{ title: 'New York evening post. volume (New York [N.Y.]) 1920-1934, March 02, 1925, Page 19, Image 19', download_links: [ { link: 'http://www.loc.gov/rss/ndnp/ndnp.xml', label: 'application/rss+xml', meta: 'News about NYS Historic Newspapers - RSS Feed', }, { link: '/lccn/sn83030386/1925-03-02/ed-1/seq-19/png/', label: 'image/png', meta: '', }, { link: '/lccn/sn83030386/1925-03-02/ed-1/seq-19.pdf', label: 'application/pdf', meta: '', }, { link: '/lccn/sn83030386/1925-03-02/ed-1/seq-19/ocr.xml', label: 'application/xml', meta: '', }, { link: '/lccn/sn83030386/1925-03-02/ed-1/seq-19/ocr.txt', label: 'text/plain', meta: '', }, ] }
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Foreign LOWER vice O&t, Ino. sss,.-The a few 'was atm In money Bank tly alIeet· foreign l of India a firm In- upon the Sit· speech on adher· views \f until the ported Its the ge for the pence. commoditY' r cent for were du.lL. held firm Exchan~e arranged of an firm at 4'>4 for n.in ranged of the Important today Time 4 4~@5¥.: 4¥.:@4%. lal paper at ve Bank is certld· Liberty charged , , .' .. .. if .' By F. SCHNEIDER. JR. J1DaiIdI!l EdIter Net Income in 1924 \ails t'p Reach Fig- ures for Previous Year .ONE o;f the 1lI0st interesti'ng aspects of the existin_g' situ· ation is the recent moveJllent of funds to the ,interior. pa:y)llllnts and settlement.!! ha~e to tie m~de, All t!le1le things ~n for a certain amount of credit. ' This year the westward movement of funds ,seems to have started ,a. week or t'Wo earlier tban usual, Perhaps the weather has been better in several districts than usually is the case. Cheered by the higher prices for their products, the farmers ~re inclined to make some of the repairs and to undertake' some of the purchases of machinery that have been held back during the years ()f agricultural depression. This sort of thing may explain the earliness of the call for money and its somewhat more vrgorous character. Net income ot the National Lead ('()Ill' pany last year amounted (0 $4,454.0nO. eq\llvalent ufter preferred dh'ldends to $13,31 a share un cuU)nlOn Rtud~t It was announced tudsy, This shulling cumpnres with $~'.~%.O()O, or $17.38 a phar(\, in 19:!3. Thf' t'arning.s do not Incluue pl1Jfits on Insurance funds, which wece e<luh'alent to 1.6 P~l' rent on the co!mn~ Wit 11 the.e Inrluded the earnings 'were C'quivnb:n't to $14.90 11 811301\(;' '. all the \ommon stud\ agnlnst !/I1B,8U III crease as S(JOIl as Tel\~s Tests Fail It was this movement fhat found a reflection in 5 per cent call mo'ney at New York. It al~o had not a little to do 'With' NEW POOL l ~.xpeC'tntlon I dict!>lIlS. ,FAILURE! the New York Federal Reserve Bank'a advance in discount CALL Commonwealth Power rate. ,/ ;;> Svc('iai [)isp,atch tv the EueIt!ll{] 'rost Hy .1. ~~. <,i\.~lBRELT. '1'~rni~gS - statement -or 'Ute -C-omrnoi'R\\-\\\\, woalth Power C01'lloration, anet sul,slia.Ia\ An idea of the magnitude of the movement may be ob· tained from th~ past week's Federal ReserVe statements •. Thu8 the New York bank ll)st $36,000,00.0 in, gold while the 1938. The report stale<1 definitely theee lVoult! be no inC'reuoeo in tlJo l'umnlOn dividend In the near future and that thora was no iu· Tulsa, OldtL., .Ma.rl:h :';,-Another athuw'!' in the pries ('If Iniel-continent crude ol! i~ tmmiut:'nt. Ht'cprding:- to r~Hnblt.: l'<'pGI'tR lrl Iho indu$tt·y r{',,('hing this <,enter. An- nouncement i~ (>xpe-(.'ted l\1C'lfll.f'ntaril.n Iol' the twelve months ended January 192;;, shows appllcable t() dividends and r.\eelatlon an amount equivale.nt to Upward Trend to Be Expected tentlon of calling t 11(> proferred ',stoek f\r other b,ankl! were gliitting $24,000,000. Discounts at New York , t • ' 763. or $:11.57 per 8h~re, on th&-27&,tlOO of preferred stock and $20.46 per exptnded $79,000,000 on the. week) ~hile those at the other \regional banks ,¥ere inereaail\lg orily' $12,000,000. Discounts at the New York banks expanded from $40,000,000 to $227,· 000,000 between January 21 and February 29\ During this sam~ period the New York bank lost $89,000,000 in gold while the other regil)nal banks gained $38,000,000. The movement obviously is a :sIzable one and has accelerated sharply during the past week (If ~o. Clearly, thu demand for money in the West is not a redomption, beariJlh influen'cli on general business. It serves to confirm --------S-H-I P the view that the farming distriC!ts Ine coming buck and are A., B. & A. RECEIVER r to contribute their share to gener-al prosperity. Neverthetess, MAY TERMINATE SHORTLY,' the demand from the West also ool1s attention, to the fact' .. ------- that an upward trend to the money market is to be ex- [3, L. [Jugg. Receiver, Donles Reports of , The expE'!ctecl Int']'t:'a~(\ llU~ l.H.>en deferl'pd for st>\ (-'ral !loR,') s to w\,uit il\'eloptn€'nt~ of tWI) important {kllll1lg upel·ations tn Xu\,at'O {'ountL Trx. \\'hm\f'. early indica, ... lionR pOl1'1.t£'(l til op'~nLf\g A.l1othecr ·Uah:one-s (a \11 t poul, \\ hIt' 11 111 is It t IlJ. ve i n'{'rC'sReu \ on the 210,000 shares of common After provision tor depreCiation, \ .. -n;n\ \mounted to $13,62 per share on the pre- rerred unci $10.28 on the common. as com,- pared wHh $14.19 Ilnd $11.19, reapectiveiy, for tho Rame perl<ld laSt year. baSed on the same number of shares now outstanding. peded. It is well to remember that thll member banks, fo)-- . Roac:'s Sale I low the policy of keeping loaned uJI close to the ,legal limit. Atla.nla. Ga., Marl'll c,-\Th~ A llll Ill», \:.;:::=::;:;::;~;:;:;;:~;;;:::::;;;:;~_~_~:::I~_~.~_.~.~_~_;.~~~_~~~~~§- Seasonal Movement Our accountants, en' f gineecs-and legal staff must be satisfied on many such vital ques· tions before 'fYe offer the' securities of any concern, A movement of funds t~ the interior in the early spring ,is, an entirely normal development. Farmers need money for a varie'ty of purposes. With open weather approaching, preparation!' are made to plant the new crop!!. <Agricultural machinery is bought; supplies of seeds are laid in. Repairs are made on the prol?erty; perhaps a new roof needs to be installed. In addition, there- is a good deal of moving about Additional credit fer business purposes can only be obtained, Blrmingllam & AtlanU{' Hath'H)' has murte r \ in the existing situation, from the Federal neserve banks or considerable progress lulel), and I thil1 k I from a liquidation of securities now hetd by the member· there Is a possibility of a dissolution A ' banks or carried on member bank credit. There need be no the r€cpivershll' not lntor limn thi,; fan,\ To 0 K E R & CO. I doubts that any credit needed to finance industrial Rnd com· said B. L. Bugg·. receive,' fur the ruad. in 1 ' -denying rumors that A\ B. &: A. harl been INVESTIot ENTS mercia! needs will be forthcoming. It may be doubted, how- sold to the • 1\risco , IJouiRvlilo & !'iaRhvilie. 120 BROA-DWAY. NEW Y«,?RK ever, whether enough eredit will be made available to finance 01' to the Seaboard. rEl..!,PHQNE RECTOR '450 business needs and, in addition: a bull movement, in securities. \We have been earning money this paRt JOHN NICKERSON & CO. 61 Broadway :New'YOrk;, Banking Sidelights CorneUml P. Young of White Plains, for many years prominent husiness tllan 111 \Vestchester County. hUR been elo\ oresident of the ('ounty Tl'ust Company. tne ,largest bank In 'Vhlte Plains. to flll tile vacancy left by tho rec-ent death o·r David H. C'romw~ll. The 'I'mde Banlt of New YOI'I, an· nounces that Deputy Collector Hollbu{'l{h will be at the bank :\laroh 2 to 16. in- clusive... to assist customers in preparing Income tax returns fOr~ ye\r. Ernst ,~ Co. announce th~t Max Bnrysh hns beeume. associated. with them ill clLarge of their cana~an tradIng department. \'t'. Hall H ington, furmerly of \Vest & Co.. has b come associated with Hall· garten & Co. as manager or their l'etall sales department. The lIml of Burley & Feabody ha. been dissolved. as of February 28, and a new firm, Burley. Peabody & Cralgmyle. with omces at 100 Broadway. has been tormed by Andrew Berry Burley. Ucorge Russell Peabody and Ronald :llulrhead Cralgmyle to deal in In Vf\'·H I ,.'Ot ..;o\\'·I1··itJI'!I~. Mr. Cralgmylo has heen tor the past flve year' a~ocialcd \\ J. II. .\,lw-\.\ • • ,,'11'.1 '-\: Co., Inc. B. E. Smith, formerly sales manager of Flslt Tire Company, has resIgned to be· COrne Ilssoclated with Prentice &. Slepack. members of the New York Stocl< Ex. change. I\lol'gan, Livcl'Ru>rt' &\ Co. announce that Leo H. Graham has been admitted to partnership. Shields ~ Co\ ~7 Pine street, havo Issued for distrlbutlo.l comparative statement on twelve American and Canadian Important banl< and trust company securities, EdwB.rfl H. Gilbert, Jr., has retired from the investment firm of Tooker. Gllhert & Co. The business will be continued under the Ilrm \ of Toolter & Co. by the reo mainlng partner., Marek I,. Toolter and Gl'anvllle Whittlesey. special, and three new membel's admitted t<XIay-=-'E, Lindley I{uhns y Arthur S. Ftandson and Eldon H. Earle, . 'fhe 'fl'\1'ing i1imlt·Columbia. TruH:!; Com •. Ilany annOuncos that Pb!1lp F. Gray. as' slstant vlce·p\\sident in the company's out-of-town Office, has been appointed a. yice'ptosldent. Maurice 1\[. l\l~asse at F. J, Lisman- ,t Company. left Saturday on the 8. S. Relln.nco for a trip to the West Indies. E. H. Wetsel has been appointed a'; assistant cashier ot the Bank of AmerIca. Harry N. Britt, aselstant oashier and scor~tQJ'y to ,the president ot tho Puhlic National Bank. has .... ig-ned, to hOOOT)le as· soclAted \l1th Diamond Brothers, who con· duct a chnln or rf>ady·to-wear stores !l~ \ontraller. Mr. Britt was with the Public National BanI, for eleven years. The bonrd of (lirecfol's of the Grace Na- tional Bank announce that Edward H. Ollbtort, ,r,. has been elected a viee-presi- dent I\ charge of the bond department, ef. te<rt1Vl! totliiy. Fnderlck J. Rabe Is noW connected with Clinton Ollb;rt & ('0,. 2 \Vall street. FOREIGN LOANS L.ARGE Canada Heaviest Borrower Here Sinell War COPVri!11tt~·ln2l'it bll N. Y. Everling post, Ino. year and there is no l'eaROn why the. road I ' ~ should he sold to any other railroad,\ he on March 1. Farms frequently change hands on that date; THE DAY'S' NE\~S a bellet of a bIgger divIdend return durlni AMERIC'AN BRAKE SHO'E CO. .. audetl!. \We are showing good gains. (]l1t'l the current year and despite the ract tilat EARNINGS DECLINE IN 1924 1 territo\y.iS developing au(t the future looks I TH~ UNDERStCNED ANNOUN'CE THAT MR. EDWARD H. GILBERT, JR., HAS THIS, DAV RETIRED AS GENERAL PARTNER FROM THE FIRM OF TOOKER, GII,BERT & CO. IN WALL STR£El the common rate was lately raised froltl I .aU rIght.' ~5 to $6 a $7 basis was p'l'e<licted before . • ---------'--. I 1925 shall have l'os~ed into hls:.>r,-. Profits Equlv;alent to $11.46 a Share,: EXTEND ROVA CHAIN STORES T~E:. INVESTMENT BI,;SINESS 'OF TOOKER, GILBERT & CO. WILL BE CONIINUllD AT THE ABOVE ADDRESS UNt>ER TilE NEW FIRM NAME QF Too~ & CO; ;,. Against '$13.35 In 1923 I --,,--' I Tile Copp&r Outloolt Sales units WI!\ Be Opened in Now The Street began to 1001, for great~r in' Net earnings of the American Brakn England \ terest In the copper share group, a feeling Shoe and Foundry C;OnlPany last yoae MR_ E. LINDLEY KUHNS, FORMERLY WITH MOORE, LEONARD & LYNCH; MR. ARTIIUR S. FRANDSEN, FOR- ~lERL\{ WITn THE NATIONAL CITY COMPANY AND BORTt.~ & CO\ A~D MR. ,ELDON H. EARLE, FOR- MERLY WITH W. A.' HARRIM:AN & Co., INC., AND BORiLE & Co., HAVE TipS DAY BEEN ADMITTED TO THE NEI'II FIRM AS GENERAL PARTNE:RS. Market Enjoys Pre-Inauguration 800m-Signs of Industrial Improvement based on growing dema.nd for the metal. amounted to $2,454.000, equivalent after Arthur Johnson, pt'emdent of j{<)VIl l Tha.t buyers 'had lagged In the past few dividends on subsidiary stocks and on tho nadio Corporation, anW,l111CPS that a n~w preterred shares to $11.46 a sh·ar .. on tho HOH< Atore waS opened 011 Friday in weeks Wa.<! openly a.dmltted. but It wa\ I lU,918 share. of no pal' value common Waterbury, Conn,. and that dm'lng the a condition occasioned by the larger pm\ chases of several months ago when reo stock, it was announced today. next two weeks adilitlnnni \turp3 will be I qulrements were booked covering the first This showing compares with earillngS o( opened In New Englnnrl HS folloW8: New I $2,727,000 In 1923, equivalent to $13.35 (L Haven, Sprlnglleld. Jlarlforrl. Worcester. quarter of this year. share on the 154.160 common shares then I,ynn and three stores In !JoMon. whlc-h Expecting Buyert!' Arrival outstanding, ,wlll give Nova n totnl of tlurty stlll·es. Wall Street today characterized its But with March now. on the calendal' The income account compares as fol· The Rovl. Radio ('orporatton is 0119 of RAILS SHARE WITH INDUSTRIALS M ..... CK L. TOOKI: .. GItANVILLI: WHITTt.astY ... eetAL t k k t I I ff i lows '. the principal subsidiaries of the I·'edN·aled s oc mal' e a.s a pre- naugural on a a t, and copper purchases for the most part For the time being at least higher money covering only thle month and a portion W24 1 n~R Had'io Corporation, It Is reportpd that . .Net proftt ...... , ..•...• $~.4M.OO·l $2.i2i,OPi nublic offering of Fedeorateti Hadio ('orpo- rates were ignored and price movements ot Apl\U It was but natural for consumers Sub co. dlTldeltd II 617 Il~ ,- were conducted along constructive lines. to make I\nown their wants wp11 Into tf p!,r~.~f.~r~red~~d~IT~ld~\~l~~~~: ~: :~:~: ~: :~~(~\~17~:n~\~Ii~~~RR~7~,.,~-o~{~~r~a~tl~0~n;n~o;p;a~r~\~\:t l~\:\;;c;on:.l~m;on;;~s~tO~{,;k::l:d;il~~~~~~~;~~~~~~~~~~~~~~~~~~~~~~~~~~~~§~ Cummon dlTldends........ i80.!l98 Tf)2.0q,:l, lJe nInde ~OOI1.' -- -- It was \hleHy Rmong the hlgh·prlcea se· not through the second quarter of the Surplu., .• \. .• ,. \ ,.'. 965,0\101 1,267,207 em'ltles that tbe main tntere\t centered year. with reSUltant second top for Atchison anI! ,------- ' the best price in years Ilttalned by Atlantic Brightening Horizon ----'-~;,f Coast Line. Louisville & Nashvllle and Q. Flfteen-cent copper was visualized as a 'II. number ot industrial specialties. Severnl· development of the near [uture and if de- annual reports today made public furnished mand )Y8r\ cre~ted on as broad a basis Inierestlng, rell.dlng and the rapid strides as form~r!¥ WM w.!1rulssed metal optimlsts.,1 made by American Smelting and Refining wore convinced that tll~lr own expcctll- Company especially was stressed. lmprov- tiona as to price ultimately would be real- ' Ing demand for copper metal and higher Izad and this approximated sixteen· cent price! predicted for crude oil were amon<;< copper. the industrial factors brought Into play. The enthusiasm tor some time displayed Looldng Ahflad I toward American Can showed no signs or lout at <town Inq uirles to commission 1 abatement. and while no split-up of the houses came over private wires beal'lng on shares was expected to develop In the Im-' the outlook to,' Anaconda'e dlvtdend. Fol· mediate tuture. It was consIdered almost lowing a year's lapse payments were reo a certainty that after midyear such a step stored la.t month and undE'r the quarterly would be taken by the management, Sears· 1 buls program the next distribution waul:] Roebuck responded to the substantial gains come up tor consideration In April for shown In the company's sales for the first ! disDurBement in May. two months of tha-,'car over 1928. The 113t I ' had its soft spots an'd outstanding in th!\ Higher on Prices _'\ntieipatcd respect were St. Paul preferred and Radio I \!fh'ai: midcontinent crude 011 prloos were Corporation. in line tor anothee price advance ,was rather htondly Indicated ainong cornmis- Centering on Atdtlson i slon houses, From Tulsa came advlces More than ever was the Street convinced that such a step IVas llkE>ly within twenty. that Atohison directors some day would I four hours, but as to amount none seemed Ret apart the road's oll holdlngq and dls- to ha,'e definite knolvledge. 'I tribute them to shareholders. And for prec· edent the step taken several years agO !\Ierger Gossip I by Southern PacifIc was brought to light. Many of the petroleum shares gave I good Indications ot 8trength and to a~- on Possibilities I count for some of the grUns. merger possl- Then it was that the Pacific 011 <'ertltl- <,ateR were oife1;,ed ·to Southern Pacltic stockholders a.t ~15 a share. As to whether su{'h a plaln would be ronowed In detail I may not at this time b~ .uggested. for It \'ill he a matter for deeision for the Atchl- son boa.rd. New 'Record Top In Its furtner rise today Atchison went to a prlce level n~er hetore eq uaJ.ed. 'The stock on Satur<iay hat! corne within a small traction ot the prevlou~ toj) acquIred bMk in··1909. but the current ups\vlng quICKly carried It several points above the record or that year, \125%. Getting tim Strlde But Atchison was not alone among the standard ralls to exhIbit strength ae the Southern llnes once more came Into promi- nence. Allan tIc Coast I.lne got to a new top for the year but still was under the record high acquIred twenty years ago. And as on the West~n carrier opinion bore on di vldend\ prosp.cts In whlcl\' & higher rate was considered within the realm of poa.dblllty. 'especla:ll Y when meas· ured' against earnings, , An Excellent Showing The Otis Elevator company o\rMd within a few c~nts of $!2 R. $are In 1924. an amount· wh(ch 'woufd have equaled twice that figure If'applled to the capital existing before the two for one split up of stoelt. Incidentally, the good year swelled surplus account, to about $3,500.000. bllltleB were again stressed. Quite Insls- t-ent WB.II the talk bearing on CalifornIa properties with pan-American, CalifornIa I Petroleum and General Petroleum linked I up In this connection. C. M. W. Railroad Note\ II ____ -.j,.I~- I WeI!tern Pacllle 'Ra.Ilrolld dlre~tore arc .ch'lduled to meet here a week from to- morrow. The stockholders wlll meet In !!peclal sBSlliun &mIe time almut the mldo die of next month. Common and preferred stoekbolders will each receive a stock dlvl· dend of 16 2-3 per cent. Atchison has applled for authority to aoqulre by lease the proportles of tho Elk· hart &0 Santa Fe Railway. TllontJIs F. Woodloek, recently named by Pre8ident Coolld&,e to take Mark Potter's aoe on the Interstate Commerce Commls· sion, has returned to his home here after a three months' vacation 8:\t Atlantic City. Baltimore'& Obio ball been authorized to issue $10.860,000 of refunding and general mortgage 6 per cent bonds to be pledged trom tin1e to time until December 31. 1926. as seourlty for any note., The road may Issue or pledge any or all of them M addI- t1on8.l collateral to th~ road's trust inden. ture lIe~uring itl!. t~n-ye<ll' 6 p~r ceJlt !le- cured gold bonds or note of March 1, 1920, Rell'ular dlvld,entl declarations are ex· pected at m,eefingtl of both Pere Ma.rquette and 'Frisco directore on Wednesday. . , r A. all 01 th~.~ Bond. have been aold, this adverfirement appear3 al a matter 01 record only_ f New Issue $2,50Q~POO Standard Milling Company (A New Jerley Corpot'ation) first & Refunding Mortgage & Lien Twenty-Year 5%% Gold Bondi To be dated March 2, 1925. To lIIature Marell 1. 19.5. Coupon Bonda in denominatjonB of $1.000 and $500, registerable al to principa1. Interest payable March t and Set?,tcmber t, without deduc\Jon f_ any Federal Income Tax not in e-xce.e of 2°,. Redeemablo as a. ·whole or in part on thirtY' ({:av.' notice at 103'%\\\and accrued In.terttt d.urin& the fint two ye.ars, thereafter .at 1031;i and accrued int-erclt leas ~ °0 for each two £ull yeats which I5balllilve expired adter M.r~h 1. nas, up to an.d including March 1. 19-35. and thereafter at lOZ1,.S an.l accrued interest le1l 11&'/0 for each full year after Mlm 1. 1834. Principal and Interest payable In U mtcd Stktc.a gold coin at the prIncipal office. of NATIONAL ,BANK OF COMMERCE IN NEW YORK, Trustee • A ... Sinking Fund for thes\ Bond. the Company will allre\ to red ... on or before March I, 1926, and an or before March ht of each year there\f1.l\, $15,006, pri~clr>al amonnt of Banda (b, r .. demption by lol or by purcbaae .t net exeeedini the current redemption price). The Company will ~gree to' r~fund to holders of the Bonds, resident Ul such states, respectively. UJlon ll'roper application wtthin IiO days ,<lfter the payment thereof, the Pennsylvania ... Mills Tax\ the :Mary- land 4Y2 Mills Tax, the ConnecticutoPersonal Property Tax not exceeding 4 mills per dollar per an· nllm. and the Massachusetts Income Tax 011 the Interest not exceeding; 6% of such iRterest per annum. !\formation in ,·rgard to I\e (\lIIfU>I\ \lid this wlte of bOllds is .Qi.,CIt in,a irtln /\(11\ Ur. A. P. U'alkn-, Preridl'lIt of Standard Mi/li\9 CO\'!>tlll)'. copies 0/ wilich \'<1}' I,,' \blamed /ro\ the zlIIacrsiV>lrd .lIId 1t'hidl Ire Jra.s s,m,,!.a,.i:;cd ill pari ll.! follows: • ' BUSINESS not less than twice the annual interest ehlUltes on the mort· \Standard MtIling 'Company, with its subsidiaries, is one gage debt im::tudirrg- the Bonds to be l!!llued \8tId in ~ach Qf of the larifest flour milling concerns in the world. The such years shall he not less than one a:td one·haIf times daily capacIty of its mills is approximately «<>,000 barrels. Its such interest charges. branded prG1lI1Gts, many of which hav~ b~~n on the market PURPOSE OF ISSUE for sixty or more years, have been extensively advertised al)d are widely and favorably known, Its properties are The proceeds of the sale of these Bonds will be utilized strategically located to meet the iVlPortant requirement of to retire jndebt~c;l/1esa incurred in the construction of a new balance bemeen acceslibillty to the wheat growing areas warehouse in J ct-scy City and in the purchale of the stock of and nearneS'S to the market for flour. The H·O Cereitl Ccnnpany, Inc.; and to increase the Coin· pauy's working (apital. ' , Thllj flour' millin~ industry is attractive for investlllent EARNINGS becjllJsc; of t:he stea y an~i'mCTeasing '!.;.mand for the product The annual a ... ~rage for the five years ~!tded August ll, which IS one of the prmUll)' necelJsrtre'S of life the econ- omies which may be effected by large scale production, the 1924, of th~ consolidated earnings of the Company, available llrotection from risk of inventory lOBS by thF process of for mterest charges on the Company's funded. debt, as cer· hedginl', and the liquid nature of the in,v~ntory. tified by Measrs. Lybrand, Ro!s Bros. &: Montgomery, was $1,737,399nl3; or equivalent to more than ... times the interest requirements 011 the Company's entire funded debt to. be out~tandlng aftin' this financltlg. These earnings arc after deducting adcqllat~ depreciation and all prior charges, bnt before deducting Federal income and profits taxes paid. For the 'year el1d~d August 31. 1924 Buell. earnings were $1,456,942.87. Since August 31, 1924 both the sales and the earnings of the Company have been greater than in the corresponding period of the previous year and the Company looks forward t~ c.ontinuecl: good business in the commg year. SECl.IRITY These Bonds, in the opinion of counsel. will be secured by a first mortgage upon a part of the properties and by a first lien upon the stocks of certain of the suhsidiarles owned by the parent Company; and upon the retiremc:nt of $3,618,000 first mortgage bonds due 1930 (for the refunding of .which provision will be made in the new Mortgage), by a first mortglge on ill of'its fixed pr6perties except for pur- chase money and existing liens on property hereafter icquired and by'a first lien on all of its stocks of ,!ubaidiaries. The subsidiaries have no mortgage debt outstanding mth the public except one issue of $262,500, and the Company will covenant that it will not permit any of them to create any mortgage or issue any ~ebt, except current debt incurred in the course of current business operations and except for pledge under the Mortgage securing these Bonds. The COllipany's outstanding $1,500,000 Six Percent Three· Year Gold Notes due 1927 will be secured equally and ratably by the new Mortg~ge. , ,~ AsSETS The A. E. Ba:xter Engineering Compal1Y, one of the best known milling engineers In the United States, has valued the fixed assets of the consolidated Company as of January I, 1925, after adequate depredation, at in excess of $15,OOQ.,OOO. This figure dces not give any consideratit>n to the Com-' pany's valuable llydraulic rights. A detalle&mpllation of foreign loans . offered In this oountry during 1924 and a Concentrating Control summary pf the period 1919.1923 have been Much was aceompllshed in the past Issued by the Farmers' Loan and Trust year by, the Oils mana~ement In the way Company. The total of these loans to of concentration. Loose ends were gath- _--'t.hiJ--.l>e!~lnn.l1,g:.;D-L._,tb!s ~;vear WM S4.,4J.2\...- _ ered :ttP a,L,represented by mlnor,ltLlH!ki- <tf. \ ~;i.H.JigJi:ti90 .. 1,V\& ne\ Ings hi ~ubS,~Ia:ry and arrJllated conoerns In 1924 the total was $1.248.. ana tOday c tl1e- Qtia- compa.ny- ;;(0(;<1 '(orth of which, U.001,269,OOO was neW as an Industrial wIth world.wide·demands New Haven bite been authorized to leane $23,000,000 df l1tteen-year aecured 6 per cent gold bondIJ to payoff the outstandIng bonds aggregating $22,997.766 and matur· Ing Aprll 1. 192., kno'Wn as the European loan of 1907. - Waballlr'hlUf heen authorlzed 1» iSSIlI!' .1Z,500.o00 1>1. retundlng and genera! mOI'1- pge S per cent bonda and to se1\ them at 93, The new Mortgage will authorize $12,000.000 of Bonds incluGing this initial issue of $2,500,000. Additional Bonds may be i!lSu~d to the extent of $5,380,500 for the retirement of the,Company's $3,611 1 000 mortgage bonds and $l,S()().OOO three-year lIotes and ot the $262,500 subsidiary company banda. 'The remaini~ authorized Bonds may be Issued for not to exceed 75% of the CO!!t or fair' value of sub· eequent acquisitions or improvements, provided that the average annual conso1ida~ed net earnings of the Company for the tbree years prellcding the issue of 'Bonds shall be The consolidated balance sheet of th~ Company,· <Is of August 31, 1924~ the cl<)se of its fiscal year. as certified by Messrs. Lybrand t Ross Bros. & Montgomery, after giving effect to the purclUsc of the stock. of The H-O C.;real Com- pany, Inc., the :sale pf these Bonds and the application of their proceeds as above set forth, shows current 'assets to be $13,406,876.36 against current liabilities ()£ $4,228,3~9,82, or In the ratio of more than 3 to 1, Net current aSllets amounted· to $~,I78,516.S4 or in excess 01 the Company's total funded de~t 01 $7,925,500.00. The Company's preferred and common st{lck represent a market equity of approxi- mately $13,400.ilfjO.OO.\ for Its product. Up to ExPCCtations PRICES FIRM AT PARIS Paris, March 2.-Prlces were .firm 1m the Bourse today, Three per cent rente! were quoted at 48 ·tra1'lc,.,-\')'1;Xeha on London a.t 93 trancs 65 eent,lmll!, 6 per cent loan at 67 francs to centimee and theo dollar l'ate at 19 francs B6~ centimes,· FINANCIAL ITEMS Tile Am-erican Sm~Jtlng and Refining Company g'rtve a good ac~ount of Itself for the past year· and even better tb1ngs were predicted tor 1925 by Official. Ill- formally disc:ussI~g thll sho;'lng of ,13 earned In 1924. A,'J lln (lut \ out metlll. lUJ'gleal ,a.ell'rell'utlon the' smflItlnl: com. pany wad rfJ.nlt~d as leader sam\ year. ' ago and tbe position' never was ust1rped 'lhe Colli '~4J Iron. NdtoDal Bank baa 'been IlPpolntfld tralll!lfflr agent' tor U;,OO~ .shal'-ea ... 01i.I. _ A_. ,p~~t~rr!!d s~~l!:> 60.00~ '-IIb.ret! (ltae .. B prderl'ed stock and too,OOo.' abar .. ~ommon.to~ the Allerton COr· pora.tltm. '..,I' ' ' . \ . , n, Application will be made iu due course to list these'b~~rIs on Ir.- Now York Stock Excha!lge. Price 95% and accrued interest; to yield about 5.86% • This offmng ig madt in all r~spects whC'n, as and if issued and ac(~ept,'d b)l' us and subject to the appr()val of M(!ssr~. Sullivan & Cromwell •. of New York., W(!.reserve the.ri$ht to rejcc~al,ld all :;uDscripti(;lOs in whole or in part, to al'iot less than the amou.\!t applied for and to closc the sUbSt;nptlon books at allY tune IVltllout 1I0t1Ce. It i;' elOpected that delivery of temporary bonds or interim 'feceipts will be tllado on or· about MardI 11, 19Z5, at tire office'of Goldtnan, 'Sachs &'Co., 30 l~ine St .• New York,.N. y\ against payment therefor i!1 New York funds. GOLDMAN, SACHS & CO. LEHMAN BROTHERS