smith. Chairman, John C. Spry, C. R. Dunn,
with H. L. Harker, Secretary, 116 South La Salle St., Chicago, Ill.
President A. H. Green, Jr., in a letter to P. W. Chapman
& Co. Inc. and Union Trust Co., Detroit, who placed the
$4,000,000 1st Mtge.8% bonds, dated Nov. 1 1921,($3,298,500 now outstanding), says in substance:
The bonds of the company are in default in respect to two provisions of
the trust indenture. At the present time the company is in arrears in the
payment of taxes and its current assets are equal to only 1.32 times the
amount of current liabilities as of July 31 1925.
In addition to the company being in default in respect to these covenants,
its present net operating income is tnauficient to provide the necessary funds
to pay the interest due Nov. 1 1925, on its outstanding bonds, and to call
and redeem $100,000 ofits 8% bonds at the call price required by the terms
of the indenture.
Furthermore, the company is not in a position where it can promptly
pay the present taxes now past due or restore the ratio between the current
liabilities and current assets as prescribed in the indenture.
The market conditions now prevailing for its products, principally
charcoal iron, wood, alcohol and acetate of lime, are now so unfavorable
that the company would not be justified in making any statement to the
effect that these market conditions are likely to improve sufficiently in the
near future to enable the company to operate on a profitable basis.
The Newberry chemical plant and the lumbering operations are at the
present time the only operations which are showing any profit. All of the
plants, with one exception, are now closed and there does not now seem to
be any likelihood of a demand arising in the near future which would justify
the re-opening of any of the plants not now in operation.
In view of thn present financial condition, officials have been forced to
the conclusion that It Is inadvigable for the company to continue its present
concerned can best
es be
business operations a nd feel that the interests of all'
conserved by an orderly liquidation of the company' assets.
Plants, and timber lands and other assets are In excess of the present
Indebtedness and ( Metals belief that the proceeds from the sale of the
various properties. &c. will be suffielent to meet all obligations.
Earnings.-Lcss for six months ended June 30 1925. $449,255.
• Balance Sheet.
June 30'25 Dec. 31 '24
June 30'25 Dec.31 '24
Assets$
Liabilities-Properties
11,975.942 11,965,220 ''referred stock
5,217.230 5,217,250
Cash with trustee.
9,2.072
55,378 Common stock__ 2.839.350 2.839.350
Investments
69 000
69.000 Sends
3.298.300 3,398 500
Inventories
1,095.287 1,213.214 Notes & acc'ts pay. 341.283
699.151
91,833 Cash due trustee__
30 502
Notes &accc'ts rec.
92.056
50 449
221 240 Int. & taxes due.. 593.378
325,074
Cash & acer'd int_
352,136
633 012 Reserves
3.157.208 2.951,546
Deferred charges
28 744
Other assets
28 274
Deficit
1.642.255 1.133.000 Total(each side)-15,477,473 15,430,871
-V. 121. p. 1351.
Chesapeake Mortgage Co. of Md.-Bonds Offered.W. W. Lanahan & Co., Baltimore are offering at 100 and
int. $500,000 6% Real Estate Gold Bonds, Series "B."
Dated August 11925. Maturing 8100.000 Aug. I 1926: $100,000 Aug.
1 1927: $300,000 Aug. 1 190. .Denom. $500 and $1.000 c*. Company
agrees to refund the securities tax of any State, not exceeding 444 mills in
any one year. Principal and int. payable at office of Baltimore Trust
Co., trustee. Baltimore, Main lard.
Guarantees.-The real estate mortgages securing these bonds are guaranteed principal and interest by the United States Fidelity & Guaranty
Co. Titles to the mortgaged properties are guaranteed by the Maryland
Title Guarantee Co. of Baltimore.
Security.-These bonds are secured by deposit with Baltimore Trust Co.,
trustee, of guaranteed first mortgages upon fee simple and leasehold real
estate located in and around the City of Baltimore, Md.
Childs Co.-Listing.-
1573
Common stock of no par value, of which 110,000 shares will be Class "A"
non-voting and 40,000 shares Class "B" voting. The Common stockholders
will receive in exchanife for each share of stock (par $100) held by them.
two shares of Class "A'non-voting stock and one share of Class "B' voting
stock.
10,000 Shares of Common Stock Offered at $35 a Share.The stockholders of record Sept. 22 have been offered the right to subscribe on or before Oct. 13 at $35 a share, to 10,000 additional shares of
Class "A" Common (non-voting) stock of no par value in the ratio of one
share for each four shares owned. The company announces that although
the stock books are closed the rights are still transferable.-V.121, p. 1466.
Devonian Oil Co.-Listing, &c.The Pittsburgh Stock Exchange has listed 328,800 shares (par $10)
of capital stock.
History, etc.-The stockholders of the Oklahoma Natural Gas Co. on
Dec. 14 1921 authorized the oil and gasoline interests of the company to be
segregated by organizing the Oklahoma Eastern Oil Co. with an authorized
capital stock of $1,200,000 (par $1 each). On July 20 1922 the directors of Oklahoma Natural Gas Co.adopted resolutions authorizing the transfer and sale of its oil and gasoline properties to the Oklahoma Eastern Oil
Co., stockholders of record Oct. 2 1922'being entitled to subscribe at par to
2 shares of the stock in the new company for each share of Oklahoma Natural
Gas Co. stock held. At that time there were outstanding 572,000 shares
of Oklahoma Natural Gas Co. so that there were !waled 1,144.000 shares of
Oklahoma Eastern 011 Co. stc;ck. On Feb. 24 1925 the authorized capital
stock was increased from 81.200.000 to $1.510.000 for the purpose of acquiring the Devonian Oil Co., whose capitalization consisted of 40,000 shares
(par $25) Preferred stock and 40,000 shares (no par value) Common stock.
For these issues of stock. 500.010 shares of the stock of Oklahoma Eastern
Oil Co. were issued In exchange for the Common stock. Stockholders of
Oklahoma Eastern Oil Co. were then offered 1,644,000 shares (111.644,000)
for subscription at par on the basis of one share for each share held, of which •
s1.000.000 of the proceeds was exchanged for the Preferred stock of the
Devonian Oil Co. and the balance. *644.000. used to provide additional
worving capital. On the same date stockholders of the Oklahoma Eastern
Oil Co. changed the name of the company to the Devonian 011 Co. and Increased the par value of the shares of stock from $1 to $10.
nfridends,-On the old stock (par $1 per share) of Oklahoma Eastern
Oil Co., cash diyliends were paid as follows: 10 cents per share on Apr4 1 ,
1924 and 5 cents per share on Oct. 10 1924.
Income Account Period Jan. 1 1925 to July 31 1925 (Devonian Oil Co).
$737.444
Total gross income
606.744
Expenses
Net income
Bolance, surplus, Jan. 1 1925
Pali in surplus
Dividends paid (Devonian Oil Co.)
$130,701
1,235,213
518,139
13,333
$1,870,720
Surplus July 31 1925
Balance Sheet July 31 1925.
LiabilitiesAssets$3,288,000
Operated properties
$2,402,825 Capital stock
176.253
Equipment
949,189 Accounts payable
150,000 •
Gasoline plant equipment
563.255 Notes payable
68.418 Surplus from valuation
Drill.tools, autos., misc..
960,119
29.255
of oil deposits
Real estate building
518,139
Unoper.leases(at cost)__
459.907 Paid-in surplus
392,462'
141.560 Earned surplus
Material in stock
2.925
Stocks
189.519
Accounts receivable
502.467
Notes receivable
85.484,972
Total (each side)
175.654
Cash
Dubilier Condenser & Radio Corp.-May Redeem.
Preferred Stock.The stockholders will vote Sept. 30 on the proposed reduction of the
capital stock by the redemption of 4,000 shares of Preferred stock.-V.120.
P• 2688.
Eastern Improvement Corp.-Trustee.The Irving Bank-Columbia Trust Co. has been appointed Trustee of an
authorized issue of $300,000 7% 10-year Registered Gold Notes.
The New York Stock P;xchange has authorized the listing on or after
Eastern Steamship Lines, Inc.-Acquisition.Oct. 1 of 3,191 shares additional of Common stock (without par value),
See Richmond-New York Steamship Co. below.-V. 121. p. 1352.
omofficial notice of Issuance as a stock dividend, making the total amount
applied for 331,737.
Eaton Axle & Spring Co.-Contract.Consolidated Balance Sheet.
The company has closed a contract running to April 1 1927. which, it
June 30'25. Dec. 3124.
June 3025. Dec. 31'24 is estimated, will add $3,000,000 to $4.000.000 to the company's business
AssetsLiabilitiesfor the • period of the contract. The company recently closed a 5-year
Estab'ts& plants al0,853.043 10,562,281 Preferred stock_ 5,000,000 5,000,000
contract for Ruckstell axles for Ford cars.-V. 121, p. 1231, 466.
Real estate
b8,492,794 7,355,043 Common stock_ _c8,576,185 5,346.000
deposit,
EmSpec.
Sub.co. min.stock
1,200
1,200
Electric Auto-Lite Co.-Earnings.pire Trust Co_
Childs Bldg.& Irn.
400,000
-Month of August- 8 Mos.End.
Real estate cos.:
Corp.Ist M.bds. 398,400
1924.
Aug.31'25.
1925.
PeriodCapital
_ _
726,918
626,918 Real est. mtges.
$76,185 $1,807,145
Net profit after depreciation
$247,789
Mtges.,stocknotes 44
gr'd rent leases_ 3,444,250 3.672,750
121, p. 713.
V.
accounts
761,888
569,370 5-year 6% notes__
307,000 1,980,000
Leaseholds, goodSub, real est. cos.'
(The) Fair (Department Store), Chicago.-Listing.3,916,685 3,916,685
will,&c
accounts
26.493
9.810
The New York Stock Exchange has authorized the listing of 375.00o
398,437
Treasury stock_ _
Notes payable_ _ __ 1,030,000
30,000 shares of Common stock (without par value).
916,089 1,141.507 Accounts payable
Cash
Income Account Six Months Ended July 31 1925.
335.889
593,269
Govt.& State bds_
and payroll__ _ 1,210,632 1,346.334
$11.596.411
Other securities_ ._
6,050
4,550 Reserve for taxes_ 277,937
419,368 Net sales
10,840.784
Mtges. receivable_
222,500 Deferred credits__ 313.489
268,751 Cost of goods sold, selling, general & administrative exp.,&c.
123,938
191,423 Aver. Int. & taxes_
Notes & acc'ts rec _
36,160
$755,627
Am-. mtg.int. rec.
5,179 Res've for conting_ 1,000.000 1.000.000
Net income
124,082
286,696
272,506 Special reserve...01,785,574 1,626.917 Other income (net)
Mdse.Inventories_
Deferred charges
1,903,955 1,022.144 Surplus
5,715.963 5,782,251
8879.709
Total income
177.592
Total
29,123,283 26,483,374
Total
29,123,283 26,483.374 Depreciation
90.000
b After deducting Federal taxes (estimated)
a After deducting $5,017,491 for depreciation.
for
depreciation
on
buildings.
c
8248.463
Represents 317.614 shares of no
$612.117
Net profit for period
par value when exchanges shall have been made and fractional scrip of
2,907.124
$4,528. d Invested in real estate, first mortgage on real estate, Govern- Balance,surplus, Feb. 1 1925
499,481
Profit realized from sale of building
ment and other bonds and cash on deposit.
Note.-Contingent liability on guaranty of mortgage bonds of a subsidiary
$4.018.722
Total
estate
corporation,
real
$500.000.
167,765
Premium on 18,200 shares Preferred stock retired
Bonded Debt Reduced.Common dividend of 75,000 shares at $5 per share
375,000
502,500
The company announces that of the 82,000,000 6% Convertible notes of Dividends paid
225,000
1929 of Childs Co.. all but 103 bonds have been converted and that of the Dividends declared payable subsequent to July 31 1925
$1,500,000 6% Childs Bldg. & Impt. Corp. 6% Convertible bonds there
82,748.457
remain but 153 bonds which have not been converted.-V.121, p. 1351.844.
Balance July 31 1925
Comparative Balance Sheet.
Columbia Phonograph Co., Inc.-Acquisition by InJuly 31 '25. Jan.31'25
July 31'25. Jan.31'25.
terests of Company.
Liabilities$
$
Assets$
Preferred stock__ 4.000,000 5,820,000
Louis Sterling, Chairman of the board,in behalf of the Columbia interests, Land, bldg,. &c.
(less deprec't)_ _ 8,178,884 8,217,743 Common stock _x5.125,000 3,750.000
through the Columbia Graphophone Co., Ltd., of England, has acquired
552.617 1,016,359 Notes payable..__ 250,000
500.000
an important interest in the Carl Lindstrom Co. of Berlin and the Trans- Cash
763,152
994,548 A cels payable__ __ 696,172
oceanic Trading Co. of Amsterdam, which companies have been established U. S. Liberty Ms_ a735,899
receivable._
who
Acc'ts
Accr'd
local
taxes_
237,365
439.682
years.
and
are
phonograph
1,720,457
1,684,197
large
and
record
20
over
manufacturers
Notes payable198,000 Fed taxes. Parable
serving Europe and South America.
3,343,091 2,584,196
during cur. year
94,898
175,000
The Carl Lindstrom Co. and their subsidiaries operate phonograph and Mdse. Inventory
17,140
61,317 Res. for prior yrs.
record factories in Germany, Austria, Poland, France, Spain. Italy, Sweden Prepaid purchases_
Fed. taxes& con92,423 1,576,108
and Switzerland, in Europe: and in Brazil and Argentine Republic, in Other assets
tingencies
Good-will, &c._
1,250,000 1,250,000
1
1
South America.-V.120, p. 2948.
Prepaid ins., taxes.
Divs. payable....... 225,000
Commercial Credit Co.-Listing.supplies, &c_- 148,380
116,664 Unpaid bal. on con229,003
struc'n contets.
The New York Stock Exchange has authorized the listing of $4,000,000
9,235.
Cust'erscred bats.
Pref. stock (par $25 each), $4.000,000 Class "B" Prof. stock (par $25 each)
5,937
Accrued interest_
and 480,000 shares Common stock (without par value).-V.121, p.982.712.
500,000
Mtge. note due_
Curtiss Aeroplane & Motor Co.-Contract.Ites. for Fed, taxes
162,000
payable In 1926_
The company has received an order for 25 pursuit planes and 61 motors
2.748,457 2,907,124
Total(each side)14,788.893 16,349,134 Surplus
from the U S. Government. The contract is valued at $1.5004)00. it is
stated. The company's plants are now reported to be operating at capacity,
x Represented by 375,000 shares of no par value. a Liberty Loan bonds
of the par value of $552.000 are he d by the Continental & Commercial
-V.121. p.591.
National Bank, subject to the order of the Collector of Internal Revenue,
Devoe & Reynolds Co., Inc.-Capital Readjusted.in connection with claim filed for abatement of assessment of additional
voted
to
change
the authorized Common
The stockholders on Sept. 22
-V. 121, p. 1352.
Federal taxes levied against the predecessor corporation.
stock from 40,000 shares, par $100 (an outstanding) to 150,000 shares of 335.
1574
Eureka Vacuum Cleaner
Net sales
Expenses, &c
Provision for Federal taxes
Net profit
-V. 121, p. 335.
THE rITTRON1I1417
I Vni, 121.
put the new stock on an initial annual dividend basis of $2 a share, it is
Co.-Earnings.-Quarter Ended-6 Mos.End. said.-V. 121, p. 1106, 591.
30
'25.
June
'25.
June 30 '25. Mar. 31
Forhan Co. ((Tooth Paste).-Stock Sold.-Lage &
$1.976,354 $2,337.237 $4,313,591
3,694.190 Co. and West & Co. have sold at $17 75 per share 101,250
1,913,039
1,781.151
77.425 shares Class A Participating stock (without par value).
24.400
53,025
$170,802
$371,173
$541,976
This offering does not represent new corporate financing.
Transfer agent. Central Union Trust Co. of New York. Registrar,
New York Trust Co. Class A stock is preferred and cumulative as to diviFairhaven Mills, New Bedford.-Sells Mill No. 3 to dends
from Oct. 1 1925 up to 40c. quarterly or at the rate of$1 GO per annum
after which the common stock is entitled to receive non-cumulative dividends
Pemaquid Mills.•
not exceeding $37,500 per quarterly period, or 25c. per share on Common
See Pemaquid Mills below.-V. 120, p. 834.
stock to be presently outstanding, and thereafter the two classes participate
in further distributions as classes, one-half to Class A and one-half to the
Famous Players-Lasky Corp.-Listing.
Common. The Class A stock is non-voting. Upon dissolution the assets
The New York Stock Exchange has authorized the listing of an additional remaining
after the payment of all accrued dividends on Class A stock shall
126.683 shares of its Common stock (without par value), 121,715 shares be distributable
one-half thereof to the holders of the Class A stock and
thereof, on official notice of issue in exchange for full paid subscription one-half
to the holders of the Common stock. Class A stock is callable at
receipts, and the remaining 4.968 shares thereof, on official notice of issue any time,
all
or
part, on 30 days' notice at $45 a share and dividends.
(as below), making the total number of shares of Common stock applied
for 450,000.
Data from Letter of R. J. Forhan, President of the Company.
Purpose of Issue.-Holders of record of Common stock July 8 were given
Authorized. Outstahding.
Capitalizationthe right to subscribe, on or before July 24, for 121,715 shares of Common C lass
150,000 shs. x150,000 shs.
A Participating stack (no par value)
stock equal to 50%, of their holdings at $90 per share, payment to be made Common stock (no par value)
shs. 150,000 shs.
150.000
at the time of subscription, or. in 2 equal installments, the first to acx 48.750 shares of this stock is owned by officers and employees of the
company the subscription, and the second to be made on Oct. 1.
company.
The proceeds of the 121.715 shares have been or will be used in the
Company.-Started in 1912; between 1912 and 1914 approximately
development and expansion of the business of the corporation.
$35.00e was paid in as capital, since which time it has grown to its present
The 4.968 shares are to be issued as of Oct. 1 1925 under and pursuant size
entirely from earnings. Company is one of the largest manufacturers
to certain contracts dated Dec.15 1922 between the corporation and Adolph of tooth paste to-day.
Its product is sold generally throughout the United
Zukor and Jesse L. Lasky. respectively, as and for part of their compensa- States and all English-speaking
countries, besides many others. The
tion for acting as officers of the corporation. The 4,968 shares will be free product had its origin in "Forhan's Astringent," a liquid which has been
from restraints imposed pursuant to the contracts on Jan. 1 1927. The used successfully for many years by Dr. Forhan in the treatment of pyorcontracts run until ))ec. 311927, and are terminable on 6 months' notice rhea. Company still manufactures this liquid to-day and sells it exclusat any time by the corporation. They provide for certain payments ively to the dental profession. Company controls through majority stock
In Common stock or cash at the option of the corporation, based ownership Forhan's,
Ltd., of Canada. which in turn controls all the rights
on a percentage of the profits after full provision for fixed charges, interest. for Canada and Great
Britain. The rights for the rest of the world are
cumulative dividends at the rate of8% per year on the Preferred stock and
owned by the company itself.
dividends at the rate of $8 per year on the Common stock.
Consolidated Earnings, After All Charges, Including Depreciation and Taxes
Consolidated Balance Sheet as of March 28 1925 (Giving Effect to the Issue of
Applicable to Class A Stock.
126,683 Shares of Common Stock).
1925(8 mos.)
1922.
1922
1924.
AssetsLiabilities (Concluded)$411.937
$306,104
$403.395
$579,690
Cash
$13,485.819 Serial payments on inv.
years and eight
three
The
above
shows
average
earnings
for
the
past
Bills receivable
311.781 months of $463,943, or at the rate of $3 09 a share, and on the basis of the
due within 12 months_
68,583
Accounts receivable
552,556 first eight months of 1925. at the rate of over $4 a share on the Class A
2.369,258 Federal taxes 1924
Inventory
652,862 stock.
15,782.994 Res, for dividends
Securities
262,911 Adv. payments of film
Disidends.-It is the intention of the company Jan. 1 1926. to place the
Dep.to secure contracts939.618 Common stock on a dividend basis of 25c. a share quarterly, or at the rate
rentals. &c
603,516
Inv. in sub. & affil. cos.
Purch. money notes of
of $1 a year.
(not consolidated)
83,985
3,234,924
subsidiaries
Listing.-Company has agreed to make application to list this stock on
Land, bldg., leases, &c
13,924.288 Serial payments on inv.
the New York Stock Exchange.
Deferred charges
932.060
due after 1 year
1,405.184
Consolidated Balance Sheet as of Aug. 31 1925 After Recapitalization).
Goodwill
8.753.324 Reserve for 1925 Federal
LiabilitiesAssetsLiabilities165,000
taxes (estimated)
$73.353
$90,117 Accounts payable
Accounts payable
396,007 Cash
$1,343,420 Res. for contingencies__ _
for Federal and
Marketable
Reserves
securities_
__
_
59,096
Owing to sub. cos. (not
Int. of minority stock120.544
144,904 State taxes
73,314 Accounts receivable
consolidated)
holders in subs
97,009
x300,000
29,003 Capital stock
Excise taxes, payrolls &
8,300,000 Acc'ts reel°, Forhans, Ltd
Preferred stock
1,557,405
Inventories
surplus
Capital
90.515
sundries
1,347,446 Com. stk. (370,114 shs.
444.534
82.202 Earned surplus
Owing to outside pro31.183,244 Machinery
no par)
ducers & owners of
13,049,933 Formulae,trade namesokc. 2.000,000
Surplus
royalty rights
462.576
$2,495,837
Total
$2,495,837 Total
$59,890,812
Total (each side)
x 150,000 shares Class "A" stock, no par value, and 150,000 shares
Note.-Contingent mortgage liability of subsidiary companies on proPerties sold. $624,000: contingent liabi ity on investment notes discounted, Common stock, no par value.-V. 121, p. 1466.
$1,100,000; guaranty of advances. $241,453.-V. 121. p. 1466. 1352.
(Marshall) Field & Co., Inc., Chicago.-Debinture
Bonds Offered.-Marshall Field, Glore, Ward & Co. Lee,
Higginson & Co., Illinois Merchants Trust Co., National
Bank of Commerce in New York, Harris, Forbes & Co. and
First Trust & Savings Bank, Chicago, are offering at prices
ranging from 95.94 and int. to 100.53 and int., to yield from
43% to 4.90% according to maturity, $17,500,000 43'%
Debenture Gold bonds.
Dated Oct. 1 1925: due $875,000 annually Jan. 1 1928 to Jan. 1 1944,
both incl.. $1,300.000 Jan. 1 1945 and $1,325,000 Jan. 11946. Prin. and
int.(J. & J.) payable at Illinois Merchants Trust Co., Chicago, trustee: National Bank of Commerce in New York, New York, and at the office of
Lee, Higginson & Co., Boston, without deduction for normal Federal income
tax not in excess of 2%. Denom. $1,000. $500 and $100 c*. Red. as to
each entire serial maturity at any time on 30 days' notice, at par plus a
premium of 34% for each unexpired period of 5 years or fraction thereof
to maturity.
Data From Letter of James Simpson, President of the Compai_
FRIV3usiness.-The usiness, estiblished-by Marshall Vidir
1865, is the largest in the world of its kind, devoted to the manufacture,
importation and wholesale and retail distribution of dry goods. Company
and its subsidiaries have two large retail stores in Chicago, one operated as
Marshall Field & Co. and the other as The Davis Company; wholesale distributing stores in Chicago and New York; branch sales offices in principal
cities of the United States; and buying offices in Great Britain, France,
Germany, Switzerland, Japan, China and the Philippines; and manufacturing plants in Illinois, Indiana, Michigan, Pennsylvania, North Carolina,
Virginia. and New Jersey. Present company incorporated in 1901 in Illinois. The business has been built up entirely out of earnings.
Security.-Bonds are the direct obligation of company and are issued under
an indenture which, among other things, provides in effect that while any
of these bonds are outstanding neither the company nor any subsidiary will
create any mortgage unless these bonds shall be secured thereby equally
and ratably with all other obligations to be issued thereunder; provided,
that the company, or any subsidiary, without so securing these bonds,
may make a mortgage covering exclusively the real estate now owned by
the company in the West Division of Chicago, having a book value of approximately $2,500.000, and any adjacent property hereafter acquired,
together with improvements to be erected on such properties, or covering
exclusively any other real estate hereafter acquired, and improvements to
be erected thereon, if the obligations secured thereby shall not exceed 75%
of the cost or fair value of the mortgaged property. The indenture further
provides that while these bonds are outstanding the company will declare
no cash dividends or make other distribution of assets which would reduce
Its current assets below 125% of its current liabilities and all other indebtedness, including these bonds.
The company has no other funded debt except $800.000 First Mortgage
6% bonds on the building of the Davis Co., maturing July 1 1927. which
were assumed by Marshall Field & Co. when the property was acquired.
Earnings.-Consolidated average net earnings during 10 years ended
Dec. 31 1924, after depredation and other reserves and Federal taxes, have
been over 10 times maximum interest requirement of these bonds. In no
year during this period have such net earnings been less than 5 times such
requirement, and in no year since 1873 have such net earnings been less than
this interest requirement.
Assets.-Consolidated net assets Jan. 1 1925, after giving effect to this
financing and after deducting all reserves and liabilities other than this
issue, were over $83.000,000, or more than $4,700 for each $1,000 bond,
without including any value for good-will or other intangible assets. Consolidated net current assets alone, after deducting all liabilities and reserves
other than this issue, were over $54,000,000. or more than $3,000 for each
$1,000 bond, while current assets exceeded 6 times current liabilities. All
fixed properties. Including fixtures and equipment, are carried at values
much less than present replacement value.
Purpose of Issue.-Proceeds will be used to finance the purchase of the
retail store buildings from the Marshall Field estate at original cost less depredation. and to provide funds for other corporate purposes.-Y. 116.
p.2521; V. 117, p. 2895: V. 118,
Fleischmann Co., N. Y.-Plans to Split Up Stock.The stockholders will vote Nov. 10 on increasing the authorized capital
stock (no par value) from 1.500,000 shares to 4,500,000 shares. The new
stock will be exchanged 3 shares for 1 of the old stock and it is planned to
General Asphalt Co.-To Move Offices.-
This company, the Barber Aliphalt Co.the Trinidad LakeA sphalt
Operating Co., Ltd., the New York & Bermudez Co., the Bermudez Co.,
and the Uintah Ry. Co. announce removal of their offices Sept. 28 1925
from 1900 Land Title Bldg. to 1600 Arch St., Phila.. Pa.-V.120; p. 2264.
General Fireproofing Co.-Extra Dividend of 30 Cents.-
The directors on Sept. 22 declared an extra dividend of 30 cents a share
on the Common stock. no par value, in addition to the usual quarterly
dividend of 30 cents a share, both payable Oct. 1 to holders of record Sept.
21. On July 1 last, the company paid an extra dividend of 20 cents a share
on the Common stock.
Offers to Purchase 40% of its Preferred Stock.-
President W.H. Foster, Sept. 8,in a letter to the Preferred stockholders,
says in part: "The directors recently authorized the sale of the physical
assets a our metal lath department to the Truscon Steel Co., we retaining
the land and buildings. All of the details of this transaction will be worked
out well in advance of our annual meeting at which time, in connection
with the annual statement to the stockholders, we will be glad to submit
the particulars surrounding and the reasons for this transaction. In the
meanwhile we may say that as compensation we received in part cash.
and the remainder in the Preferred and Common stock of the Truscon
Steel Co. This, therefore, enables us to offer to purchase for cash 40%
of your holdings of the Preferred stock of the General Fireproofing Co.
at $105 per share as of Oct. 1 1925. Furthermore, on the theory that
you would like to diversy your investments, we hereby propose to exchange
for 20% of your holdings of the General Fireproofig Co. Preferred stock
a like amount of.7% Preferred stock of the Truscon Steel Co.. plus $5
per share in cash.'
A letter from Julius Kahn, President of the Truscon Steel Co., to the
General Fireproofing Co., says in part: "As of July 31 1925 our total
net assets were $10,116,835; and our net quick assets, $4,687,402; the
net quick assets representing $188 for each share of Preferred instead of
$100 required: and the total net assets representing $404 for each share
instead of $175 as required. Dividends on our Pre erred stock have been
paid quarterly, without interruption, since issued 18 years ago. There
has been no change in the personnel of the directors and the executive
management since the foundation of the company. There is no funded
debt and none to be created without the consent of the Preferred stockholders."-V. 121, p. 1352.
General Ice Cream Corp.-Initial Dividend of $1.-
The directors have declared an initial dividend of $1 a share on the
Common stock, no par value, payable Oct. 15, to holders of record Oct. 1.
See also offering of bonds and Common stock in V. 121, p. 336.
General Motors Corp.-Chevrolet Production.-
Sustained demand and a growing list of unfilled orders has caused the
Chevrolet Motor Co. to increase heavily its production schedule during
September.
The schedule revision involves an increase of more than 16% over the
production program originally planned for September. The new schedule
calls for 53,165 motor cars and trucks in Sept.. a Chevrolet record for that
month and only 3,078 less than the highest production month in the history
of the company. Both day and night shifts have been augmented to
maintain the new schedule. The company shipped 4.284 cars to dealers
on Aug. 31, establishing a new record 600 higher than the largest previous
shipment for one day.
The company, which recently made Its two-millionth car, attained
during August a greater production thus far for 1925 than the entire production of 1924.-V. 121, p. 1467, 1352.
General Outdoor Advertising Co.-Earnings.-Quarter Ended- 13Mos.End.
Aug.21 '25. May 31 '25. Aug.31 '25.
Period$513,408 $1,179,263
Net profit after depr., int. & Fed'l taxes 6S5,855
The consolidated balance sheet as of Aug. 31 1925 shows current assets
of $11.846,070 and current liabilities of $5.958.521, leaving net working
capital of $5,887,549, as compared with $2,655,488 as of May 311925.V. 121, p. 1467, 846.
Gillette Safety Razor Co.-Large Order Received.The company's razor sales for the 8 months of 1925 equal those for the
entire year 1924, it is stated. In addition to the 5.000,000-razor order
secured some months ago, the company has booked an order for 10,000.000
razors, deliveries to begin at once and carry into 1926. The Boston plant's
daily razor production is being increased from 50,000 to 100,000. Plans
SEPT. 26 1925.]
THE CHRONTOLE
are under way for two new factory buildings to be added to the present
Boston plant.
The company's foreign business shows steady improvement. A new
branch office is being opened at Vienna to facilitate distribution in southwestern Europe.-V. 121. p. 206.
Go Gas Co.-Mortgage Foreclosed.
Foreclosure by the Cities Service Refining Co. of a blanket mortgage
on all properties of the Go Gas Co. in Massachusetts and apart of Connecticut was allowed in a ruling by Federal Judge George W Anderson
at Boston Sept. 21. The mortgage amounted to 8164.298, while appraisal
of the property affected was $218.000 in November 1924.
The above action, it is stated, will adversely effect the numerous creditors
and participating certificate holders of the company, who hoped that the
plan of reorganization submitted by the Sun Oil Co. would be ratified and
that the concern would once again be put upon its financial feet. The plan
had been approved by creditors in Mass. but struck a snag when It was
submitted to creditors in the Delaware courts. The Sun Oil Co. is reported
as being about to withdraw.-V. 121, p. 714.
1575
the processes and formulae for the production thereof, together with the
trade-marks, labels and trade-names used in connection with the preparetion.-V. 121. p. 1468.
Howe Sound Co.-Dividend of 50 Cents.
The directors have declared a quarterly dividend of 50 cents per share on
the new no par value capital stock, payable Oct. 15 to holders of record
Oct. 5. The dividend is payable out of capital and current earnings.
The amount taken from each will be announced later.
This is the first dividend paid on the no par stock. The last payment
on the old stock, which was exchanged 5 for 1 of the new stock, was Scents
a share April 15 1924.-V. 121, p. 1107.
Hudson Motor Car Co.-Earnings.-Quar. End. Aug. 31- -9 Mos.End. A141.311924.
1925.
1924.
1925.
Period$6.926.554 $2,316,496 $16.722,269 $6,317,469
x Net income
m7.
p.
1468.
-V.
121.
depreciation.
and
Federal
taxes
charges,
x After
Independent Oil & Gas Co.-Acquisition.
The company has acquired the Hughes County Gas Co., which has been
Goodyear Tire & Rubber Co. of Calif.-Expansion.
Okla.,and
Wewoka.
and
Okemah
Wetumka,
Holdenville,
supplying
gas
to
additio0
$1,000,000
The directors have authorized the construction of a
to its plant at Los Angsles, Calif. The company is now turning out 7.00n has re-named it the Tr -County Gas Co.-V. 121. D. 468. 336.
tires daily and 10.000 inner tubes. It has 3.000 employees and upon
Jewel Tea Co., Inc.-Sales.
completion of the new addition will have a total of 1,000.000 sq. ft. of
1924.
1925.
Sales for First 36 Weeks offloor space and will employ about 4.000 people.-V.121. p. 1467.
$9,411,823 $9,242,088
Sales
1,021
1,038
routes
number
of
sales
Average
Gould Coupler Co.-Listing.
The New York Stock Exchange has authorized the listing of 175,000 -V. 121, p. 1233, 1108.
par
value.
without
shares (total authorized) Participating Class A shares
Kern Realty Corp.-Bonds Offered.-First National Co.
-V. 121, p. 1107.
Detroit, Inc., and the Detroit Co., Inc., New York, are
Shows Increase of 75%. of
at prices to yield from 5% to 532%, according to
offering
-An authoritative statement says:
maturity, $2,000,000 53/% 1st Mtge. Leasehold Gold bonds.
Final production of the company for the 1924-25 season was 346,495 bags,
Guantanamo Sugar Co.-Output
Dated Sept. 15 1925; due serially, Sept. 15 1926 to 1940. Denom.
notice
$1.000 and $500c5. Red. all or part on any int. date upon 30 days'
at 101 and int. Principal and int. (M. & S.) payable without deduction
First
office
of
Detroit
at
in
for normal Federal income tax up to 2%,
National Co. of Detroit, or Detroit Trust Co., trustee.
Security.-Specifically secured by a first closed mortgage on the leasehold estate comprising the entire Woodward Ave. frontage, which extends
north from the Campus Martins to the southeast corner of Woodward
and Gratiot Ayes. together with the adjacent 30 ft. frontage on the south
side of Gratiot Ave., and the 53 ft. adjoining on Campus Martins.
The mortgagor agrees to deposit with the First National Co. $1,000.000
in cash and (or) its equivalent in securities or titles to unencumbered
Detroit real estate. It is further provided these assets shall be of a character
satisfactory to the First National Co. and the trustee and shall be reserved
either to insure the expenditure of not less than $1,000,000 net cash in
new construction on the leasehold estate (which will come under the mortgage as additional security) or, to the extent that it is not so used, for
the retirement of bonds of this issue.
The property is situated in the heart of the downtown retail district
of Detroit and is controlled by valuable seasoned leases maturing from
1947 to 2008. In addition to these leases, the Kern Realty Corp. owns
property in fee in the City of Detroit valued in excess of $2,000,000.
The leasehold estate as covered by mortgage, has been appraised$4,078,208
at
Total
124,990
197,693
346.495
and securities (to be replaced by new construction on the
During the past season Los Cams and Soledad exceeded all previous Cash
1,000.000
leasehold estate costing at least this amount)
records for production at those mills.-V. 119, p. 3016.
$5,078,208
Total
(C. M.) Hall Lamp Co., Detroit.-Pays Extra Dividend.
- In
the above appraisal no value has been placed upon the buildings
An extra dividend of 25c. per share was paid on the Common stock
new construction is contemplated.
on Sept. 15 in addition to a regular quarterly dividend of 25c. per share. where
-Organized in Michigan in 1915. Entire capital stock, with
Company.
The directors also recently declared a dividend of 25c. payable Dec. 15 the exception
of directors' qualifying shares, is held by Ernst C. Kern
to holders of record Dec. 10. These dividends will increase the total paid
Kern Co. one of the
and Otto Kern, who also own the stock of Ernst founded
for 1925 to $1 75 per share, compared with a total of $2 per share paid leading
in 1883 and
stores of Detroit, which was
department
In 1924.-V. 120. p. 2821.
Company will
years.
28
the
past
location
for
present
its
occupied
has
bonds
are issued
these
lease from the Kern Realty Corp. while any of
Hamilton Mfg. Co., Lowell, Mass.-Committee.-outstanding, the part of the leasehold estate now occupied by the
Edward W. Grew of Meredith & Grew has been elected to the com- and
at least
reAtal
annual
net
provide
a
will
The
lease
department store.
mittee of three stockholders named to consider plans for the future dis- sufficient
bond
to cover all yearly charges of principal and interest of this
position of the company. The other two members are Eliot Wadsworth Issue
lease rentals of not only the ground occupied
underlying
the
and
and Rodger Pierce.-V. 121. p. 1467.
pledged
estate
leasehold
by the department store but that of the entire
under the mortgage, such lease to be deposited with the trustee. receives
Hanover Fire Irsurance Co.-New Director.
In addition to this source of income, the Kern Realty Corp.
Robert W. Stewart, Chairman of the Standard Oil Co. of Indiana, has
rentals from its fee properties and from other leases. Upon completion
been elected a director.-V. 116, p. 1654.
of the contemplated developments, the Kern Realty Corp.'s earnings
Hartley Hall Apartments (Kew Court Corp.), Brook- will be materially increased.
Purpose.-Proceeds will be used to develop part of the leasehold estate
lyn.-Bonds Offere 1.-G. L. Miller & Co. are offering at covered by this mortgage and to provide additional funds for corporate use.
an increase of 148,802 bags. or 75%, as compared with last year. This is
the second largest crop in the history of the company, being exceeded only
In 1921-22, when 351,936 bags were made. A further improvement in
production is looked for next season with a crop of approximately 400.000
bags anticipated.
Central Los Canes was the last mill to finish, having completed its crop
on Aug.9 with a final outturn of 145.861 bags of 320 lbs. each, as compared
with 104,492 bags last year. Isabel grinding for the first time in three
years made 47.981 bags, while Soledad had a crop of 152,653 bags, compared with 93,201 last year.
The company has already sold a major portion of its crop and should
more than earn its Preferred dividend requirements of $7 a share. Fiscal
year ends Sept. 30 and the annual earnings statement will be made public
late in the fall. The company is in a good financial position.
The Guantanamo RR., a subsidiary, which last year showed a loss of
$89.769, should show a substantial improvement this year,due to increased
tonnage caused by larger production of sugar.
Production of the three mills (in bags) is as follows
1922-23.
1924-25.
1923-24.
Isabel
-Not operating
47,981
Los Canes
104.492
19,773
145,861
Soledad
93,201
105,217
152.653
par and int. $245,000 1st Mtge. 7% Real Estate Gold bonds.
Dated April 11925;due serially. 2 to 12 years. Interest coupons payable
A.& Oat any office of G. L. Miller & Co. Inc.,or at Guaranty Trust Co.,
New York. Callable on any int. date in Inverse of numerical order upon
90 days' notice at 10234 and int. Trustee, Augustus B. Weller.
The mortgagor covenants to refund the normal Federal income tax up to
but not exceeding 4%. In addition the mortgagor covenants to refund
the following State taxes, namely, Maryland 434 mills, Conn. 4 mills, Penn.
4 mills, Commonwealth of Massachusetts 6% income tax and District of
Columbia 5 mills tax.
Unconditional Guaranty.-The purchaser of any of the bonds of this issue
may have the payment of principal and interest of such bonds unconditionally guaranteed by an indemnity company on a 634% interest basis.
Security.-Bonds will be secured by a direct closed first mortgage on the
land, building and equipment valued at $355,050.
Earnings.-Gross annual earnings are estimated at $57,600. The estimated operating expenses, including an ample allowance for taxes, insurance, Szc.. are placed at $20,000. This leaves an estimated net annual income of $37,600 which is approximately 2.2 times the greatest annual int.
Property.-The Hartley Hall Apartments will be 6 stories and basement
in height and of the most approved modern semi-fireproof construction.
It will contain approximately 48,721 sq.ft. offloor space, which it is planned
to divide into 24 four-room apartments each with kitchen, dining alcove and
bath-16 three-room apartments, each with kitchen, dining alcove and
bath-8 two-room apartments each with kitchenette and bath; making a
total of 48 apartments. In.addition there will be a main entrance lobby on
the first floor which will be connected by an automatic electric elevator serving the upper floors. The apartment will be thoroughly equipped with
modern conveniences for the comfort of the tenants. The site of the apartments is approximately 100 x 100 ft., fronting on East 22d St. between
Newkirk and Ditmas Ayes.
--12=2asta.Hershey Chocolate Co.-Bond; Called.
All of the outstanding 1st Mtge. S. F.6% gold bonds, dated Nov. 1 1922,
have been called for payment Nov. 1 at 104 at the National City Bank
of New York.-V. 121, p. 1353. 207. 1-1
,
0,tsotLftlt"oON
Setalsott
Hibbard, Spencer Bartlett & Co.-Extra Dividend.The directors have declared three monthly dividends of 35 cents per share
each, payable Oct. 30. Nov. 27 and Dec. 24 to holders of record Oct. 23.
Nov. 20 and Dec. 18. respectively. In addition, an extra dividend of 20
cents has been declared payable Dec. 24. Extras of 20 cents per share
were also paid March 27, June 26 and Sept. 25 last. Extras of 15 cents per
share were paid quarterly during 1924.-V. 120._p. 1466.**1
rim
Household Products, Inc.-Listing.The New York Stock Exchange has authorized the listing of 75,000
additional shares of capital stock without par value upon official notice
of Issuance and payment in full, making a total amount applied for of
575.000 shares.
The issue of 75,000 shares was authorized by the directors as part consideration for the purchase of 498,680 shares of capital stock of Pepsin
Syrup Co. (of Ill.). The value of the whole 500,000 shares outstanding
of Pepsin Syrup Co. as agreed upon was $4,100,000: this price was proportionately reduced because of the present acquisition of only 498,680
shares; the consideration, except as covered by the 75,000 shares of Household Products. Inc., stock, is covered by cash and notes. Pepsin Syrup
Co. was organized in June 1893 and has an authorized and issued capital
stock of $2,500,000 (par $5). Pepsin Syrup Co. Is engaged in the manufacture and sale of a well-known medicinal product known as "Dr. W. B.
Caldwell's Syrup of Pepsin and Herb Laxative Compound," and owns
Knox Hat Co., Inc.-Regi trar, Etc.
The Chase National Bank has been appointed registrar and the Seaboard
National Bank has been appointed transfer agent for 12,500 shares of
Class A Participating stock, to be issued in exchange for 2d Preferred
stock, share for share. See also V. 121, p. 1469.
Altavista Va.-Pref. Stock Offered.Lane Co.,
Richmond, Va., are offering
Wheat, Williams
Inc.'
& Co. Inc.,'
at 100 and divs., $250,060 7% to 10% Cumul. Sinking Fund
Participating Prof. (a. & d.) stock.
Dividends payable Q.-J. Red., all or part, on any div. date at 110
and divs. Transfer agents, Planters National Bank, Richmond. Va.
Free from normal Federal income tax. Free from personal taxes in Virginia.
Authorized. Outstanding.
Capitalization15-Yr.
% 1st Mtge. Sinking Fund Gold bonds.
due June 1 1938 (red, through sinking fund of
$200,000 4127,500
$10,000 per annum)
250.000
b500.000
7%-10% Participating Preferred stock
Surplus (represented by 5,000 fully paid and non546.812
assessable shares Common stock without par value)
a Entire authorized amount originally sued: balance retired through
sinking fund. b After divs. aggregating 7% shall have been paid on the
outstanding Common stock in any year, Pref, stock will participate equally
with the Common stock in divs, until they have received a total of 10%.
No additional Prof. stock to be issued unless net tangible assets are $25el
per share of Pref. stock outstanding and to be issued and earnings applicable
to dividends are four times outstanding dividend requirements (7%) on
Pref. stock outstanding and to be issued.
Data from Letter of E. H. Lane, President of the Company.
Company.-Commenced business in 1912. Is located at Altavista.
Va., and is large producer of aromatic red ced
@FedFRASER