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Railway & Industrial Compendium
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VOL. 120.
Public Utility Compendium
Railway Earnings Section
SATURDAY, APRIL 11 1925.
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The Federal Reserve System and the Speculative
Excesses in Grain and in Stocks.
Now that the gigantic speculation in both grain
and in stocks, which was in progress for so many
months, has signally and utterly collapsed, causing
havoc on every side, it is in the highest degree important to determine the part therein that the Federal Reserve System has played. Under the country's old banking and currency system, before the
establishment of the Federal Reserve banks, wild
speculations in stocks were of frequent occurrence,
but they were always ascribed to the defects of that
system. There were two main defects. One related
to our bank note issues. National bank notes were
wholly lacking in the element of elasticity. Their
emission was dependent, not upon considerations
affecting trade, but upon the question whether the
operation yielded a profit. Being governed wholly
by the matter of profits, their volume did not undergo
contraction when there was.no longer need for them
in trade, but they remained out indefinitely. The
other defect concerned the reserve requirements of
the national banks. The country banks could keep a
considerable part of their reserves with the banks in
the Reserve citieb, and the latter in turn could and
did keep a large part of their reserves in the central
Reserve cities. The result was that in dull times all
the idle funds of the country gravitated towards the
central reserve cities, and in particular at New York,
where the congestion led to the wildest kind of speculation in the stock market. The banks had to find
Bank and Quotation Section
Bankers' Convention Section
NO.3120.
employment in some way for their excess funds, and
if they could not find it in trade channels they had to
have recourse to loans on the Stock Exchange.
Defects of the Old System.
These Stock Exchange loans were nominally demand loans subject to call at any time, but, in cases
of emergency at least, the process of recall was not
easy and not infrequently not possible. Thus it
would happen that in the autumn, when the crop
moving season arrived and the interior banks needed
their funds at home, there was always a dubious element in the operation. The out-of-town correspondents would notify the city banks that they now had
need themselves for the balances they had been holding here, and the city banks would undertake to re
spond. But these city institutions had to proceed
with the utmost caution. Calling loans meant liquidation on the Stock Exchange, with severe decline in
prices. If liquidation was carried too far, it might
eventuate in disaster. In the end the speculation collapsed anyway, since in the great majority of cases
it was based, not on considerations of merit in the
securities which were the object of manipulation, but
upon the existence of vast hoards of loanable funds
which were available at low rates of interest. On
the collapse, there were the same scenes of havoc and
distress that are being witnessed on the present occasion. The big fellows always came out ahead. They
got out in time and converted their paper profits into
cash before the crash came. The little fellows, as
usual, constituting the great mass of the speculative
fraternity, had to take the losses. They were wiped
out and sold out. They lost what they had put up.
They were left with nothing to the good except their
experience, which they were prompt to forget in the
next speculative frenzy.
Federal Reserve System Defective in Much the Same Way.
That was really the most serious indictment
brought against our old currency and banking system, that it operated inevitably to foster speculation,
particularly on the Stock Exchange. On the other
hand, if there is one claim that has been more strenuously insisted upon than any other on behalf of the
Federal Reserve System, it is that here at.last we
had a banking and currency system that could be and
would be used only for the accommodation of trade
and commerce. The experience of the last few
1798
THE CHRONICLE
months, however, has made it painfully evident not
only that speculation of the most aggravated kind is
able to flourish, and does flourish, notwithstanding
the existance and operation of the Federal Reserve
banks, but that the latter, under the present law, by
their operation and conduct, serve to stimulate its
growth by furnishing extra facilities for carrying it
on. We make bold to say that no more reckless speculation has ever been carried on in stocks on the
Stock Exchange than that which has been spread
before our eyes during the last three or four months
and as for the speculation in grain, mainly carried
on in Chicago, that has been so general, so wholly uncontrolled, that we doubt that any occasion in the
past can be found that even closely approaches it for
sheer recklessness and abandon.
• The part played by the Federal Reserve System in
permitting or stimulating and provoking these huge
contemporaneous speculations in stocks and in grain
is the point deserving the closest attention on the
part of every student of affairs. One of course has
no right to look for impossibilities even in the case
of our Federal Reserve banks, and with a banking
system of the size and magnitude of that of the
United States, comprising, according to figures compiled by the United States Comptroller of the Currency of date June 30 1924, 29,348'banks, with aggregate resources of $57,144,690,000, it is obviously out
of the question that-speculation and speculative tendencies can ever be entirely eradicated. With human
nature what it is to-day, more or less speculation will
always be present, and it will be within the wise
province of the managers of all the different individual banks to keep such speculation and speculative
tendencies under due control and within properlimits.
We happen to be among those who have a fixed belief that the managers of these 29,348 banks are better able and more competent to cope with this speculative spirit, so often harmful in its grosser aspects,
each in their own community and in accordance with
their own best judgment, than the eight supposed
supermen sitting as members of the Federal Reserve
Board at Washington. We think, indeed, that true
control of speculation can be accomplished in n.1
other way. These bank managers are familiar with
conditions in their own locality as no outsider can be.
They know the circumstances of each of their customers and this knowledge is the light they must go
by. They are familiar with the standing of every borrower, and they know how far to extend credit to
each one. They know,too, the special allowances and
concessions that can be made in individual cases, and
in truth are often absolutely imperative. No Credit
Control policy at Washington is of any avail to them
in that respect. Unquestionably, however, such
Credit Control policy may on the one hand aid them
in their task or on the other hand it may obstruct
them in their work and render the undertaking far
more difficult than it otherwise would have been.
[VOL. 120.
duct of the Federal Reserve System has been such as
to assist the memb,r banks and the banks outside the
Federal Reserve System in their duty to restrain
speculation or such as to render the task more difficult and maybe impossible. When the question is
put in that simple form the answer immediately becomes obvious. It is indisputable that during the
last twelve months the operation of the Federal Reserve banks has been such as to intensify the ease in
money; and cheap money is unquestionably the most
potent influence in promoting speculation. In the
spring and summer and until quite late in the
autumn of 1924 there was congestion of loanable
funds, making it difficult to find remunerative employment for the same. As the Federal Reserve
banks deal only with super or excess credit, this was
a time when Reserve credit should have been largely
or entirely withheld. The member banks recognized
that fact and kept reducing their borrowings at the
Federal Reserve institutions until the aggregate of
such borrowings was reduced to a comparatively
small figure. And, what was more, they did not
again increase their borrowings to any very appreciable extent the remainder of the year. They thus
paved the way and pointed the way for the Federal
Reserve banks to pursue a similar policy. The bill
holdings of the Federal Reserve banks- of the entire
Federal Reserve System on Nov. 26 were down to
$221,405,000, as against $797,883,000 Jan.2 1924,and
$857,151,000 Dec. 26 1923, and the highest amount
later in 1924 was $396,429,000 on Dec.24 1924, while
the present week, that is April 8,it is about the same,
being $391,289,000. That, therefore, ought to
have been the full limit to which Reserve credit
should have been extended in any event. As a matter
of fact, however, even this small amount of borrowing at the Federal Reserve banks would not be in
evidence, except that the Federal Reserve banks directly invited it and to that end reduced their rediscount rates again and again, in order to make it an
object for the member banks to avail of Reserve bank
facilities. In other words, borrowing was by every
means encouraged, when by reason of the plethoric
condition of the money markets of the country it
ought in every way to have been discouraged. The
Federal Reserve Bank of New York on May 1 last
year reduced its discount rate, which for over a year
2%,to 4%. On June 12 there was a
had stood it 41/
1
2%,and on Aug. 8 there was
further reduction to 3/
still another cut to 3%,which rate remained in force
until the latter part of February 1925, when the rate
2%. To-day five of the
was once more raised to 31/
twelve Reserve banks are extending credit on all
classes of paper and all forms of borrowing at 31/
2%
and the remaining seven banks are charging no more
than 4%.
Open Market Operations the Chief Factor.
But that is not all. Inasmuch as the member
banks could not be persuaded to continue direct borFederal Reserve Policy Has Encouraged Speculation.
rowing from the Reserve banks, since they no longer
The primary consideration, therefore, in any study had any need for extra facilities of that kind owing
of the subject must be whether the operation and con- to the shrinkage in trade and business, the Reserve
APRIL 11 1925.]
THE CHRONICLE
banks being under the necessity of paying their expenses, thought it incumbent upon them to push out
Reserve credit through extension of their so-called
open market operations. They proceeded to add to
their holdings of Government securities until the
aggregate of these on Sept.171924 stood at $618,729,000, against $100,358,000 Jan. 9 1924. They also
greatly added to their purchases of open market acceptances. This was not done in accordance with
any chance policy. It was done deliberately. Moreover, it was done by co-operation among the different Reserve banks,so all must take responsibility for
the results that have followed. That joint action of
the kind had been taken was not known until the
annual report of the Federal Reserve Bank of New
York for the calendar year 1924 made its appearance,
a few weeks ago, and the fact was given publicity.
This report, after saying that "in the open market
operations of the Federal Reserve System experience
has shown the desirability of co-ordination between
the twelve Reserve banks in both transactions and
policy," goes on to add: "Co-ordination has been
effected by the joint execution, through a committee
of Governors of several of the Reserve banks, of such
open market operations as may be approved from
time to time by the boards of directors of those Reserve banks which participate and by the Federal
Reserve Board." Then follows a description of the
open market operations, which we quote in full,
since it speaks so eloquently of what was done to
flood the country with credit and to saturate it with
Reserve notes, leading directly up to the speculative
excesses which have now resulted so disastrously.
1799
it will seem that a simpler way and the only right
way of having this vast mass of credit available in
the proper way for the use of the member banks when
trade really required such use would have been to
hold the credit wholly in abeyance in the meantime.
If this half a billion dollars of credit and half a billion
dollars of Reserve notes had thus been retained
would it not as certainly and as effectively have remained under the control of the Reserve banks as it
will be when they get it back by the sale of the securities acquired; and if thus retained would we have
had the disastrous speculation in grain and in stocks
which has now come to such a sad end?
In treating of the open market operations, the New
York Reserve Bank takes pains to note the general
principle laid down by the Federal Reserve Board in
its report for 1923, which should govern the open
market operations of the Reserve banks and in which
the Reserve Board, borrowing a phrase from the Federal Reserve Act, says that such operations must be
"with a view of accommodating commerce and business" to which the New York Reserve Bank adds,
"rather than such consideration as the earnings of
the Reserve Banks," but in view of the forced reasoning employed in explaining the purchase of the ;500,000,000 of Government securities and the imperious
necessity the Reserve banks are known to be under to
earn expenses, the added remark must certainly be
accepted with considerable reserve and regarded as
subject to much qualification.
By extending their open market operations in the
way indicated above, the Federal Reserve banks managed to keep their earning assets at a high figure.
The Federal Reserve Bank of New York, in com- These earning assets had been rapidly falling as a remon with the other Reserve banks, and with the ap- sult of the decreased borrowing by the member banks,
proval of the Federal Reserve Board, began in De- but through the acquisition of Government securities
cember 1923 to increase gradually its holdings of
open market purchases of acceptances were
short term Government securities and continued such and the
purchases over a period of about nine months until once more brought above $1,000,000,000. They were
September 1924. The New York Reserve Bank in- never allowed to drop as low as $750,000,000. The
creased its holdings by $190,000,000 and total hold- very lowest figure reached was on May 21 1924, when
ings of all Reserve banks were increased by about
$500;000,000. Through the purchase of these Gov- the amount was $795,499,000. From this there was
ernment securities the Reserve banks acquired a port- an increase to $1,331,932,000 on Dec.24 1924 and the
folio of short term investments directly under their present week (April 8) the amount is 41,076,616,000.
control, by means of which at any time their contact
Earning Assets the Test of the Expansion.
with the money market might be made active and
The earning assets are the true test by which to
effective.
judge the operation of the System. They measure
Before proceeding with our discussion, we wish to
direct attention to the extraordinary piece of logic at once the extent to which the extra credit faciliinvolved in the last two sentences of the foregoing. ties afforded by the Federal Reserve banks are emThese tell us that the total holdings of Govern- ployed, wisely or unwisely, and they afford a clue
ment securities by the Reserve banks were increased to the policy pursued in the conduct of the System.
by about $500,000,000 and then explain the object The earning assets must be considered in relation to
sought thereby by saying that "through the purchase the deposits, which latter are almost entirely made
of these Government securities the Reserve banks up of the reserves of the member banks. The memacquired a portfolio of short term investments di- ber banks are obliged to keep their entire reserve
rectly under their control, by means of which at any with the Reserve banks. A reserve is a reserve, and
time their contact with the money market might be ought to be trenched upon only sparingly and in case
made active and effective." This means, if it means of emergency, whether held in the member bank's
anything, that credit was deliberately extended in own vaults or in outside depositaries like the Fedorder that the Reserve banks might later have it to eral Reserve banks. This is all the more true considWithdraw and use it in some other way when in their ering that the Reserve requirements were greatly
judgment it was thought desirable. This looks like lowered with the establishment of the Federal Reis a valid
Credit Control with a vengeance. To most persons serve System. The argument was, and it
1800
TICE CHRONICLE
[Vol,. 120.
one, that with the reserves concentrated in central these deposits which they are obliged to keep witn
institutions smaller reservesjor the individual banks the Reserve banks have correspondingly grown,
would be ample for the purpose. In New York City thereby raising the Reserve banks' own deposits,
the national banks before the creation of the Reserve which, as already stated, consist almost entirely of
System were required to hold a reserve of 25% the Reserve account of the member banks. Aggreagainst their net deposits, and the New York gate deposits of the Reserve banks, according to the
Clearing House used to insist upon 25% reserves on present week's statement, of date April 8, are $2,186,the part of all of its members whether State insti- 978,000, of which $2,140,760,000 constitute the retutions or national institutions, though the legal re- serve account of the member banks. The earning
quirement for the Sate institutions was much assets at the same date, forming that portion of the
smaller. Now the reserve requirement for national reserves of the member banks which the Reserve
banks is only 13% against demand deposits, and but banks have loaned back to the member banks or em3% against time deposits. As already said, a reserve ployed through open market operations in the puris a reserve. It is a protection and a safeguard. chase of Government securities and acceptances
Therefore it ought to remain at all times intact as (these open market purchases constituting now the
far as possible, so as to be fully available in cases of bulk of the earning assets) amounted atthe same date
extreme emergency. In the case of the member banks to no less than $1,076,616,000. It hence appears that
failure to maintain the reserve at the required figure fully half the reserves of the member banks which
is looked upon as an impairment of condition and should be the citadel of safety for the entire banking
the banks are required to make the impairment good system are still being made to do extra credit duty.
each week, whenever it develops; and penalties are That may have been justifiable during the period of
assessed for any deficiencies. This is a wise regula- the war and the huge Government financing that this
tion, the dictate of long experience in the banking made necessary, but is it not about time that we got
world. If the requirement is obligatory upon the back to the normal? Just think of the member banks
member banks, it also indicates the course to be pur- being obliged to keep all their reserves with the Resued by the Reserve banks as the custodians of the serve banks and then these Reserve banks using half
reserve deemed so essential for their constituent these reserves in furnishing what is called Reserve
members. In a word, the Reserve banks must be no credit! Nothing of the kind was contemplated when
less zealous in the protection of their reserves than the Reserve System was established, at which time
the member banks are required to be in their indi- the Reserve banks were made the custodian, not of
vidual capacity. It is true the Reserve Act does not the entire reserves of the member banks, but only a
in the case of the Reserve banks limit the extent to part thereof. We have on one or two occasions in the
which its reserve deposits may be used in the making past expressed the view that the Federal Reserve
of investments, but prescribes a different require- banks, notwithstanding their large gold holdings,
ment. The Act makes it incumbent upon the Re- must be regarded as being in a very extended condiserve banks to maintain a reserve of 35% in gold tion, and in the figures cited we have proof of the
or lawful money against their deposits and of 40% in fact.
gold against their Federal Reserve notes in cirNecessity for Restricting Powers of Reserve Banks.
culation. That is because such gold holdings are a
Last summer, when borrowing at the Reserve
prerequisite to the maintenance of gold payments banks was rapidly dwindling and promised soon to
and gold convertibility. . Nevertheless, in the case of disappear altogether, the opportunity to get back to
banks like the Federal Reserve institution charged the normal was in sight, but the managers of the
with the responsibility of holding the reserves of the Reserve banks showed no inclination to avail of it.
constituent banks the true test of management must On the contrary, as we have already seen, they emAlways be the extent to which these reserves are al- barked on an extensive series of outside operations,
lowed to pass out of hand.
with the result already indicated. Is there not in
that
circumstance reason for repeating anew what
Extent to Which. Reserves of Member Banks Are Trenched
we urged in the elaborate article published in our
Upon.
This being so, what is the relation we find to-day issue of Nov. 22 last year, that the Federal Reserve
between the earning assets and the deposits repre- banks ought to be deprived of the extraordinary powsenting the reserves of the member banks? It is not ers conferred upon them during the war—that innecessary for our purpose to compare this relation stead of being entrusted with the entire reserves of'
or ratio with any period in the past. It is sufficient the member banks, to use at their discretion in exto know what the situation is to-day. Those who tending excess credit, they be given the care only of
have never had occasion to look into the matter a portion of such reserves, the member banks being
(which means the great body of the people) will be required to hold the remainder of their reserves in
surprised to learn, we are sure, to what extent the their own vaults, as prescribed in the Federal ReReserve banks to-day, 6Y2 years after the close of serve Act as originally put upon the statute book.
the war, are still engaged in putting to use the re- One result would immediately follow. They would
serves of the member banks entrusted to their care. have less reserve credit to dispense in the easy and
The deposits of the member banks have been grow- free way in which they have recently been doing. We
ing larger and still larger, and the reserves against also urged then, and again urge now, that the Re-
APRIL 11 1925.]
TAP. CHRONICLE
serve banks be once more limited in their note
issues, the same as originally, to issues merely
against commercial paper and not against the acquisition of gold. This last is an exceedingly dangerous
power, for which no justification can be found except in the exigency of a Great War and by means
of which the Reserve banks are able to confuse the
public mind as to the true nature of their operations.
In a word,the war being a matter of the past, and the
extraordinary powers which accompanied its conduct
being not only no longer necessary, but an actual
menace in times of peace, the Federal Reserve System should be demobilized, just as all the other divisions of the nation's activities have long since undergone the process of demobilization. But we do not
mean to go over the ground again so fully covered
in our previous article.
1801
$100 in gold. Thus the Federal Reserve banks can
issue, in response to commercial demand,23A times as
many Federal Reserve notes as gold certificates before
the reserve ratio reaches the legal minimum." Wonder
of wonders. But who would have thought that any
one, especially some one identified with one of the
Reserve banks, would at this late date want to
proclaim that the power is vested in the Federal
Reserve banks to corral the entire stock of gold in
the country, amounting to $4,423,602,079 and issue
311,059,005,197 of Federal Reserve notes against it?
Some things in this world are better left unsaid,
especially if they are of a damaging nature. The
power to raise the amount of Federal Reserve notes
in circulation from the present figure of $1,714,161,000 to the possible $11,000,000,000 should obviously
be taken away from the Reserve banks before the
Unwise Use of Reserve Credlt Also Saturates Currency.
aforesaid gentleman can have a hand in the resulting
In connection, however, with our consideration of debauch.
As explained in our article of Nov. 22 last, it is
the question of the part the Federal Reserve banks
not
possible to tell the exact extent of Federal Reserve
have had in the speculation in grain and in stocks,
which has had such a deplorable outcome, it seems note saturation by a mere glance at the weekly
necessary to point out again that unwise use of the statement of the Federal Reserve banks. The latter
facilities of the Federal Reserve banks is harmful are empowered to issue Reserve notes in two ways:
in a double way. In the first place, it extends (1) on security of commercial paper, and (2) against
credit—super and excess credit—where and wlien deposits of gold; and in the returns no distinction is
it is not needed; and, in the second place, what is made between the two, the accounts being comperhaps far worse, it saturates the country's currency mingled. A ready means, however,exists for arriving
system to just the extent that reserve credit is used at the result. For, obviously, if we take the grand
or thrust out. The Reserve banks when they use aggregate of the gold holdings, of every character
the reserves of the member banks do not use the gold and description, and from it deduct the grand total
which the reserves represent. Instead, they put of the deposits, the remainder must show the amount
out Federal Reserve notes. It thus happens that of the "free" gold. If now we go a step further and
the volume of Reserve notes outstanding grows to ascertain the amount of the Federal Reserve notes in
just the same extent that the earning assets of the circulation, the sum by which the Reserve notes
Reserve banks are expanded. This represents sat- exceed the free gold shows the exact amount of the
uration of the currency system of the country.
saturation. There can be no defect or flaw in this
That the power to issue Reserve notes without reasoning. It is absolutely conclusive. Judged by
limit involves possibility of a real danger has been this standard, therefore, what is the result for this
made palpably manifest this very week, for we find latest week? Total gold reserves (April 8) were
the publicity department of the American Bankers' $2,839,382,000; total deposits at the same date were
Association directing attention to an article appearing $2,186,978,000, leaving, hence, only $652,404,000 Of
in the current number of the "American Bankers' "free" gold. On the other hand, the total of Federal
Association Journal" and written by the "Assistant Reserve notes in circulation was no less than $1,Agent at the New York Federal Reserve Bank," in 714,161,000; showing an excess of notes in amount
which stress is laid on that very point. This gentle- of $1,061,757,000. And this last represents the
man is not so cautious or circumspect as his superiors. amount of the saturation at the present date—a sum
He undertakes to demonstrate that complete elas- • well in excess of 1,000 million dollars. And the
ticity has been imparted to the currency in the saturation is running regularly, week after week, in
United States by the Federal Reserve system, this amount of over a billion dollars.
"despite assertions to the contrary." Says he:
There should be no misunderstanding of such
"There are still some few who produce theoretical results as these. The Federal Reserve authorities
arguments to show that for some reason the Federal have been telling us over and over again of the
Reserve note is not elastic. These various argu- menace involved in the huge influx of gold that the
ments raise some interesting questions, but they make United States has received since the war—how it
little headway against the facts." He then goes furnishes a big basis of gold reserves that leads
on to show what capacity the Reserve system pos- inevitably to inflation. Nor have they ceased
sesses for still greater elasticity (or expansion) in the stressing the fact that there are $700,000,000 more
future. "A $100 Federal Reserve note may repre- or less of national bank notes that always remain
sent only $40 in gold because a gold reserve of only out. In fact, the assistant agent at the New York
40% is required against Federal Reserve notes. On Federal Reserve Bank, to whose article in the
the other hand, a $100 gold certificate must represent "Journal of the American Bankers Association" we
1802
[VOL. 120.
THE CHRONICLE
have alluded above, makes a point of that. But is not allowed to work out in precisely that way.
these Federal authorities are careful not to 'let the While their holdings of Government securities have
public into the secret of how the Federal Reserve been somewhat reduced from the maximum reached
System is itself the most potent agency in promoting after the big increase of $500,000,000, the reduction
currency and credit inflation. What the computa- has on the whole been comparatively moderate.
tions we have given incontrovertibly show is that One test of the policy in that respect came at the 4te
over and above the fixed items in our currency—the Christmas season. There was then the customary
$700,000,000 of national bank notes,the $346,000,000 Christmas demand for bills and for gold, and simulof legal tenders, the silver certificates, &c.—and taneously gold was being exported abroad for the
over and above all the extra gold that has been first time in a long while in large volume. Accordcoming into the country, the Federal Reserve System • ingly, borrowing was resorted to by the member banks
has imposed a superstructure of over a billion dollars and the bill holdings of the Reserve banks in the week
of Federal Reserve notes that has become just as from Dec. 17 to Dec. 24 ran up from $283,811,000 to
much a part of our currency as the $700,000,000 of $396,429,000, and the open market purchases innational bank notes and that the intention evidently creased from $336,827,000 to $389,574,000, but the
is to keep it so in greater part, unless indeed the war- holdings of Government securities fell only from
time amendments to the Federal Reserve Act are $564,162,000 to $537,879,000. In other words, the
repealed. That is the weak point, the Vulnerable Reserve banks added heavily to their Reserve note
point in our currency system to-day by reason of issues, in taking care of the extra demand for accomthe existence of the Federal Reserve System, that modation, instead of selling their investments. As
it has injected a billion dollars into the mass of a consequence, the excessive note issues that week
outstanding currency issues, aggravating to that (the saturation) increased from $1,173,643,000 to
e
- xtent the effects of the large influx of gold and $1,340,112,000. Between Aug. 20 last, when the
possessing elements of permanency because on the saturation, or excess note issues, was only $769,057,one hand the Federal Reserve banks need an income 000, and Dec. 3, the amount of the saturation inof close to $30,000,000 a year to pay their ordinary creased Jo $1,126,469,000, but in the interval since
expenses (for the calendar year 1924 the current then the changes have not been very great, except
expenses were $28,431,938, not counting the re- during the Christmas period. The conclusion would
imbursable expenses) and on the other hand their seem to be justified that it has been decided to let
managers are obsessed with the idea that it is the the amount remain in the neighborhood of a billion
function of the Federal Reserve banks to equalize all dollars, thereby maintaining that degree of inflation.
the inequalities that arise in the conduct of the In the following table, originally given in our article
country's banking affairs from day to .day and of Nov. 22 last, and now brought down to date, we
maintain a condition of absolute ease in the money show the changes from week to week in the excess of
notes, or saturation.
market.
Indications That Saturation is to Increase.
Date of
&PIM.
What is worse is that indications are that saturation will increase, rather than diminish. As business
increases, more notes are to be put out. Back last
August, the excess of note issues was only $769,057,000, while now, as we have already seen, the
amount is (April 8) $1,061,757,000. In the interval
the amount on Dec. 24 was $1,340,112,000. The Reserve banks added, as is shown above, half a billion
to their holdings of Government securities, and they
are not only ready, indeed anxious, to encourage the
member banks in direct borrowing, but have given
notice to these member banks in the broadest and
most unqualified way for them to go ahead and create
bankers' acceptances to the full limit and the Reserve
banks will buy all that may be tendered. Note what
the Federal Reserve Bank of New York says on that
point in its annual report: "The Reserve Bank stands
ready to purchase at its established buying rate all.
offerings of bankers' acceptances that carry not less
than two good banking names and meet certain other
eligibility requirements." While nominally the Reserve banks added so largely to their investments in
Government securities so that they might when the
mercantile demand for Reserve credit grew, be in
position to dispose of such securities, actually the plan
Total
Gold
Reserves.
Less
Total
Deposits.
1924.
May 21_3.138,166,000 1,985.334.000
May 28..3,117,813,000 1,997,440,000
June 4..3,125.092.000 2,041,134,000
June 11_3,154.448,000 2.086.879,000
June 18__3,157,641.000 2.135.476,000
June 25..3,155,570.000 2.108.459,000
July 2_3.120,655.000 2,074,492.000
July 9..3,143,402,000 2,078,910,000
July 16..3,160,550.000 2,144,005,000
July 23_3.167,527,000 2,144,851,000
July 30_3,154,905,000 2,164,795.000
Aug. 8..3.125,740.000 2.159,656,000
Aug. 13..3.144,425,000 2,165.102,000
Aug. 20-3,126,648,000 2,157,648,000
Aug. 27__3,115.267.000 2,150,364,000
Sept. 3_3,081,015.000 2,169,223.000
Sept. 10-3,084.919,000 2,200,368.000
Sept. 17..3,081.493.000 2.297.177.000
Sept. 242_3,069,163,000 2,195,882,000
Oct. 13,045.239.000 2,214,002,000
Oct. 8_3,045,948,000 2.255,551,000
Oct. 15..3,037,377.000 2,279.227,000
Oct. 22..3,044,218.000 2,202.048,000
Oct. 29_3.043.826,000 2,217,964,000
Nov. 5-3,038.771.000 2,178,995,000
Nov. 12_3,047,882,000 2,235.440,000
Nov. 19_3,050.818,000 2,270.445.000
Nov. 26-3.046,250,000 2,202,716,000
Dec. 3_3,027.930.000 2,305,393,000
Dec. 10_2,997.498,000 2,259,310,000
Dec. 17..2,954,118,000 2,256,308.000
Dec. 24_2,912,819,000 2,311.184,000
Dec. 31-2,936,533,000 2,310,668,000
1925.
Jan.. 7...2,950,944.000 2,316,533.000
Jan. 14..2,953,035,000 2,330.340,000
Jan. 21..2,944,720,000 2,216,096,000
Jan. 28-2,939.386,000 2.265.216.000
Feb. 4._2,920.890,000 2,267,589.000
Feb. 11.-2,896,340,000 2,242,455.000
Feb. 18_2,905.275,000 2,257,121.000
Feb. 25..2,893.577,000 2,269,636,000
Mar. 4_2,860,890,000 2.237,739.000
Mar. 11._2,874,742.000 2,255,538.000
Mar. 18__2,873,846,000 2,211.005,000
Mar. 25..2,867,330.000 2,184,269,000
April 1..2,845,934.000 2,195,857,000
April 8-2,839,382,000 2,186,978,000
Leaving
Free
Gold.
Federal
Reserve
Notes in
Circulation.
Excess Of
Notes—
Represeneg
Saturation.
1,152,832,000 1.888.429,090 733.597,000
1,120,373.000 1.891.147,000 770.774,000
1,083.958,000 1.884,039.000 800.081.000
1,067.569,000 1,870,518,000 802.949,000
1.022,165.000 1,851.842,000 829.677.000
1.047.111,000 1,843.922,000 796.811.000
1,046.163.000 1.874.270,000 828.107.000
1.064,492,000 1.855,005.000 790.513.000
1.016.545,000 1,812,712,000 796,167,000
1,022,676,000 1.782.626.000 759,950.000
990,110.000 1,761.569,000 771.459,000
966,084,000 1,756,014.000 789,930,000
978,923,000 1,752,025,000 773.102,000
969,000.000 1,738,057,000 769.057.000
964,903,000 1,740,709,000 775,806.000
911,792.000 1,760,757,000 848,965.000
884,551,000 1.750.670,000 866,119.000
784.316,000 1,734.666,000 950.350.000
873,281.000 1.729.859,000 856,578.000
831.237.000 1,744,974,000 913,737.000
790,395.000 1.757,452,000 967.057,000
758.150.000 1,767,264,000 1,009,114,000
842.170.000 1.751.701,000 909.531.000
825.862.000 1,766.622,000 940,760.000
859.776.000 1.816,817,000 957,041.000
812.442.000 1,829,202,000 1.016.760.000
780.373.000 1,823,460,000 1,043,087,000
843.534.000 1,845,308.000 1,001,774,000
722,537.000 1,849.006.000 1,126,469.000
738,188.000 1,853,614,000 1,115.426.000
697.810.000 1,871.453,000 1,173,843,000
601.635,000 1,941.747.000 1,340,112.000
625.865,000 1,862,062.000 1,236,197.000
634,411.000 1,805,383,000 1.170.972,000
622.695,000 1,737,977,000 1,115,282.000
728,624,000 1.698.628.000 970,004,000
674.170,000 1,684,311,000 1,010,141.000
653.321,000 1.690.385,000 1.037,064.000
653,885,000 1,713,662.000 1.059.777.000
648,154.000 1,698,890,000 1.050.736.000
623,941,000 1.728,752.000 1.104,811,000
623,151.000 1,727,383,000 1,104.232.000
619.204,000 1,730,684,000 1,111.480,000
662.841,000 1,720,369.000 1.057.528.000
683,061,000 1,709,146,000 1,026.085,000
650,277,000 1,709,670.000 1,059,393.000
652,404.000 1,714.161,000 1.061,767,000
APRIL 111925.]
THE CHRONICLE
Besides noting from the foregoing table that the
extent of saturation now (April 8) is $1,061,757,000,
against $769,057,000 on Aug. 20 last, it deserves to
be pointed out that the excess is also greater than at
the corresponding date in 1924, before the decision
had been carried into effect not to let the decline in
earning assets and Reserve note saturation proceed
further, but to buy Government seucrities and open
market acceptances to counteract the effect of the
fast diminishing borrowing of the member banks.
As against inflated Federal Reserve note issues of
$1,061,757,000 the present week (April 8), the
amount on April 9 last year was only $933,259,000.
The earning assets show a closely similar change,
being now $1,076,616,000, as against $996,119,000
a year ago, or $80,000,000 larger. The volume of
discounts, representing direct borrowing at the
Reserve banks, has in the interval fallen off $138,270,000, but the open market purchases are $113,079,000 larger, and holdings of Government securities
have increased by $93,337,000. Federal Reserve
note circulation is $267,477,000 smaller, but that is
deceptive, since the gold holdings have been reduced
in almost exactly the same amount, they being
$264,064,000 less than a year ago. What has
happened is that some of the gold that had been
acquired against Reserve note issues has been
allowed to go back into circulation. The Reserve
notes are no longer out, but the gold against them is.
A double illusion has been created, first that there
has been a genuine reduction in money volume, and
secondly, that the contraction in the amount of
Federal Reserve notes in circulation, evidences
genuine elasticity whereas it is entirely fictitious.
The Reserve banks should be permitted to issue
notes only on the security of commercial paper, in
true response to trade needs. Then it will no longer
be possible to befog the public mind on that point.
Speculative Frenzy Follows Needless Reserve Credit and
Federal Reserve Note Saturation.
Now note the effect of all this on the course of
speculation on the Stock Exchange and in the grain
markets. Observe the rise in brokers' loans on the
Stock Exchange, while the Federal Reserve banks, by
their operations and policy, were intensifying the
effects of monetary congestion. No official figures
regarding Stock Exchange borrowings are given out.
But the "Wall Street Journal" has for a long time
been publishing calculations on the subject in its
news columns at longer or shorter intervals. There
is every reason for believing that these estimates are
very close to the mark, if they are not absolutely
exact, since they appear to be the result of painstaking effort. In its issue of March 7 the "Wall
Street Journal," after observing that "the current
unprecedented bull market has naturally created a
broad demand for credit, with the result that Wall
Street brokers' money loans have touched a new
high level," estimated that brokers' borrowings were
then about $2,100,000,000. That newspaper also
gave a little table showing the figures at different
1803
periods in the past, from which it appeared that at
$2,100,000,000 on March 6 1925, comparison was
with $1,350,000,000 on Aug. 18 1924 and $1,325,000,000 July 14 1924. Here was an increase in
speculative borrowing in less than seven months of
$750,000,000. The "Wall Street Journal" sought to
ward off adverse criticism and said: "Bankers and
credit authorities do not view the present status of
brokers' borrowings as excessive. They point to
our unprecedented credit situation; the stability and
easiness of open market money rates; low Federal
Reserve discount rates; moderate volume of Federal
Reserve discounts and our huge gold holdings."
Almost immediately thereafter the stock market entered on its great decline. Prices tumbled at a
frightful rate and liquidation proceeded on an enormous scale. On March 24, less than three weeks
after, before liquidation on the Stock Exchange had
been completed and before the termination of the
great break in prices which may be said to have
continued down to and including March 30, the "Wall
Street Journal" undertook another compilation and
found brokers' money borrowings now down to
$1,800,000,000, a contraction of $300,000,000, and
by the end of the month on March 31, they Must
have been reduced still lower. The amounts at the
different dates, back to last July, are given in the
following. The figures are not only interesting but
valuable as a matter of record.
Brokers Loans on New York Stock Exchange.
July
July
Aug.
Sept.
Oct.
Nov.
Dec.
Mar.
Nlar.
14 1924
29 1924
18 1924
22 1924
7 1924
10 1924
31 1924
6 1925
24 1925
$1,325,000,000
1,330,000,000
1,350,000,000
1,400,000,000
1,475,000,000
1,600,000,000
1,750,000,000
2,100,000,000
1,800,000,000
The foregoing is the record for the Stock Exchange.
In the case of the speculation in grain there must
have been a similar great expansion in borrowing,
for the speculative furor in the grain market reached,
as already stated, a prodigious height and also attracted a following on the part of the great mass of
the public that has probably never been equalled
in the past. Total sales of all grains in the nine
principal markets of the country for the month of
March alone were 3,552,884,000 bushels, against
only 1,139,516,000 bushels in March last year.
Will any one seriously contend that these two
pernicious speculations would have been possible if a billion or more of Federal Reserve notes
had not been added to the huge mass of gold which
has come into the country and been superimposed
on the underlying mass of national bank notes,
legal tenders, silver certificates, &c., &c. Would
these speculations, indeed, have been possible if
Federal Reserve policy and Federal Reserve needs
had permitted these exeess note issues to remain
at the figure to which they had dropped, say, on
Aug. 20 1924, when they were still down to $769,057,000, thereby averting the further addition to
the load of $300,000,000 to $500,000,000.
1804
THE CHRONICLE
[VoL. 120.
enumerating the dates and the amounts of the deficits
for the different weeks when such a situation pre• One of the most unfortunate features growing out vailed back to Jan. 1 of last year:
of the ease and facility with which access is gained Weeks When New York Clearing House Banks Have Been
Below Required Legal Reserves.
to the credit facilities of the Federal Reserve banks
Dec. 29 1923__def.$8,996,340 Dec. 6 1924_def.$18,781,460
is that the ordinary corrective agencies no longer Jan. 12 1924def. 4,402,290 Dec. 20
def.15,019,530
26
def.16,524,660 Jan. 3 1925_ def. 3,105,510
exercise the influence they did in the past. During Jan.
Feb. 23
def. 5,603,350 Jan. 10
def.23,511,670
def.11,155,490 Feb. 7
the present year, so far, the New York Clearing Apr. 5
def.19,305,810
Apr. 12
def. 8,582,370 Mar. 7
def.35,624,770
House banks have shown a deficiency in the required Sept.27
def.19,587,030 Mar.21
def.21,819,470
def. 5,816.210
legal reserves no less than five times, and during Oct. 25
In the past, as already stated, such a state of
the year 1924 these institutions were below the
limit ten times. In the past, before the establish- things would have brought its own corrective. Now
ment of the Federal Reserve system, this would it is ignored or treated as of no consequence. Bank
have been accepted as a signal and a warning and officials no longer feel called upon to make correction
as evidence of a strained condition. Now no one within their own ranks. They rely upon the Federal
any longer pays any attention to a development of Reserve institutions to help them out of any temporthat kind, neither the banks themselves nor the ary difficulty of the kind. And the Federal Reserve
commentators in the newspapers. The only remark authorities are very obliging and accommodating in
that is passed is that the situation is temporary, that respect. Indeed, they regard it as one of the
and that proper adjustment will be made by the fol- chief functions of the Federal Reserve System to
lowing Saturday. How is adjustment brought about? correct all the inequalities that arise in the daily
By going to the Federal Reserve bank and borrowing course of the business of the banks. The annual
directly through rediscounts or indirectly by creating report of the Federal Reserve Bank of New York
acceptances. This is a means employed without which, as usual, is a very able document, is mainly
exception. Instances without number might be devoted to the enumeration of instances where inmentioned of that kind. We will cite only a few equalities are now regularly equalized through the
of the more striking ones. The deficiency on occa- operation of the Federal Reserve banks or where
sions has been large, but has never created the least such equalization is possible. It is even pointed
degree of apprehension, because it could be so readily. out how the effects of gold exports may beneutralized.
and so easily removed in the way indicated. Thus,- Thus Pierre Jay, Chairman of the Board of Directors
the present -year the New York Clearing House banks of the Federal Reserve Bank of New York,in addressshowed deficient reserves on Jan. 3 and Jan. 10, ing the Bond Club of New Jersey at Newark on
which was followed by very large surplus reserves Feb.'18, permitted himself the following observation:
on Jan. 17, Jan. 24 and Jan. 31. How the transCan Defer Reduction of Loans.
formation was effected is shown by the fact that in
"The reduction of loans which formerly had to be
the interval between Jan. 3 and Jan. 31 the item of resorted to when gold for export was not otherwise
"bills payable, rediscounts, acceptances and other available can, under the Reserve System, be postponed and spread over a long period, in accordance
liabilities" increased from $537,537,000 to no less with the willingness of banks to continue as
borrower
than $701,859,000. The next week this item dropped at the Reserve Bank. The volume of credit will, in
to $638,763,000, and the Clearing House return for the long run, probably adjust itself to the volume of
gold under the Reserve System just as before. But
Feb. 7 once more showed a deficiency in reserves the process of adjustment may, if the banks
see fit,
of $19,305,810. The following week the -item in- be very gradual, and the psychological effects of gold
creased again to $716,395,000, and the return for exports, through the removal of the fear of sudden
contraction, should be radically different."
Feb. 14 showed the deficiency converted into a
In ordinary circumstances the effect of gold exports
surplus of $50,646,120. By Feb. 28 the item was
of
considerable volume would be reflected in higher
up to $726,509,000. The next week it fell to $636,026,000, and at once a new deficiency in reserves interest rates not alone for demand loans but also
- was created, this time (March 7) of $35,624,770. for time loans. And repeated instances of deficient
It should also be stated that in the-interval between reserves on the part of the New York Clearing House
Jan. 7 and Feb. 25 the volume of discounted bills institutions would find a similar response. Adjustheld by the Federal Reserve Bank of New York ment and readjustment of the money market would
had run up from $59,357,000 to $226,927,000. In thus come in a natural, normal way. Now we have
the week endinKon March 14 the item of bills pay- the Federal Reserve banks undertaking to oh,ange
able again increased from $636,026,000 to $685,- all this. And how? By placing at the disposal of
896,000, and the Clearing House return for that the banks and the borrowing community huge masses
date accordingly showed the deficiency of the pre- of Federal Reserve credit and Federal Reserve notes.
vious week replaced by surplus reserve of $15,- If it is desirable and proper that this should be done
431,000. And numerous other instances of the at all—that there should be a regulatory authority
same kind might be cited.
outside the member banks themselves—then the
To show how common deficient reserves have powers of this regulating body should be strictly
become in the case of the New York Clearing House limited and in particular it should not have at its
banks and trust companies we add the following, beck and control the entire stock of gold in the
Federal Reserve Polity Paralyzes Ordinary Corrective
Influences Against Excessive Speculation:
APRIL 11 1925.]
THE CHRONICLE
1805
country with authority to issue 811,000,000,000 of non-voting common stock. This involves $85,000,000.
Federal Reserve notes against it. Representative To-day there is being offered $75,000,000 6% bonds,
McFadden at the close of the recent session of the convertible into common stock at prices ranging
from. po to $75. The balance sheet of Dec. 31 1924
old Congress introduced a bill which provides for
.shoWs plant appraised at $47,619,687; cash, receivrepealing the war-time amendments to the Federal ables and Government bonds and other
marketable
Reserve Act—extraordinary provisions which have investments, $36,407,843; other investments, $2,629,justification only in times of war and are a menace 787; and inventory, $16,014,477; a total of $102,671,in times of peace—and restoring the Act to its original 795. With Current liabilities and reserves of $22,shape so that Federal Reserve notes can be issued 167,812, there is this reported net worth of $80,503,only against commercial paper, in response to trade 983.
Net income in 1924, before taxes, was $19,965,440,
needs, and the Reserve banks are given the custody
or enough to cover interest on the debentures and
only of part of the reserves of the member banks
dividends On the preferred stock taken together
instead of the whole of such reserves. This bill nearly 13
/
4 times, with a balance for the common
ought to have the support of the entire banking stock of $3 80. Earnings in the first quarter of 1925
community and efforts ought to be made in the have been at the rate of more than $6 per share. It
interval before the meeting of the new Congress next is earning power rather than asset value that counts.
December to educate and arouse public opinion on The offering has been over-subscribed, and the two.
behalf of the change. The Federal Reserve System, stocks in the original blocks have been selling at a
as it exists to-day, serves mainly to create a state of small premium.
01+,01 1.i V 11
things in which speculation thrives to the detriment
of trade and commerce.
President Coolidge's speech on Monday at Washington before the National Association of Cotton
The Financial Situation.
Manufacturers was a notable contribution to busiThe proposal of the French Government to issue ness thought of the community. So used is the couna forced loan to the extent of 10% of the worth of try to disregarding or disapproving the business uttaxpayers is a measure of very questionable charac- terances of politicians that it is something of a new
ter. It is proposed to require French taxpayers to sensation to find genuine business leadership in
subscribe to 3% perpetual bonds to the extent of 10% Washington. However, Secretary Mellon is reof their wealth. Estimates of the probable proceeds garded as second to none in financial understanding.
of this loan vary, but the New York."Herald Trib- Secretary Hoover has won the country's confidence,
une" Paris correspondent says that it is calculated and now the President is not only displaying sound
that the loan might produce about 40 billion francs. common sense and keen economic understanding, but
The loan is apparently expected to accomplish two has actually tackled the job of helping straighten
things, namely the refunding of pressing immediate out an industry more nearly in trouble than any
maturities, and the reduction of interest charges by other, and has given a keen analysis that should
perhaps one-half. We discuss the matter at length prove helpful. It means much to the world to have
in a separate article on a subsequent page. Suffice a man at the head in the world's greatest economic
it to say here that there are many objections to this division who is capable of correct economic thought.
proposal. In the first place, it may be politically The speech on Monday went far to justify the enimpossible, because the Senate is reported to have thusiasm displayed in the security markets in Norejected it, and the opposition in the Chamber of vember, whatever one may think of protecting AmerDeputies appears to be strong. In the second place, ican industries by tariff duties.
it amounts to such an arbitrary seizure of capital
The President pointed out that the short skirt and
that it might, and probably would, drive much liquid other new styles had reduced the amount of cotton
capital out of the country, thereby forcing down the in women's clothing, and that artificial silk had
value of the franc and starting the chain of events come into large use, but that, nevertheless, producthat the world has learned to recognize as character- tion was now in large volume. He called attention
istic of a depreciating currency. The proposal Of a to the ravages of the boll weevil and suggested starvloan is accompanied by another to increase the ing it out by inter-State arrangements in temporarily
authorized issue of notes by the Bank of France by refraining from cotton growing over large areas. He
four billion francs, and the authorized advances by called attention to our generosity in supplying raw
the bank to the Government to a like amount. This, materials on equal terms to outside buyers, whereas
of course, would be only a further depreciation of the nations controlling the supply of such staples as cofcurrency, intended to meet Government necessity fee, potash, nitrates, rubber, tin, pulp wood, cocoa,
rather than the requirements of trade. The situa- sisal, quinine and others, employ some form of export
tion is tense. Failure of the Government to put tax. He affirmed our fairness and even generosity
through its measure has already precipitated a crisis among the nations. Perhaps the President's greatest
and forced the Herriot Government to resign. What contribution in this speech was in sounding a note of
the ultimate outcome may be cannot at the moment confidence and courage in respect to the textile inbe predicted with confidence.
dustries. On this point he said:
The Dodge Motor financing is quite the major
financial undertaking of the week. The banking
syndicate, having purchased the Dodge Brothers
plants and business for $146,000,000, have offered at
$100 per share 850,000 shares of 7% preferred stock,
accompanied by a like number of shares of no par
If the textile industry is as good a business barometer as is generally believed, this record indicates
that the American community has a consuming capacity, the ability to buy and to enjoy the things it
wants, far beyond any other people in the world.
The American home market is the most wonderful
commercial development in all human experience.
1806
THE CHRONICLE
The American genius for mass production, coupled
with our great and varied natural resources, and
considered in relation to the unparalleled requirements of our home market, constitutes the assurance
of a continuing industrial advancement the end of
which we can neither estimate nor foresee.
[Vol.. 120.
lowest, with one exception (1917) for that date in a
great many years, and which forecasts a crop of winter wheat of 474,275,000 bushels, less than in any
year, with the exception of 1617, since 1912. There
has been a loss in the condition of the winter wheat
crop since Dec. 1 last of 12.3 points, the condition at
that time of 83.0% of normal having been considerIt is of interest at this time to examine the price
ably below the average, which for the past five or ten
level of certain individual stocks, especially those
years has been not far from 88%. The winter wheat
that may be regarded as pivotal in the market. The
crop harvested last year was 88% on Dec.1 1923,just
following table gives data in respect to two promiafter seeding, and there was a loss in condition durnent railroad investment issues and two of a more
ing the succeeding four months, or until April 1 1924,
speculative character, all four being steadily active
of five points, the condition on the last-mentioned
in the market (share figures, fractions omitted):
date
being 83%. There is generally some loss in conApprox.
Earned Div.
-Price Range
Present
dition
during the winter months, though not in every
1924. Rate. 1923.
1924.
1925. Price.
New York Central
$1800 $700 90-107 99-119 114-124
115
instance.
For 1917, the year in which the April 1
Southern Pacific
10 80 600 84-95
85-105 98-108
101
Rock Island
440
_
19-37
21-50
40-54
42
condition
was
lower than for the current crop, the
New Haven
1 90 _-_ _
9-22
14-33
28-36
29
Present prices are not much above the highs of Dec. 1 1916 condition, just after seeding, was 85.7%
1923 and they are below those of 1924. The price of normal. The decline in condition during the sucrange has narrowed with lessening of fear. The ceeding winter months of that year was 22.3 points,
trend has been moderately upward, reflecting im- or to 63.4% of normal on April 1 1917-an unusually
provement in railroad conditions. There is little heavy loss. The yield of winter wheat for 1917 was
evidence of.price inflation. New York Central is only 412,501,000 bushels, nearly 62,000,000 bushels
earning 15% on present price. The low prices of less than is now indicated for the winter wheat crop
recent years represent fears concerning possible de- to be harvested this year. A year ago the estimated
yield of the crop harvested in 1924 was 549,415,000
velopments that have not been realized.
Another list of investment securities has made the bushels. The actual harvest of winter wheat in 1924,
however, exceeded the early estimates and was 590,following record:
037,000 bushels, so that the indicated loss for the
Approx.
Asset Earned DU.
Price Range- Present
Value. 1924. Rate.
1923.
1924.
1925. Price.
current year's crop is 115,800,000 bushels, a very
U.S.Steel______
$1177 8700 85-109 - 94-121 112-129 114
serious decline, especially when supplies are so
Cons. Gas, N. Y
108
9 43 5 00 56-69
60-79
74-78
77
Allied Chem. dr Dye
72
700 4 00 59-80
65-87
80-93
85
greatly depleted. The area abandoned during the
National Biscuit
39
5 46 3 00 38-52
50-77
65-75
67
General Electric
140 21 09 13 00 167-202 193-322 227-320 268
past winter Will not be announced until the May reMack Trucks
68 17 95 6 00 58-93
75-118 117-148 138
port. The area planted last fall, 42,317,000 acres,
Baldwin Locomotive 243
7 00 110-144 104-134 107-146
112
In this group advances have been somewhat contrasted with 39,749,000 acres for the preceding
greater, but here again, with but one or two excep- year. The area abandoned a year ago was 7.6% of
tions, the current prices are not much higher than the area sown, or 3,035,000 acres. In 1923 the area
the highs of 1923 and lower than the highs of 1924. abandoned was 14.3% and in 1917 it was 28.9%.
The loss in condition in this year's winter wheat
In the cases of General Electric and Mack Trucks
the trend has been sharply upward, reflecting an crop is largely in the important winter wheat States.
appreciation of financial strength and growing earn- Kansas, which is the leading winter wheat State, reing power. Ourrent prices are materially higher ports a decline in condition from Dec. 1 1924 to
April 1, from 76.% to 63%; Nebraska from 78% to
than the lows of 1923.
In the following table are stocks that have recently 66%; Texas from 75% to 47%; Oklahoma 84% to
begun to pay dividends or recently forged into prom- 65%; Ohio 80% to 61%, and Indiana 81% to 72%.
inence or in some cases stocks with rapidly changing For other winter wheat States some improvement in
condition is shown, Missouri, Michigan and Pennsylconditions:
Approx.
vania, in which States the condition Dec. 1 last was
Present
Asset Earned Div.
Price Range
Value. 1924. Rate. 1923.
1924.
1925. Price.
from 82% to 85% of normal, report an advancement
165
$205 $20 51 $700 73-107 95-163 155-185
American Can
of two or three points to April 1 this year. In the
41-64
76
8 00 6 00 50-86
63-84
Pan-Amer. Petroleum- 110
45-58
52-65
56
17
3 00 2 00 31-52
Pacific 011
of Illinois the condition remains the same,87%
State
98
13-23*
25-56
48-77
55
52
4
Radio Corporation__ _ 57-110 97-113 103
7 58 700 53-65
21
Texas Gulf Su]phur
dates. The forecast for rye issued at the
both
on
20-69
64-169 152-250
171
193 43 17
U.S. Cast Iron Pipe
time
is for 61,652,000 bushels this year. Last
same
•Changed to present basis.
crop
of rye was 63,446,000 bushels, while the
year's
Here there have been very radical increases. Inwas 70,410,000 bushels. The April 1
average
five-year
vestors cannot be sure either that present prices are
rye is 84.0% of normal-a year ago
condition
of
1925
not too high or that they offer opportunities. The
normal
for the crop harvested that
83.5%
of
it
was
speculative elements are prominent and excesses may
year.
exist, but in some cases developed earning power and
in others incipient earning power may justify presBusiness failures during March continued someent prices. In other cases prices seem to have discounted too much. We are in a period when great what more numerous, as in recent preceding months,
discrimination is required, but it is evident that than for the corresponding period of both preceding
many established and sound values exist and many years, and while the aggregate of indebtedness reindividual prices do not look as high as the averages. ported for last month is quite heavy it is less than
for any month since November, and, with the excepThe report on wheat and rye, issued by the tion of November, below every monthly statement
Department of Agriculture at Washington on Thurs- since September 1923. Commercial insolvencies in
day of this week, confirms the earlier indications of March numbered 1,859, with total liabilities of $34,serious injury to winter wheat. A condition of 004,731, :these figures contrasting with 1,793 busi68.7% of normal is shown for April 1, which is the ness failures during the short month of February for
Akan, 11 1925.]
THE CHRONICLE
$40,123,017 and 1,817 similar defaults during March
1924, when the amount involved was $97,651,026.
Regarding the last-mentioned figure, it is proper to
state that a single failure in March last year had
nearly $40,000,000 of liabilities (a chemical company with headquarters in Virginia), while 60% of
the total sum involved in the insolvencies for that
month was attributable to the failures of four large
manufacturing concerns,including the chemical company. As in some of the recent preceding months, the
somewhat lower amount reported as to indebtedness
for March this year is the result of fewer large defaults during that month, particularly in manufacturing lines.
Our comments regarding insolvencies are based on
the statements compiled from the records of R. G.
Dun & Co. Their reports show that in March of this
year there were 429 failures in the manufacturing
division, with an indebtedness of $13,374,584; 1,345
trading defaults for $17,594,994, and 85 failures of
agents and brokers owing $3,035,153; for March 1924
the corresponding figures were, respectively, 484 insolvencies in manufacturing lines for $72,838,426
(80% of which, as noted above, was due to four large
defaults); 1,254 trading failures for $19,239,933, and
79 of agents and brokers for $5,572,667. The increase
in the number of business failures for March this
year over last year is almost wholly in trading defaults. Manufacturing failures show a decrease in
March in comparison with a year ago, as they do for
four of the five preceding months, the decrease in
March this year compared with a year ago being
11.4%, while trading failures in March were 7.3%
more numerous than they were in March 1924. As to
all three classes, the liabilities reported for March
this year are considerably smaller than they were in
March 1924. It frequently happens that while trading defaults are three or four times more numerous
than the insolvencies in the manufacturing division,
the indebtedness due to the latter, exceeds that reported for trading failures. Such is not the case,
however, for either of the first three months of 1925
—in fact, it has not been the case since September
1924, whereas during the first nine months of 1924,
January to September inclusive, in every month but
one, February, manufacturing liabilities exceeded
the amount reported for trading concerns, and as to
most of these eight months the difference was quite
Manufacturing defaults in March this year constitute 23.1% of the total number of failures for that
month, while the manufacturing indebtedness is
39.3% of the total; trading failures in number were
72.4% of the total for March and the trading liabilities were 51.7% of the total. As to the large failures
in March, there were 56, with total indebtedness of
$12,885,296, leaving to the remaining 1,803 defaults
which occurred in that month, $21,119,035, an average for each failure of $11,713; in February of this
year there were 59 of the larger insolvencies with
$18,551,896 of indebtedness, the average for the
1,734 other defaults which occurred in that month
being 12,440. The larger manufacturing failures in
March this year numbered 25 with $7,246,897 of liabilities; and trading, 24 with $3,758,399 of indebtedness. The only important classification in the manufacturing division showing a larger number of defaults for March this year over a year ago, is clothing manufacturing, although there is a small increase for millers and bakers. In nearly all the
1Stri
leading classes under manufacturing, liabilities were
less in March this year than a year ago, notably for
chemicals, and for machinery and tools. The increase in trading failures in March this year over a
year ago is largely of dealers in clothing,furnishings,
and hats•and gloves, shoes and leather goods, furniture, hardware, and dealers in jewelry; also hotels
and restaurants and dealers in tobacco. For general stores and groceries, failures in March show a
decrease this year. In most of the leading trading
classes liabilities are somewhat less in March this
year than they were a year ago; but the amount is
larger this year for general stores, furniture and
hardware dealers than it was in March 1924.
The geographical statement of insolvencies for
the first quarter of 1925, which is also published at
this time, shows that there were 5,969 business defaults during that period this year, with an indebtedness of $128,481,780,the figures for the corresponding three months of 1924 being, respectively, 5,655 as
to number and $184,865,571 the amount. The increase in the number of failures this year over last
is largely in the New England States, the Central
States and the States of the Pacific Coast. There is
a small decrease in the number of business defaults
this year as compared with the first quarter of 1924,
for the Middle Atlantic States and the Central
South. All of the New England States except New
Hampshire report more failures this year to date
than a year ago, but the total indebtedness for the
New England States is nearly 20% less this year
than last. For the Middle Atlantic States, Pennsylvania is the only one reporting an increase in number, while the indebtedness this year is somewhat
smaller. In the South the differences shown are not
great, except that in Oklahoma a considerable reduction in the number of business defaults appears this
year. Delaware, Virginia and Florida show decreases; likewise in the Central South, Kentucky,
Mississippi and Louisiana. Of the Central States
the only ones reporting a reduction in number this
year are Ohio, North Dakota, Kansas and Nebraska.
The indebtedness involved in the business defaults of
the Central States is smaller this year than it was
last year, and the same is true of the States further
west. There are also fewer failures in Colorado this
year to date than there were a year ago, but for Montana the number shows an increase. Failures in the
Pacific Coast States, in California and Oregon, are
also larger in number than they were last year, and
the indebtedness is slightly heavier this year. The
decrease that is reported in Canada this year, both
in number and liabilities (the latter being more than
35%),is mainly in the Province of Ontaria, although
some decrease also appears in Manitoba; there is an
increase in number of defaults reported for the Province of Quebec.
Banking suspensions in the United States for the
first quarter of 1925 numbered 144, with liabilities
of $43,925,548, the figures for the corresponding period of 1924 being 265 as to number and $100,275,600
as to indebtedness. The bulk of these banking defaults this year, as last, were in the fifteen States
west of the Mississippi River, and north of Oklahoma and Texas, excluding the three Pacific Coast
States. The number of suspensions in these fifteen
States this year was 75 and the indebtedness $23,782,111; for the corresponding period last year the
number was 207 and the lidbilities $88,354,200.
There were 25 banking defaults for $8,771,000 in the
1808
THE CHRONICLE
State of Iowa alone,for the first three months of this
year, and nine each in Missouri and South Dakota.
There were 55 banking suspensions in the Southern
States this year to date, reporting total liabilities of
416,025,700, of which 14 were in Georgia, owing
42,145,000 and 16 in Texas for 0,900,700 of indebtedness. For New Hampshire, Massachusetts and
Rhode Island there was one each this year, three in
Pennsylvania, four in Indiana, Illinois and Wisconsin and four in the three Pacific Coast States.
[Vor.. 120.
and whether his resignation should be offered." Announcement was made at the same time that "the
Chamber of Deputies to-day fixed Friday evening for
discussion of the Government's bill for relief of the
fiscal difficulties of France." He added that "the
Finance Committee promised to have its •
the measure ready at that lime. Many alternative
plans have been submitted to the committee. Among
these plans is a drastic out-and-out capital levy, presented by the Socialists, and a scheme from the radical Left group, hitherto supporters of the GovernPremier Herriot of France has resigned. Accord- ment, but who now appear to be wavering. M.Klotz,
ing to a United Press cable message from Paris late former Minister of Finance, it is understood, also
last evening, the Premier himself made the announce- intends to propose a tax on unearned increment."
ment. The dispatch added that "the Premier's defeat came after hours of debate. The unofficial vote
Following a meeting of the Cabinet that lasted
was 168 to 137." The vote followed a speech in the from 9.35 o'clock Wednesday night to 12.30 ThursSenate by former Minister of Finance Francois Mar. day morning, Premier Herriot announced that "the
sal,in which he "reviewed and combated all the argu- Government would not resign, but would continue to
ments advanced by Herriot in his address in the fight for financial reform." It developed also that
Chamber yesterday." It would seem reasonable to "at noon after receiving from Governor Robineau of
assume that the new Ministry will be more conser- the Bank of France a letter recalling the Governvative in its make-up and policies, and that, there- ment's promise to straighten out the bank's shortage
fore, the Herriot plan for a capital levy will be aban- in its account before to-day, the day of publication
doned. We give an outline of it in order to present of the weekly bank statement, Premier Herriot isthe chief events of the week, most of which contrib- sued a decree authorizing the bank to increase its
uted directly to the fall of the Herriot Ministry.
circulation immediately by 3,330,000,000 francs, the
amount of issue necessary to straighten out the
• The first adverse vote on the Herriot Ministry was bank's account." The actual figures for the current
taken in the Senate on the afternoon of April 7. The week were shown in the statement made public on
New York "Times" correspondent in the French cap- Thursday, whereas they had been concealed for some
ital explained that, "as a question of confidence had time. It showed that the legal limit had been exnot been offered, the vote does not signify anything ceeded by 2,030,000,000 francs. Commenting upon
beyond the attitude of the Upper House on a particu- this development, the Paris correspondent of the
lar and relatively unimportant matter. But it is a New York "Times" said: "In the present financial
warning, and is interpreted as such." He further tangle the story of the Bank of France shortage deexplained that "the question under discussion was serves a chapter all to itself. Yesterday afternoon,
the Government action with regard to the Law Fac- when Premier Herriot by a decree—which must be
ulty of the University of Paris and the recent dis- ratified by Parliament—authorized the bank to issue
turbances consequent on the refusal of the students to-day 3,330,000,000 francs in new bank notes, he
to allow the Government nominee, Georges Scene, to took the measure to enable the bank to regulate the
deliver lectures in international law. In order to situation caused by advances made to the Governobtain a discussion, Senator Blaignan moved a re- ment over and above the legal limit of advances and
duction in the appropriation of the Education De- which, according to Senator Perenger in a Senate
partment by 100 francs. The Minister of Education, speech, led the bank to issue 2,000,000,000 francs
Francois Albert, defended his action in giving M. worth of notes over and above the legal limit of cirScelle the appointment on the ground of economy, culation, which is 41,000,000,000. For some time it
and, as he had done in the Chamber, he made a coun- had been apparent that something was wrong with
ter accusation against the students of insurrection the weekly statements of the Bank of France. Three
begun and fomented by the Royalist paper 'Action months ago circulation was- reported as well over
Francaise.' In the whole circumstances of this cu- 10,000,000,000, and it was known that a large amount
rious quarrel it is worth remembering that the sus- of bonds de la Defense Nationale had been cashed by
pended Dean of the Law Faculty, M. Berthelemy, is the bank for Government account at that period,
a practicing Catholic, and as such an opponent of the which meant that money had been paid out only part
Government's policy in regard to the Vatican. That of which had found its way back to the bank. This
is only one of many cross-currents interwoven in the was carried out by the system of the Government's
situation."
borrowing from big French banks, which discounted
Bank of France paper to an equivalent amount, plus
As already suggested, this vote proved to be the system of the Bank of France borrowing for one
the beginning of the end of the Herriot Ministry. day all the available cash in sight. Under this
Another vote was taken in the Senate the next day method of discounts the bank increased its circula(Wednesday) "on a minor detail of the educational tion from 4,000,000,000 to 6,000,000,000 francs, while
budget." At first the result was announced officially the circulation was made to appear as under 41,000,as 142 to 140. Later "two Senators declared their 000,000. The fact that the Government was taking
votes were wrongly entered in the records." This such measures through the bank at the time M. Hercaused the narrow margin of two to disappear and riot was proclaiming no inflation would be needed
to go to the opposing side. According to the Asso- for the uses of the Government has given his enemies
ciated Press correspondent, "Premier Herriot, hav- terribly effective ammunition against him. True
ing heard of the changes, summoned a Cabinet meet- enough, the friends of the Government charge that
ing for 9.30 p. m. to coisider the Ministry situation the shortages began under the Poincare Government,
APRIL 11 1925.]
THE CHRONICLE
but that does not change the fact, now admitted, that
the Government has been Using about 600,000,000
francs monthly over the legal limit advances for the
past-three months, largely to meet maturing Government short-term paper which for various reasons was
not renewed. For some weeks the Regents of the
Bank of France have been chafing under this procedure, especially fearing for the bank's credit as
more and more people learned of the makeshift arrangement. Last week the Regents notified M. Herriot that if something was not done they would refuse
to sign this week's statement. Governor Robineau is
• said to have received last Friday a written promise
from M. Herriot that a measure would be introduced
on Monday providing for an increase of circulation."
The Paris representative of "The Sun" said that, "in
justice to M. Herriot and his Government, it should
be pointed out that the debatable practice of concealing inflation of bank loans to the Government began
as far back as August 1923,and continued right up to
the eve of election day, 1924, when the total assistance given by the bank to the Government amounted
to over 2,500,000,000."
1809
'Beware of the pressure which the power of foreign
money can bring upon France's policy for the future.'
he said. 'Help to rid France of her debt, both internal and foreign.'"
The week began with plans for stabilizing the
finances of France, as uncertain as they had been.
The Paris correspondent of the New York "Times"
cabled on the evening of April 3 that "the French
political and financial situation remains to-night in
a condition of confusion worse confounded." He
added that "the only two facts with which one has to
deal are, first, that France has a new Finance Minister, Anatole de Monzie, and,second, that next Tuesday he is going to introduce a financial bill. Around
these two facts there is an eddying current of political intrigue, partly demagogy and financial speculation.", As to what the Government actually proposed
to do with respect to a financial plan, he said that,
"so far as can be learned to-night, the financial measure to be proposed next Tuesday is a levy of 10% on
capital, payable over ten years, and which is expected to yield 100,000,000,000 francs. For reasons
not yet clear, Premier Herriot seems to have dropped
his purpose to increase the circulation of the Bank of
France, decided on in the Cabinet meeting on Wednesday night and announced to the Senate yesterday
afternoon by Finance Minister Clementel as the swan
song of his Ministry, since he resigned a few hours
later."
The situation looked better for Premier Herriot
as a result of Thursday's developments. Following
a vigorous speech of defense and offense in the Chan,
ber of Deputies, that body gave his Ministry a vote
of confidence, 290 to 246. The action of the Chamber
likewise was in response to a demand of the Premier
that its members show where they stood on his finanCabling on the evening of April 3 also, the Paris
cial policy, which he outlined and defended. He
charged among other things that "the present finan- correspondent of the New York "Herald Tribune"
cial crisis was a logical outcome of the policies of all declared that "what was interpreted as the first sethe Governments since the armistice. His Govern- rious reaction against a capital levy came this afterment was not alone responsible, as it had taken over noon with the desertion of 41 members of the Radicalan exceedingly difficult situation." He also de- Left, led by Louis Loucheur, one of France's bestclared that"large loans have been floated every year known financial experts,from Premier Herriot's maat a high rate of interest, burdening the budget, All jority in the Chamber of Deputies. This ,cuts Herthese loans were based on the idea that Germ)ry riot's strength there to about 300 votes out of a total
would pay, but Germany began to pay only because of 584. It was said to-day Loucheur had been offered
of the Dawes plan. The result has been that the five the finance portfolio before de Monzie was apyears after the war had cost more than the five years proached. The danger to the Government lies in
of the war." The Premier was reported to have the Senate, where it is believed almost certain that
stated that "the Morgan loan of $100,000,000 still is the Ministry either will be defeated on a vote of conuntouched. He explained he preferred holding it in fidence, or that a compromise will be reached to subreserve, not considering the present situation critical mit the question of a capital levy to the voters of the
enough to warrant its use." According to the cor- country." The situation was outlined in part as folrespondent of the New York "Herald Tribune" in lows the next day by the Paris representative of the
Paris, "what the Premier himself termed 'a sorrow- Associated Press: "There is a lull in the political
ful confession' of France's debts showed that they atmosphere, pending resumption of Parliamentary
aggregated about $14,000,000,000, exclusive of enor- activities in the Chamber of Deputies Tuesday, but
mous war debts owing to the United States and the prospects of the Premier do not seem to improve.
Great Britain, as far back as the beginning of last The Premier's capital levy scheme, which he exAugust. Herriot defied his enemies in disclosing plained to a meeting of the Radical group should be
the Government's current obligations, both foreign spread over a number of years and fall as much as
and domestic. He enumerated the refunding of in- possible on existing wealth, and not on wealth in
terior bonds and interest service on foreign debts the course of formation, does not appear to find
due this year. On the interior loans, he said the much more favor with the Senate than the idea of
Government had paid 330,000,000 francs in February currency inflation, and it is even doubtful if the
and was obligated to expend 3,290,000,000 francs proposed scheme will succeed with the Chamber. It
July 1, 8,236,000,000 francs Sept. 25 and 10,090,000,- may be said the opposition to the Premier in the
000 francs Dec. 8. The foreign payments coming due Senate was even stronger to-day than it was after
this year he outlined as $59,000,000 to the United Thursday's sitting, in which M. Clementel, as FiStates,£11,729,000 to Great Britain,3,300,000 guilder nance Minister, played the principal part"
to Holland and 9,700,000 pesos to Argentina. These
Paris cable dispatches filed Sunday indicated that
are on loans other than the inter-Allied war debts,
The
Herriot
did
mention.
not
Premier
conthere had been no "lull" in either the financial or
which
cluded by reviewing the burden imposed upon France political situation during the day. The New York
• by the high interest on domestic and foreign loans. "Times" representative said that, "in a fighting
1810
THE CIIRONICLE
[VOL. 120.
speech which may later be found to have marked the
No time was lost in the working out of the plans
beginning of a new election campaign, Premier Her- for relieving the financial situation that had been
riot at Fontainebleau to-day threw back on his op- under consideration. The Paris representative of
ponents, the Nationalist Party, the whole responsi- the Associated Press cabled Monday evening that
bility for the present crisis in the country's finances "bills providing for an increase in the bank note cirand all it may entail." The correspondent added culation amounting to four billion francs and for a
that "almost contemporaneous with his declarations, voluntary 10% contribution by capital were presented
the victory was being proclaimed here of ex-Presi- to the Cabinet this morning by M. de Monzie, the new
dent Millerand, who won to-day an election to the Finance Minister." The Cabinet met again that
Senate. His triumph by three to one over his oppo- evening "to finish discussion of these measures
nent is a distinct blow to the Herriot Government. which, when whipped into .final form," were preAt the same time in Paris the new Minister of Fi- sented to the Chamber of Deputies the next day. It
nance, Anatole de Monzie, gave out the broad out- was understood at that time that"M. de Monzie will
line of the proposal which on Tuesday he will sub- stake confidence on their adoption." The Associated
mit on behalf of the Government for the restoration Press representative said that "M. de Monzie is deof France's financial situation. This will take the termined to resort to a straight capital levy plan
form of an appeal for a voluntary contribution from only if the proposed measures prove unacceptable.
capital on which as an inducement interest will be These measures were debated by the Cabinet for two
paid."
hours and a half, when it was decided to adjourn
Outlining the plan somewhat in detail, the "Times" until to-night It is understood Premier Herriot
representative said: "The Government's intention desires a bill for a straight capital levy."
is to go ahead with the budget in the hope of getting
it through while the bill which provides a solution
It developed at a protracted Cabinet meeting Monfor the cash shortage and debt payment is under con- day night that did not break up until 12.30 o'clock
sideration by the Chamber commissions. On the Tuesday morning, that, "in the course of the discuscontribution from capital which the Government will sion the Unified Socialist leaders opposed allowing
ask, as outlined by M. de Monzie, interest will be 4% interest on a capital contribution, favoring a
paid at 4% [later changed to 370]. No inquiry will simple capital levy. M. Herriot promised to reduce
be made into the exactness of the figures of indi- the rate.• There was agreement to make a 4,000,000,vidual fortunes. Subscription will be voluntary, but 000-franc increase in circulation, with the creation
with this precaution, that if a sufficient return is of a special cover for the new emission." The New
not obtained, conscriptive measures will be taken York "Times" representative in Paris declared that
later against those who have not responded. It will "the Government's proposal amounts to making a
be left to the individual to pay in cash or with bonds, patriotic appeal to French acquired capital to lend
securities or commercial bills, as is most convenient. the Government part of it at a low rate of interest,
Ten per cent of capital is the amount which the with the indication that if the money is not loaned
State will expect patriotic citizens to surrender."
voluntarily an effort will be made to get it otherAs to the election to the Senate of former Presi- wise." Outlining the conditions that would probdent Alexandre Millerand, it was declared in an- ably make such a plan a failure, the correspondent
other special Paris dispatch to the "Times" that said: "Were France enjoying domestic political
"the Herriot Government received a hard blow to- peace, it would be indeed premature to suppose thu..
day when after a bitter campaign former President a patriotic appeal would not bring a response. Ta
Alexandre Millerand was elected Senator from the addition, the Government's appeal amounts to askSeine, beating the Left bloc candidate, former Pre- ing Frenchmen with wealth to give 10 francs of
fect Autrand, by nearly three to one." Explaining every hundred they have in order to make the rethe procedure in the voting on a candidate for Sen- maining 90 worth more. But France is torn by doator, and the significance of M. Millerand's election, mestic political strife, with the Right minority bithe said: "French Senators are elected by restricted terly fighting the Left Government."
suffrage. Of 1,020 votes cast M. Millerand got 520
on the first ballot, while M. Autrand received 175.
The bill was introduced in the Chamber of DepuM. Millerand immediately announced his adherence ties Tuesday afternoon by Finance Minister de Monto the Republican Union, M.Poincare's group in the zie. Its provisions did not differ specifically from
Upper House, and will take up his duties immedi- the earlier forecasts. They include an increase in
ately. To-day's success gives M. Millerand some- the legal limit of paper circulation by the Bank of
thing like a personal revenge and perhaps opens the France from 41,000,000,000 francs to 45,000,000,000
way for a more complete squaring of accounts with francs, and subscriptions to "Government perpetual
the Left bloc led by Premier Herriot, who threw him stock," on which 3% interest would be paid. The
out of the Presidential palace last June. In the bill disclosed the fact that already the Bank of
electoral fight, announced from the start as a test France had exceeded the then existing legal limit
by
between the Government and the opposition, in 1,500,000,000 francs. It seems that in payment
of
which M. Millerand took a square position against the forced loan the Government will accept
"Treasthe religious and financial program of the Left ma- ury bonds, short and long-term Government
stocks,
jority, former President won in a conspicuous and commercial paper, with three
signatures acmanner." Announcement was made in a Paris cable cepted by the Bank of France." The classes wealth
of
dispatch Monday afternoon that "Senator Millerand that must pay "the exceptional subscription" include
took his seat in the Upper Chamber this afternoon, "real estate, aOricultural profits, industrial and
choosing a place in the centre. He was heartily commercial profits, mines and stocks." It
was made
cheered by the Centre, but the Left cried, 'Down plain, as had been forecast, that salaries would he
with the turncoat; long live the Republic!'"
excepted. Following a Cabinet meeting Tuesday
morning, Finance Minister de Monzie was quoted as
APRIL 11 1925.]
THE CHRONICLE
1811
saying the plan "is a plebiscite on the question of
free, voluntary contribution, each according to his
means, or constraint. If the French capitalists understand the system and patriotically respond to the
call of the Government it will work without the
slightest annoyance or interference in private affairs. On the contrary, if they make constraint necessary, it will be resorted to." It was further explained that "declarations for the income tax will be
taken as a basis for obligatory subscriptions to the
forced loan in cases where the capitalists fail to
come forward voluntarily. Subsequently these declarations will be verified if there are reasons to suspect their exactitude. Contributions for the forced
loan may be spread over a period of five years." The
Associated Press representative cabled Tuesday evening that "the circulation increase must be voted before Thursday, while the other part of the bill need
not be acted upon for a few days, or perhaps for
weeks."
nounced to-day in a secret meeting of election chiefs
of the Nationalist parties, which in the previous
elections stood behind Dr. Karl Jarres. Jarres himself was the chief negotiator in the conferences with
Hindenburg. Hindenburg demands that his nomination be supported unanimously by all parties which
stood behind Jarres. His friends, to protect the
Field Marshal, demanded that the Nationalist bloc
obtain the collaboration of the Bavarian People's
Party. The German People's Party, the Nationalists
and the industrialists unanimously pledged their
word to Hindenburg. German Nationalists tried to
keep Hindenburg out of the Presidential campaign
and out of politics, but when they saw all Republicans united behind Dr. Marx they were forced to cast
about for a man of stronger personality and stronger
appeal to the masses than Jarres." Announcement
was made in Berlin the same day that "the Reichistag
and Prussian Diet adjourned to-day until April 28."
The selection of candidates for the Presidential
election in Germany on April 26 has gone forward
with unabated interest and vigor. Word came from
Berlin on April 3 that "Dr. Wilhelm Marx was officially proclaimed a Presidential candidate to-night
by the Centrists, Democrats and Socialists, who thus
are the first to enter the final election battle." The
New York "Times" representative cabled that "latest reports to-night indicate that their chief opponents, the Nationalists, will nominate Dr. Karl
Jarres, who arrived here to-night and is still
closeted with leaders of the different parties
backing him." He suggested that "this brings
Germany face to face with its first two-party
battle—the Communist Thaelmann running merely
as a figurehead." Commenting further upon the
situation at that time, he said: "This first two-party
battle contains a religious element, Marx being a
Catholic and Jarres, or any one else the Nationalists
may nominate, being a Protestant. This is an important factor, since, after the war, Germany has
turned religious and religious movements throughout the country are numerous and intense. Officials
have feared this religious element, carried into the
battlefield of the elections, would increase bitterness. At the last minute Chancellor Luther endeavored to induce all parties to accept a new man acceptable to all parties. He suggested Dr. Walter
Simons, who at present is Acting President of Germany."
While the monarchists did not meet with much
success, relatively, at the recent preliminary election
for President, naturally that group did not abandon
hope of ultimate success, and decided to put a candidate in nomination for the election on April 26.
Speaking of Field Marshal von Hindenburg's candidacy, the Berlin correspondent of the New York
"Times" said in a cablegram dated April 4 that
"Field Marshal von Hindenburg, who ever since he
returned to Germany at the head of his army has
carefully avoided politics, speaking only in an effort
to'bring together Germans of all parties and preaching 'brothers' love instead of hatred,' decided to-day
it was his duty to abandon his retreat and to become
the leader of his nation on the road back to peace and
normalcy. After a dramatic conference with young,
active politicians, he finally heeded their call and
offered himself to the German nation as the new
President." He further stated that "this was an-
The Associated Press correspondent in Berlin cabled on Wednesday afternoon that "Field Marshal
Von Hindenburg was nominated to-day for President of the German Republic by the National-Conservative-Bourgeois bloc. The nomination and its
acceptance were formally announced at the conclusion of a four-hour session of the National-Bourgeois bloc, in which the terms laid down by the
Field Marshal were carefully discussed. The opposition of Foreign Minister Stresemann's German
People's Party yielded to the move for a united
Right and Von Hindenburg has the official indorsement of the following parties: The German National
Peoples' Party, the German Peoples' Party, the Bavarian Peoples' Party, the Bavarian Peasants'
League and the Economic League. Von Hindenburg's protests against entering the gruelling race
on account of his age were met by supporters who
cited men on the verge of eighty who had made good
as statesmen. They pointed out that Bismarck, when
he was retired, was considerably older. The cases
of Clemenceau and Balfour were also cited." As to
the impressions conveyed by the nomination, the
correspondent said: "There were plenty of objections to the Field Marshal's nomination voiced in
the Nationalistic ranks, however, numerous members of the old regime literally 'standing aghast' at
the suggestion that 'the one remaining figure of the
glorious past' be dragged into the quagmire of German party politics. 'He has been a soldier all his
life and wholly typifies the rigid monarchical era
which has gone,' observed a well-known former naval
officer, 'and any attempt to make him fit into the
post of President of the German Republic—a new
world to him—must be designated as a piece of frivolity and political insanity.'" As to who really persuaded General Von Hindenburg to run, the Berlin
representative of the New York "Times" said in a
long dispatch on the latest developments that "Admiral von Tirpitz was one of those who rushed to
Von Hindenburg for the last minute siege, but political circles in Berlin believe it was not Von Tirpitz
who won Von Hindenburg for his party—they are
convinced it was a letter from the ex-Kaiser in Doom
commanding the old man to take the reins of Germany in his hands. Von Hindenburg's friends, Count
Wesel and others, interviewed to-day, admitted that
the Field Marshal was in constant communication
with the ex-Kaiser. They admitted the report that
Von Hindenburg signed all his letters to the Kaiser
1812
THE CHRONICLE
'Your Majesty's devoted servant' is true. There is
no doubt that Von Hindenburg, despite the fact that
he recognizes that Germany under the present conditions can only be a republic, dreams of the days
when the country will again be under a monarch.
The entire German nation recognizes this, and it
will now have to reveal to the world whether it shares
the dreams of the Field Marshal." He stated also
that "the National bloc, which has selected Field
Marshal Von Hindenburg for the Presidency, has
issued an appeal which closes as follows: "So, our
watchword will be, 'With Von Hindenburg to victory, for the unity of all Germans, for Christian life
and social progress, for the greatness and freedom
of the Fatherland.' Von Hindenburg is our saviour
from dissension."
Ilhe representative of "The Sun" in the German
capital in a dispatch to his paper Thursday afternoon
declared that, "for the first time in many weeks
severe depression set in on the Bourse here to-day as
a result of Hindenburg's nomination. In industrial
and financial circles his nomination is regarded as
nothing short of a catastrophe, the widespread fear
being that its effect abroad will shatter the new German contact with financial and commercial worlds
outside." He further claimed that "this feeling was
strengthened by the receipt of first dispatches from
abroad indicating the effect produced by the nomination of Hindenburg. It is considered highly improbable that Stresetnann's Peoples' Party wil vote solidly for Hindenburg or that the powerful industrialists in control of this party will agree to supply
the financial sinews of war to facilitate the election."
The Italian Chamber of Deputies will not be in
session again until May 11, unless specially called
together. Adjournment to that date was taken on
April 8, "for the Easter holidays," according to the
Rome correspondent of the New York "Evening
Post." He further outlined the political situation in
Italy at that time as follows: "Despite the assurances of the Cabinet that the present Legislature will
continue as now constituted, the opposition parties
are preparing for party conventions in the expectation of a lively election contest to be held late in the
spring. Both the Cabinet and the majority of the
Deputies are showing indifference to an early dissolution of the Chamber. It is asserted on good authority that a special election will not be held, which
appears plausible providing the Government keeps
the forthcoming Matteotti trial well in the background. Mussolini, who is declared to be recuperating fast, may take a short sea trip, but has promised
to keep near Rome while the questions of the War
Ministry and national defense are being adjusted."
According to the Rome representative of the Associated Press, Premier Mussolini has settled another
threatening situation. In a dispatch dated April 8
this representative said: "By personal intervention
Premier Mussolini has settled the Stock Exchange
situation which appeared to threaten indefinite stagnation of activities on the Bourse. After continued
suspension for several days of exchange activities,
as a protest against the Government's new drastic
trading regulations, the Premier last night decided
to take the situation into his own hands and summoned to his residence mpresentatives of brokers,
leading banks, Exchange traders and the Ministry
[VoL. 120.
of Finance. A compromise agreement was reached,
and the Premier gave his personal assurance to all
Bourse traders they would be permitted to continue
their activities despite the previous announcement
by the Ministry of Finance that the number of traders would be restricted. The Premier also promised
new decrees would be published and Bourse traders
would be permitted to put up State bonds to the 'extent of 45% to obtain their trading licenses. While
permitting all traders to continue their operations,
Mussolini made it clear he approved Secretary of
Finance Stefani's intention to restrict the number.
The Premier explained, however, he had no desire
that present traders should bear the entire burden
of the reduction, but said no new ones would be licensed as traders retired."
The Premier has still further increased his control of the situation by "taking over the administration of the Italian War Ministry, which was left
vacant by the resignation of General di Giorgio on
April 2." He issued an "order of the day to the
army," in which he declared,"I intend to devote my
best energies to the army in order to make it an ever
more decisive instrument of Italian power," and
added,"I am certain that the army supplied without
delay with the necessary means will be to-morrow
even more than yesterday the stronghold of watchful
defense of the nation."
Two new Cabinets have been formed in Europe
within the week. Announcement was made in Berlin on April 6 that "Otto Braun, who on Friday was
re-elected to the Premiership of Prussia, has completed his Cabinet." Aside from the Premier, the
names of the members are not well known in this
country.
Premier Theunis of Belgium handed his resignation to the King on the morning of April 5. As usual,
"the King asked the Premier to continue in his present post until a new Cabinet is formed." The Brussels representative of the Associated Press cabled
that "the resignation of Premier Theunis and his
Ministry was expected, announcement that the Cabinet would resign having been made several days ago,
regardless of the results of the elections. M. Theunis
headed the Cabinet formed in December 1921 and
that formed in March 1924. He held also the portfolio of Finance Minister. Parliament was dissolved
by royal decree March 6." He added that "Parliamentary elections were held to-day throughout Belgium, but no great question has been apparent in the
campaign and not much interest was manifested in
the balloting. Prince Leopold voted early, but the
King did not vote." In a Brussels dispatch dated
April 8 it was stated that "returns from the Parliamentary elections Sunday show the Socialists gained
ten seats. They polled 138,000 more votes than in
the preceding election. Of the gain 30,000 was in
Brussels."
No change has been made in official discount rates
at leading European centres from 9% in Berlin; 7%
in Paris and Denmark; 6/
1
2% in Norway; 6% in
Italy; 5/
1
2% in Belgium and Sweden;5% in London
and Madrid, and 4 in Holland and Switzerland. In
London the open market discount rates were again
lowered, to 41/
8@4 3-16% for short bills, against
4 3-16@4/
1
4% and to 41/4 for three months' bills,
against 4 5-16@4%% a week ago. Cali money remained at 3/
1
4%, unchanged. In Paris open market
APRIL 11 1925.]
VTR CHRONICLE
1813
discount rates continue to be quoted at 61/
4%,and in sponding date last year and with 5,536,458,319 francs
Switzerland at 21/
2%,the same as last week.
the year previous; of the foregoing amounts 1,864,320,907 francs were held abroad in both 1925 and•
The Bank of England this week reported a loss in 1924 and 1,864,344,927 francs in 1923. Silver
gold of £12,695, which contrasts with an addition of showed'a gain of 3,899,000 francs for the week, while
more than £100,000 last week. Furthermore, note advances rose 146,649,000 francs. On the other •
circulation, which had recently shown shrinkage, hand, bills discounted were contracted 380,661,000.
mounted to £1,174,000, so that reserve was lowered francs, Treasury deposits fell off 3,080,000 francs
£1,187,000. The deposit items, however, declined, and general deposits were reduced 185,302,000 francs.
and the net result was to bring about an advance in Comparisons of the various items in this week's
the proportion of reserve to liabilities to 21.18%, or return with the statement of last week and for corthe highest point of the year. Last week the ratio responding dates in both 1924 and 1923 are as follows:
stood at 19.92% and last year at 181/
8%. The presBANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
ent ratio is the highest for the corresponding week
Status as of
Week.
Apr. 9 1985. Apr.101924. Apr. 12 1928
of any year since 1917, and compares with a low of Gold Holdings— for
Francs.
Francs.
Francs.
Francs.
France
Inc.
69,875 3,681,798,768 3,677,687,786 3,672.113,391
14.08% on Jan. 1 this year. Public deposits de- In
Abroad
No change
1,864,320,907 1,864,320,907 1,864,344,927
creased £4,636,000 and "other" deposits £9,040,000. Total
Inc.
69,875 5.546,119,675 5,542,008,693 5,536,458,319
Inc. 3,899.000
The bank's temporary loans to the Government de- Silver
314,936,000
298,204,559
291,784.711
Billsdiscounted—Dec.380,661,000 6,179.156,000 4,991,942.293 2,357,720,596
clined £2,570,000, while loans on other securities fell Advances
Inc. 146,649,000 3,138,630,000 2,646,434,402 2,175,354,194
Note circulation_ _Inc.2,100,897.000 43,004,762,000 40,145,376,545 37.296,948,635
£10,486,000. Gold holdings aggregate £128,707,976, Treasury
deposits_Dec. 3,080,000
13,377,000
16,431,562
23,391,972
as against £128,115,856 in 1924 and £127,517,057 a General deposits Dec.185,302,000 2,052,034,000 2.524.681,358 2,040,603,362
year earlier. Reserve stands at £25,971,000, in comThe report of the Imperial Bank of Germany, isparison with £22,123,461 last year and £24,356,462 in
1923. Loans total £74,493,000. This compares with sued under date of March 31, reflected the strain of
£75,931,740 in 1924 and £68,884,287 a year earlier, meeting month-end disbursements, and revealed a•
while note circulation stands at £122,484,000, as large expansion in note circulation, e. g. 448,771,090
against £125,742,395 and £122,910,506 one and two marks. However, this unfavorable showing was
years ago, respectively. Clearings'through the Lon- partly offset by reduction in other maturing obligadon banks aggregate £859,633,000, compared with tions of 275,411,000 marks. Loans from the Renten£853,474,000 last week and £920,010,000 a year ago. bank also decreased, namely 51,201,000 marks, while
No change has been made in the bank's official dis- other liabilities fell 57,868,000 marks. As to the
count rate from 5%. We append herewith compari- bank's assets, there was an increase in bills of exsons of the different items of the Bank of England change and checks of 139,799,000 marks, and in advances of 21,435,000 marks. Deposits held abroad
return for a series of years:
declined
23,896,000 marks. Reserve in foreign curBANK OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
1924.
1923.
rencies, on the other hand,expanded 2,431,000 marks.
1922.
1921.
Aprfl 8.
April 9.
AprU 11.
April 12.
April 13.
Stocks of silver and other coins were reduced 1,685,Circulation
122,484,000 125,742,395 122,910,595 122,439,345 128,537.050
marks. Notes on other banks decreased 17,855,000
Public deposits
13,125,000 12,975.966 16,116,448 17.430,957 18,316,342
109,606,000 108,908,860 107,872,316 124,572,039 114,124,395 000 marks and other assets 87,356,000 marks. InOther deposits
Governm't securities 39,877.000 41,517.036 48.444.325 57,139,146 32.209,621
74.493,000 75,931,740 68,884,287 77,673,770 99,692.685 vestments were augmented 210,000 marks. Holdings
Other securities
Reserve notes & coln 25,971,000 22,123,461 24,356,462 24,873,820 18.261,172
of gold and bullion gained 7,292,000 marks, and total
Coin and bullion__ A28,707,976 128,115,856 127,517,057 128,863,165 128,348.222
Proportion of reserve
gold now aggregates 1,003,377,000 marks,in compari21.18%
to liabilities
18H %
19.64%
17.51%
13.78%
son with 464,840,000 marks a year ago and 1,004,Bank rate
4%
6%
3%
7%
4%
830,000 marks in 1923. Outstanding note circulation
The Bank of France in its weekly statement shows totals 2,314,623,000 marks.
an expansion of no less than.2,100,897,000 francs in
The statements of the Federal Reserve banks for
note circulation, bringing the total outstanding up to
the highest level ever reached, namely 43,004,762,000 the week ended Wednesday night were without any
francs. This is in excess of the maximum of 41,000,- especially striking features. For the System as a
000,000 francs allowed by law. The increase is not whole gold declined $6,000,000. Rediscounting opthe result of the operations of a single week. On erations were likewise smaller. In rediscounts of
Wednesday Premier Herriot admitted that there had paper secured by Government obligations there was
been an over-issue for some time and this week's a shrinkage of $11,500,000. "Other" bills increased
report apparently shows the true situation of the $2,900,000, with the net result of a decline in total
Bank as regards its note issues. On Wednesday bills discounted of $8,600,000, to $391,289,000, as
Premier Herriot issued a decree authorizing the Bank against $529,559,000 a year ago. Holdings of bills
to increase its circulation immediately by 3,330,000,- bought in the open market fell 45,600,000. Earning
000 francs, but it is stated that this action was not assets and deposits were reduced $9,900,000 and
legal, and according to yesterday's New York "Times" $8,700,000, respectively, while the amount of Fedthe decree did not appear in Thursday morning's eral Reserve notes in actual circulation was $4,500,"Journal Officiel" and therefore at the time the 000 larger. The New York bank lost gold to interior
statement was issued, had no legal force. At this institution to the amount of $33,000,000. The bank,
time last year the total of note circulation stood at moreover, added to its portfolio of bills approxi40,145,376,545 francs, which contrasts with 37,- .mately $29,800,000 in rediscounts of all classes of
296,948,635 francs in 1923 and with but 6,683,184,785 paper, while bill buying in the open market gained
francs just prior to the outbreak of war in 1914. $10,300,000. Earning assets were heavily increased,
During the week the gold item registered a further viz. $42,700,000, and deposits -rose $26,100,000. Fedsmall gain of 69,875 francs. The Bank's gold hold- eral Reserve notes in actual circulation were reduced
ings' are thus brought up to 5,546,119,675 francs, $9,400,000. Member bank reserve accounts, On the'
comparindwith.15,542,008,693 francs at the corre- other hand, expanded $8,000,000 for the banks as a
1814
THE CHRONICLE
group and $28,600,000 at New York. As to reserve
ratios, changes in the combined report so nearly offset each other that the ratio of reserve remained at
76.3%, a decline of only .1%. At New York heavy
contraction in gold holdings brought about a decline
in the ratio of 3.8%, to 75.6%, which compares with
82.2% at this time last year.
Last Saturday's statement of the New York Clearing House banks and trust companies showed expansion in both loans and deposits and a heavy reduction
in reserves. The loan item expanded $19,296,000.
Demand deposits were augmented $6,703,000, to
$4,395,554,000. This total is exclusive of Government deposits to the amount of $48,135,000. In time
deposits there was a small reduction, $466,000, to
$597,119,000. Cash in own vaults of members of the
Federal Reserve Bank declined $887,000, to $46,883,000, although this is not counted as reserve. Reserves of State banks and trust companies in own
vaults increased $194,000 and reserves kept in other
depositories $414,000. The banks drew down their
reserves at the Reserve institution $23,014,000, and
this in conjunction with enlarged deposits, caused a
contraction in surplus of $23,280,000, bringing excess
reserve down to $310,970, as against last week's total of $23,591,030. The shrinkage is deemed to have
followed from the demands incidental to meeting endof-the-month disbursements. The figures here given
for surplus reserves are based on reserve requirements of 13% for member banks of the Federal Reserve System, but do not include cash in vault
amounting to $46,883,000 held by these member banks
on Saturday last.
Loans were called to the extent of from $10,000,000 to $20,000,000 and call money advanced rather
sharply early in the week. From that time on the
trend was gradually downward, although a fair degree of firmness was in evidence. In view of the
fact that last Saturday's Clearing House actual bank
statement showed a surplus of only $311,000 th
calling of loans and the firmness of the market we
perfectly natural. It was true also that, becau
the Stock Exchange holiday yesterday, it was nece
sary for brokers to arrange week-end loans one day
earlier than usual. Time money was dull and essentially unchanged. The Government made two withdrawals from local institutions, one of $4,800,000
on April 7 and another of $2,400,000 on April 9. On
account of the dulness and extreme professionalism
of the stock market, its demands on the money market were relatively light. Some big transactions
were put through in the Street, notably the offering
of 850,000 shares of 7% cumulative preferred stock
of Dodge Brothers, Inc., at par on Thursday. The
fact that the subscriptions were estimated at from
$350,000,000 to $500,000,000 reflected not only confidence in the company, but also a great abundance
of funds seeking investment. An offering is being
made to-day of $75,000,000 of this company's 6%
debentures. Notwithstanding the unsettled conditions in France financially and politically, and
likewise in Germany politically, it was reported toward the close of the week that considerable financing for Europe was under way.
[VoL. 120.
ago. With the exception of Monday, however,
when the high was 432%, the low 3%%, with 3%%
also for renewals, a flat rate of 4% prevailed during
the remaining business days of the week, Tuesday,
Wednesday and Thursday, when all loans on call
were negotiated at this figure. Friday was observed
as a religious holiday (Good Friday) and no business
was done. For fixed date maturities the market
was very dull. Time funds were in liberal supply,
but with few takers. Quotations have not been
changed from 4% for sixty days, 4@43'4% for ninety
days,four and five months, and 41
/
1%for six months.
So far as could be learned, no large individual loans
were recorded.
Mercantile paper rates continue to be quoted at
4% for four to six months' names of choice character,
with 43% asked for names less well known. New
England mill paper and the shorter choice names are
still dealt in at 4%. A fair demand was noted, but
offerings were restricted.
Banks' and bankers' acceptances were slightly
easier, especially for the shorter maturities. Moderate activity prevailed,with country banks the principal buyers. Scarcity of offerings of the best names
acted as a restraining influence upon trading. For
call loans against bankers' acceptances the posted
rate of the American Acceptance Council is 3
against 3% last week. The Acceptance Council
makes the discount rate on prime bankers' acceptances eligible for purchase by the Federal Reserve
banks 33/% bid and 3% asked for bills running 30
days, 314% bid and 33/8% asked for bills running
60 days, 39'g% bid and 33.i% asked for bills running
90 and 120 days, and 3 8% bid and 332% asked for
bills running 150 and 180 days. Open market
quotations follow:
Prime eUl
b
SPOT DELIVERY.
90 Days.
33.453%
bills
60 Days.
83‘53%
FOR DELIVERY WITHIN THIRTY DAYS.
'ember banks
o non-member banks
30 Dave
33.453
3% bid
33.4 bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
APRIL 10 1926.
Payer Maturing—
After 90 After (I
Days but
but
Within 6 WUhts 9
Months. Months.
Within 90 Days.
FEDERAL RESERVE
BANK.
Com'actal Secured
Ariel & by U. S. Bankers' Trade Apricot.* Agricni.
Livestock Govern1 Accey- Accepand
and
Paper
Oblioa- Canoes. tance,. Livestock Livestosi
n.e.s.
(ions.
Payer. Payer.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
MinneaPolic
Kansas City
Dallas
San Francisco
33.4
3%
4
4
4
4
4
4
4
34
3%
3%
3%
4
4
4
4
4
4
4
3%
3%
3%
3%
834
3%
954
4
4
4
4
4
4
4
4
4
3%
4
4
4
4
4
3%
83.4
3%
3%
3%
334
3%
334
4
4
4
4
a
4
4
4
83.4
4
4
•Including bankers' acceptances drawn for an agricultural purpose and aeon
by warehouse receipts. &a.
Movements in sterling exchange were exceptionall
narrow and the market again turned out to be a dull,
lifeless affair, with no particular trend one way or
the other. Quotations were quite firm and demand
As to detailed money rates, loans on call have been bills ranged between 4 779. and 4 78. Locally,
all but stationary during the week. The range was trading most of the time was absolutely stagnant
3yi@43/2%, which compares with 332@5% a week and price levels were determined largely by develop
APRIL 11 19251
THE CHiONTOLE
1815
ments in London where a brisk inquiry for sterling continued to centre about French francs which again
bills was reported on the part of timid French proved the leader, at least in point of activity.
interests who are said to be endeavoring to rid Actual price changes were less drastic than a week
themselves of their franc holdings because of fears ago and it soon became evident that local dealers
of enactment of the dreaded capital levy in France. were holding off until France's political and financial
In the opinion of some bankers, therefore,the French affairs had become more settled. Francs really
political and financial crisis was really an aid to the gave a good account of themselves. In face of the
maintenance of sterling values. Generally speaking, struggle that raged during the greater part of the
commercial offerings were light and this of itself week over the Bank of France's note issue and the
helped to steady prices, while easing in local money proposal to put out a forced capital loan, rates at
rates was also a factor in the strength. Pre-occupa- no time went below 5.113/2, while on at least one
tion, both here and abroad, in preparations for the occasion a quotation of 5.183' was reached. FluctuaEaster Day celebrations and observance of Good tions were frequently widespread, the range on some
Friday as a religious holiday had the usual effect of days being over 5 points. It was noted with a-good
reducing sterling exchange operations. Bankers are deal of interest that although market sentiment was
somewhat mixed in their views on the probable pessimistic and bankers expressed keen dissatisfaction
course of sterling. Not a few incline to optimism, over the outlook, not even Premier Herriott's astonintimating that it will not be long before some official ishing proposal to raise the limit of the Bank of
announcement of Britain's intentions with regard to France's advances to the Government, and subsea restoration of the gold standard will be made. It quent discovery that the Bank had already exceeded
is worthy of note that British business interests are its legal maximum circulation in order to provide
said to be losing their fear of the return of a free gold funds for the Government, caused more than a
movement in Loudon. On the other hand, latest passing ripple in quotations. This was explained
political developments in Germany are not liked, partly by the restrictions that have been placed
While France's position still leaves much to be around dealings in francs. It is 'earned that spot
desired.
remittances can no longer be sold against purchase
As to the more detailed quotations, sterling ex- of dollars or other foreign currencies, although
change on Saturday last was firm and higher, and trading in futures is unaffected. This move is in all
demand rates were advanced to 4 78@4 78%, cable probability instituted to keep capital from leaving
transfers to 4 783.@4 78% and sixty days to 4 7532 the country. Another sustaining factor was the
@4 75 8; short covering operations were responsible knowledge that substantial credits are available in
for the strength, but trading was not particularly the event that a bear raid is made upon francs. That
active. On Monday the market was quiet but anxiety over the future of the franc has not increased
steady, with a further advance to 4 78 5-16© is said to be due to the general feeling that the
4 78% for demand, 4 78 9-16@4 78% for cable present crisis may conceivably lead to some form of
transfers and to 4 75 13-16@4 76/
1i for sixty days. revaluation. France is said to be in a decidedly
Irregularity developed Tuesday and demand receded favorable position for the establishment of permanent
fractionally on narrow trading, to 4 78 3-16@4 78%, stabilization measures, since trade balances are
cable transfers to 4 78 7-16@4 78% and sixty days favorable, • reparations payments commencing to
to 4 75 11-16@4 75%. Wednesday although no in- come in and very soon the usual tourist season should
crease in the volume of transactions was noted, rates result in the bringing of large amounts to France.
were a trifle higher; the day's range was 4 78%@ The greatest present drawback is the position of the
4 783/ for demand, 4 78%@4 789 for cable trans- Government financially. When all is said and done,
fers and 4 75%@4 76 for sixty days. Pre-holiday France's position is rather better than that of many
quiet pervaded Thursday's operations; quotations of the Continental countries. What is needed more
declined as a result of moderate offerings coming than anything else is the institution and courageous
on an inactive market; demand bills were 4 77%@ carrying out of effective taxation measures to relieve
4 78 3-16,cable transfers 4 77%@4 78 7-16 and sixty the present tension in financial affairs.
days 4 753s@4 75 11-16. Friday (Good Friday) was
Very little activity was discernible in the other
observed as a religious holiday and trading was re- branches of tbe market. Antwerp francs moved in
duced to a minimum; quoted rates, which were sympathy with French francs. Lire were dull and
nominal, were easier at 4 77%@4 783. for demand, inclined to be heavy, though without important
4 783@4 789. for cable transfers and 4 75@4 753( change, the quotation hovering around 4.10. Gerfor sixty days. Closing quotations were 4 753 for man exchange was in nowise affected by the threat
sixty days, 4 77% for demand and 4 78 for cable of election of a monarchic sympathizer as President.
transfers. Commercial sight bills finished at 4 77%, Greek exchange was benefited by rumors that
sixty days at 4 733/2, ninety days at 4 73, documents Greece had secured a large loan from American and
for payment (sixty days) at 4 733 and seven-day English bankers and the quotation moved up about
grain bills at 4 773'. Cotton and grain bills for 10 points to 1.71, though the rumor was denied.
payment closed at 4 77%.
The Central European group showed only relatively
leiThe week's gold movement was light. The minor changes, and transactions were dealt in to
Federal Reserve Bank of New York reported another only a limited extent.
shipment of $2,500,000 for account of the ReichsThe London check rate on Paris finished at 93.32,
bank in Germany, making the amount engaged so against 93.20 last week. In New York sight bills
far $17,500,000. The Farmers' Loan & Trust Co. on the French centre closed at 5.12, against 5.143;
shipped $35,000 gold to Singapore.
cable transfers at 5.13, against 5.15%; commercial
sight bills at 5.11, against 5.13%, and commercial
WEI to Continental exchange, irregularity prevailed sixty days at 5.03%, against 5.083/2 a week ago.
and mixed movements were witnessed in several of Antwerp francs finished at 5.03 for checks and at
the major European currencies, although interest 5.04 for cable transfers, which compares with 5.07
1.81.6
THE CHRONICLE
and 5.08 the week before. Closing rates on Berlin
marks were 23.81 for both checks and cable transfers,
the same as a week ago. Austrian kronen have not
deviated from 0.00143. Lire closed at 4.083 for
bankers' sight bills and at 4.093. for cable transfers,
against 4.093' and 4.103/ a week earlier. Exchange
on Czechoslovakia finished at 2.96%, against 2.963/2;
on Bucharest at 0.463/2, against 0.473; on Poland
at 0.193's (unchanged) and on Finland at 2.53 (unchanged). Greek drachmae closed at 1.69 for checks
and at 1.6*4 for cable transfers. Last week the
close was 1.58% and 1.593
/s.
[Vet. 120.
fOREIGN EXCHANGE RATES CERTIFIED BY
FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF
ACT OF 1922.
APR. 4 1925 TO APR. 10 1925, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Trani/era in New York.
Value On United States Money.
Apr. 4. Apr. 6. Apr. 7. Aps. 8. Apr. 9.
EUROPE$
$
$
a
6
Austria, krone*
.14051
.14053
.14054
.14051
.14051
Belgium, franc
.0508
.0505
.0505
.0506
.0504
Bulgaria, ley
007335 .007356 .007344 .007338 .007325
Oseehoslovakia, kron .029647 .029645
.029644 .029641 .029643
Denmark, krone
1836
.1838
.1838
.1841
.1839
England, pound sterling
4.7849
.7882
4.7851
4.7855
.7810
Finland, markka
.025213 .025229 .025213 .025229 .025220
France. franc
0517
.0515
.0514
.0516
.0513
Germany.reichsmark- .2380
.2380
.2380
.2380
.2380
Greece, drachma
.016029 .016570 .016623 .017138 .017144
Holland, guilder
.3988
.3997
.3995
.3993
.3991
Hungary, krone
.000014 .000014 .000014 .000014 .000014
Italy. lira
.0411
.0410
.0409
.0411
.0411
Norway. krone
.1588
.1590
.1601
.1599
.1599
Poland, sloty
.1918
.1917
.1918
.1916
.1918
Portugal. escudo
.0495
.0496
.0496
.0498
.0494
Rumania.lea
.004756 .004750 .004723 .004715 .004690
3pain. peseta
.1423
.1422
.1421
.1423
.1424
3weden, krona
2695
.2695
.2695
.2695
.2695
3witzerland, franc- .1929
.1930
.1932
.1932
.1932
Yugoslavia. dlnar- -- - .016100 .016169 .016219
.016205 .016159
MR AChinaCheefoo, tadl
7521
.7533
.7542
.7550
.7554
Hankow,tael
.7469
.7484
.7491
.7494
.7497
Shanghai. teal
.7302
.7323 . .7327
.7329
.7329
Tientsin. teal
7621
.7633
.7638
.7650
.7654
Hong Kong. dollar- .5398
.5416
.5415
.5414
.5413
Mexican. dollar-----5348
.5349
.5353
.5365
.5355
Tien tain or PelYang,
dollar
.5371
.5371
.5383
.5396
.5388
Yuan, dollar
.5471
.5475
.5488
.5496
.5488
[Julia. rupee
3550
.3561
.3559
.3558
.3558
!span, yen
4157
.4163
.4151
.4152
.4153
lingapore(8.133,dolla .5513
.5517
.5508
.5508
.5513
NORTH AMER.
Canada. dollar
.999133 .999156 .999156 .099167 .999188
Juba. Peso
999063 .999063 .999219 .999313 .998938
Aexico, peso
499083 .498917 .498917
gewfoundland, dolla .996406 .606458 .996458 .499083 .498250
.997083 .936458
SOUTH AMER.irgentina, MO (gold) .8633
.8589
.8566
.8692
.8708
Irasil, milrels
1065
.1070
.1072
.1063
.1062
nile, Peso (paper)
.1117
.1113
.1109
.1109
.1110
7rusnukv. peso______ .9420
.9391
.9403
.9414
.9434
•One schlliIng is equivalent to 10,000 paper crowns.
Apr. 10.
$
.14002
.0504
.007322
.029645
.1839
.7793
.025230
.0513
.2380
.017005
.3990
.000014
.0410
.1599
.1918
.0495
.004670
.1424
.2695
.1932
.016157
There is very little of moment to report regarding
exchange on the former neutral centres. A firm undertone was noted, particularly for guilders, which
moved up a few points, and Swiss francs that for a
.7554
time touched as high as 19.32, all on light trading.
.7497
.7330
In the Scandinavian currencies, Copenhagen and
.7654
.5416
Swedish remittances were virtually unchanged, but
.5358
Norwegian kronen responded to news that a loan to
.5392
.5492
Oslo had been successfully negotiated, and the quo.3558
.4157
tation was advanced to 15.993/2, the highest in years.
.5525
.999156
Spanish pesetas were well maintained, though with.998936
.498210
out change.
.996458
Bankers' sight on Amsterdam closed at 39.89,
.8699
.1073
against 39.85; cable transfers at 39.91, against 39.87;
.1110
30443
commercial sight bills at 39.81, against 39.77, and
commercial sixty days at/ 39.45, against 39.41 a week
The New York Clearing House banks, in their
earlier. Closing rates on Swiss francs were 10.313/ for
bankers' sight bills and 19.323/ for cable transfers, operations with interior banking institutions, have
against 19.283/ and 19.293. Copenhagen checks gained $5,432,538 net in cash as a result of the curfinished at 18.36 and cable transfers at 18.40, against rency movements for the week ended April 9.
18.35 and 18.39. Checks on Sweden closed at 26.92 Their receipts from the interior have aggregated
and cable transfers at 26.96, against 26.913/ and $6,729,272, while the shipments have reached $1,296,26.953/2, while checks on Norway finished at 15.96 734, as per the following table:
SHIPMENTS BY NEW YORK BANKING
and cable transfers at 16.00, against 15.84 and 15.88 CURRENCY RECEIPTS AND
INSTITUTIONS.
a week ago. Spanish pesetas closed at 14.223/ for
Into
Out of
I
Gain or Lou
checks and at 14.293/i for cable transfers. A week
Week Ending April 9.
Banks. I
Banks.
to Banks.
ago the close was 14.20 and 14.22.
Banks'interior movement
56.729,272
51.296,784 Gain 55,432,538
As regards South American exchange, while tradAs the Sub-Treasury was taken over by the Feding was inactive, sharp fluxtuations took place in eral Reserve Bank on Dec. 6 1920, it is no longer
Argentine currency, the rate opening at 3.8.26, ad- possible to show the effect of Government operavancing to 38.87, then dropping to 37.52, and rallying tions on the Clearing House institutions. The Fedlater to 38.32. This was said to be due to a falling eral Reserve Bank of New York was creditor at the
off in the inquiry incidental to a seasonal shrinkage Clearing House each day as follows:
in the volume of exports. No significance was at- DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANF
AT CLEARING HOUSE.
tached to the movements. Argentine checks closed
Saturday, Monday, Tuesday. Wednesd'y, Thursday, Friday.
Aggregate
at 38.32 and cable transfers at 38.37, against 38.42 Apr.4. Apr.6. Apr. 7. Apr. 8. Apr. 9. Apr. 10. for
Week.
and 38.47 last week. Brazilian milreis were easier
s
s
$
$
s
$
90.000.000 93.000.000 64.000.000 79.000.000 78.00$0.000 67.000,000
C.
471.000.000
and finished at 10.66 for checks and at [b.71 for cable Note.-The foregoing heavy credits
reflee the huge mass of checks which
come
the New York Reserve Bank from all parts of the country in the
transfers, against 10.81 and 10.86 a week ago. to
operation of
the Federal Reserve System's par collection scheme. These large
credit balances,
however,
reflect
only
part
a
of
the
Reserve
operations with the Clearing
Chilean exchange was also easier and closed at 11.09, House institutions, as only the items payable Bank's
in New York City
the daily balances. The large volume of- cheeks on institutions are represented in
against 11.21, but Peru was firmer and finished at New
located outside of
York are not accounted for in arriving at these balances, as
not pass through the Clearing House but are deposited with the such checks do
416, against 4 15.
Federal Reserve
Bank for collection for the account of the local Clearing House
banks.
Far Eastern exchange was as follows: Hong Kong,
The following table indicates the amount of bulM%@543
/
3, against 543'@54M; Shanghai, 73%(4)
5
lion
in the principal European banks:
74/s,
against 733@)743; Yokohama, 413
4@,42,
against 41%@42; Manila, 49%@49%, against 493/
April 9 1925.
April 11 1924.
@)49%; Singapore, 56@563, against 55%@.5634; Banks of- Gold.
Silver.
Total.
Gold.
Siker,
Total.
Bombay, 36%@363', against 363.'3g369', and Cal£
England _- 128,707,976
128,707,976128,115,856
128,115.856
cutta, 363/
8(4)363
France a 147,271,951 12,560,000 159,831,951147,106,582
/
8,against 36%@36%.
11,020,00 159,026,582
Germany 39,679,300 d994,6
40,673,900 23,242,000
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to.the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
3,475,040 26,717,040
Aus.-Hun b2,000,000
b2,000,000 62,000,000
b2,000,000
Spain
101,441,000 26,192,000 127,633,000101.132,000
26,382,000
127,514,000
Italy
35,585,000 3,377.000 38,962,000 35,198,000
Netherl'ds, 42,041,000 1,730,000 43,771,000 47,428,000 3,423,000 38,621,000
772,000 48,200,000
Nat. Belg _ 10,891,000 3,022,000 13,913,000 10,819,000
Switzerl'd_ 19,251,000 3,584,000 22,835.000 21,451,000 2.810,001 13,629,000
3,816,000 25,267,000
Sweden _
12,985,000
12,985,000 15,071.
15,071,000
Denmark
11,637,000
919.000 12,556,000 11,643,00
609,000 12,252,000
Norway _
8,180,000
8,180,000 8,182,000
8,182,000
Total week 559,670,227 52,378,600612,048,827
Prey. week 557,749.727 52.166.600609,916.327 551,388,43: 53,207,040604,595,478
551.369,151 53.075,040604,444.191
a Gold holdings of the Bank of France this year
are exclusive of £74,572,836
held abroad. b No recent figures. c Gold holdings
of the Bank of GermanY
this year are exclusive of 110,489,550 held abroad.
d As of Oct. 7 1924.
Aram 11 1925.]
THE CHRONICLE
1817
abstention of 87 members of the Opposition, among
The Financial Crisis in France—The Fall of the them the followers of M. Briand and M. Loucheur.
Herriot Government
On Friday evening, after a heated debate in the
The crisis which has been reached in the financial Senate, the Government was defeated by a vote of
affairs of France, although breaking suddenly and 168 to 137, and M. Herriot thereupon resigned.
Two points in particular stand out prominently in
even dramatically when the moment arrived, cannot
this extraordinary series of events. The first is the
be said to have been unforeseen. On April 1 an
ciated Press dispatch from Paris announced that the fact, suspected for some time but now admitted, that
Ministry of Finances was considering an increase of the Government has for several weeks been exceeding
five billion francs in the note circulation of the Bank the legal limit of its borrowings from the Bank of
of France, in order to relieve the Treasury from em- France, and that the "commercial needs" which a
barrassment and provide ready money for "commer- proposed increase of circulation was to meet, while
cial needs," and that a heavy addition to the tax on doubtless real, were only a camouflage for the adjustalcohol and alcoholic beverages, a general increase ment of these unauthorized advances. The second is
of all direct taxes, a lottery scheme, and a direct the admission that the financial necessities of the
levy upon capital were also in contemplation. The Government can no longer be met by ordinary taxanext day the Minister of Finances, M. Clementel, lion and voluntary loans, but that resort must be had
after what is said to have been an unauthorized state- to a capital levy disguised as a forced loan. M. Herment in the Senate regarding the proposed increase riot, in his speech in the Chamber of Deputies on
of the bank circulation, received what amounted to a April 9, insisted that the present financial difficulrebuke from M. Herriot, and resigned. On April 7 ties of the country were due in large part to the misthe new Minister, M. Anatole de Monzie, laid before taken policies of earlier Governments, and the same
the Chamber of Deputies a proposal which the'Paris argument was repeated in the Senate on Friday. The
correspondent of the New 'York "Times" aptly char- responsibility of previous Ministries for the present
acterized as "one of the most remarkable fiscal financial state of the country is doubtless consider.
schemes ever placed before Parliament," and able, notwithstanding a vigorous denial in the Senate
over that proposal the issue was immediately that the legal limit of note circulation had been exceeded either by the Millerand, the Briand, or the
joined.
The new bill contemplates an increase of the legal Poincare Governments; and as the inheritor of a sit.
limit of note circulation of the Bank of France from nation not entirely of his own making, M. Herriot is
41,000,000,000 to 45,000,000,000 francs, together with entitled to consideration. For his own handling of
an increase from 22,000,000,000 to 26,000,000,000 the public finances, however, and for the solutions
francs of the legal limit of advances which the bank which he proposes for the existing problem, he and
may make to the State; authorizes the Ministry of his advisers must bear the responsibility, and it was
Finances to "accept subscriptions" to a perpetual by the merits of his proposals, and not by the defecloan, bearing interest at 3%, the subscriptions to be tive policy of his predecessors, that he and his Govpayable in five annual installments; and further an_ ernment had to stand or fall.
Under political circumstances less irritating and
nounces that all persons who were subject in 1925 to
an income tax on "acquired wealth," salaries alone unstable than those which now prevail in France,
excepted, shall be "expected" to subscribe to the loan such a matter as the temporary overstepping of the
to the extent of 10% of such wealth. In case the full legal limit of Government borrowings from the Bank
amount that is "expected" is not subscribed, the Gov- of France, or a temporary increase in the volume of
ernment is to have the same power to collect the bal- note circulation, would not seriously jeopardize a
ance that it has to collect income taxes. Provision Government. The relations between the Bank of
is also made tor the acceptance, in subscription to France and the Government are such that Governthe perpetual loan, of various outstanding bonds or ment pressure in either of those directions cannot
other national debt issues, or of commercial paper always be resisted, and a Government with an as"of not more than one year bearing three signatures sured majority in Parliament can usually count upon
and certified by the Bank of France," the Govern- having a temporary irregularity condoned, or at least
ment reserving the right to determine the value at overlooked, when the fact of emergency is clear.
The trouble with the Herriot Government is that
which such subscriptions shall be received.
Gov_
while it has been protesting that inflation was not to
It was evidently the intention of the Herriot
be
thought of, it has itself been for some weeks cononce,
ernment to force the bill through Parliament at
and the Chambers were asked to give it immediate niving at inflation, and that the present financial bill
consideration. On April 8, however, the Finance aims in part to cover the transaction by an ex post
Committee of the Chamber of Deputies decided to facto regularization. Because of the excessive borrowrewrite the compulsory provisions of the bill, with ings from the bank, more than two billion francs have
the likelihood, it has since been intimated, that the been added to the circulation. Whether or not the
compulsory feature would be eliminated altogether, present legal limits, either of circulation or of Govand that task is still in progress. On the same day ernment borrowing, are properly adjusted to the
a vote in the Senate on an education bill, while tech- commercial or financial needs of the country, is a
nically giving the Government a majority of two, left question which can be answered only by taking acit actually in a minority of one, and M. Herriot was count of many factors, economic as well as financial,
dissuaded from resigning only by the insistence of among them the condition and prospects of the gold
some of his supporters that he still had an actual ma- reserve, the possibility of stabilizing the franc, and
jority in Parliament and in the country. On Thurs- the relation of prices to the volume of currency. This
day, after a heated debate on the general financial has not been M. Herriot's avenue of approach, howsituation, but with the bill still in committee, the ever. What he has done is to preach one policy while
Chamber of Deputies voted confidence in the Govern- practicing another, and he could hardly expect that
ment, but the majority was obtained only by the the country, once the full significance of what had
1818
THE CHRONICLE
For.. 120.
been done was realized, should long delay in calling to face with a condition whose gravity has long been
him to account.
apparent elsewhere. What the solution of the probEven more serious is the question of a capital levy; lem may be the next few days will probably show,
for a capital levy it is, whatever other form of words but the relative stability of the franc on the exthe Government bill may employ. The argument changes, and the apparent absence of panic or revothat the proposed perpetual loan is, after all, only lutionary excitement in the country, gives hope that
a large operation of refunding, and that such an the solution, when it is found, will find France with
operation, even in the present financial condition of a Government that is strong, and the French people
France, is not necessarily more difficult than some still free to give or withhold the property which is
of the funding operations which the United States, their own.
for example, has carried through,is beside the mark.
It is of course true that the French scheme, if car- Integrity of the Two Parties Dependent Upon
Principles.
ried out, would probably result in a unification, pracThe National Civic Federation announces a movetically complete, of the French debt, with considerable saving in interest. What distinguishes M. de ment "to stimulate participation in party politics."
Monzie's plan from ordinary funding operations, It is stated: "That body has formed a non-partisan
however, is the fact that the refunding is to be not department on political education, supported by
voluntary, but compulsory. It is to be accomplished, prominent leaders of the Democratic and Republican
not by an appeal to public confidence, or to the will- parties, with Elihu Root as Honorary Chairman and
ingness of investors (who in France have been esti- Alton B. Parker as Active Chairman." Further, we
mated to number not less than 15,000,000 persons) are informed that the purpose of this department on
to accept a low rate of interest in perpetuity in place political education is: "To aid in checking the growof a higher rate during fixed terms, but simply and ing indifference of our citizens to the value and nesolely by legislative fiat backed by threat of force. cessity of party government; to impress upon them
The Ministry of Finances is to be "authorized to the vital need for the conscientious discharge of their
accept subscriptions," is the form of words; what is duties as citizens, if the principles underlying our
actually to happen is that the French people are to institutions are to be maintained and progress gained
be compelled to disgorge, to the extent of 10% of toward a better and more efficient government." In
their acquired wealth. They may pay voluntarily if general, any effort to induce citizens to exercise the
they will, but pay they must or face the tax collector franchise is to be commended. The announcement
and perhaps the forced sale of their property, and all that 30,000,000 qualified voters did not vote in the
to the accompaniment of inquisitorial methods which 1924 general election is a stricture on representative
the French resent more than any nation in the republican government worthy of serious attention.
This fact of so large a proportion remaining away
world.
The inherent objections to a forced levy are en- from the polls (as we recall the ratio, about 48%)
hanced in this case by the uncertainty as to the carries with it many potentialities. But that our
amount that the proposed scheme may produce. Even two-party system is endangered thereby seems to us
the Government appears to have been of various a hasty conclusion. The last election was held under
minds at this point. Assuming that the present a form of three-party system. For the independent
wealth of France is approximately 250,000,000,000 movement for La Follette amounted to that, though
francs gold, a 10% levy ought apparently to there was not a formal nomination by an organized
yield about 100,000,000,000 francs at the present rate party. This third party (without endorsement by
of exchange. The maximum that the Government is Labor) we are informed is to be organized and placed
reported to expect appears to vary from a half to a in the field.
We very much doubt that the fundamentals which
tenth of that sum. 'As a matter of fact, of course,
any estimate of the aggregate wealth of France is have animated our two principal parties in the past
extremely general, and it is one thing to impose a can be made the dominating factor of division in the
tax and another thing to collect it. The low rate future. There will inevitably be a party of the Conof interest, too, that is offered, considerably lower stitution, a party that champions our original form
than the rate at which any European country can of government. But a close examination of the prinborrow either at home or abroad, offers no :nduce- ciples animating respectively the Republican and
ment to holders of securities carrying a higher rate, Democratic parties will disclose that there has been
and might hasten the exportation of capital which what amounts to a reversal in their former positions.
is already a subject of complaint. The comparison There was no doubt as to where the Republican
between present conditions and those which obtained Party stood in the 1924 campaign. It stood squarely
at the close of the Franco-Prussian War, also, is for the preservation of personal and property rights
wholly misleading. France had no national debt of as constitutionally guaranteed and for the continuimportance before that war, the war itself was short, ance without impairment of the three co-ordinate
there was no appreciable impairment of French eco- divisions, including the Federal Judiciary. This,
nomic resources, and the indemnity demanded by however, is far from the old war-cry of "a strong
Germany was shrewdly fixed at an amount which centralized government" triumphant over the States.
France could pay. Tike vaLriotic response to the Gov- Nor can it be found that the Democratic Party took
ernment appeal for subscriptions to a loan, accord- any very large or clear interest in States Rights.
ingly, while remarkable and exhilarating, affords That it bungled its politics badly by its effort t,;
no measure of either the willingness or the ability of make "corruption in government" its leading iss:.e.
the French people to respond to-day to a demand few old-line Democrats will now deny.
What is germane to this proposed "movement" is,
which carries no option save to obey or suffer distraint.
it would seem, the position the Democratic Party it
The one saving grace of the situation is the fact likely to take in the future upon the integrity of the
that the French public has at last been brought face Supreme Court and the inviolate maintenance of tlie
Al'ItIL
11 1925.]
THE CHRONICLE
1819
Constitution against amendments that would en- ties by parties leads to partisanship. Much of this
croach upon the three independent divisions of gov- we can dispense with at all times. And it is a notable
ernment. And therefore it may be said that the two- fact that blind allegiance to party is decadent. Men
party system as the great factor in determining the are not so proud as once they were to be ranged under
future form of our Government will depend upon the the party label. Parties have not always plumbed
possibility of creating a sharp political division upon the depth of principles regardless of opportunism.
But the very appearance of a third party in tha
these fundamentals. We cannot regard it as prob'political
field is warning to the two old parties to
able that either of these two old parties will forsake
the Constitution. Yet four million voters did do it trim their course by the compass of the Constitution.
in the last election. And though it is an unfortunate The Republican Party can no more forsake its highly
admission to make, more than these four millions patriotic stand in the recent election than the Demowill be found in future elections under a banner of cratic Party can afford to absorb the radicalism of
antagonism. What now seems strongly to be as- the insurgent Progressives. Judged by the Social
serted is that the Republican Party has formally com- istic tendencies of the time, the Democratic Party is
mitted itself to defense, while the Democratic Party in a precarious position where if it become ultraconservative it cannot set up an issue sufficient to
has yet to formulate its position and platform.
Therefore, education of voters should be upon the make it the sole opponent of the Republican Party;
vital principles underlying our form of government while if it lean toward radicalism or attempt to abthat they may vote intelligently upon the pronounce- sorb a possible third party it will lose its identity,
ments of parties, or, on the other hand, if we take and in fact become ultra-radical. Lines.are being
the ground that the results of the last election re- closely drawn between what is known as reactionary
move for many years to come similar attacks upon proposals and semi-socialistic. And even thong!.
the constitutional Government, then education of only half the voters went to the polls, the last election
voters should be directed to those insidious encroach- showed such profound conviction that our form of
ments upon the operation of government not in accord government is best for the constitutional freedom of
with this fundamental form. Liberties and rights the individual that probably other immediate elecof persons and property may be undermined by 'ail% tions will work little change.
There was in what was known as mugwumpism a
of control, direction and supervision. Slowly, but
no less surely, Socialism may supplant in fact if not sort of egotism, or self-sufficiency of opinion, which
in name. We may keep our Constitution and lose its soon worked its undoing. And that is a rock this
guarantees. We may preserve three separate and present movement will do well to avoid. Where
independent divisions and yet find the legislative thought is free it is questionable who is qualified to
depriving citizens of the initiative, opportunity and educate or arouse the indifferent citizen. Spoils will
freedom of contract and endeavor. To some extent always be sufficient to induce party workers to "get
the issues of expediency will always affect old par- out the vote" that will help on the right side. But
who and what are these millions of stay-at-homes?
ties as well as new.
A two-party system will maintain itself only so It does not, happily, with us, require deep knowledge
long as two parties cover the essentials of govern- of administrative government to be able to appreciment as now established. It is anomalous to try to ate so great and vitally absorbing an issue as proteceducate people against a third party. If there were tion of personal and property rights against the enno party now defending personal and property croachments of the State—through boards and comrights, one would have to be created for the purpose. missions of control and direction. The value of a
When personal rights disappear there will be general non-partisan movement to show the duty of
neither parties nor Government—unless it be one of voting in a representative republican form of governtyranny. What must be more generally realized by ment lies in education as to the fundamentals of "libqualified voters is that the citizen is above parties, erty under law" that the stay-at-homes, regardless of
and, in a sense, superior to Government. That is the number of parties in the field may defend that
government is created by man for man, and not man party which stands four-square for our republic as it
by or for government. Too much emphasis on par- is.
Security and Industry—Plentiful Capital Fund the Need, with Low
Taxation and High Rate of Saving.
By HARTLEY WITHERS.
[Copyrighted by the William B. Dana Company for the "Commercial and Financial Chronicle." Exclusive copyright in the United States.]
Among the ninny causes which have contributed to produce
the slackness in trade which is now an almost universal disease among the great nations of the world, most people will
agree that unstable currencies, unbalanced budgets and political insecurity are the chief. There has already been a
marked improvement in the stability of currencies, and consequently a welcome reduction in the wild fluctuations in
exchange which reduced foreign trade to a blind gamble.
The balancing of budgets—though it is five years since it
was insisted on by the Brussels Conference as one of the
essentials to a return to normal trade and currency condition, is still in many countries a pious hope, though they
have already arrived at the stage of balancing at any rate
the estimates. But after all, it may be remembered that.be41.
fore the war the number of countries which really balanced
their budgets was comparatively small; in most of them debt
tended to increase, which is a fairly trustworthy indication,
with a nation as with an individual, that expenditure was
exceeding revenue. So with regard to currency and public
finance, with one or two notable exceptions, progress towards
the normal has lately been considerable; and yet, in spite
of these technical improvements, that' trade recovery for
which we have all been hoping, lags with a sluggish footstep. Surely the reason for this disappointment must be,
that political security, without which enterprise cannot
breathe and live in its full vigor, has not made nearly as
Much progress as currency reform, or even as the effort
to balance the public accounts.
1820
UTE CHRONICLE
[Vol... 120.
Some people thought that the Dawes settlement was going set going, thereby relieving depression and stimulating
to bring political security behind it; but so far it has made employment.
If, then, the imortance of the political risk is so great as a
Insecurity still more insecure, for obvious reasons which,
being political, are fortunately not our concern at the mo- drag on trade, and if at the same time there seems to be fair
ment. But in the last few weeks the hope of better rela- chance that by means of some form of government—whether
tions between Continental nations has been revived by the in the shape of the German proposals or otherwise—the
German proposals for a pact of security which has been nightmare of this risk may be lifted off the chest of the
described in very hopeful terms in the House of Commons by business world, we seem to be in sight of the pleasant necesthe British Foreign Minister. Whether these proposals will sity for considering what the effect of the consequent trade
share the fate of so many other efforts to restore real peace revival would be and how best we can further it and take
to the world remains to be seen; but the mere fact that they advantage•of it. To many people, trade revival simply; means
have been made and have been so framed that they could be something rather terrible, because of the fierce foreign comsaid by Mr. Chamberlain to be an honest and sincere attempt petition that it will bring. They think that all the nations
to lead to a better state of things, is good evidence that the will be flooded with goods and that nobody will be able to
Continent is coming back to a state of mind in which polit- make a profit out of production. But there must surely be
ical security is earnestly desired. And since the state of something very wrong about the adjustment of our economic
mind is everything, it may before long be granted to those arrangements, if we are going to be smothered by a great
of us—and they are the great majority—who only want to supply of all the things that we want to consume and enjoy.
busy ourselves on the task of Increasing the world's wealth, If scarcity were in sight, apprehension would be comprehenand incidentally our own, by the exchange of goods and sible. But if the world is *really going to be impoverished
services between the nations, without being continually because too many good things are being poured out for its
obliged to pause and consider whether the risks of fresh consumption, it will deserve any punishment that it gets for
war, sooner or later, does not make it necessary to be cau- Its stupidity. If trade revival is to be sound and wholesome
tious in arranging commitments. How serious an obstacle and profitable to producers as well as to consumers, It is
this feeling is to enterprise, it is impossible to say. But it is above all necessary that it should be well distributed and
contended by those who ought to be able to judge, that the general. If a few industries leap into activity while others
extent of unemployment in England and the low percentage lag behind, then we shall see the old disadvantages of overof its pre-war activity now shown by the volume of inter- production here and under-consumption there, and a connational trade would very soon be radically altered, If the, sequent return of depression. This is the great danger, and
risks of Continental politics could only be eliminated, or *one means of averting it is a plentiful fund of capital, so
materially reduced. The British Government is, in fact, that those industries that have not been artificially develbeing pressed to undertake the insurance of the political oped during the war may be enabled to keep pace with those
risk—as it insured marine and aircraft risks during that have. And in order to provide a plentiful capital fund,
the war—so as to enable the large number of en- we need low taxation by Governments and a high rate of savterprises which are at present kept back by it, to be ing by individuals.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, April 10 1925.
The tendency of trade to keep within very conservative
bonds has been, if anything, rather increased than otherwise
during the past week, when the influence of the Easter holidays has been very manifest. All the Exchanges, as usual,
closed over Good Friday, at home and abroad. The drift of
prices in general has been downward. The index figures
make that plain, although the level is stilt, it is of interest to
notice, some 57% higher than on the unforgettable Aug. 1
1914 as the Great War opened. The falling off, too, from
the high point of two years ago is only about 2%. But from
that of February five years ago, there is a decline of nearly
35%. In other words, the engines of modern business are
slowly being reversed. Production is increasing and prices
accordingly recede, even if slowly. The average decline
would be greater, of course, but for the phenomenal rise in
grain prices during the past year under the stimulus of
world shortage and an extraordinary demand from foreign
countries for American grain, especially wheat. The tendency is, however, as already indicated, back to more normal
price levels. One thing that needs to be liquidated and has
not been liquidated as many other things have been, is labor.
Labor costs are still very high. In the building trades they
are so high as to be almost grotesque if the matter were not
so serious. A recent strike among building workers not at
all easy to understand has just been ended.
The grain markets during the week have been active and
at times more or less excited. May wheat is about 14 cents
higher than a week ago, though at times the effect of beneficial rains in the winter belt has been noticeable. Still, the
Government report, issued on Thursday, shows an unexpected decline in the condition of the crop, which instead of
being something like 75%, tarns out to be as low as 68.7%,
as against a ten-year average of 81.2%. This points theoretically to a crop of not quite 475,000,000 bushels, or 115,000,000 bushels less than the last crop. It is hoped that
further rains will relieve the situation in the droughtstricken districts. As the case stands, No. 2 red wheat is
still some 66 cents per bushel higher than a year ago and at
times during the past week there has been a return to something like the recent excitement. A phenomenon of the
business times has been the remarkably large trading in
grain in Chicago this year. • It has reached a height never
equaled in the past. In other words, the sales of wheat for
future delivery on the Chicago Board of Trade for March
were no less than 2,051,895,000 bushels, and of all grains
3,219,506,000 bushels, of which 755,197,000 bushels were
corn, 305,093,000 oats and 107,321,000 rye. The largest open
Interest in wheat was 128,756,000 bushels on March 5, in corn
92,924,000 bushels on March 12 and in oats 109,698.000 bushels, and rye 23,008,000 bushels on * March 1 and March 2, respectively. The total sales of all grains and flaxseed in the
nine principal markets in March were 3,552,884,000 bushels.
For March 1924 the total sales were 1,139,516,000 bushels, of ,
which 593,250,000 were wheat. In other words, the total is
more than treble that of March last year, which is eloquent
of the excitement in these markets. A dying down of such
hectic conditions will not be at all unwelcome. During the
past week there has been a rise of 14 cents in May corn under the spur of a sharp increase in the cash demand. Rye is
some 7 to 8 cents higher than a week ago. A certain amount
of export business has been done in wheat, rye, oats and
barley, all of which are higher, partly in response to higher
prices in foreign markets. Receipts of some grain have died
down in this country and this of itself has naturally had a
bracing effect on prices.
Coffee declined sharply early in the week in response to
lower Brazil markets and increasing evidences that the consumer was balking at the high prices current, whatever
might be said to the contrary. But within a day or two the
fact that the American visible supply of Brazilian coffee
has dropped to 670,000 bags, or some 160,000 bags less than
a:year ago, has excited no little remark here and has con.
APRIL 111925.]
THE CHTIONTOLE
tributed noticeably to a rally in prices. Sugar, on the other
hand, has declined under the weight of large stocks of raw
sugar and seasonable quietness in the trade. Later, when
the summer business revives, it will be another matter. Cotton has declined, but in the end very slightly, for the reason
that it is not believed that the rains which have fallen within
the last few days In Texas have effectually relieved its
drought. More or less rain has fallen in the northwestern,
northeastern and central parts of that State. But it is
doubtful whether it was enough for more than the urgent
needs of germination, for the time being. There is no evidence• that Texas has had enough rain to provide a reserve
of subsoil moisture. It badly needs it in order to fortify the
big cotton acreage of that State against the possibility if
not the probability of summer drought. Oklahoma has been
more fortunate. It has had copious rains during the week
and It is now said that in about 80% of that State
the
drought has been relieved. That is in marked contrast with
the reports that only about 33% of Texas has had even
passing relief from the drought of six months' duration,
Meanwhile the exports of cotton steadily mount and it would
not be surprising if they should reach 8,000,000 bales,
the
largest total for some years past. And whatever may
be
said of the slowness of trade, the domestic consumption of
cotton during March has been estimated during the week
at
anywhere from 590,000 to 607,000 bales, as
against 550,100
In February and some 484,000 bales during
March last year.
Meanwhile, however, cotton goods are reported generally
rather slow of sale in this country. Fall River's sales during
the week are said to have been only 30,000
pieces. In very
active times they are nearly ten times that amount. It is
said that in parts of New England mills are running at anywhere from 70 to 90% and on fine goods on nearly full time
at Fall River. Meanwhile, too, we have the evidence of
.1.
large consumption in this country of the raw material. The
trade in textiles is plainly not of the demonstrable kind,
but quite as plainly it is persistent. The retail distribution
must be on a considerable scale. The recent reports of mail
order houses and chain stores are sufficiently corroborative
of this fact. The woolen goods industry, however, is evidently still in more or less unsatisfactory condition. Raw
wool has naturally been dull and prices have recently yielded
very noticeably.
The iron and steel industry is another example of the
unsatisfactory condition of some of the big industries of the
country. The output of both has fallen off and prices show
a declining tendency. That these barometric trades should
exhibit such features as they have for many weeks past is
naturally regrettable. But the thought will occur to anyone
versed in the business history of this country that there
have been many similar periods of depression in the iron
and steel business in the past which were invariably fol_
lowed by periods of recovery and even great activity. There
Is no reason to doubt that history will sooner or later repeat
Itself in this great field of business. The stock market of
late has been more or less disturbed by conditions across
the water. London has evidently been uneasy over the
French crisis. It seems reasonably certain that the Bank
of France's note issue will be increased beyond the legal
level of 41,000,000,000 francs by some 4,000,000,000 francs.
The talk is persistent, tto, of a forced loan
in lieu of last
week's undisguised project of a capital levy on 10% of the
wealth of the country. Now it is proposed to issue French
bonds and offer them to the people and invite the people
first and compel them if need be to subscribe to them. It
looks like six of one and half a dozen of the other. Premier
Herriot to-night suffered defeat and promptly resigned.
That the Governmental finances of France should be in such
shape as they are is a matter of world-wide regret, but it is
hoped that the issue will be a new exemplification of the
old saying, "when things get to their worst they mend."
Franc exchange the present week has held up well, but this
was apparently due to Government support. At any rate
that is the common notion. Sterling exchange has, of late
advanced after sagging for a time. It would appear, however, that the events in France may somewhat retard the
British return to the gold basis. Yet the business of Europe
is on the whole mending. Production is increasing. Continental European currencies show in general an upward
tendency. World prices as a rule show a downward trend,
whereby the pressure on world currencies is gradually belagrelaxed and international trading increased. In this
country business is undoubtedly in a sound condition. It
was a straw, perhaps a large-sized straw, that in completing
1821
the first step in the largest industrial financial operation in
the history of the United States, the syndicate offering
$160,000,000 of new securities of the Dodge Brothers, Inc.,
Automobile Company announced on Thursday that subscriptions on the $85,000,000 of preferred stock had closed early
in the day. And it was estimated that the total applications
for the preferred stock, which was sold in units, including
the common, might exceed $400,000. This, in a way, is a
striking expression of opinion of investors as to the soundness of the country's business as illustrated in one of its
great departments of industry. Moreover, despite reports
of dragging trade, it is rather significant that there is a
high record of car loadings for the first quarter of 1925.
That is the total is 11,765,235 of revenue freight for the first
three months of this year, or 177,224 more than in a like
period last year, despite a falling off in the coal traffic recently by reason of comparatively mild weather in many
parts of the country and the admitted decrease of trade in
such industries as iron, steel and building and slowness in
textiles, both woolen and cotton.
At Fall River, Mass., the fine goods mills are, it is stated,
running full time and in some cases at night. Fall River
mills, it is said, will experiment with rayon, or artificial
silk, and other specialty fabrics for whch there is a big demend. Cotton mills there are running at 70%. At New Bedford the cotton mills are said to be funning at 90%. At
Lawrence, Mass., on April 8 the Monomac Spinning Co.,
manufacturers of cotton yarns, announced a wage reduetion of approximately 10%, effective next Monday. The
factory normally employs about 900 workers. The wage cut
was necessitated, the company announced, by business conditions and longer working hours in the factories of cornpetitors. At Fitchburg, Mass., the Star Worsted Co. has resumed operations on a part-time basis for a majority of the
operatives. The plant was shut down last week for lack of
orders. At South Hadley, Mass., operatives who struck last
o
week for a wage increase of 15% have returned to work at
the old pay. In Rhode Island practically all mills are opersting
full time and the general situation is far better than
a
a year ago. But profits are extremely small, according to
a report on the first quarter issued by the Rhode Island
Textile Association. Yet payroll figures of a number of
representative Rhode Island cotton manufacturing plants
from Jan. 1 to March 31 of this year show an increase of 22%
over those for the corresponding period in 1924. This increase has been made despite a 10% wage reduction. The
reasons for the extremely small profits in the industry are
abnormally low prices. Since 1921 the cotton industry has
been depressed. Mills have taken orders at very low prices,
for the purpose of keeping their plants running. At Manchester, N. H., the Amoskeag mills increased their number
of workers last week. Its worsted business was dull and
this deptartment of the Amoskeag company's mills, it is
stated, closed down on the night of the 7th inst. for the rest
of the week. At Littleton, N. H., the Norfolk Knitting Mills
Corporation announced the removal of its plant to Laconia.
The company has been fairly busy but finds Laconia better
for its requirements. At Danbury, Conn., John W. Green &
Sons, Inc., announce they intend to operate on an open shop
Plan henceforth, and that sizers who struck on April 1 are
discharged. "We are running an open shop and will continue to do so and nothing will change this attitude," the
official statement read.
Gastonia, N. C., wired April 6: "Taking exception to
statements attributed to Secretary Allen of the Gaston
County Spinners' Association, as given out in Charlotte
several days ago, the 'Gastonia Gazette' says that Mr.
Allen has stated that he was misunderstood when quoted to
the effect that recent orders were large enough to allow the
mills to temporarily abandon the idea of curtailment. There
is not yet any curtailment among the fine yarn mills and
most of them have orders on hand that will keep them busy
for some weeks to come. But mills will not manufacture'
stock yarn and all plants will curtail except when running
on actual orders. Unusually depressing conditions haver
been evident in Gastonia for the past two weeks. The situation is regarded as being far from bright." Cotton mills.
want a higher tariff.
The Silk Association of America shows that 46,157 bales
of raw silk were delivered to American mills during March,
against 37,529 bales in February and 26,543 in March 1924.
Imports during March were 31,571 bales, against 39,046 in
February and 16,692 in March 1924. Stocks on band at the
end of March were 46,663 bales, against 60,240 at the end DI
1822
THE CHRONICLE
February and 30,375 at the end of March last year. The
March consumption was the largest on record. Decreased
imports helped to cut down stocks.
A truce was effected between the Bricklayers, Masons and
Plasterers' International Union and the Operatives, Plasterers and Cement Workers at a meeting in the Builders' Exchange on April 7. The President of the Plasterers' Union
sent out telegrams directing striking members of his organization to return to work at once on the $22,000,000 construction work of the Thompson-Starrett Co. In New York, Philadelphia and Chicago. The executive committee of the Plasterers' and Cement Finishers' Union signified their willingness to a truce. Bricklayers were ready to return provided
the plasterers resume work. Evidences that the building
boom has passed its crest and is on the ebb are seen in the
March and three months' building returns to Bradstreet's,
The March total of expenditures permits, it is true, greatly
exceeded that for the shorter month of February, and the
totals at large cities outside of New York City continue to
show gains over the like period last year. But with New
York included in the compilation, a good-sized decrease is
shown from March a year ago, when the expenditures
&Limed reached their peak.
The weather has been fairly seasonable, with temperatures
at New York at 58, at Chicago 66, at Cincinnati and Cleveland 62, at Kansas City, 70, at Milwaukee 64, and, curious
as it sounds, at St. Paul 74. Oklahoma has had very general
rains, which was of distinct benefit to the crops. Parts of
Texas have had a moderate amount of rain. That State
needs a good deal more in order to store up sub-soil moisture
against possible summer droughts. On Thursday, after
being rather mild for 24 hours, the weather became cooler
and at 3 o'clock it was down to 48. There were predictions
of showers and warmer weather, however, during the next
24 hours. It also has been somewhat cooler within the last
24 hours at the West and Northwest. To-day it has been
warm here, with rain at night.
[VOL. 120.
Individually, less than 30% of the reporting firms registered gains over
February 1924, so that for the second successive month of the five commodity groups—grocery, hardware, dry goods, drug and shoe dealers—all
showed decreases from a year ago.
As in the four preceding years for which comparable data are available
(1921-1924) the February-January sales comparisons vary: in groceries, all
but seven firms continued the downward trend noted since the beginning of
the year; shoe dealers, on the other hand, with one exception reported expansion in business; and the other groups were more evenly divided between
increases and decreases.
February collections, like sales, were smaller than in January, 54 out of
69 firms reporting declines; in comparison with a year ago, the hardware
group averaged the one increase.
Inventories on Feb. 28 for all groups except shoe dealers were higher
than at the beginning of the month, net increases ranging from 0.7% for
groceries, in which less than half the individual stores showed gains, to
12.5% for hardware with only one store reporting a decline. Grocery stocks
continue well above a year ago, but the majority of other firms axe carrying
lighter inventories.
Department Store Trade.
February returns to this bank from reporting department stores in the
district in general showed a seasonal drop in sales from the preceding
month, with the average decline for the group somewhat more marked than
usual. Furthermore, for the first time since October total sales fell below
the corresponding month of the preceding year.
For all but three stores February collections were smaller than during
January—a seasonal trend accompanying the reduction in business characteristic of the winter months. The ratio of 40.7% for February collections to
accounts outstanding at the end of January is the lowest in several months,
and compares with 44.2%, the corresponding 1924 figure.
As is customary (luting February, increases in stocks were general, inventories at the close of the month amounting for the district to 9.8% more
than on Jan. 31. Comparisons with a year ago were about evenly divided
between increases and decreases, so that aggregate stocks for the group were
at practically the same level as on Feb. 29 1924. The stock turnover for
the first two months of 1925 has averaged 26.1 as compared with 26.3 for
last year. Outstanding orders for new goods were higher at the end of
February than on Jan. 31 for over half the stores.
Agricultural and Business Conditions in Federal Reserve District of Minneapolis—Effect of Purchasing Power of Last Crop Shown in Increased
Sales.
"More definite evidence comes to hand each day showing
the exact amount of improvement that has been taking place
in business in the agricultural sections of this distrct," reports John R. Mitchell, Chairman of the Board and Federal
Reserve Agent of the Federal Reserve Bank of Minneapolis,
Arthur Reynold?, of Continental & Commercial Na- In his "Monthly Review," issued under date of March 28,
who in stating that "the purchasing power created by the
tional Bank of Chicago, on Conditions Abroad
crop is beginning to have noteworthy effects on business
last
—French Debt Issue.
conditions," adds:
Arthur Reynolds, President of the Continental & ComSales of farm implements have doubled, and there have been substantial
mercial National Bank of Chicago, pictures France as dupli- increases in wholesale sales of hardware and dry goods. Carloadings of
Retail lumber yards scatcating the currency and trade record of Germany, and falling, implements and vehicles are treble a year ago. board
feet more than onetered throughout this district report sales in
to a second or third-rate nation in the event of the failure half larger than a year ago and somewhat larger in February than in Januof the French Government to recognize her financial obliga- ary, although February was a much shorter month. And figures recently
that there was an increase during the year 1924 in
tions. The Chicago "Journal of Commerce" of March 31 made available indicate
the deposits of individuals and corporations, other than bankers' deposits,
quotes Mr. Reynolds as follows upon his return from a two in this district, amounting to about 56 million dollars, of which approximately 7 millions were public deposits of various Governmental units, leavmonths' tour of Europe:
"France to-day is wavering on the question of paying her debts, but I
think ultimately the debt to the United States will be assumed and a settlement will be reached."
Mr. Reynolds said that if France did not accept her liability her currency
and trade record would duplicate that of Germany and she would fall to a
second or third-rate nation.
"I think that France is beginning to realize the folly of a repudiation
policy," the banker continued. "Trade there is stagnant and confidence in
business circles is lacking. There is no definite policy as yet, but I think
the Frenchmen themselves realize that their present difficulties are due to
the utterances of various Government representatives last January, intimating
that France did not feel she owed the United States anything. That naturally has hurt French credit and indirectly French trade, as we have seen in
the decline of the franc.
Just Reverse in England.
"In England the situation is just the reverse. Three years ago when I was
there, depression was the order of the day and conditions were bad, but
business men were smart enough to realize that if credit could be bolstered up
a large step forward would be taken. England then made public recognition
of her monetary debts and a definite agreement for their payment. She has
profited immeasurably from that policy. Confidence has been restored,
foreign credit has been revived on a large scale, business is active everywhere and sentiment is optimistic. There still is some unemployment, but
much less than what prevailed a few years ago and it is not the demoralizing
Influence that it was. Prices have improved and are about at or above
American levels; clothing and leather goods weie the only commodities I
found selling lower in England than in the United States."
Mr. Reynolds spent two weeks in Italy and said he found business and
sentiment there good.
"While Italy has not made settlement of her debt to this country, there
have been no intimations that she would not ultimately do so and the question therefore has never arisen. Mussolini has done much to restore stability
and confidence in the country, but I think the time is not far distant when
he shall step out. Italy is working out remarkably well and no longer needs
a dictator," said Mr. Reynolds.
ing a net gain of 49 millions in private deposits, which was distributed
roughly as follows: 32 millions in Twin City national banks and 17 millions
In other banks.
All of the foregoing gains must be credited to the heavy rush of grain to
market in the fall months of last year at good prices, followed by a substantial movement M live stock. There has been a considerable decline in the
marketing of grain and hogs during February. The prices of grain have
declined and the prices of live stock have advanced.
There is reason for believing that a considerable quantity of latent purchasing power exists at this time in this district. Despite the heavy movement of wheat during this crop year, farm stocks of spring wheat in this
district are now greater than a year ago. Also, the holdings of oats are considerably larger. This surplus of oats offsets to some extent the decreases
In the stocks of corn and hay. Data recently made available indicates that
there was a considerable increase in last year's wool production and an increase in the number of dairy cows and sheep.
Urban centres apparently have not yet realized heavily upon this improved purchasing power of agriculture. Sales at retail of city department
stores were only slightly better in February than a year ago. Building prospects, shown by permits, also were only slightly better in the aggregate and,
in one-third of the cities reporting to us, were below a year ago. Minneapolis flour mills continue to lose in volume of production what the country
mills gain. Shipments of automobiles, trucks, tires and building materials
from the larger cities appear to have declined. However, wholesale trade,
with the exception of shoes and groceries, did register some advance.
There was a substantial improvement in the money value of business
transacted in this district during February, as shown by the individual debits
at banks in seventeen selected cities, but this gain was due to higher prices
and greater speculative activity rather than to a general increase in the
physical volume of business. Oar loadings, which are a good test of physical volume, were 2% below a year ago, owing to decreases in the movement
of grain, hogs, coal and forest products. A more general improvement in
business in the smaller cities is indicated by an increase in less than carload shipments and in car loadings of merchandise, which presumably cover
articles of general consumption. The linseed industry exhibited marked
gains as compared with a year ago.
Decline in Wholesale and Department Store Trade in
Federal Reserve District of Chicago in February.
• The volume of goods sold at wholesale in the Seventh District during February, as reflected by direct returns to this
bank, was smaller this year than last, says the April 1
business conditions 'report of the Federal Reserve
monthly
•
Bank of Chicago, which continues:
Changes in Retail Food Prices for Month Ending
March 15 1925—Comparison with 1913.
The United States Department of Labor, through the Bureau of Labor Statistics, has completed the compilations
showing changes in the retail cost of food in 20 of the 51
cities included in the Bureau's report. In its review under
date of April 6 the Bureau says:
APRIL 11 1925.]
THE CHRONICLE
During the month from Feb. 15 to March 15 1925, 13 of the 20 cities
showed decreases as follows: Fall River, Portland (Me.). and Providence,
3%; Boston, Bridgeport, New Haven and Scranton, 2%; Charleston,
Newark, Norfolk, Richmond and Washington, D. C., 1%; and New York
less than five-tenths of 1%. The following six cities showed increases:
Cleveland, Detroit and Peoria, 2%;and Buffalo, Indianapolis, Milwaukee,
1%. In Columbus there was no change in the month.
For the year period, March 15 1924 to March 15 1925, 19 of the 20
cities showed increases as follows: Peoria, 9%; Detroit, 7%;Buffalo, Cleveland and Norfolk, 6%; New York, Richmond, Scranton and Washington,
D.0.,5%;Indianapolis, 4%;Charleston, S. C., Columbus, Milwaukee and
Portland, Me.,3%;Boston, Bridgeport, Newark and New Haven, 2%;and
Providence, 1%. In Fall River there was a decrease of less than fivetenths of 1%.
As compared with the average cost in the year 1913, the retail cost of
food on March 15 1925 was 59% higher in Richmond, 58% in Detroit,
57% in Washington, D. 0., 56% in Buffalo, 55% in New York and Scranton, 54% in Charleston, S. C., 53% in Milwaukee,51% in Cleveland,
49%
in Boston, 48% in Providence, 47% in New Haven, 45% in Newark, and
44% in Fall River and Indianapolis. Prices were not obtained from
Bridgeport, Columbus, Norfolk, Peoria and Portland, Me., in 1913, hence no
comparison for the 12-year period can be given for those cities.
Business Indexes of the Federal Reserve Board.
'['he Division of Research and Statistics of the Federal
Reserve Board has issued the present month (April) the
following statement giving current figures of. its various
business indexes:
INDEX OF PRODUCTION IN BASIC INDUSTRIES.
(Adjusted for seasonal variations. Monthly average 1919-100.)
1924
Steel
Pig In- CotTotal Iron gots ton
January. 120
February. 121
October _.. 109
November 107
December_ 117
1925
January .. _ 127*
February .. 124
Sugar Animals Slaughtered I
Whe't MeU
LuntWool Flour ins* Collie Calves Sheep Hogs ber
120
132
93
97
119
131
146
104
109
133
112
102
109
105
111
99
100
100
102
102
134
143
150
150
115
114
100* 94
99 103
89
100
98
85
82
97
127
141
111
91
95
94
94
93
99
133
137
143
129
155
98
93
93
82
87
119
116
121
122
130
136
130
120
116
128
132* 100
104
96
140
157
90
91
121
107
145
127
IMO.
1924
January
February
October
November
December
1925
January
February
BUts- AnSole
Pemm -Oita- CoyNews-1 Ce- Ire,ar- Toous cite per Zinc er print meat leum Cigar ettes bacco
126
127
110
104
116
111
118
95
91
100
132
134
123
140
137
125
109
104
116
147* 128
148 119
126
112
108
108
121
73
74
71
71
76
107 239 183
108 192 189
110 183 185
104 187 183
103 182 182
98
94
97
98
92
176
140
158
145
170
113
98
99
89
94
68 106 243 193* 91 188 105
72 108 193 191
88 171
97
INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES.
(Not adjusted for seasonal variations. Monthly average 1919-100.)
1823
went up 1% from February to March. This taken with the
February increase of almost 2% may be considered a good
seasonal gain, compared with previous years. But the estimated figure for all employees in State factories shows that
there are about 82,000 fewer workers on factory payrolls
than in March a year ago, the month before the last phase
of the depression set in. In view of this and the decided
irregularity among the various industry groups in March, the
upward movement of industrial activity cannot be said to be
well defined, says Commissioner Hamilton, whose statement is based on reports from the payroll records of manufacturers of the State who employ almost half a million
workers, and who are representative beth of the separate
manufacturing industries and the various industrial districts of the State. The Commissioner's statement continues:
The striking features in the March situation were the leap forward In
automobile production and the severe loss in the woolen mills after the
February improvement. Heating apparatus plants were decidedly less
active and a mijority of the metals failed to show any substantial gain.
Important Loss in Woolens.
Of the textiles which have been important in recent increases, silk and
knit goods were the only ones to report an increase in activity in March.
The February gain in woolens was more than wiped out when several hundred workers were released from mills reporting to the State. Employment
in the cotton mills remained low, as the wage dispute extended into March,
and some of the finishing plants began to slow up.
Spurt in Automobile Production.
Automobiles led the metals with an increase of more than 8% over February. In the last two months about 2,000 workers have been taken on in
the factories reporting to the State. Almost all the plants were included
in the gain, but in allied manufactures both increases and decreases were
found. A small but encouraging improvement appeared in the factories
making instruments and office equipment. This is the first sign of an
upward movement in this division since the depression.
Some of the railroad equipment shops took on more men after reductions
in recent months. Others cut forces further and part-time schedules began
to appear. There were small fluctuations in both directions in repair shops.
Manufacturers of radios and radio parts reported business had slowed up
appreciably.
The course of employment in heating apparatus shops has been irregular
recently. After gains in January and February, reductions were in force in
March. Copper and brass goods factories reported practically no increases,
and while some steel mills continued to go forward others reduced forces.
One or two were on part time.
Building Materials Start Upward.
With March came the opening of the active season for manufacturers of
building materials. Brick yards employed several hundred more workers
and cement, plaster and paint and varnish plants were busier. Both the
Metals & Prodls Textiles and Products
piano and furniture divisions showed net losses in employment
Lumber
Increases were about over tor the women's cloak and dress factories, but
1924
Total Group Iron & Group
FabProdand
season for modistes had begun and about 500 workers were taken on in
Index
Steel
Index
tics
sects Prod'cts the
the reporting houses. Scattered increases continued in women's underJanuary
98
89
89
97
96
98
118
wear. Shoe plants were on the whole slightly busier, though leather tanFebruary
99
91
90
98
97
100
123
neries showed a loss as compared with February. The season in furs adOctober
91
79
78
89
90
114
87
November
vanced generally.
91
80
79
88
91
114
85
December
93
83
82
92
The spring increase in sugar refining was felt in the barrel factories,
94
112
88
1925
were noticeably busier. The refineries are operating slightly under
which
January
93
85
84
93
95
113*
89
February
the schedule of 1924. Canning factories took on a few more workers after
95
87
86
95
96
114
94
the dull months of the winter, but in meat packing and tobacco decreases
Motor Paper & Foods & Leather Stone, Tobacco Chemoccurred. Small increases were reported in the soap and miscellaneous
yePrint- Prod- dt Prod- Ctaijand & Prod- teal Pro- chemical plants.
1024
litclek
sects
ing
ucts
Glass
sects
ucts
Metals and Apparel Important in New York City Gain.
January
103
106
104
86
105
78
88
Employment in New York City gained about as much as in the whole
February
105
106
102
87
106
87
78
October
State. The largest increases were found in metals and in some of the ap81
104
102
82
109
81
71
November
80
105
102
81
109
87
72
parel trades.
December
82
105
103
80
108
87
73
Firms making instruments of precision and cutlery employed more work1925
January
ers
than in March and earnings went up in the former after the extended
84
105
100
83
103
83
74
February
57
1115
OR
an
In°
1K
a,
holiday in February. The approach of spring brought an increase in the
number employed in automobile service stations. Part of the 2% gain in
INDEXES OF WHOLESALE AND RETAIL TRADE.
metals was the result of another jump in employment in the irregular shipbuilding industry. Machinery plants were slightly busier, but activity fell
Wholesale Trade.
off sharply in electrical apparatus shops.
1924
GroDry
Men's and women's furnishing factories continued to be somewhat fore
Hardceries
Meat Goods Shoes
ware Drugs Total
active and the season in modiste& shops was well under way. Furs also
January
moved upward and there was a good gain in silks. Shoes were irregular,
80
66
97
49
91
116
80
February
77
though there was an increase for the division.
63
98
49
90
110
78
October
100
78
104
67
111
128
95
Sugar refining was the only food product to show any large gain. Meat
November
89
68
88
57
98
109
84
packing and tobacco products lost somewhat.
December
83
67
77
56
99
109
79
1925
Plaster and structural iron plants were more active, but reductions were
January
80
71*
82
43.
89
In force in mills making house trim. Decreases offset increases in cut stone.
116*
78
February
74
69
88
46
91
109
76
Automobiles Again Responsible for Sharp Increase in Syracuse.
Retail Trade.
In the past two months almost 1,800 workers have been taken on in Syracuse factories reporting to the State. Almost all of the improvement came
Department
Department
Mall Order
in a few of the automobile factories, which have been running low for
Store Sales
Store Stocks
• Sales
1924
nearly a year. However, in March there was also a gain in some of the
lighter metal manufactures which have remained dull until recently.
Industrial chemical plants are running more than 10% below last year.
JAMMU
109
125
115
131
98
100
February
They released employees in March.
102
128
127
135
96
101
October
141
124
147
132
There were a few reductions in food and furniture plants, but two or
141
109
November
141
126
148
131
131
105
three of the clothing factories were busier than in February.
December
211
132
124
133
148
123
1925
Serious Decreases in Metals Reduce Buffalo Employment.
January
109
124
119
135*
108
110
February
The only marked loss in employment was in Buffalo, where sharp changes
100
130
128
136
105
116
in some of the metals brought the total for the district below February.
• Revised. 0 Without seasonal adjustment. c Adjusted for seasonal variation.
Heating apparatus shops reported reductions involving hundreds of
workers after gains in February, and some of the steel mills slowed up proIncrease in New York Factory Employment in March duction. While certain factories making automobiles and parts took on more
employees, others curtailed operations further and there was a definite fallas Compared With Previous Month, but Lower
ing off in foundries turning out castings for use in the automobile and railThan in March Last Year.
road industries. There was a loss in electrical equipment.
According to the statement issued March 7 by Industrial
Again changes in the varied chemical plants affected several hundred
Commissioner James A. Hamilton of the New York State workers, although they tended to offset one another in the group as a whole.
Meat packing houses continued to reduce the number at work, but emDepartment of Labor, factory employment in New York ployment
gains appeared in one or two other food plants.
1824
[VoL. 120.
THE CHRONICLE
The sewing trades offered employment to a few more workers than in
February.
Association, Newsprint Service Bureau, Wrapping Paper
Manufacturers' Service Bureau and Writing Paper MannThe decrease in the Capitol district from February to March was small. facturers' Association.
Machinery and electrical apparatus shops felt the heaviest losses. Other
The figures for February for same mills as reported in
metal products moved irregularly.
are:
January
There was spme improvement in the knitting mills and other textiles
showed a net gain. Decreases offset increases in the shirt and collar facSlight Lou in Capitol District.
tories.
The Utica district reported a gain of less than 1% over February. Most
of the improvement appeared in the knitting mills, where several hundred
workers were added to the payrolls of the reporting factories. The wage
dispute in the cotton mills continued, however, and there was consequently
a reduction of employment in the finishing plants.
There were good increases in some lighter metal products, but heating
apparatus shops were less active. Leather and leather goods also showed
substantial reductions in employment.
Shoes Pro4inent in Binghamton and Rochester. Gains.
Binghamton factories reporting to the State had about 180 more workers
on their payrolls in March than in February, a gain of almost 1%. Shoe
manufacturers engaged more workers and small increases were general
throughout the metals. Tobacco products fell Off somewhat and both decreases and increases were found in the furniture factories.
Another improvement in shoes carried employment in the Rochester district up a little over 1%. Some of the men's clothing factories continued
to take on more operatives, although reductions had already begun in
others. A few manufacturers of machinery and instruments were busier,
but all metals combined were about the same as in February. Increases in
furniture and canning were limited to one or two plants.
Increase in Manufacturing Production in
February.
Manufacturing production in February increased 8% over
January, when allowance is made for the shorter number of
working days, according to the index number of the Department of Commerce, and was 2% higher than in February
1924. The Department has the following to say in a statement made public April 6:
P The principal increase over January occurred in the output of automobiles,
with a gain of almost 20%. while slight Increases were shown, when reduced
to an average daily basis. In the output of textiles, nonferrous metals. lumber. leather and stone and clay products. Increases over a year ago were
made in the textile, lumber, chemical and oils and tobacco groups.
The output of raw materials was 5% less in February than a year ago.
minerals declining 7%. forestry products 2%. the marketings of animal
products 3% and crop marketings 7%. as computed by the Department
Of Commerce index numbers.
The index of unfilled orders on Feb. 28 increased fractionally over Janu-
ary and was the same as a year ago. Iron-and-steel unfilled orders having
Increased ever a year ago, while orders for building materials declined.
Stocks of commodities held at the end of February showed a decline from
January of 4%, when allowance is made for seasonal tendencies, but increased 10% over a year ago. Stocks declined during February in all
groups except manufactured foodstuffs, while, compared with a year ago,
an groups showed increased stocks except raw foodstuffs, which remained
Stocks on
Number
Production, Shipments, Hand End
of
Mills. Net Tons. Net Tons. of Month.
Net Tons.
Grade.
Only Small Increase in Utica.
Newsprint
Book
Paperboard
Wrapping
Bag
Fine
Tissue
Hanging
Felts
Other grades
65
63
108
84
26
'82
45
8
20
63
Total, all grades
113.805
85,260
107.754
50.082
9,751
27,878
11,648
3,903
18,089
19,910
114,027
87,097
107.868
51,685
10,164
29,188
11,657
4,030
18,157
20,430
25,883
39.824
28,110
60,719
6,186
40,496
10.923
1.763
3.745
13,627
448.080
454.303
231,276
.During the same period, domestic wood pulp production
decreased 14%, this decrease being distributed over all
grades. The February totals (mills identical with those reporting in January), as reported by the American Paper
and Pulp Association, are as follows:
Grade.
Groundwood pulp
Sulphite. news grade
Sulphite, bleached_ - - Sulphite, easy blchg
Sulphite, Mitscherlich.
Sulphate, pulp
Soda pule
Other than wood pulp_
Total, all arades
Number
of
Production.
Used.
Mills. Net Tons. Net Tons.
Stocks on
Shipments. Hand, End
Net Tons. of Month.
Net Tons.
100
38
20
6
4
10
10
2
74,057
34.972
20,926
5.915
3.414
12,552
14,591
11
71,686
36.465
18,543
5,412
2.660
11.431
12,092
54
3,827
2.338
2,103
471
653
1,109
2,885
100,613
8.479
3.282
1,643
894
3.713
2,002
23
___
166.438
158.333
13.386
120.649
Automobile Models and Price Changes.
The Studebaker Corp. will place in production during
April three new models: A big six brougham at $2,575,
a special six coach at $1,695, and a special six country club
coupe at $1,695 f. o. b. factory. These new models increase
the corporation's line to 22 body styles on three chassis.
The Moon Motor Car Co. announced deliveries would
begin in May on the new lightweight eight-cylinder model,
which was developed out of 1924 profits.
Lumber Industry in Continued Activity.
Reports to the National Lumber Manufacturers' Association from 373 of the chief commercial softwood lumber mills
Unchanged.
of the country indicate a marked expansion of the lumber
The index numbers of the Department of Commerce are trade during the week ending April 4. Production, shipgiven below.
and orders all were much larger than at this time in
Produaton
Dec. Jan.
Feb. Jan.
Feb. ments
(Index numbers, 1919=100.)
1924. 1925. 1925. 1924. 1924. 1924. Compared with the preceding week there was little
108
100
143
120
95
Raw materials—Total
113
128
122 change; a smaller number of reporting mills showing some
123
132
Minerals
105
138
114
102
119
Animal products
and some gain in
158
119
81
93
87 decrease in new business and production,
Crops
114 shipments.
Forestry
110
114
112
111
Manufacturing, grand total (adjusted)
112
116
125
113
122
112
121
116
118
117
Total (unadjusted)
The unfilled orders of 250 Southern Pine and West Coast
Foodstuffs
104
113
100
112
107
Textiles
109
117
108
117
106 mills at the end of last week amounted to 629,127,577 feet,
122
141
127
125
129
Iron and steel
668,663,540 feet for 251 mills the previous week.
Other metals
149
179
172
176
177 as against
Lumber
127
142
137
124
131 The 128 identical Southern Pine mills in this group showed
Leather
83
84
80
87
85
Paper and printing
106
112
89
113
103 unfilled orders of 245,122,762 feet last week, as against
Chemicals
173
169
153
144
136
products
116
106
Stone and clay
100
101
104 245,435,392 feet for the week before. For 122 West Coast
111
97 mills the unfilled orders were 384,004,815 feet as
Tobacco
100
111
100
against
193
223
Automobiles (incl. In miscell. group also)____124
142
170
116
122 423,228,148 feet for 123 mills a week earlier.
95
104
113
Miscellaneous
Commodity Stocks.
Altogether the 373 comparably reporting mills had ship(Index numbers. 1919=100.)
(unadjusted)156
162
159
132
139 ments 105% and orders 100% of actual production. For
Total
191
219
213
151
186
Raw foodstuffs
181
157
137
130
116 the Southern Pine mills these percentages were respectively
Raw materials for manufacture
82
85
86
76
77
Manufactured foodstuffs
155 99 and 98; and for the West Coast mills 123 and 116.
163
170
157
175
Manufactured commodities
135
154
148
136
Total
(adJusted for seasonal element)145
Of the comparably reporting mills, 350 (having a normal
164
173
184
186
173
Raw foodstuffs
118 production for the week of 223,464,031 feet) reported pro142
149
139
125
Raw materials for manufacture
89
74
74
88
87
Manufactured foodstuffs
161
154 duction 101% of normal, shipments 109%, and orders 103%
152
175
174
Manufactured commodities
Unfilled Orders.
thereof.
63
63
62
62
63
Total (based on 1920 as 100)
47
Iron and steel
49
50
50
47
The following table compares the national lumber moveBuilding materlaLs
114
115
115
130
129
ment as reflected by the reporting mills of seven regional
associations for the three weeks indicated:
Decrease in Paper Production in February.
Corresponding
Preceding Week
Past Week.
Week 1924.
1925 (Revised).
The February production of paper in the United States Mills
373
368
382
242.388.550
as reported by identical mills to the American Paper and Production
232.108,380
246,586,659
255.495.084
239.777.041
247,134,639
Pulp Association and co-operating organizations, showed a Shipments
Orders(new business)._ 241,186,908
202.448,738
249,063.967
decrease of 8% as compared with January's production (folThe following revised figures compare the lumber movelowing a 7% increase in January over December), according to the association's monthly statistical summary of pulp ment for the first fourteen weeks of 1925 with the same period
and paper industry, issued under date of April 2. All grades of 1924:
Production.
Orders.
Shipments.
showed a decrease in production as compared with January. 1925
3.191.437.534
3,174,910,286
3,057.618,566
1924
3,220.176.772
3,292,843,531
3,230,634.044
The summary is prepared by the American Paper and Pulp
28,739,238
117,933,245
173.015,478
Association as the central organization of the paper industry, 1925 decrease
In co-operation with the Binders Board Manufacturers' AssoThe mills of the California White and Sugar Pine Associaciation, Converting Paper Mills Association, Cover Paper tion make weekly reports but for a considerable period they
APRIL
111925.]
1825
THE CHRONICLE
were not comparable in respect to orders with those of other Arkansas, heavy oil, was 918,600 barrels, against 913,900
mills. Consequently the former are not represented in any barrels, an increase of 4,700 barrels.
of the foregoing figures. Nine of these mills reported a cut
The following 'are estimates of daily average gross proof 5,190,000 feet, shipments 6,128,000 feet,and orders 5,323,- duction for the weeks ended as indicated:
DAILY AVERAGE PRODUCTION.
000 feet. The reported cut represents 22% of the total of
Apr. 4 '25. Mar. 28'25. Mar. 21 '25. Apr. 5 '2,4.
(In Barr Is.)
the California pine region. As compared with the preceding Oklahoma.430.000
444.900
452.100
454.650
84.550
69,200
85.300
85,300
Kansas
week, there was a decrease in cut of 5,760,000 feet, ship- North
, 69,950
89.859
84.350
85,600
Texas
161,600
161.100
154.000
146.400
ments 3,543,000 feet, and new business 5,621,000.
East Central Texas
49,000
54.350
West Central Texas_ __ _
North Louisiana
Arkansas
Gulf Coast
Southwest Texas
Eastern
Wyo., Mont.and Colo
California
51.900
51.300
131,450
90.800
43.700
100.500
94.950
596.000
51.500
50.950
116.550
93.450
44.550
100,000
91.100
597,500
50.350
118.000
42.600
121,350
73.800
101.050
Weekly Lumber Review of West Coast Lumbermen's
20,500
48.700
100.000
Association.
99.500
123,000
90.350
One hundred and twenty-three mills reporting to West
654,000
602.000
Coast Lumbermen's Association for the week ending March
1,915.000
1.944.700
1.922,600
1,931.300
Total
28, manufactured 103,656,844 feet of lumber; sold 121,790,884 feet, and shipped 111,750,895 feet. New business was Fundamental Business Conditions Best in Country's
171/2% above production. Shipments were 8% below new
History, Says Judge Gary—Effect of High Wages
business.
qn Construction.
F Thirty-nine per cent of all new business taken during the week was for
considerable recession in the steel
reporting
a
While
future water delivery. This amounted to 47,643.815 feet, of which 29,355.379 feet was for domestic cargo delivery; and 18,288,436 feet export. New business during the last thirty days, Judge Elbert H. Gary,
business by rail amounted to 2,237 cars.
Chairman of the United States Steel Corporation, in an
Forty-four per cent of the lumber shipments moved by water. This
with newspapermen on April 7, described this as
interview
amounted to 48.883.826 feet, of which 29,884,839 feet moved coastwise and
intercoastal; and 18,998,987 feet export. Rail shipments totaled 1,861 cars. "natural, and therefore not surprising." Judge Gary
Local auto and team deliveries totaled 7.037.069 feet.
expressed himself hopeful of the immediate future, stating
Unfilled domestic cargo orders totaled 142,346.272 feet. Unfilled export
that "our bookings at the present time, all in all, are about
orders, 100,611,876 feet. Unfilled rail trade orders, 6,009 cars.
In the first thirteen weeks of the year, production reported to West Coast three-fifths of our present producing capacity," and "our
Lumbermen's Association has been 1,264,349,106 feet; now business, shipments," he said, "are about 50,000 tons per day";
1.239.033,754 feet; and shipments, 1,265,408,912 feet.
adding:
It is only stating an acknowledged, well-recognized fact that the fundaof this country are the best, all in all, they have been at
Petroleum Prices Remain at About Same Level, With mental conditionsbusiness
history of this country.
any time in the
Few Changes cf Ncte—Casoline Lower.
Referring to the effect of the high wages of painters,
Practically the same price levels were retained throughout plasterers and bricklayers on construction costs, Judge
the petroleum markets this week as those reported as week Gary said:
ago, the changes. which were made being few in number.
The reason why, in the iron and steel industry just at present, the
and fully up to the producing capacity, is
In the crude oil trade but one reduction was made, that demand is not better than it isthis
country is very large, has been rapidly
that the producing capacity of
being announced by the Ohio Oil Co., when it reduced increasing during the last few years and at present is somewhat greater
competition between the producers
That
results
in
demand.
than
the
the price of Central West oil and Wooster crude 10c. to $2 15
being keener, the average manufacturer believing apparently that if he
per barrel, effective April 4.
can succeed, by hook or crook—by that I mean by greater energy and
A more widespread price cut was announced on April 7 lower prices—in securing an order which naturally belongs to a competitor,
in the gasoline market. The wholesale price of the fuel was he has been successful, overlooking the fact that to-morrow or the next
day his competitor will do the same thing in regard to his business, and in
reduced lc. per gallon by the Standard Oil Co. of New Jersey the
long run everyone will average bp about the same percentage of business.
throughout its territory, except in South Carolina, where but at a reduced percentage of profit. The prices at the present time are
the price was cut Mc., and West Virginia, where the price lower than they ought to be; too low to permit many of the manufacturers
realizing a profit. Ofcourse that is rather unhealthy. That condition
was unchanged. Kerosene has also been generally reduced from
ought not to exist. The reason why profits are not larger in relation to
Mc. a gallon. The Gulf Refining Co. reduced gasoline to costs is. in many places and at many works at least, because of the high
meet the scale of competitors in its entire territory. To rates paid for labor.
I have nothing to say against high rates for labor. On the contrary,
meet local conditions, the Gulf Refining also reduced I favor
them and always have favored them. For approval of that I
the price of gasoline 2c. at San Antonio, Texas. The would only refer to our record, with which you are thoroughly familiar.
bereduction of lc. per gallon in the tank wagon price of gasoline The wage rates of labor have to be high compared with the long past,
of the high cost of living. I am not going to discuss that very much.
announced by the Standard Oil Co. of New Jersey is the cause
but I deem it appropriate to say that the high costs of living largely result
second price reduction made this -far this year by the New from the high cost of labor in the production of some of the things which
of compensaJersey company in the wholesale price of motor fuel, and the laboring individual has to pay for. For instance, the rates
tion for many of those who are connected with trades are, to my mind,
establishes the tank wagon price in New Jersey at 17c. per extortionate. I think the painters, the plasterers, the bricklayers and
gallon.
generally those who are connected with the construction of improvements,
from $10 to $15 or $20 a day, are altogether too large. The causes
Reports from Toronto state that the Imperial Oil, Ltd., ranging
for that need not be discussed now and would not perhaps be appropriate.
and other Canadian companies on April 8 reduced gasoline It is easy to see, however, that when building is as extensive as it is at the
lc. to 27c. retail an Imperial gallon (1 1-5 U. S. gallons). present time in order to take care of the demand for occupation, the rents
must be so large as to make it burdensome for the average tenants.
The reduction results from accumulation of gasoline due to charged
including the large majority of the working people—unreasonably if not
the late spring and is not likely to be permanent, as crude extortionately high—and therefore that extra cost for constructing the
improvement and to the tenant for occupancy, must be passed along by
prices have not been reduced, according to the dispatch.
wherever
Crude Oil Production Shows Slight Gain.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States for the
week ended April4 was 1,931,300 barrels, as compared with
1,922,600 barrels for the preceding week,an increase of 8,700
barrels. Compared with the corresponding week of 1924,the
current output is 16,300 barrels per day larger. The daily
average production east of California for the latest week was
1,335,300 barrels, as compared with 1,325,100 barrels the
preceding week, an increase of 10,200 barrels. California
production was 596,000 barrels, as compared with 597,500
barrels for the preceding week. Santa Fe Springs is reported
at 47,000 barrels, against 48,000 barrels; Long Beach, 115,000 barrels, no change; Huntington Beach, 43,000 barrels,
against 42,000 barrels; Torrance, 38,000 barrels, no change;
Dominguez, 46,000 barrels, against 48,500 barrels; and
Rosecrans, 17,000 barrels, against 16,000 barrels.
The estimated daily average gross production of the MidContinent field, including Oklahoma, Kansas, North Texas,
Central Texas, North Louisiana and Arkansas, for the week
ended April 4 was 1,005,350 barrels, as compared with 996,000 barrels for the preceding week, an increase of 9,350 barrels. The Mid-Continent production, excluding Smackover,
the one who pays for that rental to his or her employer, whoever or
that may be, and that is a tendency to increase the general cost of living.
I have only given one illustration. You gentlemen are better able to extend
that. Anyhow you have more time to do it than I have.
If the crops this year are as good as they now seem to me to promise;
if we have no special session of Congress, and if when Congress does convene there seems to be a disposition to get together and to act together,
considering only the best interests of the country;if our banks are reasonably
conservative and keep the rates of interest where the volume permits—that
is, reasonably low, as now seems possible; if we have no epidemic of any
kind in business or otherwise; if, in short, we take advantage of the opportunities which we have in this country for actual success, development and
progress. I believe next fall and through next winter we will have no reason
to be frightened at the future. Now there are some ifs, but it is intended
to be a conservative and careful statement.
There has been a considerable recession in the steel business during the
last thirty days. It seems to me to be natural, and therefore not surprising.
As all well-advised people know, business conditions about a year ago now,
or a little later, were very poor in this locality; and that applied to the steel
industry. That was, partly at least, because ofagitation and disagreements
in Congress—disagreements between the different factions and disagreements between the majority and the President. The business public had a
feeling of anxiety and uncertainty concerning the future.
As it became evident to large numbers,and perhaps the majority,that the
approaching national election would be favorable to business, the situation
improved. And when finally in November the results were announced,
there was a very enthusiastic and impulsive progression in business activities. Consequently, in some lines at least, the speed was too rapid.
As you will remember,some of us uttered words of warning during the late
fall and early winter against inflation of any kind, with the statement that it
might result in a sudden and unreasonable check. I think that has happened; and I think also that the present depression, although not great, is
more than it need to have been, if we take into consideration the fundamental conditions of the country and the opportunities for success.
Nik
THE CHRONICLE
1826
Then in addition to that, in some lines at least of industry, because of the
very prosperous conditions, industrialists indulged in rapid increases in producing capacity so that the purchasing public found by experience that
however imperative the demand for products might be, it could be promptly
supplied and that it was not necessary to buy for a long time in advance
of the proposed uses. That has had some effect in producing what I
hope is a temporary modification of a disposition to develop, extend and
utilize the producing facilities of the country.
•
[VOL. 120.
February, though April already is bringing some curtailment,
continues the "Age," adding:
The low prices at which the first 1925 sales of Lake iron ore were made
last Saturday-the lowest since 1916-were a surprise outside the ore
trade itself. Non-Bessemer ores went at $4 25 for Mesabi ore, a 50c.
reduction from the 1924 price, which was 80c. below that of 1923. Bessemer
ores will sell at 61c. to 71c. less than last year's basis.
The Ford Motor Co. has bought most of the 160,000 tons of ore it asked
for, and one 150,000 ton inquiry is pending, but a brisk buying movement
Is not expected.
Larger Output of Steel During March.
High cost Lake Superior mines will not be run this year. Reduction of
There was a further increase in the rate of steel production miners' wages is not now expected. The Steel Corp. plans no cut, and its
on wages is generally followed by merchant iron mines.
during March, the average daily output being the largest policy
In finished steel the size of stocks in consumers' and jobbers' hands is
since March a year ago. According to the regular monthly the factor of most immediate influence.
The heavy deliveries of March,
statement of the American Iron & Steel Institute, the pro- all the large producers in the Chicago district making new high records in
output
and
shipments,
point
to
an
interval
of digestion just ahead.
duction of steel ingots in March 1925 by companies, which in
Meanwhile, the tehdency of prices continues in buyers' favor. One
1923 made 94.84% of the steel ingot production in that item of the past week is the extension of the 2c. bar price by some proyear, was 3,964,628 tons, of which 3,336,169 tons were ducers, on deliveries carried over from first quarter into the second quarter.
In the Cleveland district the weakening of plates to a definite basis of 2c.
open-hearth, 614,860 tons Bessemer and 13,599 tons all Is
reported.
other grades. On this basis the calculated production for
New business in wire products has fallen off in view of the stocks accumulated
at the prices of the last quarter of 1924. The New York Central
all companies during March was 4,180,333 tons, which combought largely of wire nails at $2 75.
pares with 3,740,004 tons during February and with 4,187,- Lines
Tractor and farm implement manufacturers have increased their produc942 tons during March last year. The average daily pro- tion in a number of cases. Implement exports are on an unusually large
scale,
especially to South America and South Africa.
duction during March was 160,782 tons, as against 155,833
Automobile output
is gaining and two important producers, apart
tons for February and 161,075 tons in March 1923. This is from the two leaders, also
have broken their records.
the eighth successive month to show an increase in the daily
Railroad cars ordered in the week, including industrial purchases,
4,200. The Southern Pacific contributed 3,400.
average output, bringing the average up from 71,901 tons numbered
Bookings of fabricated steel for sizable buildings and bridges call for
in July 1924 to the present figure of over 160,000 tons.
21,000 tons, or slightly more than for the preceding week. About 40%
In the following we show the details of production back was for public work, 30% for business and industrial buildings and 12%
for
the railroads. No less than 42,000 tons was put under inquiry, twice
to January 1924:
the weekly average in March.
MONTHLY PRODUCTION OF STEEL INGOTS,JAN. 1924 TO MARCH 1925.
Diminished outside buying of rails by Japan is suggested by the taking
Reported for 1924 and 1925 by companies which made 94.84% of the steel ingot by the Imperial Steel Works of an order for 16.000 tons of 100-lb. rails
production in 1923.
for Manchuria.
Coming upon an already weak pig iron market the news of the reduction
Calculated
Approxinurte of ore prices had a depressing effect. At Pittsburgh quotations are down
Monthly Monthly No of Daily Pro- at least 50c., while in other districts, particularly
Philadelphia and Chicago,
OpenMonths
All Production Production IVork- duction All
Hearth. Bessemer. Other. Companies All Corn- ing Companies. recent prices are being maintained with difficulty. Decided weakness has
Reporting. ',antes. Days. Gross Tons. developed at Buffalo. Tennessee iron is being sold freely on a basis of
$18 50, Birmingham. German iron is now a factor in the New England
1924.
market.
January_. 2,766,534 667,032 12,577 3,446,143 3,633,639 27
134,579
The downward movement of old material has not been checked. At
February. 2,902,641
695,905 14,085 3,612,631 3,809,185 25
152,367
March,_ _ 3,249,783
706,801 15,260 3,971.844 4,187,942 26
161,075
Chicago a steel pompany bought 20,000 tons of heavy melting steel scrap
at $15 50, a drop of 50c. from the previous price. At Pittsburgh as low
3 mos_ _ 8,918,954 2,069,738 41,922 11,030,618 11,630,766 78
149,112
as $17 was done, as against $22 50 at the first of tho year.
For the second time Detroit has rejected all bids covering 13,000 tons of
April
2,575,788 573.381 12,356 3,161,525 3,333,535 26
128,213
May
2,060,896
425,099 6,648 2,492,643 2,628,261 27
97,343
cast iron pipe, on 7,000 tons of which French prices were lowest:
June
1,637,660
310.070 2,622 1,950,352 2,056,466 25
82,259
Pig iron has fallen to $21 29 from $21 54 last week,according to the "Iron
1,525,912 241.880 5,162 1,772,954 1,889,416 26
July
71,901
Age" composite price. This is $1 30 below the level of one year ago, but
August._ _ 2.042,820
361,781 5,759 2,410,360 2,541,501 26
97.750
September 2,252,976
above that of early November. According to the usual weekly composite
409,922 6,844 2,669,742 2,814,996 26
$2
108,269
October..,. 2,505,403
438,468 7,030 2,950,901 3,111,452 27
115,239
table, prices are as follows:
November 2.479,147
459,349 8,397 2.946,893 3,107,226 25
124,289
April 7 1925, Finished Steel, 2.531c. Per. Lb
December. 2,810,404
546,506 11,641 3,368,551 3,551,824 26
136,609
Based on prices of steel bars, beams, tank Mar. 31 1925
2.531c.
Total 28,809,964 5,836,194 108,381 34,754,539 36,645.444 312
plates, plain wire, open-hearth rails, Mar. 10 1925
117,453
2 54e.
black pipe and black sheets, constitut- April 8 1924
2 703c.
1925.
ing 88% of the U. S. output
10-year pre-war average, 1.689c.
January. _ 3,262,748
689,996 11,960 3,964,704 4,180,413 27
154,830
April 7 1925, Pig Iron, $21 29 Per Gross Ton.
602,042 13,014 3,547.020 3.740.004 24
February_ 2,931.964
155,833
Based on average of basic and foundry Mar. 31 1925
March _ 3.336,169 614,860 13,599 3,964,628 4.180,333 26
160,782
$21 54
irons, the basic being Valley quotation, Mar. 10 1925
22 13
the foundry an average of Chicago, April 8 1924
22 59
Philadelphia and Birmingham
10-year pre-war average_ _ 15.72
Finished Steel.-High: 1925, 2.560c., Jan. 6; 1924, 2,789c., Jan. 15;
1923, 2.824c.. April 24. Low: 1925, 2.531c., March 17; 1924. 2.460c.,
Steel Corporation's Unfilled Orders Show Decrease.
Oct. 14; 1923, 2.446c., Jan. 2.
Pig iron.-Migh: 1925. $22 50, Jan. 13; 1924. $22 88, Feb. 26; 1923.
The United States Steel Corporation issued yesterday $30
86, March 20. Low: 1925. $21 29, April 7; 1924, $19 21, Nov. 3;
1923,
$20 77, Nov. 20.
(April 10) its regular monthly statement showing unfilled
The week to week changes are slight though the tendency
orders on the books of the subsidiary corporations as of
March 31 1925 to the amount of 4,863,564 tons. This is a is toward lower prices and operations, declares the "Iron
decrease of 421,207 tons from the orders on hand Feb. 28, Trade Review" on April 9, in its market summary, which
and is the first decline reported since July last. On March we quite as follows:
Short-cut ordering apparently has become firmly established as the
31 last year the unfilled tonnage stood at 4,782,807 tons,
common practice of steel users, under prevailing conditions and the passing
but on March 31 1923 the total was 7,403,332 tons. In the weeks fall to reveal any underlying change of importance
In the general
following we show the figures back to the beginning of 1921. situation. Producers still must rely on incoming current tonnage to
keep
them
going.
This
lack
books
of
order
which
in
the
past always has
Figures for earlier dates may be found in the issue of the been associated with a thin market, undoubtedly
tends to keep sentiment
'Chronicle" for April 14 1923, page 1617.
restless and uncertain. Buyers see no incentive to discount he future.
January
February
March
April
May
June
July
August
September
October
November
December
1925.
5,037,323
5,284.771
4,863,564
1924.
4,798,429
4.912,901
4.782,807
4,208,447
3,628,089
3.262,505
3,187,072
3,289,577
3,473,780
3,525,270
4,031,969
4,816,676
1923.
6,910,776
7,283,989
7,403,332
7,288,509
6,981.851
6,386,261
5,910,763
5,414,663
5,035,750
4,672,825
4.368,584
4,445,339
1922.
4,241,678
4,141,069
4,494,148
5,096,917
5,254,228
5,635,531
5,776,161
5,950.105
6,691,607
6,902,287
6,840,242
6.745,703
1921.
7,573,164
6,933,867
6,284,765
5,845,224
5,482,487
5,117,868
4,830,324
4,531,926
4,560,670
4,288,829
4,250,542
4,268,414
Contraction in Steel Output and Prices-Pig Iron
Price Also Declines.
In both output and prices the change in the steel industry
is proceeding more gradually than was predicted only
recently, declares the "Iron Age" this week. The week has
brought a 50c. reduction in the price of Lake iron ore and
further declines in ,pig iron and scrap, but a number of
finished steel producers have had better bookings than their
average in March. Generally new orders are quite below
shipments. The recession is more orderly thus far than
last year's, says the "Age." March production held up
better than was commonly supposed. The steel ingot
statistics are expected to show an increase in daily rate over
Yet the fresh tonnage is sufficient to hold production on a high plane.
While the tendency of the market and of operations is lower, this is by
such a gentle process that it scarcely is a sign of a fundamental reaction.
Though reported as a reduction in some publications, actually, the
March output of pig iron, as foreshadowed in last week's "Iron Trade
Review," shows a further gain and reached the highest point since April
1923. Production in March was at the annual rate of 42,200,000 tons.
compared with a rate of 41,800,000 tons in February. The daily average
output in March was 115,207 tons, against 114,788 tons in February.
The total for March was 3,571,442 tons, which compares with 3,214,067
tons in February.
The number of blast furnaces In operation at the end of March was
246, as against 256 at the end of February. a loss of 10, indicating that
March production probably has touched the peak for the present. On
this basis the blast furnace index registers 60%, or exactly the so-called
normal stage of business. Apparently this index has faithfully reflected
the recent contraction of business since at the end of February it stood
at 62.3%•
Award of 3,400 cars by the Southern Pacific is the largest order of its
kind this year. Other awards this week total about 1,000. March car
orders were 4,730.
The Pittsburgh Steamship Co. Steel Corp. subsidiary, is negotiating
for two lake freighters involving about 10,000 tons. Vancouver is taking
bids on 6,000 tons for a pipe line.
The reduction in Lake Superior iron ore prices on an average of 52c.
per ton for all grades, announced April 4, came as a general surprise.
This cut was precipiated by the action of one large producer in closing a
considerable tonnage on the new basis. It happens that the same producer also opened the market one year ago with a reduction of 80c. On
non-bessemer ore the 1925 price is 50c. lower. An important action taken
1827
THE CHRONICLE
APRIL 11 1925.]
this year is the reduction of the base guarantee on bessemer ore from 55%
iron natural to 51.5%. thus placing all grades on the same basis. Although
there was some discussion of the advisability of changing the method of
figuring unit values, the system remains as in the past. Sales or ore to
date have not been heavy but are upward of 1.000,000 tons including
about 175,000 tons for the Ford Motor Co. which went to three producers.
Active selling of foreign steel, particularly Belgian, at $6 to $8 per
ton under domestic prices has continued along and near:iy the Atlantic
and Gulf coasts. The low prices are made possible by present exchange
rates. Considerable secrecy surrounds the negotiations, as some buyers
are reluctant to have details known. The week's sales of bars, structural
shapes and rails are placed at 10,000 tons, including'several important
building propositions. For Brooklyn sewer work 5.500 tons of Belgian
reinforcing bars have been purchased. Importers estimate fully 750,000
tons of foreign steel will be sold this year along American coasts. Foreign
pig iron competition is leas important in the East.
Pig iron prices had discounted the cut in iron ore according to some
belief. but this week has seen a further weakening of the market. Valley
Bessemer is $1 and basic and foundry 50c. lower. Chicago is now on a
123 basis. Buffalo No. 2X has been quoted in New England at $20 25.
Silveries and Bessemer ferrosilicen are being shaded $1 to $2. Buying
remains conservative.
The reduction of anout $1 in ore costs per ton of pig iron will not become
effective for producers until the opening of navigation about May I.
The "Iron Trade Review" composit? of 14 leading iron and steel products
dropped sharply this week or by 83c. to 339 69, the lowest since the first
week last December.
Three Thousand Building Employees on Strike in
Boston, Mass., Demanding Wage Increase.
Plumbers, lathers, electrical workers, painters and paperhangers to the number of about 3,000 are on strike in
Boston, Mass., to enforce their demands for a wage rate
increase from $1 10 to $1 25 an hour. It is stated that the
workers' contract with the Building Trades Employers'
Association expired April 1, and they wish the new wage
scale to be incorporated in a new three-year wage renewal
contract.
Nine Hundred Workers Affected by 10% Wage Cut in
Monomac Mills at Lawrence,Mass.
A wage reduction of approximately 10% was announced
at the mills of the Monomac Spinning Co., cotton yarn
manufacturers of Lawrence, Mass., to go into effect Monday
(April 13). The factory employs 900 workers. The company explained that the wage cut is due to business conditions and to longer working hours in the mills of competitors.
Final Figures for March Pig Iron Output.
Final figures for March, as compiled by the "Iron Ago,"
show that blast furnaces were operating at a very high rate,
bringing the daily output slightly above that of February.
March production at 114,975 tons per day was only 184
tons larger than the February rate. The net loss of 9 furnaces, most of them shut down in the last week, indicates
a slowing down of operatiors.
The production of coke pig iron for the 31 days in March
amounted to 3,564,247 gross tors, or 114,975 tons per day,
as compared with 3,214,143 tons, or 114,791 tons per day,
for the 28 days of February. The March daily rate is the
largest since the war.
There were 10 furnaces blown out or banked and only
one blown in, bringing the number of furnaces active on
April 1 to 245. The estimated daily capacity of these 245
stacks on April 1 was 112,380 tons, compared with '115,700
tons per day for the 254 furances active on March 1.
During the month of March only one furnace was blown in, No. 3 River
furnace of the McKinney Steel Co. in northern Ohio.
Among the furnaces blown out or banked during March were the following: Nos. 3 and 4 Susquehanna furnaces in the Buffalo district. New
York; No. 2 Swede furnace in the Schuylkill Valley; one Carrie furnace of
the Carnegie Steel Co.in the Pittsburgh district; Tod furnace of the Youngstown Sheet & Tube Co. and No. 3 Haselton furnace of the Republic Iron
&FSteel Co. in the Mahoning Valley; one Central furnace of the American
Steel & Wire Co. In northern Ohio; No. 1 Joliet furnace of the Illinois Steel
Co. in the Chicago district and No. 2 Bessemer furnace of the Tennessee
Coal, Iron & RR. Co. in Alabama.
Wool Consumption in February Falls Off.
The Department of Commerce on April 1 made public
the following statistics with regard to the consumption of
wool by manufacturers in the United States during the
month of February, based on reports received from 559
manufacturers. This is exclusive of 22 who failed to report
the consumption of wool for this month. The total quantity
of wool entering into manufacture during February 1925, as
reported, was 39,856,961 pounds, as comp.ared with 44,541,159 pounds in January 1925, and 42,928,392 pounds for
February 1924. The consumption shown for February 1925
included 32,022,801 pounds of wool reported as in the grease;
5,920,382 pounds of scoured wool; and 1,913,778 pounds of
pulled wool. Reduced to a grease equivalant these quantities would amount to 46,415,269 pounds. The grease
equivalent for January 1925 was 51,434,850 pounds and for
February 1924 50,632,884 pounds. The monthly consumption of wool (pounds) in grease equivalent for manufacturers reporting for 1924 was as follows: January, 53,845,024;
February, 50,632,884; March, 47,630,291; April, 44,361,464;
May, 36,507,484; June, 30,972,041; July, 33,777,635; August, 40,063,717; September, 45,637,549; October, 54,854,103;
November, 48,380,315, and for December, 51,097,945.
Consumption by Grades.
Classified according to grade, the total for this month includes 9.030.525
pounds of fine wool, which may be compared with 10,619.409 pounds consumed in January 1925 and 9,098,191 pounds consumed in February 1924;
4,235,746 pounds of X blood as against 5.550,868 opounds in January
PRODUCTION OF STEEL COMPANIES-GROSS TONS.
1925 and 4,258,228 pounds in February 1924; 5.872,186 pounds of X blood
-Total Production b- -Spiegeleisen and Ferromanganese* as against 6.164.624 pounds in the month preceding and 6,783,388 pounds
1924- -19251924.
1925.
Farm. Spiegel. Perront. Spiegel. in February 1924; 6,298,333 pounds of X blood, as against 7.011,592
January
2,274,005 2.692,537 20,735
7,948 23,578
5,418 pounds in January 1925 and 8,188.818 pounds in February 1924; 2,221,666
February
2.410,658 2,539,785 22.405
9,870 18,184
4,910 pounds of low X blood, common, braid, and Lincoln as against 2,422,142
2,674,565 2,812.995 22.351
March
13,796 20,062
5.449 pounds in January 1925: and 2.215,914 pounds in February 1924; and
2,463,027
April
23,589
4,240
12,198.505 pounds of carpet wool, as against 12.772.524 pounds in the
1.927,461
May
June
1,507,110
preceding month and 12,383,853 pounds in February 1924.
Wit 312
Half year
July
August
September
October
November
December
Year
13,256,826
1,343,952
1,413,314
1,509,360
1,858,502
1,896,886
2,377,141
124,113
14,367
10.718
13,263
7,780
13,448
21,220
23,656,981
204.909 107,132
54,595
15,328
8,010
5,033
10,047
8,835
5,284
* Includes output of merchant furnaces.
b Ferromanganese and splegeleisen Included.
TOTAL PIG IRON PRODUCTION BY MONTHS-GROSS TONS.
1921.
1922.
1923.
1924.
1925.
2,416.292 1,644.951
3,229.904 3,018,890 3.370,336
1,629,991
1,937,257
2.994,187 3,074,757 3,214,143
1,595,522 2,035,920 3.523,868 3.466,086 3,564,247
1.193,041 2.072,114 3,549,736 3,233,428
1,221,221 2,306,679 3,867,694 2,615,110
1,064,833 2.381,028 3.676,445 9.026,221
January
February
March
April
May
June
Half year
July
August
September
October
November
December
•Year
9,428,166 12,050,683 20,841,534 17,434,492
864,555 2,405,365 3,678,334
1,784,899
1.818,170 3,449,493
954,193
1,887,145
985,529 2,033,720 3.125,512 2,053.264
1,246,676 2,637,844 3,149,158 2,477,127
1,415.481 2,849,703 2,894,295 2,509,673
1.649,086 3,086.898 2,920,982 2,961.702
16.543,686 26,880,383 40,059,308 31,108,302
• These totals do not include charcoal pig Iron. The 1924 production of this
Iron was 212,710 tons.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS-GROSS TONS.
Merchant.
Steel Works.
Total.
1924-March
86,276
25,533
111,809
April
82,101
25,680
107,781
May
22,182
62,176
84,358
June
50,237
17.304
67,541
14,224
July
43,353
57,577
August
15,284
45,591
60,875
September
18,130
50,312
68,442
October
19,955
59,952
79,907.
November
20,426
63.230
83,656
December
18.857
76,682
95,539
21,864
88,856
1925-January
108,720
24,084
90,707
February
114.791
24,234
90.741
March
114,975
Domestic and Foreign Wool.
Of the total quantity of wool used by manufacturers during this month
of February 1925, 18,676,151 pounds, or 46.9%, was domestic wool, and
21.180.810 pounds, or 53.1%, was foreign wool. The carpet wool was all
of foreign origin. The United States produced 67% of the fine wool:
90.8% of the M blood; 82.3% of the X blood: 51.8 %of the y, blood and
36.3% of the low X blood.
Georgaphic Distribution of Consumption.
Of the total consumption of wool in February 1925 (amounting to
39,856,961 pounds), 19,167,791 pounds. or 48.1%, were reported from the
New England States; 44.3% from the Middle Atlantic states; 1.2% from
the Pacific Coast States, and 6.4% from the other mktions of the United
States.
Imports of Tops and Noils.
The consumption of foreign tops and nolls constitutes one element which
it has not been possible to include in the consumption reports since the
manufacturers would be unable to distinguish between foreign and domestic
tops and noils. In the long run, though not necessarily month by month.
this element must be equal to the imports. The imports of wool and hair.
advanced, including tops. for the current month were 38,170 pounds, and
for the year 1924. 453,075: noils for the current month were 1,271.859. and
for the year 1924. 11,707.730. The exports of tops and noils were negligible.
Detailed Statement.
The following tables show the quantities of wool consumed, classified
according to condition, grade and class, with separate figures for foreign
and domestic wools. Comparative figures are also given for February
1924, January 1925 and 1924, and totals for the months January to December, inclusive.
CONSUMPTION OF WOOL BY GEOGRAPHIC SECTIONS.
Section.
New England
Middle Atlantic
Pacific Coast
Other sections
Total
Total.
Grease.
Scoured,
19,167.791 15.215,495 3.124,929
17,653,226 15,284,519 1.465,793
477,052
177,119
282,059
2,558,892 1,345,668 1,047,601
Pulled.
Grease
Hglaralenl•
827,367 22.568,509
902,914 19,419,990
765,069
17,874
165,623 3,661,701
39.856.961 32 022.801 5.920 3R2 1.913.778 46.415.269
1828
THE CHRONICLE
WOOL CONSUMPTION FOR JANUARY AND FEBRUARY, 1925.
(All quantities. in pounds.)
Total Jan.to Feb., Incl.
1924.
1925.
Total
39,856,961 42,928,392 44,541.159 46,197,969 84,398,120 89,126,361
Domestic.. 18.676,151 18,056,245 21,638.889 20,654,883 40,315.040 38,711,128
Foreign... _ 21,180,810 24,872,147 22,902,270 25,543,086 44,083,080 50,415,233
Combing a. 20,782,069 22.440,788 24,212,778 25,719,886 44,994,847 48,160,674
Clothing 6. 6,876,387 8,103,751 7,555.857 8,500,112 14,432,244 16,603,863
18,788,929
8,562,817
6,365,211
3,056,126
804.775
10,095,820
6,017.567
2.070,387
1,716,017
291,849
14,019,068
4,038,597
4,326,537
3,620.084
1,133.850
17,484,844
6,116,211
6,504,495
2,797,600
2,066.538
2,373,820
967,562
743,035
Spinning Spindles.
32,022.801 33.404,880 5,920,382 6,794,982 1,913,778 2.728,530
Total
Domestic...._ 13.537.598 12.001.122 3,980,5811 4,355,900 1,157.963 1.699.223
18,485,202 21.403,758 1,939,793 2.439,082, 755,815 1,029.307
Foreign
880,223
19,020,301 20.416,136 1,088,931
Combing a
672,837 1,144,429
1,695,852 1.577.123 4.429,241 5,668,848
Clothing a
751.284
857.780
984,187 1.248,472
..-.
.;
18
1
7.841,281
7,665,3301
205,057
184,389
4,292.743
2,692,775
3.885,0161
3,223,9011
57.67€
13,858
89,887
17,540
20.389
4,736
58,141
o.
781,489
74,274
3,248,653
489,722
66.691'
3,313,048
725,817
186,834
686,471
827,944
313,101
704,991
170,960
8,972
300,622
117,844
8,404
240,189
04
g
2,801,96(
297,671
2,156,819
915,851
38.535
19,881
92,205
110,301
145.910
3,106
3,688,77t
413,818 544,431
223.477
51,737
102,144
16,901
3,905,161 1,725.927 2,080,410
179,352
29,065
457,484
:111
12:
797,817
2,650,496
744,373
1.747.023
2.020,582
143,378
33,764
233,603
412,135
290,702
3,201
4,400,692
79,061 1,325,153 1,426,572
265,920
476,696
58,495
5,426,667 1,582,020 2,040,937
219,129
4,752
315,621
321,490
64,192
721,214
1.978,763
2,074,021
2,441,029
2,553.562
178,048
272,720
22,082
169,827
403,714
128,754
203,263
17,653
115,570
19,284
251,649
244,236
k
N
al
g co
6.
g
°
Vi
3
-
2
rl
CI
C.)
290,307
57,594
913,087
312,653
119,423
1,261,546
605,006
481,129
417.846
879,654
710,515
335.067
112.583
11,129
142.756
97,298
91,448
54,092
0.
0
196,315
667.495
390,995
717,263
65,450
56,359
27.935
21,369
97,471
30,343
35.42
13,852
65,343
65,343
136,626
16.662
88,008
33,138
54,870
506.93
48,151
2,542
282,806
282,806
132,865
163,172
75,401
17,09
58,303
8,921
1,514
7,357
37,399
25,271
12,12
402,210
53,362
348,848
131,138
151,625
92.725
3.302
39,423
25.653
2,809
22.844
70,816
28,055
42.761
215,911
35,153
210,758
7,758
7,184
2,431
2,031
900
4
23,2
150
150
3,508
1,473
2.035
726.321
87,751
638,570
r..;
0
M
6.
0
Total for Jan..f 36.379,394 36,749,944 6,259,655 6,746,570 1,902,110 2,701,455
Total, Jan. to
Feb.. Id... 68.402.195 70.154,824 12,180,037 13,541,552 3.815,888 5,429.985
a Exclusive of carpet woo s. b Figures previous to July 1923 include' Common"
and "Braid." C All domestic:id All foreign.
.0
8,137
8,137
550,195
550,195
1.306,63 11,411,621
5,927,273 5,540,531
5,379,3415 5,871,090
Sets of Cards.
Fine, total
Combing:
Domestic
Foreign
Clothing:
Domestic
Foreign
34-blood, total.
Combing:
Domestic
Foreign
Clothing:
Domestic
Foreign
S4-blood.total_
Combing:
Domestic
Foreign
Clothing:
Domestic
Foreign
total.
Combing:
Domestic
Foreign
Clothing:
Domestic
Foreign
Low 34-blood b
Combing:
Domestic
Foreign
Clothing:
Domestic...
Foreign
Common, tot_c
Combing
Clothing Braid. total__
Combing
Clothing....
Lincoln, total d
Combing _
ClothingCarpet total
Combing
Filling
489,657
109,663
379,994
211g
1,000
1,000 18
•
i
4
c.”.2..w z
gc7I'Zi
3
q
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ON.WWWMOWU
379,410,363
136.194.351
442,079.632
141.560.095
429.703,023
128,925,491
Double.
418,234.844
48,607.410
456.343.916
63.721.874
442,976.045
51,483.337
Single.
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1.1
454,898
65,171
522.831
65.347
529.238
33,894
1924.
1.586.318
379.322
1,657.233
458.970
1,483,166
467.262
1925.
1.337.831
100.298
1.457,222
124.752
1,423.677
83,329
Pulled.
I
2,439.538
1,073,499
2,732.185
1.089,554
2,414.205
1.213.767
1924.
8.929.709
2.950.791
10.192.771
3.158,763
9,419.095
3.773.688
1925.
1,453
1,559
1,492
Scoured.
1
9051
927
891
1024.
4.8501
4.859
4.998
1925.
3041
309'
223.
Grease.
I
Carpet and
Rug.
Class
and
Grade.
.;
1 ."'R o
:
a "
cioir. o
,
....-.. o
0
7,4951
7.434
7.517
CONSUMPTION OF GREECE, SCOURED AND PULLED WOOL FOR
FEBRUARY 1925 AND 1924.
(All quantities in pounds.)
4 O.50
.t... (,)..,: ,..:
. rt.,.
N
t Single, Double
40.590 3,179
41,391 3,213
41.399 3.3391
SPINNING SPINDLES.
a Exclusive of carpet wools. b Figures previous to July 1923 include "Common'.
and "Braid." e All domestic. d All foreign. e In computing the grease equivalent,
1 pound of scoured wool is considered equivalent to 2 pounds in the grease; and 1
pound of pulled, to 1 1-3 pounds in the grease.
, NNN
594 1.568,7811 273.833 1.753.719
503 1,576,310 252,666 1,746,815
646 1,620.644 258.879 1.817.682
, . „.
rot.,reduced
to grease
equivalent e 46,415,269 50,632,884 51,434.850 53.845,024 97,850,119 104,477,908
Domestic. 23.042,728,22,978,553 26.205.477 25.324,100 49.248.205 48,302,653
Foreign _ 23.372.541127.654.331 25.229.373 28.520.924 48.601.914 56.175.255
176.028
198,499
212.676
Of the total number of woolen spindles reported In February 1925, 1.842.617, or 80.6%. were in operation ter some part of the month, and 443,032
were Idle throughout the month. 'The active woolen-spindle hours reported
for this month represented 89.6% of the single-shirt capacity, as compared
with 87.8% in January 1925 and with 89.6% in February 1924.
The number of worsted spindles in operation during February 1925 was
1,029.747. or 73.6% of the total, and the number Idle was 693.992. The
active worsted-spindle hours were equal to 73.6% of the single-shift capacity.
In January 1925 the active worsted-spindle hours represented 75.8% of
the capacity, and In February 1924 76.0%.
Worsted.
494,436
168,787
276.270
87,301
188.969
147,841
98,658
49,183
1,577.945
1,362,296
215.649
24,361.824
11,038,210
13.323.614
2.623.739
1.929.747
693,992
2,611,601
1,945.314
666.287
2.618,055
2.030.358
587,697
Fine, total
9,030,525 9,098,191 10,619,409 9,690.738 19,649,934
Combing:
Domestic _ 4,370.808 4.033,044 5,287,516 4,529,773 9,658,324
Foreign... 2,711,369 3,241,441 3.217.906 3,123,770 5,929,275
Clothing:
Domestic. 1,678,266 1,435,510 1.759,705 1,620,615 3,437,971
Foreign...
270,082
388.196
354.282
416,579
624,364
J4-blood.... 4,235,746 4,258,228 5,550,868 5,837,592 9,786,614
Combing:
Domestic. 3,097,434 2,305,655 4,204,404 3.711,912 7,301,838
Foreign...
315,324
935,732
545,898 1,134,655
861,222
Clothing:
Domestic.
739,080
893,019
713,326
822.998 1,452,406
83,908
123.822
Foreign...
87.240
168.027
171,148
4-blood_
5,872,186 6,783,388 6,164,624 7,235,680 12,036,810
Combing:
Domestic. 2,999.672 2,302,536 2,967,995 2,636,061 5,967,667
Foreign
763,657 2,054,346
715,259 2,272,191 1,478,916
Clothing:
Domestic. 1,834,984 1,827.123 2,145.015 1,792,961 3,979.999
599,383
Foreign
336.355
273.873
534,467
610,228
34-blood.... 6.298,333 8,188,818 7,011,592 9,296,026 13,309,925
Combing:
Domestic. 2,252,494 3.022.791 2,723,290 3,093,420 4,975.784
Foreign
2,488,089 2,955,036 2,534,202 3,549,459 5,022,291
Clothing:
Domestic. 1,007.896 1,289,605 1,126,457 1.507.995 2,134,353
Foreign.._
549,854
921,386
627,643 1.145,152 1,177,497
Low 1d-brd b 1,473.689 1,650,705 1,651.210
723,115 3,124,899
Combing:
Domestic.
359,236
520,124
447,438
603,673
334,437
Foreign
754,197
743,035 1,022.955
1,777.152
Clothing:
Domestic.
157.078
176,048
202,991
291.445
333,126
168.787
136.740
184,208
Foreign_ _ _
320.948
131,733
108.807
143.175
144,537
Common c
341.982
36,440
99.378
84,472
50.861
Combing
183,850
58.703
95.293
Clothing..
99.429
93.676
158,132
17.058
Braid e
76,346
20,859
71,495
37.917
9.701
50,960
16,699
47,698
Combing
26,400
7,357
25,386
4.160
23,797
Clothing _.
11,517
587.744
357.130
551,266 1.220,815 1,139.010
Lincoln 8
575,616
312,334
542.839 1,049,962 1.118.455
Combing
44,796
8,427
12.128
170,853
Clothing
20,555
12.198.505 12.383,853 12,772,524 11,977.971 24,971,029
Carpet d
Combing
6.090.298 5.663.435 6,589,327 5,374,775 12,679,625
6,108.207 6.720.418 6,183,197 6,603,196 12,291.404
Filling
Woolen.
1924.
1
1925.
2.285,649
1,842.617
443.032
2,262.481
1,838.976
423.505
2.287,891
1,885.523
402.368
Total for January.
1924.
1925.
Activity of Machinery in Wool Manufactures During
the Month of February 1925.
The Department of Commerce on March 31 issued its
report on active and idle wool machinery'for February 1925,
based on reports received from 908 manufacturers, operating
1,069 mills. This is exclusive of 11 which failed to report for
the month. Of the total number of rooms wider than 50-inch
reed space, 43,769, or 73%, were in operation for some part
of the month of February 1925 and 16,156 were idle throughout the month. The active machine hours reported for wide
looms for the month of February formed 75.2% of the singleshift capacity, as compared with 76.3% for the month of
January 1925 and 71.4% for February 1924. Of the total
number of looms of 50-inch reed space or less covered by the
reports for February 1925, 12,996, or 74.4%, were in operation at some time during the month, and 4,478 were idle
throughout the month. The active machine hours for these
looms represented 69.4% of the single shift capacity, as
against 71.5% in the preceding month and 66.5% February 1924. The number of carpet and rug looms reported
for February 1925 was 9,674, of which 7,799, or 80.6%,
were in operation for some part of the month and 1,875
were idle throughout the month. The active machine hours
reported for these looms represented 80.7% of the singleshift capacity of the looms, as compared with 78.3% in
January 1925 and 76.1% in February 1924. Further details
are furnished as follows:
117tder than 50-i 50-inch Reed
Inch Reed Space. Space or Less.
Total for February.
Class and
Grade.
[VoL. 120.
.
I
a
l'4rl
'
o
au
atring
t••••,cococo
i
w
1829
TIM CHRONICLE
APRIL 11 1925.]
"OPEN CONTRACTS"IN FUTURESON THE CHICAGO BOARD OF TRADE
Cards and Combs.
FOR MARCH. 1925.
5,755.
1925,
February
for
reported
cards
of
sets
of
number
Of the total
("Short" side of contracts only, there being an equal volume open on the
or 82.2%, were in operation at some time during the month, while 1,249
"long" side.)
were idle throughout the month. The active machine-hours for cards were
Rushele--000" Omitted.'
equal to 93.0% of the single-shift capacity in February 1925. 92.1% in
Date.
1924.
January 1925, and 94.5% in February
Total,
Rye.
Oats.
Corn.
Wheat.
Of the combs reported for February 1925, 2.047, or 77.4%, were in oper- March, 1925.
ation for some part of the month, and 599 were idle during the month. Sunday
340,045
22.877
al09.698
119,913
87,557
single2
The active machine-hours for this month were equal to 87.5% of the
342,819
a23.008
109,195
122,750
87.886
3
shift capacity, as compared with 88.9% in January 1925 and 94% in Feb348,944
22.731
128,958
87,900
109,355
4
ruary 1924.
a349,277
22,643
109,045
88.833
5
al28,756
Detailed Report.
341,19621,937
107,292
121,220
90,747
The table further above gives the total number of machines in operation
342,241
21,544
107,815
120,934
91,948
7
some time during the month of February 1925. the number idle for the whole Sunday
340.428
month, the number reported on single shift and on double shift, the active
21.170
121,288
02,017
105.953
9
339,323
and idle machine or spindle hours, the percentages active and idle, and 10
21,068
105,048
121,520
90.789
340,188
20,843
comparative figures for January 1925 and February 1924.
105.470
123,188
90.709
11
343,593
21.243
492,924
124.439
104,987
12
321,924
20.295
112,941
88.609
100,079
13
308,685
19,298
107,415
84,407
97,565
Plasterers' Strike is Settled—Work on $22,000,000 14
Sunday
Building Contracts in New York City, Chicago
306.850
19.513
84031
95,245
108,061
16
295,282
18,719
105,937
78.972
91,634
17
and Philadelphia is Resumed.
290,419
18,311
102,684
78.495
90,929
18
Work was resumed April 8 on $22,000,000 building 19
293,478
18,686
106,083
78,485
90.224
295,168
18,708
107.332
78.649
90,479
contracts in New York City, Chicago and Philadelphia, 20
295,389
18,642
107,973
79,033
89,721
21
which had been held up from March 19, owing to a strike Sunday
290.853
18,015
108,768
77.785
88,287
of plasterers. We reported the stoppage of work in our issue 23
288,593
18.160
108,288
76,877
87.270
dated March 21, page 1397. The strike was caused by a 24
289.447
18,098
77.895
88.551
106,903
25
dispute between plasterers and bricklayers, and the settle- 26
77.734
18.116 ,288.444
106,304
88,290
234,994
18,023
102.252
77.782
84.937
ment is in the nature of a truce, the plasterers agreeing to 27
84,474
- 17,778
78,105
99,652
280.003
return•to work while the grievance will be taken up by the 28
Sunday
273,033
77,732
80.873
17,768
executive boards of the plasterers' and bricklayers' unions. 30
596.660
517,732 5270,068
97,591
576,323
578.415
The buildings on
are the 31
which work has been held up
$3,000,000 building of the Steinway Piano Co., in this city,
the $16,000,000 Palmer House in Chicago,and the $3,000,000
building of the Independent Indemnity Co. of Philadelphia.
Average:
Mar. 1925
Feb. 1925
Jan. 1925
Dec. 1924
Nov. 1924
Oct. 1924
Sept. 1924
Aug. 1924
111,991
114,181
117,119
124,209
119,173
110,719
107,051
113,674
83.548
81,782
73.860
74.800
67.044
63,703
53,906
54,419
96,067
110.530
103,716
91.413
76.459
74.227
53.697
41,637
19.805
22,886
22,363
23,889
29,116
24,196
22,665
23,549
311.409
829,379
317,058
314.311
291.794
272,846
237,320
233,279
Transactions in Grain Futures During March on
Chicago Board of Trade and Other Contract Markets—Volume on Chicago Board Largest on
b Low.
a High.
Record.
The volume of trading on the Chicago Board of Trade for the month of
Supervisor
According to J. W. T. Duvel, Grain Exchange
March was larger than for any single month for which records are available.
at Chicago, the volume of trading on the Chicago Board of The total for wheat was 2,051.895.000 bushels, and for all grain futures
bushels. Likewise March holds the record for the largest
Trade for the month of March was larger than for any single 3.219,506,000
known single days' trading. with 149.581.000 wheat and 2.56,529.000 in
month for which records are available. The total for wheat all grain futures on March 13. This date can well be designated as Black
was 2,051,395,000 bushels, and for all grain futures 3,219,- Friday, as the price for May wheat fluctuated through a range of 133I cents
closed 15 cents below the closing of the previous day.
506,000 bushels. Likewise, he says, March holds the record and
On the same date the aggregate of the contracts open for customers was
for the largest known single day's trading with 149,581.000 reduced from 124.439.000 to 112.941.000 bushels, or a net decrease of
on March 30 the open contracts
wheat and 256,529,000 in all grain futures on March 13. This 11,498,000 bushels. At the closelowest
figure since July 30 1924. and
aggregated 96.660.000 bushels, the
statement is made by Mr. Duvel in making public on April 7 32.096.000 bushels below the high for the month on March 5— a decrease
as follows revised figures showing the daily volume of trad- of nearly 25%.
ing in grain futures, on the Board of Trade of the city of
Chicago during the month of March 1925, together with
Coal Markets Remain About the Same—Prices Demonthly totals for all "Contract Markets" as reported by
pressed in Some Sections.
the Grain Futures Administration of the United States DeOn account of decreased production of prepared in all
partment of Agriculture. The figures listed represent sales
mining centres, slack is scarce and firm in price in the
only, therg being an equal volume of purchases.
Eastern market. Contracting is slow all along the line as
EXPRESSED IN THOUSAND BUSHELS, 1. e., (000) OMITTED.
have fair reserves left and are loath to contract
industrials
Date.
Total for long times ahead in view of the fact that there are large
Oats.
Rye. Barley.
Flax.
Wheat. Corn.
March, 1925,
Sunday
145,598 tonnages of spot coal available at mine prices or, in some
2
93.801 34,694 10,960 8,343
91,408
3
.65,015 19,545 4,660 2,188
144.168 instances, below, declared the "Coal Trade Journal" this
4
100.206 32.970 7.630 3,382
134,482
5
87,014 37,333 6.849 3,268
182.389 week, adding:
5
127,093 39,559 9.669 6,068
7
Sunday
5
10
11
12
13
14
Sunday
16
17
18
19
20
21
Sunday
23
24
25
26
27
28
Sunday
80
31
3,932
133,092
55,740
80,905
87,329
69.181
149,581
72,495
23.490
21,062
28,404
24,978
83.330
28,285
19.290
11.385
8.741
8,296
33.992
15,643
3,303
2,080
4.306
4,707
9,628
8,600
101.823
115.432
128.780
105.162
258.529
123.023
77,291
128.345
72.858
53,535
88.016
52,486
29,867 14,704
52,380 31,323
21,838 15.197
16,671 6.630
21.345 7.061
13,584 3,810
3.877
5.749
4,052
1,954
2.184
3.855
125,539
215.797
113.945
78.790
98.538
73,895
43,382
23,751
31.024
22,928
24,523
13,053
9.320
4.958
4,749
4,695
9,014
5,033
5,360
3.917
2.782
2,787
2,934
2,333
124,783
85.723
83.704
87.104
118,487
71,022
93,430 30.810 14,787
80,125 33,527 19,830
5,873
4.123
144,900
137,605
85,409 24,884 18,867
88,701
53.097
45,189
58.694
81.998
50,830
Total—
Chicago B. of T._2,051,895
Chicago Open B'd— 41,948
MInneap. C,of C__ 88.265
Katutas City B.of T. 88.885
Duluth B. of T_ _ — *7.038
St. Louis Mer.Ex.. 14,818
Milwaukee C. of C_
2,543
San Fran. C. of C.
Los Ang. Grain Ex
Baltimore C. of C_
755,197 305.093 17,321
2
13,568 1,431
37,585 5,096
755
32.048
4,564
7,328
191
2,308 1,629
Total all markets-..2,273.l90 810.449 346.493 117,174
Total all markets,
593,250 441,760 73,820 28.384
year ago
Chicago Board of
Trade, year ago._ 505,598 406,849 68.831 17,187
*Durum wheat, with exception of 110 spring wheat.
•-
2,873
375
29
3,219.506
58,949
132.599
101,488
1,521
13,123
22,144
6,671
375
29
0
980
3,077
2,501 3,552,884
481
1,841 1,139,516
996,245
In spite of the small demand for bituminous coal at Boston, there have
been very large arrivals of coal, which have depressed prices 10c. on the
average for good Pool 1 coal. Industrials in New England in general
have increased their activities, but the coal trade has not had time to
benefit as yet. The arrivals In Providence have also been great, but not
large enough to depress the market to the extent that it has affected Boston.
All-rail bituminous prices have been somewhat reduced and some business
has been reported in consequence. Both retail and wholesale anthractire
is lifeless. At New York, both bituminous and anthracite markets are
dull, the recent drop in anthracite prices not having affected the demand
to any extent as yet. Philadelphia reports that wholesale anthracite
is showing improvement though retailers have largo stocks in band and
are unwilling to buy to buy to any great extent. The steam sizes are
most active with barley the leader and buckwheat lagging slightly.
Prices in Baltimore show an upward trend and exports show an improvement over January and February. Dealers In anthracite have started a
sales drive with the advent of the reduced prices. Dumpings of bituminous
coal over the piers at Hampton Roads declined to 390.608 net tons in the
last week of March, a decrease of about 10%. Carves consigned to
New England and exports increased somewhat. but the gain was more
than offset by a decline of nearly 50% in shipments to the "other coastwise"
trade.
Both bituminous and anthracite movement at the Superior-Duluth
docks is still good and has been aided by another cold snap over the Northwest. Pocahontas is cleaned up as is anthracite, with the exception of a
certain amount of egg. Quotations are holding steady. Dock officials
are confident that the movement over the docks during the coming year
will be greater than for some years past.
Reports from northern West Virginia are to the effect that the strike
of non-union miners, started on April 1, has not affected the district to
any great extent as yet and that prices are unchanged. Contracting in
general is low but the railroads are taking a large tonnage for fuel. Loadings
to the eastern piers have eased up. Movement of smokeless from southern
West Virginia to the East has been curtailed and the bulk of the shipments are going to Western markets on account of the higher prices pre-
1830
THE CHRONICLE
veiling there. There is no improvement in the high volatiles as producers
have been shading prices in order to move their coal. Pocahontas production is off slightly and prices are softer. In the Virginia fields production has slowed down on account of scarcity of contracts. There are
few spot sales. The coke business is dull. Demand is slight and prices
softer in the Upper Potomac and western Maryland fields. Buying is
only to hold over between contracts. Buying continues to be restricted
in the Pittsburgh district and the disposition to close contracts is lacking.
A great deal of the railroad fuel business has drifted to other non-union
fields. Slack is scarce and high. Industrial demand is brisk, but this
is all a spot business. The Connsellsville coke trade has improved somewhat.
The "Coal Age," New York, reported the coal.market this
week as follows:
Hope deferred has been the lot of the soft-coal industry for so long that
all faith in omens has disappeared, and with reason, for business continues
to go from bad to worse. Midwest operators find it increasingly difficult
to move coarse coals, sales being confined to a carload here and there to a
few retailers whose stocks are running low. Screenings were in fair demand
during most of last week, but prices remained comparatively low because
of a large influx of Kentucky mine run, mostly strip coal. Several more
Illinois mines have closed indefinitely, and those that remain open are
working short time. Aside from the signing of some fairly large annual
contracts and some still pending, the market in Kentucky maintains the
quiet tone characteristic of the last few weeks, prices holding steady.
Output in West Virginia is still down to about 50% in all fields. Many
contracts are behind sehedule--only a few railroads having signed upend spot buying is slow. Precise information is lacking thus far on the
effect of the strike called by the United Mine Workers.
In the absence of official figures, estimates of stocks on the docks at
the head of the lakes place them at the low level of 575,000 tons of free
bituminous, so everyone is set for heavier shipments when navigation
opens. Favorable freight rates are expected to help consumption and
Pocahontas will be pushed to an extent that probably will cause a decrease
in the use of hard coal. Milwaukee docks are serving industrial and
weakening domestic demand from fading stocks while awaiting the opening
of the new season. Shutdowns are frequent in Kansas. Arkansas and
Oklahoma, where operators are having difficulty in moving anything
but screenings. Colorado also reports lower output with a number of
closings. Interest is high in Utah over the prospective signing of a contract
by the Utah Copper Co. for 400.000 tons of coal per year for five years.
Slack continues to be the strongest feature of the Cincinnati market,
where a weird variety of prices prevails as the result of stagnation having
back up'coal to the mine tracks. River business is brisk, however, as the
water stage is excellent. Trade at Columbus is apathetic and eastern
Ohio is further in the depths. There is practically no market at Pittsburgh,
except for slack, which is climbing. Operation is decreasing, but no
precise information is at hand on the actual rate since the new coal year
opened. General pathy prevails in Eastern markets, all branches of the
trade finding it hard to force coal on reluctant buyers.
Retailers have followed the lead of the producers in reducing the prices
of hard coal and the campaign for early buying is now on In earnest. Results
thus far, however, are scarcely noticeable. Considerable carry-over
remains to be cleared up. Stove is in heaviest demand, but the call for
egg has picked up. The steam sizes are in good shape.
The "Coal Age" index of spot prices of bituminous coal stood on April 6
at 162, the corresponding price for which is 31 96, compared with 161
and SI 95. respectively on March 30.
Dumpings of coal for all accounts at Hampton Roads in the week ended
April 2 totaled 406.945 net tons, compared with 399,686 tons in the preceding week.
Bituminous Coal and Anthracite Production Gain
Slightly-Coke Output Falls.
The weekly report on the production of anthracite and
bituminous coal and beehive coke issued by the Department
of the Interior, through the Geological Survey, April 4 1925,
is as follows:
The.final week of the coal year 1924-25 brought a halt to the steady
decline in soft coal production that has been in progress for nearly three
months. Preliminary estimates place the total output in the week ended
March 28 at 8.350,000 net tons, an increase of 67,000 tons.
The preliminary reports on loading in the present week do not indicate
any revival in mining activity. In fact, the total cars reported for Monday
and Tuesday was 2% less than that for the same days last week. Prediction for the remainder of the week would be difficult, owing to the presence
of the Eight-Hour Day holiday which is widely observed at the union
mines. In earlier years the day has annually counted as 0.3 of a normal
day. In 1924, however, it counted as nearly a half day.
Estimated United States Production of Bituminous Coal (Net Tons).
Including Coal Coked.
March 14
Daily average
March 21_c
Daily average
March 28_d
Daily average
1924-1925
Week. Coal.Yr.toDate
8,641,000 451,327,000
1.543.000
1 440,000
8 283.000 459,610.000
1.540,000
1 380.000
8,350,000 467.959,000
1,537.000
1.392,000
1923-1924a
Week. Coal.Yr.toDateb
9,943.000 539,116,000
1,657.000
1,847,000
9,573,000 548,689.000
1.596,000
1,842,000
9.122,000 557.811,000
1,520.000
1,836.000
[VOL. 120.
date for several years. The total estimatea output in the week ended
March 28 is now placed at 1,640.000 net tons, a gain of 127,000 tons over
the preceding week when production was curtailed by the partial observance
of a holiday. The weekly rate of production at the close of the last six
coal years was as follows:
Net Tons.
Net Tons.
March 28 1925
1,640,000 March 25 1922
2,095,000
March 29 1924
1,942,000 March 26 1921
1,564,000
March 31 1923
2,008,000 March 27 1920
1,921.000
The total output of anthracite during the coal year 1924-1925 is now
estimated at approximately 88,100,000 tons. Production during the five
preceding coal years was as follows:
1920-1921
91,130,000 net tons11922-1923
57.138.000 net tons
1921-1922
89,975,000 net tons 11923-1924
91,700.000 net tons
Estimated United States Production of Anthracite (Net Tons).
Week EndedMarch 14
March 21
March 28_ b
1924-1925-Week. CoalYr.toDate.
1.656,000 84,461,000
1,513,000
85.974.000
1,640,000
87.614,000
-1923-1924.aWeek. CoalYr.toDate.
1,941,000
87,552.000
1,804.000
89,356,000
1.942,000
91,298,000
a Minus one day's production in first week of April to equalize number of
days covered in the two years. b Subject to revision.
BEEHIVE COKE.
The production of beehive coke continued its downward course in the
week ended March 28. The estimated total output is placed at 221,000
tons, against 226,000 tons in the week before. According to the Connellsvine "Courier." there was a slight improvement in production in the
Connellsville region due to the firing of some ovens that had been idle and
to increased running time at others. Cumulative production this year to
March 28 stood at 3.159,000 net tons, a decrease of about 10% as compared
with the record of the corresponding period last year.
Estimated Production of Beehive Coke (Net Tons).
Week EndedMar.28 Mar.21 Mar.29 1925 to
1924 to
1925. 1925.b 1924.c
Date.
Date.a
Pennsylvania & Ohio
167,000 172,000 237.000 2,471.000 2,880.000
West Virginia
14,000 14.000 18,000 169,000 199,000
Ala., Ky., Tenn. & Ga
22.000 22,000 22,000 287,000 266,000
Virginia
9.000 10.000
9,000 123.000 116,000
Colorado & New Mexico---- 4,000
4,000
6.000
53,000
68,000
Washington & Utah
5,000
4.000
4.000
56,000
53,000
United States total
Daily average
221,000 226,000 296,000 3.159.000 3.582,000
37.000 38,000 49.000
42,000
a Adjusted to make comparable the number of days cvoered in both
48.000
years.
b Revised from last report. c Subject to revision.
Monthly Production of Soft Coal by States in
February 1925.
The following table, compiled by the United States Geo-,
logical Survey, contains the best estimates that can now be
made of the production of soft coal by States, In February
1925, and gives similar figures for the last two months of
1924. The State estimates, as well as that for the country
as a whole, are based on weekly reports of cars loaded by the
principal coal-carrying roads, furnished through the courtesy of the American Railway Association. These weekly
loadings afford a substantial basis on which to estimate the
total output, because the carriers reporting load about 85%
of all the coal produced. Allowance is made for mine fuel,
coal coked at the mines, local sales, shipments by water, and
shipments over certain small roads not reporting.
The experience of the last six years has shown that estimates computed by this method are usually 2 to 3% too low.
The figures for each month of 1924 have been adjusted to
overcome this error. The monthly figures to be issued currently in 1925 will be computed In the same manner and it is
expected that the results will more nearly approximate the
final figure for the year as reported by the operators than
have the estimates for other recent years.
ESTIMATED PRODUCTION OF SOFT COAL BY STATES, NOVEMBER
1924, FEBRUARY 1925 (NET TONS).
Alabama
Arkansas
Colorado
Illinois
Indiana.
Iowa
Kansas
Kentucky
Maryland
Michigan
Missouri
Montana
New Mexico
North Dakota
Ohio
Oklahoma
Pennsylvania
Tennessee
Texas
Utah
Virginia
Washington
West Virginia
Wyoming
Other States a
. November.
December.
January.
February.
1,739,000
113,000
945,000
5.869,000
1,864,000
431.000
363,000
4,228,000
153.000
60,000
265,000
287,000
223,000
132,000
2,486,000
231,000
9,963,000
438,000
88.000
435,000
954,000
215,000
9,941,000
631,000
1,863,000
145,000
988,000
7,258,000
2,354,000
538,000
425,000
4,263,000
181,000
81,000
325,000
323,000
242,000
140.000
2,590,000
269,000
11,405,000
498,000
88,000
508,000
985,000
241,00o
9,737,000
769,000
812.000
2,013,000
173,000
1.217,000
8,120,000
2,666,000
616,000
485,000
4.779.000
195.000
87,000
364,000
320,000
285,000
131,000
2,854,000
349,000
12,763,000
543,000
90,000
595,000
1,099,000
256,000
11,113,000
793,001)
68,000
1,590,000
107,000
828,000
5,172,000
1,700,000
306,000
327,000
3,588,000
154,000
67,000
233,000
190,000
199.000
87,000
2,308,000
202,000
10,625,000
478,000
65.000
301,000
885,000
173,000
8,798,000
807,000
7,000
a Original estimates corrected for usual error, which in past has averaged
2%. b Minus one day's production in April to equalize number of days
in the two years. c:Revised since last report. d Subject to revision.
Preliminary estimates indicate that the total production of soft coal during
the coal year 1924-1925 was 470,862.000 net tons. In the six preceding coal
years it was as follows:
Years of Activity.
Years of Depression.
1918-1919
553.858.000 net tons 1919-1920
495,924.000 net tons
1920-1921
533,740.000 net tons 1921-1922
445,487,000 net tons
1923-1924
561,212,000 net tons 1922-1923
432,900,000 net tons
Thus it is seen from the viewpoint of soft coal production, the coal year
1924-1925 stands 78.739.000 tons behind the average of the three years of
activity and about 12.759,000 tons ahead of the years of business depression.
Compared with the average of the six years It stands about 32,990,000 tons
a12,000
behind.
ANTHRACITE.
.r.o.21.1....11.^...
29 nan (Inn
I
AR 992 nnn
1 ohs nnn
22 027 nen
Like bituminous coal, the production of anthracite at the close of the coal
•Includes Alaska. California. Georgia, Idaho, North Carolina. Oregon and
year 1924-1925 wa.s at a lower level than that recorded at a corresponding South Dakota. b Excludes Alaska.
APRIL 11 1925.)
THE CHRONICLE
1831
Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federa
Reserve banks on April 8, made public by the Federal Reserve Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows decreases of $8,600,000 in holdings of discounted bills and of $5,700,000 in
acceptances purchased in open market, together with an
increase of $4,400,000 in Government security holdings,
with the result that total earning assets went down $9,900,000. Federal Reserve note circulation increased $4,500,000;
cash reserves declined $6,100,000 and non-reserve cash increased $2,500,000. After noting these facts, the Federal
Reserve Board proceeds as follows:
The New York Reserve Bank shows an increase of $29,900,0
00 in holdings
of discounted bills as compared with the decline of
$37,700,000 reported
the week before. The principal reductions in discount holdings
for the
week were: Philadelphia. $9,000,000; Cleveland,
$8,400.000; Chicago,
$8,000,000; Boston, $4,400,000; San Francisco, $3,700,000, and Atlanta,
$3,100,000. The remaining banks show relatively small
changes in discount beldings for the week. '
A further increase of $10,300,000 in holdings of
acceptances purchased
in open market Is reported by the Federal Reserve
Bank of New York, while
all of the other banks show reductions aggregating $16,000,000.
The
system's holdings of United States Treasury notes
went up $4,200,000 and
of United States bonds $700,000, while holdings of certificate
s of indebtedness declined $500.000.
The principal changes in Federal Reserve note circulation
during the week
comprise a reduction of $9,500,000 reported by
the New York bank, and
increases of $7,000,000 reported by Cleveland, $3,400,000
by Boston and
$2,100,000 by Atlanta.
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 1851 and 1852. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
April 8 1925 follows:
On a subsequent page—that is,on page 1852—w
e give the
figures in full contained in this latest weekly
return of the
memeber banks of the Reserve System. In the
following is
furnished a summary of the changes in the
principal items
as compared with a week ago and with last
year.
Increase (±) or Decrease(—
During
Week.
Year.
Loans and discounts, total
+866.000.000 +31.103,000,000
Secured by U. S. Govt. obligations
—4,000,000
—25,000.000
Secured by stocks and bonds
—17.000,000
+892.000.000
All other
+87.000,0
00
+236.000,
000
Investments, total
+20.000.000
+971,000.000
U. S. bonds
—4.000.000
+637.000,000
U. S. Treasury notes
—7,000,000
—297,000,000
U. S. Treasury certificates
—8.000,000
+6.000.000
Other bonds, stocks and securities
+39.000.000
+625.000.000
Reserve balances with !ed. Reserve banks+17,000,0
00
+169,000,000
Cash in vault
—13,000,000
—1.000.000
Net demand deposits
+167.000,
000
+1.510,00
0.000
Time deposits
+19.000.000
+823,000.000
Government deposits
+80.000.000
otal accommodation at Fed. Res. banks
+18,000,000
—63.000.000
Unchanged Attitude of President Coolidge on
Foreign
Loans—Departure of Under Secretary of
Treasury for Europe.
The question as to the attitude of the United States
Government toward foreign loans again figured in
newspaper
dispatches from Washington this week, and the Washing
ton
"Post" of the 8th inst., in stating that "President Coolidge
believes it unwise to keep continually'talking about
international problems, particularly the foreign debt situation
and
the proposed arms conference," added:
When some concrete proposal is made that promises
results, it will be
time enough to make known definitely the views of
the Government, the
Administra
tion believes. The President recently reitorated
Increase (+) or Decrease(—)
the Administration's policy with respect to American loans to fordl m
During
countries, emphaWeek.
sizing the point that this Government would frown
Year.
upon
Total reserves
—$6,100.000 —$224,800,000 which might be used by forei;n Governments for military American loans
purposes. This
Gold reserves
—6,600,000 —264,100.000 was noted in our issue of a week ago, page 1688.—Ed
.
Total earning assets
—9,900,000
+80.500,000
It was disclosed at the State Department that the
Washington GovBills discounted, total
—8.600,000 —138.300.000 ernment has deferred indefinitely any plans for
calling attention of debtor
Secured by U. S. Govt. obligations
—11.600.000
—35,700.000 nations in a formal way to its desire that war debt refunding
Other bills discounted
agreements be
+3.000.000 —102,600.000 taken up for serious discussion. Assurances that
no notes of this nature
Bills bought in open market
—5,700,000 +113,100,000 are contemplated were made yesterday, it being
added that such a project
U. S. Government securities, total
+4,400,000
+93,300,000 would be talked over with the Debt Funding Commissio
n before the State
Bonds
+700,000
+64.300,000 Department took action.
Treasury notes
+4.200.000
+62,600,000
8th
inst.
the
On
the
New
Certificates of indebtedness
York
"Times
"
in its advices from
—500.000
—33.600.000
Federal reserve notes in circulation
+4.500.000 —267,500,000 Washington said:
Total deposits
Further light was shed to-day by a spokesman of the
—8.700,000 +131,900.000
Coolidge AdminisMembers' reserve deposits
+8.000,000 +205.800.000 tration on the attitude of this Government toward reports of a
proposed
Government deposits
—12.500.000
—77,000.000 loan to France by private capital, and others of a like character that may be
Other deposits
—4.200.000
+3.100,000 initiated in the future.
The statement was made in a well-informed quarter that it
was hoped that
negotiations looking to the advancement of American
The Week With the Member Banks of the Federal in allGovernmen
money to foreign
ts American bankers would observe the terms of
the "genReserve System.
tlemen's agreement" entered into by the Harding
Administration, under
The Federal Reserve Board's consolidated statement of which the bankers pledged themselves to consult the Government before
making final commitments as to loans.
condition on April 1 of 736 member banks in leading cities
The Administration spokesman asserted emphatically,
however, that the
shows increases of $66,000,000 in loans and discounts, of Government had never attempted to "supervise
" foreign loans floated in
United States, and he indicated that there Was no
the
$20,000,000 in investments, of $167,000,000 in net demand
truth in the reports
that it frowned upon the effort of France to raise money
in this country,
deposits and of $18,000,000 in borrowings from the Federal According to this authority,
the only official action
taken relative
Reserve banks. Member banks in New York City report to foreign loans was embodied in a circular forwarded toever
American bankers
increases of $80,000,000 in loans and discounts, $9,000,000 in by President Harding in March 1922.
In this circular
Harding reminded the bankers that in a coninvestments, $139,000,000 in net demand deposits and a ference held at thePresident
White House the previous summer they had agreed to
reduction of 836,000,000 in Federal Reserve Bank accommo keep the Government fully advised relative to impending
loans. It was
agreed that the bankers would advance no money
dation. It should be noted that the figures for these member further
to Europe without
consulting the Government. It was explained to-day that,
in preparing
banks are always a week behind those for the Reserve banks the circular. President Harding acted with a view
to acquiring information
which might be useful in the event that the Governme
themselves.
nt decided that a
given loan or loans might be a bad thing for the United
Loans and discounts show an increase of $83,000,000 for standpoint
States from the
of public policy.
the New York district and small increases for the Boston,
Since the issuance of the Harding circular, it was said, American
bankers
Philadelphia, Richmond, Atlanta and San Francisco dis- have invariably consulted Government authorities in all cases involving
loans to Europe. The Government greatly desires
that
the
agreement
tricts. Moderate reductions are shown for the other six with the bankers as to
loans shall continue in force. The information
districts. Further comment regarding the changes shown that comes to it in this way is of
great value in the conduct of its foreign
relations, it was explained.
by these member banks is as follows:
The authorities regret the publication of reports
Investments in United States securities fell off $11,000.0
which have placed
00 in the New the Government in the position of having
opposed a loan to
York district and $4,000,000 each in the Cleveland and St. Louis districts,
of
France's failure to take sbustantial steps looking to an France because
while investments in other bonds, stocks and securities were increased
adjustment of ite
by debt to the United States. There have been other
$22,000,000 and $9,000,000. respectively, in the New York and
reports that the GovernCleveland ment looked askance upon a loan to France because
districts.
of
from Paris that France was unwilling to participate in the announcement
Net demand deposits show an increase of $149,000,000 in the New York
another arms parley.
The effect of such reoprts, officials say, is to
district, together with substantial increases in the Cleveland,
embarrass
the Government
Philadelphia, in its relations with France, and possibly
defeat two important aims that
San Francisco and Boston districts. These increases were partly offset
the Administration has in mind.
reductions
the
in
Chicago, St. Louis, Dallas and Minneapolis districts.
by
The visit of Under Secretary Winston of the
Treasury Department to
Of the increase of $19,000,000 in time deposits, 517,000,000 was reported Europe is
expected to have an important bearing
in the relations of the
by banks in the New York district.
United
States
with
the
debtor
nations.
It
is the understanding that Mr.
Reserve balances went up $14,000,000 in the Cleveland district
while Winston will confer with French authorities
while abroad and the question
small increases are shown for all other districts except Chicago, Minneof France's 84,000.000,000 debt to this
Government doubtless will be
apolis and New York.
touched upon. Mr. Winston will make a report
to the Debt COMMISSiOn
The principal changes in borrowings from the Federal Reserve banks are on his
return.
increases of $14,000,000 and 812,000.000, respectively, in the Chicago and
There is reason to believe that the Administra
tion may decide to initiate
Boston districts and a reduction of $35,000,000 in the New York district.
correspondence with the debtor nations. before
Congress re-assembles in
1832
THE CHRONICLE
December. A decision as to whether this step is to betak
rlbably wil
be deferred until Under Secretary Winston returns to the United States.
Under Secretary of the Treasury Winston sailed for Europe
on the Aquitania, April 8.'
Support German Stocks—Berlin Bankers Form a Committee to Protect Certain Shares.
Berlin advices April 2 to the New York "Times" (copyright) state:
[VOL. 120.
Finance Minister Clementel to-day again assured the Senate Commission
that the recent Morgan loan to France was still intact and was not being
used for artificial support of the franc.
The question arose during discussion of the liability of the Treasury for
payment of an extra indemnity to State functionaries included in the
monthly appropriations voted pending the passing of the budget.
"France," M. Clementel said, "is holding her own without help and by
natural means."
On the strength of this affirmation the Senate accepted the Chamber's
proposals, and this conciliatory action was reciprocated later when the
Chamber In turn accepted certain reductions made by the Upper House.
Issuance of Gold Franc Proposed by Bank of
France Not to Be Resorted to.
On March 14 a special cablegram to the New York"World"
from Paris stated that a new gold franc, to circulate simultaneously with the paper franc, had been proposed by the
Bank of France. This was followed on the next day by a
Reichsbank's Profits Above Pre-War Figure—Earnings statement in the same paper that "the gold franc will not
More Than Three Times 1913—Foreigners
be issued by France in the immediate future." With regard
to the purpose of the gold franc the account (copyright)
Hold 8% of Stock.
Under date of March 29 the New York "Times" printed the received from the Paris staff correspondent of the "World,"
March 14, said:
following cablegram from Berlin (copyright):
Representatives of Germany's leading banks held an extraordinary session
to-day, in which the former "Interventions Committee" of inflation days was
reinvested with new rights and new instructions for the purpose of supporting German shares on local and international exchanges and to prevent a
further sinking of rates.
Its sphere of action will be limited to a few important shares.
Plans for
The Reichsbank's annual report, issued last week for 1924, interested
financial Berlin chiefly for its contrasts with pre-war conditions. The dividend was fixed at 10%, which compared with 8.43 in 1913.
Gross profits for the year, 307,073,350 marks, contrasted with 83,452,1381 in 1913, but the increase was partly accounted for by the bank's profit
last year of 65.359,782 marks on purchases of gold and silver. Net profits
In 1924 were 122,514,191, against 50,615,079 in 1913, and check clearings
were 526.027,884,200, against 422,339,707,200.
The bank's policy in regulating credit and otherwise stabilizing the money
market in the interest of current stability was materially furthered, the
,report states, by the Dawes reform. It was added that on Dec. 31 Reichsbank shares held by foreigners amounted to 7,200, as against 81,000 held
by Germans.
Its purpose is to put the franc gradually hack on a gold basis. The
proposal is not yet official, but it was decided at a meeting of the directors
of the Bank of France, presided over by Governor Robineau, to advance
the idea. It is similar to the establishment of the Russian chervonetz—
backed 100% by gold—to be used now for foreign commerce, but with the
purpose of gradually replacing the paper franc as the chervonetz has
replaced the ruble.
As the franc has reached the limit of 41 billions, the Bank of France regards this as the best way to avoid further Inflation and argues that by
Issuing a French currency similar to the Russian chervonetz, it will meet
inflation by deflation.
Billion Gold Issue Planned.
The proposal is to issue 1,000,000,000 gold francs of the new currency,
covered completely by gold and foreign gold currencies. The new currency,
It Is maintained, will not be driven off the market, as the Russian experiment proves. A billion gold francs Is considered sufficient for immediate
needs, and with an increase of credit gained by this stabilized currency,
France will be able to obtain necessary gold coverage for future issues.
It is presumed the new gold currency will entirely replace the paper
francs in eight or ten years. The Bank does not wish to interfere with the
present paper franc circulation within France,and maintains the gold money
will only come into circulation within France when gold money gains the
ascendancy.
The Bank of France claims in Its argument to the Government that this
Is not the rentenmark type of deflation, calling for a repudiation of the
old currency and the country's obligations. It will not crush business nor
cause widespread increase in the cost of living or wholesale unemployment.
See Confidence Restored.
The result on France's indebtedness is the leading consideration. Not
wishing to make any move that would appear to be a devaluation of the
present Government obligations, the discussion centres on how to avoid
this.
Those urging the new currency maintain it will restore confidence and
make possible a renewal of short term loans, stretching out the Government's indebtedness until it can be gradually absorbed as the new currency
begins eventually to circulate within the country.
The relative value of paper and gold francs is expected to establish itsself.
As France before the war needed only twelve billions in circulation, it is anticipated an increase in the new currency and a decrease In the present
will eventually bring about a pre-war circulation all on a gold basis.
Australian Banks Urge Postponement of Gold Standard
Until Its Re-Establishment in Great Britain.
It is learned from Melbourne, Australia, press cablegrams
that a representative of the Australian banks called upon
-the Commonwealth Premier on April 7 and strongly urged
against the introduction of the gold standard in Australia
until the gold standard has been re-established in England.
Reparations Commission Calls for Collection All
Pre-War Hungarian Bonds.
The Hungarian Consul-General makes the following
announcement:
The Reparation Commission has decreed that all pre-war Hungarian
State Loan bonds stamped In Hungary are to be collected. All those
who have such bonds in their possession are to deposit them at the nearest
Hungarian Consulate by April 30 of this year or lose all claims against the
Hungarian Government. After examination these bonds will be returned
to their owners.
To avoid all misunderstanding, only such pre-war Hungarian State Loan
bonds are required which were re-stamped by Hungarian authorities after
the war. There are very few such bonds in the United States. Hungarian
bonds, registered at the State Department in accordance with its notice
of February 1922, are not required.
The succeeding day's Paris advice to the "World" likewise
copyright, had the following to say:
The original announcement, made April 4, had given the
The Herriot Government has decided to resist the pressure for gold
date for the time limit as April 15; it was however, this currency for international usage which comes from many sides. The
Bank
of France. which is favorable to the gold franc idea as expalined in
week extended to April 30, as indicated in the abol e.
Salvador Customs Collections for March.
Salvador customs collections for March 1925 amount to
more than eight times the interest and sinking fund rqeuirements for that month on the 8% Custom Lien bonds now
outstanding, according to advices made public this week
by F. J. Lisman & Co. March 1925 collections were
$517,328. Interest and sinking fund charges on "A" bonds
for March. were $58,333. January-March 1925 collections
totaled $1,375,993. It is noted that—
The foregoing figures represent not more than 70% of the actual sums
Collected. In accordance with the provision of the loan contract, only
70% of the collections are applicable for the service of the loan as long as
this percentage is sufficient to cover all requirements.
French "Defense Bonds"—Had Reached 56 Billion
Francs, but Are Now Somewhat Reduced.
Under the above head a wireless message from Paris,
March 15, to the New York "Times" said:
On June 30 1924, according to the recent financial inventory published
by Finance Minister Ctementel, the amount of defense bonds in circulation,
which are continually convertible into cash, was 56,000,000,000 francs.
According to unofficial information, however, the amount is now slightly
lower. This is because of the fact that the last issue of ten-year Treasury
bonds consolldated and retired a certain quantity of the defense bonds.
yesterday's dispatch, has in consequence decided not to make an issue of
the question.
The Government's reason for standing on the paper franc is chiefly
its desire to show that French finances are now on a safe basis with a
balanced budget. The single budget is being pared down by the Senate
to create a slight surplus for amortization of short-term loans. This Is
held to be sufficiently strong action in the right direction to make extraordinary measures unnecessary.
Load Left by Others.
Despite the heavy load caused by special budgets of previous Governments, which did not balance and were met by special loans and which
theoretically were to be recouped from German reparations, the Herriot
Government intends to stand on Its own single balanced budget as evidence of financial soundness and push into the future any eventual devaluation necessary to put French currency as a whole on a gold basis.
The air is full, however, of the plan for a special gold franc for foreign
use. The tendency to get back on a gold basis everywhere in Europe
has effected France and gained support sufficiently general to merit consideration.
The prevailing idea among gold franc advocates is to shift France's
large floating debt from paper to gold basis by creating a gold franc. As
interest is paid In the existing paper franc at present the value of all national
bonds, whether held In France or abroad, already is determined.
Shift would be Automatic.
If the gold franc and fluctuating paper franc once became standardized, as experience shows they would, the shift from paper to gold would
be automatic.
This would mean, however, recognition of devaluation, and the Herriot
Government has decided against this in the belief that the full effect of
the balanced budget should be permitted to develop before it is decided
at what value, if at all, devaluation could justly take place.
Hoarding of Gold and Silver Coins in France—PenalFrance Still Has Morgan Loan—Holding Her Own
ties Planned to Stop Traffic in Gold Coins.
Without Help.
From the New York "Journal of Commerce" we take the
The following account from Paris, March 31 (copyright), following advices from Paris, March 22:
appeared in the New York "Times" on April 1 (before the
Banking experts estimate that the French people still have something
resignation of M. Clementel):
like 2,000.000,000 francs in gold and silver coins safely put away in safety
APRIL 11 1925.1
THE CHRONICLE
deposit vaults, in the traditional sock and tucked away in all sorts of
crevices in peasant homes or buried under floors. It is coming to light
at the rate of between 50.000 and 100,000 francs weekly, swelling the
metal reserve of the Bank of France.
The settlement of nearly every estate discloses the hiding place of some
gold or silver, and generally a notary whose services are utilized in the
probate of a will or distribution of property turns the precious metal over
to the Bank of France in exchange for paper.
These coins are worth nearly four times their face value, but their transfer
at more than the value of paper is a misdemeanor. There is a considerable
amount of traffic in gold, however, and frequently considerable sums discovered in the hands of dealers are confiscated, going also to swell the
Bank's gold reserve.
Various schemes have been proposed for another gold drive such as that
which in 1915 brought about two billions into the Bank. One of these
schemes was a lottery to be subscribed exclusively in gold, with prizes payable in paper. This plan was abandoned because of doubt whether subscriptions would come in freely enough to justify prizes sufficiently attractive.
It also had been proposed to offer the holders of gold coins twice their
face value in paper, but this, It was decided, would be a sort of approval
of the private illegal traffic now going on. It is proposed to make the
penalties for the purchase and sale of gold coins so heavy as to make it too
risky for the possessors who try to get the market value of gold out of them.
Suez Bondholders Lose—Cannot Be Paid in Gold
Francs, Paris Court Decides.
The following Paris cablegram April I (copyrighted) is
from the New York "Times" of April 2:
The Suez Canal Company bondholders to-day lost their suit to obtain
payment of their coupons in gold francs.
This suit is very important here, and is somewhat similar to that of the
Brazilian State bonds, which will be arbitrated at The Hague.
In the latter case payment on the coupons was to be specified by the holders in the currency of France or Brazil. In the case of the Suez bonds, however. no alternative was offered the buyers and the Court decision settles
once and for all the point that, unless stated to the contrary, foreign bonds
issued here are repayable in ordinary currency.
The decision conforms to the opinion of the Government, which was represented in the suit by an Assistant Prosecutor because the matter involved
public policy.
Appeal to
World Court by French Holders of Brazilian
Bonds to Test Depreciation Issue.
From Paris March 30 the New York "Times" reported the
following copyright cable gram:
Another step forward in clearing up the legal tangles arising from the effects of the franc's depreciation on pre-war and other bonds was made today when the National Association of French Bondholders decided to make
a test case of Brazilian Federal loans before the Hague Court.
It is felt that a pronouncement of international justice once for all is
necessary regarding this class of bonds which comprise redemption and Interest payments in optional currency. Many such issues have been floated
here at various times.
The optional feature means that coupons are payable and bonds redeemable eighter in the currency of the country offering the Issue or that of the
country where the issue is floated. It is readily apparent that this turns
out to be a hardship on one or the other party in the event of currency depreciation and financial chaos resulting from war.
Brazilian bonds have been selected in this instande because Brazil signed
an arbitration treaty allowing recourse to the Hague Court.
French Government's Revenues in February.
Government revenue from all sources in France totaled
$1,952,356,600 francs for the month of February last, not
Including receipts of the postal administration, which are
credited to an entirely separate and independent budget.
Out of the above total of 1,952,356,600 francs, normal and
permanent revenue, according to advices received by the
Bankers Trust Co. of New York from its French Information
Service, accounted for 1,869,567,400 francs, showing an increase of nearly 70 million francs over normal revenue for
February 1924. The company adds:
1833
Another result of the augumented production of the manufactured goods
has been the truly remarkable increase of exports while at the same time
imports have remained relatively stationary. This favorable balance
of trade has continued during 1925 for both January and February have
witnessed a large excess of imports and exports. These conditions
are, of course, partly caused by the depreciation of the franc,
which has, for the time being, enabled French steel and textile goods
to compete favorably with foreign products. The favorable position of
French industry Is Well reflected in the reports of the French banks and industrial establishments which show continued improvement since the war.
This fundamentally strong condition of French private business and
banking constitutes the basis for the belief that, whichever political party
prevails, its leader will be in a position to adopt a strong fiscal policy entailing heavy taxation with good prospects of success, If. however French
leaders allow political considerations to divert them from a program involving heavy taxation and resort instead to a weak fiscal policy resulting
in further inflation of the franc, results may well be expected to prove disastrous.
Redemption of Belgium Bonds Issued Under Loan
Contract of 1920.
J. P. Morgan & Co. and the Guaranty Trust Co. of New
York have issued a notice to holders of the Kingdom of Belgium 25-year external gold loan 7/
1
2% sinking fund redeemable bonds issued under the loan contract of May 28 1920,
that, as bankers under the contract, they heve received
$2,300,000 as a sinking fund for the redemption of certain
of the bonds of this issue. A drawing has been held in accordance with the terms of the contract whereby $2,000,000
principal amount of the bonds have been called for redemption at 115% as of June 1 next. The bonds so drawn for
redemption will be paid on and after June 1 at 115% of their
par value at the offices of J. P. Morgan & Co., 23 Wall
Street, or the Guaranty Trust Co. of New York, 140 Broadway, upon presentation and surrender of the said bonds with
December 1 1925 and subsequent coupons attached. Interest
will cease on all such drawn bonds on and after June 1 1925.
The bankers call attention to the fact that as of March 27
last certain bonds called for redemption in previous drawings have not yet been turned in for payment.
Speyer & Co. Deny Reports Linking Their Name with
Greek Loan.
Speyer & Co. this week denied the report emanating from
London to the effect that they, together with Hambros
Bank, Limited, had concluded negotiations with the Greek
Government for a further loan. Speyer & Co.'s statement
also says:
While it Is known that the Greek Government is considering the construction of water-works In Athens, the completion of which will probably
take several years, no public financing to provide the funds for this work is
contemplated in the near future.
From Athens, April 2, the New York "Journal of Commerce" reported the following:
The Exchange Telegraph says It is understood a representative of the
Hambros Bank of London has raised objection to an agreement which it is
said the Greek Government recently completed with an unnamed American
concern. The objection was on the ground that under the last convention
dealing with loans for refugees. Greece was prohibited from concluding
any loan without the consent of the League of Nations.
The Premier is reported to have replied that the loan, which was the
subject of the agreement with the American concern, does not fall within
the category prohibited. It is believed probable, says the agency, that if
the bank persists in its objections. Greece will ask the League of Nations
or the Permanent Court of International Justice at The Hague for an interpretation of the refugees cons ention or, alternatively, ask specific
permission for the case in question.
At the same time (April 2) the same paper has the following
to say in
Washington advices:
The balance of 82.78111.200 francs collected last February under the headAmerican Government officials lack knowledge of any negotiations
ing of exceptional resources was produced by the sale of war stocks, revenue
between the Greek Government and unnamed American concerns for a
from the tax on excess war profits, fines and miscellaneous items.
Among the items which go to make up normal revenue, direct taus during loan. Under existing commitments made by the Athens authorities,
last February yielded 465.058.100 francs, showing a decrease of 11,795,400 Washington neenasarily will be informed before any new loan arrangement
francs as compared with the same month last year while returns from State can be made effective by Greece.
The United States, Great Britain and France advanced funds to Greece
property aggregating 9.715,300 francs exceeded last year's figures by 515,200
In 1918, at which time that Government agreed it would not pledge further
francs.
The yield from indirect taxation and government monopolies which con- securities without the consent of the three Powers. This consent was
stitutes by far the largest part of France's budget on the credit side. aggre- given last fall when Greece borrowed about 10.000.000 pounds sterling, to
gated 1.394.798,000 francs last February and showed an increase of finance refugee settlements. She then pledged, this time to the League of
Nations, that additional loans would not be sought in the future without
60.758.000 francs over February 1924.
consent and approval of the League.
Solution of French Government's Fiscal Problems Dependent on State of Private Finance, According
to Bank of America.
The successful solution of France's fiscal problem will
depend largely on the state of her private finance, according
to an analysis of the French financial situation made public
April 8 by the Bank of America. The bank's survey says:
Fortunately France's economic condition is today more satisfactory than
atlany time since 1914. France before the war was essentially an agricultural country and today her farms have practically returned to their
pre war productively. The greatest economic progress, however has taken
place in manufacture, and today French textile factories, steel mills, and
iron foundries are turning out products in a volume many times that of the
pre-war period. As a result an idle French worker can rarely be found.
and the nation is even forced to import labor from Italy, Poland and
Central Europe.
Enactment of Bill for Administration of Japanese
Government's Deposit Section Fund.
In our issue of Jan. 31 (page 529) we referred to the intention of the Japanese Government to introduce in the
Imperial Diet a bill to establish a Board of Advisory Committee on the employment and administration of the fund
belonging to the Government Deposit Section and also a bill
to create a Special Account for Education and Agrarian Improvement Fund. Under date of April 2 Tadao Wikawa,
Acting Financial Commissioner of the Japanese Government
to the United States, advises us of the receipt of a cablegram giving further information on the subject, a translation of which follows:
1834
THE CHRONici,E
[VOL. 120.
Board.
for productive purposes, such as the city-owned gas and electric works,
The Deposit Section Fund Bill and Deposit Section Special Account Bill, harbor improvements and housing facilities.
introduced by the Government to the 50th Session of the Imperial Diet,
The budget for the fiscal year to end June 30 1925, which amounts to
passed without amendment the both Houses, were enacted and came into Kr. 100,800,000, balances.
force from April 1 1925. At the same time two respective regulations
The bonds are offered if, when and as issued and received,
were promulgated by Imperial edicts.
The Board on the Employment of the Deposit Section Fund is to be com- and subject to the completion of their purchase and approval
posed of a Chairman (the Minister of Finance is to fill this position) and of counsel. Interim receipts exchangeable for definitive
less than fifteen committees (Parliamentary Vice-Minister of Finance, Vicebonds when prepared may be delivered against payment in
Minister of Finance, high officials of various executive departments concerned, one of the Directors of the Government Audit Board, Governor of New York funds. Application will be made to list the bonds
Bank of Japan and several others to be selected from men of knowledge and on the New York Stock Exchange.
•
experience in this line of business).
The change in the name of Christiania to that of the City
Bureau.
of Oslo was made on Jan. 1 last. Oslo was the name given
On April 1 an Imperial edict to establish in the Finance Department a
Deposit Bureau (formerly called "Deposit Section") for the purpose of the city when it was founded 900 years ago.
administering the employment and accounting of the Deposit Bureau Fund
was promulgated. The Directors of the Bureau shall be nominated among
Denmark to Pay Off Foreign Loans.
the Finance Department officials of the Imperially appointed class. The
The following, copyright by the Chicago "Tribune," was
Bureau shall be divided into two divisions, that is Employment and Accounting. Yutaro Tomita (he was. one of the members of our delegation to the reported ur.der date of April 4 from Copenhagen by the New
Washington Arms Conference), the present Director of Economic Bureau,
York "Times":
was nominated to the Directorship.
The Danish Government is planning a 60,000.000 kronen home loan to
Education and Agrarian Improvement Fund.
repay its foreign loans from 1915. The currency is largely stabilized now
Special Account for Education and Agrarian Improvement Fund Act was and repayment of foreign loans with Danish money means further support.
promulgated on March 30 1925. On April 1 the sum of 130,000,000 yen was
------------ - transferred from the Mint Fund to the above-mentioned newly created fund,
of which 30,000,000 yen was already invested in the Earthquake Restora- Offering of $1,000,000 Common Stock of Joint Stock
tion Loans.
Securities Company of Massachusetts.
Mr. Wikawa says:
The amount of the Fund on February 15 of this'year was approximately
1,580,400,000 yen, of which more than 300,000,000 yen was invested in
foreign Government (including British and United States Government)
bonds.
New Interests in Hungarian Bank.
It was announced on March 30 that a syndicate has been
formed by J. Henry Schroder & Co., London, for the purchase of a large block of shares of the Hungarian Commercial
Bank of Pesth, Budapest, Hungary. Associated with
Messrs. Schroder & Co. are several of the most important
banking interests in London. The American interests consist of the United States & Foreign Securities Corporation
and the J. Henry Schroder Banking Corporation on behalf
of the Continental Securities Corporation.
Definitive Republic of Peru Bonds Issued in Exchange
for Temporary Bonds.
Commencing Wednesday April 8 the Guaranty Trust Co.
of New York at its main office trust depatment, began the
delivery of definitive Republic of Peru external sinking
fund secured 8% gold bonds (sanitation loan series of
1924) due Oct. 1 1944, in exchange for the outstanding
temporary bonds. The offering of these bonds was referred
to by us Oct. 11 1924, p. 1693.
Offering of $8,000,000 Bonds of City of Oslo (Formerly
Christiania), Norway—Bonds Disposed of, Books
Closed.
An offering of $8,000,000 City of Oslo—formerly City of
Christiania—(the capital of Norway)30-year 6%sinking fund
gold bonds, due May 1 1955, was announced by Kuhn, Loeb
& Co. of New York on April 9, at 993,6 and accrued interest.
The subscription books were closed the same day, all the
bonds, it is stated, having been subscribed. The International Acceptance Bank, Inc., was associated with Kuhn,
Loeb & Co. in the purchase of the bonds. They will be in
coupon form, in denominations of $1,000 and $500 each.
Principal and interest will be payable in New York City in
United States gold coin of or equal to the present standard
of weight and fineness, at the office of Kuhn, Loeb & Co.,
without deduction for any Norwegian Government or other
Norwegian taxes, present or future. Interest will be payable May 1 and Nov. 1. It is announced that—
At $100 and accrued dividend per share, to yield 6%,
Jackson & Curtis offered on April 6 common stock of the
Joint Stock Securities Co. of Massachusetts Co the amount
of $1,000,000. The stock, which is free of Massachusetts
income tax and free of present normal Federal income tax,
is in shares of $100. Upon completion of the financing the
capitalization will consist of the $1,000,000 common stock
and 500 shares of deferred stock of no par value. Tne company was incorporated under the laws of Massachusetts
April 2 1925, its purpose being to invest in the capital stock
of Joint Stock Land banks created under the Federal Farm
Loan Act. The proceees realized from the sale of stock
have been, or will be, invested in stocks of the Chicago
Joint Stock Land Bank, Kansas City Joint Stock Land
Bank, Southern Minnesota Joint Stock Land Bank, Dallas
Joint Stock Land Bank and Des Moines Joint Stock Land
Bank. The combined assets of these banks total over
$168,000,000. It is stated that the income of the company
will consist principally of dividends received on holdings of
stocks in the foregoing Joint Stock Land banks, dividends
on which are being paid at the following rates: Chicago,
10%; Kansas City, 10%; Southern Minnesota, 9%; Dallas,
10%; Des Moines, 9%.
It is also announced that the Joint Stock Securities Co. will
pay dividends, cumulative up to 6% per annum, quarterly—
Jan. 15, April 15, July 15 and Oct. 15. As to the rights of
shares the offering circular says:
The common stock is entitled to cumulative dividends at the rate of 6%
per annum before any dividend is paid on the deferred stock in any one year.
After such common dividend has been paid, and $6 per share has been paid
on the deferred shares in any one year, pus an amount equal to 5% of the
entire net earnings for the preceding year, any further dividends are to be
distributed ratably among the common and deferred stock share for share.
In 1925. however, the 6% dividend is cumulative only from April 15,
and the deferred stock is entitled to 83 per share, after 83 has been paid on
the common. In case of liquidation or dissolution the common stock is
entitled to receive $100 per share before anything is paid on the deferred
stock. The deferred stock is then entitled to 8100 per share, after which
the balance of the net assets is to be distributed ratably share for between
both the common and deferred stocks.
Guy Huston is President of the company. The stock is
expected to be ready for delivery April 15.
New York Stock Exchange Expels G. W. Kellner from
Membership.
Gilbert W. Kellner, a member of the New York Stock
Exchange since May 20 1920, was expelled from membership in that body on Wednesday of this week, April 8.
Beginning May 1 1930 the City of Oslo Is to pay to Kuhn, Loeb & Co., Mr. Kellner has offices at 55 Broadway, this city. In
in semi-annual installments, a sum sufficient to retire $320,000 of bonds per
announcement from the rostrum of the Exchange
annum, as a sinking fund, to be applied toward the purchase of bonds in making the
the open market if obtainable at or below par and interest, or if bonds are at the opening of business on that day, E. H. H. Simmons,
not so obtainable, toward the redemption of bonds by drawings at par.
the President, said:
be redeemable as a whole at par, at the
The entire issue outstanding is to
Charges and specifications having been preferred under Sec. 6 of Art. 17
option of the city,on any interest date on or after May 11935,on six months'
and also under Sec. 3, paragraph A of Art. 17 of the constitution against
previous notice by advertisement.
Gilbert W. Kellner, a member of the Exchange, said charges and specificaKuhn, Loeb & Co. also supply the following information, tions were considered by the governing committee at a meeting held April 7
W.Kellner being present and governing committee having
received from J. Hoe, First Mayor of the City of Oslo; it is and said Gilbert
determined that said Gilbert W. Kellner was guilty of said charges and
pointed out that, as it has been received by cable, it is sub- specifications, said Gilbert W. Kellner was expelled.
ject to correction.
Oslo, which is the capital and the principal port Of the Kingdom of Norway, has a population of about 260,000. Its financial standing has always
ranked very high. Before the war it borrowed abroad at rates of 4% to
43 %. There has never been any default on a loan of the city.
The city's total debt, including the present issue, is about Kr.290,000,000
(Kr. 1 = 30.268 at gold parity), of which Kr. 144,223,000 is funded debt.
City-owned properties on June 30 1923 were valued at about Kr. 416.000.000. City-owned assets are, therefore, largely in excess of the total debt,
Including the present loan. The proceeds of the present loan will be used
The two sections of the constitution referred to by Mr.
Simmons are as follows:
Art. 17, Sec. 6. A member who shall have been adjudged by a majority
vote of all the existing members of the governing committee guilty of a
wilful violation of the constitution of the Exchange or of any resolution
of the governing committee regulating the conduct for business of members
or of any conduct or proceeding inconsistent with just and equitable principles of trade may be suspended or expelled as the said committee may
determine, unless some other penalty is expressly provided for such offense.
APRIL 11 1925.]
THE CHRONTCLE
1835
of honesty in high places.'
O' Art. 17, Sec. 3, paragraph A. Whenever it shall appear to a majority impress the people at large with the necessity
Province. Mr. Made
of a standing or special committee of the Exchange or to a majority of the As Jarvis had already paid $140,000 of the fine to the
will not pay the other
executive committee or the board of directors of the Stock Clearing Corp. declared, it is not to be considered seriously that he
that a misstatement upon a material point has been made to it by a member $60,000 to escape the five years' imprisonment.
Legal authorities canvassed by The Globe last night expressed the
of the Exchange. said committee or executive committee or board of
between the two
directors may report the same to the governing committee who may expel opinion that the reduction of the fine and its separation
accused were quite in order. One prominent lawyer stated that, is his
or suspend said member as the governing committee may determine.
view, it was within the powers of a Court of Appeal to vary the sentence
in any way it desired, provided such variation was within the limitations of
Criminal Code.
the
Supreme Court Upholds Conviction of Burrill Ruskay
It was noticeable that neither Jarvis nor Smith was present when an
Co.
&
Ruskay
S.
S.
of
Firm
of Bankrupt
extract of the majority judgment was read by Acting Chief Justice Magee,
who, with Justice Orde, Middleton, Hodgins and Smith, constituted the
The conviction of Burrill Ruskay, former member of the special
Court of Appeal. No indication was given in the judgment as
city
this
of
Co.
failed brokerage house of S. S. Ruskay &
to the dissenting Judges. In brief the variation of the original fine is as
of "bucketing" the order of a customer, was affirmed by the under:
Aemillus Jarvis Sr.: Fined $200,000 of which he has already remitted
Appellate Division of the Supreme Court of New York State $140.000
to the Provincial Government; and, in default of payment of the
defendant
on April 3. It was on March 7 1924 that the
balance of $60,000 to serve a term of five years in the common jail of the
was found guilty by a jury in the Court of General Sessions County of York, unless the fine be paid befcre its expiry.
Peter Smith: Fined $100,000, or, in case of non-payment to be imbefore Judge Nott. Three days later (March 10) he was prisoned
in the common jail of the County of York for a term of five years.
to
sentenced by the Court to serve from three months
unless the fine be paid before its expiry.
In each case the five-year jail term is to commence at the termination
three years in the penitentiary and since that time, it is
the period of imprisonment now being served.
understood, has been at liberty under a bond of $25,000 ofThe
effect of the judgment is that Aemilius Jarvis Sr. and Peter Smith
pending the decision of the higher Court, now handed are to bear their punishment separately, rather than jointly, as was contrial Judge. Chief Justice R. M. Meredith.
down. The failure of S. S. Ruskay & Co. was noted in the strued from the sentence of the
It reduces by half the joint fine of $600.000 imposed by the trial Judge,
"Chronicle" of Feb. 25 1922, p. 795. We last referred and lays stress on the fact that under certain circumstances Chief Justice
Meredith's sentence might amount to life imprisonment for Smith and
to the firm's affairs in our issue of April 26 1924, p. 1987.
Jarvis.
It was stated yesterday that there is no further appeal from the decision
to
John F. MacMasters of the'Bankrupt Firm of R. H. Mac- of the Court of Appeal, but a further step might be an application
Ottawa for mercy. W. N. Tilley, K. C., Special Crown Prosecutor,
Masters & Co. Sentenced to One Year's Imprisonrefused to make any comment on the judgment.
ment—Later Released on Bail Pending Appeal.
Judge Talley in the Court of General Sessions on April 7
sentenced John F. MacMasters of the former Consolidated
Stock Exchange firm of B.. H. MacMasters & Co. of this city,
which failed in February 1922 for more than $1,000,000, to
serve not more than one year in the penitentiary, following
his conviction the previous week of trading against a customer's account. Judge Talley, however, later stayed the
sentence by issuing a certificate of reasonable doubt to
enable MacMasters to appeal his case to the Appellate
Division of the Supreme Court, with the understanding that
the appeal must be argued by the June term, and MacMasters was released in $10,000 bail. Roy H. MacMasters,
a stepson of the convicted man and formerly nominal head of
the failed brokerage firm, testified at the trial, it is said,
that his stepfather was the actual head of the concern. He
also is under indictment. The failure of R. H. MacMasters
& Co. was reported in the "Chronicle" of Feb. 18 1922,
page 682.
The original $600,000 fine, it is understood, represented
the total loss to the Province of Ontario through the bond
conspiracy. An Associated Press dispatch from Los Angeles
on April 3, which appeared in the Toronto "Globe" of the
following day, stated that Andrew Pepall, who for weeks
had been strenuously fighting against an order for his removal to Canada, was on that day held for removal by the
U. S. Commissioner, to stand trial at Toronto on charges in
connection with the purchase of Province of Ontario bonds,
alleged to involve approximately $600,000. The dispatch
further stated that an appeal for a writ of habeas corpus for
Pepall would be made by his attorneys. The sentencing of
Mr. Jarvis and Mr. Smith was reported in the "Chronicle"
of Nov.29 1924, pages 2485 and 2486.
$600,000 Fine Imposed Jointly on Aemilius Jarvis Sr.,
Former Toronto Broker, and Peter Smith, Former
Provincial Treasurer of Ontario, Reduced to
$300,000 by Court of Appeal.
Drastic revision of the $600,000 fine imposed by Chief
Justice Meredith on Oct. 24 last jointly on Aemilius Jarvis
Sr., former head of the Toronto banking and brokerage house
of Aemilius Jarvis & Co., Ltd., and Peter Smith, former
Treasurer of the Province of Ontario, following their conviction of conspiracy to defraud the Ontario Government
through bond transactions, was made by a specially constituted Court of Appeal in its decision handed down on
March 23, according to the Toronto "Globe" of the following
day. In effect the decision cuts in half the original fine and
apportions it $200,000 against Aemilius Jarvis Sr. and
$100,000 against Peter Smith, or, in default of payment by
either, he is to be imprisoned in the common jail of York
County, Ont., for a term of five years (unless the fine be paid
before the expiration of that period), to commence with the
termination of his present sentence. Both defendants are
now serving sentences imposed by Chief Justice Meredith,
Mr. Jarvis a six months term at the York County Jail Farm
and the former Provincial Treasurer a three years' term in
the Portsmouth (Ont.) Penitentiary. Mr. Jarvis, it is
understood, has now but $60,000 to pay. On March 7
(according to newspaper advices from Toronto on that
date) he paid $140,000 of the $600,000 joint fine, maintaining
through his counsel that that amount represented his actual
profits in the bond deals, $116,000 plus interest at 5% since
the transactions. He claimed, it was stated, that the remainder of the profits in the bond transactions went to
Andrew Pepall. Mr. Pepall (the dispatches stated) was in
Los Angeles fighting extradition to Canada for trial. Mr.
Jarvis stated, it was said, that he got 1%% of the value of
the bonds in London and Pepall the rest. The "Globe" in
its above mentioned issue continued as follows:
Annual Spring Conference of Governors of Federal
Reserve Banks with Reserve Board—Open Market
Policy—Return of Great Britain to Gold
Standard.
The Governors of the Federal Reserve banks this week
held their regular spring conference with members of the
Federal Reserve Board, the deliberations covering three
days beginning on Monday the 6th inst. The general
business and credit outlook was brought before the meeting
and attention was also directed to the open market policy.
The question of the return of Great Britain to the gold
standard, upon which, it was reported, the meeting would
probably indicate what might be done by the Board in the
way of co-operation, was laid aside for later consideration.
On account of the conclusions is contained in the following
from Washington April 8, which we quote from the New
York "Journal of Commerce":
An optimistic view of business conditions throughout the country was
held by the governors of the 12 Federal Reserve banks who concluded
their annual spring meeting with the Federal Reserve Board. The consensus of opinion of the various Federal Reserve districts submitted to the
Board was understood to be to the effect that while there was nothing in
the nature of a boom in sight the general prospects for the future were
very fair.
No statement was issued either by the Reserve Board or by the governors
at the conclusion of the three days' conference. Although the possibility
of a statement being issued was understood to have been considered, the
official silence maintained as to the discussions was interpreted here as
being induced by a desire to refrain from any comments upon the business
situation which might have led to a resumption of specualtive activity
on a large scale on the basis of a favorable view of general conditions by
the Reserve governors.
No general readjustment of rediscount rates is anticipated as a result
of the meeting. The survey of the situation made by the conference is
understood to have developed the opinion that there was no need of action
by the Reserve System at this time, in order to attempt credit control
with the use of rediscount rate changes. It is understood that the Reserve
System feels that it can put reliance in the operation of its uniform open
market policy to meet any conditions which may arise in the near future.
Consideration of international financial problems affecting the Reserve
System, particularly the question of participation in a movement to aid
Great Britain to return to a gold standard, was deferred by the governors.
It was felt that it is too early for the Reserve System to give formal attention
to co-operating in the proposed plan to place England on a gold basis
again. There was some opinion that since Great Britain has not as yet
formally announced a definite intention to resume the free payment of
gold, it would be anticipatory for the Federal Reserve System to consider
Complete astonishment was expressed by Premier Ferguson when he a policy for assisting England to take that step, even though great economic
learned of the judgment, while Attorney-General }Tickle commented benefits are expected to accrue to this country from the removal of the
caustically that the sweeping revision of the original sentence "will not British restrictions on gold.
1836
TH DJ CHRONICLE
[VOL. 120.
The same paper in commentinglon the meeting on the 5th
Incidentally reference was made by the President to
the
inst. reported the following fromiWashington:
effect of the changing styles of women on the industry.
His
Within the Federal Reserve system there has been consistent opposition comments in part
follow:
to a declaration of policy which, it hasibeen felt, would lead to severe criticism and subject the Federal Reserve system to charges of exterior domination should it go on record as seeking to assist England in stabilizing her
currency. On the other hand, the view is held that since a resumption of
gold payments by Great Britain would be of inestimable economic value to
this country, the Federal Reserve system should take the lead in such assistance to that condition as this country canjoffer and at the same time
educate the interior localities of the country to the advantages which would
flow to American commerce from the stability of sterling exchange.
While the Governors of the Reserve banks are primarily more concerned
with administration problems than with the formulation of Federal Reserve
policies, it is felt nevertheless that the part played by the individual Reserve
banks in making possible uniform open market operations will necessitate
a thorough understanding between the heads of those institutions if a definite program of activity in connection with the return of Great Britain to
the gold standard is to be carried out. Even if such a program is formally
decided opon, the chances are about even as to whether it will be given any
expression in the way of a public statement by:the FederaUleserve Board.
Expect Par in June.
It is generally expected that the pound sterling will return to par about the
first of June. In that event it is believed that such assistance as the Federal Reserve system might render in helping to hold the pound at par would
be of considerably less magnitude than the aid which would be called for to
help put the pound back to par.
In view of this contingency, the Federal Reserve system is in a position of
being able to avoid any formal declaration of policylandlyet of being able to
lend its assistance to the British gold movement.ay
Inscription for Building of Federal Reserve Bank of
New York.
An inscription was chosen on March 28 for the Maiden
Lane facade of the new building of the Federal Reserve Bank
of New York, at the fourteenth annual meeting of the Maiden
Lane Society in the Chamber of Commerce. The wording
adopted is as follows:
This building, erected 1923, occupies a part of the farm leased prior to
1638 and granted in 1644 by the Dutch West India Company to Jan Jansen
Damen. Of the bounding streets, Maiden Lane was called by the Dutch
"Maedge Paetje." Nassau Street, named for William, Prince of Nassau,
later King of England, was formerly known as Pye Woman's Lane. and Kip
Street. Liberty Street was originally Crown Street. This record is here
inscribed by the Maiden Lane Historical Society, 1925.
Address of President Coolidge Before National Cotton
Manufacturers' Association—Protective Tariff and
Liberality in Exports of Raw Materials—Importance of Cotton Growing Industry.
The defense of the principle of a protective tariff for the
purpose of conserving our own products for the home market
featured an address delivered by President Coolidge at the
convention in Washington on April 6 of the National Cotton
Manufacturers' Association. In his declarations the President said:
The towering stature of our industrial structure as we see it to-day is the
best—is indeed the complete vindication of this policy. The fact that our
buying and consuming capacity is so great proves that, despite inequities
we have on the whole maintained fairer distribution of the proceeds of industry than has been possible ,n less favored communities. We are reaching
a very fair approximation of democracy in industry.
Asserting that "while our policy of tariff. protection is in
line with the well-nigh universal rule of the world," the
President characterized "our policy of absolute freedom in
the export of raw materials or primary products" as "one of
notable and exceptional liberality." He pointed out that
"under our Constitution our export trade is free of duty"—
that "our market is absolutely free to the buyers of the
world." Referring to our liberality in this regard ha said:
"Our production and manufacture of cotton afford a ready
illustration. Normally this country produces about twothirds of the cotton crop of the world, and of our production we export commonly from 55 to 60%." Buyers of the
world, he added, "may come here for our raw cotton, take it
home, turn it into fabrics, and if they are clever enough, as
they often are, sell it back to us. Not only do they have this
privilege, but to an impressive extent they have availed of
it. We import nearly half as many yards of cotton cloth
annually as we export." The President declared that "the
importance of our cotton growing industry will not easily
be over-estimated. While the value of the cotton crop is now
placed below that of hay and corn among the agricultural
staples it is by far the greatest single item of our export
trade. Last year we sold abroad more than $950,000,000
worth of raw cotton. The assurance of our favorable trade
balance lies in our exports of cotton. He added:
On the manufacturing side, the cotton industry is rated sixth among our
manufactures. It employs about a half million wage earners, and turns out
products valued around $2,000,000,000 annually. Of the 159,000,000 cotton
spindles hi the world, 56,000,000 are in Great Britain, while the United
States, with 88,000,000, occupies second place. Owing, however, to the
different between the British and American fabrics, our spindles consume
about twice as much raw cotton as do those of Great Britain.
An expert in one of the Government departments
dealing with textiles,
tells me that 20 years ago it took nearly 10 yards of gingham
to make a
woman a dress, whereas she now manages to be thoroughly
in fashion on
3/
1
2 yards. From the same authority I learn that in 1914 approximately
66
yards of these fabrics were required per capita in this country,
while five
years later, in 1919, only 54 yards were demanded. I once heard a
turer say that if the ladies could be induced to standardize and manufacstabilize
their fashions as the men have done, half the worries and uncertainties
of the
textile industries would be eliminated at once. The uncertainty and change
of fashion may be difficult for you, but it no doubt relieves
monotony and
adds to the spice of life.
The President described "the attitude which I desire to
see the national Government assume toward all business in
general and the textile industry in particular" as "that of
sympathy and co-operation from every lawful effort to promote our commercial prosperity and our economic wellbeing." "We shall never reach an ideal condition in our
industrial life," he said, "until the laws are voluntarily observed by our citizens without the constant and wasteful
interposition of Government and court action. You men
who are responsible for an industry ought to make unlawful
and improper practices in that industry thoroughly unfashionable. It may seem expensive to change improper practices, but they will have to be changed in the end, and the
sooner it is done the less expensive it will be." The President
in confessing a desire "to see our country prosperous" expressed himself as "aware there can be no prosperity in
which the textile industry does not have a generous share,"
adding: "I do not believe there can be any permanent prosperity which does not rest on the everlasting foundation of
justice. In the effort of the Government to promote justice,
no industry should have anything to fear. In the effort of
the Government to provide constructive economy in public
expenditure, all industry should concur. In the effort of the
Government to encourage harmony in all our domestic relations, every industry should co-operate." We give herewith
the address in full:
Ladies and Gentlemen:
If one were casting about for an industry whose story would most nearly
summarize human progress in the art, industry, science and commerce that
has gone to make up civilization, I am not sure that he could do better than
investigate the industry which is here represented. It would begin with
our first forefathers pleating together their first rude garments, and it
would keep step unfailingly with development from the day of fig leaves to
the latest creation of the loom. Man may have originated in the tropical
areas, but it was the invention of cloths that made it possible for him to live
in those more rigorous climates that have proved most encouraging to his
progress.
Thomas Carlyle, in his "Sartor Resartus," a book altogether too little
known and read in these days, projected a profound philosophy of human
relationships from a study of the clothing of mankind. So I am sure it will
be pardonable if I set forth in this presence some observations about the
place held in our industrial and economic structure by the industry which
furnishes the modern materials wherewith the most of mankind are clothed.
A new Carlyle who should be seeking facts concerning the history of
clothes would learn that among the treasures of the ancient and medieval
Indies were the beautiful and delicate fabrics hand-wrought from the fibres
of cotton. For many generations these were the most prized products of
the weaver's craft. The desire for them, more as articles of luxury and
adornment than for every-day use, was one of the incentives which led bold
navigators into those high adventures that added new continents to the world.
To-day, thanks to that instinct for industrial short cuts which has made
part of the Western world a wilderness of machinery, most of the finer textiles are produced in the Western countries, while India imports most of its
enormous requirements of cotton fabrics. That one detail may be taken as
epitomizing the story of several generations of economic revolution on a
world scale. The path of progress has followed the development of the cotton industry.
"Rayon"—Development of Artificial Bilk Industry.
Within the cycle of this world-wide revolution smaller and more intense
revolutions have been constantly in progress. There are sound and accepted
historians who date the beginning of the modern phase of the industrial
epoch from the invention of power-driven machinery for textile making.
How rapid have been some of these changes within your industry is suggested by an experience of my own a few evenings ago.
In the course of some researches preliminary to these remarks I found
myself needing a somewhat more accurate definition of a certain trade term,
no doubt thoroughly familiar to all of you, than I was able to command.
The word was "rayon." But when I pulled down the alleged "unabridged"
dictionary on my desk I searched in vain for it. I finally found it in a
technical handbook, from which I confirmed my earlier impression that it
meant something that you gentlemen would fully understand. It means, in
short, artificial silk, in the making of which cotton is extensively used.
The story of rayon strikingly illustrates the rapid changes which constantly affect the textile industries. Production of artificial silk on a commercial scale was not attempted until after the beginning of the present
century. It was not established in this country until 1910. Yet, in the last
15 years the industry has grown so rapidly that now the world production is
around a hundred million pounds annually, of which more than one-third is
made in the United States alone.
Our production is just about twice that of any other country. Yet, even
at this, there are still some imports. At the same time, the United States is
the largest manufacturer of silk and the largest consumer of raw silk. The
enormous consuming capacity of the American market is indicated by the
fact that our imports of raw silk increased from 33,000,000 pounds to over
49,000,000 pounds from 1918 to 1923.
That is in the very years in which the artificial silk Industry was accomplishing its huge expansion the real silk industry was still able to grow at
an astonishing rate. And yet, despite the rise of artificial silk, and notwithstanding this increase in real silk, we find that this country produced
APRIL 11 1925.]
THE CHRONICLE
In 1923 more cotton fabrics than in any earlier year, and 23% more than in
the year 1921.
If the textile industry is as good a business barometer as is generally be.
lieved, this record indicates that the American community has a consuming
capacity, the ability to buy and to enjoy the things it wants far beyond any
other people in the world. The American home market is the most wonderful commercial development in all human experience.
The American genius for mass production, coupled with our great and
vaned natural resources and considered in relation to the unparalleled requirements of our home market, constitutes the assurance of a continuing
Industrial advancement the end of which we can neither estimate nor foresee.
Before the World War it was impossible to get such a vision of these possibilities as we now possess. Nowhere are there such opportunities for production on a huge scale, with its attendant economies, as here. Whether
his business be to make automobiles by the hundreds or fabrics by the million yards, each day the manufacturer who has first claim upon this foremost market place of the world is bound to start with a vast advantage over
all competitors.
Policy of Conserving Products for Home Market.
In consideration of that advantage he is under obligation to give his customers the benefit of his lower costs of production, of the savings which he
can achieve by reason of producing on a scale unparalleled anywhere else.
From our national beginning it has been an almost uniform policy to conserve to the American producer the right of first opportunity in the home
market.
The towering stature of our industrial structure as we see it to-day is the
best, is indeed the complete vindication of this policy. The fact that our
buying and consuming capacity is so great proves that, despite some
inequities, we have on the whole maintained fairer distribution of the proceeds of industry than has been possible in less favored communities. We
are reaching a very fair approximation of democracy in industry.
The pride of quality and craftsmanship has always been maintained to a
notable degree throughout most of the textile industry. It necessarily denotes the payment of as liberal wages as the business can justify, and thereby
the establishment of a great community of skilled and intelligent workers.
Such a community is always the greatest single resource of an industrial
society. Industrial prosperity depends almost entirely on men and women
of skill.
Both as a publicy policy looking to broad social results and as a business
program with the view to industrial stability and the creation of high
in
repute for products, the wisdom of this attitude is certain of vindication
Its results. Establishment of the best working conditions, a proper limitathe
upon
tion of hours of labor, the prohibition of improper demands
of a
strength and the health of women and children—all these are parts
of final
truly intelligent business and social program which never has failed
justification.
to critiThere has been at some times and in some quarters a disposition
home market
cize the American policy of conserving first opportunity in our
program would be
for our own products. We can hardly expect that such a
disadvantage in the
popular with those who find themselves placed at a
market. But those
greatest market in the world, which is the American
thought to home
who would charge us with selfishness in thus giving first
in this regard
policies
own
interests would do well to consider whether their
are more liberal than ours.
the most complicating effects upon industries. Probably you have all heard
the story of the textile manufacturer who, observing at a Continental race
track that the most fashionable women wore the shortest skirts, promptly
cabled home to his manager to prepare for a shrinkage in demand for their
products. A thoroughly matter-of-fact young man, who is an expert in one
of the Government departments dealing with textiles, tells one that 20 years
ago it took nearly 10 yards of gingham to make a woman a dress, whereas
she now manages to be thoroughly in fashion on 31,4 yards. From the same
authority I learn that in 1914 approximately 66 yards of these fabrics were
required per capita in this country, while five years later, in 1919, only 54
yards were demanded, lie attributed this impressive reduction chiefly to
the changed styles in women's garments.
From what I have already said, I judge that this condition is due in part
to the fact that less cotton and more silk began to adorn womankind.
I once heard a manufacturer say that if the ladies could be induced to
standardiik and stabilize their fashions as the men have done, half the worries and uncertainties of the textile industries would be eliminated at once.
Doubtless such a result would be a boon to you who are engaged in the
industry; but I scarcely need say that I see no method of bringing it about.
The uncertainty and change of fashion may be difficult for you, but it no
doubt relieves monotony and adds to the spice of life.
Proposal., for Exterminating Boll Weevil.
•
To these uncertainties of market there have been added uncertainties of
raw cotton supply. This has been one result of the boll weevil. It is now
more than 30 years since the weevil erossed our borders from Mexico.
Within that period the pest has ranged over nearly our entire oatton-producing area. Its ravages have been responsible for a great reduction in the
yield of cotton per acre, and a general rise in the price.
Many proposals have been put forward for exterminating the weevil,
among which it seems probable that the most effective would be to starve
it out of existence by absolutely discontinuing the growth of cotton year by
year in successive zones. But there are great practical difficulties. The
program would require the co-operation of the States throughout the cottOn
belt and of the cotton raisers in them.
A suggestion was made to a convention of the cotton-growing interests
three or four years ago that the foundation for such co-operation might be
laid if the cotton States would enter into a treaty among themselves pledging
co-operation in executing it. There are several examples of such inter-State
treaties for the accomplishment of ends which could not be attained by the
States acting separately. I believe the suggestion has much of practical
value, and that if the cotton States would act upon it they would find the
national Government prepared to give all possible assistance and encouragement to the program.
Importance of Cotton Growing Industry.
The importance of our cotton-growing industry will not easily be overestimated. While the value of the cotton crop is now placed below that of
hay and of corn among the agricultural staples, it is by far the greatest single
item of our export trade. Last year we sold abroad more than $950,000,000
worth of raw cotton. The assurance of a favorable trade balance lies in our
exports of cotton.
On the manufacturing side the cotton industry is rated sixth among our
great manufactures. It employs about 500,000 wage earners and turns out
products valued around $2,000,000,000 annually. Of the 159,000,000 cotton
spindles in the world, 56,000,000 are in Great Britain, while the United
States, with 38,000,000, occupies second place. Owing, however, to the
difference between the British and American fabrics, our spindles consume
about twice as much raw cotton as do those of Great Britain.
Although there has been something of depression in certain branches of
the industry, a broad view suggests no serious occasion of concern abqut
is outlook. Our imports of cotton fabrics have increased largely in recent
years, but our exports have also grown extensively. In 1924 we sold abroad
nearly 500,000,000 yards of these goods, or nearly 20% more than in the
pre-war years. Considering the widespread demoralisation in world markets since the war, such a showing cannot reasonably be regarded as discouraging.
Probably there is no industry in which conditions affecting international
trade and finance are more constantly and definitely reflected than in this
one. There was a measure of overproduction in cotton goods in 1923, from
which the industry has not entirely recovered yet. The excessive output of
that year left a considerable surplus to be consumed thereafter.. But with
the gradual improvement of conditions throughout the world, as the war
iecedes further from us, we are entitled to view with increasing assurance
the outlook for business in all directions, including, of course, the great textile industry.
Attitude of National Government Toward Business.
It is scarcely necessary to state the attitude which I desire to see the
national Government assume toward all business in general and the textile
industry in particular. It is that of sympathy and co-operation from every
lawful effort to promote our commercial prosperity and our economic well
Export Trade Free of Duty.
throughout
We have established here the practice of absolute free trade
It is the
a great continental area of 48 States, besides other possessions.
anywhere.
most widely extended application of that policy that will be found
far
resources
Within this domain we have an extent and variety of natural
beginnings we
beyond those of any other country. Yet from our national
resources.
have sought no advantage by reason of this primacy of natural
materials at
Whoever wanted them was free to come here and buy our raw
and
cotton
exactly the same price as our own people. Such staples as copper,
national
petroleum might have been made the basis on which to build great
other
monopolies. Yet they have been as freely available to the industries of
is free of
countries as to our own. Under our Constitution our export trade
duty.
policies, I have
At times, when I have heard criticism of our industrial
with the same
been tempted to wonder how many other peoples, endowed
something like monatural wealth, the same possibilities of maintaining
as the Amernopoly, would have been as generous with the rest of mankind
inclined to fear lest
icans have been. Not a few among us have even been
in
disadvantage
a
our liberality in this regard might at length leave us at
opportunities for
comparison with countries more willing to exploit their
monopoly, or less liberal with their natural resources.
ready illustration.
Our production and manufacture of cotton afford a
cotton crop of the
Normally, this country produces about two-thirds of the
55 to 60%. Our
from
commonly
world, and of our production we export
They may come here
market is absolutely free to the buyers of the world.
if they are clever
for our raw cotton, take it home, turn it into fabrics, and,
do they have this
enough, which they often are, sell it back to us. Not only
it. We import
of
privilege, but to an impressive extent they have availed
export.
nearly half as many yards of cotton cloth annually as we
increased rapidly
Moreover, our imports, particularly of fine goods, have
54,000,000 yards
in recent years. From 1909 to 1914 imports averaged only
upon to
annually, while in 1923 they reached 219,000,000 yards. If called
domestic or
either
critics,
against
defend our American industrial policy
our distribution of
foreign, we may well contrast this absolute freedom in
by some other counraw materials with discriminatory systems practiced
tries.
export bounties, valorIf anybody desires information about export taxes,
the like, and how these inization projects, discriminatory taxation and
import, he may well study the
crease the cost of articles which we have to
staples as coffee, nitrates,
policies which various countries apply to such
more than a few others.
potash, tin, pulp wood, cocoa, sisal, quinine and
dispute it. But while our policy
Each country has that right. We do not
rule of the world,
universal
well-nigh
of tariff protection is in line with the
export of raw materials or primary
our policy of absolute freedom in the
liberality.
products is one of notable and exceptional
intent of criticizing the countries
I do not refer to these matters with any
concede their right to deterwhose methods differ from our own. We freely
to what they believe their own
mine their economic procedures with a view
we should keep in mind all the
best interests. But it is only fair that
sometimes been unfairly
justifications for policies of our own which have
criticized.
which appears to rest
on
foundation,
This the broad outlook, the wide
industry. It will, of course, meet with local
an expanding and prosperous
for the time being, may make it better or
and temporary conditions which,
worse.
Industry.
Effect of Women's Fashions on Textile
industry has repeatedly illustrated the fact
textile
the
of
experience
The
changes of fashion or taste are liable to produce
that apparently whimsical
1837
being.
Modern industry with its great combinations and great aggregations of
both capital and employees has necessarily brought many newproblems
for solution in our effort to work out a righteous human relationship. These
new conditions made necessary new rules of conduct. Many of these have
of
already become well established and are believed to have been productive
good. But there still exists a considerable area, sometimes designated as a
twilight zone, in which the proper standard of action is as yet undetermined.
The Government necessarily looks to the management of industry as mainly
responsible for the conduct of industry. There ought to be a most candid
understanding between the Government and all industrial effort. Due to
the keenness of competition and the urgent desire for success, it is necessary
of the Government to
to maintain the most constant watchfulness on the part
insure the enforcement of the law. But on the part of the management there
should likewise be the same vigilance to insure the observance of the law.
We 81101 never reach an ideal condition in our industrial life until the
laws are voluntarily observed by our citizens without the constant and
wasteful interposition of Governmenf and court action. You men who are
responsible for an industry ought to make unlawful and improper practices
in that industry thoroughly unfashionable. It may seem expensive to
change improper practices, but they will have to be changed in the end, and
the sooner it is done the less expensive it will be.
Responsibility of Industry Toward Employees.
Industry has come thoroughly to recognize its responsibility toward its
employees. The Government approves of and shares in that responsibility.
It
It regards the welfare of the wage earners with the utmost solicitude.
to the
has come tc be recognized almost universally that only upon justice
prosperity.
wage earners of the nation can there be reared any lasting
rewards of
America is unwilling to nourish any system under which the
human effort are not equitably distributed among all those engaged In any
Industry.
1838
THE CHRONICLE
fVoL. 120.
The great agencies of the Goverrunent are constantly at your disposal to
assist and encourage you in your production and defend you in your rights.
The Department of Commerce, with its various research bureaus, domestic
and foreign agencies, is forever diligent in stimulating your production,
advising more efficient methods, discovering new and enlarged markets and
co-ordinating industrial activity.
The Federal Trade Board has been devised for the purpose of safeguarding
your rights, protecting you from unfair trade practices and admonishing
and correcting you if you are wrong. The Department of Labor is constantly
engaged in preventing and adjusting disputes between employer and employee, to promote justice and avoid the great waste of interrupted operation
and production. But I refrain from further specific mention of the many
activities of the Government in behalf of the industrial life of the nation.
I confess that I desire to sae our country prosperous. I am aware there
can be no prosperity in which the textile industry does not have a generous
share. I do not believe there can be any permanent prosperity'which does
not rest on the everlasting foundation of justice.
In the effort of the Government to promote justice, no industry should
have anything to fear. In the effort of the Government to provide constructive economy in public expenditure, all industry should concur. In the
effort of the Government to encourage harmony in all our domestic relations,
every industry should co-operate. In the effort of the Government to secure
a firmer faith of the people of the earth in each other, which will establish
an indwelling peace in the heart of mankind, all industry should rejoice.
chants' Association of New York, held at the Hotel
Astor, this city, on March 26. General Lord then
expressed
himself as "satisfied that we will end this year with a surplus in excess of $100,000,000." Adding that "we have
estimated for the next fiscal year that we will end the year with
a surplus of $373,000,000," he told his hearers that "if
we
can hold expenditures down and keep them down so
that we
can give you rising $100,000,000 surplus this year; with
the
prospect of $300,000,000 next year, you will have your additional reduction in taxation." In addition to telling what
had been accomplished under the budget system (in the
three
years of its operation he said "we absolutely cut the ordinary expenses of government in half"), General Lord
referred to the "2% Club" in the formation of which every
department and bureau head had been invited to co-operate
for the purpose of lopping off $62,000.000 from the,
appropriations for the current year so as to bring the total within
$3,000,000,000. Previous reference to the "2% Club" was
made in these columns Jan. 31 1925, page 536. In his
address
Farmers' National Council Head Asks President before the Merchants'
Association General Lord spoke in
Coolidge to Cause Investigation Into Tariff
part as follows (we quote from the association's bulletin,
on Metal, Cotton and Wool Products.
"Greater New York"):
Benjamin C. Marsh, Managing Director of the Farmers'
We see a great deal in the papers to-day about reduction in taxation.
As
National Council, has petitioned President Coolidge to direct a result of receipts during the current month of 1924 taxes certain Federal
authorities are promising additional tax reduction.
an investigation by the Tariff Commission into the effects
Mr. President, whatever our receipts may be frcm taxes, if
Federal exof the Fordney-McCumber tariff schedules on metal, cotton penditure keeps step, dollar for dollar, with Federal revenue there
will be
no
reduction in taxatio.t. Unless we can reduce Federal spending,
- and wool products. A statement issued by Mr. Marsh says:
and keep
it reduced; unless we can
We remind the President that since farmers have begun to seek the
crumbs of protection that have fallen from the protected manufacturing
masters' tables, these masters have served notice that their Sable, groaning
under the recent spectacular stock increases, must bo replenished by the
sew Congress, through an increase in tariff rates on manufactured products.
In a brief transmitted to the President the Farmers' National Council
points out that most great manufacturing concerns do not keep such book;
as reveal their true profits. The Federal Trade Commission reported in its
Meat packing investigation that the big meat packers kept two sets of books.
The Commissioner of Internal Revenue, in his report "Statistics of
Income" for 1922. states that the gross income that year of textiles and
textile products manufacturers was $5.675.173.722, but that 'deductions"
of $5,140.066,903 were allowed. Dividends paid by such concerns in 1922
amounted to $413,362,505. Ho states the net taxable income of manufacturers of cotton goods that year was $105.285,370 and their "surplus and
undivided profits at close of year" amounted to $331,570,851.
Net taxable income of woolen and worsted manufacturers in 1922 was
$59,636.681, and their "surplus and undivided profits" were $177.822.946.
Net taxable income of manufacturers of felt goods and products,
except
hats, linen and flax and all other textile fabrics in 1922 was $124,681,590.
and "surplus and undivided profits" amounted at the close of the year
to $265.040,411.
The Commissioner of Internal Revenue in this report states that in 1922
the gross income of corporations reporting a net income, manufacturing
metals and metal products, was $7,728,928,651, but they were allowed
"deductions" of $6,821,972.515, so that their reported "net income" was
only $906.956.106. They paid in 1922 dividends amounting to $850,315,219. including stock dividends amounting to $456,203,465.
The Farmers' National Council suggests that as a means of securing
equality between agriculture and other industries a reduction in present
duties on manufactured products is due, since the figures quoted do not
show the full effect of the Fordney-McOumber tariff rates, being the
figures for 1922.
The following contention is also made, according to the
New York "World":
The Tariff Commission has never opened the cotton, wool, steel or other
major tariff schedules to investigation, all petitions to that end having
been sidetracked by the dominating influences of the Commission so far.
Sugar is the only principal item subject to tariff tax that the Commission
has studied, and President Coolidge has never acted on the report sent
him several months before the last election.
Brig.-Gen. Lord on Accomplishments of Budget System
—Reduction in Taxes Looked for.
This week, on April 6, Brigadier-General H. M. Lord,
Director of the Budget, in addressing the National Association of Cotton Manufacturers in Washington, predicted that
"with no change in the program as carried in the 1926 budget,
'we will end the year with a balanced budget and a surplus of
$07,884,489." The Federal Government, through efficiency
and economy, he declared, "makes an assessment of only
331-3% on the public purse, while the other governing agencies—States and cities—take the remaining 662-3%. As to
further economies, he said,"we have $62,000,000 to eliminate
to carry out the President's wishes." General Lord was
also a speaker at the meeting.on April 8 of the Philadelphia
Chamber of Commerce, at which time he asked for co-operation of business men with President Coolidge in his economy
program, and said that "if persons in the Federal service,
no matter how high or low, are not willing to march with
the President on the high road to economy they should enlist
under another flag. The efforts of the Government, under
the budget procedure "to accomplish what many considered
the impossible—to bring national Federal expenditure, exclusive of debt retirement, within three billions of dollars"
were explained by General H. M. Lord in an address
delivered before the Members' Council of the Met-
demonstrate a sufficient surplus over and above
the amount necessary for the operation of the Treasury as a working
fund, all
talk of additional tax reduction is as futile and useless as a sun
dial on a
cloudy day.
Under the budget procedure and under the Budget Law we are shrinking
the cost of government. The entire program of getting money from the
people into the Treasury and spending it is based on the sane and simple
realization that we cannot spend what we have not got and keep out of debt.
In the interest of the taxpayer we must take from you people the smallest
amount that will suffice to put the country on an absolutely necessary basis
of conducting the operations of this business, and in the interest of economy
we must not only spend no more than that amount, hut we must follow
through the spending operations to see that what is spent is spent wisely
and well and in accordance with the scientific system of distribution.
The Balanced Budget Policy.
To-day the fixed policy of this great business, which is your business is
the policy of a balanced budget—expenditures well within receipts—and'
the
Director of the Bureau of the Budget is specifically charged by the President of the United States with the duty of cutting down expenditures; not
only cutting them down, but holding them down so that there may be not
only reduction of taxation but reduction in the public debt and a balanced
budget.
Almost with the birth of the budget, President Harding expressed the hope
that during his administration Federal expenditure, exclusive of debt retirement, might be brought down within three billions of dollars. President
Coolidge reafinned that objective. To the Director of the Bureau of the
Budget, who served many years in the United States Army, not only the
orders but the wishes of his superior officer are something more than a
mere gesture; they constitute an imperative mandate that must be reflected
In actual performance.
The Three Billion Objective.
And as a result, the past three years have been years of earnest endeavor
on the part of the Budget Director, with the assistance of the people in
the Federal service, to accomplish what many considered the impossible—
to bring national Federal expenditure, exclusive of debt retirement, within
three billions of dollars.
In 1921, which was the last pre-budget year—and will you kindly fix
that date in your thought-1921 was the last year free from budget control.
In 1921 we, the people in the Federal service, your agents, spent your money
,—not our money—spent your money to the extent of $5,115,927,689 80.
Yes, even the thirty cents was your money I Now, that was exclusive of
what was applied to reducing the debt.
In 1922, which was the first year of the budget control, again excluding
debt reduction, we took your money, took it out of your pockets, and we
spent it to the extent of $3,372,607,899 84 ; and while this was $1,748,000,000 less than we spent in 1921, we were still $372,000,000 wide of our mark.
In 1923, we tried again, and again we took your money—not ours—and
we spent it to the extent of $3,294,627,529 16—again a notable deduction
in spending below the preceding year, but still $294,000,000 short of our
mark.
Results of Last Year.
Hope ever springs eternal in the human breast, and in 1924 we tried again.
That was the last complete year, ended with June 30 last. That year—
your money again—we spent $3,048,677,965 34, within $48,000,000 of our
objective, and also $2,000,000,000 less than we spent in 1922, the last prebudget year.
In the three budget years we absolutely cut the ordinary expenses of
government in half. With what I considered justifiable pride, along toward the end of June, I told a distinguished member of Congress what we
had accomplished, and that we would end the year with a cut of something
more than $2,000,000,000 below 1921.
What the Cut Meant.
It is pretty difficult for any one of us to get much of an idea of what
a billion or two billion dollars means. Let me translate it into other terms,
so that we may emphasize this point just here. It is equal—this $2,000,000,000—equal to one-half the gold coin and the gold bullion in this country to-day.
It equals the deposits made by twelve and a half million depositors in the
savings institutions of this country for a period of twenty months.
It equals the value of all the automobiles and motor trucks and motorcycles produced in this country in 1922.
It exceeds the amount paid in dividends by all the railroads of this country for a period of five years.
It is more than twice the value of our cotton crop In 1922, and nearly
two and a half times the value of our wheat crop of 1922. Wasn't it worth
saving?
APRIL 11 1925.]
THE CHRONICLE
1839
Now, what is proposed this year? We are still aiming at that $3,000,000,Economy as a Principle.
000. In November last the Director of the Bureau of the Budget, acting for
It is not the $49,000 of the blue stripe, and it is not the $79,000 on lead
the President, called upon the forty-three departments and establishments pencils, it is the principle. Economy in small matters is fundamental. If
of the Government to give him their lowest possible estimate of what they I can get the people in the Federal service committed, as a matter of habit
would actually require for their necessary operations this current year that and principle, to economy in small matters, we can dismiss the greater inends with June 30 next. Their estimate, after being carefully studied and terests from our minds without question. Greater care over greater interboiled down, made a total of $3,062,277,407. There are no pennies there— ests follows economical administration of small matters as inevitably as
that is an estimate.
night follows day.
The Two Per Cent Club.
Now, that was sixty-two million dollars too much. But note this: that Increase in Savings
Deposits of Federal Reserve District
in that $3,062,277,407 is an important item of $120,000,000 required this
of Chicago During February.
year for payments under the World War Adjusted Compensation Act which
did not figure in our operations last year. With that out of the picture,
In its monthly business conditions report, dated April 1,
gentlemen, we would have won our objective this year in a walks As it is,
we have $62,000,000 to absorb—or we did on March 1. To carry out the the Federal Reserve Bank of Chicago says:
As is customary during February, the volume of savings deposits increased,
President's wishes we have got to get rid of that $62,000,000. So in January the Director of the Bureau of the Budget, with the approval of the 117 out of 197 reporting banks registering gains on March 1 over February 1,
President, organized in the Federal Service a Two Per Cent Club. Every and by States Wisconsin averaging the only decline. The aggregate gain of
Government official and every Government employee from Cabinet officers .0.8% offset the January drop, so that total deposits for the district on
to charwomen, were eligible to membership—a most democratic organization 1 March 1 were practically the same as at the close of 1924. In comparison
with a year ago, over two-thirds of the banks snowed increases, the entire
The admission fees, 2%.
group averaging a gbin of 3.8%, with Iowa continuing to show the most
Postmaster the First Member.
•
marked change-7.4%.
Now let me explain. The multitudinous Government agencies have estiAverage account comparisons with the preceding month show no change
mated that they require to carry on this year $3,062,277,407. If we can
for Indiana, for Illinois a gain of 0.2%, for Iowa and Wisconsin 0.3%, and
prevail upon them, either by coaxing or threatening, to modify that pro1.7% for Michigan. The last named likewise compared most favorably
gram by 2%, we will wipe out that $62,000,000 that stands between us and
with a year ago, the 4.7% gain over March 1 1924 being 2.3 points above the
victory.
next largest, that for Indiana, and comparing with L29$ for Iowa, and less
New Appropriations Made.
than 1% increase for Illinois and Wisconsin.
Now, on March 1—get the date--on March 1 we had, on our reports,
reduced that $62,000,000 by $50,000,000. This is the time to applaud!
Later, Congress enacted the Postal Service Bill and added $32,000,000 to Appropriations of Sixty-eighth Congress—Conclusions
that $62,000,000 1 Then the Treasury Department stated that instead of
of Senators Overman, McKellar and Smoot and
requiring $125,000,000 this year for refunds of taxes, they would have to
Representatives Madden and Byrns.
have $29,000,000 more. And, as if that were not enough to put us in crepe,
they added that they were satisfied, now, that they would require $5,000,000
Varying conclusions drawn from the Government appromore for interest! Well, we are still fighting! And, as the singers had
it, we will keep "inching along," like the poor little inch worm, and we will priations have made their appearance with the termination
get there in the morning! That is, not this morning, but some morning.
of the extra session of the Senate. With the presentation in
From now until the Treasury books are closed June 30 next we are going the Senate by Senator Overman on March 17 of a statement
to fight for every penny and every dollar that we can save—in the interest
Sixty-eighth Congress, Senator
of what? To create a surplus that will warrant a recommendation by the of the.appropriations for the
McKellar (Democrat) declared that "the appropriations
President of further reduction of taxation!.
This Year's Smyrna.
The program as carried in the annual budget to Congress showed that,
with that program unchanged, we would end this year with a balanced
budget and a surplus of $67,884,489. Whatever curtailments we can make
in our spending program will serve to increase that amount Whatever Congress has added thereto in the way of increased expenditures, or the Treasury Department needs, or from whatever source we get additional calls, it
will serve to reduce that surplus.
I am not making any rash promises, but with all things as they are, I am
satisfied that we will end this year with a surplus in excess of $100,000,000.
And we have estimated for the next fiscal year that we will end the year
with a surplus of $373,000,000.
If we can hold expenditures down and keep them down so that we can give
you rising $100,000,000 surplus this year, with the prospect of $300,000,000
next year, you will have your additional reduction in taxation.
President Coolidge, just before the beginning of this year, notified the
people in the Federal service that their estimates for the next year, 1926,
exclusive of debt reduction and interest on the public debt and exclusive of
Postal estimates—because Postal expenditures are payable out of Postal
receipts and not out of the Treasury—exclusive of those three factors, their
estimates must be kept within $1,800,000,000.
Easy to Give.
Everybody in the Federal service knew it; and yet when the estimates
reached the Bureau of the Budget they totaled $2,101,701,344 75, which was
$301,701,344 75 more than the President's Maximum. Under reducing treatment prescribed by the Praident and scientifically applied in the Bureau of
the Budget, these estimates lost a great deal of their adiposity and finally
weighed in at $1,777,377,711 48, which was $324,323,612 27 less than they
originally asked.
It is not an easy thing to cut these estimates, Mr. President. It is to
give; it is difficult to withhold.
The Blue Stripe.
I wanted to give you, which I have not often done, some specific instances
of savings that we effected through the Bureau of the Budget. This example that I give here is quite historical. It had been widely heralded. It
is so typical that I want to call attention is it. How many of you have ever
noticed the blue stripe or. a Government mail sack!
Well, a representative of the Bureau of .the Budget down in the factory
where they make the mail sacks for postal service in Washington noticed
the blue stripe, and he is either very curious or inquisitive. He said:
"What is the use of that blue stripe!" The man in charge said he didn't
know. He went to the Superintendent and he said he didn't know very
much about it—they had had it since Hector was a pup. And then he kept
on up to the office of the Fourth Assistant Postmaster-General, and he said
he didn't know why they had the blue stripe. Then he asked: "Why in
the world have it! It is not serving any useful purpose. Why don't you
cut it out? It costs one cent additional a yard and reduces the value of the
scrap you sell each year." The Postmaster-General eliminated the blue
stripe and saved $49,000 on the canvas that we bought in 1924.
Plays no Favorites.
The Director of the Budget has no illusions as to his limitations or his
ability. He owns no master in the Federal service but the President of the
United States, whcse policies lie honestly and earnestly tries to carry into
effect.
The President's Support.
He has no policies of his own, and at times discouraged at failure of
honest effort to cut down expenditure and disheartened at apparent lack of
progress, chagrined at his own mistakes—and he is far from being infallible
—hurt by the estrangement of friends, irritated perhaps under what seems
unjustified and unwarranted criticism, he feels like laying down the burden;
and then he recalls the words of President Coolidge:
"I favor the policy of economy, not because I wish to save money, but
because I wish to save people."
And realizing, as few people can realize, the crushing burden that the
President carries, thinking perhaps he may have lightened that burden and
that he may perchance help "save people," and feeling back of him the
strong, unwavering, considerate support of the President of the United
States, he makes a new commitment of himself to service and carries on I
made at the last session of Congress show a wasteful, wicked
extravagance; they show increased appropriations for almost every department of the Government." He contended
that "these figures show not economy, as claimed for them
by President Coolidge and as claimed by the Director of the
Budget and by Republican leaders, but they show a greater
extravagance than has ever occurred at any time in the
history of our Government during times of peace. In addition to all this, authorizations were made by the last Congress for expenditures in the future in the enormous suin of
$414,910,000 for which subsequent Congresses will have to
appropriate. The last session of Congress has been the
most remarkably extravagant session that has ever assembled during the history of this Republic." Senator Smoot
(Republican), in disputing the claims of Senator McKellar,
declared that "there is no more doubt that there was a saving during the second session of the Sixty-eighth Congress
over the first session of $24,886,000 than that we are in this
Chamber." Senator Smoot added that "there has been a
steady decline in expenditure, . . . a saving every year."
"I think from now on," he said, "there will be a constant
increase in the appropriations to meet the increased expenses of the Government, increased salaries and increases
of costs everywhere, in every undertaking of the Government"; but, he argued, "the appropriation this year of
$3,936,956,278 is as low as any appropriation under which
the Government can be run." Senator Overman in presenting the statement of appropriations stated that "in the absence of the Chairman of the committee I do not think I
ought to make any comment at this time except to say that
the appropriations are $11,000,000 under the estimates made
by the Budget and $24,000,000 less than the appropriations
for the preceding year. At the end of the next Congress I
propose to submit a comprehensive statement, as I have done
every two years, showing the comparative differences between the two parties in their administrations, and I predict
that at the end of the next Congress, as admitted by the
Chairman of the Finance Committee, the appropriations for,
the next fiscal year will be shown to be much larger." Statements on the appropriations during the second session
of the Sixty-eighth Congress, have also come from Representative Martin B. Madden, Chairman of the House Appropriations Committee, and Representative Joseph W. Byrns,
of Tennessee, ranking Democrat of the committee. Both of
these, which were presented to the House on March 4, appear
in the "Congressional Record" appendix, published'March 16.
Representative Madden in his statement said:
The amount appropriated at this session, 33,938,921,278, compared with
the total of all appropriations made during the first session of the sixtyeighth Congress, $3,961,843,027. shows a decrease of $24,921.749. The
total amount appropriated during the two sessions of the sixty-eighth Congress is $7,898,764,305. There has been a steady reduction over a period of
four years toward this sum which represents approximately $800,000.000
Ices than was appropriated by the sixty-sixth Congress, and approximately
1840
THE CHRONICLE
[VOL. 120.
1375.000,000 less than the sixty-seventh Congress. The total of appro- activities and
agencies, including reduction in the Army. These activities
priations made during the session amounts to $3,936,921,278, of which and agencies
were in the process of liquidation. War expenditures were re$3.736.000.000 is for the fiscal year 1926. Deducting from this sum the duced from
$18,514,000,000 in 1919 to $6,403,000,000 in 1920, a total of
amount for the Postal service, which is payable from the postal revenues, $12.111,000,00
0. It would be as consistent to claim this reduction of more
(1636.000,000) and the amount which is payable from the revenues from the than $12,000,000,00
0 as economy and saving on the part of a Democratic
District of Columbia ($27,000,000) it will be seen that the sum which is a administration
as it is for the present administration to take credit for the
charge upon the Treasury is $3,073,000,000. In my Judgment the appro- reduction of
the 1921 expenditures in the sum of $1.700.000.000 in 1922.
priations have practically reached the poet war low water mark and from
The true test of real progressive economy is a comparison with the prethis year on we are more likely to have increases in them rather than further
ceding year. The reason for the comparison with 1921 is clear when it is
decreases.
stated that, according to the Budget's own figures, the actual expenditures
Representative Byrns in his observations said in part:
for 1922, exclusive of the Postal Service, which amounts each year to
over
The facts may be fairly stated as follows: The total appropriations made $600,000.000, a reduction of $97,000.000. Expenditures ofr 1924 were
$3,506,000.000
, a reduction of $191.000,000 over 1923. The estimated exat the first session of the Sixty-eithth Congress for the current fiscal year
1925 and before the fiscal year began were 83,801,022,766 59,including over penditures for 1925 are 13.534,000.000,an increase of $28,000,000 over 1924.
$29,000,000 in special acts, and the total appropriations made by the second The combined reductions for these three years amount to $260,000,000,
session of the Sixty-eighth Congress for the fiscal year 1926, beginning July which is little.more than the $225,000,000 reduction of public interest due to
1, including the amounts named as carried in the deficiency bills, amount to debt retirement since June 30 1922.
to $33,804,455,379 57. Thus it will appear that this session of Congress
We give herewith the statement of appropriations prehas appropriated $3,432,612 98 for the fiscal year beginning next July more
than was appropriated by this Congress at its first session for the fiscal sented by Senator Overman on March 17: '
year 1925 prior to the beginning of that fiscal year. If, therefore, the de- Comparison of Budget Estimates
and Appropriations, Arranged by Appropriation Ada.
ficiencies for 1926 equal those of 1925, and there is every reasonable presumption that they will do so, then the final appropriation for 1926 will
Increase (-I-) or
Budget estiAppropriations,
decrease(—)
exceed the final appropriation for 1925 by several millions of dollars.
Act.
mates, SixtySixty-eighth
appropriations
It should be remembered that Congress recently passed acts increasing
eighth Congress,
Congress, seccompared
the salaries of Members, which will amount to $1,327,600, and the salaries
second session.
cmd session.
with Budget
of postal employees which it is estimated will amount to $68,000,000.
estimates.
There has been no appropriation made to provide for these increases,and this
Regular Acts, Fiscal Year
will have to be done in a deficiency bill at the next session of Congress.
1926.
It is estimated the increased postal rates will bring into the Treasury Agriculture
$127,752,000 00 $124,774,441 00 —$2,977,559 00
District of Columbia
30,788,891 00
31.827.79700 +1,038,90600
$60,000.000 additional postal revenue, and since postal revenue very nearly Executive office and Indeprovides for the Postal Service, it has been the custom to eliminate from the
pendent offices
450,364.295 00 452,434,334 00 +2.070.03900
summary of expenditures the amount of receipts and expenditures for the Interior
240,204,138 67
239.702,926 00
—501,212 87
15.113.764 60
Postal Service and only to consider such deficits as may occur. I have al- Legislative, etc.
14.910,971 80
—202,792 80
Navy
287,402,328 00
ways contended that this is wrong. It does not present a true picture of the State, Justice, Commerce, 287.323,92800
+78,40000
total receipts and disbursements of the Government. Postal receipts are
and Labor
71,966.108 77
71,737,293 77
—228,81500
paid into the Treasury just as receipts from other sources, and it is necessary Treasury and Post Office_
775,135,921 00
763,221,362 00 —11,914,55900
331,401,930 00 332,282,671 00
to make appropriations for that service as is done for other activities of War
+880,741 00
the Government.
Total, regular acts
$2,330,050,977 04 2.318.294,12457 —$11,756,852 47
An examination of the figures in the table which I have submitted comDeficiency Acts.
paring the amount of appropriations for 1926 and 1925 shows that there has
First deficiency act, fiscal
been a considerable reduction in some of the departments, but an analysis
year 1925
159,455,338 19
159,504,838 19
+49.50000
will show that these reductions are not the result of economies practiced by Second deficiency act, fiscal
year 1925
the administration. They are what might be termed unavoidable savings
58,483,501 37
58,095,006 76
—418,494 61
or reductions. Activities were created and obligations incurred during
Total, deficiency acts _
8217,938.839 56 $217,569,844 95
—$388,994 81
the war, some of which have entirely disappeared and others are rapidly
diminishing. Were it not for this fact it Is clear that the requriements for Miscellaneous acts
1.000,00000 +1,000,00000
the administration for 1926 would have greatly exceeded the appropriations
Grand total
52.547.989.816 60 52.536.883.969 52 —511_125.5447 ng
for 1925. For instance, we are constantly paying off the public debt, and
therefore the amount of interest on the public debt will be $35,000,000less
Comparison of Appropriations Made During the Second Session of the Sixty-eighth Con
In 1926 than in 1925. The pension rolls are being reduced at the rate of more
cress With Those of the First Session.
than 14,000 pensioners per annum, and therefore the Interior Department
approrriation bill for 1926 carries for pensions $25,500,000 less than was carIncrease(+)or
ried for this purpose in 1925. The 1926 appropriation for independent
Appropriatis
Appropriations
decrease (—)
Title of Ad.
made Sixtymade Sixty, office carries $6,000,000 less for the Shipping Board than was carried in
second session
eighth Congress, eighth Congress, compared with
1925. There is in the same bill a reduction of more than $76,000.000 for the
first session,
second session,
first session.
Veterans' Bureau. due to the fact that the large items for vocational rehabRegular Annual Acts.
ilitation and medical and hospital services are rapidly diminishing, the reAgriculture
558,575,274 00 8124,774,441 00 +886,199,16700
duction in these two items alone totaling $61,850,000. There is a reduction District
of Columbia
26,455,105 00
31,827,797 00 +5,372,692 00
of over $64.000.090 in the appropriation for the bonus or adjusted compensa- Executive Office and lode
tion for ex-service men, whereas if the actuary's figures had been followed
Pendent offices
398,776,740 16
452,434,334 00 +53.657,59384
• 5283,250,455 00 $239,702,926 00 —$23,547,529 00
the appropriation for 1926 would have been over $28,000,000 more for this Interior
Legislative establishment _ •
14,229,016 00
14,910,971 80
purpose than for 1925.
+681,95580
Navy
•
275,105,067 00 287,402,328 00 +12.297,261 00
State, Justice, Commerce,
Authorizations.
and Labor
68.269,497 80
During this session Congress passed the following acts authorizing new
71,737.293 77 +3,467,79597
Treasury and Post Office__ _ .
734,413,600 25
783,221,362 00 +28,807,761 75
construction and activities:
War
.
327,970,465 13
332,282,671 00 +4.312.20587
River and harbor act
$41,000.000
Total,regular annual acts • $2,167,045,220 34 $2,318,294,124 57 +151,248,90423
Arlington Memorial Bridge
14.750,000
Naval cruisers and gunboats and modernization
54,560,000
154.560,000
Deficiency Acts.
Aircraft carriers
22,000,000 First,fiscal
year 1924
Naval omnibus act
•
156,671.655 28
10,000.000 Urgent,fiscal
year 1924
Contract authorization for aircraft, Army and Navy
•
2,333.000 00
6,250,000 Second,fiscal year
1924
Roads
• 6186,833,509 07
165,000,000
First,fiscal year 1925
Veterans Bureau hospitals
•
159,504,838 19
10,000,000
District of Columbia school buildings
58,065,006 76
19,000,000 Second. fiscal year 1925 _ .
Embassy building (Tokyo)
1,150,000
Total, deficiency acts _ . 8345,838,164 35 8217.569,84495
Miscellaneous acts, amounting to more than
128,288,319 40
3,000,000
Miscellaneous Acts.
Total
$446,710,000 Field service pay adjustment
,
Of the above amounts,r$32,000,000-has been appropriated and is carried
1925
b26,357,767 84
blithe regular appropriation bills. The remainder, $414,710.000. must be Miscellaneous relief and
other
acts
2,992,709 88
appropriated in the next few years. In addition to this the House passed the
c1,000,000 00
public buildings bill calling for an expenditure of $150,000,000 in six years.
Total, miscellaneous acts
829.350,477 72
81,000,000 00 —828,350,477 72
ItIvras not concurred in by the Senate, but will doubtless be passed at the
Total, regular annual, d
first session of the next Congress.
ficiency, and miscella
All of these authorizations were approved and the passage of many of
eous acts
52.542,233,862 41 82,536,863,989 52 —85,369.89289
them urged by the administration as a part of its program. For more than
Permanent and Indefinites.
35 years efforts have been made to induce Congress to authorize the
Agriculture
812,360.750 00 $12,340,750 00
construction of the Arlington Memorial bridge. Its construction will Commerce
—$20,000 00
3,00000
3.00000
Involve many millions of dollars more than the amount of the authoriza- Independent offices
6,457,301 79
7,581,500 00 +1,624,19821
tion in the approaches, widening of streets, and so forth, necessary Interior
27,243,269 06
28,081,457
50
+8
to carry out the proposed plan. During all these years Congress refused Labor
25,000 00
25,00090
800 00
800 00
to authorize its construction,and it remained for the President to recommend Legislative
Navy
2,103,260
00
2,460,050 00
+356,79000
and to urge it upon Congress in his annual message, and at a time when the State
26,000 00
131,139 74
+105.13974
people are more burdened with taxes than ever before in the history of the Treasury:
Interest
on
the
public
debt
885,000,000
country. The President likewise urged an appropriation to pay the French
00 830,000,000 00 —35,000,000 00
Public debt retirement
spoliation claims, amounting to more than $3,000,000, and which have
funds
471,808,401 00 484,788,130 00 +12,959,72900
been knocking about the doors of Congress for more than 100 years; but this
Other permanent and indefinites
recommendation did not meet with the favor of Congress.
28,773,100 00
26.087,82500
—685,27500
6.583,321 00
The authorizations made by the first session amounted to more than War
7.149,39000
+565,97900
District of Columbia
1,226,962 00
1,565.356 00
13,400,000,000, which included the bonus or adjusted compensation act.
+338,39400
This makes a total of nearly $4,000,000,000 in authorizations made by the
Total, permanent and in,
definites
Sicty-eighth Congress, which must be taken care of in the years following.
81,419.609,16485 81,400,092,308 24 —M9,516,856 61
This is a far greater amount of obligations than has ever been created by
Grand total
83.961.843.027 26 13.93ft flAll 07770 _to. acm 'An oat
any Congress save those functioning in times of war.
aThis bill failed of enactment at the close of the first session.
It is the custom of the Budget to compare the current fiscal year's expenIt was completed at
ditures with the expenditures made in the fiscal year 1921 rather than a com- the second session by the adoption of the conference report in the Senate, and was
approved by the President on Dec.5 1925.
parison with the expenditures for the fiscal year immediately preceding.
bAction on this bill was completed at the first session with
President Coolidge in his address on Jan. 26, to Government employees, natures of the Presiding Officers of both Houses and the the exception of the sigapproval of the President.
It was approved by the President on Dec.6 1924.
sad:
3This sum is approximated.
-In the fiscal year 1921 we spent 15,538.000,000. It is estimated that we
We likewise include herewith the comparison of Budget
will spend this fiscal year 13,534.000,090. This will show a reduction in our
expenditures of $2.004.000,000.
estimates and appropriations, arranged by appropriation
With all due respect, this statement is calculated to create a wrong impresacts, showing the budget estimates of the Sixty-eighth Consion as to the actual economy effected under this administration. Everyone
realizes that in 1021 a sufficient time had not elapsed to close up many war gress, second session, as compared with the actual appro.
A
A
APRIL 11 1925.]
THE CHRONICLE
1841
Houses during the first session of the Congress, but because it failed to provide a sufficient amount of revenue to pay the increases authorized. the
President could not see his way clear to sign it, and had returned it just before the day of adjournment. The veto message was considered in the
Senate shortly after the 1st of January, and the veto of the President susComparison of Budget Estimates and Appropriations, Arranged by Appropriation Acts. tained. Thereupon the Senate attempted to pass a measure providing the
Increase 1+) or
necessary revenue in addition to the authorization for Increased salaries.
Appropriations, decrease (—)
Budget estiThe Constitution provides that all revenue measures must originate in the
appropriations
Sixty-eighth
mates, SixtyHouse of Representatives, and so we could do nothing less in the House than
compared
Congress, seceighth Congress,
Act.
Budget
with
ond session.
second session.
refuse to accept the measurc as passed by the Senate.
estimates.
The bill was returned to the Senate, and the House Committee on the
Post Office and Post Roads immediately reported a measure containing the
Regular Acts, Fiscal Year
authorization for increased salaries and including also the necessary revenue1926.
6127,752,000 00 $124,774,441 00 —$2,977,559 00 producing features. Soon thereafter the bill passed the House, and later
Agriculture
31.827,79700 +1.038,906 00 passed the Senate. It had been carefully drawn,and after full consideration
30,788,891 00
District of Columbia
Executive office and lodethe
452,434,334 00 +2,070,039 00 of the needs of the employees of the Postal Service and the report of
450,364,295 00
pendent offices
—501,21267 Postmaster General as the result of the investigation of the Cost Ascertain240,204,138 67 239,702,926 00
Interior
—202,792 80 ment Commission and the President was glad to sign it as a fair and
15,113,764 60
14.910,971 80
Legislative,etc.
+78.40000
287,323,928 00 287,402.328 00
Navy
equitable measure both to the workers in the Postal Service and to the
State, Justice, Commerce,
—228,81500 users of that service.
71.966.108 77
71,737,293 77
and Labor
763,221,362 00 —11.914,55900
775,135,921 00
Treasury and Post OffIce
The bill also included as a rider comprehensive corrupt practices provisions
+880,741 00
331.401,93000
332,282,671 00
War
which had been carefully considered by the House Committee on the Electo take
$2,330,050,977 04 $2,318,294,124 57 —611,756,852 47 tion of President. Vice-President, and Representatives in Congress
Total,regular acts
the place of the inadequate and somewhat emasculated prior laws on the
Deficiency Acts.
subject.
First deficiency act, fiscal
Many other important measures became laws during the short session of
+49,50000
159,504,838 19
159,455.338 19
year 1925
Congress Just closed—a bill to amend the patents and trade-marks act; a
Second deficiency act, fisca
—418,49461 bill amending the revenue act of 1924 with respect to waivers of limitation
58,065,006 76
58.483,501 37
year 1925
of the debts of Lithuania and
—$368,994 61 and refunds; bills providing for the refunding
$217,938,839 56 $217,569,844 95
Total,deficiency acts
Poland; a bill authorizing the Postmaster General to make contracts for the
the
for
bill
and
production of helium gas; a
conservation
1.000,00000 +1,000.00000 Air Mail Service; a
Miscellaneous acts
bill to establish a Federal industrial institution for men; a bill to amend the
—511.125.84708
R2
ORA
RIM
MR
S2
RA
52.547.A59AIR
total
Grand
China trade act of 1922; a bill to make enforceable interstate and foreign
contracts; a measure to amend the tariff act of 1922 with respect to the customs service; a bill to amend various sections of the farm loan act and agriReview of Achievements of Congress by Representative cultural credits act of 1923 in accordance with recommendations of the agricultural commission; a bill to amend the upper Mississippi wild life and
Longworth.
fish refuge act; a bill to provide for additional hospital facilities for veterans
Representative Longworth, retiring Republican leader of of the World War; a bill to amend the World War veterans' act; a bill to
the House, who will be Speaker of the House at the next authorize the construction and improvement of certain rivers and harbors:
bill authorizing a five-year building program for schools in the District
session, in a statement reviewing the achievements of the a
of Columbia; bills providing for additional judges in various parts of the
"the
that
declared
Congress
second session of the Sixty-eighth
country; a bill further defining the jurisdiction of the Circuit Court of ApCourt; a bill to amend sections of the Judicial Code; a
House of Representatives during the second session devoted peals and Supreme
bill extending the benefits of homestead laws and another to restore homemore time to general and local legislation than any previous stead rights in certain cases; a number of bills affecting the Territory of
Alaska—to establish emergency mail service, a game commission, industrial
short session in history." In part he said:
schools for native children, bills amending the mining laws, bills affecting
342
enacted
we
days,
working
actual
73
of
consisted
a
in
session that
In all
bond issues; a bill to amend various provisions of the law affecting the
public laws, 38 public resolutions and 223 private laws and resolutions, or a National Guard; and many bills to provide for bridges throughout the
total of603 laws and resolutions—an average of at least eight bills a day. In
country and more than 1.500 private pension laws included in a low omnibus
addition,69 resolutions were agreed to. That is a record of which I think we
measures.
busifor
party
our
of
pledge
the
of
fullfilment
a
is
proud,
and
can be justly
It may be said that, practically, the House of Representatives during
ness-like attention to the needs of our country.
the second session devoted more time to general and local legislation than
of
achievement
It is, furthermore, a continuation of the splendid record of
previous short session in history. With businesslike precision the
the first session of the 68th Congress. At the close of that session I outlined any
calendars were taken up in regular order under the rules operating naturally
briefly the work and accomplishments of that session—the change in the
cleared to a greater extent than ever before. During my service
rules of the House forced upon us at the beginning of the session making the and were
1 have never known so much business to have been transacted
achievement of both sessions all the more notable—the new revenue bill, the in the House
period of time. It was not to be expected that all that the House
immigration measure,the law to liberalize the World War Veterans' Act and In a like
be given consideration or completed in the other body or, on
many others, making a total of 393 laws and resolutions enacted during that passed would
the other hand, that we could reach and dispose of all of the business comsession, and a total of 998 laws enacted during the entire Congress.
Senate. Disappointments are always to be expected.
That is a record that, so far as I know, has never been equaled, not even ing to us ftem the
session was not an exception to the rule. But it should be borne
during the Sixty-seventh Congress, when there were four sessions and when and this
it happens when proposed legislation of great Inthe total number of laws was only 931. In that Congress there were 414 In mind that frequently
the people is not fully completed and fails of enactment that subseactual days of session, as compared to 215 days in the Sixty-eighth Congress. terest to
further deliberation, and in the light of additional informaDuring the first session of this Congress we acted upon 594 bills out of a quently. after
legislation is perfected and proves to be better than
total of 929 reported, and during the second session upon 859 bills, which is tion, such proposed
I think I am safe in saying that this will be found
failed.
had
which
that
bills
1,253
of
total
a
making
session,
that
during
91 more than were reported
to be true in several instances, notably the proposed retirement bill, the
acted upon during the Sixty-eighth Congress out of 1,497 reported.
and the stupendous task of revising the laws of
During this Congress, in two sessions, we have appropriated $7,898,765 - Muscle Shoals proposition,
305 02. We have placed the Government on a sound working basis, and the United States.
It is regrettable and doubtless a great disappointment to many worthy
because we have been able to reduce expenditures through strict economy
that the retirement bill did not reach the
and good administration we shall be able, when the new Congress meets in employees of the Government
adjournment, but I am confident that this measure when
December, to take up the question of further reducing the tax burden for President before
In the light of further consideration in the meantime,
the support of the Federal Government. We have already arranged the next presented, and
attention in the next Congress.
procedure that will assure early consideration of this question, through will receive favorable and early
The Muscle Shoals proposition, which perhaps was accorded greater conthe formation of the Ways and Means Committee of the Sixty-ninth ConCongress than any other one measure.
Sixty-eighth
gress, and the Chairman of that committee has announced that the mat- sideration during the
and was freely discussed and
ter of tax reduction and the revision of the existing Revenue act will be taken ran the gauntlet of both House and Senate.
ns, none of which apup by his committee in formal sessions during the Fall of this year just prior amended with propositions and counterpropositio
peared to be satisfactory to the greater number of Members of both Houses,
to the meeting of the new Congress.
When the impossibility of
In the next Congress, with an assured majority of real Republicans, we and was therefore left in an incomplete state.
the next best thing, and recomin the House shall unquestionably work and accomplish legislation in accord its passage was realized the House did
entire
mended to the President the creation of a commission to study the
with the pledges and policies of our party and its leader."
of such
question in all its various phases, and I doubt not thatIn the light
We also quote the following from his statement, which, commission's report Congress will legislate wisely upon the subject in the
although made in the House on March 3, is only made public future.
Three different times the House has passed what was known as the Little
this week (March 16) in the "Congressional Record" appenwork. It has
bill, to codify the laws of the United States—a stupendous
States laws, the necessity for
dix:
been many Years since a revision of the United
notwithstanding the time devoted to
As finally enacted there were nine regular appropriation bills and two which has been long apparent. But
Revision of the Laws, and the passage by
deficiency bills, providing for a total expenditure of $3,938,921,277 76, or this work by the Committee on
its recommendations, the result has been un$11,125,847 08 less than the estimates called for by the Budget Bureau and the House of a bill embodying
body passed a joint resolution creating a
That
Senate.
the
to
satisfactory
Sixtyfor
the
session
the
of
first
appropriations
the
than
less
50
$24.921,749
commission on revision of the laws, which did not receive consideration in
eighth Congress.
to consider it, and for the further reaWhen the session opened a number of important questions required at- the House for want of time properly
carried by it of 850,000 was thought to be extention, and it was agreed that, in so far as these questions could be con- son that the appropriation
have Committees on the Revision of the Laws in
sidered without endangering the passage of the appropriation bills, they cessive. Moreover, we
are competent lawyers,and it is thought that
should receive consideration by the House. The country expected little else both Houses, whose members
these committees, acting jointly, will be able and ready to reconcile all
at the short session.
present in the next Congress a comprehensive codiOne of the important measures was a bill for which a rule had been granted existing differences and
will warrant early enactment.
late in the first session, but which had not been considered because of lack fication or revision that
of time before the close of that session. This was the bill to amend the
national bank act, the principal amendment providing for the establishment
Trust—James R.
of branch banks by national banks. As soon as we could be certain of the Luncheon of New York Community
passage of the appropriation bills this measure was brought before the House
Dr. Finley, and Ralph Hayes, Speakers.
Garfield,
and, after some debate and amendment, passed to the Senate. That body
and was then
At a luncheon held at the Bankers' Club, New York on Feb.
did not reach it until Just before the close of the session,
unable to complete its consideration.
by the trustees of the New York Community Trust, James
20
During the second week of the session we passed another Important bill R. Garfield, Secretary of the Interior under President
numerous changes in existing
in the House—the Navy omnibus bill—making
Corps. This bill was enacted into law. Roosevelt, and Dr. John H. Finley, editor of the New York
law relative to the Navy and Marine
Service was one that nearly
Postal
The question ofincreased salaries in the
"Times," in addressing an audience of lawyers, bankers and
bill had been passed by both
every Member of the House had urged. A
priations of the Sixty-eighth Congress, second session. This
table was presented to the Senate by Senator McKellar on
March 17.
1842
THE CHRONICLE
business men, deplored the imposing of rigid restrictions and
detailed conditions in creation of endowment funds and
commended the flexibility of the Community Trust as a
device for preserving civic and charitable trust funds from
becoming moribund. Under the Community Trust method,
It was explained, various national banks and trust companies of Manhattan and Brooklyn administer the principal
of trust funds but expend income only upon the certification
of a central committee named in part by the Senior Judge of
the Federal Circuit Court and the presidents of the Bar
Association, the Academy of Medicine, the Chamber of Commerce and the Brooklyn Institute of Arts and Sciences. This
committee in executing the general or specific directions of
a donor is empowered to make needed adaptations to avoid
the antiquation of any trust fund under changed future conditions.
Among those present at the luncheon were Felix M. Warburg, recent donor of a half-million-dollar fund through the
Community Trust, in support of the Visiting Nurse Service;
Victor F. Ridder, Vice-President of the State Board of
Charities, which lately endorsed the New York Community
Trust, and William J. Graham, Vice-President of the Equitable Life Assurance Society, which a short time ago announced
the trusteeing of upwards of a quarter million dollars' worth
of insurance policies through the Community Trust for the
eventual aid a the Commercial Arbitration Committee of the
State Chamber of Commerce. John G. Agar presided.
Harris Kreech, President of the Cleveland Trust Co., and
successor of the late Judge F. H. Goff, founder of the first
Community Trust in 1914, wired:
Community Trust activities are an important part of modern trust company service. The results have justified the hopes of its founder, Frederick
H. Goff, in that the plan has already become a significant agency for good
in approximately 50 American cities.
Officials of the following financial institutions were
present: The American Trust Co., the Chase National Bank,
the Coal & Iron National Bank, the Equitable Trust Co., the
First National Bank of Brooklyn, the Kings County Trust
Co., the Manufacturers Trust Co., the Seaboard National
Bank, the Title Guarantee & Trust Co., the U. S. Mortgage &
Trust Co., and the Brotherhood of Locomotive Engineers
Co-operative Trust Co. - Ralph Hayes, Director of the New
York Community Trust, asked by the Chairman to outline
the purpose of the meeting, said in part:
[Vol,. 120.
mothers' pensions and widows' allowances are keeping orphans from becoming
dependent. And if they do become dependent, they are being placed, not in
"asylums," but in private homes or cottages. In every year since the war
there has been a decrease in the number of inmates of children's homes in
this State. The Children's Home of Utica has lost two-thirds of its occupants in the last three years, even though it takes in crippled children now
to make up for its dearth of orphans.
The styles in rearing orphans are changing just as surely as the styles in
preacher's clothes. But Mr. Hershey leaves power to no one to keep abreast
of the times that he cannot now foresee. His great gift is marked for the
dead hand.
It is that condition, repeated as it is in hundreds of smaller cases, that
we would remedy. The Community Trust Is not the only way of insuring a
flexible administration of these endowments. But it is a peculiarly effective way. It has now, and will have in each generation, a central committee constituted by such appointing powers as the Senior Judge of the
Federal Circuit Court, the President of the Chamber of Commerce, and the
President of the Association of the Bar. That committee carries out the
specific directions of any donor; and if a detail in to-day's instructions becomes some day impractical, the committee does what the donor himself
would do if he were alive—what Mr. Carnegie and Mr. Rockefeller and
Russell Sage have given power to their foundations to do—it makes the
necessary amendments so that the spirit and not merely the letter of a gift
may live. It works without the delay, expense or uncertainty of litigation.
It operates not only for large sums but for little ones. It supervises not only
one fund but many.
Once each year the trustees of the Community Trust bring together a representative group of lawyers, bankers and laymen to hear the story and to
preach the gospel of keeping endowment funds sufficiently liquid that they
don't become frozen. For the sake of ourselves and of our children's
children, we would join to the foresight of dead prophets the hindsight of
living engineers.
Gift of $10,000 to New York Community Trust to Apply
on Administrative Budget FundlEstablished by
Senator Couzens Through Detroit Community
Trust.
Clarence H. Kelsey, a member of the Trustees' Committee
of the New York Community Trust, announces that the trust
had received from an unnamed donor a gift of $10,000 to
apply upon its administrative budget for the year beginning
July 1 1925. Frank J. Parsons, 55 Cedar Street, Chairman
of the Community Trust Committee of the Trust Companies
Division, American Bankers Association, states that philanthropic grants through the agency of Community Trusts
are becomingly increasingly frequent in all parts of the
country. Senator James Couzens of Michigan recently established a fund of $100,000 through the Detroit Community
Trust to be employed primarily for the vocational rehabilitation of disabled veterans. In Chicago, James A. Patton
has directed $1,500,000 through the Community Trust for
religious and educational work. The Tulsa Community
Trust will distribute a fund of $25,000 left by Frank J. Reed
of that city for children's recreation. It is also announced
that the Cleveland Foundation, similar in organization to the
New York Community Trust, would distribute for philanthropic purposes, the income of a $50,000 bequest by the late
Julia A. Beebe of that city, and the greater part of the
income from the $250,000 estate of the recently deceased
Robert M. Linney, hardware merchant of Cleveland and
Akron.
Without seeming to revive the lately current theories suggesting an impending end of the world, I may say that none of us in this room is likely
to live to see the full fruition of the movement to be described by the men
who will address this meeting—a movement measured not by a few years
or a few decades, but by generations. Ever since the time, nearly 500 years
ago, when perpetual trusts or endowments for charitable purposes were formally recognized by the civil statutes of the English-speaking State, each
living generation has had handed down to it from its deceased forbeals,
various trust funds designed to be used for public purposes, but often so
shackled by detailed restrictions and limitations as ta 1s) paralyzed, under
the constantly changing conditions of society.
Walking up Fleet Street a year ago last summer, I stopped at the Court of
Chancery and happened to hear the arguments in the case of one Rebecca
Robinson, deceased. Mrs. Robinson had left ss1.600 In trust for a church
"to propagate sound evangelical doctrine" and then had gone on to prescribe
exactly what constituted sound evangelical doctrine. There were to be no
organ recitals in that church; a particular kind ot cloth was to be spread Thomas F. Woodlock Takes Oath of Office as
Member
upon the Communion table; the congregation was not to chant the Psalms
of Inter-State Commerce Commission.
thereafter; she even stated what sort of gown tin minister should wear
whenever he ascended the pulpit. The church attempted to execute all the
Thomas F. Woodlock, who, as we have before indicated in
conditions, and succeeded in executing all but the one about the gown. That
had been rendered wholly obsolete by the subssquent practice of the Church these columns, was given a recess appointment by President
of England regarding the vestments of its clergymen. And so the trustees Coolidge as a member of the Inter-State Commerce Commiswent into court to be released from that one inconsequential condition. All sion, took
the oath of office on April 1. With reference to
this had begun some time back. The request first reached the court ten
years before the beginning of the South African war. I MIS listening in, the assumption of Mr. Woodlock's new duties, the N w York
20 years after that war had ended. When Mrs. Robinson wrote her will, "Times" commented as follows in a Washington dispatch
Victoria was her Queen and Benjamin Harrison our President. The styles April 1:
in clothes—in and out of the pulpit—have changed once or twice since then.
With the induction into office to-day of Thomas F. Woodcock of New
But Mrs. Robinson's will gave no one the power to change the fashion of the
garment she described. As a result, her bequest just languished until the York the Inter-State Commerce Commission now is ready to give formal
consideration to the application of the Von Sweringen interests for authority
court at length deleted the condition—In the 35th year of litigation.
It would be comforting to believe that such things don't happen any to effect the Nickel Plate merger and to pass upon other questions of vital
more—that the dead hand has lost its grip. But consider some of the cur- importance to railroads of the United States.
As Mr. Woodiock was a member of the directorate of the Pere Marquette
rently established endowments—examine, for example, one of the largest of
them created in recent months. A chocolate magnate of Hershey, Pa., the road during the initial proceedings of the proposed merger, and only retired
newspapers tell us, leaves $60,000,000 for the care of children. We applaud from the board as of to-day, some doubt has been expressed as to whether
his generosity and we should. No words could overstate the praise his he will sit in judgment on the Von Sweringen application. The Pere Marmotives merit. But note the conditions in that gift of Mr. Hershey. The quette is one of the roads included in the contemplated merger. Mr. WoodIncome of all those millions is to be used perpetually to build and maintain cock probably will not act officially in this case unless a situation arises
an orghanage. If it can't all be used on the orphanage it shan't be spent for that would cause his brother Commissioners to call upon him to vote. . . .
The Von Sweringen application, on which there will be public hearings
anything else. And the orphanage mustn't admit any kind of orphans—only
poor, healthy white male ones, more than four and less than eight years old. before the Commission, beginning April 15, includes the New York Chicago
However many unused millions accumulate, that deed of trust permits no Sz St. Louis, the Pere Marquette Line, the Erie, the Hocking Valley and the
Invalid orphan, no colored orphan, no female orphan to be sheltered in that Chesapeake Sz Ohio Railroads. Indications are that there will be no deciinstitution. And it shan't ever be moved. On the particular plot of land sion in the case until late in the summer.
conveyed, that orphanage, says the deed, shall stand till Kingdom Come. It
The oath of office was administered to Mr. Woodlock to-day in the presmay some day be hemmed in by factories, or surrounded by slums. It is ence of most of his fellow Commissioners, who warmly welcomed him. He
written that it shall remain where it is.
announced that his resignation as a member of the directorates of the St.
More than that, the time will probably come when it shouldn't be an Louis & San Francisco and the Pere Marquette lines became effective to-day.
orphanage at all. In our own day we are probably going to see the supply He added that he had disposed of his holdings of railroad stocks in comof orphans fall short of meeting the demand of the orphanages. There sim- pliance with the laws governing service on the Commission.
Having been appointed during a recess of the Senate, Mr. Woodlock canply won't be enough orphans—and that for excellent reasons. Due to the
war against disease being waged by the Rockefeller, Carnegie and Common- not draw salary for services between sow and the assembling of the Senate,
wealth Foundations, together with other agencies, fewer parents are dying which may not meet until the regular session in December. If his nomduring the infancy and dependency of their children. If a father does die, ination is confirmed by the Senate—and Administration officials appear to
APRIL 11 1925.1
'MEI CHRONICLE
be confident that it will be—he will be reimbursed by special Act of Congress.
Reference to the recess appointment of Mr. Woodlock was
made by us March 21, page 1412, and March 28, page 1550.
1843
Edward C. Delafield, President of the Bank of America,
has returned from a three weeks' visit to Bermuda.
Vice-PresidenfyFrank J. Parsons—of the United States
Mortgage & Trust Co'. of New York addressedthe bankers
John H. Schwarting Celebrates Fiftieth Anniversary
With Albert Frank & Company.
John Henry Schwarting, veteran member of the staff
of the well-known advertising agency of Albert Frank & Co.,
familiarly known in the Wall Street district as plain "John,"
is celebrating this week the fiftieth anniversary of his association with the Frank organization. Plans for the observance
of the anniversary include a testimonial dinner to be tendered
Mr. Schwarting by the firm of Albert Frank & Co., at which
all members of the agency staff will be united to join in
honoring "John." The dinner is to be held on April 18
at the Advertising Club of New York. Rounding out the
anniversary, Mr. Schwarting and Mrs. Schwarting will
sail for Europe on July 7 on the Steamship Columbus of the
North German Lloyd. After spending the summer months
in Germany they will sail for the return on Sept. 7 on the
Steamship Resolute of the United American Lines. Fifty
years ago, Friday April 10, young Schwarting then a lad
of thirteen years, joined the Frank agency. Although still
active in the financial advertising field, Mr. Schwarting has
relinquished many of his duties in recent years to others,
including his sons, John Henry Schwarting, Jr., a VicePresident of Albert Frank & Co., and William Schwarting,
is member of the staff of the firm.
A friend of Mr. Schwarting in speaking of the anniversary
said:
Everybody in Wall Street knows John. Everybody likes him because
he is a character, distinctive, picturesque. lovable. He radiates good
nature. A person who meets him once never forgets him. For fifty years
he has been in Wall Street. When J. P. Morgan, the father of the present
head of the house of J. P. Morgan & Co. had anything in John's line to
put out he would tell a clerk to "send for John." It was the same in many
big banking establishments. John has grown up with Wall Street. He
signs his name John Schwarting but to Wall Street he will always be plain
"John."
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Two New York Stock Exchange memberships were reported posted for transfer this week, that of Burton S.
Castles to John C. Henderson, and the membership of Lee
Gazlay, deceased, to Sidney J. Weinberg. The consideration in each case is stated to have been $104,000. This is
the same price as the last preceding sale.
A Chicago Stock Exchange membership was reported sold
this week for $5,800. The last preceding sale was for
$5,500.
The New York Stock Ex- change was closed yesterday
(April 10) in observance of Good Friday. The Exchange
will be open to-day, but the New York Cotton Exchange
and the New York Coffee .and Sugar Exchange, in addition
to closing yesterday, will remain closed to-day. The folowing also decided to close both days: The Consolidated
Stock Exchange of New York, New York Curb Market,
the Produce Exchange and the Chicago Board of Trade.
Mercer P. Moseley, Vice-President of the American Exchange National Bank of New York, returned to his desk
this week after a three month stay at his winter home in
Miami, Fla.
The National City Bank ha- s leased the ground floor and
basement of the former Collins Building, at the northwest
corner of Park Ave. and 57th St. The bank will establish
its seventh branch in the new quarters, which will be ready
for business about May 15.
Francis J. Goldmann has been appointed an Assistant
Treasurer of the Central Union Trust Co. at the 42d St. and
Madison Ave. office. Mr. •Goldmann had formerly been
Assistant Cashier of the Yorkville Bank.
of-Banking
forum meeting of
American Institute
in
Elizabeth, N. J., on April 3. His subject was "Real Estate
Loans from the Banking Standpoint."
The United States Mortgage & Trust Co. has recently
published and is now distributing its 1925 edition of "Banking
for Women."
The Superintendent of Banks of New York approved the
plans of the Peoples Commercial Bank of New York whereby
the capital stock will be increased from $100,000 to $200,000.
Subscriptions are being received at $150 per share, the
additional $50 per share will be added to the surplus fiind.
We are advised:that-more than 80% of the new stock hái
been_subscribed_for, that the subscription books are still
open and that no definite date has as yet been set for closing'
them. Reference to the proposed increase in capital will
be found in our issue of Jan. 31 1925, page 542.
The condensed statement of the Manufacturers Trust Co.
of New York as of April 1 1925, which is the first published
statement since themerger with the Yorkville Bank, shows
capital of $8,000,000, surplus and undivided profits of
$9,033,691, deposits of $150,979,646, and total resources
of $174,886,555. As compared with the last published
statement of Jan. 1 1925, the capital stock of the company
has been increased from $5,000,000 to $8,000,000. Surplus
and undivided profits from $5,520,474 to $9,033,691, and
deposits from $118,193,226 to $150,979,645.
Henry R. Johnston, Vice-President and Cashier of the
Chatham Phenix National Bank & Trust Co. of this city,
has been elected Secretary to the board of directors and
Secretary to the executive committee of the Chatham
Phenix National Bank & Trust Co. William Childs, President of ChildsCo.,has been elected a director of the Chatham
Phenix National Bank & Trust Co., succeeding the late
Samuel S. Childs. Max S. Weil has been elected director
of the Chatham Phenix National Bank & Trust Co. to succeed his father, the late Samuel Weil. The Chatham
Phenix National Bank & Trust Co. was recently formed
through the merger of the Chatham & Phenix National
Bank and the Metropolitan National Bank & Trust Co.
(formerly the Metropolitan Trust Co.); an item relative
thereto will be found.in our issue of March 211925,page 1413.
The Midwood Trust Co. of Brooklyn has instituted a form
of short-term investment, based on first mortgage security,
which is calculated to attract funds only temporarily idle.
In particular, the funds which the President of the Midwood
Trust, Henry J. Davenport, has in mind are institutional
building funds in process of accumulation but not yet
completed. The Midwood Trust Co. under the plan that
has been worked out is to issue participation certificates
against real estate mortgages held by the trust company.
These certificates may be purchased in varying amounts
and are to bear interest at the rate of 4% per annum. They
are to mature in six months or, if held longer, they become
payable by the trust company on 60 days' notice. Mr.
Davenport says:
These short-term mortgage certificates we have found to be in demand
for the temporary investment of money that is being assembled for some
particular building project. We have several building drives under way
In the borough—the Brooklyn Eye & Ear Hospital. for instance; the Italian
Hospital, the synagogue to be erected in the vicinity of Ocean Avenue and
Avenue L, parish houses for churches and the like.
That institutional construction should be largely planned in Brooklyn
at this time is most logical. We have been building up new residence
communities during the past few years, and this erection of new communities must inevitably be followed by construction of institutions to serve
the communities—churches, theatres, banks and business buildings generally.
These mortgage certificates provide a convenient avenue for employment
of money on hand pending completion of the funds.
The National Park Bank will open its second uptown
office, at Seventh Ave. and 32d St., on April 15. The bank
on Feb. 2 opened its first uptown office at 46th St. Reference to the latter was made in our issue of Jan. 31 1925,
At a meeting of the board of directorsof the First National
page 542.
•
Bank of Jersey City, N. J., on April 9, Senator E. I. EdDillon, Read & Co. will open an uptown office, having wards presented his resignation as President. In explaining
States
leased the ground floor space adjacent to the banking his action he stated that his public duties as United
that
Senator
compelled
his
much
absence
from
the
city
so
quarters of the National Park Bank in the new Postum
Building at 250 Park Avenue. The building occupies the he found it impossible to give the time necessary to the
accpeted
entire block bounded by Park and Vanderbilt avenues, Presidency of the bank. The board reluctantly
Chairman
and
the
the
resignation
immediately
elected
him
46th and 47th streets.
of the board of directors. He will continue to act as in the
1844
THE CHRONICLE
past to supervise the management and outline the policies
of the bank. Kelley Graham, who has been the active
Vice-President, was elected President. Henry Brown Jr.
was appointed Vice-President, which position he will fill
in addition to his duties as Cashier. Clifford A. Spoerl,
Assistant Chashier, was appointed a Vice-President.
[Von. 120.
the stockholders' meeting, the directors met and created
two new offices, namely, that of Chairman of the Board and
that of First Vice-President. William T. Knight was
elected to the former and A. A. Lawrence, heretofore VicePresident of the branch bank, to the latter. John J. Bouhan
was then elected Vice-President of the branch bank to succeed
Mr. Lawrence. The personnel of the Exchange Bank is
now as follows: William T. Knight, Chairman of the Board;
A. J. Garfunkel, President; A. A. Lawrence, First VicePresident; John J. Powers, Vice-President and Cashier, and
Joseph A. Cronin, Assistant Cashier.
Chas. H. James, Vice-President of the First National
Bank of Philadelphia, has just returned from a six months'
trip around the world. He visited Hawaiian Islands,
Philippine Islands, Japan, China, Ceylon, Java, India,
Egypt, Turkey, Greece, Italy, France, Belgium, and England. He spent six weeks and traveled 4,800 miles in the • The closing on Mar.
26 of the First National Bank of Florinterior of India.
ence, S. C., was reported in the following press dispatch from
A special meeting of the directors of the Northwest Florence under that date, which appeared in the New York
Savings Bank of Washington, D. C., (the purchase of which "American" of Mar. 27:
The First National Bank of Florence was closed to-day by directors who
by interests identified with the Riggs National Bank of
explained in a notice posted on the door that, although they believed the
Washington was reported in these columns in our March 28 institution to be solvent,
a national bank examiner had been given charge
issue) was held on March 27 for the purpose of acting on of the books until a thorough investigation could be made, in Justice .to
"loyal
and
steadfast
supporters."
the resignations of various members of the official staff of
The bank was believed to be one of the strongest in this section of the
the institution, according to the Washington "Post" of State.
March 28. In deference to the request of Francis M.
Norman C. Stenning, President, Anglo-South American
Savage, President of the institution, who tendered his
resignation the previous week with the request that it be Trust Co. and representative of the Anglo-South American
accepted at the earliest possible moment, his resignation Bank, Ltd., has received a cable from the head office of the
was accepted. The resignations of James M. Beall and bank in London to the effect that the directors of that instiFrank S. Bright as Vice-Presidents, and of Dr. Gregg C. tution have declared an interim dividend of 5 shillings a
Birdsall, Treasurer, were accepted, but they were elected share, less income tax, on the outstanding shares of the bank.
to the directorate. The "Post" further stated that with This dividend is at the rate of 10% per annum and is at the
the meeting the direction of the bank passed into the hands same rate as that paid for the past two years.
of the Riggs National Bank interests and its operation wbuld
thereafter be conducted by the following officers-elect:
COURSE OF BANK CLEARINGS.
Milton E. Ailes, President; George 0. Vass and HiHoary G.
Bank clearings for the country as a whole continue to
Hoskinson, Vice-Presidents; Nelson B. O'Neal, Treasurer;
show increase as compared with a year ago, but the ratio
Gregg C. Burns, Vice-President and Cashier (who was
continued in those capacities) and Charles C. Hubbard, of gain is more moderate. Good Friday fell in this week
the present year, while last year it was a week later. This
Asst. Cashier (who was re-elected to that position).
diminished the current week's totals somewhat as many
Because of the pressure of his other business interests, business houses observed this day as a holiday. Preliminary
Edward E. McCoy has resigned as Vice-President of the figures compiled by us, based upon telegraphic advices from
Third National Bank of Pittsburgh. Mr. McCoy will con- the chief cities of the country, indicate that for the week
ending to-day (Saturday, April 11) bank exchanges for all the
tinue as a director of the bank.
Cities of the United States from which it is possible to obtain
H. H. Woods, Chairman of the Board of Directors of the weekly returns will run 9.0% larger than in the corresponding
East End Savings & Trust Co. of Pittsburgh, died in Atlantic week last year. The total stands at $8,571,229,153, against •
City on March 31. Mr. Woods, who had gone to the shore $7,864,280,784 for the same week in 1924. At this centre
in an effort to regain his health, was 70 years of age. He the increase is 9.1%. Our comparative summary for the
formerly was President of the Liberty National Bank and week is as follows:
Liberty Savings Bank. At one time he was employed in
.
Clearings—Returns by Telegraph.
Per
the Department of Public Safety and in the Federal Internal
Week ending April 11.
1924.
1925.
Cent.
Revenue Department.
New York
63,928,000,000 83,599,106,344
+91
V
The Union Bank of Chicago has announced the election
of John Gulliksen and John A. Nylin as Vice-Presidents.
Mr. Gulliksen had formerly been Cashier and he will be
succeeded in that position by Leroy H. Tolizien, heretofore
Assistant Cashier. The following have been made Assistant
Cashiers: John G. Nichols, Howard A. Rice and Max A.
Bernhardt.
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
13 cities, 5 days
Other cities, 5 days
546,076,867
426,000,000
310,000,000
107,456,590
D7,500,000
138,198,000
*118,000,000
116,158,087
105,446,274
85,266,678
68,428,237
39,193,058
472,108,605
368,000,000
301,000,000
89,376,316
101.600,000
124,000,000
108,644,000
126,714,264
96,729,273
89,299,673
80,722,423
54,279,872
+15.7
+15.8
+3.0
+20.2
+15.6
+11.4
+8.6
—8.3
+9.0
—4.5
—15.2
—27.8
$6,105,723,791
1,036.967.170
85,611,580,770
941,986,550
+8.8
+10.1
Regarding plans to increase the capital of the Exchange
Total all cities, 5 days
87,142,690,961 $6,553,567,320
+9.0
1,428,538,192
Banking & Trust Co. of Charleston, S. C., from $150,000 All cities, 1 day
1,310,713,464
+9.0
"rntal
all Afton fnr vapplr
to $200,000, and to convert the institution into a national
IR 571 220 152 17 WU 912n II.
_i_o• n
bank under ,the name of the Exchange National Bank, •Estimated.
preparatory to consolidating with the Bank of Charleston,
Complete and exact details for the week covered by the
N. A., we have received the following official information' foregoing will appear in our issue of next week. We cannot
under date of April 6:
furnish them to-day, inasmuch as the week ends to-day
The stockholders of this bank, at a meeting held March 16, voted to (Saturday) and the Saturday figures will not be
available
increase the capital stock from $1150.000 to $200,000.
until noon to-day. Accordingly, in the above the last day
On March 27, at a meeting of the stockholders, a resolution was passed
approving the conversion of the institution into a national banking associa- of the week has in all cases had to be estimated.
tion and application for a national charter was immediately made to the
In the elaborate detailed statement, however, which we
Comptroller of the Currency.
It is expected that we shall receive our charter from the Comptroller in present further below, we are able to give final and complete
the next few days and inunediateoy thereafter a meeting will be held for results for the previous week—the week ended April 4. For
the purpose of consolidating this institution with the oldest banking institu- that week there is an increase of 15.4%,
the 1925 aggregate
tion in this section and the largest in this State, the Bank of Charleston,
N.B.A.; after this consolidation the Bank of Charleston will have a capital of the clearings being $10,282,689,063, and the 1924 aggregate
of $1,000,000; surplus, $500,000; undivided profits of approximately $8,907,402,514. Outside of New York City, however, the
$260,000;and deposits of approximately $10.000,000.
increase is only 9.9%, the bank exchanges at this centre
recording
a gain of 19.7%. NV group the cities now accordAn item announcing that controlling interest in the Exchange Banking & Trust Co. had been acquired by the ing to the Federal Reserve districts in which they are located
Bank of Charleston, N. A., appeared in these columns and from this it appears that in the Boston Reserve District
there is an improvement of 4.0%, in the New York Reserve
Dec. 27 1924, page 2973.
District (including this city) of 19.5% and in the PhilaAt the annual meeting of the stockholders of the Exchange delphia Reserve District of 14.7%. In the Cleveland
Bank of Savannah, Ga., which was held on April 6, Garrard Reserve District the totals are better by 9.0%, in the
Haines was added to the number of directors. Following Richmond Reserve District by 15.0% and in the Atlanta
APRIL 11 1925.]
Reserve District by 10.1%.
The Chicago Reserve District
has a gain of 11.4%, the St. Louis Reserve District of 5.1%
and the Minneapolis Reserve District of 14.8%.
in the Dallas Reserve District of 14.2% and in the San
Francisco Reserve District of 3.1%.
It will be noted that
every one of these Federal Reserve districts, without any
exception, records an increase as compared with the corresponding week a year ago.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Federal Reserve Districts.
11 eitkw
(1st) Boston
(2nd) New York
11 "
(3rd) Philadelphia. _ _ -10 "
(4112) Cleveland
8 "
5 "
(5th) Richmond
12 "
(8th) Atlanta
20 "
(7th) Chicago
(8th) St. LIMAS
8 "
(9th) Minneapolis-- 7 "
(10th) Kansas City
12 "
5 "
(11th) Dallas
(12th) BACI Franelseo
17 -
1925.
1924.
Inc or
Dec.
9
$
527,137,639 506,878435
A53,810,416 5,150,775,156
629,219,313 557,390,824
401,643450 368,5624E0
212,293,653 184,630,599
206,304,681 187,3714162
992,907,697 891463,619
216,596,053 205,958400
125,149400 109,008,448
249,851,372 211,059,005
75,028,281 65,685408
482,747458 468,418,82.8
1923.
1922.
7,
$
$
+44 473,599,849 367,771,996
+1945 5,042473,532 4434,059407
+14.7 581,364,521 459,061,239
+9.0 394,399,274 293,442,367
+150 123,842,215 146,118405
+101 154,033,997 141,491054
+11.4 878,827,085 717,010,607
+5A 71,727,302 96,203454
+14.8 128,778,812 99,581,158
+18.4 248,552,978 217,268,567
+14.2 53,433,782 47,409,407
+3.1 430,072,360 348,745,679
126 clties 10262689463 8,907,402,514 +15.4 8,671,104,709 7026,154050
Grand total
Outside New York City
4456474,817 3473,296,512 +9.9 3,754,396442 2406,488450
n.....
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending April 4.
Clearings al1925.
1924.
Inc. or
Dec.
$
$
%
First Federal Reserve Dist rict-BostonMaine-Bangor840,631
942,731 -10.8
Portland
4,312,520
3,478,236 +24.0
Mass.-Boston _ _ 468,000,000 448,000,000 +4.5
Fall River_ _ _
2,79,260
2,405,368 -1.1
Holyoke
a
a
a
Lowell
1,184,100
1,286,210 -8.6
Lynn
a
a
a
1,550,364
New Bedford_
1,631,880 -5.0
6,873,509
Springfield.
5,924.291 +16.0
4,496,627
Worcester
4,306,810 +4.4
15,582,875
Conn.-Hartford
15,882,403 -1.9
8,307,053
New Haven.8,920,626 -6.9
13,610,700
14,090,100 -3.4
R.I.-Providenc
Total(11 cities)
•
527,137,639
506,878,655
Second Fede al Reserve D strict-New
8,934,730
N. Y.-Albany..
7,821,248
Binghamton_ _
1,429,500
1,426,100
d51,144,698
Buffalo
45,405,991
Elmira
894,693
1,071,852
Jamestown_ _
c1,208,547
1,199,763
New York._ _ _ 6,026,414,246 5.034,106,002
Rochester
16,435,665
13,921,952
7,385,968
Syracuse
6,368,731
Conn.-Stamford
c3,007,715
3,076,761
567,294
N. J.-Montclair
539.800
Northern N.J.__
36,387.360
35,836,956
+4.0
1923.
1922.
$
$
930.983
3,455,290
419,000,000
2,574,630
a
1,402,176
a
1,477:475
6,113,464
4,119,000
13,524,917
7,527,314
13,473,600
1,003,837
*3,000.000
322,000.000
1,725,706
a
1,256,958
a
1,405,084
4,874,821
4,033,000
11,226,531
6,246,059
*11,000.000
473,598,849
367,771,996
York.
*3,500,000
+14.2
4,401,823
1,291,800
+0.2
1,489,700
+12.7
38,150,298
45,200,246
-16.5
907,639
1,242,741
+0.7
1,134,508
+19.7 4,916,708,167 4,429,666.380
+18.1
11,091,447
14,108,326
+15.6
5,993,767
6,099,305
-2.2
3,084,540
2.523,120
+5.1
441,539
473,730
+1.5
40,158.715
48,565,548
Total(11 cities) 6,153,810,418 5,150,775,156 +19.5 5,042,173,532 4,534,059,807
Third Federal Reserve Dist rict-Philad elphiaPa.-Altoona..-.
1,332,316
1,316,829 +1.2
1,732,181
Bethlehem ...
4,956,610
4,391,517 +12.9
4.431,873
Chester
1,599,341
1,170,111 +36.7
1,443,810
Lancaster
8,830,832
9,724,763 -9.2
10,554,748
Philadelphia _
597,000,000 515,000,000 +15.9 541,000,000
Reading
5,574.732
4.997,545 +11.5
5,310,039
Scranton
7,040,134
6,891,172 +2.2
5,736.373
Wilkes-Barred3,996,836
4,885,680 -18.2
3.433,766
York
2,928,000
2,533,970 +15.5
2,742,579
N.J=Trenton_
5,960,512
6,479.237 -8.0
4,979,152
Del.-Wilm'gton
a
a
a
a
Total(10 cities
639,219,313
557,390,824 +14.7
1.091,317
3,265,852
938,174
6.986,695
427,000,000
3,812,564
5,498,883
3.014.000
2,780,217
4,683.537
a
581,364,521
459,051,239
Fourth Fede al Reserve D istrIct-Clev elandOhio-Akron...
d5,373,000
6,787,000 -20.8
6,399,000
Canton
3,982,575
5,026,993 -20.8
5,512,465
Cincinnati _
79,239,788
66,649,685 +18.9
68,540,710
Cleveland
120,543,115 112.503.847 +7.2 119,933,329
Columbus
19,161,200
16,993,500 +12.8
21,374,800
Dayton
a
a
a
a
Lima
a
a
a
a
Mansfield
d2,062,690
2,454,474 -16.0
1,757.279
Springfield _ _ _
a
a
a
a
Toledo
a
a
a
a
Youngstown
6,013,907
5,432,537 +10.7
7,713,013
Pa.-Erie
a
.
aa
Pittsburgh
165,266,985 152,714,644
T-8.2 163,528,678
6.791,000
3,485,943
57,169,403
80.880,335
15,119,100
a
a
1,275,144
a
a
3,721,442
a
125,000,000
Total(8 cities)
401,643,060
+9.0
394,399,274
293,442,367
Fifth Federal Reserve Dist rIct-Richm ondW.Va.-Hunt'g'
1,617,055
1,711,652 -5.5
Norfolk
•
d7,979,889
7,870,302 +1.4
Richmond _
•
51,542,000
49,792,000 +3.5
S.C.-Charlesto i
b
b
b
Md.-Baltimore • 125,252,411 103,849,645 +20.6
D.C.-Washing'
25,902.298
21,407,000 +21.0
2,211,240
7.717,495
45,635,000
ir
104,657,208
23,621,272
1,505,740
8,403,110
39,994,945
b
76,158,327
20,056,483
184,630,599 +15.0
183,842,215
146,118,605
Sixth Federal Reserve Dist rict-Atlant aTenn.-Chatt'ga. d6,389,817
6,469,866 -1.2
Knoxville
•
3,006,711
3,178,183 -5.4
Nashville
.
20,494,258
18,647,107 +9.9
Georgia-AtlantiL
59,254,436
50,771,531 +16.7
Augusta
•
2,092.627
*1,800,000 +16.3
Macon
•
1,712,515
1,365.918 +25.4
Savannah
a
•
a
a
Fla.-Jacks'nvill: 23.425,209
14,579,277 +60.7
AIa.-Blrm'gliall: 26,815,798
27,184,306 -1.4
Mobile
*2000000 +12.9
•
2,257,225
Miss -Jackson .
1,309.423
1,574,700 -16.8
•
Vicksburg
440,723
428,702 +2.8
La.-New Orl'ns .
59,105,939
59,371,772 -0.4
6,119,067
3,299,811
19,388,684
50,470,102
1,803,000
1,552,645
a
14,776,278
28,786,212
2,437,565
1,144,787
354,802
53,901,044
4,576,497
3.000,466
17,248.185
38.192,656
2,424.167
1,265,085
a
9,989,504
19,198,857
1,699,167
965,909
389.342
42,543,969
184.033.9117
1414111 and
Total(5 cities)
Total(12 cities
212,293,653
206.304.681
368,562,680
187.371.362 +10.1
Week ending April 4.
Clearings at
1925.
In the
Kansas City Reserve District there is an increase of 18.4%,
Week Ending April 4 1925.
1845
THE CECRONICLE
1924.
Inc. or
Dec.
1922.
1923.
$
Seventh Feder al Reserve D(strict-Chi cagoMich.-Adrian _
271,198
226,443 +19.8
295.653
Ann Arbor_ _ _ _
1,318.177
1,262,664 +4.4
927,235
Detroit
147.998,212 143,155,711
+3.4 102,214,825
Grand Rapids.
8.084,935
7.174.804 +12.7
7,212,597
Lansing
2,376,488
2,683,656 -11.4
2,394,608
Ind.-Ft. Wayne
2,621,228
2,304,894 +13.7
2.572.188
Indianapolis._ _
14,737,000
18,093,000 -18.6
20,803,000
South Bend._ _
2,650,500
2,460,000 +7.7
2,595,836
Terre Haute.._
6,392,315
4,601,419 +38.9
5,724.692
Wis.-Milwaukee
43,128,363
35,617,156 +21.1
36,853,996
Ia.-Cedar Rap_
3,397,182
2,818,080 +20.6
3,078,745
Des Moines_ _ _
12,877,673
10.824,181 +19.0
12,737,425
Sioux City_ _ _ _
8,401,646
7,017,452 +19.7
7,750,153
Waterloo
1,531,736
1,788,453 -14.4
1,792,712
Ill.-Bloomington
2,050,547
1,620,045 +26.6
1,788,607
Chicago
720,466,564 637,668,169 +13.0 658.264,856
Danville
a
a
a
a
Decatur
1,641,703
1,374,306 +19.5
1.387,207
Peoria
5,242,557
4,966,787 +5.6
4,719,193
Rockford
3,563,591
3,700,839 =4.7
2,966,822
Springfield _ _ _ _
4,156,082
2,305,560 +80.3
2,746.735
Total(20 cities)
992,907,697
245,170
714,387
89,555.226
5,937,896
2,163,374
2,031,703
15,776,000
2,236,533
29,765.940
2,557,787
11.241,027
6,241,860
1,826,436
1.437,179
534,684,365
a
1,135.191
4,139,354
.2.500,000
2,821.179
891,663,619 +11.4
878,827,085
Eighth Federa I Reserve Dis trict-St.Lo uisInd.-Evansville.
5,511,549
4,460,247 +23.6
Mo.-St. Louis
144,700,000 141,800,000 +2.0
Ky.-Louisville33,099,956
28,076,729 +17.9
Owensboro....
358,773
439,557 -18.4
Tenn.-Memphls
18,807,798
18,602,974 +1.1
Ark.-LittleRock
11,609,156
10,244,669 +13.2
Ill.-Jacksonville
469,829
315,552 +48.9
Quincy
2,038,992
2.018,602 +1.0
4,805,226
3,851,147
30.861,948
502,216
21,901,176
11,208,669
384,934
2,063,133
24,202,010
404,258
17,942,150
7,767,929
328,270
1,707;460
Total(8 cities). 216,596,053 205,958,330 +5.1
71,727,302
Ninth Federal Reserve Die trict-Minn eapoli aMinn.-Duluth... d8,061,608
6,486,899 +24.3
5,573,694
Minneapolis...
78,559,501
62,532,537 +25.6
76,580,085
St. Paul
32,090,317
34,284,633 -6.4
39.625,631
No. Dak.-Fargo
1,873,003
1,709,099 +9.6
2,003.971
S. D.-Aberdeen.
1,434,414
1,312,000 +9.3
1,355,759
Mont.-Billings
557,561
453,726 +22.9
582,817
Helena
•
2,573,396
2,229,554 +15.4
3,056.855
56.203.224
Total(7 cities). 125,149,800 109,008,448 +14.8 128,778,812
Tenth Federal Reserve Dist rict- Kansa
City
Neb.-Fremont.
432,451
250,457 +72.7
501,093
Hastings
692,335
551,570 +25.5
729,529
Lincoln
5,601,956
3,774,634 +48.4
5,089,358
Omaha
41,459,857
36,799,937 +12.6
45,921,506
Kan.-Topeka _ _
2,550,344 +51.4
d3,861,107
3,462,627
Wichita
d7,381,239
6,780,000 • +8.9
10,753,000
Mo.-Kan. City_ 133,776,535 114,742,864 +16.6 134,886,822
St. Joseph_
d7,362,847
6,644,602 +10.8
a •
Okla.-Muskogee
a
a
a
Oklahoma City d22,440,998
17,098,509 +31.2 • 21,050.517
a
Tulsa
a
735,193
922,076 -20.3
Colo.-Col. Spgs.
1,366,530
Denver
24,945,635
19,922,868 +25.2
24,200,707
1,021.144 +13.7 .
e1,161,219
Pueblo
891,289
717,010.607
4,396.217
58,556,234
29,926,152
1,770,902
1,270,240
820.577
2,840,836
99,581,158
384,086
686,703
4,435,960
38.529,854
2.789,134
10,496,924
117,362,803
a
18,859,407
a
1.905.549
21,035,750
786,397
Total(12 cities) 249.857,372 211,059005 +18.4 248,852,978
Eleventh Fede rat Reserve District-D alias3,376,791
1,639,658 +106.0
Texas- Austin_ _
3.292.301
42,139,741
Dallas
42,909.720
+1.8
27,800,000
9,312,887 +8.7
Fort worth... d10,126,076
10,650,877
7,944,542 +73.9
Galveston
13,817,918
6,834,002
Houston
a
a
, a
4,797,776
4,648,180 -r3.2
4,856,602
La -Shreveport.
217,268,567
75,028,281
Total(5 cities)_
65,685,008 +14.2
53,433,782
Twelfth Feder al Reserve D !strict-San Franci
36,091,464
wash.-Seattle..
37,129,367 -2.8
35,571,242
Spokane
10,854,000
9,924,000 +9.3 • 9,940,000
Tacoma
a
a
a
a
Yakima
1,486,534
1,322,461 +12.4
1,369,266
Oregon-Portland
36,060,356
37,384,532 -3.5
34,722,251
14,608,484
15,216,355 -4.0
Utah-Salt Lake C
13,773,055
Nev.-Reno _
•a ,
a
Arizona-Phoenix
a
a
a
a
3,284,053 -15.2
2,784,837
3,941,926
Calif.-Fresno.._
Long Beach...
7,788,473 -8.3
7,145,388
8,340,804
Los Angeles_ _ _ 148,327,000 140,506,000 +5.6 131,238,000
Oakland
16,628,252 +13.8 • 16,707.602
18,923,854
Pasadena
6,091,371
5,071,159
6,186,535
+1.6
Sacramento _ _
7,264,267
6,383,307
d6.660,988
San Diego _
4,323,841 +22.7
5,304,495
3,954,655
San Francisco. 180,477,449 173.600,000 +4.0 152,600,000
2,143.233 +32.9
San Jose
2,848,718
2,827,488
Santa Barbara_ _ _
1,201,827
1,311,935
1,153,707
Santa Monica.
2,281,688 -26.2
1,683,969
Stockton
2,219,000 -5.3
c2,101,200
2,477,900
47,409,407
1,985,737
22,819.805
11,383.334
7,076,838
4,443.693
28,734,999
a
1,475,879
28,491,470
13,143.796
a
7,161,462
4,332.869
91,810,000
13,308,538
4.192,016
5,623,400
2,901,105
140,200,000
2,189,465
998,180
2.182,500
Total(17cities) 482,747,098 468,418,828 +3.1 430,072,362 346,745.679
Grand total (126
cities)
10282689,063 8,907.402,514 +15.4 8,671,104,709 7.426,154.460
Outside N.Y....4,256,274,817 3,873,296,512 +9.93.754.396,542 2,996,488.080
Week Ended -April 2.
Clearings at1925.
1924.
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
$
113,453,911
92,300,030
53,869,818
13,463,011
5,344,095
4,806,920
2,821,617
4,401,919
6,494,437
2,280,050
1,799,640
2,639,744
5,286,565
2,706,576
481.970
389,303
1,381,810
881,264
843,620
535,419
545,301
268.402
755,976
822,380
813,014
2,815,577
327,792
695.428
568,883
$
99,766,642
90,650,218
35,737,546
15,555,178
6,948,125
5,606,600
3,946,916
4,933,115
5.799,756
2,325,884
4.2,000.000
2,482,463
4,116.134
2,829,261
437.103
602,295
1,487,010
968,391
860,807
783,432
610,325
261,359
779.222
828,982
870,789
2,926,617
312,499
776,492
604,188
Total(241eltteR1
221 704 472
90c RA, .2,in
Inc. or
Dec.
1922.
1923.
$
%
•
$
83,988,034 109,156,172
+13.7
+1.8
75,419,528
90,681,439
34,698,760
36,638,489
+50.7
-13.4
12.306.366
13,634,095
-23.1
5,846,725
7,887,223
-14.3
4,579,062
5,276,985
-28.5
2,259,822
3,332,911
-10.8
4.779,131
5,822,033
+12.0
4,311,319
5,228,941
-2.0
2,562,738
2920,112
-10.0
1,685,103
2,064,193
+6.3
2,453,499
3,050,740
+28.4
3,885,395
4,591.745
-4.3
3,276,629
2,798,463
+10.3
494,093
520.437
-35.4
579,250
664,419
-7.1
1,284,181
1,646,010
-9.0
1,114,657
1.025.199
-2.0
1,348,330
1,283,176
-31.7
733,829
751,510
517,674
-10.7
509,407
290.484
+2.7
324,494
748,964
-3.0
699,427
897,425
-0.8
989,886
1,119,986
-6.6
938,090
2,308,651
-3.8
2,003,936
370,040
+4.9
348,181
1,099,413
890,488
-10.4
688,315
-5.8
546,535
A
n
A
°GAO..
,no
on, Q60211
a No longer report clearings. 13 Do not respond to requests for figures. c Week
ended April 1. d Week endedllApril I./Al:Week endedjApril 3. •Estimated.
1846
THE CHRONICLE
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Motor shares were again the feature of the speculative
activities on the New York Stook Exchange during the
present week. Specialities, oils, and high priced industrials
also displayed improvement. On Saturday advances of
from one to five points were recorded by many stocks during
the two-hour period of trading. Motor shares were conspicuous in the early activities, Maxwell Motor Co.-"B"
leading the upswing with an advance of five points, and
industrial shares came to the front under the leadership of
United States Cast Iron Pipe & Foundry, which closed more
than a point up at 1671%. Oil stocks continued to improve,
Maryland Oil and Phillips Petroleum being the strongest of
the group. Under the influence of the proposed segregation
of its coal properties, Delaware & Hudson moved forward
seven points for the day. The market was fairly buoyant
on Monday, speculation in motor securities stimulated by
reports of pending consolidations giving an upward impetus
to the list that carried many stocks to higher levels. Packard
Motors crossed 21 and Nash Motors had a sensational run
up of more than 18 points to 340. In the railroad group
Union Pacific got above 140 or five points above its recent
low. Delaware & Hudson made another spectacular spurt
of more than five points to 155, though it receded to 151 at
the close. Oil stocks also maintained their improvement,
some issues moving up to the highest prices touched in a
Long time. California Petroleum and Pacific Oil were
noteworthy, because of their upward progress of more than
two points each. Stooks were irregular on Tuesday and
trading was on a somewhat more moderate scale than on the
preceding day. Railroad shares were under pressure, numerous issues, particularly those of the Western and Northwestern group, yielding from two to four points. Stocks
declined on Wednesday and for the second time since the
November election sales on the Stock Exchange fell below
the million mark. Interest again centred around the motor
shares, Packard crossing .23 to a new high, and Maxwell
Motors,"A,"reaching a new top at 96. Oil shares improved
under the leadership of California Petroleum, which crossed
116 for the first time, though it sagged off a point in the last
hour. Specialities displayed moderate strength, General
Electric recording a net gain of six points for the day. Railroad stocks were irregular and several of the more active
leaders closed the day at the lowest level of the session. The
market continued unsettled on Thursday, the sharp run up
of General Electric 31% points being the most noteworthy
feature of the day. Motor stocks also attracted considerable
attention on account of the enthusiasm with which the
85 million offering of preference stook of Dodge Brothers
was taken up. The entire offering was over-subscribed in
less than an hour. All of the exchanges were closed on
Friday in observance of Good Friday.
TRANBACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY, WEEKLY AND YEARLY.
Stocks,
Number of
Sbares.
Week Ended April 10.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Railroad,
etc.
Bends.
Stocks-No. shares_ _
Bonds.
Government bonds_ _
State & foreign bonds_ _
Railroad & misc. bonds
$3,6&3,000
$935,900
81.259.900
6.584.000
2,103,500
1.668,000
7.947,000
2.460,000
1.302.700
7,335.000
2,027,000
1,104.800
6.595.000
2,144,000
1,035,450
HOLIDAY (GOOD FRI DAY)
4,635.523
632,144 000
$9,994,400
$6.046.850
Jan. 1 to April 10
1925.
1924.
4,655,523
4,487,110
120.330,445
71,344,907
$6,046,850 $25,819,000
9.994.400
5,999,000
32,144,000 37,860.000
3121,998,850
177,015,600
799,034.500
3285,215,000
107,229,000
507,594,000
1925.
1924.
Total bonds
$48,185,250 669.678.000 $1,098.048.950
$900.038,000
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ending
April 10. 1925.
Saturday
Monday
Tuesday
Wednesday
Tuesday
Friday
Total
prey. week revised
Baltimore.
Philadelphia.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales
6.574
16,608
17,845
28.770
24,082
69,300
8,000
23,250
62,300
6,000
HOLIDA Y
7,091
16,713
8,883
10,294
11,532
(GOO D
831,300
20.800
65,100
39.100
37,000
FRIDA Y)
1.708
4.481
1944
1,494
1,972
611,000
31,800
42,000
28,000
48,000
93,879
$108,850
54,513
$193,300
11,599
6160,800
96.970
3148.050
98_304
3344.800
10.578
6238.500
THE CURB MARKET.
Trading in the Curb market this week was quiet, the
holiday tending to curtail business. A strong tone prevailed
at the opening of the week and prices moved to higher levels.
Subsequently, however, profit-taking caused weakness, and
thereafter prices moved without definite trend. Oil shares
absorbed most of the attention. Borne-Scrymser Co. advanced from 206% to 209 and Chesebrough from 571% to
613/8. Continental Oil dropped from 243
% to 231% and
closed at 235
%. Cumberland Pipe Line after a gain of 12
points to 148 fell back to 143 and recovered finally to 147.
Eureka Pipe Line after a gain of 2 points to 82 sold down
to 791%. Humble Oil & Refining was conspicuous for an
advance from 441% to 491%, but it reacted finally to 463/g.
Magnolia Petroleum was off from 139 to 1303/2. Prairie
Oil & Gas rose at first from 54 to 563
%,then fell to 523/s, the
final transaction for the week being at 5332. Standard
Oil (Indiana) after fractional gains to 641% dropped to 61%.
Red Bank Oil sold up from 21 to 28. The miscellaneous list
was very quiet. Public utilities were featured by a drop
in American Light & Traction common from 148 to 1371i
as a result of the change in the dividend. It sold finally
at 139. Adirondack Power & Light common advanced
from 45 to 523
%. Commonwealth Power common after
early gains from 108 to 115 reacted to 1101% and recovered
finally to 1123A, ex-dividend. Lehigh Power Securities
sold up from 94 to 104 and at 103finally. National Power &
Light common was up from 233% to 249, the closing sale
for the week being at 246. Radio shares were very quiet,
with only slight changes in price. Centrifugal Cast Iron
Pipe sold up from 14 to 20 and at 19 finally. Continental
Baking class A advanced from 1171% to 1203/s. Gillette
Safety Razor rose from 61% to 65 and sold finally at 645
%.
Trading began in the new Wilson & Co. securities "when
issued," the common advancing from 13 to 151% and reacting to 143/2. The class A stock from 34 gained a point
to 35, then dropped to 31. The preferred sold up from 75
to 7534, then down to 74, recovering to 74% finally.
A complete record of the Curb market transactions for
the week will be found on page 1856.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
BONDS (Par Value).
Week Ended April 10
Oil.
48.455
103,935
108,055
88,565
70,180
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Mining.
Domestic. For'n Goa.
45,020 $441,000
78,150
164,480
127,240
840,000
158,490
147,900
582,000
135,150
174,600
583,000
123,710
116.310
604,000
IIOLIDA Y (GOOD FRIDAY)
$68,000
38,000
60,000
36,000
78,000
579.020 $3,030.000
$280,000
419,190
Total
692,030
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
March 31 1925 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of March 311925.
CURRENT ASSETS AND LIABILITIES.
AssetsGold coin
Gold bullion
United
States
Bonds.
629,307
1,201,390
1.221,450
917,050
786,326
Wet* Ended April 10.
Sales at
New York Stock
Exchange.
State.
Municipal At
Foreign Bonds.
[Vol,. 120.
GOLD.
Liablittfes$
530,035,319 31 Gold certifs. outstand4.1,525,763,249 00
3,155,685,645 75 Gold fund, F. R Board
(Act of Dec. 23'13, as
amended June 21'17) 1,823,084,535 12
Gold reserve
152,620,985 51
Gold In general fund_
182,372,19543
Total
Total
3,685.720,94500
3,685,720,965 06
Nou:.-Reserved against /346.681,016 of U.S. notes and $1.395,977 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
hi ths Treasury.
SILVER DOLLARS.
Liabilities-Assets3
Silver dollars
449,048,675 00 Silver certifs. outstand'g 438,317,827 00
Trees notes of 1890 out.
1,395,077 00
Silver dollars In gen.fund
9,335,071 00
Total
AssetsGold (see above)
Silver dollars (see above)
United States notes_ .....
Federal Reserve notes..
Fed. Res. bank notes__
National bank notes....
Subsidiary silver coin-.
Minor coin
Silver bullion
Unclassified-collections, arc
Deposits In Federal Reserve hanks
Deposits in special depositaries account of
sales of Treas. bonds
& certifs. of indebtness
Deposits In foreign depositaries:
To credit Treas. U.S.
To credit of other
Government officers
Deposits In nat'l banks:
To credit Treas. U.S.
To credit of other
Government officers
Deposits in Philippine
Treasury:
To creditof Treas.U.S.
Total
449,048,675 00
GENERAL FUND.
$
182,372,195 43 Treasurer's checks outstanding
9,335,071 00
1.882,39062
4,746,444 00 Depos of Govt officers:
Post Office Dept
623,537 50
19,035,809 61
lid of Trustees Postal
146,165 00
Savings System 5%
15,224,426 00
res've, lawful money
8,066,757 39
6.625,940 49
Other deposits
1,560,413 22
211,460 72
Comptroller of Cur18,307,988 77
rency. agent for
creditors of insolv2,757.454 89
ent bunks
1,157,798 31
Postmasters, clerks of
60.724,50883
courts, disbursing
officers, Sto
311,089,567 61
Deposits for:
Redemption of Fed.
418,114,000 00
Reserve notes (5%
fund,gold)
162,810,448 84
129,277 08
Redemption of nat'l
bank notes (5%
193,016 54
fund, lawful money) 28,530,268 88
Retirement of addli
7,467,357 73
circulating notes,
Act May 30 19084,84000
22,746,430 92 Uncolieeted Items, exchanges, Ac
6,142,90376
449,048,675 00
689.779 05
262,471,124 82
Net balance
Total
753,204,82315
Total
490,733,698 33
753,204.823 15
- APRIL 11 1925.]
1847
THE CHRONICLE
Note.-The amount to the credit of disbursing officers and agencies to-day Was
8394,641,090.93. Book credits for which obligations of foreign governments are
held by the United States amount to $33,238,829 05.
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
Paid into the Treasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part of the public debt. The amount of such obligatione
to-day was 5101,181,804 50.
$178,217 in Federal Reserve notes and $15,162,775 in national bank notes are
In the Treasury in process of redemption and are charges against the deposits for
the respective 5% redemption funds.
Government Revenue and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for March 1925 and
1924 and the nine months of the fiscal years 1924-1925 and
1923-1924.
Preliminary Debt Statement of U. S. March 31 1925.
The preliminary statement of the public debt of the
United States March 31 1925 as made up on the basis of
the faily Treasury statements, is as follows:
BondsConsols of 1930
Panama's of 1918-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonds
$59972405000
48,954,180 00
25,947,400 00
49.800,00000
28,894,500 00
11,995,880 00
8765,317.010 00
First Liberty Loan of 1932-1947
Second Liberty LOAD of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
$1,951,521,850 00
3,104,585,800 00
2,885,380,850 00
6,324,488,850 00
Receipts.
Afar. 1925. Mar. 1924. 9 Mat.'24.* 9 Mos.'23.*
OrdinaryCustoms
53,858,429 51,459,047 416,370,851 411,445,330
Internal revenue:
Income and profits tax _ _ _441,492,270 500,385.788 1,298,172,246 1.402.560,521
Mist dl's internal revenue
81,432,783 71,455,527 838,093,693 738,917.890
Miscellaneous receipts:
Proceeds Govt.-owned secs.Foreign obligations60,993,206
23,208,082
Frinetrid
Interest
91,228.078
90,014,918
137,010
Railroad securities
17,502,453
4.685,038 135,821,904
441.1.:tri
All others
1,451,594
719,143
7,297.771
Trust fund receipts (re-appropriated for investml) 2.157,681
22,115.773
1,988,989
24,191,622
Proceeds sale of surplus
property
35,739,048
2,505,944
3,062,151
15.458.772
Panama Canal tolls, &c_ _ _ 1,238,168
20,239,047
2,062,288
17,158,316
Receipts from miscellaneous
sources credited direct to
appropriations
2,528,192 2,268,915
22,539.216
21,666,371
Other miscellaneous
18,589,423 8,184,854 130,228,183 154.347.863
Total ordinary
600,737,917 646,388,626 2,815,680,729 3,005,750,022
Excess of ordinary receipts
over total expenditures
14,265,956,950 00
chargeable against ordinary
Treasury bonds of 1947-1912
8783,948,300 00
receipts
215,809,261 355,382,693 263,181,390 370,214,216
Treasury Bonds of 1944-1954
1,047,088,500 00
1,811,038,800 00
Expenditures.
Ord(naryTotal bonds
316,842,300,76000 (Checks & warrants paid,&c.)
NotesGeneral expenditures
151,805.385 138,040.619 1,398,728,619 1,387,978.574
Treasury notesInterest on public debt_ a.... 98,713,909 127,557,938 574,035,146 632,272,802
Series A-1925, maturing Mar. 15 1925
Refunds of receipts:
$299,659,900 00
Series 5-1925. maturing Dec 15 1925
Customs
1,569,764
1,358,945
16,185,044
17,089,025
406.031,00000
Series C-1925, maturing June 15 1925
Internal revenue
17.202,969
87,980.820
389,987
97,330,704
615,677,900 00
Series A-1928. maturing Mar. 16 1928
Postal deficiency
18.000,000
12,478,314
23,208,051
414,922,300 00
Series B-1926, maturing Sept. 15 1928
Panama Canal
533,044
797,253
0,752,877
5,983,817
355,779,900 00
Series A-1927, maturing Dec. 15 1927
Operations in special accounts:
668,201,400 00
Series B-1927. maturing Mar 15 1927
Railroads
1,495,838
6752,400
4,329,382
17.547,888
50,000 000 00
Adjusted Service Series, maturing Jan 1 1930
War Finance Corporation_ 62,234,477
2.810,272,400 00
612,731 1)37,732,188 648,888,263
Shipping Board
75,164,014
1.869,362
4,345,328
25,482,544
Treasury Certificates:
61,812.248
Alien property funds
64,115,538 62,286,396
6814,408
$297,419.500 00
Series TM-1925, maturing Mar. 15 1925 - 219,462,000 00
Loans to railroads
11,071.000
1,500,000
Series T8-1925, maturing Sept. 15 1925._
Adjusted service certif. fund_ 6183,545
c99,658,839
48,700,000 00
Adjusted Service series, maturtng Jan. 1 1926
585,581,500 00 Investment of trust funds:
, Government life insurance. 2,130,162
1,968,979
21.955,777
23,443,820
Civil Service retirement__ 61.660,335 61,000,700
9,207,114
Treasury(War) Sayings Securities7,526.760
District of Columbia TeachWar Savings Certificates:
159,998
ers' retirement
184,499
35.025
20,010
$11,340,503 80
Series 1921.a
Foreign service retirement_
91,174
658
Treasury Savings Certificates:
254,0061
General railroad conthigent
5133,303
155,600
Series 1921. Issue of Dec. 1519215
67,627
1,810,042 85
Series 1922, Issue of Dec. 15 19215
97,648,379 75
Total ordinary
Series 1922. Issue of Sept.30 1922 b
284,943,768 272,103,332 2,241,758,225 2,208.238305;
15,242,583 60
Series 1923. issue of Sept. 30 1922 0
135,824,312 25
Public debt retirements chargeSeries 1923. Issue of Dec. 1 1923 0
24,765,448 95
able against ordinary reSeries 1924. Issue of Dec. 1 1923 0
99,638,890 90
celpts:
Thrift and Treasury Savings Btaniee, unclassifled sales, &o
Sinking fund
3,899,591 37
100,000,000 18,210,000 218.374,000 286,949,900,
390,169.523 27
Purchases from foreign re38,509,1511,
payments
389.500
180.900
Total interest-bearing debt
320,808,333,183 27
Received from foreign governments under debt setMatured Debt on Widen Interest Has Osumitlements
Old debt matured at various dates prior to
90,950.000
Received for estate taxes..
47.550
710,300
April 1 1917
8,281,050
81,281.45026
Purchases and retirements
Spanish War Loan of 1908-1918
251,180 00
from franchise tax reTreasury (War) Savings Certificates Series
celpts (Federal Reserve
4920a
3,499,450 00
and Federal Intermediate
Certificates of Indebtedness
7,330,000 00
Credit hanks)
Treasury notes
794,159
3,634,550
7,429,700 00
Forfeitures, Oita, &ei
331 % Victory Notes of 1922-1923
4,000
2,300
41,50000
187,903
64,650
% Victory Notes of 1922-1923Total
Called for redemption Dec. 15 1922
100.184,900 18,922,000 310,743,113 429,297,500
2,828,800 00
Matured May 20 1923
5,125,20000
27,587.240 26 Total expenditures chargeable
against ordinary recelpts_385,128,856 291,025,932 2,552,499,338 2,635,535.805
Debt Hearing No Interest• Receipts and expenditures for June reaching the Treasury in July are included.
United Suttee notes
6348,681,018 00
Less gold reserve
The figures for the month include $1,687,835 06 and for the fecal year 1925 to
153.620.985 51
date 37,897,704 76 accrued discount on war savings certificates of the series of 1918:
Deposits for retirement of national bank notes 5193,060,030 49
1919 and 1920, and for the corresponding periods Iasi year the figures include
and Federal Reserve bank notes
$3,740,085.66 and $19,857,283 17, respectively, for the series of 1918 and 1919.
101,181.804 60
Old demand notes and fraetional currency
b Excess of credits (deduct).
2.048.44343
c The variation in above amount from amount appropriated Is due to necessity
298,290,278 42
for a small working balance In connection with certificate payments by Veterans'
Total gross debt
$320,932,210,701 95 Bureau,
91,888,206
a Net cash receipts. S Net redemption value of certificates outstanding.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
TREASURY MONEY HOLDINGS.-The following Samuel Montagu & Co. of London, written under date of
conwilation made up from the daily Government statements Mar. 18 1925:
shows the money holdings of the Treasury at the beginning
GOLD.
The Bank of England gold reserve against Its note issue on the 18th inst.
of business on the first of January, February, March and
amounted to E126,786,670, as compared with £126,788,860 on the preApril 1925:
vious Wednesday. South African gold to the value of £700.000 came on the
Holdings in
U. S. Treasury.
Jets. 1 1925. Feb. 1 1925. Mar,1 1925. Ayril 1 1925.
$
$
$
$
Net gold coin and bullion_
Net silver coin and bullion
Net United States Dotes-Net national bank notesNet Fec0I Reserve notedNet Fail Res. bank notes
Net subsidiary silver
Minor coin. Ste
338,265.692
25,066.886
3,751,109
15,188.206
1,214.788
157,072
7,329,352
4,709,319
351,748,709
32.028,558
4,160,545
17,218,242
681,355
100,032
7,726,900
5,822.742
317,192,499
33,893,333
4,493,708
17,229,476
681,483
87.156
8,308.609
4,753,752
Total cash in Treasury.
Less gold reserve fund....
395,822,202
152,979,026
419.485.083
152,979,026
386,640,018 *396,781,438
153,820,988 153,820,986
Cash balance in Treasury.
Dep.in spool depositories:
Acct. Ws. of ludebt_
Dep.In Fed'i Res. banks..
Dep.In national banks:
To credit Treas. U. El_
To credit dist). officersCash In Philippine Islands
Delimits In foreign depts.
Dep.In Foil Land banks.
335,993,181
27,643,060
4,746,444
15,224,426
623.537
146,165
8,086,757
4.317,868
242.843.178
266,506,057
233,019,030
243,140.452
227,955,000
70,685,715
188,988,000
56,634,325
158,224,000
40,998,001
418,114,000
80,724,509
8,164,058
23,016.211
310,928
348,418
7,883.310
21,484,720
1,252.098
383,696
7,828.555
21,391,159
1.085.849
371,488
7,487,358
22,746,431
689,779
322,294
Net cash in Treasury
and in banks
Deduct current liabilities_
573,123,508
244,044,839
542,930,208
256.029.904
480,914,080
237.580,532
753,204,823
262,471,125
duallAhln mall balance_
32911711 RA7
2118_000 3112
223 233 Ada
don 'RR coo
•Includes April 1 318,307,988 77 silver bullion and $1,560,413 22 minor &Ann
&a., not included In statement "Stock of Money.-
market this week and is being taken by the Continent, the trade, and to a
small extent by India.
• When free gold movements are agin in force, the export gold point from
New York to London (based on a value of $1,000.000 or over) may be
taken to be about $4.9042 instead of $4.8981, as indicated in our "Weekly
Bullion Letter" of Feb. 4, owing to a recent increase of freight charges from
New York, from
to
%.
Below we give United States gold imports and exports for 1923 and 1924:
as distributed among the countries affected:
12 Mos.End. 12 Mos.End.,
ImportsDec. 1923. Dec. 1924. Dec. 1923.
Dec.1024
France
85,208.626 $3,036,153 $19,036,301 824,459.540
Germany
6,510
49,551,586
4,828.626
Netherlands
2,375,250
13.291,819
50.965.294
England
15,135,476
10,614 147,111,958 130.908.979
Canada
1,881,161
2.729,944
41,495,829
49,374.549
Mexico
628,909
472,804
6,581,439
5,458,557
Argentina
5.205,783
2.715,292
5,337,914
22,304,757
Colombia
208,173
268,932
2,289.066
4,451,579
China
771,546
5,021.916
5.688,015
Other countries
1,226,402
1,033,800
31,988,354
22,890,652
X
Total
ExportsGermany
England
Canada
Mexico
British India
Hong Kong
Other countries
,Total
$32,641.226 $10.274,049 $322,715,812 8319,720,912
10,263,690
820.000,000--138-4
,
10
187.602
1,704,606
466.344
4,706.475
5.674,4.12
14;637.246
174,300
220.000
2,877.915
66,000
2,862,575
6.078.927
141.168
330,061
$711,529 $39.674,653
$28,643.417
$20,000.000
12.264.024
3.101,738
4,028,991
11,024,700
4,382,940
6,845,922
$61.648,313
FOL. 120.
THE CHRONICLE
1848
SILVER.
Al'PLICATIONSITO ORGANIZE RECEIVED.
Capital.
During the week silver has been inclined to be dull. America has been Mar,
31-The First National Bank of Handley. Tex
$25,000
have
been
ways,
her
sales
worked
both
China
has
though
a seller, and,
Succeeds the First State Bank of Handley, Texas. Corconsiderably in excess other purchases, especially the last day or so. Hence
respondent, Ben T. Merritt, Handley, Texas.
PI
the lower prices. Only moderate support came from India: the last mail April 1-The First National Bank of Tavares, Fla
25.000
Correspondent,
Wm.
Deatherage,
Tavares,
Fla.
reports that there is some accumulation of stocks in Bombay. and the April 2
-The First National Bank of Upper Darby, Pa
100,000
demand is less keen. Continental sales have been less and no substantial
Correspondent, Charles Tibbetts, Upper Darby, Pa.
demand has come from that quarter.
April 2-The State National Bank of Grand Saline, Texas
40,000
Succeeds the First State Bank of Grand Saline. Texas.
A shipment of 1,090,000 ounces of silver has been made from San FranCorrespondent. J. C. Alsup. Grand Saline. Texas.
cisco to Hamburg. "
APPLICATIONS TO ORGANIZE APPROVED.
A writer in the "Far Eastern Capital and Trade" stated that "a definite
Mar. 31-Alvord National Bank, Alvord, Texas
1650,000
upward trend in the price of silver is unlikely until June." The price of
Succeeds the Alvord State Bank, Alvord, Texas. Corsilver has depended more upon China lately than upon anywhere else. Its
respondents, Wm. Covington, care Alvord State Bank,
Alvord, Texas.
future therefore is likely to be influenced a good deal by the political situa50,000
tion in that country: for if, following a decided improvement in Chinese Mar. 31-The City National Bank of Arlington, Texas
Succeeds the First State Bank, Arlington, Texas. Coraffairs, her exceptional stocks find their way up-country, the present
respondent, Frank McKnight, Arlington, Texas.
weight upon the market would be removed, and the prophecy in the journal Mar. 31-The First National Bank of Millsap, Texas
25.000
Succeeds the First State Bank. Millsap, Texas. Correabove mentioned would have a chance of fulfilment.
spondent. M. D. Plumlee, Millsap, Texas.
Imports of silver into China in 1924 are estimated at 44,754 bars, against April 2-City
National Bank in Chlldress, Texas
100,000
71.318 in 1923, a difference of about 27,000,000 ounces. This large deTo succeed the City Guaranty State Bank of Childress,
•
Tex. Correspondent, Will P. Jones, Childress, Texas.
crease was doubtless owing to exceptionally bad business conditions during
April
2
-The
First
National
Bank
of
Josephine, Texas
civil war. Now that holstilities have ceased, at any rate for the present, de30,000
To succeed the Josephine State Bank, Josephine, Texas.
militarization has been taking place in the Shanghai area.
Correspondent, L. Cofftnan. Josephine, Texas.
Silver imported into Shanghai serves a double purpose, namely to sup- April 4-The City National Bank of Georgetown, Texas
50,000
Succeeds the Guaranv State Bank. Georgetown, Texas.
plement the stocks of sycee, which is the basis of Chinese money, and to be
Correspondent, 0. W. Sherrill, Georgetown, Texas.
converted into dollar currency. During 1924 the Chinese mints bought
APPLICATIONS TO CONVERT APPROVED.
only 10.300 bars of silver for the purpose, as compared with 50,200 in 1923. April 1-The
First National Bank of Blackwell. Texas
25,000
The complications of the Chinese currency are endless. A writer in the
Conversion of The First State Bank of Blackwell, Texas.
"North China Herald" of the 17th of January stated that China possesses April 1-First National Bank in Drente, Texas
25,000
Conversion
of
The
Guaranty State Bank, Drente, Texas.
72 different money values. As to the money of account, the Haikuan tael,
First National Bank of Reagan, Texas
25,000
familiar in connection with the customs, the Hankow, Kuantung, Tsaoping, April 1-The
Conversion of The First State Bank of Reagan, Texas.
Tookwai and others, each differ by varying percentages of weight from the April 1-Farmers & Merchants National Bank of Thornton, Texas
25,000
Conversion of The Guaranty State Bank, Thornton,Tex.
"Hang." or Chinese ounce of silver. If a traveler from Shanghai were to
make an extended tour into the interior, passing through the districts April 2-The Security National Bank of Collinsville, Texas
25,000
Conversion of The Security State Bank, Collinsville, Tex.
where these weights and a manifold variety of coins circulate, though he April 2-The Farmers
National Bank of Italy, Texas
40.000
were to spend but a fraction of the amount,represented by sycee, with which
Conversion of The Farmers State Bank of Italy, Texas.
he started, the constant exchange from one weight or coin to another would April 2-The City National Bank of Olney, Texas
60.000
Conversion
of
The
Farmers
State
Bank
of
Olney. Texas.
dissipate a very large part of his capital. An experienced traveler has been April
2-The State National Bank of West, Texas
50.000
known to take scales with him, and still his weights and the purity of his
Conversion of The First State Bank of West, Texas.
silver were subjected to dispute in different provinces. At coast ports, April 2-Farmers National Bank of West, Texas
50.000
Conversion of The West State Bank, West. Texas.
Mexican, Yuan, Dragon. Hong Kong and Hankow dollars are all current,
April 4-The Hoisington National Bank, lIoisington. Kan
each having its own defined exchange value in the native market, while in
Conversion of The Farmers & Merchants State Bank, 50,000
the interior the added intricacies of dealing with cents and copper cash
Hoisin:gton, Kan.
are so great that it is astonishing how business can be carried on Without April 4-The First National Bank of La Feria, Texas
50.000
Conversion of The Cameron County State Bank of La
endless disputes and a considerable handicap to trade.
Feria, Texas.
INDIAN CURRENCY RETURNS.
• April 4-The First National Bank of Penelope, Texas
25,000
(In lacs of rupees.)
Feb. 28. Mar. 7. Mar. 15.
Conversion of The Penelope State Bank. Penelope, Tex.
18372
Notes in circulation
18356
18322
CHARTERS ISSUED.
Silver coin and bullion in India
7612
7628
7578 Mar.30-12665-The New First National Bank in Oakland, Calif_8500.000
Conversion of Commercial Trust & Savings Bank, OakSilver coin and bullion out of India
land, Calif. President, B. E. Biddle: Cashier. F. B.
India
bullion
in
Gold coin and
2232
2232
Richardson.
Mar.31-12666-The First National Bank in Childress, Texas__ _ 50,000
Gold coin and bullion out of India
Succeeds The Farmers & Mechanics State Bank of ChilSecurities (Indian Government)
5713
5713
5713
dress. Texas. President, J. H. Gristier; Cashier, Joe H.
Securities (British Government)
1999
1999
1999
Ward.
Bills of exchange
800
800
800 April 1-12667-The Brotherhood Co-Operative National Bank of
Tacoma. Wash
200,000
The silver coinage during the week ending 15th inst. was 6 lace.
President, Henry E. Cass; Cashier, C. C. Babcock.
in
Shanghai
on
the 21st inst. consisted of about 70,800,000 April 2-12668-The National Security Bank of Fairfax. So.Caro_ 25.000
The stocks
ounces in sycee, 42,500.000 dollars and 2,870 silver bars, as compared
President, B. F. Thomas; Cashier, W.R. Loadholt.
1104
with 70,800,000 ounces in sycee, 41,000,000 dollars and 3,770 silver bars April 4-12669--The State National Bank of Mineral Wells, Tex_ 100,000
Conversion of The First State Bank & Trust Co., Minon the 14th inst.
eral
Wells,
Texas.
-Bar Silver. Per Oz. Std.Bar Gold.
VOLUNTARY LIQUIDATIONS.
QuotationsCash.
2 Mos.
Per Oz. Fine. April 1-3428-The First National Bank of Lu Verne, Luverne.
Mar. 19
32 1-16d.
31 13-16d.
166s. 8d.
Minn
$100.000
Effective Mar. 25 1925. Liquidating committee: A. D.
20
32d.
313jd.
86s. 8d.
La Due, Wm.Jacobson, Jr., and Carl Mueller, Luverne.
21
31%d.
319-16d.
Minn. Succeeded by First & Farmers National Bank
31%cl.
319-16d.
23
86s. 7d.
in Luverne, No. 12634.
31 9-16d.
31 7-16d.
24
April 1-7779-The Farmers National Bank of Luverne, Minn_ _ 50,000
865. 6d.
Effective Mar. 25 1925. Liquidating committee: A. A.
319-16d.
31%d.
25
.
86s. 4d.
Anderson and C. L. Johnston, Luverne, Minn. Suc31.781d.
31.583d.
Average
86s.6.6d.
ceeded by First & Farmers National Bank in Luverne,
No. 12634.
The silver quotations to-day for cash and two months delivery are,
April 2-8225-The Western National Bank of Caldwell. Idaho_ _ 50,000
respectively, Md. and 7-16d. below those fixed a week ago.
Effective Dec. 31 1924. Liquidating agent, I. M. McCarthy,Caldwell. Ida. Absorbed by The Caldwell Commercial Bank, Caldwell, Idaho.
ENGLISH FINANCIAL MARKETS-PER CABLE.
April 2---8557-The First National Bank of Madisonville, Ohio_ _ 50,000
Effective Mar.26 1925. Liquidating agent. J. H.Stiles,
The daily closing quotations for securities, &c., at London,
Madisonville, Ohio. Absorbed by The Union Trust Co.
of Cincinnati. Ohio.
as reported by cable, have been as follows the past week:
April 2-6838-The Boone National Bank, Boone, Iowa
100,000
Sat.
London.
Mon. Tues.
Wed. Thurs.
Frt.
Effective March 24 1925. Liquidating committee: B. p.
Apr. 4. Apr. 6. Apr. 7. Apr. 8. Apr. 9. Apr. 10.
Week ending April 10.
Hoist. H. E. Fry and F. W. Ganoe, Boone, Iowa. Abd 317-16 31 0-16 31%
Silver, per oz
3134
sorbed by the Boone State Bank, Boone, Iowa.
3134
866.6d. 868.5d. 865.5d. 868.5d. 86s.Ed.
Gold, per fine ounce
57
57
57
Consols. 234 per cents
57
Auction Sales.-Among other securities, the following;
102
102
British,5 per cents
102
10234
Holiday not actually dealt in at the Stock ExchangeI were sold at
auction
9734
9734
British,4% percents
Good
9734
9734
in New York, Boston and Philadelphia on Wednesday of
46.65 46.50 46.30 46.10
Friday
French Rentes (In Paris). _fr.
this week:
56.70
56.70
56.70
58.70
French War Loan tin ParLs)fr.
2232
The price of silver in New York on the same day has been:
Silver in N. Y., pores:(cis.):
Foreign
6674
6734
6674
6674
6674
Commercial andAliscellaneonsBtvls
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO CONVERT RECEIVED.
Mar.81-The First National Bank of Emhouse. Texas
$30,000
Conversion of The First State Bank of Emhouse. Texas.
Mar.81-Farmers-First National Bank of Stephenville. Texas__ 100,000
Conversion of the Farmers Guaranty State Bank, Ste
phenville, Texas.
April 1-The Security National Bank of Bowie. Texas
100,000
Conversion of The Security State Bank of Bowie, Texas.
April 1-First National Bank in Clifton, Texas
40.000
Conversion of The First Guaranty State Bank of Clifton,
Texas.
April 4-The Citizens National Bank of Denison. Texas
100.000
Conversion of The Citizens State Bank of Denison,Texas.
April 4-The State National Bank of Marshall. Texas
100.000
Conversion of The Guaranty State & Savings Bank,
Marshall, Texas.
April 4-The First National Bank of Melvin, Texas
25.000
conversion of The First State Bank, Melvin. Texas.
April 4-The First National Banle.of Needville, Texas
50,000
Conversion of Needville State Bank & Trust Co.. NeedTexas.
April 4-The State National Bank of Gratin, Texas
25,000
Conversion of The State Bank of Groom. Texas.
By Messrs. Adrian H. Muller & Sons, New York:
Shares. .Stocks.
$ per sh.
50 Second Ave Ry., N. Y
El lot
7,900 Treider Co.of Am., par 810-375 lot
199 600 Atlantic Ave. Corp
$100 lot
100 Park City Mining & Smelting
Co., par $5
434
100 Asbestos Corp. of America,)
common, no par
3835
100 Asbestos Corp. of Amer., pf__.j lot
Shares. Stocks.
$ per sh.
100 300 Madison Ave.,Inc., pret-$500 lot
6,000 Royal Canadian 011 Bind.,
(subscription shares)
$3,000 lot
Bonds.
Price.
15,000 Zambona Bevel. Co. 1st M.
bonds,due 1918. Oct. 1912,and
subsequent coupons attached-35lot
By Messrs. Barnes & Lofland, Philadelphia:
hares. Stocks.
$ per sh. Shares. Stocks.
eh.
First Nat. Bank of Philadelphia 285% 12 Phoenix Trust Co., par $50.-$--per
65
0 Philadelphia Nat. Bank
415
1 Lancaster Ave. Title at Trust
Philadelphia Nat. Bank
415
Co., par 850
69
9 Central Nat. Bank
568 5 Glenside Trust Co., par 850
5834
Fourth Street Nat. Bank
401
5 Glenside Trust Co., par $50
58
Market St. Nat. Bank
30534 25 Tacony-Palmyra Ferry Co.,
5 Northwestern Nat. Bank
par $50
615
36
0 Second Nat. Bank of Phila
515 21 H. K. Mulford Co., par $50.. 4034
Producers & Cons. Bank, par $10. 10 25 Hare & Chase, Inc., pref
94
Producers & Cons. Bank, par $10_ 10
10 Hare & Chase,Inc., corn., no par 25
0 Producers& Cons. Bank, par $10 10 10 Autocar Co., common
4 Integrity Trust Co., par $50 _ _ _ _487 25 Phila. Bourse, pref.. par $25.- - 50
24,‘
United Security Life Ins. &
10 Phila. Bourse, common, par $50_ 24
Trust Co
182
10 Fred E. Schmidt & Son, Inc..
Provident Trust Co
par $50
63034
50
Provident Trust Co
63034 5 Ridge Ave. Pass. Ry
170
Provident Trust Co
630 20 Germantown Pass. Ry.
7574
63d St. Title & Tr. Co., par $50.._ 45 20 Germantown Pass. Ry
74
West End Trust Co
30434 12 J. B. Stetson Co., prof., par $25_ 36
West End Trust Co
30334 30 J. B. Stetson Co., corn., no par- 9034
8 West End Trust Co
3003E 10 American Dredging Co
103
Phila. Co.for Guar. Mortgages...203 300 Geo. B. Newton, common
10
6 Ninth Bank & Trust Co
435 5 Pennsylvania Wire Glass Co
90
6 Fidelity Trust Co
561
APRIL 11 1925.]
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sh.
Shares. Stocks.
306
15 First National Bank
14 Lawrence Mfg. Co., corn_ - 4534-4534
12334
15 Plymouth Cordage Co
70e
3-100 State Theatre Co., pref
55 Lowell Electric Light Corp.,
5534-5634
par $25
5 North Boston Lighting Prop9614 ex-d1v.
erties. pre!
100 Stockholders Min. Co., par $1-1
par$1) $1
Co..
Min.
Metals
Seven
1,000
500 Imperial Cons. M.,corn.. par $11 lot
914
10 Walter M.Lowney Co
2 Mass. Ltg. Cos.,8% pref_11034 ex-div.
$ per sit.
Shares. Stocks.
5 No.Boston Ltg. Prop.,com.6414 ex-div
108
10 U.S. Envelope Co., pref
25 units First Peoples Trust
7534
10 special units First Peoples Trust_ 534
10 Turners Falls Power & Electr1c_134
$ per right.
Rights.
6 Atlantic National Bank,Boston.231-234
2
2,800 Worcester Gas Light Co
88
2 Hartford Fire Insurance Co
Per Cent.
Bonds.
$3,000 Natural Abrasive Corp. 1st
$2 lot
is. July 1930
By Messrs. R. L. Day & Co., Boston:
$ per oh.
Shares. Stocks.
30734
2 First National Bank
58 National Shawmut Bank __ _20234-205
306
10 First National Bank
165
16 Ludlow Mfg. Associates
11034
2 Nashua dv Lowell RR •
3 Jones, McDuffee & Stratton
50
Corp., common, class A
189
8Essex Co
4 New Haven Clock, pref., par $25_ 23
31-100 State Theatre, pref.scrip...7134c.
$ per sh.
Shares. Stocks.
5 units First Peoples Trust, par $50_ 7534
7 special units First Peoples Trust,
534
par $15
98
20 Hood Rubber Co., pref
9 State Theatre, corn., par $10---- 731
9731-98
43 Hood Rubber Co.. pref
4734
10 Eastern Mfg. Co.. 1st pref
Rights.
$ per right.
234
4 Atlantic National Bank
2
4 Worcester Gas Light Co
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 dreek are:
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atch.Topeka & Santa Fe, corn.(quar,). *134 June 1 *Holders of rec. May I
Cincinnati Sandusky & Cleveland, pref. *$1.50 May 1 *Holders of rec. Apr. 15
'134 June 1 *Holders of rec. May 14
Hudson & Manhattan, coin.(No. I)._
International Rys. of Cent. Am.,pf.(qu.) 134 May 15 Holders of rec. Apr. 30
•$12.50 May 1 *Holders of rec. Apr. 15
Mahoning Coal RR., common
Public Utilities.
134 May 1 Apr. 16 to Apr. 28
Amer. Light & Traction, corn.(quer.)_ _
134 May 1 Apr. 16 to Apr. 28
Preferred (quar.)
Mar.31 Mar.24 to Mar.31
1
Chickasha Gas & Elec., corn.(quer.) _ _
134 Mar.31 Mar.24 to Mar.31
Preferred (quar.)
1 Holders of rec. Apr. 11
May
134
Electric Bond & Share Co., pref. (quar.)
134 May 1 Holders of rec. Apr. 15
Ft. Worth Power & Light, pref. (quar.)_
Georgia Ry.& Elec. Co.. pref.(quar.).. 131 Apr. 20 Holders of rec. Apr. 10
.8734c Apr. 16 *Holders of rec. Apr. 6
Internet Utilities, class A (quar.)
Interstate Rye.,corn.(no par stock) _ _ 25c. May 1 Holders of rec. Apr. 15a
stk.)
(s) May 1 Holders of res. Apr. 15a
corn.
Common (Payable in no par
6234c.May 1 Holders of rec. Apr. 13a
Lowell Elec. Light Corp.(quar.)
*6234 May 15 *Holders of roe. Apr. 30
Montreal Water Sc Power, corn
.334 May 15 *Holders of rec. Apr. 30
Preferred
Municipal Service Corp., cons. (quar.) *50c. Apr. 25 *Holders of roe. Apr. 10
.134 May 1 'Holders of rec. Apr. 15
Preferred (quar.)
Public Service Investment, corn. (guar.) $1.75 May 1 Holders of rec. Apr. 15
134 May 1 Holders of rec. Apr. 15
Preferred (quar.)
Sierra Pacific Elec. Co.. Pref. (guar.).- 134 May 1 Holders of rec. Apr. 14a
Tennessee Elec. Power, 2d pref.(guar.). $1.543 May 1 Holders of rec. Apr. 13
131 May 1 Holders of rec. Apr. 16
Texas Power Sc Light, pref. (quar.)
131 May 15 Holders of rec. May 5a
Utica Gas & Electric, pref. (quar.)
Miscellaneous.
.1.31 July 1 *Holders of rec. June 20
American Linseed, Prof
•131 Oct. 1 *Holders of rec. Sept. 19
Preferred
.2
Apr. 20 *Holders of rec. Apr. 15
American Milling, cons.(quar.)
June 30 Holders of rec. June 150
$1
American Radiator, corn. (quar.)
131 May 15 Holders of rec. Apr. 300
Preferred (quar.)
25c. Apr. 30 Holders of rec. Apr. 170
Art Metal Construction (quar.)
Bigelow-Hartford Carpet, corn. (quar.) .$1.50 May 1 *Holders of rec. Apr. 15
.134 May 1 *Holders of rec. Apr. 15
Preferred (quar.)
June 1 *Holders of rec. May 15
.$1
Borden Company,corn.($50 par)
.134 June 15 *Holders of rec. June 1
Preferred (quar.)
*151 May 1 *Holders of rec. Apr. 28
Brill(J. G.) Co., pref. (quar.)
131 May 1 Holders of rec. Apr. 20
Brown Shoe, pref.(quar.)
134 Apr, 30 Holders of roe. Apr. 15
Cartier. Inc.. pref. (quar.)
Century Ribbon Mills, Inc. (quar.)..... 500. Apr, 30 Holders of rec. Apr. 1141
•10e. May 1 Holders of rec. Apr. 10
Chief Consol. Mining
134 May I Holders of rec. Apr. 20
Cluett, Peabody & Co.. corn.(guar.)._
2
Apr. 15 Apr. 8 to Apr. 14
Collins Company(quar.)
.$1
May 1 *Holders of rec. Apr. 20
Columbian Carbon (quar.)
May 15 Holders of rec. May 50
Continental Can, Inc., corn.(quar,).... $1
May 4 *Holders of rec. Apr. 9
111
Copper Range Co
331 May 1 Apr. 22 to May 1
Cudahy Packing, 7% preferred
3
May 1 Apr. 22 to May 1
Six per cent preferred (guar.)
May 1 Holders of rec. Apr. 15
$1
Cuyamel Fruit(quar.)
134 May 1 Holders of roe. Apr. 24
Esmond Mills, common (quar.)
131 May 1 Holders of rec. Apr. 24
Preferred (quar.)
3734e Apr. 30 Holders of rec. Apr. 18
Exchange Buffet Corp. (quiz.)
*200. May 1 *Holders of rec. Apr. 20
Falr (The), common (monthly)
*20e. June 1 *Holders of rec. May 20
Common (monthly)
.20c. July 1 *Holders of rec. June 20
Common (monthly)
.20c. Aug. 1 *Holders of rec. July 20
Common (monthly)
*134 May 1 *Holders of rec. Apr. 20
Preferred (quar.)
234 May I Holders of rec. Apr. 180
Fajardo Sugar (quar.)
$1.25 May I Holders of rec. Apr. 20
Fisher Body Corp., corn.(quar.)
6234c June 1 Holders of rec. May 1
Gillette Safety Razor (quar.)
1234 June I Holders of rec. May 1
Extra
131 May 1 Apr. 11 to Apr. 30
Harris Bros., pref. (quar.)
.131 May 1 *Holders of roe. May 5
Hercules Powder, pref. (quer.)
5430. Apr. 25 Holders of rec. Apr. 20
Homestake Mining (monthly)
.134 May I *Holders of rec. Apr. 20
Hood Rubber. pref. (quar.)
134 May 1 Holders of rec. Apr. 16
International Nickel, pref. (quar.)
25e. May 15 Holders of rec. May 1
IntertYPe Corporation,corn.(quar.)-.131 May I *Holders of rec. Apr. 20
Kelsey Wheel, pref. (quar.)
3134c May 1 Holders of rec. Apr. 20
Loew's Boston Theatres(quar.)
Metropolitan Chain Stores, Inc.
First and second preferred (quer.). - *$1.75 May 1 *Holders of rec. Apr. 18
25c. May 15 Holders of rec. May la
Miami Copper (quar.)
131 May 1 Holders of rec. Apr. 20
Nash Motors, pref.(quar.)
May 1 *Holders of rec. Apr. 21
*2
National Carbon, pref. (quar.)
Nat. Department Stores, 1st pf. (qu.)- *134 May 1 *Holders of rec. Apr. 15
.134 June 1 *Holders of res. May 15
Second preferred (quar.)
25e. May 25 Holders of rec. May 8
New Cornelia COPPer (quar.)
Olympia Theatres(Boston), corn. (qu.)- 50c. Apr. 15 Holderso f rec. Apr. 6
1
Apr. 15 Holders of rec. Apr. 5a
plerce.Butler & Pierce Mfg.(quar.)
1
Apr. 15 Holders of rec. Apr. 5a
Extra
Producers & Refiners Corp., pref. (qu.)_ 117340 May 4 *Holders of rec. Apr. 17
Reid Ice Cream Corp.,corn.(qu.(No.1) 75e. Apr, 20 Holders of rec. Apr. 10
Rockl'cl&Rockp't Lime Corp.,com.(qu.) 134 May 1 Holders of rec. Apr. 15
$1.50 May 1 Holders of rec. Apr. 15
Savannah Sugar,common (quar.)
134 May 1 Holders of roe. Apr. 15
Preferred (quar.)
_ *134 May 1 *Holders of rec. Apr. 16
Sears, Roebuck & Co., corn.(quar.)
May 15 Holders of rec. May 1
25e.
Corp.,
0.)
(A.
corn.
(quar.)
Smith
131 May 15 Holders of rec. May 1
Preferred (quar.)
Stover Mfg. & Engine, pref. (quar.)... .134 May 1 .Holders of rec. Apr. 20
45e. May 9 Holders of rec. Apr. 16a
Union 011 Associates (quar.)
75e. Apr. 16 Holders of rec. Apr. 6
United Oil (quar.)
.10c. May 5 'Holders of ice. Apr. 15
Wilcox (H. F.) Oil & Gas (quar.)
Woolworth (F. W.) Co., corn. (quar.).. .75e. June 1 *Holders of rec. May 1
'Prom Unofficial pounce. a Transfer books not dosed for this dividend.
:Dividend is one-twenty-fifth of a share of no-par common stock.
1849
THE CHRONICLE
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending April 4. 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.
(stated in thousands of dollars-that is, three ciphers (000) omitted.)
I New
Capitol.1 Profits. Loans
Reserve
Discount, Cash
with
Time Bank
Net
Week Ending
in
Legal Demand
De- eircuApril 4 1925. iNat'l, Deo.31 Invest,1 ,State, Mar.25 menu, Vault. Deposi- Deposits. posits. lolion.
ctc.
tories.
Cos.Mar.25
moo omitted.)
Members of Fed. Res. Bank.I
$ I
Bank of N Y lc
Trust Co_ __ 4,000, 12,448
Bk of Manhat' 10,000 14,303
Mech & Met Bk 10,000 15,970
6,500 5,243
Bank of Americ
Nat City Bank_ 40,000 55,297
Chemical Nat__ 4,500 17,024
277
1,000
Nat Butch & D
5,000 8.246
-Amer Exch Na
Nat Bk of Corn. 25,000 39,761
Pacific Bank__ _ 1,000 1,710
Chat&PhenNa 13,500 12,537
Hanover Nat'l_ 5,000 23,519
Corn Exchange_ 10,000 13,995
National Park__ 10,000 23,743
East River Nat'l 2,100 1,942
First National__ 10,000 66,060
Irving Bk-ColT 17,500 12,536
Continental_._ _ 1,000 1,066
Chase National_ 20,000 25,461
500 3,016
Fifth Avenue__
600 1,047
Commonwealth
Garfield Nat'l_ 1,000 1,656
Fifth National_ 1,200 1,344
Seaboard Nat'l_ 5,000 8,159
1,500 1,375
Coal & Iron Na
Bankers Trust_ 20,000 28,131
US Mtge & Tr_ 3,000 4,569
Guaranty Trus 25,000 19.559
2.000 2,110
Fidelity-InterT
10,000 19,292
N Y Trust
Farmers'Ln&T tU.000 17,674
Equitable Trust 23,000 12,201
Average Average Aterage Average Army Ato Oa
$
70.316
7,814
867 7,242
52,42
147,647 2,438 16,527
120,122 24,101
172,367 3,504 21,335
162,576 11,679 54
78,681 1.674 11,320
85,527 3,987
850
808,401 4.343 70,195 '648.852103.186
118,282 1,198 14,964
111.169 4,077 348
493
10,238
1,093
334
7.759
107,390
913 13,411
96,423 7,245 4,931
329,108
928 38,087
293,020 9,964
32,810 1,087 4,314
29.657 3,671
213,895 4,601 24,112
40.691
537 16,199
123,761
112,259
201,712 6,206 25,275 180,9
28,424
953 18,124
175,31
136.766 9.787 3,535
33,322 1,040 3,469
24.474 8,183 494
526 27,569
336,134
206,642 22,981 2,608
284,922 2,796 36,484
273,157 30,252
8,082
921
167
39:
6,46
82
380,932 4,283 48,348 *377,544 18,74: -2.
24,874
762 3,244
24,800
442 1,288
13,242
9,15
3-iii
447 2,105
16,301
267 397
15,46
166 2,404
22,182
18,063 1,104
246
941 13,694
49
107,767
3.23
103,43
294 2,277
414
20,209
16,510
317,802 1,007 35,389 .281,504 43,34
655 6,452
56,813
1722
49.727 5
441,871 1,192 47,815 .442,099 48,716
403 2,508
21,558
18.676 1.89
568 21,329
182,151
156,182 28.897
436 14,947 •115,296 21,87
144,908
260,618 1,446 30.600 *290,682 35,042
Total of averages 298,9001471,283 5,063.614 46.935582,999 4,316,04 528,904 1,657
Totals, actual condition Apr. 45,065,163 46,883572,2694,282,662 528,00 21,804
Totals, actual co ndition Mar.2:5,045,860 47.770595,286104,277,33 528,49721.537
Totals, actual co ndition Mar.21 5,038,791 47,432547.351104,261,44 529,40921,455
State Banks Not M mbers of Fed'I Res've Bank
1,197
21,43
21,838 1,830 1,941
1,000 2,480
Greenwich Ba
335
2,803 1,91
316
5,368
906
250
Bowery Bank
62.43
4,048
34,043
2,193
99.873
5,396
3.500
_
_
Bank
State
Total of averages
4.75
8,782
127,079
6.213
4,450
Totals, actual co ndition Apr. 4 126,222 6,450 4,520
Totals, actual c. ndition Mar.28 127,223 6,243 4,303
Totals, actual co ndition Mar.21 126,454 6,272 4,707
Trust Companies Not Members of Fed I Rea'v e Bank
60,415 1,467 4,366
Title Guar Sc T 10,000 16,501
858 1.505
20,762
3,031
Lawyers Trust_ 3,00
58,27
65.550
57,832 65,533
58,16 65,415
58,052 65,211
38,441
15,801
2,540
1,080
13,000 19,532
81,177
2,325
5.871
54,24
3,6201 ----
Totals, actual co ndition Apr. 4
Totals, actual c ndition Mar.2
Totals, actual c ndltion Mar.21
81,873
80,879
81,743
2.301
2,314
2,275
6,026
5,829
6,056
55,080
53,34
54,404
3,5791 -3.6731
3.587j
3,587----
Total of away
Gr'd agar.,aver_ 316.650499,59 5.271,870 55,473593,320 4.428,571 598,074 21,657
Comparison with prey.week _ +36,089 -596 +12101 +68,241-1.626 +302
+6,703597,11921,804
4,388,8511
Gr'd aggr., act' cond'n Apr. 45,273,258 55.634582.815 4,395,554
-466 +267
Comparison with prey.week _ _ +19.296 -693-22,000
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., act'
aggr., act'
aggr., act'
asp., act
aggr., act
agar., act'
cond'n
cond'n
cond'n
cond'n
cond'n
cond'n
Mar.2 5,253,962
Mar.21 5,246,988
Mar.1 5,323,679
Mar. 75.353,788
Feb. 285,371.037
Feb. 215.362.217
56,327805,415
55.979558.114
55.893610.260
58,154661,517
56,533650,306
56.440512.312
597.58521.537
4,373,904 598,20721,455
4,495,862 565,05721,395
4,510,244 577,14921,381
4,544.437 583,020 21,42
4,501,639 593,545 21.378
Note.-U. S. deposits deducted from net demand deposits in the general totals
above were as follows: Average total April 4, $48,135,000: actual totals April 4.
148,135,000; Mar. 28, 148,135,000; Mar. 21, $48,135,000; Mar. 14, $14.449,0430;
Mar. 7, $14,448,000. Bills payable, rediscounts, acceptances and other liabilities
average for week, April 4, 8606,457,000: Mar. 28, $617,258,000; Mar. 21,8012.143.000; Mar. 14, $660,602,000; Mar.7, $665,827.000. Actual totals April 4.8627,739.000; Mar. 28, $840,470,000; Mar.21, $595,136,000; Mar. 14. $685.895,000; Mar.7.
$636,026,000.
* Includes deposits in foreign branches not included in total footings as follows
National City Bank, $137,446,000; Chase National Bank, $10,099,000; Bankers'
Sc Trust
Trust Co.. $19,642,000; Guaranty Trust Co., $83,178,000; Farmers' Loan banks
in
Co., 15,8511,000; Equitable Trust Co., $63.329,000; Balances carried in
foreign countries as reserve for such deposits were: National City Bank,$23,707.000;
Trust
Guaranty
$1,010.000:
Co.
Trust
Bankers
$2,764,000;
Chase National Bank,
Co., $5,151,000; Farmers' Loan Sc Trust Co., 15,850,000; Equitable Trust Co..
$8,000,000. 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 HANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
in Vault.
Members Federal
Reserve banks_
State banks.
Trust companies'...
Total April 4....
Total Mar. 28....
Total Mar. 21_ _ _ _
Total Mar. 14..
8,213,000
2,325,000
Reserve
in
Depositories
Total
Reserve.
Reserve
Required.
$
$
582,999,000 582,999,000 576.953,490
4,450,000 10,663.000 10,489,680
5,871,000 8,196,000 8.136,900
8,538,000 593,320.0001601.85s,000 595,580,070
8,466,000 581,291,0001589,683,000 588,730,840
8,392,000 586.824,000605.216,000 597,489,690
8507 rmn 000 Ocr Ann el r snn nnn
Surplus
Reserve.
6,045,510
173.320
59,100
6.277,930
2,954.160
7.726,312
• Not members of Federal Reserve Bank.
a This is the reserve required on the net demand deposits in the case of State banks
Bank
and trust companies, but in the case of members of the Federal Reserve
includes also amount in reserve required on net time deposits, which was as follows:
$15,038,April 4,815,667.120; Ms.28,815.922.230; Mar.21,81.5,439.530; Mu.14,
780.
1850
THE CHRONICLE
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:
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositories
Members Federal
Reserve banks_ _
State banks.
Trust companies•___
Total
Total
Total
Total
$
6,450,000
2,301.000
Total
Reserve.
a
Reserve
Required.
[VoL. 120.
Surplus
Reserve.
BOSTON CLEARING HOUSE ME1123ER8.
$
572,269.000 572.269,000 572,586.270 -317,27 I
4.520.000 10,970.000 10,409,760
560,24 I
6,206.000 8,327,000 8,259,000
68.00 I
April 8
1925
Changesfrom
precious week.
April 1
1925.
March 25
1925. ,
Apr. 4____
Mar.28__
Mar.21_ _
Mar.14....
8.751.000 582.815.000 591.566,000 591,255,030
310,97 I
8
$
II
$
8.557,000 605.415,000 613,872,000 590.380,970 23.591.03) Capital
65,300,000 Inc. 5,000.000 60,300.000 60,300,000
8.547.000 558.114.J00 566.661,000 588.480,470 -2181947) Surplus and Drente,
78,778,000 Dec.
12,000 78.790.000 78,779,000
)
Loans.
disola & investments_ 906,655.000 Dec. 740,000 907,395,000 909,273,000
8.505,000 610.260,000 618,765,000 603.334.000 15.431,00
Individual deposits.incl. U.S 623,913.000 Dec. 5,684.000 629.597,000 630,200,000
• Not members of Federal Reserve Bank.
Due to banks
136,187.000 Inc. 7.104,000 129.083,000 126,825,000
b This Is the reserve required on net demand deposits in the case of State bank 3 Time deposits
191.036.000 Dec. 1.990.000 193,035.000 194.243,000
and trust companies, but in the case of members of the Federal Reserve Bank Include3 United States deposits
24,357,000 Dec. 908,000 25,265.000 25,241,000
also amount of reserve required on net time deposits, which was as follows: April 4. Exchanges for Clearing House 26.123,000
Dec. 1,265,000 27.388.000 23,201.000
$15.840,210; Mar. 28, 115,854.910; Mar. 21. $15,882,270: Mar. 14, $14,895,000.
Due from other banks
89,804,000 Inc. 2,311,000 87,493,000 87,279,000
Reserve In Fed. Res. Bank
74,697.000 Inc.
1,000 74.696,000 74,359,000
Cash in bank and F.R.Bank_ 10,267,000 Inc.
1,000 10,266,000 10,088,000
Reserve excess in bank and
,
Reserve
Federal
Bank
State Banks and Trust Companies Not in Clearin
847.000 Dec.
71,000
918,000
583,000
House.-The State Banking Department reports weekl r
figures showing the condition of State banks and trust com-Philadelphia Banks.-The Philadelphia Clearing House
panies in New York City not in the Clearing House as follows: return for the week ending
April 4, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN CREATE
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.). requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits,
all
(Figures Furnished by State Banking Department.)
Differences Iron. to be kept with the Federal Reserve Bank. "Cash in vaults"
April 4.
Previous Week. is not a part of legal reserve. For trust companies not memLoans and investments
$1,011,270,300 Inc. $8,144.5
f3old
3,939,400 Dec. 114,2 ) bers of the Federal Reserve System the reserve required is
Currency notes
21,134,500 Dec. 215,60) 10% on demand deposits and includes "Reserve with
legal
Deposits with Federal Reserve Bank of New York_
88,130,500 Inc. 3,267,00 ) depositaries
"and "Cash in.vaults."
Total deposits
1,059,283,800 Inc. 10,364,00 )
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust
Week Ended Aerli 4 1925.
companies in New York City, exchange and
Two ciphers (00)
U. S. deposits
993,758,800 Inc. 4.451,40 I
March 28 March 21
bfembersof Trust 1 1925
omitted.
Reserve on deposits
1925.
153,860.400 Inc. 2,513,70 1
1925.
FA.System Companies Total.
Percentage of reserve, 21.2%.
RESERVE.
Capital
$41,839.0
$5,000,0 $46,839.0 $46,839,0 $46,839,0
State Banks
- -Trust Companies • Surplus and profits
123,927,0 16,739.0 140,666,0 140,666,0 140.666,0
Cash in vault*
130,584,500 15.78%
182,619.900 15.62 , Loans,disets & investla.- 818,217.0 47,600.0 865.817,0
Deposits in banks and trust cos____ 11.389,400 5.87%
863.306,0 865.386,0
29,266,600 5.53 , Exchanges for Clear.House 43,281,0
1.090.0 44,371.0 37,249,0 37.385.0
Due from banks
110,738,0
17,0 110.753,0 100.834,0 108.106.0
Total
$41,973,900 21.65% $111,886,500 21.15 , Bank
141.829,0
933,0
deposits
142.762,0 135,050,0 141,442.0
Individual dolmans
601,079,0 28,883,0 629.962,0 608,422.0 617,811,0
•Includes deposits with the Federal Reserve Bank of New York, which for th
1 Time deposits
91,225.0
1.918.0 93,143.0 93.587,0 92.305,0
State banks and trust companies combined on April 4 was $88,130.500.
Total deposits
834,133,0 31.734,0 865.867,0 837.059,0 851,588,0
U 8. deposits(not incl.)28,052,0 28.064.0 27,913,0
Res've with legal dePosles.
3,425.0
3.425.0
3.073,0
3,843,0
Reserve with F. R. Bank-- 66,488.0
66,448.0 62,417,0 63,384,0
Banks and Trust Companies in New York City.-Th , Cash in vault •
9.617.0
1.406.0 11,023,0 11,648.0 11.457.0
&
reserve
cash
Total
held76.105,0
4,831,0 80,936.0 77.138,0 78.684,0
averages of the New York City Clearing House Banks an
Reserve required
4,401.0 68.886,0 67,024,0 67,968.0
64.485.0
trust companies combined with those for the State banks an
Excess res & cash in vault_ 11,620,0
430,0 12,050,0 10.114,0 10.716,0
trust companies in Greater New York City outside of th ,
• Cash in vault not counted as reserve for Federal Reserve members.
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week EndedDec 6
Dec. 13
Dec. 20
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Jan. 81
Feb. 7
rob.14
Feb. 21
Feb. 28
Mar. 7
Mar.14
Mar. 21
Mar. 28
•
Loans and
Investments.
Demand
Deposits,
$
6,528,299,100
6,511.329.700
6367.071.000
6399.441.100
6.517,941.600
8.534.475.500
6.502,799,000
6.449.153,600
6,400,877,800
6.382,661,100
6.349.571.900
6,358.838.800
6.364,862,900
6,344.910,100
6,339.319,300
6,282.558.300
6,238,906.800
A 221 140 ann
$
5,760,687.300
5.757,800.800
5,767,935,500
5,745,656,500
5.790,937,000
5.819,488,500
5.781.126.50.,
5,693,929,300
5.605.108.000
5,612,344,600
5,573,095,200
5.525.329.600
5,512,101.700
5,524,265.800
5,525,702.500
5,452,289,100
5.349.637,400
A 429 220 Rnn
•Total Cash
In Vaults.
Condition of the Federal Reserve Bank of New York.
Reserve in
Depositaries.
$
s
80,895,100 775.979,000
93.756,200 764,010,000
98,888,600 785,101.000
104,910,200 766,067,300
102,032,000 783,388,400
94.214,000 783,368.300
87.350,900 773,115,4110
82,585,000 752,408.400
82,041.200 737.882.600
81,537,700 746.888,900
85,221,200 740,911.100
83.100,100 731.974.800
82,787,900 727,617.600
81,257,500 726.004,500
83,304.800 733,263,600
80,044,200 725,251,500
81,472.700 707,162,000
MI 546000
722 Ina Ann
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
ne,
•
Mew
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers NOW omitted.)
Net
Capital.1 Profits.
CLEARING
RON-MEMBERS
Nat. bks. Dec. 31
Week Ending State bks.Nov.15
Tr. cos. Dec. 31
April 4 1935
Loans,
Diecounts,
Investmeats,
&C.
Members of
ted3 Res've Bank
3race Nat Bank _._
Average Average Average Average Average
$
$
$
$
$
10,536
52
714
3.804
4,945
Total
State Banks
Not Members of
red.
!Res've Bank
lank of Wash'n fits
iolonial Bank
Total
Trust Company
Not Member of
'ed'I Res've Bank
lechanTr,Bayonne
Reserve
Net
Net
Cash
with Demand Time
in
Legal Deposits. Deposits,
Vault. Depositortes.
$
1,000
$
1,748
1,000
1,748
10,536
52
714
3,864
4,945
200
1,200
512
2,447
8,020
27,000
706
2,835
360
1,483
5,999
23,500
2,243
3,593
1,400
2,960
35,020
3,541
1,843
29,499
5,836
500
508
8,963
332
117
2,924
6,077
500
508
8,963
332
117
2,924
6,077
2.900
Vrand aggregate...
'omParleon with prey. week
5.217
54,519
-484
3,925
-63
2,674 a36,227
+175 -473
16,858
+61
2,700
2,700
2.700
2,700
5,279
5.279
5,279
5,279
55,003
54,923
54.767
53.733
3.988
4,011
4,215
4.136
2,499
2.672
2,578
2.764
16,797
16,623
16,477
16.429
Total
rd aggr., Mar. 28
,r.d mgr., Mar. 21
r'd aggr.. Mar. 14
r•r1 agar.. Mar. 7
.36.700
.37,370
.37.777
a36.322
a United States deposits deducted. $126,000.
Bills payable, rediscounts, acceptances and other liabilities. $1,168.000.
Excess reserve, $203,340 increase.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business April 8 1925 in
comparison with the previous week and the corresponding
date last year:
April 8 1925. April 1 1925 April 9 1924.
$
Resources5
$
Gold with Federal Reserve Agent
321.638,000 361.704.000 535,796,000
Gold redemp. fund with U. S. Treasury_
9.524.000
8.442.000
7,695,000
Gold held exclusively asst. F.R. notes_ 330,080.000
Gold settlement fund with F. R. Board_ 232.276.000
Geld and gold certificates held by bank
314,583,000
371.228.000
221.303.000
317,460,000
543,491,000
177,993,000
193,132,000
Total gold reserves
Reserves other than gold
876,939.000
31,180,000
909,991,000
31.190.000
913,616,000
26,399,000
Total reserves
908.119,000
Non-reserve cash
14,949,000
Bills discountedSecured by U. S. Govt. obligations_ 75.917.000
Other bills discounted
53.037.000
941.181,000
13,497,000
940,015,000
13,430,000
58.891.000
40,186,000
90,340,000
40,836,000
Total bills discounted
Bills bought in open market
U. S. Government securitiesBonds
Treasury notes
Certificates of indebtednees
128.054,000
83.534.000
99.077,000
73,197,000
131,176.000
49,757,000
12,461,000
93,688.000
5,395.000
12,461.000
89,497,000
7.011.000
1,202.000
39,789,000
16,251,000
Total U. B. Government sectultiee
Foreign loans on gold
111,544,000
8,055,000
108,969.000
3.055,000
57,242,000
Total earning aeseta
327,087,000
284,298.000 238,175,000
Uncollected items
Bank premises
All other resources
136.702.000
16,569.000
5.550.000
141,884.000
16,497,000
5,403,000
Total resources
124,936,000
14,375,000
3,227,000
1,408.976.000 1.402,760.000 1,334,158,000
LugastusFed. Res. notes in actual circulation
348,102,000 357,560,000
Deposits-Member bank, reserve aeol-- 835.784.000 807.154.000
Government
5.073,000
5.589,000
Other deer/ens
12,530,000
14.485,000
362,695,000
747,734,000
20,406,000
12,629,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilitlee
780,769,000
98,679,000
29,796,000
59,929,000
2,290,000
Total liabilities
853,387,000
114,239,000
31.318.000
58,749.000
3,181,000
827,228,000
124,974,000
31,315,000
58,749.000
2,934,000
1,408,976,000 1,402,760,000 1,334,158,000
Ratio of total reserves to deposit and
Fed. Rea, note liabilities combined....
Contingent liability on bills purchased
for foreign correspondents
75.6%
79.4%
82.2%
12,421,000
14,611,000
4.097.000
CURRENT NOTICES.
-J. R. Mason Sz Co., Merchants Exchange, San Francisco.
have Issued
a booklet written by John Dwight Neale, entitled "Water and the Now
West," in which is related the prominent part that irrigation has
played in
the development of the car Western States and the continuous demand for
additional irrigated lands to meet the requirements of the ever-increasing
population. Copies will be sent to those interested.
-J. W. Tucker and W. N. Reagan have formed the investment firm of
Tucker-Reagan Co., with offices in Long Beach, Calif., to deal in Government, municipal and corporation bonds and Mortgage loans.
APRIL 11 1925.]
THE CHRONICLE
1851
Weekly Return of the Federal Reserv
e Board.
The following is the return issued by the Federal Reserve Board Thursda
y afternoon, Apil8 and showing the conditi n
of the twelve Reserve Banks at the close of business on Wednesday. In the first
table we present the results for the system
AB a whole in comparison with the figures for the seven preceding weeks
The second table shows the resources and liabilities separately for each and with those of the corresponding week last. year
of the twelve banks. The Federal Reserve Agents
Accounts (third table following) gives details regarding transactions in Federal
notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Reserve
Board's comment upon the returnsfor the lairs'
week appears on page 1831, being the first item in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERV
E BANKS AT THE CLOSE OF BUSINES
S APRIL 8 1925
April 8 1925. April 1 1925 Mar.25 1925 Var. 18 1925 Mar.11 1925.
,
Mar.41924. Feb. 25 1925.tFeb. 18 1925. April
9 1924.
RESOURCES.
$
$
$
$
$
Sold with Federal Reserve agents
1,513,503,090 1.588,335.000 1.600.051.000 1.623,978.000 1,612,227,000
1
$
3
1.597,655,
000 1,603.443.00011.701,939,000 1,984,054,000
7010 redemption fund with U. S. Treas.
51,890,000
50,128.030
51.811.000
48.005.000
57,195,000
51,397,000i 44,486,000: 50,139,000
57,223,000
Gold held exclusively ant. F. R. notes 1,563,931,030 1.640,275.
1
1.651,862,
1,671,983,
000
000
000
1,669,422,
000
1.649,052,
000 1,647,929,000 1,752,078,000 2,041,277,000
MCI settlement fund with F. R. Board_
692,776,000 615,359,000 619,409,000 624,265.000 625,399,000 658,315.00
Sold and gold certificates held by banks532,675.000 593.303,000 593.059.000 577,598,000 579,921,000 553.523.000 668,619.000 578.550.000 672,888,000
0 577.029,000 574,647.000 389,281,000
Total gold reserves
2,839,332,003 2,845,931,033 2.867.330.000 2,873.846.000 2,874,742,000 2.860.890.
000
Isserves other than gold
137,228.000 133,747,033 140.822,000 136,748,000 135.969,000 135,095.00 2.893.577.000 2.905,275.000 3,103,446,000
0 135.968,000 139,929,000
97.975,000
Total reserves
2,976,603,030 2,982,681,003 3,003.152.000 3,010,594.000 3,010,711,000 2,995,985,
Son-reserve cash
000 3,029,545.000 3.045.204.000 3,201,421,
51,215,000
000
51,673,030
56,501.000
56,031,000
58,150,000
55.567,000
3111s discounted:
55,533,000
60,160,000
49,351,000
Secured by U.S. Govt. obligations
192,600,000 201,183,000 214,570.000 181,615.000 246,598.000 237,403,000
Other bills discounted
283,332.000 196.460,000 228,280,000
198,689,000 195,739,000 163,071,000 157,869,000 163,824,000 163,463,00
0 150.473.000 146,011,000 301,279,000
Total bills discounted
391.289,000 399,925,000 377,641,000 339.484,000 410,422,000 400,866,00
Sills bought In open market
310,685.000 316.378.000 306,905,000 276,711.000 301,354,000 303.641.000 433.805.00e 342,471,000 529,559,000
17 S. Government securities:
0 317.246,000 311.747.000 197,606.00
0
Bonds
82.631.000
81,912,000
81.696.000
79,260.000
77,941,000
77,365,000
75.780,000
Treasury notes
18,273,000
74,945.000
250,177,000 215,970,003 233.723.000 222.171.000 283,360,000 277.744,00
0
Certificates of Indebtedness
263.445.00
0
273,0823310 187,615,000
29,432,000
29,922,000
28,327.003 126,819,000
27,031,000
27,626,000
25,469.000
63,015,000
30,178.000
Foul U. S. Government mournful—
362.240,003 357.831,000 313,751,000 428,250.000 388.332.000 382,735,000
Foreign loans on gold
364,694,00
0
378.205.000 268,903,000
10,500,000
10,500,003
10.500,000
10,500,000
10,500,000
10.500,000
411 other earning assets
10,500.000
10,500.000
1,902,000
1,902,000
1,932.000
1.902,000
3.452.000
3,452.000
3,452,000
3.458.000
51,000
Total earning assets
1,076.615,
003
1,040.699.
1,088.539,
1.056.847,
000
000
1,114,060.
000
000 1,101,194,000 1,129.697,000 1,046,381,
117., redemp. fund agst. F. R. bank notes
000 996,119.000
Uncollected Items
28,000
602,618,000 607.198,000 602,247,000 756,592.000 627,874,00C 659,805,000
Bank premises
644,454.000 682,314.000 577,583,000
58,987.000
53,863,003
58.316.000
58.775,000
58,751,000
58,363.000
411 other resources
58,332.000
53,323.090
55,985,000
20,998,000
20.653,000
20,710.000
20,491,000
24,817.000
24,382,000
24,450,000
22,420,000
24,500.000
Total resources
1.750.022,0004.807.607,000 4,787,125.000 4.959,330,000 4.892,363.000 4.895,296,000
4,942,011,000 4,916.882,000 4.902.907.000
LIABILITIES.
I. R. notes in actual circulation
1,714.161,000 1,709,670,003 1.709,146,003 1,720,369,000 1,730,684,000 1,727,383,000
If It. bank notes in circulation—net
1.728,752,000 1,698,890.000 1,981,638.000
Deposits—
365,000
I
Member banks—reserve account
2,140,760,000 2,132,779.003 2,118.581.000 2.175,515,000 2.201,277.0N 2,165.995.000
2,208.405,000 2.190.651.000 1,934,999,000
Government
21,878,000
34,377.003
29,379.000
6.126,000
26,332,000
39,465.000
26.673.000
Other deposits
98,841,000
26.129.000
21,310,000
36.309,1100
28.501,003
29,364.000
27.929,000
32,279,000
34,558,000
40.341,000
21.227,000
Total deposits
'.186,978,00) 2.195,657,000 2,181.269,000 2,211,005.000 2,255,538.000 2.237,739,000 2.269,636.
000 2.257.121.000 2,055,067,000
Deferred availability items
514.276,000 558,250.003 549.438.000 684.375,000 562.750,000 587,762.000 601,041,00
Capital paid In
114,481..000 114,492,000 114.402,000 114,450,000 114,254.000 113,738,000 113,696.000 619.074,000 519,305,000
0 113.466,000 110,837,000
Surplus
217,837.000 217.837.030 217,837,000 217.837,000 217,837.000 217,837.000 217,437.00
0 217.837,000 220.915,000
AU other liabilities
12,289.000
11.701.000
11.943.000
11.294.000
11.300,000
10,837,000
11,149,000
10,494,000
14,780,000
Total liabilities
1,790.022.000 4,807,607,000 4,787,125.000 4,959,330,000 4.892,363.000 4.895,296.000 4,942.011,
000 4.918.882.0,0 4,902,907.000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
72.8%
72 8%
73 6%
73 1%
72.1%1
72.1%
72.8%
Ratio of total reserves to deposit and
73.4%
76.9%
F. R. note liabilities combined
76.3%
784%
773%
786%
75.5%
75.6%
Contingent liability on bills purchased
75.8%
77.0%
79.3%
I
for foreign correspondents
45,281,000
51,743.000
50,384,000
51,853.000
48,715,000
47,781.000
45,494,000
44,581,000
14,002,000
Destrtbutton by Maturities—
3
$
$
$
$
$
1-15 days bills bought In open market..
1
3
8
$
106,137.000
86,669.000
97,244.000
73,193.000
95,578.000 102,303,000 133,777.000 107,286.000
1-15 days bills di/mounted
97,253,000
289.091.000 296.809,000 288.426.000 249,721,000 326.761.000 313,410.00
0 353,789,000 264.345,000 332,846,000
1-15 days U.S. oertif. of indebtedness.
1,223,003
2,817,000
100.500.00
535.000
0
2,223,000
2,362.000
2(0.000
1-15 days municipal warrants
14.000
1,125,000
2.000
2,000
2.000
2,000
2.000
2,000
2.000
6-30 days bills bought in open market
8.000
60,478,000
54.769,000
57,817,000
55,777,000
57.712.000
50.998,000
55,785.000
0-80 days bills discounted
71,762,000
42,871,000
24,867,000
24,682,000
22,537,000
21.070,000
21,849,000
22.110,000
6-80 days U.S. certif. of indebtedness_
17.440.000
20,229.000
49,386,000
198,000
482.000
0-80 days municipal warrants
491,000
I
1-00 days bills bought In open market._
88.501,000
92,273,000
85.048,000
92,773,000
88.958.000
85.836.000
1-60 days bills discounted
74.827,000
75,660,000
42,177,000
36,691,000
38,264.000
38,922,000
37,440.000
32,734,000
34.378,000
150 days U. 13 certif. of indebtedness
31.629.000
27.716.000
68,009,000
1-60 days municipal warrants
1-90 days bills bought in open market__
47,558,000
80,980,000
64.381.000
55,970.000
53.727.0001 57,534,000
1-90 days bills discounted
48,277.000
52,551.000
14.570,000
25.722,000
25,616.000
18,874,000
18,180.000
18.127,000
19,909,000
1-90 days U. S. certif. of indebtedness
20,620,000
20.213.000
50.652,000
I
1-90 days municipal warrants
9,265,000
Over 90 days bills bought in open market
51,000
8.011.000
8,084,000
8.313.000
6.723.000
7.379,000,
Over 90 days bills discounted
6.970.000
4.580.000
4.488.000
735.000
14,915,000
14.554,000
12,519,000
11,556.000
10.951.00W
Over 90 days certif. of Indebtedness
10.999,000
10,327.000
9.968.000
28,209.000
28,666,000
27.105,000
27.792.000
26.319.000
24.808.000
Over 90 days municipal warrants
25.068,000
24,787,000
29,673,000
52.625,000
Federal Reserve Nous—
Outstanding
2.020.173.0002.019.963.000 2.018.223,000 2.031.838,000
2.040.508.
2.050.319,
Held by banks
000
000
2.052.673.
000 2.057,731.000 2,467.323,000
306,012.000 310,293,003 309,077.000 311,469,000 309.824.00
0 322.936,000. 323.921,000, 358.841.000
485.685.000
In actual circulation
1,714.161,000 1.709.870,000 1,709,146,000 1.720,369.000 1,730,684,000
1.727,383.0001,728,752.000 1,698,890,000 1,981.638,000
Amount chargeable to Fed,Res, Agent 3.003,913.
000 3.005,024,000 3,009.108,000 3,016,434.000 3,030,974,000
is hands of Federal Reserve Agent
3.047.852.000 3,039.461.00013.053.445,000 3,426.670
983,770,000 985,061,000 990.885,000 981.596.000 990.466.00
.00
0 997.533.0001 986,788.0001 995.714.000 959.347.00
0
Issued to Federal Reserve Banks
2.020,173,000 2,019,963,000 2.018,223,000 2.031,838.
0002.040.508.000 2.050.319,000 2,052.673,000 2,057.731.000
How Secured—
2.467,32.3.
000
ay gold anti gold certificates
274,916,000 274,916,000 275,416,000 275,416,00
By eligible paper
503,670,030 431,578.000 418.172.000 407,860,000 277.916.000 277,516,0001 278,016.000 282.516.000 329,729,000
Gold redemption fund
107,131,000 109.526,000 110.274,000 110,794,000 428,281,000 452.664.000 449.230.000 355,792.000 483,269,000
With Federal Reserve Board
1.131.406,000 1,203,943.000 1.214.361,000 1.237,768, 0 105,587,000 104,131.000 101,566,000 105.841.000 124,769,000
000 1.228,724,000 1,218,008,000 1,223.861.000 1.313.582.000
1,529,556,000
Total
2,020,173,000 2.019.963.0002,018,223,0002,031.838,000
2,040.508,000 2,050,319.000 2.052,673,000 2.057,731,000 2,467,323,
000
gnome paper delivered to F. R. Agent. 675,040,000 677,592,00
0 648.591,000 584,762,000 679,038.000 670,983,00
0 716.703,000 625,203.000 706,845,000
WEEKLY STATEMENT OF RESOURCES
AND LIABILITIES OF EACH OF THE 12 FEDERAL
RESERVE BANKS AT CLOSE OF BUSINESS APRIL
81925.
UNDO ciphers (00) omitted.
Federal Reserve Bank of—
Boston. New York. PAW. Cleveland. Mamoru;
Atlanta. Mayo. St. Louts. Monaco.Kan. CUy Dallas.
Son/fran.
Total.
RESOURCES.
$
$
$
$
$
$
Gold with Federa Reserve Agent 163,678.0 321,638,0 134,134,0
$
$
$
$
$
$
170,172,0
$
47,438,0
136.905,0
Gold redo fund with U.B.Tress
7,010,0
8,442,0 8,387,0 3.220,0 3,074,0 1,882,0 115,563,0 46,884,0 66,844,0 57.558,0 40,478,0 212,211,0 1,513,503,0
5.828,0 5,084,0 1,019,0 2,364,0 1,760.0
sal
2,360,0
50,428,0
Gold held emi agst.F.R.notes 170,688,0 330,080,0
142,521,0
Gold settle't fund with F.R.i3ri 43,914,0 232,276,0 53,483,0 173,392,0 50,512,0 138,787.0 121,389,0 51,968,0 67,863,0 59,922,0 42,238,0 214,571,0
69,502,0 18,270,0 11,054,0 119,313,0 23,131,0 19,393.0
1,563,931,0
Gold and gold tstfs held by bank
44,490,0
28,911.0 314,583,0 21,002,0 32,148,0 22,655,0
10.365,0 92,059,0 12,037,0 6,671,0 3,565,0 22.390,0 35,560,0 692,776.0
9,458,0 29.221,0 582,675.0
Total gold reserves
243,513,0 876,939,0 217,008,0 275,042.0
91,437,0 160,206.0
Reserves other than gold
16,039,0
31,180,0 4,433,0 8,259,0 3,656,0 14,116,0 332,761,0 87,136,0 93,927,0 107,977,0 74,086,0 279.352,0 2,839.382,
0
18,430,0 19,076,0 2,062,0 3,817,0
9,500,0 6,658,0 137,226.0
Total reserves
259,552,0 908,119,0 221,439,0 283,301,0
174,322,0
95,093,0
351,191,0
-reserve
106.212,0
cash
95,989,0 111,794,0 83,586,0
Non
5,002,0
14,949,0 1,841,0 2,853,0 3,468,0
5,215.0 7,855,0 3,878,0
920,0 2,544.0 2,375.0 288,010.0 2,976,608,0
Bills discounted:
3,315,0
54,215,0
000. by U S. Govt. obligation 16,477,0
75,917,0 20,100,0 22,234,0 11,442,0 3,228,0 25,070,0
5,134,0
238.0 1,702,0
Other bills discounted
20,214,0
53,037,0 12.752.0 14,759.0 27,679,0 13,471.0 24,805,0
129,0 10,929.0 192,600,0
7,685,0 3,885,0 4,415,0
1,367,0 14,620,0 198,689,0
Tots Ibills amounted
36,691,0 128,954.0 32,852,0 36,993,0 39,121,0
16.699,0 49,875,0 12.819,0 4,123,0 6,117,0
Bills bought In open market
39,316,0
83,534,0 24,102,0 29,342,0 12,224,0 12,830,0
39,650.0 11,741,0 8,229,0 12,730,0 1,496,0 25,549,0 391.289.0
U. S. Government securities:
8,845,0 28,142.0 310,685.0
Bonds
2,662,0
12,460,0 1,416.0 11,001,0 1,407,0 1,784,0 19,649,0
1,848,0 8,784,0 10,061,0
Treacle/ notes
14,428,0
93.688,0 22,490,0 22,162,0 1.815,0 1,082.0 30,401,0
8,681,0 8,118,0
82,631.0
6,906,0
8,162,0
Cent/Rata of Indebtedness_
12,906,0 10,821.0 25,516.0 250,177,0
3,891,0
5,398,0
365,0 6,286,0
82,0
988,0 2.985,0
386.0
457.0 2,301,0
608,0 5,691,0
29,432.0
Total IY. S. Govt. seearitlea___ 20.981.0 111.344.0 24.271.0 39.449.0 5.104 A ft
842 11 53 035.0 8.0400 17 385 ri 9.15 900 A 911 Inc n
OA sma st :me e•An
3
I
I
[VoL. 120.
THE CHRONICLE
1852
RESOURCES (Concluded)Two ciphers (00) omitted.
Boston.
a
5
3,055,0
$
foreignioans on gold
ail other earning assets
327,087.0 83.675,0 106,992,0 55,058,0 33,823,0 144,124,0 34,025,0 30,105,0 45,077,0 30,848,0 88,814,0 1,076,616,0
136.702,0 55,563,0 50,642,0 54,077.0 30,460,0 76,669,0 35,381,0 13,218,0 37,032,0 24,660.0 36,327,0 602.618,0
3,273,0
58.967,0
16,569,0 1,112,0 7,573,0 2,446,0 2,780,0 8,099,0 3,881,0 3,046,0 4,165,0 1,833,0 4,859,0
20,998,0
577,0 1,703,0
348,0 3,149,0
534,0 1,983,0 1,629,0
226,0
392,0
5,550,0
96.988,0
51.887,0
4,190,0
48,0
Total earning assets
Unoollecteditems
Bonk premises
/Mother resources
Total.
Cleveland Richmond Atlanta. Chicago. St Louis Minneap Ran. City Dallas. San Fruit.
--- ---- --3
S
5
$
$
$'
$
5
S
$
798,0
10,500,0
399,0
525,0
368.0 . 462,0
462,0 1,564,0
609,0
1,050,0 1,208,0
1,902,0
500,0
2,0
1.400,0
Phila.
New York.
417,667,0 1,408,976,0 364,022,0 451,587,0 210,676,0 248,583,0 589,567,0 183,725,0 146,427,0 201,189.0 145,005,0 422,598,0 4,790.022,0
348,102,0 156,578,0 196,473,0 75,401,0 143,676,0 165,317,0 49,482,0 66,153,0 65.344,0 44,477,0 193,619,0 1,714,161,0
ToteResources
I.R.notes In actual circulation _ 209,539,0
Deposits:
130,150,0
Member bank-reserve scot
1,578,0
Government
74.0
Other deposits
835,784,0 126,274,0 168,791,0 65,871,0 67,429,0 305,269,0 79,988,0 54,621,0 86.644,0 60,541,0 159,398,0 2,140,760,0
21,878,0
901,0 2,280,0
828,0 1,090,0 1,257,0 1,906,0 1.633,0 1,639,0
342,0 2,451,0
5.073,0
24,340,0
262,0 6,616,0
903,0
297,0
610.0
136,0 1,183,0
147,0
342,0 1,240,0
12,530,0
131,802,0
51,380,0
8,050,0
16,382,0
514,0
853.387,0 126,958,0 172.482,0 66.846,0 69,555,0 307,709,0 82,779,0 56,551,0 88,893,0 61,704,0 168.294,0 2,186,973.0
114,239,0 48,931.0 46,132.0 50,049,0 21,146,0 68,783,0 35,907,0 12.016,0 33,215,0 26,360,0 36,118,0 644,276,0
31,318,0 11,098,0 12,958,0 5,968,0 4,599,0 15,495,0 5,104,0 3,260,0 4,295,0 4,201,0 8,135,0 114,481,0
58,749,0 20,059,0 22,462,0 11,701,0 8,950.0 30,426,0 9,971,0 7,497,0 8,977,0 7.592,0 15,071.0 217,837,0
12,289,0
671,0 1,361,0
464,0
465,0
657,0 1,837,0
950,0
711,0
398,0 1,080,0
3,181,0
Totaldeposits
Deferred availability items
Capital paid in
Oarplus
All other liabilities
Totalliabilitiee
417,667,0 1,408,976,0 364,022,0 451,587,0 210,676,0 248,583,0 589,567.0 183,725,0 146,427,0 201,189,0 145.005.0
Memoranda.
deposit
to
reserves
total
Ratio of
and F. R. note liabilities com74.2
78.7
80.3
78.2
72.5
81.8
66.9
76.8
78.1
75.6
76.0
bined, per cent
Contingent liability on bills pur2.3170 1 8290 9 nan n 1 701 n
6.906.0
0
039
2
2.688.0
3200
5
n
R25
4
n
491
19
shaman for foreign eorreenonel.te
422,598,0 4,790,022,0
79.0
2 092 n
76.3
40 9R1
0
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOill OF BUSINESS APRIL 8 Mts.
Boston New York Phila.
Federal itetterfe Agent al-
Total
Cleve. Mauled Atlanta Chicago.
5,000
186,698 6,000 8,780
28,940 10,745 11,392 3,143 7.905
106.000 117,389 150,000 44,295 124,000
157,814 49,377 40,412 41,924 25,611
38,936 2,295 25,586 7,564 2,761
____ 16.011
11,575 13,052
____ 274,916
4,918 3,309 1,292 3,198 3,467 18,994 107,181
110.645 32,000 52,500 54.360 21,000 193,217 1,131,406
59,600 9,210 2.550 16,044 8,567 25,824 500.670
29,681 14,036 9,532 2,610 1,635 27,464 168,370
520.750 1,316,380 425,167 496,954 208.942 389,801
650.044 151,884 169,171 178,187 121,772 568,434 5,197,486
-
Ma amount of Federal Reserve notes received from 281,065
Comptroller of the Currency
163,678
Collateral received from I Gold
76,007
Federal Reserve Bank(Eligible paper
federal Reserve notes outstanding
Federal Reserve notes held by banks
federal Reserve notes in actual circulation
Total.
S
$
$
$
$
$
$
270,037 25,660 20,851 28,373 22,047 64,900 988,770
175,163 56,094 69,394 73,602 49,045 238,035 2,020,173
Ida/Alit a-
Total
St. L. Miss. IC. Cite Dallas San Fr'.
$
$
$
S
$
318,540 55,850 50.200 22,654 62,008
479,452 183,511 210,584 89,362 162,516
$
(In Thousands of Dollars)
&sources47,650
Federal Reserve notes on hand
233.415
outstanding
Federal Reserve notes
Collateral security for Federal Reserve notes outstanding
27.300
Gold and gold certificates
9,878
Gold redemption fund
126.000
Gold Fund-Federal Reserve Board
69,737
required
(Amount
Eligible paper
6.270
lExoess amount held
797,992 239,361 260,784 112,016 224,524
321,638 134,134 170,172 47,438 136,905
196,750 51,672 65,998 49,488 28,372
445.200 81,754 90,245 101,975 71,092 302,935 3.008,943
115,563 46,884 66,844 57,558 40,478 212,211 1.513,503
89,281 23,246 12,082 18,654 10.202 53,288 675.040
520.750 1,316,380 25,167 96.954 208,942 389,801
650.044 151,884 169,171 178,187 121,772 568.434 5,197,486
233,415
23,876
479,452 183,511 210,584 89,362 162.516
131,350 26,933 14,111 13,961 18,840
175.163 56,094 69,394 73,602 49,045 238,035 2,020,173
9,846 6,612 3,241 8.258 4,568 44,416 306,012
900020
240
4n1 143.070
105 317 49.482 06.153 85.344 44.477 193.019 1 714 101
mo 100
070 1 on 472 75
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;
are obtained. These figures are always a week behind
the liabilities of the 736 member banks from which weekly returns
were given in the statement
those for the Reserve banks themselves. Definitions of the different items in the statement
1917, page 2523. The comment of the Reserve Board upon the figures
of Dec.12 1917, published in the "Chronicle" of Dec. 29Events
and Discussions," on page 1831.
for the latest week appears in our Department of "Current
at close of business April 1 1925. Three ciphers (000) omitted.
District
Reserve
Federal
each
In
banks
member
reporting
all
for
1. Data
Federal Reserve District.
Number of reporting banks
Losine find diec011ntg. gross!
Secured by U.S. Gov't obligations
Secured by stocks and bonds
All other loans and discounts
Total loans and discount'
Investments:
U.S. pre-war bonds
U. EL Liberty bonds
II. S.Treasury bonds
II. B. Treasury notes
U.S. Treasury certificates
Other bonds,stocks and securities
Totalinvegtments
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Affnneap. Ran. Mg Dallas. San Fran.
Total.
736
S
$
198.162
10,055
225,020 4,779,344
861,387 8,227,641
100
33
25
$
6,879
128,494
351.234
5
S
33,045
7,566
73,131 672,889
390,044 1,221,908
5
12,698
178,138
307,775
$
2,806
60,047
191,568
123,225
325,046
S
3,378
75,532
226.133
705,803 1,207,789
486,607
470,741 1,927,842
498,611
254,421
452,232
305,043 1,096,502 13,205,147
9.568
52.339
28.382
17.047
6,989
258,803
31.682
159.223
43,178
50,866
11,743
355,907
25,164
35.613
11.889
1,704
1.711
62.351
14,852
10.389
6,163
3,456
2,393
41,097
18,108
161,834
65,750
97,528
10,231
423,613
13,481
27,182
19,666
11,991
3.043
99.673
7,206
26,995
11,856
17.321
6,896
39,530
9,332
45,234
16,078
19,857
3,240
75,525
373.128
652.599
138,432
78,350
106
55
76
73
$
$
75,639
9,618
295,285 2,180,937
660,484 2.577,593
S
12,179
329,715
363,909
$
20,338
436,891
750,560
965,387 4,834,169
9,858
38,881
73,707 607,450
24,728 172,566
7,317 193,776
57,551
4,266
193,242 1,109,311
313,118 2,179,535
42
1,278,505 7.013,704 1,078,931 1,860,388 625,039
Totalloans ana Invenments
39,083
89,876 729,369
84,462 124,777
Reserve balances with F. R.Bank
13,154
28,329
14,519
20,147
73,750
Oaelt In vault
850,569 5,606,065 758,484 997,043 351,599
Net demand deposits
350,663 1,183,191 176,492 718,379 188,111
Time deposits
14,412
42,806
37,984
25,741
70,936
Government deposits
Bills Doyle & redlso. with F. R. Bk.:
5,967
21,393
9,390
4,794
40,740
Secured by II.S.Gov't obligations
13,574
5,570
6,882
18,026
32,644
All other
&wage Balances of Reporting Me mber Ban Its in nde rat Resero e Bank Cities.
31,703
50,711
133,587 1,271,002 190,980
Due to banks_ .__
14 .110
01 nn,
04 oac
..., ,.. Ian
36
71
S
3,961
49
18,212
18,839
9.518
9,410
2,736
19,861
24,448
220,792
130,838 1,349,643
54,625
464,399
27.110
457,383
20,207
131,006
196,245 2,875,158
78,576
453,473 5,498,381
777.064
175,036
109,804
169,266
549,091 2.704,906
42,141 230,500
51,841
10,384
317,887 1,678,617
197,715 936,407
45,984
12,964
673,647
48,483
7,178
407,910
203,631
18,925
364,225
23,319
5,991
237,794
105,273
4,117
621,498
54,401
11,814
499,617
138,474
7.175
4,575
5,595
23,644
- 14.146
1,203
4,576
349
19,410
413,043
92,777
60,073
111,015
36,691
11 nnA
101 021
29 nAl
9c SRA
so nso
94 400
2,442
70
383,619 1,519,975 18.703,528
30,373 108,209 1,604,993
10,358
20,707
268,172
279,424 770.531 12,755,540
95,010 759,726 5,053,072
10,503
26,211
317,758
50
55
12,140
8,717
126,338
110,134
98,257 2,509.249
.. . ....-.
cm
2. Data of reporting member banks In New York City, ChIcago, and for whole country.
Reporting Member Banks in N. Y. CUy. Reporting Member Bangs in Chicago.
All Reporting Member Barge.
April 11925. liar. 25 1925. April 2 1924. Apry 1 1925. Mar.251925.April 2 1924. April 11925. Mar.25 1925. April 2 1924.
46
67
66
46
65
48
756
737
736
Number of reporting banks
IS
$
$
$
$
$
$
S
$
Loans and discounts, gross:
24,618,000
83,789,000
75,096,000
70,551,000
24,249,000
223,738,000
24,982,000
202,736,000
198,162,000
Secured by U. S. Govt. obligationo
4,779.344,000 4,796,510,000 3,887.210,000 1,943,030,000 1,943,464,000 1,456,468,000 495,737,000 513,867,000 433,916,000
Secured by stooks and bonds
7,991,286,000 2.273,302.000 2,188.751,000 2.282,684,000 701,172,000 692,394,000 655,090,000
All other loans and discounts.... 8,227,641.000 8.140,389,000
4.286,883,000 4,207,311,000 3,822,941,000 1,221,527,000 1,230,510,000 1,113,088,000
12,102,235,000
13,139,635,000
13,205,147,000
Totalloans and discounts
Investments:
1,936.000
40,025,000
27.657,000
28,154,000
1,936,000
4,195,000
271.754,000
218,949,000
220,792,000
U. S. pm-war bonds
81.973.000
516,540,000 416,965,000
83,034,000
53,610,000
1,349,643.000 1.351,379.000 1.058.314,000 512,208,000 155,634.000
U.S. Liberty bonds
13,481,000
35,162,000
154,890,000
32,867,000
4,762.000
67,343,000
468,624,000
464,399,000
U. B. Treasury bonds
69,828.000
67,060,000
89,018,000
754,454,000 176,799,000 180,650,000 370,221,000
464,251,000
457,383.000
U. B. Treasury bonds
4,495,000
37.014,000
56,270,000
55,008,000
4,568,000
13,885,000
124,634,000
139,284,000
131,006,000
U. S. Treasury certificates
835.453,000 816,907,000 583,935,000 206,759,000 202,406,000 162,160.000
Other bonds,stocks and securities- 2.875,158,000 2,835,834,000 2,250,617,000
1,461,641,000 400.153,000 391,877,000 327,630.000
5,498,381.000 5.478.321.000 4.527,116.000 1,763,412.000 1.753,658,000
TotalInvestments
5,284,582,000
5,960,969,000
1,621,680,000 1,622.387,000 1,441,618,000
.000
16,629.350.0006.050,295
Total loans and Investments__ 18,703,528.000 18.617.956.000
677,657,000 671,732.000 615,083,000 157,602,000 163,831,000 140,799.000
Reserve balances with F. R. banks__ 1,603.993.000 1.588.274.000 1,435,579,000
60,780,000
25,083,000
64,340,000
27,687,000
59,786,000
26,008,000
269,076,000
280,774,000
268,172,000
Cash in vault
4,916,055.000 4,364.625,000 1,098,896.000 1,115,616,000 998,616,000
12,755,540,000 12,588,309,000 11,245,812,000 5,055,400,000 807.350,000 641,393,000
Net demand deposits
456.408,000 463,252,000 372,131.000
5,053,072,000 5,033,508,000 4,230,384.000 811,608,000
Time deposits
58,754,000
54,066,000
26.306,000
54,066,000
14,018,000
26,306,000
237,535,000
317,698,000
317.758,000
Government deposits
Sills payable & redismounM with
Banks:
Reserve
Federal
60,400,000
13,008,000
14.934,000
61,495,000
7,466,000
22,055,000
159,751,000
138,617,000
126,338,000
Secured by U.S.Govt.obligations6,007,000
5,558,000
28,911,000
330.000
8,755,000
31,852,000
140,169.000
79.756,000
110,134,000
Allother
IS san non
7.708.000
23.680.000
66.407.000
90.406.000
53.907.000
299.920.000
210.373.000
Total borrowingsfrom F.R.bas. 228 479 Ann
•Revised figures.
APRIL 11 1925.]
THE CHRONICLE
1853
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—Below
we furnish a daily record of the transactions in Liberty Loan
Wall Street, Friday Night, April 11 1925.
bonds and Treasury certificates on the New York Stock
Railroad and Miscellaneous Stocks.—The review of the Exchang
e. The transactions in registered bonds are given
Stock Market is given this week on page 1846.
The following are sales made at the Stock Exchange this in a footnote at the end of the tabulation.
week of shares not represented in our detailed list on the
Daily Record of U. S. Bond Prices. Apr. 4. Apr. 6. Apr. 7. Apr.
pages which follow:
8. Apr. 9. Apr. 10
tankers' %antic
STOCKS.
Sales
Week Ended April 10. for
Week.
Range for Week.
Lowest.
Highest.
First Liberty LoanHigh 1011932 1013422
1011121 1013•22 10111,2
34% bonds of 1932-47„Low. 101.+22 101"ss 101.2.1
101"., 1013022
(First 334s)
Cloee 101"22 1013422 1011122 10134,2 101"n
Total sales in $1,000 *gni/J.__
470
14
61
120
35
Converted 4% bonds of (High
Range Since Jan. 1.
Lowest.
Highest.
Par.Shares 5 per share. $ per share. 5 per share.5 per share.
Railroads.
Bruns Ter & Ry Sec_10
Buff Hoch & Pitts, pf.100
Caro Clinch & Ohlz_100
Nashv Chatt & St L_100
Nat Rys Mex, 1st pf_100
N Y State Rallways_100
Reading rights
100 34
140 86
300 76
100144
400 34
100 42
500 184
Industrial & Misc.
American Bank Note_50
100175
Amer Chicle, pref ctfs_ _ _
200 97
American Piano, pref.100
100 9431
Anferican Snuff
100
100 1434
Armour of Ill, Cl A.._25 6,700 2034
Auto Sales, pref
50
100 1434
Manufactur
Briggs
ing.* 27,200 3734
Brunsw-Balke-ColTr___* 4,000 36
Bush Terminal
100 2,500 102
Cert-Teed-Prod,2d p1100
200 82
Childs Co
• 1,600 504
Coca-Cola, pref
100
100 9934
Cuyamel Fruit rights_ _ _ 5,400
4
Deere & Co, met._100
200 914
Dodge Bros, pref, w L__ 34,200100%
ElPow&Lt,40%pd,wi 1,300 100
Essex Cot Mills, 1st pt. 300 97
Fisher Body. new
* 6,500 6334
Fisher Body Ohio,pf.100 300108
Franklin-Simon, pref.100
20010234
Great WestSug, pref.100
200 108
Hanna,lst pref.c I a_ 100
300 66
Hayes Wheel, pref_ _100
4001034
Helme(OW)
25
100 83
Indian Motoeyele__.100
17230
Internet Salt
100
33 71
Kelsey Wheel Inc pf.100
200 109
Kinney Co pref
100 600 06
Kuppenheimer preL.100
300 9834
Long Bell Lumber A_. 3,600 47
Macy Co pref
100 200 116
May Dept Stores p1_100
100 120
Mid-Contin Petroleum_* 12,100 274
Montana Power pref_100
40010934
Motor Wheel
300 18
Murray Body certits___• 1,400 354
Nat Distill Prod
300 30
Npt News & H R,G & E
preferred
100
100 90
N Y Canners 1st pref 100
100 954
Rights
1.430
4
NY Steam 1st pref____*
200
Onyx Hosiery pref __ _100 600 9834
794
Prod & Ref Corp pref_50
100 4534
PS Corp of NJ rights
200 22
Pub Berv El & G9.8 pf 100 600 93
Shattuck (F (1)
• 2,000 4134
Sherwin-Williams p1_100
10010634
Sloss-Sheff St & Ir pf _100
100 9234
Stand Gas & Elec pf _50
100 51
Symington temp Mts..* 7,400 17
Class A
• 1,900 21
Texas Pacific Land Tr100
5255
'United Cigar 5tores_25 1,000 6534
United Paperboard__100
100 19
XJ 5 Tobacco
• 300 52
Ward Baking class A..•
100118
Class B
• 4,400 3934
Preferred
100 300 964
West Elm Instrument.' 3,200 934
Class A
*
400 214
West Penn Power pf_100
10010534
Wilson & Co pf ctfs_100 500 23
• No par value.
Apr 6 34
Apr 9 87
Apr 6 774
Apr 6144
Apr 7 334
Apr 9 42
Apr 8 1834
Apr 6 3
Apr 4 86
Apr 6 76
Apr 6 144
Apr 6 334
Apr 9 42
Apr 7 1734
Feb 534
Ap 92
Apr 774
Ja. 155
Apr 534
Apr 42
M
2431
Mar
.Jan
Apr
Mar
Jan
Apr
Jan
Total sales in $1,000 unus___
____
____
____
Converted 431% bonds {High
---- 102.00 101ns
of 1932-47 (First 44s) Low_
____ 101"as 101,,a
Close
---- 101"as 101,,n
Total sales in $meo units-------19
15
Second Converted 431%(High
__-_
-----__
bonds of 1932-47 (First(Low_
____
_______
Second 44s)
Total sales in $1,000 units__---------Second Liberty Loan
(High
---------4% bonds of 1927-42_ (Low_
____
____
___
(Second 4s)
Total sales in $1,000 units___
____
____
____
Converted 44% bonds (High 101,
ss 101,as
of 1927-42 (Second (Low_ 101322 101,as 1014as
101,as
4345)
(Close 101,as 101,as 1014as
Total sales in $1,000 units__
204
419
211
'Third Liberty Loan
(High 1012322 101142 101142
44% bonds of 1928
(Low_ 101,,as 101un 101"ss
(Third 4345)
[Close 101242 101uas 101,111
Total sales in $1,000 units_ _ _
15
824
286
Fourth Liberty Loan
(High 10242 10242
44% bonds of 1933-38—(Low_ 102.00 10241 10242
10242
(Fourth 44s)
[Close 102.00 102,n 102,as
Total sales in $1.000 units__
159
303
376
Treasury
(High
---- 105.00 1043122
471s. 1947-52
(Low_
---- 1041122 104nn
(Close
---- 104242 104,
42
Total sales in $1,000 units_ _ _
____
45
14
4s 1944-1954
(High 100,4as 100"a 100,,n
(Low_ 10051as 10011, 100,,as
(Close 1002'22 10034 1001%
Tainl solos(nil non unite
1
int
1.1
____
_--101:42 101ns2
1011,as 101,,ss
101,,as 101"ss
16
9
------____
__ - _
------Jan 206
---Feb
---- 11011____
____ day—
Jan 97
Apr
Ma 95
Jan
____
Ma 1504 Feb
____ Friday
101,as 1014:s
Ma 2234 Mar
M
101,
aa 101,
164 Feb
as
Ma 404 Jan
101,as 1014as
139
Ma 46
167
Jan
101,
Feb 106
42 101un
Apr
101,,as 101%
Feb soi Mar
101"as 101"n
Ma 564 Mar
191
Jan 101% Mar
189
102222 10242
Ap
4 Apr
10242 102,
Jan 92
Feb
12
Apr 10334 Apr
102,12 102,
n
258
377
M 102
Mar
104342 105.00
Ap 9734 Apr
104142 104,
Feb 684 Jan
4
Mar 109
104142 105.00
Apr
55
Ma 1044 Jan
5
Mar 1114 Jan
10021as 101.00
100uss 100,,a
Ap 8934 Mar
1003.22 100",
Jan 104% Feb
In,
'I'VI
Apr 83
Apr
M
49
Jan
Ma 77
Jan
Note.—The above table includes only sales of coupon
Jan 110
Mar
Apr100
Feb bonds. Transactions in registered bonds were:
Apr 100
Mar
1 1st 33-48
101,,, to 10143,1119 3d 448
Mar 51
Jan
1011822 to 101"as
100n22 to 101.n I 24 4th 448
Jan 1164 Jan 219 2d 44s
101122 to 10242
Ma 1234 Jan
Ap 294 Apr Quotations for U. S. Treas.
Ctfs. of Indebtedness, &c.
Ma 111
Jan
Ap 1834 Apr
Mi.
Int.
Ma 4234 Mar
Maturity.
Rate,
Bid. Asked,
Maturity.
Rate,
Bid, Asked.
Ap 32
Apr
Mar.15 1926-- 454% 101,
as 101,n Dec. 15 1927_ 44% 102
1024
Apr 6 90
Apr 6 824 Jan 93
Mar Dec. 15 1925___ 44% 1003,16 1011,21 Mar.15 1927._ 44%
102
1024
Apr 4 9534 Apr 4 95
Mar 954 AM Sept.15 1926._ 44% 101
1014 Sept. 15 1925-- 251%
Apr 6
9934
4 Apr 4
100
4 Apr
June
151925...
% Mar
474% 100722 100912 Dec. 15 1925... 3%
993•24 100
Apr 6 99
Apr 6 974 Mar 100
Jan
Apr 4 7954 Apr 4 784 M
82
Jan
Apr 9 454 Apr 9 434 Ja. 4734 Feb
Apr 8 2234 Apr 8 17
Ma 274 Jan
liew York City Banks and Trust Companies.
Apr 7 934 Apr 7 93
Ay 95
Mar
Apr 4 424 Apr 7 404 M
AU prices dollars per share.
4334 Mar
Apr 710634 Apr 7 1064 Ma 10634 AM
Banks—N.Y. Bid
Ask
Banks
Apr 8 9234 Apr 8 924 Ap 9834 Feb
Bid • Ask
Trust Co. I Bid Ask
Greenwich* -- 410 430
Apr 7 51
Apr 7 5034 Ma 5374 Feb America.-- 254
New York
Amer Each
375 385 Hanover
Apr 7, 19
960
985
Apr 8 1034 Jan 19
American
_ -Amer UnIon•_ 143 150 Harriman..... 475- 500
Apr 4 2134 Apr 9 204 Mar 234 Mar
Bank of N vi
Jan Bowery*
550
Manhattan'. 168 173
Apr 9255
Apr 9 255
& Trust C 572 580
Ap 310
Jan Broadway Ce 170
Mech & Met. 390 400 Banters
Apr 4 6634 APr 7 604 Jan 814 Mar
Trust4 455 450
Bronx Bore*. 250
Mutual'
Apr 6 19
415
Apr 6 19
Bronx Co Tr_ 175 200
Ap 23
Jan
Apr 7 524 Apr 7 514 Ma 56 . Feb Bronx Nat-_- 145 165 Nat America 165
Central Unto 710 725
Bryant Park' 160
Apr 7 118
National
City
432
Apr 7 118
438 Empire
Mar 126
Feb
I 304 313
Apr 4 4134 Apr 7 374 Ma 454 Feb Butch dr Dro 150 160 New Neths_ _ 198
Equitable Tr..I 252 255
Capitol Nat__ 195 205 Park
Apr 9 974 Apr 6 9434 Feb 9934 Mar
444
Cent Mercan. 250 255 Penn Exch_ _ _ 110 480 Farm L & Tr_ 445 455
Apr 6 114 Apr 8 94 Ap 14
120 Fidelity In
235 250
Jan Chase
405 415 Port Morris_ 190
Apr 6 214 Apr 9 1934 Ma 23
Fulton
295
Jan Chath Phenix
Apr 8 105% Apr 8 104
Public
440
Ja. 10634 Mar
Nat Bk &Tr 296 300 Seaboard _ _ 450 ioo Guaranty 'rr..I 316 322
Apr 6 2334 Apr 8 18
Ma 42
455 Irving BankMar Chelsea Etch* 180 200
Seventh Ave_ 120 180
Columbia
241 246
Chemical ____ 645 660 Standard _ _
300
Lawyers Tr__ 200 220
Coal
Iron_
&
275 290 State
Foreign Exchange.—The market for sterling was
420
428
Mutual
(WestColonial* _ _
500
quiet
Trade*
144
150
chester) _ 180
but steady, with quoted rates showing
Commerce... 348 353 United States*
little change. Com'nwealt
200
N Y
The Continental exchanges were somewhavery
h* 300 310 Wash'n Lite_ 270 206 Title Trust.._ 412 420
Cu &
500 525
t
irregular
Continental.._ 210 225
though
on the whole well maintained. Francs continue
USMtg&T 355 365
Corn Etch_ _ _ 468 475
Brooklyn
to
lead
in
United
States 1550 1600
point of activity, although rate fluctuations
Cosmop'ten•_ 150
Coney Island* 180
Vestches Tr 275
were less drastic East River... 225
First
than last week.
460
Brooklyn
Fifth Avenue 1725
Mechanics'* _ 225 235 Brooklyn Tr.. 710 720
Fifth
To-day's (Friday's) actual rates for
280
Montauk*
_ 200
sterling exchange were 4 754@4
Kings County 2100 2300
for sixty days,4 775104 7731 for checks
First
2450
7534
2550 Nassau
325
Manufacturer 330
and 4 78@4 78 for cables. ComGarfield
mercial on banks, sight,
,330 340 People's
275
47734 @4 77%; sixty days, 4 7335@4
People's
650 iia
733-4; Gotham
138
nineY days, 4 73@4 73, and documents for payment
Queensboro• _ 166 176
(sixty days). 47334
077%4044 734. Cotton for payment,
4 77% @4 77%, and grain for payment,
•Banks marked with (• are State banks.
4
(z) Ex-dividend. (1) New stock.
To-day's (Friday's) actual rates
for Paris bankers' francs were 5 0534@ (y) Ex-rIghts.
50534 for long and 5 103465 11 for
not yet quoted for long and short short. German bankers' marks are
New York City Realty and Surety Companies.
bills. Amsterdam bankers' guilders
were 39.44@)39.45 for long and
39.80©39.81 for short.
Exchange at Paris on London.
AU prices dollars per shore.
93.32 fr.; week's range,92.10 fr. high and
93.32 Cr. low.
Bid
Ask
The range for foreign exchange for
Bid
Ask
lid
Ask
the week follows:
Alliance R'lty 115
Mtge Bond__ 125 133 Realty Assoc
Sterling Actual—
Amer Surety_ 130
Sixty Days.
Checks.
(Bklyn)corn 195 205
High for the week
Cables. Bond & M G_ 242 jai Nat Surety.._ 208 213
4 763-4
247 NY Title &
4 7831
1st pref
Low for the week
4 7834 City Investing
90 96
4 7531
120 127
Mortgage_ _ 305 310
4 77%
2d pref..... 81
4 7734
Paris Bankers' Francs—
834
Preferred
101
U S Casualty.. 320 335 Westchester
High for the week
Lawyers
Mtge 200 207 U S Title Guar 225 232
5.12
5.1831
Title & Tr_ 235
Low for the week
5.19%
5.0534
5.1134
5.12%
Germany Bankers' Marks—
High for the week
23.81
The Curb Market.—The review of the Curb Market
Low for the week
23.81
is
23.81
23.81
Amsterdam Bankers Guilders—
given this weekon page 1846.
High for the week
39.5234
39.9634
Low for the week
39.9834
A complete record of Curb Market transactions
39.42
39.86
39.88
for the
p Domestic Exchange.—Chleag
o, par. St. Louis, 15@25c. per $1,000 week will be found on page 1866.
discount. Boston, par. San
Francisco.
par. Montreal, $1.5625 per
$1,000 discount. Cincinnati, par.
Apr 8175
Apr 9 97
Apr 4 944
Apr 8 1437-4
Apr 9 21
Apr 8 144
Apr 6 384
Apr 4 394
Apr 9106
Apr 9 82
Apr 4 5174
Apr 7 9934
Apr 9
%
Apr 6 914
Apr 910334
Apr 81004
Apr 9 974
Apr 6 654
Apr 6109
Apr 8103
Apr 9108%
Apr 7 67
Apr 71034
Apr 9 83
Apr 4230
Apr 6 71
Apr 4 109
Apr 7100
Apr 4 984
Apr 4 494
Apr 8116
Apr 7120
Apr 9 2934
Apr 410934
Apr 8 184
Apr 9 364
Apr 8 32
Apr 8 161,
Apr 9 94
Apr 4 93
Apr 8 141
Apr 4 20
Apr 8 1434
Apr 8 334
Apr 7 34
Apr 6 86
Apr 9 804
Apr 8 4976
Apr 7 99
Apr 7
4
Apr 7 824
Apr 9 10034
Apr 4 100
Apr 9 97
Apr 8 8031
Apr 6 1044
Apr 9 10134
Apr 4 108
Apr 4 65
Apr 9 100
Apr 9 83
Apr 4 21934
Apr 6 67
Apr 4 10734
Apr 4 96
Apr 4 9854
Apr 9 454
Apr 8 11431
Apr 7 11634
Apr 7 27
Apr 8 109
Apr 8 18
Apr 4 354
Apr 8 30
CURRENT NOTICES.
—George M. Crawford, formerly with H.
D. 8rhith & Co., is now associated with the New York office ot Hill, Joiner &
Co., 111 Broadway, in
charge of their trading department.
—Carl H. Johnson and Douglas D. Miller, who
have been associated
with Geary, Meigs & Co..,San Francisco, for some
time, have been admitted..to;partnership in the firm.
CURRENT NOTICES.
—Henry A. Doty, formerly Vice-President
and Treasurer of the First
Trust & Savings Bank, Pasadena, Calif., Robert
Cassamajor, formerly
of Drake, Riley & Thomas, Los Angeles, and
Albert C. Buttolph Jr.,
formerly with Hambleton & Co., New
York, have formed the firm of
Cassamajor, Doty & Buttolph, to deal in
general market bonds, with
offices at 20 North Los Robles Ave., Pasadena.
—Farr & Co.have issued a special analysis
on the National Sugar naming
Co. of New Jersey.
1854
New York Stock Exchange -Stock Record, Daily, Weekly and Yearly
OCCUPYING FIVE PAGES.
For sales during the week of stocks usually Inactive. see preceding page.
CENT.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER
Friday,
Thursday.
1
Wednesday
Tuesday.
Monday.
Saturday.
April 10.
April 9.
April 8.
April 7.
April 6.
April 4.
$ per share $ per share
S per share $ per share l$ per share $ per share
2434' 2412 24,2
2214 2214 .2238 2412 .22
21
.22
4812
45 1 45
45 .44
44
.4112 44
.4014 44
11834 120
1194 12038 11918 120
11734 11834 1194 120
9514
95
94121
9112
9512
9114
95
8 9412
g 94,
94,
*534 54
534 633 *534 6
512 6
512 5,2
15438 15534 1524 155
15318 155
151 153
14978 150
7334 7414
7418 754 7412 75
7358 7412 7414 75
64
64 .63
64
*6312 64
64
644 6418 64
3613 3634 3634 3834
*3614 37
3634 364p 3612 3612 .
92
*91
93
*91
93
*91
93
91
93 .
•90
3718 3738 3778 3812 3778 334 374 33,8 3718 3734
77
*75
7612
*7514
754 754 7512 7612 764 7634
5112 4958 50
5112 .46
5112 .46
4812 4812 .46
14112 14112 14153 14278 14118 14334 14214 143,4 14034 1421 2
.270 200
280
280
290
*280
290
270
270
.265
91
91
9114 92
9212 '9113 92
9012 9012 92
10512 10512 10512 10512 10512 10512
.10514 106 .10514 106
7
7
712
74
758 73*
734
7
*678 7
1278 1278 124 1234
•12i4 1238 1212 1318 1234 13
146 146 .145 160 .145 180
*145 160 .146 160
31
31
31
3018 3018 3012 3114 31
30
30
45 .4312 45
*41
43
43
43
.4012 43 .41
978
934
978
8
7
9
1014
10
8
103
10
934 978
2112
21
2178 2278 2134 22
2178 2214 224 23
51 2
5
5
518
518 538
538
5
5,2
5
831 878
834 9
812 9
838 834
84 834
544 5538 4912 5414 5118 5234 4934 514
5314 55
105 10714
107 107
110 110
.110 111 •110 111
4134
4234 4212 4338 4214 4338 414 424 41
42
9314 9314 934 9.1
95 .9312 95
95 .9.1
•93
8314 8314
88
8518 8518 *85
85
8412 8412 85
*3512 38
38
38
40
40
*404 44
.4012 43
82
*74
80
78
82
82
85
•82
84
•82
5812
564 5678 •55
5634 57
57
5612 5612 56
61
.60
61
6112 .60
63 •60
63 •60
60
.
57121
.57
57
57
57
57
57
*55
57
.55
145 14812 14414 146
149 150
140 14534 1504 155
130 130
130 132
132 133
13212 133
130 130
40
40 .38
4012 4012 90
42
40
41 .
.40
2812 2812
2914 2858 29
2918 2914 29
2834 29
3738 3712 3712 3778 3658 3714 3612 3658
37
37
3658 3634
37 .364 37 .3512 3612 .
3612 3612 37
6178
6314 6312 6134 6378 6112 63,8 61
6214 63
2912 2378 2914 22818 2814
2878 2938 29
2812 29
2634
2512
.
26
26
27
264
8
277
27
2434 27
90
93
93 .
94
9338 9312 .90
94
94
92
2612 2712 2738 2914 2838 2938 2834 3038 2818 2978
6612 6558 6578
66 .66
66
*6514 66
65
65
11312 11312 .112 11312 11312 11334
11134 11134 113 113
Stock
•113 115
113
.113
115
.113
115
•113
•113 115
76
7134 73
7134 7134 *74
7114 72
72'4 73
1838 •1818 1812 1812 1878 Exchange
18
1812 .
1812 •18
18
.
6012 6012 6012
6012 6012 6012 .59
5134 6012 .52
.
Closed;
17
1718 1738 174 1734 17
1534 154 1678 17
304 3013 304
3014
3112
4
313
4
303
4
303
8
304 305
Good
59
584 .57
59 .57
59
*57
57
.5634 5938 .
7312 7212 7334 7314 73,2 7212 7314
714 7152 72
Friday
10812
108
8
1093
4
1083
11014
109
10912
10912
1
•10812 109 4
78
78 •65
•70
78
•75
79
7912 77
79
3814
40 .3814 40 .3812 3934 3914 3914 38
.38
8
8
*74 9
812 812 *834 934
912 912
2912 2912 2914 2914
3312 .
37
31
3312 .32
.32
4614 4614
,
5012 4684 49
8 .4614 49
5012 .48
.49
23
2114 2114 *20
24
.23
2512
24 .24
24
24 234
278 278
278 278
278 278
234
234
•3112
35
35
.31
35
.32
32
32
304
3058
48
46
55
4512 *45
45
45
*43
45
.40
3158 3034 31
3138 3118 3134 31
307s 31
30
7714
*7612
77
4
763
8
773
7612
7712
4
783
7612
76
3378 3338 3358 3234 3314
3338 3234 3378 33
33
7514 7452 7518 7418 7478
7314 7434 74
7312 74
•178 2
.178 2
*178 2
•14 2
*134 2
12018 12018 12018 12038 12018 12014 1194 12018 1194 11934
115
114
4
11478
1153
8
1153
11518
116
1154
11412 115
125 125 .122 125 *120 125
.125 129 •12512 127
894 90
90
90 .85
90
90
90
*8912 90
2958
3032 2978 304 2918 304 29
304 30
30
2114 2112 2034 21,4 2058 2034
21
21
2058 21
2218
234 234 •2212 2312 2212 2212 2214 224 22
127 12758 12712 13072 12712 13014 12712 12938
12534 126
7612 78
78,2 .
7812 .76
7812 7812 •76
*7812 80
6012 6138 594 6114
6178 6112 6238 5978 63
61
454 4418 4538 4212 444
454 4514 4518 4512 45
•12
15
15
15 .12
•12
16
12
16 .
.13
6414 6412 6434 6512 6512 6578
66
66 .64
•64
7934
*78
80
78
.
80
80 .78
80
80
80
70
*68
70
*68
70
70 .68
•68
70
•68
6778 6712 6812
664 6614 6612 67
66
*8512 66
73
714 724 724 7278 7234 7312 724 7358 7238 37
37
37
37
3634 37
.3612 37 .
3612 3678 .
3812 384 *3814 3878
39
3834 39
3812 *38
.38
4812 *4418 4812
4812 .44
44
50 .
42
.4212 48 .
6512 6612
67
6414 644 6478 6614 6512 6678 664
81
80
82 .
80
8134 8012 8012 .
82 .80
•80
4412 45
4514 4512 4512 46,4 4534 4634 4514 4578 .7012 71
71
•7012
71
•7012
.7012 7112 *7012 71
2134 22,4 2134 2234
2212 2158 224 .
22
21'z 22
3758 3612 3712 363 374
37,4 37
3634 3634 37
8 10134 1004 1014
1007
10014 1004 10114 10158 101 10178
8512 38312 8434
8312 8478 8434 85,4 8412 8512 85
4 8434 8438 8434
843
844
8412 84
84
8414 85
.
4938
49
5012 4912 5114 4978 50
50
4914 50
9,4
8,4
914
9
9,4
9
712 912
10
10
63
63
63
*6114
504 63
.
63
•59
1404
13812
141
13978
13934 14112 13912 142
13914 140
7434 7434 7458 7458
75
75
75
75
7412 75
.
2414 2212 23 .2034 23
234 2434 23
24
22
61
59
59
59
6234 6112 63
564 604 61
7934 80,8
7812 7812 784 7914 7914 80
78
78
2078
8
205
8
213
2114 2158 2114 2178 2078
2014 21
6112 6214
6234 6278 6314 6212 631r, 6214 63
62
42
40
.
4112
414
42
42
.4012
•4()12
1.40' 4112
1214 1258 1212 1212 1218 1238
1158 1134 1158 12
.
•1714 18
1712 1712 174 .1714 18
174 17,8 17
3712
37
3812
38
3734 3814 38
384 3712 38
8814 8834 *8712 8912 8814 8814 8814 88,4 884 8878
1218
1218
1214
1214
8
125
4
113
1114
1114
1134 1134
24
*23
24
2312 24 .
23
•2312 25
23
•22
6712 .6514 6712
6712 .65
•66
67
*6534 6712 '66
12612 42812 12612 12612 .128 12712
122 122
125 125
9212 9212
96
96
92
.
•9212
9612
.9218
97
•90
1412
1314 1314 .13
14
•13
14
•13
14
•13
50
"4012
50
.4912
•4912
50
50
.
.4912
4912
4912
b Ex-rights
z Es-dividend.
• Bid and asked prices.
Sales
ler
I he
Week.
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Previous
Year 1924.
PER SHARE
Range for Year 1925.
On basis of 100-share ii9t3
Unveil
Highest
$ Per share
$ Per share
Lowest
Par
Railroads.
100 22 Feb 17 2712 Jan 12
1,200 Ann Arbor
100 40 Mar 24 4812 Apr 9
1,500 Do pref
Fe,.
&
100 11614 Jan 16 12778 Mar 2
Topeka
Santa
Ateh
8,700
100 9212 Feb 17 9512 Apr 7
4,900 Do pre(
3 Jan 14
100
712 Mar 8
5,900 Atlanta Birro & Atiantic
2,890 Atlantic Coast Line REL....100 14714 Jan 16 168 Mar 3
101) 71 Mar 30 8414 Mar 6
12,500 Baltimore & Ohio
100 63 Mar 30 6612 Jan 6
300 Do pre
50 3514 Mar 23 4214 Jan 15
300 Bangor dr Aroostook
100 90 Feb 19 9412 Jan 5
Do pref
6:iOn Bklyn Nfanh Tr v t a_ __No par 3518 Jan 5 45 Feb 10
No par
7278 Jan 2 8134 Mar 14
1,360 Do pref v to
261 Buffalo Rochester & Pitts_100 48 Apr ' 77 Jan 28
15238 Jan 8
100
Pacific
Canadian
136'Siar30
8,900
500 Central RR of New Jersey.100 265 Mar 30 321 Jan 3
11)0 8914 Mar 30 9834 Jan 15
1,300 Chesapeake & Ohio
100 10512 Apr 7 109 Feb 24
Do pref
400
100
658 Apr 1 1052 Feb 9
2,200 Chicago & Alton
100 1134 Mar 31 1912 Feb 21
Do pref
1,400
100 146 Apr 7 16412 Feb 11
100 C C C & St Louts
100 294 Mar 30 3618 Mar 13
1,800 Chic & East.111 RR
100 40 Mar 30 5714 Jan 2
Do pref
200
9 Jan 2 15 Feb 7
2,000 Chicago Great Western...100
100 1914 Mar 30 324 Feb 6
Do pref
4,700
5 Mar 19 1638 Jan 7
14,400 Chicago Nfilw & St Paul...100
838 Apr 3 2812 Jan 7
100
Do pref
23,800
63,100 Chicago & North Western_100 4912 Apr 7 7538 Jan 12
100 105 Apr 9 117 Mar 5
Do pref
700
20,700 Chicago Rock Ial A, Pacific.100 4012 Mar 30 544 Nlar 3
100 92 Jan 2 9914 Feb 21
Do 7% preferred
500
100 82 Mar 30 8912Nlar 3
Do 6% preferred
600
200 Chic St Paul Minn & Om 100 35 Apr 8 5912 Jan 13
100 78 Apr 8 108 Jan 13
Do pref
400
100 444 Jan 6 59 Feb 18
2,000 Colorado & Southern
100 60 Mar 26 69 Feb 9
Do lst pref
100 54 Jan 21 58 Feb 2
Do
2d Prof
200
100 13312 Mar 30 155 Apr 6
17,500 Delaware Sr Hudson
2,200 Delaware Lack & Western. 50 125 Mar 30 14458 Jan 13
200 Denver Rio Or & West prat 100 3612 Star 24 60 Jan 12
100 2712 Mar 30 34 Feb 24
1,700 Erie
100 3838 Mar 30 4678 Jan 2
Do lst pref
3.400
100 3514 Mar 31 434 Jan 5
Do 2d prof
200
100 6038 ar 24 7138 Jan 8
16,600 Great Northern prat
par 2712 Apr 2 4038 Jan 19
Properties._No
Iron Ore
8,800
100 23 Mar 30 2812 Jan 7
7,300 Gulf Mob & Nor
100 8912 Mar 30 10112 Jan 10
Do Prof
900
100 214 Mar 18 3038 Apr 8
81,100 Hudson At Manhattan
100 6412 Feb 18 6634 Feb 2
Do pref
400
111 Mar 31 11958 Jan 7
100
Central
700 Illinois
100 114 Feb 26 119 Jan 7
Do pref
100
Do RR Sec,Series A._1.000 7058 Jan 6 73 Mar 6
180
1,000 Int Rys of Cent America 100 18 Jan 8 1958 Jan 29
100 5912 Jan 2 62 Jan 20
Do pref
230
2,000 Interboro Rap Tran v t C. _100 1312 Mar 23 3412 Feb 9
100 284 Mar 30 4012 Feb 21
5,300 Kansas City Southern
100 57 Jan 15 5952 Feb 24
Do prof
50 69 Mar 30 8258 Jan 10
5,400 Lehigh Valley
100 106 Jan 16 11714 Mar 2
1,400 Louisville & Nashville
400 Manhattan Elevated guar_100 65 Mar 21 100 Jan 14
100 3218 Mar 23 5114 Feb 9
Do modified guar
50
1012 Jan 2
100
714 Mar 11
300 Market Street Ry
100 20 Jan 13 3112 Apr 3
Do pref
300
100 4314 Mar 20 52 Jan 3
Do prior prat
300
100 16 Mar 19 2312 Apr 3
Do 2d pref
300
212 Jan 5
100
4 Mar 6
500 Minneap & St L
200 Minn St Paul & 85 Marie_ HO 3058 Apr 4 5614 Jan 14
100 40 Mar 30 71 Jan 9
Do Prof
900
12,500 Mo-Kan-Texas RR_._.No par 284 Jan 2 4014 Mar 4
100 744 Jan 2 8734 Feb 5
Do pref
2,400
100 3058 Jan 5 41 Feb 6
8,300 Missouri Pacific
100 71 Star 3O 8314 Feb 9
Do pref
13,700
178 Apr 3
234 Jan 12
Nat Rys of Nfex 2d pref....100
100 1134 Feb 21 12012 Apr 3
1,600 New On Tex & Nfex
100 114 Mar 30 12484 Jan 13
12,300 New York Central
100 120 Mar .9) 13714 Feb 24
100 NYC&StLCo
100 8812 Jan 6 9214 Mar 3
Do pref
600
100 28 Mar24 364 Nlar 2
11,800 NY Nil dr Hartford
1,600 NY Ontario & Western...100 2058 Apr 4 2718 Jan 7
100 22 Feb 17 2678 Feb 25
700 Norfolk Southern
100 12312 Star 30 13458 Mar20
22,000 Norfolk & Western
7512 Jan 8 79 Apr 3
100
pref
Do
100
100 5958 Apr 9 7134Mar 6
Pacific
Northern
21,400
50 4212 Apr 9 4878 Jan 5
43,300 Pennsylvania
100 1612 Mar 18 2078 Jan 12
Peoria & Eastern
100 6234 Mar 30 72 Feb 25
1,000 Pere Nfarguette
100 79 Mar 30 84 Jan 16
Do prior prof
200
100 70 NIar 18 7534 Jan 10
Do pref
1,900 Pittsburgh & West Va.__ _100 63 Mar 19 7378 Jan 2
50 6914 Mar 30 8214 Jan 6
8,800 Reading
50 3578 Mar 18 3984 Jan 20
Do lst pref
500
50 3614 Mar 18 4334 Jan 6
Do 2d pref
400
100 43 Apr 3 6278 Jan 9
Rutland RR prof
12,900 St Louis-San Francisco.......100 574 Jan 16 7378 Mar 3
100 78 Jan 20 84 Mar 3
Do pref A
100
2,700 St Louis Southwestern.. _100 4412 Mar 30 5334 Mar 2
100 7012 Jan 19 7534 Mar 11
Do prof
100 2038 Jan 16 2558 Feb 25
3,300 Seaboard Air Line
100 35 Mar 30 4378 Feb 5
Do pref
2,700
100 0858 Mar 30 10838 Jan 9
20,800 Southern Pacific Co
100 774 Jan 2 92 Feb 5
21,400 Southern Railway
100 83 Jan 2 0234 Feb 25
Do Prof
1,000
100 4314 Jan 27 584 Mar 13
8,100 Texas & Pacific
712 Apr 17 1444 Jan 12
100
7,000 Third Avenue
100 Twin City Rapid Transit_ _100 58 Jan 22 6612 Mar 7
100 13538 Mar 25 15314 Jan 10
10,100 Union Pacific
100 72 Jan 30 76 Feb 26
Do pref
700
2,300 United Railways Invest. _ _100 181,i Star 19 2634 Jan 2
100 4812 Mar23 63 Apr 7
Do pref
3,400
1,200 Virginia Railway & Power_100 6418 Jan 14 81312 Niar 2
100 1912 Mar 30 2612 Mar 12
10,500 Wabash
100 5534 Jan 20 67 Mar 21
Do prof A
16,800
100 3812 Jan 21 46 Mar 12
Do pref B
300
100 11 Mar 21 1738 Jan 9
3,700 Western Maryland
100 18 Mar 27 2614 Jan 9
Do 2d pref
800
100 2114 Feb 17 55 Mar 11
4,800 Western Pacific
100 8412 Jan 6 100 Slant
Do pref
600
1612 Jan 7
3,900 Wheeling & Lake Erie Ry._100 1014 Mar 31
100 22 Apr 2 3138 Jan 7
Do pref
300
387
100
100
100
Industrial & Miscellaneous
•
Abitibi Power & Paper_No par 62
100 119
All American Cables
100 91
Adams Express
100 1314
Advance homely
100 47
Do pref
Highest
$ per share $ per share
Jan 6 67 Jan 10
Jan 5 12612 Apr 7
Jan 5 10314 Jan 9
Apr 3 17 Mar 13
Feb 18 5412 Mar 13
Apr
12
25 Mar
9718 Jan
8612 Jan
152 Feb
Jan
112
5218 Apr
5614 Apr
3934 Dec
Jan
86
1312 Jan
484 Jan
40 May
1424 Mar
199 Mar
6734 Feb
99: Jan
314 Apr
84 May
100 Apr
21 May
37 May
4 Apr
1012 June
1078 Oct
1814 Oct
4914 Jan
Jan
100
2112 Feb
7634 Feb
6558 Jan
Jan
29
6814 Apr
Jan
20
Jan
50
45
Jan
10412 Mar
1104 Feb
42 Dec
2034 Jan
2858 Feb
2518 Jan
5334 Mar
26 May
1184 Apr
Jan
50
204 Nov
5714 Oct
10014 Mar
104 Star
Jan
84
1134 July
4414 May
1234 Jan
1734 Mar
5114 Mar
83912 Apr
8758 Jan
Jan
42
3012 Jan
634 Mar
34ct
20
41 Nov
14 Mar
138 Jan
2814 Mar
50 June
1012 May
2934 Feb
934 Jan
Jan
29
118 July
9312 Feb
9918 Feb
7212 Feb
83 May
1418 Jan
16 May
1212 Apr
10212 Jan
7234 Feb
4778 Mar
4214 Jan
94 Mar
4012 Star
7112 Apr
60
Jan
38
Jan
5178 May
34
Oct
83312 Jan
32
Jan
1918 Apr
4238 Jan
33
Jan
574 Jan
6,4 Jan
1414 Jan
8512 Mar
3812 Jan
664 Jan
Jan
19
834 May
3912 ha
12658 Mar
70 Mar
733 14Pr
2612 i4pr
36 Feb
1034 Jan
34
Jan
2212 Jan
838 June
1514 May
144 Jan
Jan
58
712 Jan
1414 Jan
2272 Dee
4614 Dec
12034 Dec
9658 Dec
5 Dec
1524 Dee
8478 Dec
6612 Dec
4414 Dee
95 Nov
414 Dec
754 Dec
6838 Dee
15612 Nov
295 Dee
9814 Dee
10918 July
1012 Dec
1978 Dec
15014 Nov
38 Dec
6278 Dee
1178 Nov
314 Nov
184 Nov
324 Nov
7534 Dec
11434 Dec
60 Nov
974 Dec
8712 Nov
5712 Dec
94 Dee
49 Nov
654 Dee
59 Nov
13958 Dee
14933 Dec
4312 Dec
3538 14ug
4914 Dec
464 Dee
75 Dee
3934 Nov
2912 Dee
99 Dec
294 Dec
6478 Dec
11778 Dee
11714 Dee
73 Dee
1812 Nov
63 Nov
394 July
41% Dec
5912 Dee
85 Dee
109 Dee
85 Dee
5178 July
1312 Jan
42 Dee
7111 Jan
Jan
30
Jan
4
5312 Dee
75 Dee
3438 Dec
7534 Dee
3414 Nov
74 Dee
3 Dec
12112 May
11934 Dee
128 Doe
9378 Beta
3314 Deo
2814 Nov
29 Nov
13314 Dee
804 June
73 Dee
50 Dec
2212 Nov
73 Dec
8512 Aug
77 Aug
75,4 Dee
7912 Dee
5612 Jan
56
Jan
66 Nov
65 Dee
8212 Dee.
5578 Dee
74 Nov
2418 Dee
4512 Dee
10518 Noy
704 Dee
85 Dee
4828 Dee
1812 July
Jan
88
8 Dee
151,
7612 Aug
41 Dee
6478 Doe
7238 July
2428 Dee
6084 Dec
4282 Dec
1618 Dec
2618 Dee
3678 Dec
8611 Dee
1713 Dec
3212 Dee
81 Deo 64 Dee
9612 May 12212 Dee
7313 Jan 934 Dec
6 June 1638 Dee
Dee'.
284 Juno 54
New York Stock Record-Continued-Page 2
1855
For sales during the week of stocks usually inactive, se, second page preceding.
HIGH AND
Saturday.
April 4.
wry
SALE PRICES-PER SMARR, NOT PER CENT.
Monday,
April 6.
Sales
•
for
the
Week.
STOOKS
NEW YORK STOCK
EXCHANGE
Wednesday.1 Thursday,
Friday.
April 8.
April 9.
April 10.
-----$ per share $ per share $ per share 3 Per share 1$ per share $ per share Shares. Indus. & Miscall.(Con.) Par
9913 10058 10013 10214 100 10178 9012 10012 99
6,100 Air Reduction, Ino____No par
9914
111
/
4 1234 1212 13
12
12
12
1212 12
14,300 Ajax Rubber, Inc_ _ _No par
12
10
Alaska Gold Mines
10
134 -lie --1-78
18
2
218
- --lis -I-I --lis - -2
3,400 Alaska Juneau Gold Min
.84% 85% 8478 88
83/
1
4 85
8514 857k 8484 8534
12.200 Allied Chemical & Dye_No par
Do pref
118 118 •117 118% 118% 1181g 11818 11318' 11814 11814
500
100
7912 8012 7812 7934 7834 794 7814 79 1 7814 7834
8,900 Allis-Chalmers Mfg
100
Do pref
*8914 9014 10312 10318 *10333 105
•10212 105
300
1013 10134
*15
16
154 1518 1578 1558 1533 18
1,599 Amer Agricultural Chem _100
16
16
Do pref
100
*3712 40
38% 4158 41
417g 408 4138 4018 4012
2,590
*4012 41
100
41% 41% 4114 4112 4114 4114 .40
900 American Beet'Sugar
4034
Do pref
100
8278 82
•8118 8312 *81
*8112 8212 *811 8212
82
100
32% 3312 318 3258 303 3118 30% 3012
3013 33
6,700 Amer Bosch Magneto_ _No par
*93
*93
97
94
97
*93
95
9112 9314 9314
400 Am Brake Shoe az F__ No par
*10934 11014 *10934 11014 10984 10934 *105 110 I 110 110
100
Do pref •
200
162 165
100
184 18612 18334 18712' 11341* 18578 1844 18558
91,700 American Can
118 118
100
118 118
1184 11814 11778 11314' 11833 11818
Do prof
800
20134 203
20034 20312 201 201 1 19958 200
198 201
2,100 American Car & Foundry-100
122 12214 *121 125 •122 125 *122 125
Do prof
100
400
'
'
1 122 125
Tuesday,
April 7.
PER MIARR
Range for Year 1925.
On basis of 100-share lees
Lowest
Highest
$ per share
8634 Jan 30
10 Mar 19
.15 Jan 2
1 Jan 6
80 Mar 30
117 Jan 9
714 Jan 5
10314 Jan 3
1312 Mar 19
3512Mar 23
3038 Mar 19
8014 Jan 19
264 Mar 24
901
/
4 Mar 30
10713 Jan 12
15818 Jan 16
115 Jan 29
192 Jan 5
12034 Apr 2
Per share
11112 Feb 28
14 Jan 3
Is Jan 14
2/
1
4 Mar 27
931231ar 3
120 Feb 26
8618 Mar 13
107 Jan 20
211
/
4 Feb 11
55% Feb 10
43 Jan 7
874 Jan 6
5412 Jan 3
108 Feb 28
11014 Mar 7
18512Mar
11914 Mar 9
2321
/
4 Mar 6
1251s Feb 18
25 22% Apr 22 27 Feb 14
600 American Chain,class A
No par 37 Jan 27 53 Mar 20
800 American Chicle
Do pref
100 94 Jan 5 97 Mar 30
Do certificates
No par 37 Jan 7 5414 Mar 26
200
51
/
4 Mar 17
634 Jan 22
2,000 Amer Druggists Syndicate_ 10
100 135 Mar 30 166 Jan 2
1,000 American Express
/
4 Apr 7 39 Jan 7
2,300 Amer & For'n Pow new_No par 271
No par 87 Jan 6 94 Feb 19
Do pref
900
11438 Apr 7 127% Jan 7
Do 25% paid
300
125 Jan 6 128 Jan 7
Do full paid
;1514 Jan 14
812 Mar 31
"lois Ws --6F8
609 American Hide & Lesther_100
9I
9'
6413 64
634 63/
1
4 64
Do Prof
100 59 Mar 31 7578 Jan 14
65
6514 66
2,600
65
66
*894 8912 9014 901 *894 9012 904 9012 9012 904
100 83 Mar 13 934 Jan 12
700 American Ice
*74
77
Do prat
100 7412 Mar 17 8014 Jan 7
*7512 78
7812 76% *7512 77
100
*7512 7812
*3312 34
34
317
345 35
337 3412 3333 335*
3,300 Amer International Corp100 3218 Mar 30 41 Feb 5
•1138 11% *1112 12
12
1212 1218 1212 , 121g 1212
3,000 American La France F E_ 10 1114 Jan 2 14 Jan 15
2434 2514 254 2814 2412 2512
100 20 Mar 25 29% Feb 3
4 2814 25
1,500 American Linseed
25
6312 6312 63% 6484 64
100 53 Jan 2 6612 Feb 20
Do Orel
6418 61
3,630
8438' 81
8112
12334 12412 124% 12513 1231 12514 12312 125 I 123% 121%
16,500 American Locom new N0 par 10412 Jan 5 14471 Mar 6
119 119
Do prof
100 1181: Mar 2 124 Feb 16
119 119 *118 120
300
119 119 *118 121
4814 4814 *4812 47
No par 45/
1
4 Jan 2
1
4 Mar 30 53/
47
300 American Metals
47
4818 4858 *4814 4712
.111 11434 *111 11334 *111 114
Do pref.
100 111 :41 it 30 1164 Jan 8
100
113 113 I*111 11434
Jan
3
Radiator
89%
American
25
•94
105
Jan 17
96
96
96 • 954 9812 *98
9614 *98
9812
Amer Railway Express__ _ _100 78 Mar 27 84 Jan 13
*78
80
*78
80
*78
80
*78
80
*78
80
American Republics__ no par 48 Jan 8 664 Jan 17
*4412 45
*45
55
*50
55
*40
55
*50
55
5412 56
54
55
5,400 American Safety Razor _ .100 36% Jan 2 5914 Mar 12
54
55
53
54
53
533
1012 Mar 19 144 Feb 28
107 101
1034 11
107g 107 *1078 11
1,600 Amer Ship & CommNo par
107g 11
93% 943* 94% 9112 91
7,800 Amer Smelting & Rellning_100 903841 zr 30 1065* Feb 10
Ms 9314 9114 9312 9373
10512
Jan 5 110% Feb 5
100
Do
pref
*108 109
108 108
600
108 103
108 108
10712 1073
*4734 49
4878 49
3,400 Amer Steel Foundriee.....33 1-3 46 Jan 30 5414Mar 4
484 49
434 43/
1
4 43/
1
4 431
100 108 Jan 7 110/
1
4 Mar 4
Do prof
•110
•110 ____ *110 ____ *110 ___ *11012 -13,109 American Sugar Refining_ _100 4738 Jan 16 6912 Feb 26
6534 66/
1
4 65
6612 85
661
8514 66
65
67
100 9114 Jan 16 10112 Feb 28
Do pref
800
*9712 9814 98
93
9734 931 *9712 93
98
93
1
4 Jan 20 244 Feb 14
100 10/
15
15
1,200 Amer Sumatra Tobacco
1514 154 141 15
14
141 *1312 143
100 3612 Mar 12 56 Feb 13
Do prat
*41
4758 *42
500
45
45
45
*45
43
47
50
*1112 4214 *4112 42
200 Amer Telegraph dr Cable_ _100 4014 Jan 8 47 Feb 25
41% 4112 *41
42
4112 411
100 1234 Jan 15 13633 Jan 3
13318 13312 13318 13312 13312 13358 133% 1337 13334 134
5,109 Amer Teiep AG Teleg
Stock
50 35 Feb 17 914 Feb 9
8814 8838 8838 8333 8812 8334 8358 8318 8358 8858
2,600 American Tobacco
108 Feb 17
100 1044 Jan
1410318 105% 10512 10512 10518 10518 *105 1051 •105 1051 Exchange
Do prof
300
Do common Class B _.50 844 Feb 17 8971 Feb 9
874 8714 874 8734 8713 8734' 873 8734 8758 873
3,509
1
4 Jan 16 11214 Jan 2
*102 108 *102 103 *102 103 1'1102 108 z107 107
100 American Type Founders-100 103/
Closed;
--20 343s Jan 13 49 Mar 25
464 478* 4838 46/
1
4 46
464 4533 4658 457k 453
8,100 Am Wat Wks az
100 100 Jan 9 103 Feb 18
Do 1st prat(7%)
*101 102 *100 1011
/
4 • 10134 10134 *100 1014 100 100
200
'Good
103 Mar 13
*101 10212 *10014 10112 *10014 1011
Do panto Pll(6%)--100 954 Jan
:*10014 10114 *10014 1011
1
4 Jan 6
3538 Apr 2 64/
Woolen
100
American
37
38
381,1 374 38%! 3812 3774 37
37
23,509
391
Friday
Do pref
100 77 Apr 2 964 Jan 20
8038 8134 81
81
8014 80141 7918 80
7814 8012
3,600
74 Jan 3
21± Apr
'2718 3121 *278 334 .1278 3% •27
Amer Writing Paper pref-100
312
*784 8
1212 Jan 9
714 77
*712 8
713 8
1.200 Amer Zinc. Lead az Smelt- 25 r714 Mar 1
*8
818
25 253s Mar 30 39 Jan 9
Do pref
*2512 27
2814 2812 27
278 27
2712 2758 2812
1,400
38
3812 38
377 38
38% 3814 3312 33
7,400 Anaconda Copper Mining-50 3534 Mar 31 48 Jan 3
3838
3514 Feb 13
•30
3114 3078 307k *30
31
3014 3014 31
31
300 Archer, Dana,' MidI'd..No par 26 Jan
*9312 96
9614 Feb 16
100 904 Jan
96
96
Do pref
*96
9612 96
9612 *96
964
100
100 901s Mar 31 97 Feb 14
91
*9034 9134 *91
91
9134 91
91
200 Armour & Co (Del) pref
*9014 91341
8 Jan
121e Jan 28
4
9
600 Arnold ConstleatCovto No par
94 *834 9
3834 9
188 192
100 128 Jan 5 193 Feb 28
177 18012 18134 190
189 192 z189 190
7.300 Associated Dry Goods
tz98
9952 *9812 100
94
Jan
991
3 Mar 12
7
1st
pref
9812 984 98
Do
100
98
98/
300
1
4 9858
*105 107 *104 107 *105 107 *104 107 *104 107
Do 2d pre!
100 101 Jan 2 10814 Feb 7
3312 34/
1
4 3334 3411
/
4 344 35
25 32 Mar 30 3913 Feb 2
3358 3414 334 334
8,400 Associated 011
3818 3612 3554 3878 3534 3858 3538 353s 354 35
3,000 Ail Gulf & W 1 SS Line_ _100 20 Jan 5 41 Mar 3
3912 3912 40
*3934 40
Do pref
100 31 Jan 5 4734 Mar 3
40
38
38 .39
300
40
103 105
103 10314 10212 10211
101 108 1'104 106
100 9512 Jan 2 11712 Feb 5
1,500 Atlantic Refining
•115 116 *11434 116 *11434 115 *1144 116 *11434 116
1
4 Mar 19
Do Pre!
100 11311 Jan 6 115/
*48
49 .48
No pa
*48
49 .48
49
Atlas Powder new
49
43q Mar 30 524 Feb 24
*48
49
*92
93
1
4 92/
*92
92/
1
4 *92
92/
1
4 *92/
92 Jan 14 94 Jan 9
Do prof
1
4 .92
10
94
*1014 11
*1014 11 I 1014 1014 •1014 11
No pa
91s Feb 16 121sMar 7
'1013 11
100 Atlas Tack
234 24
2478 25
25
25
253* 27
2312 Apr 3 3212 Jan 12
2534 2554
2,000 Austin, Nichols& Coin o No pa
*8734 9118 *8734 9018 8734 8734 *83
Do pref
100 8738 Jan 27 9218 Mar 4
901s *83
200
904
• *212 258
212 212' .214 212 .214 258 .24 212,
178 Jan 7
314 Feb 26
100 Auto Knitter Hosiery._No par
1124 114
11358 115% 11234 11514 11112 11414 111/
1
4 113181
76,700 Baldwin Locomotive Wks_100 107 Mar 30 146 Feb 28
*110 111 *110 111
111 111
Do
prat
111 111
100 10978 Apr 9 11838 Jan 31
1097s 109711
300
2278 2312 234 24
2312 2414 234 2414 233s 23/
1
4'
8,000 Barnsdall Corp, Class A__ 25 21 Mar 24 30 Mar 3
*16
18 •184 20
1812 184 *184 19
17 Mar 19 23 Feb 6
*1812 18/
1
4
100
4364 89
*3212 40
*3212 38
Barnet Leather
*3212 40
No par 35 Jan 5 49/
*3212 40
1
4 Mar 4
*41
43
*41
43
*41
43
No par 40/
*42
43
4218 42%
1
4 Mar 31 5314 Feb 14
100 Bayuk Cigars, Inc
6(
*62
9312 644 9412 193314 64
83
8435 93
20 60 Mar 23 7412 Jan 10
2,300 Beech Nut Packing
4012 41
4078 4114 4014 4114 4012 41
4018 4078
100 38/
1
4Mar 23 5312 Jan 13
11,700 Bethlehem Steel Corp
*110 1104 •110% 11033 111 111
11012 110% *110 110%
Co cum cony 8% Drat _100 109 Mar 18 1164 Feb 8
300
*95
9512 *95
96
*95
955 *95
954 95
Do pref 7%
100 9414 Mar 11 102 Jan 31
95
100
*413 5
434 434
412 43
5
7 Jan 10
4% Mar 23
No par
800 Booth Fisheries
514
*212 2% *2
214 *2
214
2% 214 *2
3% Jan 26
238
214 Apr 8
100
100 British Empire Steel
*25
284 *- --- 30/
1
4 •____ 3034 •____ 27
Do lst pre
*25
304
33
/
1
4 Feb 25
90
Jan
100
*834 9/
1
4
_
918' .8
912 *8% 9%
8% 8%
Do 2d prof
1
4 Jan 21 1114 Feb 24
100
8/
400
128 128
1281: 130
1297s 1304 12914 12914 129 1297s
133 Jan 7
100 12011
/
4 Jan
1,800 Brooklyn Edison, Inc
8078 8112 81
8212 81% 834 823g 84
83
7013 Feb 17 84 Apr 8
833*
No par
21,800 Bkiyn Union Gas
70
6812 7014 71
*68
71
70
71
6934 7014
100 6412 Mar 31 784 Jan 10
2,200 Brown Shoe Inc
97 .
. 97
*97
98
97
97
*97
99
Do pref
100 96 Mar 25 10034 Jan 19
100
9614 9614 *96
9714 93
95
95
95
9614 964
No par 924 Feb 11 10335 Jan 12
400 Burns Brothers
•1712 1813 1778 17/
1
4 1814 18/
1
4 18/
1
4 1834 183s 1878
Do new Class B(tom No par 17 Mar 31 231s Jan 14
909
*9514 974 *9514 974 *9514 974 *9514 974 *9514 97'8
97 Feb 25
Do pref
100 934 Jan 1
*79
82
*79
81
80
*7912 81
80
794 794
8214 Mar 15
300 Burroughs Add'g Mach_No par 65 Jan
57
57
54 51i
834 Jan 2
512 512
512 • 534'
5/
1
4 534
414 Mar 31
1,700 Butte Copper & Zino
Is
3
411758 19
*1734 1834 *17/
1
4 1812 18
18
.177g 1812
2834 Jan 3
100 Butterick Co
100 173414ar 3
1534 16
1884 1834 1534 18
1512 1514 1512 1512
2,900 Butte & Superior Mining-10 1512 Mar 30 2414 Jan 9
•1
11
*1
1
1
1
1
1
1
/
1
4 Mar 30
l's
70.3 Caddo Cent 011 & Ref_ ..No par
23* Jan 12
10312 10334 104 104 .10255 1031 10318 10318 104 104
No par 10012 Jan :7 110 Feb 21
700 California Packing
2934 2912 3114 30% 3112 3014 3112 295* 301
29
/
4
100.100 California Petroleum
25 2378 Jan 2 327s Mar 7
1
4 11412 11514 115 11818 1144 1144
11113 11414 11314 115/
Do pref.
8,909
100 100 Jan 2 1161s Apr 8
3
314
3
3
3
3
3
3
3
34
1,700 Callahan Zinc-Lead
3 Mar 24
434 Feb 19
10
*48
47/
1
4 4634 4733 *47/
1
4 48
*474 43
43
491g
1,090 Calumet Arizona Mining__ 10 4612 Mar 31 58 Jan 7
Case (J I) Plow
No par
;i5E$ 11 iiT2 11 137 14 135 14
;i5200 Calumet & Heels
25 1378 Apr 8 18% Jan 5
28
*25
2712 2712 27% *25
29
*25
29
*25
100 Case Thresh Machine__ -100 24 Mar 13 30/
1
4 Jan 23
*63
66
66
65
65
*61
66
*6414 66
*63
Do prof
100 60 Mar 1 1 674 Jan 14
290
1
4
1625 1518 15% 1518 15/
1614 1614 16
1
4 *15% 15/
/
4 Mar 28 2134 Feb 7
1,900 Central Leather
100 141
555
8
57
57%
51
54
5412
57
5514 54
6,100
Do pref
100 4914 Mar 24 66 Feb 7
5413
41
41
40
4114 4018 41
4112
41
40
40 .
1,100 Century Ribbon Mills_ _No par 3112 3an 5 474 Mar 11
96
96
96
*96
98
96
96
96
Do prat
100 gale Jan 3 9834 Jan 14
309
5
/
1
4
8
44
4512
ITI :g%
45
45% 455
45/
1
4 45
10,500 Cerro de Pasco CoPPer.Ns par 434 Mar 24 5512 Jan 2
45
1
4 4234 431
421s 423* 43/
/
4 43
42
43/
1
4 4212 4212
2,100 Certain-Teed Producte_No par 4034 Mar 24 4314 blar 2
30
3714 364 371
308 3878 3812 371
/
4 355* 3612
24,900 Chandler Motor Car--No Par 2312 Jan 22 37/
1
4 Apr 6
*83
8333 85% 855 88
8334 83% 8338 8234 83
/
4 Mar 19 9858 Jan 3
4,800 Chicago Pneumatic Tool-100 801
53 049
*49
49
53
54
*49
53 .
*4813 53
Chic Yellow Cab tern titt No par 43 Mar 18 55 Jan 3
1
,
32
3214
/
4 3212 3214 3258
324 3213 321
3214 32
5,300 Chile Copper
25 3012 Mar 30 37% Jan 2
2112 2112 •2112 2212 *2112 23
213* 21% 2118
300 Chino Copper
a 20 Mar 30 281
/
4 Feb 9
6458 6434 6512 65
6618 61/
1
4 65
3,600 Cluett.Peabody &Co
*93212 6378 64
100 5811 Mar 17 7134 Jan 12
a Ex-rights.
z Ex-dividend.
*Bid and asked prime; no sales on this day
23
23
23
23
56
56
5514 55%
*97 110
*97 110
5334 5334 *52
5334
518 512
*5% 534
140 141
143 143
2834 2834 281g 2812
8334 88/
1
4 8812 88%
•112 118 •112 117
•23
2312 23
23
23
23
*55% 56
53
53
55
55
*97 110
*97 110
*97 103
•51
5318 *53
53
5312
388 312
512 512
512 512
143 144 *140 142 •141 143
2714 2814 2734 2734 28
2812
8834 8334 8334 89
8834 8334
114/
1
4 114/
1
4 11518 11518 116 116
334
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
per share $ per share
6714 Jan 93 Dee
412 May 144 Dee
14 Feb
.05 Dec
11 Mar
/
1
4 Jan
65 Mar 8712 Dec
Apr 118% Dee
110
41% May 73% Dee
90
Apr 10478 Dec
718 Apr 1718 July
1834 Apr 49% Jan
36 Mar 4912 Feb
6812 Oct 83 Dee
1
4 Jac
224 Apr 38/
Apr 102 Dee
70
10414 July 110 Mar
95/
1
4 Apr 1634 Dee
Or4
109
Jan 119
15312 Apr 2004 Dec
118/
1
4 Apr 125 July
211
/
4 Mar 25 Bela
1434 Apr 4078 Dee
514 Feb 934 Dee
23 Sept 39 Dec
34 June
7 001
Apr 1004 Doe
88
_
9212 Mar
914 Apr
714 Apr
504 Jan
72 Aug
7312 Nov
17/
1
4 Mar
10 May
1334 May
Apr
30
701s Apr
11614 Apr
3834 June
10714 Apr
9414 A Dr
7712 Nov
Jan
25
5/
1
4 Apr
101s Oct
574 Jan
96
Jan
334 Apr
10114 Apr
36
Oct
77
Oct
638 July
224 Sept
38/
1
4 Dec
12118 June
136% Mar
101
Apr
13514 Mar
106 Sept
40 Feb
8912 Mar
68 Feb
5114 Sept
90 Oct
14 Apr
7 Mar
24 June
2812 May
284 Dec
90 Dec
834 June
6 Oct
79
Jan
8312May
Jan
89
274 July
1034 Mar
1215 Jan
7812 July
Oct
108
Apr
47
8212 Feb
5 June
1812 Mar
79
Apr
112 Nov
10438 May
1104 June
14 Feb
10
Jan
234 Nov
3912 May
4414 Apr
37/
1
4 Oct
10114 Apr
894 June
3/
1
4 June
14 Nov
30 Aug
5 Nov
10714 June
56/
1
4 Apr
39 May
84 June
95 Dee
193s Fob
954 Mix
6234 Nov
3% Jun
17 AP
14 May
1 Nov
80
Apr
1912 July
9212 July
212 May
4134 Ma
Mar
13% May
14 Mar
414 May
9/
1
4 Mar
294 Mar
2534 Apr
Jan
91
4034 Ma
247s Jun
26/
1
4 Nov
79/
1
4 May
39 May
2533 Ma
15 Mar
Oct.5
1321, -iii;
133. Dee
14% Dee
72/
1
4 Dee
96 Feb
83 Feb
8533 NO•
1214 Jan
2834 Dee
5338 Dee
109/
1
4 Dee
12012 Sept
54 Dee
1154 Dee
136 Des
83 OM
48 Dee
1014 Nov
15/
1
4 Feb
1003s Dee
107% Dee
49 Dee
1094 Nov
6134 Feb
gg/
1
4 Feb
2813 Jan
Jan
69
431s Jan
134/
1
4 Dee
189/
1
4 Nov
1064 July
1683s No•
115 Sept
144 Dee
101 Dee
102 Nov
7874 Jab
10213 Jan
7 July
124 Dee
80/
1
4 Dee
4814 Dee
29 Dee
914 Dee
94/
1
4 Dee
Jan
15
1044 Nov
94 Nov
10234 Dec
34% Feb
23 Dee
8112 Des
1404 Jan
118 Feb
54/
1
4 Feb
93 Dec
114 Jan
3312 Dec
91 Nov
84 Jan
134% Dee
11712 Nov
2312 Dee
174 Dee
39 Dee
Jan
59
72/
1
4 Dee
6218 Feb
11014 Feb
97 Feb
74 Jan
6 Aug
54 Mar
15/
1
4 Jan
12414 Dee
8214 Dee
76% Dee
9net Dee
11212 June
29 Nov
99% May
6712 Oct
94 Dee
251% Dee
254 Dee
414 Jan
10614 Dee
2914 Feb
Jan
107
5% Jan
5834 Deo
14 July
1912 Dec
35 Dec
Jan
77
21% Deo
5814 Dee
3514 Nov
954 July
56/
1
4 Dee
441s Dee
6612 Jan
1007s Dec
6112 14Pr
3838 Dee
29 Dee
751. Ian
New York Stock Record-Continued-Page 3
1856
For sales during the week of stocks usually inactive, gee third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 4.
Monday,
April 6.
Tuesday,
April 7.
Wednesday.1 Thursday,
Apri/ 9.
April 3.
Friday,
April 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
rent .3t2 AZSII
Range for Year 1925.
On basis of 100-share lots.
Lowest
I
Highest
rent O.na.
Range for Previous
Year 1924.
Lowest
Highest
Shares, Indus. & Miscell. (Con.) Par $ Per share $ Per share 3 per share $ per share
$ per share $ Per share 3 Per share $ per share $ per share $ per share
Apr 831s Dec
61
1
4 Apr 9
No par 80 Jan 6 95/
16,600 Coca Cola Co
9412 9578
9214 9212 9512 938 95
9134 9218 92
24/
1
4 Feb 5414 Aug
100 3212 Mar 31 4814 Jan 13
7
4,600 Colorado Fuel & Iron
3414 3514 3412 3512 3334 3434 3312 33
3312 34
3934 Sept 5531 Jan
/
4 Jan 8
200 Columbian Carbon v to No par 45 Afar 24 511
4812 *47
48
4812 *47
4612 4612 4812 4812 .47
33 Mar 48 Deo
No par 4534 Jan 21 59 Feb 28
37,400 Col Gas & Elea
5512 5712 5634 5712 5618 5712
1
4 56
5438 5458 54/
100 10414 Jan 5 107 Jan 26 10314 Dec 105 Dee
Do pref 2,100
105 10514 105 10558 105 10518 105 10512
•10412 105
3033 May 58 Nov
Comm'l Invest Trust_ _No par 50 Jan 2 67 Feb 18
6112
*57
6112
*57
6112
*57
6112
*5612
63
•56
93 May 103 Nov
100 102 Mar 19 10612 Jan 19
Do pref
*101 10612 *101 10612 *101 10612 *101 105 *101 105
434 Jan 13114 Doe
1,900 Commercial Solvents A No par 10912 Jan 9 190 Jan 29
13112 13414 13612 13612 *131 134
126 127
127 130
29
33 Jan 12912 Dee
Jan
"B"
No
par
10712
Jan
9
189
Do
1,500
136
13212
135
1333
4
12812
1333
4
127
12412
128 130
3238 May 6834 Feb
Jan
2
new__
No
par
3314
Apr
4312
Congoleum
Co
8
17,300
3512 3314 3518 3334 3414
36/
1
4 35
3612 36
36
734 May 1414 Dee
234 Feb 16 17 Feb 10
300 Conley Tin FollstarapedNo par
234 234 *234 27s *234 278 *234 28
*234 3
1132 Mar 30 Nov
19
No
par
264
Jan
2
Feb
Consolidated
Cigar
323
4
300
.
*28
29
29
29
2912
*2812 2912 29
29
*28
Jan
Apr 84
Feb
14
5912
Jan
2
89%
Do
prof
100
793
4
87
86
*80
*80
*80
87
87
*80
*82
86
314 Dee
18 Jan
34 Jan 7
638 Feb 19
10,300 Consolidated Distrtb'rs No par
558 6
558 6
512 6
412 518
458 458
Des
Jan
79
/
1
4
607
s
(NY)
No
par
7418
/
1
4
Feb
10
Consolidated
Gas
Mar
30
78
18,600
1
4 7614 7634
7638 7634 7612 7714 7614 7714 7634 77/
8
Jan
2/
1
4 Apr
35o
278 Mar 19
514 Jan 7
15,500 Consolidated Textlic___No par
3
314
3
318 338
278 338
3
3
4312 Apr 6958 Dec
7,400 Continental Can, Inc__No par 6012 Mar 30 6978 Jan 2
6212 6118 6212 6114 6178
62
62/
1
4 6212 6212 63
Dec
Apr
8918
10912
Continental
Insurance
25
103
Jan
26
Jan
5
1204
300
103 10912
103 108
*10712 108 *10714 109 *10712 109
Apr
8/
1
4 Dee
6
8/
1
4 Jan 2 10/
1
4 Jan 13
23,600 Cont'l Motors tern ctfs_No par
914 912
938 912
938 912
914 94
9
94
3112 Jan 4334 Nov
25 3712 Apr 33 4158 Feb 25
7,400 corn Products Refill w 1
3812 3814 38121 3812 3878 3858 3878
3814 3813 x38
Apr
1233
4 Aug
11518
100
11818
Jan
12312
Mar
25
prof
7
200
Do
12114
123
*120
123 123 212114 12114 *120 123 *120
2258 Sept 4014 Feb
No par 2618 Mar 30 3538 Feb 2
Cosden & Co
_ _ ____ ____ ____ ____ ____ ____ ___Dec 95 Feb
100
83
Jan
80
pref
2
903
8
Feb
10
Do
-_
*8314
---_
----8712
;8612 8678 - 48 May 76 Deo
7,300 Crucible Steel of America_ _100 6112 Mar 30 7934 Jan 17
6714
6612 6814 664 -6-712 6714 --6712 88
67 68
100 93 Jan 2 96 Jan 15
86 May 98 Dee
Do pref
400
93
91
93
*93
94
94 *93
93 *93
93
1012 Oct 18 Feb
Cuba
Cane
Sugar
No
par
1214
Jan
12
145
8
Feb
9
3,800
1314
*127
2
127
8
1314
1
4 1234 1234
131
/
4 1318 1272 13/
100 5618 Jan 14 6258 Feb 28
5358 Apr 717s Feb
Do pref
5,000
5714 5814 5778 53
5814 5718 575
5714 5758 58
2814 Nov 3873 Feb
2,300 Cuban-American Sugar____10 29 Mar 19 3312 Mar 3
2912 2918 2912 2958 29% 2934
29% 297o 2958 30
100 9614 Mar 28 101 Mar 13
96
Jan 10014 Nov
Do pref
*9614 98
*9614 98
*9614 98
*85
87
*9614 93
34 Feb
414 Apr 3
418 June
638 Feb 27
2,600 Cuban Dominican Sug_No par
5
478 5
5
518
5
5
5
5
5
Dec
52 Feb
5
100
373
4
4412
Jan
6
38
Do
Prof
Mar
27
200
40
39
40
*393
4
393
4
*39
395
8
*384 3934 *39
Sept
Aug
765
No
par
62
Cuslunan's
Sons
Mar
30
73
Jan
19
5612
67
67
*66
*64
*64
67
67
67
*64
*64
No par 50 Feb 17 5512 Feb 24
4518 Nov 7412 Jan
4,100 Cuyamel Fruit
5314 5414 5334 5412
53
5312 5312 5134 5314 53
77
Mar
3214
Woolen
Mills_25
212
Nov
Boone
Feb
19
Jan
9
6
Daniel
5,000
*234 278
234 272
*234 3
*234 3
3
3
3812 Nov 6913 Jan
5,700 Davison Chemical v t o_No par 3014 Mar 26 4934 Jan 23
3512 3434 35
3612 3458 3614 35
3334 3434 35
De Beers Cons Mines__No par 2014 Mar 18 2418 Jan 28
1814 Jan 2214 Dee
*2014 22
*2038 22 *204 22
*2012 22
*2012 22
100 110 Jan 5 119 Mar 7 1014 Jan 11534 Dee
1,100 Detroit Edison
11518 11512 115 115
11518 116
115 115 *115 116
No par 1318 Mar 14 164 Jan 19
201
/
4 Jan
1134 Nov
900 Dome Mines, Ltd
*1334 14
1352 14
14
14
*1352 14
*1312 14
No
par 14 Feb 16 167s Jan 12
938 Juno 18 Deo
Douglas
Pectin
1,600
1612
163
8
16
16
/
1
4
164
16
15
1532 16
15
700 Duquesne Light 1st pref___100 105 Jan 7 1074 Feb 9 10012 Mar 10814 Sept
1
4 *10612 10634
10634 106/
1
4 10672 10634 107
*106/
1
4 10714 106/
No par 10318 Mar 19 118 Jan 19, 10418 Apr 114% Nov
4,000 Eastman Kodak Co
10814 108%
10812 11012 10872 10312 1087* 109
*10912 110
8/
1
4 Sept 2418 Jan
No par 1012 Feb 13 16 Jan 31
1,400 Eaton Axle & Spring
1478
1514 14% 14% *14
1518 15
1478 1478 15
13414 Jan 5 154 Mar 4 112 May 142 Dee
de
Nem
&
Co_-100
Pont
E
I
du
10,500
14358 14434 14358 14412
14112 14212 143 144
13918 141
85
Apr 96 Dee
100 94 Jan 23 9712Mar 4
Do prat 6%
800
96
9612 9612 x96
9634
9612 96
96
97
*96
5012 May 68 Dec
2,300 Elec Storage Battery__No par 6034 Mar 30 7034 Jan 3
6112 6212
62
63
6234 6234 6212 63
6178 62
Dec 14/
1
4 July
74 Feb 17 1012 Jan 22
11
50
Elk Horn Coal Corp
9
*8
*8
9
10
10
*8
*8
10
*8
212 Jan 3
% June
34 July
134 Mar 9
Emerson-Brantingham Co_100
*112 2
*112 2
*112 2
*112 2
*112 2
7 May 7358 Dec
2
72
Jan
9
55
633
4
Apr
Corp___
50
Endicott-Johnson
900
6414
*64
65
64
6412 6418 6434 6414
•____ 65
Jan
100 11212 Jan 21 11634 Feb 16 lO5l3June 115
Do pref
700
11212 11212
113 113
113 113
113 113
*11212 114
1972 Jan 3
18 Dec 2412 14u5
1,600 Exchange Buffet Corp_No par 1512 Apr S
•1612 1634 *1612 1634 1612 16'2 1512 1614 1534 16%
2
Dec
412
Jan
Jan
5
Mar
27
3
25
214
312
Fairbanks
Co
313
*112
312
*112
*112 312 *112 312 *112
2512 May 34 Dee
Vo par 3214 Jan 2 3834 Mar 12
1,300 Fairbanks Morse
36
357 36
36
3514 3578 36
3558 3552 36
61
Jan
9812
Dec
10312Mar
2
Feb
17
par
9014
Players-Lasky_No
Famous
9414
22,500
9512
93
9312
9312
9412
9358 9338 9112
93
877* Jan 10812 Dee
1
4 Feb 17 110 Jan 8
100 103/
Do prof (8%)
1,000
106 10618
10512 10512 106 106 *106 108
10478 105
7412 May 12212 Dec
600 Federal Light & Trac_Nopar 11412 Jan 3 14812Mar 6
139 139
141 141
13812 13812 *141 14212 141 141
518 Apr 2434 Dee
19
Jan
1514
Mar
13
25
Smelt'glOO
Mining
&
Federal
200
16
16
*16
18
*16
18
*16
18
18
*16
4112 Jan 64/
1
4 Dec
100 4912 Mar 11 6414 Jan 15
500
Do pref
Stock
517
5118 5114 5114 5114 5112 5112
5134 5134 *51
118
Mar 146 Deg
Jan
12
Jan
6
16614
Y_
_25
14712
Fire
Ins
of
N
Fidel
Phen
100
154
*152
154
*150
152 152 *150 15212
•152 154
Jan
13
/
1
4
Jan
912
par
12
Jan
8
15
Apr
7
ctfs_No
tern
600 Fifth Ave Bus
14 Exchange
*12
*12
15
1412 1452 15
14
14
*12
Jan 240 Des
No par 239 Jan 2 280 Jan 12 163
Fisher Body Corp
______
June
137
Dec
Mar
24
512
a
135*
Feb
6
No
par
1012
Ftsk
Rubber
Closed;
21,900
1212
1218
8 -1214 1234
-ii3-3 I17g - His -1-21-2 -121-8 -1-273818 July 86 D00
100 .7512 Jan 16 854 Jan 14
Do lot pref
1,100
8258 8214 8312 8238 8334 8214 8214
8214 8214 82
1
4 Nov
4414 Jan 90/
75 Mar 19 8612 Jan 2
No par
6,400 Fleischman Co
Good
7838
7814 78
7812 7712 7858 78
7612 7634 76
Jan 94/
1
4 Dec
par
90
Jan
6
6
6812
No
11112
Apr
Foundation
Co
8,800
/
4 10972 10978 *1084 109
109 10972 11014 11112 110 1111
74 Sept 1372 Jan
No par
8 Mar 13 1214 Mar 23
95 104 1014 1034 Friday
5,700 Freeport Texas Co
934 1014
1014 1014 1014 1034
7
Jan
44 Jan 2 1614Mar 2
314 Oct
No Par
4,000 Gardner Motor
13/
1
4 *1234 1334 *1212 13
134 134 13/
1
4 13
13
354 May 53 Dee
100 45 mar 30 5812 Jan 10
500 Gen Amer Tank Car
4634 4634 *4634 47
48
4834 *4634 47
*4634 47
100 934 Feb 16 99 Jan 19
92 Feb 9912 Dee
Do pref
98
.
98
*96
98
*96
98
*96
98
*96
*96
100 4212Mar 30 6334 Jan 2
311
/
4 Apr 6332 Dee
10,200 General Asphalt
49
503
48
4612 4914 4814 5058 49
4514 46
100 8612 Alar 17 100 Jan 2
7112 Apr 100 Dec
Do pref
300
9212 *88
927
9038 9012 *90
9212
*8612 927 *88
No par 121 Mar 7 14734 Jan 2
93
Jan 160 Sept
1,400 General Baking
12812 139
13912 13912
•12514 130 *126 129 *127 130
100 92 Apr 3 10134/ ar 4
8214 Apr 0833 Dee
400 General Cigar.Inc
93
93
93
93
93
93
*9214 94
94
.92
100 105 Jan 3 11114 A ar 12 10114 Mar 106 Dec
Do prat
•10414 110 *10414 110 *10414 110 *10414 110 *10414 110
Do debenture pref____100 107 Jan 5 10912 Feb 25 100 Apr 109 Dee
10612 109 *10612 110 *10612 110
*10612 110 *10612 110
100 22714 Feb 17 320 Jan 2 193/
1
4 Jan 322 Doe
41,300 General Electric
25712 26034 259 26234 259 26234 259 26534 263 27012
1118
10 11 Jan 2 1114 Jan 3
104 Apr 1112 July
Do special
4,500
1118 11
1112 114 1112 1112 1112 11
11
Jan
Motors
Corp__No
par
6458
5
Oct 6678 DOS
79
General
Feb
10
55
/
1
4
30,800
7
7118
72
714
723
8
71
6978 7012 7034 7112 71
100 90 Feb 13 944 Jan 21
80 June 93 Dec
Do pref
92
*89
92
*89
*89
92
92
*88
92
*89
100
91
Feb
21
94
Jan
13
804
June
9312 Dec
Do
deb
stock
(6%).9112
.89
*89
9112
*89
9112
92
*88
92
*89
100 102 Jan 5 10878 Feb 2
954 July 1034 Dee
Do 7% pref
1,300
10434 105
105 105
10478 105 *10314 10514 104 105
25 42 Jan 18 5712 Mar 3
3853 June 45 Atli
50,300 General Petroleum
5112 5258 5034 5238 5053 5138
5058 5034 52
50
31 June 55
Jam
100 General Refractories_ __No par 4512 Mar 31 5812 Jan 14
4512 4512 *4512 4612 *4512 4612 *4512 4612
.4512 46
No par 47 Mar 16 57 Jan 13
474 June 644 Dee
1,100 Gimbel Bros
49
49
*49
50
50
50
4934 4934 4978 50
100 10214 Mar 14 10514 Jan 20
99
Jan 107 Sept
Do pref
700
10412 10412 104 104 *104 10418 104 104 *10334 105
21 Dec 27/
1
4 Nov
4,000 Ginter Co temp ctfs_ -No par 2214 Feb 13 237s Mar 26
2712 2712 2734 28'4 27% 2814 *2818 2814 12734 28
8 June 15 Nov
No par 1212 Mar 19 1713 Feb 13
8,300 Glidden Co
15
1552 15/
1
4 15
1
4 15/
1
4
1
4 14/
1
4 1412 14/
1432 14/
2812 Apr 437k No
6,200 Gold Dust Corp v t c...No par 37 Mar 3 4238 Jan 2
1
4 39/
1
4 3812 3978 3812 3812 3814 3812
*3712 3812 37/
17 June 38 Des
No par 36/
1
4 Jan 5 5512 Apr 6
23,900 Goodrich Co (B F)
5234 5314 5312 5512 5318 5512 5334 548 534 5412
100 92 Jan 3 98 Mar
7014 May 92 Dec
Do lyre
1,800
96
9612 9612 9634 9712 96
9714
*9412 95 I 95
1
4 Dee
39 Jan 90/
10,700 Goodyear T & Rub pit v t 6.100 8612 Jan 6 1073s Mar 1
9712 9434 9738 9358 96
9518 96 I 957 9612 97
10314
Jan
5
10714
Mar
prat
100
8814
prior
Jan 1081g Dee
Do
500
4
10412
10412
*1033
104 104 *104
104 104 I 104 104
1212 Apr 2178 Dec
300 Granby Cons Min Sm & Pr_100 13 Mar 30 2114 Jan 1
*14
15
1
4 1434 1412 1412 5144 15
*1434 1532 14/
414 Jan 2
74 Jan
24 Oct
Gray & Davis, Ino___-No par
94 Jan
____
834 Oct 9878 Dec
2,400 Great Western Sugar tern ctf 25 91 Jan 16 994 Mar
9512 9534 9512 9638 954 9512 954 9514 9434 9538
10 May 21/
1
4 Dec
1,500 Greene Cananea Copper-100 1134 Mar 19 1914 Jan
*1212 13
*1212 15
1332 1212 13
1352 13
13
5 Apr 1
612 Jan
4/
1
4 Nov
514 514 *514 512
1018 Feb
512
200 Guantanamo Sugar____No par
512 .5
• 518 518 *5
100 671s Mar 24 941
/
4 Feb
82 May 8914 Feb
2,400 Gulf States Steel
70
7034 70
70
7012 71
71
7012 70341 71
31 Sept 4444 Feb
1,800 Hartman Corporation__No par 2712 Mar 23 3712 Jan
*2812 2834 2812 2878
*28
28181 2814 2812 2853 29
No par 30 Mar 14 4314 Jan
3214 May 5278 Feb
3,000 Hayes Wheel
3312 3334 3314 3412
3212 3212 3318 3312 3334 337
4814 Dec 51/
300 Hoe (R)& Co tern ctts_No par 45 Apr 1 4878 Jan
1
4 Dec
47
47
*45
*45
45
x45
47
47 I •46
*45
100 43 Jan 2 50 Jan 1
35 July 564 jar
700 Homestake Mining
4334 4334 4334 43/
44
1
4
•43/
1
4 44 I 4334 4334 44
1
4 Jan 2
311
/
4 Apr 38 No
1,000 HousehProd,Inc,temctfNo par 3412 Jan 5 37/
3578 357sI 3512 3512 3512 353* 3534 3534 3534 3534
61
Apr 824 Feb
5,400 Houston Oil of Tex tem ctfs _100 6058 Mar 30 85 Jan 2
6272
62
6234 63
1
4 65
6258 63141 6212 6434 63/
2012 May 38 Det
32,600 Hudson Motor Car_ __ _No par 3334 Jan 5 4512 Apr
4512 4414 4514 4453 4518 4378 45
43
433sI 44
114 May 18
Jan
12,500 HUPP Motor Car Corp.__ 10 1414 Mar 18 1914 Jan
1612 1632 1634 1612 1678 1618 1658
16
1534 16
1 Jan 5
114 Jan
No par
Hydraulic Steel
4 Jan
2/
1
4 D01
712 Feb 1
6 Jan 5
100
Do pref
334 May 10 Dec
8
712
712 918 *712 912 *712 94
*712 iI
3312Mar
534 Sept 104
1 Des
40,400 Independent Oil& Gas_No par 134 Jan
8 2358 2412
,
4 2458 2614 2412 25,
24
2438 25
24
151s June 254 Yet
No par 13 Mar 24 20 Jan
100 Indian Motocycle
1512
15
*1414 1512 1414 1414 *1414 1512 *14
•14
512 Jan 2 103g Feb
10
334 Apr
1,100 Indian Refining
718Junt
8 578 *634 7
7
712
7
712 74 *73
I
100 77 Mar 24 95 Jan
60 Mar 75 Deo
Do pref
8518 *70
854
8512 *70
*70
851s *70
8512 *70
3112May 4814 Not
No par 401sMar30 50 Feb 2
200 Inland Steel
*4112 43
4212 4212 *4114 4218 *4112 42
*41
42
9
Apr
110
105
Jan
22
100
10114 Jan 10744 Des
Do pref
100
105 105
105 *10212 105
*105 107 *_-__ 107 *
Inspiration Cons Copper
20 2258 Mar 31 3234 Jan 12
224
Feb 33/
1,100
1
4 Des
2312
24
24
234
*2314
2312
2314
2312
2318
*23
718 Jan 7 134 Feb 5
No par
3 June
100 Internat Agricul
938 Jar
1
4
9/
1
4 9/
*94 934
10
*94 10
*9
91
/
4 *9
83 Apr 1187s Des
600 lilt Business Macbines_No par 110 Afar 30 125 Feb 9
11512 11512 11514 11514
115 115
•11214 114
115 115
40/
1
4 Apr 5912 Nog
7,300 International Cement No par 52 Jan S 6114 Apr 9
1
4 5932 59
6124
5512 5512 5578 5652 5712 5734 57/
22 Mar 39 DOI
18,800 Inter Combus Engine_ _No par 3134 Jan 21 44 Mar 6
37
3812 3634 3758 3658 3714
3752 37/
1
4 38/
1
4 37
1
4 Jan 23
78
2,100 International Harvester_ __100 98'sMar25 110/
Jan 1104 Del
103 103
103 1037s 10314 10414 *102 103
10334 104
.100 114 Mar 3 11514 Feb 13 108 Feb 1154 Nog
Do pref
300
11484 11434 *114 11412 11414 11414 *114 11434 11434 11434
634 Jan 15/
1
4 Des
500 Int Mercantile Marine____100 1052 Mar 18 147s Feb 5
.11
1114 *1034 1112 *1034 1112
1118 1118 1084 11
100 394 Mar 18 524 Feb 5
Do pref
2612 Mar 473 Del
3,300
4018 4018
4214 41
4238 4012 41
4012 4078 41
111
/
4 May 2718 Des
101,900 International Nickel (The)_25 2414 Mar 18 2953 Apr 8
27/
1
4 27
28
2812 2953 2858 2958 2834 2958
27
100 94 Jan 6 9912 Feb 6
Do pref
754 May 95 Nog
9814 59718 9814
*9712 9814 *9712 9818 *9712 9818 *98
100 4814 Mar 19 62 Jan 13
3412 Apr 60 D04
10,300 International Paper
5014 5112 5112 5218 5114 5212 4934 501/4
4912 50
1
4 Feb 11
Do stamped prof
100 71 Mar 9 76/
1
4 001
1,100
6212 Mar 74/
72
702 74
7412 *7314 74
72
73
73
*74
Feb 2 118 Feb 24
par
108
International
Shoe
No
200
73 Apr 119 Nog
118
*117
117
/
1
4
11712
*117
11712
11712
11712
'1165811758
/
4 Feb 28 11514 May 11918 Des
100 11912 Jan 8 1201
Do pref
•11752 125 '11753125 *117 118 *11772 125 *118 125
100 8712 Apr 3 97/
1
4 Feb 19
3,200 Internat Telep & Teleg
66 Feb 94 Dee
88
8712 834 8812 8912 8812 89
88
8814 89
No par 22 Apr 9 2612 Jan 5
2412 Dec 3213 Mal
300 Intertype Corp
23
22
24
*23
24
*2212 23
24
25
•23
1512 Jan 2 22/
1
4 Jan 9
1672 .1111
Invincible Oil Corp____No par
1012 July
1
4 Des
10 82 Jan 27 105 Feb 10
3912 Apr 100/
Iron
Products
Corp
'ski
46------*
-i-0
--;io66
;iii90
---*80
90
*80
1818
Mar
30
2314
Jai
100
217
Apr
Feb
28
165
8
Jewel
1,300
Tea,
Inc
*1812 19
*1812 19
184 184 1834 1932 *1814 19
100 10212 Jan 19 110 Feb 25
78 Mar 108 Del
sin,
Do pre(
•i
i nni - *IAA, 11171. *ma, In7t. sine,. 11112
105
•wend sated prices: no sale, on this day. aEx-dtvidend. 3 Par value Changed from $100 to $50 and prime on that basis beginning June 3. a Ex-rights.
V.
New York Stock Record-Continued-Page 4
or sales during the week of stocks usually inactive, see fourth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 4.
Monday,
April 6.
Tuesday,
April 7.
Wednesday
April 8.
Thursday.
April 9.
Friday,
April 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
rLUC ,7U 4U41
Range for Year 1925.
On basis of 100-share lots.
1857
YEW .31-1111$6
Range for Previolu
Year 1924.
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. &Miseell•
(Con.) Par $ per share $ per share $ per share $ per Mars
1658 1658 *1634 1878 1612 1634 *1612 1658 1654
500 Jones Bros Tea,Inc,stpd_ _100 1618 Mar 31 2178 Feb 3
16/
1
4
1434 Sept 2712 Jaz
4 4734 48
4858 4614 48
4812 47
45
8,800 Jordan Motor Car
4718
No par 42 Jan 27 5912 Mar 3
214 May 5214 Dec
"12
/
1
4
*12
/
1
4
*12
/
1
4
*12
/
1
4
*12
Kansas & Gulf
54
10
/
1
4 Feb 28
114 Jan 28
Jan
1
14 May
1912 1913 1934 21
21
2114 *2012 21
2218
22
2,200 Kayser (J) Co v t e____No par 1834 Mar 17 2734 Jan 5
1614 Aug 3838 Jan
*83
90 .83
90
*83
90
*83
90
*83
90
Do 1st pref
No par 83 Mar 30 90 Jan 13
Feb
10211
77
Aug
1512 1578 16
173
163
1718
8 16/
4
1
4 1738 1534 1678
16,500 Kelly-Springfield Tire
25 1214 Mar 24 17/
1
4 Jan 3
9/
1
4 June 35
Jan
44
44/
1
4 45
50
4914 5014 50
401
/
4
50
*49
4,000
Do 8% pref
100 41 Mar 25 51 Jan 5
33 June 88
Jan
*45
48
48
48
5118 511
/
4 *51
1
4
5213 *5013 52/
Do 6% prat
200
100 43 Mar 25 53 Feb 4
40 June 7813 JI/11
89
89
9112 92
92
92
*90
92
*83
92
Kelsey Wheel,Ins
400
100
88
Mar
28
101
Jan 13
78 May 104 Dec
4734 4812 4818 4858 4814 4834 47/
1
4 4834 48
14,600 Kennecott Copper
484
No par 4613 Mar 30 5734 Jan 13
34/
1
4 Jan 5784 Dec
214 214
214
211
2/
1
4 238
214
214
238 2/
1
4
1,600 Keystone Tire & Rubb_No par
1/
1
4 Jan 9
314 Feb 5
438 Jan
112 Oct
79
79
7978 80
79
*77
*78
79
*7734 79
Kinney
300
Co
No
par
74
Mar 25 87 Jan 3
390 390
5214 May 8814 Dec
395 305
39434 395 38512 38512 "386 387
600 Kresge (S 5) Co
100 375 Apr 1 532 Mar 24 287/
1
Dec
4
47514
"33
Jan
35
*33
35
35
"33
3313 3312 *33
34
100 Kresge Dept Stores__ _ _No par 3112 Jan 21 4534 Jan 7
156 1136
42/
1
4 Nov 82/
1
4 June
16412 16412 163 163
161 161
160 160
600 Laclede Gas L (St Louls)_100 11014 Jan 5 178 Mar 31
Noy
1214 1214 13
79
113
Jan
1334 13/
1
4 14
*1314 1312 13
8
1,300 Lee Rubber &
13 4
_ __No par 1158 Feb 20 15 Feb 5
8 May 1718 Jam
58
58
5812 5813 5814 5814 5814 5814 *58
5812
900 Liggett & Myers
TireTobnew_ 25 .57 Mar 25 7113 Feb 8
*116 118 15116 118
50 Mar 684 Dec
118 118 *118 118 *116 118
Do pref
100
100 11612 Jan 18 120 Mar 3 1141
/
4 July 121 June
5734 5734 57/
1
4 5734 57/
1
4 58
58
5814 *58
3,200
5812
Do "B" new
25 5512 Mar 27 70/
1
4 Feb 6
48/
1
4 Mar 6812 Del
6314 6312 64
64
6314 6334 6314 6314 *6314 64
Loc
Lima
800
Wks
No
par
6114
Mar
31
743
8
Jan
14
58 June 71 Dee
2478 2518 25
2538 244 2534 2518 2614 25/
1
4 2614
27,300 Loew's Incorporated_ No par 22 Feb 17 2814 Mar 13
15/
1
4 June 25 Dec
634 814
814 918
814 9
8
838
818 85s
43,900 Lott Incorporated
No par
6 Jan 28
91
/
4 Apr 6
513 Apr
854 Jam
8234 8234 83
8412 82
8312 8134 8134 *82
84
Biscuit
Loose-Wiles
1,400
100
77
Feb17
9718 Mar 7
341
50 Mar 84 Nov
/
4 3438 3414 34/
1
4 3414 3412 3414 3413 3412 3412
Lorillard
2,700
25. 304 Jan 24 37/
1
4 Jan 13
•10834 111 *10834 111 *10834 111 *10834 111 *10834 111
33/
1
4 Dec 4014 AO
Do pref
100 108/
1
4 Feb 27 112 Jan 12 112 Nov 117 Feb
1614 1638 1658 1712 1658 1734 1614 1738 1613 17
18,000 Louisiana 011 temp etfs_No par 1458 Mar 31 2334 Feb 33612 37
37
37/
1
4 35
37
36
3612 3314 35
9,100 Ludlum Steel
No par 3134 Feb 17 55 Mar 4
Oct3814 -Dec
17
•11414 120
116 116 *116 119/
1
4 11612 11612 11614
300 Mackay Companies
100 114 Mar 20 117/
1
4 Jan 24 107
13514 13714 136 14111 13814 14112 13813 14034 13718 11614
Jan 119 Mal
Mack Trucks, Inc
102,800
1393
s
No par 117 Jan 16 14834 Feb 10
10712 10712 *106 10712 *107 10734 *10714 1071 10734 10734
7534 Apr 11878 Dec
Do 1st pref
300
100 104 Jan 27 1091
/
4 Feb 18
•1004 102 *10014 102 *10014 102 *10014 102 *10014 102
9513 Jan 10714 Dee
Do 2d pref
100 99 Jan 2 104 Feb 27
87 Apr 10114 Dee
Do 2d paid
116 Jan 5 137 Feb 9
93
-ii- -775
Oct 115 Dee
; ---- /81-4 -7 7.8 -7838 *
.'ili- -ig- ;76- -781
1,400 Macy (II H)& Co,Ine_No par 6913 Jan 3 8411 Jan 10
374 3713 3714 37/
59 May 7111 Dec
1
4 37
37/
1
4 3714 3814 3714 3714
3,400 Magma Copper
No par 34 Mar 31 4414 Jan 2
25/
2618
1
4 2614 26/
June
4558 Dec
1
4 27
26
2614 27
267s 25/
1
4 2612
9,400 Mallinson (II R)& Co_No par 211
/
4Mar 30 3712 Jan 23
76
18 Mar 4112 Dec
87
8714 874 88
88
8812 89
89
89
Do prat
800
100 81 Mar 16 89 Apr 8
7834 July 93 Dec
*50
51
*50
52
*50
52
*50
52
*50
52
Manati Sugar
100 50 Jan .5 53/
1
4 Feb 26
*7934 81
45 July 6934 Mat
*7914 81
*7934 81
*7934 81
*7934 81
Do pref
100 7934Mar 30 82 Feb 9
*5312 54
78 Oct87 MIII
*5334 54
*5312 54
5314 5314 *5314 54
100 hlanh Elec Supp tem ctfsNo par 4214 Feb 16 59 !gar 10
2214 2214 2213 2212 23
Mar 4934 .11113
3314
23
23
2478 25
2634
3,700 Manhattan Shirt
25 2014 Mar 16 3034 Jan 3
*331
/
4 34
2613 Dec44 Jam
3313 34
34
3412 3412 3534 3412 353s
4,700 Manila Electric Corp_No par 2812Mar 5 3534 Apr 8
*2512 2634 2638 2738 2634 2712 2612
/
4 Dec
2834 Dec 311
2534 2614
27
6,400 Maracaibo Oil Expl___No par 2514 Apr 2 3511 Jan 31'
24/
1
4 Oct3718 Ja5
36
36/
1
4 37
3758 37
3814 36/
68,700 !garland 011
1
4 3834 3634 3712
No Par
30 Mar 17 464 Jan 31
Tel
29
42
May
•11
12
1112 1212 *11
12 .11
1212 81114 1212
400 Marlin-Rockwell
No par
10/
1
4 Mar 13 12/
1
4 Jan 22
8 Jan 174 Mai
*28
30
2818 29/
1
4 2834 29
*2814 2912 2814 2814
1,000 Martin-Parry Corp.__ _No par 2511 Mar 24 3718 Jan 7
Jet
3118
Nov
/
1
4
37
433
6412 *63
64
63/
1
4 6414 62
"62
62
64
400 MathiesonAlkali Wkstemctf50 51 Jan 6 7334 Feb
291
/
4 May 5834 Da
8812 9114 9112 0234 93
9538 95
9714 0214
105,050 Maxwell Motor Class A___100 7458 Jan 27 9914 Apr 11
98
/
4 De
38 Apr 841
9
5634 60/
1
4 6134 6334 62
6412 62
6414 61
226,200
Maxwell
Motor
Class B No par 3314 Jan 27 6412 Apr 7
63/
1
4
101
/
4 Apr 3934 Da
1037s 10412 10434 10512 105 10512 10434 10434 10412 105
4,000 May Department Stores_ _ _50 101 Mar 23 11134 Jan 2
8212 Apr 115 Del
.82
85
8414 8514 *8412 8513 *8413 8512 8412 8412
1.000 McCrory Stores Class B No par 79 Mar 17 941
/
4 Jan 13
88
Oct 10634 Jul:
•1678 17
*1678 17
*16/
1
4 17
*1674 17
200 McIntyre Porcupine Mines_ _5
1678 16/
1
4
18 Jan 2 181g Feb 24
1458 Dec 1814 Mil
89812 100 .9812 9912 *9812 9912 *9812 9912 49812 9912
Metro Edison Power pf _No par 98 Jan 7 101 Mar 17
9014 Apr 101 De
19. 19
19
19
*1834 1914 19
1912 *19
2,300 Metro-Goldwyn Pictures pf_27 18 Jan 3 2214 Feb 5
19,4
15 Sept 19 De,
13/
1
4 1412 1458 15
1434 17
1512 1678 151
22,600 Mexican Seaboard Oil__No par 1112 Mar 17 2212 Jan 8
/
4 1534
1414 Jan 25/
1
4 Sep
10
1034 10
1038 1014 1012 1014 1012 1038 10/
13,900 Miami Copper
1
4
5
978 Apr 3 2434 Jan 13
May 25 Ain
20
1
1
1
1
1
1
1
1
1
1
11,600 Middle States Oil Corp
10
1 Mar 24
158
Jan
13
1 Aug
674 Jai
*98 100
100 100
100 100
*9934 101
*9934 101
Stock
300 Midland Steel Prod pre!
100 96 Jan 2 10512Mar 3
9113 June 98 NO'
Midvale Steel
50 29 Feb 2 301
/
4 Jan 10
23/
1
4 Oct 3414 Fel
*6,-1T2 WC" ;-.6:5- ifi- -iiiii's ifi8 -(W' -6 .- .-,,i" 16- Exchange
Montana Power
100 6434 Mar 31 72 Jan 3
6114 June 74/
1
4 Da
4458 4512 4534 47
461
/
4 47/
1
4 4614 47
4818 4734
43,800 Montg Ward & Co Ill corp.10 41 Mar 30 5558 Jan 13
2134 May 4813 Do
2578 2613 2614 26/
1
4 26
2612 26
2612 2512 26
Closed;
12,200 Moon Motors
No par 2234 Mar 19 27 Feb 26
Tel
2712
17
/
1
4
Oct
7
7
7
7
7
7
678 7/
4,100 Mother Lode Coalitlon_No par
1
4
7
7,s
6/
1
4 Mar 28
9/
1
4 Jan 2
8 May
914 Tel
17
17
17
18
1714 1713 *1713 1813 *175s 1812
2,000 Mullins Body Corp
Good
No par
1434 Feb 2 211
/
4 Feb 20
9 Mar 1814 Da
.31
32
*3118 32
"3118 32
"3118 32
*3113 32
Munsingwear Co
No par 31 Mar 30 34 Jan 23
2914 July 394 Jai
308 31912 323 340
328 340
325 335
319 324
Friday
4,700 Nash Motors Co
No par 19312 Jan 5 340 Apr 6
9812 Apr 204 Do
610514 106
10514 10514 *1054 106 *10514 106
106 106
pre!
Do
200
100
Jan
1033
21
4
108
Feb 28
9814 July 10458 Noi
*458 434 *458 434
5
5
5
5
*5
400 National Acme stamped_ _ __10
54
414 Mar 24
7/
1
4 Jan 13
334 Oct 1018 Jaz
66
6638 65/
1
4 6638 6534 68
66
6614 66
2,300 National Biscuit
6634
25 6512 Mar 17 75 Jan 2
5014 Mar 774 Sep
125 125 *12414__ •125
_ 125 125 *12414 126
pref
Do
200
100
12312
Mar 11 128/
1
4 Feb 10 12013 Jan 12834 Del
*67
69
*67 -69
*67 -69
6878 6878 6614 6712
700 National Cloak & Sult
100 8512Mar 5 78 Jan 26
44 June 70/
•100 102 *100 102 *100 102 *100 102 *100 102
1
4 Da
Do pref
100 99 Jan 13 104 Jan 29
911
/
4 Mar 100/
47
1
4 Da
47
47
48
47/
1
4 4812 4712 4734 4718 4712
3,300 Nat Dairy Prod tem ctfeNo pa
42 Jan 2 4812 Apr 7
301
/
4 Apr 444 De,
*414 4113 411
/
4 414 4138 4113 4134 4134 4178 42
1,700 NatDePartmentStoresNopar 3812 Jan 2 43 Mar 12
3614 Oct 43
Jai
97
97
97
97
9714 9718 9712 9711 97
97
pref
Do
700
100
97
Mar
25 102 Jan 2
9238 June 101 Da
431
65
6212 6258 *62
6212 6114 6213 6114 6114
600 Nat DistilProd pf tern ctfNo pa
5212 Jan 8 8814 Feb 21
301
/
Do
4
54
Aug
3012 3012 31
31
*3034 31
*3014 31
*3034 3114
200 Nat Enam & Stamping_ _ _10
301
/
4Mar 17 38/
1
4 Jan 21
18/
1
4 Sept 4478 Jai
*80
85
*81
84
*81
84
*80
84
*80
84
Do pref
100 8114 Jan 7 8934 Jan 12
67 Sept 89
Jaz
146 146
148 14812 146 14734 14634 147
145 145
1,400 National Lead
100
14012
Mar
30
1687
8 Jan 9 12312 Apr 16914 Aul
11712 117/
1
4 11712 11712 *116 117 *116 117
116 116
pref
Do
500
100
118
Jan
5
118 Mar 4 1111
/
4 May 118 Sep
*6212 63
6214 6214 63
63
6312 83/
1
4 6314 64
1,200 National Supply
50 6158 Apr 2 71 Jan 29
5412 Oct 7211 Tel
13/
1
4 1358 13/
1
4 13/
1
4 1334 1334 1334 1334 13/
1
4 1334
2,200 Nevada Consol Copper___ 5 13/
1
4 Mar 31
1638 Jan 7
111
/
4 Jan 1634 De
4634 4634 46/
1
4 4654 4614 4612 x4538 4538 45
45
1,200 NY Air Brake tern ethz_No par 4312 Mar 19 5812 Jan 3
Mg Apr 57 De
*5212 57
853
55
*53
5358 5354 53/
57
1
4 5312
Do Class A
200
par
No
51
Mar
19
Jan
474
67
7
Jan 57 Da
3212 3213 32
32/
1
4 3212 33
3234 3234 *32
33
700 NY Canners temp ctfs_No par 3134 Mar 30 3518 Jan 8
32 June 37 Da
2212 23
2312 2312 24
24
2413 2614 25/
1
4 26
1,650 New York Dock
100 18 Mar 24 30/
1
4
Jan
5
Jan
19
371s Mal
*5613 58
5714 58
60
59
59
60
6214 6214
Do pref
800
100 5218 Jan 14 6214 Apr 9
411
/
4 Feb 554 Mal
.50
57
*55
57
*55
57
*50
57
*50
57
Niagara Falls Power_ _ _No par 45/
1
4 Jan 5 58 Feb 24
42 Sept 47 Ma:
*2838 2812 2812 2812 2812 2812 2812 2813 *2838 28/
1
4
2.800
Do pref new
25 28 Jan 5 29 Jan 2
27 June 29 SOP
4434 45
4518 45/
1
4 4512 4614 45
45/
1
4 44/
1
4 45/
1
4
23,800 North American Co
10 4118 Jan
49 Mar 4
22 Jan 45 De
4813 4812 4818 4812 48
4814 48
4814 48
4838
1,600
Do pref
50
46
5
8
Jan
49 Mar 4
43/
1
4 Jan 5014 JUI:
912 912 *912 10
*9
912 *9
912
913 913
200 Nunnally Co (The)__ -No par
8 Jan 1
1018
Jan
30
7 Apr
918 Da
*512 612 *512 613
6
6
*614 613
614 614
300 Ontario Silver Mln new No par
512 Jan 2
714 Feb 26
44 Mar
*21
8/
1
4 00
23
21
21
22
*21
22
2454 *2154 23
400
Hosiery
Onyx
No par
1838 Jan
23 Mar 2
*2758 28
18 May 30
Jai
28
28
2814 *28
28
2814 27/
1
4 28
1,000 Orpheum Circuit, Inc
1
2534
Jan
1
293
8
Feb
18
27
29
102 10312 10334 10414 104 104
Feb
De
10338 104
10312
4
4,900 Otia Elevator (k)
50 8758 Feb 2 10434 Apr 14
1018 1012 1038 1012 1038 1013 104 1034 1014 1043
6858 June 92 De
1014
6,400
Steel
Otis
No par
8 Marl
D74 Jai
111
/
4 Jan 31
614 Nov
59
60
*6013 61
6013 6012 60
60
*59
80
Do prat
600
100 5014 Marl
Oct 74/
4458 4458 45
1
4 Ma
6634 Feb 2
44
4512 45
4538 4438 45
4412 4434
1.400 Owens Bottle
25 4234 Mar I
50/
1
4 Jan 3
105 105
3914 May 47/
1
4 Jai
105 105
10512 10512 1054 10514 10513 10512
600 Pacific Gas & Electric
100
102
/
1
4
Jan
10812
105
Feb
Jan
7
901
11
/
De
4
7
7
7
7
7
*6
7
*5
7
900 Pacific Mail Steamship
5
7 Apr
1014 Feb 5
7 Apr 1084 Jai
58
5633 5614 584 5634 5834 56/
1
4 57/
1
4 55/
1
4 564
49,800 Pacific Oil
No par 6214 Mar 3
6514 Jan 31
45 Apr 584 Fel
1912 1934 1978 211
/
4 21/
1
4 2258 2212 2338 211
/
4 23
141,900 Packard Motor Car
10 15 Jan 1
9/
1
4 May 1812 De
2338 Apr 8
*109 111 *10914 111 *10914 111
10912 10012 10912 10912
Do pre(
200
100 10214 Jan
8912 Apr 102/
10912 Apr 8
754 7558 7534 7614 7538 7678 7512 76/
1
4 The
1
4 75
7514
8,000 Pan-Amer Petr & Trans
50 84 Jan
83
/
1
4
Mar
Feb 65 De
4414
3
7514 7618 754 764 7538 7714 7553 77
7514 76
58.900
Do Class B
.314 4/
50 6338 Jan
1
4 *34 44 *24 4/
414 Feb 84/
8412Mar 3
1
4 De
*312 4'x
1
4 41
1
4 *3/
Panhandle
Prod
&
Ref _No par
3 Jan
5/
1
4 Feb 28
•158 178 413g
112 Sept
4/
1
4 Jim
178 4138
178 •13.8 178 4138 l7e
Parish & Bing stamped_No par
1/
1
4 Jan 1
34 July
11
/
4 Feb 11
*29
134 De
30
3034 31
*2918 3034 3012 3012 *Mg 30e
620 Park & Tilford tom ctfs_No par 2814 Mar 3
24 Sept3534 De
3512 Jan 10
14
14
14
14
*14
1478 *1214 15
*12
15
200
Penn Coal & Coke
50 14 Apr
1814 Nov 3018 Ja.
2838 Jan 2
112
112
112 112
138
113
112
138 112
112
8,400 Penn-Seaboard SO vto No par
114 Mar 3
3 Jan 9
118 Oct
•113 114 *113 114 *113 114 *113 114 *112 113
414 Ja
People's G L & C (Chic)___100 112 Jan 1 121 Feb 11
9234 Apr11912 De
*5134 52
52
5214 5213 5278 5258 52/
1
4 5212 5212
2,000
Philadelphia.Co
(MUM_ 50 5113 Mar 18 5712 Jan 7
42/
1
4 May 57/
*4512 47
1
4 De
*46
47
545
4634 "45
4834 *4512 46,4
Do pref
50 4512 Jan 5 47125lar 3
424 Jan 47
*4014 4058 404 4114 41
Ja
4114 3934 4012 39,2 391
/
4
11,500 Phila & Read C & I ___No par 3812 Mar 28 5212 Jan 9
3412 Mar 54/
*40
4112 *40
1
4 De
42
*404 42
*3914 411
/
4 *39
408
Certificates of int_ __No par 48/
1
4 Feb 13 5012 Jan 23
35
*60
Mar
70
5238
Jul
*6014 6812 *6034 6812 *6058 6812 8054 60/
1
4
100 Phillips-Jones Corp__ _No par 60 Apr 3 9018 Jan 12
44 May 88 Jul
1434 15
15
1578 15
1512 1414 1438 •1412 143
3,100 Phillip Morris & Co, Ltd_ _10 1234 Mar 19 164 Jan 8
11 July 2334 Ja
37/
1
4 3878 3812 403e 3938 4078 3878 4014 3854 39
58,500 Phillips Petroleum
No par 3614 Mar 30 461
/
4
Feb
2
2812
134 1418 1312 1414 1334 13/
Oct4212 Al
1
4 1312 1378 1318 13'e
17,300 Pierce-Arrow Mot Car.No par 10/
1
4 Mar 30 15 Jan 13
818 May 18 De
48/
1
4 50/
1
4 49
5078 4834 50/
1
4 50
5014 4914 491
9,500
Do pref
100 43 Mar 24 511
/
4 Feb 13
May 54 De
181
/
4
92
934
92
92
92
9312 9313 93'2
1,309
Do prior pref
No par 85 Mar 18 9312 Apr 8
2/
1
4 21e
218 214
5912 Juno 95 De
218
218 21
218
21s 21s
1,500 Pierce Oil Corporation
25
134 Jan 2
3/
1
4 Feb 5
*32
34
*31
112 Apr
36
*32
41
3312 *3112 3513 *3113 35
/
4 .118
Do pref
100 2512 Jan 2 40 Feb 26
20 Mar 38
Ja
612 612
658 64
634 834
654 64
613 6/
1
4
9,000 Pierce Petram tem ctfs.No par
534 Jan 2
814 Feb 5
4/
1
4 Oct54 De
47
47
*48
47
46
46
4634 4634 4658 4658
Pittsburgh
Coal
Pa
of
500
100
44
Mar 30 5412 Jan 13
6334 Mg
47
/
1
4
Dec
*864 8713 8614 8614 8712 88
888
x86/
89
1
4 87
Do pref
500
100 85 Apr 1 99 Jan 5
94/
1
4 Aug100 At
*95
97
*95
97
895
9712 .95
97
97
*95
Pittsburgh Steel pref
100 94 Mar 26 102/
1
4 Jan 8
39/
Jan 103 Au
1
4 40
95
40
*37
39
39 .38
3912 *37
40
200 Pitts Term Coal
100 38 Apr 3 6334 Jan 17
5811
/
4 83 .8112 83
58
/
1
4 Dec 6334 The
*8112 84
8134 8134 *8112 83
Do prat
100
100 814 Apr 8 88 Jan 8
83 Dec 8734 De
*1313 14
14
*1312 14
1418 *1312 14
"1312 14
100 Pittsburgh Utilities prat_ _ _10 12/
1
4 Mar 24 15/
1
4 Jan 2
9/
9312 14
1
4 Jan 1684 D4
*1312 14
*1312 1474 13/
*1312 14
1
4 14
400
Do pref certificates__ _ _10 1234 Mar 20 15 Jan
1118 Feb1612 De
105 10614 10578 11034 107 10934 107 107/
1
4 10713 113
12,600 Post'm Cer Co Inctem ctfNo pa 934 Feb 16 113 Apr 15
1
4 APr 10312 De
9
48/
*11618 11612 *11818 11612 *11814 11812 *11818 11612 *11818 116's
Do 8% prof temp etfs_10 11512 Feb 3 117 Jan 13 110 Feb117 Ot
no
•90 93
•BId and asked prices; au twee on this day.
z Ex-dividend.
a Ex-new rights.
a NO par.
a Ex-rights.
New York Stock Record-Continued-Page 5
1858
For sales during the week of stocks usually Inactive, see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
April 4.
Monday,
April 6.
Tuesday,
April 7.
Wednesday. Thursday,
April 8.
April 9.
Friday,
April 10.
Sales
for
the
Week.
PER SHARE
Range for Year 1925.
On basis of 1(..J-share lots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Highest
per share Shares. Indus. & Miscall. (Coo.) Par $ per share $ Per share
5 Per share $ Per share $ per share $ per share 5 per share
5314 5314
100 521. Mar 30 69 Jan 23
55
700 Pressed Steel Car
*54
55
55
55
5314 5412 *53
100 83 Mar 25 9213 Jan 3
Do pref
100
*8314 84
8318 831s 8318 *8316 84
*83
8312 *83
3,100 Producers & Refiners Corp_ 60 22 Mar 30 32% Feb 3
2314 2314 2312 2412 2414 2438 24
2414 2334 24
3,600 PubServCorp of NJ newNo Par 625/1 Mar 30 7234 Mar 12
6618 6618 6614 6658 6638 6678 6634 67
6612 6634
100 99 Jan 7 102 Jan 27
Do 7% pref
•10013 101 *10018 101 *10018 101 *10018 101 *10018 101
100 10858 Apr 1 11218 Jan 28
Do 8% met
100
*109 110 •10914 110 *10914 110 *10912 110
10934 10934
100 129 Mar 30 15134 Jan 3
3,000 Pullman Company
133 134 *13312 13412 132 133
134 135
13278 134
50 3912 Jan 2 4714 Jan 7
4,300 Punta Alegre Sugar
•42344 4234 4234 4412 4414 4434 4234 4312 *4234 43
25 2512 Mar 30 3314 Feb 4
11,100 Pure Oil (The)
2658 2678 2634 2712 2718 2734 27ls 2758 27
2714
100 10212 Jan 5 10614 Feb 2
Do 8% met
200
10534 10534 *10412 106 *10412 105
105 105
•1114 105
Amer___Ne
par
4338 Mar 27 77% Jan 2
of
Radio
Corp
109,800
5612 5414 5538 54
5678 54
5234 55,2 55
5618
50 4934 Jan 5 54 Feb 4
Do pref
600
*5012 5112 5014 5114 54934 4112 5034 51
5034 5034
100 12212 Feb 17 14134 Jan 5
400 Railway Steel Spring
•I24 125
12512 12512 12412 12512 *123 12612 *12312 124'2
No par 3378 Jan 7 3514 Jan 22
Rand Mines, Ltd
*3358 3712 *3414 3712 *3414 3518 *3418 3518 •3459 3518
4,700 Ray Consolidated Copper_ 10 1218 Mar 30 1738 Feb 9
1278 13144 13
1314 1278 1318 1234 13
1234 1278
Typewri
ter__
_100 4634 Jan 27 7234 Mar 6
Remington
4,600
691
6812
69
69 69
6812
69
2 7138 6934 71
100 100 Jan 2 10014 Mar 10
Do 1st pref
*102_ *102
_
*102
•101
100 108 Mar 30 112 Feb 2
Do 2d pref
100
*108 110
110 110 *110 1-1-i12 *110 1-1-3-12 *110 11312
No
par 1314 Mar 24 2314 Jan 13
Steel
Replogle
5,703
1434 15
1412 15
1434 1518 1412 1458 14
14,4
Iron
&
Steel
100 4418 Apr 9 6438 Jan 3
Republic
10,500
4634 4714 4612 4738 4538 4678 4414 4612 4418 4534
100 88 Mar 25 95 Jan 13
Do pref
88
*86
83 *86
*85
88
•85
8712 *85
88
No par 12% Max 30 18 Jan 5
13,100 Reynolds Spring
1438
1312 13
13
1378 1378 1434 14
1334 13
3,300 Reynolds(R J) Tob Class B 25 7214 Mar 24 7838 Feb 10
75
7534 7514 7514 7514 75
7418 7413 7414 75
100 11978 Jan 8 121 18 Feb 25
Do 7% Pre
*12018
•12018 - - - - •120141 ____ *12018 ____ •120113 12012
25 92 Jan 19 9712 Feb 20
200 Rossia Insurance Co
•95
9518 95
95
954 951g *95
*95
97
97
4,800 Royal Dutch Co(N Y shares)- 4814 Mar 21 5739 Jan 31
50
5014 5012 5114 5014 5078 4978 50314 4978 4978
Lead
10 3934 Feb 17 5112 Mar 14
Joseph
St
4,200
46
4412
46
447
14
4514
46
46
46
47
4612
27,700 Savage Arms Corporation_100 6212 Apr 9 103% Mar 3
70
71
70
7112 6538 7034 6512 6712 6212 6534
2,030 Schulte Retail Stores-No Par 109 Mar 23 116% Feb 9
111 111
110 110
11112 11178 11112 112
11178 112
100 110 Jan 6 115 Feb 19
Do pref
303
114 114 •112 11312 *112 11214 112 112 *111 113
100 14713 Mar 30 1727 Jan 13
8,700 Sears, Roebuck es Co
15212 154
152 155
152 153
15278 15134 15212 154
No par
1% Jan 5
in Feb 20
Seneca Copper
_
512 Apr 9
7% Jan 3
703 Shattuck Arizona Conner_ 10
--Lfs 55
6
618 *6
*6
614
618
100 Shell Transport & Trading_ £2 4018 Mar 31 4514 Jan 30
*3934 4114 *4078 41513 4138 4158 *3912 4112 *4012 4112
No par 2212 Jan 6 28% Feb 4
21,400 Shell Union Oil
24
2414 2418 2438 2412 2478 2414 2134 24144 2438
100 9912 Jan 2 10112 Jan 24
Do pref
100
10014 10014
*10014 10112 •10014 10112 *10014 101 •10014 101
10 1912'3.1 ar 17 2634 Jan 12
25,300 Simms Petroleum
2138 2214 2238 2378 2234 24
2258 2338 2212 2234
par 3114 Mar 17 3813 Feb 6
No
Simmons
Co
.
4,600
3313 34
35
3512 3434 35
3413 35
3138 36
17 Jan 6 2178 Feb 2
52,800 Sinclair Cam 011 Corp-NO Par
1912
19% 2014 20
2034 2018 20'14 1834 2012 19
100 7834 Jan 2 9118 Feb 3
Do pref
403
8634 8634 87
8312 8312 *8712 90
8314 *881: 89
213
4 Mar 30 3012 Feb 3
25
Oil
Co
Skelly
17,500
2134 2538 2418 2412
2338 2414 2414 2534 2434 26
200 Sloss-Sheffield Steel es Iron 100 804 Mar 30 97 Feb 5
*82
83
84
*8312 85
8412 *81
8412 8412 *83
309 South Porto Rico Sugar_,_100 82 Jan 6 73 Mar 2
69
*68
70
70
70
701 *69
7012 69
*69
1512 Feb 17 19% Jan 7
No Pa
1,700 Spicer MIg Co
17
1714 1714 1714 *17
17
17
1658 17
1714
100 92 Apr 1 96 Jan 5
Do pref
93
9212 *92
*92
93
*9212 93
*92
93
*90
4014 Jan 2 4714Mar 10
7,900 Standard Gas & El Co.No pa
44
441
44
4414 4179 4414 4434 4418 4412
44
100 6618 Feb 17 7412 Mar 2
500 Standard Milling
6934 69
6934 6978 6978 *68
*67
70
70 .68
100 81 Jan 20 84 Feb 16
Do pref
200
*77
83 *77
83
81
8212
83
*77
*TT
83
53% Mar 30 6714 Feb 2
10,800 Standard 011 of California_ 2
59144 5963 5914 605s 5933 6034 5912 6012 5858 5978
3338 Mar 30 4713 Feb 3
32,000 Standard 011 of New Jersey 2
4134 4238 4158 4214 4114 4214 41
41344
4112 42
Do pref non-voting____100 1164 Jan 31 119 Feb 24
2,100
•11712 1173 11712 1173 11734 11734 11734 11734 117 11738
16 Jan 16
10 Feb 11
No
pa
Glass
Co.
Plate
Stand
200
12
12
1134 1134 *1114 12
*1114 12
•1114 12
6214 Mar 25 65 Jan 23
No pa
700 Sterling Products
6212 63
*63
6314 63
63 •6234 63
63,4
•62
55 Mar 13 77% Jan 3
10,500 Stewart-Warn Sp Corp.No pa
5934 6112 5918 6034 5914 60
6012 611
607
59
61 Mar 13 7934 Jan 3
100, Strornberg Carburetor_No pa
*64
87
*65
6612 63
63
*65
67 •65 67
4114 Jan 2S 4634 Jan 2
03,9001, Stubelir Corp(The)new No pa
4412 451
4438 4534 4433 4534 43714 4484
4318 441
Mar 13 11414 Jan 19
112
100
Do
pref
Stock
11318 11313
•I12 115 *113 114 *113 114 *113 114
8% Feb 21 12 Mar 6
No pa
2,5001 Submarine Boat
918 91
914 914
914 914
918 914
*914 9,
618 Feb 9
4 Mar IS
No pa
4,000, Superior Oil
478 5
478 5
434 478 Exchange
434 5
434 47
234 Mar 24 41% Jan 10
10
6001 Superior Steel
2312 2312
*2312 24
24
2338 24
24
*2312 25
5% Mar 1!) 1134 Jan 7
50
Closed;
300 Sweets Coot America
8
7
*6
8
7
•7
•7141 8
7
7
1134 Mar 30 15 Feb 7
200 Telatitograph Corp---No Pa
12
*1238 13
1134 1134
•1134 131 •1184 1258 12
738 Apr 1
914 Jan 31
No pa
1,800 Tenn Copt) & 0
Good
8
8113
734 778
8
814
718 73s *734 8
4234 Jan 5 49 Feb 2
6,900 Texas Company (The)____ 2
4414 4438
4412 4514 4438 45
4414 4438 4438 45
4 Mar 13
1133
Feb
17
9718
Sulphur
1
Gulf
Texas
41,200
Friday
10212 10358
10314 10578 10212 105
10212 1037 103/2 105
10 1112 Jan 5 2338 Feb 6
24,700) Texas Pacific Coal & OIL
14
1418 1538 14153 1578 1412 1512 1438 143
14
100 122 Mar 30 152 Feb 27
100 TIdewater Oil
13014 13014 *13012 132 *130 131 *130 132
4128 130
14,800 Timken Boller Bearing_No par 3734 Mar 18 4412 Feb 13
4114 3934 40
39
3938 39
4112 4012 4112 40
70 Jan 2 8012 Mar 4
Corp
_100
Products'
5,100 Tobacco
7411 7478
7438 7412 75
7314 7334 7312 7378 74
100 9318 Jan 2 9913 Mar 13
Do Class A
1,400
98
98
9314 9814 9734 9814
*9713 98
9734 93
512 Jan 12
37g Jan 2
No
par
ctt
new
Transc't'l
011tem
11,700
418 41
4
4111
418 418
4
4
418
4
200 Transue & Williams St'l No par 25l Mar 31 35 Jan 10
*25
26
*2513 2534 2534 2534 2512 2512 *2534 26
26 42 Jan 15
Mar
tern
etts_25
3818
Typew
'Underwood
2,700
4
411
40
40$8
417
8
403
397
8
3912
393
4
*3812 39
600 Union Bag & Paper Corp_ _100 36 Apr 1 4512 Jan 2
*3812 39
38
3812 33
37
3834 *3712 3812 38
.21 Jan 3 1 00 Feb 28
No par
1,300 Union Oil
18
3*
38
38
38
rki
X4
,1
*341
*38
1g8 131:141V.Ijaanr 73 43% Feb 5
Union Oil, California
7,500
3712 3778 3734 3818 3712 3818 3738 3778 3714 3758
0 Union Tank Car
40 12314 Feb 27
125 125
12412 12412 123 123
*125 12634 127 127
100 11338 Feb 18 11618 Jan 13
Do pref
100
•115 116 •116 11712 *116 11712 *116 11712 116 116
Mar
31 3678 Mar 4
No
par
2414
Steel
United
Alloy
2,800
25
2518 25
251
noz 25 25 25
100 11078 Feb 4 12238 Apr 8
18,600 United Drug
11682 11712 11738 11814 11734 12178 121 122311 12012 1211
Jan
16 5412 Jan 12
52
50
pre/
1st
Do
1,300
54
535
8
5314 54
*5312
5338
53
53
*5278 53
100 20473 Mar 31 231 Jae 3
2,800 United Fruit
214 2171
214 . 214
214 214
208 20814 211 214
21,800 Universal Pipe & Rad _ _No par 3214 Mar 30 50% Feb 11
3514 3612 3534 3634 3534 3638
3512 36
3538 36
100 7314 Jan 16 94 Feb 11
Do pref
500
$77
792 *7712 79
7912 *7814 7912 78
7878 •78
18,100 U S Cast Iron Pipe & Fdy_100 152 Mar 30 250 Feb 11
16612 16834 16734 17212 170 17512 170 17212 168 172
100 102 Apr 3 11213 Feb 27
pref
Do
200
104
104
*1023
4
105
*1023
4
105
108
103 103 .102
2,600 US Distrib Corp tern Mt No par 304 Feb 17 3934 Jan 17
3214 3214 321s 3238 3214 32524 3178 32341 3158 321
100 130 Mar 9 154 Jan 8
Do pref
11130 160 *130 160 *130 160 *130 160 "130 160
USfloftMachCorpvtcNopar 23 Jan 3 28% Apr 6
4,300
277
8
277
8
28
2814
2812
28
28
287
8
2678 2814
100 76 Mar 19 88 Jan 2
27,400 US Industrial Alcohol
8134 8234 8214 8312 8112 82314 8134 8214
815s 82
100 105 Jan 29 10634 Mar 27
Do pref
100
106 106
•105 107 *105 107 *105 107 *105 107
11412 Mar 30 13134 Feb 10
Improv't
100
Realty
&
S
U
27,300
12814
130
1263
4
12814
130
11812 11812 11934 12378 125
100 1224 Jan 2 13012 Feb 9
Do pref
200
128 128 •128 12912 *128 12912
100 3313 Mar 30 44% Feb 5
United States Rubber
22,500
39
393
4
383
s
3914
4018
3714
38
3
4
40511
37
-53.4
100 9234 Mar 30 97% Jan 13
Do lst pref
1,300
9512 9618 9578 95711
9538 9512 9534 96
95
95
50 30 Feb 17 39 Jan 7
900 US Smelting, Ref & Min
3434 3434 3434 3434 3412 3434
3518 3518 23478 35
50 4413 Mar 18 4612 Jan 5
pref
Do
500
45
45
*4412
45
4512
4534
4576 4578 84578 4578
11238 Mar 30 129% Jan 23
Corp100
States
Steel
United
63,400
114 11514 11478 11558 114344 1157s 11438 11538 11418 11434
100 12212 Feb 16 126% Jan 26
Do pref
1,500
12234 12278 12234 12234
12278 12278 12278 123
123 123
10
82 Mar 19 92 Jan 15
Utah
Copper
900
8412 85
*84,2 8514
8414 8414 8434 85
86
*84
100 4118 Feb 17 6934 Mar 20
8,200 Utah Securities
6634 67
6658 6718 6612 67,8 8612 67
6638 67
Corp
No par 26 Mar 18 3134 Jan 3
Vanadium
1,200
27
263
27
4
263
4
27
2612
02612 2714 2634 2634
No pa 1712 Mar 19 2112 Jan 3
Van Raalte
*1512 20
•I512 20
*1512 20
•1513 20
•1512 20
60 Apr 1 654 Jan 5
10
Do 1st prof
6714 *60
6714
*go
674 *60
67k *60
6714 .60
34 Jan 27
23
5
Chem_
__No
Virginia-Cam
o
400
211
214
*2
218
218 218
2311
*2
234 *2
14% Feb 5
Do
pref
5,100
1218 1338
*1114 1178 1114 1138 1118 1118 1112 12
17s Jan 27
1 Jan 17
No pa
"B"
Do
100
13
4
114
*118
•142 112 •118 1,2 "118
114
114
714 Jan 1$ 15% Apr 6
Vs par
25,200 Vivadou (V) new
14,2
1414 1412 1412 1538 1438 1533 1414 1414 14
No par 1534 Mar 23 1918 Jan 3
2,300 Waldorf System
1714
1718 1714 1714 17
1634 1634 165s 1718 17
Weber & Helibroner___No par 174 Jan 15 1938 Jan 31
1213 Jan 5 13 Jan 31
1
Wells Fargo
-1-i;lift 13 •12I 13 ;iiiz
100 11334 Jan 9 1164 Feb 10
300 Western Else 7% pref
11612 11612 *116 11612 11612 11812 .110 11612 11612 11612
7,900 Western Union Telegrapb100 11614 Jan 2 12514 Mar 6
11913 12118 11912 11912 12012 12212 12134 12338
•11812 120
97 Apr 9 11318 Jan 7
1,300 Westinghouse Air Brake__ 5
98
9314 99
97
*93 100
98
98
*9814 99
B 84 Jan 3
8,600 Westinghouse Elec & Mfg_
6838 6778 6838 6712 6838
6718 6712 6712 6778 68
86 Jan 5
pref
Do
let
8112
*80
8112
8112 •80
8112 *80
*80
83 *80
Mar
2 120 Feb 7
par
105
Co
No
600 West Penn
•111 114
11012 11012 .110 112
10912 10912 110 111
tern et( newAOO 94 Apr 3 97 Feb 1
pf
Do
7%
1
300
9514
8
95
4
•94
9512'
947
3
947
94
595
96
94
No par 2558 Mar 31 3134 Feb 2
7,900 White Eagle 011
2613 2612 2678 2712 27
28
2678 2712 2678 27
50 5718 Mar 30 76 Jan 13
7,100 White Motor
62
61
61
60
6138 6212 6112 61511 6014 6012
as Jan 30
118 Jan 10
Steel_No
pa
Spencer
Wickwire
2,200
34
34
34
34
34
34
512
34
58
ht
100 1878 Feb 24 32 Jan 19
Do pref
918 Jan 26 144 Apr 8
5
167,300 WIllys-Overland (The)
8 1313 14
1214 -11114
8 135* 14's
1334 -111100 7214 Jan 28 9278 Apr 8
Do pref
38,400
86711 87's 88
8712 8938 8938 9273 8912 9134
88
634 Jan 5 1334Mar 7
No par
8,200 Wilson & Co, Ino
714 678 718 718 714 738 734 738 738
618
100 19 Jan 5 60 Mar 7
Do
pref
3,900
2418
24
23
2312 24
2418 2314 25
*24
25
Jan 28 125% Jan 7
11214
25
Woolworth
Co
(F
25,800
W)
118114 11912 12012 12212 11812 122513 118 11934 116% 11873
100 45 Mar 30 7934 Jan 2
11,700 Worthington P & M
48
49311 48
4912 4734 4813 4712 48
4612 43
100
79
Apr
6 88 Jan 9
pref
A
300
Do
79
80
7914 82
79
82
79
*79
82
*78
100 65 Apr 7 7634 Feb 11
200
Do pref B
65
*66
6812 *6614 70
7034 6914 6914 *65
*69
16 Mar 30 23% Jan 2
par
Aeronautical___No
400
WrIglit
16%
1714
16%
1714
1714
1714
17,4
1714
•1634 1712
No par 4512 Mar 30 5278 Feb 7
600 Wrigley(Wm Jr)
49
4812 4812 49
4812 4812 4812 4812 49
*48
Yellow Cab Mfg tern otfs__ 10 3312 Feb 18 42 Jan 3
*3412 3512 *3412 3612 *3412 3612 *3414 3612 *3412 3512
Youngstown
Sheet
&
T
No par 63 Mar 27 764 Feb 13
500
65%
8512
66
•6512 66
6634 6634 66
68
*65
:2
rjo . „Nja
, anr
2
• Bid and asked prieeie no sales on this day.
Ex-dividend.
(1,421, ;
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
Per share $ Per share
39 Aug 62 Jan
67 Aug 90 Feb
223a Apr 4313 Jan
39 Mar 70 Des
9612 Mar 10118 Dee
994 Apr 115 Dee
11313 Apr 15138 Dee
3738 Dec 67% Mar
20 June 3014 De*
92 Jan 10514 Dee
25% Oct 66% Dee
4578 Oct 50 Dee
106
Jan 13712 Dee
Jan 3312 Nov
30
9 Mar 1712 Dee
Jan 5413 Dee
3214 July
904
9934 Dec
9012 May 110 Dee
714 June 2314 Nov
42 June 6338 Dec
82 June 95 Mar
978 May 2234 Jan
61% Mar 7938 Dee
11514 Mar 121 June
86 Mar 98 Sept
40% Sept 5912 Feb
Jan 4578 Dee
22
32% Jan 8878 Dec
9634 14Pr 1294 Aug
105 May 11234 Dec
7834 May 155 Dec
May
614 Jan
8 July
4 Apr
Jan 42 Dec
33
15% July 2211 Dec
9112 Jan 994 Dee
1038 Jan 24 Dee
22 Apr 37 Dee
15 July 2718 Jan
Jan
75
Oct 90
1718 July 29 Feb
52 May 84% Dee
58 Oct 9578 Mar
7% June 20 Des
78 July 9814 Des
3111 May 41% Dec
3912 May 73% Dec
70 July 85 Mar
5513 Apr 684 Jan
33 May 4214 Jan
11534 Mar 1194 Aug
1318 Oct 3514 June
6513 Nov
5512 AP
4813 July 10078 Jan .
5412 May 84% Jan
3012 May 4614 Dec
Jan
109% Nov 115
12% Dee
6 Nov
818 Aug
238 Jan
23 July 35 Dec
3 Jan
134 Sep
1434 Dee
614 Jun
934 Jan
634 Ma
45% Jan
3734 Jun
5714 AP 110 Dec
Oct 1514 Feb
8
11614 Oct 151
Feb
3112 May 41
Jan
52 Apr 73% Dee
934 Oct
8314 Ma
64 Jan
3% Apr
28% Oct 3518 Jan
Jan
3618 Sept 43
334 Sept 64% Feb
3s Apr
58 Feb
35 Nov 39 Nov
94
Jan 13278 Sept
10614 Feb 116% July
Oct 37 Feb
20
71 May 12138 Dec
464 May 53 Deo
Jan 224I Aug
182
13 July 48 flee
4712 Oct 79 Des
84 Feb 169% Dee
81% Jan 10414 Oct
214 May 42 Dec
98 July 168 Dee
16% Mar 2438 Oat
6118 May 8714 Deo
98 Jan 106/4 Des
90 June 1434 Dee
100 June 143 Dec
2211 May 4278 Jan
6612 May 9578 Des
1813 Ma
414 Dee
3712 Mar 4678 Dee
9414 June 121 Dee
11838 Feb 123 July
64
Jan 8834 Dee
16% Jan 46 Dee
1918 June 3313 Feb
15% Oct 3318 Jan
53 Sep
80
Jan
34 June 10% Jan
24 June 3434 Jan
118 Jun
7 Jan
1518 Jan
434 July
Ap
14
20 Noy
1412 Nov
194 Mar
5 Oct 1212 Nov
111% Apr 117 July
105 May 11834 Dec
84
Jan 111 Des
554 May 75 May
72
Jan 82 Dee
4713 Jan 127 Dee
8713 Apr 97 Dec
234 May 29% Feb
5012 Apr 7211 Dec
5 Jan
34 Oct
24 Dee 24 Dec
673 May
1414 Jan
Jan
6113 May 88
Jan
44 May 28
7218 Jan
11
Au
724 Apr 12634 Dec
81 Dee
2314 Jun
68 July 894 Des
584 Jan 7534 Dec
9% May 23% Dee
48% Dee
35
AD
85% Mar
32 No
ane. (Set 79 Des
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Erchange method of quoting bonds was changed and prices are
now "and interest"-ercept for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Apr. 10.
Price
Thursday
Apr. 9.
Veek's
Range or
Last Sale
.f4
Range
Since
Jan. 1.
BONDS.
N.Y.STOCK EXCIIANGE
Week Ending Apr. 10.
Price
Thursday
Apr. 9,
Week's
Range or
Last Sale
Ranee
Since
Jan, 1.
U. S. G00000 ment.
Bid
Ask Low
High No. Low
High
Bid
Mat Liberty LoanAsk Low
High No. Low
Ma
Panama (Rep) 545 tr rect8_1953 J D 10112 Sale
344% of 1932-1947
10048
10118
2 10014 103
J D 1011342 Sale 1011322101 13" 700 10042 01"22 l'eru (Rep of) extl 88
1944 A 0 8878 8912 9878
Cony 4% of 1932-47
977
99
20
8
1024
./ D 101'is,01",i 1011322Mar'25
_ _ 1011122 01,42 Poland (Rep of) g 68
1940 A 0 68
Cony 444% of 1932-47
6812
6812
2
79
68
J D 101"22 Sale 101,342 102
59 1011342 102
Ext'l s f g 88 interim rects_1950 .1 J 954 Sale 68
2d cony 484% of 1932-47
95
96
954
9512 737
.1 D 101 102
1011,42Mar25 ____ 101
01,342 Porte Alegre (City of) 85....1961 „I D
Second Liberty Loan9412
9412 984
9412
11
Queensland (State) ext s f 7a 1941 A 0 110 Sale
48 of 1927-1942
1095
8
110
14 109 112
M N 100,14210133 100"42Apr'25
100,324101
25-year 65
1947 F A 104 Sale 10312
Cony 44% of 1927-1942
104
7 10112 1051s
M N 10142 Sale 101,22 10142 1140 100,342101'o 1116 Grande do Sul 841
1946 A 0 95 Sale 95
Third Liberty Loan9518
944 98
3
Rio
Janeiro
de
25-yr
a
1
88..1946
A
943
0
8
Sale 94
43.4% of 1928
9384 97
9438 23
M S 101,442Sale 101 142101,324 1505 10112401"n
25-yr
eat]
8s
1947 A 0 9358 Sale 924
Fourth Liberty Loan9312
92
23
90
Rotterdam (City) external 681964 M N 10012 101
434% of 1933-1938
10034
101
15 100 103
A 0 10242 Sale 102
102142 1373 101142 10210 El Salvador (Rep) 88
1948 J J 104 Sale 10312
Treasury 442s
1947-1952 A 0 105
10414 51 103 105
Sale 104,342 105
104,4205,42 Sao Paulo (City) 5 1 88
119
1952 M N
Treasury 45
9812 Salo 98
1944-1954 J D 100,74: Sale 100,122 101
97 101
9812 14
784 10011., 101
San Paulo (State) ext s f 88..1936 .1 J 10014 Sale 100
98 conaol coupon
d1930 Q
10012 59 100 10314
10244 Mar'24 -----------External s f Ss w 1
1950 J J 9912 9978 994
Panama Canal 38 gold
1961 Q
993
9912 100
4
9
9735 Oct'24
- - Seine (France) ext 78
1942 .1 J 8334 Sale 8334
8534 107
8334 91
Serbs. Croats & Slovenes 814_1962 M N 88 Sale 863
State and City Securities.
4
174
88
85
90
Soissons
(City)
6s
1936 M N
N Y City-448 Corp stock _1960 M 13 10138 Sale
_
8312
8334
8312 864
5
10138
10138
2 10058 10132 Sweden 20- year 611
1939.1 D 103 1034 10312
Registered
10334 10 10314 1044
• M S
10014
10014
10014
Jan'25
External
loan
_
544s
Inter
etre
'54
434e Corporate stock
M N
9958 Sale 9938
1964 64 8 102 10258 10238 Apr'25
9934 134
981/ 1004
.10232 Swiss Conks-leen 20-yr. f 8s 19403
_ 1011
436 a corporate stock
.1 11314 Sale
115
17 113 117
19721A 0 10214 10234 10212 Apr'25
102 10212 Switzerland Govt ext 548_1946 A 0
10214 Sale 10134
4Rs Corporate atock
102
9812 103
79
19661A 0 10218 10253 10238 Apr'25;
111114 10238 Tokyo City Is loan of 1912
4165 Corporate stock
M 5 6412 66
6518 Apr'24 -1971.1 0 10678 10758 10678 Feb'251___, 16672 10678 Trondhlem (City) esti
854 6784
648_1944 J J 9912 Sale 9912 100
4348 Corporate stock _July 1967 3 .1 10634 10714
97 100
4
107
Feb'25 _- 10572 107
Uruguay (Republic) ext 88_1946 F A 10912 Sale 109
4448 Corporate Mork
10934 16 10614 1094
1965.3 D 10658 10714 10634 Mar'25 _- 10612 1064 Zurich (City of) 8 f
88
1945 A 0 10914 Sale 10914
43411 Corporate stock
1093
4
1963 M S 10658 10712 10634 Mar'25
4
1084
11112
10634
10532
4% Corporate stock
1959 64 N 99 100
9934 Mar'25
98
9934
Railroad.
Registered
'M N - - - 9814
9814
Mar'25
Ala
9814
(St
_ _
Sou 1st cons A 58.....1943 J D 101 10114 101
4% Corporate stock
1958 M N 99 100
9938 Mar'25'_ _
984 0938 Ala Mid let guar gold 58_1928 M N 10012 10158 101 Mar'25 -- 10014 1014
6% Corporate stock
Feb'25 -- 101 101
1957 m N 99 100
9912 Alb & Soso cony 334.
9912 A pr'25' _ _ _ _
98
1946 A 0 824 ____ 83 Apr'25
4% Corporate stock
1956 8.4 N
82
831s
9834
Mar'25
984 9834 Alleg & West 1st g 4s gu...1998 A 0 8134 83
Registered
8134 Mar'25
8112 8312
VI N
9814 Feb'25
9814 9814 Alleg Val gen guar g 48
__
1942
M
9214
4% Corporate stock
S
9234 924
9218
1
9218
91
195: NI N --9834
Mar'25
Arbor
Ann
984
181
984
g
45_ __July 1995 Q
6414 Sale 6414
Registered
6438 13
5711
54
• N
_
98
Jan'25...
9778 98
Atcb Top & S Fe-Gen g 48-1995 A 0 894 Sale 89
436% Corporate stock...._.195 Nt N 106¼
881
. 90
107
1667
8
107
1063
s
Registered
Mar'25
_IA 0 88 Sale 8734
444% Corporate stock__195; MN 1064 1067
88
934 133
2
8614 88,
4
8 10634 hIar'251
1054 10614
Adjustment gold 4s__July 1995 Nov 8278 904 8278
Registered
827s
8112 8311
6
MN
105
Stamped
Feb'25
105 105
July 19115 M N 8314 Sale 8314
334 % Corporate stock __ _ 195- MN
8334, 16
1
4
823s 83/
_
891z
8912
8912
Cony
Jan'25
gold
4s
1909
1955.1 D 8278 8414 83
334% Corporate stock__ _195 i
83 I
1
81% 8414
90 Feb'25
90
Cony 45 1905
19553 13 834 8334 834
New York State Canal Im- 4s1961 34 N
8341 16
8112 8312
JJ
10258
Conv g 48 Issue of 1910.__1960 J D 8338
102381
1 1024 10314
4s Canal
83,2 Feb'25'
_
814
834
1942 .1.1
101
1x
101
18
101
East
18
Mar'25
Okla
Div let g 45_1928 M S 9873 9938 99
4348 Canal boot
99
1
9914
2
98
196.. JJ
- _ 11234 Mar'25 _
11234 112,
Rocky Mtn Div 1s1 46_1965 J J 8412 ____ 8412
4
4s Highway Impt register'd1958
84121
2
8412
84
103
103
103
Trans
Feb'25
-Con
Short
I.
let
48.1958.I
.1 874 8814 88
Highway Irnprov't 4145._1963
Apr'25
86
_
8834
MS
11234 Mar'25
4
11134 112,
Cal-Arlz let dt ref 434s "A"1962 M S 9314 9438 9234
Virginia 2- i3
95 1 17
92
96
1991 1 J
_ _ 7812 Feb'251 --__
Registered
7812 7612
M S 884 _ _ _ 9138 Jan'25,911
/
4 91%
Atl
Knotty
&
Cln
Div
48___1955 M N 90 S_a_18_ 10
912
)
Foreign Government.
91112,
883e 901 2
6
At) Know & Nor 1st g 58.....1946.3 D
ArgentIne ((tov!) 78
Mar'25'.--- 10214 10214
192: F A 10214 Sale 10214
10278 128 10134 11134 AU & Chart A I. let A 4 4s__19441J
95
9612 9618
061
Argentine Treasury 5s_L
9612
95
19)5 sei s 8234 Sale 8234
84.i,
bet
823
12
4
30-year
51
4
5€Seriee B.___1944 J .1 10212 1024 10212 10212
Sinking fund (is Her A_
3 102 10234
1957 M
9634 Sale 9618
9634 199
95
9i14 At) Coast Line 1st con 45.81952 M S 9218 Sale , 92
Extl 63 err II temp. Dec 1958 .j S 9612
9212 69
93
89
Sale 96
D
944
9612
10
year
9
277
6
secured
78
1063
1930 M N
4 Sale 1(.634
Austrian (Govt) s f 7s
10678 19 10534 108
1943
9434 Sale 9414
9734
9512 71 •94
General unified 444s
1954 .1 D 914 Sale 1 9134
BelgItim 25-yr ext of 734s II -1945 J 0 10812
92
9078 92
5
Sale 10712 10858 118 107 1104
1 D
N eon gold 4s__Oct 1952 MN 8712 88
8634
8712 23
20-year s f 88
8614 8812
IUD F A 10738 Sale 10738
At!
1063
10712
&
Deny
35
4
1st
g
48
1948,3 .1
1094
7734 7834 774
'
763
7784
8
8 784
25-yr ext 6 As Interim rcts.1911, Nl S 93 Sale 9212
9412
92
9334 109
2d 48
6812 69 I 6834
19481.1
6834
EMI s f 68 Inter rcts
6234 7012
6
1955 J .1 8414 Sale 84
8338 88
All & Yad 1st g guar 45._ 19491A 0 9
8434 279
76
834 __
774
. 2
768%4 Apr2
Bergen (Norway)s f 8e
774
75
1945 M N 11112 113 11214
A
10818
N W let R11 5a
11212
3
11333
194113 J
Mar'25
25-year sinking fund 6s____ . A 0 97 Sale
983s 9912
9614
Ralf 4, Ohlo prior 334s
954 98
97313 31
192513 .1 994 100 0
99
9,
4
4 ja
Apri:25
Berne (City of) 9 f lis
9978 10018
1945 hi N 109 Sale 10834
11
108
109
112
Peglatered
5
July
1925 Q
Bolivia (Republic ofl 88
9934 994
1947 M
93 Sale 11234
9238 93,2
9318 67
let MI-year gold 45....hily 19481A 0 8812 Sale 8734
8838 61
Bordeaux (City of) I5-yr 68_1931 M N
8534 89
8534
N 8114 Sale 81
81
83
Registered
68
8612 ____ 8712
July1948 Q J
8712'
Brazii It S. external 88
8518 874
1
1941 J D 9558 Sale 9512
96
954
63
10-year
cony
98
1933 M S 9214 Sale 9134
434,
9214. 147
891g 93
7s (Central Ry)
luso 2 D 82 Sale 8112
81
844
82
Behind & gen 58 Series A_19951.1
35
88 Sale 8734
7448 (coffee seem) 2 (flat).1952 A
88 1 76
85114 90
104
_ _ _ 10334
10418 10 10312 t(17,2
Isle 59 Int ctfs
19481A 0 101 Sale 10034
10141 175 100 102
Buenos Aires (City) ex I 648195 3 0
J 96
963
4
9638
0612
))512 0712
4
10-year as
19293 .1 10318 Sole 103
103141 42 10284 1031g
Canada (Dominion of) g 5s_ _1926 A 0 10012 Sale
10012 10058
Ref A gen as tier C temp_1995 J D 10214 Sal' 10134 Jaln
7 1041, 11)2-k,
02
216
2.1_55
1001, 1034
68
1931 A 0 10178 Sale 10178
102
27 10112 103
P Jet & hi Div let g 345_1925 34 N
10-year 5411
9984 9934
1929 F A 10278 Sale 10214
10278 100 102 10334
P I. E & W Vs Sys ref 4s. _194I1M N 864 Sale 8612
87
158
8358 8778
1952 M N 10338 Sale 10314
.104
10338 149 1013
Southw Div 151 gold 3145.192-5 J
10(118 Sale 100
Carlsbad (City) s f 88
1(1041 3
35
1
9938 10014
1954 .1 .7 97 Sale 97
96
98,4
.97
To)
CM
4
Div 181 ref 45 A _19591.1
&
72 Sale 1 71
72
Chile (Repoblic) exti a 1 88 1941 F A 10712 Sale 10714
6812 72
10778 23 10614 108'z Battle Cr A Slur bit go 38_19891.1 D 6
03 Feb'251 _ 2
003
.
14
4 _6_1
_ 61(2
External 5-years I 8s
1_
0
61
81
1926 A 0 10234 Sale 10234
10278 13 1112 1034 Beech Creek 1st go g 4,...l9351 J .1
Feb'25
20-year ext! 7s
9218 0312
1942 M N 9912 Sale 994
100
9814 101,4 Beech Cr Eat 1st g 345
99
8112 8112 Mar'25
19511A 0 81
25-year a f 8e
7814 8112
1948 M N 107 Sale 1(17
10734
9 10614 los,/ Big Sandy 181 4s
1944 J D 86
86 Mar'25 _
__
Chinese Pinioning Sty) 68.-1951 J II 4312 4412 44
85
87
44
4138 454 IS /k N V Air Line 1st 48..„19551 F A 6738 70 1 6912 Apr'25
4
Christlanla (01)0) 8 f 88
57
-724
1945 A 0 10934 Sale 10034
110
12 111934 1111
' Bruns & W 1s1 gu gold 45. _1938 .1 .1 93 4 944 93
80-year a f as
93 i
93
93
1
1951 M 5 9912 Sale 9938
951
!
993
4
993
Buffalo
371
R
&
P
gen
gold
Ss.,193781
10118
101
103
18 Mar'25 -- 101 18 10212
S
Colombia (Republic)648.._1927 A 0 100 10(02
100
100
9914
Congo! 4448
10014
5
Copenhagen 25-year 5 f 548_1944 3 J 9714 Sale
1957 M N 8418 Sale 1 8418
8434 55
8812
84
984
9471 97
Reentered
974 65
M N
Cuba 58 of 1904
8514 klir'25
8514 8514
1944 M S
97
9512 98
Apr'25
Burl C It & Nor 181 58
_1934 A 0 100 10012 9978 Mar'25
Ester debt 5s 1914 Fier A_ .1949 F A
9958
1004
95
Apr'25
9314 9514 Canada Sou eons RU A 5,3_ _ _1962 A 0 10158 10134 10134
External loan 444s
10134
7 10013 10114
1949 F A 844 _ _ _ _ 844
87
8478
84
Canadian North deb s f 7s) 1940
D 1164 Sale 116118 11624 23 1 115 1174
545
1953 3 .1 9912 Sale 9812
01)12 401
9612 0912
20-year f deb 64413
1946,2 .1 11714 11734 116,
Czechoslovak (Repot, of) 85_1951 A 0 9958 Sale
29
11712
8
11614 11814
9104
1111-4 Canadian Par Sty deb 4s stock 13 J
9978 20
Sink funds. Her flint elfs.1952 A 0 9912 Sale 99
7912 Sale •, 7918
7912 34
79
80
99
99341 50
9734 10034 Carb & Shaw lst gold 45__ _ _1932 M S 92
Danish Con M utile'', 8s"A"_1916 F A 109 110 10914
__I 93
Jan'25
93
93
109
1105
10912
8
14
Can)Cent 1st
Series 11 s f 8s
1938 .1 D 7712 7/9 1 78 Mar'25
78
834
.1946 F A 109 110 1(1812 10912' 17 10812 11108 Caro Clinch con g 4s
&
0
1st
3-yr
Denmark external s f 88
58.1938
Sale
100
J
100
100 1
3 , 100 101%
1915 A 0 11012 Sale 11101
111 1 47 1119 III
68
20-year 138
1952 J D 10712 Sale 10714
108 I 37 10572 108
1942 .1 J 10112 Sale 101
owl 103
10134' 89
Cart & Ad 1st gu g 4s
Dominican Rep Con Adm 815158 F A' 10112 10212 10218
1981 .3 1),
--__ 84
Jan'25
84
84
10214' 18 101 10214 Cent Branch U P ist g 48_1948 .1 DI 8212
Custom Administr 5%8_1942 M S 9212 Sale 92
_' 76
76 I
1
74as 7912
0212 72
9412 Cent New Eng 1st go 4s_ _1961 JJ1 65
92
Dutch East Indies eat 68_ _ _1917 1 J 10012 Sale 10018
7612-664
- - 65
65 I
4
641g 69
10034 52
9834 103
Central Ohio Reorg 4 4a
40-year 68
1930
hi
9714
9912
S.
9714
Jan'25
9714 9714
1962M S 10014 Sale 10018
10012 80
9878 10212 Central of Ga 1st gold 60_221945 F A 1
30-year ext 644s
' Feb'25 ----• 1015s 10214
1951 M S 9738 Sale 9714
9778 25
9314 9914
Consul gold 68
30-year ext 544s
194.5 81 N 10914 10034 10012
10012
3 9914 10134
19531N1 NI 974 Sale 9738
9758 114
9234 9914
10-year secur (is
French Repub 25-yr ext 88_ _1945iM S, 994 Sale 11918
June
1929
.1 D 1031.1 10334 10314
103341
5 103 104115
1004 389
99 10438
Ref & gen 53.45 ser B
20-yr external loan 744s__1941 J DI 9312 Sale 9314
1959 A 0 10034 1014 101 12
10134
2
99 1021s
9534 616
9314 10112
Chat t Dtv pur money g48.1951 .1 D 8312 ____ 8414 Mar'25
External is of 1924 temp_ _1949
8714
84
8612 Sale 8612
884
8.55
9272
86
Mae
&
Nor
Div
1st
g
58_1046
Finnish Mon L'n 48 A _ _1954 A 0 8612 87
.1
9952
994
9934'
1
991s 100
8614
8712
14
91
8614
Mobile Division 55
External 644s Series B, 1954 A 0 8612 87
1946
J 10018 _ _ _ 100 Dec'24
_
8718 Apr'24
8612 91
__
Cent RR & B of Ga colic 58_1937 M N 9714 Sale
Finland (Rep) ext fis
3- 95
a
98I
1945 NI 5 _
98
8314
8312 22
8314 8712 Central of NJ gen gold 5€_ _1987 ./
External s f 78 tv I
1074 Sale 1073€
107781
2 10718 109
1950 M S 04 Sale 94
9414 23
94
9414
Registered
German external loan 7srets_1949 A 0 9438 Sale 9438
kl9S7 Q J 10778 Sale 10714
10778' 111 10614 10772
95
557
9512
933
8
Cent
l'ac
let
ref
gu
&
g
Brit
fret
48_._1949 F A 88 Sale
01
(UK of) 545.1937 F A 10614 Sale 10618
864 8918
10612 109 1044 10634
Mtge guar gold 3449......./1929 J D
Registered
8
9"
64 8.1a8
r8251.-7
9612 9614
4
--1
105 Mar'25
F A
_ 105 105
Through St L 1st
10-vear cony 644s
48... _1954 A 0 86
8634 8618
8612 31, 85,
8 87
1929 F A HUB dale 116
11838
103
11512
1174
Charleston
& Savannah 78_ _1936
Registered
J 1181.1 ____ 11218 Feb'25 ----I 11212 1174
11578 Mar'25
11512
_
11578 Ches A Oldo fund & Impt 58.1929
Greater Prague 7448
J 10214 Sale 994
100 1
3 9858 1004
8912 Sale 6912
1952 M N
90
30
89
0278
1st
consol
Greek Govt 714 Int rcte
Rohl
5,
1939 M N 10238 __ 10238
10212I
9, 10154 1034
1964 M N 8314 Sale 83
84
74
8812
Registered
Halt! (Republic) 68
1939 M N
101 Nov'24
1952 A 0 9378 Sale 93,2
9478 100
91
'14 9414
General gold 448
Hungary (Kingd of) e f 743.1944•F A 88 Sale 8712
1992 M 8 8834 Sale 884
90 I 14
8778 1103.
164
8812
8712
9012
Rm.:littered
Bank
of 3111)50 6% notes 19271F A 9912 Sale 9914
Ind
1992 M S 8638 87
8618 Jan'25
85%
8714
9918
54
98%
91011
20-year convertible 448_1930 F A 9658 Sale 964
Japanese Govt C loan 48
9678' Cl
19311.1 J 8178 Sale 8114
94ag 97
8178 26
61
8314
30-year Colic secured 5a_ _19411 A 0 .
30-year a f64s
10_27
18210
.8 Sale
ma
l0
r3
216
4'
9112 Sale 9012
19541F A
10178 10914
9112 366
911
92
Registered
Oriental Development 65 1953.M S 8412 Sale 84
A0
10334 1064
8614 20
8312 8678
Craig Valley 1st R 58
Lyons (City of) I.5-year 88_19341M N 8158 Sale 8112
9814 Mar'25
1940 J
9712 99%
83
33
8112 8612
Potts Creek Branch 1st 48.1948 J
Marseilles (City of) I5-yr 68.19341M N
8338 -___ 83 Mar'25
8118 Sale 8118
821g 83
83
52
81
18
8518
R A A Div Ist con g 48..1989 .1 3 8412
Mexican Irrigation 4 HP
844 Mar'25
19431111 N
_ 24
8312 8412
Jan'25 _
24
21
2(1
consol
Assenting 5? 4448
gold
48
1989
.1
J
___
80
89
Mar'25
1943 ____
24
Jan'25
7912 80
24
23
Warm Springs V tel g 58_1941 M 13 934 ____ 974 Jan'25
Mexico(US) extl 58 of '99 1945 Q J
45
9778 9772
Feb'25
45
4512
& Alton RR ref g 3,,. _1949 A 0 63 Sale 6(
Assenting 5s of 1899
3
02 jan
63
261 __
3412 Sale 3412
3 62
1945__
3412
66
4
324 41
Registered
A
0
Gold deb la of 1904
1054.1 D
2214 Mar'25
6012 601s
_
21
25
Cerrito dep stpd Oct 1924 lot...... -6
Assenting 45 of 1904
.084 -6178 62,342 F
Feb:225
1914 21
19 Mar'25
5884 6219
1812 2458
Certlf
dep
stmpd
Apr
1924
Assenting 4s of 1901 large
int
2612 Jan'25
6014 624
2012 2012
Railway Oral lien 3448....1950
thde- 5212
Assenting 4s of 1904 small___ _
53 1 19
24
4414 5814
Jan'25 _ _
24
24
CI t. dep Jan '23&milb coup...... 50
Aseenting Is of 1910
51
504 Apr'25
1914
-i4- 27
1912
45
5584
2
1914 24
Chic Burl & Q-II1 Div 3448_1949
Migrating 43 of 1910 large
834
8418
834
8438. 21
24
2412
8
8114
5514
2218
3(.34
Illinois
Division
49
1949 J .1
Assenting 4s of 1910 small__
9214
9278' 12
22
22
8812 93
4
2134 28,8
Nebraska Extension 45...1927 M N 9912 Sale 9912
Trees as of '31 assent(large)'33 3 .1
30
994'
39 Mar'25
38
14
99 100
3612 43
General 48
1958 M S 9018 Sale 90
Small
9018 28
38 Apr'25
88% 90%
__
36
43
Registered
M S
Montevideo 78
1952 :1-15 91 Sale 9034
8934 Feb'25 _ _ _
SPag 89ag
91 12 17
93
88
tat
&
ref
58
1971
A
io6i
F
Netherlands as (flat priees)_ _1972 M
2
EiZe
10014
101 1 28 10012 10212
104 Sale 10312
10414, 33 10234 107
Chic City & Conn Rye 58_1927 A 0 4612 Sale 46
30-year external as (flan_ _1954 A 0 10314 Sale 10278
474'
44,
10314 191: 10018 104
63
46
Chicago & East III let as_ ,.l934 A 0 107 10758 1(17
Norway external's f 88
1940 A 0 11034 Sale 1104
Apr'25 ----I 10514 10714
11084 10 11014 11312 C & Kill RR (new
co) gen 58_19.51 M N 7412 Sale 7412
1943 F A 9938 Sale 9918
20-year eat! 65
7534 111' 7414 78%
9934 118
9712 10(04
1944 F A 994 Sale 9914
20-year external 6s
994 1411 9712 1003,
1952 A 0 994 Sale 9914
30-year extl
9978 69
974 1004
• $5 tii=.C. a Due Jan. ii Due July. k Due Aug. p Due Nov.
s Option sale.
g.
t,e
za.t
1859
New York Bond Record-Continued-Page 2
1860
BONDS.
N. Y. STOCK EXCHANGE
Week Ending Apr. 10.
Price
Thursdag
Apr. 9.
Veek's
Range or
Last Sale
44
Range
Since
Jan. 1.
BONDS.
N.Y.STOCK EXCHANGE
Week Ending Apr. 10.
it
High
Ask Law
High No, Low
Bid
9912 10034 Erie & Pitts gu g 3%e R-_1940
17
100
1982 M N 100 Sale 99%
Chic & Erie 1st gold 58
5934 65313
Series C
62% 169
Chicago Great West let 4a 1959 M S 6112 Sale 8112
1 10914 111
Fla Cent de Pen let eat g 58_1930
Chic Ind & Louisv-Ref6s1947 J j 10914 -- 10914 10914
9912 10014
Cense! gold 55
1943
_ 100 Mar'25
1947 j
9978
Refunding gold 58
8534 87
7
Florida East Coast tot 4345_1959
87
87
88
1947 j
87
Refunding 48 Series C
8718
A
Series
58
90%
ref
2
1974
&
let
Sale
8814
1986
8814
8814
M
N
A
5s
General
2 10134 10312 Fla West& Nor 7e Series A_ _1934
May 1966 j j 103 10312 10312 10312
General 69 B
7718 7912 Fonda Johns de Gloy 430...1952
8
78%
Ind & Louisville 1st gu 48_1956 J J 7812 Sale 7832
8818 8712 Fort St U D Co let g 4lia 1941
Clile Ind & Sou 50-year 4s...1956.8 J 8712 -- 8712 Feb'25
9312 9334 Ft W& Den C let g 534s..1981
1
9334
Ohio LS & East let 4l48-1969 .1 I) 9334 2-- 9334
43% 58% Ft Worth & Rio Grist g 46_1928
104
45
j 45 bale 43%
O M & Puget Sd let gu 413___1949
7014 7514 Frem Elk & Mo Val let 88....1933
49
7514
j
7412
Sale
75
O11M&StPgeng4oSerA_e1989J
6214 6814 GH&SAM&P lat 58_ _1931
3
8614
Ser B__e1989 j j 6814 Sale 8614
General gold 3
7718 8312
41
1931
2d extens 55 guar
827
Sale
8312
8314
8
1989j
C_May
Series
4%e
.1
Gen
4312 54
Galv bus & bend let 5s-1933
465s 172
Gen & ref Series A 4lisa2014 A 0 46% Sale 4534
4412 58% Genesee River lat 0 f 58
1957
4612 145
Gen ref cony Ser B 55a2014 F A 48 Sale 4512
9812 102
94
Ga de Ala Ry let cons 58-01945
10134 Sale 10114 102
let sec Gs
44
soi2 Ga Caro & Nor let gu g 56 -1929
4812 151
4812 Sale 4512
Debenture 4%8
4834 7812 Georgia Midland let 38
1946
4812 381
4814 Sale 4734
19
25 j
143
Debenture 4a
5814 Gouv de Oswegatch 55
44
1942
4612 190
1934 .1 J 4534 Sale 4534
25-year debenture 46
9418 97
Gr R de I ext 1st gu g 4%8-1941
9652 66
9612 9634 9612
Chic & Mo Riv Div 5a_1926 j
9912 1001a Grand Trunk of Can deb 66_1940
1
9934
9934
Dhle & N'west Ext 4s1886-1926 F A 98% 100
9834 9958
1936
15-year 188
1886-1926 F A 9812 9912 9912 Mar'25
Registered
7314 7552 Great Nor gen 78 Berke A1936
7434 38
General gold 33481987 M N 73% Sale 73%
7214
72
1961
Feb'25
let & ref 4346 Series A
72
Registered
86
83
14 8512 8314
1952
General 5345 Series B
83% 25
.
4 t41
1987 ''f‘1
General 4s
83 85
1973
General 55 Series C
8314 10
1987 m N 8314 Sale 8314
Stamped 4s
10 102 10434 Green Bay & West deb etre "A"__
1987 m N 10258 Sale 10258 104
General 55 stamped
104 10412
Debentures eta "IS"
1879-1929 A 0 10414 10512 10412 Mar'25
Sinking fund 88
104 104
Jan'25
Greenbrier Ry let gu 4s.....,1940
Registered
A 0 10312
- 104
10011 10034 Gulf de S I lot ref & t g 58_3/1952
1879-1929 A 0 10014 10612 10058 Mar'25
Sinking fund 58
10012 10012 Harlem it & Pt Chea let 45_1954
10012 Jan'25
1879-1929 A 0
Registered
10012 103
Hocking Val let cons g 430_1999
1933 m N 1021-2 Sale 10212 10212
Sinking fund deb 58
101 101
1999
Registered
101 Mar'25
1933 m N 102
Registered
1937
10712 63 105 11212 H & T C let g int guar
1930 J D 106 Sale 106
10-year secured 78 g
15-year secured 6%a g___ _1936 M S 11012 Sale 11012 11134 21 11018 11212 Houston Belt de Term lot 58_1937
98 102
10014 137
Houston E & W Tex let g 58_1933
e2037.8 D 9612 9734 98
let & ref g 58
82% 8434
1933
83% 51
let guar 58 red
8234 83% 8312
Chi° RI& P-Railleay gen 4s1988.8
82 8218 Housatonic Ry cone g 5a__1937
8212 82 Apr'25
Registered
1 J 82
8314 8834 Bud & Manhat 56 Series A 1957
8755 176
1934 A o 8714 Sale 87
Refunding gold 48
10112 103
1957
Adjustment income 55
1951
13 10258 ____ 10232 Mar'25
chlo Bt L N 0 gold 5a
7938 7932 Illinois Central 1st gold 48 1951
_ 7932 Jan'25
1951j D 7832
Gold 334e
83% 857a
1951
1951 J D 8412 -f; 12 85 Mar'25
Registered
Memphis Div let g 4a
10012 10112
1951
let gold 330
St L & P 1st cons g Se_1932 A 0 10118 103 10112 Mar'25
10038 10032
Registered
A 0 10032 103 10038 Jan'25
Registered
10414
10812
lls_1951
2
3
gold
let
4
1043
10512
Extended
10412
8
1035
cons
0
8s1930
D
J
&
M
Chic St P
9214 9212
1951
Registered
Cons 88 reduced to 3348_1930 .1 D 9214 9212 9212 Mar'25
1951
9634 10514
1
98
lot gold 38 sterling
9814 98
1930 M S 98
Debenture 58
2
993
98
1952
9814
4a
gold
Mar'25
8
993
trust
Collateral
98
Stamped
79
75
1955
lot refunding 4s
77% 21
Oble T H & So East lst 58-1960 J D 76% 7752 7632
804
55
1952
5838 20
Purchased lines 3345
Dec 1 1960 M S 58 Sale 58
Ina gu 58
9134 93
9
Registered
9234
Ohio Un Sta'n lot gu 4340 A•1983 J J 9212 9258 9214
9 100 10212
Collateral trust gold 48-1953
1963J .1 10112 Sale 10052 10112
let 58 Series B
9714 9858
Registered
1944 .1 D 9814 Sale 9734
9814 81
Guaranteed g 511
5 11614 118
1955
Refunding 58
1963
J 117 Sale 11632 118
lat 6.346 Series C
1934
15-year secured 5346
Chic & West Ind gen g 86-p1932 Q M 10514 10534 10514 Nov'24
I936
7734 82 Ws 80
15-year secured 8%8 g
1952 J .1 77% 77% 7732
Como!50-year 45
971
9812
1950
9758 133
9712 Sale 9714
Cairo Bridge gold 48
lot d, ref 512e ser A temp-1982 M
10014
4
993
36_1951
gold
lot
Mar'25
Div
10014
Litchfield
10014
4
993
cone
Gulf
58__
MN
dr
A952
Okla
Choc
93% 9412
Louis/ Div & Term g 3Ms 1953
_ 9414 Mar'25
1937 J .1 9214
Gin H & D 2d gold 4lis
9132 9134
1951
9158 Mar'25
Omaha Div 1st gold 3s
k1938 Q F 9152
CIStL&Clistg48
91
9012
2
91
Louis Div & Term g 38_1951
St
91
*1936 Q F
Regletered
1951
87s 8912
8814 Mar'25
Gold 3345
1942 M N 8712
Chi Leb & Nor gu 48 g
9934 99%
Springfield Div lot g 33413_1951
Cin & CI cone let g 58-- _1928 J J 9934 -- 9934 Mar'25
8134 8414
1951
8212 26
Western Lines let g 48
C1eveCinCb&StLgen4si993J D 8212 Sale 13212
98
96
1951
Registered
.1 9718 9712 9712 Apr'25
1931
20-year deb 4348
9912 101% III Central & Chic St L & N 010152 Jan'25
1993 J 13 101
General 56 Series B
Joint let ref 55 Series A__.1963
10312 Sale 10332 10312 13 103 104
1929 J
Ref & impt 68 Series A
10334 10734
1983
Do Series B
1941J J 10458 10514 10434 Apr'25
68 Series C
8412 9875 Ind III & Iowa lot g 4s
1950
9658 139
9634 Sale 9638
1963J
58 Series D
8914 91
4
Ind Union Ry gen 55 Set A 1965
91
91
1939.8 J 91
Cairo Div lot gold 48
8112
80
1965
Gen & ref 5e Series B
8034 44
Cin W & M Div let g 4e 1991 J J 8012 Sale 8012
811, 8314 Int & Grt Nor let 88 Ser A 1952
3
8178
8112
St L Div 1st coll tr g g 48-1990 MN 8114 82
8836 8852
Adjustment 65, Series A1952
5
8858
1940 88 S 88% -___ 8852
Spr & Col Div let g 4e
8 8734 Int Rye Cent Amer lot 58
873
1972
Jan'25
4
873
J
8834 -1940 J
W W Val Div lst g 48
1 10734 10734 Iowa Central let gold 58 _ _1938
10734
1934 1 .1 10734 Sale 10734
C de I gen cons g 68
10112 10214
______
depoalt
of
Certificates
Mar'25
10112
_
100
o
A
g
lot
con
1933
58
W
&
Lor
Clev
9652 9634
1951
Refunding gold 46
9834 Jan'25
1935 M N 96%
& mar let gu g 4%8
9814 99% James Frank & Clear lot 48_1959
J 981
-- _ 9814 Apr'25
1938
Cleve & Mahon Vail g 58
1938
5s
g
A
Ka
let
R
G
&
Aug'24
8412
9918
0
995s
4A
B-1942
CI & P gen gU 4346 Ser
1990
Kan & M lat gu g 48
99% 91 Nov'24
1942.8 J 99
Series A
3
1927
"di- '11E;
2d 20-year 58
8534 Mar'25
1950 F A 85
BerlesD334s
9814
8
953
S&M
Ft
3
KC
1928
9552
3
61
g
cone
Sale
2
953
8
955
0
A
Cleve Shor Line 10t gu 8346_1981
22 10452 10618 K C Ft S & M Ry ref g 49._1936
106
1972 A 0 10532 106 106
Cleve Union Term 5348
101% KC&MR&B lst gu 581929
9912
2
1007
10018
29
Sale
10018
0
A
1973
B
Ser
let f 511
8314 8812 Kansas City Sou let gold 38-1950
85 Mar'25
1945.8 D 8412 88
Coal River Ry let gu 4o
Apr 1950
9672 9834
2
98
Ref & impt 58
9812 98
Colorado & South let g 46 1929 F A 98
90% 94
Kansas City Term let 45___1960
18
94
Sale
9312
4
3
93
N
M
4348_1935
P Refunding de erten
8812 86% Kentucky Central gold 48__1987
2
8608
1948 A 0 8852 Sale 8652
Col & H V let ext g 4a
Keok de Des M 5e ctf dep___1934
_ 9412 Dec'24
1955 F A 8518
Col & Tol lat est 48
8158 dits; Knoxville & Ohio let g 6s___1925
Conn & Passum Riv let 4e1943 A 0 78 -if 8158 Jan'25
8312 8734 Lake Erie & West let g 56..1937
8738 17
1952 J J 8732 Sale 87
Cuba RR lat 50-year 58 g
1941
10312
2d gold 55
3 102% 108
1936.8 D 103 10372 103
lot ref 7348
9314 Lake Shore gold 3348
89
1997
9214 42
9134 Sale 9112
Cuba Northern Ry let 58-1966 J
96
9712
1997
Registered
Mar'25
Sale
97
9614
J
J
193
lia
4
cons
lot
Mich
Day &
91
8812
1928
4s
gold
Debenture
147
91
90
Sale
91
1943 M N
Del& Hudson let & ref 4s
1931
25-year gold 48
10814 896 10114 10814
1935 A 0 10612 Sale 10212
30-year cony 58
101 103
1931
Registered
102
7
10178
Sale
102
N
M
1937
16-year 5348
110
1954
108
55
Term
Harbor
Val
Leh
2
i930.8 D 10812 10834 10812 10812
10-year secured 75
Leh Val N Y let gu g 434s 1940
94 Dec'24
D RR & Bdge let gU 48 g-1938 F A 93% 85'4
82
1940
Registered
32
8212
4
Sale
823
8212
J
Den & R G--let cons g 4e 1936 J
85% 89% Lehigh Val (Pa) cons g 45..2003
J 8612 87% 85% Apr'25
1936
Consol gold 43413
99
95
2003
General cons 4345
9834 128
1928 J D 98 Sale 98
Improvement gold 58
67
58
Lehigh Val RR gen 58 Series_2003
Jan'25
63
5812
4512
1955 F A
let & refunding 58
---- -- Leh V Term Ry lot gu g 5s 1941
4614 Nov'24
Registered
1941
Registered
Farmers L & T del) rcta for
70
Leh & N Y lot guar gold 4a1945
59
8112 Feb'25
Aug 1 1955 -- 4512 83
1st &ref 58
Lox & East let 50-yr 55 gu1965
dep
Ws
Co
Tr
Bankers
1952
Jan'25
5953 6912 Little Miami 4e
4512 62 60
dant to June 15'23 agree
1935
5612 7034 Long Dock consol g 65
4512 63 6234 Feb'25
Stamped
58_81931
gold
con
8
let
Iald
Long
607
8
803
Feb'25
6032
'22
Am Ex Nat Bk ctfs Feb
50931
45
gold
consol
let
Dec'24
59%
Am Ex Nat Bk Ws Aug '22
1938
861, 119'
2
General gold 48
id" 661
-E314 Sale 5512
4
7
35 1,8
29
Den & R G West 58gu48
1_ 5
1932
Gold 40
3912 47
4534 49
455oSale 4514
95
Des M & Ft D let
9314 9312
1949
Unified gold 4s
9312 Feb'25
Des Plaines Val lot 434s____1947 MN
1934
Debenture gold 56
73
73
1
73
74
73
72
D
J
48__1995
Del & Mack-let lien g
1937
58
deb
m
p
20-year
6711
65%
Mar'25
87% 6512
1995 J D 85
Gold 49
1949
92
91
Guar refunding gold 45
8
9138
N 9118 913a 9132
1981
Dot Ely Tun 434o
58_01932
gu
g
con
102
let
B
Sh
Nor
102
Mar'25
102
_
103
Thrl Mbssabe de Nor gen 58_1941 J J
55_1927
Ark
&
g
let
Louisiana
10212
10012
10134 10134
Dul & Iron Range let 58-1937 A 0 10134
Lou & Jeff Bdge Co gu g 4s 1945
8212 90
3
8312
Dui Sou Shore de Atl g 58_ _1937 .1 J 8218 Sale 8212
1937
9014 Louisville & Nashville 5a
88
9014 30
Fast Ry Minn Nor Div 1st-4.6.'48 A 0 9014 -- 9014
1940
Unified gold 48
9914 9934
1
9914
9914
9914
East Tenn reorg lien g 581938 M
1940
101
Registered
100
Mar'25
1003
4
-J
99%
East T Va & Ga Div g 55_1930
_1931
101
55_
gold
trust
Collateral
10008
2
Dons lat gold 58
1956 M N 10034 Sale 10034 10034
1930
10-year secured 78
1 101 102
Elgin Joliet dr East lot g 5a 1941 M N 10134 Sale 10134 10134
9932 100
let refund 5340 Sales A 2003
1965 A 0 9912 -- 9938 Mar'25
El Paao & 53 W lst 55
2003
lot & ref 58 Series B
10858 20 107 10858
Erie let consol gold 70 ext1930 M S 10812 Sale 108
7212
let & ref 434, Series C2003
70
31
71
1996.8 J 7034 Sale 7032
lit cons g 48 prior
1930
6734 8812
N 0& M let gold 68
1996.8 J 6752 6912 8812 Mar'25
Registered
1930
2d gold 8s
6134 66%
71
lot consol gen lien g 45..1998 J J 8214 Sale 8218 • 83
67
6612
46._1948
Div
Mem
&
Paducah
Jan'25
87
1996.8
.1
Registered
1980
3e
gold
2d
Div
98
Louie
St
95%
9534 Apr'25
Penn coil trust gold 41951 F A 9534 98
LdiNdtMdsM1stg4)40.1945
83513 89
8414 87
50-year cony 45 Set A1953 A 0 6414 Sale 6334
4e1952
M
69
joint
South
N
60
&
L
59
8414
60
1953 A 0 6414 Sale
do Series B
July 1952
7534
71
Registered
7
71%
Gen cony 4s Berea D_1953 A10 7112 Sale 7118
,Cln &Lex gold 43.45_1932
Louis)
3 10112 105
105
1955.1 .1 104% ____ 105
Erie & Jersey lst f 65
a Due Jan, 5 Due Feb. e Due June.
e Due May. h Due July
Price
Thursday
Apr, 9.
Week's
Range or
Last Sale
1.1
44
High
Ask Low
Bid
Jan'25
8412
84
Oct'24
84
8412
Jan'25
9912 ___ 100
99
99 Sale 99
9312
9312 Sale 9312
9434
9434 Sale 9434
111 Sale 11034 112
71
70 Sale 70
8952 -___ 8952 Apr'25
10434 -- 10452 Feb'25
9314 9514 94 Apr'25
10812 Sale 10812 10812
100 10012 10014 Mar'25
10012
100% Sale 100
94%
9312 94% 94
102 10314 10312 10314
94
9334 9414 9334
9912 10012 9912 Apr'25
8512
6512 Sale 8512
9834 Feb'24
9934
9512
95
9512 9412
11634
11638 116% 11658
10712 Sale 10712 10738
10938 Sale 10938 110
9114 91% 9114
9138
101
10012 Sale 10014
94
93% Sale 931,
80
70
72 Mar'25
185s
1532 Sale 1534
8634
8634
8652
9912 Sale 9912 100
8252 83
8212 Apr'25
90
90 Sale 90
8972 88 Mar'25
88
100 102 100 Apr'25
9814 9814 Mar'25
97
10014
Jan'25
100
10014 __
99% Jan'25
9334 96
9334
9334
89
8878 Sale 8712
72 Sale 70
7234
92
9152
92
8714 91
89 July'24
83 Sale 83
83
8034 ---- 83 Mar'25
8212 Feb'25
83 Mar'25
8034 -_
6312 72 82 Feb'25
8812 8712
8712
87
9052
9018 91
89%
83
83 Mar'25
82
Jan'25
79
7818 80
8434
8452 Sale 8412
8032 ____ 82 Mar'25
105 Apr'25
10518
10214 Sale 10212 10314
11034 111 11034 11034
8934 -- 8814 Feb'25
7172 -- 7012 Feb'25
8012 8034 8058 Mar'25
7214 Mar'25
7214 74
Jan'25
7134 -- 72
81%
8112
8112 82
7818 82
82 July'24
8634 8912 88 Mar'25
87 Feb'25
99
9812 9858 9774
9514 June'24
-_
8852 Mar'25
8914 91
100 100% 100 Mar'25
100 Mar'25
_
100
10438
104 Sale 104
6634
6614 Sale 66
79
78
79
78
6012
6012
6012 61
5934 Apr'25
5712 60
21
20
22
19
Apr'25
8852 -- 88
10038 ____ 100 Nov'24
8132
4 8132
/
8114 811
100 10012 10012 10012
103
103 10312 103
8358
8314 Sale 8314
9814 -- 9918 Feb'25
7134
7134 Sale 7112
89
8872 Sale 8814
8518
8512 Sale 8452
8412
8412 Sale 8412
88 Nov'24
8438 _ _ _
10032 Mar'25
10014
100
9934 -- 9934
9518 9512 9512 Mar'25
79
79 Sale 7814
7878 7812 78% Feb'25
9858
98% Sale 9832
9672
9612 Sale 9832
9412 ---- 95% Jan'25
102
____ _
10214
9812 Mar'25
9834 98
Jan'25
9434 _ -- 93
8032
8014 Sale 8014
8912
8852 8978 8912
10012 Sale 10012
10012
10134 -- 10134 Mar'25
9934 -- 89% Mar'25
8538 ____ 85 Mar'25
106 Sale 106
106
84
Apr'25
108
108
108
99% __ -- 9934 Mar'25
9312 -.- 9412 Mar'25
8914
8914 8974 8914
9014 Mar'25
83
8334 8232 Apr'25
98
96
9712 Mar'25
8858 Sale 8858
8918
8212 Sale 8212
8212
9812 99% 0972 Mar'25
100 Sale 100
100
8518 8512 854i
8512
10478 10512 100
100
9458 Sale 94
945s
9112 9334 9134 Dec'24
10072 10112 10078 Mar'25
10634 107 107
107
10712
107
10712
10334 Sale 10318
10352
9352 Sale 9318
9352
10414 107 10412 Feb'25
10332 ____ 10332 Dec'24
8932
8914 Feb'25
62 Sale 8112
62
9614
9714 Mar'25
8312 8312 83 Apr'25
7852
Jan'24
77
99 Mar'25
k Due Aug. n Due Sept. o Due Oct. p Due Dec. 1 Option sale.
Range
Since
Jan. 1.
No, Low
84
1
87
17
12
7
2
7
8
18
1
5
27
128
26
52
78
262
1
368
465
1
High
84
idlcr idr
9838 100
9214 9414
9512
93
,11552
1027
6412 73
893g 89/
4
1
10432 10472
92/
4 9834
1
108 109
100 100/
4
1
9978 10038
9012 95
4
1
10014 104/
93 10234
99% 9934
6414
66,
94 -9504
11512 11678
10638 1077a
10914 111
9114 0212
10014 10212
4 95
1
92/
76
72
1212 185a
4
,
86 86
9814 101
80 8315
8912 907a
9912
88
99h 1007a
4
98,
96
9958 100
99% 997s
9212 94
8612 89
4
1
6734 73/
4 9212
/
911
ifs; ii1-2
2
21
19
39
5
5
83 83
8212
81
8018 83
62 82
8614 8712
9212
88
7838 83,4
79
79
83 85
82
81
10312 106
102 1033s
10912 11112
8814 8814
7011
70
77% 807a
7012 7214
4 72
1
71/
82
79
8612 88
87 87
58
961, 99
82
147
34
2
"id"
100 101
100 10034
100 10458
78
66
7812 8012
05
57
5934 60
1932 2614
8678 88
6
2
3
8
23
14
32
42
1
80 84
9914 10012
10213 10312
8058 85
98 9915
7014 72
8814 91
8338 8514
84 85/
4
1
3 iddi;
166;
9934 100
9814 961,
2
7814 7914
78% 78/
4
1
5712 98/
131
4
1
15
9518 97/
4
1
4 9978
1
95/
14 10034 10212
96
9714
93 93
81
6
79
1
88 9015
21
9831 10034
10112 102/
4
1
8978 8978
8433 89
1 10312 10812
4 84
1
83/
2 107/
4 108
1
9934 10012
4 94/
1
94/
4
1
8910 8914
3
8972 9014
8214 84%
4
1
9512 97/
10
4 9034
/
871
82 8338
12
9912 100$8
99% 10112
4
83 87
1
2 100 10512
91% 95
40
49
8
17
182
9
100', 103
10534 10712
10414 10712
10134 1037s
92 93%
10412 10482
89'g
6112
96
8115
901s
63
97,
4
5
,
84
981* WI;
New York Bond Record-Continued-Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ending Apr 10.
.85.
Price
Thursday
Apr. 9.
Week's
Range or
Last Sale
g
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE
Week Ending Apr. 10.
t
t
1861
Price
Thursday
Apr. 9.
Week's
Range or
Last Sale
CCI
Rano@
Since
Jan. 1.
Bid
Ask Low
High No. Low High
Bid
High No. Low High
Ask Low
Mahon Coal RR 1st bs
1934 J j 10112 104 10118 Mar'25
99 10114 N Y W'ches& B let ger 1410246 II 6378 Sale 6314
64
35 5972 804
Manila RR (Southern Lines) 1939 m N 59
7014
6012 61 Mar'25
5972 6134 NordRy3161
/
45w1
1950 AO 8012 Sale 8014
8014
81
45
lat 4s
1959 M N
8312 6812 Norfolk Sou let & ref A ba_ -1961 FA 72
- -- 6512 Apr'25
Sale 7134
72
7(138 7318
23
Manitoba Colonization 5s
1934 J D 609812 99
9784 100
9834 Mar'25
Norfolk & Sou 1st gold 55_ _1941 MN 864_ _ _ 9618 Mar'25 -95% 984
Man G B & N W lst 3/
1
4e
1941 .2 j 8258 - _
84 Mar'25
Norf & West gen gold /
8258 84
11
4
1931 MN 106 10812 10718 Mar'24 _ _ 10658 1073
Michigan Central 59
1931 m s 101
200% 101
-- 101 Feb'25
Improvement & ext 6a-1934 FA 10734
10712 Oct'24
Registered
-1931 @ M 10012
99 Dec'24
New River 1st gold
1932 AO 10713
108 Mar'25 -- 106 108
48
1940J J 91
94
9114 Mar'25
9114 9114
N & W Ry 1st cons g 48 1996 A0 90 Sale 8934
88 9114
90
38
Registered
1940 J J 89
9312 8612 Sept'24
Registered
1996 A0
86 Jan'25 -- 86 86
J L & 8 ist gold 31
/
4s
1951 M S 7734 ---- 7718 Apr'24
DWI 1st lien & gen g 4s_194 4.7 J 8812 Sale 8812
89
11
8814 9014
lst gold 3/
1
49
1952 M N 83 Sale 83
83
81
10
83
-year
10
65
cony
1929
12734
Sale 12734 130
MS
20-year debenture 444
153 12512 134
1929 A 0 97
9784
9714 97
4 97 9713
Pocah C & C joint 481941 ID 91
92 914
9114
1
91
Mid of N J let ext 58
9314
1940 A
88
9112 88 Mar'25
88 9312 Nor Cent gen & ref 58 A1974 MS 1011
/
4 102 10214 Apr'25 -- 10112 10234
Milw L 8 & West imp g be 1929 F 0
A 10038 -- 100/
1
4
North
10014
Mar'25
Ohio
let
guar
g be.
1945 A0 86
10038
86/
1
86 94
86
1
4 86
Mil & Nor 1st ext 41
/
4a(blue)1934 J D 85-8312
8512
8934 Nor Pacific prior lien 4a
1
8512
1997 Q
84/
1
4 Sale 83/
8412 74
1
4
837s 864
Cons ext 443 (brown)_1934 J
8218 8614 82/
1
4
2 85 9112
83
Registered
82/
1997 Q
1
4 8312 8234
83
30 8234 84/
Mil Spar & N W 1st gu 48-1947 M D
1
4
8912 8938 Apr'25
S _
8834 8934
General lien gold 38
a2047 Q F 6078 Sale 6014
61
58
6014 62
Milw & State L 1st gu 3/
1
43_1941 J J ilia
- 8612 July'24
Registered
412047 Q F
60 Mar'25 -- 59/
1
4 60
Minn & St Louis lst 78
1927 1 D 100 Iiita-e 9918 100
-665;
15
icif
Ref
&
impt
41
/
4
A..
8
ser
2047
86
J J
8614 8614
8512 871s
8614
let consol gold 58
5
1934 M N 60% Sale
515, 6218
Registered
6038 51
8534 Feb'25 -- 8534 8534
Ii
15t & refunding gold 45._ _1949 M S 20 Sale 6018
20
21
55 20 26
Ref & impt 68 ser B
2047 j
ETE;le 10612 10712 194 10614 108/
1
4
Ref & eat 50-yr Ser A_ _1962 Q F
1418 1412 15 Mar'25
15 2114
Ref
&
impt
88
j
ser C
96
2047
97 97
96
97
5
9772
MStP&S5Mcong4sintgu'38 J J 8534 8614 86
88 90
86
Ref & impt 53ser D
2047II 9612 Sale 9614
9534
97
69
98
let cons be
1938 1 J 9812 99/
1
4 Apr'25
_
98 1007s
1
4 98/
St Paul & Duluth 1st 5s1931 Q F 8438 87 9914 Mar'25 -10-year coil trust 8/
1
43
1931 MS 10334 solo 10278 10334 34 10212 10434
let consol gold 4s
1968• D my%
8414 Jan'23
_
1st & ref /
11
4 Seriea A
19461 J loo 101 10012 Mar'25
100 103
Nor
Par Term Co 1st g 6s.._ _193 31 J 10914-- 10914 Jan'25
Mil; Mil;
25-year 51
/
4s
1949 PA 8 84 Sale 84
84
9012
15
No
84
of
Cal
guar
g
55
1938
A0 10314 105 1034 Mar'25
102 10814
1st Chicago Term a f 4s__ _1941 M N
- -- 9213 Dec'24
North Wisconsin 1st 65_ _1930 J j 10418
10414 Mar'25 -- 10412 10412
MSSM &A latg4sintgu_1926 J J 9249934 100 9934 Apr'25
-1743.
4 Og & L Cham 1st gu 41 6-1948 .1 J 82 -gilt 7338
7338
3 7112 7332
Mississippi Central let 5s
1949 .2 J 934 Sale
91
10
931e Ohio Conn Ry 48
931
1943 MS 9014 --- 9034 Dec'24 ---Mo Kan & Tex-lst gold 48_1990 J D 814 813 9318
80/
1
4
811
/
4 73 8014 8234 Ohio River RR let g ba
1936 ID 993 - - 99/
1
4 Mar'25 -- Mo-K-T RR-Pr I 58 Ser AA962 J j 90/
1
4 Sale 90
83 88 92
907
General gold 5.8
4-9614 100 Mar'25 --1937 AO 9834
99 100
40-year 48 Series B
1962J J 73/
1
4 Sale 73
55
714 76
733
Ore & Cal let guar g bs
101 Sale 101
1014 24 10032 10173
1927 j
10-year 63 Series C
1932 .1 .7
Sale 104
1041
33 10112 10414 Ore RR & Nav con g 4s
8814 8082
1
4 89 89
1
1946 ID 88/
89
Cum &Mist 59 Ser A Jan 1967 A 0 104
824 Sale 8214
831 309
7634 89 Ore Short Line-lst cons g 58246 3, 10434 110 10434 105
7 10352 10554
Missouri Pacific (reorg Co)
Guar cons 58
10358 10538
1946 II 10514 Sale 10518 10514
18t & refunding 513 Ser A1965 F A 8612 Sale
3
83 8812
Guar refund 4s
8612 16
1929 ID 9634 97 961
/
4
97
96/
1
4 9778
9
tat & refunding 58 Ser C1926 F A 10014 10012 8512
10018 100'g 38 100 101
Oregon-Wash let & ref 48_ _1961 I
8214 Sale 82
811
82/
/
4 83/
1
4 102
1
4
lst & refuncUng 6a Sec D 1949 F A 101
Sale 10034 10118 61
99 1024 Pacific Coast Co 1st g be_ _1946 3D 91
3 82 94
911
/
4
911
/
4
9212
General 45
1975
6358 Sale 6312
6212 6612 Pao RR of Mo 1st est g 4a_ 1938 FA 9058
64
154
904 Mar'25 --901s 9858
Afo Pao 3d 7a ext at 4%1938 M
MN 8514 ---- 8714 Mar'25 ---8434 89/
1
4
2d extended gold 55
1938 II 99/
9814 9938
1
4
_
- 9938 Apr'25
Mob & Blr prior lien g 52_1945 I J
r - 9818 Dec'24 _Paducah & Ills lets f 41
/
48_1955 $ 1 9314 II% 95/
9412 9534
1
4 Apr'25
Mortgage gold 48
1945 .1
"ffl
98127838 7873 784 Apr'25
Paris-Lyons-Med RR 6a
1958 FA 7234 Bale 7218
721s 8058
764 "HIE
Mobile & Ohio new gold 69 1937 J D 10314
1034
1
4
Sale 10314 10314
6 102/
13 f external 78
1958 MS 8212 Sale 82/
83 158 8238 89
1
4
1st extended gold 62_34927
10212 104 104 Apr'25 -- 102 104
Q
Paris-Orleans RR ±1 78
1954 MS 8212 Sale 8212
8212 90
8234 74
General gold 49
1938 M
90
8112
90
8958
90
2
Paulista Ry 75
1942 MS 98 Sale 98
5
97 100
98
Montgomery Div 1st g 58_1947 F A
--- 9812 Mar'25
96% 99
Pennsylvania RR-cons g 48 1943 MN 9234 Sale 9234
3 9178 95
923
St Louie Div 513
19271 D 99
98131114114 100 Mar'25
100 10958
Consol gold 4s
1948 ▪ N 9212 931 9238
8618 931s
9318 19
Moh & Mar lst gu g 48
1991 MS 8458
85 Feb'25
8434 85
423 stamped
May 1 1948 MN 9212 95
9214
9012 93
6
9214
Mont C let gu g 68
1937 J J 11038
11034 11073
- 11034 Feb'25
Consol 41
/
4s
1966 FA 9938 993 99/
1
4
7
984 100
9934
181 guar gold ba
1937 .1 J 10138
1014 103
- 10134 Mar'25
General 41
/
48
ID 9414 Sale 9418
1965
98
95
93
9434
M & E 1st gu 31
/
48
783
4 8112
20003 D 7812 Sale 7813
General 59
7834 11
1968 J o 10234 Sale 10234 10312 ao 10118 10311
/
4
Nash,
/ Chatt & St L 1st 58 1928 A 0 10112 Sale 10158 10112
4 1004 102
10-year secured 75
1930 AO 10878 Sale 10812 10873 57 108 110
NFla&iiilatgug5e
Ion 101
1937 F A 101
_ 101 Mar'25
15-year secured 61
/
45
1936 FA 110/
1
4 Sale 11038 11012 33 109114 11112
Nat Ry of Mex pr lien 4/
1
43._1957 J J
30 Sept*23 -40-year gold 59
1964 MN 9713 Sale 9738
9731 60 9714 9814
July 1914 coupon on _______ ____
/if
s 1534 July'24
Pennsylvania CoAssent a 1 red June coup on
1613 16
15
15
15
Guar 31
/
4
5
coil
trust
reg
A_1937
MS
84
84
/
1
4
/
1
4
Dec'24
-Guaranteed 70-year 143-1977 I-6
8718 July'23
Guar 3 As coil trust Ser /3.1941 FA 83 -85 8318 Mar'25
83 8$1
April 1914 coupon on...... ____
18 May'24 - Guar 31
/
48 trust ctfs C1942 J O 82 84 8218
1
824
821s 8212
Gen If 45 assenting red___________ 15 Sale 15
15
7
Guar
31
/
48
trust
ctfs
D
J
1944
O
8214
8214
82 8212
Apr'25
Nat RR Mex prior lien 41
/
48_1926
3812 June'23
Guar 15-25-year gold 46_1931 A0 954 Sale 954
7 9414 9551
955s
July 1914 coupon on _______ ____
25 July'24
Guar 4s Ser E
1952 MN 8514 861 8514 Apr'25
85 864
Assent with July '24 coup on iii
- 391 32 Jan'25 Peoria & East 1st con 243_1940 AO 7734 78 7758
7712 79
6
78
let consol 48
1951
28 Apr'24
Income 4.5
1990 Apr. 311
/
4 321 32 Mar'25
32 3658
April 1914 coupon on
36 Jan'25 --Peo& Pekin Un lst5/
1
4s_1974 AO 99
991 1004 Mar'25
100 10038
Assent with Apr 1924 coupon
154 163 15
15 20 Pere Marquette 1st Ser A 58_1956 II 9913 Sale 9912 100
15/
1
4 35
42 9713 100
Naugatuck RR 1st 48
1954 iiis
73
66 May'23 lat 444 Ser B
1956 $ 1 82/
1
4 831 824
82/
2 8112 8338
1
4
New England cons be
1945 3 J 9414 -65- 954 Feb'25
9512 Phila Balt & W 1st g 4a
9512
1943 MN 9318 Sale 9318
1
9278 934
9318
Consol 41945 J J 80
8312
78
/
1
4
Dec'23
Gen
58
13
Series
1974 FA 10618 Sale 10618 10618 10 104 1064
NJ June 1
guar 1st 48
1986 F A 8214 86 83 Sept'24
Philippine Ry 1st 30-yr sf4a 1937 II 4134 Sale 4118
11
40 44/
4134
1
4
NO&NEs.trefasimp41
/
48A'52 j J 90 Sale 90
90
10 8890 Pine Creek regstd 6s
1932 3D 1055 -- 10512 Mar'25
10512 10512
New Orleans Term 1st 4s
1963 .1 J 8038 8138 8014 Mar'25
804 84 PC C & St L gu 41
/
4s A
1940 A0 9614
98 994
8-9718 9614 Mar'25 __NO Texas & Mexico 1st6a1925 J D 10058 Sale
101 Mar'25 -- 10012 10134
Series B 41
/
48 guar
1942 A0 964 9634 9614 Mar'25 ____
96 964
Non-cum income 53
1935 A 0 95 Sale 944
9512 72
92/
1
4 96/
Series C 41
1
4
/
45 guar
1942 MN 9414 -- 9612 Mar'25
9612 9612
let 5s Series B temp
1954 A 0 9278 Sale 92/
9012 93
1
4
93
36
Series D 49 guar
1945 MN 9114 -- 91 Mar'25
8934 9114
let 5343 Series A temp__1954 A 0 100 Sale 9958 1005
98 10034
Series E 31
8 87
/
4s guar gold___1949 FA 9114 ---- 9114
904 91
N & C Bdge gen gu 4/
9114
1
45-1945 J J 9338
935± Feb'25 -- 93% 9338
Series F guar 4s gold
1953 3D 9114
894 Noy'24
N Y B & M B lst con g ba1935 A 0 9914 _____
_ _ 994 Mar'25
Series G 4s guar
9914 100
1957 MN 914
9612
"911;
904
Feb'25
NY Cent RR cony deb 62-1935 M N 10858 Sale
108
10878 254 107 11712
Series H 48
1960 FA 9114__ 92 Apr'25
91 92
Registered
MN
1074 Mar'25
10712 11812
Series I cone guar 434s..1963 FA 9514 EiE;le 9514
95
2
9618
9538
Consol 4s Series A
1998 F A 83/
1
4 Sale 8312
Series J 41
/
45
8334 13 8234 85
1964 ▪ N
944 9458
9558 Mar'25
Ref & impt 41
/
4a "A"
2013 A 0 91 Sale 9012
25
91
General ba Series A
8834 914
99
1970 ID 100
4
:
8
4 1-0
9812 101
9
-0
971- i
9914
Ref & impt 55
s 9914
99 10134 Pitts & L Erie 2d g 65
2013 A 0 10114 Sale 10012 10114 289
01928 AO
9978 Mar'21
99/
1
4 101
Registered
A0
9912 1004 Pitts Mai Y let
10014 Mar'25
gu U.-183231
SP Y Central & Hudson River105 Dec'24
-2d guaranteed 65
1934
S
i
9818
AUg'24
Mortgage 31
/
4a
1997 1 J 7758 Sale 77
76 78 Pitts Sh & L E lst g ba
78
74
110
000
1940 A 0 1
4
3758
2
lOO1i 10118
Registered
:
1 10058 Mar'25
1997 1 J 7512 78
1
4
74
77/
74
1
74
let
consol
gold
as
1943 .1 J
101
Jan'25
101 101
Debenture gold 48
1934 M N 94/
1
4 9518 944
95
34
9314 96 Pitts Y & Ash 1st cons 5a
1927 M N 10014
100 100
_ 100 Jan'25
Registered
M N 9212
924 Mar'25
9214 9234
let gen 46 series A
1948 J D 88
30-year debenture 4s
87 Mar'25
87 87
1942 1 J 89/
1
4 92 914
91 9258
9112
29
1st gen 55 series B
1962 F A 10014 1163- 10014 10014
2
10014
Registered
102
93 Feb'25
93 93
1st gen 55 series C
1974 J D
Lake Shore coil gold 330-1998 F A 75/
1
4 Sale 75/
1
4
76
18
7614
7434
Providence
Secur
deb 44
1957 M N 52/
1
4
_
_
5312
57
Registered
5312
5
53
12
1998 F A 74
7534 7434 Mar'25
74 7434 Providence Term 1st 45
1958 M S 811
/
4 _
Mich Cent coil gold 31
80 Sept'24 - /
45..1998 F A 7534 774 7738 Mar'25
75 7738 Reading Co gen gold 413
95 -954 95
1997 J
95
Registered
3 9312 96
1998 F A 7518 75/
75
/
1
4
1
4
75
/
1
4
755s
Certificates
75/
1
4
of demerit
NY Chic & St List g 4a___ _1937 A 0 9218 Sale 92
9514 Noy'24
94
17
9414
91
Jersey Central coil g 414._1951 A 0 8814 Sale 88
Registered
8814 24 88 95
1937 A 0 89/
89 Jan'25
1
4
89 89
Gen & ref 41
/
43 Ser A
25-year debenture 49
19971 J 94 Sale 9234
9218 9412
94
15
1931 M N 94/
1
4
9458
9412
Apr'25
9278 9612 Richm & Danv deb 55 stpd_ _1927 A 0 10038 10012 10038
2d 65 Series A B C
9934 1003s
100/
1
4
1
1931 M N 103 10318 103
10314 17 10212 10412 Rich & Meek list g 4a
1948 M N 75
Ref 1534s Series A
77 7514 Feb'25
7412 75,4
1974 A 0 9512 Sale 95
9372
9618
107
9512
RIchm
Term
Ry let gu 55_ _.1952 J J 10018 10114 101
NY Connect 1st gu 4/
1 1001s 10112
101
1
48 A_1953 F A 91
9112 91
90 9212 Rio Grande June let gu 5s1939 J
91
1
D 9414 955s 9412
1
N Y & Erie let ext g ts_ 1947 M N 89
9232 9638
9412
89
92
Mar'25
89
89
Grande
Sou
Rio
1st
gold
43_ _1940 J .1
ad ext gold 41
5
7
7
5
/
45
1933 M 8 93
96 May'24
Guaranteed
4th ext gold 5s
1940.2 J
7 Dec'24 -99 Mar'24
99 ifi14 Rio Grande West 1st gold 4sA939 J J 7458 gale 843
5th ext gold 48
84/
1
4 19
8
82's 88
974
1
.
3
Dec'24
9534
Mtge
&
colt
trust 45 A
N Y & Green L gu g be
7312
8
1949 A 0 7212 Sale 83
714 75
1946 M N 91
91
91
8 91 921k R I Ark & Louis
1st 4/
1
49 1934 M S 8638 Sale 864
N Y & Harlem g 31
88/
1
4 43
85 8812
/
48
2000 M N 794 Id 7578 Feb'25
75% 751, Rut-Canada lat gu g 4s
19491 J 72
N Y Lack & W 1st & ref 54_1973 M N
74 Mar'25 -74
74 74
9812
Nov'24
Rutland 1st con g /
45
let dr ref 4/
1941 .1 J 8512 8612 8513
8534
1
43
5 854 864
kW, ii;(13-4 St Jos & Grand lel41
9938
1973 M
10012 Feb'25
7734
g 48
1947 J J 7734 Sale 76
N Y L E & W lat 78 eat_ _1930 M N
7512 77
4
S 106/
1
4 108 10712 10712
5 106 10712 St
Lawr & Adir lat g 5a
Dock & impt 55
19961 J 9314 9534 954 Feb'25 --94 9518
1943$ .1 100
9978 Mar'25
9934 997s
gold
2d
65
102
1996A
N Y & Jersey lat ba
101
_
0
Jan'25
-101
101
9958
1932 F A
10034 9958
9958
2 9958 10038 St L & Cairo guar g 4s
19311 J 9412 1558 9412
9412
1
N Y & Long Branch gen g 45 1941 M S 90/
94 9558
9014 Dec'24
1
4
St L Ir M & S gen con g 5s1931 A 0 10018 Sale 100
N Y N H & Hartford10014 55
9914 10011
Unified & ref gold 48
Non-cony deben 4s
19291 J 944 Sale 944
95
41
9134 95
1947 M S 65
6712 67 Apr'25
61 68
Registered
J J
Non-cony deben 834a_ 1947 M S 5812 _
9158 Mar'25 -- 9112 9214
5812 Mar'31
5558 6018
_
Rio & G Div lst g 46
1933 M N 87 Sale 86/
Non-cony deben 3/
87
1
4
44
1
4e____1954 A 0 56 -5014 56
833
4 8714
56
1
5558 60 St L M Bridge Ter gu g bs_ _1930 A 0 9914 10014
Non-cony deben 4s
Apr'25
995±1005*
1955 1 1 6118 6212 6212
6212
4 60 65 StL&SanFran(reorgco)4s19503 J 7412 Sale 10014
Non-cony deben 4a
7414
113
7458
714
7513
1956 M N 61
64 62
6312
7
60 655s
Prior lien Ser B 55
19503 J 8834 Sale 88
Cony debenture 31
89
63 8514 897a
/
48...A956 J J 554 55/
1
4 554
5518
5
554 5912
Prior lien Ser C 55
1
4 Sale 10314 103/
1928 J J 103/
Cony debenture 65
1
4 24 1017± 1035*
1948 J 1 88 Sale 8712
8812
61
92
87
Prior lien 51
/
4s Ser D
19421 .1 98 Sale 9734
Registered
98
56
J J
93511 98
8512
8512
1
8312 90
Cum adjust Ser A 68__31955 A 0 8738 Sale 8634
714 European loan dollars-1925 A 0
8712 100
8411 8911
994 Mar'25
97 101
Income Series A 68
51980.
Oct.
1 I 8038 Sale 80
78 European loan francs-1925 A 0
113
8058
767
8 8214
100 Mar'25
96
100% StLouls & San Fran Ry gen 65•31
10434 105 1054 Jna'23
Debenture 48
1957 M N 55 Sale 55
1054 105/
84 0012
1
4
56
17
General
gold
58
1004
Cons Ry non-cony 45
10014 10014
1 1001s 101
1930 F A
44 Apr'23
Louis
& F RR cons 48_1
St
J.1
1 903$ _ _ _ _ 8412 Dec'24
11
193
996
Non-cony 41
1954 J .1 6314 - - 6318 Mar'25
55 "(ii"
Southw Div let g 5a
1947 A 0 991
Non-cony deben 48.-1955 J J 6314 -- 64 Mar'25
973
8
Dec'24
62 65 St L Peo & N W lat gu 5a
102 41948 J
Non-cony deben 45._ 1956 J .1 6314
10314 10234 Apr'25
1023± 1031.
-- 6312 Mar'25
62 64 St Louis Sou Ist gU g 4a
1931 MS 91/
1
4
_ 93/
N Y & Northern 1st g Ss...A.927 A 0 1004 --- 100 Jan'25
1
4 Mar'25
921, 957,
100 100 St L W 1st g 43 bond otts.;1989 M N so% 81
N Y0& W ref let g 4s_June 1992 MS 664 Sale 66
8058
814 22
80 8171
6612 26 65 6934
45
2d
Income
g
ctfa_p1989
bond
J .7 72/
1
4 74
General 45
72
/
1
4
1955 .1 D 63/
Mar'25
7258 74
1
4 Apr'25
1
4 637e 63/
6318 6912
Consol gold 45
8818 Sale 8734
N Y Prov & Boston 48
1942A 0 861
8818 79
/
4 _ _ _ 8612 Feb'25
8538 90
8812
88
terminal
let
,
2
&
unifying
D
J
5a-1
1
J
841
1
9
5
3
2
/
4
Sale 8434
N Y & Putnam 1st con gu 48293 A 0 8412 Sale 8418
24
85
/
1
4
8158
86
844 14
8214
85
St Paul & C Sh L lat 41
/
49_1941 F A 83
NY & R B lst gold ba
8314 8238
1927 14 S 100 10038 100 Feb'25
8312 19
80 86
100 100 St Paul E Gr Trunk 4/
1
48._ _1947 J J 9012
N y Busq & W 1st ref ba
1937 J J 6913 7178 70 Mar'25
88 Sept'24
66
/
1
4
76
2d gold 41
/
45
1937 F A 5918 82 6414 Mar'25
61/
1
4 68
General gold bs
1940 F A 60 Sale 60
61
10 60 66
Terminal let gold 58
1943 M N 9318 ---- 93 Feb'25
93 94
a Due Jan. 5 Due July. p Due Nov. i Op ion sale.
--
--
31 '1
33
1862
BONDS
N.Y.STOCK EXCHANGE
Week Ending Apr. 10.
New York Bond Record—Continued—Page 4
Price
Thursday
Apr. 9.
1Veek's
Range or
Las) Sale
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Apr. 10.
t
Price
Thursday
Apr. 9.
Week's
Range or
Lan Sale
g
,53
Range
Since
Jan. 1,
High
13 Low
11g3h4 No
100
Ask Low
Bid
High
Nigh No. Low
Ask Low
Bid
99% 10114
213
3 J A 9934 Sale 9913 100
58
93
19
Anaconda Cop MM let 6s_ _ 1
9414 95
_ _ 95 Mar'25
9934 104
St Paul Minn & Man 4s____1933 J A 94%
Sale
deb
75
100
cony
-year
10912
15
FA
10712
Apr'25
_- 4 10814
1933 J A 10814 1093
95 10014
let conaol g 68
146
96
Andes Cop NIM deb 78 25% pd '43'.3 9514 Sale 95
0512 100
_ 9912 Apr'25
9118 9478
2
68 reduced to gold 4}4e.1933 J J
9218
9218
Antilla (Comp Azuc) 7148 _1939 J J 9218 93
97% 98
99- 9712 Apr'25
9858-9214
1933 J J 9718
91
Registered
9112 17
9118
Ter
&
Sale
58_1964
Stem
Bridge
&
9112
9313
Ark
M
92%
93 Apr'25
1937 J D 9278 94
90
85
Mont ext let gold 45
8712 47
89% 89% Armour & Co 1st realest 4301939 in 873* Sale 8678
89% Feb'25
88
94
9112
I940 J J
Pad flc ext guar 4s___
3 ▪ J 9218 Sale 92
943
193
Armour & Coot Del 534s-1
100 102
10118
St Paul Union Depot 58......_1972 J J .10T8 101% 10118
12 74 10134 10315
2%
92
10
• S 10212 Sale 10212
84% Associated 011 temp 6s
81
28
84
9734 9734
1943 J J 84 Sale 84
S A & A Pass 1st gu g 4s
9734 Jan'25
1947 J D 9818
Atlanta Gas L 1st 58
100% 101
26
1942 MS 100_ 1003 Feb'25
18
Santa Fe Pies & Phen 5s
26 Mar'25 - _ _ _
1934 J O 19
27
Atlantic Fruit 78 °Us dep
10712 111
22
1934 AO 10778 1.-1-1- 111 Mar'25
22
Say Fla & West 6s
7 22
- -- _
Jan'25
39
_
deposit
of
ctfs
Stamped
_ 10114 Noy'24
1934 AO 10112
9912
97%
1
51
58
9912
1937
Atlantic Refg deb Is
-9938 Sale 9834
4
8734 -66
8934
102 10318
Scioto V & N E lst gu g 48_1989 MN 89 Sale 89
103
Baldw Loco Works 1st Se.. A940 ▪ N 10258 ____ 103
74 80
2
78
1950 AO 75
Seaboard Air Line g 48
2 103 10412
80
Baragua(Coup Az)7 Hs_ _1937• j 104 Sale 1043) 10412
74
10
77
1950 40 7634 7712 7634
10213 105
Gold 48 stamped
19
11)5
10434 Sale 10412
Barnsdall Corps f cony 8% A1931 j
79
73
7578 273
Oct 1949 FA 7512 Sale 74
Adjustment 58
23 10014 192
102
1948 j
5912 68
Bell Telephone of Pa 5s
1013) Sale 101
67% 181
1959 AO 67% Sale 6634
10014 10114
Refunding 48
3
14
,
0014
,
1
10014
10018 10012
1926 j
184
84% 9212 Beth Steel 1st ext s f 58
91
1045 N4 S 9012 Sale 8938
9312 97
let & cons 68 Series A_
96 Sale 96
1942 MN
lot & ref Is guar A
83% 8818
87,4 29
92%
90
Atl & firm 30-yr 1st g 48.d1933 MS 8634 Sale 86%
39
9112
9012
Sale
9112
5s_
f
1936
s
99%
Imp
&
m
p
101
30-yr
i's
2
101
1926 J J 10012 10118 101
9334 9713
Seaboard & Roan let 5s
7
59
94
Cons 30-year 6s Series A_ _1948 FA 9412 Sale 9414
10218 1021s
10218 Jan'25
1936 FA 10278 _ _
8912
85
S & N Ala cons gu g 58
16
8614
8512
Sale
B
8614
Series
1953
Hs
5
30-year
10518
Cons
FA
103
10
105
85
74
Gen cons guar 50-Yr Is. 1963 40 105 Sale 10114
5
177
8:48 3
6,5,
7
1926 40 74 Sale 74
Booth Fisheries deb at 6s
87
84
4
87
86
97
100
8o Pac Col 48(Cent Pac col)11949 J D 8434 87
81
Brier 11111 Steel let 533s__1942 A0 9918 Sale 99
81
Jan'25
81
7514
SD
Registered
68
68
Sale
let
9613
Ss_
Air
g
c
1943
6818
973
7th
O
&
4
J
B'way
63
97
June 1929 MS 97 Salo 9634
20-year cony 411
67% 7518
6712 72 68 Mar'25
Ctrs of den stmpd Dec '24 lot
2
9934 10218
1003s
1934 in 0934 10038 1003e
90% 93%
20-year cony 5a
-Apr'25
8
933
1
0
4
9
93
1
92
933)
City
55
RR
Brooklyn
4
,
JJ
87
8414
25
87
San Fran Tenni 1st 4s
1950 40 8612 Sale 8578
991s 100,4
10014 86
8514 13klyn Edison Inc gen 5s A_ _1949 J J 10014 Sale 100
83
AO 78% -- 8312 Mar'25
Registered
6 10414 10512
10512
General 6s Series B
J J 10512 Sale 104
103 10314
_ 10314 Feb'25
1927 • N 10358
So Pan of Cal—Gu g 58
Nov'24
D
1073)
Series
78
1940
O
J
9413
General
94%
_
_
9412 Jan'25 _
1937 J J 9378_
./13-4
4 -8
So Pac Coast let go g 4s
8534 713 -E1Bklyn-Man It Tr Sec 65_ .....1968 J J 854 Sale 847
88% 91
9012 84
1955• J 90% 61le 90
So Pac RR let ref 48
63,2 71
64% 65 Mar'25 - - Bklyn Qu Co & Sub con gtd 58'41 M N 63
10134 53 10014 102
1994 J J 10114 Sale 10114
80
Southern—let cons g 5a
80
-.
Feb'25
80
____
1941
7018
5s
Ji
1st
73% 78
7678 73
Develop & gen 48 Ser A1956 AG 76% Sale 76%
90 Nov'24 -10438 61 103 10612 Brooklyn Rapid Trans it 5s 1945 AO
1956 40 10378 Sale 1037
Develop & gen 68
96 June'24 -Trust certificates
1956 40 10914 Sale 1083) 10912 72 10(334 110
Develop & gen 6;0
ect:24
ep
1 12 8D
,
8
10
____
__2002
4s_
5618
9913 10018
J J
1st refund cony gold
1
100
_ _ _ 100
Menu Div let g 414s-58_1996 1 J 100
__1921
_
notes_
secured
7%
3-yr
8712
8514
Mar'25
8618
8618
1951 J J
St Louis Div 1st g 4s
120
-Mar'24,
deposit
of
Certificates
4
8238 85
8312
Mob 44 Ohio coil tr g 4s_ _1938 NI S 8312 -84-13 8312
3 121 121
121
121
__
FA
Ctfs of deposit stamped.__
10012 102
84%
So Car & Ca let ext 55s._1929 MN 101 14 102 10114 Mar'25 82
3
82
82
8134
82
1950
1st
El
13klyn
4-5s
g
Un
8712
8312
8
84
84
8414 83
Spokane Internet 1st g 513_1955 J
8158 85
6
8218
8
817
Sale
4
813
1950
A
F
4-5s
_
guar
Stamped
Oct'23
91
1936 J J 9112
Sunbury de Lew 4s
101%
9914
5
10912
M N 100 10012 1(1012
5 IN
1 9432
1
13klyn Un Gas let eons g 5s ,
_
95 May'18
e1930• S
Superior Short L lot 58 g
155 1631%
155 Mar'25
13514
9514 9712
10-yr cony d eb 79
13
97
Term Assn of St L 1st g 430_1939 AO 96,2 967e 96%
I 10714 110%
11058;
o 10834 ____ 110%
MN
2i
47
93
1,
hit lien & ref 6s Series A_ _ 1
2 106 101
10012
1944 FA 10012 Sale 10012
1st cone gold 58
91 18 93%
1
0118 1
91 18
9118 97
5s
f
s
Iron
Buff
&Soso
4
84,
8218
9
83
83
82%
8214
1953 J J
Gen refund s f g 48
8714
84
1952 A 0 8638 8634 87(4 Apr'25 - 96% 97
Bush Terminal let 4s
1943 J 1 9613 9814 97 Mar'25
8618 89,4
Tex & N 0 con gold Is
18
I
87
86%
Sale
87
1955.3 J
9978 101%
Consol 58
1
1007
20011 .1 13 10078 Sale 1007
Texas & Pac let gold 58
93% 9934
9714 10
Salo 9634
4
963
(
3
(1
9
1
A1
113,
ex_
7
N
O
tax
guar
58
Building
Dec'24
100
90
2000 Mar 90
2d gold Income 58
98 100
100 I 23
99% 101) 99%
-661; Cal G E Corp 58
1
9812
1931 J J 9812 Sale 9812
La Div B 1. 1st g 58
10314 22 10034 10312
9818 10014 Cal Petroleum 6)4s temp_1933 A 0 10314 Sale 103
0812 16
99
9814
9212 95%
Tex Pac-Mo Par Ter 51481964 NI S 98
8
9212
9234'
931
9212
0
A
.1942
_
78_
f
151
101
5
9994
a
Sag
Camaguey
7
_
_
99 Mar'25 _
9644 9912
To) de Ohio Cent let go 5s_ _1935 J J 9934 100
0912 28
9814 Sale 9814
9558 100
Canada SS Lines let coil s f 78'42 SI N
1935 A0 9912 100 100 Apr'25 _ _ _ _
Western Div let g 55
4 10014 10078
10078
D 10034 Sale 100%
.1
_1943
_
59_
30-yr
1st
99%
Tel
Dist
Cent
8
963
3
10
9934
99
98
4
993
1935 J
97
95
General gold 5s
_
Feb'25
1931 F A 95% ____ 117
30
Cent Foundry let sr 6s
30
Apr'25 - _
97% 9914
Toledo Peoria & West 4s_ _ _1917 J J 2618 3178 30
9914 206
9913 99% Cent Leather let lien s f 63_1915 J J 9918 Sale 9812
__
9934 9978 9934 Mar'25
5 110 114
III I
Tol St L & W or lien g 3 Hs_ _1025 J
Sale 110
110
MN
1941
8
88
Steel
,
85
Central
8218
32
8518
50-year gold 48
9814 99%
1950 * 0 8518 8.5% 8434
3
9938 Mar'25 - _
99% 99% Ch Cl 1. & Coke let go g 58_1937 J J 99 1011
99% Jan'25
9614
75% 88
1931 J
Tol W V & 0 gu 4 He A
8113 755
78 Sale 75%
1927 F A
Chicago Rye let 55
97
97
Jan'25
97
1933 J J 9618
Series 13 442s
106% 195 105 11112
Sale 106
10612
1932
0
A
A
Ser
8
65
895
8
895
Copper
Chile
89% Jan'25
98% 10078
1942 M 6 8912
15
Series C 4s
100
8
997
100
9912
'543
A0
8418 8612 Cinch) Gas & Flee ist & ref 5s
6
85
8412
1946• D 8458 86
Tor Ham & Buff let it 4e_
1033) 10 10013 103%
196LA 0 103 Sale 103
92%
89
514s Ser B due Jan 1
1
9112
1928• 1) 9112 Sale 9112
Ulster & Del let cons g 5s
- -I
8712
80%
J
19401J
4s
62
151
Bit
Coal
Clearfield
50%
_
1952 AO 51 14 52% 52 Apr'25
91% 26 -87e 93
let refunding g 4s
9112 877
90% 9312 Colo F & [Co cells) 5e...,...1943'F A 91
24
93
8314
80
1947 J 1 9234 Sale 92%
Union Paelfic 1st g 4s
8234 33
1934'F A 8178 Sale 8134
89i4 91% Col Indus let & coil 55 gu
9 38
82
82
J J 9138 Sale 9138
Registered
__
Feb'25
82
IF
A
9814 9958
Registered
9914 62
10013
101%
19
1027 J J 9018 Sale 9918
I
101
20-year cony 45
8
1007
1927 .1 J 10078 Sale
Columbia G & E let Is
98
98
Jan'25
98
J J
8 100 10118
Registered
101 1
10014
10114
8
1007
1927J
Stamped
8414 87'4
85% 54
914 12
e2008 M 8 8558 Sale 85%
Jan'25
Let & refunding 48
12
14
9
1993 M S
23 10418 10614 Col & 9th Av let gu g 5s
106
9812 9914
e2008 MS 106 Sale 106
1st lien & ref 55
99% Mar'25
9918 100
19321J J
1st gold 513
71% 76
6
I0-year perm secured 68_ _1928 J J 1035s Sale 10358 10334 14 10312 104% Columbus Gas
7312
7312
74
7212
J
g
let
48_2397,Q
Cable
9214 9213 Commercial
9914
98
5
99 I
U NJ RE & Can gen 413____1944 MS 9212 9412 92% Feb'25
Sale 98
101's 101 18 Commercial CreW efOs._ 11134' NI N 99 Sale 10014
lass 101
1926 J J 10014 101 10118 Jan'25
10034 53
Utah & Nor gold 58
1947 M N 10012
Commonwealth Power 58
_ _ 93 Aug'24
101 14 10114
544
1933 J J 93%
162
lot extended 414
101%
Salo
102
Commit ing-Tab-thee a f 6s_ 1941 J J
"863)
9018 90%
8658 Feb'25
1955 FA 86%
Vandalia cons it 48 Ser A
903) 9312 9012 Mar'25
Conn ity & L 1st & ref g 430 1951 JJ
92%
6812 Dec'24
1957 M N 86%
Consol 48 Series B
863) 9112 9038 Mar'25 - _ _ _1 80
1951 J J
Stamped guar 430
Oct'24
20
81%
90
58
Vera Cruz & P let gu 4 WI_ _1934 J J
8312
81%
Sale
8312
Cons Coal of Nld let & ref 58 1950 J D
i
__
24
Dec
20
•
102
14
101
678
coupon
on
I
July 1914
.101 12 102
2412 24 2 Consul Gas(N Y)deb 5 Hs_ _1915 F A 102 Sale 101
2412 Jan'25 -22 10018 193
1934
14'
101
Assenting 1st 445
Sale
14
101
S
let
M
634s_
__1943
g
9952 10012 Cons'd Pr & Lt
9213
10018 Mar'25
8712
29
1926 M 8 100
0014!
4
Verdi V I & W let g 513
803
1
Sale
89%
100%
3 10018 1009, Coot Pap & Bag NI:Ile 630_1941 F A
10014
9434 99%
3
9912
9912 9912
Virginia Mid Series E 5a1926 M S 10014 __
99
100 10012 Consumers Gas of Chic au 5s 19161.1
10014 Mar'25
9034 9611
1936 M N 10014
9434' 56
General 58
Consumers Power Ist 5s____1952 NI N 943.1 Sale 9414 July'24
4
993
_
_
_
_
9312
Mar'25
9934
_
-J
1st
J
58__
go
_2003
Sonthw'n
90%
_1
Va &
1931 M N 10014 _ _
Corn Prod Refit S fit 56
12
8414 91
89
99%-8812 88
4 10012 102
1958 A 0 8712
102
101
let cons 50-year 55
1023)
102
1934M
N
5s
f
25-year
s
let
i)8%
95
80
98
4 74
80
78
Virginian list Is Series A____1961 M N 98 Sale 9712
1943 F A 78 Sale 78
8 4004 191 12 Crown Cork & Seal Os
101
9
1939 M N 10058 101 10078
97
93% 98
Sale 1 9614
Wabash 1st gold 58
9412 96% Cuba Cane Sugar cony 79_1930 J J 9612 Sale '10014
96
45
9914 102%
1939 F A 95 Sale 95
70
1007
2d gold 58
10012
J
4.1930
8./
Cony deben statnped
9412 9618
96
258
21 10712 110
4 109 '10834 110
Ref sr 5tis ger A temp_ _1975 M S 95 Sale 9412
7712 82,2 Cuban Am Sugar 151 coil 88.1931 M S 1083
3
80
82% 80
96% 9812
97's 115
1st lien 50-yr a term 4s__ _1951 J J 80
97 Sale 97
9912 100% Cuban Dom Sug 151 7(48_1944 SI N
97
9912
25
1941 J J 100 10112 100% 100%
9912
9914
994
Det & Ch em let it 5s
999,
1937 1 J
gm 8.514 Cumb T & T ist & gen 68
3
8334
- 83%
10
90
99
99
Dee Nloitien DIY let g 48_1939 J J
63
let
Fruit
Cuyamel
6%
7
74
Mar'25
7612
7512 7612
1941 AO 823492% 94%
9234 12
12
9
92
9
21
1
1e
a9
Om Div let g 3148
9
S
12
9
2
9
)
N
c
I
A
N
1
9
5
4
9
'
1
55
g
f
s
Ist&ref
L
&
Gas
8413 85,2 Den
8514 8513 Mar'25
_
75
1941 MS 85
82
Mar'25
78
Tel dr Ch Div g 48
70
1942 NI S 76
fiery Corp (I) G)
773) Oct'24 _ _
7718
99% 102%
2000 FA
10138 —2
Warren let ref go g 3 SO_
J 10138 ____ 101 14
8 -1;11-8 Detroit Edison lot coil tr 58.1933
_ _ 74.118418 Jan'25
1948 Q M
9913 10118
10138 13
10018
Wash Cent let gold 4s
tel & ref 58 Series A_July 1910 M S
81 18 8512
_
Apr'25
8
823
8512
8112
FA
1945
17
997
1st
3325
gu
0752 99%
Term
Wash
9734 Sale 1 9758
0
A
1949
A
ref
&
Series
58
Gen
8
893
89%
Mar'25
89%
1945 P A 89%
13 106% 108
let 40-year guar 45
1074 Sale 110712 108
5
M
1940
_July
IL
Series
68
ref
&
1st
9534 90%
1
10
0%
1% 2
97
8
88% 9334
,
9
11 1'8
0
:
W Min W & N W 1st go 58_1930 FA 961. ____ 9612 Mar'30
4 S:
78
9313
5313 67% Del United let cons g 4 Hs_ _1032 J J 8
34
637
1952 40 6358 Sale 6314
82
88%
Weet Nlaryiand 1st g 4s
_ 100 10012 Bold (Jacob) Pack 151 68_1942 M N
1937 J J 9958 10013 10018 Mar'25
56
13
50
5013
68%
Sale
West N Y & Pa 1st g 513
5512
J
5s
1939
Steel
&
Iron
8218 Dominion
80
1943 AO 8018 8012 80% Mar'25
8834 91%
91/14 30
Gen gold 48
9014 Sale 894
1942 J J
78
45
Steel
Donner
45
Feb'25
45
46
3514
Nov
,
Apr 1 1913
9358 Mar'25
9012 93%
Income g 54
9014 9518 du Pont(El) Powder 4428_1936 J D
93
43
253 63 10638 10812
108
,
%2 .1,
007
•
Western Pac 1st Ser A 58_1946 MS 9212 Sale 9214
10214
2 10014 104 18 duPontdeNemours&Co 7 Hs 1931 M N
1946 MS 10214 10258 10214
10718 10718
B 68
let
N
8314
8114
Registered
83
8314
6
J 8214 83
2361
106- S• ale 1051, 106 —381 10458 107
West Shore 1st 48 guar
8114
4
7934 81 14 Duquesne Lt let & coil 6e_ _ _14991.1 1 10478 Sale 104% 105
J 8114 Sale 81
2361
12 194 106
Registered
let coll trust 514s Series 13_1919 J J
10012 101%
10512 47 104 106%
10518 Sale 105
Wheeling & L E 1st g 5s. _ _ _1926 AO 10034 101 10114 Apr'25
S
NI
'37
g
f
s
I5-yr
11
Cuba
11
Sag
Eut
09%
1(58
101
2
9914 100 101
17
23
2
9034 93
r
9
ma
92
3
1
3
13
1
92
10
1
9
1
9
9
Wheeling Div let gold 58.1928 J
J
J
_1939
9934 9931 Ed El Ill Bkn 1st eon g Is_
9934 Mar'25
973 _ _ _
10114 102%
Eaten & Imp) gold 58.. (193 OF
7134 Ed Elm III let eons it 55._ _ .1995.3
58
5
6818
10
412
7
;
00.
1)
8
88
el
F
2
8714
,
7
3904
18
3
:
7_7
;
2
1
2
7
:
8
,
:
Refunding 1149 Series A._1966 MS 6818 Sale 6818
S
M
'50
Hs
6
(Germany)
Corp
Pow
Flee
7413
72
7334 25
1949 MS 7334 Sale 733
810
9834 100
RR let consol 45
9314 6712 Elkhorn Coal 6% notes ____19251.1 0
6512
9
n 65 Sale 6412
1942
1 7g 31,
98
92
,
10
82173 466
le 110
a8
9714 10313
-1-3 S9
-2
10
Wilk & East 1st on g 58
N
_19371M
_
&
He__
7
Gas
Fuel
Empire
10214
102
Feb'25
99% 100%
-I 9934
Will & S F lst gold 5s......1934 JD 10212 104 10214 Mar'25
19321 M S 99,4
82% 87% Equit Gas Light 58
8212 8313 823
96
88
WInoton-Salem S 131st 4s_ _1960 r
Federal Light & Tr 1st 5s_ 1942 M S
79% 81
8012 11
3
8 10038
.
_24
102
1017
9514
Wig Cent 59-yr 1st gen 4s_ IOU).1 J 80 Sale 80
4
1003
9
M
1942
stamped
1st
65
82% 8714
8
8412
116
136
Blip & Did div & term let 48'36 MN 8413 Sale 8418
19531M S
lienCony deb 7s Ser A
1033) 20 101 107
1939 J I) 103 Salo 103
Federated Nletals f 78
11111 13 108 11218
INDUSTRIALS
109 11038 111
85
85
87% Fick Rubber let s f 8s
13
Adams Express coil Ira 14...1904M 5 85 Sale 85
78
1
76% 79
46
93
_19
M S 78 Sale' 78
M
Ss__
1
g
1st
Tr
&
It
Ft
941)
Smith
4
,
99
29
99
98
8
987
98
1936 J 0
Max Rubber ga
913* 34
Sale I 9012
89,4 95
8
915
J
7
20-yr
He'421.1
Dev
&
Ind
Frameric
4
55
5
678 514 Apr'25 --__
3:: 101:
05
6
Alaska Gold NI deb Os A------.12.9 M S
105
106
Apr'25
10618
105
10312
Francisco Sugar 7/is
5
4
5 Mar'25 534 67
1926 M 5
Cony deb Os Series B
9818 98%
) 9834 9912 9812 Feb'25 -J IN
2M
949
Gas & El of Berg Co eons 658119
101
1928 A 0 10018 10112 10031
10212
6
___
102%,
Am Agile Chem let 59
1021
103
101
68
cony
Gee
Asphalt
52
9434 101
99
1941 F A 9814 Sale 9734
let ref et 714511
105%1
11 10452 105%
10512 10518
2C 10518
A I:
9,J
36
93
General Baking 1st 25-yr 68.119
98's 100
9712
1933 A 0 97 Sale 97
American Chain Os
83 Mar'25
8318 _ _
84
83
1942
1
Gen Electric debit 314e
93,8 2
1931 M N 93% 9314 9318
Am Cot 011 debenture 5s
1037
e
Sale
10412'
37
10412
10113 10514
0
0812
Debenture 55
612 10
08
19
1936 J .1 10612 108 10712 Mar'25
Am Dock & [mot cu Be
S 100 10134 100 Mar'25 — 1 100 10212
M A
F
2
52
5
.
9
9
1
Ser
6s
_.1
g
A
f
s
1st
Gen
Refr
Mar'25
--__
9912 9812
Am Mach & F'dy a f fis _ ...19311 A 0 98
9334 941s
943j 43
9111 9678 German Gen Flee is temp..1045 J J 104
A 0 9414 Sale 94
.14
3%
93
1e78 10
a3
Am Republic Corn deb61..1937
1 13
8 S9
14
935
104
935
5 100% 104%
.24
9513 9734 Goodrich Co 614s
9714 76
Am Su & R let 30-yr 5s serA 1947 A 0 9714 Sale 9612
120141 50 119 120%
12018 Sale 120
N
Mj
1
7
1
4
9
9
Tire
1
f
Itub
s
&
let
Goodyear
10818
103%
8
10712
1947 A 0 1063i Sale 10634
6e B
109
82 10838 10934
109 Sale 10812
19-years f deb g 88
9912 104%
10212 48
Amer Sugar Refining 631. _ _1937 J J 10218 Sale 101%
A 10018 Sale 100% Mar'25
95 1001s
F N
1 M
28
93
StampedGranby Cone M S & P con 6sd 1
A'
9618 97
110
97
993 9812 Mar'25 -Am Telep & Teleg coll tr 48.192)) J 1 9634 Sale 96%
984
N
93% 9812
M
1928
929)
9958
1936 M S 905s 9134 9118 Mar'25 _
Convertible 48
10018 10014 10010
101.1101' 62
95 10014
Cony debenture 8s
115
96%
_
Mar'25
9638
97
S
4H*
M
1933
cony
20-year
9334 Sale 93,2
95
41
3
93
9
92
Gray
&
Davis
7s
MI%
1110
177
101
1946 .1 D 10034 £321e 10014
60
1
30-year roll tr 55
Sale
4
3
2
,
8713
89
87
A
N
8712 9113
F
M
5
2
99324
194
(St
Cons El Powerflapan)78.11
9412 96%
9514 368
1960.3 J 9518 Sale 947
35-yr 5t deb Is temp
1
9978 10114
_1940,M N 19012 10I3 10012 10012
1s1
58.
f
1
1
3
I
1
('ails
0
(
Power
Great
1
3
1
22
2
()
1
210
10212
8
MN
1017
1943
Sale
10213
20-year 8 1 5 Ho
2
8414
8414 85 . 8414
83% 85
Haekensack Water 48
12738 35
1925 F A 12738 Sale 127
4
7-you convertible Be
8714
86,2 8634 8718
85% 87%
5 N1
15.11.1
9212 9634 IIavana El Ry & P gen Se A19
47
96
Am Wat Wks & Flee 58----111:44 A 0 9518 Sale 9312
55
45
____
Mar'25
45
45
1939 J J 44
Am Writ Paper 5 f 7-6s
5034
43
9tI8 den-_---- _ 4318 4434 4318 -- 4312 12
Interchangeable
_.
.....Temp
Option sale.
a Due May. e Due June. 5 Due July. k Due Aug. s
----
....
108
1
New York Bond Record-Continued-Page 5
BONDS.
N.Y.STOCK EXCHANGE
Week Ending Apr. 10.
Price
Thursdzy
Apr. 9.
Week's
Range or
Last Sale
ta
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Apr 10.
1863
Prim
Thursday
Apr. 9.
Week's
Range or
Lan Sale
Rowe
kfust
Jan.!.
Bid
Ask L010
High
High No Low
A Sk Low
Bid
High No. Low
High
Havana Elec consol g 56 __1952 FA 93
94
93 Mar'25
9213 94
_
Pat & Passaic()& El eons 56 1949M S 99
997 99 Mar'25
96
99
Hershey Choc 1st at g 681942 MN 103 Sale 103
103 105
104
6
Poop GM & C Ist cons g tts__1943 A 0 1084 1097 1088s 1088s 30 107 108118
Hoe(R)& Co late 12s temp_1934 A0 10134 102 10118 102
10038 10314
26
Refunding
gold Mi
1947 M S 9512 9614 954
2
Holland-Amer Line es (11o1).1947 MN 82 Sale 8112
95
%
9
414
9
7
79
8218 30
8714 Philadelphia Co 66 A
1944 F A 1045a Sale 10412 1047
41 101% 105
Hudson Co Gas 1st g &a_ -1940 MN 994 Sale 994
984 994
9912 13
1938M 8 96 Sale 95%
534a
9614 25
Humble Oil& Refining 5148.1932 J J 10114 Sale 10014
93
%
9
7
1014
9914
10112 44
Pella& Reading C & I ref 56_1973 J J 100% Sale 10018
100% 41
9934 101%
Illinois Bell Telephone 56_1956 3D 10012 Sale 9978
97 10012 Pierce-Arrow Mot Car deb 861943 M S 944 Sale 9414
10012 116
9512 55
97
91
!Illinois Steel deb 4126
1940 AO 94% Sale 93%
9234 95
94% 47
Pierce Oil fifes
19313 D 10414 105 104
104% 30 10218 105
Ind Nat Gas & 011 56
1936 MN 9014 9134 9012 Mar'25
874 91
Pillsbury Fl Mills 20-yr 66_1943 A 0 101 Sale 101
101
8.
102
99%
Indiana Steel tat 55
1952 MN 10134 Sale 10134
10214 32 10114 10214 Pleasant Val Coal lot get 58.1928 J J 974 Sale 97%
97% 16' 97
9814
Ingersoll-Rand lot is
1935 33 99,4
9914 9914 Focal'Con Collieries bat sf5519573 J 924 9334 9314
- 9914 Feb'25
1
9314
92% 94
•Interboro Metrop coil 4145_1956 AG 11
Ti
11 Mar'25
10
11
Port
Arthur
10114
Canal
Dk
10038
es
&
_
.1953
99'2 100%
F
A
Apr'25
Ctf dep stpd autd 16% sub__ _
1012 1012 Portland Elec Pow 181 63 B.1947 M N
64 -- 1012 Mar'25
9612
1
Mar'25
9612 9613
Interboro Rap Tran let 56._1966 ii 6318 Sale 6214
5934 7434 Portland Gen Elec lot 58-1935 J
6312 123
9814
99
3
9538 99
Stamped
62 Sale 6134
731
59
: Portland Ry lot & ref 54_ _ _1930 MN 95 Sale 95
6214 108
3
924 96
9518
10-year es
1932 AD 6512 66
80
6414
613
4
59
Portland
6612
873
4
Ry
P
Sale
Lt & litre!6.1942 F A
87
9614
8
9714
81's
is
844 904
1932 MS 87 Sale 85
85
95
118
87
SOB
1947 M N 97 Sale
26
94
994
Int Agric Corp 1st 20-yr fe_ -1932 MN 63
6978 70 Apr'25
73
67
1st & refund 7146 Ser A..1946 M N 106 Bale 1051
: 106
7 10514 107
Stamped extended to 1942_
68
MN 63
63
6213
70%
63
Porto Rican Am Tob 8a„...1931 M N
1031
:Mar'25
10312 106
.Inter Merean Marines!56_ _1941 AD 8834 Sale 884
88
91 12 Pressed Steel Car 5s
4
89
1933 J J 954 9576 95
22
957
0384 97
International Paper 55
1947 j j 8878 Bale 884
8713 90% Prod & Ref of Eis(with waents)'31 .1 D 11312 114 112 Mar'25
89
101
104 11514
lot dg ref 54 B
1947'3
84 Mar'24 46
Without warrants attached... J D 11038 1101
:1104
1101
2 110 111
lurgens Works Ss(flat Pr(ce)-1947 J
9514 Bale 9314
88
96Is Pub Serv Corp of NJ gee 56_1959 A 0 1043* 105 1944 10434
9334 334
6 10438 1054
Kansas City Pow & I.t bs
1952 MS 9734 Sale 9712
9552 9814
98
70
Secured g 66
1934 F A 9614 Bale 9514
96,2 62
95
.Kansas Gas & Electric 66-1952 MS 10034 Sale 10014 101
98
9814 10132 Pub Sera( Elea & Gas 1st 5)01959 A 0 10012 Sale
36
.10
0
4
03
4
1
20
04
0
03
4
4
6874 1021s
Kayser ex Co 76
1942 FA 103 Sale 103
8 10112 1037s Pub fiery El Pow & Ltg 66_1948 A 0
10314
3 10214 10614
Kelly-Springfield Tire 8s
1932 MN 96 Sale 95%
1093
90
4
56
9713
Punta Alegre Sugar 76
1937 J J 165" 1-612 10514
1055,1 12 10234 1074
Keystone Telep Co ist 56_1936 J
85 Sale 85
82
8512 Remington Arms es
85
5
89
1937 M N 89 Sale 8812
27
88 92
Kings County El & P g 52....1937 AO 10112 102 10
10012 10134 Repub I & S 10-30-yr 56 st1940 A 0 95 Sale 9412
13* Mar'25
95
24
Purchase money fis
9312 9584
1997 AD 116 117 116
11412
118
Apr'25
9114
6148
9114
19533 J 9114 92
4
903
'Kings County El 1st g 46...A949 FA 7412 77
4 94
76
76 Mar'25
7774 Rime Steel tot 70
90 89
1955 F A 88
89
16
Stamped guar 46
148% 90
1949 FA 7412 76
74% 7714 Robbins & Myers s f 76
7512
Mar'25
1952
65
654 10
Kings County Lighting 56_1954
66
7312
944 96
89
96
9512
96
2
Rochester Gas & El is ser 13 1946 M S 110 11012 110
110
4 110 110
614s
1954 J J 1054 Sale 105% 105%
5 1034 106
Gen Mtge 514s series C__ _1948 M S 10414 1941: 104
104
2 19312 104
Kinney Co 7146
1936 Jo 107 10734 10613 107
10614 10874 Roch & Pitts Coal & Iron 58_1946 MN 9078 ____ 90 Aug'24
2
'Lackawanna Stf1.1 56 A
195(1 MS 9312 Sale
8962 9434 Rogera-Brown Iron Co 78___1942 M N
93%
6
70 Sale 70
70
'Lac Gas L of St 1. re Meat 56 1934 *0 9934 Sale 9312
9814 9974 St Jos Ry Lt Ht & Pr 66____1937 M N 8912 91
99%
9
8934
14
90
Coll & ref 514s Serie! C-1953 FA 99 Sale 9912
11.518 9113
954 9974 S2 Joseph Stk Yds tot 4%811930 J J 9513 ____ 951
994 133
9834
: Apr'25
Lehigh C & Nay of 414. A 1951 ii 9712_
9512 954
9534 98
971
1
9712
St L Rock Mt & P50 stmpd_1955 J J 81
813* 81
813*
'Lehigh Valley Coal 56
774 8112
1933'3 1014 1011 - 101
100 101
101
10
St
Louis
Transit 55
1924 A 0 5614 ____ 81
Feb'25
4.
81%
74
1933 1 .1
893* Sept'24
St Paul City Cable 55
9414 95
9614
1937 J
1
9614
Lax Ave & P F lot go s 56..1993 MS
95 9614
3912 43
3934 Apr'25
Saxon Pub Wks(Germany) 78'45 F A 92
9214 92
9214 12
'Liggett A Myers Tobacco 78_1944 AD 11912 -sale 1194
92 9214
120
116
11912 33
Saks Co 7s
1942 M S 1064 Sale 10512 1064 11 104 1074
Registered
AD
11734 11734 San Antonio Pub Ser 66
11734 Mar'25
10112 101/4
1952
J 10112
994 10113
68
1951 PA 10014 Sale 10018
9734 10114 Sharon Steel Hoop 1st Meer A '41 M S 1964 Sale 10674 107
1003* 34
7 105% 1074
Lorillard Co (P) 78
1944 *0 116 117 116
11414
1174 Sheffield Farms 6540
116
2
1942 A 0 106 107 10614
2 105 106%
10611
Registered
115 115
AD
115 Mar'25
Sierra
9118
&
San
Power
Fran
Sale
56
1949
:
914
F
1
A
9134
go
9218
58.
1951
9514 9714 Sinclair Cons Oil 15-year 70 1037 M S 921 Sale ! 9234
Sale 9618
967
13
138
93
Louisville Gas & Electric 58_1952 PA
88
9618
90% 94
MN 9378 Sale 9312
934 52
lot In coil (rile C with warr 10273 D 10738 Sale 10638 1093* 525 10514 117
tLoulsv Ry tat con 5s
1930
.1 91
93
93
Mar'25
93
883
let
lien
8
6146
Ser
Sale
B
8812
19353
63
D
88
Lower Austrian Hydro-Elec Co82% 9014
Sinclair Crude 011 3-yr 68A 1928 F A 10038 Sale 100
10038 279
lin a f 6 Sis
9914 101
1944 PA 85 Sale 8534
8514 &Ps Sinclair Pipe Line 54
86
13
1942 A 0 85'2 Sale . 844
8512 81
82 864
Magma Cop 10-Yr cony g 76 1932 J0 11718 118 118
114 13274 Skelly 011614% notes
120
39
119
Sale 10914
120 20872 129%
111
Maned Sugar 7145
99
1942 AO 99 Sale 99
102
9934 20
South Porto Rico Sugar 76_192
947
1 JA 3 1048 Sale 104
25 102 105
105
Manhat Ry(NY)cons g 46.1990 *0 5714 5812 572
574 64
43
5814
South
994
Bell
Tel
Sale
&
Tel
101
sf
993
541941
3
4
17
J
100
2d 4a
99 100
2013 l0 5114 5212 5114
56
51
514
2
s'west Reit Tel 101 & ref 54._1954 F A 96 Bale 9834
130
99
Manila Electric 78
961s 99
974 10012 Southern Colo Power 66___1947 3 J 9514 96
1912 M N 100 Bale 994 10012 18
95
9534 37
934 971
:
Manila Elec Ry & Lt'158_1953 M 8 87 Bale 8674
85
8814 Spring Val Water g Its
87
18
97
973
4
963
4
Mar'25
9618 97%
Market St Ry 78 Series A...1940 Q J 985s Sale 9818
98 100
99
39
Stand Gas & El deb R 6 14s__ 110
114
114
1 10613 12412
93
43
8M
MN
S 114 115
'Marland Oils f 86 with waren''31 A 0
._1993* 100
123 140
---- 125 Mar'25
00
Standard
Milling
let
5s
N
M
5
1930
994
10014
Without warrant attached.... A 0
11.15 10612 Steel & Tube gen 6 f 76 Ser C 19513 J 10714 Sale 10712 10734 17
Apr'25
106
105 107%
7Sis Seriee B
1931F A
125 130
125 Feb'25
Sugar Estates (Oriente) 73_ _1942 M S 9534 9634 9614 Mar'25 -do without warrants
9512 971:
105 10536 Superior Oil lot f 7sFA-I 97
Jan'25
105
993
4
99
Mar'25
98
Maxwell Motors f 76
99
1934 M 8
106 10514 syracuse Lighting lot 56_9
105
Jan'25
95
29
1 3 D 9912 9934 994 Mar'25
9712 994
'Metr Ed 1st & ref g 6s tier 13_1952 F A 102l 10284
10212 1024 3 1011:10312 Tenn Coal Iron & RR
10114 10234 10334 Apr'25 -- 100% 102%
gen 511_1951 J
lst & ref /Softiies C
91533 J 928 Sale 9212
911: 95% Tennessee Cop lat cony es. _1925 M N 100 1014 10012 Feb'25
12
923
4
10038 102
.Metropolitan Power So
1953 .1 D 1027
100% 103
- 103 Mar'25
Tenneuee Else Power ist 68_1937 J D 10112 Sale 10013 10112! 71
Met West Side El (Chic) 46_1938 F A
9914 10218
-71704 80
514 Sale 5112
Third Ave lot ref 44
54 I 25
'Mid-Cent Petr 1st 8146._ _1940M S 9534 Sale 7512 Mar'25
5112 5812
9514
975
953
8
25
4
3514
Adj int 54 tax-ex N Y___a1196
Sale 35
96,2
3812 167
3
01
A 0
960
Midvale Steel A 0eonv of 56 1936 M S 9014 Sale
35
45%
874 91 14 Third Ave Ry let a Ss
9012 94
9312 95
9334
934! 23
w E ec Ry & Lt cons g (56 1926 F A 10036 Sale 9014
9334 96
10034
100 101 14 Tide Water 011 10-yr 6145_ 19
1004
13
1031:
Sale
10314
3
10312 17 19234 111453
F A
93
37
11
Refunding & eaten 414s. _1931 J J 95 Sale 95
96
953
4
95
5
10934 Sale 110914
Toledo Edison lot 74
10934 13 1084 110
General 56 A
1951 J D 964 97
94
9612
9812 Toledo Trac Lt & Pr 6% notes
9634
7
A 10014 ____ 10036 Apr'25
M S
'45
21 F
1S
- 100i8 111034
ist 58 B
196130 87 Sale
84% 8914 Trenton G & El lot 56
8
8714
Feb'25
1949 M S 9814 - -1 98
Ist & ref g es Series C_1953 M 8 9914 Sale 8634
98
98
994 100
9834 100% Twenty-third St Ry ref 5s_.19623 J 5914 -607
13
4
66
Feb'25
Milwaukee Gam Lt 1st U
-654 70
1927 M N 9918 Sale 99
9614 9912 undergr'd of London 410_1933 J J 9036
9914 17
_ 1 9014 Feb'25
Montana Power lot 5e A_1943 J
89
9
04
994 Sale 984
1
97%
9914
129
Income 66
99 4
8734 -92
8812 Feb'25 -'Montreal Tram Ist A ref 56_1941 J J 96 Sale
8618 884
9534
94
964 Union Bag A Paper let M 68_1912
9614 30
1 95 Bale 95
M N
1 83
95 I
Morris & Co lato f 414s
5 944
97
1939 J J 83 Sale 8212
7813
83
834
15
10014
Else
Union
10012
Lt
&
Pr let g 56_1932 M S
10014 100331 7 99.84 10118
Mortgage-Bontl Co 431 See 2.1966 A 0 77._.
774 Mar'25
77
774
Ref & ext. 56
1933 M N 994 Sale 9914
10-25-year as Series 3____1932 3 J 96
99121 16
9814 991s
9618 9614
95% 96%
1
964
1st g 514sserles A
994 9918 101
102 I 16 100 102
Murray Body let 6142
19343 D 9814 Sale 98
9312 46
97
981
4
Union
Elev Ry (Chic) 58_1
A 0
1 -- 774 7714 Mar'25 ---41
Mu Fuel Gas Is tu g ha____1947 M N 9574 963
1915
75
774
4 9518 Mar'25
9512 9612 Union Oil lot lien 6 f 56..„ 1931 3 J 1001
19014 Mar'25 -'Mut Un gtd bonds ext 4% 1941 M N 99
9934 10014
____ 99 Feb'25
9774 99
311-yr es Ser
10414 10414
F A 104 41044
3
'Nassau Elec guar gold 421
- 1024 10412
1951 J J 598 Sale 5938
63
69
60
7
Union Tank Car
AM
eouip 7s.
3 10312 19614
Nat Roam & Stamps let 56_1929 J D 9834 993
a
.
Y.11930
942 F A 105 Sale 10412 105
4 98
98
Feb'25
99
United Drug 20-yr 6s_Oct 15 1944 A 0 1027 Sale 10214
47 1004 11:14
National Acme 7148
103
1931 J D 8412 Sale 8412
83
94
8512 14
United Fuel Gas 1st if 6e
10034 ____ 100
Nat Starch 20-year deb 54_1930 J J 984
9
10012
1936
98 1004
993
993
,101 12 United Rya Inv 56 Pitts Issue 1926 M N 9934 Sale I 9934
4 Feb'25
National Tube 101 56
997
5
99 1004
1952 M N 101
102
10214
6 10034 10214
Stamped
Newark Consol Gas5s
995* 100 I 99%
9953 10
994 1004
1948,3 D 9914 9912 9812 Mar'25
9812
9914
United Rys St L Ist g 4s____1934 J .1 6934 701
New England Tel & Tel 56..195213 D 1004
: 6914
2
6934
6934 7414
100
99114 10(538 United SS Co 15 yr 14
10014 110
933* Sale I 93
N Y Air Brake tat cony 6a 1928 M N 104 Sale
37
94
1937
9538
91
10414 104
104
104
4
1043
2
United
Stores
104
Realty 20-yr
Sale 10333 1044 43 10213 105
:N Y Dock 50-year let g 4a 1951113 A 7934
AO
80 1 7814
77% 8012 US Rubber tot & ref 558er A6s '42'I 86 Sale 85%
N Y Edison 1st & ref 64e A.1941'A 0 11414 Sale 11133 Apr'25
86
78
1947
85 874
11414 28 112 116
10-yr 734% sec notes
lotlle.n&re5sfltemp1944A 0 10018 Sale 100 4
1930 F A 105 Sale 105
10512
10412 10712
10016 99 100 10012 US Smelt Ref & M cony 60_1926 F A 10118 111112 101
N Y Gas El Lt & Pow g 56_1948 J D 10214 10212
9 10038 102
10114
1024
4 10012 11.1212 U S Steel Corpfeottpon_...d1963 MN 10538 Sale 105
10214
Purchase money g 411
10538 161 1044 106
1949 F A 874 8734 8714
86
8734
8734 66
f 10-60-yr 5slregistered.d1963 MN
N Y L E&West C AR R 51461942 M N
1041
:Mar'25 -- 10378 10613
Utah Lt & Trac lot di ref 55 1944 A 0 8413 Sale 84
N Y Muni(' Ry ist s 56 A__1966 J J 804 ___
8434
9
834 88
8112 Apr'24
Utah Power & Lt lot 5s__ _1944 F A 9318 Sale 9234
N Y Q El L & P 1st g 6s. _1930 F A 10014 ____,10018
9312 34
91
9614
11.1ar'25
9012
10018
Utica
Eiec L& Pow 1st 6 f 54.1950 J
991:
N Y Rys Ist R E & ref 46_1942 J J 49 Sale 49
_- 9838 Mar'25
- 98% 98%
46
49
5412 Utica Gas & Mee ref de ext M 1957 J J 9914 Sale 99
5
Certificates of deposit
994
10
4912 Sale I 49
984 9936
424 54
4911 83
Victor Fuel let s f 56
551
30-year adj Inc 5s. _Jan 1942 A 0
: 80
53
Jan'25
53
53
5
418
1
VA-Caro Chem let 76
874 324
8612 Sale 854
Certificates of deposit
73 8812
374 412/ 4
4
373 514
2
Certificates of deposit _____ 949__7
N Y & Rich Gas lot 66
8612 Sale 85
864 41
53
_ 1.1
714 87
1951 M N 9914 9934 994
9912
994
100
1
Certlficates of deposit'Mod
N State Rya lot cons 410_1962 MN 00
8112 82
8112
8112'
1
68 84
4 6412
64 6814
6514 23
7148 with & without war_ _1937
47 Sale 47
Registered
49141 108
MN
43
- _ 63 Mar'25
497s
63 63
Certits of Sop with warrants
47 Sale 47
10
47
7 4213 484
1962 M N 8813 Sale 884
88
8812
97
1
•
Centre of dep without warri
.N Y Steam lot 25-yr Ibt Ser A 1947 M N 101 Sale 10012
4612 4734 48 Mar'25
41
4613
101
971: 101
25
Va Iron Coal & Coke lot g 56 1949 M a 91
NY Telep 1st & gen s f 4146_1939 M N 9634 Sale
9138 95 Apr'25'-9112 95
96
97
9634 15
Va Ry Pow lot & ref So
30-year deben of es-- Feb 1949 F A 10912 Sale 9614
28
96
19431 3 9511 Sale 9512
9314
9614
1094
1091
107%
11
110
Vertientes Sugar tot ref 76_ _1942 3D 93 Sale 9234
20-year refunding gold 6.1941 A 0 107%
9314 23
9113 9412
Sale 10714
1073
51 10614 1074 Warner Sugar Reno lot
Niagara Falls Power 1st 58 1932 J J 1001
9214 12
O 92 Sale 9134
:101% 10034 101
8974 9912
7 10014 10214 Warner Sugar Corp lot 76_1941 J
Ref A gee es
78 Sale I 78
27
7814
J
1
7s.__1939
Jan 1932 A 0 105 Sale 10434 105
7713 874
12 10334 10514 Wash Wat Power s f 58____1939 ▪
Nies Lock & 0 Pow tot 58_1954 M N 10934 110
J 10012 ____ 10013 Mar'25
10934 110
99% 1004
16 10418 110
Westches Ltg g 5sstmpd fad 1960 J O 997 1004 99%
Refunding es Series A____1958 F A
7
11
_
98
1097
102
4
Mar'25
10418
110
West Ky Coal let 75
Nor Amer Edison es
8 10012 10212
1944 M N 10214 103 10212 10212
1952 M S jai Sale 10014
101
9678 10114 West Penn Power See
66
Secured a f g 6146 Ser B 1948 M S 104 Sale 103
97 Sale 9634
A 65_1946 M
97
20
94
104
97
100
34
1
4
1043
6
let
Ohio
40-year es Series C
Trac & Light 66 1947 M
Nor
D
s 105% 10638 10534 1057g 66 1043s 106%
8
1
794
56
9534 Sale 9512
.954 28
9214 9612
lot 76 Belles D
1057 107 ,107
Nor States Pow 25-yr 5s A 1941 A 0 95 Sale 95
1074
9 10534 107%
9574 27
93 9612
lot
56
97
Series
Registered
E
Sale
I
98
1963M
34
9
97
A 0
93% 974
9314 Jan'25
9314 9314
1st 514s Series F
1st& ref 25-yr OsSer B__ 1941 A 0 10414 Eisle 103
1953A 0 10212 ____ 10214 10211
2 10034 103
10414 14 103 10714 West Va C & C
Northwest'n Bell T ist 76 A.1941 A A
9312 Sale 1 92
1st 64
23
94
10712 Jan'25
92
96
107% 107% Western Electric deb
9912
Sale
Mirth W T 1st fd g 4 Ha std.1934
9914
.1
40
54_1
11
19
94
9912 121
95
_ 95
99$4
98
94% 95
Western Union coll tr cut 55_1938 J
10012 Sale 10016 10044
Ohio Public Service 7346_1946 A 0 11011 1-1-2- 11012 Mar'25
4
11114
9934 102
6 108 1121
: Fund & real estate 430_1950 MN
95
Sale
76
9414
15
95
1947F A 108 109 108
10814
924
95
3
1074
11014
111
I5
-year
10 g
Sale 110
Ohio River Edison 1st 68_1948 .1 J 10214 Sale 10114
111
15 10914 11112
10214 13
9812 103
Westinghouse E & M 76-1
Old Ben Coal tat es
A 1074 Sale 10712 108
MN
36
1F
93
19
83 10714
1944 F A 97
9712 9714
9734 12
9634 99
Wickwire 90e0 Steel 1st 76_1935 J
1064
85
Ontario Power N F 1st 5s
8512 8514
1943 F A 9914 9934 9914
5
86
91
993
4
98
76
2
993
4
Certificates of deposit
84
Ontario Transmission 5s_
8412
1945 M N 994 _.. 9874 Mar'25
9
85184
764 88
97
994 Willys-Overland a f 614s____1933 M S 10012 Sale
Otis Steel 86
100
1941 F A 9912 Sale 97
1001
9912 10012
23
9912 50
9534
10012
973
Wilson
&
4
Co
1st
25-yr s 1 66_1941 A 0
Sale 9611
lat 25-yr 6 f g 7146 Ser B 1947 F A 9134 Sale 90
9734
9132 9734
918
31
8934 9514
Registered
7234 Sale 93 Feb'25 143
Pacific & El gen & ref fe 1942 J J 9518 Sale 95
1
9514 69
93
93
9312 96
10-year cony of its
74 Sale 733*
1928
Pao Pow & Lt Ist&ref 20-yr 56'30 F A 98/4 Sale 9832
74
196
7612
9834
55
5
98
993
6
Certificates
7212 744 724 Mar'25
of deposit..
1
___0
_
Pacific Tel & Tel let 63
19373
10012 Sale 9934 10012 32
56
53
73
994 10074
10-yr cony f 754s
727
4
Sale
F
p
...
A
.
lis
73
1952 M N 9534 Sale
73
156
51
97
287
534
77
924
97
Certificates
deposit......
74
of
T'
....
lot
Sale 1 7274
pan-Amer P &
10-yr 151930 F A 10514
744 12
105%
5938 7418
8 10414 10636 Winchester Arms 7144
Sale 10514
J
A 0
4, 10134 Sale 10134 10134, 13 101% 1024
ConvsfOi 1934 temp
MN 11034 Sale 110
11112 411 103 11836 Young'n
Sheet'A T 20-yr 66-1
9814 Sale 1 98
41
1943
Park-Lax st leasehold 6148_1953 J J 95
9818 111
9512 95
95
9514 99
95
97
a Out Jan. d Due April. p Due Dec. s Option gale.
a
1864
BO
BOSTON STOCK EXCHANGE-Stock Record See
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Friday,
Wednesday. Thursday,
Tuesday,
Monday.
Saturday,
April 10.
April 9.
April 8.
April 7.
April 6.
April 4.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range for Year 1925.
Lowest
Highest
PEK SHARZ
Range for Previous
Year 1924.
Lowest
Highest
Railroads
100 156 Feb 18 16434 Jan 7 1457 Mar 164 Dec
78 Boston de Albany
_
__ 157 15718 ____
157 15712 157 157
715 Aug 85 Dec
100 7514 Mar 17 86 Jan 2
Boston Elevated
580
78
7812
W12
78
77%
7714
*1577712
7714
7714
77
8714 Dec 9814 Mal
92 Jan 18 97 Jan 3
100
pref
Do
10
_
_
*9212
.. 9212 9212
*92_ 392
16 107 Dec 11814 Jan
Jan
11412
31
Mar
109
100
pref
1st
Do
73
no no 111 fif 11112 11112
.110 iff *no il
92 Sept 10114 Dec
100 94 Mar 20 102 Jan 9
115 Do 2d pref
9613
96
9514 9514 9534 96
__
•95
*95
812 Jan 2514 Nov
100 14 Apr 3 20% Feb 26
663 Boston & Maine
1414 14% 1414
14
1418 -1-413 1414 1414 1418 141
Jan 2678 Nov
12
25
Feb
ear
N
20
1712
27
100
pref
60 Do
17
1712 1712
•__ 18 •____ 18 •____ 1712 315
13 June 3714 Nov
1st pref
100 2112 Apr 8 30 Feb 26
A
Series
Do
287
____
____
211
2112
23
2212
2213 23
23
23
Jan 48 Nov
1712
4
Mar
40
32
27
100
Jan
pref
1st
B
Series
Do
275
____ ____
34
33
35
35
36
34
33
33
16 Feb 41 Nov
100 26 Jan 21 36 Fen 25
165 Do Series C 1st pref
____ ____
31
3112 3112 29
31
31
328
Jan 62 Nov
23
26
Feb
55
Apr
pref
44
let
7
D
100
Series
Do
187
____
____
44
*41
44
44
45
45
45 -45
Jan 172 Nov
43
100 167 Feb 26 172 Jan 16
Boston & Providence
__ •168 ____ ____ ____
__ •167
•167_ 3167
18 May 3812 Dec
East Mass Street Ry Co_ _100 32 Jan 20 39 Feb 11
862
36
18
3712
37%
7
2
37
;
3612 -3-63
Jan 71 Dec
5813
3
Apr
71
65
2
100
Feb
prat
1st
Do
54
_
____
70 '5_ _ _ _ 69
70
71
71
72
*71
48 May 612 Nov
100 57 Jan 23 6212 Jan 12
242 Do prof B
6078 ifi
81
359
61
61
62
6218 361
62
28 May 4614 Dee
27 48 Mar 10
Jan
41
100
adjustment
Do
4412
275
44
44
44
44
4313
4413
43 '4412 4413
25 June 3712 Apr
100 25 Mar 26 3712 Jan 29
103 Maine Central
2812 2812 2812 2812
27
27
27
27
27
27
Jan 3314 Dec
14
100 28 Mar 30 3614 Feb 25
300 NY N II de Hartford
3012 3014 3014 2914 293
.2934 3014 *2934 3014 *30
82 Jan 81 Nov
9
16
Apr
Feb
78
70
Hampshire_100
New
Northern
50
--------7713
78
75
75
75
75
75
*74
Jan 108 Nov
80
10
13
Jan
Mar
110
100
Worcester
St
pref-100
20 Norwich
3102 __ 3102 ------------102 ____ 105 105
7212 Jan 98 Nov
100 96 Jan 2 105 Mar 12
93 Old Colony
10112 10112 10212 10212 10212 10212
101 101
101 102
34 Mar 64 Nov
100 52 Feb 12 6312 Jan 2
Rutland pref
__ ____ __ ____ ____
__
Jan 9318 Nov
70
5 Vermont & Massachusetts_100 87 Feb 24 93 Jan 16
91
____ ____ 91
93
*88
93
---- ---_ *88
Miscellaneous
414 Dee
1 Nov
7
Jan
414
25
Mar
212
13ervice_25
Pneumatic
Amer
3
3234
3234 3
3234 3
*258 3
Jan 2014 Dee
12
50 1612 Mar 25 1912 Jan 7
275 Do pref
1734 18
1734 177
18
18
•1714 18
Amer Telephone & Teleg 100 13038 Jan 2 136 Mar 13 121 June 13413 Dec
1,735
;
-7
3
3
1
8
1335
4
1333
8
1333
8
1335
8
1333
13338
13318
13314
13318
5712 Oct 83 Jan
No par 62 Mar 23 77 Jan 13
345 Amoskeag Mfg
63
63
64
63
64
64
6412 6412 6313 64
Oct 79 Aug
69
No par 71 Mar 11 76 Jan 15
35 Do pref
____ ____
72
72
____ *72 ____
*7112 --__ 372
13 Aug 18 Feb
14
25
16
10
Feb
Jan
Inc_
15
Construe.
Metal
Art
_
•1412
_
31413
_
_ •1412
*14%
1014 Jan
June
Jan
6
978
7
6
par
Corp
No
125*Mar
Tack
Atlas
278
*1012 If 11 If *1014 Ii •1014 11:13-4 1612 -1-0-7-8
10 Boston Cons Gas Co pref__100 103 Jan 17 107 Jan 9 100 Dec 103 July
•10614 107 *10614 107 3106 10734 10614 10612 ---- -- -Jan
.20
Dec
par
_No
.05
True!.
Pet
Mex
Boston
.07 ___.07 •_-__
.07 *____
3_ __. .07 3_ _
20% Dec 2818 Mar
10 20 Jan 26 2314 Apr 2
390 Connor (John T)
;
2212 22% 2234 2234 2278 -2-2-7
*2212 23
2278 23
May 35 Sept
Stores, Ltd__No par 2814 Jan 30 35 Feb 13
24'*
Dominion
35
____
____
34
34
34
_
_
3_
34
34 •___
34
Jan 8813 Dee
84
100
-Do pref A
-- 39612 - - - *5613 - -- *96% - -- --- - ---*9612
3 Feb
2 Sept
3 Jan 2
2 Mar 30
10
East Boston Land
3214 --212 *214 -212 •214 -212 *214 -212---- - -812 Feb
5
Oct
4
412
24
30
Jan
Mar
4
Manufacturing
63
Eastern
45
47
5
*4
5
*4
478
5
5
512
•5
Mar
38
55
42
5514
9
13
25
Jan
Feb
Mar
Inc
Lines,
SS
Eastern
254
____ ____
43
43
43
4313 42
4312 343
43
34% Jan 40 Feb
No par 35 Jan 15 37% Jan 22
pre(
Do
130
____
____
38
*x35
37
•z35
36
36
37
37
Mar
93
28
Jan
Feb
8512
93
89
3
100
Jan
preferred
1st
___
____
___
391 . __ 391
.91 . __ *91
100 200 Jan 5 208 Jan 2 163% Jan 20418 Dee
821 Edison Electric Ilium
200 26318 200 2-0018 200 26018 200% 20014 20018 2-02
5 Dee
213 Jan
51z Mar 16
3% Feb 2
10
Co
100
Mfg
te)
Elder
(v
---4
*314
314
---4
3%
*314
*314 4
13 Jan 61 Dec
10 Galveston-Houston Eleo -100 33 Feb 20 38 Jan 7
____ __
34
34
36
334
36
*34
36
*34
61 Jan
334 Sept
4 Jan 8 16 Apr 4
No par
Motor
16
1312 1334 ------------------------70 GardnerRy & Eleo
16
100 11534 Feb 27 11514 Feb 27 11314 Mar 11613 Sept
Georgia
____
____
____
4
.1153
-___
n154
---_
4
311534 ____ 31153
Jan
Aug 80
27
Feb
4
79
793
79
28
_100
Jan
pref
non-cum
Do
5%
37934-- *7934 -- *7934 --- ---5513 Oct 5811 Oct
3.982 Gillette Safety Razor_No par 5712 Jan 2 6778 Feb 16
6454 85
6334 -65
6234 -64
6134 -63
6158 -62
1218 Nov
1578 Jan
1514 Jan 24
Apr 1
12
25
Die
de
Tap
Greenfield
110
12
12
3113
4
-1212
1212 -1214 312
312
46 Mar 60 Dec
No par 521 Mar 26 5812 Jan 8
230 Hood Rubber
56 -5656
355
56
*55
55
55
57
58
41
Apr 59 Nov
Internat Cement Corp_No par 5213 Jan 5 5578 Mar 2
____ ____
59
358
58
*57
57
56 .56
*55
8 Dec
2 Jan 3 .10 Feb
1
Apr
.35
par
Producta_No
International
---3.50 114 3.50 114 3.50 114 3.50 114 ...Feb
.25
14 Dec
9
Jan
1013
2
Mar
8
100
Do pref
7% ---- ---712 36
712 36
713 *6
*6
Kidd r, Peabody Acceptance
Jan 881* Dee
80
100 8212 Jan 6 9012Mar 24
Corp Class A pref
9012 390
9013 --,- - r 9012 *90
9012 390
390
4 June
81* Dee
938 Jan 7
7 Mar 18
7% 7714
71,
714 734
390 Libby, McNeill & Libby- 10
732 87
712 •7
.7
Jan 71 Nov
70
7014 Mar 2
18
Mar
70
20
Insurance__
Fire
Lincoln
____
____
7014
.z____
1
__ 70% *z___- 7014 *z____ 7014
Dee
13
Mar
9
5
Jan
137
17
Feb
1113
25
Theatres
46 Loew's
Stock
*1112 12
____ ____
12
12
102 1112 31113 12
68 Nov 81 Feb
100 68 Feb 3 75 Mar 8
142 Massachusetts Gas Co
-7114 7134 7114 7112---73
73
73
372
Jan
62 June 70
Feb 14
6712
9
Jan
6312
100
pref
Do
232
Exchange
66
66
66
66
66
66
66
66
66
Dec
66
40 Mergenthaler Linotype-100 167 Jan 7 186 Mar 5 160 Apr 172
180 180 3170 180
179 179 3176 180
•178 180
612 Jan 1763 Feb
812 Apr 4 1634 Jan 15
10
Ins_
Investment.
Mexican
195
Closed;
102
10
10
.9
912
938
9
9
812 812
19 Feb 3614 Dec
100 36 Jan 2 4134 Mar 23
100 Mississippi River Power
340
40% 4012 4014 4014 4013 41
42
340
Jan 90 Sept
80
100 87% Jan 10 92 Feb 28
24 Do stamped pref
Good
92
92
92
390
91
91
58 Nov
390 -62
92
390
2 Apr
634 Jan 13
1
Apr
412
10
Leather
3
5
277
National
45
47
7
44
4
4% 4%
5
*434
*434 4
513 Apr
Dec
.50
8
Jan
8
17
9
Feb
.20
ctfs..
tr
555 New England 011 Corp
Friday
.60 .75 ____ _ _ _
.60 .60 3.60 .70
•.60 .80
6 Dec 3114 Mar
8% Jan 8
534 Apr 7
100
155 Do pref (tr °Rs)
-_---6
534 612 35
8
98 Dec 11513 Jan
634 834 *7
689 New England Telephone 100 10018 Jan 2 10778 Mar 8
104 1-643s
104 105
10412 105
2112 Dee 223e Dec
16
104 1044 10434 105
Jan
254
18
Mar
19
par
Theatres,
Ino-No
Olympia
1,220
____ ____
21
211
2114 2114 2112 2114 22
Jan 2812 Des
14
321
Orpheum Circuit, Inc___ 1 2534 Jan 16 29 Mar 3
8918 Oct 87 Feb
*27% 2814 32712 2812 *2713 2812 32712 2812---- --100 59 Apr 8 811* Jan 13
1.046 Pacific Mills
59 -5912
60
5912 59
59
5912 60
Jan 17 July
11%
60
3
59
Apr
18
24
Feb
4
153
10
20 Reece Button Hole
1712
17
17
17
18
317
18
317
218 May
18
3 Jan
317
25 Jan 8
2% Apr 9
10
50 Reece Folding Machine
2% 214
212 212
234
234 32
Oct 40 Feb
10
234 *2
32
5
Simms
Magneto
.
_
.20
.20•
_
.20 *
June
Dee
118
.20•
100
6
•
Feb
120
28
100 10912Mar
352 Swift & Co
lass no iiof2 11012 iio 11012
3512 June 52 Dec
11U4 11014 11014 111
25 46 Apr 7 51 Jan 14
125 Torrington
4614 4614
46 •__ __ 47
4612 4612 46
Dec
Feb
5
46
10
23
48
Jan
712
4
Mar
7
5
Drill
Union Twist
*7
7
7 3____
Jan 4334 Dec
34
7 3____
•__
25 41% Mar 19 45 Feb 14
1,412 United Shoe Mach Corp
4134 -42
4134 -42
4178 42
245* Feb 2814 Nov
41.12 4178 4172 42
28 Jan 18
13
Jan
2613
25
pref
Do
1,108
327
27
278s
2714 27
27
27
1914 Oct27 Jan
2738 27
24
27
3,945 Ventura Consol Oil Fields_ 5 1913 Jan 3 25 Feb
2418 2378 24
1378 Apr 20 Nov
Jan 3
2314 2338 2314 2378 2358 2432 24
207 WaldorfSys,Inc,new sh No par 1534 Mar 15 1934
17
17
17% 1718
612 Jan 1012 Feb
1634 1634 1678 17
19
Feb
16
8
*1614 17
Jan
8
par
com_No
B
CI
Watch
241 Walth
16
16
16
16
16
16
15% 16
14 Jun, 2312 Feb
20
Feb
316__
4
283
3
Jan
100 1714
27 --------8 Do pref trust etfs
--------27
*2612 28
6212 Dec 73 Feb
327 -2-8
Jan 6 7612 Apr 1
65
100
pref
prior
Do
60
76
76
37312 76
15Junu 22 Feb
76
76
.
376
78
76
6 Walworth Manufacturing_ 20 17 Mar 11 2034 Jan 3
18
7 •1714 1772 *1714 1772 18
*17% -1-7;
295* Jan 3934 Nov
•174 18
50 37 Jan 2 48 Mar 6
3,030 Warren Bros
4438
4314 4412 44
4314 44
5 Jan 10 43 Feb 7
4 Apr 41
343
4312 4334 4312 44
Jan
37
50
pref
1st
Do
75
42
41
42
*41
42
41
42
42
38 Mar 42 Jan
42
•41
50 40% Jan 17 46 Mar 2
Do 2d pref
____ ____
44
*43
44
*43
44
*43
44
*43
Mining
.
Adventure Consolidated- 25 .15 Feb 16 .25 Jan 26 .15 Dec .51 Dee
3.25 .35 *.25 .35 3.25 .35 3.25 .35 3.25 .35
25 .10 Mar 3 .25 Jan 2 .10 June .25 Dee
Algomah Mining
3.10 .20
.20
.10
3
.20
3.10
.20
5 June
3.10
.20
3 Jan 10
•.10
318 Dee
118 Mar 24
Arcadian Consolidated.- 25
25
112
3138
138
13*
15*
15*
8 Jan 16 Dee
•138 158 •138 15*
912 Mar 28 155* Feb 6
5
Commercial
Arizona
920
1 Dee
14
11
June 31,
Feb
3614
2
•1018 1034 1012 1012 1014 1012 1014 1012 1014 1012
Apr
29
10
Bingham Mines
2.755
32
318
31
329
33
32
3212
2
1338May 1978 Jan
307 313* 3014
25 1338 Apr 7 1878 Jan
1,643 Calumet & Heels
1334 14
5
Jan
.37
Nov
1418 1334 1414 135 1378 135* 14
3
.70
Feb
11
Mar
14
.30
1
Gold
Carson Hill
1812 June 3358 Dee
•.40 .50 3.40 .50 3.25 .40 3.25 .40 3.25 .40
25 21 Mar 31 33 Jan 10
883 Copper Range Co
2214
4 .78 Feb 6 .30 Dec .70 Mar
Mar
2212 2234 2234 2314 2234 2332 2234 2314 z22
.04
1
Copper
-Daly
Davis
.07 3.03 .07
31 July
614 Jan 2
312Mar 25
87 Deo
3.03 .07 3.03 .08 3.03 .07 3.03
110 East Butte Copper Mining_ 10
334
*3
4
*33
312 334 •334 4
138 Jan 24 .40 May
1
Jan
33% 4
25 .40 Jan 7
15 Franklin
3a.70 1
1
.70 .70 3.33.70
1
.30
6
Feb
4
13
Oct
1 3a.70
2 Jan
8
Apr
.75
.5(1.70
25
Consolidated.185 Hancock
.75 .75 3.75 114
.85 .85 3.85 114
1912 Dec 281* Jan
1
1
1 18% Apr 7 23 Jan 24
Co
Coal
Hardy
45
20
319
1912
4
3183
1914
4
183
313 Feb 5 .30 May
2% Dee
113 Jan 6
•1812 1914 *1834 1912
25
Helvetia
3112 2
*112 2
*113 2
*02 2
9414 Apr 142 Nov
1 121 Mar 28 140 Feb 5
*113 2
12812
358 Island Creek Coal
90 June 100 Sept
127 12712 12734 12834 128 12834 127
1 9514 Jan 5 98i Mar 9
128 128
pref
Do
68
9512
9512
34 96
12 June 2218 Dee
25 13 Mar 30 2013 Jan 7
*9514 9534 *9512 9.534 *9512 9534 95
185 Isle Royal Copper
1314 1314 1378 1378 1378 14
112 Mar
218 Feb
133 Apr 4 1"t, Feb 4
5
13% 1378 *1334 14
13
177 Kerr Lake
13
163 163
114 Jan 10 .50 Jan
Jan 29
114 Nov
.75
25
13*
134 *z138 134 3x158 134
Copper
Keweenaw
20
1
.75 .75 3.75
.75 .75
2
Jan
3
.90
Apr
26
3.75 1
Mar
314 Dec
114
•.75 1
25
16 Lake Copper Co
114 *112 2
114
114
• 114
*112 2
234 Jan 10 .70 June
3 Dee
112 Mar 16
*112 2
25
Copper
Salle
La
50
4
13
4
214
13
3134
214 3134 214
1% Oct234 Dee
234 Jan 13
212 315
318
171.Apr 8
5
100 Mason Valley Mine
18
4 *IA
1%, 11
114 Jan 2 .50
Jan
134 Aug
•138 138 3138 134 3138 134
25 .50 Apr 6
55 Mass Consolidated
.50 .50 3.60 .80
.50 .50
.50 .50
•.60 .80
Jan
3
2
5 July
4
Apr
80
Apr
1
25
Mayflower-Old Colony
820
*114
114
114
112
7
114 14
X4
114 17
114
1
23'*June 41 Dec
25 2714 Mar 2 41 Jan 13
221 Mohawk
2712 28
28
28
28
28
2
2814 29
Jan
1613
25
Jan
Dee
25%
30
Mar
2912 291
18
5
200 New Cornelia Copper
31912 2014 *1934 20
3193 2012 1934 20
20
234 Apr
20
.20 Apr 2 85 Feb 18 .40 De
600 New Dominion Copper
.25 .25
35 June 40 Mar
25 Apr 2
3.25 .30 3.25 .30 3.25 .30 3.25 .30
2
Apr
25
100
Company
River
New
28 3-- 26
325
26
30 •25
325
26
5712 Dec 75 Mar
325
100 54 Jan 12 60 Jan 3
35 Do prat
55 3-- 55
55
60 3____ 58
634 Jan 10
358
60
6114 Dee
534 Jan
534Mar 13
358
5
160 Nipissing Mines
6
6
818 618
6
8
6
14
6
Jan
17 Oct638 July
614
314
17
3:6
Mar
1
15
370 North Butte
158
18
163 15
112 Ns
134 134
1 Nov
.158 134
114 Jan 10 .40 June
.40 Apr 2
25
Olibway
Mining
75
1
3.60
.50 .50
.50 .50
3.60 1
•.50 1
15 Jan 28% Dee
25 193i Apr 9 27 Jan 10
365 Old Dominion Co
1854 1834
19
31 Jan
512 Feb 19
19% 1978 1872 1918 1878 1878 19
518 Feb
45* Jan 13
Park City Mining & Smelt_ 5
200
518
4
.43
4
3
4
434
1411 Jan 24
3434 513 *434 513 .434 514
108 July 151* JI117
725 Pd Crk Pocahontas Co_No par 10% Apr 1
117g 1178 1134 1178
1172 1172 •1158 12
•1038 12
14 June 343* Dee
25 2114 Mar 27 3912 Jan 10
135 Quincy
2434 32212 2312
24
25
24
24
2412 25
26 June 49 Dee
323
25 31% Mar 10 48 Jan 12
Mineral Land
Mary's
St
210
38
36
37
3612 3612 3612 3612
335
112 Jan 9 .30 Apr
11 Sept
25
Mar
.60
33412 36
10
Shannon
120
.60 .60 3.60 1
.65 .65
.75 Dee
•.60 .90 3.60 .90
.25 Jul
25
South Lake
214 Jan 27 .90
214 Dee
Jan
•.25 .75 3.25 .75 3.25 .75 3.25 .75 3.25 .75
2 Jan 3
25
Superior
---- ---- ____ ___. --_- _-__
2 Jan 5 .25 Aug218 Dec
---1 Mar 24
25 Superior & Boston Copper_ 10
1%
*1
1
1
1i8 -----118
15* 31
118
*1
378 Del
•1 --118
1% June
378 Jan 2
864 Jan 23
6
32,988 Utah-Apex Mining
67s 712
572 718
512 6
512 578
.70 July
43 .98 Jan 29 .14 Jun
Jan
534 57s
.43
1
Tunnel
&
Metal
Utah
4,780
.70 .70
.66 .74
.65 .70
.60 .68
1 Aug
Apr
114
28
Jan
.15
.60 .63
31
Apr
.40
25
Victoria
.60
3.40 .60 3.40 .60 3.40 .60 3.40 .60 •.40 .30
25 .10 Mar 3 .48 Jan 7 .13 Feb .71 July
378 Winona
.16 .16 3.15
.16 .16
July
.26
July
AO
5
.10 .18 3.15 .25
Feb
.21
11
Feb
.10
25
Wyandot
-__. .20 •.15 .20 3.10 .20
•.15 .25 *.20 .
e Mos on ae 03111
&sultans:It 9a1t1
Ex-gIv.
Et-stook div.
rigtas.
and
6
gx-rIghts.
a
day.
this
on
isles
no
pekoe:
•Bidastiasked
APRIL 11 1925.]
THE CH-RONICU
-
Quotations of Sundry Securities
All bond prices are • ono merest"except where marked
"f."
1865
Outside Stock Exchanges
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Standard 011 Stocks Par Bid. Ask.
Railroad Equipments PerCt. Basis
Boston Bond Record.-Transactions in bonds at Boston
Anglo-American Oil new..41 *2358 2334 Atlantic Coast
Line Os
5.25 5.00 Stock Exchange
Atlantic Refining
April 4 to April 9, both inclusive (Friday,
100 103 107
Equipment 6355
5.00
4.75
Preferred
100 11434 116 Baltimore & Ohio 88
5.35 5.05 the 10th, being Good Friday and a holiday on the Exchange),
Borne Scryinser Co
100 202 210
Equipment 4355 & 5*.... 5.00 4.80
Buckeye Pipe Line Co_
60 *6034 6112 Buff Each & Pitts equip 68. 5.00 4.75
Thurs
Chesebrough Mfg new.. 25 *58
63 Canadian Pacific 435s &
Last Week's Range Sales
Range Since Jan. 1.
5.05 4.80
Preferred
100 113 11424 Central RR of NJ Os
Sale
ofPrices.
for
6.25
5.00
Continental Oil new____ 25 *2312 2358 Chesapeake &
BondsPrice. Low. High. Week.
Ohio Os
Low.
5.30 5.05
High.
Rights
*83c 85c
Equipment 635s
5.10 4.85
Crescent Pipe Line Co- 50 *11
12
Equipment
Jan 7034 mar
6534 66 $12,000 63
5.00 4.75 AUG & WI SS L 53_ _1959
Cumberland Pipe Llne-100 145 147 Chicago Burl &Sa
Chic
Ry
Jc
&
t
USY
4s_1940
8534 8535 2,000 84
Quincy 613„ 5.30 5.05
Feb 8534 Apr
Eureka Pipe Line Co_ ___100 79
55
81 Chicago J. Eastern III 5355- 4.50 4.10
1940
98
98
1,000 96
Feb 98
Apr
Galena Signal 011 corn...100 56
58 Chicago & North West fis_ 5.35 5.05 E Masa St RR ser A 410'48 7134 7134 7135 19,000 64
Jan 72
Feb
Preferred old
100 108 113
Series
B
55
1948
Equipment6353
76
5.10 4.90
7634 24,800 70
Jan 78
Mar
Preferred new
100 100 102 Chic R I & Pac 4352)& 5a_ -- 5.15 4.90
Series C 6s_ _ _ _1925-.1929
9934 100
1,200 99
Mar 100
Apr
Humble Oil& Ref new
Series D 68
25 *4634 47
1948
Equipment 68
8834 8834
1,000 8034 Jan 8834 Feb
5.55 5.25
1111nola Pipe Line
100 142 143 Colorado & Southern Os__ - 5.45 5.20 K C Clin & Spr 1st 58_1925
1,000 9834 Jan 100
9934 99%
Mar
Imperial 011
25 *142 143 Delaware & Hudson 68
1929
5.25 5.00 Mass Gas 4355
9834 9835 1,000 9734 Feb 9834 Mar
New when Issued
4358
8 *2814 2838 Erie 43521 de 521
1931
5.35 5.05
9534 95% 2,000 9435 Jan 9635 Jan
Indiana Pipe Line Co__ 50 *72
Miss River Power 55.. _1951 9834 98
74
Equipment Os
9834 20,100 9634 Jan 9834 Mar
5.50
5.20
International Petroleum_(7) *2358 23/44 Great Northern
10034 10034 7,000 9934 Jan 101
68
5.35 5.10 New England Tel 5s.1932
Jan
Magnolia Petroleum____100 130 135
1944
Equipment Si
98
9834 7,000 9734 Jan 9935 Feb
5.00 4.75 Swift & Co 5s
National Transit Co. 12.50 *2134 2212 Hocking
Valley 5s
145 145
3,000 123
5.05 4.80 Warren Bros 734s_...A937
Jan 149
Feb
New York Transit Co___100 64
Western
67
Tel
dr
Tel
53_
Equipment as
_1932
100
100
3,000 9935 Jan 10034 Feb
5.40 4.80
Northern Pipe Line Co_ _100 8312 84 Illinois
Central 4355 & 58.- 4.95 4.70
Ohio 011 new
25 *6414 65
Equipment65
Philadelphia Stock Exchange.-Record of transactions
5.25 5.00
Penn Mex Fuel Co
25 *39
4012
Equipment
75 & 6105.05 4.80
Prairie Oil & Gas new... 25 *53
5334 Kanawha & Michigan 68_- 5.45 5.20 at Philadelphia Stock Exchange April 4 to April 9, both
Prairie Pipe Line new-100 115 11612
Equipment430
5.20 5.00 inclusive (Friday, the 10th, being Good Friday and a holiday
Solar Refining
100 217 220 Kansas City Southern 53.45. 5.35 5.05
on the Exchange), compiled from official sales lists:
Southern Pipe Line Co. 100 83 8312 Louisville
&
Nashville
5.25 5.00
t3s__
South Pena 011
100 165 166
Equipment 6358
5.00 4.75
TAWS.
Southwest Pa Pipe Lines 100 *67
owes
70 Michigan Central 58 & Os... 5.20 4.95
Last Week's Range for
Standard 011 (California) 25 *5858 59
Range Since Jan. 1.
eSSM434a&523 5.30 5.00
Sale
Standard Oil(Indiana)._ 25 *6158 6134 MinnStPd
ofPrices.
Week.
Equipment
Stocks6358 & 78...- 5.40 5.00
Par. Price. Low. High. Shares.
Standard 011 (Kansas)._ 25 *311 3214 Missouri
Low.
I
High.
Kansas
&
5.65
Texas
5.35
Os
Standard 011 (Kentucky) 25 *115 116
6.65 5.25 Abbotts Al Dairy prof _ _100
Standard 011(Nebraska) 100 246 249 Missouri Pacific 65 & 634s
95
95
5
95
Jan
Mobile
5.10 4.90 Alliance Insurance
10
Standard 011 of New Jer- 25 *411 4112 New & Ohio 4355 & 5a
4634 4634
17
50
Mar
York Central 4355 & 58 4.90 4.70 American Elec Pow pref 100
Preferred
103 10435
189
10435
100 1163 11734
Apr
Equipment
(is
5.25 5.00 American Gas of N .L.100 153
Standard 011of New York 23 *411 4112
147 153
574
21734 Mar
Equipment 78
5.05 4.85 American Stores
Standard 011 (Ohlo)......100 346 347
• 5334 5335 5434 5,444
5734 Mar
Norfolk & Western 4355
4.80 4.60 Bell Tel Co. of Pa pref--- 108
Preferred
10734
102
100 120 121
10834
110
Mar
Northern
Pacific 75
5.15 4.90 Cambria Iron
Swan & Finch
50
3835
3834
3834
25
171
100
40
Jan
1812 Pacific Fruit Express 75-- 5.10 4.90 Catawissa 1st pref
so
Union Tank Car Co
43
43
100 1221 127 Pennsylvania RR eq 55
10
4334
Jan
Congoleum
4.90
4.75
Co Inc
•
Preferred
3635 3634
15
100 11534 11718 Pitts & Lake Erie 6358 44 68 5.10 4.90 Cramp(Wm)
41
Feb
&
sons...
100
Vacuum Oil new
50
50
10
55
2 *8634 87
Jan
Equipment(is
5.60 5.20 Eisenlohr (Otto) pref_100
Washington On
84
84
10
1 *30
8534 Feb
35 Reading Co 434s & 58
4.75 4.50 Electric Storage Batt'y_100 6134 6134 63
Other 011 Stocks
316
7035 Feb
St Louts & San Francisco 513- 5.15 4.90 Fire Association
50
Atlantic Lobos 011
268
268 268
*212 3 Seaboard
6
280
(t
Mar
Line 53448 & 6s. 5.60 5.25 Giant Portland Cement_50
Preferred
2335 2534
108
so *618 7 Southern Air
2534 Apr
Pacific Co 4355_- 4.85 4.50
Preferred
50
Gulf 011 new
50
388
5034
51 , Apr
25 *64
6512
Equipment
5.05
75
4.85
Insurance
Co
of
N
A_
_ _10 52
Mountain Producers__
51
5235
665
10 *64 6512 Southern Ry 434a & 58
701 Jan
5.05 4.80
Receipts full paid
Mexican Eagle 011
51
4935 51
707
54
Mar
5 *334 434
Equipment68
5.40 5.10 Keystone Telephone_
50
National Fuel Gas
6
6
200
7• Jan
100 113 115 Toledo & Ohio Central 6s--- 5.35 5.10 Lake Superior Corp_ _ _100
Salt Creek Cons 011
434 434
200
10 *712 734 Union Pacific 75
734 Feb
5.00 4.80 Lehigh Navigation
50 8534 81
Salt Creek Producers.- 10 *2714 27%
8534 1,104
100 . Jan
Leh Vall Coal ctf5 of Int_
3835 3834
27
50 tt Jan
Tobacco Stocks
Lit Brothers
10
Public Utilities
2234 2234
8
2334 'Jan
American Cigar common 100 75
77
Penn Cent Light & Pow..'
Amer Gas & Elec new -(2) *71
63
63
10
n 6434 Ma.
72
Preferred
97
99
100
Pennsylvan
ia
RR
50 4354 4234 4534 6,182
6% pref new
Amer Machine & Fdry__100 165
4834
(I) *8412 86
Jan
Pennsylvania Salt Mfg_ _50 7235
Deb (is 2014
7234 7234
46
MAN 9612 9712 British-Amer Tobac ord_ El *271 28
85% ITaa
Philadelphia Co (Pltta)Amer Light & Trac com_100 139 141
Bearer
*271
28
El
Preferred
(cumul
Preferred
45
45
15
47'
100 96
91 Mar
Imperial Tob of GI B & Irel'd 221 23% Phila Electric of Pa6%)_50 45
Amer Power & Lt common_
25 3935 3934 4035 16,940
53
54 Int Cigar Machinery_ __ _100 75
4534 Feb
Preferred
25 3834 3854 3954
Preferred
8412 86 Johnson Tin Foil & Met_100 60 16" Phila
620
45
.
Feb
loo
German & Norrls_50 124% 12434 125
Deb 65 2016
56
MeiS 941 0$12 MacAndrews & Forbes-100 155 158
125 4 Mar
Phila Rapid Transit _ _ _ _50 48
Amer Public Util com___100 77
48
4834 6,553
51
Mar
14
Preferred
100 103
100
Philadelphi
a Traction_ 50 58
7% Prior preferred„--100 87 If Mengel Co
58
5935
822
8335 Mar
100 43 46
Phila. & Western
4% partIc pref
50
15
550
75 Porto Rican-Amer Tob_100 40
1534
100 72
1834 Jan
45
Preferred
Associated Gas & El pf (() 52
50
36
30
3634
54 Universal Leaf Tob com_100 38
37.,i Mar
41
Reading Co warrants
Secured gold 6348'54_J&J 100 102
37
37
150
Preferred
48
Jan
91
100 88
Scott
Paper
pref.
Co
..100
Blackstone VaIG&E corn 50 *79
98
97% 98
81 Young (J El) Co
40
Mar
98
100 127 130
Tono-Belmont Devel_...l
Carolina Pow & Lt Corn.... 335 340
54
54
54
325
Preferred
15-16 Feb
100 102 106
Tonopah Mining
Cities Service Co com__100 184 189
1
1% 1%
200
234 Feb
Union Passenger
New stock
112 112
3718 Rubber Stocks (Cleveland)
20 *36
7
112
Apr
Union Traction
50 3935 3934 3934
Preferred
510
100 821 8234 Am Tire & Rub corn
441i Mar
10
United
Gas
Impt
*71
Preferred B
50
754
8434
8134 8434 9,102
Preferred
10
0634 Mar
30
Preferred
Preferred B-B
50 5734 5714 5734
77 Firestone Tire & Rub corn 10 *11034 120
100 *76
5854 Mar
403
United Rys Invest____100
Cities Service Bankers Shares *1834i 1878
2335 2435
6% preferred
200
2434 Apr
100 29812 99
Warwick Iron & Steel_ _10
Colorado Power common 100 331 3$12
834 63.4
7% preferred
754 Jan
56
98
99
100
West Jersey & Seashore_50 36
Preferred
36
100 93 97 General Tire & Rub corn, 50 *235 250
36
40 A Jan
5
Westmorela
nd
Com'w'Ith Pow Corp com() *1101 113
Coal
50
47
Preferred
48
120
57 a Jan
100 10112 102
York
Rya
pref
Preferred
50 3835 3635 363.4
100 28014 82 Goodyear Tire & R com _100 28
156
2912
3814 Jan
BondsConsumers Power pref_100 91
95 Goody'r T & R of Can p1100 r93
94
Amer Gas & Elec 523_2007 91% 87
Elea Bond & Share pref-100 102 104 Mason Tire
92 816,700
& Rub com_a) *212 3
Jan
9234
Elm Ry Securities
Amer
Gas NJ 78
1928 15035 146 151
14
Preferred
(I) *12
12,700
215
Mar
17
100 15
Bell Telephone 5s....1948 101% 10135
Lehigh Power Securities-(2)
*101 103 Miller Rubber
101%
10154 Feb
2,000
100 118
Consol
Trac
NJ
Mississippi Rlv Pow corn 100 391 41
1st
551932 7731 77% 7734
Preferred
1,000
7834 Mar
100 101 103
Preferred
Elec & Peoples tr oils 4s'45 13335 62
92 Mohawk Rubber
100 90
6334 14,000
65
100 30
Mar
First mtge 58
General Asphalt 65_ 1939
_J&J 081 99
Preferred
10235 10234 10,000
75
Mar
85
103
S F g deb 7s 1935...M&
Inter-State
Rys coil 43 1943
1951_Selberlhag Tire & Rubber (I) •18
N 1021
1014
56
56
1,000
86
Jar
Nat Power & Lt corn...() *246 249
Keystone Tel 1st 55_1935 85
Preferred
85
86
86
8,000
Mai
100 100 102
Preferred
Phlla Balt & Wash lat 45'43
(I) *951 97 Swinehart Tire & B com-100
9234 9234
1,000
9254
Ape
Income 78 1972
Electric 55
1001 10112
1960 100
Preferred
9935 100% 26,700
16" Phila.
100% Apr
100
North States Pow corn_ .144.1 108 110
181 55
1966 10034 10035 10135 43,600
_100
Jar
4102
Preferred
Registered 1st 58-1966
96
99
Sugar
100
Stocks
100
100
800
101
Feb
Nor Texas Elm Co cora-100 55
5358
1947
60 Caracas Sugar
50 *4
5
10434 105
33,000
Feb
I 105
Preferred
5345
68
72 Cent Aguirre Sugar corn_ 20 •8612 88
1953 105
10434 105
11,000
106
Jar
Pacific Gas& El let prat 100 94
68
96 Fajardo Sugar
1941
-100
10835
100 124 127
10,500
I 10735 Mal
Power Securities com_(2)
1st s f small 4s....1900 8135 8135 10734
*13
16 Federal Sugar Ref com 100 45
8135
60
800
8135IAPI
Second preferred
United
Rys g tr Mrs431949
33
Preferred
(I) *30
6735 6735 3.000
100 80
90
6734•Fel
Coll trust Os 1949___J&
92 Godchaux Sugar, Inc..._(:) *0
D •87
8
• No par value.
Incomes June 1949__F&A •72
75
Preferred
40
100 35
Puget Sound Pow & Lt_100 50
52 Holly Sugar Corn corn-(t) *34
36
Baltimore Stock Exchange.-Record of transactions at
8% Preferred
86
Preferred
100 83
100 93
95
7% Preferred
Baltimore Stock Exchange April 4 to April 9, both inclusive
100 103 107 Juncos Central Sugar...100 90 125
1st & ref 535s 1949__J&D
98% 99 National Sugar RefInIng_100 99 100
(Friday, the 10th, being Good Friday and a holiday on the
Republic Ry & Light
53 New Niquero Sugar____100 89
100 50
92
Preferred
Exchange), compiled from official sales lists:
100 78
80 Santa Cecilia Sug Corp pf100
2
South Calif Edison com-100 104
Savannah Sugar com___(i) *97 100
8% preferred
117
Thurs.
Sales
100
Preferred
100 97 100
Standard G&EI 7% Pr Of
Last Week's Range for
Range Since Jan. 1.
97 100 Sugar Estates Oriente pf_100 90
95
Tennessee Elec Power.-100
Sale
of
Prices.
(I) *57
Week.
5712
With
warrants
97 100
Second preferred
StocksPar. Price. Low. High Shares.
Low.
(I) *27312 7412
High.
Western Power Corp.-100
32
34 Industrial &Miscellaneous
Preferred
Amer Wholesale, pref _ _100
100 91
96
97
93
American Hardware_ _.-100 84
16 9234 Jan 9835 Mar
86
West Miasourl Pr 7% pfr
Arundel
Corporation
_
_ _ _50 2334 2234 2334 5,200 2034 Mar 2334 Feb
90
92 Babcock & Wilcox
100 132 134
Short Term Securities
13alt Electric, pref
50
4235 4235
55 42
(E vn Co new
Feb 434 Jan
(I) *14
17
Anaconda Cop Min 88'29Jita 1033s 10334 Bliss
Baltimore Trust Co
50 120
120 121
169 11134 Feb 121
Preferred
50 *52
Apr
58
Federal Sug Ref Os '33_1211&N 9212 9312 Borden
Benesch
(I),
corn
* 39
39
39
Company
58
3834
Jan 39 1 Apr
com
•142
144
-(t)
Hocking Valley 581926 M&S 10012 10034
Central Fire Insurance_ _10
37
Preferred
37
80 34
Jan 40
Feb
100 107
K C Term Ry 6)4s '31 J&J
Cent
Teresa
Sug,
pref___10
134
134 1%
Celluloid Company
175
134 Jan
2
Jan
100 32
35
SHe.
Ches & Pot Tel of Balt_100 11134 11134 11134
1926 161-4 1-61-7Preferred
8
10 11035 Jan 1123.4 Feb
100 87
93
Lehigh Pow Sec 13s '27.F&A 10138 1013 Childs Company
Commerce Trust
541
58
58
5 5735 Mar 60
pref.,.100 115 117
Feb
Sloss-Sheff S&I Os '25.F&A 10114 102 4 Hercules
Commercial
Credit
• 2234 2234 23
Powder
977 2234 Mar 26
100 1031 10612
Jan
US Rubber 73451930_ _F&A 10512 10534
Preferred
25
2434 2434
Preferred
125 2434 Apr 2534 Jan
100 1051 1071z
Joint Stk Land Bk Bonds
Preferred B
25
25
25
International
12 2434 Apr 2634 Jan
Chic Jt Stk Iq Bk 55-1951 10214 10314 Lehigh ValleySilver prof-100 107
Consol
EL
Gas,
&
Pow...* 3434 3434 35
133 32
Coal Sales 50 1.81
83
Jan 3534 Feb
614% preferred
138 1952 opt 1932
100 10534 10535 10534
10214 10314 Phelps Dodge Corp
64 105
100 107 112
Mar 10734 Mar
7% preferred
55 1963 opt 1933
102is 104 Royal Baking Pow cora_100
100 11035 11034 11034
13
109
143
145
Mar
1111$ Mar
5358 1951 opt 1931
8% preferred
100 123
104 10512
12234 123
Preferred
276 122
100 101 103
Mar 125 a Mar
Consolidation Coal_ _ 100 45
4345 1952 opt 1932
10112 10214 Singer Manufacturing---100 245 250
45
4534
300 4434 Apr 721 Jan
4%s 1952 opt 1932
Cosden & Co
• 2714 2734 2934
100 101
26 2634 Mar 3534 Feb
Eastern Rolling Mill
4345 1963 opt 1933
•
1011 10214
10534 10535
3 10534 Apr 115
Feb
Fidelity & Deposit
Pee Coast of Portland. Ore
50 92
89
92
278 89
Jan 95 . Mar
pref
Si1954 opt 1934
Finance Fiery,
10
J&J 102% 1037s
9
9
85
9
934 Feb
Jan
Hous 011, pref tr cite_ _100 80
78
8254
401 78
Jan
Apr 97
•Per:share. $ No par value. b Basis d Purchaser also Pays awned
Manufacturers Finance_25
55
55
dividend.
10 533.4 Mar 56344 Feb
Flat price.
INew stock.
1st preferred
Last sale. n Nomlnal.
25 2434 2434 2434
86 24
Jan
Feb 25
oF4x-stosktdIvidend. a Sale prim r Canadian quo ta ra-dividend. g EZ-011bta•
2d preferred
25 2335 2334 23%
40 2314 Feb 24343 Feb
4
I
Jan
Mar
Jan
Mar
Jan
Feb
Mar
Feb
Jan
Mar
Jan
Jan
Feb
Jan
Feb
Bonds—
33,000 10334 Feb 104%
104 104
Bernhelmer-Leader 72_1943
1,000 984 Apr 9934
984 9834
_1934
Comm'l Credit 6s
3,000 924 Jan 9434
9334
9334
.1954
gen
4)4*
Consol Gas
9634 964 2,000 9334 Mar 97%
Consol G,E L & P 414s'35
.A949 1064 106)4 10634 1,000 10434 Jan 10634
Series A 68
6,000 93% Apr 98
Consol Coal ref 44s_ _1934 934 934 94
704 704 5,000 704 Apr 71%
Danville Trac & P 5s. _1941
97% 98% 89,000 97% Apr 100
Elkhorn Coal Corp 6s_1925 98
7,000 754 Jan 81)4
81
81
Macon Dub & Say 58_1947 81
Apr 100
Maryland Elec Ry 64s'57 9734 974 9734 3,500 97
Apr 70%
9,000 69
894
69
4s..1949
Elec
&
Ry
United
524
Mar
50
2,000
1949 5034 5034 504
Income 4s
Apr 74
1.200 70
70%
70
1936
Funding 58
86 ISA
AR 44 mar
R nun
co 1.4
so
An
urn.. ma,z Ann.,. c. 1 nell
Feb
Jan
Feb
Mar
Feb
Feb
Mar
Jan
Feb
Mar
Jan
Jan
Jan
Feb
288 824
178 115
41 204
80 1334
70 55
238 42%
200 7614
64 126%
4 9834
5 9834
572 174
58 179
6
145
125 12
8 5134
• No par value.
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange April 4 to April 9, both inclusive
(Friday, the 10th, being Good Friday and a holiday on the
'Exchange), compiled from official sales lists:
Sales
.hues .
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price Low. High. Shares
6 a.
Cl Cl
.6
,6a.6
oaa
ill
4
1If
135 142%
43
4334
234 234
16% 17
22
22
.6
22%
21
93
92
75
75
4934 494
91
90
204 20%
11% 12
87
86
534 54
96% 98
8%
5
304
30
2814 2834
25%
25
834 8%
13% 1314
8834 89%
90
90
A
%
734
4
29% 30
134 134
1
1
2134 23
6
6
134% 135
3% 44
3
3
934 934
113 113
93 10034
2% 3
91
914
118 122
18
18
25
254
31% 33
105 105%
4% 434
7% 8
294 3034
115 129%
72 72
15% log
434 45%
119 119%
92
91
58%
58
40
40
66
65
6% 74
1004 101
384 384
15
14
91
954
96
06%
1014 1014
354 36%
98% 98%
424 43
14
14
434 4%
91
91
1514 16
A
Ji
20
20%
112 112
53%
53
111% 112
112 112
954 954
107% 107%
104 104%
4934 5034
15% 16
21% 254
44
44
504 5134
59% 61%
109% Ill
28% 29%
46
46
6534 66%
334 3%
454 46%
554 554
814
81
4714
46
18% 1835
000.)0
0MM000000N0000NMM0M0OMMOM.M0OMMOMM0MOM0M10
pmm0 0.m0m0
m 0.,
000p 000m 00m000000MOCM00M00mcomm0000mm00.00
Mr.
m0.000mnr-n...000MMcM.Nmelm..0nn0N0m.MNIsmvermm.
0Nm .0.0° 0
N...
vmm
NMNV^ 00.00N0MNN00M0m0.0Nmot-mcoNc.mmir-0.01.-m
m
.N.NNr-mver
• 0
Or-0
erNpeoto M.M0.NM
G.. NM
NO.. N.
5
All-American Radio
Amer Pub Sem pref_._100 92
Am Pub Util Co, pref....100
Amer Shipbuilding_ _ _100
Armour & Co (Del), p1_100 9034
204
Armour dc Co "A"
"B"
Armour & Co, pref....100 86
Balaban & Katz v t c_ _ _25 534
100
Preferred
834
Beaver Board v t c "B"__•
Preferred certificates_100
Bendix Corporation.._ _10
• 25
Borg dr Beck
8%
Bridgeport Mach Co,corn•
10
Bunte Bros
Cent Ill Pub Sem pref._ _• 89%
Cent Ind Pow, pref. _ _ _100 90
ChicCy&ConRy pt sh corn.
4
•
Preferred
Chicago Fuse Mfg Co_ __ _.
Chic Nipple Mfg. CI "B"15
1
Chicago Rys Part Ctf Ser 2
Elea Research Laboey- •
6
Cora Chem of Tenn "13".•
Commonw'th Edison..100 134%
4
Rights
Consumers Co, corn. _20
94
•
Continental Motors
100 113
Crane Co. pref
Cudahy Pack Co. corn _100 95%
234
Daniel Boone Wool Mills 25
101) 91
Deere & Co, pref
100
Diamond Match
Eddy Paper Corp (The)..• 18
Evans & Co, Inc, CI "A".5 25
Fair Corp (The), com ____• 33
100
Preferred
44
•
Gill Mfg Co
7%
Godchaux Sugar. corn_ __ _•
• 29%
Gossard (H W), pref
Great Lakes D St D____100 122
Bibb.Spen. Bart & Co_ _25
10 16%
Hupp Motor
• 4334
Hurley Machine Co
100
Illinois Brick
Illinois Nor UHL prat_ .100 92
Indep Pneumatic Tool....•
Kellogg Switchboard_ _25
25 65
Kraft Cheese
6%
Libby, McN dr L. new_ _10
1004
1)1_100
Inc,
Healy,
Lyon &
McCord Rad Mfg Co"A"•
•
McQuay-Norris Mfg
Middle West Utilities_ .._ _. 9434
100 9614
Preferred
Prior lien preferred_ _100 101%
Midland Steel Products •
Midland ULU prior lien_100
• 42%
Morgan Lithograph
Murray (J W) Mfg Co_ _10
414
10
Leather
National
Omnibus pref"A" w l_ _100
Voting trust etfs w i a_.• 15%
.4
Philipsborrns, Inc. tr ctfs_l
10
Pick (Albert) & Co
•
"A"
Inc
St
Wiggly
Plggly
Pines Winterfront "A".....5 53
•
Pub Sent of No III
Pub San, of No III_ _ __100 112
100
Preferred
100
7% preferred
100 104
Quaker Oats pref
Real Silk Hosiery Mills_10 49%
10 1514
Reo Motor
Ryan Car Co (The)_ _ _ _25 25
Standard Gas & Electric..
50 51%
Preferred
Btewart-Warner Speed._ _• 60
100 110
Swift dr Co
15 28%
Swift International
25
Thompson (J R)
Union Carbide & Carbon_• 6634
United Iron Works v t c.50
United Lt & Pr"A" w 1 a..• 46%
• 5534
"B" w i a
* 81
pref "A" w I a
•
"B" w 1 a
United Paperboard____100 1834
)4r
Rights
20 1394
S Gypsum
Universal Theatre Co_ ___5 , 4334
Utilities Pow & Lt "A" •
*
Wahl Co
tsmnni, Malleable Cast.*
Range Since Jan. 1.
High.
Low,
2034 Apr 364 Feb
Mai 9334 Mar
89
Apr
Apr 75
75
Jan
49% Apr 60
Maz 0814 Feb
90
Feb
24
Mar
1934
Feb
114 Apr 15
Feb
Jan 94
86
5014 Feb 5534 Mar
Jan
Jan 100
95
854 Apr
Feb
5
Apr 3941 Jan
30
Jan
Mar 36
24
244 Mar 28% Feb
834 Apr
834 Apr
Jan
11%, Jan 14
Jan 914 Mar
84
Feb
Feb 92
89
134 Jan
% Apr
934 Jan
Jan
4
28% Mar 324 Jan
13% Apr 1634 Jan
Mar
2
Feb
1
Mar 3734 Jan
15
Apr
6
3% Mar
Jan
134% Apr 139
3% Mar
4% Mar
Mar
3
% Jan
84 Jan 104 Jan
Feb
Apr 118
113
Jan los% Feb
79
741 Jan
234 Feb
Feb
Jan 92
83
Apr
1154 Feb 122
Jan
Mar 25
18
234 Mar 3041 Jan
31% Apr 354 Mar
Mar 109% Mar
104
Feb
6
Jan
4
Mar
9
Jan
3
264 Jan 30% Mar
94% Jan 12934 Apr
Jan 744 Feb
68
14% Mar 19% Jan
Jan
41% Mar 56
1164 Jan 1294 Jan
Jan 92% Mar
85
Jan
Mar 70
57
Jan
Jan 48
40
Mar
3534 Jan 70
9% Jan
6% Apr
Mar 10534 Feb
99
Feb
3734 Apr 42
Mar 17% Jan
13
82% Feb 102% Mar
91% Jan 98% Mar
Jan 103% Mar
98
Mar
324 Jan 42
os% Apr t00% Mar
Feb
Mar 47
42
Jan
Apr 19
14
6% Jan
434 Apr
Jan 954 Feb
90
14% Apr 17% Mar
ly, Jan
4 Jan
19% Apr 23% Jan
Apr
Apr 112
112
Jan
52% Mar 74
Feb
1074 Jan 116
Jan 115% Feb
108
Jan 954 Apr
92
104% Jan 107% Mar
Feb
1024 Jan 105
Mar 7534 Feb
48
14% Mar 2234 Mar
Jan
Mar 33
21
Mar
4014 Jan 47
Jan 53% Feb
50
5534 Mar 7734 Jan
1094 Apr 120% Feb
Jan
Mar 36
27
Apr
Jan 48
45
Mar 7334 Feb
65
Jan
5
AI Feb
Jan
444 Mar 51
Jan
Jan 60
49
Apr 88% Feb
81
Mar
Jan 50
42
1834 Apr 2234 Feb
lig
Apr
g mar
Feb 142% Apr
112
Jan
394 Mar 53
Jan
22% Mar 26
Jan 23% Feb
15
Jan 2434 Feb
22
Ward (Montg) & Co____10
•
Class "A"
•
Wolff Mfg Corp
Certificates
Wolverine Portl Cement 10
*
Wrigley 'Jr
Yellow Cab Mfg cl "B".10
Yellow Cab Inc (Chic) .
Bonds—
100
Central Iowa Pow 68_1944
Chicago City Ry 513....1927 74% 7434
Chicago C&C Rys 55_1927 46% 46
35
Chicago Rys 45, ser "13"'27 36
Commonw Edison 58_1943 100% 100%
97
Nat Elea Power 65_ _1945 •
98
Swift & Co 1st s f g 58_1944 98
100
79%
56
40
1014
97
98
High.
Low.
4,100 41
190 116
5%
995
6
455
214 II
1,065 46%
865 32%
1,070 48
Mar 554
Apr 123
Jan 10%
Jan 10
Apr 144
Jan 52%
Feb 43
Mar 55%
Jan
Jan
Mar
Feb
Jan
Feb
Jan
Jan
$2,000 100
32,000 7434
29,700 46
13.000 35
7,000 100%
5.000 97
2.000 98
Apr 100
Apr 84%
Apr 63
Apr 46%
Jan 101%
Apr 97
Jan 98%
Apr
Mar
Mar
Mar
Apr
Apr
Jan
4734 4534 47%
116 116)5
116
74 8
74
734
734
734
114 12
12
49
4834 48
34% 35%
35
494
4934 48
• No par value.
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange April 4 to April 9, both inclusive
(Friday, the 10th, being Good Friday and a holiday on the
Exchange), compiled from official sales lists:
sates
Last Week's Range for
Week.
ofPrices.
Sale
Par, Price. Low. High. Shares
Tours.
Stocks—
.
..
..W ..
N..p.t4
0 m.
...
0.
4.0..-0..0.4mwM0.6.WPWWM0 .
NN000o00.-4.0
0300300..00
00000300000
Apr 86%
Jan 136
Jan 224
Jan 154
Mar 66
Jan 45
Jan 7834
Jan 1334
Mar 99
Mar 9834
Mar 194
Jan 19834
834
Jan
Apr 19%
Mar 53%
824 83
Maryland Casualty Co 25
March & Min Tr Co_ _ _100 1304 130 1304
Monon Vail Trac, prat __25 214 21% 214
is 1514
.
Mtge & Accent. com
.55
55
Mt V-W Mills. pf v t r_100 55
44
44
New Amsterdam CasCo_10
78% 78%
50
Northern Central
129% 129%
Penna Water & Power_100
9834 9834
Rol'd Pk Home'd, 1st 01100
98% 9834
Stand Gas Equip, pref_100
United Ry & Electric_50 17% 174 18
183 183
U S Fidelity & Guar_ _ _50
6%
6
50
Wash Bait & Annap.
12%
12
50
Preferred
514 51%
West Md Diary, Inc, pf_50
Range Sims Jan. 1.
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.
143 145
100
Boatmen's Bank
210 210
First National Bank-__100
'267 287
Merchants-Laclede Nat 100
Nat Bank of Commerce 100 1474 147 147%
160 160
100
American Trust
100
275 275
Miss Valley Trust
20e
100
20e
United Railways
434 4%
100
Preferred
44 434
4
Prof certifs of deposit__
44
44
•
B;st-Cly liter Co
Certain-teed Prod lat pf 100 9314 9314 9334
82
82
25
Chicago Ry Equip
24%
24
Ely & Walker Dry Gds_25
• 384 3834 384
Fulton Iron Works
734
614
Hydraulic Press Brick_100
88
90
100
Preferred
117 118
• 118
International Shoe
100 1184 1184 118%
Preferred
Mo Portland Cement_ __25 4934 474 4934
100 9414 94% 95
Nat Candy
103 103
100
2d preferred
10034 100%
Itice-Stix D G 2d pref..100
1074 108
Southwest Bell Tel pref 100 108
3335 3334
.
‘Vagner Electric
4034 42%
•
Boyd-Welsh Shoe
43
43
•
Johansen Shore
44
43
•
Pedigo-Weber Shoe
• 304 304 304
F Medart
33
32
• 33
Huttig S & D
100 10034
100
Preferred
23
23
•
Berry Motor
38% 38%
• 38%
EIusimann Refr
1014 1014
100
Scullin Steel pref
Bonds—
East St Louis & Sub 5E11932
United Railways 4s......1934
Certifs of depocit. _1934
..i. 'rni.”h as___1955
‘,
it•P,
8434 843.4
70
70
684 6834
inn
mu
Range Since Jan. 1.
High.
Low,
143
205
260
1434
160
242
80
434
0§§
CO
00
High.
Low.
40
,_.
Range Since Jan. 1
.1.=!..
maws
Last Week's Ranee for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
.1 MOS.
Stocks—
[Vol,. 120.
THE CHRONICLE
1866
434
424
87
77
2234
3734
6
81
115
118
414
9434
103
100%
1074
2634
4034
40
40
30
314
100
Apr
Jan
Jan
Jan
Apr
Feb
Feb
Jan
Apr
Feb
Jan
Jan
Jan
Jan
Apr
Jan
Feb
Apr
Feb
Apr
Apr
Apr
Apr
Jan
Apr
Mar
Mar
Mar
Mar
Apr
147
210
267
1504
160
275
210
734
7
48
9434
8234
25
43
84
95
11834
120%
4934
107
106
1034
110%
60
504
524
454
3434
40
102
Jan
Apr
Apr
Feb
Apr
Apr
Feb
Feb
Feb
Jan
Mar
Feb
Feb
Jan
Feb
Feb
Feb
Mar
Apr
Jan
Feb
Mar
Mar
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
373.4 Mar 45
1014 Apr 10234 Feb
844
8934
68)4
09%
Feb
Apr 86
Jan
Mar 74
Apr 734 Jan
Feb 100% AD.
• No par value.
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange April 4 to April 9, both inclusive,
(Friday, the 10th, being Good Friday and a holiday on the
Exchange), compiled from official sales lists:
...fed
LOUIS.
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High Shares.
Stocks—
Am Wind Glass Mach_ _100
100
Preferred
Arkansas Nat Gas. com_10
Carnegie Lead & Zinc__ _ _5
100
Colonial Trust Co
Duquesne Light. pref._100
•
Federated Metals
Jones dr Laughlin, pref..25
25
Lone Star Gas
Nat Fireproofing. pref....50
Ohio Fuel Corporation_ _25
1
Ohio Fuel 011
Oklahoma Natural Gas__25
Pittsburgh Brew,com_ _ AO
50
Preferred
Pittsburgh Coal, pref...100
Pittsb & Mt Shasta Cop__1
Pittsburgh Oil & Gas .5
Pittsburgh Plate Glass_100
Rich & Boyn prior pref._ *
Salt Creek Consol 011_10
1
San Toy Mining
Stand Sault Mfg, com__25
25
Union Storage Co
West'house Air Brake___50
Bonds—
W.., Penn Pva
ga
1051
90
54
6
192
10734
11334
31%
1334
oh
280
1074
974
DO
90
90
95
95
534 534
64
6
192 192
106% 1074
35
35
11334 114
38
3834
3234 324
31
3134
13%
13
29
29
2
2
6%
6
864 88
Sc
5c
614 64
276 280
3734 374
74 734
4c
4c
105 1074
38
38
974 994
1)7% 99
Range Since Jan. 1.
High,
Low.
50
70
450
350
20
104
38
75
348
95
6.538
300
170
20
270
75
1,500
100
60
200
721
2.500
182
50
898
Sig
94%
534
4
190
1054
35
11134
32
31%
31
12
26
1%
8
8634
5c
834
257
37%
74
4o
102
36
97%
Jan
Mar
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Apr
Mar
Jan
Mar
Mar
Apr
Apr
Apr
Jan
Feb
Feb
Feb
Feb
Jan
Mar
310.000
fic ix
Jan
100
100
834
834
200
107
41
114
40
35%
344
1634
31%
24
7%
9934
9c
8%
295
40
9
Sc
136
38
113
no
Mar
Feb
Feb
Mar
Feb
Jan
Jan
Mar
Feb
Jan
Feb
Mar
Feb
Jan
Fel,
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Mar
Jan
any.
• No par value.
New York Curb Market.—Below is a record of the
transactions in the New York Curb Market from April 4
to April 9 (Friday, April 10, being Good Friday and a
holiday on the Exchange), 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
Thurs.
Last Week's Range for
ofPrices.
Week.
Sale
Par. Price, Low. High. Shares.
Week Ended April 10.
Stocks—
Indus. & Miscellaneous.
Adirondack P & L com_100
100
7% preferred
•
4.111ed Packers,corn
100
Prior preferred
Amer Gas & Electric
COtriraCID
•
58%
45
52%
99 101
8% 8%
50
58%
71,4
89
524
71%
8,100
50
300
800
800
Range Since Jan. 1.
Low.
High.
Feb 524 Apr
33
Jan 101% Mar
99
Feb
8% Apr 10
Jan
Mar 87
50
884 Feb
82% Jan
APRIL 11 1925.]
THE CHRONICLE
Thurs.
Sales
Industrial and
Last 'Week's Range for
Miscellaneous Stock.
Sale
0/ Prices.
Week.
(Concluded).
Par Price..Luto. High Shares
Amer Hawaiian SS
10
10
10
%mei Lt 'Frac,com-100 139
137% 148
1
Amer Pow & Lt corn new.* 53%
5255 5351
Preferred
100 8554 84
86
Amer Rolling Mill coin_ _25
50
50
A tu Superpow Corp,CI A-• 274 27;4 28
Class 13
• 28
2751 28
American Thread pref. 6
315i. 4
Apia) Mfg class A
25
24% 25%
Appalachian Pow. com.100
7855 79
Arizona Power corn..100
• 21
21
Armour & Co (Ills) tiomB25
12
1255
Preferred
100
87
87
ArrlOOM Corp. COM
• 38
38
40
Preferred
100 9834 9835 994
Amon
& E Class A
-• x2634 26
2634
Atlantic Fruit &
900
900
1
Atlas Portland Cement__ _•
New when issued
• 4534 45% 45%
Solseounault(C)Co
• 60c
50c
1
Borden Co commou_ _ -100 144
141% 144
Corn new (ex stk div)_50 7034 70% 7051
Preferred
100
109% 109%
notiluy Cons Mills Ci A 50
45
45
Bridgeport Machine corn..
754 8%
834
Brit-Ani Tob orci bear..X.1 2734 2754 2755
Brooklyn City RR_. .10
855
855 8%
Brown & Will Tob. C113.10 11
11
1155
Burehs Add Mach. pf-100 1043 10455 105
Campbell Soup 7% pf.100 110% 11055 111
lar 1-tic it Power. com..25
334
354 4
Carolina Power Sr Light 100 337
337 339
Celluloid Co pref
100
85
85
Centrifugal Cast Iron Pipe
1914
20
Chapin rhica• Inn
•
22% 20
22%
thud tertou & Son
. ill 18%
16% 1851
Checker Cab Mfg el A.....*
19
19
Chic Nipple Mfg Cl B. 50
1354 1354
Childs Co pref new. _100
11555 116
Clue Ind & West RR v t c_
104 1055
Cities Service, cont.--100 18455 180 185
New when issued
20 3634 36
37
Preferred
WO 8255 81% 82%
Preferred B
10
755 755
Bankers shares
•
18
18%
Cleve Automobile, cam.-• 2134 213( 22
Preferred
100
95
95
Colombian Syndicate
151
135
155
Coin wealth Pow Corp...• x11234 108 115
Preferred
100
81
8255
Warrants
29
33
Cons Oas,E L&P Balt new* 3434 3455 34.14
Continental Baking.comA• 1204 11755 120%
Common B
• 263.4 2454 26%
100 95
8% Preferred
03% 9.734
Coty, Inc, w I
• 3834 3755 3855
Cuba Company
• 38
3755 38
Cuban Tobacco v t 0
20
17
20
Curtiss Acro & M corn. •
1455 1451
Lie Forest Rudlo Corp...• 2235 21% 24
Del Lack & West Coal.-50
125 125
Mahler Dle-Casting
• 13
144
10
UubillerCondsr& Had new• 144 14
154
Donlan International
•
2734 28
Duplex Coud & Had v c.•
4
455
4
Du Pont Motors, Inc._ _ _• 650
650
50e
Durant Motors, Inc
• 18
17% 1954
Due & Co. Inc. Class A _.• 2534 254 26%
Elm Bond di Share.pref 100 103
102% 103%
Elea Bond & Share Sec Cor 56
55% 5755
Mee Invest without warle• 4134 4055 42
Electric Power & Light • 1455
14% 1455
Electric Railway Secure. •
13
134
Eureka Vac Cleaner
• 49% 4955 49%
Fajardo Sugar
100
126 129
Federal Lt & Trac new w I 28
28
2855
Federated Metals Corp •
33% 35%
Ford Motor Co of Can.100 472
469 474
Franklin(H H) Mfg com-• 1834 18
1834
Prowl Eisetuann Radio.. • 1055 10
114
FriziOutian (Chas) Co
• 12
10% 134
Garod Corp
•
33.4
355
3
'
Gen Gas & Elec pref c1 B
97
97
Gaul outdoor Adver g Ins
Common v t c
• 2155 21
21%
Claw. A
• 4634 4655 464
Georgia L,P dz Ry,com.100
5834 62
tatielta Safety Razor
• 6454 614 65
Oleo Alden Coal..
• 132
1264 132
Goodyear Tire & R.com100 2834 2834 304
Grenuan Bakeries Inc... _• 1734 164 1755
Grimes(0)Ra &Cam Rec.
93.4
935 10
Happiness Candy Bidl A •
655
655 651
Hazeltine Corp
• 2054 204 2234
Hayden Chemical
•
155 134
Imperial Tob of Canada_ _5
7
7
7
Imperial Tob of G B & Ire_
2355 23% 2351
Intercontinental Rubb.100
7
755
Inter Concrete Ind Fdrs sits
7
7
inter Match non-v0 I DI - 3934 394 40
Int Utilities class A
•
4554 4534
Inter Ocean Radio Corp_.
•
455 554
Jones(Jos W)Radio Mfg_•
254 2%
Weiner-Williams Stmpg_ •
23
23
Kai vina tor Corp
• 22
22
2351
Keystone Solether
10 750
700
75c
Landover Holding Corp Al 1254 1234 1255
Lehigh Power Securities..• 103
94 104
Lehigh Valley Coal Sales 50 8134 81
82
Leh Vail Coal ctfa sew ..... 3834 3834 39
Libby, McNeil & LIbby.10
7
74
7
Liberty Radio Ch Stores- _•
834
84 84
Library Bureau corn
•
31
31
Marconi Wire! Tel of Can.
1% 155
Marconi Wirel Tel of Loud
851
8% 855
Mengel Co
100 444 4455 46
•
3
Mesabi Iron Co
3
3
Middle West Utilities oom• 943,4 91
9554
Prior Benstock
100 101% 10134 10134
Preferred
100
95
95
Moore Drop Forging el A • 66
6554 66
Motion Picture Corp
17
17
1855
nyi 10%
Motor Wheel Corp new •
•
MIMIC Milner Corp
955 10
934
Distillers
Producers_
_
•
Nat
30
30
National Leather
10
454
454 454
Nat Power & Light. corp.". 247
23355 249
Preferred
•
96
98
National Tea
•
239 241
New Mex & Ariz Land_..1
735 855
N Y Telep 655% Drat-100 11255 112% 113
Nickel Plate corn,new. WI.
844 85%
Preferred. new, w 1
82% 8255
7
Northern Ohio Power Co.'
6% 755
110 110
No State Pr Corp corn-100 110
100
Preferred
964 97
1034
94 1055
Nor States Pow Del war*nta
•
Omnibus Corp v t
15
154
Series A preferred__ _100 9154 89
93
Oppenhelm, Collins & Co-•
41
41
Paige-Detroit Mot Car.-10 16
153.4 1654
Runge Si'.re Jo'.
Low.
500
951
10,375 137
3.800
1854
570 84
100 50
700 2654
600 274
200
34
1,800 2455
600 73
100 1755
3,400 114
10 87
2,400 38
700 9851
3,200 25%
1,300 80c
130
100 4455
6,500 50c
820 133
100 68
20 106
400 43%
1,800
44
1,000 25%
-1,60
b
1,900 10
60 103
230 110
5,400
155
50 300
3
85
6,70
10
7,200 1814
1,550 12
10
19
100 134
90 1134
100 10
460 175
5,000 35
500 8034
200
75(
600 174
1,400 19%
10 89
25,000 60e
15,000 106
275 795(
400 2555
2,500 314
3,200 108
33,700 21%
2,900 914
1,600 37%
500 3654
300
65(
200 13
4,900 18%
2 119%
4,400 10
2,300 12%
300 2751
30
315
500
50c
7,200 15
900 24
760 102
14,500 55%
1,50
40
28,100 13%
200 1255
800 49
20 120
1,300 28
900 3354
50 462
200 18
2,400
734
3,800
955
3,000
2
20 97
90
1,900
400
7,100
2,000
17,900
2,200
500
3.100
4,400
600
100
100
1,200
100
1,200
10
500
200
200
2.000
90
101.)
5,300
27
4,000
600
900
200
800
300
170
300
2,500
290
10
1.300
900
2,300
2,100
300
100
3,210
10
190
2,300
350
800
300
800
10
30
1,220
2,000
700
200
1,700
Nigh
Feb
Jan
Feb
Apr
Apr
Mar
Ma
Jan
Jan
Feb
Jan
Apr
Jan
Apr
Apr
Mar
Jan
Mar
Apr
Apr
Jan
Mar
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Mar
Mar
Jan
Feb
Apr
Apr
Jan
AP
Ma
Ma
Jan
Mar
Ma
Feb
Feb
la
AP
Jan
Fe
Jan
Jan
Jan
Jan
Apr
Feb
Jan
Feb
Ma,
Apr
Apr
Mar
Apr
Mar
Apr
Feb
Mar
Jan
Apr
J au
Ma
Ma
Ma
Feb
Apr
AP
Mar
Apr
Mar
Ma
Apr
Apr
1867
Thurs.'
Sales
Last Week's Range, for
Sale
ofPrices. I Week.
Stocks (Concluded) Par Price. Low. High Shares
134
153
6751
89
57
36
3651
455
26%
83
2415
15
9455
5335
101%
2754
155
140
4755
34
154%
71
10954
4854
851
284
94
11%
10555
111
435
360
97
2754
2254
18%
2455
16%
117
13
212
43
'4234
755
214
22
9551
24
126%
8214
50
3555
125
29%
99
39%
4034
26
174
34
130
20%
355-5
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Jan
Feb
Feb
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Mar
Apr
Jan
Apr
Mar
Feb
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Apr
Apr
Jan
Jan
Feb
Mar
Feb
Feb
Feb
Feb
Feb
Apr
Feb
Feb
Jan
Mar
Jan
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Feb
Jan
Jan
Pathe Exchange Inc cl A-•
Power Corp of N Y. corn.'
Power Securities
•
Pratt Sr Lambert Inc- -•
Pro-phy-lac-tic Br corn...'
Purity Bakeries, Class A25
Class B
Pyrene Manufacturing._10
Reid Ice Cream Corp e,om •
Rem NoiselessTypew,C1 A•
Preferred
100
Reo Motor Car
10
5
Repetti Inc
Root Radio Coro tr etre •
Seagrave Corp.com.
•
Serv. El. Corp. cl A, w I..
Silica Gel Corp. coin. v to.'
Singer Manufacturing __100
Singer Nita. Ltd
LI
Sou Calif Edison corn._100
7% preferred Ser A__ 100
Southern Coal Sr Iron__ __I
S'eastern Pr Sr Lt corn •
Southw Bell Tel,7% p1.100
•
Spear & Co
Preferred
Standard Motor Constr 10
Stand Publishing CI A._25
•
Stutz Motor Car
100
Swift 4 Co
15
Swift International
Tenn Elec Power, corn...*
•
Second preferred
Theriniodyne Radio
•
Thompson(RE)Radio vtc*
Tob Prod Export Corp...'
5
Tower Mfg Corp
Tulip Cup Corporation__ •
Union Carbide Sr Carbou •
United G & E coin new. 10
United Lt Sr Pow corn A •
I
United Profit Sharing.
United Shoe Madly corn 25
20
US Gypsum
U S Lt Sr Lit Corp, eom_10
10
Preferred
Universal Pictures
Utilitlis Pr Sr Lt el A. _ .•
Van Camp Packing pref...
Victor Talking Machine100
Ware Radio Corp_ _ . •
Warner Bros Pictures clA10
Western Pr Corp, 00[11_100
100
Preferred
White Rock Min Spas corn.
VoL tr Ws for corn stock*
Wickwire-Spencer St com..5
Wilson Sr Co (new) w I.
Class A w 1
Preferred w
Yellow Taxi Corp N Y. •
17
14
21
33
104
9155
4855
1454
1555
50%
129
28%
42
524
18%
3355
28
17%
97
Jan
Jan
Jan
Feb
Mar
Feb
Jan
Mar
Jan
Mar
Apr
Apr
Feb
Feb
Apr
Jan
Jan
Jan
Apr
151
Borden Co w I
Commonwealth Edison_ _ _ ......
Continental Oil w I
20% Ma
24% Feb
48% Ma
46% Feb
31% Jan 68% Mar
57)4 Jan 6714 Feb
117
1 eb 138
Mar
24% Jan 3514 Mar
1554 Mar 1755 Jan
Mar 19% Jan
9
64 Jan
751 Jan
1555 Mar 61% Jan
14 Mar
Jan
8
6% Mar
Apr
7
21
Jan 22% Mar
54 Jan
734 Apr
Mar 1234 Jan
7
374' Jan 4355 Jau
45% Jan 46% Jan
34 Mar 14
Jan
Mar
2
Jan
9
21% Jan 2355 Jan
18% Feb 3034 Mar
490 Jan
13( Feb
854 Jan 13
Mat
82
Feb 117
Jan
Jan 87
81
Jan
33
Mar 504 Jan
751 Mar
951 Jan
74 Jan
9
Jan
30
Ma
31
Apr
III,. M.:
1% Apr
8% Mar 10
Jan
30
Jan 5134 Max
2% Mar
4% Jail
82% Feb 10254 Mar
9854 Jan 103% Mar
91
Jan 95
Mar
6355 Ma
66% Feb
17
Ma
1815 Apr
15% Feb 19% AM'
83,4 Mar 214 Jul
16% Jan 89% Feb
44 Apr
6% Jan
18454 Fe 249
Apr
Jan 99
95
Mar
Jan 247
230
Jab
651 Jan. 114 Feb
1104 Jan 114
Feb
8254 Mar 90% Feb
8155 Mar 87% Jan
655 Mar
73,4 Mar
102% Jan 111
Mar
944 Fe
99
Feb
6
Fe
104 Mar
15
Mar 174 Jan
89
Apr 96
Feb
4034 Mar 48
Feb
1555 Ma
19
Jan
4251
1454
43%
45
x3754
21
10%
10555
Sc
2355
92
454
25%
110%
29
57
8
354
66
29
46
142
1
2551
23
-7334
10
15%
33
914
28
27%
4
1455
30%
74%
Range Since Jan. 1.
Low.
46
525 4234
47%
41% 44
1,400 3334
1455 14%
100 1435
42
44
2,300 40
41
41
100 40
43
45
300 35
3455 3554
500 34
1054 1034
500 104
36
3834
1,800 35
4155 42
500 37
984 9855
25 96%
21
21
300 1734
600
60e
500 510
655
73,4
900
535
13
13% 2,300 13
1051 10% 1,700 1051
14
14
100 1255
250 250
30 19255
451 415
200
4
10454 10555
380 10154
10434 10454
30 10455
Sc
Sc 41,000
Sc
58
58%
900 52%
10855 1084
20 10634
23% 24%
601) 2334
92
93
1.300 92
43-5 4%
100
34
2551 25% 1,600 254
651
755
800
64
110 111
80 109
28% 2951
1,800 27%
55
58
2.100 484
7455 7455
100 73
754 84 2.000
614
8
8%
700
65(
355 334
1,000
355
655 7
700
5
15
15
200 1455
65% 6654
1,400 65
29
29
500 25
46
46
400 4455
7% 855 3,800
534
4155 4155
100 414
133 142
40 115
1
1
2.000 750
255
255
500
114
25% 2555
200 24
23
2315
400 2234
22
3155
600 22
66
74
660 66
10
11
500
9
15
1555 2,700 14)(
31% 33
500 30
90% 9255
280 8514
2355 29
4,400 16
23% 29
7,300 16
4
451 6,500
334
13
15
5.500 13
30% 35
3,000 3034
74
7555 3,100 74
1554
14
1.100 14
I
Mar
Jan
Apr
Feb
Feb
Apr
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Mar
Apr
Mar
Jan
Star
Jan
Mar
Mar
Feb
Mar
Apr
Apr
Jan
Apr
Jan
Mar
Mar
Feb
Jan
me
Ma
Jab
Mar
Feb
Ma
Feb
Mar
Jan
Apr
Feb
Jan
Jan
Ma
Ma
Apr
AD
Mar
Apr
Mar
Jan
Feb
JIM
Feb
Apr
Apr
Apr
Mar
High.
4935
46
26
44
44
45
3755
1234
43
46
99
23
Jan
Mar
Jan
Apr
Jan
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Mar
7
15e
451 Jaa
14% Jan
11% Mar
Jan
Mar
21253
25334
Mar
1045144 Apr
0
10e
66
Jan
Jan
Feb
Aeb
94
2834 F
Apr
10934
25
7L
i
10
120
e
abr
Jan
Feb
"2273128565!
ao
en
jj a
Jan
54 Jae
244 Jan
Feb
7355 Feb
Jan
38
Jan
5°
4
15
1 rt MarJj
142
144 Apr
221-4
9
2555
105
32
4055
1634
3854
92%
29
29
73.4
15
35
7594
22
Jan
Feb
Jan
Apr
Jan
Jan
Feb
Jab
Apr
Apr
Apr
Jan
Apr
Apr
Apr
Jan
Rights.
155
3%
82c
151 5.800
4
7.900
920 126,900
115 Apr
354 Apr
70c Mar
2% Mar
4
Apr
11., Mar
Former Standard On
Subsidiaries
Anglo-American OIL...XI
233,4
Borne Scrymser Co__ _100
Buckeye Pine Line
50
25
Chcsebrough Mfg
23%
Continental 011 vtow I._
Cumberland Pipe LIne_100 147
100 794
Eureka Pipe Line
Galena-Signal 011.com.100
Humble Oil & Refining. _25 46%
100 142
Illinois Pipe Line
28
Imperial 011 (Can) new
50 72
Indiana Pipe Line
Magnolia Petroleum_ _100 13054
22
National Traualt_ _
100 65
New York Transit
Northern Pipe Line.--100 84
64%
25 404
Penn Mex Fuel
25 5355
Prairie Oil & Gas
Prairie Pipe Line
100 11555
100 216
Solar Refining
100 166
South Penn oil
Southern Pipe Line_ _ _ -100 83%
Standard 011 (Indiana)__25 6155
Standard 011 (Kansas)_25 32
Standard 011 (Ky.)
25 115
Standard 011(Neb)....100 249
Standard 011 of N Y....25 41%
Stand 011 (Ohio) tem_ _100 346
Preferred
100
Swan Sr Finch
100
Vacuum 011
25 87
2254 2314
20654 209
61
6254
57% 6155
23% 2455
136 148
7955 82
584 5814
44% 4934
14155 143
28
294
72
74
13055 139
22
22
65
66%
84%
84
644 6655
39
4054
5235 56%
115 117%
216 224
165 168
83% 834
61% 6455
31% 33
115 11555
249 250
41
434
345 349
120 120
1755 18
86;5 88%
13.000
30
130
500
15,10
87
50
100
26,300
110
4,100
90
290
100
40
90
1.200
400
10,100
1,050
40
390
10
50,100
2,000
1,100
30
9.000
150
4
23
7.40
is
2063-4
61
4834
213-4
132
7934
5644
4234
127
273.4
70
1304
22
6434
8155
6234
854
504
108
202
139
8355
5934
31
1144
244
41
338
11754
16
som
Jan
Apr
Apr
Jan
Mar
Mar
Apr
Jan
Jan
Jan
Mar
Apr
Apr
Apr
Mar
Jan
Mar
Jan
Mar
Jan
Jan
Jan
11,400
1.000
100
500
600
2,000
27,000
100
500
200
7,700
2,500
17.900
25,100
64,100
93.000
200
400
100
2.000
7,300
10,400
1,000
100
200
5.000
200
1.500
2,200
900
34.900
4,300
300
14,900
484
40c
24
514
214
34
8%
44
23
87c
1%
634
2255
24
5
20
75e
50c
61e
10c
1%
18%
354
1655
851
10e
31
1
1755
18
990
354
614
24
Apr
Feb
Jan
Jan
Mar
Mar
Jun
Jan
Apr
Jan
Jan
Mar
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Feb
/an
Mar
Feb
Jan
Mar
Apr
Jan
Jan
Jan
223-4
239
72
6454
3134
150
98
65
49%
1644
834
84
159
2534
79
88
754
4414
6514
126
254
197
Mar 103
Mar
Mar
Mar
Jan
Apr
Jan
Jan
Mar
Jan
Apr
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Apr
Jan
Jan
Jan
Feb
Jan
Jab
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Jan
70
48
124%
270
4834
369
123
27
964
Feb
Feb
Feb
Jan
Feb
Jan
Mar
Jan
Feb
70c
400
4
8%
Apr
Feb
Feb
Feb
4%
13%
7
27
970
354
71
28%
514
7%
17
4cH
Feb
Apr
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Apr
Mar
mrearb
Po
37c
2
2134
5%
244
10
166
3494
Feb
Mar
Mar
Mar
Mar
Jan
Mar
Feb
b
Fe154
Jail
Jan
Jan
Mar
Mar
Apr
Other 011 Stocks
Allen 011
Alliance OR Sr Refining
Amer Maracaibo Co
Arkansas Nat. Gas
10
Atlantic Lobos 011 com
•
Carib Syndicate
Creole Syndicate
5
Derby Oil Sr Refg, coin_ •
Preferred
Euclid Oil
Gibson Oil Corp
1
Gulf 011 Corp of Pa
25
International Petroleum..'
Kirby Petroleum
•
Lugo Petroleum Corp
•
Latin American Oil
1
Livingston Petroleum_ _ _•
Margay Oil Corp
•
Mexican Panueo 011.....10
Mexico Oil Corp
10
Mountain & Gulf Oil__ _1
Mountain Producers....l0
New Bradford 011..
New England Fuel Oil_ _5
New York Oil
25
Noble(C F) Oil Sr 0com_l
Ohio Fuel Corp
25
Peer 011 Corp
•
Pennock 011 Corp
•
Red Bank Oil
25
Royal Can 011 Syndicate_•
Ryan Consol Petroleum
islt Creek Consol OIL-10
Salt Creek Producers
• No par value.
550
555
355
1234
24%
960
65
23%
355
(ic
13,4
155
21;5
5%
17
28
151
2735
480
40c
2%
555
255
354
1255
555
23
96c
2%
64
23%
355
6
50
80c
900
650
180
1%
20%
5%
17
955
120
3155
1
21%
21
990
655
7%
2634
700
400
2%
5%
254
3%
13%
53,
4
24%
97e
2%
68%
2455
435
7
70
800
155
65e
20c
151
21%
54
17
955
12c
3155
155
22%
28
155
755
7%
2755
8244
25
74
914
8%
27%
Sales
l'hurs
Lasi Week s Range for
Wee/c.
Prices.
Sale
of
Stocks.
Other 011
Par. Price. Low. High. Shares.
(Concluded)
9%
935
731
4%
6%
4%
6c
200
100
2,800
25,700
8,200
800
1,000
22c
180
Arizona Globe Copper. I 2Ic
12e
12e
1
Butte & Western
On
On
1
Caledonia Mining
21c
20e
Calumet & Jerome Cop Co. 21e
334
10
3)4 3%
Canario Conner
334
1
334
Chief Consol Mining
74c
700
740
Gahm Extension
50c
50e
Comstock Tun & Drain.
3
3
Consol Copper Mines_ _ _ _1
22% 22%
Copper Range
3% 3%
Cresson Cons Gold M&M.1
Sc
40
Sc
Diamond 131 Butte Reorg- 1
2c
20
2e
1
Divide Extension
50c
50e
Dolores Esperanta Corp .2
Engineer Gold Mines.1.td 5 35% 3034 35%
21c
19e
200
Eureka Croesus
20e
120
First Thought Gold Mines1
24c
170
Forty-nine Mining
1 24e
5c
50
Golden State Mining
Sc
Sc
10c
Gold Zone Divide
12c
80
110
Hamill Di vide_ _ _ _ ._ _10e
23e
13e
22c
Hawthorne Mines Inc_..J
25.
Hecla Mining
15% 14% 15%
13% 13%
Hollinger Consol0M _ _5
Howe Sound Co
1731 18%
• 18%
New vol tr etfs
lie
100
100
Independence Lead Min_ _1
1% 2
1.).
Jerome Verde Bevel
13c
1
8c
9c
Jib Consol Mining
2c
2c
1
Jumbo Extension
1% 2
1
10%4
Kay Copper Co
30
4e
1
3c
Lone Star Consol
28o
I
28c
On
Vc
Tonopah
Oe
10e
50o
National Tin Corp
20
20%
New Cornelia COPD CO .5
100 18534 186 187%
New Jersey Zino
6
6
5
Nopissing Mines
1
1
870
95c
hio Cooper
30e
30e
arms° Porcupine Mines.] 30c
54e
5013
50e
lymouth Lead Mines_._ I
2% 2%
render Gold Mining. Ltd]
30c
300
30e
I
Red Warrior Mining
8c
70
7e
Rochester Silver Corp
50
40
1
San Toy Mining
2% 234
South Amer Gold & Plat_ I
Sc
4c
Spearhead Gold Mining_ _1
13c
Ilc
13e
Standard Silver-Lead .. _. 1
Pie Pi.
1
Teck Hughes
84 8%
Tintec Standard
60e
60e
Tonopah-Belmont Devel_l
1
Tonopah Extension
1%
134
1
Tonopah Mining
134
250
25c
Trinity Copper
51e
50c
United Eastern Mining. 1
23% 25
United Verde Extent....50e 24
12c
lie
120
U 13 Continental (31ines.....5
52c
60c
5
Unity Gold Mines
5% 7%
5
Utah Apex
3% 335
3%
Wenden Copper Mining 1
7c
7c
70
West End Exten
17c
17c
Western Utah Copper__ _1
41,000
1,000
1,000
6 000
3,500
100
7,700
200
700
100
200
15.000
1,000
200
7.400
53,000
5,000
35,000
1.000
1.000
36,100
79,000
3,600
1,000
Tidal Osage Oil voting stk •
•
Non-voting stock
United Cent oil Corp _ _•
Venezuelan Petroleum_ _ _ _
1
Wilcox Gil & Gas
Woodley Petroleum Co_.
1
"Y" 011 & Gas
[Vol.. 120.
THE CHRONICLE
1868
7
z6%
9%
9%
6%
431
6
431
60
MUM
Low.
Feb
9
8% Jan
2% Jan
3% Jan
54 Jan
3% Mar
Jan
So
High.
15%
10%
7%
4%
7%
7
70
Feb
Feb
Mar
Apr
Jan
Mar
Feb
Mining Stocks—
Montana
Last Week's Range Sales
for
Sale
of Prices.
Price. Low. High. Week.
Range Since Jan. 1.
70
12c
80
15e
3%
3%
40e
34e
234
21%
3%
4c
2c
35e
14%
70
120
Sc
5c
20
80
8e
12%
13%
600 17
40.000 100
5.300 9so
70
59,000
2e
1,000
I%
18,100
2o
36,000
1,000 130
8c
2,000
70
5.000
400 18%
240 183
6
200
4,100 75e
2.000 15c
11,400 470
2
10.200
1.000 20e
70
6.000
2c
15.000
2%
500
4c
6.000
80
3.000
134
100
8%
400
1,000 54c
2•is
9,100
Vie
2.100
2.000 15e
2,200 310
1.800 23%
Sc
3.000
1,400 50c
4%
5.800
2
7.300
6e
7.000
1,000 15e
Jan
Apr
Jan
Mar
Feb
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Apr
Jan
Apr
Mar
Feb
Feb
Jan
Mar
360 Feb
19c Feb
Feb
10c
260 Mar
4% Jan
33..• Feb
Apr
74c
Apr
50c
4
Feb
32% Jan
Feb
4
So
Jun
40
Jan
75e Feb
42% Feb
Feb
23e
Jan
58c
24c Mar
Jan
10e
Jan
Sc
Jan
16o
Apr
23c
1631 Feb
15% Jan
Apr 21% Feb
Jan
Apr 230
Apr
Jan
2
Jan
Mar 61e
Jan
2c
Jan
2% Jan
Jan
Jan
80
Mar
Jan 40e Mar
10o Mar
Apr
Ise Mar
Jan
Mar 24% Jan
Jan
Mar 199
6% Jan
Mar
1% Jan
Mar
Jan
Feb 52c
Mar 888 Mar
234 Jan
Jan
Feb 480 Jan
Jan
Apr 14c
7c Feb
Jan
3% Jan
Mar
On
Jan
Feb
Jan
19e Feb
1% Feb
Jan
9% Feb
Feb
Jan 85c Mar
Apr
3's. Feb
2% Feb
Mar
Jan
Jan 25c
Jan 630 Feb
Apr 29% Jan
Jail 16c Mar
Jan
Mar 77e
Jan
Jan
8
4% Feb
Jan
Jan
Mar 170
Jan 250 Feb
Bonds (Concluded)—
New Ori Pub Serv 5s_ _ 1952
Nor States Pow 6%8_1933
634% gold notes_ _ _1933
Ohio Power 58 Ser B..1952
75
1951
Oklahoma Gas & El 55 1950
Pennok 011 Corp 65.. _1927
Penn Power & Light 55 '52
Phila Electric6s
1941
1961
5s
1053
5 tis
Philo, Rapid Transit 681962
Pitts CM Chic & St L 5s'75
Pub Serv El & Gas 5348 64
1923
Pure 011 Co 615s
Shawsheen Mills 78.. _ _1931
Slemans & Halske 78_ _1925
78
1935
Sloss-Sheff St & 1 68_1929
Solvay ctr Cie Cs
1934
South Calif Edison 58_1944
Stand Gas & E16548...1954
Stand Milling 5 %s_ _ 1945
Stand 011 of N Y 635)3_1933
Sun Oil 5348
1939
Swift & Co 5s_ _Oct 151032
Thyssen(Aug)T&SW 78 '36
Tidal Osage 011 7s_ _ _1931
Toho El Pow (Japan) 78'55
Trans-Cont 011 7s w 1_1930
Union 011 Cal 58
1935
United oil Prod 8s_ _ _ _ 1931
United Rysof Hay 73481936
US Rubber Ser 6348. _ 1928
Serial 634% notes_ _1929
Serial 636% notes_ _ 1930
Serial 634% notes..1931
Serial 634% notes__1932
Serial 634% notes_ _1934
Serial 634% notes_ _1936
Serial 636% notes_ _1938
Serial 1334% notes_ _1940
1931
Vacuum 011 7s
Webster Mills 635s_ _ _1933
8934 8934 8934 63.000
76,000
10734 10734 108
3,000
102
10134 102
9234 9234 9254 30,000
1,000
106 106
95
8,000
05
100
100 100
1.000
95
95
0534 18,000
3.000
107 107
9934 9934 9934 13 000
5,000
105
105 105
99
60.000
99
99
99
99
0934 37,000
99% 9934 9934 95,000
10034 100 100% 42,000
100% 100 19934 54.000
99
43,000
99
99
9636 9634 9635 16.000
101% 102
5,000
1024 10234 9,000
18.000
9436 94% 95
117% 11634110)4 178,000
95% 96
2,000
107% 107% 10734 14,000
9534 96
19.000
95% 9536 95% 63,000
9834 9434 9834 48,000
103% 104
2,000
9036 9034 9035 38,000
99% 100' 11.000
96
96
96
35,000
33
3244 33% 5.000
10934 109%
1.000
102
102 102
7,000
10134 10134 10134 10.000
10034 10034 10.000
99% 99% 5.000
09
994 3,000
% 12.000
98% 9834 988
98
983.4 5.000
97% 9734 9734 6,000
97
97
5.000
106
106 10634 44.000
98% 08
9834 11,000
Range Since Jan. 1.
Low.
8634
105%
9934
89
106
95
97
93
106
99
10454
99
99
9634
97%
100
99
9635
101
100
92
1064
95%
106%
9554
94
9854
103
9035
99%
9534
28
10734
102
10154
10034
9934
9834
9834
98
973.4
07
106
0734
Jan
Jan
Jan
Jan
Apr
Mar
Jan
Jan
Jan
Apr
Jan
Mar
Mar
Jan
Jan
Apr
Feb
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Mar
Apr
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Apr
Mar
High.
90
108%
10254
92%
106
95
10034
9534
107
99%
10536
99
9936
100
I0134
104
9934
9634
102
103
95
125
9634
108
97
96%
9934
104%
90%
100
9634
35%
110
10234
101%
100%
100
99%
9854
9835
9734
98
107%
10331
Mar
Mar
Mar
Mar
Apr
Mar
Mar
Feb
Feb
Mar
Mar
Mar
Mar
Feb
Mar
Jan
Feb
Feb
Jan
Feb
Feb
Mar
Mar
Feb
Jan
Feb
Feb
Jan
Mar
Apr
Mar
Jan
Jan
Mar
Mar
Apr
Mar
Mar
Mar
Apr
Apr
Mar
Jan
Jan
Foreign Government
and Municipalities
Bogota (Colombia) 88.1945
9335 94
7.000 93
98
98
Gratz (City) Austria 85 '54
16.000 98
Denmark (King)65...19711 99
9834 99
90.000 9834
Freneh Nat Mall SS 78 1949 78
7735 81
58,000 7735
Indust Mtge Ilk of Finland
9234 92% 16,000 9234
1st 13.1 coil 8 f 7s_ _ _ .1944 9236
98
98
5.000 98
Medellin (Colombia) 8s'48
Netherlantla(Klogd)tia1372 104
32.000 10254
10334 104
99% 100% 6.000 99
Peru (Republic of) Rs 1932
13% 14
26.000 13%
Russian Gov t6%s ctfs 1919 1354
514s
1434
143.4 15
33.000 14
1921
7.000 101
3witzerland Govt 5.34s 1929 10134 101% 101%
,
M e11.1 S..7_ nolt.12
moo 1,014 mote Inn44 9.c non inntl
Mar 9734 J80
Mar 98
Mar
Mar 100
Feb
Apr 91
Jan
Mar
Jan
Mar
Jan
Mar
Jan
Jan
Xior
95
98
107
10034
17
1754
102
101 TA
Jan
Jan
Feb
Feb
Feb
Jan
Jan
law.
Listed on the Stock Exchange thls week, where
• No par value. k Correction.
additional transactions will be found. o New stock. s Option sale. w When
z Ex-stock dividend.
y
Ex-rights.
Issued, z Ex-dividend.
CURRENT NOTICES.
A special dispatch from Dayton, Ohio, to the Cincinnati
"Enquirer" on March 24 stated that it was reported that
Bonds—
Allied Pack cony deb 68'39
1939
88, Series B
Alpine Montan St 78. _1955
Aluminum Cool Ain 781933
Amer Beet Sugar 68_ _ _ 1935
Amer G & E deb 68__2014
American Ice 78
American Power & Light68 old without warr 2012
6s, new
Amer Rolling Mill 68 _1938
Amer Su mat Tob 754s_1925
Anaconda Cop Min 68.1929
Assoe'd Simmons Hardware
1931,
634s
Atlantic Fruit Rs
Atl G & W I SS L 5s. 1959
Bait & Ohio SW Div 5s'50
Beaver Board Co 8s...1933
Belgo-Can Paper 68 _1943
Bell Telep of Can 58_ _1955
Beth Steel equip 78_ _ _ 1935
Boston & Maine RR 68.'33
Canadian Nat Rys 78 1935
1954
4%5
Chic RI & Pac 5%8_1926
Cities Service Ser 13..1966
1966
78 Series C
1966
78 Series D
Cities Serv Pr & Lt 68.1944
ConsGEL&PBalt.
1951
1952
53.48 Series E
1949
6s
1941
Consol Textile 88
1935
Cuba Co 68
Cuban Telephone 7348 1941
Cudahy Pk deb 5%8_1937
1946
58
1931
Deere & Co 744s
1947
Det City Gas 6s
Detroit Edison Ens_ _ _ _1932
Dunlop T&R of Am 78 1942
Est RR of France 78 1954
Federal Sugar 68
1933
Gait'(Robert) Co 7s 1937
Galena-Signal Oil 78_ _1930
General Petroleum 68_1928
Grand Trunk Ry 6348_1936
Gulf Mob &Nor RR 5,348'50
Gulf Oil of Pa 58
1937
Serial 535s
1928
1936
Hood Rubber 75
Internat Paper 63w 1_1955
Italian Power 634s.. _1928
Ran City Term Ry 5348'26
Kaufmann Dept St's 6s-'35
With warrants
Krupp (Fried) Ltd 78 1929
Libby, MeN & Lib 78-1931
Manitoba Power 78._ _11141
Missouri Pae RR 58._1927
1930
Morris& Co 734s
Motor Products 68 new_'43
Nat Distillers Prod 78_1930
National Leather 8s_ _1925
negotiations were under way looking towards a merger of the
77%
89
107%
98
97
7634
87
91
10735
07%
9635
103
95% 95
95% 95%
101% 101
97% 97%
103% 10331
78
89
91
10736
0834
9731
104
Mar 8435 Feb
29.000 74
Mar 9431, Feb
11.000 84
Mar 01% Mar
10.000 91
12,000 10631 Jan 1(1736 Jan
33.000 96% Jan 101% Feb
Jan 97% Feb
118,000 95
Jan
Mar 107
4.000 103
95% 76.000 9335
9531 6,000 95
13.000 100
102
97% 2.000 94%
103% 63.000 102%
Jan 95%
Mar 95%
Jan 102
Jan 98%
Jan 103%
Feb
Mar
Apr
Mar
Jan
11.000
6.000
12.000
133,000
49.000
1.000
60.000
24.000
1.000
39,000
18,000
7.000
2.000
2.000
74,000
210,000
81
18%
62
98
88
97%
97%
103
82%
108%
92%
100%
150%
111
9835
92
Feb
Jan
Jan
Apr
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Mar
Mar
Apr
Jan
Mar
Feb
Jan
Apr
Apr
Jan
Jan
17834 Feb
Feb
128
106% Feb
94% Mar
6,000
109% 109% 110
1,000
102% 102%
10635 10634 10635 6,000
82% 28,000
82% 80
5,000
97
97
106 106% 7,000
106
9231 19,000
92
92
90% 4,000
903,
1 90
19,000
104% 104% 105
103% 103 103% 13,000
114% 11434 8,000
101 101% 42,000
101
80% 8035 81% 307,000
93% 4.000
9335 93
993.6 09% 16,000
99%
1,900
105 105
101% 101% 3,000
108% 108% 10855 28,000
2,000
100 100
99% 10.000
99
101% 101% 2,000
102% 103% 9,000
103
96
96% 27,000
96
983.1 98% 9851 10.000
10135 10135 101% 17,000
10831
10131
104%
80
97
106
89%
90
104
10235
110%
100%
8035
93
99%
10435
100%
105%
100
98%
101%
102
95
97%
101%
Jan
Jan
Jan
Apr
Apr
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Apr
Apr
Jan
Jan
Jan
Jan
Apr
Jan
Mar
Jan
Mar
Jan
Mar
110
103%
106%
95
98
107
95
92
105
104%
11731
10435
8835
99
102%
10534
101%
109
100
9934
102
10335
g(3%
08%
10235
Feb
Mar
Mar
J80
Mar
Jan
Feb
Feb
Feb
Feb
Mar
Jan
Feb
Mar
Feb
Feb
Feb
Mar
Apr
Mar
Jan
Apr
Apr
Mar
Jan
5,000
15,000
5,000
10,000
5,000
19,000
2,000
1,000
13,000
9635
93%
102
98%
100
9834
99
100
101%
Mar
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
96%
9931
103
103
wog
104%
99
101%
102
Mar
Jan
Apr
Apr
Feb
Feb
Feb
Jan
Jan
83
6534
98
93%
9834
104
112%
101%
102%
94
83%
83
22% 22%
6534 66
98
9831
93% 9435
98% 98%
98
98%
103% 104%
86% 86%
11134 11235
93% 9331
101% 101%
165 165
119 119
101% 102%
94
9435
11434
96% 96%
93% 95
102% 103
102% 103
103
100% 100%
10235 10235 103
99
99
99
100 100
101% 10131
96%
0331
84%
27
7034
98%
96
98%
98%
104%
86%
11135
94%
Dayton National Bank and the City National Bank, two of
the oldest financial institutions in Dayton.
The Dayton
National Bank is capitalized at $300,000 with surplus and
undivided
profits of $180,000, while
the
City
National
Bank has a capital of $400,000 with surplus and undivided
profits of like amount.
—William F. Collins, who for the past three years has analyzed economic
conditions at home and abroad for the Seaboard National Bank, and who
previously for a similar time was Secretary of the Commerce and Marine
Commission of the American Bankers Association, has opened an office as
consulting economist at 31 Nassau St.. New York.
—Ludwig Healing, formerly the Santa Barbara, Calif., representative
of Schawabacher & Co. of San Francisco, has formed the firm of Hoefling
& Co., with offices at 900 State St., Santa Barbara, Calif., to deal in
general market bonds.
—Guaranty Trust Co. of New York has been appointed transfer agent
for stock of the Southwestern Light & Power Co., consisting of 9,500 shares
of Preferred stock, 12.000 shares of Class "A" Common stock of the par
value of $100, and 22,936 shares of Class "B" Common stock of no par
value.
c
hatham-Phentx National Bank & Trust Co. has been appointed trustrustee of an issue of Second Mortgage bonds of 1680 Broadway Corporation.
—The New York Trust Co. has been appointed co-registrar of Nizer
Corporation convertible participating Class A capital stock of no par value.
—The Bank of America, New York, has been appointed registrar of an
authorized issue of 100,000 shares of Jersey Central Power & Light Co.
—Charles T. Brown & Co., with offices in the Bankers Trust Building.
Philadelphia, will represent Shields & Co. of New York in that city.
—John T. Pratt Jr., son of John T. Pratt of the Standard Oil Pratt
family, has been elected a director of the Motion Picture Capital Corp.
—The co-partnership of Charles A. Pope & Co. has been dissolved.
Charles A. Pope has become associated with Barr Brothers & Co., Inc.
—The Equitable Trust Co. of New York has been appointed registrar
of the 7% cumulative Prof. stock of National Electric Power Co.
—Townsend, Jackson & Co.. Tacoma. Wash., have opened an office in
Seattle. Wash., under the management of John W. Milner.
—Richard Fay Parker, formerly with H. C. Wainwright & Co., has
recently become associated with Paine, Webber & Co.
—Throckmorton & Co. have removed their offices to larger quarters
at 100 Broadway, New York.
—E. 11. Stern & Co.. members of the New York Stock Exchange, are
now located in their new offices at 25 Broad St.
—Tooker ,Sc Co. are now in their new offices on the ninth floor of the
Equitable Building.
Investment and gtailtaati intellig.enue
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth
week of March. The table covers 15 roads and shows
4.49% decrease from the same week last year.
Fourth Week of March.
1925.
8
155.030
Ann Arbor
404.173
Buffalo Rochester & Pittsburgh
5.675.122
Canadian National
3,998,000
Canadian Pacific
147.420
Duluth South Shore & Atlantic.
49.750
Georgia& Florida
Great Northern
2.219.000
17,120
Mineral Range
297.632
Minneapolis & St Louis
Mobile .1z Ohio
535.556
6.148
Nevada California & Oregon--St Louis San Francisco
2.351,516
St Louis Southwestern
679,300
Southern Railway System
5.189.095
Western Maryland
563,420
1924.
150.746
519.941
6.911.583
4.496.000
158.084
50.755
2.209.064
14.547
335,032
552.080
6.469
2,160.135
666.074
5.044.496
541.475
Increase. Decrease.
4,284
115.768
736.461
498.000
10.664
1.005
9,936
2.573
Companies.
1869
-Net Earnings
-Gross Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Brazil Tr, Lt & Pr Co LtdFebruary
2,207.359 2,200,534 1.284,342 1,324,472
From Jan 1
4.701,553 4.328.719 2,777.835 2,669.542
Federal Light & Traction
Feb
*213,814
Co
*219,284
525.400
509.710
From Jan 1
*435.494
1.084,066 1,042,584
*447.007
a Southwestern Pow.& Light
Jan 1.236,522 1.115.361
*517.546
Co
*617,386
12 mos ended Jan 31 _ _ _ _12.738,633 11,644,081 *6,060,717 *5,392,783
*After taxes. a Earnings from operation of the properties of subsidiary
companies and not the earnings of the Southwestern Power & Light Co.
c Earnings for subsidiary companies only.
Gross
Net after
Fixed
Earnings.
Charges.
Taxes.
Companies.
American Water
Feb'25 3.427.122 1.675.681 1,086.519
191,381
Wits & El Co & Subs '24 3.307.109 1,532.003
971.477
13.246
12 mos ended Feb 28 '25_38,651.062 17,157.111 11.814.394
144.599
'24 37,286.009 16.067.947 10.415.877
21.945
Asheville Power &
Feb'25
89.757
*37.217
5,871
Light Co
'24
83.038
*34.689
417.365
Total (15 roads)
22.288.282 23,316.481 387.964 1.416,163
12 mos ended Fpb '28 '25 1,084.118
*446,188
70.636
Net decrease (4.49%)
1.028.199
'24
996.150
*400.470
64.041
Power &
Feb'25
276.028
*128,337
49.484
In the following we show the weekly earnings for a number Carolina
Light Co
'24
218.024
*102,733
35.013
12 mos ended Feb 28 '25 2,835,900 *1.493.169
516.782
of weeks past:
'24 2,364.997 *1,102.630
374.891
Citizens Trac Co
Feb '25
90.407
38.185
12.076
&subs
'24
90.752
Current
45.438
Previous Increase or
11.000
12 mos end Feb. 28 '25
Week.
975.747
Year.
Year.
422.676
136.867
Decrease.
%
'24
989.215
442.660
124.734
$
$
Eastern Shore Gas
Feb'25
61.760
21.395
11.289
1st week October 116 roads)
20.743,925 22.525.076 -1.711.151 7.90
& Elan Co
'24
49.391
19,363
8.676
2d week October 16 roads)
20.567.810 22.435.931 -1.868.121 8.32
12 mos end Feb 28 '25
649.376
241.016
111.547
8d week October 16 roads)
23.294.67021,936,288 -1.358.387 6.19
'24
574.571
213.887
103.732
4th week October 16 roads)
31.627,03835.092,977 -3.465.938 10.95
Worth Power
Jan '25
272.814
*146,989
16.801
1st week November 16 roads)... 21.523.466 22.971.811 -1.415.345 6.16 Fort
& Light Co
'24
288.721
*147.383
18.708
2d week November 16 roads)
20.905.122 23.411.584 -2.506.462 10.70
mos end Jan 31 '25 3,054.603 *1.424.015 2,065.008
12
ad week November 16 roads)... 20.734.931 22.568.666 -1.833.735 8.84
'24 3,029.242 *1.340.418
224.009
4th week November 16 roads)... 24,470.236 27.366.760 -2.896.524 10.58
Feb '25
238.491
*131.174
16.805
let week December 16 roads
19.379.076 20.782.125 -1.403.049 6.75 Fort Worth Power
& Light Co
'24
275.587
*133.383
18.585
2d week December 16 roads
18,620.43820.042,471 -1.422.033 7.09
12 mos end Feb 28 '25 3.017.507 *1 A21 SO6
204,728
Bd week December 16 roadsS.__ 18.038.076 19.648.054 -1,609.978 8.29
'24 3.054.839 *1.356.082
4th week December 15 roads)..,. 19.030.914 20.177.845-1.146,931 5.70
223.780
1st week January (16 road.)
15.199.517 15.542,805 -313.28S 2.20 Havana Elec Ry, Lt Feb'25 1.257.200
*679.138
89.286
2d week January (16 roads)
& Power Co
'24 1.168.541
15.731.346 16.308.703 -577.357 3.54
*587,516
91.677
Bd week January (16 roads)
2 mos ended Feb 28 '25 2.561.364 *1,345.947
16.863.185 17.375.859 -512.674 2.91
179.679
4th week January (16 roads)
1.29
-296.025
'24 2.377.193 *1.209.277
22.784.700 23.080,725
183.543
1st week February (16 roads)
16.669.351 17.205.585 -536.234 3.11 Idaho Power Co
Feb '25
211.946
*107.322
57.577
2d week February (16 roads)._ 17.244.485 17.670.268 -425.783 2.40
'24
211.624
*126.074
63.603
3d week P'etwoary (Ill roads)
iti.,51 77 . 7 21...27. -361,4',4 2.11
• 12 mos end Feb 28 '25 2.813.833 *1.453.822
754.752
4th week February (16 roads)._ 16.957.292 19.300.342 -2.343.050 12.13
'24 2,555.037 *1.419.219
773.258
1st week March (16 roads).
16.52:1.764 18.225.842 -1.702,078 9.33 Kansas Gas & Elec
Jan'25
602.804
*221.716
10.3.853
2nd week March (16 roads)
18.002.499 19.134.428 -1.131.929 5.91
Co
'24
554.385
*208.963
90.388
16.940.753 17.960.532 -1.019.779 5.67
3rd week March (16 roads)
12 mos end Jan 31 '25 5.700.010 *2.071.661 1.1.51.147
4.49
-1.028.199
22.288.282 23.316.481
4th week March (15 roads)
'24 5,583.183 *1,777.851 1.010.379
Kansas Gas & Elec Feb'25
540.248
*168.178
85.082
Co
'24
537.749
*187.623
90.915
We also give the following comparisons of the monthly
12 mos end Feb 28 '25 5.702.509 2.052.216 1.145.314
totals of railroad earnings, both gross and net (the net before
'24 5.590.328 *1.779.501 1,032.275
309.034
155.542
41.152
the deduction of taxes), these being very comprehensive, they Manila Elec Corp Mar'25
'24
306.505
160.070
37.096
12 mos ended Mar 31 '25 3.744.790 1.855.894
Including all the Class A roads in the country, with a total
488.549
'24 3.621.660 1,795.879
448,526
mileage each month as stated in the footnote to the table.
Mississippi Power
Feb '25 *128.795
52.050
& Light Co
'24 *107.777
49.094
.
12 mos end Feb 28 '25 *1429486
502.790
252.840
Gross Earnings.
Net Earnings.
'24 *1.226.484
413.006
Month
Increase or
Nebraska Pow Co
Jan '25
383.043
Increase or
*213.052
60.551
1924.
1923.
Decrease.
1924.
'24
368.598
Decrease.
*190,914
1923.
54.634
12 mos end Jan 31 '25 3.953 A55 *1.997.735
682.919
$
'24 3.833.350 *1.746.836
$
656.650
Jan -- 467.887.013 501,497.837 -33.810,824 83.953.867 93,366,257 -9.412.390 Nebraska Pow Co
Feb '25
367.514
*228.917
68.603
477,809,944 445,870.232 +31.939.712 104.117,278 70,729.908 +33.387.370
Feb
'24
346.117
*190.503
54.387
Mar-- 504.016.114 534,644.454 -30.628.340 114.754.514 117.668.590 -2.914.076
12 mos end Feb 28 '25 3.974.852 *2.036.149
697.135
April 474.094,758 522.336.874 -48.242.116 101.680.719 122.974.961 -21.294.242
'24 3.844.467 *1,759.492
656.105
May _ 476,458.749 546.934,882 -70.476.133 96.048,087 126.496.150 -30.448.063
Feb '25
368.758
105.901
*144.539
June 464.759,958 540.202,295 -75.442.339 101.527,990 124.374.592 -22.846.602 Nevada-Calif Elec
Corp & sub cos
'24
382.760
89.620
*175.816
July__ 480.704.944 534.222.102 -53.517.158 112.626,896 122.228.450 -9.601,754
12 mos end Feb 28 '25 4.01.662 *1.993.147 1.182.116
Aug.. 507.406.011 563.358.029 -55.952.018 134,669.714 138,817.995 -2,148,281
'24 4,261,529 *2.214.893 1,047.202
Sent-- 539.853.860 544,970.083 -5,116,223 165.049.184 134,911,897 +30.137,287
Feb '25
Oot
643.586
571.405.130 586,540,887 -15.135.757 168.750.421 142.540.585 +26.209,838 New England Co
117.279
212,879
Power System
Nov-. 504,589.062 530.724,567 -26.135.506 131,435.105 125.084,714 +6.350.391
'24
589.247
195.604
109.646
12 mos end Feb 28 '25 7.358.152 2.557.130 1.401,919
flea.. 504.818,559 493.509.651 +11,308.918 124,480.894 106,482.164 +17.998,730
'24 7.459.678 2,123.512 1,090.683
. .
467,329.225 +15.866.417 101.022.458 83,680.754 +17.341,704
Feb_ 454,009.669 478,451,607 -24,441.938 99,460,389 104,441,895 -4,981,506 Northern Ohio
Feb '25
926.962
244.077
Power Co
'24
699.693
169.529
Note.-Percentage of Increase or decrease In net for above months has been
12 mos end Feb 28 '25 10.429.550 2.335.277 2.107.588
January, 10.08% decrease; February, 47.19% increase; March. 2.47% decrease;
'24 9.945.290 2,331,272 1,907.103
April, 17.32% decrease; May.24.07% decrease; June, 18.37% decrease; July. 7.86% Pacific Power &
Jan '25
285.703
*119,021
65,576
decrease; August, 1.57% decrease; September, 22.33% Inn.: October. 18.38% Inc.;
Light Co
'24
283.537
59.219
*134.815
November, 5.08% Inc.; December, 16.90% Inc.; January, 20.73% inc.; February
12 mos end Jan 31 '25 3.183.902 *1,434.536
739.234
4.77% dec. In January the length of road covered was 238,698 miles In 1924, against
'24 3,159.103 *1,534.567
694,805
235,886 miles In 1923; in February. 235,506 miles, against 235,876 miles; In March,
Feb '25
270,065
*118.206
64.721
235,715 miles. against 236.520 miles ;in April, 235,963 miles, against 235.665 miles, Pacific Power &
Light Co
'24
260.739
*123,138
60.318
In May,235,894 miles, against 234,452 miles; in June. 236,001 miles, against 235,691
12 mos end Feb 28 '25 3.193,228 *1,429.604
743.638
miles; in July, 235,145 miles, against 235,407 miles In August, 235,172 miles
'24 3,186.550 *1,556,446
700.929
against 235,445 miles; In September,235,178 miles. against 235.640 miles; in October
Feb '25
235.189 miles, against 235,625 miles; In November, 236,309 miles. against 236,122 Pine Bluff Co
p26.398
e9.524
*64,265
e9.621
miles; in December, 236,196 miles, against 235.875 miles; In January, 236,149 miles
'24
*70.993
g27.794
12 mos end Feb 28 '25 *903.996
e108.171
p322.653
against 235,498 miles; In February, 236,642 miles, against 236,031 miles.
p363.653
0108,590
'24 *888.079
,-.Gas &
Jan '25
*133.338
40.183
379.940
Net Earnings Monthly to Latest Dates.-The table Portland
Coke Co
*138.652
38.550
'24
362.004
12 mos end Jan 31 '25 3.766.445 *1.361.712
468.721
following shows the gross and net earnings for STEAM
451.691
'24 3,466.621 *1,259.239
railroads reported this week:
42.585
Portland Gas &
Feb'25
*108.575
326,381
Coke Co
*98.219
288.777
40.570
'24
-Grossfrom Railway- -Net from Railway- -Net after Taxes
12 mos end Feb 28 '25 3,804.049 *1,372.067
470,735
1925.
1924.
1925.
1924.
1925.
1924.
'24 3,451.187 *1,253.097
457,623
$
$
$
$
$
$
Jan'25
*285.181
Texas Power &
656.609
Pullman Co73.800
Co
•
550,835
*216.553
Light
'24
February __ 5,652,237 5,567,557
59,894
667,532
529,771
404,098
291,423
12 mos end Jan 31 '25 6,552,467 *2,912.451
843.345
FromJan 1-11,972,084 11,549,303 1,789,982 1,302,892 1,193,490
784,149
5,655.186 '2344792
'24
701.411
Net
Gross
Interest & Balance,
Texas Power &
Feb '25
593,674
*270.530
75.279
Earnings. Earnings.
Taxes.
Surplus.
Light Co
542,301
'24
*225.080
64,020
$
$
$
$
12 mos end Feb 28 '25 6,603.841 *2.957.901
854,624
Bellefonte Central Feb '25
818
9.323
200
618
'24 5,728.323 *2,392.680
712,890
'24
9,121
1,405
170
1.235
Power &
Feb '25
800,724
*430.978
From Jan 1 '25
177.299
1,781
18.165
400
1,381 Utah
Co
781,616
Light
'24
*397,783
178.465
'24
16,454
1,738
340
1,398
12 mos end Feb 28 '25 9,382,803 *5.089.142 2.133,729
'24 8.795.614 *4.599.751 2,083.278
Electric Railway and Other Public Utili ty Net
Feb'25 2,284.814 1,088,566
1516.539
Earnings.-The following table gives the returns of West Penn Co
'24 2,271,059 1,013.561 1488,015
mos ended Feb 28 '25 25.532.036 10.707.083 16.046.904
12
ELECTRIC railway and other public utility gross and net
'24 24,916,394 10.185,158 15.541.534
earnings with charges and surplus reported this week:
Feb'25
194.360
Yadkin River
*102.317
34.558
Power Co
24
164,777
94.6117
34,554
-Gross Earnings--Net Earnings
ended Feb 28 '25 1,945,601 *1.035,773
mos
12
415.177
Current
Previous
Current
Previous
'24
1,931,961 *1,033.744
412,019
Companies.
Year.
Year.
Year.
Year.
$
$
37.420
16.524
321
$
$
a American Power & Light
Jan 4,309.330 3.846.281 *1,942,789 *1,592,175
Co
12 mos ended Jan 31----42.541,886 38,890,231*17,913.540*15.656,646
Balance,
Surplus.
589,162
560.526
5,342,717
5.652.070
31.346
28.824
375,552
336.429
78.853
67.720
976.387
727.739
26.109
34.438
285.809
317.926
10.106
10.687
130.369
110.155
130.188
128.675
1.217.507
1.116.409
114.369
114.798
1.217.078
1.132.302
589.312
495.839
1.166.268
1,025.734
49,645
62.571
699.070
645.961
117.863
118.575
929.514
767.472
83.096
96.708
906.902
747.226
114.390
122.974
1.367,345
1.347,353
249.950
152.150
136.280
1.314.816
1,090.186
160.314
136.116
1.339.014
1,103.387
38.638
86.196
811.030
1,167.691
95.600
85.958
1.155.211
1,302,829.
227.689
424.169
53.445
65,596
695.302
839.762
53.485
62.820
685.966
855,517
16.873
18.173
214.482
255,063
93.155
100.102
892,991
807.548
65,990
57.649
901.332
795,474
211,381
156.659
2.069.086
1,637.381
195.251
161.060
2,103.277
1.679.790
253.679
219,318
2,955.413
2,476.473
572,027
525.546
4,660,179
4,643.624
67.759
60,143
620.596
621.725
•Includes other income. elncludes all int, charges and amortization of
debt discount and expense. g Includes depredation.
f Includes preferred dividends of subsidiaries.
1870
THE CHRONICLE
FINANCIAL REPORTS.
[VOL. 120.
Under "investments In affiliated companies." the decrease in the item
"bonds" is due chiefly to the sale during the year of Philadelphia, Baltimore
& Washington RR. Gen. Mtge. bonds owned by this company. The deFinancial Reports.—An index to annual reports of steam crease in "bonds." under "other investments," Is due to the sale of certain
other securities owned by the company. Under "current assets" the
railroads, street railway and miscellaneous companies which increases
in "demand loans and deposits"special deposits" reflect
have been published during the preceding month will be given the proceeds from sales of securities of theand
company. The decrease in
and supplies" is due to reduced stock of materials and supplies
on the last Saturday of each month. This index will not "materials
on hand, the company having systematically reduced Its inventories.
include reports in the issue of the "Chronicle" in which it is The other decreases in "current
assets" and the decreases in "current liabilities" reflect in general more expeditious settlements In connection with
published. The latest index will be found in the issue of current
traffic, transportation and other activities. The increase In
April 4. The next will appear in that of kpril 25.
"other unadjusted debits" represents unsettled Items carried in this account
pending final disposition.
Pennsylvania Railroad.
Changes in "Funded Debt" and Other Liabilities.—Increases in the outstanding "funded debt" were caused by the issue of $50,000,000 40-Year
(7&h Annual Report—Year Ended Dec. 311924.)
5% Secured gold bonds maturing Nov. 1 1964, and by the issue, for addiPresident Samuel Rea, Phila., April 3, wrote in substance: tional equipment, of $35.850,000 Pennsylvania RR. General Equipment
Results.—The volume of traffic handled by the lines in the system during Trust certificates, Series B and C, dated respectively April 1 and Oct. 1
the first three months of the year was very large, but beginning with the 1924. the principal of which matures in equal annual installments over a
month of April the traffic reflected the hesitancy in general industrial con- period of 15 years. The proceeds of sale of the Secured gold bonds were
pplled to payment on account of company's 6% Collateral note held by the
ditions which characterizes so many Presidential election years. Railroads in the Eastern district (excepting the Pocahontas region group) .J. S. Government. Other payments on account of this note were made
suffered a considerable loss of coal traffic. The wage adjustments made in during the year, the total decrease being $52,226,000. This decrease,
the union fields resulted in such increased cost that the bituminous coal together with the retirement of certain obligations through sinking and
operators in the territory served by these railroads could not market their other funds, and the payment of maturing installments of equipment trust
product except at considerable loss compared with the coal from the States certificates amounting to $5,073,828, substantially offset the increases in
of West Virginia, Kentucky and other districts, in which non-union coal funded debt.
Under "unadjusted credits" as shown on the general balance sheet, the
fields are largely located. In addition, the demands for anthracite coal.
iron and steel, as well as for other commodities, were less than in 1923. decrease in "tax liability" is due to adjustments of taxes applicable to 1923.
The final result was a far-reaching loss, not only to the coal operators but to The increase In "accrued depreciation" reflects the normal increase in
the miners and to many lines of general business in the States served by accrued depreciation on your equipment and other property.
Proposed Increase of Indebtedness.—Due notice has been given that at
our lines.
While the company did not suffer proportionately so great a loss as many the annual meeting there will be presented to the stockholders the question
other railraods. yet the decrease in the coal traffic was a very material of granting authority to the directors to increase the company's Indebtedfactor in reducing gross revenues, and the reduced coal output is of such ness to the extent of $100,000,000, when and as they may determine.
serious consequence to the owners, operators and employees of the coal Such authority is, in the judgment of the management, necessary to provide
mining industry of Pennsylvania and other States as to demand a prompt for company's capital requirements and a progressive development of its
readjustment of the labor situation whereby they can be assured of a proper property. 1"ractIcally all of the increase authorized by the stockholders in
1921 has been utilized in payment of indebtedness to the U. S. Government
share of the coal business.
The result of the loss in traffic was a decrease in operating revenues of and in other necessary capital expenditures.
Philadelphia Passenger Terminal- Improvements.—The 1923 annual report
$76,098,232. or over 10.5% compared with 1923. The decrease in freight
traffic was equal to 14.2% in tonnage mileage; the decline in coal and coke, recounted the loss by fire of the train shed of Broad Street Statoin and its
iron ore and iron products being particularly heavy. The loss in anthracite reconstruction so as to continue business. and the directors whited out the
tonnage was 3,323,020 tons, or 22.2%; bituminous tonnage, 13,955,003 necessity for the reconstruction of the passenger terminals and tracks to
tons, or 14.8%; coke tonnage, 4,325,740 tons, or 36.59'; iron ore tonnage, properly accommodate the local and through passenger service In and out
4,883,707 tons. or 40.7%, and iron products, 1,362.782 tons. or 14.7%. of the City of Philadelphia, and also of providing additional general office
Likewise, the passenger, express and incidental revenues decreased. Mail accommodation in that city. At the request of the Mayor negotiations
have been conducted with the city authorities with these purposes in view,
revenue shows a fair increase. Passenger mileage decreased 5%.
Large reductions were effected in operating expenses. The operating and also to permit of the expansion and development of the central section
ratio for 1924 was 80.2%, compared with 81.9% in 1923, 82.6% in 1922 of the city.
The necessary enabling ordinance has been prepared in collaboration
and 87.8% in 1921. In each year since the Federal control period the
operating ratio has been reduced,and most serious and continued efforts made with the Mayor and other representatives of the city. The plans contemto overcome the wasteful effects ofthe war period and to increase the efficiency plate the removal of the present elevated railroad structure between Broad
Street Station and West Philadelphia, and the erection of a new station
of the entire plant and organization.
The decreases in "maintenance of way and structures expenses" and on the west bank of the Schuylkill River, to contain about 18 tracks, each
"maintenance of equipment expenses" are due to decreased outlays on having 1.500-foot platforms for through and local trains and 8 additional
account of roadway, structures and equipment, and the decrease In "trans- tracks for suburban electric trains, a total of 26 tracks. The station when
portation expenses" is due to decreased cost and consumption of fuel completed will have two levels of tracks—the lower one for the through
and decreased service and number of employees, all of which generally and long distance trains and the upper level for the suburban traffic.
reflect the decreased traffic, compared with the previous year. Taxes Electrically operated suburban trains will reach the business centre of the
show a decrease of $2,232,552, due chiefly to adjustments with respect to city by means of a new bridge across the Schuylkill River. south of Arch St.,
1923 taxes and a reduction in the taxable income of the company. "Hire leading into a subway of four or more tracks, beginning near 20th or 21st
of equipment" shows an increase, due to the increased number of foreign St., and terminating in an underground terminal between 15th and 17th
cars on our line and less use of our cars by connecting roads on account of streets, north of the present Filbert St. elevated structure. This will
decreased coal and other traffic. Net railway operating income shows a eventually eliminate the operation of steam trains into the centre of the
decrease of $4,746,755. or about 5.7%, compared with 1923.
city from West Philadelphia.
The increase in "dividend income' Is due chiefly to higher returns reAgreements covering the various features involved in the proposed imceived on certain stocks and to increased holdings of stocks of leased and provements are pending with the city, and it is expected that they will
affiliated companies.
be promptly consummated.
Final estimates of the cost of the work have not yet been prepared,
The decrease in "income from unfunded securities and accounts" is attributable to the fact that in 1923 this account included part of the settle- pending the development and completion of the various plans. It will take
ment with the United States for the Federal control period. Under "de- several years to complete the work, but it can be carried out in such a way
ductions for gross income," the increase in "rent for leased roads" is due as not to seriously inconvenience the passenger traffic during the conprincipally to larger amounts paid because of increases in outstanding stocks struction period.
The foregoing improvements are in harmony with the comprehensive
and bonds received by the company in 1923 and 1924 from roads operated on
a fixed rental basis, in reimbursement for improvements; also to the fact plans of the City of Philadelphia which will Include the creation
a new
that this account in 1923 included part of the settlement made by various central boulevard, to be called Pennsylvania Boulevard, on the of
subsidiary companies with the United States for the Federal control period. of the present Filbert St. extending from City Hall to the west location
of
The increase in "operating deficits of branch roads" is due to decreased the Schuylkill River, under which the new subway for suburban bank
net earnings of branch roads, which had to be borne by the company, as trains will be constructed. Other changes in the streets and rapid electric
transit
such roads were unable to pay them. The increase in "interest on funded facilities west of the Schuylkill River will be made, which should not only
debt" is due chiefly to the issue of equipment trust certificates and S50,- Improve the west side of the Schuylkill River but will provide convenient
000,000 40-Year 5% Secured gold bonds and to interest paid on the Col- entrances and exits to and from the new station.
lateral note of Pennsylvania RR. issued to the Government in connection
Pittsburgh Terminal Improvements.—The urgent necessity for
with the settlement covering the Federal control period.
ment and improvement of passenger and freight terminals in the enlargeCity of
The net income for the year was $38,134.677 (exclusive of the special Pittsburgh has been apparent for several years, but could not be the
undertaken
dividend on Pennsylvania Co. stock), a decrease of $13,403,401, compared during the war period. Since then negotiations were actively
with 1923. However, the net income for 1923 included net credits of with the City of Pittsburgh and have resulted in reaching an resumed
$6,681,047 in connection with the Federal control settlement, so that the providing for the vacation, relocation and widening of certain agreement
In
actual loss in net income, compared with 1923, was $6,722,354.
the vicinity of Union Station. Pittsburgh, and its eastern andstreets
western
Against the net income were charged appropriations to the sinking and approaches.
other reserve funds, and dividends aggregating 6%, the same rate as paid
Final plans for the complete railroad improvements have not yet
in 1923. Company has paid a cash return on its capital stock in every made, but they contemplate additional tracks both eastwardly and been
westcalendar year since its incorporation in 1846. To the remaining balance of wardly from the Union Station; the enlargement of the station
building
$4.312.436, there was added the special dividend of $8,000,000 received itself so as to provide adequate ticket offices, waiting rooms,
and
from the Pennsylvania Co., and against such amount were charged con- other facilities, as well as subways to enable passengers to passbaggage
to and from
struction expenditures and advances amounting to $1,262,655 for sub- the station without crossing the street and tracks at grade.
The plans will
sidiary leased and branch lines which were unable to pay the same. After also cover the relocation and expansion of the freight
facilities, the relief
meeting these charges there remained a balance of $11,049.781, which was of street congesion and enhancement of property values,
and the general
transferred to the credit of profit and loss account. That account was improvement of this whole section of the city.
charged with the discount on sales of securities and loss on items of road and
This large project cannot be completed for several years, but
company
equipment retired, and other sundry net debits, leaving a credit to profit has purchased most of the property required for the improvements
and the
and loss of $64,754,601. The special dividend declared by the Pennsylvania work will be promptly undertaken. The gross expenditure
should
be
which
is o A ned by our company, was paid in materially reduced by the sale of surplus property which the
Co. on its capital stock all of
railroad will
securities and charged against its accumulated surplus.
have available, and by the utilization of less expensive properties
for freight
General Balance Sheet.—The principal changes in the general balance sheet, facilities, which will prove convenient to the industries.
compared with 1923, are explained as follows:
Leased and Affiliated Lines—Investment in .Road
Investment in Road and Equipment.—The net increase in the equipment Continued progress was made during the year by the and Equipment.—
Union Stainvestment was over 534,500.000 and in road investment was over $8,300,000. tion Co. in the construction of the new Union StationChicago
office building
The principal items of capital expenditure for additions co, and betterments at Chicago, Ill., and the viaducts and approach tracks,and
the greater part of
of, property, roadway, structures and equipment were as follows:
which are now in use. The entire development is rapidly
approaching
Completion of reconstruction work at Broad Street Station, Philadelphia, completion. To pay the capital expenditures, $8850,000 additional
of the
Pa., on account of the fire in 1923; additional facilities and extension of Station Co.'s 1st Mtge.4
o gold bonds. Series "A." duo July 11963. were
power plant at Juniata shops, Altoona, Pa.; improvements to bridges and sold during the year, ma ng a total of $60,000,000 bonds
outstanding,
construction of additional tracks between Sunbury and Northumberland, being the total amount of bonds authorized to be issued under
Pa.; continuation of work on Improvement of passenger station facilities at pany's First Mtge. As additional funds were required to carry that comthe work,
Clinton Street Station, Trenton, N. J., and reconstruction of overhead much of which was not contemplated when the original, planson
bridge at Summit Ave., Jersey City, N. J.; reconstruction of bridges at $7,000,000 20-Year 5% Guaranteed gold bonds, dated Dec. 1were made,
1924, due
Conernaugh and Pittsburgh, Pa.; and continuation of work in connection Dec. 11944, were issued. These latter bonds, as well as those
issued under
with elevation of tracks, elimination of grade crossings and additional tracks the First Mtge., are guaranteed both as to principal and
interest, jointly
on the north side of the Allegheny River, Pittaliprgh Pa.; additional work and severally by the proprietary companies, which are our system,
the Chiconnection
In
with engine house and additional-facades and development cago Burlington & Quincy RR.and the Chicago Milwaukee & St. Paul
Ry.
of classification yard at Sharpsburg. Pa.; continuation of work on con- The station is also used by the Chicago & Alton RR.
struction of additional tracks between Derry and Donohue. Pa., and imThe expenditures for road and equipment during 1924 on branch
lines.
proved station facilities at various points.
operated by the company under lease or contract, have been charged against
During the year. the following new equipment was placed in service: the respective companies.
1,000 stock cars, 3,000 automobile cars and 10,716 box cars, all of 100,000
Consolidation of Subsidiary Companies,
pounds capacity; 50 heavy passenger locomotives for through passenger
service, known as the "Pacific" type: 45 ten-wheel passenger locomotives
On June 7 1924 the Cincinnati Lebanon & Northern IV., Cleveland
for suburban service, 23 six-wheel shifting locomotives,6 four-wheel shifting Akron. & Cincinnati Ry., Toledo Columbus & Ohio River
RR., Manulocomotives, 2 electric locomotives. 12 all-steel dining cars, 3 rail gasoline facturers By. and Pennsylvania-Detroit RR, entered
into an agreement
motor cars. 1 Diesel-electric tugboat and 6 car floats. All of the locomo- for the consolidation of such companies into the
Pennsylvania
Ohio &
tives, as well as the dining cars, were constructed in the Altoona shops.
Detroit RR.. which has been duly filed as required by law in the States
of
The net increase in investment in road and equipment on lines owned and Michigan and Ohlo. Application has been made to
I.-S. C.Commission
leased, as carried on the general balance sheet, was: Road, $8,371,877; for authority to issue stock of the new company inthe
equipment. $34,560,183; general expenditures, $77,244; total lines owned, of the constituent companies, as provided in the exchange for the stock
agreement,
$43,009,305. Improvements on leased railway property: Road,$1,066,438; as well as for authority to continue the operation ofconsolidation
the consolidated railroad
equipment (decrease). $232,455; general expenditures, $440,579;
as part of the Pennsylvania Railroad System.
leased lines. $874,564. Grand total. $43,883,869.
The total mileage of the consolidated road Is 788% miles, extending
Changes in Other Assets.—Under "investments in affiliated companies" generally between the Ohio River and Lake Erie, within the State of Ohio,
and "other investments" the increases In "stocks" are due chiefly to stocks and to Detroit, in the State of Michigan. All of the capital stock of the
received in reimbursement of advances to leased and affiliated companies constituent companies Is owned by the Pennsylvania RR.. which operates.
to enable them to pay for construction expenditures and for other purposes, their lines. The purpose of this consolidation was to unite five subsidiary
and in partial payment of the special dividend declared by the Pennsyl- corporations into a new corporation, and thereby obtain greater economyvania Co. Settlements during the year explain the decreases in "advances.' in accounting, financing and operating.
T
•
APRIL 11 1925.]
THE CHRONICLE
Guaranty Period Settlement.—Final settlement has not yet been concluded
with the U. S. Government for the guaranty period by our company and
the Pittsburgh Cincinnati Chicago & St. Louis RR., which latter is leased
to this company, but it is expected this matter will be concluded early in
1925. Settlement has been effected for the 14 other companies embraced
In your system.
Public Service Relations.—While the traffic on the Pennsylvania RR. and
the lines in its system was considerably less than in 1923, yet the public
service rendered was very extensive, as usual, when measured by the
freight and passenger movements. These were equivalent to moving one
ton of freight a distance of almost 42 billion miles. which wee a decrease
of almost 7 billion ton miles compared with 1923, and to moving one passenger a distance of more than 6 1-3 billion miles, a decrease of 168 million
passenger miles. Other traffic shows decreases compared with 1923,
except the mail traffic. The large sum of$170,000.000. which was expended
during the year for rails, ties, other materials and fuel, was no small factor
in sustaining the country's commerce and industry, especially as it will
also be noted that more than 860,000,000 additional were expended during
1924 for improvements and equipment charged to capital account. 158.000
tons of new rail and 4,685,000 cross ties were used in maintenance
work
and 15,050,000 tons of coal were consumed by locomotives.
Taxes for the
support of the national. State and municipal governments amounted to
$33,500.000.
The transportation service of the system was equal to about 11% of the
freight service and 17% of the passenger service performed
by all the railroads in the United States. The average number of employees
on the
system during the year was 218,626, a decrease of 11.670- compared
with
1923, to whom $377.000,000 were paid.
Employee Relations.—The Pennsylvania plan of employees' representation, under which a thoroughly co-operative relationship between management and employees has been established, has passed through another year
of successful operation and has stood the test of criticism and legal action.
Its definite purpose of continuing co-operation and avoiding antagonism,
or conflict as to wages and working conditions is now better understood by
the employees and the public. It has produced sufficient
evidence so far
to show that if the public is to have uninterrupted and economical transportation service and the employees steady work, good wages and fair working conditions, and the investors a fair return, some such plan as this must
be followed. Fair representation is assured to all concerned, and discussion of difficulties or differences proceed on the solid
principles of mutual
confidence, facts jointly established, and fair play.
Lease of Norfolk et Western Re—Negotiations in connection with the
puggested lease of the Norfolk & Western By.
were terminated, because the directors decided that the by the company
could not negotiate
a lease on a mutually advantageous basis. company
A large volume of traffic is
exchanged with that company, and the close working relations and the
active policy of co-operation which have existed for over 25
years will continue.
General Railroad Situation.
During 1924 the railroad service generally
continued at a very high
state of efficiency. The service rendered was was
equal to all demands and was
conducted with economy. There was less interference from unwise legislation, and the regulating bodies as a whole were more sympathetic of the
problems the railroads must meet. It is not to be inferred from this that
the railroads can relax their vigilance in the protection
of their earnings and
property, nor of the interests of the owners and employees and the public
which they serve. Conclusive proof of this can bo readily furnished by
the number of unfriendly legislative measures which were introduced in
last year's Federal and State legislatures, with the evident desire to continue railroad rates and service as political questions, and to further restrict
the conduct of railroad business in the manner calculated to render the
best service to the public.
The national platform of one of the political parties in the last Presidential
campaign plainly brought before the people of the United States the question
of Government ownership and operation, coupled with the attempt to
undermine the value of the citizens' investment in the railroads of the
country. The dangerous elements of the situation were so well understood
by the country at large that an overwhelming majority voted against the
party which presented that unsound proposition and gave a clear mandate
for sound and orderly government and for lawful protection of the rights of
Individuals and property. Satisfactory railroad service is not a political
question, but it is chiefly an economic question and one of responsibility.
Railroads cannot produce successful results except by obtaining
rates
and fair returns so as to preserve sound credit; by giving the publicfair
the best
service at reasonable rates, and by having loyal employees, working
under
experienced management In directing operation, maintenance and improvement.
The railroads fully appreciate that informed public
desires to
have them accorded just treatment, and they have byopinion
improved service
and larger expenditures for additions and betterments and new equipment
Impressed their faith in the fairness of the American people.
This constructive attitude of the Government, with-increased prosperity.
has given an impetus to ownership of stock and securities in all public
service corporations by the citizens, so that the ranks of their investors
greatly increased and include numbers of people in all walks of life. have
This
ownership by the citizens and their institutions, and their direct
interest
In railroad operations, certainly cannot be improved upon by Government
ownership. The return earned upon the railroad investment as a whole
Is still clearly inadequate to attract continuously, at reasonable interest or
dividend rates, the new capital essential to expand and improve railroad
service on anything like the scale which the growth of the country demands.
The investment in road and equipment, including
capital.
taken as a 'whole, is conservatively carried bn their booksworking
compared
with the present day cost of reproduction, yet because when
of
the
heavy operating costs and taxes the return earned thereon was onlypresent
about
4.33% in 1924, notwithstanding the greater economies enforced
the
transportation service. This return and those of several preceding in
years,
are much below the figure of 55,
1% fixed by the Inter-State
Commission under the provisions of the Transportation Act ofCommerce
1920 as a
reasonable return on the railroad investment by groups or districts.
Motor Traffic.
The public is willing to pay the higher costs of motor travel and enjoys
the great convenience of now and improved highways.
This has brought
about a great increase in the use of motor cars. busses and
by the
public generally, and by the industries, which is having atrucks
far-reaching
effect on the short distance railroad passenger and freight traffic
and
on
seasonal travel to the seaside and other resorts. Company is endeavoring
to co-operate with the motor cars and trucks, recognizing
in several
localities the traffic should be handled solely by motor carsthat
and in others
that the motor car can supplement the rail service and
the traffic to
central points, thereby reducing operating expenses on bring
rail lines.
The railroads have no desire to abandon a single mile the
of
railroad
nor to
reduce the service, so long as their business and the returns earned justify
their retention, but when the public employs other transportation facilities
to moot its needs the railroads cannot afford to run unprofitable
or maintain rail lines and stations that have insufficient patronage. trains
The
Inroads on the traffic have been so groat that they have forced
applications
to be made to the various commissions for the reduction of the
passenger
train service in some cases, and for the closing of certain branch
lines,
stations and facilities, when it can be clearly demonstrated that the public
has practically abandoned the use thereof and that the
are insufficient to pay operating expenses, taxes and other costs. revenues
In other cases the
railroads have tried by gasoline motor rail cars to reduce the
cost of service
below that of the steam trains, and protect their traffic.
The railroads cannot afford to maintain many of these unprofitable lines
In the face of motor competition, because of the low returns on their railroad
investment as a whole. The situation is further aggravated by the
fact
that not only have the railroads lost the traffic, but the increased use of the
highways by the motors has created demands for the abolition of grade
crossings chiefly at the expense of the railroads, and for the payment of
much higher taxes to moot the heavy costs of highway construction and
maintenance.
The situation demands careful analysis and remedial action, especially
for those short distance railroads and branches, and reductions in grade
crossing expenditures and taxes, or else a further substantial reduction in
service and the abandonment a stations and lines must be faced.
Railroad Consolidation.
The subject of railroad consolidation received much consideration during
the past year. The subject is one of great importance not only to the
stockholders of this company but to the industries and territory served by
its lines, for should the consolidations effected in this territory be of such a
character as to detract from the ability of the company to render adequate
service and to meet the competition of other systems serving other portions
of the same territory or other territories, the interests of those who must
depend upon the lines of this company for their transportation facilities
would be seriously and detrimentally affected.
1871
This company participated in conferences with representatives of the
larger systems now operating In the Eastern section of the country with a
view of endeavoring to bring about some general agreement on the part of
all interested as to the consolidations that should be effected in this section,
with due regard, of course, to the requirements of the Transportation Act
that the consolidations to be effected thereunder should be such as will.
so far as practicable, preserve competition and existing routes and channels
of trade, and earn through uniform rates on competitive traffic substantially
the same rate of return upon the value of the properties of the several
systems, constituted by means of the consolidations to be effected. Those
conferences resulted In the informal presentation to the Consolidation
Committee of the I.-S. C. Commission by the presidents of the New York
Central Lines, the Baltimore & Ohio System and the Nickel Plate System
of a suggested consolidation of the railroads of the Eastern district into
four systems.
The consolidation thus suggested was not in the judgment of the representatives of this company a fair one to this company, nor would its adoption
accomplish the purposes and objects sought to be accomplished by the
provisions of the Transportation Act.
This plan provides for the grouping of all the largo railroads in the Eastern district of the country into four systems, one being the Pennsylvania
System, but makes no disposition of the New England roads and of terminal
and short lines. It treats the Pennsylvania System, including therein the
Norfolk & Western Railway, as already practically complete, largely because of its size, and accordingly assigns to the other three systems all of
the important roads in the Eastern district and the principal gateways to
the New York district and harbor not now embraced in the Pennsylvania
Systexii.
Because of its failure to allocate to the Pennsylvania System the roads
necessary to enable it to adequately and economically transport its existing
traffic and that which it will undoubtedly be called upon to transport in
the future, and because its adoption would result in the diversion from
its lines of traffic now handled by it, and would seriously disrupt and destroy
existing channels of trade and commerce, this company felt impelled to
indicate to the I.-S. C. Commission its dissatisfaction with the plan as proposed, and its belief that its adoption or acceptance by the Commission
would be detrimental to its stockholders and to its shippers and to the
territory served by it.
In doing this the company made certain suggestions the chief of which
were that in the grouping and allocation of the Eastern railroads there
should be included in the Pennsylvania System, not only the Norfolk &
Western By., which has been affiliated with the Pennsylvania System for
over 25 years, and the Virginian ity., which was operated in conjunction
with the Norfolk & Western By. during the period of Government control.
but also the Lehigh Valley RR.. whose inclusion in the system would provide
an additional and important gateway to and from New York City harbor
and district, would continue a large local and through traffic exchange,
would furnish a shorter and less congested route for the traffic of the Pennsylvania System which concentrates in the Sunbury. Willltunsport and
Wilkes-Barre district, and better terminals and connections in the BuffaloRochester district.
The suggested plan, together with the recommendations made upon
behalf of this company, were taken under consideration by the Consolidation Committee of the I.-S. C. Commission, time being granted to the
companies interested for further consideration of the whole subject in the
hope that some more acceptable plan might be evolved.
TRAFFIC STATISTICS PENNSYLVANIA RR. REGIONAL SYSTEM.
Calendar years
1924.
1923.
1922.
1921.
No.of pass. carried_ _ 144.852,089
151,953.566
147,910.428
161,977,733
No.pass. carr'd 1 mile 4,940,336,748 5,206,471,435 4.934,887,037 5.164,017,685
Avge. rev, from each
passenger
107.4 eta.
107.9 eta.
105.1 eta.
100.9 eta.
Avge. rev, per passenger per mile _
3.149 eta.
3.150 eta.
$.150 cis.
3.166 eta.
No. of pass. carried
per tulle
m of road._
14,274
15.022
14,600
15.996
No.of rev. tons carr'd 215,467,806
216,905,248
195.687.931
172.83:1,840
No. Of rev. tons carried 1 mile
41,755,039,974 48.622,873,727 40,809.787,887 37,407.502.442
Average train load
(tons)
811
781
774
774
Avge.rev. per ton_ _ _
$2.07
$2.06
$2.37
$2.28
Avge. rev, per ton
per mile
1.067 eta.
1.045 eta.
1.098 cts.
1.th)4 eta.
No. of rev, tons carMed per mile of road
19,673
22,640
15.89-,
17.894
Gross revenue per
mile of road
$40,672
$46,592
837.637
$40,814
INCOME STATEMENT FOR YEARS E.VIDCD DEC. it.
1924.
1923.
1922.
x1921.
Mileage (Including 67 miles of
canals and ferries)
10,575
10,577
10,601
Railway Operating Revenues—
$
$
$
$
P
Fa
res941tger
440,567.310 502,698.606 439,528.929 405,210,980
147,523,905 155.516.003 147.424,247 155.065.297
Mall. express. &e
38,526.191 41,816,898 39,459,714 34.850.92:
Incidental
18,727,545 21.324,982 19,807,454 20,191.384
Joint facility (net)
Dr.45.776 Cr.40,919 Cr.131,763 Cr.405.321
Total railway open, revenues_ _645,299.176 721.397,408 646,352,108 615.723.905
Hatlway Operating Expenses—
Malin. of way and structures_ _ 74,025,530 85,383,281 78,536,995 76,548,215
Maintenance of equipment
158,884,751 188,577.703 167,127,562 165.659,131
Traffic
7,846,321 7.754,739 6.953.139 7,058.240
Transportation
250.364,384 281.851.982 255,732,666 265,102,429
Miscellaneous operations
9.409,244 9.772,346 9.700.743 9.310,789
General
17,222.321 17,345,432 16,128.117 1.6,976,455
Transportation for investment__ Cr.301,878 Cr.167,454 Cr €0,537 Cr 41,846
Total railway oper. expenses_ _517,450,673 590,518,030 534,118,684 540.613,413
Net rev,from railway operations _127,848.503 130.879,378 112.233.424 75,110.492
Railway tax accruals
30,457,970 32,690,522 29,083,520 26.782.849
Uncollectible railway revenues
212,947
124,598
114,132
120.150
Railway operating income_..... 97,177,586 98,064.258 83,035,772 48.207.493
Illre of equipment—Debit bal___ 18,034,348 13,927,103 9.689,671 10,622,301
Joint facility rents
Dr.343,325 Dr.590,487 Cr.59,227 Dr.427.858
Net railway operating income_
Non-Operating Income—
Income from lease of road
Miscellaneous rent Income
non-oper, physical prep..
Separately oper, prop., profit_ _
Dividend income
Income from funded securities_ _ _
Inc. from unfund. sec. & accts._
Inc.from skg. At other res. fund).
Release of prem. on funded debt_
Miscellaneous income
78,799,913 83,546.667 73,405,328 37.157,334
13,570
5,890
5.736
81,435
2,641,008 2.352,543 2,820.077 1,967,266
56,362
68,586
120,111
118.055
115,682
66.806
191.287
20,456,357 19,802,002 18.232,009 15,988,559
2,208,528 2,588,627 2,266.209 2.297.795
2,987.081 5.805.915 3.089,302 5.894.663
2,492,766 2,530,049 2.616,357
483,508
3,921
3,921
3,921
3.921
29,100
50,648 Dr.259,590 11,201,263
Total non-operating income_ .._ 31,008,921
Gross income
109,808.834
Deductions—
Rent for leased roads
38,291,126
Oper, deficits of branch roads
borne by Pennsylvania RR__ _
474,999
Miscellaneous rents
1,242,826
Miscellaneous tax accruals
118,369
Separately oper. prop., loss
Interest on funded debt
30,527,956
Interest on unfunded debt
715.888
Miscellaneous income charges_ _ _
302.991
33,262.610 29,093.153 38.036,467
116,809.278 102.498,481 79.258.435
35,246,256 34.290,804 15,617,101
Cr.957,964
1,163,997
209,559
910,789
1.064,717
356,327
2.746.825
1,014,709
281,082
42,763
28.062,553 25,571.853 25.808.688
841.204 7,373.689 8,803,980
705,594
635.617
548.243
Total deductions
71,674,157 65.271,200 70.116.423 54.050.766
Net income
38,134,677 51,538.078 32,382,058 24,307.669
Disposition of Net Income—
Sinking and other reserve funds
3,871,837 5,112,397 3,923.490 3.907.626
Dividends
(6%)29.950,404(6)29950,404(5)24958,670(4)19966.936
Balance. surplus
4,312,435 16,475,277 3,499.909
433.107
x To make a comparison with 1921, the railway operating revenues and expenses
to and including net railway operating income are restated so as to embrace the
Operating results of the same mileage of the various companies in both years.
RETURN ON THE INVESTMENT IN ROAD AND EQUIPMENT.
[Showing per cent of net railway operating Income on property investment.
Net Railway P.C.
Net Railway P.C. Cal.
Property
Cal.
Property
Investment. Oper.ltwome.Inc.
Investment. Operincome. Inc. Year.
Year.
1910 __.$1.533,1i1,360 $76,966,497 5.0 1918_31,952,017,162.527,017,878 *1.4
1911 ___ 1,568,863,769 74,020,181 4.7 1919..... 2,069,988,807 .10,034,053 ".05
_
1912 __- 1,606,721,857 81,089,138 5.0 1920 ___ 2,092,052,738df*62742,376
2,102,582,603 40,926,284 1.9
1913... 1,681,779,771 67,850,644 4.0 1921
1914_.. 1,710,368,222 61.980.355 3.6 1922
2,112,565,888 79,832,502 3.8
1915._ 1,739,081.326 83.747,573 4.8 1923._ 2,196,947,406 88,065,252 4.0
1916.._ 1,799,055,282 102.201.922 5.7 1924
2,258,292,092 84,010,909 3.72
1917... 1,872,315,915 77,800,154 4.2
•Based on result of Federal operation and taxes and expenses of the corporations
Property investment above stated does not include material and supplies or work
mg capital. Net railway operating income includes income from lease of road.
GENERAL BALANCE SHEET DEC. 31.
1924.
1924.
1923.
1923.
AssetsLiabilitiesInvestment InCapital stock__ _499,173,400 499,173,400
Road
480,649,366 472,277,488 Prem. on stock_ 7,254,248 7,254,248
Equipment -431,773.322 397,213,139 Grants in aid of
Gen'l expendconstruction _
52,650
52,650
787.294
710,050
Impt. on leased
Funded debt __445,564,260 447,836.820
ry. property_ - 73,710.125 72,835,562 Fund. dt. of acq
Sinking funds
76,679
65,675 cos. assum. by
Dep. in lieu of
Penna. RR__ 39,765,100 39,813,400
mtgd.prop.sold
66,865
51,868 Fund.dt.assum. 31,264,000 31,738,000
Misc.phys.prop. 1,066.507 1,087.518 Guaranteed stk.
Inv.in still. cos.:
trust els
7,478,250 7,478.250
Stocks
276.924,934 256,449,237 Equip. tr. oblig. 93,561,026 62,784,854
Bonds
23,205.454 25,300,331 Girard T. Stor.
Notes
59,276,382 59,298.133 Co. 1st M.3%s 1,742,000 1,766,000
Advances
89,131,126 110,880,984 Mtges.& ground
246,588
Inv.in sec. iss'd,
246,588
rents payable._
assum.or carr'd
Loans& bilispay.
812,810 3,191,091
as liability by
Traf.
.& car serv.
14,014 balances Pay
accounting co.
14,014
7,812,546 7,734,902
Other investm'ts 96,439.945 96,525.479 Audited accts. &
Cash
25.529.394 18,973,915 wages payable_ 30.599,045 35,112,809
Demand loans &
Misc.accts. pay. 31,352,949 37.756.511
556,252
deposits
13,082,889
Int. mat. unpaid
518,465
175,739
186,194
Special deposits_ 34,836,483 23,597,916 Div.mat.unpaid
Loans& bills rec. 2,161,325 4,087,102 Fund, debt mat.
79,571
unpaid
73,571
Traf.& car serv.
balances receiv. 8,597,804 10,707,654 Unmat.Int.seer. 7,222,347 6,671,995
Unmat.rents ace. 6,195.163 6,510.698
Net bal. rec. fr.
578,885
721,826
agts.& conduc. 11,558.111 13,818,718 0th.curr. Habil.
1,926.004
Misc,accts. rec. 14,684,282 17,738,325 0th. def. liabil's 1.907.336
25,292,782 26,040.837
Mat'l & supplies 60,263.446 86.045.087 Tax liability
1,836,7541 Prem,on fd. dt_
139,532
143,452
Int. & divs. rec. 1,884,715
0th. curr. assets 2,272.411 2,456,625 Accrued deprec.,
280,354 road & equip..146.830.175 136,933,906
215,781
Work.fund adv.
Imam& oth.fds. 61.476.878 60,888,336 Otb. unadj.cred. 86.892.993 80,936,261
96.295
101,196 Add'ns to prop.
Other def. assets
Unadjus. debits. 53,258,905 52,127,754 tbr. Inc. & sur.212,155,818 212,006.893
Fund. dt.retired
[hr. Inc. & sur_ 3,657,410 3%204.357
Sinking fund res.
914,079
855,344
Misc, fund res.. 61,565,364 61,105.079
A pprop. surplus
not specif. Inv. 7,487,601 7,487.601
Prof.& loss, bal. 64,754,600 58,063,422
Total
1 823,040,732 1785369,220
-V. 120, p. 1583, 1200.
Total
1,823,040,7321785369,220
Delaware & Hudson Company.
(95th Annual Report-Year Ended Dec. 311924.)
The remarks of President L. F. Loree, together with a
comparative income account and comparative balance
sheet as of Dec. 31 1924, are given on subsequent pages of
this issue.
Our usual comparative income account was published in
V. 120, p. 1737.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1921.
1924.
1922.
1923.
No.tons carr.(rev.fgt.). 25,327,365 25,341,021 17.559,253 23.304.775
No. tons carr. 1 mile-3500192,279 3856099,930 2844618,549 3203759,305
$.0123
1.01104
$.01052
$.01084
Av.rev. per ton per mile
Fgt.rev, per mile rd.op- $42,667 50 $44,610 46 $33,963 25 $43,584 86
Trainlioads in tons (rev796.12
834.94
752.74
756.367
enue freight)
3.930,365
4.267,746
4,044.408
4,626,877
No. passengers carried
No. pass. carried 1 mile_116,432.089 122,597.816 115,901.530 1111,696,843
1.0328
1.0328
4.0337
1.0328
Av. amt. per pass. mile.
$4,748 85
Pass. rev, per mile road- $4,510 53
$4,630 59
$4,802 06
51.13
48.81
48.99
Av.No.pass. per tr. mile
50.96
-v. 118. p. 1737, 449.
Georgia Railway & Power Co.
(Annual Repdrt-Year Ended Dec. 31 1924.)
The remarks of Chairman H. M. Atkinson and President
P. S. Arkwright, together with comparative income account
and balance sheet as of Dec. 31 1924, will be found under
"Reports and Documents" on a subsequent page.
•
[VoL. 120.
Ti'
114 CELEONICLE
1872
BALANCE SHEET DECEMBER 31.
1924.
1923.
1924.
Liabilities-$
$
AssetsPlant account_ _61,074,784 55,883,991 First pref. stock_ 6.400,000
Second pref.stock.10,000,000
Equipment under
835,281 Common stock.. _15,000,000
1,028,554
trust
704,000 1st & Ref. M.bds.12,354,000
Sinking fund bonds 844,000
Underlying bonds_ 1,400,000
Sinking fund trus21,747 Gen.Mtge.bonds_13,500.000
23.126
tee
349,135
Equip,
trust notes. 500,500
471,896
Notes receivable.Special deposit... 1,489,222 1,916,708 Notes payable_
xGa. Ry.& El. Co. 465,679
Cash for redempyAtianta G.L.Co. 116,655
7,338
lion of equipm'ts
Bond discount__ _ _ 2,073,263 1,564.025 Paving assessment
20,045
def.installment. 260,878
Suspense accounts. 382,455
Cash advances__ 3,554,866 1,915,946 Dividends payable 121,750
24,115 Reserve for deprec. 6,912,891
Prepaid accounts_
16,495
Treasury bonds_ _ _ 140,000
184.000 Other res've accts. 788,203
Accounts payable_ 1,093,418
Stocks and bonds
owned
9,110 2.110.81.1 Interest payable.. 388,059
Supplies on hand
833.404 Taxes payable.... 545,615
910,129
Accrued rents__
144,307
Cash and accounts
receivable
1,276.518 1,473,564 Balance
3,259,800
1923.
$
2,500,000
10,000.000
15,000,000
12,435,000
1,400.000
10,500,000
633,000
2,620,629
465,679
116,655
183,086
50,000
6,220,667
541,940
1,081,153
223,262
392,968
142,922
3,329,809
Total
73,301,756 67,836,771
Total
73,301,756 67,836.771
z Net current assets turned over to Georgia R.& Power Co. by Georgia
E.& Electric Co. In accordance with terms of lease, and not to be paid
back until expiration of the lease, 999 years from Jan. 1 1912.
y Net current assets turned over to Georgia By.& Power Co. by Georgia
By. & Electric Co. and Atlanta Gas Light Co. in accordance with terms
of leases, and not to be paid back until the expiration of the lease, 991
years from Jan. 1 1920.-V. 120. p. 1746. 1202.
Wabash Railway Company.
The remarks of Pres. J. E. Taussig, together with comparative income account and comparative balance sheet as of
Dec. 31 1924,, will be found under "Reports and D0011-
meats" on subsequent pages. Our usual comparative income
account was published in V. 120, p. 1739.-V. 120, p.
1739, 1583.
Kansas City Southern Railway.
(25th Annual Report-Year End& Dec. 311924.)
A complete annual report will be ready for distribution about May 15.
which will be furnished stockholders and others upon application.
GENERAL STATISTICS FOR CALENDAR YEARS.
1922.
1921.
1924.
1923.
Mileage operated
842
842
854
842
StattsticsPassengers carried
1.248.468
1,041.183
1.323,840
1.595.408
Pass. carried 1 mile
59.875.457 70,450.352 63.233.107 71.358,404
3.482 cts.
Rev. per pass. per mile.. 3.432 cts.
3.439- cts.
3.472 eta.
Rev,freight carr'd (tons) 6,958.8 8
5,465,179
7.046.132
5,122.096
Rev. fr't carr'd 1 mile_1,542.245.437 1684014.389 1507715.528 1553508.601
Rev, per ton per mile
1.084 cts.
1.138 cts.
1.098 Os.
1.074 cts.
Rev, per mile of road...
126,719
124,195
$24,616
$25,864
The usual comparative income account was published
120, p. 1739.
in
V.
BALANCE SHEET DEC. 31.
[Kansas City Southern Ry., Texarkana & Fort Smith Ry.1
1924.
1924.
1923.
1923.
Assets$
$
Invest. in road and
Common stock-29,959.900 29,959,900
equipment
.108,814,009107,323,615 Preferred stock__ _21,000,000 21,000,000
Depos. in lieu of
Grants in aid of
•
mtgd. prop. sold 1,026,731 1,055.260
construction
7,483
512
Misc. phys. prop_ 849,464
796,174 1st M.3% g. bds.30.000,000 30,000.000
Inv. in MM.cos.:
Ref.& Imp. M.5s18.000,000 18,000,000
Stocks
2,016,208 2,016,206 Equip.5% notes
124,000
Bonds
804,915
115,687 Equip. Trust No.
Notes
29
27
346%
699.no. 763.200
1,607.788
Advances
2,100,859 Equip.Trust
notes....
511% 1,512.000 1,620.000
Other investments 1.010.328
2.328 Misc,funded debt_
18,283
33,705'
1.775,150 2,034,912 Loans & bills pay.,
Cash
Special deposits._ 2,279,815 1.594,267
U.S. Govt
1,014,119
Loans & bills reale 191,129
11,949 Traffic & ear-serv.
Traffic & car serv.
bale. payable... 638,209
653,547
bals. receivable_ 490,735
665,471 Audited accts. and
Net bal. rec. from
wages payable-- 2,082,081 1,852,021
agents & cond'rs 102.852
157,907 Miscell.accts. pay.
60,952
12,377
706,579 Int. itr dive. mat'd,
Misc.accts. receiv. 749,082
•
Material &supplies 2,061,806 2,302,714
unpaid
499,338
500,042
838
4,942 Fund, debt unpaid
Int.& dive. recely_
4,000
822.460 Unmatured dive.,
8.757
0th. current assets
13.571
12 438
int. & rents.... 542,449
Work.fund advs.530,300
35.439
67,290 Other curr. Habil_ _ 110,077
Other del. assets93,549
Other dell Habil. 333.268
Rents & ins. prem.
436,068
13,450 Tax liability
62,071
1,324,035 1.046,724
paid in advance_
2,550
2,000 A cer'd depr.equip. 1,636.016 1,355,649
Disc,on fund, debt
Other unadj cred. 589,217
697.756
Prop. aban., dud,
89,993
179,937 Add'ns to property
to oper. exps_
through inc. and
U. S. Govt.. in613,105
400,609
surplus
371,834
come guaranty_ 613,105
447,890 Appr. surplus not
Other accounts._ 848,532
72,1,276
651,631
spec. invested
Profit dr loss credit
14,305,984 13,339,803
balance
125.4A4,898123,047,520
Total
-V. 120, p. 1739, 827.
Total
125,454,898123.047,520
Lehigh Valley Railroad Company.
(71st Annual Report-Year Ended Dec. 31 1924.)
Pres. E. E. Loomis, Phila., April 1, wrote in substance:
Results.-Company again has produced the highest gross revenue in its
history, and at the same tin e operating expenses show a considerable decrease (see comparative income statement below).
Finonrial.-Taking advantage of a favorable market situailon, company
sold $12,000.000 Gen. Consol. Mtge:5% bonds, using the proceeds and
funds in its treasury to redeem 115.000.000 10-Year Collateral Trust 6%
bonds which were outstand.ng and would have matured on Sept. 1 1928.
By this arrangement a saving was effected in the Interest rate company
pays on its funded debt and a bond issue having early maturity was retired
advantageously. In addition 31.000,000 Collateral Trust 4% bonds
matured during the year and were paid.
Company also sold 110.000,000 lse Mtge. 502 bonds of its subsidiary,
the Lehigh Valley Harbor Terminal By. received in part payment for
' sale reimbu-sed the treasury
advances for construction purposes. This
for the payment of 110.400,000 Consol. Mtge. bonds at their maturity on
Doc. 11923.
The Lehigh Valley has no important maturities of outstanding obligations to meet for the next 14 yells. when an issue of $8,500,000 becomes due
the refunding of which Is provided for in the General Consolidated Mtge.
Segregation of Coal Properties.-The separation of the Lehigh Valley Coal
Co. from the Ralroad company was completed during the year. As a result of the transaction, stockholders of record Mar. 15 1924 received upon
the payment of $1 a share, a certificate of interest in the coal company for
each share of railroad stock owned. These certificates had a market value
at the close of the year of over 158.000.000. In addition, company received $14.968,925 which was used to reimburse the treasury for various
capital expenditures.
Treasury Securities.-At the close of the year company held in its treasury
the following securities of its own issue. amounting to $10.905,000, no part
of which is included In unpledged securities amounting to 322.039,310:
Collateral Trust 4% bonds. $675.000: General Consolidated Mortgage
bonds, 110,230.000.
In addition. $17.400.000 General Consolidated Mortgage bonds. $4.000.000 Lehigh-Buffalo Terminal Ry. Corp. 1st Mtge.4% Gold bonds and
$2.600,000 Consolidated Real Estate Co. bonds will be returned to the
treasury as the result of the payment of the 10-Year Collateral Trust bonds
for which they had been under pledge as security.
Additions and Betterments.-Since Sept. 30 1903 the date of the General,
Consolidated Mtge., expenditures of approximately 158.000,000 have been
made for additions and betterments to the property and for other capital
purposes, against which no new or additional securities have been issued.
Expenditures for additions and betterments to road and equipment.
Including expenditures on subsidiary properties, amounted during the year
to 18.199.489. against which there wore credits representing the sale or retirement of property of $2,652.578. resulting in a net charge to investment
of $5,546,911.
Acquisitions.-Company, jointly with the Reading Co., has purchased
the Ironton RR.,Smiles in length, extending from Hokendauqua to Siegersville, Pa. This railroad serves an important cement-producing and industrial territory.
Jointly with the Delaware Lackawanna & Western RR., company purchased the ship repair yards of the Brighton Dry Dock Co. on New York
Harbor. This plant is now being used for the repair of the floating equipment of the two railroads, affording increased facilities for the prompt and
economical handling of this work.
General Remarks.-Normal conditions generally prevailed and traffic
moved steadily and in good volume throughout the year. Anthracite coal
operations, however, were restricted to a degree by brief strikes of the miners
on several occasions, rebuilding of an important,breaker and also by a severe
flood which compelled a temporary suspension of mining. Revenues of
company from this traffic were reduced approximately $3.000.000, but this
was more than offset by the growth of general merchandise business and the
gross receipts from transportation by the company in 1924 were the largest
in its history.
The campaign to locate desirable industries on property owned by the
company at Buffalo, on Lake Erie, adjacent to its TifIt Farm terminals,
was continued. A 13-acre site there has been disposed of and a grain elevator of 1,200.000 bushels capacity, the first unit of a larger plant, is now in
course of construction. Negotiations are pending which are expected to
bring other industries to this desirable location.
APRIL 11 19251
THE CHRONICLE
1873
COMBINED BALANCE SHEET DEC.31 (INCLUING SUB. COS.).
As another site for future industrial development, company has acquired
1924.
1923.
1923.
1924.
and Newark, in a growing manufacturing section. During the year this
AssetsLiabilities$
$
s
tract was surveyed and arrangements made for the necessary spur tracks Real est., buildCommon stock_b20.379,500 20,268,500into the site. Inquiries received from business concerns seeking locations
07,142,102 36,019,227 Preferred stock_
ings, &c
for new plants indicate that this property will be quickly disposed of to in- Supplies, &c_ _ 25,542,590 23,432,943 Acc'ts pay.,Incl. 6,165,700 6,165,700
dustries which will contribute materially to the freight business of the rail- Accounts & bills
provision for
road.
reedy.(net)._ 8,305,222 7,506,728
Federal taxes_ 11,453,496 10,837,414
A total of 100 industries. 74 of them with direct track connections, were Call leans
3,350.000 3.000,000 Pref. div. Jan. 1
92,486
92.485
located along the Lehigh Valley during the year. More than 3 miles of Bonds & stocks.. 4,144.035 3.973,707 Corn. div. Jan. 1 2,547,438
2.533,562
spur tracks were built to serve these new industries. In the last 3 years U.S. obligations 24,443,657 26.935.938
1,528,462 2,533,562
Extra
more than 100 new industries a year have been located along the tracks of Cash
9.987,962 11,486,477 Coating. reserve 4,738,321 4,335,270
the company.
512,947
Prepaid Int.,&c.
370.113 Surplus
66,523.114 65.958,640
Taxes.-Tax accruals were $3.656.561, an increase of $805,185 over the
preceding year. The principal increases were in New Jersey State taxes
113,428,516 112.725.135
Total
Total
113,428,516 112,725,135
($322.355) and in Federal Income tax ($470.021), the latter item, of course.
a Includes real estate, buildings, plant, machinery and capital investmentsreflecting the more favorable operating results of the year 1924.
at cost less depreciation reserve. b 2 500.000 shares of no par value authorized: 11.100 shares of no par value issued in 1924 for cash at $10 Per share:
GENERAL STATISTICS FOR CALENDAR YEARS.
there remains to be issued 19,610 shares of Common stock of no par value
Tons revenue freight.... 30.224,007 31.164.643 23,071.315 26,377.743 under plan for sale to employees, as approved by stockholders April 6 1920.
Tons freight one mile___ 5873147686 5867909.828 4623665.859 5288783.188 -V. 120, p. 834, 588.
Freight revenue
$63.522.307 $63,122,821 850.612.722 562,380.605
Central of Georgia Railway.
Average revenue per ton $2.10265
52.02546
52.36490
52.19373
Avge.rev, per ton perm. 1.109 cts.
1.104 cts. 1.135 cts. 1.22O cts. (30th Annual Report-Year Ended Dec. 31 1924.)
Passengers carried
4.020,252 4.217.844 4,083.610 4 984 744
Pass.carried one mile__ _253,565.671 232.363.980 218,630.400 235,535.969
The remarks of Chairman Charles H. Markham, together
Passenger revenue
57,688.392 57.406.346 87.022.954 57,700,392
Aver,revenue per pass
$1.91242
51.54481 with the income account for 1923 and 1924 and comparative
51.75596
51.71979
Av.rev, per pass, per m_ 3.032 cts. 3.187 cts. 3.212 cts. 3.269 eta.. balance sheet as at Dec. 31 1924, will be found uuderNet op.rev. p. m.ofroad
$11,208
56.683
55.356 "Reports and Documents" on a subsequent
52.472
page.
INCOME ACCOUNT FOR CALENDAR YEARS.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1924.
1923.
1921.
1922.
1924.
1923.
1922.
1921.
Average miles operated..
1.375
1.374
1.449 Average miles operated_
1,449
1,921
1.921
1,913
1.919
Operating RevenuesRev. fgt. carried (tona)_ 8,894,582 8.420.264 6,684,481
5,933.388
Anthracite coal freight_ 423.148.359 526.392,972 815,425.980 527,959,183 Rev.
fgt. carried 1 mile-1898138851 1622744.453 1264422.162 1112683.441
Bituminous coal freight- 1,722,307 2.233.608
1,781,949
1,907.568
rev, per ton per m. 1.19 cts.
1.11 cts.
1.31 eta.
1.25 cts.
Merchandise freight....__ 38,681.551 34,496.241 33.279.173 32,639,473 Avge.
Rev. per fgt. train ndle__
54.92
$5.05
$5.31
$5.46
Passenger •
7,688.302 7.406.346
7,022,954 7,700.392 Av.rev, train load (tons)
494.69
497.46
478.26
468.80
Mail
304,396
399.431 Passengers carried
298.641
310.438
3.293,064
3.797,968
3.660.560
4.065.368
Express
1.130,562
1,370.422 1.213.697
610,167 Pass.carried one mile_ .. _170,791.575 180,028.985 164.053.274
175.065.207
Other transp. revenue
2.671.466
2.661,686
2,307.799 2,837.873 Av.rev. per pass. per m_
3.15 cts.
3.15 cts.
3.13 cts.
3.13 cts.
Incidental revenue
1.018.683
1.060,331 Earn. per pass. train mile
1,075.237
951.280
$1.29
$1.39
$1.40
$1.29
513.641
514.148
$11,527
$12,134
Total oper. revemie_376,374.805 875.935,154 562.418,889 $74,997.799 Op.rev. per mile of road.
Operating ExpensesINCOME ACCOUNT FOR CALENDAR YEARS.
Malnt. of way & struc
$8,421.393 57.812,892 87.070,757 57,759.909
Railway Oper.Revenues-- 1924.
1923.
1921.
1922.
Maintenance of equIp't_ 18,609.44R 23,762.227 19.759.604 25.074.682 Freight
519.375.562 518.040,942 815.893,822 $14,565.644
Traffic expenses
1.401.377
1,221.686. Passenger
1.241.057
1.176.966
5,675.132
5,378,293
5,132.171
5.483,676
Transportation expenses 30.558.447 32.140.661 29.152.766 31,172.297 Mail, express, &c
1,841,786
1,952.580
1,403.996
1,783.357
Miscellaneous operations
264,643 Incidental
345.476
302.707
203.004
527,680
486,784
570.205
433.436
General expenses
1,729.369 Joint facility
1.617.798
1,563.062
1,514.445
49.888
43.407
33.977
43.951
Transp'n for invest-Cr_
4.519
15.012
5.202
7.714
Total ry. oper. revs..527,173,209 826.198.846 523,286.737 $22,057,499
Total operating exp_ _560.957.969 566.751.214 559.023.940 867,238.068
Railway Oper. Exp.Net operating revenue..515.408.837 59.140.910 53.394.049 57.759.731 Maint. of way & struc
$4.201.129 $3.414.982 52.983.857 53,449.358
Total tax accruals, &c
1.985.950 2.066.772 Maint. of equipment_ -- 4,866.691
2.327.243
3.217.086
5.605.847
4.711,702
4.389,661
Traffic
823.287
835.118
777.176
778.476
Operating income-312.189.751 56.853.697 81,408.909 85.602.959 Transportation
10,148.631 10,197,285
8,824.396 10.052.517
Dividend income
$2.233,32R $8.681.062 53.081.022 810.299.433 Miscellaneous operations
139.963
113.187
887,77
87.678
Miscellaneous income__ _ 1.019.629
902.232
996.165
1.934.868 General
1.070,221
1.750.719
950,019
895.264
Transp'n for invest.-Cr.
178.871
24.514
17.736
8.907
Total other income- $3.2.57.057 59.533.204 54.632.641 512.234.300
Total income
515.447.708 516.436.991 56.241.640 517.927.259
Total railway oper.exp$21.071.051 521,138.070 517.941.306 520.020,843
Income ChargesNet rev. from ry. oper__ $6,102,159 55.060.776 55.345.341 52.036.656
Hire of equipment
5944.061
5145.149 Railway tax accruals... 1,344.503
5428.675 51.066.941
1,177.029
899.875
1.222.280
Joint facility rents
Cr.145.659 Cr.144.099 Cr.248.027 Cr.294.709 Uncollectible railway rev
20,542
35.910
46.588
21.745
Rent for leased roads... 2.301.307
1,870.970
1.939.802 2.153.864
Miscellaneous rents_ _-336.057
315.893
Railway open income_ $4,737.113 53.846.937 54.101.316 51.090,192
341.957
331.406
Miscell. tax accruals_
455.139
523.067
322.884
290.768
97.434
Dr.181.310
278.023 Other income
130.463
Interest on funded debt- 3,802,605 4,407.731
4,528,726
4,483,531
Int. on unfunded debt
107.330
115.066
51.030
Net ry. oper. income_ 54.555,803 U.944.371 31,392.084 $1.220.655
31.129
Misc. Income charges....
291.941
332.072
Non-Oper. Income285.318
687.324
Dividend income
$515.833 82,430.789
5432.639
8431.872
Total deduc.from inc. 58,005.669 57.850.377 54,232.1165 57.876.463 Income from funded sec_
180,630
109.030
128.740
127,656
Net income
57.352,038 •88.536,612df$1,991.247 510.050,798 Misc,rent income
106.154
107.218
108.676
107,062'
Divs.shown in profit and
Misc. non-oper. income_
150,015
305.953
•
138.472
251,066
loss account
34.245.749 54.245.749 54.245.749 54,245,749
Total non-oper.Inc.__ 51.038.035 52.867.590
$807,761
5918.424
BALANCE SHEET DECEMBER 31.
Gross income
55.593.838 56.811.961 85,199.846 82.139.079
Deductions1924.
1923.
1924.
1923.
Int. on funded debt._
Assets52,686.240 52.403.650 52,355.33 $2,329,290
LiabilitiesRoad & egulp.a _105,437,569 101,498799 Common stock- 60.501.700 60.501.700 Int.on non-negotle debt
impts. on leased
143,441
38.372
to affiliated companies
117.048
187,146
Preferred stock_
106,300
106.300
RR. property 1.405.020 1.455,3111 Funded debt_ __b78,075,000 82.158.000 Rent for leased roads
372.710
372,959
371,422'
370.766
Miscellaneous
259.971
274,740
220.728
Misc.phys.prop. 3.037,814 2,093,104 Loan.s&bills pay.
261.296
8,000.000
Sinking fund__ 1,902,410
Traffic. &c., bal.
93,803
109.220
Inv.In attn. cos.:
Net Income
52.236.294 53.656.354 $2,065,812 def8979,1414
Accts. & wages_ 5,901.122 7,609.822
Preferred divs. (6%)...
Stocks
5900.000
$900000
$900.000
53,520,219 61.545.258 Misc,accts. pay.
175,579
175.520
Common diva
Bonds
(6%)1.200.000 (5)250.000 (5)250.000 (5)250.000
20,845.630 19,955.056 Int. mar'd unpd.
418.876
414,599
Notes
3,592,430 Divs.mat'd.unp.
6,871
8,697
Balance, surplus_ - - $1,036,294 $2.506.354
Advances_ _
5915.812d1$2,129.814
16,140,189 22,586,493 Unmatured dive.
Other investm'ts 9,432,529 1.589,109
-dechred
1,061,437 1.061,437 -V. 120, p. 1322, 952.
Agents & conduo 1,357,789 1,503,884 Funded debt maAmerican Water Works & Electric Co., Inc.
Inventories_ _ _ 6,880,421 7,630,052 tured unpaid_ 1,870.000 1,107,000
Loans and bills
Unmet.int. am' 527,658
779,041
(11th.Annua/ Report-Year Ended Dec. 311924.)
receivable__ _
2,365
1,588 Unmat'd rents
Special deposits_
75,837
69,737
accrued
515.154
311.512
Pres. H. Hobart Porter March 31 wrote in substance:
Cash
6.412,178 5,534,445 Other cumliabil. 1,524.121'
881,353
Acquisitions.-Your company and its subsidiaries have acquired several
Traffic, &c., bats
768.773 Deferred Hahn's.
694.826
415.241
558,497
Misc. accts. rec_ 1,616,620 1.887,299 Tax liability...1,960.718 1,289.298 properties during the year. The earnings from these companies have
Int. & dive. rec.
250,960 1,240,610 Accrued depreo. 21,117,636 19,730,550 been included in such income account only from the dates of their acquisiwhich are as follows: Terre Haute Water Works Corp., May 24 1924:
Rents receivable
9,482 Tined]. credits.,.
30,373
750,457 1,199,575 tion,
Old Dominion Water Corp., Nov. 1 1924.
Other curr.a.ssets
290,156
403,132 Add'ns to prop'y
Capital Increase.-On Jan. 3 1924 the stockholders voted to increase the
Deferred assets.
53,711
815,015 through sump_
86.221
59,781
UnadJus'd debits 1,349.146 1.660,699 Profit and loss._ 55,621,7 6 49,784,527 authorized amount of the First Pref. stock from 510.000,000 to 520,000.000.
Voting Trust.-On Apr. 27 the voting trust extension agreement expired,
and accordingly the certificates representing the shares of each class of
Total
230,729,664 235.848,430 Total
230.729,664 235,846,430 stock
were listed on the New York Stock Exchange in place of the voting
a Represents only road property of Lehigh Valley RR. proper (Phillips- trust certificates.
burg. N. J., to Wilkes-Barre). The total road and equipment investment
Increase and Change in Par Value of Common.-On Nov. 21 the stockof the system,including transportation subsidiaries owned by the company, holders authorized a change in the par value of the Common stock from
is 8237.744,036. b Funded debt is shown after deducting $41,361,000 held $100 to 520. each share of $100 par value to be exchanged for 5 shares of
in treasury.-V. 120. p. 1744, 449.
Common stock of the par value of $20. At this same meeting the authorized Common stock was increased from 100,000 shares, par $100 each, to
2,500,000 shares, par $20 each. Subsequent to this meeting the Common
Eastman Kodak Company.
stock of $20 par value was listed on the New York Stock Exchange in place
of the $100 par value stock theretofore listed.
(Annual Report-Year Ended Dec. 311924.)
West Penn Co.-On Dec. 31 1924 company's holdings of stock of West
ANNUAL EARNINGS, DIVIDENDS. &C. FOR CERTAIN EARLIER Penn Co. were as follows:
YEARS, AND TOTAL FOR 224 YEARS. ENDED DEC. 31 1923.
Per Cent
Owned by
Total
A.W.W. & E. Co. of Total.
Outstanding.
Net Profits. Pref Digs. Corn. Dies. Reserve Fund. Surilus.
Preferred stock
$4.668.500
21.10
522,124,700
$
$
$
Common stock, no par val.(shs.)
163.440
72.64
225.000
1902(6 mos.) 1.488.295
856.930
162,366
468.999
r'he income account of West Penn Co. was given in V. 120, p. 1749.1
5
4.013.913
2.348.196
365.217
1.300,499
The plant, property and investment account of West Penn Co. and its
1910
8,975,177
369,942
7.806,390
798,845 subsidiaries shows a net increase of $11.547,883.
1913
14,162.436
369.942
7.810.620 1,030.000
4.981.874
In the latter part of the year the first of two new 35,000 k.w. steam tur1915
15,741.453
369.942
11,719.680
3.651,831 bine units was placed in operation at the Springdale
Power Station, and the
1917
14.542.567
369.942
5.861.520
8.311.105 second early in 1925. at which time the total
installed capacity of this plant
14.051,969
1918
369.942
8.792.280
4.889.747 aggregated 120.000 k.w., with a building large
enough for the later installa18,326,188
1919
369,942
7.819.110
10.137.136 tion of another unit.
18.566.210
1920
369.942
7.865.840
10.330,429
During the year 134 miles of 25.000-volt,
miles of 66,000-volt and 73
14.105,861
1921
369,942
7,953,215
5.782.704 miles of 132.000-volt transmission lines were63
completed, together with the
17,952,555
1922
12,574,963
369.942
5,007.650 necessary sub-station equipment. These additions
have substantially
18.877,229
1923
369.942
15,678,337
2,828,950 reinforced the inter-connection between the main
power plants and sub17,201.815
369,942
1924
16.267.400
564.473 stations of the West Penn system, as well as the inter-connections
between
system and its neighboring utilities.
Total -266.216.285 8.284.887 170,360.203 5,250,000 82,321,195 this
There was an increase in electrical consumers during the .year 1924 of
Deduct-Reserve required In addition to previous reserves and
17,188, although the rate of growth was slackened. due to the business conapprop'ns to offset entire book value of good-will & patents 15,798.081 ditions
which prevailed in this territory during the summer and early fall.
Company entered the year 1925 equipped to take on a considerably increased
Balance,surplus[being amt. of surplus Dec.31 1924-Ed.1-- $66,523,114 load
with adequate transmission and generating facilities. The system has
The reserve fund, 55.250,000. was accumulated In 1906 to 1909 and 1911 been extended through the acquisition of the property of Buckhannon
to 1913.
(W. Va.) Light & Water Co., supplying Buckhannon with electric light,
a tract of 95 acres, known as the Fitzpatrick Farm, adjacent to Irvington
1874
THE CHRONICLE
power, water and ice, and the municipally owned electric systems in Newburg and Rowlesburg, W. Va.
In April a subsidiary company inaugurated bus operation over the new
State highway between Morgantown and Rivesville, W. Va., connecting
at the latter point with the interurban electric railway system of Monongahela West Penn Public Service Co.
Potomac Edison Co.-The number of consumers of electric service served
by this company has continued to increase, as did the earnings remaining
after the payment of operating expenses, despite the fact that there was a
general business depression in this territory from March until October.
[The income account was given in V. 120, p. 1205.1
The expenditures for capital betterments have been heavy during the
year, and are reflected in the increased charges. On the other hand, the
earnings from these betterments are not yet fully reflected, in the income
account, nor the full savings in operating expenses, although these expenses
have been reduced by over $69,000.
During the year the company has pursued the policy of consolidating,
from a physical and operating standpoint, the property of the several companies which now constitute the Potomac Edison Co., and to that end has,
In addition to ordinary extensions, expended a considerable sum for transmission lines and sub-stations. A 66,000-volt double-circuit transmission
line 53 miles long, from Williamsport to Cumberland, with the necessary
sub-stations, was completed and placed in service and forms the connecting
link between the eastern and western sections of the system.
A new transmission line is being constructed northward from the Williamsport station into Pennsylvania, which will greatly strengthen the company's
facilities for service in this promising section. This line will also be utilized
as a connecting link for emergency purposes with the Saxton station of the
Penn Central Light & Power Co., which serves the central section of Pennsylvania. Much work is being done to add to the capacity and efficiency
of the company's distribution system through the reconstruction of a number of sub-stations, transmission and distribution lines. Industrial development in Cumberland has necessitated particularly intensive work along
these lines in that city.
The company has continued its policy of acquiring and establishing bus
lines to operate in conjunction with its present transportation facilities.
Keystone Power & Light Co.-Since the acquisition of the Keystone properties, the requirements for service in both the eastern and western divisions
have neccs.sitated increased power capacity. This has been secured in the
eastern division by the construction of a high-voltage wood-pole transtnisskin line connecting with the general system of the neighboring utility company to the south,and terminating in a modern sub-station of ample capacity
at Ballefonte, which is about the centre of load. In the western division improvements have been made at the Ridgway power plant by securing an
improved water supply, building a spray pond for coolthg purposes and putting deeper foundations under the turbo-generators. Work has also been
started on a high-voltage connecting line into the system of a neighboring
utility company and through it into the system of West Penn Power Co.
This will provide much needed reinforcement and make available an ample
power supply for future growth. The work already done has called for some
new capital with increased total fixed charges, and has required charging
an unusual amount to maintenance account at the Ridgway plant. The
general slowing up in business conditions had an effect in earnings, so that
net income for the Keystone Power & Light Co. for 1924 was $49,364, as
against $153,672 for 1923.
Combined Earnings of Subsidiary Water Companies for Calendar Years.
1924.
1923.
Gross earnings
$7,695,882 $7,109.461
Oper. exps., maint., taxes & reserve for renewals
and replacements
4.005.862
3.770,533
Interest and amortization
2,148,883
1.982,307
Preferred dividends of subsidiaries
337.770
230,765
Minority interests
40.794
42,563
Proportion applicable to stock holdings of Amer.
Water Works & Electric Co.. Inc
$1.162,571 $1.083.293
The preceding statement of earnings, which includes earnings from
Terre Haute Water Works Corp.from May 24 1924 and from Old Dominion
Water Corp. from Nov. 11924. reflects the steady growth of the communities supplied with water and the consequent demand for substantial expenditures for additions and betterments, the financing of which resulted in increased charges for interest and Preferred dividends. The aggregate expenditures for such additions and betterments to the properties during the
year amounted to $3,886.378. At the end of the year such additions had
not been in service for sufficient time for their value to be fully reflected in
the income account. The percentage of gross operating expenses to gross
earnings has decreased from 52.9% in 1923 to 52% in 1924. In addition
to the amount spent for current maintenance and repairs, $422,592 has been
set aside out of current earnings during the year ended Dec. 31 1924 for
renewal and replacement reserves.
Financing of Power Companies.-On July 31 1924 West Penn Co. converted share for share all of its holdings of 6% Cumul. Pref. stock of West
Penn Rys. (64.917 shares, par $100 per share), into Common stock of the
Railways Co.. all of whose Common stock is owned by West Penn Co.
West Penn Rys.issued and sold $3,500,000 3-Year 645% Gold debentures
dated April 1 1924, the proceeds from this sale being used to reimburse the
company for expenditures made and to be made for additions and betterments to the property of the company or its subsidiary companies, and for
other corporate purposes.
On Aug. 1 1924 West Penn Power Co. called and redeemed its $2,063,000
5-Tear 6% Cony. Gold debentures, due Dec. 1 1924. To meet this call,
and for other corporate purposes, the company issued during the year
$2,424.700 of its 7% Cumul. Pref. stock.
During the year th.e Monongahela West Penn Public Service Co.increased
its funded debt through the issuance of $356,000 First Lien & Ref. Cony.6s.
Series A, and its stock issues were increased in the amount of $1,031,981 of
Preferred and $250,000 of Common stock. The proceeds from the sale of
these issues were used to acquire the property and rights of Clarksburg Gas
& Electric Co.. to reimburse the company partially for the very extensive
enlargement of its facilities, and for other corporate purposes.
In Feb. 1924 the Keystone Power Corp.issued and sold $600,000 10-Year
7% Cony. Gold debentures, the proceeds of such sale being used toward the
cost of additions and improvements to the company's property.
Potomac Edison Co. Issued and sold First Mortgage & Ref. Gold bonds in
principal amounts as follows: $2,000,000 Series "B" 64.5%, due May 1
1948, and $1,000.000 Series "C" 6%, due May 1 1949.
The proceeds from the sale of these securities were used to pay a portion
of the cost of the construction of transmission lines, sub-stations and other
additions to the property, and to retire the 81,000,000 6% 10-Year Gold
Coupon notes due May 1 1927. and $120,000 Hagerstown & Myersville
By. 1st 5s due July 1 1924.
Financing of Water Companies.-The bond market during the past year
having been a very satisfactory one,and the soundness of waterworks bonds,
particularly those of your subsidiary companies, having received increasing
recognition from the investing public, the refinancing of some of the waterworks properties was undertaken. This was accomplished by calling the
outstanding bonds and placing upon the properties modern mortgages under
which a portion of the capital expenditures on the respective properties
could be most economically funded. A list of new bonds sold or contracted
to be sold during 1924 on waterworks subsidiaries is given below, totalling
014.950,000. The principal and interest of all of these bonds, except those of
East St. Louis & Interurban Water Co., have been guaranteed by endorsemeet by American Water Works & Electric Co., Inc. Against these issues
$9,940,000 principal amount of old bonds have been called and cancelled
and the proceeds of the remaining new bonds have been used to reimburse
the companies partially for expenditures made for capital additions.
Birmingham Water Works Co. 1st M.540, Ser. "A." 1954_ _ - $5,500,000
City Water Co. of Chattanooga 1st M.540, Ser. "A," 1954--- 2,250,000
600.000
Commonwealth Water Co. 1st M.25-Year 540, Ser. "A," 1947
East St. Louis & Interurban Water Co. 1st M.& Ref.(now first)
1,100,000
6s, Ser. "B." 1942
1,300,000
Huntington Water Corp. 1st Mtge. fis, Ser. "A," 1954
600,000
Monongahela Valley Water Co. 1st Mtge.540,Ser."A," 1950_
Terre Haute Water Works Corp. 1st Mtge. 6s, Ser."A." 1949_ _ 1,600,000
South Pittsburgh Water Co. 1st Lien & Ref. M.58. Ser."A," 1960 600,000
1,400,000
Wichita Water Co. 1st Mtge. 58, Ser."A," 1949
Sale of Preferred Stocks.-Company has also continued to obtain part of
through
betterments
the funds needed by its subsidiaries for extensions and
the issue and sale of their Preferred stocks to patrons and consumers. During the year 1924 a total of $9,314.300 par value of subsidiary companies'
Preferred stocks was sold or subscribed for, of which amount $7,224,500
par value was sold by the electric companies and $2,089,800 par value by
the water companies.
California Properties.-Orchard and farming properties which the commny owns in the Sacramento Valley' California. suffered comparatively
little from the very severe drought which affected that State during the lat
[VoL. 120.
summer and early fall of 1924. The yield of lemons, oranges and grapefruit was over 55,200 boxes, or more than 150 carloads. In addition the
company harvested and disposed of 430 tons of dried prunes. 181 tons of
pears and 57 tons of almonds, dried apricots and other fruits. During the
year an extensive orchard heating system was installed in those portions of
the orchards particularly exposed to frost and it is gratifying to report that
during the severe frost of Jan. 1925, which inflicted heavy losses throughout the State generally, including Southern California, the orchards were
but slightly affected.
Dividends.-Out of the surplus and net profits of the company quarterly
dividends were paid during the year ended Dec. 31 1924 as follows: Four
quarterly dividends each of 1% were paid on the 7% Cumul. 1st Prof.
stock. On the 6% Participating Pref, stock a quarterly dividend of 1%
was paid Feb. 15 and three quarterly dividends of 145% each were paid
May 15, Aug. 15 and Nov. 15 1924.
In Jan. 1925 an initial dividend of 1%% was declared on the Common
stock, payable Feb. 16 1925.
CONSOLIDATED INCOME ACCOUNT (AMERICAN WATER-WORKS
& ELECTRIC CO., INC., AND SUBSIDIARIES).
Calendar Years1922.
1924.
1923.
Gross operating earnings
$38,355,679 $36,380,326 $25,254,499
Oper. exps., taxes & maintenance,- 20,859,862 20,059.908 14,085,480
Federal taxes
447,581
754,278
708,838
Gross income
$16.786,979 $15,566,142 $10,721,439
Int. and amortization of discount_ _ _ _ $8.211,449 $7,175,179 $5,728,678
Preferred dividends of subsidiaries__ - 2,947,769
1,300,867
2,184,357
Minority interests
409,766
441,404
695,653
Depreciation
1,541,116
2.575,919
2.186.941
Net income
$2,610,437 $3,324,012 $1,741,012
Previous surplus
3,341.180
4.058,332
5,452,437
Other credits
79,685
79,700
79.685
Total surplus
85,161,877
$8,142,559 $7.462,044
DeductCredits to savings fund
$79.685
$79,685
$79,685
Dint.& exp. on sale of railway stocks
528,406
178,664
351,990
Special approp. for depreciation_ _
175,000
830,000
925,000
Sundry adjustments
128,285
Cr.27,981
165.751
Applicable to minority interest
Cr.201,656 Cr.398.719 0%224.798
Divs. paid Am. W. W.& Elec. Co.
First Preferred stock
416.967
633,500
585.900
Participating Preferred
550,000
300.000
Profit and loss surplus
$6.100.348 $5,452.437 84,058.332
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1924.
1923.
1!23.
1924.
Assets$
$
Liabilities8
$
Plant, property
7% Cumul. 1st
& invcstm'ti_238.875,269 219.369,547 Preferred stock 9.050.000 9.050.000
Temp. invest'tag
6% Partic. Pref. 10.000,000 10,000.000
U.S.bds.pledg'd
Common stock. 10,000.000 10,000.000
with trustee._ 2.371,508
Pref. stocks of
System securs_ 2,336,438 3,837,451 subs. with pub. 50,781,327 41,474.221
Other securities 1,762,170
58,048 Min. stkhldrs.'
Cashint. in Common
Curr't checking
stock & surplus
acet & on h'd .5.851.985 4,059,173 of sub. cos...- 8,159,958 8.294.501
Held by trustee
Coll. Trust Is.. 13,265,400 13,654,100
for construen
Fund, debt sub.
purposes, &c. 1,460.299 4,921,697
cos
133,404.314 122,275,786
Held by courts.
Acc'ts payable.. 4,362,216 3,691.510
Pending adJuNotes payable.. 2,445,828 6.033,871
dica'n of rates
11.316 Federal taxes... 1,266,434 1,140,865
With fiscal agts.
Other taxes_ __ _ 1.549.080 1,265,531
to pay int..&c.
353.990 Mard int. pay'le
Seed call loans_
233,927
450,000
200.000 (per contra) _ _ _
353.990
Accounts, notes,
Accr. int. 'mete 1.982.689 1.830.827
&c., recelvle_ 4,373.735 3,357,010 Divs. accrued,on
Materials& sup_ 4,049,191 5.561,172
662,266
Pref. stocks._
537,948
Due trio subscr.
Consumers' dep. 2,501,186 2.104,158
to pref. stock of
268,293
Oth.derd Habits.
325.814
sub. cos
866,418 • 1,235,862 Deferred credits
308.627
284,914
Disc, on bds. &
Res. for deprec.,
damages. &c. 15,483.267 13,286.478
notes. &c., clef,
350.000
charges
7,939.661 6.863,346 Special surplus.
350,000
Commis. & exp.
581,901
Spec. say. fund.
502,216
on sale of capiGeneral surplus. 5.168,447 4.600.221
tel stock
1,483,486
1,288,309
Total
271,830,161 251,116,921
-V. 120. p. 954. 700.
Total
271.830.161 251.116.921
Atlantic Refining Co. (and Subsidiary Cos.)
(Annual Report-Year Ended Dec. 311924.)
RESULTS FOR CALENDAR YEARS.
1922.
1924.
1923.
1921.
$
$
$
$
Gross income
124,283,374 117.624.931 116,507.586 104,521.083
Raw materials, operating
and general expenses-107,799.571 106,376,174 100,160.711 98,353,128
Not income from oper_ 16,483,803 11,248,757 16,346.875 6,167,955
Other income
1,202,926
1,126,906
1,080,178
1,474,818
Profit before Fed.taxes
Interest op funded debt_
Depreciation & depletion
Inventory adjustment__
Insur. and other reserve_
Res've for Fed. tax (est.)
17,610,709 12,451,683 17.427,053
1,034,250
783.608
864,495
9,010,226
7,656,500
7.860,365
1,410,744
2,233,930
932.115
986.433
1.056,531
525,000
45.577
570,000
Balance, surplus
Previous surplus
Deficit of subsidiaries
$4,698,374
20,695,166
(x)
7,642,773
856,069
7.122,437
2.625,106
779.432
$835,634 07.075,662 M3,740,261
21,148,447 81,427,899 66,190,852
(x)
(x)
(a)
Total surplus
25,393,540 21,984.081 68,503,561 62,450,591
Preferred dive. (7%)- _ - 1,400,000
1.400,000
1.400.350
1,405,600
Common dive
(2%)1,000,350 (4)2,000,000(20)1 000,000(20)1000.000
Stk. div. on com.(900%)
45,000,000
Adjustment prey. years_ Dr.331.310 Cr.2,111,085
Cr.45.235 Cr.1.382,908
P.& L.sur. Dec.31.x_ 22,661,879 20.695,166 21,148,447 61,427.899
x Deficit of minority interest in 1924 amounted to $125.003, without
which the profit and loss surplus would total 820,695,166, and in 1923
deficit of minority interest amounted to $181,546, and in 1922. $171,173,
and in 1921, $281,150.
BALANCE SHEET DECEMBER 31.
1923.
1924.
1924.
1923.
AssetsPlant account_ _xe0,542,492 62,249,583 Common stock. 50.000.000 50,000.000
Invested in assoPreferred stock_ 20,000,000 20,000,000
ciated cos_ _ _ _ 8,890,560 8,772,391 Debentures_ _ 15,000,000 15,000,000
Res've for impt.,
Mar.equip.notes
746.000
497,333
construe..‘t c_ 4,325,000
4)4% ser'l notes 12,135,000
Cash
1,511,413 2,241,877 Cap.stk. of sub.
U.S. Govt. sec_ 3,267,969 1,978,668
cos, not held
Other securities_ 1,252.067
825,365
by A. R. Co__
279 400
279,400
Accrued interest
Accts. payable.. 3,921,300 4.092 457
receivable. _ _
87,233 Fed'i taxes (eat.)
187,925
45.577
525.000
Accts. receivable 12,975,939 12.285,551 Notes payable__
3,122 5,404.122
Notes receivable
655,605 Mtge. payable._
718,495
150,000
150,000
Merchandise and
199.096
Accrued Habit's_
197,606
material
36,364,072 32,760.774 Deferred items_
438,887
439,704
Prepaid and deInsurance, &c.. 4.835,587 4,660,293
!erred Items__
762,708
603,547 Profit and loss.. 22,661.879 20.695.166
Other advances,
323.050
Appr,surp,,&c_
340,124
&c
157,415
173,652
_Total
130,988,055 122,634.048
Total
130 988.055 122.634,048
x After deducting $39,451.390 forldepreciation and $2.831,087 for depletion.-V. 119, p. 814.
APRIL 11 1925.]
THE CHRONICLE
Willys-Overland Co., Toledo, 0. (& Subs.)
(Annual Report-Year Ended Dec. 311924.)
Pres. John N. Whys, Toledo, March 21, wrote in subst.:
Results.-The net profit from operations for the year amounted to
$2,086,646, after deducting the sum of $2,372,241 for hill depreciation on
the regular basis which has been in effect for some years, and after all maintenance and repair charges and the interest on the 6%% Gold bonds.
Bonds.-Tho issue of First Mtge.6%% Sinking Fund Gold bonds, originally in the amount of $10.000,000, was reduced by $1,000,000 on July 1
last.
Working Capital.-Working capital is sufficient to meet all needs without
bank loans,or other current liabilities except the exhibited accounts payable.
Inventories have been carefully taken. The amount is $22,767,040,
which is $10.632.815 less than the previous year. This substantial reduction shows the effect of better operations and closer turnovers.
General.-While substantial progress was made during last year in establishing better relations with dealer organizations, and in the development
of new models, automobile prices and buying showed a heavy decline
affecting operations in common with others in the industry. Much
this
downward effect was offset by refinements in processing and controlsofupon
expenses to keep them as low as possible. New models for
year
coming
the
have been well developed, and have met with a splendid reception. As
much of our expenditures for engineering and developing of these new
models as seems proper has been carried forward to be absorbed
concurrently with the sale of these cars.
Surplus Account shows an increase of $2,970,372 over a year ago, and the
balance sheet shows a sound position from the
of working capital,
with a very conservative investment in plant standpoint
facilities,
to nparative in •ome account was given mV,120 p 1760.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1924.
1923.
1924.
1923.
Assets$
I LiabilitiesReal estate. bidgs.,
Preferred stock_ __ 8,878,700 8,878,700
mach'y,Qc.y _ _27,013.650 27,210,768,Cony. Pref. stock..13,170,800 13,170,800
(iood-will, patents,
I Common stock_ _ _ II.323,170 10,798,805
&c
ii
1 I CW111110E1 scrip
1,116
1,006
Investmls In :OM.
Funded debt
10,000,000
' companies, &c_ 1.353,942 1.259,022 Accounts payable. 9,000,000
6,250,181
3,092,663
Time etis. of depos 5.295,000
Stock purchase conInventories
22.767,050 33.399,855 tract
770,600. 916,240
Notes a. accounts
Accrued int., &c
666,382
'
. _ _ _ 4,780,737 3,481,028 Deferred income. _ 682.311
5,687
Misc.
receivable.assets, &e_ 1.418,050
351,120 Ree've for conting. 1.912,048 2,433.262
Cash
422,041
588,095Other reserves_ _ _ 1,208,560 1,208,560
Deferred charges_ _ 2.937,874 1,035,G85 Surplus
15,972,789 13.002,418
Total
66,018,335 67,326.474
Total
66,018,335 67,326,474
X Good-will. patents. &c., less reserve provided to reduce book value of
these items to 81. y Land. $1,742,308; buildings,
$20,479.718: machinery.
equipment, &c., $20,286,432; less allowance for depreciation
and losses,
$15,464.807.
Note.-Company was reported as being contingently liable, at Dec. 31
1924, as endorsers on notes, acceptances, &c., aggregating $2.844,225.
Company's Federal tax returns have been reviewed and settled for the
period covered by high tax rates and current adjustments with the Government should be of minor importance only.
Dividends on the 7% Cumulative Prof. stock have been paid to Oct. 1
1920; the accumulated dividends amounted to $6,559,726 at Dec. 311924.
-V. 120. p. 1760, 1471 464.
Brooklyn Union Gas Co.
(Annual Report-Year Ended Dec. 31 1924.)
President James H. Jourda,n reports in substance:
Scope of Report.-In previous annual reports the operations
pany and those of its subsidiaries have been shown separately.of the comowns all of the stock and bonds of its subsidiaries, viz.: NewtownCompany
Gas Co.,
operating in the 2d Ward of the Borough of Queens; Jamaica Gas Light
Woodhaven Gas Light Co. and the Richmond Hill & Queens County Co.,
Gas
Light Co., operating in the 4th Ward of the Borough of
Quee
Queens; and Flatbush Gas Co., operating in the 29th Ward of the Borough of Brooklyn,
and it has been suggested that as the operations of these subsidiaries
have
a great bearing on the company's results, purchasing as
do their entire
requirements of gas from the parent company, a morethey
comprehensive report can be given to the stockholders by consolidating the statements of
the several companies.
In conformity with this suggestion, this report shows the consolidated
revenues and expenses and the consolidated assets and liabilities
of this
company and its subsidiaries.
$1 Gas Law.-In the 1923 report reference was made to the suits instituted by company and its subsidiaries in the U. S. District Court
to have
declared unconstitutional the Si gas law passed by the State Legislature
in 1923. This law not only reduced the price of gas to be charged
by the
various gas companies in New York to $1 per 1.000 cubic feet,
increased
the standard of gas from 537 B. T. U. as fixed by the P. S.but
Commission
in conjunction with a rate of $1 15 per 1,000 cubic feet) to a standard
of 650
B. T. U., thereby not only materially decreasing the rate to be charged,
but increasing the cost to manufacture the gas.
Under the temporary injunction granted by the Federal Court on
2
1923, the company continued to charge the rates as fixed by the orderJuly
of the
P. S. Commission.
Hearings in the case of the company before the Special Master
by the Court to take testimony were commenced on Dec. 3 1923.appointed
the company's efforts to prove the unconstitutionality of the law being strenuously
opposed by the Attorney-General and by the P. S. Commission.
few exceptions three sessions a week were held, the final hearing beingWith
held
on July 30 1924. The record in the case consists of
9,000 pages of
testimony, together with 310 plaintiff's exhibits andnearly
187 defendants' exhibits. Briefs were submitted to the Master by both the plaintiff
and defendants, the final ones reaching him on Sept. 29 1924.
On Dec. 29 1924 the Special Master rendered his tentative report and
opinion in the case, in which he finds, after resolving all doubts against
the
company, that the statute has been proved to be confiscatory as to the
Brooklyn Union Co.and that a return of $1 per 1.000 Cu.ft. for gas, whether
of the standard actually supplied by the company or as prescribed by the
statute, was,is and will continue to be confiscatory. He also
finds that the
reasonable and proper rate of return upon the present value of the
company's
property used and useful in its business is not less than 8% per annum.
The cas.:s of tit) subsidiary companies are now before the same Special
Master and an early disposition of these is expected.
Sale of Electric Franchise of Flatbush Gas Co.-An agreement was made
with the Brooklyn Edison Co. for the sale to that company of the
electric
franchises and distribution system of Flatbush Gas Co. for 84,500.000
as of
Jan • 1 1924. The franchises covering the rights of the company to be sold
conveyed
and
consisted of one in the 29th Ward (former Town of Flatbush)
and the other the right to operate along Ocean Parkway and adjacent streets
in the 30th and 31st Wards. The latter franchises, having been granted
by the Board of Estimate and Apportionment, necessitated the consent of
that body for its transfer to the Edison Co. This matter was before the
Board of Estimate for a period of several months, the board deciding
that while it did not see its way clear to consent to the transfer
the
franchise at that time. It had no objection to the sale and transfer of
the
company's rights in the 29th Ward. Thereupon, under the termsofof
a
supplemental contract with the Brooklyn Edison Co., and with the
consent
of the Public Service Commission, the Flatbush Co. sold and conveyed on
Nov. 20 1924 its franchise and electric distribution system in the 29th Ward
for the sum of $4.200,000 as of Jan. 1 1924. plus capital expenditures to
Nov. 20 1924-it being agreed that the franchise and property along Ocean
Parkway will be sold for the sum of $300,000 as of Jan. 1 1924. plus capital
expenditures to date of sale, upon the consent of the Board of Estimate to
the transfer. It is hoped that in the near future the necessary consent will
be secured from the Board of Estimate and the Public Service Commission.
Conversion of Debentures.-The privilege of conversion of the company's
two outstanding issues of debentures, viz.: $2,000.000. dated Dec. 1 1919,
nd 55,579,000 dated May 11922, became operative on Nov. 1 1924. The
bonds of the issue dated May 1 1922 were convertible on Nov. 1 1924, and
at any time thereafter prior to maturity on ten days' notice, whereas the
issue of Nov. 1 1919 were only convertible on Nov. 1 1924, and upon any
interest date thereafter. In order that both issues of bonds should be on a
parity,the directors gave the holders of the latter issue of bonds the privilege
of conversion at any time after Nov. 1 1924 puon ten days 'notice. Nrom
1875
Nov. 1 to Dec. 31 1924. $6,150,800 of bonds of both issues have been("converted into Capital stock. The total outstanding Capital stock as of
Dec. 311924, on the basis of stock without par value, amounted to 483.016
shares.
Number of Stockholders.-Company has at present 2,419 stockholders, of
which 1,380, or 57%, own 50 shares or less.
Sales of fms.-During the year the sales of gas to the consumers of the
company and its subsidiaries amounted to 19,664.481,706 cu ft., and to the
City of New York 128,279,408 cu ft., a total of 19,792,761,114 Cu. ft.
Gas Mains, etc.-Company and its subsidiaries laid during the year 91.69
miles of mains, with a total in the ground on Dec. 31 1924 of 1,816.19 miles.
During the same period there were installed 19.291 services, with a total in
the ground of 252,592 services. On Dec. 31 1924 the company and its subsidiaries had 636,493 meters in use.
Gas Holder, &c.-During 1924 an additional 5 million cubit-foot holder
at the Flatbush station was completed.
A tunnel was laid under Gowanus Canal at the Citizens Works. This
tunnel is 20 ft. below low water. It is 136 ft. long and will accommodate
two 30-inch mains and two 24-inch mains. These mains will carry gas
between the company's works and connect with and form a part of the belt
line transmission system. This system is necessary for the purpose of
Insuring satisfactory pressure to all consumers throughout the company's
territory.
Expenditures.-The capital expenditures for extensions and additions to
the several works and stations, offices and structures, and for new mains.
services and meters throughout the system of the Brooklyn Union Co. and
Its subsidiaries during 1924 amounted to $6.387,446. During the same
period there was also expended for repairs $2.035,052.
CONSOLIDATED INCOME STATEMENT YEAR ENDED DEC.311924.
[Brooklyn Union Gas Co. and Subsidiary Companies.)
Operating and non-operating revenues
a$22.297,360
Operating and non-oper. exp.(incl. taxes and retirement exp.)__ 9,962,216
Gross corporate income
Deduct-Interest on funded debt
Interest on unfunded debt
Other contractual deductions
Amortization of debt discount and expense
Amortization of premium on debt
32.335.144
b$1,586,542
171.743
8.599
6.353
Cr.4,800
Net corporate income
Net revenues in suspense-not included above
a$566,706
c2.875.945
Net corporate Inc.:Him including net revenues in suspense._ _ _ $3,442.651
Dividends declared
$1.513.762
a Based on rate of $1 per 1,000 cu. ft. for gas. b Includes interest to
Nov. 1 1924 on the two issues of company's debentures, aggregating $7.579,000 par value. c Amount charged in excess of statutory rate of $1 per
1,000 Cu, ft.
BALANCE SHEET DECEMBER 31.
x1924.
1923.
1928.
1924.
Assetss
I LiabUities$
$
$
Fixed capital
70,113,176 52,894.898 Capitalstock....__a24,150.800 18,000.000
Cash
3,707,673 1,071,787 Funded debt
22.428.200 28.579.000
Accounts recely'le_ 2,145,115 1,216.490 Mtge.on property. 400,000
Int.& diva. receiv_
875
77,768 Accounts payable_ 1.443,742 1,343.717
Materials & supp_ 3,380,684 3,355,706 Consumers'depos_ 2,898,663 1,873,831
102,370
136,185 Interest accrued__ 917,638
Prepayments
832,245
Due from assoc.cos
5,269,583 Taxes accrued._ _ _ 712,639
518.396
Due employees48,771 Dividends declared 471,812
380.060
Investments
568,065 8,204,533 Res've for retire'ts.
Special deposits
216,567
121,901
coating's, &e_ _ _15,469.043 13,637,995
Unamortized debt
Unamort. prem.on
(met & expense.
77,148
75,920
debt
112,000
107,200
Suspense (unbilled
Prep. gas in suspb4,958,410 1,165,783
gas, &c.)
1,590,796 1,454,454 Corporate surplus_ 7,944,321 7,504.969
Total
81,902.469 73,927,996
Total
81,902,469 73,927.996
a Outstanding stock to Nov. 1 1924 amounted to 918.000,000 (360.000
shares no par value): balance of$6,150,800 represents Debentures converted.
This represents an average outstanding Capital stock of $18.834,800 for the
year.
b Money collected over statutory rate of $1 since the passage of the $1
Gas Law on June 2 1923, in suspense pending determination of Rate Mae.
x Represents consolidated balance of the Brooklyn Union Gas Co. and
subsidiary companies.
y 5% 1st Consol. Mtge. bonds, due 1945. 814.736,000; Citizens Gas Light
Co. 5% Consol. Mtge. bonds,due 1910.9264.000; First Lien & Ref.
eis. due 1947. $6,000.000: 7% Cony, debentures. due 1929. $258,700:7%
Cony, debentures, due 1932. 81.169,500.-V. 120. p. 85. 701.
GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
Matters Covered in "Chronicle" April 4.-(a) Railway valuations-unit
prices, p. 1671.
Akron Canton & Youngstown Ry.-Bonds Sold.F. R. sawyer & Co., Boston, and Stroud & Co., Phila.,
have sold at 97 and int., to yield over 614%, $750,000
Gen. & Ref. Mtce. 6% Gold bonds, Series A
Dated April 1 1925; due April 1 1945. Denom. $1,000 and $500 o*.
Int. payable A.& 0.in Cleveland and New York, without deduction of the
normal Federal income tax not in excess of 27o. Callable on any int. date
all or part, at 105 and int. to and incl. April 1 1935; thereafter
Guardianx
at par
a premium
em
of %% for each year of unexpired maturity.
Co.. Cleveland. O., trustee.
Issuance.-Approved by the Inter-State Commerce Commission.
Data from • Letter of President H. B. Stewart.
Property.-Company is a Class 1 standard gauge steam railroad serving
the intensely developed industrial area of Akron, 0. Through stock ownership and lease it controls the Northern Ohio Ry., which extends 152 miles
from Copley Jct. to Delphos. 0., and connects with 23 roads running
north, south and west. Through the Northern Ohio Ry. It owns a 25%
Interest in the Akron & Barberton Belt RR.,having 42 miles of track serving
East and South Akron, Kenmore and Barberton.
Security.-Secured by a direct mortgage on the entire physical _property
of the company. This property is subject to $1,500,000 of 1st Mtge. 68
of 1930 for the refunding of which a portion of this authorized issue of
bonds is reserved. and 8 miles of right of way acquired from the Northern
Ohio Ry. is subject to its mortgage. The investment in road and equipment, as carried on the books of the company, and which has been tentatively accepted by the I.-8. C. Commission for rate-making purposes. is
$4,703,541. In addition the company has investment in affiliated companies of $935,841.
Calendar Years1924.
1923.
1922.
1921.
Operating revenues
$1,523,632 $1,380,495 $1,200.096
$924,187
Operating expenses
771.506
663,669
554.415
501.053
Net oper. revenue__ __
Misc. deductions (net)__
5752,126
238,777
5716,825
221,791
5645.680
189.240
8423,134
82.247
Net open Income_
Other income
$513,349
42,716
$495,033
77.029
8456.440
73,227
8340.887
62.934
_
Net inc. avail, for int- 8556,065
8572,063
8403,821
$529.667
Total fixed charges (including this issue) amount to
8135.000.
The apparent decrease in net income for the year 1924 is due to changes
in inter-corporate accounting methods. Based on the accounting of other
years, net for 1924 actually showed an increase of $91,971 over 1923.
Purpose.-Proceeds will be used to retire 8172,000 of Engine Trust Otte.
and to reimburse the company's treasury for capital expenditures.
CapitalizationAuthorized. OutstandV.
6% 1st Mtge. Gold bonds, due 1930 (closed)
81,500,000 $1,500.000
Gen. & Ref. Mtge. 6s. Series "A, 1945
4.000.000
a750.000
Common stock. par $100
15.000.000
1.500.000
a Of the remaining $3,250.000 bonds authorized under this mortgage.
91.500.000 are reserved for refunding the let Mtge. Os of 1930 and the
balance may be issued up to 90% of the cost of additions or betterments
to fixed property, or 65% of cost of additional rolling stock.-V.120, p. 82.
1876
THE CILHONICLE
[voL. 120.
of shares of Common stock which they now hold, but those who fail to se
subscribe will receive somewhat less than their present holdings.
Extension of Bonds.
(a) The following outstanding obligations of the railroad are not secured
by the present general mortgage and will not be affected by the reorganization, namely:
(1) Underlying divisional mortgage bonds secured by direct mortgage
on the property of subsidiary companies which have been absorbed, failing
due 1930 to 1937, inclusive, $2,265.000.
(2) Equipment Trust notes, falling due annually to 1938, $8.089,000.
(3) Bonds of leased roads which are not direct obligations of the B.& M.
Ann Arbor RR.—New President.—
Jules S. Bache has been elected President to succeed the late Newman RR.,falling due 1941 to 1944. $2.750.000.
(b) The bonds which are secured by the general mortgage are as follows:
Erb. W.D.Hutton succeeds Mr.Bache as Vice-President.—V. 120,1).1582.
Bonds Maturing 1925 to 1932, Inclusive—
by the public
$42,787,000
Arizona & Eastern RR.—Construction of Extension and Owned
Owned by the United States
37,791,479
Branch Line.—
980,578,479
The I.-S. C. Commission on March 30 issued an amended certificate
Bonds Maturing in 1933 and Subsequent Years—
authorizing the company to construct a line of railroad from Hassayampa, Owned by the public
$30.386.000
Maricopa County. to a point at or near Weliton, Yuma County, Ariz.— Owned by the United States
'10.894.000
V. 120, p. 1086.
$41,280,000
Alton & Eastern RR.—Operation.—
This road on April 1 took over the operation of about 41 miles of track
formerly operated by the Chicago Peoria & St. Louis RR. which it recently
'tracks rue from
bought at auction for 91.350,000. The newly acquired
Grafton.
to East St. Louis and are known as the "Bluff Line.'
The property, including tracks, roundhouses and other buildings, was
recently bought by James Duncan of Alton. Pres. of the Litchfield &
Madison RR.• who represented a syndicate formed to buy the properties.
See also V. 120, P. 1198.
Boston & Maine RR.—Plan of Reorganization.—The
General Readjustment Committee of stockholders and bondholders which was appointed Dec. 24 last, has completed
its plan for the financial reorganization of the road. The
plan embodies some important features from the plan
suggested by Homer Loring, Chairman of the Executive
Committee (V. 119, p. 3005). The plan was approved by
the General Readjustment Committee March 24 1925,
the board of directors March 26 1925 and the committee
bankers March 31 1925. The plan although not presented
to the stockholders on April 8 for their approval, was
thoroughly considered by them and it is indicated that
scarcely any opposition will develop against it. An introductory sta4ement by General Readjustment Committee
says:
(1)The railroad faces the necessity of raising a very large amount of
money during the next five years for the payment of maturing obligations
and for necessary improvements and additions. Over 365,000.000 of
bonds will fall due within five years. and it is estimated that during the
same period from 34.000.000 to $5.000.000 annually should be expended
for improvements and additions. It is feared that the railroad cannot
advantageously raise this amount of money with its present financial
structure.
(2) It seems to be unquestionably the part of wisdom to delay no longer
the taking of steps which will put the railroad in sound financial condition.
and to effect at once a reorganization through the amicable co-operation
of all parties in interest. The purpose of such a reorganization would be
to give increased credit to the railroad, increased value to its securities:
and better service to its patrons.
(3) The committee is confident that the plan proposed, if it is adopted.
will accomplish the desired result. It provides for a general extension in
time at a reasonable rate of all the outstanding bonds held by the public
and maturing in the years 1925 to 1932. Inclusive, and it is anticipated
that satisfactory concessions will be obtained from the United States with
reference to the bonds held by it. The plan also provides for the raising
of 313.000,000 in cash by the issue of 7% Prior Preference stock. It should
be noted that the net income of the road in 1924 was almost double the
dividend requirements on this entire Issue (see V. 120. p. 1737). Taken
in connection with the plan for the abandonment of certain unprofitable
branch lines. this plan should enable the railroad properly to perform its
public duties and to earn and pay a suitable return upon its outstanding
securities.
(4) In the preparation of this revised plan the committee has been
especially solicitous to make sure that the plan is fair and equitable from
the point of view of the holders of all classes of securities, and notwithstanding the fact that all such classes are represented upon the committee
itself, It has conferred at length with other persons representative of the
various classes, and has given due weight to all suggestions so received.
More particularly, the committee has been greatly assisted by the recently
organized Bondholders' Committee, composed of prominent representatives
of savings banks and insurance companies which hold bonds ofthe railroad.
and of banking houses which have sold large amounts of such bonds. The
committee earnestly believes that as a result of all these conferences and
suggestions and all this assistance the plan as finally revised and now made
public is fair to all persons in interest.
(5) It is apparent that the plan cannot succeed unless it is consented to
by a very large proporti m of the stockholders and bondholders. It is
also apparent that the danger of e nbarrassing complications will be greatly
decreased if such consent is obtained at an early date. It is hoped that
both foreclosure and receivership may be avoided, but each is a possibility,
either as a step hostile to the plan or as a necessary means of carrying it
out, and the best way of escaping such an event will be to have the security
holders approve the plan promptly and in large numbers.
The following resolution was passed by the board of
directors March 26:
Resolved. That in the opinion of this board the reorganization of this
Corporation in accordance with the present plan would be a great benefit
to the corporation and all persons interested therein, would solve in a
satisfactory manner the problem now faced by the corporation of refundir g
a large amount of obligations maturing in the near future, would give
Increased credit to the corporation and increased value to its securities,
and would enable it more efficiently to perform its duties to the public;
that this board, therefore, approves the plan of reorganization, and recommends that it be made public forthwith by the General Readjustment
Committee, and that the bondholders and stockholders of the corporation
be requested by said committee to consent to a reorganization in accordance
with said plan.
Digest of Plan of Reorganization March 31 1925.
Principal Features of the Plan.
The plan involves in general: (a) Extending to later dates of maturity
at a reasonable rate of interest the mortgage bonds maturing in the years
1925 to 1932. inclusive, which are outstanding in the hands of the public.
but with the privilege of conversion into the new 7% Prior Preference stock
referred to below.
(b) Securing such concessions as can be obtained from the Federal
authorities with reference to the outstanding 6% mortgage bonds owned
by the United States.
(c) Creating a new class of 7% Prior Preference stock of which 913.000,000 will be issued at the time of the reorganization to provide funds for
additions and improvements and will be offered primarily to the existing
stockholders in certain proportions, with the provision that those who fail
to subscribe will receive as stated below less stock in the reorganized company than those who do subscribe. Future issues of additional stock of
this class for cash may be permitted, and additional shares will be issued
from time to time to holders of extended bonds who elect to convert them
as stated above.
(d) Consolidating the outstanding 1st Pref. stock, Classes A, B, C. D
and E into one class of 79' Pref. stock to be issued to present holders of
Classes A, B. C. D and E In such amounts that each will receive the same
preferential dividends as called for by his present shares, with the proviso
that holders who do not subscribe to a stated amount of the $13.000,000
of Prior Preference stock will forfeit a certain percentage of their holdings.
It is also to be provided that under certain circumstances the holders of
the new shares will be paid in the future a portion of the dividends now
accumulated and unpaid on the old shares, and the new shares, unlike the
old shares, will be preferred as to assets as well as to dividends.
(e) The outstanding Preferred stock (6% non-cumulative) will be
abolished and the holders.thereof will receive Common stock in place of
their present holdings. Those who subscribe to a stated amount of the
new Prior Preference stock will thus receive somewhat more than their
present holdings, while those who fall to so subscribe will receive somewhat
less than their present holdings.
• th Holders of the outstanding Common stock who subscribe for a stated
amount of the new Prior Preference stock will receive the same number
Grand total of bonds secured by mortgage
$121,858,479
(c) The bonds held by the public maturing from 1925 to 1932. Inclusive,
amounting as shown by the above table to 342.787.000. are to be severally
extended in time for a period of 15 years from their respective maturities,
are to bear interest as at present until their present due dates and thereafter
during tne extended period at 5% per annum, and are to be callable in
whole or in part at the price of 102 and int. on any hit, day after Jan. 1
1930 and not before their present maturities.
In return for this extension the holders of these bonds will be given the
right to convert them at par into 7% Prior Preference stock at any time
on or after Jan. 1 1930. and before Jan. 1 1940, or if any of said bonds are
called for redemption between said dates, then before the date fixed for
redemption which shall be not less than 60 days after the date of the call.
subject to the limitation. however, that if in any calendar year from 1930
to 1933, inclusive, $7,500,000 of said bonds shall have been so converted,
then no further bonds shall be so converted during the same calendar year
except such as have been or shall be thereafter called for redemption during
that year, and subject to the further limitation that the conversion privilege
shall terminate as provided (below) if the Prior Preference stock as a whole
shall be called for redemption.
On all bonds to be extended as herein provided, which are now overdue
or which shall hereafter fall due before this plan becomes effective, interest
will be paid at the rate of 5% per annum from the respective maturities of
said bonds until the date at which this plan shall take effect, except that on
the bonds which became due Feb. 2 1025 the interest from that date until
April 11925, as heretofore agreed with tne holders of the bonds, shall be
6 per annum.
(d) The bonds held by the United States, amounting to $48.685,479. are
all 6% bonds. They are due $29.298,500 on Jan. 1 1929; $5,443,979 on
Nov. 1 1930; $3.049,000 on Oct. 11931; $5.894.000 on Jan. 1 1934. and
95,000.000 on June 1 1935. The committee expects to make with the
Government a satisfactory arrangement with regard to these bonds.
() No change will be made in the provisions of the bonds held by the
public which fall due in 1933 and subsequent years.
Prior Preference Stock.
The dividends on this stock shall be cumulative, and it shall have full
voting power share for share with all other classes of stock, and shall have
priority both as to dividends and in llquidation over all other classes.
It shall be callable as a whole but not in part on any interest day after
Jan. 1 1930 at 110 and divs, but in case of any such call made on or before
Jan. 1 1940, a period of at least 90 days shall intervene between the public
announcement of the call and the date fixed for redemption, and during
said period the bonds which are convertible as herein provided may be
converted into Prior Preference stock without regard to any limitation
(as set forth above), and the stock to be called and redeemed shall include
all shares issued in exchange for bonds so converted, but in this event
the conversion privilege on all bonds not so converted within the period
of 90 days shall terminate at the end of said period.
$13.000,000 in par value of this stock is to be issued for cash at the
time of the reorganization to provide for improvements and additions to
the property of the railroad and shall be paid for in 5 equal semi-annual
installments, upon which until full payment is made interest shall be
allowed at the rate of 7% per annum. This present issue shall be offered
to the existing stockholders in the proportions of $12 par value of Prior
Preference stock for each share of 1st Pref. stock now held, $15 par value
of Prior Preference stock for each share of Preferred stock now held, and
920 par value of Prior Preference stock for each share of Common stock
now held. It is hoped that the plan may be sufficiently advanced so that
the first installment may be payable Oct. 1 1925.
Kidder, Peabody & Co.. Lee, Higginson & Co. and Harris. Forbes & Co.
have been requested to form a syndicate to assist in making the plan an
assured success, and to underwrite any portion of the Prior Preference
stock not taken by stockholders, under an arrangement by which the
shares now outstanding which will be forfeited by non-subscribing stockholders shall be utilized in whole or in part for the compensation and
protection of the underwriters.
Future issues of this class of stock may be made from time to time for
cash, and from 1930 to 1940 additional shares shall be issued as may be
made necessary by the conversion of bonds.
• Adjustment of Outstanding First Preferred Stock.
In the opinion of the committee and a large majority of the 1st Pref.
stockholders consulted. It will be decidedly advantageous both to the
stockholders and to the company to unify the five classes of 1st Pref. stock.
This will be accomplished by consolidating the outstanding Classes A, II,
C, D and E, into one issue of 7% Pref. stock, upon which the dividends
shall be cumulative after July 1 1927. This new stock is to be issued to
the present holders of Classes A. 13, C,D and E. in such amounts that each
will receive the same preferential dividends as are called for by the shares
now held, that is to say, for each 7 shares now held,
Class A, present rate 5%, will receive 5 new shares.
Class B. present rate 89', will receive 8 new shares.
Class C, present rate 7%, will receive 7 new shares.
Class D, present rate 10%, will receive 10 new shares.
Class E, present rate 434%, will receive 4% new shares.
It shall be provided, however, that present holders of 1st Pref. stock of
Classes A and E who do not subscribe to their share of the new Prior Pref.
stock shall receive new shares at the above rates for only 85% of their
present holdings, that present holders of Classes 13 and 0' who so fail to
subscribe shall receive new shares at the above rates for only 90% of their
present holdings, and that present holders of Class D who so fall to subscribe shall receive new shares at the above rate for only 92% of their
present holdings.
This new 7% Preferred stock, unlike the outstanding 1st Pref. stock,
shall be 'preferred over the Common stock not only as to dividends, but
also
in liquidation to the extent of $100 per share.
It shall also be provided that if in any calendar year dividends equal to
6% in all shall have been paid on the Common stock, then an amount equal
to one-half of any remaining balance of net earnings or surplus which in
the opinion of the directors may properly be distributed as dividends during
that year shall be applied pro rata to the payment of the dividends accumulated and unpaid up to and including July 1 1925, on the outstanding
Classes A. B, C, D and E, this provision to remain in force until 50 cents
on the dollar has been so paid in all upon said dividends accumulated and
unpaid, but no longer.
Adjustment of Outstanding 6% Non-Cumulative Preferred Stock.
Holders of this class of stock now outstanding who subscribe for their
share of the new Prior Preference stock as above stated shall receive in
Common stock 115% of their present holdings of the Preferred stock, but
such holders who fail to so subscribe shall receive in Common stock only
85% of their present holdings.
Adjustment of Outstanding Common Stock.
Holders of outstanding Common stock who subscribe to their share of
the new Prior Preference stock as above stated shall receive the same
amount of Common stock which they now hold, but such holders who fall
to so subscribe shall receive in new stock only 60% of their present holdings.
General Readjustment Committee.—Charles Francis Adams (representing
the voting trustees), E. B. Carney (Treas. Lowell Institution for Savings),
Lowell, Mass.; William Endicott(Kidder,Peabody & Co.), Reginald Foster
(V.-Pros. New ngland Mutural Life Insurance Co.) George A. Gaskill
(Pres. Peoples Savings Bank), Worcester, Mass.; P. L. Higginson Jr.
APRIL 11 1925.]
THE CHRONICLE
1877
(Lee, Higginson & Co.), W. Rodman Peabody (Chairman), James H.
Outlining the facts, the brief of the counsel shows inconsistency as beHustis. Homer Loring, Harry G. Stoddard (the last four representing tween different provisions of the Commission's orders of 1922 and 1924, and
directors of B. & M. RR.). John R. Macomber (Harris, Forbes & Co.), alleges that various clauses embrace contradictory conclusions as to details
Edward Milligan (Pres. Phoenix Insurance Co.), Hartford, Conn.; Walter of what should be required.-V. 120, p. 1737.
M.Parker (Treas. Manchester Savings Bank), Manchester, N. H.; James
Detroit Bay City & Western RR.-Sale.-L. Richards (director N.Y. N.H.& H. RR.). Ex-Gov. Rolland H.Spaulding (Rochester, N. H.).-V.120, p. 1737. 1743.
The sale of the property of the company on Mar. 27 to L. A. Mills of
Chicago for 8200.000 has been confirmed by Federal Judge A. J. Tuttle.
Central New England Ry.-Annual Report.-
Calendar Year Operating revenues
Operating expenses
1924.
1922.
1923.
$8.145.477 17.988.226 86.790,751
5.763.907
5,217,236
6.016.734
Net operating revenue
82.381.570 81.971.492 $1,573,515
Tax accruals and uncollectible revenue
300.278
288.444
296.786
Equipment rents
Deb381.000 Deb631.181
Joint facility rents
Cr.20.483
Cr.19.872
Net operating income
11.720.775 11,063.396 $1,285.071
Non-operating income
462.648
84.098
96,104
Gross income
Deductions from gross income
Dividends
Government guarantees (debit)
11,804.873 $1,159.500 $1,747.719
1,800,233
976.634
872.305
240,117
320.322
320.320
x71.176
Net income, deficit
8585.122
1444,012
$33,125
x This item covers lap-over items audited during the year applying to the
Federal control or guaranty periods.-V. 120. P. 580.
Chicago Great Western RR.-Prelim. Earns. Statement.
(This statement is issued in advance of the regular annual report and
Is subject to change.)
Calendar Years1923.
1924.
Average miles of road operated
1.496
1.496
Total operating revenues
824.726.678 $25,723,707
Total operating expenses
20.238.411 21,431,016
Taxes
856.144
945,933
Uncollectible railway revenues
3.330
3.854
Total operating expenses and taxes
121.188.198 822,290.490
Revenues over oper. expenses and taxes
Non-operating income
83.538.480 $3.433.217
2.718.400
2.275.197
Gross income
Fixed and other charges
85,813.677 16.151.617
5,580.850
5.212.119
Surplus after all fixed and other charges
8601,558
$570.767
Henry M. Dawes has been elected a director, succeeding Gen. Charles
G. Dawes.-V. 119, p. 454.
Chicago Terre Haute & Southeastern Ry.-Committee
Formed to Protect Bondholders.-
The committee named below has been formed to protect the owners of
Guaranteed Income bonds of Chicago Terre Haute & Southeastern Ry.
A notice to the holders of Income bonds says:
"On March 18 1925 receivers of the Chicago Milwaukee & St. Paul By.
were appointed by the U. S. District Court at Chicago. At the same time.
the Court ordered the receivers to jpay, among other things, the rental
provided for in the lease from the Chicago Terre Haute & Southeastern
By. to Chicago Milwaukee & St. Paul Ry., dated July 1 1921. It is from
this rental that the interest on Chicago Terre Haute & Southeastern Ry.
bonds is paid.
"While no statement of the Chicago Milwaukee & St. Paul Ry.'s earnings
from this leased line has been given out at any time, it is understood that
the oeration thereof has shown a profit to the Chicago Milwaukee & St.
Paul By. after payment of the rental: and there is no reason to believe
that such operation will not continue profitable to the receivers. In that
state of affairs, it may be expected that the receivers will continue to
operate the leased property, and perform all, acts required by the terms
of the lease.
"However, it is deemed desirable that the guaranteed income bondholders shall be prepared to take such concert of action as may be necessary
or desirable from time to time to protect their interests. if need therefor
shall arise, in respect of matters arising out of the Chicago Milwaukee &
St. Paul company receivership, or any future reorganization of that company. With that end in view, the committee (below), each of whom
owns or represents a substantial interest in these guaranteed Income bonds.
has been requested by a large number of the holders of the bonds to constitute themselves as a protective committee to act on behalf of the owners
of the Guaranteed Income bonds, and they have consented to act accordingly.
"The committee will not now call for any deposit of Income bonds.
believing there is no present necessity therefor. The purpose of forming
a protective committee at this time, is to enable the Income bondholders
to know that their interests are being looked after by a group of responsible
individuals, who are themselves interested, or represent a substantial
interest, in these bonds and in the preservation of the existing lease of the
Chicago Terre Haute & Southeastern Ry.'s property to the Chicago Milwaukee & St. Paul Ry."
Commillee.-B, A. Eckhart, Chairman, Chicago: P. J. Goodhart. N. Y.
City; Harold E. Foreman, Edward A.Engler and %VIM= F.Peter,Chicago.
-V. 119, p. 1281.
Abandonment of Line Authorized by I.-S. C. Commission.-
The I.-S. C. Commission on March 24 issued a certificate authorizing
the receiver (W. H. Ogborn) to abandon operation, as to inter-State and
foreign commerce, of the road of the company in Bay, Tuscola, Sanilac
and St. Clair counties, Mich.
The report of the Commission says in part:
"The company was placed in the hands of a receiver by the U. S. District
Court for the Eastern District of Mich.. Northern Division, on Sept. 29
1922. By order entered July 11 1923. the Court directed the receiver to
file applications with this Commission and with the Michigan Commission
for authority to discontinue operations. The hearing on the applications
was deferred for about 10 months to give the new receiver an opportunity
to further test the possibility of continuing the road in operation.
"From Jan. 1 1920 to Dec. 31 1924 the results of operation were operating
revenues 12,575.448. operating expenses 82.301.678, deficit in net railway
operating income $256.567. Expenditures for maintenance of equipment,
and way and structures declined from $281,703 in 1920 to $115.524 in 1924.
The operating results from Jan. 1 1920 to Sept. 28 1922, include operation
Co'R., a short line, which during that period
of the Port Huron & Detroit
. The total revenue freight carried in the
was leased to the Detroit
five years ended Dec. 31 1922 was 1,800.769 tons, of which 1,310.757 tons
originated on the line and 490.012 tons were received from connections.
In addition to the loss of a large coal traffic, the movement of sugar beets.
which provided one of the largest sources of revenue, has been much reduced
through truck competition. The most important other agricultural product
handled is hay. The testimony is that it is transported at unremunerative
rates. Grain tonnage is of minor importance.
"The receiver's balance sheet as of Nov. 1924 shows a profit and loss
debit balance of $93,480. The excess of this amount over the deficit in
net railway operating income for the same period is due to items affecting
capital account, chiefly retirements of property. The debit balance of
$93,408 apparently may be taken as the best measure of the operating loss
from the appointment of the receiver to Nov. 1924, about two years.
"The general balance sheet of the company as of July 1923showed investment in road and equipment 11,694,886. current assets $30.800. deferred
assets $173,544, unadjusted debits $153,932. capital stock $450.000.
funded debt unmatured 1729,000. current liabilities 8588.928. deferred
liabilities 1167.502, unadjusted credits $168,140, profit and loss debit
balance $49,973. The deferred assets and deferred liabilities include
items of $69.456 and $128,030 for U. S. Government balances.
"The salvage value of the railroad property is estimated by the receiver
to be about 1200.000. State taxes due. including the taxes for 1924 not
yet payable, total about $101,000. Receiver's certificates outstanding
amount to $30,000. There are about $28,000 in preferred claims, and some
legal costs of undetermined amount, payable by the receiver."-V. 120.
p. 1199.
Detroit Grand Haven & Milwaukee RR.-Vote to Buy
Road.The Michigan State House on April 3 adopted a resolution proposing
that the State purchase this road, owned by the Grand Trunk system.
The resolution previously had been adopted by the Senate. Under its provisions the company must file a report with the Governor showing the actual
cost of the road before April 10. The State would be authorized to purchase
at this price, plus 14%.-V. 113, 13• 919. -
Detroit Toledo & Ironton RR.
-
Authorized.-
The I.-S. C. Commission on April 1 authorized the company to issue not
exceeding $1.181,000 1st Mtge. 50-Year 5% gold bonds, to be sold at par
and the proceeds used for construction purposes. The report of the
Commission says:
"The applicant states that it has commenced construction of a second
main line track paralleling its line of railroad between Flat Rock and
Durban. Mich., a distance of 19.266 miles. The total cost of constructing
this track is estimated at $1.181.002. It is proposed that the necessary
funds be provided from the proceeds of bonds to be issued under the applicant's first mortgage.
"By Section 3 of Article First of the First Mortgage dated March 5 1014,
made by the applicant to the New York Trust Co., trustee, bonds are
reserved to be issued, without limit as to aggregate amount, but not exceeding S1.000,000 in any calendar year, for the purpose, among others.
of constructing or acquiring additional lines of railroad, terminals or terminal
facilities, additions, extensions or branches, and of reimbursing the applicant for sums expended therefor, provided such reimbursement be applied
for within two years from the date of the expenditures.
"It appears that the applicant has contracted to sell 11.181.000 of its
First Mortgage bonds to the Ford Motor Co.or its assigns, at par,$1.000,000
of the bonds to be issued within the calendar year 1925 and 1181.000
within the calendar year 1926.
New Offer for Minority Stock Reported.-
The "Herald-Tribune" April 3 had the following:
Henry Ford. who, as the dominant interest in the road has sought in vain
for five years to drive from his company a determined group of minorig
t
stockholders, is prepared to make them an offer at the annual meeting
month which will represent 20 times the price he himself paid for his holdCincinnati Indianapolis & Western RR.-Bonds.-ings of Preferred stock in 1920, and 100 times what he paid for his Common
, The I.-S. C. Commission on March 26 authorized the company to issue stock.
1702.000 1st Mtge. 5% bonds. to be sold at not less than 75 and int..
Mr. Ford's offer will take the form of a proposal to buy the Detroit Toledo
or pledged and repledged as security for short-term notes.-V. 119. p. 2282. & Ironton for the Detroit & Ironton, a little road owned
100% by the Ford
While he has not announced what his bid will be. he has assured
Delaware & Hudson Co.-To Transfer Company's An- family.
the minority stockholders that their portion of the purchase price will be
thracite Lands and Interests in Coal Properties to a New Corn- equal to a return of $102 a share on their present holdings. When the automanufacturer took over the D. T & I. five years back, he paid $5
pany.-J. W. Coon in notice to the stockholders April 3 says: amobile
share for the Preferred and $1 a share for the Common.-V. 120. p. 953.
In addition to the matters ordinarily coming before the stockholders
at their annual meeting May 12, you are specially notified that there will 698.
be presented at such meeting for consideration and appropriate action a
Duluth South Shore & Atlantic R.-Bond Extension.
recommendation by the board of managers of the corporation that the stockI.-S. C. Conunission on March 27 authorized the Duluth South Shore
holders confer upon said board at this time authority, when in the judg- & The
By. to assume obligation and liability in respect of the principal
Atlantic
ment of said board It shall be desirable and advantageous, to transfer to
interest on 11,400,000 6% 40-Year Mtge. bonds of the Marquette
a corporation or corporations all of whose stock shall be owned by the and
Houghton
&
Ontonagon RR.
Delaware & Hudson Co., all or any of the anthracite lands and interest
Authority was granted to the Marquette Houghton & Ontonagon RR.
therein belonging to it and all or any real and personal property owned or
to extend the maturity date of its 6% 40-Year Mtge. bonds for a period
controlled by it pertaining to the mining, preparation and marketing of (1)
from April 11925, and (2) to issue coupons representing interest
anthracite, including the stock of subsidiary corporations owning properties of 10 years
the bonds at the rate of6% per annum for the extended period.-V. 120.
of that nature, for such consideration in the form of the stock, bonds or on
p.
1582.
other securities of the purchasing corporation or corporations, or otherwise,
as the board of managers may deem adequate and advantageous. At said
Frie RR.-Tenders.annual meeting it will be proposed that the stockholders give their consent
The Guaranty Trust Co., trustee. 140 Broadway. New York City, will
to such a sale, conveyance and transfer, when determined upon, in accorduntil April 28 receive bids for the sale to it of (a) Erie & Jersey RR.50-Year
ance with such recommendation.
6% Sinking Fund Gold bonds, due 1955. to an amount sufficient to exhaust
Asks Injunction on Automatic Train Control.842,914, at a price not exceeding 115 and interest: and (6) Genesee River
The company, prosecuting its suit for an injunction against the order of RR. 50-Year 6% Gold bonds dated June 1 1907. to an amount sufficient to
the L-S. C. Commission requiring the installation of automatic train con- exhaust $34.601, at a price not exceeding 115 and int.-V. 120. p. 1744. 1582
trol, presented before the U. S. District Court at New York on Mar. 27
Galveston Harrisburg & San Antonio Ry.-Acquisition.
an elaborate argument citing scores of Court decisions, supplemented by
affidavits from half a dozen railroad officers and others, to support its asSee San Antonio & Aransas Pass By. below.-V. 119. p. 2063.
sertion that the action of the Government is unconstitutional, that no contact device is suitable for use in cold climates, and that the induction types
Georgia & Florida Ry.-Report for 1924.are still too undeveloped to warrant their introduction on the D. az H.
The receiver's report for calendar year 1924 as submitted to A. L. Franklines. An installation would be experimental and would introduce dangers; lin, Judge of the Superior Court. Richmond County, shows:
and would be an unwarranted expenditure of the company's money.
Gross operating revenues of the property for 1924 have been practically
The attorneys for the road set forth (1) that Section 26 of the Inter-State equal to the largest earnings which this railway has ever reported for any
Commerce Act delegates legislatise power and discretion, because it does year in its history, and its net operating revenues,
after the payment of
not establish any standards for the guidance of the Commission in ordering operating expenses but before deducting taxes, ear hire and interest, have
the installation of safety appliances; (2) that even if not thus unconstitu- been the largest of any year since the road began business.
tional, the order of the Commission to the 49 roads to install automatic
Gross operating revenues for 1924 amounted to $1,780.888. as compared
train control made no special findings as to the D.& H.. or as to any other with 51.785.526 in the previous year; the mileage operated. 406 miles.
railway, but made its selection of roads arbitrarily: (3) for a road in a cold being practically the same each year. Operating expensas were $1.325,692.
not
yet any device that meets the Commission's condi- being a reduction of 131,095 as compared with 1923. Net operating reveclimate, there is
tions; (4) the Commission mistakenly regarded the Act of Congress as a nues amounted to 1455,196, which was an increase of $26,458 over the precommand to compel installations irrespective of the undeveloped state of vious year.
the art; and (5) that the order of July 18 1924, allowing the use of the foreAs a result, however, of an increase in car hire, net operating income for
stalling device, was practically a new order, which would allow two years' the year shows a slight falling off as compared with the previous year.
additional time for compliance.
and amounted to $225,664 as compared with $248,749 in 1923.
THE CHRONICLE
1878
The improvement in net operating results for the calendar year 1924
over the calendar year 1920, immediately prior to the beginning of the
present administration, which took charge of the road in July 1021, was
$1,210,301. This improvement was brought about by an increase in gross
earnings of $252,215 and a reduction at the same time in operating expenses
of $958,086.
The operating results of the Statesboro Northern branch. 40 miles, acquired during the year,are not included in the above figures.-V.119,p.2642.
[VOL. 120.
Northern Pacific Ry.-Equipment Trwts.The company has applied to the I.-S. C. Commission for authority to
issue and sell 53,525.000 434% Equipment Trust certificates. These
certificates, if approved, will be sold to J. P. Morgan & Co. and the First
National Bank at not less than 96.-V. 120, p. 700, 581.
Oklahoma City-Ada-Atoka Ry.-Bonds Offered.-Davis,
McDade & Co., Chicago, and Thayer-Beebe & Co., MinneHudson & Manhattan RR.-Initial Common Dividend apolis, in March offered at 993 and int., to yield over 6%,
of 1 3 %.-The directors on April 9 declared an initial semi- $800,000 1st (closed) Mtge. 6% Gold bonds.
Dated Jan. 11924: due Jan. 11944. Int. payable J. & J. Red., all or
annual dividend of 13% on the outstanding $39,994,945 part,
on any int. date upon 30 days' notice on or after Jan. 1 1929 at 105
Common stock, par $100, payable June 1 to holders of rec- and
int. Denom. of $1,000 c5. Mississippi Valley Trust Co., St. Louis,
trustee.
ord May 14.-V. 120, p. 1739, 580.
Data from Letter of H. R. Hudson, President of the Company.
Keokuk 8c Hamilton Bridge Co.-Writ of Attachment.- Company.
Supreme Court Justice Francis Delehanty on April 7 s*ned a writ of attachment for $2,794,494 in a suit brought by the New York Trust Co. as
trustee under a collateral trust indenture of the Keokuk & Hamilton Bond
Holders,Company,Inc.,against the Bridge Company to recover the amount
sued for, alleged to be due for interest and principal of $1,000.000 bonds of
the Bridge Company.
The size of the claim is due to the fact that the bonds were issued under
a mortgage of April I 1869. They were pledged to the New York Trust Co.
under indenture of Oct. 11914, to secure $384.800 of 6% gold notes issued
by, the Bond Holders' Co. The estate of Andrew Carnegie, according to
affidavits, is holder of more than 90% of the notes. Two actions have been
brought in the U. S. District Court of Iowa to foreclose the 1869 mortgage.
-Nr. 99, p. 120.
Lehigh Valley RR.-Law Providing for State's Acquiring
Stock of Morris Canal & Banking Co. Upheld.The Newark (N. J.) "News" Mar. 13 has the following: Legislation of
1923, as amended the following year. providing for a procedure under which
the State may condemn shares of capital stock of the Morris Canal & Banking Co., although it is different from the Eminent Domain Act. Is valid, according to an opinion given Mar. 13 by Justice Black in the Supreme Court
at Trenton, N. J.
Beth are statutes of procedure, said the Court, within the control of the
Legislature, regulating the manner of acquisition of stock by the State.
The Court's decision disposed of the proceedings instituted by Clarissa E.
Sandell of Philadelphia, holder of 11 shares of the Preferred stock of the
canal company; Ada M. Stearns of Hartford, holder of 21 shares, and Frederick Sefton of Auburn, N. Y., holder of 10 shares.
They had attacked the order of Supreme Court Justice Trencher& who
Dec.8 last appointed three commissioners to appraise the full market value
of the stock owned by the complainants. The defendants were the State,
the Lehigh Valley RR. and the State Department of Conservation and
Development.
Not only was the regulation of the proceeding attacked, but also the constitutionality of the Act under which the order was made. Another contention was that Justice Trenchard had no jurisdiction to make the order.
The crux of the plaintiff's argument was to the effect that an Act of 1922,
which provides for acquisition of stock by the settlement of the claims of
the canal company, also provides for condemnation proceedings, if necessary to acquire any shares of stock which are to be conducted by the At-,
torney-General at the request ofthe Conservation Board under the Eminent
Domain Act.
Justice Black said that the acquisition by the State of shares of the company is for public use, so declared by the Act of 1922. and it is pursuant to
the reserved rights of the State in a canal charter of 1824.
Whether the Act of 1924, which provides that the holders of the stock
may be proceeded against separately, is or is not unjust, Justice Black said,
is within the sphere of the Legislature to determine and not the Court.
V. 120, p. 1744, 449.
Mahoning Coal RR.-Common Dividend of $12 50.The company has declared a dividend of $12 50 a share on the Common
stock, par $50, payable May 1 to holders of record April 15. A similar
disbursement was made Feb. 2 last. Dividends of 210 a share were paid
on the Common stock in Feb., May,
Nov. and Dec. 1924, a total
for 1924 of $50 a share. The same rateAug..
was paid in 1923.
The company has outstanding $1,500,000 Common stock, of which the
New York Central RR. owns $894,650.-V. 120. p. 1323.
New Orleans Texas & Mexico Ry.-Bonds.The 1.-S. C. Commission on April 2 modified its former order so as to
authorize the sale of $3.752,000 1st Mtge. 534% bonds, Series A, and
5981,000 of 1st Mtge. 5% bonds, Series B, at the respective prices of not
less than 97 ana 90% and int.-V. 120, p. 1745, 1583.
New York Central RR.-New Treasurer, &c.Harry G. Snelling, Asst. Gen. Treas., has been appointed to the position
of General Treasurer to succeed the late Milton S. Barger. Rush N.
Harry of Cincinnati, Ohio, Treasurer of the Cleveland Cincinnati Chicago
& St. Louis Ry. (Big Four) since 1909, was appointed to.the position of
Asst. Gen. Treasurer of the New York Central Lines, made vacant by the
promotion of Mr. Snelling. A. P. Burke of Cincinnati was made Treasurer
of the Big Four to succeed Mr. Harry.-V. 120, p. 1745.
New York Connecting RR.-Annual Report.Calendar YearsOperating revenues
Operating expenses
1924.
1923.
1922.
$3,091,647 $3,278,057 $2,929,211
904,011
1,009,738
970,782
Net operating revenue
Tax accruals
$2.187,636 $2,268,318 $1,958,429
471,044
448,981
470.939
Operating income
Equipment rents
Joint facility rents
Net operating income
Non-operating income
Gross income
Deductions from gross income
Government guarantees (deb.)_
Net income
-V. 118, p. 1773.
$1,716,592 $1,819,337 51.487,490
Dr.64,800
Cr.22,332
Deb.364,785 Deb.363,730
$1,287,007 31,477,939 $1,487,490
def.4,683
24,116
32,942
$1,282,324 $1,502,055 $1,520,432
1.281,564
1,303,014
1,651,817
71,872
$759
$199,041 def$203,257
New York New Haven & Hartford RR.-5,000 New
Haven Employees Subscribed to New Bond Issue.-The following statement was issued at the executive offices of the
New Haven company April 6:
The result of the recent financing of the New Haven RR. was phenomenal.
The company needed $23,000,000 to meet the se-called Foreign Loan
due April 1 1925. In June 1924 the Manufacturers' Association of Connecticut voluntarily interested themselves in the matter, believing that it
was for the interest of industries that the New Haven RR. be aided to
obtain the full amount of money required to pay the loan in full, rather
than to have any part of it extended or to use any of the funds that the
New Haven had in hand for meeting the April 1 obligation. They believed
that, if their ideas were adopted, the credit of the New Haven would be
benefited and that the company would be in a position to continue to spend
money for improvements to serve its patrons.
The industries of Connecticut got the industries of Massachusetts and
Rhode Island also interested in the matter and the result of their work,
together with that of others, was that the company finally,obtained subscriptions to the new loan of over 3134 million dollars from industries,
banks, bankers, trust companies, insurance companies, employees, stockholders and directors, and all of this money was obtained without commission or underwriting charge.
The executives of the company and the company itself appreciate fully
the results obtained and feel under great obligations to all who contributed
to the success, especially to the industries mentioned, to the banks, bankers
and trust companies, who contributed liberally without compensation, and
employees. about 5,000 of whom subscribed to nearly one million dollars
of the new bonds.-V. 120. p. 1753, 1583, 1579.
Norfolk & Western Ry.-Improves Property.See article in "Railway Age" of April 4, p. 881 to 889.-V. 120, 1). 1735.
-Controls and operates a railway system of about 133 miles,
Including direct operating connections under lease. The line affords a
direct connection between St. Louis and Kansas City, Mo., and the Gulf
of Mexico, via Oklahoma City, as the road's northern terminus connects
directly with the Missouri-Kansas-Texas RR. at Oklahoma City, and again
connects with this system at Atoka, Okla. This property was formerly
a part of the Missouri-Kansas-Texas RR. system until May 1 1924, when
control was acquired by H. R. Hudson, President of Oklahoma-Ada-Atoka
By., who previously had served as operating executive of this line for the
Missouri-Kansas-Texas system.
The company handles a well diversified freight traffic, which furnishes
about 72% of grass operating revenue. Of the 10,530 carloads handled in
the past year approximately 7,500 originated on the company's own line.
In addition to this named freight business more than 14,000 tons of less
carload freight were handled over the company's road. Direct connections
are made with six railroad systems at Oklahoma City, which afford the
company considerable interline traffic.
Security.-Secured in opinion of counsel by direct 1st Mtge. on 81 miles
of railroad extendingfrom Shawnee, Okla., to Coalgate, Okla. In addition,
they constitute a direct first lien on 13 locomotives, 30 box cars, 30 coal
cars, 5 passenger coaches (against which there are no equipment obligations
outstanding), as well as other auxiliary equipment. Company's funded
debt amounts to only $9,800 a mile. which is an extremely low ratio, especially considering that the 1.-S. C. Commission has placed a tentative valuation of $1,902,785 on the company's line, which value has been materially
added to recently through additions, betterments and equipment.
Earnings.-Actual net revenues applicable to interest charges for the
period from May 1 1924 to Dec. 31 1924 were at the annual rate of $213.107,
or more than 4.40 times the interest charges,on this issue of bonds. Prior
to May 1 1924 the company was operated as a part of the Missouri-KansasTexas system, for which reason a segregated record of income and expenditures before that time cannot accurately be given. However, a searching
analysis was made of freight revenues over an 8-year period as well as an
analysis of total revenues for two average months in the years 1921 and
1924, which show that the line has enjoyed a continuously incresaing
business over this period.-V. 119, p. 325.
St. Louis-San Francisco Ry.-Bonds Called,
All of the outstanding 1st Mtge. Southwestern Division Gold bonds of
St. Louis & San Francisco RR. Co. have been called for payment Oct. 1
1925 at par and int. at the office of St. Louis-San Francisco By. Co.. 120
Broadway, N. Y. City.
The St. Louis-San Francisco By. Co. is prepared to purchase any of the
bonds presented at its office at any time prior to Oct. 1 1925 at par and
int, to date of purchase.
The 1.-S. C. Commission has placed a tentative valuation of 5784.750
on the total used property and 5761.950 on the total owned property of the
Paris & Great Northern RR. Co. as of June 301918.-V. 120. p. 1200.
San Antonio & Aransas Pass Ry.-Control by Southern
Pacific Co. and Galveston Harrisburg & San Antonio Ry.The 1.-S. C. Commission on Mar. 25 approved and authorized (1) the
acquisition by the Southern Pacific Co. of control of the San Antonio &
Aransas Pass Ry. by purchase of capital stock; and (2) the acquisition by
the Galveston Harrisburg & San Antonio By. of control of the railroad of
the San Antonio & Aransas Pass By. by lease.
The report of the Commission says in part:
Prior to 1903 the Southern owned all of the stock of the Aransas, and
had guaranteed payment of the principal and interest on $17,544,000 of
50-Year 4% bonds dated Jan. 1 1893. By force of a decree of the District
Court of Travis County, Texas, rendered Dec. 14 1903. the Southern was
enjoined from owning or controlling any of the stock of the .Aransas so long
as it owned or controlled any of the stock of the Galveston, and accordingly
the Southern disposed of its interests in the Aransas. but its liability as
guarantor of the principal and interest on the bonds has continued. The
record shows that the .Aransas has incurred an average annual net deficit
of $965.371 during the 10-year period 1914 to 1923. Inclusive, and up to
Sept. 30 1924 was indebted to the Southern in the sum of $9,263,012 for
Interest paid under the guaranty, plus interest thereon in the sum of 54.823,771, a total of $14,086,783. The Southern contends that the placing upon
it of this burden of financial responsibility and expense, without control
by it of the Aransas, is in conflict with the best interests of the public, and
that this is especially true when it can be shown that the expense could be
substantially reduced and possibly entirely provided for in the future by
operation of the Aransas as part of the Southern system.
The Aransa.s has outsta,nding 10,000 shares of Common stock of the par
value of $100 per share. The Southern has entered into an agreement with
Kuhn, Loeb & Co.. bankers, for the purchase of 9,854 shares of this stock
for the sum of $236,561, with interest at the rate of 6% per annum from
June 17 1924, plus a sum equal to the amount of the stamptax payable •
on the transfer of the stock. The Southern states that the stock has no
ascertainable market value, but that its value to the Southern is in excess
of the amount to be paid, as control and operation of the Aransas by a subsidiary of the Southern will result in savings that will substantially contribute
to or perhaps entirely meet the annual expense to the Southern incurred
from payment of interest on the bonded debt of the Aransas.
The proposed agreement of lease between the Aransas and the Galveston
provides, generally, that the former shall lease to the latter on Jan. 1 1925,
If approved by us prior to that date, otherwise on the first day of the month
following the effective date of our order, all of its railroads, equipment,
aggrnneeslgriaM.0terd
t.lad
14o
year,
the lease
30daysnotice
s
continue n effect
agrg
by
by
either party, and that the Galveston shall pay to the Aransas as rental for
the demised property a sum sufficient to provide for (a) the payment of
all interest payable for such year on the outstanding funded debt of the
Aransas;(b) the payment of all sinking fund contributions, if any, payable
for such year under the terms of any mortgage securing the outstanding
funded debt of the Aransas, and (c) the payment of all corporate expen.ses
payable for such year reauired to maintain the corporate organization of the
Aransas,-V. 120, p. 207.
Southern,Pacific Co.-Changes in Personnel.-
Julius ICruittschnitt has resigned as Chairman of the Executive Committee, effective May 1. He will be succeeded by Henry W. de Forest.
The authority of the President. William Sproule, will be extended over
all the properties of the company except the Texas and Louisiana lines.
which will continue as heretofore under the charge of W. R. Scott. 4 41
A. D. McDonald, now Vice-President and Comptroller, will be the chief
assistant to Mr. de Forest and the medium of communication between the
President in San Francisco and the Executive Committee in New York.
In the absence of the Chairman, Mr. McDonald, as Vice-Chairman, may
exercise and perform his duties.
As a result of the transfer of the chief executive offices to San Francisco
the position of Director of Traffic, now held by L. J. Spence, will be discontinued. Several separate traffic jurisdictions will be established ,In
place of it. These will be co-ordinated with respect to through traffic and
that interchanged with other lines and will be under the control of T. M.
Schumacher, Vice-President in charge of traffic, whose headquarters are
at Chicago. Mr. Spence will be the executive officer and headjof the
Southern Pacific Steamship Lines.
Paul Shoup, now Vice-President at San Francisco, will become Executive
Vice-President and have immediate charge of the operations of the Western
lines, with headquarters in San Francisco, J. P. Blair remains as general
counsel of the company, with charge of the legal business in New York
and neighboring States.
G. W. Mulks has been elected Comptroller to succeed Mr. McDonald:
Hugh Neil, the present Secretary of the road, has been elected VicePresident and Secretary.
See Antonio & Aransas Pass By. above.-V. 120, p. 581, 451.
APRIL 11 1925.]
THE CHRONICLE
Western Pacific RR. Co.-Asks for Bids.-
1879
the Missouri in the project. In the meantime the Beaumont's line has been
extended to Weldon. The Missouri took steps to acquire the property
and work on the Waco extension was resumed, but was suspended because
of a suit against the Missouri and the Beaumont instituted by the AttorneyGeneral of Texas. The suit was compromised, the Missouri agreeing to
complete the extension from Weldon to Waco. Subsequently the properties of the Missouri were placed in the hands of a receiver and in 1922
were sold under foreclosure, the applicant's President acquiring the stock
and bonds of the Beaumont. On April 1 1923 the charter of the Beaumont
was amended, and the present name of the applicant adopted. The
Attorney-General of Texas gave the applicant notice that as purchaser of
June 3022. a part of the Missouri's
properties it took the property subject to the agreement to construct the extension from Weldon to Waco. The testimony is
$71,822,838 that
such extension alone would hardly be justified. and that in order to
4,056,751 make the project attractive
to the applicant's owners or to investors it
was necessary to revert to the original plan, basing the line on the ports
of the Sabine district. The application does not cover the proposed extension from Weldon to Waco.
The principal grounds on which the applicant rests its claim that the
public convenience and necessity require the construction of the proposed
1.000,000 lines are that they are necessary
(1) to assure the continued operation of
107,633 the applicant's existing lines, (2) to
develop the resources of the region to
traversed between Livingston and Beaumont.and (3) to assure
the proper
4,347,494 be
growth and development of the Sabine ports and the Beaumont-Port
Arthur
industrial district.-V. 119, p. 2408.
The company requests bids for the purchase in a single block from the
company of $4,000,000 of its 1st Mtge. 5% Gold bonds to be issued under
and secured by its first mortgage dated June 26 1916. Bids must be
submitted to the company. 43 Exchange Place, N. Y. City, before April 24.
The issuance of the bonds and their sale at not less than 90 and interest
have been authorized by the I.-S. C. Commission and the California RR.
Commission.-V. 120, p. 1745.
Western Pacific RR. Corp.-:-Balance Sheet.AssesPar Value. Dec. 31 '24. June 30'23.
Capital stockWestern Pacific RR
$74,998,700 $74,996,400 $71,822,838
Utah Fuel Co.(equity in)
10,000,000
4.056,751
Utah Fuel Co.(equity in)
5,000,000),
D.& R.G.W.RR. 150.000 Fibs no par val. 12,500,000
D. & R. G. Western RR.:
Preferred stock
2,070,0001 d5,175,000
Gen. tge. bonds
3,751,875(
Western Realty Co
300,000 1,500,000 1,000,000
Rio Grande Junction RI
41,000
107,633
Securities-Sacramento No. RR.:
Capital stock
4,435,0431 4.374,252 4,362,287
lst Mtge. bonds
5,196,110J
Capital Stock-D. & R. G. W.
RR., &c., assets acquired in
connection with sale of properties of D.& It. G.RR
4,937,849
Assets acquired In liquidation of
Globe Express Co
108.881
1st M.Ser. A. bonds. W.P.RR_
60.061
46,207
lst Cons. M.bonds,R. G. W.Ry
61.000
29,636
7% Ad). M.bds., D.& R.G.RIt. 5,175,000
a5,175,000
lat Mtge. bonds, R.G.So. RR__
4,000
1,250
1st M. bonds, Tidewater So. Ay_
22.500
15,479
15t M.bds., W.P. RI.(old col_ 47.451,000
(b)
Rec. ctfs.(D.& R.G.W.RR.Sys.) 2,300,000
2,254,000
Cap.stk.(owniss. In treas, avail.
for sale) Common
1,976,575
e672,036
Cap.stk.(own iss. In treas. avail.
for sale) Preferred
1,315,488 el.118,164
4% 10-yr. sec. notes (own Issue)
In treasury
118,000
e106,200
Miscellaneous bonds
1,597,133 1,498,975
U.S. Lib. Loan & Treas. bonds
4.185,500 4,252,822 2,974,883
Railroad equipment
201,947
1
27,9251
Furniture and fixtures
f
2,947
Advances to affiliated companies
6913,889
Accounts receivable
1,093,285
59,215
Unadjusted debits
326,129
Cash
4,593,116
822,009
4,937.849
108,768
53,641
29.636
5.175,000
1,250
15,479
(b)
PUBLIC UTILITIES
Alabama Power Co.-Bonds Offered.-Harris, Forbes &
Co. and Coffin & Burr, Inc. are offering at 94% and int.,
to yield about 5.40%: $3,0130,000 1st Mtge. Lien & Ref.
Gold Bonds, 5% Series, due 1951, dated Dec. 1 1922.,
due June 1 1951.
Data From Letter of Thos. W. Martin, President of the Company.
Company.-Serves directly or at wholesale practically all the urban
population and industrial power requirements in a territory comprising the
northern two-thirds of the State of Alabama, including the important
Birmingham industrial district. Property includes 2 of the largest hydroelectric developments and one of the largest steam generating stations in
the South. Of the hydro-electric stations the Lock 12 plant has a capacity
of 110,000 h.p. and the recently completed plant at Mitchell Dam present
3,422,821 installed capacity of 72,000 h.p. with provision for an ultimate acapacity
1,656,760 of 120,000 h.p. The Warrior Reserve steam station has a present installed
2.822 capacity of 100.000 h.p.
698,889
New steam and hydro
-electric installations put in service during the
19,676 past year have increased the present aggregate installed generating capacity
259,208 of the company's plants to 326,500 h.p. of which almost two-thirds is
1,288,149 hydro
-electric. The generating stations'
are connected with each other
and with Birmingham and other markets by a comprehensive system of
Total
$111,908,175 $99,003,244 $99,004,665 modern transmission lines, the transmission lines now in operation aggreLiabilitiesgating over 2,000 circuit miles in length.
Common stock
In order to meet the rapidly growing demands for power in the territory
$47,500,000 $45,523,425 $45,523,425
Preferred stock
27.500,000 26,184,513 26.184,512 served there is now under construction an additional hydro
-electric plant
4% 10-Year Secured notes
5,175,000 5,057.000 5,057,000 which will have an initial installed capacity of 90,000 h.p. Company also
Accrued depreciation on railroad equipment..
13,802 controls, largely through subsidiary companies, hydro
8,965
-electric possibilities
Accounts payable
1.371
3,213 aggregating several hundred thousand horsepower.
Accts. pay. for completion D. & R. G. W.
Earnings 12 Afonths Ended Feb. 28.
reorg. & res. for div. payable Jan. 1925_ _ _
1.281,972
1924.
1925.
Deferred Inc.-Divs. on Utah Fuel Co.stock _
c2,928,814 2,928,814 Gross earnings
$8.316.569 $9,160.340
630,451,202 19,299,156 19,293,898 Operating expenses and taxes
Surplus account
4,495.840
4.667,489
Total
$111,908.175 899,003,244 $99.004,665
Net earnings
$3,820.729 $4,492.851
a These bonds are pledged to secure the 4% 10-Year Secured notes of this corp.
2.199,965
b Valuation deferred, and then believed that little or nothing more could be realized Annual int. on funded debt with public (incl. this issue)
on this obligation. erhen in litigation. d As these securities of the reorganized
Balance
$2,292,886
D.& It. G. Western have been received In exchange for Adj. bonds of the old Denver
-Secured
by
Security.
a
general
on
mortgage
the
entire property of the
company, which were exchanged par for par by the issuance of 4% notes of this company, also secured by the pledge of $23294.000
1st Mtge. 5s and
company, due in 1930, and are pledged to secure the same, and as it is not possible $1,213.011$
(closed mortgages) underlying divisional bonds, including those
at this time to ascertain what loss, if any, may result, they are carried on the books to be pledged
issue.
connection
No additional 1st Mtge. bonds,
in
with this
at cost. e At market price Dec. 31 1024. f See details in V. 120, p. 1745.
of which $10,221,000 are now outstanding with the public, can be issued
The usual comparative income account was given in V. except for pledge as further security for the 1st Mtge. Lien & Ref. bonds.
CapitalizationAuthorized. Outstanding.
120, p. 1745.
Common stock (no par value)
400.000 shs. 187.510 shs.
390,000 shs. a138,072 shs.
' Waco Beaumont Trinity & Sabine Ry.-Construction. Preferred stock (no par value)
$1,000.000
The I.-S. C. Commission on Feb. 19 issued a certificate authorizing the Preferred stock, par $100
$587.800
13,000.000 612,170,000
company to construct and operate that part of a proposed extension of its Inconve debenture certificates, due 2020
C
1$7,700,000
.
railroad from its terminus at Livingston, Polk County, Tex., southeasterly 1st Mtge. Lien & Ref. 5s, due 1951 (incl. this Isa.)
due
1951
6s,
do
through the counties of Polk, Hardin and Jefferson to a point at or near
21,000,000
.
the southeastern corporate limits of Beaumont, Tex., certain sections of 1st Mtge. 5s, due 1946
(Closed)
d878,300
the extension to be built only in the event trackage rights cannot be secured Underlying Divisional bonds
Including
small
amount
a
a
sold
on time payments maturing during the
over existing lines: also a belt line passing through the city of Beaumont
next few months. b These debentures are a non-foreclosable security
and connecting at both ends with said extension.
Public convenience and necessity not shown to require construction of having a contingent interest in the balance available after the payment of
that part of the proposed extension from a point at or near the southeastern Preferred stock dividends. They represent part of the original investment
corporate limits of Beaumont to West Port Arthur, Tex., or the construction in the property over and above that represented by the outstanding bonded
of a marine facilities line between Port Neches and Port Arthur, Tex. debt. c Unlimited except by the conservative restrictions of the indenture
as outlined herein. d $23,294.000 additional 1st Mtge. bonds and $1.213.Application in so far as it relates to said lines dismissed without prejudice.
000 additional Underlying Divisional bonds (incl. those to be pledged in
connection with this issue) are pledged under the indenture securing the
The report of the Commission says in substance:
1st Mtge. Lien & Ref. bonds and no additional
Mtge. 5s may be issued
By its amended application filed in this proceeding on Nov. 15
the except for pledge thereunder.-V. 120, p. 1745.let
451.
company requests a certificate under paragraph 18 of section 1 of1923
the
that the present and future public convenience and necessity require Act
the
American Electric Power Co.-Bonds Called.construction of(1)an extension of its railroad from its terminus at Livingston
As a result of the recent sale of the
By. and other properties
southeasterly by way of Beaumont to West Port Arthur, a distance
of to A. E. Fitkin & Co.,the company hasScranton
called for redemption the following
approximately 100.26 miles, the extension to be located in Polk. Hardin
and Jefferson Counties, Tex.; (2) a belt line passing through the southern issues:
(I) On Sept. 1 all of the outstanding $570,000 American Railways Jersey
and southwestern parts of the city of Beaumont connecting at both ends
with the extension and having an estimated length of 2.23 miles; and (3)ra Central 6% Gold bonds, dated March 11917, at 1024 and int. at the Bank
of North America & Trust Co., trustee, Philadelphia, Pa.
marine facilities line beginning at a point on the proposed extension
at
or
(2) On Sept. 1 all of the outstanding $1.750.000 American Railways Co.
near Port Neches, thence following southwesterly the general course of the
Neches River and of the Sabine-Neches Canal to a connection with the 5% Collateral Trust Gold bonds. dated Feb. 7 1917, at 1024 and int, at
the Continental-Equitable Trust Co.. Philadelphia, Pa.
proposed extension in the city of Port Arthur, a distance of 12.16
miles.
Bondholders are privileged to present the above bonds at any time
The applicant proposes to operate these lines.
The applicant owns and operates in inter-State commerce a line of rail- before the redemption date and receive therefor the 1024 and int. to the
date of surrender.
road, hereinafter designated- as the main line, extending from
Weldon,
(3) On July 1 all of the outstanding $851,900 National Gas Electric
Houston County,southeasterly through Trinity to Livingston. Polk County,
Light & Power Co. Collateral Trust 6% bonds, Series "A," at 102 and int.
Tex., a distance of 48 miles. It also owns, or is in process of acquiring,
at the Integrity Trust Co., Philadelphia, Pa.
and operates in inter-State commerce a line of railroad, hereinafter
(4) On July 1 all of the outstanding $1.224,100 National Gas, Electric
nated as the Colmesneil line, extending from Trinity to Colmesnell, desigTyler Light & Power Co. 67. Secured Gold bonds, Series "B," at 101 and
int,
County, Tex., a distance of 67 miles. It appears that the lines do
not at the Integrity Trust Co., Philadelphia, Pa.-V. 120. p. 1584.
connect physically at Trinity except indirectly by means of trackage
rights
on the International-Great Northern. These lines were operated by
the
American
Gas Co.-To Merge with United Gas ImproveMissouri Kansas & Texas By. Co. of Texas prior to reorganization
of the
Missouri Kansas & Texas system. Operation by the
applicant began ment Co.-See that company in V. 120, p. 1749.
April 11923. It was authorized to acquire and operate the
The
Colmesneil
Philadelphia
line
Stock Exchange has authorized the listing of $2,500,000
by certificate dated July 16 1923 (V. 117, p. 441).
10-Year 7% S. F. Secured Gold bonds, due Jan. 1 1934. and $1,625,000
From Bragg to Saratoga, Tex., 9 miles, the route of the
exten- 10-Year 7% Cony. Gold bonds due Jan. 15 1928. For offering of former,
sion follows a branch line, the termini of which are theproposed
places
This branch is owned by the Gulf Colorado & Santa Fe By. It isnamed. see V. 118, p. 666.-V. 120, p. 1455.
represented that the branch has not been profitable and that the Santa
American Gas & Electric Co.-Transfer Agent.Fe desires to sell it. From a point 1
miles east of Grayburg
the station of
The Guaranty Trust Co. has been appointed transfer agent for 363,849
Elizabetn, 5 miles west of Beaumont, a distance of 124 to
miles,
it
shares
of Preferred stock and 1,235,968 shares of Common stock of no
follows
the main line of the Beaumont Sour Lake & Western By.
these par value.
sections of the route the applicant does not propose to build Along
its
own
line
event
it can obtain trackage rights over the existing lines. The
in the
American Light 8c Traction Co.-Larger Cash Dividend
applicant desires to organize under the laws of Texas, if it so elects, a
Declared on Common Stock-Omits Stock Dividend.railroad company which would construct, own and operate thatterrains
part
of
The directors have declared a quarterly
the proposed line south and east of the Junction with the Sour Lake at
Common stock, payable May 1 to holders cash dividend of 1 j7. on the
Elizabeth. This part of the line comprises 31 miles of main line
11 pares with cash dividends of 1% and stockof record April 15. This commiles of branches. The applicant intends to extend its railroadand
dividends of 1% each paid on
from
this issue from Feb. 1921 to Feb. 1925 incl.
Weldon to Waco, a distance of about 110 miles, as soon as it can
finance
the work, and it hopes to begin the extension to Waco on or before
President
Lathrop
has
issued
completthe
following
statement:
ing the extension to Port Arthur.
The directors on April 8 increased the cash dividend on the Common
It appears that the applicant's President has for a number of years
had stock of the company from a rate of 4% per annum to 7%
per annum, by
in contemplation the construction of a railroad from Waco to Beaumont.
a quarterly cash dividend of 14%. payable on May
1 to holders
In 1908 he had a reconnaissance made for such a railroad and in 1909 declaring
of record April 15.
purchased the line from Trinity to Livingston for use as a link in the
No action was taken on the declaration of a stock dividend. The comproposed railroad. The line had been built by the applicant under its former
Common
pany's
stock
has
been
increased
since June 30 1909from $8,279,100
name, the Beaumont & Great Northern RR. In 1910 the Beaumont was to an amount now outstanding of
$32,195,000, practically all of which has
held to be a tap line, and in consequence of this ruling the
been paid in at par through the medium of stock dividends
issued against
President sold his interest in it. Afterwards he succeeded in applicant's
interesting undivided surplus.
T H PI CHRONICLE
1880
The capital structure of the company is most satisfactory to the board,
that the Opera consolidated statement of securities outstanding indicating approximately
ating companies have but $46,000.000 of funded debt, and
$5,000.000 of Preferred stocks outstanding. The American Light Ss Traction Co. has $14,236,200 of6% Preferred stock and $32.195,000 of Common
stock outstanding.
It being no longer thought necessary to build up the Common stock issue,
the board has Increased the cash dividend on the Common stock from 4%,
to 7% per annum. The earnings of American Light & Traction Co.-s operating companies are, with few exceptions, at the highest point in their history and the management looks forward to a year of material progress.V. 120. p. 1455.
American Public Service Co.-Notes Called.All of the outstanding Collateral Gold notes, Series "B," dated July 1
1920 and due July 1 1925. have been called for payment May 1 at par
and Int. at the First Trust & Savings Bank. Chicago, Ill,
pArrangements have been made whereby the holders of any of the notes
may present the same for payment at any time prior to May 1 at the
First Trust & Savings Bank and receive payment at par and interest
to date of presentation -V. 120, p. 1584.
American ,Telephone & Telegraph Co.-Advertisement
Sent by Telephotography.The first advertisement ever transmitted by telephotography, the new
method of sending hotographs by telegraph, was printed in the April 7
issue of "The Times' for the B. F. Goodrich Co. of Akron, 0. The entire
advertisement, Including an Illustration, was sent over the wires of the
American Telephone & Telegraph Co.. which hitherto has used the method
only for the transmission of news photographs. The success of the operation
shoes that advertisements prepared one day can be printed the next day
in a distant part of the country exactly as the advertisers want them to
appear, and enables merchants and manufacturers to take prompt advantage of marketing opportunities. The American Telephone & Telegraph Co. is prepared to give telephotographic service between San Francisco, New York and Chicago.
Parent Company as Banker for Associated Companies for
Long-Term Advances.In its detailed report to the Massachusetts Department of Public Utilities
the company reveals Its scope as banker for the associated companies. As
of Dec. 31 1924 the parent company was a creditor of the associated companies for long term advances to a total of $195,698,237, compared with
$162,395,065 at the end of 1923. The list of advances as at end of 1924.
1923 and 1922 follows;
1093.
1924.
1922.
515,100.000 $16.200.000
Bell Telephone of Pennsylvania
New England Telephone & Telegraph 31.219.200 19,249.000
Chesapeake & Potomac (West Va.).. 2.755,472
1,255,472 $3.755.072
Chesapeake & Potomac (Virginia)
2,342,708
617,798 4,920.798
Chesapeake & Potomac (Bait. City)_ 4.275.000
125.000
Cumberland T. & L
10,322,480
1.802,480
8.277.080
Michigan State Telephone
7,015,000 16,620.465 25,985,465
1.000,000
Mountain States Tel
1,524,302
4.200,000
43.8.31,554 30.711.554
New York Telephone Co
7,611.544
Pacific Telephone & Telegraph Co- 45,287.500 31,400,000
300,000
5.285,000
Southern Bell Telephone
1.640,000 14.546,238
16.315.608 11,415,608
Ohio Bell Telephone
6.205.000
Southwestern Bell
20.874.761 16.274.761
7.748.625 6058,625
Indiana Bell Telephone
5,133,626
Southern New England
3,200,000
2.700,000
1.300.000
Wisconsin Tel
2.726,144
Central Union Tel
12,805.614
Maryland Tel., Bait. City
1.725,500
Total
5195.698,237E162.395,0655115.766.852
The Philadelphia Stock Exchange has authorized the listing of R/1,713.400
additional capital stock Issued $170.300 in exchange for $170.300 7-Year
6% Cony, bonds due 1025: X12.700 being part of 200.000 shares to be
issued to employees, and $8.530.400 being part of 1,511.575 shares to be
issued under circular letter dated May 20 1924. making the total amount
of stock listed at April 4 $000.246,300 and reducing the amount of Cony.
6% bonds listed to 54,104,000.-V. 120. p. 1745, 1455.
Berkshire Street Ry.-Annual Report.Calendar YearsOperating revenues
Operating expenses
1924.
1923. '
1922.
$928.578 $1.084.266 51.046.774
774,069
975.274
816.269
Net operating revenue
Tax accruals
5154.509
39.139
$108.982
49.460
$230.505
48,150
Operating income
Non-operating income
$115.370
1.777
$59,522
3.535
$182.355
1.849
Gross income
Deductions from gross income_x
$117,148
294.983
$63,057
340.973
$184.204
332.791
def$177.835 def$277,916 def$148.587
Net income
x Deductions from gross Income include $209,980 In 1924, $213,550 in
1923 and 5213.550 in 1922. Interest accruing to the N.Y. N. H.& H. RR.,
but not included in the income account of that company.-V.119. p. 1171.
Birmingham (Ala.) Electric Co.-Annual Report.1921.
1922.
Years ended Dv.311923.
1924.
Gross earningsfrom operation 55,986,669 56,138,158 $7,122,569 $7,854.660
Oper. expenses, incl. taxes__ 4,427,426 4.405,590 4,802,591 5.273,202
Net earnings
Other income
51,559,243 51,732,568 $2,319,978 $2,581,458
17.292
Total income
Interest on bonds
Other interest and deductions
Dividends on Preferred stock
Renewal and replacement reserve
Balance for surplus
-V. 120, p. 84.
$2,598,750
848,789
82,834
105,000
598.512
$963,615
Central Massachusetts Light & Power Co.-Earnings.
Income Statement-Year Ending Dec. 311924.
Divs, on stock owned, $124.624; interest received. $5,551
Trustees' exp.. $9,477; taxes, $817; int. paid, $17,400
$130,175
27.695
$102.480
Balance
Total net income of trustees. $123,224, plus above bal. of 5102,480-5225,704
95,109
Pref. share dim (Central Mass. Light & Power Co.)
5130,595
Balance
Note.-During the year $108,064 of earnings was charged to depreciation
In addition to $34.838 expended out of earnings for maintenanance. See
also V. 120. p. 1745.
Central Power & Light Co.-Bonds Sold.-Howe, Snow
& Bertles, Inc., and Pynchon & Co., have sold at 100 and
interest $1,000,000 First Lien & Ref. 63i% Gold bonds,
"1952" series.samaiftiliPiegorgs/11111111.0111111100aaseiwawoort
-Dated Sepel 1922; due Sept. 1 1952. Interest payable M.& ff., without
deduction for normal Federal income tax of 2%.at office of Central Union
Trust Co., New York, or Continental & Commercial Trust & Savings Bank.
Chicago. Redeemable on any interest date at 110 and interest during the
first 15 years; at 1073 and interest during the next 10 years, and at 105
and interest thereafter. Denom. $1,000, $500 and $100 c*. Present
Penn.. Conn. and Maryland personal property tax and Mass, income tax
refunded. Central Union Trust Co., New York, and F. J. Fuller, trustees.
Data from Letter of President W. S. McCall, April 4 1925.
Company.-Came into existence in 1916 by the consolidation of a small
group of operating companies, the gross earnings of which were but little
more than $210,000 a year. Since that time gradual acquisitions have
Increased earnings of the(=Demi'to 14.730,612 for the year ending Jan. 31
1925.
[VOL. 120.
Company operates directly, or through its subsidiaries, central electric
power stations, as well as doing a gas, water,street railway or ice business In
about 75 cities and towns having a total population of approximately 252,000
and serving over 40,350 customers, located in the south weste'rn section of the
United States, in the States of Texas, Oklahoma, Arkansas, Mississippi and
Kansas, divided abo t as follows: 34.914 electric. 2,978r as and 2.458 water.
The basic business of the company is the development of electric power in
central stations and a large portion of the properties are central electric
power stations distributing energy, over 258 miles of high tension transmission lines, to surrounding communities.
Growth of Business. Fiscal Year Ended June 30.
Gross. Oper AMaint. Balance.
1916
883.788
$210,650
$126,862
1918
470,574
323.248
147.326
1920
794.317
536,702
257,615
1922
2,014.897
1.443,784
571,112
1923
3.063.357
2.107.000
956,357
1924
3,972,197
2.604.497
1.367.700
1925_x
4.730,611
3.062,511.
x Including earnings from new properties recently acquired and for year
ended Jan. 311925.
CapitalizationAuthorized. Outstanding.
First Lien & Refunding 6,4s. 1952
(a)
$6.537.800
First Mortgage & Prior Lien 6s, 1946
55.000.000 133,027.100
Divisional bonds
2,325.500
c351,100
7% Preferred stock (par $100)
10.000.000
3.430.900
Common stock (no par value)
50.000 she. 50.000 shs.
a Restricted by provisions of the trust indenture. b By the terms of
Indenture securing the First Lien & Ref. 6lie. ompany covenants that no
further First Mortgage dr Prior Lien 6s of 1916 may be issued, unless deposited with the trustee as security for the First Lien & Ref. bonds. c No
further bonds can be issued under these mortgages unless the same are
pledged as additional security for the First Lien & Ref. bonds while the
properties are owned by Central Power & Light Co.
Security.-An absolute first mortgage or first lien on the physical assets
or all bonds and stocks of subsidiary companies, valued at $8.377,047. and
by a mortgage or lien upon the balance of the property, having valuation
of 57,004.465. plus $725.000 cash on deposit for the purchase of additional
properties, subject to $351.000 of divisional bonds on three properties and
$3.027.100 First & Prior Lien 6.s of 1946.
The properties which the company and Its subsidiaries own, after adding
recent extensions and improvements and after giving effect to this financing,
have a replacement value, as determined by Hagenah & Erickson, of Chicago. Ill.: Fred A. Jones & Co.. of Dallas, Texas, and other engineers and
evaluators. In excess of $17.593.000.
Combined Earnings of Subsidiary Companies Years Ended Jan.31.
' 1924.
1925.
Gross income
$3.703,271 $4.730.611
Operation, taxes and maintenance
3,062.511
2.417,919
Net earnings applicable to interest
Interest on all funded debt (including this issue)
51.285.351
81.668.100
629,261
Balance
$1,038,839
Sinking Fund.-Mortgage requires company to set aside an annual sinking
fund payable beginning not later than Oct. 1 1924. of 23 % on the greatest
amount of bonds outstanding under this series during the preceding fiscal
year, and including the foregoing, the company m St maintain total sinking
funds of not less than 2% on all the bonds outstanding upon the properties
of company or its subsidiaries not pledged hereunder, against which may be
applied any sinking funds payable under any other existing indenture of this
company or its subsidiaries; any deficiency in such 2% shall be added to the
sinking fund for this series.
Management.-Company is controlled by Morrison & McCall of Bt.
Louis, Mo.-V. 119, p. 3008.
Central States Electric Co., Iowa Falls, Iowa.-Bonds
Offered.-Emery, Peck & Rockwood, Chicago, are offering
at 99 and interest, to yield about 6.08%, $460,000 First
Mtge. & Refunding 6% Gold bonds, Series "A."
Dated March 11925:due March 11950. Principal and interest(M.& S.)
payable at Chicago Title & Trust Co., or at office of company, in Cedar
Rapids, Iowa, without deduction for normal Federal income tax not to
exceed 2%. Denom. $1,000, $500 and $100c*. Redeemable, all or part,
on 30 days' notice on any interest date on or before March 1 1930 at 105:
thereafter on or before March 1 1935 at 104; thereafter on or before March 1
1940 at 103: thereafter on or before March 1 1945 at 102; thereafter on or
before March 1 1949 at 101. Redeemable Sept. 1 1949 without premium.
Chicago Title & Trust Co. and Abel Davis, trustees.
Data from Letter of Vice-President John A. Reed, March 26 1925.
Company.-Incorp. under the laws of Iowa. Is successor to the Iowa
Falls Electric Co. (V. 119. p. 2878). Through ownership of all the stock
of the Iowa Electric Service Corp., also incorporated in Iowa, there has been
acquired the properties formerly known as the Iowa Gas Co., Britt Light &
Power Co., Emmett County Light & Power Co.. Rolfe Light & Power Co.,
and Iowa River Light & Power Co.(V. 102, p. 2080). This group of properties now comprising the Central States Electric Co. serves communities in
15 counties in Iowa and in Martin County, Minn.
Of the total business 88.7% is furnished by the electric light and power
departments and the remaining 11.3% is derived from the gas, steam heat
and water departments.
Company has over 11,000 customers, of which 9,901 are electric customers. Current is supplied from five steam generating plants and one hydroelectric plant and is distributed over 477 miles of transmission lines. In
addition current is purchased at certain points from other companies. A
gas plant is owned and operated in Iowa Falls and the water plant in La
Porte. Steam heat is supplied in Iowa Falls and Britt.
CapitalizationAuthorized. Outstanding.
First Mtge. & Ref. 6% Gold bonds, Series
(a)
5460.000
Underlying Divisional bonds (closed)
873,000
______
1-to 5-Year Serial Gold coupons 634% and 7% notes
122.400
7% Cumulative Preferred stock
$1,000.000
100,000
stock
Common
1,200,000
697,400
a Issuance of additional bonds restricted by provisions of the mortgage.
Purpose.-Proceeds will be used to retire underlying bonds and to pay
In part for properties recently acquired and for other corporate purposes.
Security.-Secured by first mortgage lien on the properties formerly
owned by Britt Light & Power Co., Iowa Gas Co., Emmett County Light
& Power Co., and Rolfe Light & Power Co. Also secured by direct snort-.
gage on all properties of the company and of Iowa Electric Service Corp. now
owned or hereafter acquired (except cash and current assets and stocks and
bonds not deposited and pledged with the trustees and except merchandise
and stock in trade) subject to closed mortgages of a total of $873,000 and
to liens subject to which properties may hereafter be acquired.
According to report of George W. Knutson, financial engineer, the
property has a depreciated value as of Jan. 17 1925 of $3,010,000.
Earnings of the Property for the Twelve Months Ended Dec. 311924.
Gross earnings
$588,722
Operating expenses (including maintenance and taxes)
394,308
Interest on outstanding mortgage bonds (including present issue)
80,040
Balance
$114,374
Net earnings as shown above were over 2.40 times annual interest on all
outstanding bonds.
Management.-The management is identical with that of the Iowa Railway Sr Light Co. and Iowa Electric Co.
Chicago Rapid Transit Plans.-Votes Defeat Ordinances
Providing for City Ownership of Rapid Transit Lines.-The
two ordinances providing for the purchase of the Chicago
surface and elevated lines and the construction of a subway
were defeated by the electors on April 7 by over 100,000
votes.
The final figures on the ordinances were as follows: Adoption of ordinance-Yes. 227.554; no, 329.228; majority against, 101,674. Shall city
operate-Yes, 226.681; no, 327,543: majority against, 100,862.
The cost of the project, had it been adopted, it Is estimated, would be
about 5621,000.000.-V. 120. p. 1456, 1201.
APRIL 11 1925.]
THE CHRONICLE
Chickasha Gas & Electric Co.-Earnings.
-
Calendar YearsGross earnings
Operating expenses, taxes, &c
Int. & bond discount amortization
Preferred dividends
Common dividends
Balance, surplus
Total surplus Dec. 31
-V. 118, p. 2442.
1924.
$326.324
195.980
49,303
15,000
20.000
1923.
$249.193
175.803
29.770
15,000
20,000
1922.
$197.626
133,469
22,183
15.000
20.000
$46,041
$41.787
$8,619
$25,746
86.973
$27,127
Cincinnati Gas Transportation Co.-Tenders.-
The Provident Savings Bank & Trust Co., trustee. Cincinnati, Ohio.
will until April 16 receive bids for the sale to it of 57 bonds, dated July
1
1908, to an amount sufficient to exhaust $108,929.-2V. 120, p. 1325.
1881
The stockholders on March 2 changed the authorized
of Common
stock from 37.700.000. represented by 77.000 shares, oarissue
$100. to 385.000
shares no par value Common stock, and directed the officers
of
company
the
to issue 50.000 shares of no par value Common stock in exchange
for the
outstanding s1.000.000 Common stock, par $100, upon
surrender and
cancellation of same.-V. 120. p. 330.
Iowa Electric Service Corp.-Organized.-
See Central States Electric Co. above.
Iowa Falls Electric Co.-Successor Company.
See Central States Electric Co. above.-V. 119. p. 2878. -
Iowa River Light & Power Co.-Acquired.-
Bee Central States Electric Co. above.-V. 102. p. 2080.
Jamaica Water Supply Co.(N. Y.1.-Offers Pref. Stock.
Citizens Gas Co.(of Indianapolis).-Bonds Called.-
The company IF offering for subscription its
% Cumul. Prof. stock
at par ($50 per share) to all its consumers and73.4
employees and to other
Investors. The company on Dec. 31 1924 had
40.109 service connections.
an increase of 6.642 over the previous year.-V.
120. p. 453, 330.
Consol. Power & Light Co. of So. Dak.-Trustee,
The New York Stock Exchange has authoriTed the listing
of 32.000.000
additional 1st Mtge. 30-Year 5% Gold Bonds. Series
due Sept. 1
1952, making the total amount applied for 825,000,000"A,"
.-V. 120. p. 1320.
702.
An of the outstanding Gen. & Ref. Mtge. bonds. dated May 1 1922
and due May 11927. have been called for payment May 1 at 104
and int, at
the Fletcher American National Bank of Indianapolis, trustee.
-V. 120.
p. 209.
&c.
The Guaranty Trust Co. of New York has been appointed trustee,
registrar and paying agent for an authorized issue of $1.260,000
Lien Gold notes, dated April 1 1925. due April I 1926. One-Year Mtge.
The Guaranty Trust Co. of New York is prepared to effect the exchange
of its outstanding interim certificates for the company's
1-Year Mtge.
Lien 6% Gold notes, due April 1 1926, for the definitive notes.
-V. 119.
P. 3009.
Connecticut Company.-Annual Report.-
Calendar YearsOperating revenues
Operating expenses
1924.
1922.
1923.
$14.374.838 $14.717.233 $14,477.611
11,590.736 11,673,454 11.177,594
Net operating revenue
Tax accruals
32.784.102 83.043,779 $3,300.017
588.456
576.672
558.808
Operating income
Non-operating income
$2.195.646 82.467.107 $2.741.209
50,434
62,618
44.831
Gross income
Deductions from gross income
$2.246.080 $2,529,725 $2.786.040
1,543.611
1,504.478
1,475.625
Net income
-V. 120. p. 1325.
$702,468 $1.025.247 $1,310,415
Dakota Central Telephone Co.-Annual Report.Total telephone revenue
Operating expense
Current maintenance
Depreciation
Taxes
31.143,167 31.163:939 31.128..081
$370.585
$438.247
$422.295
165.659
163.785
159.344
207.153
196.145
188,287
104.512
101.274
87.669
Kansas City Power & Light Co.-Liptino.-
Kingston (N. Y.) Consol. RR.-Changes
in Capital.The stockholders on March 16 voted:
to extend the powers of the
corporation by adding the following: This(1)
corporation shall have power to
purchase, acquire, hold and dispose of the stocks,
bonds and other evidences
of indebtedness of any corporation, domestic or foreign,
change therefor its stock, bonds or other oblirationa: (2) and issue in exto reduce the par
value of the outstanding 2,000 shares of Preferred stock from
$100 each to
$50 each: and (3) to change the shares of Common stock of $100
par value
each to Common stock without par value, by providing an authorized
IMMO
of 2,000 shares of Common stock without par value to be
exchanged share
for share for the Common shares now outstanding -V. 118.
p. 2949.
Lawrence Gas & Electric C...-7'o Refund Bonds.-
The company has petitioned the Msasschuset
Department of Public
Utilities for authority to issue 81.500.000 5% 1stts.
Mtge. bonds to replace
an ivsue of the same amount of 7% bonds now outstanding
and which the
company intends to redeem at 109 and Int.-V. 120.
p. 1747.
Middle West Gas & Electric Co.-Bonds
All of the outstanding 1st Mtge. Gold bonds. dated Called.
Jan. 1 1906, of the
Rogers Light & Water Co.. a subsidiary, have been called
for
payment
July 1 at 105 and int. at the Bankers Trust Co.. trustee,
16 Wall St.,
New York City.
The holders of any ofthe bonds may.however,at their option,
surrender
any of the bonds ovrned by them with all unmatured interestcoupons
thereto
attached at any time prior to July 1 at the trust company
and receive in
payment therefor 105 and int, thereon to the date of
surrender.-V. 118.
p. 2833.
Montana Power Co.-New Director.-
Net telephone earnings
Sundry net earnings
$295.258
4,070
$264,488
5.424
3270.486
3.323
James F. Dennison has been elected a director to succeed the
late Alfred
Jaretzki.-V. 120, p. 829, 212.
Total net earnings
Deduct interest
Dividends, Preferred and Common
$299,328
72.987
142.980
$269,912
72.448
142.980
$273.809
69.644
142.532
$83,361
$54.484
361.633
Municipal Service Co.-Stockholders Offered $110 per
Share for Holdings-Agreement Calls for Delivery of Not Less
Than 75% of Stock on or Before June 1.-
Balance for surplus
-V. 101. p. 290.
Detroit United Ry.-Reduces Fares.-
The company on April 6 announced a cut in fares
25c. between Mt.
Clemens and its Detroit terminal at Conners Creek,of
effective April 7 to
purchasers of 12 commutation tickets. A single fare was
previously 45c..
Including 10c. bus fare into the city.-V. 120. p. 1585.
Easton (Pa.) Gas Works.-Tenders.-
The Girard Trust Co. trustee. Phila.. Pa. will until April 28
receive
bids for the sale to it of
'1st Consul. Mtge. 5% bonds, due July 1 1950,
to an amount sufficient to exhaust $10,763 at a price not
exceeding 105
and interest.-V. 119, P. 1176.
Electric Power & Light Corp.-Listing.-
The New York Stock Exchange has authorized the listing of full-paid
and 40% paid Preferred stock allotment certificates
representing 400.000
shares (of a total of 500,000 shares auth.) of Preferred
stock without par
value and 200,000 shares (of a total of 2.400.000 shares auth.)
of Common
stock without par value on official notice of issuance and payment
In full
or 40% respectively: also 1.231,004 shares of Common stock on official
notice of issuance and distribution in payment for the physical
assets
of
Utah Securities Corp.; with •authority to add
shares of Common
stock on official notice of issuance, payment in 110.015
full and distribution to the
public; making the total amount of Common stock
applied to be listed
1,341,019 shares.
The Preferred stock allotment certificates have been sold and 40%
the allotment price of $100 per share will be paid not later than April of
20
1925 upon allotment certificates representing 400.000
shares of Preferred
stock and 200.000 shares of Common stock and the remaining
60% may
be called by the corporation for payment at Intervals of
less
not
180 days and no single call to be for more than 10% of the allotment than
price
and no call to be made before Jan. 1 1926 (see offering
in V. 120. p. 1467.)
Acquires Assets of Utah Securities Corporation.-
See that company below.-V!'120. p. 1457, 1326.
Erie Railways Co.-Tenders.-
The New York Trust Co., trustee, will until
21 receive bids for
the sale to it of Erie Electric Motor Co. 1st Ref. April
Mtge. 5% Sinking Fund
Gold bonds, due April 1 1941, to an amount sufficient
to absorb $38,501.
-V.119. p. 2286.
Florida Public Service Co.-Acquisition.---
The company has acquired the municipal lighting system
of Bowling
Green, Fla., as a part of its expansion program in that
State.-V. 120.
p. 1326.
Hingham Water Co.-To Issue Bonds.-
The company has applied to the Massachusetts Dept. of
Public Utilities
for authority to issue $85,000 of 5% 1st Mtge. bonds,
due 1943, at par.
the proceeds to be used to pay for expenses and additions
to property.
V. 118. p. 2709.
Houston Gas & Fuel Co.-Franchise Extended.-
The franchise of the company has been extended to July
1 1955. The
new franchise givesthe City of Houston. Texas. almost
complete regulation
by ordinance and sets a valuation of $4,800,000 on the
company's plant.
It also provides for the distribution of natural gas, and
gives the city
the right to purchase the plant within 90 days of termination of
the franchise
in 1955.-V. 120, P. 453.
Baker, Young & Co., Boston, in a letter to the stockholders
of the company states:
From time to time In the last few months we have advised you not
to part
with your Common stock, as we were aware you wore receiving
gradually
advancing offers, but at prices lower than we regarded as its value.
Day & Zimmermann and ourselves are owners of a large majority of the
company's Common stock, and we have completed an agreement providing
for the sale of not less than 75% of the Common stock,
for delivery on or
before June 1 next. at $110 a share. One of the conditions
in accepting
this offer was that all other Common stockholders should have
the opportunity of selling their stock at the same time and at the same price.
We
recommend that the Common stockholders take advantage
of this opportunity. [The interests seeking control are reported to be A.
E. Fitkin &
Co.]
While the company was never in a more flourishing condition,
and even
though there are no indications that this prosperity will
not continue, it
seemed to Baker, Young & Co., who have been the bankers
the company
since its inception more than 15 years ago, and to Day &ofZimmermann
,
who have operated the properties for nearly 10 years, that
it was the part
of wisdom to sell the stock at this time, especially as the price
seemed
to
us satisfactory.
There will be a small expense incurred by the sellers connection
with the
sale, which should not amount to more than 50 centsin
share.
As it is paobable that the buyers will decide to take per
the stock previous to
June 1, if you wish to avail yourself of this opportunity
to us at
once your certificates. In the event of the sale for any forward
reason not being
completed, we will return to you your stock plus your
pro rata share as
determined by us of the sum of 8200,000. if and when received
the selling expenses which have been incurred), which sum hasby us (less
been deposited with a trust company to bind the bargain.-V. 120,
p. 1328, 331.
New Orleans Public Service Inc.-Bonds Called.
The New York Trust Co., trustee. 100
N. Y. City, will
until May 5 receive bids for the sale to it of Broadway,
Gen. Lien 47
%
Gold
bonds,
due July 1 1935 to an amount sufficient to exhaust $150
°
,496, at price
not exceeding 105 and int.-V. 120. p. 1459.
New York & Stamford Ry.-Annual Report.-
Calendar YearOperating revenues
Operating expenses
1924.
3513.807
394,152
1923.
8525,613
424.049
1922.
$541.999
438.750
Net operating revenue
Tax accruals
$119,656
24.697
$101.564
24.970
$103.249
22.102
Operating income
Non-operating income
394.959
3.806
376,594
532
$81.147
1.395
Gross income
Deductions from gross income_x
$98.765
112.055
$77,126
100,278
$82,542
101.521
Net income
def$13.290 def$23.152 def$18.979
x Deductions from gross income include $40.226 in
1924. $40.226 in 1923
and $40,226 in 1922. interest accruing to the N. Y. N.
H. & H. RR., but
not included in thb income account of that company.-V. 120,
p. 1204.
. New York Transportation Co.-Earnings.--
Calendar Years1924.
1923.
1922.
1921.
Gross earnings
36,346,788 $5,854,718 15,701,455 $5,441,854
Net after oper.expenses. 31.794,164 $1,815.440 $1,600.369
$1,754,833
Other income
429,516
181,858
165,521
139.976
Illinois Bell Telephone Co.-Bonds Reduced.Total income
$2,223,680 $1,997,298 $1,765,890 $1.894.809
The Chicago Stock Exchange has reduced on its list the
Charges
and
all
taxes.._..
685,478
711,374
624,830
779,744
& Ref. Mtge.5% Gold bonds. Series A, dated June 11923, amount of 1st Dividends (20%)
470.000
470,000
470.000
470,000
1956, from $49,478.000 to $49,222,200. $255,800 having and due June 1
been redeemed.
-Ar. 120, p. 1326.
Balance, surplus
$1,068,201
$815,924
$671,060
$645,065
-V. 119, p. 1403.
Interstat
e Rys.-Declares Cash Div. of 25c. and Stock Div.
of 1-25 of a Share on New No Par Common Stock.-
The directors have declared a cash dividend of 25c. per share
and a stock
dividend of 1-25 of a share on the outstanding 50.000
shares of Common
stock, no par value, both payable May 1 to holders of
record
April 15.
Dividends of $1 per share were paid in November 1924 and
February last
on the old Common stock (par UM,which was exchanged for
new
no-par
Common stock on the basis of five shares of new stock for
each $100 share
held.
The Philadelphia Stock Exchange has authorized the listing of
50,000
shares no par Conunon stock in lieu of $1,000,000 Common
stock, par
$100. stricken from the list.
New York Steam Corp.-Pref. Stock Offered.-National
City Co. and Cassatt & 4'0., are offering at $99 per share,
yielding over 7.05%, 10,000 shares Pref. stock,
Cumulative dividends $7 a share per annum. Series "A."
These additional shares will be listed on the New
York Stock Exchange
upon official notice of issuance. Issuance authorized
by the Public Service
Commission of the State of New York.
Data from Letter of James D. Hurd, President
of the Corporation.
Company.-Is the largest company of its
kind in the United States.
Supplies steam for heating and power purposes
district and in important uptown commercial in the downtown financial
and residential sections of
THE CHRONICLE
1882
[VOL. 120.
New York City. The franchise under which the corporation operates is and the balance remaining to be used for the retirement of the debentures
very satisfactory and grants the right and privilege, without limit as to by purchase or by call. It is estimated that through the operation of the
time, to lay mains and pipes in any of the streets on the island of Man- sinking fund the entire issue will be retired before maturity.
Management -The operations of the corporation are under the superhattan and to supply steam for power and heating.
vision o H. D. Walbri ge & Co.-V. 120. p. 1587.
Earnings 12 Months Ended Jan. 31.
1923.
1924.
1925.
Philadelphia Electric Co.-Conowingo Project Approved.
$3,432,026 $3,680,167 $3,974,108
Gross earnings
The stockholders on April 8 approved the proposed
Cono2,868,113 wingo development on the Susquehanna River. See also$52,000.000
Oner. expenses, maint. & all taxes_ _ 2,654,748 2,787,990
V. 120. p. 1748.
Interest on funded and unfunded debt
349,891
342,619
324.277
and amortiz. of bond discount_ _ _ _
Porto Rico Rys. Co., Ltd.-Annual Report.Calendar Years1924.
1923.
1921.
Balance
$549,558
$781,718
$427,387
ross earnings
Not
$1,324.798 $1,130;446 $1,332.486
Annual divs. on 39,618 shs. of Pref. stock (incl. present issue). 277.326 Operating expenses
stated
891.446
813.607
866,770
Depreciation reserve_
100,000
150,000
100,000
Balance avail. for Pref. stock res. fd., res. for repl. & surplus_ $504,392
Purpose.-Proceeds will reimburse the company for important extensions
Net profits from oper_
$404,388
$333,354
$366,839
$365,715
to its properties, and will provide funds for the construction of further Other revenue
16,484
13,967
13,905
42,877
revenue producing additions.
Capitalization Outstanding (Upon Completion of, Present Financing).
Net income
$420,872
$447.320
$530,744
8508.592
Pref. stock, Series A, cum. divs. $7 a share per ann., 39,618
Bond interest
180.600
183,504
186,275
188,921
shares without par value (incl. present issue) at minimum
Contingent reserve,
103.000
12,000
$3,961,800 Income tax reserves_&c..
liquidation price of $100 a share
___
27,000
Common stock (30.000 shares without par value), representing
Preferred dive. (7%)70,000
70,000
70,000
70,000
the balance of stated capital
7,320.000 Common dividends
(4%)120,000
First Mortgage gold bonds, Series A,6%,due 1947
6,821,000
.-V. 120, P. 1588.
Balance. surplus
$40,272
$93,816
$124,469
$17,672
P.& L.surplus Dec. 31_
$691.494
$651.222
8557,405
8432.936
Niagara Lockport & Ontario Power Co.-A couisition
-V. 118. p. 1774.
The company has applied to the New York P. S. Commission for authority to purchase all of the capital stock and bonds of the Olean Electric Light
Public Service Corp. of N. J.-New Director.& Power Co.and to merge that company. The securities of the Olean comSamuel T. Bodine, President of the United Gas Improvement Co., has
pany, which has franchises in Olean, Alleghany and other places and re- been elected a director, succeeding Lewis Lillle.-V. 120. p. 1587. 1578.
cently negotiated for the acquisition of the Cattaraugus (N. Y.) Electric
Light & Power Co. and the Cuba (N. Y.) Electric Co., are now held by the
Public Service Co. of Oklahoma.-Preferred Stock OfBradford (Pa.) Electric Co.-V. 120, p. 1587, 1460.
fered.--A. B. Leach & Co. New York, are of
at 97 and
Oklahoma Gas & Electric Co.-Earnings (Incl. Subs.).Calendar YearsGross earnings
Oper. exp., maint. & taxes
Interest
Preferred dividends
Bal.for deprec.. Common dlvs., &c.
120, p. 1587. 1460.
1924.
1923.
1922.
$7.963,683 $7,075,436 $5,736.912
6,384.871
4.848.056
4,263,991
1,634,092
1,113,454
872.414
511.006
336,959
456.700
$433,715
$657.226
$263,548
Olean (N. Y.) Electric Light & Power Co.-Merger.-
See Niagara Lockport & Ontario Power Co. above.-V.119, p. 2287.
Omnibus Corp.-Passengers Carried by 3 Subsidia ies.People's Motorbus Co. of St. Louis1925.
1924.
ar
2,097,203
748.126
First quarter
Chicago Motor Coach Co.
March
First quarter
Fifth Avenue Coach Co. of New YorkMarch
First quarter
-V. 120. p. 1328.
5,746,741
1,760,098
4,281,000
11,516,000
2,801,000
6.592,000
5,885.205 4,724.909
14,986.319 12,203.580
Pacific Gas & Electric Co.-Earnings.
1925.
12 Months to Feb. 28Increase.
1924.
Gross operating revenue
$45,348,566 $39,832,776 $5,515.790
17,106,398 16,393.129
Net income
713,269
Bond interest and discount
6,790.103
6,588,843
201.260
Reserve for depreciation
3,091,116
3,268.121 Dec.177,005
Accrued Dividends for 12 Months3,257,896
3,184,656
73,240
On Preferred stock (6%)
3.128.182
2,846,624
281,558
On Common stock (8%)
Balance
$504,885
$334,216
$839,101
A regular quarterly dividend of $2 per share upon the Common stock
will be paid on April 15 to holders of record Marcia 31.-V. 120. p. 1460.
1204.
Pennsylvania Electric Corp.-Bonds Offered.-E. H.
Rollins & Sons, Edward B. Smith & Co. and Marshall Field,
Glore, Ward & Co. are offering at $93 and int., to yield
over 63/3%, $2,500,000 30-Year 6% S. F. Gold Debentures.
Dated April 1 1925; due April 1 1955. Red. on the first day of any
month on 45 days' notice at 105 and int.to and Incl. April 1 1936,and thereafter at par and int. plus a premium of 34 of 1% for each year or portion
thereof of unexpired term. Int. payable A. Sic 0. in New York without
deduction for any normal Federal income tax not exceeding 2%. Denom.
$500 and $1,000 c*. Bank of America, New York, trustee. s Corporation
agrees to reimburse the holders of these debentures, if requested within 60
days after payment, for the Penna. 4-mill tax, Dist. of Col. 5-mill tax
and for Mass,income tax on int, not exceeding 6% of such int. per annum.
Company.-Organized in Delaware. Controls the comprehensive electric light and power system, generally known as Penn Public System,
serving over 70 communities in western Pennsylvania. The territory
served comprises over one-sixth of the total area of Pennsylvania, with an
agwegate population of about 700,000, incl. the cities of Johnstown, Clearfield, Dubois, Warren, Corry, Meadville, Indiana, Punxsutawney, Philipsburg and Erie.
The electric properties of the system comprise steam electric generating
stations with an aggregate capacity of 146,000 h.p., and hydro-electric
plants with an aggregate capacity of 48,000 h.p., including 24,000 h.p.
to be completed early this year. Undeveloped water power sites controlled
by the company make possible the economical developments of over
800.000.000 k.w.h. per annum of fully regulated electric energy. The
transmission system comprises 1,100 miles of high tension transmission
lines, a distributing system of 23 main sub-stations and 5,000 miles of distributing lines serving over 79,000 electric customers.
Other properties of the system consist of a gas distributing system,
4 short street and interurban railways and miscellaneous steam heating
and water supply properties.
Over 80% of the gross earnings of the system are derived from the sale
of electricity.
Capitalization (Upon Completion of Present Financing).
$7.469,000
30-Year Sinking Fund Gold Debentures (incl. this issue)
4.407.800
Preferred stock, 7% cumulative
159,745( shs.
Common stock (no par value)
The above capitalization does not include $39,514,700 of funded debt,
$8.766,020 of Pref. stock and $3,401,375 of participtaing and Common
stocks of the constituent cos. outstanding with the public.
Consolidated Statement of Earnings for 12 Months Ended Dec. 31.
1924.
1923.
Gross earnings
$8,703,147 $9,362,107
6,847,883 7.335,027
Oper. expenses, incl. prior charges of sub. cos
Net earnings
$1,855,264 $2,027,080
472,985
Annual int. requirements on debentures, incl. this issue
yield 7.22%,$1,006,000 7% Cumul. Prior Lien stock
to
tlw)
(par
div"$
Preferred as to both assets and dividends over the Preferred and Common
stocks. Red. all or part at 110 and diva. on 30 days' notice. Divs.
payable Q.-M. Registrars: National Bank of the Republic, Chicago:
Exchange Trust Co., Tulsa, Okla. Transfer offices: Agency of the company
72 West Adams St., Chicago; office of the company, Tulsa. Okla. Dividends exempt from present normal Federal income tax.
Data From Letter of President Fred W. Insull, Tulsa, Okla., Mar. 31.
Company.-A subsidiary of the Middle West Utilities Co. Now serves
without competition 17 Oklahoma communities. including Tulsa and Guthrie, with electric light and power, operating 3 generating and 7 reserve stations with a combined capacity of 9,200 kilowatts, which radiate their
energy over 157 miles of transmission and distribution lines. In addition,
company has available large amounts of energy under favorable long-term
purchase contracts. Company owns and operates 8 plants for the manufacture of ice with combined daily capacity of 375 tons and distributes its
product in 9 communities including Tulsa. Population of the territory
served, 154,000.
In the 5 years ended Dec. 31 1924 the company added 12,695 new electric
customers to its service and increased its annual output from 23,240,938
kilowatt-hours to 44,248,641 kilowatt hours. During the same period gross
earnings increased from $1.214,475 to $1,932,303, or over 59%.
' Purpose.-Entire proceeds is to cover in part the cost of acquiring the
additional property in Tulsa.
Capitalization Outstanding (Upon Completion of Present Financing),
Prior Lien 7% Cumulative
81.944.400
Preferred 6% Cumulative
25
9
44
8,4001
Common stock
2.500,500
a First Mortgage 6s, Series A, due June 1 1942
6895,400
First Mortgage 6s Series B. due Sept. 1 1949
3,275,000
a General Mortgage 6s, 1933
636,000
a Issuance of additional bonds limited by restrictions of the respective
mortgages. b Pledged as part security for Middle West Utilities Co.
Gold
notes
(Series
Secured 8%
A, B and C).
Earnings.-For the 5 years ended Dec. 31 1924, net income applicable
to dividends and reserves averaged $3301,347 per annum, exclusive of earnings from formerly competitive property In Tulsa now being acquired, or
about 234 times dividend requirements on Prior Lien stock now outstandin5ihe not income applicable to dividends and reserves for the full year
1924, and of the additional property now being acquired in Tulsa for the 5
months ended Dec. 311924. during which period it has been under its present management, is as follows:
12 months net income-Public Service Co.of Okla
$303,858
5 months net income-newly acquired property
$69,005
rty
or at an estimated annual rate of
165,000
Total
$468.858
Annual dividend requirement of 51.944.400 Prior Lien stock
$136.108
Management.-Outstanding Common stock is owned or controlled by the
Middle West Utilities Co.-V. 120, p. 1587.
San Gorgonia Power Co., Banning, Calif.-Stock Refitsed
The California RR. Commission has denied the company authority to
issue Cumul. Pref. stock on the ground that the company was not earning
Its bond interest and that it was doubtful whether dividends could be paid
for several years.-V. 116, p. 1542.
Southern Counties Gas Co.-.-Capital Increase, etc.The stockholders on March 18 increased the authorized capital stock
from $5,000,000 to $25,000,000(par $100)to consist of$12,500,000 Common
stock. $1,250,000 8% Pref. stock and 511,250,0007% Pref. stock.
The California RR. Commission has authorized the company to issue
$1.250,000 7% Cum. Pref. stock. Of the proceeds, $916,219 will be used
to reimburse the treasury for capital expenditures made up to Feb. 28 last.
and the balance to pay in part for improvements to plant during 1925.
Calendar Years1924.
1923.
Gas earnings
$5,204,081 $5,710,445
Miscellaneous income
59,438
94,422
Total income
Operating expenses
Taxes, including Federal income taxes
Depreciation
Bond and miscellaneous interest, &c
Preferred dividends(8%)
Common dividends (14%)
Balance, surplus
Profit and loss surplus
-V. 119. p. 2763.
55,263,519 $5,804,867
1,084,968
3,888,020
536,409
520,457
380,170
350,610
597,332
548.437
99,182
100,000
210.000
210,000
$354.639
1,387,335
$188,161
1,212,402
Southern Ice & Utilities Co. of Dallas.-Guar., &c.
See Southwest Ice Service Co. under "Industrials" below.-V. 115. 11•
2914.
Southern Wisconsin Electric Co.-Annual Report.-
$1,554,095
Balance for dividends, depreciation, &c
Cal. Years1924.
1923.
Cal. Years1924.
1923.
Security.-The debentures constitute the only funded debt of the corpora- Operating revenues_ _ _8391,361 $354,035 Amort. of debt Mstion. They are secured by Common stocks representing control of the Oper. exp.(incl. tax.)_ 320,919 287,215
count, drc
193
193
companies comprising the Penn Public System and are additionally secured Non-oper.
2,796
2.946 Other Interest
571
by the pledge of $6,540,000 notes, or the equivalent, of constituent com- Interest
27,726 27,726
panies. Of this amount of notes $2,500.000 are to be acquired by the
Net income
445,319 $41,273
proceeds of this issue.
Before deducting $8,346 for Pref. diva, paid and accrued and 520.968
The trust indenture provides that so long as these debentures are out- forx divs,
Common
stock.
-V.
paid
on
115.
p.
2487.
Venango
standing the Common stocks of the Penn Public Service Corp.,
Public Service Corp., Clarion River Power Co. and Youghiogheny HydroUnited Gas Improvement Co.-To Inc. Capital-Rights.
Electric Corp.. or their successors, may not be released, but that the other
The stockholders will vote June 5 on increasing the authorized capital
pledged securities may be released upon the substitution therefor of cash
1,654,862 shares, par $30, the additional
or of other securities of an equivalent fair value to the corporation as stock from 1,521,456 shares tostock.
133,406, shares to be Common
set forth.
The Common and Prof. stockholders are to be given the right to subscribe
Sinking Fund.-The indenture also provides for semi-annual payments,
to be applied first to the payment of interest on the debentures outstanding, to additional Common stock at par ($50 per share) and dive, to the extent
APRIL 11 1925.]
THE CHRONICLE
of 10% of their registered holdings at June 12 1925, payment to be made
therefor and the stock to be issued on or about July 28 1925.-V. 120.
p. 1749, 1461.
Utah Power & Light Co.-Acquisition:-
The company has taken over for operation the property of the Clark
Electric Co., Tooele, Utah. The territory served by the latter company.
which includes the towns of Tooele, Stockton, Ophir and Grantsville,
Utah. has no wbeen made a part of the Utah Power & Light Co.'s Bingham
division.-V. 120. p. 1461.
Utah Securities Corp.-Transfers Assets to Electric Power
& Light Corp. and Dissolves.The stockholders on April 4 ratified the plan for the sale of
the company's properties and assets to the Electric Power & Light all
Corp. The
stockholders also voted to dissolve the corporation.
Under the terms of the plan now made effective, the stockholders will
receive for each share of stock held four shares of the
Common stock of
the Electric Power & Light Corp., together with $10 in cash.
It is expected that temporary certificates of the Electric Power & Light
Corp. Common stock will be ready for delivery to holders of Utah
Securities
Corp. stock on or after April 15. See also V. 120. p. 1587.
Washington Water Power Co.-Earnings.
-
2 Months Ended Feb. 28Gross revenue
Operating expenses
Taxes (including Federal tax)
Interest
Profit and loss prior years (credit)
$929,969
266.900
116.117
102,990
574
1924.
$904,266
268,023
113,940
99,054
493
1883
Consolidated Income Account, Years Ended Dec. 31 (U. S. Currency).
[Ahumada Lead Co. and Compania Miners de Plomo, S. A.I
Sales of lead and silver
Expenses, taxes, &c
Depreciation
Depletion
$1,448.673
1.109,594
18,035
72.682
$427,692
319.825
12,853
27,679
Net income
Income from investments
$248,261
455.533
$67,535
309.708
Total income
Surplus Dec.31 1923
$703,795
249,199
$377.243
Less transferred to Mexican Legal Reserve
Deduct dividends
$952.994
21,252
714.461
$377,243
9.342
118,702
Surplus Dec. 31
$217,282
$249,199
x Period May 1 1923 to Dec. 31 1923 operations having
been commenced
on May 1.
Directors are; John F. Bankerd, John C. Greenway. Louis D. Ricketts,
Warren. Ariz.; Harry C. Dudley, Duluth. Minn.; William
D. Thornton,
New York.
Officers are: Louis D. Ricketts, Pres.; John C.
V.-Pres. &
Mang. Director; Harry C. Dudley. Paul Stevens Greenway,
and John D. Clarke,
V.-Pres.; John F. Bankers, Sec. & Treas.; George H.
Cobbe,
Asst.
Sec. &
Asst. Treas.; Joseph W.Allen, Asst. Sec. Office, 25 Broadway,N.Y.
City.
Allied Packers, Inc.-Consolidated Balance Sheet.-
Noe. 1 '24. Nov.3'23.
Nov. 1 '24. Nov.3'23.
AssetsLiabilities$
$
$
Property & plant_13.914.035 14,030,146 Prior pref. partic.
Good-will, brands,
stock
5,935,000
& trade-marks__ 3,467,624 3,467,624 Senior pref.7% stk 5,957,100 5,935,000
Westchester Street RR.-Annual Report.Cash
1,009,912
783,660 Pref. 7% stock _ _ _ 113,900 5,956,700
114,300
[Road in hands of receiver from Feb. 29 1920-receiver's account included.] Accts. receivable_ _x4,069,793 3,015,119 Common
y4,276,877 3,430,951
Inventories
4,962,314
5,014,366
Bank loans
Calendar Years3,310,105 2,803,558
1924.
Special
1922.
deposit_
1923.
62,000 Tradeaccep.,accts.
Operating revenues
$216,649
$223,002
$230,833 Marketable secure.
3,000
3.000
pay.& accr.accts 583,291
Operating expenses
602,821
209,756
216,505
202.228 Customs depos. &
First M.& coll. tr.
IN ^I
drawback (Can.)
19,738
46.251
cony, s. t. 85. _ _ 5,672,500 5,930,000
Net operating revenue
$6,893
Unexpired
insur.
$28,605
$6,497
Debenture
bonds_
Tax accruals
2,919,000 3,026,000
12,659
premiums, &c..
11.972
12,703
83,790
86,927 West. P. & P. Co.
lei .1
Prepaid interest
12,944
7,451
1st M.65
Operating income
800,000
800,000
def$5,767
def$6,206 sur$16,633 Other assets
207,279
176,702 Reeve for conting.,
Non-operating income
1,176
1,452 Deferred charges._ 1,986,077 2,003.350
1.,232
auto. Ins., &e
168,733
97,467
Gross income
deff4,591
def$4,974 sur$18,085
Total
29,736,506 28.696,596
Total
Deductions from gross income_x
29,736,506
28,696,596
33.437
x Accounts receivable, $4.192,202, ess allowance
33,521
32,762
y Represented by 100,500 shares of no par value. for doubtful, $122,409.
Not income
def$38,027 def$37,736 def$15,436
No dividends have been declared or paid on any class of stock.
x Deductions from gross income include
-V.
$26,859 In 1924, $26,859 in 1923 120, p. 456, 1750.
and $26.859 in 1922 int, accreing to the N.
Y. N. H. & H. RR., but not
included in the income account of that company.
American Bank Note Co.-Consol. Bal. Sheet Dec. 31.-V. 120, p. 333.
Western Union Telegraph Co.-Promotion.1924.
1923.
1924.
1923.
Assets$
J. C. WiHever, Vice-President in charge of the commercial department,
LiabilitiesReal est. & bides__ 4,089,985 3,958,299 6% Pref. stock,. 4,495,650
has been elected First Vice-President.--V. 120,
p. 1750.
Mach.,equip.,&c. 5,815,542 5,765,876 Common stock.. 4.945,250 4,495,650
4,945.250
Material & supp- - 2,250,399 2,456,850 Stock scrip
482
Accts. & notes rec_ 1,327,367 1,528,329 6% Pref, stock of
Marketable
INDUSTRIAL AND MISCELLANEOUS.
invest.
foreign subsld's_
103,927
In securities.. _ _ 1,896,687 1,098,271 Accts. pay., incl. 377,021
Refined Sugar Prices.-On April 6, Warner reduced list price 10 pts. to Def. MAI.stk. sold
22,046
reserve for taxes 929.564
966,725
6.00c. per lb. On April 7, Federal Sugar Refining Co. reduced
price 5 pts. Stock acquired for
Adv. cust's' orders 110,662
82.568
to 5.75c. per lb., and Arbuckle announced price of 5.80c. per lb. for
resale to empl's_
April
1,350
18
82,400 Res,each.loss.,&c.
shipment or 5.85c. for 30 days delay. On April 8 Arbuckle reduced price Contract deposits_
97,076
55,520 Pref. div. payable_
67,435
67,435
o pts. to 5.75c. for prompt and 5.80c. for delayed shipments; National to Short term invest_ 55,620 600,000
Special reserves.- - 601,998
5.809_45.85c., Pennsylvania to 5.80945.85c. and American to
578,271
Cash
1,704,821 1,014,895 Surplus
5,917,299 5,502,385
On April 9 McCohan and Warner companies reduced prices 5.80@5.8&c. Insur.
fund reeve_ 111,190
505.80465.85c.
106,194
The offices of brokers and refiners are closed Good Friday,
Irani
Empl.
pen.
Id.
April
res.
10,
101.408
and
89,877
Saturday April 11.
Deferred charges
68,463
83,259 Total(each side)17,444.878 16,839,769
Price of Lead Reduced.-American Smelting & Refining Co.reduced
price
The usual comparative income account was given in V. 120, D.
Xc. to 851c. per lb. "The Sun" April 7,p. 30.
1092.
National Lead Co. reduced its lead products from hc. to 2c.
per lb.
American Hide 8c Leather Co.-Re-purchases 15,000
"Wall St. Journal" April 8.
General Electric Co. Makes Average Reduction of 10% in Prices
of Standard Shares of Preferred Stock.
Types of Certain Motors and of 4% of Others.-See
below and "The Sun"
It was announced on April 6 that the company has taken up the
April 6, p. 23.
15,000
shares
of
Preferred
stock
which
the Chase Securities Corp. bought for
Shoe Repairers Strike for Higher Wages.-100 employees
it to
of 11 Klein aid the capitalization plan proposed last October. As a result
Shoe Repair Co. shops went on strike April 3, demanding
of this there
$10
to
$15
now
are
110.483
only
per
shares
of
Preferred
left
outstanding
on
increase,
after
week
which dividend
refusing $5 week increase. New York 'Times" April 4, accumulations amount to
about
140%.-V. 120, p. 1588.
P. 3.
Coal Miners' Wages Cut.-Berwind-White Co. (central Pennsylvani
American Linseed Co.-Resumes Preferred Dividends.a
fields) cut wages of miners 20%, effective April
9. New York "Times" The directors on April
April 10, p. 7.
9 declared two quarterly dividends'of
Strike in Baltimore Port -Tow boat operators strike for higher
t% each on the 7% Non-Cumul. Pref. stock, one payable
pay. 80c. 1Y
per hour for masters and 65c. per hour for mates, against
56.7c. and 37c., July 1 to holders of record June 30,
respectively. New York "Times" April 10, p. 13.
the other on Oct. 1 to
Matters Covered in "Chronicle" April 4.--(a) General strike
is called in holders of record Sept. 19. President R. C. Adams says:
West Virginia coal mines with thousands of miners
reported affected,
The directors have declared two quarterly dividends on the outstanding
p. 1683. (b) Federal Oil Conservation Board seeks views
from technical Preferred stock, payable
of 1924 earnings, as follows: On July 1 to
press-Also data from refiners-Secretary Work
acknowledges industry's holders of record June 20, out%;
and on Oct. 1 to holders of record Sept. 19,
prompt response., p. 1696.
1 %'%
The directors reserved for later consideration the question
Ahumada Lead Co. (Del.).-Listing.--of whether
any portion of the balance of 1924 earnings should be
The New York Stock Exchange has authorized the listing
appropriated this
of $1,192,018 year for dividend purposes. It is understood that their
Capital stock (authorized, $1,300,000), par $1 each.
decision
in this
regard
will be governed by the results of the business done by
Company was incorporated in Delaware, March 1921. In
the company
accordance during the next six or eight months.-V. 120. p. 1462.
with the terms of its charter, the company holds 4
the
stock
of
other
corporations, is the purchaser of lead-silver ores and other
American ,Milling Co.-Common Dividend of 2%.
mine products, and
has contracts with other corporations covering the smelting
The directors have declared a dividend of 2% on the
and selling
of its product.
payable
April 20 to holders of record April 15. During Common stock,
In May 1919 the Lamentation Syndicate and the Ahumada
1924
the
company
paid the following dividends on the Common sharse:
were formed by mining men familiar with the district in which the Syndicate cash;
July 1, 5% in
on Sept. 30. 33 1-3% in stock, and on Dec. 22. 5%On
properties
are situated for the purpose of acquiring mineral lands in
in
cash.
-V.
120.
the Los Lamentos p. 1206.
Mountains, District of Bravos, State of Chihuahua,
An option to
purchase 300,000 shares of the treasury stock of theMexico.
American
Erupcion
Trustee
Mining
Share
Corp.-Trustee Appointed.a New Mexico corporation, was immediately assigned by its owner Co..
The Chatham Phenix National Bank & Trust Co. has
to the
Lamentation Syndicate, which syndicate continued to
been appointed
fulfil the terms of the trustee by the corporation for its trustee share certificates
option
oTtlpchate
xupconni
s
issued against
stock
until t sold
its assets tonewIoon
ngowaor
gani;ei
diversified
Ahumada
industrial, railroad, public utility and Standard
ec
L
Oil stocks.
(See offering in V. 118, p. 2826.)-V. 119, p. 2182.
1916. The duration of its charter is 50 years from that
date,
and
is
renewable for an additional 50 years from date of present expiration.
Anaconda
Copper Mining Co.-Copper Outlook, &c.The Ahumada Syndicate was likewise formed for the purpose
of acquiring Chairman John D. Ryan is
missing property in the Los Lamentos Mountains, adjacent
quoted in substance:
to and north of
Shipments of refined copper by producers to fabricators during
the property,of the Cia. Miners, Erupcion y Anexas, S. A.
(the Mexican quarter of 1925 have
the
operating company of the Erupcion Mining Co.), in
been unusually good. Apparently shipmentsfirst
which
ofd
direction
the
finished brass and copper goods by fabricators to ultimate
then known ore body was extending.
consumers also
Immediately after the organization of the Ahumada Lead
have
been
unusually
large.
Judging from those of the Anaconda rod and
exercised an option it had to purchase, at actual cost, plus Co. in 1921, it wire mills at Great Falls, Mont., and of the plants
of the American Brass
interest for the Co., they have been recordtime the money had been invested, the holdings of the Lamentation
breaking.
and
Anaconda's shipments of finished brass and copper products
Ahumada syndicates, paying therefor with the stock of the
for
company
at
quarter
of 1925 from
par. There is no promotion stock and no stock has been sold except
mill at Great Falls and from the plants the first
at par. sidiary, the Americanits
The company paid for the properties of the Lamentation
Brass Co., have been the largest for any of its subSyndicate the history of the company.
quarter in
$322,592, and for those of Ahumada Suridicate $196,759,
Output in the individual
the payment in practically all departments
and of
both cases being in its stock at par. All the properties of the syndicates
has also been at a record-breakingplants
rate. March
in shipments were the largest for
question and all rights of said syndicates were included in the
any
month,
war or peace time, in the history
purchase,
and
of
the
American
Brass Co.
since that time Ahumada Lead Co. has ben continuing operations
and
Unfilled orders on the books at the end of the quarter
perfecting its property holdings.
IP
despite the
In order to comply with the provisions of Mexican law, it was necesary noticeable slowing down in placing of new orders during thewas.
only
about 5% below the unfilled orders on the books on last few weeks.
to organize a corporaton under he laws of that[country in which the title
Jan.
1. when one
felt and rightly so, that the copper industry was in
to properties situated in Mexico should be vested. The Cia. Miners
the most prosperous
do position since the war.
Plomo, S. A was therefore, organized under the laws of Mexico on
21
Shipments of finished brass and copper products
1919. and the duration of its charter is 50 years from that dateAug.
by Anaconda and
and is American Brass mills during the first quarter
renewable for an additional 50 years from date of present expiration.
amounted to 200,000 000 lbs..
Its or at the rate of 800,000,000 lbs. of metal annually.
entire Capital stock is owned by Ahumada Lead Co.
While
do not give
The Ahumada Lead Co., through its Mexican subsidiary, the Cia. Miners out the poundage of new orders for fabricated and finished we
metals, I will
say that bookings during the first quarter of 1925,
de Plomo. S. A_ ,_. owns in fee 1.453 hectares, or 3,591 acres of ground
even with tho decline
the shown toward the end of the quarter,
were
Los Lamentos Mountains, State of Chihuahua, Mexico. It also has in
almost
as
large
as for anynthree
under months in the history of the company.-V.
option. or owns part interest in considerable outlying ground. The Erup120. P. 1588.
la
don Mining Co., through its Mexican subsidiary, the CM. Miners ErupArizona Commercial Mining Co.--Copper
cion y Anexas, S. A.. owns in fee 62 hectares, or 153 acres of ground in the
Output.
-March.
February.
January,
adjoining
district,
the
Ahumada property on the south. These
same
December.
October.
670,000 lbs. 661.000 lbs. 981.410 lbs. 627.000 lbs. November.
properties take in nearly all of the Los Lamentos Mountains,
702.600 lbs. 609,370 lbs.
-V. 120, p. 1588, 1331.
Net earnings available for divs. & retirem't exps_
$423.742
The company states: "It is expected that earnings$444,566
will warrant the continuance of 2% quarterly dividends during 1925."-V.
120, p. 1749.
[VOL. 120.
THE CHRONICLE
1884
tax of 2% paid by borrower. Denom. $1.000, $500 and $100. Exempt
Armour & Co. (I11.).-New Officers, dec.from personal property tax in California.
W. P. Hemphill, Comptroller, has been elected Secretary. sueceeding
The bonds are a direct closed 1st Mtge. on the land and apartment buildGeorge M. WiBets, who has been elected Vice-President. Mr. Hemphill ing and garage building. The land on which the buildings are to be erected
will retain his position as Comptroller.
occupies the northeast corner of Mason and Sacramento Ste., with a frontage
John S. Pillsbury of Minneapolis has been elected a director.-V. 120. of 1373,
6 ft. on the east side of Mason St. and 275 ft. on the north side of
p. 1588.
Sacramento St., comprising approximately 37,812 square feet. Two
buildings are to be built: an apartment house of 10 stories with basement
-Report.Co.
Arnold, Constable &
and sub-basement, comprising 300 rooms, and a 3-story garage building
Yr. Ended 13 mos.end. to accommodate more than 200 cars. Both buildings are to be of reJan. 31 '25. Jan. 31 '24. inforced concrete full fireproof construction.
Period$4,810.258 $4,487.124
Net sales
The apartments, which are designed to meet the requirements of the most
5.115.789 discriminating and exclusive clientele, will have from 4 to 9 rooms each.
5.089.006
Cost of sales and other expenses
Every room will have unobstructed outside exposure and all of the living
$628.665 rooms and most of the rooms of the various suites will enjoy the beautiful
$278,747
Loss
35.969 view of San Francisco Bay. The land and completed buildings are apOther income
praised at 81,636.250.
8592.696
$278.747
Deficit
Net annual earnings of this property, after deductions for operating ex-V. 120, p. 961. 457.
penses. taxes. insurance and ample allowance for vacancies, are estimated
$167,500. which is more than 23.i times the greatest annual interest
at
Associated Dry Goods Corp.-Plans Change in Par charge
under this bond issue.
Value of Common Shares-Increase in Present Dividend Rate
Probable.-
The stockholders will vote May 18 on changing the authorized Common
stock from 200.000 shares, par $100, as at present, to 800,000 shares of
no par value. Four shares of such stock without par value will be issued
for each outstanding share of Common stock, par $100.
President Samuel W. Reyburn, April 7, says in part:
The directors have appropriated 81,015,000 of the unissued Common
stock of the conyiration, as now authorized, to be offered for subscription
at such price and on such terms as shall be from time to time fixed by the
directors to officers and employees of the corporation and any of its subsidiary corporations.
Many inquiries are being made as to the future dividend policy of the
company. It is unwise to predict a course far in advance. In determining
dividends, the directors must not only consider net profits, but the surplus
account, the cash position at the time, and the estimated cash position
some distance in the future. The last mentioned factor is of extreme
importance and should never be overlooked. For instance, within a year
we must decide a problem involving the construction and equipping of a
large store. It does not seem wise to me, for us to depend on the investment market for all the capital required for such purposes. Should the
directors deem it advisable to transfer some of our surplus cash assets into
such capital investments, the matter of a stock dividend to the holders of
the Common stock no doubt would receive their careful consideration.
However, I am glad to say that I think the present dividend rate should
be increased, and at this time expect to recommend to the board when it
meets again for dividend action a rate of $10 per share per annum on the
present outstaading Common stock. If.the shares are increased as suggested, I expect to recommend a rate of $2 50 per share per annum on the
new no par stock.-V. 120. p. 1084.
Austin-Nichols & Co.-Annual Report.Income and Surplus Account Years Ending Jan. 31.
Browning Building, Chicago.-Bonds Offered.-Hyney,
Emerson & Co., Chicago, are offering at 100 and int. $375,000
, 0 Serial Gold bonds.
1st Mtge. Leasehold 610
Dated March 11925. Due serially from March 1 1927 to March 1 1940
incl. Denom. $1,000, 8500 and $100. Prin. and int.(M. Sr S.) payable
at Chicago Trust Co. trustee, Chicago. Red., all or part, on any int.
date upon 30 days' notice. at 102 and int. Int. payable without deduction
for normal Federal income tax not to exceed 2%.
Building.-Building is located at 12-14 W. Washington St., Chicago,
Just west of the Intersection of State and.Washington Stet., and Marshall
Field & Co.'s store, which is recognized as one of the best retail merchandising '
districts in Chicago, and one block from what is said to be the "world's
busiest corner." The building is an 11-story steel constructed fireproof
structure which is well built, has been well maintained and is equipped
with three electric passegner elevators and one freight elevator. The
property has been conservatively appraised by Willoughby & Co.of Chicago
at a fair market value of 8675,000 the total amount of the bond issue
being legs than 56% of this valuation.
1922.
$24,698
631,454
1924.
1925.
$1.067,932 . $1,054,885
Profits for the year
589,866
1,193,733
Previous surplus
Capital surplus through
acquisition of prop'ty
217,648
1923.
$648.764
288,646
82,479.313 81,644,751
Total surplus
Provision for Fed. taxes..
115,000
125,000
Preferred dividend (7%)
318,129
326,018
217,648
Sur. transf. to Corn.stk..
$656,152
$937.410
Not shown
367,507
347,543
Profit & loss surplus_ _ $1.828.534 $1,193,733
-V. 119. p. 459.
8589,866
$288,845
Baldwin Locomotive Works.-Business Conditions.President Samuel M. Vauclain is quoted in substance as follows:
"Our foreign business is improving. Our domestic business was not good
last year and still Is not very good. but I have seen grass growing in the
Baldwin Locomotive Works in other days and there is none growing there
now.
"Our Philadelphia property Is growing and we have no intention of
selling it."-V. 120. p. 1462.
(A. M.) Byers Co.-Definitive Certificates Beadv.-
Dillon. Read & Co. interim receipts for the 7% Cumul. Pref. stock are
now exchangeable for definitive stock certificates at the Guaranty Trust
Co.. 140 Broadway, N. Y. City, and at the Peoples Savings & Trust Co.,
4th Ave. and Wood St., Pittsburgh, Pa. (For offering see V. 120, p. 457.
1332.
Charcoal Iron Co. of America.-Bonds Called.-
Certain 1st Mtge. 10-Year 8% Gold bonds dated Nov. 1 1921, aggregating $100.000. have been called for redemption May 1 at 110.6350Y.
at par and int, at the Bankers Trust Co., trustee, 16 Wall St., N. Y.
City.-V. 119, p. 1629.
•
Chicago Yellow Cab (2c)., I ryc.---21 mo4di Report.Calendar YearsNet profit from operations
Administrative expenses------Depreciation
Provision for income tax
Dividends
1924.
1923.
1922.
85,287,205 $5,099,405 84,255,708
1,119,8P8
1.141,165
1,276,221
1.626.305
1.450.402
1.096,471
292.000
245,000
312,000
800,049
1,600,091
800,071
Balance, surplus
Profit and loss surplus Dec.81
V. 120, p. 1209.
$973,023
8628,910 $1,280,712
$2,939,832 $2,315.994 $1,426,307
Chief Consolidated Mining Co.-Dividend of 10 Cents.-
The directors have declared a dividend of 10c. a share, payable May 1
to holders of record April 10. The last previous payment was 10c. In May
1924.-V. 118, I). 1915.
Childs Company.-Listing.-
The New York Stock Exchange has authorized`the listing of 2.857 shares
additional of Common stock without par value (auth. 750,000 shares), on
official notice of issuance as a stock dividend, making the total amount
applied for 325.515 shares. The directors on Feb. 25 declared a stock
dividend on the Common stock of one share of Common stock for each 100
shares of the Common outstanding Feb. 28, payable April 1 to holders of
Barnet Leather Co., I nc.-Acquisition.The company on April 1 acquired from Rousmaniere. Williams & Co., record Feb. 28. The payment of the stock dividend has been opstponed
their "Lorraine" linos of leathers, together with trade-marks, good-will, until April 9.-V. 120. p. 1752, 1463.
processes, &c. George .7. Laemmle, who personally supervised the proChrysler Corp.-To Be Formed to Acquire Maxwell Motor
duction of these leathers, is now part of the organization of the Barnet
Leather Co., Inc. Among the lines are the celebrated "Lorraine" suedes, Corp. Through Exchange of Stocks.-See Maxwell Motor
"Lorraine" white calf and "Lorraine" fancy colored calf.
The company has not purchased the tannery at Peabody, Mass., although Corp. below.
they intend to produce there for the present.-V. 120, p. 1207.
(The) Barrett Co.(N. J.).-Pref. Stock Cancelled.-
The stockholders on March 26 voted to reduce the authorized capital
stock from 837.500,000 to $25.000,000. par $100, by cancelling the $12,500.000 of Preferred stock.-V. 113. p. 852.
Beaver Board Companies.-Tenders.
The Chatham & Phenix National Bank & Trust Co., trustee, will until
April 30 receive bids for the sale to it of 11-Year 8% Collateral Trust
Gold notes. dated Jan. 1 1922, to an amount sufficient to exhaust $179,701.
-V.118, p. 2440.
City Ice & Fuel Co., Cleveland.-Earninal (Incl. Subs.).
Calendar YearszRevenue from sales
Operating expenses
Maintenance of properties
Interest. insurance and taxes
Depreciation
Reserved for income taxes
1922
1923
1924
$10,059,191 810,538.143 $7,997,520
5,121,125
8,773.380 7,298.311
380.974
430,031
586,209
417,544
419,672
377,075
685,154
725.579
763.886
172,169
214,758
209.995
81,457.484 $1.381,399 $1,180,137
Balance, surplus
x Not including Hygienic Ice Co. and its subsidiaries.
Hygienic Ice Co. and its subsidiaries).
incl.
(not
31
Balance
Dec.
Sheet
Consol.
Benjamin Electric & Manufacturing Co.-Earnings.1923.
1924.
1923.
1924.
1921.
1924.
1923.
1922.
Calendar YearsLiabilitiesAssets$
$
$
8403,586
$203,724
Profits before interest_ _ _ x$278,264 y$226,959
Capital
stock
11,000,000
12,000,000
buildings,
Land,
the
on
for
dividends
$163,570
interest,
$42,196
for
x After deducting
150,000
machinery,.2c. _18.338,258 16,911,159 Minor. int. in subs 150,000
1st Pref. stock, paid and accrued, and $5,699 for sundry adjustments.
753,243
428,548 Bonds
389.882
766,970
there remained a surplus for 1924 of $66,798. compared with a surplus for Investments
156,431
payable
Bills
625,000
96,204
23,000
Cash
1st
on
accrued,
1923 of 8177,902 (after deducting 845.858 diva., paid and
192,240
490,200 Accounts payable_ 162.433
receivable__ 155,913
Pref, stock, and sundry adjustments of $3,200). y After Interest.- Notes
273.500
822.317 Mtges. on real est_ 160,000
Accts. receivable.. 1.179,396
V. 118, p. 1914.
558,884
490,215 Res.for depreen__ 4,391,140 3,751.179
Merchandise
do for accid.dc ins 119,201
81,003
48,833
Deferred accounts
Borg & Beck Co. of Illinois.-Capital Stock Changed:do for income tax 225,737
211,018
that its
The Chicago Stock Exchange has been notified by the company
do
for
105,288
unred.coup
64,163
authorized capital has been changed from 125.000 shares of no par value
Total(each side)20,767,370 19,298,871 Surplus
2,694,726 2,156,399
to 125,000 shares of $10 par value each. The new permanent certificates
_.w. 120. p. 1333
will be available at the transfer agent, the Northern Trust Co.. on Arfril
18.-V. 120, D. 1463. 1332.
Colt's Patent Fire Arms Mfg. Co., Hartford, Conn.
(J. G.) Brill Co. and Subs.-Balance Sheet Dec. 31.1923.
1924,
1923.
1924.
$
AssetsProperties scot__ -x7,793.787
1
Patents
1
Good-will
Material, raw a: in
2,492,915
promxm
Bills receivable_ _ _ 267,082
Accts.receivable._ 1.121.287
Marketable secure. 1.757.681
Misc. Investments 356,637
1.303,119
Cash
Deferred assets__. 40,216
Liabilities$
7,956,620 Preferred stock__ _ 4,580,000 4,580,000
1 Common stock__ 4,810,200 4,810,200
948.414
1 Accounts payable- 563,879
102.699
4,000
Adv. pay.on contr.
347,896
3,414,016 Fed., &c., tax res_ y191,460
219,292
77,879
535,996 Miscell. reserves__
4.905,309 4,985,196
1,899,602 Surplus
274,048
1,875,227
38,186
Tot.(each side)_15,132,727 15,993,698
a Value of properties, $11,598,670, less deprec. $3,804.882. y This refor Federal income taxes
serve includes an amount set aside out of surplus'
applying to previous years, in course of adjustment.
The usual comparative income account was given in V. 120, p. 832.
Brod lebank Apartments, San Francisco.-Bends Offered.-S. W. Straus & Co., Inc., are offering, at prices to
yield from 6% to 6.15%, according to maturity, $1,025,000
Safeguarded under
First Mtge. 6% Serial Coupon bonds.
the St:aus plan.
natal Feb. 15 1925: due from 3 to 16 years. Int. payable F. & A. at
°Woo. of S W. Straus & Ca. Callable at 10234 and bit. Federal income
Balance Sheet Jan. 1.1924.
1925.
Assets82,115,455 22,222,535
Plant, raach'y,
2,059,322 2.355.433
Inventories
296,917
Accts. receivable__ 307,823
682,168
Bills receivable.._ 675,234
Cash & invest'ts__ 3,395,973 2,857.965
58,045
44,588
Def. chges, prep&
$8,598,394 28,473,063
Total
-V. 118, P. 1778.
Liabilities-1924.
1925.
Capital stock
$5,000,000 25,000,000
Advance payments
under contracts_ 130,494
17,908
Accounts payable_
10,807
Surplus
3,457,093 3.455,155
Total
$8,598,394 28,473,063
Consolidated Investment Co.-Bonds Offered.-First
National Co., St. Louis, and Harris Trust & Savings Bank,
Chicago, are offering, at prices to yield from 47 to over
5.40%, according to maturity, $3,500,000 First Mortgage
5% Serial Real Estate Gold bonds.
Dated April 11925: due serially from 1925 to 1945. Principal and interest(A. & 0.) payable at St. Louis Union Trust Co., St. Louts, Mo.,trustee,
and at Harris Trust & Savings Bank. Chicago, Ill. Subject to call on any
Interest date on 60 days' notice at 102 if called before April 11935, at .013i
if called on or after April 1 1935. and before April 11940,and at 101 if called
on or after April 1 1940. Denom. $1.000 and $500 c5. Normal Federal
income tax up to 2% will be paid by the company.
Security -Bonds are a direct obligation of the company, which owns the
Century and Snydicate Trust buildings and are secured by a first mortgage
on fees, leaseholds and buildings in business centre of St. Louis, as follows:
4.PRI-4
11 1925.]
TH
Ground.-The entire city block bounded by Olive St., 9th St., Locust St.
and 10th St., comprising approximately 61,720 sq. ft., and two lots with a
frontage of 47% ft. on the north side of Locust St. immediately across the
street from the property described above. The major portion of this
wound is owned in fee, the balance being occupied under long-term leases
having from 63 to 80 years yet to run. These leases call for an annual
ground rent of only $41.750 and there is no provision for increases in rent
or re-appralsoments.
• Improvements.-The eastern half of the block described above is occupied
by the Century Building. a 10-story and basement steel frame, fireproof
store and office building erected in 1897 and later substantially remodeled.
The western half of the block is occupied by the S‘ndicate Trust building, a
16-story aid basement steel frame, fireproof store and office building
erected in f906. Between these two buildings is do 8-story fireproof building erected partly in 1912 and partly in 1919, and occupying 15 ft. which
was formerly an alley, now vacated. These buildings contain a total of
approximately 10.029.000 on. ft. The lots on the north side of Locust St..
with a frontage of 47% ft., are improved with a 12-story and basement
concrete and brick construction fireproof warehouse erected in 1913, containing approximately 840.000 cu. ft.
These properties are located in the heart of the retail district of St. Louis
and are one of the most valuable single holdings in the city.
Scruggs, Vandervoort & Barney Dry Goods Co., retail department stores,
leases the first 8 stories and basement of the Century and Syndicate Trust
buildings and the entire building (Annex Building) on the north side of
Locust St.
Tho fees, leaseholds and buildings securing this mortgage have been
appraised by the mortgage loan department of the First National Co., of
St. Louts, as follows: Pees. $2,380,000; leaseholds, $1.135,000; buildings,
$4,175,000; total, $7.690,000.
Capitalization (After Giving Effect to This Financing).
6% Preferred stock
$1.250.000
Common stock
1,250.000
First Mortgage 5% Serial Gold bonds (this issue)
3,500.000
Earnings Year Ended Dec. 31 1924 (After Giving Effect to This Financing).
Gross earnings
$804.776
Oper. exp., maint., insur., taxes (except Fed, taxes), ground rents_ 302,251
Net income available for interest
$502.525
Greatest annual interest charges on these bonds
175,000
Balance for Fall taxes, depreciation, dividends, &c
$327,525
Copper Range Co.-Dividend of $1 Per Share.The directors have declared a dividend of $1 per share. payable May 4
to holders of record April 9. A similar amount MIS paid on May 10 1923
and May 20 1924; none since. See also V. 120, p. 833.
Cudahy Packing Co.-Listing.-
The Boston Stock Exchange has authorized the listing of 40,000 additional
shares (par $100) Common stock, making the total number of shares authorized for the list 212,495 shares.
These shares, when issued, will be identical in all respects with those now
outstanding; they will be full paid, non-assessable and no liability will
attach to holders. The issue of these shares was authorized by the directors
on Feb. 2. Feb. 6. Fob. 9 1925. and they a-e a part of the additional 150,000
shares of Capital stock which was authorized by the stockholders at a meeting held on Sept. 29 1918. By vote of the directors these additional shares
were offered to the Common stockholders of record Feb. 11 for subscription
at $107 per share, on the basis of one new share for each four shares hoeld.
payment to be made on or before Feb. 17 1925, any untaken part to be sold
by the directors at not less than the above price.
The purpose of this issue is to provide additional funds and working
capital for the company in connection with Its increasing business, to pay
current loans, and for other corporate purposes.-V. 120, p. 834, 1753.
Cuyamel Fruit Co.-Listino
The New York Stock Exchange has authorized the listing of 50.000 additional shares of capital stock without par value, on official notice of issuance.
making the total amount of capital stock applied for 300,000 shares.
The stockholders on Mar. 30 increased the authorized capital stock
from 250,000 shares to 300.000 shares, without par value. The additional
stock will be offered pro rata to stockholders of record April 15-at $48 50
cash per share in the ratio of one share of additional stock for each 5 shares
hold. Payment must be made in full not later than the close of business
on May 11925.
Arrangements have been made for the underwriting of any such stock
remaining after all subscriptions of stockholders have been filled.
The proceeds of the sale of this additional stock will be used toward
liquidation of bank indebtedness and to supply additional working capital
for the company.
Consolidated Income Account Years Ending Dec. 31.
1924.
1923.
xConsolidated earnings
$2,437,650 $4,274,160
Amortization of concessions and depreciation
1.105.443
1.156,021
Prey.for deprec,on steamships under option of pur.
91,897
Interest paid
523,963
497.627
Provision for Federal income tax
8,296
236.204
Consolidated net earnings for year
$708,051 82.384,307
Previous capital & surplus of consolidated cos.._ 15,388,458 13,936,572
Total
$16,096,508 $16,320,879
Deduct-Net earns,of predecessor co. before acquis.
126.183
Adj. of values of invest, in sub. cos
56.239
AdJ. of equity in capital stock of the Sagamo S. 8.
Corp. as at Dec. 31 1923
50,936
Loss of 8. S. "Jamaica" by fire
152,839
Dividends paid: Cuyamel Ihadt Co
500.000
500.000
do
Cortes Development Co
500.000
250.000
Capital and surplus of combined cos. Dee. 3L_$14.892.733 $15,388,458
x After deducting all expenses incident to operations, including repairs
and maintenance and all other charges and losses.
y Includes depreciation of farms, railroads, machinery and
• steamers and office building furniture and fixtures. See also equipment.
V. 120. le•
1464. 1753.
Dodge Bros., Inc. (Automobile Mfg.), Detroit.850,000 Shares Preference Stock Largely Oversubscribed.A syndicate headed by Dillon, Read & Co., on Thursday
last formally offered for public subscription an issue of
850,000 shares Preference stock (no par value) at $100 per
share. It is estimated that subscriptions to the amount of
$500,000,000 were received, indicating that the issue was
five times oversubscribed. Each share of Preference stock
carries as a bonus one share of Common stock, Class "A,"
both deliverable as provided in Preference stock allotment
certificates.
Bankers Making Offeriny.-Dilion, Read & Co.; National City Co.; Blair
& Co., Inc.; White, Weld & Co.; Lehman Bros.; Brown Bros. & Co.; J. &
W. Seligman & Co.; MarshallField, Giore, Ward & Co.; Dominick &
Dominick; Bonbright & Co., Inc.; ICissel, Kinnicutt & Co.; A. Iselin &
Co.; A. G. Becker & Co.; Cassatt & Co.; Janney & Co.: Edward B. Smith
& Co.; W. A. Harriman & Co., Inc.
'Hemphill, Noyes & Co.; Ladenburg.
Thalmann & Co.; Paine, Webber & do.; J. CI. White & Co., Inc.;
Bernhard,
Schleifer & Co.; Clark Williams & Co.; Anglo London Paris Co., and
Scholle Bros.
The Preference stock (no par value) carries cumulative dividends $7 per
share per annum. Divs. payable Q.-J. Entitled to $105 per share and
divs. in case of liquidation. Red., all or part, on any div. date upon 60
days' notice at $105 per share and city. National City Bank, New York.
tranfer agent; Guaranty Trust Co. of New York, registrar. Divs, free of
the present Federal normal income tax.
t, Preference Stock Allotment Certificates.-Delivery in the form of interim
receipts of Dillon, Read. & Co., will be made on or about April 16 1925.
These interim receipts will be exchangeable for Preference stock allotment
- certificates of the company, when and if issued and received. Such allotment certificates will provide for payment to the holders of dividends upon
the stock called for thereby, and delivery on or after May 1 1926, but
1885
CHRONICL/1
not earlier except at the option of the company, of certificates for the
Preference stock and for an equal number of shares of COMM011 stock,
Class "A" called for by the allotment certificates.
Listing.-company agrees to make application in due course for listing
on the New York Stock Exchange the Preference stock allotment certificates, the Preference stock and the Common stock, Class "A."
$75,000,000 15-Year Debenture Bonds Offered.-The Dillon,
Read group are offering this morning $75,000,000 15-Year
6% Debentures at 99 and int. This completes the huge
financial operation involved in the purchase by the bankers
of Dodge Brothers from the estate of the late John F. and
Horace E. Dodge. The names of the financial houses
associated with Dillon, Read & Co. in this offering are given
in the advertising pages of this issue.
Dated April 15 1925, due May 1 1940. Int. payable M. & N. First
payment Nov. 1 1925. Denom. $1.000, 8500 and $100 c*. Principal
and interest payable in New York at the office of Dillon, Read & Co.
Red, all or part on any int, date on 30 days' notice at 110 and int, to and
incl. May 1 1930, the call price decreasing 1% per annum thereafter.
Int. payable without deduction for Federal normal income tax not exceeding
2% per annum. Penn. 4 mill tax refundable. Central Union Trust Co.
of New York. trustee.
Listing.-Company agrees to make application in due course for listing
this issue on the New York Stock Exchange.
Sinking Fund.--Company agrees to provide a sinking fund of $1,000.000
per annum, available semi-annually, to buy debentures if available at not
exceeding par and int. during the succeeding 6 months, any unexpended
remainder to revert to the company.
Convertibility.-Debentures to a total face value of $30.000,000 will be
convertible, at the option of the holder, into Common stock Class "A.'
In making conversion debentures shall be valued at face value, and stock
at $30 per share until a total of $5.000.000 debentures shall have been
converted. The conversion value per share of stock for each succeeding
$5.000.000 debentures converted thereafter shall be as follows: $35, $40,
$50. $60 and $70, respectively. Shares of Common stock class "A"
additional to the 1.500,000 shares shortly to be outstanding have been
authorized to be available for this conversion. Earnings for the year ended
Dec. 31 1924, adjusted to the basis of the capitalization to be existing on
issue of these debentures, were equivalent to $3 80 per share of total Corn.
stock then to be outstanding and for the quarter ended March 31 1925 were
at the annual rate of more than $6 per share.
Capitalization.
6% Sinking Fund Gold debentures due May 1 1940 (with
conversion privileges)
$75,000,000
Preference stock ($7 per annum cumulative dividend)- 850,000 abs.
Common stock Class "A"(no par value)
xl.500,000 sits.
Common stock Class "B"(no par value)
500,000 she.
x 1,035,000 additional shares authorized for conversion of 6% Sinking
Fund Gold debentures.
Common stock Class "A" and Common stock Class "B" are identical
In all respects except that holders of Common stock Clans "A" have no
voting power for any purpose and that holders of Common stock Class "B"
have exclusive voting power for all purposes.
Data from Letter of Frederick J. Haynes, President of Company.
Company.-Has been incorporated in Maryland to own the business
and all of the assets (excepting $14,000,000 cash) of Dodge Brothers of
Michigan, the third largest manufacturer of automobiles in the world.
From 1914, when 249 cars were sold, to March 31 1925 sales have aggregated
1,286,793 cars for a total amount (for cars and parts) of $1,105.027,599.
In comparison with this sales volume,
@FedFRASER