The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The
firtatittat
ilmnurri31
lin:nude
INCLUDING
Railway & industrial Compendium
State & Municipal Compendium
VOL. 121.
Public Utility Compendium
Railway Earnings Section
SATURDAY, AUGUST 15 1925.
Bank and Quotation Sectior
Bankers' Convention Section
NO. 3138.
selling out and withdrawing from the market for a
time. The market gives evidence of much switching
PUBLISHED WEEKLY
from one security to another. At this juncture reTerms of Subscription—Payable in Advance
marks of Samuel Insull, Chairman of the Middle
Including Postage—
12 Moe.
6Mos.
Within Continental United States except Alaska
$10.00
$6.00
West
Utilities Corporation, are of interest. He is
In Dominion of Canada
11.50
6.75
Other foreign countries. U. 8. Possessions and territories 13.50
7.75
quoted
as saying: "Utilities cannot earn enough to
NOTICE.—On account of the fluctuations In the rates
of exchange,
remittances for European subscriptions and advertisement
justify
prices to which many of their stocks have
s
must
be
made
a New York Funds.
Subscription includes following Supplementsgone. Before the war utility,issues sold on about a
00111.1:NDIUMI3 —
SECTIONS —
PUBLIC UTILITY (semi-annually)
BANK AND QUOTATION (monthly) 6% basis, and I cannot see anything more for them
RAILWAY & INDUSTRIAL (semi-ann.)
RAILWAY EARNINGS (monthly)
STATE AND MUNICIPAL (semi-annually) BANKERS' CONVENTION (yearly)
for the long pull. This business will never show such
great returns as suggested by predictions of $25 to
Terms of Advertising
Transient display matter per agate line
45 cents $40 a share, even in good times."
Contract and Card rates
On request
CHICAGO Orrics—In charge of Fred H. Gray, Western Representativ
As we stated last week,earnings per share or divi208 South La Salle Street, Telephone Harrison 5616.e,
Lennon Orrics—Edwards & Smith, 1 Drapers' Gardens, London,
dends
per share are not the significant thing, but
E. 0.
WILLIAM B. DANA COMPANY, Publishers,
rather earnings upon the total investment. Mr. InFront, Pine and Depeyster Streets, New York
sull's statement, therefore, cannot be taken too litPublished every Saturday morning by WILLIAM B. DANA
erally,
but his point is a most excellent one. Some
COMPANY.
President and Editor, Jacob Seibert: Business Manager, William
D. Riggs:
Treas. William Dana Seibert; See.Herbert D.Seibert. Addresses
of all. Office of Co. of the public utilities have been bid up to prices at
which dividends yield only between 1 and 2%,and in
The Financial Situation.
some cases known earnings amount to 2, 3 or 4% on
The action of the bond market since the reduction current prices;
this, of course, does not apply to all,
of the Bank of England discount rate from 5% to and even in these
cases there may be unknown sources
41/
2% on Aug. 6, brings out one important result of of earnings. Presumab
ly Mr. Insull did not have in
the return to a free gold market in London. From mind the case of
the Middle West Utilities Corporathe high point of 93.24 reached on June 23, the Dow, tion when he made
his statement. Nevertheless,
Jones average price of forty bonds declined to 91.47 Middle
West Utilities common, which had advanced
on Aug. 7. Since then there has not been an ex- to 1243
/
4 on Aug. 3, tumbled to 1031/8 after his retended rally, but the decline has not continued, and marks, though it
has since recovered part of the loss.
the average is now slightly higher. The significant
Middle West Utilities stock was recently placed
thing is that the British situation is again a part of on a $5 dividend
basis. Earnings in 1924 were rethe world situation. New York and London are ported at$6 55 per share,
but this was from an actual
again intimately and delicately comiected, and in- surplus
of the holding company of $1,323,822. In
vestors everywhere have the benefit of the matured addition to
this, there were undistributed surplus
judgment of Lombard Street. British gestures no
earnings of subsidiary companies of $1,592,883, or
longer pertain wholly to an abnormal and remote $788 per
share. True, this was not distributable,
British situation, but again have world significance. but it
was added to the properties owned in the inFor this we are all better off, as no bankers are so terests of the common
stockholders. There, therethoroughly trained in matters of world finance. This fore, accrued
to such holders $14 43. From such
hanging out of a British signal of fair _financial earnings
dividends are being paid at the rate of $5
weather has appreciably helped the bond market and and the
balance, $9 43, is being added to their propgiven renewed assurance to investment bankers. erties. Furthermore,
these properties are growing,
There have been no conspicuous investment issues the electric business
is ramifying in all directions,
during the week, but it is understood that plans are and this company is
following an aggressive policy.
in preparation for a large Canadian issue, chiefly Mr. Insull's remarks were timely
because there have
for refunding early maturities.
been many excesses and much blind speculative buyThe stock market continues to give evidence of ing, but there is question as to
whether his staterampant speculation. Many of the highest priced ment may not have had
too wide an effect. On the
stocks have swung back and forth in violent fluctua- other hand, boosting to a markedly
higher level of a
tions, and with heavy turnovers. Very large amounts large body of securities is certain
to generate a great
of money are involved, showing that a great aggre- deal of enthusiasm and to encourage extravagant
gate of wealth is at present engaged in speculating expectation. The market is engaged in appraising
in securities. This produces a confusing situation some valuable properties with an alluring future.
to investors, making them uncertain as to whether Buying, however, should be based only on known
to invest funds at present and how, and also raising values, and not just on somebody's claim that the
the question in many cases as to the advisability of price is going up.
.
`Arlie Throlucte
750
THE CHRON I CLE
[voL 121.
There has been a great deal of liquidation in oil and the yield at that time was estimated at 12,351,it apstocks with steady decline in prices of most promi- 000 bales, but with the progress of the season
proactual
the
that
returns
ginning
the
from
uppeared
turn
new
a
nent issues. Production has taken
be
not
would
It
bales.
13,627,936
had
been
in
duction
output
estimating
ward, the "Oil & Gas Journal"
should
experience
the
season
if
the
present
strange
barrels
13,923
of
gain
at
a
8
the week ended Aug.
cultiover previous week. The Government figures for be the same, especially as the area now under
in
acres
42,641,000
June show a heavy increase in surplus stocks during vation is 46,448,000 acres, against
that month. Production and imports of crude petro- 1924.
Interest naturally centres in the Texas crop, where
leum were reported at 71,828,000 barrels, with deliveries exclusive of those in California at 55,360,000. the outlook is now considered very bad, especially in
Gasoline production and imports are reported at the central counties, but experience in the past has
in the
960,302,974 gallons and consumption at 982,008,424 taught that almost anything can be expected
refacts
few
A
State.
that
y
of
from
way
production
sufficientl
are
stocks
gallons. However, gasoline
warrant
may
State
that
in
crop
this
year's
garding
quite
been
have
prices
week
the
large, so that during
placed
generally lowered about two cents per gallon. There repetition. The area planted this year was
cotton
total
the
has also persisted a rumor that important interests at 18,237,000 acres, nearly 40% of
the
than
more
3.0%
would soon place on the market a synthetic alcohol area in the United States, and
excess
in
was
area
the
when
1924,
fuel of low cost. Possibly over-extended speculative final estimate of
public holding of petroleum securities has had more of any preceding year. The increase in acreage in
to do with the decline than any change in the statis- Texas this year is practically 50% over any year
tical position or in actual prospects, which from a back of 1923. The condition of the Texas crop on
June 25 this year at the opening of the season was
long view angle seem to be improving.
of normal, against 70% June 25 1924, and a tenpro64%
copper
the
of
situation
Simultaneously the
ducers has greatly improved. Surplus stocks of cop- year average of 75%. It had declined this year from
per have been materially reduced and the price of 64% on June 25,.as noted above, to 56% on July 16,
per
copper has advanced to nearly 15 cents. The invest- and is now down to 49%. The indicated yield
now
is
1
condition,
the
Aug.
on
to
acre in Texas, based
ment position of the better copper stocks seems
placed at only 95 lbs. of lint—last year it was 138
have considerably improved.
to
which is also the ten-year average—it was 98
come
lbs.,
have
The present week the railroad stocks
1921, but there is no previous record below
rising
in
at
lbs.
activity
the front and have enjoyed great
of
that
and
it was as high as 174 lbs. in 1920. Producthat,
from
different
prices. Here the situation is
outlook
last year was 4,951,990 bales, or 36%
Texas
in
The
tion
properties.
of
share
most other groups
for the rail carriers is unquestionably brighter than of the total yield for the entire United States. Plantit has been for a long time past. They are being op- ers picked cotton in that State up to the end of Deerated with growing efficiency, are receiving more cember, and may do so this year; in fact it is not inconsiderate treatment from the Inter-State Com- conceivable that with the possibility of a late seamerce Commission, and are seemingly assured of a son, Texas planters are still replanting and that this
large volume of business during the next twelve additional crop will mature. At 95 lbs. of lint to the
months, judging from the agricultural situation and acre the production in Texas this year would be less
the activity of general trade. Not a few of them, too, than 3,500,000 bales. This would be a loss from last
of
have undergone drastic reorganization during the year of over 1,500,000 bales. In view, however,
that
fact
last ten or a dozen years, and are now getting some the considerations just mentioned and the
of the benefits resulting therefrom. It may be that rains have now fallen over nearly the whole of the
all this has not yet found full expression in the mar- drought-stricken districts, it appears not unlikely
ket value of their securities, though these have been that the loss will be materially reduced by the end of
steadily growing in favor during the last year or two. the season.
Arkansas reports an improved condition for cotAt all events they have been moving upward in a
into
on Aug.1 of 87% of normal, against 85% on July
response
ton
in
if
moderate and an orderly way, as
only 71% on Aug. 1 1924, and Arkansas is
violent
and
such
16,
no
been
vestment buying. There have
and extreme advances in them as in the case of the one of the larger producing States. Most of the
power and public utility shares or the varied assort- other leading cotton growing States show declines in
ment of specialties. It is to be hoped that this char- condition, which is not unusual in midsummer,
acteristic will be retained and that they will escape among them Oklahoma, which was 72% Aug. 1, 76%
becoming the subject of a wild and uncontrolled July 16 and 76% Aug. 1 1924; Alabama 74%, 78%
and 79%,respectively; Georgia,66%,74% and 73%;
speculation.
South Carolina,62%,71% and 60%; North Carolina
regard77% and 58%, and Louisiana 69%, 76% and
n
75%,
Washingto
In spite of continued gloom at
crop
the
58%.
year
Mississippi reports an improvement to 81%
this
ing the indicated yield of cotton
condition
for Aug. 1 this year, against 83% two
1
of
normal
Aug.
The
promises to be a large one.
issued by the Department of Agriculture at the close weeks ago, and 67% a year ago. At this particular
of last week foretells a production of 13,566,000 period in the progress of growing cotton, fortune has
bales. If it is no larger than this the yield will be so much in store for the crop that the final outturn
substantial. A further loss, both in condition and may be larger or smaller, as developments during the
yield, is shown for the period covering the sixteen remainder of the season prove more or less favorable
main,
days, from the date of the preceding report, July 16 to the crop. Usually it is less favorable in the
expectaall
outturn
exceeds
final
the
4.8
points,
but
frequently
being
to Aug. 1; the decline in condition
based on
or from 70.4% of normal July 16, to 65.6% on Aug. 1 tions. The indicated yield of lint per acre
lbs.,
139.8
is
crop
present
the
of
is
Aug.
1
yield
22,000
condition
the
in
loss
this year, while the indicated
a
year,
this
16
on
July
lbs.
140
with
of
compares
crop
which
cotton
growing
of
the
bales. The condition
aver1924, on Aug. 1 of that year, was 67.4% of normal, final yield of 157.4 lbs. in 1924, and a ten-year
AUG. 151925.]
THE CHRONICLE
age of 154 lbs. Cotton picking began early this year.
The Census Bureau's ginning report shows 159,373
running bales ginned to Aug. 1, compared with only
21,705 bales in 1924 and 64,381 bales in 1923 up to
the same date. Definite conclusions as to the final
production cannot be predicated on these ginning
figures, but at least it can be said that the fact that
the crop is an early one is a decided advantage, bearing in mind the ever-present possibility of a killing
frost in advance of the usual time.
751
145,000,000 bushels. The loss is largely in the States
of Nebraska, Iowa, Kansas, South Dakota and Missouri, where drought occasioned much damage. For
Ohio, Indiana, Illinois and Minnesota an increase
in the yield is promised.
Oats improved during the past month, the condition Aug. 1 being 79.1% of normal, contrasted with
76.3% a month earlier, but 88.2%, the condition of
the 1924 crop, on Aug. 1 of that year. A yield of
1,387,000,000 bushels is now foreshadowed, which
compares with 1,541,900,000 bushels, the production
of last year. The quantity of oats remaining on
farms Aug. 1 is estimated at 5.9% of last year's
yie.d, or 91,630,000 bushels. The corresponding figures for the preceding year are 65,710,000 bushels,
equivalent to 5.0% of the 1923 crop. Rye promises
a yield this year of 52,000,000 bushels, against 63,400,000 bushels in 1924; barley 214,000,000 bushels,
against 188,000,000 bushelslast year,and rice 36,200,000 bushels, against 34,000,000 in 1924. The condition of the white potato crop on Aug. 1 this year at
79% of normal is 5 points lower than the estimate a
month ago, but at 353,000,000 bushels the estimated
yield is 3,000,000 bushels larger than at July 1, and
contrasts with 455,000,000 bushels, the production of
1924, the loss this year being quite serious, as the
yield has not been so low since 1919. Tobacco deteriorated somewhat during July, but the estimated
yield of 1,234,000,000 pounds, is only about 0.5%
smaller than the production of 1924.
As concerns the grain crops of the country, progress during July was adverse rather than otherwise,
according to the crop report of the Department of
Agriculture at Washington, issued on Monday last.
And yet, aside from the fact that the wheat crop the
present season will fall far below that of last year,
there is little reason for complaint. There was a
marked falling off during the month in the condition
of spring wheat and of corn. As to the latter, however, there is yet ample time for full recovery, and
in any event the corn crop will run far in excess of
the short crop of last season. The estimated yield of
winter wheat is increased over the yield indicated in
the report of last month. Oats, too, now promise a
larger crop than the July report, though there is.still
a reduction compared with last year, and increased
crops are indicated for barley, rye and white potatoes. The condition Aug. 1 this year for spring
wheat is 73.9% of normal, which contrasts with
88.1% a month earlier, a loss during July of 14.2
points. During July 1924 the decline was only 2.2
The country's foreign trade statement for July appoints and the condition on Aug. 1 of that year was peared on Thursday. Exports of
merchandise for
79.7%. With the exception of 1922, when the de- the month show some little recovery
from the low
cline in the condition of spring wheat during July point of June, but imports were practically
the same
was only 3.3 points, the other four years of the pre- as for the three preceding months. Both
exports and
ceding five years showed heavy losses during that imports last month exceeded those
of July 1924 by
month, amounting to 12 or 14 points, while in July about one-fifth, a little more than that
for exports
1919 the decline in the condition of spring wheat was and a little less for imports. Exports
in June were
27 points. In four of the preceding five years the considerably smaller in value than
for any month
Sept. 1 condition has shown a further decline of sev- since last July, the corrected total
for June being
eral points from that of Aug. 1. The condition on $323,331,945. For July this year
merchandise exSept.1 this year is, of course, still to be reported. A ports are valued at $338,000,000,
the increase over
yield of 263,000,000 bushels of spring wheat is now June, when as stated above,
the value was less than
indicated for this year's crop. This contrasts with for any month in practically
a year, being $14,700,an estimated yield of 276,000,000 bushels July 1 and 000, while for July 1924 exports
were only $276,649„282,636,000 bushels, the actual crop of last year. In 055. July imports this year
are estimated at $326,only four of the ten preceding years, including 1924, 000,000, while for June the
corrected value is given
has the yield of spring wheat been larger than is as $325,167,292; for July
last year the imports were
promised for 1925. The winter wheat crop is now only $278,593,546. July
exports this year exceed implaced at 416,000,000 bushels, which is 12,000,000 ports by $12,000,000
; in July last year the reverse
bushels more than the July 1 estimate this year, but was
the case, imports exceeding exports by $1,944,contrasts with 590,037,000 bushels, the yield last 491.
The same is true as to June this year, the reyear, and is smaller than any winter wheat crop
vised figures for that month showing a balance on
since 1917. The total of winter and spring, combined,
the import side of $1,835,347. Such a result is excepis placed at 679,000,000 bushels, against 872,673,000
tional. There were several months in the first half
bushels last year, a loss of 193,673,000 bushels.
of 1923 when the excess value of merchandise imCorn, too, as already stated, suffered some deteports over exports was quite large, but with the exrioration during the past month. The loss in condiception of these few months and July 1924, as noted,
tion for July was 6.6 points. It is not unusual for
merchandise imports had not been larger than excorn to show an improvement in condition during
ports since April 1914, and only for a comparatively
July. This was the case in 1920 and 1922. Last
few months in the preceding 50 years. The prelithyear, when the condition was low during the entire
inary statement of both imports and exports for
season, the decline in July was 1.3 points and in
June was exactly the same for both, namely $326,1923, 0.9 points. A yield of 2,950,000,000 bushels of
000,000, but the final report showed a considerable
corn is now indicated, based on the Aug. 1 condition
reduction in both, for exports the decrease being
of 79.8% of normal. On July 1 the condition was $2,670,000,
aRd it is that brought the balance on the
86.4% and on Aug. 1 1924 it was 70.7%, the latter import
side amounting to $1,835,347.
being the lowest Aug. 1 condition since 1911. The
For the seven months of the calendar year the fig..
indicated yield of corn the present season declined urea
show a balance of trade on the export side of
752
THE CHRONICLE
$311,709,552. This contrasts with an export balance
of $238,187,216 for the first seven months of the preceding calendar year, but an import balance of $126,580,104 for the seven months ending with July 1923,
owing to the heavy amount of merchandise imports
in several of the earlier months of that year. The
value of merchandise exports for the first seven
months of the present calendar year is $2,701,478,003, while imports were $2,389,768,451; for the corresponding seven months of the preceding calendar
year exports were $2,366,371,653 and imports $2,128,184,437, exports this year to date showing an increase of $335,106,350 over the preceding year and
imports of $261,584,014.
Shipments of gold abroad continue to tend in the
same direction as in recent preceding months, imports being larger and exports smaller. Gold imports in July were $10,204,112 and exports $4,337,842, the figures for -the seven months of the current
calendar year being, respectively, $50,870,616 for imports and $195,274,301 for exports, giving an excess
of exports of $144,403,685. For the first seven
months of the calendar year 1924 gold imports were
$245,076,709 and exports only $4,182,252, the excess
of imports being $240,894,457. Silver imports in
July were $5,238,437 and exports $8,346,204. The
silver figures show only insignificant variations from
month to month.
Conferences between the Belgian Debt Commission and the American World War Debt Commission
have been in progress in Washington throughout the
week. The first meeting was held on Monday morning, and naturally, was of a preliminary and complimentary character. As might have been expected,
Baron de Cartier, head of the Belgian Commission,
"declared that Belgium would honor all just obligations," but "pleaded leniency on behalf of his Government, because of exceptional conditions, both
during the war and since, which made the nation's
path of reconstruction most difficult." According
to a New York "Times" dispatch,"Secretary Mellon,
in replying for the American Commission, said that
this Government recognized the burdens imposed
upon Belgium by the World War and that Belgium's
capacity to pay would be taken into consideration in
the negotiations." He added that "members of the
American Commission seem confident that a definite
agreement will be reached on terms for funding the
$480,000,000 debt. Their attitude to-day was that
the real problem before the Commissioners was the
rate of interest which it was within the capacity of
Belgium to pay annually on her indebtedness, and
whether it would be necessary to include in a funding agreement a provision which would permit Belgium to defer all or part of the interest payments for
five or ten years." The Washington representative
of the New York "Herald Tribune" said that it was
agreed at the first meeting to "adopt a policy of secrecy in the deliberations, at least until the discussions have reached a point where it might be deemed
advisable to make a public statement."
In a special Washington message to the same paper last Saturday it was declared that "negotiations
between the American Debt Commission and the Belgian Commissioners, which will be begun Monday,
are looked on here as likely to determine whether the
United States will be successful in getting debt settlements with not only Belgium but also France and
[VoL. 121.
Italy." It was added that "in American Debt Commission circles it was declared the negotiations with
the Belgian representatives were regarded as crucial. It was explained that, unless these negotiations succeeded, there will be little hope of success in
the negotiations with France and Italy. While success in the negotiations with the Belgians will not
necessarily mean success in dealing with the other
debtor nations, it is felt by members of the American
Commission that a Belgian settlement will be helpful."
Tuesday's proceedings were outlined in part as
follows by the New York "Times" representative in
Washington: "A statement of Belgium's position
toward the effort of the United States to obtain payment of that country's war obligations to this Government was laid before the American Debt Commission to-day in the form of suggestions, it is understood, as to the character of funding arrangements that Belgium would be willing to enter into
with the American Commission. At a later joint
meeting of the two Commissions the Belgian suggestions were discussed, but there was no definite rejection of them on the part of the American representatives. It was apparent, however, that no proposal had yet been made by the Belgian Commission
which, in the view of the American Commission,
would be acceptable to Congress, and to-day's effort
is not expected to bring any definite results along
the lines laid down by the Belgians. Any impression
that what took place to-day has produced an impasse in the debt negotiations is entirely groundless.
To-day's move was merely preliminary, a sort of
feeler. The disposition on both sides is to reach an
accord."
Washington dispatches indicated that progress
was made the following day. The Associated Press
representative said that "some progress was made
to-day in the Belgian debt funding negotiations. The
discussion reached the point where actual terms of
a proposed settlement were under examination.
There were indications that the way had been found
not quite as smooth as expected, but the Commissioners still appeared optimistic. The proposition
made yesterday by the visitors and rejected by the
Americans formed the starting point from which the
discussion of terms proceeded. Just how far apart
the Commissions are was not disclosed, but some
members of the American Commission expressed the
opinion that the negotiations might be concluded
this week. Officials said it was not to be expected
that the first proffer of settlement would be agreed
upon, pointing out that the initial offer by Great
Britain likewise had been found unacceptable, but
served as a basis from which the Commissions were
able to reach an agreement without particular difficulty."
In a later dispatch to the New York "Herald Tribune" it was stated that a practical deadlock had
been reached. It was claimed that "rejection on the
part of the United States of the Belgian proposal of
settlement terms made yesterday was followed to-day
by counter rejection by Belgium of terms proposed
by the American Commission. This brought about
a practical impasse in a joint conference which was
begun at 4 o'clock this afternoon and was followed
by a private conference between the Belgian Commissioners, Secretary of the Treasury Mellon and Senator
AUG. 15 1925.1
THE CHRONICLE
753
Smoot, of Utah, a member of the American Commis- circles in the Belgian-American debt funding negosion, in Mr. Mellon's private office." Continuing, the tiations now in progress at Washington. The French
correspondent said: "The two Governments, it is Foreign Office daily is receiving long communicareported, are wide apart on almost every vital phase tions from Emile Daeschner, Ambassador at Washof the issue. Rates of interest, the extent of a mora- ington, giving a full report of the proceedings. Meantorium, the period over which a funding agreement while the appointment of the debt funding commisis to run, the matter of a payment by Belgium to the sion which will go to Washington is held in abeyance
United States on the principal of the war debt, and by the French Government until the American negoalso the issue raised by Belgium that the pre-armis- tiations with the Belgians have progressed further.
tice debt is to be met through German reparations The general opinion is that the mission will be apand should not be included in the proposed agree- pointed upon M. Caillaux's return from England and
ment, were all said to be included in the matters still will leave for America early in September, as originin serious disagreement. Although some members ally scheduled."
of the American Commission insisted that progress
The Associated Press representative in Brussels
was being made, it was obvious that there had been sent word that "dispatches from Washington anno Progress sufficient to warrant an official state- nouncing that the first proposal of the Belgian Debt
ment from the American Commission and none was Mission to the United States has been found
unacforthcoming. The Belgian Commissioners likewise ceptable produced another outburst of
bitterness on
were silent. The United States Commissioners, af- the part of the newspapers. The ‘Vingtieme
Siecle'
ter rejecting the Belgian proposals of yesterday, said: 'We foresaw this. We announced that Washsubmitted a counter proposition this morning. This, ington would not accept the most
unchallengable
it is understood, included provision for a morato- figures regarding our adverse trade balance and
the
rium, which the Belgians have urged is absolutely dilapidated conditions of our finances.
We remain
essential to any funding agreement they might make. convinced that there are people in America
who wish
The length of the moratorium proposed by the United to lead us into an investigation by experts
as a preStates has not been disclosed. In some quarters it liminary to the establishment of a
Dawes plan, or
is reported to be ten years, with the stipulation, how- else, by a roundabout way, to exact
of us payments
ever, that Belgium shall make some payment on the beyond our capacity."
principal of the debt in the meantime. The basis of
According to a Washington dispatch to the New
the American proposal, with the exception of the York "Times" yesterday morning,"when
the Belgian
moratorium provision, is understood to be the Brit- and American Debt Commissions
adjourned after a
ish funding agreement, with some modifications as short meeting Thursday, the hope
was expressed that
to interest. The interest rates in the British agree- an agreement would be reached to-morrow
or Saturment are 3 and 3/
1
2%. It also is understood that the day on the main points of a debt funding compact
American proposal contains some conditions favor- which would be acceptable to the Governmen
ts of
able to Belgium pertaining to the German repara- Belgium and the United States. The Belgian
Comtions, making provisions for leniency in payment in missioners have sent a communication to
their home
case reparations payments to Belgium, for any rea- Government and expect a reply by to-morrow
mornson, might be delayed. The Belgian Commission, it ing, when they will again meet with the
American
was reported, flatly rejected the American proposal, Commission. If this reply is favorable it is
probable
insisting upon much lower interest rates than the that the Commissions will quickly reach
an agreeBritish rates. The rates demanded by Belgium, it is ment as to the principles which shall govern
a tenunderstood, are much lower than the United States tative program, to be submitted formally to
the legiswould be willing to grant under any circumstances, lative bodies of the two Governments
for approval."
and if granted might lead to serious protest on the
According to an Associated Press dispatch from
part of Great Britain."
Washington last evening, the following are the latest
The situation, as a result of Thursday's proceed- developments with respect to the negotiatio
ns: "The
ings, was outlined as follows by the Washington rep- debt negotiations between the United
States and
resentative of the Associated Press: "Negotiations Belgium were suspended to-day, pending
a conferbetween the American and Belgian Debt Commis- ence at Plymouth, Vt., Monday by Secretary
Mellon
sions were suspended temporarily to-day to permit and Senator Smoot of the American
Debt Commisthe visitors to receive instructions from Brussels re- sion with President Coolidge.
Secretary Mellon will
garding a new Belgian offer. A reply is expected leave Washington to-night and
Senator Smoot toover night, however, and the Commissions agreed to morrow and they will meet
in New York Sunday to
meet again to-morrow. At that time they will have proceed to Plymouth,
where the President will be
before them also a new American proposal, embody- visiting his father. The
American Commissioners
ing some concessions, which was presented to-day to desire to lay the whole situation
before Mr. Coolidge
the Belgians. The Belgian Government has asked prior to a resumption of the
discussion with the Belthat the total of the debt be reduced through a com- gian Commissioners Tuesday.
Meantime the visitputing of accrued interest at a rate lower than the ing delegation is consulting
with
its Government by
4% at which the British debt interest was figured,
41/
cable and it is the expectation that both sides will
but no agreement on that point has been reached. better equipped to go ahead
with the negotiations
The only agreement so far disclosed is that for a next week."
brief moratorium. The Commissions remain quite
far apart on the other questions involved, but both
Italy, according to cable advices from Rome, is
sides are hopeful of an agreement without prolonged still making definite plans
to take up her war debt
discussion."
with the United States as soon as negotiations with
the French commission are completed. It was stated
From Paris came a report on Thursday that "in- in an Associated Press cablegram
under date of Aug.
tense interest is being taken in French Government 12 that "Italy hopes that the total of
her war debts
754
THE CHRONICLE
to the United States will be made a variable sum,
somewhat similar to German reparations under the
Dawes plan, according to statements in the press
that apparently reflect the views of the Government."
The situation was further outlined as follows:
Giacomo de Martino, the Italian Ambassador to
Washington, who is now on his way to Rome, will
make only a very brief stay in Italy, returning to
Washington soon to resume negotiations with the
American Debt Funding Commission after the
French Commission, which is still to be appointed,
completes its work in Washington. Ambassador de
Martino will be accompanied to the United States
by a staff of experts and he will be prepared to present the thesis that Italy is ready to pay to the very
limit of her capacity, but that her capacity should be
judged sanely and with full appreciation of Italian
economic and financial possibilities. These should
be judged both in the present and in the future and
should be considered in the light of possible participation of American capital in Italian private and
public industrial enterprises. The seriousness with
which the Italian Government has taken up the question of war debts is clearly demonstrated, officials
say, not only by the return of Ambassador de Martino to Rome, but also by the fact that the Government has created a bureau to be known as the Office
of Inter-Allied Debts, and has appointed Dr. Mario
Alberti, who was associated with Ambassador de
Martino in the inauguration of the debt discussions
in Washington, as a plenipotentiary whose sole duty
will be to deal with the debt question."
[vol. 121.
went to Buckingham Palace, where he was received
by the King. He emerged wreathed in smiles and
apparently confident of the success of his mission.
After the conversations M. Briand told the newspaper men who crowded into his rooms at the Hyde
Park Hotel: 'The French and British viewpoints regarding the security compact have come materially
closer together as a result of to-day's conversations.
I believe—no, you may say I am confident—that one
more meeting to-morrow will suffice for us to arrive
at an agreement on the wording of the reply to Germany."
Special significance seems to have been attached in
London to the fact that American Ambassador
Houghton was invited to two social affairs in honor
of M. Briand. The "Times" representative said that
"American Ambassador Houghton was a guest both
at a luncheon and dinner to-day in honor of M.
Briand, the French Foreign Minister, who is now
holding informal conversations here with Austen
Chamberlain, Secretary of State for Foreign Affairs,
regarding the security compact. Mr. Houghton's
presence at these functions—the first of which was
given by the French Ambassador and the second by
the British Government—tended to arouse the impression that efforts were again being made to interest the United States in European affairs." Enlarging upon this feature of the situation, the correspondent said: "One outstanding impression gleaned from
to-day's conversations between the British and
French statesmen is that Britain has not changed
her old policy of seeking to bring the United States
into European affairs. This is clearly indicated by
the developments in connection with the conversations. The fact that Ambassador Houghton attended
the luncheon and dinner in honor of M. Briand instantly struck veteran observers as significant.
There is a tendency among close observers--including the French—to assume that Britain is trying
hard to get America interested in the security compact. The impression in French circles, and to some
extent elsewhere, is that America, if interested,
would insist that the compact must really guarantee
peace and banish war."
Continuing, he observed that "the impression
also prevails that millions of American dollars already invested in Europe and millions on the way
are bound to predispose America to take a keen interest in just what kind of a security compact is evolved
from the conversations now on between Mr. Chamberlain and M. Briand. It is pointed out, for instance,
that America is investing millions in Poland, and
hence naturally is deeply interested in whether the
solution of Polish-German difficulties and the
French conception of Franco-Polish relations tend
toward safeguarding peace or breeding war in Europe."
M. Briand, French Foreign Minister, arrived in
London Monday evening from Paris for a two days'
conference with Foreign Minister Chamberlain of
Great Britain, relative to the proposed security
agreement. According to London cable advices, he
"had an exceptionally friendly informal greeting at
the Victoria Station." It was stated that "Foreign
Secretary Chamberlain himself awaited the train, an
attention which showed the keenness of the desire
here that the conversations of the next two days may
bring agreement. Mr. Chamberlain was accompanied
by Sir William Tyrrell, Permanent Under Secretary
for Foreign Affairs, who is a veteran in these international interchanges." The French Foreign Minister had no statement at that time for publication.
The London correspondent of the New York "Times"
suggested that, "now that M. Briand, the French
Finance Minister, is actually in London the view
prevailing in high official circles is that the conversations between Mr. Chamberlain and M. Briand
must lead up to a formal conference, with Germany
participating; that divergences between the English
and the French viewpoints regarding the proposed
security compact must be bridged by means of the
The possibility that the presence of Mr. Houghton
League of Nations, and that otherwise the Chamberdue to President Coolidge's influence was sugfutile."
was
been
have
will
conversations
lain-Briand
gested by the London representative of the New York
Developments on Tuesday with regard to the con- "Herald Tribune" the same day. He said: "Is
ferences were characterized in London cable advises President Coolidge bringing his influence to bear to
between France and Engas highly satisfactory to M. Briand and his associ- reconcile the divergence
German
security pact comthe
New
of
to
the
the
York
reply
on
land
representative
ates. The London
is
being
question
propounded in
This
munication?
"the
that
evening
conversations
"Times" cabled that
this
following the
evening
here
statesmen
diplomatic
French
began
circles
and
between the British
at
the dinner
Houghton
Ambassador
of
They
Office.
presence
lasted
Foreign
this morning at the
to
and
Briand
also an acChamberlain
Mr.
by
lunch,
for
given
until
interlude
an
with
from 11 o'clock,
to lunchan
of
invitation
Houghton
Mr.
by
M.
ceptance
started
Briand
they
Before
afternoon.
late this
AUG. 15 1925.]
THE CHRONICLE
eon at the French Embassy with M. Briand. In
some circles this is regarded as a step inspired by
President Coolidge himself in the hope that American influence may be exerted as successfully now in
the interests of European stabilization as it was at
the London conference here last summer. It is recalled here that both Mr. Coolidge and Secretary
Kellogg have publicly proclaimed that the successful
conclusion of non-aggression pacts between the Powers of Europe would pave the way for the financial
and industrial reconstruction of the Continent."
As to the progress of the conversations, he said:
"To-day's conversations between Foreign Ministers
Briand and Chamberlain found the French and British Foreign Ministers in such close approach to an
agreement over the terms of the French note to Germany that it is understood the final draft of the document will be approved to-morrow. This does not
necessarily mean that all is plain sailing, for some
problems are yet to arise over which the French and
British are not in accord, but these have been sidetracked for re-examination when the security pact
conference is called. The French reply to the German note of July 21 will be couched in general terms
rather than specific. It will pass over lightly many
points on which Germany asked information, but it
will facilitate the convocation of the actual parley
at which the pact will be discussed. This, the British spokesmen indicated to-day, is satisfactory to
this Government, which believes the sooner negotiations are under way with Germany the better it will
be for all concerned."
An agreement was reached, apparently, sooner
than had been expected. At any rate, official communiques were issued by M. Briand and the British
Foreign Office Wednesday afternoon stating that
"complete accord" had been reached. The French
communique said that "the conversations between
M. Briand and Mr. Chamberlain have resulted in
complete accord on the terms of the answer which
is to be sent by the French Government in agreement
with the Allied Powers in reply to the latest note
from the German Reich concerning treaties of mutual guarantee and arbitration. These conversations
have furnished an occasion for the exchange of views
on the subject of the projected security pact. Such
a pact cannot take definite form until conversations
have been engaged in on this subject between representatives of all the interested parties. The conversations in London have largely contributed in hastening the time for the eventual conversations, which
will permit of definite final results."
Through an Associated Press dispatch a pessimistic report was received relative to the Italian attitude toward the "conversations" of the British and
French Foreign Ministers. In part it said: "The
parleys now being conducted in London by the
French and British Foreign Ministers, M. Briand
and Austen Chamberlain, have aroused the Italian
press to its customary pessimism over the solution
of post-war problems, coupled with reluctant admissions that some good may come out of the London
conversations, if they include enough subjects. Several of the Rome journals reflect the feeling that the
question of a security compact dovetails inextricably with other questions, including that of war
debts, the Moroccan situation and Oriental sensitiveness."
755
In later London cable advices it was stressed that
one of the outstanding features of the agreement between the two Foreign Ministers is that Germany
will be asked to take an active part in working out a
security pact. The London representative of the New
York "Evening Post" said on Aug. 13 that "the meeting here between Foreign Minister Briand and Foreign Secretary Chamberlain, which has ended with
the usual announcement of a 'perfect accord,' has resulted in one thing and one thing only: that
Germany will be asked to put her cogwheel
into the diplomatic machinery which will be
set in motion in an endeavor to work out a
security pact. Heretofore that machinery has
been confined to London and Paris and has not
worked. The two Foreign Secretaries finally decided to send a note to Germany, which will be brief
and in hardly any way committal, with the suggestion that 'conversations' should be pursued in an
effort to find a solution. It simply means that the
British Ambassador in Berlin will be placed upon a
little different diplomatic footing on this particular
subject than he has been heretofore, and the same
applies to the German Ambassadors in Paris and
London."
M. Briand left London for Paris on Thursday
morning. He was quoted in an Associated Press dispatch from London that afternoon as saying that "on
our side Mr. Chamberlain and I put everything in
order that it was possible for us to arrange at the
present time."
According to a Washington dispatch to "The Sun"
Thursday afternoon,"the United States Government
is greatly pleased at the accord reached between the
French and British Governments in regard to their
reply to the German note on the security pact and,
according to unofficial statements, feels certain that
conversations will ensue between the three Governments for the establishment of peace in Europe
'by mutual understanding,' as suggested by the first
German note."
It was further stated that,"while this Government
is not directly concerned in the making of the security pact, it is well known here that Ambassador
Houghton, while representing the United States in
Germany, played an important part in persuading
the Germans to take steps toward a security pact
and there is considerable satisfaction that his efforts
now appear likely to bring about an agreement satisfactory to the three nations."
The assertion was made also that "Ambassador
Houghton was under no special instructions from
the State Department as to the attitude of this Government toward the security pact, though he has, of
course, kept the Department fully informed as to
what was going on. It is the view of the Department
that anything in the way of a security pact that is
agreeable to Germany, France and Great Britain
certainly could not be objected to in this country."
The news from Berlin yesterday morning regarding the security negotiations was rather encouraging. The New York "Times" correspondent cabled
that he had learned the night before that "details for
a conference of Allied Powers and Germany on the
security compact are nearing completion, and it is
probable that the Premiers and Foreign Ministers of
Germany, France, England and Belgium will meet
at the end of this month either in London or Ostend."
756
THE CHRONICLE
He added that "the original plan for a preliminary
conference of legal experts has been abandoned in
favor of an immediate gathering of men who have the
power to making binding decisions. It is hoped to
have the business of the conference completed before
the plenary session of the League of Nations Assembly opens at Geneva in order that Germany's entrance into the League can be voted this year without
calling a special session."
Somewhat similar ideas were expressed by the
London representative of the New York "Evening
Post" in a cable dispatch last evening. He said in
part: "The note on the security question which
Foreign Secretary Chamberlain of Great Britain
and Foreign Minister Briand of France agreed upon
in London is expected here by the end of next week.
It is believed its submission to Belgium, Japan and
Italy will necessitate a short delay. Although the
contents of the note in a general sense are known
here from extensive reports in the French and English press, the Government is not making its attitude
known until the text is in hand, on the ground that
in such matters the very phrasing is of the highest
importance. The Government, however, expects the
note to be conciliatory in tone and to require no further correspondence, but to lead directly to an international conference."
The German Reichstag adjourned on Aug. 12 for
the usual summer recess. In reporting the event the
Berlin correspondent of the New York "Times" declared that "the German Reichstag adjourned this
afternoon after the busiest day of its entire session,
which had lasted since the middle of last December.
Besides ratifying numerous trade treaties and passing the Hindenburg Amnesty bill, the legislative
body passed the Tariff bill, which was a rankling
thorn in the side of the Reichstag since the adoption
of the Dawes plan. , When a majority vote decided
for a summer recess, the President's pronouncement
'adjourned sine die' ended a session which was the
most remarkable in European diplomacy, since all
bills which became laws passed through the highest
finesse of log-iolling or diplomatic pressure."
In commenting upon some of the most important
features of the tariff bill, the "Times" correspondent
said: "The tariff law returns Germany to the status
of 1903, when Bismarck nursed a protective tariff
bill through Parliament. This protective tariff to
'enable German agriculture to survive' was the
broadest plank of the Right parties in the last Reichstag and Presidential elections. The Left's promise
to support this bill was the deciding factor in passing the Dawes plan. The Right is now celebrating
its triumph, though it were forced to support the
Stresemann policies in the security compact negotiations in order to pass the bill." He stated that
"American business men in Berlin do not believe the
present tariff will reduce American business, though
present tariff laws shut out other countries." According to the correspondent, also, "the trade treaties were ratified in a sing-song manner, including
the commercial, consular and amity treaty with the
United States, and a motion to adjourn was proposed. Chancellor Luther and Foreign Minister
Stresemann smiled when the final count announced
that the Reichstag would take a vacation until the
middle of November, since this allows them a free
hand in the negotiations for security agreements."
[Vox. 121.
The feature of the British trade statement for
July was the decrease of £12,242,000 in the imports
compared with June of this year. As a result of this
change and an increase in exports of £6,697,000, the
excess of imports was down £18,939,000. In comparison with July of last year the decrease in imports
was £9,360,000. Exports, however, were £5,310,000
less. The following figures show the results for July
and the first seven months of this year compared
with the corresponding periods of last year:
Exports British goods
Re-exportsforeign goods
1925—July—I924. 1925-Jan,1 to July 31-1924
£64,820,000 £71,500,000 £457,479,170 £459,700,000
11,370,000 10,000,000 88,819,087 84,300,000
Total exports
Imports
£76,190,000 £81,500,000 £546,298,257 £544,000,000
98,740,000 108,100,000 776,283,832 706,500,000
Excess of imports
£22,550,000 £26,600,000 £22,9985,575 £162,500,000
Cable dispatches from Warsaw yesterday stated
that the Bank of Poland had raised its rate of discount from 10% to 12%. It was explained that this
step was based on the Bank's policy of restricting
credit, when necessary, to insure adequate holdings
of foreign currencies. Aside from this, no changes
have been noted in official discount rates at leading
European centres from 9% in Berlin; 7% in Italy
and Denmark; 6% in Paris and Norway; 5/
2% in
1
Belgium; 5% in Madrid and Sweden; 4/
2% in Lon1
don and 4% in Holland and Switzerland. Open market discounts in London were a trifle lower, short
bills finishing at 3 15-16%, against 4%, while
three months' bills are now 3 15-16@4%, against 4@
41-16% a week ago. Call money again declined and
closed at 314%,as compared with 4% last week. At
Paris and Switzerland open market discounts continue to be quoted at 57
8% and 21-16%, respectively,
/
unchanged.
The Bank of England reported a loss in gold this
week to the extent of £243,383, in contrast with the
substantial additions reported for quite some time
past. This was offset by a falling off in note circulation in amount of £1,066,000, thus producing a
gain in reserve of £823,000. The proportion of reserve to liabilities again declined—to 30.65%, as
against 31.21% last week and 31.67% a week earlier.
The Bank's reserve ratio, however, is far above that
prevailing at the corresponding period in any year
since 1916 and this week's figure compares with 18%
last year and 18.89% in 1923. Public deposits expanded £4,696,000 and "other" deposits £232,000.
The Bank's temporary loans to the Government were
increased £710,000, while loans on other securities
indicated an expansion of £3,376,000. Gold holdings
now stand at £164,256,769, in comparison with £128,315,112 in 1924 (before the transfer to the Bank of
England of the £27,000,000 gold formerly held by
the Redemption Account of the Currency Note Issue), and £127,644,253 the year preceding. Reserve
amounts to £38,747,000, against £22,030,892 a year
ago and £22,565,423 in 1923. Loans aggregate £71,605,000, compared with £75,409,790 and £69,119,962,
one and two years ago, respectively. Note circulation is £145,252,000. This compares with £126,034,220 last year and £124,828,830 the year immediately
preceding. Clearings through the London banks for
the week totaled £734,845,000, in comparison with
£685,376,000 for the corresponding week a year ago.
No further change has been made in the Bank's offi2%. We apcial discount rate, which remains at 41/
pend herewith comparisons of the different items of
the Bank of England return for a series of years:
Am.15 1925.]
THE CHRONICLE
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
1924.
1923.
1921.
1922.
Aug. 12.
Aug. 13.
Aug. 15.
Aug. 16.
Aug. 17.
Circulation
b145,252,000
Public deposits
15,731,000
Other deposits
110,732,000
Governm't securities 33,316,000
Other securities.— 71,605,000
Reserve notes & coin 38,747,000
Coln and bullion_a164,256,769
Proportion of reserve
to liabilities
30.65%
Bank rate
434%
126,034,220
13,406,175
108,796,171
42,857,467
75,409,790
22,030,892
128,315,112
124,828,830
10,416,839
109,020.800
45.835,601
69,119,962
22,565,423
127,644,253
124.261,430
14,168,990
111,587,816
42,628,802
79,618,460
21,596,230
127,407,660
126,235,125
17,285,264
122,546.676
57,740,435
79,525,372
20,621,995
128,407,120
18%
4%
18.89%
4%
17.17%
3%
14.75%
534%
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
previously held as security for currency note issues and which was transferred
to
the Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes £27,000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note issue.
The Bank of France in its weekly statement reports a further small gain in the gold item, the
increase this week being 27,375 francs. Total gold
holdings, therefore, now aggregate 5,546,958,825
francs, comparing with 5,543,744,269 francs for the
same time last year and with 5,537,912,810 francs
in 1923. Of the foregoing amounts 1,864,320,907
francs were held abroad in both 1925 and 1924
and 1,864,344,927 francs were held abroad in 1923.
Following the large expansion the previous two
weeks, note circulation fell off 427,406,000 francs
the present week. The total notes in circulation
is thus brought down to 44,906,406,450 francs.
For the corresponding date last year notes in circulation totaled 44,399,968,075 francs and the year
previous 37,265,406,405 francs. During the week
bills discounted rose 62,661,000 francs and Treasury
deposits increased 2,443,000 francs. On the other
hand, silver fell off 401,000 francs, advances decreased 15,674,000 francs and general deposits were
reduced 219,269,000 francs. Comparisons of the
various items in this week's return with the statement of last week and corresponding dates in both
1924 and 1923 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Aug. 13 1925. Aug. 141924. Aug.161923.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
In France
Inc.
27,375 3,682,637,918 3,679,423,361 3,673,567,882
Abroad
Unchanged
1,864,320,907 1.864,320,907 1,864,344,927
Total
Inc.
27,375
Silver
Dec.
401,000
Bills discounted_ _Inc. 62,661,000
Advances
Dec. 15,674,000
Note circulation..Dec.427,406,000
Treasury deposits_Inc.
2,443,000
General deposits Dee.219,269,000
5,546,958.825
311,820,141
3,243,508,798
2,912,847,185
44.906,406,450
11,459,1.
83
2,364,619,313
5.543,744,269
300,408,602
4,510,189,723
2,739,388,793
40,399,968,075
12.089.778
2,037,111,797
5,537,912,810
294,211,699
2,404,535,730
2,122,978.216
37,265,406.405
14,766,925
1,952.044,789
The Imperial Bank of Germany in its statement
for the week of Aug.7 reported a contraction in note
circulation of 57,660,000 marks and a decline in
other liabilities of 45,771,000 marks, although other
maturing obligations increased 110,668,000 marks.
No change in loans from the Rentenbank is. reported
this week. On the assets side, declines were shown
in bills of exchange and checks of 83,119,000 marks,
in advances of 36,448,000 marks, in reserve in foreign currencies of 9,534,000 marks, and in deposits
abroad of 20,503,000 marks. There were increases
in the following items: Silver and other coins, 445,000 marks; notes on other banks, 10,318,000 marks,
and other assets, 116,019,000 marks. Investments
increased 14,000 marks. The Bank again added to
its store of gold and bullion-9,542,000 marks, raising it to 1,113,678,000 marks, which compares with
490,694,000 marks last year and 596,351,000 marks
in 1923. Note circulation now outstanding totals
2,472,669,000 marks.
757
loss of gold for the System, together with a small
falling off in rediscounting operations, both locally
and nationally. The New York Bank lost gold to
interior institutions to the amount of $14,300,000.
Rediscounting of Government secured paper fell $17,900,000, but rediscounts of other bills gained $10,500,000, so that total bills discounted for the week
were reduced only $7,400,000. Open market purchases expanded slightly, $380,000. In total earning assets there was a drop of $10,200,000, while de- A
posits were reduced $24,400,000. The report of the
System revealed a loss in gold of $404,000. Rediscounts of paper secured by Government obligations
declined $14,000,000. Here, also, however, there was
an increase in other bills, amounting to $8,300,000;
the net result, therefore, was a decline in total bills
discounted of $5,700,000. Holdings of bills bought
in the open market decreased slightly, $300,000. Total earning assets were smaller, namely $11,000,000,
and deposits fell $29,700,000. Federal Reserve notes
in actual circulation expanded $12,000,000 for the
banks as a group, but at New York dropped $300,000.
Member bank reserve accounts were reduced $32,000,000 for the System and $24,900,000 at New York.
Shrinkage in deposits was sufficient to offset lack of
expansion in gold reserves and thus bring about
small advances in the reserve ratios; that of the System mounted 0.2%, to 75.5%, while at New York a
gain of 0.5%, to 80.0%, was shown.
Smaller deposits and a material gain in surplus
reserve were the chief features of Saturday's statement of New York Clearing House banks and truut
companies and indicated the usual return to normal
following month-end strain. In detail the actual figures showed that loans declined $35,246,000, while
net demand deposits were reduced $69,058,000, and
time deposits $4,692,000, to $569,344,000. The total
of demand deposits, exclusive of $6,079,000 in Government deposits, was $4,363,531,000. Cash in own
vaults of members of the Federal Reserve Bank increased $3,526,000, to $45,133,000, although this is
not counted as reserve. Other minor changes included declines of $162,000 in reserve of State banks
and trust companies in own vaults and $503,000 decrease in the reserve of these institutions kept in
other depositories. There was an expansion in the
reserve of member banks with the Federal Reserve
Bank of $5,863,000, which in combination with the
curtailment in deposits, resulted in an addition to
surplus reserve of $14,710,450, thus bringing excess
reserves up to $19,757,420, as against only $5,046,970 last week. The above figures for surplus reserves
are on the basis of reserves of 13% against demand
deposits for member banks of the Federal Reserve
System, but do not include $45,133,000 cash in vault
held by these member institutions on Saturday last.
Contrary to rather general predictions, the trend
of money in the local market the present week has
been downward. This was evidenced by the fact
that on Thursday call loans ruled at 4% all day, and
that renewals and loans were made at that rate
again yesterday. Out-of-town money was said to
have been obtainable yesterday as low as 31/
4%.
Time money was quoted at 41/
4(4)43
/
4%, but the
demand was only moderate. In view of the continued upward movement in stocks without a big reacThe Federal Reserve Bank statements, issued at
tion and of greater activity in the steel industry and
the close of business on Thursday, revealed a nominal in other lines as well, this
was regarded as surpris.
[VOL. 121.
THE CHR
758
here have been no changes this week in Federal
ing. In discussions of the money market special ay
eeBank rates. The following is the schedule
eserve
week's
last
the
that
fact
to
tention was directed
in effect for the various classes of paper
now
a
of
rates
System
e
Reserv
l
the
both
of
Federa
serve ratio
nt Reserve banks:
at
the
maindiffere
was
Bank
e
l
Reserv
York
Federa
of the New
d.
recorde
es
T
OF FEDERAL RESERVE BANKS IN EFFECT
increas
nal
RATES
DISCOUN
slight
fractio
and
tained
AUGUST 14 1925.
Bankers say that an unprecedentedly large amount
Paper Maturing—
of out-of-town money is being offered in the New
After 90 After
York market and that this is a big factor in the conbid
Days. but
Within
Within 6 Within 9
Days.
90
d
reache
tinued ease. If a satisfactory agreement is
Months. Months.
FEDERAL RESERVE
BANK.
with Belgium, France and Italy with regard to war
Confrcial Secured
Trade Agricul.• Agricui.
A oriel & by U. S. Bankers
of
g
floatin
the
for
and
debts it would seem logical to look
and
AccepLivestock Governm't Accep.
Paper. Obliga- Lances. tances Livestock Livestock
the
before
States
United
the
Payer.
more European loans in
Paper.
lions.
n.e.s.
3ti
3ti
3ti
3ti
end of the. year. It was even reported in a Rome Boston
3%
3t4
3Ii
33i
3ti
3I6
3t4
3A
New York
Govern
Italian
the
3I
that
ay
3I6
h
yesterd
3t5
3I6
3ti
334
cable dispatc
Philadelphia
3I5
3,54
3;6
3I6
3M
3ti
Cleveland
4
4
4
4
4
4
Richmond
ment is seeking another loan in this country.
4
4
4
4
4
4
Atlanta
Referring to money rates in detail, call loans
have covered a range during the week of 4@43.1%,
which compares with 414@432% a week ago. The
call market, however, was very inactive and during
much of the time quotations were motionless. On
Monday and Tuesday there was no range at all,
43% being the only figure named and the level
at which_ renewals •Eere made. Wednesday the high
was still 414.%, and 43.% the ruling rate, but before
the close there was a decline to 4%. For the remainder of the week, that is, Thursday and Friday,
an easier tone was noticeable, and all funds on call
were negotiated at 4%, which constituted the high,
the low, and the renewal figure on both days. In
time money the situation was quiet and rates unchanged from 434@4%% for sixty and ninety
days and four months' money, with five and six
2@4Vi%, the same as last week.
/
months still at 43
of the week offerings were larger
close
the
d
Towar
was light. No large individual
_
d
deman
the
but
loans were made.
Mercantile paper rates have not been changed
from 3%@4% for four to six months' names of
conchoice character, while names less well known
week.
last
as
same
the
%,
tinue to require 4@4X.
New England mill paper and the shorter choice
only
names are still passing at 3%. Trading was
s
busines
the
of
bulk
the
with
active,
moderately
and
passing at the outside figure of 4%. Both city
country banks figured in the dealings.
Banks' and bankers' acceptances ruled at the
buying
levels previously current. A fair degree of
ed
furnish
y
activit
the
was reported, with most of
was
trading
But
tions.
by out-of-town institu
hampered by lack of offerings; hence the week's
turnover was not large. For call loans against
an
bankers' acceptances the posted rate of the Americ
from
33/2%
to
d
lowere
been
has
l
Counci
Acceptance
Acceptance Council makes
3% last week. The
' acceptances
the discount rate on prime bankers
e banks
Reserv
l
Federa
eligible for purchase by the
days,
30
g
runnin
bills
33'3% bid and 3% asked for
g 60
runnin
bills
for
asked
334% bid and Ws%
g
runnin
bills
for
asked
33-%
days, 3%% bid and
bills
for
asked
0
3%7
and
bid
90 days, 33/2%
asked for
running 120 days, 3%% bid and 332%
3%%
and
asked
33.%
and
days,
150
bills running
Open market quobid for bills running 180 days.
tations follow:
Y.
SPOT DELIVER
90 Days.
34433i
60 Days.
31411:03%
Prime eligible bills
THIRTY DAYS.
FOR DELIVERY WTTHrN
Eligible member banks
Eligible non-member banks
30 Days.
3%03
3( bid
bid
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
4
4
4
4
4
3%
4
4
4
4
4
34
4
4
4
4
4
3%
4
4
4
4
4
316
4
4
4
4
4
311
4
4
4
4—
4
334
• Including bankers' acceptancesdrawn for an agricultural purpose and secured
by warehouse receipts. &c.
The sterling exchange market appears to have/elapsed into the state of inertia that was temporarily
interrupted by the British coal strike threat and later
the change in the Bank of England rate and the week
just closed was similar to many that have preceded
it, that is, characterized by sinall up and down movements in rates of no real significance, and dull, narrow trading operations which resulted in an exceptionally light volume of actual transactions. Despite
the lack of activity, however, the undertone was firm,
2, with
and demand bills were held at close to 4.853/
ng
beginni
s
are
banker
and
4.85%,
to
dips
nal
occasio
to wonder whether the pressure from seasonal commercial offerings is going to be severe enough to cause
anything like a violent or sustained drop in price
levels. It is of course still too early for the autumnal
flood of offerings, but it is pointed out that usually
bills of this description begin to put in an appearance
in anticipation of cotton and grain shipments. Thus
far, very few have been offered. Moreover, the belief
is growing in local banking circles that British banks
have been quietly but assiduously buying up dollars
with a view to preparing for the strain upon sterling
during the next three or four months. As buying of
this kind has followed practically every advance in
sterling during recent weeks, it is estimated that these
dollar balances have by this time attained quite considerable proportions. Should this theory turn out to
be well founded, commodity imports into Great
Britain may not prove seriously disturbing to sterling
exchange values, and the necessity of resorting to
gold exports from London to New York, or of drawing
upon the $300,000,000 credit established here by the
Bank of England for the purpose of protecting
the gold standard will be obviated. In all probabliity
a goodly portion of this season's cotton shipments will
be financed through special arrangement as was the
case last year, and not by means of sales in the open
market.
Referring to the day-to-day rates, sterling exchange
on Saturday last was dull and slightly easier with
rates for demand fractionally lower, at 4 85 5-16@
4 85%, cable transfers at 4 85 11-16@4 85, and
sixty days at 4 82 1-16@4 82/1s. On Monday an
improving tendency was shown and demand advanced a trifle, to 4 85%@4 85 7-16, cable transfers
were 4 85%@4 85 13-16, and sixty days 4 823'3(4)
4 82 3-16. Values were maintained on light trading
on Tuesday and the range was 4 85%@4 853/i for
AUG. 15 1925.]
THE CHRONICLE
demand,14 85%@4 85%ilfor41cable transfers and
4 821/g@4 823 for sixty days. Wednesday's market
was sluggish and quotations remained practically
unchanged; demand ranged between 4 85 5-16@
4 853/2, cable transfers at 4 85 11-16@4 85 8, and
sixty days at 4 82 1-16@4 82%. Dulness marked
dealings on Thursday and rates covered a narrow
range, a shade under those prevailing the previous
day, viz., 4 85%@4 85 7-16 for demand, 4 85%@
4 85 13-16 for cable transfers and 4 821
/
8@4 82 3-16
for sixty days. On Friday quiet firmness ruled and
demand advanced to 4 853/(one rate), cable transfers
at 4 85%@4 85 8, and sixty days at 4 82%. Closing
quotations were 4 82% for sixty days, 4 853/2 for
demand and 4 85% for cable transfers. Commercial
sight bills finished at 4 854, sixty days at 4 813
4,
ninety days at 4 80, documents for payment (sixty
days) at 4 82 and seven-day grain bills at 4 84 11-16.
Cotton and grain for payment closed at 4 85%,
So far as could be learned no gold was engaged
for either import or export this week. The Bank
of England shipped £132,000 in gold sovereigns to
India, £16,000 to Singapore and £7,000 to the
Straits Settlements.
Trading in the Continental exchanges was inclined
to be listless and uninteresting this week, with price
changes still somewhat erratic, but by no means as
extreme, as has been the case lately. The reparation
or so-called debtor currencies attracted rather more
attention by reason of the week's developments relating to the future of francs and lire. Both French
and Belgian francs profited by announcement that
agreement had at length been reached between England and France over the reply to be made to the
latest German note on the security pact, and fractional advances occurred that carried the quotations
to 4 69 and 4 52%, respectively. Later on,some of
this was lost on desultory attempts at profit-taking,
but before the close publication of a favorable Bank
of France statement aided Paris checks and Antwerp
currency gained in sympathy. Lire were more fortunately situated and gained ground, on lessened
buying support, also political unsettlement, owing to
repeated reports of the serious illness of Premier
Mussolini. Cable rumors that negotiations for the
stabilization of the lira are proceeding between the
Italian Finance Minister and important New York
banking interests, could not be confirmed and failed
to affect price levels. Very little speculative activity
was discernible in these exchanges, locally at least.
German and Austrian exchange continues inactive
and unchanged. Greek currency is still weak, but
not especially active. The Polish zloty was again
under pressure and the rate after opening at 18.75,
broke sharply, eventually dropping to 18.00, then
recovering and closing at 18.25. The quotation was
largely nominal, since practically no business is being
done here in this currency in the open market. The
collapse in values is ascribed to political difficulties
in Poland and unfavorable trade conditions.
The London check rate on Paris closed at 104.11,
comparing with 103.35 last week. In New York
sight bills on the French centre finished at 4.66%,
against 4.67; cable transfers at 4.67%, against 4.68;
commercial sight bills at 4.65%, against 4.66, and
commercial sixty days at 4.609., against 4.613/b last
week. Antwerp francs closed at 4.49% for checks and
at 4.503/2 for cable transfers, as compared with 4.49
and 4.50 the previous week.IClosing rates on Berlin
759
marks were 23.8034 for both checks and cable transfers (unchanged). Austrian kronen have not been
changed from 0.00143/g. Lire closed the, week
at 3.6034 for bankers' sight bills and at 3.6134
for cable remittances. This compares with 3.563
4
@3.57% the preceding week. Exchange on Czechoslovakia, which in common with the other Central
European group, is no wise affected by the slump in
Polish zloties, finished at 2.96%, against 2.9634; on
Bucharest at 0.52, against 0.513/
2, and on Finland
at 2.53 (unchanged). Polish exchange closed at
18.25, against 18.75 last week. Greek drachmae
finished at 1.55% for checks and at 1.553
4 for cable
transfers, in comparison with 1.54% and 1.543
4a
week earlier.
Ailvto the7former neutral exchanges, movements
were less pronounced even in Danish and Norwegian
currencies and trading, generally speaking, was dull,
so far as local operators were concerned. Considerable activity, of an intermittent sort, was reported
at important foreign centres and rate fluctuations
were largely a reflex of what is going on abroad.
Danish exchange opened at 22.72, rose to 23.00,
within one point of last week's high record, then
declined to 22.84. Exchange on Norway ranged
between 18.30 and 18.54. There seems to have been
a temporary cessation of the heavy speculation in the
Scandinavians that was so noticeable a week or so
ago. Nothing further has been heard of the movement said to be on foot in Denmark to force Danish
currency back to par. Bankers still think that
parity is possible, but are not at all assured that it
would be advisable just yet. In any event, should
Denmark achieve parity, Norway is not expected to
take similar action, since the latter country has not
advanced as far as Denmark in its return to normal.
Price levels in Norway are still far above those prevailing in Denmark. Swedish exchange continues
firm but unchanged. Dutch guilders showed a distinctly improving tendency and advanced more than
5 points to 40.23, though without specific activity.
Swiss francs continue dull but firm, while Spanish
pesetas were again weak and closed at a further net
decline.
Bankers' sight on Amsterdam closed at 40.223/2,
against 40.173/2; cable transfers at 40.243/2, against
40.193/2; commercial sight bills at 40.143/2, against
40.093/2, and commercial sixty days at 39.783/2,
against 39.733/2. Final quotations for Swiss francs
were 19.403/2 for bankers' sight bills and 19.423/2 for
cable transfers. A week ago the close was 19.41% and
19.42%. Copenhagen checks closed at 22.85 and
cable transfers at 22.89, against 22.72 and 22.76.
Checks on Sweden finished at 26.84 and cable transfers at 26.88, against 26.84 and 26.88, while checks
on Norway closed at 18.45 and cable transfers ,at
18.49, against 18.37 and 18.41 the previous week.
Spanish pesetas finished at 14.37 for checks and:at
14.41 for cable transfers. This compares with 14.41
and 14.43 a week earlier.
With regard to South American quotations, trading
was not particularly active AbutIthe undertone continued firm, with Argentine/checks up to 40.44 but
closing at 40.40 and cable transfers at 40.45, against
40.48 and 40.53 last week. Brazilian milreis were
strong, and advanced to 12.20 for checks and 12.25
for cable transfers, a new high point, mainly on improvement in financial affairs and gains in coffee and
760
rubber exports. A week ago the close was 11.90 and
11.95. Chilean exchange remained firm and finished
at 11.88, unchanged. The Peruvian pound, however, suffered another sharpi setback, though without
trading activity, and the quotation broke to 3 85
but closed at 3 89, the same as last week. This
compares with the recent level of 4 20 or thereabouts
and a parity of 4.8665. •The weakness is ascribed
primarily to internal financial troubles, lessened
exports and lowering in the price of sugar. Political
difficulties and the Tacna-Arica dispute may also
have had something to do with the slump. It will
be recalled that recently the Royal Dutch-Shell group
withdrew completely from the Peruvian oil fields.
Since that time there is said to have been a general
exodus of capital from the country.
In the Far Eastern group the event of the week was
the inauguration of a new movement to improve the
status of Indian exchange. It is learned that another
Indian Currency Commission has been appointed to
investigate conditions surrounding rupees which are
now selling around $O 36% as compared with about
30 a year ago. Four successive favorable monsoons
have greatly improved India's position and exports
are gaining steadily, but it is doubtful whether there
will be any important change in rupee values at the
present time. Hong Kong closed at 573/ ® 57%,
3 ® 78%,
against 571% ® 57%; Shanghai at 77%
against 77 ® 78; Yokohama at 41% ® 41% (un5 ® 49% (unchanged);
changed); Manila at 49%
Singapore at 571% ® 57%, against 573 ® 5732;
3 and
1 ® 37%
Bombay at 37 ® 37%, against 37%
Calcutta at 37 ® 373., against 37 ® 37%.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
AUG. 8 1925 TO AUG. 14 1925. INCLUSIVE.
Ownstry and Monet
Unit.
[Vol, 121.
THE CHRONICLE
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Aug. 8.
EUROPES
Austria,schilling
.14039
Belgium, franc
.0452
Bulgaria, lev
.007346
Czechoslovakia, krone .029816
Denmark, krone
.2275
England, pound sterling
4.8567
Finland, markka
.025241
France,franc
.0467
Germany, reichsmark. .2380
Greece, drachma
.015542
Holland, guilder
.4020
Hungary, krone
.000014
Italy, lira
.0358
.1835
Norway, krone
Poland. zloty
.1868
.0515
Portugal, escudo
Rumania.leu
.005175
.1443
Spain, peseta
.2888
Sweden. krona
Switzerland, franc
.1942
Yugoslavia. dinar
.017939
ASIAChinaChefoo, tael
.7929
.7819
Hankow.tael
.7659
Shanghai. tael
Tientsin, tael
.8048
Hong Kong, dollar_ .5650
Mexican dollar_
.5584
Tientsin or Peiyano.
.5600
dollar
.5708
Yuan, dollar
.3661
India. rupee
.4114
Japan, yen
Singe pore(S.S.). dollar .5667
NORTH AMER.1.000134
Canada, dollar
.998177
Cuba. peso
496100
Mexico, peso
Newfoundland, dollar .997281
SOUTH AMER.Argentina. peso (gold) .9193
1185
Brazil, milrels
Chile peso (paper)._ .1182
nnez
Aug. 10. Aug. 11. Aug. 12. Aug. 13. Aug. 14.
$
.14065
.0452
.007341
.029618
.2277
$
.14063
.0452
.007353
.029618
.2295
$
.14055
.0451
.007332
.029621
.2293
8
.14058
.0450
.007341
.029615
.2287
4.8581
4.8573
4.8571
4.8569
4.8572
.025216 .025237 .025225 .025230 .025225
.0467
.0467
.0488
.0467
.0469
.2380
.2380
.2380
.2380
.2380
.015523 .015620 .015581 .015555 .015541
.4021
4025
.4021
.4021
.4021
.000014 .000014 .000014 .000014 .000014
.0361
.0362
.0361
.0362
.0383
.1839
.1843
.1852
.1835
.1852
.1815
.1817
.1815
.1883
.1821
.0514
.0516
.0518
.0517
.0515
.005159 .005177 .005168 .005146 .005150
.1443
.1439
.1438
.1443
.1443
.2687
.2688
.2887
.2688
.2688
.1941
.1942
.1942
.1942
.1942
.017940 .017938 .017939 .017938 .017925
.7933
.7822
.7688
.8946
.5857
.5582
.7963
.7850
.7675
.8067
.5662
.5594
.7979
.7813
.7695
.8058
.5677
.A613
.7979
.7863
.7695
.8058
.5885
.5606
.7983
.7888
.7698
.8092
.5888
.5615
.5800
.5708
.3661
.4119
.5687
.5817
.5725
.3659
.4116
.5667
.5633
.5742
.3860
.4114
.5667
.5625
.5733
.36E0
.4115
.5867
.5825
.5733
.3659
.4112
.5884
1.000166 1.000156 1.000244 1.000365 1.000298
.999083 .998958 .999010 .998984 .999010
.496433 .496600 .498767 .498600 .498667
.997750 .997375 .997375 .997489 .997750
.9188
.1191
.1188
.9182
.1201
.1192
.9184
.1198
.1189
0025
0025
0070
• One cbilling Is equivalent to 10.000 raver crowns
$
.14080
.0450
.007314
.029619
.2276
.9185
.1200
.1188
9967
.9186
.1203
.1188
.9971
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $3,843,847 net in cash as a result of the currency movements for the week ended Aug. 13.
Their receipts from the interior have aggregated
$5,008,447, while the shipments have reached $1,164,600, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS,
Week Ended August 13.
Banks'interior movement
Into
Banks.
Out of
Banks.
55.008.447
Gain or Loss
to Banks.
$1,184.600 Gain 83,843.847
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
Aug. 8. Aug. 10.
Tuesday, Wednesd'y, Thursday, Friday,
Aug. 11. Aug. 12. Aug. 13. Aug. 14.
Aggregate
for Week.
$
I
it
5
82.000.000 85.000.000 71.000.000 78.000,000 82,000,000 79.000,000 Cr. 457.000,000
Note.-The foregoing heavy credits reflect the huge mass of checks which cora
o the New York Reserve Bank from all parts of the country in the operation 0.
he Federal Reserve System's par collection scheme. These large credit balance).
however, reflect only a part of the Reserve Bank's operations with the Cleariar
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks d
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Aug. 13 1925.
Aug. 14 1924.
Banks ofGold.
Silver.
Total.
Gold.
Silver.
I
Total.
England,,164,256,76
184.256,769 128,315,112
128,315,112
France a__ 147,305,51 12.440,000159,745,517 147.175,794 12,000.004l59,175,794
Germany c 50,545,
d994,600 51,539,600 24,534,700 1,436,550 25,971,250
Aue.-Hun. 62,000,000
132,000,000
132,000,000 b2,000,000
Spain
101,465,000 26,382,000 127,847,000 101,385,000 26,435,000127,820,000
Italy
35.587,000 3.339.000338,926,000 35,453,000 3,414,000 38,887,000
Netherl'ds. 34,950,i.
1.883,000 36,883,000 44,300,000
932,000 45.232,000
Nat. Belg, 10,891,0
3,281,
14,172.000 10,819,000 2,833,000 13,452,000
Switzerrd_ 20,851,i., 3.558,000 24,409,000 20,230,000 3,933,000 24,163,000
Sweden,....12,983,f I I
13,843.000
12,983,000 13,843,000
Denmark, 11,635,
1,150
12,785,000 11,642,000 1,027,000 12,669,000
Norway,.. 8.180...i
8,182.000
8,180,000 8,182,000
Total week 600,659,286 53,027,600653,676.888 547,879,600 51,810,5 559,890,158
Prey. week 598.871,574 52.970.600651,842,174547.843.276 51,750,5 599,293,828
a Gold holdings of the Bank of France this year are exclusive of £74.572,836 held
abroad. b No recent igures. c Gold holdings of the Bank of Germany this year
are exclusive of £5,135 000 held abroad. d As of Oct. 7 1924.
Let a Dead Tariff Bury Its Dead.
Really, it would cause regret to see the next Congress involve itself in a tariff war. As far as the
Western farmer is concerned, if his increased tariff
rate does not work he is no worse off than he was
before. And if there is consternation because Eastern textile manufacturers find it necessary to reduce
wages in spite of so-called favorite tariff rates, it
only proves that economic laws are stronger in the
end than political. And as far as reducing tariffs
in encouragement of foreign imports is concerned,
that is debatable on many of the old grounds. There
are other more important things to consider. Inevitably if this tariff debate opens it will become political. And the country is not now in a position to
discuss high tariff as an economic policy. Protection vs. Free Trade cannot now become an open question for the United States to consider, for the world
at large is too much in the toils of the complications .
of the war. Much better than this, we think, would
be to make such reasonable adjustments as may be
under the power invested in the Tariff Commission
and the President, and for the rest let the natural
pressure of imports from foreign countries gradually
break down the "wall" as far as it will.
The spectacle of Western farmers allying themselves in theory with English exporters seeking
AUG. 15 1925.]
T-FrE CHRONICLE
American markets would be an anomaly. Worldtrade is in a state of flux. Neither Great Britain
nor any other country in Europe, or the Americas,
has a monopoly on the trade of a single country or
continent. The Western farmer must know that
Australia and the Argentine have increasing wheat
and corn and cattle to sell. The Southern planter
must know that under the fostering influence of England cotton is increasing in Brazil and India. And
the Eastern manufacturer must know that with
credit traveling the earth with giant strides competition will soon meet him on every hand. On the
contrary, England, Germany and France, striving
howsoever hard they may, must endure their domestic burdens, and at the same time seek new markets
for cheap-made goods. Unfortunately, these countries that are beginning to demand lower tariffs that
they may the easier pay their debts in goods are
themselves using the tariff to save them from a natural competition,
While we are wrestling with causes, methods, fundamentals and ultimates it would be well if we could
rearrange our thinking on trade. We seem to think
in terms of national, when trade is international,
We use the words domestic and foreign, when exchange is essentially between persons and localities,
near or remote. Production in cereals is climatic
and continental. Manufacture may exist wherever
power and material may be brought together. As so
many times insisted upon, the genius of peoples applied to the resources of earth has no primary relation to the territoriality of Governments. Given
protection in life and liberty and the wants and needs
of mankind supply the motive force to grow and
make and exchange. Yet Governments are constanly setting up interventions, obstacles—hurdles
for trade to jump! This threatening recrudescence
of tariff cannot fail to engender commercial war.
The world will lose sight of the essential and inherent reciprocity of all trade in a huge complex of
reprisals and resistances. If the United States attempts now to go upon what we know over here as a
"high tariff" base at a time when it has more than
half the gold stock of the world and is creditor to
hard-pressed countries trying by trade to lift from
their lives the dead hand of war, it cannot make for
world peace. Ocean transport itself is best exemplified by the tramp steamer touching at every port.
And to a city by the sea, as the bee to the hive, come
the labors of many. And, if we may change the figure, these depots of supplies are the ganglionic centres of trade. If a Government by a law cannot thrill
one of these into action, why try to prevent its natural effort—an effort in response to a call from another station?
While admitting that war-burdened countries
must sell goods to pay debts, it is not admitted that
they have a right, under the present state of the
trade-mind and under conditions (unfortunate as
these may be) which they primarily more than we
created, to dictate the terms of trade. Yet in the face
of this the total exclusion of products and of immigrants (save for racial reasons) is not anywhere
advocated and cannot rightly be. The natural law
of exchange, therefore, rather than the statutory,
must be the guide. As long as parliaments are engaged in struggles to secure preferences by tariffs
just so long will trade and production be unstable
and uneven. The mutuality of fair trade is indubitable. Capital cannot work with its hands tied.
761
The levying of a tariff tax which brings in no revenue would be folly. At a time when tax reform and
txa reduction are vital questions to every Government and people it is at least proven that a just and
impartial tax, either on property values direct or
upon incomes, does not have the restrictive and prohibitory quality involved in a tariff tax. Why not,
then, here and everywhere, put this form of taxation
in the background?
In saying that all peoples should seek new markets we have in mind the freedom of endeavor and
the equality of exchange. In South America, for
example, there is no panic of fear over a flood of
cheap goods either from Europe or North America.
There, vast agricultural possibilities defy ours.
There, raw materials are readily exchangeable for
manufactured products. There, there is no artificial
"high standard of living" to maintain. There may
be, there is, some of the virus of "protection," but it
is not yet an indurated political asset. The base of
trade is nearer to natural powers and conditions. A
natural selection prevails more nearly than elsewhere. Wants and needs are closer to actualities,
closer to frugality and economy. And if we could
conceive of all tariff interferences being abolished,
this natural selection would rule effort, production
and trade the world over. The inevitable result
would be the gaining of cheap goods in one line by
the giving of cheaper goods in another. This would
develop to the utmost the natural resources and fa.
vorable trade routes for each and all. Mutual benefit, the gold of trade, would follow. And we insist
it is not out of place to ask that in the increasing
"new thought" of our time attention be given to
these underlying principles of all commerce. Goods
for goods means good for good. Turning away from a
method of encouragement, so-called, which is also
a form of prohibition, we would attain to a new view
and a nobler purpose. For, as far as trade itself is
involved, the tariff must be admitted to be an excrescence, a fungus growth that saps vitality. And
even the argued life-giving property to one country is
death to another.
A new attitude of thought on the tariff might
bring about a reform without controversy. The very
fact that political campaigns do not stress the question is evidence that the people cannot again, as in
former years, be aroused to look upon it as the cause
or cure-all for economic ills. In fact, it is well
within reason to say that popular indifference is because of the fact that it is generally though often
secretly admitted to be in the nature of a "necessary
evil." Men think: "We cannot do away with it
until other nations do." As to its present pressure
on the trade of the world, if its rates and schedules
are let alone in the main, business can and will
adjust itself to them. Floods of cheap goods are not
to be feared for two reasons—penetration is easier
in new markets and exchanging of like for like is
against the normal flow of trade. A change of mental attitude on this old and vexing question will reveal that our own industries cannot expect long to
prosper in a restricted field, however profitable at
present, and cannot hope to sell where a people do
not or will not buy. A box of safety matches before
the writer says: "Made by" (we omit the names)
—"Finland." Why this manufacture so far overseas? Is it because it is easier and cheaper to carry
the chemicals to the wood than the wood to the chemicals? At any rate, some original cause put this box
762
THE CHRONICLE
of matches inside the lines, some enterprising firm
(assuming the label to be true) pushed the business
of making matches overseas, where matches also are
made. And tariff or no tariff,, this is the law of
growth, expansion, exchange. Governments have
only secondary power and no initiative. If this issue
again confuses our politics we will gain little more
revenue, lose a great deal of good-will abroad, and
refuse our support to the reciprocity by which we
sell without injury to others and buy without injury
to ourselves.
Sharpshooters in Politics.
The decision of the Executive Council of the American Federation of Labor to refrain from recognition
and support of third party movements in the future
is a return to traditional policy. Experience in the
1922 and 1924 elections, it is now admitted, has
taught the leaders that even a tacit adhesion to a
third party is wasted effort. It is declared in resolutions recently adopted that "for the American
Federation of Labor to be true to its mission it must
be as free from political party domination now as
at any time in its history." This is further amplified by the Executive Council in the following terms:
"This means that the American Federation of Labor
non-partisan political policy in the future will be
along the usual definitely outlined plan. In conducting all non-partisan political campaigns the
American Federation of Labor will maintain control
within itself of the decisions to be made and the
procedure to be followed. The Council, however,
believes that it should accept support that is freely
given by any group that has for its purpose the carrying out of the non-partisan political policy of the
American Federation of Labor." We learn, further,
that this non-partisan policy will be "to enter the
various campaigns with the purpose of supporting
those who can be depended upon to be true to the
people, for if they are true to the people they will be
true to labor." And this last sophistry we have
often heard before.
But this generous acceptance of "support that is
freely given by any group that has for its purpose the
carrying out of the non-partisan political policy" of
the Federation merits further analysis. Judging by
the past, if this declaration means anything it means
that the "policy" is to support candidates for Congress that can be depended on to be favorable to
labor. If Socialists shall thereupon join in this
movement they will be welcome. But on the contrary, the Federation will join in no movement to
elect'a Socialist as such. The A. F. of L. will take
all the help it can get and will give none. No Democrat or Republican will be supported because of
Democratic or Republican principles, but only because he will be "true to the people" and therefore
"true to labor." It sound like the man who, being
true to his own best self cannot therefore "be false to
any man." But why call this a non-partisan political policy? Since there is to be nothing political in
the attitude of labor, why not call it a non-partisan
labor policy, or for that matter expunge the superfluous word non-partisan and give it its true name, a
labor policy? And if a labor policy, then it must be
the labor policy of the A. F. of L., consisting of something like four million members.
Under this interpretation it is mere camouflage
to bring in the words "true to the people." For if a
member of Congress be true to the people, and thus
[VoL 121.
to labor, there is no need for the A. F. of L. to enter
a campaign in any district, as an organization. "The
people" are all the people. Men and women entitled
to vote constitute the electorate. Old parties place
candidates in nomination on platforms of principles
proverbially written in the interest of "the people."
Having no party and no political principles as an
organization, why should union labor, free from all
taint of partisanship, support either of the nominees? Why take a position analogous to that of a
sniper in a tree and try to bring down a candidate
because he is believed to be not true to "labor" and
therefore not true to the people he declares himself
bound to serve? We cannot follow the devious windings of the mind of the Council in these resolutions.
If non-partisan in current politics, why not non-partisan in the ranks and unions of labor? And if so,
what is there to do but to tell every member to go
and vote as he pleases? And when this is done what
is left of the resolutions? No—behind the words is
the evident intent of the Council to select out of the
hominees its own choice and then advise and urge
members to support them at the polls.
And this is just where this form of leadership fails.
The officers of the A. F. of L. have never controlled
their own so-called "labor" vote, and they never will.
When it comes to exercising the right and performing the duty of citizenship, the members of this body
are men. They know that there are countless interests other than those directly embraced in unionism.
They see the country larger than even the desires of
labor members. A very large proportion of them are
quite well aware that a union without a nation of
Jaw and order would be worthless. They are not deceived by words or pseudo-policies for the people.
They are intelligent enough to take the real cause of
"the people" to the people themselves at the polls.
They do not need to be told how to vote. They know
how. They are in the union for the purposes of education and common interest by legitimate methods
of promotion and exploitation; and when not blinded
by passion or forced to strike they would keep the
union free from any form of politics. They are not
hoodwinked by a phrase nor misled by a maneuver.
And so, while not breaking with the organization,
they quietly exercise the right of suffrage as independent citizens.
No man would dare to predict at this time what
the issues of 1926 will be. But it is important to
note that here is an influence holding itself aloof
from politics that nevertheless proposes to bore from
without. Springing from organized labor, it is
either a self-constituted benefactor of "the people,"
or it works in behalf of "labor." On the one hand
it is gratuitous; on the other it is wholly selfish. It
cannot be both at the same time. Unless the people
are unable to take care of their own politics, it is an
interference. Unless willing to cast its lot with the
masses, it is an assumed patron of republican institutions. Unless it comes in the capacity of a friend
at court it is a menace to freedom and independence
at the polls. It would require considerable imagination to see in this organism such utter disinterestedness as to suppose it has not secretly an axe to grind.
A free and an intelligent people in a democracy does
not need a guide, a mentor, or a monitor. A "third
party," which is now openly repudiated, has at least
the "courage of its convictions." It does not work
in the dark. It espouses the principles it declares.
It does not seek to elect men to office in order to
AUG. 151925.]
THE CHRONICLE
make tools of them. It may be lop-sided and blind,
but it walks in the light of noonday. Those who are
foolish enough to vote for the interests of the whole
people can at least avoid entrusting it with power.
It is time to see this organization as it is. If it is
constituted for the purpose of aiding trades labor by
education, counsel and unified effort in the field of
work, it has no place in politics, either without or
within. Politics has nothing to do with so-called
"labor," per se. Politics is a method more than a
force. It is a system for the expression of the popular will of majorities. It is not an agency for working the will of any craft or profession. One-tenth of
the workers are not all of "labor," much less all of
the people. If it could control its four million votes,
there are not likely this number of members,it could
not control, even, a single election. Nor does it seek
to. Its purpose is to control men, and by so doing
gain a sort of balance of power in the chief legislafive body of the nation. And for what purpose, if it
be not to secure legislation for the benefit of "labor"?
Unwilling to cast its lot on the result of issues determined by the whole of the electorate, it would subordinate all legislation to its own demands. It is
idle to confuse the interests of a hundred and ten or
twelve millions of people constituting every occupation, belief and purpose, with the issues formulated
by a Council of overlordship over four millions.
We have seen this same "labor" sitting with stopwatch in hand waiting the outcome of a vote in the
halls of Congress. We see its twin brother in England threatening a "strike" and accepting a subvention. That these organizations will wane and pass
we have no doubt. But in the meantime their exactions are made upon peoples already heavily burdened with debt and too much in the toils of a politics
that is often selfish, arrogant and evasive. It is no
wonder that after the great throw of the dice by the
disgruntled in 1924 this so-called labor should refuse
to enter into a hybrid combination of radicalism and
protest in this country. Yet it continues to press on
in its campaign for legislative control. Let it do so
if it must. But the people ought to do to this selfish
interference what was done to the half-baked third
party—defeat any appearance in the field of normal
and national politics by an overwhelming vote. It is
time that he who trims and caters to this so-called
labor vote should be decisively defeated. And it is
time that the two old parties recognize the futility
of bending the knee to this "labor" influence. If the
people in 1924 were able overwhelmingly to overcome
the combination of that year it will be easy to hold
in check the reappearance of a part in next year.
And now is the time to make the resolve.
An Italian Emigration Proposal.
The plea for a world outlet for Italian emigration
which Count Antonio Cippico, Italian Senator and
member of the Fascist organization, made in his
address at Williamstown, Mass., emphasized a somewhat novel point of view in the emigration problem.
According to Count Cippico, the rapid progress of
industry and agriculture in Italy since the war has
reduced the number of unemployed to a little more
than 100,000, "practically a normal figure," but the
growth of population in the meantime has been so
great as to necessitate an outlet if a "serious crisis"
is to be averted. The "outlet" which Count Cippico
desires may be described as spiritual as well as terri-
763
torial. "It is not enough," he declared, "that foreign countries should reopen their doors as a gra-.
cious favor to Italian labor. Pre-war Italians might
be satisfied to be hewers of wood and drawers of
water for foreign taskmasters, but post-war Italians
will not be so satisfied." What is needed is colonial
territory, which the Peace Conference failed to provide, notwithstanding that Italy "has the largest
and most laborious emigrant population of any country in the world and the smallest colonial dominions," or else the admission of Italian emigrants to
thinly-populated countries with large undeveloped
areas, on terms whereby the emigrants may "be
grouped together and remain Italian citizens." If
the Italian labor which, in Count Cippico's opinion,
such countries need is to be secured, "measures must
be taken whereby these emigrants shall not lose their
nationality, and their absence from Italy shall not
result in the cutting off of all political ties with
Italy."
What Count Cippico pleads for, apparently, is
the right to create, in any State whose sparse population or undeveloped areas invite immigration, a
species of imperium in imperio of Italian laborers
who, while working for the development of the country and for their own material profit and benefit as
well, will all the while retain their Italian citizenship and keep up political connection with the
mother country. Precisely in what way the political
relationship which Count Cippico has in mind is to
show itself in practice is not clear from his reported
remarks, nor does his address indicate exactly what
political or other advantages are expected to flow
from the proposed retention of political connection.
The old regime of capitulations, under which foreigners in certain countries were given special privileges, and accorded the protection either of consular
courts or of mixed courts in which their own Government might perhaps be represented, is rapidly
being abandoned, and there is little reason to believe
that any country to-day, whether regarded by the
lest of the world as fully civilized or not, would
willingly allow the system to be introduced in any
form or its scope widened. Every civilized State today undertakes to protect the subjects of foreign
States within its borders in their rights of person
and property, and while racial prejudice still exists
and racial injustice, unfortunately, is sometimes
done, legal discriminations against foreigners are
very largely things of the past. As far as their
everyday position in life goes, it is not apparent that
the retention of Italian nationality and "political
connection" which Count Cippico urges as a matter
of right would have other than a sentimental value,
reconciling the emigrant to foreign residence by
keepii g before his mind the thought that he was still
a son (4 Italy and that Italy was still his home.
The somewhat novel proposal which Count Cippico addressed to his American hearers suggests one
or two observations. The first is that emigration,
however large or well-contrived, offers at best only
a temporary relief from persistent over-population.
If the population of Italy is increasing at such a rate
as to produce a dangerous surplus, notwithstanding
a degree of prosperity which has reduced unemployment to a normal minimum,the migration of the surplus will only temporarily relieve the strain. The
places of the thousands who go will in due time be
taken by other thousands who have been born, and
although the process can, of course, be kept up as
764
THE CHRONICLE
long as waste land or undeveloped resources call for
labor, the filling of areas abroad will operate steadily to diminish the stream of migration at its source,
and there will be no ultimate solution. The only way
in which a country with a redundant population can
meet the situation permanently is either to diminish
the birth rate, or else so develop scientifically its
economic life that the population, whatever its size,
can be supported. There seems small likelihood that
the birth rate in Italy will be reduced appreciably,
save as lack of food may make it impossible to support a population which increases at the present rate.
The only other alternative, accordingly, except the
temporary one of emigration, is such a development
of industry and agriculture as will maintain the
population satisfactorily and keep unemployment
from exceeding its normal proportions. It can
hardly be that the remarkable progress of Italy to
which Count Cippico alludes has by any means exhausted the possibilities of national support for the
people of the country.
Quite aside from the economic aspect of the matter, however, there is an invincible objection on other
grounds to treating the problem of emigration or
immigration, whether in Italy or elsewhere, in any
such way as Count Cippico proposes. It is doubtless true that the colonial situation of Italy is peculiar, and, from the Italian point of view, unfortunate. With the largest excess of population of any
European country, it has the smallest colonial area
to which to send its too-many people. The British
Empire, with no redundance of population, has vast
areas of undeveloped or partly developed land to
which human labor might profitably be applied.
France, with a virtually stationary population, has
vast colonial possessions whose economic development has hardly more than begun, and the African
possessions of Belgium and Portugal are large and
rich. In respect of a natural outlet under its own
flag, Italy is undoubtedly at a disadvantage. Nevertheless, it has to be remembered that the past few
ears have witnessed a marked increase of opposition to unrestricted migration, especially in the
United States, and an increased disposition to impose restrictions designed to reduce the annual volume of immigration below that which obtained before the war. With the exception of South America,
most people of the world are less charitable than
they were before 1914 toward the immigration of
other peoples. By so much as the war accented national spirit, it cast disfavor upon the free mingling
of nationalities and races in a common national allegiance. The temper of opposition is most in evidence, naturally, in the case of races which, like the
Chinese and Japanese, do not promise easy assimilation as younger generations succeed the older, but
what is outspoken or even discriminatory regarding
the Chinese and Japanese is more or less a controlling sentiment in regard to other nationalities. As
long, accordingly, as this sentiment remains, and
labor conditions born of the war continue to vex
national industry, any suggestion of letting down
the bars to relieve a congestion of population elsewhere is pretty certain to meet with opposition from
the public at large and from organized labor, and to
be viewed with suspicion or fear by Governments.
For good or for ill, we must apparently expect the
policy of restricted immigration to continue, and the
more because fewer and fewer immigrants show a
desire to go upon the land as they once did, while
[VOL 121.
more and more gravitate to industrial centres where
industrial labor problems are more acute.
Objections based upon economic grounds would,
we feel sure, be greatly sharpened, except possibly
in South America again, were it seriously proposed
to plant in any country, whether in undeveloped
areas or elsewhere, what would be in effect foreign
colonies. It is only fair to Count Cippico to say that
his address disclaims any idea of extending such a
proposal to the United States, where the Italians
who come "are expected to become loyal American
citizens," but the spectacle of the Dominion of Canada, or the Union of South Africa, or the Department
of Algeria dotted over with little Italian, or German,
or Polish groups, each of which was recognized by
Italy, or Germany, or Poland as retaining political
connection with the mother country, and subject in
some way to supervision from that quarter, would
be as intolerable to Great Britain or France as a
similar spectacle would assuredly be to the United
States. It is not by adding the dangers of political
agitation and friction, which would certainly be
present in such case, to the present difficulties of
assimilating foreigners that the problems of emigration or immigration are to be solved. They will be
solved in a practical way, although probably without
much theoretical perfection, by each country caring
first for the welfare of its own people, by the progressive development of national economic resources
to higher and higher points, by the largest possible
practice of international free trade, and by the cultivation of an international spirit of good-will which
shall attach less importance to the place in which a
man was born or the language he speaks than to the
useful work that he is prepared to do and the contribution he is able to make to the social welfare of the
community in which he lives. It is fortunate for the
emigrant, and not to his disadvantage, that the right
to take on a new allegiance is now generally recognized, and until that right is withdrawn every Government will think itself justified in holding out
naturalization as an ultimate goal, and in restricting immigration to those whom it thinks most likely
to prove worthy of the prize.
The Williamstown Institute.
While the list of speakers at tie Williamstown Institute of Politics the present year was perhaps not
so brilliant as in the past, it was made apparent
from the start that the present year's session would
lack nothing in interest and importance. There are
usually sharply defined lines of opposing opinions,
and these have not been lacking this year. Professor
Coolidge of Harvard gave the opening in advancing
the opinion that the British Commonwealth in its
development is likely to become a menace to other
nations. He was promptly sustained by Count Cippico, the Italian Senator, who seized the opportunity
to present the views which he has evidently come to
press, namely, Italy's present national policy as
made necessary by her peculiarly difficult and individual political and economic situation resulting
from her geographical position. Confined as she is
to the Mediterranean, if the two gates to that sea,
Gibraltar and Suez, held by another nation should be
closed against her she would be helpless. Grain,
coal, fuel oil and iron, her essential supplies, would
be cut off. With the almost complete lack of raw
materials and her 41,000,000 of ever-expanding pop-
AUG. 151925.]
THE CHRONICLE
765
ulation she would be made a prisoner in her own cessful achievement of the League in the execution
sea. On this representation he justified the policy of the peace treaties."*
of the Mussolini Government, which he contends is "We are giving the views of Dr. Rappard, who as one of three members
the Permanent Commission on Mandates, speaks with knowledge. Gerguided not by ambition or egotism, but by Italy's of
many is bitterly opposed and a severe critic because of the loss of her
urgent necessities. Study of the situation may pro- colonies now by mandate in the hands of England and France.
duce a peaceable solution, but this is the condition
The protection of Minorities, though not menwith which Italy is primarily concerned.
tioned in the Covenant,has become also an important
One is at once reminded of Italy's long bargaining task of the League. The war was won on the issue
with both the Entente and the Triple Alliance before of self-determination. This appealed not only to the
deciding which side tojoin in the war;the policy which democratic ideals of the Western nations, but still
gave such distress to the Austrian Minister and more to the present sense of nationality of the Mipatriot, Count Burian, struggling with all his might norities under the domination of their enemies. The
from the outbreak of the war till the May following, self-interest of the victors in the war, and the extenwhen the decision was reached, to induce Italy to sive intermingling of populations in Eastern Europe
come to an agreement on terms even of neutrality have combined to make this task well-nigh imposand never able to reach her real price. Italy's problem sible. In America the coming of peoples of many
grows out of her history as well as her geographical nationalities to dwell together under a hospitable
position. It is individual and undoubtedly to a de- democracy in the administration of which they are
gree vital; it concerns the European situation and permitted and invited, if they will, to share, is so
may affect the peace of the world. More will be much a matter of course as only now and then to
heard from Count Cippico.
give rise to trouble. It is difficult for us to underThe whole discussion was lifted into a larger view stand the seriousness of the problem where the situaby Dr. William Rappard, the distinguished Swiss tion is not of the people's choice and
is largely the
representative. In replying to Professor Coolidge, result of the war. It is a situation even more danhe said that the jealousy shown at Geneva by
the gerous than in the past, as the subject people to-day
smaller nations toward the larger Powers was not are often superior to their
masters over whom they
principally against the British Empire. The
exist- were recently the masters.
ence of a large British Empire has been viewed
The problem of securing for one and all "their
rather as a guaranty, and not a threat. Its dangers right to live on equal terms of liberty
and safety with
were more within itself than to others. He made the one another" was far from solved by the Peace Concomprehensive statement that "the theory of a com- ference. A kind of international protection was ofmonwealth governed by unanimous consent makes fered to those who found themselves suffering
in the
for friendship the world over. It compels a middle conditions imposed upon them. After the authors of
course in world politics which is more to the benefit the peace settlement had adjusted certain the
of
more
of the small States than to those which seem to be clearly defined cases it was left to the League to deal
rivals.
with the others and to arrange for the permanent
This opened the way for his lecture with special working of the whole scheme. To accomplish this
reference to Mandates and Minorities. As this is one+ the League, following the advice and initiative of its
of the vital problems before the League of Nations Council, set up special machinery for dealing with
and is an immediate concern of the United States, the situation. This has now grown into an organizaand as Dr. Rappard is a member of the Permanent tion or method of procedure consisting of five disMandate Commission, the discussion which will con- tinct parts, a permanent paid Secretariat, a Commistinue will be informing to an unusual degree, and sion of Three appointed by the Council for initial acwill command wide attention. He confined himself tion, the Council itself, the Court of International
to the working of the peace treaties in the two direc- Justice and the Assembly of the League.
tions of specific Mandates and the protection of
The Council accepts the responsibility of securing
Minorities, as these concern the welfare of the largest to the Minorities, especially in Eastern Europe, the
number of individuals and are of general interest. rights which are
so constantly denied them. It has
They will be seen at once to involve principles which considered only five petitions
in five years and in no
underlie our relations to our dependencies in the case has succeeded
it
in unqualifiedly enforcing the
West Indies and in the Pacific.
provisions of the treaties. Out of dozens of petitions
Mandates were set up in the Peace Covenant with arising, only three have reached
the League itself;
the requirement that they should be in accord with and
the plan would on this statement appear to be a
the wishes of the communities concerned and should blank
failure. But in fact, the pressure of internabe framed with absolute impartiality. This, it must tional
opinion focused by this action on the policy
be admitted, has not been observed, and there is pursued
by the Minority Powers, thanks to the pubmuch ground for criticism. The system, however, licity
given it above all by the Court and the Assemhas proved of real value. As it is now administered
bly, combined with quiet but persistent friendly
with increasing sincerity of purpose it may prove
warnings, advice and suggestions sent from Geneva
the beginning of a fortunate revolution in colonial
to the Governments concerned, has been serviceable
administration. The secret of its success lies in
.
the in exerting a moderating and constructively pacifymethod as now developed by which the influence of
ing influence. It is often noted that the representathe League is brought to bear and is accepted by the
tives of these Governments returning from Geneva
nationalities involved and by the colonial adminisare more liberal than their Governments at home and
trators. These have apparently come to consider
these in turn are more liberal than their parliaments
themselves as associates in a great enterprise of inand minor officials. It is growingly clear that the
ternational co-operation for the amelioration of coloincreasing influence of the League is bridling and
nial conditions. This, as specifically a trust, may repressing
the evil passions and selfish instincts
be gladly regarded by us as encouragement in our which threaten not only the
welfare of millions of
quasi-colonial problems; as it is also "the most sue- Europeans,
but thereby also the peace of the world.
766
THE CHRONICLE
Dr. Rappard thinks that the chief difficulty to-day
lies in the recrudescence of a narrow nationalism
which has followed the war and of late become
marked. He sees some States bowing before the
Fascist ideal of national power and glory; others
exalting the principle of absol'ute, unbridled, uncompromising national sovereignty in their foreign relations and of intolerant racial,linguistic and religious
unity within their frontiers; and still others driven
to adopt a policy of aloofness and national isolation.
The ideas underlying the Minority treaties were conceived in the midst of the destruction wrought by the
spirit of domination which brought on the war,
which the war condemned, but which is still alive.
[VOL 121.
It is to be hoped that those whom the war liberated
will renounce a policy of oppression which can but
lead to new struggles. The treaties for the international protection of the Minorities, with the League
to secure their operation, are the main hope of Europe and of the world.
With this line of thought sustained with the
strength and wisdom of such men as Dr. Rappard it
is easy to see how instructive and inspiring are
the discussions of the Institute. They deal with
problems which are before all else human in their
origin and relations and for their solution depend
upon the application of principles inherent in religion and a right life.
Railroad Gross and Net Earnings for June
June was worse than that for
Comparisons of the gross and net earnings of iug as to the net for
ng, inasmuch as in these
United States railroads are now getting better with May or the months precedi
son had been with
compari
1924
each succeeding month,just as a year ago they were earlier months of
comparison was
June
in
whereas
getting steadily worse from month to month. And large gains in 1923,
in the prement
e
improve
moderat
more
there is, of course, a direct relation between the two. with much
June of
nt
for
stateme
the
ng
reviewi
In
year.
That is, the improvement follows from the fact that vious
to say
obliged
s
ourselve
found
we
(1923)
year
that
comparison is with increasingly unfavorable returns
that
for
States
United
the
of
s
the
railroad
that
imthe
in the previous year. The significance of
of
ng
exhibits
same gratifyi
provement is, as a consequence, diminished, and yet month had not made the
g.
precedin
tely
months immedia
satisfaction is to be derived from the circumstance earnings as in the
it
but
1922,
over
sure,
ment, to be
that the losses of a year ago are being recovered in There was improve
in
and
gross
the
in
both
whole or in part. The change in industrial and gen- was on a diminished scale,
eral business conditions as between the two years the net.
At $41,227,707, the gain in the gross for June the
explains the difference in the nature of the railroad
will be seen, of the $75,results in the two years. The course of trade and present year falls far short, it
in June 1924, and in
suffered
gross
to
in
loss
up
442,339
business the present year has been by no means
has been in 1925
there
e,
therefor
ar,
develparticul
that
which
expectations. The industrial revival
railroads lost in
the
what
of
y
ng
recover
beginni
partial
only
the
e
oped with the election of Mr. Coolidg
gain in the net, on
of last November has long since been checked, but the previous year. This year's
006 runs larger than last
while the volume of trade has declined from the large the other hand, at $29,350,
there is the qualifyfigures reached in the early months of 1925, at least year's loss of $22,846,602, though
mind, just mentioned,
there has not been any such utter collapse in busi- ing statement to be borne in
moderate imness as marked the early summer months of 1924. It that this loss came after much more
case in the
the
been
had
is this difference in business conditions in the two provement in 1923 than
in the ratio
decline
The
year.
of
years that explains the difference in railroad results. earlier months that
is not to be
year
t
curre
s
the
s
s
to
earning
earning
of
expense
We have said that returns of railroad
tory and
satisfac
ngly
exceedi
ed.
It
is
an
compila
minimiz
have been steadily improving of late. Our
of
typical
is
it
as
more
ng
the
all
gratifyi
feature,
show
they
and
tions to-day cover the month of June
The
months.
an augmentation as compared with the correspond- what has been going on in all recent
efficiency,
growing
g,
through
are
carriers
in
managin
8.87%,
or
707,
-ing month of 1924 of $41,227,
The following is a
the gross earnings and of $29,350,006, or 28.91%, in to diminish operating costs.
it will be seen
the net earnings. For May the gains were $11,114,- summary of the totals for June and
earnings (beto
s
584, or 2.33%, in the gross and $16,805,030, or from this that the ratio of expense
78.17% in
against
1925,
in
17.49%, in the net, while each of the three preceding fore taxes) was 74.14%
months registered losses in the gross earnings and 1924.
Inc.(+)cr Dec.(---)•
1924.
Month of June (191 Roads)—
1925*
—422 0.17
236.357
losses also in the net earnings, with the exception of Miles
236,779
of road
9 +241,227,707 8.87
2464,774,32
6
$506,002,03
Gross
earnings
90
in
3.28
+11.877.701
363,287,011
April, which showed an improvement of $5,389,7
375,164.712
Operating expenses
78.17
74.14
Ratio of expenses to earnings.- the net, or less than 6%. As already pointed out,
2130,837,324 2101.487,318 +829,350,006 28.91
Net earnings
however, the fact must not be overlooked that for
In carrying our comparisons back beyond 1923,
June comparison is with unusually poor results in
fact which must not be over1924. In reviewing the figures for that month of into 1922 and 1921, a
in the case of the net, is that in
last year we pointed out that the railroads in their looked, particularly
s of the roads made very
revenue returns were reflecting with absolute fidel- these years the manager
ng control of the expenses
regaini
in
ity the depression in trade and were themselves the notable headway
nate period of Governunfortu
severest sufferers from such depression. Our table of the roads after the
ment in the net
improve
the
While
ment operation.
then showed a falling off in the gross of no less than
in June 1923,
vely)
collecti
ng
roads
of
the
of
(speaki
net
the
$75,442,339, or 13.97%, with a decrease in
ly small
relative
given,
was
already
the
for
was
reasons
gross
the
$22,846,602, or 18.37%. The loss in
of imtop
on
it
came
ions,
expectat
fell
below
and
pretely
heavier than in any of the months immedia
very
and
in
1922
net
alike
and
nt
in
gross
proveme
so
quite
not
was
ceding, but in the net the falling off
net,
the
of
in
case
the
1921
in
ment
striking
improve
we
As
May.
namely
large as in the month preceding,
June
for
nt
show- though not in the gross. Our stateme
indicated at the time, however, in reality the
Ana. 15 1925.]
THE CHRONICLE
767
1922, though recording only $12,376,822 increase in 30. The result was that with a gain in gross earnings
gross, or 2.69%, showed $28,989,678 increase in net, for the month of $40,002,412, there was an augmenor 36.03%, because of a concurrent reduction of $16,- tation in expenses of no less than $182,340,983, or
612,856 in expenses. That reduction in expenses in over 84%,leaving, therefore, a diminution in the net
turn followed an even greater reduction in 1921, of $142,338,571. With that large item included, the
when our tables recorded $65,390,662 gain in net in railroads actually fell $40,136,575 short of meeting
face of a loss of $33,582,095 in the gross earnings, in- their bare running expenses-from which an idea
dicating that operating expenses for the month in may be gained of the abnormal character of the exthat year were reduced no less than $98,972,757, or hibit at that time. The reduction in expenses in
over 20%; the loss in the gross then would have been 1919, with the elimination of the special item remuch larger than that shown except for the fact that ferred to, followed, therefore, as a matter of course.
the Commerce Commission the previous July had In the subjoined table we furnish the June compariauthorized advances in freight and passenger rates sons back to 1906. For 1909, 1910 and 1911 we use
which it was computed at the time would add $125,- the Inter-State Commerce totals (which then were
000,000 a month to the gross earnings of the carriers more comprehensive than they are now), but for pre-supposing the volume of traffic had remained un- ceding years we give the results just as registered by
changed instead of undergoing an enormous shrink- our own tables each year-a portion of the railroad
age. In like manner the $98,972,757 saving in ex- mileage of the country being then always unreprepenses would have reached still higher figures ex- sented in the totals, owing to the refusal of some of
cept that wage schedules the previous July had been the roads in those days to furnish monthly figures
raised 2070-which advance would have added $50,- for publication.
000,000 a month to the annual payrolls of the car1.9 11.0
Gross Earnings.
Net Earnings.
riers if the volume of traffic and the force of em- Year.
Year
Year
Inc.(+)or
Year
Year
Inc.(÷)or
ployees had been maintained at the high levels exPreceding. Dec.(-).
Given.
Given.
Preceding. Dec.(-)•
isting when the wage award was made.
June.
$
$
$
$
1906 __100.364,722 90,242.513 +10,122.20 31,090,697 27,463,387 +3,827,330
Previous to 1921, on the other hand, expenses had 1907
___ 132,060,814 114,835,77 +17,225.0 I 41.021459 36,317,207 +4,704,352
1908 ___ 126, 1 ,153.806,70
26.987.8
41,818,184 46,375,275 -4,557,091
been mounting up in a perfectly frightful way until 1909 ___
210,356,96 184,047,216 +26.309,74 74,196,190 59,838,655 +14,357,536
1910 ___ 237,988,124210,182,48 +27,805, I 77.173,345 74,043,999 +3,129,346
in 1920 a point was reached where even the strongest 1911 ..__ 231,980,259238,499,885 -6,519,626 72,794,069 77,237,252 -4,443,188
1912-243,228,498223,647,383 +14,579,115 76,223,732 71,689,581 +4,534,151
1913 -- _ 259.703,994 242,830,546 +16,873,448 76,093,045 76,232,017 -138.972
and best managed properties were barely able to 1914
___ 230,751,850241.107,727 10,355,877 66,202,410 70.880,934 -4,678,524
1915 ___ 248,849,716 247.535,879 +1,313.837 81,649,630 69,481,653 +12,167.983
meet ordinary running expenses, not to mention 1916
___ 285,149,746 237,612,967 +47,536.77 97,636,815 76.639,703 +20.943,112
1917 ___ 351,001,045 „ +46,696,24 113,816,026 103.341,815 +10,474,211
taxes and fixed charges. And it is these prodigiously 1918
___ 363,585,528323,163,118 +40,002,41
6 156952 106.181,619-142338571
1919 ___ 424,035,872393,265,898 +30,789,97 69,398,741 6140136575 +109533316
inflated expense accounts that furnished the basis 1920
__ _ 486,209,842420,586,968 +65,622,87 21.410,
68,876,652-47,465,726
1921 __ _ 460 582 512494 164,607 33 582 09 80,521,999 15.131,337 +65,390,662
for the savings and economies that were effected in 1922
_ __ 472,383,903460,007,881 +12.376,822109,445,113 80,455,435 +28,989.678
1923 ___ 540,054,165 73,150,66 +66,903,501 24,046,57 109,618,682 +14,427,896
1921 and 1922. In June 1920, particularly, expenses 1924
__ _ 464,759,956 540.202,295 75,442,33 101,527,990 124,374,592-22,846,602
were exceptionally heavy and the net correspond- 1925 ___ 506.002,036 64,774,329 +41,227,707 130,837,324 101,487.318 +29,350,009
Note.-In 1906 the number of roads Included for the month of June was 80: In
ingly low. At that time in 1920 railroad managers 1907,84 In 1908 the returns were based on 147,436
miles of road; in 1909. 234,183:
In 1910. 204,596; in 1911, 244,685; in 1912. 235,585; In 1913. 230,074; in 1914,
in 1915, 240,219; in 1916, 226,752; In 1917, 242,111; in 1918, 220,303; In
had very distressing conditions of operations to con- 222,001;
1919, 232,169; in 1920, 225,236; in 1921.235.208: in 1922, 235,310: in 1923,236.739;
tend with, the troubles experienced in that respect In 1924, 236,001; in 1925, 236,779.
in April and May having extended into June. What
As far as the separate roads are concerned, we
with car shortages,freight congestion, outlaw strikes have the present year in June a long list of large and
on the railroads themselves and additional labor notable increases in the gross and an equally long
troubles at terminal points by reason of strikes of list of gains in the net. And these gains come from
teamsters and draymen and the like, which interfered all sections of the country and from all classses of
with unloading and removal of freight-intensifying roads. Improvement is the rule, retrogression the
the congestion existing-and with wages high, it was exception. As a matter of fact, there is only one
impossible to avoid heavy increases in expenses, even road with a loss in gross in excess of $100,000, and
though comparison was with totals of expenses in that is the Chicago Great Western, which fell bethemselves large the year before. In speaking of ex- hind $118,381, and only two roads with losses in net
penses in the year before (1919) having been large, a in excess of $100,000, namely the Milwaukee & St.
word of explanation is necessary. Actually, our Paul, with a decrease of $821,496, and the Buffalo
tables recorded $78,763,342 reduction in expenses Rochester & Pittsburgh, with a decrease of $163,coincident with a gain of $30,769,974 in gross reve- 009; and the Milwaukee & St. Paul, it is well to renues, yielding, therefore, an addition to net in the call, is in the hands of receivers. Of course, there
huge sum of $109,53316. But this followed entirely are many other roads with decreases running below
from the exceptional nature of the result in June of $100,000 in both instances. The point we wish to
the year preceding. In this preceding year (1918) stress is simply that the losses, where they do occur,
there was included in the expenses one item of huge are not of any great consequence. Taking those two
magnitude and wholly abnormal in character. Wil- leading East and West trunk lines, namely the Pennliam G. McAdoo was then Director-General of Rail- sylvania and the New York Central, the former
roads, and after granting a big increase in wages to (using the figures for the entire system) shows an
railroad employees, retroactive back to Jan. 1, he addition of $3,622,070 to the gross and of $2,499,123
directed that the whole of the extra compensation for in the net. In June last year the entire Pennsylvania
the six months should be included in the returns for Railroad System showed a decrease of no less than
the month of June. The increases in wages at that $12,953,917 in gross, but of only $1,619,217 in net
stage (subsequently there were numerous other in- earnings. The New York Central the present year
creases) added, it was estimated, somewhere between reports $3,070,963 gain in gross and $1,536,594 in
$300,000,000 and $350,000,000 to the annual payrolls net. This is for the New York Central proper. Inof the roads. Accordingly, the June expenses in that cluding the various auxiliary and controlled roads,
year- included -$150,000,000 to $175,000,000, repre- like the Michigan Central, the "Big Four," etc., the
senting the wage increases for the six months to June whole going to form the New York Central Lines, the
[VOL 121.
THE CHRONICLE
result is an increase of $5,470,743 in gross and of
$3,578,116 in net. This follows $12,725,164 loss in
gross and $6,881,007 loss in net in June last year. In
the following we show all changes for the separate
roads for amounts in excess of $100,000, whether increases or decreases, and in both gross and net:
JUNE.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR
Increase.
Increase.
389,788
a$3.114.455 Boston & Maine
Pennsylvania
386,186
Marquette
Pere
63,070.963
Central
York
New
363,389
(2)_
exas
Mo-Kansas-T
1.788,216
Norfolk & Western
361,411
1,721.128 Illinois Central
Baltimore & Ohio
350,666
-- _
Atch Topeka & S Fe (3) 1.714,976 Yazoo & Miss Valley_
337,288
Ironton
&
Toledo
1,537,806 Detroit
Chesapeake & Ohio
310,763
Southern Pacific (7)---- 1,362,680 Chicago & North Western
297.559
1,315,834 Minn St P & S S M. _
Erie (3)
256,318
1,307.431 Cin New Orl & Tex Pao_
Missouri Pacific
248.833
1,246,439 Delaware & Hudson..- _ _
Michigan Central
246,896
Georgia
of
1,096.905 Central
Louisville & Nashville225,359
Chicago R I & Pac (2)-- 1.074.811 Hocking Valley
223,603
Chicago Milw & St Paul 1.037,744 Grand Trunk Western...
223.131
Louis_
St
&
881.503 NY Chicago
C 0 C & St Louis
205.201
852,852 Texas & Pacific
Florida East Coast
204.710
831,495 Chicago & East Illinois
Great Northern
199,413
730.134 St Louis Southwest (2)....
Chicago Burl & Quincy
186,757
713,507 Pittsburgh & Lake Erie..
Seaboard Air Line
154,031
Florida
&
South
705,303 Georgia
Northern Pacific
145,223
702,260 N Y Ontario & Western..
Southern Railway
134,935
(2)....
thern
ColoradoSou
&
667.176
North_
Mis
Duluth
130,900
628.881 Chicago Ind & Louisville
Del Lack & Western....
121.318
626.749 Western Pacific
St Louis-San Fran (3)....
115,036
Milw&
Hay
Gr
Detroit
612,209
Lehigh Valley
113,690
539,287 Monongahela
Atlantic Coast Line
112.096
527.869 N Y Susq & Western......
NY N II & Hartford......
102,693
504,677 Denver& Rio Or West..
Elgin Joliet & Eastern
472,220
Wheeling & Lake Erie
$28.511,122
Total (75 roads)
462.401
Reading
437,745
Wabash
Decrease.
426,236
Central of New Jersey
.033 Chicago Great Western. 8118.381
Long Island
returns filed
Note.-All the figures in the above are on the basis of the
however, these
with the Inter-State Commerce Commission. Where,
the sepacombined
returns do not show the total for any system, we have
to those
rate returns so as to make the results conform as nearly as possible
given in the statements furnished by the companies themselves.
the former
a This is the result for the Pennsylvania RR. (including
Louis and
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St.
reporting $3,114.455
the Grand Rapids & Indiana), the Pennsylvania RR.
all roads owned
Increase. For the entire Pennsylvania System, including
and controlled, the result is an increase in gross of 83.622,070. Including
increase.
Zs The New York Central proper shows 33.070.963
Central. the
the various auxiliary and controlled roads, like the Michigan
Central System,
"Big Four." &c., the whole going to form the New York
the result is an increase of $5,470,743.
JUNE.
PRINCIPAL CHANGES IN NET EARNINGS FOR
Increase.
Increase.
318.466
Pacific
Western
a$2.050,961
Pennsylvania
314,860
Ohio
&
Atch Top & Santa Fe (3) 1.753.258 Baltimore
302.275
Western_ 4
Trunk
Grand
1,614.373
Western
&
Norfolk
301.396
Eastern
81,536.594 Elgin Jollet & Louis_
New York Central
297,739
1,347,372 NY Chic & St Lines.. _ _ _
Erie (3)
292,870
Coast
Atlantic
1,172,406
Michigan Central
287,926
Erie...
Lake
&
869,720 Bessemer
Chicago & North West
281,068
804,783 Pere Marquette
Lehigh Valley
274,508
768,509 Southern Pacific (7) Northern Pacific
271,161
737,965 Delaware & Hudson.
Louisville & Nashville_
246,891
ex (2)...
-Kan-T
Missouri
732,138
Ohio
&
Chesapeake
242.185
721,859 Yazoo & Miss Valley..
Chicago R I & Pac (2)
218,177
696.661 Detroit Toledo & Ironton
000& St Louis
159,439
Louis..
St
&
Minneapolis
553,139
NY N H & Hartford_ _.
156,837
516.793 Union RR
pauth Missabe & Nor
139.276
Ill
East
&
Chicago
513,035
Northern
Great
131.613
Mllw_
&
Hay
Or
Detroit
497,377
Union Pacific (4)._.
127.421
• 486,017 Monongahela Western_
Southern Railway
121.738
&
Susq
Y
N
470,460
Del Lack dc Western...-.
116.350
449,244 West Jersey & Sea Shore..
Missouri Pacific
115,410
411.598 Western Maryland& Om
St Louis-San Fran (3)--..
113,398
Minn
Paul
St
Chic
400.170
_
Wheeling & Lake Erie_ _
108,495
Western
&
Ontario
371.942 N Y
Central of New Jersey
108,246
Belt_ .._
367,563 Indiana HarborFlorida_
Minn St P & 8 S M
104,026
365,154 Georgia Sou & Southern
Wabash
100,463
360,153 Alabama Great
Seaboard Air Line
100,088
City
Atlantic
W
346.935
Grande
Rio
&
Denver
344,612
Chic Burl & Quincy
539_,381.938
Total (78 roads)
343.691
Boston dc Maine
Llecrease.
341,015
Cline N 0& Texas Pac-3821,496
338.156 Chicago Milw & St Paul._
Long Island
163.009
329.719 Buff Roch & Pittsb
Illinois Central
326,437
Reading
3984.505
Total(2 roads)
318,811
Florida East Coast
(including the former
a This is the result for the Pennsylvania RR.
& St. Louis and
Pennsylvania Company, the Pittsburgh Cincinnati Chicago
32.050,961
the Grand Rapids & Indiana). the Pennsylvania RR. reporting
roads owned
all
including
increase. For the entire Pennsylvania system.
and controlled, the result is an increase of $2,499,123. New York Central
the
b These figures merely cover the operations of roads, like the Michiitself. Including the various auxiliary and controlled
of 33.578.116.
increase
is an
gan Central,the "Big Four," &c,, the result
• When the roads are arranged in groups, or geographical divisions, according to their location, the
generally favorable character of the results is revealed. with sharp distinctness. For, thus arranged
and classified, every geographical division of the
country shows improvement in gross and net earnings, alike, though in the case of the Pacific group
the gain is very small. Our summary by groups is as
follows:
SUMMARY BY GROUPS.
Gross Earnings
Inc.(+) or Dec.(-)
1924.
1925.
Section or Group$
June+948,125 4.61
20,556,997
21,505.122
England
New
Group 1 (9 roads),
8.45
+12.592.574
148,924,778
161,517,352
Group 2 (33 roads), East Middle
46,107.498 40,533,809 +5,573.687 13.75
Group 3(27 roads), Middle West.... 74,280,445 65.899,400 +8,561,045 13.03
Southern......
Groups 4 & 5(34 roads),
99,325,378 93,609,937 +5,715.441 6.10
Groups 6 & 7(29 roads), Northwest
74,402,893 67,998,895 +6,403,998 9.41
Groups 8 & 9 (48 roads). Southwest...
27,450,513 +1.432.837 5.22
28,883,350
__
Group 10(10 roads), Pacific Coast __
484,774,329 +41,227.707 8.87
508,002,036
Total(190 roads)
-Mileage
Group 1
Group 2
Group 3
Groups 4 & 5
Groups 6 & 7
Groups 8 & 9
Group 10
1925.
7,300
34,698
1.5,988
39,256
67,154
55,313
17,070
1924.
7,368
34,719
15,087
39,299
66.963
55,082
16,959
1925.
$
4,805,632
42,632,057
13,735.510
20.111,439
24,175,234
17.085,900
8,291,552
Net Earnings
1924. Inc.(+) or Dec.(-)
%
$
$
3,799,955 +1,005.677 26.48
34,163,419 +8,468,638 24.79
8,863,632 +4.871.878 28.31
14,447.634 +5,663,805 39.20
19,849,579 +4,325,655 21.79
12,200,350 +4,885,550 40.05
+128.803 147
8,182,749
236,779 236,357 130,837,324 101,487,318 +29,350,006 28.91
NOTE.-Group I. Includes all of the New England States.
Group IL includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo, also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. Includes all of Ohio and Indiana, all of Michigan except the northern
Peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota. Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
Passing through Denver.
Groups VIII. and IX,combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory. Missouri south of St. Louis and Kansas City, Colorado south
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. includes all of Washington, Oregon. Idaho, California, Nevada. Utah
and Arizona, and the western part of New Mexico.
Total
Western roads had a somewhat larger grain movement in 1925, though on the other hand they had to
contend with a heavily diminished live stock movement. Taking the receipts at the Western primary
markets for illustration, all the different cereals,
with the single exception of rye, show larger receipts
for 1925 than for 1924. For the four weeks ended
June 27 the aggregate of the receipts of wheat, corn,
barley and rye, is 58,009,000 bushels in 1925, as
against 51,704,000 bushels in the corresponding four
weeks of last year. In the following we give the details of the Western grain movement in ourusual
form:
WESTERN
4 Weeks Ended Flour.
June 27
(bbls.)
Chicago1925
958,000
1924
868,000
Milwaukee-.
1925
214,000
1924
182,000
St. Louts1925
377,000
1924
380,000
Toledo1925
1924
Detroit1925
2,000
1924
Peoria1925
140,000
1924
158,000
Duluth1925
1924
liftnneapolts1925
1924
14,000
Kansas City1925
1924
Omaha & Indianapolis1925
1924
810545 City1925
1924
St. Joseph1925
1924
!Mirka1925
1924
Total all1925
1924
FLOUR AND GRAIN RECEIPTS.
Barkg.
Oats.
Corn.
Wheat.
(bush.)
(bush.)
(bush.)
(bush.)
Rye.
(bush.)
1,347,000 8,072,000 3,572,000
1,407,000 5,831.000 4,313,000
473,000
349,000
45,000
172.000
837.000 1,799,000
846,000 1,091,000
620,000
387,000
36.000
91,000
1,864,000 2,646,000 2,352,000
1,647,000 2,669.000 2,912,000
50,000
28.000
189,000 1,197,000
182,000
267,000
4,000
3,000
6,000
8,000
20,000
66,000
73,000
145,000
4,000
12,000
82,000 1,591,000
118,000 1,029,000
644,000
612,000
106,000
11,000
3.000
1.000
194,000
107,000
303,000
241,000
41,000
87,000
5,753,000
2,233,000
4,797,000
5,817,000
262,000 1,442,000 1,305,000 344,000
817,000
836.000 158,000 2,563,000
828,000 2,523,000 771,000 304,000
854,000 1.170,000 579,000 538,000
2,887,000 1,622,000
976,000
2,534,000
732,000
284,000
1,000
710,000 2,182,000 1,731.000
1,234,000 2,439,000 1,626,000
111,000
115,000
282,000
700,000
310,000
346,000
555,000
510,000
830,000
583,000
134,000
110,000
1,572,000
267,000
16,000
6,000
5,000
1,000
11,000
1,689,000 20,216.000 17,228,000 16,525,000 3,289,000 751.000
1,600,000 16,045,000 16,992,000 13,712,000 1,543,000 3,412,000
The Western live stock movement, as already
stated, suffered sharp reduction. At Chicago the
receipts comprised only 19,543 carloads in the month
of June 1925, as against 22,363 cars in June 1924,
At Omaha the receipts embraced only 9,494 carloads,
against 10,415 carloads and at Kansas City only
8,926 cars, against 9,337.
The Southern cotton movement is never very large
in June,it being the tail end of the old crop season and
the present year the movement fell below that of the
previous year. The gross shipments overland were
somewhat larger than in 1924, being 25,857 bales, as
against 21,612 bales in June 1924, but comparing
with 43,846 bales in June 1923; 105,391 bales in June
1922; 201,948 bales in 1921; 131,830 bales in 1920;
161,800 bales in 1919 and 187,986 bales in 1918. At
the Southern outports the receipts were only 111,527
AUG. 15 1925.]
UTE
CHRONICLE
bales in June 1925, against 157,988 bales in 1924;
119,067 bales in June 1923; 344,822 bales in June
1923, and 437,324 bales in June 1921. The following
is our usual table showing the receipts at the different Southern outports for the last three years:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JUNE AND FROM
JAN. 1 TO JUNE 30 1925, 1924 AND 1923.
June.
St= Jan. 1.
Ports.
1925.
Galveston
Texas City, dm
New Orleans
Moblle
Pensacola, &a
Savannah
Brunswick
Charleston
Wilmington
Norfolk
1924.
1923.
11,221
1,914
6,952
21,708
17,601
43,586
11,509
1
41,373
64
2.595
9,448
10,103
37,115
5,607
29,632
2,515
407
16,943
.500
9,818
6,766
9,764
111,527
157,988
13,915
53,781
19,758
1.421
43
2,522
Total
1925.
1924.
1923.
923,578
816.791
613.103
46.372
2,874
182,091
350
126,407
49,063
143.026
595,274
261.659
543,512
44,616
4,778
179,275
64
46,128
32,687
101,726
487,598
196,421
485.482
19.783
3,683
168,834
3,447
72,080
26,062
81,484
119,067 2,903,655 1,809,719 1,544.874
7
Amendingithe Federal Reserve Act.
[From the "Bankers Magazine" for July.]
When Congress assembles next winter it will be called on
to amend the Federal Reserve Act. Before the adjournment of the last Congress Mr. McFadden had introdu
ced a
bill providing for important changes in the Act, particul
arly
with reference to the reserves of member 'banks and
the
methods of issuing Federal Reserve notes. Already
discussion is going on among bankers as to these propose
d alterations in the Federal Reserve Act. It seems to be the
prevailing opinion that the Federal Reserve System as a
whole is
"sound and scientific," but that in some of its
details of
operation and management improvements are
desirable.
This view seems to overlook the fact that since
the enactment of the measure in 1913 it has been subject to
frequent
amendment with the object of correcting these
details. Perhaps no banking Act in the entire history of
the United
States, in so short a time, has been tinkere
d with and
patched up to the same extent. If now further
piecemeal
legislation is required, may this not suggest
that the difficulty appertains rather to the fundamentals of
the Act than
to its details?
There are certain underlying principles
embodied in the
Federal Reserve Act about which little
disagreement exists. In the first place, it unified the nationa
l banks into a
coherent banking system, making it possible
to use their
united strength for the protection of all the
member banks.
Better rediscount facilities, provided for in
the Act, ended
currency famines, and made credit more
easily procurable
as needed. The gold settlement fund, speedie
r collections
of checks and drafts, the substitution of commerc
ial paper
and gold as the basis of note issues-these are
some of the
things accomplished by the Federal Reserve
Act which few,
if any, could wish to change.
What, then, is wrong with the Federal
Reserve Act?
Chiefly Bryanism. However captivating Mr.
Bryan may be
as an orator, he never plunged into the
waters of banking
and finance without muddying them. Not
his fine Italian
hand, but his clumsy Nebraska fist, is seen
in many a line
of the Federal Reserve Act; and this remark
applies not
merely to its details, but to its fundam
ental character. It
will not do to make theseaooertions without
proving tnem.
769
In the first place, the Federal Reserve System is under
absolute control of the Government. This control is assured
in two ways: by making -the Secretary of the Treasury and
the Comptroller of the Currency ex-officio members of the
Federal Reserve Board, and further by giving to the President of the United States the power to appoint the members of the Federal Reserve Board, this Board having the
right to remove the directors of all the Federal Reserve
banks. There you have complete Government control of
the Federal Reserve System; and this means yoking banking up with politics. The most superficial observer of the
history of the Federal Reserve System must have seen that
this combination has already proved unfortunate.
But Bryanism infects the note issues also. The Federal
Reserve notes are obligations of the United States-Government paper money. This gives them a utility which a true
bank note should never possess-that of being employed as
reserves for the State banks.
When it comes to the distribution of the profits earned by
the Federal Reserve banks, Socialism is encountered. The
member banks furnish the funds and the Government
takes
the profit in excess of 6% on capital.
If the Federal Reserve Act is to be amende
d at all, its
fundamental defects should be cured, and this
cannot be
done by mere patchwork legislation. Would it not
be wiser
to let the Act alone for a time, until near the date
of the
expiration of the charters of the Federal Reserve
banks in
1933, meanwhile studying and observing the operati
ons of
this system?
When all the legal reserves of member banks
were required to be transferred to the Federal Reserve
banks, the
"Bankers Magazine" pointed out the immense
potential inflation consequent upon this change. Consider
what this
means: that the only legal reserve a member
bank has is a
loan to the Federal Reserve bank of its district. Loans
have
ranked heretofore as a secondary reserve, but
what banker
ever considered them as other than that? True
enough, as
to availability, the loan to the Federal Reserve Bank
is superior to other loans, but that all a bank's reserve
s should
be in the shape of loans is an unsound banking
departure
nevertheless. The loan (or deposit) with
the Federal Reserve Bank permits fuzther lending or pyramidingsomething which the Federal Reserve Act was designed
to prevent.
Mr. McFadden's bill would permit the banks to
retain a
percentage of their reserves in their own vaults,
and this
would minimize the effects above mentioned. There
are
positive indications that the funds of the Federal
Reserve
banks are excessive, and that a reduction of their
reserve
holdings would be beneficial. These institutions
have become unwieldy, and are far larger than necessa
ry to perform
the ordinary functions required of them.
It must be apparent that the object of the Act
with respect
to note issues-to make these issues rest on coin
and commercial paper-has been defeated. By enlargi
ng the scope
of the kinds of paper eligible for rediscount,
and by providing for "borrowing" of notes against
Government bonds as
collateral, the note issues are now far from
scientific in
character.
Mere tinkering with the Federal Reserve
Act will not cure
these fundamental defects. Hasty and
ill-considered legislation will not provide the real renovat
ion of the Federal
Reserve System which its true friends
demand.
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL
EPITOME.
Friday Night, Aug. 14 1925.
There is a larger business going on in this
country and
there is a wider recognition of this fact. The
active and
rising stock market is in a sense typical of the
growing confidence in the business world of the United States.
Money
is still easy, with the call rate 4%. The tone in the iron and
steel trade is more hopeful, even if shading of prices
has not
wholly disappeared in some branches of the steel trade.
The
general run of industrial news is more optimist
ic, though
this does not mean that actual improvement on a large scale
is under way. The textile industries are still, as a matter of
fact, more or less depressed, notwithstanding some New
England mills have just declared extra dividends. In other
words, some are doing better than others. Raw wool has
declined in Australia and in this country it is rather de-
pressed, with no awakening as yet of trade.
The woolen
goods industry, too, in the main is quiet,
and in Yorkshire,
Eng., 200,000 woolen workers are still
on strike against a
recent decrease in wages. There is some
increase in the
business in silk. That branch of industry
has been active
all along. Coal is in better demand, though,
to be sure, this
is due in part to a fear of an anthracite strike
on Sept. 1.
The shoe manufacturing business has improve
d somewhat
and the same may be said of the furniture
industry. There
is nowhere any rapid improvement. It is
simply a case of
gradual betterment, after prolonged depress
ion in many
lines. The notion is that the tide on commod
ity prices
turned in May, and since then there has been
some advance
here and there. Rubber has been easier.
American consumers may be helped ultimately by the increas
e of production in the Philippine Islands and other parts
of the world.
770
THE CHRONICLE
Lead has been active and advancing and copper is also
somewhat higher, with signs of a large consumption, as
might be expected, with the development of electrical science and the increase in population. Jobbers in general merchandise are doing more business. The wholesale business
has also increased to some extent. Market and Trade Week
attractions have increased trade in some parts of the country. The corn crop has been helped by timely rains. Wheat
has declined 5 to 6 cents, owing to prospects of a better crop
in this country and in Canada. The Government report
was better than expected. The world's yield, in fact, will
be somewhat larger than was at one time counted upon.
Meanwhile, the export demand in this country is light. But
there is some foreign demand for American oats and a certain amount of export business in rye. Now and then it is
reported, too, that there is a European inquiry for American
corn. Rye is relatively very cheap by comparison with
wheat and this fact has caused more or less buying during
the week, though Russia and Poland have latterly been underselling the American farmer in Scandinavian markets.
Cotton has declined about half a cent a pound, owing to the
very general belief that the prospects for a good crop are
brightening. Some rain has just fallen in central and southern Texas, where it was most needed, and the weekly report was on the whole favorable as regards other parts of
the belt. Heavy liquidation and other Wall Street selling
helped to put prices down, but to-day there was a rally on
continued buying by mills and cotton merchants, with offerings smaller. The July cotton consumption in this country
made a very good showing. Mills are not holding burdensome stocks of the actual cotton, either. There are more
active spindles in this country by nearly 3,000,000 than a
year ago. But Manchester is passing through a rather dismal period. Sir Charles Macara, indeed, declares it is the
worst in the history of Lancashire. Moreover, some of the
Lancashire mills are said to be having financial difficulties.
Sugar has declined somewhat, with trade slack. Coffee, on
the other hand, has advanced in response to higher prices
in Brazil.
Car loadings make a good showing in this country. Petroleum output is still large. A gasoline "war" is going on;
that is, prices are being reduced in sharp competition for
trade. The railroads are not buying much steel, but considerable foreign iron is being offered on both the Atlantic and
Pacific coasts. New business in lumber is smaller than at
this time last year, while production and shipments are much
larger than then. There is a sharp decrease in the number
of failures. Evidently stocks of goods have been lightened,
or else the turnover is better. Probably both factors are
operative. The business community, of course, is interested
to see that the stock market to-day reached in some cases
the highest average level in history, despite some irregularity during the week and a quiet market for bonds. It is
also interested to note that London is having an easier
money market and that there is talk of a further cut in the
Bank of England rate of discount, something of historic interest following the Great War. The mercantile community
takes this as meaning that England has definitely turned its
back on that period and is facing better times in spite of
some admitted drawbacks in the matter of unemployment
and more or less labor unsettlement. It is regretted on
both sides of the water that it seemed necessary to compromise in the matter of the recently threatened strike among
the British coal miners in which railroad and other workers threatened to join. The fact that the cost of this measure to the British Government will be at least £10,000,000
and may come to £20,000,000, continues to rankle in the
minds of those who regard it as little better than stupendous
blackmail levied by a fraction of British people on the majority. Has a new political force arisen in Great Britain
utterly foreign to its Constitution and little less than revolutionary in its real meaning? This latest act of labor, and
the supine submission to its demand, smacks too much of
those futile payments made by a decadent Roman Empire to
ward off invasion by northern barbarians and sometimes by
the ancient inhabitants of Britain itself to stay the tide of
invasion from the Continent. It was supposed that the days
for money levies had passed with the Goths, Vandals and
Huns 1500 years ago. Call this latest recrudescence of
Goth-like methods a nationalization of industry or whatever else one pleases, it is a new and sinister force in modern times that may conceivably change the course of modern civilization. There is no such being as an absolutely
economic man; various considerations, moral and social,
[VOL 121.
preclude the possibility. But in the long run economic justice must prevail. A part cannot expect to continue to levy
tribute on the whole. The coal trade must in the long run
stand on its own feet. Substitutes are being introduced,
such as fuel oil, hydro-electric power and internal combustion, not to mention methods to extract a larger percentage
of power from coal itself. Imposition will sooner or later
provide its own cure. On this side of the water an anthracite strike is threatened for Sept. 1 Many consider that a
strike is so certain that business during the past week in
coal has increased. The President is reported to have refused to interfere in the controversy. He is understood to
be disposed to let the trouble work itself out in accordance
with economic law. There is no doubt that sooner or later
that will have to be the solution. Artificial adjustments
from time to time cannot continue indefinitely. If an industry is overmanned the only solution is for surplus labor
to seek other fields of employment. It seems, however, that
coal miners will not work on farms. Sooner or later they
may be obliged to go somewhere else. The people cannot be
taxed forever to maintain an artificial state of affairs.
The wonder is that they have stood It as long as they have.
At 'Adams, Mass., the Renfrew mills, which have been
closed for two weeks because of damage by floods, will
reopen all departments next Monday. At Fall River, Mass.,
cloths were quiet. Twills and sateens have been in fair
inquiry, also 36-inch low counts. Many constructions are
getting scarce, but on present basis of cotton mills do not
see any chance to start up their looms. Sales for the week
were about 50,000 pieces. Two New England mills, the
Bristol and Neild, have just declared extra dividends. In
Massachusetts part-time schedules continue in effect in
textile mills and shoe factories. Six mills of the B. B. & R.
night, Inc., the only mills of the company which have operated at all in many months, will shut down for two weeks
beginning to-morrow. Other cotton mills in Rhode Island
have been curtailing to a large degree during the summer
months. Rhode Island Textile Council, representing about
20,000 textile workers in the State, will meet to discuss ways
and means to combat the reduction in wages recently put
into effect by some of the large textile companies. In Pennsylvania employment in the silk industry and some branches
of the textile trade remains satisfactory. Some silk mills
and hosiery mills are working overtime. At Greenville,
S. C., mills report there is an increased demand for goods,
but at unsatisfactory prices; the Beaver duck mills will be
closed to-morrow for an indefinite period.
In Tennessee employment in textile mills was slightly
reduced. In Alabama there was a slight drop in employment in textile mills. In Louisiana there was an improvement of workers in the textile industry, with conditions
below normal. In Mississippi many textile plants are on
part-time operations. In Oklahoma the textile industry is
on a fairly satisfactory basis. In Texas a large number of
textile mills reported part-time operations and a decrease
in employment. At Charlotte, N. C., manufacturers say
there has been a recent improvement in fine goods. But in
heavy goods everything is dull. No demand for colored
goods, duck print cloths, sheetings or coarse constructions;
a fair demand for fine yarns; none for coarse. More inquiries for yarns, but prices 2 cents too low. It will take a
crop scare to cause a wild scramble for goods. They look
for only conservative buying on part of goods merchants
under present conditions.
In Manchester, Eng., according to Liverpool advices, trade
is unsettled and some mills are reported in financial difficulties. Sir Charles Macara says that Lancashire is going
through the worst period of depression it has ever encountered. A system of co-operative selling among smaller concerns of Manchester's cotton industry is to be tried with a
view to the reduction of costs of production, enabling them
to meet competition on better terms. The income would be
pooled and the firms paid pro rata, according to output. It
is hoped that through this plan there will be a substantial
elimination of middlemen. Bradford, Eng., cabled that further efforts were being made to find a solution of the labor
dispute in the wool textile industry. In Yorkshire, Eng.,
nearly 200,000 textile operatives have now been on strike
for three weeks against a reduction of 8.7% in wages. Registered unemployed in Great Britain on Aug. 4 were 1,260,000, against 1,197,600 the previous week. Cotton mills owners of British India have given notice of an 11%% wage reduction, effective Sept. 11, according to advices to the Department of Commerce. The cables add that a strike is ex-
AUG. 15 1925.]
THE CHRONICLE
pected when the reduction becomes operative. The Greek
Government has canceled its recently issued embargo prohibiting imports of certain textiles for six months.
Raw silk declined 5 to 10c. on rumors that Yokohama was
underselling by 10 to 20 yen and that the visible supply
was up to 29,145 bales. Rubber, it is recalled, was selling
at 22Y2c. a year ago, has been $121 and is now 80c.; coffee
1
2c, now 20c. Granulated sugar now is 5/
at 10/
1
2c. per pound,
against 6%c. last year and 9c. two years ago.
Early in the week it was warm here, with temperatures
of 84 to 86 and high humidity. In Chicago and Detroit on
the 10th inst. it was 76; in Cincinnati, 82; in Milwaukee,
74; in Cleveland, 72, and in St. Paul, 80. The rainfall was
light at the West and South except in northwest Texas,
where it was heavy. To-day the thermometer was no higher
than 85, but with the humidity high, the heat was oppressive, though towards nightfall it became cooler, and, the
forecast was for lower temperatures to-morrow. It has been
up to 112 in Texas and 106 in Georgia. Paris cabled that
unusual sun spots were causing erratic weather in Europe,
namely, sudden changes from hot and dry to cold and rainy.
Increase in Retail Food Prices by Cities During
June-July.
The United States Department of Labor, through the
Bureau of Labor Statistics, in announcing on Aug. 10 the
completion of the compilations showing changes in the
retail cost of food in 23 of the 51 cities included in the
Bureau's report, says:
During the month from June 15 to July 15 1925 all but one of the 23
cities showed increases as follows: Boston,7%;Milwaukee,6%;Bridgeport,
Manchester and Rochester, 5%; Buffalo, Indianapolis, Jacksonville and
Portland, Me.. 4%; Atlanta, Baltimore. Chicago, Cincinnati, Cleveland,
Little Rock, Memphis, Norfolk, Omaha and Washington, 3%; Charleston,
S. C., and Richmond, 2%; and Louisville. 1%. In Salt Lake City there
was a decrease of 2%.
For the year period July 15 1924 to July 15 1925, all of the 23 cities
showed increases as follows: Cincinnati, 18%; Norfolk. 16%; Atlanta,
Cleveland and Louisville, 15%; Memphis, 14%; Baltimore, Buffalo, Little
Rock, Omaha and Rochester, 13%; Richmond and Washington, 12%;
Chicago, Jacksonville, Milwaukee and Salt Lake City. 11%; Boston,
Bridgeport, Charleston, S. C., and Indianapolis, 10%; Manchester. 9%.
and Portland. Me.. 7%.
As compared with the average cost in the year 1913, the retail cost of
food on July 15 1925 was 71% higher In Chicago; 68% in Baltimore and
Washington; 67% in Richmond; 64% in Buffalo and Milwaukee; 62% in
Atlanta, Boston, Cincinnati and Cleveland; 60% in Charleston. S. C•;
59% in Omaha; 56% in Indianapolis: 55% in Louisville and Manchester;
53% in Jacksonville; 52% in Memphis; 50% in Little Rock, and 41% in
Salt Lake City. Prices were not obtained from Bridgeport, Norfolk,
Portland. Me., and Rochester in 1913, hence no comparison for the 12-year
period can be given for these cities.
Railroad Revenue Freight Loading Week Ended Aug. 1
Totaled 1,043,063 Cars—Third Consecutive
Week Million Cars Have Been Loaded.
Loading of revenue freight for the week ended on Aug. 1
totaled 1,043,063 cars, according to reports filed by the
carriers with the Car Service Division of the American
Railway Association and made public Aug. 13. This was
the third consecutive week that revenue freight loading has
exceeded the mi lion-car mark, the total for the week of
Aug. 1 being an increase of 13,460 cars over the preceding
week, due to increases in the loading of all commodities
except ore. Compared with the corresponding week last
year, this was an increase of 97,450 cars and also an increase
of 9,597 cars over the corresponding week in 1923. The
total for the week of Aug. 1 also was a marked increase
over the same week in 1920, 1921 and 1922. The statement goes on to say:
Although revenue freight loading has been In excess ef one million cars
for three consecutive weeks, this heavy freight movement has been handled
without difficulty by the railroads which have approximately 263,500
surplus freight cars in good repair and immediately available for service.
In addition, the railroads also have approximately 6.300 serviceable locomotives in storage.
Coal loading totaled 180.936 cars, an increase of 2,906 cars over the preceding week and 35,300 cars above the same week last year. Compared
with the corresponding week two years ago, however, it was a decrease of
9,573 cars.
Miscellaneous freight loading totaled 383.553 cars, an increase of 6,715
cars above the week before and 35,475 cars above the same week last year.
It also was an increase of 38.144 cars above the same week two years ago.
Forest products loading totaled 71,593 cars, 1,459 cars above the week
before and 4.659 cars above last year. Compared with the same week
two years ago, it was a decrease of 4,498 cars.
Grain and grain products loading amounted to 50,943 cars, an increase
of 1.997 cars over the week before, but 5,727 cars below the same week last
year and 1,951 cars under the same week in 1923. In the Western districts
alone grain and grain products loading totaled 30,851 cars, a decrease of
9.222 cars below the corresponding week last year.
Loading of merchandise and less than carload lot freight amounted to
255,159 cars, an increase of 1,633 cars over the week before and 15,274 cars
above the same week last year. Compared with the corresponding week
two years ago, it also was an increase of 14.566 cars.
Live stock loading for the week totaled 27,754 cars, an increase of 1.304
ears over the week before and 1,282 cars above the corresponding week
771
last year, but 3,173 cars under the same week two years ago. In the Western districts alone 20,814 cars were loaded with live stock during the week.
1.319 above last year.
Coke loading totaled 9,441 cars, an increase of 256 cars above the preceding week and 2,541 cars above the corresponding period in 1924. Compared with the same period in 1923, it was a decrease of 4,037 cars.
Ore loading totaled 63.684 cars, a decrease of 2,810 cars under the preceding week, but 8.646 cars above the same week last year. It was, however, a decrease of 19,881 cars under the same period two years ago.
Compared with the preceding week this year, increases in the total
loading of all commodities were reported in all districts except the Pocahontas. All districts reported increases over the corresponding period
last year, while all reported increases over the same week in 1923 except the
Allegheny, Eastern and Northwestern.
Loading of revenue freight this year compared with the two previous
years follows:
Five weeks in January
4.450,993
4,239.379
4.294,270
Four weeks in February
3,414.809
3.619.326
3,631,819
Four weeks in March
3,694,916
3.662,552
3,661.922
Four weeks in April
3.721.662
3,764.266
3.498,230
Five weeks in May
4,854,720
4,876.893
4,473,729
Four weeks in June
3.956,011
4,047.603
3,625.182
Four weeks in July
3.887.834
3.940.735
3,524.909
Week ended Aug. 1
1,043,063
1.033,466
945.613
Total
29,228.525
28.979,703
27,655,674
Survey of July Business Conditions by United States
Department of Commerce.
Early reports to the Department of Commerce on business
conditions in July showed increases over June in the construction of sea-going steel vessels, the shipments of iron ore
through the upper Lake ports, deliveries of silk to American
mills, interest rates on call and time money in New York,
customs receipts, and the issuance of new securities by
corporations. Business failures were less than in June, both
in the number of failing firms and in the amount of defaulted
liabilities. Sales of mail order houses declined from June
in a seasonal movement and shipments of lead from the
producing district around Joplin, Missouri, declined. The
expenses charged against ordinary receipts of the Government were less in July than in June and the total debt of the
Government was further reduced during the month. Fewer
passports were issued for travelers going abroad than in
June. In a comparison with July 1924 the Department says:
Compared with July 1924, hilliness failures were larger in number but
less in the amount of defaulted liabilities. The sales of mail order houses,
issues of new corporate securities, interest rates, steel vessel construction.
shipments of ore through the upper Lake ports, deliveries of silk to mills,
customs receipts, lead shipments and the number of passports issued were
all larger than a year ago, while the receipts and amount of the outstanding
Government debt were less than in July 1924. Current Government
expenses, however, were somewhat larger than a year ago.
Increased Building in New York City.
Building volume in the five boroughs of New York City
continuss at a very good rate, according to F. W. Dodge Corporation. After going at a comparatively slow pace through
the spring, the summer months have seen substantial increases in contract-letting. July building contracts in the
five boroughs aggregated $77,736,100. This amount, 2%
greater than the June total, was the largest monthly volume
recorded since last January. July is usually a slow month,
but this July exceeded July 1924 by 76% in contract totals.
Last month's record brought the total amount of work
started since the first of the year up to $448,011,900. This
is only 20% behind the first seven months of last year. At
the end of June the record was 28% behind last year's.
A somewhat surprising feature, it is pointed out, is the
continued large volume of residential work. This accounted
for $47,594,600 in July, or 61% of all construction. Second
In importance were commercial buildings, which amounted
to $18,367,000, or 24%. Other items were $4,654,000, or 6%,
for public works and utilities; $2,630,000, or 3%, for social
and recreational projects; $1,711,000, or 2%,for educational
buildings, and $1,479,500, or 2%, for Industrial buildings.
Great Building Activity in Southern States.
Southern States have swung into a period of great building activity. They have in large measure contributed to the
'volume of building construction recorded for the nation in
the last 60 days, according to statistics compiled by the Rail
Steel Products Association. "In the wide sweep of States
stretching from North Carolina to Louisiana and Arkansas
there has been recorded a fine gain in building in recent
weeks," the association says in summarizing the situation.
"The figures for June show a 3% increase over May, which
was the previous high point for that territory. Not only is
the number of structures erected greater, but there is evidence that the South is going in for a more substantial and'
elaborate form of construction than formerly. Where once
architectural ideas were confined rather largely to wood—
the cheapest and most easily obtainable material in the
South—designers are now turning to the reinforcing steel
772
THE CHRONICLE
[Vol. 121.
and concrete used so extensively in the North. Engineers Three and One-Half Billion Dollars
Paid.,bylAmerican
are finding that concrete reinforced with rail steel bars proPeople Annually for Life and Property Insurance.
combination
vides a
as suitable in hot climates as elsewhere
For all forms of life and property insurance the American
for all permanent forms of construction.
people pay annually about $3,500,000,000—a sum far greater
than that paid by the next richest nation for such protection.
First National Bank in St. Louis Finds Business Annual premium payments for property protection, not including automobile and theft insurance, is approximately
Activity Likely to Continue.
Business activity in the United States, which for the past $1,000,000,000, and for life insurance about $2,500,000,000.
three years has been above the average, is likely to continue The figures represent estimates from authoritative sources,
through the coming fall and winter, according to the survey compiled by Prudential Insurance Co. statisticians, and incompleted by the First National Bank in St. Louis. "Pur- clude an item of $279,272 a year for earthquake insurance.
chasing power of our industrial population," says.the report, The earthquake premiums, it is stated, are drawn chiefly .
"has remained rather steady during the past few years, and from the West, where recent disastrous temblors are said to
with any improvement of consequence in agricultural pur- have greatly stimulated the business of underwriters. The
chasing power, there is reason to expect the continuance of Prudential Service Bureau also says:
Of fire insurance alone, the face value of policies in force is reckoned at
a satisfactory demand for the products of industry and agri- $118,500,000,000, compared
with $64,000,000,000 on the lives of more than
60,000,000 persons, or nearly half the population of the United States. But
culture."
Belief in such an increase in agricultural purchasing power this affords no ground for the assumption that as a people Americans think
more of property than
life protection. The premiums paid on life inis based on the fact that "the volume of this year's agri- surance are about two of
and a half times the aggregate paid on all forms
cultural production will exceed the average volume of recent of property protection.
Fire insurance premiums, based on the reports of 845 property underyears and the farm price of the crops will prove quite satis- writing
organizations, total $713,223,549 annually, the Prudential statistics
factory." In addition, the bank points out that agricultural show. In addition, the annual property insurance
premium outlay includes:
Riot, civil commotion and explosions, $1,470,272; tornado, windstorm
debts in this country are now lower than they were a year
and cyclone, $26,019,259; ocean marine, $39,612,681; inland marine, $24,ago.
223,288; sprinkler leakage, $1,535,428; hail, $11,398,849; flood, s81,497;
A significant change in industrial policy, as reviewed in water damage, $36,626; collision other than automobile, $1,668,801;
plate
the report, is the so-called hand-to-mouth method of produc- glass, $15.250,992; steam boiler, $6,122,278; engine and flywheel, $2,718,901; sprinkler, $836,841.
tion, where stocks of goods are maintained in sufficient
Of the aggregate life insurance premium income, industrial insurance, on
quantity to meet only immediate demands. This is particu- which premiums are paid Weekly in fractions of a dollar, contributes $464,000,000
a year, or in excess of 20% of the premium income of the old line
larly true in the steel industry where, according to the relegal reserve life underwriting companies.
port: "The desire on the part of purchasers of finished
There are now 69,000,000 industrial insurance policies outstanding. This
steel to reduce inventories to a minimum has reduced stocks number exceeds the number of persons insured, but Is accounted for by the
fact
that many persons hold more than one policy.
to their lowest point in the history of the industry." AlIt is estimated that 45,000,000 people now pay weekly premiums. Ten
though present orders are small, it is expected that consider- years ago the number was 20,000,000, from
whom the yearly premium reable strength will develop in the iron and steel trade due to ceipts aggregated $148,000,000, or lees than a third of the total to-day, the
Prudential finds.
anticipated demands from the railroads and the automobile
producers.
Course of Factory Employment in New YorkiState—
The quick delivery made necessary by the hand-to-mouth
July Decrease Ascribed to Summer Dulness.
production has been made possible by improved freight serThe volume of factory employment in New York State was
vice over American railroads which, during the first half
reduced by a little less than 1% between June and July. The
of the present year, broke all previous records. For the
usual summer closings for vacations, repairs and Inventory
month of July, car loadings were 9% larger than the same
taking were largely responsible, says State Industrial Comperiod in 1924. The First National Bank in St. Louis points
missioner James A. Hamilton in his monthly statement,
out that the effect of this improvement has been beneficial made
public Aug. 13, which continues as follows:
to the railroads themselves as well as to industry, and the
The 5% decrease in employment during the past four months may be
report states that "railroad earnings are producing the best contrasted with a 14% drop over the same period last year. It still leaves
net operating income thus far experienced under the Trans- many more at work in the State factories than in July 1924, when the low
point of the last depression was reached.
portation Act."
At that time there was a 4% falling off in employment from June to
One of the most remarkable developments of the past half July, with metals, textiles and clothing all participating heavily in the
losses. Decreases were still reported in the important metals this July, but
year was the expansion in retail trade. The survey states some,
such as those in automobiles and related industries, were seasonal and
that the sales of 11 of the more important mail order houses a few of the basic metals
showed encouraging improvement. Textiles as a
and chain store companies show an increase of 121-10% over whole lost very slightly and the small seasonal drop in the clothing trades
left several hundred more on the payrolls of these industries than in July
those of 1924, which is equivalent to a gain of 23% for the 1924.
same period in 1923.
• This statement is based on reports received by the State Department of
The same progress has been noted in building construc- Labor from more than 1,600 firms employing over 40% of the workers in
the State's manufacturing industries.
tion. "The aggregate value of construction contracts let in 36
Canneries More Active Than Last July.
States," says the bank's report, "exceeded by fully 15% the
The most marked additions to forces were made in the canneries, where
former high record totals reached during the first half of almost half again
as many people were employed as in June. The reportlast year." The decrease in the volume of residential con- ing factories used over three hundred more workers than last July and
struction is interpreted by the St. Louis bank as indicating overtime was resorted to. This advance is partly due to the fact that the
season last year was later than usual. The peak is generally reached in
at least a partial solution of the problem of housing short- July, but August and September
were the high montha in 1924.
Other food industries to show gains were flour and cereals and meat package.
Home Building Expected to Involve Expenditure of
Two Billion Dollars in 1925, According to Indiana
Limestone Quarrymen's Association.
More than $2,000,000,000 for home building is the figure
estimated for 1925 by the Indiana Limestone Quarrymen's
Association. In an announcement from Belford, Ind., the
Association states::
ing. Sugar refineries were still laying off employees and, together with
beverage and cigar factories, were behind last year. Some July gains in
cigars in New York City were offset by losses up-State.
Cement and Plaster Advance While Brick Declines.
A slight downward movement in the building supply industries represented conflicting tendencies. The cement and plaster factories took on
workers and were well above last year. With a few exceptions, and always
allowing for seasonal decreases, the cement plants have shown a steady
growth during the last four years. On the other hand, small increases in the
brick industry went along with decreases. The industry is way below the
high period of last year, which was reached in May and sustained
through
July. Cut stone and marble remained fairly even, but manufacturers
of
A continued housing shortage remains acute In cities of over 250,000
population and in the smaller communities of 10,000 and less. Although abrasives added workers.
Pottery and china declined and there were marked downward changes In
over half the population of the United States is still confined in major
the gime industry. Most of them, however, were due to closings for vacacities, the exodus of city dwellers to the suburbs is dotting the landscape
tions and reparrs and occurred in factories making bottles, a seasonal inwith new homes of beauty and distinction.
dustry, rather than in those making builders' glass.
That home building on a broad scale has been gaining impetus is indicated
Only minor
by the fact that almost 50% of the 26,000,000 families in America are at some reduced changes were effected in the plants making house trim, though
hours. On the other hand, structural and architectural iron
the present time home owners. Of even greater interest to the stability works were
taking on employees and they were above 1924..
of America is the substantial type of structure being built. Stone is used
Furniture plants reported both increases and decreases, with office
furmore and more extensively in the smaller as well as larger residence. Thou- niture advancing
more than household furnishings. Some gains in pianos
sands of homes of modest size are built to last a lifetime.
up-State wereo ffset by losses in New York City. There was a
slowing up
Many factors enter into this own-your-home age. Chief among them in the factories
making wooden boxes and baskets for the fruit trade and
are general prosperity; confidence in the building situation on the part of the smaller
wooden articles, such as pipes.
the public; more stable costs; improved transportation conditions; ample
mortgage money; good labor conditions; high rentals, and a generally sound
Decrease in Metals Small.
Minor upward changes in sheet copper and brass, aluminum and
business situation.
some
Home building should continue at high speed as long as there is general bar iron and steel mills were encouraging because of the basic character
prosperity and free flow of money. The whole movement reflects a funda- of these products and because manufactures dependent upon them usually
follow in line. Decreases were still reported in pig iron mills,
mental national soundness that deserves the study of other nations.
however.
AUG. 15 1925.]
THE CHRONICLE
773
Decrease in automobiles, hardware for both automobiles and buildings,
Largest Losses in Syracuse and Capitol District.
tin and jewelry may be considered seasonal and were partly the result of
Employment in Syracuse has been gaining steadily since the summer of
shutdowns for vacations and repairs. The precious metals division, how1924. A 2% decline was reported this July, however, as both the automoever, is below 1924.
bile factories and clothing manufacturers laid off workers. The shops
Firearms, tools and cutlery continued to lay off workers in July, and
together with heating apparatus and machinery were below 1924. The making men's clothing were increasing forces.
There was an encouraging increase in employment in the metal industries
end of a strike in heating apparatus, however, meant the re-employment of
of the Capitol District in July, but losses in the shirt and collar factories,
a considerable group and there was a slackening of the downward tendency as well as
in the textile mills, reduced the factory workers by more than
in electrical apparatus plants. There were marked up and down movements in the railroad equipment and repair shops, involving some large 1% in July. There were fewer employed than at the lowest point of 1924.
additions to forces as well as closings. A small net gain resulted with
equipment factories still far below 1924 and repair shops somewhat above.
Conflicting tendencies in instruments and appliances slightly reduced em- Increase in Postal Receipts at Fifty Industrial Cities
ployment in this group and kept it below last July.
in July as Compared with Year Ago.
' Downward Movement in Textiles Slackened.
Small gains in silk and woolen manufactures as well as in miscellaneous
textiles somewhat offset a marked drop in the cotton mills and a lesser one
in knit goods. Carpet mills reduced forces, but were still above 1924, and
increases in woolens and worsteds, largely on account of the settling of a
strike, kept them about even with last July. Cotton yarn and cloth manufacturers made drastic cuts in employment, but some plants increased
forces and the industry as a whole was in a much better position than in
1924. Changes up and down occurred in the cotton knit wear factories,
while makers of woolen and fibre silk knitted garments reduced operations.
Vacation closings or reductions were prominent in this group as in others,
but employment is above 1924. Bleacheries were again taking on workers.
The season in men's clothing was not as yet well under way, either in
New York City or up-State, though there was a net increase, and many
more were at work than last year. Manufacturers of women's cloaks and
suits were taking on workers, but dressmakers were reducing forces and
the modistes' shops were very dull. Some of them reported that they
would remain cloeed during July and August. Felt hats were again seasonally active and there were some gains in the up-State shirt factories.
The shirt and collar factories as a whole, however, were still reporting
losses. Both increases and decreases appeared in the ladies' underwear
factories and the large drop in millinery was partly in the flower and feather
houses. Employment fell off in laundries after the very active June.
The furs, leather and rubber goods group remained about even with June.
Increases were still predominating in the shoe and the tire factories.
Losses in chemicals came in soap, candles and linseed oil and in the
fireworks and fertilizer plants, which had passed their seasons. Paints,
varnishes and dyes gained and drugs remained steady.
The paper mills were only slightly less active than in June, but many
employees were affected by shutdowns both on account of vacations and
market conditions. Forces were above last year. Reductions were made in
paper box factories and in some of the printing industries as well.
New York City Employment Down.
New York City factories released more than 1% of their workers in July.
Decreases of some Rise were reported in metals, the wood working industries and chemicals.
Among the metals somewhat the same course was followed as in the State
as a whole, with copper improving and structural steel and ornamental iron
works adding to their forces. The auto repair shops, however, which take
the place of the up-State automobile factories, were still taking on workers
in order to handle heavy summer business. Reductions were made in jewelry
plants and the railway repair shops were below June and July 1924.
Losses in piano factories largely acounted for the situation in the wood
working industry. Drugs, paints and varnish advanced, while heavy seasonal reductions in fireworks and cuts in soap and linseed oil brought employment in the chemicals down. There was less employment in the printing industry.
Textiles, with silk mills and knit wear houses taking on workers, stayed
above June, and increases in shoes, trunks and tires brought about an improvement in the furs, leather and rubber goods group.
The men's clothing shops took on workers, as did the felt hat makers and
manufacturers of ladies' cloaks and suits. Extensive closing in modistes'
and millinery shops, however, and some reductions in shirt and collar factories and dress shops kept employment in the sewing trades below June.
As the extensive canning industry of the up-State districts is not found
in New York City its food plants did not show the gains of the rest of the
State. Sugar refineries were still laying off workers and bread and pastry
factories were quiet. Some candy makers increased forces and the cigar
plants were in a better position than in June.
Rochester and Utica Gain.
In Rochester all but the building supply and metal industries gained in
July. Losses in heating apparatus, machinery, optical and photographic
material plants were, however, somewhat offset by continuing gains in
automobiles in this district and by some additions to forces in the railroad
equipment and repair shops. Furniture factories were busier and there
were additional workers in the men's clothing and shoe shops. Employees
were also taken on in plants making woolens, and canneries continued the
advances of June. With these July gains employment as a whole almost
reached the high point of 1925 and was on a level with July 1924.
Conflicting tendencies in Utica's metals netted a small decrease in employment in this group. All other industrial groups gained, however, and
factori forces increased by almost 1% in July. Canneries were still expanding and the men's clothing and shoe factories consistently added workers,
paper box and printing establishments took on some additional employees
and there was a very slight improvement in textiles. Cotton mills reduced
forces and a few summer closings were affected, but bleacheries and some
of the knit goods factories were busier. Employment in textiles and in
the district as a whole is well above July 1924.
Small Losses in Binghamton and Buffalo.
Metals, printing, laundering and the food industries made slight gains in
Binghamton during July. Silk factries also took on more workers. Some
increases in the important shoe industry, however, were offset by decreases,
causing Binghamton's employment to fall a little below June. It is still at
a higher level than at any time during 1924.
There was again a very slight falling off in Buffalo's employment in July,
but it is still above the low July of last year. The small net decrease in
the metals did not indicate the number of workers affected by the changes.
More than a thousand employees were taken on in the reporting copper and
brass, aluminum, heating apparatus and automobile factories. Gains in automobiles followed cuts in June. A still larger number, however, was released in the railroad equipment and repair shops. Chemicals, largely drugs
and fertilizers, continued to lay off wmkers, but there were additions to
forces in this group as well. The printing industry lost somewhat and
there were fewer clothing workers in the reporting factories. Makers of
women's dresses were less busy.
The food plants were still taking on workers with meat packers and biscuit manufacturers making the largest additions to forces.
Postal receipts at the fifty industrial cities during July
showed a gain of 11.19% as compared with July 1924,
according to figures received by Postmaster-General New on
Aug. 7. The revenues at the same cities in July 1924 were
10.54% greater than in July 1923, says the PostmasterGeneral's statement, which adds:
Three cities on the industrial list reported decreases for the past month.
They were Little Rock, Ark., with 11.81% less receipts than for July
1924:
Harrisburg, Pa., with 4.03%, and Topeka, Kan., with 1.99%. The
first
two cities, however, were laboring against large gains in 1924 over the
previous year.
Tampa. Fla., led the fifty industrial cities with the greatest increase,
registering a gain over July 1924 of 61.26%. Cheyenne, Wyo., was second
with 47.87%; Sioux Falls, S.D.,third, with 37.71%; Trenton, N. J., fourth,
with 34.52%, and South Bend, Ind., fifth with 32.37%.
The figures of postal receipts at fifty selected cities in
July were given in our issue of a week ago, page 644. The
following are the tabulated figures for the month in the
case
of the industrial cities:
STATEMENT OF POSTAL RECEIPTS AT FIFTY INDUSTRIAL CITIES
FOR THE MONTH OF JULY 1925.
Per
Per CI. Pet CS.
1925 1924 1923
0147
seer
OINIT
July 1925.
OfficesJuly 1924.
Increase. 1924. 1928.1 1922.
Springfield, Ohio__ $163,140 16 $128,948 01 $24,192 15 18.76 57.27 *14.83
Oklahoma, Okla__ 112.318 44
1.8504329
1.71 24.93 *9.75
Albany, N. Y
143,039 89
133.099 46
9,93993 7.47 42.09 7.77
Scranton,Pa
82,095 67
81,880 44
235 23 0.29 0.31 23.92
Harrisburg, Pa.--98,352 89
102,480 51 '4,12762 *4.03 23.93 17.61
San Antonio, Tex
88,319 40
86,185 09
2.13431
2.48 17.02 8.45
Spokane, Wash.._
85,694 26
79,417 97
6.27629 790 *0.21 6.59
Oakland, Calif
137,221 90
105,310 14 30,911 76 29.35 22.02 15.15
Birmingham, Ala
107,20024
94.865 16
12,335 08 13.00 16.21 15.53
Topeka, Kan
76,188 98
77,739 33 *1,650 35 *1.99 4.62 17 85
74,935 90
Peoria, Ill
73.186 42
1,74954 2.39 6.28 8.23
71,046
Norfolk, Va
92
57,708 82 13,338 10 23.11 4.30 *0.48
Tampa,Fla
85,977 72
53,317 87 32.65988 61.25 4.10 *14.14
67,435 67
Fort Wayne, Ind
67.240 19
19648 0.29 13.49 19.10
Lincoln, Neb
63,857 77
60,703 14
3.15463 5.20 4.74 *2.19
67,310 40
Duluth, Mimi
58,612 42
8.69798 14.84 4.37 8.09
Little Rock,Ark
61.897 38
70,190 18
*8,292 80 *11.81 34.48 *735
Sioux City, Iowa
65.033 97
61,791 85
3,242 12 5.25 2.46 *0.26
71,831 16
Bridgeport, Conn_ _
65,007 68
6.82348 10.50 3.04 23.45
Portland, Me
75,930 47
67,835 15
8,09532 11.93 22.72 9.76
51,94588
St. Joseph, Mo._
49,429 01
2,52583 5.11 7.12 7.56
Springfield,
55,012 63
42.90558
12,107 05 28.22 *33.21 59.02
63,50020
Trenton, N.J
47,20596
16.29424 34.52 11.68 20.67
Wilmington, Del
52,813 88
49.477 72
3,336 16 6.84 9.33 27.90
Madison, Wis
50.152 50
47,920 46
2,23294 4.66 17.20 *1.94
61.934 02
South Bend,Ind_ _
46,788 16 15,14586 32.37 6.38 *3.78
Charlotte, N.
54,682 79
50,812 16
3,870 63 7.62 11.78 11.13
43,162 49
Savannah, Ga
42.00801
1,15448 2.75 7.92 13.53
44,244 84
Cedar Rapids,Iowa
41,127 65
3,11729 7.58 6.37 12.64
45,627 10
Charleston, W.Va_
41,369 92
4,25718 10.29 8.05 0.85
Chattanooga. Tenn
57,638 24
51,62494
6,01420 11.65 5.60 939
Schenectady, N.Y.
45,334 73
39.15972
6,17501 15.77 *25.88 82.17
Lynn,Mass
41,161 73
33.42496
7,73677 23.15 1.20 12.56
Shreveport, La_
37,677 33
36,079 92
1,597 41 4.43 12.17 24.16
Columbia,S.C
27,693 21
_
27,216 76
47646 1.75 *10.76 19.93
Fargo, No.flak, _
34.32988
28,10100
6.22888 22.16 3.53 *5.93
Sioux Falls, S. D
35,20168
25.86242
9,63926 37.71 *3.05 8.49
Waterbury.Conn
35,276 78
29,157 38
6,11940 29.99 15.76 5.52
Pueblo, Colo
34,52650
30,935 11
3,591 39 11.61 22.99 5.09
Manchester, N. H.
24.365 03
20,511 20
3,85383 18.79 *7.26 15.48
Lexington, Ey
29,164 30
26,672 51
2.49179 9.33 16.23 6.63
Phoenix, Aria
28,819 61
23,621 65
5.19796 22.00 18.96 6.43
Butte, Mont
21,449 82
20,282 92
1.166 90 6.75 *1.99 14.09
Jackson, Miss
28,375 24
23 421 76
4,95348 21.14 0.38 37.73
Boise, Idaho
17,65800
16,35900
1.29900 7.94 *7.28 14.08
Burlington, Vt_
20.25393
19,245 70
1.01323 5.26 15.70 13.58
Cumberland, Md_ _
13,768 88
12,728 49
1,04039 8.17 6.47 10.12
Reno, Nev
15,533 99
15.24782
286 17 1.88 12.97 9.39
Albuquerque, N.M
13,045 48
12,262 82
782 64 6.38 11.21 *0.52
Cheyenne, Wyo
15,885 16
10,742 54
5.142 62 47.87 6.27 37.44
Cl.
Totals
•Decrease.
$2,888,069 54 $2,597,326 02 8290.743,52 11.19 10.54
8.73
April 1925 over April 1924, 11.02%. May 1925 over May 1924. 8.40%. June 1925
over June 1924, 16.45%.
Decline in Wages and Employment in New Jersey and
Pennsylvania During July.
Factory and total wage payments declined during the
month of July throughout both Pennsylvania and New
Jersey, according to the compilation of the Federal Reserve
Bank of Philadelphia and the Department of Labor and In-
dustry
public
of Pennsylvania. The review for July, made
August 15, says:
Undoubtedly the losses to a great extent were seasonal, being due chiefly
to vacation periods and to the closing of plants for inventory or seasonal
repair work. In a few New Jersey industries, notably canning and those
manufacturing heating appliances and apparatus, cotton goods, glass and
paper and pulp products, one plant was responsible for the large decrease
In its particular group. The decline in the carpet and rug industry in
Pennsylvania resulted from the closing of one mill for repairs. In most
other instances decreases were general throughout the industry.
In Pennsylvania the most marked declines in both employment and wage
payments were experienced at iron and steel blast furnaces, steel works and
rolling mills, and plants making iron and steel forgings, heating appliances,
glass and brick. Manufacturers of leather products, boots and shoes,
and furniture reported the greatest advances in employment. Structural
iron and steel works, woolen and worsted mills, lumber and planing mills.
and cement plants showed a decided expansion in operations, which was reflected by increases in total wage payments.
774
THE CHRONICLE
ModelThe most noticeable declines among New Jersey industries occurred at
carpet and rug mills, textile dyeing and finishing plants, brick kilns, and 4 cylinder touring
sedan
instrumusical
passenger
4
and
paint and varnish plants. The automobile, pottery
ment industries showed the most substantial gains. Establishments mak- 6 cylinder touring
ing cigars and tobacco and woolens and worsteds reported expansions in 5 passenger sedan
operations, although the number of employees decreased.
The Jordan Motor
EMPLOYMENT AND WAGES IN NEW .JERSEY.
(Complied by Federal Reserve Bank of Philadelphia.)
-Increase or Decrease
July 1925 over June 1925.
No.of
Average
Total
Plants EmployWages.
Wages.
Reporting. meat,
Group and Industry-1.5
-2.7
-1.2
324
All industries(36)
+0.2
-0.5
-0.8
95
Metal manufactures
+0.8
+8.7
+7.8
6
Automobiles. bodies and parts
+1.2
+2.9
+4.2
20
Electrical machinery and apparatus
-0.4
+1.4
+1.9
16
Engines, machines and machine tools
+3.5
+5.1
+1.5
14
Foundries and machine shops
-6.2
-39.5
-35.5
3
'Heating appliances and apparatus
-0.1
-1.4
-1.3
6
Steel works and rolling mills
-3.7
Structural iron works
-0.3
-0.1
+0.2
17
Miscellaneous iron and steel products
+1.8
-0.8
-2.5
4
Shipbuilding
-0.4
-1.5
-1.2
6
metals
Non-ferrous
+7.0
+1.4
-5.3
72
Textile products
+6.9
-1.6
-7.9
3
Carpets and rugs
-9.8
-1.4
7
Clothing
+23.5
+25.9
+2.0
4
Hata, felt and other
+2.3
-11.8
-13.7
13
*Cotton goods
-4.2
-2.0
18
Silk goods
+15.4
+11.4
-3.5
9
Woolens and worsteds
+8.7
+2.3
-6.0
11
Dyeing and finishing textiles
+4.2
+4.3
+0.1
7
Miscellaneous textile products
-38.0
-41.7
-8.8
11
Foods and tobacco
-48.1
-53.5
-10.5
7
*Canneries
+10.7
+6.4
-3.8
4
Cigars and tobacco
+3.8
+4.0+0.1
23
Building materials
-4.5
-4.0
9
Brick, tile and terra cotta products
-17.2
-14.5
3
*Glass
+4.8
+11.5
+6.4
11
Pottery
-7.5
+1.1
43
Chemicals and allied products
-8.5
-1.7
23
Chemicals and drugs
-6.7
-1.7
+5.4
9
Expltxdves
+0.5
-6.5
-7.0
8
Paints and varnishes
-10.1
+2.1
3
Petroleum refining
+1.1
80
Miscellaneous Industries
-0.7
5
Furniture
+3.4
+10.7
+7.0
5
MusicalInstruments
-9.9
-1.9
13
Leather tanning
+1.5
-0.6
-2.0
6
Boots and shoes
+0.4
-12.3
-12.7
8
*Paper and pulp producta
-6.0
-3.8
+2.4
7
Printing and publishing
-6.5
-1.3
+5.6
14
Rubber tires and goods
+2.3
+5.9
+3.6
9
Novelties and Jewelry
-1.8
-1.4
13
All other industries
• Large decreases due to the figures of one plant.
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
(Compiled by the Federal Reserve Bank of Philadelphia and the Department
of Labor and Industry, Commonwealth of Pennsylvania.)
Increase or Decrease
July 1925 over June 1925.
No. of
Average
Total
Plants EmployWages.
Wages.
Reporting. ment.
Group and Industry-2.7
-4.0
-1.4
628
All Industries(39)
-5.0
-6.8
-1.9
241
Metal manufactures
-0.9
+0.2
+1.1
18
Automobiles, bodies and parts
-0.3
+1.6
+1.9
12
Car construction and repair
-20.3
-12.5
+9.9
19
Electrical machinery and apparatus
-2.0
-2.7
-0.7
21
Engines. machines and machine tools
-7.3
-0.2
54
Foundries and machine shops
-14.2
-7.3
13
Heating appliances and apparatus
-10.9
-21.5
-11.9
13
furnaces
Iron and steel blast
-9.2
-17.4
-9.1
12
Iron and steel forgings
-4.0
-8.9
-3.0
41
Steel works and rolling mills
+7.5
+4.7
+2.6
9
Structural iron works
-5.2
-5.2
-0.1
28
Miscellaneous Iron and steel products
-2.9
-5.3
3
+2.6
Shipbuilding
-0.8
+0.2
-1.0
142
Textile products
-1.1
-15.9
-15.0
11
Carpets and rugs
-1.4
-0.2
15
Clothing
+0.5
+0.1
-0.3
5
Hata, felt and other
+3.4
-1.0
+2.4
13
Cotton goods
+0.2
+1.7
+1.4
36
Silk goods
+5.5
-1.1
+4.3
16
Woolens and worsteds
-2.4
-1.7
+0.6
37
Knit goods and hosiery
+2.0
+0.1
-1.9
9
Dyeing and finishing textiles
-0.9
+1.5
-2.4
65
Foods and tobacco
+0.3
-0.2
19
Bakeries
-1.5
+1.2
-2.7
18
Confectionery and Ice cream
-2.0
-1.8
+0.3
11
Slaughtering and meat packing
. +3.9
-0.6
17
Cigars and tobacco
-0.7
+0.5
-1.2
55
Building materials
-1.3
-3.9
13
Brick, tile and terra cotta products
+8.2
+5.5
+2.6
14
Cement
-3.6
-7.5
-4.1
24
Glass
-6.5
-5.1
+1.5
4
Pottery
+2.6
+3.6
+1.0
27
Chemicals and aMed products
+3.5
-1.4
+2.1
16
Chemicals and drugs
-3.6
-2.1
+1.6
6
Paints and varnishes
+4.4
+3.1
+1.3
5
Petroleum refining
+2.2
+1.1
+1.0
98
Miscellaneous Industries
+15.8
+13.0
-2.3
8
Lumber and planing mill products
+5.1
+0.7
+4.5
16
Furniture
-1.1
-2.4
-3.5
18
Leather tanning
+7.3
4
Leather products
.g
.
+6.7
--g
19
Boota and shoes
+1.3
+3.6
+2.4
12
Paper and pulp products
-1.4
-0.8
18
-0.9
Printing and publishing
+0.3
+4.6
+4.2
3
Rubber tires and goods
- ..1
4
Price Reductions in the Automobile Industry.
'Price-cutting still remains the most important feature of
the automobile industry. During the week numerous
reductions in prices havebeen announced, among them being
one of from $90 to $400 on the various models built by the
Peerless Motor Car Co. The six-cylinder line is reduced
$90 to $230 and the eight-cylinder models $95 to $400.
The Olds Motor Works, a division of the General Motors
Corp., is introducing a new line of models which are priced
on a basis ranging from $15 to $260 below preceding models.
The factory price of the new models are as follows: touring,
$875 against $890; coach, $950 against $1,075, and sedan
$1,025 against $1,285. The Willys-Overland Co. has
reduced prices of all Willys-Knight models, both 4 and 6
cylinder, from $95 to $200, effective August 10. The price
list compares as follows:
[Vol, 121.
New Price.
$1.195
1,450
1,750
2,295
Old Price.
31,295
1,575
1,845
2,495
Car Co. has reduced prices $300 on all
models. The new prices, which were effective Aug. 11, are
as follows: five-passenger car, $2,275; playboy, $2,275;
victor, $2,475; brougham, $2,575; friendly three, $2,575;
sedan, 5 passenger, $2,675; sedan, 7 passenger $2,925. The
Packard Motor Car Co. has announced the addition of club
sedan models to both its s4x and eight-cylinder lines. The
six-cylinder model is priced at $2,725 and is mounted on a
133-inch wheel-base, while the eight-cylinder-model is priced
at $44,890 and has a 143-inch wheelbase.
Industrial Employment in Illinois During July on
Down Grade-Working Forces Reduced for
Fifth Consecutive Month.
"Industrial employment is on the down grade in Illinois,"
says R.D.Cahn,Chief Statistician of the Illinois Department
of Labor, in his review of the industrial situation in Illinois in
July, made public Aug. 10. Mr. Cahn states:
Reports to the Illinois Department from employers of 40% of the factory
workers indicated that for the fifth consecutive month, the employers have
reduced their forces. The latest reduction in the factory payrolls has carried the level of employment in Illinois factories to the lowest point touched
since early 1922. when the depression of the preceding year had only begun
to disappear. The stage is only slightly below the level of a year ago, but
about 15.5% below the peak of 1923. The manufacturing establishments
thus have about 115,000 fewer employees than they had two years ago.
That there should be a decline in the intensity of operations of factories
during July,is not a cause of grave concern. The month centering about the
mid-year regularly brings a reaction in the extent of employment afforded
by the factories. It is the valley between the peaks of the busy months of
the spring season and the busy months of the fall season. One season has
come to an end and another has not yet started. A similar and corresponding
reduction of forces comes in December.
But while the trend is definitely downward, there are several factors of a
decidedly favorable or hopeful character. The mining industry of the State,
which is as important to southern Illinois as manufacturing is to northern
Illinois, is showing definite signs of betterment. Already a number of the
mines have resumed operations, and newspaper accounts received from
"Egypt" tell of announcements issued locally of the unsealing of some of the
largest of the collieries on Sept. 1. The prospect of a strike in the anthracite
field holds further hope to the depressed bituminous mines of Illinois. In
some of the other industries there are definite signs of prospective revival.
Canvasses made among employers in the leading downstate cities found a
substantial feeling of optimism, that has its origin in the recent receipt of
orders in larger volume than for some time.
The labor market of the month has been generally dull, as is usually the
case with the July market. The only exception was in the case of farm
labor, in which hirings for the harvest were particularly large in all of the
down-State cities. The urban orders in the unskilled market were small.
Throughout the month building labor has been in active demand, and in
one of the larger cities of northern Illinois the need for carpenters and plasterers was so large that State-wide telegrams were sent out asking that
mechanics be sent to that city.
r.Although the ratio of applicants to jobs increased during the month
from 148 per 100 jobs to 153 per 100 Jobs, the excess of jobseekers over
work opportunities is less than was the case a year ago. In July 1924
there were 171 applicants per 100 places open. Moreover, placements
made during the month by all State offices totaled 13,349, which was more
than 3,000 in excess of the total for the same month one year ago. The
unemployment ratio was larger in July than in June in three of the cities
of the State and was smaller in 10. In Chicago the index rose from 149
applicants per 100 jobs open to 170 applicants per 100 Jobs.
Building work in progress continues at a high point throughout the State,
and from the volume of new projects that are being recorded with the local
building offices the boom will continue for some time. In Chicago the
permits for the month totaled $28,500,000. Peoria,led the down-State
cities when the value of projected work exceeded $1,150,000, double the
record for June and quadruple that of one year ago. Permits in Evanston
and Cicero also exceeded 81,000,000. The total for the month was between
$500,000 and $1,000,000 in Aurora, Berwyn, East St. Louis, Oak Park
and Rockford, and between $250,000 and $500,000 in Blue Island, Decatur
and Springfield. In Murphysboro 55 new buildings were projected and
the estimated cost for the month was 3170.000.
An analysis of the changes of the past month among the cities of the State
shows clearly the effect of the closing down of factories to take inventories
and the taking of vacations. This was notably the case in the figures for
Springfield. In Rockford and Cicero the reductions in working forces
during the month was more than 10%. Other cities in which the employment decline was substantial were Joliet and Moline, where between 7 and
7.5% of the workers were laid off.
The trend was generally downward in the stone, clay and glass products
group of industries. Thus lime and cement firms laid off 6% of their employees, and stone concerns slightly more than 5%. The glass factories.
however, retained all of the employees they had in the preceding months,
and there was a moderate expansion at the brick kilns.
The reports for the iron and steel firms were somewhat disappointing on
account of the statements that have appeared in the trade journals of the
improvement in the buying of steel. For the fourth consecutive month
employment at the mills declined, the drop for the past thirty days being
3.2%. There are now about 10% fewer people engaged in the production of
iron and steel than was the case in March, when operations were at the peak
of the year. A year ago, however, the decline was much more precipitate,
the extent of operations falling off about 18% in June and July alone. After
deducting those who were laid off in July, there are still about 11% more
persons now employed at the steel mills than at this time one year ago.
In practically all of the other industries of the metal, machinery and conveyance group the trend was also adverse. The car builders were particularly
severe in their layoffs,striking the names of 10% of their employeesfrom the
payrolls during July, after removing a like number in June. The reported
orders by the railroads during the opening weeks of August points to an early
Improvement in this industry.
In the agricultural implement industry in which employment has been
high throughout the present year, there was a let-up in the extent of production during the month, when 6% of the employees were laid off. The automobile manufacturers and the accessory firms have likewise been reducing
their forces, the reports show, but this is regularly the case at this time of
THE CHRONICLE
Decrease in Employment and Earnings in Selected
Industries in United States During June.
Employment in manufacturing industries in the United
States decreased 1.1% in June as compared with May, according to the compilations made public by the U.S. Department of Labor through the Bureau of Labor Statistics; the
aggregate earnings of employees decreased in June 3.1% and
per capita earnings decreased 2.1%. These are the most
marked decreases shown in any one month since July 1924,
and are due chiefly to curtailment in the atftomobile, boot
and shoe, cotton goods and iron and steel indu,tries, says the
Bureau, which adds:
These unweighted figures are based on reports from 9,204 establishments
in 52 industries covering 2.753.478 employees whose combined earnings
during one week in June were $72,172,407. The same establishments
in
May reported 2,783,221 employees and total payrolls of
$74.466,281.
Comparison of Employment in May and June 1925.
The two far western groups of States and the West North Central
States
all show.improved employment and increased payroll totals in
June, while
the remaining six geographic divisions, with one exception,
show both
decreased employment and decreased payroll totals, the one
exception being
an increase of
of 1% in employment in the West South Central States
The five divisions showing decreases both in employment and
in total pay:
rolls are all east of the Mississippi River.
The food group of industries shows a customary June
increase both in
number of employees and in payroll totals, the increases this
time being
about 3% each. The lumber group shows small gains in
both items, and
the stone, clay and glass group and stamped ware show
fractional gains in
employment alone, but otherwise the remainder of the
twelve groups of
industries report fewer employees and decreased payroll
totals in June as
compared with May. The decreases were especially
marked in the leather
and vehicle groups, a conaition more regularly expected in
the former than
in the latter, so early in the summer.
Twenty ef the fifty-two separate industries gained
employees in June as
compared with May, while only thirteen show increased
payroll totals.
Increased employment was most pronounced in the
seasonal ice cream
Industry, which gained 21.9%, and in men's clothing,
which gained 7.3%
The baking industry gained 3% in employment, and
slaughtering and moat
packing flour, structural fron work and petroleum refining
each over 2%.
The seasonal fertilizer industry lost a further 20% of
its employees in
June, and women's clothing and carriages over 7.5%
each of their employees. The boot and shoe industry shows a decrease
of over 5% in
employment, and automobiles a decrease of 4.4%,
agricultural implements
a decrease of 3.5%. iron and steel a decrease of 2.8%. and
the cotton goods
industry a decrease of 2%. Twenty-two industries
altogether lost 1% or
over of their employees in June as compared with May.
Increased payroll totals Were led by ice cream with an
increase of 24%
followed by men's clothing with an increase of
13.5%, and slaughtering
and meat packing and sawmills with increases of about
3.5% each.
Twenty-one of the thirty-nine industries showing decreased
payroll totals
reported losses of over 3% each. Aside from the 18.9%
loss of fertilizers.
the largest decreases were 10% in the steel shipbuilding
industry and 9%
in the women's clothing industry. Automobile payrolls decreased 7.7%.
and boots and shoes, iron and steel, and cotton goods payrolls decreased
6.5% each.
For convenient reference the latest figures available relating to all employees, excluding executives and officials, on Class I railroads, drawn from
Inter-State Commerce Commission reports, are given at the foot of the
first and second tables.
COMFARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
DURING ONE WEEK EACH IN MAY AND JUNE 1925.
No. on Pay Rai.
Per
AMOURS of Pay Roll. Per
Eslab.
Cent
Cent
my- may
June
of
June
of
May
men1. 1925.
1925. Change 1925,
1925. Change
Industry.
Food and kindred
products
1,180
Slaughtering & meat
packing
83
267
Confectionery
124
Ice cream
295
Flour
Baking
394
Sugar refining, cane 17
Textiles & their prod 1,766
345
Cotton goods
Hosiery & knit goods 259
216
Silk goods
Wool.& worst.goods 196
29
Carpets and rugs
Dyeing and finishing
88
textiles
Clothing, men's
279
94
Shirts and collars
women's. 179
Millinery;& lace g'ds 81
Iron and steel and their
Products
1 583
219
Iron end steel
Structural ironwork 126
Foundry & machine809
shop products
61
Hardware
150
Machine tools
Steam fittings and
steam de hot-water
heating apparatus 132
86
Stoves
Lumber & its products 1.009
Lumber, sawmills._ 397
251
Lumber, millwork
361
Furniture
Leather & its products 348
126
Leather
222
Boots and shoes__
810
Paper and printing
Paper and pulp-. 200
167
Paper boxes
Printing, book & Job 240
Printing, newspaper 203
Chemicals and allied
248
products
93
Chemicals
98
Fertilizers
Petroleum refining_
57
Stone, clay and glass
662
products
83
Cement
Brick, tile and terra
394
cotta
57
Pottery
128
Glass
Metal products, other
44
than iron & steel_
Stamped and enam44
eled ware
205
Tobacco products_ _
Chewing & smoking
tobacco &snuff
36
Cigars and cigarettes 169
Vehicles for land trans970
portation
Automobiles
215
Carriages & wagons. 64
Car bldg. & repairing,
electric railroad_ 184
Car bldg. & repairing,
steam railroad
507
Miscell. industries_
379
Agriculturalimplis_
93
Electric. machinery,
am:stratus & supp. 127
Pianos and organs
36
11
Rubber boots&sh
Automobile tires
70
Shipbuilding,steel_
42
5
2
185,451 190,860 +2.9 4,667.749 4,817,093 +3.2
73,510 75,638 +2.9 1,842,415 1.911,293 +3.7
28.327 28,284 -0.2 524.508 514,895 -1.8
7,737
9,432 +21.9 255,376 316,574 +24.0
13,108 13,424 +2.4 343,525 351,265 +2.3
50.507 52,046 +3.0 1,329,975 1,356,815 +2.0
12,262 12,036 -1.8 371,950 366.251 -1.5
560,753 555,430 -0.9 10,987,36010,604.366 -3.5
201,452 197,521 -2.0 3.311.748 3,098,510 -6.4
79,332 78,732 -0.8 1,444.269 1,399,398 -3.1
57,370 57.882 +0.9 1,256,774 1,201,217 -4.4
87,439 66,834 -0.9 1,532,733 1,471,380 -4.0
21,939 21,178 -3.5 . 579,011 545,743 -5.7
29,375 27.933 -4.9 703,887 649,480 -7.7
51,241 54,957 +7.3 1,137.595 1,291,453 +13.5
23,381 23,009 -1.6 368.094 344,873 -6.3
16,164 14,950 -7.5 371,136 337,346 -9.1
13,060 12,434 -4.8 282,113 264,966 -6.1
602,162 595.330 -1.117.837.242 17,160,961 -3.8
281,051 273,169 -2.8 8,552,938 8,002,534 -8.4
15,624 15,988 +2.3 452,722 461,392 +1.9
198,194 198,705 +0.3 5,810,090 5,750.098 -1.0
34,442 34,266 -0.5 867,112 835,354 -3.7
19,738 20,063 +1.6 594,587 606,121 +1.9
38,778 38,738 -0.1 1.148,112 1,102.792 -3.9
14,335 14.401 +0.5 411,381 402,670 -2.1
198,096 198,477 +0.2 4,387,894 4,434,421 +1.1
111,580 113,375 +1.6 2,341,729 2,423,442 +3.5
32,676 32,568 -0.3 796,561 801,675 +0.6
53,840 52,534 -2.4 1,249,604 1,209,304 -3.2
98,820 92,905 -4.0 2,132,331 2,016,367 -5.4
25,334 25,222 -0.4 836.905 620.236 -2.6
71.486 67,683 -5.3 1,495,426 1,396,131 -6.6
153,121 152,392 -0.5 4.811,301 4.756,751 -1.1
53,945 52,924 -1.9 1,404,585 1,367,636 -2.6
18,469 16.302 +1.0 355,264 349,088 -1.7
38,879 38,913 +0.1 1,310,245 1,304,707 -0.4
43,828 44,253 +1.0 r,741,207 1,735,320 -0.3
76,217 76,086 -0.2 2,305,043 2,270,771 -1.5
21,755 21.663 -0.4 563,668. 548,510 -2.7
6,675
5,267-21.1 127,552 103,457 -18.9
47,787 49,156 +2.9 1.613,823 1.618,804 +0.3
108,975 109,430 +0.4 2,841,349 2,832,714 -0.3
25,400 25.872 +1.9 733,639 753,648 +2.7
34,163 34,220 +0.2 849,577 850,839 +0.1
12,738 12,534 -1.6 329,560 314.637 -4.5
36.674 36.804 +0.4 928,573 913,590 -1.6
14,752
14,764 +0.1
353,761
352,660 -0.3
14,752
42,438
14,764 +0.1
41,837 -1.4
353,781
739,058
352.660 -0.3
735,128 -0.5
8,497
33,941
8,361 -1.6
33,476 -1.41
134,983
604.075
136,005 +0.8
599,123 -0.8
511,744 496,537 -3.018,686,29815,728,781 -5.7
335,128 320,333 -4.4111,497,42510,608,473 -7.7
2,498
2,302 -7.81
57,483
53,808 -6.4
17,745
17,836 +0.51
531.368
525,961 -1.0
156,373 156,066 -O. 4,600,022 4,540,539 -1.3
232.692 229,430 -1. 6,716,895 6,462,394 -3.8
25,211 24,338 -3.6j 705,631 672,142 -4.7
94,813
7.334
16,946
60,021
28,367
92,910
7,309
16,713
60,976
27,184
-2.01 2,702,868 2,617,089 -3.2
-0.31 211,734 211,601 -0.1
-1.41 409,677 404,139 -1.4
+1.61 1,859,307 1,812,667 -2.5
-4.21 827.678 744.75610.0
9.2042,783.2212.753.478 _l.1174,466.281172,172,407 -3.1
Total
Rua:Mutation by Geographic Dieisions.
Geographic DivirionNew England
Middle Atlantic
East North Central,.._
West North Central,.
South Atlantic
East South Central
West South Central
Mountain
Pacific
tslo.
m ...
c..zeo
year. The electrical manufacturing industry is still curtailing production
and laying off help. The only important exception to the general downward
trend in the metal group was the machinery manufacturers who added 1.7%
more workers during July.
An analysis of the reports from 45 furniture factories shows this industry
to be rather quiet, but this again is a normal condition at the middle of the
year. The drop of 1.1% in the number of factory hands during July was
decidedly less than one year ago,and though the industry has been through
a somewhat quiet year, there are now nearly 5% more persons engaged in
profitable employment in furniture factories in Illinois than there were at
this time in 1924. Elsewhere in the wood products group the changes were
slight. Saw mills had practically the same number of employees as in June,
and a like situation existed in the musical instrument factories. In the
household novelties and miscellaneous wood products group there was a
good sized gain in the month.
The leather group has been showing firmness throughout the year.
During July, however, there was a drop of 4.6% at the tanneries, but this
was not due to any adverse change at the shoe factories. The reports
indicate that the June expansion among the footwear concerns was followed
up in July and that an additional 3.7% was added to the names on the payrolls.
A general expansion characterized the employment changes in the chemical industries during the past thirty days. Drug concerns took on
11%
more people, oil refineries about 3% and paint factories about
1%•
The effects of seasonal influences are seen to be predominant in the
printing and paper goods industries during July. Job printers regularly
have more orders at the middle of the year, with many firms having fiscal
years commencing July 1. Last month, the Job printers of the state hired
3.7% more workers. Book binders likewise were in the midst
of a seasonal
rush, and examination of payroll reports disclosed that
a full third more
people were at work in July than in June. There was also
an improvement
in the paper box industry, with a resulting increase
of 2.9% in the number
of persons employed.
The apparel factories Were busy during July turning
out clothes for the
fall trade. The men's clothing concerns added
10.6% to their working forces
during the month, following the increase of about
25% in June. Although
the latest expansion is larger than was reported a year ago
at this time,there
are still fewer people employed in this industry
than last year, without
prospect of a further gain at this time, since the producing
season is nearing
the end. Women's clothing factories took on 24% more employees. Elsewhere in the group the changes were smaller and
chiefly seasonal.
The aggregate of employees in the food industries
changed but little
during the past thirty days. While employment rose
in the flour mills,
tobacco and ice cream factories, it fell at the canneries
and confectionery
factories. At the slaughter houses, the change
for the month was less than
one per cent.
In retail trade, the employment fell during
July, dropping both at the
mail order houses and the department
stores. Among the utilities, the
changes were insignificant during July, being
less than one per cent in
every case.
1478 Illinois concerns, employing 400,000 workers, paid
out in the week
of the middle of July, a total of $10,277,857 in
wages. This was a decline
of 1.7% from the amount the identical employers
paid out in the week of
June 15. Factory payrolls alone fell off
2.2% more in July than they had in
June, the payroll disbursements dropping most
in Cicero, Decatur, Moline,
Rock Island and Springfield.
775
Total
0r:80.g2git.°42Z6'
AUG. 15 1925.]
404,344
800,233
908,962
143,729
234.944
93.645
66,399
25,752
105,213
394,80
794,010
891,813
146.492
232.322
93,453
66,733
26,320
107,730
-2 9,628,078 9,218,440
-0.822,220.90121,565,745
-1.927,886,96326,493,946
+1.9 3,624,712 3,831,1 1
-1.1 4,427,724 4,333,390
-0.2 1,828,102 1,794,457
+0.5 1,442,666 1,424,806
+2.2 708,782 726.940
+2.4 2,898,353 2,983,653
-4.3
--2.9
-4.3
+0.2
-2.1
-1.8
-1.2
+2.6
+2.9
9 2042.783.221 2.753.478 -1.174.466.28172.172.407 -3.1
Employment on Class I Railroads.
Mar.15 1925
1,705,787
I ___.1
a$230,930,890
Apr. 15 1925
1 _ _
1,729,134
I-1.41
0227,537.021
I
a Amount of pay-roll for one month.
Comparison of Employment in June 1925 and June 1924.
Employment in June 1925 increased 4.9% as compared with June 1924:
payroll totals increased 8.9%. and per capita earnings increased 3.8%.
These increases are based on reports from 8.008 identical establishmentsin
the two periods.
As in May, the geographic divisions along the Atlantic seaboard and the
East Central States all show both increased employment and increased
payroll totals in June 1925 as compared with the same month of 1924, and
the Pacific States, the Mountain States, and the West South Central States
all show decreases in both items, while this month the West North Central
States loin the Eastern States with increases in both items. The East
North Central States show the largest gains, 10% in employment and over
18% in payroll totals, while the South Atlantic and East South Central
States gained over 6% each in employment and 10.9% and 9.9%, respectively, in payroll totals.
The food group of industries, which alone showed a considerable increase
in employment and in payroll totals in June as compared with May, completely reverses its position when June 1925 is compared with June
1924.
776
THE CHRONICLE
0WI..
Recapitulation by Geographical Divisions.
Geographic
DivisionNew England......_ 1,042 348,990 353,063
$7,866,443 48,179,787
Middle Atlantic__ 2,105 732,586 753,458
19,658,826 20,476.535
East North Central 2,172 767,299 844,336
21,264,113 25,137,794
West NorthCentral
711 129,882 132,356
3,190,727 3,264,837
South Atlantic_ _ _ _
846 207,384 220,138
3,707,432 4,112,749
East South Central
336
81,850
87,486
1,530,402 1,682,470
WestSouthCentral
287
61,380
60,178
1,320,918 1,292,507
Mountain
664,805
24,516
23,935
679,960
120
Pacific
2,788,853 2.708,633
469
99,105
97,759
WOO
Inthis latter comparison decreases of nearly 4.6% each are shown in
employment and employees' earnings. The only other group decrease
appearing in this comparison over a period of one year is in the payroll
totals of the stone, clay and glass group, all other of the twelve groups
showing for the most part quite decided improvement in June 1925 over
June 1924. The vehicle group shows a gain of 12.7% in employment and
a gain of over 22% in paytoll totals, and the textile group and miscellaneous
group also show marked gains in the two items.
Twenty-nine of the fifty7two separate industries gained in employment
in June 1925 as compared with June 1924. and thirty-three gained in payroll totals. Several of these increases were very large, showing a decided
change for the better. in the industries concerned, in the twelve-month
period.
The greatest gain in employment was 31%, in the agricultural implements industry, followed by 30% in automobile tires, 23% in automobiles,
16% in silk goods. 15.5% in ice cream, 13% in carpets, 12% In stamped
ware, and 11% each in the rubber boot and shoe, hosiery and fettilizer
industries. The cotton goods industry gained 7.5% and the iron and
steel industry gained 5.3% in this comparison.
The greatest decreases in employment in the twelve-month period were
9% in the cane sugar refining industry, 7% in slaughtering and meat
packing, and from 6.7% to 4.3% in the chewing and smoking tobacco.
electrical machinery, steam fittings, stoves and flour industries.
Increases in payroll totals in June 1925 as compared with the same month
of 1924 were over 10% each in thirteen of the thirty-three industries
showing increases. The greatest Increase was 39.5% in the automobile
industry, followed by 35% in agricultural implements, 32% in automobile
tires, and 30% In carpets. The hosiery industry shows a gain of 19%,
silk goods a gain of 18.5%. Iron and steel a gain of 16%, and cotton goods
a gain of over 12.5%.
The cane sugar refining industry, which showed the greatest decrease in
employment in the twelve-month period, also shows the greatest decrease
In payroll totals-over 13%-and the other industries mentioned as
showing decreased employment also appear in the decreased payroll list.
Total
'
Estab- No. on Payroll. Per Ct. Amount of Payroll. Per Cl.
of
lishof
merits June '24. June '25. change June '24. June '25. change
+4.0
+4.2
+18.2
+2.3
+10.9
+9.9
-2.2
-2.2
-2.9
5055 2 ace 009 2 1172 702 4-4.0 52 ntw R74 57.1120.117
4-8.9
Employment on Class I Railroads.
April 15 1924
April 15 1925
II
1,770,906
1,729,134
a$229,831,147
a4N11
----1
-1.0
* Less than one-tenth 01 1%.
a Amount of pay-roll for 1 month.
Time and Capacity Operation.
Reports in percentage terms from 7.095 establishments in June show that
the establishments in operation were working an average of 92% of full
time and employing an average of82% of a full normal force of employees
One per cent of the reporting establishments were idle, 65% were operating on full-time schedule, and 34% on a part-time schedule, while 41%
of the establishments had a full normal force of employees and 58% were
working with a reduced force.
FULL AND PART TIME AND FULL AND PART CAPACITY OPERATION
IN MANUFACTURING ESTABLISHMENTS IN JUNE, 1925.
Industry.
COMPARISON OF EMPLOYMENT IN IDENT CAL ESTABLISHMENTS
DURING ONE WEEK EACH IN JUNE 1924 AND JUNE 1925.
Industry.
[VOL 121.
Establish- % of Rstab- doge. % of Estee- Age.
menus
itahnIAIUS % of lishmenls % of
Reporting-- Operating-- Full Operating- Full
CapeTime
city
Over
Oper.
crutt
Total Per
in Es- Pull Pail its EsNUM- Cent Full Part able Cape- Cape- table
ber. Idle. Time. Time. Oyer- My. Mtg. OperWino.
ating.
Food and kindred products__ 893
1
Slaughtering & meat packing_
._
45
Confectionery
213
1
Ice cream
92
_Flour
235 (a)
298 (a)
Baking
Sugar refining. cane
10
10
Textiles and their products
1,325
2
1
326
Cotton goods
Hosiery and knit goods
205 (a)
1
Silk goods
157
Woolen and worsted goods... 165
3
-.
Carpets and rugs
27
1
Dyeing & finishing textiles
78
Clothing, men's
5
170
48
_
Shirts and collars
Clothing, women's
96
2
6
Millinery and lace goods
53
1
Iron and ateerand their products 1,280
Iron and steel
4
162
-Structural-iron work
112
Foundry & machine-shop prod 662
__
Hardware
45
Machine tools
__
142
Steam fittings and steam hotwater heating apparatus__ _
-93
__
Stowe
64
Lumber and its products
1
816
2
Lumber. sawmills
335
Lumber, millwork
201 (a)
1
Furniture
277
Leather and its products
3
266
Leather
2
92
Boots and shoes
3
174
Paper and printing
1
562
Paper and pulp
2
134
-Paper boxes
114
Printing, book and job
1
190
Printing. newspapers
-124
1
Chemicals and allied products__
212
Chemicals
1
72
95
2
Fertilizers
Petroleum refining
45
1
529
Stone. clay and glass products
65
__
Cement
Brick, tile and terra cotta__
1
321
36
__
Pottery
Grass
3
107
Metal pro.other than iron & steel
__
34
Stamped and enameled ware
34
2
Tobacco products
121
Chewing and smoking tobacco
__
and snuff
27
2
Mare and cigarettes
94
Vehicles for land transportation 779 (a)
168
1
Automobiles
2
Carriages and wagons
49
Car building and repairingElectric railroad
__
146
__
Steam railroad
421
278 (a)
Mlacellaneoun industries
-Agricultural implements
68
Electrical machinerY, appal'
pg
__
rants and supplies
Pianos and organs
26
6
__
Rubber boots and shoes
2
Automobile tires
54
-Shipbuilding, steel
22
59
56
39
99
31
83
80
65
63
71
77
63
59
35
65
79
66
45
63
49
79
65
47
81
40
44
60
1
68
17
10
34
36
28
22
34
41
64
30
21
32
49
36
47
21
35
53
19
86
92
85
100
68
96
99
93
93
94
98
91
90
87
93
96
94
89
92
88
96
93
92
96
41
24
8
77
40
57
70
40
52
44
39
36
30
21
38
58
25
8
26
20
36
27
27
11
58
76
91
23
60
42
20
58
48
55
60
61
70
78
57
42
73
87
74
76
64
73
73
89
81
84
68
94
76
88
99
84
88
88
86
83
80
75
84
91
77
69
74
78
79
75
81
57
Food and kindred
noducts
904 176,022 168,277 -4.4 54,421,201 54,231,035 -4.3
815ughtering and
neat packing81
79,903
74,070 -7.3 2,018,574 1,872,479 -7.2
229
476,470 -2.9
490,79£
Confectionery
26,150
25,739 -1.6
224,901 +18.8
83
5,822
6,725 +15.5
189,296
Ic , cream
261
314,211 -6.4
335,535
Fl our
12,517
11,975 -4.3
235
40,118
Baking
39,316 -2.0 1,024.006 1,027,915 +0.4
Su gar refining,
r
15
315,062 -13.2
oane
362.985
11,511
10,452 -9.2
TextIles and their
1,595 489,924 524,423 +7.0 8,993,730 10,004,344 +11.2
oroducts
326 174,866 188,049 +7.5 2,622,457 2,953,778 +12.6
Cotton goods.232
66,625
73,963 +11.0 1,101,256 1,312,791 +19.2
Be,s'y & knit gda
202
48,026
55,680 +15.9
972,836 1,153,229 +18.5
Sitk goods
mien & worn171
61,401
61,391 -(*) 1,315,911 1,333,388 +1.3
ed goods
418,514
544,836 +30.2
28
18,711
21,129 +12.9
Caroots & rugsDy'cling &finish's
83
24,888
26,817 +7.8
547,989
627,761 +14.6
.extlies
83
63
37
94
35
65
251
50,785
51.151 +0.7 1,193,645 1,213,841 +1.7
CI )thIng, men&
27
73
77
77
80
23
304,041
89
20,799
22,418 +7.8
335,820 +10.5
Sh Irts & collars_
89
48
69
30
95
51
11,796
-1.4
272,392
272,217
-0.1
oth'g,women'a
136
11,959
CI
69
29
91
95
60
38
MlIlinery & lace
91
42
80
19
97
58
244,686
256,675 +4.9
77
11,861
12,029 +1.9
roods
59
40
64
84
92
36
Iron and steel and
79
60
38
87
34
63
heir produc . 1,400 542,871 560,853 +3.3 14,829,722 16,202,182 +9.3
81
83
15
96
36
62
208 253,705 267,183 +5.3 6.794,431 7,859,223 +15.7
1r a and steel
48
49
64
78
82
33
St •uctural Iron72
27
38
91
94
61
439,421 -1.3
445,055
15,165
15.095 -0.5
12
work
58
40
93
63
34
94
Foundry & ma49
51
83
85
33
67
65' 168,456 175,402 +4.1 4,685,177 5,081,560 +8.5
ciiineshopprOd.
45
90
77
22
96
54
829,572 +1.3
819,095
34,052 -1.0
•
34,396
Hardware
99
4
99
1 100
96
527,751 +6.9
493,497
142
17.055
17.615 +3.3
Mswhine tools
74
25
95
68
66
30
tam fittings &
69
29
43
56
83
93
Isit water heat72
26
95
4
95
41
12:
39,357
37,416 -4.9 1,171,531 1,070.042 -8.7
Ing apparatus_
84
16
98
64
36
91
394,605 -6.3
420,931
14,087 -4.4
14,737
83
St wes
68
30
92
49
49
85
185,957 186,555 +0.3 4,125,642 4,181,096 +1.3
9
Lum ber & its prod.
89
11
22
97
99
78
Lumber69
30
92
51
48
85
364 106,095 105,143 -0.9 2,258,550 2,258,040 -(.)
Sitwmillo
36
64
83
31
60
79
778,110 +0.6
241
31,451.
31,452 -(s) 773,456
iillwork
33
02
33
64
78
64
340
48,403
49,963 +3.2 1,093,64. 1,144,946 +4.7
Furniture
24
76
96
41
59
81
1,883,911
1,904,405
+1.1
30
85,872
87,369 +1.7
Lest ier &its prod_
76
24
96
41
59
81
591,802 +3.8
11
22,691
23,862 +5.2 . 570,095
Le other
36
94
63
27
72
80
1.1
63,181
63,502 +0.5 1,313,81£ 1,312,60: -0.1
130otsandahoee.
737 142,980 143,175 +0.1 4,400,094 4,457,552 +1.3
Paperand printing
97
22
78
74
52
48
174
50,559
50,445 -0.2 1,305,498 1,305.704 +(°)
Paper and pulp_
31
94
28
70
82
67
15
15,848
337,867
335,209 -0.8
15,574 -1.7
Pa per boxes......
33
95
47
53
8.5
88
Pr[rains79
63
36
92
38
61
221
35,997
35,617 -1.1 1,193,240 1,203,793 +0.9
ook and job
35
91
33
65
70
63
40,576
18
41,536 +2.4 1,563,485 1,612,846 +3.2
ewspapers_
Olsenticala & allied
16
97
71
29
94
84
22
65,08
66,571 +2.3 2,008,355 2,027,206 +0.9
PS•oducts
38
95
62
43
57
85
438,756
462,142 +5.3
80
16,943
17,918 +5.5
Ohemicals
67
32
93
28
71
76
98,969 +5.7
9
4,497
93,617
4,986 +10.9
Fe rtilizers
22
78
71
28
93
74
43,649
43,666 +(°o 1,475,985 1,466,099 -0.7
5
Pe irantreflang
Ston 7., clay & glue
69
31
95
23
77
79
2,676,493
560
100,238
100,484
+0.2
2,627.518
-1.8
Pr%ducts
38
93
54
46
86
62
75
742,726
24.385
24,209 -0.7
713.675 -3.9
Ce ment
22
78
86
11
89
67
Bi tcit, tile and
54
44
88
37
61
80
31.052
-0.9
792,022
777,239
31
30.781
-1.9
ICrra cotta
73
38
- - 100
27
100
49
11,656
11,362 -2.5
309,135
284,841 -7.9
Po ttery
121
832,610
33,145
34,112 +2.9
851.764 +2.3
GI tss
7,095
1
65
34
92
41
58
82
Total
Met a prod's,othe
13,210
293,420
352,660 +20.2
44
14,764 +11.8
11:an iron & eel
a Less than one-half 01 1%.
sniped and
293,420
13,210
14,764 +11.8
352,660 +20.2
4
General Indezes of Employment and Payroll Totals.
stmeled ware_
39,821
40,710
+2.2
715.353
719,057
197
+0.5
products
Tob cco
The following tables show the general index of employment in manufactur
Ohew's& amok's
industries
log
from June 1914 to June 1925,and the general index of payroll
141,932
8,863
8.361 -5.7
136,005 -4.2
36
IC,Pacco & snuff
30,955
32,349 +4.5
573,421
583,052 +1.7 totals from November 1915 to June 1925.
161
Ci rate& eigat•to
Vehl lea for land
GENERAL INDEX OF EMPLOYMENT IN MANUFACTURING INDUS828 408,551 460,269 +12.7 11,964,002 14,625,580 +22.2
transportation..
TRIES, JUNE 1914 TO JUNE 1925.
181 245,404 301,442 +22.8 7,184,094 10,018,341 +39.5
Automobiles
(Monthly average, 1923 = 100.)
Carriages and
1,875
1.891
+0.9
43,138
43,990
+2.0
Wiagora'
Month. 1914. 1915. 1916. 1917 1918 1919 1920. 1921 1922 1923. 1924. 1925.
Car building and
ccpairing469,022
463,268 -1.2 January ------91.9 104.6 117.0 115.5 110.1 116.1 76.8 87.0 98.0 95.4 90.0
16,050
16,040 -0.1
17.
:8ectric railed
43
145,222 140,896 -3.0 4,267,745 4.099,981 -3.9 February -----92.9 107.4 117.5 114.7 103.2 115.6 82.3 87.7 99.6 96.6 91.6
Ream railroad
350 202,457 219.275 +8.3 5,695.747 6,187,478 +8.6 March---- - - - _ 93.9 109.6 117.4 116.5 104.0 116.9 83.9 83.2 101.8 96.4 92.3
Miscao11. Industries
483.707
655,175 +35.4 April----- -- - - 93.9 109.0 115.0 115.0 103.6 117.1 84.0 82.4 101.8 94.5 92.1
17,982
87
23,626 +31.4
ricul. Imprt8May -------94.9 109.5 115.1 114.0 108.3 117.4 84.5 84.3 101.8 90.8 90.9
El ethical mach.,
98.9 95.9 110.0 114.8 113.4 108.7 117.9 84.9 87.1 101.9 87.9 90.1
•
June
51oparatus and
86,541 -5.2 2,608,215 2,446,212 -6.2 July
119
91,327
95.9 94.9 110.3 114.2 114.8 110.7 110.0 84.5 88.8100.4 84.8
to Polies
186,591
197,516 +5.9 August _
6,793 +3.0
29
6,597
92.9 95.9 110.0 112.7 114.5 109.9 109.7 85.6 88.0 99.7 85.0
Pinmos dr orga
September 94.9 98.9 111.4 110.7 114.2 112.1 107.0 87.0 90.6 99.8 86.7
Rubber boots &
400,472 +13.2 October
353,805
14,874
16,518 +11.1
10
94.9 100.8 112.9 113.2 111.5 106.8 102.5 88.4 92.6 99.3 87.9
MS
45,599
59,198 +29.8 1,338,196 1,762,140 +31.7 November 93.9 103.8 114.5 115.6 113.4 110.0 97.3 89.4 94.5 98.7 87.8 _67
Automobile tires
725,963 +0.1 December. 92.9 105.9 115.1 117.2 113.5 113.2 91.1 89.9 96.6 96.9 89.4 ___ _
725,233
26.078
26,599 +2.0
38
Sh pbidg.. steel_
flat
8,088 .452.992 2,572.703 +4.9 62,007.674 67,520,117 +8.9
Average
94.9 97.0 110.4 115.0 114.2 108.2 109.9 85.1 88.4 100.0 90.3 91.2
AUG. 15 1925.]
THE CHRONICLE
GENERAL INDEX OF PAYROLL TOTALS IN MANUFACTURING INDUSTRIES, NOVEMBER 1915 TO JUNE 1925.
[Monthly average. 1923=100•
!.1q9'e't":
.?":R6V..q.,
91.8
95.2
100.3
101.3
104.8
104.7
99.9
99.3
100.0
102.3
101.0
98.9
...
.00*CNt'ogclOWt
.
00000WWWWWW0
Igt":,
14:!0?c,...11"-C!"?
•-•covesicei40oievcieq
nnt-c-noont-wwwc.
t•t-.1.• 00
43'"!"1.4.1qc:Rcc?0301.
9
COCO 00CO 00CO t•
126.6
124.8
133.0
130.6
135.7
138.0
124.9
132.2
128.2
123.0
111.3
102.4
I
I
I
69.8 79.6
70.5 79.8
73.6 88.2
69.4 888
75.8 94.5
76.1 94.3
73.1 97.5
75.0 105.3
74.4 106.6
82.2 110.3
87.4 104.1
87.8 111.2
0000001
L444a;:o;-•b
1915. 1916. 1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924 1925.
.T.7.1ZaParggef.
ia 0000110.4014.66
Month.
January
52.1
February....... ---- 57.8
March
60.0
April
59.7
62.1
May
June
62.5
July
58.7
August
60.9
September ---------62.9
October
65.5
53.8 69.2
November
December
56.0 71.0
A vge. for year 54.9 61.9 76.3 96.7 103.6 125.9 80.0 20 0 Inn n on A 027
Wage Changes.
Sixty-two establishments in 21 industries reported wage rate increases for
the month ending June 15. These increases averaged 7.4% and affected
2,401 employees, or 14% of the employees in the establishments concerned.
One-third of the 62 establishments were in the foundry and machine shop
industry, but the increases affected only small groups in each establishment
and did not Indicate any general movement in the industry.
Wage rate decreases were reported by 7 establishments in 7 Industries
for the month ending June 15. These decreases averaged 9.9% and affected 613 employees, or 48% of the working forces of the establishments
concerned, and, like the increases, these decreases were of no general significance.
WAGE ADJUSTMENT OCCURR NG BETWEEN MAY 15 AND
JUNE 15 1925.
Establishments.
Industry.
Per cent of Increase or decrease in
wage rates.
Employees Affected.
Per cent of
employees.
NunsIn estabbe? reItshm'Is
Total pore()
Total reporting In all &yams- incest Range. Aver- nuns- increase tablishber
or dewe. ber.
or demeats
report- Crease
crease in report'g
ing. lineage
wage
rates.
rates.
Increases.
..lonfectionery
Ice cream
Flour
Baking
flosiery and knit goods_ _.
.
311k goods
Woolen and worsted goods.
and
Foundry
machine shop
products
5tructural ironwork
Machine tools
3team fittings and steam &
hot water heating appar'e
Paper and Pulp
Printing,- book and Job_ .
Printing, newspapers
Petroleum, refining
Brick,tile and terra cotta_.
Pottery
gtamped & enameled ware_
267
124
295
394
259
216
196
2
2
2
2
3
3
2
3-8
10-21
3-10
10
5-13
2-10
5
6.0
19.0
9.4
10.0
6.5
7.4
5.0
128
22
17
16
39
831
38
68
14
41
11
7
31
5
(a)
(a)
(a)
(a)
(a)
1
777
Comparing per capita earnings in the nine geographic divisions for June
and May 1925, increases are shown only in the Pacific and Mountain States,
these increases being 0.5% and 0.4%, respectively. The decreases shown
in the remaining seven divisions ranged from 1.1% in the South Atlantic
States to 2.5% In the East North Central States, But when June 1925 is
compared with June 1924, two decreases and seven increases appear. The
East North Central States show a gain of 7.4% and the Pacific States a
decrease of 1.5%•
COMPARISON OF PER CAPITA EARNINGS,JUNE 1925 WITH MAY 1925.
AND JUNE 1924. BY GEOGRAPHIC DIVISIONS.
Geographic Division.
Pacific
Mountain
South Atlantic
East South Central
West North Central
West South Central
New England
Middle Atlantic
East North Central
Total
Per Cent of Change, June 1925 Compared withMay 1925.
June 1924.
+0.5
+0.4
-1.1
-1.6
-1.7
-1.7
-1.9
-2.2
-2.5
-1.5
+0.1
+4.5
+2.8
+0.4
-0.2
+2.8
+1.3
+7.4
-2.1
+3.8
Crude Oil Prices Decline-Widespread Reductions in
Gasoline Prices.
The crude oil markets of the country have remained at
much the same levels as last week, the most important change
being a reduction in the price of certain grades announced by
the Joseph Seep Purchasing Agency. The new price schedule
of Pennsylvania crude compares with the old prices as follows:
GradeOld Prices. New Prices.
Pennsylvania grade oil in N. Y. trans. lines
$3 90
$3 65
Bradford District oil in National trans. lines
365
3 90
Pennsylvania grade oil in National trans. lines
3 55
3 80
Pennsylvania grade oil in S. W.Penna. pipe lines
3 80
3 55
Gaines grade oil in National trans. lines
3 45
3 20
I ennsylvanla grade oil in Eureka pipe lines
3 50
3 75
I'ennsylvania grade oil In Buckeye pipe lines
3 75
3 50
All other grades of Eastern crude remain unchanged.
Tin Standard Oil Co. of New Jersey on Aug. 11 announced
a cut of 10'cents a barn1 in bunker fuel oil, making the price
$1 65 a barrel in New York Harbor, plus lighterage charges
of 63/i cents a barrel.
809
21 1-16
9.2
393
6
(a)
On the other hand, the price reductions in the gasoline
126
4 2-14.3 7.9
104
12
1
field have been widespread throughout the Eastern portion of
150
4 4.1-10 8.0
84
11
(a)
the United.States.
132
1
10 10.0
16
55
(a)
200
1
10 10.0
25
10
(a)
The Gulf Refining Co., the Yankee Filling Stations, the
4 3-12
240
5.6
65
5
(a)
203
1
2
2.0
200
Pan-Am Oil Co., and the Tidewater Oil Co., distributor of
25
(a)
57
1
10 10.0
30
20
(a)
Tydol gasoline, announced on Aug. 7 reductions in the
394
3 5-10
8.4
205
92
1
57
1
5
5.0
20
22
(a)
retail
price of gasoline to 26c. a gallon in Hartford, Conn.
44
1
6
6.0
18
12
(a)
Automobiles
215
1
5
5.0
45
16
The general reductions included a decrease in the tank
(a)
Electrical machinery, apparatus and supplies
1
127
5
wagon price to 20c., with the exception of the Pan-Am
5.0
28
10
(a)
Shipbuilding,steel
2
42
9.7
9.7
77
14
(a)
company, which remains at 22c. The Standard Oil Co. and
Decreases.
the Texas Co., wholesalers, which do not operate filling
Flosiery and knit goods__ _. 259
1
8
8.0
30
stations,
20
and the Atlantic Refining Co., did not lower
(a)
Woolen and worsted goods. 196
1
25 25.0
10
6
(a)
Dyeing & finishing textiles_
88
1
the present tank wagon price of 22c.
8
8.0
25
um
(a)
Furniture
361
1
10 10.0
61
(a)
100
On Aug.8 the Standar.d Oil Co. of New Jersey and StandGlass
128
1
10 10.0
435
75
1
•Car building and repairing.
ard Oil Co. of Louisiana cut the tank wagon price of gasoline
electric railroad
184
1
12 12.0
22
73
(a)
Automobile tires
70
•1
6
6.0
30
12
all
lc. a gallon throughout their territories. The Sinclair
a Less than 1%.
Consolidated Oil Corp. and Gulf Refining Co. met these
Per Capita Earnings.
Per capita earnings increased in June as compared with May in 13 indus- reductions. The Atlantic Refining Co. reduced tank wagon
tries only; they were unchanged in 1 industry, and decreased in the remain- gasoline lc. a gallon in Pennsylvania and Delaware, effective
ing 38 industries. The one large increase-5.9%, in the men's clothing
industry-is entirely a seasonal one, while the greatest decreases are due Aug. 11. Gulf Refining Co. met the cut. The Texas Co.
to actual curtailment in such industries as automobiles, iron and steel. also met the Standard Oil Co. of New Jersey cut of lc. a
cotton goods, silk goods, and steel shipbuilding.
gallon tank wagon and the Atlantic Refining cut of lc. tank
Comparing per capita earnings in June 1925 and June 1924, increases
are shown in 32 Industries and decreases in the remaining 20 industries. wagon in Delaware and Pennsylvania. The Texas Co. also
The greatest increases were: 15.3% in the carpet industry and 13.5% in followed the Standard Oil of Louisiana lc. cut.
the automobile industry. Among the other increases, and in all the deThe Standard Oil Co. of New Jersey reduced the price of
4/vases, there were no exceptionally largo percentages.
export gasoline and naphtha le. a gallon. The new price for
COMPARISON OF PER CAPITA EARNINGS, JUNE 1925 WITH MAY 1925
U. S. Navy gasoline in bulk is 153/2c.; naphtha cargo lots,
P. C. of Change
P. C. of Change
18.25c.;62-63 gravity gasoline, 193.c.;66-68 gravity gasoline,
June, 1925,
June, 1925,
Compared withCompared with- 21c. U. S. Navy gasoline, in cases, 29.65o.
Mag. June.
May, June,
Industry1925.
Industry1924.
1925. 1924.
The Standard Oil Co. of New York on Aug. 10 reduced
Clothing, men's
+5•9 +1.0 Foundry & machine shop
products
-4.7
Fertilizer
+2.8
-1.3
+4.2 the tank wagon price of gasoline 2o. a gallon throughout
Millinery and lace goods_ -1.3
Chewing and smoking to+3.4 its territory.
In New York City the price after the reduction
+2.4
+1.6 Printing. newspaper
tobacco and snuff
-1.3 +0.8
+1.9
+0.9 Boots and shoes
Lumber, sawmills
-1.4 -0.6 was 200. a gallon. The Gulf Refining Co. met the Standard
+1.7
+2.9 Car building di repairing,
Ice cream
+1.1
electric railroad
+1.6
Carriages and wagons
-1.5 -1.2 Oil of New York's cut of 2c. a gallon.
6 Clothing, women's
+1.0
Lumber. millwork
-1.7 +1.3
.1
In Boston on Aug. 10 the Jenney Manufacturing Co. aEi
-3 Confectionery
Cement
-1.7 -1.4
me',
Gbrs
Slaughtering and
-2.0 -0.6 nounced a cut in the price of gasoline of
2c., making the tank
+0.8 +0.1 r.ther
packing
-2.2 -1.3
+0.6 -2.7 C.rpets and rugs
Cigars and cigarettes
-2.3 +15.3 wagon price 20c. and retail 24c., effective immediately.
+0.3 +3.5 Chemicals
Machine tools
-2.3
+0.3 +2.8 Hosiery and knit goods -2.4 +7.4 The Texas Co. and the Sinclair Refining Co. met the cut of
P01029 and organs
+0.3 -4.4 Petroleum refining
-2.5 -0.7
Sugar refining. cane
(*)
+1.9 Stoves
Rubber boots and shoes
-2.8 -1.9 2c. a gallon for tank wagon gasoline announced by the Stand(a)
-1.0 Dyeing & finishing textiles -3.0
cotta..
terra
and
+6.3 ard Oil Co. of New York.
Brick, tile
-0.2 -2.1 Pottery
-3.0 -5.5
Flour
Reports from Mitchell, So. Dak., dated Aug. 11 stated that
+1.4
Stamped & enameled ware -0.4 +7.6 Woolen & worsted goods_ -3.1
Hardware
-0.8
work
-0.4
Structural iron
-3.2
+2.3
+2.0 Automobiles
-0.5
printing, book andlob
-3.5 +13.5 the Standard, Texaco and White Eagle filling stations in
10.9 Iron and steel
-0.7
-3.7
+9.9 Mitchel had reduced the price four cents a gallon, from their
Paper boxes
1.5 Steam fittings & steam &
-0.8
Furniture
hot water heat'g appare -3.9 -3.9 26c. price, and all Mitchel stations and the State highway
0.2
-0.8
Paper and pulp
Automobile
tires
+2.4
-1.0
-4.0 +1.4
Baking
Cotton g
.-4.5 +4.7 depot were retailing gasoline at 22c. a gallon.
Car building & repairing,
-1.1 -1.0 Shirts and collars
-4.8 +2.5
steam railroad
On Aug. 13 the price of gasoline was reduced from 22c.
Silk
goods
-5.3 +2.2
Electrical noichineri, ap-8.1 -1.9 to 20c. a gallon at the 37 Greater Boston filling stations operparatus and supplies_ _ _ -1.2 - • Shipbuilding, steel
+3.1
-1.3
implements_
Agricultural
a Loss than one-tenth of 1%.
ated by the Metropolitan Filling Stations, Inc. Two other
• No change.
(a)
[VOL 121.
THE CHRONICLE
778
Forty-seven per cent of the lumber shipments moved by water. This
companies, the Jenney Mfg. Co. and the Colonial Filling
amounted to 60,171,554 feet, of which 44,328,464 feet moved coastwise
Stations, Inc., cut their prices from 24c. to 22c. a gallon on and intercoastal; and 15,843,090 feet export.
Rail shipments totaled
the same day. Their tank wagon price remained at 20c. a 2.057 cars.
auto
feet.
Local
and
6,866.584
team
totaled
deliveries
M
F"
by
gallon. This was Ur second cut announced in the week
Unfilled domestic cargo orders totaled 126.194,672 feet. Unfilled
the Jenney company.
export orders 87,804,275 feet. Unfilled rail trade orders 4,926 cars.
In the first thirty-one weeks of the year, production reported to West
Beginning Aug. 13 Huron, Madison, Brookings, Mitchell
Coast Lumbermen's Association has been 3,079,533,194 feet, new business
and Watertown, all in South Dakota, were selling "gas" at 3,199,548,523
feet; and shipments 3,252,060,933 feet.
2c.
21c. a gallon, while the price at Aberdeen dropped to 213/
same
In Mitchell, however, other gas stations have met the
Lumber Production and Shipments During June.
price.
The "National Lumber Bulletin," published monthly by
the
that
stated
Late on Friday night press dispatches
the National Lumber Manufacturers Association of WashStandard Oil Co. of New Jersey had reduced tank wagon ington,
D. C., and Chicago, Ill., on Aug. 7 1925 reported
gasoline lc. a gallon throughout its territory, making the
production and shipments as follows:
Ju,ne
except
Maryland,
new prices 17c. in New Jersey, 18c. in
PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY BY
Baltimore and Washington, D. C., where the price is 17c.; LUMBER
MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFAGTURERS
Napa
ASSOCIATION FOR JUNE 1925 AND JUNE 1924.
and
Carolina,
North
Virginia
and
Virginia,
West
in
18c.
183'c. in South Carolina. The company also reduced all
June 1925.
grades of export gasoline except U. S. motor Mc. a gallon.
Shipments.
AssociationProduction.
Muds
The Gulf Refining Co., Sinclair Oil & Refining Corp. and
Hardwoods Softwoods. Hardwoods Softwoods.
the Texas Co. are reported to have met the Standard Oil
Feet.
Feet.
Feet.
Feet.
Co. of New Jersey's cut of lc. in tank wagon gasoline.
32,986,000
California Redwood
39,140,000
15
White & Sugar
The Standard Oil Co. of Louisiana reduced the tank wagon California
107,911,000
Pine Mfrs
165,516,000
27
6,239,000
gasoline price an average of 1Mc. a gallon throughout its Georgia-Florida Saw Mill 7
4,685,000
28.100,000
North Carolina Pine__ _
36,632,000
50
gallon
territory. The new service station prices are 3c. a
NorthernHemlock&Hard16,437,000
wood Mfrs
16,369,000 22,237,000
40 34,993,000
above the tank wagon prices, exclusive of State taxes. The Northern
36.958,000
Pine Mfrs
53,467,000
10
10,566.000
Atlantic Refining Co. has reduced retail gasoline in eastern Southern Cypress MirS.- 10 1,365,000 10,639.000 1,087,000 381.749.000
Southern Pine
379,624.000
176
450,636,000
Massachusetts 2c. to 22c. a gallon, similar to the cut of the West Coast Lumbermen's 110
420,060.000
152,007,003
Western Pine Mfrs
179,422,000
42
other companies. Wholesale gasoline prices remain un- Michigan
2,503,000
1,746,000 5,623,000
Manufacturers_
11 7,599,000
43,973,000
Non-members
46,368,000
0.573.000
5,346,000
29
changed.
Total
Further Increase in Output of Crude Oil.
The daily:average gross crude oil production in the Smackover heavy oil field was 219,000 barrels, an increase of
17,600 barrels for the week ended Aug. 8, wording to
estimates given out by the American Petroleum Institute on
Aug. 12. The daily average production in the United States
for the week ended Aug. 8 was 2,139,200 barrels, as compared with 2,114,400 barrels for the preceding week, an
increase of 24,800 barrels. The daily average production
in the United States excluding Smackover heavY, increased
7,200 barrels. The daily average production east of California was 1,453,700 barrels, as compared with 1,444,900
barrels, an increase of 18,800 barrels. California production was 675,500 barrels, as compared with 669,500 barrels
for the preceding week, an increase of 6,000. Santa Fe
Springs is. reported at 53,000 barrels, no change; Long
Beach, 106,000 barrels, no change; Huntington Beach,
44,500 barrels, no change; Torrance, 34,000 barrels, against
34,500 barrels; Dominguez, 28,500 barrels, no change;
Rosecrans,22,500 barrels, against 19,000 barrels, Inglewood,
108,000 barrels, against 110,000 barrels.
The estimated daily average gross production of the
Mid-Continent field including Oklahoma, Kansas, north,
east, central and west central Texas, north Louisiana and
Arkansas, for the week ended Aug. 8 was 1,110,600 barrels,
as compared with 1,099,400 barrels for the preceding week,
an increase of 11,200 barrels. The Mid-Continent production, excluding Smackover, Arkansas, heavy oil, was
891,600 barrels, against 898,000 barrels, a decrease of 6,400
barrels. The following are estimates of daily average gross
production for the weeks indicated:
DAILY AVERAGE PRODUCTION.
(In Barrels)Aug. 8 '25. Aug. 1 '25. July 25 '25. Aug. 9 '24.
1:450
83m
50
445,400
445,800
445,700
Oklahoma
104,400
106,650
Kansas
105,350
80,100
80,150
North Texas
112.500
99,97,650 900
East central Texas
95,100
63,300
81,700
West central Texas
75.000
79,100
53,850
49,350
North Louisiana
140,450
230,850
Arkansas
241,300
258,500
75,950
93,500
Gulf coast
96,70095,400
44,500
,200
45,150
Southwest Texas45
44,500
107,200
103,000
105,000
104,000
Eastern
113.600
86.85082,250
82,300
Wyoming
9,000
12,450
12.050
Montana
12.500
2.450
2.300
3150
Colorado
4.000
2.700
15°
3,450
New Mexico
3,550
623.150
667,500
California
669,500
675,500
Total
2,139.200
2,114,400
2.111,750
2,010,950
Weekly Lumber Review of West Coast Lumbermen's
•
Association.
One hundred fourteen mills reporting to West Coast
Lumbermen's Association for the week ending Aug. 1,
manufactured 102,358,276 feet of lumber; sold 123,593,350
feet; and shipped 128,748,138 feet. New business was 21%
above production. Shipments were 4% above new business.
Forty-eight per cent of all new business taken during the week was for
future water delivery. This amounted to 59,486,766 feet, of which.39,039,257 feet was for domestic cargo delivery; and 20.447.509 feet export. New
business by rail amounted to 1,908 cars.
518 49,303,000 1,353,668.000 35.520.000 1,270.068.000
June 1924.
Production.
Association-
Shipments.
Mills
Hardwoods
Feet.
California Redwood
15
California White & Sugar
29
Pine Mfrs
Georgia-Florida Saw Mil
North Carolina Pine__ 51
NorthernHemlock&Hard45 28,254,000
wood Mfrs
11
Northern Pine Mfrs
1.2 3,907,000
Southern Cypress Mfrs__
181
Southern Pine
West Coast Lumbermen's 114
42
Western Pine Mfrs
Michigan Manufacturers- 11 6,463,000
28 7,503,000
Non-members
Softwoods.
Feet.
Hardwoods
Fed.
Softwoods.
Feet.
35,730,000
23,437,000
133,741,000
5,121,000
27,091,000
64,042,000
4,959,000
25.904,000
18,575,000
49,941,000
11,891,000
370,356.000
355,042,000
144,219,000
2,199,000
42,908,000
9,621,000
2,549,000
4,965,000
6,100.000
16,212,000
31,808,000
9,630,000
353,543,000
377,495,000
111.940,000
2,099,000
47,419,000
545 46.127,000 1,196,784,000 33,135,000 1,068388,000
Total
Total production June 1925, 1.402,971,000 feet.
Total production June 1924, 1,241,911,000 feet.
Total shipments June 1925, 1.305,588,000 feet.
Total shipments June 1924, 1,101,623,000 feet.
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
June 1925.
Production.
Feet.
Shipments.
Feet.
30.431.000
38,359.000
172,775,000
30,910.000
2,891.000
84,065,000
106,286,000
20,845,000
37.258,000
114,915,000
27,614,000
6,166,000
8,287,000
244,096,000
9,592,000
65,540.000
19,570.000
275,587,000
42,470.000
65,314,000
34.254,000
39,324,000
122,388,000
29.843.000
3,880.000
60,626.000
116,961,000
15,484,000
27,682,000
110,078,000
26,583,000
4,335,000
7,812,000
228.078,000
8,510.000
59,844.000
12.902,000
305,864,000
32,857,000
58,283.000
Total
1,402.971,000
518
•Includes mostly non-member mills, not distributed.
1.305,588,000
Mills
Alabama
Arkansas
California
Florida
Georgia
Idaho
Louisiana
Michigan
Minnesota
Mississippi
Montana
North Carolina
Oklahoma
Oregon
South Carolina
Texas
Virginia
Washington
Wisconsin
Others*
21
21
35
15
8
18
52
20
6
43
9
10
3
57
19
36
15
75
32
23
Weekly Lumber Summary.
Reports received by the National Lumber Manufacturers
Association from 356 of the larger softwood mills of the
country, for the week ended Aug. 8, as compared with 339
mills reporting for the preceding week, indicate production
about the same, while shipments and new business were
considerably less. There were, however, increases in production and shipments, with a slight decrease in new business
as compared with the same period a year ago.
The unfilled orders of 249 southern pine and west coast
mills at the end of last week amounted to 602,165,570 ft.
as against 613,067,667 ft. for 250 mills the previous week.
The 136 identical Southern pine mills in the group showed
unfilled orders of 249,329,760 ft. last week as against
251,288,720 ft. for the week before. For the 113 west coast
mills the unfilled orders were 352,835,810 ft. as against
361,778,947 ft. for 114 mills a week earlier.
AUG. 15 1925.]
THE CHRONICLE
Altogether the 356 comparably reporting mills ha I shipments of 96% and orders 98% of actual production. For
the Southern pine mills these percentages were respectively
103 and 101; and for the west coast mills 97 and 96.
Of the reporting mills 343 (having a normal production
for the week of 222,026,433 ft.) gave actual production
104% of normal, shipments 101%, and orders 101% thereof.
Reports from 12 Southern Cypress Association mills are
included in these totals.
The following table compares the national lumber movement as reflected by the reporting mills of seven regional
associations for the three weeks indicated:
Past Week.
356
244,317,486
235,041,424
238,375,904
Mills
Production
Shipments
Orders (new business)
Corresponding
Week 1924.
355
219,548,244
213,727.903
256,082,239
Preceding Week
1925 (Revised).
339
238,898,744
263,604,582
260,488,2
.
96
The following revised figures compare the lumber movements for the first 32 weeks of 1925 with the same period
of 1924:
1925
1924
1925 increase
Prockunion.
7,763,427,213
7,451,264.177
Shipments.
7,687,883.943
7,409.537,263
Orders.
7,537,405,739
7,151,674,074
312,163,036
278,346,680
385,731,665
The mills of California White & Sugar Pine Manufacturers
Association make weekly reports, but for a considerable
period they were not comparable in respect to orders with
those of other mills. Consequently, the former are not
represented in any of the foregoing figures. Nine of these
mills reported a cut of 14,503,000 ft., shipments of 11,697,000
ft., and orders of 8,558,000 ft. The reported cut represents
32% of the total of the California pine region. As compared
with the preceding week, with reports from seven mills, there
were marked increases in all three of these items.
decrease of 170,991 tons from the orders on hand June 30
and of 510,333 tons from the unfilled tonnage on May 31.
Last year, however, on July 31 the total of unfilled tonnage
stood at only 3,187,072 tons, though on July 31 1923 the
total was 5,910,763 tons. In the following we show the
figures back to the beginning of 1921. Figures for earlier
dates may be found in the issue of the "Chronicle" for April
14 1923, page 1617.
January
February
March
April
May
June
July
August
September
October
November
December
MONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1924 TO DEC. 1924.
Reported for 1924 by companies which made 94.43% of the steel ingot production
In that year.
Months
1924.
January_.
February_
March --April
May
June
July
OpenHearth.
2,766,534
2,902,641
3,249,783
2.575.788
2,060.896
1,637,660
1,525,912
Calculated
Monthly
Monthly
Production Production
AU
Bessemer. Other. Companies AU CornReporting
panics.
667,032
695,905
706,801
573,381
425,099
310,070
241,880
12,577
14,08.5
15,260
12,356
6,648
2,622
5,162
3,448,143
3,612,631
3,971,844
3.161.525
2.492.643
1,950,352
1,772.954
3,649.913
3,826,246
4,206,699
3,348.466
2,640,034
2.065,676
1.877,789
Approximate
No o I Daily Pro.
Work duction All
tag companies.
Days. Gross Tons.
27
25
26
26
27
25
26
118.763
C.3 I
..,
to
98,188
108,755
115.756
124.846
137,279
117,984
ND IN AI IN IJ b2 ba
CO CO C.CO C.4,•VI
7 months_ 16,719,214 3,620.165 68,710 20.408,092 21,614,823 182
August- 2,042,820
361,781 5,764 2.410,365 2,552,891 26
September 2,252,976
409.922 6.864 2,669,762 2.827,625 26
October __ 2,505,403
438,468 7.058 2,950,929 3,125.418 27
November 2,479,147
459,349 8,403 2,946.899 3,121,149 25
December 2,811,771
546,506 11.707 3.369,984 3,569,251 26
135.182
153.050
161,796
128.787
97,779
82,627
72.223
155,502
156.510
161.482
137.982
133.010
123.348
118,753
Total ---- 28,811,331 5,836,194 108,506 34.756,031 36,811,157
1925.
3.262.748
January
689,996 11,960 3,964,704 4,198.564
February 2,931.964
602,042 13,014 3,547.020 3.756.243
March- 3.336.169
614.860 13.633 3.964,662 4.198,520
April
2.857.802
515,716 14.182 3.387,690 3,587.524
2.754.130
May
497.708 13,790 3.265.628 3,458,253
2,538,988
June
476,945 12,490 3,028.423 3.207.056
2,444,961
July
457.095 13,547 2.915,611 3,087,590
7 months_ 20,126,770 3.854,361 92,616 24,073.747 25.493,750 181
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
6,388,261
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
4,286,829
4,250,542
4.268.414
PortsEscanaba
Marquette
Ashland
Superior
Duluth
Two Harbors
July
1925.
1924,
801.804
535.332
581,665
452,481
1,004,540
838,221
2,353,254 2,567.467
2,871,169 2,125,241
912,631
761.272
Season to
1925,
2,601,340
1,532.481
3.124.513
7,355.722
9,292.203
3,031,989
Aug. 11924.
1,742.062
1.109,644
2,677,188
7,372.109
6,613,535
2.592,604
8 525,063 7,280.014 26,918,248 22,107,042
Production of Steel in Chicago District for First Six
Months of 1925 Largest Since 1923-Continued
Building Activity.
The Middle West continues to hold the strategic position
in the steel industry, according to surveys by the Rail Steel
Products Association. The Association says:
While production has somewhat fallen off in the last 60 days the almost
unequalled rate of output in the first four months of the year has served to
offset the seasonal declines now felt. During the first part of the year the
railroads bought heavily of cars and rails. Building operations were large
and still continue at an unexpectedly high rate, creating a steady demand
for rail steel reinforcing bars.
In the Chicago district the production of steel for the first six months
was the heaviest on record except for the first half of 1923. In this district
producers are running at 80 to 90% of capacity. Improvement in the
agricultural situation has resulted in increased use of rail steel for farm
implements. Perhaps the brightest note in the whole situation is the
continued building activity. In Chicago permits for the first three weeks
of July totaled nearly $15,000,000. while for the year, up to the end of
that period, the total was $210,000.000, or $39,000.000 more than for the
same term last year and $12,000,000 more than for the similar period in
1923, classed as a banner year In building.
Construction of New Produce Market in Chicago.
The constructiOn speed of the new produce market has
progressed so rapidly that it is expected that by to-day
(Aug. 15) the first tenants will be able to move in. When
work began on this giant project in the early spring," says
the Rail Steel Products Association, "it was thought that
because of the magnitude of the undertaking it would be
well into the fall before the merchants of old South Water
Street could take over new quarters. Work on the $17,000,000 market with its six huge steel reinforced concrete buildings containing 166 stores, has almost set a record in speed.
Beside the enormous yardage on concrete necessary, 3,000
tons of rail steel reinforcing bars went into the work. There
will be paved streets 90 feet wide between the buildings.
The sidewalks will be 16 feet wide, covered by a 15.foot
steel and glass canopy. At the rear of the structure there
will be 15 foot canopies. Two of the buildings are 840 feet
long and four are 576 feet. Each of the stores is 24 feet wide
and a little more than 81 feet in depth. An interesting
feature is that the monthly rental which each merchant will
pay will give him clear title to his store after 198 months.
It is stated that the monthly cost of the stores is about half
that which merchants paid on South Water Street."
140.849
Steel Ccrperation's Unfilled Orders Show Further
Decrease.
The United States Steel Corporation issued Monday
(Aug. 10) its regular monthly statement showing unfilled
orders on the books of the subsidiary corporations as of
July 31 1925 to the amount of 3,539,467 tons. This is a
1925.
5,037.323
5.284.771
4,863,564
4.446.568
4.049.800
3.710.458
3,539,467
Lake Superior Iron Ore Shipments Heavy in July.
Shipments of iron ore from Lake Superior during July
were larger than thos,of July a year ago. The movement
for July 1925 totaled 8,525,063 tons, as against 7,280,014
tons for July 1924, being an increase of 1,245,049 tons.
The shipments for the season to Aug. 1 aggregate 26,918,248
tons, the season having been earlier than last year, when the
movement for the corresponding period was only 22,107,042
tons. In the following we give comparisons by ports for
July 1925 and 1924 and for the respective seasons to Aug. 1:
Totals
Further Decline in Steel Production.
In the production of steel during July a further decline
occurred, bringing the output down. to the lowest level
since September last. In its regular monthly statement
issued Aug. 8, the American Iron & Steel Institute puts the
production of steel ingots in July 1925 by companies, which
in 1924 made 94.43% of the steel ingot production in that
year, at 2,915,611 tons, of which 2,444,969 tons were openhearth, 457,095 tons Bessemer and 13,547 tons all other
grades. The calculated production of all companies on this
basis during July 1925 was 3,087,590 tons, which compares
with 3,207,056 tons in June, 3,458,253 tons in May and
3,587,524 tons in April, but with only 1,877,789 tons in
July 1924, which was the lowest figure for that year. The
average daily output during July 1925 was 118,753 tons,
which contrasts with 123,348 tons in June and 133,010
tons in May. In March 1925 the daily output was as high
as 161,482 tons. In July last year, however, the daily
average output was only 72,223 tons, which was also the
lowest figure for that year. In the following we show the
details of production back to January 1924:
779
Steel Market Shows Slight Improvement-Pig Iron
Trade Increases.
August developments in the steel trade mainly repeat,
with slight increases in orders and mill operations, the record
of July, according to the "Iron Age" on Aug. 13. Thus far
the indications are that September will not differ greatly
in volume or in prices from the two summer months. The
780
[VOL. 121.
THE CIFIRONTCILE
fact that the favorable factors in the situation outnumber
the unfavorable is emphasized in producers' forecasts, in
the absence of well defined signs of a broader movement,
continues this trade authority, which we quote further:
The Steel Corp.'s unfilled orders on July 31, which showed a decline of
171,000 tons in the month, and the steel ingot output in July, at 3 7% less
than the June rate, were both close to expectations and were taken. in connection with the market news of the week, as pointing to an upturn in output this month and perhaps a small increase upon the 3.540.000 tons on
order books at the end of July.
All the indications of the week are that price maintenance, rather than
price advances, Is the aim of steel producers, seeing that buyers have no
intention of changing their pollcy and giving the mills the backlogs on which
any advance must rest.
Rail buying of the usual proportions is expected to develop in the near
future, but uncertainty still hangs over the equipment situation The
two car works in the Pittsburgh district are practically closed and steel
foundries there and other plants depending on railroad business are operating at a low rate.
The Illinois Central has entered the market for 1,000 box cars and the
Great Northern has placed 17,000 tons of rails, 10,000 tons with the Gary
mill and 5.000 tons with the Inland Steel Co.
Tin plate and wrought pipe continue to be the particularly bright spots
in the situation Tin mill operations are close to capacity, the largest maker
now running 17 turns a week instead of 16 and enough business is in sight
to keep all producers well employed through September.
Pittsburgh mills are making less prompt deliveries than in recent weeks
on lap weld pipe over 8 in. in diameter. More gas and oil line contracts
are in prospect. The Lone Star Co. will probably buy 75 miles of 18-in.
pipe for Texas. The Petroleum Exploration Co. is in the market for 60
miles of 8-in, pipe for Kentucky and the Commercial Natural Gas Co. for
35 miles of 8-in and 25 miles of 6-in. for Louisiana.
Chicago reports new August bookings in plates. shapes. and bars in excess
of shipments, the past week's bar orders of a leading mill being 50% more
than for the corresponding week In July.
Farm equipment demand has expanded more rapidly than was looked
for and in some Instances manufacturers have had to order bars out of stock.
Railroad work has figured largely in the week's structural business.
For its Newark Bay bridge the Central RR. of New Jersey has awarded
4.750 tons. Other railroad awards and projects represent 13.500 tons, including 3,500 tons for a Pennsylvania RR. building at Philadelphia and
4,200 tons for the New York subway. The Stotler Hotel project. Boston,
8.000 tons, is revived, and the Humble Oil Co. has placed 4.500 tons for
15 oil storage tanks.
Galvanized sheets are quoted at an advance, but the large contracts
just taken at the old price delay the establishment of the new level. Weakness In cold finished steel bars Is more in evidence.
Spike makers have been in close competition on recent railroad business,
one good sized order bringing out a $2 70 mill price. or $2 a ton below the
general level.
Pig iron demand is increasing at Chicago and 75,000 to 100 000 tons has
been sold there since Aug. 1. In northern Ohio a fair business has been
done also but Valley furnaces have shown less than a firm front in late
transactions. Offerings of foreign pig iron on the Eastern seaboard have
widened the gap between domestic and Import prices.
On the Pacific Coast a new low quotation on Belgian structural steel has
appeared-1.74c., duty paid. San Francisco.
In various districts the steel scrap market still shows an upward trend.
but the low price of pig iron prevents any like movement in foundry scrap.
British rail mills have booked .100 000 tons of steel rails for the Tanganyika Concessions, Central Africa, divided among several works.
Finished steel remains at 2.439c. per lb. for the fourth successive week
One year ago it was 3.2% higher
Pig iron has advanced to $19from $18 96.
which price had held for five weeks One year ago it was 2% higher, according to the weekly composite price table, which is appended:
Aug. 11 1925, Finished Steel, 2.439c. Per Lb.
2.439c.
Based on prices of steel bars, beams, tank One week ago
2 431c.
plates, plain wire, open-hearth rails, One month ago
2.517c.
black pipe and black sheets, constitut- One year ago
Ing 88% of the U. S. output
10-year pre-war average, 1,689c.
steel production in July was off 29% from the crest of the year, reached in
March.
Steel prices have yet to respond with any buoyancy, and irregularity still
persists. Plates are selling in the East at 1.80c. Pittsburgh and more is
heard of 1.90c. on considerable lots of structural shapes. More makers
have joined in the $2 advance on galvanized sheets to 4.30c. Pittsburgh.
but certain large mills still have not done so.
Beyond a new inquiry for 1,000 to 5,000 cars from the Illinois Central,
the railway equipment market has added little to the signs of revival present
a week ago. The Florida East Coast placed ten locomotives. The Great
Northern is expected soon to place 30,000 tons of rails to be divided equally
among three mills.
An award by a Pittsburgh coal company of 29 river barges requiring over
4,500 tons is an interesting item in the plate news. Tanks for the Humble
Oil Co.for Texas delivery placed this week also involve 4,500 tons.
Some largo inquiries for cast iron pipe from municipalities are receiving
market attention this week. These include 15,500 tons for Detroit, 10,000
tons from Lynn, Mass., and 9,000 tons from New York. The Government
finally has awarded 2,200 tons for Panama to domestic makers.
Pig iron reflects a more solid footing. August shipments are ahead of
July and buying for the fourth quarter is spreading. One lot of 3,200 tons
of malleable was sold in southern Ohio for 1928 delivery. New England
shops bought 15,000 to 20,000 tons. Cleveland booked 18,000 tons and
Philadelphia 25,000 to 30,000 tons. Prices show uniform steadiness and in
southern Ohio are up 50 cents. The American Radiator Co., which quietly
sounded out the market on a large tonnage, decided not to buy now.
Dealers are putting up asking prices on iron and steel scrap and at Buffalo
they are the highest of the year. Consumers are closing cautiously and
many of the new levels await to be established. It is estimated the Ford
purchase of Government ships will provide 295,000 tons of scrap at an average price of $5 50 per ton.
After a slight dip last week, the "Iron Trade Review" composite of fourteen leading iron and steel products is back to $37 45 this week, at which
it has rested for five weeks previously. Changes in both cases were due to
shifting pig iron prices.
Rogers Brown & Crocker Bros., Inc., under date of Aug.
13 say that midsummer dulness marked the iron market during the past week, but total tonnage of new orders held up
very well. The most notable feature was the appearance of
demand for shipment over the first quarter of 1926. There
is considerable inquiry for this position, it is stated, and it
may be interpreted as an expression of confidence that business will be good for at least six months. Prices are tending
to become firmer. They,are not yet advancing but concessions are difficult to obtain even on the most desirable business.
Raw Silk Imports, Stock, Deliveries-July-August.
The following statistics relative to raw silk imports, stocks
on hand Aug. 1, &c., were made public on Aug. 7 by the Silk
Association of America. It will be observed that notwithstanding imports the present year have been running far in
excess of those of last year, stocks during July decreased from
44,016 bales to 35,598 bales.
RAW SILK IN STORAGE AUG. I 1925.
(As reported by the principal warehouses in New York OM)
Figures in Bales.
peon.
Stocks July 1 1925
Imports month of July 1925• b
All
Japan. Other.
1,29: 34,823
631 28,363
Total.
7,89i 44,018
8,592 35,595
1,934 63,18f 14,491 79,811
Total amount available during July
731' 28,042 8,822 35,598
Stocks Aug. 1 1925 b
Aug. 11 1925, Pig Iron, $19.00 Per Gross Ton.
$18.96
Based on average of basic and foundry One week ago
Mc 44,013
18.96 Annrov. deliveries to American mills during.Tulv a. 1.204 35,141
irons, the basic being Valley quotation, One month ago
19.38
the foundry an average of Chicago, One year ago
SUMMARY.
15.72
average,
Philadelphia and Birmingham
10-year pre-war
1923- -1924- -1925----Imports During Montlt.• Storage at End of Month.
Finished steel__ _High 2.824c. April 24 2.789c. Jan. 15 2.560c. Jan. 6
Low 2.446c. Jan. 2 2.460c. Oct. 14 2.424c. June 23
1925. 1924. 1923. 1925. 1924. 1923.
Pig iron
High $30.86 Mar. 20 $22.88 Feb. 26 $22.50 Jan. 13
Low 20.77 Nov. 20
19.21 Nov. 3
18.96 July 7 January
37,084 36,364 32,59f 58.732 44,39F 47,087
39,046 25,632 33.761 60,241 40,226 44,815
A moderate expansion of incoming tonnage already ex- February
Mare)'
31.571 16,692 28,332 48.882 30.375 39,438
April
32.64/ 21.272 27,414 39,271 25,882 28,857
perienced by producers, with improving prospects for future May
41,512 29,684 25,814 42.517 27,074 29,962
41 074 20,933 23,727 44.01f 24,843 25.885
months,sums up the present iron and steel situation, says the June
July
85.595 29.35 25.622 35.598 23,213 22,914
"Iron Trade Review" in its Aug. 13 issue. Production has August
36,750 36,092
September
412
0;0
2 25
7:38
457
9
48.843 28,837
held up so well, relatively, that a better appreciation of the October
44,391 32,879
37.932 31,229
November
5551C 35,398
44.243 27,944
soundness of underlying conditions which continue to pro- December
40,959
61,533
39.97' 28,835
vide a wide diversity and liberal volume of current needs,
has come about. More and more cheerfulness is succeeding
recent skepticism bringing with it the belief that a turn
toward better things after four months of tapering interest
and operations, definitely has been made. Consumption
without any striking examples perceptibly is on the upgrade, adds the "Review," from which we quote further as
follows:
Total
Average monthly
258 530 187 67" 150,202
36 933 32 306 26.184 46.721 37,464 33,367
In T ansit Between
Approximate Deliveries
Yokohama. Kobe and
to
New Yes)', End of Month
American MUls.a
January
February
March
April
May
June
July
August
September
October
November
December
1925.
1924.
1923.
1925.
1924.
1923.
39,885
37,522
45.1.57
40,040
38,266
39.57:
44,013
32,925
29,804
26,543
25,985
28,272
23,164
30,982
29,88f
36.65E.
35,794
33,12,5
33,961
34,680
36.231
33,511
38,193
24,500
27.824
28,573
33.541
26,920
25,917
25,225
23,274
18.906
12,400
12,702
16,961
19.100
15.000
19.500
13,700
8,700
9,600
12,400
13,100
14,000
18,700
30,000
12,000
19,200
21,200
24,000
16,200
12,300
11,300
13,900
11.400
11,000
16.400
16,500
5,200
14,400
15.000
22,800
Operations continue to edge up gradually. For the first time since the
middle of May the Steel Corp.'s plants this week again are running above
70% in steel ingot capacity. Their rate this week is slightly in excess of
71%. Independent plant activities range from 65 to 70%. Another steelworks blast furnace has gone in at Pittsburgh, but against this a stack of
the same class has gone out at Chicago, with two others banked at Buffalo
and Ironton, 0.
Final statistics show July's output of steel ingots was almost 65% above
Total
281.48' 167,101 '158,417
the mark of July 1924, which was the low point for that year. July produc- Average monthly
40.638 30,592 29.868 16.348 16.383 13,867
tion this year also was 73.4% of the highest single month on record in steel* Imports at New York during curtent month and at Pacific ports previous to the
works activity, or March 1924. These two comparisons emphasize the rela- time allowed in transit
across the continent. a Includes re-expo is.. b includes
tively high rate at which steel production has held up recently and the pres- goods held at railroad terminals on July 31.
the
counJuly
increase.
In
that
August
will
show
some
indications
are
ent
The figures for the previous month were given in these
try's output of steel ingots was at the rate of 36,930.000 tons per annum,
against a rate of 38.360,000 tons in June. a decline of 3.7%. On this basis columns July 11, page 140.
AUG. 15 1925.]
THE
CHRONICLE
Semi-Monthly Cotton Reports Demoralizing to Trade
According to E. E. Bartlett, Jr., Former President
N. Y. Cotton Exchange—Old System of
Monthly Reports Favored.
Declaring that the frequency of the government reports is
demoralizing the cotton trade, Edward E. Bartlett, Jr.,
former President of the New York Cotton Exchange on
Aug. 7 took issue with the government for its practice of
issuing cotton crop condition estimates twice a month. Mr.
Bartlett, who is with the firm of Gwathmey & Co., and is an
analyst of conditions affecting the cotton trade of the world,
for some time past has been investigating the influence of
government crop estimates upon the cotton business as a
whole. He found that there is widespread dissatisfaction
and complaint throughout all branches of the cotton industry
against the plan now followed by the government. The
statement of Mr. Bartlett, which is believed to voice the
sentiment of the majority of the members of the New York
Cotton Exchange, as well as the cotton trade in general, is
given added importance, coming as it did on the eve of the
government's report of the condition of the crop as of Aug. 1,
which was issued on the 8th inst. Mr. Bartlett's statement
follows:
As to the Cotton Future markets, there are undoubtedly several causes
combining at the present time to exert a paralyzing effect on business. In
the first place, a more or less stabilized condition of prices has limited the
immediate necessity of price insurance and hedging and has turned speculative interest to markets offering greater opportunity for profit. Conditions
In the spinning trade have, moreover, been exceedingly unsatisfactory, due
to over-spindlage and keen competition created by the return to more normal
activity of European mills afteethe enforced restrictions of the war.
In spite of the high consumptive rate, the industry, generally speaking,
has been going through a most unprofitable and unsatisfactory phase from
which it is only now beginning to emerge. To the burden of these conditions has been added perhaps the most demoralizing factor with which the
cotton trade has ever had to contend; i.e., the semi-monthly condition reports and crop estimates by the government. We are heartily in favor of an
abundance of accurate information and facts pertaining to the weather and
progress of the crop, as a guide to the producer and trade at large, and we
believe the Government is the most satisfactory and reliable agency through
which such information can be compiled and disseminated.
Far from being helpful and constructive, however, the present system is
positively demoralizing in its attempt to do the impossible by promulgating
a semi-monthly crop estimate, particularly from the early season condition.
That this amounts to nothing more than the widest kind of a guess has
been amply demonstrated in the past two seasons. The trade has been led
through such a maze of variations and surprises that it is utterly at sea.
The market has been characterized by periods of stagnation,alternated by
convulsions at the time of the reports. The result of these reports have been
so disturbing as to create a feeling of continual uncertainty and to completely check the normal impulses of business and individual judgment. It
naturally follows that what is an interference to the industry as a whole, must
necessarily react upon the producer.
We believe the trade would welcome the elimination of the early season
crop estimates and a return to the old system of monthly condition reports,
with tho elaboration of weekly reports covering weather conditions and
progress of the crop.
781
was recently arrested. Referring to the deadlock in the
Yorkshire textile trade, and the strike against the employers'
demand for a reduction of 8.7% in wages, the Associated
Press advices from London Aug. 11 said:
The men's leaders Eave refused to agree to any reduction whateyer,
but both sides have agreed to accept the findings of a court of investigation.
The employers want the men to resume work at a 6% reduction in
wages pending the report of this court of investigation. This the men
refuse to do, and all efforts to find a compromise hitherto have failed.
It is expected that the Government will be compelled,to mediate in
this dispute as it did in the miners' quarrel.
At the time of the walkout of the textile workers, the
New York "Journal" reported the following Inter-Ocean
Press cablegram from London July 24:
Workers in the wool textile industry in England to the number of 130,000
went on strike to-day. Some authorities in the industry believe that
the strike will not be of long duration and point out that for months manufacturers have been operating on a very guarded scale, with selling prices
at such a low basis that the mills were running without profit.
The same advices, under date of July 20, stating that
complete stoppage of the British wool textile industry was
threatened by the dispute between the mill owners and
their employees over wages also had the following to say:
The mill owners have posted notices of a reduction in pay schedules
of 5%, effective July 23. This reduction the workers have refused to
accept.
Either the employees must agree to the now wage basis or they will
be locked out, was the notice given to-day by the manufacturers. Either
the manufacturers will restore the old wage basis or there will be a strike
July 25, was the reply of the workers.
Owners of the mills declare that reductions in the costs of production
have become absolutley necessary because of foreign competition not
only in the export markets but in the British home market as well. Although the manufacturers are not absolutely unanimous in their policy
at this time, their federation has authorized the issuance ef notices declaring
that the proposed wage reductions will be put into effect Thursday next.
On July 28 the "Journal of Commerce," in Bradford
(England) advices (Inter-Ocean Press cable) stated:
The strike of workers in the wool textile trade has resulted in a stoppage
of most of the mills in this district. Some piece-goods merchants are
placing future contracts, but the markets for the raw materials, tops and
yarns are neglected.
Business being poor, anyway, some manufacturers are glad to curtail
production, even a forced one, through the strike. They do not regret
the idleness of their machinery, which, it 113 popularly believed, will remain
idle until the middle of August.
Farr Alpaca Reduces Wages.
The following from Boston Aug. 7 appeared in the "Wall
Street News":
Notices have been posted announcing a general wage reduction of 10%
effective Monday by the Farr Alpaca Co. of Holyoke. It was also an
nounced that operations would be extended from a three to a four-day
week. The cut affects 3,200 workers.
Other reductions in New England textile mills were
reported in our issues of August 1, page 521 and August 8.
page 649.
Webster (Mass.) Dye & Yarn Co. Increases Wages of
Census Report on Cotton Consumed and on Hand Also
Spinners 12%.
Active Spindles, and Exports and Imports.
Under date of August 11 the Associated Press had the
Under date of Aug. 14 1925 the Census Board issued its following to say in advices from Webster, Mass.
regular preliminary report showing cotton consumed, cotton
Charles B. Jennings. superintendent at the Clinton Mills, formerly the
Webster Dye and Yarn Company, announced today that the employes in
on hand, active cotton spindles and imports and exports of the
spinning department will receive an increase of 12% in wages to take
cotton for the month of July 1924 and 1925 and the twelve effect at once. Mr. Jennings said the employes in the other departments
months ending with July. Cotton consumed amounted to will not be granted an increase at this time.
43
,898-Fales of lint and62,513 of linters, compared with
_317,009 bales of lint and 41,732 of linters in July last year, Passaic, N. J. Woolen Mills to Cut Costs, But Not
Reduce Wages.
and 493,715 of lint and 60,577 of linters in June this year,
In Passaic advices July 29 the New York "Journal of
the Bureau announced. The statistics of cotton in this
report are given in running bales, counting round as half Commerce" stated:
the action of New England mills In reducing wages 10% and that
bales, except foreign bales, which are in equivalent 500-1b. ofDespite
the American Woolen Company in reducing prices of its spring men's
bales.
and women's wear lines, it was learned today, woolen and worsted milts of
Tho amount of cotton on hand in consuming establishments on July 31 the Passaic district do not plan any change in wage scales.
Col. Charles P. H. Johnson, vice-president of Botany Worsted Mills
was 866.259 bales, contrasted with 1,123,813 bales on June 30, and 721.589
which with Garfield Worsted Mills, form the Botany Consolidated Mills.
bales on July 31 1924.
The quantity of cotton on hand in'public storage and at compressors on Inc., and employ 7,000, said today the concern was against cutting wages
July 31. last, was 514,196 bales, against 759,945 bales on June 30, and and that another way would be found to increase efficiency and reduce
overhead and other expenses.
673,925 bales on July 31 1924.
Noe e of the local mills, including Botany, Garfield Worsted, Porstman
Thnnumber of active spindles during July was 31,760,596, compared with
& Huffman Company, Gera Mills and Samuel Bird & Sons, Inc., has offered
32,309,896 during June, and 28.798.754 during July, 1924.
The exports of domestic cotton in July, including linters, amounted to its spring lines as yet, and It probably will be several weeks before they will
202.468 running bales, contrasted with 217,786 running bales in Jane, and do so. Whether or not there will be any reduction in prices is still an open
question. From what could be learned today, those mills are against
211,533 running bales in July. 1924.
The imports of foreign cotton in July were 9.927 500-lb. bales, against following New England on the wage question.
Conviction prevails that satisfied employee will aid greatly in the move19,957 500-lb. bales in June, and 6,597 500-10. bales in July 1924.
Linters consumed during July amounted to 62,513 bales, compared with ment for stricter economy in production. It was pointed out by one man
prominent
in the industry that the significance of prices quoted by the
in
bales
July
of
June,
and
41,732
in
last
60,577 bales
year. There were
128,478 bales on hand in consuming establishments on July 31, as against American Woolen Company would not be known until a comprehensive
146,673 bales on June 30 and 100.632 bales on July 31 1924. The number study had been made of the numbers so affected.
"Much depends on how the trade will respond," said another man interof bales in public storage and at compressors on July 31 1925 was 28,628. conviewed. "It will probably be several days before this is known."
trasted with 35,173 on June 30 and 54.026 on July 31 of last year.
Coatesville, Pa., Steel Plant Cuts Wages of 2,000
Strike of British Wool Textile Workers.
Workers.
The continued strike in the British wool textile industry
of
Aug.
5
date
Under
the New York "Journal of Comlikely,
24)
is
July
according
on
to Associated
(which began
reported the following from Philadelphia:
Press cablegrams from London Aug. 11, to involve the merce"
The Lukens Steel Co. has reduced all wages 10% in its Coatesville plan
British Government in another industrial dispute similar according to a report published here. About 2,000 workmen
are affected
which,
through Government aid, A few weeks ago the company laid off about 400 men.
to that of the coal strike
782
THE CHRONTGLE
Colorado Fuel 8c Iron Files Notice of Further Wage
Reduction.
The following is from the Aug. 11 edition of the Rocky
Mountain "News" of Denver:
Notice of a wage agreement between the Colorado Fuel & Iron Co. and
Its employees was filed yesterday with the State Industrial Commission.
The employees affected by the new wage scale are employed in ten of the
company's mines in Las Animas and Huerfano counties and the coke
ovens at Segundo.
Between 3,000 and 4.000 men will receive approximately 11% less in
wages than the present wage scale gives them, which scale was adopted
several months ago on a 20% reduction. Even at that, the officials of
the company say, the men will still get wages that are slightly higher than
those offered by other operators in the same counties.
Beginning Aug. 1 the new wage scale at the mines will be effective, the
scale at the coke ovens being effective Aug. 5.
Under the new scale the miners will receive 84 cents a ton for handmined coal and 753. cents for coal that is machine mined. The employees
of the different camps in the two counties held meetings to vote on the
proposed reduction and in each instance voted to accept the 11% reduction.
Progress of Great Britain's Rubber Industry.
The progress of Great Britain's rubber growing industry
during 1924 was, on the whole, satisfactory so far as producers are concerned, according to figures forwarded to the
Bankers Trust Co. of New York by its British Information
Service. Messrs. S. Figgis have just compiled the following
table of shipments of plantation rubber during the year,
together with figures for the preceding five years, as follows:
1919.
Exported front—
•
Tons.
Ceylon (and India)
43,000
Malaya, &e.(incl. re-exports)._219,000
Java
35,500
Sumatra (East Coast)
26,500
India, Burma, &c
1920.
Tons.
37,200
187,000
31,000
22,400
1921.
Tons.
40,100
159,900
29,600
29,900
1922.
Tons.
47,000
248,000
32,000
39,000
1923.
Tons.
37,000
252,000
33,500
47,000
1924.
Tons.
37.000
259,000
*38,500
*41,000
11,000
Total
324,000 278,500 259,500 386,000 309.500 386.500
* December shipments estimated.
The trust company, in presenting tilo above, Aug. 1, Says:
The fluctuations shown above are, of course, due to the variations in the
amounts allowed to be exported under the Stevenson restriction scheme.
Apparently the restriction scheme has the hearty support of the great
majority of growers, but protests against prolonging it have come from
manufacturers both in England and America. The substantial improvement which more recently occurred in the plantation industry came too late
to have any appreciable influence on the result of the producing companies
for 1924. Mr. H. Eric Miller, Chairman of the Rubber Growers' Association, recently summed up the industry when he observed that "I hold the
opinion that before very long it will be necessary to add to the acreage
planted with rubber." This view is said to be in harmony with the present
optimism in England regarding the industry to date.
[VOL 121.
vegetables, and should then give attention to the main money crop. Surplus
time remaining after these primary needs have been taken care of should be
devoted to supplementary money crops and among such crops hog raising
will often hold the first place.
Most farmers,it is remarked, will not need to be cautioned against letting
hog production interfere too much with their main money crop. There is
much more likelihood of their going wrong in the opposite direction. In
Sumter County, Georgia, last year the value of the cotton grown amounted
to nearly two-thirds of the total value of the farm production of the county.
This does not suggest that there is any immediate danger of hog production
causing farmers to neglect their principal cash crop. Nevertheless, it is
well to bear in mind,says the department,that the best resultsfrom farming
call for a nice adjustment between the various farm enterprises and that
there may be cases in which too much attention might easily be given to
hog production.
Hog raising in the South meets some obstacles that are less troublesome
In other sections. Market outlets for surplus hogs are often quite difficult
to find, especially for the raiser of a few head where no shipping outlet exists.
Marketing conditions, however, have been improved in recent years, particularly by the growth of the auction method. Hogs raised in the South
require exceptionally good sanitation. Infestation of pigs with worms is
perhaps worse in the South than in any other part of this country, and
effective swine sanitation is the only means of keeping pigs free of these
parasites. Then, too, the hog feeds most easily available in the South (lo
not generally produce as firm a quality of meat as does the corn of the
Middle West.
Commercially, however, these drawbacks are partly offset by the ease
with which feed is produced in the South, by the fact that the local demand
for pork is greater than the local supply, and.by the opportunity southern
agriculture offers for fitting hog production into farm enterprises without
neglecting other work. Soybeans, alfalfa and peanuts can all be harvested
by the animals themselves, and in practically all parts of the Southern
States the climate makes it possible to raise two litters a year safely without
going to much expense for equipment.
Some of the causes of the decline of hog raising in the South are obvious.
In the last few years hogs have been less profitable while cotton as the main
cash crop of the South has been profitable. Farmers have consequently
been strongly tempted to give less attention than usual to secondary crops.
Then, again, the liability of hogs in the South to parasite infestation discourages many farmers from raising them. Another obstacle is lack of
fencing to keep hogs out of field crops. Moreover, few southern farmers as
yet have permanent pastures fer hog raising. Poor forage crops in recent
years have also had something to do with the decline.
These drawbacks have had mere effect than they should. In view cf the
compensating advantages that the hog industry has in the South. Southern
farmers have not sufficiently realized that hog raising can be profitably
included among their farm enterprises, even though it may not yield as
hill' a return as some other crops. This is a familiar story in agriculture.
Worth-while enterprises are often neglected because they don't yield
maximum returns. This is justifiable only when conditions allow the
farmer to employ all his capital and available labor at his primary crcps.
Such conditions practically never exist. On meat farms the alternative to
working at secondary enterprises is often not working at all for a good
share of the year.
World's Crops Situation,
The
July
number
of the International Crop Report and
Decrease in Number of Hogs on Farms in South—
Agricultural Statistics of the International Institute of AgriIncreased Production Urged By United States
culture, furnishes the following information on the harvest
Department of Agriculture.
prospects for several of the more important products.
The United States Department of Agriculture commenting Wheat.—The figures of European production so far available at the Instion the decrease in recent years in the number of hogs raised tute comprise a group of countries which last year produced slightly less
40% of the total production of the continent, and the prospects of a
in the South, states that "while it is not recommended that than
plentiful aggregate out-turn are confirmed by these I ibures. Taking as a
the South should try hog raising as a major enterprise" it whole the estimates available from 12 countries. including Italy, Spain(
nevertheless urges "increased hog production in the cotton Rumania, Hungary, Poland and Bulgaria, there is an increase of 28% on
(a year of poor yields) and a near approach to the 1923 figure. Likestates gererally." We quote as follows what the Depart- 1924
wise in the countries whence data are so far unavailable, amorg which are
ment has to say under date of August 5:
such important wheat-growing countries as France, the Union of Socialist
Although the South is not unfavorably situated for hog production, there
has been a heavy decrease in the number of hogs on farms in that section in
recent years. Ten cotton States which in 1920 were estimated to have on
farms 13,570,000 hogs had only 9,077,000 in 1925. Five States,—Alabama,
Arkansas, Florida, Georgia and Louisiana—had 2,000.000 fewer hogs on
January 1 1925 than on January 1 1922. In other parts of the country,
especially in the Corn Belt. hog production expanded greatly after 1921,
reaching the highest point on record in 1923, and declining somewhat in
1924. The decline in the South has been much greater than is desirable in
the interests of the region.
In parts of the South the reduction has been due in a measure to poor
grain crops. This is true of Oklahoma. Many breeders of purebred hogs
in Oklahoma have gone out of business: On numerous farms where hog
raising was formerly an important side line, scarcely enough pork is now
raised for the farm table. Some farms visited by a Government investigator
recently had no hogs at all. Farmers explained their lack of interest in the
hog business by saying it had been a losing proposition for several years.
This is an unfortunate situation, because hog feed can be grown in abundance in the South, and the hog industry affords an opportunity for using
land, labor and time that might otherwise go to waste. While it is not
recommended that the South should try to make hog raising a major enterprise, because its advantages for the business are not equal to those of the
Middle West, the department nevertheless does urge increased hog production in the cotton States generally and declares that almost every farm should
raise enough bogs to utilize farm waste and supply pork for home consumption.
At present the South is far from self-sustaining in the matter of its pork
supply. In 1923 Georgia had to bring in nearly 40,000.000 pounds of meat.
Yet Georgia is one of the leading Southern States in hog production. Some
parts of the South that are well adapted to hog raising are almost wholly
dependent upon supplies shipped in from other sections.
Ten Southern States in 1922 had on farms 55-100 of a hog for each
member of the population. In 1923 the ratio dropped to 52-100 of a hog
per person, and in 1924 it dropped to 45-100. Some counties in the Southern
States have much more than the average number of hogs on farms. Thus
Sumter County, Georgia, had one hog on farms for each person in the county
In 1919. Nevertheless, even in Sumter County hog production from 1920
to 1925 dropped practically 50%.
These figures, according to economists in the department, are pretty
reliable evidence that the South is overlooking an opportunity to raise more
hogs profitably. While not laying down any hard and fast rules for every
farmer, the department suggests that on most farms the cropping system
should first make provision for the home needs of milk, eggs, meat, and
Soviet Republics, Germany, the Serb-Croat-Slovene State, Great Britain
and Czechoslovakia, the prospects remain favorable. though the weather
during Juno was unpropitious for the cereal crops in Germany and Poland.
Speaking generally, winter wheat has done hotter than spring wheat, which.
however,is not extensively cultivated in Europe.
In North America,the harvest forecasts of the United States are still poor
owing to inclement weather having caused damage to the wheat crop during
the winter and early spring. In Canada a good harvest is expected. The
total North American wheat production is estimated, on the basis of crop
condition as at July 1, at b% below last year and 18% below the year 1923.
In Asia, the production of India was relatively low, while plentiful yields
are reported from Japan and Korea.
In North Africa,the injury caused in some parts by drought has been compensated by good yields obtained elsewhere; and the production of Algeria.
Morocco and Tunis, in the aggregate, amounts to 34% more than last year
and slightly exceeds the excellent out-turn of 1923. In Egypt,too,for which
country no figures areas yet available, an over-average yield is expected.
The out-turns forecasted for the year 1925 are aggregated below and compared with those of previous years:
Europe(12 countries)
Canada and United States
Asia (4 countries)
North Africa(3 countries)
Production of Wheat.
(Centals.)
1925.
1924.
374,200.000
290,700,000
626,800,000
680,900,000
226,200,000
238.800 000
41,100,000
30,600,000
1923.
389,200,000
763,000,000
244,100,000
39,800,000
Aggregate (21 countries)
1 268,300.000
1.436,100,000
1,241.000,000
In considering these totals, it must be borne in mind that the available
data represent only 70% of the aggregate production of the Northern
Hemisphere, and that for the majority of the countries which have not yet
furnished figures the output may be forecasted as considerably larger than
In 1924 and differing little fr( m that of 1923. Thus it may safely be anticipated that the data, when complete, will show an increase in production on
last year considerably greater than that indicated by the present figures.
With regard to the Southern Hemisphere, It Is reported that cultivation
preparatory to sowings has been carried out under fairly satisfactory conditions in Argentina, where the area to be sown is forecasted as 4% greater
than last year. In Australia, sowing has proceeded in favorable circumstances and is practically completed.
Rye.—For this crop the figures to hand comprise only 25% of the total
production of the Northern Hemisphere, data still being unavailable from
the Union of Socialist Soviet Republics and from Germany, which, in company with Poland, are the chief rye-producing countries. The harvest
AUG. 15 1925.]
THE CHRONICLE
prospects in these countries are generally favorable. It may be forecasted
that the total production will show a large increase on 1924 and little differencoS from 1923, in spite of the fact that lower yields are expected in North
America.
The out-turns forecasted, in the aggregate, are as follows:
Production of Rye.
Europe(11 countries)
Canada and United States
1925.
211,200,000
37,600,000
(Cents's.)
1924.
142,700,000
43,200,000
1923.
204,900,000
48,300,000
Totals (13 countries)
248,800,000
185,000,000
253,200,000
Barley.-The figures received as to Europe cover a group of countries
which grow, altogether, 30% of the total European barley crop. In these
countries, and, Judging from crop condition, also in the countries whence
data are as yet unavailable, the yield is expected to show little change from
last year, but a decrease on 1923. In North America and North Africa, on
the other hand, an increase on previous years is forecasted. In the aggregate, the figures already to hand for the Northern Hemisphere show an increase of9% on last year but a decrease of 5% on 1923.
The out-turns forecasted In the aggregate, are as follows:
Production of Barley.
(Centel's.)
1924.
1925.
1923.
Europe(11 countries)
10i,400,000
103,600,000
148.000,000
Canada and United States
141,400,000
132,800,000
131,900,000
Asia (3 countries)
67,000,000
54.100,000
50,800,000
North Africa(3countries)
41,300,000
35,800,000
45,000,000
Aggregate (19 countries)
357,100,000
326,300,000
375,700,000
Oats.-The European prospects for this crop are much the same as those
for barley, both in the countries which have already furnished estimates of
production (which comprise 1-5 of the total out-turn of Europe) and in those
countries whence information is available solely as to crop condition. In
the United States the yield of oats is expected to be a poor one. The figures
available up to the present, which represent about half the total production
of the Northern Hemisphere, show in the aggregate a &munition of 7%
on
last year and of9% on the year 1923.
The out-turns forecasted, in the aggregate, are as follows:
Production of Oats.
Europe (10 countries)
Canada and United states
North Africa(3countries)
1925.
118,300,000
572,900,000
6.600,000
(Ceuta's.)
1924.
116,000,000
631,40000
3,800.000
1923.
153,800.000
609.600,000
7.200,000
Aggregate (15 countries)
697,800,000
751,200,000
770,600,000
Maize.-Maize prospects are excellent in the United States, where, on the
basis of crop condition as at the beginning of June,the yield is forecasted at
1,733,000,000 centals, or 27% above last year's low yield and 6% above the
average for the previous five years.
Potatoes.-Potatoes are for the most part behind hand on account of the
unfavorable weather conditions and state of the ground at sowing time:
though in June they made good growth, and at the beginning of July were
considered as being in average or above average condition in all the import
potato-growing countries.
Sugar-Beet.-The data available as to areas sown are now almost complete. They show in the aggregate a decrease of only 4% on last year, when
the crop was greatly extended, and an increase of more than 42% on the
average area for the previous quinquennium. The crop situation at the beginning of July was satisfactory in most of the beet-growing countries.
Transactions in Grain Futures During May on Chicago
Board of Trade and Other Contract MarketsCorrection.
A correction of the May figures of transactions in grain
futures on the Chicago Board of Trade has come to us from
J. W. T. Duvel, Acting in Charge, Grain Futures Administration at Chicago. The figures for that month were published by us on June 13, pages 3006-3007. On the last named
page the total transactions for May 7 were shown as 80,647,000 bushels-the figures originally reported in the Grain
Administration's compilations-whereas the amount should
be 80,467,000 bushels. Another change noted in the revised
figures is that with reference to the barley transactions at
the San Francisco Chamber of Commerce; these were originally shown to be 1,300,000 bushels, but according to the
revised figures should be. 54,000 bushels; in the case of barley transactions on the Los Angeles Grain Exchange the
figures are now shown as 17,000 bushels, instead of 400,000
bushels, as indicated in the original report for the month.
With these changes, the total barley transactions at all the
markets during May are shown to have been 1,628,000 bushels instead of 3,257,000 bushels, while the total transactions
in all grains at all the markets for May are found to have been
2,223,821,000 bushels instead of 2,225,450 bushels.
783
EXPRESSED IN THOUSAND BUSHELS, I. e., (0w) oiarrrED.
Date (1925)Wheat. Corn,
Oats.
Rye, Bar/e7. Flax,
Total
July 1
66,150 23,398 6,661 2.839
99,048
2
59,162 25,902 6,091 2_
.333
93,488
3
42,735 15,211
3,129
1,351
_
62,426
Holiday
Sunday
6
35,244 14,996 3,362
1,421
55.023
7
42,554 19,680 3,051
1,401
67,586
S.
41,777 21,858 3,921
1,227
68,783
9
32,771 17,539 2,677
932
53,919
10
44,585 18,097 2,944
902
66,528
11
38,284 14,025 4,773 '668
67,750
Sunday
13
72.857 26,350 5,411
2,013
106,631
14
64,193 20,506
3,559 2,038
90.296
15
58,484 14,710 3.812
1,258
78.264
16
57.671 13,605 2,328 1,117
74.721
17
77.127 16,501 2.976 1,280
97.884
18
48,454 16,170 3,385
992
69,001
Sunday
20
42,670 16,830 3,213
746
63.459
21
60,708 16,825 3,239
1,076
81,848
22
68.863 15,628 3,578
1,693
89.762
23
45,470 14,504 2,773
973
63.720
24
62,828 15,672 2,525
1,199
82.224
25
27,837 10,076 2,013
651
41.477
Sunday
27
34,843 11,660 3,961
659
51.123
28
39,740 12,893 3,896
1,411
57,940
29
34,846 11,566 3,339
845
50,596
30
37.471 14,618 6,271
852
59,212
31
36,462 10,300 5,545
826
53,133
Total Chicago Board
of Trade
1,273,786 430,020 99,333 32,703
Chicago Open Board_ 47,607 10.866
771
Minneapolis C. of C
69.840
11,532 1-,350
. 1,565
Kansas City B.of T._ 53,246 19,322
185
Duluth B. of T
.6,773
1,242 -tii
St. Louis Mer.Exch.6,976
1,240
Milwaukee C. of C
1,695 1,334
878
191
San Fran. C. of C
25
Los Angeles Grain Ex_
38
Baltimore C. of C__
-__ 1,835,842
59,244
847
85,114
72.753
foitii
9,627
8,216
4,096
25
Total all market8-1,459,923 462,782 112,697 35,466 1,649
2,438 2.074,955
Total all markets year
1,332,727 565,183 163,604 108,006 1,355 1.699 2,172,574
ago
,Chicago Bd. of Trade
year ago
1 184,022 531,131 156,117 90.826
•Durum wheat with exception of 1.347 wheat.
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD 09TRADE
JULY 1925.
("Short" side of contracts only, there being an equal volume open on
'long" side.)
(In bushels.)
Wheat.
Corn.
Oats.
Total.
Rye.
July 1
91,501,000 45,077.000 35,701,000 8,627,000
180,906,000
2
88,876,000 43,840,000 34,841,000 8,579.000 176,136,000
3
88,875,000 43,084,000 34,356,000 8,409,000 174.724,000
Holiday
Sunday
87,252,000 43,198,000 34,440,000 8,184,000 173,074.000
6
86,364,000 43,586.000 34,790.000 8,393,000 173.133.000
7
84,395,000 43,789,000 34.073.000 8,376.000 170.633.000
8
85,391,000 44,132,000 34.045,000 8.375.006 171,943.000
9
10
86.256,000 45,356,000 33,453,000 8,734,000 173.799.000
11
87,658,000 45,653,000 33,367,000 8,375.000 115.053,000
Sunday
89,326,000 45,343.000 33,475,000 8,449,000 176,593,000
13
14
90,659,000 45,167,000 33,655,000 8.954.000 178.435,000
15
89,551,000 46,340,000 33,390,000 9.078.000 178.859,000
16
89,999,000 46,135,000 33,482,000 8.982,000 178,598.000
17
90,630,000 46,285.000 33,221,000 9,029.000 179,165,000
18
88.821,000 46,382,000 32,756,000 8,939,000 176,898,000
Sunday
20
90.095,000 47,560,000 32,346,000 8,916,000 178,917,000
91,762,000 47,146,000 32.001,000 8.994,000 179,903,000
21
94.400,000 47.282,000 32,256,000 9,061.000 182,999,000
22
94,945,000 48,542.000 32,039,000 9,216,000. 184,742.000
23
24
95.706.000 48,771,000 32,038.000 9,281.000 185,796.000
25
95,174,000 48,651,000 31,972.000 9,396,000 185,193,000
Sunday
94,034,000 49,432,000 32,119,000 9,401,000 184.986,000
27
96,067,000 50,119,000 32,462,000 9,386,000 188,034.000
28
95,942,000 50,323,000 33,219,000 9.310.000 188,794,000
29
94,664.000 49.545,000 33,416,000 9,369,000 186,994.000
30
92,018,000 49,647,000 34,808.000 9,480.000 185,923,000
31
Aver. July 1925- 90,783.000 46,553,000 33,374,000 8,895.000 179.605.000
Aver. June 1925_103,475,000 55,271,000 41,976,000 8,515,000
Aver. May 1925_ 87,483.000 54,477,000 42,860,000 10,230,000 209.237.000
195.050.000
Aver. April 1925_ 90,729,000 65,755,000 66,556,000 17,838,000 240,878,000
Aver. Mar,1925-111,991,000 83.546,000 96,067,000 19,805,000 311,409.000
Aver, Feb. 1925_114,181,000 81,782,000 110,530,000 22.886,006
329.379.000
Aver, Jan. 1925-117,119,000 73,860.000 103,716,000 22,363,000 317,058.000
Aver, Dec. 1924...124,209,000 74,800,000 91,413,000 23,889,000 314,311,000
DELIVERIES ON JULY CONTRACTS.
The total quantity of grain delivered (including re-deliveries) on July contracts
was 19,449,000 bushels, made up as follows:
Wheat
4,887.000 busheislOats
5,283,000 bushels
Corn
7,162,000 bushels I Rye
2,117,000 busha,s
Increased Production of Bituminous Coal and Anthracite-Coke Output Declines.
The weekly report on the production of bituminous coa ,
anthracite and beehive coke, issued by the Bureau of Mines,
Department of Commerce, Aug. 8 1925, shows that the output of the two first mentioned increased by 1.5% and 1.9%,
respectively, whereas coke continued to decline. The report in brief is appended:
Transactions in Grain Futures During July on Chicago
Production of soft coal during the week ended Aug. 1. as indicated by
169,000 cars loaded for shipment, amounted to 9,482,000 net tons. ConBoard of Trade and Other Contract Markets.
tinuing the upward trend in output, this represents an Increase of about
Revised figures showing the daily volume of trading in 1.5% as compared with the revised estimate for
the preceding week. Comgrain futures on the Board of Trade of the City of Chicago pared with the corresponding week in 1924 the increase is 23%•
during the month of July 1925, together with monthly totals
Estimated United States Production of Bituminous Coal (Net Tons (a)
Including Coal Coked.
for all "contract markets," as reported by the Grain Futures
1925
1924
Administration of the U. S. Department of Agriculture,
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date (b)
were made public on Aug. 8 by L. A. Fitz, Grain Exchange July 18 e
8.965,000 256.736,000
7,644.000 251.071.000
1.494,000
Daily
average
1.526,000
Supervisor at Chicago. They show total transactions dur1,274.000
1.495.000
9.343.000 266.080.000
July 25 d
7,785.000 258.856.000
1.557.000
Daily average
ing the month at all the markets of 2,074,955,000 bushels,
1.527.000
1,298,000
1.488.000
Aug 1 d
9.482.000 275,562,000
7,723,000 266.579.000
as compared with 2,172,574,000 bushels a year ago. The
Dally average
1,580.000
1,529,000
1.287,000
1,482.000
July 1925 transactions on the Chicago Board of Trade aggrea Original estimates corrected for usual error, which in past has averaged
gated 1,835,842,000 bushels. In the summary given here- 2%. b Minus 2 days' production first week in January to equalize number
withlthe figures listed represent sales only, there being an of days in the two years. c Revised since last report. d Subject to revision
The total output during the calendar year 1925 to Aug. 1 is 275.562.000
equal volume of purchases:
net tons. Corresponding figures for other recent years are given
below:
784
Years of Activity.
339,019.000 net tons 1919
309,005,000 net tons 1921
329,385.006 net tons 1924
[vol.
THE CHRONICLE
Years of Depress on.
263.788,000 net tons
231,625,000 net tons
266,579,000 net tons
producing at about 90% capacity and New River and Gulf mines have followed. Pocahontas output is still on the increase. Non-union tonnage
comerises 87% of the shipments from northern West Virginia and prices are
a little softer. Non-union operators state that they are able to take care of
ANTHRACITE.
all orders in spite of the union's claim to the contrary. The Upper Potomac
The production of anthracite during the week of Aug. 1 Is estimated at to the
chance of a British strike but, outside of that, nothing of conse2,087.000 net tons, an increase of 38.000 tons, or 1.9%, when compared quence
has transpired. Buying is still irregular and prices are unchanged.
with the preceding week. The daily rate of output was 341.000 tons.
More tonnage is being produced by Virginia mines than was true a year ago,
Compared with the corresponding week of 1924 the current weekly output
such tonnage being principally applied on contracts, though spot orders have
shows a gain of 21.3%. Accumulative tonnage from Jan. 1 to date amounts Increased
slightly, principally for steam coal. Domestic sizes are sluggish
to 53,924,000 tons,about 0.4% more than during the same period of 1924.
and prices are consequently unchanged.
Estimated United States Production of Anthracite (Net Tons).
According to the Coal Age, of Aug. 13. Demand and
1925-1924
Cal. Year
Cal. Year
inquiry for soft coal continue to improve and a gradual
Week.
to Date.
Week.
to Date (a) betterment in
Week ended—
prices also is in evidence; as production is
July 18
1 985,000
49,788,000
1,840.000
50,152.000
51.989,000 keeping pace pretty closely with the increased movement of
July 25
2.049.000
51,837,000
1.837,000
Aug 1
2.087.000
1,720.000
53,709,000 tonnage to consumers, price advances on the whole have
53.924.000
1918
1920
1923
a Less two days in Jan. to equalize number of days in the two years.
not been especially marked. There is every reason to believe,
however, that the upturn will continue to gain headway,
BEEHIVE COKE.
Production of beehive coke continued to decline during the week ended particularly, if there is a suspension of operation at the
Aug. 1. The output, estimated at 117.000 net tons, shows a decrease o: anthracite mines, as seems almost certain, declares the
8.000 tons, or 6.4%. as compared with the preceding week. The current "Coal Age",
adding:
rate, however. Is about 23% ahead of that during the corresponding week of
There was a let down in buying of Illinois and Indiana coals in Midwest
1924, when production amounted to 95,000 tons.
The "Courier" states that output In the Connellsyllie district showed a markets last week, most consumers having got under cover the week before
in anticipation of a price advance Aug. 1. The experiment in mail-order
slight decrease, yet with an increase of 20 ovens on the active list.
coal selling, incidentally, is said to be falling behind the expectations of its
Estimated Production of Beehive Coke (Net Tons).
sponsors, though an improvement is looked for this month. Steam coals
1924
Week Ended-1925
continue to be weak and erratic. Demand is improving in Kentucky and
to
to
Aug. 1 July 25 Aug. 2
the general outlook is better. Prices are gradually advancing in eastern
a
Date.
Date.
1924.
1925.
c
1925. I)
Kentucky, being unchanged in the western fields. • The situation at the head
Pennsylvania and Ohio_ _ _ _ 86.000 89.000 61.000 4,422.000 5.052,000 of the lakes is coming around satisfactorily,
better bookings and Inquiry
365,000 343.000 being noted. Mines in Kansas and the
5,000
West Virginia
10.000 11.000
Southwest are reopening in anticiAla., Ky., Tenn. & Georgia 9.000 12.000 14,000
579,000 585,000 pation of better business, which has not appeared as yet. A
slight improve220,000 240.000 ment in demand in Colorado has caused a small
7,000
Virginia
5.000
4.000
increase in operation, but
143.000 159.000 the Utah market continues to drag.
Colorado & Nerw Mearico
4,000 6.000
5.000
3.000
124,000 123.000
Washington and Utah
3.000
3,000
Shippers at Cincinnati are sitting tight, letting the buyers come to them
United States total
117.000 125.000 96,000 5,848,000 6,502.000 and prices have stiffened right down the line. Coal movement through the
Cincinnati
gateway from West Virginia and southeastern Kentucky broke
32.000
36,000
20.000 21.000 16,000
Daily average
all records during the week ended Aug. 1. Domestic demand is slightly
a Adjusted to make comparable the number of days in the two years. stronger in southern Ohio. Week to week changes are slight at Pittsburgh
but a slight gain has been made in the last month. A weakening tendency
b Revised. c Subject to revision.
Total production during 1925 to Aug. 1 is 5.848.000 tons, about 10% has appeared in New England, the market having been somewhat overless than that during the same period of 1924. Figures for similar periods played. Gradualimprovement isin evidence at New York and Philadelphia,
but Baltimore and Birmingham are practically as dull as ever, except for
in earlier years follow:
3.934,000 net tons some increase in export activity at the former port.
6.502.000 net tons 11922
1924
Business is lively in hard coal as the likelihood of a suspension of operation
3.690,000
net
tons
12,637,000 net tonsI1921
1923
Increases. The companies are nearly sold out on all sizes. Stove is in
strong, demand, closely followed by egg. Chestnut is moving well too and
Anthracite Buying Gains Strength as Strike Looms— pea is coming from storage piles to meet the call. Steam sizes have picked
up strongly and the independents are getting full prices for their product.
Bituminous Market Unchanged.
"The "Coal Age" index of spot prices of bituminous coal advanced three
The discouraging news from Atlantio City has caused points during the last week, standing on Aug. 10 at 166, the corresponding
price being $2.01. Hampton Roads dumpings in the week ended Aug. 6
dealers to again come into the market for anthracite and totaled
461,260 net tons compared with 445.793 tons in the preceding week.
Independent prices have advanced sharply. At New York,
the bituminous situation is unchanged and the market is still
dull, with prices unchanged, observed the "Coal .Trade
Journal" on Aug. 12 in its weekly market review. The tidewater bituminous business in New England lost ground last
week as a result of the settlement of the British situation but
prices did notdecline to any great extent,adds the"Journal's"
report,from which we quote further as follows:
This lack of marked decline was helped by the small arrivals at Boston.
There was some distress tonnage on the Providence market which was
reflected in the local quotations. The general industrial situation In New
England has improved and, with Industrial stocks so low, the demand for
coal should increase shortly. No change In the all-rail bituminous situation
was reported.
New York anthracite wholesalers and operators are practically sold up in
most of the popular sizes and are mainly looking after regular customers
with the small stocks available. Independent prices are up as high as
$10 75 for stove in some instances though prices to regular customers run a
little lower. All domestic sizes are strong and pea coal Is practically out of
the markets. This last is also true ofbarley. and demandfor buckwheatand
rice is also strong. At Philadelphia householders have started in earnest to
stock anthracite and both retailers and wholesalers are benefiting. Tbere is
a better feeling, too. In the bituminous market, where more coal is being
moved but without change in price, and an optimistic feeling prevails.
There has been an increased activity in the Baltimore export trade, mainly
for destinations usually supplied by Great Britain. The home market,
however, continued dull, with prices unchanged. Householders have not
as yet seriously started to stock their bins with anthracite and dealers fear
that an anthracite shortage and the consequent rise in price will pave the
way for more oil burning installations.
Tidewater business at Hamptou Roads. which has been on the increase
during the past two weeks, reached a total of 458,810 net tons dumped over
the three piers during the week ended Aug. 1. This is the highest record
attained during the year, excepting that of the week ended Feb. 21, when
New England cargo swelled the total to more than 473.000 tons. When
compared with the preceding week, loadings during the week ended Aug.
I were about 11% heavier, the increase being due to foreign and New
England demand. Other shipments decreased slightly. Prices were virtually unchanged.
The Pittsburgh market is slightly more active though transactions are
primipally on a spot basis and more coal is moving from the district to the
lake,. Industrial activity has grown and has resulted in a little more contracing. Quotations, however, have remained stationary. Steam slack is
a litle easier but gas slack is in a firmer position. There is practically no
disti ass coal in the field. Retail yards have increased their purchases lately.
Spot furnace Connellsyllle coal is firmer, while foundry grades are unchat ged in demand or price. Conditions in central Pennsylvania seem a bit
bett r, due to natural seasonal demand rather than the fear of an anthracite
strike and prices are, if anything, a shade better.
it'lee of West Virginia coal have increased and this has been reflected in
grew er production and higher prices in both high and low volatile fields.
Smo.celess prices have increased in the prepared grades and mine-run is in
a sta onger position. Prices are better in the high volatile fields, particularly for prepared and sales are in proportion. Mine-run is also firmer.
Kanawha and Logan districts have increased their production and are now
Leaf Tobacco Held by Manufacturers and Dealers
July 1 1925 and 1924, and April 1 and Jan. 1 1925.
The following statistics represent the quantity of leaf
tobacco reported as held (1) by manufacturers who, according to the returns of the Commissioner of Internal Revenue
manufactured during the preceding oalendar year more than
50,000 lbs. of tobacco,250,000 cigars, or 1,000,000 ci arettes;
a im(2) by all registered dealers in leaf tobacco; an
ported leaf tobacco in United States bonded warehouses and
bonded manufacturing warehouses.
Pounds of Leaf Tobacco on Hand.
Types.
July 1 1925
.
Aggregate
July 11924. Apr. 1 1925. Jan. 1 1925.
1,847,224,526 1.&13.736,856 2,035,677,883 1,713.689,895
Chewing, smoking, snuff,
& export types, total_ 1,337,783,775 1,327,851,727 1,522,217,387 1,266,082.988
Burley
Dark Dist. of Ky. and
Tenn., total
Dark fired of Clarksville, HoPkinsville,
and Paducah Dists.
Henderson
Green River
One Sucker
Virginia Sun Cured,,._
Virginia Dark
Bright Yellow Dist. of
Va., N.C.,S.C.& Ga.
Maryland
Eastern Ohio Export_ _ _
All other domestic, incl.
Perique-Louislana
Cigar types, total
New England, Including
Connecticut, total_
Broad leaf
Havana seed
Shade grown
New York
Pennsylvania
Ohio
Wisconsin
Georgia and Florida._
Porto Rico
All other domestic
Imported types
498,045,413
482.200,603
562,769,273 405,642,837
310,832,578
313,595,970
341,133,110
223,205,768
192,686,545
8,472.362
57,138,812
52.534,859
5,502,849
49,467,774
190,312,237
5,961,268
62,120.823
55,201,642
7,604,640
37,828,183
197.605,015
13,594.922
70,725,796
59,207,377
6,768,663
55,932,782
118,556,807
5,138,177
56,168,789
43,341,995
5,738,721
38,452,879
402,311,220
8,757,904
2,482,428
476,625,877
7,740,730
2,079,850
543,605,244
9,072,000
2,666,977
579.462,315
11,457,364
1,808,906
383,609
423,975,046
175,874
442,696,052
269,338
422,966,173
314,298
371,043,245
112,452,694
49,382,112
53,577,550
9,493,032
4,392,657
122,486,689
61,024,181
110,344,095
4,758,681
8,350,401
165,648
85.465.705
106,956,240
45,587,503
50,194,350
11,174,387
3,523,517
120,440.728
80,193,420
118,352,798
6,148,629
8.773,050
307,670
73,189.077
113,154,815
43,978,327
58,543,960
10,632.528
4,159,063
118,581.6.59
63,296,347
107,437,808
5,930,717
10,130,488
272.27f
90,404,303
89,419,312
36,294,372
40,944,409
12,180,531
2,858,927
97,443,680
65,611,504
97,749,297
7,205,753
10.455,185
299,587
76,543,662
• Leaf tobacco on hand July 1 1925 includes 1,508,145,794 lbs., for which the
"marked weight" was reported (I. e., weight at time it was Packed or baled), and
339,078,732 lbs. for which the "actual weight" was reported. The corresponding
amounts included for 1924 were 1,444,242,805 and 399,494,051 lbs., respectively.
for April 1 1925, 1,677,592,871 and 358,084,922 lbs., respectively, and for Jan. 1
1925 1,373,368,826 and 340,301,009 lbs. respectively. Allowance should be made
for shrinkage on the amounts for which "marked weight" was reported, in order
I to ascertain the actual weight. The total for July 1 1925 includes 1,711,907,035
lbs. of unstemmed and 135,317,490 lbs. 01 stemmed leaf tobacco.
ArG. 15 1925.]
THE CHRONTGIIE
, Domestic Exports of Canned and Dried Foods.
The figures for the June exports of canned and dried
foods show some interesting changes during the month,
according to a report made public on Aug. 6 by the Department of Commerce at Washington. Small increases are
shown for dried peaches and apples, and more canned pears
were shipped. The last product has moved well during the
year, and shows the greatest inereaseof any of the canned
fruits. Canned pineapples are going forward in larger
amounts, as is customary at this season. Smaller quantities
of condensed mlk were shipped, but the amount of evaporated milk exported was over twice as much as the May shipments.
Month of June.
1924.
1925.
12 Months Ended June.
1924.
1925.
Total canned meats
lbs.
871,90( 1,451,48s 17,011,20 16,497,570
Value
$252,510 $490,643 $4,924,552 54,848.937
Total dairy products
lbs_ 12,497.407 19,426,843 125,882,181 196,985,787
lo Value
$1,636,074 12,411,481 $28,174,479 25,833,257
Total canned vegetables
lbs. 4,969,154 4,351,027 50,854,497 47,891.463
5.4 Value
$677.884 $558,791 $5,592,453 $5,407,233
Total dried 42 evaporated frults_lbs. 12,574,25 9,013,297 320,607,807 310.980.938
151 Value
$915,907 $723.862 126,568,973 $24,367,027
Total canned fruits
lbs.. 4,153,253 3,962,812 165,912,488 201,232,701
Value
$411,325 $435,314 $16,265,624 421,043,034
Beef, canned
lbs_
Value
Sausage, canned
lbs_
Value
Milk, condensed, sweetened..,.lbs.
Value
Milk,evaporated, unsweetened_lbs.
Value
Salmon, canned
lbs.
Value
Sardines, canned
lbs.
Value
Raisins
lbs.
Value
Applies, dried
lbs.
Value
Apricots, dried
lbs.
Value
Peaches, dried
lbs.
Value
Prunes, dried
lbs.
Value
Apricots, canned
lbs.
.Value
Peaches, canned
lbs.
Value
Pears, canned
lbs.
Value
Pineapples, canned
lbs.
Value
74,124
321,392 1,544,707 1,834.823
$23,946 $125,966
$367,444
$537.843
331,291
279,226 3,213,537 3,818,499
$86,929
$72,664
$901,120 $1,005.460
4,689,967 3.560,453 87.111.718 49,297.128
$651,658 $576,239 $9,812,131 $7,333.606
5,770.871 14,652.915 146,500,934 124,250,062
651,813 1,450,514 14,108.130 11,550,507
2,802,258 2,125.560 59,070,552 30.668,186
$462,833 $342,055 $8,472,024 $9,095,971
2,173,653 1.955,208 44,757,967 55,767.752
$184.661 $170,546 $3,800,830 $4,586,686
7,336,928 4.209.002 88,151,644 90,782,980
$548,253 $304.800 $7,892.851 $6,788.442
198,544
358,016 30.322,839 19,224,682
$22,622
$45,380 $3,332.233 $2,314,759
822,269
242.607 38,778,678 13.292,175
$104,869
$43,539 $4,427,500 $2.013,436
110,337
365,770 12,974,647 4,668.434
$37,003
$10,676
$996,405
1450,855
3,974,112 3,382,181 136,448,485 171,771,206
$214,773 $252,657 $8,572,070 $11,457,821
1,022,087
145,246 26,576,247 31,359,630
$16,117 $2,069,546 52,838,899
$72,136
1,202,941
966,746 50,374,387 57,390,043
$114,178 $100,750 $4,435,824 $5,778,501
197,291
233,376 38,430,618 53.850,788
$24,516
$30,745 $4,143,996 $6,446,667
664.101 1,928,421 25,237,967 26,252,057
$80,264 $209,121 $3,057.690 $2,950,582
785
IMPORTS AND EXPORTS OF MERCHANDISE. BY MONTHS.
1925.
Imports.
$
$
January... 346,165,289 295,506,212
February.. 333.457,361 332,323,121
March .__ _ 385,378,61. 320,482,11,
April
346,081,16: 324,290,961
May
327,518,721 302.987,791
June
325,167,29
274,000,681
July
326,000,006 278,593.54(
August._
254,542,14:
September_
287,144.334
October...310,751,6(1
1,ovember.
296,147,999
December.
333,192,051
TOTAL VALUES OF IMPORTS AND EXPORTS OF THE UNITED STATES.
(Preliminary figures for 1925, corrected to August 12 1925.)
MERCHANDISE.
July.
1925.
Imports
Exports
7 Months Ending July.
1924.
1925.
1924.
Increase(±)
Decrease(-)
$
$
I
$
326.000,0011278,593,541 1,389,768,451 1,128,184,437 +261,584,014
338.000,0001 176,649.055 1,701,478,001 1,366,371,651 +335,106,350
Excess of Impts
Excess of exptc, 12,000.00(1
1,944,491
311,709,551
238,187,216
$
329.253,664
303,406,933
397,928,381
364.252.544
372.544.57)
320,233,791
287,433,761
275.437,991
253,645.381
308,290,801
291,333,343
288.304,761
•
1922.
1913.
$
163,063,438
149,913,918
146,194,461
155,445,498
133,723,713
131,245,877
139.061.770
137,651.553
171,084,843
132,949,302
148,236,538
184,025.571
$
217,185,396
215,743,281
256.177,796
217,023,141
252,817,254
260,460,891
251,771,881
281,376,403
298,493,461
276,103,971
291,804,823
293,788.571
7 mos. end
July ..... 1,389,768,451 1,128584,437 1,375,053.669 1,671,179,649 1,018,648.675
12 mos.end
Dec
3,609,962,579 1,792,085,963 3,112,748,833 1,792,596,480
ExportsJanuary...
February._
March _ ... _
April
May
•June
July
August__
September_
Dctober
November.
December.
446,443,088 " 395,172,187
370,676,434 365,781,772
453,652,841 339,755,230
398,245,115 346,935,702
371,128,579 335,088,701
323,331,945 306,989,006
338,000,000 276,649,055
830,659,556
427.459.531
527,171,781
493,572,921
445,748,393
335,416.506
306,957,419
341,376,664
325,492,179
316,359,470
319,956,953
302.186,027
310,965,891
381,433.570
399,199.014
401,483,871
426,665,511
278,848,461
250,619,841
329,979,81.
318,469,57)
307,568,829
335,116,750
301,157,339
301,774,51;
313,196.557
370.718,592
379,999,621
344,327,560
227,032,930
193,996,942
187.426,711
199,813.438
194,607,422
163,404,916
160,990.778
187,909.020
218,240,001
271,861,464
245,539,042
233,195,828
T mos. end
July ___ 1,701,478,001 1,366,371,651 1,247,745,214 L121,760,611 1,327,273,137
12 mos.encli
rt.,.
4 men ORA RAA 41A7 dog nstn 1011 ',lean )A4(1_4112000
GOLD AND SILVER.
July.
1925.
Gold.
Imports
Exports
7 Mos. End. July.
1924.
1925.
1924.
Increase(+)
'Decrease(-)
$
$
$
$
$
10,204,112 18,834,423 50,870,616 145,076,709 -194.208,092
4,337.841
327,178 195,274,301 4,182.252 +191,092.049
Excess of impts_
Excess of expts.
Silver.
Imports
Exports
Excess of impte_
Excess of expts_
5,866,270 18,507,245
'40,894.457
144,403,685
5,238.437
8,346,204
7,127,613 37,420,254 41,646.430
9,190,362 58.861,23) 60,767.701
3.107.767
2.062.749 21
440024
-4,226.176
-1,906,464
10 121 272
IMPORTS AND EXPORTS OF GOLD AND SILVER,BY MONTHS.
Gold.
1925.
The Country's Foreign Trade in July--Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Aug. 13 issued the statement of the foreign
trade of the United States for July and the seven months
ending with July. The value of merchandise exported in
July 1925 was $338,000,000, as compared with $276,649,055
in July 1924. The imports of merchandise are provisionally
computed at $326,000,000 in July 1925, as aganst $278,593,546 in July the previous year, leaving a July trade balance in favor of the United States on the merchandise movement for the month of July 1925 of $12,000,000. Last year
in July there was a trade balance against the United States
on the merchandise movement of $1,944,491. Imports for
the seven months of 1925 have been $2,389,768,451, as
against $2,128,184,437 for the corresponding seven months
of 1924. The merchandise exports for the seven months of
1925 have been $2,701,478,003, against $2,366,371,653, giving a favorable trade balance of $311,709,552 in 1925, against
$238,187,216 in 1924. Gold imports totaled $10,204,112 in
July 1925, against $18,834,423 in the corresponding month
the previous year, and for the seven months they are $50,
870,616, as against $245,076,709. Gold exports in July 1925
were $4,337,842, against only $327,178 in July 1924. For
the seven months of 1925 the exports of the metal foot up
$195,274,301, against but $4,182,252 in the seven months of
1924. Silver imports for the seven months of 1925 have been
$37,420,254, as against $41,646,430 in 1924, and silver exports $58,861,238, against $60,767,702. Some comments on
the figures will be found in an earlier part of this paper in
our article on "The Financial Situation." Following is the
complete official report:
•
1923.
1924.
1924.
Silver.
1923.
$
/nuts.
$
$
Jan. _ 5.037.800 45.135.760 32,820,163
3,602,527 35,111,269 8,382,736
Feb
7,337,322 34,322,375 15,951,357
March._
8,869,883 45,418.115 9,188,470
April
May ... _ 11,392.837 41,073,6.50 46,156,195
4,426.135 25,181,117 19,433,539
June
July __- 10,204,112 18,834,423 27,929,447
18,149.981 32,856.097
6.656,155 27,803,961
Sept
19,701,640 29,795.185
Oct....
19,862,384 39,757,436
Nov....
10,274,049 32,641,226
1925.
$
7,338,55'
4,928,91.
6,660,750
4,944,807
3,390,180
4.918,605
5.238,437
1924.
1923.
$
I
5.979.758 5,824,637
7,000.409 3.792,387
6.220,934 4.626,376
3,907.745 4,261,869
5,639,582 4,461,146
4,870,389 6,065.947
7.127,613 10.066,463
7.041,630 6,465,949
7.082,962 8,517.971
5,828,572 6.929,311
6,481.416 5,269,173
5,863,892 8,172.301
7 mos
end July 50,870.616 245,076,709 159,881,007 37,420,254 41,646.430 39,098.825
12 mos.
73,944,902 74,453.530
319,720.915 322.715.812
end.Dec
Hots.
Jan.
Feb
March..
Aprli...
May
June
July....
Aug.
Sept .
Oct.
Nov
Dec
73,525,943
50,599,708
25,104,416
21,603,945
13,389,967
6.712,480
4,337,841
8,208.644
280.723 8,472,198 11,384,79
505.135 1,399,089 6,832,647 8,876,713
817,374 10,392,100 7,916,717 8,355,278
1,390,537
655.235 9,322,618 7,801,689
593.290
824,444 6,535,761 9,686.517
548.484 8,522,492 8,648.499
268.015
327,17)
522,826 8,346.204 9,190,362
2,397,457 2,200,961
8,632,067
10.345,205
• 4,579,501
862.697
9.465,023
4.125.26/
1,307.060
746,794
6,689,182
• 9.401,406
11,279,630
39.674,653
711,529
6,021,002
2.191.059
4.731,705
4,336,338
3,499.358
3.581,081
6,233,163
7,032.221
8.123.460
7.522.841
8.775,474
9,521.08.3
7 mos.
end.Jul3 195,274,301 4,182,252 22,814,376 58.861.23E 60.767.702 31,493,705
12 mos.
109,891,033 72.468,781
61.648.313 28.643.417
end. De
Tonnage Carried Through Suez Canal in 1924.
I he Suez Canal, in which the British Government has a
heavy investment in shares, has just reported the figures for
1924, which show that 25,109,882 tons passed through the
canal in that year, a tonnage three times as largo as for 1895,
25% above that for 1913 and over 10% above the tonnage for
1923. According to advices received by Bankers Trust Company of New York from its British information service, this
record is looked upon as distinctly encouraging, especially
as canal traffic is conducted with many regions of diverse
character. The trust company's advices, issued under date
of July 23, state:
The largest trade was that with British India. Next came trade with
China and Japan, and then with the Strait Settlements and Australia and
New Zealand. The predominance of British regions, especially India, i.
striking. It is also noted that three-fifths of the trade through the canal
last year was carried by British vessels, which carried 15 million tons, a,
compared with under 234 millibn tons on Dutch ships, and a little over
millions in French and Italian. Japan and the
millions in German and 1
United States were responsible for under a million tons each.
786
THE CHRONICLE
[Vol, 121.
Current Events and Discussions
The Week with the Federal Reserve Bsnks.
The consolidated statement of condition of the Federal
Reserve banks on Aug. 12, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Federal Reserve banks combined, shows a decrease
of $5,700,000 in holdings of discounted bills, of 84,900,000
in Government securities and of $300,000 in acceptances
purchased in open market, with the result that total earnings assets went down 810,900,000. Federal reserve note
circulation increased $12,100,000, while cash reserves
declined $3,600,000. After noting these facts, the Federal
Reserve Board proceeds as follows:,
The Federal Reserve Bank of Cleveland shows an increase of $20,500.000
In holdings of discounted bills, while the Chicago bank reports a decrease
of 813,200.000. New York $7.400.000. San Francisco 86.300.000 and St.
Louis 83.400.000. Smaller changes in discount holdings are reported by
the remaining banks.
Holdings of acceptances purchased in open market changed but little
during the week. Treasury notes on hand declined by $2,700,000. Treasury certificates of indebtednesss by $1,800.000 and United States bonds
by 5400.000.
The principal changes in Federal Reserve note circulation during the week
comprise increases of $7.500.000 and $6.600.000. respectively, reported by
the Cleveland and Philadelphia Reserve banks,and a decrease of $2.800.000
reported by Boston.
Increase (+) or Decrease (—)
During
Year.
Week.
Loans and discounts, total
+5961.000,000
+$92.000.000
Secured by U. S. Govt. obligations
—22,000.000
+7.000.000
Secured by stocks and bonds
+843,000.000
+27.000.000
All other
+58.000.000
+140.000,000
Investments, total
+501.000.000
—23.000,000
U. S. bonds
—2,000.000
+386,000.000
U. S. Treasury notes
—231,000.000
—5.000,000
U. S. Treasury certificates
—2,000,000
—1.000.000
Other bonds, stocks and securities_
+348.000.000
—15,000,000
Reserve balances with F. R. banks
+69.000.000
+59,000.000
Cash in vault
—5.000.000
—2,000.000
Net demand deposits
+543.000.000
+16.000.000
Time deposits
+655.000.000
+4,000.000
Government deposits
—1.000.000
—25,000.000
Total accommodation at F. R. banks_ _ _
+275,000.000
+78.000,000
Canada Continues Embargo on Gold Exports Until
July 1926.
Consular advices to the Department of Commerce at
Washington announce that the prohibition of the exportation of gold coin, gold bullion and fine gold bars from Canada,
except under licenses issued by the Minister of Finance, has
been further continued from July 1 1925 until July 11926,
by proclamation of the Governor General. Similar proclamapreceding
the
comparison
with
The statement in full, in
tions issued from year to year since June 1920 have continued
week and with the corresponding date last year, will be found this prohibition in force.
on suosequent pages—namely, pages 816 and 817. A
summary of changes in the principal assets and liabilities of Rise in Canadian Exchange May Bring in Gold from
the Reserve banks during the week and the year ending
United States.
Aug. 12 1925 follows:
The
New
York
Post" reports the following
"Evening
Increase (4-) or Decrease (—)
special advices from Toronto Aug. 7:
During
Whether the Canadian dollar will rise from its present premium to the
Year.
Week.
—53.600,000 —5322.700.000 11-64 of 1%. necessary to the profitable movement of gold from New York
Total reserves
—400,000
—368.800.000 to Montreal is a moot point among financiers of this country`
Gold reserves
Some indications of a still greater Improvement in Canadian exchange
—10.900.000
+265.000.000
Total earning assets
—5.700.000
+272.000.000 are: the commencement of the temporary rise a fun month earlier this season
Bills discounted, total
+207.300.000 than usual beginning of the August tourist traffic, which promises a vast
Secured by U. S. Govt. obligations ____-14.000.000
+8.300.000
+64.700.000 increase over the notably profitable influx of visitors in July. and the greater
Other bills discounted
—300.000
+193.600.000 certainty of the size of the crop, which still promises a yield above the
Bills bought in open market
—4,900.000
—211.700.000 average, despite exaggerations of damage published by the wheat specuU. S. Government securities, total
—400.000
+38.900.000 lators.
Bonds
The chief reasons given by the Canadian Bank of Commerce for the
—2,700.000
—172.100.000
Treasury notes
—1.800.000
—78.500.000 tangible premium that Canadian money commands in New York are "the
Certificates of indebtedness
excellent
market that our securities command in the United States, coupled
+12.100.000
circulation
—134.300.000
notes
in
Federal Reserve
—29.700.000
+70.700.000 with the conviction that economic conditions in the Dominion are fundaTotal deposits
—32.100.000
+74.200,000 mentally sound," and "the increasing wide margin between our exports and
Members' reserve deposits
+3.000.000
+6.200.000 our imports."
Government deposits
Trade Balance Figures Hold.
—600.000
—9,700.000
Other deposits
No remarkable contraction in Canada's favorable balance has taken place
as a result of the usual decline in trade at the beginning of hot weather.
The Week With the Member Banks of the Federal Though the Dominion's favorable trade balance for the 12 months ended
with June amounted to only 5269.500.000. compared with $207.000.000 for
Reserve System.
the previous 12-month, the balance for the year ended with May reached
Changes in the condition of the 728 reporting member $272.000,000, as against $197,000.000 Moreover. June was the fourteenth
month in which Canadian exports exceeded imports.
banks in leading cities during the week ending Aug. 5, as consecutive
Among the uncertainties of the exchange situation is the effect of Dominshown in the statement issued by the Federal Reserve ion financing that must be done in September. In the middle of next month
Board, include increases of $92,000,000 in loans and dis- a $90.000,000 Canadian loan will fall due in New York. for the repayment
Federal Government says it has 320.000.000 on hand.
counts, of $16,000,000 in net demand deposits, and of of which the
$45.000.000 Loan to Mature Soon
$78,000,000 in borrowings from the Federal Reserve banks,
Therefore, whether the new refunding loan of $70.000.000 is floated In
investments.
It
should
and a decrease of $23,000,000 in
Canada or in the United States. the 320.000.000 reduction, at least, must
be noted that the figures for these member banks are always act temporarily as an invisible Import into the Dominion. for 'which the
in gold must be sent out of the country.
a week behind those of the Reserve, banks themselves. value
A $45.000.000 Dominion loan matures in December, but as partial repayMember banks in New York City reported increases of ments to Canada of war debts by Rumania and Greece will then
be avail$80,000,000 in loans and discounts and $70,000,000 in bor- able for a fraction of the larger amount, it is expected that the remaining
by
a
domestic
loan
sum
will
be
secured
taken
by
Canadians.
together
with
a
rowings from the Federal Reserve bank,
Obviously, if speculation occurs in Canadian exchange, our dollar may
reduction of $20,000,000 in investments. Further com- rise to unwarranted heights, for some persons talk of a possible premium
of
banks
Sand even 10% in October, although the ordinary swing of the pendulum
member
regarding
the
these
changes
by
ments
shown
should not carry our currency above even a temporary 3% beyond par.
are as follows:
Loans on stocks and bonds went up $27,000,000, the larger increase of
534.000.000 in the New York district being partly offset by a decline of
$10.000.000 in the Chicago district. "All other," largely commercial,
loans and discounts increased $58,000,000, of which $48,000,000 was
reported by banks in the New York district.
Investments in U. S. securities and in other bonds, stocks and securities
fell off $7.000,000 and $10,000,000, respectively, in the New York district.
only slight changes in investment holdings being shown for banks in the
other districts.
Net demand deposits went up 316.000.000. The principal changes
were increases of $8,000,000 in the Philadelphia district, 56,000.000 each
In the New York and Atlanta districts, and $5,000.000 in the Kansas City
district, and reductions of $8.000.000 and $6,000,000, respectively, in the
Cleveland and San Francsico districts.
Borrowings from the Federal Reserve banks were increased $72.000,000
In the New York district and $16,000,000 in the Boston district, and were
reduced 512,000.000 in the Chicago district.
On a subsequent page—that is, on page 817—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compaxed_with a week ago and with last year:
Ontario Wants Gold Refined at Ottawa—Claims
Practice Sending Metal to the U. S. Becoming
Too Expensive with Rise in Canadian
Exchange.
On Aug.8 the "Wall Street Journal" reported the following
advices from Toronto:
Ontario Mining Association,on behalf of Ontario gold producers, is taking
up with the government question of refining gold in Ottawa. G. C. Bateman,secretary. is already in touch with Finance Minister Robb and Minister
of Mines Stewart at Ottawa and the producers are backed by Toronto and
other trade boards.
Refining of Ontario gold at Philadelphia may entail a loss up to 8250.000
on this year's output should premium on Canadian dollars improve to A %.
During the war Ottawa placed an embargo on gold exports and refined raw
gold in Ottawa, paying, after heavy pressure. In New York funds for gold
refined. Some time ago mint refused to continue refining and permitted the
mines to export gold to United States under license.
Refining charges at Philadelphia alone amount to $85.000 per annum.
and this, together with United States proportion of express charges and
present premium on Canadian dollars, is lost to Canada Mr. Bateman
points out that government is urging everybody to utilize Canadian ma-
AUG. 15
1925.]
TTTE CHRONICLE
787
It is no use disguising the fact that the great majority of Frenchmen believed in the assurances of Allied statesmen and in the articles of the
peace treaty, according to which Germany was to pay us the sum total of
our damages. It seemed natural. It was according to precedent. After
the War of 1870, France paid her devastations, the costs of the German
army occupation and an indemnity to the victor who had suffered no
Lifts Ban on Capital—Finance Minister Caillaux damage.
How were these huge amounts to be financed? Unless we got them from
Provides for Return of Funds Sent Out of
taxes, and I do not see how this could be done any more than you could
France.
have financed the war entirely out of taxes. There were only two ways
A cablegram from Paris Aug. 13 to the New York "Times" open to us, borrowing abroad or borrowing at home. What would you have
or said of us if we had borrowed abroad? Would you have consid(copyright) announces that under the Fiscal and Penal thought
ered that a proper thing to do?
Amnesty bill signed by Finance Minister Cailluax on that
I believe I can visualize the articles that would have been written about
day, all French capital illegally exported from the country that, pointing out how dangerous it is to incur too large liabilities in foreign currency and how imprudent it would be to assume a new indebtedness
may be repatriated before Jan. 1 1926 without subjecting abroad while no provision was being made for the old one; and the criticism
the owners to the punitive measures which the law has here- would have been perfectly justified. So we decided to borrow at home,
and we have not escaped criticism for the matter of that. I think you
tofore prescribed. The cablegram says:
will agree that whatever course we chose to adopt we were bound to be
The bill providing for repatriation of shares and funds deposited abroad severely criticized.
contrary to statute was passed by the Chamber on July 13 last. In attachRoughly speaking, 90% of the work of reconstruction is done as regards
ing his signature to it to-day, Minister Cailluax merely took another factories, agricultural soil, transportation, etc. Only as regards homesteads
step which he deemed necessary in order to win cofidence an support is the result less satisfactory. There are still 140,000 homes to be rebuilt.
for his whole program of financial stabilization.
The total, up to now, of our expenditures on reparations, pensions and comFurthermore, to eliminate any other obstacle to the return of capital
pensations, at the successive rates of exchange, can be put at $9,600,000,000.
now lingering abroad, M. Calllaux by decree has suspended the law of About one more billion dollars would be needed to close the chapter of ma1918 which rigidly restricts importation of funds of any character. Im- terial reconstruction. As you will understand by our present situation, the
portation of capital now becomes absolutely free and unrestricted. As immediate prospects of being able to raise that amount, are not very great,
for exportation of capital, however, existing restrictions continue in force. and more time will be needed for that finishing touch than was anticipated.
Shall we stop reconstruction? Shall we pursue it to the end? It is a
cruel dilemma. If we stop it, there will be a regrettable inequality between
Morgans May Assist Diamond Syndicate—Not Actively those
who have been afforded the means to rebuild and those who will be
Financing new Organization, but Are Believed
left in the lurch. About 140,000 houses are still in ruins. They have been
in ruins for seven years. Must they remain thus for another long spell of
to be Closely Associated.
years? Anglo-Saxons are not the people to whom I need explain what it
With reference to the reported formation of a new diamond means to be without a home. We do not have the name for "home" in
syndicate to replace De Beers South African Syndicate, France, but we do love the thing. If we continue to rebuild, we must get
money from taxes or from loans. Taxes are being raised once more,
mention of which was made in these columns last week the
but they could not be made to cover such a large amount. Internal loans are
(page 666) we quote from the "Wall Street Journal" of still less advisable, in the present circumstances. Should we borrow abroad?
I think I have already mentioned that contingency and given you the reaAug. 13 the following from its London bureau:
sons why we hesitate to increase our foreign indebtedness.
J. P. Morgan & Co. may be invited later to finance the new diamond
Is there, then, no hope? Perhaps there is, all the same. It is in the
syndicate, Dow, Jones & Co. learns from members of the syndicate. But Dawes plan.
Morgan & Co. have no share at present. Morgan, Grenfells & Co.'s
participation consists purely in interest in Anglo-American Co. Morgan,
French Wealth in Foreign and Domestic Securities.
Grenfells & Co., however,financed extensively the late insurgent syndicate,
and may later supply part of the funds needed to finance the new syndicate.
With reference to the French wealth in domestic and foreign
J. P. Morgan & Co., though not actively financing the new syndicate,
the Banque Nationale Francais° du Commerce
are belived to be closely associated. Growing ascendency of American securities,
capital in this enterprise is indicated, where formerly Rothschilds, through Exterieur in its monthly review fez June supplies the folDe Beers, were supreme.
lowing information:
De Beers and Jaegerfontein do not share in management of the new
The French wealth in domestic and foreign securities was estimated in
syndicate, although they have favorable contracts to sell the syndicate
1906 at about 100 billions of francs of which about 30 billions were in
total diamond output at price fluctuating with market price. Breitmeier, foreign securities. A new estimate of this wealth has just been made by
Rosenthal and Central Mining are also excluded, although the new syndiM. Olphe-Gaillard and was published in a recent number of the "Incate will get all diamonds, and have disposal of 90% of the world's output. formation."
Anglo-American, Dunkelsbuhler, Barnata and Johannesburg ConsoliAccording to this author the total value of French and foreign securities
dated control the new syndicate. Its position with the South African quoted on the French stock exchanges reached on Jan. 1 last 420 billions
Government is strong because it has a five years' contract to buy the
of francs, which are divided as follows:
Government's diamonds. Although the Government has not given assent
1. French State Securities.
new
syndicate,
are
the
no
difficulties
producers
to
anticipated, because
In 1,000 francs.
have agreed on this common selling organ.
9.827.402
Stocks-3%
New syndicate states that diamonds will not retail any cheaper and
redeemable1,683.444
3%
12.018
3 % redeemable
not much dearer.
11.924.492
1915-1916
4
Syndicate sees no diffucilties ahead since Russian stores have been
4.716.907
4 1917
liquidated and conflicts settled. Markets have taken the new syndicate
10.974.838
4 1918
favorably, as evidenced by recent
rise in De Beers and about 10s. in
7.943.608
5 1920
19.214.218
Dunkelbuhlers.
6 e 1920
State railway shares
673.500
chinery to the greatest possible extent, but at the same time is refusing to
handle Canadian gold, despite fact that Ottawa mint, which was greatly
enlarged during the war and is a branch of the Royal Mint, has equipment
equal to that of any other mint in the world.
Expenditures of France for Reconstruction—Robert
Masson of Credit Lyonnais Says Work Will Be
Completed in Five Years if Dawes Payments
Can Be Set Aside for Purpose.
The French war losses, the work of reconstruction and
reparations payments were discussed by Robert Masson,
French banker and virtual head of the Credit Lyonnais,
Paris, before the Institute of Politics, at Williamstown,
Mass., on Aug. 3. M. Masson stated that about 90% of the
reconstruction has been completed, but that about $1,000,000,000,Is needed to complete the work. In pointing out that
"If we do not have to turn over to our friends the whole of
the moneys we get out of it [the Dawes plan] we can" he
said, "divert part of the proceeds into the reconstruction
fund." He added:
Here you see the first instance of the intimate connection of the different financial problems between themselves, even though they are undoubtedly distinct.
How long will it take us to finish our reconstruction? It could be done
in about five years if the entire Dawes payments accruing to France could
be set aside for that purpose. If not, the delay may be appreciably longer.
Total of the long-term debt
Treasury bonds, 1922
Treasury bonds, 1923
National defense bonds
National defense bonds,floating debt
Total of the short-term debt
66.970.427
7.944.122
15.369.515
5.059.422
56.408.000
84.781.059
Total of State securities
151.751.489
2. Divers French Securities.
Securities guaranteed by the State, Department loans, city and
colonial loans
28.459.567
Banks
17.469.865
Railways
26.377.089
Industrial and diverse securities
70.366.592
Total of the diverse French securities
294.424.599
To this total should be added the securities of certain Department stock
exchanges which the absence of sufficient indications on the quoted lists
does not allow noting in the above table and whose comparison with the
estimated securities allows us to put the sum at about 4 billions francs.
The total of French securities thus comes to 298.424.599.000 francs.
3. Foreign Securities.
State securities
85.214.189
Diverse securities
36.669.375
Total of French and foreign securities
420.308.163
This total includes, it is true, not only securities possessed by French
citizens but also securities possessed by foreigners. However, it is certain
that an important amount of French securities is the property of foreign
With reference to the Dawes plan, M. Masson said:
capitalists. Nevertheless. French citizens possess French or foreign
That plan has been remarkably well .received everywhere, a fact that securities not admitted on the quotation lists.
The author believes that the sum of French securities in the hands of
speaks highly in its favor. It is your child. We are sure you are in symconsidered as 34 billions. On the other hand, he places
pathy with it and that we will not witness in this conjunction as in the foreigners may be
18.476 millions the sum of the securities belonging to French citizens
at
a
fresh
protocol
case of cruelty to children.
case of the covenant of the
allowed on the list. As for foreign securities the revenue according
We foster the hope that you will assist in seeing it carried out. You have and not
to the yield of the tax placed upon them would be about 2.700 millions,
a certain moral responsibility in this respect.
correspond to a capital value of 73.810 millions of francs.
would
which
M. Masson said that "the damages we sustained in the From this sum must be deducted the securities possessed by foreigners
the foreign securities possessed by French citizens and
war have been estimated as follows: Pensions and compen- but also added the
list. The author thus arrives at a total of 75.755
not allowed on
sations, 77,000,000,000 francs; material damages, 141,000,- millions of foreign securities possessed by French citizens. The personal
000,000 francs; total equivalent to from $14,000,000,000 to wealth of France would therefore be fixed as follows:
1. French Securities.
$27,000,000,000. To this should be added the interest on the
The total qf French securities calculated according to the rates on the
reconstruction loans." In part he also said.
stock exchange on the end of December 1924 reaches 298.424.599.000 francs;
788
State securities
Diverse securities quoted
The securities of the Departmental stock exchanges
To this total we must add:
The securities not allowed on the list
But in deducting the part owned by foreigners
Remaining total of French securities
2. Foreign Securities.
TEE CECRONICLE
151.751.486
142.673.113
4.000.000
18.476.000
34.000.000
282.900.599
In 1,000 francs.
State securities
65.214.187
Diverse securities
36.669.375
We have seen that the total of the securities included in the
preceding sum and which are subject to income tax on
personal property reaches
73.810.000
In which case must be deducted the part possessed by foreigners 5.535.000
Difference
68.275.000
To this figure must be added the securities owned by French
citizens abroad
7.500.000
Total of foreign securities
75.775.000
General total
358.675.599
This total capital of nearly 359 billions represents the value of personal
property wealth in France on Jan. 11925. It is a calculation based entirely
on the quoted rates of this day and is therefore subject to revision In as
far as the quotations rise or fall.
The income from this capital is valued by the same author at 20.255
millions by taking into account the average rate on income from all the
securities quoted on the stock exchange which was in 1924 5.58 instead
of 5.14 in 1923.
It should be noted that all these calculations contain numerous elements
of uncertainty and evidently only a very large approximation should be
attributed to them. However, they offer a very interesting indication
concerning an element of our country's wealth.
[Vol. 121.
Revolutionary Debt to France Settled in Full Before
1796, According to Article by H. W. Cannon of
Chase National Bank, Based on Book of
Albert Gallatin.
Henry White Cannon, f'ormerly Chairman of the Board
of the Chase National Bank of New York, recently made
an interesting contribution to the discussions of the indebtedness of France which has not yet found publication
in this newspaper. His article, which appeared in the
July number of the monthly magazine of the Chase National
Bank, was made public on July 12 and in presenting it the
bank said that our revolutionary debt to France had been
settled in full prior to 1796 is a fact made clear by two
remarkable tables, showing the debit and credit relations
of the United States Government with the French Government, and published in 1796. The tables referred to appear
in a book by Albert Gallatin, Secretary of the Treasury
1801-1814, entitled "A Sketch of the Finances of the United
States," which is in Mr. Cannon's library. In what he has
to say under the head "The Debt of the United States to
France and the Debt of France to the United States," Mr.
Cannon writes as follows:
In discussing the debt of France to this country it has frequently been
stated that our debt to France for advances made during the Revolutionary
War was never paid. This is a popular error. Our debt to France was paid
Finance Minister Caillaux to Propose "Gentleman's in
full with interest, without any reduction or depreciation.
Offer" for Settlement of War Debt to United
The United States borrowed money from France from the year 1777 to
1784,
and on the 31st of Dec. 1789 owed France, with accumulated interest,
• States.
$7,895,300
Payments were made on account of principal and interest of
Indicating his desire to go to Washington to present what this debt by33.
our Government, during the years from 1790 to 1795, amounthe called a "gentleman's offer" for the settlement of the wax ing in the aggregate to $7,151,896 53. On Jan. 1 1796 certificates of debt
were issued to France, payable in this country. for $2,024,900 to close the
debt of France to the United States, Finance Minister Cail- account
of funded debt. These certificates drew interest at 5M and 4%%,
laux on August 10 told American correspondents that he and were paid in full, with
interest, making a total payment to France of
$9,176,796
53. Of this sum *7.895,30033 was for principal of debt, and
"certainly would go if it was a question merely of crossing the
$1,281,496
20
was
for
interest,
not including interest on the certificates,
channel, but the Atlantic is a different proposition and I do which also was
paid.
not know whether I can leave the Ministry of Finance long
Certain other unfunded debts to France was paid in specie, including one
of $136,877 84 paid in 1792.
enough to make the trip to America."
The debt of the United States to foreign officers at one time more than
The Associated Press accounts from Paris in reporting this $200,000, was also paid in installments. In
1792, a payment of $42,000
added:
princfpal, and $10,354 79 as interest was paid in France on this account;
The Finance Minister explained his gentlemen's offer as follows: "I am and the Treasury accounts also show a payment in 1792 to General Lafayette
going to tell both the British and the Americans just what France can pay of $4,000 "on account."
The money paid Prance was borroived from Holland, and a large commisand that France will pay it. but that it is impossible for me to undertake
sion was paid to obtain the loans. Other loans were made to this country
payments likely to turn out to be beyond the capacity of the country."
Reviewing the different phases of his financial program. M. Caillaux by Holland from time to time, and that country became our largest creditor.
While necessity compelled this country to redeem its depreciated paper
explained that the measures already adopted and those in view constituted
the first step. but a very prudent step toward the eventual return of money and temporary domestic war debts at a very small percentage of
their face value, some as low as one dollar to one hundred, we met all our
France to the gold basis.
"It is necessary to move most prudently in this matter." be said. exterior loans at par and interest without reduction or depreciation.
As France is soon to begin negotiations to refutbi its debt to us, may we
"Countries that were plunged by the war into a tangled financial situation
cannot safely undertake to return abruptly to perfect financial equilibrium. not, without reflecting on that country, compare the conditions in 1790
"The French budget for 1925 only partially accomplishes the end in view. when we began to pay our debt to her, with those of the present time.
The population of this country in 1791 was by census 3,231,000 free
It was balanced as far as State expenditures were concerned. There
remains to be provided in the 1926 budget a sinking fund for debts, then, persons and 697,000 slaves. The population of France wasfrom 26,000,000
providing we shall have succeeded in eliminating the floating debt from our to 28,000,000. Our country was newly organized as a whole, had very
financial difficulties, the way will open more clearly to final financial little foreign commerce, a comparatively small area under cultivation, and
practically no manufactures. We were poor, heavily taxed, and compelled
equilibrium and eventual return to the gold basis."
M.Caillaux said he intended to go to I.ondon soon to confer with Winston to maintain a small army to police our frontiers against hostile Indians.
Churchill, Chancellor of the Exchequer, regarding the French debt to Great Our political and international situation was unsettled, and the course
Britain, but that the date was not fixed. He said the French Commission pursued by the Minister from France. to say the least, was not helpful.
to go to Washington to meet the American Debt Funding Commission still While France too had political disturbances, it was a settled country, rich
remained unselected . but that its members probably would be chosen soon. in agriculture and raw materials, with many successful manufactures, its
The Finance Minister states the gold coupon consolidation was going population rich and successful.
It is hardly necessary to describe our present material and political
well and that he had little apprehension regarding the heavy short term
condition. We are rich and prosperous, with more than one hundred
obligations maturing In September.
The expenses incurred for military operations in Morocco M. Caillaux millions of free people. France has a Continental population of some
estimated at 200,000,000 francs, though all of this sum has not yet been forty millions, and a colonial population of about sixty millions.
While it is practically impossible to tabulate the wealth of any nation,
spent. lie placed the total cost of the operations in the neighborhood of
it can perhaps be stated that France has about one-fifth of the wealth of
250,000 000 francs if the campaign is terminated soon.
this
country.
In a copyright cablegram on Aug. 3 from Paris regarding
Under these circumstances it would appear that France could without
the plans of Finance Minister Caillaux to visit the United risk fund her
debt to us, with long time obligations, at a low rate of interest.
States relative to the debt funding issue, the New York Certainly such funding would not be more difficult for France at this
time
than were our payments to her from 1789 to 1795.
"Times" said:
In discussing the reluctance of France to fund its debt to us, after considerFinance Minister Joseph Caillaux will not go to America to take part in
ing the reasons for its cancellation orreduction already advanced and made
the debt funding negotiations if his part therein is to be that he must sign
public by the press, it may be of Interest to consider, in connection with
on the dotted line. He is anxious to go and negotiate. He believes he has
the delay in funding, certain fundamental differences between our point of
several good arguments to advance and several good propositions to make.
view of national debts, and that of France, and also differences between
But if the attitude of Washington is that there is nothing to negotiate but
our ordinary financial methods and hers. These differences very likely
only terms to be accepted then it is probable M. Calllaux will find that have
some bearing on the delay in negotiations with us.
more important matters are keeping him.
From the very beginning of our Government we have had a passion
for paying debts. In the year we completed payments to France. Congress
Premier Painleve of France Says Settlement of Inter- defeated an appropriation to finish three frigates, in order to use the money
to pay our debts. These three ships were the Constitution, the ConstellaAllied Indebtedness Is Imposed on "Singularly
tion and the United States that, when finished later, were so effective in
Thankless Conditions."
the war with England that our people were inclined to give them credit for
At Autun, France, on Aug. 3, Premier Painleve declared winning the war. "Very likely our worship of the "Sinking Fund," with its
heavy attendant taxes, has been at times in our history sidanaerEandis
that the question of the Inter-Allied debts must be settled drawback to our prosperity. To pay debts too quickly by too heavyltaxa.
before France can enjoy full liberty in her foreign policy. tion is not always safe or wise. In 1796, more than two-thirds of the yearly
expenditure of the United States was necessary to pay the annuity and
The Associated Press advices report him as saying:
interest on its debt.
The debts between the Allies would have been easy to settle during the
In France and also in the other principal trading nations a very different
last months of the war but now the question is imposed upon us in pressing Idea prevailed. Gallatin in 1796 made the statement that, "Great
Britain
and urgent fashion and on singularlly thankless conditions. He appealed to and France either unable or unwilling to draw from their subjects
a revenue
public opinion to sustain the Government during "the delicate negotiations" equal to the prodigious waste of money which attends modern
wars, have
in prospect.
uniformly supplied by loans the greatest part of that expense, and raised
It would be a crime to fight in Morocco an hour longer than is necessary, taxes only to the amount of the interest on those loans. Such
a system,
the Premier said, adding: "The dilemma, however, is inexorable. We must managed with ability, and supported by prosperity, may last
for a long
defend Morocco or abandon all Northern Africa and under disastrous period of time a."
conditions. That would be the end of our colonial empire and the end of
our economic independence, which is impossible without colonies. It would
end the prestige and influence of France throughout the world.'!
*A Sketch of the Finances of the United States, New York, 1798:
789
THE CHRONICLE
AUG. 15 1925.]
These methods of financing are still in force to a considerable degree, as selves in the same category as other nations and only be able to payithe
is also borrowing on fixed dates. It is claimed by some economists that the interest on our debts.
In addition to our different point of view in respect to paying debts we
perpetual debts of a nation, "are debts owed by the right hand to the left
hand," and are useful as a protection of the savings of the people, and that have other financial methods quite unlike those in France, that no doubt
It is better economy to tax only for the interest, than for both principal and have also had some effect on the minds of her people in undertaking the
interest. While this is disputed and quite contrary to our ideas, many of burden of indebtedness to us. If a part of this indebtedness could be
the people of France evidently indorse these methods, as they themselves funded into bonds payable at the pleasure of the borrower, without a ff. ect
are the principal creditors of the nation, and have strong objection to any date of maturity, at a low rate of interest, possibly the negotiations about to
external loan or obligation with fixed maturity. This feeling no doubt has begin would be more easily completed, and our debtor be more likelygto
had its effect on the authorities. It is perhaps fortunate that this country make prompt payment in the future.
with its material wealth has been able so far to meet the heavy taxation
The following tables from Mr. Gallatin's book are innecessary to carry out our ideas of paying debts rapidly. If, however, our
enormous annual issue of state and local bonds continues we may find our- corporated in the article:
STATEMENT OF THE DEBT DUE TO FRANCE AND OF ITS EXTINCTION.
Livres.
The United States Dr. to France.
To debt due on the 31st of Dec. 1789, viz.:
Loan of 18,000.000 Byres bearing an interest of 5 per cent from the 3d Sept. 1783. payable
18,000,000
In 12 equal annual payments,the first of which became due on the 3d Sept. 1787
Loan of 6.000.000 livres bearing an interest of 5 per cent from the 1st of January 1784.
payable in 6 equal annual payments, the first of which becomes due on the 1st Jan.
6,000.000
1797
Loan of 10.000,000!lyres bearing an interest of 4 per cent from the 5th of Nov. 1781, payable in ten equal annual payments,the first of which became due on the 1st of Nov.
10,000,000
1787
134.065 7 6
Balance of an account for supplies furnished
34,134,065 7 6
Debt due to the Farmers General of France upon a contract made the 3d of June 1777---- 1.000,000 0 0
Deduct, viz.:
Remittance by the late Government
153.229 5 7
Supplies furnished during the late war to the Marine of France
under the agency of John Walker, Consul General
448,471 14 8
601.701 0 3
398,298 19 9
Total principal
Interest which fell due before the year 1790 on the above livres 34,134.065 7 6
10,441.895 8 7
1.600,000 0 0
Deduct remittances by the late Government
Interest which fell due before the year 1790 on the above 398,298 19 9
Livres.
Dols.
Cts.
34.532.364 7 3
8,841,895 8 7
126,017 7 6
Arrears of interest
8.967.912 16 I
Total due on the 31st of Dec. 1789
To interest which fell clue on the above principal sum of 34.134.065 7 6 after the year 1789, viz.:
During the year 1790, 1,606.703 5
1791, 1,622,291 13
1792, 1,284,361 2
912,486 2
1793,
795,000 0
1794,
1795,
760,083 6
43.500,277 3 4
at 18 15-100 cts. 17,895.300 30
4
4
2
2
0
7
To interest on the above principal sum of 398,298 19 9 from the 1st of Jan. 1790 to the 1st of Jan. 1794_ _ _
To interest which fell due after the year 1789
6,980,925 9 7
79,659 16 9
•
7,060.585 5 7
1,281.496 2f/
Livres 50,560,862 8 11
Dollars. 9.176.79653
THE UNITED STATES IN ACCOUNT WITH FRANCE. CR.
By payments in Europe, viz.:
1790-1791. Bills of exchange remitted to France from Amsterdam
1792, Do. from Amsterdam and Antwerp
Which 10,080,419.1 guilders, at 40 cents, are
By profits and losses on the above remittances, viz.:
The above livres 24.193,005 14 4 at 18 15-100 cents, are
And cost, as per above,only
Livres.
6,463.793 8
3,616,625 13
Guilders 10,080,419 1
dols.
Cts-
produced 24,193.005 14 4
4,032.167 62'
dols. 4,391.030 53
4,032,167 62
Difference gained
B y payments in America, viz.:
1791 By the Department of War for arms. ammunition, ecc.. delivered
1792 By the Treasury of the United States
1793 By
ditto
1794 By
ditto
1795 By
ditto
Dols.
dols.
dols.
435,263 83
1,337,881 32
524,992 81
453,766 04
358,862 91
8,962 00
2,751.904 00
Which dollars 2,760,866. at 18 15-100 cents, are
By certificates of funded domestic debt issued in favor of Jas. Swan, Agent of the French Government, viz.:
1795 By stock bearing interest at 5A per cent from 1st Jan. 1796
dole. 1,848,900 00
By stock bearing interest at 4% per cent from 1st January 1796
176,000 00
Which dollars 2,024.900 at 18 15-100 cents,are
2,760,866 Oe
15,211,382 18 0
2,024.900 00'
11.156,473 16 7
Livres 50,560,862 8 11
9,176,796 53.
Alongwith Mr. Cannon's article a summary of his career
is furnished as follows:
Albert Gallatin, for twelve years Secretary of the Treasury under Presidents Jefferson and Madison, was a master offinance and a notable successor
Born in Delhi, N. Y.. Sept. 27 1850, Henry White Cannon began his to Alexander Hamilton. whose financial policies he continued with little
banking career there, while hardly more than a boy, as clerk and teller in change. Gallatin, like Hamilton, was not born in America. He wag
the First National Bank of Delhi. Before he was twenty-one he migrated Just twenty-one when he came to the United States in 1780. having declined
service in the Hessian Army because he was unwilling "to serve a tyrant."
to Minnesota where he bore an active part in the upbuilding of that section He
was Swiss by birth of a noble Calvinist family. After teaching French
of the country. In 1871 he organized the Lumbernian's National Bank, at
Harvard and later pioneering in the backwoods of Pennsylvania and
Stillwater, Minn .and remained its active head until he was called to WashVirginia,
he became active in the Anti-Federalist or Jeffersonian Party
ington in 1884 to become Comptroller of the Currency. On his retirement
serving in the Pennsylvania Constitutional Convention and the Pennsylfrom that office in 1886 he came to New York and in the autumn of the vania Assembly.
Later, in the United States Congress, first as Senator
tame year became President of the Chase National Bank. During his
presidency, 1886-1904, the deposits of the bank increased approximately from Pennsylvania and later as Representative, he was bitterly opposed by
the
Federalist
Party
then in power. He kept his temper and moderate
1,000%.from around four and a half million to around fifty million dollars. speech and his
mastery of financial problems made him extraordinarily
In 1904 he retired from the presidency to become Chairman of the Board effective in party contests. When
Jefferson came to the Presidency in
of Directors, of which bets still a member,though he resigned as Chairman
in loth He has been Chairman of the Clearing House Committee of the 1801 Gallatin was made Secretary of the Treasury and continued to administer
the
financial
affairs
of
the
nation with great skill under Madison, JefferNew York Clearing House Association, and Aqueduct Commissioner of son's successor. After taking part in the
negotiations with Great Britain
New York. In 1892 he represented the United States Government as a at the close of the War of
1812.
Gallatin became Minister to France in
Monetary
Conference
at Brussels. He has
delegate in the International
1816, remaining in that post for seven years. In 1826 and 1827 he was
been director in many corporations. including the Hill and Harriman Minister to England, retiring from public life upon his return from London.
railroad systems.
From 1832 to 1839 he was President of the National Bank (afterward
The International Monetary Conference at Brussels, referred to, was the Gallatin Bank)of New York. He
died in 1849 at Astoria. Long Island.
concerned with the problems of bimetallism and the efforts to establish
International bimetallism. One of its results was to give powerful support
to the repeal of the Silver Purchase legislation in 1893. As Comptroller Increasein Hungarian Revenues Pledged for Loan.
played a leading role in the financial affairs of
of the Currency Mr. Cannon
The latest report made by Hon. Jeremiah Smith, Jr.,
the national banking system, especially
the Government and in the control of
distinguished services as former President Commissioner-General of the League of Nations for Hungary,
His
1884.
during the crisis of
a leader in the New York Clearing a copy of which was received Aug. 11 by Speyer & Co.,
of the Chase National Bank and as
House are, of course, well known, while many employees in the bank shows an actual surplus of revenues over expenditures for
personality,
his fairness, and his forwardremember gratefully his engaging
longing policies. Mr. Cannon was particularly helpful to the country in Hungary during the fiscal year ended June 30 1925. For the
fiscal year ending June 30 1926, the Hungarian Government
the panics of 1884, 1893, 1901 and 1907.
Regarding Mr. Gallatin's life the following synopsis is estimates gross revenues will amount to $122,998,000 and
gross expenditures to $117,427,000, leaving a surplus of
given: •
790
THE CHRONICLE
$5,571,000. The earlier forecasts of the experts of the
League of Nations did not anticipate a surplus for some time
to come. Another evidence of Hungary's recovery was shown
In this report by the statement that proceeds from the
revenues pledged for the 73% Reconstruction Loan in the
fiscal year ended last June 30 were about $46,500,000, or
about seven times the amount required for the annual
interest and sinking fund requirements of the Loan. In his
recapitulation of Hungary's last fiscal year, CommissionerGeneral Smith told of the following accomplishments:
[vol. 121.
of its intention to terminate the $5,000,0008% loan raised by
Kohn, Loeb & Co. in New York in 1920, which is redeemable
Oct. 1 1925 at 110%. It is stated that the municipality intends to raise a conversion loan at a cheaper rate of interest.
New Japanese Internal Railroad Loan to Be Sold
Through Post Office Aug. 25-Sept. 10.
Advice to the Japanese Financial Commission Aug. 8,
from the Imperial Japanese Government stated:
It has been decided on to announce on August 25th a new issue of an
Repayment by Hungary to the Bank of England of 4,000,000 pounds Internal loan which will be sold through post offices during a period of
Sterling. or $20.000.000 for earlier advances. An increase in Hungary's August 25th=-September 10th on the following terms:
currency cover to the high point of 59%, and a substantial gain in savings
Name.—Five per cent. loan. Series the 26th. Purpose.—Railroad
deposits throughout the country.
financing. Amount.
-15,000,000 Yen. Date of redemption.—On or
before
1937. Issue price.-91.90 Yen. Yield.-6•2%•
For the first 5 months of 1925 Hungary reported gains in
both imports and exports over the first 5 months of 1924.
Imports are now on a lower level than they have been since
the closing months of last year; exports, on the other hand,
have increased considerably since January. Hungarian
.crops, he said, are expected to be considerably larger than
last year's.
New Central Bank of Guatemala.
Guatemala Associated Press advices Aug. 11, stated:
A group of Guatemalan and foreign capitalists have subscribed $2,500,000
to serve as capital for the New Central Bank created for the purpose of
becoming the bank of issue of the Republic of Guatemala.
Philadelphia Mint to Coin $500,000 in Coin for GuateAustria to Abandon Fixed Dollar Exchange.
mala to Replace Paper Money.
Under date of Aug. 7 the following Associated Press adRegarding
an order for the coining of $500,000 in silver
vices were reported from Vienna:
In view of the large accumulation of standard currencies in Austria. the money for Guatemala, by the Philadelphia mint, we quote
president of the Austrian National Bank to-day announced the early the following Philadelphia advices from the
New York
abandonment of the fixed dollar exchange in trade in Austrian kronen.
This action is regarded as the most satisfactory sign of Austria's financial "Commercial" of August 1:
recovery, as it is believed it was the permanent fixing of the dollar value at
a certain level that saved Austrian currency
Russian Soviet Union Creates Fund of 839,600,000 to
Combat Drought in Arid Regions.
The Central Executive Committee of the Soviet Union
has voted to create a special fund of $39,600,000 for fighting
droughts in the arid regions, to be distributed through the
federal budgets of the next three years, according to a bulletin
received by the Russian Information Bureau in Washington,
which says:
The fund will be employed in the form of long term credits to finance
better forms of tlllage, general farm improvements, technical measures to
Improve the soil, the acquisition and improvement of farming equipment
and the promotion of local plants to facilitate the distribution of farm
products and live stock. The loans will be distributed through the agricultural associations and the rural Soviets.
In addition $1,000,000 will be appropriated jointly by the Governments
of Soviet Russia proper and of the Ukraine for the employment of technologists and for experimental work in conjunction with the measures for
combatting droughts.
In accordance with the terms of a recent law providing for the establishment in Guatemala of a national bank of issue and for the redemption of
the present paper currency with gold and silver coins, a large amount of
Guatemalan dollars or quetzales, halves and quarters are now being struck
off at the mint here.
Arrangements for this work were made by the Minister here, Senor
Francisco Sanchez Latour. Plans have not yet been completed for the
manufacture of the gold and copper coins provided for in the law.
This stabilization of Guatemala's currency, the exchange having been
established at the ratio of 60 pesos quetzal, and the preparations for the
opening of the bank of issue which is expected to occur shortly, are reported
to be having a very beneficial effect on the financial and economic conditions
of the country.
The subscription books have been opened to the Bank of Issue which has
an authorized capitalization of 10,000,000 quetzales, with stock at 10 and
100 quetzales per share so that even the poor can subscribe.
Guatemala has had no "hard money" since 1897 when on account of the
high price of silver, her silver coins which were 90% pure were shipped
abroad, most of them going to China where they were used without even
being reminted.
The first order which has been given to the Philadelphia mint calls for
Guatemalan silver dollars valued at $500,000, halves and quarters, although
the total amount authorized by the law is valued at $2,000,000. The coin
bears on one side the old seal, showing the quetzal, national bird of Guateo
mala, standing on a pedestal, with the value of the coin while on the reverse
side is the new coat of arms of the Republic. The gold coins, of similar
design, are to be of five, ten and twenty quetzales denominations; and the
copper pieces are to be one half, one and five pesos.
Soviet Textile Group Offers Britons $20,000,000 Order
The following copyright advices from London, Aug. 11
are from the New York "Herald Tribune":
Argentina To Pay (q25,000,000 Loans with New Bond
Representatives of the Soviet Textile Syndicate left here to-night for
Issue.
Lancashire to place orders for between $20,000,000 and $25,000,000 worth
of textile machinery, provided reasonable terms and credits can be arranged.
According
to
Buenos
Aires
Associated Press advices
British firms will have to compete with favorable offers made by German
firms, which are keen to secure the order. If the British terms were right Aug. 11, Minister of Finance Molina has announced that
"we prefer to have the English machinery, because our workers are ac- the Argentine Government proposes to liquidate two shortcustomed to it," a member of the delegation said to-day.
term loans totaling $25,000,000 which will mature soon.
Both loans, says the cablegram, were contracted through
Finland and Russia Adopt U. S. Dollar Postal Basis. Blair & Co. of New York. One, for $20,000,000, matures
The United States dollar has been adopted as a standard of on Aug. 25; the other, $5,000,000, matures on Sept. 1.
value between two foreign nations for the first time, as far The New York "Times," commenting on the above, said:
These Argentine obligations are being liquidated with part of the proceeds
as is known here,in a postal money order convention recently
of a $45,000,000 Argentine bond issue floated in New York on June 1
concluded between Finland and Soviet Russia, says an Asso- last
by J. P. Morgan &
and the National City Co. When the June
ciated Press dispatch Aug. 5 to the New York "Journal of loan was floated it was Co.
announced that the purpose was the retirement
of the short-term obligations of Argentina and the refunding of the country's
Commerce," which adds:
The convention, postal officials announced today, provides that money
orders between the two countries shall be expressed in United States dollars
and settlements be made by means of bills of exchange drawn in dollars on
New York.
Redemption of City of Christiania (Norway) 8%
External Loan of 1920.
Kuhn, Loeb & Co. as fiscal agents have issued a notice to
hoidens of City of Christiania, Norway, municipal external
loan of 1920,8% Sinking Fund Gold bonds, announcing that
a block of the issue has been drawn by lot for redemption on
Oct. 1 next at 110% of their principal amount. Bonds so
drawn will be paid on Oct. 1 at the office of Kuhn, Loeb &
Co., New York, on presentation and surrender of the bonds,
together with all coupons maturing on and after that date.
Bonds so drawn for redemption will. cease to bear interest
from Oct. 1 next.
finances on a long-term basis. The loan handled by the Morgan firm
and the National City Co. will run for 34 years. The proceeds not used
for the retirement of short-term obligations will be devoted to reduction
of the nation's floating debt. Until the latest loan the Argentine national
financing in Now York had been handled for several years by Blair &
Co., Inc.
Influx of Goods in Payment of European Debts to
Bring Rise in Prices Here, According to
Dr. Edwin F. Gay.
Stating in an address at Williamstown, Mass., on Aug. 8
that "the influx of goods in payment of European debts will
be accompanied by a period of high prices here," Dr. Edwin
F. Gay declared that "imported goods will be relatively
cheaper than they axe now, but domestic goodslwill be
higher. These predictions," he said, "are based on the
experience of Germany after the Franco-Prussian v...War.
The price movements," he added, "will be accompanied
by a change in our trade balance from favorable to unfavorOslo to Redeem $5,000,000 Loan of 1920—To Raise able. There is a great sensitiveness in trade balances to
Conversion Loan at Lower Rate of Interest.
payments from abroad." Dr. Gay, who is Professor of
According to Associated Press cablegrams from Oslo, Economic History at Harvard University, spoke thus in
Norway, June 12 the Oslo municipality has published notice the round-table discussion of "The Economic Recovery of
Auo. 15 19251
THE CHRONICLE
791
Europe" at the Institute of Polities; the New,York "Times" West Virginia, but confines itself primarily to the Shenandoah
Valley. The following is its balance sheet, as of June 30 1925.
in its report as to what he had to say states:
The economist based his predictions on studies of Canadian trade from
1900 to 1912, of German experiences after the Franco-Prussian War and
of American trade after the Civil War. He pointed out that Canada
borrowed heavily from abroad from 1900 to 1912, chiefly from England,
so that England was the paying country and Canada the receiving.
Prices Higher Than in England.
Prices were at about the same level in Canada and England in 1900, but
had risen 20% higher in Canada than in England by 1912, he said. The
United States, which had been an approximately the same level with both
countries in 1900, stood in an intermediate position between England and
Canada in 1912. He said that economists were familiar with what took
place, but were unable as yet to offer proof of how it occurred.
Professor Gay also predicted the gradual return of Southeastern Europe
as an important factor in the European agricultural situation. He pointed
out that Russia had purchased more agricultural machinery in the past
two years than in the fifteen years before the war. The International
Harvester Co. was now maintaining 230 instructors in the use of its machinery in Russia, compared with 15 before the war. It was said that the increase in the use of machinery had more than offset the loss of Russian man
power in the war.
The decrease of agricultural imports or an increase in manufacturing
exports, or both, according to Professor Gay, constitute the basis for
Europe's debt payment program, he said.
"There are limiting factors in increased production of agricultural commodities in Europe. Among the more important factors may be noted
the increased urbanization, the return to the self-sufficing small farm and
the availability of cheap foodstuffs from foreign lands.
"The movement of population from agriculture to the cities, which was
marked in the industrial States of Europe before the war, has been temporarily checked: but with the strong impetus to increase the exports of manufactures there can be little doubt but that the former swing of population
to the cities will be resumed and, if anything, the percentage of urban
population requiring food imports will become larger.
"Those countries which normally have a surplus of food exports, Russia
and other countries in Eastern Europe, even when they come back to prewar acreage, will in all likelihood shop a relative diminution in the amount
of food available for export to other countries of Europe. This will be
due to the number of small holdings which have become established in
these regions on the division of large estates after the war. While the
small farmer may have a somewhat higher standard of living than the hired
farm laborer, the small farm tenure tends to reduction in total production,
and hence of the export surplus.
"This is due to several reasons, chief of which are the tendency to diversify
self-sufficing agriculture, the impracticability of using modern machinery
and the lack of efficient methods.
"Unless there are compelling reasons in the nature of upward price
changes for agricultural products, there will be no cause for Europe to
change its food consumption habits or to change the organization of its
agriculture. For the immediate future there still remain new lands in
foreign countries where an increase in production can take place without
any stimulus of higher prices.
"There is little doubt but that the steady growth of industrialization
throughout the world will provide markets to absorb an increasing amount
of manufactured products. From Europe iron and steel products, textiles
and various other manufactured products will share in this normal growth.
There will be a tendency also for European products in some instances to
displace similar products from other countries."
Sale of $300,000 43'% Farm Loan Bonds of Fletcher
Joint Stock Land Bank.
The Fletcher Savings & Trust Co. of Indianapolis announces under date of Aug. 10 that it has issued and sold
through its bond department $300,000 41A% farm loan bonds
of the Fletcher Joint Stock Land Bank, at 1021,4, yielding
about 4.18%. The bonds are apparently part of an issue of
$500,000, $100,000 of which was offered in May and referred
to in these columns May 30 1925, page 2755, and $100,000 on
June 24; this offering was noted by us July 11, page 148.
The bonds are dated May 1 1925, become due May 1 1955,
and are callable May 1 1935, or at any interest date thereafter at par. The bonds are in denominations of $1,000, $500
and $100. Interest is payable semi-annually May 1 and
Nov. 1.
Offering of $200,000 Farm Loan Bonds of Shenandoah
Valley Joint Stock Land Bank.
At 1033' and interest to yield about 4.55% to the optional
date and 5% thereafter an issue of $200,000 5% farm loan
bonds of the Shenandoah Valley Joint Stock Land Bank of
Staunton, Va., was offered on Aug. 7 by Guy Huston Co.,
Inc., and Jackson & Curtis. The bonds will be dated June
1 1925 and will become due June 1 1945. They will be
redeemable at the option of the bank at par and accrued
interest on June 1 1935 or on any interest date thereafter.
They will be coupon bonds of $1,000 each, fully registerable.
Principal and semi-annual interest (June 1 and Dec. 1) will
be payable at the Shenandoah Valley Joint Stock Land Bank,
Staunton, Va., or coupons may be collected at the office of
Hanover National Bank, New York City. The Shenandoah
Valley Bank is one of a group of which the Guy Huston Company is fiscal agent. This group includes the Chicago,
Kansas City, Southern Minnesota, Dallas, Des Moines and
New York Banks. The Shenandoah Bank operates under
Charter No. 56 dated Aug. 15 1922. Hugh B. Sproul is
president; A. Erskine Miller, vice-president, and Charles
. Hunter, treasurer. The bank makes loans in Virginia and
(After Giving Effect to the Present Bond Issue.)
Assets—
Mortgage loans (total 1st mtge. loans on amortized plan on
farms in Va.and W.Va.. valued by Government appraisers
$1.930.033 86
at $5,740,322)
200,000 00
Farm loan bonds
155 81
Accounts receivable
7.525 15
Amortization installments (in process of collections)
200 00
Furniture and fixtures
28.796 31
Accrued interest on loans (not due and uncollected)
34
833
Accrued interest on bonds
17.661 00
Cash and due from banks
6.704 82
Real estate
$2.189 910 09
Total
Liabilities—
Bonds (total bonds issued by this bank and outstanding at
$1,850,000 00
this time)
Capital stock (par value paid in capital stock held by stock250,000 00
holders)
Reserves and undivided profits(amount carried to reserves and
64.780 85
amounts accumulated for distribution of earnings)
Reserve for interest (interest due and interest accrued on
22.291 74
bonds)
2.837 50
Coupons not presented for payment
Total
$2.189.910 09
Edward H. Clark, Jr., on "Financing Installment
Paper," Mainly with Reference to Purchase of
Automobiles—The Finance Company.
The subject of "Financing Installment Paper, Mainly With
Reference to the Purchase of Automobiles" was discussed by
Edward H. Clark, Credit Manager of the Mercantile Trust
Co. of California, at San Francisco, in an article in the July
number of the "Bankers' Home Magazine." In summarizing his conclusions, Mr. Clark says:
I believe the time installment method presents a great opportunity for
people to mortgage too much of their future and too much of their earning
power if they are not careful. While I have great faith in the aversgr
American family and believe that the majority will not allow themselves ro
get into difficulty through attempting to acquire too much by the installment payment method, I believe that we have our part as banks to do in
helping them confine their acquisitions through the installment payment
method within reasonable confines and I believe we should earnestly bend
our attention to it. It is my feeling that the present tendencies are wrong
and that the situation should be followed closely. We have a duty to perform.
In part Mr. Clark also expressed his views as follows:
We all know that credit may be divided into two classes—commercial
credit and investment credit. The former is extended for current needs;
the latter for fixed or capital purposes. The difference between the open
account method of extending credit and the time installment payment method
is the difference between commercial and investment credit.
In objecting to some of the lengths which credit extension has gone in this
country I wish to have it understood that my remarks apply to capital
credit as expressed by the installment payment method, which finds its
ultimate object in enabling an individual to acquire goods by that means
and that my objections in no way are intended to cover any malpractices or
wrong tendencies in the extension of commercial, or current, credit
In the case of the installment payment method the retention of the goods
sold under a time sales contract is prima fade evidence that the subject of
the credit is not sufficiently strong to liquidate his purchase in a matter of
60 or 90 days and the credit begins to take on the complexion of an investment lean similar to a bond issue on a plant, which is to be liquidated over
a comparatively long period of time by the application of a certain amount
of earnings rather than by current cash receipts.
Now, we all recognize that for the prosperity of the individual and the
country as a whole, the individual in the majority of cases must, to a certain degree, receive the benefits of a certain amount of long-time financing
through the medium of investment credit. And we know that to-day the
individual beings which make up our country's population, as a general
thing, are more prosperous and more happy than those in practically every
other country in the world. There is no question that, in a large measure,
the ability to acquire necessities and luxuries through the medium of investment credit has brought this about.
As in everything, however, matters can be carried too far and it is the
tendency toward extending the degree of credit toward the breaking point
which I am discussing.
The best example of the benefits derived from investment credit by the
individual is the acquisition of a home. The borrowing of money for such
a purpose is the most laudable thing possible. To what extent, however,
should the individual incur debt in order to do this thing and how much of
his money should he have in his investment?
Based on years of experience, savings banks loan between 50% to 60%
on very conservative and skilled appraisals. Mortgage loan companies loan
larger amounts and usually on less conservative appraisals. In turn they
charge higher rates of interest as compensation for the greater chance that
they take and this method of financing begins to take on the complexion of
an insurance risk.
It has been advertised in recent months, "Removal of the traditional
barrier to home ownership—the down payment no longer is necessary."
The less money that the individual has to pay into the house as a down
payment, the greater is his burden in paying off the principal and the
high interest charges, and if things are made initially too easy, the acquisition of a home is simply looked on by many as a rental proposition, with
the possible chance of acquiring the home and the obligation incurred is
looked on lightly.
On the basis of the no down-payment, or of an.absurdly small down payment, whoever carries the individual—whether it be a finance company, a
mortgage loan company or a builder—in turn must be carried, usually by
the banks. The banks in turn work on their depositors' money and work
for their depositors' protection, in order that they themselves may live. It
the method is economically unsound and fundamentally wrong in the first
instance, everyone is affected along the line.
792
UTE CHRONICLE
[Vol, 121.
It can be seen, therefore, that even in the case of the laudable purchase the tendency of finance companies in connection with loosening of terms is
of a home there must be certain general rules laid down in connection with that they seem generally to have accepted these looser methods as a general
its financing and certain limits of safety established. This holds good in rule which applies to all and are paying less and less attention to the
varying degrees on all other articles which can be purchased on installment quality of the individual credit risk. They reply that volume and proper
payment plan, as pianos, automobiles, washing machines, electrical appa- charges take care of losses in this connection. I cannot help but feel, howratus, automobile tires, jewelry, radios, furs, painting jobs, houses, furni- ever, that as the volume grows there will come a day of reckoning. On the
ture, bicycles, books, etc.
other hand,I do believe that the majority of the large finance companies
Over a period of years it has been more or less generally proved that will be strong enough to weather the storm.
piano purchases can safely be financed on a two or three-year basis because
In this connection arises the question of "without recourse." The large
of the piano's slow depreciation, its aid to happiness in the majority of finance companies argue that "without recourse" is all right where direct
homes that it is in and, in all probability, because of various other reasons collection methods are pursued and that the individual dealer is so anxious
with which I am not familiar.
to retain his non-recourse privilege with the finance company, so that he
It would take too long to go into even the few articles mentioned above may be relieved of the large contingent liability, that we will send to the
and . discuss the merits and demerits and the rules which would make the finance company only paper of the best individual credit risk type.
financing of the purchase of each one of them conservative. I am thereAs I have said before, these finance company men always have good
fore going to take the automobile as that which presents the most problems arguments, but this last argument I believe is one of the weakest they have
and which is most interesting to all of us. It is the best example of all yet presented.
the problems which are presented in installment paper financing.
I cannot help but feel that where the dealer has no interest in the credit
The thing which calls itself to our attention immediately is the question standing of those whom he sells the risk, as a general thing, cannot be good.
Again we get back to fundamentals which reflect the rightness or wrongof rapid depreciation. Other problems present themselves, such as the
large number of cars existing in the country to-day and second-hand car ness of what is being done all along the path, from the individual convalues. I have no records of what terms were originally extended in sumer to the bank, which, in the final analysis, does the financing. Many
financing the purchase of automobiles, but I imagine they were reasonable, dealers prefer to borrow on their sales contracts through their banks. To
comparatively speaking. To-day we know that terms are extended to Tom- my mind, they are entitled to borrow on warehouse receipts in order to lift
Dick or Harry, where the dealer is not required to endorse or guarantee, drafts drawn on them by the factories for cars shipped. I believe they
where down payment between 10% to 25% is allowed and where two years are entitled to a certain amount of unsecured accommodation for current
are given on a new car, which immediately becomes second-hand when it purposes on the basis of their statement and credit standing, but I do not
is driven out of the shop. On second-hand cars we know terms in excess believe in any bank loaning dealers direct taking as collateral their sales
of twelve months are given. The tendency is wrong• and such terms are contract paper. If the dealer is not good for the amount unsecured in the
ridiculous. I think there will be a change. In making such a prophecy I judgment of the bank, the bank is only fooling itself if it takes contracts
am fully aware of my lack of intimate knowledge regarding the automobile as collateral.
industry and I was told only the other day by the head of one of the largest
The handling of this type of financing is a specialty business and the
finance companies in the country that he had never known a single instance only test of whether the paper is good is direct collection. The time on payof any bank or banker ever having been right in whatever he said about the ments due cannot be extended, because the collateral is constantly depreautomobile business.
ciating. If, in turn, the bank collects direct a great amount of harm is
This same gentleman last October wrote me as follows:
done to that bank by the individual who, while he cannot say anything
peculiar
slant
of bankers always interests me. They seem unwill- which would ever hurt the finance company, is in a position to keep away,
"The
ing to believe that a company like ours could have credit brains enough to or take away, considerable business from the bank. The banks therefore
pass individual lines of less than $500 each secured by a lien on the car, generally require the dealer to collect for them and, it being a specialty
and limit our total borrowings to five times our stockholders' investment. business, there are many ways in which the bank may be fooled.
At the same time, however, they pat themselves on the back and believe
The dealer may pay the amount due on a specific contract, but it may
that they can loan $5,000, $50,000 or $1,000,000 on single name paper to not have come from the original purchaser and the result is that the bank
one firm and that they are doing a conservative business and solicit the de- is absolutely aiding the dealer to get himself entangled, with the result that
posits of the public up to ten or fifteen times the cash capital, surplus and both eventually suffer. This would not happen with the finance company
profits of the bank. Some food for thought."
taking care of the collection of the contracts.
I think there is a great deal in what the gentleman says, but I think,
It is perfectly possible for a dealer to re-possess a car, re-sell it, placing
and still maintain, that the general tendency in the automobile finance busi- a new contract with the bank, without taking up the old contract. How is the
ness is wrong and it is the duty of banks to slow it up. I have never yet got bank to know? Even supposing the dealer is honest. Such things have often
into an argument with a capable finance company man without being de- occurred through the lack of proper supervision, which the finance company
feated on practically every specific point under discussion. But even in specialists can give. The finance company can give proper supervision of
those moments of defeat something tells me, it might be a little bird, that insurance and many other things which the bank is as helpless as a baby
I am right. Time will tell.
about.
The automobile finance company business is not a very old business,
There is a great deal of used car financing and banks often take contwelve or fifteen years at the most. It was just the thing that was needed tracts on used cars. What knowledge of used car values can the average
to speed up the sale and use of automobiles and, on conservative terms, the bank have and how can it keep up-to-date on them? Suppose the dealer
few that got into the business were able to make a great deal of money. It has a used car which he wishes to turn but cannot sell without accepting
began to look attractive to others and the field gradually became more a very small down payment. He sells the car on a small down payment,
crowded. Competition developed to a degree. Looser terms were offered, but writes the contract so apparently a much larger down payment has been
less down-payments required, longer time on installment payments allowed. made and writes in the sale price of the car as greatly in excess of what it
Many individuals who purchased cars suddenly came to the realization of is. He then takes that contract to a bank. How is the average bank to
what they were paying in the way of interest and it occurred to them that know that they are loaning on that collateral a great deal more than that
here was a soft thing and they had better get in on it. Most of these collateral is worth?
people were of limited capital, with absolutely no experience in this line,
The answer to this might be that no dealer but a dishonest one would do
and, in most cases, the general business capacity was pretty well below such a thing and that no bank can guard against
the crook, no matter what
par. This has resulted in the last few years in a tremendous number of line of business he is in, but nevertheless many dealers justify just such
financially not responsible people, lacking greatly in capability, going into a procedure as this by
feeling that they are doing the right thing in makthe automobile finance business simply because it looked so easy to borrow ing the turn, that the bank does not understand the business anyway, and
money at from 6% to 7% and loan it on a secured basis at from 25% to what it does not know
does not hurt it.
30%. Many formed corporations where preferred stock was sold to get a
I strongly recommend all bank credit men to use their good offices in
little money in to start on. The preferred stock sold at a 20% discount their own banks in
insisting that their automobile dealer customers finance
and dividends of 8% promised.
themselves on their sales contracts through the large finance companies
The mistake usually made was the setting up of the commission or dis- for whatever their needs
are in excess of what the bank is willing to loan
count as earned so that in a few months' time they had many more con- them unsecured, for the
good of themselves, the individuals purchasing cars
tracts to collect than originally on practically the same earnings as the and the banks.
first month of business. A falling off in volume would bring them to a sad
The same general principles outlined in connection with the automobile
realization that they had allowed their overhead to build up because by im- I believe apply to
every other thing that can be purchased on time, taking
proper bookkeeping methods they had not gauged their earning power prop- into account the type
of thing it is, its depreciation, its purpose, and so
erly. Lack of knowledge of car values, the tricks of the trade, and eco- forth.
nomic laws result in a desperate situation for the finance company if it is
to keep alive. In desperation, small finance companies go after business
to save themselves—anything to develop volume, and one can imagine the Mechanics' Lien Committee Named by Secretary of
terms offered.
Commerce Hoover.
This has brought about a chaotic condition in the automobile finance
The appointment by Secretary of Commerce Herbert
business, with the large companies meeting the smaller companies' terms in
an effort to hold on to business and retain volume. The difference between Hoover of twelve qualified men as a committee to draft a
the small and large company as a credit risk at this time is that the large stan dard State mechanics' lien act is announced in a statecompany, through its volume, can MUM a proper follow-up system through
ment made public Aug. 11 by the Department of Commerce.
its branch offices and field agents in the matter of collections, and has
It is stated that at the request of several national organizasufficient financial strength to survive.
The small company cannot afford to exercise the care that the big finance tions, the Department has undertaken to prepare an act
company can because of its lack of volume and consequently decides to wind
suitable for adoption in the different states. The Departup its affairs. I am told that the average life of 75% of the finance companies in this country to-day is three years. If the bank chooses to loan a ment's statement also says:
Mechanic's lien laws provide that contractors,subcontractors, mechanics,
finance company it should be done with the greatest discretion and care
in view of the high mortality rate, the general tendency of the business, laborers, architects, material men,and others who have contributed toward
experience
finance
actual
with
small
companies.
the
the
construction of a building may obtain a lien on the property if they are
majority of
and the
In the latter case, as I stated before, the capital paid in is usually on the not paid for their services within a reasonable time. The owner of the
basis of 80 cents on the dollar, experience in every phase of the game is property then has to pay promptly or allow his property to be sold by the
lacking, and the bank which loans such a company is fortunate indeed if it court to settle the claims. One class of cases where lien laws play an important part arises when an irresponsible contractor defaults or goes into
gets its money back one hundred cents on the dollar.
There are a few exceptions to the rule that finance companies to be suc- bankruptcy, leaving obligations due to workers, material men and subconcessful should have an extremely large net worth and volume, but these are tractors. Under the provisions of a lien law these creditors may obtain payfew and far apart. The small finance company which is a good risk to-day ment from the owner of the property on which the work was performed.
The State laws vary greatly and therefore cause confusion and expense to
Is usually one of long standing, which exists by reason of some peculiar
situation. The large finance companies—while just as guilty as the small organizations doing business in several States,and to workers who move from
finance companies in the matter of extending looser terms—are, by reason one State to another. Dissatisfaction has been aroused in a number of
of their ability to pursue direct collection methods and on account of their States by laws whose provisions are said to be unfair to one or more of the
volume, a safer credit risk. It is the general feeling that they are going different groups concerned, or to be difficult to construe.
In order to frame an act which will be as fair as possible to all the different
to drive the majority of smaller companies out of business and make it so
severe for the new companies entering the field that eventually the situa- groups it was felt that they should be represented in deciding on the
tion will crystallize and there may or may not, be a tendency to drift back general principles to be embodied in the act and that the best possible legal
advice should be obtained in connection with phrasing it. The committee
to more conservative terms.
The proper result will arrive in time, and meanwhile it behooves both that Secretary Hoover has brought together accordingly includes representathe big finance companies and the banks to watch the developments of this tives of the principal groups including some whose interests are those of the
Interesting situation closely. Perhaps the principal objection that I have to owner.
AUG. 15 1925.]
793
THE CHRONICLE
When a preliminary draft of the act is completed, it will be sent for
criticism and suggestions to interested organizations and individuals, including a special new committee of the National Conference of Commissioners on
Uniform State Laws of which Mr.Charles V.Imlay,a member of the Hoover
committee, is chairman.
The committee has held two meetings, but in view of the large amount of
work required to draft such a model law, involving an extensive study of
existing statutes and court decisions in regard to them, no date has been
announced for completion of the preliminary draft.
The committee's membership is as follows:
F. Highlands Burns, Baltimore, Md., President Maryland Casualty Co.
William F. Chew, Baltimore, Md., Ex-president, National Association of
Builders' Exchanges.
John M.Ones, Washington, D. C., Chief, Division of Building and Housing, Department of Commerce.
George F. Hedrick, Washington, D. C., President, Building Trades
Council, American Federation of Labor.
Charles O'C. Hennessy, New York City, N.Y., Chairman, Legislative
Committee. N. Y. State Savings & Loan Association League.
Charles V. Imlay, Washington, D. C., National Conference of Commissioners on Uniform State Laws.
William B. King, Washington, D. C., Counsel, National Association of
Builders' Exchanges.
Victor Mindeleff, Washington, D. C., American Institute of Architects.
Charles H. Paul. Dayton, Ohio, American Engineering Council.
Frank Day Smith, Detroit, Mich., National Retail Lumber Dealers'
Association.
Leonard C. Wasen, Boston, Mass.. Associated General Contractors.
John L. Weaver, Washington, D. C., Ex-president, National Association
of Real Estate Boards.
Dan H. Wheeler, Secretary
A New Firm for Dealing in Real Estate Mortgage
Securities-Formation of Lawrence Stern & Co.
The formation of a nationwide investment banking
company in Chicago, by William A. Wrigley, Jr., John Hertz,
A. D. Lasker, John R. Thompson, Lawrence Stern, and a
group of other widely known business leaders, is announced.
The new firm is known as Lawrence Stern & Company. It
will conduct a general investment banking business, specializing in the underwriting and wholesale distribution of real
estate mortgage securities, and will be headed by Lawrence
Stern, a well known real estate mortgage banker. The
Board of Directors consists of: William A. Wrigley, Jr.,
Chairman of the Board of William A. Wrigley Co.; John
Hertz, President of the Yellow Cab Manufacturing and
associated companies; A. D. Lasker, President of Lord &
Thomas and Chairman of the U. S. Shipping Board under
President Harding; John R. Thompson, Chairman of the
Board ,of the John R. Thompson Company; Stuyvesant
Peabody, President of the Peabody Coal Co. and Chairman
of the Executive Committee of the Consumers Co.; Charles
A. McCulloch, President of the Parmelee Company; Herbert
L. Stern, President of the Balaban & Katz Corporation;
Alfred Ettlinger, Joseph J. Rice, and President Lawrence
Stern.
The wholesale distribution of real estate mortgage securities, on the scale contemplated by those associated in the
forming of this organization is said to represent a departure
in the investment banking field. In discussing the formation
of the new firm, Lawrence Stern, President, said:
We believe that there exists today a real need and an unusual opportunity
for the establishment of a conservative, strongly financed house specializing
in the underwriting and wholesale distribution of the better class of real
estate mortgage bond issues. While we will not confine ourselves to real
estate financing, it seems to us that the greatest present opportunity lies
in that field.
Within a few years the real estate mortgage bond business has developed
into one of the most important divisions of national financing. Ten years
ago the total national volume of this type of security was loss than one
hundred million a year. In 1923 the yearly volume was estimated at half
a billion. This year it will probably exceed a billion dollars. This great
development has been brought about largely by the houses specializing in
retail distribution, and the means for wholesale distribution of this important
class of securities has lagged behind.
It is only within a very recent period that there has been any carefully
planned effort toward wholesale distribution. Such distribution has been
handled to a certain extent by some of the established general bond houses
who have been more accustomed to operations in the industrial and public
utility fields; and in part by the larger real estate bond houses. Neither of
these groups is primarily organized for the wholesale distribution of real
estate mortgage bonds, and in many cases their methods of doing business
make it difficult for them to meet the point of view of the dealer who purchases securities from them for retail distribution. Therefore, there is a
splendid opportunity-in fact a real and pressing need-for a house managed
by men of long experience and training in the real estate field, operated
along conservative lines and specializing in the originating and wholesale
distribution of real estate securities.
New York Trust Company's Index of Security PricesDecline in Bonds.
Bond prices between June 30 and July 31 registered a
decline of 0.71 point, according to the New York Trust
Company's index of security prices, covering 66 bonds and
113 stocks. All classes of bonds showed a decline in that
period, the most marked recession being a decrease of 1.50
points in railroad bonds. Compared to last Dec. 31, however, average bond prices on July 31 showed a lead of
0.92 point. Prices of stocks on July 31 averaged 2.68 points
above those of June 30. All classes advanced with the
exception of oils and railroad equipment, which showed
respectively decreases of 1.85 points and 0.45 point. Leather
and shoe, iron and steel and industrial stocks made gains
of 4.25, 2.51 and 2.50 points, respectively. The average
price for stocks on July 31 stood at 12.70 points above prices
on Dec. 31 1924.
THE NEW YORK TRUST CO. INDEX OF SECURITY PRICES.
Average *Bond and Stock Prices.
Increase or Decrease
Average
as Compared to'
-July31 1925. June 30 1925. Dec. 31 1924.
Bonds
+0.16
102.14
-0.83
5 Liberty and Treasury
+1.01
103.40
-0.10
16 Foreign Government and city
+0.89
89.20
-1.50
20 Railroad
+0.72
91.33
-0.63
10 Public utility
-0.73
+1.66
98.43
10 Industrial
+1.09
-0.47
100.35
5 Telephone and telegraph
Average
Stocks25 Railroad
10 Iron and steel
5 Railroad equipment
9 Motor (including accessories)
5 Rubber (Including tires)
5 Shipping
5 Sugar
5 Leather and shoe
5 Tobacco
10 Public utilities
10 Copper
9 Oils
10 New York Bank & Trust Co
Average
97.47
-0.71
+0.92
+1.56
84.51
55.42
103.25
65.36
37.32
64.60
38.65
43.15
59.30
9928
40.47
54.70
693.60
+1.14
+2.51 •
-0.45
+1.13
+1.35
+0.05
-1.82
+4.25
+1.88
+2.50
+1.81
-1.85
+22.40
-5.90
+14.05
+10.58
+5.18
+1.23
+7.71
+4.86
+11.56
-3.18
+2.72
+116.10
110.73
+2.68
+12.70
New York and Other State Insurance Commissioners
Enjoined From Revoking License of Palmetto
Fire Insurance Co. Underwriting Automobile Theft and Fire Insurance.
Temporary orders restraining State insurance commissioners from interfering with its plans are the latest
developments in the efforts of the Chrysler Corporation to
distribute motor cars under a uniform deferred payment
plan which includes fire and theft insurance. The matter
is of interest to bankers generally because over 80% of all
motor cars made it is claimed are sold on the deferred payment plan, the financing of which involves some two billion
dollars yearly.
In New York Judge John C. Knox on August 4 issued a
temporary order restraining the State insurance commissioner
from revoking the license of the Palmetto Fire Insurance
Company, a South Carolina Corporation which underwrote
the fire and theft insurance included in the plan. In Wisconsin Judge C. Z. Luse of the United States District Court
for the western district of the State issued temporary orders
restraining the State insurance commissioner from arresting
or bringing any actions against the Chrysler distributors or
dealers or issuing any statements that the Chrysler plan,
whereby Chrysler cars are sold covered by fire and theft
insurance, is illegal.
In a statement issued at the time of these announcements,
President Walter P. Chrysler said:
To control the deferred payment price of its cars, the Chrysler Corporation negotiated for uniform finance charges throughout the United States
and during the next year will save prospective purchasers 25,000,000 in
reduced finance charges. Before uniform finance charges could be obtained
It was necessary to insure cars against loss from fire and theft.
The insurance feature of the plan is incidental to the finance plan but it
Is the feature which has incurred the opposition of a few State commissioners of insurance.
The best legal minds in the country assure us our plan is legal. Bankers
and business men confirm our judgement that the plan is sound economically.
Reference to the automobile financing proposed in the
Chrysler-Palmetto sales plan was made in these columns
Actively associated with Mr. Stern in the operation of the August 1, page 529. On Aug. 7 the New York "Evening
company will be Joseph J. Rice, who has been with Mr.Stern Post" said:
The country-wide legal battle that the Chrysler Corporation and the
for many years and is well known in the real estate financing
Palmetto Fire Insurance Company are making to establish their right to
field and a recognized authority on real estate mortgage include fire and theft insurance in the sale price of Chrysler autos temporarily
loans; and Alfred Ettlinger, a financier of long experience in shifted from New York to Ohio today under conditions promising a contest
in interest and importance to its counterpart in the Empire State.
New York and Chicago, and for many years prominent in equal
In an equity suit filed in the United States District Court for the Southern
banking circles; and a group of other experienced men. District of Ohio, Judge Benson W.Hough granted an injunction temporarily
Temporary offices have already been opened in the Illinois restraining Judge Harry L. Conn, State Insurance Commissioner for Ohio,
revoking the license of the Palmetto Company to do business in that
Merchants Trust Building, Chicago, and it is understood that from
State. The writ was made returnable August 13, when it will be decided
within
a
with
operations
time,
short
start
will
whether an interlocutory decree shall be issued pending determination of
the new firm
the permanency of the injunction.
offices in New York and Chicago.
794
THE CHRONICLE
[Vol. 121.
But the Insurance Commissioner issued an order revoking the Ohio
license of the Palmetto Company.
. Telegrams received in New York by interested persons agreed on these
two statements of what happened at Columbus, but they were in doubt
regarding details.
its own request. According to the Boston newspapers of
Aug. 12, after a hearing of the creditors of the firm on that
day, B. Loring Young, referee in bankruptcy, appointed
Daniel j. Lyne, of the law firm of Lyne, Woodworth &
The following is taken from the New York "Journal of Evarts, Boston, receiver under a bond
of $100,000. The
Commerce" of yesterday (Aug. 14):
assets of the failed brokerage house are estimated as apThe position of the Palmetto Insurance Company of Sumter, S. C., in the
State of New York and the right of the Superintendent of Insurance to cancel proaching $2,000,000 with liabilities exceeding that figure.
its license because of alleged improper practices in connection with its deal The firm maintained branch offices at 25 Beaver St., this
with the Chrysler Corporation came up for a hearing yesterday morning city, at Fitchburg
and Springfield, Mass., Hartford, Conn.
[Aug. 131 in the United States Circuit Court of Appeals in an argument
to make permanent the restraining order granted by the Court against and Portland, Me.
Superintendent Beha. After hearing arguments of both sides and counsel
for both interests agreeing to waive technicalities in the interest of a speedy
determination of the case, the hearing was adjourned with ten days allowed
to present briefs.
Brokerage of Garden, Green & Co: of This City to Quit
Business Aug. 31.
Announcement was made on Wednesday of this week
(Aug. 12) by the New York Stock Exchange firm of Carden,
Green & Co., 43 Exchange Place.
, this city, that the firm
would dissolve as of Aug. 31 next and "that future plans will
be announced at a later date." The official statement was
as follows:
The present partnership of Carden, Green & Co. will terminate Aug. 31
1925. Certain partners of the firm have desired to retire from the commission business of a year or more, but the dissolution was not determined upon
until a few days ago. The firm is requesting its customers to close or transfer their marginal or trading accounts. Future plans will be announced at a
later date.
Magnitude of Operations of Federal Land Banks and
of Joint Stock Land Banks on June 30 1925.
The statement of condition of the twelve Federal Land
banks at the close of business June 30 1925 shows farm loan
bonds outstanding of $972,843,285. These figures compare
with $914,763,416 outstanding on Dec. 31 1924. The
combined Joint Stock Land banks on June 30 1925 reported
farm loan bonds outstanding of $489,476,600 as against
$435,067,400 outstanding on Dec. 31 last. The latter
figures were published in our issue of Feb. 7 1925, page 651.
The following are the figures for June 30 as made public
by the Federal Farm Loan Board:
CONSOLIDATED STATEMENT OF CONDITION OF THE TWELVE
FEDERAL LAND BANKS AT CLOSE OF BUSINESS JUNE 30 1925.
Assets—
Net mortgage loans
$975,175,003 11
Interest accrued but not yet due on mortgage loans
16,446,935 08
In reporting the dissolution of the firm in its issue of Aug. U.
S. Government bonds and securities
37,368,439 88
Interest
accrued
but not yet due on bonds and securities
13 the New York "Times" said in part:
190,645 55
Other interest accrued but not yet due
35,796 85
No reason for the dissolution was given at the offices of the firm yester- Cash on hand and in banks
15,318200 11
day (Aug. 12) other than the statement that certain partners had expressed Notes receivable, acceptances, ate
1,800.009 77
Accounts receivable
749,925 18
a desire to retire from the commission brokerage business for a year or more. Installments
matured (in process of collection)
1,331,299 41
No official information was obtained from the New York Stock Exchange Banking houses
2,018,236 61
regarding the dissolution of the firm.
Furniture and fixtures
270,940 06
The firm of Carden, Green & Co. played a prominent part in the flotation Sheriff's certificates, Judgments, &c. (subject to redemption)__._
3,706,995 86
estate
Real
56.814 12
of radio company securities in 1924 and the early months of 1923, when Other
assets
304,706 97
speculation in radio securities was at its height on the New York Stock Exchange and on the Curb Market. Two of the radio firms which were fiTotal assets
$1,054,773,948 56
Liabilities—
nanced by the firm were the Federated Radio Corporation and the FreshFarm loan bonds outstanding
$972,843,285 00
man Radio Corporation.
Interest accrued but not yet due on farm loan bonds
• 11,678,270 75
It was reported in the financial district yesterday that following the filing U. S. Government deposits
of a lawsuit which involved the sale of stock in the Federated Radio Corpora- Notes payable
232,421 60
tion, the Stock Exchange authorities had started an investigation. No con- Accounts payable
Other interest accrued but not yet due
92,089 39
firmation of this report was obtainable at the Stock Exchange, where all Due
borrowers on uncompleted loans
364,944 80
Inquiries were referred to the firm of Carden. Green & Co. At the offices Amortization installments
1,459,472 34
paid in advance
of the firm it was admitted that such an investigation had been made but no Farm loan bond coupons outstanding
2.388,338 81
Dividends declared but unpaid
860,432 44
comment was made.
985,022 33
An investigation of the affairs of the brokerage firm is also being carried on Other liabilities
by the Attorney General's Bureau for the Prevention of Frauds, but at the
liabilities
Total
$990,904,277 46
Net Worth—
offices of the bureau,66 Broadway.it was said that the investigation had not
Capital stock U. S. Government
11.513,04500
been completed.
National farm loan associations
50,137.775 00
It was officially said that the members of the firm who now hold seats in Borrowers through agents
444,365 00
the various exchanges of the country will retain these memberships as indi- Individual subscribers
1,58500
viduals following the dissolution. The New York Stock Exchange member
Total capital stock
552,096,770 00
of the firm is Howland H. Pell, who will continue a member of this institu- Reserve
(legt1)
$7,554.700 00
tion as an individual trader. The other members of the firm, according to Surplus, reserves, ate
104,178 23
the latest Stock Exchange directory issued in July, are Edward T. White, Undivided profits
4,124,022 87
63,869 671 10
Allen B. Hendrick, George A. Carden and George W. F. Green.
The present partnership has held membership in the Exchange since Nov.
Total liabilities and net worth
$1,0E4,773,948 56
4 1922 and Mr. Pell has been a member since Feb. 10 1921. In addition
Memoranda—
to its local office, Carden, Green & Co. maintained a branch office at Port Net earnings to May 31 1925
$30,715,722 28
$12,749,506 06
Jervis, N.Y. Members of the firm, individually,also hold seats on the New Less—Dividends paid
Carried to suspense account
1.263,05720
York Curb Market, the Chicago Board of Trade, the New York Cotton ExReal estate charged off
4,925,753 97
change and the New York Coffee and Sugar Exchange. These member18,938,317 23
Carried to surplus, reserve, &c
ships will be retained by the respective partners.
$108,682 18
Carried to reserve (legal)
7,544,700 00
Carried to undivided profits
4.124.022 87
New York Consolidated Stock Exchange House of
Total carried to surplus, reserve and undivided profits
11,777,405 05
Capital stock originally subscribed by U.S. Government
$8,922,515 00
Hunt, Ellis & Co., Boston, Suspends—Receiver
Amount of Government stock retired to date
7,409,470 00
Appointed.
Capital stock held by U. S. Government
11,513,045 00
Following the discontinuance by the Western Union
Telegraph Co. and the United Telegram Co. of the ticker
service of the New York Stock Exchange, the brokerage firm
of Hunt,Ellis & Co.,27 State Street, Boston, members of the
New York Consolidated Stock Exchange,suspended business
on Aug. 10. A statement issued by Hunt, Ellis & Co.
printed in the New York "Herald-Tribune" of Aug. 11
read as follows:
CONSOLIDATED STATEMENT OF CONDITION OF THE JOINT STOCK
LAND BANKS AT THE CLOSE OF BUSINESS JUNE 30 1925.
Assets—
Net mortgage loans
8501,673,432 10
Interest accrued but not yet due on mortgage loans
8,004,007 42
U. S. Government bonds and securities
21,416,383 82
Interest accrued but not yet due on bonds and securities
150,065 93
Other interest accrued but not yet due
78,806 62
Cash on hand and in banks
12,564,592 51
Notes receivable, acceptances, Jrc
2,360,618 07
Accounts receivable
2,185,144 73
Installments matured (in process of collection)
1,364,872 92
On Saturday. Aug. 8 without any previous notice to us or any investi- Banking houses
1,006,985 00
gation of our books. the Western Union Telegraph Co. and the United Tele- Furniture and fixtures
175,571 16
estate
Real
2,416.334 54
gram Co., from whom we are obliged to secure our ticker service of quota- Other assets
717.369
49
tions from the New York Stock Exchange. discontinued this service which
Total assets _______________________________________________ 5554,114,184 31
we have enjoyed for a period of 20 years without interruption. Under these
Liabilities—
circumstances, we are unable to continue business and are therefore relucFarm loan bonds outstanding
$489,476,600 00
tantly closing our doors in order that our books may be audited and our as- Interest accrued
but not yet due on farm loan bonds
5,040.407 21
sets conserved for our customers.
Notes payable
5,324,600 00
Accounts
payable
The firm of Hunt. Ellis & Co.. has been in existence since 1904 and have
3,086,400 97
61,242 92
always met all their obligations during this long period We have built up Other interest accrued but not yet due
Due borrowers on uncompleted loans
929,441 26
one of the largest brokerage businesses in New England, having specialize Amortization installments
982.605 36
paid In advance
in odd lots and have always satisfied our customers' demands and met every Farm loan bond coupons outstanding
1,178,066 75
obligation. We regret that this unwarranted interruption of our business Dividends declared but unpaid
249,754 74
Other
liabilities
1,014,318
51
has occurred but it is a situation over which we have no control and we trust
our obligations to our present customers may be adjusted satisfactorily as
Total liabilities
$507,343,437 72
Net Worth—
soon as we can see where this unfortunate interruption has left us.
Capital stock paid in
$38,381,400 00
On the same day (Aug. 10) the New York Consolidated Surplus
paid In
1.373,685 83
earned
922,858 29
Stock Exchange suspended the firm. Thomas B. Maloney, Surplus
Reserve (legal)_______ _
3,769,792 96
Other net worth accounts
359,325 57
President of the New York Consolidated Stock Exchange, Undivided
profits
1,963,683 94
was quoted in the "Herald-Tribune" as saying that the firm
46.770,746 59
was suspended from that institution following the receipt of
Total liabilities and net worth
$5554,114,184 31
AUG. 15 1925.1
THE CHRONICLE
795
over the amount reported a year ago. During the same
period their investments showed an increase of $763,000,000.
This total increase in credit of about $2,000,000,000 is not regarded as excessive by the First National Bank in St. Louis,
despite the reduction in the Federal Reserve System's gold
holdings, but is considered as Indicating that the huge imports of gold to this country have not been idle. According
to the report, on April 1 1924 American bank deposits totaled $46,000,000,000, with gold reserves of $4,368,156,000,
equivalent to 9.5 cents in gold for every dollar of deposit.
This year the volume of gold reserves was utilized to increase total deposits of $50,497,000,000 and the ratio of gold
deposits dropped to 8.7 cents, approximately the ratio before
the World War. Predicting an increased demand for money
from industrial sources, the bank states that "money rates
during the next three or four months will register something
of an advance over present levels." In the field of long-term
money rates, however, the bank believes that "the peak of
Resources of National Banks June 30 Close to Record
present bond market has already been reached."
the
Figures of December Last.
The total resources of 8,072 national banks in the conti- Commission Rate on Los Angeles Stock Exchange Cut to
nental United States, Alaska and Hawaii, June 30 1925
Meet New York and San Francisco Rates.
shown by reports of condition submitted to the office of the
lower commission rates on the New York and
meet
To
Comptroller of the Currency amounted to $24,350,863,000
Francisco Stock Exchanges, the Board of governors of
San
and were greater than at any time in the history of the
Los Angeles Stock Exchange on Aug. 7 authorized
national banking system with but one exception, Dec. 31 the
substantial reductions in the rates applying to certain stocks
1924, when the resources of these banks amounted to $24,in Los Angeles says the Los Angeles "Times" of
381,281,000. The increase in resources of these banks since listed
August 8, which adds:
April 6 was $518,400,000, on which latter date there were
In the case of Southern California Edison common, the reduction is
8,010 banks, and the increase since June 30 1924, when there approximately 50%•
Agitation for lower rates on certain classifications of stocks has been
were 8,085 banks, was $1,784,944,000. In announcing this
active since Edison shares found a market on the New York Curb. Comon Aug. 7, Acting Comptroller Charles W. Collins added:
mission rates are lower on the curb than in Los Angeles for a stock selling
Melville Chapman, Former New York Broker, Dies
Suddenly in France.
Melville D. Chapman, Captain in the United States Marine Corps during the World War and later an American
representative on the Inter-Allied Economic Commission,
died suddenly on July 12 at Etretat, France, from a stroke
of paralysis. Mr. Chapman, who was 51 years of age, was
associated with his father, Elverton It. Chapman, before
the war in the former brokerage firm of E. R. Chapman &
Co. of this city. With his father he was interested in
numerous corporations, having been Treasurer and director
of the Alabama Iron & Steel Co., President and director of
the Chapman Coal & Coke Co., President and director of the
Elverton Hotel Co., Vice-President, Treasurer and director
of the Elverton Land Co., Secretary, Treasurer and director
of the Pennsylvania Railroad Tie Co., etc., etc.
Eighty-two and eighty-seven hundredths percent, or $429,613,000 of the
increase in resources between April 6 and June 30 1925 was shown by the
reports of banks in central reserve and reserve cities. New York City
banks showed an increase in resources in this period of $353,440,000; Chicago banks an increase of $24,901,000; Detroit banks an increase of *42,953,000, and increases in resources of other reserve city banks ranged from
$85,000 to $16,821,000. The increase in resources of country banks or
banks situated outside of reserve cities, between the dates of the last two
reports, was $88,787,000. New Jersey banks showed the largest amount of
increase, $38,435,000; New York State banks reported an increase of $24,770,000; Massachusetts banks an increase of $17,734,000, and other increases ranged from $19,000 to $13,785,000.
The loans and discounts of these banks totaled $12,674,067,000 June 30,
compared with $12,468,836,000 April 6, and $11,978,728,000 June 30 1924.
The amount of United States Government securities owned by these banks,
$2,536,767,000, shows a reduction since April of $77,418,000, but an increase in the year of $54,989,000. Holdings of all other miscellaneous bonds
and securities, to the amount of $3,193,677,000, show an increase since
April of $54,422,000 and an increase in the year of $533,127,000.
Balances due reporting banks from other banks and bankers, including
lawful reserve with Federal Reserve banks of $1,326,864,000, aggregated
$3,293,785,000 and were $21,268,000 greater than in April, and $252,992,000 more than a year ago.
Cash in banks shows a reduction of $2,066,000 since April, but the
amount June 30 1925, $359,605,000, exceeded the amount held June 30 1924
by $14,380,000.
The paid in capital stock of the banks was $1,369,435,000 and shows an
increase since April of $7,991,000 and an increase in the year of $35,434,000. Surplus funds and undivided profits, amounting to $1,600,639,000,
were increased since the date of the prior report $3,638,000 and were $18,405,000 more than in June 1924.
Liabilities for circulating notes outstanding amounted to $648,494,000,
showing a reduction since April of $953,000 and a reduction in the year of
$81,192,000.
Total deposit liabilities amounted to $19,909,669,000, exceeding by
$526,722,000 the amount in April and were $1,561,832,000 in excess of the
amount in June 1924. Included in the deposit liabilities was $3,446,656,000,
representing balances due to correspondent banks and bankers, showing an
increase since April of $27,815,000 and an increase in the year of $75,320,000; demand deposits, including United States deposits, to the amount of
$10,538,355,000, which show an increase since April of $359,460,000, and
an increase in the year of $821,787,000, and time deposits, including postal
savings, amounting to $5,924,658,000, which exceeded by $139,447,000 the
amount in April, and were $664,725,000 greater than in June 1924.
Liabilities for money borrowed, represented by bills payable and rediscounts amounted to $478,981,00, showing an increase since April of $33,186,000 and an increase in the year of $138,356,000.
The percentage of loans and discounts to total deposits was 63.66, compared with 64.33 in April and 65.29 in June 1924.
First National Bank in St. Louis on Influence on
Money Market of Gradual Reduction in
Bank Reserves.
Gradual reduction in the bank reserves of the country is
viewed as the most significant influence in the general
money market development in a study just published by the
First National Bank in St. Louis. "With bank credit expanding over $2,000,000,000 in the face of a decrease in gold
reserves of $370,000,000," says the report, "it is evident that
some inroad has been made into the volume of surplus bank
credit in comparison with that which existed a year ago,
even though reserves are still abundant." The report points
out that on July 15 of this year loans and discounts of reporting member banks of the Federal Reserve System
amounted to $13,285,000,000, an increase of $1,300,000,000
at the price now quoted, and in order to retain the Edison business on the
Los Angeles Stock Exchange, the board of governors deemed it expedient to
meet the lower rate. The New York Curb rate on Edison transactions is
$35 a 100 shares, while the Los Angelesrate is M of 1% ofthe money involved.
At present prices, this amounts to a charge of approximately $60 for each
100-share transaction.
As the by-laws of the exchange are amended, the reduction applies to all
public utility stocks, which will effect a saving in stocks like Southern
Countries Gas Preferred, selling between $90 and $125 and now subject to
a commission of $5 for each ten shares. The San Francisco rate is $25 a
100-share lot, and the amendment provides that this rate will be met.
The amendment referring to public shares is expressed as follows:
"Stocks of public utility corporations shall be subject to the commission
rates in force on the New York and San Francisco exchanges. Where
doubt arises the rates in force on the New York Stock Exchange shall take
precedence."
Another concession was written into the by-laws by the amendment
reducing commission on bank stocks listed on the New York or San Francisco exchanges. This amendment applies particularly to Bank of Italy and
Bancitaly Corporation, both of which are listed in San Francisco. The rate
in Los Angeles on bank stocks now is $1 a share or fraction thereof for stocks
selling under $200. and M of 1% of the money involved for bank stocks
selling above $200 a share.
As the by-laws now read after giving effect to the amendment, the
exemptions are expressed as follows:
"Stocks, including bank stocks, selling at $10 and up, that have applied
for and have been accepted for listing on the New York or either of the San
Francisco exchanges, shall be subject to the commission rates in force on
those stock exchanges."
C. C. Parks Elected Director Federal Reserve Bank of
Kansas City.
C. C. Parks has been elected a director of the Federal
Reserve Bank of Kansas City, Mo., succeeding the late
J. C. Mitchell. Mr. Parks is Vice-President of the First
National Bank of Denver.
Commodity Classification of Acceptances Purchased by
Federal Reserve Banks-40% Account of Marketing
of Cotton and Grain.
Of the bankers' acceptances purchased outright by the
Federal Reserve banks in March and April of this year, 40%
in dollar value were drawn to finance the marketing of cotton
and grain, according to a statement by the Federal Reserve
Board based on a study which appears in the Federal Reserve
Bulletin for August, issued on Aug. 10. Another 10% of
the acceptances were drawn to finance the storage or movement of other American agricultural commodities, bringing
the proportion of farm products among the commodities
underlying purchased acceptances to 50% of the total.
The Board further says:
During the two months included in this study the Reserve banks purchased $247,000,000 of bankers' acceptances, exclusive of acceptances
bought under repurchase agreements. Of this amount $87.000,000 was
drawn to finance imports, $77.000.000 to finance exports, $59,000,000 to
finance domestic transactions, of which a large proportion covered the storage of agricultural staples in elevators and warehouses awaiting export.
and $24,000,000 to finance the storage and shipment of goods between foreign countries.
Before the Federal Reserve system was established, this convenient and
economical way of financing the marketing of crops by the use of American
bankers' acceptances was not available, and a large part of our foreign trade
was financed through the use of acceptances drawn on foreign banks, which
796
THE CHRONICLE
involved the payment of commIssiondandi discounts in foreign markets.
TS Trade
77a Reserve Act maddit_possible for banks in this country to accept
arafts ana the Federal Reserve banks, by standing ready to purchase acceptances, have fostered an'acceptance market in this country the extent of
which is indicated by the fact that there are now outstanding at different
times of the year between $600.000.000 and 8800.000.000 of hankers' acceptances.
Through the acceptance market, facilities have been also provided for
financing the storage and shipment of American farm products by exporters
and co-operative marketing associations at lower rates and more conveniently than was possible before.
The analysis made by the Federal Reserve Board shows that acceptances
purchased by the Reserve banks cover a wide range of different commodities.
During March and April import acceptances covered about 600 commodities,
and export acceptances covered over 250 commodities. The principal commodities underlying the $247,000,000 of acceptances purchased by the Reserve banks in March and April,combining acceptances in foreign trade and
In domestic transactions, were as follows;
Cotton
$74,836,000 Flour
$5,266,000
Grain
0.000 Tobacco
4,195,000
Sugar
19,783,000 Rubber
Coffee
17,752,000 Cotton manufactures_ _ _ 2:337:000
Silk
15.082,000 Wood pulp
1,915,000
Wool
11,431,000 Lumber
1,886,000
Hides and skins
7,300,000 Furs
1,688,000
Copper
6,679,000 Farm implements
1,235,000
Lard and meat
5,323.000
[vol. 121.
of the Aumsville State Bank of Aumsville, Ore., as to present checks
aggregating one and one-half time the cash reserve which the bank by
law had to carry, demanded payment in cash, refusing a draft, and shipping
the currency out by mail. And in the case of the La Pine State Bank
of La Pine, Ore., the same methods were followed to the extent of taking
every piece of currency out of the bank, every silver dollar, every 50c.
piece and 25c. piece in the bank, leaving about $250 in gold and some
nickels and dimes.
The Brookings State Bank held out for a year, during which time the
agent presented checks aggregating $102,000 at an admitted expense to
the Federal Reserve Bank of $3,542. After the Brookings bank had held
out a year, the defendant tried another method which was worse, in that
It removed the agent from Brookings and sent checks through the mails
bearing a restrictive endorsement, and when the Brookpings bank refused
to pay the checks on the ground that there was not a valid presentment.
the Federal Reserve Bank returned the checks with a notice of dishonor.
This practice continued until the Brookings State Bank went into the
Federal Court and obtained an injunction. The defendant, in November.
1921, through Its Los Angeles branch, returned a check on the Brookings
State Bank, which check of course was returned to the depositor,
with a
notation that the Brookings State Bank was closed.
In fairness to the defendant, it should be said in this connection that
they claimed that the reporting that the Brookings bank was closed WAS a
clerical error: but also in this connection, it should be stated that even
after the defendant knew that the report was being circulated
in Brookings.
they made no effort to correct it.
These acts complained of finally got into the Court, and you will find
the injunction suit reported in the 277 Fed. Rep., page
430, and the 281
Fed. Rep., page 222. In Nov/ember 1922 the Brookings
State Bank brought
an action for damages setting up some 193 acts which
it alleged the Federal
Reserve Bank of San Francisco did with the malicious desire to injure the
business of the Brookings State Bank because it would not remit at par.
These 193 acts consisted of a detailed statement of the presence of the
agent, notices of dishonor and bank closed incident.
The defendant
denied that the acts were maliciously done, and in May 1925 the case
was called for trial in the United States Court in Portland. Of course,
In order to prevail on the tort of interference, the
Brookings bank was
under the necessity of proving that the Federal Reserve Bank of San
Francisco acted with the malicious desire to injure or destroy the Brookings
bank. The trial lasted some three weeks, and on June 9 resulted in a
verdict by a jury In the United States Court at Portland, in favor of the
Brookings State Bank and against the Federal Reserve Bank of San Francisco, whereby the plaintiff received a verdict of $1 actual damages and
$17.500 punitive damages. The plaintiff, of course,also obtained judgment
for its costs amounting to some 51,200.
There Is a motion for a new trial pending in behalf of the defendant and
their attorneys state that if the motion is not wanted they will appeal.
Since the preliminary injunction of Judge Wolverton, enjoining the
defendant from the acts complained of, some 27 or 28 of the country banks
of Oregon have gone back on to the non-par list, and I am advised that
there are now something over 60 non-par points in the Twelfth Federal
Reserve District.
I might add, in conclusion, in connection with the trial of the action
at law in which the plaintiff alleged that the Federal Reserve Bank acted
through a malicious motive, that Governor Calkins of the Federal Reserve
Bank. Manager Greenwood of the Portland branch, Cashier Ambrose.
and other officers of the Federal Reserve Bank, all of whom were present
for several weeks during the trial, did not go on the witness stand and face
cross-examination and deny that their acts were maliciously done.
Respectfully yours,
T. T. BENNETT.
Analysis by United States Chamber of Commerce of
McFadden Bill to Repeal War Time Amendments to Federal Reserve Act.
An analysis of the McFadden bill to repeal war-time
amendments to the Federal Reserve Act has just been issued
by the Finance Department of the Chamber of Commerce of
the United States. According to the department, this bill,
which was introduced by Representative McFadden, of Pennsylvania, just two days before the close of the last session
of Congress, was put forward so that it might be the subject
of study and comment by bankers and economists through
the summer to the end that there might be some crystallization of opinion on the subject for the guidance of the coming
Congress. The text of the bill was published in our issue of
March 7, page 1154.
The analysis by the department indicates that the bill
undertakes to make three changes in the law: Prohibit the
use of gold or of paper purchased in the open market as
collateral security for issues of Federal Reserve note* rescind the present provision that gold so serving as collateral
may also be counted as reserve; and permit member banks
to keep 40% of their present required reserves in their own
vaults, if they wish, rather than hold all of their reserves in
the Federal Reserve banks, as the law now requires. The
Chamber of Commerce of the United States has taken no
position on the bill, and the analysis is not issued in approval or disapproval of It, but in connection with a study Tentative Budget Estimate Submitted to President
of all responsible proposals for amendments to the Federal
Coolidge by Budget Director Lord Forecasts Tax
Reserve Act. A table of comparison showing the reserves
Reduction of $300,000,000.
required under the National Bank Act, the terms of the FedA tentative budget estimate, calling for a reduction of
eral Reserve Act in its original form, present law, an, the $20,000,000 below the appropriations for the present fiscal
posed McFadden bill adds to the value of the analysi
year, was presented to President Coolidge at Swampscott,
Mass., on Aug. 10 by Director of the Budget, Brig.-Gen.
Proceedings by Brookings (Ore.) State Bank Which Herbert M. Lord. Stating that this fixes the budget for
Brought Verdict Against Federal Reserve Bank of
the next fiscal year at tentatively $3,080,000,000, and that
San Francisco in Par Check Collection Issue.
the cut of $20,000,000 is the amount set by the President,
The verdict given in favor of the Brookings State Bank who approves the form in which the budget chief tentatively
of Brookings, Ore., in its action against the Federal Reserve has allocated the new figures, the Associated Press dispatches
Bank of San Francisco for damages incident to the latter's from Swampscott went on to say:
With increases necessary in some departments heavy slashes have been
alleged campaign to force the bank to remit at par for the called
for in others and it is understood the new budget hits hard on the
collection of checks, was briefly referred to in these columns Army and Navy appropriations. Mr. Coolidge has declared
that while he
wanted
adequate national defense, he believes it should be maintained on the
June 13, page 3015. The case was tried by a jury in the
smallest sum necessary. This policy is said to have been pursued in the
U. S. District Court at Portland, Ore., and the jury, after preparation of the new budget.
hearing the evidence and instructions of the Court, brought
Although it is likely next year's budget will pare down the military
in a general verdict finding for the Brookings State Bank appropriations, it is understood that the aviation branches will not suffer.
About $20.000,000 for aviation was authorized for this year and this sum
for $1 general damages and $17,500 punitive damages. Is declared to be all that can be consumed in the annual output
of the
Since only the barest information was available from the present aviation manufactory.
A slash in next year's appropriations, coupled with a surplus in the
newspaper accounts, we sought from the bank the details Treasury
now of $250,000,000 and a prospective surplus of 8290,000.000
regarding the proceedings. Our request was referred to at the close of this
year, warrants tax reduction of at least 8300.000.000.
the bank's counsel, Bennett & Swanton of Marshfield, Mr. Lord told the Executive.
Ore., and Mr. T. T. Bennett of the firm writes us in reply
Tax Revision Program Launched by Pacific Northwest
under date of Aug.8 as follows:
Your letter of July 22 addressed to the Brookings State Bank has been
Realtors—Amendments Proposed by Ohio
referred to me with the request that I give you the information you desire,
Association.
as I was leading counsel for the Brookings State Bank and familiar with
Pointing out that modern economic conditions have
the litigation.
The controversy arose over an attempt of the Federal Reserve Bank of brought into existence various tangible and intangible
San Francisco, through its Portland branch, to force all country banks forms of wealth
other than real estate, once the single great
of Oregon to clear at par during the summer of 1920. On June 1 1920
there were 55 non-par banks in Oregon. After the Federal Reserve Bank resource for tax levy, real estate associations in a number of
started its coercive methods, by Oct. 8 1920 all of the 55 banks of Oregon, States are calling on the legislatures of the States for sysexcept the Brookings State Bank, had been whipped into line.
tematic and comprehensive adjustment of the State taxaBriefly, the methods of coercion adopted by the Federal Reserve Bank
of San Francisco were the advertising that it would collect all checks at tion systems. Action taken by the Pacific Northwest Real
Par on the bank to be disciplined; an agent was sent into the town and Estate Association at its annual convention, just closed, and
presented the checks over the counter, demanded payment in cash, and
action being taken by the Ohio Association of Real Estate
the agent refused to accept a draft at par, payable for the full amount
of the checks presented, the Federal Reserve Bank going so far in the case Boards are movements to put into effect the program for
/6
AUG. 15 1925.]
THE CHRONICLE
797
tax adjustment formulated by the National Association of ated Press dispatches of Aug. 8 from Swampscott, Mass.,
Real Estate Boards at its annual convention held in Detroit, where President Coolidge is summering. This account said:
President Coolidge holds to the view that industry. including the coal
Mich.,late in June. Study of the tax incidence of the State, business,
should settle its own labor problems and he is hopeful that induslooking to legislative action is also being made by the Pennsyl- try will find its own solution.
Secretary Hoover made this statement to-day after he had discussed the
vania Real Estate Association and by the Minnesota Realty
anthracite situation with the President. It gave added weight that the
Association.
Administration has no intention of interfering in the wage scale dispute
The National Association of Real Estate Boards under between hard coal operators and miners.
Mr. Hoover came to White Court to invite the President to attend the
date of Aug. 8 reports as follows the Pacific Northwest San
Francisco jubilee next month and to discuss with him various problems
recommendations and the amendments proposed by the confronting his Department and the Administration.
Admitting that he had discussed the anthracite situation briefly with the
Ohio association:
In resolutions indorsing in full the program for tax adjustment recently President, Mr. Hoover declined to go beyond his first statement of the Exadopted by the National Association, the Pacific Northwest association ecutive's view toward industry and the solution of its labor problems
members of the Cabinet were in accord with him.
made the following recommendations to the legislatures of the States in other than to say that
The impression was gained, however, that Mr. Coolidge and his advisers
that region:
are hopefulthat anthracite operators and miners will adjust their wage dis1. That property be assessed at a 100% valuation.
pute before the expiration of the present wage scale, Sept. 1, despite the
2. That classification of property be made for taxation purposes.
recent
break in negotiations at Atlantic City.
3. That estates be subject to but one inheritance tax and that one to
On the same date advices from Swampscott to the New
be collected by the Federal Government.
4. That real estate be taxed for county, city and school district and York "Times" said:
other local purposes only unless other sources of revenue prove insufficient.
It was reiterated to-day that President Coolidge maintained a supreme
5. That operative property of public service corporations, the property hope that market conditions and the logic of the situation would influence
companies,
shares
of
stocks
the
of
banks
franchises
and all
of insurance
the miners and the operators to renew negotiations and reach a settlement
should be taxed for the support of the State alone.
before Sept. 1,thereby averting a strike. Even should one side be stubborn
6. That all States that have not already done so provide definite tax and prevent an amicable adjustment, the situation is now so differen
limits or specifically instruct their assemblies to enact tax limit legislation. from 1923 that the Government does not expect any real suffering to result
An amendment to the Constitution of the State of Washington will be from a hard coal strike, should one develop.
urged by the association permitting the classification of wealth for taxation,
President Coolidge, if a strike occurs, will not be hasty in suggesting a
the segregation of sources of State and local taxation, and the definition plan of settlement.
of the word "property" in the State Constitution to include intangibles.
As has been pointed out by John Hays Hammond, former Chairman of
the United States Coal Commission, there will be a supply of hard coal on
Proposed Ohio Amendments.
hand by Sept. 1 which, with careful use, will meet domestic needs for four
Amendments to the State Constitution of Ohio approved by the last months. With substitute fuel, such as oil, coke and soft coal. Mr. HamLegislature and to be submitted to the voters of the State in November mond has said, the householder can easily pass a winter without real sufferare advocated by the Ohio Association of Real Estate Boards as the first ing.
step in the adoption of a modern system of taxation for the State. The
In the opinion of experts, the hard coal consumer should appreciate the
association, in conjunction with other civic groups, is carrying on an edu- situation existing to-day and not become panicky and permit unscrupulous
cational campaign to bring to the attention of the voters of the State the coal dealers to charge exorbitant prices.
permanent advantage of classification of property for taxation so as to
Regarding the visit of United States Attorney-General
bring in intangible wealth and of a provision for debt limitation.
Amendments to be voted on by the Ohio electorate this fall would provide: Sargent to the Summer White House, Associated Press
1. That real estate and tangible property be taxed by uniform rule advices of the 7th inst. from Swampscott stated:
as at present, but that automobiles and intangible personal property be
Although it had been expected that the President would take advantage of
taxed as the Legislature sees fit.
a visit to White Court to-day by Attorney-General Sargent to go over the
2. That cities and political subdivisions be prohibited from issuing hard coal situation, the most important domestic issue confronting the
bonds for current expenses, or for a length of time exceeding the estimated Administration, it was stated officially that the possibility of a suspension of
life of the improvement for which such bonds are issued.
anthracite operation had not been mentioned in their conference.
A two-cent gasoline tax was passed by the last Ohio General Assembly.
Death of George Gray, Former Judge United States
Circuit Court of Appeals, and Twice Candidate
for President.
Former United States Senator George Gray, who was perhaps better known as a Judge of the United States Court of
Appeals, died at his home in Wilmington, Del., on Aug. 7.
He was 85 years of age, having been born at New Castle, Del.,
May 4 1840. The Associated Press accounts from Wilmington, Aug. 7, summarized, as follows, his activities:
Judge George Gray, of Delaware, renowned arbitrator of international
questions as well as national industrial disputes, was named twice for the
Democratic nomination for President, first in 1904 and again in 1908.
Already famous as a jurist and a former United States Senator, he sueceded Thomas F. Bayard in 1885 and served 14 years in the Senate. In
1898 President McKinley appointed him one of the Commissioners to Paris
to negotiate the treaty of peace with Spain upon the conclusion of the
Spanish-American War. The next year he was made an Associated Justice
of the United States Court of Appeals for the Third District, where he remained until he reached the age of retirement.
An anti-imperialist, he at first opposed the purchase of the Philippine
Islands, but later approved it on the ground that the future interests of
the Filipinos thus would be served best. In 1898 Judge Gray was also appointed by President McKinley on the Joint High Commission at Quebec
and in 1900 he was made a member of the International Permanent Court
of Arbitration under The Hague Convention.
President Roosevelt designated Judge Gray Chairman of the Commission
which ended the coal strike of 147,000 miners in 1902. Three years later
Judge Gray, as arbitrator, brought peace to the Alabama coal fields after
months of strife.
In 1910 he was appointed as American envoy to the North Atlantic Fisheries Arbitration Court at The Hague. In 1915 he was again designated as
Commissioner to Great Britain.
Peace
a
Born at New Castle, Del., on May 4 1840, Judge Gray was educated in
Princeton and Harvard universities. He practiced law first in New Castle
and then at Wilmington and in 1879 was elected Attorney-General of Delaware. He had been a lelegate to the Democratic national conventions of
1876 and 1880.
Anthracite Wage Demands—President Coolidge to
Take No Action at Present time.
No developments have come during the present week to
give promise of the forestalling of a strike of the anthracite
miners which seems likely to occur with the termination of
the present working agreement on Aug. 31. So far as the
negotiations between representatives of the miners and operators are concerned, John L. Lewis, President of the United
Mine Workers of America, in a letter (dated Aug. 8) to
Samuel D. Warriner, Chairman of the Anthracite Operators
Conference Committee, has indicated that the resumption
of the parleys, broken on Aug. 4, is dependent on the operators acceding to the demands for wage increases and the
check-off. Indications that the Government had no present
intention of acting in the dispute, were contained in Associ-
As we indicated last week (pages 666-667), Mr: Warriner
in his letter of the 6th inst. (which brought Mr. Lewis's reply
of the 8th), had expressed himself as "hopeful that means
will be found to compose the differences between us and avoid
a suspension of production." The letter itself was crowded
out for lack of room, and we hence give it further below.
The reply thereto of Mr. Lewis, which we mention at the
outset of this item, and in which he declines anew to arbitrate, was made public as follows on Aug. 10:
Ambassador Hotel, Atlantic City, N. J., Aug. 8 1925
Mr. Samuel D. Warriner, Chairman, Anthracite Operators'
Conference, 437 Chestnut St., Philadelphia, Pa.
My Dear Mr. Warriner:—I acknowledge your favor of the 6th inst. I
do not desire to quibble over the fine shades of meaning affecting words and
involved phrases. It remains that your Atlantic City conferees informed,
the mine workers' representatives, including myself, that they would reject ,
any demand that would disturb the factor of mine costs. In addition, they
rejected the request for full recognition of the union for some other mysterious reason. Your letter confirms the position of your committee. Be it.
so. We do not have any inclination to further argue when judgment has
been given. I will be glad to hear from you when you abandon this position.
I note your reference to my previous comments upon arbitration. I can
well understand your natural irritation in the premises. I referred,ofcourse,
to the arbitration proceedings of some years ago when the final decision of
the arbitrator was changed between twilight and dawn. You might,if you
wish accept the reference as a complimentfrom the mine workers to a skillful
adversary.
We really do not care to arbitrate. Thanks for the offer. We know that
you think the medicine would be good for us, but frankly, we have little
faith in your diagnosis. It will be long before we recover completely from
your previous arbitration treatment and until we do we will modestly decline
to accept your prescription.
Very truly yours,
JOHN L. LEWIS, President.
Mr. Warriner in his letter of Aug. 6 took occasion to
comment on statements in a previous letter of Mr. Lewis
that the operators had vetoed "every construction" made by
the mine works with respect to freight rates, officials'
salaries, &c., and in disposing of this Mr. Warriner said:
"Our representatives insisted upon what is the obvious
fact, that we have nothing to do with freight rates, and that
officers' salaries, legal expenses, &c., are not charged to the
labor cost of producing anthracite." We give this letter of
Mr. Warriner herewith:
Philadelphia, Pa., Aug. 6 1925.
Mr. John L. Lewis, President, United Mine Workers of America,
Ambassador Hotel, Atlantic City, N. J.
My Dear Mr. Lewis.—Your letter of Aug. 4 was, I understand, read by
you to the operators' Negotiating Committee and, it would seem, might
better have been addressed to Major Inglis, the Chairman. I again assure
you that this committee has full power.
It is, of course, untrue that the operators' Negotiating Committee is
under instructions to continue to refuse any concessions regardless of the
logic or merit of any of the mine workers' wage demands. The operators'
committee is no more bound by instructions than your committee is bound
by the demands adopted by the Scranton convention.
You have now taken the grave responsibility of abruptly ter.nlnatIng
the negotiations because of our opposition to your demands as adopted by
798
THE CHRONTCLE
the Scranton convention. In short, you take the position that "negotiation" means instant agreement with your demands.
It is true, as you say, that Major Inglis and I have made statements to
the effect that production costs should be reduced. You are quite mistaken in your statement that we "desire to reduce wages in order to increase profit margins." We desire to reduce production costs—which are
excessive—in order to conform prices to market requirements, to make our
product more attractive to the consumer and so to maintain production
and keep labor employed.
You state that the operators have vetoed "every construction" that the
mine workers have made. You instance your suggestions in regard to
freight rates, officials' salary, &c., as examples of your constructive suggestions. Our representatives insisted upon what is the obvious fact—
that we have nothing to do with freight rates and that officers' salaries,
legal expenses, &c., are not charged to the labor cost of producing anthracite.
There is only one really important matter to which I must refer, and that
is your statement that you possess knowledge of the "anthracite operators'
well-known policy of keeping close to an arbitrator." This is alleged as
your reason for refusing arbitration. If it means anything, it is an allegation that the operators have corrupted or would corrupt arbitrators and
that all arbitrators are subject to corruption. I cannot believe you seriously
make such an accusation. It condemns itself.
On this false premise you attack not merely a suggestion applying to this
case. You attack a principle that is universally approved by right-thinking
men as the best means yet devised to arrive at justice between contending
parties. The only alternative is industrial strife with its attendant waste
and loss to the industry.
In spite of the terms of your letter and the breaking off of negotiations,
I am hopeful that means will be found to compose the differences between
us and avoid a suspension of production. Every consideration demands
that this be done.
Yours very truly.
S. D. WARRINER,
Chairman. Anthracite Operators' Conference.
We also give herewith Mr. Warriner's letter of Aug. 3 to
Mr. Lewis, which we likewise referred to in our item of a
week ago:
August 3 1925.
4r. John L. Lewis, President United Mine Workers of America, Hotel Ambassador, Atlantic City, New Jersey;
Dear Mr. Lewis—Your letter of July 31, addressed to me at Philadelphia,
did not reach me until to-day, and I am taking advantage of the first opportunity I have had to answer it with the text of your letter before me.
You question the authority of our committee and the experience of its
members. Let me assure you at once that this committee is fully authorized to represent and speak for the anthracite industry. Its membership was chosen with great care and elected at a meeting of the operators
called for that purpose, as has been the practice for many years. It is
composed of then of long experience, occupying important positions in all
three fields of the anthracite region, who have the complete confidence of
the entire industry as to their competency to deal with the problems involved in the Atlantic City negotiations.
It is true that Mr. Richards and myself have served on former committees for many years, originally while occupying positions of responsibility in the industry identical with the positions of the gentlemen to whom
you now object. You would, I am sure, resent any attempt by us to say
who should represent the mine workers. We must maintain the same
right to say who shall represent the operators. This right has been exercised, and the personnel of the committee cannot be changed.
As to other matters contained in your letter You again make the entirely unjustified assertion that "the anthracite operators are not desirous
of concluding an agreement and averting a cessation of operations on Sept.
I." Permit me to remind you that I proposed to you on July 9 at the Joint
conference that we then and there agree that there should be no suspension.
Surely you have not forgotten this proposal.
In view of the fact that you continue to ignore the proposal which I
then made that the mines should continue at work, let me take this opportunity to repeat and reaffirm it. I would therefore suggest that, as the
first act of your joint meeting tomorrow, you agree with our committee:
1. That, regardless of the course the negotiations may take, there shall
be no suspension of anthracite production.
2. That as to any matters upon which we are unable to agree prior to
Sept. 1, such matters shall be referred for determination to a board of
Impartial persons.
This sure way of avoiding a suspension is open to you. If you again
reject it I trust that we may at least be spared a repetition of the assertion
that the operators desire a suspension.
You speak of the opinion of the public and the press. In my opinion,
what the public most resents—and resents justly—is the "strike habit" in
our industry. It is within your power—and entirely beyond our power—
to end this habit by the means repeatedly recenamended to you by us.
You further say that in the event that Mr. Richards and I should enter
the conferences it "should expedite ascertainment of the definite position
of the operators," and add that "if it should then develop that the lesser
executives have from time to time accurately set forth the position of the
anthracite operators it would the more quickly enable the mine workers'
representatives to effectuate a discontinuance of the farce."
May I say in reply that the members of our committee are fully able to
state accurately the "definite position" of the anthracite operators, and to
support adequately the statements made by Me in the opening Joint
Conference at Atlantic City. So far our representatives have been listening
to the presentation of your case. When that is completed they will fully
and promptly state the position of the anthracite operators, giving due
weight to the arguments which you have made.
I can not bring myself to believe that the meaning of the sentences I have
just quoted is that unless you are allowed to dictate the choice of our
representatives, and unless our representatives take at the outset a position
agreeable to you, all negotiations will be discontinued. If that is your
nieaning, you are assuming a grave responsibility.
Our mutual interest in the welfare of the anthracite industry should lead
both sides to a fair and open-minded consideration of each other's viewpoint. That is what your associates in your absence have been receiving
from us, and I confidently expect from you an equally patient consideration
of our viewpoint, as well as the essential facts connected with the industry.
upon which alone can be based an agreement satisfactory to all parties.
Yours very truly.
S. D. Warriner, Chairman, Anthracite Operators' Conference.
The following is Mr. Lewis's reply to the foregoing:
Atlantic City, N. J., Aug. 4 1925.
Mr. Samuel D. Worriner, Chairman, Anthracite Operators' Conference,
437 Chestnut St., Philadelphia, Pa.:
My Dear Mr. Warriner—I enjoyed the delightful spohistry of your
letter of Aug. 3. It_is a pleasure to exchange views with you, but how
[vol. 121.
much more convenient it would have been had you come into the conference and debated with us face to face.
As usual, you argue from a false premise. You pretend to assume that
the mine workers are trying to dictate the personnel of the operators'
representatives. Such an assumption is far from the truth. We have
merely tried to bring about a condition wherein the negotiators of the
anthracite operators will have true authority to negotiate. Despite your
gentle assertions to the contrary, that condition does not now exist. On
July 30, in a New York newspaper, W. W. Inglis, speaking for the anthracite operators' conferees in Atlantic City, gave an authorized statement
that no concessions of any character, involving an increased cost of mining,
would be made by the anthracite operators in the wage conference.
This statement was in precise harmony with the verbal declaration
of Mr. Inglis and his associates, made in joint conference from time to
time since July 9.
On July 31, in an authorized public interview, you stated, "the position
that our representatives have taken in the conference with the mine workers
Is the position of the industry as a whole."
It is, therefore, obvious to all who have any knowledge of the procedure
followed in wage conferences, that the anthracite operators' meeting means
to continue to refuse any concession regardless of the logic or merit of
any of the mine workers' wage demands. It is quite passible that the
anthracite operators' representatives are authorized to agree to a wage
reduction or any downward revision of wage schedules or working conditions. I submit, however, in all fairness, that there can be no bona
fide negotiation of an agreement so long as one party to the negotiations
is unable to agree to any change unless it constitutes a revision downward.
On July 9, in your formal address delivered to the joint meeting at the
Traymore Hotel, Atlantic City, you made the following significant remark,
"The anthracite operators feel, therefore, that the real issue before this
conference is not the question as to whether or not we can grant any or
all the demands, but whether or not we can join with you in an investigation of the facts and the application of those facts, of the necessary reasoning and logic, and out of that produce a situation which will reduce
the labor cost of mining."
The above statement is the key to the operators' position. You desire
to reduce wages in order to increase your profit
margins, and because of
that desire you place positive strictures upon your conference representatives prohibiting them from negotiating in any manner except to revise the
scale downward. Not only is this the steadfast attitude of your Atlantic
City conferees on matters pertaining to wages and working conditions, but
they are compelled to follow the strictures placed upon them by you in
your Traymore Hotel address, wherein you announced that the opposition
of the anthracite operators to the mine workers' demand for full recognition
of their union continued unabated, although this demand admittedly does
not come within the category of increased production costs.
Your conferees have also promptly vetoed every constructive suggestion
of the mine workers' representatives that would have a tendency to reduce
the market price of anthracite to the consuming public. In substantiation
of this statement the mine workers' representatives proposed in conference
that the anthracite operators join with them in a petition to the Inter-State
Commerce Commission for a revision of the extortionate freight rates
charged by the anthracite coal-carrying railroads to tidewater and New
England points. These rates are admittedly high beyond a point of reason,
and yet your conferees resolutely opposed any joint action
on this subject.
In a further effort to show where public costs should be reduced, the
mine workers' representatives took exception to the alleged labor cost of
producing a ton of anthracite, as set forth by the operators. We believed
that the operators' figures on this question were substantially inflated by
fixed charges of unnecessary and unjust character.
Our representatives, therefore, proposed that the anthracite operators
join with them in a mutual examination of the mine costs of
the anthracite
operators with an accurate ascertainment of the amount of money paid in
salaries to corporation officers and executives, retinues of high-priced
attorneys, multifarious publicity representatives, statistical and research
organizations, and secret agents of various character. We are of the firm
opinion that the amounts so paid constitute a tremendous sum which is
Incorrectly charged to the production costs of the anthracite industry.
You may, therefore, judge of the astonishment of the representatives of the
mine workers when this suggestion was spurned by the anthracite operators'
conferees.
In the face of this startling indictment, your deep personal solicitation
as expressed in your letter, for the affected public interest, scarcely comes
with any grace or good faith.
You say in your communication that the public resents justly the "strike
habit" of the industry. There are indeed signs that the public is weary of
such affairs, which is of course additional reason why the mine workers
desire to avert a strike in the present instance. It seems to me, however,
that the public suffers most from the inconvenience of being periodically
blackjacked and having its purse filched by what Governor Pinchot designates as "a hard-boiled anthracite monopoly."
You must of course know that the public is already beginning to pay
through the nose for the non-conciliatory attitude of your representatives
In the wage negotiations. In Now York and other large communities the
price of domestic anthracite fuel was increased 25 cents per ton as of Aug. 1.
Certain independent producing companies have also increased their sales
price at the mines in amounts approximating $1 per ton. Press dispatches
refer to the Philadelphia & Reading Coal & Iron Co. as making a sale of
1,000.000 tons of storage coal in a single order for rush delivery.
These things are merely indicative of the fact that while the anthracite
operators are holding their hands aloft in mock terror of a suspension
of mining, they are at the same time enlarging their coffers to hold the
great harvest of increased profits which they will exact from the long-suffering public.
I note that you refer to the offer of arbitration made by you in your prepared address of July 9. You state that I have continued to ignore this
offer. May I not ask that you refresh your memory and recall the scene
in the Traymore Hotel when you concluded your address and I arose and
asked for the floor to make reply to your offer. You surely will recall that
at that time you stated your disinclination to debate the question or listen
to my reply.
Our answer on this subject can, however, be briefly set forth. Our position to-day is Just the same as was our position in the great strike of 1922.
when from time to time the mine workers' representatives declined to
agree to such procedure. Our position to-day is also the same as our position in the wage negotiations of 1923 and the suspension which followed.
You offered it then and we declined it. We do now for a substantial number of wholesome reasons.
Not the least one of these reasons is the fact that we have had previous experience in arbitration proceedings with the anthracite operators. The
anthracite mine workers lost the goodly sum of $60.000,000 in wages, over
a period of two years, to acquire the knowledge they now possess concerning the anthracite operators' well-known policy of keeping close to an arbitrator. The anthracite mine workers shrink from any repetition of such
an experience.
AUG. 151925.]
THE CHRONICLE
By the same token we do not propose to agree with your request that our
people work after Sept. 1 regardless of whether or not you elect to negotiate
an agreement. Our people do not care to disarm themselves and stand
helpless in the face of such a powerful adversary as the organized financial
and operating interests which you represent. Our position on this question
is definite and carries with it the overwhelming indorsement of the mine
workers of the anthracite region.
The mine workers' representatives deeply regret that the anthracite operators have seen fit to publicly announce their refusal to negotiate upon a
basis of fact. The before-mentioned public statements of Mr. W. W. Inglis and yourself obviously preclude any agreement. The public advertisements of the anthracite operators given out while the negotiations were in
progress demonstrate that the operators do not propose to make any constructive contribution toward the success of the conference.
With these facts in mind, the mine workers' representatives are of the
judgment that it is utterly futile to continue further in these wage scale
negotiations.
Very truly yours,
JOHN L. LEWIS,President.
799
and small earnings for the miners, ruination for many of the operators.
depression for all sorts of business in the anthracite region.
I haven't found anybody in the anthracite region who wants a suspension,
and I wish that the miners' representatives at Atlantic City could be impressed with this fact. Perhaps they would assume a different attitude
if they would listen to the united voice of the whole anthracite region, which
demands that no suspension shall take place.
Major Inglis had previously given voice to his views
during the conferences at Atlantic City on July 30, at which
time the New York "Times" furnished the following as to
his remarks:
At a three-hour conference of the anthracite operators' and miners' joint
sub-committee to-day, the operators refused to grant several of the minor
demands of the workers on the ground that they alone would add $1 a ton
to the cost of coal in consumers' bins, aside from any further increase which
would be necessitated by the granting of the major demand for a wage
increase of 10% for contract miners and $1 a day for day men.
The employers took the position that to change the basis of paymentfrom
On Aug. 11 Associated Press advices from Atlantic City the mine-car to the top of 2,240 pounds would mean an increase of 54%
in the cost of loading coal into cars. In most mines the miners are now
had the following to say:
paid on a car and yardage basis and in some cases on the basis of a "miner's
It was learned today from an authority high in the miners' confidence
ton" of 2,800 to 3,100 pounds.
that the present policy of the United Mine Workers of America is to demand
Explaining the demand for payment on the basis of a ton of 2,240 pounds
that any government intervention in the hard coal industry take into ac- Instead
of the mine-car or "miner's ton" basis, Mr. Murray 'International
count the reestablishment of the Jacksonville agreement in soft coal.
Vice-President of the United Mine Workersi said that the higher figures
From now on. it was said, wage contract conditions affecting 156,000
were fixed at a time when there was no market for pea coal and the still
anthracite miners and 500,000 bituminous miners must be considered jointly
smaller sizes. However, he said, as the operators are now selling all the
by an anthracite mediator to gain co-operation from the miners' union.
that is produced, the workers desire to be paid on a basis that will
Anthracite operators recently asserted belief that the key to the union's coal
into consideration.
strategy this summer was a determination to win redress of alleged wrongs take that fact
It was asserted by Mr. Murray that owing to the necessity for "topping."
in soft coal fields through hard coal pressure upon public authorities.
mine cars higher than the sides of the vehicles much coal
up,
or
the
filling
The United Mine Workers deny this. But they now assume, it was
is lost between the loading places and the breakers. The miners could
stated definitely, that the breaking off of anthracite scale negotiations Aug.
prove, he said, that in some mines the operators loaded between 300 and
4 releases them from their pledge to the anthracite operators to keep hard
900 cars every two weeks with coal that had slipped off the original load.
coal and soft coal problems divorced.
miners, he declared, were not paid for this coal.
Any intervention now, it was said, which would seek to heal this break The
and thus avert or shorten a costly anthracite suspension should also take
Won't Increase Costs.
cognizance of wage cutting and repudiation of the Jacksonville contract, as
On the various demands discussed to-day the operators held to the
alleged in union bituminous coal territory by John L. Lewis, president, and
they assumed at the beginning of the conferences on July 9. They
his associates. What the alternative to rejection of the union's condition position
would be has not been ascertained. Conditions in the coal industry were informed the miners that if they could prove that the changes sought by
would not increase the cost of producing coal there would be no
described as in a state offlux so that a policy definitely adopted by the union them
contract.
now could conceivably be changed if conditions changed later. The chances, difficulty in arranging a
demand asked for by the miners would increase wages, and this
"Every
however, were said to be against that.
naturally increase operating costs," said Major W. W.Inglis, spokeswould
Meanwhile no official indication has been made here as to what has or
what has not developed since June 30, when Mr. Lewis gave this warning at man for the operators. "The so-called miner demands would add $1 to
the cost of producing every ton of coal, yet in addition to these demands
the tri-district anthracite convention in Scranton:
the miners seek to have us grant a 10% increase of contract miners and $1
"The Jacksonville agreement has been impaired and I am calling the at- a day for day men.
tention of the government and of the American people to-day to this fact. I
"We can agree to no proposal that would add to production costs, because
have cited the instances and I have named the names of
the men responsible for this action, and if this situation
continues
be neces..ary ater we know of no way to meet additional costs withoutincreasing prices to the
on, to authorize a national shut-down of the minesitofmay
We cannot sell our product as it is. Substitutes are being used
public.
this couttry while the
government and the coal operators and the representative,
of the mine more and more, and their use would be further increased if higher prices
workers discuss the question whether the Jacksonville agrecni,ut
going
Is
were sought for coal from the consumer."
to be carried out."
In only 25 of 300 collieries is coal paid for by weight rather than by car
That the "situation continued" until as late as two weeks ago in the opinor yardage, Major Inglis said. He saw no reason for asking all the collieries
ion of the United Mine Workers was revealed when Van A. Bittner, chief
to adopt the practice of the minority. Spilling some of the "topping"
union organizer in West Virginia,repeated Mr. Lewis's warning in telegrams
from overloaded cars into gangways was due to careless loading, he said.
to Secretary of Commerce Hoover and Secretary of Labor Davis. He asked
He denied that the miners had no voice in saying how much they were
both of them to take some official stand condemning what he considered
docked for loading too much refuse in mine cars. Provision was made for
scuttling of the Jacksonville agreement on the
part of certain large soft-coal appeal in such cases, he declared.
corporations.
The conference will continue to-morrow.
The Bittner communications, it has since been learned, where "official"
and bore the authorization of Mr. Lewis.
Mr. Lewis took occasion to present before the public the
No reply to them has since been received from either Secretary Hoover
claims, in a radio message from Atlantic City on
or Secretary Davis, according to union officials. It is open talk in miners' miners'
circles that It was because of Secretary Hoover's silence in this regard that Aug. 7, the following report of which is from theNew York
Philip Murray, vice-president, was unable to attend the conference Mr. "Journal of Commerce":
Hoover called at the capital last week to discuss reorganization of the Bureau
Mr. Lewis asserted in his radio speech that the public owes a duty to the
of Mines.
coal miner, who "must receive such measure of compensation as shall be
In further contradiction of the operators' statement that
Mr. Lewis was fair for his services."
seeking to "embroil" hard and soft coal as a means of creating a national
"The coal miner is underpaid," he continued, "and the United Mine
emergency which would force the government to validate the Jacksonville Workers of America are asking that his rate of
compensation be revised and
agreement, the union officials were said to defend the linking of the two as a placed upon a level of fair and even Justice.
dual problem on moral grounds.
Calls Profits Large.
Official intervention in hard coal, their position was quoted, would be
"The anthractie coal companies are refusing to make such revision of
considered equivalent to setting up a sort of "coal court" on a given issue
although
happen
we
to know that they could grant the demands of
and that issue the best interests of hard coal consumers.
wages,
The probable imminence of an early climax in the soft coal labor situation the anthracite mine workers and pay an increased rate of wages without
Is apparent even to outsiders here in the amount of attention Mr. Lewis is adding a single penny to the cost of coal to the consumer. Their profits
giving to the question. Hardly had hard coal operators and union leaders are so large they could grant this increase in wages and still make a profit
gone their way after the wreck of their conference last week than soft coal that would compare more than favorably with profits earned in other lines
operators and representatives of the union began to arrive. Continuous of business."
Mr. Lewis again produced figures of the United States Coal Commission
conferences have been the day's business at the Lewis headquarters at the
Hotel Ambassador over since.
to prove that the miners are underpaid. "Out of a total of 45,678 outside
Union bituminous coal mine owners, who are alleged to have broken the day men employed at the mines," he said. "43.822 earn less than $2,000 a
agreement, explain that competition of West Virginia non-union fields, year, and only 1,856 earn more than $2,000. Approximately 22,000 earn
where lower wages prevail, has made the higher scale set by the
present less than $1,000."
union agreement impossible to pay. They say it has become just a question
Mr. Lewis then described the hazards encountered by the men in the
whether union miners want to accept a wage reduction commensurate
with mines, stating that more than five hundred anthracite miners are killed by
the West Virginia scale, and thus get steadier work,or whether
accidents
each year and more than twenty-five thousand seriously injured.
they wish to
insist on the Jacksonville scale and remain idle.
Be pictured the "more than two thousand wives, children and dependents
helpless," and declared that, "We insist that the miner shall have a
According to an Atlantic City dispatch, Aug. 7, to the left
wage rate that will enable him to lay aside something against the day when
New York "Times," Major W. W. Inglis, Chairnian of the he shall fall a victim to the harvest of death or when he shall find himself
operators' sub-committee, speaking over the telephone from maimed and helpless for the remainder of his life."
Assails Arbitration.
his home in Scranton, Pa., that night, said that Mr. Lewis
"The anthracite operators," Mr. Lewis asserted, "ask the miners to
had entered the conference on the 4th inst. with the inten- arbitrate
the questions involved in the negotiation
a wage and working
tion of bringing about a break. The "Times" account agreement. Arbitrate what? Is it possible that weofare
asked to arbitrate
the matter of life or death?
quotes Major Inglis as follows:
arbitrate the question of whether the miner shall be permitted
"Are
we
to
Does anybody in the anthracite region, including the mine
workers, think to earn a decent American living for himself and his family? Are we to
that the industry and the consumers of anthracite can regard
lightly de- arbitrate the earning capacity of the miner? Are we to arbitrate the
mends that would add at least $2, and possibly as much as $3, to the
price amount which he may spend for food,for clothing,for shelter, for education
of coal?
of his children and his status as a citizen?
We have only to look at the bituminous coal industry to see
how an
"Such questions are not subject to arbitration and the United Mine
Impossible wage scale works out. It was all very well for the
United Mine Workers of America will never agree that such personal and family matters
Workers to insist on a $7 50 per day minimum wage in the
bituminous are to be determined by outsiders."
coal industry. They got it, but what good has it been to them?
About
Mr. Lewis concluded by stating that the miners believe in the fair200.000 bituminous coal miners are getting no work at all, or very
little. mindedness of the American public, and that when the public learns "all
The non-union mines are getting all the orders.
facts, it will insist that there shall be granted to the miners that measure
the
A wage scale and adjustments such as demanded at the Scranton convenof consideration that will bring a little more happiness and sunshine into
Sion would have the same results in the anthracite industry—broken
time
their homes, and that every man shall receive a square deal.".
800
it-FTF
CHRONICLE
Under date of Aug. 7 an Associated Press dispatch from
Redwing, Minn.,said:
A. H. Andresen. new Representative from the Third Minnesota District.
In a letter to President Coolidge yesterday urged the President to call an
.eggra session of Congress should a strike of anthracite miners become
effective Sept. 1. Andresen characterized the inability of the anthracite
miners and operators to agree on a new working contract as "an annual
excuse" to boost coal prices.
[vor, 121.
days putting the mine in condition for a resumption of work. The Baker
mine has been closed all summer. The mine, It was said, produces between
600 and 700 tons of coal daily.
Reports from the Terre Haute banks indicate that the mine payrolls are
on the increase, due to the increased activities in the coal industry. The
Increase, however, it is said, is not as large as it should be at this time of
the year, but if conditions continue to improve a decided return to prosperity in the industry may be expected.
In addition to our item of a week ago on the anthracite
wage demands, previous referencesto the negotiations have Examiner Advises Interstate Commerce Commission
Not to Approve Acquisition of Control
appeared in these columns July 4, page 35; July 11, page
of St. Louis Southwestern by
152; July 18, page 290; and July 25, page 419.
the Rock Island,
C. V. Burnside, Assistant Director, Bureau of Finance of
Weapon to Fight Coal Strike Seen in Findings by
the Interestate Commerce Commission, has recommended
Inter-State Commerce Commission—Facts on Fuel
that the application of the Chicago Rock Island & Pacific
Prices,Freight Rates Are Available to President
Under the above head the New York "Journal of Com- Ry. for authority to acquire control of the St. Louis Southmerce" reports the following advices from Washington, western Ry. by purchase of its capital stock be denied, but
without prejudice against resubmittal.
Aug. 7:
The objections by Mr. Burnside are based on the fact that
President Coolidge has an ace in the hole in the anthracite situation, it
developed to-day, in the form of a special report on the relation between the Commission's tentative
plan for the consolidation of the
hard coal prices and railroad rates prepared by the Inter-State Commerce
railroads of the United States into 19 systems provides for
Commission.
This report, which covers an exhaustive investigation into the question the merger of the St. Louis Southwestern with the St. Louis
of anthracite supply, has never been made public, but it is anticipated that San Francisco system.
The Rock Island under the commisif a strike in the hard coal fields becomes imminent it will be called for
sioner's plan would become a part of the Southern Pacific
by the President.
Publication of the findings of the Inter-State Commerce Commission on Co.
the price situation in the anthracite industry will furnish a non-partisan
The commission itself must pass upon the proposed report
report on one of the controversial points in the present dispute—the relaof Mr. Burnside before the ruling becomes final. The Rook
tion between hard coal prices and the costa of transportation of this fuel.
The Commission's investigations, however, went into a wide field in the Island has twenty days in which to fill exceptions to the
matter of anthracite supply and its report is understood to cover comprehensively the availability of substitute fuels, such as oil and coke, for prac- examiner's report.
The proposed report by C. V. Burnside, Assistant Director,
tical use in time of emergency, which might be of great importance in the
event of another suspension of work in the hard coal mines.
Bureau of Finance follows:
•
Never Reported to President.
The Chicago Rock Island & Pacific Ry. on May 4 1925 filed an applicaInvestigation of anthracite prices and hard coal rates was made by the tion for authority under paragraph 2 of section 5 of the act to acquire conInter-State Commerce Commission as a result of recommendations drafted trol of the St. Louis Southwestern Ry., also a carrier by railroad subject
by the Federal Coal Commission in 1923. The Commission's inquiry, which to the act, by purchase of capital stock. The St. Louis-San Francisco Ry.
included hearings at a number of New England points mainly dependent and the Paris & Mt. Pleasant RR. intervened. Hearing was held on June
15 and 16 1925. Briefs have been filed by the applicant and both interupon anthracite for fuel, was concluded on April 1 1924.
The moults of the investigation, however, have never been reported to the veners.
How Acquisition of Stock Was Effected and Financed.
President, although it is understood that the Commission could submit to
Mr. Coolidge a voluminous report on the anthracite situation at virtually a
It was testified by the vice-president and general counsel of the applicant
notice.
moment's
that the total outstanding capital stock of the St. Louis Southwestern RailThe Commission withheld its report because the anthracite shortage in way Co., hereinafter called the Cotton Belt, consisted of $19,893,650 of
New England had been relieved before the investigation was completed. Preferred stock and $16,356,100 of Common stock, making a total of
The report was temporarily pigeon-holed with a view, it is believed, of $36,249,750. At the time the testimony was given, June 15 1925 the applimaking use of those findings if another emergency arose.
cant had purchased and held $13348,000 of the Preferred stock and $1,628,Thus Mr. Coolidge has at his command a possible weapon if the anthra- 800 of the Common stock, a total of $14,976,800. As the stocks of the two
cite operators and miners cannot be brought together before Sept. 1.
classes have equal voting power, it was the view of the witness that the
During the hearings held by the Commission, representatives of the holding by the applicant did not give the applicant control of the Cotton
miners were absent and it is suggested that they do not regard the inquiry Belt within the meaning of the statute, and that it was necessary to secure
as of value to their side of the controversy.
authority from the Commission before actual control could be established.
Facts Believed True To-day.
He testified that when it was determined to acquire the stock of the Cotton
Although the Commission's investigation was completed over a year ago Belt the first step taken was to acquire the stock owned or controlled by Mr.
Edwin
Gould, who, for many years, had been chairman of the board of
basic
factors
involved
it is believed that there have been no changes in the
directors of the Cotton Belt and was its largest stockholder. The reason
which would require extensive revision.
In the matter of railroad rates on anthracite and their relation to the for that determination was that, in the opinion of the applicant, there would
prices charged for this fuel, the Commission's investigators went into the be no possibility of acquiring control of the Cotton Belt at a reasonable
differential in rail rates over water rates and the possibilities of encourag- price except by acquiring the stock held or controlled by Mr.Gould.Through
ing water shipment of anthracite and of eliminating long hauls as well as direct negotiation with Mr. Gould the applicant purchased those holdings,
the existing freight charges on anthracite, which have undergone no altera- consisting of 95,380 shares ($9,538,000) of preferred stock and 10,988 shares
(1,098,800) of Common stock. The price agreed upon for the Preferred
tions in the past year.
But it is not expected that any recommendations for reductions in rates stock was $80 per share and for the Common stock $40 per share. Following
the acquisition of the Gould interests in the stock, applicant proceeded to
Commission
that
the
believed
It
is
not
on anthracite will be forthcoming.
discovered any conditions warranting such action. Any prospect of lower secure additional stock in the open market, and at the time of the hearing,as
rates on hard coal would involve the railroads in the controversy in strong already stated, had acquired a total of $14,976,800, or approximately 41%
of the total. The average price paid in the open market for the Preferred
opposition to reduced charges.
stock was $70 63 and for the Common stock $37 43, and the average cost
Not Likely to Be Published.
of all of the stock acquired was $77 325 for the Preferred stock and $39 162
Since a survey of this character is of more value to the Administration if for the Common stock. For the Gould holdings the applicant paid 25% in
the country is called upon to face an emergency in its anthracite supply, cash and gave a promissory note at 6 months, subject to renewal, for the
rather than as the basis for argument in formal mediation, it is not antici- remainder. The purchase of the additional stock was financed in part by
pated that President Coolidge will call for the Commission report to be a bank loan of $2,000,000. All of the indebtedness is secured by a pledge of
made public, unless it becomes evident that a stoppage of work in the hard the stock purchased.
coal mines is inevitable.
Questions Necessity of Getting Approval From Commission to Acquire Cotton
Belt Stock.
Coal Mines Re-Opened in Terre Haute 'Ind.) Field
Although the applicant's chief counsel expressed the view that the
applicant
had
not
following
Terre
acquired
control
of the Cotton Belt within the meaning of
From the Indianapolis "News" we take the
the law, it appears from a copy of the minutes of a meeting of the board of
Haute advices, Aug.8:
directors of the Cotton Belt. held on March 111925. that practical control
The opening of several of the larger coal mines in the Terre Haute field had then been secured. Although counsel stated his understanding that no
- and other fields in this vicinity and the possibility of the early resumption Individual, officer or agent of the applicant had any interest whatever in
of operations at other mines which have been closed during the summer stock of the Cotton Belt, and that there was none of its stock owned in which
because of shortage in orders, and an increase noted in recent weeks by the applicant was interested except as already described, a statement of the
the bankers of the city in the mine payrolls, indicates a return of business chairman of the board of directors of the applicant, which he had prepared
activity.
for the press and had transmitted to the board of directors of the Cotton
Several coal mines in this vicinity have resumed operations in the last Belt, reads in part as follows:
by
the
operated
Bardyke,
the
largest
mines,
the
one
of
several weeks and
"The Chicago, Rock Island & Pacific Railway Company has acquired a
Fort Harrison Mining Co., is now being "cleaned up" preparatory to open- dominant interest in the stock of the St. Louis Southwestern
Railway lines
ing next week. This mine, with an average daily output of 2,000 tons, (Cotton Belt), which, with the shares owned lyT.interests friendly to the
Rock Island. enables it to control that company."
will employ between 250 and 300 men when it begins hoisting.
The statement went on to recite the benefits to the applicant of the
Closed Last March.
acquisition of control of the Cotton Belt and to discuss plans for its future
The Bardyke was closed March 15 of this year because of the depressed management and
.condition of the coal industry in this region. It was sealed at that time. chairman are not operation. The "interests" mentioned by applicant's
further identified or discussed in the record, but that the
The seal has now been removed and a force of men is at work pumping out Indirect control secured
through those interests was considered both effective
the mine and getting it in shape for operation.
and reasonably permanent is evidenced by the fact that the applicant and
s It was said at the offices of the Fort Harrison company that the mine the Cotton Belt had already
taken various steps looking to unification of
was being reopened preparatory to the usual fall and winter business. It operation and cooperation in traffic matters. For example, an arrange.could not be said how steadily it would operate.
ment
had
already
been
made
for
joint use by the applicant and the Cotton
the
north
mines
in
• The company operates the Tallydale and the Clevelly
Belt of the shops of the latter at Pine Bluff, Ark., through which it was
field, and in the summer months these mines have operated steadily.
expected that a large saving would be effected: and instructions had already
Workmen Are Busy.
been issued to the traffic representatives of the applicant and the Cotton
Preliminary operations for the reopening of the Baker mine in the Belt to co-operate in the solicitation of traffic and its routhiglover.ithe
Sullivan field have also been reported. Workmen have been busy several respective lines.
Aua. 15 1925.]
THE CHRONICLE
F Itthus appears quite clearly that the applicant and the Cotton Belt are
already proceeding to realize the benefits of common control in substantially
thelsame manner as would have been followed if authorization under
paragraph 2 of section 5 had been secured, and question arises as to the
necessity or value of such authority under these circumstances.
Propriety of Granting Autlwrity Sought Questioned.
There is, however, a stronger reason for questioning the propriety of
granting the authority sought. Although the pending application seeks
merely the acquisition of control through purchase of capital stock and not
a consolidation of the applicant and the Cotton Belt, it is obvious that the
authority cannot be granted without taking into consideration its bearing
upon the final consolidation of railway properties under section 5 of the act.
Favorable Action Would be Inconsistent With Tentative Consolidation Plan.
Under the tentative plan adopted In Consolidation of Railroads,63 I. C. C.
455, the Cotton Belt is included in group No. 18, which also includes the
St. Louis-San Francisco. The applicant, on the other hand. is included in
group No. 17. which includes the Southern Pacific Company. Favorable
action upon this application would therefore be inconsistent with the
tentative plan of consolidation. The applicant urges that the tentative
plan was issued with a view to discussion and possible amendment. and it
states that the present application is, in effect, an offered amendment of
the tentative plan, which it undertakes to Justify. In several instances,
the Commission has authorized the acquisition of control under paragraph
2 of section 5 where the resulting relationship of carriers was contrary to
the grouping proposed in the consolidation plan, but in such cases it has
been clearly shown that the public interest was thereby served; and usually
attention has been called to the fact that the authority given was not to be
deemed a waiver of the right to make different disposition of the carriers
involved in the final consolidation scheme. The relationship between this
proceeding and the plan of consolidation is admitted by applicant when its
representative says that "if the Commission adheres to its tentative plan
the Commission should deny this application." It is therefore necessary
to take a general view of the situation in order to determine the probable
effect upon the public interest of the grouping of the Cotton Belt with the
applicant, compared with the grouping proposed in the tentative plan of
consolidation.
801
Like the applicant,this intervener urges the great economies to be effected
in the reduction of haul both of loaded cars and of empty cars. The intervener, if permitted to control the Cotton Belt, would seek termination of
the present operating agreement whereby the Cotton Belt uses the Missouri
Pacific tracks between Thebes and St. Louis and would instead divert traffic
from the Cotton Belt at Rockview, Mo., thence over its own line on the
west bank of the Mississippi to St. Louis. The distances over the two
routes are about equal. It is represented that the grades of the Missouri
Pacific line are the better, but the intervener's line would afford direct
entry into the city of St. Louis without the necessity of crossing and recrossing the Mississippi, as under the present operation of the Cotton Belt.
Effect of Consolidation of Systems with Other Systems.
The discussion has thus far been confined to a comparison of the effects
upon the individual systems of the applicant and of the St. Louis-San Francisco, without consideration of the ultimate consolidation of those systems
with other systems. Under the tentative plan of consolidation, the St.
Louis-San Francisco is grouped with the Cotton Belt, the Chicago & Alton,
the Missouri-Kansas-Texas, and other lines, in system No. 18, forming a
distinctively southwestern group for the handling of traffic between the
territory east of the Mississippi and north of the Ohio and the southwest.
Another group, No. 19, made up principally of the Chicago & Eastern Illinois, Missouri Pacific, Kansas City Southern, Texas & Pacific, International & Great Northern, and Gulf Coast Lines, is proposed to engage in
general competition for the same traffic. The Commission has already
authorized the New Orleans Texas & Mexico, a part of the Gulf Coast Line
System, to acquire control of the International Great Northeni, Control of
International ee Great Northern R. R., 901. C.C.262, and has authorized the
Missouri Pacific to acquire control of the Gulf Coast Lines, Control of Gulf
Coast Lines by M.P. R. It., 941. C. C. 191. The group of which these lines
are component parts is therefore largely functioning at the present time.
The applicant, on the other hand, is assigned under the tentative plan to a
group composed principally of the applicant, the El Paso & Southwestern
and the Southern Pacific Co.,forming a transcontinental system terminating
at Chicago on the east and at Pacific Coast points on the west. Assignment
of the Cotton Belt to the applicant would add to its function as part of a
great transcontinental system, the function of a strong competitor for
traffic between the Mississippi River gateways and Texas and Louisiana
territory. Further, the group of which applicant would form a part would
secure an additional channel for the routing of transcontinental traffic by
way of the Mississippi River gateways, and the Southern Pacific would
secure direct access to St. Louis and Memphis without using the present
somewhat circuitous route by way of New Orleans and connections. One
important step in the formation of this group has already ben taken in the
acquisition by the Southern Pacific of control of the El Paso & Southwestern.
Control of El Paso Southwestern System, 90 I. C. C. 732.
General View of Situation—Effect Upon Individual Systems.
The Cotton Belt, with the St. Louis Southwestern of Texas. of which it
owns the entire capital stock, operates about 1,777 miles of main track,
extending from St. Louis on the northeast to Dallas, Fort Worth and other
points in central Texas. Between St. Louts and Thebes, Mo., about 130
miles, it operates over the track of the Missouri Pacific. It also reaches
Memphis through an agreement with the applicant for the use of its track
between Brinkley. Ark., and Memphis, a distance of 62 miles. It is
described by applicant's witness as the "premier freight line" between
St. Louis and Texas. Through its contact with the river crossings at Present Application Involves Much More Than Mere Relationship Between
the Two Companies.
Memphis and St. Louis it is a very important factor in the exchange of
traffic between Texas territory and the territory east of the Mississippi and
It thus appears that the present application involves much more than
north of the Ohio. From the standpoint of distance. taking St. Louis and the mere relationship between the applicant and the Cotton Belt.' The
Memphis on the one hand and Dallas as a representative Texas point on strengthening of the applicant through authorized control of the Cotton
the other, the line of the Cotton Belt compares with other lines and their Belt can neither be considered without taking into account its effect upon
Texas subsidiaries participating in this traffic as follows:
the entire group of which the applicant will ultimately form a part, nor
without regard to the transportation and financial strength of other transSt. Louis et Dallas.
Miles. continental systems. Neither should the Commission disregard the effect
relationship between the groups which, under the tenChicago Rock Island & Pacific
920 upon the competitive
will handle traffic between the southwest and the
Missouri-Kansas-Texas
766 tative consolidation plan,
St. Louis and Memphis. The present record is inadenortheast
of
territory
Cotton Belt
751
Missouri Pacific
707 quate as a basis for satisfactory conclusions upon these questions.
St. Louis-San Francisco
688
Present Application Not Justified—Should be Denied Without Prejudice.
Memphis and Dallas.
The Commission should therefore find that the present application has
Miles. not been justified. The application should be denied, but without prejudice
St. Louis-San Francisco
971 to any disposition of the Cotton Belt that may be found,at the appropriate
Chicago Rock Island & Pacific
756 time and upon a broader record, best to serve the public interest.
Missouri Pacific
507
Paris and Mount Pleasant RR. Intervention Not Considered.
Cotton Belt
482
comparison
The
of distances over the line of the applicant and that of the
The Parts & Mt.Pleasant RR.Co., intervener, operates a line 51 miles in
Cotton Belt shows at once the advantage to the applicant in securing con- length, connecting with the Cotton Belt at Mt. Pleasant, Texas, and with
trol of the latter. The applicant, including the lines of the Chicago, Rock the line of the St. Louis-San Francisco at Paris, Texas. Its purpose in interIsland & Guff, operates about 8,000 miles of line, reaching Chicago on the vening was merely to urge the necessity of a proper allocation of its line in
east, St. Paul and Minneapolis on the north, Denver and Colorado Springs the consolidation proceedings. In view of the disposition of the application
on the west, Tucumcari, N. Mex., on the southwest and Fort Worth and herein recommended, it is unnecessary at present to give further attention
Dallas on the south. It reaches St. Louis and Memphis by east and west to this intervention.
lines, the eastern termini of which are not otherwise connected with other
parts of the system. Through acquisition of the Cotton Belt, more direct
Orders Lower
connection would be established between its termini at Dallas, at Memphis Inter-State Commerce Commission
and at St. Louis, and by the acquisition of lines or operating rights between
Freight Rates in East on Anthracite Coal
St. Louis and Burlington, Iowa, it would have a reasonably direct line
Substitutes.
between interior Texas and the Twin Cities.
A reduction in railroad freight rates in the East on
It is urged in behalf of the applicant that the proposed acquisition would
not only greatly strengthen the Rock Island as a transportation agency, but anthracite substitutes was ordered by the Inter-State
that it would also result in substantial benefits to the public through the
Commission on Aug. 12; the Commission while
economies to be effected by the consolidation of services at various points of Commerce
Intersection, the abandonment of paralleled tracks, and the improved ordering at the same time several local reductions on anthrafacilities for the exchange of empty cars. Applicant's witness estimated an cite rites, affecting notably North Carolina and Port Richannual saving of $538,898 to the applicant and $238,496 to the Cotton Belt,
horizontal reduction
a total of $777,394, without taking into consideration the additional advan- mond. Pennsylvania denied a general
tages to the Cotton Belt of earnings on traffic that would be routed over its in anthracite rates which it said would impair the credit of
line instead of the indirect lines of the applicant.
the railroads "and consequently their ability to perform
It is further represented that the proposed acquisition would result in a
The
better balance of northbound and southbound traffic over the Cotton Belt, sufficient and satisfactory transportation service.
due to the fact that the timber tributary to the Cotton Belt has been largely Commission's statement on this point, according to the New
exhausted and that its place would be supplied by lumber from Louisiana
"Commercial" said:
and southern Arkansas contributed by the branches of the applicant in that York
"Upon the record we are unable to find that all of the rates on anthracite
territory. As an indication of these possibilities, it was testified that during
excessive, unreasonable or otherwise unlawful,' said
the year 1924 the applicant gave the Cotton Belt only 217 cars of lumber as coal now in force are
"and in our opinion a horizontal reduction
against 14,494 cars delivered to the St. Louis-San Francisco and the Illinois the commission in its decision.
of all those rates to an extent which could be reflected in an appreciable
Central.
reduction of the retail selling prices of domestic sizes of anthracite would
Intervention of St. Louis-San Francisco Ry.
impair their credit (the railroads) and consequently their ability to perform
The St. Louis-San Francisco, with its Texas subsidiary, operates about sufficient and satisfactory trasportation service.
rather
compactly
line,
distributed in the states of Missouri,
4,900 miles of
"The record is persuasive that impairment of the ability of the carriers
Kansas, Oklahoma, Texas and Arkansas, with a line from Memphis to
perform sufficient transportation in connection with the distribution of
Birmingham, Ala. Although the route of the St. Louis-San Francisco to
anthracite coal might subject consumers to hardships which would out-.
between St. Louis and Texas points would not be shortened through acqui- weigh any benefit resulting to them from a reduction of rates on anthracite."
sition of control of the Cotton Belt, its route between Memphis and Texas
Commissioner MeChord dissented from the opinion
points, taking Dallas as representative would be reduced about 50%. Notwithstanding the length of its present route, it was testified that at present against a general reduction in anthracite freight rates,
its traffic is largely routed over its own rails in preference to interchange
is reported in the New York "Times") that he
with the Cotton Belt. It is urged that an alliance between the St. Louis- stating, (it
San Francisco and the Cotton Belt would give a practical, although some- was persuaded "that the rates in question are in fact unwhat circuitous, route between Birmingham and interior Texas points reasonable as a whole and should be materially reduced."
by means of which ready interchange of Texas products with the iron, steel
The "Times" quotes Commissioner MeChord as adding:
and coal of Alabama could be effected.
SO2
THE CHRONICLE
[VOL 121.
As a measure of the new rates on low volatile coal the railroads were
All will concede that the carriers should have adequate revenues, but I
cannot concede that they are entitled to derive them, in whole or in part, instructed to fix a total charge to principal Eastern consuming points at
from unreasonable rates on a single commodity. Even if revenue tests not more than $1 10 per ton above the rates on bituminous coal moving
could be regarded as controlling in any situation, they could not be accepted from Clearfield district of Pennsylvania. The Boston & Maine was given
I submit, without something more than a mere assumption that the anthra- a slightly higher rate for its movement.
The Commission observed that the rate on bituminous coal from the
cite roads are all effidenty and economically managed, with no room for
Clearfield district to Boston is now 6c. per ton higher than rates on anthraan expansion of net revenue by proper economies.
In its order made public Aug. 12 the Commission directed cite from Pennsylvania to Boston. Certain suggestions were made as to
the divisions of the joint rates, but no order was issued on the subject. •
the establishment of joint rates on prepared sizes of low
As to anthracite rates, the Commission directed that railroads revise
volatile bituminous coal to points in New England and the schedules to make sure than distance to consuming points over the shortest
Eastern United States from mines served directly by the routes measured the rate. To Port Richmond present rates were held
excessive, and a figure of 81 90 per ton on prepared sizes was laid down
Chesapeake & Ohio, the Norfolk & Western and the Virginian as reasonable. To Wilmington,
where the prepared anthracite rate is
Railway. The new schedules are required to be put into $3 02, a new rate of $2 59 was ordered, while North Carolina, now paying
was
given
a
$7
06,
rate
of
$5
75.
effect by Oct. 15. The New York "Journal of Commerce"
In special advices from its Washington bureau Aug. 12 the
in Associated Press advices with reference to the action of
same
paper said in part:
Commission
says in part:
the
Taken in
exist-
The action terminated an investigation,* which the Commission undertook with the Federal Coal Commission befcre it was discontinued,and was
designed to meet a situation in which the consumer of anthracite, because
of frequent labor troubles and shortage, was said to be subject to a "perpetual sellers market."
Opens Household Fuel Source.
The "solution of this domestic fuel problem," the Commission said, lay
in opening "sources of an ample supply of household fuel for use in the
New England States and the Middle Atlantic States," which it regarded
as available in the low volatile bituminous deposits of West Virginia. Maryland and Pennsylvania.
Railroads were required to establish a series of joint rates for this purpose, connecting particularly the West Virginia territory with the consuming
areas of the East, to replace the combinations of local rates, which were
held to "effect total restraint of the shipping of coal produced in West
Virginia mines to points in eleven northeastern States north of Washington."
Cites Consumers' Hardships.
"The grievance of the consumer (of anthracite) Is not confined to the
present high standard retail selling prices ofdomestic sizes," the decision said.
"The supply of domestic sizes of anthracite repeatedly has been insufficient to meet the demand for those sizes. During the winter following the
last labor strike in the anthracite industry, the health of many of the inhabitants of the northeastern States was Jeopardized, public schools were
closed and certain manufacturing industries were compelled to curtail their
activities.
"During the past 6 years the principal coal companies, miners of anthracite, rationed or alloted their production in fixed quotas. We make no
criticism of the rationing. The co-operation of these large companies with
Federal and State authorities during 'strike crisis' undoubtedly averted a
catastrophe.
Rate Cut Benefits Absorbed.
"The usual effect of competition does not attend the distribution of
domestic sizes of anthracite. During the year 1916 we required reductions
of certain rates on anthracite. The benefit was not passed on to consumers
by the mining companies or the retail dealers.
"Again, in May, 1922, we required carriers to reduce their rates on anthracite by 10% and the benefit of that reduction in rates was not passed
on to consumers.
"The buyer of domestic sizes of anthracite is at a disadvantage in the
'perpetual sellers' market'for those scarce and highly prized sizes. He must
pay the price demanded by the sellers."
Called Effective Substitute.
Studies of low volatile bituminous coal have demonstrated that under
certain conditions it is an effective substitute for anthracite coal, the commission said.
"A former Federal fuel distributer." it was pointed out,"estimated that a
large tonnage of low volatile coal of all kinds and sizes produced from the
coal fields of Pennsylvania and West Virginia possibly might be made available for use for household fuel in the Middle Atlantic and New England
States, namely, 1,742,500 tons every month from the coal fields in the
central district of Pennsylvania, 180,000 tons every month from the New
River district of West Virginia and 400.000 tons every month from the
Pocahontas district of West Virginia.
"His testimony is that such coal should be introduced to domestic use in
prepared sizes. He estimated that approximately 500,000 tons of prepared
sizes of the smokeless variety of such low volatile coal could be produced
from the coal fields of Pennsylvania, Maryland and West Virginia and distributed for domestic use in those other States each month.
"Possibly effective competition of low volatile bituminous coal with
domestic sizes of anthracite can be accomplished only through the activity
of interests who will produce, sell and distribute the low volatile bituminous
coal for household fuel use in active competition with domestic sizes of
anthracite.
Urges Local Authorities to Act.
"The Ir cal public authorities should take action that will safeguard housedors from the necessity of making experiments. The Government now
- pro .imately 250,000 tons of low volatile bituminous coal and 20.000
s of....,thracite annually for heating buildings in Washington. But in
. Idrq that change the Government tested by running many low volatile
uminous coals and only a few of them proved satisfactory."
In considering the rates on smokeless coal suitable in a degree for substitue n for anthracite the Commission cited the results of investigations made
th by the United States Coal Commission and by Massachusetts governental authorities.
The frequent threat, particularly of labor troubles in anthracite fields.
e decision said, had induced one Massachusetts co"'4 ion to decide
at :'permanent relief for the householders of Massachusetts from their
LsWng domestic fuel burdens will come only when other fuels than anthracite are developed and competitive conditions prevail in this market."
"It seems preferable," the Commission said, "that the solution of this
domestic fuel problem be accomplished through the development of trade
and commerce. The sources of production of an ample supply of household fuels for use in the New England States and Middle Atlantic States
are indicated. Freight rates effect total restraint of the shipping of coal
produced from mines in West Virginia to points in the eleven northeastern
States north of Hagerstown. Md., and Washington, D. C."
Joint Rates Ordered.
To remedy this situation and to open a transportation avenue for the
ov3ment of the anthracite substitute fuels, the Commission ordered the
herr tpeake & Ohio, Virginian and Norfolk & Western railways to make
joint rates with the Pennsylvania, Baltimore & Ohio, New Haven, Boston
& Maine, and Long Island railroads.
conjunction with the reaffirmation by the Commission of
ing rates on bituminous coal from Southern non-union fields to the Northwest, the orders issued to-day may be considered as virtually a challenge by
the Federal Government to the coal miners. The inference is that the Commission feels that from the standpoint of transportation, at least, the national fuel supply is assured, even in the event of a strike which presumably
might include the bituminous as well as the anthracite mines in union fields.
Such a view of the situation by the Inter-State Commerce Commission,
moreover, would appear to preclude the possibility of the Administration
finding the existence of an emergency demanding Executive action.
Government reports of the fuel situation in the Northwest indicate substantial movement of semi-bituminous coal from the South to that region
which is alleviating to some extent the dependence of those States on hard
coal.
Inter-State
Commerce Commission's Coal Rate Cut
It Is
Finds Critics—Philadelphia Complains
Hard Hit—Bituminous Operators
Especially Pessimistic.
The following special advices from Philadelphia Aug. 13
are reported by the New York "Journal of Commerce":
The edict of the Inter-State Commerce Commission materially reducing
railroad rates on loW volatile coal from West Virginia is not meeting with the
approval that might have been expected by Philadelphia coal interests.
according to a statement issued to-day by the Philadelphia Board of Trade,
following a survey of the local situation by that body. The statement says:
"Coal Shippers in this district feel that Philadelphia interests are being
discriminated against. When, as certain of the larger local producers of
bituminous coal point out, rates and prices are so co-ordinated as to enable
the same run of coal to sell in New England at the same price it sells at in
Philadelphia,local interests, industrial and residential, are at a disadvantage
Another evidence of this is being pointed to in the rate schedule established
by the Commission, which enables coal to travel twice the distance around
Hampton Roads to New York and New England for the same charge per
ton required if handled through Philadelphia.
"Some of the distress in the Northern coal fields, which a few weeks ago
resulted in the collapse of a series of banking institutions entailing the loss
of millions of dollars, was directly due to this discriminatory policy in the
fixing of coal rates plus the activities of union labor. The result is that the
cost of coal at the mine in the Northern fields is just $1 more per ton than in
the Southern field, a difference which it is impossible to overcome in competition. There appears, local coal authorities say, no alternative for the
bituminous operator in the Pennsylvania district to do but to close down his
mines entirely and await the return of better times. The Commission's
latest ruling, consequently, appears rather as an aggravation of this condition than as relief. There have been conferences in progress seeking redress without success to date."
Opening of Hearings by Inter-State Commerce Commission into Western Railroad Rates Postponed
to Sept. 8—Roads Reported as Asking for 5%
Increase Instead of 11%.
The Inter-State Commerce Commission has announced
that its inquiry into the application of Western railroads for
increased revenues will be opened in Chicago on Sept. 8
instead of Sept. 1, as originally announced. References to
the freight rate increase sought by the Western roads, and
the proposed hearing by the Commission appeared in these
columns May 16, page 2500, and July 18, page 292. In a
dispatch from Chicago on Aug. 13 the New York "Times"
stated that Western railroads which have been asking an
11% increase in freight rates to replenish revenues depleted
by Panama Canal competition, motor trucks and anaemic
business conditions in the Northwest went before the InterState Commerce Commission on the 13th and offered to
accept 5%. The dispatch added:
"We are entitled to the 11% increase we have been asking—an increase
that will give us the 5N% investment return the law says we can have—
but we will take 5%." the carriers said in effect.
That, at least, is the version of the attitude of the carriers as expressed
to-day by A. C. Johnson. Vice-President of the Chicago & North Western
Ry., who is Chairman of the Wi.strata Terminal Traffic Executive Committee,
The Commission will conduct hearings in Chicago the first week in September, at which the Western carriers will present the story of their difficulties. Three of their number are in the hands of receivers, the Chicago
Milwaukee & St. Paul system being the last to tumble, and others have
passed or reduced their dividends as a direct result of a revenue situation.
Mr.Johnson explained teday that the carriers would make out a complete
case in behalf of an 11% increase except that they foresee that if they stand
uncompromisingly for the full return the hearings will drag along for some
time. The roads need the money, they want it as quickly as possible,
hence the decision to accept 5%•
"If the carriers are allowed 5% now the effect will soon become appal,ent," Mr. Johnson said. "Perhaps there will be an increase in business
and the 5% asked will be sufficient."
Au°. 15 19251
THE CHRONICLE
Rates Were Cut in 1922.
Freight rates were established in 1920 under the Transportation Act,
which says the carriers may earn 5X% on investment. They were decreased in 1922. although the rates of 1920 did not produce the revenues
the law said would be allowed. Since then revenues have dwindled.
The return since 1921, the carriers say in their public statement, has been:
1921, 3.12%
1922, 3.45%
1923, 3.96%
1924, 3.87%
An advance of 5% in freight rates, the carriers say, would result in a net
return of 4.62%, this based on tonnage and revenues of 1924.
"Operating expenses have been reduced to the minimum compatible with
the character of service required and desired by he public," the carriers
announce, "but the margin between income and outgo continues so narrow
that continuance of adequate transportation, and the construction of necessary additional improvements and betterments, with a reasonable return
on the investment of the properties, are in jeopardy.
"The carriers have patiently awaited an improvement in their situation,
that they might not be obliged to appeal to the Inter-State Commerce
Commission for relief through an advance in rates to be paid by the public,
but have been disappointed, and now feel that the time has come when duty
calls, in the conservation of the interests of the public as well as the carriers,
that a move be made the in direction indicated.
Ask Return of Part of Decrease.
"They propose to ask at this time the restoration of only a portion of the
decrease in rates imposed in 1922. They do not intend to ask an increase
that might prove an item of importance in any instance to the commerce
of the Western States."
• The carriers say they are confident in the belief that this moderate advance (5%) will have no adverse effect upon any industry, and with the
hope that this advance, together with such relief as may be granted by the
Commission in other individual readjustments, may avoid the necessity
of a greater general increase.
In the instance of certain commodities they are proposing that the
Percentage of advance be converted into one applicable in equal amount to
all rates.
On grain the advance asked is a uniform one amounting to about 1 cent
a bushel, they state; on coal it is 15 cents a ton; on clay, gravel, sand and
stone it is 734 cents a ton; on cement,lime and plaster it is 20 cents a ton.
Revision of Freight Rates in Southeastern Territory
Ordered by Inter-State Commerce Commission.
A revision of all classified freight rates in territories
constituting the Southeastern quarter of the United States
was ordered on Aug. 5 by the Inter-State Commerce Commission, and a new scale of classified rates into and out of
the South also was created. The Associated Press advices
from Washington Aug. 5, as given in the New York "Journal
of Commerce," said:
The purpose is to eliminate unjustified differences, and incidental increases and reductions will take place throughout the South.
Under a distance scale of approved rates on Class 1 shipments for five
miles will be 30c. per 100 pounds, the total decreasing with each drop in
classification. The amounts will rise in proportion to distance until a
Class 1 shipment of 1,500 miles will be $2 83 per 100 pounds.
Several territorial and other exceptions from the distance scale will be
allowed. Where the movement is over short lines and unprofitable railroads special conditions are laid down.
The distance scale will apply in the main to class shipments between
Southern and Northern territory.
First-Class Rates Higher.
The Commission said the probable effect of the new rates, especially
as they applied to the traffic between the South and the North, would be
in many cases higher for first-class rates, but that the result from the
shippers' standpoint would be more favorable on the lower clasees because
of a changed percentage relationship.
No general order will be issued at present pending advice from carriers
as to whether they are prepared to accept the findings.
While the rate base laid down is intended prmarily to affect shipments
from, to and between Southern points there is a possible indication in its
terms of the view that may be taken in other parts of the United States
when the time comes for adjustment of class rates elsewhere.
The Commission has under way investigation of class rates in the Southwest and the Eastern territory north of the Ohio River.
Whether the Commission will proceed to lay down distance scale in these
territories as it has done in the Southern territory is a question
that will
probably be given more force by to-day's decision.
Mileage Scales Were Opposed.
In much of the preliminary work on the Eastern class rate the Commission has faced sharp protests of shippers in a number of localities against
any mileage rate system of adjusting class rates.
The advisability of strict mileage sclaes in the Southwest has also been
questioned. Proposals have been made to use a series of basing points
on which class rates may be made which will make the distance scales a
secondary consideration. Notwithstanding the Commission's regulation
of rates recently has shown a fairly constant tendency towards setting aside
arbitrary rate standards in favor of mileage and distance scales.
Death of Mrs J. P. Morgan.
Mrs. J. P. Morgan, wife of the banker, died yesterday
(Aug. 14) at her home at Matonecock, near Glen Cove, L. I.
Mrs. Morgan was stricken w:th sleeping sickness after returning from church to her Long Island home on June 14.
Blood transfusion was resorted to on June 17 and while for
several weeks she temained in a state of coma, advices to the
effect that her condition was promising were reported in our
issue of July 4, page 38. Her illness had also been referred to
in. these columns June 20, page 3149, and June 27, page
3273. The following announcement was issued at Mr.
Morgan's office yesterday:
Mrs. Morgan, who for the past two months suffered from lethargic encephalitis, and had slowly improved until a few days ago, died to-day
at noon as the result of a sudden cardiac collapse.
HENRY S. PATTERSON. M.D.
EVERETT C. JESSUP, M.D.
JOHN H. KEATING, M.D.
HUBERT S. HOWE, M.D.
FREDERICK TILNEY, M.D.
803
Swiss Bank Corporation on Return of Germany to
Gold Standard.
The Swiss Bank Corp.'s monthly bulletins for June and
July contain a study on the subject of Great Britain and the
gold standard. The bulletins commence with a brief sketch
of the monetary development during and after the war and
characterize the different phases through which the sterling
exchange passed.
After giving a table of the movements of gold, showing
that between 1914 and 1924 more than $1,000,000,000 was
exported from Great Britain to the United States, the bulletins summarize the various steps which led up to the reintroduction of the gold standard, a summary of what they
have to say being furnished as follows:
The first was the appointment of the Cunliffe Committee which reported
in 1918 that the requirements necessary as preliminary to the reintroduction
were suspension of advances from the Bank to the Government, cessation of
inflation, reduction of the fiduciary circulation and the turning over of the
currency note issue to the Bank. In the execution of these recommendations
the Government adopted a policy aiming at the reestablishment of the
equilibrium of the budget, amortization of the debt and consolidation of
floating liabilities. This programme being in the main fulfilled by the end
of 1924, a second Committee was set up which reported on further steps to
be taken. Their recommendations, which were accepted by the government, amounted to the restoration of the gold standard with certain qualifications: lifting of the embargo, general license to export gold, transfer of
the gold reserve for Currency notes to the Bank of England, the Bank to
give gold bars instead of sovereigns against notes, &c.
In addition to these measures the Bank of England secured as a precautionary measure for the case of an emergency, large credits in the United
States. viz,$200,000,000 with the Federal Reserve Bank and of $100,000,000 with the house of Morgan in New York. This, in conjunction with a
balance of 166.000,000 already set aside in America for the next two instalments of interest on the debt, provided an ample sum for countering any
depression in the rate of the sterling exchange,
The second bulletin is devoted to a consideration of how far Great Britain
will be able to maintain the gold standard now introduced. In the first
place the position of the budget is studied and it is shown that since 1920.
Great Britain has been able to meet all her expenditure without the necessity of having recourse to further borrowing, the budget has been effectively
stabilized, the sinking fund has been duly operating and the outstanding
total of short term liabilities has been greatly reduced by various successive
measures of consolidation. There seems thus to be no danger of the gold
standard being compromised by inflationary measures.
The second factor to be considered is the balance of payments. The
Board of Trade's estimates are accepted after exhaustive discussion and it
Is shown that after setting against the adverse trade balance, the receipts
from investments abroad, services, &c., there remained a surplus of about
£30,000,000 in 1924. A further factor must,however,be considered, namely
the balance of investments, i.e., the transfer of funds which may exercise a
very important influence on the exchange and consequently on the stability
of the currency. Foreign loans in London during 1924 actually amounted to
some 4134,000,000 On the face of it therefore it would appear that the net
export of capital was about 100,000.000 but the weight of this figure must
have been greatly reduced by the fact that large amounts of these foreign
issues have been subscribed by foreigners, and that further a large portion of
the product of these issues has remained temporarily deposited in England
or went to pay for English goods. Moreover, money rates have been higher
in London than in New York, and foreign capital has thus been attracted to
England, especially from across the Atlantic, so that there is a large balance
offloating capital at the present time in the English market. On balance the
international transfer of funds operated in favor of Great Britain and MOTO
than equalized the balance of foreign payments. These large floating balances would indeed constitute a danger in case of sudden withdrawal but this
is only to be feared under extraordinary circumstances or in a panic, since at
present London has regained her old attraction as the clearing house of the
world while against the peril of a sudden withdrawal the bank will always be
able to bring in play the large credits obtained in the United States and a
rise in the discount rate.
In conclusion the Bulletins express the opinion that the return of Great
Britain to the gold standard was not premature, and there need be no fears
as to the ability of the Government to maintain it while the country will
gradually regain all the advantages which, thanks to its sound currency, it
enjoyed before the war.
The bulletins further continue the series of studies of the monetary systems of various countries, dealing in turn with Great Britain, Austria,
Hungary,Poland, Czechoslovakia and Jugoslavia. There is also in a later
section of the July bulletin a fully documented survey of the development of
the Reparations Problem and the operation of the Dawes Plan.
Amalgamated Bank of New York Leases Tiffany
Building on Union Square.
The taking over of the Tiffany Building, West Union
Square at 15th Street, on a 21-year term lease, is announced
by the Amalgamated Bank of New York. The building,
which formerly housed the Tiffany jewelry establishment,
will in a few months house the first labor bank established
in this city. It has one of the largest frontages on West
Union Square and extends 166 feet on 15th Street. The
building will be called the Amalgamated Bank Building.
Sidney Hillman, the President of the Amalgamated Clothing
Workers of America, in announcing the taking over of the
Tiffany Building, said:
The great growth of the Amalgamated Bank, which in two short years
shows resources of six million, with 12,000 depositors, compelled us to seek
larger quarters. It is becoming impossible for us to meet the demands made
upon us for our various special services in our present quarters.
In addition to the steady increase in the number of depositors we have
to serve, both in our checking and 4% interest departments, our Dollar Remittance Service to Europe brings thousands of persons to the bank and
we must have increased facilities to serve them promptly. When it is
kncwn that we sent over 200,000 separate remittances for the workers to
these countries to the end of 1924 and that the first three months of this
year showed a 40% increase, the vital necessity for larger quarters will be
UTE CHRONICLE
(VOL 121.
The stockholders.of the Municipal Bank of Brooklyn on
understood. In addition to this, our special small loan service brings thousands of persons to the bank, which makes a removal to larger quarters Aug. 4 approved the recommendation of the board of direcimperative.
to increase the capital stock from $1,000,000 to $2,000,The main floor of the Tiffany Building will be reconstructed into a most tors
modern and commodious banking establishment. Every facility for quick 000. The new stock, par $100, is being offered at $135 per
and correct service will be placed at the disposal of our depositors.
share. It will become effective Oct. 1. The State Banking
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Henry Jay Case of the Stock Clearing Corporation was
the speaker at the Aug. 13 session of the Thursday Luncheon
Club of the Cashiers' Section, Association of Stock Exchange
Firms. The luncheon was held in the rooms of the Luncheon
Club in the Stock Exchange Building.
R. Lacour-Gayet,financial attache to the French Embassy
in New York, has returned from France and has resumed
the direction of his office at 35 Nassau Street, New York.
The Chemical National Ban-k of New York recently added
$1,000,000 from earnings to its surplus fund, bringing the
surplus fund up to $16,500,000. The Chemical Bank has a
capital of $4,500,000.
A further extension of the se-rvice of the National City Bank
of New York occurred on Aug. 10 when its new branch at
Park Avenue and 57th Street opened its doors for business.
The establishment of the bank in this location was determined upon in recognition of the increasing importance and
rapid growth of this section as a residential and retail trade
centre of the city. The complete facilities of the National
City organization will be made available to the clients of the
branch and especial emphasis will be placed upon the
women's department recently placed under the supervision
of Mrs. William Laimbeer. The premises, upon which the
bank has taken a 20-year lease, have been extensively remodeled, the alterations being designed to facilitate the transaction of business with maximum convenience to the bank's
clients. In addition to the new branch, the National City
Bank operates branches at the following locations: Fifth
Avenue at 28th Street; 42d Street and Madison Avenue;
57th Street at Seventh Avenue; 96th Street at Broadway;
72d Street at Broadway, and the Bowery at Bond Street.
Department has approved the establishment by the bank of
a fourth branch office, to be located on Kings Highway and
Coney Island Avenue, which will be opened Dec. 1.
Addison L. Winship, formerly Vice-President of the Webster & Atlas National Bank and the National Shawmut Bank,
both of Boston, died of heart disease on July 31 following
an illness of five months. Mr. Winship was one of the organizers of the Boston City Club and became its first Civic
Secretary, from which post he resigned in 1917 to become a
Vice-President of the National Shawmut Bank. About two
years ago he resigned as Vice-President of the National
Shawmut Bank, later becoming Vice-President of the Webster & Atlas National Bank; because of ill health he resigned
that post on March 31 1925. Mr. Winship was a trustee of
Boston University and devoted much time and effort in
behalf of the recent campaign for a larger endowment fund.
The new City Trust Co. of H- oboken, N. J., organized with
a capital of $200,000 and surplus of $100,000, began business
on Aug. 10 in temporary quarters at 500 Adams Street. The
formation of the company was referred to in our issue of
July 18, page 203. The officers are Henry C. Steneck,
President; Fred A. Seide and Joseph J. Garibaldi, VicePresidents; Nicholas H. Steneck, Secretary and Treasurer;
Henry Wessling, Assistant Secretary and Treasurer.
The Broadway National Ba- nk of Paterson, N. J., has received a charter from the Comptroller of the Currency. The
officers chosen for the new institution are: President, William B. Mackay; Chairman of Board, William E. Walter;
Vice-Presidents, Walter Lotte and George Henkel; Cashier,
F. P. Hofmayer; Assistant Cashier, C. Vollaro. The bank
has been formed with a capital of $200,000 and surplus of
$50,000; its stock is being placed at $130 per $100 share. It
plans to begin business Oct. 1.
The New York State Bankin- g Department has approved a
Charles W. Mills, President of the Delaware Trust Co.
change in the corporate name of Union Mortgage Bond Corporation, investment division of Union Discount Co., Inc., of of Wilmington, died at the age of 57 from heart disease, on
New York. Hereafter it will be known as Union Investment Aug. 10. Mr. Mills had been President of the Delaware
Trust since 1923 and for many years was a director and a
Securities, Inc. Frederick A. Yard is the President.
stockholder of the Franklin Trust Co. of Philadelphia. He
old Bank of America building at was
The cornerstone of theSecretary and Commissioner of the Bituminous Operathe norhtwest corner of Wall and William streets, this city, tors' Association from 1907 to 1912, and with Seth Low he
was uncovered this week by workmen engaged in demolish- later served on the Colorado Coal Strike Commission and
ing the old structure. No record of the location of the was arbitrator in the Kanawha and Cabin Creek strikes in
cornerstone was in existence, and the workmen have been West Virginia and conciliator in the Westinghouse and
on the lookout for it for over a week. When finally located Government workers' strikes.
in a brick pier at the northeast corner of the building and
Plans to organize the Queen
uncovered, all the papers and documents which had been
- Lane National Bank of Gersealed in a copper box and placed in it 37 years ago, were mantown, at Philadelphia, Pa., have been approved by the
found intact and well preserved. These included copies of Comptroller of the Currency. The bank is being organized
New York City newspapers of Nov. 16 1888, various papers with a capital of $200,000 and surplus of $50,000. The stock
and notices pertaining to the bank's affairs, a copy of the is being sold at $125, par value $100, the surplus being cred46th annual report of the Board of Education and a can- ited with the additional $25. The new institution plans to
celed gold certificate for $10,000 drawn on the bank and pay- begin business as soon as the necessary alterations to its
able to the New York County National Bank. This arose in building, at Germantown Avenue and Queen Lane, have been
connection with the fact that the bank was then depositor completed. It is expected that this will be about Jan. 1
for the gold fund of the Clearing House. A list of the bank's next. The officers are: President, John W. Snowden, Vicedirectors of the period showed the following names: James President Stead & Miller Co., and director Northern NaM. Brown, William L. Jenkins, Samuel Thorne, Charles G. tional Bank; Vice-President, E. McLain Wafters, E. McLain
Landon, George A. Crocker, David S. Egleston, Edmund W. Watters & Co., investment bankers; Cashier, William F.
Cot.lies, J. Harsen Rhoades, Augustus D. Julllard, Oliver Mitchell, formerly Assistant Cashier Hamilton National
Harriman and Frederick P. Olcott. Mr. Conies was Presi- Bank, New York City, Secretary-Treasurer Overpeck Trust
dent and Dallas B. Pratt, Cashier. Mr. Pratt is at present Co., Ridgefield Park, N. J., and for a number of years a
a director of the bank and the only living representative of national bank examiner. The following are the directors:
Clarence E. Blackburn, attornerat•law ; David P. Challenger, Dillon,
the official personnel of that time. Edwin Thorne, now a
Read & Co., bankers; Thomas A: Craig, John T. Craig & Co., retail coal
director, is a son of Samuel Thorne. The contents of the dealers;
Vincent J. Girard, Cashier, International Freighting Corporation;
box will be deposited in the museum and library of the bank, Harris Gramm, Harris Gramm, Inc., contractors; Raymond S. Leopold,
physician;
William J. Maurer, F. W. Maurer & Sons Co., textile manufacwhich will be one of the features of its new building. The
turers; John
P. Rodgers, Vice-President Insurance Co. of the State of
latter, by the way, is the fourth structure to be occupied by Pennsylvania;J.John
W. Snowden, President; Frank A. Warner, Vice-President and General Manager, Mack International Motor Truck Corporation;
the Bank of America on this site.
The Central Mercantile Ban- k, at 1 East 14th Street, this
city, has taken over 3 and 5 East 14th Street on a long term
lease. According to C. Stanley Mitchell, President of the
Central Mercantile Bank, who says that the bank will move
into the offices as soon as the necessary alterations are
complete, which will be in about ten days, the bank will
about double this floor space with the taking over of the ad.
joining building.
E. McLain Walters, Vice-President, and Edw. T. Watts, Watts & Stearn,
electrical manufacturers.
In an information filed at Pittsburgh late Tuesday of last
week (Aug. 4) before Alderman Patrick Cawley, John A.
Bell, former head of the failed Carnegie Trust Co., of Carnegie, Pa. (a Pittsburgh suburb), and until recently reputed
multi-millionaire coal operator and financier, was charged
with the embezzlement and willful misapplication of $800,643 of the funds and credits of the defunct bank. Half an
AUG. 15 1925.]
THE CHRONICLE
bour before the filing of the information by Col. Charles C.
_McGovern, special investigator for the State Attorney-Gen•eral, "on information received from the Banking Depart.ment of the Commonwealth of Pennsylvania," Mr. Bell surrendered himself to Alderman Cawley In accordance, it is
understood, with a prearranged plan between attorneys on
both sides. Later he was released in $25,000 bail for a preliminary hearing on Aug. 7. According to the Pittsburgh
papers of Aug. 5, the information contains 14 counts against
the former banker, involving amounts ranging from $80,000
-to $211,352. Twelve of the charges have to do with alleged
embezzlement through false entries on the books of the Carnegie Trust Co. The other two pertain to an alleged false
.statement of the bank's condition, made Sept. 30 1924, to the
State Banking Department. Each charge of alleged embezzlement in the affidavit; it is said, is coupled with a charge
-of false entry, in which it is declared that the former President aided and abetted Joseph H. Walker, "the treasurer,
bookkeeper, clerk, employee and agent of the said Carnegie
Trust Co." in altering the records of the bank. The dates of
the alleged crimes run from Dec. 3 1919 to the alleged false
bank statement of Sept. 30 1924. Should Mr. Bell be found
guilty under all the 14 charges, it is said he is liable to a
maximum punishment of 70 years in the penitentiary and a
fine of $70,000, as each count carries a penalty of from six
months' to five years' imprisonment and a fine of from $500
to $5,000. The following outline of the charges contained in
the affidavit was given in the Pittsburgh "Post" of Aug. 5:
The first charge is that on Dec. 3 1919 Bell embezzled the bank to— die
extent of $179,900 05 by causing an entry on the bank's books purporting to
show that on that date E. D.. Friebertshauser, then Allegheny County Treasurer, had withdrawn the amount named from the county's account in the
'trust company. It is declared that no such amount had been withdrawn and
that Bell's action was intended "to deceive the officers of the said Carnegie
Trust Co. and the bank examiners, and other persons legally authorized to
examine the affairs of the institution."
On Dec. 31 1919 it is charged Bell caused another entry to be made on
the books of the bank purporting to show that Friebertshauser had withdrawn $102,500 from the county's fund. The entry was made with the
same intent as that of Dec. 3, it is charged.
The next charge has to do with a transaction of Oct. 27 1920, when Bell
is alleged to have committed an embezzlement of $156,890 75. In this case
Bell caused an entry to be made showing that Joseph G. Armstrong, then
County Treasurer, had drawn the amount named from the county's account.
The next embezzlement is charged as committed on April 8 1922. It involves $150,000. This was done, it is alleged, by making and issuing an
unlawful draft on the Colonial Trust Co. to the order of the Columbia National Bank. The draft was signed, it is set forth, "Carnegie Trust Co.,
John A. Bell, President."
The next charge has to do with delinquent tax funds kept in the Carnegie
Trust Co. by E. M. Kenna, then Collector of County Delinquent Tares. It is
charged that on April 27 1922 Bell caused an entry to be made in the
bank's records purporting to show that Kenna had withdrawn $150,000 from
the delinquent tax deposits.
The next charge has to do with the embezzlement of a collateral note for
4211,352 42, together with a certificate for 800 shares of Carnegie Coal Co.
stock. The makers of the note are given as unknown in the information.
The transaction is alleged to have been carried out on June 28 1924. The
note is dated May 15 1924.
On June 28 1924, it is charged, Bell caused an entry to be made on the
books of the bank purporting to show that the Carnegie Trust Co. had
transmitted $129,352 42 to the Columbia National Bank, whereas no such
transaction had taken place.
Another entry, engineered by Bell, according to the charges, showed that
the Carnegie Coal Co. withdrew $82,000 from its account in the trust company.
These two last entries, it is charged, were made to cover the embezzlement
of $211,352 42 on the collateral note mentioned.
In all the transactions mentioned in the information the technical charge
made is that Bell "did then and there embezzle, abstract and wilfully misapPIY."
The accusation is, it was learned, that Bell used the money he embezzled
either for himself or for the companies he controlled.
The last two charges in the information deal with the false statement
Bell is alleged to have made to the State Banking Department on Sept. 30
1924.
It is charged that in that report, under the heading: "Reserve Fund
Schedule," Bell had the following:
"Total reserve required
$569,539 17
'Total reserve held (cash reserve agents and securities)
754,373 15
805
Bell had been President of this latter institution up to a few
months before it failed. The closing of the Burgettstown institution was reported in the "Chronicle" of May 16, page
2507. According to the Pittsburgh "Post" of June 18 last,
Mr. Bell has turned over all of his property—real and personal—to a committee of his creditors. In a tentative report
made on the affairs of the Carnegie Trust Co. submitted to
Governor Gifford Pinchot of Pennsylvania by Attorney-General George W. Woodruff on July 18, responsibility for the
failure of the Carnegie Trust Co. was placed on the shoulders of Mr. Bell. In this report, as contained in a special
telegram from Harrisburg on July 18 to the Pittsburgh "Gazette," the Attorney-General said in part:
Briefly, the apparent cause of this failure was the depreciation of coal
land and coal securities owned by the trust company through John A. Bell,
or held by it as security. The real cause was the one-man control of a
banking institution, the consequent overwhelming effect upon subordinates,
whereby they did just what the one man directed, and the concentration of
loans to one interest, namely to that of John A. Bell. This cause alone is
too grave a danger to be allowed to exist in banking practices, but in this
case, as in many cases, it was aggravated by even more dangerous use of
wrongful political influence and the placing in the trust company through
such influence of unjustified deposits of State, county and municipal and
other public funds.
This political factor began its corrupting influence over 30 years ago,
when, as Treasurer of Allegheny County, John A. Bell himself began to put
county moneys in preferred or favored banks. This ability and favor led
to his acceptance by some of these institutions as a desirable stockholder,
director, president and autocrat.
Since the closing of the Carnegie Trust Co. the affairs of the company
have been administered by the Banking Department, which has also been
investigating the cause of the failure and the faults in either the banking
law itself or its administration, which expose our people frequently to loss
of their hard-earned savings—their source of subsistence—or their capital,
without which harmful business failures must follow.
Keeping in mind the effect of one-man control and political influence, the
failure of the Carnegie Trust Co. was the almost inevitable result of concentration of deposits and loans. The presence of excessive deposits of public
funds placed it within the power of a single depositor to withdraw at one
time a sufficient sum to compel the closing of the institution. This did not
happen, but such withdrawal alone could have wrecked the bank. The concentration of loans explained below, however, did cause the failure.
At the time this institution was closed the loans and investments were
concentrated as follows:
John A. Bell, direct liability
$220,000 00
John A. Bell, indirect liability
335,750 00
Bell owned or controlled corporations
995,552 00
Loans for the accommodation of John A. Bell
566,427 63
Coal
Co.
Carnegie
dominated
Bonds of
by Bell and held by
the trust company as investments (practically its entire
capital and surplus)
1,060,000 00
Total
$3,177,729 63
At the same time the total resources of the trust company amounted to
$4,866,699 48. It is, therefore, apparent, that over 65% of the total resources of the trust company were loaned to John A. Bell and his affiliated
interests.
The concentration of deposits is shown by the following summary:
Commonwealth of Pennsylvania
$170,000 00
$1,346,445 20
County of Allegheny
1,346,445 20
Poor Board of Allegheny County
Delinquent Tax Collector, Allegheny County
332,579 26
1,864,386 35
Other public funds, boroughs, townships and school dists
172,081 18
John A. Bell, members of his family and affiliated corporations 154,508 41
Deposits of general public
$2,350,975 94
1,410,362 05
Total deposits
$3,801,337 99
Of these deposits 58% were public funds, 18% were the deposits of individual depositors, and only 4% were the deposits of John A. Bell, the
members of his family and affiliated interests.
D. B. Blackburn, President of the First National Bank of
Oakmont, Pa., and an independent coal operator, and J. H.
McGinley, Trust Officer and Secretary of the Pittsburgh
Trust Co., Pittsburgh, on Aug. 3 began an appraisal of the
assets of the Carnegie Trust Co., following their appointment as appraisers by the State Banking Department on
July 29. The following Associated Press dispatch from
Pittsburgh on Aug. 6 with regard to the financial affairs of
Mr. Bell, appeared in the New York "Evening Post" of that
$184,833 98" day:
"Over
A preliminary report of the creditors' committee of John A. Bell, PresiIt is alleged that Bell thus represented the reserve held by the Carnegie
Trust Co. to be $184,833 98 more than the total reserve required by law, and dent of the closed Carnegie Trust Co., filed with the People's Savings di
well
knew"
Trust
there
that there was no such excess.
Co. of Pittsburgh to-day (Aug. 6) showed that the banker had sufthat Bell "then and
It is charged that Bell made another entry in the report to the State fered financial losses of about $10,900,000 during the past five years. The
Banking Department to show that $236,362 98 was due the Carnegie Trust report covered Bell's assets and liabilities and was for the information of
co. from the Columbia National Bank. It is alleged that Bell knew that creditors.
The committee recommended that the creditors proceed in bankruptcy
the amount due from the bank was much less than the amount named.
The third alleged false entry has to do witn overdrafts, listed among the against Bell before Oct. 11 next unless the banker executes a voluntary peresources of the bank. The Bell statement, it is charged, showed that the tition in bankruptcy and places it with the committee with authority to tile
total overdrafts on the Carnegie Trust Co.'s books were listed as $178 31 on it.
The Bell financial losses, listed by the committee, included: Miscellathe statement made by Bell, while as a matter of fact they were in excess of
neous, $960,000; oil developments, $897,000; dairy farm, $1,000,000; Sal$80,000.
All of the entries named are contained In one charge of the information. keld Coal Co., $297,000; Task Coal Co., $389,000; Carnegie Coal Co.,
The last charge asserts that Bell aided and abetted Walker in making the $6,500,000; Harmon Creek Coal Co., $300,000; minor corporations, $400,000; capital stock of banks and trust companies, $189,000.
false entries on the report.
Assets listed included Liberty bonds and stock in oil companies. No
As noted in the "Chronicle" of May 2 last, page 2230, the valuation of the assets was given.
Carnegie Trust Co. and the First National Bank of that
According to the Pittsburgh "Gazette" of Aug. 8, Mr. Bell
place failed on April 27. Both institutions were headed and waived a preliminary hearing for court trial when arraigned
controlled by Mr. Bell. On May 12 the Burgettstown Na- before Alderman Cawley on Aug. 7 and was again admitted
tional Bank, Burgettstown, Pa., also closed its doors. Mr. to bail on a new $25,000 bond put up by his original bonds-
806
THE CHRONICLE
men. Earlier in the same day the former banker filed a
voluntary petition in bankruptcy in the Federal District
Court at Pittsburgh, listing his assets at $1,628,535 and his
liabilities at $8,669,097. Judge Robert M. Gibson of the
Federal Court appointed James N. Jarvis, a member of the
former John A. Bell Creditors' Committee, receiver in bankruptcy for Mr. Bell on Thursday, Aug. 13, according to a special telegram from Pittsburgh on that day to the Philadelphia "Ledger." Bond was placed at $200,000, which was
furnished by the United States Fidelity & Guaranty Co. of
Baltimore.
The merger of the Dayton National Bank (capital $300,000) with the City National Bank (both of Dayton, Ohio),
plans for which were noted in our issue of July 4, page 39,
became effective July 13. The City National Bank is the
name of the consolidated institutions. The latter, which
before the consolidation had a capital of $400,000, on July
27 reported capital of $500,000; surplus and undivided profits of $539,566, and deposits of $10,274,309. Its resources
on the same date totaled $11,806,470. The City Trust & Savings Bank of Dayton, which is affiliated with the City National, on July 27 had deposits of $6,063,472 and resources
of $6,551,293. It has a capital of $250,000 and surplus and
undivided profits of $185,926. W. G. Davidson is President
of both the City National and City Trust & Savings Bank.
At the regular monthly mee- ting of the board of directors
of the Commonwealth-Federal Savings Bank of Detroit, held
recently, William W. Smith, Cashier of the institution, was
elected a Vice-President, while retaining the Cashiership.
- made by the Comptroller of
Announcement was recently
the Currency that the Wabash National Bank of St. Paul,
Minn., capital $200,000, had been placed in voluntary liquidation, effective July 11. Albert G. Moosbrugger, Liquidating
Agent, furnishes us the following information regarding
the winding up of the bank:
Bank was organized in 1920. In May 1924 the bank turned over to the
four large national banks in St. Paul all of its assets and a personal cash
guarantee from its principal stockholders, and borrowed enough money to
pay off all of its debts and depositors in full. In July 1925, after a year of
liquidation, the loan had been paid up, and the bank went into voluntary
liquidation. The bank was not absorbed by another institution.
G. B. Trigg has been elected Cashier and Arthur P. Miller,
C. A. Tacke and Harry C. Hartkopf, Assistant Cashiers of
the Liberty Central Trust Co. of St. Louis by the board of
directors, according to an announcement by F. E. Gunter,
President. Mr. Trigg has been an officer of the bank since
1921, when he was appointed Assistant Cashier. A native
of Virginia and educated at the University of Virginia, he
became comiected with the institution in 1910. Mr. Miller
has been with the bank since 1894 and was promoted to
Assistant Cashier from Teller. Mr. Tacke, who joined the
bank in 1909, was Chief Clerk, and Hartkopf, whose connection dates from 1911, was promoted from Manager of the
Discount Department.
The Norfolk National Bank, Norfolk, Va., on Aug. 1 celebrated the 40th anniversary of its founding. When the institution began operations in 1885 it was capitalized at
$400,000. This amount was increased in 1906 to $1,000,000,
its present capital. The surplus and undivided profits of
the bank at the present time, it is understood, amount to
$1,391,112 and its deposits to $10,851,873. A. B. Schwarzkopf, one of the bank's Vice-Presidents, enjoys the distinction of having served the institution continuously since it
opened for business. He entered the institution as a clerk.
W. A. Godwin, the President, comes about six months behind
Mr. Schwa rzkopf in length of service.
Following the acquisition of the business of the Exchange
National Bank of Rome, Ga. (capital $150,000), by the National City Bank of that city, the Exchange National has
been placed in voluntary liquidation. The consolidation,
which became operative July 11, effects no change in either
the capital or name of the National City Bank. On July 17
the bank reported a capital of $200,000, surplus and undivided profits of $262,639, deposits of $2,302,031 and total
assets of $3,110,170. The officers of the bank are: John
F. Graham, President; S. H. Smith, Chairman of Board;
1.. N. Shahan Jr., E. P. Harvey and W. S. Cothran, VicePresidents; W. W. Berry, Cashier, and J. A. Palmer, Assistant Cashier.
A special dispatch from Mercedes, Tex., to the Houston
"Post-Dispatch" on July 28 stated announcement had been
made that the First National Bank of McAllen, Tex., had
[Vol, 121.
been reorganized with R. E. Frisby, President of the Rio
Grand Telephone Co., as President. The dispatch went on to
say that F. W. Lemberg, Cashier of the bank for the past
three years, had been elected a Vice-President of the institution and W. M. Pegg of Ada, Okla., appointed Cashier.
Mr. Pegg heretofore, it was said, had been Vice-President
of the Securities State Bank of Ada, Okla., for many years.
Controlling interest in the institution, it was further
stated in the dispatch, had been bought by S. A. Morris of
Donna, Tex., and associates.
Plans for the amalgamation of three of the largest British
banking institutions in Africa—the Colonial Bank, the
Anglo-Egyptian Bank, Ltd., and the National Bank of South
Africa, Ltd., were announced in a cablegram received on
Aug. 13 at the New York office of Barclays Bank, Ltd.
Control of the new bank will rest with Barclays Bank, Ltd.,
by virtue of stock ownership. An announcement regarding
the amalgamation says:
The Colonial Bank will be reincorporated and change its name to Bar-
clays Bank (Dominion, Colonial and Overseas). It will then acquire the
businesses of the Anglo-Egyptian Bank and of the National Bank of
South Africa.
Frederick C. Goodenough, Chairman of Barclays Bank, Ltd., will be
Chairman of the reincorporated bank, the Deputy Chairman and ViceChairman being, respectively, Sir Herbert Hambling, Bart., and Edmund
H. Parker, LL.D. The existing boards of the three amalgamated banks
will act as local boards for their respective sections and be represented
upon the central board for districts where the three banks are represented.
The amalgamation will achieve an extensive consolidation of banking
interests throughout the whole of the African continent, a policy calculated,
in the opinion of Barclays Bank, to promote development and trade.
The new institution will have an authorized capital of £10,000,000, of
which £6,975,500 will be issued and subscribed and £4,975,500 will be
paid up. The paid-up capital, at the current rate of exchange, will thus be
approximately £24,000,000. There will be an initial reserve fund of
£1,000,000.
The Colonial Bank at the end of last year had a subscribed capital of
£3,000,000, of which £900,000 was paid up, a reserve fund of £800,000
and deposits of £6,631,024. Established by Royal Charter in 1836, the
bank has branches throughout West Africa, the West Indies and British
Guiana, and in Manchester, Liverpool, Hull, Hamburg and New York.
The Anglo-Egyptian Bank, Ltd., an affiliate of Barclays Bank, has, according to the most recent available figures, a subscribed capital of £1,800,000, of which £600,000 is paid up, a reserve fund of £720,000, and deposits of £11,867,436. It has branches in Egypt, Sudan, Palestine and at
Gibraltar and Malta.
The National Bank of South Africa, Ltd., with a paid-up capital of
£2,075,500, has its head office at Pretoria and operates branches throughout South Africa, in the Transvaal, Natal, Orange Free State, Rhodesia,
Swaziland, Basutoland, Tanganyika Territory, Nyasaland and Kenya Colony.
Barclays Bank Overseas, Ltd., and Barclays Bank, S. A. I., the French
,Ind Italian affiliates of Barclays Bank of London, will remain separate
Institutions.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The dominating feature of the New York stock market
this week has again been the high-priced specialties, but with
the railroad stocks showing growing activity at advancing
prices under the stimulus of the remarkable record of revenue
car loadings, which for the third consecutive week have exceeded the million mark. The oil stocks and the motor
stocks have tended lower—the former on cuts in gasoline and
the latter on the reductions in the prices of automobiles. In
the two-hour session on Saturday trading was unusually
active for a midsummer week-end market, the momentum of
the preceding day's advances extending to the early transactions, and numerous speculative favorites broke into new high
ground. United States Steel common made a new high for
the movement at 1233, but slipped back to 122% at the
close. General Motors at its high crossed 94 and Mack
Trucks, after selling above 201, reacted two points to 199.
The outstanding feature of the trading on Monday was the
buoyancy of American Can and General Railway Signal,
both of which scored new high records for all time. Oil
stocks were under pressure due in a measure to the general
reductions in the price of crude oil products, and railroad
stocks were practically at a standstill, though Chesapeake &
Ohio was in special demand and advanced more than two
points from its low of the day, and St. Louis-SanFrancisco
moved forward three points. Stocks moved uncertainly on
Tuesday, with sharp fluctuations in high-priced specialties
and unsettlement in the general list. Railroad shares were
firm and new high records were made by Missouri Pacific
pref., St. Louis-San Francisco and Ches. & Ohio. Del.
Lack. & Western also was in strong demand at advancing
prices. Irregularity again prevailed in the general list on
Wednesday, though high-priced industrials and railroad
shares continued their upward climb. American Can again
moved upward to a new top and General Electric passed its
highest level, followed by General Railway Signal with a
gain of 10 points. Wabash led the upswing of the railroad
shares, closely followed by Ches.& Ohio, Rock Island, Southern Pacific and numerous other active issues. General Elea-.
Alm. 15 1925.]
THE CHRONTME
tric was another strong feature and recorded a new top with
a five-point advance, and Westinghouse Air Brake closed the
day with a gain of- seven points. Under the leadership of
high-priced industrials and railroad shares, prices again
forged ahead on Thursday. New high levels for the year
were recorded by St. Louis-San Francisco, New York &
Ont. & West., Wabash, Ches. & Ohio pref. and Great
Northern pref. Erie Ry. stooks were at their best and gains
of from one to three points were scored by Chicago Great
Western pref., Balt. & Ohio, Texas & Pacific and Wheeling
& Lake Erie. Industrial stocks in many instances surpassed
their previous high levels for the year, notably American Can,
Reynolds Tobacco B,Metropolitan Edison and Mack Trucks.
Air Reduction and American Snelling & Refining were in
active demand at improving prices. Motor stocks were
irregular, the announcement of the extra dividend of $1 per
share on the common stock of General Motors Corp. not
being made until after the close of trading. Railroad shares
and industrial stooks were again the leaders as the market
resumed its forward movement on Friday. General Motors
crossed 92 at its high for the day and Fisher Body sold at
833', as compared with its low of 783/2 in the previous session. The remarkable bouyancy of the railroad shares was
again demonstrated by the new high records for the movement scored by New York Central, Del. Lack. & Western
and Norfolk & Western. General Electric reached a record
high at 323%, American Can closed 2% points up, and du
Pont made a net gain of8% points from its early low. United
States Cast Iron Pipe & Foundry advanced more than 6
points to 157%. The final tone was bouyant.
TRANSACTIONS AT THE NEW YORK STOCK =CHANGE.
DAILY, WEEKLY AND YEARLY.
Week Ended Aug. 14
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
Stocks-No. shares__ _
Sonde.
Government bonds_ _
State and foreign bonds
Railroad az misc. bonds
Total bonds
Railroad.
de.
Bonds.
698.550
1,281,312
1,440,985
1,467,170
1,389.526
1.372.600
82,887,000
5,644,000
7,117,000
6,954,000
6,373,000
5,753,000
8907.000
1.575,000
1,415,000
1,492,400
1,645,500
1.642,000
$388,000
928,800
576,250
765,000
1.105,850
944.000
7,649,543
$34,731,000
$8,676,900
84.707.900
State,
Municipal it
Foreign Bonds.
United
States
Bonds.
Jan. 1 to Aug. 14
1925.
1924.
7.649,543
4,917,177
245.784,430
149,761,923
84.707,900 812.592,000
8,676,900 14.853.000
34,731.000 45,136.000
$240,965,810
440,632,500
2,142,752,075
8619,547,000
294,167,000
1,403,738,000
1925.
1924.
$48,115,800 872,581.000 82.824,350,385 82,317,452,000
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA
AND
BALTIMORE EXCHANGES.
Week Ending
Aug. 14 1925
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Boston.
Philadelphia.
Baltimore.
Share.. Bond Sales. Shares. Bond Sales. Shares. Bond Salm
13,650
20,106
*22,063
•17,753
*18,831
15,325
$18,000
19,500
24,000
17,500
14,000
51,000
10,375
17,768
19.964
38,121
44,661
58,508
87,200
28,500
37,500
53,000
26,500
22,000
863
3.619
6,635
4,643
3,519
2,706
812.100
36,000
23,000
25,000
21,300
15,000
107,728
$144,000
189,397
3174.700
21,985
8132,400
Prey, week revlaer1
17.4 rtsa am. non 177 1159 5146000
1.1 ma .s,o, Ann
In addition sales of rights were: Tuesday, 250; Wednesday, 250; Thursday,
165.
THE CURB MARKET.
Price movements in the Curb Market this week were
decidedly irregular, though for a good part of the time the
trend was to lower values. Public utility shares showed some
wide changes. Middle West Utilities corn. was conspicuous
for a drop from 118 to 1033,, though it recovered to 1083
%
and closed to-day at 108. Amer. Gas & Elec., corn., was
down from 80 to 75%, recovering finally to 783/2. Amer.
Light & Tract., corn., after early advance from 199 to 220,
dropped to 207 and sold back to 224, with the close to-day
at 220. Commonwealth Power declined from 39 to
359.
and ends the week at 353'. Lehigh Power Securities lost
over ten points to 1353,recovering finally to 139. Southern
California Edison Co.fell from 127 to 120 and finished to-day
at 1223'. Southeastern Power & L. after a drop from
1503/
to 143, ran up to 154, the close to-day being at 1523..
Western Power Corp. com, dropped from 623 to 56 and
sold finally at 583. Activity in industrials was confined
to a few issues. American Rayon Prod. was active and
advanced from 33% to 41, reacted to 343'. and closed to-day
at 35, ex-dividend. A dividend of 50c. was declared this
week. Nickel Plate com, sold up from 89 to 93 and at
923.
finally. Niger Corp. class A rose from 583/i to 643., but
reacted finally to 62. Oils were quiet and lower. GalenaSignal Oil corn. was off from 50 to 46% but recovered to
473'. Humble Oil & Ref. dropped from 613
4 to 583.' and
closed to-day at 593. Magnolia Petroleum lost seven points
to 135 but recovered finally to 140. South Penn Oil was
off from 168 to 152 and finished to-dat at 154. Standard
5 recovering subsequently
Oil (Indiana) sank from 63 to 59%,
to 62. Vacuum Oil sold down from 873
% to 833/i and at
843/i finally.
A complete record of Curb Market prices for the week
will be found on page 832.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET
STOCKS(No. Shares).
Week Ended Aug. 14
OU.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
BONDS (Par Valise)
Mining.
Domestic. !Poen Goo.
120,445
187,345
232,480
183,885
193,085
231.470
40.550
87,500
100,430
104.445
81,345
77,490
30.300 8401,000
28,000
550,000
42.410
670,000
65.900
635,000
81,600
614.000
47,410
687.000
838,000
74.000
90,000
28.000
99,000
114,000
1,148,710
491.790
297,620 83,557.000
8443,000
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
Aug. S. Aug.10. Aug.11. Aug.12. Aug.13. Aug.14
Week Ended Aug. 14Sat.
Mon.
Tues.
Wed. Thurs. Fri.
Silver, Perez
d 32
32 1-16 3234
32 1-16 3234
32 3-16
Gold, per fine ounce
840.113084s.1134d84s.10341:1848.103084s.103084s 1034d
Consols. 234 per cents
56%
5634
5634
5634
5634
British,5 per cents
100
101
10134
1013f
10134
British, 434 per cents
9534
9534
9534
9534
9534
French Rentes (in Paris), fr.. ____
47.50
47.30
47.15
47.05
46.90
French Warlin (In Paris), fr58.25
58.80
59.50
59
58.75
The price of silver in New York on the same day has been.
Stocks,
Number of
Shares.
Week Ended Aug. 14
807
Silver In N.Y., per oz.(eta.);
Foreign
6934
693(
6934
6934
6934
6934
COURSE OF BANK CLEARINGS.
Bank clearings for the present week for the country as a
whole will again show an increase as compared with a year
ago, but the ratio or gain is small. This is the twenty-fourth
successive week that our weekly totals have shown increases
over the corresponding period last year. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ending
to-day (Saturday Aug. 15), bank exchanges for all the cities
of the United States from which it is possible to obtain weekly
returns will run 2.1% larger than for the corresponding week
last year. The total stands at $8,534,463,551 against
$8,359,595,968 for the same week in 1924. At this centre
there is a decrease for the five days of 5.3%. Our comparative
summary for the week is as follows:
Clearings-Returns by Telegraph.
Week ended August 15.
1925.
1924.
Per
Cent.
$3,716,000,000
5439,642,289
432,000,000
332,000,000
120,029.542
127,800,000
162,150,000
126,863,000
136,299,136
130,420,119
99,966,180
98,543,075
47.952,923
$3,921,834,230
517.459.316
395.000,000
354,000,000
114,729,738
115,600,000
136,200,000
108,575,000
115,419,258
115,648,428
83,202,250
73,418,712
44,634,876
-5.3
+10.1
+9.4
-6.2
+4.6
+10.6
+19.1
+16.9
+18.1
+12.8
+12.0
+34.2
+7.4
Thirteen cities, 5 days
Other cities, 5 days
$6,099,666,264
1,012,388.695
$6,095,721,808
870,608,165
+0.1
+16.2
Total all cities. 5 days
All cities, 1 day
87,112,052,959
1,422,410.592
86,966,329,973
1,393,265,995
+2.1
+2.1
88.534.463,551
88.359.595,968
+2.1
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
Ban Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Total all cities for week
•
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the previous week-the week ended Aug. 8. For
that week there is an increase of 10.3%, the 1925 aggregate
of the clearings being $8,932,658,453 and the 1924 aggregate
$8,096,188,819. Outside of New York City the increase is
14.2%, the bank exchanges at this centre recording a gain of
7.3%. We group the cities now according to the Federal
Reserve district in which they are located, and from this
it appears that in the New York Reserve District (including
this city) there is an improvement of 7.6% and in the Philadelphia Reserve District of 21.5%, but in the Boston Reserve
District a loss of 3.1%. The Cleveland Reserve District
has a gain of 13.2%,the Richmond Reserve District of 20.8%
and the Atlanta Reserve District of 40.4%. In the Chicago
Reserve District the totals are larger by 20.3%, in the St.
Louis Reserve District by 0.5% and in the Minneapolis
Reserve District by 14.9%. In the Kansas City Reserve
District there is an increase of 7.1%, in the Dallas Reserve
District of 4.2% and in the San Francisco Reserve District
of 14.4%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended Aug. 8 1925.
1925.
1924.
186.0?
Dec.
6
6
Federal Reserve Districts.
12 cities 464,536,535 479,269,196
let) Soften
11 " 5,045,031,436 4,688,503,094
2nd) New York
556,960,925 458,494,790
3rd) Philadelphia_ --.10 '•
371,442,048 328,067,913
8 6th) Cleveland
208,939,606 172,901,166
6 '•
5th) Richmond
218,360,864 155,566,359
12 "
0th) Atlanta
925,064,866 769,070,254
. 19 "
7th) Chicago
210,643,319 209,547,743
8 "
8th) St. Louis
119,607,689 104,053,691
_ _ 7 "
8b) Minneapolis_ .
365,317,668 247,765,034
12 "
100) Kansas City
59,886,752 57,469,493
5 "
111111 Dallas
486,883,745 425,480,086
12th) Sari Francine. _17 "
1922.
1923.
S
7-3.1 285,215,349
+7.6 2,807,477,135
+21.5 369,816,240
+13.2 294,203,598
+20.8 141,272,670
+40.4 130,271,387
+20.3 653,652,500
+0.5 51,119,797
+14.9 103,343,145
+7.1 221,922,465
+4.2 43,511,159
+14.4 360,883,124
6
319,107,816
,785,916,304
407,772,338
345,667,811
158,376,970
130,922,629
708,771,384
51,295,499
102,956,112
236,932,354
40,884,023
355,910,825
Grand total
127 cities 8,932,658,453 8,096,188,819 +10.1 5,465,688,572 6,644,514,065
4,012,729,340 3,512,628,951 +14.2 2,742,109,295 2,945,474,875
Mtside New York City
11....
,
MI .1111
IIMI AG Il noes
,
nne.•nx• G40
,
_L A n
•
two CM •lite
0A• MO IAA
•
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended August 8.•
Clearings at
1925.
1924.
Inc. or
Dec.
1923.
1922.
First Federal Reserve Dist rict--Boston
783,358
Me.-Bangor.._ _
746,736
3,438,238
3,080,250
Portland
410,000,000 434,000,000
Mass.-Boston_
2,002,552
Fall River_
2,020,373
•
a
Holyoke
1,061,939
1,185,125
Lowell
a
a
Lynn
1,422,950
1,302,863
New Bedford_.
_
5,471,578
4,890,730
Springfield
3,249,000
3.920,270
Worcester
11,140,059
15,782,683
Conn.-Hartford
6,322,851
7,793,184
New Haven__ _
10,543,100
12,082,100
R.I.-Providence
792,407
813,405
N.H.-M'chester
+12- .4
-5.5
+0.9
a
+11.6
a
-8.4
+11.9
+20.7
+41.5
+23.3
+14.7
+2.7
821.266
3,526,255
248,000.000
1,602,688
a
1,102,072
a
1,186,552
3,968,419
2,508,000
7,502.526
5.707.365
8.595,500
694,706
764,692
3,337,510
278,000,000
1.655,398
a
1,029,652
•a
1,543,575
4,137,116
3,508.829
8,962,289
5.743,922
9.710,300
714.535
479,269,196
-3.1
285,215,349
319,107,816
Total(12 cities)
484,536,535
Second Feder al Reserve D Istrict-New
5,931,108
6,348,652
N. Y.-Albany _ _
1,128,200
1,586,800
Binghamton_ ._
41,828.484
658,780,685
Buffalo
756,954
6942,523
Elmira
1,332,102
1,740.000
Jamestown_ _ _
New York .4,919,929,113 4,583,559.866
9,549,428
13,596,708
Rochester
5,429,842
7,930,834
Syracuse
3,466,642
c3,599,516
Conn.-Stamford
407,674
487,671
N. J.-Montclair
35.114.798
32,088,939
Northern N. J.
York
3,958.059
3,658,185
+7.0
994,323
1,183,925
+40.6
41,144,828
38,750.985
+35.7
640,422
599,498
+24.5
1,715,257
1,280.823
+30.8
+7.3 2,723,579,277 3,699.039,190
8,384,401
8,933,000
+42.3
3,737,445
3,535,788
+46.1
3.124.959
2.477,211
+3.9
308.388
308,890
+19.8
25,512,918
20.525.907
-8.6
Total(11 cities) 5,045,031,436 4,688,503,094
+7.8 2,807,477.135 3,785,916,304
Third Federal Reserve Dist rict-Philad elphia
1,531,320 +2.4
1,568,440
Pa.-Altoona__ _
3,039.545 +40.4
4,268,104
Bethlehem _ _ _ _
1,135,472 +83.8
1,858,133
Chester
2.518,693+14.5
2,882.723
Lancaster
Philadelphia__ _ 522,000,000 430,000,000 +21.4
3,167.443 +80.1
Reading
5,069,718
5,788,451 +13.6
8.571,185
Scranton.
4,763,963 -8.7
Wilkes-Barre.
64,348,349
1,723,948 +35.0
York
2,327,726
4.827,955 +25.7
6,069,547
N. 1.-Trenton._
a
a
.
a
1,292,932
3.827.477
1,032,490
2.241,762
346,000,000
2.464,000
4,511,737
3.583,659
1.402,417
3.459,766
a
1,064,997
2,462,026
903.808
2.529,154
387.000,000
2.682.433
3,759,804
2,443,047
1,221,750
3,725,319
a
458,494,790 +21.5
389,818,240
407.772,338
Fourth Feder al Reserve D Istrict-Clev eland 65,446,000
6,980,000 -22.0
Ohio-Akron.
4,095,P02
4,240,644 -3.4
Canton
65,770,885
Cincinnati _ _ _ _
56,923,993 +15.5
109,070,937
98,448.836 +13.0
Cleveland
17.784,500
Columbus
13,206,000 +34.7
a
a
a
Dayton
a
a
a
Lima
+8.9
1,797,541
411,958,061
Mansfield
a
a
a
Springfield_ _
a
a
a
Toledo
4,097,945 +23.4
5,058.855.
Youngstown__ _
a
a
a
-Erie
Pa
Pittsburgh_ _ _ _ 182,257.008 144,372.954 +12.9
6,057,000
3,803.981
52,384,785
85,228,567
14,689,700
a
a
1,576,665
a
a
3,812,462
a
126,850,458
5,817,000
3,940,881
52,187,298
93,009,502
13.886,000
a
a
1,319,030
a
a
2,728,122
a
172,800,000
Total(10 cities)
556,963,925
328.067.013 +13.2
294,203,598
345,667,811
Fifth Federal Reserve Dist act-Rich's) ond1,634.683
1.441.066 +13.4
W.Va.-Hunt'g'n
+0.6
67,493,957
7,450,058
Vs.-Norfolk._ _ _
48,508,000
51,899,000 -6.5
__
Richmond
+6.1
1,874,000
1,765,907
S.C.-Charleston
88,797.135 +39.4
Md.-Baltimore _ 123,833,947
25,595,019
21,548,000 +18.8
D.0.-Washing's
2.036,989
6,318,802
37,128,000
1,669,520
77,726.001
16.393.383
1.525,947
6,290,250
44,845,974
1.754,825
86,074,271
17.885,703
172,901.166 +20.8
141.272,670
158.378,970
5,430,618
2.817,806
17,278,596
36,846,508
4,830,448
3,044,588
17.419.775
35,328.892
1,517,508
a
10,193.111
1,098,291
a
8,435,748
18,308,300
1.722,082
1.014,056
402,842
34,740,162
18,843.147
1.489,934
660,005
286,433
39,505,372
130.271.387
130,922,629
Total(8 cities) _
Total(6 cities).
371,442,048
208.939,606
Sixth Federal Reserve Dist rict-Atiant a5,094,969 +17.8
Tenn.-ChatVga. 65,999,787
3,479,973
2,771,517 +25.5
Knoxville
20,363,901
16,432,874 +23.9
Nashville
58,673,245
41,848,311 +35.9
(1a.-Atlanta__
Augusta
1,738,131
1,504,728 +15.5
Macon
a
a
a
Savannah
27.541.665
13,022,470 +111.5
Fla.-Jack'nville.
29,889,657
2.978.397 +903.5
Miami
21.684,172
21,783,453 -0.5
1,890,241
1.671,486 +13.1
Mobile
1,265.909
1,078,108 +17.4
Miss -Jackson..
328,169
380.043 -13.6
Vicksburg
47,000,000 +1.1
47,506,019
La-New Orleans
Total(12 cities)
[Vol, 121.
THE CHRONICLE
808
218.380.864
155.586.359 +40.4
Week Ended August 8
Clearings at1925.
1924.
Inc.or
Dec.
1923.
$
$
%
$
Seventh Fed Sr al Reserve D !strict-Chi cago237.042
208,216 +11.4
231,888
Mich.-Adrian669,541
934,660 +1.6
949,223
•Ann Arbor_ .97,844,638
Detroit
.. 158,779,407 116,952,232 +35.8
5,704,999
6,848,181 +26.2
8,642,885
Grand Rapt 5.
b
b
b
Lansing
b
-2,339,995
2,304,894 +22.0
2,813,961
Ind.-Ft. Way ae
19,901,000
20,851.000 -12.1
18.328,000
Indianapolis_ .2,307.200
2,254,500 +34.6
3.035,500
South Bend_ .5.442,307
5.337,748 +5.6
Terre Haute_ - 5,637,256
32,604,913
34,105,096 +11.8
38,135,594
W93.-Milwauk Be
2,359,240
2,090,741 +43.2
2,993,047
Iowa-Cad.Ra 5.
10,788.181
10,339,185 +5.8
Des Moines_ ..
10,935.542
5,810,000
5,954,036 +22.3
7,280,627
Sioux City...1,393,915
1,668,047 -19.2
1.345,844
Waterloo _ _ ._
1,342,973
1,372,536 +23.8
1,698,880
111.-Bloomingt in
Chicago
- 651,845,260 547,538,141 +19.0 458,122,528
a
a
a
a
Danville
1,206,708
1,458,911 +10.6
1,813,092
Decatur
3,435,521
4,023,678 +29.0
5,190,380
Peoria
2,177.057
2,412,529 +17.3
2,829,981
Rockford _ _ _ _
2,164,745
2,417,923 +23.2
2,977,899
_
Springfield
Total(i9citlei0 925,064,866 789,070,254
Eighth Fade a I Reserve DIs trict-St Lo
4,694,544
Ind.- Evanavil le
5,226,957
Mo.-St. Louis_. 143,700,000 149.800.000
28,224,504
30,833,528
Ky.-Louisville 450,885
Owensboro...
437,824
14,195,428
15,847,566
Tenn.-Memph 8
9,663,502
12,132,295
Ark.-LittleRock
886,629
815.475
III.-Jacksonville
1,632,251
Quincy
1,849,676
-
+20.3
uls+11.3
-4.1
+9.3
-2.9
+11.8
+25.5
-30.8
+13.3
653,652,503
1922.
S
195.888
893,1511
98.507,836
8,492,700
b
1,867,781
16,629,000,
2,429.189
30,923,513
1,922,596
9,309,195.
5,650,282
1,348.675,
1.237,789
521,782,746
a
1.173.133
4,207,023
1,964,179
2,436,730.
708,771,384
4,759,049
4,324,369
25,100,130
349,471
13,310.924
8.753,505
481,089
1,385,649
23.380,480
356,349
14,044.805.
7,474,895
320,001.
1,395,020
54,119,797
Total(8 cities)- 210,643,319 209.547.743 +0.5
Ninth Feder il Reserve Die trict-Minn eapolis6,508,328
7,205,357 -0.1
Minn.-Duluth_ 67,198,589
58,877,504
63,550,896 +20.8
Minneapolis_ 78,776,736
31,623,967
+5.8
27,523,822
St. Paul
29,118,420
1,873,587
+8.7
1,703,116
N. 53.-Fargo..1,852.073
1,247,596
1,198,113 +13.7
S.D.-Aberdee 1,359,801
494,129
554,139 +8.7
Mont.-Billings 602,469
2,918,034
2.320.248 +16.4
Helena
2,701,601
-
51,295,499
103,343,145
102,956,112
271,922
449.523
3,795,340
33,554,983
4,298,451
9,231,270
122,823,571
7,000,577
a
20,908,807
a
1,068,302
17,594,349
925.370
391,868.
591,057
4,036,386
37,825,285.
3,587,903
11,227,309.
136.659,161
221,922,465
236,932,354
1,312,000
23,183,279
8,975,385
8,078,711
a
3,983.789
1,023,347
20,500,000
10,195,712
5,339,993
a
3.824,971
43,511,159
+4.2
Francl sco30,815.280
+17.8
9,094.000
+11.8
a
a
851,721
+9.3
28,502,889
+19.8
12,087,784
+13.4
a
a
a
a
4,412,408
-2.3
6.713.7113
+10.5
+13.8 110,148,000
14,141,958
+26.7
3,702.067
+16.4
7,891,236
+5.3
3.318,027
+11.8
+13.0 123.200,000
1.984,1613
+21.0
1,019,610
+31.3
+13.9
3,000,300
+6.6
40,884,023
Total(7cities)- 119,607,689 104,053,691 +14.9
Tenth Feder 1 Reserve Dist rict- Kansa s City452.538 +20.1
Neb.-Fremont.6543,663
727,864 -9.2
Hastings
661,147
+31.2
4,190,784
Lincoln
5,497,335
41,310,085 +2.4
42,287,508
Omaha
3,371,770 +28.9
Kan.-Topeka-64,346,960
9,215,000 -3.7
68,875,697
Wichita
Mo.-Kan. City. 142,068,312 135,091,858 +5.2
6.760,276 +21.3
St. Joseph...68,201,288
a
a
a
Okla.-Muskogee
21,194,569 +7.8
Okla. City.... 622,838,319
a
a
Tulsa
a
+1.8
1,580,546
Colo.-Col.Spgs.
1,608,645
22,747,851 +20.1
Denver
27,324,929
1,121,887 -5.2
Pueblo
e1,083,865
+7.1
Total(0 cities). 285,317,668 247,765,034
Eleventh Fed )tel Reserve District-Da las2,117,168 +2.0
Texas-Austin..
2,159,039
33,335,552 +11.2
Dallas
•
37.079.848
11,818,248 -7.7
Fort Worth... 610,725,579
6,429,149 -12.2
Galveston_ _ .
5,647,004
a
a
Houston
a
•
+7.7
3,969.378
La.-Shreveport
4,275,282
Total(5 cities)
57,489.493
59,886,752
Twelfth Fede al Reserve D istrict-San
35.442,299
Wash.-Seattle..
41,767,347
Spokane
10,081,000
11,267,000
Tacoma
a
a
•
Yakima
1,191,037
1,302,197
34,656,903
Ore.-Portland •
41,504,626
Utah-S. L. Cit
13,211,613
14.986.249
a
Nev.-Reno
a
Ariz.-Phoenix..
a
a
Calif.-Fresno_
3,578,099
3,496,815
5,992,586
Long Beach_
6,619,773
Los Angeles_
141,945,000 124,698.000
Oakland
15,771.703
19,978,679
Pasadena
5,101,975
5.937,168
Sacramento_ _
9,301.911
c9,791,418
4,620,181
San Diego _
5,156,662
San Francisco
173,100,000 153,200,000
2,807,265
San Jose
3,154,443
1,146,740
Santa Barbara
1,505,748
2,047,774
Santa Monica.
2,333,120
Stockton
2,831,000
c3,017.500
5,319,241
59,971.851
'
30.578)880
1.980,597
1,465,357
579,779,
3.060.407
a
20,704,282
1;80,278
19,725,252
803,613.
30,418,156
9,894,000
a
1,112,858
32,307,372
13,036,861,
a
a
3,579,338
4,989,105
94,980,000
12,394,386
3,644,404
5,928.616.
53,000.000.
134.500,000
2,433.348.
952,083
2.740,500
Total(17 cities) 486,863,745 425,480,088 +14.4 360.883,124 355,910,825.
Grand total (12
cities)
8,932,658,4538.096,188.819 +10.3 5,465.888.5726,644.514,065
Outside N.Y_
.1019 790 9An 1 519 5912 053
4-14 2 9 742.100 205
2.045.474.875
Week Ended August 6.
Clearings at1925.
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
$
106,472,578
77,529,142
52,565,138
17,145,762
5,575,447
5,915,417
3,293,966
5,170.026
4,069.961
2,916,413
1,901,226
2,378.133
4,254,380
3,838,996
694,720
535,228
2,005,245
1,112,174
925,238
976,301
772,799
292,747
782.562
981,625
947,096
3,280,687
312,428
784,473
838,491
1024.
$
99,451,464
76,547,273
43,184,811
18,819,900
6,232,627
5,887,134
5,090,452
4,897.710
5,726.681
2,590,127
4,209,851
2,582.426
3,624.002
3,207,328
548,181
434,653
2,082,695
1,005,211
850.312
908,822
601,570
344,188
785,244
885.029
770.881
3,505.022
302.217
825,005
757,721
Inc. or
Dec.
%
+7.1
+1.3
+21.7
-8.9
-10.5
+4.9
-35.3
+5.6
+28.9
+12.6
-54.8
-8.0
+17.4
+13.5
+26.7
+23.1
-3.7
+10.6
+8.8
+7.7
+28.5
-14.9
+2.3
+13.5
+22.9
-6.4
+3.4
+25.5
+10,4
1023.
$
86,777,993
93,432,559
28,282,578
15,652,1715
5,714,181
5,930,806
2,868,538
5,557,603
4,199,778
2,852,738
2,027,035
3,067.402
3,535,851
3,607.287
616,885
5414,647
1,814,852
1,207,215
837,882
878,256
558,993
294,860
674.929
1,051,834
980.842
2,721,961
301,010
809.209
855,502
1922.
$
79,657,331
88,896,901
31.757,784
13,439,484
5,711,610
5,902,324
5.682.032
4,897,450
3,905,432
3.020,244
1,809,510
2.132,014
3,603,423
2,979.271
663,574
438,410
1,771,522
974,532
813,588
665,730
631,990
302,586
594,379
820,756
891,547
3,570,053
299,553
1,818.300
806,812
277.593.157 248,258,140
Total Canada(29) 309,064.379 296,196,516 +4.0
a o longer report clearings. b Do not respond to requests for figures. c Week
ended Aug. 5. d Week ended Aug. 6. e Week ended Aug. 7. •Estimated.
S No clearings; all banks closed. g Not included in total.
AUG. 15 1925.]
THE CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
July 29 1925:
GOLD.
The Bank of England gold reserve against notes on the 22d inst. amounted
£161,443,905,
as compared with £159,726,210 on the previous Wednesto
day.
The following movements of gold to and from the Bank of England have
been announced since our last letter:
Received.
Withdrawn.
July 23
Nil
Nil
July 24
£114,000
Nil
July 25
Nil
Nil
July 27
£1,000,000
Nil
July 28
Nil
Nil
July 29
Nil
£86,000
The £1,000,000 received on the 27th was in the form of sovereigns from
Holland. The origin of the other amount received, which Was bar gold,
was not disclosed. The destinations of the £86,000 sovereigns withdrawn
were given as follows: £20,000 to India, /56,000 to Singapore and £10,000
to Java. During the week under review £1,028,000 on balance has been
received by the Bank, increasing the net influx since the resumption of an
effective gold standard to £8,423,000.
The Southern Rhodesian gold output for June this year amounted to
47,647 ounces as compared with 48,686 ounces for May 1925 and 52.130
ounces for June 1924.
The following extracts are taken from the "Times of India" dated July 11
1925:
"The visit of the Hon. Finance Member to Bombay last week has led
to an important interchange of views between him and the Bombay Chamber, the Indian Chamber and the Mill Owners' Association. The statement of greatest importance by the Finance Member is that the Government of India have no desire to see a rise in exchange over Is. 6 3-16d.,
i. e., the upper gold point of exchange is stabilized at is. 6d.,so long as there
Is no material change in internal and external conditions. He also said that
if the Indian Chamber, with a view to an automatic expansion of currency
during the ensuing season, would like statutory action to alter the official
ratio from 25. to Is. 6d., the Government of India would give it due consideration. . . . The Chairman of the Indian Chamber, the lion. Mr.
Sethna, in his speech advocated a gold standard for India with a gold currency actually in circulation. While his demand for an eventual gold standard will find general support, the claim to a gold currency in actual circulation ignores the unsuitability and wastefulness of a gold coin for a vast
population with a low average income. It also does not take cognizance
of the growing opinion in all advanced countries that gold should be concentrated in central reserves, for purposes of stabilizing exchanges and serving
as a basis for note issues. World opinion will not tolerate an Indian demand for a gold currency in circulation, but a demand for a gold standard
cannot be ignored."
SILVER.
The market has been very quiet during the week. The body of business
small
so
that
been
the
has
tendency of prices has been uncertain. A
considerable amount of silver falling due has been prolonged for a further
two months, and the operation threw cash silver upon a market not broad
enough or promising enough to bear the burden with comfort. Hence the
premium of Md. which was quoted yesterday on silver for forward delivery.
America has not been active here, and has kept local rates rather above
parity. At present the Indian monsoon seems to be pursuing a fairly normal
course,and as no fresh adverse developments are taking place in China,there
do not appear just now to be any Eastern factors sufficient to create speculative interest or move prices to any material extent in either direction.
The market is flabby and uninteresting.
INDIAN CURRENCY RETURNS.
July 7. July 15. July 22.
(in Lacs of Rupees.)
Notes in circulation
17947
18091
18274
Silver coin and bullion in India
7997
8141
8324
Silver coin and bullion out of India
2232
Gold coin and bullion in India
2235
2232
Gold coin and bullion out of India
Securities (Indian Government
5718
5
* i§
Securities (British Government)
2000
2000
2000
No silver coinage was reported during the week ending 22d inst.
stocks
in
Shanghai
on
the 25th inst. consisted of about 59,400.000
The
ounces in sycee. 45,500.000 dollars and 2,370 silver bars, as compared with
about 58,300,000 ounces in sycee, 44.500,000 dollars and 1.480 silver bars
on the 18th inst.
-Bar Silver per Oz. Std.Bar Gold
Quotations2 Mos.
Cash.
per O. Fine.
32 1-16d.
32 1-16d.
July 23
845. 10Md.
32d.
32 1-16d.
July 24
84s. 1050.
31%d.
31 15-16d. 84s. 10Md.
July 25
32 1-16d.
32 1-16d.
July 27
84s. 1050.
31 13-16d.
31 15-16d. 845. 1050.
July 28
31 13-16d.
31 15-I6d. 84s. 100.
July 29
31.937d.
Average
32.0004.
84s. 10.58.
The silver quotations to-day for cash and 2 months' delivery, respectively,
below
34d.
those
and
fixed a week ago.
are .4d.
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
July 31 1925 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of July 31 1925.
CURRENT ASSETS AND LIABILITIES
GOLD.
AsseuGold coin
Gold bullion
LlabaUfes$
$
630,111,899 93 Gold certifs. outstand'g_1,847,804,059 00
3,067,831.089 22 Gold fund, F. R. Board
(Act of Dec. 23 '13, as
amended June 21'
17)A,728,327,335 12
Gold reserve
153,620,985 51
Geld in general fund
168,190,609 52
Total
3 697,942,989 15
Total
3,697,942,989 15
Note.-Reserved against 8346.681,016 of U.8. notes and 31,383,881 of Treasury
1890
are
also
notes
outstanding.
of
Treasury
secured
1890
by silver dollars
notes of
In the Treasury.
SILVER DOLLARS.
AssetsSilver dollars
Total
8
452,240,324 00 Silver certifs. outstand'g 449,169,867 00
Treas. notes 01 1890 out
1.383,88100
Silver dollars In gen.fund
2,686,576 00
453,240,324 00
Total
453.240.324 00
809
GENERAL FUND.
AssetsLiabilitiesGold (see above)
168,190,609 52 Treasurer's checks outSilver dollars (see above)
2,686,576 00
standing
1,408,086 66
United States notes_ _
3,353.478 00 Devoe. of Govt. officers:
Federal Reserve notes
Post Office Dept
1,146,114 50
2,547,355 78
Fed. Res. bank notes
248,901 00
Bd. of Trustees Foetal
National bank notes__
17,324,200 00
Savings System 5%
Subsidiary silver coin_ _ _
7,841,585 61
res've,lawful money
6,642,290 49
Minor coin
1,635,342 05
Other deposits
278.336 87
Silver bullion
16,785,578 84
Comptroller of CurUnclassified-collecrency. agent for
tions, &c
3.119,333 96
creditors of InsolvDeposits in Federal Reent banks
2,562 07
serve banks
38.228,786 94
Postmasters, clerks of
Deposlts in special decourts, disbursing
positaries account of
36,401,892 60
officers. &c
sales of certificates of
Deposits for:
indebtness
95,582.000 00
Redemption 3i Fed.
Deposits in foreign deReserve noses (5%
positaries:
155,565,490 70
fund,gold)___
To credit Treas. U.S.
105,93823
Redemption of nat'l
To credit of other
bank notes (5%
Government Wilder's
295,46060
fund,lawful money) 27,432.57435
Deposits In nat'l banks:
Retirement of addl
To credit Treas. U.S_
7,435,481 56
circulating notes.
To credit of other
Act May 30 1908
4.67000
Government officers 19,662.60480 Uncollected Items, exDeposits in Philippine
changes. Ac
5,930,873 11
Treasury:
To credit of Treas.U.S.
808.180 58
236,214.13316
Net balance
148,236,039 06
384,450,172 19
Total
Total
384,450,172 19
Note.-The amount to the credit of disbursing officers and agencies to-day was
8406.471,18847. Book credits for which obligations of foreign governments are
held by the United States amount to $33.236.629 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 obligations
to day was 573,131,679.50.
5988 672 in Federal Reserve notes and 317.259.970 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 July 1925 and
1924 and the one month of the fiscal years 1924-1925 and
1923-1924.
Receipts.
Ordinary-
Customs
Internal revenue:
Income and profits tax
July 1925.
July 1924. 12 Mos.'24* 1 Mo.'23.*
45,156,031 43,944,794 45,166,031 43.944,794
33,075,218 33.324,709 38,075.218 33,324.709
Miscellaneous internal revenue 74,614,259 79,296,019 74.614,259 79,296.019
Miscellaneous receipts:
Proceeds Govt.-owned secure.:
Foreign obligationsPrincipal
5,000
5.000
19,498
Interest
20.248
20.248
19,498
Railroad securities
5,401,228 8,532,867 5,401.228 8,532,867
All others
5,111,855
466,080 5,111,855
466.080
Trust fund receipts (re-appropriated for investment)
3,493,048
2,296,329
3,493,048 2,296,329
Proceeds sale of surplus prop'ty
960,456
3,765,454
3,765,454
960,456
Panama Canal tolls, Ac
2,160,062
1,711,596
1,711,596
2.160,062
Receipts from misc, sources,
credited direct to approprIa's 1,775,666
1,707,638
1,707,638
1,775,666
Other miscellaneous
18,178,033 20,633,260 18,178,033 20.633,260
194.945.354 195.703.994 194,945.354 195.703,994
Total ordinary
Excess of ordinary receipts over
total expenditures chargeable
against ordinary receipts
Excess of total expendit's chargeable against ordinary receipts
over ordinary receipts
50.647,399 12.290,822 50,647,399 12.290,822
Expenditures.
Ordinary (checks and warrants
paid, &c.)General expenditures
163,011,441 161,241,928 163,011,441 161,241,928
Interest on public debt a
17,640,706 18,125.252 17,640,706 18,125,252
Refunds of receipts:
Customs
1,741,869
2,424,556
1,741,869 2,424.556
Internal revenue
19,491,762 12,957,040 19,491,762 12,957,040
Postal deficiency
1,000,000
10,000,000
Panama Canal
1,671,126
597.235
597.235
1,671,126
Operations in special accounts:
Railroads
1,948,492 3,219,429
1,948,492 3,219,429
War Finance Corporation
11,723,191 18,028,780 11,723,191 68,028,780
Shipping Board
1,581,254
2,189,992
2,189,992
1,581.254
Allen Property funds
1,731,745
1,341,504
1,731,745
1,341,504
Adjusted service ctf.
.fund c
D298,501
8298,501
Investment of trust funds:
Government life insurance_ _ _ - 3,375,763 2,203,845
3,375,763 2.203,845
Civil Service Retirement
14,480.675 12,305,434 14,480.675 12,305,434
Dist. of Col. Teachers' Retire't
23.519
35,016
23,519
35,016
Foreign Service Retirement136,040
136,040
General Railroad Contingent82,269
68.964
68.964
82.269
Total ordinary
235,569.153 207.987.231 235.589 153 207.987.231
Public debt retirements chargeable against ordinary receipts:
Sinking fund
10,000,000
10,000,000
Purchases from foreign reparts
Received from foreign Governments under debt settlements
Received for estate taxes
Purchases and retirements from
franchise tax receipts (Fed'I
Reserve and Fed.
'Intermediate Credit banks)
Forfeitures, gifts, Ac
3.600
7,585
7.585
3.600
Total
10.003.600
7,585
7.585 10,003,600
Total exp. chargeable against
ordinary receipts
245,592.753 207,994,816 245,592,753 207,994,816
Receipts and expenditures for June reaching the Treasury In July are Included.
a The figures for the month and for the fiscal year 1926 to date each includes
5584,764 16 accrued discount on War Savings certificates of the Series of 1918. 1919
and 1920:and for the corresponding periods last year the figures include 51,102,451 56
for the Series of 1918 and 1919.
I Excess of credits (deduct).
c The figures shown represent variations in the working balance. The appropriation available Jan. 1 1925 was invested in 3100.000,000 face amount of Government
obligations, of which $4,600,000 face amount were redeemed to June 30 1925 to provide for payments from the fund by the Veterans' Bureau. For redemptions since
June 30 for that purpose. see items of adjusted service series on page 3 under public
debt expenditures.
Preliminary Debt Statement of U. S. July 31 1925.
The preliminary statement of the public debt of the
United States July 31 1925 as made up on the basis of the
daily Treasury statements, is as follows:
[Vol, 121
THE CHRONICLE
810
04.54
rrusuy
$1,951,519,650 00
3,104,556,250 00
2.875,377,350 00
6,324,480,200 00
14,255,933,4W 00
$763,948,300 00
1,047,088,500 00
Treasury bonds of 1047-1952
Treasury Bonds of 1944-1954
1,811,036,800 00
$16,832,524,600 00
Total bonds
NotesTreasury notes$299,659,900 00
Series B-1925, maturing Dec 15 1925
615,677,900 00
Series A-1926, maturing Mar. 15 1926
414,922.30000
Series B-1926, maturing Sept. 15 1926
355,779,900(10
Series A-1927, maturing Dec. 15 1927
668,201,400 00
Series B-1927. maturing Mar 15 1927._.
50,000,000 00
Adjusted Service Series, maturing Jan. 1 1930
2,404,241,400 00
Treasury Certificates:
Series T-8-1925. maturing Sept 15 1925_ _ $229,576,000 00
179,462,000 00
Series T-D-1925, maturing Dec. 15 1925
124,247,000 00
series T-J-1926, maturing June 15 1926_ _ _ _
44,000,000 00
Adjusted Service series, maturing Jan. 1 1926
811,143,252 50
3,853,732 78
384.532,14098
820,198,583,140 98
$1,280,350 26
244,60000
1,307,500 00
640,50000
10,464,300 00
39.95000
2,093,300 00
4,344,200 00
73.131.679 50
2.048.443 08
268,240,153 07
820,487,237,994 31
redemntion value of certificates outstanding.
Treasury Money Holdings.
The following compilation made up from the daily Government statements shows the money holdings of the Treasury
at the beginning of business on the first of May, June,
July and August 1925:
May 1 1926. hum 1 1925. Jtdy 1 1925. Aug. 1 1925.
8
$
g
$
321.811,595
19.472.155
3,353.478
17,324,200
1,146314
248,901
7.841.586
4,754,676
Net gold coin and bullion_
Net silver coin and bullion
Net UMW!States notes__
Net nation i bank notesNet Ft.cl deserve notes__
Net Fed'. Res,bank notes
Net subsidiary silver
Minor colnokc
342,739,771
25,174,229
4,237,044
18,041.024
919,427
174,830
8,200,876
4,569,186
332,764,195
23,431,034
3.874.419
17,548,081
542,961
18.5.493
7,827.924
9,475.260
330,099,389
21,754,070
4,828,475
19,595,231
1,390.238
87,890
7.457,181
5,833,175
Total cash in Treasury_
Lees gold reserve fwd.._-
404.056,387
153.620.986
395,649.367
153,620,986
391,045,649 *375,952,705
153,620,985 153,620,986
250,435,401
242,028,381
237,424.664
222,331.719
270,503,000
38,311,696
180,594,000
50,090,384
150,739,000
41,824,510
95,582,000
38,228,787
7,435,481
6,879,347
23,292.639
1,165,961
403,843
6,832.404
22,218,665
1,031,885
320,995
6,799.288
21,746.427
1.042,034
295,225
19,662,605
808,181
401,399
Cash balance in Treasury.
T c', in spec'!depositories:
Acct. cas. of indebt
Dep. In Fed'! Res. banks_
Dep. in national banks:
To credit Treas. U. S.To credit dish. officers.
Cash In Philippine Islands
Deposits in foreign dente_
Dep.In Fed'i Land banks_
Net cash In Treasury
and in banks
Deduct current liabilities_
590,990,887
261,665.888
403,116,714
255,049.291
459,671.148
241,835.416
384,450,172
238,214.133
217,835.732 148,236,039
Available cash balance. 329.324.999 248.067.423
_
•Includes Aug. 1, 316 785,578 84 silver bullion and 81.835,34205 minor coin,
ac., not included In statement "Stock of Money."
Sommerciali andAlisceliantousgems
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Aug. 8 to Aug. 14, both inclusive, compiled from official lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. ;ow. High Shares.
98
98
Amer Wholesale pref__100
35
33
.Arundel Corp new stock... 3431
10
9
f
9
Autoilne Oil
100
7% 7%
Baltimore Brick
50 137
130 140
Baltimore Trust Co
39
•
39
Benesch (I)corn
25 27% 27% 27%
Preferred
.90
%
Central Teresa StiS pref _10
135 136
so
Century Trust
11334 113%
Clef & Po Tel of Bait..100
• 31% 30% 31%
Commercial Credit
25
25
25 25
Preferred
2831
26
25
Preferred B
Range Since Jan. 1.
Low.
32
102
105
109
122
36
80
103
111
89
1831
9
25
5034
22
22
21
8231
115
2034
1331
4334
934
55
4234
12631
12
1534
534
11
44
Jan
July
Apr
Mar
Mar
May
July
Apr
Apr
Jan
Jan
Jan
Jan
July
June
June
June
Apr
Jan
Jan
Jan
Jan
Apr
Mar
Jan
Jan
May
Apr
Apr
May
Apr
Aug
Mar
Feb
Apr
Jan
osg Mar
10234 Jan
10434 Jan
8934 Aug
Aug
65
9734 June
92 June
9734 Mar
7534 Jan
May
95
9631 Aug
9934 Jan
9831 Jan
7834 Apr
Apr
49
Apr
69
973‘ July
Apr
93
Apr
58
90
100
10334
9831
9231
!IA 1.1
45
104
11031
11331
12731
72
103
12731
12734
10434
22
11
25
60
25
2534
2434
100
165
23
1834
45
15
67
56
185
22
1931
1431
23
5331
July
Aug
June
July
May
Jan
Jan
Aug
Aug
July
July
July
Jan
Aug
Jan
Aug
June
July
Aug
June
June
Jan
Jan
July
JT
Aug
Jan
Aug
July
June
Aug
Aug
90
June
101
10431 Feb
June
101
943.4 May
9731 July
10534 Aug
10731 May
Feb
98
7134 Mar
Jan
100
954 July
9931 July
85 June
9734 Mar
Mar
100
July
100
May
99
June
71
6234 Jan
Jan
74
993.4 Jan
9634 Jan
Aug
71
Ak••
CIA 1G
Ails
• No par value.
3193,060.030 49
Holdings in
U.S Treasury.
OA IL
CIA IL
$346,681,016 00
153,620,985 51
Deposits for retirement of national bank notes
and Federal Reserve bank notes
Old demand notes and fractional currency._
Total gross debt
a Net cash receipts.
Bonds90
All Coast Line RR 45_1952
90
Salt Electric 58
101 101
1947
104 104
Bernheimer-Leader 78_1943
Commercial Credit 68_1934 10031 10034 10034
94
94
Consol Gas gen 434s...1954
Consol G E L & P 434s '35
97
9734
Series E 53,48
10534 10534
1952
10634 10734
Series A 6s
1949
Congo' Coal ref 4340..1934
8931 8934
65
65
Danville Tr & Pow 56.1941
Elkhorn Coal Corp 68_1925 9934 9934 9934
9434 9434
Fair & Clarks Trac 58_1938
Ge South & Fla 5s__ _1945
9934 9934
8134
84
Macon Dub dr Say 58_1947
9534 9534
Md Electric Ry 1st 58_1931
9634 9634
1947
634s
100 100
North Bait Trac 5s..1942 100
9831 9854
United E L & P 4%8..1929
United RY dr E 4s._ _ _1949 6934 6934 6934
Income 48
1949 sox
5031 51
73
73
Fundings 58
1936 73
9734 98
1927
135
95
95
1949
68
693.4 8934
Wash Balt A Ann 58_1941
N
20,414,700 26
4434 4434 45
10331 10331 10331
110 11031
113 113
12631 12631 12634
60
49
51
90
90
124 12734
126 126
126
10234 10231
2134 2134
1034 1031
25
25
5631 60
59
2331
2334 23
25
25
2534
24
23
96
9634
152 165
165
2231 2231 2234
1734 1734
44
44
44
10
10
10
56
56
51
51
5334
175 185
1934 1931 21
19
1931
1431 1434
1431
2134 2134 2134
53
5334
53
0000000000§0000000000§Q05
0000000000 0000000000 og,
000. R.,
.
0
.
00
.
00
.
00000.0 0
.
0
.
00
1,809,064 15
96,755,870 80
14,996,184 00
133,745,506 30
24,326,015 85
97,902,714 60
Total interest-bearing debt_
Matured Debt on Which Interest Has CeasedOld debt matured at various dates prior to
April 1 1917
Spanish War Loan of 1908-1918
Loan of 1925
Certificates of indebtedness
Treasury notes
gat% Victory Notes of 1922-1923
ilai% Victory Notes of 1922-1923Called for redemption Dec. 16 1922
Matured May 20 1923
Debt Baying No InterestUnited States notes
Leas gold reserve
577,285,000 00
Consol Gas E L & Pow_ ..•
6% preferred
100
6X % preferred
100
7% preferred
100
8% preferred
100
Consolidation Coal__..100
Preferred
100
Eastern Rolling Mill
•
8% preferred
100
Fidelity & Deposit
50
Finance Service CI A _ ___10
Preferred
10
Humphrey's Mfg pref_ _ _25
Manufacturers Finance_25
1st preferred
25
2d preferred
25
Trust preferred
25
Maryland Casualty Co_ 25
Merch & Min Tr Co__ _100
Monon Vail Trac pref_25
Mtge& Accept
•
Preferred
50
Mt V-Woodb Mills v t r 100
Preferred v t r
100
New Amsterd'm Car; Co_10
Penne water & Power_100
Silica Gel Corp
•
United Ry dr Electric_ .50
Wash Balt & Annap.......50
Preferred
50
West Md Dairy Inc pref_50
..---;aaa,,ia.ia.C.:....
0 . . .thz.i.7.;.CO.
Treasury(War) Savings SecuritiesWar Savings Certificates:
Series 1921 a
Treasury Savings Certificates:
Series 1921. Issue of Dec. 15 1921 5
Series 1922. Issue of Dec. 15 1921 5
Series 1922, Issue of Sept.30 1922 5
Series 1923, Issue of Sept. 30 1922 5
Series 1923, Issue of Dec. 1 1923 5
Series 1924. Issue of Dec. 1 1923 b
Thrift and Treasury Sayings Stamps, unclassified sales, &c
High.
Low.
1
$765,554,350 00
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
Range Since Jan. 1.
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
$599,724,050 00
48,954,180 00
25,947,400 00
49,800,000 00
28,894,500 00
12,234,220 00
0t ,-.00^.,
-.00.0DINn00M000000M0...NONONOM
00,
.
WN000ONO
....N.uN•...Nt.N.NO ONWOCuoV.oN
N.MONON
.-q00
,-. ,
.N.0 VMM
C
-..N
BondsConsols of 1930
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonds
Breadstuffs figures brought from page 865.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Corn.
Wheat.
Flour.
Eye.
144,000
422,000
465,000
414,000 11,045,000
419,000 22,898,00'
359,000 15,636,000
2,691,111
3,760,000
3,991,000
Since Aug.11925
1924
1922
843,000 24,838,000
918,000 39,798,000
21 7.4',
7911
248,0(0
5,630.000 16,328,11 2,520,000
8.895,000 4,444,000 545.000 1,667,000
859.000
9.50000' 8.698.000 1.227 000
9,726,111 1,587,000
1.961,111
234,000
706,000
5,340,000
-
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, August 8, follow:
Receipts alNew York_ _ _
Philadelphia _
Baltimore_ _
Newport News
New Orleans*
Galveston_
Montreal __ ._
Boston
Barrels.
223,001
44,000
29,000
1,000
66,000
55,000
19,000
Oats,
Corn.
1Vheat.
Flour.
Barley.
Rye.
Bushels.
Bushels. Bushels.
88,000
187,000
506,000
95,000
5.000
29,000'
80,000
Bushels.
1,479,000
284,000
364,000
Bushels.
2,000
4,000
24,000
267,000
30.001
2,795,000
1,000
59,000
18,000
8,000
1,321,000
118,000
Total week'25
437,000 5,220,000
Since Jan.1'25 15,229.000115,937,000
268,000
162,000
1,000
256,000
484,000
97,000 2,138,000
4,119,000 42,520,000 19,113,000 26,002,000
437,000, 430,000
587,000
100,000
Same wk.'24_
373,000 4,892,000
Since Jan.1 '24 15.260 000 139.310.000 14,433,000 27,748,000 7,807,00013,401,000
* Receipts do not include grain passing through New Orleans for foreign ports on
through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, August 8 1925, are shown in the annexed
statement:
Exports from-'
July
July
Aug
Aug
Aug
May
Aug
Jan
Aug
June
Aug
June
July
Barley.
Total week'25
Same wk. '24
Same wk. '23
High.
10 9234 Jan 99
8,766 2034 Mar 3934
9
8 June
100
734
Jan
6
125
325 11134 Feb 140
20 38% Jan 40
July 27%
40 25
2
.75 July
150
Jan 136
12 106
8 11031 Jan 114,34
1,400 22% Mar 31%
Apr 26
221 24
276 24% Apr 2634
Oats.
bbls.196lbs. bush.60 Os.bush.56 ibs.bush. 32168.bush.481bs.bush.66151.
23,000
419,11 I
710.000 3,560.000
Chicago
216,000 2,013,000
87,000
358,000
113,000
722,000
1,818,000
Minneapolis_
19,000
3,000
352,000
194,000
234,000
Duluth
8,000
384,000
108,000
552,000
205,000
Milwaukee...
46,000
20,000
32,000
204,000
381,000
Toledo
24,001
32,000
38,000
Detroit
206,000
478,000
446,000
Indianapolis_
7,000
35,000
263,000
896,000
117,000 1,752,000
St. Louis.. _ _
10,000
379.000
610.000
77,000
35,000
Peoria
385,000 1,354,
2,450,000
Kansas City_
164,000
754.000
709,000
Omaha
238,000
68.000
441,000
Bt. Joseph_
21,000
24,000
452,000
Wichita
278.000
9,000
45.000
49.000
Sioux City_
New York
Boston•
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Montreal
Wheal.
Corn.
Bushels. Bushels.
865,127
20,000
240,000
805,000
Flour.
Oats.
Rye.
Barley.
Barrels. Bushels. Bushels. Bushels.
492,814
131.939 110,126
110,000
7,000 120.000
49,000
82,000
287,000
2,951,000
34,000
80,000
1,000
33,000
20,000
70,000 1,822,000 1,097,000
193,000
Total week 1925._ 5,250,127
Same week 1924_ _ __ 3.770.657
34,0(0
33.850
262,939 2,132,126 1,097,000
234.532 495.379 296.539
844,814
145.280
A.ua. 15 1925.]
THE CHRONICLE
811
The destination of these exports for the week and since
The following shows the amount of each class of United
July 1 1925 is as below:
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on July 31:
Flour.
Exports for Week
and Since
July 1 to-
Week
Aug. 8
1925.
Wheal.
Since
July 1
1925.
Week
Aug.8
1925.
Corn.
Since
July 1
1925.
Week
Aug. 8
1925.
Barrels. Barrels. Bushels.
Bushels. Bushels. Bushels.
United Kingdom_ 26,520
327,740 1,412,786 9,238,840
Continent
195,150 1,058,367 3,805,841 14,699,706
85,000
So.& Cent. Amer_ 9,200
40,217
124,000
26,000
43,000
West Indies
26,510
131,154
18,000
95,700
8,000
353,400
Othercountries_ _ _ 5,550
74,441
13,500
96,515
Total 1925
262,939 1,631,919 5,250,127 24,254,770
Same total 1924._ 234.532 1,193,561 3,770,657 23,602,840
U. S. Bonds Held July 31 to Secure-
Since
July 1
1925.
34,000
33.750
481,400
563,800
Bonds on Deposit
July 31 1925.
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank NationalBank
Notes.
Notes.
28, U. S. Consols of 1930
4s, U. S. Loan of 1925
25, U.S. Panama of 1936
25, U.S. Panama of 1938
Totals
Total
Held
591,186,150
591,188,150
48,278,660
25,762,320
48,278,880
25,782,320
665,227,130
665,227,130
The world's shipments of wheat and corn, as furn'shed by
The following shows the amount of national bank notes
Broomhall to the New York Produce Exchange,for the week
ending Friday, August 7, and since July 1 1925 and 1924, afloat and the amount of legal tender deposits July 1 1925
and Aug. 1 1925 and their increase or decrease during the
are shown in the following:
month of July:
Wheat.
1925.
Week
Aug. 7.
Since
July 1.
National Bank Notes-Total AfloatAmount afloat July 1 1925
Net decrease during July
Corn.
1924.
Since
July 1.
1925.
Week
Aug. 7.
Since
July 1.
3733,366,074
6,810,390
1924.
Since
July 1.
Bushels.
Bushels,
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 8,105,000 33,477,000 33,451,000
26,000
241,000
148,000
Black Sea_
1,264,000 230,000 3,864,000 3,691,000
Argentina_ _ _ 1,066.000 8,554,00 16,113,000 3,336,000 21.520,000
39,580,000
Australia _
688,000 5,944,000 5,472,000
India
88,000 1,200,000 9,496,000
Oth.Countr's
95,000
Total
9,947,000 49.175,000 65,796,000 3,592,
25,625,000 43,514,000
Amount of bank notes afloat Aug. I 1925
Legal-Tender NotesAmount on deposit to redeem national bank notes July 1 1925
Net amount of bank notes redeemed in July
$726,555,684
$72,864,681
6,650,410
Amount on deposit to redeem national bank notes Aug. 1 1925.._ $66,214,271
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchanget were sold at auction
in New York, Boston and Philadelphia on Wednesday of
The visible supply of grain, comprising the stocks in this week:
By Messrs. Adrian H. Muller & Sons, New York:
granary at prune pal points of accumulation at lake and Shares.
operas.
Stocks.
Bonds.
Per Cent.
seaboard ports Saturday, August 8, were as follows:
100 Dominion Oil Co., par 310...312 lot $10.000 Waldwick Bleachery, Inc..I
122H Bullfrog Goldfield RR. Co_321 lot
trustee's
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
- afloat
Toledo
Detroit
Chicago
" afloat
Milwaukee
Duluth
Minneapolis
Sioux City
St, Louis
Kansas City
Wichita
St.Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
GRAIN STOCKS.
Wheat.
Corn.
Oats.
Rye.
bush,
bush,
bush,
bush.
232,000
34,000
622,000
108,000
10,000
29,000
1,000
2,000
719,000
27,000
209,000
1,000
3,876,000
65,000
94,000
59,000
36,000
331,000
97,000
71,000
230,000
10,000
2,125,000
696,000 1,139,000 1,180,000
301,000
655,000
128,000
499,000
175,000
21,000
165,000
12,000
6,432,000 1,894,000 6,012,600 2.348,000
48,000
138,000
211.000
71,000
352,000
2,000
2,393,000
3,155,000
317,000
2,130,000
126,000 12,690,000
283,000
117,000
46,000
392,000
1,000
2,021,000
95,000
593,000
6,000
3,187,000
841,000 1,404,000
77,000
2,011,000
15,000
1,366,000
153,000
41,000
1,000
4,000
834,000
12,000
590.000
361,000
142,000
1,021,000
194,000 1,059,000
985,000
167,000
376300
412,000
218,000
10,000
34,000
Barley.
bush.
27,000
7,000
31,000
29.000
1,5:
27
1000
42,000
BANK NOTES-CHANGES IN TOTALS OF, AND
IN DEPOSITED BONDS, &c.-We give below tables
which show all the monthly changes in national bank notes
and in bonds and legal tenders on deposit therefor:
National Bank Cfrculotton
Afloat on-
ctfs. Ser. C let M. &MO
coll. tr. 6% notes, dated April I lot
1 1920
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per oh. Shares. Stocks.
Shares. Stocks.
$ per $h.
22334 2 units First Peoples Trust
19 National Shawmut Bank
7534
230
5 St. Johnsbury Gas Co
1 Atlantic National Bank
102
20 Montpelier & Barre Light &
1,000 10 NaUmkeag Steam Cotton Co_ _194
Power Co., common
18634
15 Farr Alpaca Co
56-59
203( 5 Charlestown Gas & Elec. Co.,
81,000 3 Nashua St. Hi'., common
45
par $25
10834
120,000 1 Nashua St. RY., pref
Market,
pref., par $10 634 3 Central Light & Power Co., pref. 20
3 Manhattan
4 Manhattan Market,corn., par $10 53‘ 3 Boston Wharf Co
115
5 Lawrence Gas& El. Co., par $25- 4334
150,000 10 Boston Belting Corp..Pref.,
25
20 units First Peoples Trust
Par $50
7534
22special units First Peoples Trust- 534
67,000 140 Cambridge Elec. Secur. Co..
10434-108 24 Great Northern Paper Co_ _260-26034
Par $25
366,000
3 New England Power Co., 6%
112,000 110 Lawrence Gas & Electric Co.,
42-4354
preferred
Par 25
100 & dlv
3,000
2 units First Peoples Trust
10 W.L. Douglas Shoe Co., pref__ 83
7534
21:000 20-100 State Theatre Co., pref..- 76e. Bank of Boston certif. of deposit 2834
10 North Boston Ltg.Prop.,corn.. 8134 30 Merrimac Chemical Co., par
350
8334-8434
1,000 50-100 State Theatre Co., pref_...79s•
1 Boston Wharf Co
48 Union Twist Drill Co., corn.,
11531
334
v. t. c., Par $5
Total Aug. 8 1925_ _31,582,000 5,010,000 29,938,000 4,487,000
1,239,000
Total Aug. 1 1925__29,655,000 6,093,000 26,297,000 4,729,000
1,091,000
Total Aug. 9 1924._._49.379.000 5,116,000 24,460,000 14,298,000
240,000
Note.-Bonded grain not included above: Oats, New York, 3,000
bushels; Buffalo,
201,000; Buffalo, afloat, 2,000: total, 206.000 bushels, against 2,859,000
bushels in
1924. Barley, New York,28,000 bushels; Buffalo, 117,000; Buffalo,
106,000;
on Canal, 143,000; total, 394,000 bushels, against 262,000 bushels in afloat,
1924. Wheat,
New York, 385,000 bushels; Philadelphia, 672,000; Baltimore,
1,833.000; Buffalo, afloat, 583,000; Duluth, 10,000; Toledo, 293,000; Buffalo,
31.000; on Canal.
646,000; total, 4,453,000 bushels, against 3,093,000 bushels in 1924.
CanadianMontreal
1,562,000
463,000
812.000
159,000
374,000
Ft. William & Pt. Arthur_ 6,690,000
1,590,000
329,000
576,000
Other Canadian
1,104,000
1,980.000
9,000
309,000
Total Aug. 8 1925_10,232,000
463,000 3,506,000
497.000 1,259,000
Total Aug. 1 1925..-13,779,000
146,000 5.331,000
880,000 1,487,000
Total Aug. 9 1924...18.723.000
13,000 10,452.000 1,885,000
967,000
Sununary•
American
31,582,000 5,010,000 29,938,000 4,487.000 1,239,000
Canadian
3,506,000
10,232,000
463,000
497.000 1,259,000
Total Aug. 8 1925-41,814,000 5,473,000 33.444,000 4,984,000
Total Aug. 1 1925_ _ _43,434,000 6,239,000 31,628,000 5.609.000 2,498,000
Total Aug. 9 1924._ _68,102.000 5.129,000 12,898.000 16,183.000 2,578,000
1.207.000
Amt. Bds. on Deposit to
Secure Circulation for-
Per Cent.
Bonds.
$500 Carolina Power & Lt.55, 1938_ 97
$1,000 Galveston Elec. Co.5s. 1940 9134
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ Per oh.
10 National Rockland Bank.38634-38634
295
10 Old Colony Trust Co.
22534
18 Bates Manufacturing Co
110
10 Nashawena Mills sub. recpt
24 Bigelow Hart.Carpet,pf_104H-10444
1$5 per
50 Gardner Hotel Co., pref
f unit
25 Gardner Hotel Co.,corn
1 State Theatre, corn., par $10____ 7
1253(
2 Plymouth Cordage Co
102
3 Hood Rubber Co., pref
20 United Chem.&Indus. Cos., pf-131
Shares. Stocks.
$ per oh.
10 United Chem.&Indus. Cos., corn_ I lot
7-100 State Theatre, pref
72%
52 Cambridge Electric Securities
Co.. par 525
104
21 Boston Belting Corp., pref.,
par $50
2434
4 Lawrence Gas & Elec., par 825_4334-H
17 Boston Belting Corp., pref.,
par $50
253(
50 Amalgamated Leather Co., pref. 45
25 Amalgamated Leather Co.. corn 934
By Messrs. Barnes & Lofland, Philadelphia:
$ per oh.
Shares. Stocks.
Jefferson Title & Tr.Co.,par 350 60
5 Metropolitan Trust Co., par $50_ 843(
30 Drovers & Merch. Nat. Bank..161
419
5 Philadelphia National Bank
357
5 Southwark National Bank
2 Third National Bank of Phila._..285
4 Manheim Trust Co., par 8.50- --- 60
8 Guarantee Tr. & Safe Dep. Co__170
3 Phila. Co.for Guar. Mortgages--212
21 Mutual Trust Co., par $50, full
Paid recelpts
110
5 Am.Theatre Realty Co., par $10_ 1034
430 Almar Stores Co.,common__
19H
1,403 Warrior Copper Co., pref.,
par $10
$120101
1,604 Warrior Copper Co., corn,.
par $10
335 lot
26 Hestonville Mantua & Fairmount Pass. Ry., pref
36
40 HestonvIlle Mantua & Fairmount Pass. Ry.,common
224
Shares. Stocks.
$ per
6 Southern Tramp. Co.,pref
6534
51k.0
10 Keystone Tel. Co.. pie!., no par_ 54
13 Camden & Burlington Co. Ry 27
40 Horn & Harden Baking Co. of
Philadelphia. no par
239
8 Chestnut Hill RR
81
10 Jno. B.Stetson Co.,com.,no par 92
6 Penna. Co.for Ins., &c
7703f
Rights.
$ per right.
10 American Bank di Trust Co_
23
12 American Bank & Trust Co_ __ 22
Bonds.
Per Cent.
$5.000 George's Township, Fayette
100
Co., Pa., 58, 1935
35,000 Columbus Newark & Zanesvine Elec. Ry.gen.& ref.53'26._ 10
$500 Benev. Prot. Order of Elks,
Phila. Lodge No. 2 6s, 1942.... 85
$5,000 Muncie Hartf.& Ft.W.5s- 16
$1 000 Union Pass Ry.2d 4s,1960- 70
By Messrs. A. J. Wright & Co., Buffalo:
Shares. Stocks.
S per oh. Shares. Sinekt.
$ per au.
5 Buffalo Niag.& East., Cl.lat_ 39% 1.000 Silver Bar Mining
35 90 let
National
1,000
Clinton Consolidated
Fed. Res.
434c. 100 Peoria Decatur & Evansv. RY.
Leoal
•
Bank Notes. Bank Notes.
25 Kansas & Gulf Oil
Bonds.
44
$2.40 lot
Co
Tenders.
Total.
1434c,
- 1,000 Keora
2 Mag. Locke. & Ontario Power
7834
Per cent.
Bonds.
S
July 31 1925._ 665,227,130
100 Keeley Silver Mines
660,341,413 88.214,271 726,555,684
1.79 $2,000 Buffalo &Lockport Ry. 5s,
June 30 1925_ 665,061,330
660,501,393 72,864,681 733.366,074 5 Niagara Falls Power, pref
2854
1938
70
May 31 1025_ 665.502,880
661.293,895 78,275.574 739,569.469
Apr. 30 1925_ 666.010,330
661,397,558 86.028.261 747.425,819
Mar.31 1925._ 665,608,330
National Banks.-The following information regarding
661,613.281 93.597,406 755.210,687
Feb. 28 1925_ 666.943,330
663,324,911 100,532,366 763,857,277
national banks is from the office of the Comptroller of the
Jan. 311028.. 725.171,780
722.092.263 47,748,139 769,840,402
Dec. 30 1924_ 731,613,630
727,175,641 44.871.176 772.046,817 Currency, Treasury Department:
Nev.30 1924._ 737,635,790
733,995,581 40,152.976 774,148,557
APPLICATIONS TO ORGANIZE RECEIVED.
Oct. 311924.. 739,842.890
735,602.435 38,679,189 774,281,624
Capital.
Sept.30 1924_ 741,239.890
736,557,660 39,269.18s 775,826.844 Aug. 4-The Buhl National Bank, Buhl, Idaho
S30,000
Aug 30 1924.
742,402,390
737,141,058 40,052,136 777,193,194
Correspondent, Crawford Moore, Boise, Idaho.
July 31 1924._ 746,611,640
740.549.740 36,537,849 777.087.589
1924_
30
June
750.858.930
APPLICATIONS TO ORGANIZE APPROVED.
744.953.710 33,058,069
May 31 1924._ 750,113,430
545.900 745.029.518 32.480,809 778,011,779 Aug. 8-The First National Bank of Antioch, Ill
$50.000
April 30 1924_ _ 750,676.680
545.900 745.795.653 31,611,339 777.490.127
Correspondent. Robert C. Abt, Antioch. Ill.
777.406.992
Mar.31 1924._ 749,974,180
545.900 745,171,676 31,162,366
APPLICATIONS TO CONVERT APPROVED.
Feb. 29 1924_ 748.875,180
545.900 743,454,758 30,964,444 776.334.042
Jan. 311024.. 747,256.230
545.900 742.670,537 30.126.232 774,419,202 Aug. 6-The First National Bank of Lakeview, Texas
$25,000
Dee. 81 1923- 746,577,780
Conversion of the First State Bank of Lakeview, Texas.
545.900 740.521,752 31.045.227 772,796.769
771,566,979 Aug. 6-First National
Nov.30 1923._ 746,778,030
Bank in Columbus, Miss
545,900 743.984,275 29,450,769 773,435,044
100,000
Oct. 311923.. 746,562,330
Conversion of the First State Bank & Trust Co.of Colum545.900 743,808.385 28,799,884 772,606,269
Sept.29 1923... 746.780,830
bus, Miss.
545,900 742,184.915 28337,092 770,322.007
CHANGE OP TITLE.
87,176,033 Federal Reserve bank notes outstanding July 31
1925, secured by Aug. 6-1306-The Utica City National Bank, Utica, N. Y., to
awful money, against $10,226,170 July 31 1924,
"Utica National Bank and Trust Company."
1
rVot, 121.
THE CHRONICLE
812
CHARTERS ISSUED.
Aug. 3-12801-The National Bank of Commerce at Hugo. Okla__ $50,000
President, F. H. Sherwood; Cashier. E. J. Litteer.
Aug. 4-12802-The San Leandro National Bank, San Leandro,
100,000
Calif
President, W.J. Gannon; Cashier, Leo H. Martin.
Aug. 6-12803-The State National Bank of Lovelady. Texas_ _ - - 25,000
Conversion of the Loveiady State Bank. Lovelady, Texas.
President. K. D. Lawrence: Cashier, A. B. Milliken.
-The National Bank of Hollywood in Los Angeles,
-12804
Aug. 8
200,000
Calif
President, F. C. Hardy; Cashier, H. J. Ernster,
CONSOLIDATION.
Aug. 8-9521-The Farmers National Bank of Ellendale, N. D.- 325,000
25,000
9631-The Ellendale National Bank, Ellendale. N. D__
and
Consolidated under the Act Nov. 7 1918. under the charter and corporate title of"The Farmers National Bank of
$25,000
Ellendale" (No. 9521) with capital stock of
VOLUNTARY LIQUIDATION.
$200,000
Aug. 3-272-The First National Bank of Norristown. Pa
Effective 12 o'clock noon Aug. 1 1925. Liquidating
Agent, Horace C. Coleman, Norristown, Pa. Absorbed
by Montgomery Trust Co. of Norristown.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam) ,
Canadian Pacific, corn. (guar.)
Preference
Chestnut Hill (guar.)
Delaware dr Bound Brook (guar.)
North Pennsylvania (guar.)
Youngst. & Ashtabula, pf.
Southern Pacific Co. (guar.)
Union Pacific, common (guar.)
Preferred
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Holders of rec. Sept. I
Oct
Holders of rec. Sept. 1
Oct.
Sept. 'Holders of rec. Aug. 20
Aug. 2 'Holders of rec. Aug. 18
Aug. 2 Holders of rec. Aug. 18
Sept.
Holders of rec. Aug. 200
Oct.
'Holders of rec. Aug. 31
Holders of rec. Sept. 1
235 Oct.
Oct.
Holders of rec. Sept. I
2
234
2
"75c.
*2
Si
154
Public Utilities.
Amer. Power dr Light, corn. (quar.)_ _ 25c. Sept. 1 Holders of rec. Aug. 15
Beloit Water, Gas & El. Co., pref. (qu.) 4.1% Oct. 1 *Holders of rec. Sept. 25
200. Sept. 1 Holders of rec. Aug. 15a
Brooklyn City RR.(guar.)
Central I11. Pub. Serv., pref. Mari-- •S1.50 Oct. 15 "Holders of rec. Sept.30
Central Indiana Power, pref. (guar.)._ _ •15‘ Sept. I 'Holders of rec. Aug. 20
Chic. North Shore dr Milw., pref.(guar.) •156 Oct. 1 *Holders of rec. Sept. 15
Oct. I 'Holders of rec. Sept. 15
Prior lien stock (guar.)
Sept. 15 *Holders of rec. Sept. 1
*2
Laclede Gas Light, common Mari.Sept. I Holders of rec. Aug. 15
Mascoma Light & Power, corn.(guar.).- 2
154 Sept. 1 Holders of rec. Aug. 15
Preferred (guar.)
Middle West Utilities, prior lien (gtuir.)_ .134 Sept. 15 *Holders of rec. Aug. 31
191 Sept. 1 Holders of rec. Aug. 17
Nebraska Power, preferred (guar.)
No. Amer. Utility Securities Corp.First pref. allotment Ws.(quar.). _ $1.50 Sept.15 Holders of rec. Aug. 31
Northern States Power of Wis., pf. (qu.) 154 Sept. 1 Holders of rec. Aug. 20
Sept. 1 Holders of rec. Aug. 17a
Northern Texas Elec. Co., corn.(guar.). 2
Sept. I Holders of rec. Aug. 17a
3
Preferred
Oklahoma Gas dr Elec., pref. (guar.)._ _ •1si Sept. 15 Holders of rec. Aug. 31
Philadelphia Electric, corn. & pref. (qu.) 500. Sept. 15 Holders of rec. Aug. 17a
154 Sept. 1 Holders of rec. Aug. 15
Phila. Suburban Water, pref. (guar.)
Southwestern Power & Light, pref. (qu.) 134 Sept. 1 Holders of rec. Aug. 15
Sept.15 Holders of rec. Aug. 31
Standard Gas dr Elec., pref. (guar.)... _ 2
*3)4 Sept. 1 Holders of rec. Aug. 20
United Utilities, preferred
Sept. 1 Aug. 22 to Sept. 1
3
Wilmington Gas Co., preferred
Name of company.
When
Per
Cent. Payable.
Miscellaneous (Concluded).
United Profit-Sharing, corn. (no par).-- 30c.
15
Common (par $I)
.400.
U. B. Gypsum, common (guar.)
*S1
Common (extra)
'131
Preferred (guar.)
1,4
Upson Co., corn. (guar.)
Common (payable in common stock). 125
156
Valvoline 011, common (guar.)
•154
Vesta Battery. pref. (guar.)
136
Wamsutta Mills(guar.)
.134
White Motor Securities, pref.(quar.)
Oct. 1 Holders of rec. Sept. 10a
Oct. 1 Holders of rec. Sept. 100
Sept.30 'Holders of rec. Sept. 15
Sept. 1 "Holders of rec. Aug. 22
Sept.30 'Holders of rec. Sept.15
Sept.15
Aug. 20 Holders of rec. Aug. 10
Sept.17 Holders of rec. Sept. 12
Sept. 1 *Holders of'rec, Aug. 20
Sept.15 Holders of rec. Aug. 11
Sept.30 *Holders of rec. Sept.21
Below we give the dividends announced in previous weeks
This list does not include dividends announced this week, these being given in the preceding table.
and not yet paid.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, preferred-Atch. Topeka & Santa Fe. corn. (qu.)Baltimore & Ohio, corn. (guar.)
Preferred (guar.)
Buffalo Rochester & Pittsb., common
Preferred
Central RR. of N. J. (quar.)
Cleveland & Plush., reg. guar.(guar.).Special guar. betterment stock (guar.)
Consolidated RRe.of Cuba. pref.(guar.)
Cripple Creek Central, preferred
Cuba RR., common (guar.)
Preferred_
Delaware& Hudson Co.(guar.)
Gulf Mobile & Northern, pref. (guar.)._
Hudson & Manhattan', pref
Illinois Central,common (quar.)
Preferred (near.)
Maine Central. preferred
New Orleans, Texas & Mexico (qua?.)..
N. Y.Chic. &St. L., corn.& pref.(qu.).
Norfolk & Western, corn. (guar
Adjustment preferred (guar.)
Pennsylvania RR.(guar.)
Reading Company, lot preferred (guar.)
Second preferred (guar.)
St. Louis-San Fran., prof.. Sec. A.(qu.).
Wabash Ay., Preferred A (guar.)
354 Aug. 17
1,4 Sept. 1
1 g Sept. 1
Sept. 1
I
Aug. 15
2
Aug. 15
3
Aug. 15
2
8754c Sept. 1
500. Sept. 1
81.50 Oct. 1
Sept. 1
1
$1.50 3ept.30
Febl'26
3
254 Sept.21
13.4 Aug. 15
23.4 Aug. 15
154 Sept. 1
3
Sept. 1
134 Sept. 1
124 Sept. 1
134 Oct. 1
154 Sept.19
1
Aug. 19
75c. Aug. 31
50c. Sept.10
50c. Oct. 8
134 Nov. 2
144 Aug. 25
Holders of rec. July 13
Holders of rec. July 240
Holders of rec. July 180
Holders of rec. July 184
Holders of rec. Aug. 80
Holders of rec. Aug. 80
Holders of rec. Aug. 58
Holders of rec. Aug. 10.2
Holders of rec. Aug. 106
Holders of rec. Sept.15
Holders of rec. Aug. 150
Holders of rec. Sept.'290
Holders of rec. Jan. 156
Holders of rec. Aug. 28a
Holders of rec. Aug. la
Holders of rec. Aug. 40
Holders of rec. Aug. 50
Holders of rec. Aug. 50
Holders of rec. Aug. 15
Holders of rec. Aug. 15a
Holders of rec. Aug. 15a
Holders of rec. Aug. 310
Holders of rec. July 310
Holders of rec. Aug. laa
Holders of rec. Aug. 240
Holders of rec. Sept.220
Holders of rec Oct. 154
Aug. 11 to Aug. 24
Public Utilities.
1,4 Aug. 1
Amer. Electric Power, pref. (guar.).._
tiller. Superpower Corp., part. pf. (qu.) 134 Aug. 1
'1,4 Sept.
Amer. Telegraph & Cable (guar.)
Smer, Water Works & Elec.. coin.300. Aug. 1
Common (guar.)
154 Aug. 1
Seven per cent first pref.(guar.)
156 Aug. 1
Six per cent panic. pref. (guar.)
Associated Gas & Elec.Co.. pref.(extra) 12560 Oct.
1234c Jan 1'2
Preferred (extra)
6234r Nov.
Class A (guar.)._
$1.50 Sept.
16 dIv. sec. pref.(guar.)
Blackstone Val. Gas & El., corn.(guar.) $1.25 Sept.
Sept.
Brazilian Tr., L.& Pr., ord.(guar.)._._ 1
Sept.
2
Brooklyn Edison Co. (guar.)
Buff. Niag. dr East. Pow., corn.(No 1)- •1234c Oct.
,i Aug. 1
Dedai Rapids Mfg. dr Power (guar.) ___
134 Sept.
:lent. Ark. By.& Lt. Corp.. pref.(qu.)_
Dent. Miss. Val. Elec. Prop., pref.(qu.) $1.50 Sept.
Sept.
65c.
(mthly.)--3hicago Rap. Tr.. pr. pf. A
Dolumbla Gas & Elec. common (qu )-- 65e. Aug. 1
124 Aug. 1
Preferred, Series A ?guar.)
Donnerflout Ry.& Ltg.. com.& pt.(qu.) 156 Aug. 1
3onsolidated Gas of N.Y.,corn.(0.).- $1.25 Sept.1
Miscellaneous.
Done. Gas El. L.& P., Bali.. com.(qu.). 500. Oct.
156 Sept. 30 Holders of rec. Sept. 15
American Railway Express (guar.)
2
Oct.
8% preferred (guar.)
50c. Aug. 31 Holders of rec. Aug. 15
American Rayon Products Corp
134 Oct.
7% Preferred (guar.)
1
Sept.
of
rec.
Holders
2
American Sugar Refining, pref. (guar.). •154 Oct.
134 Oct.
634% preferred (guar.)
Sept.10 Holders of rec. Aug. 31a
Si
Atlas Powder,common (guar.)
1.36 Oct.
6% preferred (guar.)
50e. Oct. 1 Holders of rec. Sept.20
Berry Motor (quar.)
3onsumers PowerAug. 15
*2
Bristol Mfg.(guar.)
$1.50 Oct.
6% pref. (guar.)
Aug. 15
Extra
$1.85 Oct.
8.6% preferred (quar.)
Burroughs Adding Machine, corn.(cm.). 750. Sept.30 Holders of rec. Sept.15
$1.75 Oct.
7% preferred ((luar.)
154 Sept.30 Holders of rec. Sept. 15
Preferred (guar.)
Sept.
500.
8%
preferred
(monthly)
of
15
rec.
Holders
Aug.
6
Aug.
134
Manufacturing
Cabot
Oct.
50c.
6%
preferred
10
Sept.
rec.
(monthly)
of
*1M Sept.15 'Holders
Carter (William) Co., pref.(guar.)
55c. Sept.
6.8% preferred (monthly)
Cities Service, Bankers Shares (mthly) .14.81c Sept. 1 *Holders of rec. Aug. 15
Oct.
550.
6.6%
(monthly)
19d
preferred
Sept.
rec.
of
Holders
1
Oct.
131
Continental Can, preferred (guar.)
1Conttnenta1 Gas & Elec., corn.(quar.). $1.10 Oct.
'25c. Sept. 15 *Holders of rec. Aug. 15
Continental Oil (guar.)
154 Oct.
Prior preference (guar.)
950. Sept. 30 Holders of rec. Sept. 19
Coty. Incorporated (guar.)
.134 Oct.
Participating preferred (quar.)
Sept.15 Holders of rec. Aug. 31
3
Cumberland Pipe Line (guar.)
M Oct.
Participating preferred (extra)
•31.25 Oct. 1 *Holders of rec. Aug. 31
Eastman Kodak, common (guar.)
154 Oct.
Preferred (quar)
•75c. Oct. 1 *Holders of rec. Aug. 31
Common (extra)
154 Sept. 1
Duquesne Light, 1st pref. (guar.)
*136 Oct. 1 *Holders of rec. Aug. 31
Preferred (guar.)
3
Aug. 1
Eastern Masa, St. By.. 1st pref
Oct. 1 Holders of rec. Sept.15
Famous Players-Lasky Corp.,corn.(qu.) 2
Sept.
Eastern Shore Gas& Ele0., pref.(guar.). 2
Federal Mining & Smelting, pref. (qu.). .134 Sept.15 *Holders of rec. Aug. 25
Electric Investment, pref.(guar.)
154 Aug. 2
Sept.15 Holders of rec. Sept. 1
Foundation Co., common (guar.)
$2
English Electric Co.of Canada. pref.-- 8216 Aug. 1
•31.50 Sept.12 *Holders of rec. Aug. 24
General Motors. common (guar.)
200. Oct.
Federal Light & Traction, common
Sept.12 *Holders of rec. Aug. 24
•S1
Common (extra)
Common (payable in common stock). 15c. Oct.
•154 Nov. 2 *Holders of rec. Oct. 5
7% preferred (guar.)
156 Sept.
Preferred
(guar.)
5
Oct.
rec.
of
*Holders
2
Nov.
•134
6% preferred (guar.)
Sept.
3eorgla By. & Power, corn. (guar.).- -- 1
8% debenture stock (guar.)
•134 Nov. 2 *Holders of rec. Oct. 5
Oct.
First prof.8% Sec. of'22 dr '24 (guar.) 2
Internat'l Securities Trust, corn.(guar.). 70c. Sept. 1 Holders of rec. Aug. 21
154
(guar.)
Ort.
First
Prof.
7%
'25
&
'24
of
Sec.
21
Aug.
rec.
of
1,4 Sept. 1 Holders
7% preferred (guar.)
Sept.
Second preferred (guar.)
I
656% preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 21
I
Dec.
Second
preferred
21
Aug.
(quar.)
rec.
of
Holders
1
Sept.
(guar.)
134
6% preferred
Illuminating & Power Scour.. pref.(111.)- 134 Aug. 1
Oct.'*Holders of rec. Sept. 19
Jewel Tea, preferred (guar.)
Aug. I
2
gaministlquis Power (quar.)
Preferred (account accum. dividends)_ '3234 Oct. 1 *Holders of rec. Sept. 19
Sept.
Keystone Telephone. pref.(guar.)
SI
Sept.15 Holders of rec. Aug. 31
8
Keeley Silver Mines
Los Angeles Gas & Elec..6% pref.(au.). 134 Aug. 1
Sept.15 Holders of rec. Aug. 31
4
Bonus
lil iddie West Utilities, corn.(guar.).- $1.25 Aug. 1
Kuppenhelmer (B.) Co.. pref. (guar.)._ *154 Sept. 1 *Holders of rec. Aug. 24
•184 Oct. 1
Preferred (guar.)
234 Oct. 1 Holders of roe. Sept. 190
Lawyers Title dr Guaranty Co
Montreal Lt., Ht.& Pow.Consol.(qu.). 2
Aug. 1
Sept.30 *Holders of rec. Sept. 10
Long Bell Lumber, Class A corn.,(guar.) *S1
Aug. 1
2
Sept.15
MontrealLight.
Heat
(guar.)
Co.
Pow.
&
rec.
of
1
*Holders
Oct.
•15i
McCall Corp., first pref. (guar.)
250. Sept.
Municipal Service Corp. (guar.)
Oct. 1 *Holders of rec. Sept.15
First pref. (account accum. dividends)
National
Power
&
Sept.
(guar.).man
corn,
Light,
20
Aug.
rec.
of
*Holders
1
Sept.
Stores
McCrory
Corp.,com.&com.B(qu.)
New England Company,corn.(quar.)- 154 Aug. 1
33.4 Sept. 9 Aug. 19 to Aug. 35
National Candy, common
!Newport News & Hampton Ry. Gas &
33.4 Sept. 9 Aug. 19 to Aug. 25
First and second preferred
154 Oct.
Electric, common (guar.)
270
Aug.
rec.
of
Holders
1
Sept.
National Cloak & Suit, preferred (guar.) 191
Prefer red (guar.)
134 Oct.
154 Oct. 2 Holders of rec. Sept.14
National Sugar Refining, pref. many._
3hio Edison,6.6% Pref.(quar.)
$1.65 Sept.
Aug. 15
.2
Neild Mills (guar.)
Six
per
cent
13.4 Sept.
preferred
15
Aug.
(guan)
•1
Extra
Seven per cent preferred (guar.)
134 Sept.
Aug. 15 *Holders of rec. Aug. 7
•2
Newmarket Manufacturing (guar.)
6.8%
preferred
Sept.
10
Sept.
(monthly)
550•
rec.
of
*Holders
1
Oct.
•40c.
Norwalk Tire & Rubber. corn. (guar.)._
Pacifie Gas & Electric, pref.(guar.)._ '134 Aug. 1
20
Ogilvie Flour Mills, pf. old & new (guar.) 124 Sept. 1 Holders of rec. Aug.
22a Pacific Lighting, corn, (guar.)
*254 Aug. 1
Aug.
rec.
of
Holders
1
Sept.
(guar.)
preferred
134
Hosiery,
Onyx
Preferred (guar.)
'154 Aug. 1
.750. Oct. 15 *Holders of rec. Oct. 1
Quaker Oats, common (guar.)
Pacific Teton. •13 Teleg., pref. (guar.).- 114 Oct. 1
"154 Nov.30 *Holders of rec. Nov. 2
Preferred (guar.)
Penn
17
Central
Aug.
$I
rec.
(qu.).
Oct.
Light
pref.
Pow.,
dr
of
*Holders
25
Aug.
"S1.52
Shares
Rand Mines, American
We. Oct.
Preferred (extra)
rec. Aug. 20
Reid Ice Cream Corp., pref. (quar.).. •15f Sept. 1 *Holders of
Pennsylvania-Ohio P. dr L.,8% Df.(qu.) 2
Nov.
28
Aug.
rec.
of
Holders
1
Oct.
(guar.)
corn.
(Ohio),
23.4
011
Standard
Seven per cent pref. (guar.)
124 Nov.
250. Sept.15 Holders of rec. Aug. 25
Sun 011 Co. (guar.)
*2
Oct. I
Peoples Gas Light & Coke (Uttar.)
75c. Sept.30 Holders of rec. Sept. 4
Texas Company (guar.)
Philadelphia Company,5% pref
$1.25 Sept.
Sept.21 *Holders of rec. Sept. 1
"SI
Todd Shipyards Corp. (quar.)
$1.25 Oct. I Holders of rec. Sept. 40 Portland Electric Power, 2d pref. (guar.) 13.4 Sept.
nion Carbide & Carbon (guar.)
Routh Pittsburgh Water. 5% preferred. 23.4 Aug. 1
$1 Sept. 1 *Holders of rec. Aug. 17
Union Mills, common (guar.)
Tampa Electric Co. (guar.)
214 Aug. 1
•1g Sept. 1 *Holders of rec. Aug. 17
Preferred (guar.)
Sept.
1
Texas Electric By, common (quar.)._
rec. Sept.15
United Cigar Stores of Amer.,corn.(qu.) •S1 Sept.30 *Holders of
Fri-City By.& Light.common (guar.).- 23.4 Oct.
Sept.15
rec.
of
*Holders
30
Sept.
stock).
common
in
(payable
Common
Jan1'2
24
Common
1
Sept.
rec.
(guar.)
of
*Holders
15
Sept.
•I 24
Preferred (guar.)
Books( losed
Days Dielusire
Holders of rec. Aug. 5a
Holders of rec. July 316
*Holders of rec. Aug. 31
Holders of rec. Aug. la
Holders of rec. Aug. la
Holders of tee. Aug. la
Holders of rec.Sept. 106
Holders of roe. Dec. 100
Holders of rec. Oct. 90
Holders of rec. Aug. 10
Holders of rec. Aug. 100
Holders of rec. July 31
Holders of rec. Aug. 140
*Holders of rec. Sept.15
Holders of rec. July 31
Holders of rec. Aug. 15a
Holders of rec. Aug. 16a
Holders of rec. Aug. 18a
Holders of rec. July 310
Holders of rec. July 310
Aug. 16 to Aug. 16
Holders of rec. Aug. 116
Holders of rec. Sept. 150
Holders of rec. Sept. 150
Holders of rec. Sept. 150
Holders of rec. Sept. 150
Holders of rec. Sept. 150
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Aug. 15
Holders of rec. Sept. 15
Holders of rec. Aug. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 12a
Holders of rec. Sept.126
Holders of rec. Sept.120
Holders of rec. Sept.126
Holders of res. Sept.120
Holders of rec. Aug. 156
Holders of rec. July 31
Holders of rec. Aug. 156
Holders of rec. Aug. 12a
Holders of rec. Aug. 5
Holders of rec. Sept.15
Holders of rec. Sept.15
Holders of rec. Aug. 150
Holders of rec. Aug. 20
Holders of rec. SePt.10
Holders of rec. Sept.10
Holders of rec. Aug. 20
Holders of rec. Nov.20
Holders of rec. July 31
Holders of rec. JulY 31
Holders of rec. Aug. 174
Holders of rec. July 310
Holders of rec. July 314
*Holders of rec. Sept. 30
Holders ef coup. No.36r
Holders of rec. July 31
Holders of rec. Aug. 15
Holders of roe. Aug' 15
Holders of rec. Aug. la
Holders of rec. Sept. 15a
Holders of rec. Sept. 156
Holders of rec. Aug- 15
Holders of rec. Aug. 15
Holders of rec. Aug. 15
Holders of rec. Aug. 15
*Holders of rec. July 31
*Holders of rec. July 31
*Holders of rec. July 31
Holders of rec. Sept. 30a
Holders of rec. Sept. 104
Holders of rec. Sept. 200
Holders of rec. Oct. 22
Holders of rec. Oct. 22
*Holders of rec. Oct. 3
Holders of rec. Aug. 104
Holders of rec. Aug. 111
Holders of ree. dAug.50
Holders of rec. Aug. 6a
Holders of rec. Aug 15
Holders of rec. Sept.20
Holders of rec. Dee. 20
Am. 15 1925.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
United Rys.& Elec.. Balt., corn.(qu.)__ 500. Aug. 15 Holders of rec. July 250
Washington Rapid Transit(No. 1)
*600. Sept. 1 *Holders of rec. Aug. 1
West Penn Company,common (quar.)__ $1 Sept.30 Holders of rec. Sept. 150
14 Aug. 15 Holders of rec. Aug. la
Preferred (guar-)
West Penn Rya., pref. (guar.)
154 Sept.15 Holders of rec. Sept. 1
Wisconsin River Power. pref. (quar.)-- *el.75 Aug. 20 *Holders of rec. July 31
Trust Companies.
Sept.30 Holders of reo. Sept.22
Title Guarantee & Trust (extra)
4
Miscellaneous.
Abbotts Alderney Dairies, 1st pref.(qu.) 14 Sept. 1 Holders of rec. Aug. 150
Allis-Chalmers Mfg., common (quar.)__
114 Aug. 15 Holders of rec. July 240
Aluminum Manufactures. Inc., com.(qu) 3714c. Sept.30 Holders of rec. Sept.150
Common (quay.)
37140. Dec. 31 Holders of rec. Dec. 150
Preferred (quan)
154 Oct. 1 Holders of rec. Sept.20a
Preferred (quar.)
14 Janl'26 Holders of rec. Dec. 200
American Bank Note, corn. (guar.) _
$1.25 Aug. 15 Holders of rec. Aug. 10
Preferred (guar.)
75c. Oct. 1 Holders of rec. Sept 15a
American Beet Sugar, common (quar.)-1
Oct. 31 Holders of rec. Oct. 100
Common (quar.)
1
learn Holders of rec.Jan 9 260
American Can, corn. (guar.)
14 Aug. 15 Holders of reo. July 3Ia
American Chain. Class A (guar.)
50e. Sept.30 Sept. 20 to Sept.30
Amer. Chicle, 7% pref. (four mos. div.)_ $2.33 Oct. 1 Holders of rec. Sept. 15a
Six per cent preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 15
American Coal(quar.)
50c. Sept. 1 Aug. 12 to Sept. 1
Amer. Greenhouse Mfg., pref. (guar.)._ 2
Oct. 15 Holders of rec. Sept. 300
Amer. Laundry Machinery,corn.(qu.)__ 750. Sept. 1 Aug. 23 to Sept. 1
Common (guar.)
75e. Dec. 1 Nov. 23 to Dec. 1
Preferred (guar.)
134 Oct. 15 Oct. 6 to Oct. 15
Am La France Fire Eng., Inc.. com.(qu) 25e. Aug 16 Holders of rec. Aug. la
American Linseed, pref.(guar.)
134 Oct. 1 Holders of rec. Sept. 19a
American Locomotive, common (guar.). $2
Sept.30 Holders of rec. Sept. I4a
Common (extra)
$2.50 Sept.30 Holders of rec. Sept.140
Common (extra)
$2.50 Dec. 31 Holders of rec. Dec. 140
Preferred (guar.)
14 Sept.30 Holders of rec. Sept. 14a
Amer. Manufacturing. Corn. (quar.)_.. 14 Oct. I Sept. 18 to Sept.30
Common (guar.)
114 Dec. 31 Dec. 16 to Dec. 30
Preferred (qual.)
I 54 Oct. 1 Sept. 16 to Sept.30
Preferred (quar.)
1 4 Dec. 31 Dee. le to Dec. 30
American Metal, common (quar.)
750. Sept. 1 Holders of rec. Aug. 200
Preferred (guar.)
144 Sept. 1 Holders of rec. Aug. 21a
American Multigraph, common (quar.). .40c. Sept. 1 *Holders of rec. Aug. 15
Amer. Radiator, corn. (guar.)
Sept.30 Holders of rec. Sept.15a
$1
Preferred (guar.)
14 Aug. 15 Holders of rec. July 31a
Amer. Roiling Mill, common (quar.).__. 50c. Oct. 15 Holders of rec. Sept.300
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept.150
Amer.Soda Fountain (guar.)
$1.50 Aug 15 Holders of rec. July 31a
American Shipbuilding. corn. (quar.).. 2
Nov. 2 Holders of rec. Oct. 1545
Amer. Smelt. & Refg., pref.(quar.)_. 114 Sept. 1 Holders of rec. Aug. 70
American Stores (guar.)
40e. Oct. I Sept. le to Oct. 1
Tobacco,
American
corn. & corn. B (qu.) e1.75 Sept. 1 Holders of rec. Aug. 10a
American Window Glass Co., preferred. 34 Sept. 1 Aug. 15 to Aug. 31
Anaconda Cooper Mining (guar.)
75c. Aug. 24 Holders of rec. July 18a
Artloom Corporation. preferred (guar.). 14 Sept. 1 Holders of rec. Aug. 20a
Associated Dry G'ds Corp., 1st pf.(qu.)_
14 Sept. 1 Holders of rec. Aug. 15
Second preferred (guar.)
14 Sept. 1 Holders of rec. Aug. 15
Babcock & Wilcox Co- (guar.)
141 Oct. I Holders of rec. Sept. 20
Quarterly
134 Janr 26 Holders of rec. Dec. 20
Quarterly
144 Apr1'213 Holders rec. Mar 20'260
Balaban & Katz, common (monthly)... 25c. Sept. 1 Holders of rec. Aug. 200
Common (monthly)
250. Oct. 1 Holders of rec. Sept.20a
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 200
Beacon Manufacturing, corn. & pf.
.(qu.) I 4 Aug. 15 Holders of rec. Aug. la
Oil,
preferred (quar.)
Beacon
1.874 Aug. 15 Holders of reo. Aug. I
Belding-Cortical!, Ltd.. pref.(quar.) . 151 Sept.15 Holders of rec. Aug. 31
Bethlehem Steel.7% Pref.(quar.)
14 Oct. 1 Holders of rec. Sept. la
Eight per cent preferred (guar.)
2
Oct. I Holders of rec. Sept. la
Bond & Mortgage Guarantee (guar.)-- 3
Aug. 15 Holders of rec. Aug. 8
Borden Company, common (guar.)_ _ $1
Sept. 1 Holders of rec. Aug. 150
Preferred (guar.)
15-4 Sept.15 Holders of rec. Sept. Is
Botany Consolidated Mills, Class A(cm) $1
Aug. 15 Holders of rec. Aug. 50
Brill (J. G.) Co., common (guar.)
14 Sept. 1 Aug. 25 to Aug. 31
Brown Shoe, common (guar.)
1
Sept. 1 Holders of rec. Aug. 20a
Buckeye Pipe Line (guar.)
Sept.15 Holders of rec. Aug. 21
Buda CO.. preferred (guar.)
114 Sept. 1
Burns Bros., corn, class A (guar.)
$2.50 Aug. 15 Holders of rec. Aug. la
Common, class B (guar.)
Oc. Aug. 15 Holders of rec. Aug. la
Butler Bros.(guar.)
34 Aug. 15 Holders of rec. July 29a
Butler Mill (guar.)
2
Aug. 15 Holders of rec. Aug. 5
California Packing. corn. (guar.)
$1.50 Sept.15 Holders of rec. Aug. 3I0
California Petroleum Corp.(guar.)
we. Sept. 1 Holders of rec. Aug. 200
Campbell soup. preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 15
Canada Cement. Ltd., pref.(guar.)_
114 Aug. 15 Holders of rec. July 310
Canadian Car & Fdy., corn. & pf. (qu.) 14 Oct. 9 Holders of rec. Sept. 25
Canadian Converters. Ltd.(guar.)
14 Aug. 15 Holders of rec. July 310
Casein Co. of America (Del.) (guar.)._
1
Aug. 15 Holders of rec. Aug. 7
Casey-Hedges Co., common (quar.)--- 211 Aug. 15 Holders of rec.
Aug. 1
Common (guar.)
234 Nov.15 Holders of rec Nov. 1
Preferred (guar.)
1.14 Oct. I
Celluloid Company, preferred (guar.)... 2
Aug. 15 Holders of rec. July 31a
Centrifugal Pipe Corp., common (guar.) 25c. Aug. 16 Holders of rec.
Aug. 8
Century Ribbon Mills. pref. (guar .)- -- - 14 Sept. 1 Holders of rec. Aug.
210
C. G. Spring & Bumper. corn. (guar.)._ *U. Aug. le *Holders of rec. Aug. 7
Chicago Flexible Shaft Co., pref.(guar.) •154 Sept. 1 *Holders of rec. Aug. 21
Chicago Mill de Lumber, common (qu.). 411
Aug. 15 *Holders of rec. Aug. 7
chimp Yellow Cab (monthly)
331-30. Sept. 1 Holders of rec. Aug. 200
Childs Company, corn., $100 par (guar.) 3
Sept. 10 Holders of rec. Aug. 28
No par value common stock (quar.)_ 60c. Sept. 10 Holders of rec. Aug. 28
114 Sept. 10 Holders of rec. Aug. 28
Preferred (guar.)
corn.(no Par) (extra)
(e) Oct. 1 Holders of rec. Aug 284
Common (no par value)(extra)
(e) Dee. 30 Holders of rec. Nov 280
Chili Cotner Co.(guar.)
6214c Sept.28 Holders of rec. Sept.I2a
h Sept. 1 Holders of rec.
Cities)Service,common (monthly)
Aug. 15a
Common (payable in common stock)_
111 Sept. 1 Holders of rec. Aug. 15a
1.5 Sept. 1 Holders of rec. Aug. 150
Preferred and preferred B (monthly)_ _
city Ice & Fuel of Cleveland. oom.(0u.) 50o. Sept. I Holders of reo. Aug. 12
500. Dec. 1 Holders of reo. Nov. II
Common ((Mar.)
Cleveland Stone (quar.)
134 Sept. I Holders of rec. Aug. 5a
Colorado Fuel & Iron, preferred (guar.). 2
Aug. 25 Holders of roe. Aug. 110
Commercial Invest. Tr.Corp.,corn.(qu) 620. Aug. 15 Holders of rec. July 31a
Connor (J. T.) Co.(guar.)
.50c. Oct. I *Holders of rec. Sept. 19
Consolidated Cigar Corp., pref. (quar.). 141 Sept 1 Holders of rec. Aug.
15a
pref. (acct. accumulated dividenda).- /114 Sept. 1 Holders of rec. Aug. 15a
Continental Can,tom.(quar.)
Aug. 15 Holder s of rec. Aug. 60
$1
g
Sept.30 Holders of rec. Sept.15
Craddock-Terry Co., common (guar.)
Common (guar.)
3
Des. 31 Holders of rec. Dec. 15
Dec. 31 Holders of rec. Dec.
3
First and second preferred
34 Doe. 31 Holders of rec. Dec. 16
Class C Preferred
15
114 Sept. 1 Holders of rec. Aug. 12
Crows Nest Pass Coal(guar.)
Sept. 1 Holders of rec. Aug. 15a
$1
Cuba Company, common (guar.)
114 Oat. 15 Oct. 6 to Oct. 15
Cudahy Packing, corn.(guar.)
*211 Sept. 1 *Holders of rec. Aug. 15
Curtiss Aeroplane & Motor, preferred_ _
Cushman's Sons, Inc., common (quar.). 750. Sept. 1 Holders of rec. Aug. 150
154 Sept. 1 Holders of rec. Aug. 150
Seven per cent preferred (guar.)
2
Sept. 1 Holders of rec. Aug. 150
Eight per cent preferred (guar.)
14 Sept.26 Holders of rec. Sept.12
Davis Mills(guar.)
14 Sept. 1 Holders of rec. Aug. 200
Decker (Alfred) & Cohn, pref. (guar.)._
Deere & Company, preferred (guar.)._ 14 Sept. 1 Holders of rec. Aug. 15a
2
Sept.15 Holders of rec. Aug. 3I0
Diamond Match (guar.)
1
Aug. 15 Holders of rec. July 3I0
Dominion Bridge, Ltd.(quar.)
Aug. 15 Holders of rec. Aug.
Dow Chemical, corn. (in common stook) 110
5
Aug. 15 Holders of rec. Aug. da
$1.
Dow Chemical, common (guar.)
114 Aug. 15 Holders of rec. Aug. 5a
Preferred (guar.)
(guar.)___
:se. Sept. 1 Aug. 22 to
Ely-Walker Dry Goods, corn.
Aug.
20e. SePi. I Holders of rec. Aug. 31
200
Fair (Tile), common (monthly)
20c. Oct. 1 Holders of rec.Sept. 19a
Common (monthly)
200. Nov. 1 Holders of rec. Oct. 200
Common (monthly)
Sept.30
corn.
050.
Co..
Holders
(guar.).Falrbanks-Morse es
of rec. Sept. 150
14 Sept. 1 Holders of rec. Aug. 150
Preferred (quar.)
Sept. 1 Holders of rec. July 31
Famous Players Can'n Corp..Ist Pf (q.) 2
muds co..
Name of Company.
813
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Firestone Tire & RubberSeven per cent preferred (guar.)
14 Aug. 15 Holders of rec. Aug- I
Fisher Body Ohio Co.. pref. (quar.).... 2
Oct. 1 Holders of rec. Sept. 166
Foot Bros. Gear & Machine. corn.(qu.)_ 250. Oct. 1 Sept. 1 to Sept.30
Common (quarterly)
25c. Jan1'26 Dec. 21 to Dec. 31
Francisco Sugar (guar.)
$1.50 Oct.
Holders of rec. Sept 210
General Asphalt, preferred (quar.)
154 Sept.
Holders of rec. Aug. 14a
General Cigar Co., Inc., pref.(guar.).
114 Sept.
Holders of rec. Aug. 240
Debenture preferred (guar.)
14 Oct.
Holders of rec. Sept.24a
General Development(guar.)
25c. Aug. 2 Holders of rec. Aug. 10a
Gen'l Outdoor Advertising, corn. A (qu.).$1
Aug. 1 *Holders of rec. Aug. 5
Preferred (guar.)
*14 Aug. 1 *Holders of rec. Aug. 5
General Necessities Corporation (extra)_ *2
Aug. 1 *Holders of rec. Aug. 5
General Petroleum,common (quar.)__ _ _ .50c. Sept.1 *Holders of rec. Aug. 31
Preferred (guar.)
*4314c Sept.
*Holders of rec. Aug. 15
Gillette Safety Razor (guar.)
750. Sept.
Holders of rec. Aug. 1
Extra
25e, Sept.
Holders of rec. Aug. 1
(B.
Goodrich
rj
Co.,common
$1
Aug. 1
Holders of rec. Aug. 30
Preferred
14 Oct.
Holders of rec. Sept.15a
Goodyear
rrber,prior pref.(qu.) 2
dy
feear Ti&
re
(q uaR
Oct.
Holders of rec. Sept.150
Preferred
114 Oct. 1
Holders of rec. Sept.150
Gossard (H. W.) Co.(monthly)
25c. Sept.
Holders of rec. Aug. 21a
Monthly
25e. Oct.
Holders of rec. Sept 190
Monthly
25c. Nov.
Holders of ree. Oct. 210
Monthly
250. Dec.
Holders of rec. Nov.20a
Gould Coupler, Class A (guar.)
50c. Sept.1
Holders of rec. Sept. I
Great Lakes Dredge & Dock (guar.)
2
Aug. 1
Aug. 4) to Aug. 15
Greenfield Tap & Die. e% pref. (guar.)_ *14 Oct.
*Holders of rec. Sept. 15
Eight per cent preferred (guar.)
*2
Oct.
*Holders of rec. Sept.15
Guantanamo Sugar, preferred (guar.)
2
Sept.3 Holders of rec. Sept.150
Gulf States Steel. 1st pref. (guar.)
14 Oct.
Holders of rec. Sept 150
First preferred (quar.)
144 Jan 3'2 Holders of roc Dec. 1545
Hall (C. M.) Lamp
25o, Sept.1
Holders of rec. Sept,100
Hall (C. M.) Lame
25c, Dec. 1
Holders of rec. Doe. 106
Harblson-Wa
efrac., com.(guar.). 14 Sept.
(
lq
ke
urarR)
Holders of rec. Aug. 216
Preferred
131 Oct. 2 Holders of rec. Oct. 100
Hartman Corporation (guar.)
6211c Sept.
Holders of rec. Aug. 18a
Hart.Schaffner & Marx,Inc., corn.(qu.) 14 Aug. 3 Holders of rec. Aug. 20a
Hayes Wheel Co.,common (guar.)
75c, Sept.1
Holders of rec. Aug. 31a
Common (extra)
260. Sept.1
Holders of rec. Aug. 3Ia
Common (guar.)
75c. Dec. 1
Holders of rec. Nov.300
Common (extra)
250. Dee. I
Holders of rec. Nov.30a
Preferred (guar.)
111 Sept.1
Holders of rec. Aug. 310
Preferred (guar.)
14 Dec. 1
Holders of rec. Nov.306
Hazeltine Corporation
25c. Aug. 2 Holders of rec. Aug. 4
Hecht Mining (guar.)
*50c. Sept. 1 *Holders of rec. Aug. 15
Hercules Powder, pref.(guar.)
14 Aug. 1
Aug 6 to Aug. 16
dMPeneer.Bartlett & Co.,(mthlY) 36o. Aug. 2 Holders of rec. Aug. 21
Hibbar
350. Sept.2 Holders of rec. Sept. 1
Monthly
Extra
20e. Sept.2 Holders of rec. Sept. 11
Holmes Mfg., com, and pref. (quar.).-. •114 Aug. 1 *Holders of rec. Aug. 5
Homestake Mining (monthly)
50c. Aug. 2 Holders of rec. Aug. 200
Hood Rubber Products, pref.(guar.).-- 14 Sept.
Aug. 21 to Sept. 1
Hoosac Cotton Mills, preferred (qual.).. 51.50 Aug. 1
Holders of rec. Aug. 5
Household Products. Inc.. (guar.)
75c. Sept.
Holders of rec. Aug. 14a
Hydraulic Press Brick, preferred (quar.)- 111 Oct.
Holders of rec. Sept. 21
Illinois Brick (guar.)
2.40 Oct 1 Oct. 4 to Oct. 15
Imperial 011 (Canada) (guar.)
250. Sept.
Aug. 16 to Aug. 31
Indiana Pipe Line (guar.)
$1 Aug. 1
Holders of rec. July 17
India Tire & Rubber, corn. & pref. (nu.) *2
Oct.
*Holders of rec. Sept 21
Ingersoll-Rand Co.. corn. (guar.)_ _
2
Sept. 1 Holders of rec. Aug. 106
Inland Steel, common (quar.)- - 6214e Sept. I Holders of rec. Aug. 140
Preferred (guar.)
14 Oct. 1 Holders of rec. Sept.15a
International Business Machines (qu.)_ _ $2
Oct. 10 Holders of rec. Sept.24a
Internat. Combustion Engineering (qu.) 50c. Aug. 31 Holders of rec. Aug. 18a
Int.Concrete Industries(guar.)
234 Sept.20 Holders of roe. Sept.15a
International Harvester, pref. (quar.).. 14 Sept. I Holders of rec. Aug. 100
rnternat. Match Corp.. partly. pt.(qu.). 80c. Oct. 15 Holders of rec. Sept.260
International Shoe, pref. (monthly).-- 500. Sept. 1 Holders of rec. Aug. 15a
Interstate Iron & Steel. Preferred (guar.) *14 Sept. 1 *Holders of rec. Aug. 20
Preferred (acct. accum. dividends). _ _ '111 54 Sept. 1 *Holders of rec. Aug. 20
Intertype Corporation, corn.(quar.)---- 250. Aug. 15 Holders of rec. Aug. 36
Common (extra)
250. Aug. 15 Holders of rec. Aug. 30
Jefferson & Clear(. Coal & Iron, pref _ _
214 Aug. 15 Holders of rec. Aug. 100
Jones & Laughlin Steel, preferred (guar.) 14, Oct. I Holders of rec. SePt•15a
Keivinator Corporation (guar.)
3711e. Aug. 21 Holders of rec. Aug. 8a
Keystone Mining
711o. Aug. 26 Aug. 12 to Aug. 26
Kir
nrneefyerr
.R.)
(q Co.. common
(C
$1
eld
Oct. 1 Holders of rec. Sept. 200
2
Sept. 1 Holders of rec. Aug. 216
Lake of the Woods Milling, corn.(qu.).. 3
Sept. 1 Holders of rec. Aug. 22
Preferred (guar.)
14 Sept. 1 Holders o/ rec. Aug. 22
Lanston Monotype Machine (guar.)... 111 Aug. 31 Holders of rec. Aug. 2Ia
Lehigh Coal & Navigation (quar.)
$1 Aug. 31 Holders of rec. July 31a
Liggett& MyersTob..corn.&com B(qu.) 75e. Sept. I Holders of rec. Aug. 170
Lima Locomotive Works. common
$1
Sept. 1 Holders of rec. Aug. 15a
Lit Brothers Corporation
50c. Aug. 21 Aug. 11 to Aug. 19
Ludlow Mfg. Associates (guar.)
$2.50 Sept.' Holders of rec. Aug. 5
Madison Safe Deposit Co
3
Aug. If Holders of rec. Aug. 10
Magnolia Petroleum, stock dividendOct.
1
MahOning Investment
ILEA Sept. I Holders of rec. Aug. 25
Mallinson(H.It.) es Co., Inc., pref.(611.) 134 Oct. I Holders of rec. Sept.224
34anati Sugar, common (guar.)
134 Sept. 1 Holders of rec. AUL 15.
Manhattan Shirt, common (guar.)
3714c. Sept. 1 Solders of rec. Aug. 170
Marland 011, preferred (guar-)
114 Oct. 1 Holders of rec. Sept.150
Martin-Parry Corp.(guar.)
50c. Sept. I Holders of rec. Aug. 15a
McCrory Stores, preferred (guar.)
14 Nov. I Holders of rec. Oct. 204
McIntyre Porcupine Mines. Ltd
250. Sept. 1 Holders of rec. Aug. la
Medart(Fred)Mfg.,corn.(guar.)
500. Aug. 15 Holders of rec. Aug. 5
Mengel Company, preferred (War.).
14 Sept. 1 Holders of rec. Aug. 15
Mercantile Stores Co., common (guar.). 750. Aug. 15 Holders of rec. July 31
Preferred (guar.)
$1.75 Aug. 15 Holders of rec. July 31
Mergenthaler Linotype (guar.)
214 Sept.30 Holders of rec. Sept. 20
Extra
154 Sept.30 Holders of rec. Sept. 26
Merrimack Mfg., common (guar.)
134 Sept. 1 Holders of rec. July 310
Preferred
211 Sept. 1 Holders of rec. July 3Ia
Miami Copper Co.(guar-)
25e. Aug. 15 Holders of rec. Aug. la
Mid-ContinentPetroleum Corp.,pt.(qu.) 14 Sept. 1 Holders of rec. Aug. 15a
Mohawk Mining
$1
Sept. 2 Holders of rec. Aug. 1
Moto Meter Co.. Class A (No. 1)
900. Oct. 1 Holders of rec. Sept.150
Munsingwear. Inc. (guar.)
75c, Sept. 1 Holders of rec. Aug. 184
Murray Body Corp.Common (payable in common stock)_ (1 34 Oct. 1 Holders of rec. Sept. lea
Common (payable in common stock)-- (1)4 Jan.1'26 Holders of rec. Dec. lea
National Biscuit. corn.(guar.)
750. Oct. 15 Holders of rec. Sept. 300
Preferred (guar.)
14 Aug. 31 Holders of rec. Aug. 176
National Brick. preferred (guar.)
14 Aug. 15 Holders of rec. July 31
National Dept.Stores. 2d pref.(guar.).- *14 Sept. 1 Holders of rec. Aug. 15
Nat. Enameling & Stamping.Peet (qu.)- 14 Sept.30 Holders of rec. Sept.10
Preferred (guar.).......... - - - 14 Deo, 31 Holders of rec. Dec. 11
National Fabric & Finishing, corn, (qu.) 2
Aug. 15 Holders of rec. Aug. 5
National Lead. corn.(guar.)
2
Sept.30 Holders of rec. Sept. 1 la
Preferred (quar.)
14 Sept.15 Holders of rec. Aug. 216
National Refining, common (quar.)..._ 14 Aug. 15 Holders of rec. Aug. 1
National Supply of Del.(guar.)
750. Aug 15 Holders of rec. Aug. 56
New Cornelia Copper (quar.)
25c. Aug. 24 Holders of rec. Aug. 76
New York Air Brake. Class A (qual.)... $1
Oct. 1 Holders of rec. Sept. 9a
Ontario Steel Products,common (guar.)_ 1
Aug. 15 Holders of rec. July 31
Common (extra)
1
Aug. 15 Holders of rec. July 31
Preferred (quar.)
14 Aug. 15 Holders of rec. July 31
Oppenheim, Collins & Co.(guar.)
75e. Aug. 15 Holders of rec. July 310
Orpeumar
(monthly).- 150. Sept. 1 Holders of rec Aug. 200
(qual.)
2
Oct. 1 Holders of rec. Sept.150
Owens
PreferredOwens Bottle. common (guar.)
75o. Oct. 1 Holders of rec. Sept. 15a
Preferred (quar.)
1 Holders of rec. Sept. 150
14 Oct
Pacific Mills (guar.)
75c. Sept. 1 Holders of rec. Aug. I50
Packard Motor Car, pref.(quar.)
154 Sept.15 Holders of rec. Aug. 31
Pathe Exchange. Inc., pref. (qual.)..._ 2
Sept. 1 Holders of rec. Aug. 11
Penmans, Limited, corn. (guar.)
2
Aug. 15 Holders of res. Aug. 5
37
Pennock Oil Corp. (quar.)
Sept.25 Holders of rec. Sept. 15a
Phillips-Jones Corp., common (quar.)._ $1
Sept. 1 Holders of rec. Aug. 20a
814
Name of Company.
[Vol. 121.
THE CHRONICLE
Per
Cen
When
Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded)
Phoenix Hosiery, 1st Sr 2d pref.(guar.). 134 Sept. 1 *Holders of rec. Aug. 17a
Pittsburgh Plate Glass, common (guar.) 2
Oct. 1 Holders of rec. Sept.15a
Common (extra)
Oct. 1 Holders of rec. Sept.15a
5
Pittsburgh Steel, preferred (guar.)
13f Sept. 1 Holders of ree Aug. 15a
Pitts. Terminal Coal preferred (quar.)-- $1.50 Sept. 1 Aug. 21
to Sept. I
Praised Steel Car, pref. (guar.)
134 Sept. 8 Holders of reo. Aug. 180
Preferred (quer.)
134 Dec. 8 Holders of rec. Nov. 17s
Procter & Gamble,corn.(guar.)
Aug. 15 July 16 to Aug. 16
5
Corn. (extra) (pay in new corn. ea.). 14
Aug. 15 July 16 to Aug. 16
Producers 011 Corp., pref. (qtrat.)
Aug. 15 Holders of rec. July 31
2
Pullman Company (quer.)
Aug. 15 Holders of rec. July 31a
2
Pure 011, common (guar.)
37Hc Sept. 1 Holders of rec. Aug. 10a
Quaker Oats, pref. (guar.)
154 Aug. 31 Holders of rec. Aug. la
Quissett Mill, common (guar.)
Aug. 15 Holders of rec. Aug. 5
2
Radio Corp of Amer., pref.(qua?.)
151 Oct. 1 Holders of rec Sept la
Richmond Radiator, pref.(guar.)
151 Oct. 15 Holders of rec. Sept.30a
Preferred (guar.)
134 Jan1516 Holders of rec. Dec. 310
St. Joseph Lead (guar.)
500. Sept.21 Sept. 10 to Sept.21
Quarterly
500. Dec. 21 Dec. 10 to Dec. 21
Savage Arms Corp., 1st pref. (guar.)- '134 Oct. 1 *Holders of rec. Sept. 15
Second pref. (luer.)
'154 Aug. 15 *Holders of rec. Aug. la
Second preferred (guar.)
•I54 Nov.18 *Holders of rec. Nov. 2
Schulte Retail Stores. corn.(guar.)
m$2 Sept. 1 Holders of tee Aug. 150
Shell Union 011, pref. A (guar.)
154 Aug. 15 Holders of tee July 243
Sherwin-Williams Co., common (guar.). 500. Aug. 15 Holders of rec. July 31
Common (extra)
12He Aug. 15 Holders of rec. July 31
Preferred (guar.)
lid Sept. 1 Holders of rec. Aug. 15a
Simon (Franklin) & Co., pref. (guar.). _
151 Sept. 1 Holders of rec. Aug. 180
Sinclair C012801. Oil Corp., pref.(guar.). 2
Aug. 15 Holders of ma Aug. la
Smith (A.0.) Corp.. corn.(guar.)
25c. Aug. 15 Holders of roe. Aug. 1
Common (extra)
25e. Aug. 15 Holders of rec. Aug. 1
Preferred (guar.)
151 Aug. 15 Holders of rec. Aug. I
Soule Mills (guar.)
Aug. 15 *Holders of rec. Aug. 7
*2
.30
Extra
Aug. 15 *Holders of rec. Aug. 7
Southern Pipe Line (guar.)
Sept. 1 Holders of rec. Aug. 15
$1
Spalding (A. G.) Jr Bros.. 1st pref.(rm.) 131 Sept. 1 Holders of rec. Aug. 180
Second preferred (guar.)
Sept. 1 Holders of reo. Aug. 18
2
Spear de Co., preferred (guar.)
151 Sept. I Holders of rec. Aug. 153
Standard Milling, corn. (guar.)
134 Aug. 31 Holders of roe. Aug. 21a
114 Aug. 31 Holders of rec. Aug. 21a
Preferred (guar.)
50c. Sept.15 Holders of rd. Aug. 17a
Standard 011 (Calif.) (guar.)
*6254e Sept.15 *Holders of rec. Aug. 15
Standard 011 (Indiana) (guar.)
Standard 011 of New York (guar.)
•35e. Sept.15 *Holders of rec. Aug. 21
Standard 011 (Ohio). pref. (guar.)
131 Sept. 1 Holders of rec. July 31
Standard Sanitary Mfg.,common (guar.) $1.25 Aug. 20 Holders of rec. Aug. 6
151 Aug. 20 Holders of rec. Aug. 6
Preferred (guar.)
Stewart-Warner Speedometer (quar.)--- $1.25 Aug. 15 Holders of rec. July 31a
Sept. 1 Holders of roe. Aug. 10a
Studebaker Corp., common (guar.).$1
Preferred (guar.)
154 Sept. 1 Holders of rec. Aug. 10a
Swift Internacional
90e. Aug. 15 Holders ofree. July 15a
Symington Company,Class A (guar.)_ _ _ 50c. Oct. 1 Holders of rec. Sept. 15a
Tennessee Copper & Chemical(guar.). _ 250. Sept.15 Holders of rec. Aug. 31a
Thompson (John R.) Co., corn. (m'thly) 25c Sept. 1 Holders of reo. Aug. 240
Thompson-Starrett Co., preferred
Oct. 1 Holders of rec. Sept. 19
4
Timken-Detroit Axle, pref. (guar.)
134 Sept. 1 Holders of rec. Aug. 20
75c. Sept. 5 Holders of rec. Aug. 19a
Timken-Roller Bearing (quar.)
Extra
25e. Sept. 5 Holders of rec. Aug. 19a
Tobacco Products Corp., class A (guar.) 134 Aug. 15 Holders of reo July 31a
50. Oct. 1 Sept. 16 to Sept. 21
Tonopah Belmont Development
Underwood Computing Mach., pt. (qu.) IM Oct. 1 Holders of reo. Sept. 19
Underwood Typewriter, corn.(qua?.)... 75e. Oct 1 Holders of rec. Sept. la
Preferred (qeer.)
131 Oct. 1 Holders of rec. Sept. la
Union Storage (qua?.) 254 Nov.11 Holders of reo. Nov. 1
Union Tank Car, common (guar.)
151 Sept. 1 Holders of rec. Aug. 100
Preferred (guar.)
154 Sept. 1 Holders of rec. Aug. 100
United Drug,common (qua).)
15 Sept. 1 Holders of rec. Aug. 150
First preferred (guar.)
151 Nov. 2 Holders of rec. Oct. 150
Second preferred (quer.)
154 Sept. 1 Holders of rec. Aug. 15a
United Dyewood. pref. (guar.)
154 Oct. 1 Holders of ree. Sept. 15a
151J n 1'26 Holders of rec. Dec. 150
Preferred (guar.)
254 Oct. 1 Holders of rec. Sept. 50
United Fruit(quar.)
U.S.Cast Iron Pipe & Fdy.. pref.(qu.). 154 Sept.15 Holders of rec. Sept. la
1;4 Dec. 15 Holders of reo. Dec. la
Preferred (guar.)
134 Sept. I Holders of rec. Aug. 20
U.S. Hoff-Man Mach., pref.(quar.) _
Sept. 15 Holders of rec. Sept 40
2
U. S. Realty & Impt., corn. (quar.)
131 Nov. 2 Holders of rec. Sept 4
Preferred (guar.)
Aug. 25 Aug. 16 to Aug. 25
2
United States Royalties Co
Aug. 15 Holders of rec. July 290
2
U.S.Rubber. 1st pref.(guar.)
U.S.Steel Corp., common (guar.)
131 Sept.29 Aug. 29 to Aug. 31
Common (extra)
54 Sept.29 Aug. 29 to Aug. 31
Aug. 4
13( Aug. 29
Preferred (guar.)
U.S. Stores Corp..7% prior pref.(qu.)_ '134 Sept. I *Holders of rec. Aug. 15
Vacuum Oil (guar.)
500. Sept.19 Holders of roe. Aug. 31
Extra
500. Sept.19 Holders of rec. Aug. 31
Vanadium Corp. of America (guar.).- - 50e. Aug. 15 Holders of rec. Aug. la
Van Raalte Co.,first pref (guar.)
131 Sept. 1 Holders of rec. Aug. 18a
Vulcan Detinning, pref. & pref. A (qu.). 151 Oct. 20 Holders of rec. Oct. 110
Preferred (acct. accumulated diva.).- hl
Oct. 20 Holders of ree. Oct. 90
Warner Bros. Pictures, Class A (quar.)- *3734c Sept. 1 Holders of rec. Aug. 20
Weber & Heilbroner. common (qua?,).. $1
Sent.30 Holden of ree. Sept.15a
Common (guar.)
Dec. 30 Holders of rec. Dec. 15
$1
Preferred (guar.)
1g Sept. 3 Holders of res. Aug. 17
Preferred (guar.)
131 Dee. 1 Holders of ree. Nov. 10
Welch Grape Juice, preferred (guar.).- 154 Aug. 31 Holders of rec. Aug. 20
Western Grocer. preferred
354 Jan 1'26 Dec. 20 to Jan.1'26
White (S. G.) Company, pref. (qua?.)
134 Sept. 1 Holders of rec. Aug. 15
White(J. G.)Engineering, pref.(guar.)
134 Sept. I Holders of rec. Aug. 15
White(5.0.) Managem't Corp.. pf (qu ) 131 Sept. I Holders of reo. Aug. 15
White Motor (guar.)
Sept.30 Holders of reo. Sept.2Ia
$1
White Rock Mineral SPgs., corn.(qu.).- 30e. Oct. 1 Holders of reo. Sept.226
Common (extra)
200. Oct. I Holders of rec. Sept.22
Common (guar.)
30e. Dec. 31 Holders of tee. Dec. 22
Common (extra)
20c. Dec. 31 Holders of rec. Dee. 22
First preferred (Qua?.)
154 Oct. I Holders of rec. Sept. 22
First preferred (guar.)
134 Dec. 31 Holders of roe. Dee. 22
Second preferred (guar.)
134 Oct. 1 Holders of reo. Sept. 751
Second preferred (extra)
Oct. 1 Holders of reo. Sept. 220
1
Second preferred (guar)
154 Dec. 31 Holders of ree Dec. 220
Second preferred (extra)
Dee. 31 Holders of rec. Dec. 220
1
Whitman Mills (gum.)
*154 Aug. 15 *Holders of rec. Aug. 5
Will & Baumer Candle (guar.)
25o. Aug. 15 Holders of rec. Aug. 1
Willcox & Gibbs Sewing Machine
154 Aug. 15 Aug. 9 to Aug. 14
Wolverine Portland Cement (quar„)_
20e. Aug. 11 Holders of tee. Aug. 5
(guar.)
Co.
W.)
(F.
Woolworth
75o. Sept. I Holders of reo. Aug. 10a
Wright Aeronautical Corp.(quar.)
25e. Aug. 31 Holders of rec. Aug. 17a
Wrigley (Wm.) Jr., & Co.-Monthly _ 250. Sept. 1 Holders of rec. Aug. 20a
Monthly
250. Oct. 1 Holders of ree. Sept.19a
Monthly
250 Nov. 2 Holders of rec. Oct. 200
Monthly
250 Dec. I Holders ef ree. Nov.200
Wurlitzer (Rudolph) Co., Prof.(quar.)_ _ 2
Sept. I Holders of ree. Aug. 20
Yale & Towne Manufacturing (guar.)._ $1
Oct. I Holders of rec. Sept. 7
Yellow Cab Mfg.. Class B (monthly)
210. Sept 1 Holders of rec. Aug. 200
•From unofficial sources. t The New York Stock Ex hange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. I The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
Annual dividend for 1925 all Payable In equal quarterly installments on April 1,
common
July 1, Oct. 1 1925 and Jan. 11926. have been declared as follows: On the
Stock $4 40, quarterly installmentSI 10:prior preference, 7%.quarterly installment
154%;participating preferred. 7% regular, quarterly installment 134%: participating
Preferred.2% extra,guar.installment 34%;preferred.8%,guar.Installment )4%.
a Transfer books not closed for thle dividend. d Correction. s Payable in stock.
Payable in common stock. g Payable In scrip. h On account of accumulated
dividenda. m Payable in preferred stock is Payable In Canadian funds.
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 Aug. 8. 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) onstlfsd.)
I New
R
Capital' Profits Loans.
Time Bank
Week !Intik*
Net
Discount. Cash
with
De- CirceAug. 8 1925 Nat'l, June 30 InvestLegal Demand
in
State, June 30 marts, Vault. Deposi- Deposits, Posits. 311ties.
tortes.
Coo June 3G &v,
(000 omitted.)
Members of Fed. Rea. Bank,
Bank of N Y & $
$
Trust Co_ _ 4,000 12,519
NkofManhat'nI 10,000 14,230
Mech&MetNatl 10,000 16,280
BankofAmorical 6,500 5,120
National City_I 50,000 62,255
Chemical Nat _I 4,500 17.166
Am Ex-PacNatl a7,500 a12,208
Nat Bk of Cora. 25,000 40,235
Chat Pb NB&T1 13,500 12,554
Hanover Nat.I 5,000 24,391
Corn Exehange.I 10,000 13,777
National ParkI 10.000 23,761
EastRiverNaLl 2,500 2,251
First National_ 10,000 70,102
IrvingBk-ColTri 17.500 12,869
Continental _ ___ 1,000 1,123
ChaseNationaLl 20,000 26,365
Fifth Avenue..i
500 2,787
Commonwealth.
600 1,030
Garfield Nat'l....I 1,000 1,686
Seaboard Nat'LI 5,000 8,448
Coal & Iron Nat4 1,500 1,476
Bankers Trust_ 20,000 27,999
US Mtge & Tr_ 3,000 4,404
Guaranty Trustl 25.000 20,389
Fidellty-InterT
2,000 2,140
New YorkTrustl 10,000 19,14
Farmers L & TrI 10,000 18,028
Equitable Trustj 23,000 11.685
Average Averag Average
$
$
$
941 7,348
71,688
159,409 2,692 17,863
174,029 3,338 21,812
80,198 1.740 11,959
618,521 4,701 69,622
124,617 1,221 15.626
140,113 1,976 16,514
889 37,102
334,039
215,028 2,27 22,702
53 13,831
120,89
198,050 6,28 24,438
96 16,052
162,792
39,539 1,311 4,037
307,839
439 26,674
281.609 2,512 36,768
150
7,897
987
362,069 4,103 44,640
717 3,174
25,176
444 1,308
13,608
407 2,381
16,631
938 14,551
109.010
311 2,311
20.480
827 36,759
330,557
752 6,721
56,778
438,510 1,306 47.837
381 2,458
22,06
571 22,224
182,094
468 15,491
150,384
250,690 1,377 29,636
Average Average Ai' go
$
$
$
54,470 7,086
130,819 25,059
163.347 11,265 547
89,558 3,790
*642,131 78,443 850
349
115,171 5.429
125,427 10,400 4,955
282,286 14,957
163,177 40.632 5,946
105,987
173,645 29,735
126,346 10,179 3,535
28,079 10.187 519
200,111 21,948 4,452
274,523 33,190
371
6,757
*351,282 18,283 993
24.695
9.050 3.761 ---304
16,326
49
110.313 3.485
17,114 1,894 411
0285.009 39,329
50,937 5,067
*462,327 43,409
18,409 1.871
163,310 26,356 _*119,313 21,029
*284,807 29,985
Total of averages 308,800486,474 5,014,312 44,573573,425c4,278,611 497,44422,606
Totals, echo/ condition Aug. 84,997,844 45,133586,173c4.243,744500,70222,609
Totals, actual condition Aug. 1 5,030,625 41.607580,310c4,309,941605,24922.578
Totals, actual co ndition July 25 4,970,359 43.461 i 29,172c4,249,664502,80022.543
State Banks Not Members of Fed'i Res've Bank
21.337 1,497
Greenwich Bank 1,000 2,485 22,238 1,034 1,998
303
319
2,710 1,892
5,287
Bowery Bank__
918
250
34,437 62,151
State Bank_ ___ 3,501 5,477 100,252 4,070 2,257
Total or awrages
4,7 1
8,880
127,777
6,023
4,558
Totals. actuate° dition Aug. 8 128,162 6.049 4.823
Totals, actual co ndition Aug. 1 128,721 6.026 4,975
Totals, actual co nclition July 25 128,535 6,065 4,778
Trust Companies Not Membe ra of Fed 'I Res'y Bank
63,873 1,275 5,093
Title Guar &Tr. 10,000 16,421
Lawuers Trust- 3,000 3,083 22,933 1,106 1,927
58,484 65,540
59,125 65,483 __59,701 65.615 __59,366 65,789 ___
42,251
18,670
2,133
1,042 ...._ _
Total of averages 13,000 19,504
86,806
2,381
7,020
60,921
3,175
__-
Total'', actual condition Aug. 8
Totals, actual condition Aug. 1
Totals, actual co ndltion July 25
86.650
88.556
85,667
2,211
2.072
2,164
6,951
7,302
6,819
60,662
62,947
59,509
3,159
3,172
3,225
____--
Gr'd aggr.,aver- 326,350514,860 5,228,89 52,977585,003 34.398.016 566.15922.606
Comparison with prey.week __ +25,585 +106 +1,422 +14,726-4,268 +60
Gr'd aggt., ace/cond'n Aug. 85,212.656 53.393597.947 4,363,531 569.34422.609
Comparison with prey.week __ -35.240+3,668+5.360 -69,058-4,692 +31
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., act
aggr., act'
aggr., act'
agrr., act'
aggr., aa'
aggr.. aa'
ond'n
ond'n
ond'n
ond'n
ond'n
ond'n
Aug. 1 5,247,902
July 255.184,561
July 185,219,414
July 115.251.124
July 35.309.937
June 275,257,296
49,705592.587
51.690 40,769
50,8021608,294
55.1961610,897
61.27240,998
53.7561605,087
4.432,589574,036 22,579
4,368,539 571,82322,543
4,396,415571,853 22.964
4.430.387 572.90223.007
4,533.726 576.894 22,952
4,394,125600,201 23,519
NO18.-U. S. deposits deducted from net demand deposits in the general total
above were as follows: Average total Aug. 8, $7,101,000. Actual totals Aug. 3.
$6.079.000; Aug. 1, $7,533,000; July 18, $7,925,000: July 11, $7,946,000. Bills
payable, rediscounts, acceptances and other liabilities, average fort he week Aug- 8,
3194,968,000; Aug. 1, 3490,205,000; July 25, 3497,252,000; July 18, 5499,239,000:
July 11, $511,406,000. Actual totals Aug. 8. $523,629,000; Aug. 1, 5485,739,000;
July 25, $545,961,000; July 18, $516,645,000; July 11, $527,377,000.
'Includes deposits in forelgn branches not Included In total footings as follows:
National City Bank, $137,857,000; Chase National Bank, $10,999,000; Bankers
Trust Co., $12,841,000; Guaranty Trust Co., $83,046,000; Farmers' Loan & Trust
Co., $5,667,000; Equitable Trust Co., $65,705,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank,$16,871.000:
Chase National Bank, $1,475,000: Bankers Trust Co., $955,000; Guaranty Trust
Co., $2,329,000: Farmers' Loan & Trust Co., $5,667,000: Equitable Trust Co.,
$7,870,000. a As of Aug. 11925. c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Reserve
Cash
In
Reserve
In Vault. Depositaries
Members Federal
Reserve Bank_
State banks*
Trust companies....
Total
Total
Total
Total
Aug. 8....
Aug. 1_ _
July 25....
July 18....
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
573,425,000 573,425,000 571,142,750
4,558,000 10,581,000 10,527,120
7,020,000 9,401,000 9,138,150
2,282,250
53,880
262,850
8,404.000 585,003,000 593,407,000 590,808,020
8,270,000 583,581.000 591,851,000 589,033,820
8,319,000 586,535.000 594,854,000 588,731.250
8,469,000 592,510,000 600,979,000 593,104,550
2,598,980
2,817.180
8,122,750
7,874,450
6,023,000
2,381,000
• Not members of Federal Reserve Bank.
a This is the reserve required on the net demand deposits In the case of State ba n
I.
Oct.
I
period
from
to
I
dividend
Nov.
Changing
and trust companies, but In the case of members of the Federal Reserve Bank
I includes also amount in reserve required on net time deposits, which was as follows:
r Payable to holders of record July 31
Aug.8
.ug. 1,516,044,340; July 25, 815,105,660; July 18. $15,113,010;
:A
7
.0
220
3.3
8213
,1$41.5.5
1.18
▪ Childs Company stock dividends are One share of no par value Common Mock
:or each 100 shares no par value common stock held
AUG. 15 1925.]
THE CHRONICLE
Actual Figures.
Cash
Reserve I
Reserve
in
I
in Vault. Depositaries
Members Federal
It-Reserve Bank_ _
State banks*
Trust companies•__ -
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
815
Boston Clearing House Weekly Returns.-In
following we furnish a summary of all the items in the the
Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
$
6,049,000
2,211,000
586.173,000 586,173,000 566,707,780 19,465,220
4,823,000 10,872,000 10,642,500
229,500
6,951,000 9,162,000 9,099,300
62,700
Total Aug. 8.
TotalAug. 1-Total July 25.._.
Total July 18---
8.260,000 597,947,000 606,207,000 586,449.580 19,757,420
8,098,000 592,587.000 600.685,000 535,638,03
8.229,000 640,769,000 648,998.000,537,152. 0 5.046,970
820
8,104,000 608,294,000 616,398,000.590,744.430 61,845,180
25,653,570
•Not members of Federal Reserve Bank.
Pa This is the reserve required on net demand deposits in
the case of State banks
and trust companies, but in the case of members of the Federal
also amount of reserve required on net time deposits, which Reserve Bank includes
was as follows: Aug.8,
$15,021,060; Aug. 1, 315,157,470; July 25.
$15,084,270; July 18, 815,085,110;
July 11, $15,114.870.
Aug. 12
1925.
Changes from
previous week.
Aug. 5
1925.
July 29.
1925.
Capital
66,800,000 Unchanged
66.800,000 66.800,000
Surplus and profits
88.860,000 Dec.
60,000
Loans, disels & Investments_ 990.868,000 Inc. 3.320,000 88,920.000 88.931.000
987,548,00
0 983,169,000
Individual deposits,incl. U.S 681,109.000 Dec. 9,223,000
690,332,00 680,134,000
Due to banks
133,230,000 Dec. 4,738,000 137,968,000
0 134.617.000
Time deposits
208,178,000 Dec. 5,149,000 213,327,000 212,337.000
United States deposits
4,694,000 Dec. 1,285.000
Exchanges for Clearing House 24,642,000 Dec. 8,767,000 5,979.000 6,204.000
33.409.000 22,791,000
Due irons other banks
83,729,000 Dec. 1,400,000 85,129,000 79,996,000
Reserve in Fed. Res Bank
79,973,000 Dec.
912,000 80,885,000 81.154,000
Cash in bank and F. R.Bank 9,387,000 Inc.
227,000 9,160,000 9.628,000
Reserve excess in bank and
Federal Reserve Bank
490.000 Dec.
77,000
567.000
898.000
111. State Banks and Trust Companies Not in Clearin
g
House.-The State Banking Department reports
weekly
figures showing the condition of State banks and trust
Philadelphia Banks.-The Philadelphia Clearing House
companies in New York City not in the Clearing House as follows:
return for the week ending Aug.8, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST
COMPANIES IN GREATER requirements for members of the
Federal Reserve System
NEW YORK, NOT INCLUDED IN CLVARING
HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department
to be kept with the Federal Reserve Bank. "Cash in vaults"
.)
Aug. 8
Previous Week is not a part of legal reserve. For trust compani
Loans and investments
es not mem$1,095,349,800 Dec.34,022,300
Gold
bers of the Federal Reserve System the reserve required
4,848,500 Inc.
454,700
is
Currency notes
22,040.600
10%
demand
on
Dec.
deposits
and
72,700
Deposits with Federal Reserve Bank of New
includes "Reserve with legal
York_
96,188.600 Inc. 1,066,200 deposita
Total deposits
ries"
and
"Cash
in
vaults."
1,137,723,700 Dec. 3,140,100
Deposits, eliminatin
g amounts due from reserve depositaries and from other banks and trust companies in N. Y. City, exchanges dr U.
Week Ended Aug. 8 1925.
S. dePosits1,083,376,000 Dec. 6,008,200
Reserve on deposits
Two Ciphers (00)
162,891,100 Inc. 1,296,300
Aug. 1
Percentage of reserve, 20.9%.
Omitted.
Membersof
Trust
1925
1925.
F.R.System Companies
RESERVE.
Total.
-State Banks
- -7'rust Companies- Capital
Cash in vault*
341,875,0
35,000,0 346.875,0 $46,875.0
0 16.00%
320.521,600 15.73% Surplus and profits
Deposits in banks and trust cos......$32,556,10
126,740.0 16,869,0
10,527,500 05.18%
29,285,900 05.09% Loans, disets & investm'ts 818,119,0 46,852,0 143.609,0 143.559,0
864,971,0 860.820,0
Clear.Hous
Exchanges
for
Total
e 32,961,0
563,0 33,524.0 36,800.0
$43,083.600 21.18%
3119,807,500 20.82% Due from banks
100,996,0
22,0 101,018.0 99,022,0
Bank deposits
*Includes deposits with the Federal Reserve Bank
143,572,0
991.0 144,563,0 137.897,0
of New York, which for the Individual deposits
State banks and trust companies combined
592,334,0 27.989,0 620,323.0 620.482.0
on Aug. 8 was $96,188,600.
Time deposits
93,735,0
2,023,0 95,758.0 94.081,0
Total deposits
.
829,641.0 31,003,0 860.644,0 852,460,0
U.S.deposits(not incl.)._
4,759,0
5,413,0
Res've with legal deposles
Banks and Trust Companies in New York City.
4.174,0
4,174,0
4,327.0
-The
Reserve
with F.R.Bank.._ 65,891,0
65,891.0 64.021,0
averages of the New York City Clearing House
Cash in vault *
8,995,0
1,309,0 10,304,0 10,294,0
banks
and
trust companies combined with those for the State
Total reserve & cash held- _ 74.886,0
5,483,0 80,369,0 78.642,0
banks and Reserve
required
64,502,0
4,360,0 68,862,0 68,402,0
trust companies in Greater New York City outside
Excess
res. & cash in vault 10,384,0
1,123,0 11,507.0 10.240,0
of
the
Clearing House are as follows:
•Cash in vault not counted as reserve for Federal Reserve
members.
COMBINED RESULTS OF BANKS AND
TRUST COMPANIES IN
GREATER NEW YORK.
Week EndedApr. 11
Apr. 18
Apr. 25
May 2
May 9
May 16
May 23
May 29
June 6
June 13
June 20
June 27
July 3
July 11
July 18
July 25
Aug. 1
Aug. 8
Leans and
Investments.
Demand
Deposits.
$
6,247,899,000
6,267,964,1043
6,346,753.200
6305.646,100
6,427.995,400
6,333,256.700
6,257,736,200
6,28.5.428.000
6,329.320,400
6,319,885,700
6,336,178.901)
6,311,487,200
6,403.112.800
6,353,275,000
6,320,677,200
6,284.570,900
6,302,682,100
6,324,244,800
$
5,359,115,500
5,402,569,400
5,519,884,000
5,610,150,900
5,604.043,500
5,523,581.000
5,452,014,500
5,439,376,100
5,508,073,800
5,471,996,200
5,502,440,100
5,469,225,600
5.598.609,700
5,534,240,800
5,509,425.100
5.466.216,200
5,472,674,300
5.481.392.100
*Total Cash
in Vaults.
Reserve in
Delve:aria.
$
83.581.500
81.882.200
81,268,000
90,497,700
81,204,700
82,201,400
80,842,200
83,550,000
81,243,900
83,427.400
81,037,200
81.431,500
81.367.100
85,120,100
82,246.400
79.116.400
79,377,600
79.866.100
$
708,755.700
722,426,700
728,551,900
749,032,400
742,761.100
729,894,500
720,787,700
719,708.300
732,827,70C
726,011.100
741,188,800
724,783,000
750,531.404.
741,205.701
734,107,701
724,866,501
718,669,201
721 nes nni
July 25
1925.
$46,875.0
143.609,0
859.193,0
37.140,0
103,288.0
141,970,0
625,258.0
91,539.0
858.767.0
5,618.0
3.341,0
63,877.0
10,903,0
'78,121.0
68,903,0
9.218.0
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 12 1925 in
comparison with the previous week and the corresponding
date last year:
•
Aug.12 1925. Aug 51925. Aug.13 1924.
RUOUTCO$
$
Gold with Federal Reserve Agent
355,880,000 355.881.000 620,019,000
Gold redemp. fund with U. S. Treasury_
6,900,000
8.209.000
4,270,000
Gold held exclusively agst. F.R.notes_ 362,780,000
Gold settlement fund with F. IL Board_ 207,318,000
Gold and gold certificates held by bank
340,961,000
364.090.000
218.392.000
342,877,000
624,289,000
176,551,000
196,506,000
Total gold reserves
Reserves other than gold
925,359,000
36,866,000
997,346,000
17,514,000
911,059.000
37,026,000
Total reserves
948,085,000
Non-reserve cash
15,101.000
Bills discountedSecured by U. S. Govt. obligations- 131,963,000
Other bills discounted
41,296.000
962,225.000 1,014,860,000
14,225,000
15,081,000
149.893,000
30.777,000
17,473,000
12,082,000
New York City Non-Member Banks and
panies.-The following are the returns to the Trust Comby,clearing non-member institutions and, Clearing House
are not included in the "Clearing House Returns" inwhich
the foregoing:
Total bills discounted
Bills bought in open market
U. S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
173,259.000
32,263,000
180,670.000
31.830.000
29,555.000
6,827,000
4,912,000
49,217,000
3,937,000
4,912,000
51.270.000
5,067,000
4,902,000
134,826,000
37,311,000
RETURN OF NON-MEMBER INSTITU
TIONS OF NEW 'YORK
CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three
ciphers [0001 omitted.)
Total U.S. Government securitiesForeign loans on gold
58,066,000
2,835,000
61,249,000
2.835.000
177,039,000
Total earning assets
266,423.000
276,634.000
213,421,000
Uncollected Items
Bank premises
AU other resources
148,706,000
17,027,000
6,594,000
139.454.000
17.027.000
6,419,000
139,522,000
15,975.000
12,551,000
Net
CLEARING
Capital./ Profits.
NON-MEMBERS.
Nat. bks. Dec.31
Week Ending State bks. Nov.15
Aug. 8 1925.
Tr. cos. Dec. 31
Members of
Fed'I Res've Bank
Grace Nat Bank
Total
State Banks.
Not Members of the
Federal Reserve Bank
Bank of Wash His
Colonial Bank
Total
Trust Company
Not Member of the
Federal Reserve Bank
Mech.Tr.,Bayonne
Total
Reserve
Net
Net
Cash
with Demand Time
in
Legal Deposits,Deposits.
Vault. Depositories.
Average Average Average Average
Average.
11,000
50
821
4,826
4,328
1.773 11,000
50
821
4,826
4,328
1.000
1,773
1,000
200
1,200
543
2,469
8.490
28.050
735
2,930
367
1,582
6,122
24,330
2,435
3,961
1,400
3.012
36,540
3,665
1,949
30,452
6,396
9,131
369
129
56,671
+1.173
4,084
-21
500
532
500
532
Grand aggregate- -2.900
Comparison with prey. wee
5,319
(3rd aggr., Aug. 1
(3rd aggr., July 25
Ged aggr.. July 18,
oed aggr.. July 111
Loans,
Discounts,
Investmasts.,
&c.
2,90
2,900
2,900
2,900
5,319
5,8191
5,319
5.229
9
55.498
56,94
57,63
57,193
4,105
4.177
4,270
4,325
3,599
6,036
2,899 a38,877
+239
+909
16,760
-55
2,660
2.704
2,946
2.973
16,815
16.759
16,735
16,761
9
6,036
a37,968
a38.480
a39.847
•39,562
a United States deposits deducted, $37,000.
Bills payable, rediscounts, acceptances and other liabilities,
51,423,000.
Excess reserve, 387.740 increase.
Total resources
1,401,936,000 1,415.984,000 1,411.410,000
Liabgittes•
Fed'I Reserve notes in actual circulation- 337,418,00
Deposits-Member bank, reserve awl- 827,274.000 337,752.000 317.338,000
0
852.183.00
0
857,431,00
0
Government
5,955,000
6,446.000
7,705,000
Other deposits
14,912,000
14.011.000
23,651,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
Total liabilities
848,141,000
122,798,000
31.729.000
58.749,000
3,101,000
872.640,000
112.163.000
31,675.000
58,749,000
3.005.000
888,887,000
113,737.000
30,103,000
59,929,000
1,416,000
1,401.938,000 1.415,984,000 1,411,410.000
Ratio of total reserves to deposit and
Fed'i Reeve note liabilities combined_
Contingent liability on bills purchased
for foreign Oortespondents
80.0%
79.5%
84,1%
7.928.000
8,249,000
8.774,000
CURRENT NOTICES.
-Mr. Frank Hervey Pettingell, President of
the Los Angeles Stock
Exchange has issued a chronological history of the Stock
Exchange of Los
Angeles. The account is interesting and instructive
and shows the various
attempts made from Sept. 23 1887 untll the present Los
Angeles Stock
Exchange was firmly established. Mr.Pettingell
states that as the present
(June 1925), the Exchange Is transacting a business at the
rate of a hundred
million dollars a year in high grade stocks and bonds,
with its membership
in demand around 35,000.
[Vol. 121.
THE CHRONICLE
816
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,Aug. 13,and showing the condition
for the system
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results
last year.
week
ing
the
correspond
of
those
and
with
weeks
preceding
seven
the
for
figures
n
the
with
as a whole in compariso
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller
the
for
returns
the
upon
comment
Board's
The
Reserve
banks.
Federal
Reserve
and
Reserve Agents and between the latter
latest week appears on page 786, being the first item in our department of "Current Events and Discussions."
AUG.12,1925.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANES AT THE CLOSE OF BUSINESS
Alma. 13 1924.
Aug. 12 1925. Aug. 5 1925. July 29 1925. July 22 1925. July 15 1925. July 8 1925. July 1 1925. June 24 1925.
$
s
$
$
3
$
$
$
3
RESOURCES.
1,471241 1,461,028.000 1,459,127.000 1,473,117,000 2,080,982,000
1,447,740,000 1,436,480,000 1.447.958.000 1.456,802,000
Gold with Federal Reserve agents
32,151000
53,819,000
58,141,000
47,706,000
51,384,000
52,473,000
50.682.000
57,715.000
55,694,000
Gold redemption fund with U.S. Treas.
1,517,268,000 1,526,936.000 2.113.139,000
Gold held exclusively asst. F.R.notes- 1,503,434,000 1.494,195,000 1,493.640.000 1,509,275,000 1,523,625.000 1.501734,000
675.710.000 678,327,000 680,503,000 674,499,000 612,076,000
Gold settlement fund with F. R. Board. 675,046,000 681989,000 687.023,000 688,785,000
587,791,000 609,329.000 419,210,000
597,200,000
592,790.060
591,266,000
605.421,000
596,830,000
599,130,000
banks.
by
held
Gold and gold certificates
2,810,764.000 3,144,425,000
2.785,562,000
2,777,610,000 2,778,014,000 2,761,084,000 2,790,850,000 2.790.601,000 2,784,261,000
Total gold reserves
89,012,000
133,082,000 136,289,000 145,549,000 143,996,000 144.769,000 139.493.000 141,306,000 148,049,000
Reserves other than gold
3,233,437,000
2,958,813,000
2,910,692,000 2,914,303,000 2,936,633,000 2,934,846,000 2,935,370,000 2,923,754,000 2.926,868.000
Total reserves
48,556,000
55,739.000
47.429,000
49,699,000
56,932,000
56.209.000
55,917,000
49,756,000
50,557.000
Non-reserve cash
Bills discounted:
81,988,000
268,937.000 249,914.000
230,270,000
230.031000
248,235,000
257,540.000
303,260,000
289,251,000
Govt.
obligations
S.
U.
Secured by
205.531,000 184,211,000
248,933,000 240,577.000 220,121.0)8. 212,490,000 217,199,000 220,061.000 242,688,000
Other bills discounted
455,445,000 266,199,000
538,184,000 543,837,000 468,356,000 442,522.000 454.739.000 450,331.000 511,625,000
Total bills discounted
18,028,000
211,659.000 211,972,000 210,476.000 224,525.000 231,329,000 240.711,000 249.090,000 241,666,000
Bills bought In open market
securities:
Government
U. S.
30,118,000
72,297.000
68.247,000
68.556,000
68,777,000
68,905.000
69.401000
69,441,000
69,047.000
Bonds
'
226,374.000 229,071,000 225,787.600 231,290,000 242,365.000 241,683,000 249,551.000 226.083,000 398,467.000
Treasury notes
26.229,000 111,740,000
35,777,000
28,722,000
35,109,000
33,335,000
34.067,600
34,982,000
33.159,000
Certificates of Indebtedness
331961,000 353,575.000 324,609,600 540,325,000
Total U. S. Government securities— - 328,580,000 333,494,000 331160.000 335,304.000 344.477,010
10,500,000
10.500.000
10,500,000
10,500.000
10.500,000
10.500,000
10,500,000
10,500,000
Foreign loans on gold
1.250,000
2.250,000
2.250.000
2.250.000
1,850.000
2.250,000
1.850.000
1,850,000
1,851000
All other earning assets
Total earning assets _
Uncollected Items
Bank premises
All other resources
Total resources
LIABILITIES.
P R. notes In actual circulation
Deposits—
Member banks—reserve account
Government
Other deposits
Total deposits
Deferred availability items
Capital paid in
iurplus
Ali other liabilities
1,090,773.000 1,101,653,000 1,021,342,000 1,011701,000 1,043,295,000 1.042,753.000 1.127,040.000 1,034,470,000
647,738,000 592,665.000 583,542,000 644,018.000 746,725,000 683.335,000 270,084.000 619,112,000
60,173,000
60,180,000
00.326,000
60,397.000
60,383.000
60,562.000
60,975.000
61,114,000
21,152.000
21,456,000
21.618.000
21,591,000
21,425,000
21.817.000
21,7154,000
21,814.000
825,802,000
586.953,000
58,771,000
31,308,000
4,782,688,000 4,741116,000 4,679,813.000 4,732,485.000 4.863.407.000 4.781.488.000 4.853,051000 4,749,459.000
4,784,827,000
1,752,025,000
1,617,678.000 1,605,557,000 1,598,397.060 1,601214.000 1,626.971.000 1.652.290.000 1.653.006.000 1,634,235,000
2,105,484.000
2,139.779.000
2,179,668.000 2.211,753,000 2.152,867.000 2,160.748.000 2.195,601,000 2.147.100.000 2.198,629.000
24,995,000
46,207,000
23.330,000
13.282,000
10,907.000
13.983.000
21.110.000
28.201,000
31.191,000
35,021000
24,428,000
30,426,000
27.366.000
25,008,000
25,194,000
26.603,000
26,013.000
25,380,000
2.236.239,0002,265,967.000 2,200,580.000 2,199,719.000 2.231,702.000 2,187.748.000 2.252,385,000 2,211414.000
582,794,600 524,173,000 535,323.000 582,450,000 660.047,000 596.809.000 603,527,000 557,073.000
115,816,000 115,677,030 115.706,000 115.715.000 115,601.000 115,617,000 115.704.000 115,561,000
217,837,000 217.837.030 217,837.000 217,837.000 217.837.000 217.837.000 217.837,000 217,837.000
14,339.000
10.598.000
11,187.000
11,550,000
11,970,000
11.249.000
11.905,000
12,324,000
2,165,502,000
522,516,000
111,867,000
220,915.000
12,002,000
4,784.827.000
4,782,688.000 4.741.116,000 4.679.813.000 4.732.485.000 4.863.407.000 4.781.488.000 4,853.057.000 1.741459.000
Total liabilities
Ratio of gold reserves to deposit and
80.2%
73.1%
71.3%
72.5%
73.3%
73.4%
725%
71.7%
72.0%
F. It. note liabilities combined
Ratio of total reserves to deposit and
82.5%
77.0%
74.9%
77.1%
773%
76.1%
76.1%
753%
75.5%
combined
liabilities
F. R. note
.
31,177,000
Contingent liability on bills purchased
37,105.000
36,971.000
31,961,000
37,829.000
32,165,000
35.578.000
31.508.000
31,186,000
for foreign correspondents
—
3
$
$
$
3
$
$
$
$
7,523,000
Distribution by Maturities—
86,317,000
90.113.000
82,609.000
86.525.000
86,910.000
81,065.000
83,143.000
84.744,060
119,415,000
1.15 day bills bought In open market__
330.416.000
381.904.000
322.798.000
334.833,000
329.937,000
405,914,000
315,279.000
401,591,000
1-15 days bills discounted
967.000
7.984,000
1,860.000
7,386.000
7,106.000
5.780.000
7,401000
6,767,000
1-15 days U. S. certif. of indebtedness
4,647,000
1-15 days municipal warrants market.
47.746.000
54,345.000
25,661,000
36,621,000
49.642,000
53.058.000
45,793.000
34,767,000
28,688,000
16-30 days bills bought In open
28,148,000
26.381.000
54.451.000
24.911.000
25.586.000
25,308,000
27.632.000
26,940,000
16-30 days bills discounted
,
16-30 days U. S. certif. of Indebtedness_
2,730,000
6-30 days municipal warrants
72.665.000
67.302.000
62,894.000
46,117.000
44,508,000
57,293.000
45.745,000
43,359,000
54.795.000
39.472,000
11-60 days bills bought in open market.
41,279.000
41,464,000
42
,798
41,832,000
,006
40,305,000
52,825,000
54,683.000
11-60 days bills discounted
16,235.000
.,008.000
16
19,081000
17,017.000
11-60 days U. S. certif. of Indebtedness_
1,676,000
11-60 days municipal warrants
29,858.000
28.392,000
32,453,600
26,998,000
29,833.000
34,289.000
29,720.006
38,627,000
market_
40,345,000
open
in
bought
bills
11-90 days
26.718.000
31,565,000
33,204.000
32,501.000
38,386,000
39.758,000
40,603,000
39,236.000
1-90 days bills discounted
15.814.000
90.237.000
19.210.000
3,022.000
15,812.000
3,022.005
4-90 days U. S. certif. of indebtedness
.1,452,000
5,080,000
8,938,000
,1410 dave municipal warrants
8.304.000
10,871.000
8.607.000
9.390.000
12,174.000
10,161000
22.956,000
)ver 90 days bills bought in open market
30.421.000
30,496,000
27.204.000
26,688,000
22,114.000
21,383,090
16,863,000
15,734,000
111,740,000
discounted
bills
9.448.000
(Lys
8.556.000
90
)ver
7.652.000
11,743.000
8.376.000
13,498,000
8,741,000
9,375,000
)ver 90 days certif. of indebtedness
)ver 90 days municipal warrants
2.945,097,000 3,168,360,000
2,908,412,000 2,902,676,000 2.920,284.000 2,926,058,000 2,944,876,000 2,937,363.000 2,946,248,000
r. R. notes received from Comptroller.... 999,298.000 989,432,000 1,003,636.000 1,004.116.000 1,012,796.000 1.001.026,000 1.011.137.000 1,003,586,000 932.051000
I'. It. notes held by F. It Agent
1.935.111,000 1,941,511.04)02,236,305,000
1,909,114.000 1.913,244.090 1,916,648,000 1,921.942.000 1,932,080,000 1,936,339,000
Issued to Federal Reserve Banks
Secured—
How
287,191,000 287,591,000 286.016,000 331,504,000
306,901,000 308,028.000 306,551,000 307.151.0130 307,151,000
ty gold and gold certificates
100,560,000 102,093,000 106,255,000 113,621,000'
106,702,000 108,506,000 105,103,000 102,651000 111,784,000 1,071277,000
1.069.443.000 1.081846,000 1,630,489,000
{old redemption fund
1,034,137.000 1.019,946,000 1,036,364,000 1,041998.000 1,053,306,000 656.210,000 717.052,000 667,202,000 277,493,000
Fold fund—Federal Reserve Board
650,135,000
633,349,000
637,137.000
721.028,000
713,039,000
ly eligible paper
2.117.238.000 2.176,170.000 2.140.319.000 1353.107.000
2.180.779.000 2.157.508.000 2,085.0r5.000 2.090.151.000 2.122.376.000
Pntsd
WEEKLY STATEMENT OF RESOURCES AND
-
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE
OF BUSINESS AUG.12 1935.
Minneap. Kan. City
Two tirkers (00) omitted.
New York. Phila. Cleveland. Richmond Atlanta. Chicago. Si. Louis.
Boston
Federal Reserve Bank of—
$
$
$
$
$
$
$
5
$
$
RESOURCES.
36,929,0 107,622,0 135,192,0 19,466,0 46,348,0 52.446,0
Reserve Agents 143,976,0 355.880,0 135,015,0 182,704,0
1,765,0 3.200,0
aold with Federal
1999,0
2,679,0
3,691.0
1,776,0
2,112,0
11706,0
6,900,0
Dold red'n fund with U S.Tress. 14,223,0
147,721,0 184,816.0 38,705,0 110,301.0 138,883,0 21,465,0 48.113,0 55,646,0
Gold held eve! agst. F.R.notes 158,199,0 362,780.0 49,782,0 69,091.0 37,850,0 23,985,0 137.038,0 12.054,0 15,133,0 39.434,0
207,318.0
Dold settle't fund with F.R. Wrd 39.862,0
19,799.0 43,750.0 6,132,0 3,551,0 101,665,0 11.262,0 7,364,0 3,488,0
3old and gold °Us. held by hooka 30,070,0 340,961,0
70,610.0 98,568.0
228,131,0 911.059,0 217.302,0 297,657,0 82,687.0 137,837,0 377,586.0 44,781,0
Total gold reserves
16810
37,026.0 5,757,0 6,591.0 4,180,0 12,035,0 16,181,0 18,331,0 1022,0
12,897.0
Reserves other than gold
102,253,0
72,632,0
241,028,0 9410810 223,059,0 304,2410 86,867,0 149,872.0 393,767,0 63,112,0
2,222,0
Total reserves
15,101,0 1,329,0 2,304,0 3.305,0 3,485.0 7,903,0 3,459,0 1,442,0
4,860,0
goo-reserve cash
31118 discounted:
46,891,0 10,816.0 4,495,0 18,893,0 7.104,0 2.280.0 2.642,0
25,845;0
131,963,0
14,316,0
obligations
5,405,0
See. by U.S. Govt.
41,296,0 20.012,0 25,728,0 35,784,0 23,632.0 19,905,0 15,471,0 5,051,0
29,130,0
Other bills discounted
—
7,331.0 8,047.0
22,575,0
28,127,0
38,798,0
46.600,0
72,619,0
45,857,0
173,259,0
43,446,0
15,373,0
Total bills dlv,unted
32,263,0 14,102,0 16,602,0 1085,0 13,561.0 25,122.0 11,555.0 19,687,0
29,781,0
Mlle bought In •• en market
8,149,0 8,879,0
7. S. Government securities:
3,272,0
1,662,0
1,486,0
20,726,0
8,746,0
611,0
4,912,0
557,0
7,751,0 20,2910
Bonds
49,217.0 17,207,0 11.571,0 4,019,0 11,296,0 11118,0 27,227.0
719,0
Treasury notes
50.0 2,645,0
269,0
25,0 1,367,0 1,8510
53,0 10,294.0
3.937,0
Certificates of indebtedness- 7.500,0
31.819.0
13.930.0
7415.0
30
41.703.0
38.1166.0 17.871.0 30.611.0 5.530.0 14.325.0
R 77R 11
Tosfal TT 0 rinat -sormrititta
Dallas. San Fran.
$
$
Total.
$
28,095,0 2,40,67,0 1,447,740,0
55,694,0
2,018,0 2,625,0
30,113,0 206,692,0 1.503,434,0
9,584,0 33.915,0 675,046,0
6,880,0 24,208,0 599,130,0
46.577.0 264,815,0 1777,610,0
9,083,0 5.294,0 133.082,0
55,660,0 270,109.0 2,910,692,0
50,557,0
2,430,0 2,717,0
1.326,0 22.680,0
8.397.0 19,122.0
289,251,0
248,933,0
9,723,0 41,802,0
8,529,0 18.999,0
538,184.0
211,6510
7,5810 2,461,0
21.720,0 36,234,0
181.0 4,979,0
69,047,0
226,374,0
33,159,0
29.437.0 43 674 n
R2R.AR11.14
AL°. 15 1925.]
THE CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Boston.
New York.
$
777,0
Foreign loans on gold
All other earning assets
Total earning assets
Uncollected items
Bank premises
All other resources
I
2,835,0
Phila.
817
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan. City Dallas. San Fran.
$
976,0
1.850,0
$
1,124,0
$
557,0
$
430,0
$
1,449,0
$
483,0
$
346,0
$
420,0
$
368,0
3
735,0
rotas.
$
10,500,0
1,850,0
82,780,0
62,141.0
4,190,0
95,0
266,423,0 80,656,0 120,956,0 58,772,0 56,443,0 107,072,0 65,381,0 43,314,0
148,706,0 59,720,0 57,489,0 53,140,0 32,107,0 82.463,0 31,584,0 14,187,0 55,659,0 48,107,0 105,210,0 1,090,773,0
17,027.0 1.218,0 7,948,0 2,446,0 2,780,0 8,099.0 4,702.0 3,056,0 40,011,0 24,028,0 42,102,0 647,738,0
4,495,0 1,833.0 3,320,0
61,114.0
6,594.0
264,0
408,0
618,0 2,467,0 1,309,0
351,0 3,047,0
719,0 1,531,0 4,411.0
21.814.0
Total resources
395,094,0 1,401,936,0 366,246,0 493,353,0 205,148,0 247,214,0 600,613,0 168,589,0
137,678.0
205,359,0 133.589,0 427,869.0 4,782,688.0
LIABILITIES.
F.R.notes In actual circulation 164,272,0 337.418,0 151,385,0 211,196,0 68,803,0 134,484,0 146,465,0
41,885.0 61,221.0 63,381,0 38,914.0 198,254,0 1,617.678,0
Deposits:
Member bank-reserve acct._ 142,415,0 827,274,0 127,944.0 189,506,0 64.506,0 69,795.0
329,365,0
76,356,0 50,493,0
Government
1,341,0
5,955,0 2,926,0 3,328,0 2,084.0 2,554,0 4.607,0 2,415,0 1,101,0 89,983,0 55,207,0 156,824,0 2,179.668,0
1,849,0 1,063,0 1,968,0
31,191,0
Other deposits
249,0
14,912,0
260,0 1,046,0
216,0
135,0 1,106,0 1.147,0
223,0 1,183.0
139,0 4,764,0
25,380,0
Total deposits
144,005,0 848,141,0 131,130,0 193,880,0 66,806.0 72,484,0 335,078,0
79,918,0
Deferred availability Items
61,343,0 122,798.0 52.068,0 51.865.0 51,014,0 25,919,0 71.474,0 31,111,0 51,817.0 93,015,0 56,409,0 163.556,02.236.239.0
Capital paid in
8,589.0
31,729,0 11,234.0 12.970,0 5,977.0 4.574,0 15,604,0 5,120.0 12,904,0 35,152,0 25,603.0 41.543,0 582.794,0
3,201,0 4.310,0 4,318,0 8,190,0 115,818,0
16,382,0
Surplus
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
All other liabilities
503,0
3.101.0
370.0
980,0
847,0
803,0 1,566,0
584.0 1,038,0
524,0
753,0 1,255.0
12,324.0
Total liabilities
395,094,0 1,401,936,0 366,246,0 493.353,0 205.148,0
247,214,0 600,613,0 168.589,0 137,678,0 205,359,0 133,589,0 427,869,0 4,782,888,0
Memoranda.
cent)
Reserve ratio (per
78.2
80.0
79.0
75.1
64.1
72.4
81.8
51.8
64.3
65.4
58.4
Contingent liability on bills pur74.7
75.5
chased for foreign correspondls 2,358,0
7,928,0 2,963,0 3.409,0 1,689,0 1,306,0 4,397.0 1,466,0 1,051,0
1,274,0 1,115,0 2.230,0
F. R. notes on hand (notes rec'd
31,186.0
from T. R. Agent less notes in
circulation
22.411,0 117.869,0 31,958,0 18,811.0 12,565,0 13.878,0
10,568,0 4.891,0 5,031,0 7.409,0 6.107.0 39.938.0 291.436.0
FEDERAL RESERVE NOTE ACCOUNTS OF
FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS AUG. 12
1925.
Federal Reserve Agent at-
Boston
New York
(Two Ciphers (DO) Omitted.)
$
F.R. notes rec'd from Comptrol'r 282,083,0
F.R. notes held by F.R. Agent__ 95,380,0
F.R. notes issued to F.R. bank 186,683.0
Collateral held as security for
F.R. notes issued to P.R. Bk.:
Goia and gold certificates_ 34,100,0
Gold redemption fund
15,876,0
94,000,0
Gold fund-F.R.Boar& _
Eligible. paper
73,227,0
Total collateral
217,203,0
Phila. Cleveland Richmond Atlanta Chicago St. Louis Minn. Kan
City Dallas
San Fr.
Total
$
$
$
$
$
I
$
S
$
5
3
$
772,067,0 216,943,0 276,357,0 104,347,0 208,222,0 426,490,0 71.136,0
84,789,0
316,780,0 33,600,0 46,350,0 22,979,0 59,860,0 289.457,0 24,360,0 18,537,0 97,723.0 64,883,0 303,392,0 2,908.412,0
26,933,0 19,862.0 65,200,0 999,298,0
455,287,0 183,343,0 230,007,0 81,368,0 148,362,0 157,033,0 46,776,0 66,252,0
70,790,0 45,021,0 238,192,0 1,909,114,0
186,698.0 5,200,0 8.780,0 21,160,0 9,000.0
11,775,0 13,052,0
17,136,0
28.182,0 9,926,0 13,924,0 3.474,0 7,622,0
306,901.0
141,000,0 119,889,0 160.000,0 12,295,0 91,000,( 4.547,0 1,691,0 1,296,0 3,086.0 3,459,0 13,619,0 106,702,0
130,645,0 6,000,0
49,360.0 7,500,0 190,448,0 1,034,137,0
179,897.0 51,374,0 88,769,0 51,211,0 41,659,0 63,814,0 34,118,0 32.000,0
26,817.0 23,337,0 18.252,0 60,564,0 713,039,0
535,777,0 186,389.0 271.473,0 88,140,0 149,281.0 199,006,0 53,584,0
73.165,0 75.783.0 46.347.0 264 sal 0 2 tan 77911
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board,
giving the principal items of the resources;
the liabilities of the 728 member banks from which weekly returns are obtained. Those figures are
always a week behind
those for the Reserve banks themselves. Definitions of the different items
in the statement were given in the statement
of Dec. 12 1017, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserne Board
upon the figures
for the latest week appears in our Department of "Current Events and Discussions."
on page 786
I. Data for all reporting member hanks Is each Federal Reserve District at close of business Aug. 5
1925. Three ciphers MOM omitted.
Federal Reserve District.
Boston. New York
NuMber of reporting banks
LOBOS and discounts. gross:
Secured by U.S. Gov't obligations
Secured by stocks and bonds
All other loans and discounts_ __.
Total loans and discounts
investments:
13.8. pre-war bonds
U. fil Liberty bonds
U.S. Treasury bonds
U.S. Treasury notes
U.S. Treasury certificates
Other bonds. stocks and securities
42
102
Phila.
55
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City
75
73
36
100
33
25
71
Dallas. San Fran.
Toted
$
5
10,555
55,841
331,055 2.251,568
643,576 2,483,324
11,555
318,573
389,070
18,638
494,557
753.707
5,540
128,759
368,793
7,533
28,659
92,742 770,455
374,676 1,208,177
8,803
167,142
308,995
2,334
68,522
156,881
3,583
120,062
332,314
3.107
76,965
207.319
985,1894,790.733
719,198 1,266,900
503.092
474,951 2,007,291
484,940
227,737
455,959
287,391 1,105.452 13,308,833
9,840
39,859
80,693 605,551
20,535 195,163
4,551 191,834
4,574
41,065
211,305 1,140.140
9,714
51,013
17,995
• 8,202
6,538
259,876
12,707
22.775
11,525
6,620
528
111,271
6,811
25.626
12,277
19,416
2.581
42,928
9,337
48,691
17,216
17,620
3,840
75,485
5
$
31,790
174.205
33,257
40.980
11.092
350.583
Total investments
332.058 2,213,612 353,336 641,908
Total loans and 1nvestment:a-- 1,317,247 7.004,345 1.072.536
1.908,808
Reserve balances with F. R Bank.97,824 763,709
81.094 121.868
Cash In vault
19,424
77.121
13,547
30,377
Net demand deposits
896,652 5,583,441 761,515 1,014,059
rime deposits
373,020 1,159,360 179,284 757,264
Dovernment deposits
5,619
10,932
6,212
13,131
Bills pay le & redise. with F. R.Bk :
Secured by U.S. Gov't obligations
3,994 137.549
7,498
23,328
22,446
All other
20,043
9,150
10,543
Bankers' balances of reporting member banks In F. R. Bank cities:
129,662 1,056,920 173,224
Due to banks
53,786
39,301 100,226
Due from banks
58.665
24,495
$
25,563
35,808
5,856
095
1,982
62,222
132,426
635,518
40,947
13,726
358,334
202,445
2,520
$
$
$
$
s
14,875
12,841
5,645
2,400
2,147
46,450
17.591
173,162
59,110
73,996
7.688
422,575
84,358
754,122
165,326
109,633
172,189
559,309 2,781,413
44,223 255,631
11,786
50,127
334,334 1.767,687
202,912 976,380
5,278
15,164
650,266
46,073
7.033
385,471
208.852
1,811
337,370
24,431
5,842
219,984
99,261
1.275
628,148
54,378
11,901
507,379
140,077
674
$
49
$
67
$
728
9,202
165,351
242,028 5,062.428
854.222 8,081,054
17,611
17,303
7,182
8,747
3,579
20.759
23,913
219,611
134,911 1,382,849
53,285
439,046
25,499
400,744
19,338
105,253
191,878 2,935,472
75,181
448,824 5,482.975
362,572 1,554.276 18,791,808
28,763 105,741 1,664,682
9.395
20,859
271,138
251,279 753,830 12,833,965
96,829 782,237 5,177,921
2,904
5,529
71,049
5,788
11,925
1,903
8.391
19,614
7.195
4,799
6,045
3,000
354
893
700
372
1,983
29,623
14,758
21.191
13,467
380.105
183,218
55731
27.961
49,130
21.922
112,754
45.002
26,143
21.404
21,984
9.960
230,722
106,744
99,811 2,218.088
46.882
577_30
2. Data of reporting member banks in
New York City, Chicago. and for whole country.
All Reporting Member Banks.
Reporting Member Banks in N. Y. City. Reporting Member
Banks in Chicago.
Aug.6 1924. Aug. 5 1925. July 29 1925.
Aug. 6 1924. Aug. 5 1925. July 29 1925 Aug:6 1924.
Number of reporting banks
728
730
747
61
62
67
46
$
$
Loans and discounts, gross:
46
48
$
$
$
8
$
165,351,000
Secured by U. S. Govt. obligations
$
158,943,000
$
187,568,000
51,215,000
43,626,000
68,310,000
21,482,000
5,062,428,000 5,035,326,000 4,219,109,000
22,535,000
Secured by stocks and bonds
24,680,000
2,004,595,000 1,978,061,000 1.723,053,000 581,330,000
discounts
and
loans
8,081,054,000
595,008,000 484,075.000
8,022,881,000 7,941,008,000 2,169,705,000
All other
2,123,397,000 2,305,686,000 676,229,000 671,230,000 701,088,000
13,308,833,000 13,217,150,000 12.347.683,000
Total loans and discounts
4,225,515,000
4,145,084,000
4,097,029,000
Investments:
1,279,041,000 1,288,773,000 1,209,843,000
219,611,000
218,711,000
276,063.000
U.S. pre-war bonds
29,098,000
29,000,000
40.477.000
1,933,000
1.382,849,000 1,389,689,000 1,314.985,000
1,933,000
4,137,000
U. S. Liberty bonds
506,621.000
508,077,000
536,259,000
89,240.000
439,046,000
90,248,000
434,889,00C
70,046,000
U.8. Treasury bonds
64,719,000 180.841,000 181.035,000
10,542,000
23,803.000
notes
400,744.000
Treasury
25,116,000
400,075,000
3.779,000
B.
U.
632,044,000 179,953.000 185,231,000 302,581,000
certificates
57,917,000
105,253,000
56.245,000
106,072,000
68,124,000
U. S. Treasury
107,514,000
38,374,000
39,164,000
49,783,000
3,206,000
3,835,000
6,017,000
Other bonds,stocks and securities_ 2,935,472.000 2,950,624,000 2,587,077.000 852,359,000 865.019,000 769,824,000
191,315,000 195,991,000 178,823.000
5.482,975,000 5,508,080,000 4,982,402,000
Total investments
1,787,246,000 1.807,526,000 1,709,466,000 367,414,000
373,368,000 348.926,000
Total loans and Investments...- 18.791,808,000 18,723,210.000 17,330,085,000 6,012,761,000
5,952,610.000 5,806.495,000 1.646,455,000 1.662.141.000 1,558,769.000
1,664,682,000 1,605.774,000 1,595,284,000
Reserve balances with F. R. banks
706.525,000 673,374,000 712.470,000 180,310,000 167,126,000 172,672,000
271,138,000
273,039,000
Cash In vault
275,917,000
62,215,000
61,646.000
63,920,000
24.172.000
12,833,985,000 *12818121,000 12,290,559,000
23,311,000
27,980,000
Net demand deposits
5,177,921,000 5,174,141,000 4,523,041,000 5,025,692,000 5,028,084,000 5,057.290,000 1,182,686,000 1.177,918,000 1,148,109,000
Time deposits
774,561,000 778,984,000 711,771,000 470.820,000 473,742,000
71,049,000
deposits
393.254,000
Government
71,760.000
96.151,000
8,579.000
8,579.000
16,546,000
7,843,000
7,843.000
6.324.000
Bills payable and rediscounts with
Federal Reserve Banks:
230,722,000
171,640,000
Secured by U. S. Govt. obligations
23,206,000 111,450,000
42,275,000
2.775,000
3,516,000
10.896,000
106,744,000
308,000
88,231.000
38,766.000
All other
16,494,000
15,453,000
4,150,000
1,514,000
622.000
79.000
337,466,000
259,871,000
Total borrowingsfrom F.R.bks.
61.972,000 127.944.000
57.728.000
6.925,000
5.030.000
11.518_00n
25? nun
• Revised figures.
Aug. 51925. July 29 1925.
[VOL 121.
THE CHRONICLE
818
5.6aniters' Gazette,
Friday Night, Aug. 14 1925.
review ofthe
Stock Market is given this week on page 806.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
-The
Railroad and Miscellaneous Stocks.
Sales
STOCKS.
Week Ended Aug. 14. for
Week.
Range for Week.
Highest.
Lowest.
Range Since Jan.1.
Lowest. I Highest.
per share.S per share.
Par. Shares $ per share. $ per share.
Railroads
Feb 8% Aug
fig Aug 8 834 Aug 10 3
Bruns Term&Ry Sec_100 3,40
July
Apr 100
86
11
Aug
1 100 Aug 11 100
Buff Roch & P, pref _100
10451 Aug
Ches & Ohio ctfs...100 400 101 Aug 11104K Aug 12 93% Aug
Aug
Aug
45
45
12
Aug
45
12
Aug
certifs.
45
100
Ch St P M &Om
Aug
334 Aug 12 434 Aug 14 2% Apr 435
Duluth So Sh & Ati__100 2,10
100 2,711 5g Aug 10 691 Aug 13 3g Apr 634 Jan
Preferred
100 1,4 I 3051 Aug 11 33% Aug 14 25% July 3334 Aug
Erie certificates
3 4234 Aug 13 4254 Aug 13 gm July 42g Aug
100
First pref cerdfs
May 138 May
100
10 137 Aug 11 137 Aug 11 127
Valley
Hocking
M St P & 8 S M leased
Feb
60% Aug 14 61 Aug 11 5735 Jun 63
101 2
line certifs
Mar
Apr 155
Nash Chatt es St L_ _100 500 150 Aug 12 155 Aug 13 143
100 4g Aug 10 4% Aug 10 354 Apr 6 May
Nat Rys Mex. 1st pf _1
July 294 May
•
50 283 Aug 14 283 Aug 14 275
N Y Rye part Otis
Aug 58% Aug
200 58 Aug 13 5834 Aug 12 58
N Y State Rya. pref_100
Mar
Aug 38
25 Aug 10 20
200 24K Aug
100
Pacific Coast
Aug
Jan 70
100 70 Aug 13 70 Aug 13 64
100
1st preferred
Mar
50%
Jan
34%
100 200 43 Aug 8 43 Aug
2d preferred
Aug
100 68 Aug 1068 Aug 10 6054 July 68
Pere Marquette ctfs_100
Jan 142
May
40 140 Aug 10 140 Aug 10 139
Pitts Ft W & Chic, pf.100
Aug 24K Jan
17
12,601 17 Aug 13 17g Aug
Reading rights
Aug
25 Aug 14 1931 July 25
22 Aug
Western Pacific new_100 19,
Aug
July 75
-100 3,300 73% Aug 1175 Aug 14 72
Preferred, new....
100 100g Aug 13100K Aug 13 94% Jan 0093 July
Twin City R. G. pref _100
&
Misc.
Industrial
Mar 116g June
American Metal, pref 100 40 115 Aug 1 115 Aug 10 111
Jan 76 June
• 300 5834 Aug 14 5851 Aug 14 48
Amer Republics
15034 Feb
138KAp
14
Aug
145
14
Aug
100 145
100
American Snuff
July
Jan 100
Am Whole'e Corp, pf.100 400 98 Aug 11 98 Aug 11 96
Jan
Aug 4
300 1 Aug 12 151 Aug 12 1
Am Writ Pap, pf ctfs_100
Aug
17g
Jan
15
10
17g
Aug
100 17g Aug 10
Art Metal Construe _10
Jan
Jan 94
100 92 Aug13 92 Aug13 92
Atlas Powder, pref 100
5,70 esK Aug 13 3934 Aug 13 38% Aug 3934 Aug
Belding Bros
Aug
200 39 Aug 1 1 39 Aug III 25 Jun 39
Booth Fish, 1st pref_100
July
100 43g Aug 12 4334 Aug 121 4334 Aug 46
Botany Cons Mills A _ _50
Jan
334
May
I%
10
Aug
3
10
Aug
100 3
British Empire Steel_100
30% Aug 10 22 June 33g Feb
100 400 29g Aug
1st preferred
100 600 8g Aug 14 10 Aug 8 811 July 1151 Feb
2d preferred
Jan
Jan 117
100 114 Aug 11 114 Aug 11 113
Burns Bros. prior pf.100
Jan 100
Aug
Cert-Teed Prod,lst pf100 400 100 Aug 10 100 Aug 10 89% July 120
July
108%
10
Aug
6119K
1
Aug
K
*29,300114
Chrysler Corp
Aug
• 1,400102K Aug 14104K Aug 8 100% July 105
Preferred
Jan 101% Mar
100100% Aug 14 100% Aug 14 99
100
Coca-Cola, pref
Aug
4934
Aug
48%
13
4
Aug
14
Aug
48%
934
1,800
Coty, Inc
Ma 52% July
100 50 Aug 11 50 Aug 11 38
100
Crex Carpet
Jun 10651 July
9534
18
Aug
nog
14
Aug
9791
2,200
-100
Cudahy PackingJuly
100 300104g Aug 11 10451 Aug 14 82g Jan 107
Deere & Co, pref
Jan 12
Aug
100 12 Aug 14 12 Aug 14 8
50
Durham Hoselry
June
94
Jun
90
10
Aug
93
1
Aug
91K
2,400
_
Elea Pow 63 Lt, pf
200 11.% Aug 10 1134 Aug 10, 751 Feb 11% July
Elk Horn Coal Corp_ _50
Aug
22
Emerson-Brant, pref_100 5,100 18% Aug 10 22 Aug 14 8 May
I
Famous Players-Lasky
July
July 109
.• 800104g Aug 12 107 Aug 12 103
Full paid receipts
Mar
Jan 87
10 85
Fedi Lt & Tree, pref_100 200 86 Aug 10 88 Aug 13
100 June 101% June
200 101 Aug 11 101g Aug
First Nat Plc. 1st pf.100
Aug
300105g Aug 12 106 Aug 14 101% M 108
Franklin-Simon, pref.100
2,700 30% Aug 13 31% Aug 13 30g Aug 31g Aug
Gabriel Snubber A
Aug
4791
Aug
45g
14
Gen Outdoor Adv A.....3,900 45% Aug 13 4751 Aug
Aug
1,800 28g Aug 13 27 Aug 13 28% Aug 27
Trust certificates
June31993 Aug
12 144
Gen Railway Signal_ _100 12,100243 Aug 10 31991 Aug 11
93 Aug
g Aug
% Aug
Aug 13
23,025
Glidden Co rights
12 10191 May 11551 June
Great West Bug, pref.1001 400110% Aug 8 111 Aug
4% Aug 8 4% July 853 Jan
Guantanamo Sugar___ _ 21 500 4% Aug 10I 45
Feb
11
Aug
11 4253 July 89
Aug
45
200
pf,
Cla...100
1st
Hanna,
Apr
May 83
25 300 88 Aug 10 68g Aug 10 86
Helme(G W)
22% Aug
• 4,200 21g Aug 14 22% Aug 13 16% Junel
Howe Sound
Aug 734 Aug
7
14
Aug
14
793
Aug
7
400
Indian Refining etfs_ __
Aug
May 265
192258 Aug 13261 Aug 8 218
1
Ingersoll Rand
July 90% June
Aug 13 88
Internet Pap, pfd (7).100 400 87% Aug 13 8734 Aug
Aug
Feb115%
11%
14
11551
14
Aug
100 115g
Jones & L Steel, pf _ _100
Jan;10834 July
12 99
K C Pow & Lt,lat pref_• 500108 Aug 12 108 Aug
51 May 134 June
13
Aug
%
13
Aug
53
200
10
Kansas & Gulf
May
100115 Aug 13 115 Aug 13 10g Mar 115 June
Kresge(99) Co,pref.100
JanI 97%
88
KresgeDeptStores,pf.100 100 9751 Aug 8 9735 Aug 18 4534 Marl 52% Apr
Aug
48
12
Aug
475X
Long Bell Lumber. A._* 600
Feb 111g June
400108K Aug 14 11051 Aug 10 104
Loose-Wiles, 2d pref_100
24% Au 26% July
Louisville Gas & Elec A.• 3,500 24% Aug 12 25 Aug 8 13
Aug
20
July
8
20
Aug
8
2,800 19% Aug
Mack Truck rights
Aug
Au
100 199 Aug 13 199 Aug 13 199
First paid
Mar 7891 Feb
68
13
Aug
69
11
Aug
68g
500
_100
Mackay Cos, pref._
Apr
92
Mar
81
11
Aug
100 87g Aug 11 87g
Mallinson & Co,pref _100
July
May 55
500 50 Aug 14 50 Aug 14 48
10
Manati Sugar
June
94
Apr
83%
10
Aug
91%
10
Aug
300 91
Mid-Cont Petrol, pf_100
Mar
• 800 30g Aug 11 30% Aug II 30% July 4234
Murray Body
Feb 42g Aug
• 4.400 38% Aug 10 42% Aug 10 17
N Y Shipbuilding
May
86
Mar
7834
12
100 88 Aug 12 86 Aug
Onyx Hosiery. pref_ _100
4153 Aug 46% June
Oppenhelm,Colllns&Co.• 800 41 53 Aug 13 43 Aug 8 98
Jan 102% July
200 102% Aug 11 102% Aug 11
Orpheum Circ,Inc,pf.100
Aug
Jan 100
100 100 Aug 11 100 Aug 11 92K Aug
Pacific Tel & Tel, pf _100
23.6 Aug
1%
10
Aug
234
14
Aug
134
rts_
62,300
Tr
&
Petrol
Pan-Am
Feb
6034
Jan
43
10
Aug
4451
10
100 44% Aug
Panhandle P & R,pf_100
Jan
100 89% Aug 10 89% Aug 10 8151 Jun 9534 July
Phillips Jones, pref--100
42%
Apr
18
11
37g
Aug
8
Aug
36
1,600
5
Phoenix Hosiery
July
15%
June
14
10
200 13% Aug 14 14 Aug
Pitts Utll, pf ctfs, new.
July 4734 Feb
100 31 Aug 10 34 Aug 10 34
Prod & Ref Corp, pref _50
9253 May 98g Aug
P Elec 63 Gas, pref _100 1,800 98 Aug 10 98g Aug 8 114% M 121
Aug
Aug 13
200 120 Aug 10 121
fly Steel Spring, pf._100
45% Aug
2,500 44K Aug 13 45% Aug 13 44K A
Reid Ice Cream
July
94%
May
63
100 91 Aug8 91 Aug 8
Reis(Robt)&Colst pf.100
% JulY
% Aug
53 Aug 8
% Aug 10
Schulte Bet" Stores rts 25,800
Aug
500 110 Aug 8110g Aug 12 99% Ja 110g
So Porto Rico Sug, pf.100
54% Aug
900 54 'ug 14 54% ug 13 50A M
Stand Gas& Elec. pref.
1% Aug
A:
1K
14
Aug
1%
14
1%
Aug
21,000
Rights
Aug 36g July
_ _ ..• 4,700 31 Aug 12 32g Aug 8 31
Tidewater 011, new...
Aug
200 88% Aug 14 67 Aug 12 66% Aug 67
United Dyew'd, pref _100
4% Mar
Jul
12
334
Aug
12
4K
Aug
454
2
100
U S Express
July
38
Jul
32%
Utilities P & Lt, cl ___• 17,600 33% Aug 12 36% Aug 10
July
151 Feb 5
Va-Caro. certificates_ _ _ 1,100 134 Aug 14 2% Aug 13 4
Apr
Ma 18
800 9 Aug 10 13 Aug 12
Preferred certifs
Aug
1%
M
* 600 134 Aug 10 1% Aug 10
B certificates
Aug 22% Aug
21%
14
Aug
22%
13
Aug
21%
8.200
A_
Warner Bros Pictures
43 Jun 50K July
• 2,100 48g Aug 10 5051 Aug
Warren Bros
39% July 49% July
White Rock M 4313 ctfs_• 6,200 4551 Aug 14 48% Aug
Aug 70K July
85
11
Aug
66
14
65
Aug
25 220
Yale & Towne
.79%
ma 86g June
8534 Aug 14 85% Aug 14
1
West'house Elec, let pf50
•No par value.
Sterling again ruled quiet and firm,
Foreign Exchange.
41
48134; ninety days, 4 80©4 80, and documents for payment (60 days)
4 82®482. Cotton for payment,4 85% ©4 85%, and grain for payment.
4 85% ©4 8534
To-day's (Friday's) actual rates for Paris bankers' francs were 4.6035©
are
4.61 for long and 4.65(414.6535 for short. German bankers' markswere
not yet quoted for long and short bills. Amsterdam bankers' guilders
39.78039.79 for long and 40.14©40.15 for short.
Exchange at Paris on London, 104.11; week's range, 103.50 high and
104.20 low.
The range for foreign exchange for the week follows:
Cables.
Checks.
60 Days,
Sterling, Actual4 8535
4 853.4
4 8234
High for the week
4 85 11-16
4 85 5-16
4 82 1-16
Low for the week
Parts Bankers' Francs4.70
4.69
4.6335
High for the week
4.65
4.5934
Low for the week
. 4.66
Germany Bankers' Marks23.81
23.81
---High for the week
23.8035
23.803'5
Low for the week
Amsterdam Bankers' Guilders40.25
40.23
39.79
High for the week
40.19%
40.1735
39.7335
Low for the week
Domestic Exchange.-ChiCago, par. St. Louis, 15©25c. per $1,000
discount. Boston. par. San Francisco, par. Montreal, $1 25 per $1,000
premium. Cincinnati, par.
y
United States Liberty Loan Bonds and Treasur
-Below
Certificates on the New York Stock Exchange.
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stock
Exchange. The transactions in registered bonds are given
in a footnote at the end of the tat illation.
Aug.14
Daily Record of if. S. Bond Prices, Aug. 8 Aug.10 Aup.11 Aug.12 Aug. 13
(High 10022n 1002232 1002232 1002432 1002232 1002231
First Liberty Loan
1002233
334% bonds of 1932-47_(Low. 10022.2 1002232 100223, 1002232 10022n 10022,1
(Close 10010n 1002232 1002132 100"3 10022n
(First 3gs)
17
38
50
81
II
6
Total sales in $LOW units--- ------ - ------__ - Converted 4% bonds of (High
--- -Total sales in $1,000 units- -13112n
Converted 4K% bonds (High 10122n
of 1932-47 (First 451s)(Low. 10122n 10122n
.1012232
(Close 10122
6
33
Total sales in 61,000 units_
Second Converted 451%(High
---------bonds of 1932-47 (First(Low--Second 434s
-- -Total sales in $1,000 units-- - - -_ _ _ - 1002n
(High
Second Liberty Loan
____ 10(03,
(Low..
4% bonds of 1927-42_ __ -__ 100132
(Close
(Second 4s)
I
-- -Total sales in 61,000 units__ Converted 434% bonds (High 10022n 100"32
of 1927-42 (Second (Low_ 1002232 10022,1
(Close 1002232 1002211
431s)
174
233
Total sales in $1,000 units_
High 101123, 10124i,
l'hird Liberty Loan
Low_ 101223i 101131
451% bonds of 1928
(Third 4348)(Close 101"s• 101221:
130
13
Total sales in 61,000 units__
righ 1022n 1022n
Fourth Liberty Loan
101"n
Low_ 102
451% bonds of 1933-38
Close 102131 101"n
(Fourth 451s)
577
60
Total sales in 61,000 units_
(High 10132:1 108231
freasury
1052132
(Low. 108
4345. 1947-52
1053132
(Close 108
90
2
Total sales in $1,000 units...
{High 10222n 1022232
48, 1944-1954
Low_ 1022% 102223i
Close 1022281 102203t
12
21
TnIn1 lab. del as MA 010•100
------ -102
-102
1012232
10112n
101"n 1012232 101221 Mon
101.11st
1012% 1012231 101223
7
17
12
14
--------- - ---- - ----- ----100211
100233
100132
100223t
1002141
1002233
82
10114,
1012231
10124.1
119
1012232
1010131
10122,1
118
1062n
1052In
106
52
10222:1
1021231
1021•32
----- ---- ----- .
---------
100-In
1002212
1003231
349
10112n
1011242
10112,,
82
1022n
102132
10223t
211
108123,
10132as
106211
51
1022•32
1022132
1022231
tout
100,1711
1002231
1002131
177
101223,
101223t
1011111
114
1022n
102
1024n
569
106211
10621s
1062n
34
1022411
1020131
102031
22
0-ain
101002212
100223,
117
1011432
101"31
1011232
230
102232
1012231
1012131
162
106233
1062st
1081ss
51
---.
---____
•12.
Note.-The above table includes only sales of coupon
d bonds were:
bonds. Transactions in registere
101231 to 1012233
e" 88 3d 451s
100",, to m.
istems
10122n to 102213
4th
4gs
70
1012191
to
1011232
"
lassie
1002233 to 100"32
&c.
Quotations for U. S. Treas. Ctfs. of Indebtedness,
18 2d 4gs
Maturity.
Ra
'e. Bid.
Mar.15 1926_ 491% 100•11
Dec. 15 1925._ 491% 100%
Sept. 161926..... 434% 100%
3011
09%
June 15 192&..
I Asked.
100uts
10053
10054
9951
Maturity.
Rate,
Bid,
Asked
Dec. 151927... 454% 10151 10134
Mar.16 1927___ 434% 10134 10154
Sept.15 1925___ 23-4% 9934 99"ii
095409"n
new. 16 1095_ _ Sq.
New York City Banks and Trust Companies.
AU prices dollars pew same
6,41 AIR
Bid 1 Ask
Trust Cos
Banks
Ask
3anks-N.Y. Bid
New York
!merles•___ 285 295 Hamilton.- 175 1 185
___
__
American
1100
1050
Hanover
smer Each __ 437 445
490 600 Bank of N 1
___ Harriman
kmer Union*. 185
Co 605 810
&
Trust
195
189
.
Manhattan*
950
850
3owery•
423 Bankers Trust 497 500
3roadwayCen 200 -__ Medi & Met_ 420
___ Bronx Co To 200 210
445
Mutual'
3ronx BOro•- 675
190 Central Union 905 915
175
American
Nat
_
3ronx Nat- 190
. 362 307
Empire
495
3ryant Park. 215 225 National City 491
265 Equitable TO 300 303
3utelt & Drov 150 160 New Netb•-- 250 512 Farm L & Tr_ 580 588
505
Ilapitol Nat_ 193 198 'Park
Each- 117 126 Fidelity Inter 255 270
:lent mecum. 285 290 Penn Morris.
340 350
Fulton
190
475 478 Port
Muse
495 505 Guaranty Tr_ 381 384
'Public
Math Phenix
660 600 Irving BankNat Bk &Tr 330 333 Seaboard
Columbia To 287 290
Melees Exch• 210 217 'Seventh Ave_ 130 155
--- Lawyers Tr-- - ._ -Themlcal ____ 685 675 Standard
r 420 430
535
Manufaeture
525
State.
)oal & Iron_ 290 ...
125 145 Mutual(West)olonial• ___ 550 ___ Trade*
__cheater) _ 200
--180
Iommerce -__ 378 382 United
280 N 4' Trust__. 465 468
)om'nwealth• 820 330 [United States. 270
___ Title Gu es Tr 585 590
3ontinental_. 225 235 Wash'n Mao- 400
US Mtg & Tr 360 365
Brooklyn
Iorn Each... 506 512
_ Coney Island* 190 200 United States 1825 1850
Iosmorelltn•. 190
_.
450 __- Westehes Tr_ 350
fast River__ 315 325 First
Brooklyn
;lid Avenues 2100 2200 mechanics.* _ 225 780
2900 2975 Montauk*-- 20‘) .... Brookb n To 770 2400
rinn
300 315 Kings County 2200
150 160 Nassau
q•anklIn
310 -- Midwood-___ 220 _ -1arfield
380 370 People's
825 835
I Queeusboro• - ... People's
_
270
lrace
Am
490
•
;reeimich
g) La-rights.
61•••••
New
Ex-dividend
ti
(2)
bunks.
State
*Banks marked(*)are
es.
New York City Realty and Surety Compani
Au prices dollars Per Share.
Asti
Bid
Ask
Bid
Ask
IBid
Mtge Bond__ 138 142 Realty Assoc
Alliance R'Ity 165
(Bklyn)corn 380 375
19 Nat Surety.- 207 215
Amer Surety_ 140 lo97
let pref____ 114
Bond & NI 0- 268 274 N Y Title &
85
83
2d pref
Mortgage.- y315 380
Lawyers Mtge y213 218
330
Westchester
315
Casualty_
US
Lawyers Title
400
Tr_
875
&
Title
310
315
51 Guarantee 275 285 U Title Gua
exchanges
without perceptible change. The Continental
in recent
than
violent
less
changes
price
and
active
less
were
-The review of the Curb Market is
the Scaur
and
steadier
The Curb Market.
s
currencie
n
reparatio
the
with
weeks
807.
page
on
week
this
given
ago.
week
a
than
lower
slightly
dinavian
exchange were 4 82340
A complete record of Curb Market transations for the
To-day's (Friday's) actual rates for sterling and 4 85%04 85% for
for checks
week will be found on page 832.
4 8234 for sixty days, 4 8535©4 85%
85%;sixty days,4 8134©
cables. Commercial on banks, sight, 4 85%©4
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
819
OCCUPYING FIVE PAGES.
goit sales during the week of stocks usually Inactive, see preceding page.
HIDE AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Aug. 8
&outlay.
Aug.10
Tuesday.
Aug.11
Wednesday
Aug.12
77tursday,
Aug.13
/Friday,
Aug.14
Sales
fer
the
Week.
STOCKS
NEW YORK STOOK
EXCHANGE
PER SHARE
Range for Year 1925.
On baste of 100-854TO 1088.
PER SHARK
Range for Previous
Year 1924.
Lowest
Highest
Lowest
Highest
$ Per share $ per share 3 per share I per share $ per share S per share Shares.
Per share $ per share
per share
per share
Railroads.
Par
32
32
*31
3234 *3218 334 33
33
33
35
35
35.
1,800 Ann Arbor
100 22 Feb 17 35 Aug 13
12 Apr 2278 Dee
*54
*56
58
*55
58
58
57
5734 58
58
*574 58
600 Do pre!
100 40 Mar 24 602MaY 8
25 Mar 46% Dee
1204 12158 12038 12138 12078 12134 12078 12112 121 12158 1204 12112 9.300
Atch Topeka & Santa Fe_100 11614 Jan 16 1277e Mar 2
9718 Jan 120% Dec
9612 98% 964 9614 7196
964 96
984 964 9612 9614 9838 1,300 Do prof
100 9212 Feb 17 9738June 25
Jan 9858 Dee
864
5
54
54 518
518 538
518 518
518 5%
518 54 2,900 Atlanto Rim & Atlantio
3 Jan 14
100
71
:Mar 6
1% Feb
5 Dec
180 182
183 183
17973 182
180 18078 17958 184
1834 1844 3,800,Atlaatic Count Line RR
100 147% Jan 16 188 Aug 6 112
Jan 15214 Dee
7814 793* 78
78% 78
79
7814 79
7834 8012 8014 81 I 65,3001Baltimore & Ohio
100 71 Mar 30 8414 Mar 61 524 Apr 8478 Dee
7165
6518 6514 *6514 66
66
*65
66
6512 654
*6514 66
400 Do pref
100 627 Apr 21 664 Jan 6
5614 Apr Ms Dec
4214 4212 414 4238 424 43% 44
45
4378 45
444 4034 17,700 Bangor & Aroostook
50 3514 Mar 23 4534 Aug 14
3934 Dec 44% Dee
1790
9212 *91
924 *90
9211 924 9211 *92
934 *92
100 Do pref
89
June
22
100
9311
94%
Jan
86
Jan 95 Nov
53
52
534 521/ 53
5258 514 5218 0114 5134 50% 5114 15,900 Bklyn Manh Tr
v t o---No Par 354 Jan 5 5534July 20
1318 Jan 41% Dee
•801/1 8034 80
80
784 7978 7918 794 7818 785 111781z 80
900 Do pref v to
No par 7278 Jan 2 82 July 28
48% Jan 75% Dee
84
84 •82
*80
8312 8312' 'SO --._I 83
83
83
83
1751 Buffalo Rochester & Pitts-100 48 Apr 2 928*May 21 40 May 6838 Dee
14114 142
14112 1417 142 14212 142 14212 143 143
143 14311 3.700 Canadian Pacific
100 13612 Mar 3 1523* Jan 8, 14258 Mar 1561: Nov
*275 290 280 286
290 295
294 296 I 295 295
295 295
1,700 Central RR of New Jersey-100 265 Mar 30 321 Jan 3' 199 Mar 295 Dee
994 10078 9834 10218 1013s 10338 10234 106
10358 10558 103 10418 136.100 Chesapeake & Ohio
100 89',Mar3O 106 Aug 12
673* Feb 98% Dee
11118 11118 111 1.11.2 111 111
111 11114 11112 112
11114 11114 2,000
Do pref
100 1054 Apr 14 112 Aug 13
991j Jan 1091a July
54 534
53* 64
034 618
54 534
534 534
534 534 8,900 Chicago & Alton
3% Apr 24 1038 Feb 9
100
814 Apr 101s Dee
11 I 1118 123* 114 12
10
1135 1178 104 1012 1034 1118 24,000
Do prof
100
54 Apr 23 194 Feb 21
818 May 19.
7 DWI
1714434 160 I 150 150 *14434 160 •14434 150 *14434 160 *14434
160
100 C C C & St L01118
100 140 May 20 16418 Feb 11 100 Apr 1501$ NOV
•3512 384 *354 37 I *354 37
36
361 3612 *351z 364
36
200 Chic & East.111 RR
100 2934 Mar 3
3712JulY 13
21
May
38
Dee
46
46
451 461
46
46
4612 4612 47
47
4712
Do pref
800
100 40 Mar 30 5714 Jan 2
87 May 62% Dee
1214' 1158 1218 11% 1258 1134 12141 1214 125* 4712
12
1214 1234 15,800 Chicago Great Weetern
9 Jan 2 15 Feb 7
100
4 Apr11% Nov
2478 2478, 24
245* 24% 2534 2434 2538: 253* 2678 2618 27
32,500
Do pref
100 1914 Mar 30 3238 Feb 6
1012J
813* Nov
8,2 84: 814 84
814 812
814 8581
814 834
814 811 5,800 Chicago Milw & St Paul
100
314 Apr 20 163* Jan 7
1078 Oct 1874 Nov
15
15 I 144 15 i 1458 15 I 1434 10121 15
154 1458 15
10,000
Do pre!
100
7 Apr 20 284 J .n 7
181 Oct 821s Nov
6678 66% 668 674 6714 68 I 67 6818 6714 6734 67
68
29,000 Chicago & North Western-100 47 Apr 14 76% Jan 12
4914 Jan 7514 Dee
110 110 *110 112 *110 112 *108 111 I 10978 10978 110 110
Do pref
300
100 10134 Apr14 117
Jan 11454 Dee
46
467
465k 4734 47
4 46
47344858 4714 488 58,000 Chicago Rock Isl & Paciflo_100 4018 Mar 30 5414 Mar 5 100
95% 9518 *9512 9614 *9514 964 *9534 488
Mar
21% Feb 50 Nov
3
9612 9518 9518' .9534 9618
500
100 92 Jan 2 994 Feb 21
Do 7% preferred
7634 Feb 9734 Dee
*8411 8514 •8412 85 .844 85 1 85
85 I 85
8518
5
85
Do
preferred
500
6%
82
100
Mar 30 891:Mar 3
65% Jan 87% Nov
*43
45 1 •42
45 *42
45
45
4534' 45% 46
*44
46
1,000 Ohio St Paul Minn & Om 100 334 Apr 22 594 Jan 13
29
Jan 5712 Dee
7191
96
96
*93
9512 96
*95
97 1 *94
98 •95
98
Do pref.
200
100 7
s Apr
jan 21
431
414
6 10
654 Jan13
6814 Apr 94 Dee
*57
58
577 578 •574 513
*571z 58 I 58
58
*5711 59
100
20
Jan 49 Nov
3001 Colorado & Southern
0621
: 64 *624 64
*6211 634 6338 6358 *6212 6312 6212 624
2001 Do 1st pref
100 60 Mar 28 644June 16
50
Jan 6514 Dee
60 I *574 60
60 *57
*57
*57
60 1 •57
60 I •57 60Do 20 met
Jan
54
21
100
6012June
16
45
Jan
39 Nov
149 14911 148 14814 14814 149 1•148 149 I 1484 1503
149 149
4 4,3001 Delaware & Hudson
100 1334Mar 30 155 Apr 8 104% Mar 1395, Dec
137 1374 139 140
•1374 139
13734 138
138 13812 138 144
7,100, Delaware Lack & Western- 50 125 Mar 30 14734June 8 11054 Feb 1493* Dec
*384 39
39
39
39
39
3834 39
3914 3912 3934 404
900 Denver Rio Gr dr West pref 100 35 July 3 60 Jan 12
42 Deo 434 Dec
3034 3114 304 3138 3034 313* 307$ 32
321z 34
3334 3414 54,800 Erie
100 2634May 15 3414 Aug 14
4014 4114 4012 42
204 Jan 351 Aug
404 42
41
42% 4218 433* 4214 433 53,900
Do
lit
pref
June
35
23
100
4658
Jan
2
2858 Feb 4914 Dee
38
38
38
3058 39
397 4014 401z 40% *3814 394 2.600'
39
Do 28 Pre
100 84 June 29 434 Jan 5
2518 Jan 4614 Del
6934 7014 6934 707s 7034 7138 7058 7114 71
72
72
7234 41,400 Great Northern prof
100 60 Apr
7234 Aug 14
5354 Mar 75 Dee
, 2778 2838 28
28
285
2834 274 28lI 2738 275* 273* 277 21,0001 Iron Ore Properties-NO par 2714June 24
24 4038 Jan 19
26 May 393* Nov
2812 2811 •28
284 2812 294 •2858 29
2834 31
3034 3112 6,900' Gulf Mob & Nor
100 23 Mar 30 34 May 8
11% Apr 29% Dee
95 •94
*94
96 •94
96
7194
96
96
96
9614 97
Do prof
600
100 8912Mar 30 10111 Jan 10
Jan 99 Dee
50
191 19412 190 196
18714 19358 188 19134 186 190 *187
11.400 Havana Eleo Ry. Lt & P--100 112 May 16 1971 Aug 7
3258 3234 3214 3211 3214 324 324 3234 324 188
3278 327
323
4
4,000 Hudson &Manhattan
100 2154 Mar 18 3354July 6
20%
Nev
-15-eO
*67 694 68
88
*68
69
438
69 I •68
6812 68
68
200
Do prof
100 64% Feb 18 72 July 10
5714 Oct 647* Dee
116% 1167 1164 11655 1163* 11638 1155s 11614' 115 115
115 115
100 111 Mar 81 11958 JOU
1001 Mar 11778 Del
*115 118 *115 118 *115 118 *115 11710115 1174'115 11711 2,400 Minols Central
Do prof
100 11218 Apr 23 119 Jan
104 Mar 11714 Dee
*ft
69 I *68
69 .68
69
69
69 I *68
72
6814 6814
1301 Do RRSec,SeriesA__1,000 6814 Aug 14 74 Apr 17
64
Jan 78 Dee
284 •2612 284 •28
7126
291$ .28% 30
284 2812 •284 294
200 Mt Rya of Cent America-100 18 Jan 8 3214July 20
1134 July
1818 Nov
*621
: 6354 *624 65
*624 65 I *6212 644 43258 65
*6212 65
1 Do prof
Jan
591s
2
100
6612July
14
4414 May 63 Nov
2814 2834 28
284 274 274 2334 2611 24
2514 25
253*
Interboro
5.200
Rap
Tran
v
t
43_100
1311
Mar
23
341z
Feb
9
1234 Jan 394 July
33% 34 I 3378 34
3414 35% 343* 354' 35
353
355 3638 18,100 Kansas City Southern
100 28% Mar 30 4012 Feb 21
1734 Mar 4158 Dee
59
59 1 59
59
594 594 *59
59
59581 59
5914 5914 1.200' Do pref..
100 57 Jan 15 591s Feb 24
514 Mar 5912 Dee
774 7734 *77
78
77
734 77
77141 7714 78
7914 791s 3,500 Lehigh Valley
50 69 Mar 30 8318June 6 03912 Apr 85 Dee
1191s
119
117 1183* 117 118
116 116 riio 11658 11618 1174 2,900 Louisville & Nashville
100 196 Jan 16 12078 Aug 6
8758 Jan 109 Dec
9634 9634 97
97
9734 98 •97 100 '
797 100
97 100
700 Manhattan Elevated guar 100 64 May 20 100 Jan 14
42 Jan 85 Dee
*44
45% 44
44
44
44
4i74 42
41
4112 41
4154 1,1001 Do modified guar
100 3218 Mar 23 514 Feb 9
•87e
304 Jan 517s July
gis *VS 9.15 *WS 9
.878 9
*8% 9
812 938
500 Market Street Ry
7% Mar 11
100
1012 Jan 2
634 Mar 1311 Jan
31
•30
33 .30
•30
32 •30
32
•28
30
28 28
100
10
pref
Do
0 20 Jan 13 34 May 8
20
114ot 42 Dee
4974 4954 7149
50 .49
50
49
4914 4914 4918 5014 1,200
49
Do prior prof
100 43% Mar 20 57 June 27
41 Nov
7112 Jan
21
20
•20
20
20
20
*19
24
1718
23
1814 1814
300
Do 2d pre:
100 16 Mar 19 25 May 7
14 Mar 80
Jan
258 258 *24 2%
212 212
234 234
2% 2% *234 2%
500 Minimal: & St L
212 Jan 5
100
4 Mar 6
158 Jan
4
Jan
3514 3534 *34
36 .34
36
3414 341s 3534 3814 38
38
Minn
1,900
St Paul & fi 13 Marie-100 305* Apr 4 5614 Jan 14
2814 Mar 534 Dee
58 .53
*53
58
55
55
5514 56
564 62
604 63
2,800
Do pre!
100 40 Mar 80 71 Jan 9
50 June 75 Dee
3834 3912 3812 3958 388 4018 3918 403* 3914 40
3912 40
39,400 Mo-Ran-Texas RR---No Par 28% Jan 2 4034 Aug 1
1018 May 3418 Dee
8814 8938 8914 9014 8912 897
884 89
894 8978 8978 9014 10,000
Do prof
100 7454 Jan 2 9034Ju1y 29
, Feb 751 Dee
298
354 354 3538 3614 3614 37
364 37
367 38
3714 38
27,400 Missouri Pacific
93 Jan 3414 Nov
100 3058 Jan 5 41 Feb 6
81
8434 8312 85
8412 864 8434 85% • 8514 8612 851z '86
Do
pref
78,000
100 71 Mar 30 8612 Aug 11
29
Jan 74 Deo
*138 2
•112 2
*112 17
*111 178 *112 2
Nat Rya of Mex 28 pref_.-100
'114 2
lizJune 24
24 Jan 12
118 July
3 Dee
•1204 122 •1201 123 *1201 123 *12012 123 *12012 123 211834
100 New 00 Tex & Max
931 Feb 12111 May
100 11314 Feb 21 1235sMaY 8
119 11934 1181 11914 11818 11938 11814 1194 11834 11912 1183 11854
4
11912
60,900 New York Central
100 11314June 10 12454 Jan 18
994 Feb 1194 Dee
12814 131
130 13034 132 132
13212 1324 13234 133 21327* 133
2.000 N Y 0& St L Co
100 118 June 24 1374 Feb 24
7212 Feb 128 Dee
9615 943 95
*95
94% 96
96
*95
95
954 x94114
4 2,100
Do Pre!
100 881 Jan 6 96 Aug 7
83 May 9378 Sept
34
34% 3358 3414 3378 3434 337 3438 348 3614 3534 943
3634 96,500 NY N H & Hartford
100 28 Mar 24 364 AUg 13
1418 Jan 334 Dee
29
3014 2858 3012 294 3012 2978 3058 3054 3434 315 3418 119,800
NY Ontario & Western
100 20% Apr 4 3434 Aug 13
16 May 2814 Nov
1739
394 384 39
384 384 7139
40
39
39
3934
100 213* Apr 22 43 July 29
1212 Apr 29 Nov
134 13478 1334 1347 1334 1347 133 1344 134 13558 13458 4014 1,600 Norfolk Southern
13914 55,500 Norfolk & Western
100 1231z Mar 30 1394 Aug 14 1024 Jan 13314 Dee
85
*79
*79
85
*79
*794 85
85
71794 85
*794 85
Do pref
100 1512 Jan 8 80 July 24
7234 Feb 80% Juno
6718 6712 67 674 6738 67% 674 6814 67% 681z 684 69%
Northern
29,100
Pacific
100 5814 Apr 25 7154 Mar 6
4778 Mar 78 Dee
4534 46
4534 46
45% 46
454 46
454 4578 4534 4612 17,300 Pennsylvania
Apr
4212
9
50
4878
Jan
5
4214
Jan 60 Dee
•18
19 •18
19
*18
1812 •18
184 184 1914 1812 19
900 Peoria de Eastern
100 1354 Apr 30 2078 Jan 12
954 Mar 22% Nov
684 70
68
6914 .6834 69
69
71
70
7112 7114 7178 4,200 Pere Marquette
100 61/Mune 24 72 Feb 25
4018
Mar
1782
78 Dee
83 *82
83 •82
821
8212 821
8212 83
*83
84
4001 Do prior pref
100 78 July 29 84 Jan 18
7118 Apr 851k Aug
72
72
72
72
*71
73
73
73
73
73
734 7312 1,000
Do prof
100 6812 Apr 16 7534 Jan 10
60
Jan 77 Aug
7014 7038 70
70 •7014 701
7012 701
7012 713* 7158 7218 1,9001 Pittsburgh & West Va_. 100 63 Mar 19 73% Jan
2
38
Jan 7514 Dee
86
8634 85
864 8518 871
8614 87
8634 88
8678 8758 51,900' Reading
50 6934 Mar 30 91i4June 1
517 May 7918 Dee
40
40
40
40
40
1740
40
4014 40
40
*394 404 2,2001 Do lit pref
35%
50
Mar
18
June
41
1
34
Oct
1561k Jan
41
41
41
41
41
41
41
41
41
4114 41
41
1,200
Do 28 pre(
50 38% Mar 18 4438June 1 b3318 Jan 56
Jan
*54
57 *55
58
*53
56
•53
58
55
5912 59
59
800 Rutland RR pref
100 42 Apr 24 627$ Jan 9
82
Jan 68 Nov
9112 9134 9012 93% 9258 94% 93
943
9434 9618 954 97
71,100 St Louis-San Franolsoo
97
Jan
5712
16
100
Aug
1918
14
Apr65
1787
Des
90
8914 8914 90
90 •894 91
*8914 91
90
91
700
Do pref A
100 76 Jan 20 9214 July 28
4258 Jan 8218 Dee
4914 4914 484 484 49
494 493* 49
501
4912 49
4918 9,200 St Louis Southwestern-100 4334June 11 5334 Mar 2
33 Jan 5578 Dee
7214 7214 72
7258 7234 73
735 74
7414 7414 •73
74
1,600
Do pref
7018Juna 25 7534 Mar 11
100
34% 35% 3414 35
5778 Jan 74 Nov
34% 354 3434 35
35
3558 3514 364 20,600 Seaboard Air Line
20
100
3
8 Jan 16 3658 Aug 14
614 Jan 2418 Dee
4412 447
44
45
4412 45
4334 442 4414 4434 4458 4512 8,800
Do prof
100 35 'Mar 80 48 May 7
1414 Jan 4512 Dee
9934 101
98% 99% 983 99% 9918 101
997 1007s 9934 100% 33,600 Southern Pacific CO
100 9754June 8 108% Jan 9
8518 Mar 1051s Nov
100 1001z 99% 101
9911 100% 991: 1001 10014 10012 10034 102% 28.500 Southern
Railway
100 7758 Jan 2 1024July 20
3818 Jan 795 Dee
9014 9014 90
9034 9014 904 90
9034 901z 9034 90
9014 4,400
Do pref
100 83 Jan 2 9234 Feb 25
49
6854 Jan 85 Dee
5078 494 5034 494 514 5034 514 518 5258 5112 52% 27,500
Texas & Pacific
100 4314 Jan 27 5814 Mar 13
*1314 14
19
13
13
Jan 4811 Dee
•1314 14
1212 124 13
13
1212 1212
500 Third Avenue
71z Apr 17 154July 20
100
8% May 1812 July
*6078 64
7607$ 64
176078 64
*6078 64 •60
62 •601: 63
Twin City Rapid Tram/U..100 58 Jan 22 7034July 1
391k Oct 66
Jan
14111 14178 141 1414 141 14134 14078 14112 14114 14212 142 14212
Union Pacific
100 13314 Apr 24 1534 Jan 10 12658 Mar 15158 Dec
*Thi2 77
764 7612 776
7611 7611 774 774 774 765 765* 10,800
Do pref
1,100
100 72 Jan 30 7714 July 31
70 Mar 76% Aug
1727
27 •22
274 27
2712 *20
274 *25
2712 *2534 274
100 United Railways Invest..,. 100 1814 Mar 19 301:MaY 18
75s ',pr 41 Dee
79
7912 784 79 •75
784 *75
7812 75
754 784 79
Do pref
1,500
100 484 Mar 23 8314June 25
261k 14pr 64% Dee
135 13512 *120 135 *120 134 *120 135 71125 130
71135 145
300 Virginia Railway & Power 100 6418 Jan 14 13512Aug 7
86 Feb 72% July
3534 3615 35% 36
35% 37% 374 40% 394 4012 395s 4014
151,700 Wabash
100 194 Mar 30 4915 Aug 13
103* Jan 2438 Dee
7114 7134 x69% 70% 70
7134 7034 725
72
7234 7258 7278 54,200
Do "ref A
100 5534 Jan 20 72% Aug 14
34
Jan 6054 Deo
5412 5412 55
•524 55
55
55
55
564 5712 *56
60
Do pref B
900
3812 Jan 21 574 Aug 13
100
Jan 4238 Dee
2212
14% 1458 1458 1514 144 15
1434 15
154
147
1512 1614 33,900 Western Maryland
100 11 Mar 24 17% Jan 9
858 June 1614 Dee
2212 2234 22
2218 22
2234 2238 2212 2278 23% 234 24
5,500
Do
28
pref
100 16 Mar 27 2614 Jan 9
1514 May 2614 Dee
_
_
Western Pacific
100 3218 Jan 5 55 Mar 11
14% Jan 3678 Dee
Do pref
100 8413 Jan 6 100 Mar 11
68
Jan 86% Dee
"1934 20 -1171f4201, 197 201s
121;
35,300
Wheeling
& Lake Erie Ry 100 1034 Mar 31 2214 Aug 14
718 Jan 171k Dee
421s 4218 42 4212 42% 4314 4312 44 44 4478 44 4434 5,300 Do prof
100 22 Apr 2 4738July 18
14% Jan 8218 Dee
Industrial & Miscellaneous
87. *65
67
674 7654 6712 654, 66
•651s 66
654 66
700 Abitibi Power & Paper-No par 82 Jan 6 751zMaY 29
61 Dec 64 Dec
*125 131 *125 131 •1134 130 •1134 120 7111312 120 .11312 120
All American Cables
100 119 Jan 5 133 May 26
9014 May 1224 Dec
92
*91
91
921
91
: •91
*90
92
9212 *90
*90
92
100 Adams Express
Apr
90
16
7312 Jan 934 Doe
100
10314
Jan
9
•1514 154 1514 1514 15
•1514 16
15
1434 1434 1518 1534 1,000 Advance RumelY
100 13 Apr 11 1812MaY 13
6 June 16% Dee
584 584 574 58
5734 58
564 5712 56
56
5618 57% 2.000
Do pref
100 47 Feb 18 62 July 28
2814 June 54
104 1018 104 1018 10
Dee
, 10
1018 10
108
1038 104 10% 3,500 Ahumada Lead
9% Apr 21
1
1258May 27
•Bid and sated skim
Ex-dividend.
b Ex-rights
New York Stock Record-Continued-Page 2
820
For sale. during the week of stocks usually inactive. see second page preceding.
SIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Itatewday.
Aug. 8
Monday.
Aug.10
Tuesday.
Aug.11
Wednesday. Thursday.
Aug.13
Aug. 12
Friday.
Aug. 14
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
?Eh SH A Ica
Range for Year 1925.
On basis of 100-share tots
Lowest
Highest
Fish SHAttIs
Range for Fretless
Year 1924.
Lowest
Higheal
Indus. & Miscall. (Con.) Par
Air Reduction. Inc____No par
Max Rubber,
_ __No par
Alaska Juneau Gold
Inc-Min__ 10
Allied Chemical & Dye_No par
Do prat
100
Allls-Chalmers Mfg
100
Do prof
100
Amer Agricultural Chem_100
Do pre
100
American Beet Sugar
100
Do prat
100
Amer Bosch Magneto__No par
Am Brake Shoe & F___No par
Do pre(
100
American Can
100
Do prof
100
American Car&youndry..
__
Nopar
109
American Chain, class A
25
per share
8634 Jan 30
10 Star 19
1 Jan 6
80 Mar 30
117 Jan 9
714 Jan 5
10314 Jan 3
1312 Mar 19
364 Mar 23
363s Mar 19
804 Jan 19
2618 Mar 24
9014 Mar 30
1074 Jan 12
15818 Jan 16
115 Jan 29
9712 Apr 27
12034 Apr 2
22/
3
4 Apr 22
$ per share 5 Per share $ Per akar^
67/
1
4 Jan 93 Dec
1114 Feb26
412 May 144 Der
15/
3
4 tune 19
113 Mai
Mar 37
34 Jan
65 Mar 874 Dist
9734 Al2 12
8/
%
3
4 Do
Dert
Aopyr 17
13
11
0% m
120 Feb 20 14
864 Mar 131
3
4 Dec
90 Apr 104/
108 bine 3
718 Apr 174 July
21341.111y 27
/
4 Apr 4958 Jet
183
68l4 1414 27
4:1 Jan 7; 36 Mar 494 Feb
684 Oct 83 Der
873
/
4 June 19
3
4 Jar,
Jas 3
2214 Apr 38/
Apr 102 Dec
76
12114 Aug 5
ll.l',MUy 211 10414 July 110 Mai
3
4 Apr 1634 Der
95/
24612 ig 14
Jan 119 004
121 12.1une 12; 109
111 127iay s'
128 July 28 1180, Apr 1-21 July
2135 Mar 26 Beet
27 Feb 14
200 American Chicle
Do pref
Do certificates
100
.No
N o lp0
a0r
3
4 3.100 Amer Druggists Syndicate_ 10
512 5/
534 5/
512 558
3
4
512 53
512 553
/
4
513 558
700 American Express
100
133 133 *13318 135
135 13512 134 134 I 135 135 .133 135
4012
4114
24,500 Amer & For'n Pow new _No par
4211 4418 4258 4412 4014 434 407* 42 t 4112 43
Do pref
No par
9038 91
9012 9074 9018 9018 9012 9034' 904 904 9018 9018 1,500
Do 25% paid
_ _
__ .130 135 .130 135 ;.129 134
•13211 135
1012
800 American Hide & Leather_100
•10/
3
4 12 .11
-12
11
11
.104 1112 1012 1012 10
Do prat
1
4 6134 6234 1,500
1
4 63/
100
66
6318 6314 63/
66 .63
64
64 .63
100
118 1184 11834 119
11814 11914 118 119 I 116 117 I 11512 11612 4,200 American Ice
8414
Do pref
8412 *82
100
8412 .84
*83
85 , .84
84/
1
4 *84
8478 *84
35
3512 7.000 Amer International Corp.100
1
4 .3412 35
3
4 3612 3514 35/
3572 37 I *3534 3912 31/
900 American La France F E
10
3
4 1212 IN
1212 1212 1214 1214
1238 1278 127s 1272 .121* 12/
343
/
4 3518 29,300 American Linseed
100
/
4 333
/
4 3312 35/
1
4 3412 35121 3412 35
/
4 313
314 313
Do pref
8112 9,900
100
81
79
80
8018 8034 80
3
4 794 8012 79
(74'79/
/
4 11234 11118 11214 11234 114 1 12,100 American Lomat new_No par
11134 1124 11112 11134 11112 11334 1113
115 115
400
Do prof
100
11734 11734 .110 117 .115 117 1.115 117
•118 118
/
4 4912 4934 4,000 American Metals
4938 503
No par
4934 5014 4934 504 501
/
4 5014 4912 50
109 10914 10814 109 1 106 108 I 7.500 American Radiator
25
11012 111 14 110 111 1 10914 110
*77
500 Amer Railway Express_ _ _100
77
7712
7712 77
*77
7712 *77
•77
7712 77
77
/
4 6434 10,100 American Safety Razor_ _ _100
611
/
4 613
62
59
6112 60
83.2 64 1 62
6334 61
6/
3
4 65s 1,700 Ar ler Ship & Comm___No par
3
4
834 6/
3
4
6/
3
4 6/
.7
713
6/
1
4 7 I .678 712
/
4 10738 106 1063
3
4 10511
10734 108121 10638 108/
/
4 10534 108581 ION 1084 32.500 Amer Smelting & Refining_100
300
Do pref
109 109 I 110 11018
100
*107 110 1.108 110 .108 110 .108 109
30
3914 294 39/
7.800 Amer Steel Foundries.. No par
3
4 3812 39
3
4 3914 39/
3
4 38/
3
4 3934 3812 38/
400
Do pref
112 112 1.11012 114
100
III 111 •11012 112
*11012 112 1 111 111
3
4 17,500 American Sugar Refining_100
3
4 6512 6434 65/
8614 6712 6612 67/
3
4 6512 674 64/
6712 63
Do pref
9912 .9858 100
300
100
.9814 100 .984 9912 9812 9812 .
9858 994 99
94 94'1
9/
3
4 10
*94 934
94 94
018 912 *94 934
1,300 Amer Sumatra Tobacco_ _100
Do pref
100
80
•76
80 .76
100
7934 7934 .7512 80
*754 80 .7512 SO
400 Amer Telegraph & Cable_ _100
41
42 .40
41
40
40
40
41 I .40
.40
4014 *40
100
3
4 139 139/
: 1Nis 1gailt ro Amer Telep & Teleg
3
4 139 13912 1394 139/
3
4 139 1391
1394 139/
300 American Tobacco
50
3
4 96/
3
4 9712 974 971
994 9914 29712 974 9678 97/
106 106
1.000
Do prof
100
10618 10612 106 10812 106 106
•10812 107 *10613 107
4,130
97
97
97
Do common Class B._ _ _50
9814 98/
3
4 97 I 97
9718 97
9878 98/
3
4 z97
/
4 117 .11634 11834
700 American Type Founders 100
11738 117/
3
4 11714 117141 117 11714 •1143
.11734 120
613
/
4 6212 7,400 Am Wet Wks & El
63
61
62
20
60/
3
4 64 I 61
64
65
65
65
9838 1,000
Do lot pref(7%)
100
983s 98/
1
4 9838 9812 9812 .98
3
4 .98
0838 9832 9838 98/
Do pante p3(6%)---100
.104 110 .104 107 *104 106 .104 106 *104 106 ,*104 106
3
3
4 39/
3
4 8,400 American Woolen
3
4 394 4018 39/
100
4011 '391 40 I 3912 39/
4013 40
40
88
87
2,400
Do Prof
8514 86
100
874 8618 861s 8534 86
8618 8618 .86
212 24
212 24
212 212 1,300 Amer Writing Paper prel100
212 212
24 212
3
4
4212 2/
734 778
758 7/
3
4 1.000 Amer Zino. Lead dr Smelt_ 25
3
4 8
734 81s *7/
8
84
8
8
3
4 28
28
Do prat
500
25
3
4 •2818 394 2814 284 2734 27/
294 2912 2834 28/
3
4 42
4238 20,000 Anaconda Copper MI111(13_50
4178 42/
3
4 4114 424 4114 42/
42/
3
4 43
4252 43
/
4 364 3658 363
37
37
36/
1
4 3718 3612 3612 364 3612 363
/
4 1,700 Archer, Dan'Is Midl'cli_No par
9812 *97
9812
9812 .97
100
Do prof
100
98
98 .97
98
*97
98
•97
9612
200 Armour & Co (Del) pref
100
*9534 961s .96
96
983
/
4 96
97 .98
97 .96
97
3
4' 224 2234 8.500 Armour of Illinois Class A__25
22/
3
4 2234 2212 2234 2212 22/
3
4 23
2234 234 22/
104
1114
Arnold
11
1012
104
9.400
2
Conet'le&Covto
No
par
1134
107
11
1234
We
12is 1212
tir0
00
rom
1.900 Arp
4412 45
44
No par
44
45 .4312 45
454 45
45
Preferred
100
•102 105 *102 105 *102 105 .102 105 .102 105 *102 105
50
50
5,500 Associated Dry Goods____100
49/
3
4 50
51
49
514 52
511
/
4 52
5134 62
98
200
*96
Do 1st prat
98
98
100
96
96 .9612 98
98
.96
99 .96
108
Do 2d Prof
10712
*10612
.10612
100
.1063
4
10712
10712
10712
.1083
4
.1061a
•10812 1074
3
4 37
11,700 Associated 011
37
364 3614 36/
25
3712 36
37
381s 3734 33
33
3
4 49/
3
4 5138 8.700 Atl Gulf & W I SS LIne____100
3
4 4912 49/
3
4 4918 49/
3
4 4938 4934 4932 49/
49/
3
4 49/
/
4 2.300
Do met
.100
51
5012 5012 5012 5118 5012 513
5018 s0l3 5135 5113 .50
26,400 Atlantic Refinbag
98/
3
4 9814 99
97
100
1022 105
9614 102
109/
3
4 10934 107 109
100
Do prof
100
1143
/
4 11434 .114 116 .114 116
8114 118 .116 117 .115 117
700 Atlas Tack
Vs
3
4 *Vs
No par
3
4
958 9/
95s 9/
10 .10
104
934 10
10
3
4 2712 2818 12.100 Austln,Nichols&Covt oNo par
3
4 2812 2714 27/
28/
3
4 27/
2612 27
2.55s 2538 36
95
900
Do prat
9312 94 .94
91
93
93
92
93
90
90 .90
900 Auto Knitter Hosiery_ _No 1
13
/
4 *134 2
134
par
00
14
1$4 .134 2
14 174
•14 2
3
4 11414 11418 11612 50,000 Baldwin Locomotive Wk2-100
113/
3
4 11.4/
3
4 11258 11334 11212 11514 11212 11412 112/
100
Do pref
108 108
100
*107 109 .107 1084 .107 108 .10712 108 *104 108
11,900 Barnsdall Corp, Class A__. 25
1
4 2014 2018 21
1
4 19/
2118 204 214 2018 20/
3
4 20/
1
4 18/
21
1612 1612
700
Do Class B
17
25
1811 1612 1612 1612 16
17
17
17
17
Barnet Leather
44
44
.38
I
.38
No par
44
*38
44
.38
44
•38
44
•38
No
par
*3912 40
800 Bayilk Cigars. Inc
.394 40
394 394 394 394 3912 394 •3918 40
71
6834 694 8.000 Beech Nut Packing
20
7512 7238 7434 7034 7212
74
411
8,900 Bethlehem Steel Corp
414 41
100
41121 41
4113 42/
3
4 4111 4212 4113 4238 41
CO eum cony 8% pref 100
300
•110 11318 .110 11318 .110 113 .110 11212 11212 1124 11318 11412
Do pref 7%
300
9434 94/
3
4
100
/
4 95
95 .9412 95 1 *943
9434 94341 95
•9434 96
600 Booth Fisheries
514 *5
54
No par
.5
5
5
5
5
514 541
5
5
21,400 Briggs Manufacturing. No par
35/
1
4 3614 3558 36
38/
1
4 35
3712 3512 36
3758 381s 38
100
138 13812 138 13834 21361z 13612 2.100 Brooklyn Edison, Inc
.138 13812 13812 13812 138 138
8814 8,100 1.3klyn Union Gas
NO Par
3
4 8812 8712 8712, 8718 8712 88
884 8812 8814 88341 87/
2,600 Brown
D Sto
Profn
Inc
100
109 109121 109 10912 10912 III I 11214 11312 11612 117
109 109
100
*105 110 .105 110 .105 10714 .105 10714 .105 108 .105 108
27/
3
4 2812 3,100 Brunswick-Balke-Coll'r No par
2734 28
28
2712 28
281s 2872 284 2834 23
Burns
1014
700
par
102
10014
Brothers
No
*100
*101
102
101
101
101
101
•101 102
2414
700
Do new Class B corn No par
*2312 24 .2312 244 234 2334 2312 234 234 2312 24
95
95/
3
4 2.100 Burroughs Aderg Mach_NO par
3
4 95
94/
3
4 943
/
4 93/
9478 95
9434 95
95
95
400 Bush Terminal new_ No par
3
4 1752 1734 1712 1712
3
4 .1712 17/
•171s 1778 1714 174 .174 17/
500
Debenture
100
86 .8512 8612 *8512 8612
8612 8612 8612 8612 86
87
87
Butte Copper & Zino
4,100
6
64
614
5
6
6
6
64
3
4
6
3
4
618 6/
6/
1
4 6/
300 Butterick Co
1912 •19
1914
100
1912 1912 191g 1914 .18
•1912 20 .1912 20
1034 1114 1012 1078 3,500 Butte & Superior Mining_ __10
3
4 11
1
4 1078 10/
/
4 1135 103 Ills 10/
111
34 1,000 Caddo Cent Oil & Ref __No par
34
*3
/
4
34
34
34
3*
34
34
34'
33
34
3
4 113
1.200 California Packing
No par
11234 11234 112/
3
4 11312 11412 113 113
/
4 11534 11414 114/
•1141
28
32,600 California Petroleum
2712 27
25
274 2778 2672 2712 27
2778 284 2732 28
Do prof
100
_
24 212 2,200 Callahan Zino-Lead
10
8
213 212
212 -23212 212
212 212
212 21z
2,200 Calumet Arizona Mining
*4934 50
50
10
5012 50
5012 50
5034 50
50
50/
3
4 .50
3.200 Calumet & Hecia
15
1518 15
25
1538 15
1538 15
1514 15
1514 1512 15
47
46
4858 6,100 Case Thresh Machine_ _ _ _100
49
4714 4714 4718 4714 46
46
46
44
87
.700
Do pref
87
*85
87
100
83
88
88
88
8812 88,2 8834 89
1838 2,400 Central Leather
18
18
100
17/
3
4 17/
1734 1778 17,2 18
3
4 18
*1712 18
Do prof
3
4 6014 6034 6,100
100
/
4 5918 60/
3
4 59
601
/
4 5913 60/
60/
1
4 614 604 613
3112 3I12
500 Century Ribbon Mills_ _No par
31.2 313
/
4 •3112 32
32 .313
/
4 32
3214 32
*32
100
Do prof
98
*97
98
100
*97
98
98
*96
9712 9712 .98
98
*97
524 5212 10,900 Cerro de Pasco CopPer_No par
/
4 5212 5214 53
5214 5318 5131 5212 513
5212 53
18,300 Certain-Teed Products_No par
5212 53
5258 53
3
4 52/
3
4 53/
3
4 5334 52,2 53
3
4 544 52/
53/
3
4 3038 2938 3012 293 3014 11,900 Chandler Motor Car _ _ -No Par
3034 2912 3012 29/
/
4 29
313
/
4 313
16,600 Chicago Pneumatic Tool. 100
10112 10212 10034 10114 10014 1014 102 107
10134 103
*103 104
100 Chic Yellow Cab tern ctf No par
4612 .46
4812
4612 46
46 .46
*46
50
50 .46
.46
2,100 Childs Co
No par
5714
5718
5712
/
4
*563
57
5712
57
563
4
574
5718
*5612 58
9,300
Chile Copper
34
3414
343
/
4
344
25
33
/
3
4
3358 3418
/
4 3414 3434 34
3458 343
2452,
200 Chino Copper
*2412 25 .24
5
25 .2212 25
241* 2434 *24
*2458 25
61
300
Cluett.
.60
81
Peabody
&
Co
100
*60
61
61
61
*6112
62
81
61
411
No pa
/
4 139 14134 1344 13912 138 14112 1404 14212 143 14578 27,900 Coca Cola Co
139 1413
3914 39
403
/
4 50,600 Colorado Fuel & Iron
100
39
4034 39
4012 42
3
4 4178 42
413
/
4 42/
46
400 Onlirmblan Carbon o t n We pa
.45
46
46
14
*46
47
4711 47
47
47
47
S
Ex-dIvideud.
IWS
sane
an
armee.
uu
Clay.
8,1118 and atonal
37 Jan 27
94 Jan 5
37 Jan 7
514 Mar 17
125 Apr 27
2714 Apr 7
87 Jan 6
11438 Apr 7
84 Mar 31
59 Mar 31
83 Mar 18
7412 Mar 17
3218 Mar 30
1114 Jan 2
20 Mar 25
53 Jan 2
10413 Jan 5
115 Aug 14
45/
3
4 Mar 30
8972 Jan 3
764May 13
367* Jan 2
658JuLv 7
9038 Mar 30
10512 Jan 5
3752June 11
108 Jan 7
47/
3
4 Jan 16
911
/
4 Jan 16
6 May 8
28 Apr 27
3734June 1
13,03
/
4 Jan 2
85 Feb 17
10412 Jan 5
344 Feb 17
103 Apr 22
3438 Jan 13
9714 Aug 6
954 Jan 2
3434May 6
6912MaY 6
24 Apr 2
7 May 12
247sMay 1
3514 Apr 21
26 Jan 7
004 Jan 5
9012 Mar 31
20 Mar 19
8 Jan 5
39 June 19
10134May 14
4812June 23
94 Jan 7
101 Jan 2
82 Mar 30
20 Jan 5
31 Jan 5
964 Jan 2
1134 Jan 6
94 Feb 16
22 July
873* Jan 27
134 Aug 10
107 Mar 31)
107 Aug 7
18/
1
4 Aug 12
161
/
4 Apr 22
85 Jan 5
39 Apr 28
60 Mar 23
37 June 5
109 Mar 18
9314June 1
418May 4
333
/
4 Mar 17
12058 Jan 2
754 Feb 17
6412 Mar 31
96 Mar 25
24 June 25
9212 Feb 11
17 Mar 31
85 Jan 3
1458June 4
80 May 14
4/
1
4 Mar 31
17 May 13
612May 5
4 Apr 25
10012 Jan 27
2378 Jan 2
100 Jan 2
24May 8
45 Apr 22
424May 26
24 Mar 18
60 Mar 11
1434 Mar 28
4914 Mar 24
3114 July 13
9434June 23
434 Mar 24
4034 Mat 24
2812 Jan 22
8014 Mar 19
4412JulY 7
4978 Mar 31
3012 Mar 30
19 Apr 23
5812 Mar 17
80 Jan 6
3214 Apr 21
48 Mar 34
143
/
4 Apr 4072 Dec
62 Apr 18
5112 Feb 934 Do,
109 June 3
5,84 Apr 18
23 Sept 39 Dec
7
Of!
6/
3
4 Jan 22 ' 34 June
Apr 18434 Der
88
166 Jan 2
47 June 17
94 Feb 19
1i4i. "Et;
AAuar i5
212 Mar
7
92
135 June 17
714
p
9858 Dec
14 Jan 14
5012 Jan 72/
3
4 Dec
7578 Jan 14
Feb
12212July 28
7312 Nov 83 Feb
88 July 9
3
4 NOT
1738 Mar 35/
41 Feb 5
1
4 Jan
10 May 12/
14 Jan 15
13/
1
4 May 2834 Dee
35/
3
4 Aug 11
3
4 Dee
30 Apr 53/
8112 Aug 14
704 Apr 10934 Dee
144,8 Mar 6
124 Feb 16 11614 Ape 12012 Sept
3834 June 54 Dee
53/
3
4 Jan 2
9414 Apr 130 Deo
11312 Tilly 27
7712 Noy 83 Oct
84 Jan 13
:
N
D
1028
014
63 July 27
55771: Apr 10
/
4 Feb
104 Oct 153
1412 Feb 28
Jan
10858 Aug 13
3
4 Der
Jan 107/
96
1111
/
4 1.11y 8
4058July 20
Nov
112 Apr 18 10134 qiCr
34
1
4 F
231
111
0
wcyt 6
1
23
71 14 Apr 14
36/
Oct 9978 Feb
101 1z Feb 28
77
241f Feb 14
Jan
224 Sept 69
8618May 28
3814 Dee 4312 Jan
47 Feb 25
/
4 Dee
14414June 18 121 18 June 1343
/
4 Mar 18978 NO,
9912July 21 1363
Apr 10812 1.17
108 June 8 101
98/
3
4July 20 13514 Mar 18838 Nov
124 June 25 106 Sept 115 Sept
40 Feb 144 Dee
6812July 21
894 Mar 101 Dee
103 Feb IS
68 Feb 102 Nov
110's July 21
6434 Jan
5114 Sept 7878 Jan
90 Oct 10252 Jan
964 Jan 20
7 July
74 Jan 3
112 Apr
1
4 Det
7 Mar 12/
1218 Jan 9
3
4 Dec
24 June 36/
39 Jan 9
48 Jan 3
28's May 4814 Dee
2812 Dec 29 Dec
38/
3
4July 20
90 Dec 914 Dee
9812June 10
3
4 Dec
8314 June 94/
9814 JIIIY 17
2414July 21
Jan
8 Got 15
1211 Jan 28
454 Aug 8
1034May 19
5534July 3
No,
May
100 June 16
88394
;04;4
10814 Feb 7
3
4 Feb
2712 July 34/
4112June 15
10/
3
4 Mar 28 Dee
56 July 2
5338July 2
1211 Jan 3112 Dee
7812 July 1404 Jan
1174 Feb 5
Oct 118 Feb
117/
3
4June 8 108
5 June 114 Jan
13 Apr 28
184 Mar 334 Dee
324 Jan 12
D
JE
4
1/
%
1
2N
98
94 AIM 12
112 Nov
414May 14
79
4/
4
3 MA:r 13y
148 Feb 26 10
11852 Jan 31 110t2 June 11712 Nov
14 Feb 234 Dee
30 Mar 3
Jan 174 Dee
10
23 Feb 6
234 Nov 39 Dee
4978 Mar 4
Jan
59
391s
May
14
5314 Feb
3
4 Dee
4434 Apr 72/
75/
3
4 Aug 7
3
4 Feb
3734 Oat 82/
6312 Jan 13
Apr
00/
1164 Feb 8 109111
8
p 117
1
4 Fe
Feb
June
102 Jan 31
358 June
712 Jan
7 Jan 10
4412May 25
24038May 22 10714 June 124's -nee
5858 Apr 8234 Dee
9138May 22
39 May 7612 Dee
121 July 31
84 June 9934 Dee
10634June 15
_
49/
3
4 Jan 21
10912May 9
95 Dec -1-1-2-12iii;
1952 Feb 29 Nov
30 June 6
6234 Nov 6712 001
963
/
4 Aug 7
1912June 15
89/
3
4June 20
9-14 Dec
358 June
834 Jan 2
17
Apr 2538 Dee
28/
3
4 Jan 3
14 May 9512 Dec
2414 Jan 9
4/
1
4 Jan
238 Jan 12
1 Nov
80 Apr 10614 Dee
118 June 1
1
4 Feb
1912 July 29/
3278 Mar 7
Jan
9212 July 107
123 May 22
5/
3
4 Jan
212 May
434 Feb 19
413
/
4 Mar 58/
3
4 Dec
58 Jan 7
191s Dee
134 May
1858 Jan 5
14 Mar 35 Dee
49 Au 10
Jan
4114 May 77
89 Aug 10
3
4 Mar 2158 Dec
9/
213
/
4 Feb 7
2914 Mar 58/
1
4 Dec
66 Feb 7
1
4 Nov
2534 Apr 35/
474 Mar 11
Jan 954 July
91
9834 Jan 14
Dec
Mar
654 Jan 2
June 5
464
44 Dec
471
2
553
/
4 Aug 4
Nov667
100:
1 lan
7
26
0:
7 Nisy
39',Oune 9
Dec
107 Aug 14
39 May 614 Apr
55 Jan .3
5978July 1
Mar -18-32 Dec
8 8,or
373
/
4 Jan 2
,
265
29 Dec
2812 Feb
713
/
4 Jan 12
415 !Jot 7611 Jen
81
Apr 8312 Dec
146 Aug 6
4814 Jan 13
2478 Feb 5414 Aaa
101. -•
,Ss.• 1.
51 14 Ise
g Per share $ per share 3 Per share $ per share $ per share $ per share Shares.
9,800
10412 10678 10512 107
10312 101
10278 104
10512 10558 1044 105
1112 114 1112 12,400
11
1213 1234 12
12/
3
4 1112 12
12/
3
4 13
134 .158
134
200
13
/
4 158 .158
134
134 .158 134 .14 134
9638 9412 9613 67,800
94/
3
4 9278 9414 92
9614 9512 9734 94
93
1,400
3
4 11978 120 120
11934 119/
3
4 *119/
3
4 120 .11934 119/
1
4 119/
•11912 120
82 I 82
8214 8212 821z 8214 8234 3,500
6212 8218 8312 82
82
1
4
100
3
4 108 .105/
3
4 108 *10558 108 I 10714 10714 .10558 107/
*10512 108 .105/
5,200
21
213
/
4 22
2118 21
2138 21
2134 2134 2138 22 I 21
6134 7,300
6212 63
62/
3
4 62
61
6312 644 6212 6312 6114 63
3718 374
600
38
38
38 .37
*374 3734 3712 38 I 3738 38
100
87
87
.8712 88
89 I *87
89
*8712 89
887 .86
.86
3312 3212 33/
1
4 3112 3112 3014 30/
3
4 2934 3038 3018 3053 4,600
*33
117 117 1 1163
/13 118
/
4 117/
3
4 11712 118 1 116 11612 11512 11512 1,5001
100
11012 11012 *110 115 *110 115 *110 115
*11012 115 .11012 115
23412 241
241 24612 126,800
217/
3
4 219/
3
4 21712 22113 22314 23434 231 236
800
.1201). 122
121 121 , 121 121
121 121 1 121 121 *12012 121 1s
10234 1043
/
4 10.500
1013
/
4 104 1 102 103 I 10213 10412 1021* 10414 10212 104
_
----.•127l2 _ _ .12712
-112714
_ •13714 ___ .12712
-- 1,300
2358 2318 2-314
2312 23/
1
4 -2314 .2314 -2312 2334 2312 -2312 231z --._-
•46.2 4812
484 4812 .43
4811 *4812 48
*4612 484
4834 48/
3
4
-iiis 471; iitiT3 li- 1 i461.4 ii5-8 ;iii" "ii- ;lir, ii- ;i-6C4 -48
New York Stock Record-Continued-Page 3
For
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
faturday,
Aug. 8
Almlay.
Auo.10
821
aias during the week of stocks usually inactive. see third page orece811111•
Tuesday„ Weassesday. Thursday, 1
Aug. 11 1 Aug.12 1 Auo.13 1
prgday,
Aug. 14
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SII ARE
Range for Year 1920.
On basis of 100-share lots.
Lowest
Highest
PER SHARE
Range for Preston'
Year 1924.
Lowest
H40,413
Per share
$ per share S per Mare $ per share' $ per share $ per share : $ Per share Shares. Indus. & Miscall. (Con.) Par $ per share
per share $ per 'Mu
743 A
par 453 Jan 21
7214 7234 7138 73
No 100
4
33 Mar 48 Dee
7112 7259 7114 7238 7014 7159 7034 7314 37,300 Col Gas di Elea
10414 Jan 5 11018.1.0y 15 10314 Dec 105 Dee
•10758 1094 10959 110 *10912 110 .108 1094 10934 10934 10934 10934 1,100
Do pref
66 ' *62
66.
624 624 .62
66
.132
•62
66
100 Comml Invest Trust__NO Par 50 Jan 2 67 Feb 16, 3038 May 58 Nov
.62
66
.104 10611 .101 1064 •104 10613 .104 10613 *104 10612 *104 10613
Do pref
100 102 Mar 19 1064 Jan 191
93 May 103 Nor
91
.91
95 1 91
95 .88
or 80 May 25 190 Jan 291
92 1 95
par
95 .92
95
4312 Jan 1314 Dec
600 Commercial Solvent A No p
95
91
91
.48
94 .83
.88
90
76 May 25 189 Jan 29: 33
9112 9334
No
9412 9412 .92
Do ''1.3"
Jan 12912 Dec
900
2414 2314 2418 2338 2418 2334 244 2338 235
22 July 29 434 Jan 2
2414 24s 24
7,100, Congoleum Co new_ _ .No par
32% May 6634 Feb
7
78 May
12May 19 17 Fob 101
73•h
8
%
1 Conley Tin FollstampedNo par
h
58
14% Dec
.53
.
58
%
%
*55
78
36131 3534 3534 36
3638 3638 •3634 3714 36
368 .363 37
1138 Mar 30 Nov
1,200 Consolidated Cigar. _ _.No par 2611 Jan 2 4418May 29:
8812 *8734 8812 .8413 87
8814 8814 8814, .88
88
88
100 7934 Jan 2 8978 Feb 141
88
Do prof
5913 Apr 84
9991
Jan
412 413
3/
412 434
318 Jan 7
1
4 Dee
434 434.
412 44
9% Feb 191
434 414
414
18 Jun
414 3.5001 Consolidated DistrIb'rs No par
90
9013 8934 90 I x3838 883 1 8778 88181 8734 88 1 8734 8834 16,200. Consolidated Gas(NY) No par 744 Mar 30 923n July 20
6074 Jan 79% Dee
314
314 334
312 318
3
314
3
34 338
5,4 Jan 71
234.1une
3
31
9,900 Consolidated Textile___No par
Jan
233 Apr
8
7814 7713 79 1 7738 7878 7714 7813 7714 7814 41.200! Continental Can, Inc. No par 6012 Mar 29 80 July 29
77
7714 78
4312 AM 6933 Dee
1144 1111 4 •114 110 .114 115 .113 11412 114 114 .11334 114
25 103 Jan 5 1204 Jan 2,,1
8918 Apr 10918 Dec
3001 Continental Insurance
92
91
814 Jan 2 1138May 91
834 9 .23,300, Conti Motors tem etfs_No Par
834 94
834 9
9
914 9,2
8
8
Apr
9
878 Dec
3338 337 3314 3259 3278 3278'33
33
.3338 34
3259 327 18,5001 Cam Products Refill w 1___.25 3238May 29 4159 Feb 25: 3118 Jan 4359 Nov
.
118 120 *118 120 .117 121 *11612 123 .116 121 .117 123
100 1184 Jan 7 127 July 3. 11514 Apr 12334 Aug
I Do pre(
794 7134 7014 71
7214 7112 7218 7034 72
72
70, 7113 10,200 Crucible Steel of America 100 644 Mar 30 7934 Jan 17! 48 May 76 Dee
96
96
.9512 96
96
.96
96
97 .96
97 .96
100 92 May 8 9613 Aug 4?
97
300
Do pref
86 May 98 Dee
11
94 Aug 14 1434 Feb 91
1038 1034
1034 1034 11
1012 1074
11
912 10
No lywar
11
1012 Oct 18 Feb
2,500 Cuba Cane Sugar
47
4513 4618 4512 4558 7,900
4612 47
4614 47
47
48
.47
4512 Aug 13 6238 Feb 26
535 Apr 71% Feb
Do pref
2518 2038 2514 2512 25
2634 2634 2612 264 2012 27
2814 Nov
25,4 8,000 Cuban-American Sugar__ _10 25 AuZ 14 3312 Mar 3
3874 Feb
97
09612 93 .9612 98 .9613 08 .9612 98
97 .96
100 9512May 5 101 Mar 13
Do pref
96
98
200
Jan 10014 Noy
34 34 *334 4
838 Feb 27
312 33
314 July 10
811 Feb
334 3% *3h 3%
44 June
313 312 2.000 Cuban Dominican Sua_NO Par
27 .2512 31
31
.2314 30
•213
27
27
•2314 29
100 2314July 17 4414 Jan 6
.24
38 Dec 52 Feb
100
Do pref
75 .7278 75
•72% 75
747 75
80 .73
x75
No par 62 Mar 30 87 June 8
.73
75
300 Cushman's Sons
564 Aug 7634 Sept
5312 5212 5212 •5234 5414 .524 53 .53
53
5412 1,200 Cuyamel Fruit
No par 50 Feb 17 59 May 25
54
54
45% Nov 744 Jai
133
118
lh
114
138
114
114
14
1 June 25
lh
778 Jan 9
lh
114
1,700 Daniel Boone Woolen MI11s_25
0 Nov 3214 Mae
159
4114 434 411 4338 421z 434 424 434 30,800 Davison Chemical v t o_No par 27% Apr 30 4934 Jan 23
4112 4278 40,8 417
384 Nov 694 Jan
23
2212 23 .23
*2214 23 .22
24
2414 24
24
2418
I814 Jan 224 Dec
900 De Beers Cons Mines No par 2014 Mar 18 244 Jan 28
12914
12914
.129
129
129
129
129
130
129
129
129 129
100 110 Jan 5 13118July 29 10114 Jan 11559 Dec
1,000 Detroit Edison
25
2574 2538 26,4 35,200 Dodge Bros Class A ___,Vo par 21hJunc
264 2513 26
2759 2618 2734 20
27
31 July 14'
8178 8214 23,900
8114 8214 8138 8212 8134 82,4 8112 82
8152 82
Preferred certifs_ ___No par 731zMay 7 8412July 15
1412
1414 1414 1414 14,4 1414 1414 1438 1413 1,000 Dome Mines, Ltd
No par
144 1414 •1414
1234 Apr 14 1618 Jan 19
1114 Nov
2112 2112 21
2138 2118 2118 .2114 213
2259 2318 2159 22
No par 14 Feb 16 2312 Aug 4
938 June 18 Dec
2,600 Douglas Pectin
111 111 x110%110%
11014 11012'110 11012 •1091, 11012 11012 111
800 Duquesne Light 1st prof......100 105 Jan 7 11174.1une 8 10024 Mar 10814 Sept
107 10712 10712 1075* 10738 108
_No par 10454 July 18 118 Jan 19 10418 Apr 11474 Noy
10512 10512 MO 10614 1061 107
2,700 Eastman Kodak Co
•1734 1814
18 1 18
18
1912 1938 20
1912 20,4 21,800 Eaton Axle OC Spring
No par 1012 Feb 13 2011July 7
1814 18
834 Sept 2418 Jan
139 14013 13878 146
197 19934 198 19938 x140 144
15113 157
17,000, El du Pont de Nem & Co__100 13414 Jan 6 21112 1 1g 5 112 May 142 Dec
100 100
.9934 101
100 94 Jan 23 102 July 7
100 100 *100 10012 100 100
10018 101
1,2001 Do pref 6%
85
Apr 96 Dec
344 307
35
3612 3734 364 371.1 3359 364 34
1734 Apr 25 404July 16
3412 3534 59,900 Elec Pow & Lt Ws_ ___No par
10878
103
1034
10812
1
108
10018
103
Mar
18
10814
100
1073
108,4
110 June 16
10834
108 41 2,7001 40% Pr Pd
•109 4 111
10912 10912 •____ 111 .109h 111
1093 1093 .108 10934
10012 Mar 28 11034June 24
Pref full paid
200
6422 6534 64ss 68
65
64
64
6412 64
64
/
4 Mar 30 7034 Jan 3
637 6413 9,100, Elec Storage Battery. No par 601
So's May 66 Dee
37
4
418
4
4
•313
4
312 4
4
1 18May 1
4
51
/
4 July 31
4
78 June
8,800 Emersou-Brantingham Co_100
312 July
5715 68
6634 6734 66
663
67
6318 6812 6734 68
677
4,100 Endlcott-Johnson Corp__ 50 6334 Apr 2 72 Jan
5578 May 7334 Dec
116 116 *116 119 .11514 119 .116 118
•11612 119 .118 119
100 111 May 28 11634 Feb 16 10512 June 115
200
Do Prof
Jan
•1559 1634 •1559 1634 .1534 1634 *1534 1634 .1513 1612 *1512 1613
Exchange Buffet Corp_No par 1312July 23 19% Jan 3
18 Dec 2412 14112
43
3
3
43 Aug 5
.334 6
*3
4
*3
214 Mar 27
34 338 .2
25
5
500 Fairbanks Co
2 Dec
412 Jan
454
7
45
453
4
45
441_
4'
4314
44
324
463
43
4
Jan
2
4512
4312 4.200 Fairbanks Morse
49%July 20
No par
2514 May 34 Dee
105 1074 10659 108
10613 110
10818 10914 1074 10834 35,200 Famous Players-Lasky_No par 904 Feb 17 11434July 27
10634 107
61
Jan 9812 Dec
•115 117
.11512 11734 .117 DR .110 117 .116 11712
100 10378 Feb 17 120 July 27
Do prat (8%)
8774 Jan 10812 Dec
3038
304
29
2913
304
297
29
3014 29
15 2712 Aug 14 36 June 19
3018
2712 28% 5,600 Federal 1.Ight & Trac
17
17 .16
17 .15
17 .15
17
17
1812 1534
•16
600 Federal Milling & Smalt'4.100 154 Mar 13 25 Jan 19 -- 5l -.A pr 24,84 Dec
5534 5834 5734 5734 58
58
5812 6178 8,400
100 4912 Mar 11 6414 Jan 15
5734 5812 5814 59
Do Prof
4114 Jan 041: Dec
16514 1654 .165 166 .165 167
•165 167 .165 167 *165 167
200 Fidel Phen Fire Ins of N Y.25 14718 Jan 6 175 May 15 118 Mar 148 Dec
.14
17 .14
16
15
15 .15
17 .14
17
12 Jan 8 1734July 13
•14
16
94 Jan
100 birth Ave Bus tern ctfs_No par
1334 Jar
8034 8112 7713 8034 7818 8312 81
814 82
814 82
6014 Feb 17 8612July 30
8312 30,800 Fisher Body Carp
_
2259 214 224 2114 217
2034 2112 20
1934 2013 47,900 Fisk Rubber
No par
22
203
1012 Mar 24 2438July 28
54 June
Dee
106 106
105h 10534
100 754 Jan 113 10759July 22
106 106 .10512 106 .10513 1057 10512 106
Do 1st prof
3818 July 88 Dec
600
98
9812 9312 9734 974 98-2 9712 98
97
98
9712 101,4 13,700 Fleischman Co
No par
75 Mar 19 10114 Aug 14
4414 Jan 9014 Nov
go Jan 6 13434July 29
No par
13,300 Foundation Co
126 12734 12313 12614 125 12734 124s 12634 12559 12634 12614 128
Ws Jan 9434 Det
1638 1712 1638 17
161z 1674 16% 1759 14,900 Freeport Texari Co
1812 17
17
8 Mar 18 1874June 15
No par
17
714 Sept 1374 Jar
92
9
912 1018
934
938 .878 914
94 10
4% Jan 2 1614 Mar 2
83
No par
314 Oct
8% 3,400 Gardner Motor
7
Jam
4514 454 4514 4534 4512 4512 .44
46
*45
..4534 46
100 4412 Alai 4 584 Jan 10
352 May 53 Dec
46
500 Gen Amer Tank Car
10214 10214 •10214 10212 *10214 1021 •10214 103
100 934 Feb 16 16
Feb
03
2%
74 A
100
jai
l 6
102,4 103 .10214 103
Do Prof
2
92
994 Dec
544 543
5213 5313 5214 5338 6214 531
100 4213 Mar 30
5314 5313 9,400 General Asphalt
5433 55
3138 Apr 6338 Dee
495
9634 .95
9634 9518 9514 9633 965s 9514 9514 .9334 9634
100 864 Mar 17 100 Jan 2
Do prat
7114 Ayr 100 Dec
300
169
170
185
170
173
17512
172
175
16534
16014
93
Jan 180 Sept
168
10,600 General Baking
No Par 121 Mar 7 17513 Aug 11
1654
0014 9014 8914 89141 8878 8959 8814 89
90
00
100 8412May 4 11114. Mar 4
8214 Apr 98h Dec
*88,2 8834 2.700 General Cigar Inc
318 3211 319% 32314 44,100 General Electric
100 2274 Feb 17 32314 Aug 14 19314 Jan 323 Dec
310 3137 303 31012 30913 316h 31413 321
1114 11,4 114 1114 2,800
1138 1133 1114 1114 1114 1134 111s 1114
11 Jan 2 1174JulY 10
10
Do special
1912 Apr
1112 July
1
4 92
93
9334 91
9414 937 94/
9234 914 92% 79,400 General Motors Corp_ _No Par 6459 Jan 5 9438 Aug 10
9234 89
5534 Oct 6674 Dec
9313
97
.9613 _ _ _ _ •961
.
100 90 Feb 13 98 July 6
Do pre
80 June 93 Dec
49612 98
•9612
_1 .97
98 .964 98
.9612 98
Do deb stock (6%)_ _ _ _100 881s Apr 21 9814June 27
804 June 934 Dee
11214 1124 11313 11213 11212 11314 11214 11234 11212 11234 112 11238 2,900
100 102 Jan 5 1131,JulY 11
Do 7% pre!'
951s July 10312 Dec
4634 4738 47
4614 473
47% 50,900 Genera Petroleum
25 42 Jan 16 59 June 12
5032 5012 494 5034 4718 49
38% June 45 AtUi
45
45
*4511 46,8 4512 4512 .45
.4412 45
4612 •45
46
31 June 50
200 General Refractories_ __No par 43 Am 28 5812 Jan 14
Jan
5318 5318 5318 5312 54
54
.54
55
54
54
554 5514 1,100 Gimbel Bros
No par 47 Mar 16 62 June 9
4714 June 6474 Dec
107
.106
I 107 107 .105 107 .105 107 .105 107
.106 107
100
100 1024 Mar 14 107 Aug 11
Do pref
99
Jan 107 Sept
4512 45
4733 457 4634 45
45
40
4512 5,700 Ginter Co temp ctfs___No par
4634 4634 46
2234 Feb 13 4912 Aug 5
21 Dee 2734 Nov
2332 2418 23
2374 a22
2312 22
2212 214 2218 21% 22
1212 Mar 19 2414 Aug 7
70,400 Glidden Co
No par
8 June 15 Nov
444 424 4218 4112 42
43
41h 4134 .41h 42
44
44
1.600 Gold Dust Corp v t e_ _NO Par 37 Mar 3 46 Aug 3
2812 Apr 4374 Nor
5413 65 1 5314 54.2 5312 537
5212 54
5318 5338 7,200 Goodrich CO (B F)__ No par 3634 Jan 5 59 J1111 15
54's 55
17 June 38 Dee
10018
9912
994
991.
7
9934
*9912
9912
9912
100
100 100
2.100
99
Do pref
100 92 Jan 3 10014 At'g 3
7014 May 92 Dec
10318 10313, 10333 103,2 1034 10312 10374 10414 2,900 Goodyear T & Rub pf v t 0_100 861
10418 10414 1034 104
,Jan 6 10534July 1
39
Jan 9014 Dec
108 108
10734 108 1 107/
10759 103
1
4 108
107h 10734
108 108
1,300
Do prior pref
100 103 Apr 27 108 Aug 7
8814 Jan 108% Doe
1634
16
16
1612
16
17
164
,
4
16%
1614
17
164 1612
5.900 Granby Cons Min Sm & Pr_100 13 Mar 80 2114 Jan 14
121s Apr 2174 Dec
99% 100
9834 9934 98,4 99
10114 1014 993 10059 9714 100
5,500 Great Western Sugar tom et( 25 91 Jan 16 11318June 19
8314 Oct 9674 Dec
144 .1414 15
14
14
1459 1438 •1334 1413 .
1312 1412
600 Greene Cananea CoPPer...._100 1134 Mar 19 1914 Jail 2
14
10 May 214 Dec
8214
83
80
803
8014 8034 8114 82
81
8214
8,900 Gulf States Steel
821/4 83
100 6718 Mar 24 9474 Feb 5
83 May 8914 Feb
291
2938 2933 2813 29
4,000 Hartman Corporation_ No par 2534 Apr 24 374 Jan 7
2914 2912 2914 2974 2914 2978 29
31 Sept
4459 Feb
42
4234 41
4214 41
41% 4112 42,8 15,400 Hayes Wheel
4244 4359 423 43
No par 30 Mar 14 4412 Aug 5
324 May 5274 Feb
45 .44
45
.44% 46
45
46
4612 45
45
45
300 Hoe(R) & Co tem ctts_Aro par 45 Apr 1 4878 Ian 9
•45
4814
Dec
517
4 Dee
•44
461 •44
4612 •44
46
4512 4534 4534 45
4613
300 Hornestake M ning
544
100 43 Jan 2 50 Jan 12
35 July 6818 Jan
4038 4059 3978 40% 2,500 Househ Prod,Inc,teinctf Nopar 3414 Jan 5 4338July 16
41
40
40
4114 4114 4114 4124 40
31%
Apr
38
Nov
62
6318 6412 601
644 65
62
: 621
62
67
63
4,700 Houston 011 of Tex tem etre_ 100 59 Apr 22 85 Jan 29
66
61
Apr 8212 Feb
6242 62% 61
63
6218 6512 63
6459 614 6318 6212 6312 68,600 Hudson Motor Car_ ___No par 3314 Jan
6612July 7
2012 May 36 Dee
1818 13
1713 1734 1712 18
18
1818 1712 18
184 18
15,800 Hum/ Motor Car Corp_ _ _ _ 10 1414 Mar 18 204,1une 19
Jan
18
1114 May
25
26
253 2713 55,100 Independent Oil& Gas_Ns par
24
2534 2414 251
58 Sep
2534 2718 2418 257
1312 Jan 6 4134June 17
1014 Dos
1912 1912 .
18
1938 191
18
1812 1812 .1812 1914 18
1912 2,200 Indian Motonycle
par100o
13 Mar 24 2078July 25
No
Feb
June
2514
1518
734
712 712
734 8%
733 73
738 7'3
73
738 738 1,300 Indian Refining
54 Jan 2 1038 Feb 6
33 Apr
74 June
•80
85 .8013 85 .804 85
*80
85 .80
85
475
85
Do pref
77 Mar 24 95 Jan 7
60 Mar 75 Dec
4134 4134 417
4112 42
4134 417
14113 41i2 2,100 Inland Steel
4112 4112 41
par 3834May 1 60 Feb 2
No 10o
May 4834 Nov
314
110 110 .110
10912 10911 •10913 110 •10912 110
300
Do pref
•1084
10412 Apr 13 110 Jan 22 10114 Jan 10734 Dee
2738 2734 2718 28
2812 .28
2812 2713 271
2,600 Inspiration Cons Copper
2838 2938 28
20 2214 Apr 22 3234 Jan 12
2218 Feb 3378 Dee
1313 13h
1338 14
/
4 14341 1414 1459 1312 14
1514 111
3,200 Intermit Agricul
par
74 Jan 7 1738July 24
15
934 Jan
3 June
12734 1273 126 127
127 13038 4,100 lot Business Machines_No
No Par 110 Mar 30 13038 Aug 14
126 12812 .127 128 •127 128
83 AP 1184 Dec
6612
6612
6814
661
664
6612
674
66
6612 4,600 International Cement_ No Par 62 Jan 5 6978July 21
5918 Nov
67s 6759 664
401
4
AV
4814 493
4912 464 4812
4912 51 163,900 Inter Combus Engine NO Par 3134 Jan 21 51 Aug 14
4318 4912 48
22 Ma
39 Dec
1141
/
4 11518 115 119
115
10,700 International Harvester___1001 9618 Mar 25 122 July 23
Jan 1104 Dec
11618 11678 11512 11634 11414 11514 11412 119
78
119
119
.118
118
119
11814
119
2118
119
1001 114 Mar 3 12038July 29 106 Feb 1154 Nov
1,000
Do prof
119 119
81
8
8
13
84 8'2 *73s 3
718J une 25 14is Feb 6
734 7% 3,600 Int Mercantile Marine
100
8,4
8
6' Jan
1531 Dec
3113 3014 31
30
2933 3054 29
2934 2978 8,400
100 29 Aug 13 52% Feb 5
Do pref
3159 3134 314
2612 Ma
473s Dee
7
311
3078
313
3012
3138
301
/
4
3114 3034 31
33.500 International Nickel (The)_25 2414 Mar 18 32 July 31
1112 May 274 Dec
303 31,4 30
993 .99
9934 •99
9934 *99
99 .97
995k 99
9934
100 94 Jan 6 994 J uly 8
.99
Do pref
100
7512 May 95 Nov
64
62
6312 63,2 6434 9,000 International Paper
6412 63
100 4814 Mar 19 7438June 1
6638 644 6612 64
341: Apr 60 Dec
66
78 .76
77
78
77 .76
77
*76
•7612 78 .76
100 71 Mar 9 8212\lay 26
78
200
Do stamped Prof
6212 Ma
7474 Oet
185 185 .180 189
180 180 *180 189
178 180
No par 108 Feb 2 1993 July 27
1,100 International Shoe
73
Apr 119 Noy
.176 180
11614 11612 .11614 11759 .11614 1103 11612 11612 111612 11613
100 11534July 9 121 June 3 11514 May 1194 Dec
Do pref
400
•11612 117
13312 13814 1384 144
132 1331. 130 135
41,100 Internal Telep & Teleg_100 8712 Apr 3 144 Aug 14
Feb 94 Dee
66
13414 13674 13318 135
2112 2112 .21
.2112 22
.2112 22
22
No par 18 July 8 2612 Jan 6
22
100 Intertype Corn
24% Dec 3212 Max
.2112 22 .21
19
193
1938 .1834 19
/94 19
19
100 1613July 29 2174 Feb 26
18
2,700 ..ewel Tea, Inc
18
10% Apr 23', Jan
19
•18
113 113 •110 112 •110 112
109 109 •110 115
100 10212 Jan 19 113 Aug 12
200
Do prof
78 Mar 108 Dec
•106 110
•1812 1914 187 194 .1812 1878 1813 181 •1814 1812 154 1818 2,900 Jones Bros Tea, Inc, lit pd. _100 1334June 23 21% Feb 3
14h Sept 2714 Jan
3812 3938
No par 3538 Aug 10 5912 Mar 3
21.200 Jordan Motor Car
3712 3538 361 4 3534 3312 384 397
2134 May 5234 Der
36
2812 2813 .
3
9
28
4
83144 3
9
28
97
18
3 3,800 Kayser (J) Coy t
Par 1534 Mar 17 344 lune 15
1614 Aug 3834 Jan
3034 3012 3034 2812 2912 2814 283
30
94
94
98
*93
98 .94
93
No par 83 Mar 30 100.4.1une 2
200
Do 1st pre
77 Aug 10213 Feb
94 .93
94
17
1714 16
93 Juno 35
25 1214 Mar 24 2138July 3
1814 1814 173 1834 1714 173
17
6.000 Kelly-Springfield Tire
Jan
1812 183
61
61
63
*61
67
*61
67
6012 60,2
100 41 Mar 25 74 July 3
Do 8% pre(
300
33 June 88
Jan
68 .61
*61
62
60 .55
60
65
*83
56
66 .55
100 43 Mar 25 72 July 3
300
Do 6% pref
5
86
40 June 7812 Jan
64
66 .55
•55
.85
87
87
87
88 .8712 88
100 87 Aug, 4 10412May 12
88
300 Kelsey Wheel, Inc
76 May 104 Dee
*8714 90
No oar 4613 ar130 5744 Jan 13
573, Doe
344 Jan
/
4 5512 54s 5478 537 5438 533 5412 53% 541. 35.000 Kennecott Copper
5512 541
55
•Bldai16 &eked pricer no rake an tills day. s Es-dividend. It Par value chanted from 4100 to $50 and prices on that basis D49,4%444128 June 3. a Ez-rlabla.
822
New York Stock Record -Continued -Page 4
For sales during the week of as city usually Inactive. see fourth page preceding
elIOH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday.
Aug. 8
Monday
Aug.10
Tuesday, 'Wednesday
21717.11
Aug. 12
Thursday
Aug. 13
Friday
Aug. 14
Sates
for 1
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On baste of 100-share lots,
Lowest
Highest
eiRt 218 41(8,
Range for Prato:
Year 1924.
Lowest
1
HighesI
$ per share $ per share $ per share 2 pa - share 2 per share $ per share Shares.' Indus. & Miscell.(Con.) Par 2 per share $ Per share $ per share $ per stars
174 Jan 9
238 212
218 238
112 Oct
433 an
312July 16
21
238 4,200 Keystone Tire & Rubb_No par
212 2%
238 238
23e 238
100 Kinney Co
8112 .76
8112 *76
*76
80
5214 May 8614 Dec
No par 74 Mar 25 8734May 25
80 I *76
80 I 79;2 7912 *76
300 Kresge (S 5) Co
48434 495 *48434 495
49014 49014' 49034 495 *505 525 ;*50534 523
100' 355 Apr 28 532 Mar 24 28712 Jan 47514 Des
500 Kresge Dept Stores___ _No par 3112 Jan 21 4534 Jan 7
4212 Nov 627s Jun(
36 I 3512 3512
3634 *36
3612 36
3512 3512 36,2 3612 *36
300 Laclede Gas L (St Louls) 100 11014 Jan 5 178 Star 31
*155 165 *155 161 *155 164
Jan 113 Nov
15914 15934 15512 15512 *156 160
79
_ __No par 1138 Feb 20 18 July 1
*16
1634 16
1612 15
16
15
15
1434 15 1 1434 144 1,300 Lee Rubber &
8 May 1712 Jar
6538 6538 6538 6578 6534 66
Tire50 Mar 6884 Dec
Tobnew.... 25 57 Mar 25 7112 Feb 6
66
66
6614 66331 6634 6732 2,200 Liggett & Myers
Do pref
*118 123 *118 123 *118 123 *118 123 •118 123 ,*118 123
100 11612 Jan 16 12234July 20 11478 July 121 June
Do "13- new
6512 6534 6532 6512 6514 6512 6514 6512 6514 6612: 6632 6612 3,900
(0. Feb ti
4878 Mar 681s De,
25 5513 Mar 27
De,
700 Lima Lbc Wks
71
*63
6334 63
6334 62
No par 60 June 23 7433 Jan 14
6314 6212 6212 *62
63 I 26134 62
66 June
3214 33
3214 33
3233 3234 3114 3212; 31
3134 3133 31 12 17,200 Loew's Incorporated...No par 22 Feb 17 3312 Aug 5
1518 June 25 De
518 Apr 6
512 Apr
No par
6 Jan 28
8/
1
4 Jan
734 733
734 734 2,700 Loft Incorporated
*734 733
734
733
752 734
712 712,
200 Loose-Wiles Biscuit
*8212 86
*8212 87
*8212 85
100 77 Feb 17 9718 Mar 7
*8212 85 I 8314 84 I *8312 85
50 Mar 84 Nos
*3414 3412 3118 3412 34
3412 3378 34 1 34
3438 3334 3458 4,700 Lorillard
3338 Dec 4014 July
.. 25 3014 Jan 24 3778 Jan 13
Do oref
100
*112 116 *112 116 *113 116 *112 113 1114 114 1*112 114
100 10812 Feb 27 115 July 18 112 Nov 117 Pet
1533 16
1518 1533 1432 1532 1434 15
1432 15
1412 Aug 14 2834 Feb 31
1412 1533 18,600 Louisiana Oil temp ctfs_No par
3514 3534 35
3514 3334 35 1 3334 34
Oct 3858 -15;
No par 314 Feb 17 55 Mar 4' 17
31
34
34
3534 3,500 Ludlum Steel
Mackay Companies
*130 132 *13012 135 *131 134 *13212 140 *130 149 *130 13512
Jan 119 Aug
100 114 Mar 20 130 Aug 7 107
86,8001 Mack Truck,, Inc
19812 20114 195 19834 194 199
No par 117 Jan 16 214 Aug 14
19532 19812 19612 209
20812 214
7554 Apr 1187s De
Do 1st prat
200
111 112
•11012 112 *11018 112 *11014 112 I*110 112 1.11018 112
100 104 Jan 27 112 Aug 6' 9512 Jan 10714 Dee
200
Do 29 pref
106 106
10612 10612 *10534 10614 *10534 106 j*10534 106
*106 107
100 99 Jan 2 10638 Aug 7
87 Apr 10114 De
300 Macy(R H)& Co, Inc_No par 6913 Jan 3 9418July 27
*87
8912
87
87
*8612 8812 *8612 89 I 8634 8634 *8634 89
59 May 7112 Diia
4278 4314 4212 43
4134 427*1 4134 4212, 42
4214 4214 4258 4,700 Magma Copper
No par 34 Mar 31 444 Jan 2
2618 June 4538 Der
5,200 Mallinson (II R1 de Co_No par 2158 Mar 30 3712 Jan 23
2612 27
2634 28
27
28
2678 2712 2634 2712 2612 27
18 Mar 414 Dee
4912 5058
800 Manh FilecSupp tem ctIsNo par 32 Mar 21 59 Mar 10
4934 4934 4914 4914 *4812 51
3314 Mar 4934 July
*4812 51
*4812 51
Jan
*2612 2678 2678 27
2614 2612 *2638 2612 2638 2638 *26,8 2612 1,200' Manhattan Shirt
25 2014 Mar 16 3034 Jan 3
2612 Dec 44
4112 4112 4212 4212 42
4414 4312 4312 4212 4212 4134 4134 5,300 Manila Electric Corp.. No par 2812 Mar 5 4912 Apr 24
2834 Dec 3112 Dec
2312 2312 2212 2333 2112 2212 21
2438 Oct 3713 Jan
2112 2114 2133 2134 2214 14,100 Maracaibo 011 End._ _No par 21 Aug 12 3512 Jan 'Al
Per,
42
4114 4238 86,300 Mariand Oil ...
4314 4412 42
4314 4112 4238 4078 4178 4118 42
No par 3238 Mar 30 4738 July 28
29 May
Jan 1734 Mar
*22
2214 2214 2214 2212 2212 23
21
2414 2732 2612 2838 11,300 Marlin-Rockwell
No par 1038 Mar 13 2818 Aug 14
8
22033 2114 2,700 Martin-Parry Corp _._No par 20 Aug 3 37.8 Jan 7
*20
2032 20
21
21
23
2212 23
3118 Nov 3738 Jan
2033 21
1,200 Mathimon Alkali Wkstem ctf50 51 Jan 6 8412June 12
75
*73
2938 May 5814 Dee
7514 7514 7514 7634 7514 7514 75
75
*73
74
__ __ k___ _ ____ ______ Maxwell Motor Class A_ _ -100 7438 Jan 27 12112June 3
38 Apr 8418 Dee
____ k_ ___ ____ ______ Maxwell Motor Class B No par 3314 Jan
12712June 3
1013 Apr 3934 Dec
A certificates
__ ______
10712MaY 6 120 Aug 1
*119 ____ ____
B certificates
----------------------------------------600
--- -- -7712 Apr 24 126 June 3
119 119
2 11
i2 16 211412 1634 3,800 May Department Stores_ _ _50 101 Mar 23 12814May 25
821* -/-xii• 115 -ifie
•117 11712 11614 17
/52
91
9112 9234 9234 1,400 McCrory Stores Class B No par 79 Mar 17 9414July 7
Oat 10634 July
92
86
92
9218 *9212 93
9212 9272 92
800 McIntyre Porcupine Mines_..5 16 Jan 2 1934 Aug 4
1938
19
1938 1938 *19
*1938 1934 1938 1912 1914 1914 19
14s Dec 1814 Jan
Dee
90/
1
4 Apr 101
200: Metro Edison Power pf _No par 0713 Apr 21 11534 Aug 13
_1
*11514 _ _ _ *11514_ 11514 11514 *11514 ____ 11534 11534 *11534
-2-114 2,000' Metro-Goldwyn Pictures pf _27 18 Jan 3 22i4 Feb 51 15 Sept 19 Dee
2114 21141 *21
2112 21121 2132 21-12 2112 2112 2034 21
1278 13
1233 1312 1258 1278 1212 1314 1258 13 1 1234 13 1 8,800' Mexican Seaboard OIL _ No par 1112 Mar 17 2212 Jan 6
141s Jan 2584 Se91
978 10 1 3,3001 Miami Copper
8 May 12 2414 Jan 13
10 I
20 May 26 A177
1014 10121 1032 1012 1014 1033 1012 1014 10
5
2812 2732 2832 2818 2833 47,500 Mid -Continent Petro__No par 2618 Apr 17 Wahine 8
2832 2914 2712 29
2732 28
27
2 1 6,600; Middle States 011 Corp_ 314June 6
2
2 I
133
38 Apr 16
172 2
178 2
178 2
2
2
10
Aug 67,"jaIl
139 140
13712 139
139 141 I 14,400; Midland Steel Prod pref
14218 144
100 96 Jan 2 147 Aug 10
914 June 98 Nos
144 14512 142 147
6114 June 7484 Dec
9234 9414 9012 9412 8934 9514 9012 9312 9114 9412 9214 9478 88,100; Montana Power
100 64 Apr 17 9914 Aug 6
6733 66
6732 6633 6912 46,700; Montg Ward de Co 111 corp....10 41 Mar 3) 73 July 28
2154 May 484 Der
687a 6912 6733 6812 6712 6814 66
3114 3112 31
3134 3034 3132 3032 3114 3034 3114; 3032 3112 8,500; Moon Motors
No par 2234 Mar 19 35 July 7
1711 Oct 2712 Feb
734 8
712
75*i
712 733 10,700. Mother Lode Coalition_No par
91s Jan 2
6 May 4
77a 812
8
8
94 Feb
72 784
6 May
18 Apr 9 35 June 29
3118 3012 3114 3018 3038 29
3012' 2934 2978 7.5001 Motor Wheel
No par
3114 3114 31
Mullins Body Corp_
1412' *9
1434 Feb 2 2113 Neb 29
Kfa,
*12
16 *_-_- 16 *____ 16 *____ 1412 *9
1412
No par
Wei
200 Munsingwear Co
3412 *32
3412
35
*33
3412 '
,33
3412 .32
*33
35
35
No par 3012 Apr 23 35 July 23
291e July 394 Jan
700 Nash Motors Co
41912 420 *415 425
420 420
415 420 *415 420
9612 Apr 204 Dee
O425 430
No par 19313 Jan 6 448 May 4
Do pref
100
984 July 10414 Nos
105 105 *10434 105 *10434 105 *10434 105 *10434 105 I*10434 105
100 10334 Jun 21 1017 July 15
100 National Acme stamped
3s ON
*81t9
*81
9
*8
9 1 *8
9
*8
812;
8
8
414 Mar 24 1078July 24
104 Jan
.10
6712 69
6734 6812 68
68 I 6758 6812 5,800 National Biscuit
5014 Mar 7714 Sept
6912 6934 6912 70
25 65 Apr 29 76 Jan 2
Do pref
*12612 ____
200
128 128
128 128 *12612
•127 128 *127 128
100 12312 Mar 11 12812May 9 12012 Jan 12654 Dec
7212 7014 7112 7038 -7038 7133 7112 2,300 National Cloak & Sult
44 June 707s Dee
7212 7212 7134 7212 72
100 6512 Mar 5 78 Jan 26
Do pref
•101 102 *101 102 *101 102 *101 102 *101 102 I 101 1011i200
914 Mar 1007s Dee
100 99 Jan 13 104 Jan 29
64
20,100 Nat Dairy
6114 6172 61
ortteNo
Departmentr
No pa
ar 42 Jan 2 6578 Aug 8
6412 6572 6134 6412 6112 6234 6112 63
3058 Apr 4414 Dee
41
41
1,700 Nat
4212 *41
42 1 41
4112
Jos
*41
Pr°d Stores
*41
42
par 3812 Jan 2 45 May 12
8614 Oct 43
200
Do pref
97
97
9712 9712
*9678 97
*9678 97 I *9678 97 1 *9678 97
100 96 Apr 15 102 Jan 2
921* June 101 Dee
3232 3278 4,900 Nat Distill Products_ __No par 30 Apr 9 3714May 27
3234 33
3412 3233 34
3514 35,4 3434 3532 34
64
80l Aug --51" -n-sO
1,100 NatDIstil Prod pttemctINopar 5212 Jan g 70 July 20
67 1 6512 6512 645* 6518 *6412 6541 64
6778 6778 67
3212 3234 3231 1,500 Nat Enam & Stamping...AO° 25 Apr 30 3678 Jan 21
184 Sept 4471 Jan
32I 3134 3134 *32
3212 32
3212 32
*32
100
Do pref
8678 8678 *86
Jan
88
*86
88
*86
87 Sept 89
100 75 June 22 8934 Jan 12
*86
88
*85
88
88
2,300 National Lead
15112 152
152 152
100 13812 Apr 27 16674 Jan 9 1234 Apr 1604 AU/
15334 15434 153 15412 153 154
154 155
100
Do pref
11534 11834 .11634 119
100 116 Jan 5 11834 Aug 13 11112 May 118 Sept
*11678 119 •11614 119 *11614 119 *11614 119
1,500 National Supply
58
641s Oat 7211 Feb
60 568 Aug 7 71 Jan 29
5712 571s 87,8 567s 5714 5712 5712 57
571a 57l' 57
1171 Jan 16114 Dec
1334 13781 1358 1333 1312 1312 1318 1338 1318 1338 1314 1314 3,200 Nevada Consol Copper ___ 5 1134 Apr 27 1638 Jan 7
8,800 NY Air Brake tern otts_No par 423kMay 1 5812 Jan 3
50
49
49
3811 Apr 57 Des
4952 49
4912 4912 4878 51 I 4018 5078 49
600
Do Class A
*55
56
4714 Jan 57 Dee
56
No par 61 Mar 19 67 Jan 7
56
*55
56 I *55
*54
5512' 5512 56 I *55
82
une 37 Dee
5112 4912 5114 13,800 N Y Canners temp ctfs_No par 3134 Mar 30 5412 Aug 8
52
50
5234 50
5233 54121 5214 5312 50
19
Jan 374 May
10) 18 Mar 24 3633 Aug 8
35 1 3134 33
31
3158 3218 3314 337s 3478 5,100 New York Dock
35
3658 34
670
Do pref
*6812 70
4118 Feb 5514 May
100 5213 Jan 14 7214J une 26
69
69
4812 69
6834 70
6812 68,2 *6812 70
Niagara Falls Power_ __No par 45Is Jan 5 77 July 22
*61
76
42 Sept 47 May
76
76
*62
70
*63
76 I *61
.
64
76 .62
100
Do pref new
27 June 29 Sent
25 2718 July1 29 Jan It
2814 *28
2814 *2818 2814 *2818 2814
2812 2812 *28
2814 *28
22
Jan 65 Dee
5672 5712 47,700 North American Co
10 414 Jan 6 6n July 29
58 I 5712 58
5832 60
58121 5938 5634 5878 57
1,900
Do pref
437s Jan 5014 July
*4933 50
50
50 4632 Jan 2 50IsJune 2
4933 4972 4978 4972 4934 4978 50
50
50
400 Nunnally Co (The)---.NO Par
8 Jan 16 1010 Jan 30
*012 10
7 Apr
91e Dee
10
10
*912 10 I 10
10
912 10 1 *212 10
712June 5
Ontario Silver Mln new No par
414 Mar
sae oes
512 Jan 22
*634 7
*634 7
*678 7
*634 7
*634 7
*634 7
600 Onyx Hosiery
18 May 30
Jan
1838 Jan 6 3312 Aug 12
3314
3314 *33
No par
33
3314 3358 *33
3234 33
*3212 3234 33
18 Feb 29 Dee
2534 Jan 16 32g July30
3058 5,400 Orpheum Circuit, Ina
30
3012 30
3014 2914 2934 2832 29l4 2883 2834 *29
so 87s Feb 27 135 July 20 885e June 92 Dee
*126 128
12712 130 I 12712 12712 12714 128 1 12634 12634 12634 12812 1,100 Otis Elevator (2)
64 Nov
117e Jan
1318 13
1314 6,700 Otis Steel
8 Mar 18 1413July 29
No Par
1312 1312 1333 1334 1314 1312 13
1314' 13
44 Oat
1,900
Do pref
WA Mar
82
82 I 82
100 5014 Mar 18 88 July 29
82
83
8334 8212 8333 81
82
8212 82
4.500 Owens Bottle
3914 May 474 Jan
25 4234 Mar 17 5678.fuly 23
55 I 5412 55
5412 5434 5412 5413 5433 5412 54
5434 55
11812July
Pacific
904
Jan
105
Dee
29
Gas
&
114141
1,800
1024
Jan
11312
Electric
*115
114
100
11612
11614'
114
1153
4
116
11514
11612
115
7 Apr 10e4 Jan
54 Apr 18 11 Mai 26
100 Pacific Mall Steamship
1038 1038
5
810
12
*10
12
*10
12 1 *1014 12
*10
12
48 Apr 5814 Feb
5312 5418 65,500 Pacific 011
No par 5214 Mar 30 6514 Jan 31
5434 5518 5234 547g 5234 5338 5212 5314 5238 54
97e May 164 Dee
10 15 Jan 16 3838July 8
3372 3431 3372 3514 3434 3512 3412 355g 3358 3478 3412 35 I 58,900 Packard Motor Car
894 Apr 1024 Dee
Do prof
100 10214 Jan 6 11218May 26
*11038 11134 *11038 11184 *1105* 11178 •11058 11234 *11038 11134 *11038 11134
2132 2112 2132 2172 2133 22 1 2118 2112 2034 2118 2034 2078 11,800 Paige Det Motor Car No par 173aMaY 6 2312JulY 8
4414 Feb 65 "ife;
50 81 Aug 12 8378 Mar 3
6414 6234 6334 6314 6412 24,100 Pan-Amer Petr & Trans
6734 6734 6612 6712 6314 6612' 61
4114 Feb 64/
1
4 Dee
Do Class B
50 6118 Aug 12 8413Mar 3
6314 67
6112 614 6234 64181 6312 6434 195,200
Mal 6634 68
63
44 Jan
Feb
14 Sept
26
S's
Panhandle
PPaarnithanar
parp
ped
700
23
4
Aug
13
*23
8
23
4
234 2341
234 278
234 3
234 3
278 3 1
et July
178 Feb 11
138 Dee
Bing
158
112 Jan 12
1581 *112
*112 158' *112 158 *112 158 •112 158 *112
24 Sept 3534 Deo
2,000 Park & Tilford tern etre_ No par 2612May 9 ash Jan 10
29
29141 29
28
28
28
2758 2812 29
2712 27121 27
1914 Aug 11 28 Apr 14
No p
21
1914 2112 1914 1912 1914 2134 1934 2112 3,500 Penick & Ford
2112 21
'21
18i4 NO, -ibis "iii;
1312
100 Penn Coal & Coke
so 1234 Apr 29 2638 Jan 2
•1234 1412 *1234 1412 *1234 1412 *1234 1412 1278 1278 .12
113 Oat
41 Jan
3 Jan 9
1
112
114
114 15,100 Penn-Seaboard St'l vto No par
1 Aug 12
112
114
115
114
1141
1
118
112
Apr 1194 Dee
12214June
16
9238
Jan
16
1,500 People's0 L& C(Chic)_-100 112
115 115
116 11612 11534 11534 11434 11534 *115 116
*11612 117
424 May 571$ Den
3,900 Philadelphia Co (P1ttsb)__ 60 5112 Mar 18 6214 Aug 5
5812 59
5972 59
59
5812 5812 5831 59
6018 59
60
4214 Jan 47
Jan
4912
Do pref
60 4612 Jan 5 49 July 17
4912 *49
*4812 4914 *4812 4912 *4812 4914 *4812 4912 *49
344 Mar 544 Dee
lle
artdicfiRead Cofilein
r 3734May 6 62i2 Jan 9
___Noo
3814 6,800 Phc
It__
_N
3914 3958 39
39,2 3812 3834 3814 3812 3814 3814 38
35 Mar 5218 July
23
Jan
11
6012
July
38
par
3912
*373
4
39
*38
383
4
4
*38
3912
*38
1
*383
4
393
40
*39
44 May 88 July
PhIllIps-Jones Corp____No Dar 52 July 13 9018 Jan 12
*55
60
*55
60
*55
60 1 *55
60
*55
60
555
11 July 2338 Jan
2134 9,400 Phillip Morris &CO, Ltu___10 124 Mar 19 23 July 25
21
2238 2118 2178 21
2112 2058 21
2134 2238 21
une
281s Oat 424 Apr
4718J
12
30
Mar
PhillIps
3614
par
74,300
Petroleum
No
3912
3814
40
3912 40
3734 39
38's387s
4033; 39
40
64 May 16 Dec
30
2832 2912 2712 2934 2812 3033 53,900 Plerce-Arrow Mot Car_No par 1078 Mar 30 36'4 July 7
3012 31 1 2912 3038 29
7918 4,500
Do prof
184 May 54 Dec
78
100 43 Mar 24 86 Jun,18
7512 78
79
7412 78
78
76
77
80
80
594 June 96 Dee
100
Do prior pre!
No par 85 Mar 18 179i2July 7
150 150
*140 170 *140 170 *140 170 *140
113 Apr
412 Jan
3le Feb 5
112 Aug 10
112
133 6,500 Pierce 011 Corporation
25
134
134 -ii8 ---134
134
112 ra
112
112 *158 170Jan
20 Mar 36
Do pre!
600
100 2513 Jan 2 40 Feb 26
3112 3012 31
*22
32 *27
32
32
31
3112 *28
32
43 Oct
554 Dee
814
Feb
5
10
Aug
10,400
Pierce
PetroYm
6
51
tem
53
4
51
53
4
53
4
512
otfs_No
par
512
512
514
5
572 6
477 Deo 6334 Mar
4412
400 Pittsburgh Coal of Pa..
100 37i4May 2 5412 Jan 13
4412 4412' *4414 4412 *4414 4412 4314 4414 *43
45
*44
9478 Aug 100 API
Do pret
300
*8518 87
80 May 4 99 Jan 5
87
8534 86
*85
*85
8612 85
85
*8612 87
95
Jan 103 Aug
Pittsburgh Steel pref
9812
illf3 94 Mar 26 10212 Jan 8
49734 9812 *9734 9812 *9734 9512 *0734 9812 *9734 9812 *96
5878 Dec 6334 Dec
100 Pitts Term Coal
39
*35
100 30 Apr 27 6334 Jan 17
39
36
*35
37
*36
36
*35
39
39
*36
Dec
88
vet
83
8734 Dec
Jan
6
July
10
Do
79
83
*80
100
84
84
*80
84 .82
*80
*82
84
84
*82
978 Jan
1678 flea
1434 1478 1414 1458 1412 1412 1412 1412 1,200 Pittsburgh Utilities pref _ _ _ _10 1278 Mar 24 1778June 25
*1433 15
•1434 15
1118
Feb
1612 Dec
16
June
26
Star
20
100
Do
pref
4
4
14
123
*133
14
certIfIcates__
__
10
*1312
*14
1412
14
14
*1334
14
1433
*14
16
1,300
post'm
Cer
4812
1227
8July
Feb
Co
Apr
1034
Da,
28
118
*116
Inc
teructINo
pa
1163
4
9314
11614
11814 11814 118 11812 11814 11814 11512 116
39 Aug 62 Jan
50
5034 1,400 Pressed Steel Car
100 45 June 25 69 Jan 23
*5034 51
5112 5112 *5114 5112 5114 5112 5072 51
9213
Jan
pref
3
900
Do
90
Feb
July
9
77
67
Aug
7612
*7614
100
77
*7614
77
77
7612
77
77
77
77
77
2234 Apr 4311 Jan
15
1512 4,800 Producers & Refiners Corp_ 5
1434 Aug 12 323s Feb 3
1478 15
1514 1534 1518 15's 1434 15
*1534 16
8212 8312 44,800 PubServCorp of NJ newNO Par 624 Mar 30 8778 Aug 5
Mar
Dee
39
70
8312
8112
8312
853
4
813
4
84'4
813
4
8318
8512
8412
200
Do 7% pref
9612 Mar 10118 Dec
99 Jan 7 104 Aug 7
103 103 *10314 104 *10314 10334 *10334104100
104 104
*103 104
200
Do 8% pref
9914 Apr 115 Dec
10 10838 Apr 1 11514July 21
*114 115 *114 115 *114 11412 11438 11438 •114 114'2'114 11412
1513
Pullman
4
Star
30
4
14112
23,100
Company
11312
Jan
3
1421403
1
Apr 1518e Dee
129
100
141
14214
14313
14412
141
13834 14134 140 14312
4,500 Punta Alegre Sugar
3718 Dee 87i Mar
3478 35
50 32 July 23 4714 Jan 7
343s 35
35
3414 35
3512 35
3538 3538 35
2512 2612 27,800 Pure 011 (The)
20 June 3014 Dec
25 2518 Aug 13 3334 Feb 4
2634 2558 2618 2512 2614 2518 26
2678 2718 z26
10f)
Do 8% nref
Jan 1054 De,
92
100 10212 Jan 5 108 July 20
1061,10618 *106 108 *106 108 *106 1054
*106 108 *106 108
a No par, a Ex-rights
It Trading on N. Y. Stook Exchange suspended
• 111d and aa8ed nro.o.: a.. sale. on this day. z Ex-dividend. a Ex-new rights.
because of small amount of stook outstanding.
New York Stock Record-Continued-Page 5
Par sales during the week of stock
MOH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
Aug. 8
Monday.
Aug.10
Tuesday. • Wednesday. Thursday,
Aug.11 I Aug.12 1 Aug.13
Friday.
A:v.14
823
usually Inactise, see fifth page preceding.
Sales
for
the
Week.
STOOKS
NEW YORK STOOK
EXCHANGE
PEN Sri ANS
Range for Year 1925.
On basis of 1(4-share tots
Lowest
Highest
rein ad Alter
Rano for Prestos'
Year 1924.
Lowest
per share $ per share $ Per share 5 per share 1 $ Per share $ per share Shares. Indus. & Miscall.(Con.) Par a per share
Per share $ per share
557
55/
1
4 5714' 5412 565, 55
55/
1
4 5834 5514 57
5514 56% 50,300 Radio Corp of Amer___No par 4832 Mar 27 7778 Jan 2
254 Oct
49 '
*49
149
4978 49
50 485 June9 54 Feb 4
4912 49 4918 *4858 4914 *49
Do prat
4914
300
45/
1
4 Oct
12812 12612 •12512 126 125 12534 124 124 *124 126
100 12212 Feb 17 141/
1
4 Jan 5 106 Jan
12412 12512 1,800 Railway Steel Spring
40 *3854 40 •3712 394 *3713 3918
*3834 3918 *39 40 *39
Rand Mines, Ltd
No pax 3378 Jan 7 3912 Aug 5
30 Jan
14/
1
4 14
1478 15/
15/
1
4 1414 1478 25,100 Ray Consolidated 009per_ 10 111
1
4 1434 1514 1412 1478 14
/
4 Apr 22 17/
3
4 Feb 9
9 Mar
2312 23/
*2312 24
1
4 22/
1
4 2312 22
2334 24
23
No par 10 May 16 2814July 9
*2212 23 1 5,900 Reis (Rob t) & Co
9 Oct
82
824 81
82 8312 81
7813 8134 79
1
4 Jan 27 8532July 29
80
7938 7934 6,1001 Rem
Doingta
iotn T
pret
ype
.wrIter____100 46/
3214 Jan
.10214 110 •10254 110 *10214 110 *1.24 110 *102 110 *10214 110 I
100 100 Jan 2 105 Apr 21
9014 July
.106 110 *106 110 *108 110 *106 110 *106 109 *106 109
100 107 June 19 11312 Apr 29
Do 2t1 pref.
901s May
1518 153s 144 1514 1411 144 145, 141s 144 144 14% 147
No par 1238June 12 2314 Jan 13
4,400 Replogle Steel
714 June
4834 4834 48 4818 4714 4914 4714 4738 47/
1
4 4778 4734 4834 3 500 Republic Iron & Steel
100 4218 Apr 30 6438 Jan 3
42 June
9112 *88 90
90 90 *89
9112 *89
.100 8414July 7 95 Jan 13
9113 9112 9112
*88
500, Do caret.
82 June
81
9
9
9
9
834
83
No par
87
8 July 2 IS Jan 5
4
85, 834 3,4001 Reynolds Boring
9% may
8114 81
8118 811
81
/
4 82
81/
1
4 8238 8212 8358 8278 8334 21,500 Reynolds(11J) Tab Class B 25 7214 Mar 24 834 Auz 14
611
/
4 Mar
121 121 1112034 1214 *12034 121 *12114 12112
121 121
121 121
100 11978 Jan 8 122 Apr 29 11514 Mar
801 Do 7% pref.
8912 89'2 *8912 8938 8912 8912 8912 8912 *8912 90 .8912 8958
400, Rossi& Insurance Co
25 85 June 25 974 Feb 20
86 mar
48% 494 4834 49
5014 5033 4933 50
5078 51
4914 494 7,100 Royal Dutch Co(NY shares). 4814 Mar 24 5732 Jan 31
Ws Sept
40/
1
4 40/
41 4114 4034 4112 4014 41
1
4 4012 4034 41
10 3534JulY 1 5212May 25
4238 8,060 St Joseph Lead
22 Jan
60 6112 601
/
4 6212 6034 6034 8012 60/
6072 6112 5934 61
1
4 7.100 Savage Arms Corporation_100 4812July 15 10838Mar 3 3238 Jan
1
4 10653 10613 10612 x10512 10512 2,500 Schulte Retail Stores-No par 10414 Au; 6 11678 Feb 9
10834 10714 106 10714 10612 107 I 106/
9654 ltor
•111 11314 *111 11312 1'111 118 ,*11112 118 *113 118 *11112 118 I
100 110 Jan 6 115 Feb 19 105 May
Do pre(
1412 1458 1458 1514' 1413 147
14/
1
4 1472 14•± 15
No ipar
oo 1312June 9 16/
1412 1413 3.300 Seagraye Corp
1
4June 22
-19313 1937 192 193 191 1914. 190 19134 191 1914 192 197 1 10,900 Sears. Roebuck & Co
14712 Mar 30 197 July 27
78/
1
4 May
614 6/
1
4 *6
6/
1
4 *6
6
6
6'41 6
6
*6
7/
1
4 Jan 3
514 Apr 22
0l4
300 Shattuck Arisona Copper- 10
4 Apr
84 8641 8613 8913 84
88 8812 8514 87
No par 4013 Mar 30 92 Aug 6
87141 854 86 I 10,300 Shattuck (F 0)
414 4113 4053 405s 4038 4033
•414 42 •4112 42
41
41 I
400 Shell Transport & Trading_ £2 3934 Tune 3 4534 Jan 30
33 Jan
2284 2134 2214 2138 22 ' 21/
1
4 22
22/
1
4 22/
1
4 22181 2213 224 44,500 Shell Union Oil
par 2158 Alg 12 28% Feb 4
No 1pw
15/
1
4 July
102 102 *10112 104 *102 105
102 103 *102 10314, 103 103 1
994 Jan 2 1054 July 23
800
Do pref
9112 Jan
1953 2113 1953 204 1912 20
2158 22
l934 1958 20
10 194 Mar 17 2634 Jan 12
2114. 16,100 Simms Petroleum
1038 Jan
49
4953 4835 4914 4834 49
48% 4834 4818 49
191 4858 4913 13,500 Simmons Co
No par 314 Mar 17 4958 Aug 7
22 Apr
197 2,04 1918 1934 19
1914 18% 1918 1834
1858 1914 67,800 Sinclair Cons Oil Corp_No par 17 Jan
204 Feb 2
15 July
9114 *91
911 *91
*91
911 ' 91
911 *91
91
1
4 Jan 2 9413 Feb 3
89
100 78/
Do pret
90
500
75 Oct
2334 234 23
2378 24
2358 2258 234 2212 2258 23
25 2134 Mar 30 301s Feb 3
244 16,900 Skelly 011 Co
1712 July
103 10334 101 10234 10018 10012 100 100) 96
99 I 9834 102 I 5,100 Bloss-Slieffield Steel & Iron 100 804 Mar 30 1074July 21
52 May
8834 8712 85 86 *80
83 88 J 86
84 *80 837
8734 4,900 South Porto Rico Sugar-100 62 Jan 6 8912 Aug{ 7
58 Oat
1712 174 1753 1753 111712 18 I *1613 1713 *1612 1712
*1713 18
par 17 Aug 6 24 May 28
No 100
200 Spear & Co
.85 87 *85 87
86
86 1 *85 87 1 *85
87 1 *85
86 July 4 92 May 19 ---- __87 1
100
Preferred
314 3134 304 3134 3034 3113 3014 31% 3038 32
3134 3233 37,500' Spicer Mfg Co
No par 154 Feb 17 3313 Aug 3
We June
105 105 *105 106 ! 106 106 *105 107 ,*105 107 I
•105 106
Do pref
200
100 92 Apr 1 108 July 10
78 July
575 5812 5714 5853 5613 5813 56
57 ; 56
5714 5653 5738 30,200 Standard Gas & El CO-NO Par 40/
1
4 Jan 2 5914 ktg 3
31/
1
4 May
.
73 74 *72
74 I 71
72 1 *72
74 1 •72
74 I 72
100 62 May 19 801
73 1 1,300 Standard Milling
/
4June 18
39/
1
4 May
•844 86 •841s 86 *84
86 1 9844 86 ' *8412 86 I 118412 86 1
100 81 Jan 20 8633June 12
Do Drat
1
70 July
5518 55/
1
4 534 55141 53% 5441 5212 538 5112 52781 5258 5334 37.000 Standard 011 of California_ 25 5112 Aug 13 674 Feb 2
5512 Apr
4112 4012 41 1 40
41
41
3914 4018 3912 40 1 3938 4014, 53,700 Standard 011 of New Jersey 25 38'8 Mar 30 471
/
4 Feb 3
33 May
11714 1174 117% 11713 11713 117% 11734 1175s 11734 11734 *11734 1181 1,700
DO Corer non-voting-,r-100 11614July 7 119 Feb 24 11534 Mar
74 71z
74 74
7
612 Aug 1 16 Jan 16
713 714
713 74
714, 1.830 Stand Plate Glass Co__No par
74 71s
1318 Oct
1171
72
71
71 I 71
71 1 71
1
,
•
'
No par 62.4 Mar 25 7514 July 16
55/
1
4 Aix
e812 894 6713 68
67 6734 6613 6713 66
6638, 6634 6741 6,400 Stewart-Warn Sp Corp_No Par 55 Mar 18 774 Jan 3
48/
1
4 July
*6834 70
69
70 i 89 70
68 1 6712 6712
68 68 *67
400 Stromberg Carburetor_No par 61 Mar 18 7934 Jan 3
541
/
4 May
481s 4812 x4653 4712' 46
4514 4618 4438 4514 447 4553 59,200 StubeterCorp(The)new No par 411
47
/
4 Jan 28 50 July
3013 May
11117 1195, •11514 118 *11514 118 *11514 118 '11514 118 ,•11514 118 1
100 112 Marl! 11834June 3 1094 Nov
I Do pref
8% 8%
512 8 I
6111 634: 613 ow 10,500, Submarine Boat
81s
2
No par
8
54 tug 12 12 Mar 6
8 Nov
*334 34
34 37
334 34
312 3121
313 Au;13
312 312' 5,900i Superior 011
334 334
64 Feb 9
233 Jan
*2314 26
*2314 27 *2314 2618 *2314 2412 *2314 2412 *2314 244
No °
10
°0
7. 20 May 1 41% Jan 10
I Superior Steel
23 July
*74 818 •712 8
*712 8 1 •712 8 1
8
50
8
8
8 I
500 Sweets Co of America
553 Mar 19 114 Jan 7
14 Sept
1458 154 111412 1514 1434 1512 1414 1538 1434 1454 1458 15141 2,800: Symington temp etis__No par 1013 Jon 15 19 Mar 12
_
2034 2034 .12012 21
2012 2013 2038 2012 2014 2038' 20% 2038: 1,300
Class A temp ctfs___No par 2014 Mar 19 2313 Jan 17
•12
1214 12
12 1112
1241 11
1214 .12
1213 1112
1213'
500 Telauumrapb CorP--NO Par II A.1; 14 15 Feb 7
614 June
1038 1034 1053 104 105, 1114 1053 1034 1058 10141 104 1034 6,600 Tenn Copp & C
No par
7% API* 1 1214July 17
834 Mar
49 4934 47 4834 4614 4734 4614 47 I 4612 4713 4613 4734 74,100 Texas Company (The).- 25 42/
1
4 Jan 5 5434 June 12
3734 Jane
111 11134 11014 111
/
4 Feb 17 114'4 July 8
11014 112 110 11114 110 11011 111 11218 14,100 Texas Gulf Sulphur ......___ 10 971
5714 Apr
1318 1312 1234 13
12
12 I 1112 114 1134 1214 18,500 Texas Pacific Coal & OIL __ 10 11 Aug 12 23/
124 11
1
4 Feb 6'
8 Oct
---- - -- - ---- ---- --- - --- 100 122 Mar 30 152 Fen 27 1161
1 Tidewater 011
/
4 Oct
43 4313 43
4313 4258 43%, 4258 4314 4213 43 1 424 425 14,800 Timken Roller Bearing-NO Par 3734 Naar 18 4814Juiv 16
311
/
4 May
gg
814 884 90% 8814 8953' 87
8813 8714 883s 88
90 1 17,900 Tobacco Products Corp-100 70 Jan 2 9413July 24
52 Apr
104 10414 103 1041s 103 10353 102 103
102 102 I 10233 103
4,100' Do Clam A
100 9318 Jan 2 106 Aug 7
8314 Mar
41
/
4 4/
1
4
4
4is
414 411
/
4
4
4
413
3/
1
4 Jan 2
4
4
23,200 Transc1V1011 tem ctfnew No par
41s
54May 9
3/
1
4 Apr
.26
29 *2612 28
26
26
274 26
2711 *26
*26
Transue & Williams St'l No par 2514May 13 35 Jan 10
26
200
2838 Oct
50 504 4934 4934 50
5012 494 504 4813 50
46
484 7,500 Underwood TYPew
25 3814 Mar 26 53 July 28
•454 4734 46 4614 46
47
46
47 *46
47
47
47
800 Union Bag & Paper Corp-100 36 Mar 1 6012May 25
3
331k
6
31:s
s
a
.21 Jan 3 1.00 Feb 28
. , Union 011
-3131r4 161-4 -F3W2 1(11-4 -51 -31378 "3412 15 - -iii -31- -344 -3118
ar 3412 Aug 12 43% Feb 5
- iI goo union ou. California No p25
35 Nov
•12413 128 •124 126 *123 125
124
124
123 123
123 123100
1184 Jan 17 134 June 19
300 Union Tank Car
*116 117 *11412 117 •11411 11634 *116 11634 11613 1164 *114 117
94 F
100
Do pre!
jan
100 11314June 17 11714May 6 10614
eb
2958 30
3014 3112 2912 3112 291s 30
29
294 2912 2912 16,100 United Alloy Steel
20 Oct
No Par 24 May 15 36% Mar 4
8114 8212 8014 814 784 8018 784 7912 784 793
424 June
25 604 Jan 6 9612July 1
795* 8014 7,700 United Cigar Stores'
•1304 13112 1304 1313 1294 131
129 1294 1287* 13058 x129 12914 4.900 United Drug
71 May
100 110% Feb 4 1334 km 4
*5434 54% *5434 547 *5434 547
5434 544 *544 544 5434 5438 1,200
Do 1st prof
4612 May
90 52 Jan 16 56 June 15
*223 228 220 22012 2201± 22012.'221 230 22512 226 *220 230
600 United Fruit
100 Wm% Mar 31 234 July 27 182 Jan
35
34 3514 34
3255 34% 3212 335* 3214 3412 3258 347 11.200 Universal Pipe & Rad_Ne par 2613 Apr 27 50% Feb it
13 July
7712 7634 7634 75
•74
75
7313 744 74
754 17518 77
3,500
Do pref
47/
1
4 Oct
100 65 July 10 94 Feb 11
152 15412 152 1554 14814152 1484 14934 150 152
15112 15834 11,800i U El Cost iron Pipe& Fdy 100 1314 Apr 22 250 Feb II
64 Feb
1196 10014 *97 100
1196 100
100 100 *96 100 *99 100
1001 Do pref
100 91 July 11 11213 Feb 27
81/
1
4 Jan
32
3212 314 32
33 33
3113 3134 32
33
3214 3314 4,800 U 8Distrib Corp tem ctf No par 3018 Feb 17 .39/
2112 May
1
4 Jan 17
•135 150 135 135 11120 150 11120 150 •120 150 *120 150
100
Do pre
98 July
100 130 Mar 9 154 Jan n
38/
1
4 3858 3813 3812 39
*3813 39
391
3914 3913 3913 40
4,200 U8Hoff Mach Corpst o No Par 23 .Ian 8 40 Aug 14
1838 Mar
8734 8734 8634 88
8615 87
84 864 837 85
854 8538 16,2001 U S Industrial Aloohol____100 76 Mar 19 9453May 26
6112 May
5111 115 11111 115 11111 115 11111 115 *109 111 *109 111
I Do prof
100 105 Jan 29 115 June 22
98 Jan
13538 13834 137 139
136 136
136 1365, 136 1371±' 136 136 I 7.7001 US Realty & Imprort____100 11412 Mar 30 14734May 12
90 June
Do prat
/
4 Jan 2 142 May 4 100 June
100 1221
I4 59', 5812 bi7-8
11- -iFia 11f34 55's 573s 56
5738 42,600' United States Rubber
1
4 Mar 30 6513July 16
224 May
100 33/
11}1 10413 1037 104
10334 104
103% 103% 104 104
104 104141 2,2001 Do 1st prof
1
4Mar 30 10834July 18
6613 May
100 92/
3912 397
3834 3914 3912 394 3814 39
3834 3914 3838 391x 3,5001 US Smelting, Ref & Min_ 50 30 Feb 17 39% Aug 8
1813 Mar
11464 47 *4614 47 *4614 47 *4614 47
*4614 47
464 4614
Do
pref
100 .
50 44 Apr 16 47 Aug 3 3713 Mar
122% 12318 12112 12214 12012 12214 120 12112 120% 121
12034 1224 140,1001 United States Steel Corp 100 11238 Mar 30 12955 Jan 23
9414
June
12478 12478 *12412 12478 12412 12478 12414 12412 12414 12414 12418 1244 2,5001 Do prof
100 12218May 7 126% Jan 26 1185 Feb
99% 100 *9918 10018 994 994 994 994 100 100
*98 100
1,100 Utah Copper
Jan
10
82
Mar
64
19
100
Aug
10
29
2934 29
*29 2934
30
301s .30 3012 1,500 Vanadium Corp
2914 2912 30
No par 2568May 4 3434July 9
1914 June
1913 *18
20 •18
•18
191s •18
19
1118
1912 *18
19
I Van Raalte
1534 Oct
par 1634Mai 13 2434May 19
No 1pw
70 *60
70 *60
*60
70 *60
70 *60
70 *60
70
Do tat prof
53 Sept
60 Apr 1 73 May 22
35* 334
212 338
3/
1
4 334
212 378
234 378
234 3 50,300 Virginla-Caro Chem--_No Par
/
1
4 June
212 Mar 23
834July 9
0% 1138
1118 1138
978 14
1213 1418 1134 1414 11
1113 45,8001 Do pref
8/
1
4 Jan 5 2313July g
212 June
100
153 14
15, 1%
1% 1%
1/
1
4 11
/
4
1
11
/
4 *11
/
4 153 16,000
Do
"ElNo
1
Jan
17
/
1
4
June
pat
44July
9
148 1434 144 1458 1434 1434 1455 1533 1453 15
15
1514 3,100 Viyadou(V) new
434 July
N
No par
714 Jan 13 1634June 26
1434 1434 1412 1434 •1412 104 1412 14/
1
4 i47 15
15Ie 1514 4,500 Waldorf System
19
/
1
4
1413
14
A or
Jan
3
Aug
10
154
15412 •154 158
•154 158
156 156
165 16612 16614 16612 1,600 Ward Baking Class A No par 116 Apr 30 18612 Aug 13
6712 6814 66% 684 69
711
: 6812 7034 683 697s 6918 7078 49.700
Class B
N
No par 3714 Mar 30 737 July 30
•107 10812 *107 1081211107 1084 108.2
110
110
108.±
11034 *110 __ __
4001 Preferred (100)
944 Feb 11 11334 Au 13
*564 58 •5613 5712 58 58 *5612 5734 '5612 58 *5612 58
200 Weber & Hellbr. new_c No per 51 Apr 17 5834July 22
.34 4
•31z 4
*312 4
.312 4
34 312 *312 4200 Wells Fargo
313June 25 14 May 22
5 Oft
*114
115
11114
115
115
115 •114 115
114 114
11334 115
800 Wentern Eleo 7% prea
1
4 Jan 9 11.14June 25 1111
100 113/
/
4 apr
•132 133 131 13112 131 1314 •13O12 131
131 1315, 132 132
1,500
Western
Union
116
/
1
4
Telegraph
Jan
100
103
May
1371
3J u17 3
113 11411 113 11012 120 125
115 115
121 126
122 128 57,900 Westinghouse Air Brake__. 50 97 Apr 9 128 Aug
14
84 Jan
7512 7738 7412 7614 7412 7512 7413 75
721z 75
7458 7538 70,900 Westinghouse Elea & Mfg- 50 66/
1
4
531
4
Mar
28
64
Jan
May
17
18
1078 1734 1738 1838 1712 191
1534 17
1812 1912 70,200 West Elea Instrument
9/
1
4 Ape 1 Hoz Aug 14
253
25% 26
2514 2534 2534 2578, 6,000
2533 2553 2514 257* 25
Class A
1954 Mar 31 2633July 13
118 118
119 121
11934 11934 11814 11814 *118 120
12012 12012 1,300 West Penn Co
105 Mar 2 145 May 21
471k Jan
No
par
*9634 98 *9634 98
•963.2 9912 119813 9912 9815 9812 *9634 98
Do 7% pf tern ctf new_100 94 Apr 3 100 July 22
100
8712 Apr
2614 2612 2614 2614 2578 2614 25$4 25% 255* 2534 2538 26
2511
4,000 White Eagle 011
/
4 Mar 31 31s4 Feb 2
No
Par
5
2
0
31
41 May
A0pc
894 91
8834 91
8914 9314 9012 9434 94% 981± 210,500 White Motor
90 92
50 5718 Mar 30 9813 Aug 14
- -/
1
4 Jan 30
wick wire Spencer Steel-N(1par
Pa Jan it)
35
4
414
4
413
334 4
4
41s
332,1une 29
Certificates
533May 15
1833 19
1814 19
1834 1914 18% 19
1712 1914 1834 1918 114,900 Willye-Overland (The)
91. Jan 26 2413May 11 -jos
- lasy
-5
10418 10414 102 104
10434 10434 104 1045, 104 104
104 10411 5,500
Do pref
100 7214 Jan 28 111 May 22
61% May
57
534 5
6
,
4
54 54
614 *534 6
578 '534 574
513May
29
Co,
Ino
Wilson
No
par
&
500
412
May
1334Mar
7
214 *20
2114 *20
21
•20
•20 2114 •20
21 .20
Do pre!
100 18 Apr 24 60 Mar 7
21
11 Aug
18512 16612 x16412 16613 1644 16678 16214 16412 16034 163
163 16535 11,200 W wilworth Co(F W)
25 11214 Jan 28 12112July 28
724 Apr
39% 4034 3914 3914 354 39
404 401
37
37
3712 38
100 3514 Aug 12 7934 Jan 2
4,800 Worthington P & M
2314 June
*79 81
*7634 81
*75
81
*7634 78 *75
1179 81
100 79 Apr 6 88 Jan 9
79
Do prat A
*63 68 *60 66 *50 65 *62 65 *62 66
684
*55
58 jJuj
an
y
Do pref B
100 6472 Aug 7 76/
66
1
4 Feb 11
28
28
29
27
2634 271s 2638 2678 3,900 Vi right Aeronautical.-No Par 16 Mar 30 3238July 1
2734 2634 27
29
9.
5134 *51
513
*51
5112
4
514 5114 1151
5134 51
514
51
600 Wrigley(Wm Jr)
No Par 4511 Mar 30 5274 Feb 7
M
A
a
n
y
r
40
42 I 41
41
42
41
1141
4114 4114 42
4114 42
3,600 Yollow Cab Mfg tern otte__ 10 3312 Feb 18 4838June 27
3
5;
2
9 N
oo:
,
7:358 7112 73
7434 742, 7414 7C1. 7354 7414 73
3.500 V. onastow a Sheet 44 T Na Par 63 Mar 27 764 Feb 13
7214 74
IBIS s34 uk°11 016°E °° mile° on this G. Ex-dividena a Ea-rights. I New stook on the aunt of 1 new share for throe old shares.
Sept
e1,bt
HWAssi
per share
6654 Dec
50 Dee
1324 Dec
334 Nov
174 Dec
1613 Jan
544 Dee
994 Dec
110 Dec
2314 Noy
6338 Dee
95 Mar
2234 Jar
79% Dec
121 June
96 Seto
5912 Feb
4575 Dee
8872 Dee
12914 Aug
11234 Dec
155
8
Dec
July
"1-2 Dec
224 Dec
994 Dec
24 Dec
417 Dee
2713 Jan
90 Jan
29 Feb
8472 Dee
95/
1
4 Mar
_
20 Wee
9814 Dee
411
/
4 Dee
734'ON
85 Mar
68/
1
4 Jan
42/
1
4 Jan
11912 Aug
35/
1
4 June
65/
1
4 Nor
10072 Jan
sos Jan
48/
1
4 Dee
115 Jan
1
4 Dec
12/
84 Aug
35 Dec
3 Jan
Dec
Jan
Jen
Jan
Dee
Feb
Feb
Jan
Dec
Oct
Jan
Jan
Jan
6
44 Feb1 al'
API
39 Nov
SJulyept
11
327°
64
87 Feb
644 Nov
121/
1
4 Dec
53 Dee
224/
1
4 Aug
48 Dee
79 Dee
169/
1
4 Dec
1041
/
4 Oct
42 Dee
168 Dee
We Oat
8714 Des
10652 Dee
143/
1
4 Dee
143 Dec
4278 Jan
954 Dec
4113 Dec
4654 Dee
121 Dee
123 July
885 Dee
334 Feb
3313 Jan
80 Jan
1082 Jan
3434 Jan
7 Jan
15/
1
4 Jan
20 Nor
1434
9Z
4538
110
154
151
41
73%
934
64
354
________
117 Jute
118/
1
4 Dee
111 Dee
75 May
127 Dec
97 Dec
752, Feb
J
29'e
Dec
88
28
7218
12634
81
-ji;
Jan
Jan
Jan
Dee
Dec
8
753
914
5 DISII
24614 DecD
/,
715514 Mar
824
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"--except for Income and defantted honda.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 14.
t
t
Price
Friday
Aug. 14.
Week's
Range or
Last Sale
IT3
o73
win
Range
Since
Jan. 1.
BONDS.
N.Y.STOCK EXCHANGE
Week Ended Aug. 14.
513
ta at
Price
Friday
Aug. 14.
Week'a
Range or
Last Sale
§4
zi
Rang.
Sines
Jan, 1.
U. S. Government.
Bid
AM Low
Rid
High No. Low High
High No Low
40 Low
Mob
VIM Liberty LoanPanama (Rep) 530 tr rects_1953 JO 101 Sale 101
1
9912 104
101
544% 01 1932 1947
Peru (Rep of) esti 88
J D 1001544 Sale 100"311003,. 213 10014, 102
977s 103
1944 AO 10014 Sale 10014
10012 15
101,430314r Poland (Rep of) g 68
Cony 4% of 1933-47
1021742.1'ne'25
8
66; 79
J D
68
1940 AO 6612 6814 6712
89 10111n 03131
Cony 434% of 1932-47
FAO s t g 831nterirn rects_1950 J J 8612 Sale 86
86
06
J D 101,42 Sale 1012142 102
8738 242
211 cony 44% of 1932-47
101
103
Porto Alegre (City of) 85_.A961 JO 9534 9614 96
1
94
9834
J D 101 103 102534J'ne'25
96
Second Liberty LoanQueensland (State) ext a f 78 1941 AO 110 • Sale 110
17 109 1124
11178
2 100 01,11n
45 of 1927-1942
25-year 68
100132 10084$
6 10113 107
MN
1947 FA 10458 Sale 10412 10458
Cony 44% of 1927-1942
3
984
94
MN 1001131 Sale 100,44 10114$ 1242 100141011ln Rio Grande do Sul 88
9614 96
1946 AO 96
9612
Third Liberty LoanRio de Janeiro 25-yr a 8s 1946 AO 9434 Sale 94
16
93 97;
95
434% 01 1928
25-yr mai gs
92
97
M S 1011131 Sale 1.01.8t1 10113n 688 10111,021n
0418 44
1947 A0 9312 Sale 9312
Fourth Llberty LoanRotterdam (City) external 681964 MN 103 10318 103
3 100 10412
103
72 l'R0 10114o 0313r, El Salvador (Rep) 8a
84% of 1933-1938
22,87:2
5 10214 1064
A 0 10244 Sale 10523(21011 21100
106,2
1948 J J 106 Sale 108
1041441 081741 Sao Paulo (City)
IrteasurY 434a
” Sale
4
1947-1952 A 0 108,
97 101
88
1952 MN 10014 Sale 100
10014
Treasury 4.4
14 100 104
1944-1954 J D 1021132 Sale 10211441023644 255 100,4sr 0414u San Paulo (State) ext,f 88._1936 J J 10112 Sale 101
102
State and City Securities.
Externals f 8s int rects
9912 1004
10012 24
1950 J J 10() Sale 100
1f Y CIty-48is coil stock_1960 M 8 10014 Sale 10014
1 10014 10112 Seine (France) ext 7s
10014
8214 91
88,4 139
1942
J 8814 Sale 8714
434s Corporate stock
84
90
1984 M 8 ---- ---- 1034 July'25 -- -- 10114 10378 Serb.. Croats & Slovenes 88_1962 MN 88 Sale 8712
88,4 62
6k a Corporate stock
102 10314 Solssons (City)(is
5
1972A 0
87
82
10258 Aug'25 -85
8512
1936 NI N 8512 86
10114 10238 Sweden 29-year (3s
£34a Corporate Bock
10331966 A 0
4 10238 Apr'25 —
10412 13 103 10514
1939 JO 10434 1047s 104
4)4* Corporate stock
,10812
1667
164
External loan 548
9812 101%
10834 10812 July'25 1971 J D
101
1954 MN 101 Sale 10012
{As Corporate stock_July 1987 J J 10534 _--- 10778 May'25 - - - - 105; 107; Swiss Conteder'n 20-ye s f 8s 1940 J
7 113 117
11514 Sale 11514
116
1112s Corporate stock
Switzerland Govt ext 5%s..1946 A0 10214 Sale 102
9812 10468
1965 J D 10534 ____ 108 Aug'25 --- 10612 108
10214 02
A 4s Corporate stock
105; 108
Tokyo City Is loan 01 1912
6414 684
1983 M 9
674 29
- 107 July'25 4
MS 67; Sale 67
4% Corporate stock
98 10014 Trondhjem (City) extl 6348_1944 J J 9918 Sale 9918
97 1011
/
4
10038 17
1959 M N
9812 99; 9958 Aug'25 --Registered
9814 99; Uruguay (Republic) ext 8s__1946 PA 10812 110 109
1 101314 11012
109
M N ____ ____ 9958 July'25 --A% Corporate Bock
9838 10014 Zurich (City of) s 1813
21 10712 11112
109
1958 MN 9812 9958 100 July'25 1945 AO 108 10834
a% Corporate Bock
98 10918
1957 M N 9812 9958 100 AtIg'25,-- - Railroad.
4,
7
0 Corporate stock
984 100
Ala (It Sou 1st cons A 5s
1004 102
_ _ 102 July'25
_.
1956 NI N
9978 June'25
1943 JO
Registered
9814 9814 Ala Mid 1st gu
10034 1011
/
4
- s 10118 July'25
10018 1015
guar gold 581928
M N --_- ---_ 9814 Feb'25 - —
_
MN 1004% Corporate stock
8414
82
98,
4 98,
4 Alb de Susq cony 334s
1955 NI N
9834 Mar'25' _
1946 AO 8214 83 8214 Aug'25
Realer ered
97; 100
& West 1st g 4s gu1998
814 834
_ 8314 July'25
3.1 N ____
100 June'25 - — gu,.,,.199S A0
943% Corporate stock
90
941s
831491
- - 90 Aug'25
90
1957 MN 10514 1-063
1942 M
-4 107 July'25 ---, 108% 10758 Alleg Val gen guar g 4s
813% Corporate Bock .1957 MN 10612 Sale 10812 10622
6314 77
7412 12
1 10518 1075.8 Ann Arbor let g 4s___July 1995 Q J 7334 7412 7358
34% Corporate stk_May1954 MN
8912 907a Atch Ton & S Fe—Gang 48_1995 A0 89 Sale 8812
8814 9212
8018 62
8812 ____ 8912 July'25 - - - 34% Corporate stk _Nov 1954M N 8812 90
90
91
Registered
8614 9032
88 July'25
9053 July'25 ---AO
4
Rew York State Canal Im- 481961 J J --------10334 July'25---- 1025s 103,
Adjustment geld 4.8__July 1995 Nov 8212 Sale 8218
811$ 85
8214
4s Canal
1014
1014
Stamped
824 8514
Mar'25
1942 J J
July 1995 MN 82; 8358 8218
8212 18
-_ 10118
44s Canal Inlet
10978 11414
Registered
797/i 8012
1964 J J --------1097* Aug'25 _
8012 Apr'25
MN 7912 82
V( Highway impt registerd1958 -6_
Cony gold 4s 1909
81; 85
0
___ ____ 1 278 July'25 - -__ 10278 103
1955 Jo 8312 8478 8312 July'25
Highway Improv't 4)0_1963 hi
Cony 4a 1905
814 85,4
6
--------114 July'25 - -_- 11184 114
84
1955 JO 8278 Sale 82;
Virginia 2-38
7612 7612
Cony R 48 Issue of 1910
81
8.34
_1991 I 1 6414 ____ 7612 Feb'25 - - - 81 Aug'25
1960 JO
Foreign Government.
East Okla Div let g 48_1928 M
98 100
98; 99
9834
0834 27
Argentine (Govt) 76
4 10314
8378 87/
Rocky Mtn Div lat. 4e.... 1965
1
4
10
03
1927 F A 10238 Sale 10
674 142 101,
05
2314
837
.July'25
J
Argentine Treasury bs.g...._1945 M El 8634 Sale 8812
8112 884
Trans-Con Short L let 48_1958 .j
6
86
89
8612 8712 86; Aug'25
88
9712
Sinking fund ile Ser A
95
Cal-Ariz
218
954
& rat 44e"A"1982 M
92
1957 M 5 9814 Sale
91; 9234 9212 July'25
Ext.! 68 net li temp _Dee 1058 J 0 9578 Salo 954
9434 97
011
174
RegIstered
/
4 9134
9138 Jan'25
96
MS
8 f flei 01 1925 temp
954 96,
4 All Knoxv & Can Div 48.___1955 MN
1959 j D 9578 Sale 992
8 8714 9:21e
8714
953
24
3158 246
87;
us
99; All Know & Nor 1st g 58...1946 JO 1021
Atralia
99
30-yr 5s.. _July 15 19.55 J „I 9912 Sale
483
-. 10214 Aug'25
1024 103
93; 100
Austrian (Govt.) if 78
Atl & Charl AL tat A 44s__1944 J J 9634-95
98,4
1E143 J D 9878 Sale 984
4 9912 96,
4 Aug'25
0012 79
Belgium 25-yr ext s f 7)4e 6.1945 J D 10812 Sale 10814
tat 30-year 58 Series 13____1944 J
,
4
13 1014 103
10134 Sale 10134
102
10834 54 107 11614
30-year.
8512 8512
al' 8/3
107; 22 106s8 1094 Atlantic City let cons 4s.__1951 J J 85
1941 F A 107 Sale 107
8912 8512 July'25
A0 Coast Line In con 45_51952 MS 9018 Sale 8934
36-yr ext 8348 Interim rcts.1949 M 5 91.78 Sale 9114
9034 96
9412
116
4
89
93
90,4
Esti a f es Inter rcta
1
4 8814
83/
10-year secured 78
126
3 1054 108
86
19.55 1 .1 86 Sale 8518
1930 MN 106; Sale 10634
10678
Extls f 7s Int ctfs
General unified 4446
9534 9812
9074 95
1955 J D 9612 Sale 9814
14
1964 JO 9158 92
92
92
984 406
8514 8978
Bergen (Norway) at 84.___ 1(345 M ,4 114 Sale 11334
LA N cell gold 4s____Oct 1952 MN 8618 8612 86
2 1084 115,4
114
6
8612
9914 At)& Danv 1st g 48
95
25-year sinktng fund 6s. 1949 A 0 0714 9734 97; Aug'25 _
1
76; 80
1948 J .1 77
7834 7834
7824
Berne (City of) st Ss
2d48
8234 704
194A NI N 10914 Sale 109
1948 J
6212 8612 6714 July'25
109,4 25 108 11112
9612 All & Yad 1st g guar 4a
94
777
Bogota (City) ext'l s f 88
75
80
12
1949 A0 7614 78
7
1554
1945 A 0 95 Salo 9442
, 20 92;
97
Beam (Repubili. of) 88_ _ _.1147 M N 9614 Sale 95
A & N W 1st gu g 58
126
98/
1
4 1004
1941 J J
1)012 102 10014 July'25 -Baltimore & Oh),,Bordeaux (City of) 15-Yr 158.1934 M N 8334 Sale 834
80 86
8431) 24
Brash US,external 8.
1.1 59-year gold 4a_July 1943 AO 8614 Sale 87
9.54 99
8544 9214
1941 J D 98 Sale 97
8734 28
9838 125
8014 8434
78 (Central Ry)
Registered
8512 90'4
87 July'25 _ _ _ _
July1948
824 15
1962 J 0 82 Sale 82
J
10-year cony 434a
7345 (coffee seem) g (flat) _1962 A 0 10612 10634 10612 10612
1 10312 10712
8912 95
92
5 Sale
1933 MS 8%
89
1e 91;
9214 97
951$ 9014
Etuenne Aire* (Clty) ex 163481955.1 1 9712 9734 97;
Refund & gen 58 Serlee A_199.5 JO 9018 Sale 8912
854 924
9018 43
9784 19
Canada (Domlnlon of) g8&1026 A 0 10038 Sale 100; 1005:3 13 100; 10234
let g 58 int fits
10034 60 100 104
1948 AO 10038 Sale 10014
10
10182
-year ea
ba
10312
51
10318 Sale 10234
10318 69 10212 1044
1929 ,f
1931 A 0 10134 Sale 10134
10214
1034
102
Ref & gen 6e see C temp_ _1995 JO 102 Sale 10113 102
/
4
10-ye13r 648
88 10034 l041
10234 33
1929 F A 102; Sale 10214
P Jet AM Div tat g 3%8_1925 NI N 99; 100
58
9934 99%
9934 July'25 __ -1952 M N 102 Sale 10158 1024 83 101; 105
96
99
Carlsbad (City) a I ga
83% 9014
PLE&WVaSY13ref 4s1941 MN 86 Sale 85
1
99
99
1954 J J 99 100
Southw Div 1st gold 348_1925 J J
Chile (Repob)Ici extls I 8e...1941 F A 109 Sale 109
994 10032
9978 May'25
8 25 _ __9
4_
10934 35 10814 110
Soufhw Div 1st 5s
External 5-year a 28*
9534 997,
1950 J .1 -6654 Sale 0538
1926 A 0 • 10278 10314 10278
1034 10 102 10334
9634 104
684 7832
9834 103
Tot& Cln Div let ref 4s A.1959 J J 71 Sale 71
20-year esti 7a
58
13
72
1942 MN 101 Sale10012 101
8038 8232
25-year 8 f 818
1946 MN 109 10934 109
11014 24 10814 11014 Battle Cr & Star 1t gu 3s 1989 J D 6014 6412 62; May'25 _ _ _ _
4014 4812 Beech Creek 1st go g 4s
934 9312
Chinese(Hukuang Ry) le_ _ _1951 .1 D 41 Sale 41
1936 J J
2
4112 13
Registered
9012 9012
Christiania (Oslo) at bs
5
68
1e38 6899009371,832 a
J D :
8 10934 11114
9
670
3
7128
u1:
6
2 s19
9
y 275
.5
6:
9_:
3,
.
1.
110;
1945 A 0 98 Sale 10978
9512 10112 Beech Cr Est 1st g 3348
30-year a 1 6a
7814 8112
1951 A 0
6
July'25
1954 NI S 9734 Sale
9712 100,4 Big Sandy 181 45
8814
30-year. 168 int ctf
85
1944 J D 8734 39
8814 July'25 ____
2
3g18 27
1955 M N
- T14
9914 10114 B & N Y Air Line Int 4a
07
734
Colombia (Republic)6 413
1955 F A
1
1927 A 0 lows 1-6614 10018
100,8
9414 100
Bruns dr W let gu gold 4s
94
_
93
1938 J J
9312 July'25
Copenhagen 25-year e f 648_1944 J J 9778 Sale
63
954 10012 Buffalo R & P gen gold 56_1937 54 S
10012 10212
Cuba 58 02 1904
5
10114 July'25
9112
i
1944 M 8 98
9814
Consol 4448
934 100
Eater debt 5* 1914 Fier A_ _1949 F A
8041 8812
1957 M 74 -ii64 87
86
87 , 33
9914 99
99
9914 19
Registered
84
1)3
82 854
82; May'25 __ _ _
_ M N
4
External loan414a9
1949 F A 91
93 94 3
Burl C It & Nor 1st 5s
9812 102
1
4 1004
1934 A 0 10
9:
0 ni" 10018 Aug'25 ____ I 99/
548
1953 J J 101 18 Sale 100; 10118 247
9814 10112 Canada Sou cons KU A bs_ _ _1962 A 0 10112 10234 10112
10212 12 1004 10372
Csecnoslovak (Repub of) 85_1951 A 0 10014 Sale 9912
100,2 19
974 10034 Canadian Nat 44s_Sept 15 1954 M S 93; 943s 9338
9314 9334
9358 12
Sink fund 88 Ser B Int cas.1952 A 0 9912 Salo 9914
99; 49
11518 19 11414 11734
Danish Con Municip 8a "A"_1946 F A 10912 11012 11014
13 109 11212 Canadian North deb 8 f 741._1940 J D 115 115; 11414
111
1
4
20-year *1 deb 84s
Series B s 1 88
1948 J J 11738 Sale 1174
7 10812 112
11138
11712
8 116 118/
1946 F _A 110 Sale 110
Canadian Pac Sty deb 48 stork._ J J 80 Sale 7912
81
79
80 . 104
Denmark external.188
11012 108 109 111
1945 A 0 110; Sale ,11014
994 105
93
Carb & Shaw 1st gold 4a
9374
20-year 6e
_ 9312 May'25 ___ _
1932 M
10212 78
1942 J J 10212 Sale 102
101 10334 Caro Cent 1st con g 48
78
8314
Dominican Rep Con Adm 815058 F A 10214 103 10214 July'25
79
92;7812 8212
1938 J
42
100 1014
96
Caro Clinch & 0 tat 3-yr 55.1938.3
Custom Admitustr 648_1942 Pel S 95 Sale 95
10034 Sale 1004
9512 22
38%
1054
1084
1st
A
con
g
6s
ser
2
118
107;
11
A
1
1034
0
7Z
Sale
'
Dutch East Indies ext 66
10712
1952,.1
50
1947 1 J 10214 Sale 10218
102,2
84
98; 10318 Cart & Ad 1st gu g 48
84
84
Jan'25 ___ _
84
40-rear fis
1981IJ
1962 M 8 10218 Sale 10218
10238 75
9314 101; Cent Branch U P lat g 4s
74% 80
78 July'25
1948'J
80
30-year ext 514s
75
1953 M 8 10012 Sale 100112 10012 21
923
New
5418
4
Cent
10112
Eng
Sale
7014
1st
30-year ext. 54e
46
65
48
65
le
gu
65
1961
J
10078 40
1953 M N 1005s Sale
984 10434 Central Ohio Reorg 44e-1930 M
French Repub 25-yr ext 813_1945 34 S 10418 Sale 103; 1044 202
9714 99
9814 __-- 99 Aug'25 _ _ _ _
104
Central
93
1014
of
Ga
10112
1st
20-yr external loan 7 48..1941 J D 100 Sale 9934
5
104
Sale
10312
A
10312
gold
58-1)1945
311
F
1004
994 1024
86
Consol gold 65
10134 16
9278
1945 M
External 7802 1924
10134 10212 10134
9118 479
1949 J 0 9118 Sale 90;
Registered
8511 0212
98 1004
FIttnish M un L'n 83.18 A_,.1954 A 0 8912 Sale 89;
I M N 9718 _ _._ 10014 June'25 __ _ _
8912
10
-year
8512
103
104
10112
aecur
921
106
68
External 648 Series B
June
Aug'25
4
1929
2
J
D
1023
2
1954 A 0 8912 90
8912
89,2
8314 89's
Ref & gen 5345 car
Finland (Rep) eat 68
10112
1959 A 0 10112 Sale 10112
0' 99 103
4
14
1945 NI S 8534 86
8553
8534
9314 9712
8612
Chatt Div pur money g 48_1951
84
External s f 7e int ctts_ _1950 M S 94 Salo 934
8512 July'25
D 8412 87
72
94
9134 98
9.014 100
Mac & Nor Div lilt e 58 1946 J J
German external loan 7e rcts. 1949 A 0 96 Sale 95;
100 July'25 __ _ _
961
/
4 584
Mobile Division
11)46 .1
Ot Brit & Iret (I'l< of) 514E1937 F A 10538 Sale 105
.
4j
99-- - - 10
July'25
5 __
_ _ _ _ 10074 1004
20
75
78
10012
10512 130 10433 1074
56
99
10-year cony 51
/
4s
17(1 11512 11814 Cent RR & B of Ga colt g 60_1937 M
9734 -ii14
1929 F A 118 Sale 11734
118
89
9514 Central of NJ gen gold 5s...1987 .1
108 I 25 10718 110
Greater Prague 7%8
108 Sale 10712
1952 M N
9312 Sale 92;
9312 26
83
8812
Registered
1083
4
106
It)(3
1083
Greek Gov't 78 lot rent
4
106
July'25
51987
G
118
1964 NI N 8634 873s 86,4
8773
9114 0012 Cent Pac 1st ref gu g 4e____1949 F A 874 Sale 804
861
/
4 90
Halt) (Republic) 68
88 I 25
9814 76
1952 A 0 9614 Salo 96
984 gals
Mtge guar gold 314s
87
51929
9434
964 9712 9618
9618!
118
Hungary (Binge] of) s f 7 %e_1944 F A 93 Sale 92
2
93
98,2 100
Through St L 1st 401 4s___1954 A 0 86
8528 99%
.. 8518
_8_718
Ind Bank of Japan 6% notes 1927 F A 99 Sale 9812
8518' 23
90
37
8412 Charlton & Savannah 78_1938 J
81
Japanese Govt Elwin 48___ _1931 1 J 8334 84
11212 Feb'25'.---1 11212 1174
117
84
83
8334
99
Ches &Ohlo fund &Irma 53_1929 J
99; 10012 10014
95
39-year a f 614*
981
/
4 102
100341
343
1954 F A 92; Sale 9214
8
93
8312 8714
consol gold ..)(3
Oriental Development 6s 1953 M al 8512 Sale 854
1939 M
10112 sale 1002
10178
6 101 1034
11
8578
10078 10214
ItegIstered
804 8512
_ 10114 July'25
1939 M
Lyons (City of) 15-year 6e_ _1934 MN 844 Sale 83;
8412
8
General gold 44s
80
Marseilles (City of) 15-yr 68_1934 M N
91 Sale 9012
86
1992 M
9114 513
874 93
8334 8414 8384
84
; 19
Registered
16
24
1992 M S
Mexican Irrigation 4348
9018 July'25 __ _ _ I 8578 9012
1943 MN
1512 1638 16 July'25
20-year convertible 448_1930 F A 9714 Sale 9714
23
24
94% 9811
Assenting s f 44e
97; 46
1943
38
4512
39-year cony secured 65.....1948 A 0 114; Sale 101)18
(U 5) exti 5e of'99 I 1945 61
11718 3122. 101; 1174
255 ___ _
_Mexlo --J
y:2
jan
28
- -4
4 M
-0
-- -4-3-- 3
31
Registered
41
A0
Assenting 5e 0)1899
22
10412 Mar'25 __-_ 1034 10814
33
1945 ___
33 Sale 3212
Cratv
38
3712
Assenting 5s large
.• ----1940.1J 9712 -9858 9838 Aug'25 ____
9712 99%
3712 May'25 _
Potts Creek Branch 1st 48_1946 J .1 ____ 8314 83 Aug'25 ____
35
3712
Assent Mg 58 small
3712 May'25
824 85
R de A Div let con g 4s__1989 J .1
184 26
Gold deb 4e of 1PO4
8112 854
8214 Aug'25 — -1964 J D
1912 2014 1934 July'25
2d coneol gold 48
24;
J 794 83 814
1989
Amenting 48 of 1904
79
83
---- ---- ----194
3
20
8118I
2
3
Warm Springs V let g 58_1941 M S 984 ____ 9812 July'25,__ -2612 2812
Assenting 48 of 1904 large
955/1 984
____ ____ ____ 2612 Jan'25 __ _ _
20
2412 Chic & Alton RR ref g 3s_ _1949 A 0 63; Sale 6358
Assenting 45 of 1904 small
66
02
6534 43
2438 May'25 _ _ __
2014 2412
Certlf8 dap stud Oct 1924 int__ ---- 6012 6312 6112 July'25 ---Assenting 48 of 1910
1
4
584 62/
:1--i -His 14-1-4 2014 June'25
22
Certlf den
3034
27
Amenting 48 of 1910 large
5912 824
6138 5912
Apr 1925 lot __— 59
2
20
331 54
5912
.___
4
_ _ __ 23;
Railway first lien 3 Sid__ 1950 .1 J 49
19333 2878
51
-------- ----20.84
Assenting 4t) of 1910 small
494
62 1 200, 44,4 5814
2034
Ctfa dep Jan '23lub
33
43
coal)-.to
Trees 63 of '31 ament(large) '33 :1--3 -3?,1.8 -3-5-7-8 3518
31
49
45
35/
49
1
4
65,
4
341s 43
Chic Burl & Q—Ili Div 348_1949 J J 834 84
3558 10
83
1
83
8114 8812
Small
35
Registered
88
965
8
J
84% 844
7812 84
17
Montevideo 7s
8438 Apr'25 _-_ _
95,2
1952 J D 95 Sale 95
Wools Division 4s
1949.1 J 90
91
9012
9012
5, 8812 944
Netherlands (is (flat pricea) 1972 M S 10818 Sale 10178
10814 40 1024 108,4
Nebraska Extenalon 48_ _1927 M N 9935 9912 9918
9918
3
9812 100
30-year external 68 W011_1954 A 0 10278 10314 1024
103,4 92 1001s 10412
General 4s
11038 49 110 1134
1958 M 8 8858 8018 89
21' 8814 9214
1940 A 0 11014 gale 11018
901
Norway external 4,88
974 1011, 1st & ref 58
1971 F A 102 Sale 10178
19 10018 10314
102
20-year ext 65
10038 43
1943 F A 1004 Sale 100
9712 1013s Chic City & Conn Rye 5s_1927 A 0 4612 48
100; 56
1
47
4512 83
47
1944 F A 11014 Sale 100
20-year external(Is
9712 10D8 Chicago & East III 1st (4_1934 A 0
106; Jan'25 -- __ I 10514 1074
80-year esti fie
1952 A 0 101 Sale ,100; 10112 52
111
RR
(nem
C
MN
F,
1951
149
eol
94;
gen
744
5e
Sale
219
734
7234 791e
7514
94
Sale
'
.1965.1
D
944
tem1)-40-Year 3 1 534s
254=£ a Due Jan 6 Due July. 5 Due Aug. V Due NOV a Option sale.
--
glil4z
BONDS.
N. Y. STOCK EXCHANGE
Week Ended Aug. 14.
New York Bond Record-Continued-Page 2
v
Price
Fridau
Aug. 14. •
Week's
Range or
Last Sale
0a
Ask Lora
High No.
Bid
Cbie & Erie let gold 58
6
1982 M N 10034 Sale 10012 10034
Chicago Great West let 0_1959 M S 6411 Sale 63
6434 272
Chic Ind & Loulav-Ref 138-1947 J J 110 11011 11212 July'25 ---9934 10
Refunding gold 58
1947.7 J 9934 Bale 9934
Refunding 4e Series C
1947 J J 8712 __ 87 June'25
General be A
9138 14
1968 M N 91 Sale 91
General 6e B
May 1966 .1 J 100% 10238 10134 10134
4
Ind & Louisville let gu 48.1956.7 J 795 80
8018
8018
5
Chic Ind & Sou 60-year 4a__1956 J J 8418 8812 88 July'25
OW L S & East let 430...-1969 .1 D 9334
9334 July'25
0 M & Puget Sd let gu 48.._-1949 J J 464 -4714 4678
474 28
CM M & St P gen g 40 Ser A_e1989 J J 7834 7914 78%
7834
5
General gold 330 Ser B _81989 J .1' 69 Sale 69
69
8
Gen 434e Series C__ _May 1989
2
8778
J 88
8812 8734
Gen & ref Series A 433s_ _02014 A 0 48 Sale 4714
4812 82
Oen ref cony Ser B be_a2014 F A 4784 Sale 4714
474 19
156
Ist Gee fte
19343 J 103% Sale 10312 104
Debenture 4348
1932 J D 4734 Sale 4712
48
98
Debenture 4a
1925 J D 4712 Sale 4712
137
48
25-year debenture 48
4712 82
1934
J 47 Sale 47
Chic & Mo Riv Div ba
1928
J 1033s 103% 9914 Aug'25 -Ohio & N'weet Ext 48-1886-1926 F A 100
100
3
_ 100
Registered
1886-1926 F A 9912 ilif 98% June'25
General gold 3346
1987 M N 7334 Sale 7334
7334
6
Registered
Q F
7212 July'25
General 48
1987 M N 8165 Sale 8158
82
35
Stamped 45
1987 M N 8152 8538 84 July'25 ::::
General 56 stamped
1987 M N 10112 10278 103 July'25
Sinking fund 6e
1879-1929 A 0 10412 ____ 104 July'25 ---Registered
A 0 10338 _ _ 10312 July'25 ----•
Sinking fund 66
1879-1929 A 0 10014 101% 10012 Aug'25
Registered
1879-1929 A 0 99 101
9911 May'25 @Inking fund deb 58
1933 M N 99 100 10014
2
10014
Registered
9912 ___ 101 Mar'25 -1933 MI N
10-year tmeured 711 II
1930 1 D 10758 Bale 10714
1078,
3
15-year secured 6548 g
1936 IN 8 1104 11078 11014
11012
3
let & ref g be
May 2037 J D I 9412 Sale 9414
95 1 19
Chic It I & P-Ragiway gen 481988 3 .1 8212 8312 8214
2 17
Registered
.3 J
8114 July'25 Refunding gold 4e
8612 234
1934 A 0 -86e Sale 8512
Registered
A 0
8818 May'25 -Mc St L & N 0 gold ba----1951 1 D jail ---- 10212 July'25 --__
Registered
J D 10052
_ 10214 June'25 .
Gold 330
1951 J D
7834 July'25 114empla a Div let g 0____1951 J D
8514
3
8514
0St L & P lel cons g 55----1932 A 0 101
____ 101 July'25 ---Registered
A 0
_ 10032 Jan'25 ---OW St P M & 0 cone 88-1930 J D iais 1-64
10418 lo
-18 104
Cone Be reduced to 330_1930 J D 9238 ___ 93 July'25 -Debenture ba
1930 M 8 9434 -96
944 Aug'25 Stamped
9512 July'25
ebb T El & So East let 58_1960 3 0
86 1 15
Sale 8434
Imo in3 be
Deo 1 1960 Ai S 8118 Sale 80
8118 38
Ohio Un Sta'n let itU 434e A.I963 J J 9252 93 93
5
93
let be Series 13
1963.7 J 10212 Sale 102
10213,
5
Guaranteed g be
194.4.7 D 994 Bale 9732
9912' 17
let630 Series C
1983 .1 J 11712 118 117% Aug'25 Ohle & West Ind gen g 68_24932 Q 3.1 106
____ 10512 May'25 --__
Consol 50-year 49
1952 J J
7941 54
784 Sale 7812
1 et ref 512e ser A temp. 1962 M S 9818 Sale 973,3
984 68
Oboe Okla & Gulf cons 66
1952 IN N 10038 10112 10058 July'25 ---_
Olis II & D 2d gold 430_1937 .1 .1 9512___ 9534 July'25 -0 I St L & C let g 46.-Aug1936 Q F 9212 -93
9314 July'25 ---_
Registered
Aug1936 Q F 9058 _ __ 92 May'25 -OM Lab & Nor gu 48 g
1942 M N 8712 8838 8912June'25 0133 S & CI eons let g 5a
1928 J J 10014 10112 10114
1011/
6
Oleve Cln Ch & St L gen 45_1993 J D 8124-2
8211
82
20-year deb 434,
1931 J J 9712 97_78 9784
9814 89
General be Series B
1993.3 D 997 10034 10034 Aug'25 -Reg 5, kept as Series A1929 J 1
29
10214 10234 10212 103
(le &Mee C
19413 J 104 108 10814 July'25 --- _
156 Belies D
9738 33
19033 .1 9718 Sale 9612
Cairo Div 1st gold 0
1939 J .1 8812 91
1
8812
8812
CM W & M Div let g 48-1991 J .1 8065 Sale 8018
8034 13
8t L Div let colt tr g g 48 15140 MN 82 Bale 82
8214 11
Registered
MN
8012 July'25 ---_
Bpr & Col Div let g 46__194(1 M S I-361, ii 874 Aug'25 -W W Val Div let g 0____1940 J J 8812 9112 8812 July'25 -00 & I gen cone g 68
1
19343 J 10812 ___ 10612 10812
Cloy Lor & W con let g 56_1933 A 0 10112 ---_ 10212 July'25 ---_
CI & Mar let gu g 4 As
1935 M N
9818 June'25 95
Cleve & Mahon Vail g 56_1938 J .1 9814 10012 100
10018 16
01 & P gen gu 30 Ser B1942 A 0 9612 ____ 8412 Aug'24 -Seriee A
19423 .1 96% _ _ 99 May'25 ---Series C 35+,s
1948 MN
8214 -8i12 8554 Aug'25 ---Series D 3%6
1950 F A 8114 8534 8534 Mar'25 -Cleve Shor Line let gu 430_1961 A 0 98 100
9812 Aug'25 ---Cleve Union Term 5;48......1972 A 0 1053g 106 1058, 106
12
let e I be Bar B
10058 48
1973A 0 1001,Sale 10018
Coal River By let gu 4e
8412
4
1945 .1 D 8412 8712 8412
Colorado & South let g 48_1929 F A
9834 21
9838 Sale 9832
Refunding & eaten 4546_1935 IN N
9438 78
94 Sale 9334
Col & H V let ext g 4s
1948 A 0 8618 8684 8884 June'25 Col & Tol let ext 48
8414 Apr'25 1956 F A 8412
Conn & Paseum Riv let 45 1943 A 0 • 80
8165 Jan'25
84
Cuba RR let 50-year ba g_1952 J J 8784 Sale 87
18
877
let ref 730
105
7
1938 J D 8718 871 10414
Cuba Northern Ry let 5a
1966 J 1 104 105
92
9212 43
Day & Mich let cone 430
1931 J .1 92 Sale 92
92 ____
Del& Hudson let & ref 4a
1943 M N
9014 21
9734 -- -. 89
80-year cony 513
1935 A 0 10834 Sale 10412 10834 225
15-year 530
1937 FA N 10234 10312 103
103
3
10-year secured 76
1930.7 D 109
10934 Aug'25 D RR & Bdge let gu 4812_1936 F A 9314 ____ 9514 Aug'25 ---Den & R G-lat cone g 4s1936.7 J 8312 Sale 831g
8384 45
Coneol gold 430
1938 .1 .1 8818 88
87
87
18
Improvement gold fa ._. 1928 J D 97% 9818 98
9814
9
Deu &It G West gen 5s-Aug 1955 MN 61 Bale 6014
61
263
Dee M & Ft I) Int gu 48._ _1935 J J 49
4978 4914 July'25 ____
cite
Temporary
of deposit _ ____ -_
50 July'25 ____
48
50
Dee Plaines Val lat 4 As _1947 M N 8812 ____ 9312 Feb'25
Dot & Mack-let lien g 48_1995J D 7165 ____ 704 Aug'25 ____
Gold 45
19953 D 65
72 65 July'25 _
Dot Riv Tun 450
1981 MN 9184 9212 92
9214 12
Dul Miesabe & Nor gen 6a 1941 .1 J 10312 _ __ 10234 July'25
Dul & Iron Range let 581937 A 0 103
___ 10178 July'25
Dul Sou Shore & AU g be_ _1937 J J 8318 86
81
83
24
A 0 90
ENO Ry Minn Nor Div let48.48
____ 9078 May'25
East Tenn reorg lien g 513...._1938 M 8
10012 June'25 ____
Beet T Va & Oa Div g 66_1930 J J
102 10038 10058
1
1956 M N 10113 102 10134
Cons let gold tie
10134
2
Elgin Joliet & East let g 56_1941 M N 101
___ 102 May'25
1965
A
&
S
W
0
let 58
El Paso
101
____ 10214 July'25 ____
Bale let consol gold 76 est...1930 M 11 10765 108 10738
10738 32
10983 J
let cone g 48 prior
7118 Sale 7065
7188 81
Registered
1996 1 .1 8618 8934 6814 Mar'25 -___
let consul gen lien g 46_ _1996 1 J 8332 Sale 6212
8338 172
Registered
1996 J J
58 June'25
Penn coil truet gold 48_ .1951 F A
9614 97
9812 Aug'25 ____
60-year cony 4s Ser A...1953 A 0 653
,Sale 83
6534 100
Series
B
2953A
do
0 6512 Sale 13338
6512 106
Gen. cony 4s Series D.1953 410 75 Sale 7212
75
665
19583 J 101 104 lO23s 103
Erie & Jersey let a f tia
9
Erie & Pitts gu 2 311e /3-.1940 J J 841 __-_ 8434 July'25 ____
33 8458 8812 84
Belled C
00.'24 ____
Pen
let
&
out
g
Cent
60.19303
J
Fla
994 100 100 July'25 ____
Coneol gold be
1943 J J 9912 Sale 992
9912
1
Temporary be
1943 ---96 June'25 ___
-§es-
e Due Jan. 1 Due Feb
e Due June,
_
Range
Since
Jan. 1.
BONDS.
N.Y.STOCK EXCHANGE
Week Ended Aug. 14.
Low
High
99 1021s
598468's
10914 11212
9913 10014
8514 87
87
9212
101 104
771a 8018
864 884
9312 9334
43% 581,
7014 8012
8214 70
77% 9258
432 54%
4415 5855
9612 1041
44 6012
46
7812
44
5614
944 100
98% 10013
8958 9918
7318 77
72
7212
8111 8612
82 8512
10118 105
10312 1067
103 104
1004 101
9912 10012
9914 103
101 101
105 11218
107 11212
9112 102
8
82
1:
1 83
8814
Florida East Coast let 4301959 l
mD
s
let & ref be Series A
1974
let & ref 5e Ser A w i
1974 34 s
Fla West & Nor 76 Series A-1934 M N
Fonda Johns & Glov 454e1952 m N
Fort St U D Co let g 43413_1941 .2 3
Ft W & Den C let g 530-1961 3 D
Ft Worth & Rio Gr let g 411-1928 J J
Frem Elk & Mo Val let 8,3_1933 A 0
G El & B A M & P 1st ba
1931 M N
2d extetu3 58 guar
1931 3 3
Galv How 33 Rend let ba
1933 A 0
1957 j .2
Genesee River let a f 513
Ga & Ala Ry let cons 56_01945 j .1'
Ga Caro & Nor let gu g be ...19293 .1
Georgia Midland let 36
1946 A 0
Gouv & Oswegatch let gu 58 1942 J D
Or R & I ext let gu g 4 3.4e..19413 J
1940
930 A
Grand Trunk of Can deb 76_1
mO
s
15-year e f 8e
Great Nor gen 78 Series A1936 J J
let & ref 431e Series A_1981 J J
1
1.9
97
53.1
2 .1 7
General 530 Series B
3
General 58 Series C
Green Bay & West deb ate “A"-- Feb
Debentures ctfe "B"
Feb
Greenbrier By let gu 0---1940 MN
Gulf Mob & Nor let 534e __1950 A 0
Gulf & 13 I 1st ref & t g 52-81952 J J
Harlem R & Pt Chea let 0_1954 M N
Hocking Val let cons g 4%1319
9 J .1
99,J
3
Registered
13 & T C let g int guar
19373 J
Houston Belt & Term let/m..1937 J J
Houston E & W Tex let g 513_1933 M N
let guar ba red
1933 M N
1937 MN
Housatonic Ry eons g 5s
Bud & Manhat be Series A-1957 F A
F A
Registered
834 894
Adjustment income 58.......1957 A 0
111R
inesi
oleaC
ter
en
etdral let gold 45_1951 J J
1951 1 .1
7
09
88
3:44„4
78,1
4
11 10
1100361134
Bit gold 310
1951 J J
Registered
J J
8378 85%
Extended let gold 350-1951 A 0
101 103
130 gold 313 sterling
1951 PA 13
0018
Collateral frost gold 45-1952 A 0
11102% 19812
A 0
9214 23
let refunding 45
1955 M N
9212 10514
1952.7 J
Purchased lines 330
9512 8J
993
Registered
J
76
9018
Collateral trust gold 45-1953 M N
M N
14 f ie=reb
1
R
1955MN
e
100 10312
15-year secured 5545
1984.7 J
974 10058
18-year secured 6148 g1938 J J
11614 118
1950 3 1/
Cairo Bridge gold 0
10512 10534
Litchfield Div let gold 36_1951 1 1
7613 8312
Loulav Div & Term g 3346 19533 J
97 10034
Omaha Div let gold 38_1951 F A
9954 101
Bt Louie Div & Term g 36_1951 J 1
9312 9584
1951 J 1
Gold 334e
9118 9312
Springfield Div let g 330_1951 J J
8
970
11 8
:
99
214
Western Linea let g 46
1951 F A
Registered
1951 F A
9918 10112 nI Central & Chic St L & N 08184 8612
Joint let ref be Series A
1963
D
96
98% Ind III & Iowa let g 46
1950
J
9912 105~ Ind Union By gen be Ser A1985 J .1
10218 1041e
Gen & ref be Series B
1965 3 J
10384 107+4 lot & ON Nor let 63 Ser A1952 3 J
94 1 100
Adjustment 6s. Series A 1952 Aprl
88% 91
Stamped
Aral
8
_11
_ 8212 lot Rye Cent Amer let 58..1972 M N
0141 85 Iowa Central let gold 5s____1938 J 1/
80% 83
Certificate/ of depoeit
874 891/
______Refunding gold 0
1951 Iiii3
8714 8812 James Frank & Clear let 41.19593 D
10612 108
Ka A & G R let gu g 50.-1938 J i
10014 10212 Kan & M let gu g 0
1990 A 0
9518 9818
2d 20-year 55
1927 J J
9814 10014 K C Ft S & M cone g fle1928 M N
KCFtS&MRyrefg48_1936 A 0
-Iii- -17114 KC&M R&B let gu 68_1929 A 0
8512 88% Kaneas City Sou let gold 38_1950 A 0
84
8544
Ref & inapt be
Apr 1950 3 3
95% 100
Kansas City Term let 4s___1960 3 J
10418 10712 Kentucky Central gold 413_1987 J J
9912 102
Keok & Des M 58 ctf dep_1934 A 0
884 8812 Knoxville & Ohio let g 6s1925 J .1
9678 99
Lake Erie & West let g 56_1937 J J
9018 9612
2d gold be
1941 3 J
8612 8684 Lake Shore gold 3545
1997 J D
8414 84%
Registered
19973 D
81% 8165
Debenturegold 4s
1928 M S
8812 8212
25-year gold 45
1931 M N
ied
18
99
24 106
934 Le
Loh Val Harbor Term 56
1954F
31 AI N
A
96 98 Leh Val N Y let gu g 4545_1940 3 J
88/
1
4 9212
Registered
10114 10814 Lehigh Val (Pa) cons g 0_2
j
1% N
10
901 .1
1(111'8Regletered
1M N
18/
General cons 434e
2903
94
9514 Lehigh Val RR gen 58 Seriee_2003 M N
82
8634 Lab V Term By let 11U g be- _1941 A 0
867/ 9014 Leh & N Y let guar gold 413_1945 M S
95
99
Lea & East let 50-yr be gu1965 A 0
55 6012 Little Miami 4e
3911 51% Long Dock consol g 6e
A O
N
193
55
2M
4538 50
Long laid let con gold 55_731931 Q .1
9314 9312
1st coneol gold 4.2
A1931 Q .1
7014 75
General gold 45
65 6712
Gold 4e
tt1
10.1
1814
10012 10218
1S3 1 13
7 11
825
Price
Friday
Aug. 14.
Week's
Range or
Last Sale
11
Rang.
Since
Jan. 1.
High No Low
Bid
Ask Low
9284
7
EI2 11
92% Sale 9218
96
:
1.71
9478 Sale 94
86
95
95 Sale 96 July'25 -- -5
163 199004
11!::
:
::
s1
1110
9
5
20
:
67
91:
4
s61
13612 Sale 13614
140
6714
8712 32
6418 67
8934 ---_ 8214 Aug'25 -10438
10484 July'25 ---96 Sale 96
96
5
106%
1
1071g 109 10611
1006923
001
15: 10
78
39
5
1
1004 101 1003e July'25 ---- 1
_
100 July'25 -92%
2
9012 95
9258
10092% 95
10418 Bale 1044
10413
4
93 102%
94
95 Aug'25 -95
9934
5
9934 99% 9934
68
2 6414
6514 ---- 68
997g ---- 98% Feb'24 -9114
_ 9612 July'25
115 Bale 11412 115
8
19
20 19
412 9
60013
28
M
iles
-1
10612 Bale 10612 1074 23 -08%
66;
101 18
998412
2
87
118
0191
33
10958 Sale 10912 110
84
8818 8912 90 Aug'25 100 Sale 9934
10012 76
9414 41
93% Sale 9312
7712 79
79 July'25 ---1414 15
1212 18le
15 Aug'25
881,
864
87
87
a
9958 10014 9934
10014
99114 108
6
100% 1024 1034 July'25 ---92112 108/
1
4
84
80 8454
84
8412 84
9812 92
8978 11
884 894 89
88
9012 May'25
901,2
9912 10072
RIOT, 16114 100 Aug'25
95 99
95
95 Aug'25
96
go%
_ 10014 Aug'25
99% 1004
9978 9978
9912 16i
99% Jan'25
924 9412
9414 96
9412 July'25 -9012 49
8612 93%
9014 Sale 8978
9114 914
914 June'25
6734 774
7514 57
75 Sale 75
914 94
90% 9334 93% Aug'25
9012 93/
1
4
874- 9338 July'25 ---Rai 04
81
-8
.
6
. 82 July'25 -7612
8334 June'25 -88
g012 84
25%
14
81
8312 May'25
_
82
9
64 -71
6
8 ,s 62
62 Feb'215,---9738 993. 8712 . 87121
85'$
9234 973.4 8558 Apr'25 ---- 853, 8651
8812 894 8888
89
8712 92/
1
4
62
84
84
78/
1
4 841s
75% _
79
84/
8412 July'25 ---1
4
84
27
8312 53354 831s
83 8654
82 May'25 -814
81
83
10254 1031
02/
1
4 106
03,
/
1
4
10278 28 10
4 10238
102 1025s 10214
103
9
look 113
11114 11134 11114 Aug'25
884 911a
84% 8912 8918 July'26
I
7114 73
71%
70 731
7156
78
n
2/
7V
D
97
8
83
1
4
81% 8013 Aug'25
7334 June'25
73
70', 74
73 Sale 7212
73
6
7912 8112 80%
80%
784
- 8278 May'25
7971 8212
88 19 8614 Aug'25
884 88
84
84
84 87
3
9834 10058
100
51
88
10
9
99
04 101
00,4
Aug'25 -994
I
10212 28 100
7458 300
7412
1
7
666
8
5
61;
18
77% 18
;
6
7"190222
67 65
58
2
Aug'25 -19/
1
4 261
1934
6
/
4
8671 60
July'25 ---IsTo 24
8084
July'25
loos
100 gale 100
100
1
4 10238 um%
10258 10338 10238
10384
8552 28
8512 Sale 8412
9o18 8853
9912 ---- 9912
9912
1
5
7118
7118 Sale 71
9
70
8Is 100
75/
1
4
8814 925s
8958 Sale 8832
8952 40
8412 85
835s 877s
8412
852g 69
84
8712
8458 8558 87 July'25 -8482 -___ 86 Nov'24 ---____
100 June'25 ---,
6641
310
654
11.
100 Bale 100
100
B i99,
9518 07
91
____ 9512
951
1
7814 81
80 Sale 79
80
8
18
2 9
797
11
4
9
75
87
7734
4
76% 7718 7812
:
971
8 987
978 9818 972
984 51
962 Bale , 9838
9812 17
9412 --- 957 Jan'25 ---10214 Bale 10214
10214
1 10984 103
9512 9812 9558 July'25 ----'
93
5% 93
38
93
Jan'25
_801_2 13
.33.
1!.. 8
80
118 July8021 2_3_
7
28
9% 8
81
4%
-88
93
9012 Sale 9014
91 I
5
998, 100 10018 100141 12
98% 10175 '
84,4
14 18
09
284
10218 ____ 10214
1024' 2 10
9312 ____ 86 July'25 ---10312 104 10814 July'25 ---84 Aug'25 -7
37
141 10
10878 ____ 108
81
01
Apr'25 ---- 108
100 100% 10013 July'25 ---9438
94
____ 94 May'25 ---89
8
4:
4 19
03
124
12
2
8812 91
8812 Aug'25 -- 9
9312
1
9013 9312 9313
8214 85
815 89
8412 June'25 -9512 98
9714 978 97
97 I
5
90 Sale 89
90
8
8
29
2:10
8
25
2
1,
14
828 8318 831s
834 .2 9
9834 ____ 98%
98% 11
10012 101 100 July'25 -8412 85
8412 Aug'25 -100
9
8938 105174
2 2
10212 Aug'25 -- :
9844
94
22
9212 94
9212
101 10112 101 Aug'25 ---- No% 103
107 108 10714
10114
10512 Bale 105'2
10584 10
1
,
00
378 19
7 1110
934 10
03
234 I0
93
114 101
4514
:LA
S:
92
97
10334 107 105 July'25 -- 10414 105
10312 105 104 July'25 ---- 104 105
8938 90
9118 July'25 ---8
69
111 6
115
1111
6038 62 64 July'25 ---9658 9914 9718
9781 14
8312 8412 84
84
1
9812 994 9914 July'25 -1015,3 103 102 July'25 ---9
156
98
0
1
116
0"3
59% 80
:
5
sa
2
59512
598
1 !
wog 6714
62
68
67 June'25 ---100 101 1004 June'25 -9754 100/
1
4
8034 July'25
805a 84
9958 Sale
87
9014
9914 100
9914 ____
10218 Sale
7458 Sale
7412 Sale
77
771
58 Sale
5718 ___
19/2 20
8514 86%
100
098
,2
8 _______
lin
egigtugre
oliago416
d 58
I
1919
20-year p m deb be
81
90
Guar refunding gold 48_ _1
194
939
2N
AI8
N
83
907
Nor Bb B let con g gu 5e_o1932 Q 3
9914 10212 Louisiana & Ark let g 58_1927 M S
100 101
Lou &Jeff Bdge Co gu g 4e 1945 M 8
5tol/ne8hvIlle 65-1937 M N
Loni
n 11Z 8
Ira 22
1940 3 J
994 10212
Collateral trust gold 59_1931 M N
107 10934
o
A N
10-year secure: e
A 200 M
69% 7314
let refund 534 Series
6718 6812
let & ref fa Series B
8184 6618
let & ref 434e Series C2003
2993 A 0
1930.7 J
9
59
81, 9
68
7
NO & M let gold 6a
1930 J 3
2d gold 65
6212 69
Paducah & Mem Div 46_1948 F A
Bt Louis Div 2d gold 38_1980 M S
60 69
L&N&M&MINg45481945 M S
6965 7614
L & N South joint M 45
1952 J J
10112 10614
84 8414 Lounge Cln & Lea gold 4148_1932 M N
19343 J
Aanon Coal RR 181 58
-1432
. (walla RR(South Lines) 4e 1939 M N
let 421
9614 10014
0512 964 danitoba Colonization 58_19
5939
4M N
altanGB&NWiet 3148_._1941 J J
"
8 Due fdayj 11 Due July. n Dus Sept. 0 ')um Oct. 9 Due Deo, 8 Optien WS.
9912
88
99
9914
10184
7418
74%
77
68
574
191's
88
18
00
2
89734
826
SON DI
N. Y.STOCK EXCHANGE
Week Ended Aug. 14.
New York Bond Record—Continued—Page 3
Price
Fritter
Aug. 14.
Ranee
Mrs
Jan, 1.
Week's
Range or
Last Bale
HIgh No.
Ask Low
BM
9934
1931 MS 99% 10012 9934
MS 9812 102 10012 May'25
66
91% July'25
1940• J 90%
J L &El
Gist gold 830
7712 Apr'24
1951 M
7734
let gold 3346
85 July'25
1952 MN 79
20-year debenture 4e
5
9714
1929 AO 97% 9734 9714
Mid of N J let ext 58
92
9312 Aug'25
1940 AO 89
Maw L S & West imp g 56_1929 FA 10014 ---- 100 June'25
Mil& Nor let ext 4Fie(blue)1934 J D 88
_ 8734 May'25
Cone ext 434e (brown)_1934 J D 8911 91
8912 Aug'25
Mll Spar & N W let gu 48_ _1947 M
86
8634 86 July'25
& State L let gu 330_1941 J J 81% _
80% July'25
Minn & St Louis lst 78
1927 ID 10114 1-0i 102 Aug'25
lit consol gold be
80
60 July'25
1934 MN 57
Temp ars of deporit____.
60 May'25
5612 60
let & refunding gold 45_1949 MS 21 Sale 20%
2112 16
Ref & ext 50-yr bs Ser A.1962 Q F 1512 1578 1512
8
16%
If St P&88M con g 46 int gu'38 J J 34% 86% 8514
12
86
let eons 58
9512 961 9512 Aug'25
1938 J
10-year coil trust 634t......1931 M
7
10334 Sale 103% 10334
lit & ref 68 Series A
2
99
991 99
1946 J J
25-year 6345
6
1949 ▪ B 8412 Sale 8411
84%
let Chicago Term if 4s
9212 Dec'24
1941 MN 9212
MSSM&A late 4eintgu_1926 J J 8512 Sale 9934
9934 27
Mizetindppi Central let 58....1949 J J 93
94
93 June'25.!do Kan & Tex—let gold 48_1990 J D 8234 83 8214
93
83
Mo-K-T ER—Pr 1 be Sec A_1962 J J 9414 Sale 9234
9414 66
44-year 4e Series B
7
79
1962 J J 79 Sale 7812
10-year 66 Series C
35
1031
1932 J J 103% 1931 10318
Cum adjust bs Sec A Jan 1987 AO 90% Sale 90
9132 809
Missouri Pacific (reorg Co)
let & refunding 58 Sec A 1965 FA 8712 Sale 8614
871
25
1st & refunding Si Sex C 1926 FA 10014 10012 100 July'25
1st & refunding Si Sec 13 .1949 FA 10012 Sale 100
84
1001
let & refund 85 Sec E Int_1955 MN 100 Sale 9934 10012 197
General 41
599
65
1975 MS 6434 Sale 6418
Mo Pan 3d 78 ext at 4%__.1938 MN 85
851, 1
89 1 8512
Mob & Sir prior lien g 58_ _1945 J J
--- 1031e July'25
8018 July'25
82
Mortgage gold 48
77
1945 J J 99Mobile & Ohio new gold 6s 1927 JO 104%
101% Aug'25
let extended gold 66__81927 Q J 10112 1-04 102 July'25
General gold 48
' 90 July'25
1938 MS 8112
Montgomery Div 1st g 56_1947 F A' 98
99
9912 987
fit Louie Dia 5s
1927 J O 10012 10112 95 July'25
Moh & Mar 1st eu g 48
1991 MS 8434 8834 85 Feb'25
Mont C let gu 5 68
1937 J J 110 111 110 Aug'25
lit guar gold SI• 1937 J J 101 104 10112 Aug'25
8012 8012 July'25
M&Elstgu34.
2000 J D
Nash,Chatt & St L let ba_ _1928 A 0 10114 10234 10112 10113
8
N Fla & E3 let gu g 55
102 June'25
1937 FA 997
Nat Ry of Mex pr lien 4 Xs _ _1957 J
30 Sept'23
July 1914 coupon on
19 Apr'25
Assent S f red June coup on
143 141s Aug'25
13
Guar 70-years f 48
871s July'23
1977 AO
April 1914 coupon on
18 May'25
Gee if 48 assenting red.......
1312 1412 1334
1334
Nat RR Ivies prior lien 4348_1926 JJ
3813 July'23
July 1914 coupon on
.. 25 July'24
Azimut with July '24 coup on
21
2612 2812 June'25
tel copilot 48
28 Apr'24
1951 AO
April 1914 coupon on
Jan'24
36
Assent with Apr 1924 coupon
1174 17
1134
11
12
Naugatuck RR let 45
66 May'23
1954 MN 74
New England cons be
1945 ii 9312 -95 - 948* July'25
Coneol 46
1945 J J 7834 8312 81 June'25
NJ June RR guar let 4s
86 May'25
1986 FA 8312 86
NO&NElstref&Imp430A'52 J J 88% 8972 8914 Aug'25
New Orleans Term let 48_ _1953 J
1
82% 8234 8214
8214
If0Texas & Mexico 1st 813_ A925 JD 10012 10013 10014 Aug'25
Non-cum income 58
9634
8
1935 AO 9534 96% 9512
1st bs Series B
94
6
1954 AO 9312 94% 93%
1st 1330 Series A
1954 AO 10014 Sale 9914
10014 58
A 0 19913 1004 9934
Temporary
2
998
J
J
& C Bdge gen gu 43‘e___ _1945
94% __ 94% July'25
NYB&MB letcongas_-1935 A 0 9912 -9934 9912 July'25
N Y Cent RR cony deb 66_1935 M N 10812 109 10812 1081
7
MN
Registered
116 10814 June'25
1998 F A
Consol 40 &dee A
5
8272
8334 8214
2013 A 0 90% Sale 9034
Re:& Impt 4Fie"A"
8
903*
Ref & Impt be Seriee C-2013 A 0 10012 Sale 100
100% 116
A 0
Registered
10112 Apr'25
Y Central & Hudson River—
Mortgage 314s
1997 J J
7814 24
77% 7814 7734
Registered
777 July'25
1997 J
7514 84
Debenture gold 48
9413 67
1934 MN 94% Sale 93%
MN
Registered
9214 ____ 9214 Mar'25 —
30-year debenture 46
'
9112 July'25
1942 J J
91
Registered
93 Feb'25
Lake Shore coil gold 334eA998
763
75
2
7612 7634
1998 F A 741 7
7
Registered
74%
7434
Mich Cent coil gold 330-1998 F A
6
75%
7634 7734 753
1998 F A
Registered
7613 July'25
80
Y Chic & St L 1st g 4e
1937 A 0
9234
8
____ 92%
1937A 0 91
Registered
Jan'25 _
89
25-year debenture 45
1931 M N
9374 26
933
93% 94
ad 86 Series A B C
1931 m N 103 Sale 10212 103% 12
1974A 0 My Sale 06
Ref 5348 Series A
96% 131
NY Connect let gu 4348 A_1953 F A 9014 Sale 9014
9014 16
NY & Erie 1st ext g 45— 1947 M N 8
99
34 ____ 89 June'25
ad ext gold 434s
1933 M
931 July'25
4th eat gold Si
1930 A
_
10014 ____ 10014 July'25
D 9712 ____ 9714 Dec'24 _ _ _
1928
5th ext gold 4s
1946 M N 91
N Y & Green L gu g Ss
____ 93 July'25 ____
NY & Harlem g 33is
78% June'25 _
2000 MN 79% __
NY Lack & W 1st & ref 68_1973 MN
— 80 July'25 _
N let & ref 430
1973
1-111112 10012 June'25
NY L E&W let 72 ext__1930 M
106 10813 10712 Apr'25
Dock & lmpt Si
1943 J J
9972 Mar'25
N Y & Jersey let be
1932 FA "ifis Sale- 99%
998
3
NY & Long Branch gen g 48 1941 M
9112 June'25 -9034
N YN H & Hart n-e deb 43_1947 MS 6434
6434 Aug'25
MS
Registered
60 June'25 _
_
Non-conv deben 330____1947 MS 5582 101-2 5912 J11110'25
A0
44 57
5512
Non-cony deben
2
5518
Non-cony deben 48
1955 J J 6114 Sale 6012
4
6114
Non-cony deben 48
3
8
1956 MN 59
'
s
,
215
6112 July
62
Cony debenture 3346
1958 J J 51% 57
56
Cony debenture 138
91% 203
1948 J J 91 Sale 90
J J
Registered
90 Aug'25
Collateral trust 66
94
2
1940 A0 414
Debenture 46
1957 ▪ N 597 Sale 5934
15
60
_
Cans Ry non-cony 4s
1954 J J 58
59 July'25
59
Non-cony deben 46
1955 J J 6114 Sale 58
6114
3
58
Non-cony deben 46
2
19513 J J 58
58
59
AO 10034 ____ 10034
2
N Y & Northern Ist
10034
NY 0& W ref let g 4e_June 1992 MS 70 Sale 8812
91
70
2
1955 J D 65 Sale 65
General 46
6534
J D
Registered
65 Apr'25
1942 AO 8514 ____ 8812 Feb'25 -N Y Prov & Batton 4s
_
N Y & Putnarn let con gu 48293 AO 85% ____ 8658 July'25
1927 MS 9983 100 100 Aug'25 _ _
NY&RB let gold Be
1937• J 73% 7334 7112
NY Sum & W 1st re/ 56
7313
7
2
61
1937 FA 6034
2d gold 434s
61
1940 F A 64 Sale 6212
20
64
General gold 56
1943 MN 95% 99
Terminal 1st gold 58
97 July'25 ____
6812 39
NY W'ches&B let Ser I 430.'46 J J 68% Sale 67
Nord Ry extl s f 630
1950 A 0 8112 8214 82
8214 51
7
Norfolk Sou let & ref A 56-1981 F A 7914 8012 79311 _8
93
98% July'25
Norfolk & Sou lit gold 56_1941 M NI
Michigan Central Si.
Registered
-
_-_-
_---
-
a Due Jan. Is Due July.
y Due NOV. s 091109 sale.
BONDS
N. Y. f3TOCK EXCHANGE.
Week Ended Aug. 14.
Pries
Friday
Aug. 14.
Week's
Range or
Last Mb
Rases
20144
Jas. 1.
Low
High
111,11
Bid
11406 No. LOW
As, ow
9934 101
Noe & West gen gold 66__1931 M N 107 10812 10712 June'25
106% 108
10012 100%
1083. 1033e
Improvement & ext 66_1934 F A 10734
1083s Apr'25
9114 92
New River let gold
106 108
1932 A 0 10614 __ 10714 Aug'25
88 92%
N & W Ry let cons g 46..-1996 A 0 88
8
8913
8884 88%
"if" "Eli'
86 89
Registered
_ 87 July'25
1996 A 0 8614
8814 99
Div'l batten & gen g 48..1944 J .1 8913 90
7
96% 98
89%
90
93%
88
345 12618 138
10-year cony 68
1929 M 5 13611 Sale 13234 138
100 100%
Pocah C & C Joint 48...._1941 JO 91
9014 9314
92
91
9134 11
8512 94
Net Cent gen & ref be A
10112 Sale 10034
10112 11 10034 103
1974 M
82% 9112 North Ohio 1st guar g
so 94
1
89
89
A0 8613 89
86
89% Nor Pacific prior lien 48_1997 Q 1 83% Sale 83
83 87
42
84
80% 80%
5
82,2 847s
Registered
82%
1997 Q 1 82% 82% 82%
98% 102%
General lien gold 38
5914 62%
60
39
02047 Q F 60 Sale 5912
51% 621s
594 60
Registered
02047 Q F 57% -- - 60 June'25
581s 80
33 87%
Ref & impt 434i oar A____2047 J J 83
8•132 83 Aug'25
1914 28
8534 8534
Registered
J J
85% Feb'25
1312 2114
Ref & impt6s ser B
123 104% 10812
105
2047 J J 10478 Sale 104%
105 10871*
8412 90
Registered
J J
1067s May'25
94% 100%
9412 9779
9
Ref&lmptsseerC
9513
2047 J J 9513 Sale 94%
10214 1.0434
Ref & lmpt 52 ser D
94% 98
16
94%
95
2047 J J 94% 95
99 103
St Paul & Duluth lit 58_1931 Q F
9914 Mar'24
8314 90%
1st consol gold 46
85% July'25,-- Wig
1968 J D
Nor Pan Term Co
10914 Aug'25,
- 109% 10934
9914 i6di No of Cal guar g 1st g 68_1933• J 10912
res
10314 Mar'25 -- 102 10314
1938 A0
91
94
North Wisconsin let 8e
1033
4
Apr'25.-▪
J
- 103% 104%
1930
13014 851s Og & L Cham let gu 48 g_1948 J J "7114 7214 7114
71% 7614
7213 13
86 9534 Ohio Connecting Ry 1st 46..1943 MS
9034 Dec'24 ---- ...... f-4
9814 011s
7114 80
Ohio River RR let g ba
1
___ 100
100
1936 J D
101% 1044
981s 100
General gold 5e
9812 100
933 Aug'25 -1937 A0 100100a8 017s
7634 91% Ore & Cal let guar 858
J
1007
2
Sale
100%
101
J
36
1927
nu 9014
Ore RR & Nay con g 49
90
89
89% 18
1946 J D 89
83
9034 Ore Short Line—lit cone g 58246 J J 104 105 10414 Aug'25 -- 10214 107
100 10114
:
7
199
087
0318
Guar eons 56
19096
J
J
10214
10214
10334
1946
104
11
99 10214
Guar refund 48
1929 JD 87 Sale 9634
9712 39
99% 102
8132 85
Oregon-Wash let & ref 41
59
82
815s
1961 J J 8132 82
62.2 67
94
96
Pacific Coast Co let g 5e
8213
94
9158
1
1946 ID 91% 9134 9158
8434 89% Pao RR of Mo let ext g 4e
4
91
901
90
1938 P A 90
100 10318
20 extended gold 5s
9814
99
993* July'25 --1938 J J 98
76
91
Paducah & Ills lit 8 f 430-1955 J J 9314
95 Aug'25
101% 103% Paris-Lyons-Med RR 68.....1958 P A 77% Sale 77
78
84
102 104
8 f external 7s
:
1890%
1958 MS 83% 8412 8414
8518 56
81% 9012 Pawls-Orleans RR 8 f 76
8
8412
1954 MS 83% 8413 8378
9816 101
9
87
012 10
91
9%
Paultsta Ry 75
1003s 100% 1003s
2
1942 M
10034
95 1001
: Pennsylvania R.R.--cons g48 1943 MN 9,4%
91% 96
96 July'25 -8434 85
Consol gold 46
864 96's
1948 MN 9114 Sale 9114
9114
4
110 113
45 etamoed
9012 93
_ _ _ 9218 July'25 -May 1 1948 MN 87
10118 10312
Consol 4348
98% 28
1960 FA 9814 Sale 97%
76% 82
General 434e
923s 41
1965 J D 9212 Sale 9112
101)% 102
General 56
1968 JO 100% Sale 9972 10034 58
100% 102
10-year secured 78
9997
93111;
091
1930 AO 108% Sale 10814
10812 34 10
15-year secured 634.
34 11113
1936 FA 110% Sale 11013
111 59 109
19 "iii
067
1448 1
,
0
896
914
14
s
Registered
FA
-10912 June'25 -- 189
14
2134
441-year gold be
19414 MN 9712 Sale 9732
9734 98
Pa CO—Gu 334s coil tr A reg 1937 MS 8412 87
8614 May'25
Guar 3148 coil trust Sec 13_1941 FA 8314 Sale 8314
8314
lit; -NC. Guar
---3- ,
8
92
3
D 82% 84
1% :
8
88312
1942
334e trust etre C
83 June'25 ---Guar 3348 trust etre D__1944 J O
8134 July'25 ---7
94% 9613
Guar 15-25-year gold 48_1931 AO 95
95
96
2613 3212
Guar 45 Ser E
1952 MN 854 1614 8534 July'25 -- -8
75
712 9
863
24
4
Peoria & East let eon 648_1940 AO 78% 79
7734 Aug'25 -- -Income 43
31% 80%
1990 Apr. 35 Sale 34%
35% 86
ll5g 20
Peo & Pettit:1En lst 53is _ _1974 A
99
9934 99
9934
Pere Marquette let Ser A 56-1956 J J 98 Sale 9712
18
7
99
97% gl
i si
981s 12
94¼ 96
lst4a5erB
80 86
8032
1956 J J 80% 81
80%
1
31
81% Phil& Balt & W let g 46
927s 9111
9312
1943 MN 9312
9312
1
86
86
Gen 5s Serial B
04 1455
10
3 140
1974 FA 10414 1-0612 105
10612 2
86
9214 Philippine Ry let 30-yr s f 48 1937 J J 41 Sale 41
4114
8014 84% Pine Creek regstd 85
5
37aa
s
0
996
9
49
:
11 1!
990
5
098 :
10
1932 J O 10555- 10513 Mar'25
100% 10134 PC C & St I. gu 4345 A
1940 A0 9614 -if 9614 Aug'25 - -92% 9814
Series B 434e guar
9615 July'25
1942 A0 9413
9012 9734
Series C 434s guar
1942 MN 9514 - _ 9532 July'25 - -98 10212
94l July'25 -Series D 45 guar
8914 94%
1945 MN 8934
9914 10212
Series F:. 3 Sis guar gold—I949 F A 9312 --__ 93% June'25 -93% 941e
Series F 4s guar gold
9314 9314
934 June'25 ---1953 1 0
99,4 100
Sella§ 0 48 guar
__ 9412 July'25 ---9012 9413
1957 M N
1061s 1171
: Series El 4e
9314 94
91
_94
.
94 June'25 ---1960 F A 90106 11612
Series Icons guar 4348.-1963 F A
9534 July'25
8212 8714
Series J 4346
1964 M N
95% July'25
88% 9372
fi
1
o
i
5
7
:
i
t
l
a
s
949
a6
a
General M Ss 8ertes A —1970 J D 98
9912 98%
:
:
3
1
:
0
9
99%:
9914
gm& Sale 9712
99 10214
Gen mtge 5s Series B
9772
1975'
9912 102
Pitts & L Erle 2d g 58
01928 AO 10078 _ _ 101 June'25
080,5692
7
002
,:1:142a
11:0
0 0 53,9311:1111,124: 10
Pitts McK & Y let gu 6a____1932 J J 106 Sale 106
1119 8006
.3_1 1.
.
106 .
79% Pitts Sh & L E let g 56
75
1940 A0 100 102 102
102
74
7814
let coeSel gold 513
1
J
10014 May'25
1943
96,4 -92% 96
Pitts Va & Char 1st 45
91% May'25
1943 MN 88% 92% 9234 Pitts It & Ash let cons 5e_1927 MN 10013
100 100%
10014 July'25 --92%
91
87 89%
let gen 42 series A
89% July'25 -- -1948
93 93
1962 F A 100,4 - - 100 Aug'25 - let gen 5s series B
7434 7812 Providence &cur deb 40-1957 M N
20
60
55%
79
74
_ 8138 July'25 ---Providence Term let 48
1958 M 13 8138
75
78% Reading Co gen gold 43
- 9512 95 Aug'25 ---1997 J J
944 9514
75% 7613
_
IJ
941 May'25 -J
Registered
94%
91
88
96
9212 20
Jersey Central coil g 4/---1951 A 0 91% Sale 9118
89
89
921s 98
Gen & ref 4Hs Set A
9312
8
1997 J J 931g Sale 93
92% 9612 Richm & Deny deb 55814A-1927 A 0 100,4
- 10014 June'25
10212 10412 Rich & Meek 1st g 4e
7912
74
1948 M N 74 197e 74 Aug'25 -- -93% 9814 Mehra Term Ry 1st gu 514._ _1952 J J 9944 10013 10012 10012 ! 19
9,
2
11.
050253 10
90
93% Rio Grande Juno let gu be 1939 J rt 93
94 July'25
89 89
5 June'25
Rio Grande Sou let gold 46._1940 J -3
5,4 I
93% 9512
6 8
6 May'25 ---Guaranteed
1940 J J
99 10112 Rio Grande West let gold 46_1939 J .1 8334 84% 84
1 821s 89%
84
75%
7
71
Mtge & coil trust 45 A.-1949 A 0 72 Bale 71
72
9094
p
..._ 8411
I Ark & Louis lit 4 X6
87
1934 M 8 8614 Sale 8512
751 7834 R
Rut-Canada let gu g48
1949 J J 7512 7712 7514 Aug'25
gg
80
80
Rutland 1st con g 4JO
88,4 89 July'25
1941 J .1 87
3. 75% 8214
10014 10034 St Jos & Grand Isllst g 413._1947,J J 79 Sale 77%
79
106 10712 St Lawr & Adir let g Si
Ws 9514
9512
1
1996• 1 9512 Sale 9512
11112
32
:
1090
9934 094
01
15414
20 gold ee
1996 A0 10212 104 102% July'25 ---- 199994
99% 10(134 St L & Cairo guar g 46
95
2
96
95
1931 J J 95
9112 911z St L Ir M & Seen con g 56_1931 AO 10014 Sale 10018
1
101
tin
61
Unified & ref gold 48
9434 28
1929 J J 9412 Sale 9418
60
80
J J 9212 9413 93 Apr'25 - - 911s 93
Registered
55% 81
Rio & CI Div let g 45
8371 90
8872 32
1933 MN 86% Sale 8614
5413 60
99% 1001s
St L M Bridge Ter gu g be__ _1930 A0 100 102 100
100%
4
65
60
St L & Ban Fran (reorg co)481950 J J 753 Sale 75%
7512 920
56
65%
Prior lien Ser B be
90 Sale 8914
90
59
1250 J
5914
58
Prior lien Sec C be
1928 J J 1023* Sale 10214
10253 218
86% 9212
7
9
8511
6ii
3is.1
100
9
7
9393
8
5
:
11411
Prior lien 514e Ser D
9874 88 1037
1942 J J 99 Sale 9814
8312 90
Cum adjust sec A 60____51955 AO 92 Sale 92
8444 9371
9214 265
9014 9634
Income Series A es
645
81960 Oct. 9514 Sale
9614
9314
63% 6114 StLouls & San Fran Ety gen Ills '31 J
10334 105% 1033
4
10334 16 1114% 10671
55 64
General gold 58
1931 J J 10012
10034 July'25 ---- 1004 101
58 64
St 1. Peo & N W let gu fa__ _1948 J
04%
10034 10212 103% June'25 __ ... 10
92
23,193
5712 64
St Louie Sou 1st gu g 48
1931 MS 931* _ ___ 93% Apr'25
100 10034 St L SW let g 4e bond 000_1989 MN 82 Sale 8134
82
65
7012
20 g 41 income bond otts-91989 J J
7314 755 7314
7314
62% 6911
Consol gold 4e
D 8858 8914 8813
-5
1932
780
85
21
/
4
38 790838:34
89 —42265
65
lit terminal & unifying 56_1952• J 86% Sale 8613
29
81% 90
87
861e 8612 St Paul & K C Sh I- lit 4348_1941 FA 8412 Sale 83%
8412
8214 87% at Peel E Or Trunk 414119
90
934 Oen
—1947• J ____ 9212 9044 July'25 13
100 100% St Paul Minn & Man con 48_1933
J O 94
95
9414 96,2
9412 July'25 ::::
6872 76
Registered
JD
9214 9413
9214 July'25
591e 68
let consol g 45
1 109:
00
08
6114
8 10614
1933J D 10614 1-8171 19
9814 __....
9934 Aug'25
5972 66
.1
Registered
105 107 10534 July'25 __— 1055s 105%
93 97
66 reduced to gold 430-1933 J J 9834 9914
59% 70'.
1933 J J 9734 9914 9712 Apr'23 ---- 1 9738 98
Registered
7912 841.
Mont ext let gold 46
1937.1 D 92
9334 9214 Aug'25 ---8714 95%
70% 84
Registered
.1 D 90
90 9218
9311 90 Aug'25 ____
Pacific ext guar 48_ _ _ _1940 J .1 8612 8913 8934 Apr'25 --9434 98
893*
88
..41 47,44
827
New York Bond Record-Continued-Page 4
BONDS
N.Y.STOCK EXCHANGE
Week Ended Aug. 14.
Prise
' Friday
Aug. 14.
St Paul Union Depot 58____1972 J J
13 A & A Pass let gu g 4s---1943 J
Banta Fe Pres & Phen 5a___1942 MS
Say Fla & West 1st g 68___.1934 A 0
lat g 5s
1934 A 0
Mato & N E let gu g 4B 1989 MN
Seaboard Air Line g 48
1950 A 0
Gold 4e stamped
1950 A 0
Oct 1949 F A
Adjustment 58
Refunding 45
1959 A 0
lat at cons (is Series A__1945 M
AU& Birm 30-yr 1st g 48.41933 M 8
Seaboard & Roan 1st 5s..
1926 J J
1936 F A
& N Ala cons gu g 5s
Gen cons guar 50-yr M
1963 A 0
So Pac Col 98(Cent Pac col)81999 J D
20-year cony 48
June 1929 M S
1939 J D
20-year,cony M
1944 M N
20-year g 55
Ban Fran Terml let 43_1950 A 0
A 0
Registered
So Pac of Cal-Gu g 5a
1927 MN
Bo Pac Costa let gu g45.,..1937 J J
So Pac RR let ref 90
1955 J J
Southern-let coon g Es
1999 J J
Registered
J D
Develop & gen 98 Ser A__1956 A 0
Develop & gen 68
1956 A 0
Develop & gen 6348
1956 A 0
Mem Div let g 4399-58
1996 3 J
1951 J J
St Louis Div 1st g 4s
Mob & Ohio coil tr g 4/3
1938 M S
So Car & Ga 1st ext 54e1929 M N
Spokane Intermit let g 58_1955 J J
Term Asan of St L 1st g 448_1939 A 0
let cone gold 58
1944 F A
Gen refund a f g 4a
19533 J
Tex & N 0 con gold Se
1943 J J
Texas & Pac let gold 58
2000 J D
2d gold income 58
2000 Mar
La Div B L lat g Es
19313 J
Tex Pac-Mo Pac Ter 5398_ _1964 M
Ohio
Cent
lat 911 58_ _1935 J J
'Vol &
1935 A 0
Western Dly 1st g 58
General gold 58
1935 J D
Toledo Peoria & West 98
1917 J .1
Tel St L& W pr lien g 3Ha1925 J J
50-year gold 45
1950 A 0
To1WV&Ogu4390A.
19313 J
Series B 4398
1933 3 .1
&dem C 40
1942M
Tor Ham & Buff let g 48...,.A946 J D
1928 J D
Ulster & Del 1st Cana g 58
1st refunding g 4s
1952 A 0
Union Pacific let g 48
1947 J J
Registered
J g
20-year cony 41
1927 J J
Registered
J J
1s1 & refunding 413
e2008
1st lien & ref 5a
82008 M
10-year perm secured 6a._1928 J J
1944 ge
Cf N J RR & Can gen 45
Utah & Nor gold 58
1926 J J
let extended 4s
1933 J
Vandalla coon g 413 Ser A
1955 F A
Consol 913 Series B
1957 M N
Vera Cruz de P let gu 43413
19341.1 J
A111191111149 let 439s
1934 Verdi V I & W let g 58
1926M
Virginia Mid Series E 5B
1928 M
58 Series F
19311J 3
Genera I 5a
1936M N
TA & Southw'n let gu 58_2003 3 .1
let cons 50-year 58
1958 A 0
Virginian 1st 58 Series A
1961 M N
Wabash let gold Se
1939 M N
2d gold Es
1939 F A
Ref a f 54e ser A temp_1975 M S
Debenture B 6s registered.1931) M S
let lien 50-yr g term 48_1954 g j
Get & Ch ext 1st g 5a
1941 J J
Des Moines Div 1st g 48 1939 J J
Om Div 1st g 3Ha
1941 A 0
Tol & Ch Div g 4a
1941M S
Warren lit ref gu g 339e
2000 F A
Wash Cent let gold 4s
1998 @ M
Wash Term let gu 3398
1945 F A
let 40-year guar 48
1945 F A
W lat gu 5a_1930 F A
W Min W &
West Maryland let g48
1952 A 0
West N Y de Pa 1st g 58
1937J J
Gen gold 4s '
1943 A 0
Income g 5s
Apr 1 1943 Nov
Western Pac let Ser A 511_1946 M S
1st gold 14 Series 13
1946 M S
2361 J
West Shore let 45 guar
Registered
2381 J J
Wheeling & LE lat g 5/3
1926 A 0
Wheeling Div let gold 58_1928 J 3
Ext'n & inapt gold 5s
1930 F A
Refunding 430 Series A 1966 M S
RR let consol 48
1949 M
1942 3D
Wilk & East let gu g 58
Will & S F let gold 5e
1938 3D
Winston-Salem 8 B let 45
1961) J J
Wle Cent 50-yr 1st gen 4& 1949 J
gut)& Dui dlv & term let 48'36 MN
Wor & Con East 1st 448_ _ _1943
INDUSTRIALS
Adams Express coil tr g 4s 1948
Ajax Rubber 1st 15-yr at 85.1931)
Alaska Gold M deb 6s A
1925
1926
Cony deb 68 Series B
1928 A
Am Agile Chem let 58
1941
let ref 8 f 7 Hs g
Amer Beet Sug cony deb 68_1935
American Chain deb s I 6s_ _1933 AO
Am Cot 011 debenture 58_1931 MN
1936 3 J
Am Dock & Impt gu 6s
1939 AO
Am Mach & Fdy e f 6a
Am Republic Corp deb Os_.1937 AO
A111 Bm & R 1st 30-yr 5e eerA 1947 AO
1947 AO
let Al 68 series B.
Amer Sugar Ref 15-yr Os__ .1937 J J
Am Teiep & Teieg coil tr 48_1929 J J
1936 MS
Convertible 45
1933 M
20-year cony 4 411
1946 J
'813-year coil tr 5e
1980 J J
85-yr e f deb 5a
1943 MN
20-year s f 530
1939 A
Am Wat Wks & Elec 5s
1939 J J
Am Writ Paper 51 7-68
Temp Interchangeable We dep.
Anaconda Cop Min lei 68_1953 FA
15-year cony deb 75 __..1938 FA
3
Andes Cop Min deb 7s 50% pd '43
Alan's (Comp Ante) 7146 1939 J J
Ark & Mem Bridge & Ter 58_1964 M S
Armour & Co tat r..gi est 414s11)39
High No.
Ask Low
Bid
10034 Sale 10034 10078 11
8314 Sale 8278
8312 25
0812 100 10034 July'25 ---_
10838 10918 1095 July'25 ____
101102 June'25 --__
_ _ 887-8 90 June'25 ____
77
78
7814 July'25 --7712
I
7712
7712 78
8158 167
8114 Sale 8034
71
38
7078 Sale 7014
9414 55
9334 Sale 935
8712 8812 885g
8858
100(4 10112 10014
10014
I
10418 July'25
10378 July'25 ____
8458 Sale 8414
8478 56
97 Sale 9658
97
75
100 10012 10014
10038
2
_
0812 0812
9834
2,
843
4
8712 "
84 July'25
10218
10218
3
9418 ___
9412 Jan'25
8814 Sale 8734
8812 118
102 Sale 102
10238 67
101 July'25 ---7814 Sale 7712
79
115
10512 Sale 10538
10614 33
10938 Sale 10812 110
21
10014 10212 10014
10014
1
8618 8714 8618
8618
3
_ 84
84
7
1171114 102 10114
10112
3
7518 78
8478 July'25 ---9614 ____ 9614 Aug'25 ---_ 10114 July'25 ---1001281
833
- 4 81
8118
6
9614
9614 July'25
10012 __ 10012
10012
3
__
90 Dec'24
9938
909938 994 9938
1
9914 9912 July'25 ---100T4 10034 10014 Aug'25
100 10134 100 June'25
9518 9812 9834 June'25
29
31
29 Aug'25 ---_
9978 May'25'---8511 -E961-4 8638 July'25 ---9514 ____ 9758 July'25 ---9712 _
9712 July'25
90 Aug'25
90
8512 8612 8612 July'25 ---82
85
8118
8118
1
6
5234
52
5258 5212
9112 122
9114 9112 9114
891s ____ 8912
8912
5
99 Sale 9834
9938 56
Jan'25
98
8438 34
8434 Sale 8334
2
104 Sale 10378
104
10338 Sale 10314
10338 15
9138
9214
93
9
100 1-0014 9934
100
2
9358 9414 9358
9358
1
8714 ____ 8714 June'25
8718 ____ 8638 Apr'25
20
Oct'24 -2412 Jan'25 ---ioo"_ 10018 May'23 ---10018
2
9934 8
1001
10018
100
____ 101 June'25
100
____ 10212 May'25 ---_ _ 10012 July'25 ---- 4 91 Aug'25
071289
913
9814 94
9814 Sale 9734
10138 Sale 10112 10138
11
9534
968
63
,
8 15
29
1
9634 Sale 96
9334 Feb'25 ---8218 July'25 ---80
83
10034 ___ 101 July'25 ---7934-- _ 86 May'25 ---76
7712
7678
77
7
89 July'25
86
__ 77 Aug'25 ---7778
8812 8678 June'25 ---8114
4
8114 8212 8114
8938 July'25 -8914 _
9638
1
9638 Sale 9638
6512 42
6514 Sale 6478
10012 ___ 10012 10034
5
8114 Aug'25
8114 82
3514 46
45 Feb'25 ---9312 23
9278 Salo 9234
5
10238 103 10238 10238
8134 Sale 8134
8312 25
8038 8178 8078
8078
2
9
101 Sale 10034 10118
9834 100 100 May'25 ---9758 ____ 9934 Mar'25
7614 7712 77
6
7713
77 Salo 77
77
3
6218 17
6134
10112 1-.
04 10314 May'25 ---8412 Aug'25 ---8034 86
7814 23
7734 Sale 7714
g
9
85 Sale
7514 8112 8134 July'25 ---85 Sale 85
9912 Sale 9912
418 5
418
418 738 418
10234 Sale 10234
10312 Sale 10234
101 Sale 101
9834 Sale 98
94
9413 94
10538 108 106
9914 9912 9914
9714 Sale 97
9818 Sale
10712 Sale 10738
10258 103 10238
967.9 Sale 9634
945s 9678 95
9678 ____ 9634
10118 Sale 10118
9638 Sale 96
10278 Sale 102%
9512 Sale 9514
5314 5558 54
54
Sale 533s
10012 Sale 10012
10134 Sale 10112
9814 Sale 98
9114
9134
-81)5. 4;1. 88
a Due Slay. e Due June. 5 Due July
Week's
Range or
Last Sale
85
2
100
15
Aug'25 ---July'25 ---10234
17
10338 63
8
101
9812 17
Aug'25 ---Aug'25 -July'25 ____
97t2 37
51
10712 19
10278 49
97
200
95
1
97
2
10112 40
107
1
lgT2 02
9612 34
5614 38
5512 131
101
162
10212 229
.9814 113
9114 59
9134
9
901., 40
k DUO August
Range
Since
Jan, 1.
Low
Nigh
100 102%
81
8514
10058 102
10713 111
102 102
8734 904
74
8112
74
8212
73
804
5912 7312
84% 9534
$97
9934 101 18
102
8%
3 104
917
:
10318 109
84
8812
9612 98
9934 10312
9812 101
18
83
418 188
3314831
02
9438 9412
8738 92
1004 10418
99 10114
7338 8012
103 107
10634 11138
9912 10212
8514 8712
8238 8838
10012 103
8314 8712
9514 9814
99 10114
8334 8.514
9614 99
9978 10238
-99 -9934
9818 10014
9914 10112
9938 10014
9634 9934
28
3112
9912 9973
8218 87
9758 9758
97
9738
8933 90
8418 8612
8118 9218
5038 62
9034 9412
8918 93
9814 994
98
98
8312 90
10378 10712
10314 13/44
924 93
9934 Ill's
9358 9338
8638 8714
8638 8638
2412 2412
9938 10014
1001/1 10012
9912 101
100 10212
9313 102
8414 9334
95 10138
10014 10212
9413 9914
9412 9978
9334 934
7712 834
9912 10112
81% 813
77
74
8438 89
77
77
83 8674
8118 8512
8938 8934
9534 9712
6318 6713
9834 10112
7938 83
45
45
9014 96
10014 10418
8112 8614
7934 10238
100 10138
9938 101
9924 9934
81
68
72
7838
6134 6713
102 10314
8238 8712
7714 81 14
8238 8714
76
8134
85
8713
9412 1024
312 67:3
4
838
9814 103
9454 10334
9734 102
9638 9954
9118 9638
106 10812
98 100
9112 98
9511 9958
10358 10812
9912 10412
9618 9778
9038 95
9438 115
100 10214
94 3 984
101 105
9213 98
44 631;
43
633.
9918 102
9914 104
94 1004
91
9412
91
9514
01
Qg
a Option sale.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 14.
Es
t
t
Armour & Co of Del 54a___1943 J J
Associated 0116% gold notes 1935 M
Atlanta Gas L let 58
1947 J D
Atlantic Fruit 75 ctfs dep
1934 J D
Stamped We of deposit...........
Atlantic Refg deb 58
Baldw Loco Works let 58_1
19
940
37 M N
1937 J J
Baragua(Coup Az)74a
Barnsdall Corp f cony 8% A1931 J J
Bell Telephone of Pa 5e
1948 J J
Beth Steel let exte 158
11926
942m
.1 N
J
1st & ref 55 guar A
1936
30-yr p m & Imp s f 55
J
Cons 30-year (Is Series A 1948 F A
Cons 30-year 530 Series B 1953 F A
Bing & Bing deb 8.;i13
1950M S
Booth Fisheries deb 5 f 65...1926 A 0
Botany Cons Mills 634s_...1934 A 0
Brier Hill Steel let 5398
1942 A 0
B'way & 7th Av let c g 5a
1943 J D
CUB of dep stmpd June '25 int
Brooklyn City RR 58
Bklyn Edison Inc gen 58 A 19
94
49
1 J J
General 13e Series B
1930 J J
Bklyn-Man R Tr Sec 68._ 1968 J J
Bklyn Qu Co & Sub con gtd Os'41 MN
let 55
19413 J
Brooklyn Rapid Trans g 5a 1945 A 0
let refund cony geld 4B
2002 J J
3-yr 7% secured notes
1921 J J
Ctrs of deposit stamped
Bklyn Un El let g 9-58
1950 F A
Stamped guar 4-5e
1950 F A
Bklyn Un Gas let cons g 50_1945 M N
10-yr cony deb 78
1932 M N
let lien & ref 6s Series A 1947 M N
Buff & Suite Iron e f Es
19323 D
Bush Terminal 1st 4s
1952 A 0
Consol 5e
1955 3 J
Building 5e guar tax ex
1960 A 0
Cal G & E Corp unit & ref 5a..1937 MN
Cal Petroleum s f g 639e __ _1933 A 0
1942 A 0
Camaguey Sue lat a f g 7s
Canada SS Lines 1st colt s f 75'42 M N
Cent Diet Tel let 30-yr 5s
1943 3 D
Cent Foundry 1st s f 68
1931 F A
Cent Leather let lien e I 6s._1945 3 J
Central Steel 1st get 8s_
194I MN
Ch G L & Coke let gu g 59._1937 J J
Chicago Rye let 58
1927 F A
Chile cooper 133 Ser A
1932 A 0
Cincin Gas & Elec 1st & ref 58'56 A 0
54e Ser B due Jan 1
1967 A 0
Clearfield Bit Coal let 413_1940 3 J
Colo F & I Co gen s f 5a
1943 F A
Col Indus let & cell 58 go...1934 F A
Registered
F A
Columbia G & E let 5e
1927 J J
Stamped
1927 J J
Col dr 9th Av let gu g 5a
1993 53
Columbus Gas 1st gold Es
1932 J J
Commercial Cable 1st g 4s 2397 Q J
Commercial Credits Ills
1934 53 N
Commonwealth Power 14_1947 M N
Computing-Tab-Bee s f 14_1941 J J
Conn Ry&Llst&refg434s 1951 J J
Stamped guar 4395
Cons Coal of Md lst & ref 58_1
19
95
50
1 3 Di
Consol Gaa(N Y)deb 54131945 F
Cone'd Pr & Ltg let 649_1943 M S
Cont Pap & Bag Mills 6 As1944 F A
Consumers Gas of Chic gu 5s 1938 J .1
Consumers Power 1st 59
1952 M N
Corn Prod Refg a f g 5a
1931 MN
1st 25-year a f 55
Crown Cork & Seal 1st s f 6s_1
193
913
4F
MN
A
Cuba Cane Sugar cony 7B
1930 J J
Cony deben stamped 834_1930 J J
Cuban Am Sugar 1st coil 88_1931 M S
Cuban Dom Sug let 74s-1944 M N
Cumb T & T let & gen 138
1937 J J
Cuyamel Fruit let 65 lot Ws'40 A 0
Den Gas & E L letairef 5 f g 58'51 M N
M N
Stamped
Dery Corp (D G) 1st s f 75_ _1942 M 5
Detroit Edison let coll tr 58_1933 J J
1st & ref 58 Series A_July 1940 M S
Gen & ref 5s Series A
s
9M
A O
1940
1st & ref 88 Series B__July
Del United let coon g 448_1932
J
Dodge Bros deb 6s lot rcts.._1941 M N
Dold (Jacob) Pack let 68_1942 M N
Dominion Iron & Steel 55
1939 J J
Donner Steel 1st ref 75
1942 J J
du Pont(E I) Powder 4395...1936 3 D
duPontdeNemours&Co 749 1931 M N
M N
Dull:2111911 let & cell 68___1949 J J
1st coil trust 54s Series 15.19493 J
East Cuba Sug 15-yr e I g 7 He'37 M S
Ed El III Bkn let con g M___1939 J J
Ed Elec III let cons g 58..._1995 J J
Elec Pow Corp(Germany)848'50 M S
Elkhorn Coal6% notes
192513 D
Empire Gas & Fuel 7398_1937 M N
Fault Gas Light 1st con 55..1932 M S
Federal Light & Tr 1st 5s
1942 M
1st lien 68 stamped
1942 M 13
30-year deb 6s Ser B
1954 J D
Federated Metals 5 f 75
1939 J D
Fisk Rubber 181 f 811
Ft Smith Lt & Tr 1st g 5a
M 8
19
93
46
1 M8
Frameric Ind & Dev 20-yr 7349'42 J J
Francisco Sugar Ist sf 7345 _1942 M N
Gaa & El of Berg Co COOS g 581949 J D
Gen Asphalt cony 6s
66_1193
936
9A 0
D
General Baking 1st 25-yr
Gen Electric deb g 334s
1942 F A
Debenture 58
Gen Refr lat f g (93 Ser A
M A
S
52 F
19
95
German Gen Elec 7s_Jan 15 1945 3 J
Goodrich Co 6398
M N
3
Goodyear Tire & Rub 1st s f 1941
947 j
68419'8
3
21 F A
10-year f deb g fis
M N
Granby Coon M S & P con
M N
Stamped
28 F A
Gray & Davis lst cony a I 78_1
1932
Gt Cons El Power(Japan)78_1944 F A
Great Falls Power lets I 5a 1940 M N
J
Hackensack Water 1st 4s__ _1952
Hartford St Ry 1st 49
Havana El Ry L & P gen 58 A19.59
30 M S
...ama Itllec contioi g ars
1962 F A
leashes,Choc let s f g 65_ _ 1942 M N
1st M & co115).55 int ctf._1940 J J
foe(R)& Co 1st 639e temp.19t4 A 0
iolland-Amer Line (le (fla0_1947 MN
1940 M N
udeon Co Gas let g 55
•
nerinlmr 54, 1932 .1 J
Price
Friday
Aug. 14.
Vat',
Range or
Last Sate
451
Bid
Ask
Low Nigh No,
93 Sale 93
9312 107
10234 Sale 10212 10278 23
9834
98
,
8 May'25
_1934 June'25
1912 21
_
3978 1512 June'25 -9934 Sale 9912 100
20
1031g
2
10218 10378 10234
105 July'25 _4
10512 ____ 10514
10512
101 Sale 10078
10138 28
1001g 10014 10018
10014
5
9512 9612 9512
96
16
9112 Sale 91
9112 45
9334 Sale 9314
94
120
8534 8612 8534
8611 21
9234 Sale 9212
9234 10
77
8514 8018 Aug'25
_
9538 Sale 9434
9578 49
100
39
9978 Sale 9934
7118 7458 7218
7318
8
7318 12
7134 Sale 7134
90
9338 93
93
11
10114 .53
10138 10158 10034
10
64
438 _2_1
10418 Sale 10418
90 Sale 8978
9038 127
80
412 july.28
64 Sale 6
90 Nov 24
8818 __ 92 June'25
10912 Sept'24
12314 May'25
8412 Sale 8412
8434 13
1
8412 8614 85
85
10038 Sale 100
10038
4
_ 176 July'25
13514
108 Sale 10774
10818 11
9112 9214 9112 July'25
90 Sale 8912
90
26
9112 12
9112 Sale 9038
95
3
9434 Sale 9434
9914 99,2 9934
9934
5
10312 Sale 10312 104
15
91
91 Sale 9018
5
9934 Sale 9934
9934
9
10112 10214 10212 10212
4
9234 9434 94 July'25
100 Sale 100
10012 67
11434 115 115
11534
7
10078 100
100
11
75 Sale 75
7578 21
107 Sale 10678
10738 69
10112 ._ -. 10112 Aug'25
103 10312 103
10312 11
-._ 80
761
Jan'25
90 2-92
90
9012 31
8518 Sale 8338
8512 23
77.. _ 82
Feb'25
10012
1004 10014 10012
8
10014 Sale 100
10038
3
1214 30
1318 July'21 _ _
9914 _
9914 July'25 _
7112 -7412 7158 Aug'25
10012 10034 10012 10012 16
10214
20
10214 Sale 10138
10312 104 10314
10338 25
90
__ 92 July'25
90 Sale 8912
90
9
8278 Sale 79
49
84
103 Sale 103
1033s 145
104 10434 10374
10434 17
24
81 Sale 81
82
6
100 Sale 100
100
9534 49
9512 Sale 95
10118__ 9058 July'24
101
101
5
101 gtile
86
4
8512 Sale 8512
9534 21
9412 Sale 9412
991.2 Sale 9912 10014 57
5
10758 108 10712 108
9614 18
96 Sale 9512
98
4
98
9912 98
96
96 Sale 96
9338 13
93 Sale 93
93
93
1
847 8412
84
8434
6
10112 10214 10112 Aug'25
10214
2
10134 Sale 10134
9818 Sale 9818
9834 33
10738 Sale 10738 10712 32
8912
5
8918 8912 8938
9734 574
95 Sale 9414
81 Sale 81
81
425
(3434 Sale 58
6
65
93 Sale93
93
23
9458 95
_
95 July'25
10638 28
106 Sale 106
_
103
____ 10718 June'25
106 Sale 10512 10618 271
10434 Sale 10434
105
29
104 Sale 10334 1044 98
93 July'25 _
90
93
10212 ____ 103 July'25
_
8714 55
8714 Salo 87
9878
99
3;
99 100
10412 Salo 10378
10478 124
100
____ 10012 May'25
9112
92
11
9134 92
10134
10034 10134 10114
5
9238
4
9112 Sale 9112
10034 371
10014 Sale 100
11334 Sale 11358
11378 18 1
8012 8234 82
8214
6
9138 Sale 9138
9338 20
104% 106 106
10612 10
9834 ____ 9812 Feb'25
102 10312 10334
1
10334
10434
10514
10514
1
87 Sale 87
87
1
10738 Sale 10738
10738 37
101 102 10178 July'25 ____
9312 Sale 9318
9312 54
10412 Sale 10418
105
35
12058 Sale 12058
121
40
11014 Sale 110
11012 75
10012 102 100 June'25
10038 ____ 10018 July'25
9212 9338 93
93
6
90 Sale90
9014 37.
10158 sale 10152 10152
11
86
87
86 Aug'25
848 Sale 8438
8438
1
9413 Sale 9433
94 Sale 9434 Aug'25
9
1041g Sale 10418
10414 23
9818 Sale 98
9814 105
10312 sale 103
104
37
8914 8938 89
8912 17
100
____ 10018 July'25 ____
101 Sale 10012
10114 31
Range
Slue
Jas. 1.
Low
HISS
91
9434
1014 10312
9714 9814
26
18
1511 82
9714 10014
102 105
103 107
10212 106
10014 103
10018 10114
9312 97
90
94
9314 971a
85 894
9212 98
7038 85
9434 96,
2
87 10114
79
68
6734 78
90% 96%
9914 103
10334 10511
8214 92
6178 71
80
81
9292
121 12314
8112 90
8113 9934
994 102
155 176
10714 11051
9118 9318
91
84
864 92
9333 9914
98 lops
wes4 10913
90
954
9614 10014
10014 10212
9378 97
9738 10112
110 116
984 10118
75 88
105 11118
9813 104%
10012 1 15
89
5511
8778 98
80
84
82 82
1004 102
100 lulls
914 14
9E03 9978
7112 7713
98 10124
9738 10318
10114 1044
9018 924
89
93
78,2 90
1014 105
1001g 105
9218
81
9478 10078
9014 100
iii64
74
89
9338 98
9914 102%
107% 110
9512 9814
97 10112
96
9913
9213 97
9314 9312
75
85
9938 11.1214
9913 10234
9738 10134
10638 10818
88
9334
9414 9912
81
5814
50
6838
8814 94
904 95
106 10812
10718 10718
10434 1074
104 106
103 1061i
89 9518
9912 103
864 884
97 100
9714 105
9934 10013
88
9614
9614 103
9112 9438
9978 107
108 115
7613 82%
8914 954
10312 10671
9814 9812
101 104
10412 10538
83 87
10118 10754
100 10212
92
9478
1008 10634
119 121,
2
10838 11012
9318 10014
9314 10034
92
95
8714 9112
9974 10278
8334 87
8238 8512
8512 953s
9238 96,4
103 105
98
9834
1004 1054
79
8914
98113 love
994; 10212
828
New York Bond Record—Continued—Page 5
BONDS.
N. Y STOCK EXCHANGE
Week Ended Aug. 14.
Price
Friday
Aug. 14.
Week's
Range or
Last Bale
Range
Bina
Jan. 1.
Pries
Friday
Aug. 14.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 14.
Vera')
Range or
Last Bale
High
High No , Low
Ask Lots
Bid
Bid
Ask Low
High No.
97 10172 Pierce 011 6 f 85
10014 47
Illinois Bell Telephone 54-1956 J D 10014 Sale 100
10558 10814 106% Aug'25
1931
3
9234 9634 Pillsbury Fl Mills 20-yr 139.._1943
Illinois Steel deb 4%a
9412 30
10214 Sale 1001: 10214
1940 A 0 93% 947s 9334
8712 94
Ind Nat Gas at 011 ile
Pleasant Val Coal 1st gab 58_1928 ▪ .1 97% 99
8912 9112 July'25
9772 June'25
1936 M N
Indiana Steel let Si
10114 10 101 10413 Pocah Con Collieries 1st sf581957 J J 91 Sale 91 July'25
1952 M N ioli4 Sale 101
-- 92 May'25
92 9914 Port Arthur Can & Dk 65 A_1953 FA 10113
ngersoll-Rand let ite
1935 J J 9934
- 10118 Aug'25
Interboro Metrop coil 046_1958 A 0 11
10
Apr'25
11
let M 6s Series B
13
11
--__ 101 July'25
1953 FA 101
412 13
Guaranty Tr Co ctfs dep_____
5
712 July'25
7% 712 Portland Elec Pow 1st 65 B.1947 MN 9934 Sale 99%
99%
Ctf dep ape asstd 16% sub.......
10
10% 10% Portland Gen Elec let 56_1935 3' 99% Sale 99113
613 -- 1012 Mar'25
100
Interboro Rap Tran 1st 56_1968
9
5914 74% Portland By 1st & ref 5a...„1930 MN 9434 95
6718 94
67 Sale 6613
95
95
55
Stamped
69 7312 Portland By Lt & P let ref 551942 FA 87% Sale 88
6718 128
67 Sale 86%
89
118
23
10-year Se
6134 80
70
99
1st 1 & ref 8s ser B
1932 A 0 68 Sale 8738
1947 MN 9834 Sale 9834
10-year cony 7% notes_..1932 M S 8934 Sale 8834
5
76
85 95
90
1st & refund :Xs Ser A-1946 MN 10634 Sale 10853 107
lot Agric Corp lit 20-yr ba 1932 M N 75 Sale 75
2
67
75
7834 Porto Rican Am Tob 8s
1931 MN 101 10412 101 Aug'25
Stamped extended to 1942____ M N 8934 Sale 6934
6212 79
7016 29
9333 12
Pressed Steel Car Se
19333, 93 Sale 93
8214 9113 Prod & Bets f 8s(wIth war'nts)'31 3D 11112 113 112 July'25
Inter Mercan Marines f 5e 1041 A 0 84 Sale 834
53
84
International Paper 56
8712 94
90% 78
Without warrants attached... 3D 11058 111 1107 Aug'25
1947 .1 J 9034 Sale 89%
lst & ref be B
40
Pub Serv Corp of NJ gen 56_1959 AO 10434 105 10434
84 Mar'24
105
19473 J 8934 90
78
Ref a f 66 Ser A temp_1955 M S 96 Sale 95
95
98
96
9834 52
Secured g 66
1944 FA 98% Sale 9712
88 10712 Pub San( Flee & Gas let 5301959 14 0 10212 103 10212 103
Jurgens Works 65(fief yrice)_1947 J J 10414 Sale 103%
32
10612 125
Kansas City Pow & Lt 5e
10
95% 101
let & ref 534e
9834 33
1952 M S 9833 Sale 9778
1964 AO 10212 Sale 10212 103
98% 10312 Pub Serf El Pow & Ltg 65_1948 AO 10612 Sale 10534
Kansas Gee & Electric 66
10634 21
1952 M S 10178 Sale 10112 10178 26
Kayser & Co 79
6 10112 1041
: Punta Alegre Sugar Is
10412
105% 18
1942 F A 104 Sale 104
1937 J J 10558 Sale 105
Kelly-Springfield Tire 85_1932 M N 10112 Sale 10112 1021: 18
90 103
Remington Arms es
8812 12
8812 88
1937 MN 88
4,
Keystone Telep Co let 58_1936 J J 92 Sale 92
3 82 9212 Repub I & S 10-30-yr be s f_1940 A0 9434 96
92
9434
9512
Kings County El & P g 58
13
99 103
103 Aug'25
92
Ref & gen 514s ser A....1953 J J 92 Sale 9114
1937 A 0 10176 _
7
11413 12014 Rims Steel 1st 76
Purchase money Si
8814
1997 A 0 11733
- 119 July'25
1955 FA 884 8833 8814
Kings County El 1st g 46_1949 F A 7514 81
3
75
3
7914 Robbins & Myers s f 76
7612
61%
76%
6113
85
1952 3D 60
6
3
74
Stamped guar 45
80
7612
11114
Rochester Gas & El 7sser B_1946
1949 F A 7514 7872 7612
S 11114 Sale 11034
1
89 10114
Hinge County Lighting 511_1954 3 .1 98
99% 9834
9813
Gen Mtge 5%a series C__ _1948 M S 103% 10413 10438 Aug'25
7 1035s 10812 Roch & Pitts Coal & Iron 56_1946 MN 91%
10733
64e
:10714
19543 J 10714 1071
_ 90 Aug'24
Kinney Co 7345
1
61
19363 D 10613 10712 10612 10634 10 104% 10873 Rogers-Brown Iron Co 75_1942 MN 60 -6112 81
19
9112
89% 9434 St Joe Ry
92
Lackawanna Steel 56 A
2
92
Ht & Pr be__ _1937 MN 92 Sale 91
1950 M 8 91% 94
10032
7
9814 1017s St Joseph Stk Yds 1st 4349_1930 J
Lac Gas L of St 1- rehtext 58.1934 A 0 1005s ifide
10118
957
- - - 9573 July'25
9514 102
Coll & ref 534s Serles 0_ 1953 F A 9958 Sale 9914
10034 69
St I. Rock Mt & P 58 stmpd_1955 3' 77%
7858 Aug'25
s-78
9554 100
LebIgh C & Nav s 43fs A 1954 J J 934 98
3
9611 July'25 -St Louis Transit 56
861
: 8812
1924 AO 69% 70
Lehigh Valley Coal 1st g 5s_1933 J J 100 1017s 9912 Aug'25
99% 10112 St Paul City Cable 56
9512 95 Aug'25
1937 33 95
1st 40-year int red to 4%A933 J J 8953
Saxon Pub Wks(Germany) 7s'45 FA 91% Sale 9012
- - 89% Sept'24
9113 86
mut 4413 Saks Co 7s
Lex Ave & P F lat gu g 56_1993 M S 4212 60
7
4418 July'25
1942 MS 10612 107 10613 10612
2 118 1203s San Antonio Pub Ser 88._ 1952
Liggett & Myers Tobacco 75_1944 A 0 119 1193s 11912 11934
1
102
'
3 102 Sale 102
11714 117% Sharon Steel Hoop 1st 86 sec A '41 M
Registered
2
1173s Aug'25
_
A 0
106 1074 106
106
51115
) tiiie 9912 10014 30 97% 102 Sheffield Farms 6345
107
1951 I; il
Jt jai.
1942 A0 106% 107 10654
97% 97% Sierra & San Fran Power 56_1949 P A 9014 91
Registered
8
9773 Aug'25
9013
9012
4 11414 11738 Sinclair Cons 011 15-year 78.1937 M
LoiMard Co (P) 71
91% Sale 91%
921
: 94
1944 A 0 11512 Sale 11612 115%
1 11312 115
Registered
: 1131
:
1131
1st In cod tr 66 C with warr 1927 J
10613 Sale 10434
A 0
107% 634
9434 9812
16
88
9434
96
86
let lien 6346 Ser B
87% Sale 8714
88
1961 F A 94%
1938 J
90% 9934 Sinclair Crude 011 3-yr 65 A 1928 FA 100 Sale 100
Louisville Gas & Electric 51_1952 MN 95% Sale 954
9534 60
10033 84
9114 9312
Louisa Ry let con be
3-yr 6% notes B Feb 15_1926 FA
9212 9312 July'25
100
10018 54
10303
Lower Austrian Hydro-Elee Co—
64
Sinclair Pipe Line be
86
1942 AO 8512 Sale 85%
851s 8612 Skelly 011 634% notes
lat t 343
8518 16
285
19443' A 8518 Sale 8518
1927 AO 109 Sale 10678 110
99 102
Maned Sugar 7345
10012 19
South Porto Rico Sugar 7s 1941 J O 1041s Sale 104%
1942 A 0 100 100% 100
1041s 11
57% 64
Manhat Ry(N Y)cons g 48_1990 A 0 63 Sale 6212
63% 37
South Bell Tel & Tel 1st 6 f 561941 J 1 10113 102 10133 10134 30
51
56 (Tweet Bell Tel let & ref 56..1954 FA 100 Sale 9933 100
2048
5334 Aug'25
131
2013 J D 5334 55
10
97%
1025
Manila Electric 76
4
1001
:
1003
4
102%
10012
Southern
Colo Power 68._ _1947 3' 9838 Sale 9814
MN
9812 19
1942
2 85
92
Manila Elea Ry & Lt at 5/1_1953 MS 8812 90% 88
90
Spring Val Water g 5.9
1948 MN 9734- 9813 June'25 _9712 100
Market St Ry 76 Series A...1940 Q J 9853 Sale 98%
98% 20
8
Standard Milling let Si
. 100
10014
1930 MN 100 1-6012
Metr Ed let & ref g (18 Fier B_1952 FA 104 105 10412 10514 12 10112 106
Steel & Tube gen at 76 Ser0 1951 J J 107% Sale 10712 10734 19
5 • 9112 97
let & ref be Series C
9
9512
Sugar Estates (Oriente) 75_1942 MS 94 Sale 93
94
1953 ▪ j 9512 9534 9514
1 100% 104
102
Metropolitan Power Se
10114 102
94% 93 Aug'25
Superior Oil let s f Ts
1929 FA-I 92
1953 3D
68% 80
Met West Side El (Chic)4s.1938 FA 70
2
8878 July'25
Syracuse Lighting let g 56_1951 in 99% Sale 9912
76
9912
9514 9914 Tenn Coal Iron & RR 608 58_1951 3, 101 10312 10113 July'25
98% 82
Mid-Coot Petr let 6)45_ _1940 MS 9814 Sale 98
871a 9314 Tennessee Cop 1st cony 611_ _1925 MN 100 10114 100 July'25
80
91
Midvale Steel &0cony s f 56 1936 MS 90% Sale 90
10112
100
Mllw Elec Ry & Lt cons g 58_1926 FA 1001s 10053 100 Aug'25
Tenneesee Elec Power let 66_1947 3D 102% Sale 102
10234 64
5
95
96% Third Ave 1st ref 45
9534
9613
56
Refunding de exten 414e..1931
5814 56
'
3
5612 11
1960 .1
12
94 100
9814
General ba A
Ad)Ine 5s tax-ex N Y___a1960 AO 38 Sale 38
9014 49
1ff51 J O 9814 Bale 98
18
847s 927s Third Ave By let g be
1st 58 B
88%
88
9534 94% July'25
1937 Ii 94
1961 3D 884 89
9834 104
9912 Sale 9912
1st Jr ref g es Series 0
Tide Water Oil 10-yr 8146_1931 FA 101% Sale 10112 10134
9
9978 12
1963 M
9814 99% Toledo Edison 1st 76
33
Milwaukee Gas Lt let 48_1927 MN 991s Sale 9873
9914 12
1941 MS 109 Sale 10834 109
971% 100% Toledo Tree Lt & Pr 6% notes'25 FA 99 Sale 98%
995s 51
Montana Power let be A
9912 Sale 99
72
99
1943 J
94
9813 Trenton 13 &
9612 14
9834 Sale 9834
3
Montreal Tram let & ref 56A941 3' 9814 96% 96
lat 5s
1949 M
9834
7812 84% Trumbull Steel deb 63
_ 9718
8314 14
Morris & Co le at 434e
1940 FA 971e
97% 24
1939 3, 83 Sale 83
77
77% Mar'25
771s Twenty-thIrd et By ref 56..1962 J J 60 If 6153
5
Mortgage-Bond Co 4s Ser 2_1966 A
6153
95% 9712 Underged of London 4146._1933 J J 9134 ---- 92% June'25
6
9614
10-25-year Si Series 3__ _ _1932
9614 9714 96
9652 10012
6
Income 68
Murray Body let 624s
99
1948 ii 89%_ _ 89 Apr'25
1934 JO 987 sale 9812
9513 9812 Union Bag & Paper 1st M 66_1942 MN 96': Sale 96%
:July'25
5
Mu Fuel Gas let lu g bli_ _ _1947
9853 ____ 981
9714
9776 101
Mist tin fad bonds ext 4%..1941 MN 9972 ____ 101 June'25
Union Elec Lt & Pr let g 5e_1932 MS 101 102 10112
1011/
3
5713 64
60
Ref & ext fa
Nassau Elea guar gold 4a
10014 78
591 60 60
1933 MN 100 Sale 99%
1951 .1
98
9954
Nat Enam & Stamps let 66_1929• D 997 ____ 9912 MaY'25
lag 5345series A
1954• J 100 100% 10012 10013 13
7712 7634 July'25
80 94% Union Elev By (Chic) 58_1945 A0 _
9414 14
National Acme 734s
1031 3D 94 Sale 94
98% 101% Union 011 let lien a t bs
985* July'25
9934 July'25 -Nat Starch 20-year deb 56._1930
971
: 99
1931 J J 002,
100%
103
P
Aug'25
A
100
loo
10134
101
101
34
30-yr 63 Ser A
10414
National Tube let 58
10412 10
1952 M N
May 1942
9812 101
Union Tank Car equip 7s___1930 FA
____ 9834 Aug'25
10213 July'25
Newark COT:18010as bs
1948 J 13 100
9912 102
10018 30
New England Tel & Tel be_ _1959 J
United Drug 20-yr es_Oct 15 1944 A0 ioiFs Sale 104
100 Sale 9912
10412 36
10111 10434 United Fuel Gas let 5 f 6s___1936 .
loos 101 100
24
N Y Air Brake let cony es_ _1928 m N 103 104 10212 July'25
101
•21
2
77% 8134 United RI's Inv be Pitts Issue 1926 m
7912
sgh
7
79
99%
N Y Dock 50-year let g 48_1951 F A 7914 80
99%
11312 16 112 1151:
ash foo
6
Stamped
99%
N Y Edison
99%
& ref 6348 A_1941 A 0 113 Sale 113
99%
102
1003* 48
United Rya St L let g es__ _1934 I ...
let lien & ref be B temp_ _1944 A 0 10014 Sale 10016
osh 70 July'25
.II
10314 18 100% 10412 United SS Co 15-yr 62
941: Sale 94%
8
Y Gas El Lt & Pow g 66_1948 J D 10314 Sale 1034
9434
1937 M
8e
12
9034 United Stores Realty 20-yr 68'42 A 0 1031
:Sale 103
Purchase money g 4a
8814 8834 881.,
1949 F
10314 24
100% 10012 U el Rubber let & ref 511 ser A 1947
11012 Apr'25
le Y L E& West C &RR 53461942 M
148
8834 Sale 881a
89
2
99% 10034
100
107 Sale 108%
N Y Q El L P 1st g 5s
45
too
10-yr 734%
107
notes
1930 F A 100
1930 1.
_
45 6412 US Smelt Refsec
36'8 537, 49 July'25
10012 Salo 100%
N Y Rye 1st R E & ref 48
10114 72
1942 J J
& M cony 86_1926 '
_
1
42% 54
5
10534 Sale 1051: 106 228
LT S Steel Corp(coupon_ _.41963 _m
4612
4612 Sale 4611
Certificates of deposit
els 8
512 518 July'25
4
f 10-60-yr belregistered_41963
105 July'25
80-year ad) Inc 56......Jan 1942 AO
3% 534 Utah Lt & Tree let &ref bs__1944
10
15
5
85% Sale 8553
412 ble 5
Certificates of deposit
86
96
36
32% Utah Power & Lt let
2712 253
9434 Sale 9378
97 Y Rys Corp Mc es_ __Jan 1965 ---- 26 Sale I 26
95
_1944
9913 10212 Utica Gas& Mee ref &5a..4
1951 M N 100 10078 100
100
N Y & Rich Gas Ist 66
ext56 1957• • 100 10134 100 Aug'25
58 6814 Victor Fuel ltsf 55
7
53% 65
6234
N Y State Rye let cons 4346_1962 MN 61 Sale 61
57 June'25
1953 J
63 63
N 56
' 63 Apr'25
Va-Caro Chem let 78
Registered
10214 416
1947 J D 100 Sale 100
2
8614 97
99 Sale 99 . 101
76
8612
1st con 8 e series B
Certificates of deposit
1962 M N 8512 8572 86,4
97% 104
8
103
95% Sale 9514
47
N Y Steam 1st 25-yr ea Ser A 1947 M N 103 Salo 10214
97
Certificates of deposit stnifid
95
71
99
97
WY Telep let de gen at 43.e.1939 MN 9678 Sale 9634
Stud as to payt 40% of prin
10912 34 10778 11034
100 Sale 9812 101% 258
let 7s
80-year deben s es_ _ _Feb 1949 FA 109 Sale 10814
1947
33 10614 10811
99 1001.3 99%
107
10111 171
CU of deposit
20-year refunding gold 66_1941 AO 1061 4 Sale 10618
3 1110 103
9912 Sale 95
10112
991: 14
Ctf of deposit stpd
Niagara Falls Power 1st 5s_ _1932• J 10112 104 100
4 10334 10612
105
8312 414
Red & gen es
7345 with & without war__1937:Fa 8012 Sale 79
Jan 1932 AG 104 105 10433
_
1041
:
Sale
27
110
July'25
79
8014
10978
MN
81
Certlfs
Lock
& 0 Pow let 5(1_1954
of dep without wary
Mal
9712 100
23
8014 81
81
81
Is de ref 5s ser A terop___1955 AG 98 Sale 9753
9812 47
Certits of dep with warrants
901y 611g 9114 Aug'25
10438 11038 Va Iron Coal & Coke 1st g be 1949 M
10978 July'25
_
Refunding es Series A_ ___1958 FA
9671 1071
10058 34
: Va Ry Pow let & ref bs
96% 34
Nor Amer Edison 65 _____ —1952 MS 15014 Sale 9934
1943 J J 9634 Sale 9614
24 1003s 106
20
92 Sale 90
104
92
Vertientee Sugar let ref 78._1949 J
Secured a f g 8346 Ser B__1948 MB 10312 Sale 103
9243 97
9312 12
25
Warner sugar Refin let 76_ _1941 J O 92% Sale 927
95
Nor Ohio Tree & Light Si ....1947 MS 6313 Sale 9312
93 991s Warner Sugar Corp 1st 78... _1939
J 81!: Sale 8112
82
95% 25
Nor States Pow 25-yr Si A..._1941 AO 955* Sale
. 95%
9314 9314 Wash Wat Power a f be. _1939 3 J 10013 --- 10012
9314 Jan'25
1001: 4
AO
Registered
4 103 10714 WelOches Ltg g 5satcapd ittcl 1950 3D
105
let & ref 25-yr es Beg B._ _1941 AO 104'S Sale 104%
- - 1011 Aug'25
10735 1077s West KY Coal let 7e
15
WO%1011
-:101
102
: Jan'25
1071
Northweet'n Bell T let 76 A.1941 AA
1944 MN 101
94% 98
7
18
99
West Penn Power Ser A 531_1948 MS SA Sale 9834
North W T Ist fd g 434e gtd_1934 ▪ J 064 971. 9713
97
'
3
1
4 108 11234
112
10534 106 106
106
1st 75 Series D
Ohio Public Service 7346 A 1948 AO 11153 112 112
1948 M
1 107% 111%
110
9678 97% 97
let bs Series E
971s 22
____ 110
1st & ref 78 series B
1963 M
.. 1947 FA 110
9813
MS
13
10
104
1001
:
963
4
9612
J
971
:
973
J
4
Ohio River Edison lit 6s___1948
10014 Sale 10014
Temporary bs Series E__1963
96
99
9612 27
1st 534s Series F
96
Old Ben Coal 1st Si
97
1944 P A 96
1953 AO 100 10273 1058 Aug'25
98 10034 Weet Va C & C 1st es
9
9
9912
90
9114 8834
Ontario Power N F let 5s
9912 99
1943 FA 99
1950• J 89
97
July'25
99%
1(1013 122
Western Electric deb 56_1944 AO 10013 Bale 997s
Ontario Transmission 5s__1945 MN 96%
0034
0614 105
4
10453
10013 Sale 10012
Western Union coil tr cur 56_1938 .1
100%
Otte Steel 86
1941 FA 104,
8 Sale 104
11
89% 101
1005s 70
Fund & real estate g 4146_1950 ▪ N 98 Sale 96
9614
:Sale 100%
let 25-yr 6 f g 7345 Ser B....1947 FA 1001
9312 99
9
9534 29
15-year 6146 g
11111
1936 P A 111 Sale 111
Patine & El gen & ref 58_1942 3' 96 sale 94%
98 100
5
N 10614 Sale 105%
99
Westinghouse E & M 7s
106% 113
1931
Pie Pow & Lt letecref 20-yr 88'30 P A 99% 10012 98%
99% 102
5
1
Wickwire Seen Steel 1st is,_1935 J
100%
81
8333 83
83
1937 3, 10056 Sale 1005*
Pacific Tel & Tel 1st 66
92% 1001
_
: Certificates of deposit
9712 88
79
84% 87 Aug'25
1952 MN 97% Sale 9614
Ref NI be settee A
10412
46
MN
107
2
106%
P
A
78
79
105
Certificates
53
7714
of
78
106
stamped
&
T
10514
let 10-yr 7.1930
deposit
Pan-Amer P
3
10634 613 103 1185s Willys-Overland 5 f 634g.._1933 MS 10112 Sale 10113
10112
1934 MN 10618 Sale 10414
Cony f es
91
28
99
941
Wilson & Co 1st 25-yr if 66_1941 AO 98% Sale 9872
9918 43
Park-lee et leasehold 81411-1953 ▪
:Sale 94
_ J 941
98 10014
Registered
93 Feb'25
10014 _.._ 10014 June'25
Pat& Pasesio & El eons 5s 1949 es
107 11034
10-year cony s f es
_ 11014 July'25
1928 JO "iiEs V64 70 Aug'25
peopGaa&O 1st COMI g 65 1943 A 0 10912
98 "
('hil, 9402
6
44 100
9813
1947 M
Certificates of deposit
osh 7312 70
70
Refunding gold be
32 10152 105
10-yr cony f 734,1
6953 7112 6934 Aug'25
P1931 i
Philadelphia Co coil tr 66 A-1944 F A 104 Sale 1043* 105
93% 100
6912 69% 69%
9778 21
Certificate., of deposit
98
7012 13
97
15-year cony deb 534e__..1938 NI 8 97
99lz 30
99 1024 Winchester Arms 734s
7
1941 AO 10134 Sale 10134
101%
Pifila & Reading C & I ref 58.1973 3 3 9912 Sale 991
91 1084 Young% Sheet & T 20-yr 68_1943• J 99% Sale 9912
so
105
Pierce-Arrow Mot Car deb 881943 M 8 105 Sale 10418
0034 105
n
S Dee Jan. iS Due April.
p Duo Doe. a Option ails.
Masi
Mace
Jas, I
Low
MO
10214 107
9914 10216
97
9814
90 908
994 10214
10014 102
9612 100
982e 1007a
92% 9611
8414 92
94 100%
10513 107
101 106
9214 97
104 11514
110 11314
1033s 10534
95 9976
9818 10514
9914 105
10211 10714
102% 10712
8614 92
9312 98
9034 94
881s 90
611e Ws
110 11114
lots 1054
83'i
61
85% 92
9512 9572
77% 87
74 8612
95 97
9011 9312
104 109
99% 104
10574 107%
105 10714
90 0694
8896.
10454 118.2
8224 9035
9914 101
100 10071
82 88
10614 12013
102 108
69 10211
96% lolle
9314 9972
9652 9812
99% 101
105 108
93 9712
93 99
9712 100%
10074 102%
100 102
99% 10414
5812
51
3414 504
9353 ge
101% 104%
10833 110
9814 10031
68 100
97% 9734
61
70
89 9214
We 89
9414 9912
9924 102
98% 101
100
75 104
7714
86 10012
105%
102%
102% 10514
10014 104%
98 10234
99 10912
99 10015
694 744
9616
91
10212 105
85 9012
104% 108
100% 102
10414 10688
10371 10512
83Ig 9112
91
9812
9814 102
53
57
73 10214
7112 101
68
98
-977-1; foiih
9412 95
46
8314
424 8114
81
41
90
91
9314 99
90 4501
89% 9914
77% 8114
9944 10171
98 102
10014 10244
9314 100
10414 10714
6314 46;64
9616 994
10014 10514
8514 96
98 101
gips 102
92% 97
10912 11214
10352 1084
76
91
76% 88
81
76
99i2 10211
91% 9912
93
90
7612
55
63
75
53% 77
as% 741e
10014 10314
955* 10044
829
BOSTON STOCK EXCHANGE-Stock Record s..Br2n...
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
klaterrelay„
Aug. 8
Monday.
Aug.10
Tuesday, 'Wednesday, Thursday,
Aug.13
Aug.12
Aug.11
Range for Year 1925.
1:111 ARA
Range for Preetoee
Year 1924.
Lowest
Lowest
Highest
Higbe,.
,
180 180 *160
160 161
16012 181
79
79
794 764 79
7912 79
94
94 94
95
*93
9334 9334
113
•11213 11412 11212 11212 113 113
101 101
9934
*99 101 *100 101
2412 2414
23% 2438 24
24 24
1
4 *2612 28 +2612
*28 2712 2612 26/
/
4 2912 3038 2934
30 3014 2934 301
4718 4712 4712 4712 *4614 47 *4614
4113 4112 4112 4112 4112 4112
59
60 60 *59 60
60 • 60
*180 --__ *180
*1801 190 *180
*29
+29 31
3112 "30
+31
85 +62
85 *82
84 +81
*81
58
58 *s53
55 55
•s55 58
3812 3812 3812 3812 37 38 "3813
_ 38
*38 -- +36 37
3414 3413 3355 3438 3334 -if% 3334
77 77 +724 80 *7212
•77 80
1
4 *107
• 107 10712 10612 10712 10612 106/
58
"55
;62- 16- -51
•9412 98
181
16012 16012
80
*7812 80
*944 ____
94
113 •112
9934 10012 101
2512 2514 2534
*2612 28
28
1
4 31
3012 30/
4712 4712 4712
2
5918 60
60
____ *180
31 I 29
31
65
83
83
55 i*s____ 55
38 I 3712 3712
3712 3912 39/
1
4
3414 3414 36
80 I *7212 80
108
10612 107
312
312
3 314'. *3
318 34
3j,i, 34 *3
*1758 18
1734 18
*1713 1812 1712 1734 1758 18
1
4
139 13914 139 13914 139 13912 13834 13914 13834 139/
8014 83
8012 84
83
8434 83
8412
84 87
82 82 *80 -___ 8312 85
85
85
79 80
*15 ____ *15
*144 ---- *15 ____ *15 _
-- *94 10 *94 10 *912 10
16/58 1-611
.
2 ioei
!I0i612.
*lows ____ *10612 ____ 107 107
*
"i52 28
. 2712 28 2714 28 2718 2812 2814 29
+50
54
*50
54
55 *5014 54 *5012 54
•50
__ *92 _ . *92 ____ *92 __ __
•95 100 *92
*212 3
212 133 *212 3
*211 234 *212 --24
*334 4
*334 4
*334 4
*324 414 *334 4
5412 54 55
*5412 55
•55 56
54
55
56
39
31
39
•__ 39 *3812 39 1 38
40
40
8912
9924 *97
307 100 *98 100 *96 100 *97
204 20514 204 205 203 20412 20112 20312 201 203
*314 4 . 312 312 *312 4 . *312 4
*314 4
32
1
4 *3012 3212 *30
*3212 3412 *3312 34121 3212 32/
*118
- *211814 ----•*211814____•*x11814 --- *211814 ---*8034 81
*8034 81
*8034 81
*7914 - - *8034 81
3518 3514 35/
1
4 3512 3538 3512
351s 35 35
35
1
4 7834 77
7612 78/
7634 78
7534 77
7812 79
*1212 1312 *1212 13/
1
4
*1212 13 •1212 14 I *1213 14
5934! *59 80 *59 60 *59
60
*59 5 34 *59
6612; *6612 6714 *68
6612 *6614 6634
, *87 6734 *66
.30 .30 *.25 .60
•.30 • .40 +.25 .60 *.25 .60
*112 2
+112 2
*134 214 *112 2121 912 2
*95 95
95
-- *95
712 --712
712 -712
788 712
712
88 1.- _ 88 *____ 88
88
*1134 - - - 1112 1134 1114 1112 1134 12
73
74 I *7212 74
7212 73
74
*73
69 8912 69 ____ 69 69
89 89
192 192
192 192
•190 107 *193 197
+812 10 *____
9
•912
86 88
66 88
66 6614
88 68
95
594
95
*93 94 *9312 95 *93
434 5
478 478
47
48
+473 5
.60 .90
.90 .90 ".60 I
•.60 1
10
*8 _ _ _ _1 10
.8 ____ 10
10
11434 115
1144 11434 114 11458 11458 115
*2412
*24
25
*2412 -___ *2412
*2954 30 *2813 294
•2918 3012 *2934 -31
81
61
8058 6058 6078 6112
81
61
161
/
4 1553 1534 1514 1553
•16
1612 18
*134 2
2
2
*134 2
*14 2
*95
712
1124 113
5724 58
5
•4
4112 417s
2811 2812
2012 2034
15
16
1712
*18
*33 37
•82 85
2412 2478
4014 50
.404 4034
*41
Friday,
Aug.14
STOCKS
BOSTON STOOK
EXCHANGE
Sales
Ior
the
Week.
112 11212
5812
58
5
5
4112 4134
28
28
2012 2012
1413 15
*16
18
38
*32
+82
85
2434 2578
4812 4912
41
41
11112 11234 111
5814 59 I 59
41/
1
4
28
2034
1412
*16
*32
*82
2412
4812
*4012
4134
28 I
21
1478
18 1
36
85
2518
49
41
411
/
4
2812
2014
*1412
*16
*32
*82
2414
4812
41
*43
11213
59
4112
2812
2034
14/
1
4
18
36
85
2412
4812
41
*95
714
714
68
*111
/
4 1212
73
73
69 69
191 191
9
66
66
*9314 95
44 5
*.80 I
.
8
11434 ill*24
25
*2814 29
6158 6158
•1514
*134 2
.15
111 11114
5914 60
5
411
/
4 4ii2
2814
28
20
2014
1414 1514
*16
18
*32
36
*82
85
24/
1
4 2412
4858 49
*401 41
Railroads
100 158 Feb 18 184+4 Jan 7
16012 16012
145 Boston & Albany
100 7514 Mar 17 88 Jan 2
Boston Elevated
2379
80
100 92 Jan 18 9812June 11
31 Do Prof
100 109 Mar 31 11512June 11
Do
1st
prof
68
100 94 Mar 20 102 Jan 9
10012 101
161 Do 2d prof
100 10 Apr 17 26 Aug 14
4,195 Boston dr Maine
2534 26
l)
100 1112 Apr 24 2712 Aug 3
Doo
D
3012 344 4,4358
Series
' A let pref-100 17 Apr 27 3212 Aug 14
0
4714 4938
100 29 Apr 27 4938 Aug 14
490 Do Series B let pref
43
4412
405 Do Series C let pref-100 25 Apr 25 4412 Aug 14
8012 84
1,135 Do Series Diet pref-100 354 Apr 25 64 Aug 14
100 187 Feb 26 180 May 28
Boston & Providence
29
29
95 East Mass Street By Co.-100 29 July 21 39 Feb 11
100 80 July 31 71 Apr 3
49 Da 181 prof
100 55 Aug 10 824 Jan 12
30 Do pref B
100 36 Aug 14 48 Mar 10
-56- -ii.
445 Do adjustment
100 23 May 27 3912 Aug 13
39
40
180 Maine Central
100 28 Mar 30 36 Aug 14
3534 3678 3,688 NY N II & Hartford
32 Northern New Hampshire-100 70 Feb 18 78 Apr 9
Norwich & Worcester pref-100 100 Jan 13 123 July 30
100 98 Jan 2 111 July 7
_
45 Old Colony
100 4514May 1 8312 Jan 2
Rutland prof
- 9 Vermont & Massachusetts_100 87 Feb 24 96 June 26
Miscellaneous
212Mar 25
414 Jan 7
675 Amer Pneumatic Service-25
34 34
50 1612 Mar 25 1934May 7
Do prof
15834 ii6"
Amer Telephone & Teleg 100 130+8 Jan 2 14334June 18
No Par 6118May 6 87 Aug 8
8212 8312 8,254 Amoskeag Mfg
No par 7014May 11 8512 Aug 14
8612 884
71 Do prof
1512 1512
44 Art Metal Construe, Inc_ 10 14 Jan 18 1512July 8
par
978 Jan 8 13 Apr 28
No
Corp
Atlas Tank
Boston Cons Gas Co pref _ _100 103 Jan 17 108 May 12
-- - - --- Boston Mex Pet True--No Par
10 20 Jan 28 29 Aug 13
25- W38 5:350 Connor (John T.)
150 Dominion Stores, Ltd No Par 2814 Jan 80 58 Aug 8
5013 5012
100 99 June 12 99 June 12
Do pref A
10
112 Apr 30
8 Jan 2
75 East Boston Land
834 Jan 24
5
3 July 29
Eastern Manufacturing
-;5114 --4:.
25 42 Mar 9 597k July 25'
5458 554 1,345 Eastern SS Lines, Inc
No par 35 Jan 15 414 Aug 14
394 4114 1,705 Do pref
100 89 Jan 3 100 July 20
--- - - --let Preferred
100 200 Jan 5 213 May 21
584 Edison Electric Ilium
- - - - - - -54 mar8
318July 1
1
15 Elder Mfg CO (v t 0) ___. 10
13 Galveston-Houston Elea _MO 28 June 19 88 Jan 7
--- - - - _ _1
115
3
4
Feb
27
1154
Feb
27
Georgia RY & Flee
100
Do 5% non-cum pref 100 7812 Apr 15 7934 Feb 27
No par 35 Aug 4 43 July 1
3518 3512 1,505 Gilchrist Co.
1,598 Gillette Safety Razor-..NO Par 5718 Jan 2 81 July 30
--- - --__
25 11 May 12 1512June 1
Greenfield Tap & Die
No par 52 May 8 64 July 24
59
ioo Hood Rubber
59
Internat Cement Corp_No par 524 Jan 5 875aJune 4
2 Jan 3
100 International Producte_No par .20 July 13
100
1 July 13 1018 Jan 9
Do prof
---- --- Kidd r, Peabody Acceptance
100 8212 Jan 6 95 June 18
480 Corp Class A prof
938 Jan 7
64 Apr 16
10
248 Libby, McNeill & Libby
---- --- _
Lincoln Fire Insurance_ _ .... 20 70 Mar 18 7014 Mar 2
'11_
1114
Aug
11
1378
25
Jan 5
Theatres
iii4
Loew's
675
73
73
189 Massachusetts Gas Cos_ -100 88 Feb 3 75 Mar 6
100 8313 Jan 9 8934 Aug 6
404 Do prof
192 192
30 Mergenthaler Linotype_ ..100 187 Jan 7 194 July 27
812 Apr 4 164 Jan 15
Mexican investment,Inc_ 10
7012June 20
-i6- -61i6
,- Mississippi River Power _100 38 Jan 2 941k
July 9
100 874 Jan 10
93
93
91 Do stamped pref
4 Apr 22
84 Jan 13
434 478
10
314 National Leather
2 June 22
1,103 New Eng. Oil Ref. Co. tr Otis- .20 Feb 9
-- -- --__
534 Apr 7 10 May 14
100
265 Do prof (tr Ms)
11484 1-113
.
4 2,428 New England Telephone_100 99 Apr 21 11512July 31
____ ___ ______ Olympia Theatre+, Inc-No Par 19 Mar 18 264May 16
2534 Jan 16 3234July 30
Orpheum Circuit, Ine
';•55T4 -iii- ___ ii'a P 111 Mills
100 5212June 12 8112 Jan 13
1
1514 Aug 12 18 Apr 3
1534 1534
490 Reece Button Hole
24 Jan 8
2 July 27
________ ________ ____ 5__0 Reece Folding Machine-- 1
Simms Magneto
111 11178
100 10914 Apr 22 120 Feb 6
348 Swift & Co
25 4512 Apr 13 6012 Aug 14
80
8012
905 Torrington
•
5 June 19
712 Jan 23
a
- -__ --- 20 Union Twist Drill
4113 4134 1,888 United (+boa Mach Corp
25 4034July 29 45 Feb 14
•28
25 2812 Jan 13 2812 Aug 8
2814
175 Do prof
5 194 Jan 3 25 Feb 24
20
2014
925 Ventura Consol Oil Fields
1514 1512
400 WaidorfSys,Ine,new sh No par 1412 Aug 4 1934 Jan 3
8 Jan 6 1818June 8
____ ____ ______1 Walth Watcb Ci B com-No Par
__ __ _ ______ Do prof trust etfs
100 174 Jan 3 40 June 2
____
__ _ _ ___ Do prior prof
100 85 Jan 6 90 June 20
2412 -.
25
5:185.Walworth Manufacturing_ 20 1834June 2 2714 July 29
4812 49
1,005 Warren Bros
ao 37 Jan 2 5012July 7
41
41
75 Do let Prof
ao 3758 Jan 10 434July 1
reifolog
Do 26 pfd
50 404 Jan 17 48 Mar 2
5.14 .401 '
5.14 .40 *.14
.40 •.14 .40 *.14 .40 '
.10
.18 +.10 .18 *.10 .18 *.10 .181 ..10 .18
11
112
158 *138 112 •114 112• *114
112 *114
1138 11
1112 11
11
1034 11 I 11
11
11
31
3134 30/
31
1
4 3012 31
31
31
3114
82
/
4 15
1473
158 1478 1538 1478 1514 1473 1514 141
1..20 .25 +.20 .25. '1..20 .25, *.
.20 ".20 .25 '
2012 21/
1
4 2012 21 1 2034 21 I 2038
22
2114 22
.05 •_-_
.05 •---*312 3/
1
4
312 3121
312
34 352 *334 4
*334 4
5.85 1
.80 .80
.80 .85
.80 .80 •.90
0.80 1 '
*.50 .80 *.60
1
*.60
•.80 .80 •.55 .65 •.50 1
*1712 19
18
*1811 1012 1812 1815 1813 1813 *1712 19
•118 134 *111 134 "14 134 *112 134 *112 134 •112
140 141
140 140
140 140
140
140 140 140 141
9812 9812 +97 99
*97
59
*97
•97 99 *97 99
1338 1212 1212 1214 1238 1214 1212 1214
13
13
13
114 *1
114 +1
114 *I
114 .51.
114 *I
.51
1..75 114 ..75
.75 .75 *.75 1 . .95 .99 •.75 114 '
/
4 112 *112
/
4
11
/
4 118
11
/
4 114 *11
11
/
4 11
118 118
182 132
114 182 *114
*154 112 *114 134 *114 134
*134
2
*158
2
2
*11
4 2
*13
2
"15
4
•134
.50 .50
.50 .50 *.80 1
*.60
.50 .50 •.60 .80
14
112
114 114
138 138 1%
114 14
114 114
31
32
32 32
32
3134 "31
32
32 3234 32
20 *21913 20 *21912 1934 1934 1934 1934
20
20 20
.20 *.10 .20 *.10 .20
•.10 .20 *.10 .20 +.10 3112
3112
3113 3113
3112
3112
48
48 */.40
48 *540 48 *140
43
•s40 48 *s40
*458 478
478
47
8
458
453
43
4
458
44
•45s 473
154 114 *138 152
138 138
112 134
114
it% 13s
1..50
.44 .44
.45 .45
.90 ".50
.51 .51
.50 .50
1018
1912
*19
1912
1912
1018
20
1834
193
4
*194 2012
•558 6
.534 6
*558
*514
54
534 534
1312 1472 13
14
1234 1278 *1234 14
*1814 14 *1234 243
2412
2412
2412
24
24
25
24
4
2414
2414 25
35
*3414
3512 *34
36
38 *34
3814 3814 3812 3812
.55 .75 •.50
.70 .70 •.80 .75 *.55 .75'
•.80 .75
•.25 .75 •.25 .75 •.25
•.25 .75 •.55 .75 •.25 .75
112 158
14 114 •14 112
14
14 las *114 113
55s 578
512 558
534
534 6
54
578
.43 .43 *.43 .55
.50
.43 .55 *.43 .55
.5.48 .55
.32 .32
.25
.26 .32 •.25 .32
•.25 .32 ..25 .32 •
.17 .17 •.17 .25 '.17
*.17 .25
.17 .17 *.20 .25 *a_
__
.75
.75
.75
*.14
•.I0
112
1114
3135
154
.20
2112
2,113
.40
.20
11
/
4
11
311
/
4
15
.25
2038
.05
312
1
1
18
134
140
99
1258
1141
111
112
184
2
1
1%1
32
20
15.43
4515
118
.90
1918
534
1313
24
35
.80
.75
112
57/
.50
.25
.25
Adventure Consolidatea- 25 .15 Feb 18
Algomah MinIng
25 .10 Mar 3
1 May 1
.0 Arcadian Consolidated__ 25
04 mar 18
1,100 Arizona Commercial
695 Bingham Mines
10 2814 JulY 91
3,176 Calumet & Hecht
25 1238June 8
40 Carson Hill Gold
1 .20 May 5
1,856 Copper Range Co
25 1834June 8
Davis-Daly Copper
1 .02 July 16
330 East Butte Copper Mining_ 10
3 June 5
95 Franklin
25 .40 Jan 7
Hancock Consolidated__- 25 .50 June 3
1 1512July 16
70 Hardy Coal Co
Helvetia
14 Jan 6
25
205 Island Creek Coal
1 121 Mar 28
1 9414May 27
75 Do titer
910 Isle Royal Copper
25
978 Apr 22
Kerr Lake
5 95 June 9
40 Keweenaw Copper
25 .50 June 29
188 Lake Copper Co
25
1 Apr 11
200 La Salle Conner
25
118May 14
Mason Valley Mine
a
14 Apr 23
25 .40 May 14
55 Mass Consolidated
1 Apr 4
236 Mayflower-Old Colony__ 25
172 Mohawk
25 2513June 9
a 18 Mar 30
255 New Cornelia Copper
.10 July 2
New Dominion Copper
100 25 Apr 2
New River Company
25 Do prof
100 40 June 30
48e July 3
314 Nipissing Mines
5
15 .89 June 5
395 North Butte
25 ' .35 Apr 22
166 Ojibway Mining
25 171:June 9
257 Old Dominion Co
4 May 19
110 Park City Mining & Smelt_ 5
255 Pd Crk Pocahontas Co.No Par 101gune 18
26 19 Apr 22
424 Quincy
210 St Mary's Mineral Land_- 25 2812 Apr 21
10 .50 May 1
10 Shannon
25
South Lake
375 Superior & Boston Copper_ 10 .70 May 13
378 Jan 2
5
7,590 Utah-Apex Mining
1 .40 July 7
800 Utah Metal & Tunnel
25 .25 Aug 3
400 Victoria
25 .17 Aug 31
160 Winona
26 .05 Apr 14
Wyandot
•Bid and asked prices. no sales on this day. s Ex right.. 6 For-cliv. and rights
25 Jan 28
.25 Jan 2
3 Jan 10
154 Feb 6
384 Feb 11
187s Jan 2
.90 Aug 4
83 Jan 10
.78 Feb 8
814 Jan 2
124 Jan 24
134 Feb 8
23 „Tan 24
34 Feb 5
14712 JUIY 24
9834Mar 9
2012 Jan 7
11511 Feb 4
112June 19
3 Jan 2
2+4 Jan 10
24 Jan 13
14 Jan 2
8 Jan 3
21
61 Jan 1
25 Jan 2
.85 Feb 18
2914July 25
80 Jan 8
684 Jan 10
34 Jan 14
114 Jan RI
27 Jan 10
8 July 1
1558July 24
894 Jan 10
48 Jan 12
lla Jan 9
2 Jan 5
8',, Jan 23
98 Jan 29
14 Jan 31
48 Jan 7
.21 Feb 11
14578 Mar
7124 Aug
8714 Dec
107 Dec
92 Sept
818 Jan
12 Jan
13 June
1712 Jan
18 Feb
23 Jan
43 Jan
18 May
5812 Jan
48 May
28 May
25 June
14 Jan
62 Jan
80 Jan
7912 Jan
34 Mar
70 Jan
184 De.
85 De
9814 Ma
11611 Jar
1014 Dec.
2514 Nov
2675 NOT
3714 Nov
48 Nov
41 Nov
62 Nov
172 Nov
384 Dec
71 Dec
8112 Nov
4814 Dec
374 Apr
3314 Dec
81 Nov
108 Nov
98 NOV
84 Nov
9318 No,
414 Dec
1 Nov
12 Jan 2014 Dec
121 June 13418 Dec
5711 Oct83 Jan
89 Oct79 Aug
13 Aug 18 Feb
6 June 1914 Jan
100 Dec 108 July
.05 Dee .20 Jan
2015 Dec 284 Mar
2412 May 85 Sept
84 Jan 884 Dec
2 Sept8 Feb
4 Oct
818 Feb
88 Jan 654 Mar
3418 Jan 40 Feb
8512 Jan 93 Mar
16312 Jan 20418 Dee
218 Jan
5 Dee
13 Jan 41 D*0
11314 Mar 1184 Sept
79 Aug 80 Jan
5518 -Oct
12/
1
4 Nov
48 Mar
41 Apr
.10 Feb
.25 Feb
Ws Oct
1578 Jan
80 Dec
59 Nov
8 Dee
14 Der
80 Jan 8813 Dec
4 June
84 Dee
70 Jan 71 Nov
9 Mar 13 Dee
88 Nov 81 Feb
82 June 70 Jan
150 Apr 172 Dee
812 Jan 174 Feb
19 Feb 384 Dee
80 Jan 90 saps
2 Apr
Ms Nov
.50 Dec
Ms Ate
8 Dec 3114 Mar
98 Dee 11518 Jan
2112 Dec 2238 Dec
14 Jan 2812 Dee
894 Oct87 Feb
.1134 Jan 17 July
218 May
3 Jan
10 Oct40 Feb
100 June 118 Deo
Ws June 52 Dee
5 Dec 10 Feb
34 Jan 434 Dec
2458 Feb 2814 Nov
1914 Oct27 Jan
1875 Apr 20 Noy
812 Jan 104 Feb
14 Jun
2312 Feb
8211 Dee 73 Feb
1518 June 22 Feb
295s Jan 3934 Nov
8434 Apr 41
Jan
38 Mar 42 Jan
.15 Dec
.10 June
6 June
8 Jan
14 June
1358 May
.37 Nov
184 June
.30 Dec
34 July
.40 May
.30 Oct
194 Dec
.80 May
944 Apr
90 June
12 June
14 Mar
.50 Jan
.90 Apr
.70 June
114 Oct
.50 Jan
80 Apr
234 Jun
164 Jan
.40 Dec
35 June
574 De
54 Jai
17s Oct
.40 June
15 Jan
34 Jan
1034 July
14 June
28 Jcipe
.30 Apr
.25 July
.25 Aug
17/1 June
.14 June
.15 Apr
.18 Feb
.10 July
s Ex-dIv. o Ex-stook div. a Assessment paid. g Price on new basis.
.51 Dee
25 Dee
34 Dee
18 Dee
3158 Dee
1978 Jan
3 Feb
834 Dee
.70 Mat
Vs Dee
1 Jan.
2 Jan
2812 Jan
Dee
142 Nov
100 Sept
224 Dee
21a Feb
114 Nov
84 Dee
8 Dee
254 Dec
134 Ave
6 Jiny
61 Dee
2554 Dee
234 har
60 Mat
75 Mar
884 Dee
624 July
1 Noy
284 Dec
518 Feb
1512 Jai
8434 Dee
69 Dee
112 Sept
.75 Dee
218 Dec
378 Doe
.70 July
1 Aug
.71 July
.25 July
830
THE CHRONICLE
Quotations of Sundry Securities
All bond prices are "and Interest" except where marked "f."
[VoL 121.
Outside Stock Exchanges
Standard Oil Stocks Par Md. Ask.
Boston Bond Record.-Transactions in bonds at Boston
Railroad Equipments Per Ct..Basts
Anglo-American Oil new £1 *2234 2278 Atlantic Coast Line 65
5.25 5.00 Stock Exchange
Aug.8 to Aug. 14 both inclusive:
Atlantic Refining
100 9712 9818
Equipment 858s
5.00 4.80
Preferred
100 114 116 Baltimore & Ohio Os
5.40 5.10
Friday
Borne Scrymeer Co
100 215 220
Equipment 450 & en__ 5.00 4.75
Last Week's Range Sales
Buckeye Pipe Line Co_
Range Since Jan. 1.
50 *59
60 Buff Roth & Pitts equip 41s_ 5.25 5.00
Sale
Chesebrough Mfg new.. 25 *61
ofPrices.
for
63 Canadian Pacific 4545 & 68.. 5.00 4.70
BondsPreferred
Price. Low. High Week.
High.
Low.
100 112 113 Central RR of N J 6s
5.20 5.00
Continental Oil new____ 25 •2278 23 Chesapeake & Ohio Os
5.40 5.10 Amer Tel & Tel 4e__
Rights
9755 9755 $5,000 96% Jan 9734 June
•83c 85c
Equipment 635e
5.10 4.85 All Gulf A W I SSL _1929
581959 72% 7055 72% 43.000 63
Crescent Pipe Line Co- 50 •1512 1534
Jan 72% Aug
Equipment Es
5.00 4.75
Cumberland Pipe Line__100 150 153 Chicago Burl A Quincy Os.. 5.25 5.00 Chic Jet Ry & USY 581940 99
99
99% 12,000 96
Feb 99% June
Crew Levick 13,3
1928
Eureka Pipe Line Co____100 •72
9835 98% 13.000 97% July 98% Aug
73 Chicago & Eastern Ill 535e. 5.50 5.15 E Mass St RR
set B 581948
Galena Signal 011 corn. _100 4612 50 Chicago & North West
7035 71%
Mar
4,000 70
Jan 78
Os.. 5.40 5.15 Hood Rubber.7e
1936 104% 104 105
Preferred old
14,000 10138 Jan 106
July
100 107 112
Equipment64,
5.10 4.85 Houston Lt
Preferred new
92
92
1,000 92
Aug
Aug 92
100 103 105 Chic R I & Pac 455e & 52L-- 5.10 4.75 Kan Okla & Pr 75_1953
Gas CoHumble Oil & Ref new
25 *5912 5912
5.50 5.25
Equipment 6e
Pipe Line th
1928
Illinois Pipe Line
100 100
Aug 100
Aug
10,000 100
100 133 135 Colorado & Southern fie5.50 5.15 Maas Gas 4555
1929
Imperial Oil
9951 9951
1,000 97% Feb 99% June
25 *133 135 Delaware & Hudson Os
5.25 5.00
455s
1931
New when farmed
96% 97
4,000 9458 Jan 9754 JUne
I 3014 3038 Erie 434e & 58
5.25 5.00 New England Tel
Indiana Pipe Line Co___ 50 *67
101
Jan
100% 101
9,500 9934 Jan 101
70
5.60 5.25 Ore Shore Line Se_5e.._1932
Equipment th
_1941
International Petroleum.(2) *231s 2312 Great Northern
10454 10434 1,000 10454 Aug 10454 Aug
5.35 5.10 P C Pons Co deb
6s
Magnolia Petroleum....100 140 144
July
102 102
1.000 102
Aug 105
5.00 4.75 Seattle Electric 5s7e_ _1935
Equipment 58.
_1930
National Transit Co__12.50 •1914 20 Hocking
9951 99%
Jan
2,000 9931 Aug 100
5.05 4.80 Swift & Co 5s
Valley 6s
1044 9934 99% 100
New York Transit Co__.100 51
10,500 97% Jan 10055 June
54
5.45 5.10 Western Tel & Tel
Equipment Os
53_1932
Northern Pipe Line Co__100 81
10031 100%
5,000 99% Jan 10055 Jtulti
82 Illinois Central 449 dr 58._ 4.95 4.70
Ohio 011 new
26 *6214 6234
.5.25 5.00
Equipment 6s
Penn Mex Fuel Co
25 *23
25
Equipment 7e A 6;is-- 5.00 4.75
Philadelphia Stock Exchange.-Record of transact:ow;
Prairie Oil dr Gas new
25 *53% 5312 Kanawha & Michigan 6s_-_ 5.50 5.20
Prairie Pipe Line new
100 123 12412
5.20 5.00 at Philadelphia Stock Ex hange, Aug 8 to Aug. 14, both
Equipment 454e
Solar Refining
100 210 215 Kansas City Southern 534e_ 5.35 5.00 it elusive, compiled from official sales lists:
Southern Pipe Line Co...100 77
80 Louisville & Nashville 6._.. 5.25 5.00
South Penn 011
100 154 155
5.00 4.80
Equipment6%.
Friday
Southwest Pa Pipe Lines 100 *60 .62 Michigan Central
Sales
5.25 4.75
Standard 011 (California) 25 *5314 53 MinnSt PASSM5e dr 6.... 5.30 5.00
Last Week's Range for
Range Since Jan. 1.
34
4 54s & 55
Sale
Standard 011 (Indiana)._ 25 *62
ofPrices.
Week
5.35 5.05
6214
Equipment 6345 & 75_
StocksPar. Price. Low. High. Shares.
Standard 011 (Kansas)._ 25 *33
High.
Low.
3312 Missouri Kansas & Texas 68 5.65 5.35
Standard Oil (Kentucky) 25 *12012 122 Missouri Pacific fis & 6
5.60 5.25 Alliance Insurance
Sis
10
56
56
Standard Oil(Nebraska) 100 233 236 Mobile & Ohio
10 3735 Jan 60 June
5.115 4.80 Amer El Pr Co
At
448
6e_
_
_
pref.__ _100 100
102 103
Standard 011 of New Jet._ 25 4,40
30 96
Jan 10455 Apr
4018 New York Central 434s & 58 4.85 4.65 Amer Gas of Pa
v t c___-50 9555 94
9635
Preferred
855 80 June 98)4 Aug
5.25 5.00 American Stores
100 11734 118
Equipment 65
• 7855
Standard 011 of New York 25 •41
7631 7994 14,756 4551 Jan 8831 July
5.00 4.80 Bell Tel Co of Pa
41 14
Equipment 75
pref.... 109% 10934 110
Standard 011 (Ohlo)____100 350 351
126 107% Apr 110% June
Norfolk & Western 494s.... 4.80 4.60 Brill(JO)Co
100
Jan
102 102
Preferred
10 95
Mar 109
100 116 118 Northern Pacific 7e
5.10 4.90 Cambria Iron
60
Swan & Finch
40
Jan
40
100 38
Mar 40
100 12
5.05 4.85 Catawissa let pref
15 Pacific Fruit Express 7850
Union Tank Car Co
42
. 42
50 42
Ault
4334 Jan
I00 123 124 Pennsylvania RR eq 58 & tle 5.20 4.75 Consol Tree
of
39
40
Mar
20 3534 Mar 43
Preferred
100 114 117 Pitts & Lake Erie 635e
5.10 4.85 E Shore CI & E N J__ _100
8% p1...25
Vacuum 011 new
27
27
20 25
Feb 27
July
. 25 •8418 8412 Equipment Cie
5.50 5.25 Eisenlohr (Otto)
25
955
13
Washington 011
1294
24,999
935
July
Aug
13
40 Reading Co 455e & M
10 *30
4.85 4.60
Preferred
100
82
82
0th., 011 Stocks
10 803£ June 8531 Feb
5.15 4.90 Elea Stor Battery
St Louie & San Francisco 58
100
Atlantic Lobos Oil
6555
64
210 6155 Apr 7034 Feb
(2) *Vs 912 Seaboard Air Line 534e dr 13s. 5.60 5.25 Fire
Association
2763£ 277
50 277
Preferred
Mar
30 227 d Jan 280
60 *334 378 Southern Pacific, Co 454s.
4.85 4.85 Giant Portl
Cement p01_50
thot
48
48
new
10 46 s Jan 55
MaY
74
25 *72
5.00 4.80 Insurance Co
Equipment 7s
Mountain Produeers---- 10 *20
5435 1,280 4634 Feb 70
53
Jan
2014 Southern Ry 454s & 58
5.05 4.80 Inter-State of N A__--10 63
Rys
•
Mexican Eagle Oil
15
5 83% 41
15
312 15
Aug 15
Aug
Equipment th
5.40 5.10
Telep, pref___60
Nations, Fuel Gas
33%
31
841 20 . Apr 36 June
100 112 115 Toledo & Ohio Central Os... 5.50 5.10 Keystone
Lake Superior Corp_ _ _100
Salt Creek Cone 011
355
10 *612 64 Union Pacific 7s
335 3%
495
336 Aug
734 Feb
5.00 4.80 Lehigh Navigation
50 9555 9555 99
Bait 5..z4ek Producers-- 10 *25
3,728 8094 Mar 110 June
25%
Lit Brothers
10 23
Public Utilities
2334
23
355 21% May 25 June
Tobacco Stocks
Minehill & Schuyl Hav_ -50
Amer Gas dr Elec new ---(2) *77
51
51
July
6 5058 July 53
80 American Clear common 100 82 85
Penn Cent Light & POW..• 70
6% pref new
69% 70
145 60
Jan 70
Aug
91
(I) *89
Preferred
97
100 95
Pennsylvania RR
Deb fle 2014
4531 46
50
4,608 42% Apr 4854 Jan
MAN
9612 9712 Amer Machine & Fdry _ _100 163 168
Pennsylvania Salt Mfg_ _50 72
Amer Light & Trao corn. 100 219 222 British-Amer Tobac ord.
72
90 70
71
May 85% Jan
•2534 2612 Phila
£1
Gmtn Jr Nor
Preferred
124 124
50
Mat
50 123 May 125
100 100 102
Bearer
£1 *2578 2612
Amer Power & Lt common_
57
5712 Imperial Tob of0B & Irel'd 2312 2412 Philadela Co (Pitts)
Fret (cumul) 8%
49
49
Preferred
50 45
so
Apr 4951 July
94 Int Cigar Machinery....100 73
100 92
78
Phila Elec of Pa
Deb 6e 2018
58,999 373.4 Apr 4754 Feb
44
25 4334 41
M&S 95
9512 Johnson Tin Foil & Met_100 *60
80
Preferred
Amer Public Utll
40% 4335
25
378 3751 Apr 45
Feb
96 100 MacAndrews & Forbee__100 153 157
Phila Insulated Wire
5()
50
15 46
7% Prior preferred.......100 89
•
May
DIJi it"'
9112
Preferred
100 10012 103
Phila Rapid Transit _-_50 4834 48
Mar
4855
A% panic pref
975
Jan
51
40
Mengel Co
100 80
65
66
100
Phil's Traction
Associated Gas & El pi_ -(I) *52
254 57
59% 60
Apr 6334 Mat
50 60
54 Porto Rican-Amer Tob_ _100 48
59
Phila & Western
1451 1554
50 1431
790 1434 July 18% Jan
Secured g 63.5e 1954 J&J 10312 105 Universal Leaf Tob com-100 44
47
Preferred
Blackstone VaiG&E corn 50 *93
36
50
Mal
Jan 37
36
35%
50
95
Preferred
97
100 95
Scott Paper Co, pref._ _100
Carolina Pow A Lt
97
Jan 98% May
12 96
97
_ 380 398 Young fJ 8) Co
100 124 128
Tono-Belmont Devel_ _ _ _1
Cities Service common- _ _20 *3818 3918
34 len 17,509
34
Jan
As
lbn
Aug
105
Preferred
110
100
Tonopah Mining '
05
1
335 551 40,585
155 Mar
Preferred
531 Aug
8412
100 84
Union Traction
July
68 39
39%
39
50 39
Preferred B
Mat
44
' 10 *772 818 Rubber Stocks (Cleveland)
50 9534 9534 9934 14,862 7934 Mat 100
United Gas Impt
Preferred B-B
Mil
5
100 80
8012 Am Tire & Rub corn
Warwick Iron & Steel_ 10
50
Cities Service Bankers Shares *1914
374 4
334 Aug
734 Jae
40
Preferred
W Jersey & Sea Shore_ _-50
4258
42
294 3154 June 4334 Aug
Com'w'Ith Pow Corp new(t) *3512 36 Firestone Tire & Rub corn 10 *111;12 120
Westmoreland Coal
42
42
50 4134 Aug 57
50 42
Preferred
Jag
83
100 82
8% preferred
100 9912 100
York Rys, prof
Mee Bond & Share pref_100 104 105
115 3534 Feb 37
3658 37
50
Aug
7% preferred
100 99 100
Elec Bond & Sh &cur -- _
6712
*270
278
General
*6612
Tire A Rub com_ 50
BondsElec Ry Securities
Preferred
100 10112 103
(I) *15 16
Amer
& Elec 5s_ __2007
Lehigh Power Securities_(2),•138
93% $8.000 87
92
Apr 94 June
142 Goodyear Tire & R com_100 3218 32% Amer Gas
Gas N J 78
1,500 136
Mal
1928
180 180
Mississippi Riv Pow corn 100 6512 67 Goody'r T & R of Can pf 100 92
Jan 215
93
Consol Tree NJ 181 581931
75
75
75
Preferred
5.000 73 May 78% Mal
98 Mason Tire & Rub coM-(t) *278 314 El dr Peoples
1001 93
tr ctts 48.1945 6234 62
First mtge 5e 1951_ _J&J • 98
10,000
6234
57
June
Mal
65
15
18
Preferred
99
100
General Asphalt Co 6s 1939 102% 102% 10354 20,000 100
B F g deb 7s 1935__MAN 103
Jan 10334 June
Miller Rubber
100 175 185
Keystone Tel 1st
Nat Power A Lt cem--(2) *330 .333
_ -1955 92
9.000 8234 Jan 9236 June
9134 92
Preferred
100 10412 10512 Leh Val Coal 1st5s_
Preferred
100%
5s__193.7
100%
5,000
May
101
Mar
10034
28
32
(t) *98 100 Mohawk Rubber
100
Pinta Co cons dr stpd 58'51 9434 9454 94% 15,000 9334 Jan 9734 Jun(
Income 7e 1972
J&J 101 102
75
65
Preferred
Elea 5s
North States Pow mm..101 119 121 Seiberling Tire
1960 9954 9955 9934 22,00C 99
Mar 10334 June
2512 Phila.
& Rubber (t) •24
1st 55
Preferred
100 102% 26,200 100
1966
Aug 10334 Jum
104
99 101
Preferred
100 99 102
Nor Texas Elea Co com_10,
5555
1947
10534 105%
5.000 103% Jan 107 Jum
44
20
Swinehert Tire & R corn-100 10
534s
Preferred
1953
105
1055s
5,000
104%
Feb 10734 May
57
lik
40
60
Preferred
100
Pacific Gas & El let pref_101
1941
106% 10634 16,000 100
Jan 10834 Jun(
98 100
P. a & Read Term 58_1941
Power Securities com.....(2 •15
10455 10455 1,000 104
Feb 105 Jun(
Sugar Stocks
18
Spanish Amer Iron 68_192,
Second preferred
101)4101)4
1,000
10034
May
(2 *34
10134 Jet
*2
312
38 Caracas Sugar
50
United Ry gold tr °Us4s'49
Coll trust Os 1949_ __J&D .91
6555 68
23,000 63
Jan 8734 Fet
87
94 Cent Aguirre Sugar corn. 20 *85
W Phill Pass 2d 5s...1926 99
incomes June 1949_ _F&A *82
99
99
1,000 99
AM
Aug 99
129 131
85 Fajardo Sugar
100
York Rvs 1st he
Puget Sound Pow & Lt__100 5412 5612 Federal Sugar Ref corn_
1037
94
94
1.00(1 92
Jan 9554 JUDI
55
_100
en Preferred
100 8412 53612
Preferred
90
100
•
No
par
value.
7% preferred
100 d10612 10812 Godchaux Sugar, Inc---(t)
10
let A ref 534e 1949 MI) 98
Preferred
44
99
100 37
Republic Ry A Light...101
Cincinnati Stock Exchange.-Record of transactions.at
*42 45
64
67 Holly Sugar Corp com.
Preferred
1044 80
Preferred
81
98
100 94
Cincinnati Stock Exchange Aug. 8 to Aug. 14, both inSouth Calif Edison coni_100 119 122 Juncos Central Sugar-100 105 120
8% preferred
100 128
National Sugar Refining-100 10312 10412 clusive, compiled from official sales lists:
Standard G& El 7% pr of 100 99 102 New Niquero Suger____100
85
90
Tennessee Elec Power (2) *65
Friday
Sales
1
4
70 Santa Cecilia Bug Corp P1100
Second preferred
Last Week's Range for
Range Since Jan. 1.
ft) x85
Savannah Sugar com. -(2) •124 127
Western Power Corp..._100 57
Sale
ofPrices.
Week.
Preferred
59
100 107 110
Stock.Preferred
Par. Price. Low. High Shares.
High.
Low.
100 89
75
90 Sugar Estates Oriente PI.100 60
West Missouri Pr 7% pfr .- 94
97
IndustrialsIndustrial&Mlocal
Am Laundry Mach com_25 10934 10435 110
Short Term Securities
1,627 72
Feb 113 June
91
American Hardware---100 89
Preferred
Anaconda Cop Mm 6s'29J&J 102L 10314 Babcock & Wilcox
100 12535 125 12531
14 118
Jan 12534 Aug
100 143 146
Amer Rolling Mill, com_25 4934 49
Chlc R I & Pee 5s 1929 .1,4
50
July 5735 June
758 48
22
9878 9938 Bliss(E W)Co new
(I) z20
Preferred
Federal Bug Ref lie'33_MAN
100 10834 10734 108%
71 10634 Feb 111% JUDO
95
Preferred
50 554
97
Baldwin, common
Hocking Valley 58 1926 mA, 10010 10012 Borden company
100 203
Jan
203 203
Feb 220
15 198
87
ccim (t) z78
Churnedid Corp
K 0 Terns Ry 5he__ me 10114 10114
• 70
July
6951 70
57 483-4 Jan 71
Preferred
100 107 109
City Ice dr Fuel
Lehigh Pow Sec Oe '27.FAA 101 1011 Celluloid Company
2354 2358 2434
366 23 June 253-4 Feb
21
100 19
2
qooper
Corp
(new)_ _ _ _100 77
Missouri Pacific 58 /7 J&J 997s 10014
77
77
Aug
50 6534 June 77
67
Preferred
100 65
New preferred
Mose-Shen Hdrl Os '25 FAA 10112 102 Childs Company pref...i00 116 118
100 105
131 9454 Apr 105% June
10434 105
Dow Drug, common_ _ _100 168
Wie Cent 512e Apr 15 '27 _
June
168 168
25 149
May 170
100 115 120
10014 10034 Hercules Powder
Eagle-Picher
Lead, com_20 3434 34% 34% 1,151 31
Joint Sib Land Bk Bends
Mar 40% June
100 107 109
Preferred
Formica Insulation
Chic it Stk LO Bk 50_1951 10212 10312 International Silver pref.
• 2454 21% 2434
440 1854 Mar 2434 Ana
.100 106 110
Gibton Art common
• 36% 36% 37
Be 1952 opt 1932
Apr 40
Feb
240 35
10212 10414 Lehigh Valley Coal Sales 50
Preferred
100 11255 11254 11254
153 1963 opt 1933
Jan 11534 Apr
1 112
10234 10412 Phelps Dodge Corp
100 107 112
Globe Wernicke, com_ _100 84
84. 84
555e 1951 opt 1931
25 8334 Jan 88% May
104 10584 Royal Baking Pow eom- 100 140 142
Gruen
Watch,
common.... 3034 3034 3058
Feb 33
Feb
60 30
Ms 1952 opt 1932
10112 10312
100 101 103
Preferred
Pi eferred
Mar
2 10034 Jan 103
100 101% 10154 10154
6345 1952 opt 1932
100 101 Singer Manufacturing-100 275 280
Hatfield-Reliance,corn_ _ -0 1734
50 1734 June 2034 Mar
451e 1964 opt 1934
101 102
1711 1734
Kroger,
common
495 7334 Mar 11034 July
10 11034 108% 11034
Alts 1963 opt 1933
10178 10312
New Preferred
25 11034 Jan 11355 July
113 113
Poe Coast of Portland. Ore__
100 113
McLaren "A"
81 1134 May
1254 1234
58 1953 opt 1923
• 12%
13
Alrf
J&J 10234 103es
Monitor Furnace, coin.... 17
20 17
17
17
581954 op 1934
Aug 17
Aug
103 104
Paragon Refining com__25
831
8
834
267
5% Jan
10
JIDY
Procter
& Gamble, com_20 124
•Per share. r No par value. b Basis d Purchaser also pays accrued dividends.
Jan 131
11934 12455 1,929 112
API
8% preferred
C New stock. IFlat price. k Last sale. n Nominal. z Ex-dividend. y Ex-rights
164 164
100 164
50 15634 Jan 164% June
440 1n7ix ren 1 in
An,
q Ex-stock dividend. 5 Sale price. r Canadian quotation. o Ex-interest.
AUG. 15 1925.]
THE CHRONICLE
Priaay
batea
Last Week's Range for
Sate
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Pure 0116% pref
100
Ricliardson, common_100
Preferred
100
U S Can common
•
Preferred
100
US Playing Card
20
U S Ptg & Lith,com---100
Preferred
100
•
U S Shoe common
100
Preferred
Western Paper "A"
•
Wurlitzer 7% pref....100
86
112
10634
5634
103
11834
68
9634
7
53
36
1074
BanksCitizens National
100 216
Fifth-Third-Union units100 308
86
8634
112 114
10634 10634
5634 5631
103 103
1184 1184
68
68
964 9634
7
731
53
53
36
3634
1074 10731
215
308
215
308
40
213
5
20
50
47
10
23
210
100
360
1
Range Since Jan. 1.
Low.
81
90
102
51
100
17031
59
7734
531
47
30
105
10 205
15 275
Public UtilitiesCincinnati & Sub Tel _50 8734 86
874
100 88
Cin Gas & Elec
88
884
C N dr C Lt & Tr com_100 824 82
824
100 6134 614 6134
Preferred
100 1064 10631 1064
Ohio Bell Tel pref
199 79
265 82
17 75
75 60
216 106
TractionsCm street RY
(Thin Trnetinn nref
465
sat
50
_ _100
324
6154
3234 334
61 t4 gg
Jan
June
May
Jan
Apr
Mar
June
Jan
Apr
Jan
July
Feb
High.
89
116
10634
61
105
120
7234
98
104
64
38
108
May
MAY
Aug
June
Aug
Apr
Mar
July
Feb
Feb
Aug
May
Mar 225
Jan 310
May
Aug
Jan 94
Jan 90
Jan 84
Apr 634
Mar 110
June
June
June
June
May
324 Jan
an
Jan
38 May
A03, illlt
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares
AU America Radio Cl A..5 26%
Amer Pub Sery pref _100 92%
100 80
Amer Pub Util pref.
American Elilipbullding_100 594
Preferred
100
Armour de Co(Del)pref _100 95%
Armour & Co pref
100 89%
Common Cl A v t c___25 22%
Common cl B v t a_ _25
Armour Leather
15
5
Balaban & Katz v t c _ _25 71
Beaver Board v t c B__ _•
Preferred certificates_100
13endlx Corp cl A
10 33%
Borg &Beck
• 294
Bridgeport Machine Co *
9
Bunte Bros
10
Central III Pub Seri, pref.. 87
Central Ind Power pref _100
Chic City &Con By pt sh •
Preferred
4%
Chicago Title & Tr rights.
Commonwealth Edison.100 138
Consumers Co
20
44
Preferred
100 51
Continental Motors
•
9
25 59
Crane Co
Preferred
100
Cudahy Packing Co. -100
Daniel Boone Wool M_ _25
Deere & Co pref
100
Diamond Match
100
Eddy Paper Corp (The)__* 21
• 28%
Elec Research Lab
5 274
Evans & Co Inc el A
• 324
Fair Co(The)
Preferred
100
Foote Bros (CI & M)Co-• 134
Gill Mfg Co
•
5
Godchaux Sugar
•
8%
Gossard Co(W H)
• 3834
Great Lakes D & D...100 143
Hammermill Paper Co_.10
Bibb Span Bartlett& Co.25
Hupp Motor
10 18
Hurley Machine Co
51
Illinois Brick
100 324
Illinois Nor Utilities pf _100
Indep Pneumatic Tool_ •
Interstate Power pref _ _ _•
Kellogg Switchboard._ _ _25 38%
Kentucky Hydro-Elec _100
Kraft Cheese Co
25 9134
Rights
3
La Salle Ext Unty (110_ _10 20%
Libby. McN & Lib new_10
731
McCord Radiator Mfg A._•
McQuay-Norris Mfg
•
Middle West Utilities__ __• 10831
Preferred
100 96%
Prior lien pref
100 106
Midland Steel Products...* 54
Midland Util pr lien_ _100 100
Morgan Lithograph Co..* 5731
Nat Carbon pref new..
_100
Nat Elec Pow Corp--_100
"A" WI
24
National Leather
4%
10
Nor Amer Car el A ' •
Omnibus pref A wl. _100
Voting trust ctfs WI a_ •
Peabody Coal Co pref--100
10
Pick (Albert) dr Co
5 -46
Pines W Interfront A
Pub Seer of Nor Ill
124
Pub fiery of Nor BI--100 12331
Preferred
100
100 10734
7% preferred
100
Quaker Oats Co
Preferred
100
Real Silk Heel Mills---10 5831
10 214
Reo Motor
2
Ryan Car Co(The)
Sou thw 13 & E 7% pref.100 9731
Standard Gas& Electric_ •
Preferred
so 54
Stewart-Warner Speedom.* 67%
100 11134
Swift & Co
Swift International
15 25%
Thompson (J R)
25 45
Union Carbide eir Carbon.* 6834
• United Iron Works v t c.50
'united Light & PowerCommon class A w I a_ _• 1334
Common class B w I a_ •
Preferred class A w Ia..* 9431
Preferred class B w la_ _•
United Paper Board...100
20 180%
US Gypsum
VS Stores Corn met _100
26% 284
92
9231
80
80
5831 59%
9334 9334
9534 9734
89m 8931
224 23
13
13
5
5%
70
73
4
4
30
30
324 36
28% 2934
9
9
134 13%
86% 87
9034 91%
34
31
434 4%
50
52
136 138
2% 44
35
53
9
934
59
60
11531 11534
99 101
131
1
1044 10434
123 125
21
18
284 30
274 30
324 32%
105% 10634
13% 13%
5
5
8% 8%
3734 38%
135 144
32
32
74
74
1731 184
474 54
3231 3234
9031 904
5734 58
86
86
40
38
92
90
90
9534
3
434
20
2134
731 7%
404 41
16
16
10434 11634
9631 974
10531 106%
51
56
100 100
564 5734
126 126
95
95)4
24%
24
431 431
244 2435
92
92
13
1334
101 101
1831 1934
45
47
123 124
123 124
974 98%
107 1074
117 11831
105% 105%
54
5834
20% 214
19
20
97% 974
56
5831
534 54
66
694
111 11331
2531 2534
4431 46
674 68%
2
2
4,325
240
21
121
20
222
855
1.885
100
645
4,525
100
ao
10,900
3,500
200
Hit
231
440
950
10
426
740
1,470
520
1,310
111
30
1,030
504
19'
100
150
300
1,12
2,62
7
66
63
250
61
5,410
25
20
2,600
5,175
475
40
220
100
860
130
4,990
1,310
12,760
4,705
120
20
4,140
503
765
15,800
816
1,750
so
130
5,940
985
23
80
1,000
60
365
800
370
99
440
45
245
115
10,735
1,895
165
400
190
170
6,725
1,400
1,575
645
5,650
100
Range Since Jan. 1.
Low.
18
89
75
49
85
90
84
19%
114
3%
504
34
2131
24
2431
834
114
84
89
31
34
50
1304
June
Mar
Apr
Apr
Junc
Mar
Apr
Mar
Apr
May
Feb
July
June
Mar
Mar
Apr
Jar
Jan
Feb
Apr
API
Aug
Apr
Jar
30
Mar
834 Jan
51
May
113
Apr
79
Jan
July
83
Jar
11531 Fel
15
Apr
15
Mar
234 Mar
31% Apr
10334 July
12
Apr
4
Jan
3
Jan
2634 Jan
9434 Jan
29
Apr
68
Jan
1431 Ma
414 Ma
28 May
85
Jan
50
Ap
86
Aug
37% Jun
85% May
35% Jan
3
ug
14% Jun
634 Ap
3731 Ap
13
Ma
8234 Feb
914 Jan
98
Jan
3234 Jan
98% Ap
42
Ma
120
Fe
94
Aug
24
July
4
Apr
2434 Aug
NM June
11% May
101
Aug
1734 July
33 June
10731 Jan
108
Jan
92
Jan
102
July
95
Apr
10234 Jan
48
Mar
144 Mar
1831 July
9251 July
4034 Jan
50
Jan
5534 Mar
10931 Apr
24% June
43% July
65
Mar
% Feb
128 13531 13,900 44
150 175
885 49
93
95
5.870 81
504 514
310 42
1931 1934
10P 184
17534 182
1.060 112
974 974
60 954
High.
364 Feb
934 Mar
854 May
Jan
60
934 Aug
98 June
Feb
94
Feb
24
Feb
15
July
6
834 July
Anr
7
40
July
36
Jan
29% Aug
104 May
Jan
14
9131 Mar
93 May
131 Jan
931 Jan
52
Aug
141% June
434 Aug
53
Aug
11% May
70
Feb
118
Feb
1084 Feb
74 ran
105
July
129
July
25
Jan
3731 Jan
304 Jan
3531 Mar
109% Mar
16% Mar
7 May
94 May
42% July
144
Aug
32
Aug
7434 Feb
2031 June
56
Jan
3431 July
9234 Apr
70
Jan
86
Aug
48
Jan
9234 Feb
98
Aug
434 Aug
22
Aug
93.4 Jan
42
Feb
1834 May
125
July
98% Mar
1074 May
56
Aug
101 June
5731 Aug
130
July
96% June
26% July
64 Jan
29
Jan
9534 Feb
1734 Mar
102 June
2331 Jan
74
Jan
12434 July
12431 June
100 June
1104 June
400
Mar
106
July
7531 Feb
2434 July
2534 June
9734 Aug
60
Aug
5431 Aug
773( Jan
12034 Feb
36
Jan
48
Apr
7331 Feb
5
Jan
Mar 13534 Aug
Jan 160
Aug
Apr 99 June
Jan 54 June
Apr 22% Feb
Feb 186
Aug
May 9734 Jan
RAMO Shun Jan. I.
High.
Univ Theatres Cone Cl A.5
4
4
50
4 July 53
Wahl Co
•
114 12
270 11
May 2334
Ward (Montgom) & Co..10 69
6634 69
2,771. 41
Mar 72%
Preferred
100 11531 115 1154
70 1124 Apr 120
Class A
• 114
114 11431
100 110 May 123
Wolff Mfg Corp
•
731 731
250
531 Jan 1031
Wrigley Jr
• 51% 51
5131 6,440 4631 Jan 5231
Yates Mach Co panic P1-• 3031 29
3034 11.875 28
July 304
Yellow Cab Mfg class B_10 41
40
4134 1,765 324 Feb 484
Yellow Cab Co,Inc (Chic)* 464 4531 46% 2,510 45
July 5534
BondsChic City & Con Rye 5s'27
Chicago Railways 55.A927
4s, Series B
1927
Commonw Edison 56..1943
W Pub Sery6%"A"1950
Swift & Co 1st s f g 55_1944
754
38
474 4734 55.000
7534 753• 4,000
38
38
28,000
102 102
1.000
964 9631 3.006
994 994 1.000
46
7534
35
994
96%
98
Jan
Feb
July
July
Jan
Mar
Feb
Aug
June
Jan
Mar
Apr 63
Aug 8531 Feb
Mar 4634 Mar
July 1024 Aug
July
Aug 99
Jan 10031 May
* No par value.
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Aug. 8 to Aug. 14, both inclusive, compiled from official sales lists:
•No par value.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Aug. 8 to Aug. 14, both inclusive,
compiled from official sales lists:
831
r'rtaay
Naire4
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Conatiaed) Par Price. Low. High. Shares.
Stocks-
Friaay
.uues
Last Week's Range for
Sale
ofPaces.
Week.
Par. Price. Low. High Shares.
Am Vitrified Prod, com_50
Preferred
100
Am Wind Glass Mach_ _100
Preferred
100
Arkansas Nat Gas, com_10
Byers(AM)Co,com-__*
Preferred
100
Carnegie Lead & Zinc._ _ _5
Colonial Trust Co
100
Commonwealth Tr Co.100
Consolidated Ice. corn. 50
Duquesne Light. pref_ _100
Harb-Walk Refrac, com100
Jones & Laughlin. pref.100
25
Lone Star Gas
Nat Fireproofing, corn _50
Preferred
50
Ohio Fuel Corporation_25
Ohio Fuel 011
1
Oklahoma Natural Gas_ _25
Pittsburgh Brew.corn_ __50
Preferred
50
Pittsburgh Coal. corn_ _10(
Preferred
100
Pittsb dr Mt Shasta Cop__1
Pittsburgh Oil& Gas
5
Pittsburgh Plate Glass_100
Pittsb Steel Fdry, corn _ _ ....
Preferred
Salt Creek Cons 011
10
Stand Plate Glass, prior pfd
Stand Sarin Mfg,corn_ _ _25
Tidal Osage Oil
10
U S Glass
25
West'house Air Brake_ _ _50
26
95
534
1734
93
634
111
1154
4134
1434
33
29
274
19
7031
103
12634
Bond•Monon Rly Con C&C 13s'49
Pittshersh Brew Rs
1949
2531 26
95
95
90
96
95
95
531 574
1734 18
94
93
631 7
200 200
255 255
2
2
1104 111
120 120
115% 11534
41
4134
1431 1431
3431 3474
3234 33
1434 15
29
2934
3
3
104 104
4431 4434
8631 864
3c
3c
5
5
274 276
19
19
704 7035
634 7
81
82
103 10534
94 10
13
13
114 127
160
90
145
40
1,350
350
340
1,405
(
20
150
19'
70
250
1.360
325
320
1,565
1,275
857
100
400
48
30
2.001
39
9'
100
170
911
20
527
2,251
75
3,984
Range Since Jan. 1.
Low.
1931
85
88
93
554
17
93
4
190
200
14
10534
115
11134
32
1134
3134
31
12
26
174
6
3934
834
3c
5
255
1834
69
631
80
100
831
13
97
Jan
May
Jan
May
Apr
July
July
Jan
Jan
Jan
Mar
Jar
May
Jan
Jan
J .. n
Jan
Apr
Mar
Jan
Mar
Mar
May
June
Aug
Aut
Aug
Aug
June
Aug
Aug
June
Jan
Apr
Apr
High.
263.1
95
110
110
834
1931
9434
834
225
255
2
11131
140
11534
43
1434
36
3431
1631
314
4
1134
54
9934
9c
831
295
2034
7034
9
98
136
134
2031
127
1084 10831 $2,000 10834 Jan 109
90
90
2.000 85
Mar 90
June
Aug
Mar
Feb
Feb
June
June
Mar
May
Aug
Mar
July
Feb
Aug
July
June
Jane
Feb
Max
Feb
May
May
Jan
Jan
Feb
Feb
Feb
June
June
Feb
Jai]
Jar
Feb
Jar
Atli
Ara
Jar
•No par value.
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange Aug. 8 to Aug. 14, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High Shares
Bank StocksNat Bk of Commerce_ _100
State National Bank...100
144
173
Street Railway Stocks
United Rys pref
100
Miscellaneous Stocks
Amer Credit Indemnity_25
Boyd-Welsh Shoe
•
Brown Shoe pref
100
Cert-teed Prod 1st pref _100
2d preferred
100
E L Bruce com
•
Preferred
100
Ely & Walker D G corn_ _25
1st preferred
100
Fred Medan Mfg corn_ ..•
Fulton Iron Works com_ •
Globe-Bern
100
Hamilton-Brown Shoe_ _25
Hussmann Refr corn
*
Huttig S & 1)corn
•
Hydr Press Brick pref._100
International Shoe com...•
Preferred
100
Independent Pkg cora_ __ _•
Preferred
100
Johansen Shoe
•
Johnson-S & S Shoe
•
Laclede Steel Co
100
Mo Portland Cement_ _ _25
Nat Candy corn
100
•
Pedigo-Weber Shoe
Rice-Stlx Dr Gds corn_ _100
2d preferred
100
•
Skouras Bros A
Souwestern Bell Tel pf _100
Wagner Electric corn
•
Wagner Elec Corp pref _100
Street Railway Bonds
St L ar Sub gen M 5s__1923
United Rys 45
1934
4s c-d
1934
Miscellaneous BondsKinloch Long Dist 5.1_1929
Wnonwr VI.. Alfa 7,1 stewhal
44
42
91
100
2731
110
4834
95
11634
29
106
4631
220
6834
9934
454
200
43 11034
80
78
144
173
Low.
High.
I 14331 Jan 15031 Feb
3 173
Aug 179
Mar
431
19
48
48
4131 42
10631 107
99
99
91
91
55
56
100 100
2834
27
105 105
33
33
4034 41
110 110
48
4831
46
46
3334 33%
95
95
1774 18031
11634 11631
28
3031
10334 10734
4631 47
220 220
130 131
65
6831
9854 9931
43
4634
200 200
102 102
43
45
1104 11034
35
3731
7031 80
10
175
40
10
10
115
70
773
40
5
170
20
255
10
25
25
301
107
1,303
160
80
65
31
557
235
1,170
20
15
730
166
250
29
78
78
89.000
694 694 10,000
6831 6834 10.000
10034 10031
10054 10034
Range Since Jan. 1.
4
Jan
731 Feb
3631 Jan
38 June
9831 Apr
87
Jan
77
Jan
38
Apr
Aug
100
2234 Jan
102
Jan
30
Apr
35 May
104 June
45
Mar
373.1 Mar
3134 Mar
Jan
81
July
115
11531 July
28
Aug
10234 Aug
Mar
40
118
Jan
130
Aug
4131 Feb
94
Apr
Mar
40
200
Aug
100 June
36
Apr
10731 Apr
2634 Jan
79
July
60
Feb
504 Jan
107
Aug
99
Aug
Aug
91
59
July
10134 June
284 Aug
106 June
3431 Feb
July
43
110
Aug
50
July
47 June
40
Feb
96 May
197
July
122 June
3331 Aug
10734 Aug
5231 Jan
220
Aug
146
Jan
7231 July
107
Jan
484 May
200
Aug
10334 Max
45
Aug
112 June
50
Feb
91
Feb
78
69
68
Aug 8331 Jan
May 74
Jan
May, 7334 Jan
1,000 9954 Feb 10031 Aug
1.000 100
July 102
Mar
•No par value.
Baltimore Stock Exchange.-For this week's record of
transactions on the Baltimore Stock.Exchange see page 810
THE CHRONICLE
832
N. Y. Curb Market.-Transactions Aug.8 to 14 inc.:
Friday
Sales
Last Week's Range for
Week Ended Aug. 14.
Range Since Jan. 1.
Sale
Week.
ofPrices.
Par Price. Low. High Shares.
StocksHigh.
Low.
Indus & Miscellaneous
Adirondack P & Loom.100
Feb 100
July
88
200 Bs
90
Jan 107 May
100 100% 100% 101
100 92
7% preferred
Alpha Portland Cement___ 132
131% 132
Aug
30 131% Aug 132
Aluminum Co,corn
July
Aug 34
33
33
100 33
33
Amalgam Leather pref_100
Jan 4755 Aug
4745 4755
100 42
am& Gas & Elootrio
Common
• 7835 75)5 80
2,700 es% Feb 84% May
•
Preferred
89% 9051
200 83% Apr rem July
Jan 224
Amer Lt & Trao. corn...100 220
16,450 187
199 224
Aug
Preferred
100
Jan DM% July
10055 102
125 94
Jan
Amer Multigraph,com_ •
21
200 18% Mar 22
21
Amer Pow & Lt coin new_• z565,4 5654 60
18.500 48% Feb 67% Jan
Preferred
July
100
70 84
93% 9454
Apr 95
Amer Rayon Products...• z35
3354 41
18,200 28% May 51% June
• 75
American Stores
Jan 8444 Aug
200 44
75
75
Am Superpow Corp.Cl A.' 37
3855 3854
750 26)5 Mar 39% July
• 38
Class B
July
38% 3834 12,400 27% Mar 41
Prior preferred
25
26% 28%
400 2434 Feb 2634 Mar
American Thread prat__..6
45/ Feb
3% 334
200
3% Jan
Apco Mfg, Class A
July 2835 Mar
25 24% 24% 24%
200 21
Arizona Power, com
100
30
100 1755 Jan 31 June
30
Armour & Co (Ills) oomB26 12% 1254 13
Feb
1,000 11% Apr 15
Preferred
100
Apr 94% Feb
89
50 84
89
Arundel Corporation
July
• 34% 33)5 34%
400 3355 Aug 39
• 42
Amoy0 & E Class A
41
4555 29.700 2634 Mar 45% Aug
atlantic Fruit St Elug
155 Mar
81e Ole
• 82c
3.200 800 Jan
Atlas Portl Cement new.. •
51
300 44 June 5554 July
5334
Babcock & Wilcox Co_ 100
142 142
Aug
Aug 142
10 142
38% 3954 21,700 3754 July 4055 July
Belding Bros & Co coin- •
Blackstone Val G&E__ .50
July
200 94
94)5
94
Aug 96
Bolasonnault(0)Co
3% Feb
•
134 2,500 310 May
95c
Borden Co,corn,exch stk50
July
81
8155
300 67% Mal 87
Corn subscrip stock .50
400 87% Mar 83% July
78
77
Preferred
50
Jan 113 May
10735 10754
50 108
Bridgeport Machine coal •
May
200
454 Feb 11
834 8%
Brit-Am Tob ord bear .1
28
2655 3,300 24% June 28% Apr
Ordinary registered- CI
200 21% Feb 28% Apr
2834 2645
Brompton Pu & Pap com_•
2154 21%
100 2055 July 21% Aug
Brooklyn City RR
10
9% Feb
1,400
755 8
734 May
Brown & Will Tob Cl B_10 1654 18
Jan 1844 Aug
400 10
18
Buoyrus Co common_ _ _100 17854 17134 17855
July
Jan 182
375 121
Buffalo Gen Ebro new corn'
Apr 7534 July
68
300 50
89%
Can Dry Ginger Ale new -- 39
39
4245 11,400 34)4 June 5154 July
Car Ltg & Power com
534 May
4
155 Jan
355 4
25
7.800
Feb 445
Carolina Power Ss Lt..-100 390
390 409
July
110 800
Celluloid Co. corn
Aug
20
100
100 18% June 20
20
Central Teresa Bug. Pf--10
1% Apr
85c 85c
200 85c Aug
Centrifugal Pipe Corp ___• 13% 13
Mar 2735 Jan
13% 1,800 10
Chapin-Sacks Inc
_• 52% 50
52% 17,400 mg Jan 52% Aug
Checker Cab Mfg Cl A_ •
100
8
8
8
Aug 24% Jan
37% 3754 37% 1,100 29
Apr 40 June
Chic Nipple Mfg. Cl
Class B
1655 1,200 1134 June 17 June
50 16% 16
Feb
Childs Co. pref
11634 11635
100
10 11355 Jan 117
Feb
Cities Service corn.- --20 z3835 38% 3954 15,900 35
Mar 43
Preferred
83% 8435 2,400 8154 Jan 8454 Aug
100 z84
Preferred B
8
600
Aug
10
7% 7%
734 Mar
Bankers shares
200 1714 Mar 21% Feb
1954 19%
May
Cleveland Automobilecom• 22
2154 22% 1,800 19% Feb 26
Colombian Syndicate
255 May
154
155 1% 34,900 600 Jan
Com'wealth Pow Corp21,400 35% Aug 43% May
Common new
• 35% 3555 39
May
Preferred
100 8245 82
8245 1,575 7954 Jan 85
May
Warrants
350 2534 Feb 88
70%
67
Cons Gas.E L&P Balt new' 44% 4434 45
8,500 3134 Jan 4534 July
Jan 144
Continental BaUng,00mA• 139
Ad)
3,600 108
,
13854 140
Common B
94,900 2154 Jan 3934 July
• 35% 34% 39
100 102
8% preferred
101 102% 4,200 9155 Jan 103% July
300 1454 Aug 2634 Jan
Continental Tobacco....' 14% 14% 14%
47
Cow. Inc.
4944 5,300 3755 Apr 4934 Aug
•
July
3,200 85)5 Apr 51
Cuba Company
• z4734 X47% 50
4145 1,500
40
644 Jan 43 June
39
Cuban Tobacco v to
Feb 22 May
4G0 13
17
Curtiss Aeropl & M cora. •
18
Mar 79 May
100 55
78
76
Preferred
100
Feb
22% 24% 3,800 1844 Mar 84
De Forest Radio Corp...' 23
1,100 119
127 129
Apr 137 June
°el Lack & West Coal_50 129
Apr 20% Jan
200 10
15
15
Doehler Die-Casting
*
200 58% Aug 5855 Aug
58% 58%
•
Dow Chemical, corn
1854 1855 5,000 12% Mar 35)4 lap
OubillerCondsr& Rad
_ 18
5,900 10
10
Jan
12
Aug 21
• 10
Durant Motors, Inc
500 2034 Apr 33
Feb
Due & Co, Inc. Class A-. 2154 2154 22%
1,700 21
22
21
Aug 22% July
•
Class A vot tr ctfs
325 8754 July 7641 May
68)4 6855 69%
Elec Auto-Lite Co
1,580 10155 Apr 107
July
Elea Bond & Share,pref 10u 10454 10455 105
18.700 55% Apr 9114 Feb
6654 70
• 67
Elea Bond & Share Sec
Jan 8651 July
Elms Invest without war'ts' 58% 5845 8255 13,600 40
1,100 1244 Mar 1855 July
15% 16
•
Elec Ry Securities
25% 27% 9,900 25% Aug 29
Aug
Engineers Public Sery corn' 26
400 100
100 100
Aug 100
Aug
•
Preferred
49
700 46
May 6235 June
60%
• 60
Eureka Vac Cleaner
7
8
7
Aug
7
735 5.000
Aug
Fageol Motors Co. com_.•
3555 39% 8,800 3334 July 3934 Aug
Federal Motor Truck___10 36
500 26
2654 26)5
Aug 2634 Aug
•
Federated Metals
844 1,300
455 June 11% Jan
634
•
Film Inspection Mach
490 497
30 482
Mar 524
Feb
Ford Motor Co of Can-100
6454 81
85
19,400 47% June
65 Aug
Fox Film class A
31
3555 5,100 1655 Apr 42% July
Franklin(H 11) Mfg corn..' 32
175 78
86% 87%
Apr 9254 June
Preferred
100
Apr 83% Jan
Freed-Eisemann Radio....' 1255 11% 12% 2,100
7
Jan
• 10% 1454 15% 1.800
Freshman(Chas)Co
9% Mar 28
3035 31% 7,600 26
Apr 32
July
Gabriel Snubber w I Cl A •
•
2
Apr 1754 Jan
5% 954 8,100
8%
Garod Corporation
210 240
Jan 280
80 80
July
General G & E cony vet • 240
164 188
Jan 179
•
July
300 106
Preferred class A
July
Apr 166
•
250 97
150 155
Preferred class B
57% 54% 59
10,700 5454 Aug 6444 July
Gen.0 & E of Del CIA WI
53
45
1,900 45
Aug 6234 July
55
Class B w I
Aug 104
104
400 103
103 104
Aug
Class A preferred
50 201
201 221
Aug 252
July
General Gas of Maine
July 41
July
Cecil Ice Cream Corp wi..• 36% 3634 3755 2,000 34
26
2654 1,700 2035 June 27% July
Gen'l Outdoor Adver'g_ •
45
Apr
900 4244 June 47
45%
•
Class A
70
200 31% Jan 7754 July
70
Georgia L,P&Rys.com-100
Gillette Safety Rasor.......• 79% 7545 7935 6,300 5734 Jan 80% July
129% 130
Feb 188
mar
1,900 117
• 130
Glen Alden Coal
Goodyear Tire & R.00nt100 32% 3055 3345 8,800 24% Jan 3854 July
July
Aug 22
2055 21% 1,000 20
Gould Coupler. Class A_
Grand (F W)5-10-25c Sts• --8234 8055 82% 2,300 55 June 8245 Aug
8,800 15% Mar 2134 May
1834 20
Grennan Bakeries Inc__ •
9
Mar
26 Aug
17,000
21% 26
Grimes Ra & Cam Ree• 26
954 July
8% Jan
Happiness Candy St Cl A_•
954
9% 9% 8.000
955 Aug
534 Feb
934
Founders' shares
855 935 2,100
•
1,200 1454 June 5154 Jan
Hazeltine Corp
21
20
Jan
•
3
154 Apr
200
235 2%
Heyden Chemical
•
0474 57% 1,100 46 May 68% mar
Horn & Hardart Co
Jan 25 June
200 21
25
Imperial Tob of G B & Ire..
25
5% Jan 1634 July
Intercontinental Rubb.101 --1234 12
1354 3,100
7
Mar 1334 July
hat Concrete Ind Fdre shr• 12% 11% 12% 1,800
2,700 37% Jan 56% July
Inter Match non-vol pf _35 50% 50% 51
July
Aug 52
50% 3,600 45
New preferred w I_ _ _ _35 5055 50
•
100 35 June 4655 Jan
36
Lot UtIlitlee, Class A
36
• 11%
6% May 17
Jan
9
Class B
11% 38,100
• 168
July
575 163
July 180
168 172
Johns-Manville Inc
9
Jan
1 May
355 2,100
3)5
3
Jones(Jos WI Radio Mfg.
July
8,300 tag Feb 45
• 41% 3994 42
Kdvinator Corp
250 64 May 98)4 Aug
25
92
96%
Kraft Cheese
894 Jan 2335 May
19% 2034 1.200
Landover Holding Corp A I
21% Aug
200 1534 Jun
21
2134
La Salle Erten Univ._ _ _10
•
Friday
Sates
Industrial and
Last Week's Range for
Miscellaneous Stocks
ofPrices.
Week.
Sale
(Concluded).
Par. Price. Low, High. Shares.
[VOL 121.
Range Singe Jan. 1.
Low.
High.
Feb 160 June
135% 145% 4,000 82
Lehigh Power Securities_ •
Lehigh Valley Coal Bales 50 8044 80% 81%
Jan
325 78 May 87
Leh Vail Coal Ws new
Mar am Jan
38
37% 38% 2,400 83
Lehn & Fink Produets___• 38% 3655 3844 7,300 3654 Aug 37
Aug
Libby McNeill la Libby_10
655 Apr
934 Jan
7% 7% 1.000
July
Libby Owens Sheet Glass25 199
196 200
320 182 June 219
Jan
Liberty Radio Ch Stores_ •
654 June
8
9
9
5,100
8% Jan
Lupton(F ID Pub,CIA ' 435
455 4%
334 June
100
Jan
Marconi Wird Tel Load SI
8)5 7
6% Aug 10
2,100
McCord Rad & Mfg vtc_ •
July 23% Aug
23
2354 1,500 22
Mengel Co
Jan 6934 Jul/
88
..100 8555 65
1,120 30
Mercantile Stores Co_ _100 14454 14444 140
600 140 June 155 June
Mesabi Iron Co
2
•
255 1,600
454 Jan
2
July
Middle West Utilities corn. 108
103% 118
17,800 8234 Feb 124% Aug
Aug
Subscription receipts__
105 105
Aug 105
300 105
Prior lien atm*
10555 107
tou 106
490 98% Jar 107 May
Preferred
Jan 99 June
97
9745
100 97
570 91
Midland Steel Products__ - 54
Aug
5354 54
300 53% Aug 54
Midvale Co
•
20
20%
200 20
Aug 2854 Jan
Miller Rubber corn-.,.100 178
176 180
July
170 145 June 188
Mississippi River Pow-100
85% 66
250 47 May 6944 June
Mohawk Valley Co new' 39% 39
42
2,800 89 June 4554 July
Motion Pict Capital Corp•
1754 1834 1,000 17
Mar 19% June
Moto Meter Co., Inc. A' 39
July
38% 39% 7,800 38% Aug 41
Motor Products Corp__
Jan
105% 10554
Feb 110
36 94
Municipal Service Corp- •
12% 13% 1,800 1245 July 13)4 Aug
Music Master Corp
• 17% 1654 18
9,800
8% Mar 21% Jan
National Leather
6% Jan
434 4%
Apr
10
500
4
Nat Power & Light. coin-• z330
322 340
July
2,490 184% Feb 854
Preferred
•
98
98
Jan 102 June
10 95
Nat Pub Serv CIA corn..' 27
Aug
25% 27)i 6,700 2254 June 30
Class B common
17
• 17
1855 4,000 14 June 20 June
Nevada-Calif Elec Corp 100 34
34
35
100 3255 July 50% July
New Mex & Ariz Lana
755 754 1,000
I
755
654 Jan 11% Feb
N Y TeleD 634% pref-100 112
112 112%
Feb
175 110)5 Jan 114
N Y Transportation_ _ _ _10
52
54%
300 3845 Jan 54% Aug
Nickel Plate corn new w I.. 9254 89
93
7,100 8255 Mar 93
Aug
Preferred new w I
86
87
8651 3,300 813.5 Mar 87% Jan
Riser Corp Class A
5855 8434 2,900 37
• 82
Apr 6444 Aug
Class B
• 5834 57
5954 24,800 43% June 5954 Aug
NorMexPow&DevIcom.100
Aug
30% 31
800 30)4 Aug 31
Northern Ohio Power Co.' 1155 1155 1234 14,000
834 mar 1334 July
Nor Ont Lt & Pr com_-100 47% 47% 50
300 43% July 53 May
No States P Corp,com_100 120 ,11855 12134
400 102% Jan 126 May
Preferred
100 100%
100 100
160 9434 Feb 101% Jul/
Nor StatesPow Del waents 20
20
23% 1,800
Feb 2934 June
6
Norwalk Tire & Rub corn 10 17% 15% 18
Jule'
42,000 14
July 18
Ohio Traction, com_ _ _100
1154 12%
300 1154 July 1245 July
Preferred
62
62
100
100 62
Aug 69% Aug
13
Omnibus Corp v t o
• 13
1334
500 12 May 1731 Jen
Series A preferred_ _ _100 91% 9144 91%
Feb
100 89
Apr 98
Outlet Co corn
• 39% 38% 39%
800 38
Aug
July 41
7% preferred
100 100
100 100
1.500 100
Aug
Aug 100
Paths Exchange Inc al A.• 82% 8034 8445 8,800 4234 Mar 9355 Jar
Penns Water & Power_100 171% 189 187
3,040 127
Aug
Jan 187
Pine & L E RR,corn_ _ _50 151
142 156
220 142
Aug 180 May
Pittsburgh Plate Glass_100
285 265
0 260
July 290 June
Power Corp of N Y. corn.' 79% 7655 82% 17,200 33
Jan 91% July
Pratt& Lambert Inc
4534 46
800 40
• 46
Feb 47 July
Puget Sd P St L, com__100 5545 53% 55%
300 49
Mar 60% May
4555 4845 1,800 35
Purity Bakeries class A.25 46
Apr 46% June
Class B
• 43% 4035 47
11,100 84
Mar 47 June
Preferred
97
97
100
100 93
Mar 99 May
Pyrene Manufacturing_ _10 1031 1055 10% 1,000
034 July 1254 Mar
41
Reid Ice Cream Corp corn •
4355 1,500 35
Jan 4334 Aug
Rem Noiseless Typew CIA'
45
45
200 37
Mar 4954 July
Preferred
107 107
100 107
50 9(144 Mar 113 May
Reo Motor Car----- -10 21% 20% 21% 8,900 15% Ayr 200 July
Rove Radlo Corp tr ctfe..-•
4
435 4,300
414
3% May 14% Jan
St Regis Paper corn
83
7.200 38% Apr 95
• 7934 76
Jule
San Joaquin L & P,com 100
48% 4845
100 4835 Aug 4855 Aug
Schwarz (Bernard) Cie A__
1754 1044 1754
600 16
July 18 June
Selberling Tire & R.corn..
25
25
100 22 June 25 May
Serv. El. Corp. el A
29% 28% 31
26,200
Aug
934 Apr 31
Silica Gel Corp.corn. v t • 20
19% 20%
900 1234 Mar 21
Jan
Singer Mfg Co, Ltd__ _El
8
8
100
4
Mar 10 June
8%
6%
854 1,700
Sleeper Radio v t o
•
4% May 19% Jan
Sou Calif Edison com__I00 122% 120 127
3,425 tons Jan 139
July
7% pref Series A..._100
109% 111
200 104% Mar 111
Aug
Southern G & P cl A
500 23% June 24% July
• 2354 235.5 24
8555 1,960 55
SouthCitles Utll Co com100 60% 80
July 71% July
Voting trust certlf -100 4734 4754 48
200 45
July
Aug 55
87
87
Preferred
100 83 July 87
JulyEreastern Pr & Lt corn..' 152% 143 159 • 12,820 52% Feb 159 July
Southw Bell Tel 7% pf_100
110 11055
50 10634 Mar 111
July
4
300
Stand Motor Construe..10
455
4
5)4 Mar
354 Jan
Stand Publishing Ci A-25 20% 2034 20% 1,600 919 May 2114 FIb
15% 1654
Stand Tank Car, com____*
200
834 June 1634 Aug
Stand Textile Prod,com 100
21
21
200 21
Jule 2454 July
Stutz Motor Car
755 954 7,000
• 9
6
Apr 1054 May.
111% 11454
Swift & Co
640 109 May 120
Feb.
100
Swift International
15 25,5 2554 25% 1,200 2474 June 8554J1111.
4,500
14
12
Thermiodyne Radio
6% Mar 2234 AID.
• 12
Thompson(RE)Radio vte• 1155 1154 1334 10,400
Jan
6 MAY 25
200
Timken Detroit Axle__ _ _10
334 Jan
856 8%
934 June
854
4
454 1,100
Tob Prod Export Corp '
314 May
Mi Jan
100 8234 Aug 42
*
33
33
Todd Shipyards Corp
Mar
8
200
Mar 24% Jan,
Tower Manufacturing_ 6
8
5
310 147
159 165
Tubize Artif Silk A v t 0-• 160
Aug 180 June
3,700 85
Mar 73% Feb
Union Carbide & Carbon.' 88% 6754 69
44% 4734 2,700 25
United G & E corn new...10 46
July
Feb 52
6,100 9034 Feb 100% Aug
United Gas Improvem1-50 9755 95 100
United Lt & Pow cam A • 133% 12734 135% 59,600 4455 Mar 136
Aug
700
1454 1454
United Profit Sharing_-1
53.4 Jan 1855 mar
100 1055 June 1034 Aug
Preferred
1041 1044
,
19% 1934 1,100 1854 July 20
Aug
Un Rye & Elec Balt corn-50
455 434
200
454
U S Light & Heat corn_ _10
1.134 June
555 Mar
2% 345 4,300
354
Preferred
1% Jan
10
8)( Aug
4)5 5% 2,000
5
U 13 Rubber Reclaiming...
7
4% Aug
July
37)4 35% 3754 2,000 24
UniversalPictures
Mar 3735 Aug
78
725 65 • Apr
Victor Talking maebtne100 79
80
Jan
5
Va-Car Chem (new co) w I. 1335 1355 14% 6.500 1345 Aug 14% Aug
Preferred w I
4754 4754 49% 1,300 4755 Aug 4955 Aug
600 8754 Aug 89
8534 89
86
Prior preferred w
Aug
Walworth Mfg
200 2455 Aug 24% Aug
20 2454 24% 24%
Ware Radio Corp
1451 13% 14%
600
0
mar 4014 Jan
Warner Bros Pict com--: 17% 16
1754 4,700 13)4 July 17% Aug
Class A
20% 21% 15,600 14% Apr 21% Aug
10
Warner (Chas) Co, corn... ...... 2534 28
200 25% Aug 26
Aug
Wayne Coal
200 200
1,000 170 July 550 Jan
6
Western Pr Corp. corn-100 58% 5734 6255 8,400 80
Mar 7054 July
White Rock Min Spga eon)*
49
40
70
16
Feb 4954 Aug
goo II% Apr 1514 Jakt
Wilson & Co(new) w I-13% 13%
70
Preferred w I
70%
--70
600 68 June 753( Age
Yellow Taxi Corp, N Y__• 11
11%
11
600 11
Jan.
July 22
Rights860
Commonwealth Power
700
50,500 660 Aug
1% July,
Dow Chemical
1%
134 1%
1% Aug
300
134 Aug
Kraft Cheese
3
3
100
3
3
Aug
Aug
Power Corp of N Y
354 454 29,300
354
5 July
8
July
Former Standard On Sub *Idled ea
Anglo-American 011____LI 22% 22,5 2355 1,800 18
Jan 2055 Apr
Buckeye Pipe Line
59% 80%
250 58% May 72
50 80
Jan
Cbesebrough Mfg pre!_100
112% 112%
40 110
Mar 115 May
Continental 011 v t
22% 24
z23
30.190 21% Mar 31% Feb
1555 1554
Crescent Pipe Line
25
500 10
July
Feb 17
Cumberland Pipe Line_100 153
150 153
July
90 132
Ma 155
Eureka Pipe Line
74
72
72
170 72 Jan
10
Jan
96
Galena-Signal Oil, oom.100
4834 50
200 Om Aug 65
Feb
Old preferred
10954 109%
100
10 102 June 114
May
New preferred
100 103
100
100 100
Feb 107% July
AUG. 15 1925.)
Friday
Sales
Last Week's Range for
Former Standard OH
Sale
Subsidiaries
Week.
ofPrice:.
Par. Price. Low. High. Shares.
(Concluded)
THE CHRONICLE
Range Sirwe Jan. 1.
Low.
Humble Oil & Refining-25 51134 58% 614 23,000 4234 Jan
100 135
260 127
Illinois Pipe Line
13034 135
Jan
Imperial 011 (Can) new --- 3034 30
3054 11.300 274 Mar
50 68
6634 70
200 664 July
Indiana Pipe Line
140
135 142
Magnolia Petroleum-100
390 130% Apr
700 1934 Aug
National Transit_ -12.50 1934 1934 20%
100
53
53
10 53
New York Transit
Aug
84
81
150 78 June
Northern Pipe Line_ -100
25 6231 604 6334 5,100 604 Aug
Ohio 011
25
25
100 244 July
25
Penn Mei Fuel
52
25 6334
55
13,100 504 Mar
Prairie Oil& Gas
100 1244 12134 12534 2,600 108
Prairie Pipe Line
Jab
100
210 212
60 202
Solar Refining
Jan
100 154
152 168
1,030 139
South Penn 011
Jan
7834 80
140 784 Aug
Southern Pine Line__ _100
65
65
20 65
So West Pa Pipe Lines_100
Mar
59% 63
Standard 011 (Indiana).-25 62
77,600 5934 Mar
Standard 011 (Kansas).26 33% 3131 334 2,300 304 Apr
25 12034 120% 124% 4,400 114% Mal
Standard 011(KY.)
231 241
150 231
Standard 011 (Neb)-- -100
Aug
404 4134 8,000 4031 Aug
Standard Oil of N Y.-...25 41
350 352
2.500 338
Stand 011 (Ohio) corn. 100
Jan
100
118
118
Preferred
60 117
Jul)
100 15
14% 1534
300 14% Am
Swan & Finch
vacuum Oil ----_21. 844 8334 87% 5.900 80% Jan
Other Oil Stocks280 280
1
1,000 200 May
Allen 011
5
Amer Controlled 011F'Ide 5
700
54
5
414 Ma)
934
Amer Maracaibo Co
94 1051 34,800
2% Jan
10
4
44
700
Argo Oil
4
Aug
Arkansas Natural Gas_ _10
534 6
600
5
Apr
24 24
800
Atlantic Lobos Oil corn- •
2
July
•
Preferred
33.4
334 334
34 July
200
25
38
400 38
Brit Amer Oil
38
Aug
434
Cardinal Petrol Corp
4
434 7.600
2% July
84 .634 631 24,600
Carib Sindleafe•
34 Mar
Consolidated Royalties_ .1
14 1,100 950
1
Jan
_6 1131
11
f.,reole Syndicate _
11% 6,400
83( Jan
Crown Cent Petrol Corn.•
7% 84 1,000
73.4 Aug
Darby Oil & Refln. coin_
4
4%
800
334 July
Preferred
18
300 15 June
19
Euclid 011
14
Pis 1% 1,800 870 Jan
1
Gibson MCorp
24
234 24 4,900
1% Jan
•
Gilliland Oil corn v t e
2
24 1,800
134 May
25 73
Gulf Oil Corp of Pa
71% 7334 2,900 634 Mar
International Petroleum..' 2334 224 2334 22,100 2234 Mar
Petroleum
•
Kirby
24 24
400
2,1 Jan
Lego Petroleum Corp....•
534 24,200
4,1
44 June
• 204 20% 214 3,500 20% July
Lion Oil& Refining
•
Livingston Petroleum_
134 14 1,100 75c
Jan
Marland 01101 Mexico_ _11
3
3
100
3
151 Jan
Mexican Panuco 011---10
234
2
2% 10,400 58c Apr
Mexico Oil Corp
10
2,000 10e Feb
160 20c
Mountain& Gulf 011
1
14
14 134 15,400
July
1
Mountain Producers---10 2034 20
20% 3,800 18% Jan
5
New Bradford Oil
54
54 54 2,300
3% Jan
New York 011
25
934
94 9%
100
834 Feb
Noble Oil & Gas corn_ _1
9c
95
8.000
9c Aug
Ohio Fuel Corporation_ _25 33
33
100 31
33
Mar
011
Fuel
Ohio
1
14
14
20 12
Jan
Pan-Am West Pet Class B. 32
32
200 32
32
Aug
Peer Oil Corp
•
14
134 134 6,000
900 May
Pennock 011 Corp
• 234 2234 2334
2,400 174 Jan
25
Red Bank Oil
28
3,300 16
35
Mar
Reiter-Foster 011 Corn -• 19%
5,500 174 July
1934 21
Royal Can 011 Syndicate.' 75c
530 800 20,100
500 July
Ryan Consol Petroleum..•
3% 431
1,400
33.4
334 Jan
Salt Creek Consol 011- -10
700
6% 7
634 Jan
Salt Creek Producers...10 2534 24% 25% 5,300 24
Jan
Shrevp El Domdo P L__25
15
600 15
1631
July
Bun Oil Co
• 364 3634 38
7,600 3634 Aug
•
Tidal Osage Oil
200
9% 934
9
Feb
Venezuelan Petroleum
3%
34 3% 3,700
3% Jan
Wilcox(H F)011 & Gas new 284 254 2731
2,200 254 Aug
•wotailey Petroleum uo. •
4% 434
200
334 Mar
Mining Stock,Arizona Globe Cooper _I 220
20e 22c
8,000
70
Jan
Butte & Western Mining.1
2,000 100 Mar
12o 120
Calumet & Jerome Copper_
15c 15c
3,000 15c Mar
Canario Cooper
10
8
8,200
734 8
834 Feb
Chino Extension
15c
9,000 10c Aug
be 150
Consol'Copper Mines....1
2116 234 3.200
234
134 July
Consol Nevada Utah
3
60
Sc
2.000
40 Apr
Creation Cons Gold M&M I
3
3
3
3
2,300
July
Davis-Daly Mining
10
1% 1%
100 75c Feb
Dolores Esperanza Corp..2 50c
600 31,c
50c 550
Jan
Engineer Gold MInee.Ltd 6 8931 86
9134 6.300 1434 Jan
Eureka Croesus
Sc
1
9c 14,000
8c
7c
Jan
First Thought Gold Mineel
3,000 10o May
38c 380
Forty-nine Mining
1 260
3,000
23c 28t
50 Jan
Golden Centre Mines
634
634 6% 6,000
531 July
Goldfield Florence
1
Sc
Sc
1,000
Sc June
Hawthorne Mines Inc_ -1 180
140 180 14,100
Sc
Feb
Heels Mining
25a x1634
3.200 1234 Apr
16
17
Hollinger Consol Gold M_B
1434 144
400 134 Mar
Jerome Verde Develop-- -950 950
900 953 Ailir
1 ---234
Kay Copper Co
2% 234 42,000
Jan
Kerr Lake
a 1
1
131 3,600 88c May
Lorraine Consolidated__ ...... 10c 110
7,000 We July
Mason Valley Mines
134 14
6
200
134 Ma.
National Tin Corp
50c
70
2,000
Sc
55 Aug
New Cornelia Copper- --5 20
194 20
300 1831 Mar
New Jersey Zino
100 19134 191 191%
20 181
May
Newmont Mining Corp-I0
44
400 4354 Aug
4434
Niplasing Mined
6
43.4
44 434 3,000
44 May
Ohio Copper
1 73c
73c 75c
2,500 73o Aug
Parmao Porcupine Mining!
37c 38c
3.000 150 Feb
Premier Gold Mining. Ltd'
2
2
24 7,100
2
Jan
Red Warrior Mining
1
250 25c
1,000 200 Feb
Reorganized Divide Ann..
20
20
1,000
20 Aug
Rochester Silver Corp__ _
60
60
6,000
Sc
Apr
1
San Toy Mining
30
30
2,000
20
Jan
Shaw Mines Corp
370
32c 370 13,000 320 Aug
Silver Dale Mining
lc
lc
1,000
lc
Feb
South Amer Gold & Plat-.I
24
24 236
900
234 May
Spearhead Gold Mining..1
10c
7c lie 72,000
40 Feb
Took Hughes
1
1%
134
131
1.500
134 Jan
Tonopah Belmont DeveLl 85c
70c 85c
2.600 520 Apr
14
1
Tonopan Extension
134 14 9,400
1% Aug
554
1
Tonopah Milling
44 6
It,, Mar
9.300
10c
TN-Bullion S & D
130
80
1,000
Sc May
Uoited Verde Exton.. 50(
2234 234
800 20% Apr
B Continental Mines_ _5
Sc
So
1,000
68 Aug
5
Unity Gold Mines
80c 850
200 50c Mar
5
Utah Apex
5%
5% 634
900
451 Jan
Walden Copper Mining..1
335
3% 4
6,800
2
Jan
West End Consolidated _5
50o 50c
100 240 Apr
Wettlaufer-Lorrain B M _ _1
30
30
1,000
2c July
White Knob Copper pref ...... 67c 670
300 670 Apr
BondsAllied Pack cony deb 8s'30
90
91 538,000 84
Mar
Debenture 6s
1939
80
81
9.000 74
Mar
Alpine Montan St 78.-1955
91
91
4,000 91
Mar
Aluminum Co of Am 78'83
1084 1084 11,000 10651 Aug
1925
7s
10031 1004 10,000 100% Aug
Amer G & E deb 611_2014 9634 964 98 217.000 95
Jac
American Ice 7s
1174 119
26,000 103
Mai
American Power & Lighten old without warr 2016 9534 9534 96% 115,000 9334 Jan
Amer Rolling Mill Se _1938
1014 102
6.000 100
Jan
Amer Sumac Tob 7l4 PI 1925
95
95
2.000 80 May
High.
72%
1544
3451
84
159
2534
79
88
754
4434
654
12734
254
197
103
85
70
46
128
270
48%
369
123
27
9634
June
Jar.
June
Jan
Feb
Jan
Jan
Feb
Feb
Ma,
Jan
July
Jan
Jan
Jan
Jan
Feb
Feb
June
Jan
Feb
Jae
Mar
Jan
Feb
700 Apr
7,4 July
114 June
103( June
854 Feb
434 May
12% May
40
Feb
43( Aug
734 Aug
14 Jan
1434 Apr
124 May
7
Feb
27
Feb
134 June
34 June
33( Mar
79 June
2854 Feb
1534 Jan
734 Apr
23
July
134 July
44 Feb
Mt July
37c Mar
2
Mar
23% June
64 June
1234 June
13c Feb
3434 Feb
20
Feb
32
Aug
1,4 Feb
2834 June
4434 June
3334 June
2
Apr
934 Mar
84 Mar
284 June
1834 July
4634 June
154 Feb
434 Apr
314 June
7
Mar
360 Feb
190 Feb
260 Mar
8
Aug
134 June
4
Feb
60 Apr
4
Feb
1% Aug
75c Feb
109
July
230 Feb
580
Jan
420 July
734 July
14c
Feb
23o
Apr
17
Aug
1634 May
2
Apr
234 July
1% Feb
20o JU1Y
2,4 Jan
18c Mar
24% Jan
199
Jan
46% July
64 Jan
1% Jan
620 Jan
2,4 Jan
48c
Jan
7c June
14e
Jan
70 Feb
37c Aug
4c Feb
34 Jan
12c May
1% July
85c Mar
3814 Feb
6
Aug
13c
Jan
294 Jan
16c Mar
958 June
5% Jan
6
Apr
56c July
10c
Feb
70e May
944
8434
9134
10734
1024
99%
121
Feb
Feb
May
June
Jan
July
July
98% May
1034 June
9814 am
Bonds (Concluded)-
833
Friday
Last Week a Range Sales
ofPrices.
Sale
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
10234 10334 3,000 1024 Jan 104
American Thread 613_1928
Feb
10234 1034 22,000 1024 July 104
Anaconda Cop Min 68_1929
May
Assoc Gas & Elec 68 _1965 94
9334 9434 75,000 9334 Aug 96 June
Assoed Simmons Hardware
-6%...1933
8934 90
26,000 81
Feb 90 June
21
21
Atlantic Fruit 8s
6,000 1834 Jan 27
Mar
All0& W 155 L 5s-1959 7234
7034 7236 35,000 62
Jan 723( Aug
89
90
19,000 8734 Aug 96
Beaver Board Co 8s-1935 90
Jan
9834 40,000 9734 Aug 100 Jtma
dell Telep of Can 55_1955 9834 98
Beth Steel equip 7s___1935 10334 10334 10334 24,000 103
Mar 104% Jan
Canadian Nat RY11 78 1935 1114 11034 11231 15.000 10831 Jan 11234 Aye
98
Cent Par Ry 58, w L.1960 98
9834 123,000 98
July 9834 July
Chic Milw & St P (new col
8234 823.4 14,000 81 June 83% Jab,
50-yr g 5s Ser A w 1_1975
55
5534 177,000 523.4 June 55,4 Aug
Ad.1 M 58 w 1
2000
Chic RI & Pac 53.4e_ _1926 1003.4 10054 10054 1,000 10094 Aug 1014 Jan
1966 9034 9034 9034 23,000 904 June 91% June
Cities Service 63
Cities service 78 Ser C.1966 12334 1234 1244 43,000 111
Jan 128
Feb
102 1024 77,000 98% Jan 10634 Feb
Cities Service 78Ser D 1966 102
90,000 92
Cities Pant Pr & Lt 6s-1944 9334 9334 94
Feb 94% Mar
Cons 0.E L & P. Balt106 1074 3,000 10434 Jan 108 June
1949
6s. Series A
110 110
1951
1,000 1084 Jan 110% May
834s Series D
1952 10351 10334 104
3,000 1014 Jan 1054 July
6345 Series E
854 8631 2,000 80
_1941
_
Textile
Conan!
Si,
Apr 95
Jan
9734 9734 7,000 9735 May 984 June
Cosgr-Meehan C'l 634B 54
1936 9234 92
Cuba Co Os
9234 63,000 9134 May 98
Mar
11034
111
11
21,000 106
Cuban Telep 734.1-1941
034
Jan 11131 June
18,000 8934 Jan 95
Cudahy Pk deb 548-1937 9054 9034 91
Feb
Deere & Co 714.1
Feb
1931 1034 10334 1034 19,000 1024 July 105
48,000 1024 Jan 10634 May
1947 10434 10334 105
Dot City Gas68
129 13134 63.000 1104 Jan 1334 Jul)
Detroit Edison 6(1-.1932 130
,
9831
1955 984 98
7,000 974 Aug 100 June
as Saint B
1294 130
2,000 125
1928
Debenture 7s
July
July 132
Est RR of France is ... 1954 8334 8334 833-4 71,000 7834 Ayr 8834 Feb
954 953.4 1.000 924 Apr 99
1933
Federal Sugar 68
Mar
Galr (Robert) Co 78..1937 1033.4 10334 1034 6,000 99
Apr 10434 July
1044 10531 8,000 1044 Aug 10814 July
1930
Galena-Sig Oil 78
107 1084 48.000 104
July 11034 July
General Ice Cream 634s'35
1014 10134 8,000 10044 Jan 10234 July
General Petroleum 68_1928
Grand Trunk Ry 648.1986 10934 108 1094 42,000 10534 Jan 110
July
88
8634 35,000 86
July 8634 July
Great Cons Elea 6348.1950
24,000 984 Jan 10134 May
Gulf 011 of Pa 5a
1937 9934 9934 100
10134 1014 10,000 101
1928
SerMl 530
Jan
Aug 102
1936 10454 10431 10434 2,000 102
Jan 1054 July
Hood Rubber 75
984 9951 19,000 974 Jan 9934 July
Italian Power 834,. _1928
Kan City Term 54s-1926 10154 10134 1013.4 8,000 10134 Aug 10234 Jan
1960 844 8334
July 86% July
434s
Krupp(Fried) Ltd 78 1929 88
99% Jan
10134 10134 13,000 1004 July 10151 Mar
Lehigh Pow Scour 68..1927
10434 1043.4 6,000 102
Libby. MIN & Lib 78-1931
Jan 1044 July
Liggett Winchester 76_1942 10736 10734 1074 14,000 10734 Jan 10836 Jan
100 1004 20,000 100
Long Island Ltg 88-.1945 100
Aug 102
JULY
Manitoba Power 7s_ _ _1941 1034 1034 10334 8,000 9834 Jan 105% June
Missouri Pac RR 5s_ _ _ 1927 10034 10034
99% Apr 101
May
103
Morris& Co 74s
1930
98% Jan 10434 Feb
Nat nista Prod 78-1930 143054 10034 10054 15.000 9934 July 102)( June
91
90
21,000 864 Jan 95 June
New ON Pub Berv 58...1952 90
90
9034 41,000 90
1955 90
58 Series 1,
Aug 93
July
1164 11034 133 000 1053.4 Jan 121
Nor States Pow 6348-.1933 116
Jut,
103 10334 13.000 994 Jan 104% May
634s gold notes_.-1933
9134 9234 10,000 89
Ohio Power 56 Ber B-1952
Jan 9634 Mai
106 106
1951 108
5,000 106
7s
Apr 106
Apr
Oklahoma Gas& El 58 1950 9134 9134 913.1 88,000 9134 Aug 95
Mar
9635 9634
1,000 954 Apr 98
Park & Tilford 68_ _1936
Jan
10031 10034 7,000 97
Pennok MCorp 88-1927
Jan 1004 June
97
97
14,000 95
Penn Power & Light 58 '52
Apr 98% May
1953
9634 97
56.000 95
5s Series D
Apr 984 May
106 106
1947
1,000 104
PhIla Elec 5145
Jan 106% Jan
1941 10634 10636 10635
7,000 106
6s
Jan 108 June
10036 wog
1960
moo 98 June 10134 June
5s
9734
7,000 984 Aug 99
9634
India Rap Transit66_1962
Mar
Phillips Petrol 7348_ _ _1931
1043.4 104% 1,000 1034 Jan 1044 June
Pure 011 co ego
1933 1014 101 10114 44,000 9734 Jan 10234 May
100 100
35.000 100 June 10034 June
Schulte RE Co Bs__ __1935 100
2,000 100
Shawslyeen Mills 78.-1931 1013.4 1014 102
Apr 104
Jan
49,000 9334 Aug 994 Feb
9334 94
Siemens & Retake 78_1928 94
1935 91
9035 9134 23,000 904 Aug 964 Feb
7s
102 102
Sloss-Sheff St ea I 68_1929
2,000 101
Jan 10234 June
16,000 100
10134 102
Jan 105
1934 102
Solvay & Cie Gs
July
94
944 7,000 92
South Calif Edison 58.1944
Jan 9734 May
Southeast P & L 6s A2025 97
25,000 9634 Aug 97
9834 97
Aug
130 135 124,000 106% Jan 15734 Aug
Stand Gas & El 84s--1954
95
Stand Milling 548-- -1945
95
3,000 94
July 964 May
106
106
Stand 011of N Y 6%8.1933
1063.4 21,000 106
Aug 108
Feb
1939
)
97
16
Bun 0115 He
102
t:000 t9534
34 Jan
ai, 9934 July
Swift & Co 58Oot 15 1932 96
97
July
Thyssen(Aug)I&SW 7s '30
904 9154 29,000 9034 Aug 994 Feb
10334 10334 9.000 103
Tidal Osage 011 7s_ __1931
Jan 1044 Jan
89
Toho El Pow (Japan) 70'55 89
9034 50,000 89
Aug 9154 May
Tokyo Elm Light 6s_ _1928
99% 99% 1,000 99
Aug 99% Aug
95
97% 18,000 96% Aug 103% May
Trans-Continental Oil 7030 06
TyrolHydro-ElPow 7348'55
9634 9634 26,000 9434 June 964 May
95
Union Oil Cal 511
1935
9534 14.000 9434 May 9634 Mar
34
United Oil Prod 8s. -1931
34
3,000 28
Jan 50 June
United Rys of Hav 734s'36 10954 1094 110
4,000 10734 Mar 112
July
U 8 Rubber Ber 648._1926 1014 10134 1014 23,000 1004 Apr 102% Mar
Serial 64% notes_1927 10134 10134 10134 4,000 1004 Apr 102
Mar
Serial(134% notes_ _1928 10134 10134 10154 9,000 10034 Apr 102% Mar
Serial 64% notes..1929
10034 1003.4 8,000 993.4 Apr 101% Mar
Serial 634% notes..1930
10034 10034 11,000 9914 Apr 10131 May
Serial 64% notes_1931 9954 984 100
29,000
Serial 634% notes__1932 9834 9834 99
10.000 9
1 7'i
7
1:1
•r
Tr j June
uly
Serial 64% notes..1933 9834 9734 99
20,000 984 Apr 9934 July
Serial 634% notes_ _1934 9854 984 984 7,000 963.4 May 9934 July
Serial 634% notes_1935 984 9
97
736 9
98
84127:0
% 2 000
00 98
Apr 100
July
Serial 534% notes..i936
1936 9734 974 98
91,000 954 Apr 99% July
Serial 64% notes- -1937
9534 May 994 July
Serial 834% notes_ _1938 973-4 97
98
26,000 9554 Apr 994 JulY
Berta! 834% notes...1939 974 974 9834 35,000 9534 M
Serial 634% notee._1940 97% 9734 984 34,000 9534 May 9934u
9935 Jall;
Vacuum 011 78
1938 1054 1054 1054 21,000 10534 Aug 10734 Jan
104 104
Valvoline Oil 65
1937
Mar
1,000 104
Jan 106
Webster Mills 834e_ _.1933
984 9834 6,000 9734 Mar 1034 Jan
Foreign Government
and Municipalities
89
Berlin (City) 634s____1950 89
8934 857,000 89
July 8934 July
Cologne (City) 6348-1950 8735 8734 8734 11,000 8734 Aug 874 Aug
Denmark(King)68...1970 9834 9834 9834 19,000 98
.lub 100
Feb
1933 9934 9934 9934 109,000 9931 Aug 9934 Aug
53.4* w I
Gratz (City) Austria ge '54 9834 98
984 53.000 97
May 984 May
French Nat Mail 887811349 794 79
80
30,000 7734 APT 91
Jan
Hungarian Cons Mun
8931 894 2,000 89
Loan 734s1945
July 8934 Aug
Indust kit•re Bk of Finland
51,000 924 mar 37 31m
let M coil ef7s. _ _1944 95
9434 95
98
98
Medellin (Colom) 88_1048
July
Mtge Bk of Chile 634s-1957 9734 97% 9734
July
1084 10831 7,000 102,4 Mar 10834 Aug
Netherlands(Killed)esB'72
12
124 27,000 12
Rusalan Govt6 Hs__ _ 1919
Aug 17% Feb
11
12
534s
1921 12
18,000 11
July 1734 Jan
53.6.calanclues
1321 1135
12
11
5,000 1034 May 1531 Jag
Santa Fe (Prov) Argentina
1942
9631
96
9631 49,000 96
Cred ex 7s
July 9634 July
Switzerland Govt5e 1929 10234 10234 103
57,000 101
July
Jan 104
9234 9251 21.000 9234 July 9234 July
Upper Austria(Pros) 78'45
Correction.
Listed
on
the
I
• No par value. k
Stock Exchange this week, where
additional transactions will be found. o New stock. a Option male. o Sales of
Standard Publishing in our issue of June 27 at 1734 was an error. w When issued
z Ex-dividend. v Ex-rights. r Ex-stock dividend a Sales of American Controlled
Oil Fields reported last week should have been American Maracaibo Oil.
Itt II:ggt ig
1211 21:=
3,711
1814;
ITZg 13Z R3 :1;1
gailroad
InilefilUtent an
834
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of August. The table covers 12 roads and shows 7.37%
increase over the same week last year:
First Week of August.
Increase. Decrease.
1924.
1925.
$
105.573
Ann Arbor
319.391
Buffalo Rochester & Pittsburgh4.529.220
Canadian National
3.262.000
Canadian Pacific
2,373,000
Great Northern
277.704
Minneapolis & St. Louis
354,495
Mobile & Ohio
1,802.296
St. Louis-San Francisco
421.700
St. Louis Southwest
3.781,640
Southern Ry. System
636.634
Texas& Pacific
382.025
Western Maryland
$
$
4.432
101.141
11.700
307,691
4.008.501 520.719
3,036.000 226,000
2,048.791 324.209
18.013
259.691
31,128
323,367
40.806
1,761.490
494.140
3,648,068 133,572
661.864
39,980
342.045
18,245,678 16.992,789 1.350.559
1,252,889
Total (12 roads)
Net increase(7.37%)
$
72,440
25,230
97.670
In the table which follows we also complete our summary
of the earnings for the fourth week of July:
Fourth Week of July.
Increase. Decrease.
1924.
1925.
$
$
$
Previously reported (13 roads)-- 26,54088 24,47agg 2.05M
Georgia & Florida
13,907
11.403
Nevada California & Oregon_ _ _
493,666 132.923
626.589
Western Maryland
$
6,275
27.201,378 25.022,731 2.187.426
2,178,647
8,779
Total (16 roads)
Net increase(8.7%)
Of
2,504
In the following we show the weekly earnings for a number
weeks past:
Current
Year.
Week.
Previous
Year.
Increase or
Decrease.
--19.106
16.992.850 17.081.956
16.598.018 16.938.303 --304.285
16.688.462 17.019.350 --330.888
22.177.354 24.473.257 --2.295.903
17.075.429 17.337.267 --261.838
16.982.661 17.388.645 --405.984
17.170.036 17.458.532 --288.496
23.465.981 22.855.412 4-610.569
17.280.373 17.037.297 A-243.852
17.742,468 17.483,935 A-258.533
18.163,598 17.240,803 4-922.795
26,517.686 24.473.762 +2.043.924
27,201.378 25.022.731 +2.178.647
_ 18,245.678 16.992.789 +1,252.889
1st week May (16 roads)
2d week May r6 roads)
3d week May 16 roads)
4th week May 16 roads)
1st week June (16 roads)
2d week June (16 roads)
3d week June 16 roads
4th week June 16 roads
1st week July 16 roads
2d week July 16 roads)
ad week July 16 roads)
9th week July (13 roads)
4th week July (18 roads)
let week August (12 roads)_
0.52
2.00
1.94
9.38
1.51
2.33
1.65
2.68
1.43
1.47
5.35
8.35
8.70
7.37
We also give the follow'ng comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes),these being very comprehensive. They
include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Net Earntnos.
Grose Earnings.
Month
1925.
1924.
Increase or
Decrease.
1925.
1924.
Jan -- 483.195.642 167,329,225 +15.866.417 101,022,4544 83,680,754
Feb_ _ 154.009.669 478.451.607-24.441.931• 99.460.389 104,441,895
mar__ 485,498,143 504,362.976 -18,864.833 109.230.086 114.677.751
Apr.- 172.591.665 474.287,764. -1,696.103 102.861.475 97.471.685
May. 487.664,385 176,549.801 +11.114.584 112.859.524 96.054,494
June. 506,002,036 464.774,329 +41,227,707 130,837.324 101,487,318
!scrawl or
Decrease.
$
+17,341,704
-4,981.506
-5,447.665
+5.389.790
+16,806,030
+29.350.006
Note.-Percentage of increase or decrease In net for above months has been
January. 20.73% Inc.; February. 4.77% dec.; March,4.74% dec.; April, 5.53% Inc.
May, 17.49% incl.; June, 28.91% Inc.
In Jan. the length of road covered was 236.149 miles in 1925, against 235,498
miles In 1924. In Feb.. 236,642 miles, against 236,031 miles, In March, 236.559 miles,
against 236,048 mIles, in April, 236.664 miles, against 236.045 miles. In May.236,663
miles, against 236,098 miles; in June, 236,779 miles, against 236,357 miles.
Electric Railway and Other Public Utility Net
Earnings.-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings--Net Earnings
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
Companies.
$
399,232 *187,775 *162,306
Internat Rys of Cent Am July 464.050
7 mos ended July 31---- 3,737.280 3.072,550 *1,657.110 *1,444.361
Pub Serv Corp of N J__July 7,164,852 6,769,312 *226.403 *133.642
12 mos ended July 31„--91,150,995 81.031,548 *8,081,423 *5,823.818
* After taxes.
Adirondack Power July '25
'24
& Light Corp
12 mos ended July 31 '25
'24
July '25
Market Street
'24
Railway Co
7 mos ended July 31 '25
'24
Gross
Earnings.
Net after
Taxes.
Fixed
Charges.
Balance,
Surplus.
b83,749
149.274
641.716 c233,023
127.078 b-11.314
c115,764
535,871
7,928.779.c2,606.173 1.685.576 5920.597
7.150.887 c2,236.296 1,302.679 5933,617
84,340
81.583
800,404 *165.923
76,239
87,005
797.946 *163,244
669,976
564.393
5,660,553 *1,234.369
483,205
790.122
5.709,672 *1,273.327
* Includes other income. b After rentals. c After depreciation.
Fixed
Balance,
Net after
Gross
Charges.
Taxes.
Earnings.
Companies.
Surpls.City
Street Railways.
Now York
Net Corp.
Fixed
*Net
Gross
Income,
Charges.
Revenue.
Revenue.
CompaniesMay '25
'24
5 mos ended May 31 '25
'24
Brooklyn Heights May '25
'24
5 mos ended May 31 '25
'24
Brooklyn City
217.111
1.012.901
233.039
1,063.390
874.505
4.814.843
5,016.954 1,077.446
6.909
1,620
8.705
4.577
33,880
7,987
17.591
31,147
45.615
171.496
40.710
192.329
226.280
648.225
212.258
865.188
57.954 -51.045
58.095 -49.390
289.770 -255.890
291,000 -273,409
intelligutec,
Companies.
Gross
Revenue.
228.777
Bklyn Queens Co May '25
228.966
'24
& Subs
5 mos ended May 31 '25 1,093.621
'24 1,062,480
253.373
Coney Isl & Bklyn May '25
250.687
'24
5 mos ended May 31 '25 1.108.436
'24 1,128.814
4.885
Coney Is & Graves May '25
9.258
'24
26.853
5 mos ended May 31 '25
32.514
'24
522.907
May '25
Nassau Electric
513.687
'24
5 mos ended May 31 '25 2.412.273
'24 2,367.220
105.294
May '25
South Brooklyn
104.467
'24
590.069
5 mos ended May 31 '25
'24
465.950
22.002
Manhattan Bridge May '25
23.644
'24
3c Line
5 mos ended May 31 '25
106.758
'24
114.818
Int,erboro Rapid TransitSubway Div
May '25 3.419.603
'24 3,416.856
5 mos ended May 31 '25 17,386.558
'24 17,108.148
Elevated Div
May '25 1,626.668
'24 1.668.296
5 mos ended May 31 '25 7.957.986
'24 8.088,797
N Y Rapid Tran May '25 2,666.755
'24 2,496.616
Corp
5 mos ended May 31 '25 13.024.657
'24 11.910.342
May '25 1.265.040
Third Ave Ry
'24 L297.507
System
5 mos ended May 31 '25 5.936.178
'24 6.104.449
New York Rys
661.575
May '25
766.855
'24
(Rec)
5 mos ended May 31 '25 3,118.592
'24 3.645.119
May '25
Eighth Avenue
96.066
104.278
'24
441.153
5 mos ended May 31 '25
494,569
'24
Ninth Avenue
43.695
May '25
41.196
'24
196.916
5 mos ended May 31 '25
199.351
'24
NY & Harlem
114.628
May '25
131.105
'24
569.462
5 mos ended May 31 '25
654.151
'24
91.231
Second Avenue
May '25
97.325
'24
(Rec)
417.848
5 mos ended May 31 '25
456,764
'24
71,134
NY 8: Queens
May '25
63,935
'24
329.503
5 mos ended May 31 '25
277.584
'24
64.786
Steinway By (Rec) May '25
67.199
'24
263.592
5 mos ended May 31 '25
374,436
'24
37.828
Long Island Elec May '25
36.947
'24
(Rec)
169.105
5 mos ended May 31 '25
159.300
'24
44.772
NY & Long Isl
May '25
37.977
'24
(Rec)
188.390
5 mos ended May 31 '25
175,214
'24
23.313
Ocean Electric
May '25
21.843
'24
90.711
5 mos ended May 31 '25
88.817
'24
38.714
'25
&
May
Manhattan
37.359
'24
Queens (Rec)
169.503
5 mos ended May 31 '25
155,665
'24
61.505
May '25
Richmond Light
67.080
'24
& RR Co
356,070
5 mos ended May 31 '25
320,988
'24
*Net
Revenue.
Fixed
Charges.
Net Corp.
Income.
11,603
63.190
134.907
251.253
76.316
59.671
121.351
259.147
125
1,722
-3 122
-7.082
49.789
100.166
328.907
424.747
34.259
35.325
130.632
119.703
549
2.734
4.326
8.992
53.182 --41,579
11.310
51.880
266.204 --131.297
266,633 --15.380
44,475
31.841
32.749
26.922
159.086 -37.735
112.460
136.680
13.545 --13.420
13.560 --11,838
67.636 --70.758
67.753 --74.835
92.341 --42,552
8,559
91.607
464.372 --135.465
459.090 --34.343
8.689
25.570
6.743
28.582
--8,161
122.471
152
119.551
252
297
2.473
261
2,843
1,483
7,552
1,440
1,484.460
1.534.550
7,768.778
7,632.283
450.180
540,179
2.046.405
2,350.464
946.725
845.345
4.369.614
3.577.439
245.188
261.877
996.861
1,104.050
121.197
80.599
570.575
287.786
1,610
9.367
-65,928
-19.068
--10.398
--5.833
--75.683
--35.180
118.580
135,125
560.859
618,351
8.493
10.411
8.683
37.159
16.199
9.563
47.267
34.124
11.093
6.708
24.255
23.886
9.528
1.296
27.510
-10.940
7.630
9.077
19.969
10.593
2.294
5.581
--5.309
6.322
11,004
8.307
35,451
26.171
2.397
7.019
--4,957
25,306
405.042
1.079,418
474.867
1,059,683
5.386.487 2,382.291
5.298.312 2.333.971
688.955 --238,775
624.252 --84,073
3.445.515--1,399.110
3.121,428 --770.964
448,611
498.114
363.906
481.439
2.487,074 1.882,540
2.413.158 1.163,281
27 620
217.568
36648
225.229
1.112.968 --116,107
1.126.771 --22.721
32,154
89,043
216,253 --135.654
910.182 --339.607
1.081.580 --793.794
--493
2.103
--905
10,272
10.351 --76.279
53,523 --72.591
3,846 --14.244
--7.393
1,560
20.115 --95.798
7.795 --42.975
68,151
50.429
85.423
49.702
310.323
250.506
370.343
248,008
--8.763
17,256
--7.242
17.653
76.728 --78.045
96.518 --59.359
29.564 --13.365
29,513 --19,950
125.115 --77.848
133.078 -98.954
6.516
4.577
2.308
4.400
1.879
22.376
2,454
21.432
5.397
4.131
--2.582
3.878
8.342
19.168
17,969 --28.908
1,491
6.139
2.720
6.357
--13,066
33.035
33.298 --22.705
--2.324
4.618
1.246
4.335
18.404 --23,713
18.088 --11.766
953
10.051
--2.135
10.442
49.448 --13.997
41,456 --15.285
--8.733
11.130
--1.993
9.012
58,138 --63.095
44.246 --18,940
• Includes other Income.
FINANCIAL REPORTS,
Financial Reports.-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
July 24. The next will appear in that of Aug. 29.
United States Rubber Co., New York.
(Results of Operation-First Six Months of 1925.)
Chairman C. B. Seger, New York, Aug. 10 wrote:
Sales.-Sales for the 6 months ended June 30 1925 amounted to $92530.127, an increase of $14,755,431, or 18.97% over the corresponding period of
last year. This increase resulted principally from a very substantial increase
in unit sales of tires, the average selling prices being materially lower than
for the corresponding period in 1924, notwithstanding the fact that prices
were advanced in May, and again in June, 1925. Sales of other products
were satisfactory, especially mechanical goods, which showed a substantial
increase.
Earnings.-Net income amounted to $8,860.874 before interest on the
funded indebtedness but after all other charges including depreciation of
plants: interest on the funded indebtedness amounted to 52.985,470, leaving
net income of $5,875.204. This compares with $4,422,487 for the first 6
months of 1924, an increase or $1.452,717. or 32.85%•
Current Assets and Liabilitics.-As of June 30 1925 current assets amounted
to $124,073,421, consisting of $9,582,328 cash: $47,514,333. accounts receivable, less adequate reserves for doubtful accounts, and $66,976,760 in
Inventories of finished goods and raw materials at cost which was materially
below replacement value. Current liabilities amounted to $17,761,028,
consisting of current accounts payable, acceptances for importation of crude
rubber, and accrued liabilities. There were no bank loans.
Contractual liabilities, representing forward commitments for raw materials and supplies, were at prices substantially below market, and as to
quantities covered future requirements for conservative periods.
Plantation Co. Profits Increase.-The high prices of crude rubber which
have prevailed for several months have resulted in a substantial increase in
THE CHRONICLE
AUG. 15 1925.]
835
the profits of the plantation companies owned by this company. As yet, 5% per annum, due July 1 1948. making the total principal amount of
no part of the profits of the plantation companies has been included in the 1st Mtge. bonds applied for $157,000,000.-V. 121. p. 193, 69.
income of the United States Rubber Co.
Bangor & Aroostock RR.-Construction & Abandonment.
RESULTS FOR FIRST SIX MONTHS.
The I.-S. C. Commission on Aug. 4 issued a certificate authorizing the
1923.
1924.
1922.
1925.
Company, respectively, to operate, to construct and operate, and to
$92,530.127 $77.774,696 $87,710,205 $73,933,771 abandon as to inter-State and foreign commerce certain lines of railroad in
Sales
7,510,415
7,743,346
6,305,113 Waldo County. Me.-V. 120. P. 2546.
Net Inc. before interest- 8.860,674
2,985,470
2,360,200
2,386,803
2,445,610
Int. on funded debt_ _ _
Chesapeake & Ohio Ry.-Acquisition of Sandy Valley
727,728
783,682
806,585
An other interest
Net prof. after int.,
&c., charges, incl.
deprec. of plant_ - - - $5,875,204 $4,422,487 $4,572,861 $3,052,918
Consol. surp. June 30
providing for pref. div.
-Notavailable- $33,894,867 $30,231,456
payable July 31
STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES.
June 30'25. June 30'24._June 30'23._June 30'22.
AssetsCurrent
Cash & ace. receivable_.357,096,661 $50,017,000 $54,193,000 $56,752,000
Inv. of finished goods &
66,976,760 77.099,000 84,227,000 75,993,000
raw materials
1124073,421 1127116,000 1138420,000 1132745,000
Total
Current Liabilities$40,160,000 $38,425,000 $34,990,000
Bank loans, &c
Current accts. pay.,incl.
accept. for importation of crude rubber &
accrued liabilities_ _ 17,751,028 13,332,000 20,125,000 11,362,000
Total
-V. 121, p. 722, 598.
817,751,028 $53,492,000 $58,550,000 $46,352,000
Indian Refining Co., Inc.
(Semi-Annual Report-Six Months Ended June 30 1925.)
CONSOLIDATED INCOME ACCOUNT FOR 6 MOS. ENDED JUNE 30.
1925.
1923.
1924.
• 1922.
$11,742,196
Net sales
8,731.432
Costs
Not stated
$3,010,764
Gross profit
300.404I
Other income (net)
$3,311,169 $3,433,2311
Gross profit
Not stated
2,710,694
2,461,886
Oper. gen. & adm. exp
Reduction of refinery &
113,870
sta. inven. to market_
608,666
1683.983 loss; 37,461
Netprofit
849,283
394,148
416,602
760.788
Deprec. & depletion_ _ _ _
737,622
97,961
Interest paid
120.735
Net income
Profit on sale of cap. ass.
7%. cum. pref. div. of
Central Refining Co._
$455,135
$192,065 loss$174,765 1034895,818
2,087,672
Dr.9,720
Cr.9,720
Balance
$455,135 $2,270,016 def$165,045 def$895,818
Consol. stir. June 30
$3,659,837 $4,328,296=2,255,949d42,318,749
BALANCE SHEET JUNE 30.
1925.
1924.
1925.
1924.
Liabilitiesg
Assets$
529,936
470,605 Cum.7% pref. stk. 2,296,400 2,290,400
Cash
Aoc'ts & notes rec. 1,938,439 1,610,631 Common ,stock. _b7,850,680 7,850,680
Central Refin. Co.
Adv.to stat'n wits,
salesmen, &c _
147,814
7% cum. pref.
277,550
2,594,768 1,500,000
Inventories
2,855,051 3,722,257 Funded debt
Acor. interest, &c. 181,188
180,226
Oil peop.,pipe lines,
Contract of purch.
storage tanks,
Fleming Crackrefinery. &c. a13,419,805 13,091,793
290,639
ing plant
Prep'd oper. exp._ 254,290
156,668
182,713 Mortgages payable
Def. & susp. Items 184,621
139,390
56,711 Am.int. appl. to
Insurance fund_
402,807
401,322
S. F. int. depos.
Sink. fund
9,539
111,562
18,141
with trustess_
Securities owned_ _
6,128
Deferred credits_
20,952
Accounts payable_ 2,063.606 1,605,053
Bank loans
700,000
Notes payable_
7,333
Res. for taxes, &c. 921,740 1,033,497
3,659,837 4,328,296
Surplus
19,592,488 20,096 046
Total
19,592,488 20,096,046
Total
a After deducting $4,309,683 reserve for depreciation. b Authorized,
1.000,000 shares of $10 par value; issued, $729,198 shares par $10 and 5,578
shares par $100.-V. 121,p. 592.
& Elkhorn Rv. Approved.-
See Sandy Valley Rs Elkhorn Ry. below.-V. 121. P. 326, 194.
•
Chicago Milwaukee & St. Paul Ry.-Certifs. Listed.-
The New York Stock Exchange has authorized the listing of certificates
of deposit issued (1) by Guaranty Trust Co. for Gen. & Ref. Mtge. Gold
bonds, Series A, and Series B;(2) by Bankers Trust Co. for 435% Cony.
Gold bonds; (3) by U. S. Mtge. & Trust Co. for 4% Gold bonds; (4) by
Farmers' Loan & Trust Co. for 25-Year 4% Gold bonds; (5) by United
States Trust Co. for 1st Mtge. 4% Gold bonds of Chic. Milw. & Puget
Sound Ry.• (6) by Central Union Trust Co.for Common stock, and (7) by
Trust Co.for Preferred stock.
New York'
Operation of Lines.The I.-S. C. Commission on July 31 issued a certificate authorizing the
receivers to operate (under an agreement dated Oct. 1 1900.) over that part
of the railroad and appurtenant property of the Northern Pacific Ry.
extending from the connection of its tracks with those of the St. Paul
Company,in the city of St. Paul,in a northerly and northeasterly direction
to Carlton and thence to Duluth, including the branch from Carlton to
Cloquet. all in the State of Minnesota, and from West Duluth, Minn.. to
West Superior, Wis., and over that part of the railroad and appurtenant
property extending from Carlton to or into the cities of Duluth, Minn., and
Superior, Wis., in all 213.19 miles, together with certain terminal facilities
at the Head of the Lakes.
By Article I of the agreement of Oct. 1 1900, the St. Paul Company
entered into a traffic arrangement with the Pacific Company whereby the
the St. Paul agreed to give to the Pacific Company,and the latter company
agreed to transport over its lines, all such freight as the St. Paul Company
might send or cause to be sent from or to points (other than St. Paul and
Minneapolis) on its lines or its connections to, from, or through the Head of
the Lakes,and to deliver and receive all such traffic at St. Paul. Under this
arrangement the St. Paul Company fixed the through rates on its traffic,
subject to minimum limitations, and published the tariffs applicable thereto.
Each company furnished its quota of the necessary freight cars. The
through rates were equally divided between the two companies upon the
basis of a prorate per local rate, after deducting the proportions of through
rates due other lines. This traffic arrangement was terminated Jan. 1 1925,
through the exercise by the St. Paul Company of its right of election to
accept in lieu thereof the provisions of Article II of the agreement, as
provided therein; and on Jan. 5 1925, by the exercise of the further right of
election it accepted also the provisions of Article HI of the agreement.
Under Articles II and III of the agreement, as accepted by the St. Paul
Company, that company becomes entitled to the joint possession and use
until Oct. 15 1999, in common with the Pacific Company and such other
companies as it may admit, of the lines of railroad and facilities covered
by this application; and to use its own employees and equipment in the
operation thereof. The St. Paul Company is restricted from doing any
freight or passenger business, or switching for other companies at intermediate points between St. Paul and Minneapolis and the Head of the Lakes
or within the district defined as the Head of the Lakes. The Pacific Company is to maintain the property jointly used, in a reasonable condition of
repair, to pay the taxes and assessments thereon, and to keep insured all
warehouses and like perishable property. The St. Paul Company is required
to pay the Pacific Company as annual compensation 1202,500, and interest
per annum on the cost of certain terminal facilities
at the rate of 1
which it elects to use, from the time it commences to use them: and a like
rate of interest from the dates Articles II and m become effective on
certain additions and betterments made with the written consent of the
St. Paul Company or required to be made by public law or ordinance. It is
also required to pay an annual amount equal to 37%% of the taxes and
assessments paid by the Pacific Company on the property Jointly used,
with a proportional adjustment thereof in case additional companies are
granted use of the property; to pay its pro rata proportion, on a wheelage
basis, of the cost of maintenance and operation, including insurance; and
to pay its proportion, on a like basis, of a sum not to exceed $6,000 a year
to cover the cost of superintendency.-V. 121. p. 703.
Chicago Rock Island & Pacific Ry.-Examiner Advises
Commission to Deny Company's Application to Acquire
Control of St. Louis Southwestern.-See under "Current Events
and Discussions" on a preceding page.
The I.-S. C. Commission on July 27 issued a certificate conditionally
authorizing the Company to construct (1) an extension of a branch line of
railroad from Billings, Noble County, to Owens, Kay County, Okla.
8 miles and (2) a new line of railroad from Owens to Ponca City, Kay
County, Okla. 20.4 miles. The request for permission to retain excess
earnings was denied.-V. 121, p. 455, 326.
Chicago Union Station Co.-Balance Sheet Dec. 31.-
GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
1924.
1923.
1924.
1923.
Liabilities$
Assets2,800,000 2,800,000
Invest'ts in road...89,343,661 75,284,526 Capitalstock
374,346 First mtge. bonds-60,000,000 52,150,000
Cash
5,923,129
3,923 Guaranteed 5s_- 7,000,000
Time drafts & dep_
3,923
Special deposits_ _ 1.564,924 1,372,569 Non-negoVie debt
Traffic & car serv.
to affiliated cos_22,024,323 18,692,518
balances
129
Audited acc'ts and
1,891,071
6,401
Net bal. rec. from
wages payable
490
Interest matured
agents
1,559,824 1,367,469
M isc acc'ts receiv. 757.514
385,566
unpaid
Working fund adv.
50
2,000 Deferred liabilities 5,148,856 4,584.420
Other derd assets_ 587,572
587,573
Disc.on fund.debt 2,238,164 1,590,301
Other unadj. debts
4,516
Car Surplus.-Class I railroads on July 31 had 263,876 surplus freight
cars in good repair and immediately available for service according to
reports filed by the carriers and made public to-day by the Car Service
Division of the American Railway Association. This was a decrease o
32.867 cars under the number reported on July 22. Surplus coal cars in
good repair on July 31 totaled 80,661, a decrease of 20,881 within a week.
while surplus box cars in good repair totaled 139,428, a decrease of 9,739
during the same period. Reports also showed 19,404 surplus stock cars,
a decrease of 978 under the number reported on July 22, while surplus
refrigerator cars totaled 14,931, a decrease of 1,202 under the number
reported on July 22.
100,424,074 79.600,803
Total
100,424,074 79,600,803
Total
Car Shortage.-No car shortage is being reported.
Matters Covered in "Chronicle" Aug. 8..-(a) Revenue freight exceeds -V. 121. p. 455.
1.000,000 cars-p. 644. (b) Improvement in returns of earnings for first
Chicago & Western Indiana RR.-Listtng
half of 1925-p. 668. ,
The New York Stock Exchange has authorized the listing of $16,092,000
1st & Ref. 50-Year 5X% Gold bonds, Series A, due Sept. 1 1962.
Andalusia, Florida & Gulf Ry.-Abandonment.Income Account for Five Months Ended May 31 1925.
The I.-9. C. Commission on July 31 issued a certificate authorizing the
Company to abandon its railroad which extends from Galllver, Okaloosa Revenues
$2,180,680
County, Fla., in a northerly direction to Falco. Covington County, Ala., a Expenses
1,959,479
distance of 253i miles, of which 20 miles are in Florida and the rest in Income applied to sinking, &c., funds
55,703
Alabama.
The road was built in 1911 by the Florloa & Alabama Land Co. and in Surplus for five months, 1925
$165,499
Sept. of that year was acquired by the Fir rid t, Alabama & Gulf RR. The Surplus forward from 1924
149,906
railroad was placed in the hands of a nice( fer in 1914, and in 1919 was Other credits
8,263
acquired by the Andalusia Company at a receiver's sale.
The line connects with the Louisville & Nashville at Galliver. It is
Total surplus
$323,668
paralleled on the east by the Yellow River branch of that railroad at Dividends paid March 31
$75,000
distances ranging from 10 to 12 miles. A logging railroad. operated as a Other debits
73,607
private carrier, parallels the line on the west at distances of from 12 to 20
miles. An improved highway extends the entire length of the company's
Surplus May 31 1925
$175,060
railroad, at no point farther than about 1 3.5 miles therefrom, over which an
General Balance Sheet as of May 31 1925.
auto passenger bus makes one round-trip daily. The railroad traverses a
Liabilities.
Assets.
sparsely settled territory consisting largely of cut-over timber land.
$5,000,000
Construction account-- $72,233,804 Capital stock
3,350,295 Funded debt
86,926,667
Equipment
Ashland (Ky.) Coal & Iron Ry.-Final Valuation.
725,497 Non-negotiable debt to
The 1.-S.C. Commission has placed a final valuation of $1.445.148 on the Accounts receivable_ _ _ _
9,339,738
affiliated companies_
1,539,150
total owned and used property; $288 on the property used but not owned, Cash
685,218 Vouchers & current bills
1,047,806
and $2,300 on the property owned but not used, as of June 30 1916.- Material on hand( val.)
240.000 Fund,debt mat'd unpd_
519,500
Marketable securities_
V. 120. p. 205.
Deferred debit items_ _ _ 14,382,580 Coupons matured and
not presented
22,764
Augusta (Ga.) Union Station Co.-Final Valuation.Int. accrued on bonds
1,150.388
The I.-S. C. Commission has placed a final valuation of $235,649 on the
Deferred
credit
items__
2,902,681
total owned and used property, and $32,925 on the used but not owned
1.848,174
Total (each &We)-- - -$100,957,133 Corporate surplus
properties of the company, as of June 30 1916.-V. 108, P. 1166.
-V.120, p. 2142.
Baltimore & Ohio RR.-Listing.-The New York Stock,Exchange has authorized the listing of $78,000,000
let Mtge. 50-Year 4% Gold bonds, bearing int. at the increased rate of
Denver & Salt Lake RR.-Reorganization Plan.The plan outlined below is promulgated by Gerald Hughes, Chairman;
Alexander Berger, and Lawrence C. Phipps Jr., reorganization committee,
836
THE CHRONICLE
[Vor., 121.
fib
and has been adopted and approved by (1) the committee representing added to similar available net income for the ensuing year or years, and
holders of 1st Mtge. 30-Year Gold bonds, and (2) the committee repre- to be applied to the payment of interest on Income bonds.
senting holders of the 5% 30-Year Adj. Mtge. bonds.
Income bonds shall be red. In whole or in part on any int. date on 60
Holders of certificates of deposit for 1st Mtge. 30-Year bonds and the days' notice at 102% of the principal plus the fair amount of any unpaid
5% 30-Year Adj. Mtge. bonds will have until Sept. 10 to withdraw from installments of interest which may be due thereon at the time. Income
their respective deposit agreements. Holders who have not withdrawn mortgage shall also provide that series of new 1st Mtge. bonds other than
from the deposit agreements by that time will be deemed to have given Series A and B shall not be authorized or issued until notice is given to
their consent to the plan. Holders of undeposited bonds will have until the hodlers of Income bonds, and not then if 60% or more of the outstanding Income bonds shall in writing notify the new company of their
Sept. 15 to deposit their securities.
Committee for 1st Mtge. Bonds.—Edward R. Tinker, Chairman, George dissent from and disapproval of the issuance of such proposed series of
H.Burr, Gerald Hughes,L. C.Phipps,E. V. R.Thayer, Herman Waldec.k. new 1st Mtge. bonds.
with Charles D. Makepeace, Sec., 115 Broadway, N. Y. City.
Stock.—All of one class; shall possess all voting rights and shall consist
Depositaries.—Seaboard National Bank, New York, and International of 50,000 shares, or such other number as the reorganization committee
shall determine, and which shares shall have such par value or be without
Trust Co., Denver, Colo.
Committee for Adjustment Bonds.—S. M. Perry, Chairman, W. M. Par value as the reorganization committee may determine.
Bond, R. M.-Perry, with R. M. Perry, Sec., Denver, Colo.
Treatment of Deposited Securities.
Depositaries.—International Trust Co., Denver, Colo., and Bankers
(a) 1st Mtge. Bonds.—For each $1,000 of 1st lttge. bonds accompanied
Trust Co., New York.
by May 1 1916 and all subsequent coupons, the holders of such bonds or
certificates of deposit therefor. shall receive at their option either: (1) Upon
Digest of Reorganization Plan Dated July 15 1925.
payment in cash of $200, $200 of new 1st Mtge. bonds. $1,000 of new
What the Reorganization Plan Is Intcnded to Accomplish.
Income bonds, and 2 shares new stock; or (2) without any cash payment.
(1) The promptforeclosure of the first mortgage and adjustment mortgage $666 2-3 of new Income bonds and 1 share new stock.
of present company.
(b) Adjustment Bonds.—For each $1,000 of Adj. bonds, accompanied
(2) The termination of the receivership as soon as this reorganization by all warrants or coupons appurtenant thereto, the holders of such bonds
can be consummated.
or certificates of deposit therefor shall receive: Upon payment in cash
(3) The elimination of the $10.514,000 1st Mtge. bonds and the $2,- of $200, $200 of new 1st Mtge. bonds and 5 shares new stock.
000,000 Adj. bonds now outstanding, with all unpaid interest thereon,
Failure on the part of any holder of Adj. bonds to pay the above amount
and in lieu thereof the issuance by the new company of income bonds of $200 in cash will disentatle such holder to any participation under this
and stock in the amounts set forth in the plan.
plan, and the holders of the Adj. bonds or certificates of deposit therefor
(4) The creation of a new first mortgage by the new company, and will receive no shares of the stock of the new company, nor other securities
the authorization for the immediate issuance of $2,500,000 Series A new hereunder.
1st Mtge. bonds and of $3,000,000 Series B new 1st Mtge. bonds.
Holders of 1st Mtge, bonds and Adj. bonds or certificates of deposit
(5) The transfer to the new company of such property as is contemplated therefor will be required to pay 10% of the total payments required of
by the plan and the creation, authorization and issuances of the bonds, them on assenting to the plan and not later than Sept. 10 1925 (to be
mortgages and stock provided for in the plan.
returned if the plan shall not be declared operative) an additional 30%
Bonds and Securities which may be Deposited under Plan.—(a)1st Mtge. of the total payments required of them within ten days after the plan is
30-Year Gold bonds (with May 1 1916 and subsequent coupons). (b) 5% declared operative, and without further notice, and the balance of the
30-Year Adj. Mtge. bonds(with all unpaid warrants and coupons attached). total payments as and when called for by the reorganization committee
Present Conditions.—On Aug. 16 1917 Charles Boettcher and W. R. after the plan shall have been declared operative, and the securities to
Freeman were appointed receivers by the U. S. District Court of the Which the respective holders would be entitled on the completion of the
First Judicial District for the State of Colorado on petition of McPhee payments called for by this plan shall be deliverable at times in amounts
& McGinnity, creditors. Subsequently various parties intervened in and on conditions to be fixed by the reorganization committee.
as trustee under
this litigation, and on Dec. 23 1920 Bankers Trust
Nothingfor Stockholders.—This plan makes no provision for the holders
Co.'Charles Boettcher of stock of the present company or
the first mortgage,instituted foreclosure proceedings,and
for the holders of 1st Mtge. bonds or
eman were re-appointed as receivers in such foreclosure Adj. bonds of the present company who do not deposit their bonds under
and W. R.
Proceedings. The adjustment mortgage trustee has also flied its fore- the plan and make the payments above referred to, and any new securities
Court.
which would be deliverable under the plan to holders of bonds of the present
closure bill in the same
The properties of the Terminal company, under lease and other arrange- company who do not deposit their bonds under the plan and make the
ments, have always been used as Denver terminals by the present company, payments above referred to, or not Otherwise disposed of under this plan,
all
of
and
the
stock
receivers,
under
the
may remain unissued or be sold or otherwise dealt with by the reorganizawhich use has been continued
of the Terminal company has been owned by the present company. Since tion committee for the purposes of the reorganization.
the receivership, large charges for the use of these terminal properties
Provisions for Creditors Other than the Bondholders.—There are judgments
arisen
controversy
has
between
the
and miscellaneous claims and indebtedness against the present company
have accrued and are unpaid, and a
Director-General of Railroads, the present company and its receivers, prior to receivership exclusive of outstanding receiver's certificates, the
same.
respect
to
the
in
receiver,
and
its
company
Termnial
claims of the Federal Government and the claims of and any possible
and the
The 1st Mtge. bonds of the Terminal company are in default, and on indebtedness to the Terminal company or its receiver which it is conJan. 21 1920 Henry McAllister Jr. was appointed receiver of the properties templated will be otherwise settled, adjusted and paid under this plan,
Central
Union
by
instituted
foreclosure
suit
of the Terminal company in a
estimated not to exceed $486.000 in amount, the legality, status and rank
Trust Co. of New ork as trustee, in the U. S. District Court for the of which have not been finally adjudicated or determined.
District of Colorado. Effort will be made to settle and adjust the claims
Such
claims and indebtedness to the extent and amount
arrange
for
a
to
continued allowed judgments,
of the Terminal company and its receiver, and
by the Court as preferred claims entitled to payment prior to or
use of the properties of the Terminal company by means of a lease or on a parity with 1st Mtge. bonds, or so determined and adjusted and
reorganization
case
a
of
which
the
arrangement
and
in
satisfactory
other
settled by the reorganization committee, shall receive Income bonds of a
Terminal company will undoubtedly be necessary.
face amount equal to the amount of their claims so adjudicated or determined upon the completion of the reorganization and their compliance
Securities to be Authorized by New Company.
with the
claims and indebtedness against the present company
New 1st Mtge. Bonds.—TJnllmited as to the total authorized amount may be plan;all other
settled and adjusted by toe reorganization committee
unless the committee should limit the amount, but under no circumstances and paiddetermined,
and
satisfied
by the delivery to the claimants of Income bonds
and
Series
B
bonds
A
presently
Series
aggregate
of
the
than
the
to be less
in such amounts and on such terms and conditions as the reorganization
to be authorized. Bonds may be issued from time to time in separate committee
may fix, but not in excess of the face amount of the claims,
series, to be dated and maturing on the same or different dates, bearing and indebtedness.
the same or different rates of interest, and each series (except Series 1.
of Accounts between the Receivers, the Present Company and
and B) may be of such principal amount, be redeemable in whole or in theSettlement
New Ctmipany.—If this plan be consummated, the new company shall
part, at times, on notice and premiums, and with such conversion privileges assume all obligations and liabilities and bills payable of the receivers and
this
plan
or
determined by the
and other provisions as may be prescribed in
present company,
,if any, which are liens prior to the 1st Mtge. bonds,
the directors of the new company at the time of the authorization of each or required to be paid or assumed by final decree or master's deed.
series.
All
and similar property of the present company
receivable
cash,
bills
These new 1st Mtge. bonds and all series are to be equally and pro- which shall remain in the hands of the receivers, and all assets of the reportionally secured by the new first mortgage, which will embrace and ceivers,
and interests which will be sold at the forerights
as
the
well
as
properties
and
be a first lien on all, or substantially all, of theincluding leases,equipment closure sale, not otherwise disposed of under the plan and if offered and
contracts,
of the new company acquired under the plan,
committee,
shall be transferred to the new
accepted
reorganization
by
Moffat
Tunnel
of
the
and
of
the
use
relating
to
agreements and rights
extent as the Court may direct, or the
but not company, which shall, to such may
certain terminal properties now used by the present company,
directors of the new company
elect, assume the liabilities of the
but
the
property,
extent
of
acquired
future
upon
all
and
it.
belonging to
receivers.
such property and the terms and conditions on which it is to be included
New Company.—The reorganization is to embrace all the properties
in the new first mortgage are to be determined by the reorganization acquired through foreclosure sale and such other rights, property, francommittee.
chises,
leases and contracts as may be acquired or entered into by the
bear
int.
at
rate
Series A shall be for $2,500,000, maturing 1950, each; red., all orof 6% receivers prior to the confirmation of the foreclosure sale or other property
$1.000
part. or
per annum, payable semi-annually; denom.and
rights
acquired by the reorganization committee for the new company.
A
Series
int.
bonds
shall
105
at
on any int. date on 60 days' notice
by the reorganization comor all of the purposes set The name of the new company will be fixed
be presently issuable to provide funds for any
mittee and it will be organized under the laws of such State and by such
general
purpose
and
this
power
limiting
without
plan,
and
forth in the
a
committee
may
determine.—V. 115.P. 307.
reorganization
method
as
the
outstanding
liquidate,
receivers'
more particularly to pay, settle and
certificates, claims and indebtedness against present company prior to
Co.,
Depot
Detroit.—Final
Value.—
Fort
Union
Street
may
same
be
the
adjudicated
as
either
receivers,
receivership and against
The I.-S. C. Commission has placed a final valuation on the property
or approved and fixed by reorganization committee; to pay, settle and
on its owned and used property as ofJune 30
liquidate all expenses, disbursements, compensation, commissions and of the company,of $1,919,102
extensions, ad- 1915: $286,677 on property owned but not used, and $304,234 on property
other outlay of reorganization committee; to provide for
of new company, used but not owned.—V. 100, p. 1832.
ditions, betterments and improvements to properties
balance
unexpended
to be subject
any
equipment,
and
additional
including
Gulf Colorado & Santa Fe Ry.—Tentative Valuation.—
corporate purpose.
to the order of the directors of new company for any1950,
The I.-S. C. Commission has placed a tentative valuation of $55,787,816
bear int. at rate
Series B bonds shall be for $3,000,000, maturing
on
the total owned, and $65,256,070 on the total used properties of the
denom.
$1,000
each;
red.,
all
semi-annually;
of 6% per annum, payable
company and its subsidiaries as of June 30 1916.—V. 121, p. 582.
or part, on any int. date on 60 days' notice, at 105 and int.
at
any
time
issuable
on
be
shall
authorized
bonds
presently
Series B
Helena Southwestern RR.—Operation of Lines.—
the vote of the directors of the new company and the proceeds therefrom
The I.-S. C. Commission on July 25 issued a certificate authorizing the
shall be used to construct and acquire a railroad connecting the railroad
Company
Grande
to operate lines of railroad from West Helena to Glen Mary,
Rio
Western
RR.
&
Denver
of the new company with the railroad of
toward Salt Lake City or Ogden Phillips County, Ark., thence over the tracks of the Missouri Pacific RR.
or any other railroad extending westward connection
to
as
may
be
Somerset,
Tensas Parish, La., and over branch lines owned by the ,
determined
of
points
places
and
such
such
In Utah, at
to equip the same; or to Chicago Mill & Lumber Co., connecting with the Missouri in East Carroll,
on by the directors of the new company, and railroad
or to acquire any Madison, and Tensas Parishes, La.
acquire or construct any part of the connecting
The company was incorp. in Arkansas in Nov., 1913. Its railroad extends
railroad. For the
interest less than the whole in any such connecting
a distance of
be formed and from West Helena to Glen Mary, in Phillips County.
above purpose, a separate or subsidiary company may
the Missouri from
and
approximately
2 miles, and it operates over the tracks ofArk.,
separate
subsidiary
comsuch
securities
of
all
event
which
in
used,
Chicot
Glen
Village,
County,
Ark.,
a
distance
of approxiproceeds
of
Series
Mary
to
Lake
B
bonds
the
pany acquired by the new company with
and pledged there- mately 107 miles. Its sole traffic consists of forest products from timbering
shall be subjected to the lien of the new first mortgage
at
West
mills
Helena
and
vicinity.
Connection
is
directors
operations
to
lumber
of
the
the
new
direction,
specific
this
under. Subject only to
made with the Missouri at Glen Mary and West Helena, and also at the
company shall have entire control over the proceeds of Series B bonds.
latter point with the Missouri & North Arkansas. The company's capitaliSubsequent and separate series of new 1st Mtge. bonds may be author- zation
consists of $300,000 of stock, of which $244,200 is held by the
ized and issued from time to time for such purposes and under such terms executors
of the estate of Herman Paepcke. These executors also hold a
or subject to its
and restrictions as may be prescribed in the mortgage
majority
of the stock of the Lumber Company.
not
to
have
a
maturity
but
issuance,
of
at
the
time
terms, by the directors
The timber supply along the Missouri between Glen Mary and Lake
earlier than that fixed for Series A and Series B bonds and provided that Village
is becoming exhausted. In order to continue its mills at West
lyy the stockeach such successive issue and series shall be authorized
Helena in operation the Lumber Company has acquired large tracts of
holders, and provided that 60% of the holders of Income bonds shall timber
in northern Louisiana.
of the issuance.
not in writing express and file their dissent and disapproval
The proceeds of the sale of any additional series of new 1st Mtge. bonds
Midland & Northwestern Ry.—Abandonment.—
shall be used only for the extensions, betterments, improvements and
The.I.-S. C. Commission on July 30 finding that the proposed salvaging
additions or for the purchase and acquiring of additional property and
by
the Texas & Pacific Ry of rallway property formerly operated by the
equipment.
Secured by an Midland & Northwestern Ry, and its receivers was not to be an abandonIncome Bonds.—Authorized $11,000,000; due 1960.
property
of
the
the
new
of
ment
all
within the meaning of paragraph (18) of section 1 of the interstate
on
lien
which
shall
be
a
mortgage,
income
thereto.
commerce act dismissed the application.—V. 111, p. 1852.
company covered by the new first mortgage, but subordinate
may be determined by
Income bonds will bear int. from such date asJan.
1 1927, at the rate
Minneapolis & St. Louis RR.—Receiver's Certificates.—
the reorganization committee, but not later than
of the new company.
The I.-S. C. Commission on Aug. 2 approved the issuance of $200,000
of6% per annum, payable only out of the net income
at
the
interest
rate
of
6%
Receiver's
of
extent
certificates, due Feb. 1 1926. bearing int. at not exceeding 7%
to
the
shall
be
preferred
bonds
Income
distribution and pay- per annum, the proceeds to be used to refund a certificate of like amount
over the stock and the directors shall authorize the
bonds of 75% of the net income bearing interest at the rate of 5% per annum.—V. 121. p. 453, 703.
ments on account of interest on the Income within
three months after the
of the new company for any fiscal year
income shall be cumulative
Moshassuck Valley RR. (R. I.).—Final Valuation.—
close of such fiscal year. which 75% of netas
the stock. Interest
The I.-S. C. Commission has placed a final valuation of $160,404 on the
against
and
bonds
Income
of
the
favor
charge
in
as a
paid
only
in
will
be
all,
at
owned
and used properties of the company as of June 30 1916.
payable
on the Income bonds if earned and
and smaller fracThis road operates from Sayiesville to Woottlawn Junction, R. I. (about
multiples of 1% of the then outstanding Income bonds,
carried
forward
be
and
2
miles).
shall
interest
such
available
for
•tional net income
•
AUG. 15 1925.]
337
THE CHRONICLE
Condensed General Balance Sheet as of May 31 1925.
Liabilities.
Assets.
$66,335,875
Total investments
$255,890,433 Common stock
68,971,150
Total current assets_ _ _ - 25,138,552 Preferred A stock
3,185.941
254,311
Preferred
B
stock
Deferred
assets
There is no basis, directly or indirectly, for the statement that the New Unadjusted debits
4,710.009 Funded debt unmatured 95.548.802
New
York
Ontario
&
Western
of
any
of
its
holdings
of
disposing
Haven is
Total
10,909,619
current
liabilities_
stock. (The New Haven owns 51% of Ontario & Western stock.]
Deferred liabilities
160,933
The Connecticut P. U. Commission on Aug. 5 approved the first applicaUnadjusted credits_ - - 11,360.109
tion of the New England Transportation Co., a recently organized sub29,520,873
-$285,993,305
Corporate
surplus
Total
(each
side).
sidiary, to operate 13uses in Connecticut. Buses will be run between -V.121, p. 196.
Ridgefield and Branchville as a substitute for train service, which will be
discontinued by the parent company because of insufficient revenue.
Virginian Ry.-Equip. Trusts, Series "E."
V. 121, p. 703, 455.
The I.-S. C. Commission on July 31 authorized the company to assume
respect
of
13,600,000
Equip.
obligation
and
liability
in
Trust certificates,
Valley
-Tentative
Valuation.
RR.
Pearl River
Series "E." to be issued under an agreement dated July 1 1925 and sold at
The L-S. C. Commission has placed a tentative valuation of $166.352 on not less
and diva., in connection with the procurement of cer97.125
than
company,
as
used
properties
of
the
of
June 30 1919. tain equipment. (See offering in V. 120, p. 3310.)-V. 121, p. 704.
the total owned and
-V. 121. P. 195.
New York New Haven & Hartford RR.-Denies Selling
Stock of Ontario & Western.-The management in a statement Aug. 13 says:
Pecos & Northern Texas Ry.-Tentative Valuation.The I.-S. C. Commission has placed a tentative *valuation of $17,057.518
on the owned, but not used properties of the company, as of June 30 1916.
-v. 119. P. 1953.
Pennsylvania RR.-Acquires Western Allegheny Line.The company, according to a Philadelphia dispatch, has purchased the
minority holdings of the capital stock of the Western Allegheny RR.,
,
sion for authority to purchase
and is about to apply to the I.-S. C. Commi
the balance of the capital stock of that company. The reason for the acquisition, it is said, is that the Pennsylvania RR. might utilize it in connecting its system at Red Bank on the Allegheny River with its lines in the valley
of the Beaver, near Wampum or Lawrence Junction, a distance of about
50 miles, and improve its lines and grades in lieu of building a new line
which has been contemplated by the Pennsylvania for many years.
During July employees of the system purchased 1.085 additional shares a
stock, bringing the total on Aug
@FedFRASER