Detroit Free Press from Detroit, Michigan • 16

1 9 2 2 THE 16 WHEAT PRICES ACTIVE NEW YORK BONDS LEAD ON CURB IN BIG CRASH lo ut 4 AHElBB' 1X1 ail UH UH to StMMUir nrhangrd Rye 51 SeHUi i CHICAGO STOCKS Evans Winter Hebb Inc Detroit 1M 40 WANTED SALESMANAGER 2 5S BOSTON COPPERS )t J5 85 I 70 AS 15 1C6 lio 1 New Issue S3 Due July 1 193? NEW ISSUE It is expected that application will be made to list these Bonds on the New York Stock Exchange Blair Co Inc Hallgarten Co The statements presented above while not guaranteed are obtained from sources which we believe to be reliabte Th statsancnts contained herein while Dot guaranteed are obtained from sources which we believe to be reliable I changed nehanged 924 9G 88 24 12 to 11 30 42 9oc 63M 13 85 32 88 1 fa 7s 75 MH MH r7 SiH IM MH1 MH 41 11 1 oH 10 66 7 siH S3 SO "oh 72 siZ 31 33 13 1" 13 10 a 63 Low il 112 82OH CJ ei 83 36 71 110 a MEAT PRICES AIL SHARPLY so M3 11 64 1021 $7735781 1684000 2 red 11 06: 1 Du vdfid 4 1 Market Ry con 5a: 2 Mexican Peu oleum Sa 47 MkUmI Stel cv to 1 Minn A Rt fjwifa ret A 6 Minn 81 8 8M 6e'3' UM new 1 A 48 no 41 Sa A 87 51 2a 108 23 68 91H M4 100 71 SIH WH 24 5 22 23 11 SINKING UND payable semi annually commencing April 1 1923 is to be sufficient to retire annually 2 of total Series Bonds issued from April 1 1923 to October 1 1927 inclusive and 3 per annum thereafter up to April 1 1937 Credit is to be allowed the Sinking und on account of Bonds converted into Common Stock 1 ftH tri MH 36H SV 3C General: The companies whose securities are pledged for this issue are all old well established concerns the properties are thoroughly modern and maintained in excellent condition The varied nature of the business represented is a factor of additional safety Security: These bonds will be a direct obligation of the David Ecclcs Company and wall be secured in the opinion of counsel a direct first mortgage on the David Eccles building located in Ogden Utah and by pledge of bonds and stocks of affiliated companies The fair market value of the mortgaged and pledged property is $6869036 or at the rate of $2986 for each $1000 bond CONVERTIBLE The stockholders recently authorized the exchange of the present outstanding 279844 shares of Common Stock into 279844 voting shares no par value Common Stock and 69961 non voting shares no par value Class Common Stock The Bonds are to'bear stock purchase warrants entitling the holder to purchase at $35 per share up to July 1 1924 inclusive the said voting no par value Common Stock at the rate of 2 shares for each $100 principal amount of Bonds the Bonds are to be convertible after July 1 1924 (but only if accompanied by said purchase warrants) into said voting Common Stock at $35 per share Heavy Export Purchases to Strengthen Grain Prices i'i is The legal proceedings are being passed upon by Messrs Homblower Miller Garrison and Messrs Oudin Kilbreth Schackno New York The accounts are audited annually by Messrs Price Waterhouse Co All offerings are made' when as and if issued and received by us and subject to approval of counsel Interim receipts or temporary bonds will be deliverable in the first instance 33 BtCSineSS: The David Eccles Company was incor porated under the laws of Utah in 1915 for the purpose of acquiring and conserving the interests of the beneficiaries of the Estate of David Eccles The Estate consists of extensive timber railroad sugar and coal interests located in the States of Oregon Idaho Wyoming Utah and one of the most important single aggregations of properties in the West The consolidated net earnings for the sixteen years after absorbing inventory adjustment In 1921 averaged approximately $4404220 per annum or almost 3 times the average annual interest charges on all indebtedness for the period 'V Results for fiscal year ended May 31 1922 just closed while not sufficient to cover interest charges indicate marked improvement as compared with preceding fiscal year CONSOLIDATED NET ASSETS together with net proceeds of present financing as planned ar conservatively valued at about $82000000 the consolidated net quick assets alone on this basis approximate $32000000 io r0 S3 33 25 Interest to be payable without deduction of ederal Income taxes up to 2 per annum A Pennsylvania State four mills tax refundable Coupon Bonds in denominations of $1000 $500 and $100 Bonds of $1000 may be registered as to principal Total authorized Issue $25000000 Purpose of Issue: Tfie proceeds derived from the sale of this bond issue will be used to reduce the current indebtedness and to purchase from the Oregon Lumber Company which it controls $1000000 of its first (closed) mortgage 6 bonds due 1937 pledged under this issue 285 97 62 26 10 35 2H 19 74 53 108 K2 Low Close 06 i os Wa 1 03 Gl C2 101 W4 lowest prices yet this season market closed unsettled at Ac 8 4 cent net decline September 1 4 to 107 3 8 and 8 8 to 109 1 2 Corn lost 4c 3 IS id 48 4 2 8 165 44 6 Because of the character of our complete organization some of the most successful advertisers in the Middle West use services regularly for the planning producing of their Direct Advertising Amt? Shin com Ehi preferred Armour jM Armour Leather Earl Moton Deaver Board Continental Motor Holland St Bugi Libby McNeill Mitchell Motons National leather Western Knitting Hck Co Plggly wiggijr Rco Motor Swift A Co Swift Inti T'nitol f'urh VnitecP Light My United Taper Board Wahl Co Wrigley Jr com Stewart Warner 1255000 due Price 100 Yielding 700 255000 due Price 9931 Yielding 710 255000 due Price 99H Yielding 725 occ nnn Price 98M Yielding 735 nnn inn naif 7 iPivViVUV ULaC 704 iviUtily 119 (Accrued Interest le added) Subscriptions for the above bonds are being received subject to allotment by the undersigned at 98 and interest to yield about 773 90 1H 10 73 64 59 25 July ABB Equitable Trust Company NEW YORK RESTRICTIONS: No mortgage to be created by the Company without including these Bonds equally and ratably therewith but this shall not apply to purchase money mortgages or the new first mortgage or renewals or refundings thereof or pledges of current assetsin usual course of business for loans running for not more than one year Sale ta Liberty 8 i a TTl id 83H 1W Capable of Marketing A New Plumbing Specialty a Needed Give DeUilt to ability and reference In first letter Box 70 ree Press 48 £9 59 MI 4P4 Maturities Prices and Approximate Yields $255000 due Price 98 Yielding 735 255000 due 1929 Price 98 Yielding 735 255000 due 1930 Price 98 Yielding 730 255000 due 1931 Price 98 Yielding 725 103 J01U 104 1H MH WM H5H 3UH 99 MH 99 97 S6 91 MH 91 2H 1034 1'3 103100 1XH MM 91H 1W IM By Leaaed Wire to Tberw Preaj 95 93 18 UH 40 iM 111 IMH MH 103(4 704 I 1W4 1U4 our and DETROIT REE PRESS TUESDAY Earninps: During the six years ended December 31 1921 net eamings of the David Eccles Company as reported by independent auditors applicable to the payment of interest have averaged more than 185 times the maximum interest requirement of this issue Our present plans call for the retirement of this issue through liquidation of assets not pledged under this issue and through sale of part of the pledged securities iscal year ended May 31 1921 loss 7 iscal year ended May 31 1922 profit (approximately) 1(1H WM 81 10 79 79U inn 89M WH 89H in in MH 95 95 mi Jvl 4'1 MH 70 C474 Hf 110 110 79 79 79 91 91 75 74 74 HZ 11)5 105 1TH 79 96 96 MH 1X1 119 119 97 87 I 81 103 P3 Heavy Offers of New Winter Crop Cause Values to Tumble Chicago July S4 With the sew being offered in great volume and with rpecuiatlve buying nearly n0n exltent wheat under went a decided faU in value today September and December touched tne The to 101 i ne to 1 1 and oate IS It to 8 In provision the outcome varied from a set tack of lc to a shade advance Primary receipts of wheat today totaling 114S90VV bushels ap peared to be too much of a burden for the merchandising element In particular the demand from export interests although on a liberal scale was tar from being sufficient to off set hedging pressure especially sell ing for Kansas City account Enough buying on the part of shorts developed however to help cause a fair recovery from the low est prices An extreme drop of five cents a bushel vsas witnessed in the July delivery but the bulk of deal ings were in September and De cember Export purchasing or wheat was estimated at lvOvliOO bushels Un the other hand arrivals of wheat in Chicago today amounted to 6CV carloads Kansas City had 921 anl Omaha 44 all showing large in creases over arrivals a week ago urthermore bearish figures on the yield in Kansas were current and the weather in the spring crop territory was reported as making wheat mature fast A Corn and oats as well as wheat were depressed by large receipts and like wheat descended to new low record prices for the season Provisions sold off with grain notwithstanding higher quotations on hogs Cash Wheat No 2 red It lOrSl 11: No 1 hard Il IDs I lili Corn: No mixed SAUqSilto No yellow M14Sie oats: No 2 white 33wlSc No 3 wnlto miner wb Cloverreed 'Do 1st 4s 18 Mo Paclde sen S3 3 MontMfMt Power Ew A 4 OrL Tex 4k Hex too 5a 71 71 14 Central 7 78 Do deb 4s 4 Do con 4d ENT rrtisnn rvf CUa I If cv to 19U 90 i ni at nw rei uu is rt i cub 19 'fri deb to I Do rtt to 1M1 UVtl A firm 41 Norfolk Western eon 4 1 North Pacific nr lien 4alfifli 3 Do sea to 63 63 4 Pac Gt Nor joint 6slO8H 103 108 jDor otHit?" row ret re £eu let 8 13 Orttftn 8 ret to SI fire Wash 4s 19 Pacific Uss A Elec 5s 33 Pae Tel A Tel Sr 1 Packard Motor Cur to 18 Penn II 6s 21 Da ccn 4 Do rn 4s 93 92 93 2 Pore Marouette ref to 97 97 97 Pipjrta Eastern Ina 4s 35 35 374a 2 ierce Oil deb 8s 98 91 At Other aints ft Louis July 24 No 41 nqfft it Kft 4sA (Yufti of Tulv September 104 Corn: No 1 white 63c no i wmw umber Mc No 3 white tember 34c Minneapolis in Ifir tnwAr' shipment M6S2 bbls wheat: 1 northern mutt Nsnrornnfr Hl' "I vaIIau 1 4 VU 34 V) nr' No 3 white lax Nc 62 49 rTnloArt Tlltv WhAsltl fish July H0924 September 100: Decem ber 1 12U CLOVEKSEErToIedo July Trim cash 113 October 111 35 December I1L15 No hard 1 IO4 1 1840 1 NO 3 Nn 2 white a3Ui27c: Rye: No 2 38c G6c Timothy seed 43 IW18 Kanin of futures: Open HI ah juty September December Corn July September December July September December Halsey Stuart Co Incorporated Chicago Detroit Cyrus Peirce Co San rancisco Prime rah 316O'Ausvst IWW October 3W SO Timothy: Prime cash September IX October 2 1 Phliaielphi winter rtralghteweatera Jo hr 15 54r5 aO card winter atraisbu er do short patent clear SMM "5: do patent iTJTr st uno city nulls patent family bfJ Hay steady timothy No 1 C8y8 XijSe J6 aojill eatnple C8 no rrideT IB hav Urht mixed 19 MI 50 Bran fin: eoft do eu iicky 11 IV 1 rr export iStflfc 3 3 ear lote local trae No 2 No steady lisente: No 3 iiu Ml white 8j' No 2 Oats: No 8 white 3536c No 3 mixedMnwiukes July 7 64teh64c No 3 white 4tM4c No miSJd Barley $12500000 Virginia Carolina Chemical Company ifteen Year 7 Sinking und Convertible Gold Bonds SERIES rK Bowl Hlh Ixw 111 1WM loo ss 1M ISC WI38 1' Hl oo IM 1MW io tii in 1114 Do 1" Hj Li 433 Victory 4 wsM iww orelcn rtin 7 City ci Berne to 1JJH 8 cur of Itordeaux 4 HJ MJ4 3 City ChriethMua 7Wb WH 4 City of Cbpontotren JCltyofl4HW 8 Sj 4 City of MarwilkS 3 Cltr of UM de Janeiro i 12 City 62 Sao Puto 1 1 tt Cur at Tokw Da te SJ 42 Dutch East Ind TH TV Do 121 rench Republic 8a 191 Do ttj 1 JapaoMM list 4 4 9 KAm of BeJftivtn 7 8 Kdm of Belgium Kdrn of Denmark to 1 Kthrtof Italy 33 Kdm of Netherlands 5 Kdm of Norway to 14 Kdm of to 92 Puriw Lyons Med to to Rep of Chile to 1344 4 Rep of Cuba to 190 21 Stalo of nio Or do Sui 8a UM 4 Swiss Confad Sa 44 of I li HOU I I'l l' 4 I'll' 101a 4U SI4 laW Chicago be York Stern Brothers Co Kansal City Dated July 1 1922 Interest payable January 1 and July 1 Redeemable on and after July 1 1925 in whole at any time or in part on any interest date at 107 and acCTU interest until July 1 1926 and thereafter at 107 and accrued interest until July 1 1927 the premium thereafter decreasing for each twelve months or part thereof until maturity We call particular attention to the allotting fads summarized by Mr James icketl Vice President of the Company from his letter Ic us: July 62c Sp Osts: No 2 white 35U37c July toc tkv Julv lour unchanged family patents 7 90: pran ii aan 11 S'ftl 43: Jul 1 13: December J3C or information regarding these Bonds we refer to the letter dated July 21 1922 of Mr Wilson President of the Company which he has summarized briefly as follows: COMPANY incorporated in 1895 is one of the largest manufacturers and dealers in' its lines being engaged directly or through subsidiaries in the manufacture of fertilizers sulphuric acid cotton seed products and edible oil products and the mining of phosphate rock PURPOSE: These $12500000 Convertible Bonds and $25000000 new irst Mortgage Bonds are being issued to purchase or retire at or before maturity the existing $25401000 funded obligations and to provide additional working capital CONSOLIDATED NET EARNINGS of the Company and subsidiaries nvailable for interest and ederal taxes and before inventory adjustment in 1921 were as follows: Locomobile and Durant ea ture Active Trading In dustrials Unsettled NW York July Th curb ex change market today was not dis turbed to an Important extent by the disclosures made in the sched ules of Allan A Ryan nithough that statement had a disturbing influence on trading in many industrial groups on the New York exchange The announcement made Saturday of the acquisition of asset of the Locomobile Company of America by IV Durant was followed by heavy trading in Locomobile of America shares over 15000 shares changing hands at 1 4 to 1 4 These hares ranged on Saturday from 50 cents tODurant Motor of which Durant Is president rose to the new high record of 40 4 during the forenoon Phillip Morri demanded special attention making a new high advancing from 21 1 4 to Hib irestone oom Do 9 pre'errtd Do 7 preferred Company Goodyear com Do preferred Grant Motor Car com GHteaelU Chem com Do preferred Jordan Motor com Do preferred McGraw com Do preferred Miller Runner com Do preferred PcerltM Motor Sherwin Will lama com Standard Parts com preferred 'B Stearna Co Victor Rubber Youngstown Trom Do vri'ferretl 1 By Leawd Wire to The ree Prrss HUhLow Bld Ak 59 C3 a 60 62 175 £SO 43 62 Ahmeek Arcadian Calumet Arizona Calumet Hecla Copper Range Davis Daly Eaat Butte Mt hawk New Cornelia North Butte Oseeva Qulncv Suoerlrr Boston Utah (VmaoHdated Wolvenno St Mary Mineral Inspection of 474 cars of wheat at Chlcuco and estimates of 60 to Ve Inspected took the at tens th ut of vzh at when Monday's market opened It i roved that the rail ftrika was not checking the mar kttlnff movement of winter wheat Put withstanding all that had been mid about scarcity of cars can ccirnpr of trains This gave bulls in July in Chicago a eevere jolt when prices at the opening broke siarply The feeling was bearleh In part because of the failure of the comsa grains to show anyrengtli and partly because bears that if the winter wheat movement now Is hindered by the strike there will later be a double movement of winter and spring wheat seeking a market together This will fill the market with hedg ing sales and it win require a large Increase ln buying power to absorb the offerings Dealers at first aP reared to have lost their fear of the effects cf th? strike Export buying was larger than usual last week and dealers with gulf export contracts to fill have been active buyers of wheat over th? southwest Cash wheat here Is rather quiet Mills are not anxious to load up with wheat at present and report a quiet trade in flour and feed The weakness continued past tho middle of the version when Chi cago had a little return of strength based on a heavy export trade or aigners appeared to consider rncc low enough and did a lot tuylng omo of tlo trade in Chi cago believed the break had gone far enough and (ltd some buying giving prices a small upturn but there was no buying here nad no rocoverv The close had cverp apw pearance of weakness at a decline of 5c for the day Hye was dull and 8c lower There was enough demand for corn to hold the price steady but oats were easy at ft loss of 2r Exporters bought a great deal of corn Mondor's Quotations Cftsh No 1 red 11: No 2 red tl 9 Rxked September 1 09 No 2 white and No 2 mixed 1 07 TELLChV 4h No 2 71c No 7fiUv No 4 69r: No 5 6SHc 4 WHITE Cnh No 2 40c asked K' No 4 RYE Cah No 83C lminltot and prompt snip 70 vr cwt Prime red clover 13 alslke No 1 timothy stand ard light mixed No 2 tlmothv No 1 clover mixed: No 1 clover 113b 1 rye strsw HUU wheat and oat atraw 113 5011 pur ton In carlots Bran standard mlddlinga24: fine middling 30 cracked corn 32 coarse cornmeal 129 chop 1 1 50 per ton In IPQ lb sacks 1PUH ancv aprlnc wheat patents to 50it9 fanrv winter wheat patents 87 fi: second winter wheat patents Ifl 65517 inter wheat 6 23'a6 75 Kansas patents IT per bbl 59 Do Do 5s 1W7 fl 8 cf Brazil Ss of Mexico 5s 1U Do £2 Cxeshoslovakla to ctfs bM Dom Can 5s 13 2 I 'JlnUway and Miscellaneous 21 Ajax Rubber to 4 Amer Age hem 7S 5 Amer Srneltfnc is 21 Amer Sugar to 5 Amer Tel Tel cv to 12 Do col tr fiJ 3 Amir Writing Paper 7s 4 Armour A 10 4s 23 A Santa gene 4s 11 Atlantic IteUrJng 8 Ba Umars Ohio Cs 10 Ito cv 4 13 Bethtehern tftiel rtf 5s i DJ uru 4 1 7 ctfs Mpd VH JH 6 Canadian Northern GHsllO 110 110 I a JU 161 8 Central of Georgia Ca IM 100 10u 3 Central Leather 5a 10 Central England to 48 1 68 Centra) radfic gtd 49 2 Cerro de Pftsco Is 26 Ches Ohio cv 5a 14 Do cv 4s 45 A ref 6a A 27 Chi East III 5s 11 Chi Great Western 4si 9 Bt Taul cv 10 Do ref 4H 2 Chi As 6a 4 ClUcago Railways to 67 Pae ref 4s Chi West In I 4s 10 St gun 4s 12 Chile Copper 7s £3 Do to 1 Colorado Tn lutrla) to 4 Columbia Gas Elec to0 Cons Cost Msrylfl 6s 167 Consolidated Gas 7s 15 Cuba Canu Sugar deb to 1 4 Delaware Hudson cv to 1 Den rt itio imp os Ik IxiMit zHurin rnf IMlimr I'llltOd ItTX 4Mfi DuPont de Nemours 7Hslf7 107 Ift7 Duquesne' Llglit 6s 103 103 Eilo 4a 0 4 51 Da prior Urn 46 66 65 65 I'arourlrnn 111 1 8mV IfhU 10 General Electric deb to101 101 1 1 J' CLEVELAND STOCKS By Leased Wire to The ret Press JUlJ Hin SO 2 91 15 inancial Statement: The balance sheet of April 30 1 922 certified by independent audi tors but after giving effect to this financing shows a net worth of $7253 J20 We offer these Bonds for delivery when as and if issued and received by us subject to the approval of our counsel Arthur Schaffner Esq $2300000 David Eccles Company irst Mortgage and Collateral rust 7 Serial Gold Bonds Dated June 1 1922 Due Serially Each Year from June 11924 to 1932 inclusive Interest payable semi annually June 1 and December I at rst Trust Savings Bank Chcago Trustee without deducUon for normal ederal Income Tax not exceeding 2 Denominations $1000 $500 and $100 interchangeable Registerable as to principal only Redeemable as a whole or in part on any interest date upon sixty days notice at a premium of I for each year or part oi year to elapse from date of redemption to maturity date Redemptions to be made in inverse order of maturity unless made out of funds derived from release of pledged bonds of Utah Idaho Central Railroad or pledged share of Amalgamated Sugar Co or from excess dividends on stock of Oregon Lumber Company in which case such funds to be first applied to retire bonds of next maturity and then to redemption of remaining bonds in proportionate amounts of each maturity EVANS ER Wil i sm si KK 85 10 WJMl vH nwa MS MS MS 78W W': wnun i im MU sq MS M'4 MS 110H 1WS10344 MH MIS 78H JOIU 10 V8 MIM 10 3 IM tin 1MH 101 45 92 402 102 57 $7 6 69 iw i Ills 60 69 59 64 63 63 95 95 9 95 95 95 7103 ri iti411 111 111405 105 10S 90 403 103 103 99 91 405? 105 10'400 100 jfO 95 95 99 99 99ItXfXi 100 10 MU0 110 110 10h 107 107 imi tia 1M 104 104 93 92 92 107 DJ 1117 82 82 82 91 91 91 92 92 92 Dj 109102 nils DIM HA 7K S7H XTte 98 91 I1SU ffsU 4klZ i Products Refiners toW? 102 D2 Ju it I fcrt 12 Granite A West 1st to' 78 2 Cock 11 Ark Ac 1a 1 1 1 St Jr Mt So ref 4a 88 to 47 bt m44 6s 80 61 Do inc to 7i 151 Ite vr Ben 4 A 73 72 1 Daul 8 4s 81 91 44 Senboanl A con to 63 vo am as 16 Do rut 4f 10 haron Steel Hoop Sa A Sinclair Oil cv 7s 15 Southern pacific cv 4s 1 Do ref 4s 10 Do col tr 4s 27 Southern Ry sen 6s 2 Ih) cou 5s 4 1 lift eon 4 8 Porto Rico Sugar 99 11 bted Oil ut Cal dab 7s106 K6 10 Third Avenue adj 6w 4 Do rvf 4a 9 Union Pacific 1st 4s 60 Do cv 49 16 Do ref 4s 4 Union Tank Car 7s 13 United Drue 8s 6 8 Kubbtr 7a 21 Do 5s 44 Stee 6s 13 Utah rower Light va varonna vnem 5 Do 1st to 8 Virginian Rv to 2 Wabash 1st 6s 4XVatrn llartrie 1 9 Western Manland 1st 4s 63 65 65 Western Partita Kit 1 Western Union 6s Si intihmist? ler In lAVtekwin' Snencer St 7a 400 Yvneon cv ww lift rv Sa 32Etnpln Gas u1 7s 9fi 98 te Sinclair Crude Oil 5s 98 98 Total sates of bonds tndav were 12121 000 compared with 79t5(MX the previous day And 110160000 a war ago Sas 1 High Low Cteee 36 Goodyear Tire fa Ittl 4l 1 Wl Do fa D4L 116 116 27 Good Trunk Ry On 74i3 113 112 11 Do DJ103l 69 Grant Northern 7s A110 109 109 Do 5a 162 162 193 Hudson A Man ref fa A 85 85 5S 15 Do adjine to 64 61 6 lillnota Ontral 5s 101 101 101 1 Do raf 4s 69 Indiana Stral fa 1M 100 interMiro axet a Do 4s ctfs 12 I ft Mem 4o fa 181 Lnterboro ref 6 69 51 Inti MT Marine fa 97 Inti Paper rffa 1U 7 6 Invincible CM! to 97 Kansas Chy Sou Box 83 1 Gas St 1st fa 91U 4 Kelly Springfield Tire MUS 106 deb 43 1928 94 94 Do deb 4S 1931 93 3 6 Luriltard fa 8 Louis Nwh nf 5s407 107 107 97 17 405 106 105 44 46 ixm im in SJ 65 71 15 106 108106 1M 106 91 90 90 409 J09 109 16U 2LU 7 8716 106 106 405 KS 10556 55 56 92 1 108 MMMt A I I I i a I I 1 I i i I I I I A Becker Co I I 23 UNnK3 1 Hleh Ixw BW Ask St SSS 12 18 12 12 6 2 2 3 6 i 6 5 7 7 5 6 7 2 2 2 1 3 new 11 7 19 24 25 Number of times Number of times iscal Year all interest iscal Year all interest Ended May 31 charges earned Ended May 31 charges earned 1907 $4024918 426 1914 $4073755 267 1908 3527425 374 1915 4979949 393 1909 4508979 465 1916 5667846 488 1910 5336668 544 1917 5905249 472 1911 3488829 296 1918 12043367 666 1912 3577452 325 1919 10933334 482 1913 2991102 240 1920 10876745 572.