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financial.
The
OIflmrjxitl
INCLUDING
Railway & Industrial Compendium
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linantrie
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Railway Earnings Section
SATURDAY, AUGUST 29 1925.
VOL. 121.
Thrauleit.
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The Financial Situation.
Whatever may be thought of the agreement
reached between the British Chancellor of the Exchequer, Winston S. Churchill, and French Finance
Minister Joseph Caillaux for refunding the French
debt to the British Government, there can be but
little question that the French financial position has
greatly improved and holds promise of eventual
stabilization. It now seems reasonably certain that
French dollar bonds can be bought by investors without undue risk, and even franc bonds bought at present may prove satisfactory investments, as there is
much probability that the franc will be stabilized at
a level not far from the present level and probably
not below it. This is of great importance not only
to bond buyers, but to many manufacturers in promising that French exports at prices below cost of
production are not again likely. Such exports characterized the periods of declining currencies in Germany and France, and were seriously demoralizing
to many American manufacturers.
Investment conditions have continued good as
evidenced by rising bond prices, the Dow, Jones
average of 40 bonds reaching 92.01 on Thursday, after
having declined to 91.47 on Aug. 7. Call money has
hardened slightly with the approach of Sept. 1 disbursements, but there is no evidence of any appreciable gain in time rates. The volume of business is
large, as shown by the movement of loaded freight
cars, now are five weeks in excess of 1,000,000 cars.
Loadings have been in excess of those in 1924 since
February and in excess of those of 1923 since July 25.
There is decided evidence of improvement in the steel
industry both as to output and orders for new business, but values have not as yet shown a hardening
tendency. This has been reflected by rising prices
Bank and Quotation Section
Bankers' Convention Section
NO. 3140.
for United States Steel common and other steel
stocks.
Reductions in gasoline prices have continued, accompanied by further liquidation of oil stocks. However, the production of petroleum has shown a slight
further falling off and most of the oil companies
have riported excellent results for the first six
months of 1925. The trouble has evidently been in
too rapid an increase in refining capacity. A factor
that may prove of importance in the oil situation is
the strike of anthracite miners. Fuel oil and gas
have made considerable headway for heating purposes because of their convenience and cleanliness
and because they permit of automatic control. A
strike by the anthracite miners will give fuel oil and
gas a new opportunity along this line.
Working out of the disagreements between the
coal operators and miners without Government interference is most desirable. 'Working conditions
and wages should be governed by supply and demand; adjustments made by the arbitrary interjection of autocratic power are not apt to be stable and
may injure those whom it is sought to help. If, for
instance, the Government should insist that there be
no strike and the demands of the miners be granted,the
price of anthracite would be increased. This would
raise the cost of living in many sections of the country, but it might also result in diverting the use to
other fuels and injuring the anthracite industry irreparably. If, on the other hand, the matter is settled by the parties concerned, the threatened competition from oil, gas, bituminous coal, etc., will be a
factor in negotiations and modify the settlement, and
if the agreement should be on an unreasonable basis
so as to injure the industry it could be quickly
changed by the parties themselves. Society is highly
organized and dependent on many and varied things,
but the variety of supplies used in modern life is in
itself a safeguard, because there is increased chance
of substitution. There is a constantly diminishing
chance of a successful strike or lockout. There is
such variety of possible supplies and such universal
and varied transportation. There is all the world
to call upon.
Cuban sugar growers are not likely to forget that
when they withheld sugar in 1920 and forced the
price up to 20 cents for raws in Cuba, 500,000 tons
of sugar came to the United States from the four corners of the earth and smashed the price so effectively
that the industry was prostrated for several years
and Cuba almost bankrupted. Nor are the dock
hands and sailors of Amsterdam likely to forget that
when they seemingly had the traffic of Holland at
their mercy in a general strike, their positions were
filled by students and other white collared cohorts,
1016
THE CHRONICLE
and business kept going as usual. Never was competition so effective as at present. It presses from all
over the earth and it comes from many industries. If
the anthracite operators and miners are not interfered with, they are likely to work out the best possible solution for that industry under existing conditions, among which oil, gas, bituminous coal and
Welsh coal are not to be ignored.
The stock market has continued with a large turnover, averaging about 1,500,000 shares daily. There
have been many notable gains and other equally notable declines. There is continuing evidence of a large
volume of speculation with shifting from one stock
to another and blind following of price movements.
On the other hand, there is not much doubt of there
being a great deal of discriminating investment buying constantly going on. Furthermore, realizing of
profits is evidently in progress on a large scale. This
tends to stabilize the situation. But these things do
not remove the danger of a rampant speculation,
with many stocks apparently selling above intrinsic
value, even though others may still be selling below
their true worth. However, the over-confident speculator is not likely to heed advice on such occasions.
The latest Government cotton estimate announced
on Monday of this week by the Department of Agriculture at Washington forecasts a yield this year of
13,990,000 bales. This relates to the condition Of the
growing crop on Aug. 16, now practically two weeks
past. The important feature of this announcement
is the increase of 442,000 bales in the estimate of
yield for this year in comparison with the estimate
of yield made two weeks earlier and based on the
condition of the crop on Aug. 1. Furthermore, the
indicated crop is now placed at 1,034,000 bales more
than was promised a year ago at this time, when the
crop was put at 12,956,000 bales, although the final
return for 1924 was 14,339,000 bales. The increase
in the estimate for this year's yield over that issued
a year ago is entirely due to the very much larger
acreage planted this year, as the condition of 62% of
normal for Aug. 16 1925 is 2.9 points lower than the
condition shown a year ago for last year's crop, which
was 64.9% of normal on Aug. 16 1924. After all,
acreage is the all-important factor, and, as noted
above, that is what will count the present year. It
also appears that the increase in the- estimate of
yield of 442,000 bales from Aug. 1 to Aug. 16 this
year is made in the face of the decline in condition
between those two dates of 3.6 points, or from 65.6%
of normal on Aug. 1 last to 62% on Aug. 16. The
yield per acre for this year's crop is now placed by
the Department at 144.1 pounds—on Aug. 1 the estimade was 139.8 pounds, while the final estimate of
yield per acre last year was 157.4 pounds. A further
increase this year in the estimate of yield per acre,
especially in view of the enormous area, will add
materially to the outturn at the end of the picking
season, whenever that may be.
Marked improvement appears as to yield in Texas
and Oklahoma for this year in the latest report, although the yield for Texas continues considerably
below the estimate of production for that State in
both preceding years, production in Texas this year
now being placed at 3,769,000 bales, which contrasts
with 4,342,000 bales in 1923. For Oklahoma the yield
is now estimated at 1,693,000 bales, against 1,509,000
in 1924; for Arkansas, 1,476,000 bales, against 1,097,-
[vol.. 121.
000 bales last year, and Mississippi, 1,322,000 bales,
against 1,098,000 bales in 1924. These are the four
cotton States of estimated largest production. There
are three other million-bale States- now indicated for
this year, whereas there was only one other in the
final estimate of yield in 1924. Eight of the nine remaining cotton States, enumerated in the cotton report of the Department of Agriculture, show gains
this year, most of which are substantial; in fact, out
side of Texas, production this year is now estimated
at 10,221,000 bales, which contrasts with the final
estimate of yield for these same States in 1924, omitting Texas, of 8,676,000 bales, an increase the present season of 17.8%. What the production in Texas
will be this year will not be known until the picking
season in that State has finally terminated, and all
the returns are in.
Since the introduction of the semi-Monthly system
of reports last year, comparison with the preceding
years are thrown out of line. Formerly the midsummer report covered the period between July 25 and
Aug. 25. For 1923, the last year in which this plan
was followed, the decline in condition during that
month was 13.1 points, to 54.1% of normal on Aug.
25 of that year, but 1923 was an unfavorable year,
production being only 10,128,000 bales. The same
was true of 1922 and 1921, the loss in condition during the midsummer period of those two years, or
from July 25 to Aug. 25, being, respectively, 13.8 and
15.4 points. For the month from July 16 this year
to Aug. 16, the loss in condition was 8.4 points—a
year ago it was only 3.6 points. Nearly all of the
cotton States .have suffered some loss in condition
up to Aug. 16 this year, the only important exception being Oklahoma, where the condition on Aug.
16 was 74%, against 72% on Aug. 1. For South
Carolina there was a decline from 62% on Aug. 1 to
52% on Aug.16 this year; Georgia from 66% to 61%;
Alabama from 74% to 70%; Mississippi, 81% to
77%; Louisiana, 69% to 65%; Texas, from 49% to
46%, and Arkansas, from 87% to 79%. Most of the
States, however, show some increase in the estimate
of yield this year in the latest report over that issued
earlier, as noted above, notwithstanding the lowered
condition.
The "conversations" in London during the first
half of the week between Winston Churchill, British
Chancellor of the Exchequer, and Joseph Caillaux,
French Minister of Finance, relative to France's war
debt to Great Britain, turned out much the same way
as did the Belgian debt negotiations with the United
States. An agreement was reached, after news dispatches had suggested that it was unlikely. In the
London cable advices there were the usual rumors
of a "hitch" and a "deadlock," but they were dispelled Wednesday afternoon by the official announcement of an agreement. With respect to the
latter, the Associated Press representative in the
British capital cabled that "the British Chancellor
of the Exchequer, Winston Churchill, and the French
Finance Minister, M. Caillaux, reached to-day an
agreement in principle on the funding of the French
debt to Great Britain." He also said that "it was
officially announced that an agreement has been
reached on the basis, in principle, of 62 annual payments of £12,500,000 sterling on the sole responsibility of France, subject to an agreement being reached
on various matters of detail and subject to a governing condition of proportionate equal treatment by
Alio. 291925.]
1 li IJ Uli KO.N rtiLE
France of her creditors." It was added that"M. Caillaux, while reserving his opinion on these propositions, undertook to lay them before his Government."
According to the correspondent also, "the agreement
was reached soon after Austen Chamberlain had conferred with Alanson B. Houghton, United States Ambassador. Mr. Chamberlain then called M. Caillaux
into conference at the Foreign Office. The conference between Mr. Houghton and Mr. Chamberlain
caused much speculation, and Reuter's says: 'It is
believed the conversation included the debt negotiations now in progress, the security pact and the position in China.'"
It was pointed out in subsequent dispatches that
"this represents a drop of £7,500,000 a year from the
demand of £20,000,000 which a few days ago was
proclaimed here as the minimum Britain would accept from France. It also represents—if accepted by
France—a rise of £2,500,000 above the figure of £10,000,000 which the French financial experts offered
early this month, and which M. Caillaux originally
proposed here to Mr. Churchill. The net result, if the
deal goes through, will be that France will pay a total of £775,000,000 instead of something like £1,800,000,000."
The New York "Times" representative in London
asserted that "the point of vital interest to America
in to-day's dramatic climax of the debt conversations
is that Britain makes her offer with the following
very important string attached: She declares she
will accept from France the above mentioned annual
payment provided the United States at the Washington Debt Conference with the French—which M.
Caillaux is practically sure to attend—agrees to fund
the French debt to the United States on the same
terms." He further suggested that, "in other words,
M. Caillaux has won a victory—a temporary one,
anyhow—for he can return to Paris and say,'I beat
down the British demands from £20,000,000 to £12,500,000.' On the other hand, Britain says, in effect,
have abated my demands most generto France:
ously, but if the Americans are not equally generous,
up go my demands on you again to a figure exactly
proportionate to what the Americans exact from
you.'"
Continuing, the "Times" correspondent said:
"Thus the situation to-night is the following: If
France can prevail upon the American Debt Commission at the forthcoming Washington negotiations to
fund the French debt to America at 2%,France will
have won a genuine victory to-day in the Caillaux.
Churchill conversations, if, on the other hand, the
270—the rate of in•
1
United States stands firm for 3/
terest which she exacted from Belgium when the Belgian debt to America was recently funded—Britain
will have succeeded in placing upon America the
onus of treating France on a purely business basis,
ignoring all sentimental considerations. Had Britain stood firm to-day in demanding from France a
2% basis, America could have
1
debt settlement on a 3/
must follow Britain's lead,' whereupon the
said:
onus—in French eyes—would have fallen upon Britain. Now, however, owing to the British action,
America faces the alternative of funding France'
debt to her on the same terms on which Britain 'set
tied' the French debt to her to-day, or of insisting
2%."
1
upon 3/
In a special dispatch to the New York "Times"
from Swampscott yesterday morning it was stated
1017
that "the impression gained in official circles to-day
was that President Coolidge would not be influenced
by the tentative agreement reached between Great
Britain and France, by which France received most
favorable terms for funding her debt to Great Britain on condition that the United States allow France
a similar settlement." It was added, "that the Administration is annoyed at the turn of events which
the negotiations in London have taken was the view
of those in position to know. It was intimated that
the Anglo-French negotiations had tended to harden
the Administration in its announced intention of exacting from all the countries obligated to the United
States adequate terms for funding their debts."
The New York "Herald Tribune" correspondent
was much more emphatic. He asserted that "no such
terms as outlined in the tentative Franco-British
debt settlement will be granted to France by this
Government. This may be stated positively, despite
the absence to-day of any official White House comment. President Coolidge, however, is determined
with respect to the debt negotiations. He does not
propose for one moment that this country shall be
influenced in its negotiations with the French by the
fact that some other creditor of France has been
more lenient. The President's policy is that each
foreign country is to be treated on just precisely one
basis, the ability of that country to pay—Belgium
alone having been made an exception." He observed
also that "the Presrdent's view on the possible effect
of a debt settlement between France and Brit*
seems to be quite the opposite, curiously enough,
from that expected by the French diplomats. This
is because the only argument which the President regards as valid from the French is their ability to pay.
Hence, if the French had agreed to pay more than
any one.expected to the British, that would have to
be taken into consideration as a greater drain 911
their resources than had been expected, and would
therefore to just that extent lessen their ability to
pay."
In a special London cablegram to the New York
"Times" yesterday morning it was stated that "the
suggestion that the arrangement whereby Great Britain will content herself with a payment of £12,500,000 yearly from France only if the United States
makes more favorable terms with the latter than she
has with England or Belgium was designed as a
method of 'passing the buck' to the United States is
denied emphatically in official quarters here. It is
represented as a logical result of the application to
the Balfour principle that Great Britain must be reimbursed by Germany and her allies for her payments on her own American debt, and the Churchill
principle that France must meet the British claims
pan passu and proportionately to her payments on
the American debt." The New York "Herald Tribune" correspondent said that "the disappointment
over 'the generosity' of Winston Churchill's final
offer to accept the French debt payments at the rate
of £12,500,000 annually is mingled to-day with the
belief that this amount will be increased by the
American refusal to let France off as lightly."
Evidently with a desire to.satisfy Great Britain
before taking up the question of France's war debt
to the United States, M. Caillaux, French Finance
Minister, arrived in London on the evening of Aug.
23 to discuss with Winston Churchill, Chancellor of
the Exchequer,"the tangled Problem of France's war
1018
THE CHRONICLE
debt to Britain." Although he was jeered as he left
the train to take the boat at Calais, the French Minister of Finance was said to have been given a cordial
welcome in London. Representatives of the British
Government, as well as of the French Government,
were on hand to receive him at the station.
The "conversations" between the two Finance Ministers began the following day at noon. From the
first the London cable advices were not optimistic
as to the probable outcome. In fact, on the very first
day the London correspondent of "The Sun" cabled
that "there is no very great expectation in well-informed quarters here to-day that much concrete
progress will be made between the two statesmen at
this week's conference and that if any agreement is
reached at all it will be merely on the question of the
principles to be followed in the debt settlement and
will not go into details." As to the difficulty of his
task, the London representative of the New York
"Herald Tribune" observed, "that the shadow of his
forthcoming negotiations in Washington will fall
heavily over M. Caillaux's discussions with Mr.
Churchill is evident on the eve of the conference.
The French Finance Minister's task is not only that
of bridging the gap between the annual payment of
£20,000,000 demanded by this country and the £9,000.
000 offered by France at the previous conference of
experts in London a fortnight ago, but he must also
bear constantly in mind the reactions in the United
States to any tentative arrangement reached here on
the funding of the French debt." Regarding British
opinion, it was stated in a special London cablegram
to the New York "Times" on Aug.23 that "most London commentators on M. Caillaux's visit insist Britain must maintain a firm stand and turn a deaf ear
to French proposals that France pay an amount
far below what the British deem fair. In local business circles the hope is expressed that real progress
now will be made."
The French Finance Minister, at least before he
set out from Paris, was reported to have been optimistic relative to the war debt negotiations, both
with Great Britain and the United States. The New
York "Evening Post" correspondent in the French
capital cabled on Aug. 22 that, "before leaving for
London Finance Minister Caillaux let it be known
unofficially that he looked to a satisfactory debt settlement with the United States and Great Britain as
the greatest stroke to be made for France." He
added that "M. Caillaux has taken that straight road
with firmness and declares he will not swerve. He
says he has to base a debt settlement entirely upon
France's capacity to pay, which necessity, he believes, is understood fully and accepted in the United
States." Continuing, he said:"M. Caillaux is bend
ing every effort toward card indexing and massing
the assets of France before the departure on Sept. 16
of the French funding commission, which still is
unnamed. He intends to make use of extraordinary
measures to convince the American public of his sincere efforts to rally these resources for debt settlement. M. Caillaux is fully aware of the seemingly
inflexible difficulties which confront the American
Debt Funding Commission, acting, as it does, for
Congress. He himself has a similar problem with
the equally arbitrary French Parliament. Therefore, be is seeking some striking gesture that will
satisfy both countries and at the same time insure
the earliest possible success of pending negotiations.
[vol. 121.
Such a gesture toward the United States, it is believed, would be productive of a wholesome effect
upon British opinion in regard to France's debt to
England."
The London advices relative to the first "conversation" between the two Finance Ministers were no
more encouraging than the advance dispatches had
been. In fact, it was alleged that a practical "deadlock" existed. The New York "Times" representative cabled that "Britain and France Q.re still far
from agreement on the momentous question of how
much France should pay Britain annually in settlement of the war debt. After the first conversation
here to-day between the French Finance Minister, M.
Caillaux, and the British Chancellor of the Exchequer, Winston Churchill, the deadlock persisted
—though the British and French both frown at the
use of the word deadlock in connection with the discussion." He also said that, "according to best informed circles, the situation to-night is the following: Mr. Churchill knows that the sum demanded
from France by British public opinion is too great.
Mr. Caillaux knows that the payment to Britain
which French public opinion would sanction is too
small. But both statesmen dread the consequences
of submitting to the public opinion of their respective
countries a compromise settlement which their common sense tells them is the only equitable one under
the circumstances."
In what M. Caillaux was quoted as saying on
Monday there was nothing to justify pronounced
pessimism. According to the New York "Times" correspondent, he said: "Mr. Churchill and I have had
two talks to-day, the first for half an hour and the
second for two hours, and our viewpoints have appreciably approached each other. Naturally, no
agreement has yet been made and we shall continue
our talks to-morrow." The correspondent added that
"inquiries in French official circles indicated that
M. Caillaux did not present a new figure to-day, but
discussed the general debt situation and its technical
problems, such as the effect of a possible agreement
on the budget of both countries, transfer of the necessary rate of exchange and the working of the Dawes
Plan. The latter was thoroughly discussed, it was
said." As to the British view, the "Times" representative said: "While the conversation was in progress between M. Caillaux and Mr. Churchill an atmosphere of optimism prevailed in British official
circles. However, no attempt was made to disguise
the difficulties in the path of a satisfactory settle
ment of the French debt tangle."
The cable advices, in the absence of definite information, continued decidedly conflicting. On Tuesday the London representative of the Associated
Press declared that "information from French and
English sources was that the conferences were not
progressing satisfactorily. While there was still
some hope the differences might be bridged, there
was wide divergence of opinion regarding the French
payments, and optimism was not pronounced." He
added that "before the meeting, Mr. Churchill and
M.Caillaux lunched with the American Ambassador,
Alanson B. Houghton. While it was explained the
meeting was of a social character, some significance
was attached to it by the press, which called attention to the fact that M. Caillaux is expected to head
the French Debt Mission to the United States."
AUG. 29 1925.]
THE CHRONICLE
Commenting upon this luncheon, the London representative of the New York "Times" said: "America is the King Charles's head of present-day Europe.
No matter what European statesmen start discussing, the United Etates usually bobs up eventually in
their debates. This was illustrated anew to-day in
the negotiations now going on here regarding the
French debt to Britain between the French Finance
Minister, M. Caillaux, and the British Chancellor of
the Exchequer, Winston Churchill. When the news
became known that Ambassador Houghton was present at a luncheon to M. Caillaux and that he talked
long and earnestly with the latter, London promptly
buzzed—as it did early this month when Mr. Houghton lunched and dined with the French Foreign Minister, M. Briand, during the latter's visit in connection with the security compact conversations—with
reports that America was about to assume a leading
role in the debt negotiations. Some well-informed
circles go so far as to say that America has bridged
an apparently hopeless gulf between the British idea
of what France should pay Britain and the French
idea of the maximum French payment. In these circles it is assumed that America achieved this remarkable feat by having Mr. Houghton tell M. Caillaux
on what terms Washington would be willing to settle the French debt to America."
The London representative of the New York "Herald Tribune" apparently was quite determined in the
idea that a "deadlock" existed.between the negotiators. In his account of Tuesday's "conversations"
he said that "a general conference of the United
States, Great Britain and France to form a comprehensive plan for a debt settlement was broached here
to-night as a possibility, following conversations today among Winston Churchill, Chancellor of the Exchequer; Alanson B. Houghton, United States Ambassador, and Joseph Caillaux, French Minister of
Finance." He even declared that "the discussions
between the British and French Finance Ministers
have shown the hopelessness of their coming to an
agreement unless the American Government becomes
a party to the settlement, it is reported in well-informed quarters to-night. A rumor is current that
Mr. Churchill and M. Caillaux may go to Washington to attend such a conference, but while it is very
likely that the French statesman may go it is considered improbable that the Chancellor of the Exchequer can get away."
All talk about the existence of a "deadlock" disappeared with the official announcement the next
(Wednesday) afternoon that "an agreement in principle on the funding of the French debt to Great
Britain" had been reached.
With the Belgian debt negotiations completed, on
terms surprisingly favorable to the debtor nation,
Paris cable dispatches have contained many statements that savored of propaganda for the French
Government against the time that its representatives
take up the war debt question with the United States.
It has been intimated that the French War Debt
Commissioners would claim a special promise from
former President Wilson, similar to that on which
the Belgians secured release from interest payments
on American loans made prior to the armistice.
What purported to be the French position was outlined in part as follows by the Paris correspondent
of the New York "Times" in a dispatch on Aug. 21:
1019
"Since the Belgian debt settlement there has been a
great deal of figuring in Paris how France will come
out of the debt negotiations due to take place next
month at Washington. In the first place the French
hope to settle with America on the basis of a payment of $90,000,000 or $100,000,000 annually. After reading the Belgian terms they now expect America to ask between $125,000,000 and $130,000,000 a
year as the ultimate payments, with softer terms
over the preliminary period." Cobtinuing, he said:
“This sum is arrived at in the following manner: The
capital of the French debt is $2,933,000,000, on which
about $800,000,000 of interest is due. Cutting this
interest by two-thirds, as was done with Belgium's
post-armistice debt, here will be a total of $3,200,000,000. On a basis of 3/
1
2% interset plus y2 of 1%
amortization for a 62-year period, one arrives at an
annual payment of $128,000,000. On the basis of the
Belgian settlement it is calculated here French payment for the first year would be $38,000,000, increasing gradually." The correspondent further suggested that "of course the French still hope for an
easier settlement than this. They hope to gain a
hearing for their plea that it is not fair that France
shoulder the greater part of the cost of reconstruction of the common war damage. They regard the
$128,000,000 settlement as the worst that could happen."
President Coolidge was represented in dispatches
from Swampscott on Wednesday morning as being
greatly annoyed over "the propaganda for giving
France the same terms on her debt settlement as
have just been given to Belgium. It was made perfectly clear that the President has no thought of
yielding in this direction." According to the New
York "Herald Tribune" representative, "France
must toe the mark,it was stated by the White House
spokesman, with no reference to the special consideration given Belgium. That little country, Mr.
Coolidge believes, has a special hold no the sympathies of this country, dating back to her invasion
by Germany in 1914. Even at that, however, her
ability to pay was weighed in the negotiations, the
President believes."
From Paris came an Associated Press dispatch
the same afternoon,stating that "the French Foreign
Office appears to be in entire agreement with President Coolidge's reaffirmation at Swampscott of the
principle of capacity for payment as a fair and just
rule to apply to America's European debtors. That
was the first quick reaction to unofficial accounts
of the President's point of view, as outlined in press
dispatches. Finance Minister Caillaux's discussions
with the British Chancellor of the Exchequer in
London turn almost exclusively upon France's capacity to pay. M. Caillaux, it is declared in unofficial but competent quarters, is making no question
of the sums due or of France's desire to pay, but only
of what installments she is able to transmit yearly
to England and America."
Officials of the Italian Government were reported
to have taken much the same ground as the French
Foreign Office. The Associated Press representative
in the Italian capital cabled that, "while reports on
President Coolidge's statement regarding the Belgian debt settlement still are meagre, enough has
reached Italian officialdom to create an impression.
This first impression is favorable. Authoritative
1020
THE CHRONICLE
Italians see in it an opportunity to seek even better
terms than were accorded Belgium. They are glad of
the President's opinion that the Belgian settlement
does not set a precedent for the refunding agreements with France and Italy." Continuing, he said:
"The Government is unwil.ing to express an official
opinion, but it has been made clear Italy expects to
pay to her full capacity. When all her national
problems are considered, the possible controversial
point probably will be judging her capacity to pay.
It was to amass arguments in proof that this capacity was low that Ambassador de Martino returned
from Washington to confer with the Rome Government. Italy will instruct Signor de Martino to assume a tractable attitude when he returns to the
United States, but will expect him to make the most
•of Italy's post-war difficulties. He will emphasize
her lack of natural resources and raw materials, her
.contribution in man-power to the Allied cause and
her overpopulation, with emigration to the United
States restricted."
The tentative terms of a plan for settling France's
war debt to Great Britain, so far as they might have
a bearing on negotiations for an adjustment of
France's debt to the United States, were interpreted
in part as follows by the Washington correspondent
of the New York "Evening Post" in a dispatch Thursday evening: "The tentative settlement of the
French war debt with Great Britain gives France a
bargaining point when she opens negotiations with
the United States here next month for a settlement
of her debt. France will argue that this country can
afford to be as generous to France as Great Britain
has been. In the next place, she will urge that, if we
demand more from France, Great Britain also will
demand more from France. In the third place.
France will say she will be unable to pay more to
the two countries than she has agreed tentatively to
pay Great Britain, plus an amount proportionate to
that in the case of the United States. It is improbable that the final settlement will correspond exactly
to the tentative-one reached in London. France will
make a similar offer to the United States and, from
that point up, the bargaining will approach a basis.
which will be accepted automatically by England if
Congress approves it for this country."
Cabling from London the same day, "The Sun"
correspondent said that "once again has the baby of
inter-Allied war debts been placed upon Uncle Sam's
doorstep. That is the interpretation placed here today in qualified American quarters upon the outcome of the Anglo-French funding negotiations." He
also suggested that, "if, for instance, the American
Debt Funding Commission insists upon 3Y2% interest instead of the 2% made in Churchill's offer and
also demands a greater proportion of the principal
than the British are asking, then this Government
will raise the terms to the same extent—probably to
about a $100,000,000 annuity. In other words, America is now placed in the possib'e position of not only
asking France more than the British are demanding,
but also having to face the charge both in this country and France of necessitating that Great Britain
increase her demands upon France."
Representatives of the German Government were
said to have been considerably puzzled and annoyed
because of the delay on the part of the French Government in delivering the note relative to a security
[VOL 121.
agreement that was worked out in London recently
by the Foreign Ministers of France and Great Britain. It finally was handed to Foreign Minister
Stresemann by Ambassador de Margerie on Monday
afternoon. According to a special Berlin cable message to the New York "Times" that evening, the communication was regarded as "conciliatory" and "sus
ceptible of producing further negotiations, probably
of an oral character." It was expected then that
"publication of the document, which is said to be
more than 1,000 words long, will be delayed until
Friday." From Paris came a dispatch under the
same date to the New York "Times," which said that
"while immediate interest is centred in the debt negotiations in London between M. Caillaux and Mr.
Churchill,importance also is attached to the security
issue this week. The latest French note to Berlin
was delivered there this afternoon, and it is said
here that the next step depends on Berlin."
Greater speed was made in the consideration of
the Allied note to Germany on security by Foreign
Minister Stresemann and French Ambassador de
Margerie than apparently had been expected. Word
was received here Wednesday morning in Berlin
cable dispatches of the evening before that "the Luther Cabinet to-day accepted the French note as a
basis upon which an international conference for the
creation of a European security compact may be
called together." It was added that, "as the result
of a second conversation this evening between Foreign Minister Stresemann and Ambassador de Margene it has been decided tentatively to have a preliminary discussion, probably within a fortnight, between German and Allied juridical experts, after
which plenipotentiaries of the Powers concerned will
meet formally. The meeting place has not been fixed,
but Lausanne is considered the likeliest spot." According to his information also, "the chief immediate obstacle to this conference is a disagreement as
to whether its participants shall be the Premiers and
Foreign Ministers or only the Foreign Mniisters of
the conferring States. M.Painleve and Mr. Baldwin
prefer to leave the business to their respective Foreign Ministers, M. Briand and Mr. Chamberlain, but
Chancellor Luther is frankly desirous of participating personally in a conclave so important to his Government and the country, although Dr. Stresemann
is understood to feel no need of his chief's presence.
Settlement of this vexatious problem was left open
in to-day's talk between Dr. Stresemann and the
French Ambassador."
The security note situation was outlined in part as
follows by the Berlin representative of the New York
"Herald Tribune" in a dispatch Tuesday evening:
"Rapid developments in the security pact negotiations were foreshadowed to-day after the Cabinet
meeting at which the French note delivered by Ambassador de Margerie received preliminary consideration. Germany, it was said, will lose no time in
doing her part toward the convocation of a conference of Allied and German representatives at an
early date with the object of reaching an agreement
and clearing the road for Germany's entrance into
the League of Nations. To this end the German Government plans to send Counsellor Gauss of the Foreign Office to London before the end of this month
to co-operate with the Allied legal advisers in preparing for a conference. The conference, it is now
believed, will be convoked about the middle of Sep.
A.tio. 29 1925.]
THE CHRONICLE
tember, the present inclination being to have it takk,place in some small neutral counrty, possibly Switzerland. Geneva, however, has not been considered."
That the German Government acted promptly on
the matter a a conference with the Allies was further shown by the following special Berlin cable
dispatch to the New York "Herald Tribune" on
Wednesday: "A juridical conference of representatives of the Allies and Germany for the purpose of
paving the way to a security pact agreement will begin in London on Monday, it was announced here tonight. Much to the general surprise, it was revealed
that the invitation to such a conference was presented to Germany by M. de Margerie, the French
Ambassador together with the delivery of M. Brito Germany's last security note. The
and's reply'
Briand note was made public in the various European capitals to-night." In Berlin dispatches it was
characterized as "cordial." It was further stated that
"the Ambassador also presented invitations for a
conference of Foreign Ministers of all countries con
cerned to be held at a later date. These invitations
were confirmed by the British and Belgian envoys.
• Germany to-night dispatched a note to Paris acknowledging receipt of Briand's communication and
accepting the invitation to Monday's conference.
Simultaneously Counselor Gauss of the Foreign
Office departed for London to attend the conference.
Germany will postpone her reply on the invitation
of the Foreign Ministers pending the result of the
meeting of the juridical experts." The New York
"Times" Berlin representative added that "in a
lengthy declaration issued in the press to-night the
German Government approved of the Allied proposal
for an immediate conference of juridical experts on
legal aspects of the security compact preceding
a formal and decisive conclave of the statesmen and
Powers concerned."
• According to an Associated Press cable dispatch
frora London Thursday afternoon, "hope prevails
in official quarters in London that Germany will
accept the conditions of the security pact note of
France and at an early date will send representatives to London to discuss with British and French
statesmen the formulation of an agreement that will
make warfare again impossible."
It became known here yesterday morning that
"Herr von Hoesch, the German Ambassador, handed
to Foreign Minister Briand to-night [Thursday] the
German answer to the French security note delivered
in Berlin the first of the week." It was also stated
that "the Reich's reply, which is to be published on
Saturday [this] morning, thanks France for the
moderation of her note and accepts the invitation
extended by the Allies to send jurists to London to
confirm preliminary details for a conference on the
proposed Rhineland compact. Germany expresses
hope for rapid progress in the negotiations. The
Reich states it has named Dr. Gauss of the German
Foreign Office as her expert. It is learned to-night
the French will send M. Fromageot. Sir Cecil Hurst
will represent England and Henri Rollin will be the
Belgian delegate."
Preparations apparently have been going actively
forward for a decisive military campaign in Morocco
by the French. From Fez came an Associated Press
dispatch dated Aug. 24 stating that "Marshal Petain
has decided to establish his headquarters at Mek-
1021,
nes, which is ideally situated in the centre of the
adlitary zone, near enough to Fez to keep in constant
couch with that city and far enough away to free the
staff from all considerations other than purely military. [Meknes is a city of 60,000 inhabitants, 34
miles southwest of Fez.]" It was added that, "according to present arrangements, Marshal Lyautey.
Resident-General of Morocco, will sail for France on
Thursday, where he is expected to remain a week.
He will put the Government in possession of all the
facts concerning the situation. The time has arrived
to strike a decisive blow, in the opinion of military
authorities, and plans prepared by Marshal Lyautey
and General Naulin for an offensive to start at an
early date, earlier even than had at first been supposed possible, will be submitted to Marshal Petain.
Recent events have greatly strengthened the advocates of immediate action, so as to avoid all the inconveniences of a winter campaign." Dispatches
from Fez told of several rather striking French successes. On the other hand, it was stated in a special
Paris cable dispatch to the New York "Times" on
Aug. 26 that "in Nationalist quarters here dissatisfaction is expressed that the French army in Morocco
is not making greater progress." Paris advices yesterday morning told of a decisive victory for the
French along a 15-mile front.
Cable advices from Copenhagen and Oslo, received
under date of Aug.24, indicate that the Bank of Norway and the National Bank of Denmark both have
lowered their discount rates to 5/
1
2% from 6% in the
case of the Norwegian Bank, and to 6%, from 7%,
in the case of the Danish institution. The 7% rate
was in effect since Jan. 17 of last year, while the 6%
rate in Norway dated from May 9 last. Aside from
these changes, which were instituted for the purpose
of stemming the advance in exchange price levels, official discount rates at leading European centres
remain at 9% in Berlin; 7% in Italy; 6% in Paris;
5/
1
2%in Belgium;5% in Madrid and Sweden; 4/
1
2%
in London and 4 in Holland and Switzerland. Open
market discount rates in London were slightly firmer
and advanced to 334(g3 13-16% for short bills,
against 3%@311-16%, while three months' bills
finished at 37
/8%, against 3 13-16 a week ago. Call
money advanced to 3%%, but closed unchanged at
3/
1
2%. At Paris open market discounts continued
1
2% and in Switzerland at 2%, the
to be quoted at 5/
same as last week.
The Bank of England this week showed a further
loss in gold holdings of £838,483, together with a reduction in reserve of £921,000. Note circulation expanded £83,000, while the proportion of reserve to
liabilities fell slightly, to 30.69%, as compared with
31.23% a week ago and 31.67% for the week of July
22. In the corresponding week of 1924 the reserve
ratio stood at 18/
1
2% and in the year preceding at
19%. Public deposits continue to mount, registering another expansion of £5,273,000, atlhough "other"
deposits decreased £6,018,000. The Bank's temporary loans to the Government increased £1,425,000,
but loans on other securities declined £1,209,000. The
changes here noted were attributed to the current
drain upon the Bank's gold reserves, the institution
having for the past two weeks reported numerous
sales and exports, and no imports. Gold holdings
aggregate £163,194,222, as against £128,315,380 a
year ago (before the transfer to the Bank of England
1022
THE CHRONICLE
of the £27,000,000 gold formerly held by the Redemption Account of the Currency Note issue), and £127,643,180 the previous year. Reserve stands at £38,671,000, in comparison with £22,693,356 in 1924 and
£22,788,210 the year preceding. Loans amount to
£70,113,000, in comparison with £76,903,827 last year
and £69,208,122 in 1923, while note circulation
stands at £144,265,000, as against £125,372,030 and
£124,604,970 one and two years ago, respectively.
Clearings through the London banks for the week
were £634,281,000, as compared with £724,380,000
last week and £656,108,000 a year ago. There has
been no change in the official discount rate from
2%. We append herewith comparisons of the sev41/
eral items of the Bank of England return for a series
of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1921.
1922.
1923.
1924.
1925.
Aug.31.
Aug.30.
Aug.29.
Aug.26.
Aug.27.
Circulation
b144,265,060 125.372,030
Public deposits
21,806,000 17,041,827
Other deposits
104,221,000 105,392,435
Govern't securities_ 34,512,000 40,998.443
Other securities
70,113.000 76,903,827
Reserve notes dt coin 38,671.000 22,693,356
Coin and bullion_a163,194,222 128,315,380
Proportion of reserve
30.69%
18%%
to liabilities
4%
Bank rate
455%
124,604,970
16,581,038
103,549,889
46,280,601
69,208,122
22,788,210
127,643,180
123.918,885
26,226,587
98,096,484
44,357,645
76.120,602
21,942,287
127,411,172
126,889,725
13,800,576
122,975,708
55.101,744
79,800.459
19,969,510
128,409,235
19%
4%
1756%
3%
.14.60%
555%
Includes, beginning with Aptil 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 its gold item, the
increase this week being 20,950 francs. The gold
holdings, therefore, now aggregate 5,546,998,050
francs. This compares with 5,543,800,844 francs
for the corresponding date last year and 5,537,957,275
francs for the year previous. Of the foregoing
amounts 1,864,320,907 francs were held abroad in
both 1925 and 1924 and 1,864,344,927 frail-es in 19237
A further contraction of8,378,000 francs in note
circulation was recorded. Total note circulation now
stands at 44,777,072,210 francs, contrasting with
40,034,484,070 francs in 1924,and with 37,364,043,770
francs for the same time in 1923. During the week
silver decreased 851,000 francs, while advances
were reduced 15,694,000 francs. On the other hand,
bills discounted rose 246,026,000 francs, treasury
deposits gained 34,478,000 francs and general deposits showed an expansion of 35,516,000 francs.
Comparisons of the various items in this week's
return, with the statement of last week and with
corresponding dates in both 1924 and 1925, are as
follows:
•
BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold Holdings—
Inc.
20,950
In France
No change
Abroad
COMPARATIVE STATEMENT.
Status as of
Aug. 27 1925. Aug. 30 1924. Aug. 31 1923
Francs.
Francs,
Francs.
3,682,677,143 3,679,475,936 3,673,612.347
1.864.320.907 1,864,320.907 1,864,344,927
20,950 5,546.998,050
Inc.
Total
311.016,141
Dec.
851,000
Silver
Bilb3discounted
Ine 246.026,000 3,493.877.398
Dec. 15,694,000 2,862,259,398
Advances
Note circulation
Dec. 8,378,000 44,777,072,210
42,048,726
Treasury deposits Inc. 34,478,000
General deposits—Inc 35.516.000 2.387.239.587
5,543,800.844 5,537.957.275
300,667,428
294,436,771
4,406,044,461 2,634,145,155
2,703.664,286 2,058,782,090
40,034,484,070 37.364,043,770
19,506.131
16,146,105
1,983,581,736 1,909,404,639
The Imperial Bank of Germany in its report dated
Aug. 22, showed continued contraction in note circulation, although this was accompanied by increases
in some of the other liability items. The figures indicate that note circulation was reduced 80,978,000
marks, while loans from the Rentenbank fell 287,000 marks. As against this, other maturing obliga-
[VOL 121.
tions increased 50,509,000 marks and other liabilities
29,200,000 marks. On the assets side the Bank reported a loss in the holdings of bills of exchange and
checks of 51,775,000 marks, and in advances of 3,883,,
000 marks. Reserve in foreign currencies increased
766,000 marks and silver and other coins 974,000
marks. There was an expansion of 6,921,000 marks
in notes on other banks, 63,000 marks in investments
and 22,697,000 marks in other assets. The stock of
gold increased 22,681,000 marks, to 1,137,231,000
marks, which compares with 507,004,000 marks last
year and 512,112,000 marks in 1923. Note circulation now aggregates 2,292,255,000 marks.
Considerable loss in gold reserves and substantial
expansion in rediscounts were revealed by the weekly
statements of the Federal Reserve banks, issued at
the close of business on Thursday. For the System
as a whole a loss in gold of $13,000,000 was shown,
while rediscounting of Government secured paper
expanded $20,200,000. Other bills declined $100,000; hence, total bills discounted increased $20,100,000, to $579,675,000, which compares with last year's
total of $262,560,000. Holdings of bills bought in
the open market gained $6,200,000. Total earning
assets heavily increased, viz., $36,000,000, but deposits remained practically unchanged. At New York
the loss in gold amounted to $30,300,000, while rediscounts of all classes of paper advanced $28,500,000 and open market purchases increased $3,300,000.
Total bills discounted now are $192,834,000. At this
time a year ago the total was $33,734,000. Total
earning assets were larger by $38,700,000. Deposits
gained $3,800,000. Federal Reserve notes in actual
circulation, both nationally and locally, revealed
nominal declines—less than $1,000,000 each. Mem-,
ber bank reserve accounts showed an increase of
$3,800,000 at New York, and no alteration to speak
of for the banks as a group. So far as regards the
local institution, the loss in gold reduced the ratio
of reserves to 79.8%, a decline of 2.8%. For the entire System, however, the alteration was trifling, the reserve ratio declining only .4%, to
75.0%.
A substantial addition to surplus reserve was the
most noteworthy feature of last Saturday's statement of New York Clearing House banks and trust
companies. This occurred notwithstanding a substantial addition to deposits. In detail the figures
showed an increase in the loan item of $14,374,000.
Net demand deposits increased $10,541,000, to $4,385,556,000, which is exclusive of $5,424,000 in Government deposits. Time deposits totaled $588,438,000, an increase for the week of $12,734,000. Cash in
own vaults of members of the Federal Reserve Bank
increased $342,000, to $44,907,000, although this is
not counted as reserve. State bank and trust company reserves in own vaults increased $123,000, but
the reserves of these institutions kept in other depositories declined $419,000. There was an increase
in the reserve of member banks in the Reserve Bank
of $22,090,000, which raised surplus reserve to $25,125,200; a week ago excess reserve totaled $5,067,270.
The above figures for surplus are on the basis of 13%
legal reserves against demand deposits for member
banks of the Federal Reserve System, but do not
include $44,907,000 held by these member banks in
own vaults on Saturday last.
AUG. 29 1925.]
THE CHRONICLE
1023
As this was the last week of the month it was nat- for bills running 30 days,
3h% bid and 33i%
ural that the trend of call money should have been asked for bills running 60
days, 3/% bid and
upward. The advance, however, was moderate and
33I% asked for bills running 90 days, 332% bid
did not carry the rate above 41/2%. On Thursday it and 3%% asked for bills running 120
days, 3%%
was claimed that the tone was easier and the offer- bid and 3% asked for bills running
150 days, and
ings freer. Yesterday the renewal rate was 4/
1
2%, 39i% bid and 3%% asked for bills running 180
but there was a drop to 4% in the after- days. Open market quotations follow:
noon. That the money market was not really
SPOT DELIVERY.
disturbed was shown by these facts and also by the
90 Days.
60 Days.
30 Days.
Prime eligible bills
31516315
3344/5315
3%63
steadiness and dulness of time money. There may
.F0
ELIVERY WITHIN THIRTY DAYS.
activity
greater
in the money market during the
be
emb
anks
815 bid
le no
ember banks
second week of September in preparation for the
315 bid
mid-month disbursements and the Government oper
ations and income tax payments. It is expected tha
There have been no changes this week in Federal
next week the trend will be downward. The change Reserve Bank rates. The following is the schedule
in the rates is not likely to be great, because the ad- of rates now in effect for the various classes of paper
vance this week was so moderate. As the weeks pass at the different Reserve banks:
striking changes in the general business situation DISCOUNT RATES OF FEDERAL RESERVE
BANKS IN EFFECT
AUGUST 28 1925.
are not being reported. For this reason it is assumed
that the demands for funds from commercial sources
Paper Maturing-are not varying greatly. Transactions in stocks on
After 90 After 6
Within
Days, but
the New York Stock Exchange have continued at an
bid
90 Days.
Within
Within 9
FEDERAL RESERVE
Months. Months.
average of approximately 1,500,000 shares a day.
BANK.
C'orn'rcial Secured
The bond market has been somewhat more active..
A oriel ck by U. S. Bankers' Trade 4ericul.• Arleta.
Livestock Gorernm't Accep.
Accepand
and
The floating of good-sized loans for Belgium, France'
Paper. OWN- Lances. tances Lirestock Livestock
n.e.s.
lions.
Paper.
Paper.
and Italy in this country, probably before the end of
315
315
314
314
314
315
the year, is rather generally expected. Only on Boston
New York
315
335
315
315
315
315
Philadelphia
815
315
314
815
315
815
Thursday European cable advices contained reports Cleveland
314
314
315
311
314
314
Richmond
4
4
4
4
4
4
that Belgium was seeking an American loan for A tlanta
4
4
4
4
4
4
Chicago
4
4
4
4
4
4
At. Louis
$50,000,000.
4
4
4
4
4
4
•
Minneapolis
Kansas City
Dallas
San Francisco
4
4
4
314
4
4
4
314
4
4
4
315
4
4
4
315
4
4
4
3154
4
4
4
3/4
Referring to money rates in detail, loans on call
Including bankers' acceptances drawn for an agricultural purpose and eecup
again moved narrowly and the range for the week by•warehouse
receipts. dto.
4@4M%
was
,the same as a week ago. On Monday
the high was 43/2%, the low 4% with 4% also the rate
The sterling exchange market has been quiet to
for renewals. Tuesday a slightly firmer tone de- the point of stagnation this
week, and quotations
veloped, and the renewal basis was advanced to remained
all but motionless, on dull, narrow trading
4y.%, the lowest figure named for the day; the high operation
s. Demand bills ruled throughout between
was still 432%. On Wednesday and Thursday all 4 853
% and 4 85 7-16 up to yesterday, when there
loans were negotiated at 43/2%. Call funds again was a decline
to 4 851A. At times offerings of comrenewed at 43/2% on Friday, and this was the maxi- mercial
bills assumed fairly sizable proportions, but
mum quotation; before the close, however, there was as these
were quickly absorbed, the effect on price
a decline to 4%. In time money also the trend was levels was negligible. For
the moment attention
fractionally up and toward the close of the week
appears to have veered around to the Scandinavian
sixty day loans was quoted at 432@432%, against currencie which
s,
once more came to the front with
434%; four months remained at 431.@43/2% un- a fresh
outburst of strength and activity, and sterling
changed, but five and six months moved up to 432@,
was neglected. Speculation has dwindled to what
434%,against 432@4%% last week. The market was
might be termed an irreducible minimum and large
quiet and the volume of business light. Calling in of dealers
have apparently resumed their former role
loans was mainly responsible for the stiffening. No of
"watchful waiting" pending a clearing away of
large individual trades were recorded.
the debt settlement difficulties and labor and poMercantile paper rates have not been changed
litical disputes. It is not unreasonable to expect
from 4@43,1% for four to six months' names of that
the precautions taken by the Bank of England
choice character with 431@43/2% for names not so
for the stability of sterling will prevent sharp or
well known. New England mill paper and the sustained declines
in the price level; but on a market
shorter choice names are now passing at 4%. A
where fluctuations are so extremely narrow, there
better demand was noted. Offerings were larger
is very little opportunity for taking profits on quick
and were generally well absorbed, with country turns; hence
the dearth of professional trading.
banks still the principal buyers.
Toward the latter part of the week a very slight
Banks' and bankers' acceptances continue at the
tendency to sag developed, which was attributed to
levels previously current. Most of the activity was moderate
withdrawals of London balances, due
furnished by interior instiutions. The supply of partly
to the lessening in the disparity between
prime names, however, was small; so that the week's money rates
here and in England, and partly to
turnover attained only moderate proportions. For seasonal requirem
ents for funds.
call oans against bankers' acceptances the posted
Referring to the day-to-day rates, sterling exchange
rate of the American Acceptance Council has been on Saturday last was steady,
with demand at 4 853
%
advanced to 4% from 33/2% last week. The Accept- (one rate), cable transfers
at 4 85Y
I and sixty days
ance Council makes the discount rate on prime at 4 823/
8; trading was light. Monday's market was
bankers' acceptances eligible for purchase by the only moderately active, but
rates advanced 1-16c.,
Federal Reserve banks 33/% bid and 3% asked ,to 4 85 7-16 for demand, 4 85
13-16 for cable trans;
1024
THE CHRONTCLE
fers and 4 82 3-16 for sixty days. Freer offerings
of commerc'al bills induced temporarily a slightly
easier tone on Tuesday, and demand ranged between
4 853
% and 4 85 7-16, cable transfers at 4 85%@
4 85 13-16 and sixty days at 4 823/s@4 82 3-16.
On Wednesday the volume of business passing was
small and quoted rates were not changed from
4 859/@4 85 7-16 for demand, 4 859'@4 85 13-16
8@4 82 3-16 for sixty
for cable transfers and 4 823/
days. Selling, said to reflect withdrawals of balances in London, was responsible for an easier
undertone on Thursday, so that demand sold off
%, cable transfers to 4 85%@
to 4 853.1.@4 853
g; locally,
/
4 85% and sixty days to 4 82@4 821
tendency
a
Friday
lifeless„
trading was narrow and
declined
rates
quoted
and
developed
to irregularity
85
4
demand,
for
853-16
@4
s
4
to
853/
ionally
frac'
4 85 9-16 for cable transfers, and 4 81%@4 8115-16
for sixty days. Closing quotations were 4 81% for
sixty days, 4 853/g•for demand and 4 853/b for cable
transfers. Commercial sight bills finished at 4 85,
/s, ninety days at 4 79 8, docusixty days at 4 813
ments for payment (sixty days) at 4 81% and sevenday grain bills at 4 84 5-16. Cotton and grain for
payment closed at 4 85.
One gold engagement was reported during the week,
$100,000 gold coin to the Straits Settlement by the
International Acceptance Bank. The Bank of England again lost gold in a somewhat larger amount.
Sales aggregated about £726,000 in gold bars, while
exports were £18,000 in gold sovereigns to the Straits
Settlements, £55,000 to India and £17,000 to Java.
Improvement was shown in Continental exchange,
both as regards trading volume and undertone, and
gains of several points were recorded in Italian lire,
also in some of the Scandinavian currencies, under
the stimulus of brisk buying for foreign account.
Lire were in better demand almost from the start
and the quotation rose from 3.64 to 3.7731. Part
of the buying was attributed to short covering by
speculative operators in Amsterdam and Berlin, as
well as in Rome, who ev dently are being forced to
he conclusion that the Italian Government is resolute in its determ.nation to maintain price levels.
Another favorable influence was said to be the announcement that the Italian Cabinet at Rome had
at length made public its policy of regulations and
restrictions in the buying and selling of foreign exchange. Moreover, aside from political unrest and
the sympathetic effect of the debt.settlement bogie,
Italy's internal position is improving steadily, both
financially and economically. French francs did
not fare quite as well and the quotation hovered
around 4.68@4.70 with a high point touched on one
day at 4.72, then broke to 4.653/2, though recovering
to 4.69 in the latter part of the week. Dealers seemed
inclined to look askance upon francs because of the
many uncertainties surrounding France's financial
affairs. The close approach of debt negotiations had
an unsettling effect, and although news of the debt
terms offered to France by England exercised a
temporarily stimulating influence, this was shortly
followed by fresh reaction downward. The fact
that Great Britain's offer is conditioned upon the
terms that will be agreed upon by the United States
Government was not liked for the reason that very
little hope is entertained of France receiving as favorable terms as those granted to Belgium. Should the
debt negotiations fail completely, public confidence
[VoL 121.
will likely be seriously shaken. Other adverse influences are the closing of the tourist season, rapidly
rising price levels in France, rumblings of disaffection
in Syria, and the expensive and embarrassing Moroccan campaign. Some satisfaction was derived at the
close of the week through publication of a stronger
Bank of France statement, showing material reductions in note circulation and advances. German and
Austrian exchanges remain at former levels. Greek
drachmae were dull and weak. Russian chervonetz
continue to be quoted nominally at 5.15, with no
trading to speak of. In the minor Central European
currencies, Polish zloty again showed spectacular
weakness and dropped to another new low record of
16.70, although recovering most of the loss before the
close, on reports that the New York Federal Reserve
Bank had granted a credit of $10,000,000 to the
Bank of Poland to stabilize the currency. Local
traders took little or no part in the trading, selling
still emanating almost wholly from abroad.
The London check rate on Paris closed at 103.43,
comparing with 103.46 last week. In New York
sight bills on the French centre finished at 4.68%,
%, against
against 4.683; cable transfers at 4.693
4.6914; commercial sight bills at 4.67%, against
4.6714,and commercial sixty days at 4.6331, against
4.62% a week ago. Antwerp francs, which in the
main followed the course of French exchange, closed
the week at 4.513 for checks and at 4.523 for cable
transfers, as contrasted with 4.54 and 4.55 the
preceding week. Final quotations for Berlin marks
were 23.81 for both checks and cable transfers, the
same as a week ago. Austrian kronen have not been
3 for
changed from 0.00143/3. Lire closed at 3.74%
remittances
bankers'sight bills and at 3.759 for cable
2. ExLast week the close as 3.633/ and 3.643/
kia
finished
at
Czechoslova
change on
2.9631 (un0.51%, and
0.50,
at
against
Bucharest
on
changed);
on Finland at 2.53 (unchanged). Polish exchange
closed at 17.25, against 17.10 last week. Greek
drachmae finished at 1.453
% for checks and at 1.46N.
for cable transfers, in comparison with 1.533 and
1.53% a week earlier.
A revival of active and excited buying, accompanied by violent gyrations in quotations for Danish
and Norwegian currencies, once again drew attention
to the former neutral exchanges, and the week was
marked by the establishment of new high records, as
well as sudden and sharp declines, induced by attempts to take profits after each spectacular rise.
Danish kroner were in demand almost from the start
and exhibited a degree of buoyancy which speedily
carried that currency up to 24.20. Announcement
on Tuesday of the reduction in the discount rate of the
Bank of Denmark to 6% produced little more than a
passing reaction; a decline to 23.94, being followed
shortly by another uprush of about 81 points, to
24.77, the highest point attained since 1919.
Before the close there was a recession to 24.37.
Norwegian krone also moved erratically. After an
opening of 18.883/ there was an advance to 19.16, a
drop to 19 01, and a subsequent rise to 19.783/2, a
gain of 90 points. While much of the buying was
said to represen transfers of funds to those centres,
speculative operations played a prominent part
in the week's trading, realizing sales being responsible
for the breaks that followed each bulge. Local
dealers, however, took very little part in all this
and quotations reflected developments abroad. It
AUG. 29 1925.]
THE CITRONTCLE
is expected that the lowering in the discount rates
in both Denmark and Norway will call a halt to
the gyrations in these currencies and bring lower
levels. The action is said to be the result of pressure
brought by business interests who are feeling the
unfavorable effects of the abnormally high rates.
Price declines in these countries, it is claimed, do not
as yet warrant so drastic an advance in exchange
valuation. Swedish exchange was steady, at within
a point or two of last week's levels. Dutch guilders
were firm, but also without important change. Swiss
francs showed a slightly lower tendency, and the same
is true of Spanish pesetas. In all of these last-named,
trading was generally inactive and featureless.
Bankers' sight on Amsterdam closed at 40.27
(unchanged); cable transfers at 40.29 (unchanged);
commercial sight bills at 40.19 (unchanged), and
commercial sixty days at 39.80, against 39.83 a week
ago. Closing rates for Swiss francs were 19.363
4for
bankers' sight bills and 19.373
4for cable remittances.
This compares with 19.383/ and 19.393/2 last week.
Copenhagen checks finished at 24.31 and cable transfers at 24.41 against 23.27 and 23.31. Checks on
Sweden closed at 26.81 and cable transfers at 26.85
against 26.84 and 26.88, while checks on Norway
finished at 19.643/ and cable transfers at 19.683/
2,
against 18.76 and 18.80 the previous week. Spanish
pesetas closed at 14.363/i for checks and at 14.383/2
for cable transfers, as compared with 14.393/2 and
14.413/ last week.
incidental to the movement of the new coffee crop
were likewise factors in the strength. The close was
at 12.71 for checks and at 12.76 for cable transfers,
comparing with 12.22 and 12.27 a week ago. Chilean
exchange continued strong and touched 12.01,
though closing at 11.95, as against 11.96, while Peru
closed at 3 92, unchanged.
Far Eastern exchange was quiet but steady at close
to last week's levels. Hong Kong finished at 59%@
59%, against 583
/
8@58%; Shanghai at 785
/@79/
5,
against 78@79; Yokohama at 41@413., against
413@4132;Manila at49%@49%(unchanged);Singa3
pore at 57@,5734, against 5738@57%; Bombay at
37@3731 (unchanged), 'and Calcutta at 37®373i
(unchanged).
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $3,683,608 net in cash as a result of the currency movements for the week ended Aug. 27.
Their receipts from the interior have aggregated
$5,123,608, while the shipments have reached $1,440,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Into
Banks. •
Week Ended Aug. 29.
Banks'interior movement
$1.440.0001
Out ef
Gala or Lou
Banks.
to Banks.
$5 123 60
Gala $3.6611.030
Noon Buying Rate for Cable Transfers in NuoYork
Value in United States Money
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Aderal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
Aug. 22. Aug. 24. Aug. 25. Aug. 26. Aug. 27. Aug.28.
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL
RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
AUG. 22 1925 TO AUG. 28 1925, INCLUSIVE.
Country and Monetary
UnU.
1025
EUROPE$
Austria, whining•---- .14058
Belgium. franc
.0454
Bulgaria, lev
.007338
Czechoslovakia, krone .029620
Denmark, krone
2380
England, pound sterling
4.8572
Finland, markka
.025220
France. franc
.0470
Germany, reichemark. .2380
Greece. drachma
.015293
Holland, guilder
.4029
Hungary, krone
.000014
Italy, lira
0366
Norway. krone
1895
Poland. zloty
1677
Portugal, escudo
0510
Rumania.len
005146
Spain. peseta
1440
Sweden,krona
.2687
Switzerland, (rano_ .1939
Yugoslavia. dinar
.017915
ASIAChinaChefoo. tadl
.8029
Hankow,tadl
7925
Shanghai, tadl
7768
Tientsin, tael
8146
Hong Kong. dollar. 5785
Mexican dollar_
.5681
Tientsin or Pelyang,
dollar
.5700
Yuan, dollar
.5808
.3661
India. rupee
Japan. yen
.4082
siagapore(S.S.), dollar .6681
NORTH AMER.1.000292
Canada. dollar
.998906
Cuba. Peso
.496500
Mexico, peso
Newfoundland. dollar .997250
SOUTH AMER.Argentina, peso (gold) .9176
1226
Brazil, milreis
Chile, peso (paper)___ .1198
I nom
$
.14065
.0454
.007333
.029615
.2395
$
.14069
.0454
.007311
.029617
.2394
4.8572
4.8574
.025236 .025237
.0471
.0469
.2380
.2380
.015352 .015305
.4029
.4029
.000014 .000014
.0372
.0372
.1904
.1907
.1682
.1677
.0509
.0513
.005122 .005031
.1439
.1440
.2687
.2687
.1938
.1937
.017909 .017899
$
$
.14077
.14065
.0452
.0452
.007317 .007308
.029618 .029611
.2436
.2462
4.8573
.025240
.0467
.2380
.015290
.4030
.000014
.0373
.1945
.1699
.0510
.004991
.1440
.2687
.1937
.017878
4.8668
.025227
.0469
.2380
.015086
.4027
.000014
.0374
.1968
.1722
.0509
.004995
.1439
.2686
.1938
.017888
$
.14077
.0452
.007319
.029610
.2437
4.8548
.025222
.0469
.2380
.014848
.4028
.000014
.0375
.1959
.1755
.0510
.004988
.1437
.2685
.1937
.017854
.8038
.7922
.7759
.8150
.5786
.569$
.8038
.7922
.7763
.8150
.5791
.5698
.8046
.7928
.7770
.8158
.5795
.5696
.8038
.7944
.7785
.8138
.5813
.5700
.8079
.7972
.7802
.8175
.5823
.5717
.5700
.5808
.3662
.4076
.5678
.5700
.5800
.3661
.4079
.5678
.5708
.5808
.3663
.4077
.5678
5700
.5800
.3665
.4068
.5678
.5717
.5833
.3667
.4057
.5675
1.000313. 1.000208 1.000146 1.000240 1.000323
.999031 .998906 .998906 .999031 .999031
.496600 .494500 .493000 .493000 .492933
.997813 .997625 .997250 .997688 .997844
.9176
.9174
.9178
.9165
.9139
.1225
.1231
.1248
1.269
.1262
.1206
.1204
.1204
.1200
12.00
I 0025
1 nava
1 0022
I ohne
nnr...
•One schilling Is equivalent to 10.000 paper crowns
With regard to South American quotations underlying conditions remain about the same. Argentine exchange was quiet and easier, checks declining
to 40.04 and cable transfers to 40.09 against 40.33
and 40.38. Brazilian milreis, however, touched
another new high level of 12.77, chiefly as a result of
improvement in internal financial affairs which is
being brought about through the decline in note
circulation that is one of the evidences of the Government's policy of deflation. Rumors of new financing
for Brazil in the near future, also a demand for milreis
Saturday, I Monday. I Tuesday, tWednesd'v.l Thursday I Priday,
Aggregate
Aug. 22. I Aug. 24. I Aug. 25. Aug. 28. I Aug. 27. 1 Aug. 28.
for Week.
$
$
$
$
$
8
I
$
I
1
I
70.000.006 79.000.000 60.000.006 os.one,nn( 66,000.000 8.000.000 Cr. 409.000.000
Note.-The foregoing heavy credits re( ee the huge mass of checks which corn
to the New York Reserve Bank front nil parts of the country in he operation e
the Federal Reserve Systems' par eollt.ition scheme These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
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 do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Aug. 27 1925.
Banks of
Gold.
England __ 163,194,222
Frances.. 147,307,086
Germany c 51.640.750
Aus.-Hun _ b2,000
pain
101,465,
Italy
35,607,000
Netherrds 34,535.000
Nat. Belg_ 10.891,00
Switreed 20,936.00
Sweden...- 12.957.000
Denmark _ 11.635,000
Norway
8,180,0130
Silver.
Aug. 28 1924.
Total.
Gold.
BOse,.
Tcoal.
L
£
I
/
163,194,222128.315,74:'
12,440,000 159,747.096147,178.05
d994,600, 52,635,35: 24.902,2
b
b2.000
b2.000.
26,176.000127.641,000 101,385.000
.• .
•
,
•
1.932,000 38,467.000 44,300.00
3,297,000. 14,188.0
10.819,00
3.569,000' 24,505,
20.209.000
12.957.001 13,727.000
1,150.000 12.785,011 11,642.000
8.180.0(
8.182.000
I
•
128.315.740
12.000
159.178.057
1.263.
26.167.300
to
b2.000.000
26.224.000 127.609.000
3,414.000 38.889.000
086.000 45,286.000
2.617.001) 13,436.000
3.796.000 24.005.000
13,727.000
1.027.000 12,669.000
8.182.000
Total week 600,348,05 52.904.600 654.212.658548,137,005 51.327.100599.464.
Prey. week 607.297.953 52.885,600660.183,553649,854.47 81,381.350601.235.10S
820
a Gold holdings of the Bank of France this year are exclusive £74,572,836 bete
abroad. b No recent figures. c Gold holdings of the Bank of of
are exclusive of 133,873.300 held abroad. d As of Oct. 7 1924. Germany this yes,
Conferences and Notes-The Security Pact
and the Franco-British Debt.
It must often seem to practical business men, accustomed to definiteness and promptness in the
everyday treatment of business matters, that Governments and Ministers spend an uncone.eionable
amount of time in merely talking things over and
writing inconclusive notes about them, and that a
little less of rambling discussion and a little more
of well-thought-out action would be a distinct world
1026
THE CHRONICLE
Lirou 121.
benefit. To be sure, diplomatic "conversations" and urges the immediate and unconditional entrance of
Ministerial conferences are no new phenomena, for Germany into the League of Nations. The German
international affairs appear to have been managed Government, in its official communique, is able to
in that fashion from time immemorial, but the prac- welcome the "less rigid tone" of the French note,
tice has spread prodigiously since the World War although doubting whether the note represents any
upset the old world order. To-day the mere men- very substantial approach to the German point of
tion of an issue in regard to which two or more States view, since its phrases may be construed "either opare divided in opinion conjures at once the picture of timistically or pessimistically"; but it nevertheless
an interminable series of conferences and notes, each insists that "for all peoples who are in the same sitof which often appears to be more concerned with uation as Germany, the factor of their general disurging further objections to previous contentions or armament or the factor of their geographical and
aiscovering some new possible meaning in a word or economic position" must be "taken decisively into aca phrase, than in advancing a practical and defini- count" by the League, and declares that no "recognitive settlement of the matter in dispute. When, in tion of war guilt" is to be demanded of Germany,that
addition, the original parties to the controversy en- the Cologne zone should be evacuated by the Allies
deavor so to arrange matters that other States will forthwith, and that Germany should be allowed to
be involved, there is no telling how widely the dis- share in colonial mandates. The sole advance that
pute may spread or how far the discussion may be is to be discerned in this latest exchange of views is
prolonged. Progress there usually is, undoubtedly. the invitation extended to the German Government
if one takes the long view, and that is something to to "enter into negotiations" for "the conclusion of a
be grateful for, but it is unfortunate to see interna- definitive treaty." As the main objection to meeting
tional controversies drawn out month after month, Germany in conference has heretofore come from
and perhaps year after year, when a little more ex- France, the invitation is to be welcomed, but from
pedition,joined to the habit of prompt decision which the point of view of a settlement of the security concharacterizes the treatment of business problems, troversy (the only question in which the world at
would apparently dispose of the questions in a short large is particularly interested) all that has been
time and leave the world to pursue its way unvexed. achieved is the expression by France and its associTwo striking illustrations of what has just been ates of their willingness to talk the matter over with
said have been afforded by the events of the past few German representatives. We still have no security
days. The question of a security pact designed pri- pact, but there is to be another conference.
A somewhat similar combination of progress and
marily for the benefit of France, and to which Germany, France and. Great Britain, and presumably marking time appears to have resulted from the conBelgium and Italy, would be parties, has been under versations which have been going on during the week
discussion between the Powers immediately con- between M. Caillaux and Mr. Churchill, over the setcerned for nearly seven months. The discussion be- tlement of the French war debt to Great Britain.
gan early in February last, with the submission by The agreement which is reported to have been
Germany of some fairly .definite suggestions of how reached in London, but for which the approval of the
a security Pact might be arranged. After four months respective Governments appears to be necessary, proof cogitation, attended with the usual exchange of vides for the payment by France of £12,500,000 annotes between the British and French Governments, nually over 62 years, or a total of E775,000,000, in
and "conversations" between the Foreign Ministers settlement of a debt whose total amounts to about
of those two countries, a French note replied to the £1,800,000,000. The annual payments represent a
German suggestions. A month later came a second little less than 2% interest on the total amount to be
German note which traversed some of the conten- paid, so that in effect the obligation of the reduced
tions of the French note on grounds of principle but principal is to be discharged by the payment of a
not of detail. Then followed a further exchange of very low rate of interest for 62 years. The payments
notes between Paris and London, and another con- are to be a charge upon the French Treasury irreference. On Wednesday last a second French note spective of any receipts of France from reparations
in reply to the second German note was made pub- under the Dawes Plan, although M. Caillaux, in a
lic, followed immediately by a German communique statement issued to the press, intimates his intention
to ask later for a guarantee that the aggregate
replying to the French statement.
With so much expenditure of time and thought, amount to be paid by France to all its creditors, on
chiefly, it would seem, on the part of the Foreign war debt account, shall not exceed the amount reOffices of Great Britain and France, one would nat- ceived in reparations from Germany. All of this arurally expect that the matter at issue, obviously of rangement, however, is made contingent upon the
the greatest importance for the peace of Europe and .settlement which shall eventually be made in regard
of the world, would at least have been satisfactorily to the French debt to the United States. If a conceselucidated, and the settlement of the controversy sion similar to that which has been offered by Great
brought appreciably nearer. Neither the latest Britain is offered by the United States, then the LonFrench note nor the German response, however, don terms will stand. If not, then the same terms
seems to register any notable progress. The French that are demanded by the United States are to be exGovernment, speaking as before for the other Gov- acted by Great Britain from France.
Newspaper dispatches from London have given
ernments associated with it in the security proposal
as, well as for itself, reiterates its previous declara- prominence to the report that Mr. Houghton, the
tion that a security pact must not impair the obliga- American Ambassador to Great Britain, has played
tions of the peace treaties or relieve Germany from an important part in the Franco-British debt settlethe conditions which those treaties impose, insists ment. It has even been intimated that Mr. Houghthat the dangers of a one-sided application of sanc- ton went so far as to inform M. Caillaux of the terms
tions which Germany professed to see in the Freud. which the United States would be inclined to accept
idea of arbitration do not in fact exist, and again from France, thereby enabling M. Caillaux to talk
Auo. 29 1925.]
THE CHRONICLE
1027
to better advantage with Mr. Churchill. The story ing" for wages is not exercising "labor power," for
may well be viewed with suspicion, especially in the that can only be exercised in actual work or producabsence of confirmation from Washington. There tion, it is exercising a coercive force through the
will perhaps be some American concession to France power of numbers, it is employing unionization to
when the French debt comes to be discussed, but un- defeat or destroy production by "strikes" and the
less the War Debt Commission abandons entirely stoppage of work and silencing of machines.
the ground which it has consistently held, that,
What would become of the unions if they exercised
namely, of basing the terms of settlement upon the this power of combination and conspiracy to the incapacity of the debtor nation to pay, any talk of such crease and maintenance of production by compelling
a sweeping concession to• France as Great Britain 'members to work for less wages that great industrial
has accepted is idle. A disquieting feature of the plants be not idle and the consumers be not left to
transaction is the intimation that Great Britain, in suffer? We often read of stock distribution among
making extremely easy terms with France, has employees by employers, but we do not find the
shrewdly undertaken to put upon the United States unions clamoring for this form of participation in
the onus of playing the Shylock in the debt settle- industrial production. Stoppage of immigration and
ments. If such is the intention, the step that has labor banks have nothing to do with increased "probeen taken is rather too transparent, we think, to de- duction" on the part of "labor." These modern ways
ceive the War Debt Commission, even if it does not of increasing wages through scarcity of men and of
react to stiffen the attitude of that body. We prefer, paying workingmen depositors an extra share in
however, not to impute questionable motives to any banking profits have nothing to do with "keeping up
Government. It seems more probable that Great production." Shutting out foreign workmen in orBritain is willing to settle with France for what it der to make employers pay higher wages cannot posthinks it can get, than that it hassought to embarrass sibly increase the general industrial output. True,
a friendly Power which is also its best customer.
stockholders in banks must share the losses as well
Be all this what it may, the much-heralded "debt as profits, but banks are not industrial producers in
settlement" between Great Britain and France turns an original way, though well-directed credit fosters
out to be, upon examination, no definitive settlement production. This thinking in terms of massed men
at all. Its effectiveness depends, in the first in- who may and do exercise coercive power is very far
stance, upon an action by the United States which is from any real participation that "plays its part in
very doubtful, and, in the second place, upon •the keeping up production." Not only does this organwillingness of Great Britain, if M. CaiHum and his ized part of labor assume to speak for and represent
Ministerial colleagues insist, to allow the payment all labor, but it concerns itself almost solely with inof the war debt to be inseparably mixed with the pay- creasing wages, regardless of production. And
ment of reparations. We have had, in other words, through its leaders this part is instrumental in creanother conference, but no assured action; only an ating the consciousness of separation from the body
Interesting program with several alternatives and of industry.
conditions. There is hardly need to remark that
If we look upon the matter from a social standcontroversies are not settled until they are settled, point there is no such thing as a laboring "class" in
that debts are not paid until they are paid, and that America. No one but a fool "looks down" on a ladevices and arrangements that depend upon other boring man. No man who works and is worthy bethings happening only leave a problem where it was cause of knowledge, manners and gentility, is banbefore—a subject of study, but not yet solved.
ished from society, politics, church or State. There
- —
may be in some small communities cliques or clubs
Class Consciousness—Working Men as "Labor that arrogate a sort of superiority
because of wealth
Power."
and so-called culture, but on all other ordinary
A claim for the "rapid elimination of class lines in planes of life there is no employer
or employee class.
America; a merging of labor and property interests," Democracy is far better
established than that. But
has recently been put forth in the following language: where workingmen
and their families gather into
"The feeling of working-class inferiority will not sur- massed life, and
imbibe the teaching of a false infevive in America. We cannot indefinitely treat the riority complex
by virtue of union preachments, they
working man as mere labor power. He has to have themselves are
largely responsible for class division.
some form of participation in the management of in- There may
have been a time in the old South, with
dustry. . . . The trade union may be expected to its Feudal
imitations, when work was held to be a
extend its power so that it will not remain a purely disgrace.
But that long ago disappeared. Now all
bargaining institution. It will have to play its part men
worthy the name work. And in a former Southin keeping up production." There is nothing remark- ern State,
Maryland, there has been enacted a law
able in this statement, nothing new. We are im- that all men
must work, at something. The great
pelled to consider it, for a time, merely because it is difficulty is
that union labor, so-called, is obsessed
a reflection of class consciousness. Those who think with its solidarity. In
reality but a small part of
on labor from the union standpoint alone are the labor,it has learned to think in
terms of labor, rather
ones who inherently treat workingmen as "labor than of citizenship. It is in
thought constantly oppower." Employers do not hire mere labor power, posing
itself to an imagined "capitalistic" class, a
they hire men. They may be, and Often are, adepts in "class" that cannot be bounded
or defined.
the use of machine power, but they hire men indiNot a year, not a day, passes but some man passes
vidually to perform certain work in certain indus- from poverty to.affluence. In the
same way and
tries. Unionizing workmen in trades and then fed- time men of fortune become poor.
Stock ownership.
erating these unions into one organization so that admittedly, is spreading. And in
truth every man
those who lead come to think on this federated power who owns in his own right a foot of soil, a
kit of tools,
as "labor" is what fixes, if it does not originally es- a cottage by the side of the road, a horse or a
cow or
tablish, "working-class inferiority." Yet "bargain- an automobile (be the last "ever so
humble") is 3.1
1028
•
THE CHRONICLE
[VOL 121.
capitalist. A man with a hundred thousand dollars is necessary to put it into action. In some way, more
in any form of investment is counted by a multi- or less openly, it must invade politics and attempt to
millionaire as a "poor" man, but to the clerk in the secure laws. It must fight somebody or something,
store, the farmhand in the field, he is enviable. How and naturally, it sets itself against "capitalist" or
can there be, in view of these facts, a poor "class" or "employer." The difficulties men encounter in the
a rich? But in "America" all men have opportunity race of life it must charge to some secret and soulless
in some form. No man but an occasional crank or a opposition. Good-will is not fostered, but is forbidtramp refuses to better his financial condition by den. Successes that are attained every day through
legitimate methods. There may be, there is, by a eer. initiative and enterprise are thrust aside. Because
tamn element, undue laudation, it is not respectful some remain poor all must be made rich. And the
veneration, of the rich. And with these, all the rich war is on. We can easily go back to a time when no
are bunched together. But it remains for politics such condition of thought or "feeling" existed. Many
and "labor" to set these rich men apart into a "class." a great fortune of to-day was created in this period
Would any one of these fortunate ones refuse to of free-will between employer and employee. Condrive a good bargain with another? Are they banded gestion and complexity in to-day demand a different
together in actual and embittered opposition to procedure, but they do not annul the principle. And
workingmen they must employ in order to make-their if it be admitted that men gain power by association,
capital prolific? No, this whole concept of class do they not also lose it when they surrender the indedivision is erroneous.
pendence of self to an iron-bound combination? And
We are far from saying there are no industrial or- if a poor man is hampered by poverty, is not a rich
ganizations for their own betterment. But when an man hampered by weaith ? And can any man be free
organization of miners, for example, threatens a who is not in himself independent?
The dignity, worth, and joy, of work, are not fos"strike" to enforce recognition of the "union," higher
wages, abolition of business practices, and better tered by herding men together and inducing them, by
living conditions, and writes letters declaring who specious pleas, to measure their own value by wages
shall be made the representatives of owners in a and wages alone. This process creates class and
joint council, which of these opposing forces can be awakens opposition. Capital is no more independjustly charged with creating "class" and fostering ent of wage, than wage should be of capital. They
division? Ours is a country without a military cannot divide without harm to each. The "free"class." In politics and economics there is such lance" worker can always find something to do. Carfreedom as to preclude the establishment of "class." penters and plasterers, because organized into sepAnd if class there be it exists in the minds of labor arate camps, come to be enemies working upon the
agitators who cannot see the beam in their own eyes. same building, when they are really co-partners in
To talk, then, of a "feeling of working class inferior- the work that goes into the building.. Work is the
ity" is to talk nonsense. Farmers work, they have thing, not wage. Unorganized millions work, and
had numerous experimental organizations, but they produce, and are paid, according to the general value
do not form an "inferiority" class, in their own eyes, of their services as fixed by the interchange of all
or in the minds of merchant or manufacturer. We labor. Class consciousness is not conducive to huare prone to think and say of our own vocation that man and humane brotherhood. You cannot truly
it is superior to others. But class in the sense of federate labor save by teaching its necessity, value,
caste does not exist. And the sooner the "working- and inter-dependence. When for any reason the
man" in thought gets himself out of .the artificial plasterers will not work, the carpenters cannot; and
and imaginary class "leaders" have constructed for vice-versa. This is not taking a conscious and honorable part in production—it is a dog-in-the-manger
him the better it will be.
By the creation of this pseudo-class it is made policy. It is the employees and not the employers
harder for work and worth to succeed. It is drawing who are class conscious. And a point has been
the circle to shut the other man out instead of draw- reached in America and England when unorganized
ing a larger circle to shut all men in as Edwin Mark- "labor," about nine-tenths of the whole for this coun.
ham would have it. Why work in "America" is the try, should understand that this unionization of
most honorable thing we know. But the "working- trades labor prevents the even distribution of work
man" who persists in running with the so-called and wage under their natural laws.
herd, with all his "inferiority" complex, cannot
Consolidation of the Railroads.
rightly ask to associate with free men, be they rich
President Coolidge's reported attitude is likely to
or cultured, or what not. He is his own imprisoner.
He builds the high wall he complains about. Some make railroad consolidation an important question
plants "pay for ideas" and competition is open to all. in the coming session of Congress, at least so far as
In a few years a skilled worker, or a man of valuable concerns further amending of existing restrictive
ideas, or an inventor of machinery to increase "pro- legislation.
Consolidations of one kind and another are in eviduction," may step out of one factory he does not
own into one he does own. But these men do not dence on all sides. In mills of cotton, wool, steel and
prostrate themselves as beggars at the doors of Gov- flour they have long been familiar. Even the banks
ernment, nor do they depend upon the manipulations and trust companies have been reaching out in this
of unions to make them rich. They do not supinely direction. Independent and rapidly developing
accept the idea of "class," but courageously set about power companies have given rise to more comprehenmaking a class of their own with one member and sive organizations like the Hydro-Electric Power
no more. This "class" fetish leads to dependence, to Commission of Ontario, combining the capital fursloth, to socialism, and is opposed to the individual- nished by various towns and cities with that supplied by the Provincial Government, the Giant Power
istic nature of our institutions.
thinkPlan
this
of the Governor of Pennsylvania, and the vaof
mode
of
evil
the
to
come
And now we
ing. Having thus created an imaginary "class," it rious holding companies combining numerous indi-
AuG. 291925.]
vidual power ownerships. In the retail business of
the land the great department store uniting many
departments and many varieties of merchandise has
long held established position, and of late has been
paralleled in innumerable "chain stores" extending
across the country. What more natural than that
the railways, the greatest business of all, should rec
ognize the trend and in anticipation of an extensive
change seek greater freedom of .action than under
existing legislation they have possessed?
When Congress in 1920 took cognizance of .the
situation it passed the amending Transportation Act
and turned over to the Inter-State Commerce Commission the duty of preparing a plan which should
work out still further the details of the problem. The
Commission has given much attention to the matter
and has granted extensive hearings on the subject.
A tentative plan which it has produced and published
will doubtless be the basis of any action. Affecting,
as it does, through the railways the entire life of the
people, it becomes of such vital concern to all, that it
cannot fail of attracting attention.
The difficulties in the way are many and there is
much diven ity of opinion. The undesirability of
making permanent Government control, which w is
exercised temporarily as a result of the emergencies
of the war, was recognized in the Transportation
Act, and Government ownership may be regarded as
definitely eliminated.
The details of the tentative plan adopted by the
Commission in August 1921, with the more important of the reports, are fully presented and discussed
by Professor plawn of tho University of Texas in
his new book.* Mr. Splawn is one of the many professors in our universities who are following the example of President Hadley of Yale in serving on railway commissions and boards and devoting themselves to the study of the practical problems of transportation.
The chief problems of the situation as they are
developed to-day are the availability and common
use of terminals as they exist in the larger cities and
ports; the special needs of the weak roads which have
been in fact little heeded in the discussions, though
Congress made them a leading consideration; and
the determining of what should be chief lines of
transportation as governing possible grouping of
roads. Terminals in New York; the disposition of
the Chicago Milwaukee & St. Paul RR.;and the question whether the roads in New England should be
treated as a unit, or linked up separately with outside trunk lines, are illustrations of the problems in
their more acute and strongly debated present form.
Obviously, solutions must be reached; and there
are those who advocate compulsory consolidation.
But the difficulties in the way of this are so great
and the general objections on the ground of experience with various forms of Government control are
so serious, that it may be considered as ill-advised
and inexpedient.
Permissive consolidation should certainly not be
restricted. It has been going on almost from the
beginning in the uniting of small lines to create
larger ones or to increase facilities for growing demaids. How much more extensive it should be and
under what pressure to guide its direction and hasten
its introduction is the question before the country.
The tentative plan suggests certain lines. The rail*"The Consolidation'of Railroads," by Walter W. Bplawn, Ph.D. Macmillan Co.
1029
THE CHRONICLE
road officials are wrestling with it, for interests are
very diverse and often opposed, and the public, who
are the ones ultimately most concerned, await action
which cannot fail to be affected by their expressed
opinions.
Each road or group of roads is chiefly concerned
with its own particular interests, and these will have
to be taken up separately—in fact, some are under
consideration by the Commission at the present time.
But the pros and cons of the general situation can
be briefly stated and the arguments on both sides
deserve to be weighed.
The advantages claimed for consolidation are in
brief: Solid train movement; uniform roadbed and
equipment; large scale economies through joint use
of terminals, yards, motive power and cars; standardized locomotives and cars, short route freighting,
elimination of competitive expense and reduced cost
of management; with easier adjustment of rates,
well-assured returns on invested capital and the
avoiding of excessive earnings.
In reply, it is urged that consolidation will not
reduce the cost of raw materials, of taxation, or of
wages. Setting these aside, only a small margin is
left for economies, it is argued. They would be a
negligible asset. In consolidation geographical requirements would be overlooked, as they often are
in the large systems, and small communities, gathered in villages around repair stations, shops and
broken up, with much inevitable
the like would
loss and distress. Consolidation will not cure
sources of weakness, the primary object proposed.
Causes of weakness in poor roads have not been inquired into and the larger roads have apparently ignored them in the discussions before the Commission.
Some of the great roads need reorganization quite as
much as any small one. Roads, big or little, poor
because of bad construction or poor location, will not
be cured by consolidation. Much betterment in various ways has been accomplished under existing conditions and any plan outlined should not go beyond
being permissive.
It is to be noted that great and efficient systems
have already grown up. The Pennsylvania system,
for example, was originally composed of 600 different
corporations. These have been reduced to 70 companies now constituting the .Pennsylvania Railway
system. In 75 years of history it represents a gradual growth until it now serves 13 States, and exchanges freight with 157 railroads at 750 different
exchange points. During the past 30 years it has by
consolidation or absorption eliminated 127 companies. A similar story might be told of other roads,
like the New York Central, the Santa Fe and the
Southern Pacific. The authorization and encouragement of consolidation given by the Transportation
Act of 1920 seems to be about all that can be done
under our Constitution. Appeal to the proper Governmental authorities will protect the public against
unwarranted combinations and weak lines can secure refusal of permit to groups that ignore or oppress them.
Our author's opinion is that wholesale combination is unsafe, because as yet no one can say just
how large a railroad should be; no committee can
make a plan suitable for the whole country; the nation is too young to have a fixed system; and it does
not seem possible that any plan, as wisely drawn as
it may be, can properly preserve competition.
Opposition to the plan increased during the hear-
be
1030
THE CHRONICLE
lugs of the Commission and has since been voiced in
the meetings of the Economic Association and the
National Industrial and Traffic League. The ideal
plan has not yet been produced. It will need to be
"based upon the broadest considerations of statesmanship," as Professor Ripley of Harvard says, and
not upon "a narrow opportunism which proceeds bit
by bit, following out the easiest path."
(VOL 121.
.Our author holds that the present plan, with its
marked defects, does not meet this requirement. It
is unreasonable to suppose that the findings of a
Commission rather narrow in scope will be accepted
.if it should take small account of all that has been
accomplished in the line of consolidation by individual and corporate effort successfully meeting the
requirements of the exacting and inexorable years.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Aug. 28 1925.
It is gratifying to notice that wholesale and jobbing business is the largest since last March. coincident with better
crop prospects in the grain and cotton belts. The business
world does not take the anthracite strike ordered for next
Monday very seriously—which may prove unfortunate. A
rise in anthracite prices has already begun, but the householder at this season of the year is not obliged to buy freely,
and substitutes will be used in various parts of the country.
The West in particular is largely independent of anthracite.
Meanwhile the output of soft coal mines is increasing.
Grain has declined during the week, with increasing marketing of wheat. Spring wheat receipts are growing very
noticeably and the Northwest has begun to ship some of this
wheat to Chicago. That of itself has tended to undermine
Chicago prices. Foreign demand, too, for our wheat at the
present time is comparatively small, with Russia offering
freely in the markets of western Europe. The corn crop is
fast maturing and prices have fallen. The weather has been
favorable for it over most of the belt. There are persistent
reports of foreign inquiry for American corn and some
European purchases have been made of oats, rye and barley
in American markets. Oats and rye are considered relatively
cheap. Cotton has declined about $4 a bale and the impression is spreading that the crop is larger than was estimated
in the last Government report. Instead of 13,990,000 bales
there is, rightly, or wrongly, a growing belief that the yield
will turn out to be 14.500,000 bales, if not larger. Meanwhile
the cotton exports have slackened of late and the spot markets at the South are steadily falling, as the cotton is rushed
to market in an earlier season than usual. Petroleum has
been steadily declining, as supplies increase and the demand
fails to keep pace with it.
Coffee has advanced 1 to 1% cents during the week, with
Brazilian markets rising and a steady demand here, where
prices have been below the Brazilian parity. Some increase
in the daily receipts at Santos will be permitted by the
Brazilian Government, but it amounts to only 5,000 bags a
day, not enough to prevent the steady rise of prices. Sugar
has latterly been firmer, with rather better demand for the
refined product, and fair buying of raw sugar by the refineries. There is a steady increase in the car loadings.
especially of coal and grain, though there is also a large
quantity of other commodities being transported. This is
certainly a welcome indication of a steady demand for merchandise in general, whether it is in small lots or not. Forward buying is not supposed to be on a large scale, but the
buying to supply immediate wants is persistent and widespread and in the aggregate of imposing proportions. Naturally, the retail sales of summer goods are beginning to
flag. Recent prolonged heat in many parts of the South had
more or less detrimental effect on trade there. It is regrettable to notice, too, that the protracted drought in the South
Atlantic States, as well as in Tennessee, has affected industry by curtailing hydro-electric power to the mills. It is
hoped these conditions will soon be relieved. There is reascn to expect that they will be. Coke has advanced with
coal. Pig iron has been rather Miner, with a steady demand for small lots. Steel still slows signs of an easing of
prices now and then under the stress of admittedly shar.
competition. But it is believed that the general trend in
the iron and steel business is towards better conditions later
in the year. One indication that general trade is not so depressed as some are inclined to think, is the increase in the
earnings of the railroads for July. It is noticeable, however,
that declines in commodities of late have been twice as numerous as advances. And the cotton textile industries show
no improvement. At the North business in goods is dull
and at the South Atlantic States the mills are hampered in
not a few cases by the low stage of the streams and some
restrictions imposed on operations by the power companies.
But manufactured goods are being bought by foreign markets on a fair scale. In fact, taking the American trade as
a whole there was a large increase in exports in July. Perhaps it is a fact not without significance that the Jewelry
trade in the East is increasing. The shoe industry is more
active. The midsummer output of automobiles is unparalleled in the history of the business. Rubber was lower at
one time and then turned upward. But thndemand has not
been brisk on this side of the water. Wool has been lower
in some cases and trade not at all active, to say the least,
though Boston repirts somewhat larger sales. The silk
trade still makes the best exhibit of all the textile industries, followed, it is said, by the business of the woolen ani
worsted mills. In tb( Jobbing trade the Middle West makes
the best showing, especially in the corn belt. The business
In lumber is larger than that of a year ago. Money rates
have latterly shown some tendency to rise, but to-day the
call rate was down to 4%. Foreign exchange has latterly
declined somewhat.
A strike of 158,000 anthracite coal miners has been called
for Monday, Aug. 31, at the order of John L. Lewis and his
associates. It will cost the miners $1.000.000 a day in wages.
Some 112,000,000 people are to be held up by 158.000 or more,
likely by a half a dozen labor leaders who wish to "save
their face" by doing what they had threatened to do. Either
that or else they were perhaps puppets in the hands of the
more powerful soft coal unions as in the prolonged strike of
1923. The recent strike of marine firemen in London, Southampton, New Castle and Sydney, Australia, with 50 vessels
tied up in the Australian port and trouble brewing in Melbourne may or may not have been fomented by Reds in Moscow. But labor trouble is afoot again after the recent
hold-up of the British people by the coal miners. It may die
down for the moment, but it is smoldering. Strange ideas
seem to be afloat; society, it seems, in Dean Inge's phrase,
can be held to ransom. As he puts it. "the country is at this
moment at the mercy of any lawless faction which may
choose either to hold the community to ransom by paralysing our trade and channels of supply or by organized violence against life and property." Has there not been something of the kind in this country? Already it is a serious tax
upon the people that within a week prices of anthracite have
risen 50 cents to $1 a ton. It is hoped that non-union bituminous miners may be able to supply the demand. At least
temporary substitutes will be found for anthracite in the
shape of bituminous, oil or hydro-electric power. "Necessity
is the mother of invention." The unions may find that
power misused is apt to vanish. Only the forbearance of
the people has tolerated It in the past. The people are growing ominously tired of it.
At New Bedford, Mass., the plants of the Pierce Manufacturing Co., Pierce Bros., Ltd., and the Grinnell Manufacturing Co., all cloth mills which have been running full time
and employ 2.400 workers, will close down Saturday, Aug.
29, to reopen the day after Labor Day, Sept. 7. At Pittsfield, Mass., 700 woolen goods weavers who went on a strike
Aug. 15 have agreed to arbitrate. At Andover, Mass., the
Smith & Dove Linen Thread Co. have cut wages 10%, which
led to a strike. At Manchester, N. H., the Amoskeag mills
will close down Aug. 28 for the usual annual 10-day shutdown. At Woonsocket, R. I., the Alice, and the Millville
plants at Millville, Mass., of the Woonsocket Rubber Co.,
will return to the five-day-a-week schedule on Sept. 14, with
wages of 2,000 workers reduced. In Rhode Island the mills
of the B. B. & R. Knight, Inc., will not be reopened Aug. 31,
as planned by the co-receivers. At Greensboro, N. C., mills
AuG. 29 1925.]
TUT eliTtnNTCLE
1031
closed on Thursday for one day owing to low water. In tures
there have risen again here and there. In Canada durNorth Carolina and South Carolina a total of 5,000.000 spin- ing
the week there have been frosts with rumors of snow
dles is affected by low water, which compels mills served not
confirmed. It was 46 at Montreal on the 27th inst. The
by the Southern Power Co. to close one day a week.
trend now is towards wirmer weather in New York and
Water famine prevails over a large section of the South, New England. This afternoon it
was 66 here, after being
including parts of Kentucky, southwest Virginia, western down to 54 at 4.45 a. m.
to-day.
North Carolina, South Carolina, Georgia and Tennessee.
Without food or water for them, many farmers are selling
their cattle. Atlanta, Ga., and Macon, Ga., street cars are Wholesale Trade in Federal Reserve District of New
York During July 10% Above That of Year Ago.
running on half schedules because of a shortage of water
According to the Sept. 1 "Monthly Review of Credit and
power. This is also the case at Charlotte, N. C. Durham,
N. C., mills are affected to some extent by the water short- Business Conditions" by the Federal Reserve Agent at
age, notably the Durham Hosiery Mills, Inc. Many mills. New York, "Trade of representative wholesale dealers in
this district during July averaged 10% above a year ago,
however, will use steam power. Most of them are
running
on full time and some are operating at night. Knoxville reflecting increases in a majority of the reporting lines."
, Commenti further,
ng
the bank, under date of Aug. 27, says:
Tenn., wires that the hydro-electric power has failed for
the
The largest increase occurred In women's coats and suits,
first time since it was installed there ten years ago.
was probIn ably due chiefly to the fact that sales last year were unusuallyand
small because
South Carolina prolonged drought has affected industrie of labor troubles Machine tool sales, however,
s
were also substantially
larger than last year, silk goods business was maintained at a high level,
of Spartanburg, S. C., very.plainly. Curtailments are
being and considerabl
e gains occurred in men's clothing, cotton goods, shoes
ordered at several cotton mills because of lack of
power and diamonds.
The sharpest curtailment reported is that from
Stocks of wholesale shoe dealers continued to expand, whereas a year
Spartan
ago they were being sharply reduced, and stocks of grocery and
mills, which expected to shut down its No. 2 plant
Jewell?
on Mon- and diamonds
were likewise larger than a year ago, although the increases
day, possibly for two weeks. A part of the machiner
y in were not so large as in previous months In the cases of cotton goods
Saxon mills was stopped for 48 hours. Chesnee mills
were and silk goods stocks continued smaller than last year.
still operating on a full-time basis, but partial
Net Sates
- -Stock at End of Monthcurtailment
Percentage Change.
Percentage Change.
may be made there. Cotton mills utilizing energy
July 1925
July 1925
July 1925
furnished
July 1925
from
from
by the Blue Ridge Power Co. have agreed to a partial
from
from
CommoditycurtailJune 1925.
July 1924. AIM 1925. July 1924.
Groceries
ment in order to conserve the water in the two
+2.1
+2.3
-4.9
+3.8
ponds on Men's clothing
+54.8
+20.3
Green River in North Carolina. The Enoree
dresses
-38.6
-11.0
mills, a few Women's
Women's coats and sults
+523.5
+130.0
miles south of the city, were unable to start up late
+12.4
last week Cotton Jobbers
+9.6
+3.6.7
2:1
.2
;
Cotton commission houses
because of the low water in the Enoree River
-9.5
+9.9
and closed Silk'goods
-14.2
+24.0
*-1-I1
•.2
.a
down indefinitely. The Pacific mills and
Shoes
-6.6
+11.1
+7.4
+59.5
bleachery, at Drugs
-1.2
-7.7
-- -Lyman, S. C., reported that while no curtailments
-11.9
+3.4
have been Hardware
-:--9:4
Machine tools
-13.5
+56.6__made yet, notice has been received from the
Southern Stationery
-7.5
+2.2
Power Co., which furnishes energy for the
Paper
-1.7
plant, that a Diamonds
+17.3
+15.6
(L77.5
-i-iii
zoning system will be begun unless rains occur
-8.5
-3.2
immediately Jewelry
and that a shutdown of one day a week will be
Weighted average
+8.7
+10.2
required.
The Southern Power Co. system will be divided
into five
*Stock at first of month; quantity, not value.
zones and one of them will be cut off from power
for a day
each week as long as the drought continues. The
South Federal Reserve Board's Summary of Business
Carolina Gas & Electric Co. reports having
Conrequested the
ditions in the United States-Upward Turn of
cotton mills using its power to reduce their
consumption by
Production in Basic Industries.
100 to 200 horsepower each. At Gastonia, N. C.,
it is said.
Production in basic industries turned upward in July
over 1,500,000 pounds of combed yarns will be
eliminated
from present production of Gaston County mills
continuous decline since January, says the Federal
by power after a
Reserve Board in its monthly summary of general business
curtailment, which becomes effective next week.
At the
present time these mills are running on full time.
and financial conditions, in the United States, made public
Greenville, S. C., advices said that drought in upper
Aug. 27. Wholesale prices advanced further, the Board
South Caro.
lina had affected cotton mills there and also in
states,
and the distribution of commodities continued in
central South
Carolina. Grass is said to be growing in the bed
large volume. The Board's summary adds:
of the
Saluda River of South Carolina, one of the main
Production.
water
courses. It causes curtailment of electric power.
The Federal Reserve Board's index of production in basic industries.
An offi- which
makes allowance for usual sea scnal variations, advanced by about
cial of the Southern Power Co. declared that the
present 2% In July to a point nearly 20% above the low level of a year ego.
drought is the worst experienced in 35 years. Macon,
Increased
output was shown for lumber, coal and cement, cotton conGa.,
sumption declined less than usual at this season, while the output of the
wired that cotton mills of the South have been forced
in most Iron and steel industry
and the activity in the wool industry continued to
Instances to rearrange their schedules of operation
s, owing decrease. In nearly all the industries activity was greater than in July
to the unprecedented drought. The Central Georgia
of
last
year.
Power
Among industries not represented in the index the production of autoCo., which distributes the power to mills throughout
a big mobiles. rubber tires and silk continued
to be large.
section of Georgia, has found that there is not enough
Volume of factory employment and earnings of Industrial workers
power
available in the daytime to keep all mills running.
declined further In July, seasonal increases in the clothing, shoe, and meat
Streams packing
industries being more than offset by decreases in the other industries.
are running so low that a genuine water famine is
threatBuilding contracts awarded in July were in only slightly smaller volume
ened in several Southeastern States.
than the exceptionally large total reached in June and the total for the
first seven
At Highland park, N. C., a group of gingham
mills has period. months of this year exceeded that for any previous corresponding
closed on account of dulness of trade. At Paterson,
N. 3.,
Estimates by the Department of Agriculture indicated a less favorable
ribbon mills are operating now at 60% and
prospects look condition of all crops combined on Aug. 1 than a month earlier. Expected
yields
of corn, wheat, rye, tobacco and hay were scmewhat smaller than
better.
in July, while the indicated production of oats, barley and white potatoes
At midnight, Aug. 25, expressmen of the New York
Trans- was larger. According to present indications the yields of all principal
fer Co. and the Westcott Express Co., handling
baggage at crops, except corn and barley, will be smaller than last year. The midAugust cotton crop estimate was 13,990,000 bales, as compared with a
the Pennsylvania station and the Grand Central
terminal, forecast of 13.566,000 bales on Aug. 1.
walked out on strike. At Webster, Mass., about
500 em•
W`
Trade.
ployees at the A. J. Bates shoe factory went on strike
against
Freight car loadings during July were larger than in June. Sales at
a 10% reduction in pages on piece work. This is the
second department stores showed less than the usual seasonable decline In July
reduction within two months, the employees having
and were 3% larger than a year ago, and mail order sales were considerably
accepted above those
of July 1924.
one 5% cut.
Prices.
The registered unemployeed in Great Britain as of
Wholesale prices advanced further by nearly 2% in July, according to
Aug.
18 were 1,298,400, compared with 1,269,800 in the previous the index of the Bureau of Labor statistics. Prices of farm products
and of miscellaneous commodities rose over 4%, reflecting chiefly inweek.
creases in livestock and rubber, while in the other commodity grcups price
After the recent cold spell came some days of warm changes were
relatively small. The general level of prices in July was
weather culminating on the 26th inst. with a maximum tem- 9% higher than a year ago, the rise being chiefly in agricultural comperature here of 89 degrees. But overnight a cold wave modities. In August raw sugar, potatoes, silk, metals and fuels advanced,
while ••••••'n-,leather, hoes and rubber declined.
arrived and the mercury fell here to 56, and in Boston to 52,
irr
ppprillf Bank Credit.'
PPM"'and in Portland. Me.. to 50. On the 27th inst. it was 62 at
Demand for commercial credit at member barks in leading cities inChicago and Cleveland, 64 at Cincinnati and 60 at St. Paul. creased in August and the volume of commercial loans on Aug. 12 was
It has been much cooler at the South. Latterly the tempera- larger than at any time since the middle of May, but still considerably
below the level at the beginning of the year. Loans
and securities increased
[VOL 121.
THE CHRONTCLE
1032
between the middle of July and the middle of August. while the banks' carried Into the total New England figures, only a very small increase, 11
any, would have been evident in the total district figures, as compared with
investments showed little change for the period.
Discounts for member banks increased at all the Reserve banks in recent July. 1924. Thus. New England department stores as a whole have not
yet reached or exceeded their estimated "normal" volume of sales for any
a
and
weeks and the total on Aug. 19 was the largest In more than a year
half. The reserve holdings of securities and bills bought in the open month so far this year.
In wholesale lines, New England grocers were not able to exceed the
market continued to decline, but total earning assets in the middle of
volume of business received in July of last year. while the wholesale shoe
August were near the high point for the year.
for the second consecutive month reported a very large increase
concerns
During the latter part of July and the first half of August conditions
in the money market were somewhat firmer. The prevailing rate on over a year ago Wholesale shoe sales last year were the poorest In any
prime commercial paper, which had remained at 3% to 4% since early year since before 1919. at least, so that even the large increases now being
reported bring the volume of business up to only fair levels. During July,
May, advanced in August to 4%%.
however, the average wholesale shoe concern enjoyed relatively better
conditions than during any pre% ions month of this year. Collections were
DisJuly Department Store Sales in Federal Reserve
made at a more satisfactory rate than previously Returned goods were
of the smallest volume of any time this year and the rate of turnover of
trict of New York Compared with Those of
merchandise was high
Year Ago.
Variations in New England credit conditions are outlined in the following
Stating that "department store sales in this district aver- table'
CONDITIONS-PERCENTAGE OF TOTAL ACCOUNTS
aged 2% larger in July than a year ago," the Federal Reserve CREDIT
OUTSTANDING AT THE FIRST OF JULY COLLECTED
Agent at New York in the Sept. 1 "Monthly Review of Credit
DURING JULY.
1925.
1924.
and Business Conditions" says:
54.0%
Boston Department Stores
51.7%
40.2
41.2
If allowance is made, however, for an extra selling day this year for stores Boston Women's Apparel Shops
55.6
57.1
in New York City and vicinity, the sales, on a working day basis, fell slightly New Haven Department Stores
55.9
Providence Department Stores
58.7
below those of a year ago, despite Increased floor space In a number of the New England Department Stores
53.8
51.4
71.5
stores. In the case of apparel stores, the unadjusted sales averaged 3% New England Wholesale Grocery Concerns
74.2
33.5
New England Wholesale Shoe Concerns..._
33.3
smaller than In July 1924
Stocks of merchandise on hand in reporting stores were 4%% larger than
During July young people's clothing and furnishings and both men's and
in last year. a somewhat greater increase than occurred In sales The women's shoes sold well, while sales of women's clothing and accessories.
year,
last
below
rate of turnover for the month, In consequence fell .lightly
men's clothing and cotton dress goods were relatively poor.
though for the year to date the average continues slightly above 1924.
The following table shows the condition of sales and stocks in some of
the leading departments of the New England department stores during the
Stock on Hand
first seven months of this year, as compared with the corresponding months
Net Sales
Percentage Change Percentage Change in 1924:
,
July 31 1925
July 1925
from
from
SALES AND STOCKS BY DEPARTMENTS NEW ENGLAND DEJuly 31 1924.
July 1924.
PARTMENT STORES, JANUARY THROUGH JULY 1 1925.
COMPARED WITH JANUARY THROUGH JULY, 1924.
+5.1
+2.1
New York
Stocks.
Sales.
+2.9
+3.6
.Buffalo
-2.1%
and
Silk
Velvet Dress Goods
+13.8%
-0.5
+6.5
Rochester
+1 6
Woolen
Dress
Goods
-16.5
+5.9
-4.7
Syracuse
-8.5
Cotton Dress Goods
-9•2
+8.8
+1.2
Newark
+3.0
Silverware and Jewelry
-5.5
+4.9
+2.8
Bridgeport
-7_5
+5.9
Men's Clothing
-3.8
+5.0
Elsewhere
-9.0
Men's Furnishings
+3.0
+3.3
Northern New York State
+5.2
Wear
Boys'
+4.1
-0.4
Central New Ycrk State
-2.0
-10.0
Women's Ready-to-Wear
+3.2
Southern New York State
-4.0
-Wear
Misses' Ready-to
-3.1
+11.3
River
District
Hudson
Valley
+5.2
+13.1
Juniors' & Girls' Ready-to-Wear
-7.9
Westchester District
-2.1
+0.7
Millinery
+4.5
+2.3
All department stores
-12.0
St
-15.2
Women's
Children's
Gloves
-0.9
-2.9
Apparel stores
-3.4
Corsets and Brassieres
+0.6
+29.2
Mall order houses
+0.5
+3.4
Women's and Children's Hosiery
+5.0
+2.1
Knit
Silk
Glove
Inc.
Underwear,
books
goods,
sporting
in
were
year
last
over
The largest increases in sales
-3.7
-5.0
Silk and MuslinUncilrw•ar
and stationery, luggage and leather goods, and toilet articles and drugs. Women's and Children's Shoes
-16.0
+6.1
-2.0
Furniture and home furnishings continued to show large gains, and there Furniture
+1.8
Silk goods and apwere substantial increases also In shoes and hosiery
year
a
with
favorably
so
parel sales: on the other hand, did not compare
ago as in June, and cotton goods showed a sharp decline.
July Chain Store Sales in New York Federal Reserve
The average value of the individual sales transaction in July was $2 41,
District 20% Greater Than Last Year.
as compared with $2 38 a year previous
Stock on Hand.
Net Sales
Percentage Change Percentage Change
July 31 1925
July 1925
from
from
July 31 1924.
July 1924.
Toys and sporting goods
Books and stationery
Luggage and other leather goods
Furniture
Toilet articles and drugs
Hosiery
Home furnishings
Silverwear and Jewelry
Shoes
Linens and handkerchiefs
Women's and misses' ready-to-wear
Men's and boys' wear
Silk goods
Men's furnishings
Woolen goods
Women's accessories
Cotton goods
Miscellaneous
+33.7
+20.8
+17.7
+16.1
+16.1
+12.0
+10.9
+9.2
+9.0
+8.1
+6.8
+4.9
+2.6
+2.0
+1.4
-0.7
-10.0
-3.2
+2.8
+2.3
+10.0
+1.8
+12.1
+4.9
-3.0
-3.0
+3.6
+5.2
+1.5
t5.6
0.2
1.4
+1.3
-0.2
+12.7
-1.2
Regarding chain store sales in the New York Federal
Reserve District, the Sept. 1 "Monthly Review of Credit
and Business Conditions" by the Federal Reserve Agent at
New York says:
July sales of 50 reporting chain store systems were 20% larger than in
July last year, accompanying an increase of 19% in the number of stores
operated
While all types of chain systems reported Increases In total sales, the largest gains, both in sales and number of stores, continued to be in the grocery
and variety systems. In the case of shoe and tobacco chains, however the
Increases in sales failed to keep pace with the opening of new stores, so that
sales per store In these groups were below last year.
Percentage Change July 1925 from July 1924.
Type of Store.
Grocery
Variety
Ten-cent
Drug
Candy
Shoe
Tobacco
Number of
Stores.
Total
Sales.
Sales per
Store.
+21.9
+17.5
+5.7
+37
+6.5
+21.0
+9.0
+26.8
+22.5
+12.1
+11.3
+9.1
+6.9
+5.6
+4.0
+4.3
+6.0
+7.3
+2.4
-11.6
-3.1
Department Store Sales in Boston Federal Reserve
District in First Half of August This Year
+1.1
+18.7
+20.0
Total
Larger Than Those of Year Ago.
Reserve
According to reports received by the Federal
Bank of Boston, sales of New England aepartment stores Business Conditions in Federal Reserve District of
increased nearly 10% during the first two weeks of August,
Philadelphia.
as compared with the corresponding period in August last
the Philadelphia Federal Reserve
in
activity
Business
year. The Industrial Statistics Division of the Bank, in District generally continues at or above last summer's levels
making this known Aug. 25, says:
although most lines of industry and trade have experienced
This increase was not as satisfactory as it appears on the surface. however.
volume,
sharp seasonal recessions in July and August says Richard L.
sales
small
very
of
month
Inasmuch as August a year ago was a
even considering the season of the year.
Austin, Chairman and Federal Reserve Agent of the Federal
The following summary of wholesale and retail sales is based on the final Reserve
Bank of Philadelphia, in the Bank's Bus,iness Review
figures for July and for the year to date:
dated Sept. 1. Continuing he states:
SALES CONDITIONS.
Factory employment in the district which has declined nearly 5% from
Jan. through July, 1925.
July, 1925.
compared with
the high level of March is still about 5% higher than in the summer of 1924.
through
1924.
Jan.
July,
1924.
July,
Shipments of goods, as measured by car loadings in the Allegheny district.
+5.5%
Connecticut Department Stores_
since April, have been well in excess of these of a year ago although in July
Stores
+5.5
Department
Maine
a seasonal reduction from the June peak occurred. Wholesale distribution
+0.1
+3.5
Massachusetts Depart. Stores_ _ _
+0•8
-2.1
Conditions are somewhat mixed. Most trades showed seasonal recessions in
Rhode Island Department Stores
-4.5
_
__
--2.9
Vermont Department Stores_
July and In all lines except shoes and groceries sales failed to equal those of
-1.5
+4.2
Boston Department Stores
last year. Retail trade was also seasonally smaller but about equal in
+7.4
-7.5
Shops..
Apparel
Women's
Boston
+2.1
volume to that of last summer. August furniture sales are reported to have
+1.5
New Haven Department Stores..
+0.8
-1.6
been unusually succetsful. Check payments In the leading cities of the disProvidence Department Stores.._
-1.0
+3.4
New England Department Stores
trict continued in largo amount in July and exceeded those of last year by
+0.5
-5.1
New England Wholesale Grocers
12%. The active building program continues unabated and the value of
New England Wholesale Shoe
+6.5
new contracts awarded in July in the Philadelphia district was considerably
+16.2
Concerns
month or in July 1924. During the first 7
Boston department stores had an extra selling day during Jelly this year, greater than in the previous
$375,071,000 have been awarded as comwhich makes their percentage change over July, 1924, based on average months of 1925 contracts totaling
in the same period of the previous year.
dairy sales, practically zero. If this adjustment for the extra day were pared with aitotal of $270.182.000
AuG. 29 1925.]
THE CHRONICLE
Building materials, of course, are moving in large quantities
and most
dealers report heavier sales than in the summer of 1924.
The iron and steel markets are quiet and the local industry has
experienced
little change in orders and production. Both anthracite and
bituminous
coal have been moving more actively, especially the former,
demand for
which has been stimulated by the possibility of a strike.
Among the textiles the market for silk goods continues exceptionally
active and the industry is operating at close to 90% of capacity. An
improved demand and strong prices are also reported for cotton cloths
and
yarns. Woolen and worsted goods, too, are selling in larger
quantities
although weaving and knitting yarns are in poor request. The hosiery and
underwear industries have continued fairly active but the market for
floor
coverings has been very quiet Pending the approaching auction sale.
Many shoe factories in the district have increased their production
schedules and purchases of raw materials, and leather markets have been
more
active in consequence. Rubber tire factories are very active, sales and
production being considerably larger than in 1924. Prices have advanced in
sympathy with the sharp rise In crude rubber. Although seasonally slack,
business in paper is larger than in the previous month or last year.
Cigar
factories also report improved demand and increased operating schedules.
The agricultural situation in the district compares favorably with that
of
last year, and in Pennsylvania, the crop condition on Aug. 1
was 3% better
than it was a month previous. The outlook for nearly all crops but fruits
is
good and but little crop damage is reported. Moreover, the
average price,
of farm products is nearly 15% higher than they were a
year ago.
Advance Report for July on Electric Power in the
Philadelphia Federal Reserve District.
The Federal Reserve Bank of Philadelphia says:
Reports were received from eleven systems operating in the
Philadelphia
Federal Reserve District in our second month s survey
of the electric power
industry. These systems had a rated generator capacity
of 800.400 k. w.
and output during July WaS 258.780,000k. w. h.
The comparisons between
July 1925 and July 1924. shown In the accompanying table, are
on the basis
of the returns from these eleven companies. but comparisons
with the previous month are based on the operations of only seven systems.
As compared with the previous year, output during July
was 20.6%
greater and sales were 22.5% larger. Lighting sales, however,
increased
only 9.5%, while sales to industries gained 23.9%. The
seven systems
reporting for both June and July show a decrease of 6%
In lighting sales
between the two months, but an Increase of 3.1 In industrial
sales.
Electric Power (000) Omitted.
Rated generator capacity
k. w
k. w. h.Generated output
k. w. h.
Hydro-electric
k. w. h.
Steam
k. w. h.
Purchased
k. w. h.
Sales ot electricity
k. w. b.
Lighting
k w. h.
Municipal
k. w. h.
Residential and commercial___ _It. w. h.
Power
k w. h.
Municipal
k w. h.
Street cars and railroads
k. w. h.
Industrial
k w. h.
All other
k m. h
** Eleven plants.
* Seven plants.
Jury.
600
256.780
1,268
215,745
39.767
222,291
33,333
4.855
28,478
170,534
1.719
40,870
127.945
15.494
Change from Change from
June,•
1924.**
+ 0.4%
+ 2.7%
___
+ 1.8%
+ 4.8%
+ 2.8%
- 6.0%
- 1.5%
- 5.2%
+ 5.5%
---+12.2%
+ 3.1%
+11.6%
+20.6%
-55.9%
+19.7%
+33.5%
+22.5%
+ 9.5%
+ 5.5%
+10.2%
+21.6%
+33.9%
+14.4%
+23.9%
-I-RR 4M:.
1033
Seventh district; the aggregate gain for July over the preceding month was
45.3%, 28.6% over the same month a year ago, and 13.2% over July 1923.
New business was 8.3% less than in Jan. 1925 when the last mart was held.
Shipments declined 5.1% from June but exceeded July 1924 by 34.3%,and
were 9.5% less than in July 1923. The amount of unfilled orders on hand at
the end of July totaled 30.9% above June 30 and 31.8% above the same
date in 1924. At the rate of July shipments, about 7 weeks' business remained on the books at the end of the month, which about equals last year's
balance. Production schedules have been increased from 76.8% of capacity
in June to 80.8% for July.
Business Conditions in Federal Reserve District of
Minneapolis.
"The pronounced increase of business confidence in this
district as compared with a year ago is an important influence
affecting current and prospective business,'says the Monthly
Summary issued Aug. 28 by the Federal Reserve Bank of
Minneapolis, reviewing conditions in July. The account
for the month also says:
Business conditions In July in this district were quite different trout
those prevailing a year earlier. There was an Increased volume of business
as shown by larger carloadings and greater shipments of ore, coal, flour
and linseed products. There was a greater money value indicated by bank
debits, of which a portion is due to the higher level of prices prevailing for
grains and livestock. Business confidence was decidedly better than s
year ago, as reflected in more permits granted and contracts awarded for
building construction, and a larger wholesale trade, especially in farm
implements, shoes, dry goods and hardware. Speculative interest was
considerably greater, as shown by an increase in grain futures dealt in and
a substantial increase in the sales of stocks, industrial bonds and foreign
bonds, coupled with declining sales of Government bonds. Purchasing
power, particularly in the agricultural sections of this district, was greater.
There were increased sales oflumber at retail and °riffs Insurance. Financing was easier. Federal Reserve Bank loans to member banks were seven
million dollars less than a year ago, interest rates to customers of member
banks were slightly lower, and public participation In the purchase of
securities greater. Interest rates paid by Minnesota farmers on choice
first mortgage loans have reached levels lower than those prevailing at any
time during the past 30 years. The general improvement, as compared
with the preceding year, was well maintained in the early part of August.
The individual debits at banks during the first half of August exhibited a
gain of 21% over a year ago, as compared with a total Increase for the
preceding month of but 13%.
When business conditions in July are compared with those in June, the
declines apparently exceed the gains. Midsummer dulness explains many
of the seasonal declines in the volume of business of different kinds. Speculative interest, as reflected in futures trading in grains, declined. Building
permits granted and contracts awarded declined. Financing conditions,
although continuing easy, exhibited signs of change. Interest rates and
the loans of this Federal Reserve Bank both rose slightly in connection with
harvesting and moving the crops. Public buying of securities was reduced.
Mixed trends were shown in prices of grains and livestock and in wholesale trade.
We are at the turning point of marketing, financing, and spending the
proceeds of another crop. Some hesitation in business conditions during
this pre-crop month are but natural. Business during the coming months
will be determined by the outcome of the prices and the size and quality
of this crop.
Manufacturing Activities and Output in Federal Reserve District of Chicago During JulyAutomobile Production.
Revenue Freight Loadings Continue to Run Above a
In its Monthly Business Conditions report dated Sept. 1,
Million Cars a Week.
the Federal Reserve Bank of Chicago has the following to
consecutive
For
week loading of revenue freight
the
fifth
say regarding automobile production and distribution:
For the third consecutive month a decline was recorded In production of has exceeded one million cars a week, the total for the week
passenger cars, July output of identical American manufacturers aggregating ended on Aug. 15 having been 1,064,793 cars, accotding to
357,830, or 1.9% below June. The recession is seasonal, however,and pro- reports
filed by the carriers with the Car Service Division of
duction continues well ahead of 1924, the gain for July in the year-to-year
American Railway Association. While the number of
the
comparison being 48.3%. Last year after a three months' decline July
output showed a gain of 8.2% over the preceding month. Output of trucks cars loaded with revenue freight up to date this year has
during July this year by manufacturers whose June production was
36.846, exceeded all previous years, the present heavy movement of
totaled 40.493, an increase of 9.9%;the gain over a year ago was 58.0%.
For the first time since February, cars sold by dealers to users were fewer freight began about July18 and has been constantly increasin number than those received by dealers from manufacturers;the July ratio ing, with the result that the total for the week of Aug. 15
of dealers' sales to receipts from manufacturers producing 60.1% of total
the largest of any week so far this year, exceeding by
July output, was 99.3, compared with 100.9 for June and 124.8 in July 1924. was
Cans sold at retail declined 8.7% from the preceding month, while ship- 13,182 cars the preceding week. Compared with the corments by manufacturers to dealers decreased 7.3%.
responding week last year it also was an increase of 111,385
The following table indicates that distribution in the Middle West was
July
last
in
year, although retail sales fell below those of June. cars and an increase of 24,855 cars over the corresponding
greater than
Inventories increased considerable over the preceding month but remain week in 1923. The statement goes on to say:
smaller than a year ago. Recently many reductions have been made- in
Coal loading totaled 190,979 cars, an increase of 1,218 cars over the prethe prices of cars.
ceding week and 45,716 cars above the same week last year,and an increase
of 1,800 cars over the same week two years ago.
The following is also taken from the report:
Agricultural Machinery and Equipment.
An increase in exports offarm equipment resulted in manufacturers showing a larger volume of business for July than in June despite a seasonal
decline in the amount billed to customers in the United States. The domestic and foreign sales of heavy machinery (threshers, tractors and combined harvesters) totaled 4.5% above June while the aggregate for all other
lines increased 3.1%. Sales of agricultural machinery and equipment for
the hale year ended June 30 1925. show a gain of 25.5% over the amount
billed during the corresponding six months of 1924. and an increase of 20.8%
over those for the first half of 1923. Production has lowered slightly since
June, although it continues at a higher level than last year. Employment
for July was equivalent to 69.8% of the estimated normal rate for that
month.
Production and Sales of Farm Equipment in the United States.
Changes in July 1925 from Previous Months.
pe} cent Change From Companies
Included
June '25. July 24. June '25. Jule '24.
billed
101
Domestic sales
101
+69.2
+27.7
101
101
Sales billed for export_
+ 31
0..
+401
101
101
Total sales
+41..3
96
- 9
Production
96
Sales based on dollar amounts. Production computed from employment.
Furniture.
A reflection of the favorable rest Its of the July furniture mart in Chicago
furniture manufacturers in the
is seen in the record of orders booked by 19
Grain and grain products loading amounted to 54,369 cars, an increase of
958 cars over the week before but 5,751 cars below the same week lass
year. It was, however, 1,871 cars above the same week in 1923. In the
Western districts alone grain and grain products loading totaled 35,295 cars,
a decrease of 6.220 cars below the corresponding week last year.
Livestock loading for the week totaled 30,918 cars, an increase of 2,153
cars over the week before and 553 cars above the corresponding week last
year, but 1,633 cars under the same week two years ago. In the Western
districts alone 23,090 cars were loaded with livestock during the week,365
cars more than during the same week last year.
Loading of merchandise and less-than-carload-lot freight amounted to
259.210 cars, an increase of 767 cars over the week before and 17,722 care
above the same week last year. Compared with the corresponding week two
years ago, it also was an increase of 17.922 cars.
Miscellaneous freight loading totaled 383,071 ears, an increase of 5.977
cars over the week before and 33.994 cars above the same week last year.
It also was an increase of 30,308 cars above the same week two years ago.
Coke loading totaled 9.782 cars, an increase of 166 cars above the preceding week and 2.868 cars above the corresponding period in 1924. Compared with the same period in 1923, it was a decrease of 3.805 cars.
Forest products loading totaled 71,670 cars, six cars below the week before but 2.117 cars above last year. Compared with the same week'twe
years ago. It was a decrease of 5,644.
Ore loading totaled 64,794 cars, an increase of 1,999 cars above the preceding week and 14,616 cars Itbove last year. It was a decrease, however,
of 15,964 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 Allegheny
and Central Western districts. All districts reported increases over the
corresponding period last year, while all reported increases over the same
week in 1923 except the Allegheny and Northwestern.
Loading of revenue freight thLs year compared with the two previous
years follows:
1923.
1924.
1925.
4.239.379
4,294,270
4.450,993
Five weeks in January
3,414.809
3,631.819
3.619,326
Four weeks in February
3,662,552
3,661,922
3,694,916
Four weeks in March
3,764.266
3.498.230
Four weeks in April
3.721.662
4.876.893
4,473,729
Five weeks In May
4.854.720
4.047.603
3,625,182
3.956.011
Four weeks In June
3,940.735
3,524.909
Four weeks In July
3.887.834
1.033,466
945,613
Week ended Aug. 1
1,043,063
973,750
941.407
Week ended Aug. 8
1,051.611
1,039.938
953,408
Week ended Aug. 15
1,064,793
Total
[voL 121.
THE CHBONTCLE
1034
31.344.929
29.550.489
30,993,391
Automobile Prices and New Models.
Among the announcements of price reductions in the motor
field this week was that of the Willys-Overland Co., which
has established the following price list for Willys-Knight
models:
The new price list compares per barrel as follows:
GradeNew Price. Old Price.
Si 00
Below 28 gravity__ $1 00
28 to 30.9 gravity
1 35
1 35
31 to 31.9 gravity__
164
153
32 to 32.9 gravity_
1 72
1 59
33 to 33.9 gravity__
1 80
1 65
34 to 34.9 gravity__
1 88
1 71
35 to 35.9 gravity
1 96
1 77
2 04
36 to 36.9 gravity__
1 83
Nero Price. Old Price
Grate$2 12
17 to 37.9 gravity__ $1 89
2 20
1 95
38 to 38.9 gravity__
2 28
2 01
39 to 39.9 gravity__
2 36
2 07
40 to 40.9 gravity__
244
2 13
41 to 41.9 gravity__
2 52
42 to 42.9 gravity__ 2 19
260
225
43 to 43 9 gravity__
268
231
44 and above
The Prairie Oil & Gas Co. on Aug. 27 posted a new list of
prices which is below the Humble and Magnolia companies
on several gravities. It will be recalled that Humble led
the price cutting (see last week's issue, page 919).
Prairie's new schedule, covering Kansas, Oklahoma and
north central Texas crude, is as follows, per barrel:
GradeBelow 28 gravity
28 to 28.9 gravity
29 to 29.9 gravity
30 to 30.9 gravity
31 to 31.9 gravity
32 to 32.9 gravity
33 to 33.9 gravity
34 to 31.9 gravity
35 to 35.9 gravity
New Price
51 15
1 23
1 31
139
1 47
1 55
1 63
1 71
Grade38 to 36.9 gravity
37 to 37.9 gravity
38 to 38.9 gravity
39 to 39.9 gravity
40 to 40.9 gravity
41 to 41.9 gravity
42 to 42.9 gravity
43 to 43.9 gravity
44 and above
New Price.
$1 79
1 87
1 95
203
211
2 19
2 27
2 35
243
The reductions announced by the Prairie Oil & Gas Co.
were quickly met by Gulf Refining and Sinclair Crude Oil
Purchasing companies. From Shreveport on the same date
gC:ialgeSer
the news that the Standard Oil Co. of Louisiana had
came
1,450 Coupe-Sedan
1,595 Sedan
reduced the prices of all grades of crude oil 25c. a barrel in
Brougham
all districts of North Louisiana and South Arkansas, except
The Reo Motor Co. has reduced prices on various models Smackover, Cotton Valley and Bellevue, which remained
ranging from $80 to $150 effective Aug. 24. The Speed- unchanged. The districts affected were Caddo, Homer,
wagon was reduced $150. The new price list advertised by Haynesville, El Dorado, Bull Bayou, De Soto and Crichton.
the Hupp Motor Car Corp. for the Hupmobile Eight is: The top price after the change was $1 95 for Caddo, 38 and
Sedan, $2,195; coupe (2 or 4 passengers), $2,095; touring, above gravity, while the lowest price was 85c. for Smak$1,795; roadster, $1,795, and Dickey-Seat roadster, $1,895. over, below 24 gravity. The Gulf Refining and the Texas
Prices have been cut from $50 to $200, effective Sept. 1, by Co. met the reduction of 25c. a barrel made by the Standard
the Moon Motor Co. The new prices are: Touring, $1,195; Oil Co. of Louisiana.
coach de luxe, $1,395; roadster (new design), $1,395; 4-door
On Aug. 28 Shreveport news dispatches stated that the
sedan, $1,545; cabriolet roadster, $1,595; de luxe brougham, Atlantic Oil Producing Co., a subsidiary of Atlantic Refining
$1,495, and de luxe sedan, $1,695.
Co., has added two new grades to its Smackover crude;
The Ford Motor Co. is reported to be producing new namely, 27 gravity and above at 60 degrees $1 35 a barrel
of
models with lowered chassis, redesigned hood and a choice
and below 24 gravity 85c. a barrel. Heretofore the company
colors in the closed models.
had been paying 90c. a barrel for below 23 gravity and 95c.
for 23 to 23.9 gravity. This reclassification brings Atlantic
of LouisiAdvance Report for July on the Automobile Trade in Oil in line with the prices of the Standard Oil Co. price of
ana, which, however, has not recently changed the
the Philadelphia Federal Reserve District.
this particular run of crude. The Ohio Oil Co. on the same
Retail sales of new cars by 18 distributors in the Philadate cut the price of Elk Basin, Grass Creek light, Big Muddy
delphia Federal Reserve District decreased 23% in value
Lance Creek, Rock Creek and Mule Creek of Wyoming,
mediumthe
in
from June to July, the largest decline being
Artesia of New Mexico, Lima, Indiana, Illinois, Princton,
priced group, which showed a loss of 37.4%, says the DePlymouth and Worcester crude oil 25c. a barrel and Waterloo
Reserve
Federal
the
of
partment of Statistics and Research
crude 10c. a barrel. Denver reports that with Salt Creek
Bank of Philadelphia, which also supplies the following incrude oil prices automatically lowered 25c. a barrel by the
formation:
contracts based on Prairie Oil & Gas Co.'s Mid-Continent
the
in
and
1.9%
by
increased
• The value of wholesale business, however,
these
prices, the Midwest Refining and Ohio Oil companies
in
shared
so
a
cars
used
in
Business
by
28%.
medium-priced group
seasonal declines, the value of sales being 13.1% less than In June. Stocks posted new prices in Wyoming grades as follows: Elk Basin,
of new cars held by dealers were 7.8 smaller in value and of used cars 3.2 Grass Creek, Lance Creek, $1 90; off of 25c., Big Muddy,
smaller at the end of July than they were a month previous. The accomand
panying table shows the changes from June to July in the operations of Greybull, Rock Creek, Torchlight, $1 75, off 25c.,
distributors reporting to this bank.
Mule Creek, $1 25 off 25c., Cat Creek, Montana $1 90, off
25c., and Artesia of New Mexico, off 25c.
Value.
Number.
Gasoline price cuts have followed each other closely, many
Automobile Trade.
Change
Change
from
"wars" taking place owing to the close competition
July.
so-called
from
July.
June.
June.
in certain localities. The Standard Oil Co. of New Jersey
3,425 +0.4% $3.047,958 +1.9% reduced the prices of export gasoline 3ic. a gallon and of
Sales of new cars at wholesale
2.428 -6.1% 1,542.829 -7.8%
Cars selling under $1,000
792 +29.4% 1,008.610 +28.0% export kerosene %c. a gallon on Aug. 22. On the same day
Cars selling from $1,000 to $2,000
496.519 -6.5%
205
Cars selling over $2,000
857.942 -23.1% the Atlantic Refining Co. reduced the price of gasoline 2c.
352
Sales of new cars at retail
56.288 -8.0%
64 -9.9%
Cars selling under $1000
the price established Aug. 20 by
233.375 -37.4% to 20c. retail, meeting
128 -35.7%
Cars selling from $1,000 to $2,000
568,279 -16.6% Jenney Mfg. Co. The tank wagon price remains unchanged
160 -21.2%
Cars selling over $2,C00
1.040 -8.6% 1,300,317 -7.8%
Stocks of new cars
380,530 -16.4% at 18c. per gallon. Kansas City on Aug. 22 reported that
606 -16.9%
Cars selling under $1,000
336,044 -0.5%
230 +8.0%
Cars selling from $1,000 to $2,000
-5.3% a "war" on high gasoline prices had been started by the
583,743
+4.1%
204
Cars selling over $2,000
515.014 -13.1%
1,359 -3.9%
Sales of used cars
independent dealers, with the result that prices ranged from
578.3'11 +3.2%
1.461 +6.9%
Stocks of used ca
223,373 -3.7% 19.5 to 23.90. a gallon. One independent dealer operating
148
Retail sales on deferred payment
six filling stations cut his prices to from 2 to 4c. below the
prevailing price and several other independent dealers made
like reductions. Several other sections report similar
Price Cutting Continues Throughout Petroleum
situations. Prices in Decatur, Ill., have been cut from 230.
Markets
In Wichita, Kan., where the fight
Reduction after reduction has occurred in the prices of both a gallon to 15 and 170.
half of the stations
approximately
months,
for
has
raged
22
Aug.
On
week.
crude oil and petroleum throughout the
tax of 2c. a gallon.
a
plus
State
13.90.,
and
13.8
are
selling
at
crude oil prices in Canada were reported reduced 10c. per
are 17.8, 18.8 and 20.8c.,
prices
companies'
The
larger
Tex.,
Dallas,
from
Oil,
Imperial
Reports
Ltd.
barrel by
being the quotations of the Standard
later in the week (on Aug. 26) stated that the Magnolia plus tax, the latter
on that date was still holding aloof.
Petroleum Co. had reduced prices of crude oil in the States of Oil Co. of Indiana, which
S. D., started to cut prices and
Woonsocket,
in
Two
rivals
barrel,
a
37o.
Oklahoma and Kansas, ranging from 11 to
to follow suit for a while, but
compelled
were
tie
neutrals
according to gravity. The cut covers the entire Mid-Confight it out. After six days the
them
let
to
then
suspended
similar
posted
previously
the
had
company
as
tinent field,
down to 17c. and the Texaco reprereductions in the State of Texas. This action meets the Lakeside Garage was
gallon. A drop of 2c. a gallon in the
prices established by the Texas Co., which was the first major sentative to 18c. per
reported in Indianapolis, where prices,
organization to lower crude oil prices'in the entire Mid-Con- price of gasoline was
are quoted as follows: Standard
tax,
State
the
including
tinent field.
Four-CylinderTouring
Coupe
Coupe-Sedan
Sedan
Brougham
Six-CylinderPrice
81,105 Touring
1:34
Price.
81.750
1.750
2.105
2,05
2,205
2.095
AUG. 29 192
THE OTTWINTTCLE
1035
Oil Co.: Red Crown, 22.2c.; Solite, 25.2c. Pure Oil Co.;
year ago this same grade was selling at about
73
/0. a gallon.
Purol, 22.2c.; Energee, 26c. Sinclair Refining Co.: ComThe Humble Oil &*Refining Co. on Aug. 27
reduced the
mercial, 22.20.; Special, 26c. Wetsern Oil Refini
ng Co.: price of gasoline 2c. a gallon at the 60 points
in Texas where
Target, 22.2c.; Silver Flash, 26c. National Refining Co.:
it operates. This is not considered a price-cutt
ing war,
White Rose, 25c.
but is in line with the recent reductions in other
sections
Reports from Mitchell, S. D., on Aug. 24 declared that of the countr
y. The Gulf Refining Co., Magnolia Pethe State of South Dakota, which is engaged in a gasoli
ne troleum Co. and the Texas Co. met the cut. The Mid"war" to force prices to the consumer down to "reasonable" continent
crude oil cut and the continued capacity output
figures, announced a further cut. F. W. Mamon,
State from refiners forced the wholesale gasoline price down
Director of Gasoline Sales in South Dakota, said that
all another quarter to half cent to a basis of 8%c. a gallon for
State service stations with the exception of Aberdeen
and U. S. Motors at Tulsa on Aug. 28. Gasoline dropped to
Rapid City would open the next day with prices at 20
cents its lowest point in the history of Wichita, Kan., on Aug.
28
a gallon. The Aberdeen price will remain at 20.5 cents. when three
filling stations, all independents, posted a price
That at Rapid City at 23 cents. A cut in the refinery prices of 11.8c.,
exclusive of the 2-cent State gasoline. tax. Of
was given as the reason. The second cut
in the gasoline 120 odd stations in the city, more than half
are selling for
price at all State filling stations will be 1 cent a gallon 13.8c. or
less. The Standard Oil stations are asking 18.8
.
Gasoline at Standard Oil stations in Sioux Falls is selling without the
tax, and other large stations are selling for 16.8c.
for 20A cents a gallon from the tank and 221i cents a gallon and 17.8c.
per gallon. The gas war started several months
at filling stations.
ago. Reports from Cleveland, 0., late on the
28th state
On Aug. 25 four gasoline companies in Boston, Mass., that, effective Aug. 29, the Standa
rd Oil of Ohio will reduce
made further cuts in their wagon prices, which brough
t the its quotation of gasoline 1 •6c. a gallon.
retail price to 18 cents a gallon. The Gulf Refining, Mexic
an
Petroleum and Tidewater Oil companies made
a general
cut from 18 to 16c. in the wagon price in Massachusett
Crude Oil Shows Slight Increase.
s.
Connecticut and Rhode Island, and the Texas
The
estima
ted daily average gross crude oil production in
Co. made
the same rate for Massachusetts. The Standard Oil
Co. of the Smackover heavy oil field was 195,300 barrels, a decrease
New York also reduced the retail price of gasoline in
Greater of 1,750 barrels for the week ended Aug. 22, according to the
Boston 2s. to 20c. a gallop. The tank wagon
price remains weekly statistics compiled by the American Petroleum Instiat 18c. The Tide Water Oil Sales Corp., a subsid
iary of tute. The daily average production in the United States for
Tide Water Oil Co., reduced tank wagon gasoline
3o. to 170. the week ended Aug. 22 was 2,120,850 barrels as compared
in Greater New York, Long Island, Staten Island
and with 2,117,750 barrels for the preceding week, an increase of
Yonkers. The price in Peekskill was cut 2c.
to 18c. The 3,100 barrels. The daily average production in the United
Gulf Refining Co. met Tide Water Oil Sales Corp.
cut of 3c. States excluding Smackover, heavy, increased 4,850 barrels.
a gallon in Greater New York gasoline price,
as did the The daily average production east of California was 1,448,350
Sinclair company. The Texas Co. met the 2c. cut
in gasoline barrels, as compared with 1,443,250 barrels, an increase of
made in Massachusetts, Rhode Island and Connec
ticut by 5,100 barrels. California production was 672,500 barrels
the Gulf Refining Co. and Tide Water Oil Co.,
bringing the as compared with 674,500 barrels for the preceding week, a
tank wagon price to 16o. and the filling station price
to 20c. decrease of 2,000. Santa Fe Springs is reported at 52,500
Omaha, Neb., on Aug. 25 reported that the
Standard Oil barrels against 53,000; Long Beach, 101,000 barrels against
Co. of Nebraska reduced the price of gasoline 2c.
a gallon 104,000; Huntington Beach, 44,000 barrels against 43,500;
throughout its territory, with the exception that
the three Torrance, 34,000 barrels no change; Dominguez, 28,500
principal cities, where the price has been below
normal, are barrels, no change; Rosecrans 27,500 barrels against 21,500
excluded from this reduction. The new price in
Nebraska barrels; Inglewood, 106,000 barrels against 107,000.
varies, but the lowest is 19Xc. a gallon, which
The estimated daily average gross production of the
includes the
MidState tax. On the same day the Standard Oil Co. of
Continent field including Oklahoma, Kansas, North,
East
announced a reduction of 2c. a gallon on gasoli Indiana Central and
West Central Texas, North • Louisiana and
ne and all
naphtha products and a reduction of lc. a gallon on
kerosene. Arkansas, for the week ended Aug. 22 was 1,095,000 barrels,
The reduction was made solely to meet competition
as compared with 1,087,150 barrels for the preceding week,
effective in the company's territory in Michigan, and is an increa
se of 7,850 barrels. The Mid-Continent production,
Indian
a,
Wisconsin, Illinois, Minnesota, Iowa, Missou
ri, Kansas, excluding Smackover, Arkansas, heavy oil, was 899,700
Oklahoma, South Dakota and North Dakota.
The price barrels against 890,100 barrels, an increase of 9,600 barrels.
in Chicago and vicinity was brought down to
The following are estimates of daily average gross produc
190.
The Sinclair Refining Co. and the Texas Co. also
cut the tion for the weeks ended indicated:
price of gasoline 2c. a gallon, making the price
in
DAILY AVERAGE PRODUCTION.
19c. The Standard Oil Co. of New Jersey on Aug.Chicago (In barrels.)
Aug. 22 '25. Aug. 15'25. Avg. 8'25. Aug.23
25 an- Oklahoma
'24.
nounced a reduction in the price of gasoline of
453.050
442.800
445,700
543.050
%c. a gallon Kansas
110,900
108.700
108.650
throughout its territory, making the tank wagon
82.750
price 16c. North Texas
78,700
80.500
80.100
74,550
a gallon. The Gulf Refining Co. and the Sinclair
East
Texas
91,250
93,150
95,100
Refining WestCentral
110,150
Central Texas
Co. have met the reduction in gasoline announced
77.850
75,900
75,000
71.050
by the North Louisiana
49,500
49.900
Standard Oil Co. of New Jersey.
49.550
55.050
Arkansas
233.750
238.200
258.500
140.350
Gulf Coast
The Imperial Oil Co., Ltd., and other Canadian
93.400
97,850
98,700
74.800
t Texas
44.900
45,350
have reduced the price of gasoline lc. to 27c. ancompanies Southwes
44.500
45.050
Eastern
imperi
al
108.500
105.500
105.000
107.500
gallon.
Wyoming
85.150
88,700
88,850
109.150
Montana
A reduction was announced by the Atlantic
15.000
12.500
12.500
8.550
Refining Co. Colorado
4,450
4,850
when it cut the price of gasoline lc. a gallon in
4,000
2.000
Pennsylvania New Mexico
3,950
3,550
3,550
and Delaware, effective Aug. 26, making the tank
California
872,500
874.500
875,500
613.700
wagon
price 18c. and service station price 21c., plus 2c.
Total
2.120.850 2,117,750 2,139,200 2.037.700
State tax.
The company announced also a reduction of lc. a
kerosene, making dealers' price 13c. This is the gallon in
first
tion in kerosene since 1922. The Gulf Refining reduc- Steel Buying Shows Further Gains-Pric
es Tend
Co. and
the Tide Water Sales Corp. also met the cut. Report
Downward.
s from
Denver on Aug. 26 announce that the Continental
Buying of rolled steel products, particularly bars, shows
reduced the price of gasoline in its district 2c. a Oil Co. further gain in the territory of
largest consumption, bounded
gallon to
22c., which includes the State tax of 2c.
by Pittsburgh, Detroit, Chicago and Cincinnati. Some
On Aug. 26 the Standard Oil Co. of New York
announced Pittsburgh mills go back to November to find a 16eek of equal
it would meet the cuts put into effect by the
Tidewater bookings, while the largest producer at Chicago took 70%
Oil and Gulf Refining, and the Texas Co. followed
with a more bar business in the first three weeks of August than in
similar reduction. All the leading refiners are now
quoting the like period in July, declares the Aug. 27 "Iron Age" in
170. a gallon, with service stations generally posting
19c. its weekly review, which we quote herewith:
a gallon. A considerable amount of United States Motor
At the same time there has been no like Increase in orders
for plates and
shapes. which are commonly classed
gasoline has been sold at Tulsa, Okla., on the basis
bars as the heavy tonnage prodof 9c. ucts. Farm implement and tractorwith
turers have led in the bar
a gallon in tank oar, and the market shows weakness at this movement. Both industries are now manufac
more active than at any time
since
level. The present price represents a recession of 43(c.
implement works operating at 70% and upward.
from 1920.
Agricultural prosperity is reflected also In a better
the peak price established in June. About this time a
demand for wire
products. Contracting by Jobbers is under way in the
South
and is spread-
1036
wire
[nit northward. From 50%. at which It has stood for several months,
mill output is now averaging 60% of capacity.
Two Dttquesne blast furnaces of the Carnegie Steel Co. will be started
in
up, one this week and the other next week, in view of a further increase
the company's output of steel ingots. Youngstown district steel companies
have made a small gain in steel production also.
The freer buying of bars in the Central West has developed more variation
In prices than has existed in several months. the 1.90c. Pittsburgh price,
as reported last week, applying on larger orders, while at the same time
2c.. Pittsburgh. was paid on the smaller tonnages, which numerically have
been of more consequence than usual.
An inquiry from the New York Central for 1.000 gondolas following one
for 1.000 cars from the Illinois Central gives some encouragement to car
builders, who point to the long dearth of such orders as a strong reason for
expecting a good business in the next four months.
Among new structural steel projects totaling 30.000 tons were 5,500 tons
and
for a New York loft building. 4.200 tons for Now York subway work
Chicago,
3,500 tons for a Philadelphia exposition building. Two bridges in
3,000
for
building
office
Chicago
up for bids, call for a total of 5.500 tons. a
tons, and gas holders to be erected in California for 4,000 tons.
Producers of sheet bars assert the maintenance of the $35 mill price
sale
that has ruled since the latter part of May, though a northern Ohio
in
was reported as on a $33 50 Youngstown basis. A recent transaction
slabs was at $32, maker's mill.
Indications as to the market trend in pig iron are inconclusive. In
northern Ohio sales of 50.000 tons by two leading producers have been
followed by the quoting of a 50c. advance in territory along the OhioIndiana line. Other districts are quiet, though more inquiry has come up
in
at New York, and at Chicago merchant furnaces have sold more iron
delphia Federal Reserve District showed decided gains over
those in July of last year. As compared with activities durMg June, however, the reports of 12 firms indicated more
declines than advances. Percentages of change are given
in the table below:
August than In July.
With Sept. 1 close at hand, the coke market is without change in the
week, though one Eastern blast furnace company has paid $3 50 for fourth
the event
quarter coke and another $3 75. The prospect of an advance, in
for production.
of an anthracite strike, is bringing a good many oVens in line
output
weekly
a
of
view
There is no excitement in the soft coal market, in
of 10 million tons, with the large body of union miners idle.
to the
Prophecies of an increasing Inflow of European steel products
steel in
United States have not come true. Imports of rolled and finished
listed
pipe,
iron
cast
was
July were 30,897 tons, of which about two-fifths
only oneunder "tubular products." The net tonnage, about 19,000, was
iron and
sixth as great as that exported during the same month. Total
figure and
steel Imports. at 64.642 tons, showed a 22% drop from the Juno
were
tons,
138,670
at
wore the lowest since November. Total exports,
almost the same as in June and the same as in July 1924.
by the
One of the largest machinery orders since the war has been placed
Brooklyn, inHudson Motor Car Co., Detroit, with the E. W. Bliss Co.,
types.
various
of
presses
volving an outlay of over $1.000.000 for 350 metal
in
Neither of the composite prices showed change this week, as noted
the table which follows:
Aug. 25 1925, Finished Steel, 2.396c. Per Lb.
2.396c.
week ago
I
'Based on prices of steel bars, beams,tankOne
2.439c.
ago
plates, plain wire, open-hearth rails. One month
2.510c.
ago
year
black pipe and black sheets, constitut- One
average....1.689c.
Ins 88% of the United States output__ 10-year pre-war
Aug. 25 1925, Pig Iron, $1904 Per Gross Ton.
$1904
week ago
Based on average of basic and foundry One
18 96
One month ago
Irons, the basic being Valley quotation, One
19 46
ago
year
Chicago,
the foundry an average of
72
15
_
_
average_
10-year pre-war
Philadelphia and Birmingham
--------1923----- -----1924----- -----1925Jan. 15 2.560c. Jan. 6
Plnished stee/___Bigh 2.824c. Apr. 24 2.789c.
14 2.396c. Aug. 18
Low 2.446c. Jan. 2 2.460c. Oct. 26
$22.50 Jan. 13
Feb.
$22.88
20
Mar.
$30.86
High
Pig Iron
3 $18.96 July 7
Nov.
$19.21
Low $20.77 Nov.20
August
While new business in steel was liberal and kept
of finbookings well ahead of July, quotations in a number
of
force
the
under
tendency
ry
reactiona
ished lines show a
than
keen competition, with the common level of prices lower
on in
for several weeks. This is not an unusual phenomen
conlargely
so
is
buying
where
a reviving market, especially
fined to requirements immediately in sight OS at present,
facts
states the "Iron Trade Review," this week. Further
.
of interest are quoted from this source:
run orders, and
More mill capacity is being called upon to fill current
Some Valley
beyond this some tonnage is accumulating on mill books.
Steel bar mills at
sheetmakers now have four weeks' booking on hand.
more than 50%
Chicago continue to fill up with incoming tonnage,in August
70% of ingot cabetter than July. General operations are slightly above
reached 74%
having
average,
pacity. The U. S. Steel Corp. is above the
this week.
further advances of 25 to
With coal strike prospects no more reassuring,
of furnace coke in fourth-quar50 cents on coke came this week. Tonnages
e ovens.
Connellsvlll
75 a ton,
ter delivery were closed at $3 50 to $3
York Central Lines may be a
New inquiry for 1,000 cars from the Now
railroad buying. Two Chicago
price test in continuing dull conditions in
of material against car orders recently
mills received orders for 40,000 tons
Pacific is inquiring for 6,440 tons
placed with builders there. The Southern
of track fastenings.
for storage were stimulated. The
As oil prices receded, inquiry for tanks
and gas pipe lines. These interests
market also shows more activity in oil
line pipe in France.
placed an order for 44,000 tons of
steel awards, with 37,142 tons reThe week shows up well in building
8,475 tons in concrete reinforcing conand
jobs
ported in structural shape
tracts.
of gathering strength in pig Iron
For the first time substantial evidence
selling is appearing. A round amount went at
as a result of recent steady
tonnage of basic sold, higher than $18 Valley
50 cents to Si advance. On a
recent Eastern basic sales of over
equivalent was obtained. Included in
iron for the Steel Corp.'s Pencoyd,
50,000 tons were 8,000 tons of Indian
Pa., plant.
representative iron and steel products is
The composite this week on 14
45 which was the average over the last
$37 21. This compares with $37
two weeks.
Bank of PhiladelAdvance Report by Federal Reserve
ns in July.
phia on Steel and Iron Foundry Operatio
Research
and
Statistics
of
nt
Departme
According to the
hia, during July
of the Federal Reserve Bank of Philadelp
in the Philathe main operating items of five steel foundries
[VOL 121.
THE CHRONICLE
STEEL FOUNDRY OPERATIONS.
Third Federal Reserve Dfitriet.
July 1925 (a)
Capacity
Production
Shipments
Value
Unfilled orders
Value
Raw stock:
Pig iron
Scrap
Coke
a 12 firms.
% Change
% Change
from
from
Month Ago July 1924. (h) Ytar Ago.
12,490 tons
5,981 tons
5,341 tons
$964,720
3,979 tons
81,402,775
0
--17.4
--4.8
--2.6
--29.6
--19.5
6.050 tons
2,629 tons
2,563 tons
8343,327
1.812 tons
$466,799
+16.7
+55.2
+43.8
+129.1
2,454 tons
9,771 tons
1.107 tons
+7.8
+18.1
-33.2
1.651 tons
7,172 tons
662 tons
+9.1
+2.0
+5.4
+8.3
b 5 firms.
Regarding the iron foundry operations for July, the bank
says:
The data in the following table are compiled from the reports of 36 iron
foundries located in this district and comparisons feature with the preceding month and a year ago are given in the following table:
IRON FOUNDRY OPERATIONS.
Third Federal Reserve District.
July 1925.
Capacity
Production
Malleable Iron
Gray Iron
Jobbing
For further manufacture
Shipments
Value
Unfilled orders
Value
Raw stock:
Pig Iron
Scrap
Coke
% Change % Change
Month Ago Year Ago
13,652 tons
6,211 tons
784 tons
. 5.427 tons
4,072 tons
1,355 tons
5.989 tons
8859,194
5.877 tons
$880,899
0
+2.1
-20.4
+6.5
+2.5
+20.6
+16.9
+14.5
+5.3
+6.3
0
+32.1
+15.3
+35.0
+24.3
+82.1
+30.1
+DA
+1.7
-11.6
7,711 tons
2,591 tons
2.117 tons
-2.6
-20.8
-2.8
-21.5
-18.0
+11.7
Weekly Lumber Movement About the Same.
According to reports received by the National Lumber
Manufacturers Association from 353 of the larger softwood
mills of the country, for the week ended Aug. 22, production
was about the same, with a slight increase in shipments,
while new business was somewhat less, as compared with
reports from 358 mills for the preceding week. Substantial
increases were noted in all three items in comparison with
the same period a year ago.
The unfilled orders of 241 Southern Pine and West Coast
mills at the end of last week amounted to 620,038,950 feet
as against 606,223,991 feet for 241 mills the previous week.
The 129 identical Southern Pine mills in the group showed
unfilled orders of 247,704,204 feet last week as against 247,116,232 feet for the week before. For the 112 West Coast
mills the unfilled orders were 372,334,746 feet as against
359,107,759 feet for 112 mills a week earlier.
Altogether the 353 comparably reporting mills had shipments 98% and orders 98% of actual production. For the
Southern Pine mills these percentages were respectively 105
and 106; and for the West Coast mills 103 and 107.
Of the reporting mills, 343 (having a normal production
for the week of 211,640,291 feet) gave actual production
110% thereof.
The following table compares the national lumber movement as reflected by the reporting mills of seven regional
associations for the three weeks indicated:
Past
Week.
Mills
Production
Shipments
Orders (new business)
353
246.245.055
242.538.055
241,122.224
Corresponding
Week
1924.
374
228.942.410
245.512.944
236.458.681
Preceding
Week 1925
(Revised).
358
247,974,480
239.955.333
254.390,028
The following revised figures compare the lumber movements for the first 34 weeks of 1925 with the same period
of 1924:
Orders.
1925
1924
1925 increase
Production.
8.265,725,636
7,927,032.474
Shipments.
8,164.773,717
7.868.906.927
8.028,269,342
7,628.751.3.51
338.693.162
295.866,790
399,517,991
The mills of the 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. Eleven of these
mills reported a cut of 16,277,000 feet, shipments of 11,388,000 feet, and orders 9,398,000 feet. The reported cut represents 36% of the total of the California Pine region. As
compared with the preceding week, with reports from the
same number of mills, there was a slight decrease in production, with a notable decrease in shipments and new business.
AUG. 29 1925.]
THE CHRONICLE
The Southern Cypress Manufacturers Association (also
omitted from above tables) for the week ending Aug. 19
reported from 13 mills a production of 4,655,633 feet, shipments 5,600,000 feet, and orders 4,560,000 feet. With two
fewer mills reporting, this Association showed slight decreases
in all three items, as compared with the reports for the
previous week.
Weekly Lumber Review of West Coast Lumbermen's
Association.
One hundred and twelve mills reporting to West Coast
Lumbermen's Association for the week ending Aug. 15 manufactured 102,648.662 feet of lumber; sold 111,173.941 feet,
and shipped 102,500,164 feet. New business was 8% above
production. Shipments were ke/o bRow new business.
Thirty-seven per cent of all new business taken during the week was for
future water delivery. This amounted to 40,518,785 feet, of which 30,587,905 feet was for domestic cargo delivery and 9,930,880 feet export. New
business by rail amounted to 2,154 cars.
Thirty-six per cent of the lumber shipments moved by water. This
amounted to 36,945,008 feet, of which 27,484,037 feet moved coastwise and
intercoastal, and 9,460,971 feet export. Rail shipments totaled 1,984 cars.
Local auto and team deliveries totaled 6,035,156 feet.
Unfilled domestic cargo orders totaled 119,823,457 feet. Unfilled export
orders 85,444,302 feet. Unfilled rail trade orders, 5,128 cars.
In the first 33 weeks of the year, production reported to West Coast Lumbermen's Association has been 3,284,270,249 feet; new business, 8,408,988,828 feet, and shipments, 3,453,738,730 feet.
1037
of these have been trusting to day-to-day purchases in
the open market to
keep their plants running. Now, in a number of cases, they
have entered
the market to build up storage reserves against a draining
of their
of supply by alarmed eastern anthracite consumers. As a result, sources
a number
of contracts which have long been hanging fire have
been closed. In one
or two quarters—notably Baltimore—buyers normally
dependent upon
union or semi-organized fields have switched to out-and-out
non-union
mines to guard against interruptions to shipments.
In the face of the complete suspension set for next week,
the anthracite
market has been exhibiting unwonted calm. The skyrocketing
prices which
have featured offers of independent coals in past crises are
absent. The
few attempts made to capitalize unduly on the situation
have been effectively
discouraged. Such speculative movement as exists seems to be centered
in
New York harbor where certain shippers are
holding loaded boats for
further advances in prices. The old-line companies are confining
their
domestic shipments to established customers and many of the
independents
have withdrawn quotations. Heavy drafts are being made on
company
stock piles of chestnut and pea to take care of orders for those
sizes. Steam
coals arefirm all along the line, with only a limited supply of barley
available.
The "Coal Age" index of spot bituminous prices for the
week ended
Aug. 22 stood at 172. an increase of three points over
the figure for the
week preceding. The corresponding price was $2.08.
Dumpings at Lake Erie ports the week ended Aug. 23 were: Cargo,
978.457 net tons: steamship fuel. 50.035 tons—a total of
1.028.492 tons,
compared with 949.052 tons the week preceding. Hampton Roads
dumping@
the week ended Aug. 20 totaled 513.780 net tons, compared
with 438,456
tons the preceding week.
Production of_Bituminous Coal Increases—Anthracite
Declines.
The weekly report on the production of bitum.nous coal,
anthracite and beehive coke, issued by the Bureau of Mines,
Bituminous Coal and Anthracite Markets Are Active— Department
of Commerce, Aug. 22 1925, states that while
Prices Advance.
the output of bituminous increased that of anthracite deThere seems to be a decidedly better feeling in the bitu- clined. The production of coke remained at the same level,
minous markets in the East due, probably, to the threatened says the report, which we quote further as follows:
anthracite suspension and to the fact that more industrials
The week ended Aug. 15 records a further increase in amount of coal
are laying in stocks, according to the views expressed in the produced in the bituminous mines of the country. Total output. Including
lignite
and coal coked at the mines. Is estimated at 10,244.000 net tons,
Aug. 26 "Coal Trade Journal." At Boston good New River a gain of
about 3% over the revised figure for Aug. 8. The daily rate oi
Pocahontas
coals
have
at
last topped the $6 mark and output was about 25% higher than during the corresponding
and
week of 1924.
Total
production
during 1925 to Aug. 15 amounts to 295.751.000 net tens—
show signs of going still higher. This increase is due not so
nearly
tons
greater
13,000.000
than
during the same period of 1924. At
much to an increased local demand as to the stiffening at present this difference is being increased
by approximately 2 million tons
the Southern loading piers. Providence, too, has strength- a week.
ened, but is not up to the level of Boston. Slack continues
Estimated United States Production of Bituminous Coal(Net Tons)(a)
to be short in supply. The all-rail bituminous market has
(Including Coal Coked.)
developed more activity over the past week and prices are
1925-1924 (b)
Cal. Year
Cal. Year
up 5 to 10c. Good demand for anthracite continues and
Week.
to Date.
Week.
to Date.
ail317 c
overage
9.457.000 275.536.000 7.723.000 266.579.000
independent prices are high. Boston retail prices have not AuA
1,576.000
1.529,000
1.287.000
1.482.000
9.971.000 285.507,000 8.036.000 274,615,000
advanced during the past week, continues the "Journal's" Auigai4i,coverage
1.662.000
1.533.000
1.339.000
1,477,000
review of market conditions, adding further details as Aug. 15 d
10,244,000 295.751,000 8.167.000 282.782.000
Daily average
1,707,000
1,539.000
1,361.000
1,474,000
follows:
The bituminous market at New York is In a slightly more optimistic
frame of mind but business is still very sluggish. In anthracite, however,
most of the line companies and larger independents are sold up for some
time to come and wholesalers are really looking after nobody but their
old customers and seeing that they get as much good coal as possible
They have turned their attention to the purchase of boat cargoes in order
to make surer of quality. Independent prices are about a quarter higher
on domestic sizes and are also up on the steam sizes.
The wholesale and retail anthracite markets at Philadelphia are very
active, with egg and stove the leaders. All sizes, both domestic and steam,
are selling well and barley is out of the market with many firms.
There
has been an Ira:Teased inquiry for substitutes. Large shipments of anthracite are going forward to New England. Independent prices have
advanced sharply. The low-volatile bituminous demand has increased
but outside of that there is little change in the soft coal situation The
only feature of last week was the rise of 10c. in the price of some Pool 10
coal. The local demand for coke has increased and prices have advanced
The export and bunkering trades at Baltimore have reversed their
position this week: these have fallen off badly while the domestic demand
for biteminous coals has increased, without much change in price, and
some contracting has been done. There are ample stocks of anthracite
on hand and people in general are not worrying over the probability of a
strike. At Hampton Roads, the quotations on Pool 1 have risen to
$4 75
over the past week with not too large stacks on hand, and slack, at $4 50,
is in the same position.
The central Pennsylvania production continues to increase, due solely
to the output of the non-union mines, but prices are stationery. A better
feeling of optimism prevails in the territory on account of the belief among
operators that there will be an anthracite strike, which would materially
benefit the district. While general conditions in the Pittsburgh district
have not improved, signs on all sides point to a marked change for the
better in the near future Local industrial conditions have improved to a
greater extent and coal prices, while not higher, are very firm. Last week
the Connellsville coke field added 2,000 ovens and more are to go in this
week. Production of coke is gaining and prices are firmer.
Large non-union production continues in northern West Virginia with
shipments going chiefly to New England and the Lakes. Railroads, with
few exceptions, are buying only a little ahead. This large production also
applies to all fields in the southern part of the State and prices on prepared
sixes particularly are very strong.
The Coal Age of New York, reports the coal market this
week as follows:
The threat of an anthracite strike Sept. 1 cast a lengthening shadow over
the coal markets of the country last week To the bituminous producers
it was a very friendly shadow indeed, quickening demand both directly and
indirectly and adding a firmer undertone to current prices. The Influence.
of course, was most strongly marked in the movement of soft coals suitable
for domestic consumption, where the combination of the strike threat and
the seasonal pick-up in that branch of the trade was felt over the entire
broad stretch of territory from the Canadian border to Alabama and from
Utah and the Continental Divide eastward to the Atlantic Ocean.
Indirectly this demand quickened the steam coal division of the industry,
particularly industrial consumers of the higher grades of bituminous. Many
a Original estimates corrected for usual error, which in past has averaged
2%. b Minus two days' production first week in January to equalize number 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. 15 is 295.751.000
net tons. Corresponding figures for other recent years are given below:
Years of Activity.
Years of Depression.
1918
362.923.000 net tons 1919
282.503,000 net tons
331.760,000 net tons 1921
1920
247.444,000 net tons
1923
300,791.000 net tons 1924
,-282,782,000 net tons
ANTHRACITE.
Production of anthracite has declined during the past two weeks and
amounted to 1,904.000 net tons during the week ended Aug. 15. This Is
157,000 tons, or 7.6%, less than the revised figure for the preceding week.
The daily rate of output, when compared with the average for the month
of July, shows a decrease of 12,000 tons, or 3.6%. Present production.
however, is 518,000 tons, or 37.4%. greater than that of the corresponding
week In 1924. Accumulative tonnage during 1925 to Aug. 15 is 57.889.000
tons—about 2% more than during the same period in 1924.
Estimated United States Production of Anthracite (Net Tons).
1925
1924--------Cal. Year
Cal. Year
Week Ended—
Week.
to Date.
Week.
to Date (a)
Aug. 1
2.087.000
53.924,000
1.720.000
53.709,000
Aug. 8
52,061.000 555.985.000
1,664,000 5,5.373.000
Aug. 15
1.904,000
57.889.000
1.386.000
56.759,000
•
a Less two days in January to equalize the number of days in the two
years. b Revised since last report.
BEEHIVE COKE.
Estimated production of beehive coke during the week ended Aug. 15 is
123.000 net tons, the same figure as that for the preceding week. There
were, however, changes within the States. Pennsylvania and Ohio showing
a decrease and %Vest Virginia and the Southern States showing increases.
Output for the week is 28,000 tons, or 29.5%. higher than during the same
week of 1924.
The "Courier" states that production In the Connellsville district increased 2.8%, with a gain of 699 ovens on the active list.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1925
1924
Aug. 15 Aug.8 Aug. 16
to
to
1925.49 1925.(c)
1924.
Dale.
Date.(a)
Pennsylvania and Ohio- 88,000 91.000
58,000 4,608.000 5,164.000
West Virginia
10.000
9,000
8.000
380.000
352.000
Ala.. Ky., Tenn. & Ga. 12.000
10.000
16.000
600.000
613.000
5.000
Virginia
5,000
7,000
229.000
255,000
Colorado & New Mexico 5,000
5.000
5.000
151.000
169,000
3.000
Washington and Utah— 3.000
4,000
129.000
132,000
123.000 123,000 95.000 6.097.000 6,685,000
United States total
21,000
21,000
Daily average
16,000
31,000
34.000
a Adjusted to make comparable number of days covered by the 2 years.
b Subject to revision. c Revised since last report.
1038
THE CHRONTCLE
[vol. 121.
Current Events and Discussions
furnished a summary of the changes in the principal items
The Week with the Federal Reserve Banks.
• The consolidated statement of condition of the Federal as compared with a week ago and with last year:
Increase (+) or Decrease (—)
Reserve banks on Aug. 26, made public by the Federal
During
Year.
Week.
Reserve Board, and which deals with the results for the Loans and
+$922,000.000
+$2.000.000
discounts, total
increase
an
shows
combined,
—20.000.000
banks
twelve Federal Reserve
Secured by U. S. Govt. obligations.
+774.000,000
Secured by stocks and bonds
+4.000.000
of $20,200,000 in holdings of discounted bills, of $6,200,000
+168.000.000
AU other
—2.000.000
+411.000.000
—3.000.000
total
in acceptances purchased in open market and of $9,000,000 Investments.
+347.000.000
U. S. bonds
—1.000.000
—252.000.000
U. S. Treasury notes
—5.000.000
in Government securities, with the result that total earning
—3.000,000
U. S. Treasury certificates
—3.000.000
+319.000.000
assets went up from $1,090,900,000 to $1,126,300,000.
Other bonds, stocks and securities- _-_
+6,000.000
+41.000,000
Reserve
+2.000.000
with
R.
F.
balances
banks
reserves
cash
other
reserves
declined
$13,100,000,
Gold
—4.000.000
Cash in vault
—15.000.000
+392.000.000
Net demand deposits
—92,000.000
$4,800,000 and Federal Reserve note circulation $300,000. Time
+644.000.000
+12.000.000
deposits
—44.000.000
After noting these facts, the Federal Reserve Board proceeds Government deposits
—1.000.000
+297,000,000
Total accommodation at F. R. banks__ _ _
+17.000.000
as follows:
The Federal Reserve Bank of New York reports an increase of $28,500.000
In holdings of discounted bills. Boston an increase of $3,000.000. San Francisco of $2,400,000 and Atlanta of $2.100,000. while the Chicago bank
shows a decrease of $8,400,000. Minneapolis of $4.000,000 and Philadelphia
and Cleveland of $2,900,000 and $2,700,000. respectively.
Holdings of acceptances bought in open market went up $3,200,000 at
the New York bank. $2.200.000 at Boston and $1,100,000 at San Francisco.
Holdings of Treasury notes were $5.600.000. certificates of indebtedness
$2,900,000 and United States bonds $500,000 larger than a week ago.
The principal changes in Federal Reserve note circulation were Increases
of $6,300,000 at Cleveland and $1,100,000 each at Atlanta and Dallas,
and decreases of $3,900.000 at Boston. $2,100,000 at Philadelphia and
$2,300,000 at Chicago.
Federal Reserve Bank of New York Extends $10,000,000
Credit to Bank of Poland to Stabilize Exchange.
From the New York "Sun" of last night (Aug. 28) we quote
the following regarding a credit of $10,000,000 extended to
the Bank of Poland by the Federal Reserve Bank of
New York.
The Bank of Poland has obtained a credit of $10,000,000 from the Federal
Reserve Bank of New York. it was announced today. This credit will run
for one year and the interest will be 4 %. The purpose of the loan is to
stabilize exchange, the zloty recently having declined sharply as an outpreceding
the
with
of speculative selling and pressure caused by unbalanced trade.
come
The statement in full, in comparison
Only the amount of the credit actually used will be debited with interest.
week and with the corresponding date last year, will be found The
negotiations which resulted sucessfully were handled by Dr. Felix
on subsequent pages—namely, pages 1075 and 1076. A Mlynarski, vice-chairman of the Bank of Poland, and Hipolit Gliwic,
of
liabilities
Polish Charge d'Affaires. The Federal Reserve Bank of New York was
summary of changes in the principal assets and
represented by J. Herbert Case and Edwin R. Hensel, deputy governors of
the Reserve banks during the week and the year ending the
bank.
Aug. 26 1925 follows:
Recently the Polish zloty, a relatively new currency, backed by ample
Increase (-I-) or Decrease (—) gold reserves, broke from 19.20 cents to 17 cents. A surplus of imports.
During
now being reduced by drastic pressure on the part of the Polish Government,
Year.
Week.
was generally held responsible for the decline. The zloty rallied sharply
—$314,900,000
—$17.900,000
Total reserves
today on news of the establishment of the credit.
—13.100.000 —353.100,000
Gold reserves
The Federal Reserve Dank made no anncuncement as to whether the
+35.400.000 +271.100.000 Bank of Poland had "earmarked" 610.000,000 of its gold reserve as a
Total earning assets
+20,200,000 +317.100.000 guaranty for the credit. This practice is not an uncommon one.
Bills discounted, total
+20,300.000 +232.700.000
Secured by U. S. Govt. obligations
—100,000
+84,400.000
Other bills discounted
+6.200.000 +152,200.000
Bills bought in open market
President Schacht of Reichsbank to Visit
+9.000.000 —209,400.000
U. S. Govt. securities, total
United States.
+37.300,000
+500.000
Bonds
+5,600.000 —161,200.000
The "Wall Street Journal" of Aug. 28 printed the following
Treasury notes
—85,500.000
-4-2.900.000
Certificates of indebtedness
United Press advices from Berlin:
—300.000 —124,800.000
Federal Reserve notes In circulation
President Hjalmar Schacht of the Reichsbank will visit the United States
+86,200.000
—700.000
Total deposits
in October or November. His ostensible purpc se is to repay the recent visit
+101,000.000
—200.000
Members' reserve deposits
—4.300.000 Governor Benjamin Strong of the Federal Rescrl e Eank.
Government deposits
But authoritative sources predict he will discuss act only the question
—10,500,000
—500,000
Other deposits
of pending loans for Germany, but also that he will deal with the possible
purchase of Stinnes interests by American financiers.
The Week with the Member Banks of the Federal
Reserve System.
Changes in the condition of 728 reporting member banks
in leading cities during the week ending Aug. 19, as shown
in the statement issued by the Federal Reserve Board,
include increases of $2,000,000 in loans and discounts, of
$12,000,000 in time deposits and of $17,000,000 in borrowings from the Federal Reserve banks, together with declines
of $3,000,000 in investments and of $92,000,000 in net demand deposits. It should be noted that the figures for these
member banks are always a week behind those of the Reserve
banks themselves. The New York City members reported
declines of $4,000,000 in loans and discounts, of $31,000,000
in net demand deposits and of $7,000,000 in borrowings from
the Federal Reserve bank, and an increase of .$13,000,000
in time deposits. Further comments regarding the changes
shown by these member banks are as follows:
Loans on stocks and bonds went up $4,000.000, increases of $10,000,000
in the New York district and $7,000,000 in the Chicago district being
Boston district. "All
offset in part by a decline of $12,000,000 in the
other" loans and discounts, largely commercial, increased slightly in all
banks in the Boston
Philadelphia.
districts except Boston, New York and
York
district reporting a reduction of $8,000,000 and those in the New
district a reduction of $18,000,000.
Investment holdings of reporting members show no material changes
In any of the Federal Reserve districts.
inNet demand deposits declined $92.000,000. the principal changes
cluding reductions of $48,000,000 in the New York district, $15.000.000
Chicago and St. Louis
In the Boston district, $11,000,000 each in the
districts and $8,000,000 in the Philadelphia district.
in the New York
banks
at
$19,000.000
Time deposits were larger by
Francisco district.
district and smaller by $5,000,000 at banks in the San
in the
Borrowings from the Federal Reserve banks went up $27.000.000
and $6.000,000
Chicago district. $7.000,000 in the Philadelphia district
These
increases
respectively.
each in the Atlanta and St. Louis districts,
reported for the Cleveland
were partly offset by reductions of $17,000,000
New York districts.
district, and $10,000,000 each for the Boston and
Belgian Loan Reported.
The following from London appeared in the "Wall Street
Journal" of Aug. 27:
Belgium is reported considering flotation of a ITO.CCO,CCO loan in the
United States to be used for public works and (Cr reduction of the national
bank's fiduciary circulation.
The New York "Herald Tribune" of yesterday (Aug. 28)
commenting on this said:
A report that Belgium is contemplating a further flotation of $50,000,000
in this market for public works elicited the ecnnrent(rem bankers that it
was not to be expected immediately, though it zip ht come in the not distant
future.
New York Banks Extend $15,000,000 Lumber Credit to
Bank of Finland.
24 the New York "Times" announced
Aug.
of
Under date
the following copyright cablegram from Helsingfors, Finland:
The Bank of Finland has arranged with American banks credit for
$15,000,000 for financing of Finnish timber and paper experts. Previously
British and Swedish banks chiefly provided these credits.
It is learned that the National City Bank of New York
has extended a credit of $10,000,000 and the New York
Trust Co. a credit of $5,000,000, each institution acting
independent of the other. The Bank of Finland will apportion the funds to individual lumber exporters as needed. The
new credits are in the nature of a private banking transaction
and are said to have no bearing on the credit of $15,000,000
established with the National City Bank by Finland several
years ago.
Prague Seeks Loan Here—Delegation Coming to America to Resume Bank Negotiations.
From the New York "Evening Post" of Aug. 19 we quote
the following Associated Press advices from Prague (CzechoOn a subsequent page—that is, on page 1076—we give the slovakia):
The newspapers announce a Czechoslovak delegation is going to the
figures in full contained in this latest weekly return of the
National Bank.
member banks of the Reserve System. In the following is United States to resume negotiations for a loan to the
AUG. 291925.]
THE CHRONICLE
London Stock Exchange Firm of Hulley-Allen Co.
Fails.
York "News Bureau" from the
the
New
to
cablegram
A
Central News, London, Friday (Aug. 21) states:
Announcement was made on the Stock Exchange to-day of the failure of
Frank Victor Tenant Hu[ley and Thomas William Allen, trading as the
Hulley-Allen Co. The concern did a large country business.
Italy's Control Over Foreign Exchange
provement in Lire.
Markets—Im-
According to Associated Press advices from Rome,Aug.25,
the Cabinet has made public its adoption of a policy of general surveillance of the foreign exchange market, as part of
which regulations have been drawn up controlling exchange
operations with France, Belgium, Spain, Czechoslovakia,
Hungary, Bulgaria, Chile, Russia, Poland and Germany.
The further advices (Associated Press) state:
These regulations will govern all exchange trading with the countries
named, forbidding certain types of transactions and placing others under
the control of banks or Government financial institutions.
The Government called upon bankers, industrialists, exporters and importers to restrict to absolute necessities their purchases of foreign money
and to abstain from speculation. Pointing out that Italy had never enforced restriction of exchange operations, the Government declared that
the commerce and industry of the nation must undertake responsibility for
defending their interests in this respect.
Announcing the regulations to the Cabine to-day, Count Volpi, the Finance Minister, said he was prepared to assume stricter control if the situation warranted. The existence of speculative maneuvres against the lira,
he declared, was shown by the recent heavy dumping of lire on the foreign
market.
Confirming the Treasury statement for July redently issued, he asserted
that August was showing a further improvement in the financial state of the
nation.
The improvement in the lira, which reached 26.30 to the dollar,representing a net gain of about a half lira to the dollar in the last two days, was received with great acclaim to-day in that section of the press supporting the
Government.
The "Epoca" believes this represents the beginning of a steady improvement which is destined to continue uninterruptedly. The paper has praise
for Finance Minister Volpi, whom it credits with operating the bourses with
greater astuteness than his predecessor by avoiding repressive measures
against active trading.
The "Epoca" adds that Count Volpi merits commendation for having
weathered the month-end obligations without appreciable damage to the
national credit.
1039
same amount. This capitalization will be represented by an issue of paper .
money.
Mexican authorities in close touch with the situation say the Mexican
Government expects that 49% of the first issue of capital stock will be
taken up by private banking interests of Mexico, and by any foreign
interests desiring to invest. They assert that no trouble is anticipated in
placing the minority block of capital stock, and that the Canes Government already has nearly enough surplus in the Treasury to buy the Government's share of 51%. It is expected that the bank, which will be known as
the Bank of Mexico, will be prepared to begin business by September.
A factor in the situation militating against the scheme in the view of
American bankers is that most of issues of Mexican Government bonds and
national railway bonds, amounting to a total of $500,000,000, are held in
the United States, many bonds of this type being now quoted at a very low
figure.
Albert J. Paul, Mexican Secretary of Finance, is the ostensible father of
the plan for the new Bank of Issue, but a citizen of the United States.
Dr. Edwin W. Kemmerer, is said to have drawn up the plan which with
little change in detail has been adopted.
Dr. Kemmerer, of Princeton University, has been called upon at various
times for aid in solving the financial puzzles of nations in many parts of the
world, his work being especially notable in the Philippines and in South
Africa. In 1917 he was called upon by the Carranza Government, after the
United States had prohibited gold imports from Mexico, and would not
permit entry to the minted gold that had been taken from Mexican mines.
With hard money fast disappearing from circulation, and Mexico's
financial distress increasing, Dr. Kemmerer at that time advised the
recoining of silver with a lower bullion content and that a qualified gold
exchange be established. He also drew up plans for a national bank of issue,
but unsettled conditions of those days made it impossible to put these
ideas into execution.
New Mexican Bank of Issue to Begin Business Sept. 1.
Mexico's new bank of issue, created under the name of the
Banco de Mexico, is slated to begin business on Sept. 1.
A month ago Associated Press advices regarding the bank
from Mexico City, said:
Plans for the new bank, as outlined previously, call for the use of gold
as a "cover" for paper notes, geld now being the medium of exchange in the
business of Mexico. The belief has been expressed that by setting up a bank
of issue, business methods of Mexico would be improved and trading would
be made much easier.
On July 20 it was announced by the Mexican Treasury
Department that the new bank would grant rediscount
privileges to those banks subscribing a part of the free 49%
capital, the Government being ready to furnish 51% of the
capital. At the same time it was said:
Should banks fail to subscribe, the Government intends to control all of
the shares. However, it is expected that the banks will not ignore the
invitation because of the benefits to be derived by the rediscount privileges.
The following copyright advices were reported from
Mexico City Aug. 25 by the New York "Times":
A week before the opening of Mexico's National Bank its success seems
assured. Business men are anxious for paper money, as under present conditions business is suffering from lack of fluid currency. Reports from all
parts of the republic state that wage-earners have decided to accept the bills
and threaten to boycott all business that refuses the bills or attempts to discount them.
A feature that will help place the bank on a solid base is that the Government will issue only a few million pesos in the next 6 months or until public
confidence is fully established. Several important banks have offered to
take the bills without limit. Societies connected with the labor syndicate
have indicated their wish to place their savings funds in the new bank.
Business men believe the issue of bills will stimulate trade, which is now
stagnant. Circulation of the bills, they believe, will brighten business and
make collections much easier, at the same time permitting larger operations
at lower costs.
At present any large transaction must be handled in coin, with expenses for
cartage and guards, or through drafts, which also increase the expense. The
daily scene in Mexico City of collectors carrying bags of gold and silver on
their shoulders and in autos and trucks will soon disappear.
Another factor in favor of solidity of the bank will be a decree of the Government making taxes, import duties, &c., payable only in the bills. This,it
is believed, will prevent speculators from trying to discount bills, taking advantage of the ignorance of the lower classes.
According to John B. Glenn, representative of American
banks in Mexico, who has recently opened offices at 7 Wall
St. to represent Mexican financial interests in this country,
the Bank of Mexico will be managed by a President and
nine directors. Five of these directors will be appointed
by the Government, will represent the 60,000,000 pesos of
capital and will be known as Class A directors. The 40,000,000 pesos capital will be represented by four directors,
who will be designated as Class B. These directors will be
elected by the holders of the 40,000,000 pesos of stock.
Mr. Glenn also says:
The five directors named by the Government can object to three members
of the Class "B" directors, and elections will continue until satisfactory
directors have been named. The Class"B" directors on the other hand will
be privileged to object to four members out of the Class "A" members and
continue to object until satisfactory "A" members have been named by the
Government. The President or active head of the Bank will not be a
Government official. This will insure the Bank's entire separation from
politics.
In addition to acting as a Bank of Issue, the Bank of Mexico will receive
deposits from other banks and individuals, and in general act as a Government Bank somewhat similar to the Federal Reserve Banks in the United
States. The present Comision Monetaria which has been acting as the
Government Bank in Mexico will be taken over by the Bank of Mexico,
and as the Comision Monetaria is a going concern doing a large business
throughout the Republic, having at present over forty branches, the Bank
of Mexico will immediately be in a position to function. In addition to its
other privileges. the Bank of Mexico will re-discount commercial paper for
banks throughout the Republic, but currency will not be issued against
these bills but solely against the gold reserve in the vaults of the Bank.
Owing to the fact that a number of years ago, during the revolutionary
period, various rebel leaders and others issued paper money which was
practically valueless, the Bank of Mexico will only issue a moderate amount
of this new currency at first, which they will increase as the occasion
demands, and the people become more accustomed to a paper currency.
This currency will be redeemable in gold upon presentation to the Bank
of Mexico.and it is felt that within a short time after its inauguration, when
the people find that the Bank is willing to immediately pay gold coin for
its bills, the demand for additional currency will be increased.
The only medium of exchange at the present time in Mexico is gold and
silver coin, which is very bulky and difficult to transport, consequently
this currency will facilitate business transactions and will also have an
elasticity which the present system lacks. This currency will of course be
acceptable for the payment of taxes, and other Governmental obligations.
The Bank of Mexico has purchased the Mutual Life Insurance Building
known in Mexico as "La Mutua," situated on the corner of Cinco de Mayo
and San Juan de la Laren and adjoining the handsome building occupied
by the Mexico City Post Office. "La Mutua" is considered one of the
finest buildings in Mexico City, and when the present plans for adaptation
to the uses of the Bank are carried out, it will give them ample facilities
for handling their business, and is in a very prominent location in the city.
In the meantime they will be located in the Banco de Londres y Mexico,
which bank went out of business several years ago.
Mr. Glenn also states that the new bank will be under
the management of Alberto Mascarenos, who has been the
Manager of the Monetary Commission. Mr. Mascarenos
was for some time Financial Agent of the Mexican Government in New York and London.
Mexico Reported as Planning to Begin on Sept. 1
Payment of National Debts to United States—
Payment Made Possible Through New
Bank of Issue.
San Antonio, Texas, Associated Press disAccording
to
"Journal
of
York
New
Commerce" of Aug. 17
From the
patches Aug. 27, Mexico will begin paying her $500,000,000
we take the following:
national debt, owed chiefly to the United States, about
Large banking interests of the United States will not participate in the
initial financing of the proposed Mexican National Bank of Issue, it was Sept. 1, A. M. Elias, Consul-General for Mexico at New
learned this week-end from authoritative financial sources, and confirmed York, and Financial Agent for that Government, is reported
by Mexican authorities.
to have indicated. From the same source we also take the
interest,
vo of the
A study of the plan revealed that a controlling
initial capitalization of 100,000,000 pesos, is to be assumed by the Mexican following:
Government, this being a feature adversely criticised.
Founders of the Bank of Issue, it is said, expect that the first capitalization of 100,000.000 pesos will soon be Niatched with another issue of the
Senor Elias, also said that Mexico had discharged her domestic debts on
Aug. 13, when 20,000,000 pesos were paid to private institutions of that
country.
1040
THE CHRONTCLE
[VOL 121.
Senor Elias, who was on his way from New York to San Francisco on a
special mission for his Government, announced a change of plans, saying
he had been ordered to proceed to Mexico City to aid in arranging the debt
payments.
"The payment of our foreign debt of $500.000.000, which is owed chiefly
to the United States, will be made possible through the establishment of
the New Bank of Mexico. which will function soon with a capital of 360,000,400," he explained.
"Economies and additional taxation have enabled us to make this handsome showing, which should have the reaction in the United States of
demonstrating a new stabilization of currency and conditions in my country.
The value of exports from the United States to Mexico has jumped nearly
$10.000.000 in the past year, having reached a total of approximately
$25.000.000."
Alberto Mascarones probably will head the new bank. Senor Elias said.
by President Calles, and, due to his influence, the readjustment plan was accepted. "It is estimated," says the
report, "that the plan will change an annual railroad deficit
of 8,000,000 pesos into a surplus of 12,000,000 pesos."
(Value of peso now $0.50.) Increase in European competition in the Mexican market is predicted by Dominick &
Dominick as a result of the growing prosperity of Mexico.
British and American investments centre in the oil industry,
where the United States now has $700,000,000 invested.
Although few new fields have been developed, the old wells
are still producing in large quantities—some 12,000,000
Washington Associated Press advices on Aug. 27 stated: barrels a month. A warning against a too optimistic
None of the money owed by the Mexican Government in this country opinion of the whole situation is given by Dominick &
was borrowed from the United States Treasury. All of it is owed to private Dominick in
pointing out that the trouble with Mexico
investors, and the loans were floated for the most part through the Morgan
has always been the Mexicans. With an illiteracy of 80%,
syndicate in New York.
With reference to the above, the New York "Times" the average worker is still ignorant and unadapted to modern
business methods. "The Canes Administration," concludes
yesterday (Aug. 28) had the following to say:
New York bankers familiar with Mexican debt negotiations said yesterday the report, "will not tolerate such a condition of ignorance
that no official word had been received here regarding plans for the resump- and already has established 2,057 rural schools."
tion of payments. but Senor Elias's statement is in line with recent predictions that an arrangement would be made when the new bank of issue opens.
This bank will begin functioning on Sept. 1.
The Rise in Danish and Norwegian Exchange.
Thomas W. Lamont, Chairman of the International Committee of
[From the New York "Evening Post" (Copyrighted article). Aug.27
1925.1
Bankers on Mexico, which negotiated the Lamont-de la Huerta agreement
A curious phenomenon is brought to light in the continued
on the Mexican debt, is now on a vacation on his Maine farm. Ever since
Mexico suspended payments under the agreement bankers have expressed rise of
exchange rates on No:way and Denmark in the face
confidence that a settlement ultimately would be reached. Discussions
have been going on in Mexico City regarding the debt, and Mexican officials of growing resistance on the part of Scandinavian authorities.
announced recently that the Government desired some changes in the terms, Despite the recent reduction in the bank rate by both the
segregating certain parts of the debt.
Bank of Denmark and the Bank
of Norway, exchanges continue to soar toward parity. Exporters whose trade has been
interrupted by the sharp rise that now has gone forward
without interruption for eight months are loud in their protests. Yet financial authorities in the two countries have so
far been unable to effect stabilization on a satisfactory level.
Rates on Denmark have advanced to more than 90% of
gold parity, against 66% at the beginning of the year, while
Norwegian rates have reached 75% of parity, against 56%
In addition to resumption of debt payments, Mr. Prito foresaw the ap- at the beginning of 1925.
Several factors have contributed
proaching accomplishment of two other fundamental steps in the re-establishment of Mexico's financial status. On Sept. 1. he said the long-heralded to the phenomenal recovery, which may or may not continue
Mexican national bank of issue will be founded with a capital of 60.000.000 to eventual stabilization at par.
pesos supplied out of funds saved by the government. This bank, with auAlthough the principal factor in the upturn has been the
thority to extend credit and print paper money on the basis of its gold reserve, is expected to relieve business conditions in Mexico. where for many substantial economic progress recorded in the two countries,
years only metallic currency has had value in circulation.
a point that cannot be overlooked is the speculative element.
Mexico,according to Mr.Prito, is elso about ready to return the railroads With
the virtual stabilization of sterling early in the year and
to private ownership. This was one of the stipulations of the IV mdcan agreement with the committee of international bankers representing her external the later "pegging" of French and Italian exchanges, specucreditors signed in June 1922. But its accomplishment has been put off lators turned their attention to the two Scandinavian
curuntil this time.
rencies that had not reached par. Definite announcements
The Mexican external debt, including railroad obligations, amounted to
about $517.000.000 when the adjustment agreement of 1922 was signed. that Government authorities had taken steps to bring about
Accrued interest payments in default then raised the total figure to about a return to a gold basis encouraged
purchases of currencies
$700.000,000. The initial payment of $15.000,000 under the terms of the
and securities of Norway and Denmark, and also paved the
agreement was made at the end of 1923 to cover that year. At the end of
1924 the revolt of De la Huerta involved the Mexican government in ex- way for accumulation of large balances by foreigners in
penditures that forced defalcation on its agreed payments. Payments dur- Scandinavian banks. Favorable
bank rates provided an
ing that year were to have amounted to 317,500.000, and during 1925 to
$20,000,000. No funds have been remitted yet on either of these instal- incentive, and although these rates have since been reduced
from 6% to 5%%,they still are favorable. Moreover, credments.
its were obtained in the United States, which permitted addiStudy of Mexico by Dominick & Dominick—Calles tional funds to accumulate in
Copenhagen and Oslo. The
Administration and Rigid Economy Working
result has been that the central banks have increased their
for Future Progress.
holdings of foreign exchange and thus strengthened their
Rigid economy and firm control on the part of the Calles position in the event of any future tendency toward depreAdministration are doing much to place Mexico on a firm ciation of currency. The Bank of Norway's "balances
footing for future progress, according to a study made public abroad and foreign bills" amounted on July 22 to 58,000,000
by Dominick & Dominick on Aug. 7. The report points out kroner, as compared with 10,000,000 a year
before, while
that although "in only a few lines has Mexico made much the item "balances abroad" in the returns of the Bank of
progress in industrial development during the last 15 years, Denmark totaled 109,000,000 kroner on July 31, against
the natural resources of Mexico are gr at and their develop- only 16,000,000 kroner twelve months before.
ment depends upon a Government that has both strength and
Speculation and accumulation of balances in Copenhagen
wisdom." As an indication of the soundness of the present and Oslo are by no means the only factors involved. ImAdministration, the report points out that "entering upon his ports by Norway this year are considerably smaller than in
task on Nov. 24, Calles found the Government Treasury 1924, while Danish imports were sharply restricted by labor
empty, a deficit in the budget, and official salaries unpaid. trouble during the summer. Another factor furthering and
Within a month the budget was balanced, and six months consolidating the rise has been the fall of Danish and Norlater all back salaries were paid, and there was a balance wegian commodity prices. The latter dropped from 281 in
of 50,000,000 pesos in Government vaults."
February, taking 1913 as the base, to 260 in June, while in
Admitting that uncertainty regarding labor conditions the case of Denmark, on the same base, the decline extended
probably has kept more American capital out of Mexico from 243 in January to 212 in July.
Now the point has been reached where authorities are unsince 1917 than any other factor, Dominick & Dominick
state that "at present the nation is witnessing the rather doubtedly puzzled over whether to let the movement conextraordinary sight of a labor Government compelling the tinue in the hope of an early restoration of parity, or whether
strongest labor unions to reduce both salary and personnel." it would be wiser to check the upturn and attempt to effect
In connection with the railroads, for example, President stabilization on current levels.- In the case of Denmark,
Calles, following his policy of economy, dismissed 14,000 , legislation was adopted about a year ago which contemplated
employees, and the remainder were comeplled to swear establishment of exchange on a basis of 70% of parity by
fealty to the Government. Administration expenses of the the end of next year. This point has already been far surrailroads were cut 20%, the freight rates lowered by 10% passed. The Governor of the Bank of Norway recently
to 30%. The threat f a strike on the part of the powerful expressed the opinion that the rise had been more rapid than
railway unions, numbering some 38,000 men, was ignored conditions justified, and that "the risk of reaction is growing
In the New York "Herald Tribune" of Aug. 26 M. G.
Prito, Mexican Consul in this city, was reported on Aug. 25
as having said that in all probability payments on the
Mexican internal debt, which has been in default since
July 1 1924, would be resumed before the end of the current
year. He said that negotiations for resuming payments
were now under way. The "Herald Tribune" account likewise said:
AUG. 29 1925.]
THE CHRONTCLE
1041
every day." Yet no sign of a reaction has become evident. A. 0. Corbin Returns—Finds European Conditions
Needless to say, every precaution is being taken to prevent
Improving—Henry Ford Making Motor Car a
any severe break.
W. R. W.
Necessity in Europe.
Offering of $8,700,000 City of Munich (Germany) Bonds
—Issue Sold—Books Closed.
The $8,700,000 7% serial gold bonds (external loan) of the
City of Munich, Germany, offered on Wednesday (Aug. 26)
,by Harris, Forbes & Company were reported over subscribed
the same day, resulting in the closing of the subscription
books. The proposed offering was noted in these columns
a week ago, page 931. The bonds will bear date August 1
1925 and $445,000 will become due each year from August 1
1926 to August 1 1945 inclusive. The bonds were offered at
prices ranging from 100 to 933' to yield 7% for the 1926 and
I.J27 maturities; 7.12 for 1928 maturity; 7.25 for 1929 and
1930 maturities; 7.50 for 1931 maturity; 7.60 for 1932 and
1933 maturities and 7.65 for the maturities for 1934 to 1945
inclusive. Interest will be payable February 1 and August 1.
In coupon form, the bonds will be in denominations of $1,000.
They will not be subject to redemption by call before August
11930. Bonds outstanding on August 1 1930 will be redeemable as a whole or in part on such date or on any interest date
thereafter on sixty days published notice at 103 and accrued
interest. Principal and interest will be payable in New York
C.ty in United States gold coin of the weight' and fineness
now fixed by law at the office of Harris, Forbes & Company,
disbursing agent for the loan, or at the option of the holder
at the office of the Harris Trust & Savings Bank, Chicago.
It is announced that the proceeds of this issue will be used
for the extension and betterment of the City's electric light
and power plants, gas plants, waterworks, street railways,
market buildings and other purposes, all of which are designed
to increase the municipal revenues. Regarding the City's
finances, debt, &c., we quote the following from the offering
circular.
City Properties.—The city owns and operates all the public service plants
within its limits; the modernly equipped tramways system, electric light
and power plant, gas plants and water-works, also the public markets.
Each one is operated at a profit. The assets of the city at the close of 1923
were estimated at $111,917.000, of which more than 50% represented
revenue-producing assets. The latter figure is greatly in excess of the total
municipal debt. During the year 1924 there was a profit of $949,757
(after ample allowance for depreciation) from the operation of the public
service plants and tramways.
Finances.—Every year since 1900 the city has had a surplus of revenues,
with the exception of 1916 when revenues and expenditures balanced. The
city income is derived principally from the municipally owned properties
and from taxation. Actual revenues for 1924 were $38.800.603 and expenditures $38,197,304, showing a surplus for the year of $603.299.
Security.—These bonds will constitute the direct obligation of the City
of Munich. The city has never pledged any of its property as security for a
loan and will covenant and agree that if, while any of these bonds are outstand'ig, it should specifically pledge or mortgage any part of its property
or revenues to secure any funded debt, the bonds of this issue shall be
secured by such pledge or charge equally and ratably with the other indebtedness thereby to be secured.
Debt.—The bonds will be payab e, principal and interest, without deduction for German taxes of any nature, past, present or future. This issue
w.11 constitute the only external debt of the city and is the only funded
debt contracted since the stabilization of the currency. German internal
securities theretofore issued lost value through the depreciation of the mark.
The law of July 16 1925 has revalued public securities. Under its provisions
the liability of Munich on its previously contracted funded debt cannot
exceed a capital amount of $15,000,000.
A. 0. Corbin, of F. J. Lisman & Co., who returned on the
"Olympic" Wednesday from Europe, said that he had received inquiries which will undoubtedly result in some important financing for industries in England, France, Austria and Hungary. Last year he placed $15,000,000 in loans,
Including one to the City of Carlsbad and several to hydroelectric and steel concerns. His trip was primarily for the
purpose of seeing how this money was being spent, and he
expressed himself as more than satisfied. Speaking of the
situation there. Mr. Corbin said:
There is no danger to any American in investing in France or England
to-day. All those countries have excellent investment possibilities. While
abroad I made arrangements to give some additional loans to hydro-electric
and steel concerns. In normal times most of these industries would never
come to America for financing, for they are virtually all safe, as big banks
take an interest in them and run them. I found Austria greatly improved
and Hungary doing far better than last year.
Henry Ford is revolutionizing the minds of Europe by causing them to
purchase motor cars on time payments, something that it has never done
before. This is causing a large increase in the volume of European trade,
because time payments are extending to other industries. He is making
the motor car a necessity in Europe rather than a luxury.
Tentative Agreement for Adjustment of French Indebtedness to Great Britain—French Settlement
With United States a Factor.
The consideration anew this week between French and
British Government heads of the settlement of the French
war debts to Great Britain resulted on Aug. 26 in the
principals reaching a tentative agreement, which however is
subject to the approval of the French Government and is
dependent upon the terms of the settlement to be effected
in the case of the French Government's indebtedness to the
United States. The agreement as to the French Government's debt to Great Britain, reached in London on Aug. 27
between Winston Churchill, British Chancellor of the
Exchequer, and M. Caillaux, French Finance Minister,
involves 62 annual payments of £12,500,000 each, the total
payments aggregating £775,000,000. The amount of the
original debt was £623,000,000. Great Britain had sought
the payment of £20,000,000 annually, later reducing the
figure to £16,000,000, while France had endeavored to have
the payment lowered to £10,000,000. Summarizing the
agreement arrived at the Associated Press accounts from
London, Aug. 26, stated:
Mr. Churchill made it plain in a statement tonight that the British were
willing to go through with the bargain he and M. Caillaux have arrived at
only in the event that the United States receives no more from France in
proportion to the size of the two loans than Great Britain.
On the face of today's agreement it would seem that Great Britain is
willing to forego receiving any of the principal of the sum she lent France
provided the French pay slightly more than 2% on their loan each year
for sixty-two years, the time it will take the British to pay their debt to
the United States under the existing agreement.
Under the agreement there is to be a partial moratorium until 1930. by
which time the French Treasury will have been relieved of its burden of
helping the Bank of France pay off its debt of 1,300.000,000 francs to the
Bank of England, the last payment of which is to be made five years from
date.
In principle it was agreed to take no cognizance of what the Dawes plan
may or may not yield in settling the Anglo-French debt. France's payments
of £12,500,000 a year are, according to Mr. Churchill, to be on "the sole
of France, subject to an agreement being reached on various
All conversions in the foregoing from German to United responsibility
matters of detail and subject to governing conditions of proportionate and
States currency have been made at 4.20 gold marks to the equal treatment by France of her creditors" Or. to put it another way;
dollar. The offering is made for delivery when, as and if Mr. Churchill might well have said, "equal treatment of France by her
issued and received and subject to approval of counsel. creditors."
Mr. Churchill's statement doubtless was Issued especially for home conIt is anticipated that interim receipts of Harris Trust & sumption, as he gave copies only to representatives of the British press. It
Savings Bank will be available for delivery on or about says that M Caillaux "reserved his opinion on these propositions and promised to lay them before his Government."
September 10 1925.
The French Minister in a separate statement says he considers that, apart
from any question of figures, an arrangement with Great Britain would be
worthless unless it contains stipulations only partly accepted by Mr.
Churchill to suspend the transfer of annuities in any case where these operSoviet Not Changing Cotton Financing.
ations threaten to disrupt exchange.
The following is from the New York "Journal of ComM. Caillaux further considers that, "whether In one form or another.
guarantees should be given to France that in no case would she have to pay
merce" of Aug. 27:
to all the Allied and Associated Powers higher sums than she will receive
Officials of the Chase National Bank state they have no knowledge of
from Germany."
a plan, mentioned in a Moscow cable to the Chicago "Daily News," to
A copyright cablegram to the New York "Times" gives
extend the bank's financing of Russian raw cotton bills from Murmansk
to Moscow, through an arrangement with the Soviet State Bank. It as follows the British and French official statements:
news
item
to
that effect was handed around as
was further stated that the
The British communique was as follows:
distinctly a matter of first impression. Under the existing plan, as a rule.
The negotiations for a settlement of the French debt to Great Britain,
balances,
secured
that
by
cotton
understood
documents
are
settled
is
which have been proceeding in one form or another since the beginning
it
of the year, entered upon a new phase three weeks ago when the Cabinet
for on delivery of the cargoes at Murmansk.
At the offices of the All-Russian Textile Syndicate, which has been the authorized the Chancellor of the Exchequer to propose to the French
purchasing agent for all the American cotton imported by the Soviet, it Government that the net obligation of France should in principle be halved.
was said nothing was known of any plans for the new method of financing. This would have involved payments by France of about £16,000.000 a
Until the return from Moscow of Alexander Gumberg, the manager of the year during the sixty-two years of the British debt payments to the United
buying agent, and of Mr. Schley, the Chase National Bank Vice-President, States.
The basis of calculations was, however, affected by the view which might
who are due here on Sept. 7, nothing of a definite nature could be learned.
In Russian trade circles generally, hiwever, the wish was expressed that be taken upon a number of disputable points of detail and certain countersome arrangement of the indicated character would eventually prove accept- claims. Moreover, in accordance with the Chancellor of the Exchequer's
able to the Chase Bank officials, as it would tend to simplify the task of correspondence with M.Clementel earlier in the year, the British proposals
maintaining a full flew of working capital for the expanding Russian textile contemplated a portion of the French payments being dependent upon the
yield of the French share of the Dawes annuities.
industry.
1042
THE CHRONICLE
(voL. 121.
In response to this definite and detailed offer M.Caillaux visited London. tion to the
United States annually. Naturally there was no confirmation
After repeated discussions during which various alternatives were examined of this
or other similar rumors current.
he made the counter-proposal that France should pay in principle one-third
The New York "Herald-Tribune" account of the luncheon
of her debt to Britain by 62 annuities of £10,000,000 a year, the whole of
which should be upon the responsibility of France.
(copyright) is given herewith:
This proposition constituted a noteworthy advance on all previous tentaA general conference of the United States, Great Britain and France to
tive suggestions which had been put forward from time to time on behalf form a comprehensive plan for a debt settlement was broached here to
-night
as
a possibility, following conversations to-day among Winston Churchill,
of France. Nevertheless the gap between the British offer to remit one-half
and the French proposals to pay one-third, although modified by exclusion Chancellor of the Exchequer; Alanson B. Houghton, United States Ambasof all references to the Dawes annuities, remained wide and unbridged.
sador, and Joseph Caillaux. French Minister of Finance.
The position was,ofcourse,further complicated by the impending negotiThe discussions between the British and French Finance Ministers have
ations for a settlement of the French war debt to the United States, which shown the hopelessness of their coming to an agreement unless the Anerican
is greater than their war debt to Great Britain.
Government becomes a party to the settlement. It is reported in well inHis Majesty's Government have,from the outset, made it perfectly clear formed quarters to-night. A rumor is current that Mr. Churchill and M.
that any arrangement which they come to with France must be governed Caillaux may go to Washington to attend such a conference, but while it is
by the principle so often declared that they must receive from France pro- very likely that the French statesman may go, it is considered improbable
portionate and pani pas= payments to any she may eventually make to that the Chancellor of the Exchequer can get
away.
the United States in settlement of her war debt.
Couto= for Joint Conference.
It would be no service to Europe, already so grievously stricken, if the
Caillaux himself, it is understood, brought up the point at a luncheon at
sacrifices of one creditor of France merely conducted to the advantages of
another. Any agreement which could be entered into between Great the French Embassy, at which Mr. Houghton was a guest that the debt
Britain and France at the present time could, therefore, in thLs respect be Problem could not be settled except by a three-sided agreement among the
only of a provisional character pending the outcome of other negotiations. three Powers. The American Ambassador, it is reported. was not unsymHowever, his Majesty's Government, deeply concerned in the general pathetic to the plea Caillaux further expressed the view that the Baldwinrevival and appeasement of Europe and finding themselves in the presence Mellon agreement should be revised in accordance with the triangular
of a sincere and manful offer from an ally with whom they have shared so scheme.
many tribulations,felt bound to respond to the new proposals.
The fact that Great Britain had forwarded notes pressing
They have therefore authorized the Chancellor of the Exchequer to offer
finally on their behalf a settlement of the French debt to Great Britain on for the settlement of debts owed by France and other debtor
the basis in principle or 62 annual payments of 112,500,000 a year on the nations, was indicated
in our issue of July 4 (page 30). A
sole responsibility of France. subject to an agreement being reached on
various matters of detail and subject also to the Government's condition reply by M.Briand, mentioned in these columns the followdescribed above of proportionately equal treatment by France of her ing week (page 146) pointed out that the French Governcreditors.
ment since February last had been in constant touch with the
M. Caillaux, while reserving his opinion upon these propositions, underBritish Ministry, and that with every change of ministry
took to lay them before his Government.
the Government had not failed to reiterate its intention to
The Official French Statement.
M.Caillaux issued the following:
take up the debt issue. This exchange of notes was followed
'When the conversations on the subject of the settlement of the debt by
preliminary negotiations held in London from July 26 to
between Britain and France were resumed in July the British experts asked
that France discharge her debt by means of an annuity of £20.000,000, of 30, the London Associated Press advices of that date stating:
The "Daily Telegraph" says the preliminary negotiations for a settlement
which a small proportion only should be taken from the proceeds of the
Dawes plan. On the eve of the day when the representatives of the Finance of the French war debt to Great Britain broke down Friday.
The
French offer, although better than that made last spring, was deemed
Ministry returned to Paris Mr.Churchill reduced to £16,000,000 the amount
so inadequate by the British Treasury as not to warrant serious consideraof the annuity then contemplated.
On th'e French side an offer of £10,000,000 was made, a proportion of tion from the standpoint of the British taxpayer.
Accordingly, says the "Daily Telegraph." the French delegation is returnwhich was to be taken from the Dawes receipts.
Anxious to make a noteworthy concession to my partner and having as- ing to Paris to-day to report to Finance Minister Caillaux and unless he is
certained by other means that the British Government while willing to able to make a much more substantial offer it is probable Great Britain will
accept a percentage of the Dawes plan would subject it to terms which prefer to await the outcome of the Franco-American funding conversations
would reduce its interest to a substantial extent. I decided to propcse pay- before resuming pourparlers.
ment to Great Britain of an annuity of £10.000,000 on the responsibility of
The delegation, according to a copyright cablegram to
France herself.
The Chancellor of the Exchequer, Mr. Churchill. showing in this a good- the New York "Times" from Paris, July 26, included
will to which it is only fair to pay tribute, after repeated conversations and Mm. Thion de la Chaume,
Barnaud and Roussel, three
after having consulted the British Cabinet,reduced his demands to the payment of an annuity of E12,500,000. He also agreed to an additional demand attaches of the French Ministry of Finance. The intention
of M. Caillaux to confer with Chancellor Churchill on
by me to concede a partial moratorium till 1930.
I shall transmit these new proposals to the French Government and I Aug.24 with a view
to effecting agreement, was made known
highly appreciate their value. I consider, however, that apart from any
question of figures an arrangement with Great Britain would be worthless on Aug. 20.
unless it contains a stipulation—only partly accepted, it is true, by Mr.
Churchill—to suspend transfer of annuities in case these operations would Senator
Borah Questions Reasons for Settlement of
threaten to disturb the exchanges.
Belgian Debt—Senator Smoot Defends Agreement.
I also consider that in one form or another a guarantee should be given
France that in no case would she have to pay to all her allies collectively a
How Post-Armistice Debt Was Figured.
higher sum than she herself would receive from Germany.
While Senator Borah, Chairman of the Senate Foreign
It is understood, of'course, that the conversations have been pursued in a
mostfriendly way and are merely interrupted. I do not doubt for a moment Relations Committee, declares that the settlement reached in
that an arrangement with Great Britain will finally be concluded.
the
The conversations which resulted in the tentative agreement above had been in progress since Monday, Aug. 24.
With his departure from Paris for London on Aug. 23,
M. Caillaux read to newspaper men a formal statement
as follows:
It seems to me that "a gentleman's offer" is the only one that one can be
sure of fulfilling, and it is only propositions of that sort that the French
Government has ever considered.
In any case Mr. Winston Churchill will find before him the representative
of a great nation concerned certainly over the future, over its obligations
and over its traditional reputation for honesty, but properly conscious of
the past and the rights which that past gives it. I have, besides, full
confidence in the spirit of equity of the noble British people and in the
thorough comprehension of the two countries' real interests, which I know
my eminent interlocutor has.
funding of the Belgian Government's debt to the United
States has been "almost universally criticized," Senator
Smoot, a member of the World War Foreign Debt Commission contends that it has been generally approved by the
press. Senator Borah in a telegram as follows, under date
of Aug. 20,sought from Senator Smoot the reason prompting
the settlement:
If there was any reason peculiar to Belgium why this settlement was
made it should be stated to the public. It should also be stated that this is
no precedent for other settlements. Pardon this suggestion' but this settlement is almost universally criticized and if it Is to serve as a precedent it
can not be defended.
The reply of Senator Smoot was as follows: .
Reasons for special terms of settlement given Belgium were issued by our
commission and published in all Eastern papers. Settlement generally approved by press. Report stressed the point that the debt settlement is no
precedent for other settlements. Think I can convince you it was best
settlement under Belgium's present condition.
According to Associated Press accounts of that date,
M. Caillaux asked the newspaper men to make his task
easier by refraining from jumping at conclusions as the
The details of the agreement, under which interest is
negotiations progressed, and as the train started he called
waived on Belgium's pre-armistice debt, were given in our
out:
issue of a week ago, page 926.
Make it plain that it is our war comrades I am going to see and that it
According to a Washington dispatch to the New York
is in the atmosphere of this lasting friendship that I am going to open and
conduct the negotiations.
"Times" Aug.21,additional facts regarding the settlement of
The fact that Ambassador Houghton had been present Belgium's debts to the United States were ascertained in an
at a luncheon with M. Caillaux and Winston Churchill, the authoritative quarter. In its further report the "Times"
British Chancellor, on Aug. 25, has been made much of in states:
The information included the manner in which the post-armistice debt
the newspapers, the Associated Press stating:
A very significant incident of to-day's debt discussions, which carried M.
Caillaux into contact with several prominent British financiers, was the
luncheon at which the American Ambassador, Alanson B. Houghton,
entertained Mr. Churchill and the visiting French Finance Minister. Officially, of course, It was announced that the luncheon was merely a social
gathering, but inasmuch as a French mission will shortly go to Washington
to take up the debt question, It is generally presumed that the three statesmen talked about the general International debt situation.
All sorts of rumors were in circulation to-night regarding the proceedings
at Ambassador Houghton's luncheon. One was to the effect that the
American Ambassador informed Mr. Churchill and M. Caillaux that the
/Milted States would propose that the French pay off 3 1-3% of their ebliga-
was placed at the figure of $246,000,000. This calculation was made in the
following manner:
The principal of obligations for cash advanced was $175.430,808 68 and
to this was added $26,314,491 66 for accrued and unpaid interest at 43i%
to Doc. 15 1922, making a total of $201.745,300 34. The principal of obligations for war material sold on credit was $29,818,933 39 and to this was
added S491,359 24 for accrudd and unpaid interest at 43i% to Dec 151922,
making a total of$30,310,292 63. Addition of these totals—$201.745.300 34
and $30,310,292 63—brought the total indebtedness up to Dec. 15 1922, to
$232.055,592 97, and to this was added $17,404,169 47 for accrued and
unpaid interest between Dec 15 1922 and June 15 1925, making the total
debt at the last date $249,459,762 44.
.
AUG. 29 1925.]
THE CIHRONTOLE
From this $249,459.762 44 a deduction of *3,442,527 78 was made, including payment of interest between Dec. 15 1922 and June 15 1925. on
obligations for war material. $3,442,346 20. and a principal payment of
$172 01 on Aug.7 1928. with interest at 3% to June 15 1925, which brought
this to $181 58. Subtraction of the deduction of $3.442,527 78 from the
total indebtedness of $249.459,762 44 left a balance of $246.017,234 66,
but, in order to bring the debt to round figures for the purpose of funding,
the Belgians are to pay the $17.234 66 in cash on the execution of the
agreement.
Bonds will be used by Belgium for both her pro-armistice and post-armistice debts, maturing serially on June 15 for 62 years at the figures given at
the time the agreement was announced last Tuesday afternoon.
Under the agreement, it is now learned, Belgium on 90 days' notice may
exercise an option to postpone for 2 years principal payments falling due
after June 15 1935. but only on condition that if this option is availed of, the
payment falling due in the next succeeding year cannot be postponed for
more than one year unless the previously postponed payment has been
made. Under this option the payment which would fall due in the second
succeeding year may not be postponed at all unless the first option has been
paid.
Through the agreement Belgium will not be forced to pay the 334% on the
retirement of her post-armistice debt until after 10 years have elapsed, the
debt commission prescribing arbitrary sums to be paid in the 10-year period
The interest for this period will be paid as follows:
Amount.
Amolmt.1 Date.
Date.
$1,625.000
$870,000 Dec. 15 1930
Dec. 15 1925
1,625,000
870,000 June 15 1931
June 15 1926
1,875,000
1.000,000 Dec. 15 1931
Dec. 15 1926
1,875,000
1,000,000 June 15 1932
June 15 1927
2,125,000
1932
15
Dec.
1,125,000
1925
15
Dec.
2,125,000
1,125,000 June 15 1933
June 15 1928
2,375,000
1,250,000 Dec. 15 1933
Dec. 15 1928
2,375.000
1934
15
Tune
1,250,000
1929
June 15
2,625,000
1.375,000 Dec. 15 1934
Dec. 15 1929
2.625.000
1.375,000 June 15 1935
June 15 1930
Departure of Belgian Debt Commission.
The members of the Belgian debt commission, which
arrived in New York on August 5, sailed on Aug. 22 for
Brussels via Cherbourg on the White Star steamer Majestic.
The party included fromer Premier Georges Theunis, Baron
de Marchienne de Cartier, the Belgian Ambassador, and
Emil Francqui, Vice-Governor of the societe Generale de
Belgique. In referring to the return to Belgium of the
visitors the New York "Times" of Aug. 25 said:
1043
Others Must Pay 335%,
It is declared that the Belgian settlement is not a precedent for others to
for
instance. All the interest on the $171,000,000
come—France and Italy,
of the Belgian debt covered by the so-called Wilson agreement was remitted;
the accrued interest was scaled down from 5% and very material concessions were granted during the first 10 years. But the fact remains that after
10 years Belgium pays 33, % upon the exact amount borrowed, which is
what England does and the other nations who have funded their debts to
the United States.
If Belgium, which admittedly got the best terms this country intends to
offer, must pay its funded debt on a 33i% basis, then obviously France and
Italy, which cannot expect as generous treatment, must meet that requirement. Furthermore, Secretary Mellon has let it be known that, by forgiving
Belgium the interest on its pre-armistice debt and by easy terms during the
first 10 years, this treatment weighed in the capacity of Belgium to pay and
on a 3% basis.
Thus is would appear that the futures funding negotiations may vary, as
did the Belgian,from the Britisn agreement, as to the terms during the first
10 years but after that period the United States wants 33 %•
French Note to Germany on Proposed Security Pact—
Conference in Matter Scheduled.
In answering, on behalf of the French Government and
the Allies, the German note of July 20 with reference to the
security pact proposed by Germany, Finance Minister
Briand of France invites the German Government to enter
into negotiations with a view to reaching an accord in the
development of the contemplated pact. The reply made
by France, drafted at London two weeks ago by the French
Foreign Minister, M. Maud, and Austen Chamberlain,
the British Foreign Secretary, was handed to the German
Foreign Minister Stresemann by the French Ambassador
M. de Margerie at Paris on Aug. 24, and was made public
at Paris, London and Berlin on Aug. 26. The French Government in an earlier note to Germany contended, as we
indicated in our issue of July 25 (page 411), that the proposed pact must not involve any modification of the peace
treaties, and sought information as to Germany's views
toward the arbitration treaty, of which the latter proposed
to include in the security pact and Germany's entrance
into the League of Nations. The present note was in reply
to the German answer which we likewise published in our
issue of July 25, page 414. As to this latest note, the Associated Press advices from London Aug. 26 said:
The French note avoids mention of Poland and Czechoslovakia and an
Their departure was as silent as their arrival three weeks ago on the
Olympic. When asked by the reporters for an interview. Mr. Theunis
replied: "We agreed in coming here not to talk for publication, and we are
leaving the same way."
"Did you enjoy your visit socially, apart from the conference on the
Belgian war debt?" he was asked.
"We came without stopping in New York long enough to see anything:
hurried off to Washington, where we worked day and night, and returned
attempt is made to clear away Germany's objections in this respect on
to New York last night at a late hour to board the Majestic this morning.
This gave us no opportunity to see anything of the United States. For that general principles.
In their reply the French, in common with their Allies, confine themreason there is nothing we can say upon what we have seen of New York
selves to observations on only three points. This doubtless was done in
City."
conformity with the recent conclusion reached by the Allied statesmen
Thinks it Will Satisfy Belgians.
that the time has come to put an end to note-writing and open the way
Mr Francqui was asked if he thought the Belgian people would be for the commencement of conversations, which, it is hoped, will be more
satisfied with the result of the debt settlement and replied in the affirmative
of acceptable peace plans than penmanship has been.
Baron de Cartier would say nothing except that he expected to return to fruitful
The three essential points on which the French would pestulate all future
New York in October. He added that he usually took his vacation early efforts to guarantee the security of themselves and their neighbors are
in the Summer. but that this year he had postponed it on account of the visit that the Treaty of Versailles must not be modified, that Germany should
of the Debt Commission.
enter the League, not with reservations, as Germany has suggested, but.
on an equal footing with the other members, and that provision should
on
United States Puts Foreign Debt Funding
be made for compulsory arbitration of future disputes between nations.
Basis—Purpose Is to Require All Debtors to Pay
The French note, to which the Germans dispatched their reply this
evening, observed that the German Government had twice drawn attenInterest on Liberty Bonds.
tion to "the eventual possibility of concluding agreements under which
The following from Washington, Aug. 23, is from the New existing treaties might be adapted to changed circumstances," and that the
Germans also "suggest the hypothesis of modification of the conditions
York "Journal of Commerce" of Aug. 24.
the Rhineland occupation."
The Belgian debt settlement appears today to have disclosed the basic ofTo
both of these suggestions the French, in effect, have replied that.
principle which the American Debt Funding Commission hopes to allow to
. .
nothing can be done.
all foreign war debt agreements.
The French note points out that the Covenant is primarily grounded on
Despite Senator Borah's attack on the Belgian agreement and the
basis of the public law of
substantial concessions made to Belgium by the American commission. scrupulous respect for treaties, which form "the
France and her Allies consider that the Ver:analysis of the terms of the settlement indicates that the Administration Europe," and declares that
the
as
Allies possess under it,
well
as
which
Germany
rights,
hopes to fund the foreign obligations owed it on the same basis as the public sallies Treaty
"must not be impaired," nor the provisions Per the application of the
debt of the United States
That is, if the yield to the Treasury on the funded obligations of foreign Treaty modified.
"However liberal the spirit, however pacific the intentions with which
Governments is the same as the yield on that portion of the public debt
to pursue the present negotiations," says the note, "she
which was incurred to create obligations and the foreign Governments are France is ready
And it is for this reasen,that the French
obligated to return the actual principal borrowed, then ultimately nearly cannot surrender her rights.
a security pact could not affect the provisions
the whole burden of these obligations will have been met by the foreign note of June 16 specified that
of the Treaty relative to the occupation of the Rhineland, nor the execution
debtors.
Rhineland agreement."
Refunding of the public debt by the Treasury and the fact that Liberty of the conditions laid down in relation thereto intim
As for Germany's entry into the League, the note asserts that "it is the
bonds and other Government securities are at a premium makes this
only solid basis for a mutual agreement and a European agreement."
possible
The Allies take the position that if Germany has any reservations to
All on 3% Basis.
make them is at
by the American commission, make about League membership the time and place to
All the debt settlements thus far negotiated
the council of the League after Germany gets in, and not from the outside.
all
of
the
actual
repayment
of
the
principal
for
provide
Belgian,
including
annually after the first ten years of "where they would thus assume the character of conditions."
those obligations with interest at 3 %
According to Associated Press advices from Paris last
Since these funded foreign obligations have no
the life of the agreement.
(Aug. 28), Germany's reply to the French security
night
market value to affect their yield they are on a 3Si% basis.
United States, at least that part which
At present the public debt of the
understood to be a brief and courteous acknowledgI
is
note
represents the $10,000,000,000 loaned abroad during the war, is on a 3.75%
expects it to be on a 33 % basis The ment of the French communication and an acceptance of
basis. In a few years the Treasury
average rate of interest paid on the Liberty bonds and other long time the invitation to a meeting of legal experts. Last night's
securities outstanding is about 43i%, although there are some 33. .7. and cablegrams go on to say:
is not the interest rate paid by the
4%. But the yield on these securities
It is regarded here as satisfactory and that it will, in the nature of things,
Government on their par value but a rate as applied to the amount invested I
bonds are selling at a premium the lead to more rapid progress toward a settlement if the question at issue. 1
Liberty
other words, since
In
them.
in
The experts are expected to assemble in London for their conference
and not of their par value.
yield is 4% of their price
hundreds of millions of dollars of at the beginning of next week. M. Fromageot. legal adviser of the Foreign
refunded
has
Treasury
the
Already
than the original rates of interest and,for Office, will represent Prance, Sir Cecil Hurst Great Britain, M. Rollin
public debt obligations at lower
is now doing through the sink- Belgium and Herr Gauss Germany. The latter already has acted as exper
thermore. when it retires Liberty bonds as it
Genoa and elsewhere.
3.75% basis because, despite the premium to for Germany on several occasions, in London,
ing fund it retires them on the
Should the efforts of the experts reach quick frntion it is probable t
no longer pays interest. Further refunding operabe paid. a bond retired
interested will take up he
various
countries
the
of
Ministers
transfer part of the debt now represented by the foreign
tions are in prospect which may
mere directly related to the maturities of the question toward the middle of September at Geneva, Lausanne or so t
Liberty bonds into securities
other Swiss city.
unded foreign obligations.
1044
TWE C'FfRaNTCILE
[VOL 121.
Agreement on the French note was reached between
Messrs. Briand and Chamberlain on Aug. 12 and on Aug. 13
it was approved by the British Cabinet. On Aug. 19 a
copyright cablegram to the New York "Times" from Paris
said:
In the opinion of the Allies the arbitration convention thus limited in
that it would not apply to all disputes between the limitrophe powers would
not be of sufficient value as a guarantee of peace, as
it would still leave
open certain opportunities for war.
Our primary object is to render impossible, under the conditions formulated on the sixteenth of June, any fresh resort to force. We feel that
The French Government received to-day from the Italian and Belgian this object can only be attained by means of some obligatory pacific settleGovernments approval of the French reply to the German security note ment applying to all issues which may arise. In our opinion the principle
which was drafted in London last week by M.Briand and Mr.Chamberlain. of compulsory arbitration, thus conceived, is an indispensable condition
Instructions were at once sent to the French Ambassador at Berlin to de- for any pact of the nature proposed by the German Government in the note
liver to the German Government the document, which now becomes in of the ninth of February.
effect a joint Allied note.
As to Guarantee of Arbitration.
The following English translation of the French note to
The apprehensions which the German Government betrays
on the subject
Germany is given as follows in a copyright wireless message of the guarantee of the arbitration convention will scarcely withstand
objective criticism. Under the system contemplated,
guarantor
does
the
to the New York "Times"from London Aug. 26:
not decide autocratically and unilaterally who is
the aggressor.
The aggressor defines himself by the very fact
The French Government have given careful consideration to the German
that instead of submitting
note of July 20 1925. They are glad to observe the community of views it to pacific solution he resorts to arms or violates
either a frontier, or, in
which exists between the two Governments and to realize
that the German the case of the Rhine, the demilitarized zone.
It is obvious that the guarantor, who will
Government are as anxious PS they are themselves to see the peace of Europe
have the greatest interest
based upon an understanding which will insure to the several countries sup- in preventing such violations from whichever
side they ceme will at the
first sign of danger be sure to exercise all
plementary guarantees of security.
his influence fcr that purpcse.
They note with satisfaction that the German Government, after a careful
Moreover, it will be the business of the limitrephe States themselves to
study of the French note of June 16, express their conviction that agreement see to it that this system of guarantee,
conceived for their mutual prois possible.
tection, does not work to their disadvantage
.
The French Government, desirous of not delaying such an agreement,
As for the system of guaranteeing the
Arbitration Convention, it prowill confine themselves to such observations as the examination of the three ceeds directly frcm the idea which was
prcnounced consistent with the
essential points of the German note has suggested to them in common with spirit of the covenant by the Assembly of the
League of Nations at ita
last session in Geneva.
their allies.
The German Government. in passing over in silence certain questions
It would not seem impossible to establish
provisiens adapting the operraised by the French reply of June 16, desire apparently to intimate that ation of the guarantee [whoever be the
guarantor and whether the guarthey see no objection on principle thereto, but wish only
to reserve their antee applies to frontiers or to arbitration] to the nature of the violation
right to discuss the points of details. The French Government are happy to and to the circumstance;and the degree of
urgency which might neceenote that the German Government do not seek to subordinate the conclu- sitate the immediate execution of this guarantee.
In this connection, an examination inigbt
sion of a pact of security to a modification of the provisions of the treaty of
be nrtle whether acme means
could not be found safeguarding the
peace.
impartiality of decisions come to
The German Government, however, twice draw attention to the eventual without diminishing the immediate and
efficacicus operation of the
possibility of concluding agreements under which the existing treaties might guarantee itself.
be adapted to changed circumstances and invoke, moreover, certain proviSummary of Three German Points.
sions of the covenant.
To sum up on the three essential points of
the German note of the 20th
They also suggest a hypothesis of modification of the conditions of the of July 1925. the French Government,
In agreement with their Allies,
Rhineland occupation.
and without claiming to evade the
legitimate applicatie n of any of the
provisions of the Covenant of the League of
Insist on Adherence to Treaty.
Nations, can only confirm
The French Government are well aware of the provisions of the treaty their earlier remarks on the need fcr scrupulous respect
of the tree ties.
They are not qualified to discuss the questions
to which the German note makes reference. Nor,in their respect for interconcerning the admission
national undertakings, have they any intention of evading any provisions of of Germany into the League of Nations, on which the
Council of the League
the covenant. They would, however,remind the German Government that will have to come to a decision.
Finally, they trust that the proposed guarantees
the covenant is itself primarily founded on scrupulous respect for treaties
are capable of being
which form the basis of public law in Europe, and it defines as the first laid down in terms both just and reasonable and as
such will not expose
condition of the entry ofa state into the League of Nations the sincere inten- them to interpretations and applications which may
be improper and
unjustified.
tion on the part of that State to observe its international obligations.
The French Government, in agreement with
In agreement with their allies, the French Government consider the
their Allies, are conscious
Treaty of Peace and the rights which Germany as well as the Allies possess of the difficulties and of the delays involved in the
continuation by the
thereunder must not be impaired, nor can the guarantees of its execution and exchange of notes of the negotiations on such delicate
°mations. It Is
the provisions which govern the application of these guarantees [and in for this reason, while again drawing attention to
their
note of the 16th
certain cases contemplate their alleviation] be modified by proposed agree- of June, they confine themselves to these general observations witheut
going into further details.
ments any more than the treaty itself can be modified.
Such are the preliminary explanations which
However liberal the spirit, however pacific the intentions with which
the French Government
France is ready to guide the present negotiations, she cannot surrender her have to offer. They are tendered in all sincerity and
their purpose Is to
rights, and it is for this reason that the French note of the sixteenth of June remove all possibility of misunderstanding. The
French Government,
specified that the security pact could not "affect the provisions of the treaty in agreement with their Allies, have now the honor to invite the German
relative to the occupation of the Rhineland nor the execution of the con- Government to enter into negotiations on this basis—negotiations which
they for their part earnestly trust will result in the
ditions laid down in relation thereto in the Rhineland Agreement."
conclusion of a definitive
The French Government, however, hereby renew, so far as they are treaty.
concerned, the declaration already made by them to the effect that they
intend scrupulously to observe their obligations.
Ambassador Houghton Said to Be
Germany in League the Only Basis.
The Allies are convinced that membership in the League of Nations would
provide Germany, once she entered the League, with the roost efficacious
method of establishing her requirements as other States have done in regard
to their own interests.
The entry of Germany into the League of Nations is the only solid basis
of a mutual guarantee and a European agreement. It is not, in fact from
the outside that a State can properly express the reservations, which would
thus assume the character of conditions. It is from within that it can
submit its wishes to the Council in exercise of the right common to all
States that are members of the League.
It is thus with regret that we have read the reservation in
the German
note declaring the question of Germany's entry into the League of Nations
required to be further elucidated on the ground that the note dated thirteenth
of March. 1925.from the Council of the League of Nations had not, according to the German Government, removed their objections.
The French Government are not qualified to speak in the name of the
League of Nations. The Council, having had before them the reservations
formulated by Germany, have acquainted the Germ,n Government with
their decision. This decision was based on the principle of the equality
between nations, the equality which implies that neither exception nor
privilege favor any one of them.
So far as they are concerned the allied Governments can only adhere to
their former statements and repeat that the entry of Germany into the
League of Nations under the same conditions as are prescribed for everybody remains in their opinion the basis of any understanding on security.
It is precisely the absence of such security which has hitherto blocked the
initiation of that process of general disarmament which was provided for in
the Covenant and to which the German note alludes.
Object to Treaty Reservations.
The German Government have formulated certain reservations regarding
the scope and character of the arbitral conventions to be concluded between
Germany, on the one hand, and, on the other, either France or Belgium,
the signatories of the Rhineland pact, or Germany's other neighbors,
signatories of the Treaty of Versailles.
These reservations are of such a nature as to limit the obligatory character of these conventions by conforming them to the treaties arbitration which Germany has already concluded with some of her neighbors.
These treaties imply resort in all cases to a permanent conciliation board,
ut the actual arbitral settlement provided for thereunder, while applying
o the generality of Cased, does not cover the most important. that is, those
of a political nature, which are precisely those most liable to feed to war.
By such a procedure the provisions of the original German memorandum
of the ninth of February 1925. whtch contemplate/ the conclusion of the
arbitration treaties which would guarantee the peac ful solution of political
as well as juridical dherutes, would be dangerously restricted.
"Spiritual Author"
of Security Pact.
Describing Alanson B. Houghton as "the spiritual author
of the negotiations proceeding between Great Britain, France
and Germany for a pact of security," Professor Bernadott
e
E. Schmitt of the University of Chicago, speaking at
the
Institute of Politics at Williamstown, Ness., on Aug. 5 said:
If one asks in well-informe
d circles ere is told that the present Ambassador of the United States in London, who was until
recently our Ambassador
in Berlin, is the spiritual author of the nee(tiations
proceeding between
Great Britain, France and Germany fcr a pact of security.
Such a pact
will doubtless go far toward creating the proper stir
os here in Europe,
but any one who has studied that problem of security
realizes incidentally
that it bound up with the proper adjustment of certain
grave political
questions in middle apd eastern Europe.
Prof. Schmitt recently returned from a trip to Europe.
According to the New York "Herald-Tribune," when asked
to explain the source of his information, Dr. Schmitt said:
Certain persons in Europe told me that Ambassador Hcughton
had
suggested to Foreign Minister Stresemann of Germany the
idea of the
security pact.
Strike of French Bank Clerks—State Control of Banks
Asked—Complete Tie-up of Business at Marseilles.
While it was stated on Aug. 21 that the strike of bank
clerks, which has interfered with the barking business of
France for four weeks, had entered a phase of negotiations
which was expected to bring it to a conclusion, an InterOcean cablegram from Paris on Aug. 23 to the New York
"Journal of Commerce" stated that it was felt that the
strike would last through the month. Th's account added:
The movement Is extending and is particularly strong in Lyons,
Marseilles
and Nancy. The intelligent conduct of the strikers has caused
the Communists to abandon their intention of interveth g. at d has brought
a word
of approval from the Archbishop of Paris, who has eta laced that
every
Christian has a perfect right to make worthy efforts for his betterment.
The issues at stake comprise a demand of a 100 franc monthly
Paler/
increase by the strikers and a refusal on the part of the bankers to
pay more
than 45 francs.
The mail carriers out of symprthy for the 'Mikan; have refused to carry
out their daily duties in full, and thus have slowed up to a considerable
Alla. 29 1925.]
THE CHRONICLE
extent all commercial transactions involving mail order payments. If the
postal workers follow in the wake of the bank clerks and declare a strike the
result will be little short of disastrous to the business of the nation.
With reference to a general strike at Marseilles in support
of the striking bank clerks the New York "Times" had the
following to say in a copyright cablegram from Paris Aug. 20:
The strike of bank clerks which has been going on for several weeks assumed a more serious character to-day in the declaration of a twenty-fourhour general strike at the city of Marseilles. The action taken by the trade
unions at Marseilles in support of the bank •clerks necessarily creates a
feeling of nervousness at Paris and other large cities, it being quite generally
feared labor might decide to adopt the Marseilles tactics as a method of
procedure for the whole country unless the bank clerks are satisfied
At Marseilles the twenty-four-hour general strike which went into effect
this morning practically caused a complete shut-down of industry. French
and foreign banks had to close their doors and employees in every field of
industry stayed away from work. Transportation systems of the city were
completely at a standstill, not an autobus, tram or taxi moving out of its
depot during the day. Truck and camion drivers struck also and all day
long practically nothing moved over the streets of Marseilles but an occasional funeral procession, drivers of funeral coaches being excepted from
the obligation to strike. Firemen and employees of the gas and electricity
companies also exempted themselves from the strike, having decided their
abstention would work too much harm to the city. Not a letter, however.
was delivered during the day, the postal employees obeying the strike order
en masse.
Never in its history has Marseilles known a day when it could be called a
dead city, but to-day no other name would suit it. Musicians being on
strike, most of the cinemas had to close, and owing to lack of waiters many
cafes had to do likewise.
Some banks have given in to the clerks, but the strike on the whole is
Clerics receiving from 500 to 600 francs a month,on which
still widespread
many of them must support families, demand an increase of 100 Banat
1045
Wage demands by the employees of the Bank of France
were reported as follows from Paris under date of Aug. 5:
The male and female employees of the Bank of France met this evening
and decided to ask the Governor of the institution to receive a delegation on
Friday which will demand the 100-franc monthly increase also asked for by
bank employes on strike. It the Governor refuses to meet the delegation, a
request will be made to the Board of Directors of the bank to receive it
Aug. 12
The Minister of Labor to-day received a committee of the striking bank
employes, which explained that the 100 francs monthly asked for was not
as an allowance due to the high cost of living, but a permanent wage increase.
The committee drew attention to the recent increases in the cost of living as
proof that salaries ought to be on a sliding scale with the cost of living index.
The Minister replied that he would bring the demands before the banks
immediately and insist that they make known at the soonest possible time
what they intended to do with regard to each demand
Dispatches received from various points today showed that the strike
movement was still spreading.
The Stock Exchange is beginning to feel the effects of the strike. particularly in a decrease in orders from the provinces
On Aug. 13 a delegation of the national strike committee
of bank employees conferred with Premier Painleve for an
hour and a half, according to Associated Press cablegrams
from Paris, which also reported:
According to Associated Press advices from Paris on Aug.
21, heads of the banking houses were received on that day by
the Minister of Labor and they submitted conditions which,
it is announced, are as follows:
When the conference ended the leader of the delegation said no basis for
an understanding which would bring an end to the strike seemed to be in
sight.
A group of strikers took possession of the steps of the Stock Exchange
to-day when business on the Bourse was in progress. Police were hastily
summoned and after a struggle of about half an hour moved them on
During the melee numerous hats of the police and strikers were smashed.
M Robineau. governor of the Bank of France. during the ray received
delegation of employees of the institution who had shown a es're to join the
strike movement. He recalled the sped. I advantape.thee n ploy esenjoyed3
and they decided to refrain from striking. However, they asserted that
they were unwilling to do the work of strikers in other banks, and the Bank
of France thereupon notified these banking Institutions that it would be
unable to undertake the collection of their drafts.
The conditions include no penalties for strikers, an opportunity for making up losses by overtime, increased salaries, the sliding scale to be left to
future decision.
The strike committee recommends resumption of work, acceptance of
overtime, and urges the demand for back pay during the strike.
It has been decided by the strike committee that it would not be desirable
to attempt a limited general strike in Paris like that which was called at
Marseilles yesterday in sympathy with the bank clerks.
Canadian National Millers' Association Seeks Export
Tax on Wheat Intended for Milling in United States.
An export tax on Canadian wheat intended for milling in
the United States for export was asked by the Canadian
National Millers' Association on Aug. 11, according to AsOn Aug. 19 the striking bank clerks asked that the Govern- sociated Press advices from Montreal, which state:
The prospect of a great increase in exportable wheat this year led the milment requisition all banks, agreeing to return to work imlers to suggest that an export tax might be imposed on grain going to the
mediately under State control, but not under the private United States to remove the advantage which the millers south of the border
Canada's
employers unless all their demands are granted. The same are said to enjoy through being able to mill in bond for export tomarket
for
potential customers in Europe, while the United States domestic
advices (from Paris, Associated Press) stated:
to Canada.
The Paris strikers have been out a month. Since their walkout they have
been joined by numbers of employes in the provinces, bringing the total
number of strikers to about 25.000.
The first intimations of the Paris strike movement were
contained in Associated Press advices from Paris July 25
which said:
France is faced with the possibility of a general bank strike by the end of
next week. Taking advantage of the increased business caused by the new
.4% guaranteed loan the employes of one of the largest Paris banks have gone
on strike because the management refuses to concede increases in pay. Employes of other banks have called meetings to decide whether to join the
movement. Park employes in Marseilles already are on strike and the
movement shows signs of gaining in Avignon, Toulon and other cities.
The strike committee in Paris has offered Minister of Finance Caillaux
the services of clerks in connection with the new loan so that the registering
of subscriptions will not suffer. The condition Is made, however, that the
men be provided with suitable premises.
flour is closed
Hungary Now Seeking Market for Its Grain—Farmers
Urging That Commercial Treaties Be Completed,
to Favor Export.
The New York "Times" printed the following in its issue
of Aug. 16:
Hun-
the
The Budapest newspaper "Ujsag" reports in a recent issue that
grain on the
garian fanners are doing their utmost to get Hungarian export
agracentral
The
products.
international market in advance of American
negotiations for
rian organization is urging the Government to complete the
basis may
commercial treaties with the neighboring States, so that a firm
be found for Hungarian grain export.
cease
must
The Hungarian farmers are of opinion that the Government
duties to the
from overprotecting the industries by means of high import
"Ujsag"
detriment of all other interests. Austria and Czechoslovakia, the
that the
asserts, are ready to purchase Hungarian flour and grain provided
output
Hungarian Government will facilitate the import of the industrial
considerathat
of those countries to Hungary. The paper is of the opinion
tion for the young and as yet not fully established Hungarian industries
after an
must give way to the fundamental interests of Hungary, which
continue to be very largely agricultural.
It was reported from Paris July 30 that Ffinance Minister
Caillaux had agreed that day to receive a delegation of striking bank employes, because the movement which had started
several days previously has assumed such proportions as to
interfere with subscriptions to the new government 4% loan,
More Wheat in French Bread—Government Orders
which thus far had been very successful.
Millers to Change Wartime Recipe.
The strikers, who are mainly clerks, have demanded a
general increase in pay of about 15% said the Associated
An Associated Press cablegram Aug. 13 in the New York
Press accounts, which added:
"Evening Post" says:
This morning the employees of the head office of Credit Lyonnais, one of
the largest banks in France, assembled before the doors, but instead of
entering, most of them marched to the headquarters of their trade union for
a meeting. Only a third of the employees went to their desks.
Regarding the meeting with M. Caillaux, the New York
"Times", in a copyright cable ;ram July 30, stated:
Delegates representing striking bank clerks from Parts and Marseilles
banks were received this evening by Finance Minister Caillaux and Minister
of Labor Durafottr. After the meeting the delegates said that M. Caillaux
had promised to use his influence to get the big banks to recognize the
bank clerk syndicate and to improve salaries.
They said M.Caillaux also asked that they eliminate all political character
from their strike and allow Societe General to continue operations, in
view of the hindrance the strike was causing to subscriptions to the 4%
conversion loan This bank was mentioned specifically because it had
already granted some requests made by the clerks.
The delegates said they had accepted M. Caillaux's proem-1.1s. The
strike committee then declared there was no political character to their
action and decided to continue the strike, which is assuming large
proportions.
To day no fewer than six of the largest Paris banks were elerkless and
by the end of the week nine banks may be without a majority of their
workers if the latter fulfill their threats and their demands are not satisfied
A large proportion of the strikers are women. The boulevards have been
filled with strikers for the last three days but the usual traffic and a handful
of policemen have been suffclient to keep theta moving. None of those
who remained at their jobs has been molested by the strikers.
an order
Better bread is promised France shortly after Aug. 20. Under
4%
issued by the Minister of Agriculture, millers after that date must put
is a
This
of rye into their wheat flour instead of 8% of other substitutes.
measures.
wartime
last
move toward doing away with one of France's
said: "It is
Jean Durand, Minister of Agriculture, in issuing this order
only wheat or rye flour that makes good bread."
Austria to Import 60% of Wheat Requirements.
According to Associated Press advices from Vienna, Aug.
19, official returns describe the Austrian grain crop for this
year as fair and sufficient to meet all of the country's demand
for rye and about 40% of its wheat requirements.
Union Joint Stock Land Bank of Detroit Elects Two
New Vice-Presidents..
The Union Joint Stock Land Bank of Detroit has elected
two new Vice-Presidents, C. H. Adams, Vice-President of
the Union Trust Co., Detroit, and A. H. Medbury, President of the First National Bank, Capes, Mich. The number of directors has been increased to twenty-three and the
following new members of the Board are announced: Paul
Ullrich, President of Ullrich Savings Bank, Mount Clemens,
1046
THE CHRONICLE
Mich.; E. R. Morton, Vise-President of the City National
Bank of Battle Creek, Mich.; Albert G. Boesel, member of
Noyes & Jackson, New York; N. P. Hull, President of
Grange Life Insurance Co., Lansing; W. E. Moss, President of W. E. Moss & Co., of Detroit, and J. R. Russell,
Detroit. A 134% quarterly dividend is being paid to the
stockholders of the Union Joint Stoek Land Bank Aug. 31.
On June 30 1925 the bank reported $3,100,000 farm loan
bonds outstanding.
Annual Convention of Joint Stock Land Bank
Association to Be Held at Colorado Springs
September 1-3—Lower Interest Rate to
Farmers to Be Considered.
Delegates from 56 Joint Stock Land banks will attend the
seventh annual convention of the Joint Stock Land Bank
Association to be held in Colorado Springs, Colo., Sept. 1
to 3 inclusive. The most important subject to be discussed
will be the consideration of ways and means to reduce the
interest rate on loans to farmers. This rate has been
reduced to 6% in recent years and the Joint Stock Land
Bank Association now aims to bring about a further reduction
to 534% and eventually to 5%.
J. C. Dean of Dean, Onativia Reinstated on New York
Cotton Exchange.
It was announced on Aug.27 that J. Clark Dean, of Dean,
Onativia & Co., has been reinstated on the New York Cotton
Exchange. The re-instatement of thefirm to full membership
on the New York Stock Exchange was indicated in our issue
of a week ago, page 938.
Banks Increase Interest Rate on Savings
Deposits.
The following is from the Boston "Herald" of Aug. 22:
Boston
Seven of the leading Boston banks will increase interest rate allowed on
deposits carried by savings and co-operative banks from 23 to 3% as of
September 1. A year ago the rate allowed this class of depositors was cut
from 3 to 2%% in consequence of the extreme ease of money then prevailing.
Present action is taken in view of the firmer tendency of money.
Proposed Amendment to Federal Reserve Act to Restrict
Loans on Live Stock to Cattle.
The following is from the Dallas "News" of August 15:
Texas cattle interests may be aided in a more substantial way by the
member banks of the Federal Reserve system if proposed changes in the
Federal Reserve banking act are adopted as recommended by the legislative
committee. The committee has decided to ask that the present act be
changed so that loans on live stock will be restricted to cattle, or "steer
loans" as they are known in banking circles, Lynn P. Talley, governor of the
Federal Reserve Bank of Dallas and member of the legislative committee,
said Friday.
Dr. 0. W. M. Sprague, professor of political economy at Harvard University, has been in Dallas this week surveying the operations of the bank
as an expert employed by the legislative committee.
Gates W. McGarrah Says Tariff, Financial and Labor
Problems Are Awaiting Solution in All Countries
of Europe — United States Should Not
Fail to Further Participate with View
to Restoration of Foreign Trade.
Gates W. McGarrah, Chairman of the board of the
Mechanics & Metals National Bank, who had been abroad
since March, returned this week on the White Star liner
Olympic. The present was the second trip made by Mr.
McGarrah in his capacity as American member of the
General Board of the German Reichsbank. Mr. McGarrah finds that difficult problems financial, tariff or labor,
or all three, seem to be awaiting solution in every important
country in Europe. "One is impressed, however," he says,
"by the courage and confidence displayed by business and
Parliamentary leaders in facing them." Continuing, he
says in a statement on Aug. 27:
[VOL 121.
tries show gains in the past two months, the principal depression being in
coal and iron; but this is not confined to Germany. So far this year the
cost of living has not been materially decreased.
The election of Mr. Hindenburg and his attitude has already helped
the Republic internally, and It was a mistake to class him with Ludendorff
and Tirpitz.
The Sthines affairs are being ably dealt with and nothing oflike magnitude
is apt to be disturbing in the future. The business ability and Judgment
applied there originally appears to have been too highly appraised.
Many things bearing on Germany's cohelition and problems are clearly
and ably set forth in the recent report of Mr. Gilbert, Agent-General.
It will repay the most careful study.
In my opinion, it would be a distinct contribution to European efforts
In resuming normal conditions if the talk one frequently hears suggesting
another war in ten or twenty years would stop. War requires money as
well as the spirit to fight and they are both missing. The great desire is
to work and recover at least something of what has been lost.
Reference to Mr. McGarrah's trip abroad was made in
our issues of March 14, page 1289, and March 28, page 1551.
Death of Victor F. Lawson, Editor and Publisher of
Chicago Daily News—Tributes by President
Coolidge and Others.
Described as "one of the most influential publishers in the
United States," the death of Victor Fremont Lawson, at his
home in Chicago on Aug. 19, has brought tributes to his
worth from President Coolidge, Vice-President Dawes,
Chief Justice William H. Taft of the U..S. Supreme Court,
and hosts of others. While ill but two days, Mr. Lawson
had suffered heart attacks in recent years from overwork;
and an attack of myocarditis with acute dilation, which he
suffered on Aug. 18, was the cause of his death. Mr. Lawson
was the editor and publisher of the Chicago "Daily News."
He was one of the founders of the Associated Press, being one
of the most vigorous advocates of cooperative news gathering. He was president of the Illinois corporation from 1894
till 1900. He had been a member of the Board of Directors
of the present organization continuously since Nov. 1900.
Mr. Lawson's paper was the first western daily to succeed
as a one-cent paper. Summarizing his achievements the
New York "World" of Aug. 21 said editorially:
Victor F. Lawson's principal achievements belong to the business history
of Journalism. Ile was one of a half-dozen men who in the seventies and
early eighties revived the penny newspaper, which had flourished before the
Civil War and yielded to high war-time and post-war costs. When he took
control of the Chicago Daily News in 1876 it was a small, struggling paper
with 4.000 buyers. Chicago disliked pennies, and Lawson had to bring
them into circulation by the million to enable his sheet to live. Twenty-five
years later he could boast that the Daily News had the largest paid circulation in the United States. The circulation was won by honest enterprise*
the first impetus came when the News beat even the Western Union bulletins
with the intelligence of Hayes's nomination; and the European despatches
of the News during and after the World War were deservedly famous
Yet Mr. Lawson made distinct contributions to Journalism as a profession
as well as a business. It was the morning edition of the News (later the
Herald and then Record-Herald) on which Eugene Field and his column of
"Sharps and Flats" won their reputation. Down to the recent employment
of Carl Sanburg and other well known Chicago writers. Mr. Lawson took
pride in his Journal's literary side. His devotion to principle was exemplified
in his battles for civic decency—he led in the fight against Lorimer; in his
editorial independence—not till the close of the 1916 campaign did he choose
between Hughes and Wilson; and in his efforts in behalf of several reforms,
notably the postal savings-banks. He was a President of the Associated
Press and one of the first trustees of the Pulitzer School of Journalism.
Since Joseph Madill and Horace White, Chicago has produced few newspaper
men of his force and public usefulness.
The Chicago City Council on Aug. 22 adopted resolutions
deploring the death of Mr. Lawson, its action, it is stated
being unusual, the council never before having similarly
acted in the case of any one not holding public office. In
part, the resolutions (as given in the Chicago"Evening Post")
read as follows:
Whereas, through the medium of his many philanthropies, Mr.
Lawson
has been for years a quiet and unostentatious benefactor of the
poor, the
needy, the afflicted and the helpless, and the true friend of
little children
as evidenced in the lasting monument he leaves in the Daily
News Sanitarium, and whereas
The record of this great American citizen's service to the
city of Chicago
in which he has lived for 75 years is written indelibly in the consciousness
of'
the mayor and every member of the city council, now therefore
Be it resolved, That we, the members of the city council of Chicago,
assembled in special session this 22nd day of August 1925, A.
D., deeply deplore the death of Victor Fremont Lawson, and extend
out heartfelt sympathy and condolence to the members of his immediate
family
and to his asFor example,England's return to the gold standard,the most constructive sociates of the Chicago Daily
News, and be it further
contribution to world financial recovery since the war. In this connection
Resolved, That his honor the mayor be requested to appoint the members
It might be well to emphasize that, if suggested, we should not fail to par- of the city council to act as a
committee of the whole in attending the funeral
ticipate in further plans, having in view the complete restoration of foreign services, and, further, that
a copy of these resolutions, suitably engrossed.
trade on a sound financial basis. Financial centres are not created or be presented to the family
of Mr. Lawson,and that they be spread upon the
maintained by restrictive policies. By assisting other countries we help records of this honorable
body."
our trade and commerce to greater freedom of operation, speaking solely
On Aug. 22 the Chicago Board of Trade, through President
from the standpoint of sound and stable currencies.
Much good in,this direction will come from the informal visits•and con- Carey, named a delegation of twelve members
to attend the
versations now taking place between the heads of the leading central funeral which
was held on Aug. 24. President Coolidge in
banks; to attempt to attach greater significance to these meetings is una statement to the Associated Press, Aug. 20, had the followwarranted.
As to Germany, numerous visits there since early in April convince me ing to say in tribute to Mr. Lawson:
substantial and permanent progress is being made. It is very slow, due
For a long time I have known Victor F. Lawson and
of his good works
principally to the need of additional working capital, in the form of long- He rose from humble beginnings to place
of great leadership and influence.
a
term loans or credits. Until these go there in greater volume, present He represented what our
country extends to all its inhabitants in the way of
capital can only be augmented by savings from profits and wages—a slow opportunity. I can think
of no better way to describe his achievements as a
process. There is comparatively little unemployment and as the crops friend. a Journalist and a
sfatesman than to say he was a pre-eminent examare good the agriculturists are encouraged. Nearly all important Lndus- ple of a patriotic
American.
AUG. 29 1925.1
THE CHRONICLE
At the same time Vice-President Dawes gave out the following statement:
The death of Victor Lawson is an irreparable loss to this city and State
and to American journalism. He has demonstrated that dignity, high purpose, cleanliness and conviction in journalism are not incompatible with
great business success.
Mr. Lawson was a most sincere and conscientious man. To him his position as the editor and publisher of a great newspaper was one of public
trusteeship. His positions were taken in accordance with his ideas of what
was right rather than what was popular, and yet he lived to see that which
was right,courageously presented, always received eventually general public
support.
He possessed a singularly sympathetic nature and a tender heart. His
charities were as numerous and large as they were unostentatious. A fine
public spirit was one of the guiding motives of his life. Seldom was a meeting
called for the betterment of civic conditions without the attendance of
Victor F. Lawson or without his financial support.
He will be mourned by the whole city and especially by those who enjoyed
his friendship and personal contact with him. We have lost a great and
good citizen, a strong and upright leader and a friend to all in need.
Chief Justice Taft expressed himself as follows:
The community has lost a power for good in the death of Victor F.Lawson
Through his genius for organization he created a great newspaper, wielding
the widest influence. He maintained a high standard of Journalism. He
showed his sense of responsibility for the wealth h,e earned by his many
philanthropies.
Mr. Lawson was born in Chicago Sept. 9 1850.
1047
on record in the c-nference that they will yield nothing but reject everything that tends to disturb the factor of mine costs. We want an agreement now. We would like to make an agreement to avo'd a suspension
anthracite operaon Sept. 1, but we will not make an agreemen w th
tors as long as they deliberately and arbitrarily set up barriers that prevent
negotiations."
The same item stated:
The issuance of the suspension order mime as a surprise to tlr,anthracite
operators, who were under the impression that it would be withheld until
the question involving the maintenance men was settled. The mine union
leaders said they felt they could hold back the formal order no longer, as
it might reach the local secretaries too late to permit them to call meetings
and officially advise the membership of the strike instructions.
Announcement that the operators and miners had reached
an agreement yesterday on the question of maintenance men
for work in the mines during the suspension set for Sept. 1
was contained in Associated Press dispatches from Philadelphia last night, which said:
The arrangement provided that "normal conditions that obtained during
idle periods in the past shall be the basis for this agreement."
The operators and miners were deadlocked for several hours in their debate on employment rules for pump men, engineers, watchmen and electricians to be left in the mines after the suspension.
Discussion of the question was concluded at a meeting of the anthracite
conciliation board here.
We also give herewith a statement which was issued at
Wilkes-Barre on Aug. 23 by Mr. Uhl's committee:
be full understanding of the opinions and purNew Efforts to Avert Anthracite Strike Fail—Issuance "In order that there may
poses of this committee, the following statement was unanimously approved
of Strike Order.
by the committee this afternoon:
in the outcome of
An order for the suspension of work by the miners in "We submit that the public has a very vital interest
negotiations between representatives of the anthracite mine workers
the
issued
at
was
1
Philadelphia
Sept.
fields
on
anthracite
the
and operators, which negotiations ust sooner or later be renewed.
on Aug. 27 by John L. Lewis, International President of "Th ge,eral public is entitled to an uninterrupted supply of anthracite
if for no other reasons
the United Mine Workers of America. The call for the for humanitarian reasonsand
child living in the anthracite-producing area
man woman
"Every
of
the
efforts
the
Anthracite
the
failure of
strike followed
depends largely upon continuous operation of the mines for material comBusiness Men's Regional Committee to bring together forts and a decent living. The prosperity of the mine workers and mine
the operators and miners with a view to effecting an adjust- operators is unalterably interwoven with the happiness and future of our
ment of their differences. The appointment of the com- communities
"Periodical uncertainty regarding a steady supply of anthracite is proving
mittee grew out of the action of Wilkes-Barre business men sufficient to encourage the use of substitutes Unless some plan is devised
the stability of the entire industry is in danger. Anthrain calling on Aug. 20 a meeting of representatives of leading to overcome thismined
If It cannot be sold. That would mean less work for
will not be
cite
business men of their city, Scranton, Plymouth, Hazleton, the mine workers, fewer mines in operation and would seriously affect the
Pottsville, Shamokin, Shenandoah, Mahanoy City, Pittston lives of every one earning a living in the anthracite districts.
"It is our sacred judgment that a suspension of operations will be contrary
and other towns to prevent a suspension at the mines. The
the best interests of the public and we eropose to confer with the respeccommittee, under the chairmanship of John H. Uhl of to
tive parties and present in detail the reasoning upon which our conclusions
Wilkes-Barre, delegated to effect a peace basis, held meetings are based
confident that the representatives of both mine workers and
this week at Hazleton, Pa., with the representatives of the "We feelhave
no desire to approve any action or agreement which will
operators
two factions; on the 25th inst. the Associated Press had endanger the welfare of the industry as a whole or the welfare of the public
dependent upon the industry, directly or indirectly,for a livelihood."
the following to say regarding the day's developments:
A committee of 13 business men from the hard coal region, through
The following is the strike order issued by Mr. Lewis:
John H.'Uhl of Wilkes-Barre, as Chairman, asked John L. Lewis, International President of the union, whether the miners would "meet the
operators, provided they signify their willingness to meet you."
After a two-hour statement of the xnintrs position on the controversy
leading up to the break in negotiations at Atlantic City on Aug.4 President
Lewis expressed their desire to come to agreement with the mine o ners
and named their terms
"We are always ready to meet with the mine owners," he saki, "If they
will but concede negotiations shall be u on a basis of fact. If they will
withdraw the statement of record in the conference that they will yield
nothing, but reject everything that tends to disturb the factor of mine
cost, then there can be negotiations"
Sentiment of the operators on the offer was vo ced later by W. W.
Inglis, Pros dent of the 0 en Alden Coal Co. of Scranton. Chairman of the
operators scale committee, as follows:
"Our attitude toward the demands of the mine workers is unchanged.
We did not break off the negotiations, you know. We still insist that
we cannot agree to anything on the new contract that will increase our
production cost because that would increase the price of coal to the public."
On Aug. 26 the Associated Press accounts from WilkesBarre, Pa., stated:
Anthracite operators at the close of to-day's conference with the citizens'
"no strike" committee here announced their willingness to resume negotiations with the miners, provided the committee arranged a meeting, and
provided the operators were not expected to abandon their opposition to the
check-off and wage increases.
W. W. Inglis, Chairman of the Operators' Conference Committee, outlined the offer in a statement addressed to the committee and designed to
clarify the operators' position. It read as follows:
"You wish further interpretation of our answer to questions presented to
you to-day. We hoped that you would understand our reply to mean this.
"In order to avoid a suspension on Sept. 1 we are Willing to renew negotiations with representatives of the mine workers looking toward a new
agreement provided you arrange a conference and provided further it is
distinctly understood that we have not agreed to abandon our opposition
to the check-off and wage increases, both of which we are willing to consider fully, but both of which we now believe to be unsound and unwarranted."
Philadelphia. Pa., Aug. 27 1925.
To'he officers and members of local unions of Districts
1. 7 and 9, United Mine Workers of America.
Dear Sirs and Brother::
The present agreement between the anthracite operators and mine workers
responexpires Aug 31 1925. Your Scale Committee, charged w'th the
sihi ity of m king a new cont-act, has been unable to arrive at any understanding a affecting wages or conditions of employment to b effective
7 and
after Aug. 31 1925 Therefore, ur membership in Districts Nes. 1.
N advised that, no cont aci being in effect, a suspenslon of mining will
1925.
31
Aug.
midnight,
Monday,
at
automatically take place
Concerning the question of maintenance men remaining at work during
to our
the suspension, we advise that proper instructions will be issu d
membership, as an agreement covering th s subject can be consummated
yourhold
Please
operators.
e
anthraci
the
of
with th<t representatives
'e'ves In readiness to put our policy with respect to maintenance work into
effect as soon as possible after rece'pt f its contents.
Your Scale Committee wi 1 continue to exercise every influence to bring
about, if possihle, a general agreement which will mean substantial promos
for the anthracite mine workers We will endeavor from time to time to
We hope that the utmost
keep you fully advis d as to the ,-ituat'on
co-operation will be exercised between our membership and the Sea e
Committee.
Fraternally yours,
JOHN L. LEWIS, In'erna tonal President.
PHILIP MURRAY, 'nterna'iona' Vice-President.
THOMAS KENNEDY, Thierna ionq Secretary-Treasurer.
RONALDO CAPPELLINI, Pre ident District No. 1.
ANDREW MATTEY. President District No. 7.
C. J. GOLDEN. Presiden• Dis Het No. 9.
United Mine Workers of America.
The break which came early in the month in the wage
negotiations was referred to in these columns Aug. 8 (page
•
6661 and Aug. 15(page 797).
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
From Philadelphia accounts to the New York."Times"
The New York Stock Exchange membership of T. Henry
Aug. 27 we take the following:
posted for transfer this week to RayFinal hope of averting a walkout died as dawn broke this morning, when Walter was reported
John II. Uhl. Chairman of the Coal Region's Citizens' No Strike Commit- mond V. Caulfield,the consideration being stated as$120,000.
tee, left the room of President John L. Lewis of the Mil ed Mine Workers
of America and motored bac to Wilkes-Barre, carrying Mr. Lewis's
answer to the citizens' committee. The operators on Wednesday had
told the eitizensicommittee that they were willing to resume negotiations,
they did not abandon their
but on the understanding that by so doing
opposition to a wage increase, the check-off and other demands. When
early hour this morning after
the statement was shown to Mr. Lewis at an
automobile from Wilkes-Darre to this
Mr. Uhl had pursued him in an
following
statement in his Hazleton
city, the miners' chief pointed to the
speech Tuesday:
"I say to you, Chairman Uhl, and the members of your committee,
operator if they but concede that the
we are always willing to meet the
negotiations are to be on a bails of fact, if they withdraw their statements
The New York Coffee & Sugar Exchange membership
of Richard Sutro was reported sold this week to Philip R.
Nelson for $14,000.
John A. Stewart, Chairman of the board of the United
States Trust Co. of this city, celebrated his 103rd birthday
at his home at Morristown, N. J., on Aug. 26. The occasion was marked by the receipt by the veteran Wall Street
banker of hosts of congratulatory messages. From Mor-
1048
THE CHRONICLE
[VOL 121.
ristown the following regarding Mr. Stewart's career was on Jan. 24 1916.
On Aug. 24 the trustees adopted resolucontained in advices to the New York "Times" on the 26th:
tions recording the sense of their loss suffered in Mr. Cillis's
Mr. Stewart was born in a small wooden house at Fulton and Front
death. Mr. Cillis was born in Germany and came to this
streets, New York, on Aug. 26 1822, one year after Napoleon Bonaparte
died on the Island of St. Helena. He remembers playing as a boy in the country at the age of 21,entering the employ of the Germania
meadows where is now the financial district of New York. After his gradua- Life Insurance Co. He later became President of the
tion from Columbia, he worked as a civil engineer on the Erie Railroad,
which was then being built. In 1853 he organized the United States Trust Guardian Life Insurance Co. of America, and at the time
Co., serving as its Secretary and later, from 1865 to 1902. as its President. of his death was Chairman of its board. Mr. Cillis was a
He is the only survivor of the original forty trustees, which included Peter trustee of the
German Society and during the war headed a
Cooper, John Jacob Astor, Jacob Lawrence, John J. Phelps, John J. Cisco.
German-American committee which was organized in behalf
William Dodge and William H. Macy.
During the Civil War Mr. Stewart was a financial adviser to President of_the American citizens of German descent.
Lincoln and remembers having dinner with him two nights before he was
assassinated. After the resignation of Woodrow Wilson as President
of Princeton University, Mr. Stewart acted as President pro tern for two
years. He has served as Assistant Treasurer of the United States, was
Clerk of the New York City Board of Education and for eight years was an
actuary for the United States Life I”,,,rance Company.
The stockholders of the American Union Bank of this city
voted on Aug. 24 to increase the capital stock of the institution from $800,000 to $1,200,000. The increase will be
obtained by the sale of 4,000 shares of stock at par, $100.
Louis A. Roggen of Roggen Bros. eco. has-been elected
a member of the board of directors_of the Seventh Avenue
National Bank of New York.
Estabrook & Co. of this city announce the death of their
partner, Stedman Buttrick, on Aug. 22 1925.
Following an illness of more than a year, George Phelps
Mellick, a special partner in the New York Stock Exchange
firm of Carlisle, Mellick & Co., died on Aug. 23 at the age of
63 years. Mr. Mellick, who was a member of the Exchange
from 1893 to 1916, entered the employ of Ladenburg,
Thalmann & Co. at the age of 16, and represented that concern on the Stock Exchange from 1894 to 1908, when he
organized the firm of Carlisle, Mellick & Co. with Jay F.
Carlisle. The firm deals in odd lots of stocks.
The Municipal Bank of Brooklyn is contemplating the
Mark H. Rogers has been elected a director of the American opening of four additional branch offices during the next
Union Bank of this city.
year; as we stated in our isue of Aug. 15, page 804, the
bank has just increased its capital stock from $1,000,000 to
The fifth branch'of the Bank of United States of this
$2,000,000. The enlarged capital will become effective
city opened at Seventh Avenue and 39th Street on Aug. 25. Oct. 15.
The Municipal Bank already has four branches in
This office will be supervised by Saul Singer, Vice-President.
Brooklyn.
The proposed opening by the bank of a branch office at that
location was mentioned in our issue of March 14, page 1290.
George H. Baukney, one of the founders and President of
the Second National Bank of Hempstead, L. I., died on
The Guaranty Trust Company of New York announces Aug. 22. He was in his sixtieth year. Mr. Baukney was
the appointment of John K. Olyphant, Jr., as an Assistant President of the bank since its organization in 1919, and
Treasurer. Mr. Olyphant is in charge of the Foreign Depart- during the six years of its operation its assets have increased
ment of the Fifth Avenue Office of the Trust Company, and to $2,500,000, while the number of the depositors at the
has been for the last four years.
presnt time is over 4,300. Stating that the effort of the
It is also announced that Captain Lionel H. Lemaire has bank has been to render service rather than to seok immediate
been appointed to represent the Guaranty Trust Company results, Clinton W. Ludlum, Cashier, notes that a normal
in Australia. He was formerly associated with its Foreign and gradual growth has developed. To Mr. Baukney's large
Department.
acquaintance and helpful spirit is attributed in large measure
the upbuilding of the bank and its success.
Mr. Nelson F. Fairweather has resigned as Cashier of the
Franklin National Bank of this City to join Frazier & Co.
H. Edmund Machold has resigned as President of the
at their office in this city. Mr. Fairweather was formerly Northern New York Trust Co. of Watertown, N. Y., to
with the Irving Bank-Columbia Trust Co., and has eighteen become, on Sept. 1, First Vice-President of F. L. Carlisle &
years' banking experience.
Co., Inc., of New York. It is also announced that F. L.
Carlisle resigned as Chairman of the Board of Directors,
Announcement was made in these columns last week and that Mr. Machold was elected to succeed him in that
(page 945) of the election of Gayer G. Dominick of the firm capacity. Mr. Machold was formerly Speaker of the New
of Dominick & Dominick to the Boaid of Directors of the York Assembly. He will be succeeded as President of the
Bank of America. Mr. Dominick was elected at the last Northern New York Trust by Robert J. Buck.
meeting of the Directors. The investment house of Dominick
Harry B. Howard, Treasurer of the Mutual Bank & Trust
& Dominick wasfounded in 1870 and Mr.Gayer G.Dominick
was admitted to the firm in 1910. The present members of Co. of Hartford, has been elected Vice-President and Trust
the firth are: Andrew Varick Stout, Gayer G. Dominick, Officer of the institution; Victor I. Neilson, Senior Bank
Milnor B. Dominick, Bernon S. Prentice, Wilder L. Bellamy Examiner of the State Banking Department, has succeeded
and Elton Parks. The Bank of America, one of the oldest Mr. Howard as Treasurer. Mr. Howard was formerly
in the country, was established in 1812 and has now four connected with the Connecticut River Banking Co. and the
offices in the Borough of Manhattan and four offices in Travelers Bank & Trust Co., and has had twenty-one year's
Brooklyn. • According to its statement of condition as of banking experience in Hartford. Mr. Neilson was affiliated
June 30 1925, the capital amounted to $11,620,129.07 with with the Riverside Trust Co. for_eleven years before his
total resources of $187,424,919.07, and deposits of $161,- appointment as a bank examiner.
427,357.
President Arthur H. Cooley reports that on or about
William E. Stiger, a trustee of the Seamen's Bank of Sept. 15 the Mutual Bank & Trust Co. of Hartford will
Savings of New York, died on Aug. 24, at the age of seventy- move across the street to offices in the east side of the new
nine. Mr. Stiger had been a trustee of the Seamen's Bank Judd Building, 75 Pearl St., having sold its present banking
for thirty years and despite the fact that he had totally house .at 90 Pearl Street. The bank will be better equipped
lost his eyesight he had attended regularly the bank's weekly than ever, it is stated, to give prompt service to its growing
executive committee meetings. The Seamen's Bank ofr clientele. A new and larger vault has been built and more
Savings will on Sept. 1 locate in temporary quarters at commodious facilities will be at the disposal of safe deposit
56 Wall Street, pendir g the erection of its new buil ling on boxholders. The last statement of condition, published as
the present site o: its q arteis at 76 Wall Street. The new of June 30, shows total assets to be in excess of three anka
structure, which will be 14 stories high and cost about quarter millions.
$2,000,000, is expected to be ready for occupancy in about
A ten-story bank and office building is to be erected by the
a year and a half. Mention of the fact that the bank planned
to replace its existing building with a more modern one was Union Institution for Savings of Boston. The new building
will occupy the same site at the corner of Tremont and
made in these columns on May 9, page 2363.
La Grange Streets on which it has made its home for the last
Hubert Cillis, President of the Central Savings Bank of thirty-three years. The following description of the proNew York, died on Aug. 22 in his 78th year. Mr. Cillis posed structure is from the Boston "Transcript" of July 29:
limestone and granite on a steel frame will be used for building
was elected a trustee of the bank on Jan. 6 1902, a member theIndiana
exterior of the Union Institution for Savings Building. A striking
of the Committee on Finance on July 12 1909, and President feature of the architectural design by the Thomas M. James Company is
Ara. 29 1925.]
1049
T FT F1 CHRONTCLE
the great arched windows and entrances, three along the forty-three feet
frontage on Tremont Street and seven along the 115 feet on La Grange
Street. Ornamental grille work will protect these windows.
The main entrance to the building will be on Tremont Street, with a large
lobby, from which the elevators will run to the floors above. From this
lobby one will pass through an attractive bronze-grille entrance to the
public space of the banking room. Quarters for the officers of the bank
will be provided at the left of the entrance, also a private conference room.
The public space will extend along the right side of the first floor and at
the left will be the counters and working spaces for the clerks. At the rear
of the room will be a massive vault for the bank's securities and cash. The
trustees' room will be on the mezzanine floor, at the rear.
Storage vaults for bulky articles will be built in the basement, where also
will be recreation, luncheon and other rooms for the bank employees, also
the boiler and enzine rooms.
The Union Institution for Savings was founded in 1865.
To-day it has 25,000 depositors, whose deposits amount to
$18,000,000 and total resources of $20,000,000. Henry V.
Cunningham is President; Edmund Reardon, Vice-President;
Thomas J. Kelly, Treasurer; John J. McCluskey, Assistant
Treasurer and William E. Mackey, Clerk of the corporation.
The death of John Hall Sage, Chairman of the board of
directors of the Portland Trust Co., of Portland, Conn., and
a banker for more than fifty years, occurred on Aug. 16.
He was in his seventy-ninth year. Mr. Sage was at one time
President of the American Ornithologists' Union. He was
author of a book on "The Birds of Connecticut," and was a
member of the New York Academy of Sciences.
Announcement is made by Earle H. Reynolds, President
of the Peoples Prust and Savings Bank of Chicago, of the
opening on August 24th of the new quarters for their Bond
and Real Estate Loan Departments. The new quarters
extending the entire width of the west end of the ground
floor of the institutions building, provide for the growing
volume of business done by these departments and offer
greater convenience to the customers of the Bank. The new
space is light, airy and comfortable. The equipment is
modern. Easy access is afforded from the other departments of the Bank and from Michigan Boulevard through
the main lobby of the building, and directly from the street
through the entrance on Washington Street. Harry L.
Schmitz, Vice-President and Manager of the Real Estate
Loan Department, and A. H. Keller, Manager of the Bond
Department have moved their respective staffs into the new
accomodations.
Joseph Ward, former Assistant Cashier of the Bank of
Benwood, W. Va., who disappeared from Benwood just
before the institution was closed on June 10 last by the State
Department of Banking, was arrested in Los Angeles on
Aug. 11 charged with the alleged embezzlement of $300,000
from the institution, according to Associated Press dispatches
from that city appearing in Pittsburgh papers of Aug. 13.
The closing of the Bank of Benwood, on June 10, and the
arrest of its cashier, W.B.Leach, who is charged jointly with
Ward with the embezzlement of $25,000 of the bank's money,
was reported in the "Chronicle" of June 20 1925, page 2151.
Ward is reported in the dispatches from Los Angeles as
declaring that he "was not the only one" connected with the
embezzlement scheme and that he intended to make broad
revelations. Press dispatches from Wheeling, W. Va., on
Aug. 12, also printed in the Pittsburgh papers of the 13th,
stated that reeivers of the failed bank had not at that time
made a report of its financial condition, but examiners in
making their investigation admitted that they they found the
institution's affairs in great disorder and large sums apparently missing. A later dispatch (Aug. 13) printed in the
Pittsburgh "Post" of Aug. 14, from Moundsville, W. Va.,
contained the following:
Prosecuting Attorney Lloyd Arnold, of Marshall county, said this morning he had cited Will S. Leach, cashier of the defunct Bank of Benwood.
and Joseph Ward, assistant cashier, the latter taken into custody yesterday
in Los Angeles, to the September term of the grand Jury, which meets Sept.
7. He said he hoped by that time to have definite information from the
state banking department on which to press the charges of embezzlement
and misappropriation of funds.
Prosecutor Arnold said he had been in communication with W.H.Abbott,
state banking commissioner, and from the best information he could get
from him the alleged spemlations of the bank officials would run close to
$1,000,000. The bank was capitalized at $25,000.
The death occurred in San Francisco on Aug. 13 of A. H.
R. Schmidt, a vice-president and the cashier of the San Francisco Bank of that city after an illness of three weeks'duration.
Mr. Schmidt, who was 71 years of age, had been connected
with the San Francisco Bank for 56 years, entering its service
as an office boy. At one time he was president of the California Bankers' Association.
The Portland "Oregonian" of Aug. 1 stated that announcement had just been made of the reorganization of the banking
house of Ashley & Rumelin of that city under the title of
the Ashley State Bank, C. E. Rumelin, the senior partner of
A. E. and W. L. Lewis, brothers, formerly President and the firm, having retired. The banking house formerly carVice-President, respectively, of the defunct Liberty National ried on its operations under State supervision. The "OreBank of Tulsa, Okla., were found guilty of violating the Na- gonian" went on to say:
M. A. M. Ashley, partner of the firm, and other members of his family
tional Banking Laws by a jury in the Federal District Court
acquired the entire interest of Mr. Rumelin in the bank,it was stated.
at Muskogee, Okla., on Aug. 15 before Judge Kennamer. have
Mr. Rumelin several months ago became critically ill. His condition now is
This is the third time the defendants have been tried on the considerably improved but he expressed a desire to withdraw from active
transfer of
same charges, two mistrials having resulted. The indict- business life because of his age and physical condition. The
and reorganization of personnel in the bank staff followed. Mr.
ment against the former bankers contained sixteen counts, Interests
state.
of
the
banking
circles
Rumelin was widely known in
including charges of conspiracy, misapplication of funds and
M.A. M.Ashley has been president of the bank since February when Mr.
cashier since formaking false reports to the Comptroller of the Currency. Rumelin's condition was serious. He had previously been
mation of the institution. R. G. Ashley, a brother, is vice-president. RosOn each count the jury found the defendants guilty. An coe
G. Ashley, a son, is now cashier. Willis S. Ashley is assistant cashier
appeal, it is understood, was taken. As stated in our issue and In the reorganization G.A. Raab has been added to the staff as assistant
of March 1 1924, page 970, the assets of the Liberty National cashier. Mr. Raab has been with the institution for several years.
The Ashley State bank has a capital of $50.000. On June 30, date of the
Bank were on Nov. 5 1923 purchased by the Security Na- last
controller's call, it had deposits totaling $689,225 62 and resources
tional Bank of Tulsa and the institution subsequently went amounting to $762.714 72. Its surplus and profits account was $23,489 10.
into voluntary liquidation.
The Bank of Montreal (head office Montreal, Canada)
The following Associated Press dispatch from Jefferson announces that it has cancelled the recent transfer of Jackson
City, yo., on Aug. 11, printed in the Kansas City "Star" Dodds from Winnipeg to the New York agency and has
of the same date reports the closing of the Bank of Battle- instead made Mr. Dodds Assistant General Manager for
field, Greene Co., Mo. by its directors following the dis- the western division, with headquarters at Winnipeg.
covery of a shortage in the institution's funds estimated H. F..Skey, heretofore Associate Manager at Winnipeg, has
been appointed Second Agent of the New York Agency.
at $10,000, attributed to its cashier, LeR. Neff:
The Bank of Battlak Id,Greene County,total resources of which amounted R. J. Williams, Manager at Regina, will be Assistant Manar
to $44,387, has been closed by the board of directors following discovery of
ger at Winnipeg,and H.C.Francis to be Manager at Regina.
an estimated shortage of$10,000 by the cashier, LeR.Neff,it was
announced
Mr. Francis had been inspector for the province of Alberta.
to-day by C. it. French, State Finance Commissioner.
The cashier attempted suicide, according to a report received by Commis- The appointment of Mr. Dodds to the New York Agency
sioner French from Leon Clifford,state bank examiner, who has been placed
was referred to in our issue of April 18, page 1975.
in charge of the institution.
A shortage of $16,500 was discovered on Aug. 7 in the acENGLISH FINANCIAL MARKETS—PER CABLE.
counts of A. L. Frailey, Cashier of the First State Bank &
The daily closing quotations for securities, &c., at London,
Trust Co. of Collierville, Tenn., by I. H. Wilson, a State
as reported by cable, have been as follows the past week:
bank examiner, according to the Memphis "Appeal" of Aug.
Sat.,
Mon., Tues., Wed., Thurs., Fri.,
London.
Aug.22. Aug.24. Aug.25. Aug.26. Aug.27. Ang.28.
Week ending Aug. 28.
9. On the following day (Aug. 8), it is stated, the directors
d
3234
325-IS 327-16 3234
Silver,
per
os
3234
32 9-16
of the bank at a meeting gave a bond of $40,000 to protect Gold, per tine ounce
84.1134 84.1134 84.1134 84.1134 84.1114 84.1134
depositors
against
loss
and
to
insure the continuance of Consols, 234 per cents
the
5654
5654
5634
5634
5634
10134
10154
10134 1013
MN
the bank's prosperous operation. Frailey, it is said, ad- British,5 per cents
96%
British, 434 per cents
9634
9634
9634
9634
mitted taking the money,saying that the shortage was due to French Rentes (in Patls).fr. _
45.65 45.65 45.30
45.40 45.35
his inability to live on his salary of $150 a month. The bank Flench War Loan (In
fr.
59
59.20
69.10
Paris)
59.10
59.10
is capitalized at $15,000 with surplus of $8,000. J. K.
silver
in
The
of
New
York
on
price
the
same
day
has
been
Swoope is president.
Silver in N.Y., per oz.(eta.):
Foreign
7034
7034
7034
7034
7134
7034
1050
THE CHRONICLE
[VOL. 121.
Cotton Movement and Crop of 1924-25.
Our statement of the cotton crop of the United States for
the year ended July 31 1925 will be found below. It will be
seen that the total commercial crop reaches 14,715,639 bales,
while the exports are 8,263,584 bales and the spinners' takings are 6,758,707 bales, leaving a stock on hand at the ports
at the close of the year of 206,738 bales. The whole movement
for the twelve months is given in the following pages, with
such suggestions and explanations as the peculiar features
of the year appear to require. The first table shows the
export movement for the past year (1924-25) in detail, and
the totals for each year back to 1920-21. The second table
Indicates the stock at each port July 31 1925, 1924, 1923 and
1922, and the receipts at the ports for each of the past four
years.
Exports for Year Ending July 31 1925 foFrom
Ports of-
Great
Britain. France.
Germany.
Japan&
Italy. Russia. China.
Other.
Total.
Texas_ ___ 1,317,02: 757,506 1,019,222444 A92 135,962 436,541 582,4404,893,191
Louisiana_ 477,080
90,822 240,872 194,625 105.636 145,915 124,152 1,379,102
Georgia __ 205,989
8,831 223,002 6,883
11,478 480.783
24,600
Alabama _
42,341
1,308
34,908
415
1,818 80,789
Florida_ _ _
42
3,747
41
1,210
432
5,846
Mississipl.
4,50
4,502
So.Caro__ 101,161
90,357
386
28,900
23.179 243,983
No. Caro_
42,347 29.010
36,866
108,213
Virginia. 123,29
43
121,997
4,000
2.500 252,226
New York 160,93.
39,6
112,453 57,833
66,713 67,972 505,510
ill
Boston__.
517
7,325
6,383
14,325
244
Baltimore
3
III
50
397
Phila.__ _.
6,128
52
431
190
689
7,490
San Fran_
111,957
13 111,970
Los An-5 60.816
516
16,33
78,970
1.311
Seattle__
152 66,236
86,084
Tacoma _
Port'd,Ore
To Canada
d200,051 4200,051
Total ..2,548,272 900,7591,887,316733,82 241,598921,048 1,022,767'253,581
For'n cot'•
exported
c10.000 c10,000
Total al12,546,272
Tot.'23-24 L719,13
Tot.'22-23 1,285.926
Tot.'21-22 1,778,885
Tot.'20-21 1.751.7
900,75' 1.887,316733,82 241,598921,048 1,032,7678,263.584
720,02: 1,309.782553,061 184,711573,780 774,9835,835,480
632,938 995.593488.3:1
647,835 817,1594,867,801
771,7 1,471,717517,34
913,479 884,5496,337,769
584.390 1.346.722 mn 25•
737317 875 RA45 ROA R9A
5 Includes exports from San Diego and San Pedro. c This Is an estimate and we
are unable to obtain any details as to what countries it was exported. d Shipments
by rail to Canada.
•
Receipts for Year Ending-
Stocks.
Forts of
July 31
1925.
July 31
1924.
July 31
1923.
July 31 July 31 July 31 July 31 July 31
1922.
1925. 1924. 1923.
1922.
Texas_ __ 5,616,241 3,995,75 3,178,7323,085,2
Louisiana_ 1,907,050 1,372,664 1,365,382 1,277.802
Georgia __ 628,424 456,972 480,850 791,778
90,562 166,317
86,344
Alabama _ 152,712
Florida_ _ _
16,262
8,105
9,336
8.692
6,661
4,279
8,123
Mississippi
4,502
So.Caro__ 280,520 192.228 137,964 153,862
No. Caro_ 203,48. 190,30
159.687 180,595
275,084 280,085
Virginia.,., 327,466 370,19
9,541
28,207
25,053
NewYor
24,25
76,464
50,060
Boston _ a_
44,907
39,17
21,347 61,443
31,594
BalVore.
35,68
4,942
29
Phila.a_
1,04.
1,361
San Fran_
Los Ang_
Seattle_
Tacoma _
Port'd.Ore
To Ca
51,573 41,954 18,67
49,275 50,702 47,505
7,572 8,390 12,201
1,30
557
850
15
1,679 2,622
64,736
76,166
47,002
2,901
1,433
5.3,171
7.319 13,702 23,871
7,082 1,82. 5,180
12,374
20,000 16,000 21,000
34,000
5.042 80,759 42,729 125,833
1,431 4,402 5,307
10,985
5.1
500 1.150
1,092
3,454 3,363 3,893
4,258
368
2
2,226 2,656
3,530
2
Total _.9.229.8896.782.73 5.819.0966.121.467 206.738226 CHO 1117.731
a These figures are only tile portion of the receipts at these Pot.- C
by rail overland from Tennessee, &c.
437.840
•,
ived
The foregoing shows that the total receipts at the Atlantic
and Gulf shipping ports the past year have been 9,229,889
bales, against 6,782,734 bales last year, and that the export3
have been 8,263,584 bales, agairst 5,835,480 bales last season
and 4,867,831 bales the year before. As in previous years,
Great Britain stands at the head of the list of countries consuming American cotton, getting out of this crop 2,546,272
bales, which compares with 1,719,135 bales in the previous
season, and only 1,285,926 bales in 1922-23. But another
fact worth noting is that Germany stands next to Great Britain among the consumers of American cotton, having taken
the past season 1,887,316 bales, against .1,309,782 bales in
1923-24 and 995,593 bales in 1922-23. At $120 a bale, the
1,887,316 bales represent a money value of about $225,000,000. Evidently Europe is not alone in benefiting from the
operation of the Dawes Plan.
If we now add the shipments from Tennessee and elsewhere direct to manufacturers, and Southern consumption.
we have the following as the crop statement for the three
years:
Year Ending July 31.
1924-25.
1923-24.
1922-23.
1921-22.
Receipts at ports
bales_ 9.229,88£ 6,782,734 5,819,096 6,121.46.
Shipments from Tennessee. &c., direct
942.501 1,354.930
491,739
to mills
1,025,692
Total
10.255,581 7,274,473 6.761.597 7.476.397
Manufactured South. not I ncl. above. 4,460,058 4,052,317 4,486,627 4.018.323
Total cotton crop for year.- bales 14.715.639 11.326.790 11.243.224 11,494,720
The result of these figures is a total crop of 14,715,639
bales (weighing 7,523,144,619 pounds) for the year ended
July 31 1925, against a crop of 11,326,790 bales (weighing
5,735,826,695 pounds) for the year ended July 31 1924.
NORTHERN AND SOUTHERN SPINNERS' TAKINGS
In 1924-25 have been as follows:
Total crop of the United States, as before stated
bales-14,715,639
Stock on hand at commencement of year (Aug. 11924)
At Northern ports
91,250
At Southern ports
134,812- 226,062
Total supply during the year ending Aug. 1 1925
14,941.701
Of this supply there has been exported
to foreign ports during the year
0,8.063,533
Less foreign cotton imported b
313,328-7,750.205
Sent to Canada direct from West
200,051
Burnt North and South_c
26,000
Stock on hand end of year (Aug. 1 1925)
At Northern ports
62.457
At Southun ports
144,281- 206,738 8,182.994
Total takings by spinners in the United States for year ending
July 31 1925
6,758,707
Consumption by Southern spinners (included in above total)...*4,460;05s
Total taken by Northern spinners
2,298,649
* U. S. Census figures. a Not including Canada by rail. b Figures
are given in 500-1b. bales and include 190,313 bales from Egypt, 13.274
bales from Peru, 33,702 bales from China, 44,384 bales from Mexico
28.148 bales from British India and 3,507 bales from other countries.
c Burnt includes not only what has been thus destroyed at the Northern
and Southern outports, but also all burnt on Northern railroads and in
Northern factories.
Takings or Consumption1922-23.
1923-24.
1924-25.
Bales.
Bales.
Bales.
North-taldngs
2.298,649 1.677.949 2,578.839
South-consumption
4,460.058 4,052.317 4.486.627
Total
ExportsTotal, except to Canada by rail
To Canada by rail
6,758,707
5,730,266
7,065.466
8.063.533
200,051
5,689.824
145,656
4,668.778
199,053
Total exports
Burnt during year
8.263.584
26,000
5,835.480
15,000
4,867,831
35.000
Total distributed
15.048.291 11,580.746 11,968.297
Add-Stock increase or decrease, together with cotton imported
6720,073
5332.652 5253,956
Total crop
14.715,639 11.326.790 11.248,224
S Deductions.
In the following table we show the changes in Northern
mill stocks and also Northern consumption as distinct from
the takings:
Northern mills'stocks Aug. 1
Takings, &c
Total
Consumption-North
South
Northern mills'stocks end of year.
1924-25399,171
6.758,707
1923-24-----560,562
5,730,266
6.290,828
7,157,878
92.135.9561
4.879,694i
54.431,9681 6.567,924 a4.011,9631 5,891,657
589.954
399,171
a Exclusive of 40.354 bales of foreign cotton consumed In the South and 283,020
bales In rest of country.
b Exclusive of 28,090 bales of foreign cotton consumed In the South and 246,300
bales In rest of country.
Cotton Production anti Consumption in the United
States and in Europe.
UNITED STATES.-In any review of the cotton crop of
the past season the most natural and the most relevant observation at the very start seems to be to say, with somewhat
of a feeling of thankfulness, that at last, after several years
of waiting, we have a crop In the United States to deal
with, more nearly commensurate with the desires and needs
of the world. The planter certainly was not averse to a
large production, since market values of the staple were
satisfactory and such as to insure to him a profit from his
labors. While from the standpoint of the consuming world
a crop of greater dimensions than the decidedly short crops
of the years immediately preceding was "a consummation devoutly to be wished," since the supplies left over from previous seasons, which only three years before had been so
heavy as to be burdensome and a menace to the future of
values, had now been drawn down so low as to afford occasion for the most serious apprehensions as to what the outcome would be if, unfortunately, nature should again prove
unkindly and another deficient harvest should be added to
the inadequate production of previous seasons. As has been
so frequently explained in these annual reviews, our own
figures deal with the commercial crop, that is with the crop
marketed rather than the crop actually produced and harvested, but as the size of the commercial crop always depends more or less on the crop raised, though the two are
far from being identical, it is obviously desirable to begin
with a consideration of the actual yield or production.
In actual production the crop of the past year, the season
of 1024-25, was the very best since that of 1914-15, Just a
decade before, which was synonymous withe outbreak of
the Great War that so completely changed conditions in
every way throughout the world. And yet, though it was
AUG. 291925.]
THE CHRONICLE
1051
the largest crop in ten years, it nevertheless fell roughly prevailed from April 1 to July 1 1920, but as against the low
2,000,000 bales below the crop of 1914-15, as will appear figure of 9%c., which was roughly the average during the
from the figures presently to be given. The point is an im- months of planting in 1921, the farm price in 1922 rapidly
portant one to beat. in mind, since it shows that the past advanced, rising from about 16c. April 1 and reaching 20c.
year's production was not of inordinate size, .but was large on July 1 of that year. The farmer was now again in haronly in contrast with the small yields of the years immeL mony with the idea of a larger crop, and he accordingly exdiately preceding. The latest previous crop of substantial tended the area in cotton. Weather conditions, however,
size was that of 1920-21—that is the crop grown in 1920— were the reverse of favorable, and, as a consequence, the
when the lint Product was 13,439,603 500-pound bales. That additions to acreage were more moderate than might othercrop came concurrently with extreme business depression in wise have been the case, having in mind the betterment that
the United States, for the post-war period of inflation ended had occurred in price levels. The result was that the prein industrial collapse the latter part of the calendar year vious year's loss in acreage was not fully restored. As
1920 and the state of industrial prostration which followed against 31,678,000 acres planted in 1921, the land put in
continued through nearly the whole of the year 1921, with cotton in 1922 was 34,016,000 acres, and, as against 30,509,the result that the production of that season proved in excess 000 acres picked in 1921, the area picked in 1922 was 33,036,of needs, and the price of cotton sharply declined—indeed, it 000 acres, being less than 9% increase in both cases. Fordropped so low that it was no longer remunerative to raise tunately. the size of the crop increased in greater proporthe staple. In the spring of 1920, when the seed for that tion than the ratio of increase in area. The depredations of
year's crop was • being put in the ground, middling upland the boll weevil continued, but the damage done by them was
Spot cotton in New York was commanding 40c. a pound and to an extent held down by more determined efforts to deal
above. The effect of the big yield of that year, contempo- with the pest and a better understanding of the methods for
raneously with the shrinkage in the demand for cotton by circumscribing its evil capacities, besides which, decided
reason of the intense business depression which ensued, was advantage accrued by resort anew to the use of fertilizers.
to cause a profound slump in the market value of the staple. With price levels ruling so much higher the farmer was
And, when it became time to plant for the next season's once more able to buy fertilizers, while at the same time the
growth in the spring of 1921, the situation was that the New fact that the price of cotton had returned to a remunerative
York price was only about 12c. a pound, against over 40c., basis made it an inducement and an object to have the yield
and in the meantime accumulating supplies ha.d become bur- as large as possible. It accordingly happened that with an
densome, while business depression was at its worst, offer- addition to acreage, as compared with the year preceding,
ing little prospect of relief in that respect in the immediate of less than 9%, the increase in the size of the crop was
future. The planter now wanted a small crop with the view considerably more than 20%, the production as reported by
both to reducing excessive supplies and to correcting the the Census being 9,762,069 500-pound bales, as against the
price situation. Organizations of planters all over the South 7,953,641 bales, the small crop of 1921. The factor of prime
passed resolutions urging a reduction in acreage of 30 to importance was that, in the way already indicated, the prod331-3% and some of the organizations actually pledged uct per acre was raised from 124.5 pounds in 1921 to 141.3
planters to make radical cuts of this kind. As a matter of pounds in 1922.
fact, with the price so low, there was really no inducement
In 1923 the incentives to add to production and raise a
to devote anywhere near the full area to cotton raising. The large crop were still stronger. The 9,762,069 bales producreduction in area did not go as far as it might have been sup- tion of 1922, though so much better than the prodigiously
posed it would, but nevertheless, as against 37,043,000 acres deficient production of the previous season, yet fell far short
given over to cotton in 1920, the acreage planted in 1921 of the world's consumptive requirements, and involved, theredropped to 31,678,000 acres, being a decrease of 5,365,000 fore, a further drawing down of accumulated supplies, or
acres, or somewhat over 15%. Some of this acreage was the "carryover,"as these supplies are commonly denominated.
subsequently abandoned, as always happens, and the area This state of things was reflected in a further improveremaining to be picked at the end of the season was only ment in market prices. On the farm prices in the spring of
30,509,000 acres, as against 35,878,000 acres picked the pre- 1923 ranged down from about 28c. Mar. 15 to 25.9c. June 15.
vious season, the ratio of decrease here also being somewhat as against 16c. up to 19.6c. in the corresponding period of
over 15%. The shrinkage in the size of the crop proved far 1922, and a little below 10c. through the whole of the same peIn excess of this 15% reduction in acreage. Nature came in riod of 1921. Trade, too, was very prosperous in the United
to supplement the work of man. Planters largely abandoned States. There was thus every inducement to increase the acrethe use of fertilizers as aids to production in those sections age, to cope more effectively with the boll weevil through a
- where such soil stimulants have long been deemed essential. wider application of poisons and greater outlays for the
For one thing, with the price so low, the inducement was same, as well as to increase fertility of soil by liberal purlacking to spend the money for the purpose, while for an- chases of fertilizers. All this was done, and done, according
other thing the farmer under the prevailing level of values to all accounts, by common effort and in a free-handed way,
(on the farm the price was down to only 9@l0c. a pound) and yet without much result as concerns enlargement of the
the planter was altogether too poverty-stricken to have any year's production. Though the disposition to increase acremoney to spend in that way, even if he had the disposition age existed in a very pronounced degree, weather conditions
to do it. This failure to apply commercial fertilizers in the during the planting season were very unfavorable and intercustomary measure had as its natural sequence a greatly fered with the full carrying out of intentions in that respect.
diminished fertility. To cap the climax, the destructiveness In the whole of thG cottcn belt outside of Texas it was exof the boll weevil was greatly increased. The ravages of this tremely wet during the planting season in 1923 and washmodern pest were on a scale never previously witnessed. outs and overflows prevented the cultivation of much land
Altogether the result was to cut down the size of the crop Intended for cotton. Temperatures also ruled very low
to an extent beyond that which anyone could have conceived nearly everywhere, preventing germination of the seed and
as reasonably possible at the start of the season. The farmer the normal customary growth of the plant. The crop theregot his short crop, and far beyond his wildest dreams of fore had a bad start and at the beginning of the summer was.
avarice. As against 13,439,603 500-pound bales in 1920-21 nearly everywhere two to three weeks late. Nevertheless,
the yield in 1921-22 proved only 7,953,641 bales, making it according to the Agricultural Bureau at Washington, the
the smallest production in a quarter of a century. The fall- area seeded to cotton was increased from 34,016,000 acres
ing off, as compared with the previous season, it will be In 1922, to 38,709,000 acres in 1923. However, excessive
seen, was 5,485,962 bales, or over 40%, whereas the decrease rains, floods and overflows early in June rendered a considin acreage, as already noted, was only about 15%. As ex- erable part of the acreage in cultivation unavailable from
plaining the discrepancy and to complete the picture, it is the very start, and at the end of the season it was found
only necessary to add that the yield per acre in the case of that only 37,130,000 acres had remained to be picked. Not
the 1921 crop was only 124.5 pounds, as against 178.4 ponnds only that, but developments during the remainder of the
season were highly unfavorable. The conditions grew more
in 1920.
In 1922 the situation once more changed. Trade had re- and more adverse as the season progressed. As a matter of
vived in the United States, and by reason of the diminutive fact things went steadily from bad to worse virtually everyyield of 1921, which had made necessary recourse to accumu- where outside of two main producing States, namely Texas
lated supplies, a more nearly normal equilibrium between and North Carolina. It was these two States, along with
consumption, present and prospective, and available sup- South Carolina, which also gave a good account of itself,
plies had been restored. With this improvement in the that may be said to have saved the day for the cotton world
situation, the price of cotton improved correspondingly. in that season. Except for the augmented production in
There was no return to the price of 37c. on the farm which these three States, the country would have faced what Would
1052
THE CHRONICLE
fVot 121.
have been little short of an absolute crop failure—a crop end. In the first place the activities of the boll weevil over
disaster of the worst kind at a time when the cotton consum- Important areas were greatly diminished, with corresponding world could hardly have been more illy prepared to ingly less harm done to cotton, though this does not appear
endure such a situation. That this is no exaggeration will to have been the Case In North Carolida, where the boll
appear when we note that according to the Census Ginning weevil was apparently more destructive than in previous
Returns, the crop in Texas In 1923 was 4,342,298 bales, seasons, the weevil being a more recent Incursion in that
against only 3,221,888 bales in 1922; the crop In South Caro- State and planters less accustomed to deal with the pest.
lina 770,165 bales, against 492,400 bales, and the crop In The fact that boll weevil damage decreased was probably
North Carolina 1,020,139 bales, against 851,937 bales. The due as much as anything to the circumstance that planters
addition for the three States, it will be seen, was 1,566,377 used poison more freely than before and by experience have
bales. Even with these additions, the crop of 1923 reached succeeded in gaining more effective control of the evil, and
only 10,139,671 bales, or but 377,602 bales more than in 1922, furthermore, to the fact that hot and dry weather was unthough the acreage picked, as we have seen, increased from favorable to their development, but at the same time it
33,036,000 acres to 37,130,000 acres, an addition of more than seems well to recall here the report of the Cotton Production
4,000,000 acres, equal to over 12%. Except for the additions Council of the Assoc:ation of Southern Agricultural Workin the three States referred to, the crop of 1923, instead of ers on the subject, adopted by the association in annual sesshowing even the small increase of 377,602 bales, would have sion at Atlanta, Ga., on Feb. 3 and Feb. 4, to which refershown an actual decrease of 1,188,775 bales, cutting it down ence was made in our Cotton Acreage report issued last June.
to 8,573,294 bales, or only 619,653 bales in excess of the short This report ascribes the comparative Immunity from weevil
crop of 1921, leaving it, with that exception, the smallest damage In 1924 to an "unusual combination of conditions"
crop on record in about a quarter of a century. We lay which "will in all probability not recur in many years."
stress on the part played by these three States in redeeming These special happenings were enumerated as follows:
the situation in 1923 because the inference inevitably fol(1) Defoliation of cotton over a wide area by the leaf
lows that outside of these States the crop actual))
, wait a dis- worm in the early fall of 1923. materially reducing the numaster. And the figures amply confirm this inference, for in ber of weevils going into hibernation.
(2) Extremely cold winter temperatures which vastly inArkansas the crop dropped to 627,535 bales In 1923 from
1,018,021 bales in 1922; in Alabama to 586.724 bales from creased the usual mortality of hibernating weevil; and
(3) Extremely dry, hot
during the summer of
$23,498; in Georgia to 588,236 bales from 714,998 bales; in 1924. which gave effective weather
weather control. preventing the
Tennessee to only 227,941 bales from 390,494 bales and in few weevils which did emerge in the spring from multiplyMississippi to 603,808 bales from 989,273 baes.
ing fast enough to seriously menace the crop.
This brings us down to the crop of the season of 1924-25,
Aside, however, from the relative immunity from weevil
the one we are now reviewing. The start in 1924 was un- damage, there was one other potent factor during 1924 which
favorable, just as had been the start In the two preceding served greatly to increase production. There was an unseasons. The crop was all the way from one to four weeks usually long and favorable season for the late maturity of
late. Wet weather was experienced everywhere up to June the crop. In that respect conditions could hardly have been
1 and proved a serious handicap. Unlike, however, the ex- better. As a result a much larger "top"' crop was raised
perience in 1923 and 1922 relief from the wet weather came than anyone had counted upon and than most persons beIn June, and this proved, subsequent events showed, much lieved possible. This came very lunch In the nature of a
more of an advantage than was supposed at the time. The novelty, for after the unfortunate happenings In previous
Incentive to bring additional acreage under cultivation and seasons in that respect, the public, and many of the plantto bring It to the highest state of fertility was now greater ers as well, had almost forgotten that there is such a thing
than before, since accumulated supplies, or- the "carryover," as a "top" crop. This time it was of substantial proportions
bad been still further reduced—to perilously low figures. and the open weather favored its picking to the last bale. In
The price of the staple in the market, too, encouraged fur- addition, of course, there was the substantial increase in
ther additions to area. The average price on the farm Mar. acreage, which by the final revised figures of the Depart15 1924 was 27.7c., Apr. 15 28.7c., May 15 28.1c., and June 15 ment of Agriculture amounted to nearly 4.000,000 acres in
27.8c.,•which, except in the first instance, was from 1 to 2c. the case of the area planted and to considerably more than
a lb. better even than the good prices of the year preceding. 4,000,000 acres in the case of the area picked. Of this inIn these circumstances it was natural that additional areas crease the greater part was In the territory west of the Misshould be put under cultivation, and it was also natural that sissippi River, where the most notable gains In the size of
the extension of area should have proved very much larger the crop have occurred. In Texas alone the addition to
than had been counted upon. As was shown in our cotton acreage was 3.260 000 acres, or over 221/2%. the revised figacreage report for 1925, published in the "Chronicle" of June ures of the Department of Agriculture making the area tin20, the Department of Agriculture in its preliminary esti- der cultivation in that State in 1924 17.700.000 acres, of which
mate, published July 2 1925, put the total area under cul- 17,175,000 acres remained to be picked, against 14,440.000
tivation in cotton in this country at 40,403,000 acres, which acres planted and 14,150.000 acres picked in 1923. In Oklacompared with 38,709,000 acres the final figures for the homa the area under cultivation in 1924 is put at
4,022,000
previous season. But in its report of Dec. 8 1924 the De- acres and the area picked at 3.S61,000 acres. as against
3,400,partment raised the total to 41,390,000 acres, and in its final 000 acres planted and 3,197,000 acres picked In 1923.
In
revision, as published June 2 1925, added considerably over Arkansas, on the other hand, where also a great
increase In
acres
million
a
more, and raised the total to 42,641,000 acres, the size of the crop occurred, no change of consequence
in
as against 38,709,000 acres, the final figures for 1923, as al- acreage occurred between the two years, 3,173.000 acres havready mentioned. The area picked was reported at 41,360,- ing been planted in 1924 and 3,094.000 acres picked
against
000 acres in 1924, against 37,130,000 acres in 1923. Whethet 3,120.000 acres planted and 3,026,000 acres picked in
1923.
we use the area picked or the area planted, the increase is The Census makes the production of lint cotton In the
United
in either case over 10%.
States in 1924 13,627,9:36 bales (of 500 lbs.), against 10.130,The improvement in weather conditions during June, un- 671 bales in 1923, an increase of 3,488.265 bales, and of this
like, as already stated, the experience in the two years pre- 855,012 bales alone is supplied by the State of Oklahoma,
ceding, facilitated the bringing of additional land under cub whose 1924 crop is reported at 1,510,570 bales, against 655,tiavtion. As the season progressed prospects steadily im- 558 bales in 1923. Nearly half a million more bales came
proved. The weather was by no means ideal, and the change from the State of Arkansas and 608.701 bales
from Texas,
for the better which occurred is perhaps best described by whose 1924 product is given as 4,951.059
bales, against
saying that there was no such extreme deterioration in the 4,342.298 bales in 1923. The 1922
Texas crop was only
condition of the plant as had marked the course of the 3,221,888 bales—always on the basis
of bales of 500 lbs.
growing season in 1921, in 1922 and in 1923 and which by weight.
reason of its continual recurrence had been looked upon as
But, after all, the improvement in the 1924 production
the ordinary, normal state of things, but which the experi- follows largely from the fact that
comparison is with exence of 1924 now puts in a different light. In view of what traordinarily poor results in 1923. We have
already shown
happened in 1924 there would seem reason for thinking that that outside of Texas and North Carolina
the 1923 crop
the great impairment of prospects which occurred during was of such diminutive proportions that it
was tantamount
the active growing season of 1921, 1922 and 1923 marked a to actual disaster. In many of the States
the yield had exdeviation from the normal rather than the more fortunate cessively diminished for several years as a
consequence of
experience in 1924. At all events, the crop turned out much boll weevil activities and other adverse
happenings, and
larger than the early promise. There were, of course, some with the further shrinkage In 1924 got
down to such low figspecial circumstances and conditions that operated to that ures that it would seem to have
embodied the worst that
Atc. 29 1925.]
1053
THE CHRONICLE
could possibly happen and that any change had to be for the
better. Several illustrations in confirmation of this view
may be noted. We have already alluded to the big increase
over 1923 reported in Arkansas. The truth Is. however, that
this increase was princ:pally a recovery of what was lost In
1923; in other words, the crop in that State dropped from
1,018.021 bales in 1922 to 627,535 bales In 1923 and In 1921
got back to 1,097,459 bales. Similarly, the crop in Mississippi shrank from 989.273 bales in 1922 to 603.808 bales In
1923 and was 1.098.634 bales in 1924. Even more striking
illustrat.ons might be cited if we carried the comparisons
further back. For instance, Mississippi In 1918 produced
1,226.051 bales, Arkansas in 1920 had a crop of 1.214,448
bales'and Georgia in 1918 produced 2,122,405. against 1,003.770 bales the past season, while South Carolina in 1920 had
. a crop of 1,023,076 bales, against 800,594 bales in 1924. In
the following we show the crop by States (in bales of 500
lbs.) for each of the last seven years:
PRODUCTION OF COTTON BY STATES-UNITED STATES CENSUS
GINNING RETURNS.
YEARLY PRODUCTION OF COTTON IN UNITED STATES.
Growth Year.
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
1911
1911
1910
1909
1908
1907
1906
1905
1904
1903
1902
1901
1900
1200
Linters,
Total all,
Equivalent
500-Pound
Running bales,
counting round
as half bales.
Equivalent
500-Pound
bales.
500-Pound
13.630.608
10.170.694
9.729.306
7.977.778
13.270.970
11.325.532
11.906.480
11.248.242
11.363.915
11.068.173
15.905.840
13.982.811
13.488.539
15.553.073
11.568 334
10.072.731
13.086.005
11.057.822
12.983.201
10.495.105
13.451.337
9.819.969
10.588.250
9.582,520
10.102.102
13.627.936
10.139.671
9.762.069
7.953.641
13.439.603
11.420.763
12.040.532
11.302.375
11.449.930
11.191.R20
16.134.930
14.156.486
13.703.421
15.692 701
11.608.616
10.004.949
13.241.799
11.107.179
13.273.809
10.575.017
13.438.012
9.851.129
10.630.945
9.509.745
10.123.027
897.555
670.489
610.161
397.752
440.313
607.969
929.516
1.125.719
1.330.714
931.141
856.900
638.881
609 594
557.575
397.072
310.433
345.507
268.282
321.689
229.539
241.942
194,486
19 .223
166.026
14:3.500
14.525.491
10.810.160
10.372.230
8.351.393
13.879.916
12.028.732
12.970.048
12.428.094
12.780.644
12.122.961
16.991.830
14.795.367
14.313.015
16.250.276
12.005.688
10.315.382
13.587.306
11.375.461
13.595.498
10.804.556
13.679.954
10.045.616
10.827.168
9.675.771
10.266.527
a 3911 242
0 345 301
114.544
9.459 936
Equivalent
bales.
bales.
All this is preliminary o .a digcussion and consideration
1924.
1923.
1922. 1 1921.
1920.
1919.
1918.
500 Lbs.
of our own report and tabulation, as summarized at the be985,601 566,724 823,493 580.22 662.69
713.236 800,622 ginning of this review and detailed more at length on subseAlabama
107.606
77.5211
46,749
45,32: 103.121
55.604
Arizona
59.849
compilations, as already stated, deal, not
1.097.9851 627.535 1,018.021 796.931 1.214.448 884.473 987.340 quent pages. Our
Arkansas
77.823 54.3711
28.423 34,101
California_
75.183
56.107
67.351
production or yield, or size of the crop, but
actual
with
the
18.961
12,345
25.021
10,90.
18.114
Florida
15.922
29,415
1.003.770 588.236 714.998 787.06 1,415.12 1.659,529 2.122,405
Georgia
with what is known as the commercial crop-that Is the cot387.663 297,681 587.717
Louisiana
_ 492.654 367.881. 343.274 278.85
1.098.634 603.80 989.273 813.01, 895.312 960.886 1.226.051 ton actually marketed, not the crop raised from the acreage
NI IssIssippl
189.115 120.894 142.529 69.931
Missouri ......
78,856
62.162
64,031
planted the previous season. This has been our practice
55.243
27.687
..
New Mo%ino.
12.195'
825.324 1.020.13f 851,937i 776,22: 924.761 830.293 897.761 ever since we started the compilations nearly 60 years ago,
Nortivilarolin
Oklahoma ... 1,510.57
655.55) 627,419 481.281 1.338.2981.016,129 576.888
South Carolin
805.594 770.165 492.400 754.56( 1.623.076 1.426.146 1.569.9121 and, indeed, is the practice of all similar compilations. It is
356.189 227.941 390.994 301.95, 325.085 310.044 329,697
Tennessee. _
this distinction In mind, for though the
(.951.059 4.342.29f 1.221.8882.108.15' 1.345.282 3.098,967 2.696.561 Important to bear
Teuts
38.741 5O.5°1
Virginia
26.515
16,361
21,337
22,527
24.882 correspondence on the present occasion between the commer12.062
13.239
Ailother Stat
2,651
4.947
6,157
6.015
7,115
c:al crop and the actual growth of cotton is very close, our
115275(8 10179571 (.762,0897,053.84' 174391'07 I I 410 767 l2040 53
Total
figures tanking the commercial crop 14,715,639 bales ahd the
actual production of lint and lintel's, according to the tabuThe point which we wish to emphasize by the foregoing is lations above, having been 14,525,491 bales, tile gulf between
that the crop of the season 1924-25, while large, as already the actual product and the amount coming to market is often
stated, by comparison with the preceding short crops, wa.4 a wide one. For Instance, in the- season of 1921-22, when
not at all au unusually good one, nor in way of exceptional the actual production, as appears by the table above, was the
proportions. The acreage was by far the largest ever de- smallest of all the years included in tile table. our compilavoted to the staple and over 4,000.000 acres larger than for tion of the commercial crop for 1921-22 reflected no evidence
1014, but while the crop of 1914 reached 16,134,930 bales on of a shortened yield. As a matter of fact, the commercial
37,406.000 acres planted and 36.832.000 acres picked, on the crop for 1921-22 was found to have been somewhat larger
other hand in 1924, with the area increased, so that 42.641,- than that of the previous season, It having been 11.494,720
000 acres were planted and 41.360.0011 acres picked, aggre- bales, against 11,355,180 bales In 1920-21, and we then noted
gate production was no more than 13.627,936 bales.
as a quite remarkable fact that the commercial crop had
In the whole of the discussion thus far we have been deal- shown no considerable variation from year to year for a term
ing s:mply with the production of lint cotton as shown by of years past. Our compilation for 1923-24 brought this
the ginning returns. We would again caution, however, as point out In still stronger relief, it adding one more year to
we did last year and the year before, against ignoring the the series of years thus distinguished. In other words, preproduction of linters in considering the size of the crop. ceding the year we are now reviewing, there were seven sucThe quantity of cotton ginned does not by any means consti- cessive years when the commercial crop had run remarktute the whole of the staple available. The production of ably even, it having been 11,326,790 bales in 1923-24; 11.248,linters must also be taken into account. As explained In 224 bales In 1922-23; 11,494,720 bales in 1921-22; 11.355,180
previous annual reviews, linters are the small portion of the bales in 1920-21; 12,217,552 bales in 1919-20; 11,602,634 bales
fibre 'that remains adhering to the seed when the cotton in 1918-19 and 11,911,896 bales in. 1917-18. On the other
passes through the gin and which is saved when the seed hand, in the case of the actual production, or crop raised,
Is crushed and pressed in tile process of making cottonseed the variation during even the last four of these years was
oil. Linters obviously would not answer in the manufacture from 8,351,393 bales to 13,879,916 bales.
of the filler grades of cotton, but can be used for many other
The explanation, of course, is very simple,- as we have
purposes. Plainly, they must be taken into consideration. many times pointed out in these annual reviews. Inequaliand they also form part of the statistical tabulations pre- ties of yield from season to season are equalized through
sented by the Census in its elaborate report on cotton pro- market movements. When the product in any season runs
duction and distribution. As it happens, the production of in excess of current demands, or when these demands are
linters in recent years has been increasing relatively faster themselves restricted by some nation-wide or world-wide
than the quantity of cotton ginned. The amount of linters occurrence, such as unfortunately happened upon the outproduced cannot be known until the end of the crop season break of the World War in 1914, market movements immeon July 31, as the crushing of the seed continues throughout diately accommodate themselves to the new situation and a
the different months, and the figures for the late crop yield considerable portion of the crop remains on the plantations,
have just become available In the monthly Cotton Seed Oil or in interior stocks, or is in some other way withheld and
report Issued under date of Aug. 20. From this it appears that does not come into sight until the situation again changes
in the process of cleaning and crushing the seed close to 900,- through shortened yield or augmented demand. Both these
000 bales of cotton fibre were obtained In 1924-25, the exact last two mentioned factors came into play in the season of
amount being 897,555 bales. This compares with 670,489 1921-22, when production was so heavily reduced, while conbales In 1923-24, with 610,161 bales in 1922-23 and with only sumption increased both at home and abroad, with the re397,752 bales similarly derived from the preceding season's suit that accumulated supplies, or the carryover, were drawn
growth of cotton. Including the linters, therefore, the crop upon to make up the difference. In the two succeeding seaIn 1924-25 was 14.525,491 bales, against 10,810.160 bales in sons the process was much the same. In the first of these
1923-24, 10.372,230 bales In 1922-23 and only 8,351,393 bales consumption in the United States still further increased
In 1921-22. but with 13,879,916 bales in 1920-21. Owing to under the influence of the great revival of trade and in 1923the general disposition to ignore the linters In discussions 24, though the home consumption fell off, the foreign demand
of the subject, and the importance of including the item, we once more increased, and the commercial crop continued to
introduce here the following table, showing the production run In excess of the actual production, though, of course, at
of lint cotton and of linters, separately and combined, for the expense of the supplies on hand. During the past season,
each year from 1899 to 1924 (season of 1924-25), inclusive,
with the crop so much larger and foreign consumers being
OrOSS
c.1 OI
1054
THE CHRONICLE
[VOL 121.
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It may be added, too, that on the whole the judgment of
In great need of it, and market prices lower, thereby stimulating purchases, with the result of bringing an enormous foreign consumers in buying American cotton so freely at
Increase in the exports from the United States, and with the the price levels prevailing in the autumn of 1924 was fully
domestic consumption also again expanding and with the vindicated, for no recessions from those occurred later and
necessity existing for reinforcing mill stocks the new crop in fact the tendency of values was upward up to the early
part of March, when it became apparent that acreage for
naturally came to market in its full amount.
• Cotton Consumption in the United States and in the 1925 crop would be very greatly increased and that at
the same time the season of 1925-26 was opening under exEurope.
What has been said indicates that the takings of cotton tremely favorable auspices. In October 1924, as already
both on home account and on foreign, were liberal in amount. noted, middling upland spot cotton in New York ranged
And price was an important consideration in both instances. from 26.90 Oct. 2 to 22.95 Oct. 25, with an upward reaction
The trend of cotton values at the opening of the season was to 24.20 Oct. 27 and the close Oct. 31 23.65c. During the
strongly in the direction of lower levels and, what is perhaps next three and one-half months-that is between Nov. 1 1924
most important of all, the bulk of the great decline in prices and Feb. 20 1925-the extreme range was 23.15c. to 2490e.
occurred during the first forty-five days of the season. Tak- The latter part of February there was an advance to 25.35c.
ing middling upland spot cotton in New York as the basis, and early in March the New York spot price got up to 26.05c.,
the quotation on Aug. 1 was 30.95c. and on Aug.2 31.50c., and owing to continued drought in Texas and continued large
it should be added that for nearly the whole of the preceding exports. From that time on, however, prices were under
four months-that is from April to July 1924, inclusive- the influence of the auspicious outlook for the new crop and
it had hovered in the neighborhood of 30c. or above and in the latter part of April rains came in Texas, which it was
July 1924 had on several days sold at 35c. or above. On Aug. supposed marked the definite end of the long continued
14 the price was still above 30c., the official quotation drought in that State. By May 13 the price was down again
being 30.20c. Thereafter, however, a precipitate decline oc- to 22.20c., after which the trend was once more naoderatelY
curred and by Sept. 16 the price was down to 22.15c. This upward, as it appeared that Texas was still suffering from
was the cue to the foreign consumer. The home consumer the lack of rain and that the drought in Texas and the
still held back, looking for, or fearing, still lower prices, but Southwest still remained in considerable part unrelieved.
foreign consumers saw their great opportunity and they By the end of June the quotation was up again to 24.80c.
bought cotton right and left in Texas and everywhere else A sharp break to 23.80c. occurred on July 2, with the Agriwhere supplies were available. The price later-in Sep- cultural Bureau report showing an increase of acreage far
tember and early in October-recovered, getting up to 26.10c. in excess of expectations, but quick recovery came as advices
on Sept. 29 and as high as 26.90c. on Oct. 2 and fluctuated showed that the drought in Texas was getting more and
somewhat wildly during the remainder of October, the quo- more acute and July 14 saw the New York quotation up
tation Oct. 25 being down to 22.95c., but the following Mon- again to 24.95c. The quotation July 31 was 24.85c., against
day, Oct. 27, getting back to 24.20c. on reports of killing 30.95c. Aug. 1 1924, at the opening of the season, and 31.50c.
frosts in various States, especially in the northern parts of Aug. 2, as already stated. In the following we show the
the cotton belt, which reports were subsequently found to New York price for each day of the whole 12 months:
have been greatly exaggerated, little damage having appar- PRICES OF MIDDLING UPLAND SPOT COTTON IN NEW YORK,DAILY.
FOR SEASON OF 1924-1925.
ently resulted. These fluctuations proved disconcerting in
the domestic trade, more particularly as they strengthened
Month
Aug. Sept. Oa. Nov. Dec. Jan. Feb. Mar. Ayr. May. June Atli,
thee inclination, then widely existing among purchasers of & Year. 1924. 1924. 1924. 1924. 1924. 1925. 1925. 1925. 1925. 1925. 1925 1925.
Days.
cotton goods, not to place orders while there was such a
1
Sun.'
30.95 Ho!. 25.90 23.80 23.15
24.90
24.70
manifest lack of stability in the price of the raw material. 2
24.50
31.50 25.65 26.90 Sun. 23.40
24.90
23.80
3
24.65
Sun.
23.40
23.75
24.55
23.80
26.15
25.80
Foreign buyers, however, were not disturbed by these erratic 4
24.50
31.15 25.65 28.60 Ho!. 23.30
24.40
Ho!.
5
31.25 25.70 Sun. 23.40 23.30,
24.35
Sun.
Bun.
fluctuations in the price of cotton, which often were due to 6
31.25 25.80 26.25 23.6f, 23.30
24.25
24.65
23.90
the appearance of the semi-monthly reports of the Agricul- 7
24.45
24.60
24.25
31.10 Sun. 26.35 23.75 Sun.
8
Sun.
30.25 21.80 25.10 24.15 23.55
24.35
24.65
tural Bureau, these on occasions being sharply at variance 9
24.45
24.40
30.35 24.50 24.85 Sun 23.25
24.30
24.55
Ho!.
Sun. 23.80 24.80 24.60 23.25
24.30
with trade estimates, though, as the record at the end of 10
11
24.60
30.45 24.10 24.45 24.55 23.25
Ho!.
24.10
Ho!.
the season shows, they were much too low all through. But 12
30.90 23.30 Sun 24.60 23.70
Sun.
Sun.
13
24.75
29.75 23.30 Ho!. 24.70 23.60
24.40
24.65
the foreigner in need of the staple was not deterred. He had 14
24.55
30.20 Sun 23.45 24.80 Sun.
24.30
24.95
Sun.
29.40 22.35 23.40 24.80 23.90
24.85
24.65
seen, as already stated, the New York price as high as 35c. 15
16
28.70 22.15 23.65 Sun. 24.00
24.45
24.45
24.90
Sun 22.50 23.45 24.30 24.25
24.70
24.95
24.40
only a short while before, as just shown; consequently, a 17
18
28.10 22.5023.70 24.50 24.00
24.70
24.90
24.50
price now of even 25 or 26c. a lb. looked cheap to him, and 19
24.65
Sun.
28.0522.90 Sun. 28.35 24.00
Sun.
20
28.20 22.80 23.75 24..20 23.95
24.50
24.95
24.45
accordingly he bought with great avidity. For several 21
24.50
27.80 Sun. 24.20 24.15 Sun.
24.76
24.25
22
27.80 22.40 24.20 24.10 24.10
Sun.
24.80
24.10
months in the autumn of 1924 the exports of cotton from 23
27.60 24.15 23.95 Sun. 23.90
Ho!.
24.40
25.36
24.80
the United States were on a scale rarely if ever before wit- 24
Sun. 23.75 23.35 24.50 24.00
24.50
25.30
25
28.45 24.70 22.95 24.25 Ho!.
25.35
24.45
25.78
nessed. For a time they ran close to, and even in excess of 26
25.35
26.9024.70 Sun. 24.25 74.30
Sun.
Sun.
28.40 25.70 24.20 Ho!. 24.80
25.85
24.10
25.90
a million bales a month, having been 1,054,588 bales in Oc- 17
28
26.85 Sun. 24.20 23.85 Sun.
25.35
24.00
25.55
29
27.15 26.10 24.20 23.75 24.90
---tober, 1,234,470 bales in November, 1,186,460 bales in Decem- 10
24.25
25.50
25.90 25.75 24.10 Sun. 24.66
---24.90
24.30
ber, and 1,082,695 bales in January, after which they slowly 11
Sun
--- _
4.85
____
24.85
23 65
declined, though continuing to run well ahead of the correTo indicate how the prices for 1924-25 compare with those
sponding period of the previous season. For the entire crop
for earlier years, we have compiled from our records the folsesaon the exports aggregate considerably in excess of 8,000,lowing, which shows the highest, lowest and average prices
000 bales, reaching in exact figures 8,263,584 bales, which of
middling uplands in the New York market for each
compares with only 5,835,480 bales the previous season and season.
with but 4,867,831 bales in 1922-23, but with 6,337,769 bales
High.
Low
Average
High.
Average.
Low
c.
c.
c.
e.
c.
in the season of 1921-22. It will be seen that the increase 1924-25 -----316.50
24.74 1905-06
22.15
12.60
11.20
9.85
37.85
over the previous year is 2,428,104 bales, and of this increase 1923-24
23.50
31.11 1904-05
9.13
11.85
6.85
1922-23
31.30
20.35
26.30 1903-04
12.58
17.25
9.50
1,876,329 bales occurred in the seven months to Mar. 1 1925. 1921-22 :..---23.75
12.80
18.92 1902-03
13.50
10.26
8.30
1920-21
40.00
10.85
17.95 1901-02
9%
9816
. 71316
This shows with what avidity foreign consumers laid in their 1919-20
43.75
28.85
38.25 1900-01 ----12
988
8ho
1918-19
38.20
25.00
31.04 1899-00
supplies. They did not need to be urged to buy. They saw a 1917-18
1034
9%
ssi'
36.00
21.20
29.65 1898-99
6116
6%
chance open to get a lot of cotton at what appeared very 1916-17
27.65
13.35
6h6
19.12 1897-98
8g
51,1e
1915-16
13.45
9.20
11.98 1896-97
Vie
834
reasonable prices and accordingly they did not hesitate to 1914-16
71,3
10.60
818
7.25
8.97 1895-96
9%
14.50
6316
11.90
13.30 1894-95
5h6
7%
buy with the utmost freedom. It should be added that as a 1913-14
1912-13
13.40
10.75
61516
12.30 1893-94
13.40
fiTie
matter of fact they were really forced to buy American cot- 1911-12
9.20
10.83 1892-93
10
1910-11
19.75
75.1
6346
12.30
15.50 1891-92 -----8"i.
ton, since supplies of other kinds of cotton of the better 1909-10
16.45
12.40
15.37 1890-91 -----1234
1908-09
13.15
10%
llete
9.00
1234
10.42
1839-90
grades were exceedingly scarce and for much of the time 1907-08
13.55
10,1e
• 9.90
11h6
9%
11.30 1888-89
13.60
9.60
11.48
American cotton was really the cheapest cotton that could 1906-07
For
the cotton goods trade n this country, particularly in
be obtained. Some of these foreign cottons at times commanded a premium that was positively prohibitive. For in- New England, the early part of the season may be said to
stance, in December it was pointed out that while American have been very difficult and exceedingly trying. Goods
cotton was 10c. or more a lb. lower than the year before, prices had failed to follow the advance in the price of the
some of the other cottons were selling considerably above raw material towards the end of the old crop year and now,
their high prices of the previous year. In Egyptian cotton with the price of the raw material going sharply downward,
a virtual corner developed, with the quotation some 14c. purchasers looked for concessions in goods prices, which it
above ruling prices in December 1922.
was impossible for the mills to grant. Even though cotton
Auo. 29 1925.]
THE alTRONTCLE
1055
was now obtainable at lower figures. manufacturers found this followed from the increased supplies of cotton and the
Estiit out of the question to shave prices down further, since greater stability of the market price of the staple.
United
those prices were unremunerative even with cotton at lower mates of the size of the 1924 crop of cotton in the
favorlevels, unless costs of manufacture could be reduced, and States were gradually enlarged, due to the fact that
made possible a
there was only one way in which this could be done, namely able weather conditions in the cotton belt
In this state of
by a cut in wage scales, and that was, naturally, a step that larger top crop than had seemed likely.
work at the
the mills were reluctant to take except as a last resort. But th.ngs the Amoskeag Co. on Nov. 10 resumed
in Septhe action finally became inevitable, since no alternative 10% reduction in wages accepted by the operatives
date.
that
on
operation
into
went
scale
new
the
and
tember
that
mill
everyone
to
operations
obvious
was
it
and
was open,
Mills, Inc.,
could not indefinitely be carried on at an actual loss. The At Clinton, Mass., the operatives of the Lancaster
the
textile industry was depressed, and in fact had for a long accepted a wage cut of 10% and it was announced that
western
Some
1.
Dec.
on
time
full
on
start
would
plant
big
shape.
unsatisfactory
Something
extremely
time been in
had to be done, if disaster was to be averted,- and fortu- Massachusetts mills also announced wage cuts of 10%, efnately, one of the largest mills in New England was able to fective Dec. 1. In Connecticut several mills resumed full
secure the sanction and co-operation of its employees in the time at wage cuts of 12% to 15%. On Nov. 17 wage reducreduction in wages. It is to be remembered that in the tions of 10% in the Maine cotton mills, effective Nov. 24,
2% had been ac- were quite generally announced, and these instances ap•
1
spring of 1923 a general wage advance of 12/
ceded to in the New England cotton goods trade, as well peared to be typical of a situation that was becoming more
as in the woolen industry, and that this advance remained or less general in different parts of New England.
Resumption of work now made pretty general headway all
In force all the remainder of that season and throughout
inthe season of 1923-24—wage reductions having been broached through the New England States, but the resumption or
In a few cases in 1924, though never carried into general creased time came in the majority of cases only coincident
effect, the operatives preferring idleness, even complete idle- with wage reductions—usually a cut of 10%,though in a few
ness, to working at wage concessions, though the exigencies instance the reduction was larger than that. It remained
of the case demanded precisely that. But early in the new for the mills at Fall River and New Bedford to take similar
season, the season we are now reviewing, some of the op- action, and this came the next month. At Fall River about
30 corporations, members of the Fall River Cotton Manueratives began to see things in a different light.
the
event
noteworthy
the
of
most
past facturers' Association, after a meeting attended by the ExUnquestionably,
season in the cotton goods trade was the action on Sept. 17 ecutive Committee of the association and the Fall River Tex1924 of the delegates representing the 14,000 employees in tile Council, representing five unions, agreed to a reduction
the Amoskeag mills at Manchester, N.H., in deciding by a of 10% to be put into effect Jan. 12. On Jan. 7 the Fall River
unanimous vote to accept a reduction in wages of 10% begin- labor unions accepted this wage reduction of 10% fixed for
ning Oct. 4 and to continue for a period of six months. The Jan. 12. The wage decrease, however, caused a strike in
company had asked for a 20% cut, which earlier in the day one or more departments of three mills and brief trouble in
had been unanimously rejected. The American Woolen Co. one department of another mill; 400 weavers walked out..
At New Bedford, Mass., the Cotton Manufacturers' Assolast month, July 17, posted notices in all of its mills of a
wage reduction of 10%, to be effective Monday, July 27, the ciation on Jan. 9 voted to make a reduction, effective Jan.
new wage schedule to apply to all mills, regardless of the 19. And the operatives went to work on the basis of the
State in which they are domiciled and affecting some 30,000 lower wage scale on that day. There was, nevertheless, a
operatives. The action has been criticised, but it was the more or less sullen attitude on the part of the weavers and
2% in some other operatives and this led to minor strikes at some
1
action of this same company in advancing wages 12/
April 1923 that forced the cotton manufacturers to make a of the mills. A general strike at the very outset was narsimilar advance in the case of their operatives, and these rowly averted, the secret ballot among the New Bedford opcotton mills, as we see, began their wage reductions away eratives to decide whether to accept the 10% wage decrease
back last September-October. In the one case as in the other having resulted in a majority of votes being cast in favor of
the step was an absolute necessity. As it happened, it was striking, though not the two-thirds majority required for the
in September 1924 that the American Woolen Co. found purpose. The local union in announcing the result of the
itself obliged to suspend dividends on its common stock and ballot said that "the textile workers of this city in voting to
it appeared after the close of the year that the company had accept, by a minority vote, a reduction in wages at this time,
not earned anything on its preferred stock during the calen- did so only with the belief that in the near future a much
dar year 1924 but had been operating at an actual loss and more prosperous condition of business will assert itself that
will provide a more favorable opportunity to make the fight
a very large loss at that.
Other mills at first were slow following the action of the for a readjustment of wages."
Cotton manufacturing in New England at this time again
big Amoskeag plant, but in the end all fell in line, though it
took several months in some cases before the achievement seemed to be taking a turn for the worse. At all events the
was accomplished. The extremely unsatisfactory condition improvement noted in December was not maintained. The
of the cotton goods trade was plainly shown when on Oct. difficulty seemed to be that the demand for goods was not
20 1924 the Amoskeag Co. announced that the trustees sufficient to absorb the full volume of the enlarged product.
deemed it advisable to omit the quarterly dividend on the An instance in point was the announcement which came from
common stock, which would have been due Nov. 1, repeating Manchester, N. H., under date of Jan. 27 that operatives in
the course of the American Woolen Co. in that respect the the worsted department of the Amoskeag Manufacturing Co.
previous month. The scheme for 'educing wages at first were working on a 50% basis as against 90% previously,
fell through even at the Amoskeag mills. The Amoskeag Co. "general business conditions" having forced an all-around
had, as already noted, asked the operatives to accept a 20% curtailment of operations and the adoption of a 5-day-a-week
wage reduction with the idea of thereupon resuming full schedule after a reduction in the prices of some goods. This
time working, but the operatives would consent to a cut of has reference to the textile trades generally. At New Bedno more than 10% and the company then agreed to begin ford, Mass., it was estimated that under the lower scale of
operations gn that basis in a sort of experimental way on wages the mills would operate at 80% of capacity, giving
Monday, Oct. 6. The scheme, however, fell through when work to 32,000 out of 40,000 operatives, or about double the
the price of cotton again spurted sharply upwards in the number the previous May, when supplies of cotton were virearly days of October. The managers deemed it best in these tually exhausted and production was at an extremely low
circumstances to continue part time at the old wage scale. ebb. At Fall River the cotton mills at this time seemed to
On Oct. 29 the company made announcement to its employees be engaged to about 65% of the normal, but Fall River all
that the mills would close down Friday, Oct. 31, and not through appeared to be faring less well than the rest of
resume until the following Wednesday morning, Nov. 5, the New England and later in the season was reported as enday after the election. The 14,000 operatives had in the gaged to only about 50% of capacity.
meantime, through 269 of their delegates, again voted unaniIn February the cotton goods industry again seemed to be
mously against the acceptance of any wage reduction larger getting into better shape. The wage reductions, which were
than the 10% tlecreaSe to which they had assented in Sep- carried through with some minor instances of friction, were
tember. A compromise offer of 15% was voted down after a step in the direction of establishing a proper adjustment
a protracted session. In November, with the election of Mr. between production costs and the selling prices for goods,
Coolidge, there was a change for the better in the textile though they did not even yet in many instances provide an
trades, particularly in the case of cotton goods, where pro- adequate margin of profit to the manufacturers. The staduction proceeded on a greatly increased scale after the tistics plainly showed that the cotton mills of the country
sharply curtailed output of the summer months. In part were turning out a largely increased quantity of goods, and
1056
THE(1 1-1RONTCLE
[VoL
121.
market reports indicated that the demand for these goods was upward,
after which the trend was again downward, so
had also improved. The improvement extended to other that as
against 7%c. Mar. 2 the price May 14 was down to
branches of the textile trade and newspaper advices stated 6%c. This latter
figure remained unchanged day by day for
that the entire worsted division of the Amoskeag Manufac- considerabl
y over a month and then an advance to 6%c.
turing Co. in New Hampshire, which had been operated at came on June
29 and to 7c. on July 9, and to 7%c. July 23.
only 50 %of capacity, was being put back on a full time
We also subjoin the following compilation to show the
schedule with the exception of a small weaving unit. How- range of
prices of printing cloths for a series of years. Like
ever, conditions in the trade were very uneven and irregular, the table above
it sets out the highest and lowest quotations
and the accounts from Fall River were distinctly gloomy. for 64 squares
28-inch printing cloths at Fall River in each
The state of things at that centre was plainly depicted in of the
last thirty seasons-1895-96 to 1924-25, inclusive.
advices in April, which said that some Fall River mill
MO. Low.
•
High. Low,
Mei. Low.
CO. CO.
shares were selling at the lowest prices on record and that 1924-25-- Cis. Cis
CO. CO.
7.75 6.75 1914-15-_ 3.50 2.82 1904-05-- 3.50 2.62
several of the mills had been obliged ot suspend dividends 1923-24-- 8.75 6.88 1913-144.00 3.62 1903-04-- 4.12 3.00
1922-23-_-- 8.75 6.88 1912-13__-- 4.06 3.75 1902-03-- 3.37 3.00
for the first time in 30 or 40 years. The collapse at this time 1921-22_ 7.12 4.75 1911-12---- 4.00 3.12 1901-02---- 3.25 2.37
1920-21----14.00 4.62 1910-11---- 3.88 3.62 1900-01---- 3.25 2.37
in the market for raw wool, with its depressing effect on 1919-20-.17
.50 11.00 1909-10-- 4.25 3.62 1899-00__..- 3.50 2.75
the woolen goods industry did not, of course, improve the 1918-19----13.00 6.75 1908-09-- 3.62 3.00 1898-99---- 2.75 1.84
1917-18----14.00 7.25 1907-08---- 5.25 3.00 1897-98-- 2.62 1.94
cotton goods situation. The preference everywhere by the 1916-17---. 8.00 4.25 1906-07-__5.25 3.38 1896-97-- 2.62 2.44
vogue of fashion seemed to be for silk goods and silk mix- 1915-16---- 4.25 3.25 1905-06---- 3.81 3.37 1895-96---- 3.06 2.44
Turning now to the Census figures of cotton consumption
tures. This was noted particularly as the warm season came
on, when the dry goods trade reported that sales of silk and In the United States we quickly see the situation as to cotcotton mixtures and silk and rayon were breaking all rec- ton consumption in the United States revealed in its true
ords. In the hosiery trade, also, more silk, it was stated, light. When these Census *statistics are arranged in the
was being consumed than ever before, while the demand for proper way certain seeming contrad.ctions and inconsistensilk under garments appeared to be steadily on the increase. cies in current news are readily explained. What has
In these ,circumstances it did not seem strange 'that more seemed particularly puzzling is that accounts from the New
or less curtailment In the production of cotton goods, both in England centres should be so uniformly poor, while at the
New England and at Southern mills, should be reported, and same time the monthly Census statements should with equal
the statements to that effect certainly wore an element of uniformity show large figures of consumption, running conplaus:bility, though study of the Census figures of consump- siderably in excess of current expectations. New England
tion makes It apparent that they were very much exagger- mills, all things considered, have been doing poorly. It is
ated. The situation is perhaps most accurately described equally true that American consumption has been for the
by saying that the mills making fine goods were engaged to country as a whole extremely large. The story is the old
nearly full capacity and those manufacturing goods in spe- one, to which we are growing more and more accustomed
cial vogue also appeared to be meeting with an active de- with the lapse of time and yet which we often fail to bear
in mind,
mand, but in other branches of the cotton goods market dul- thing of probably because we think of the movement as a
the past, when as a matter of fact it is still under
ness was the rule, though even here the volume of business way. In cotton consumption the
South is still
was far from small, notwithstanding that it was not equal the expense of the North and its ascendancy in gaining at
that respect
to anywhere near productive capacity. In the closing weeks is growing rather than diminishing. That is the crux of the
problem.
The
certain
South
has
advantages over the North,
of the season-that is in July-even Fall River gave evidence of awakening from its lethargy and showed distinct tile potency of which is not diminishing with time. The advantage over the New England mills is a two-fold one-fi
rst
evidence of a revival of activity. But the most that can be by reason of their nearness
to the cotton
said of the cotton goods trade as a whole is that the outlook they save a great deal in freight charges, fields, whereby
and secondly beat the end of the season is much more assuring than it was cause labor costs are not so high, wages themselves being
at the beginning, when, however, it was in a state of extreme lower as a rule and tile hours longer. Hasty reflections
depression. The price of print cloths at Fall River, it should might lead to the view that the South had in the past gained
all that it was
be pointed out, was remarkably steady throughout the sea- in the previouspossible to gain in that way. Not so, however.
season total cotton consumption in the United
son. Perhaps this cannot he deemed strange if we bear in States of lint and linters combined had
fallen from
mind that the price of cotton itself, as already noted, fluc- bales to 6,217,292 bales. From this there has now7,312,201
been a
tuated within relatively narrow limits, if we leave out of recovery to 6,842,414 bales, which certainly is not a bad
showing
for
a
season
the
early
part of which still labored
consideration the changes in quotations during the month
great depression and under shortened supplies, which
of August (1924), when the market was still laboring under under
made restriction of the manufacture of goods a
necessity.
the effects of three successive years of crop shortage. In the It is also a quite remarkable
showing when
following table we show the price of printing cloths for 28- as a result of the late year's recovery the it is recalled that
reduction from two
in., 64 x 64, at Fall River for each day of the season:
years ago is only 469,787 bales, and that in that
sumption of cotton in the United States was at season conDAILY PRICES OF PRINTING CLOTHS (28-INCH, 64 SQUARES) AT
record figures.
FALL arvra FOR SEASON OF 1924-1925.
But the case is different when we consider the
the South separately from those for the rest of figures for
1Wonth
Asp Sept Oa. Nov Dec Jan. Feb Mar. Apr. May. rune. July
the country.
di Year. 1924 1924 1024. 1924 1924. 1025. 1925 1925. 1925. 1925 1925 1925. The South has recovered
virtually the whole of its loss of
the
previous
year, while the rest of the country has recovered
Days.
I
734 Hol. 734 7
7% Hol. Sun. Sun. 7% 7% 6% 6% only a small part of its loss. In the season
of 1922-23 the
2
744 734 734 Sun. 7% 7% 7% 734 734 734
634 consumption of cotton in the South
6%
3
was 4,489.150 bales; from
Sun. 744 734 7
734 7% 734 734 7% Sun 6% a%
4
744 7% 734 Hol. 744 Sun. 734 734 7% 7
this
there
was a drop to 4,050.844 hales in 1911-24, while
634 Ho!.
5
7% 7% Sun. 7
734 7% 734 734 Sun 7
6% Sun. now, for 1924-25, the total is up
again. to 4.460.058 bales.
6
7% 734 754 7
744 7% 734 7% 734 7
634 674 On
the
other
7
7% Sun. 7% 734 Sun. 734 7% 7% 734 7
hand, for all the other States the consumption
Sun. 674
8
7% 734 7st 7% 734 7% Sun Sun. 7% 7
6% 674 after falling from 2.823,051 bales in
1922-23
9
734 7% 734 Sun. 7% 734 7% 734 7% 7
634 7
in 1923-24, is back now only to 2.382.356 to 2.166.448 hales
10
Sun. 7% 7% 754 7% 734 7% 7% 734 Sun. 634 7
bales in 1924-25.
11
754 734 7% 7% 7% Sun 7% 7% 7% 7
These
6% 7
comparisons speak eloquently of what has happened
12
734 734 Sun. 7% 744 734 Hol. 7% Sun. 7
6% Sun. and is
happening. The South in the late season consumed
13
7% 7% Hol. 7% 7% 7% 734 7% 734 7
6% 7
14
4,460,058 bales, whereas the rest of the
7% Sun 7% 734 7M 7% 631 Sun. 7
734 Sun. 7
country consumed
15
7% 7% 7
7% 7% 7% Sun. Sun. 7a.‘ 634 6% 7
only
2.382,356 bales. If we go back only five years to 191916
Sun 7% 7% 7% 734 734 6% 6% 7
734 734 7
20,
17
when the total consumption In the United
Sun. 7% 7
734 7% 7% 7% 7% 734 Sun. 6% 7
States was
18
734 734 7
734 734 Sun. 7% 7% 734 6% 6% 7
much the same as in the previous season we
19
734 7ai Sun 7% 7% 7% 734 7% Sun. 634 6% Sun.
find
the consumption in the South was 3.714.403 bales, that then
20
7
7k7
7% 7% 7% 7% 7% 7% 6% 6% 7
as against
21
7% Sun 7
7% Sun. 7% 734 7% 7% 6% Sun. 7
3.047.804 bales for the rest of the country.
22
7% 7
7
In other words.
734 7% 7% Bun. Sun. 7% 634 6% 7
23
7% 73.4 7
Sun. 734 734 Hol. 734 734 634 634 734 five years ago the South had an ascendancy of only 666.599
24
Sun
734 7
7% 734 7% 734 734 7% Sun. 6% 734 bales. whereas in the
late season it had an ascendancy of
25
7% Hol. Bun. 734 734 7% 6% 634 7%
7% 741 7
7% 7% Sun 7% 7% 7% 734 734 Sun. 6% 644 Sun. 2.077,702 bales. In tabular form the comparison for the last
as
7% 7% 7 $01. 7% 7% 734 734 7% 6% 634 734 six years is as
27
follows:
as
7k Sun 7
734 Sun. 7)
‘
, 7% 7% 7% 634 Sun. 734 COTTON
19
30
tt
734
744
140,1
7%
7%
7
7
7
_-_ 7%
Sun. 7%
744
7% __ __ Sun. 7% 6% 634
7% __ __ 714 714 Hol. 634
7% __ __ 714 __ __ Sun. -- --
734
734
744
It will be seen that the opening price Aug. 1 1924 was
7%c. and the closing price July 31 1925 7%c., and that the
extreme limits between these two dates were 6%c. and 7%c.
The tendency of prices the first three months of the season
was downward and the next three months, ending with February, when the country was enjoying great industrial revival as a result of the outcome of the Presidential election,
CONSUMPTION NORTH AND SOUTH-LINT AND LINTERS.
Running Bales.
South
North
Erre..ortimith
I
1924-25 1923-24 1922-20. 1921-22 1920-21 .919-20.
1460.051 1050,84, 1.480.151 1.977.84' t.151.9s, '.714.403
2,382.356 2.166,449 0,823.051 1.571.00r 2,257.025 3.047,804
_ _ 2.077 705 1 004.0156 1.808 000 1 Ann 041
804 4
‘111
ARA.609
We also add the following table to show the consumption
by months for the same six years, both for the United States
as a whole and for the South and the rest of the country
separately. The point in this table worth noting is that in
August, in September, in October and in November the con
Alla. 29 1925.]
THE eTTRONT(7.11
1057
There is still another gauge by which to measure the
sumption for the country as a whole continued to run well
below the figures for the corresponding month of the pre- relative activity of the cotton goods trade as between this
ceding season and -that it was not until December that the season and.last season and between the South and the rest
monthly figures began to run ahead of those for the same of
the country. We have reference to the statistics which
months of the preceding year.
the United States Census publishes with great regularity
COTTON CONSUMED IN COTTON GROWING STATES-RUNNING BALES
once a month showing the number of spindles in place, the
1924.
1923.
1922.
'
1921.
number active during the month and the aggregate number
1920.
358.001
247.7o
338,588
284,311 of hours during which the spindles were employed during
277,60::
August
326,591
327.261
303.472
281,101 the month. In the previous season study of these statistics
290,1a.
September
357,879
297,101
348,095
373,391
244,5o2
October
347,54
364,331
358,642
214,122 presented a picture of idleness, and therefore of diminished
322,592
November
308,466 • 324,412
355.66:
304,766
193,385
December
production and consumption, even more striking than that
1923.
1924.
1922.
1925.
1921.
391,091
403,562
383.959
234.944
325,104
January
the figures showing the decrease in the actual
349,90:
372,529
356,099
302,020
246,925 disclosed byFebruary
391,432
333.20:
302,169
263,336 consumption of the staple. In like manner these statistics
337,49,
March
399,465
383.477
324,254
294,761
248,676
April
358,98,
290.220
331,481
392,581
268,492 for the past season tell the story of recovery more eloquently
May
247,241
337,851
336,981
351,181
272,784
June
308,26_
241,15;
327,087
301,67(
244,843 than do the consumption figures. For the country as a whole
July
there has been no great change during the last three seasons
4,218,611 3,858,31] 4,247,749 3,729,777 2,997,471
Total
241,447
192,527
241,402
248,07(
154,483 :n the total number of spindles in place, this total being
Linters
4.460,058 4 050.844 4,489,151 3.977,34: 3.151,954 37,936,784 July 31 1925, against 37,804,048 July 31 1924 and
Grand total--....37,408,689 on July 31 1923. The cotton growing States, howCOTTON CONSUMED IN ALL OTHER STATES-RUNNING BALES.
ever, have been slowly forging ahead and on July 31 1925
• 1924.
1922.
1923.
1921.
1920.
had 17,635.132 spindles in place, against 17,226,118 on July
l99,6'
163 474
187,792
189,451
199,249 31 1924 and 10,458,116 on July 31 1923. But the number of
August
131,738
167,42
158 405
189,52
September
176,886 spindles in the country active at any time during
the month
154,3 1
15o,33
187.641
197,21'
October
156,773
144,63.
174,061
214,85'
November
205,34
118,590 which in July 1924 was only 28,798,754, against 34,243,817 on
176,33.
155,32,
204,93
December
206.161
101,907
1925.
1924.
1923.
1922.
July 31 1923, is now for July 31 1925 31,760,599. In the
1921.
186,16.
187.37.
226,34:
January
201,59
131,519
177,60
Febivary
158,771
210,76;
170,31'
148,190 South by itself, however, there has been not only full recov191,18
152,63232.091
March
182,26,
,
174,882 ery, but further growth and development. The number of
197,631
154.321
213.037
April
148,747
160,571
172,48
123,74;
228,261
163,851
May
172,222 active spindles in the cotton growing States, which was
158,114
102,781
190,841
June
172,23;
189,133
105,94.
156,811
154,39153,324
July
165,299 15,469,864 in July 1924, as against 15,872,305 in July 1923.
1,972,739 1,822,237 2,418.349 2,180,04 1,895.201 for July 1925 was 16,575,778 and in January, February,
Total
409,611 344.211 404,707 390,96: 361,824 March and April was each month close to 17,000,000.
Linters
It is, however, the number of active spindle hours each
Grand total
9332.353 2,166.44 3.32'3 051 2.571 04 3,257.025
month that tells most fully the story of the 1923-24 depresCOTTON CONSUMED IN WHOLE UNITED STATES-RUNNING BALES.
sion and the 1924-25 recovery. In the previous season the
figures were really startling in the progressive nature of the
1922.
1924.
1923.
1921.
1920.
falling off which they disclosed. As against 8,346,739,363
August
357,455
492,483
526,380
467,069
483,560 spindle hours in January 1924, the number diminished month
September
435,216
435,665
494,013
484,719
457,967
by month until in July 1924 it was down to 5,182,493,618. In
October
532,629
543,260
533,744
494,317
401,325
November
492,233
532,702
579.190
527,940
332,712 the new season recovery began at the very start, but at first
December
532,047
483.789
529,342
510,925
295 292 it was slow. By March and April the number was
up to
1925.
1924.
1923.
1922.
1921.
JAMMU
539.725
578,488
610.306
526,691
366,463 8,599,440,113 and 8,518,142,398, respectively, or larger than
February
550,132
508.677
566,805
472,336
395,115 In any month since May 1923. For July 1925 the number
532,674
485,840
March
624,264
519,761
438,218
597,104
478,583
578.514
April
443,509
409,247 was 7,297,648,494, against 5,182,493,618 in July 1924, 7,143,531,471
413,967
620,854
May
495,337
440.714 800,590 in July 1923 and 7,039,549,003 in July 1922. It hap493.765
350,021
542,026
June
509,219
461,917
483,893
347,099
462,654
July
458,00:
410,142 pens in this instance that the cotton growing States and the
other States shared in the recovery in almost equal degree,
Total
6,191,319 5,680,554 6,666,092 5,909,820 4,892,672
with the former still having some advantage when
Linters
651,055
536,738
646,109
639,033
516,107 though
the comparison is extended all the way back for three years.
Grand total
6,842.414 6.217.292 7.312.201 6.548.357 5 408 070
In the following we furnish a complete record in these par•Includes revisions made subsequent to the publication of the monthly figures.
ticulars for each month of the last four seasons:
COTTON-GROWING STATES.
Spinning Spindles.
In Place.
Active
Fed of Month. Oaring Month
ACI106
Spindle
Hours,
ALL OTHER STATES.
Spinning Spindles.
In Place:
Active
End of Month. During Month
Active
Spindle
Hours.
WHOLE UNITED STATES,
Spinning Spindles.
In Place.
Pavlof Month. v
Active
ng Month
Active
Spindle
Hours,
1921-1922.
1921-Auguet
September
October
Novereber
Deeember
1922--JanuarY
February
March
April
May
June
July
1922-1923.
1922-August
September
October
November
December
1923-Janu iry
February
March
April
May
June
July
1923-1924
5923-Augu3t
September
October
November
December
1924-January
February
March
April
May
June
July
1924-1925
1924-Augu5t
September
October
November
December
1925-January
February
March
April
May
June
July
•
•
•
•
•
.
.
.
_
_
_
15,859,712
15.877,997
15,892,013
15,922,974
15,942.218
16,018,533
16,025,890
16,037,419
16,043,032
16,047,393
16,050,840
16;074,981
14,757,822
15,272,654
15,391,979
15,489,965
15.503,718
15,631,678
15,621,269
15,532,124
15,503,563
15,518,365
15,546,977
15,580,642
3,627,302,416
3,792,438,037
3.855,725,173
4,089,364,599
3,830.693,420
4,190,496,957
3,878,261,718
4,248,606,712
3,8)6,051,772
4,255,671,132
4,282,316,017
4,014,184,322
20,735,520
20,739,056
20,744,512
20,765,632
20,794,963
20,815,913
20,819,003
20,820,458
20,831,277
20,829,154
20,833,911
20,870,573
18,175,933
18.591.254
18,814,200
18.938,374
18,935,428
18,809,741
18,134,090
16,340,718
15,886,132
16,122,776
16,335,565
16,471.178
3,611,911,681
3,599,695,809
3,727,858,842
3,851,838,827
3,904,089,541
3,738,277,857
3,244,719,142
3,621,134,962
2,836,088,180
3,241,062.261
3,365,904.248
3,025,360,771
36,505,232
36,617,058
36,636,525
36,688,608
36,737,181
36,834,446
36,844,993
36,857.877
36,874,309
36,876.547
36,884,751
30,945,554
32,933,765
33,863,908
34,244,179
34,428,33,9
34,439,142
34,441,419
33,755,359
31,872,842
31,389,695
31,641,141
31,882,542
32,051,820
7,239,214,097
7,392,133,846
7,583,584,016
7,711,203,421
7,734,152,961
7,928,774,814
7,122,980,880
7,769,741,174
6,642,139,932
7,496,733,393
7,647,810,262
7,039,545,093
16,078,796
18,100,945
18,106,644
16,153.311
18,171,957
16,223,993
16,274,772
16,311,880
16,326,422
18,350.363
16,385,263
16,458,116
15,609,596
15,723,262
15,811.025
15.848,339
15,858,102
15,963,592
16,030,159
16,067,678
16,073,278
16,089,335
16,021,970
15,872,395
4,398,229,720
4,357,887,912
4,568,100,117
4,691,405,379
4,240,503,889
5,002,912,284
4,573,349,374
5,121,187,697
4,803,242,369
5,116,920,306
4,709,189,700
4,193.263,973
20,962,676
20,961,582
20,094,520
20,998,922
21,013,394
20,995,874
21,007,055
21,005,516
20.954,487
20,966,429
20.972,985
20,950,573
16,882,261
17,593,182
18,026,410
18,809,757
19,120,001
19,273,338
19,274,264
19,430,658
19,439,461
19,284.683
18,833,550
18,371,422
3,630,802,224
3,422.806,888
3,711,316,430
4,037,073.190
3,995,383,413
4,271,227,264
3,876,209,321
4,414,483,069
3,977.136,408
4,185.894.651
3,682,069,903
2,950,836,817
37,091,472
37.062,527
37.091,164
37.152,233
37,185.351
37,219,967
37,281.827
37,317,398
37,280,909
37,316,792
37,388,248
37,408,680
32,491,957
33,318,444
33,837,485
34,858,096
34,976,103
35,226,928
35,304,423
35,498,234
35,512,737
35,374,018
34,955,520
34,243,817
8,020,031,944
7,780,694.80(
8,279,416,541
8,728,478,511
8,235,857,307
9,274,139,541
8,449,558,69)
9,535,670,161
8,780,378,777
9,302,814,957
8,391,259,606
7,143.800.59(
18,471,026
18,533,760
16,619,138
16,687,216
16,734,332
16,803,700
16,846,542
16,922,768
17,019,124
17,072.058
17,129,120
17,226,118
15,863,174
16,009,196
18,043,318
16,164,912
16,258.108
16,342,508
16,298,424
18,181,926
16.109,218
15,773.684
15.593,242
15.469,864
4,456,159,678
4,409,612,099
4,838.758,068
4,653,584,790
4,071,199,039
5,024,068,904
4,223,105,203
4,315,537,290
4,136 631,416
3,743,338,688
3,400,515,954
3,326,046,554
20,939,362
20,923,208
20,904,098
20,888.882
20,885,992
20,919,668
20,878.790
20,821,190
20,743.982
20,713,356
20,683,044
20,577,930
17,841,656
17,921,752
18,292,612
17,958.820
17,791,744
18,937,418
16,412,198
16,190,052
15,754.236
14,710,368
13,626,242
13,328,890
3,087,006.753
3,096,515,364
3,568.384.993
3,368,403,441
3,081,035,413
3,322,870,459
2,876,868,213
2,755,957.664
2,639,191,603
2,165,100.812
1,943,755,086
1,856,447,064
37,410,388
37.456,968
37,524,136
37,576.098
37,620,324
37,723,368
37,725,332
31,743,958
37,763,106
37,785,414
37.812,104
37,804,048
33,704,830
33,930,948
34,335,930
34,123,732
34,049,852
33,279,928
32,710,622
32,371,978
31,863,464
30,484,052
29,219,484
28,798,754
7,643,166,431
7,506,127,462
8,407,143,061
8,021,988,231
7,152,234,451
8,346,739,362
7,099.773.41(
7,071,494,959
6,775.823,014
5,908,438,008
5,344,271,044
5,182,493,611
17,257,434
17,297,101
17,301,374
17,307,998
17,359,420
17,406,314
17.420,952
17,431.118
17,457,918
17,486,786
17,522,025
17 633.132
15,293.911
15,962.640
18,463,988
16.682.078
16,785,629
16,985,378
18.995,783
16,926,512
18,962,658
16,872,364
16.757,892
16,675,778
3.343.736,588
4,071,700,618
4,825.357,705
4.588,514,449
4.624.716,928
5,230.841.629
4.779,488,127
5,170,777,681
5,131,180,059
4,836,613,270
4,730,230,601
4.485.170,552
20,565,272
20,543,630
20,531,873
20,537,142
20,526,118
20,459,752
20,455,008
20,378,758
20,348,736
20,348,972
20,336,186
20.301.652
13,651,892
14,159,744
14,614,816
15,107,800
15,876,320
16,215,380
16.281,406
16,298,870
16,449,994
16,275,268
15,552,004
15.184.818
2,058,813,073
2,343,201,392
2,767,211,516
2,685,444,585
3,191,873,287
3,262,398,337
3,0821,625,704
3,428,662,432
3,386,9:32,330
3,092,992,449
2,960,085.722
2.812.477.042
37,822,706
37,840.731
37,833,252
37,845,140
37,885,538
37,886,068
87,875,980
37,809,876
37,864,654
37,835,708
37,853.711
37.926 784
28,945,603
80,122,384
31,078,904
31,789.876
32,681,049
33,180,758
33,277,189
33,225,182
38,412,650
33,147,632
32,309,996
81 '260 8011
5,399,549,661
6,414,902,01(
7,592,569,221
7.123,959,03,
7,816,590,211
8,493,240,4615
7,868,113,83'
8,599,440,11:3
8,518,142,39'
7,929,605,71'9
7,690,315.82
7
.it.
.
..
• en,
om,a,11,0
1058
THE . CHRONICLE
As supplementing what has already been said regarding
the dominance of the South in cotton manufacturing, as in
cotton raising, we add the following table showing the number of cotton spindles in each of the leading Southern States
with the amount of cotton consumed by the mills therein.
We no longer make an independent investigation of cotton
consumption in the South, as was our practice up to the
season of 1921-22, but now adapt the Census returns to our
requirements. The table referred to is as follows. As already stated, the figures, beginning the season of 1921-22,
are entirely those of the Census Department; prior to that
they are the results of our own inquiry.
Number of Spindles.
Consumption
Bales.
Southern States.
Alabama
Georgia
North Carolina
South Carolina
Tennessee
Virginia
All other cotton growing
States
Totals 1924-25
1923-24
1922-23
1921-22
1920-21
1919-20
1918-19
1917-18
1916-17
1914-15
1907-08
1902-03
.1897-98
Alive.
Running
in July.
1.431.868
2.855.166
5,982,770
5.321.264
544,424
711.314
1,360.358
2,712,790
5,578.100
5,146.036
451.704
694,114
436.762
995,490
1,350,904
1,032.622
138.911
153.033
788.326
632,676
353.336
17.635.132
17.226.118
16.458,116
16.074.981
15.380,693
14.990.736
14.639.688
14.369.599
14,040.676
13,017.969
10.451.910
7,039.633
3.670,290
16.575.778
15.469.864
15,872,395
15.580.642
15,130.755
14.792.436
14.243.813
14.111.621
13.937.167
12.737.498
9,864,198
6.714.589
3.574,754
4.460.058
4.050.844
4,489,150
3,977.847
3.168.105
3.724,222
3,504.191
4.323.826
4,378.298
3.164,896
2.234,395
2.049,902
1.227.939
Through the courtesy of the Census Office, we are also
able to present the following table, showing separately the
quantity of linters and of foreign cotton consumed in each
of the Southern States during the last two seasons In running bales:
COTTON CONSUMPTION IN SOUTHERN STATES, YEARS END.JULY 31.
Foreign Cotton.
American Cotton.
Lint (Bales).
Linters (Bales).
Bales
Bales
1924-25. 1923-24. 1924-25 1923-24
1924-25.
1923-24.
429,603
Alabama
950,491
Georgia
North Carolina- _ 1,325,663
1,027,807
South Carolina
116.706
Tennessee
110,850
Virginia
All other Cottoz
229.401
States
392.623
844.453
1,187,280
945,720
119.343
105,775
222.893
120,590
105,289
3,345
4.740
4.190.521
3.818.087
241.447
192,527
28.090
40.230
Total
7.055
31.242
15,732
3.759
21.886
41,183
5,089
23.133
16,885
3,566
13.635.
24,956
104
13,757
9,509
1,056
319
82
19,875
12,579
2,244
710
There has been no great change in spinning capacity
either in the North or in the South, but it is worth noting
that here also the South is slowly forging ahead while the
North in a small way is retrograding. On July 31 of the
present year the number of active spindles in the North was
only 20,301,652, against 20.577,930 on July 31 1924 and 20.950,573 on July 31 1923, while the South, on the other hand.
now shows: 17,635,132 spindles, against 17.226,118 last year
and 16,458,110 two years ago. The following indicates ths
aggregate number of spindles in the North and the South
separately for each of the last five annual dates:
SpindlesNorth
SouthTotal
1920-21.
1921-22.
1922-23.
1923-24.
1924-25.
20.301,652 20.577.930 20.950,573 20.870,573 20,003,000
17,635.132 17.226,118 16,458,116 16.074.981 15.380.693
37.936.784 37.804.048 37,408,689 36,945.554 35,380.693
Carry-over Still Moderate.
In our Review last season we noted as a striking development resulting from the growth in world consumption coincident with a lack of corresponding increase in production
an enormous reduction in the "carryover" from season to
season. The situation in that respect has not been greatly
changed notwithstanding the past season's crop was so much
larger than any other in recent years. In the following
table we undertake to indicate the entire world's carryover
of American cotton, so far as figures are now available, both
of lint cotton and linters, at the close of each of the last five
seasons.
CARRY OVER OF AMERICAN
1925.
Bales.
LintIn U. S. consuming astable_ 866.259
514,196
In U.8. public storage.
314.000
At Liverpool
58,000
At Manchester
249,000
At Continental ports
143.000
Afloat for Europe
*900.000
Mills other than in U.S
Japan and China ports & afloat *300.000
Elsewhere in United States_ _ a230,000
COTTON AT END OF SEASON.
1921.
1922.
1923.
1924.
Bales.
Bales.
Bales.
Bales.
719,827 1,093.618 1,218.388 1,625.646
673,934 938.903 1,488.165 3,633.254
685.000
168,000 143,000 473,000
45,000
75.000
24.000
32.000
503.000
194.000 111.000 442,000
383.720
142,000 109.000 171.000
*815.000 •750,000.1,200,000 1,214.000
250.000
*200.000 .250,000 .300.000
a160,000 a60.000 a125,000 1,650,000
3,574,455 3.104,761 3,489,521 5.462.553 9.335,620
Total lint cotton
Linters201.253
In D. S. consuming establs_ 128.478 100,632 127,139 138.523
54.587
234,926
35.876
54.026
28,628
In U. B. public storage, &c
.250.000
•150,000
•150,000
*100.000
States_
-•100.000
Elsewhere In United
Total linters
Grand total
257,106
254,658
313,294
a As estimated by United States Census. •Estimated
343,110
686.179
3,831,561 3,359,419 3.798,213 5,805.663 10,021,799
[Vol. 121.
It will be seen from the foregoing that the carryover after
dropping from 10,021,799 bales on July 31 1921 to 3,359,419 bales on July 31 1924 has now recovered only to 3,831,561 bales.
EUROPE-Although conditions in many countries of Europe during the past year have not been at all favorable, in
certain quarters an improvement on the previous twelve
months can be reported. It is possible to say that in numerous directions trade has assumed more normal dimensions
than In any period since the European war. A notable factor has been the increase in the consumption of raw cotton,
and the takings of spinners are now equal to the pre-war
years. In England the industry to a large extent continues
unprofitable. This is due to the continued high prices for
manufactured goods, compared with values for other commodities, and Lancashire spinners and manufacturers cannot recover their former export trade. In Germany, France
and other European countries, employment for the work
people has been better than for a long time back, but trading has been adversely affected by the uncertain political
situation and the wide fluctuations in exchange rates. A
definite settlement of the reparations problem still hangs In
the balance, but on this matter a more reasonable attitude
is being taken by all the parties concerned, and in the near
future there is likely to be more settled political conditions.
Great Britain-English spinners and manufacturers are
still struggling against adverse factors, and although on certain occasions during the past year there have been indications of a revival of demand, and more remunerative trade,
the business passing has never been of such a character that
producers have been able to obtain profitable prices for any
length of period. The output of yarn and cloth is still more
than sufficient to meet the requirements of customers.
Goods on a larger scale are undoubtedly wanted by consumers, but present prices prohibit an extensive turnover.
Towards the end of 1924 the demand broadened and for several weeks the Manchester market presented a more active
appearance than for a long time back. Spinners of yarn
who had been running only half time for the greater part
of the year increased the working hours to nearly full time.
Idle looms were restarted, though many firms were hampered in increasing production by the shortage of operatives.
When the year 1925 began there was an optimistic feeling,
and everybody looked forward to twelve months of trade on
a bigger scale than at any time since the end of the European war. Since then, however, demand has not come up to
expectations, and most producers of yarn and cloth have
lost ground, it being necessary to reduce the output in spinning and weaving departments. Many authorities have expressed varied views as to the re-establishment of the gold
standard in this country, and a feeling appears to be gaining ground that one of the chief reasons for the decline in
trade and increased unemployment has been the improvement in the exchange value of sterling and the return to
the gold standard. Whether this be true or not, it is undoubtedly a fact that during the last three or four months it
has been increasingly difficult for manufacturers to secure
export business, and there are repeated instances of more
severe competition from other countries of the world. There
has also been more anxiety with regard to labor questions.
A period of comparative quietness has prevailed in the cotton trade itself from the point of view of industrial unrest.
It is now recognized that during the war the workers secured concessions which cannot be maintained so long as
workers in other countries are prepared to work longer
hours for less remuneration. A strong movement, therefore,
prevails for an extension of working hours and a reduction
in wages in all the leading industries. In the circumstances
It is recognized that there is every probability of trouble
ahead, but numerous authorities are convinced that this
period of contention will have to be gone through before industrial conditions can be stabilized. In this spring of this
year a special committee of representatives of all branches
of the industry was appointed to consider means for bringing about a trade revival. Several meetings were held, but
ultimately the committee had to announce that they could
not suggest any definite action, but that it was desirable for
each branch of the trade to do everything possible to reduce
overhead charges and production costs. Throughout the
year there has been much uncertainty as to the future level
of values, and undoubtedly the reports of a big increase in
the raw cotton acreage in the United States for the crop
of 1925-96 has been largely responsible for the hesitation on
the part of buyers of manufactured goods as to placing
contracts with producers for distant delivery. It is a long
AUG. 29 1925.]
THE CHRONICLE
1059
time since there was any extensive buying by the big mar- tant character will take place. Stocks of cotton goods are
kets of the world, and to some extent demand recently has low and it will undoubtedly be necessary before very long
backed up and stocks in distributing centres are not heavy.
for dealers to replenish their supplies. Here again producers
During the last few years there has been a steady im- of fancies and specialties are doing much better than makers
provement in the exports of cotton piece goods from Eng- of plain cloths.
land to foreign markets, and this movement has been well
In comparison with other outlets, quite an encouraging
maintained during the past twelve months. To that extent. business has been done for the smaller markets of the Far
therefore, trade has been of a more encouraging character, East, and from month to month steady buying has been rebut in numerous departments it has been exceedingly diffi- ported for Java, Singapore and the Straits Settlements.
cult to secure remunerative prices from customers, and it Particular mention may be made of the encouraging turnmay be said that Lancashire is still providing consumers over in bleached shirtings. Operations for Egypt and the
with goods at rates which do not leave any margin of profit. Near East have been very patchy. A big buying movement
The depression is still most acute in common and coarse took place towards the end of 1924, which resulted in dealgoods, and it is quite impossible to obtain orders of weight ers being over-supplied and during the last few months
in "bread and butter" styles. On the other hand, makers of purchases have been on a much smaller scale. That part
fancies and specialties have had a fairly busy year, and if of the world, however, is fairly prosperous, and there are
all manufacturers were doing as well as these producers now indications of stocks being reduced, with a probability
there would be very little to complain about. The fact of of another buying movement in the near future. Of course,
the matter is larger quantities of cotton goods are now being in Egypt the political situation is not all that could be deproduced in the countries that for a long number of years sired, and there is still an agitation against the English.
have been supplied by Lancashire, and it is more evident So far, however, propaganda of this kind has not had any
than ever that in the future English spinners and manufac- serious effect upon our foreign trade with that market.
turers will have to depend to a large extent upon trade in High prices are being obtained for Egyptian cotton, and the
fine fabrics. There has continued a good deal of uneasiness natives are enjoying a good deal of prosperity. On certain
with regard to finance. Quite a number of failures have occasions an improvement has shown itself in the demand
again taken place, and in some instances the losses have for Turkey and the Levant, but buying periods have not
been very serious. Early in 1925 there seemed to be less been of long duration. On the whole, however, the off-take
money stringency, and many merchant houses had the ad- has been more encouraging than in the previous twelve
vantage of an increased amount of liquid capital. Latterly, months. Some increase of demand has shown itself for
however, things in that respect have become worse, and more the outlets of Central and South America. Most of the buycases have been reported of merchants being in difficulties, ing has run on printing and finishing styles. It is underwhile manufacturers themselves have felt to a serious ex- stood that the goods are going into consumption on a promtent the tightness of money, and difficulties in securing ising scale, and there is reason to believe that the consumpprompt remittances.
tion of cotton cloth in those markets will broaden during the
It is disappointing to have to record that India, the chief next few years, although manufacturers are meeting with
outlet for English goods, has not provided business of im- keener competition from the United States. A healthy busiportance, and buyers have continued their policy of purchas- ness has again been done in a variety of goods for the couning from hand to mouth. Dealers abroad seem to have been tries of Europe. Germany and Switzerland are to be parof opinion that owing to the weakness of the Manchester ticularly mentioned. Now and again some difficulty has
market there need be no hurry to place orders with pro- been met with in financing transactions, but numerous obducers, and on very few occasions have merchants been stacles have been overcome, and exports have been on a
stimulated to anticipate future requirements, owing to the considerable scale. There are no indications of this trade
fear of prices going against them. Now and again fairly coming to an end and numerous Lancashire manufacturers
encouraging buying has taken place in light fabrics, such as would be in a bad way if it were not for the persistent buydhooties, but it has been another bad year for makers of ing for the Continent. Purchases of poplins and other fancy
sized shirtings. Lancashire is undoubtedly losing her trade goods for the United States have been irregular, and probin this class of goods. Some makers have realized the posi- ably on the whole the turnover has not been so large as in
tion of affairs, and have turned on to other cloths. There the previous year. The trade, however, has been of a healthy
have been occasions when there appeared to be a possibility kind, and the contracts obtained have been of considerable
of political agitation in India adversely affecting trade, but benefit to numerous Lancashire firms.
no serious disturbances have taken place, and on the whole
One of the bright spots of the year has been the home
the political outlook is better than a year ago. The mon- trade. Manufacturers who make goods for home consumpsoon season in 1924 was healthy, and the natives had the tion have probably had the best twelve months since the end
advantage of good grain crops. The season for this year is of the war in 1918. The excellent summer weather has redeveloping on right lines, the rains so far being full and sulted in extensive clearances of stocks of light fancy mate-P
widespread. In the circumstances there is an anticipation rials. Supplies for quick delivery have been much sought
of more activity in piece goods before the end of 1925. One after, and most of the wholesale houses are in a stronger
point of interest, however, in connection with Indian trade position than for a long time back. A welcome improvecannot be ignored, and that is the increasing competition of ment has also shown itself in the experience of retailers.
Japan. Possibly Indian manufacturers are feeling this more The ground is well prepared for the autumn and winter
severely than English firms, but the low prices which are trade, and despite the labor unrest and large amount of unbeing taken for Japanese goods are certainly having an ad- employment in leading industries, those engaged in the home
verse effect upon the trade of England in India, In the trade are looking forward to a continuance of the healthier
Indian budget for the current year there has not been any conditions.
change in the import duties on cotton goods. It is recogWith regard to weaving production during the year, there
nized, however, that at an early date the excise duty of3%
has been a good deal of irregularity. It is estimated, howwill be abandoned and Lancashire is prepared for action of
of
ever, that at the moment the output of cloth is about 85%
this kind. Indian manufacturers fear the competition of
the full capacity of the machinery. There has been some
Japan much more than that from England. As can easily
when
decline in the position since the beginning of 1925,
be imagined, the China market throughout the year has been production was about 90% of the full amount. Most of these
very disappointing. The political disturbances have had a
Idle looms are stopped for want of orders, but some cases
very detrimental effect upon business of all kinds. Mercan be mentioned of machinery having to stand idle because
chants in Shanghai have been afraid to send goods to the
of the shortage of work people. There has not been any
up-country districts owing to the possibility of brigandage, attempt on the part of weaving employers to work short time
and in the circumstances imports from England have been on an organized.scale. It has always been found most diffion a limited scale. A few months ago the position became cult to organize manufacturers for this purpose, as there is
much more acute, owing to the outbreak of strikes and riots, such a wide variety in the cloths produced, and of course
with the result that English merchant houses were com- goods are sold on definite delivery terms.
pelled to suspend shipments and manufacturers were reThe following table gives particulars of British foreign
quested to stop deliveries for the time being. Fortunately. trade in yarn and cloth for the twelve months ended June
during the last few weeks advices by cable and letter from 30:
Shanhgai have been more promising, but it will probably
BRITISH EXPORTS.
be some time before the auction sales are restarted. It is
1922-23.
1923-24.
1921-22.
1924-25.
165,137,400
201,575,900
162,280,400
reasonable to expect that when a settled Government has Yarn, pounds
172,420,800
been established in China trade developments of an impor- Cloth, square yards-4,504,804,200 4,258,447,800 4,437,1'84.900 3,542.497,300
. 1060
TH7 CHRONICLE
[Vot,. 121.
Immediately after the close of the 19-24 cotton season. trade reports, and
owing to the fluctuations in demand for
spinners of yarn began to improve their position, and be- manufactured
goods there have been many changes in share
fore the end of 1924 It was possible for the Masters' Federa- prices. Recently
a downward movement has been expetion to recommend an increase in production. From February rienced and
now and again selling pressure has been expeto the end of October 1924 the mills using American cotton rienced by
brokers, chiefly owing to fears of calls for addiworked only 201
/
4 hours per week instead of the usual 4b. tional capital and the
possibility of financial difficulties.
From the beginning of November the hours were increased
The past year has been remarkably free from serious
to 32 per week. The larger output was well absorbed, and labor disputes
and there has not been any wage crisis. In
from the beginning of December the mills began to run 39/
1
4 mrtain spinning mills trouble has arisen owing to alleged
hours per week. Early in 1925 spinners began to lose had work,
hut in no instance has there been any danger a a
ground. Demand became very flat, and owing to the absence general strike
or lockout. No alteration has occurred in
of fresh orders, the margin of profit began to suffer. Counts wage lists. In
June 1925 it was arranged that wages should
and qualities that had been scarce became more plentiful. not be
changed before January 25 1924, the employers at
The position of affairs was discussed by the Short Time that time
being in a position to demand a reduction on giving
Committee of the Masters' Federation, and at the end of one month's
notice, but the operatives could not make an
January it was decided to recommend an increase in short application
for an increase until after Sept. 25 1924. During
time by working the mills only 35 hours per week instead of the twelve
months no action has been taken by either side.
391
/
4 hours, as since the beginning of December. A ballot Current
wages are 95% above the lists and 90% higher than
on this proposal was taken, and the necessary support from in July 1914.
Although there has been no change in wage
the members was obtained, and the new working hours came lists the
operatives have suffered considerably as a result
into operation from the middle of February. The reduction of short time
working and irregular employment. A few
In output did something to check the loss of ground expe months ago
the trade unions made an application for comrienced by producers earlier in the year, but the position of pensation for
their members who are under-employed as a
spinners still tended to become worse, much difficulty being result of
organized short time. The employers gave considmet with in selling and clearing the smaller production of eration to this
request but ult'mately they replied that the
the factories. Demand ran on odd lots and there were very application could
not be granted and the leaders of the
few instances of contracts of we:ght being arranged. In cer- operatives
have not pressed the demand.
tain counts and qualities the margin of profit had practically
More attention than ever Is being centred on extending the
disappeared and conditions generally were much less favor- growth of cotton in
different parts of the British Empire,
able than for a long time back. The comparatively small but it may he pointed out
that the increase in the acreage
output of 35 hours a week was more than sufficient to meet in the United
States during the last two years is more than
the requirements of buyers and there were more signs of equal to the area
under ^ultivation in other parts of the
stocks accumulating in first hands. Demand continued un world. The British
Cotton Growing Corporation has exsatisfactory and some users began to adopt a pol:cy of going tended Its operations
and is able to report some success. The
short in twist and weft. Prices fell fully equal to the de- feeling is growing
that more attempts should be made to get
cline in the raw material. In May there were indications of cultivators in India to produce higher
quality mater'al. In
the short time movement breaking down. Owing to many this respect progress continues to
be made in the Punjab.
complaints of members of the Masters' Federation not oh Certain types of American
cotton are being grown with conserving loyally the curtailment of output recommendation. siderable success. Encouraging
reports have again been
It was decided to ask spinners for an undertak:ng that they received from
Nigeria, and it may be mentioned that of the
would not run their mills more than 35 hours a week. Owing 24.000 bales produced during
the past year over 14.000 bales
to the replies being unfavorable, the Masters' Federation were from improved
seed, the cotton being worth about 2d.
was Compelled to abandon the short time of 13 hours per a pound more
than middling American. Further progress
week, but It was decided to recommend a stoppage of 8% has been made
in Uganda and the production for the past
hours per week, which was equal to one day. This sugges- season has been estimated
at 130.000 bales. Good advices
tion was supported by the members and is in force at the continue to be received from Tanganyika
Territory, the outpresent time. It may be placed on record, however, that put for the
last season being nearly 18.000 hales. Further
the Federation has also recommended that all the mills using headway is being made in Nyasaland and
important develop.
Amer:can cotton should close for a full week before the end meats are taking place in South Africa.
especially in Southof August. Although conditions for American spinners dur ern and Northern Rhodes'a. English spinners
are building
ing the past twelve months have been very unsatisfactory. great hopes upon developments in the
Sudan during the next
there are some encouraging features. According to the re- few years. The great dam at Makwar
has now been comports of 39 companies for the six months ended June, an pleted and It is certain that an increasing
amount of land
average dividend on ordinary share capital of 4.84% per will be sown with cotton in the near future.
There is every
.annum was paid, against 3.24% per annum in the previous likelihood of more material being received from
Australia
half year and only 2.37% per annum in the six months ended during the coming years. Apart from India.
the British EmJune 1921. Numerous companies, however, have felt the pire is now producing about 260.000 bales
of cotton a year.
increased financial stringency, and during the last few It is recognized
that cotton growing within the Empire canweeks more cases have been mentioned of companies going not develop without adequate transport
facilities, chiefly
into liquidation. A notable instance of this kind has been railways. From time to time the Government
has been
the difficulties of the Belgrave Mills at Oldham. That con- pressed to give more assistance In this way, and
important
cern has several subsidiary mills and controls about 700.000 developments along this line are likely in the near
future in
spindles and 1.700 looms. There are fears of more difficul- East A trice.
ties being reported.
The number of spinning spindles in Great Britain is now
Compared with twelve months ago, the position of spin- estimated at 56,700,000.
ners of Egyptian yarnt
.
; is distinctly worse. In the spring of
The consumption of American cotton during the, coming
1925 numerous producers were very adversely affected by season is estimated at 2.500.000 bales.
the scarcity of supplies of Sakellaridis and the striking rise
European Continent.—Most countries in Europe have exIn prices. It has been exceedingly cliff:cult for many mills perienced a better year. The increased activity is reflected
to turn on to other qualities of raw material. Business dur- in the larger consumption of cotton. Fluctuations in exing the past half year has been thoroughly disorganized. change rates' have been • rather hampering, but the general
Latterly quite a number of factories have had to stop part industrial situation has Improved.
of their machinery and the output of Egyptian yarns at the
More favorable reports have been received from France.
moment is on a smaller scale than for a long time back. It The mills have worked practically full time. Spinners and
is expected that conditions in this branch of the industry manufacturers are better engaged than for a long t:me back,
will mend when new cotton is available.
and order lists extend four to five months ahead. Prices
Shipments of yarn have been rather better than in 1923- ruling, although not very remunerative, show a fair margin
24, but for the most part this section of the trade has not of profit. Spinning spindles are estimated at 9.400.000.
been satisfactory. A fair amount of business has been done
Spinners and manufacturers in Germany have experienced
from month to month for European countries and the Near a more encouraging year. Most firms have extended their
East, but operations for India have been disappointing. In order lists and the prices secured have been fairly good.
that market English spinners are meeting with increasing During the last month or so there has been some falling off
competition from Japan.
in new orders, hut it is believed that this slackening of deConsiderable irregularity has prevailed in quotations for mand is only temporary. Some uncertainty prevails as to
55ttaa atilt shares. Prices, of course, have followed the the financial outlook, but the political situation tends to
Apo. 29 1925.]
l'HE CHRONICLE
1061
We are indebted to a special and well-informed European
improve. The number of spinning spindles is estimated at
•
correspondent for the foregoing review of the spinning
9,500,000.
In Denmark the industry has been adversely affected by industry in Great Britain and on the Continent in 1924-25.
on in
a lockout in the spring of 1925, which lasted seven weeks. Taken in conjunction with our remarks on the situati
quite
The settlement of the dispute resulted in an increase in the the United States, presented further above, it covers
important
wages of the operatives of 3%, which equals the rise of the fully the countries of the world that take chief
index figure. The general trade situation has not been sat- rank in cotton manufacturing.
isfactory and most firms have complained of severe foreign
of
We now add a brief summary by months of the course
competition. Order lists are only moderate. Spinning spinthe Manchester goods market during the season closing with
dles are estimated at 80,000.
market in the
It has not been a very favorable year for spinners and July 31 1925, and also of the Liverpool cotton
summanufacturers in Belgium. On the whole the weaving sec- same form for the same period. In preparing these
monthly reviews
the
upon
ha,
freely
g.
very
nt
drawn
spinnin
ointme
than
have
worse
Disapp
been
we
maries,
has
tion
the details
been expressed at the poor home trade demand, and export published by the "Manchester Guardian," and
able record
business has not been good. Spinners are reported to be will, we think, prove an interesting and service
sold two to three mouths ahead, but there is much irregu- for reference.
delarity in the order lists of cloth manufacturers. Owing to
AUGUST.—Manchester.--The Spinners' Federation
the fall In the cost of living figures, the employers in April cided that no change could be made in working hours- in
last established a reduction in the wages of the operatives September, and no promise was given that the hours would
of 5%. The prospects are considered fairly favorable, owing
opened with
be increased at any time in 1924. The month
to the improvement in the exchange rates of sterling. The cotton dearer than it had been for some time, and cloth
spinning spindles are estimated at 1,800,000.
Bank Holiday
business was, consequently, very small. In
level,
The trade situation in Austria has not been at all good.
raw material declined to e%bout the mid-July
the
Week
ster
Manche
The margin of profit in yarns and cloth has been unsatisfacthe
and
ce,
influen
:ng
disturb
a
but this also was
r.
howeve
tory. Most spinning firms are sold about four months
weeks,
two
next
the
In
trade became. still duller.
ahead, but latterly there has been a decline in the number
Inquires received led
lie
and
at,
somewh
revived
nce
confide
of fresh orders coming round. The weaving section ha.s more frequently to sales being effected. Indian trade espebeen worse than spinning, and only limited engagements are cially was more active, many contracts being booked for
run of other fabheld by manufacturers. The general outlook is not consid- shirtings as well as dhooties and the usual
ture, in asAgricul
of
ment
Depart
States
ted
at
ed
s
are
1,050,T7ni
estimat
rics. The
ered good. The sp:nning spindle
in Amertrade
cotton
the
of
s
ntative
represe
sociation with
000.
Association
Cotton
ol
Liverpo
the
to
es
overtur
made
Recently there has been some falling off in the state of
withdraw its notice of
a view to inducing the latter to
1923 agreement for
trade in Holland. Spinning mills, however, have had a very with
the
from
July,
withdrawal, the ensuing
em.
d
and
have
succeed
y
yarns
for
decline
not
Latterl
prices
did
year.
but
ds,
fair
universal cotton standar
at last to
ployers have lost ground. The mills have worked full time.
SEPTEMBER.—Ilanchester.—It was possible
the month
Less satisfactory conditions have prevailed in the weaving record a partial recovery. The position during
Cloth buyers had to
section. Home trade demand has been small, and some pro- was in some respects a peculiar one.
stocks were so low— •
but
needs,
ate
immedi
their
ar
for
An
irregul
stocks.
ve
contract
ducers are hampered by excessi
havIng kept them down because of the probbusiness has been done for export. All weaving concerns manufacturers falling—that early delivery had often been
cotton
ability of
lost for that reason.
are reported to be working full time, but a few looms have !mpossi
ble, and not a few orders were
been stopped. from time to time. There has not been any There was also difficulty in securing the counts of yarn rewas small
change in wages. Spinning spindles are estimated at 750,- quired, as the production in the holiday season
-rooms. It
stock
their
cleared
almost
had
and spinners
000.
these circumstances that the ownConsiderable activity has prevailed in Italy. Throughout seemed extraordinary in
an cotton adhered to the 26i4
Americ
g
spinn'n
the year spinners and manufacturers have been very busy ers of millsplus local holidays, but they did not feel satisfied
hour week,
and there has been a healthy demand for the full production that the trade had improved sufficiently to warrant the
a
slight
ves
secured
the
operati
ery.
Last
June
production. Spinners of Egyptian
machin
the
of
easing of the embargo on
to the scarcity of the raw mated
to
be
are
sold
g
reporte
mills
owing
Spinnin
advance in wages.
cotton had difficulty,
been about 11d, per pound
three months ahead and manufacturers on the whole have rial and its price, which had lately ed in September while
and advanc
about four months' work to go on with. The s:tuation is h'gher than American
however, were
was declining. The Egyptians,
to support
not quite so good as a few months ago. Spinning spindles American
and their Government was induced
d,
satisfie
not
previous interare estimated at 4,050,000.
again, despite the fact that their
market
the
During the greater part of the past year trade in Czecho- ventions had the unfortunate results which might have been
an crop was
slovakia was fairly good, but during the last three months expected. It was announced that the Egypti
under s'x million cantars, but
little
a
nts
at
been
ed
complai
have
There
worse.
estimat
n
has
positio
become
ly
official
the
under
to consider that this was another
of severe competition from Italy, especially in the Near `he trade appeared was doing little new business in yarns
Bolton
e.
Eastern markets. -A rather poor state of affairs has pre- estimat
amount of work
Egyptian cotton, but there was a fair had turned to
s who
vailed in the spinning branch. Export trade has fallen off. from
spinner
hire
Lancas
Some
in hand.
The orders secured by weaving employers have not been Egyptian cotton when, relatively, it was very cheap and the
ng to
sufficient to keep all the looms running full time. The spin- yarn made from it had a good sale were now reverti
00.
ed
at
3,500.0
cotton.
Amer:can
ning spindles are estimat
one of deOCTOBER.—Monchester.—This month was
Trade has been on a restricted scale in Norway and it has
cotton trade. The production, of
the
in
s
secure
progres
s
to
s
and
cturer
e
spinner
cided
for
manufa
struggl
a
been
for the
much smaller than in the pre-war period,
profitable contracts. Spinning spindles are estimated at course, wasspinning mills, as a rule, ran only 2014 hours per
Federation
was a very different tone,
70,000.
week, as against 55 hours. There
ly preVery varied reports have been received from Russia. On however, in the market from that which had general long
Spinners were
the whole, however, the conditions show an improvement. valled in the preceding three years.
." but now they were getThe spinning and weaving mills have worked longer hours unable to get "change for a shilling
The p-ospect of an adequate
s.
shilling
their
on
t
and
prof
been
a
well
d
has
ting
absorbe
ed to
The output of the machinery
American cotton, at reasonable prices, appear
generally the industry has been more prosperous. A consid- crop of greatest influence, but' the serious effort of the
the
have
erable number of spindles, however, are still not working Powers to restore Continental trade. and the gain in economic
evidenced in the rise
The spinning spindles are estimated at 7,250.000.
strength which India had secured, as
also important facwere
6d.,
is.
over
year
a
there
to
was
of
the
times
fair
half
amount
first
at
the
rupee
During
of the
ed when the holievidenc
was
change
the
s
spinner
No
has
trade
off.
but
,
To
latterly
fallen
tors.
of activity in Sweden
demand arleing which
a
close,
a
to
g
drawin
was
season
organized short time hits been in force, but a number of day
stocks of yarn in the
quickly absorbed the somewhat scanty
firms have been compelled to curtail production. Spinning storerooms. and after that, in certain qualities. could not be
The Spinners' Federspindles are estimated at 570.000.
wholly met out of current production. increase in the wortan
end
ed
in
prevail
recomm
Some
have
land.
to
nt
ons
Switzer
relucta
condli
ar
Irregul
ation was
the cotton supply in Liverpool was considfirms have done much better than others. The condition, ine hours before hot the East Lancashire manufacturers, at
ago. There are many erably increased
months
six
than
le
favorab
less
tee on the 21st Octo
are
an interview w'th a Federation commit
complaints of prices being unsatisfactory and the prospects her, pressed so hard for an increased production of yarn that
y
.
are described as rather gloomy Recentl there has been a 't was decided to allow the working hours to be increased
tendency to curtail production. Spinning spindles are esti- from 20% to 32 per week. It anneared that the scarcity of
g
certain counts of yarn was actually injurin trade in a vamated at 1,500,000.
riety of ways. Premiums on market quotations had to be
1062
THE CHBONT
[Iroz, 121.
paid for early delivery of yarn, looms for which work could for cloth, which it was believed
was only temporarily sushave been found had to be stopped, there was hesitation in pended. While new orders for cloth were scarce,
however,
accepting orders for cloth if it was wanted quickly, and it manufacturers were mostly well
engaged on old ones. Sevwas generally believed that a large business was being with- eral made it known that they could
not get enough weavers
held until the yarn supply was increased, buyers taking the for their special lines, and
cases were reported in which
view that full time could not be deferred much longer, and firms brought operatives by train from
other centres where
that when it came it would be possible to buy cloth on more the train services permitted. The Federation's Short-Time
favorable terms, seeing that production costs would be lower. Organization Committee on the 20th January
issued a notice
NOVEMBER.—Manchester.—Users of American cotton that if the demand for yarn did not improve soon they would
who are in the Federation of Master Spinners' Associations consider the question of further curtailing the production.
Increased their output at the beginning of this month, and hi Later the committee astonished the public, though not the
December were at liberty to increase it still further. Busi- men in the trade, by announcing that they would immediately
ness was fairly good in the first week of November for some ballot the spinners in the American cotton section of the
markets, but a setback started in the second week, owing to Federation whether they were willing, provided the owners
a rise in the price of American cotton which cloth buyers of 80% of the spindles agreed, to curtail production to the
thought had no justification. The Bureau reported on the extent of 13 hours per week, or the equivalent, instead of 8w4
8th November that the crop outlook in the United States hours, as at present, starting on Monday, Feb. 16. The fine
had improved somewhat, the yield indicated being 12.816,000 section, however, again had to contend with high prices for
bales. The New York market, however, paid more atten- its material and heavy fluctuations in the markets. Fully
tion to the persistence of a good trade demand than to the good fair Sakellaridis on the spot at Liverpool weakened a
size of a the crop, and succeeded In the next week in advanc• little in mid-January, but a steep advance was registered,
ing the spot price of middling from 24.15c. to 24.85c. Liver- the price going to 32d. per pound, as against 29.65d. at the
pool sellers d'd even better than this, their quotation being end of December. A farthing of the advance, however, was
put up from 13.21d. to 13.93d., or 64 points. In other words, subsequently lost. The mills were kept running very much
whereas the American advance was 10 points, in hundredths as usual, but buyers were afraid to place orders at the high
of cents, Liverpool's was nominally 128 points, if stated in prices which were necessarily demanded, and the outlook
the same currency. Buyers had been looking for a reduc- perceptibly declined.
tion, seeing that the American crop had done well in the
FEBRUARY.—Manchester.—Spinners using American
last part of the season, and that the weather in the cotton cotton, having found that the
demand for yarn was insuffibelt was still very favorable, in some parts for growth and cient for the output in a 39%-hour
elsewhere for rapid pick'ng. On the 21st the Bureau issued rule in Federation mills since theweek, which had been the
another report, largely based cn the ginning returns, raising reduced the working hours, from beginning of December,
Feb. 16, to 35, and even
the crop estimate to 13,060,000 bales of lint cotton, including then were not in all cases satisfactorily
engaged. In the
68,000 in Lower California, and stating that 11,148,000 bale,
trade
as
a
whole
:
unemployment was only
had actually been ginned on the 14th November. The crop January. Sales of cloth were seldom in 6.2% at the end of
large quantities, but
was thus given as about 3,000,000 bales larger than the pre- a good many small orders were
vious year's, and the actual ginnings were decidedly larger. being, if anything, rather more booked, the minor markets
active as purchasers. The
The increase at the beginning of the month in the maximum fine goods trade was hampered worse
than ever by rises and
working hours In Federation mills using American cotton fluctuations in the price of
Sakellaridis (Egyptian) cotton.
was from 2614 to 32 per week. This was obviously neces- In the first week of the month this
grade, on the spot at
sary, but what should be done next was not considered so Liverpool, rose as much as 3d. per
pound, and in the second
clear. The Federation of Master Spinners' Associations and third weeks it changed a
per pound on each of
therefore arranged for a ballot on the question whether the four days, two of the changes penny
being advances and two demaximum working week should be increased on Dec. 1 from clines. The United States
Department of Agriculture sum32 to 39% hours, the alternative being liberty to run full moned a convention, to be held
in Washington in the week
time. The result of the voting was: For 39% hours 86.46%. beginning March 8, to pass the
standard sample boxes for
against it 7.61%, no replies, 5.93%. Besides this assurances use in the Continental and American
cotton exchanges next
were received from non-members owning about 2,000,000 season and to discuss questions
spindles that they would act upon the Federation's recom- spinners. The Liverpool Cotton of interest to traders and
Association and the Spinmendation. A proportion of 80% was required under the ners' Federation, on the one hand,
and the Manchester Cotrules to carry the proposal, and it will be seen that this was ton Association, on the other,
arranged to act unitedly this
exceeded. The fine spinning section again had to contend time and delegates from all three
sailed for New York.
with great unsettlement in the market for Egyptian cotton
MARCH.—Manchester.—The lack of new business in cotresulting from speculation in Alexandria and the scarcity
of Sakellaridis for trade purposes. All through the month ton goods, so noticeable in January and February, continued
fully good fair on the spot at Liverpool was well over 25d. in the first half of March, the market not being pleased with
per pound. and at one time it was 26.25d.—that is, more either the rise or the fall in the prices of cotton in that pethan a shilling above middling American—and rises and riod. Liberal buying for India took place in the third week,
but it only lasted a few days, as cotton prices were down
falls were mostly heavy.
again, and many operators thought safety lay in waiting
DECEMBER.—Manchester.—The big cotton crop in the for a still lower range of values. The
United States continued to exercise a favorable influence. trade still experienced difficulty throughfine section of the
The section of the industry—about one-third of the whole— price of Sakellaridis and the heavy the big rise in the
which uses Egyptian cotton and produces the finest cloth in occurred, changes of a halfpenny to a fluctuations which
penny per pound or
the world—had no organized short time in 1924 and not more in a single day having been frequent.
This was attribmuch in the whole period of the slump. It was not always utable to the continued prevalence of
in the Alexfully employed, and some large businesses were not very andria markket which was facilitatedspeculating
by
profitable, but, taking it as a whole, it did a great deal be. p1 es. Some of the spinners in Bolton the shortage of supand other Egyptian
ter than the American cotton section—so much so, indeed. cotton districts experimented with
cheaper varieties than
that there were numerous transitions to it when American Sakellaridis and were said to have met
cotton was exceptionally expensive and Egyptian cotton ex- of success. Later Sakellaridis fell fromwith a fair amount
37.90d. to 34.10d.
ceptionally cheap. The firms which made the change had The Washington Convention on the
American
reason to congratulate themselves at first, but many now ards was attended by representatives of the cotton standreturned to American, as Egyptian cotton of the kind most ton Association and the Federation of MasterLiverpool CotCotton Spindesired rose by leaps and bounds while American kept fall- ners' Associations, among others, and they -were among
the
ing. The rise in fine qualities was attributed to speculation signatories of the certificate that the samples
in Alexandria. which, it was said, was facilitated by the the Department of Agriculture are accurate submitted by
copies of the
spinners who had "changed-over" buying on a system which original standards. An effort was made to reach an underin that branch lends itself to market-rigging.
standing which would lead to Liverpool continuing to adhere
JANUARY.—Manchester.--This proved a dull month. In to the universal standards, instead of acting upon the notice
December producers' order-books were extraordinarily full. to withdraw from the arrangement at the end of next July.
compared with their state since 1920. A reaction now came but the proceedings were only regarded as informal, as the
—apparently because it was felt to be unsafe to continue United States authorities only wished to enter into an agreedoing business in this way. Producers themselves had s ment with the European exchanges as a whole.
fear that commitments for months ahead would lead to canAPRIL.—Manchester.—The depressing influences which
cellations if prices fell, and dealers were more anxious still. appeared in the cotton trade at the turn of the
year continPer it seemed to them quite possible that a decline would ued and, if anything, they were intensified
in April. Old
occur before delivery of goods was obtained, or at all events orders kept running off and managers were
so anxious to
before they could reach the tetailers. It was considered al- replace them that many felt obliged to accept
most certain that the Bureau's estimate of the American prices. Representatives of the spinners, unsatisfactory
manufacturers,
cotton crop was too low, and :he ginning returns for mid- bleachers, dyers, calico printers, merchants, and
others held
January showed that that was the case, the total yield of a second meeting—this being called by the
of Comlint cotton being more likely to be 13.500.000 bales than only merce—to consider what could be done byChamber
united action to
13,153.000. which was all that the Government officials ex- improve the state of the trade so that the mills
in the Amerpected. There was also a feeling that within three months ican cotton section might again be put on
the mill costs per piece of cloth would be reduced, the argu duction costs reduced. According to the full time and proofficial report, all
ment being that a prolongation of short time in the mills the sections, through their representatives,
expressed "high
spinning American cotton was impossible, in view of the appreciation of the utility- Of co-operation
and united study,"
abundant supply of the material and the increased demand and, with a view to perpetuating and crystallizing
this spirit.
At a. 291925.]
THE CHRONICLE
recommended their organizations to agree to the formation
of a permanent joint committee. In the meantime a telegram was sent to the Chancellor of the Exchequer urging
the importance of a reduction in taxes. Egyptian cotton
weakened, fully good fair Sakellaridis on the spot at Liverpool being about 3d. a pound cheaper than in the first week
of the month, but the price still ruled more than twice
as high as that of middling American.
1063
Other Cotton Growing Countries.
It is always interesting to have statistics regarding other
leading cotton producing countries in addition to those for
the United States. The two countries next in importance to
our own as contributors to the world's supply of cotton are
India and Egypt. There has been nothing unusual about
the movement of the Egyptian crop the past season, and
accordingly we present the following table showing the exports of Egyptian cotton for the past four seasons. The exports have run much the same, it will be seen, the last three
years, which perhaps is not strange, seeing that stocks of
cotton at Alexandria were drawn down in the two years
ending July 31 1924 from 220,000 bales to 51,000 bales; for
July 31 1925 the amount was 55,000 bales.
MAY.-Manchoster.-Despite the fact that the Fine Spinners' and Doublers' Association made a record profit in the
year ended Marcha result which the Chairman said was
contributed to by the exercise of good judgment in buying
cotton-the fine section of the trade continued to pass
through a trying time, owing to the high price of Sakellaridis
cotton and the heavy fluctuations in market prices. The
Marwari Chamber of Commerce, in Calcutta, passed a resolution to postpone all forward purchases of piece goods for
ANNUAL STATEMENT OF THE EGYPTIAN COTTON CROP.
four months. The cotton and woolen trades were much disturbed by the Budget proposal to tax artificial silk yarns
Season.
Season,
Season,
Season,
Years swum July 31.
1921-22.
1923-24.
1922-23
and fabrics, whether imported or made in this country. The
1924-25.
joint committee of cotton trade organizations which was ap(interior gross weight) 7.125,775 6,417,083 6.683.809 5,488,025
pointed to investigate the possibility of making such an im- Total receipts
Bales
Bales.
Bales.
Bales.
Exportsprovement in the state of the industry that the mills could
179,811
236.122
223 069
197 654
Liverpool
be put on full-time working reported early in the month To
159,403
181,441
222.186
231.225
To Manchester
30
100
porta_
Kingdom
general
United
was
reduction
prices
of
possible. The only To other
that no
recommendation it was able to make was that all the sec339.252
417.663
445.255
428 879
Total to Great Britain
tions of the trade represented by its members should study
83,033
141,779
111.649
130,369
France
the reasons why Lancashire lost the trade in certain bulk To
18,972
28.205
29,115
21,660
To Spain
823
640
810
895
lines. The committee took the opportunity of expressing its To Portugal
40,971
50,947
44,624
30,272
Italy
To
strong objections to the artificial silk tax. The American
36,933
48,794
40,943
36,515
Switzerland
2.360
12,294
2,719
7.220
cotton standards controversy was settled at a conference in To
To Austria
24.756
8.963
10,900
39,934
London and the Liverpool Cotton Association canceled its To Czechoslovakia
6,218
5,285
5.794
2,354
To Poland
notice of withdrawal from the scheme.
28,169
38,236
45.332
27,491
To Germany
995
3,693
6,885
3,596
To Holland
906
7,355
6,629
3.070
JUNE.-Manchester.-Five successive months of small To Belgium
594
1.650
1,240
2,360
Greece
To
dealings in cotton goods for foreign markets and virtually a
316
3.209
4,098
2,185
To Turkey and other countriee.
whole week's holiday at Whitsuntide did not suffice to bring
220.813
351.384
299,564
342,994
Continent
to
Total
about a revival of demand in June. The output of the mills
209.224
134,143
168,843
108.726
appeared to be above the average of earlier months in the To United States of America
year, but it was not all sold, and yarn and cloth prices did
835
1,526
675
687
To India
not keep pace with the rise in both American and Egyptian To Japan and China
19,438
26,106
38,041
31,408
cotton which followed the decline in May. The resolution
749,181
963,167
938.511
932.997
Total to all parts
of the Calcutta dealers, to refrain from forward buying for
7,072,053 7,063.129 7.303.791 5.696.997
four months was not acted upon strictly, the main object F.nnstl tn rants:MI
evidently being to convince up-country buyers that they had
The exports from India w •re large, but here a distinctive
nothing to gain by waiting, but the orders placed in June
for any part of India were disappointing. Spinners in the feature was that the bulk of the shipments went to Japan
Federation of Masters' Associations were recommended to and China, which gained at the expense of the Continent of
curtail production to the extent of at least 8% hours' output Europe. The Continent got only 1,119,725 bales the past
per week, but a good many of them failed to do so. They
India, against 1,531.480 bales the previous yea!,
were formally requested, however, to send in undertakings season from
1,64,to do it in future. The Spinners and Manufacturers' Asso- while Japan and China took 2,396,520 bales, against
ciation, which has no organized short-time, reported early in 759 bales. The explanation of the change is doubtless found
May, after taking a census, that of its members' machinery in the circumstance that the crop of the United States, a
(which included 5,000,000 spindles and 513,000 looms) 88% better grade of cotton, was so much larger and was availwas running and 2.6% more would have been employed if
able at reasonable prices. At all (vents, the Continent of
enough weavers had been available. The Government's
heavily increased amouLts of American cotton,
proposal to tax artificial silk yarns and fabrics received a Europe took
Germany, to whose large importations of
particularly
and
considerable amount of attention during the month. The
cotton trade still considered the tax a bad one, but, as it was cotton the past season from the United States reference has
certain to pass in one form or.another, an effort was made been made in the early part of this review.
to reduce the injury resulting from it to a minimum.
EXPORTS FROM ALL INDIA TO
Japan &
Great
JULY.-Manehester.-Inquiries were somewhat more nuTotal.
China.
Continent.
Britain.
Season Ending July 31-merous in this month. There were indications that spinners
3,696,690
2,396,520
1,119.725
180,445
lbs.
bales of 400
of American cotton would soon be in a better position if a 1924-25
3,442,584
1,623.759
1,531,480
1923-24
3,580,679
2,278,858
1,077,873
223,948
stoppage in the coal industry should be averted, as it even- 1922-23
3,250,539
2,280.688
899,222
70,629
tually was. No less than 95% of them accepted the Federa- 1921-22
2,149,839
1.375,816
727,786
46,237
1920-21
tion's advice to restrict the working week to 39/
4 hours, and
1
any great
show
not
do
however,
statistics,
Japanese
The
It was expected that they would also act upon the further
recommendation to stop production in August for a full week increase in the takings of India cotton, though the figures
of 48 hours, in addition to Wakes stoppages that occur in for the twelve months ending July 31 1925 are not yet availthe month. The fine section of the trade was still dragged able. The figures here cover the twelve months ending June
down by the high price of Egyptian cotton and the probabilin that case the month of June had to be esti
ity of a sharp drop when the new crop is harvested. Users 30, and even
returns, on the ather hand, like those of
Japanese
mated.
of fine cloths are generally able to pay good prices for them,
show greatly enlarged purchases in this
States,
but, naturally, dealers had to be cautious when market val- the United
ues of cotton were about 4d. per pound lower for October country. Here is the statement of the imports of raw cotthan for August delivery. At the beginning of July fully ton into Japan for the twelve months ending June 30 for the
good fair Sakellaridis was 32.30d. per pound on the spot at past three seasons:
•
Liverpool. In a little less than a fortnight it was down to
IMPORTS OF RAW COTTON INTO JAPAN.
31.25d., but it soon began to go up again, and later got
1922-23.
1923-24.
*1924-25.
Years Ended June 30.
Pleats.
Maas.
Ptculs.
back to 32.80d. The depression in the weaving branch, howImported from5.908.976
4.905,689
932.462
4
ever, prevented spinners from raising yarn prices propor- India
2,508,364
2,368.012
2 792.011
!Mateo
United
745,280
tionately. The new import and excise duties on silk and on China
773.136
958,993
302,068
406,305
251.971
artificial silk came into operation on July 1, but the full All other countries
9,464.688
effect was not felt, as large amounts were imported in May
8.453,142
935.437
8
Japan
Total imports Into
and June, and the stocks held by home producers at the end
50018. Bales. 500-18. Bales. 600-16. Bales.
2.523,916
2,254,171
2,382.783
of June were not subject to the tax. The Government car- Equivalent in 500-1b. bales
•Report for June not having been received, we repeat last year's figures.
ried out their promise to set up an advisory committee in
Manchester, although they did not complete it until July 13.
It will be seen from the foregoing that Japan took inAnother event of the month, which wan more important than
amounts of Chinese cotton the past season. The
creased
many that have had greater interest for the public, was the
peculiar one. It imports a consider
establishment in the Liverpool cotton market of an "Empire position of China is a
this coming mainly from India,
staple,
the
of
amount
able
contract."
delivery
miscellaneous
Growers
importand
and
of the Chinese mills.
necessities
the
meet
thereby
to
enabled
were
taken
to
cotton
Empire
obtain the being
ers of
"hedges" which are so necessary to safe trading.
while on the other hand, much Chinese home cotton is exJapan. It is exceedingly diffiFor daily closing price of middling upland cotton in Liver- ported, this going mainly to
cult to get late statistics regarding anything pertaining to
pool, see page 1067.
1064
THE CITRONTCLE
[Vot 12L
China, and in fact statistics of any kind, and the best we
The above statement indh ales, in compact form. the
can do is to give the returns for the calendar year, obtaine,1 world's supply
of cotton in each of the five years, the amount
at considerable labor and trouble. In the following table
we give both the exports of raw cotton from China an the consumed and also the extent to which visible and invisible
imports of raw cotton In China for the past seven calendar stocks were augmented or diminished.
The augmentation of the spinning capacity of the mills of
years:
EXPORTS OF RAW COTTON FRCM CHINA.
the world has been moderate nearly everywhere the past
Cal. Years1924.
1923. 1922. 1921, 1920.
1919.
1918.
year, the same as in the previous year. Our compilation for
Destination-Piculs. Plods. Picuis. Piculs. Plods. PiouIs.
Mids.
Exports tothe world Is as follows:
Japan, including Formosa *907.605 803.505 644.385 561,106 220,312
U. S., Includ'g
Hawaii ___ •102,099 112,826 138.544 34.065 119.649
All other countries
*70.315 58,243 59.085 14.310 38,269
192,897 1,212,r51
112,050
58,181
47,093
21,209
Total export,
from China_a1,080,019 974,574 842,010 609,481 376,230 1.072.040 1.292.094
a Figures are given In pleuls (equivalent to 133 1-3 lbs. each). on which basis the
total exports from China In 1924. reduced to 500 lb. bales, would be 288,005 bales.
*Estimated.
IMPORTS OF RAW COTTON INTO CHINA.
Cal. Years1924.
1923.
1922.
1921.
1919.
1920.
Plods(a)Ptctde.
Pleats.
Piculs. Picots. Pietas.
Plods.
Imported fromIndia
*709,366 1,147,948 1,370,069 981.136 418,964 98.430
United States *107.039
72,851 155.319 516,676 34.049 37.199
All others
*438,879 411,445 332,482 192,326 235,483 106.174
1918.
Piculs.
18,364
11.665
161,859
Direct groes imports
1 255,284 1,632,244 1,857,870 1,890,138 688,496 241,803 191,838
Re-exported
abroad
13,403
17.873
77.252
7.612 10,199
2,800
1,778
Total not impt_1,241.881 1,614.371 1.780.618 1.682,526 678,526 239.003 190 110
• Estimated.
Among the smaller contributors to the world's supply is
Brazil, but we have found it impossible to obtain any official statistics whatever regarding either cotton exports or
consvmption. The Peruvian exports, after having increased
the previous season fell off again the past season, as will
be seen by the following!
MONTHLY EXPORTS OF RAW COTTON
1922.
*Kilos.
5.087,837
4.115,300
5,769,484
4,660.305
2,471.030
1923.
January
1,083,853
February
1,799,716
March
1,177,401
April
702,145
May
765,550
FROM PERU.
1923.
1924.
*Kilos.
*Kilos.
8,306,792
7,076,008
8,321,199
4,194,465
10,790.341
4,694.439
5,392,429
3,297.631
3,637.166
4,697.205
1924.
1925.
1,229,422
2.883.945
925,075
1,324.889
711.278
855,360
810,322
517,918
1.942.463
1,871,425
Total 10 months ended May 31
June
July
27,632.621
3,361,996
4,508,689
40,156,487
4,547,106
6.092.715
35.503,306
50,796,308
Month.August
September
October
November
December
Total for season
31,413.285
*The kilo is equivalent to 2.2046 lbs.
World Consumption and Production.
To complete our narrative of the world's progress in cotton production and manufacture, we now add our customary tables running back for a long series of years. Off.cial
data are used in those cases so far and for as late periods as
they can be obtained, but it is only proper to say that in
many cases the figures are only estimates, based on the best
information obtainable, it being too soon after the close of
the season to have official and authentic figures. The compilation appended embraces substant.ally the entire distribu
lion or consumption (expressed in bales of 500 lbs. each net)
of the commercial cotton crops of the world, and the portion taken by each country.
THE WORLD'S ANNUAL COTTON CONSUMPTION.
CountriesBales of 500 Lt's. N. 1924-25.
1923-24.
1922-23.
1921-22.
1920-21.
Great Britain
3,150.000 2,750.000 2.750.000 2.800,000 2,100.000
Continent
5,950.000 5,300.000 5,000.000 4.800.000 4.400.000
Total Europe
9,100,000 8.050,060 7.750.000 7.600.000 6,500.000
United States-North __ 2,330.000 2.098,000 2.689.500 2,328.000 2.091.473
South_ ___ 4.362,000 3,922.000 4,378.820 3.898.323 3.116,944
Total United Slates.-. 6,692.000 6.020 000 7.068.320 6,226.323 5,208.417
East Indies
1,800.000 1.500.000 1,700.000 1.800.000 1.800.000
Japan
2.040.000 1,800.000 2,100,000 1,964,997 1,704,633
Canada
140,000
219.656
241,454
150.000
160.080
Mexico
175,000
100.000
120.000
70.700
70.000
Total India. he
Other countries
Total world
4.155,000 3,570.000 4,141,454 4.054,653 3,735.413
1,900.000 2,000,000 2,000.000 1.800,000 1,200.0011
Great Britain
Continent
Total Europe_
United StatesNcrth
South
WORLD'S COMMERCIAL CROPS OF COTTON IN BALES OF 500 LBS. NET.
Countries1924-25,
1921-22.
1922-23.
1920-21.
1923-24.
(Amount coming forward). Bales.
Bales.
Bales.
B.sleS.
Bales.
United States
14.392,000 10,964,000 10.960.777 11,152.720 11,173.918
East Indies_a
4,800.000 4,750.000 4,700.000 4.700.0110 3,650.000
1,450,000 1,500,000 1.600.000 1,500.000
Egypt
800 000
Brazil, he.4
2,000.000 2,460.000 2,700,000 2.450,000 2,230.000
100,700,000 100,700,000 100,400.000 100.400.000 100,400,000
20,301,652 20.577,930 20,950.573 20.870.573 20.000,000
17,635,132 17,226,118 16.458.116 16.074,981 15,380,693
Total U.S
37,936,784 37.804,048 37,408.689 36.945.554 35,380.693
East Indies
7.900.00() 7.300.000
8.300.000
6.800 000 6.800.000
Japan
4.6 0,000
4,500.000
4,483.000 8.813.680
4,750.060
China, Egypt. he_ 3.300,000
2,800.000
1,725.000
2.200,000
2,700.000
Total India, he_ 16,260,000
Canada
1,100,0(10
Mex., So. Am., &It. 2.750,600
Total other
3,850.000
Total world
.483.000
1.375,000
2.500.900
12.338.680
1,375,000
2.500.000
3,875,000
3.875.000
15,200.000 14,750.000
1.2011.000
1,100,060
2,750,009
2.750.000
3,850,000
3,950 000
158,746,784 157,554,048 156,508,689 154,703.554 161.994,373
In the above we have revised some of the back figures by
later returns and some of then) also to accord with those
compiled by the International Federation of Master Cotton
Spinners and Manufacturers' Associations.
iVe now give a compilation which covers the figures of
consumption in detail for each of the principal countries
embraced in the statement of the world's annual consumption already presented, and the total of all. These figures
are not the takings of the mills, but the actual consumption,
and are in al/ cases expressed in bales of 500 pounds net.
The figures In the table cover the years from 1908-09 to
1924-25, inclusive, and are given in thousands of bales. The
figures for 1913-14 to 1924-25, inclusive, cover the twelve
months ended July 31; all earlier years are for the period
Sept. 1 to Aug. 31:
WORLD'S COTTON CONSUMPTION. •
Untied States.
Europe.
500-18. bale.
0008 ornlitet Great
Wien
1908-09 _.
1909-10 -1910-IL -1911-12
1912-13 _1913-14
Av.6 y'r
1914-15 _
1915-16 _
1916-17 __
1917-18 _
1918-19 -1919-50
3.72.
3.17
3.77
1.161
1,40,
4.311,
rant,
'ten,
Total
Vora
3.72,
5,461
5.46,
5.721
5.00,
5.00t
9.44,
6.83
9.23
9.88(
0.401
163(1.
3,92
2.44
2.26
2.23
2.59
2,68
2,70
-5.72' 9 64! 2,48
3.90.
1.00
3.09
4.90
2,50
3,20.
5.00,
5.004
1016
3.00)
(,401
3,80
8.90
9.001
7.00)
5,901
4.900
7.00
Av.Ely'r
1920-21
1921-22
1922-23
1923-24
1924-25
4.03
2,100
2.800
2,750
2,750
3.150
East
158U
topaz Sher, Total.
1.91
4.53
1.48
3.2II
5,53
VW,
1.51
1.49
1.(0
1.64.
1,616
88
1.05
1.08
1.35'
1,35.
1.52:
5.05
1.59,
1.20!
49: 18,012
85
,18,747
76e /0,344
99 t8.925
74 17,100
15,689
921 17.777
3.72
1.64' 1.53
1.72: 1.74
1,72' 1.77
1.63
1,851
1.00
1,704
1,53, 1.70
-- -6,86, 1.64: 1.69
3,117
3.896
4,371
3,925
4.362
5,208 1,80(
6.22' 1,801
7,0'8 1.700
1.50(
6.692 1,800
•zouie
rota,
2.46.
2.26'
2.251
2.82,
2.84'
2.97'
2.57:
2.76' 3,03
3,23' 3,87
3.19 1,23
2.99
1,18
2,51' 3.39
2.93 3,62
2.94
8,500 2,091
7,600 2,324.
7,750 2,681
8,050 2.09)
9,100 2.330
• Mum,are s10o1ect to corrertIon.
4.40(
4.800
5,00(
5,300
5,950
27!
44!
44
51:
61
67,
4,80
7.111
7,43
7,17
5.91.
6.56:
1,70f
1,961
2.100
1 80')
2.040
17,101
16.189
16,750
18.566
19,544
(9,858
SOS 18,097
1,430 16.643
2.090 19.681
2,341 20.959
2.270 19,640
2.215 21,847
Another general table which we have compiled of late
years is needed in connection with the foregoing to furnish a
comprehensive idea of the extent and the expansion of tills
industry. It discloses the world's cotton supply and the
sources of it. The special points we have sought to illustrate by the statements are, first, the relative contribution
to the world's raW material by the United States and by other
sources, and. second, to follow its distribution. Figures for
1908-09 to 1912-13 are for the year ending Aug. 31; since
then for the years ending July 31. The figures are all intended to be in bales of 500 pounds net.
SliWwi,V
21,847.000 19.640.000 20.959.774 19.680.976 16.643.830
From the foregoing table it would appear that the world's
total consumption for 1924-25 shows an increase front the
aggregate for a year ago of 2,207,000 bales. The sources
from which cotton has been drawn in each of the last five
years are stated in the subjoined table of the world's corn
mercial crops, in bales of 500 lbs. net each:
NUMBER OF SPINDLES IN THE WORLD.
1925.
1924.
1921.
1923.
1922.
56.700.000 56,700.000 56,500,600 56.500.000 58.500,000
44,000,000 44,000,000 43.900.000 43.900.000 43,900.000
500-lb
Bales.
Visible
and
Invisibb
Supply
Beginaino w
Year
VI/
1't(I)ti
MIN: OW r'OTTON
Commercial OOPS.
United
States.
AU
Others.
908-09 ,.855.011 ,3,496.75 4.489,16.
909-10 ,.676.52 0.224,92 ..021,00
910-11 1.732.49
1.804.74' ..057.98
911-12 ,,844,74
1,683,94 .845.97,
912-13 .1108.92 '3.943,22' ..254.75
'
913-14 .462.89' 4.494.76 ,.419.89
Ve114.,
6 year
.3,274.72 ).181,56
Total.
Total
Actual
'ongumi
iten.
&WOW Of Supply
End of Year.
Visible. Invisible.
---7.985,92. '7,164,48 1.875.14, 1,801,388
,5,246,52 10.188.56' .367,62 1.364.867
(1,862.7) '13.150.4)' '.537.24' 1.307,495
'0.529,91
3,565,73 '091,47' 1.713.449
9.197.97' 9.544,00 /,015,2I 1.447.688
'9.914,5o 9.85.8.17 '.877,30, I 042.083
i 8,456.29 '8.011,90
Surplus from year's crop.- 725.000
121.744 1,210.008
34,000 8998.997
Visible and Invisible stock:
Aug. I beginning Year.- 6.136.795 6,102.795 7,101.792 6,980.048 5,770,040
Aug. 1 ending year.-- 6,931.795 6,136,795 6,102,795 7,101,792 6,980.048
714-15 7.519,38: )4,766,46
1 11.5-16 1.351.6(4 , 2,633.96.
1 716-17 ..379.08 12,670.09
1 )17- 1s 1.477,49 11.542.05,
118-19 1.163,47 11.410.19
1 119-20 ..336,33 11,814.45
A vexes.
8 Year
42,473.80
a Includes India's exports to Europe. America and Japan and mill consumption
in India. Increased or decreased by excess or loss of stock at Bombay.
d Receipts into Europe, he., from Brazil, Smyrna, Peru, West Indies. he., and
Japan and China cctton used In Japanese and Chinese mills.
De fetes/it in the year's new supply.
120-2L 5.770.040 11.173.91) 5,680,000 17,853,91) 18.613.830 5.798.209 1,184,839
1 121-22. 3.980,048 11.152.720 8.650.000 19.802.720 19.680.971 3.600.000 3.501.792
1 122-23_ 7.101,792 10.960.777 5.000.000 19,960,777 10.959,774 1.953 000 4.149,795
1 (23-24.5.102.795 10,964,000 8,710,000 19.674,000 19.640,001' I.995 000 4.146.795
1 0.4-25 R 1214 70A IA 205 nnn R 94441 MOP 22.4442000 21.547 non, IAA AM 4751.705
Total
Consumption 62 weeks
22.642.000 19,674.000 19,960.777 19,802.720 17,853.918
21.847,000 19.640.000 20,959.774 19.680,976 16.643.8.10
1,812,48
1.737.20
.3.53.23
3.238,01,
3,551.70
1.396,91'
..348,27
'9,578.95
17,371.16
18.023,33
i 6,785.6(4
16,961,95'
18.211.37
,/4.746.641
,
61,343.71,
16,924,92
1.7099.67
.5,689.10
'7.777,9(
17.822.07
i 8.008.(0.
.490,28.
1.045.48
3.585,49,
1.795,98'
1.277.01
1.530,45,
1.855,384
2,333,597
1.891008
1.367.498
1.049,318
1.239,590
Ara. 29 1925.]
1065
THE CITRONTCLE
To Illustrate the preceding, take the last season. 1924-25, and the realms would
be as follows.
bales_ 6,136.795
Supply-Visible and invisible stock beginning of year
22.642.000
Total crop during year
28.778.795
Total supply-bales of 500 Ws
21,847,000
Distretiffsa--Total consumption. dm
2 150.000
Leaving visible stock
Leaving invisIble stock
4,781.795
6,931,795
Total visible and Invisible stock at end of year
GEORGIA.
1924-25- -1923-24--
Leaving total net AVPCIITIfi •
1.025.692 491.739 942.501
•This total includes shipments to Camila by rail, which during 1923-24
amounted to 145.686 bales.
a Also includes 40.354 bales foreign cotton consumed In Southern mills.
• Included In these items are 3,312 bales, the amount taken by local
mills and shipped to interior, all of which is deducted In overland.
Exported from Savannah:
342,782
To foreign ports-Upland- 480,764
459
19
To foreign ports-Sea Isrd_
To coastwise ports. ml.,&c.:
117,419
147.571
Upland•
1,144
288
Sea Island •
Exported from Brunswick:
50
To foreign ports
609
602
To coastwise ports
Overland Crop Movement.
Stock at close of year:
At Brunswick
Overland.-The movement of cotton overland in 1924-25
8,269
7,567
At Savannah-Upland
121- 470,853
showed a substantial increase. To indicate thc relation the
5- 636,314
Sea Island
gross overland bears to the total yield in each of the last 12 Deduct
1,680
Charleston. &c.
Reed
from
years, we apt)end the following
Stock beginning of year:
161
At Brunswick
11,437
8,269
At Savannah-Upland
Increase or Decrease.
603- 13.881
8.396
121Sea Island
Gross
Croy ofTotal Yield, Overland, In Size of Crop, In Overland,
456.972
628,424
Bales.
Bales.
Per Cent.
Per Cent.
Movement for year----bales(16,632
bales)
consumption
for
taken
and
inland
shipped
•
amounts
The
34.5
29.9
14.715,639
1.666,152
Increase
Increase
1924-25
Decrease 18.86 are deducted in overland.
11,326,790 1,239,603 Increase 0.7
1923-24
11.248,224 1,527,373 Decrease 2.14 Decrease 25.23
1922-23
FLORIDA.*
11,494,720 2,042,570 Increase 1.25 Increase 2.44
1921-22
1923-24
1924-25-11,355,180 1,993,876 Decrease 7.05 Decrease 16.74
1920-21
12,217,552 2,394,845 Increase 5.30 Decrease 1.11 Exported from Pensacola, &c.:
1919-20
7.543
5.846
To
ports
foreign
11,602,634 2.421,283 Decrease 2.59 Decrease 17.34
1918-19
2.092
5,012
To coastwise ports
11,911,896 2.929.052 Decrease 8.20 Increase 7.37
1917-18
1.679- 11.314
157- 11.015
Stock at close of year
12,975,589 2,728,469 Increase 0.17 Increase 9.18
1916-17
Deduct
12,953,450 2,499,150 Decrease 14.03 Increase 16.45
1915-18
2.622
2,6221,679
1,679Stock beginning of year
15,067,247 2.146,152 Increase 1.02 Increase 22.06
1914-15
14,854.05! t.738.080 Increase 5.35 Increase 4 78
1913-14
8.692
9,336
-balesyear-Movement for
With these explanations, nothing further is needed to
•These thrum represent this year, as heretofore, only the shipments
the
of
the
over.
following
statement
movement
plain
make
from the Florida outports. Florida cotton has also gone inland to Savannah,
our usual custom of counting that cotton at the
ll
but we have followed
&c.
year
the
1925,
31
with
ending
as
July
compared
for
land
ouiziorts where it first appears.
the figures for the two preceding seasons.
MISSISSIPPI.
1924-25. 1923-24. 1922-23.
1923-24-----1924-25---Exported from Gulfport:
Bales.
Bates.
Males.
Amount Shipped6.661
4,502
ports
foreign
To
760.247 580.231 744.839
Via St. Louis
6,661
4,502
Stock close of year
260,174 201.333 244.575 DeductVia Mounds, &c
• 34,615 20.645
7.906
Via Rock island
of year....
beginning
Block
53,214 29.018
66.582
Via Louisville
10.286 Movement for year
20.540
6,661
Via Cincinnati
8.550
4.502
112.853 131.774
97.513
Via Virginia points
43,670 28,257
94.070
Via other routes East
SOUTH CAROLINA.
West
380.839 239,795 261.602
Via other routes
--1921-25--1923-24
from Charleston. Ac.:
Total grow overland
1.666.152 1.239,603 1.527.373 EVened
157,405
243.983
-Uplandports
reign
Deduct ShipmentsBoa Island
Overland to New York, Boston, &c
100.153 102.915 112.294
To Coastwise ports:*
Between interior towns
82.840 al06.918
42.820
44,709
42.920
Upland
79.382 124.280
Galvesicn Inland and local mills
88.089
282
Sea Island
319.396 234.575 250.725 Stock
New Orleans Inland and local mills
year:
of
close
at
Mobile Inland and local rills
6.845
6.884
7.224
.3.702
1
.
7,319
Upland
Savannah Inland and Inca' mills
16.632 25.851
31.923
- 216,098
- 294.222
Sea Island
Charleston inland and local mills
3.312
36.450 Deduct
4.441
16.543 11.511
North Carolina ports inland and local mills..
6.811
year:
of
Stock beginning
15.357 29,418
Virginia ports Inland and local mills
6.125
23.703
13,702
Upland
Jacksonville Inland and local IsinsumptIon
731
2.751
' 167- 23.870
- 13.702
Bea Island
Total to be deducted
640.460 747,864 584.872 Movement for year
192,228
280.520
bales
NORTH CAROLINA.
1924-25- -4---1923-24--
CROP DETAII.S.-We now proceed to give the details of Exported from Wilmhigton:
the entire crop for two years:
To foreign ports
TEXAS.
from Houston(port)-1924-25-----1923-24-----ko
ix
ee
grItsd
Ex'
Other foreign ports
1,821,828
1,065,612
Coastwl..e and Inland ports_ 51,848
8,417
Exported from Galveston:
To Mexico
Other foreign porta
2 854,503
2,080.874
Coastwise and Inland ports.. *854,576
786,918
Exported from Texas City:
Mexico
To
Other foreign ports
8.034
Coastwine and inland porta- 66,717
16,856
Exported from Laredo, Eagle Pass,&c.:
2,785
66
To Mexico
27.663
To other ports and inland-. 44.997
Stock at close of year:
At Galveston & Texas City- 51.573-5,754.142
41.954--4,031.079
DeductReceived at Houston from
other ports
6.651
1,356
Received at Galveston from
other ports
67.765
15,292
at
Received Texas City from
21,531
other ports
Received at Laredo. &c
Stock at beginning of year:
At Galveston & Texas City 41,954- 137.901
18,675- 35,323
To coastwise ports*
Coastwise from Wash'n,Sec
Stock at close of year
DeductStock at beginning of year..
Movement for year
108.213
24.433
65.585
7,082- 205.313
1,828-
1,823
95.050
42.546
56.064
1,828- 195.485
5,180-
5.190
190.308
203.485
bales
• Of these shipments 16.543 bales, covering shipments Inland by rail
from Wilmington and local consumption, are deducted in overland.
VIRGINIA.
1933-24
1924-25-----Exported from Norfolk:
219.631
252.226
'To foreign ports
218,081
150.903
To coast a Ise ports*
rt News, Ac.:
prtla
orT Ne*
TOffroign
Ex9
uk
Ba
T
n for manufacture
nt
re
1.22
1.236
yr.Norfolk_
end of year.
ke
dua_
Svteoc
20.000- 424.365
16,000- 454.963
nec'd from Wilmington, &c.
Ree'd from other Nor. Caro.
Stock beginning of year
15.314
65.585
16,000-
7.70$
56.064
21,000-
Movement for year
bales
96.899
327,466
84.769
370.194
• Includes 14.121 bales shipped to the Interior, which, with 1,236 Wes
5.616.241
Movement for year -bales
3.995.756 taken for manufacture, are deducted in overland.
•Includes 151,335 bales shipped inland for consumption, &c., at GalvesTENNESSEE, Bro.
ton, Houston, Texas City. &c•
-1924-25- -1923-24-----LOUISIANA.
To manufacturers-direct--net
-1923-24491,739
1.025.692
overland
New
(coin
Orleans:
Exported
. To New York, Boston, &c.,
1,379.102
945.227
To foreign ports
102,915
by rail
100.153
ports
245.929
coastvrise
111.185
To
*445.586
445.868
Inland, by rail, Ac
Tennesfrom
marketed
Total
34.949
Manufactured
38.648
594.654
bales_1,125.845
see. &c
49,275-2,154,841
50.702-1,591.00
Stock at chyle of year
DeductTotal product detailed in the foregoing by States for the year
46.875
45.380
Received from Mobile
10.255.581
ended July 31 1925
145.744
111,167
Rec'd from Texas pointa
4.460.058
Consumed in the South, not Included
4.470
614.824
Rec'd from New York. &c-247.791
year...
50.702of
beginning
47.595218,966
Stock
Total crop of the U.S. for the year ended July 31 1925_bales_14.715.639
1.907.1150
1.372,664
Movement for year -- -bales_
Below we give the total crop each year since 1886-87. All
part of this.
•In overland we have deducted the greater
cotton returned from abroad. The whole total is years prior to 1913-14 cover the period Sept. 1 to Aug. 81.
a Includes American
1.137
York,
bales,
New
from
Received
300
Including
follows:
as
made up
bales or foreign;from Philadelphia. 236 bales;from Los Angeles, 2.939: and The year 1912-13 consequently includes Aug. 1913, which is
from Germany, 158 bales.
ALABAMA.
also a part of 1913-14.
Pales.
Years.
Bales.
Years.
Bales
1924-25
1923-24
- Y.a.s.
16.043.316 1898-99
11.235.383
14.715.639 1911-12
1924-25
Exported from Mobile:
12.132.332 1897-98_ ---.11.180.960
1910-11
11.326.790
22,676
80.789
1923-24
ports
foreign
To
10.650.961 1896-97
8.714,011
11.248,224 1909-10
71.951
*66,219
1922-23
Coastwise,Inland,&c
7.162.473
13.828.846 1895-96
11.494.720 1908-09
1.303- 154,043
557- 89,452 1921-22
Stock at close of year
1894-95
11.581.829
1907-08
9.892.766
11.355.180
1920-21
Deduct1893-94
13.550.760
1906-07
7.527.211
12.217.552
2,258
774
1919-20
Receiptsfrom New Orl., &c.
11.319.8.0 1892-93
1.331
6.717.142
11.602,634 190.5-06
557-850-3,108 1918-19
Stock beginning of Year
13.556.8.11 1891-92
11.911.896 1904-05
9.038.707
1917-18
10,123.686 1890-91
8.655.518
12.975.669 1903-01
152,712
_bales_
86.344 1916-17
Movement for year
10.758.326 1889-90----- 7.313.726
12.953.450 1902-03
of coastwise shipments from Mobile are included 1 247 1915-16
• Under the head -10.701.453
1888-89
1901-02
Southern
and
15.067.247
mills,
8.935.082
&c.,
Northern
which
to
rail
1914-15
bales shipped inland by
10.425.141 1887-88
are deducted in the overland move- 1913-14
.14.884.801 1900-01
7,017.707
with local consumption (5,598 bales),
9.439.559 1886-87
1899-00
14.128.902
6.513.623
1912-13
ment.
1066
THE CHRONICLE
[VOL 121.
Weight of Bales.
Movement of Cotton at Interior Towns.
The average weight of bales and.the gross weight of the
The following table shows the movement to the interior
crop we have made up as follows for this year, and give last towns of the South during the
last two seasons:
year for comparison:
Year Ending July 31 1925.
Movement
Through-
Number of
Bales.
Weigh! in
Pounds.
Aver. Number of
Wght. Bales.
Weight in
Pounds.
Aver.
WAL
5,616,241 2,951,446,970 525.52 3,995,756 2,090,499.624 523.18
Texas
1,907.050 976.733,658 512.17 1,372,664 690,271.546 502.87
Louisiana
Alabama a
157.214
81,104,175 516,52
93,005
46,590.855 500.95
637.760 318,950,153 500.11
Georgia b
465,664 230.843,615 495.73
South Carolina
280,520 136,613,240 487.00
192,228
94,191,720 490.00
327.466 160,458,340 490.00
Virginia
370,194 181,395.060 490.00
North Carollna
203,485
99,300,680 488.00
190,308
92.489,688 486.00
Tennessee. &O_.. 5,585.903 2.798,537,403 501.00 4,646,971 2,309,544.587 497.00
Total crop.- 14.715,639 7.523,144,619 511.23 11,326,790 5,735,828,695 506.39
a Including Mississippi. b Including Florida.
According to the foregoing, the average gross weight per
bale this season was 511.23 lbs., against 506.39 lbs. in 192324. or 4.84 lbs. more than last year. The relation of the gross
weights this year to previous years may be seen from the
following comparison:
Crop.
Average
Season of
No. of Bales.
1924-25
1923-24
1922-23
1921-22
1920-21
1919-20
1918-19
1917-18
1916-17
1915-16
1914-15
1913-14
1912-13
14,715.639
11,326.790
11.248,224
11.494,720
11.355.180
12.217.552
11.602.634
11.911.896
12.975,569
12.953.450
15.067.247
14.884.801
14.128.902
Towns.
Year Ending July 31 1924.
Weight. Pounds. per Bale.
7.523,144,619
5,735,826.695
5,741.884,193
5.831.095.010
5,836.947.956
6.210.271.326
5.925.386.182
6.073.419.502
6.654.058.545
6,640.472.269
7,771.592.194
7.660.449.245
7.327.100,905
511.23
506.39
510.47
507.28
514.08
508.33
510.69
509.86
512.82
512.64
515.79
514.65
518.59
Note.-All prior to years 1913-14 are for the period Sept. 1 to Aug. 31.
Year Ending July 311025.
Receipit.
ShipMinis.
Alabama,Birmingham
52,115
52,771
Eufaula
20,143
20,700
Montgomery
83,052
84.100
Selma
64,863
66,127
Arkansas, Helena
63,210
63.388
Little Rock
206,011 209,213
Pine Bluff
134,475 142,273
Georgia, Albany
4,486
3,934
Athens
52,864
53,763
Atlanta
229,670 230,398
Augusta
239,046 236.646
Columbus
27,046
32,007
Macon
51,289
52,052
Rome
47,499
47,230
Louisiana, Shreveport 102,265 108,619
Mississippi, Columbus
32,604
32,758
Clarksdale
112,674 115,157
Greenwood
135,186 145,018
Meridian
38,012
42,359
Natchez
42,774
43,638
Vicksburg
31,179
31,877
Yazoo City
33,140
36,103
Missouri,St. Louis. _ _ 759,590 760,247
No.Caro..Greensboro
72,623
72,566
Raleigh
15,700
16,378
Oklahoma,Altus
216,855 217.593
Chickasha
155,000 155,596
Oklahoma City__ _ 138,597 138,800
Bo. Caro., Greenville_ 249,676 244,995
Greenwood
13,264
19,139
Tennessee, Memphis_ 1,303,301 1,325,463
Nashville
950
898
Texas, Abilene
71.387
71,360
Brenham
23,397
20,162
Austin
37,021
37,102
Dallas
198,720 199.137
Honey Grove
46,765
46,765
Houston
4,784,0254,742,279
Paris
93,224
93,251
San Antonio
65,565
66,157
Fort Worth
159,757 159,669
Total, 41 towns
10209003 10237 705
Stocks.
Year Ending July 31 1924.
Receipts.
Shipments.
Stocks.
35,665
60
35,218
343
9,223
9,394
55,342
4,141
54,055
605
33,636
34,631
639
15,152
25,144
1,556 113.189 121,442
443
72,819
58,189
1,308
2,081 ' 2,221
55,371
3,270
46,655
4,757 165,981 171,144
10,311 201,894 208,320
655 . 78,974
77,293
35,053
1,828
33,631
32,747
1,536
30,712
446 114,000 107,400
22
19,457
19,155
92,145
1,875
80,613
1,002
86,967
80.984
959
30,879
26,386
886
32,530
31,458
77
16,683
18.747
113
24,083
19,441
2,710 577,874 580,251
3.342
68,877
63,764
650
13,341
14.540
587 119,384 118,982
196
98,257
98,830
414
61.435
61,804
15,195 164.789 167,016
4,416
4,821
10,752
9,534 926,310 951,845
52
499
509
235
63,534
63,512
3,744
26,754
26,545
39.801
40,028
1,641 128.105 127,436
36,500
36.500
72,956 3,493,994 3,486,501
77,250
77,260
697
49,426
49,355
343
94,979
95,021
716
900
5,189
1,869
817
4,758
8,241
1,860
4,169
5,485
7,911
5,016
2,591
1,267
6,800
176
4,358
10,834
5,306
1,750
775
3,076
3,367
3.399
1,328
1,325
792
617
10,514
10,291
31,696
153.544 7.321,055 7 410 R117
192.246
208
509
81
2,058
31,210
27
105
255
COMPLETE DETAILED STATEMENT SHOWING EXPORTS OF COTTON FROM THE UNITED STATES
BY PORTS AND COUNTRIES OF DESTINATION.
b
Other
New
GulfGalveston. Houston. Texas. Orleans. port,
Eng.-Liver000lManchester
Yarmouth
London
Barrow
Bristol
Scotland-Glasgow..
Avonmouth
France-Havre ____
Dunkirk
Marseilles
Reval
Germany-Bremen_
Hamburg
Holland-Rotter'm
Belgium-Antwerp_
Ghent
Denmark-Copen'n.
Norway-Christ'n'a
Stavanger
Bergen
Oslo
Sweden-Gothen'g _
Malin°
Stockholm
Norrkloping
Poland-Danzig _
Spain-Barcelona __
Seville
Cadiz
Corunna
Malaga
Passages
Bilboa
Cartagena
Gijon
Portugal-Lisbon..
Oporto
Italy-Genoa
Naples
Venice
Leghorn
Trieste
Savona
Russia-Murmansk
P. Aba
Greece-Plraeus _ _
Finland-1101311We
So. Africa-CaPetSantiago
Japan
China
Canada
Halifax
Mexico-Vera Cruz
San Juan
Panama-Colon...
Guat'lia,-Pt Barrier
Arg•ntIna--Bu.Airee
Brazil
Porto Columbia....
Honduras
Uruguay-Montev'c
Venezuela-Pt Ca's.
La Guayra
San Felipe
Australla-Melb'rne
Sydney
Porto Rico
Cuba-Havana_ -- Efawall-Honolulu
Egypt-Alexandria..
India-Bombay.-Calcutta
572,030
178,741
521,295 8,760
36,202
c
Mo- Pensa- Saran- Bruns- Charles- tWit- •NorbUe. cola- nah.
wick.
ton. mingle,, folk.
396,279 1,234 33,186 2,711 150,809
80,801 3,268 9,151 1,036 55,180
New
Bakt- Phila- d San
York. Boston more. deln. Fran.
93.427 36,866 72,290 147,754 6.463
7,714
51,004 12,151
900
1,222
402
Total.
50 60,266 2,102,425
5,999
550 442,698
1,223
403
79
79
500
500
20
27
26
67
• 50
60
426,652 337,435
90,517
1,305
415 8,616
357
435 36,710
100
51 1,300 903,897
700
300
215
29
1,244
5
100
105
200
. 200
573.605 387,671 8,034 215,180
31,455 1,210 216,746
38,184 42,347 121,997 108,581
420
1,745,663
220
3,45;
25.692
29,510
20,398
6,256
52,173
3,872
97
141,653
202
26,68E
63,758
23,607
900
360 6,935
511
71
2,300 21,357
147,075
585
416
20,260
6,245
27.196
550
19,496
200 12,531
87,443
500
41
24,359
30,452
93.445
1.003
3,172
152,481
50
2,611
9,793
16,850
71 1,037
6,152
36,528
11
524
850
450
50
1,874
100
100
100
100
250
450
2.125
40
150
3,185
5,503
10,728
3,751
34,939
200
2,450
52,070
181
50
100
331
650
1,826
50
2.526
25
400
50
475
407
448
855
169,937
13,379
500
65,236
1.650
13,401
50
264.203
106
100
400
400
100
100
1,500
500
2,000
675
100
775
875
250
1,125
521
50
571
100
-----100
1.850
3,992
5.843
17,178
3,960
600
21,738
196,627 111,057
415
155,592
42 6,483
40.917
100
244
25,800
196
537,467
3.505
4,333
3,971
3,765
15,574
64,861
49,176
400
32,606
5,415
3,200
155,659
---------------------------------------------------2,450
2,451)
10,532
3.400
1,149
5,281
20,367
800
200
1,307 -----------------------------------------------------------------------2,307
40,587
94,025
105,636 ------------------------------------------------------------------------ 240,248
1,250
106-------------------------------------- - - - --------------------1,350
600
25
-2,465
300
3,393
61
61
...................................................200
200
_ _ ------------------------'. ------ -- - _ ------- _ 2
2
322,18E
92,675
24,600
143,765
28,900
4:000 66,713
200.004 882,848
14,825
6,850
2,150 --------------------------------------------------- -6---------- 12,250 36,075
--------------------------------------------------------- ,iiii
165 2206,247
15 ----- ----.
15
66
13,550
10
13,626
20
20
8 -----------------------------------------------------------------------8
3
3 -----------------------------------------------------------------------22 ---------------------------------------------------------------------22
:ii
41
3,221
3,226
6
1
1 -----------------------------------------------------------------------22
44
22
160 -----------------------------------------------------------------------160
990 -----------------------------------------------------------------------990
300 --------------------------------------------------------------------300
---------------------------------------------------220
220
100
100
----------1,200
1,200
----------------------------------------------------------------------------------------------------------------15
15
6
6
------------------------------------------------------------3
50 --------------------------------------------- - ------ --------------------i i
'
650
a)
1,641
650
"954.804 I 921.11121 16 960 I 379 109 4.50? 00.791 5.841 100.797
243,983 108.213 252,226 505.510 14.325
397 7.490 275.051 8,251.459
a Includes 200.051 bales shinned by rail. b Includes from Aransas Pass to Liverpool, 8,760; Eagle Pass to Mexico, 13; from El Paso to Mexico, 53. c Includes
from Jacksonville to Liverpool. 713: to Bremen. 65; to Manchester, 948; to Rotterdam. 60. and to Copenhagen, 72. d Includes from Port Townsend to Japan. 81,559:
to Canada, 162, and to China, 2,400: San Diego to Liverpool, 23,211; to Japan,600,and San Pedro to Liverpool, 30,055; to Havre, 1,300; to Manchester. 550; to Japan.
25.738: to Antwerp, 500; to Honolulu. 6, and to Mexico, 10.
Total
Avo. 29 19251
Record of Middling Upland Spot Prices of Cotton in
Liverpool.
The following table, showing the price of middling upland
cotton in Liverpool for each day of the past season, has been
crowded out of its proper place in the foregoing and is therefore given here:
slipped back, with the result that numerous prominent issues
closed materially lower. Motor shares were generally
active and strong, Chrysler making a net gain of 53 points
and Mack Trucks closing 23' points up. Railroad shares as
a group did not show material improvement, though St.
Louis-San Francisco reached arecord high at102%. United
States Cast Iron Pipe & Foundry improved 23 to 173, but
receded to 172 in the last hour. The final tone was good.
DAILY CLOSING PRICE OF MIDDLING UPLAND IN LIVERPOOL.
Aug Sept. Oct. ;log Dec. Jan. Feb. Mar. Apr. May. June. July
Month
& Year. 1924 1924. 1924 1924 1924. 1925. 1925. 1925. 1925. 1925. 1925. 1925.
..
Days.
18.18 15.47 14.82 13.36 13.22 Hol. Sun. Sun. 13.65 12.98 Hol. 13.91
1
Hol. 15.56 14.95 Sun. 13.04 13.57 13.08 13.94 13.71 13.04 13.04 13.78
2
Sun 15.28 15.23 13.29 13.16 13.27 13.32 14.15 13.72 Sun. 12.97 13.35
3
Hol. 15.25 15.02 13.35 13.08 Sun. 13.40 14.18 13.52 12.84 13.48 13.42
4
17.69 15.16 Sun 13.37 12.98 13.23 13.34 14.24 Sun. 12.64 Hol. Sun.
5
17.70 15.18 15.25 13.33 13.01 13.04 13.28 14.37 13.47 12.86 Hol. 13.30
6
17.27 Sun 15.03 13.25 Sun. 13.12 13.32 14.31 13.55 12.54 Sun. 13.37
7
17.38 15.09 15.13 13.29 13.04 13.01 Sun. Sun. 13.42 12.62 13.57 13.55
8
Hol. 14.55 14.17 Sun. 13.18 13.03 13.45 14.41 13.23 12.62 13.31 13.65
9
Sun. 14.39 14.0P 13.46 13.05 13.00 13.44 14.17 Hol. Sun. 13.35 13.67
10
17.19 14.14 14.09 13.65 13.02 Sun 13.56 14.31 Hol. 12.48 13.18 13.60
11
17.20 14.21 Sun. 13.67 13.11 12.97 13.70 14.14 Sun 12.32 13.36 Sun
12
17.69 13.82 13.88 13.70 13.30 13.04 13.72 14.04 Hol 12.11 13.32 13.41
13
17.07 Sun 13.81 13.87 Sun 13.07 13.69 14.03 13.38 12.26 Sun 13.81
14
16.99 13.56 13.39 13.93 53.12 13.05 Sun Sun 13.30 12.36 13.38 13.89
15
Hol. 13.23 13.33 Sun. 13.26 13.08 13.52 14.32 13.55 12.39 13.59 13.7:
16
Sun. 13.26 13.53 13.95 13.27 13.06 13.49 14.05 13.39 Sun 13.71 13.9:
17
16.15 13.63 13.43 13.75 53.36 Sun 13.87 14.16 13.60 12.40 13.55 13.71
18
15.85 13.54 Bun. 13.85 13.28 13.02 13.72 14.20 Sun 12.75 13.62 Sun
19
15.85 13.78 13.52 13.72 13.36 13.09 13.66 14.08 13.66 12.82 13.43 13.6,•
20
16.33 Sun. 13.33 13.63 Sun. 13.03 13.56 14.26 13.74 12.99 Sun 13.7:
21
16.08 13.56 13.65 13.41 13.34 13.01 Sun. Sun 13.64 12.8413.5913.6:
22
Hol 13.22 13.62 Sun. 13.38 12.87 13.52 14.18 13.65 12.80 13.51 13.4:
23
24
Sun 14.02 13.45 13.54 13.24 12.77 13.59 14.10 13.40 Sun. 13.53 14.0
15.49 13.57 13.28 53.65 Ho1. Sun. 13.76 13.98 13.39 13.07 13.53 14.9
25
26
15.27 14.09 Sun 13.55 Hol 12.79 13.90 14.07 Sun. 13.14 13.53 Sun
15.45 14.83 13.20 13.55 Hol 12.68 13.94 13.88 13.19 13.01 13.88 14.1
27
28
15.40 Sun 13.60 13.59 Sun 12.78 13.82 13.90 12.96 12.93 Sun. 13.94
29
15.76 14.39 13.69 13.47 13.64 12.92 _- __ Sun 12.94 13.04 13.86 13.93
Hol 14.93 13.76 Sun 13.65 12.92 _
13.59 13.00 Hol 13.93 13.87
30
31 _______ Sun. __ __ 12_53
13 56 ..
_
Sun
15.5
.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY.
Week Ended Aug. 28
laturday
Aonday
Puesday
Vednesday
rhursday
Friday
Stoats.
Number of
Shares.
Railroad.
&c.
Bonds.
Stale.
Municipal dt
Foreign Bonds.
664,800
1,484,022
1.571,435
1,660,310
1.423,907
1,308,800
34,110,000
6,426,000
7,179,000
8,493,000
6,373,000
5,631,000
$1.025,500
1,732,000
2,139,500
1.821,500
1,993,000
1,530,000
4.0 010 nnn
.110 041 r4111
Untied
Slates
Bonds.
$162,700
868,850
979,250
575,000
870,000
871,000
•
Stocks-No. shares_ _ _
Bonds.
Government bonds_ __
State and foreign bonds
Railroad & misc. bonds
S.4
395 f139
Jan. 1 to Aug. 28
Week Ended Aug. 28
Sales at
New York Stock
Exchange.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has been somewhat unsettled the present
week with a tendency the latter part of the week toward lower
levels. Railroad shares and specialties moved briskly forward on Saturday, Monday and Tuesday, and many new
high records for the year were established; subsequently
a part of the gains was lost. Steel shares improved and
motor shares were in active demand at advancing 'prices.
In the short session on Saturday speculative railroad shares
were the feature of the market, but specialties also were
conspicuous during the greater part of the session. Notable
among the railroad leaders were St. Louis Southwestern,
Wabash, Kansas & Texas, Rock Island, and Western Pacific.
Sharp advances were also recorded by National Biscuit,
Allied Chemical,and General Railway Signal, and new tops
were gained by General Electric and American Can. The
trend of the market was uneven on Monday, with railroad
shares in brisk demand and industrial stocks and public
utilities proceeding somewhat more slowly. Southern Ry.
reached new high ground and Southern Pacific moved briskly
forward,followed by Chesapeake & Ohio, Seaboard Air Line,
Mo-Kan-Tex. and Western Maryland, all of which exceeded
their previous highs. Texas & Pacific and Wheeling &
Lake Erie improved about a point. Muted States Steel
common moved briskly upward to a new high.level for the
current advance, but subsequently fell :off a point. General
Electric and Havana Electric continued their forward
movement to new high ground and general Railway Signal
shot ahead more than 25 points. Railroad securities shared
the leadership with industrials and motors in the brisk market
on Tuesday. Early in the day the. motor stocks bounded
upward, Chrysler Motor issues reaching a new high,followed
by Pierce Arrow, Moon, Jordan and Chandler. Gains of
from one to two points were scored by Rock Island, and
Lehigh Valley, and Gulf Mobile & Northern swung forward
to new high ground. Numerous industrials spirted upward
to new high levels, notably General Railway Signal, Allied
Chemical, United States Smelting, and Sears Roebuck. On
Wednesday the n;tarket was unsettled, many prominent
stocks reaching new high figures only to lose their early gains
in the afternoon recessions. The feature of the day was the
advance of United States Steel common to 125%,the highest
point since its high level for the year, recorded last January.
Substantial advances were made by Southern Ry. and
Atlantic Coast Line, and Louisville & Nashville improved
materially. Industrial shares were also in strong demand,
new tops being scored by Hudson & Manhattan and United
States Smelting pref., which bounded forward about two
points. Price movements were confused on Thursday,
though important advances were registered by many prominent issues. On the other hand, there were numerous recessions in stocks that have been conspicuous in the upward
swing during the past few days. The strong stocks included
United States Cast Iron Pipe & Foundry, International
Business Machines General Railway Signal, Baldwin Locomotive, and Allied Chemical. Railroad shares made little
progress, except in the case of Pennsylvania, which soared
above 48. Motor stocks improved moderately, Packard
Motors, Chandler, Hudson, Jordan and Studebaker moving
forward to higher levels. Price movements were unsettled
on Friday and the volume of business was the smallest of
any day during the present week. The early dealings gave
the market a strong tone, but as the day advanced prices
1067
THE CHRONICLE
1924
1925.
1925.
1924.
8,113,274
4.048,209
262,208,493
160,152,402
$4,326,800 424,724,600
10,241,500 18,008,000
38.212,000 37,890,000
$252,703,410
460.977,500
2,217,453.575
8654,642,000
323,763,000
1,488,059,000
$52,780,300 880,622,600 12.931,134,485 $2,466,464,000.
Total bonds
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGER
pstuaapsta.
Boston.
Week Ending
Aug. 28 1925
aturday
londay
nesday
,Tednesday
'hursday
liday
Baktimore.
Shares. Bond Sales. Shares. Bond Sates. Shares. Bond Sales
*814,282
28,282
.23,528
.31,708
Total
...___ __...... ..........,
*26,350
21,547
145,697
1 KA
1,1
52,000
17,000
10,200
22,500
6,150
23,000
24,363
63,567
61,638
59,570
32,547
21,096
$80,850
262,781
171 041
ell K
11/10
1,331
1,976
3,800
4,902
2,200
1,211
$6,200
7,200
23,000
16,100
31,000
52,000
$85,100
15,420
$135,500
SUM 9(01
10 Cu7
5117.000
$5,000
37,100
13,000
14,500
12,500
3,000
In addition sales of rights were: Sat., 15; Tues., 509: Wed., 25; Thurs., 260.
COURSE OF BANK CLEARINGS.
Bank clearings for the present week for the country as a
whole again show an increase as compared with a year ago.
This is the twenty-sixth 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. 29), bank
exchanges for all the cities of the United States from which it
is possible to obtain weekly returns will run 6.4% larger
than for the corresponding week last year. The total stands
at $7,970,707,165 against $7,490,147,687 for the same week
in 1924. At this centre there is an increase for the five days
of 2.2%. Our comparative summary for the week is as
follows:
Clearings-Returns by Telegraph.
Week Ended Aug. 29.
1925.
.
1924.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
83,521,000,000
485,855109
407,000.000
277,000,000
100,404,615
105,800,000
143,671,000
113,184,000
129,024,227
124,573,667
84,980.470
78.286,972
• 53,553,666
53,444,862,963
466,661,932
356,000,000
287,000,000
105,401,144
105;400,000
113,000,000
87,923,000
111,307,691
121,082,222
70,669,999
68,266,181
• 98,037,312
+2.2
+4.1
+14.3
-3.5
13 cities, 5 days
Other cities, 5 days
$5,624,333,726
1,017,922,245
$5,386,502.444
855,287,295
+4.4
+19.0.
Total all cities,5 days
All cities, 1 day
$6,642,265,971
1,328,451,194
$6,241,789,739
1,248,357,948
+6.4
+6.4
87,970.707.165
87,490.147.857
+6.4
Total all cities for week
+0.4
+27.2
+28.7
+15.9
+3.0
+20.3
+14.7
+9.4
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. 22. For
that week there is an increase of 6.7%, the 1925 aggregate
of the clearings being $8,677,133,702 and the 1924 aggregate
,134,845,595. Outside of New York City, however, the
increase is 11.9%,the bank exchanges at this centre recording
an increase of only 2.6%. We group the cities now according
to the Federal Reserve districts in which they are located,
and from this it appears that in the Boston Reserve District
there is a loss of 5.7%, but in the New York Reserve District
(including this city) there is a gain of 3.0% and in the
Philadelphia Reserve District of 18.2%. In the Cleveland
1068
TTTF, CITTRONTeTiE
[Vor.. 121.
Reserve District the improvement is 1,,...)%0, 111 Lilt) l‘le1144,u4/41
Week E.leAl AU
45.8%.
In the Chicago
1925.
Reserve District the totals are
larger by 9.6% in the 8t. Louis Reserve District by 2.9%,
and in the Minneapolis Reserve District by 19.5%.
In the
Kansas City Reserve District there is a gain of 3.7%, in
the Dallas Reserve District of 31.1% and in the San Francisco Reserve District of
13.1%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended Aug. 15 1925.
Federal Reserve Districts.
(1st) Boston
IS cid
11 (2nd) New York
(3rd) Philadelphia- --.10 (8th) Cleveland
8 (5th) Richmond
tOth) Atlanta
II SO (7th) Chicago
8 (8th) St. Louis
(9th) Minneapolis. - 7 "
12 "
110th) Kansas C1t7
(11th) Dallas
5 (12th) San Franclsee
17 "
1925.
432,164,5443
1,832,076,754
551,709,915
377,861,308
1%,153,213
239,388,597
901,849,500
201,530,142
121,231,883
246,824,646
71,421,879
499,914,949
Irmo,
I Dec.
1924.
I
468,480,202
1,691,022,948
466,603,038
327,790,800
166,998,40(
164,243,899
622,951,766
195,797,342
106,499,628
238,043,170
54,483,140
441,951,280
-6.7
+3.0
+18.2
+15.3
+16.9
+45.8
+9.6
+2.9
+19.5
+3.7
+31.1
+13.1
1923.
1922.
336,645,251
,245,848,937
458,330,446
340,428,793
155,543,723
147,700,119
752,755,209
54,929,391
107,461,390
223,581080
50,870,158
413,240,685
281,C68,185
,517,076,404
415,128,213
298,571,500
140,673,587
128,360,134
671,899,309
47,2,9,576
102,638,711
210,992,071
37,0%3,339
340,922,•56
Grand total
127 eldes 8,677,133,702 8,134,845,595 +6.7 6,291,338,182 ,221,673,585
3,959,033,560 3,537,776,499 +11.9 3,148,927,004 2,766,787,339
Outside New York City
Canada
29 cities 291,842,644 288,186,057 +1.3 284,033,490 251,149,989
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended Atilin 22.
Clearings al1925.
Inc.or
Dec.
1924.
First Federal Reserve Dist rict-Bostor
621.822
946,103 -34.2
Maine-Bangor.
3.266.172
2.807.077 +16.9
Portland
Mass.-Boston
38.5.000.000 415.000.000 -7.1
1,972,62;
1,932,112
+2A
Fall River _
a
a
a
Holyoke
1.181,275
1.007.971 +17.2
Lowell
a
a
a
Lynn
1.454,446
1,157,141 +25.7
New Bedford..
5,170.38
4,147,871 +24.;
Springfield _
3.224.245
3.303.277
+2.5
Worcester
11.745.781
11.769.266- -0.1
Conn.-Hartford
6.003.474
6,739.964
+4.6
New Haven_ _
10,110.106 +17.2
11,850,
R.I.-Providence
595,285
638.34
-6.5
118,25.-Manchester
Total(12 cities)
432,164,545
458.480.205
-5.7
1923.
1922.
7013,597
2,922.665
297,000,000
1,848.630
a
1.212,591
a
1.110.931
4,006,46;
3,779,000
8,042,545
6,424,361
8,989.800
601,650
571.282
3,080.373
246.000.000
1,348,840
a
990.912
a
1,297.146
3,344,860
2,944.768
7,243,594
4,714,550
.9,000.000
531,851
338,645,251
281,068.185
strict-Nee YorkSecond Fede al Reserve
4,330,931
4,943.254 +16.3
3,963,491
6,747,883
N. Y.-Albany_ _
1.063.005
914,441
799,242
Binghamton_ _ _
977,.1
+6.5
45,312,915
42,613,049 +30.2
34,052,293
d55,452.46
Buffalo
768.391. +2.3
586.745
786.115
506.057
Elmira
1.182.451
1,199,105 +45.6
Jamestown_ _
952,856
01,745,87
+2.6 3,142.409,174 3,454,886,246
New York _ _ 1.718,100.161 1,596.869,096
7,904,920
7,194.027
8,947.983 +17.9
10,567.277
Rochester
4,758,840
4,008,312 +30.5
2,828.925
5,229,135
Syracuse
2,857,025
2,836.081, +30.5
2,260,780
03,710.315
Conn.-Stamford
389,441
215,436
441,953 -1.9
433.714
N. 2.-Montclair
3.5,053,473
+6.7
39,416,151
27381,400
Northern N..L
29,338,00
Total(11 cities) 4,832.076,75
6391.022,945
+3.0 3,245,848.937 3,547,076.404
Third Federal Reserve DI rict-Philad elphla
1.450.305 -2.5
1,4146517
Pa.-Altoona
3,412.719 +31.3
Bethlehem-- _
4,482,39
1.028,449 +31.3
Chester
1,347,67
2,395,449
+6.1
Lancaster
2,540,8
521.000,1 1 1 441,000.000 +18.1
Philadelphia
2,881,259 +18.0
Reading
3.399..547
5.949,!I
5,134.840 +15.9
Scranton
3,893,919 +11.1
Wilkes-Barre
d4,326,3
1.386.562 +57.8
York
2.188.107
N.2.-Trenton.._
4,0111.045
4.021,547 +26.8
a
a
Dig
a
Total(10 citlee)
551,709.915
1.369,857
4.360,347
1.291,723
2,580.761
432.000.000
2,992,002
5,071,019
3.530.138
1,305.328
3,828,266
a
959,218
2,630,864
878,984
2.157,828
395,000,000
2,153.247
3,956,417
2,298,425
1,306.328
3,786,902
a
+18.2
458.330.446
415,128,213
and-27.9
-6.9
+16.0
+18.5
+11.2
a
a
+19.2
a
a
+25.3
a
+15.6
7,123,000
4,019.756
61,673.979
97,880,442
11,692,600
a
a
1,833,601
a
a
3,413,119
a
152,792,296
6,185,000
3,398.683
51,158.156
89,607,818
11.282,000
a
a
1,431,778
a
a
2,410,065
a
133,100,000
327,790.800 +15.3
340.428,793
486.603,03
Fourth Fade al Reserve
Istrict-Clev
dS,214.I II
Ohio-Akron.. _
7,231,000
Canton
3,526.444
3,747,130
Cincinnati
68,581.263
69,137,687
Cleveland
114,838.72
96.892.496
13,3.11,511
Columbus
11,968,900
a
Dayton
a
a
a
Lima
Mansfield
d2,008,441
1,684,7
a
Springfield..
a
a
a
Toledo
4,039.142
3.322,504
Youngstown.__
a
a
Ps -Erie
Pittsburgh
- 168.342.691 143.908.
Total(8 cities).
377.861.305
•
Fifth Federal Reserve Dis rict-Richm
1,725,635
W.Va.-11untT
1,509,820
7.484.439
8.815.214
_
Va.-Norfolk
54,757,00
52,542,000
Richmond
_
2,054,490
1.775.156
S. C.-Charlest'n
83,736,211
Md.-Baltimore _ 105.414.327
23.717.319
20,620,000
D.C.-Washing'
ond+14.3
+9.8
+4.2
+15.7
+25.8
+15.0
1,760,576
6.207,428
46,901,000
1,746,309
81,563,970
18,364,440
168,998,401
+16.9
155,543,723
Sixth Federal Reserve Dist rIct-Atlant
d6,665,049
Tenn.-Chatt'ga
6,415.562
Knoxville
21,530.043
17.535,536
Nashville
68,834,161
Georgia-Atlanta
48,248,887
Augusta
1.902,653
Macon
1.620.570
a
a
Savannah
13.102,282
27.544,075
32,424.828
2.858.441
Miami
21,725,750
Ala.-Birm'gh'm
24.290,473
1,454.100
Mobile
1.837,392
Miss.-Jackson_ _
849,206
1,594.000
233,367
324.812
Vicksburg
La.-New Orrns_
50,200.195
52.439,110
a+3.9
6.693,035
+22.8
+42.7
16,228.539
42,410,852
+17.5
a
+110.2
+16343
+11.8
+26.4
+87.7
+39.2
+14.5
1,163,509
a
10,537,967
Total(6 cities).
Total(11 cities)
195,153,21
239.386,597
164.243.994
+4.5
17,919,502
.1.200,000
692,167
176,891
50,677,057
147 700 4I4)
22.
Clearings at
Reserve District 16.9% and in the Atlanta Reserve District
Seventh Feder
Mich.-Adrian ..
Ann Arbor..,..
Detroit
Grand Rapids_
Lansing
2nd.-Ft. Wayne
Indianapolis__
South 13end_ _
Terre Haute .
Wis.-Milwaukee
lowa-Ced. Rap_
Des Moines....
Sioux City_.
Waterloo
ni-Bloomingtop
Chicago
Danville
Decatur
Peoria
Rockford
Springfield__
4C 01
13ee.
1924.
8
$
al Reserve ll istrict -C1
215,888
197,91
904.979
765,25
179.889,225 149,089,61
8,281,025
6,766.71
2,,44.52
2.21041
2,161.16
2,520,471
18.101 0.0
15,5E6,000
2,783.967
1.921,0.9
401.5.341
4,0.57,, .
34,266,51:
38.386,142
2.607.428
1,938,91
9,441.791
10,189,67
6.818,834
6,f 47,55,
1,244,134
1,345,69
1.460.091
1,235,81
613,805,025 573,026,05
a
a
1,765.560
1,398,32
4,597,581
3.921,41
2,498.836
2.029,80
2,512,649
2,282,39
Total(20 cities
901,849,501
822.951,76
Eighth Federa I Reserve Die trIct-St. L.
nd.-Evansville_
4.808,400
4.561,98.
40.-St. Louis_
133,600,000 136,100,004
Cy.-Lcuisville _
30,338.137
28,779,235
Owensboro_ _
366,304
435,93,
'eon.-Memp-h15
16.819,515
15,102,676
Lrk.-Little Rock
13,279.985
9,081,697
II.-Jacksonville.
479,303
448,870
Quincy
1,251,515
1,868,930
1923.
1922.
$
%
$
ago+9.1
191,642
164.422
569.861
622.469
+18.5
+20.; 135,844,120 116,727.971
+22.9
5.642,565
5,686,695
-1,1
10193.01i,
1.934.000
L10.1
2,037.577
1,746,787
- 4.1
17,712,000
15.316.000
4. 0
2,105,000
2,033.500
5.332.67:
-..
+1
32.454,820
27.351.919
+3. .
2.061.164
1.695.984
-.2
9,773,971
7,814,940
1-1.5
5.305,261
4.686,390
1.161.015
1.048.348
-75
+18 I
1.243,195
1.144.089
+7.1 520,149,292 476,001.235
a
a
a
1.137,634
+26.3
1.304,458
3,356.662
+17.2
3,821,88.
1.580,881
+23.1
1,853,375
1.851.385
+10 1
2.228.351
+9.1
uls+5.9
-1.5
+5.5
-16.0
+11.:,
+46.1
-6.3
+492
752,755,20.
671,899,309
4,286,835
3,758,022
24,676.277
299,057
15,086.465
9.128.421
347.367
1,104,951
22,173,373
313,541
11,993,970
7.588.987
204,181
1.127.602
Total(8 cities). 201,530,142 195,797,342 +2.9
54,929,391
Ninth Federa Ra erre Di trict - Mi6 ,espy! s/Jun.-Duluth_ _
d7,817,78;
7,807,871
+0.1
8.396,865
Minneapolis_ _ _
81,396,291
63,593,570 +28.1
61,851959
St. Paul
27,936,699 +12.1
31,357,450
30.664,667
10. Dak.-Fargo
2.802,960 -41.1
1,648,261
1,862,165
. D.
-Aberdeen
1,553,351
1,404,085 +10.1
1,366,821
Iont.-Billings _
578,592
486,027 +19.6
423,355
Helena
2,885,509
2,478,417 +16.9
2,895,554
47,249,678
Total(7cities) _ 127,237,253 106,499,628
Tenth Federal Reserve Dis trier- Kan
reb.-Fremont _
387,434
d373.196
Hastings
519,909
531,750
Lincoln
3.775,279
3,977,722
Omaha
41,579,102
40.565,585
nn.-Topeka _ _
2.667.134
d3,631,242
Wichita
7,922,249
7.805,766
io.-Kan. City. 134,010.744 132,312,810
St. Joseph_
d6,991,174
7.006,214
kla.-Musko
a
a
Oklahoma Clt5 d24,252,572
20,802,565
Tulsa
a
a
0l0.-Col. Spgs.
1,177,20.5
1.559,346
Denver
20,048,749
20,906,667
Pueblo
974,43!
e1,088,887
'Total(12 cities; 246,824,646 238,043,170
Eleventh Fed6 nil Reserve District- D
ex.-Austin_
1,384,915
1,955,594
Dallas
29,536,699
44,183,135
Fort Worth . dll.706.991
10,701,531
Galveston
9,019,925
8,097,000
Houston
a
a
1.
-Shreveport.
3,820,071
5,481,857
Total (5ettles).
64,463,140
71.424,877
Twelfth Feder al Reserve D strict-San
°S12."-Seattle. _
37.249,141
42,310,537
Spokane
11,360,000
11,745,000
Tacoma
a
a
Yakima
1,140,362
1,514,951
Orn.-Portland._
34,331,520
37,623,202
Ulnb-S. L. City
14,576,782
15,966,685
NIrv.-Reno
a
a
Ar12.-Phoenix _.
a
a
CsLIM-Fresno _
3,572,299
3,746,437
Long Beach_ _ _
6,116,424.
6,469,878
Los Angeles
147,840,000 126,868,000
Oakland
15,602.960
21,098,763
4,308,778
Pasadena
5,271,711
11.812,683
9acramento_
d8,481,679
3an Diego_
3,716,821
4,768,670
San Francisco_ 183.347,000 163,500,000
San Jose
2,386,901
2,987,371
3anta Barbara_
957.044
1,504,989
3anta Monica_
1,900,240
2.089,381
Rockton
2,551,300
03.150,700
Natal(17 cities)
499.914.949
+195, 107,461,390
sas Cl ty-3.7
295,416
+2.3
394,705
+5.4
3,038,845
+2.5
34,333,991
+36.1
2,998,529
+1.1
8,002,477
+1.1
127,722,875
--0.1
6,582,267
ase
a
+166
19.519,243
a
a
+32.5
1.230,08E
+4.3
18.601.007
+11.7
862,022
+3.7
alias+41.1
+49.1
+9.9
-10.2
a
+43.5
6.275,450
60.526,708
29.506,684
1,892,137
1.232,797
401.982
2,802,983
102,638,711
312,340
436,831
3,105,298
35,472,572
2.436,512
9.509,852
120,392,648
a
18,732,702
a
1,102,702
18,699,696
790,918
223,581,480
210,992,071
1,780,085
31,741,563
8,561,910
9.200,811
a
3,586,077
1,332,130
17,579.159
8,783.132
5,830,093
a,
3,568,825
+31.1
54,870.455
Franti two+13.6
34,984,832
+3.4 . 10,339,012
a
a
+32.8
1.172,446
+96
36,443,791
+9.5
13,611,373
a
a
a
9
+4.9
4.102,361
+5.8
8,265,007
+16.5 130,004,000
+35.2
14.293,697
+22.3
4,208.034
-28.2
6,848,869
+28.2
2,872,791
+12.1 139,900,
+25.1
2.358.433
+57.2
995,835
+10.0
+23.5
2,950.200
31,446,262
9.112,000
a
1,037,079
27,978,534
10,996,164
a
•
3,778.211
4,519,142
86,966,000
12,630.973
3,085,584
5,509,120
2,400.000
135,800.000
2,597,422
734,765
441,951,260 +13.1
413,240,685
37,093.339
2,331,000
340.922,456
Ind total (127
itieS)
3,677,133,702 3,134,845,595 +6.7 3,291.336,182 6,221,673,585
Cutside N. Y_ _ 3:959:033:5403537,976.4941 +11 9 3.148,927,004 2.768,787,339
Week Ended August 20.
Clearings alInc. or
Dec.
1923.
1922.
1924.
1925.
Canada$
$
95.515,5
Montreal
95.840,297 +3.0
74,841,637
98.762,983
Toronto
84,431,846 -4.8
89,628,844
79,508.799
80.410,360
Winnipeg
31,008,1
40,946,076 -1.1
31.632,463
40,481,202
Vancouver
15,351.324
+8.4
14,236,176
16,645,721
16.305.685
Ottawa
6,381.572 -2.6
5,509.771
6,195,383
5.630,455
5,193.193 +15.7
6,524,630
6,006,223
4,447.511
298,571,500 Quebec
Halifax
2,857.373 -9.3
2,537,290
2,590,810
2.425,521
Hamilton
4,935,226 -5.7
5,479,138
4,652,065
4,915,343
4,770.731 +22.1
6,825,327
4,475.084
4,202.806
1,491,791 Calgary
2,259.984 -3.0
2,825,71
2,192.742
2,555,799
5,783,801 St. John
1,907,180 +2.6
2,022.438
1,956.111
1,831,983
40,871,570 Victoria
2,377.908
+4.6
London
2,442,
2,487,267
2.187342
1.715,699
3,995,123 +15.7
3,832,67
4,620.585
3.864,481
75,932,811 Edmonton
3,040.125 +38.8
3,359,354
4,220,020
3.507,573
14,877,915 Regina
Brandon
646,297 +12.4
726,551
589,022
624.730
565,877 -4.9
538,147
548,915
547,435
140,673,587 Lethbridge
1.533,375 +24.9
Saskatoon
1,915,743
1,621,583
1,409,555
944,659
+12.5
Moose Jaw_..._ _ _
1,153,143
1,063,100
1,013,046
773,377 +12.8
872,238
989,188
870,642
5,092,238 Brantford
Fort William_ _
773,222 -13.9
669,333
1,159,158
632.775
621,837 +6.7
663,366
.450,000
445,515
15.134,917 New Westminster
252,551 -1.0
249,954
248,390
240.466
35,196.385 Medicine Hat_ _ _
764,791 -7.4
Peterborough_
708.000
717,661
586.191
698.962 +55.9
1,090,938
855.712
776,551
1,102,122 Sherbrooke
795,230 +17.9
Kitchener
937,545
793,595
825.825
a
3,656,875 -3.9
3,512.693
3,267,248
3,117,451
8,813,190 Windsor
Prince Albert ___ _
305,858 +11.9
342,268
321,865
297,639
728,796 +1.3
738,369
1,109,225
1,128,500
19.237,767 Moncton
856.392 -10 4
767,600
811,649
776.490
1,473,633 Kingston
876,285
+1.3
284.033.490 251,149.989
180,599 Total Can. (211).. 291.842.644 288,186,057
41.253,000
a No longer report clearings. b Do not respond to requests for figures. c Week
ended Aug. 19. d Week ended Aug. 20. e Week ended Aug. 21 •Itralmated.
128,360 134
No clearings, all banks closed. g Not included in total.
1
1069
TETE CTITUINTTCLE
Ara. 29 19251
THE CURB MARKET.
was of fairly largo
proportions with the movement of prices decidedly irregular,
though many issues were inclined to weakness. Public
utilities wore not so active as in past weeks. American Gas
& Electric common sold down from 773 to 75% and at 76
finally. American Light & Traction common was off from
219 to 206, the close to-day being at 208. American Power
& Light common lost four points to 5331 and sold finally at
54. Associated Gas & Electric Class A fell from 413/i to
4. Commonwealth Power
3831 and ends the week at 383
common eased off from 353. to 3331 and finished to-day at
34. Lehigh Power Securities declined from 136 to 130 and
ends the week at 13031. Middle West Utilities common sold
down from 108 to 10231. National Power & Light rose
from 316 to 348 and reacted finally to 333. United Light
& Power Class A dropped from 131% to 121%, closing today at 12431. In the industrial list Delaware Lackawanna
& Western Coal was conspicuous for a loss of thirteen points
to 131, while Glen Alden Coal dropped from 1443/i to 135.
Goodyear Tire & Rubber gained over 33/i points to 3831 and
closed to-day at 3831. Miller Rubber common, after a
decline from 186 to 18231,jumped to-day to 200 and finished
at 195. Path° Exchange, Class A, dropped from 7931 to
4. Oil shares were quiet and
7231 and recovered to 753
without appreciable change. Humble Oil & Refining declined from 59 to 5631 and closed to-day at 5734. Prairie
/ to 5231 and recovered finally
Oil & Gas weakened from 543
to 533's. South Penn Oil sold down from 155 to 15131 and
at 15231 finally.
Trading in the Curb Market this week
DAILY TRANRAC'TIONS AT THE NEW YORK CURB MARKET
MINDS (Par Value)
STOCKS(No. Mares).
Week Muted Aug. 28
led.re
OK.
83,136
176.460
211,580
229.725
189,995
158,500
29,020
63,570
51.105
57.600
68,420
47.660
1.049,395
317.375
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
TotaL
ix
Mining.
Domestic. Poen Gosi
34.030
58.610
74.280
56.980
59,100
76.6C0
6370,000
708 000
728,000
671,000
65(1,000
571.100
541.000
84.000
229 000
131.000
142.000
100,000
359,603 S3,598,100
$727,030
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
August 12 1925:
GOLD.
The Bank of England gold reserve against notes on the 5th inst. amounted
to £162,654,875. as compared with £162,466.490 on the previous Wednesday. The official discount rate of the Bank of England was reduced from
5 to 4l4% on Thursday. the 6th inst.
movements of gold to and from the Bank of England have
The
been announced since our last issue:
following
Received.
Withdrawn.
nil
£54,000
August 6
nil
21,000
August 7
nil
nil
August 8
nil
10000
August 10
nil
nil
August 11
nil
155,000
August 12
The destinations of the £165,000 sovereigns withdrawn were given as
follows: India. £132.000: Singapore, £26.000; and Straits Settlements.
£7.000. During the week under review .C240.000 on balance has been
withdrawn from the Bank, decreasing the net influx since the resumption of
an effective gold standard to £8.411,000. recently
telegraphed as follows:
The "Times" correspondent at Toronto
"Many prospectors are flocking to the Beardmore district, 130 miles
northeast of Port Arthur, Ontario, where it is believed that gold has been
discovored. Engineers representing important mining interests are making
investigations, but no definite statement of the true character of the find
is yet possible. Old prospectors declare that the district is a gold country."
The total gold production of northern Ontario this year is estimated at
S30,000.000 (L6.000.000). The output for the last three months is over
67,000.000 (L1.400,000)."
We are indebted to Mr.Joaeph Kitchin for the following revised estimate
of the gold production for 1924:
Transvaal
£40,800,000
Canada
6.500.000
Australasia_
3.600.000
Rhodesia
2.700.000
India
1.800.000
800.000
West Africa
Rest of world
£56,100,000
24.400.000
L80.500.000
Kttchin anticipates a considerable increase in the output during 1926.
SILVER.
The market has been quietly steady. Though demand has not been
Dressing, the scantiness of supplies has given an upward trend to prices.
early
News as to the
Most of the Inquiry came from India forbreak shipment.
which caused some uneasimonsoon is good. A temporary
and
the
rains,
satisfactory
by
followed
relief
from anxiety
been
has
ness
Nit in the market generally. America has not been much of a seller here,
the Continent have been inactive.
and both China andBombay
under date of the 24th ultimo stated that:
Mall advice from
"Silver prices moved within narrow limits during the week, namely bethe 9th August settlement. Banks did
for
72-1
Its.
and
72-5
Rs.
tween
to any extent and our market followed China advIces. The
at about 160 bars per day. . . . The chances
offtake remains fairly activefuture
are remote. The market has no impulse
near
of running short in the
be infused into it from foreign sources."
of its own and life can only
INDIAN CURRENCY RETURNS.
Indian
is
(In Lacs of Rupees.)
Nato in circulation
Silver coin and burnt:0 in India
out of India
Silver coin and bullionin
India
Gold coin and bullion
of India
out
bullion
and
coin
Gold
Securities (Indian Government)
July 22.
18274
8324
July 31.
18430
8480
A,),,7.
i454
8508
2232
.8Thi
5718
2000
2000
2000
7th
inst.
ending
amounted to one lac
week
The silver coinage during the
Securities (British Government)
a rupees.
Breadstuffs figures brought from page 1122.-The
statements below are prepared by us from figures col.ected 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-
Barley.
Oast.
Corn.
Wheat.
Flour.
427,111 8,977,000
459,000 21,865,0O
413,000 13,716,000
Total wk. '25
Same wk. '24
Same wk. '23
Ric
h.4811is.bush.561bs.
26,000
444 1 1
214,000
967, 0
528,111
62,000
25.000
624,111
1.000
1,000
bbls.1961b.s. bash.60 les >ush.66 lbs.bush.32108
883,00( 2,465,111 3,280,11
219,000
Chicago
122,111 3,058,
3.261,000
Minneapolis.
I,i 1 1
705,000
490,000
Duluth
730,111
97.1 i
403,000
60,000
Milwaukee_ _ _
703,000
405.111
106.000
Toledo
28,000
10,000
29,000
D trolt
454.000
818,000
134,006
IndLinapolls_.
428.000
695,000
647,000
St. Louis_ . 117,000
300,11
31,111
608.000
33,000
Peoria
822,11
358,111
1.656.000
Kansas City_
984,006
286,000
521,000
Omaha
32,000
312,001
209,000
St. Joseph
16,111
40,111
530,000
Wichita
212,111
46,111
75,000
Sioux City._
35 1 i 1
97,111
22,000
1,000
8.111
352.000
6,143,111 11.761 000 2.703,111
899,111
818.000
4.326,i ti 9,769,001
4,526,111 8,357,001 1,237 1 i. 1,019.000
Since Aug.1857,000
1,655.000 43,963.000 15.221.1,1 40.506,000 7.448.11
1925
1,811,000 84,234.001 18,862.111 18,051,00i 1,836.111 3.138.000
1924
3.179
2.807.000
WV
23.374
1
50.689004,18.471
1.548.000
1923
Total receipts of flour and gma n at
the week ended Saturday, Aug st 22
ports for
th.• suaboard
1925, follow:
Rye.
Barley
Oats.
Corn.
Wheat.
Flour.
Receipts at-
Bushels. Bushels.
Bushels.
Bushels.
Bushels.
Barrels.
4,111 1,172,000
246,000
235.000 1,030,000
New York_ _
3.000
408,000
7.111
248.000
45,111
Philadelphia_
82.1 11
73,000
11,000
405,00
35,001
Baltimore_
4,111
NewportNews
1.000
Norfolk
36,
144,000
391,
69,01 1
New Orleans •
62.0
Galveston.
279.000
568,111
2,661.000
30.1 11 3,034.000
Montreal
34.
21,181
Boston
Total wk. '25 440,001 5,170.000
Since Jan.1'2 16,084.000425.928.000
896,111
282,000
166,000 4,384,000
4,389,000 50,406,000 20,487.111 20.527,000
714,111
969.000
222.111
192.000
451,000 2,489.000
Same wk. '24
9,387.1 24,387.000
26.550
Since Janr2415.358,000 157.314 000 34.132.
.Receipts do not include grain passing through New Orleans for foreign port
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, August 22, 1925, are shown in the annexed
statement:
Corn.
Wheat.
Exports from--
Rye.
Oats
Flow.
Barley.
Barrels. Bushels. Baskets. Bushels.
321,525
129.69, 176,564
7.004
100.006
7,004
1,004
4,004
19,004
2,000
63,00C
11,000
102,000 389,000
66,001 1.465.004
Bushels. Bushels.
789,331
306,001
370,000
New York
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
Montreal
38,000
2,273,000
Total week 1925_ 3,776,331
Same week 1924. _. 5.097.27!
63,000
64,00(
244,69) 1,743,564
258.49' 151)90
102.006
292 05,
710.525
261.887
The destinat'on of these exports for the week and since
July 1 1925 is as below:
United Kingdom.
Continent
Bo.di Cent. Amer.
West Indies
BrIt.No.Am.Cols.
Other Countries_
Total 1925
Tntal 1020_
__
Since
July 1
1925.
Week
Aug.2',
1925.
Corn.
Wheat.
Flour.
Exportsfor Weak
and Since
July Ito-
Week
Aug. 22
1925.
Week
Aug. 22
1925.
Since
July 1
1926.
Since
July 1
1926.
Bushels. Bushels,
Bushels.
Bushels.
Barrels Barrels.
451,470 1,457,546 12.109.761
86.72:
85.000
20.089,20.
2,248,985
88,08! 1.239,401
126.000
52.000
169.200
45,200
93,787
41.435
382,400
11,000
118.925
3,600
178,004
20,476
105,115
8.980
21,000
137.315
63.000
'44,698 2,067,787 3,776,331 32,624.40
f1
ri,
,
258.49 1.608.81, 5 owl ,,,,. -i. 8
• n',
.
603.400
7,7va
The world's shipments of wheat a,.d corn, as rurilisneu by
Broomhall to the Now York Produce Exchange, for the week
nd 1924,
ending Friday, August 21, and since July 1 1925 and
are shown in the following:
not
operate
isccllancousile11035
gonuarrcial and
Corn.
Wheat.
1925.
Week
Aug. 21.
Since
July 1.
1924.
Since
July 1.
1926.
Week
Aug. 21
Since
July 1.
1924.
Slue
July 1.
Bushels. I Bushels,
Bushels
Bushels.
Bushels.
Bushels.
26,1
293.0001
188.090
North Amer. 5.871.000 44.877.000 46,318,00
322,00
1,560,000
4,798.0001 5.051.000
120.000
24,000
Black Sea__ _
866.000 11,095,000 19.682.000 3.204,000 29.420.0001 48,530,000
Argentina._ 920.000 8,016.000 8,288,
A 'straits, -208.000 1,408,000 10.296,000
India
95,000
Oth.Counte
Total
7.889,
65,516,000 86,144,000 3.552.111 34.511
53.864,000
1070
THE CFIRONTCLE
[VOL 121.
St. Louis Stock Exchange.-Record of transactions at
National Banks.-The following information regarding
St. Louis Stock Exchange Aug. 22 to Aug. 28, both innational banks is from the office of the Comptroller of the
clusive, compiled from official sales lists:
Currency, Treasury Department:
Stocks-
Filltati
sates
Last Week's Range for
Sale
ofPrices.
1Veek.
Par. Price. Low. High. Shares.
Bank Stocks'‘, at Bank of Commerce 100
Street RailwayUnited Rye. common _ _100
Preferred
101
Preferred C D
100
Miscellaneous-Berry Motor
*
Best Clymer Co
•
Boyd-Welsh Shoe
Brown Shoe,common_ _100
Preferred
100
Certain-teed Prod let p1100
Chicago Ry Equip, pref_2:,
EL Bruce, common
•
Preferred
100
Ely dr Walker D G,com.21,
Globe Democrat pref__10(
Hamilton-Brown Shoe_25
Huttig, S dr D.com
*
Hydraulic Pr Brk com-I00
Preferred
100
Independent Pkg com
•
Preferred
iix
InternaVI Shoe, COM
•
Preferred
101
Johansen Shoe
•
Johnson-13 & S Shoe
•
Laclede Gas Lt, pref__ _100
McQuay Norris
•
Mo Portland Cement___25
Nat Candy, cornmon_100
Pedigo-Weber Shoe
*
Rice-Stix D Gds,com_ _100
Securities Inv, corn
•
Skouras Bros "A"
•
Egwestern Bell Tel pref_100
Wagner Electric, com
*
Preferred
100
145
158
55
30
110
5234
35
7
9434
2934
10534
18434
11634
46
110
85
1734
6734
95
46
110%
39
88
145
Range Sine. Jan. 1
Low.
High.
1 14335 Jan 15034 Feb
15
15
5/5 5%
5
534
25
75
162
8
Feb
4 June
435 Apr
25
June
734 Feb
Feb
7
32
32
55
55
44
12734 12734
10734 10834
100 100
21334 2634
58, 58
100 100
37/5 30
110 110
5234 55
3334 35
734 734
9434 9434
29
2934
10534 106%
180/5 185
11634 116%
4634 4634
80 115
85
85
1735 17.35
6634 6734
9434 95
45
4534
205 205
4234 4331
4531 47
11035 11035
33
38
3234 85
10
270
125
50
110
55
10
75
10
1,761
25
1,094
65
40
25
800
80
391
274
110
571
5
100
275
50
300
15
45
375
361
1,124
232
21
May
4234 Pet
38 June
32
Aug
55
Aug
5035 July
9834 Apr
87
Jan
26 June
Apr
38
Aug
100
2234 Jan
104 June
4434 Jan
3134 Mar
Apr
6
Jan
81
28
Aug
10234 Aug
115
Feb
11535 July
Mar
40
Aug
80
81
Jan
1435 May
4134 Feb
94
Apr
Mar
40
Aug
200
41
May
36
Ara
10735 Apr
2635 Jan
Aug
79
10834 Apr
100
Aug
27
Mar
59
July
10134 June
30
Aug
Aug
110
55
Aug
40
Feb
8% July
96
May
3335 Aug
10734 Aug
19734 July
122 June
5234 July
115
Aug
Mar
86
May
18
7234 July
107
Jan
4835 May
Aug
205
4434 Jan
47
Aug
112 June
Feb
50
Feb
91
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Aug. 18-First Fanners National Bank of El Centro,
Calif
8100,000
Correspondent, C. C. Holcomb. El Centroq
Aug. 18-Bay Shore National Bank, Bay Shore, N. Cal.
Y
50,000
Correspondent, Gabriel A. Fensterer Jr., Bay Shore,
N. Y.
CHARTERS ISSUED.
Aug. 20-12,805-The West End National Bank of Shamoldn.
Pa
125,000
President, Abe L. Snyder; Cashier, C. Henry
Rumberger,
Aug. 22-12,806--The Liberty National Bank of Guttenberg,
N. .1
100,000
President, George Jobst; Cashier, Edwin F. Merlehan.
Aug. 22-12,807-The South Gate National
Bank, South Gate,
Calif
50,000
President, F. E. Stewart; Cashier, A. F. T.J11rich.
VOLUNTARY LIQUIDATION si
Aug. 17-10,682-The First National Bank of Nixon,
50,000
Texas
Effective Aug. 11 1925. Litt. Agent, 8. A. Brown,
Nixon,Texas. Succeeded by the Nixon National Bank,
No. 12.782.
Aug. 20-9,575-The First National Bank of
San Fernando,Calif. 50,000
Effective Aug. 12 1925. Liq. Agent,E.C.Aldwell, San
Francisco, Cal. Absorbed by the Bank of Italy, San
Francisco. Calif.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bririg 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:
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Railroads (Steam).
Bangor & Aroostook, corn. (guar.)
Street Ry. Bonds758. Oct. 1 Holders of rec. Sept.15
E St L & Sub Co 55.. _ _1931
Preferred (guar.)
84
84
82,000 84
Auf 86
Feb
Oct. 1 Holders of rec. Sept.15
St L & Sub Ry gen M 5s '2:
77
77
2,000 77
Jan Fonda Johnstown & Gloversv., pf.(qu.)
84
Aur
Sept.if, Holders of rec, Sept.10
Gen mtge 5s C D._192:
77
77
1,006 77
1
Am
8334 Jan Lackawanna RR.of N. J.(guar.)
Oct. 1 Holders of rec. Sept. 8a
Newark
United Railway 4s_ _1934
&
Bloomfield
6834 6834 14,000 6834 Atu
3
Jan
74
Oct. 1
N. Y. Lackawanna & Western (quar.).. 1% Oct. 1 Holders of rec. Sept.22a
• No par value.
Holders of rec. Sept.150
St. Louis Southwestern, pref. (guar.).135 Sept.30 Holders of rec. Sept. ba
Warren
3/5 Oct. 15 Holders of rec. Oct. 5a
Auction Sales.-Among other securities, the following,
Public Utilities.
not actually dealt in at the Stock Exchange, were sold at auction Amer. Public Service, pref. (guar.)._ - - *134 Oct. 1 *Holders of rec. Sept. 15
PublicUtilities, prior pref.(guar.) "1% Oct. 1 'Holders of rec. Sept.15
in New York, Boston and Philadelphia on Wednesday of Amer.
Participating preferred (quar.)
"1.35 Oct. 1 *Holders of rec. Sept.15
this week:
Arkansas Natural Gas (guar.)
c. Oct. 1 Holders
Baton Rouge Electric Co., corn. (qu.). 62/5c. Sept. 1 Holders of rec. Sept.100
of rec. Aug. 250
By Messrs. Adrian II. Muller & Sons, New York:
BellTelephone of Pa. pref. (guar.)
•134 Oct. 15 *Holders of rec. Sept. 19
Brooklyn Union Gas(guar.)
"El
Shares. Stocks.
Oct. 1 'Holders of rec. Sept.12
$ Per sh. Shares. Stocks.
$ per sh. Chicago City Ry.
(guar.)
'134 Sept.30 *Holders of rec. Sept.15
43 Jos.F. Haas Motors,Inc.,com.,
100 Stand. Supp.& Equip., Cl."A"i$80
Chicago Rapid Transit, pref.(monthly)_ "65c. Oct. 1 *Holders of
no par
rec. Sept.15
$100 lot 50 Stand.Supp.& Equip.,Cl."B"( lot
Monthly
935e. Nov. 1 'Holders of rec. Oct. 20
11 The Haworth Country Club, par
Par 810
l
Monthly
65c. Dec. 1 'Holders of rec. Nov.17
610
84 lot 66 Quicksilver Mining Co.. pref._ $1. lot Consolidated
Gas, New York, pref.(au.) *8734( Nov. 2 *Holders of
Oct. 15
Diamond Slate Telep., Pref.(quar.)___ - .1% Oct. 15 *Holders of rec.
By Messrs. Wise, Hobbs & Arnold, Boston:
rec. Sept.19
Gen.Gas & Elec., Del.,cony. A(No.1).. "3735( Oct. 1 'Holders of rec. Sept.15
Shares. Stocks.
8 per sh. Shares. Stocks.
$ per sh.
Preferred A (guar.)
42
Oct. 1 'Holders of rec. Sept.15
2 National Shawmut Bank
226
30 Fall River El. Lt. Co., par $25_ - 3834
Preferred B (guar.)
*51.75 Oct. 1 *Holders of rec. Sept.15
6 Plymouth (Mass.) National Sink 105% .5 Walter Baker Co., Ltd
12855 Illinois Bell Telephone (guar.)
"2
Sept.30 *Holders of rec. Sept.29
10 National Shawmut Bank
c 22634 10W.L.Douglas Shoe Co., pref.__ 83
Kansas City•Pr.
20 Bates Manufacturing Co
134 Oct. 1 Holders of rec. Sept.150
225
20 Fall River El. Lt. Co., Dar $25-- 3834 Louisville Gas & Lt., let p1. A (qu.)-& Elec. of Del.
1 Newmarket Manufacturing Co_ _117
16 New Eng. Elec. Secur., corn,... b
Class
A
&
B
(guar.)
(No.
*43%
1)
Sept.25 Holders of rec. Aug. 31
22 Continental Mills
11055 1 Boston Athenaeum, par $300_ _ _ _716
Mackay Companies, corn.(guar.)
1% Oct. 1 Holders of rec. Sept. 56
8 West Point Manufacturing Co_..137
10 Heywood Wakefield Co., corn. _117
Preferred (guar.)
1
Oct. 1 Holders of rec. Sept. ba
5 Bagamore Manufacturing Co_ _ _ _233
5 Montpelier At Barre L.& P.,corn- 4131
Marconi Wireless Teleg.(London) ord'y_
5
Aug. 25 Holdersofcoup.Nov.27
9 Massachusetts Cotton Mills
9634 3 American Glue Co., pref
10734 Massachusetts Lighting Cos., corn.(qu.)
'75c. Sept.30 Holders of rec. Sept.10
18 Hamilton Manufacturing Co_ _ _ 1834 23 units First Peoples Trust
7534 Montana Power, corn. (guar.)
1
Oct. I Holders of rec. Sept. 11
10 Nor. Boston Ltg. Prop., pref...10034 10 Puget Sound S'.& L., prior pref.
Preferred (guar.)'
1/5 Oct. 1 Holders of rec. Sept. 11
6 Draper Corporation
'
144
10734 & dly. National Public
Serv.,
Cl. A (qu.). 40c. Sept.15 Holders of rec. Aug. 27
50 Boston Wharf Co
115% 10 units First Peoples Trust
75 , New York Telephone, corn.
pref. (quar.)'134 Oct. 15 Holders of rec. Sept. 19
20 Boston Woven Hpse & Rubber
Niagara Falls Power, corn. (guar.)
50c. •ct. 1 Holders of rec. Sept.15
Co.. corn
No. Rights.
82
$ per right.
Preferred (guar.)
43/5c. Oct. 15 Holders of rec. Sept.30
41 Lawrence Gas& Elec., par $25.. 42
40 Springfield Gas Light Co
335 Niagara Lock.
dr Out. Pow., pref. (qu.) "1% Oct. 1
Holders of rec. Sept.15
North American Co., corn. (guar.)
By Messrs. R. L. Day 4 Co., Boston:
(I) Oct. 1 Holders of rec. Sept. 5
Preferred (guar.)
Shares. Stocks.
$ per sh. Shares. Stocks.
S Per sh. Northwest Utilities, prior lien (guar.)._ 75e. Oct. 1 Holders of rec. Sept.. 5
'$171 Oct. 1 Holders of rec. Sept.15
13 Atlantic National Bank
230
H South Caro. Gas & Elec., corn
235 Pennsylvania Water & Power
(quar.)
2 Webster & Atlas National Bank_ _214
Oct. 1 Holders of rec. Sept. 181
37 Boston Wharf Co
11534 Public Service Gas of Kentucky, pf.(qu.) 2
"I% Sept. 1 'Holders
I Atlantic National Bank
22934 6 Puget Sound P.& L., corn
55
Aug. 31
Public
Serv.
Corp.
of
N.
J., corn. (qu.). $1.25 Sept.30 Holders of rec. Sept.
25 Pepperell Manufacturing Co.__ _138
65 Puget Sound P. St L.,6% pref._ 84
4
of rec.
Eight per cent preferred (guar.)
2
75 Pepperell Mfg.Co
Sept.30 Holders of rec. Sept. 4
13735-138 13 Puget Sound P.& L., prior pref.
Seven
per
cent
preferred
(guar.)
10 Worcester Cons. St. Ry.; let
10734-108 4sc div. Utah Gas & Coke, pref. & partic. pf.(qu) 1% Sept.30 Holders of rec. Sept. 4
pref., par 5131
"1% Oct. I Holders of rec. Sept. 151
3515 1 unit First Peoples Trust
7515
1 Worcester Cons. St. Ry., let
2 Massachusetts Ltg. Cos.,8% 131-11234
Banks.
pref., par 380
3534 2 International Textbook Co
3734 Commerce, National Bank of (quar.).._
4
12 Boston Storage Co
Oct. 1 Holders of rec. Sept.186
3031 2 American Brick Co., pref., par 525 2534
Montauk, Brooklyn (guar.)
1% Sept. 1 Holders of rec. Aug.
5 Blackstone Valley Gas & Elec.,
10 Public Service Investment, pref. 88
Standard National Corp.(guar.)
•50c. Oct. I Holders of rec. Sept.28a
- -corn., par $50
9234 40 Johnson Educator Biscuit Co.,
25
1-100 State Theatre, pref
' 74%
pref., Class A
4
Miscellaneous.
25 Edison Elec. Ill. Co., Brockton.
5 Kearsarge Telep. Co., par $25_ _ _ 20
Acushnet Mills
"1H Sept. 1 Holders of rec. Aug. 20
Par 325
6034 10 Merrimac Chem. Co., par 850.. 3434 Advance-Rumely
Co., pref. (qua'.).. _ _ '75c. Oct. 1 Holders
2 units First Peoples Trust
7534
of roe. Sept. 15
Air Reduction,Inc.(guar.)
2'Montpelier & Barre L. tz P. Co.,
*$1
Oct. 15 •Holders of rec. Sept.30
No. Rights.
$ per right.
Extra
"$1
COM-•
41
Oct. 15 'Holders of roe. Sept.30
200 Springfield Gas Light Co_ _ _3 3-16 Allied
Chemical
&
Dye,
pref.
(quar.)... 1% Oct. 1 Holders of rec. Sept
2 units First PeopleaTrust Co
7535 .50 Springfield Gas Light Co
3 3-16 American Can,
• 15
pref.(quar.)
American Safety Razor Corp. (guar.)._ 750. Oct. 1 Holders of roe. Sept.160
By Messrs.' Barnes & Lofland, Philadelphia:
Oct. 1 Holders of rec. Sept.10a
American
Shipbuilding, pref. (guar.)... 1% Vol'. 1
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
Holders of rec. Oct. 15
American Tobacco, pref. (guar.)
10 Montgomery Trust Co. (Norris10 Provident Trust Co
620
1%
Armour & Co., Ills., cl. A com.(guar.). 500. Oct. 1 Holders of roe. Sept. 10
townRa.)
242
3 Peoples 1 ank & Tr. Co., par $50-135
Oct.
1
Holders of rec. SePt• 10
Preferred (guar.)
10 Lancaster Ave. Title dr Trust
6 Mutual'I rust Co., par 350
12534
1% Oct. 1 Holders of rec. Sept. 10
Co., par 850
6634 2.5 Hare& Chase,Inc.,corn.. no Par 2734 Armour & Co., Delaware,Pref.(quar.)..
Oct. 1 Holders of rec. Sept. 10
Asbestos
25 Pilgrim Title& Trust Co., par$50 23
Corporation,corn.& pref. Wu./ 1% Oct. 15
100 Almar Stores Co.,corn., no par. 1934
Holders of rec. Sept.30
Autocar Co., pref. (guar.)
139 Fire Assn. of Phila., par $.50...277
40 U.S. Loan Society, pref
57
2
Sept.15 Holders of rec. Sept. ba
.50 Tacony Steel Co., pref
I% 6 U. S. Loan Society, corn
934 Bendix Corp., class A (guar.)
*50c. Oct. 1 "Holders of rec. Sept. 15
Bessemer
Lime St.&Cement, corn. (qu.) *134 Oct.
25 Bank of North America & Trust.295% 4 Phila. Bourse, corn., par $50-- 22
1 'Holders of rec. Sept.20
Preferred (guar.)
5 Philadelphia National Bank
421
4 Phila. Bourse, corn., par 550.... 22 '
"1% Oct. 1 'Holders of rec. Sept.20
Bucyrus Company, corn.(guar.)
1 Philadelphia National Bank
42134 6 Phila. Life Ins. Co., par $10
13
131
Oct.
1
Holders of roe. Sept. 19
Preferred (guar.)
10 Penn National Bank
505
10 Horn 6: Hardart Baking Co. of
134 Oct. 1 Holders of rec. Sept.19
Budd Wheel, corn. (guar.)
6 Girard National Bank
645
Philadelphia, no par
237
50c. Sept.30 Holders of rec. Sept.10a
First
preferred (guar.)
10 West End Trust Co
315
60 Georgia Ry. & Elec. Co.. corn..12034
Bush Terminal 7% deb. stock (quar.).. 134 Sept.30 Holders of rec. Sept.10a
10 Pilgrim Tit. dr Tr.Co., par 850._ 23
8 H. K. Mulford Co
4134
Oct. 15 'Holders of rec. Oct. 1
Bush Terminal 131dgs.. pref. (quar.).... n1.75
40 Colonial Trust Co., par $50_ _156
•134 )et. 1 'Holders of rec. SePt.17
2 Tacony de Palmyra Ferry
43
10 Broad Street Trust Co.,par 350- 72/5
Bonds.
Per cam. Chicago Fuse Mfg.(guar.)
"62He Oct. 1 "Holders of roe. Sept.16
Chicago Mill & Lumber, pref.
30 Broad Street Trust Co.. par $50- 71
$100 Benevolent Protective Order of
1% Oct.. 1 HcIders of rec. Sept. 21
(quar.)--Cities Service Co10 Phila. Co.for Guar. Mortgages_213
Elks, gen. 68, 1942
8234
Common (monthly)
20 Phila. Co.for Guar. Mortgages_212
$5,000 Columbus Newark & Zanes.
34 Oct. 1 Holeers of rec. Sept.15
Common
2 Real Eistate Trust Co., pref., as(payable
in common stock).
vale Elec. Ry. gen. & ref. 5s,
Oct. 1 Holders of rec. Sept.15
Preferred and preferred B (monthly).
sented
129
1926
$20 lot
/5 Oct. 1 Holders of rec. Sept.15
Coca-Cola Co.. common (qmar.)
1331.71 Oct. 1 *Holders of rec. Sept.15
By Messrs. A. J. Wright & Co., Buffalo:
Colts'
Patent Fire Arms Mfg.(quar.)... 500. Oct. I
•
Holders of rec. Sept. 120
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per eh. Cramp (Wm.)& Sons S.'& E.13. (guar.) "51
Sept.30 "Holders of rec. Sept.16
3 Pratt & Lambert
1.000 Silver Bar Mining
50
- .86 lot Dominion Glass, corn, & pref. (quar.).. 1% Oct. 1 Holders of roe. Sept. 15
10 Peer Oil
Dominion Textile, corn.(guar.)
134 100 Tobacco Holdings Co.. Ltd, of
81.21 Oct. 1 Holders of rec. Sept. 15
1,000 Kirkland Lake
45%ci.
Prefer red (guar.)
Canada
$4.25 lot
Oct. 15 Holders of roe. Sept. 30
10 Buff. Mag.dr East.Pow.,Cl. B. 3934 100 Peo. Decatur & Evansv.I17.82.60 lot Equitable Office
Bldg., corn. (guar.)
.111
Sept.30 *Holders of rec. Sept. 15
25 Kansas & Gulf Oil
34 10,000 Adargas Mines
$20 lot Federal Motor Truck (guar.)
"30e. Oct. 1 *Holders of tee. Sept. 19
AUG. 291925.1
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Fleishnutnn Co., corn. (0ar.)
Oct. 1 *Holders of rec. Sept. 15
*El
Common (extra)
•61.
Oct. 1 *Holders of rec. Sept. 15
Gabriel Snubber Mfg., corn. (quar.)_. _ •132120 Oct. 1 *Holders of rec. Sept. 15
Glidden Co., prior pref.(quar.)
*154 Oct. 1 *Holders of rec. Sept. 15
Grinnell Mfg. (guar.)
*134 Sept. 1 *Holders of rec. Aug. 28
India Tire & Rubber, pref.(guar.)
154 Oct. 1 Holders of rec. Sept. 210
Inspiration Consul. Copper Co.(guar.)_ _ 50c. Oct. 5 Holders of rec. Sept. 17
International Paper, 7% pref. (guar.). _ • •154 Ott. 15 *Holders of rec. Oct. 1
Six per cent preferred (guar.)
*155 Oct. 15 *Holders of rec. Oct. 1
International Silver, pref. (guar.)
154 Oct. 1 Holders of rec. Sept. 150
Prof. (acct. accum. dividends)
If
Oct. 1 Holders of rec. Sept. 15a
Johnson-Stephens & Shinkle Shoe (guar.) $1.50 Sept. 1 Holders of rec. Aug. 20
Kraft Cheese, corn.(guar.)
*3755c Oct. 1 *Holders of rec. Sept. 18
Preferred (guar.)
.2 Oct. 1 *Holders of rec. Sept. 18
Kresge(S. S.) Co.,corn.(guar.)
Oct. I *Hclders of rec. Sept'15
*2
Preferred (guar.)
•154 Oct. I *Holders of rec. Sept. 15
Lancaster Mills, corn. (guar.)
*154 Aug. 31 'Holders of rec. Aug. 28
Liggett & Myers Tob.. pref.(guar.).
•154 Oct. 1 *Holders of rec. Sept. 11
Loew's, Incorporated (guar.)
50c. Sept.30 Holders of rec. Sept. 12
Mathieson Alkali Works, prof. (guar.)._ *1H Oct. 1 *Holders of rec. Sept.18
May Department Stores, corn.(guar.)_ _ $1.25 Sept. 1 Holders of rec. Aug. 140
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 150
Motor Wheel Corp., corn
*500. Sept.20 *Holders of rec. Sept.10
New York Canners, Inc., corn.(quarj_ _ 50c. Sept.15 Holders of rec. Sept. 46
First preferred
3h Feb. 1'26Hold. of rec. Jan.22•26a
Second preferred
4
Feb. 1'26Hold.of rec.Jan.22'26
New York Transit (guar.)
75c. Oct. 15 Holders of rec. Sept. 18
North American Provision. pref.(guar.). *1H Oct. 1 *Holders of rec. Sept.10
Pettibone-Milliken Co.. lst & 2d pf.(go) *I% Oct. 1 *Holders of rec. Sept. 22
Package Machinery, corn. (guar.)
$4
Sent. I Aug. 21 to Aug. 31
Pittsburgh Steel Foundries, pref.(qu.)_. *154 Oct. 1 *Holders of rec. Sept.15
Port Hope Sanitary Mfg., pref.(guar)_
1fi
Sept.
1 Holders of rec. Aug.
Pro-phy-lac-tic Brush, pref. (guar.). _ .134 Sept. 16 *Holders of rec. Sept.28
1
Sloss-Sheffield Steel & Iron, corn.(go.)
155 Sept.21 Holders of rec. Sept. 106
Preferred (guar.)
151 Oct. 1 Holders of rec. Sept.216
South Porto Rico Sugar, corn.(quar.)_
1% Oct. 1 Holders of rec. Sept.10
Preferred (guar.)
Oct. 1 Holders of rec. Sept 10
2
Standard Plate Glass, prior pref.(qu.).
*154 Oct. 1 *Holders of rec. Sept. 19
Stromberg Carburetor (guar.)
SIM Oct. 1 Holders of rec. Sept. 10
Telautograph Corp., coin
25c. Nov. 2 Holders of roe. Oct. 15
Preferred (guar.)
I% Oct. 10 Holders of rec. Sept.30
U. B. Hoffman Machinery, corn. (go.)..
54 Sept. 1 Holders of rec. Au-. 201
Walworth Mfg., corn. (guar.)
*45c. Sept.lb *Holders of rec. Sept. 5
Preferred (guar.)
.75c. Sept.30 *Holders of rec. Sept.19
Yellow Cab Mfg.(monthly)
*21c. Oct. 1 *Holders of rec. Sept.19
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atch. Topeka az Santa Fe. corn. (qu.)-Baltimore & Ohio, corn. (guar.)
Preferred (guar.)
Boston & Albany (guar.)
Boston & Providence (guar.)
Canadian Pacific, corn. (guar.)
Preference
Chestnut Hill (guar.)
Cleveland & Pittsb., reg. guar.(quar.)_
Special guar. betterment stock (guar.)
Consolidated Rita.of Cubs, pref.(quar.)
Cripple Creek Central, preferred
Cuba RR., common (guar.)
Preferred
Delaware at Hudson Co.(guar.)
Erie & Pittsburgh (guar.)
Illinois Central .common (guar.)
Preferred (guar.)
Maine Central. preferred
New Orleans, Texas & Mexico (guar.).N. Y.Chic.& St. L., corn.& pref.(go.).
Norfolk & tt eaten. cont. (guar
Pennsylvania RR.(guar.)
Phila. Germant'n & Norristown (guar.).
Plttsb. Youngst. & Ashtabula, pf.(qu.).
Reading Company, lot preferred (guar.)
Second preferred (guar.)
St. Louis-San Fran., pref.. Set. A.(go.).
Southern Pacific Co. (guar.)
Union Pacific, common (guar.)
Preferred
11.4 Sept. 1
1)4 dept. 1
1
Sept. 1
2
Sept.30
254 Oct. 1
2% Oct 1
2
Oct. 1
75c. Sept. 4
e7Hc. Sept. 1
500. Sept. 1
61.56 Oct. 1
1
Sept. 1
$1.50 Sept.30
3
Feb1.2(
254 Sept.21
8755c Sept.10
1% Sept. 1
3
Sept. 1
154 Sept. 1
154 Sept. 1
155 Oct. 1
134 Sept.19
750
tug. 31
$1.50 Sept. 4
1
Sept. 1
Slit Sept.1U
50c Oct. t
155 Nov. 2
135 Oct. 1
235 Oct. 1
2
Oct. 1
Holders of rec. July 246
Holders of rec. July lea
Holders of rec. July 180
Holders of rec. Aug. 316
Holders of rec. Sept. 19
Holders of rec. Sept. 1
Holders of rec. Sept. 1
Aug. 21 to Sept. 3
Holders of rec. Aug. 100
Holders of rec. Aug. 100
Holders of rec. Sept.15
Holders of rec. Aug. 15a
Holders of rec. Sept.29a
Holders of rec. Jan. 15u
Holders of rec. Aug. 28a
Holders of rec. Aug. 31a
Holders of rec. Aug. fia
Holders of rec. Aug. 50
Holders of rec. Aug. 15
Holders of rec. Aug. 156
Holders of rec. Aug. 15o
Holders of rec. Aug 310
Holders of rec. Aug laa
Aug. 21 to Sept. 3
Holders of rec. Aug. 206
Holders of rec. Aug. 240
Holders of rec. Sept. 22o
Holders of rec Get lta.
Holders of rec. Aug. 31a
Holders of rec. Sept. la
Holders of rec. Sept. la
Public Utilities.
Amer. Power & Light, corn. (guar.)... _ 25e. Sept. 1 Holders of rec.
Aug. 15
Amer. Telegraph at Cable (guar.)
154 Sept. 1 Holders of rec. Aug. 316
Amer. Telep. az Teleg. (guar.)
254 Oct. 16 Holders of rec. Sept 190
Associated Gas & Elec.Co.. preL(extrat 1255e Oct. I Holders of rec.
Sept. 100
Preferred (extra)
1255e Jan l'2( Holders of rec. Dec. 100
Class A (guar.)
6235c Nov. 1 Holders of rec. Oct. ga
$6 My. set. pref. (guar.)
81.50 Sept. I Holders of rec. Aug. 10
Barcelona Tr. Lt. & Pr.7% pref.(go.)_ _
154 Sept.30Holders of rec. Sept. 15
Beloit Water, Gas az El. Co., pref. (au.) *134 Oct. 1 *Holders
rec. Sept.25
Blackstone Val. Gas & El., corn.(guar.) $1,25 Sep11 Holders of
of rec. Aug. 100
Brazilian Tr., L. & Pr., ord.(guar.)_.
1
Sept. I Holders of rec. July 31
Brooklyn City RR.(guar.)
200. Sept. I Holders of rec. Aug. 15a
Brooklyn Edison Co. (guar.)
2
Sept. I Holders
Buff. Meg & East. Pow., corn.(No. 1) 12550 Oct. 1 Sept. 13 of rec. Aug. 140
to Sept.27
Preferred (guar.)
40c. Oct. 1 Sept. 13 to Sept.27a
Calumet Gas & Electric, pref. (guar.).154 Sept.17 Holders of rec. Aug. 31
Cent. Ark. Ry. de Lt. Corp.. pref.(gu.).
154 Sept. I Holders of
Central III. Pub.Serv., pref.(guar.)..._ *81.50 Oct. 1 *Holders of rec. Aug. 15a
rec. Sept.30
Central Indiana Power, pref. (guar.)... •154 Sept. 1 *Holders
Cent. Miss. Val. her. Prop.. pref.(quo 31.51. Sept. 1 Holders of rec. Aug. 20
rec. Aug. 150
Chic. North Shore dr Milw., pref.(guar.) 1% Oct. 1 Holders of
of rec. Sept. 15a
Prior lien stock (guar.)
134 Oct. 1
Chicago Rap. Tr.. pr. pt. A (mthly.).. 650. Sept. I Holders of rec. Sept. 15a
Holders of
Cleveland Elec. Illum 6% pref.(goar.). 155 Sept. 1 Holders of rec. Aug I aa
rec. Aug. 15
Consolidated Gas of N. Y., corn.(qu.)_. $1.25 Sept. lb Holders
of rec. Aug. 116
Cons. Gas El. L.& P., Balt., com.(qu.) 500. Oct.
Holders of rec. Sept. I 5a
8% preferred (guar.)
2
Oct.
Holders of rec. Sept. ISO
7% preferred (guar.)
1
Oct.
Holders of rec. Sept. ISO
63.4% preferred (guar.)
1% Oct.
Holders
of rec. Sept. lba
6% preferred (guar.)
155 Oct.
Holders of rec. Sept. 150
Consumers Power6% pref (guar.)
81.50 Oct.
Holders of rec. Sept. 15
0.6% preferred (guar.)
$1.65 Oct.
Holders of rec. Sept. 15
7% preferred (guar)
$1.75 Oct.
Holders of rec. Sept. 15
6% preferred (monthly)
50e. Sept.
Holders of rec. Aug. 15
6% preferred (monthly)
50c. Oct.
Holders of rec. Sept. 15
6.6% preferred (monthly)
55e. Sept.
Holders of rev. Aug. 15
6.6% preferred (monthly)
550. Oct.
Holders of rec. Sept. 15
'Continental Gas & Elec., corn.(guar) $1.10 Oct.
Holders of rec. Sept. 120
Prior preference (guar.)
114 Oct.
Holders of rec. Sept. 120
Participating preferred (guar.)
155 Oct.
Heiner% of rec. Sept.120
Participating preferred (extra)
55 Oct.'
Holders of rec. Sept. 120
Preferred (otter)
134 Oct.
Holders of rec. Sept. 120
Duquesne Light, 1st pref. (guar.)
154 Sept.1 Holders Of rec.
Aug. 150
Eastern Shore Gas & Elec.. pref.(quar.)
2
Sept.
Holders of rec. Aug. 150
El Paso Elec. Co., corn.(guar.)
81.25 Sept. 15 Holders of rec. Sept. la
Federal Light & Traction, common
20c. Oct. 1 Holders of rec.
Common (payable in common stock)_ 150. Oct. I Holders of rec. Sept. 15
Sept. 15
Preferred (guar.)
155 Sept. I Holders of rec. Aug. 150
Oelveston-Houston Elec. Co., pref
3
Sept. 15 Holders of rec. Sept. la
Oratton Co. Elec. L.& Pow., pref.(qu.) 2
Sept. 1 Holders of rec. Aug. 20
Name of Company.
1071
Per
When
Cent. Payable
Books Closed.
Days IncNati*.
Public Utilities (Concluded).
Georgia Hy. & Power, corn. (guar.)._ _ _
1
Sept. 1 Holders of rec. Aug. 20
Fir st Prof.8% Set. of'22 &'24 (guar.) 2
Oct. 1 Holders of rec. Sept.10
First pref. 7% Ser. of'24 &'25 (guar.) 154 Oct. 1 Holders of rec. Sept.10
&coon preferred (guar.)
1
Sept. 1 Holders of rec. Aug. 20
Second preferred (guar.).
1
Deo. 1 Holders of roe Nov.20
Kentucky Hydro-Elec.Co., pref.(qu.)
*154 Sept.21 *Holden of roe. Aug. 31
Keystone Telephone, pref.(guar.)
Sept. 1 Holders of rec. Aug. 174
• $1
Laclede Gas Light, common (quar.)_ _ _
2
Sept.15 Holders of rec. Sept. la
Mascoma Light az Power,corn. Omani_ _
2
Sept. 1 Holders of rec. Aug. 15
Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 15
Middle West Utilities, pref. (guar.)._
1% Oct. 15 Holders of rec. Sept.acia
Prior lien (guar.)
I
Sept.1.5 Holders of rec. Aug. 31
Municipal Service Corp. (guar.)
25c. Sept. 1 Holders of rec. Aug. 15
National Power & Light, corn.(quar.).. s1.65 Sept. 1 Holders of rec. Aug. 15
National Power dr Light, pref. (guar.). _ $1.75 Oct. 1 Holders of rec. Sept.15
Nebraska Power, preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 17
New England Tel. & Tel.(guar.)
1
Sept.30 Holders of rec. Sept.100
/Newport News & Hampton Ry. Gas dr
Electric, common (quan)
154 Oct. 1 Holders of rect. Sept. 154
Prefer red (guar
1% Oct. 1 Holders of tee. Sept. 154
New York Steam Co., pref. (quar.)....
154 Oct. I Holders of tee. Sept.150
No. Amer. Utility Securities Corp.
First pref. allotment etfs. Omani_ _ $1.50 Sept. 15 Holders of rec. Aug. 81
Northern States Power of Wls. pt. (au.) 154 Sept. 1 Holders of rec. Aug. 20
Northern Texas Elec. Co., corn.(goar.)_
2
Sept. 1 Holders of rec. Aug. 170'
Preferred
3
Sept. I Holders of rec. Aug. 170
Northwestern Pub. Serv., pref. (goar.). 154 Sept. 1 Holders of rec. Aug. 20
Ohio Edison,6.6% pref.(guar.)
$1.65 Sept. 1 Holders of rec. Aug. 15
Six per cent preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 15
Seven per cent preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 15
6.5% preferred (monthly)
55c. Sept. 1 Holders of rec. Aug. 15
Oklahoma Gas & Elec., pref. (guar.)._
134 Sept425 Holders of rec. Aug. 31
Pacific Telep. & Totter., pref. (guar.)._
155 Oct. 16 Holders of rec. Sept. 300
Penn Central Light & Pow., pref. (qu.). $1
Oct. 1 Holders of rec. Sept. loo
Preferred (extra)
100. Oct. 1 Holders of roc. Sept. 10a
Pennsylvania-Ohio P. at L.,8% Pf.(ou.) 2
Nov.
Holders of roe. Oct. 22
Seven per cent pref. (guar.)
154 Nov. 2 Holders of rec. Oct. 22
Pennsylvania-Ohio Elec. Co., pf.
154 Sept. 1 Holders of rec. Aug. 210
Peoples Gas Light & Coke (guar.)
.2 Oct. 17 *Holders of rec Oct. 3
Philadelphia Company. 5% pref
$1.25 Sept. 1 Holders of rec. Aug. 106
Philadelphia Electric, corn & pref.(qu.) 50c. Sept. 16 Holders of rec. Aug. 170
Phila. Suburban Water, pref. (guar.).
155 Sept. 1 Holders of rec. Aug. 15
Portland Electric Power, gd pref. (Oust.) 1% Sept. 1 Holders of rec. Aug. IS
Southern Colorado Power Co.. pf.(au). 154 Sept.lb Holders of too. Aug. 81
Southwestern Power & Light, pref.(qu.) 134 Sept. 1 Holders of rec. Aug. 15
Standard Gas dtc Elec., 8% prof. (War.) 2
Sept.lb Holders of rec. Aug. 31a
Texas Electric Ry., common (guar.)._
1
Sept. 1 Holders of rec. Aug 15
Fri-City Ry.& Light.common (guar.)254 Oct. 1 Holders of rec. Sept.20
214 Jan1'26 Holders of rec. Dee. 20
Common (guar.).
United Utilities, preferred
•355 Sept. 1 *Holders of rec. Aug. 20
Washington Rapid Transit (No. 1)
.60c. Sept. I •Holders of rec. Aug. 1
West Ohio Gas Co.. class A pref (qu.). _
154 Sept. 1 Holders of rec. Aug. 15
West Penn Company.common (guar.).
El Sept.3i. Holders of rec. Sept.154
west Penn Rye.. pref. (guar.)
155 Sept.16 Holders of rec. Sept. 1
Wilmington Gas Co., preferred
3
Sept. 1 Aug. 22 to Sept. 1
Banks.
Chemical National (A-monthly)
Standard (guar.)
Trust Companies.
Equitable (guar.)
Lawyers
Title Guarantee de Trust (extra)
4
*2
Sept. 1 Holders of rec. Aug. 210
Oct. 1 'Holders of reo Sept.25
3
Sept.30 Holders of tee. Sept. 180
155- Sept.30 Holders of too. Sept. 19a
4
dept.31 Holders of rec. Sept. 22
Miscellaneous.
Abbotts Alderney Dairies, 1st pref.(gI.) 1% Sept. 1 Holders of roe. Aug. lba
Adams Express (guar.)
$1.50 Sept.30 Holders of rec. Sept.150
Aluminum Manufactures. Inc..cow.(qu) 3734c Sept.30 Holders of rec. Sept.15a
Common (guar.)
3714c. Dec. 31 Holders of rec. Doe. 15a
Preferred (guar.)
111 Oct. I Holders of rec. Sept.20a
Preferred (guar.)
134 lanl'25 Holders of rec. Dee. 200
American Bank Note, pref. (guar.)
750. Oct. 1 Holders of rec. Sept.I5a
American Beet Sugar,common (guar.).
1
Oct. 31 Holders of roe. Oct. 10a
Common (guar.)
1
Jan30'26 Holders of roe.Jan.9 26a
American Chain, Class A (guar.)
50c. Sept.30 Sept.20 tp Sept.30
Amer. Chicle, 7% pref. (four mos. ditr.). $2.33 Oct. 1 Holders of rec. Sept.15a
Six per cent preferred (guar.)
155 Oct. I Holders of rec. Sept. 15
American Coal (guar.)
50c. Sept. 1 Aug. 12 to Sept. 1
Amer. Greenhouse Mfg., pref. (guar.)._
Oct. 15 Holders of rec. Sept. 30a
2
Amer. Laundry Machinery,corn.(qu.).. 750. Sept. I Aug. 23 to Sept. 1
Common (guar.)
The. Dec. 1 Nov.23 to Dec. 1
Preferred (guar.)
154 Oct. 15 Oct. 6 to Oct. 15
Orneriest' Linseed. pref.(quar.)
11.1 Oct. I Holders of rec. Sept.19a
American Locomotive, common (guar.). $2
Sept.3t Holders of tee. Sept.140
Common (extra)
$2.54, Sept 36 Holders of rec. Sept.14a
trommon (extra)
$2 50 Dee. 31 Holders of rec. Dec. 14a
Preferred (guar.)
154 Sept.30 Holders of rec. Sept. 140
met. Manufacturing, corn. (oust.)...
155 Oct.
Sept. 16 to Sept.30
Common (ouar.)
1)4 Dec. 31 Dec. 16 to Dec. 30
Preferred (guar.)
114 Oct. 1 Sept. 16 to Sept.30
Preferred (guar.)
154 Dec. 31 Dec. 16 to Dec. 30
American Metal, common (guar.)
750. Sept. 1 Holders of rec. Aug. 200
Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 21a
American NI ultigraph, common (goat.).. 40e. Sept. 1 Holders of rec. Aug. 150
'amen Radiator. corn. (guar.)
Si
Sept.30 Holders of rec. Sept.150
American Railway Express (goar.)
1% Sept.30 Holders of rec. Sept.150
American Rayon Products Corp
50c. Aug. 3 Holders of rec. Aug. 15
Amer. Rolling Mill,common (guar.)_.
50c. Oct. lb Holders of rec. 8ept.30a
Preferred (quar.)
154 Oct. 1 Holders of rec. Sept.15a
American Shipbuilding, corn (altar.)...
2
Nov. 2 Holders of rec. Oct. 154
Amer. Smelt. & Refg., pre/. (qUar4--131 Sept. 1 Holders of rec. Aug. 7a
American Stores (goer.)
40c. Oct. 1 Sept. 16 to Oct. I
American Sugar Refining, pref. (guar.).
154 Oct. 2 Holders of rec. Sept., la
American Tobacco, corn. & corn, B(g)81.75 Sept. I Holders of rec. Aug. 100
American Window Glass Co. preferred. 355 Sept. I Aug. 15 to Aug. 31
Artloom Corporation. preferred (guar.)
194 Sept. 1 Holders of rec. Aug. 200
Associated Dry Crds
155 Sept. I Holders ot rec. Aug. 15
1st pf.
Second preferred (guar.)
Corp.,
1% Sept. 1 Holders of rec. Aug. 15
Atlantic Terra Cotta, pref. (guar.)
Sept.IS Holders of rec. Sept. 5
1
Atlas Powder,common (guar.)
$1
Sept 10 Holders pf rec. Aug. 310
Auburn Automobile, common (guar.)_ _. The. dSept30 Sept.21 to Sept. 30
Common (payable in common stock)-. 1100 Aug. 15 Holders of rec. Aug. lba
Babcock & Wilcox Co.(guar.)
Holders of rec. Sept.20
1% Oct.
Quarterly
154 Tani'26 Holders of rec. Dec. 20
Quarterly
134 Aprl'26 Holders rec. Mar 20'264
Balaban & Katz, common (monthly)_
250. Sept. I Holders of rec. Aug. 20a
Common (monthly)
25e. Oct. 1 Holders of rec. Sept. 20a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept 20a
Belding Bros.& Co., corn.(go.)(No. 1). 750. Oct. 1 Holders of rec. Sept.21
Belding CorticeIII. Ltd.. pref. (quar.)_
154 Sept.lb Holders of rec. Aug. 31
Bell (Fred P.) Stores Co., pref
4
Sept. 1 Holders of rec. Aug. 20
Berry Motor (guar.)
500. Oct. 1 Holders of rec. Sept.20
Bethlehem Steel, 7% pref.(guar.)
154 Oct. 1 Holders of rec. Sept. la
Eight per cent preferred (guar.)
2
Oct. 1 Holders of rec. Sept. la
Borden Company, common (quar.)_ _ tl
Sept. 1 Holders of rec. Aug. 15a
Preferred (guar.)
134 Sept.1 h Holders of rec. Sept. la
Borg & Beck (quar.)
*50e. Oct. 1 •Holders of rec. Sept. 18
Boston Woven Hose & Rub.,corn.(qu.). $1.50 Sept.15 Holders of rec. Sept. la
Brill (J. G.) Co.. common (guar.)
155 Sept. 1 Aug. 25 to Aug. 31
British-Amer. Tobacco, ordinary
(1) Sept.30 Holders of coup.No.1071
Brown Shoe, common (guar.)
Sept. I Holders of rec. Aug. 200
1
Buckeye Pipe Line (quar.)
$1
Sept. IT Holders of rec. Aug. 21
Buda Co., preferred (guar.)
1% Sept. 1
Burroughs Adding Machine, corn.(qu.). The. Sept.30 Holders of rec. Sept.15a
154 Sept. 30 Holders of rec. Sept. 15
Preferred (attar.)
California Packing, corn. (guar.)
51 Sit Sept. 16 Holders of rec. Aug. 31a
California Petroleum Corp.(guar.)
50c. Sept. 1 Holders of rec. Aug. 20a
Calumet & Arizona Mining (guar.)
$1
Sept.21 Holders of reo. Sept. 4a
Calumet & Heels Consol. Copper (guar.) 500. Sept. 15 Holders of reo. Aug. 31a
Nam of Company.
When
Per
Cent. Payoble
Poets Closed.
Days Inclusive.
Miscellaneous (Continued).
I% fept. 1 Holders of roe. Aug. 15
Campbell soap preferred (guar.)
of rec. Sept. 25
,My.. corn. & pt. (qu.) 133 Oct. 9 Holders of
'
Canadian Car &
rec. Sept. 120
133 oct. 1 Holders
Canadian General Elec.. pref. (guar )._
rec. Sept. 10
of
Holders
15
Sept.
1%
Carter (William) Co.. pref. (guar.)
Nov. 1
rec.
of
Holders
2% Nov. la
Casey-Iledgen Cu.. common (gust)..
1
Oct.
%
I
(guar.)
Preferred
Aug. 210
rec.
of
Holders
I
dept.
I%
Century Ribbon Mills. peer (goal .)
_ 13215e. dept. 36 Holders of roe. Sept. 10a
Chesebrough Mfg., common (guar.)
of rec. Sept. 190
Holders
36
dept.
133
Preferred (guar.)
'Holders of ree. Aug. 21
Chicago 1. ledfule Shaft Co.. pref.(guar_ •133 dept. 1 Holders of rec. Aug. 20s
131-3.• dept. I
Chicago) Yellow rah (mont).ly)
Holders of rec. Sept.21a
1
Oct.
1-3(
33
Chicago Yellow Cab (monthly)
33 1-3, Nov. 2 Holders of rec. Oct. 20a
Monthly
Holders of rec. Nov. 200
1
uec.
1-3(
33
Monthly
Sept. le Holders of rec. Aug. 28
Childs Company. corn.. $100 par (guar.) 3
of rec. Aug. 28
No par value common stock (quar.)_. 60e. Sept. II Holders
133 Sept. le Holders of rec. Aug. 28
Preferred (guar.)
rec Aux 28a
of
Holders
,
(et
(or
Childs Co.. cone.(no par) (extra)._
tee 34 Holders of roe. Noy 280
(e)
t °mew° (no per value)(extra)
rec. Sept. 2a
of
Holders
2i.
Sept.
6215i
Cbtrl Copper Co.(guar.)
Holders of rec. Aug. I5a
34 dept.
Glum Service, coniurun (monthly)
of ree. Aug. 150
Holders
.13,
Sept.
stock).
common
in
(payable
Common
Holders of rec. Aug. 15a
% dept.
Preferred and preferred 13 (monthly).
'Holders of rec. Aug. 15
Cities Service. Bankers Shares (mthly)... •14.81( Sept.
.1 rec. Aug. 12
Holders
Sept.
MR
tun.
com.
City lee & Fuel of Cleveland.
Holders of ree Nov II
Dec.
50e
Common (guar.)
Holders 01 ree. Aug fe
1 ts dept.
Cleveland Stone ((uar.)
Holders of rec. Sept. 19
50e. Oct.
Connor (J. T.) Co.(guar.)
Holders of rec. Aug. 15a
I% Sept
Consolidated Cigar Corp.. pref. (guar.).
Holders of rec. Aug. 16a
Sept.
hi%
_
dividends).
Prof. (acct, accumulated
of rec. Sept. 19a
Holders
13, Oct.
Continental Can, preferred (guar.)
25e. Sept.15 Aug. 16 to Sept. 15
Continental 011 (guar.)
to Sept.29
20
Sept.
30
Sept.
950.
Ooty. Incorporated (guar.)
Sept.15 Holders of rec. Aug. 31
3
CuniberLiuxi Pipe Line (guar.)
of rec. Sept.15
Holders
Sept.30
3
(ewer.).
Cu.,
common
Dradduek-Terry
Dec. 31 Holders of rec. Dec. 16
3
Common (guar.)
Dec. 31 Holders of rec. Dec. lb
3
First and second preferred
31 Holders of rec. Dee. lb
Dec.
333
Class C preferred
13, Sept.15 Holders of rec. Sept. is
Deane Co.. common (guar.)
Holders of rec. Sept. la
Sept.15
134
(guar.)
Preferred
13, dept. I Holders of roe. Aug. 12
>owe ;snit Puss Coal(guar.)
1% Sept.30 Holders of rec. Sept. 15a
Drucible Steel. preferred (guar.)
Sept. I Holders of rec. Aug if,a
$1
Dubs Company, common (our.)
30 Holders of rec. Sept. 3a
›iban-Amer.Sugar, common (guar.)._ 50c. Sept.31)
Holders of rec. Sept. 30
134 Sept.
Preferred (guar.)
r) to Oct IS
L. 000
MI
1%
Duds°, Pacstrog, coin (ousel
155
233 Sept. ) Holders of rec. Aug.
'Duelist) Aeroplane & Motor, preferred
Holders et ree. Aug. 15a
1
Sept.
75e.
(guar.).
common
Inc.,
hudimans eons.
lha
Aug
of
rec.
Holders
1
Sept.
154
Seven per cent preferred (guar.)
Sept. 1 Holders of rec. Aug. 15a
2
Eight per cent preferred (guar.)
13, :dept. 21 Holden, of rec. Sept.12
3sd is Mills(guur.,
I% dept. 1 Holders of rec. Aug. 200
)ecker (Alfred) & Cohn. pref.(guar.).
133 Sept. 1 Heiden of rec. Aug. Ibis
3eere & Company, preferred (guar.)._
dept. li Holders of roe Aug 3I0
2
JIsmond Match (guar.)
25c. Sept.30 Holders of rec. Sept. is
)ouglas-Peetin Co.(guar.)
Holders of rec. Sept. is
Sept.15
$2
.(qu.)
sdeCo.,eom
.)deNemour
tuPont(E.I
Sept. 15 Holders of rec. Sept. la
$1
Common (extra)
135 Oct. 21, Holders of rec. Oct. 10a
Debenture stock (gnat.)
Holders of rec. Oct. 200
iuPont(E.I.)dellemoursPowd.,com.(qu) 133 Nov. 2
114 Nov. 2 Holders of rec. Oct. 200
Preferred (guar.)
Holders of rec. Aug. 19
1
40e.
Sept.
(guar.)._
common
Lead,
tagle-Picher
$1.25 Oct. 1 Holders of rec. Aug. 31a
Castman Kodak. oommon (guar.)
730. Oct. 1 Holders of rec. Aug. 310
Common (extra)
133 Oct. 1 Holders of rec. Aug. 310
Preferred (guar.)
25e. Oct. 15 Holders of rec. Oct. 1
:conomy Grocery Stored Corp.(guar.)
1% Oct. 1 Holders of rec. Sept.21a
ilsenlotir (Otto) J. Bros., pref.(guar.)
Sept. 1 Aug. 22 to Aug. 31
25c
3y-Walker Dry Duette. cow (gusr.)._
133 Sept.15 Holders of rec Sept. 10a
lmplre Brick & Supply (guar.)
sets. I Holders ut rec. Aug. 200
0c•
2
COLIIIMM
(MoM.1.119)
fair (she),
20c. Oct. I Holders of reeldept 19a
Common (monthly)
Nov. I Holders of roe. Oct 2ifa
200
Common (monthly)
Sept.30 Holders of rec. Sept. tba
ihirbanka-Morse dr Co.. corn. (guar.). 65e.
133 Sept. 1 Holders of ree. Aug. lbo
Preferred (goat.)
Oct. 1 Holders of rec. Sept. 15a
hmous Players-1.84*Y Corp., corn.(qu.) 2
-dept. I Holders of rec. July 31
2
(go.
pl.
p..ist
'amour Playeracsu'n Col
Sept.15 Holders of rec. Aug. 230
'ederal Mining & Smelting, pref. (go.). 134
1 Holders of rec. Sept. Ida
Oct.
2
(gust.)....
pref.
Co..
liter Body Ohio
Oct. I Sept. 1 to Sept 30
not 'tree. Gear & Maculae. cone. (qu.). 26e.
Dee. 31
Jan' 26 Dec. 21 to
25e.
(quarterly)
Common
Sept.15 Holders of rec. Sept. 1
$2
'oundation Co., common (guar.)
i Holders of ref. Sept 21
re1
$1 .51
ranches° Sugar (guar 1
Sept. 1 Holders of rec. Aug. 22
2
Ulton iron. prof. (guar.)
$1.2.5 Sept.15 Holders of rec. Sept. 5
famewell Company, corn. (guar.)
154 Sept. 1 Holders of rec. Aug. 22
Preferred (guar.)
1 de dept. I Holders of rec. Aug 144
Venal(' Asphalt, preferred (guar.)..__
Holders of rec. Aug. 340
43Derat cigar Co.. Inc., pref.(guar.)... 133 Sept. 11 Holders, of rec. Sept 24,
Oet.
134
OlUor.1
preferred
Debenture
of rec Sept. 30
Holders
15
Ott.
2
feneral Electric. common (guar.)
(o) Oct. 15 Holders of rec. Sept. 30
Common (payable in special stock)
Holders of rec. Sept. 35
15
Oct.
150.
(guar.)
Special stock
$1.50 Sept. 12 Holders of ree. Aug. 24a
'eneral Motors, common (guar.)
Sept. 12 Holders of rec. Aug. 24s
$1
Common (extra)
15.( Nov. 2 Holders of rec. Oct. 5a
7% preferred (guar.)
133 Nov. 2 Holders of rec. Oct. 54
6% preferred (guar.)
133 Nov. 2 Holders of rec. Oct. 5a
6% debenture stock (guar.)
Sept. le Holders of rec. Aug. 31
Me.
eneral Petroleum. common (guar.)._ •4334( Sept. I *Holders of rec. Aug. 15
Preferred (gear.)
Sept. 1 Holders of rec Aug. 1
750.
Ulette Safety Razor (guar.)
250 Sept. 1 Holders of rec. Aug. 1
Extra
1 Holders of rec. Aug. 20
Sept.
133
pref.
(go.)..
Co..
Pub.
lobe-Democrat
133 Sept. 15 Sept. 1 to Sept.15
lobe Soap, let, 2d & spec. prof. (guar.)
I% Oct. 1 Holders of rec. Sept. lba
oodrich (B. F.) CO., pref. (guar.)._
Oct. I Holders of rec. Sept. 15g
2
oodyear Tire& Rubber. prior pref.(gu.)
133 )et. 15 Holders of rec. Sept. 150
Preferred (guar.)
1 Holders of roe. Aug. 210
Sept.
26e.
(monthly)
award (11. W.)CO.
19s
25e. Oct. 1 Holder' of rec. Sept
Monthly
25c. Nov. 2 Holders of reef. Oct. 210
Monthly
250. Dec. 1 Holders of roe. Nov.20o
Mental,
50e. Sept.15 Holders of rec. Sept I
DDuelCoapler, CLese A (guar.)
100
$1.25 Sept. 15 Holders of rec. Sept.
rest Atlantic & Pacific Tea. corn.(qu.) 134 Sept. I Holders of rec. Aug. 20a
15a
Sept.
rec.
uf
Preferred (guar.)
Holders
135 Oct. 1
reenfield Tap & Dle,6% pref.(guar.). 2
Oct. 1 Holders of rec. Sept.15a
Its
Sept.
Eight per cent preferred (guar.)
rec.
of
Holders
30
Sept.
2
santananso Sugar, preferred (guar.)... *31.25 Oct. 1 Holders of rec. Sept.15
all States Steel. common (guar.)
of rec. Sept. 15a
133 Jet. I Holders of
First preferred (guar.)
roe Dee 15.
an 3'26 Holders
1%
First preferred (guar.)
lept.16 Holders Of rec Sept 100
25c.
ill (C. M.) Lamp
Dec. 10a
rec.
of
Holders
16
Dee.
25c.
ill (C. M.) Lame
Sept. 1 Aug. 25 to Aug. 31
1
tmllton-Brown Shoe (monthly)
Aug. 2I0
of
rec.
Holders
1
Sept.
erbison-Walker Refrao.. cons. (guar.). 133 Jct. 20 Holders of rec. Oct. 100
133
Preferred (guar.)
Holders of rec. Aug. 1Sa
1
Sept.
6235(
trtman Corporation(guar.)
rec. Aug. 20a
133 Aug. 31 Holders of
wt.Schaffner & Marx,Inc., tom.(qu.) 7.5c.
Sept.lb Holders of rec. Aug. 31a
31a
ryes Wheel Co.,common (guar.)
25c. Sept.15 Holders of rec. Aug 300
Common (extra)
75c. Dec. 15 Holders of rec. Nov.30a
Common (guar.)
Dec. 15 Holders of rec. Nov.
25c.
Common (extra)
Aug. 310
135 Sept.15 Holders of rec. Nov.305
Preferred (guar.)
135 Dec. 15 Holders of rec.
Prefened (guar.)
Holders of rec. Aug. I5a
Sept.15
50c.
21
fele Mining (guar.)
Aug. 28 Holders of rec. Aug.
bbard,Spencer.Bartlett & Co..(mthly) 350, Sept.25 Holders of rec. Sept. 18
200,
Aug. 24
Extra
rec.
of
Holders
9
Sept.
8c,
Sept.15
Olinger Consol. Gold Mine
25c. Sept.30 Holders of rec. Scut. I
lily 011
I% dept. 1 Atilt. 21 to Aug. 140
foil Rubber Products, pref.(guar.)._
rec.
of
Holders
75e, Sept. 2
rusebold Products. Inc.. (guar.)
rec. Sept. 15a
75c. Oct. 1 Holders of roe
adson Motor Car (guar.)
Sept. 21
11s Oct. 1 Holders of
fdraulle Press Brick, preferred (guar.)_
Oct. 15
to
4
2.40 Oct 15 Oct.
nob Idriek (guar.)
[Irot, 121.
TTIT.; OTTIZONTGLTI
1072
Name of Company.
When
Per
Cent. Payahle
ltoolcs Closed.
Days Itsrlust,e.
Miscellaneous (C'onifnued).
2.50. Sept. I Aug 16 to Aug. 31
Imperial oll (Csudda) (guar.)
I Holders of rec. Sept 215
01 t.
2
India Tire & Rubber, COM.(iiiior.)
Holders of rec. Aug. 10a
-.eta.
2
Ingersoll-Rand Co.. corn. (quar.)_
Holders of rec. Aug. 140
Sept.
62%
Inland Steel. common (guar.)--••• --of rec. Sept.15a
Holders
let.
I%
I'referred (guar.)
let. If Holders of rec. Seel.24a
international Business Machines (gu.). $2
of rec. Sept.(Sc
Holders
31,
Sept.
El
_
International Cement, corn. (quar.)
•114 -dept.% 'Holders of rec. Sept.18
Preferred (guar.)
of roe.. Aug. 18a
fielders
3
%fie
.50f•
(qu.)
Engineering
internat. Combustion
Holders of res. Sept. 15a
233 'Sept.
liii. Concrete Industries(guar.)
134 Jct. I. Holders of rec. Sept.250
International Harvester Corn. (guar.)..
of rec. Aug. 10a
Holders
i
dept.
133
International HorveSter. pref. (guar.).
Holders of rec. Sept. 2r,a
fct. 1
Internet Match Corp.. partic. pf.(gL) 80c
Holders of roe. Sept. 15.
Oct
1%
Salt
(guar.)
al
Internation
fielders of rec. Aug. 21
!Securities Trust, corn.(guar.). 70c. Sept.
Internat.
Holders of rec. Aug. 21
114 Sept.
7% preferred (guar.)
Holders of rec. Aug. 21
dept.
I%
615% preferred (guar.)
Holders of rec. Aug. 21
1% Sept.
6% preferred (guar.)
Holders of rec. Aug. 15o
Sept.
50c.
__.
pref.
(monthly)_
al
Shoe,
internation
21 to Aug. 31
Aug.
dept.
133
Interstate lion Cr Steel. preferred (guar.
Aug. 21 to Aug. 31
dent
hl
Preferred (acct. accum. dividends).of rec. Sept. 19
'Holders
Ott.
,'I33
Jewel Tea, preferred (guar.)
"Holders of ree Sept. 19
Preferred (account accum. dividends) .,h2 34 Jet.
Holders of roe. Aug. 26
715c. Sept.
Johansen Shoe, corn
fet
Holders of rec. Sept.15a
134
Jones & Laughlin Steel, preferred (guar.
Oct.
Holders of req. Sept.21
Kayser (Jullus) & Co., pref. (guar.).-- $2
Sept. 11. Holders of rec. Aug. 31
Keeley Sliver Mines
dept. Is, Holders of awe. Aug. 31
4
Bonus
Holders of rec. Sept.204
(let.
$1
Kinney (G. R.) Co., common
Sept.
Holders of rec. Aug. 21.
2
Preferred (guar.)
of rec. Aug. 24a
Holders
114 Sept.
Kuppenhelmer (13.) Co.. prof. (guar.).Holders of rec. Aug. 22
Sept.
3
Lake of the Woods Milling. COM.(go.).
rec. Aug. 22
of
(folders
dept.
134
Preferred (guar.)
1% tug. 3 Holders of rec. Aug 210
Lanston Monotype Machine (gust.).
ree. Sept. 190
of
Oct.
Holders
2%
Co
&
Lawyers Title Guaranty
tug. 3 Holders of rec. July 311
$1
Lehigh Coal & NovIcollon (guar.)
Lehigh & Wilkes-Barre Coal Corp.
Sept. 1 Sept. 2 to Sept. 10
$2
Common (guar.)
Sept. 2 to Sept. 10
730. dept. 1
Preferred (guar.)
Lehigh & Wilkes-blame Coal Co.
Sept.
Aug. 21 to Sept. 2
$3
Common (guar.)
Aug. 21 to Sept. 2
8735e Sept.
Preferred (guar.)
of rec. Aug. 22
Sept.
'Holders
•50c.
Libbey-Owens Sheet Glass, cam.(guar.) •1% Sept.
'Holders of rec. Aug. 22
Preferred (guar.)
Sept.
of rec. Aug. 17a
°triers
11
75e.
(qu
om.&com.11
yersTob..c
lAggett&El
dept.
Holders of tee. Aug. 150
SI
Lima Locomotive Works. common..
Sept.30 Holders of rec. Sept. 10a
Long Bell Lumber. Class A corn.,(guar.) $1
2% Oct.
Holders of roe. Sept. 170
Lord dr Taylor, common (guar.)
$2.51 dept.
Holders of rec. Aug. 5
Ludlow Mfg. Associates (QUitr.1
Oct.
Magnolia Petroleum, stock dividend.
Sept.
Holders of rec. Aug. 25
$1.56
Sifawning investment
Oct
Holders of rec. Sept.224
stallluson(H. R.) & Co.. Inc., pref.(Q11.) 154 Sept
I%
liolders of roe Aug 166
gamin Sugar. 001T0101)(Gust)
Sept.
of rec. Aug. 17a
37%e
Holders
Manhattan Shirt. common (guar.).1% Oct.
Holders of rec. Sept.I5a
NI:viand Oil, preferred (guar.)
Sept.
rec. Aug. 15a
50e.
of
fielders
Martin-Parry Corp. (guar.)
MeCahan (W. J.) Sus. Ref. & Molasses
154 Sept.
Holders of rec. Aug. 210
Preferred (guar.)
134 Oct.
Sept. 16 to Sept.30
McCall Corp., first pref. (guar.)
Oct.
Sept.15 to Sept.29
.First pref.(account aceum. dividends) 8
,
Sept.
fl
Holders of rec. Aug. 20
B(qu.)
&com
Corp..com.
McCrory Stores
Sod
154
Hoidens of roe Oct. 206
eCrory Stores, preferred (guar )___
26e. Sept.
Holders of rec. Aug. la
McIntyre Porcupine Mines. Ltd
Holders of tee. Aug. 15
15: Sept.
Mengel Company, preferred (guar.)233 dept.3 Holders of rec. Sept. 24
Mergenthaler Lluotype (guar.)
Holders of rec. Sept. 20
Extra .
154 sent.
Holders of rec. July 31a
Merrimack Mfg., common (QOM%)
.
4'Pt
4 Sept.t
1%
2
Holders of rec. July 31.
Preferred
Sept. 11 Holders of rec. Aug. 31a
154
pref.
(guar.).Pictures,
Metro-Goldwyn
Sept.
2
Aug. 16 to Aug. 31
Metropolitan Paving Brick, corn,(go.).. 134 (alit.
Iflers of rec. Aug. Ilta
II,
Mid Continent Petroleum Corp., pi. WU.)
dept.
2
Holders of reo. Aug. 100
Miller Rubber, pref.(guar.)
'Sept.
$1
Holders of rec. Aug. 1
Mohawk Mining
1% fern.
Holders of ree Aug. 25a
Monito Furnace, pref.(guar.)
1
iept.
135
Holders of ree. Aug. 31a
Montreal Cottons, Ltd., corn.(gust.)
154 Sept. 11 Holders of rec. Aug. 31.
Preferred (guar.)
Oct.
900.
Holders of rec. Sept. Ifda
1)
(NO.
A
Moto Meter Co., Class
750. dept.
Holders of rec. Aug. 180
Munsingwear. Inc. (guar.)
Murray Body Cori).i Holders of roe. Sept. 16a
Common (payable in common stock)... 1133
(1%
Holders of rec. Dee. 16a
Common (Payable in common stock)
lb
Oct.
Holders of rec. Sept. 300
75e
National Biscuit, corn.(guar.)
31
154
Aug.
Lioldend of roe. Aug. 1741
Preferred (guar.)
333 -feet. Lu Aug. 19 to Aug. 25
National Candy. common
9
sept.
Aug 19 to Aug. 25
333
Finn and second preferred
Aug. 27a
National Cloak & Suit, preferred (guar.) 114 Sept. 1 Holders of ree.
15
National Dept.Stores, 2d pref.(guar.).. •1% 'cot. 3(1 'holders of rec. Aug.
Sept
roe
Elept.10
of
Holdern
154
Nat Enameling & Stamping.Pref•(1111.).
,leo 31 Holders of rec. Dec. 11
Preferred (guar.)
dept. 31, Holders of roc. Sept. Ils
National bead, corn.(guar.)
1% (apt. I
Holden; of rec. Aug. 2Ia
Preferred (guar.)
154 Jct.
Holders of rec. Sept. 14
National Sugar Refining, pref. (guar.).of rec. Sept. 1134
/et.
Holders
23.4
National Surety (guar.)
25c. dept. I floiders of rec. Aug. 310
National Transit (extra)
of rec. Sept. 94
$1
oct.
Holders
A
Class
(quar.)--.
Brake.
Air
York
New
dept.
$1
Holders of rec. Aug. 28a
New York Shipbuilding
Holders of rec. Aug. 20
North Atlantic Oyster Farms"A"(go.). 50c. Sept.
Holders of rec. Sept. 102
Norwalk Tire & Rubber, COM. (gust.).. 40c. Oct.
1% 'et.
Holders of rec. Sept. 10a
Preferred (guar.)
Holders of reo. Aug. 20
Ogilvie Flour Mills, pf. old & new (guar.) 154 Sept.
•50c. Sept.30 "Aug. 21 to Sept.20
Ohio 011 (guar.)
1% dept.
Holders of ree. Aug. 22a
Onyx Hosiery, preferred (guar.)
Holders of roe Aug. 204
16e. sept.
.
(monthly).
common
Circuit,
Orpheum
Oct.
Holders of rec. Sept. 165
2
Preferred (guar.)
Holders of rec. Sept. 15a
76e.
Owens Bottle common (guar.)
of rec. Sept. 16a
134
Oct
Holders
Preferred (guar.)
ilohlers of rec. Aug. 15a
75c. feet.
Pacific Mills (guar.)
of
1
154
Sept.
ree. Aug. 31
Holders
(qual.)
Car,
pref.
Motor
Packard
Sept.
liolders of rec. Aug. 11
2
Pathe Exchange, Inc., pref. (quar.)
37%e dept. 2. I (Adore of rec. floPt. l5
Pennock 011 Corp.(guar.)._
ree. Aug. 20a
Holders
Sept.
PhIllipe-Jones Corp., common (guar.)._ $1
'Holders or res. Aug. 17a
154 Sept.
Phoenix Hosiery, 1st de 2d pref.(guar.1 let.
rec. Sept.15a
of
Holders
(guar.)
common
Glass.
Plate
Pittsburgh
(et.
6
Holders of rec. Sept.150
Common (extra)
1% Sept.
Holders of ree Aug. 15a
Pittsburgh Steel, preferred (guar.)
to Sept. I
Aug. 21
$1.50 Sept.
Pitts. Terminal Coal preferred (quar.)
1% Sept.
Holders of reo. Aug. 18a
Pressed Steel Car pref. (guar.)
134 Dec.
Holders of reo Nov. 170
Preferred (guar.)
135 Sept. 1
Holders of rec. Aug. 25a
Procter & Gamble,6% pref.(guar )-- -3735c Sept.
Holders of roe. Aug. 104
Pure Oil, common (guar.)
of rec. Sept.10
•134
Oct.
'fielders
(guar.)
Pure 011534% pref.
•135 Oct.
'Holders of rec. Sept. 10
Six per cent pref. (guar.)
of
rec. Sept. 10
.2
Oct.
'Holders
cent
pref.
(guar.)
per
Eight
/5c. Oct. I
Holders of rec. Oct. la
Quaker Oats, common (guar.)
115 tug. 31 Holders of rec. Aug. but
Preferred (guar.)
1% Nov. 30 Holders of rec. Nov. Its
Preferred (guar.)
114 ()et. I Holders of rec. Sept. la
Radio Corp of Amer , pref.(guar.)
Sept. 30 Holders of roe. Sept. 170
Railway Steel-Spring, corn. (gear.).... 2
154
Sept. 21 Hoidens of rec. Sept. 5a
Preferred (guar.)
200
Reid fee Cream Corp., pref.(gust.).... 154 Sept. 1 Holders of ree. Aug.
Typewriter
Remington
1
Oct.
to
1
20
Oct.
Sept.
1st pref. & Series S bat pref.(guar.)... I%
154 Oct. I Holders of rec. Sept. lba
Republic Iron & Steel, pref.(guar.)
300
Sept.
rec.
of
set.
133
15
Holders
itlehuiend Itadlator, pref.(guar.)
154
an1616 Holders of rec. Dec. 810
Preferred (guar.)
50c. Sept. 21 Sept. 10 to Sept.21
St. Joseph Lead (guar.)
21 Use 10 to Doe. 21
)ec.
600
Quarterly
•134 Oct. 1 'Holders of res. Sept. 16
Savage Arms Corp., 1st pref. (guar.)...
16 Holders of res. Nov. 2
Nov.
•1
(Second preferred (guar.)
m$2 Sept. 1 Holders of roe Aug. 156
Schulte Retail Stores. corn. (guar.)
of
Aua. 29 1925.1
Name el Company.
THE CHTIONTCLE
• Per
Cent
When
'ayable
Books Closed.
Days Inclusive.
M scelianeous (Concluded).
Shell Union Oil Corp., corn.(quar.)---- 35c. Sept.30 Holders of rec. Sept.(Mt
Sherwin-WMlams co.. pref. (guar.) 1
sept.
Holders of rec. Aug. I5a
ts (eta.
Simon (Franslin. & Co. pref. (guar.)Holder, of rm. Aug ISO
Southern Pipe Line (guar.)
SI
Sept.
Holders of rec. Aug. 15
Southwest Pa. Pipe Lines (guar.)
Set.
Si
Holders of rec. Sept. 15
SpaItIng (A G & tiros tat pref.(au
134
ept.
Holders if rec. Aug 18a
Second preferred (guar,)
2
sept.
Holders of rec. Aug. 18
Spear & Co.. preferred (utter.)
PR (cot.
Holders of rec. Aug. 15.2
Standard Milling. cons. (guar.)
1.4 tug. 3 Holders of rec. Aug. 216
Preferred ((liar )
1t4 tug 3 Hoiden( of rep. Aire. 21.2
Standard Oil (Calif.) (guar.)
50c. Sept. 15 Holders of rec. Aug. 170
Standard I )11 Iltetima, ((lour.)
624 .1ept. 1. Holders 01 rec. Aug. 15a
Standard 011 of New JerseyCommon ($100 par) (guar.)
$1
Sept. 15 Holders of rec. Aug. 27a
Common ($25 par) (guar.)
280. Sept. 1: Holders of rec. Aug. 27a
Preferred (guar.)
134 Sept. 15 Holders of rec. Aug. 270
Standard Oil of New York (guar.)
.35r
Sept. I: 'Holders of rec. Aug. 21
Standard 011 (Ohio), corn.(guar.)
24 set. I Holders of rec. Aug. 28
s)
, (opt. I Holders of roe. July 31
Standard(111 (0(11(), 4).ref Pinar.)
134 Sept. 1 Holders of rec. Aug. 20a
Steel Products. pref.:(tjear.)
Studebaker Corp.. common (quar.)___. $I
ept. I Holders of rec. Aug. 10
Preferred (guar.)
135 sept. I [folders of rec. Aug. 101
25e. iept.15 Holders of rec. Aug. 25
Sun 011 Co. (guar-)
Symiagton Company,Clam A (guar.)... 50e. Oct. I [folders of roe. Sept. 153
& (;hemical)qoar.)
Tennessee
25c. 4e1 -n.1
!folders of rec. Aug 3I0
75e. Sept.30 Holders of rec. Sept. 40
Texas Company (guar.)
Texas Gulf Sulphur ((suer.)
Sept. 15 Holders of me. Aug. 31a
62
Thompson Gob. , Co (min On'thly;
25r ((mt. I Holders 01 rec. Aug 240
Thompson-StarrMt Co.. preferred
4
(Sot. 1 Holders of rot. Sept. 19
Timkon-l)etrolt Axle. pref. (guar.)
14 Sept. I Aug. 21 to Sept. 1
Bearing
(guar.)
75e. *pt. f Holders of rec. Aug. 150
Timken-Rollo
Extra
255. (opt. S Holders of rec. Aug. 19a
Todd Shipyards Corp. (quer.)
$1
Sept.2 Holders of rec. Sept. la
Tonopah Belmont Development
Sc. Oct.
Sept. 16 to Sept. 21
Truscon Steel. prof. (guar-)
134 3ept.
!folders of roe. Aug. 210
Underwood Cuing/Wing mach.. M.(qu.;
I ts
Jct.
Holders of rec. Sept. 19
Underwood Typewriter. e0m.(qua:.). 75c.
let
Holders of rec. Sept. la
Preferred over.)
ts
/et.
Holders of rec. Sept. la
Carbon
Union Carbide &
(guar.)
$1.25 )et.
Holders of rec. Sept. 40
Union Mills, common (guar.)
$1
Sept.
Holders of rec. Aug. 17a
Preferred (guar.)
14 Sept.
Holders of roe. Aug. 17a
;
•
Union storage liar
24 any I
Holders of roe Nov I
Union Tank Car. common (guar.)
134 Sept.
Holders of rec. Aug. 101
Preferred (gua)'.)
Its Sept.
[folders of rec. Aug. 101
United Cigar Storm of Amer.. corn.(qu.) $1
sept.31 Holders of rec. Sept. 15a
Common (payable in common stock). 114 sept. 30 Holders of rec. Sept. 15a
Preferred (guar.)
131 Sept.15 Holders of rec. Sept. la
United Drug. common (guru.)
134 Sept. 1 Holders of rec. Aug. 15a
First preferred (guar.)
) Holders of rec. Oct. 15a
134
Second preferred (qua:.)
14 Sept. 1 Holders of roe. Aug. 15a
United Dyewood, pref. (qua:.)
1,4 'Rt. I Holders of rec. Sept. I5a
Preferred (qua:.)
134.1 an P20 Holders of rec. Dee. 15.2
United Fruit
___
24 -set. 1 Holders of rec. Sept 8.2
United PrOdt-Shartnir.
(guar.)- Dem.(no.
...)...
.
30e. Oct. 1 Holders of rec. Sept. 10a
Common (par $1)
15
Oct. I Holders of rec. Sept. 100
13.4 Sept. If. Holders of rec. Sept. la
U.S. Cast iron Ipe Fdy. Pref.(qu.)
Preferred •oser
101 Dec. If Holders of roc Dec. ill
U. S. Envelope. corn
4
Sept. 1 Holders of roe. Aug. 15a
Preferred
34 Sept 1 Holders of roe. Aug. I5a
U.S. Gypsum, common (guar.)
40e. :feet.30 Sept. 16 to Sept. 29
Common (extra)
Sept. 1 Aug. 23 to Aug. 31
61
Preferred (guar-)
154 Sept.30 Sept. 16 to Sept.29
U.S. Hoff Man Mach.. pref. (guar.)...
its *pt. I Holders of rec. Aug. 20
U.S. Realty & 'met.. coin. (guar.)._ _. 2
Sept. 15 Holders of rec. Sept 40
Preferred (guar.)
135 Nov. 2 Holders of roe. Sept 4
U.S.Steel Corp.. common (guar.)
134 Sept.29 Aug. 29 to Aug. 31
Common (extra)
34 sept.29 Aug. 29 to Aug. 31
Preferred (guar.)
Aug.
Aug. 4
U.S. Stores Corp.. 7.4 prior Prof.(qua
;L i Sept.. 29
1 Holders of rec. Aug dl5a
U.S. Title Guaranty Co.(guar.)
2S4 Sept. 15 Holders of roe. Aug. 3Ia
Upson Co., tem.(guar.)
134 Sept. 15 Aug 21 to Sept. 14
Preferred (qua:.)
134 Set. 1 Holders of rce. Sept. 15a
Vacuum 011 (guar.)
50e. Sept.II Holders of rec. Aug. 31
Extra
500. sera. 11 [folders of rec. Aug. 31
Valvoline 011, common (guar.)
134 Sept. 17 Holders of roe. Sept. 12
Van Raalte Co.,first pref (guar.)
135 Sept. 1 Holders of rec. Aug. 18a
Vesta Battery. pref. (guar.)
134 Sept. I Holders of roe. Aug. 200
Vulcan Detinning. pref. & Prof. A (qu,). 1E Oct. 20 Holders of rec. Oct. 9a
Preferred (sect, accumulated diet).Oct.hI
20 Holders of nee. Oct. 90
Wabasso Cotton Co.(guar.)
$1
Oct. 2 IIolders of rec. Sept 15
Waldorf Syetem, common (qua:.)
31 t4e. Oct. 1 Holders of rec. Sept. 20
Preferred & 1st pref.(guar.)
20o. Oct. 1 Holders of rec. Sept.20
Warosutta Mills(guar.)
1(4 Sept. 15 Holders of rec. Aug. II
Warner Bros. Pictures. Clam A (guar.) 374,- Sept. I Helclers of rec. Aug.d17a
Weber & liellbroner, common (guar.). $1
tept.30 Holders of rec. Sept, ISO
Common (12W.)
Dec. 30 Holders of rec. Deo. 16
Ill
Preferred (qual.)
[(4 Sept. 1 Holders of rec. Aug. 17
Preferred (qua:.)
1(4 Heo. 1 Hoidens of res. Nov 16
134 Aug. 31 Holders of rec. Aug. 20
Welch Grape Jules, Preferred ((Mar.)...
Western Grocer preferred
3(4 Ian I'2r 1)ec. 20 to Jan. 1'26
White (J. G.) Company. prof. (quar.)..
1 Holders
Sept.1(4
roe. Aug. 15
White(j. G.) Engineering. pref.(guar.). 1,4 Sept. 1 Holders of
of rec. Aug. 15
White(J.0.) alanagema Corp.. of (qu.) 14 Sept. 1 Holders of rec. Aug. 15
(guar.)
White Motor
sept.30 Holders of rec. Sept.21a
$I
White Motor Securities, pref. (quar.)--- •134 Sept.30 *Holders of rec. Sept.21
White Rock Mineral Sege.. COM.(qu.). 30e. set. 1 Holders of rec. Sept. 22a
Common (extra)
20c. 'set. I Holders of rec. Sept. 22
Common (guar.)
30e. Dec. 31 Holders of rec. Dee. 22
Common (extra)
20e. Dee. 31 Holders of rec. Dec. 22
First preferred (qua:)
14 Oct. 1 Holders of roe. Sept. n
First preferred (guar I
14 Dec. 81 Holders of rec. Dee. 22
Second preferred (guar.)
14 (kg. I Holders of rev. Sept. 2Q
Second preferred (extra)
1
Oct. I Holders of rec. Sept. 22a
14 Dee. 31 [folders of me Dee. 220
Seeond preferred (qua:)
Second preferred (extra)
1
Dec. 31 Holders of rm. Dec.
Woolworth (F. W.) Co.(guar.)
750. Set t. I tioldeis of rec. Aug. 224
lila
Wright Aeronautical Corp.(guar.). _
25e. Aug. 31 Holders of rec. Aug. 170
25e. Sept. 1 Holders of rec. Aug. 20a
Wrigley (Wm.) Jr., &
Monthly
25e. Oct. I Holders of roe. Sept. 190
Monthly
230 Nov. 2 Holders of rec. Oct. 206
250 Dec. I Holders at rev. Nov.200
Monthly
(Rudolph)
Co..
WurlItter
pref.(quar.)_. 2
Sept. 1 Holders of rec. Aug. 20
Oct. 1 Holders of rec. Sept. 7
Yale & Towne Manufacturing (guar.)._ 51
Yellow Cab Mfg.. CIMA H (monthly).. 21o. Sept 1 Holders of rec. Aug. 200
Youngstown Sheet & Tube. oom.
Sept.30 Holders of rec. Sept. 150
$1
131 Sept.30 [Solders of n8c. Sept. 15a
Preferred (guar-)
•From unofecial sources. 1 The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. I The
New York Curb Market Association has ruled that stock will not be quoted oxdividend on this date and not until further notice.
f Annual dividend for 1925 all payable In equal quarterly Installumnts on April 1,
July 1, Oft. 1 1925 and Jan. 1 1926, have been declared as follows: On the common
stook 84 40. quarterly Installment$1 10:prior preference. 7%.quarterly installment
preferred. 7% regular, quarterly Installment
%:Participating
134%;participating
preferred.2% extra,guar. Installment %;Preferred.8%.qua:.Installment
closed for this dividend. d Correction. e Payable in stock.
not
books
Transfer
a
f Payable in common stock. o Payable la scrip. h On account of accumulated
n Payable In Canadian funds.
dividends. m Payable In preferred stock
Dividend is one-fortieth of a share of com,stock for each share corn,stock held.
"changing dividend period from Nov. 1 to Oct. 1.
k payable In Class 13 common stock
W 1Dividend is 10 pence per share. All transfers received In London on or before
Sept. 4 will be In time for payment of dividend to transferee.
o General Electric Stock dividend is one share of special stock for each two shares
of common stock.
r Payable to holders of record July 31
ir Childs Company stock dividends are one share of no Dar value oemmon stock
for each 100 shares no par value common stock held
Weekly
1073
Returns of
New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the Now York City
Clearing House members for the week ending Aug 22. The
figures for the separate banks are the averages of the daily
results.
In the case of the grand totals, we also show the
condition at the end of the week.
actual figures of
NEW YORK WEEKLY CLEARING HOUSE REeet7RNS
Maud Is thenreande of &Ware-that Is. three ateliers WO(S) enstrted
New
(spew I Profits Loans.
Week Endins
DCICOU131
Au,4. 22 1925 -.sta. June 30 lamsState, Juue 30 mente.
woo omitted.) l'r.Coe June so
&e.
Members of F.
Bank of N Y &
Trust Co._
Bk of Manhatn
Mech& Met Nal
Bank of America
National City.
Chemical Na t.
Am Ex-Pac Nat
Nat Bk of Corn.
Chat Ph NB&T
Hanover Nat..
Corn Exchange.
National Park_
East River Nat.
First National_
Irving Bk-ColT
Continental_ _.
Chase National.
Fifth Avenue_ _
Commonwealth.
Garfield Nat'l_ _
Seaboard Nat'l.
Coal & Iron Na
Bankers Trust_
125 Mtge & Tr.
Guaranty Trus
Fidelity-Inter
New York Trus
Farmers L & Tr
Equitable Trui
It
Cash
with
Net
in
Legal Demand
Vault. Deport Deposits
tortes.
Rank
circa
tortes.
Away. leo
Bank. Ammo/ average Ater
4,000 12.519
10.000 14.230
16,280
10,
5,120
6,5
50.000 62.255
4,500 17.166
a7,500 a 12,208
25,000 40,235
13.500 12.554
5.000 24,391
10.000 13.777
10.000 23.761
2.500 2,251
10,000 70,102
17,500 12,869
1,000 1.123
20,000 26,365
500 2.787
600 1,03
1.000 1.686
5.000 8,448
1,500 1.476
20,000 27,999
4.464
3.0
25.000 20.369
2,111 2.140
10,000 19.145
10,000 18,028
23.000 11,685
My
e.wile
Average
$
69.016
888 7.03
52.705 6,717
160.321. 2,611 17,744
130,68) 25,656.
173,211 3,3(8 21,551
161,741 11.841(
80,201 1,894 11,47
4,089
617,701 4,387 68,816 .655,24: 78,184
126.121 1,262 15,166
113,371
5,441
138,09; 1,970 16,849
123,054 10,207
338,219
927 37,242
287.13( 14,640
212,701 2,317 22,2
159.524 40.504
119,944
549 13.665
105,33'
199.660 6,240 24,607
176,09( 29:i69
163,331.
994 16.138
122.64. 10,280
39,611 1,257 3,971
27,83- 10.250
330,223
409 27,108
203,58( 21,370
277,797 2,464 36,060
269,55- 33.736)
7,995
153
848
6.20.
358.77:. 4,281 44.443 5348,45( 18,r2t
25,275
68
3,07
23,89
13,751382 1.317
9,16, 3,805
16.733
608 2.396
16,68
303
110,28n
947 14,415
109,77. 3.497
20,79..
291 2.361,
17.78a
1.901
347,841
809 37.171 *283,76 61,858
58,25.
573 6,551
51.96
5,0
00
1
437.842 1,285 50.014 .466,043 43.50,
21.908
42
2,446
18,1en 1,
176,644
544 21,134
152.893 23,953
145,533
434 15,011 .114,201 21,065
247,262 1.413 28.415 .278,97) 30.057
547
856
348
4,944
_
5.964
3,536
521
4.778
-060
49
412
86.4745,035.091 44,141 569.27 c4,248,950518,13322.942
Total of averages
Totals, actual co ndition Aug 225.053,625 44.907595,184 c4.267.253.519,572123.067
Totals, actual co ndition Aug. In 5.040.123 44,565573,094 c4,256,927 507.02322.708
Totals, actual co ndition Aug. 8 4 997,844 45.133586,173 c4,243,744-500,702 22,609
State Banks Not M ethers f Fed'I Re 'vs Bank.
Greenwich Bank 1,000 2.48
22,189 1,66
2,321
21,646 1,490 _
Bowery Bank_ _
5,470
2
918
365
296
3.005 1,881
99.754 3.962 2.17e
3,50
5.477
State Bank _ _
33.644 62.26q
Total of averages
4.750
8.880
127,413
Totals, actual condition Aug.22 127,928 6,0451 4,732
Totals, actual co ndltion Aug 1., 127.617, 6,119 5.182
Totals, woof condition Aug.
128.162 6,049 4,823
Trust Compiled s Not Members of Fed 'I Res'y e Bank.
62,936, 1,299 4,816
TitleGuar & Tr. 10.000 16,421
3.0[13
23,813;
931 1,891
Lawyers Trust_ 3.1
58.710 66.704
69.211 65.521
59.125 66,483
Total of averages 13.
19,504
Totals, actual co, dition Aug.
Totals, actual condition Aug. In
Totals, actual condition Aug. 8
40,687
19,227
2,11j
1.048
2,230
8.707
69,914
3,161
86.308 2,241
85,7471 2,044
86.650 2,211
6.760
6,729
6,951
59,593
58,877
60,662
3,162
3.160
3,159
86.549
Gedaggr..aref- 26.3 I 514.8605,249,053 52.681580,778 4,367,159586,931 /2,942
Comparison wit prey. week
+17,189-2,2621-4.548 -9.664+14361 +265
Gr'd aggr., act' ond'n Aug.225.267.861 53,193606,678 4,385,556588,435)73.067
Comparison wl h prey. week.. +14,374 • +465+21671 +10.541 +12734 +369
Gr'd
Gr'd
°ea
Gr'd
Gr'd
Gr'd
aggr., ace
aggr.. ad'
aggr., oat
agrr., Gal
aggr..
aggr.. ad'
nd'n
ond'n
ond'n
ond'n
ond'n
ond'n
Aug. 155,253,487
Aug. 85.212,656
Aug. 15,247.902
July 255,184,581
July 18 5,219,414
uly 11 5,251.124
(.2.728585,005
53.393597,947
49.705592,597
94.690640,789
50,802608,294
55.196610.897
4,375,0155715.7002.708
4,363,531 589.344'22.609
4.432.589574.031 22,579
4,368,539571.82372.548
4.398,415571.85722.964
4.430.387 572.902)23.007
Note -U, B. deposits deducted from net demand deposit() in the gapersl total
above were as follows: Average total Aug. 22, 35,424.000. Actual totals Aug. 22,
$5.424,000; Aug. 15, $5,430,000: Aug. 8, $8,079.000: Aug. I. 17.533 000: July 25.
87,925,000. Bills payable. rediscounts, acceptances and other liabilities, average
for the week Aug. 22, 3516,263,000; Aug. 15, $507,888,000; Aug. 8, 5191.988,000;
Aug. 1, $490,205.000: July 25.1497,252,000. Actual totals Aug. 22. 1542,873,000:
Aug. 15, 3522,734.000; Aug. 8, $523,629,000; Aug. 1, $485,739.000; Jute 25, $645.961.000.
• Includes deposits in foreign branches not included in total footings as follows
National City Bank, $139,811,000; Chase National Bank, $11,259,000; Bankers
Trust Co., 812,973,000; Guaranty Trust Co., $87,734,000; Farmers' Loan Os Trust
Co., $4,461,000; Equitable Trust Co.. $67,083,000. Balances carried La banks in
foreign countries as reserve for such deporlta were: National City Bank,817,215,000:
Chase National Bank, $1,536,000; Bankers Trust Co., 5550,000; Guaranty Trust
Co., $3,966,000; Farmers' Loan & Trust Co., $4.461 000; Equitable Trust Co.,
$6,552.000. a As of Aug. 11925. c Deposita In foreign branches not Included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
Sn
Is Vault. Depositaries
Members Federal
Reserve Bank....
State banks•
Trust companies...Total Aug. 22- -- Total Aug. 15....
TotalAug. 8
Total Aug.
Total
Reserve.
Rezone
Required.
Surplus
Reserve.
569,278.000 569.278,000 567,907.490
4,793.0001 10.803,000 10,493,100
6.707,000 8.937.000 8,987,100
1,370.510
309.900
50.100
8,240.000 590.778.000589.0l8.000 587,387,690
8,453,000 585,326,000 593.779,000 588.225,930
8.404,000 585.0(13,000 593.407.000 590.808,020
8,270,000 583.581.000 591.851,000 589,033.820
1.630.310
5,553.078
2.598,980
2,817,188
6,010,000
2,230.000
•Not members of Federal Reserve Bank.
a The lathe reserve required on the net demand deposits in the case of State banks
and trust companies, but In the rase of members of the Federal Reserve Bank
Includes also amount In reserve required on net time deposits, wheal waa an follows:
Aug.22,515,543,990: Aug. 15. 115,116,970; Aug.8.314.923.320: Aug. 1.$15,044.
430; July 25, 515,105,660
Actual Figures.
Reserve
Cash
i's
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank
State banks*
Trust compantestTotal Aug. 22_ _ _ _
Total Aug. IA
Total Aug. 8
Total Aug. 1
[Vox, 121.
TH/43 CHRONICLE
1074
a
Reserve
Required.
Total
Reserve.
Surplus
Boston Clearing House Weekly Returns.-In theifollowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks: MA
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
5
$
595.184,000 595,184,000 570,330,050 24,853,950
209,200
16,567,800
10,777,000
4,732,000
6,045,000
62,050
2,241,000 6,760,000 9,001,000 8,938,950
8,286,000 606,676.000 614,962,000 589,836,800' 25,125,200
8.163,000 585,005,000 593,168,000 588.100.730. 5,067,270
8,260,000 597,947,000 606,207.000 586,449,580 19,757.420
8.098.000 592.587.000 600,685,000 595,638.030 5.046.970
•Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
includes
and trust companies. but In the case of members of the Federal Reserve BankAug. 22,
also amount of reserve required on net time deposits, which was as follows:
515,587,160; Aug.15.516,210.690; Aug:8.515,021,060: Aug. 1,515,157,470;July 25,
515,084.270.
Aug. 12
1925.
Aug. 10
1925.
Changes from
previous week.
Aug. 28
1925.
$
$
$
$
66,800,000 66,800,000
66,800,000 Unchanged
Capital
88.890,000
88,860,000
573,000
Inc.
89,433.000
Surplus and profits
Loans, dIse'te er investments. 965,221,000 Dec. 9,662,000 974,885,000 990,868.000
Individual deposIts,inel. U.S.672,982,000 Dec. 9,764,010 682,746,000 681,109.000
121,573,000 Dec. 7,779,000 129,352,000 133,230.000
Due to banks
558,000 205.142.000 208,178.000
205,700,000 Inc.
Time deposits
44,000 4,335,000 4.694.000
4,379,000 Inc.
United States deposits
Exchanges for Clearing House 22,552,000 Dec. 2,847,000 25,399,000 29,642,000
80,536,000 Dee. 6,771,000 87,307,000 83,729,000
Due from other banks
78,457,000 Dec. 702,000 79,159,000 79,973,000
Reserve in Fed. Res Bank
26,000 9,270,000 9,387,000
Cash in bank and F. R. Bank 9,244,000 Dec.
Reserve excess In bank and
490.000
379.000
325.000
704.000 Inc.
Federal Reserve Bank
State Banks and Trust Companies Not in Clearing
House.-Tho State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return
for the week ending Aug 22, with comparative figures
follows:
as
House
Clearing
the
in
not
New
York City
panies in
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
are 10% on demand deposits and 3% on time deposits, all
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
be kept with the Federal Reserve Bank. "Cash in vaults"
to
Banking
State
Department.)
(Figures Furnished by
is not a part of legal reserve. For trust companies not memPrevious Week.
Aug. 22.
is
51,096,655,100 Dec.53,628,700 bers of the Federal Reserve System the reserve required
Loans and Investments
,
and includes "Reserve with legal
deposits
10%
on
Gold
demand
818,100
Dec.
22,098,400
Currency notes
95,192,900 Dec. 2,231,700 depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York_
1,124,132,200 Dec. 15,915,000
Total deposits
Deposits,eliminating amounts due from reserve decomtrust
and
banks
other
and
from
positaries
panies in N.Y.City,exchanges & U.S.deposits_ 1,075,577,800 Dec. 10,728,400
158,979,400 Dec. 7,182,500
Reserve on deposits
Percentage of reserve, 20.6%.
RESERVE.
589.257.500 15.83%
532,709,100 15.93%
Cash in vault *
26,698,500 4.74%
5.02%
10,314,300
Deposits in banks sad trust oos
$43,023,400 20.95%
Total
5115,956,000 20.57%
* Includes deposits with the Federal Reserve Bank of New York. which for the
State banks and trust eompanies combined on Aug. 22 was $95,192,900.
Banks and Trust Companies in New York City.-The
averages of the Kew York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week EndedApr. 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
Aug. 15
Ana 22
$
6.346,753,200
6,405,646.100
6,427,995,400
6,333,256,700
6,257,736,200
6,285.428.000
6,329,320,400
6,319,885.700
6,336,178.900
6.311,487,200
6,403,112.800
6.353,275.000
6,320,677.200
6.284,570,900
6,302,682.100
8,324.244.800
6,332,147,800
8.345.708.100
*Total Cash
in Vaults.
Demand
Deposits.
Reserve in
DeposUarter.
$
81,268,000 728,551,900
5,519,884,000
90,497.700 749,032,400
5.610.150,900
81,204.700 742.761,100
5.604.093.500
82,201,400 729,894.500
5.523,581,000
80,842,200 720,787,700
5,452.014,500
83,550,000 719,708,300
5,439,376,100
81,243.900 732,827.700
5,508,073,800
83,427,400 726,011,100
5,471.996,200
81,037,200 741,188,800
5,502,440,100
81,431,500 724,783.001.
5.469.225.600
81,367,100 750,531.400
5.598.609,700
85320.100 741,205,700
5.534,240.800
82,246.400 734,107,701.
5.809,425.100
79.116,400 724.866.50C
6,466.216,200
5.472,674.300
79,377,1300 718.669,20(
79,866,100 721,005,00(
5.481,392.100
82,507.800 723,923,101
5,463,129.200
5.442.736,800 '79.454.700 712.983.701
Week Ended Aug. 22 1925.
Two Ciphers (00)
omitted.
Membersof • Trust
F.R.Systens Companies
Capital
Surplus and profits
Loans. insets & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits_
U.S. deposits(not incl.)Res've with legal depos'les
Reserve with F.R. Bank__
Cash In vault'*
Total reserve & cash held
Reserve required
Excess res. .6 cash in vault
541,875,0
126.740,0
819,790.0
32,041.0
104,353.0
140,398,0
589,466,0
94,570,0
824.434,0
55,000,0
16,869,0
47.702,0
386,0
16,0
962,0
27,527,0
2.013,0
30,502,0
2,998,0
64,472,0
9,323,0
73,795.0
64,050.0
9,745,0
1,376,0
4,374,0
4,313,0
61,0
1925
Total.
$446,875,0
143,609,0
867,492,0
32,427,0
104,369,0
141,360,0
616,993,0
96,583,0
854,936,0
4,217,0
2,998,0
64,472,0
10,699,0
78,169,0
88,363.0
9.806,0
Aug. 15
1925.
Aug.8
1926.
546,875.0
143,609,0
870,502,0
33,545,0
105,786,0
146,165,0
619.944,0
96.760,0
862.869,0
4,244,0
3,664,0
63,223,0
10,400,0
77,287.0
68,711,0
8,576,0
$46.875,0
143,609,0
864.971,0
33,524,0
101,018,0
144,563,0
620,323,0
95.758,0
860,644.0
4,759,0
4,174,0
65,891,0
10,304,0
80,369,0
68,862,0
11,507,0
•Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug,26 1925 in
comparison with the previous week and the corresponding
date last year:
Aug. 26 1925. Aug. 19 1925. .Aug.27 1924
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with U.S Treasury_
355,808,000
9,718,000
355.881,000
10,828 000
619,956,000
6,718,000
Gold held exclusively agst. F. R. notes_ 365,526,000
Gold settlement fund with F. R. Board.. 213,930,000
Gold and gold certificates held by bank.., 341,150,000
366,709,000
241,905,000
342,850.000
626,674,000
137,296,000
187,149,000
Total gold reserves
Reserves other than gold
920.606.000
33,522.000
950,964,000
34.240.000
951,119,000
17,158,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations
Other bills discounted
954,128,000
16,623.000
935,204,000
14,954,000
968,277.000
12,614,000
135,152.000
57.682.000
122,736,000
41,679,000
19,973,000
13,761,000
New York C ty Non-Member Banks and Trust Companies.-The following are the returns to the Clearing House
by clearing non-member insti`utions and which are not included in the "Clearing House Returns" in the foregoing:
Total bills discounted
Bills bought in open market '
U. S. Government securitiesBonds
Treasury notes
Certificates of Indebtedness
192,834,000
21,031,000
164,315,000
17,796,000
33,734.000
33,472,000
4,912,000
53,771,000
1,543,000
4,912,000
47,931,000
392,000
4,902,000
133,092,000
39,045,000
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, Three ciphers (0001 omitted.)
Total U. S. Government securities..
Foreign loans on gold
60,226,060
2.835.000
53,235.000
2.835,000
177,039,000
Total earning assets
276,926,000
238.181.000
244,245,000
Uncollected items
Bank premises
All other resources
128,617,000
17.129,000
6,854.000
153,842.000
17,092,000
6,570,000
110.117,000
16,419,000
13,368,000
Loans.
, Net
Capital.' Profits. DisCLEARING
counts,
NON-MEMBERS
i at. bks. Dee. 31 Investtate bks. Nov.15 ments.
Week Ending
dic.
t*. coo. Dec. 31
Aug. 22 1925.
Cash
in
Vault.
Net
Net
Reserve
with Demand Time
tepid Deposits. Deposits,
Depositortes.
Average.
$
$
5,239
4,256
$
1.000
Average Average Average
$
$
$
S
826
45
1,773 11,045
Total
State Banks.
Not Members ef th
Federal Reserve Basil
Bank of Wash kits_
Colonial Bank
I'll
1,77
11,045
45
826
5,239
4.256
200
1,200
543
2,469
8,660
28,700
774
3,031
368
1,623
6.146
25,155
2,468
3,976
Total
Trust Company.
Not Member of th
Federal Reserve Bars
Mech.Tr.,BayOnit
1,400
3,012
37,360
3.80
1,991
31,296
6,444
.11
532
9,040
Members or
Fed'i Res've Ban
Grace Nat Bank...
394
Average
97
3,238
97
.5,979
532
9,040
394
3,238
5,979
2,900
Grand aggregate..Comparison with pr ev. week
5,319
57,445
+99
4,244
-122
2,914 a39,773
+973
+11 1
16,679
-29
2,900
2,900
2.900
o onn
5,319
5,319
5.319
57,345
56,671
55,498
4,366
4,084
4,105
A010
SR OdO
A 1,,
2,795 a35,: ii
2,899 a38.87
2,660 a37,968
0 701 oR52 ACES
16,705
16,760
16.815
id ,cn
Total
Gr'd aggr., Aug.1
Gr'd agar.. Aug.
Gr'd aggr., Aug. 1
Gr'd aggr.. July 25
, II
a United States dePosIts deducted, $29,000.
BMs payable, redkuounts, acceptances and other liabilities. S1,608.000.
Eseees Deserve, 5605,010 decrease.
I 400,277,000 1,415,843,000 1,365,040,000
Total resources
LiabilitiesFed'I Reserve notes in actual circulation_ 338.702,000
837.535.000
Deposits-Member bank, reserve acc't
5.580.000
Government
14,293,000
Other deposits
339.565,000
833,726,000
5,431,000
14,425,000
311,733,000
836,751,000
8,247,000
23,507,000
857,408,000
110,323,000
31,866,000
58.749,000
3.229,000
853,582,000
129,012.000
31,861,000
58,749,000
3.074,000
868,505,000
93,096,000
30,189,000
59,929,000
1,588,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
I 400,277,010 1,415,843,000 1,365,040,000
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondents
79.8%
82.6%
7,870.000
7,855,000
82.0%
es*
8,083,000
CURRENT NOTICES.
trustee
-The Central Union Trust Co. of New York has been appointed
for the Prudence Bonds Corp. 85,000,000 1st Mtge. Coll, bonds, sixth
series, dated July 1 1925.
-Boyd, Evans 8: Devlet, specialists In Federal and Joint Stock Land
Bank Securities, have prepared a folder showing the consolidated statement
of condition of the Joint Stock Land Banks as of July 31st. Copy of this
folder may be had by those interested.
Aug. 29 1925.]
THE CHRONICLE
1075
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,Aug. 27,and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 1038, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS AUG.20, 1925.
Aug. 261925. Aug. 191925. Aug. 12 1925 Aug. 5 1925. July 29 1925. July 22 1 3.:5 July 15 1925. July 8 1925. Aug. 27 1924
RESOURCES.
' $
3
$
$
$
$
1,444,444,000 1,437,985,000 1,447,740,000 1,436,480,000 1.447,958.000 1,456,802,000
Gold with Federal Reserve agents
54,343,000
Gold redemption fund with U.S. Treas.
64,433,006
50,682,000
55,694,000
52,473,000
57,715.000
$
$
$
1,472.241 1.461,028.000 2,059,620.000
43,314,000
47,706.000
51,384.000
Gold held exclusively agst. F.R.notes. 1,498.787,000 1,502,418.000 1,503,434,000 1.494,195,000 1,498,640.000 1.509.275.000 1,523.625.000 1.508,734,000 2,102,934,000
Gold settlement fund with F. R. Board. 665.842.000 633,307.000 675.046,000 686,989,000 687.023,000 688.785,000 675,710.000 678,327,900 608,095.000
Gold and gold certificates held by banks. 597,524,000 609,481,000 599,130,000 596,830.000 605.421.000 592,790,000 591,266,000 597,200,000 404,238,000
11
Total gold reserves
Reserves other than gold
2,762,153,000 2,775,206,000 2,777,610,000 2.778.014.000 2,701,084.000 2.790.850,000 2,790,601,000 2,784,261.000 3,115,267,000
125,374,000 130,218,000 133,082,000 136,289.000 145,549.000 143,996.000 144,769,000 139.493,000
87,116,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
2,887,527,000 2,905,424,000 2,910,692,000 2,914,303.000 2,936,633,000 2.934,846,000 2,935.370,000 2.923,754,000 1.202,383,000
51,416,000
50,309.000
44,469,000
56,209,000
56,932,000
50,557.000
49,699,000
55,917.000
49,756.000
310,690,000
268,985.000
290,432.000
269.051,000
289,251,000
248,933.000
303,260,000
240,577,000
248,235.000
220321,000
230,032,000
212,490,000
237.540.000
217,199.000
230.270.000
220,061.000
77,938,000
184,622,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
579,675,000
201,519,000
559,483,000
195,309,000
538,184.000
211,659,000
543,837,000
211,972,000
468,356,000
210.476.000
442,522.000
224.525,000
454,739,000
231.329.000
450.331.000
240.711.000
262,560,000
49,289,000
69,688.000
230,255.000
32,306,000
69,188,000
224,699,000
29,373,000
89,047,000
226,374,000
33.159,000
69,441,000
229,071.000
34.982,000
69,406.000
225,787,000
34,967,000
68,905.000
231,290,000
35.109,000
68,777.000
242,365.000
33,335.000
68.556.000
241.683.000
28.7224)00
32,391.000
391,489,000
117.746,000
Total U. S. Government securities
Foreign loans on gold
All other earning assets
332,249,000
10,500.000
2,350.000
323,260,000
10.500,000
2,350,000
328.580,000
10,500,009
1,850.000
333,494.000
10,500,000
1,850.000
330.160.000
10,500.000
1,850.000
335.304,000
10,500,000
1,850,000
344,477.010
10.500,000
2,250,000
336.961,000
10,500.000
2.250.000
541,626,000
Total earning assets
Uncollected Items
Bank premises
AU other resources
1,126,293,000 1,090,902.000 1,090,773.000 1.101,653,000 1,021,342,000 1,014,701,000 1,043,295,000 1.042,753.000
579,518.000 664,573,000 647,738,000 592,665,000 583,542,000 644,018,000 746,725.000 683.338.000
61,180,000
61,210,000
60,562,000
60,397,000
61,114,000
60.975,000
60,383.000
60.326.000
21,983.000
21,849,000
21,817.000
21,591,000
21,814,000
21,764,000
21,425.000
21,618.000
855,225,000
511,052,000
59.292,000
31,932,000
Total resources
LIABILITIES.
F. B.. notes in actual circulation
DepositsMember banks-reserve account
Government
Other deposits
4,727,947,000 4,794,237,000 4,782,688,000 4.741,116.000 4,679,813,000 4,732,485,000 4,863,407,000 4,781,488,000 1.704,353,000
2,183,487.000 2,183,668.000 2,179,668,000 2,211,753,000 2,152,867,000 2,160,748.000 2,195,601,000 2,147.100,000 2,082,481,000
28,688,000
28,667,000
13.963,000
31,191,000
33,023,000
10,907,000
21,110.000
13.282,000
28.201,000
24,363,000
24,858,000
25,008,000
26,603,000
25,380.000
27.366.000
25,194,000
26,013.000
34,860.000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,236,538,000 2.237,193,000 2,236,239,000 2,265,967,000 2,200,580.000 2,199,719,000 2,231,702.000 2.187,748.000 2,150,364,000
528,297,000 594,188,000 582,794.000 524,173,000 535.323,000 582,450,000 660,047,000 596.809.000 468,103,000
116,324,000 116,313,000 115.816,000 115,677.000 115.706,000 115,715.000 115,601,000 115.617.000 112.014,000
217.837,000 217,837,000 217,837.000 217,837,000 217.837.000 217,837,000 217.837.000 217.837.000 220,915,000
13,064,000
12,517,000
12,248,000
11,550,000
11.249.000
11,970,000
12,324,000
11.187.000
11,905.000
1,750,000
1,615,887,000 1,616,189,000 1,817,678,000 1,605,557,000 1,598,397,000 1.605,214.000 1,626.971.000 1,652,290,000 1,740,709,000
Total liabilities
4,727.947,000 4,794,237,000 4,782,688,000 4,741,116,000 4.679.813.000 4.732.485.000 4,863.407.000 4.781.488.000 4.704,353,000
Ratio of gold reserves to deposit and
F. B.. note liabilities combined
71.6%
72.0%
72.0%
73.4%
73.3%
72.5%
71.7%
72.5%
80.1%
Ratio of total reserves to deposit and
75.4%
F. R. note liabilities combined
75.0%
75.5%
77.3%
77.1%
76.1%
75.3%
78.1%
82.3%
Contingent liability on bills purchased
for foreign correspondents
31,113.000
31,128,400
31,186,000
32,165.000
31,961,000
35,576,000
28.280,000
31,508.000
37,829,090
Distribution by Maturities1-15 day bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness.
1-15 days municipal warrants
16-30 days bills bought In open market
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness.
16-30 days municipal warrants
31-60 days bills bought in open market.
31-60 days bills discounted
31-60 days U. B. certif. of indebtedness.
81-60 days municipal warrants
61-90 days bills bought In open market.
61-90 days bills discounted
61-90 days U. S. certif. of Indebtedness.
si-oo days municipal warrants
Over 90 days bills bought in open market
Over 90 days bilis discounted
Over 90 days certif. of I ndebtedness_ __.
Over 90 days municipal warrants
s
$
$
$
s
$
$
$
$
62,084,000
438,256,000
4.280,000
59,057,000
404,336,000
3,247.000
84,744,000
401,591,000
6,767,000
83,143,000
405.914.000
7,403,000
81,065.000
338,833,000
7,106.000
86,910,000
315,279.000
7.386,000
86,525.000
329.937,000
5,780,000
82,609.000
322,798.000
1,360,000
10,906,000
132,499,000
37,205,000
27,981,000
17,144,000
38,188,000
30,423,000
15.846,000
34.767,000
26,940,000
36,621,000
27,632.000
45,793.000
25,586,000
53,058,000
24,911.000
49,642,000
25,308.000
25,661,000
54,451.000
9,006,000
28,218,000
53,601,000
62.041,000
2,000,000
49.027,000
64,961,000
1,625,000
43,359,000
54,683,000
17,017,000
45,745,000
52 825.000
19,081.000
44.508,000
42.796.000
16,098.000
46,117,000
41,832,000
16,235,000
57.293,000
40,305.000
62.894.000
41.464,000
8,261,000
58,153,000
36,469,000
39,568.000
37,905.000
44,151,000
38,627,000
39,236,000
34,289.000
40,603,000
29.720,000
39,758,000
3,022,000
29,833,000
38,386,000
3,022,000
26.998.000
32,501,000
15,812,000
32,453,000
33,204.000
19.210.000
12,794,000
36,348,000
12,160,000
11.849,000
8,882,000
11,132,000
15.612.000
8,655,000
10,162,000
15,734.000
9,375,000
12,174.000
16,863,000
8,498,000
9,390,000
21,383,000
8,741,000
8,607,000
22,114,000
8,376.000
10,871,000
26,688.000
11,743.000
8,304.000
27.204.000
7.652,000
8,322,000
17,342,000
117,746,000
F. R. notes received from Comptroller
F. R. notes held by F. R. Agent
2,903,605.000 2.907,445,000 2,908,412,000 2,902,676,000 2.920,284,000 2.926,058,000 2.944.876.000 2.937.365,000 3,160,847,000
992,998.000 1,000.504,000 999.298,000 989,432,000 1,003,636.000 1,004,116,000 1,012,796,000 1.001.026,000 928,645,000
Issued to Federal Reserve Banks
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible Parer
1,915,607.000 1,906,941,000 1,909,114,000 1,913,244.090 1.916,648,000 1,921.942,000 1.932.080.000 1.936.339.000 2,232,202,000
309,098.000 307.501,000 306,901,000 308,028,000 306.551.000 307.151,000 307,151,000 287.191.000 331,504,000
101.659,000 105.034,00C 106,702,000 108.506.000 105,103,000 102,653,400 111,784,000 100.560.000 107,736,000
1,033,687,000 1,025,450,000 1,034,137.000 1.019.946,000 1,036.364.000
1.053,306.000 1.073,277.000 1,620,380,000
747,811,000 719,937.000 713.039,000 721,028,000 637,137,000 1.046.998,000
633,349,000 650,135,000 656,210.000 302,433,000
2,192,255,000 2.157.922,000 2.160.779.000 2,157.508.000 2.085.005.000 2.090.151.000 2.122.378 0(10 2.117.233 Ann 2.362.053.000
Total
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG.26 1925.
Two ciptere (00) omitted.
Boston
New York. Phila. Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan. City
Federal Reserve Bank ofDallas. San Fran
Total.
-RESOURCES.
$
$
$
$
$
s
$
$
$
$
$
$
s
Gold with Federal Reserve Agents 154,062,0 355.808,0 133,848,0 183,131,0 34,526,0 107,879,0 135,139,0 14,931.0 45,234,0 50,739.0 29,719,0 199,428,0
1,444,444,0
9,718,0 14,634,0 3,438,0 2,444,0 2,680.0 5.731,0 2,064,0 2,362,0 4,089.0
Gold red'n fund with U S. Treas. 3,437,0
1,758,0 1.938.0
54.343,0
Gold held Intel agst. F.R.notes 157,499,0 365,526,0 148,482,0 186,569,0 36,970,0 110,559,0 140,870,0 16,995.0 47,596,0 54,828,0
31,477.0 201,416,0
Gold settle't fund with F. It. B'rd 45,062,0 213,930,0 41,587,0 76.608.0 38.447,0 24,099,0 113,513,0 6,708,0 16,760,0 40,359,0 11.099,0 37,670.0 1,498,787,0
665.842.0
30,045,0 341,150,0 21,619,0 44,579,0 6,850,0 3,504.0 97,160,0 12,535,0 7,502.0 3,255,0
Gold and gold certificates
5,335,0 23,990,0 597,524,0
232,606,0 920.606,0 211,688,0 307,756.0 82,267,0 138.162.0 351,543,0 36,238.0 71,858,0 98,442,0
Total gold reserves
47,911,0 263,076.02,762.153,0
12,697,0
33.522,0 6.029,0 6,225,0 4,237.0 9,320,0 16,026,0 16,987,0 1,738,0 4,267,0
Reserves other than gold
8.906,0 5,420,0 125,374,0
Total reserves
245,303,0 954,128,0 217,717,0 313,981,0 86.504,0 147,482,0 367,569,0 53.225,0 73,596,0 102,709,0 56,817.0 268.406,02,887.527.0
4,955,0
16,623,0 1,131,0 2,265,0 3,352,0 3,329,0 8,067,0 3,418.0 1,175,0 2,260,0 2,350.0 2,491,0
Non-reserve cash
51,416,0
Bills discounted:
See. by U.S. Govt. obligations 13.673,0 135,152,0 28,226,0 32,642,0 14,348,0 8,878.0 35.080,0 8,596,0 2.380,0
710,0 2,520,0 28.485,0 310,690,0
discounted
21,834,0
57,682,0 20,280,0 20,519,0 37,348,0 27.999.0 22,816,0 22.435.0 5,053,0 5,930,0 8,980,0 18.109.0 268.985,0
Other bills
35,507,0 192,834,0 48,506,0 53,161,0 51,696,0 36.877,0 57,896,0 31,031,0 7,433,0 8,640,0 11,500,0 46,594,0 579,675,0
Total bills div unted
en market._ _ 27,600,0
21.031,0 15,178,0 18,360,0 4,858.0 12.515,0 24,077,0 12,175,0 20,457,0 16,506,0 9,012.0 19,750,0 201,519,0
Bills bought In
U.S. Government securities:
557,0
4,912,0
Bonds
611,0 8,746,0 1,486,0 1.665,0 20,965,0 3.273,0 8,149,0 9.129,0 7,733,0 2.462.0
69.688,0
499,0
53,771,0 17,207,0 11,571,0 4,019.0 11,296,0 19,117,0 27,227,0 7,752,0 20.295,0 21,267,0 36.234.0
Treasury notes
230.255,0
1,543,0
7,491.0
54,0 10,331,0
Certificates of indebtedness_
39.0 1.420,0 2.896,0
368,0
77.0 2.713.0
279,0 5,095.0
32,306,0
8,547,0
60.226,0 17,872.0 30.648.0 5.544.0 14.381.0 42.978.0 30.868.0 15.978.0 32 137.0 29.279.0 45 701 a R29 940 A
Total 17. S. Govt. securities_
(Vote 121.
THE CHRONTOLE
1076
RESOURCES (Conctuded)Tito ciphers (00) omitted.
Boston.
$
777.0
Foreign loans on gold
All other earning assets
72.431,0
50.603.0
4.190.0
111.0
Total earning assets
Uncollected Items
Bank prernist
All other resources
New York.
$
2,835.0
Phila. Cleveland
$
976,0
2,350,0
Richmond
$
1,124,0
$
557.0
•
Atianta. Chicago. St. Louis Ifinneap Kan.(IV Dallas. !San Fran.
5430.0
$
1,449,0
a
483.0
$420,0
$346,0
$368.0Ii s735.0
I
TOMS.
$
10,500,0
2.350,0
276,926.0 84.882,0 103.293,0 62.655,0 64,203.0 126,400,0 74,557.0 44,214,0 55,703.0 50.159.0 110.870,0 1.126,293,0
128,617,0 54,438,0 53,678.0 50,527.0 32,567.0 75,035,0 29,992,0 12,937.0 35.536,0 21.951,0. 33,632,0 579,518.0
61,210A0
17.129.0 1,218.0 7,948,0 2.446.0 2,780.0 8.099.0 4,702,0 3,047,0 4,495,0 1,833,01 3,323,0
21,983,0
721,0 1,540.01 4.385.0
591.0 2,430.0 1,325.0
422,0
346,0 2,987,0
271.0
6.854.0
377,598,0 1,400,277.0 359.657,0 181,587,0 .106,075,0 252.791,0 186,495,0 160,240,0 137,956,0 201,424.0 134.650,0-423,197.0 1,727,947,0
338.702,0 145,603.0 216.525,0 69,606,0 135.088,0 144,774.0 40.762,0 61,910,0 63,719,0 40,970,0 198,215,0 1,615,887,0
.
Total resource,
F.R. notes In actual circulation_ 160.033,0
Deposits:
Member bank-reserve acct.. 141.187,0
1,312,0
Government
280.6
Other deposits
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
142,779,0
49,268.0
8.601,0
16.382,0
535.0
837.535,0 129.928.0 176,586,0 65,454.0 75,597,0 326,561.0 75.660.0 50,499,0 89,274.0 58,009,0 159,197,0 2.183,487,0
28,688,0
817.0 3.888,0 1.422.0 1,386.0 1.237,0 2,302.0
5,580.0 2,587.0 1.993,0 3,405.0 2,761,0
24,363,0
248,0
117,0 4.507.0
123,0 1,050,0 1,084.0
206,0 1.101.0
268,0 1.086,0
14,293.0
857.408.0 132.783,0 179,665,0 69,107,0 78,481,0 328,428,0 80,630,0 52,127.0 91,761,0 57,363,0 166,006.0 3.236,538.0
110,323.0 49.278,0 48.839,0 48,756.0 24,847,0 65,596,0 29,082,0 12,153,0 32,106.0 23,640,0 34,409,0 528,297.0
31,866,0 11.507,0 13.052,0 5,971,0 4,582,0 15,607,0 5,126,0 3,199.0 4,307,0 4,318,0 8.188.0 116,324,0
58.749,0 20,059,0 22,462,0 11,701,0 8,950,0 30,426,0 9,071,0 7,497.0 8,977.0 7,592.0 15,071,0 217,837,0
13.064,0
767.0 1.308.0
863,0 1,664.0
934.0
554.0
669.0 1,070.0
427,0 1,044,0
3,229.0
377,598,0 1.400,277,0 359,657,0 181,587.0 206,075,0 252,791.0 586,495,0 166,240,0 137,956.0 201,424,0 134,650.0 423,197.0 1.727,947,0
75.0
73.7
66.1
62.4
57.8
69.1
64.5
79.3
43.8
77.7
78.2
79.8
81.0
Total liabilities
ernoranda
Reserve ratio (per cent)
Contingent liability on bills Our
chased for foreign correspond.t. 2,358,0
F. R. notes on band (notes ree'd
from F. R. Agent less notes In
circelation
18,636.0
2,230.1
31.128.0
4,397,0
1,466.0
1.051,0
1,274.0
1,115,0
116,909,0 38,772,0 14,459,0 13,959.0 20,671,0 12,418.0
4.979.0
3.978.0
7.564,0
6.578.0 40.797.0 299,720.0
7,870.6
2.963,0
3,409.0
1,689,0
1,306,0
FEDERAL RESERVE NOTE ACCOUNTS OP FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS AUG. 26 1925.
Federal Reserve Agent at-
Boston
$
(Two Ciphers (00) Omlued.)
F.R. notes reed from Comptrar 276,549.0
F.R. notes held by F.R. Agent_ 97,880,0
New York
Phila.
Cleveland Richmond Atlanta
$
s
$
$
Chicago St. Louis
$
$
minis.
Kan. City
Dallas
San Fr.
Total
$
$
$
$
$
$
770,231,0 219,775,0 274,584,0 109.504,0210.039.0 125,649,0 70,101,0 85.135,0 99,016.0 65.910,0301.812.0 2,908,605.0
314,620.0 35,400,0 43.600,0 26,239,0 54,300,0 268,457,0 24,360,0 19,247,0 27,733.0 18,362.0 62,800.0 992,998,0
F.R. motes issued to F.R. bank 178.669.0 455.611.0 184.375,0 230.984,0 83,565,0 155,739,0 157.192,0 45,741,0 65,888,0 71,283,0 47,548,0 239,012,0 1,915,607.0
Doltateral held as security for
.
F.R. notes berried to F.R. Bk.:
309,098,0
18,733,0
11.775,0 13.052,0
Gold arid gold certificates.- 34.700,0 186.698,0 5,200.0 8,780,0 21,160.0 9,000,0
28,110,0 11,759,0 14,351,0 4,071,0 5.879,0 4,494,0 1,656,0 1,182,0 3,379,0 3.486.0 12,930,0 101,659,0
10.362,0
Gold redemption fund
1,033,687.0
31,000,0
186.498,0
47.360,0
7,500,0
9.295,
93,000,0
160,000.0
1,500,0
130,645,0
116,889,0
109,000,0
141,000.0
Board....
Geld tumid-F.R.
63.107,0 188,156,0 57,751,0 70,815,0 55,993,0 49,324,0 81,871,0 43,177,0 27,776,0 23,074.0 20,504,0 66.263,0 747,811.0
gligIbie paper
217 ten n 543.9114.0 191.599.0 253.948.0 90.519.0 157.21)3 n 217 010 0 50 loan 73 010 n 73813.0 NI 992 n 9AA not 09 109 9AA 0
Total naltaterai
Weekly Return for the Member Ranks 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. These figures are always a week behind
Aloe* for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 1038
1. onto for all reporting menthe, banks Is each Federal R
Boston. New York
Federal Reserve District.
Total Investments
Three ciphers (See) omitted.
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Adinneay. Kan. City Dallas. son prose.
Total.
100
33
25
71
49
3
5,577
130.500
370,728
$
$
7,337
29,718
92.917 794,616
386,797 1,232,884
3
7,025
170,403
311,066
$
2.410
66,902
162,210
3
3.421
121,162
335,888
$
3,140
77.717
208.517
506,805
487,051 2,057,218
289,374 1.115.922 13,373,319
55
75
73
$
12,721
329.650
380,188
$
18,743
493.642
761,743
966,578 4.776,157
722,559 1,271.168
9.941 '39834
80,986 605,383
20,450 197,645
4,542 192,636
40.889
2,110
210,432 1,141,024
9.690
50,820
18.038
8.012
6,549
259,833
32.325
l/1,616
33,676
36,339
11.537
354,929
328,461 2,217,411
352,942
640.682
42
102
Number of reporUng banks
$
8
Loans and discounts, gross:
64,575
' 10.177
Secured by (2.8. Gov't obligati
322,332 2.244,493
Secured by stocks and bonds
All other loans and discounts-- 634.069 2,467,089
Total loans and discounts
Investments:
U.8. pre-war bonds
U.S Liberty bonds
U. Et Treasury bonds
U.S. Treasury notes
U.S. Treasury certificates
Other bonds. Mocks and securities
Phila.
District at close of business Aug. 0 11125
36
25,588
14.883
34,843
13,365
5.216 - 5.644
2.008
2,345
1,482
2.146
62,165
48,059
131,302
86,442
488,494
231,522
480,471
17,606
172.913
53.769
72,764
7,799
420,919
12,707
22,735
11.475
6.480
504
111,081
6,896
25,657
12,308
19.410
2,581
43,138
9.010
48,969
17,712
17.458
4.028
78,541
745,770
164.982
109,090
175,718
Total loans and Investments_ _. 1.295,0390.993,868 1,075.501 1.911.850 638,107 573.493 2,802,988 653,470
37,726
43.371
42,523 250.878
80,556 125,795
92.960 745.787
Reserve b 'lances with F. It Bank
13.269
11.234
28.287
6,869
14.857
48.891
75,434
19.453
Cash In vault
882,921 5.520,830 7543,552 1,017,435 355,207 342,965 1.790,116 377,041
Net demand deposits
369.413 1,188,711 180,555 756,802 201.882 201,794 976,857 207,245
Time deposits.
9,446
1.815
1,304
4,990
3,787
10,915
7,862
4.053
Government deposits
Bate mule redlec. with F R Bk.:
20,459
4.137
3,980
4,374
32.014
10,823
108.826
3,844
obligations
Gov't
U.S.
by
Bemired
16,530
17,211
12,031
10,117
14,305
11,920
16.492
30,648
All other
Bankers' balances of reporting meinbet banks In F. R. Bank cities:
30.360
51.612
81,110
23.037 364,950
117.364 1.000,050 171,643
Due to banks
25,146
15.133
24.883
12,599 158.969
55,099
97.168
43.602
Due from hanks
341,512 636.189
55,219
26.750
12,075
5,736
222,165 516.383
99,765 140,804
487
914
728
8
$
173.242
8,398
240,291 5,089,665
859.233 8.110,412
67
17.090
17,854
7.192
8.360
2,370
21,953
219,469
23.89!
142,149 1,387,650
432,532
49,407
396,097
25,743
16.94.
98,940
191,474 2,943,548
74,819
449.617 5,478,138
364,193 1,565,539 18,851,455
28,322 106,484 1,636,351
266,519
9,864
20,730
254,833 774,312 12,810,743
95,645 775.702 8,194,979
2,083
3.983
51.639
4,715
1,330
1,223
1,183
337
2,432
47,672
17,341
107.560
42.476
24.680
20,508
24,700
3,712
219.492
138.001
108,579 2,128.617
562.519
51,595
3 Data of reporting member banks in Ness York City. Chicago. and for whole coons's.
AU Reporting Member Basks.
Reporting Member Banks In N
Y. City
Reporting Member Banks In Chicago.
Aug. 191025. Aug.121925. lug.201924. Aug. 191925.Aug. 121925. Aug.20 1924. Aug. 19 1925. Aug. 121925. 4tif. 201924.
46
46
48
67
747
61
,
61
728
728
Number of reporting banks
8
8
•
3
$
$
$
$
$
8
Loans and discounts gross:
22.288,000
21,440.000
73,762,000
26,217,000
193,644,000
59.550.000
58,129,000
172.938,000
173,242,000
Secured by U. S. Govt. obligations
5.089.665,600 5.085,282.000 4,315,746,000 1.997,796.000 1.988,825.000 1,792,118,000 599,985,000 593,882.000 502,364.000
Secured by stocks and bonds
8.110.412.00u 8,112.743,000 7.941,846.000 2,157.236,000 2,171,248,000 2,247,960,000 683,836.000 682.143,000 717,747,000
All other loans and discounts
13.370,961,000 12,451,236,000 1,214,582,000 4,218,200,000 4,113,840.000 1,306,109.000 1,297,465,000 1.245,328,000
13.373,319.000
Total loans and discounts
lavestmente:
1,916.000
4,133.000
40,689.000
1,916,000
268,880,000
29,098,000
29,098,000
218.729,000
219,469,000
U. B. pre war bonds
74,983.000
90,617,000
89,880.000
1,387,550.000 1,387,971,000 1.358,748,000 506.719,000 509,053,000 563.968,000
U S. Liberty bonds
19,448.000
3,520.000
11.709,000
22.356.000
64,704,000 182.198,000 181,110.000
434,928,000
432.532.000
U.S. Treasury bonds
57,980.000
88,515.000
57,787,000
647,687,000 180.755,000 179,769,000 315,341.000
396,097.000 *400,648.000
U. S. Treasury notes
5,757,000
3,165,000
3,371.000
38.750.000
102.456.000
38.198.000
*102,016,000
37,933,000
, 98,940,000
II El Treasury eertifleates
178,846.000
Other bonds, stocks and securities 2.943,548,000 2.937,265.000 2.624.899,000 854.184,000 854,083.000 792,640,000 188,370,000 188.527,000
5,478.136,000 5,481.555,000 5.067,374.000 1.791.152.000 1.791,046.000 1,783,097,000 361,496,000 363,837,000 355.754.000
Total Investments
Total loans and Investments._ 18.851,455,000 18,852,516,000 17,518,610,0006.005.734,000 6.009,246,000 5.876,937.000 1,667,605,000 1,681.302.000 1,601,082.000
172,230.000 169.183,000
Reserve balances with F. R. banks._ 1,636,351,000 1,634.504.000 1,595.677,000 690.187,000 680,133.000 687,282,000 167.049.000
27,155,000
22.879,000
62,194,000
23,636.1100
270.777.000
60,340,000
64,126.000
281,245.000
266,519.000
Cast In yard'
12.810.743,000 12.902,589.000 12.418.613,000 4.979,868.000 5.010,578.000 5,057,512.000 1,179.102.000 1.189,403.000 1,184,924,000
Net demand deposits
5,194.979,000 5,182.554.000 4,551.441.000 795.949.000 783,210,000 721.450.000 472,737,000 470.894.000 394,503,000
Time depood En
6.324,000
5,645,000
5,640,000
16,546.000
95.604,000
6,171.000
52,440.000
6.171,000
51.639.000
Government denoting
Bile payable and rediscount(' with
Federal Reserve Banks:
175,000
8,965.000
1,601,000
2,025,000
19,769.000
86,265.000
217,914.000
94.700,000
219,492,000
Secured by U. S. Govt. obligations
1,500,000
980,000
5,223,000
5,945,000
40.771,000
27,188.000
122,052,000
25,952,000
138,001,000
All other
-- 1.675.000
9 SRI MO
14.91n 1101)
7 245 000
60.540 000 113.453.000 120 659 nnn
220 AM 000
2F7 4020011
Tem!borrowings from F R bk.
• Revised figures.
Auo. 29 1925.]
THE CHRONTCLE
1077
To-day's (Friday's) actual rates for Paris bankers' francs were 4.62% @
4.63% for long and 4.67%@4.65 for short. German bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers' guilders were
39.83 for long and 40.19 for s,lort.
Exchange at Paris on London 103.43 francs; week's range. 103.22 francs
Friday Night, Aug. 28 1925.
high and 104.10 francs low.
The range for foreign exchange for the week follows:
Railroad and Miscellaneous Stocks.-The review of the
Sterling ActualSixty Days. Cheques.
Cables.
Stock Market is given this week on page 0000.
High for the week
4 82 3-16
4 85 7-15
4 85 13-16
The following are sales made at the Stock Exchange this Low for the week
4 8134
4853.4
4853.4
Paris Bankers' Francsweek of shares not represented in our detailed list on the High
for the week
4.66
4.72
4.72
pages which follow:
Low for the week
4.60
4.6634
4653.4
Germany Bankers' MarksHigh for the week
23.81
23.81
STOCKS.
Sales
Range for Week.
Range Since Jan. 1.
Low for the week
23.81
23.81
Week Exiled Awl. 28. for
Amsterdam Bankers' GuildersWeek
Lowest.
Highest.
Lowest.
Highest.
High for the week
39.85
40.31
40.29
-- Low for the
week
39.80
40.26
40.24
Par.Shares $ per share. $ per share. 5 per share.$ per share.
DOMESTIC EXCHANGE.-ChIcago, par. St. Louis, 150625e- pw
Railroads.
I
5% Aug 25 614 Aug 2/
Bruns Ter & Sty See 100 1,6
3
Feb 8% Aug 31.000 discount. Boston. par. San Francisco, par. Montreal, 1.3125
V 57% Aug 27 5714 Aug 2'; 56
_100
Canada Southern
Jan 59
May Per $1,000 premium. Cincinnati, par.
301, 104% Aug 24 105% Aug 29 931(3 Aug 105% Aug
Mies & Ohio ctis_ _ _ _100
United States Liberty Loan Bonds and Treasury
Duluth S ri & ALI pref 100 40
334 Apr 6% Jan
514 Aug 25 6% Aug 27
201 32% Aug 26 32% Aug 2( 25% July 3334 Aug Certificates on the New York Stock Exchange.-Bolow
100
Erie cgs
200 6014 Aug 26 6034 Aug 2( 60% Aug 62% July
Erie & Pittsburgh-.- -50
we furnish a daily record of the transactions in Liberty Loan
M St P &SS M leased
101 60 Aug 2' 60 Aug 25 57% June 63
100
bonds and Treasury certificates on the New York Stock
line ctfs '
Feb
16 7934 Aug 26 7934 Aug 261 77% Jan 8034 July
50
Morris & Essex
Exchange. The transactions in registered bonds are given
700 414 Aug 2/. 4% Aug 2( I 3% Apr 6
Nat Rye Moo 1st pref 100
May
201 9114 Aug 21 91% Aug 2; I 89% July 91% Aug in a footnote at. the end of the tabulation.
N Y Chic &St L ctfs..100
•
101 9% Aug 2/ 9% Aug 2; 8% Aug 12 June
NY Rye Pr ctfs
I :62 Aug 2; 162 Aug 2; 162
Part etts
Aug 294
May Daily Record of U. S. Bond Prices. Aug.22 Aug.24 Aug.25 Aug.26 Aug.27 Aug.28
100
10. 24 Aug 2( 24 Aug 2( 20
Pacific Coast
Aup 38
Mar
10 82 Aug 24 82 Aug 24 82
Pere Mare Pr Pr ctfa 1 I
Aug 82
Aug First Liberty Loan
(High 100..32 100..3 1002.31 100"ss 100.731 100"ra
100
1 139% Aug 25 139% Aug 2/ 139
Preferred
Ja 142
May
334% bonds of 1932-47_4 Low. 100..,3 100"ss 100..s3 100"ss 100..3 100"n
3,70( 17% Aug 25 19% Aug 21 16% Aug 24% Jan
Reading Rts
(Clow 100..n 100.532 100..ss 1002.33 100.4 100"ss
(First 334s)
301 (00 Aug 25 10054 Aug 25 94% Jan 10034 July
Twin City Rap Tr Pr 100
2
13
Total sales In $1,000 units. _.
1
1
a
7
____
____
____
____ • ___,
____
Converted 4,
7 bonds of 11110
Industrial & Misc.
_50
20( 58 Aug 24 56 Aug 26 5314 Jan 58% June
Am. Bk. Eta
Total sales in $1.000 units_._
____
____
____
__
_
__
__ __
20 60 Aug 2; 61 Aug 27 48
Am Repub16.33.
Jar 76
June
Converted 4 %% bonds I II I g h 102"3, 10203, 102.32 1020n
102.ss 102',,
1 145 Aug 22 145 Aug 22 138% Ap 150% Feb
100
American Snuff
of 1932-47 (First 4%s)i Low. 102.,, 102.ss 102.31 102.31 102.n 102.3s
1
American Snuff prof.100
1.00 Aug 2 100 Aug 25 98% Mar 102
June
(Close 102... 102.31 102.3s 102.ss 102.ss 102.11
50 1531( Aug 2 17% Aug 27 15 Jun 1714 Aug
Art Metal Construe_ _ I
Total sales in $1,000 units__
25
38
84
3
52
8
4 Aug 27 6% Aug 28 4
All Gulf & West Ind R 14.00
Aug 6% Aug
Second Converted 434%(High 101 1.ss
200 51 Aug 26 51 Aug 2, 45 Jun, 52% Feb
Atlas Powder
bonds
(First(
of
1932-47
Low.
101,.19
200114%
Pek
Pr
13
100
Beech-Nut
Aug 26 11434 Aug 2t. 114% Aug 115
July
Second 4%s
•11,2
3734 Aug 26 39 Aug 26 37% Aug 3954 Aug
Belding Bros
Total sates in $1,000 units......
1...
400 40 Aug 22 43 Aug 24 25 Jun( 43
Booth Fish 1st pref_ _1
Aug
Converted 4 %% bonds (II igh
-- - -- ----____
____ 100uss
Botany Cons Mills A_50 600 40% Aug 26 43 Aug 26 40% Aug 46
July
4% bonds of I927-42....)Low_
____
____
____
____
____ 10(Pas
Preferred
10
100 7% Aug 22 7% Aug 22 634 July 11% Feb
(Second Is)
40 100% Aug 2 103 Aug 28 89% Jan 103
Cert-Teed Prod lstpf 1
Awe
___
____
___
TOM Alles in $1.000 units__ _
_ __
___
15
Chrysler Corp
*2 28,2 115% Aug 22149% Aug 28 108% July 149% Aug
illigh 101
Second Liberty Loan
101.ss
101.32
101.31 1011n
* 10,300 104 Aug 24100% Aug 26 100% July 10954
101.1s
Preferred
Aug
(Low_
of
192742
(Second
100.31
100..n
1002.31
100.
133
100..n
100"st
101 118 Aug 2: 118 Aug 28 114
Continental Can Pr.100
Feb 97
Aug
(Close 101
434s)
101,32 101212 100.43 101
100..ss
* 1,70 48% Aug 21 4934 Aug 28 48
Coty, Inc
Aug 49% Aug
24
Total sales in 91.000 units...
76
232
33
53
34
701 9514 Aug 25 96 Aug 25 95
Cudahy Packing__100
Aug 106% July
(High 101..n 101"ss 101.13: 1010ss 101"n 101"st
Third Liberty Loan
20 104% Aug 2(3104% Aug 25 82% Jan 107
Deere & Co pref _ _ _100
July
(1,0w_ 1010:2 101 1.31 101..33 101.32 1010n 101.41
454% bonds of 1928
Elee Pwr & Light Pr Ott 1,900 89% Aug 2 91% Aug 22 89% Aug 94 June
(Close 101031 101 1.32 101 1.32 101033 101011 101..ss
(Taira 434s)
1.000 13 Aug 24 13 Aug 24 7% Feb 13
Elk Horn Coal Corp__
Aug
41
Toud sates in $1,000 units.. _
194
268
86
96
563
100 15 Aug 2 15 Aug 28 8
Durham Hosiery
Jan 15
Aug
(High 102.832 102033 102.3, 102.432 102031 102.111
Emerson-Brant pref_100 12,700 20 Aug 24 2634 Aug 26 8 May 26% Aug Fourth Liberty Loan
4%% bonds of 1933-38-4 bow. 1021.s: 102..33 102.32 1020n 102.11 102"n
Fairbanks-Morse l'r_101
200 10954 Aug 2410914 Aug 22 106% June1109% Aug
(Fourth 4s4a)
loose 102033 102"n 102"1: 102033 102033 102143
4 104 Aug 26 tossi Aug 22 1
Pam Play-Las Full Pd.
July 109
July
49
293
Total sales in $1,000 units_ _ _
146
301
593
179
206 84 Aug 2 8434 Aug 27 84
Fed Light & Trac pf_100
Aug 87
Mar
(High 106032 105..32 105..31 106..31 106"3: 104"ss
Treasury
300 /02% Aug 2102% Aug 2 104) Jun 102% Aug
First Nat Pic 1st Pr_10(
i Low_ 106"ss 106..n 106.33 1061.” 108..3, 106..ss
454s, 1947-52
174
28% Aug 25 333.4 Aug 28 28% Aug 3354 Aug
Gabriel Snubber A
(Close 106.43s 106..3 106..32 106..,, 1061.n 106.2es
1.4
46 Aug 25 4614 Aug 22 4514 Aug 50
Gen Outdoor Adv A_
Aug
38
Total sales in $1,000 units...
245
64
112
37
31
6.700 27
trust etfs
29 Aug 2 26% Aug 29
Aug
Gen Rauway Signal_101 1,100 295 Aug 22 35934 Aug 27 144
(111gh
103,32 103
102"31 102..ss 102,
in 102"n
Jun 359% Aug
(Low_ 103,33 102.32 1021.31 1021.31 102.133 1022.n
4s. 1944-1954
10(
200 9914 Aug 2 101
Preferred
Aug 25 9055 July 101
Aug
(Close 103.3s 102.132 102.32 102"ss 102..,, 102"n
20e 111
Great West Sugar pf_10(
Aug 22 111
Aug 22 101% Ma 115% June
To...111.0 111 CI non 'infra
7
A
120
I
"Id.
22
1.801
Guantaruuno Sugar _
4 Aug 22 454 Aug 22
Aug 6,54 Jan
10( 4414 Aug 2 44% Aug 27 42% July 89
Hanna let pf C I A_Ith
Feb
Note.
above
table
-The
includes
only
sales
coupon'
2
of
306 70 Aug 26 71
66
Helme(G
May 83
Aug26
Apr
5,40( 23 Aug 26 2314 Aug 22 1654
Howe Sound
Junil 2314 Aug bonds. Transactions in registered bonds were:
1,806 105 Aug 27107 Aug 27 105
Intermit Cement Pr__ _
Aug 107
Aug 17 2d 454s
100..32 to 100..305 4th 434s
102.rs to 102.%
7- 71 Aug 27275 Aug 25 218 May2 85
IC
Ingersoll Rand
Aug
101 1.32 to 101.49124 'Treasury 454s
7 3d 454s
106..n to 10631s
Interrutt Paper Pr(7) 10 2.201 88 Aug 24 90 Aug 28 85
July 9054 June
1
101 76 Aug 2 76 Aug 25 55
Iron Products
July 105
Feb Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
1,606 6% Aug 27 634 Aug 25 6% Aug 7% Aug
Indiana Refining
10
100 97 Aug 2 97 Aug 28 8014 Feb 97
2nd Pr
ens.
en .
Aug
206 11554 Aug 25116 Aug 25 111% Feb116
Jones & L Steel pf 10
Bid.
Asked.
Maturity.
Rate.
aturity.
Rate.
Bid. Asksii
Aug
300
107% Aug 28108 Aug 22 99
K C PNV & Lt let pt..
30010714
Jan 108% July
1
400
Kansas & Gulf
55 Aug 25
% MAY 13-4 June Mar. 15 1926_ 434% 100% 100% Dec. 15 1927... 434% 101814 101,215
10
100 85 Aug 2 85 Aug 26 81
Laclede Gas Pr
Feb 85
Dee. 15 1925... 434% 100.1s 10(Pas Mar. 15 1927._.. 434% 1111.34 101hv
506 47 Aug 24 47% Aug 26 45% Marl 52% June sept. 11 1926___
Long Bell Lumber A__
Sept. 15 1926_ 2%% 9934 1191 11
% 100.1s
Apr
1.901 2454 Aug 22 25% Aug 26 2414 Aug 2634
Louis Gas & Elec A.
3%
99,1(s Der IS U2%
9034 99'08,1
July June 15 1926.__
101 109 Aug 25109 Aug 25 10214 Feb 109
mecrory Stores pref_10
Aug
201 6914 Aug 27 6914 Aug 27 66
Mackay Cos pref_ _10
Mar 78% Feb
New York City Banks and Trust Companies.
10
Macy Co Pref
20( 11754 Aug 26 118 Aug 25 11414 Jan 118
Aug
101 80% Aug 27 8014 Aug 27 79
Preferred
.411 prices dnttqr, non start,
July 82% June
101 2% Aug 24 2% Aug 28 2% Aug
Manhattan Beach....1
234 Aug Banks-N.Y. Iota
Ask
ask
hid
Banks
Trust Co.
Ad
Marlin Rockwell Ills . 2.50
114 Aug 25 1% Aug 24 1% Aug 1% Aug
America
•
Hamilton
280
115
175
,Sew York
10(1 9214 Aug 2 9214 Aug 24 8314 Apr 94 June
Mid-Cont Pretrol pf_166
twer Etch
120 430 annoyer
luf.0 110(1 American.....
2 70 17% Aug 2 18% Aug 27 17% Aug 1834 Aug
Norwalk T lk Rub
Amer Union* 190
Harriman_ _ 490 1410 Bank of N 1
Preferred
100 85 Aug 2 85 Aug 27 85
Aug 85
Aug
850 oio vtanhattan•
2(6 218
& Trust C. 605 610
Motor-Meter CI A_ 9.10( 4 114 Aug 27 4214 Aug 27 4114 Aug 42% Aug Bowery*
Broadway
Cen
%tech tit Met_ 420 423 Bankers Truer 597 512
200
"0)
*
30% Aug 22 30% Aug 25 30% Aug 42% Mar
Murry Body
Bronx Boro• 575
Autual•
446
Bronx Co Tr 280
100107% Aug 2510714 Aug 25 10414 Jan 110
Nat Supply pref____100
Apr
Bronx Nat__
190
Nat American 175
* 9,200 42 Aug 22 51 Aug 28 17
190 Central Unloi 9110 910
N Y Shipbuilding
Feb 51
Aug Bryant Park' 215 236 Vatiomtl City .89 403
Empire
350
30
8 Aug 22 8% Aug 25 8
Niagara Falls Pw Rt.s_
Aug 8% Aug Butch & Dr°. 152
Onyx Hosiery prof_ _1
158 \few Neth•__ 23(1 260 Euultable Tr 300 Soi
10 84 Aug 26 84 Aug 2 7854 Mar 83
May
500 61(1 Farm L & Tr
OpPenhejm Collins&Co
200 42% Aug 26 42% Aug 2' 41% Aug 4634 June Capitol Nat. 193 193 Park
670
Cent
Mercers
Penu
260
275
117
126 Fidelity Intel 257
200103% Aug 26104 Aug 27 98
Orpheum Cir Inc pf _1
Jan 46% June
478 482 Port Morrie_
190
Fulton
340 360
54 Aug 27
% Aug 22
14 Aug 2% Aug Chase
Pan-Amer Pet & Tr Rts 10,900
Chath Pheulx
Public
495 sai Guaranty Tr 372 576
•
600 35 Aug 2 36 Aug 25 18
Phoenix Hosiery
Apr 42% Jul
Nat Ilk &Tr 329 333 seaboard
100 13 Aug 24 13 Aug 24 13
510 son Irviug BankPitts 001 Pr etre New..
Aug 15% July
Chelsea Each' 21; '220 Seventh Ave_ Ian
ISO Columbia Tr 293 297
Prod & Ref Corp pref_5() 200 33 Aug 27 3354 Aug 25 33
Aug 47% Feb
Chemical
..55 665 Standard
405 425 Lawyers Tr.
P tile° & Gas pf_ _10 1,300 97 Aug 24 9754 Aug 21 92
May 97% Aug Coal de iron
290
-state.
3,400 4734 Aug 22 51 Aug28 44% Aug 51
Manufacturer 440 ise
530
Reid Ice Cream
Aug
51
erade•
200 9734 Aug 24 98 Aug 27 92 June 105% July Coloulal•
145 ISO Mutual( West
Sless-Sheff St & Ir pf.100
225
100 98 Aug 2 98 Aug 28 95
cheater) _ _ 200
suckling Bros. It pf..100
May, 9954 Apr Commerce __ 377 1181 United
alto('States* 290 295 N
900 54% Aug 24 55% Aug 28 5054 Mar, 5514 Aug Conenwealth• 320 330
Trust_ 478 485
Stand Gas & Elee Pr_50
230
Wash'n 1101'. 40t)
26,000 154 Aug 28 1% Aug 21 1% Aug 1% Aug Contluental
Title Gu & Tr 586 595
Rts
3,600 3114 Aug 2(, 32% Aug 22 3014 Aug 3634 July Corn Exch.. 5(18 Sii
U 8 Mug & Tr 360 368
Tidewater 011 New_ _ _
.rooklyn
Costitoplan• 190
Coney laland• 190 200 United Stater 825 1850
100 100 Aug 23 100 Aug 25 100
100
Preferred
Aug 100
Aug East River...
350
45
First
1834 Aug 25 12
Westehes Tr 400
Mar, 20
(111 Dyewood Corp..100
Mar Fifth Avenue. 20110
225
5techanics'•
Brooktyn
Utilities Pw & Lt A._.• 8,900 30 Aug 27 33% Aug 22 30
Aug 38
July
_
First
2900 2975 Montauk•
200 154 Aug 27 1% Aug 27 1% Feb 5
211
Brooki.0 Tr 810
Virginia Carolina efts...
July
ranklin
ISO
160 Nassau
10
300 315 Kings county 2200 2,100 82 Aug 25 82 Aug 25 80
Preferred
65
Apr 88% Apr
360 370 Feople•s
310
Aug 2234 Aug elmrfleid
Midwood--. 220
Warner Bros Pic Cl A _1 7,100 20 Aug 28 20% Aug 24 20
2;0
Queensboro•. 175
• 2.400 48% Aug 27 4934 Aug 24 43 June' 50% July o are .
People's
825 sais
Warren Bros
(11,enwirh•
40
50
White RR MI & S etre.. 7,300 40 Aug 27 43% Aug 28 3954 Julyl 4934 July
•
100 5% Aug 26 5% Aug 26
Aug 5% Aug *Banker marked ('tare State punka ('s) Ex-dividend
Wilson & Co ctfs
(0 New @toes On Ex-rights
2 1.000 63 Aug 21 64 Aug 27 63
Aug 7034 July
Yale & Towne
tialtker5'62-aztite,
• No par value
New York City Realty and Surety Companies.
Foreign Exchange.-St.orling ruled within exceptionally
narrow levels on.light trading. The Continental exchanges
exhibited some improvement, mainly lire, which advances
about 13 points. while Danish and Norwegian exchanges
were subjected to renewed pressure by foreign interests that
caused numerous sharp up and down movements.
1844
Alliance Ft•Ityi 165
Amer Surety. 150
Bond & at 0_ Vitt
Lawyers Mtge 1/210
Lawyer, Title
Gearantee 288
To-day's (Friday's) actual rates for sterling exchange were 4 81
85 3-16 for chocks and 4 8514
481 15-16 for sixty days. 4 854@)4 banks,
sight 4 85@4 85 1-16. sixty
cables. Commercial on
4 85 9-16 far
&mid 81404 81 7-16. ninety days 4 794ig4 79 11-16, and documents for
RI% 44 81 11-16. cotton for payment. 4s50
Enent MO days) 4 payment
4 85(i_44 85 1-16.
grain for
4 85 1-16,amid
The Curb Market.-The review of the Curb Market is
given this week on page 0000.
A complete record of Curb Market transations for the
week will be found on page 1691.
All Emir.., dollar* pen sdnr•
45*
lila
274
215
293
Mtge Bond_
Net Surety.
N Y Title &
Mortgage.
US Casualty.
flmir
low
134
205
390
313
345
1l5
139
212
397
320
lila
Realty Assoc
(Bklyn)oom 425
1st pref._
94
24 pref.__. 83
Westchester
Tltle dr TV 396
Ad
97
as
1078
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FIVE PAGES.
Pot sales during the week of stocks usually Inactive, see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
5afterday,
Aug. 22.
b onday.
Aug. 24.
Tuesday.
Aug. 25.
3 per share $ Per share $ per share
Wednesday
Aug. 26.
Thursday,
Aug. 27.
Friday.
Aug. 28.
per share $ per share $ per share
Sales
for
the
1Veek.
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 100-share lois.
Lowest
Highest
$ per share
$ per share
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
5 per shareS Per Aar.
Par
Railroads.
4 De
1
12 Apr 22/
100 22 Feb 17 44 Aug 19
100 Ann Arbor
42
*35
*3712 42
40
43
*37
40
43
*40
25 Mar 4614 De(
100 40 Mar 24 6012MaY 8
500 Do pref
56
*54
58
*55
58
5812 58
58
59
*57
4 Dec
1203
Jan
4
/
971
12112 12214 121 12134 12038 12114 12114 1217 11,000 Atch Topeka & Santa Fe 100 11614 Jan 18 12772 Mar 2
122 123
8612 Jan 965* Dec
100 9212 Feb 17 9738.1une 25
1,6001 Do pref
96
9612 9512 957 *9512 96
963
9614 9614 *96
Dec
5
Feb
4
/
11
6
712Mar
14
Jan
3
100
712 40,100'Atlanta Birm & Atlantic
514 514
6
538 512
514 512
514 614
Jan 15214 Dec
5,900 Atlantic Coast Line RR_ 100 14714 Jan 10 191 Aug 26 112
186 18812 185 186
18512 18912 18518 18711 18612 191
Dec
2
847
Apr
52%
6
Mar
84%
30
Mar
71
100
Ohio
&
Baltimore
38,400
81
8018 8178 8018 8114 8038
82
8034 8134 81
5614 Apr 6612 Dec
100 62% Apr 21 6612 Jan 6
6614 *6534 6614 1,200 130 pref
66
66
655s 6534 66
*6512 66
3934 Dec 4414 Dec
50 3514 Mar 23 4534 Aug 14
4514 4434 4434 4412 441.. 2,100 Bangor & Aroostook
4412 4434 45
4412 447
Jan 95 Nov
86
5
Jan
9412
22
June
7
7
pref
89
100
300 Do
93
93
93
93
*91% 94
*9212 94
*9213 94
4 Dec
/
1312 Jan 411
535* 5312 23,200 Bkiyn Manh Tr v t e___No par 354 Jan 5 5.534July 20
5434 5334 5478 5312 54
5512 54
54
Jan 7514 Dee
4834
28
July
82
2
Jan
par
No
to
v
4
1
/
pref
72
1,200
Do
80
80
8018 8018
80
80,8 8014 80,4 8014 80
4 Dee
1
40 May 68/
272 Buffalo Rochester & Pitta_ 100 48 Apr 2 9238May 2
80
80
80
80
83 *78% 83
*SO
80
79
78
•70
4 Mar 15612 Nov
1
100 13612 Mar 30 1523, Jan 8 142/
1.700 Canadian Pacific
14412 14412 •14334 14414 14414 14478 14438 1454 145 145 *14412 145
Mar 295 Dec
199
3
Jan
321
30
Mar
RR
Central
New
of
265
Jersey_100
600
29712
297
29712
29712
.293 304 *296 304 *29712 303 *2971 302
674 Feb 98% Dee
4 Mar 30 10678 Aug 21
/
100 891
10412 10578 10334 10472 10334 10538 35,700 Chesapeake & Ohio
106 10638 10512 106% 10518 106
991k Jan 10912 Jul,
Do Prof
100 10514 Apr 14 11212 Aug 25
1,600
,11112 11134 11134 11212 11212 11212 112'1'1115g 11214 112 11214
1113
4 De,
1
35
314 Apr 10/
9
Feb
24
Apr
100
1038
Alton
&
Chicago
5,300
614
6
614 612
632
614
618 612
61*
6
578 57
4 Dec
1
818 May 19/
51s Apr 23 1912 Feb 21
100
Do pref
1214 14,800
1218 12
1178 1312 1212 124 12
117
11
11
11
100 Apr 15014 Nov
11
Feb
164%
20
May
140
100
Louis
St
&
C
C
C
100
160
*150
160
*150
160
*150
150
150
•150 155 *150 155
21 May 38 Dee
4 Mar 30 3814 Aug 25
1
100 29/
2,100 Chic & East.111 RR
3638 3638 *3512 37
37
3612 3612 3612 3612 38% *35
.36
37 May 6272 Dee
4 Jan 2
/
Do Prof
100 40 Mar 30 571
3,000
49
4978 .46
49
5114 4914 50
49
48
48
49
*47
4 Noy
1
4 Apr 11/
2
7
Feb
15
Jan
9
100
Western_.
Great
Chicago
17,100
128
12
4
123
1252 1272 1278 1312 1312 1332 1238 1318 1234
1012 June 313a Nov
4 Feb 6
1
Do pref
100 1914 Mar 30 32/
19,000
2638 27
2612 27
2758 27% 2834 2712 2812 2718 28
27
4 Nov
1
314 Apr 20 16% Jan 7
1078 Oct 18/
Chicago
100
19,000
Paul
St
&
Milw
77
77
2
7
8
8%
812
77
8
734 8
734 818
8%
4 Nov
1
1814 Oct 32/
7 Apr 20 2812 J .n 7
Do prof
100
1538 1512 1632 30,200
•1418 1414 1334 1438 1372 141* 1418 1414 14
4 Jan 7534 Dec
/
491
14 75113 Jan 12
6812 6818 6834 6758 688 677 6838 6734 6812 6734 6814 10,200 Chicago & North Western_100 47 Apr 14 117 Mar 5 100
68
Jan 11434 Dee
Apr
prat
4
/
1011
Do
100
500
11012
11112
110
110
110
•110 112 *108 116 .107 111 *10712
4 Feb 50 Nor
/
211
4 Mar 30 5414 Mar 3
/
75,600 Chicago Rock Isl de Pacific..100 401
5138 495 505s 4914 50
4834 5038 4913 50% 4934 5134 50
T
44
4 L30
T3
8
an (
7634 Feb
4 Feb 21
/
DV 92 Jan 2 991
Do 7% preferred
600
9714 9714 *9612 9712 *904 9712
97
97
97
97
97
97
6
3
8912Mar
30
Mar
82
6%
Do
100
600
preferred
86
86
86
8634 86
8512 8634 .86
86
8634 86
*86
Jan 5718 Del)
4 Jan 13, 29
/
Chic St Paul Minn di Om_ _100 334 Apr 22 591
48
*44
48
*44
48
*44
48
*44
47
*41
48
44
.
4 Apr 94 Dee
1
68/
Do pre(
4 Apr 21 108 Jan 13
1
100 73/
99
*94
99
*94
99
*94
99
*94
99
*94
99
*94
Jan 49 Nov
20
100 4414 Jan 6 6512 Apr 18
64% 6312 6434 6318 63% 6312 6434 8,500 Colorado de Southern
6434 64
6034 633e 63
Jan 6514 Dee
58
Do let prof
100 60 Mar 26 6412June 16
100
63% 6378
64
*62
•6114 63
64
*62
64
*62
64
*62
39 Nov
Do 24 ore
100 54 Jan 21 6212 Aug 27, 45 Jan
62
200
6212 6212 *60
64
*62
62
60 .58
60
•57 60
100 13312Mar 30 155 Apr 8' 10412 Mar 13952 Dee
1,300 Delaware & Hudson
14918 14918 •148 149 *148 14912 14814 14932 14834 149 *14534 147
4 Dee
1
/
149
Feb
14734June
30
4
1
/
8; 110
3,300 Delaware Lack & Western_ 50 125 Mar
141 14312 14112 14112 141 142
142 14238 *140 14213 14012 142
4 Dee
1
42 Dec 43/
4512 45% 1,100 Denver Rio Or & West pref 100 35 July 3 60 Jan 121
45
4514 4"
4514 4514 45
45
4512 45
45
4 Ang
1
/
35
3412
Jan
Aug
4
1
/
20
18
15
4May
1
/
26
Erie
100
10,600
7
2
327
3212
3278 33
33
33
3334 3318 335* 3312 34
33
4 Feb 4914 Dee
1
28/
Do 1st pref
100 35 June 23 46,4 Jan 21
427g 4134 4238 4112 4212 14,100
42
4234 4214 43
4238 4212 42
254 Jan 4614 Dee
Do 2d pref
100 34 June 29 4334 Jan 5
700
40
40 .37
*38
40
4014 4014 ' 40
40
40
40
40
4 Mar 75 Dee
1
53/
4 Aug 18
/
100 60 Apr 24 761
725* 7318 16,300 Great Northern pref
7412 7312 7418 7212 738 721 73
74
737 741
4 Jan
1
4 Aug 15 40/
/
26 May 3944 Nov
Iron Ore Properties_NO Dar 261
2812 4,600
2812 28
2872 2814 2872 2812 285* 28
277g 2838 28
35
Aug
30
Mar
4 Apr 2912 Dee
/
111
26
23
3434
de
Mob
Gulf
100
24,100
Nor
8
7
33
3314 3412
3312 3434 3312 35
3112 3112 33
*31
Jan 99 Deo
50
Do pref
100 891:Mar 30 10258 Aug 28
10158 10858 6.800
101 102
101 102
*9812 9714 9714 9938 9914 102
21
Aug
231
16
May
112
Havana
P
&
Lt
Ry.
22214
Elm
100
13,100
222
21814
218
226
21714
I
230
225
234
229
229 232
295* Dec
Nov
20%
7
26
Aug
4
1
/
33
18
Mar
4
1
/
21
&
Hudson
Manhattan
3732 3712 44,100
100
3714 3712 3838 3612 37
3218 3238 3238 3413 35
4 Dee
1
5714 Oct 64/
4 Feb 18 72 July 10
1
Do prat
100 64/
200
6912
691g 6912 69
*2712 28
69
68
69
69 •68
•68
4 Dee
1
/
117
Mar
1
Jai
4
1
/
119
31
Mar
4
/
1001
111
Illinois
11512!
Central
11512
100
3,400
11614
4
116'41163
11614
117
11612
117 117
116 116
4 Dee
1
/
117
3
Mar
Jan
119
104
Do prof
100 11212 Apr 23
•115 1173,'115 11734 *115 11734 *115 11734 *115 11734 *115 117
Jan 73 Dee
64
Do RRSea.SerlesA_ _1.000 6814 Aug 14 74 Apr 17
72
*68
72
68
7
72 '68
68
72
72 .68
*63
Nov
1812
July
8
Jan
3214July
4
/
111
18
20
of
Rye
Int
200
America
Cent
100
30
s
*285
2834 2834 • *2858 30
*2834 30 .2834
*2834 30
4414 May 63 Nov
4 Jan 2 6612July 141
1
Do prof
100
100 59/
*6414 68
*6414 68
64
5 1 64
30
6
*64
68
66 .64
*64
Jul,'
3914
Jan
4
1
/
12
34.4
23
Mar
9
Feb
1312
Interboro
v
10.300
Tran
Rap
o...100
t
27
27
2712
27
28%
27
28)4
273
28
27
2614 2734
4 Mar 30 411
1
1734 mar 411/4 Dec
4 Aug241
/
413
100 28/
39
404 387 395* 3838 3912 33,300 Kansas City Southern
4012 4138 40
39% 41
5114 Mar 5912 Dm
Do prat
900
61
6114 61
100 57 Jan 15 6114 Aug 271
61
61
62 1 61
.61
61
61
61
61
7
3
83
30
Mar
4 Apr 85 Dee
1
/
139
6
0June
69
Lehigh
81
,
ao
17.500
79
815
8
803
8
827
81
1
Valley
83
1 80% 80
8132 81
80,
Dec
4 Jan 109
1
4 Aug 61 87/
1
116 11618 4,200 Louisville & Nashville'
100 106 Jan 18 120/
117 118 I 11612 11912 11818 117
117 117
*11634 119
Dec
Jan 85
42
400 Manhattan Elevated guar_100 64 May 20 lul Aug 19
100 100
*9712 102
100 100 *100 102 *---- 1093g 100 100
5172 July
Jan
51%
23
Mar
8012
Feb
3218
Do
9
1,900
8
guar
455
4512
modified
4578
100
8
457
8
457
2
453
4538
45
44
44
45
45
Jaz
131a
Mar
11
Mar
4
63
1012
714
100
Jan 2
812 812
812 912
200 Market Street RY
*812 012 *812 914
9
9
tut
!..9
Deo
114ct 42
20
Do Prof
31
100 20 Jan 13 34 May 8
*26
31
*26
31
*26
31
*26
31
*25
32
•27
Jan
7112
Nov
41
27
June
57
20
Mar
4
1
/
43
Do
100
49
prof
4712
prior
700
49
49
50
*49
50
*49
49
49
50
•49
Jan
14 Mar 30
22
100 16 Mar 19 25 May 7
*19
Do 2d prof
22
*19
22
*19
22
*19
22
*18
24
•18
Jan
4
Jan
5
Jan
4
/
11
4
1
/
2
6
Mar
4
&
Minneap
6,700
314
L
St
3
2
3
3
100
8
7
2
27
8
27
7
2
7
2
8
27
*212
*238 3
1k
Dee
53
Mar
56%
4
Apr
2814
14
Jan
8
305
&
Paul
St
41
Minn
100
*40
El 8 Marie_100
40
40
42
*40
42
*40
42
42 *40
•39
50 June 75 Deo
Do prof
100 40 Mar 30 71 Jan 9
600
65
65
68
*65
66
66
69
6814 *65
6834 6834 66
1012 May 3435 Dee
427 127,600 Mo-Kan-Texas RE..__No par 2814 Jan 2 4514 Aug 24
4334 4414 4418 4514 4338 4434 4234 4414 4214 4278 42
4 Deo
1
2914 Feb 75/
Do prat
100 7434 Jan 2 9134 Aug 18
8712 8938 884 893s 16,200
904 9112 90% 9134 9034 9112 881, 90
914 Jan 3414 No•
5
Jan
4
1
/
30
6
Feb
41
Missouri
100
32,800
4
393
Pacific
3812
4
393
383*
4
403
3912
4012
4
393
40
38
3812 3812
Deo
74
Jan
8812
30
Mar
29
Do
24
Aug
prof
71
37,300
864
854
100
8512 8614 8538 8812 8712 8812 8814 883s 863* 8734
3 Dee
4 July
/
11
234 Jan 12
218 2%. 2,100 Nat Rys of Man 24 pret
112June 24
2
2
100
2'8
13
2
2
2
2
. 134 2
13
Ma,
12118
121121
Feb
1211
21
Feb
4
/
93
*11914
1131
New
1233
Tex
Orl
8
01a2
Man
&
100
*11914
123
*11914
123
*11914
•11914 123 *11914 123
4 Dee
1
4 Feb 119/
/
991
12114 12232 12034 122 1 52,200 New York Central
100 11314June 10 124% Jan 13
12134 12314 122 12234 12134 123
12134 122
4 Feb 128 Dee
1
72/
130 130
300 NYC&StLCo
100 118 June 24 13714 Feb 24
13012 1301 132 132 *130 131 ,*130 133 *130 133
Sept
937
4
1
/
93
May
7
Jan
4
/
881
Do
98
6
9312
pref
83
7
7
Aug
600
7
100
9312
8
937
932
93
93
9334 9338 *93% 9414 93
141s Jan 3314 Dee
100 28 Mar 24 3934 Aug 19
38% 3918 3814 3914 38% 393* 3812 3914 3818 384 76,500 N Y N H & Hartford
3834 391
NOT
2814
May
5
Y
N
8
4
323
Apr
31
4
1
/
10
20
Ontario
13
Aug
4
42,900
343
&
4
323
2
317
Western100
33
32%
3212
4
313
4
323
313*
3184 3232
121i Apr 29 Nor
4 Apr 22 43 July 29
/
*4014 41 1 1.200 Norfolk Southern
100 211
4012 41
41
41
41
41
41
41
4034 41
4 Aug 18 10212 Jan 13314 Dee
1
100 12312 Mar 30 140/
1377 1383, 137 13818 13658 1377 137 13878 136 1377 136 13634 27.300 Norfolk & Western
4 Jan 8 80 July 24
1
I
4 Feb 8014 June
1
Do prat
72/
100 75/
*80
85
85*80
1
85 I
*80
85
*80
85
*80
85
.80
4 Mar 6
/
4 Mar 73 Deo
1
47/
703 15,700, Northern Pacific
100 5814 Apr 25 711
6934 7034 70
7012 7112 7012 7114 7014 71
7034 711
4 Jan 50 Dee
1
42/
4 Jan 5
1
50 4212 Apr 9 48/
4712 4714 484 475 4838 73,8001
4634 47 I 4634 475* 47
4638 47
4
133
Apr
4 Mar 2212 Nov
1
/
9
12
Jan
4
1
/
20
30
I
20
*16
100
19
pPeoeurnisayalvaEnasintern
*1712
1912
*18
2
191
*1812
4
103
193 *19
•19
2.400
4 Mar 73 Dec
1
/
40
Pere
7
20
100
7412'
*74
Marquette
4June 24 74 Aug
/
7234 73
611
7334 7334' 7334 7334 7338 73
7338 74
4001 Do prior pref
4 Apr 8512 Aug
/
711
82 )
100 78 July 29 84 Jan 16
82
83
8312 83
8312 .83
83% 83%! *83
84
*83
Jan 77 Aug
Jan
4
1
/
75
16
Apr
BO
10
'
74
4
1
/
74
68
7412
*74
7412
742 74121 7413 7412 *7334
7414 741
Jan 7514 Dec
aa
ilui
?grilf West Va.---1°° 63 Mar 19 77 Aug 18
& Pit
7518 7614 7412 7512
75
76%1 7512 7012! 757 76
74
74
4 Dec
1
79/
May
31,000
9114June
30
Mar
4
/
4
511
893
1
8
865
Reading
50
8614
8714
8612
8
883
86%
1
89
8
873
8714 881s;
88
88
Oct 5611 Jan
34
Do
1
June
41
18
Mar
lst
pref
4
1
/
35
60
*39
40
39% *3812 39%
*39
40
*3012 40
3934! .39
*39
Jan
Do 21 prof
4018. 1,800
ao 3614 Mar 18 4438June 1 83318 Jan 56
.40
404 40
4113 40
4012 4014 4012 *4012 41
*40
Jan 66 Nov
32
100 Rutland RR prof
100 42 Apr 24 8241 Jan 9
585* 5858.
59
*56
60
60 .57
*55
61
*57
61
.59
Dee
85
Apr
16
Jan
St
80,800
10214
1918
Louis-San Francisco-- _100 571
Aug 28
4
/
9712 10114 10078 10214.
•97% 984 981g 9378 98% 9938• 977 99
4252 Jan 8213 Doe
Do Prof A
700
100 70 Jan 20 9214July 28
905* 904 .9012 91 I
9038 9038 *9038 91 I *9034 91
9012 901
Jan 5574 Dee
33
100 4334June 11 63 Aug 21
5738 595* 5734 5878 44,400 St Louie Southweetern
5818 60
61% 63 1 6018 623
5738 621
1,200
4 Jan 74 Nov
1
57/
Do prat
4 Aug 22
1
100 7018.1une 25 75/
737 7378
737 737
74
7314 7412 *72
75
7578 75
75
7 163,800 Seaboard Air Line
Jan 2418 Dee
4
/
61
16
Jan
e
27
Auo
4
1
/
48
203
47
100
46
48%
4538
4814
42
4538 4414
3813 3878 43
38
4 Dee
1
1414 Jan 45/
Do pref
100 35 Mar 30 5112 Aug 27
4878 5112 49% 5012 69,300
4814 51
497
4834 48
4618 4612 46
4 Nov
1
Mar 105/
8 108% Jan 9
9934 29.200 Southern Pacific Co
99
4June
1
/
97
100
8518
7
9912
98%
4
1003
99
I
101
10014
1011z
100%
10014 10058
4 Dee
794
Jan
4
1
/
10778
38
Southern
Aug
61,100
2
Jan
10612
26
10738
4
1
/
77
100
8
1073
Railway
10278 1033s 103 10614 10534 10658 10514 107% 10614
Dee
85
Jan
8,800
6614
Do prat
94
91
100 83 Jan 2 94 Aug 28
4 III
9038 905* 9114 9114 9138 913g 9034 913* *973
Jan 48% Dee
19
Texas
49,800
&
13
Mar
5814
27
5514
Jan
4314
Pacific
100
54%
5
57
4
553
54 1 5414 5612 5534 5714
53
Jul,
4
/
181
May
hi
4
400
84
20
Third
July
1312
Apr
17
*1212
Avenue
100
4
/
151
4 1312
1
13/
14
•13
14
*13
13
4 13
1
1314 13/
Jan
3912 Oct 86
Twin City Rapid Tranalt__100 58 Jan 22 7034July 1
62
6112 *60
*60
63
*61
62
62 I *6012 63 1 *60
*60
4 De°
1
4 Mar 151/
1
union
Jan 10 126/
153+4
24
Apr
5,800
14314
Pacific
14218
13314
100
14314
1437
14218
8
1433
1435
14238
14214 14234 14314 1437
Au/
7812
Mar
pref
70
31
July
Jan
Do
2,400
30
72
4
/
771
7712
100
*7612
7638 7632
77
76% 77
7714 76
7613 77 I 77
714 4pr 41 Dec
United Railways Invest__-100 1812 Mar 19 3312May 18
26
•23
26
*23
26
*23
25
2712 *23
2712 •23
25
.
4 l4pr 6474 Dee
/
261
400
Do pref
100 4812 Mar 23 83,4June 25
76
*71
75
7514 7514 7514 *70
7712 75
7772' *76
4 Jul)
1
*77
Feb 72/
36
7
vie
100
14
Jan
Virginia
2
135,
Railway & Power_100 644
126 126
•120 130 •120 130 ,*120 130 *120 135 .1203 130
2 Dee
1
2 Jan 24/
103
26
Aug
4714
139,600
30
4718
Mar
8
455
1912
100
'
4638
45
714
47
44
f
4512
4318 44%1 4358 44521
6034 Deo
Jan
34
Do
17
26,200
20
A
Jan
4
pref
Aug
734
8
723
3
55
100
713*
72
7212! 7112 7312 71.12 7212 7112
7234 72
Deo
72
4234
Jan
224
61
Do prat B
600
100 381
:Jan 21 6'2 Aug 22
6012 *58
60
60
60
65
60
65
6012 *60
60
1614 Dee
838 Jun
1738 125.100 Western Maryland
100 11 Mar 24 18$8 Aug 25
1652 1818 1734 1838 1738 1818 164 1714 1652 2418
Dee
1538 16
2614
May
1514
9
Do
Jan
4
11,400
26,
27
24
pref
Mar
16
100
2434 235*
2314 2334 2512, 24% 25% 2478 25% 24
23
315 3212 85.200 Western Pacific new
4July 31 33 Aug 27 ---1
100 19/
315* 3014 33
2914 2912 323s 3118 3218 30
28
25
Aug
pref
Do
4
5,600
773
27
75
new
July
100
75
72
76
4
743
7678
7734 76
76% 76% 7638 7712 77
1715 -543-0
2118 14,300 Wheeling &!Ake Erie Ry_ _100 10/
21
4 Mar 31 2212 Aug 18 -712 -.11+1
20% 2212 214 2214 2112 2134 2114 2112 4314
2034 21
144 Jan 324 Dec
4July 16
1
Do pref
100 22 Apr 2 47/
4314 2,200
4234 43
44
4338 435* 4412 4412 4312 4412 43
Industrial & Miscellaneous
61 Dec 64 Dec
2,000 Abitibi Power & Paper_No par 62 Jan 6 7/12May 29
67
67
68
6712 6712 6714 6838 .67
68
68
677
*67
4 Dee
1
9612 May 122/
500 All American Cables
100 119 Jan 5 133 May 26
128 128 *128 130 *128 130
•125 12712 12534 126 *127 128
4 Dee
1
4 Jan 93/
1
73/
100 90 Apr 16 10314 Jan 9
800 Adams Express
9313
*92
92
9312 92
9312 •92
*92
92
92
9112 92
Dee
161e
Jun
6
13
1812May
11
Apr
Advance
100
13
Rumely
1513
*15
1512 *1412 153* •141z 1512
•1412 1512 *14
Deo
1513 .15
54
28lsJUne
62
July 28
Do pref
600
58
100 47 Feb 18
5734 *57
*57
58
58
58
5712 5712 58
5712 58
27
4Mar
123
21
Apr
4
1
/
9
Lead.
Ahumada
3,300
11
13
107
11'*
1078
11
11
1118
1114 11
1118 1114 11
b Ex-rights.
•Ex-dividend.
•Bid and asked prices.
43
*37
69
59
12212 122%
9614 9614
812 512
•184 18612
8012 8114
*6514 66
444
44
.92% 94
53% 5418
! 5,7823
New York Stock Record-Continued-Page 2
1079
Rot gales during the week of stocks usually inactive. see second Vette Preceding.
HIGH AND LOW HALE PRICER-PER SHARE. NOT PER CENT.
Saturday.
Aug. 22.
Monday.
Aug. 24.
Tuesday.
Aug. 25.
Wednesday. Thursday.
Aug. 26.
Aug. 27.
1
1 Sales
for
Friday.
the
Aug. 28.
Week
STOCKS
NEW YORK STOCK
EXCHANGE
PEA SHARE
Range for Year 1925.
Ors basis of 100-share lots
Pith SNARE
Range for Fretless
Year 1924.
Highest
Lowest
Lowest
Higheel
$ Per share $ per share $ per share $ per share S per share $ per share Shares. Indus. & Miscall.(Con.) Par $ per share
per share
per share
per Oars
11012 11134 108 111
10918 11212 10834 11234; 10634 10978 108 10912 16,600 Air Reduction, Ino___No par 8634 Jan 30 114 Aug 19
6714 Jan 93 Dee
1134 1134 1134 12
11
1112 11
11141 1012 11
105 1034 6,500 Ajax Rubber, Inc_ _ _No par 10 Mar 19 1574June 19
44 May 1412 Dee
134 14
11
134 114 •114 178
134
1341
lSg
1%
14 2,600 Alaska Juneau Gold Min__ 10
1 Jan 6
24
72 Jan
27
112 Mar
9434 9612 9673 100% 100 10214 98% 100%1 9838 10412 10234 10478 154,800 Allied Chemical & Dye_No par 80 Mar 30 10474 Mar
Aug 28
65 Mar 8712 Dee
*11084 11974 1197 1197 120 120
120 120
120 120
120 120
Do pref
1,900
100 117 Jan 9 120 Feb 26 110 Apr 118e2 Dec
86
8612 853s 86
8512 8634 8634 8912 8714 89
87/
1
4 8878 17,300 Allla-Chalmers Mfg
100 full Jan 5 8912 Aug 25
4154 May 7352 Dee
*10684 108 *1064 108 *1064 108 *10684 108 1'10684 108 *10684 108
Do pref
100 1034 Jan 3 108 June 3
90 Apr 10472 Dee
2234 2378 2212 22,
22/
1
4 2234 22
7
2284 2134 2234 22/
1
4 2274 11,200 Amer Agricultural Chem-100 1312 Mar 19 2374 Aug 22
712 Apr 1712 July
6713 6884 6614 6714 66
6612 6412 6634, 6284 64/
1
4 6412 6634 9,900
Do pref
100 361:Mar 23 6814JulY 27
1814 Apr 4942 Jan
*37/
3714 37/
1
4 38
37
1
4 375* 37
37 I *3674 3712 *3674 37
1,200 American Beet Sugar
100 36112 Mar 19 43 Jan 7
36 Mar 4912 Feb
•86
87
*86
87
86
86 *--__ 87/
1
4 *---- 871 *---- 86
Do prat
100
100 8014 Jan 19 8772June 19
6812 Oct 83 Dec
32
*3178 3212 32
32
32
31
3112 3114 3134 2,600 Amer Bosch Magneto__No par 2818 Mar 24 5412 Jan 3
3184 31
2214 Apr 887s Jan
11832 118% •1167g 118
11614 117
11512 116 r11518 118 *115/
1
4 118
700 Am Brake Shoe& F____No par 90145.1ar 30 12114 Aug 5
78 Apr 102 Dee
115
*11014
•11014 115 *11014 112
*11012 115 *111 115 *1111
/
4 115
Do prat
100 10712 Jan 12 11314May 20 10414 July 110 Mir
244/
1
4 248 243 24734 24212 24514 238 2434 237 241
231 23912 77,000 American Can
100 1584 Jan 16 248 Aug 22
9572 Apr 16312 Dee
120 120
•118/
1
4 120 *11812 120
11914 120 *119/
1
4 120/
1
4 *119/
1
4 12012
Do pref
400
100 115 Jan 29 12112June 12 109
Jan 119 Oat
104 105
10414 105
10484 107
10414 106
105 106
106 10734 16,300 American Car& FoundryNopar 9712 Apr 27 11112May 8
*12674 ____ '12678 -- - -'1263* ---- *12678 127
1267s 12678 *126 12714
Do prof
100
100 12014 Apr 2 128 July 28 1188* Apr
SJuly
ept125
2312 23/
1
4 2312 2384 *2312 2334 2312 2312 *2314 2312 2314 2314
900 American Chain. class A
25 2254 Apr 22 27 Feb 14
2114 Mar 25
1
4 46
45
4612 46121 44/
45
44/
1
4 4514 44
441s 45
45
2,000 American Chicle
No par 37 Jan 27 82 Apr 18
1414 Apr 401s Dee
Do pref.
100 04 Jan 5 109 June 3
6112 Feb 9313 Dec
443 45
46
=ii 47 45
=ii- 4554 =45- 16." ...600 Do certificates
/
4 Apr 18
No Par 37 Jan 7 581
23 Sept 39 Dee
51, 514 512 512 =ii51,
*5
513
5
514
5
514 2,300 Amer Druggists Syndicate_ 10
5 Aug 19
312 June
614 Jan 22
Ota
7
142 142 *142 14212 140 140
137 139
135 13612 135 135
1,300 American Express
100 125 Apr 27 166 Jan 2
Apr 16434 Dee
88
4312 44% 43/
1
4 4434 4234 4312 42
4112 4312 42
43
4234 20,800 Amer & For'n Pow new_No par 27/
1
4 Apr 7 47 June 17
91
90
9034 9114 91
9012 91
9134 9034 91
91
91
4,100
Do pre
No par 87 Jan 6 94 Feb 19
132 132 *132 134
- *132 134 1•132 134
1311
/
4 1311
/
4
200
Do 25% pefd
114114 Apr 7 135 June 17
92l Mar 13214 -;
15
*1034 11 '4684 -11
•1034 11
5oi2 11121 1014 1014 1014 103* 800 American
Hide & Leather_100
8)2 Mar 31
14 Jan 14
74 API* 1452 Dee
*614 62
*6112 62
611
/
4 6112 62
62141 6212 6212 6114 617
1.100
Do pref
100
31
59
Jan
Mar
14
757
4
5012
Jan
Dee
72
12
124
121
12334
122
12114 122/
1
4 12112 12212 12014 121
120 121
11,000 American Ice
100 83 Mar 18 124 Aug 24
72 Aug 96 Feb
83
844 844 *8312 85
83 I *8212 85 I 8234 8284 83
8212
Do pref
700
100 7412 Mar 17 86 July 9
7312 Nov 83 Feb
3712 36
37
3634 31312 3612 36
7
3712 3674 3914 3812 39
46,400 Amer International Corp_ 100 3214 Mar 30 41 Feb 5
1712 Mar 3512 Nov
1334 134, 1312 1384 13% 1314 13
13 •1234 13
4,000 American La France F E._ 10 114 Jan 2 14 Jan 15
133* 13
10 May 1214 Jan
3212 3514 35
3513 35
3534 344 35
34% 3378 3414 7.100 American Linseed
34
100 20 Mar 25 35% Aug 11
1314 May 28114 Dee
8014 80781 80% 8034 8034 8034 .80
81
*78
*78
80
80
Do prat
700
100 53 Jan 2 8112 Aug 14
30 Apr 5314 Dee
11414 11478, 114 11478 114 11534 1141
11412 116
1141
/
4 11512 12,200 American Locom new-No Par 10412 Jan 5 14474 Mar 6
/
4 116
7018 Apr 10914 Dec
*115 120 1 116 116 ,*116 118 *11634 118 •11612 118 *11612 118
100
Do pref
100 115 Aug 14 124 Feb 16 11614 Apr 1204 Sept
5114 53
5234 54 I 5234 5334 52
20.100 American Metals
5212 504 5134 5014 51
No par 4514 Mar 311 54 Aug 24
3814 June 54 Dec
110 11114 10934 112
112 112
110 11 134 1091
/
4 11012 *110 11012 5.100 American Radiator
25 8912 Jan 3 11312July 27
944 Apr 136 Dee
777 *77
*77
7778 *77
7
7774 *77
*77
77
778 *77
Amer Railway Express_
778
I00
7614May
Jan
13
84
13
774
Nov 83 Oot
*6134 6312 6212 6212 6114 62
6112 62
593* 61% 5912 5958 2.500 American Safety Railer_ __ _100 3612 Jan 2 68 July 27
572 Apr 1014 Nov
*634 7 ' *634 7
6.2 634
634 7
612 04
6/
1
4 6/
1
4
700 Araer Ship & Comm .No par
554 July 7 144 Feb 28
1012 Oct 1512 Feb
11178 11212 111 112% 1106* 112 I 1097 11134 10934 11084 110 110/
1
41 35,900 Amer Smelting & RefinIng_100 00125,Iar 30 11212 Aug 21
5712 Jan 1003a Dee
•11114 11112 11112 11112 1114 11132 *11114 1113 11112 11112 11114 112
700
Do pref
100 1054 Jan 5 112 Aug 28
96
Jan 10752 Dee
3914 3912 39
3934 3913 4018 394 40
3912 3912 3934 9,800 Amer Steel Foundries_ No par 3734June 11 40%July 20
39
•11012 11112 110% 110% •11014 111 *11014 111
1103* 1103* 1103s 1103*
300
Do pref
108
100
Jan
7
10114
112
Apr
18
9i4146;
Apr
-1666% 6678 6634 6714 6612 677
6534 663
6584 6634 6512 66
9.300 American Sugar RefinIng._100 4754 Jan 16 714 Apr 14
Oct 6184 Feb
36
*99 100
*9914 100
*99/
1
4 100
9973 100
9934 9934
998 997
Do prof
600
100 0114 Jan 16 101 12 Feb 28
pp% Feb
Oct
77
1011 1114 *1012 11
*10
11
10
*914 10
10
*94 10
1,000 Amer Sumatra Tobacco....100
6 May 6 2112 Feb 14
Ms July 2812 Jan
8512 *77
78
*77
*77
851 •7712 8512 *77
8512 *77
Do pref
8512
100 28 Apr 27 86121\fay 28
Jan
224 Sept 69
*40
*4012 41
42
*40/
1
4 41
*4012 41
*4012 41
4012 4012
100 Amer Telegraph & Cable 100 3734June 1 47 Feb 25
3814 Dec 4312 Jan
139% 140
139% 14014 140 14014 13934 1401 13974 140
13958 140
4,700 Amer Telep & Teleg
100 13054 Jan 2 14414June 18 12112 June 13444 .Dee
9774 9774 9712 97% 9774 98% 984 987
9734 9734 97/
1
4 98
4.100 American Tobacco
50 85 Feb 17 9912July 21 13652 Mar 16972 Nov
•10614 10612 10612 10612 10612 10612 .106 1061 *106 10612 10612 107
Do pref
1,100
100 1044 Jan 5 108 June 8 101
Apr 10612 July
9712 9712 9712 9774 97/
1
4 97% 97/
1
4 981
97/
1
4 98% 9712 977
Do common Class B.--50 8412 Feb 17 9872July 20 13514 Mar 16814 Nov
4,800
•1I3 117 •I1512 117 •115 117 *113 117 *115/
1
4 117 *11512 116
American Type Foundere..100 103 Apr 22 124 June 25 106 Sept 115 Sept
62
6212 6188 6234 60
63
60
6234 6114 6214 5914 6114 12,900 Am Wat Wks & El
20 3414 Jan 13 6811July 21
40 Feb 144 Dee
*9814 9834 98% 9834 9834 99
*9812 99
*981
/
4 99
9812 9812
700
Do tat pref (7%)
100 974 Aug 6 103 Feb 18
8912 Mar 101 Dee
•194 106
Do
pf
(6%)
panic
Jan
---100
954
2
11014July
Feb 102 Nov
66
21
-3914
*39/
1
4 3934
164 -iWis 164 "iii, 3914 -iiis
-KW) American Woolen
-55"
100 3414May 6 6414 Jan 6
5114 Sept 7872 Jan
*8612 8712 86% 8714 87
88
88
87
87
87
*8612 87
700
Do prof
100 6612May 6 964 Jan 20
90 Oct 10252 Jan
1
4 234 *212 234 *212
•212 234 *2/
213 212
24 *212 234
100 Amer Writing Paper pref-100
212 Apr 2
74 Jan 8
14 Apr
7 July
8
834 *8
834 834
834 *8
834 *77s 84 *8
600 Amer Zinc. Lead & Smelt
812
7 May 12 124 Jan 9
25
7 Mar 1214 Dee
3312 *3134 3234 3134 3134 *2912 31
32
*2911 31
*29
30
Do
1,100
prat
247
2May
25
39
Jan
1
24
9
387
June
2 Dee
43%
43
423
4
43%
43
4312 41% 4314 4134 424 4113 42
21,300 Anaconda Copper Mining-50 354 Apr 21 48 Jan 3
2812 May 4814 Dee
•3612 37
3612 3674 *36
37
36% 3674 3614 3614 .36
500
368
Danl.
Archer.
Jan
3844July
MldFd-No
par
26
2812
20
Dec
29 Dee
.98
9812 *97
97/
1
4 *97
9812 *97
9812 *97
9812 *97
Do prat
100 9012 Jan
9812June 10
9812
90 Dec 9112 Dee
*9514 9614 9514 9514 *95% 95/
1
4 *951
/
4 0512 9514 9514 *9518 9512
300 Armour & Co(Del) Pret
834 June 9432 Dec
100 9014 Mar 31 98i4 July 17
22% 2234 2234 23
2234 23
2234 23 I 2284 2234 2234 227 11,400 Armour of Illinois Class A_25 20 Mar 1
2414July 21
•10% 1114
934 10% 1034 11
94 10% *10
1012 *10
1014 2,400 Arnold Constle&Covto No Par
8 Jan
1212 Jan 28
Oct -ii Jan
447 443* *44
*44
45
44/
1
4 4412 4412 44
44
*43/
1
4 44
400 Artloom
No par 39 June 1
451s Aug 8
---102 102 •19074 103 •10074 103 ,*10074 103 •10074 103
102 102
Preferred
200
100 10112 Aug 20 1034May 19
---5014 5012 50
5034 50
514 50
5012 90is 54)12 5018 501
3,900 Associated Dry Goods
5534July 3
100 4812 Aug 1
*95
96
*95
97
*95
97
9512 9512 *95
97
100
Do
*95
1st
Jan
prat
94
97
100
100 June 16
4 May 94 NO;
•105 107 *104 10612 •10412 107 *10412 107 *105 107
105 105
100
Do 2d pre!
100 101 Jan
10814 Feb 7
Jan 10234 Dee
89
36
3614 3574 3612 3534 36
35% 36
3514 3512 3534 261
4.200 Associated 011
25 32 Mar 30 4112June 15
2712 July 3452 Feb
5734 5812 5712 5812 57
5838 5534 57
5512 5834 a5434 5973 17,900 At!Gulf & WI SS Line----100 20 Jan
5972 Aug 28
10
1
23 Dee
4
Mar
54% 54% 54
5434 53
53
*52
54
5212 5212 5414 5412 1,200
Do pref
100 31 Jan
54% Aug 22
12/
1
4 Jan 314 Dee
10018 10112 100 101
100 1001
: 9812 99 *100 102
9812 101
6,900 Atlantic Refining
781p July 1404 Jan
100 9512 Jan
11712 Feb 5
•114 116
115 115 *11514 117 *11514 117
11514 11514 *11514 117
Do pref
200
100 luta Jan
11714June 8 108 Oct 118 Feb
10/
1
4 1012 1012 10/
1
4 *101
: In
1051 1214 12 1234 1234 1234 5.500 Atlas Tack
NO par
94 Feb 1
13 Apr 28
5 June 1114 Jan
2614 2634 268 27
271
/
4 28
27
/
4 2712 2712 29
278* 271
8,400 Austin,Nichols&Covt°No par
22 July
1812 Mar 3312 Dee
3212 Jan 12
*93
9412 *92
9412 91
91
*92
94
*92
94
*92
94
Do
200
pref
87%
Jan
2
100
*11, 2
Aug
79
95
15
Apr 91 Nov
11
/
4 112
134 134 *112 2
112 2
*112 2
400 Auto Knitter Hoslery_No par
112 Aug19
414May 14
112 Nov
812 Jan
114/
1
4 115% 113/
1
4 11514 115 117% 11578 11714 11614 118, 1163* 11812 69,500 Baldwin
Locomotive Wks-100 107 Mar 30 146 Feb 26 10412 May 13434 Dec
*107 10912 108 108 *107 108
1074 10714 *107 1091
:*107 10912
300
Do pref.
100 107 Aug 7 11652 Jan 31 11012 June 1171
:Nov
20% 21% 2034 20% 203* 205* 20
20% 20
205* 2014 204 6,800 Barnsdall Corp. Class A.- 25 1834 Aug 12 30 Mar 3
14 Feb 231: Dee
•1612 18
17% 1714 *17
18
17
17
*1612 18
1614 1612
400
Do Class B
25 16 Aug 18 23 Feb
Jan 174 Dec
10
40% 38
*38
38
401 *3212 4012 *3212 40% *35
*37
4014
100 Barnet Leather
No par 35 Jan 5 4972 Mar 4
2312 Nov 39 Dee
*39/
1
4 40
3912 3912 40
40
40
*39
3914 3914 *39
40
600 Bayuk Cigars. Inc
No pa
39 Apr 28 5314 Feb 14
$012 May 59
Jan
7234 7312 734 75% 7414 77/
1
4 7468 7734 74/
1
4 754 744 75% 30,100 Beech Nut Packing
20
Mar
60
23
Aug
44/4
26
773
Apr 72114 Dec
4
4112 4218 42
424 414 42
41
4174 41
4112 41
4114 7,900 Bethlehem Steel Corp
100 37 June 5 534 Jan 13
3714 Oct 6212 Feb
•11334 11412 11414 114% *11334 11412 *11334 11438 11412 11412 11412 11514
600
Co cum cony 8% prof..100 109 Mar 18 11612 Feb 8 10114 Apr 11014
*96' 9712 *9612 9712 9612 9612 .9612 9712 *964 9712 9712 97i
Feb
600
Do pref 7%
100 9314June
102 Jan 31
8912 June 97 Feb
514 534
512 512
5% 54
5% 534'
5% 6
6
632. 5,300 Booth Fisheries
No par
414May 4
7 Jan 10
352 June
712 Jan
357 36 1 3534 3614 3512 35741 3533 3534 35
35% 36
35% 9.900 Briggs Manufacturing_.No par 3334 Mar 17 4412May 25
13878 13874 13834 13912 13812 13874 13834 13934 13812 13914 *135 138
3,100 Brooklyn Edison. Inc
100 12058 Jan 2 1404MaY 22 -113-7-14 June -1-2414 Wee
*87
88
857 867
86
87's 8884 87% 88'4 86's NI
861 10,300 Bklyn Union Gas
75/
1
4 Feb 17 913gMay 22
No par
5852 Apr 8214 Dec
117 118
1174 123
123 12412 12411 132 I 12612 131
130 1311
9,300 Brown Shoe Inc
100 6412 Mar 31 132 Aug 26
39 May 7612 Dee
•105 1074 •105 10714 *105 10714 •107 10714' 107 107 *106 10714
100
Do pref
100 96 Mar 25 107 Aug 27
84 June 9984 Dee
28% 2834 2812 2812 29
29
2912 29
291s 29% 4,600 Brunswick-Balke-Coll'r No pa
29
29
24 June 25 4934 Jan 21
_ _-_- -*103 104 *101 104
103 103 •103 105 ,*103 105
103 103
300
Burns
Brothers
No
921
:
pa
Feb
11
1091
Dec 1124 June
95
2MaY
•2412 2534 235* 24/
9
1
4 2384 2374 2334 2338' 2312 2312 2312 2312 1.600
Do new Class Scorn No pa
17 Mar 31 30 June 6
1952 Feb 29 Nov
95
95
95
95 I 94
94
93 I 92
95
93
94
94
500 Burroughs Add'g Maeb-Plo Par 85 Jan 3 9674 Aug 7
6214 Nov 6712 Oct
•17
1714 •17
1712' 174 174 17% 1738' 174 174 *17
1712
300 Bush Termingj new ___.NO pa
145sJune 4 1912lune IS
*85
8412 85
85% 854 8518 •85
85% *8412 85% 8*/
1
4 8512
400
Debenture
100 80 May 14 8972June 20
614 6%
64 614
64 638
614 636
61a 6%
6
614 1,800 Butte Copper & Zino
Mar 31
814 Jan 2
352 June --i114
1914 19
•1914 1914 1914 1914 •191s 1914
1914 19% *19
1914
500 Butterick Co
100 17 May 13 2814 Jan 3
17 Apr 2512 Dee
1112 1112 1114 1134 111
/
4 115* 11
: 11
11 1 101
11
11
2,400 Butte & Superior Mining...10
612May 5 2414 Jan 9
14
May 2512 Dee
$4
84
34
34
53
58
NJ
34
*14
34
*Ns
34
600 Caddo Cent Oil & Ref._No par
4 Apr 25
214 Jan 12
41
/
4 Jan
1 Nov
12884 12912 125 127
124 12634 12234 12434 122 123
12314 12412 7,800 California Packing
No par 10012 Jan 27 13212 Aug 21
80 Apr 1064 Dec
26% 26% 26
2634 2712 2634 27
2612 2512 2614 26
2612 22,800 California Petroleum
2372
25
Jan 2 3274 Mar 7
194 July 294 Feb
Do prof.
100 100 Jan 2 123 May 22
9212 July 107
Jan
--iis --iig .
3 --We
ii, "11 ii, - 23* 214 234 -----12,200 Callahan Zinc-Lead
10
212MaY 8
414 Feb 19
212 May
5114 5134 514 52
572 Jan
51
52
51
5134, 5034 51
50
51
3,800
Calumet Arizona Mining
10 45 Apr 22 58 Jan 7
5114 Mar 5814 Dee
1514 15% 1538 1512 *1512 16
1512 15121 1512 1512
1,400 Calumet & Hecla
25 1314May 26 18% Jan 5
1312 May
191: Dec
46
48 1 *43
46
47
*43
43
44
43
43
600 Case Thresh Machine-100 24 Mar 13 49 Aug 10
14 Mar 35 Dee
*8612 87
87
*8612 87
87
85
87 •851
/
4 87
*85
8634
900
Do Prof
60 Mar II 89 Aug 10
100
May
514
77
Jan
1814 18
1812 1812 18
1832 1713 19
18
18% 174 1712 6,000 Central Leather
100 1414 Mar 28 214 Feb 7
972 Mar 2154 Dee
5934 60% 6012 60781 61
62
59% 62
6014 6114 5912 6014 4,600
Do pref
100 494 Mar 24 66 Feb 7
2914 Mar 5814 Dee
*32
33 1 32
32
31
31
*3212 33
*31
3212 31
31
600 Century Ribbon Mills..No par 31 Aug 26 471
/
4 Mar 11
2614 Apr 3514 Nov
4,5514 96
*954 98
*9514 98
*9514 9734 *9514 9734 *954 9734
Do pref
100 9414.1une 23 9814 Jan 14
91
Jan 9512 July
54
5214 531: 52
5433 537s 5434 5314 54
5214 5214 5212 7,900 Cerro de Pasco CopPer_No par 4314 Mar 34 554 Jan 2
4014 Mar 5614 Dee
5314 523* 5314 5212 53
53
53
523
8
5212
52% 5312 33,400 Certain-Teed Products_No par 4014 Mat 24 5572 Aug 4
2474 June 441g Dec
2914 2914 2914 29% 297 3112 3012 3114 31
3134 31% 3218 19,000 Chandler Motor Car__ _No par 2712 Aug 20 39%June 9
2672 Nov 6612 Jan
1
4 114 117
11934 12214 11834 122 1 11634 119/
113 11514 112 114% 27.000 Chicago Pneumatic Tool-100 8014 Mar 19 12214 Aug 22
7972 May 10072 Dee
49
*46
*47
49
*4812 49
*4612 49
*46
49
47
47
500 Chic Yellow Cab tern ad No par 44'2 July 7 55 Jan 3
39 May 8112 Apr
57
5738 5712 59
58
5614 5614 5612 57
6034 z5814 60
16,600
par
Childs
Co
No
49% Mar 31 6034 Aug 27 ---- -3513 347 354 3412 3478 34
35
3438 34
3434 3418 3433 7,800 Chile Copper
1
4 Mar 30 3752 Jan 2
25 30/
3532 Mar 3884 Dec
243* 2312 2312 23
24% *23
23
23
•23
23
2212 2212
500 Chino Copper
6 19 Apr23 2812 Feb ; 1. Mar 29 Dec
62 I *61
62
61% .60
60
*5912 61
61
61
*5912 61
600 Cluett. Peabody &Co
100 581g Mar 17 7184 Jan 12
Oct 754 Jan
66
13618
14114
140
140
141%
1393
4
1401
140%
/
4 13834 1394 13814 139
16,400 Coca Cola Co
No par 80 Jan 6 146 Aug 6
61 Apr 834 Dee
41 12 3912 4034 4018 413s 3912 4014 3912 4012 8,600 Colorado Fuel &
4058 4014 41
Iron
100 3214 Apr 21 4814 Jan 13, 2472 Feb 6414 Aug
ewe 46
4512 4512 *4514 4512 4518 4534 *4534 47
*46
4612
890 coluinblan Carbon v to No var 45 Mar 24 514 Jan 141
303, clont 5514 Jan
•Biti and waca prim*. uu &OW Ois Luis day
a Ex-rights
Es-dividend.
1
12% 12%
New York Stock Record -continued-Page 3
1080
For
ales during the week of stocks usually inactive .,ea third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Ulan:air.Aformlay,
Aug. 2 . I Aug. 24.
Tuesday.
Aug. 25.
Wednesday, Thursday, 1 Friday.
Aug. 28.
Aug. 27.
Aug. 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PleR SHARE
Range for Year 1025.
On basis of 100-share lots.
Lowest
Highest
PER SHARE
Range for Frocks,
Year 1924.
Lowest
Hig80S1
Per share S per Mars
Per share
$ Per share 3 per share $ per share $ per share $ per share IS per share Shares. Indus. & Miscall. (Con.) Par $ per share 8 4 All 25
33 Mar 48 De,
753
No par 4534 Jan 21
49,200 Col Gas & Elec
73
7512 7312 7534 7212 734 72; 7338 7212 73
7412 74
Dec 105 De,
10314
11018July
6
Jan
15
10414
pref
100
Do
100
4
1093
4
1093
•108 110 .108 110 *108 110 1.108 110 .108 110
3038 May 58 Nor
100 Comm, Invest Trust _No par 50 Jan 2 67 Feb 16
*6038 62
.6038 65 .61
65 .61
6034 6034 *6038 62
66
93 May 103 NOY
100 102 Mar 19 1064 Jan 19
Do pref
•104 10612 .104 10612 .104 10612 .104 10612 .104 105 .104 105
4313 Jan 13114 Dec
9112 9512 1.600 Commercial Solvents A No par 80 May 25 190 Jan 29
93
91
9112 .90
91
.91
92 .91
92 .91
Jan 12912 Dec
33
NO par 76 May 25 189 Jan 29
Do "B"
9134 1,800
92
90
*89
88
8812 8812 .88
88
92
92 .83
2
Jan
324 May 66; Feb
i.313
l
July
22
par
Alo
Congoletim
new
Co
6,40C
24;
4
243
2412
2418
4
/
24; 2514 2412 2514 2434 25
2412 241
1414 Dec
May
734
i
100 Conley Tin FollstampedNo par
.58
78
78
.58
*as
78
73
73
113a Mar 30 Nov
2612 Jan 2 4412May 29
No par
3812 2.000 Consolidated Cigar
3878 3918 3814 3834 3814 38,4 38,2 3824 3812 38; .38
Jar
Apr 84
5912
14
Feb
8972
2
Jan
4
793
pref
100
Do
86 .7912 86
86 .83
86 .82
83
.
86 .82
86 .82
334 Der
9; Feb 19
4 Jan
318 Jan 7
414
4
44 414 9,500 Consolidated Distrib'rs No par
414 412
4
414 412
438
4
4;
6078 Jan 7972 Dec
8838 87; 884 27,900 Consolidated Gas(NY) No par 7418 Mar 30 924.1illy 20
88; 8872 88; 9014 88; 8912 884 88; 88
Jac
8
238 Apr
514 Jan 7
234.1une 9
31l
6.400 Consolidated Textile...No par
3
3
3
3
3
3
314
312
3
31
31
43(2 Apr 69; Dec
80 July 29
754 7612 7434 757g 7412 7514 73; 7534 7378 7434 14,100 Continental Can, Inc__No par 6012 Mar 29 1204
75'!... 76
Apr 10918 Der
20
Jan
8918
6
Jan
103
25
Continental
Insurance
500
11412
11412
4
115'2 11512 .11312 11512 .11312 11512 .11434 11512 11434 1143
872 Der
II
Apr
R4 Jan 2 1138‘111Y 9
914 11,600 conel Motors tem etfs_No par
9
9
918 932
938
9; 912
94 912
84 9;
314 Jan 434 Nov
*32 a 3334 3334 3438 3378 34141 3418 364 3534 37 I 36; 3714 32.000 Corn Products Refin w L._ 25 3232May 29 41; Feb 25 11518 Apr 12334 Anti
July
127
Jan
3
7
11813
____100
,
_
__
pref.
Do
200
____
•120 124 .120 124 .121 124
12414 125 .123 ........ •12314
48 May 76 Dec
7963142 AugJan 17
8 9
72; 73; 21,200 Crucible Steel of America_ _100 6412 Mar 301
7372 724 7312 72; 7334 71; 7432 7212 74
73
86 May 93 Der
100 92
•95
97 .954 9612 9512 9612 *9612 97
Do pref
100 1
*9612
97
*96
18 'Fe)
101i Oct
Aug 28 14; Feb 9
982125A1auy
r
10
1018
934 1018
9; 10
812 944 9.200) CUlta Cane Sugar-----Nopa0
1014 1078 •1018 1014
53; Apr 714 Feb
100 41 Aug 28' 6238 Feb 26
Do pref
17,4001
44
4418 41
45
.4612 4714 4612 47
44
4434 4512 44
3872 Feb
284 Nov
2518 2514 2513 2534 2514 2534 24; 2514 24; 24; 24,8 2112 5,700 CUban-American Sugar__ 10 22 Aug 18 3312 Mar 3
Jan 10014 Noy
96
_ .100 9512S1a) 5 101 Mar 13
Do pref
100
98
98 .96
.96
*96
98
08
96 .95
*95
96
08
84 Feb
41R June
632 Feb 27
34 July 16
3,2 344 2,200 Cuban Dominican Sug_No par
.3; 372 *334 3;
312 312
31 2 334
3; 334
Dec 52 Feb
38
6
Jan
444
17
2318July
100
91'44
Do
900
27
2614
27
27
*27
31
27
27
*27
27
27
31
Sept
76;
Aug
564
87
8
June
30
Star
62
No par
Cuahman's Sons
.7134 75
*7134 75
76 .72
•73
76 .7134 75
76 •72
7413 Jan
4512 Nov
No par 50 Feb 17 59 May 25
1,200 Cuyarnel Fruit
*5214 53
5212 53
53
63
53
53
534 *5312 .53; 53
3214 Mar
Nov
6
9
Jan
2
7
7
25
June
1
25
Mills.
Woolen
Boone
Daniel
700
133 *138
112
114
138
133
•1
114
114
118
114
114
3812 Nov 6912 Jan
4914 Jar, 23
1412 45; 44
45
4318 44; 4212 14; 42. 1272 4214 4378 19,500 Davison Chemical v t c_No par 2772 Apr 30
1814 Jan 2214 Dec
100 De Beers Cons Mlnes_ _No par 2014 Mar IS 2512 AT: 19
.2413 2514 .2444 2512 2438 24; *2434 26
02412 25,4 *2434 2514
13118July
6
1014
Jan
29
Jan 11514 Dee
110
100
130; 13034 2,500 Detroit Frilson.
130 131; 13114 132
131 13112 131 131 .131 132
4
1: 18
111 4;11:8
21,500 Dodge Bros Class A._No par 2134 tone 9 3
2414 25
25; 2478 2514 2434 2514 2414 25
25; 25
25
--15
7312MaY
par
21,1Iv
81,
7
certifs....No
Preferred
821
15,000
8234
4 83
1
82/
8212 824 8212 83 1
2 824 82,2 824 82
II% Nov -WeJan
No par 12; Apr 14 164 Jan 19
1414 1518 3,900 Dome Mines. Ltd
14
14
•1378 14
14
1418 14
1414 .134 14
18 Dee
932 June
No par 14 Feb 16 232 /tug 4
1,100 Douglas peeiln..
*2113 22
.2112 22
22 .21
22
22
2112 22 i 2112 22
Mar 10814 SW
1004
1
7
Jan
105
_100
_
pref
light
lst
100 Duquesne
•109 110
110 110 *10912 110 .109 110 .109 110 .10913 110
2 Nov
1147
19
Jan
Apr
118
1044
1074 10713 2.800 Eastman Kodak Co___ No par 10434July 18
100; 10714 106; 107,4 10614 10634 1064 106; 107 107
Sept 2418 Jan
46.400 Eaton Axle & Spring_ .No par 1012 Feb 13 25 Aug 28
2178 224 22)5 2212 2.18 2312 2312 2438 2338 2432 24,2 25
Dee
142
May
112
2)1',
5
,g
A
5
Jan
13414
153 159; 15612 15714 157 15778 7,700 F,1 alt pont de New & Co_ 100
15814 15914 15972 161; 15912 161
Ain 96 Dee
85
100 94 Jan 23 102 July 7
900
Do !met 8%
101 14 101 14 10112 101 12 l(102 1002 10112 10112 •100 101 12 10112 10112
4012.1niv
25
Apr
2
16
173
par
No
ctfs
Lt
Ar
68,000 Elec. Pow
3012 3213 30¼' 3214 30; 32
3312 3432 3214 3312 31; 33
100 Mar 18 110 June 16
40% l'r Prl
SOO
4 105 10534 *10412 105
1
10634 107 1•106 108 •10438 106/
•10634 107
10012 Mar 28 11034.1une 24
Fret' full paid
100
____ 10734 107;.104 108 .104 108 .104 108
•107 109 •107
504 May a- -Dee
1
,11y. 31
Elee
y 3? 7n J11
111.
,
. 1,
1111,34
4
613
Par
Storage
NO
6412
3,000
Battery_
4
643
6412
65
6412 6434 6112
644 6518 6412 65
312 July
June
;
,
413 434 6.700 En,erson-ltrantingham Co.100
412 434
378 44
334 •3,4 313
34 378
*3
2 72 Jan 9
5578 May 73; Dec
67
6814 6838 7078 8812 6914 684 6812 67; 6812 0.400 Endicott-Johnson Corp.. _ 50 6334 Apr
67; 68
Jan
1054
115
June
16
Feb
4
1183
2R
Slav
III
pref
Do
*11514
120
11914
•11514 11614 •11514 11614 *11514 11614 *11514 11614 *11514
18 Dee 2412 Lou
1312July 23 /972 Jan 3
10r
100 Eachange Buffei Cor-p:Aio 14)10
•1514 1612 •1514 1512 01514 1512 01514 1512 31514 1512 1514 1514
(34 Aug 5
41, Jan
2 Dec
214 M ar 27
25
100 Fairbanks Co...
312 312 .212 414 *214 414 •214 334 *213 334 *24 344
2512 May 34 Dec
No par 321, Jan 2 4978.1itly 21)
4613 2,400 Fairbanks Morse
4612 4712 464 4618 45; 4.5; 46
46
4612 4612 47
Jan 9812 Dec
61
31,700 Famous Players-1.atiky_No par 9014 Feb 17 11434.1711v 27
10734 10814 108 10714 10618 10714 1064 10738 10512 10634 105 106
120;
8 Jan 10812 Der
7
7
1
1
4
FX
74
,
3
0
0
877
1
12
9
17
5
,
.June„
1
1112
(8%)
pref
De
800
14
.11514
116
116
117
117 11714
11512 116
•115 116
115 115
2712 2718 2712 3,200 Fed eral U gh, & Trae
2713 2814 27
29
4,29
28
29
9
2912 ,̀
518 Apr 241 iDee
100 Federal Mining & Smelt'g.100 15,,Mar 13 25 Jan 19
18
.1714 184 •17,4 1812 *1714 1812 •1714 1813 1714 1714 .15
414 Jan 6413 Det
644 Jun 15
05614 59
Do prer. . .. _ _ 100 49,2 Mar II
1,300
58
56
59
59
59
6078 604 6012 6078 259
175
6
Jan
14712
Slav
15 118 Mar 140 Der
Fidel Phen Eire Ins of N Y. 25
•165 167 .165 167 .163 169 •164 167 *16512 167 .16512 167
04 Jan
133s Jan
12 Jan 8 1734.1,41y 13
17
100 Fifth Ave Itlin tern ctfa. No par
17 .15
17 .15
•15
161 .15
16 1 15,8 1518 .15
87
17
b
Feb
6014
18
A,
25
8112 19,400 Fisher Body Corp
8014 8112 81
1 834 8212 844 831s 8414 8112 83
;
82
, Dec
512 June - 137
1012 Mar 24 244.11ily 24
No par
2218 2114 23
2112 2278 21; 2234 2134 2212 221 4 2213 91.700 Fisk Rubber
21
3818 July 86 Dec
100 7512 Jan 16 1118 21410 27
Do let pref
2,700
10734 108
107 10712 10712 108
10534 10612 106 106
108 106
Nov
9014
Jan
109,4
19
4414
Mar
Aug 21
75
NO Par
10734 108; 107; 10912 105 108; 105 10678 105 10612 10,512 10812 19,600 Fleisehman Co
664 Jan 94; Der
No par 60 Jan 6 135; Aug 28
129 13214 129 13312 133 13534 45,300 Foundation Co
125 126
126 132
12534 126
134 Jar
Is7
Sept
18
Mar
74
8
8.1,1ne
15
par
No
Tease
Freeport
Co
1612 14,100
1614 164 16
1614 1634 17; 1612 174 1614 1634 16
Jan
7
34 Ott
44 Jan 2 164 Mat 2
No par
10
1034 9,000 Gardner Motor
9 . 11
812 938
878 0
0813 9
834 834
3512 May 63 Dec
100 4412 Aug 4 581. Jan 10
500 Gen Amer Tank Car
4514 46
48
46 I •45
46
47
*46
4612 •4612 4678 .46
Feb 994 Dec
92
100 93; Feb 16 10278 :Aug 6
Do pret
1
•101 103 .101 103 .101 103 .101 103 .101 103 *101 103
31; Apr 63; Der
r 30 5344 Jan 2
a,
,la
,1)
12
8,
82
,11 4
0
1(
5212 5,200 General Asphalt
534 52
5334 544 534 5414 5314 5378 5212 5314 52
Apr 100 Der
17 PIO Jan 2
12
71
pref
DO
95
500
.94
94
94
4
943
9.5 .9414 9434 9434
95
95
95
Jan 160 Sept
93
No par 121 Mar 7 178 Aug 22
173 17312 9.100 General Baking
168 171
170 174
173 178
175 177
17414 176
100 8412May 4 1014 Mal 4
8214 Apr 98; Dee
1,000 General Cigar Inc
8972 90
90
8912 8912 90
90 .8914 90 .89
90
89
.
Jan 322 Dee
22714
100
33714
17
1934
Feb
24
Aug
General
Electric
37,910,
8
3247
318
328 3344 323 330
332,2 33634 331 33714 331 336
1112 July
1912 Apr
11 Jan 2 1 iluittly to
10
'III, 1132 113
, 1138 1138 1112 1114 11,2 1138 1112 113,3 1112 2,200. Do special .
55; Oct 6678 Dee
par 6432 Jan 5 91; Aug 10
Corp_No
Motors
General
69,000
8918
8812
8914
8812
9038
s9018 93; 90; 904 89
9278 94
Der
93
June
94
Feb13
80
July
6
90
100
pref
Do
______
____
*0612 ____ •9812 ____ •9612 ____ .9612 ____ •9612 ____ *9612
8018 June 934 Dee
9814June 27
Do dub stock (6%).....100 8312 Apr 21
*961 98
*9612 98 • .9813 98
*11612 98 .9612 98
*9612 98
05 pref
954 July 1034 Dec
5
Jan
102
100
1134.1,11Y
II
7
Do
2,000
112;
1123g
112
112
1124 11212 11213 11212 112,2 11212 112 112
383R June 45 Aug
25 42 Jan 16 59 June 12
42; 4438 4334 1412 48,7001 Genera Petroleum
4712 434 46
4712 4314 4714 4734 46
Jac
31 June 55
400. General Refractories___No par 43 Apr 28 584 Jan 14
.4413 45
*4412 45
45 .4412 45
4 4552 45
1
*454 45; 45/
9
June
62
16
474 June 644 Dec
Mar
47
par
No
Bros
Gimbel
2,300
4
563
56
91512 .5612 5634 5634 554 55; 5434 55
57
.56
Sent
107
Jan
Mar
100 10214
14 107 Audi
99
Do pref
100
107 107 *10434 106 010434 106 *10434 106
•101 108 .106 . 108
, 2
Dec 27; Noy
Feabr LI 1,
4 54
32
12,
21
, .Ax:::
74
4.300 Ginter Co temp ctfs....rp py
4614 4518 46
4672 46
4712 48 .4678 4734 46
48
47
8 June 15 Nov
2114 7,600 Glidden CO
2178 2214 21; 2218 21; 214 2114 2134 21 18 2138 21
2812 Apr 4372 Nor
Gold Dust Corp v t c_No par 37 Mar 3 46 Aug 3
5,800
434
1312
4314.
4314
4214
4212
4212
4212
42;
43
42
4232
17 June 38 Dec
8.400 Goodrich Co (B F)_ ___No var 3634 Jan 6 59 1;03 IS
53,4 5334 5278 5312 5238 5313 5233 5332 53,4 55
53,3 54
7014 May 92 Dec
1001 92 Jan 3 10014 Sue 3
Do pret
100
099
99
9934 99
9938 *99
9932 *9914 100 .99 100
*99
Jan 90; Dec
t 0.100 8618 Jan 6 11,612 Aug 27
39
v
Goodyear
pf
Rub
TA
1.000,
8
1037
10312
10612
10618
103; 10438 10312 10412 104 104; 104 10432
8814 Jan 1084 Da
100 103 Apr27 108 Aug 7
Do prior pref
7001
10714 10712 1074 10734 10712 10712 107; 1074 1074 10714 .107 10712
124 Apr 2172 Dec
1,700 Granby Conn Min Lim & Pr_100 13 Mar 30 21 14 Jan 14
17
174 1778 17
18
1914 1812 184 18
1918 19
19
Great Western Sugar tem cif 25 91 Jan 16 11312.1une 19
8314 Oct 9678 Dec
9732 9378 •9814 9912 9712 9812 9734 98; 9734 9734 0714 97; 4.500 Greene Cananea
10 May 2172 Dec
Jan
191,
_100
_
19
Star
2
4
113
Copper_
200
15
.14
15
14; 1438 •14
15 .14
1412 1412 .1412 15
62 May 891, Feb
100 8712 Mar 24 944 Feb 5
6,300 Gulf States Steel
82
8238 82
8312 *8214 8312 81 12 8312 82
8318 83,4 82
4444 Fen
Sept
7
Jar)
371,
24
31
Apr
2534
n7an
Hart
Corporation_
2,100
Par
.NO
23
27;
2818
2
277
277g 28
29
2814 2872 •28
28
28
3214 May 5272 Feb,
No par 30 Star 14 4412 Aug 5
4018 4034 4012 4012 2,900 Hayes ‘‘ heel
414 4034 41
4012 4034 4034 41
41
4814
2 Der
517
Dec
4872 fan 9
200 Hoe (R)& Co tern etfs_No par 45 Apr 1
4512
4512 *45
*45
45
45
46 .45
46
4512 .45
.15
35 July 5612 Jac
100 43 Jan 2 50 Jan 12
200 Hornestake al fling
45
4512 45
4612 .45
46,2 .45
4434 4434 *4514 4614 .45
Nos
38
Apr
Jun
5
314
344
Househ Prod.
tetricHNopar
01115' IS
43,
42; 42,2 4112 4238 4112 4112 4112 4112 6,000 Walston 011 nfinc.
41 14 4132 4112 42
Apr 8212 Feb
61
Tex (em ctfs 100 59 Apr 22 86 Jan 20
2,400
64
64
65
64
6434 65
664 664 6512 6512 6514 66
Dec
36
May
204
Jan
33;
par
6612July
5
7
fill(ISOD
Car.
46.400
Motor
.No
6238 62,4 6334 6214 6312 6134 6312 63; 64;
61 14 61
61
Jan
18
11 12 May
15.200 Hupp Motor Car Corp.._ 10 1414 Mar 18 20141,111e 19
18
18
174 17; 1712 174 17; 1812 1778 1834 17; 18,4
Sept 1614 Dee
6
5;
Jan
1312
par
&
011
41
Independent
Stas_No
7
1
22,200
11111e
34
25;
24
4 2414 2534 2334 25,4
1
2578 26/
26
2612 26
Feb
26
2514
June
1518
24
Mar
par
24
Inolart
Aug 28
13
Motocycle
No l
17,600
234 23; 24
22
2112' 22
2212 21 12 23,4 21 14 22
21
74 June
54 Jan 2 1032 Feb n
3; Apr
900 Indian Refining
732 712
738 712
744 744 .712 734
734 734 .713 812
110 Mar 76 Dec
100 77 Mar 24 95 Jan 7
85
8112 075
•75
85
85
•75
85 .75
8218 .75
*75
Nov
4844
314
May
At, el
&) Feb 2
n,1 p"
3834May I
Srf
4312 9,400 In11,:0
4332 4312 43
4312 44
4334 44
4218 434 4312 44
110 pref
200
10412 Apr 13 Heti Aug 21 101 14 Jan 10784 Deo
Dec
110 110 90978 1104 11018 11012 90912 1104 •10913 110 .10912 110
334
Feb
224
12
Jan
3234
22
Apr
)
(1
1
2
r‘
Inapiration
2214
s
COOS Copper
2714 3.200
2832 2634 2712 27
2812 2834 2838 28; 2818 2834 28
94 Jan
3 June
712 Jan 7 17; tidy 24
No par
800 Internal A grlcul
1412 134 1378 01312 1378 1314 1334 1312 1312
1412 .14
•14
11878 Dec
Apr
83
30
Int
Mar
par
14644
No
27
13,100
AU.
Machlnea
110
II•talness
4
1453
14112
1334 134; 13434 138; 13714 139; 1404 146;
134 134
4044 Apr 594 Nov
6.700 International Cement_ _NO Par 52 Jan 5 7112 Aug 24
70! 6334 7014 6818 69
71 12 6912 7034 70
6978 71 14 70
22 Mar 39 Dee
4714 1612 4812 39,100 Inter Comblia Engine. No par 3134 Jan 21 51 Aug 14
4614 4778 16
4838 4712 484 4713 48
48
Jan 1104 Dec
714
123; 12378 24,200 international Harvester...100 9612 Mar 25 12772 Aug 19
12412 126,2 12234 12633 123 1244 1224 12478 12212 124
1164 Nov
114 Mar 3
1)o wet
200
1
•118 119 .117 11812 *117 11812 11814 11812 .118 119 .118 11812
15; Dee
1"11"
5
"
2
718.ht„e
Y
"113
o
)N
i
25
Int
1
1
0
0
10
4
ptrIle
a
!
er
p
ter
12"1
:
1
.
)
Marine____11:111
8;
84
8;
8
8
8
8;
8
812
8
814 814
Mar
.i5243,,1
5
18
,
tg
a
A,
54
31 12 3012 31
3012 2934 3038 2912 3012 30
30
ee
Nec
3014 31
V:
n
a
l
la
m
lA
2
;
1
''
rl
'
5
lte 24
vee
A
5 ?
20
3518 79,400 International Nickel (Tbe)_10
11,
27
34
3412 344 344 3532 3414 3518 3334 344 33; 34;
7512 May 95 Nov
9984
pref
100 94 Jan 6 100 Aug 19.
.99
Doe
99 10012 *9912 10012 .9912 100Ig •99ig 9934 994 9918
.
80
Atm
344
I
.11ine
4
/
741
I)"
0
"
0
1
3
40,t
19
100 4814 Star
6312 67; 7012 6712 6914 674 63,2
6512 67; 67
6513 66
6218 Mar 7472 001
100 '"11;or"stit'ann4lipe(1
79
100 71 Mar 9 82,8May 26
Paperpref
79 .77
*77
79
79 .76
77 .76
77
.8773 88
A pr 119 Nov
73
400 International Shoe
No par IOR Feb 2 19934 bily 27
18212 18212
•18013 182 *18012 18112 181 182 .181 185 *18212 185
June
Do pref
200
•11612 11732 •11612 117; 11634 11634 *11634 117; 11634 11634 .11634 11758
&
11 1(11;514 IN 1C8 Bee
14241
1
r
Y
l
p
4
"
.1
4
131
18
)
a
Irm
Tigeg....
&
Telep
Internal
15.300
129
12612
128
12612
130
n
124,4 129,2 12734 131 1 129; 13112 12712
2 Slear
244 Deg 3214
18 July 8 2612 Jan 6
No par
100 lutertype Corp
22
.21
22
22 .21
22 .21
22 .21
2118 21 12 *21
SOO .ewe! Tea Inc
19
100
•1502
4
3
18
.1844
19
•1812
18,2
1812
19
Dec
19
23
ar 106
184 19
r 4P
;
1
2
'
Fh
V
gl
Y
n
1
,4
1
Aug
11
2
1()P
„g)
_
_
_
_
_
„
.
_
,
oref
Do
100
115
.110
,8
2/14 Lan
14.4 Sept 5
112 112 .110 114 .110 114 .110 115 *110 115
mit lune 23 21 72 Feb 3
1,300 Jones Bro2 Tea. Inc. stpd. _100
1612 17
IS 1 16; 17
17
16,2 164 17
17 .16
17
4412 31,400 Jordan Motor Car
No par
39; 3312 3913 38; 4178 042
38; Jan
3714 3712 37
51
X]: 4
I
37
37
3
15
r
e
K
n
i
71
5
:1
11
9
4
3
5
?1
1
r
lg
a
'
d
;,N
Z1
1,700
5
18
3
(.1)
3112
Kruger
o.
Cost
par
_No
3114 31
31 I 30,8 30,2 3013 3012 30
3113 31 11 31
77 Aug 10212 Feb
200j Do 181 pref
No par 83 Mar 30 10041,111e 2
98
9818 934 00
99
99 • *95
98 1 .96
Jan
35
954 •94
934 Jun
.94
25 1214 Mar 24! 2132Bily 3
1638 4,100 Kelly-Springfield Tire
16
18
1678 16
16,4 164 16
1634 17,2
1632 17
33 June 88,, Ian
3
July
74
251
Mar
41
100, Do 8% prof
100
65
•64
62
62
66
.6212
66
•6212
,
an
78
67
e
ny
8
4
,
1
5
J
•62
,
)
,
11
4
67
y
1y
*63
0,18
4,2,1
02
' 17
,
lar 25
3 tal,a
47
Do 6% prat
,
1%) 8
63
63 .59
63 .56
63 ..56
63 I .56
104 Dec
43 .56
.66
eL7
tc:Inen
0 thc
104 li
eeol,r,i
pn:
r,1,4 43
56
;0
1:
55
, _ .570
1%2 9
95
, 8
5Vii
534 9
5.Z14 Z3
5R 9
1 .9
14
51
Dec
9L .9
5
57;
Jan
344
8
52
13
Ian
4 9
1
,/
51
, 9
52
9
4
573
30
pit? 4612Mar
6 Par value changed from MOO to $50 and prteee on that halal 13,6113111119 June 3. a /11-3111b1a•
•810 see sakes prices- 00 sake On tlile day. a Ex-Clivtdend.
New York Stock Record-Continued-Page 4
1081
For sales during the week of stock. usually inactive, see fourth page preceding.
HD El At D LOW SAAR PRICES-PER SHARE, NOT PER CENT.
Ian rant,
Aug. 22.
M onday
Aug. 24.
Tursaap
Aug. 25.
ednesday
Aug. 26.
Thursday.
Aug. 27.
Friday.
Aug. 28.
Sales
for
the
Week.
STOCKS
NEW YOlt H STOCK
EXCHANGE
PE% Sti ARE
Range for Year 1925.
On basis of 100-share lots.
Lowest
Highest
PER
A litRange for Preston,
Year 1924.
Lotcest
I
Mem
8 Per share $ per share 8 per share $ Per share S per share S per share Shares. Indus. & Miscall. (Con.) Par $ per share
Per share
Per share $ per Mar.
288
24 238 .214
214 238
214
214
2ss
2ss
312.1tily 16
2
175 Jan 9
2,000 I{eystone Tire & Rubb_NO Par
113 Oct
4N a,
7912 .77
7834 .76
76
7913 .76
2'g 791%
7834 .
Kinney Co
.76
No par 74 Mar 25 g734May 25
79,2 .78
5214 May 8614 Dee
53434 53434 545 550
54934 54934 56014 565
•53434 540
57434 575
800 Kresge (S .9) Co
100 355 Apr 28 575 Aug 28 28713 Jan 47514 Der
3514 .34
35
*34
35
34
34 .34
3514 3514 35
8001 Kresge Dept Stores____No par 3111 Jan 21 4534 Jac, 7
3412
424 Nov 6272 Jam
155 156 •156 164
•156 162 .150 160 *150 160 .156 160
400, Laclede Oas L (St Louis) _ 100 11014 Jan 5 178 Mar 31
79
Jan 113 Na,
1578 1578 1518 1512 1514 1538 1518 1518 1,4001 Lee Rubber & Tire_. _No par 1138 Feb 20 18 July 1
16
1618 1618 16
1718 Jan
8 May
66
66
6614 56
6634 65521 6543 66
6612 6612 66
66
1,900; Liggett & 51 yers Tob new. 25 57 Star 25 71.• Feb 6
50 Mar 684 Der
121 121 .119 121
121 121
•119 123 .119 123 *119 123
3001 Do pref
100 11613 Jan 16 12234JulY 20 11478 July 121 June
6618
6512
6558 6512 6512 1,8001
6578 6614 6638 6638 6534 6534 66
Do -13" new
29 5512 Mar 27 710.. Feb
4875 Mar 6812 De
634 .6212 6312 6213 6212 62
1182
64
6312 .62
•62
63
100 Lima Lot Wka
No par 60 June 23 7435 Jan 14
56 June 71 De,
3334 3412 3433 354 34
3512 3312 3414 *3314 3458 3278 3378 70,200 Loew '8 In, orporated
No par 22 Feb 17 3578 Aug 21
154 June 25 De
.714
1
712 .714 738
718 735 *7,4 74
No par
7 4 714
6 Jan 28
500 Loft Incmporated
714
714
918 Al,, 6
Pa Jan
512 Apr
9114 94 .9112 93
9112 9112 .84
91
.84
90
90
90
1,800 Loose-Wiles Biscult
100 77 Feb 17 9718 Mar 7
50 Mar 84 Nov
354
35
3514
35
3518
3514
3412
3514
3478 35
35,4 3514 8,1001 Lorillard..
25 30,4 Jan 24 3778 Jar, 13
3335 Dec 4014 July
*11313 116
116 116 .113 117
•11312 116
200
Do prof
100 1084 Feb 27 116 Aug 26 112 Nov 117
Fe)
1414 1414
1343 1418 1334 145
1414 1434 T1r3 11418 1412 10,700 Louisiana Oil temp ctfa_No par
458
1338 Aug 25' 2334 Fel. 3
3534 3412 35
3438 3578 3412 35
3412 3412 5.000 Ludlum Steel
3438 3438 35
No par 31,14 Feb 17 55 Mar 4
17
Oct -283*
•131 13414 *130 135 .131 133 .130 135 .128 130 .12834 135
I Macl.ay Companies
.100 114 Mar 20 130 Aug 7 107
Jan 119 All,
21312 21934 219 22434 219 22434 215 22078 215 21912 79,900 Mark Trucks Toe
/21634 221
No par 117 Jan 16 238 Aug 18
7534 Apr 11878 Der
113
.11018
113
•1104
*110
112
.11014
11214 .110 113
2'110 113
1
Do 1st pret
100 104 Jan 27 113 Aug 17 ; 954 Jan, 1074 De
106 106 .10512 106 *10512 106 .10512 10614 *10512 10614 *10512 106
Do 2d prat
.urr
100 99 Jan 2 1064 Aug 7.1 87
Apr 10114 Dec
90 .86
9038 8734 88
8912 9018 2,600 Ma.* (tt 10 & Co, Incl_No par 694 Jan 3 9418July 27
8814 8712 88 .88
88
59 May 7112 De,
43
3
4
4278
.43
4338 42
4212 4112 4178 42
4212 4,000 Magma Copper
434 434
par 34 Mar 31 44,, Jan 2
Ms June 4538 Der
26
2614 2634 26
2512 2512 2518 254 25
.2543 27
2512 1,700 Mallirwon (II R. & Co_No
N o par 215* Mar 30 374 Jan 23
18 Mar 414 Dec
Si
*5034 5114 .5034 5114 5034 51
51,4 5114 51
500 M sob Flee Su pp tem,tisNo par 32 Mar 21 59 Mar 10
5114 51 14
334 Mar 494 July
2712 2675 27
27
2534 2534 2612 3612 2658 27,4 27
2712 3,106 Manhattan Shirt
25 2014 Mar 16 3034 Jan 3
Jan
2612 Dee 44
404 40
4012 .39
40
3834 3912 .3834 41
4014 4014 40
1,000 Manila Electric Corp_No par 284 Mar
4912 Apr 24
284 Dec 3112 Dec
22
2114 2134 *2114 22
2034 2114 21
2214 2214 22
21
2438 (1et 374 Jar
2,600 Maracaibo 011 Expl___No Par 2034 Aug 27 38.• Jan 11
42
4034 4178 414 4178 36,500 Marlaod Oil --------140 par 3238 Mal 30 4714 Jule 38, 29 May
4234 4338 4218 4278 4178 4234 41
42 Pet
25 .2412 2518 25
25
2512 2512 27 .24
*2412 26
par
2534 2.400 Marlimlioekwell
1038 Mar 13 2818 Aug 14'
Jac. 1734 Mat
8
2158 2112 2112 2034 21
2112 22 .21
*2114
•
2114 22
2034 21
N parr 20 Aug 3 37., Jan 7
3752 Jan
1,600 Martin-Parry Corp_ _No
3115 Nov
75
7712 7934 7918 79,8 .
75
73
*74
70
1,600 Mathleson Alkali Wkstemetf50 51 Jan 6 $1112June 12
78
*70
77
5834 Der
2938May
____ ____ ____ ____ ____ ___ ___ ...... Maxwell Motor Class A....100 744, Jan 27 12112.1tine 3
38 Apt 8418 Dec
-__ ___ ___ ____ ____
Maxwell Motor Class B No par .334 Jan 27 12712June 3
1018 Apr 3931 Dec
1.0712May 6 120 A'118 1
A certificates
____ ____ ___ __
B certificates
7712 Apr 24 126 June 3
_ __ _
- 2 i
4 iii- 1161- till; iiiis 1-661-4 itai4 ft-6- 117 11712 22 800 May Department Stores__50 101 Mar 23 121834May 25
iii- 1191115 Des
8211 Apr ---.
9012 9012 9012 91
9012 91
904 9014 '9012 92
91
91
1.700 McCrory Stores Class B No par 79 Mar 17 9834 July 7
Oct 1064 July
86
19
1914 1914 .1918 1938 1918 1918
1918 '19
1878 19
1928
1.900 McIntyre Poreunine Mines- -5 16 Jan 2 194 A,I2 4
1438 Dec
1814 Jan
_ •1154 _ _ •11534 .__.l'11534
•11534 ---- •11534_. - •11534
Metro Edison Power pf.No par 9712 Apr 21 11534 Aug 13
Dec
9014 Apr 101
13
- 3 .2138 -21-34 2112 -214
.21
2112 2133
2138 2 34 .214 2134 1,000 Metro-Doldwyn Pictures 91_27 1(5 Jan 3 221
.Feb 5
15 Sept 19 Dee
1378 13
9234 134 125* 1235 13
1334 1243 1338 1234 13
7,50) Mexican 94.9 ho5rd 011_ _No par 1112 Mar 17 2212 Jan 6
144 Jan 2534 Sept
10 .10
104 104 1014 1038 1014 1038 1015 104 10
1014 1 1,800 Miami Copper
5 R May 12 244 Jau 13 20 May 26is
5 Apr
2713 2678 2738 2612 2753 2624 27
2612 274 16,200 541.1-Con Maul P a ro__No par 2534 Aug 19 3618J-----------2718 2738 27
une 8
144
134
131
134
134
Ds
134
134
138
14
134
38 Apr 16
134 6,900 M111011 mtai. s kol Corp_ _ 10
1 Aug
jar
134 13814 12834 14512 13,700 Midlar.0 .=,...• ,.e, ref
13912 111 1 139 13912 13814 13934 135 138
100 96 Jan 2 117
314jAlut:
914 June 98 Nov
i 11
024 8913 92121 9015 9114 8713 9034 86
88
92
8514 8714 31,000 Mont•na Po • e•
100 64 Apr 17 99,4 A•112 0
61 14 .150Lneye,
ec
7034 7214 694 7078 6814 6978 6838 6934 52,500 Monig kt ard & CO Ili co,p__10 41 Mar 3) 3
705* 715s 7038 72
75
3 J:aillvy 27
8
2
17
13
4
3014 3134 314 33 1 3218 3314 3112 3234 32
30
30
3278 21,400 Moon Slot....__
6 o par 2234 Slat 19
7
7
8
8
1
778 8
734 778
773. 8
712 734
713 758 5,900 Mother tooe 4.)...alitIOD_ P's par
ul. Jan 2
6 Stay 4
6 May
914 Yet
3958 2938 3078 2913 3034 2912 30
2934 2934 28
18 Apr 9 35 June 29 ---- -3018 3012 17,100 Motor 88!,. el
__ __No par
13
•6
.6
14
13 1 13
*0
1312 15
15
15
15
1814 Pet
13 Aug 26
600 Mullin. POI) COTP-NO par
•3112 34 .3112 34 .3112 34
3138 3143 .
32
34 .
32
34
4
35
14
200 Mousing 'ear Co
No par 304 Apr 23 .
2'
'
3
29
64 July
3914 Jan
411 420 .412 420
413 415
•420 425
41238 41238 40513 412
1,700 Nash Mint* Co
9812 AM 204
No Par 193Ir Jan 5 448 May 4
Per
10178 10478 105 105 .10434 10514 .10434 10514
90434 10514 .10434 105
1034 Jan 21 11,7 July IS
Do prat
200
. . __100
981,July 1044. Nov
.712 812
•734 8
8
734 734 1 ,800 N..tional Arms- stamped_ _10
758 778
834
84 814
414 Mar 24 104.Iuly 24
334 Oct
104 Jan
7334 7413 7234 7518 7238 7414 72
7234 7134 72 I 71
7112 30,600 Notional BIRCIllt
Apr
5014 Mar
29 708 Aug 21
25 65
7714 Sent
•12314 125 .12314 125 .123 125 .123 125 *12314 12412 12414 12414
100 1234 Mar 11 128,15fity 0 12012 Jan 12634 Dee
100
Do prat
70 1 6813 6918 1,900 National Cloak & Sult
6914 7012 7012 704 6978 6978 6914 6913 .69
100 6513 mar 5 78 Jan 26
44 June
7078 Dec
10134 10184 102 102 *100 102 1.100 10114
•10114 102 .1014 102
100 99 Jan 13 104 Jan 231
200
9112 Mar 10078 Der
Do pref.
6212 64
64
63
6513 6334 6412 6414 65,8 64
62
6178 11,600 Nat Dairy Prod tem etteNo oar 42 Jan 2 (67s4K 8
304 Apt 444 Dec
.4012 41
41
4013 4012 4012 4013 4014 4014 4014 4012 1,200 Nat Department Stores No Par 3812 Jan 2 45 May 12
41
3614 Oct
43
Jap
.90 9814 *967, 9814 98
98 .9713 9934 .9713 9934 .9712 9934
100 96 Apr 15 102
litn 2
9238 June 101
Do pref
200
Dee
3414 3312 34 1 334 34 I 6,000 Nat Distill Produrta.... No par 30 Apr 9 3714May 27
3413 3474 3312 3434 3438 3438 33
6634 6512 66 1 6513 6513
6528 654 6312 8513 6514 651.1 .65
600 Nat Dlit II Prod of tem ctl NO Par 5212 Jan 8 70 July 2')
3013 Aug -19- 12-4;
33 I 3234 3234 324 33
.3214 3314 33
33
3478 3434 38 1 7,200r Nat Enam & Shaul:dna-100 25 Apr 30 38 Aug 28
1812 Sept
447, Jan
83 .86
•86
88
88
8634 8634 *86
88
87
.86
8712
67 Sept 89
Do pref
100 75 June 22 8934 Jan iS
3001
Jan
155 156
157 158
15 12311 Apr 1894 As
. 13
16012 16312 182 16212 162 16214 159 161
tirz
4 AJ a
100 13
16
8,2 A
8,4001 National Lead
J apiir 27
5 116434
1
117
)
11414
117 .11414 117 *11414 117 *11414 117
•115 119 111414
,
1114 May 118 Sept
Do ore(
I
584 5813 5813 5815 5812 .58
48
5R
5913 5812 59
•57
Jan .41/
900 National Supply
5412 Oct 724 Fet
564 Aug 7 71
*1313 1338 1358 1334 1338 1312 1338 1338 134 1314 1314 13,4 2,700 Nevada Conso Copper_ _ -1 _ 1055
1638 Jan 7
1175 Jan
(1 ID. Apr 27
184 Dee
5014 5112 4912 5014 50
4 5034 51
504 4514 4512 5,900 NY Air Brake tern ctfs_No 521 par 423451a3, 1 564 Jan 3
34
50
3618 Apr 57 Dee
•55
5838 55
56 .55
56 .55
56 .54
5512 55
55
471. Jan 57 Des
200
Do Class A
61 Star 19 67 Jan 7
51
52
524
Si
503
8
5012 51 18 50,4 5134 9,100 N V Canners temp ctfa_No
50
5114
52
p
32
one 37 Dee
3134 Mar 30 5412 Aug 8
N opar
324 3178 32
3214 3212 3412 5,400 New York Dock
32
324 3273 32
3278 32
Jan 3718 May
19
36
100 18 M ar 24 6
0: jA0. 29
8
.65
694 .65
70 .65
70 .65
70 .65
70 .65
Do pref
70
411s Feb
100 524 Jan 14 7214June 28
554 May
____
.70
_
•70
92 Sept
- - ___
Niagara Falls l'ower---NO Par 451, Jan 5 77 July 22
47 May
02818 -24-14 *284 2834 ;281-3 ii1-4 -28- -2-i- *27ig -2-i- 28 -2-g
700; Do pref new
27 June 29 Sept
.25 274 July 1 29 Jab 12
57
5712
5718
573
5
5918
58
5914
8
575
8 58,4 5718 5738 41,800 North American Co
565
ly
Jan
10 411, Jan 6
22
45 Dee
4978 4978 4955 4958 4978 494 4978 4978 •4978 50
50
50
4378 Jan
1,000, Do pref. _
_.__ 50 4635 Jan 2 504.1une 2
5014 July
1013 .10
1012 .10
104 101.3 1018 1012 1012 1012 1012
•10
300 Normally Co,7
Apr
(Tha)__ No par
8 Jan 16 1012 Aug 27
912 Dec
714
.628 7
7
7
7
718 *7
73*
714
54 Jan 22
444 Mar
712June 5
500 Ontario SO ver Min new No oar
7
743
838 Oct
$3312 34 .3312 34
*3313 3334 3312 3312 334 3312 .3312 34 I
300 Onyx liosierY
184, Jan 6 31 A ig 21
18 May
No Par
30
Jan
30
30
30I5 3,900 Orpheurn Circuit, Inc
3033 30. 3038 30
304 30
2914 2934 30
18
Feb 29 Dee
1 2534 Jan 16 3275 July 30
13614 13312 135 13712 13733 13978 •13612 137 . 13634 13714 13612 13612 4,100 Otis Eisvator (5)
60 5755 Feb 27 14012 kug 21
6858 June 92 Dee
•
1334 1378 1333 1374 1312 1334 1312 1414, 1438 1514 63,800 Otis Steel
1334 1378
8 Mar 18 1514 ktig 28
814 Nov
No Per
1172 Jan
85
85
8513 8534 85
84
8534 8518 91 1 9112 9712 13.800
84
Do prat
44
100 5014 Mar IS 9713 Aug 28
Oct 7484 mu
5538 5578 5514 5578 5512 5558 554 553* 65
5533 55
5613 8,400 Owens Bottle
25 4234 Mar 17 5878J 11 23
3914 May 4714 Jan
11312 11312 *11312 11414 11313 11312 113 113
112 112
11143 1121, 1,000 Pacific Gas & Electric
100 10212 Jan 5 11812July 29 1 9018 Jan 105 Dec
0 10
12 .10
12 .10
12
12 .10
12
•I0
.10
12
. Pacific Mall Steamship__ 5
54 Apr 18 11 May 48
7
Apr
1044 Jan
5312 5334 5224 5313 531.1 534 5234 5312 524 53
53
55
28,800 Pacific 011
No par 5158 Aug 18 6514 Jan 31
15 Apr 584 Feb
3412 3512 3514 3614 354 3714 3613 37
3458 3474 341 1 35
85,400 Packard Motor Car
10 15 Jan it, 3833July 8
97s May
164 Dec
.11012
1[034
•11058
11134 .1104311234 *11058 11138 •11058 111,
•111358 11234
21 1)0 pref
100 1(121* Jan 6 11218ay
M
26
8912 Apr 10214 Dec
1978 2112 21
22
2034 21
2038 204 5.700 Paige Del. Motor Car_No par
1934 2018 1934 20
175*Nlay 6 2312July 8
6214 63)4 6114 6134 51158 62
64 .8312 65
61
6218 6.500 Pan-Amer Petr & Trans__ 50 594 kug 27 8378 Mat 3
64
4414
Feb -ill -Lei
*634 65
6218 6338 6114 6218 6018 6234 6134 025* 72.4001
65
1)0 Class B
64
_
50 6018 Aug 27 841, Mar 3
41 14 Feb 6468 Dec
212 212
212 258 .233 21 2
21. 21 2
214 213 3,100, Panhandle Prod & RetAro par
234 234
214 Aug 28
64 Feb 26
418 Jan
112 Sept
•112 Pa •1 12
138 .112 158 •14
138 *112
158 •113
158
1 Parbdt A Bing stamped. No par
14 Jan124July
144 Dee
.28
29
28
281 2 2713 29
2713 28 .
2758 29
*2712 2812
900 Park & Tliford tern cue..978 par 264May 9 35
1 18
2 1;1,1: Ill
24 Scot 354 Dec
20
204
20
194
2018
2014
20
2018
2014
2013
2012
2,100, Penick & Forel
.
20
No par 1914 Aug 11 28 Ale 14
1413, 1413 1431 .13
14,2 .13
144 .14
15 .14
15
300. Penn Coal & Coke
•13
50 1234 Apr 29 268, Jan 2
1814 Nov -10-4 -.lin
2
214
218 238
2
214
214
178 24
2
14 2 113,400 Penn-Seaboard St'l vtc No par
1 Aug 12
14 Oct
3. Jan9
44 Jan
1167a 11634 11634 .11813 11634 116 11612 .115 116
115 115
600. Pettole'a(IL Ar C (Chic)._100 112 Jan id 12214June 16
9163*
9234 Apr 1194 Dee
5528 59
5812 59 . 5834 59
5878 5934 05813 5834 58
59
4,0001 Philadelptitti Co (Pittsb). 110 (41 12 Mar 18 6214 Aug 5
42/8 May 674 Deo
49
1
.4812
.4812
49
*4812
49
49
.4312
*4813
494
49
Do
pref
.4812
4214 Jan 47
50 4512 Jan 5 49 July 17
Jan
4178 4014 41
3838 4034 12,600! Phila h Bead C & T ___No Par 37347.laY 6 5213 Jan 9
411, 42
414 4234 114 424 41
3412 Mar 644 Dee
43 .41
43 •40
41
.40
42 .40
4112
100
41 15 41 18 .41
Certifleates of int __No par 39 July 11
35 Star 524 July
5012 Jan 23
.
54
55
54
54 .53
55 .52
55 .52
55
55 I
100 Philllos-slone... Corp. ..No par 52 July 13 904 Jan 12
44 May 88 July
2128 22
224 23
224 24,4 2238 2334 33
21
2278 2312 27,100 Phillip Morris & Co, Lt"._ .10 1234 Mar 19 2114 Aug 25
11 July
313814 Declan
3978 3758 3812 3738 3914 45,700 P5)1)11,, Petroleum
39,2 351 2 3918 38
3912 4014 39
No par 31114 Mar 30 4718Irine 12
2812 (lot 424 Apt
353
4
373
4
38
3514
3518
8
384
353
3534 3713 238.600 Pierre
-Arrow Mot Car_No par 1074 Mar 30 38 Aug 25
3453 354 34
64 May
87 I 8414 8678 8312 8434 84
83 I 83
82
8514 22.3001
18Ia May ge Dec
Do pref
100 43 Mar 24 87 Aug 21
821s 83
__ _ __ .170 100 i.175 190 *175 190 *175 190
Do prior pref
No pa, 85 Mar 18 180 A.Ig 19
•140 180
59,2 June 95 Dec
jar; 1-3-4
15s
134
143
153
138
158
158
158 1,2001 Pierce 011 Corporation
•159 1%
25
10
Feb
14 Apr
44 Jan
•2712 30 I .2512 2912 .26
2913 .27
.2712 31
30
1
Do pref
:iliturg.
100 21
31
4($14 a 2g
20 Mar 38
•2712 31
Jan
5
54
514
51, 6,1001 Pierce Petram tem etfs_No par
512 5,3
538 512
54 5,4
5 Aug 10
54 54
81
.Feb 5
433 Oct
21
4212
.42
43
424
4213
4212
43
424 4 4
44
2,9001 Pit taburgh Coal of Pa
100 374May 2 544 Jan 13
43
4778 Dee 82 Rar
43
e'
87 1 8534 86 .8513 87 .83
87 .86
•86
81
Do pref
200
100 &I Mae 4 99 Jan 6
87
.85
9474 Aug 100 Apr
9812
9812 .98
9812 .96
984 964 9678 .96
498
100 Pittsburgh Steel pref
100 94 Mar 26 1024 Jan 8
95
Jan 103 AN
3912 40
.384 40
40
3812 3812 *38
*3
69
614 4078;43 4,300 Pills Term Coal
100 30 Ain 27 6334 Jan 17
41
.39
587g Dec 834 Dec
*81
83
82 .81
83
82 1 .81
.81
83
*81
100 79 July 10 814 Jan 6
Do pre?
.81
82
83 Deo 8734 Dec
1412 .144 15
*1413 15
400 Pittsburgh Utilities pref____10 1278 Mar 24 174 lone 25
978 Jan
1078 Dec
147s 147s 1433 1438 1438 1438 1413
1412 .13
1412 .13
144
14 I .13
144 .13
100
it,, pre( certificates... AO 1234 Star 20 16 June 28
14 •13
•13
Ills Feb
164 Doe
27,400 o0.0•,,,e,.24,o ine teutctINo pa
9314 Feb 16 143 Aug 25
4812 Apr 1034 Dee
1394 1324 131 13612 13538 143 1 135 13914 135 13634 134 137
9,800 Pressed Steel Car
100 45 June 25 69 Jan 43
39 Aug 82
5314 5312 5313 5613 56)3 5712 565*
Jan
56141 5656%
79 .7
79
56
8
100 7a12.ruly 9 9213 Jan 3
77 1 784 781e
80
77 I 77
57)4
1)0 prat
77
700
67 Aug 90
Feb
77
77
1314; 1312 1312 5,200 Producers & Refiners Corp- 50 1212 Aug 23 325* Feb 3
1512 1212 1.5 1 13
4152„ 1512 1512 1512 15
224 Apr 431s Jan
8538 8134 8434 8134 8238 81 18 8212 81,4 82
28,300 PubServCorp of NJ newNo par 623.8 Mar 30 8778 &.g 5
34) Mar 70 Dec
8434 85'3 84 104 .10312 104
10384 10334 103,2 10312 104 104
100 99 Jan 7 to4 Aug 7
400
961 2 Mar 101 18 Dec
Do 7% pref
•1031.104 010312
11412 11438 11443 •11434 116
1001
1/914 APr 115 Dee
Do 8% pref
100 10R58 Apr 1 11514July 21
•114 11458.114 11438 •114 11435 .114
14212 141 14334 14612 14234 14034 141 12 14134 143
6,200 Pullman Company
100 129 Mar 30 1514 Jan 3 11313 Apr 15138 Dec
14134 14234 142
41
3478 3312 3334 3312 3388 2,800 Punta Alegre Sugar
3112 34
3733 Dec 8733 Mar
50 33 July 23 4714 Jan 7
8454 344 3 2 313* 3412
2534 26
261R 2612 3618 263a 2578 26
20 June 3014 Doe
333, Feb 4
25 254 5.11!3
1
5,700 Pure 011 (The)
5 27
208 Ws 26,
gm, ,..,,
107
.10811
-.-..
rin
im
,
107
195 ' . al
107
*1063
4
.1061
.
107
108
.10612
.10813
.106 108
- ;11,0,1 ,,,,A ,,,,,,,, ..• .,••• •• • .,,,le. no rbl. lay. s Ez-cUvIdend. a Er-new rights.
a No par, s ifa-thilits.
k Tradmar on N. 3. chows bacuaude ausouuaend
outstanding.
because of small amount of stock
DecDi5Fe
--
1082
New York Stock Record-Continued-Page 5
Pot sales during the week of stocks usually Inactive. see fifth pane PreyedInd.
HIGH AND LOW SAM PRICES-PER SHARE, NOT PER CENT.
Saturday. 1111outlay. iTuesday,
Aug. 25.
Aug. 22.
Aug. 24.
Wednesday.
Aug. 26.
1
Thursday. . Friday.
Aug. 27. 1 Aug. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER 314A145
Range for Year 1925.
On basts of 1(,.j-share lots
Lowest
Highest
?B11,71-1Al4a
Range for PrOtt0118
Year 1924.
Lowest
Highest
per share
It Per share $ per share
per share S per share $ per share $ per share $ per share i per share Shares. Indus. & Miscall.(Con.) Par 31
2578 Oct 6678 Dee
87 7778 Jan 2
Mar 2
87,500 Radio Corp of Amer_-No Par 48 rahar
.5212 5314 5278 54
54
534 5514 52% 54% 52% 54% 52
Oct 60 Dee
4578
Feb
54
4
9
8June
5
48
pref
Do
50
300
50
*4912
*4912 4934 4912 4934
50
50
*4912 50 *4912 50
Jan 137% Dee
100 12212 Feb 17 14134 Jan 5 106
Steel Spring
*127 128
12614 12634 12834 12934 12712 13012 12712 129% 127 12812 3,100 Railway
Jan 33% Nov
30
No oar 33% Jan 7 3912 Aug 5
100 Rand Mines, Ltd
9 mu
*3678 3812 .384 3812 *3812 3812 394 364 *364 3812 *364 3812
1711 Dee
174
9
Feb
Apr
8
113
22
Copper_
Ray
10
Consolidated
15,700
141
1418
14
14% 141
1414 14% 1414 1412 1418 145* 14
Oct 1612 Jan
9
9
No par 10 May 16 28'4 July
3,100 Role (Robt) & Co
*2312 24
2412 24% 24% 2434 2435 2412 235* 2438 235* 24
Jan 5412 Dec
3214
29
8518July
27
Jan
4634
_100
Remington
Typewriter___
2,000
7912
7912
79
7818
80
804 79
*7912 8034 80% 80% 80
9014 July 998g Dee
100 100 Jan 2 105 Apr 21
Do 1st pref
*10214 110 •I00 110 *100 110 •100 110 *100 110 *100 110
90% May 110 Dee
100 107 June 19 11312 Apr 29
Do 2d pref
*108 109 •106 109 •106 109 .106 109 *106 109 *106 109
71 June 2314 Nov
13
Jan
2314
2
17
y
e
l
un
u
j
J
8
4
5
,
12
84
Steel
No
Replogle
par
4,900
1458 151s
15% 1534 1512 15% 144 1412 14% 1514 141 15
42 June 6351 Dec
5,900 Republio Iron & Steel ____.100 424 Apr 30 1343s Jan 3
49
49
5014 4915 50
49
50
50% 49% 50% 50
50
82 June 95 Mar
Jan 13
95
prof
Do
100
400
91
*88
91
91
9012 9012 *88
*88
91
91
9012 901
97 May 2234 Jan
8 July 2 18 Jan 5
No par
834 84 2,000 Reynolds Sprang
834 834
834 9
8% 9
8% 8%
834 84
615* Mar 793 Des
8458 8334 844 8312 84% 7,300 Reynolds(11 J) Tob Class B 25 7214 Mar 24 8438 Aug 29 115%
8334 8414 84
84
84
8414 84
Mar 121 June
29
Apr
8
Jan
122
5
3
119
pref
7%
Do
100
100
12114
12114
*12034 121% *1204 121% •121 12134 *121 12134 •121 12134
86 Mar 98 Sept
1 9712 Feb 20
juunlye 25
35534J
25 8
400 Rossi(' Insurance Co
*8912 892g *8912 89% *8912 894 8912 8912 *8912 8928 8912 8912
403s Sept 5918 Feb
5738 Jan 31
24
Mar
4814
Dutch
Y
Royal
(N
Co
4,900
shares)4934
4912
4912
4914
4918
4912
4934
4918
4912
4912
50
50%
Jan 4578 Dec
22
5212May 25
10
4114 4112 5,9001 St Joseph Lead
4234 4112 4134 *4112 42
4212 4314 42
4212 43
32% Jan 88% Dee
Mar 3
64
6534 6418 8634 6412 673, 6612 6712 12,500. Savage Arms Corporation_100 4812July 15 1085*
8212 64
63 64
9684 14Pr 129% Aug
3,800 Schulte Retail Stores-No par 10254 Aug 20 11678 Feb 9
10534 106
10518 10514 105 10534 10418 10412 10212 104
105 106
Do pref
100 110 Jan 6 118 Aug 21 105 May 11288 Dee
*11414 117 •11112 117 *11112 117 *11112 117 *11112 11634 *11214 11634
-22
1634June
9
par
1312June
No
4,300 Seagrave Corp
15
15
15
1535 15
15
1514
1514 1535 1475 1514 15
783 May 155 Dec
100 14712 Mar 30 216 Aug 25
29,600 Sears, Roebuck & Co
20834 211
208 212
20914 214
20212 2033 204 21034 211 216
8 July
APT
4
3
Jan
7%
22
Apr
514
10
Shattuck
Arizona
Copper1,500
6
6
6
6
634
614 612
614 614 *6
634 63
No par 4014 Mar 30 92 Aug 6
8015 8212 6,200 Shattuck (F G)
8212 8314 7934 821
8312 8414 831s 85
8578 857
Dee
600 Shell Transport & Trading. 32 3934June 3 4534 Jan 30 "ii" "it"; 42
41
41
4014 4014 *4014 4114 *404 4114 404 40% *4034 4114
2212 Dee
1534 July
No par 214 Aug 12 28% Feb 4
2414 244 2235 224 12,900 Shell Union Oil
2212 23
13
2234 22% 2235 23
2234 227
Dee
99
Jan
9113
Do pref
100 9912 Jan 2 10512July 23
•102 1031 •102 103% *10212 105 •102 105 *10212 10312 *103 10312
1038 Jan 24 Dee
10 1915 Aug 28 2634 Jan 12
4,500 Simms Petroleum
203s 204 2012 2012 20
2012 1934 194 194 1975 194 197
Dee
37
Apr
22
7
4,000 Simmons Co
No Par 3114 Mar 17 49% Aug
4834 48% 4812 487
4834 49
484 4914 487 4914 4834 49
15 July 2718 Jan
27,600 Sinclalr Cons 011 Corp_No par 17 Jan 6 2478 Feb 2
18% 1914 1812 19
, /834 19
193
19% 1934 19
1912 193
Jan
090
Oct
75
9414
Feb
2
3
Jan
7888
100
pref
Do
200
901
9018 *8812 9014 *8812 893* 5'8812 89% *8812 8914
90
*90
1718 July 29 Feb
25 2134 Mar 30 3012 Feb 3
12,700 Skelly 011 Co
2312 2458 23% 243g 2338 2334 2214 2318 ' 2212 2314 2234 23
May 847 Dee
10712July
52
30
21
Mar
8014
100
Iron
Sloss-Sheffield
2,800
&
Steel
102
*100%
10212
102
104 10438 10212 10414 10112 10334 10134 10412
58 Oct 9578 Mar
8712 8712 2,200 South Porto Rico Sugar-100 62 Jan 6 8912 Aug 7
8718 88
89
*82
87
8612 85
87
*8314 87
No par 15 Aug 27 24 May 28
600 Spear St Co
*1412 18
15
1514 15
18
1512 1512 1512 1512 •15
16
_
92
19
May
24
Aug
80
Preferred
600
100
81
8112 *79
81 I *79
81
81
8112 *79
80
8012 811
758 June -10- Dec
No par 1512 Feb 17 3312 Aug 3
2934 3014 11,200 Spicer Mfg Co
3 30
3012 29,
3135 30
294 3012 30
301
30
78 July 9814 Dec
1 108 July 10
Apr
Do
92
prat
300
100
*10412
1054
105
105
10412
•10412 1051 10434 10434 *10412 10512 10412
3113 May 415* Dee
Co_No par 4014 Jan 2 5934 Aug 3
554 5414 5514 544 5512 5334 5412 5312 5414 13,000 Standard Gas & El
5512 557 z54
39% may 73% Dee
200 Standard Milling
100 82 May 19 8078.1une 18
72
*69
70
70
72
73 •69
73 1 73
73 •70
*70
July 85 Mat
20
70
12
Jan
8June
853
81
Do
100
Prof
8612
*8212
8212 8612 *82% 8612
*8212 86
*8211 8812 *8212 8612 .
5518 Apr 6811 Jan
5234 5334 15,900 Standard 011 of California- 25 5112 Aug 13 6714 Feb 2
5235 5313 5238 53
5318 5334 5318 53711' 533s 54
4214 Jan
May
33
3
Feb
37,000 Standard 011 of New Jersey 25 3838 Mar 30 4718
394 4012 3934 404 3934 40,8 394 4018 ars 3935 3915 394 2,300
Do prof non-voting____100 11614July 7 119 Feb 24 11584 Mar 11918 Atm
11618 117
11775 118 311612 117
11734 118 1 1174 118
•11712 118
35% June
Oct
16
Jan
16
1318
2S
Aug
6
Stand
Plate
Glass CO„No Par
638 3,600
6
618 812
614 678
7
7
658 65*
834 63
55% Apr 6512 Nov
NO Par 6214 Mar 25 75'4 July 16
7014 7034 2,000 Sterling Products
71
71
7114 71
7134 7134 7134 71341 7134 72
Jan
3
100%
Jan
July
8
777
4812
18
Mar
55
Stewart
-Warn
Sp
27,600
7114
Par
Corp_No
69
7014
6812 7112 68
7114 7014 713
89
684 637
54% May 84% Jan
7034 7212 2,300 Stromberg Carburetor No par 61 Mar 18 79% Jan 3
71
6918 6978 70
694 6912 891
69
69
*68
4614 MO
Jan 28 50 July 7
May
41%
3012
par
Corp
109,200
No
new
Stubeb•r
(The)
4814
4712
4712
46
8
467
4514
4412
4518
4518
4478 4512 44%
Jan
Do prof
100 112 Mar 13 11834June 3 10978 Nov 115
•11514 118 *11514 118 *11514 118 *115% 118 *11514 118 *11514 118
6 Nov
128* De.
512Au g 12 12 Mar 6
No Par
512 53, 4,700 Submarine Boat
5% 534
*513 53
534 53
57s 6 I
618
6
1318 Aug
Jan
25
9
Feb
61s
17
Aug
2%
Superior
011
Par
No
900
313
*3%
312
*318
1
3
328 3% *318
312 312
334 334
23 July 35 Dee
Superior Steel
100 20 May 1 4188 Jan 10
*2314 244 *2314 244 *234 2412
24% *2314 26
2618 •22
*22
3 Jan
1% Sept
19 1154 Jan 7
Sweets Co of America
so 578 Mar
73
*733 734 *7313 734
*714 8
*714 8
*714 7% *7
19
15
12
Jan
Mar
1012
par
ette__No
7,400
Symington
temp
154
1514
1512
15
1512 157
16
1512 1512 155 1538 15
4
9
1
Jan
2312
17
11
Class A temp ctfe_No par 20
2112 2112 *2038 20% 2,800
2112 211
211
2014 2014 2012 2012 21
15 Feb 7
614 June -14-34 Dec
Alit
12
200 Telautograph Corp....No Par
*11
12
1112 1112 *11
•1112 12 *1114 114 1114 111
gx, Jan
6% Mar
7% Apr 1 1214July 17
No par
6,000 Tenn CODD & C
10% 1034 103* 1034 1034 107
1034 1044 1034 1034 105g 103
37% June 45% Jan
4712 25,200 Texas Company (The)__-_ 25 4234 Jan 5 5438June 12
4734 47
474 47
47
4712 4818 474 4814 4712 48
27 115 Aug 19
1
Apr 110 Deo
lz
e
5714
u
F
A
10
20,200
Gulf
Texas
Sulphur
112
4
1113
11212
111%
11414
11114 11134 111 11134 11112 1123 112
Oct 1514 Feb
23% Feb 6
8
10
10 6771
11,300 Texas Pacific Coal & Oil
1178 1078 1118 1112 12
11
1214 1212 1214 12% 1134 121
100 122 Mar 30 152 Feb 27 11614 Oct 151 Feb
Tidewater 011
Jan
41
31%
May
3734
4614July
18
16
Mar
4314
Timken
10.900
Roller
Bearing-No
Par
411!
Fii
.
-43
-a;
-417g 4114 4112 -411.3 18-- 41'4 42
52 Apr 73% Dee
901 9112 31,800 Tobacco Products Corp-.100 70 Jan 2 9412July 24
9012 92
Oils 93
9012 911
91% 8012 933
89
0011
9337i84
93%
JanJ
mar
n
834
2 106 Aug 7
100
Do Class A
10312 10318 10312 10312 10312 2,500
614 Jan
102 10213 19254 10314' 10234 1023 103
578May 9
3% Apr
37
9,300 Trim:wet'I 011 tem ctf new No par
37
4
37
37
4
34 4
Vs
4
4
4
2838 Oct 3318 J1113
200 Transue & Williams St•1 No oar 2514MaY 13 35 Jan 10
2812 *2534 2612 2612 2812
26 •26
26
*2534 2612 *2534 26
381. Sept 43 Jan
7
3818 Mar 26 53 July 28
25
3,700
45
4538
4
3
Underwood
TYPew
45
4514
46
4
3
45
4634 *4534 463
48
4634 47
3312 Sept 1345* Feb
6112 17,400 Union Bag & Paper Corp_ _100 36 Apr 1 63 Aug 26
13034 6234 60
5758 5934 5834 63
5734 5914 5713 58
38 APT
18 Feb
.21 Jan 3 1.00 Feb 28
Union 011
18
Aug
43%
35 Nov 39 Nov
Feb
3318
5
25
Union
8,000
011,
Na
California
Par
if
"
iii8 -iiiz
3434 3418 84 "Ws 3318 34'8 554 "ii5"8 "55is "
8 Sept
7
132
Jan
17
Jan
134
94
June
118%
19
100
400 Union Tank Car
12114 12114 121 12114 *121 123 *12034 122
•12034 124 *121 124
100 11314June 1 11713May 6 10614 Feb 1164. July
Do pref
200
11612
•11612 11634.31184 11634 *11612 11634 11612 11638 •115 11614 *11412
Feb
37
1
Oct
8
367
4
May
Mar
20
24
par
NO
Steel
United
10,400
Alloy
31
3014
30% 3058
3012 311
314 3114 32
304 3112 31
9812July 1
4212 June 844 Nov
25 60'
8114 9,000 United Cigar Stores
8314 8012 813* 81
844 8212 834 82
8312 8412 82
71 May 1215* Dee
jaa 6 133% Aug 4
Feb
8
7
11
100
4,200
Drug
United
12714
127
12714
127
128 12814 12812 1294 12714 129
128 128
4418 May 53 Dee
50 52 Jan 16 543 June 15
Do let pref
300
5478 547
4547 33
55
55
*5434 55
6484 5484 *5434 55
Jan 22412 Atli
100 204% Mar 31 234 July 27 182
1,400 United Fruit
226 22812 226 226
22812 227 *224 230 *226 231
223 227
13 July 48 Dee
27
11
Apr
Feb
50%
2612
par
Rati_No
93,900
Universal
&
Pipe
424
39
3634 38%
3834 3914 3712 3914 3735 3812 3712 39
79 Dee
Oct
94
4718
10
11
July
Feb
65
100
Do Prof
8014 8134 3,100
81
7912 80
8012 80
8134 79
80
8012 81
64 Feb 1695s Dee
22,500 U El Cast him Pipe & Fdy.._100 13114 Apr 22 250 Feb 11
16212 1711f 16712 173
186 173
172 175
17212 180
178 180
Oct
10414
11
Jan
8
113
817
July
21
Aug
91
100
1,800
prat
Do
110
110
10734 1094 10912 10934
10934 110
108 110
108 108
2112 May 42 Des
317 3214 3,400 U S Dlstrib Corp tom ctf No Dar 3018 Feb 17 3934 Jan 17
3212 3118 32
3235 32
3312 3214 33 •32
33
98 July 168 Dec
Mar 9 154 Jan 8
130
100
Do
Prof.
150
*120
150
120 150 •120
•120 150 •120 150 •120 150
3 4212 Aug 18
1611 Mar 24% Oat
421s 4238 4238 2.600 US Hoff Mach Corp v to No Par 23 Jan
42
4012 4034 404 4115 414 414 4134 42
6118 May 8714 Dec
8912 874 8912 27,400 II 8 Industrial Alcohol-100 76 Mar 19 9458May 26
9014 88
9014 8812 9028 88
9178 89
90
Jan 106% Dee
29
22
Jan
June
115
98
105
100
pref
Do
200
112
109% 109% *108
1074 1094 *108 114
*108 110 *1084 110
90 June 14312 Dee
9,200 US Realty & Improv'8____100 11411Mar 30 14734May 12
140 142
14134 142
13634 136341 138 13614 13534 14112 142 145
143 Dee
June
2
4
Jan
May
142
100
100 12214
Do pref
221. May 4278 JA11
100 3311 Mar 30 6512July 16
28,900 United States Rubber
- &Ifs 5618 -5:54 -biz; --5514 56! 5354 5518 "W sus 5334 5534 1,300
9578 Dee
1083
6612
30
18
Mar
4July
May
4
923
100
Do 1st pref
1 10312 10312 10312 10312
10312 103!
•104 10411 104 104 *10312 104
1818 Mar 4112 Dee
50 30 Feb 17 4634 Aug 28
447 4614 4514 4634 11,000 U 8 Smelting, Ref & Min
42% 43 I 4318 43% 4312 4412 455 46
3718 Mar 4872 Dee
47
16
3
Apr
Aug
44
50
De
400
prat
4634
*4618 4612 4618 4618 4614 4614 4658 4634 *484 4634 •4615 1233s
9414 June 121 Dee
204,200 United States Steel Corn-100 11238 Mar 30 129% Jan 23
123% 1247s 12378 1257s 12418 12514 •1221g
12312 124% 1238 12.5
100 1221gMa3' 7 12658 Jan 21 1181s Feb 123 July
Do pref
12478 3,800
12412 12414 124 124% 12414 12434 12434 12514 1244 12474 12474 100
21
Aug
Jan 88% Dee
10018
64
19
Mar
82
10
Utah
600
Copper
100 8 ee14 0314 00% 0914 9912 9912 9934
•3012 mos
9
y 19
Jualy
4m
444
1915 June 3312 Feb
243
4 .3
9 20
8MAY
5154
15
No Par 2
1,200 Vanadium Corp
304 3038 3012 2918 30 •295* 31
Oct 3318 Jan
30% 3034 303 3055 30
4
3
15
Van
Raalte
19
Pa
NO
513
19 '
193 •13
1934 •14
1934 *13
Jan
20 *13
*13
53 Sept 80
100 60 Apr 1 73 May 22
Do 1st pref
69
897g *65
6978 *65
*65
70
*60
70
70 *60
%June 101* Jan
•60
834July 9
218 Mar 23
7,100
Virginia-Caro
Chem-No
Pa
214
213
24
2%
345 Jan
218 214
2% 214
June
214 288
218
214 23*
5
2312JulY
8
Jan
81s
100
Do
7,100
Prof
1018 105s 1018 1012 1014 1012 7,300
7 Jan
101* •103
%June
1058 11
11
11
478July
78 Aug 28
Do "B"
No Par
1
78
lls
1
jIg
his *114 ---4 July 1518 Jan
1
115 115
4/
114
•11g
714 Jan 13 Mauna 26
4,400 Vivadou (V) new
No Par
1414 1334 137
1414 14
Nov
20
3
JA11
31.7
14
1418 1414 1431 1411 1414 1414 14
Mg
10
Aug
1412
1,200 Waldorf System
NO Par
*1534 157
1512 154 154 154 *1512 1558 1514 1578 155* 1534 •I80
400 Ward Baking Class A__No pa 116 Apr 30 1707 Aug 22
1861z
_
16978 1697 *167 ____ *167 16911 •160 187
30
July
164 170
73
30
Mar
3714
B
Class
Pa
32,600
No
8512 6315 644
63
6714 684 671s 6812 6534 6714 6534 67
9412 Feb 11 11034 Aug 13
900
No pa
Preferred (100)
*108 11014
-•110 11014 110 110 *110 11014 *110 110% 110 11014 *60
1,900 Weber & Hellbr, new_e No Par 51 Apr 17 613* Aug 26 _
81
60
.3612 5718 575 58 I 58
6018 6018 613* 60
5 Oct _
Wit
318June 25 14 May 22
1
Well, Fargo
312
*3
*31g 31
*313 312 *34 312 *3% 314 *3% 312
110 Aug 15 11712Jara•25 11111 Ayr 117 July
100
pre/
Western
1,100
4
1107
Elea
8
7%
1107
4
1107
8
1107
11074 111 •11078 111
•11034 11112•11034 111
Dee
11814
May
11614 Jan 2 13712July 3 105
1
130 13014 •12912 13112 2,800 Western Union Telegraph 100 97 Apr 9 144 Aug 17
84
Jan 111 Dee
132 1321i 13112 13112 131 13112 13012 131
37,200 Westinghouse Air Brake.- 50
13112 13434 13212 136
s
May
5518
75
Jan
May
66%
13714 13912 13512 1394 13512 13934 132 137
84
28
Mar
26,500 Westinghouse Else h Mfg- 50
7734 73% 7634 7514 76
7715 7835 7814 7711 764 7836 76
9% Apr 1 2112 Aug 17
1812 1814 1834 18,500 West Elec Instrument
, 193
1814 1834 18
1934 183
1878 195s' 18
1038 Mar 31 264 Aug 18
Class A
2,100
25
25
26
•
25
25
4
7
24
254
471k Jan 127 Dec
254
25%
258j
2512 26
par 105 Mar 2 145 May 21
600
No
West
Co
Penn
11012
110
4
1083
108%
111 11214
115 115 '112 115
8712 Apr 97 Dec
•111 11.5
Do 7% pf tern at( new_100 94 Apr 3 100 July 22
400
*0712 9818 *9712 9734
99
*9712
9818
9712
09
*9712
231s
28
2
Feb
4
May 29% Feb
313
98
Aug
98
No Par 2512
2512 2512 6,600 White Eagle 011
2618 2538 26% 2558 25% 9634
2612 26
5012 Apr 721s Dec
30 10412 Aug 18
2614 2812 26
Mar
5718
White
60
254,300
Motor
9912
9514 98
9735 9635 1021s 964 102
Oct
5 Jan
Jan
1154
30
10
Jan
is
9614 9815 9.5
4
3
par
Wickwire Spencer Steel_No
53sMay 15 ---- --314 Aug 27
_ Kiion
Certificates
314 38
Jan
328 3'3 -54 31
1414
11
ina
May
Vs
Jan
2412May
--ais
26
5
164,200
2014
Willys-Overland
(The)
1958
1934 2034
61% May 88 Jan
1814 18% 188, 1914 18741 1914 1914 21
Do Prof
100 7214 Jan 28 111 May 22
107 10912 1071* 1083, 12,100
104 10412 10412 110
418 May 28 Jan
104 104
5t2May 29 13%Mar 7
104 104
Wilson
900
&
Par
Co.
No
4
3
5
558
Ina
534 534
524 848
.514 Ess
512 512 *534 54
11 Aug 7218 Jan
Do prat
100
100 18 Apr 24 80 Mar 7
•1812 20
•1812 20
•1612 20
20 •1812 20
20
•1812 20
7211 Apr 12634 Dec
25 11214 Jan 28 17112July 28
1643, 16812 15,600 19 3olwortb Co(F W)
June 81 Dee
33%
79%
16534 1687s 1664 1674 1654 16715 165 166%
2
Jan
16714 168
2314
Aug
12
100
Worthington
P
3,700
3934
M
&
3814
3814 3912 3812 3912 3734 39 .7414 77
40
89
397 40
68 July 8912 Dee
Do pref A
100 77 Aug 20 88 Jan 9
*7414 77
*7414 77 •74% 77
*74% 77 *7414 77
Aug 19 7634 Feb 11
5812 Jan 7534 Dec
58
Do
B
200
100
prof
61
61
64
*61
6114
*61
64
*61
84
84 .61
*61
9% May 23% Dec
4July 1
2912 2834 3012 10,800 Wright Aeronautical_No par 16 Mar 30 321
282 304 29
28
2612 26% 27
2612 27
35 Aln• 46% Dee
No nor 45% Mar 30 13414 Aug 28
5414 4,000 Wrigley (Win Jr)
5134 5134 5314 53
5134 *51
5158 .51
Nov 8538 Mar
271
8June
483
32
18
513 515* 51
Feb
3311
10
Ws_
tern
8,500
Cab
43
Yillow
4012
Mfg
44
'Cl, 0.4.13
so% Get 79 Dee
*44
4474 4312 4412 4312 4512 4312 4414 43
73% 7234 7312 2,200 Vi 'mei:tows Sheet A. T We par 63 Mar 27
73
74
Mg 73
*7334 7.1,- 74% 74A. 7*
a Ex-rights. 0 New stock 00 the lasts of 1 new share for three old abate,.
dividend
93e1 and saed prises: no sales on this doff. Z HI
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the aisehanes mothed af footing bonds etas Mongol and prtees are now
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 28.
v
1?
Price
Artdav
Aug. 28.
Week's
Range or
Last Bale
Rang.
Since
1083
and interesr--eveein for Income and dafasited Mads.
BONDS.
N.Y.STOCK EXCHANGE
Week Ended Aug. 28.
Price
Prides
Aug. 28.
Week's
Range or
Last Sate
Raw
8111C41
Jas. 1.
U. S. G
mint.
Bid
Ask Law
Hiek No. Lose NOB
Bid
Ask Law
High No Low
Iliva
First Liberty LoanPanama (Rep) 514a to recta_1953 ID
10112 10178
3
9912 104
814% of 1932 1947
J 13,100"33 Bale 1000:2100,1143 27 1001733010n Peru (Rep of) eat' 8e
10022
1944
Sale
11
1004
97% 103
100%
AO
Cony 4% of 1932-47
• D 1001,401,00 1021,33June'25
101013 02"18 Poland (Rep of) g Os
1940 * 0 6713 Sale 6712
2
8639 79
6718
Cony 434% of 1932-47
3D 102,33 Sale 102133 1021033 210 1011034 03
,
Ext'l a g 8sinterim recta. 1950 j
33
87 Sale 8812
1313
87
se
s•
20 cony 434% of 1932-47
J D 101 103 101143110114w
1 101
103
Porto Alegre (City of) 86_1961 3D 9434 96
94%
94 9834
95,1 20
ileoond Liberty LeanQueensland (State) ext.I 79 1941 40 111 Sale 11018
11 109 11254
111
4 of 1927-1942
105
Sale
,
33
100,
32 1001,31 15 100
MN
01033
25-year 88
1947 FA 104% Sale 104% 105
14 10118 107
Cony MS % of 1927-1942
MN 1002143 Sale 10025o 101233 352 1002,13011133 Rio Grande do Sul 819
94 9812
1940 40 96
1
9614 98
96
Third Liberty Loanfilo de Janeiro 25-yr o I 89-1946 AO 9334 Sale 9313
30
93 9712
94
414% of 1928
MS 1011,32 Sale 101033101,033 1218 101,
13021n
25-yr
extl
93%
89
Sale
92
1947
57
92
*
97
93
0
12
Fourth Liberty LoanRotterdam (City) external 691964 MN 10212 Sale 102%
10278
100 10418
04% of 1933-1938
A 0 102033 Sale 102,33 1021131 1561 1011419 031'13 El Salvador (Rep) 89
10478 Sale 10412 105
1948
6
j
1021
8
101312
Treasury 414e
1947-1952 A 0 1001332 Sale 106131 106,40 627 10412n 08033 Sao Paulo (City)
f 86
1
100
1952 234N 99% 100 100
97 102
Treasury 49
1944-1954 i D 102033 Sale 1021432 103133 204 10014,2 0434,, San Paulo (State)aext.
f 88-1936 ii 10314 Sale 103
10312 15 190 104
State and City Securities.
External,
f
100
83
int
Sale
recta
1950
90
100
9913
9912 1004
II Y City-4103 Corh etoek_1960 M 13 100 100% 10014 Aug'25 10014 10112 Seine (France) ext 79
8912
Sale
89
1942 ▪ J
305
90
8214 91
4343 Corporate etoct
1904M 8
102% 10378 July'25
_ _ 10114 /0378 Serbs. Croats & Slovenes 86_1982
88% Sale 8858
100
MN
8912
84
90
434e Corporate stock
1972
10231 Aug'25 _
102 10314 Soissons(City)61._.,
1938 MN 8512 853 844
8512 18
82 87
434. Corporate stock
1968 AO
_ 103 10238 Apr'25 _
10114 10238 Sweden 20-year 89
1939 J o 10438 10478 levz 104%
7 10$ 1054
OM Corporate stock
1971 J o
10714 10812 July'25 _
10678 10812
External loan 534e
101% Sale 10112 10214 184
1954
9854 10214
454.Corporate stock _July 1987 J J
10778 May'25
105% 10778 Swim Confeder'n 20-yr e f 8.1940 J N
11812 40 113 117
J 116 Sale 115%
&Me Corporate stock
1985 3D
10614 Aug'25
10814 108
Switzerland Govt ext 5349_1948 *0 10213 Sale 10213 103
47
104%
9812
414e Corporate atock
1963 M
1 1061. 108
1055
, 10538
Tokyo City 59 loan 01 1912
MS 66% Sale 66%
844 8812
67% 23
4% Corporate stock
1959 MN 9812 9914 99
5
99
98 10014 Trendldem (City) exti 6)0_1944 J
9934 100 100
9
100%
97 101%
Registered
_
995 July'25
MN
98% 99% Uruguay (Republic) ext 89..1948 P A 10912 Sale 10918
8 10614 1104
10934
4% Corporate stock
1958 MN 9814 fitife_- 9814
9814
9814 100,4 Zurich (City of) e f 55
1945 AO 10813 Sale 108
10812
10712 1111:
4% Corporate stock
1957 MN 6812
100 Aug'25
99 1004
Railroad.
a% Corporatestock
1956 MN
166 997 June'25
98% 100
Ala (It Sou Ist cone A 58_1943 J O 101 10213 102 July'25
10034 102
Registered
984 Feb'25
MN
9814 9814 Ala Mid Let guar gold 511-1928
10013
1014
10118
10034 10136
July'25
N
4% Corporate stock
1955 M N
9834 Mar'25
9834 98% Mb & Susi) cony 31413
1946 * 0 82% ---- 8214
8214
82
8414
Registered
100 June'25
MN
__
Alieg & West let g 49
93.79 100
____ 84 Aug'25
40 84
8118 84
414% Corporate stock__1957 MN
166 10514
10514
8 10514 107% Aileg Val gen guar g 48gu-1998
905891
1942
90%
9038
93 944
614% Corporate stock_ _1957
106 10518
10514
4 111518 107% Ann Arbor let g 4s_ _July 1995 MS 7334 74% 7418
7418
5
Q
6314 77
834% Corporate stk_May1954
8912 July'25 -88
8913 907s Ate' Top & 8 Fe—Gen g 4m1996 AO 8014 Sale 894
89% 47
884 9212
314% Corporate etk _Nov 1964
9038 July'25 -90
91
Registered
84
84
10
84
90%
40
New York State Canal Im-49196
10334 July'25
102% 10334
Adjustment geld 49__July 1995 Nov 824 84
8212
84
4
8112 85
MCanal
1942
10118 Mar 25
1014 1014
Stamped
8312 41
July 1995 MN 8312 845, 83
82% 8614
414e Canal Inuit
1969
10978 Aug'25
11414
10978
Registered
8012 Apr'25,-- -MN 791 82
79% 8012
de Highway inapt regleter'd 1955
10278 July'25
10278 103
Cony gold 4e 1909
1955• D 8418 ____ 8312 July'25 -8138 85
Highway Improv't 4149-1963
114 July'25
11134114
Cony 41 1905
1955 J D 8418 ____ 8414
814
8412
7
Virginia 2-38
8514
_._1991
Feb'25
7812
7613 7612
Cony g 4s Issue of 1910-1960 J D
81 Aug'25 ---81
834
Foreign Government.
East Okla Div let g 49-1928 MS 98
99
98%
9838
7
98 100
Argentine (Clovt) 7e
1927 FA 10214 Sale 10214
49 10134 10314
10212
Rocky Mtn Div let 4e
845,
1945 J J 821s 90
8412
8
8378 87%
Argentine Treasury 59.t....1945 MS 854 88 88
7
88
81% 8814
Trans-Con Short L let 49_1958 3' 8678 -___ 8611 Aug'25 -titt
89
Sinking fund & Ser A....1957
S 9612 Sale 98,4
95
9712
9634 131
9134 9514 9234
Cal-Aria let & ref 43411"A"1982 M
92
9234
Ertl Bs Her B temp_Dee 1955
1
9634
9534 Sale 9518
87
J
96
9434 97
Registered
913
8
Jan'25
91%
MS
914
111 f 63 of 1925 temp
9538 Sale 9512
1959
96,4 230
9514 9634 Atl Knox,& CM Div 4a....1955 MN
8812
8812' 6
874 92%
Australia 30-yr 5s_ __July 15 1955 3D 9912 Sale 99%
9923 245
J
J
AU Knox,& Nor let g 59_1946 J O
10214 Aug'25
10214 103
Austrlan (Govt) a f 76
1943
D 9934 Sale 9914
9934 180
AU & Charl AL let A 4343_1944• J 10
96
2% 102
312 9834 Aug'25
Belgium 25-yr ext.if 7348 0_1946
9814
D 109 Sale 10812 10914 35 10
997
00
3932
12 1170
99019
let 30-year 5e Series B...1944 j
102 Aug'25 __- 10111 WA
,9119
:
20-year s 83
1941 FA 10714 Sale 10718
107% 15
Atlantic City let eons 48-1951 j
85
8913 85% July'25 -213-yr ext 614/since:Ina reta_1949 51 S 9214 Sale 92
854
854
9234 121
9034 96
At4 Coast Line let con 43_,31952 MS 9118 92
918*
92
18
Rad•f Be inter reta
99
9412
1955 • J 8634 Sale 86%
164
07
83% 8814
10-year secured 73
107%1 13 10534 108
1930 MN 107 Sale 107
Esti)) f 78 Int MU
1955 3D 96 Sale 96
9612 232
9534 9813
General unified 4149
9152 22
9138
1984 J O 9123 92
90% 95
Bergen (Norway) af 138
1944 MN 114 11412 114
114
1 10818 11514
LA N coil gold 4a—Oct 1952 MN 8612 87
8812
25-year sinking fund 89_1949 A0 9714 977 9734
8694 18
8514 89%
14
978
96
9914 AU & Danv let 548
1948 3, 78% 79
784
Berne (Wity of) 9 f sa__ . _..1w40 MN
78% 80
783
4'
6
108 1081 10834 10914
108 11112
204e
6578 8512
1948
.11 64
65121
824 704
Bogota (City) ext'l a f 83_1945
7
33
96 Bale 9434
AO
96
94
9812
Atl
&
767
8
Yad
1st
Sale 7614
g guar 4a
1949 *0
Bolivia (Republic of)88
76781
75
80
1
96% Sale 9534
1947
98
97
92% 97
A & N W 1st gu 69
1941 33 9912 102 10014 July'25 -- -Bordeaux (City of) 16-y? 6e 1934 MN
98% 100%
MN 8512 Sale 8415
85% 94
80
88
Balt & Ohio 1st g 48_ _
4 Sale 88
1945 * 0
883
Brash US,external 89
854 9214
1941 3D 97% Sale 9712
9814 83
87
Registered
88
87
July1948 Q
8
72
79
6
8519 9014
72 (Central Ry)
82
1952 J o 8112 Sale 8112
55
10-year cony 414e
113
1933 MS 9212 Sale 924
93
8914 95
7149(coffee seem) (flat)_1952 AO
108
___ 10714
3
Refund & gen 58 Series A_1995 JO 901 Sale 8978
9078 70
8534 9238
Buenos Aire.(City) ex,i gyielees J
107410038 10038 9712
11
98
J
let g 59 Mt Ws
1015
55 100 104
1948 A0 10114 Sale 101
Canada (Dominion of) g 69_1926 AO 10038 10038 10014
0
0
9038:5
'
!
4
41 1:
89
10053 35 19
0
9049
2
98 4
10-year 69
1929 J J 103 Sale 10213 103 1 42 10212 10414
59
1931 AO 10134 Sale 10134
1017s 17 1014 10312
09
Ref & gen 6.9 ser C temp_ _1995 J O 19
27
34
2 Sal
m
;19
0914
178 Jui
2
254
8 21
l0
y.
. 100% 10434
10-year 634.
134 102 103%
1929 FA 10212 103 10238
103
P Jet & M Div let g 3149.1925 MN
9944 91134
55
•
1952 MN 10212 Sale 10134
10212 188 101% 105
PLEA W Va Sys ref 49_1941
8638
87 1 28
Carlsbad (City) a I 89
N 8612 87
833e 9014
1954 J J 9912 ___ 997
100
9
96
100
Bouthw Div_let gold 3149_1925 J
9939 100%
Chile (Republic) extl a f 89_1941 FA 10912 Sale 10914
35
10934
10614 111)
Southw Dlv 1st 59
997
9.
4 711"26
71-91-3
1950 J J 9623 Bale 98
95% 9978
External 5-year a 8a
1926 A0 10212 Sale 10212 10278 24 102 103%
Tol & Cin Div 1st ref 48 4.1959 J
72 Sale 7178
73 I 158
20-year ext179
6812 78%
1942 MN 101 Sale 10034
61
10114
98%
103
Battle Cr & /Bur
gu 38..1989 3D 6014 6413 1324 May'25 25-year s f 88
60% 82%
1946 MN 10912 l09i 1094
110
22 10614 11014 Beech Creek let Int
961 93 Aug'25 -93
924 9312
gu g 48
Chinese(Hukuang Sty) 59_ _1951 J
1936 J
4014 4202
41
16
D 4013 4114 4034
Registered
9012 July'25 ---9012 90%
Christiania (Oslo) s f 89
J O 9012 95
1945 A0 11138 Sale 11014
77 10934 11138 Beech Cr Ext 1st g 3348._
111%
77% Aug'25 - - _ _
75% 78
30-year
_1951
8112
77%
*0
1954 MS .
41
97812
953_8 98_1_ 9
9
9818
8
9512 10112 Big Sandy let 48
8814 July'25 -1944 J O 873 89
30-year a f 88 int ctf
86
8814
102
1955 MN
B & N Y Air Line let 4&...1955 FA 7118 72
71 Aug'25 - -Colombia (Republic)6349
87
734
1927 AO 100 100'4 100 Aug'25
99
7114
21
3 14
2 Bruns & W lot gu gold
90', ___ 9312 July'25 -1938
Copenhagen 25-year 9 f 5149.1944 31 98 Bale
93 94
9 4
1 12,2 Buffalo R & P gen gold4a
9713
98% 45 1
82
%
14
.10
2m
July
ay
'
.25
Cuba 5e of 1904
68.-1937 MS 9972 1017_8
10013 1024
1944 MB 97% 99
_
9713 Aug'25
Conaol 414s
15
Eater debt bit 1914 Per A_ _1949 FA
865
1957 MN 86% Sale 8614
8013 884
99 9924 Aug'25
96
Registered
External loan 414e
82
MN
8514
1949 FA 904 02'4 93 Aug'25
Burl C R & Nor let 55
1934 40 loofa gale 10018
6148
10019,
99% 1004
1
96
89434
12 10
1953• J 1007s Sale 10012 101
19
092
36
Canada Sou eons gu A 5e 1962 A0 1017 102% 10112 101781
Csechoelovak (Ftepub of) 89_1951 AO 100 Sale 9914
9 1004 10378
100
48
9814
10112
Canadian
Nat
94i495
Sink fund 89 Ser B Int etfe.1952
4348-Sept 15 1954
93% 99,4
044
0414i
1
993
A0 9934 Sale 9914
62
9734 100% Canadian North deb a f 791_1946 MS 11518 116 11518
Danish Con MunIcip Si"4".1946 FA
11513 14 114% 117%
3D
110 Sale 110
110
5 109 11213
20-year ,f deb 634s
&ries B of 89
1948 J J 11758 118 11723 118 I
9 116 11838
1091
1940 FA
3 10812 112
109,4
Canadian
Pac Sty deb 4a stock _ J J 8013 Sale 80
81 I 233
Denmark externals:8e
81
79
1945 AO 1104 gide 11014
110% 97 109 111
Carb & Shaw let gold 43.-1932•S
20-year 13e
_ _ 9312 May'25
98 93%
1942
1035,Sale 102
10323 48
9918 105
Caro Cent lot con g 4e
82- 8114
80
1935 ID 92%82
2
Dominican Rep Con Admit59'58 F!. 10214 10234 10214 July'25
78
8314
101
103%
Caro Clinch &0 let 3-yr 59_1938• D 101 10123 101
Custom Admlnletr 15148... _1942
101
1 100 101%
9418 9434 9478 Aug'25
1st & eon g lis ser A
Dutch East Indies ext lia_._1947 MS
1952 3D 1073, Sale 1075, 10778 20 10578 1084
JJ 103 Bale 102% 103
57
98
2% 103
9618 Cart & Ad let gu g 4a
60-year Be
8414 Aug'25 1981 3D 8438 87
84
844
1962 MB 102% Bale 10213 1027 117
98%
10318 Cent Branch U P 1st g
30-year ext 15149
75
7838 78 July'25 -- 744 80
1953 MB 10034 Sale 10012 101
47
9314 101% Cent New Eng let gu 43_1945 ID
30-year ext 514e
65 Bale 8414
49_ _1961 j
85
6414 7014
100% 101 10012 101
MN
1963
68
92%
10112
Central Ohio Reorg 414e
French Repub 25-yr ext 831..1945 MS 105% Sale
_
99 Aug'25 -1930 MS 9814
9714 99
1054
106
293
98% 19513 Central of Oa 1st gold 56_231946
20-yr external loan 7148..1941 3D 1004 Sale 100
- 8
- 10313 Aug'25 --.- 10154 104
FA 102 1037
1001 268
93 11.1132
Consol gold 533
External 7901 1924
1945 MN 101 Sale 10014
20
101
921 872
993410294
1949 Jo 9218 Sale 9114
86
9254
Registered
Finnish Mun L'n 614e A
___ 10014 June'25
N 997
98 10014
1954 AO 8834 Sale 884
883
1
8512 92la
10-year et:lour Bs
External 614e Belies B
June 1929 ID 103 8103% 1027s
103
11 1011. We
1954 A0
8913 Aug'25
_
Ref & gen 5Hs sec B
Finland (Rep) ext 69
10112
10112
102
1959
AO
101%
8
99
103
Si S 87 iii1;1-e- 88%
2
8
863114
87 4
2 9
89
2'18
2
Chatt Div our money g 48_1951 ID 8412 853 8512 Aug'25 ---External s 79 Int °Us_ _ _1
84
8812
94 Sale 93
7950
48 M
94
11
9314 9712
Mac & Nor Div let g 59_1946 J
German external loan 75 rota_ 1949 A0 974 Sale 9734
094 100
100 July'25 -9714 703
9114
97
Mobile
fit
& Irel(UK of) 5141_1937 FA 105 Sale 105
59
1946 J J 1001
___ 10012 Aug'25 -- 10012 10078
10512 77 10438 10778 Cent RR &Division
B
10-year cony 634.
of
Ga
coil
9734
3981
g
59_1937
9734
MN
98
1
2
116
99
1929 P A 1184 Sale 118%
11812 88 1154 11812 Central
of NJ gen gold 59_1987 J J 107 108 107
Greater Prague 7549
107111
1952 MN 9312 Sale 0214
8 107 110
9312 44
89
9514
Registered
Greek Govt 79 lot rota
k1987 Q J 108 108% 1013 July'25 -- We 10834
1964 MN 86% Sale 8614
867
17
83
8812 Cent Pat lot ref gu g 45----1949 FA
Haiti (Republic) 6.
8714 Sale 8714
8713 16
BB% 90
1952 A0 97 Sale 96
97
95
Mtge guar gold 3149...J1929 3D
Hungary (Kingd of)i f 7149_1944 F!. 9334 Sale
9511 084
9313
94
104
9
88
7
7:
4
2 1,
9
y6
4314
,
2
Through St L let Ku 43-1954 * 0 •8538 881 8538
Ind Bank of Japan 6% notes 1927 P A 994 Sale 9918
85,1 8934
8134 57
9914 104
Guar
g
Japanese Govt E loan 45
59
temp
1960 FA
9818
98
1931• J 834 84
832,
17
837
81
8412 Charleston & Savannah 78-1938 .1
30-year e f 13146
1100
99
10
8
7
111;
8_9 1_ 1996128:82 Aug'25F:
1954 F!. 9214 Sale 9214
e915
2
9-- 11212 11738
9278 250
90
95
Chin & Ohio fund & Impt 53_1929
Oriental Development 65_1953 M
'
3
99%
10012
9838 102
9
8512 Sale 85
8512
8312
4
8714
1st
cense' gold 58
Lyons (City of) 15-year 68_1934 MN 8514 Sale 8412
1939 MN
1-01-7- 101%
10112'
3 101 10319
85% 157
Marseilles (City of) I5-yr 69_1934 MN 8518 Sale 841
Registered
1939 MN
10134 July'25 -- 100% 10214
85% 183
80
944 8612
86
General gold 414e
Mexican Irrigation 4149
1992 MB 9118 Bale 91
1712 Sale 171
1943 MN
87% 93
92
59
177
12
16
24
Registered
Aseenting f 4148
1992 MS
9018 July'25 -1943
8872 0011
24
Jan'25
23
24
20-year convertible 4143-1930 FA 9714 Sale 9714
Mexico(U 8) extl 58 of'99 1945• J 40
9738 77
60
9454 Ws
4014
4014
3
38
454
30
-year
Assenting 55 of 1899
cony secured to-1946 *0 1152, Sale 115
11818 498 10174 118%
1945
3812 282
3812 Sale 35
31
41
Registered
Assenting 58 large
*0
10412 Mar'25 ---- 10334 400.4
3518
3518
2
35
34 37:2
Craig Valley 1st g 5s
Assenting 5s small
1940 J3 972 9811
98
2
9712 99%
3712 May'25
_
Potts Creek Branch 1st 48.1946 J
Gold deb 49 of 1904
---- 84
83 Aug'25 -1954 J o
8214 85
1934 July'25
1814 26
R & A Der let con g 4s 1989
Assenting 4e of 1904
J 8118 827 825, Aug'25 -2234 Sale 21
8112 8512
2418 38
1812 24%
2d
Assenting Mot 1904 large
consol
gold 49
1989
J 80 Sale 80
80
2
79
83
2613 Jan'25
264 2813
Warm Springs V let g 5a_ _1941 MS 99%
Assenting 4s of 1904 small__
9812 July'25
95% 984
2314
2334
4
20
2412
Chic
&
Alton
_1949
Assenting 49 of 1910
38_
ref
RR
A0
g
64
641
64
JJ 27s 285, 21%
82 66
2113
1
2014
2412
Certits
Assenting 48 of 1910 large.....
dep Med Oct 1924 int__
6034 61
6113 July'25
_2! 5854 6254
6
28% Sale 25%
28% 199
22
30%
Conti dep tamed Apr 1925 Int
59
61
Assenting 45 of 1910 emall
59 Aug'25 -59
25 Sale 23
Ors
25
194
1932 28%
Railway first lien 3148-1950 33 4912 503, 4918
Tress 68 of'31 assent(large)'33 jJ 3738 Sale 37
5034 57
4414 6814
37% 44
33
43
Ctfe dep Jan '23&sub coup_
4913 Sale 4912
Small
4912 -46
55
54
3614
3714 46
3418 MI
Chic Burl & Q-111 Div 31491949 JJ 8318 84
Montevideo 713
8318 Aug'25
8114 8611
1952 1 D 9814 Sale 9678
eat 23
88
9038
Registered
J J
8438 Apr'25 Netherlands Be (flat prices). _1972 M 8 108% 109 los% 1014 59
8438 8438
illnole Division 48
89
1949 J
903 90% Aug'25
80-year external Be (flad_1954 A 0 10313 Sale 10324
881a 9414
l0312 32 10284
7391
003:
14
Nebraska Extension 411_1927 MN 99% Sale 9912
99%
5
Norway external at 8a
1940 A 0 11014 Sale 11014
98% 100
11624 78 110 11318
General 45
1955 MS
4
20-year ext 69
1943 F A loos Sale low8
881e 92%
10012 30
but & ref 58
1971 FA 10212 Sale 1017
10212 48 1004 10314
20-year external 69
1944 F A 10014 Bale 10018
100% 69
97
7
1
4
3
1
Chic
0
1
4
3
City
59-1927
40
4512
&
ATI
Conn
4712
46
48
40
30-year extl Os
45% 83
1952 A 0 100% Bale 10014
101
53
412 149
)
97
7
1;2
0 Chicago & Et 111 1st 613_1934 40 10418 10612 10632 Jan'25 - _- 1054
110-year f 5He tem9-- —1965 J D 95% Sale 2)23
110714
9512 94
* P III RR (new co) 'en & 1951M 31
7434 Sale 7412
7512 529
7334 7912
15=Z a Due Jan 5 Due Jut/. DUO ADS. F Due NOV lOplionaale.
New York Bond Record—Continued—Page 2
1081
BONDS.
W. Y. STOCK EXCHANGE
Week Ended Aug. 28.
b
h
‘1.
Prtce
Friday
Aug. 28.
We,k's
Rano e or
Lust Sale
ja
Bantle
Since
fan. 1.
410h.JS.
N.Y .9 rock EXCHANGE
eei Ended Aug. 28.
Price
Friday
Aug. 28
Wn
Ra
'I
'A
or
s
'
Last Sale
14 21
4"
'
"3111
1
Jan. .
4 .2,
—
—
,Lettio2 /
2
11
,6
HI00 .V.
9514 32
12
04
07
5,4 9
9.3
2 73
/
951
400 40W
Bid
High
Man No, Low
.461 Low
Bid
91112 10212 Florida East Coast lot 440_1959 3 D 0312 Sale 9312
2 15
/
1982 hi N 10012 Sale 10012 1031
age & Erie let gold 56
151 .4 ref Is Series A
1974 M S 9434 Sale 9312
5984 6812
648 115
64 5.10 64
Chicago Great West 1st 46_1959
mat & ref 53 Ser A a, I__ _1974 MS
11012 112 11212 July'25.- 10914 1E212
Me Ind & Louisv—Ref 69..1947
-i 10274 151
1'25 -it
4"
79
0
13
9912 Rae. Fla West & Nor 75 rI es A 1934 m N iii" ilie- 19
1947
9912 -- 9934 Aug'21
Refunding gold is
2 73
1
63/
6414 13
Fonda Johns & Gloy 4148_ _1952 AI N 6412 6518 6453
8534 87
8712 ---- 87 Jo ,e'25
1947
Refunding 48 Series 0
8
112:: 90
82
8214 Aug'25 ____
_
_
890(
9212
I)
U
St
j
g
Fort
3
1st
Co
87
4149_1941
4
9112
0134 9112
89
1966
General 59 A
11.438
-10470
—
July'25
10434
_
4
1043
Ft W dr Den C Ist g 630-1961 J D
10238 19 101 101
2 10179
1
102 102/
May 1966
General Se A
9614
-7
9
Aug'25
06
Ft
&
Worth
Gr
Rlo
774
804
g
let
45-192g
J
I
Aug'25
7912
let
gu 49_19513
Ind & Louisville
---- Info: 10914
8818 8541 Frem Elk & Mo Val 1st 69. _1933 A 0 10718 109 107 4 Aug'1' -__8812 88 July'25 83
Ohio Ind & Sou 60-year 49_1956
172
t0,4 10
& P 1st 59__.-1931 1141 N 100 ____ id 38 Aug 26 __..i. 109
9312 93/
2 GH&SA
1
5
2
1
93/
2
1
2 _ _ _ _ 93/
1
93/
29_1969
/
Chic L S & &set let 41
101
1
I
___
101
j
4312
1931
584
extens
24
53
guar
58
4812
m
4612
Salo
2
1
/
48
O M & Puget Sci let gu 49_ _1949
8012
7014
Aug'25
a
92
95
9258
.4
Galv Hone
Rend 1st 59_1933 A 0
7912 85
miz Sale 79
Ch M & St P gene 46 Her A_e1989
):4
.10
19(
9512
3 10
1957 I y 10314 10334 10314 10384
6214 70
Genesee River let s f 5s
69 Aug'25
70
69
General gold 314e Her B. _e1989
9
91 18
94
9478 94
8 Ga & Ala Ity let cons .55_01945 f
774 92,
1
88,4
8870 8814
88
Gen 4548 Series C ..May 1989
00
.)2'4
1
3
9
9
10
4
993
2
/
991
99
Sal,,
47._ Ga Caro & Nor let en g 55 _1929 I j
47
4712 Aug'25
Certificates of deposit
6414 68
1946 A 221 6514 ____ 68 Aug'25 ---4312 544 Georgia Midland lot 38
4912 73
Gen & ref Series A 4 Si A....a2014 A0 49 Sale 4712
____
4
2,
12
.
9
Feb
1
2
1
98
..._
2
4
,
4
4418
D
1
75
2
/
581
2
4
3
,
591942
9
2
9
gu
&
1st
Gouv
Oswegatch
4912
Gen ref cony Be, P 58_ _a2014 P A 49 Sale 4714
2 WI;
1 -621
4612 1i 2 Gr R & lest tot gug 4 %s__1941 J
4612 Aug'25
Certificates of deposit
11518 14 11414 117
8 Grand Trunk of Can deb 719_104. A 0 11518 Sale 115
9612 104,
2 10414 51
/
1934 JJ 10312 10418 1031
let sec 59
2
/
1081
2
/
1061
24
8
1073
10712
117
107
44
6102
16-year a f 66
1936 Al S
4912 62
1932 3D 4918 Sale 4714
Debenture 420
1J8 10_
110
84 114.
10912 Salt 109 8
4612 47
Great Nor gen 78 Series A 19.4') J
4612 Aug'25
Certificates of deposit
22
925
ua.4
90
90
a°
90
46
320
7812
ref
A
&
1st
Series
44a
1961
4914
1925 3D 48 Sale 4714
Debenture 46
9934 103
5
15
11: 0
04
1% 19
43
19
134 69
03
07,84
03
664
44
General 514s Series B
1952 3 J 19
4914 121
1934 J J 4914 Sale 4638
25-year debenture 49
98
92
2
9418 100
General 5a Series C
1973 J J
9934
9912 9934 0934
Chic & Mo Rtv Div 5s_ I926 J
80
72
---July'25
79
7818
1111.118
8
983
7712
&
Bay
deb
Green
West
etre "A"-- Feb
2 Aug'25
1
Chic & N'weet Eat 4s__1886-1926 P A 10018 ---- 99/
81
8112
2 22
/
18
141
1414
1438 15
2 99,
1
89/
8
Debentures ate "B"
Feb
9834 June'25
1886-1926 P A
Registered
86
8859
7318 77
3
Greenbrier Ry 1st gu 49____1940 M N 8614 ____ 87 Aug'25 -0
,
73
2
1
2 Sale 73/
1
1987 MN 73/
General gold 33413
103
9914
16
.
1
10114
Sale
101
101
72
7212 Gulf Mob & Nor lot 5%s _ _1950 A 0
7912 July'25
Registered
Q
2
/
984 1031
2 8612 (2,11 .4 S list ref & t g 58_51952 j 1 10038 10212 1034 July'25 ---.
/
811
3
8434
General 4s
1987 M N 8313 Sale 8314
8484
80
5
8178
2
/
8378 8412 831
8512 Harlem R & Pt Cites 1st 413_1954 M N
82
8312 84 July'25
1987 M N 83
Stamped 45
8812 92
3
2
/
891
2 1014 105
2 9,114 89 8
/
Hocking Val 1st cones 4348-1999 J J 891
10112 10418
1987 MN
General 5e stamped
9013
88
1999 j
2 ---- 9012 May'25 ---/
831
Reghttered
104 July'25 -- 10312 1067s
Sinking fund 69
1879-1929 AO
2 1 1071
/
991
3
10114
10014 Sale .0011
103 104
H & T C 1st g Int guar
1937J
3Z
AO 111.044
Registered
a S le
:10312 July'25 -- 10018 101
05 99
2 Aug'25 ---/
961
07
Houston Belt & Term 1st 55_1937 .1 J 95
Shaking fund
1879-1929 AO 10012 10112 10012 Aug'25 -1
91,4
90
3 1,
:
f197
,
9
25 ______
J91 Aug'25
12 1-0_2_ 11:1)4
09,
9911 10012 Houston E & W Tex let g 58_1933 M N 9
9912 May'25 -1879-1929
Registered
9914 103
let guar 59 red
1933 M N
rr 9912 166- 10014 Aug'25
1933
Sinking fund deb 56
1 93
:
92,
89
_
34
44
, 9412
14 6,_1_
04
0
0 July;125 __83
105
12
11218
1937
Housatonic
MN
Ry
59
R
cons
10814
4
1073
Sale
4
1073
D
10-year secured log
1930
11014 12 107 11212 Bud & Manhat 58 Series A._1957 F A
16-year secured 84.48 a....1938 M 5 11014 111 11014
0144
1 7
1:
.
07
5
_
_3
.j
,- ...i
,
62
7411
e'
1 Jun7
:
i0.,..4 6;1;3_ 9
91 12 102
9638 17
P A
Registered
let & ref g 69
May 2037 J D 96 Sale 96
8214 86
8312 19
Adjustment income M....1957 A 0
8318
Sale
Chic RI & P—Ralltegy gen 481988 . J 8318
94
914
---,
933
8
Aug'25
903
9314
8314
8114
Illinois Central let gold 48_1951 3 J
8112 Aug'25 -2
/
.1 ./ 811
Registered
2
1
2 93/
/
901
2 July'25 --_1
2
/
834 891
1951 1 J 8714 ... 03/
Registered
8712 166
1034 A 0 8634 Sale- 8834
Refunding gold 4.6
8134 84
85
82 July'25 ---8634 8814
let gold 3%e.
1951 0 7 81
8818 May'25 - -A 0
Registered
8534
83
7612 ____ 8314 June'25 ....
J
Registered
8 Aug'25 -- 10112 10314
2 _ _ _ _ 102,
1
Chic St L& N 0 gold 66__1951 • D 102/
8012 8481
_ . 8312 May'25 ---Extended let gold 3%4_1951 A 0
10214 June'25 -- 101 14 103
.1 D 10052
Registered
62 62
62 Feb'25 ---64 -71
812 7938
1
78/
let gold 3s sterling
1951 M
7834 July'25 ---1951 J D 78;
Gold 3%6
8618 89
7
gg
2 871., 8712
/
2 857a
/
531
Collateral trust gold 46_1952 A 0 861
____ g514 Aug'25
Memel ?tOlv let g 48
1951 J D 85
2
1
2 Apr'25 ----I 8558 85/
1
101 103
A 0 8234 ---- 85/
11,111.4ter.1
101 July'25
051 L & P let cone g 58.... 1932 AO 101
8712 9284
11
Sale
88
8938
2
/
891
2
1
/
1003
8
let rebinding 4s
1955 11 N
1004
_ 10038 Jan'25
A 0 10033
Registered
7832 8412
84 Aug'25 ---1952 J
Purchased lints 33.4a
1 111288 10812
10418
D 10312 10418 10418
Chic St PM & 0 cone 89_ _1930
_ 1083
9,3 1816
72
1
!
:
81
. 84
.11
_i6
4112
2 July'25-1_ 96
924 93
J J
Registered
-- 93 July'25
D 923
20_ _1930
/
Cone es reduced to 31
4
8412
cull 10514
84
9514 14
Collateral trust gold 48.„1953 M N
2
/
Debenture 5/3
1930 MS 95 4-96 - 941
9512 993s
4
I
06
Registered
N
Si
96
06
95
Stamped
3/
1 812
2 M13'
1
904
75
0
5 --- 1244
'
1955 NI N 1011-8 1-0"5 - ,
8812' 11
81
Refunding 58
82
Chic T H & So Fan let 5a_ _1960 J D /8718 Sale 87
8
3,
0 14 1 113
2/
3 1
21
1 4 101,
103
7 110122,4
12:
84'2
55
15-year secured 510
1934 / J 10
8212 11
Inc gu 59
Dec 1 1960 M S 8134 8270 82
11213
111
19
9114
2
/
941
15-year
J
_1936
secured
g__
7
2;
1
/
93
93
934
6%s
Chic tin &tin let gu 4%e A.1963 J J 93
4
8612
2
/
8912
911
4
88
8918
---10312
July'2
100
Cairo Bridge gold 4e-. _ _1950 .1
10238' 4
2 Sale 102
1
102/
let 5s Series B
1963 J
7114 73
71 14
9714 10038
704
1
70
7321
LItchfield Div let gold 39_1951 1 J
99341 35
9912
1944 Jo
Guaranteed g 59
2 824
1
77/
SO
78
8.)12 Aug'25 ---2 11614 11812
118121
Louise 1)1v & Tern) g 3346 1953 .1 J
8S
34
7,
19
11812 11712
13
let 6 tie Series C
1963 J 1 19
7012 74
1951 F A 721
2 ---- 7334 Juae'25 -- -.
/
Omaha Div let gold 38
1 10512 108
106
-- 106
Chic & West Ind gen g Se._91932 QM
7134 77
8
7418
7611 8312
' 25
7958
St Louis Div & Term g 33_1951 J J 7414 — _ 7418
Conned 50-year 49
1952 .1 .1 79 Sale 79
79 8384
7914 -11212 80/
2 Aug'25 --__
1
97 10034
1951 J .1
Gold 3348
99 I 65
1 et ref 5129 aer A temp.. 1962 MS 9813 Sale 9812
7814 .... 82/
7978 8272
2 May'25.--.
1
2 101
/
991
Springfield Div lets 310-1951 3
10038
6
Choc Okla & Gulf cons 5e .1952 MN 10038 10112 1003s
88
86
89
86 Aug'25 --__
9312 9534
1951 F' A 86
Western Linea let g 46_
ClnH&D2dgold44e_ _1937• J 9512 - - 9534 July'25 - - 87
84
_
--.
9312
Aug'25
2
/
911
84
---1951 F A
Registered
9214 0311 9314 July'25 -- -C I St L & C 1st g 4s___Aug1936 Q
9012 92
III
()—
N
.4
L&
Central
St
Chic
92
May'25
Registered
Aug1936 Q
Salo
9914
9914
8912
8718
105
8
8
1
997
"
A._1963
964
D
J
1st
Joint
ref
Series
56
8712
97
9112
2 -8-8-4 8712
CInLeb&Norgu4sg
1942 MN 8
8714 92
1
8744 8834 8814
8914
9934 10112 Ind III& Iowa 1st g 48
1950
1
(Mn S & Cl cons tot g 59._ 1928 ▪ .1 10034 Salo 10034 10034
99 101
---_
9012
J
100
Aug'25
2
/
991
8184
8512
Ind
10135
Union
99
A
Her
Is
gen
4
Ity
823
8212
Sale
Cleve Cmn Ch & St L gen 44.1993 J O 8234
91114100',
9878
10312 Aug'25
9934 _
96
J
16
1965
Gen & ref 65 Series B
08
JO-year deb 4%o
1931 • J 98 Sale 9734
10314 51 11)) 10512
10314 Sale 102
2 Int & Grt Nor 1st Ss Ser A 1952 J
/
994 1051
2 Aug'25 - - - 1
4 100/
1993 3D 10018 100,
General 59 Series B
79
86
819
Sale
79
7514
78
10418
11218
Aprl
69,
1952
A
Adjustment
Series
2
1
/
103
27
Ref & Impt Se Series A1929.1.1 103 10312 103
78
67
2
78
78
2 10734
/
Aprl
1 /31
Stamped
_ 105 Aug'25
8
1941 • J 106,
tle Series C
10
77
2 8012
1
75/
77
IsO
1)412
N
M
48
98
56.__1972
9712
Int
Rye
let
Amer
Cent
Sale
98
1963.1,
es Series D
Sale
J
e5
59
28
80
7
5
85
91
8812
1938
Iowa
5s
Central 1st gold
2 8812 Aug'25
1
1939 ▪ j 8834 89/
Cairo Div let gold 48
5718 6214
4
5818 _-__ 5812
2
/
591
8212
811
Aug'25
Certificates of deposit_ _
8074 82
Cin W & M Div let g 49_1991 1
1912 Sale 1912
20
2 284
/
1111
15
814 85
Refunding gold 45
____ 82 Aug'25 - - -.
St L Div let colltr g g 4e 1990 MN 82
_
_
90
ug
A'25
85
_
4
3
87_
11003*__
i
85
83
801a
James Frank & Clear lat 441_1959
8018 July'25
MN _ _ 83
Registered
100 Nov'24
2 8912 Ka A & G Ft Ist gu g 59_1938
1
86/
-Aug'25
88
S
51
Bpr & Col D v let g 4s__1940
11i
;
-BO
1
8114
8114
____
8114
9
873
0
A
8812
Kan
1990
M
&
1st
gu
July'25
g44
2. 8812
1
8878 -8_9:/
W W Val I 4.• tat g 4a____1940
994 001
1
2
/
j 9912 10014
1927
24 20-year 59
10612 Aug'25 -- 10612 108
86
:631
__l9343 .1 10
OCC&I gen cons it
222 N 1031,10333 103/
2
1
2 103/
1
1 1 I23 193's
10212
10(314
C
K
-.__
1928
Ft
69
g
cons
M
July'25
10212
10112
0
Olev Lor & W son 18t g 5s__1933 A
2
/
8614 27
2 881
1
80/
2 8618
1
2 88/
1
2 9818 K C Ft S & NI ltyrefs 49..1936 A 0 85/
1
96/
9818 June'25 - 1935 M N 9514
Oi & Mar lirt gu R 4448
98 1004
9814 100,4 KC&M R& 13 let gu 5s._I929 A 0 9912 ____ 9912 Aug'25
1
09
J 99 Sate 99
1938
4e & Mahon Vail g 5e
C11,
704 75
4
7314
724
7214
7212
2
1
/
99
99
0
A
39_1950
City
Kansas
Sou
gold
1st
May'25
99
2
1
01 & P gee ga 4 SO Ser A.„1942 J J 9612
9814 92/
2 144
/
911
8512 8618
Ref & Impt 5s
Apr 11)50.1 J 0038 Sale 9039
8214
1948,M N
2 Aug'25
1
85/
Ser,e. C 3 tits
$352 8774
41
86
2 Sale 841
/
2
/
2 Kamm City Term hot 49_ _1960 J J 841
1
85/
84
2 Mar'25
1
85/
8114
1950 F A
&Meg D 3%e
84
Aug'25
8712
8458
85
8418
100
J
.1
2
1
/
49_1987
95
gold
Kentucky
2
1
/
97
Ceutral
2
1
- -0 97/
411-4e Seer Lime let gu 4145_1961 A 0 9112 10
8482 ____ 88 Nov'24 ---2 10712 Keok & Dee NI 5s ctf dep___1934 A
/
2 15 1041
1
2 105/
1
1972 A 0 1054 Sale 105/
Cleve Union Term 5346
100 June'25
994 102
11
Knoxville & Ohio let g 6s___1925 J J
101
1973 A 0 10014 Sale 10014
- 11-0
e 44
184 • 58 Ser
2
611_
10014 Aug'25 - _ ifdl
10018
8314
8812
Lake
Erie & West lot g 58-1937 3
8412 Aug'25
1945 J D 8412 88
Cleat River Ry let gu 4s
94378 99
J
J
1941
20
gold
53
9812
8
983
2
1
/
98
A
F
9812
46_1929
&
South let g
0. r3110
/47
3 9
M4
771
5Aug25
Aug'25
033
9
8
il
'33
2
1
/
90
D
9612
Lake
.1
10
1997
Shore
gold
9414
3%8
9418
HAseding & exten 4 346_1935 M N 9414 Sale
7614 7914
3
764
2 761i
1
2 8634
/
861
1997 J D 7614 78/
Registered
2 8634 June'25
1
1948 A 0 8534 86/
2
/
Col & H V let ext g 46
974 981
9814 59
2 9812
1
2 98/
1
8414 8414
1928 M S 98/
Debenture gold 46
8414 Apr'25
1955 F A 8412
Col Ic Tol let ext 48
4412 9712
15
97
97
Sale
97
N
8
,
81
2
/
811
M
1931
25
-year
49
gold
8118 Jan'25
84
Goan & Passum Rh, let 4a1943 A 0 81
2
1
/
96
997a
Jan'25
2
1
/
95
____
8812
9412
8312
1931 14 N
Registered
8712 37
Cola RR let 50-year Is g-1952 .7 .1 8738 Sale 8714
10(34 103
_ 10214 Aug'25
Leh Val Harbor Term 55_1954 F A
2 10218 106
104
1936J D 104 Sale 104
In ref 7%o
2 98
/
951
2 July'25 .-1
2 -9112 95/
1
9314 Leh Vol NY let gu g 4%s..lO4OJ J 05/
89
16
93
19438 .1 .1 92 Sale 92
79
13
alba Northern Ry 1st 5s
8484
3
015
8'2
Jan
98
J
4)2
1940.1
3
Registered
0
977
2
1
/
97
J
.1
4
073
---Day & Mich let cone 4%s.,...1931
938012
9212
2
/
881
Lehigh
(Pa)
Val
9012
cons g 48-2003 M N
9012 8912
Dal& Hudson Ist & ref 48_1943 MN 00
81
2
1
/
78
---July'25
81
4
803
M N
2
/
97 1014 10811
Registered
1935,A 0 10618 Sale 10512 107
93
30-year cony 59
88
19
91
9038
9014 91
10318
101
9
2003
General
cons
4%s
102
2
/
1011
N
102
8
,
101
1937 M
16-year 534s
11 9882 10172
10014
3 107 110
Lehigh Val RR gen 58 Series_2003 M N 100 10012 10014
2
1
108/
2 Sale 10814
1
1930• D 108/
10-year secured 76
41 10118 10214
2
1
102/
102
9514 Leh V Term Ry 1st fa] g 6a 1941 A 0 101 12
94
9514 Aug'25
1938 FA 9334
RR At Adige let gu 4/39
8488 89
85 July'25 _-__
..___
8312
8534
S
M
82
&
Leh
62
Y
49_11)45
N
gold
1st
guar
2
1
/
83
2 gale- 834
1
Den & R 0—let cons g 4s 1936 J J 83/
2 107
1
15 103/
10414
2 9014 Lex & East let 50-yr 59 40-1965 A 0 104 10434 10418
1
85/
3
88
8 88,
,
0 88
1936 3.1 87
Coneol gold 414s
8314 84,3
84 Aug'25
N
hi
99
1952
95
Little
96
45
Miami
D
98
8
973
3
Sale
98
Improvement gold 59 _1928
108
2
1
/
107
--__
Apr'25
108
__._
s
1087
0
A
6611
55
Long
1935
Dock
769
g
consol
fis
64
Den .k R G West gen 5s_Aug 1965 MN 13312 Sale 6112 Aug'25
9934 1024
2 5178 Long told 1st con gold 59..51931 Q J 10018 10012 10012 July'25 ---_
1
39/
2 48
1
49/
J .1 47
Dee M & Ft 1) let gu
94
--9413
May'25
94
____
9414
J
453
50
8
let
51931
1
gold
consol
46
47
47
51
Temporary ctfs of deposit......... 47
8812 911
2
/
8958 25
s
D 8934 901s 89,
1938
9314 9312
General gold 49
1947 MN 8812 _
0312 Feb'25
Dee Plaines Vol let 4 Sis_
9312 32
2 934
1
89/
2 9312
/
941
D 94
75
1932
49
7014
Gold
Aug'25
7014
D
3
8
,
71
Get .4 Mack—Ist lien g 4a...1995
---85
June'25
824
8412
2
1
/
83
8131
5
M
1949
874
65
Unified
gold
49
65 July'25
1995 .1 D 65
Gold 4s
2
1
974 18
954 08
1934 J D 9678 Sale 96/
941
91
2
/
Debenture gold 58
9212 02 Aug'25
1961 M N 92
Det Rh,Tun 4348
874 92
1
8914
1937 M N 8014 Sale 894
20-year p m deb 58
5 102 104
2
1
103/
8
2 Sale 103,
1
Dub Mliviabe & Nor gen 59 1941 .1 J 103/
8514
82
27
8412
8414
4
843
8414
S
M
103
_1949
10011
3
103
Guar refunding gold 49_
Dill & Iron Range let Is.....1937 AO 102 103 103 Aug'25
9884 1004
9912 9914
9914
99
7
Nor SA B 1st con g int 59_01932 Q J
90
81
8512
86
Dul Sou Shore & AtI g Is..1937 J J 83
9918 10112
1
101
10012
S
101
hi
10110
8
907
83
Loulelana
&
1st
Ark
g
59_1927
90 Aug'25
East Ry MIMI Nor Div let 48.'48 AO 90
83 874
8
8512
9014 10212 Lou .4 Jeff Mice Co gu g 4e 1945 M S 8418 8614 844
10012 June'25
East Tenn reorg lien g 514_1938 M
10212 Aug'25 --- 100 1054
100 101
Louisville & Nashville 56_1937 M N 10212 -2 Attg'25
1
1-01- 100/
East T Va & Ga Div g 56_ _1930 1 3
9172 9514
Sale
93
33
94
93
J
J
2
1
/
100
1028
Unified
4
1940
gold
2
4s
10112
1958 MN 10112 Sale 1014
Cone let gold 55
Aug'25 -___ 10012 103
101 10238
Collateral trust gold 58__ _1931 MN 101 101 12 101
102 May'25
N 101
Elgin Joliet & East let g 55._1941
10514 10814
1
Sale
10612
10612
10812
N
M
2
1
/
99
4
1930
10212
10-year
secured
79
101
1965 AO 100 Sale 100
El Patto & W 1st 541
10534 19 10412 10872
la refund 5%9 Series A 2003 A 0 10314 105 105
1 107 10934
10834
Erie let consol gold 79 ext 1930 MS 10831 Sale 10814
6934 734
10312 201
let .4 ref Is Series B
2003 A 0 10312 105 103
7114 82
J 7034 Bale 7034
1996
514
97
1 19
94
let cons g 48 Prier
2 72 192
/
Sale
941
8
,
94
94
0
A
2003
8812
4
&
673
let
Series
4449
ref
0
13814 Nlar'25
1996 J J
Registered
N 0 & M 1st gold (is
1930 J J 10331 107 105 July'25 ____ I04t4 105
6134 6618
6314
63; 156
let consul gen lien g 4s 1996 J J 6314 812-1-e- 674
10312 109 104 July'25 ---- 104 105
J
1930
58
2d
674
gold
136
674
1996 ii
Registered
0116
86
2 8859 Aug'25 ---1
2 89/
1
Paducah & Mem Div 46..1946 F A 88/
9512 99
99 Aug'25
Penn coll trust gold 48..1951 FA 99719
6112 85
6212 69
St Louts Div 24 gold 39..1980 M 8 6038 62 64 Jtily'25
78
68
10018
50-year cony 48 Ser A_1953 * 0 6734 Sale 68
96
_-_2
1
/
Aug'25
96
8
S
973
M
9914
69
60
4%9.1945
g
L&N&M&M
list
129
68
1953 A0 6712 Sale 66
do Series 13
8112 8813
L& N South joint M 48_ _1952
2 8113 8312 Aug'25
/
2 75,
1
831
69/
4
7434 108
Gen. cony 48 Se-leg D.1953 A to 7414 Sale 7418
2 1014 101314 Leulsy Cln & Lex gold 449_1932 50
103
1955 J J 10234 10312 103
Erie 4 Jersey let e I 119
'
8'3 101
9
9
-_-_-_-_
93
10
5
:
8
g
14
5
225
1
uly
98
10
2
N
9
10
14
0
A
J
4
8
1
.
3
1934
54
84
&anon
;
Coal
is;
RR
56
8434 July'25
2
/
1940 J J 841
29 B
1
6912 13318
Erie Ar Pitts gu g 3/
2 60
1
59/
60 Aug'25
8 841
84,
1
2 Agana RR (South Lines) 45 1939 M
/
2
1
84/
2
1
ii 84,
8 8812 84/
Series C
6312 6714
_-_JunC25
67
68
62
N
lot
M
1959
he
4e
2
2
1
/
99
100
100
Fla Cent & Pen 1St ext S 58_1930 3.1 10012
9734 1004
1934 3 D 10012 ____ 10019 June'25
9614 10014 danttoha Colonization 5e
1
991, 99
99
1943 ▪ J 99
Conned gold 51;
2 84
1
80/
—_- 8134 Aug'25 ____
_
9512 9612 Atm B & NW 1st 346—A941 3 J 81
96 June'25
1943
Temporary 59
Option
!Me
18
DUe
0
r
Dec.
Due
.
July
.3ep
Oct.
Due
p
a Due Jan. 8 Due Feb e Due June. e Due May. h Due
Sf
5.
114
3
)
9
8
Sale
_1--
New York Bond Record—Continued—Page 3
BONDS
ff Y. STOCK EXCHANGE
Week Ended Aug. 28
t
Y.t
Price
Friday
Aug. 23.
It'er,r4
Runge or
Last Sale
flange
SOICE
Jan. 1.
3
BONDS
I t
N. Y. STOCK EXCHANGE 1 v t
Week Ended Aug. 28
...3.
1085
Price
Friday
Aug. 28.
Week's
Range a:
Jail Sale
2s
1,2
Kos.,
Slued
Jon. 1
-Low
HWI.
106% It).
19838 le.'
108 lo•
88
9214
86
89
8814 92
1254 13912
9014 034
10034 103
so
94
83 87
824 844
5914 6218
69,9 80
83
8713
8544 8534
1044 10812
iii. 10678
94,8 97;
944 98
bid
Ask Lots
High No. haw
High
RIO
Michigan Central Se
.444 Low
i
HOS Vs
1031 M 8 Ws 101
9934 Aug'25 -- -9914 Ill!
Norf & West gen gold 6s_ ...1031 SI N 107 Sale 197
Registered
2
107
M S 9812 102 101112 Mtiy'25 ..._
1004 10109
Improvement & ext 69_1934 F A 107; ____ 1118; Apr'25
118
1940J J 9438
9178 July'25.
914 92
New River let gold
1932 A 0 10634 _.__ 10714 Aug'25
J L& 8 tat gold 3348
1951 M S 773
. 7718 Apr'24 ...... -_-_ .....
NA
W
Ry 1st cous g 4e
1996 A 0 9018 Bale 92
lit gold 334s
16
9.134
1952 M N 77 4-8319
_- 85 July 2081
86
Registered
1996 A 0
20-year debenture 4s
87 July'2,
1929 A 0 9712 9734 9734 Aug'25
9012 98
Dly'l Ist lien dr gen g 49.1944 J 1 8834 90
Mid of NJ lsteIl8e
9312 Aug'25
1940 AG 89
92
0312 Aug'25
10-year cony (Is
MOW L 8 & Went Imp g be_ _1929 FA
1929,51 S 13534 13612 335
25
137
-6i.100 June'25
104
10
80
8 1.00
93Z
Pecan CA C joint 49
Mil & Not 181 ext 4 3istblue)1934 J o 90
19411.1 D 9314 92
9312
9312 15
8734 May'25
Nor Cent gen & ref 5.3 A_
1974'M 8 100; 10113 10112 Aug'25
Cone eat 4 49'(brown)__ _1934 .1 I) 9014 91
8912 Aug'25
824
85 z 94
1 13 North Ohio let guar g 59
Mil Spar & N W I81 gu 43 _ .1947 MS 8618 8814 87
19451 A 0 87
89
8714
3
87,4
87
7
86
so; Nor Punic prior Ilea 49._ 19911.1
Mew & State L lii gu 330.1941 J J 8034
.3 84 Sale 84
83
46
_ 8112 Aug'25 ____
80; 8113
Registered
1997 Q J 8278 8334 8218 Aug'25
Minn & St Louis let is
1927 .1 1) 10114 102 102 Aug'25
984 10218
General lieu gold 28
a2047 Q F 60
61
let COMMA gold 69
6018
1934 MN 59 Sale 59
6112 35
4
5912 ____
613
4 6218
55,8
Registered
/22047 Q F 8714
Temp Otto of depasit .
60 June'25
56
54
5912 Aug'25
60
Ref & knot 414s eer A____2047 J J 8314 g;Iii 83,
let & refunding gold 4s
4
1949 M S 21
10
8184
22
21
21
15
1914 26
Registered .
J J
Ref & ext 50-yr bs See A.1962 11
1085,8
5,
4 Fe
10
1)'
625
1612 Sale 1512
1612 16
1312 21,4
Ref & Inapt fis ser B
.
10578 Sale2047 J J .
lid St P & 8 S M con g 48 Int au '31s J .1 85; 86
80
8514
86
18
8412
10,78
90
Registered
J J
let cone 59
10678 May'25
1938 J
9513 9534 9512
9512
1
9478
Ref & Inapt 58 ser C
2047 J .3 9534 Sale 9558
10-year coil trust 649
12
1931 MS 10213 Salo 10212 10338 14 10214 1043
96
4
Ref & impt 53 ser 1)
2047 J 1 9512 98
let & ref (Is Serbs( A
96
22
1946 J J 9818 9912 9913 Aug'25 ____
98
99 103
St Paul & Duluth let 59_1931 Q F ---- _.__ 9914 Mar'2;
26-year 614e
1949 M
8334 Sale 8334
8434
5
1
8314
90
3
let
consul
gold 48
1908 J D
151 Chicago Term if 45_ R)4 1 MN 9212_ 9212 Dec'24 _._ ___
8433 861t
_ _ i961- Nor Pac Term Co let g 69_1933 J J 15512 __ 8514 July'25
Sf 8 M & A let 1446 Int gu 1926 J .1 9958 166 9934
10914 Aug'25
1.4914 1o936
9914
9934
6
1. No of Cal guar g be
1938 A 0
Mississippi Central let 58_._1949 J J 93
10314 Mar'25
102 103,4
94
93 June'25 _..__
91
North
WISCOI15111 let 8s
1930 J J
ilo Kan & Tex—let gold 49.1990 J O 8312 8414 8318
10334 Apr'25
10334 10418
84
15
8014 8512 Og & L Chain 1st git 4e a_ _ .1948 J
Mo-K-T RR—Pr I 58 Ser A1962 J J 9478 Sale 9414
J -72i2 6-iie 7212
7212
7112 76;
95
92
86
9534 Ohio Connecting Ry 1st 48..1943 M S 90
____ 9034 Dec'24
60-year 49 Series B
1962 J J
79 5.120 78%
79
13
7114
811
01110 River RR let g 55
-its;44
1936 1 D 103
____ 103 Aug'25
10-year 69 Scrim C.- - _. 1932 J J 10278 Salo 10234
- i(1-318
10318 24 10112 104,
General gold 55
9S7 -.
1937
A
0
Cum adjust be Ser A Jan 1967 AO 90 Sale 89
98;98;
98; 1(X)
9238 2195
7634 9278 Ore & Cal let guar g 5i
1927 J J
Missouri Pacific (reorg Co)
a-e 10034 Aug'251 101
8 10178
,
10 100
Ore ERA Nav con g 411
1946 J I) 8914 9414 8914
let & refunding 68 tier A..1965 FA 88 Sale 8778
8814 9334
8314
89
28
83
9034 Ore Short Line—let cons g 58.'46 J 1
10358 10334
let & refunding Sc `4,.r II 1949 FA 101 Sale 10013
22 103; 107
104
101
217
99 10214
Guar cone 5s
1946 J J 'jai-2 10612 103; Aug'25
let & refund 65 Ser E lot.,1955 MN 10078 sale 10012 lin
1021
4 107
140
99% 102
Guar refund 45
1929 J 0 9738 Sale 97;
General Sc
96.8 11774
9738 40
1975 DI .8 65 Sale 6438
6514 509
67
Oregon-Wash 1st & ref 45....1901 .1 J 894 9,114 82;
edo Pac lid 7s ext at 4%
82; 37
N 8576 89
11)38
8138 85
8512 Aug'25
843
4
89;
Pacific Coast Co let g 59
1946 J 13 91;
Mob & (Sr prior lieu 8 68....1945 J J 99 101 10318 July'25
91;
91;
82
2
94
101.1 103,8 Pat RR of Mo let ext. 3 42._1938 F A' 9038 92
Mortgage gold 418
92 1 93 Aug'25
1945 J J 7812 82
90
9851
8018 July'25 _
76
91
2d extended gold 59
Mobile & Ohio new gold 68_1927 J O
1938 J J 9814 100
9812 Aug'25
984 100
_ 10414 Aug'25 _
101;
11414 Paducah & Ills lets f 4349_1955 J J' 9314 ____ 95 Aug'25
let extended gold be. .51927 Q
9412 96
1031410112 10312
- 102 July'25
102 104
Parte-Lyons-Med RR 68
1958 F A' 78; sale 1 734
General gold 45
375
79
1938 53 S 90 Sale 82
704 8052
82
1
81 13 9018
8 f external 79
Montgomery 1/113 let g 68_1047 FA 98
M
Si
1951,
85;
Sale
8514
804
173
89
8614
9938 9834
9834
1
961s 101
Parls-Orleans RR a f 75
1954 51 S 8514 Sale 8434
8012 913
St Louis Inv be
1927 JO 9918 101 18 95 July'25
8538 29
95
10012
Pauline
Ety
7s
Mob&Marhsigug4g
1942 M 13 101 Sale 101
101
97 101;
15
1091 MS 8414 8834 85 Fe1)'25 ___8434 85
Pennsylvania RR—cons g 4s 1943 M N 94; ___ _I 96 July'25
Mont C let go g 115
914 96
1937 2J 110 112 109
109
i lud 113
Consul gold 4s
1948 M N 9014 91; 9533
let guar gold fe
316 18 9513
1937 J .1 1(11 103; 10112 Aug'25
ow.
10134 10312
4s slam.x8.1
May 1 1948 SIN 9033 Sale i 9218 July'25
M & E 1st gu 34s
2000 J O 7714 8938 8012 July'25
904
93
7634 82
Consul 434i
Naahy Chatt & St L lit 5e_ _1928 A0 10112 Sale 10112
196(1 F A 9814 9834 9812
9712 11.10
9812 43
1011,
5 1904 1112
General
92;
J
13
N Fla& let gu g be
1985
Sale i 92
434s
1937• A 100 102 102 2112e'25 __
9278 55
VI 4 96
1004
102
General 58
Nat Ry of Mex or lien 414s..1957 J J
694 8,154
10114 Sale !101
10114 39
30 Sepr231 ____
10-year
ea secured 7s
July 1914 coupon on
F
A O
D
A 10818 Sale 108
1,
9
93
68
0
63
108; 43 itat8 11u38
19
Apr'251_
19
19
15-year secured 6348
Assent a I red June coup on
Ill Sale 11018
111
1638 Sale 1434
37 109% 11112
1638 227
134
2134
Registered
F A 107; ___.. 10912 Jutte2Guar 70-year 6 f 48
1094 10912
1977 AO
8718 July'231____
_
40-year gold 58
11)(14 54 N 9712 Salo 9714
April 1914 coupon on
9718 tonk.
9734 84
18 May'241____
Pa Co—Gu 334s coil tr A reg 1937 51 S • 8434 87
Gen e f 42 assenting red
8614 May'25
15 Sale- 1412
8014 864
1514 47 -13 —1918
Guar 3 tie colt trust der 13-194I F A 8118 83
vat 1111 M ex prior lien 4(48.10211 J J _
834
Aug'25
KJ
S4
3812 July'23
Guar 334e trust Obi C_ __ _1942 1 D 81
July 1914 coupon on
____ 83 June'25
8218 83
25 July'24 _ _ _ _
Guar 3148 trust cthi D
AMOR with July '24 coup on
D
J
1944
81;
____
July'25
8134
314
2514 Sale 2412
8212
2514
-3112
11
Gust 4e
0
15-8
2e5lit consul 48
rE
year gold 49..1931 A 0 9578 .-.- 95 Aug'25
1951 AO
94.4 984
28 Apr'24
April 1914 eoupou on .
1952 M N 8514 81
85; July'29514
85
36
Jan'24
Peoria & East let con 948_1940 A 0 794 Sale 7912
Areent with Apr 1924 coupon
7712 82%
7977, 27
',ale 13
1412 92 "113-4 20
Income
Naugatuck RR let 4a
49.
Apr.
1990
337
8
Salo
3353
1959 IW -14 7418
3378 20
31% age
66 May'24
Peo& Pekin T3n lat5tie __ _ _1974 A 0 99
New England eons 59
9912 99
J 94 -9513 95 Aug'25
1945
99 101
1
94I 96
Pere !Marquette let Ser A 58_1956 J J
Conaol 48
974 100%
1945 J J 79
143
8338 81 June'25
81
8134
1st 48 Ser 13
N J Jung RR guar let 43_ _ _ _11186 FA 8318 86 I 86 May'25 _ _
13
8.5
80
86
86
Piffle Balt & W let g 49
NO& N K latref&Itnu440A'32 J J 89; 9013 90
9378 9434
194
53
6 'TM N
j
1
90
86
1
924
Gen 53 Seriee IS
1974 F A :0
:
5895
5
328 812-6
1 6- - 10
New Orleans Term let 48_ _.1953 J
8482114
589182
1
0
9
9588
5
329:82 10 104 198
8134 824 8134
813
4
.5
8014
847
8
PhIliPplue
Ity let 30-yr e f 49 1937 1 J 4118 42; 41; Aug'25 ....„
N 0Tozer,& Mexico let 68 1925 JO 100 10014 10014 Aug'25 _ _ _ 10018
40
444
10134 Pine Creek roptd 69
1932 J I)
Non-cum laeome 543
10512 Mar'25
1935 AO 96 Sale 9514
10512 1054
9238 9814
96
13
PCC&Stl.gu434sA
0 9414 97
42
0A 0
1,
94
let Si Series B
1954 AO 9434 95
9614 Aug'25
Pe
094
95
954
14
9912
973
4
Se
Series 11 4 tis guar
let 634s Series A
9712 Sale 96 Aug'25
1954 AO 10078 Salo '10034
96
9718
10114 61
98 10212
Series C 4 tis guar
Temporary
1942 M N
A0 10112 Sale 100; 101,8 26
-. 9558 July'25
9514 9054
9914 10212
Series D 48 guar
1945 M N 95349312 95
N & C Bdge gen gu 434e1945 J J 9438 _
July'2'
9412
89%
9412
9418
July'25
934
944
Series E 334s guar gold_1949 F A 9312 ____ 93;
NYBdaMB let oongte___1935 AO 9918 99; 9913 July'25 __ _ _
Wilt 9338
93;
del,
Series F 4s guar gold
NY Cent RR cony deb 69._1935 MN 10812 Salo 10812 10873 16 10613 100
1953.3 0 9312
9314 June'25
9314 9314
11713
Serke G 48 guar
Registered
MN
90,2 944
1957 51 N 9312 ____ 93 Aug'25
116 10814 June'25 _
106
1164
Series II 49
1960 F
Consol 46 Series A
F A 9312 ____ 94 Aug'25
94
1998 FA 85 Sale 85
91
8578 1 16
824 8714
Series I cons guar 4tis._ A963
Ref & impt 448"A"
94
2013 A0 9112 Sale 9114
____ 9534 July'25
95
967
.
9134
7
88; 9378
Series J 4 tis
1964
M
N
Ref & 'mid 58 Series C..2013 AO 10114 Sale 100; 10113 126
9
9
8
4
,4
_._
96
.
78
July'21
953
8
944
9
6
99 10214
General M Is Series A ...I976 J 13
Reglstered
AO
11614 101
9814
98; 18
10118 Apr'25L,.
9912
102
pitOwen
,k113LtgEli
Sdergle6
1975 A 0 98
s613
e 5:2
N Y Central & Hudson Rh'er—
9818 9712
974 9954
98; 51
Mortgage 33-48
A 0
awie 191
., 1004 ____ 101 June'25
928 J
1997 J J 78; Salo 7813
7838
2' 75
79; Pitts McK & Y let gu 69
Registered
a
..1
1
1997 J
Aug'25
1611 107
75; 771. 77
77
74
.5
7814
Pitts Sh & L E 1st 865
Debenture gold 4s
Cl
j
J
A
1
1934 M N 9414 Sale 9312
105;1005
8
102
10,3.3
10214
1005
8
Aug'25
9414
9212
46
95
ltil consul gold Is
Registered
M N 9214
9614
10014 May'25
10014 101
92;
9234
924 9234 Pitts Vu & Char
5
1st 48
50-year debenture 4e
1943 81 N 8858 _
1912
9114 9114
9114 May'25
91
____ 91 Aug'25
91
92;
Pitts Y & Ash let cons 56-1927 M N 10058 ____ 10014 Jnly'25
Registered
leg 1014
93
Fob'25 _
93
93
let gen 4s Series A
Lake Shore eoll gold 3348_1998
1948 J D 9014 ____ 8938 July'25
7612 Sale 76
89%
87
7612 23
7434 7813
let gen Se series B
Registered
1998 F A
10012 ____ 10014 Aug'25
7412
100 101212
7434
74;
74
6
79
Providence &cur deb 4a
Mich Cent cell gold 3He_ _1998 F A _76; 11e
F N
A 56; ____ 5934 Aug'25
957
2M
196
- - 76;
124 80
7634 :
75
I 2_
78;
Providence
F
Term
Registered
A
let 4s
1998
81; ____ 8138 July'25
7612 July'25 ___
1134 81311
! 7515 7612 Reading Co gengold
48
19371A
19
99
57
61
N Y Chic & eft L let g 4s
M.
)
E3
1-J i8 93
95
9234
93
05
a 91,2 nn
91
94%
Registered
Registered
1937 A 0
.1 J
94i8 9514
89
9478 May'25
Jan'25
89
89
Jersey
Central coil g 4s___1951 A 0 51- 6;W 90;
1931 51 N 94
25-year debenture 49
944 94
as
90
9418 29
9134 71
9278 9613
Gen de ref 414s Ser A
1931 WI N 10212 Salo 10212
1997.3 J 9312 Salo 9312
id 6e Scrim A B C
9218 90
9373 22
10234 _19
. 102; 10413 Richtu & Deny deb 58
1974 A C) 97; Salo 9634
Ref 5(4i Sella! A _____
stpd_ _1027 A 0 10014 10934 10014 AUg'25
94134
180;
9712
150
937
8
9814
Rich & Meck let g 49
Certificates of
1948 MN 74
_ 97 Aug'25
79; 74 Aug'25
7912
(37
74
97
Itichm Term Ry
gu Sc_ _1952 J J 99; 100 100; Aug'25
Y Connect let gu 4345 11.1953 F A -51" 91l2 9058
lee 102
91
90
29
9312 RIO Grande Junelet
let gu 58 1939 J 0 9318 Salo 9318
N Y& Erie lit ext 4e_ 1947 M N 88
____ 89 June'25 __ _ _
9318
89
2
92%
89
96;
Rio Grande Sou let gold 4s 1940 J 1
1933 M
8d ext ttold 4448
934 _ __ 93; July'25
512 7
.5 June'25
5
9378 9512
Guaranteed
1930 A 0 10014 _. 10014 July'25 __ _ _
4th ext gold Si
1940 1 J
618
6 May'25
99 1014 Rio
6
Grande West 1st gold 48.1939.3 1 8434 -8
1928,1
6th ext gold 49
4324 894
9713 ____ 9713
;
-.58434
9713
85
1
9712 9712
Mtge
&
cell
trust
1946,M N 9313 95
48
A949
A.
A
0
723
4
N Y & Green L gu g 69
93 July'25 iiii i
Sale 7238
75%
72111
90
71
94
8
R
I
Ark
&
2000 M N
y&flarlcmg3l4s
Louis
7914 _... 7834 June'25 iiii
89;
85
Fs
66
754 7834 Rut-Canada let let 4349_1934 M 13 8718 8814 87
gu g 4a
1949 J J
75
77
. 80 July'25
7512 Aug'25
N Y Lack & W 1st & ref be 1973 111N
80
7314 77
SO
Rutland let con g 4 tis
1973 91 N
let & ref 4 tie
160-12 10012 June'25
8818 8834 87 Aug'25
111014
8514
89
190
3
4
St
Jos
&
Grand 1st lot g 4s_ _1194
NYLE&W let 78 ext
1930 M S Ida 107 106
J. j
J
947
11
7714 81; 784
106
754 83
1 10512 10712 St Lawr &
83
12
mg J 1 935 ._. 9334
Adir let g 59
1943 J
Dock & Inlet 59
Mar'25 _ _
9152 954
99,
9334
4 094
2d
gold
Be
18t58
1932
F A id() 10012 io9o91728
10212 105 10212 July'25
N Y & Jersey
10012 11
99; 10034 St L &
101 10212
Calro guar g 4s
95
96
9912 June'25 _ __
95 Aug'25
N Y & Long Branch gen g 4141941 M S 90; _
94
9611
9113 9112 St L 1r M & S
gen cou g 59..1931 A 0 9934 100
6518 ....._ 6518
6518
9934
N Y N El & Hart n-c deb 48_1947 M
9914 101
et
10014 74
1
tie
Unified
M
At
ref gold 45
Registered
1929 J 1 9534 Sale 95
_ 60 June'25 _.
60
9144
117
9014
95
3
4
60
Registered
J J 9212 9412 93 Apr'25
Non-cone deben 3tie____1947 M 8 -59i2 1612 6012 Aug'25 ____
9113 93
5558 61
Ric & G Div 1st g 4s
1933 NI N 8714 Salo 8714
Non-cont deben 3tie____1954 A 0 554 56
55
55
8378 90
63
875
8
11 5413 60
St
L
M
13rIdge Ter gu g 58
1955 J
1930 A 0 100 102 10018
62
83
Non-cony deben 48
6134
993e 10012
6212 42
80
65
St L &San Fran (reorg co) 43 1950 / J 7714 Salo 763 Aug'25
1956 M N 63; Salo 62;
Non-cony deben 48
8
6378
78
56
71
7713 451
3
6538
Prior lien Ser B 59
1950
91 sale 91
54
5734 5778 Aug'25 ...._ _
Cony debenture 334e1956 J J
8514 9312
53
89
5912
Prior lien Ser C 59
1948 J J 91 Sale 91
10234 Sale 10213 10
Cony debenture Be
91; 157
92
2718
4
15 10178 103;
8614 9212
Prior
lien
J J
Sent)
5348
Registered
993
4
Sale 99
-di_ 911 Aug'25 .__
93; 10078
_ __ i
100
66
8312 90
Cum adlust Ser A 68_ ___h194
.11 9334 Sale 92
il
A 0
1940 A 0 -654
5
228
5j
Collateral trust fis
96 Aug'25
9334 749
8434 93711
9014 9634
Income Series A 68g1960
J i 9712 Sale 95
Ry gene .31 Oct
1957 M N 6012 Sale 6038
Debenture 48
7614 97;
61
9773 838
53; 61; StLouis & San
33
Fran
J
/
_1954
10334 10538 10334 Aug'25
58
59
59 July'25
103; 19578
Cons RI' non-cony 4e_ _
55
84
General gold 58
_ 10034 July'25
59
58 Aug'25 _ _ _ _
1004
Non -cony deben 4s....1955 J J 58
101
58 64
St L Peo & NW 1st gu 5e__ _ 19
94
38
1 .1
1 j
J 1001210034 10212
- - 10338 June'25
Non-Cone babe() 4s_ _ 1956 J J 59 Sale 59
102 10412
59
5713 64
St Louis
let gu g 49
1931 M S 9412 9512 93;
A 0 10034 __ _. 100; Aug'25
93;
92; 9378
4
_
100 10034 St L S WSou
N Y & Northern let g 50._ 1927 M
let g 4s bond ctfs_ _1989 51 N 8213 8234 82;
NYO&W ref let g 45_June 1992
6914 Sale 69
78
7014 23
8334
8212
65
7012
2d g 48 Income bond ctfs.p1989 1 J
7212 76
1955
63
7314 Aug'25
6417
65
72; 78
General 4e
6412
62; 6912
8
Consul gold 49
J
90; Sale 89;
Registered
65
8538 9072
90
3
-577
Apr'25
4
65
65
let terminal & unifying 58_193
JJ
D 8712 8834 8712
1952 j
8514 ____ 8612 Feb'25
89
8138 90
26
864 8812 St Paul & K C Sh L let 440_1941 F A 841.
N Y Prov & Boeton 4a
Sale 84
2 A 0 85;
'9
43
1_9
89
8514 94
87,
4
July'25
8214 84-8 th Paul E Or Trunk tie_ _ _1947 J J
N Y & Putnamlel con gu 481927
4
S
51
9118
9212
9118
9034
gol'd
100
_99;
100
1
914
gel,
let
B
Aug'25
100
10038
&
NY
St Paul Minn Ar Man con 48_1933 J D 94
J
58-1937
____ 9514 Aug'25
7138 7234 72
72
9414 9612
3
6678 76
N Y Sum & W 1st ref
J
D
Registered
1937 F A 59t8 ___ 61
9214 9412
Aug'25 —
5918 158
2d gold 414s
141 consul g 48
1933 J D 10638 108% 10
96
gl
21144 j
AutilY
1940 F A 6212 Sale 6214
10614 10912
General gold 58
6212
5978 66
2
J J 105 107 10538 July'25
Regidered
1943 M N 9513 99
105; 105;
97 July'25 _ __ _
Terminal let. gold be
93 97
fle
reduced to gold 4149-1933
J 68 Sale 67;
"9834 9914 98;
9512 10014
Ws
6834 45
5978 70,4
NY W'ches& 13 let tier I 434e'46 J
RegIstered
J 9712 99
1933.: D
9712 Apr'25
1950 A 0 82; Sale 82
97; 98
8234 79
7913 841,
Nord Ry exti 8 f 6 tie
Mont ext let gold 45
92
9334 9214
87; 954
7938
9214
804 25
Norfolk Sou 1st & ref A 59.1961 F A 7912 80
70;
84
Registered
90
9312 93 Aug'25
1941 MN 97
98
9) 9212
97
97
1
9434 95,
Norfolk & Sou 181 gold 5s
Parini,ext guar 49_ __ _1
.11 8612 8913 394 Anr'25
J 0
930
7j
194
git
8938
a Due Jan. b Due July. p Due Nov. s 013109 tile.
-.108
'11 1
-'86;
•_
New York Bond Record-Continued-Page 4
1086
n
anee
4
Week'sR
Price
BONDS
N.Y.STOCK EXCHANGE
Week Ended Aig. 28.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 28.
Frtdail
Aug. 28.
Veers
Range or
Last Sale
ft
Range
Renee
Jan. 1.
1.
Sl"48
Jan.
F t2
ni
Sale
eor
t.
R
'
Aug.
Frida
8.:
2r
MO
Ask Low High No• Low
MO
High
91
High No Low
9434
Ask Low
Rid
93141 44
100 102% Armour & Coot Del 546-1943 J J 93 Sale 9234
8
10312
4
1013
10112
10114
Sale
10114
5
103
St Paul Union Depot 5e.__.1972.1 J
81
8514 Associated 0116% gold notes 1935 M S 10213 Sale 10212
8
9714 98%
84
May'25
$
981
100
99
II A & A Paso let gu g 4e_ _1943 1 j 8312 8412 83%
J
D
1947
Gas
let
L
55
Atlanta
102
9934
3
28
18
9934
9934
1942 M S 9934 100
1954 June'25 -1912 21
Santa Fe Pres & Phen 5a
1934 J
Atlantic Fruit 75 Ws dep
III
154 22
---3978 1512 June'25 --Bay Fla & West 1st g 6s___ _1934 A 0 10838 10918 10938 July'25
Stamped ctfs of deposit
1110111
9734 10014
102 June'25
30
995
I
1934 A 0 101
100
Sale
1st g 58
99%
.1
1937.1
102 105
3 874 90% Atlantic Refg deb 5e
884
Scioto V & N E lot gu g 4a-1989 M N 8818 Sale 884
8112 Baldw Loco Works let 58_1940 M N 10218 1034 10258 Aug'25 -- 103 107
74
1
78
1950A 0 7812 8012 78
Seaboard Air Line g 4e
1 Baragua(Coup Az)74s_ _ _ _I937 J .1 10518 Sale 105 July'25 -- 1024 106
82:
74
7834 144
7914 778
1950 A 0 79
It
105
10514
10513
Gold 48 stamped
10514
8714 Barnsdall Corps f cony 8% A1931 .1 J
73
10014 103
8714 571
Oct 1949 F A 86 Sale 8278
Adjustment 59
1948.1 J 1017 Sale 10112 10235
5912 7312 Bell Telephone of Pa Ss
7213 210
3 10018 10114
1959 A 0 7113 Sale 7012
10014
Refunding 48
I 10018 10112 10014
1826
194
J N
2 ra
84% 9534 Beth Steel 1st est f fat
4 708
1
95/
9418
9312 9734
sale
95
3
M
S
1945
A.
Series
fte
4
cone
973
let &
9718 _--- 9714
& ref Se guar A
83% 89%
8812 12
94
90
9212 12
AU & Birm 30-yr let g 4a-d1933 M S 884 Sale 88 Aug'25 ____
30-yr p m & imp s 5a___ _1936 J J 9112 9214 914
9934 1014
9314 9711
1926 J .1 1004 10118 10014
Seaboard & Roan lot 5s
Sale
4
3
93
4
9
934
F
A
Cons 30-year ea Series A1948
1024 10418
---89%
86
July'25
10418
20
10418
102
A
1936
F
8534
B AN Ala cons gn it 6e
53 8,4
s 8538 Sale 8514
950
78
F A
Cons 30-year 5345 Serial B 1
98
924 86
10414 10 102% 109
7
1963 A 0 10418 10618 10312
9512
95
9438 95
Gen cons guar 50-yr 59
8812 Bing & Bing deb 645
701$
9 84
8512
00 Pac Col 45(Cent Pee col)k1949 .1 D 854 8588 854
Booth Fisheries deb a 1 68__ _1926 A 0 8018 8213 8018 Aug'25
96t2 98
58
984
4
3
94
975*
97
14
7
Sale
9714
June 1929 M IS
95
20-year cony 4*.
1934 A 0 9534 Sale 95
Botany Cons Mills 6 45
4
°°38
8
97 1014
101
16
1934.1 D 1904 101 10012
20-year cony fai
lal z Brier Hill Steel 1st 534s__1942 A 0 100 Sale 994 100
iiii 1
79
-88
Aug'25
9812
9978
3
9812
N
M
1944
70
5s
g
70
20-year
885* B'way & 7th Av 1st c g 5a1943 J D 684 72
84
6754 78
8514 10
1950 A 0 8514 Sale 8518
SAO Fran Terml lit 415
_ 6812 7212 7134 Aug'25 -Ctrs of dep lamed June '25 Int
83 8514
9015 96%
A 0 7814_ _ 84 July'25 ---Registered
1941 1-.1 9012 923* 93 Aug'25 -Brooklyn City RR 5a
104
10218
994 103
---Aug'25
104
04
1
10218
21
MN
10158
1927
So Pac of Cal--Gu g 5e
10118 Sale 0114
4 9412 Bklyn Edison Inc gen 56 A-1940
1
94/
---10334 10558
8
1056
0514
So Pac Coast ist gu g 40_1937 J .1 944 ---- 944 Jan'25 35
1051
Sale
8
1930
B
615
92
Series
General
8714
824 92
8918
8714
Sale
4
883
J
1955.1
4e
ref
266
1st
4
RR
90%
893
Pao
Sale
4
3
So
1034 97 1004 1044 Bklyn-Man R Tr Sec 6s_1968 .1 .1 89
817s 71
1994 J J 10318 Bale 10234
84 Aug'25
Southern-lot cons g 5s
65
99 1014 Bklyn Qu Co & Sub con gtd 5e'41 MN 60
80 81
J D 10014 ____ 101 July'25 -,,,
Registered .
72% 797 8012 July'25 -- -1941 .1
1st 5e
118
7914
7812
Sale
79
A
0
A:1956
Stir
&
4s
Nov'24
gen
90
Develop
g 5a_ _1945
Trans
Brooklyn
Rapid
-92
92
10614
1956 A 0 10614 Sale 10514
92 June'25
Develop & gen (38
1st refund cony gold 4a_..-2002
10913 111 171
1958 A 0 10918 Sale 109
10912 Sept'24
Develop & gen 034s
91134 1(8
:
3-yr 7% secured notes__ _1921
1101
2;2
12114
-121
Aug'25
10014
8
1007
10014
12314 May'25
Mem Div 1st g 4 48-58......1996 .1 J
CUR of deposit clamped.....
8288
8514
1
18
867
848
814 90
3
48
11718
88
4 8714 108
/
19512 .1 881
3
85
St Louis Div 1st g 45
8612 85
.
1950
Bklyn Un El 1st g 4-5e
814 894
1938 M S 84% Sale
Mob & Ohio coil tr g 4a
864
1950 F A 85 Sale 844
193
Stamped guar 4-58
10012
994 102
---Aug'25
5
4 Sale 100
/
BO Car & Ga 1st ext 530-1929 MN
10013
1144 flklyn Un Gas 1st cons g 56_1945 M N 1001
c4 14 E18
8
July'25 ____
155 178
---July'25
Spokane Internist let g 6e.. _1955 J .1 -i45- -8373 84%
176
____
13514
1932
MN
10-yr
cony deb 78
---Aug'25
8
10714
983
11031
0
A
91
110
Term Ason of St L la g 443_1939
let lien & ref 6s Series A 1947 m N 1084 Sale 108
99 10114
914 93%
1944 F A 100% __ 10012 Aug'25 ---1st cons gold IM
9214 9112 July'25 -- - .1 D
4 Buff & Sum Iron e Se
558
82
4 10
38
8917
6
91
84
1953 .1 J 81e -83 8118 Aug'25 ---1
Aug'25
90
Gen refund a f g 4a
91
52 A 0 8712
119832
Bush Terminal 1st 4s
9614 99
8818 92
9614 July'25 ---1943J J
Tex & N 0 con gold be
914 19
1955 .1 J 9034 914 9088
Consol 5e
93% 9914
10112 10112
Texas & Pee 1st gold 5e__2000 I D 10111 _
6
.
965*
,
Sale
9512
9512
ex
0
1980
guar
A
tan
4
58
Building
993
99
4
993*
98 10112
1931 .1 2 99 -9938 995*
993
La Div B L 1st g fa
100 I 41 19854
9818 10014 Cal CI & E Corp unit& ref55_1937 M N 100 101
9913 July'25 ---1044
90
8
Tex Pac-Mo Pee Ter 510_1964 M S
10334
Cal Petroleum s f g 630 _ _1933 A 0 10334 Sale 1034
90 961s
3
Tol & Ohio Cent 1st gu 5e_.19352 1 10014 1004 1a1 JA
904
_1942
A
2 Camaguey Sus 1st 81 g 7s__
4
a% 1
'
1 2
g -_-_:-_
:
t
g
ul
10014
4
963
1013
4
100
0
A
1935
3
Western Div lid 5 be
Canada SS Linea let coll e f 75'42 MN 100 Sale 9934 100 1
10212
N12I
1935 J D 97 Sale f672
General gold fte
9934 10214 10113 Aug'25 - - - 10014
3112 Cent Dist Tel 1st 30-yr 58...._1943 J
9254 97
Sale
2812
2812
.1
J
_1917
_
411_
Watt
4
&
923
Aug'25
4
Peoria
943
Toledo
1931 F A 9134
9% Cent Foundry 1st s 8a
97% 10118
_il_2 9978 May'25 ----' 9912 9
1
.
17ol St L & W pr lien g 3TM 1925 J 1
1004 8
J 10018 Sale 100
Cent Leather 1st ilen s f 6s_ _1945
824 87
9
85 1
118
14 ____ 84%
5i6
1950 A 0 -8
1 110 1014
11314
50-year gold 4e
97% 97% Central Steel 1st g 51 8e._ _ _1941 MN 113 114 11314
---July'25
97%
9814
J
2
1931
43MA
6
10012
To1W V &O gu
1/712 Ch
L & Coke 1st gu g 58_1937 J j 10018 Sale 1004
97
734 88
1933 2 .1 9712 ____ 9712 July'25 ---7384 74
74
55
73%
Series B 430
1927
FA
1st
Rya
Chicago
5.
90
:
.
1
4
4
8
:
4 25 -_-_-_-_
ug
;
842 JAu
90
8
1942 M S 90
1094 188 105 1114
Series C 4s
1932 A 0 10814 Sale 10734
864 Chile Copper 14 Ser A
984 10418
1946 J D 85
Ter Ham & Buff 1st g 4a
9218 Cincln Gas & Else 1st & ref 5856 A 0 10712
8 8
60%54018
81
8112
16
62181 10
148
13
60
_ 1004 11/5
25 _ _2
2
'
18
Aug
103
2
3
103
0
8
1
1
Ulster & Del let cons g 5e....1928 .1 D 8018 Side- 8
0
A
B
Jan
1
1967
13
Ser
due
54s
Aug'25 -80
80
52
54%
51
0
A
1952
_
548
_
-_
refunding
-Jan'25
lit
80
J 7612
9412 Clearfield Bit Coal let 4e_ _1940
8778 93
1947.1 .1 9118 Sale
2
818
9014 8
0
90
8
95
Union Pacific let g 48
1943 FA 90
3% Colo F & Co gen s 5s
8 99
914
98
8
864
912 Aug'25 --is
88
80
J J 8912
Registered
Sale
86
Col
FA
gu_1934
&
Indus
lot
coll
5s
52
82
1927.1 J 99% Sale 99
82 Feb'25 --- 10018
98
20-year cony 4e
Registered
102
Jan'25 -98
J .1
Registered
10012 16
1
Sale
J
.1
1004
(3
E
Columbia
5s..___1927
003*
&
let
24
85s
101%
855*
100
86
32
e2008 M S 85
Urt & refunding 4a
10014
10014
10018
Sale
19272
21 liii17:
Stamped
104
914 14
018 10412 104
e2008 M S 10
1st lien & ref be
30
1318 July'25 -*12
Col & 9th Av 1st gu g 5s___ _1993 M
22
104
984 9978
2
9912
10-year perm secured 65_ _1928 J .1 8138 Sale 103% Aug'25 -- -- 192
J 9912 9934 9913
458 Columbus Gas 1st gold 5a
93
1932
1 18
834
714 7715
93
_
_
8
M
_1944
_
4o_
Can
gen
&
RR
CT N 2
9934 1°14 Commercial Cable 1st g 45..2397 Q J 7112 7412 715 Aug'25 --98 10134
4 100 Aug'25 ---1926.1 J 100 1-00120
100
Utah & Nor gold 50
935 9388 Commercial Credit f 6a.._._1934 M N 100 10012 100
97% 1031s
1933 .1 J 9318 944 9358 Aug'25 ---let extended 4s
865* 8714 Commonwealth Power 85_..1947 M N 10178 Sale 10134 10212 32 10114 1044
---June'25
8714
___
8714
A
F
10,
Vandalla cone g 4e Ber AI955
10312
II 10314 10312 10312
865* 86% Computing-Tab-Rec e I 68_1941
904 924
1957 M N 8718 -__ 86% Apr'25 ---Como! 45 Series B
9012
July'25
9018
92
J
1951
Ry
L
44s
g
Conn
1st
ref
&
Oct'24 --------93
89
20
6
Vera Cruz & P 1st gu 445_1934 J .1
91
1J 9014 Sale 9018
12 i3
1951
Stamped guar 430
---Jan'25
2413
7812 9C
1934
8378 42
&emoting 1st 4(45
D 8234 Sale 8258
Cons Coal of Md 1st & ref 56_1950
1014 105
_ 10018 May'25 -- - 1926M S 100
204
10312
1
103
VerdiVI&WIstglki
F
Sale
54s._1945
Y)
(N
deb
C011801Gas
033*
2
0
-___
88114
4 110
885
100
10018 105
100 16612 10012 Aug'25
1926
Virginia Mid Serie@ E fe
Cons'd Pr & Ltg let 634e_1943 M 8 10112 10414 104
, 8012 9215
10434 95
1931 2 .1 100
58 Seriett F
e, 92% 1007
824
8 :::
25
e:2
.
: 11/1695:::!!: Cont Pap & Bag MIlls 646_1944 F A 82 Sale 82
ny
ua
M
112 j
82
- 10
1936 M N 100 1-0-0-14
Generalfis
100
100
J
Aug'25
9758
5s1938
Consumers Gas of Chic gu
---9034 100
102
2003 J J 100 102 10012 July'25
Va & Southw'n lort gu fe
8414 934 Consumers Power let 5e.__1952 M N 9612 Sale 98
4 71
g74132
1958 A 0 8912 913 8912
N 1011
4
let cone 50-Year 511
/
4
7
2
8
M
8
'
July
1931
905*
5?
Corn
55
Prod
g
Refg
1961 M N 9818 Sale 98
4 ioo 10234
Virginian 1st 58 Series A
1st 25-year
1934 M N 103 10034 100
58
1004
10214 11 10014 10212
89
74
1939 M N 10118 Sale 10118
9
Wabash lot gold 58
Crown Cork dr Heal l8ts f 65-1943 F A 84 Sale 84
84
93% 98
1939F A
20
26 gold 59
9434
94
9414
Sale
J
2
9553 Sale
7s_
Cuba
Cane Sugar cony
_1930
9614 963
9513
2' 2g1
714
al12
2 r119
31411
)
991
4 102%
/
4
96%
S
M
7
67
.._1975
J 9978 Sale 994
Ref s f 5 48 ser A
100
Cony deben stamped 84..1930
9334 93
9334 Feb'25 ---_
13 107% 110
Debenture B 65 registered_1939 M S
108
774 83% Cuban Am Sugar Ist cell 84.1931 M El 10734 Sale 10734
954 9834
- 8218 'July'25 ---32
let lien 50-yr g term 4L._1954.1 2 -ill 13
97
994 10112 Cuban Dom Suit 1st 734e...1944 M N 97 Sale 95%
---Aug'25
4
1003
_____
1004
97 1014
.1
J
5
J 9734 99
Del & Cl, ext 1st g 5a--_1941
9812
98
Comb T & T 1st & gen 68....1937
9912
96
964
Dee Moines Div let g 48l939.1 J 8018 -7-7-4
9612 13
Ws'40 A 0 9614 97
int
Cuyamel
Os
Fruit
1st
924 97
1941 A 0 75%
23
Om Div ist it 330
Den Gas & E L let&ref s f g 5a '51 MN 9334 943* 9314
844 89
94
---July'25
93
89
9312
90
8612
El
1941 M
Tol & Ch Div g 4a
M N 9234 931y 93 Aug'24
Stamped
77
77
77 Aug'25 ---__
85
76
2000 F A
Warren lit ref gu g 33M
8312 14
83 88% Dery Corp(D 0) 1st 51 7s. _1942 M S 8313 Sale 83
---June'25
86%
10214
9934
89
7778
M
Q
1948
9
Wash Cent let gold 4,5
4 10112
/
8118 8512 Detroit Edison 1st coil tr 56_1933 .1 J 10112 Sale 1011
Aug'25 ---994 10234
23
1945 F A 811s 83 8138 July'25 -- -3
8
Wash Term let gu 341
M
&
10214
1st
1940
Sale
10218
ref
89
A_July
Se
10212
Series
8934
97% 1014
1945 F A 8914895*
lit 40-year guar 48
9912 20 106% 10812
Gen & ref 5s Series A
1949 A 0 9914 Sale 99
9534 974
4 -67-3s
/
961
- 965* Aug'25 ---W Min W & N W ist gu 58_1930 F A
10738 Bale 10738
let & ref 89 &rim B._July 1940 M
1074 14
634 6741
67 1 112
88 9334
1952 A 0 6614 Sale. 6614
7
West Maryland let g 48
10112
Dot
4
J
4
4
5
883
.1
let
883
894
United
883
cons
4
3
449_1932
98
9912
94
1937.1 J 10012 ___ 10012 Aug'25,---Weet N Y & Pa let g 65
9612 1934
Dodge Bros deb Os lot roe._1941 MN 96 Bale 95%
794 83
4
1
82
8
813
Sale
8
811
AG
8814
80
1943
18
Gen gold 45
81
Dold (Jacob) Pack let 88._ _1942 MN 81 Sale 80
50 8811
45 Feb'25 - - - Income g 5s - _Apr I 1943 Nov 3514 48
Aug'25
62 6312
Dominion Iron & Steel 5s_ _ _1939 J .1 58
3
94141 .83
4 94
1
88/
20
Western Pee let Ser A 55_1946 M El 94 Sale 9334
93
.1 93 Sale 92
J
1942
Donner
ref
Steel
let
78
103
95
9013
10212
1946 M 8 10212 Sale
1st gold as Series B
95 July'25
du Pont(E I) Powder 430_1936 .1 D 945* 95
7 7
8312
2361 .1 J 8234 8312 828
11 106 1084
04 14
2°90
9
7
34
5
98
5
West Shore let 43 guar
44 1
110
62
9009
049488
5 duPontdeNemoure&Co 74s 1931 M N 106 1061
4
:8
1511
4 106
/
:
10614
13 :
82
1074
814
10718
8214
J
.1
81
10834
2361
Registered
M N
10718 June'25
Registered
3
10118
10114 10034
16 IN% 10714
Wheeling & L E lot g 5s._ _1926 A 0
Duquesne Lt lot & coll 6s_.19493 .1 106 Sale 10512 106
--104 106
Wheeling Div lit gold 58.1928.1 .1 9834 _ _ _ _1 9834 Aug'25 --- 1st coil trust 53.4* Series B_1949 J .1 105 10514 104%
1054 40 103 10872
Mar'25
4
993
1930 F A 9718 ____
84
Ext'n & I mot gold .55
10414
Sale
S
East
M
Cuba
Sue
10312
745'37
1044
g
15-yr
et
89 954
7714 77
2
Refunding 4345 Series A 1966 M 5 77
93 9278
115 Ed El III Bku let con g 4s._1939 J .1 92
78
.9273
2 8
78
8
_
77251-- -8
9912 103
77% 77 Aug
1949M S 77
RR let consol 48
_ 103 July'25
10212
6134 6712 Ed Elee III lot cons g ta____1995 J
644' 8
861e 884
19422 D 64 Sale 64
26
Wilk & East IM gu g 5e
.
(lee
87
Sale
87
87
M
Pow
Corp
10314
648'50
(Germany)
May'25 -- 102
100
10314
97
10312
D
19382
4
1013
fa
gold
7
lot
Will & S F
19252 D 99 100 1 98 Aug'25
8 8712 Elkhorn Coale% notes
14
823
9714 105
844 Aug'25 ---Winston-Salem S 13 1st 4s_ _1980 J .1 804 86
1ll Empire Gas & Fuel 74s...._ _1937 M N 10414 Sale 10334
77
10414 159
4 10012
1
99/
8038i 94
7814
Sale
80
1st
2
2
5-1949
4
gell
Cent
50
-Yr
10012
May'25
Win
____
825* 8714 Equit Gas Light let con 58_1932 M El 100
854! 12
9614
85
88
Sim & Dul div & term 1st 40'3.3 M N 8518 86
9234
7534 8134 Federal Light & Tr 1st 5e___1942 M S 9112 Sale 9112
754 8238 7534 Aug'25 ---19. 964 103
Wor de Con East 114 4 48_ _1943 J
10012 Sale 10012 101
let lien (is stamped
1942 M
9112 94%
5
INDUSTRIALS
.30-year deb Os Ser 13
8712
1954 J D 9112 93 1 9214
9214
MS
7
85
99% 107
85 Sale 85
5
100
Adams Express coll tr g 4s_ _1948 M
19392 D 100 Sale 100
9412 10278 Federated Metals f 76
9934 40
9934 Sale 994
211 108 115
115
Ajax Rubber 1st I5-yr e f 85_193., J
1941 M 5 11414 11412 11414
34 64 Fisk Rubber let e I tie
1
418
7818 8234
4
1
/
4
5
418
M
A_.1925
2
80
80
Alaska Gold M deb 86
4 84
/
67* Ft Smith Lt de Tr let g 5
4
1936 M S 791
8914 96%
418 73* 418 July'25 ---1928 M
9338 24
Conv deb 68 Series B
Framerlc Ind & Dev 20-yr 745'42 J J 93 Sale I 93
9814 103
3
4
1
10234
108/
103 10212
1034
4
1023
A
1928
58
181
Chem
4 Francisco Sugar 1st st 748 _1942 MN 104 10412 10414
1
6/
94
Am Agile
4 10
4
10414
913
94
5
66
984 9812
10334 Sale 10312 104
1941,F
let refit 7 lill ll
9734 102
o8cons g 50949 2 D 983.t 9912 9812 Feb'25
AsEplheafi4BeeorrwC8
fk
100% 39
104
100 Sale 100
101
Amer Beet Sue cony deb 65_1935 F
4
Aug'25
4
10312
1033
993
0
A
___
1939
Gemn
98%
984 29
9812 Sale 984
1 10412 1054
American Chain deb 51 6s 1933A
1044
General Baktng let 25-yr 68_1936 J D 10478 _ _ _ _'104%
94%
944
87
83
2
_
Am Cot 011 debenture 54-1931,M N 94% Sale
neE
1942 F A 87
ntu
GeD
lee
be
9672
c de
86%
rire
s g 34s
:
105%
10578
1014 10758
107
8
1057
.1
J
1936
3
68
gu
Inuit
&
Dock
8
Am
10738
1952 M S 1073 1-07-12 107%
I
4 laiz
73 1?314
123
120
10215
Sale
120
100
19.19
Amer Ice deb 75..July 15
98 lull
Gen Refr 1st•f itt1e Ser A_ .1952 F A 101 10113 101 Aug'25
9912 11
944
1939 I-(5 9912 Sale 994
9312 26' 92
Am Mach & Fdy a f 8a
German Gen Elec 75.Jan 15 1945 J J 9312 Sale 9338
9712 9714
4 21 10035 10634
1
106/
Aln Republic Corp deb Its. _1937 A 0 9714
a% Goodrich Co 64e
1947 J ./ 105 Sale 10438
44̀
4
'
N1
7
Sale
42 119 12112
121
107/
4 19 103% 10812 Goodyear Tire & Rub let to 11941 M N 12034 Sale 12014
1
Am Sm & Ft lot 30-yr 5eserA 1947 A 0 97
8 11012
1947 A 0 10738 Sale
1st M Os merles B
11014 47 1083
10-year f deb g Its
41931 F A 11014 Sale 110
934 1004
Amer sugar Ref I5.yr es__ .1937 .1 .1 10212 Sale 1024
Granby Cone M Sat Peon 8a A'28 M N 101 102 100 June'25
10:
934 100%
5 Sale 974
gli4
July'25
10018
_
101
N
M
Am Telep & Teleg coil tr 4a
Stamped
9714
_1928
904
10
9714
9614
96
92
3
934
Convertible 48
Gray dt Davis 1st cony e 78_1932 F A 9212 95 1 9312
1
9435 116
97
__ 97
874 91'1
1933M S 9678
10
90
20-year cony 4 3111
1 100
17
12
8448 10
18 Gt Cone El Power(Japan)7e.1944 F A 897 Sale 1 8912
24
95
258 4
08
18
4 1021
1
99/
4
/
Sale 10118
1
19.43
Aug'25
101%
4
1013
102%
MN
55_1940
80-year coil tr 58
Great Falls Power let s f
83% 87
2,
111L2 Sale 964
86 Aug'25
35-yr. f deb fe
Hackensack Water 1st 45_ _1952 J .1 861$ 87
10278 132 101 105
19, 82% 8512
1943 M N 10234 Sale 10218
851
S 845* ____ 8512
98
M
934
1930
20-year of 63.49
26
......
Hartford
48
96
St
lot
RY
gm, 95%
52
1934 A 0 9512 9534 951e
94
Am Wat WI,,, & Elec 58
8311 Havana El Ry L dt P gen fa A '54 M $ 94 Sale 93
44
5312 27
92% 97
1939.1 J 5234 Sale 51
Am Writ Paper 5 f 7-60
43 63.
3 Levens Klee eousoi g &L....1952 F A 9434 9678 97 Aug'25
5314 35
2
Sale 100501131144
103 105
26
1041
10418
10418
10414
N
51
Temp interchangeable ctfs dep. ____ 5314 Sale
_.1942
1s1
102
st
f
_
144
994
Choc
Rs_
Hershey
102
984
98
74
1
Anaconda Cop MID ist (le_ _1953 F A 10012
9934 104
1st M & coll 548 lot ett_1940 J .1 98 Sale
10214 182
10024 10514
1938 F A 10134 Sale
9814 174
94 10918 Hoe(R) A Co let n50 temp_1934 A 0 10312 Sale 10312 10334 1201
15-year cony deb 78
98
79 894
21
89
88%
1
Sale
89
MN
Andes Cop Min deb 7s 50% pd '43 .1 .1 9814 Sale 991
.1947
9012 9412 Holland-Amer Line 68 (fiat)
5
90*
984 10078
4 _ _ _ 10018 July'25 1
100/
91
Amine(Comp Alm)734* -1939 -1 .1 9013 927
91
954 Hudson Co Gm Ist g 5a____1940
9912 10212
9171; Aug'25 _ _ _
1014 86
2, 101_ Sale ,10034
Ark & Men,Bridge & Ter 5s.1964 M S 917 Sale
86
91
8912 42
Humble Oil& Refining 5Ma-1932
884
8914
D
J
4441939
realest
Armour & Coln
August a Option Sale.
a Due May. iDue June. 6 Due July. k Due
_
64
as
87z
88
g tp,.. 9934
0 6618 6014 6018.
losia
g
127. N11`202::-_-_ 1154 51
iNZ
mg it, 4
Sli",
I? CM:
New York Bond Record-Continued--Page 5
BONDS.
LI. Y.STOCK EXCHANGE
Week Ended Au. 28.
Prize
Friday
Aug. 28.
Week's
Range or
Last Said
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 28.
S's
4?.
1087
Price
Friday
Aug. 28.
reek's
Range or
Lan Sale
Bid
Ask Low
High No Low
High
Bid
Ask Low
High No.
Illinois Bell Telephone 55___1956 J D 100% Sale 10018
10012
76
97 10178 Pierce 011 e f 8s
10512 10534 106
1931
106
9412 Sale 9458
95
Illinois Steel deb 4)4s
8
9234 96% Pillsbury IA MIlts 20-yr fis_ _1943 A4
6 10012 10214 10012 102
1936 m N
91
Ind Nat Gas dr Oil be
9112 July'25 _ -8712 94
Plea/mat Val Coal isles f 58_1928 33 9772 99
9772 June'25
Indiana Steel 1st be
1952 M N 102 102% 10112 10134
15 101 10418 Pocah Con Collieries let e f 5:31957 J
90
9158 88 Aug'25
ngersoll-Rand 1st 58
1935 J
9914 Port Arthur Can & Dk fie A.1953 FA 10114
92
9934 - - - - 92 May'25, _ _ _
101
6
10114
Interboro Metrop Coll 4Hs 1958 A 0 11
13
11
Apr'251 __
10
11
1st M 65 Series B
1953 FA 1011
4
101
-- 101
Guaranty Tr Co etre dep
412 13
412
412 712 Portland Elec Pow lot 6s 13_1947 MN 98344121
1
4 9912 0834
9912 19
Ctf den stud asstd 18% sub_ _
1012 Nlar'25 - _
1012 1012 Portland Gen Elec 1st 55_1935 j j 99
9934 99 Aug'2'.
Interboro Ran Tran 1st 58_1968 J J 6612 Sale 6634
6734 85
59% 7434 Portland Ry let & ref be
1930 MN 9434 9632 9454
2
9434
Stamped
6634 Sale 6612
6714 165
69
7312 Portland Ry Lt & P lst ref 981942 FA 87% Sale 8712
87% 26
6958 Sale 68
1932
10-year 88
51
70
61% 80
lst 1 & ref 68 ser B
9914
983
4
9934
1947
3
99
MN
8914 Sale 89
10-year cony 7% notes__ _1932 M
8934 22
85
95
let & refund :Hs Her A 1946 MN
_ -- 10713 10712
1
lnt Agric Corp let 20-yr 58 1932 M N 7414 77
75 Aug'25 -_-87
78/
1
4 Porto Rican Am Tob 8s
101 10412 101
1931 MN 107%1
101
Stamped extended to 1042....... m N 6514 6812 70 Aug'25 - _
6212 72
Premed Steel Car Is
9412
95
1933
45
3.5
9514
93%
inter Mercan MarIne sf 58 194I A 0 8334 Sale 8334 8438 30 8234 9112 Prod & Ref el 88(with waents)'31 3D 11212 113 112 July'25 _
1947 j
91121 27
International Paper 58
9114 Sale 90
8712 94
Without warrants attacbed___ 3D 110% Ill 110%
11078 12
1947 j j 9034 0158 84 Mar'24 - 1st & ref 55 B
_- Pub Hen,Corn of NJ gen 58_1959 A0 10434 105 10434
4
10434
1955 m s 9512 Sale 9514
Ref e 65 Ser A
9614 83
115
98
Secured g fle
1944 P A 98% Sale 9814
9878 74
Jurgene Works(is War price).1947 .1 .1 104 Sale 10314
104% 82
88 10712 Pub Ben,Eiec& Gas 1st 534E31959 14 0 103 Sale 10258 10315 43
1952 M S 99 Sale 9858
Kansas City Pow & Lt 58
9938 47
9552 101
let & ref 51.55
1964 AO 10272 10314 102% 195
'38
Kansas Gas & Electric 613-1952 m 8 10234 Sale 102
10234 10
9814 10312 Pub Serv El Pow & Ltg 6E3_1948 A0 10614 Sale 10614
10612
1942 F A 10312 104 104
Kayser & Co 78
2 10111 10412 Punta Alegre Sugar 78
104
10512
Sale
1937
23
10414
33
106
1932 M N 102 Sale 10158
Kelly-Springfield Tire 88
10214 55
90 103
Remington Arms 65
1937 MN 89
8912 89
S93, 13
9112
Keystone Telep Co let 58,1936.5 J 9112 92
9112 11
82
9212 Repub I & S 10-30-yr 51381_1940 A0 9612 Salo 96
13
97
10
99
37 A 0 10218 ____ 103 Aug'25 -Kings County El dr P g 5s
99 103
Ref & gen 5345 ser A_._1053 33 91% 92
92
92
11914 Sale 11914
Purchase money 68
2 11412 12014 Rime Steel 1st 78
11914
1955 FA 8814 Sale 8814
11-1
8814
1
0
9
4
1st
g
4s
9
7514
El
County
81
F A
Kings
78
1
78
75
7914 Robbins & Myers s f 7s
6:3,
1952 3D 61 Sale 63
78 Sale 77
Stamped guar 48
7
78
74
80
Rochester Gas & El 78 ser B_1946 M S 111 11112 111
6
11114
Kings County Lighting 58-1954 .1 J 9814 Sale 98
3
9814
89 101 14
Gen NI tge 5558 series C_ _1948 MS 1033.1 10114 1033 Aug'25
107 Sale 107
6342
1 103% 10812 Roth & Pitts Coal & Iron 58_1946 MN 91%
107
1954 .5
_ 90 Aug'24
1936 J D 107 10858 10614
Kinney Co 7Hs
1 104% 10878 Rogers-Brown Iron Co 7s
10614
677
1942 MN 6178 - 8 67
6818
1950 m
Lackawanna Steel 58 A
94 Sale 9312
35
04
8058 9434 St Jos By Lt Ht.& Pr bs_
10
92
1937 MN 92 Sale 92
Lac Gas L of St L rel&ext 55 1934 A 0 101
____ 101
101
3
9814 10178 St Joseph Stk Yds let 4348_19311• j
-- 95%
5
95%
Coll & ref 5 Hs Series C
1953 F A 9934 Sale , 9934
10014 59
9514 102
7712
7712
7715 79
St L Rock Mt & P55 strapd_1955 33 95782
Lehigh C & Nay 51 4345 A 1954 j j 9534 9612 0534
9534
6
9584 100
7012
St
8812
Louis
AO
Transit
1924
be
Aug'25
Lehigh Valley Coal lot g 58_1933 j j 100 10058 9912 Aug'25
__
99% 1011/ St Paul City Cable 58
3 95 11(
95 Aug'25
1937
1st 40-year lot red to 4%1933 j j
Sept'24
Saxon Pub Wks(Germany) 78'45 FA 9212 Sale 9134
9212 109
Lex Ave & P F lst gu g be1993 MS -4012 66 14
9738
38
18 July'25 - 8
14
3911 441k Saks Co 78
10638 12
1942 MS 106 10614 106
Liggett de Myers Tobacco 18_1944 A 0 1197 Sale 119
119% 10 116 120% San Antonio Pub Her 6:3_1952 ▪ j 10114 Sale 10114
101%
Registered
0
A
Aug'25 - -- 11714 11734 Sharon Steel Hoop 1st Si ear A '41 MS 106 Sale 106
8
10738
1951 F .11 1_0_01_4 1121_1_ 10
611
901
77
: 10034 12
9754 102
Sheffield Farms 634s
3
10712
1942 A0 10712 Sale 10714
Registered
A
Aug'25 - -9778 97% Sierra & San Fran Power 613_1949 P A 91
9155 9114
10
91%
1944 A
Lorillard Co (19 7e
118 11878 116
4 11414 117/
118
1
4 Sinclair Cons 01115
52
92
-year 78_1937 MS 9134 Salo 9112
Registered
_ 11312 Aug'25 - - _ 11312 115
let In coil tr 68 C with warr 1927 3D 10512 Salo 105%
10714 98
9612
1951 F
5
A 0
6221 9614 Sale 964
9434 9812
$71. 44
1st lien 634e Her B
1938 in 87 sale 87
Louisville Gas & Electric 58_1952 MN 9612 Sale 9612
9712 51
9052 9934 Sinclair Crude 011 3-yr 6s A 1928 FA 100 Sale 100
10038 54
Loulav Ry let con 55
1930 J
____ 9212 9312 July'25 -9114 9312
3-yr 6% notes B Feb 15_ _1926 FA 100 Sale 10018
10032 37
Lower Austrian Hydro-Elec Co-85
Sale
Sinclair
85
Pipe
AO
1942
Line
55
8534 63
1944 F A 8512 8514 854
1st 8 I 6Hs
8512 16
Ws 8612 Skelly 011634% notes
1927 A0 108 109 108
10912 58
Menet! Sugar 7345
1942 A 0 100 Sale 100
4
99 102
100
South Porto Rico Sugar 78 1941 J O 10412 105% 10414
7
104%
Manhat Ry(NY)Cone 548.1994) A 0 6112 Sale 6112
15, 5712 64
6214
South Bell Tel & Tel 1st ef 581941 .1 3 10073 162 10134
8
102
2013.1 D 5314 55
2d48
11 51
5412
58
5412
S'west Bell Tel let & ref Is. _1954 P A 100 Sale 100
1004 65
1942 M N 102 Sale 101
Manila Electric 75
2
102
974 10234 Southern Colo Power 6s__ 1947 J 3 9812 99
98% 20
9812
Manila Elec Ry & Lt a f 58_.1953 M 8 90 Sale 8912
6
85
90
92
Spring Val Water g 55
1948 MN 98_ _ 971. Aug'25
Market St Ry 7s Series A__ _1940 Q
984 Sale 9812
40
99
9712 100
Standard Milling 1st 98
MN 9934 Sale 9934
9934
1930
Metr Ed 1st & ref g 65 See B_1952 F A 10412 105 104
1
5 10112 106
104 4
Steel & Tube gen 131 75 Her C 1951 33 101 10614 107
9
107%
19533 J 9434 Sale 0434
let & ref 55 Series C
7
9111 97
9534
92% 92%
Sugar Estates (Oriente) 78_1942 M S 92
4
9212
Metropolitan Power 68
1953 J D 100 101 100 Aug'25
100 104
92
FA-1 90
Superior 011 1st a f 75
92 Aug'25
1929
Met West Side El (Chic) 413_1938 F A
7018 76
687 July'25
6878 80
Syracuse Lighting 1st g 98_1951 3D 9918 9912 0918 Aug'25
Mid-Cont Pete let 83.6s._ _ _1940 M S 9812 Sale 98
9812 62
954 9914 Tenn Coal Iron & 1111 gen 58_1951 ▪ J 10114 10312 101% July'25
Midvale Steel &0cony 8(581936 Si S 9158 Sale 9034
915
64
8712 9314 Tennessee Cop let cony
_ _ _ 100
MN 98
Milw Elec Ity & Lt coru3g 58_1926 F A 100 10012 100
1 100 10112 Tennessee Elec Power 1st65 1925 3D 10212 Sale 10238 July'25
100
10234 98
65.1947
Refunding & exten 434s_ _1931 .1 .1 9312 06
3
96
96
96
9634 Third Ave let ref 45
33 5512 Salo 5512
21
56
1960
General be A
1951 J D 9712 0812 9712
5
94 100
98
39
AdJ
Inc
Sale
AO
39
be
tax-es
N
Y___a1960
4014 83
19613 D 8978 Sale 8918
1st 58 B
37
90
8472 9272 Third Ave Ry lit g 58
9534 9413 July'25
1937 3, 94
I953 MS 10014 Sale 9934
lst& ref g 6s Series C
7
10014
98/
1
4 104
Tide Water 011 10-yr 634e..1931 FA
1015 Aug'25
2,411waukee Gas Lt 1st 48_1927 M N 0918 991 99
5
993
964 9934 Toledo Edison let 7s
1941 MS ioois 10059 109
1093: 15
1943 J J 998 Sale 9958
Montana Power let 58 A
97% 100% Toledo Trac Lt A Pr 6% notes'25 FA 9812 9835 9812
9934 21
9812 11
Montreal Tram let & ref 58_1941 J J 97 Sale 97
25
94
9512 Trenton G & El 1st g 5s__1949 MS 98
9714
98%
Aug'25
f
Morris & Co lets 434s_ __ _1939 I J 8312 Sale 8212
7812 8478 Trumbull Steel deb 6s
8312 17
1940 • A 9712 Sale 9712
9,12 36
Mortgage-Bond Co 4s Ser 2_1966 A 0 9614 9714 7718 .Mar'25
77
7718 Twenty-third St By ref 58...1962 33 5912 67
61% Aug'25
I932 J J
0614
I0-25-Year 55 Series 3
8
0614
95% 9712 Undergr'd of London 414s 1933
▪ J 9134
9212 June'25
1034.5
Murray Body let 6345
9734 Sale 9734
9658 10012
9734
Income 65
89
Apr'25
1948 33 8958_
1947 MN
Mu Fuel Gas 1st RU g 58
9812 Aug'25
95,2 9812 Union Bag & Paper 1st M 68_ 1942 MN 96 gl(3
2
96
96
mut un gtd bonds ext. 4% 1941 MN
101 June'25
97% 101
Union Elec Lt & Pr let g 58 1932 MS 10158 102 10158
10158
Nassau Dec guar gold 48
1951 J J 5812 60
10
584
584
64
5712
MN 100 100% 100
18
Ref& ext 55
100%
1933
Nat Enam & Stampg 184 58_1929 j D 9978 ____ 9912 Mar25
98
9934
1st g 534s series A
10012 14
1954 J J 10014 Sale 10018
National Acme 73413
1931 .1 D 93
935 931
9334 10
0428 Union Elev
80
_ 7712 764 July'25
By (Chic) 58...- 1945 A0
Nat Starch 29-year deb 58_ 1930.5_
J 9712 90
9859 July'25 --98% 10112 Union 011 1st
J J iOa
_
9934 July'25
lien s f be_
1931
National Tube 1st be
1952 M N 102 103 10034
10034
1 10034 103
30-yr 68 Her A
May 1942 P A t03is 16414 10414 Aug'25
1948.5
Newark Cousol Gas 58
10014 984 Aug'25 - - 9812 101
Union Tank Car eaulp 7s- _ 1930 FA
101
2
101
New England Tel & Tel 58 1952 J D 10012 101 10012
10112 54
9912 102
United
Drug
61;ie 104
20-yr
65_0ct
15 1944 A0
10412 22
Brake
let
cony
8s
1928 M N 103 104 103
Y Air
103
3 10112 104% United
22
Fuel Gas let s 1 68_ 1936 33 40114 sale 10034
103
lir
Dock 50-year 1st g 4s 1951 F A 79
793 79
79
3
77% 8184 United Rys Inv 58 Pitts
6
issue 1926 MN 9978 100
99%
99%
ye Y Edison let.& ref 630 A_1941 A 0 11334 Sale 11358
114
59 112 11512
Stamped
99% 100
7
99%
99%
let lien & ref 58 13 temp_1944 A 0 1008 Sale 10012
23
101
9952 102
United Rye
70 July'25
1934 33 6712 69
Y Gas El Lt & Pow g 5s 1048 J D 10314 Sale 10314
10338 24 10012 10412 United SS St L 1st g 42
MN
94
Co
Sale
15-yr
94
(is
1937
1
94
Purchase money 548
1949 F A 8838 Sale 8814
8834 22
80
9034 United Stores
A0
16
104
N Y L E&West C &11R 53421942 MN ____ 10214 10012 Apr 25 ---_ 10013 10012 U S Rubber letRealty 20-yr 65 '42 33 104 Sale 103
& ref be ser A 1947
8834 Salo 8853
125
89
1930 F A 9934 10014 9912 Aug'25 - _
N Y Q El L & P 1st g 58
99,
2 10034
10-yr 734 sec notes
1930 F A 10678 Sale 10(1%
46
3612 537 49 July'25 NY Rys 181 11 E& ref 48...1942 3
45
5412 US Smelt Ref & M cony 68_1926 F A 10034 Salo 10013 107
5
Certificates of deposit
10034
43
5078 4812 Aug'25
42% 54
U S Steel Corp fcoupon _.41963 MN 106% Salo 10614
30-year ad) Inc bs_ __ _Jan 1942 A 0
163
1065
8
412 Sale
412
1
412
Cs 6
if 10-60-yr 5eIregietered _ dl983 MN
105 Aug'25
Certificates of deposit..........
414
538 5 Aug'25 - -63
4 TJtah Lt & Tree let &ref 58..1944 A 0 8734 Sale 8718
378
8712 25
2614 Sale 28
Y Rye Corp Inc 6s_ _ _ _Jan 1960
2712 125
2514 32% Utah Power
& Lt let 58__1944 F A 95 Salo 9458
951, 33
1951 M
10012 Sale 10012
10012
I
9912 10212 Utica Gas& Elec
Ff Y & Rich Oas let 6s
& ext 58 15573
10212 Sale 10158
8
103
N Y State RYS 124 cons 4143_1962 M N 61 Sale 61
58 6814 Victor Fuel lst fref
58
5314
10533
65
57
.1
Registered
June'25
M N
63 A.21r1
62
63
63
5
3- 4
Va-Caro Chem 1st 78
19473 D 9914 Sale 99
9918 1/9
1062 M N 8514 86
86
86
2
let con 836s series B
86
97
Certificates of deposit
9912 9912 9918
9912 GO
10212 11
Y Steam let 25-yr 68 See A 1947 M N 10212 Sale 10112
974 104
Certificates of deposit stmpd
994 9934 9538 Aug'25
99
95
9738 79
N Y Told) 1st & gens 1 4442-1939 M N 9714 Sale 97
Stpd as to payt 40% of prin
30-year deben s (is_ _Feb 1949 F A 10934 Sale 10812
10934 53 10772 11034
let 75
9914 Sale 98%
1947
9912 357
107
48 10618 10812
20-year refunding gold 6e_19411A 0 107 Sale 10658
Ctf of deposit
9914 Sale 99
9912 104
Niagara Falls Power lit 5s 1932 J J 10112 104 10012
10013
1 100 103
Ctf of deposit stnd
99% 9934 9852
9912 48
Jan 1032A 0 105 106 10514
6s
Refgen
10511
1 10334 10612
&
7345 with & without war_ _1937
75 Sale 75
53
78
Slag Lock & 0 Pow let be__1954 M N
10972 July'25
10412 110
Certifs of dep without ware
7334 7612 7612 Aug'25
9834 49
Is & ref 55 ser A temp_ __1955 A 0 0812 Sale 0858
9712 100
Centre of dep with warrants --- 7712
7772 10
Refunding (is Series A_19581 F A
10978 July'25
_ _ 10432 110% Va Iron
Coal & Coke
1
M 8 9111, -617-8 9012
9012
10078 Sale 10012
101
59
Nor Amer Edison (is _____ __1952 M
9878 10212 Va By Pow let & ref 1st g .58 1949 3,
55
96 Salo 95%
1943
9612 53
Secured erg 634e See B__19481M S 10258 10378 103
10312 12 10084 106
Vertientes
J
O
Sugar
let
ref
90
5
90
70_1942
Sate
Light
68
9914
&
_1947
Tem
M
9318
9312
93
9312
7
92% 97
Nor Ohio
7
92
9:334
93
9918 Warner Sugar Refin 1st 75 1941 3D 92
93
9658 42
Nor States Pow 25-yr 55 A1941 A 0 9534 Sale 9534
8112 Salo 81,4
3
A 0
9314 93,4 Warner Sugar Corp 1st 78_1939 J
8112
Registered
9314 Jan'25
0
B___1941
A
Her
65
104
25-yr
10413 10414
103 10714 Wash Wat Power 8 f be._ _ _1939 3, 10028 102 101 Aug'25
10458
let & ref
Westches
J
o
Ltg g 58 strand gtd 1960
101 Sale 10034
21
101
10712 Jan'25
Northweet'n Bell T 1st 78 A_I941 A A
- - 107% 10772 West KY Coal let 78
1944 MN 101 10134 102 Aug'25
9818 Aug'25
2 97
94% 98
North W T let Id g 434e gtd..1934 J J
West Penn Power Her A 5e 1946 M
99_
9812
99
11159
7 108 11234
01310 Public+ Service 7348 A 1946 A 0 11158 Sale 11 159
1st 78 Series D
1946 MS 10534 10614 10534
5
106
1947 F A 110 Sale 109
11018
3 107% 11112
let & ref 78 series 13
let 155 Series F
MS
9918
1963
Sale
95
9918 46
J
J
6s___1948
let
102
Edison
Sale
101
102
27
9812 104
Ohio River
MS
Temporary
be
_
Series
E
_
_1963
0758
1944 F A 9614 97
9832 41
9614
97
9
99
96
Old Ben Coal 1st 88
lst 5Hs
F
8 103
98-. 10158
1953 A0 1015
4
10155
1943 F A 99 10014 9912
9912
5
98 100% West Va CSeries
Ontario Power N F let 55
& C 1st (Is
1950 J J 9138 Salo 90
9138 20
1945 M N 99% ____ 9934 July'25
99% Western
__
97
Ontario Transmission 58
Electric deb 5s .1944 AO 101 Sale 10034
55
101
1941 F A 10518 Sale 1044
10518
85
18
Steel
953
4
10518 Western Union coil tr cur 58_1938 J J 10012 Sale 10012 10034
Otis
3
1947 F A 101 Sale 10012 101
28
89% 101
lst 26-yr s f g 7He See B
Fund & real estate g 43,45_1950 MN 9612 97
96 Aug'25
0658 117
Pacific 0 & El gen & ref 5e 1942 .1 J 9614 Sale 9618
934 99
15-year 6348 g
1936 FA 11012 Salo 11012
112
6
'30 F A 9914 100
20-yr
fre
let&ref
99
9912
4
Lt
98
&
100
Pow
Pee
Westfag hou5e E & NT 78_ _ _ _1931 MN 10612 Sale 106
10612 39
1937 J J 10034 Sale 10034
10112 57
9918 102
Pacific Tel & Tel let 58
Wickwire Spen Steel let 78_1935 33 80 Sale 80
82
13
1952 M N 9758 Sale 9758
98
99
9212 10012
Ref M 58 series A
Certificates of deposit
8118 85
87
Aug'25
A
1930
F
78
10-yr
10514
Sale
let
10514
10514
T
1
&
1041
P
2 107
pan-Amer
Certificates of deposit stamped MN 78 Sale 78
7818 11
1934 M N 10512 Sale 105
10658 156 103 us% Willys-Overland
Conv f 85
MS
102
__
_1933
Sale
e
f
10114
6 Hs_
10212 40
9113 93 Aug'25 _ _ _ _
99
91
Park-Les et leasehold 834/L.1953 3 J 93
Wilson & Co let 25-yr s 1 65_1941 AO 9814 Sale 98%
9914 23
____ 10014 June'25
__
98 10014
Pat& Female0& El cons be 1949 M S 100
Registered
_ 93 Feb'25
_ _ 11012 11014 July'25
107 11034
poop Gas & C 1st cons g 68_1943 A 0
10-year cony if fis
1928 JO 68
70
69
3
6958
1947 M S 0734 9834 9812
987
47
94 100
Refunding gold 52
Certificates of deposit......
6812 Sale 6818
6812
7
10334 13 101% 105
Philadelphia Co coil tr 65 A _1944 F A 10314 Sale 1034
10-yr cony if 7345
p1031 FA 68
704 6814
1
6814
98
32
15-year cony deb 5Hs_ _ _1938 M S 9714 Sale 97
93% 100
Certificates of deposit ______
68
7112 68
68
1
100
100
J
58_1973
I
ref
9914
10012
&
C
23
99 1021/ Winchester Arms 7348
Mina .22 Reading
1941 AO 102 Salo 101%
10214
9
106
21
91 106
Pierce-Arrow blot Car deb 881943 M S 10558 Sale 10514
Young'n Sheet & T 20-yr 65_1943
100 Sale 99%
100
102
a Due Jan. d Due AprIl.
p Due Deo. s Option sale.
Range
Since
Jaw, 1.
Low
Hien
10258 107
(4958 102%
97
9814
88 94/
1
4
9912 10234
10014 102
9612 100
9833 10013
9213 9612
844 92
94 10012
10518 10712
101 106
9214 97
104 11514
110 11312
103% 10514
95
9972
98% 10514
9958 105
102% 10/14
102% 10713
9612 92
9312 98
9034 94
8815 90
6118 7312
110 1114
10312 105,4
16 1131;
8512 92
9512 9572
7712 87
8612
74
95
97
9012 9312
104 109
9912 104
10572 1074
105 10784
90
9584
95
88
10434 11811
8262 9084
994 101
100 1007i
82 88
10872 1204
102 106
99 10212
9612 1014
9314 9972
96/
1
4 9812
9912 101
105 108
9712
92
92
99
9711 10084
/
4
1007s 1021
100 102
9914 10414
5812
51
3414 6014
93% 96
10112 10412
10832 110
9814 10084
98 100
9712 9734
70
61
9212
89
8134 89
9412 9912
99/
1
4 102
9814 101
100 104
774
76
86 10012
10232 1054
101 10514
10014 10452
418 103
99 10012
99 10012
6914 744
91
9582
10211 105
904
85
10412 108
10082 102
10414 1061
/
4
10372 10512
831e 914
9812
91
9814 103
57
53
73 10214
71% 101
98
68
9812 10178
9712 10111
941. 9912
43 83%
4212 8114
41
81
90
95
934 99
944
90
897s 9911
774 8712
9934 1017s
98 102
10012 1024
9334 100
10414 107/
1
4
9312 9912
9612 9914
10012 10534
8512 96
98 101
9912 102
92/
1
4 97
1094 112,4
10358 1084
78
91
7832 88
76
81
9912 10212
911
/
4 994
93
93
55
7612
75
53
5318 77
5912 744
10014 10214
9514 1001
/
4
BOSTON STOCK EXCHANGE-Stock Record ...B=Lge
1088
AMR AND LOW SALE PR10ES-PER SHARE, NOT PER CENT.
4M1.
Saturday.
Aug. 22.
Monday
Aug. 24.
Tuesday.
Aug. 25.
Wednesday. Thursday,
Aug 27.
Aug. 26.
Friday,
Au). 28.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
182 Boston & Albany
100
160 160
16078 16072 16034 16034 15984 160
160 160
•1110 161
483 Boston Elevated
100
79
79
7814 7414 79 I 7814 79
7814 7812 7812 78
78
Do pref
10
100
_-__ ---- ---96
096 _ _ _ _ 1 *96
*9512 __ _.. 96
10 Do lot pref
100
-__ -___
11312 114 .114 115 *114 115
•11312 115 011312 115
Do 2d pref
71
100
____ ____
10134 10134 102 102
•10I34 ---- •10134 102 .1004 102
Boston
Ar
6.129
Maine
100
31
2912
2918
2918
2912
2912
29
2912
2834 2934
*2812 29
100
180 Do pref
30'3012 _-__ ____ ____
30
32 .30 -___
32
030
31
3.416 Do Series A lot pref_100
.34% 35
3414 3634 3512 3814 3512 36 I 3512 3612 3614 40
5812 1.445 Do Series Ei lot pref_ 100
55
55
5314 5312 *5112 56
55,2 55
54
54
53
51 12 1,575 Do Series C lot pre _100
48
4612 46% 4712 4712 48
471, 44
47
47
046
100
6912 70
7434 1,246 Do Series 0 tel pref
6812 69
6912 67
69
67
6612 67
66
Boston & Providence
MO
2912 ____ __ ---380 East Mass Street Ily Co_ _100
30 I 28
2912 .29
2812 30 I 29
30
028
lot
Do
____
______
prat
100
____
62
..._
_
62
62 ,•-...... 62 .
•____ 62 .60
35 Do pref 0
100
__ __ - _ _ _
54
51 1 *51
54 I 51
54 I 051
051
54
*51
37
380 Do adjustment
100
3818 37
38
37
*37
38
3712 3712 38
37
37
30 Maine Central
100
41 •____ 41 •____
40
4212 •____ 42
.
40
100
3914 3414 3918 38% 39 1 3814 3912 385 3918 -ai ..ii7T3 3,873 N Y N T1 & Hartford
39
____
Northern
New
Flarripshire_100
...
___
___
r
._
_ __
*7712 80
•7712 80
1-20 - *117- 1-2-6- -_-_-_-_ -_-_-_-_ ______ Norwich & Worcester pref_100
•113 122 *____ 122 *_-___ 1-20 - *336 Old Colony
100
10712 10712 107 10712
10712 108 *10712 108
•107 10712 107 107
50 Rutland pref
100
__ __ _ _
57
57
____ ____
6134 ____ ____
*59
10 Vermont & Massachusetts..100
____
____
;5ii2 -6i*9212 94
*92% 94
Miscellaneous
430 Amer Pneumatic 8ervice_25
318 314
33
314
•318 • 312 *318 313
318 318 *318 312
135 Do Pref
18
30
18
18
18
18
18
18
1812 18
18 .18
18
Amer Telephone & Teleg. 100
1,019
13912
1393
4
140
14018
1393
4
4
1393
1394 140
13934 140
13934 140
4,951
Amoskeag Mfg
80
No par
80
8014
84 I 8112 8212 80
8014 81 12 81 18 8334 82
No
----- ---105 Do pref
86 0_ _ _ _ 86
8512 8612 86
44 Art Metal Construe, Inc_ I
16 I 01512 ____
16
*1512 ____ 1 •1512 ____
•1513 __
343(m
tlats0(3;v:18Crap
gg /
8 co
No pa
12
1234 12% 1234
1238
11
1012 1034 1034
"10
•10% 11
1p1
,
10
106 108 *108 -___ •108 ____ 108 108
•108 ____ 108 108
Boston Mex Pet Trus6_r_eNto
10
2838 2713 2814 2714 27(2 2712 2712 1,710 Connor (John T)
2312 28
2812 28
28
uirieS
ttAores. Ltd _No pa
____ ____ ______ Donmjnio
05012 57
*5212 57
*5212 57
*5212 57
67
•53
*92
100
---- ______
092 ___.
asnt8Irsnosi3
_8
. E8
to
ltui
____ __ ___85
10
.234 3
.234 3
*234 3
*234 3
*234 3
314
.3%
nli.aibauf1turIng.._.
318
31s
4
*318
3
3
3
3
334
•
6012 6,267 Eastern SS Lines, Ins
25
608 60
5934 59
*5612 5712 5612 5678 57
.
5812 57
565 1 h I pre(
No par
4012 4112 4112 4278
41
40
43
42
041
42 .41
•41
50 1st preferred
100
98
98 I
98
*96
94
98 1 *96
98 I .96
096
483 Edisou Electric Ilium
201 201 12
100
203
202 203
201
200(2
200
,
2
•
201
200
,
4
1
201 201
150
Elder
-___
Mfg
Co
(v
t
c)
__.
--10
4
•
312
*3
,
2
4
3,2 312 *3,3 4
312 313
11 Galveston-Houston Elea _100
27
27
29
*27
29
29 .27
027
29
027
27
27
______ Georgia lty & EMU
100
---- ___ _ _ _
•11814
Do 5,3 non-cum pref. 100
8534
.8034 -ii-- 0.
NaNo par
420 GRA lot Co •
3478 35
35
35
35
3514 35
3512 •235
3,x35
8478 1,574 Gillette Safety Razor No par
8234 82
82
82
8112
817
8
8112
12
81
81
8312
82
Greenfield
200
Tap
25
&
Die
13
1312
1312
01212 1312 *1212 1312
50 Hood Rubber
No par
60
*58
59,4 ii1-2
60
60 , .58
*58
60
60 .58
*59
____ ____
50 Internal Cement corp_No par
70
06912
7012
*70
703
4
703
4
1s
71
71,
8
O6912 70
.60 ____ ____ ______ international Products_No par
.60 0.25 .60 0.25 .60 0.25 .60 •.25
De pref
100
---- -___ ______
.114 2
*04 2
0114 2
*I% 2
•114 2
______ Klg(
cin.p (
A
e
r,'eabodyAeptanf00
ao
____
pref
____ *95
*95 _ __ *95
*95
385 Libby, McNeill & Libby__ 10
712
7
,
4
7,4
*714
714
714
714
714
7
7
__ ______ Lincoln lire Insurance__ 20
.____ 68 •____
68 "68
45 Loew s Theatres
25
1134 1218 ---_1 Fiji' 1134 *1134 12
•1134
*1134 __
439 Massachusetts Gas Coe.-100
74
74
73
73
73
I
73
73
• 2 lit2 73
4
73,2 -733100
134
Do
pref
69
69
6812
68
68
6812 6812 6812 6812 6712 6812 63
150 Mergenthaler Linotype...100
19334 194 *190 194 0192 194
192 194
•190 194 *190 194
__ __
___ Mexican Investment, Inn_ 10
9% .____
914 .9
09
10
.9
10
•9
___ 229 Mississippi River Power...100
____
83
64 1 6112 63
64
64
66
*6412 66 .64
100 Ire Mangier] pref
100
94 14
94
94
95
*93
95
*93
95
.93
95
093
10
244 National Leather
4% 4% *412 47 --__ ____
4% 434
434 4%
434 434
........ 3,250 New Eng. Oil Ref. Co. tr etre_
.60 .60 0.60
.60 .61
•.60 .90 *.60 .90
10 Do pref (tr octet) _... 100
11 1 ____
9 1 "9
9
11 1
.9
11
11 1 09
*9
115 11512 11412 1-1-i- 1,063 New England Telephone 100
11412 114 115
113 113% 113 11334 11312
____'Olympia Theatres, Inc _No par
______ IOrphetuu Circuit, 100
1
*z2912 3012°229,2 3012 - ___
•;i4T4 16- .iZ5- 16a-4 nio- 16
100 Pacific Mills
100
1_2
2711:2
6214 62% 6238 62,2 62% 6212 1-8:
62'2 6212 6212 6212 6214 1612 16
10
50 Reece Button Hole
16,2 ---- ---1614
*15
3
4
*---16
,
2
-•I614 1612,
___ ______ Iiteece Folding Machine
10
_ Slinms Magneto
5
.15 .____
.15 .____
404 Swift & Co
100
1123
.8
1113
4
112
1113
4
1113
I
4
112
4
1113
I
1114 11134 .11114 112
415
Torrington
62
25
62
623
62
8
637
6314
64 I
6212 6314 6314 6312 64
5
01,8 5 .........25 Union Twist Drill
4
2
412' *3
412 .3
.3
44 United Shoe Mach Corp_ 25
4178 42 1 'i 422
4134 42
4134 4172i 4112 42 I 4134 42 I
125
____
__
Do
pref_
_..
._
_
__
25
2812
*28
2812
2812 28
2812 *28
•2814 2812 *28
5
201, 2018 20% 20 -2-038 1,870 Ventura Consol Oil Fields
20% 2012 2034 2034' 2012
*72014 ____
176 WaldortSys,Inc,new oh No Par
8 IA" 1578 158 .1578 157
1538 1534 153s 15% 15% 15% 153 17
__ __ , 20 Walth Watch CI B com_No par
17
.16
.16
17
17
17
•15
100
•32 -_ ____ ____ ______ I Do Dref trust etre
33
*32
33
032
33
030
32
*30
Do prior pref
_ __
100
_ *82
'81
84 "82
081
85
.81
-.,___
71'iri Walworth Manufacturing_ 20
i.q7
ii% 24 -2-g1-2 -i&- 1_12
78
237
2i
2414
2312
2312
24
24
875
Warren
50
4812
Bros
4812
49
4812
4914
49
4912 4934 4912 49% 4914 49,4
50
571 Do Ist pref
___ ___ ____
____ 041
*41
41
41
42
*41
42
041
Do 2d pref
50
____ ____ ______
____
____
*43
*43
____
*43
44
4412 043
*43
____
If- ;i654 -ii- ;i6i4 -if" ;iiii4 If' "55i4 -__"
!i'
•.25
Range for Year 1925.
PER SHARE
Range for Preplan.
Year 1924.
Lowest
Lowest
156 Feb 18
7514 Mar 17
92 Jan 16
109 Mar 31
94 [Mar 20
10 Apr 17
I 112 A or 24
17 Apr27
29 Apr 27
25 Apr 25
3512 Apr 25
167 Feb 28
V1 jklil; III?
51 Aug 23
36 kig 14
23 May 27
28 Mar 30
70 Feb 18,
100 Jan 13'
96 Jan 2
4514May I
87 Feb 24
Highest
16414 Jan 7
86 Jan 2
9812.1iitie li
11512.1une II
102 Jan 9
31 A•ig 28
32 A ,ig 22
40 AN 28
5312 kug 28
51 1 2 tug 28
7434 Ali; 28
180 May 28
li:
II
Apr 3
!Jan 12
621
44 Mar in
41 Aug 18
3938 km 19
77. 5,, 91
123 July 30
111 July 7
6311 Jan 2
96 June 26
.40 0.14 .30 0.14
.18 0.10 .18 0.10
139
112
112
112
1214 12% 13 I 1238
34% 34%
34 I 34
151, 1538 1534 1538
.60
.60 0.40 .60
22
2138 2112 22
.30 *.14
.18 0.10
1% *112
1234 1218
3434. 34
15721 1512
.80! .50
2214, 2114
5 Is-41 ' 4
114 *1
114 *.75
1912 18%
*112
2
14012 14134
*98
99
*1314
14
lig 0.90
.75 ".75
138 *118
1% •I14
*134
2
.90
.99
Ex-rIghte. 6 Ez-c117. and rights
•ind and naked prime; no sales on this day. s
98 Not
64 Nov
9318 No.
`1347.'`Ziy,;21 ee,,
- Oct
1212 Nov
13
4 jail 21
II May 12
52 May 6
5218 Jan 5
.12 Aug 20
1 1101' 13
15,2 ii iiie l
64 .iily
I
24
71 12 Aim 24
2 Jan 3
1012 Jan 9
8212 Jan 6
614 Apr 16
70 Mar 18
1114 Aug 11
68 Feb 3
93 June 16
93 Jan 7
70% Mar 2
137 Jan 5
75 Mar 6
Ir. ; 1694161r,484 'iZZ
tf
1.1
0
,
in
e .125
12112
3g12 &i.
()
,
5
1 r 't
0
9
Jan 10 9412.1iity
Apr 22
6% Jan 13
Feb 9
2 June
n 22
Apr 7 111 May 14
Apr 21 11512.1111y 31
Mar
195%
12 3
(2
(434
4\
JiurY (
33
5212./1111e 12 81,2 Jan 13
1514 Aug 12 18 Apr 3
2 July 27
214 Jan 8
87%
4
.20
534
99
10914 Apr 221 120 Feb 6
4512 Apr 131 64 Aug 25
4 Aug 23
712 Jan 23
4
110
/3
:
,(4:
1
111(1:13
1
2141
26
'
g
2512 AFFeeubbg
1:12 Aug
la3 (
4
3
il g4
(8
42(2
(ann
e g
1714 Jan 3
40 June 2
113g7341
;
2•
Jan
3
5N0,. . 1:1(497'
121 i
an
a 117
) :8121
37
41 L
1iL
lYr 0
,Aulg g
:18
164 Der
85 De
9614 Mar
11614 Jab
10114 Dec
2514 Nov
2672 Nov
3714 NO.
48 Nov
41 Nov
62 Nov
172 Nov
38% Dee
Dee
71
6112 Nov
4614 Dee
3712 Apr
3314 Dec
81 Nov
108 Not
414 Dee
1 Nov
212 Mar 25
414 Jan 7
Jan 2014 Dec
1812 Mar 25 1934May 7
12
I3032 Jan 2 14334.1,ine 18, 121 June 1341k Dee
Jan
87
Aug
It1 (pa
.1,
111
1,
113" II?;
7p
Aug
'
1a
e0
:
nce
r
014
69
912 All 21
r39
011 JA8
11u
13 Apr 28
103 Jan 17 108 May 12 100 Dec 108 July
Jan
.05 Dec .20
1(8 la
a,
n 24 g3 Aug 2
13
0
20% Dec 2818 Mar
2
Sept
May
3
86
818 D66
99 June 12 99 Julie 12
123112
3 Jan 2
2 Sept3 Feb
1 12 Ale 30
a; Jan 24
4
Oct812 Feb
3 July 29
Jan 5614 Mar
42 Mar 0 60% Aug 27
38
Feb
35 Jan 15 43 Aug 20
3412 Jan 40
89 Jan 3 100 July 20
8512 Jar,93 Mar
200 Jan 5 213 May 21 16318 Jan 2041k Dee
318.11ily 1
512 Mar 16
212 Jan5 Dee
27 Aug 22 38 Jan 7
Jan 41 D*4
13
11514 Feb 27 115% Feb 27 11314 Ma 11611 Sept
78% Al,, 15 7934 Feb 27
79 Aug80
Jan
I Adventure Coutielldated..- 25 15 Feb 16 25 Jas 26
.30 0.14 .35 0.14 .40
Aigomah Mining
25 10 Mar 3 25 Jan 2
.18] 0.10 .18 0.10 .18
25
790 Arcadian Consolidated
1,4
2
138 *Ilti
114
LNIM
iaaYr 01 13
Arizona
533 Feb 12
5
5,075
Commercial
12
12% 12
1278 12
10 2814JulY 1 3612 Aug 19
34
740 13111gbarn Mines
3414 3414 34
35
8
8June
185,
123
Jan 2
Calumet
&
4,407
26
Heels
1512
1514
1512
1514
15%,
1 20 May 5 90 Aug 4
.70 .70 0.70 .85 2,330 Carson Filli Gold
.70
Co
apvial
25 1834June 18 33 Jan 10
rp aync
iteopCpo
ar
2112 2.566ip
21
21
2134 21
1 .02 July 6 .78 Feb 6
5
____
5
__
614 Jan 2
3 June 5
825 East ButteCopper Mining_ 10
4
*334 4% *334 4%
4
2 1.--,-4T8 414
25
4
1
215 Franklin
0.75
1
.
1
114
1,4 *I
Ju
ja
nn
114
'V
Hancock
114
e 1;
25
.1
1 :8
4 Pea
l) 2:1
Consolidated
".50
114
1
114 0.75
*.75
•.75
114
114,
1512Juiy 6 23 Jan 24
1
0.75
2018 2034 2,950 Hardy Coal Co
1912 20
20
*18
Jan
6
3%
I%
Feb
5
Helvetia
25
100
•1712 19 I 01712 19
2
*112
2
.112
2
*134
2
2
u 28
; 1.A1 ,
ti,
1. 1g1
414layr 2
765 Island Creek Coal
146 148
*112 2
14312 14312 146
28
141% 14134 141 141 *13912
10 Do Pref
_
99
99
_
_
_
_
99
.98
978 Apr 22 20% Jan 7
lsa
lerrRakael Copper
25
14
1,0601E
*98 ____I .9714 99
*1314 -1-4 - *13
14
1334 14% 1334
112
Si)
1414
14
lls 0.90
114 0.90
114 0.90
112 ..90
111112
.21
u'e
ne
b 11
22
KeweenawCoPper
•:90
30
114
".75
114
,
0.73
114
.75
3 Jan 2
1 Apr 11
25
1,41 .75 .75
65 Lake Copper Co
•.75
112
132 *Os
138
1'2
112
112
114
112 *114
,
234 Jan 10
ILa Salle Copper
118May 14
25
1%
*114
13
4
*1
12
1%
I% *114
234 Jars 13
IMason Valley Mine
1% Apr23
5
'II, 1381 .114
0134 2
*134 2
2
*17
114 Jan 2
2 .40 May 14
*Ps 218 *134 2
.75 .75 1,140 Mass Consolidated
1
.90 0.00
.80
.55 .53
1
•.70
3 Jan 2
1 Apr 4
300 Mayflower-Old Colony
25
18
13
134 "138
°11.2
138 0112 134 *112
2512June
9
41
Jan 13
159
Mohawk
551
25
3212
3212
1%
1381
3212
32
18 Mar 30 25 Jan 2
622 New Cornelia Copper
*1912 1934
32% 3234' 3334 3334 33
U)1348 *19112 20
r34 Pi
2012 20
July 2 85 Feb 11
______
I
New
Dominion
10
2014 1 *20
Copper
---20
•.20
.35
.35
0.15 .35 0.20
125 New River Company
100 25 Ale 2' 31 Aug 28
-3.1-31% 31
0.15 .40 ••15 .35
3134 030
3134
31%
ig
(182
8i
.Llu
a
,
g2
31% *28
110
Do pre!
100 40 June 30 6t
60
60
558 6212°75514 60
8
._ 54
47
18
4 ____ .x50
9711NipissIng
Mines
4%
412
04%
412
4,z47313 -- - - *250
472
5
4%
June
3%
Jan
14
4
3
43
4,110
North
Butte.
89
12
I%
.434 4%
114
112
114
1% 13
112 134
114 Jan 10
11 6 14
9
iss
1/
; 1%
23 35 Apr 22
15 011bway Mining
.70 0.55 .75
•.55 .90 *.55 .70 *.55
.50
Jan
10
1712June
9
27
.50
691
Old
Dominion
Co
25
.90
20
20
2012
•.55
*20
21
20
22
22
614 Aug 24
4 May 19
2012 22
20 Park City Mining & Smelt_ 6
20
618 *538 6,8
•19
*57 (6_14
5.4
2
1r4 15
1,225 Pd Crk Pocahontas Co_No par 1012June 18 1538July 24
6,4 54
143
•552 614
115a 1434 14
3
%
13%
Jan 10
14
39%
.13
25
19
Apr
22
14
675
Quincy
2 "3
25
434 3
28
518
2514
•13
2634 26,4 2614 2414 3
26
1,581 St Mary's Mineral Land- 25 .8
20
12,Ntryr 21 48 Jan 12
25% 2614 2614 2634
39% 35% 6
,
4
36
1
112
Jan
9
3614
36%
10
5
300
Shannon
.65
3612
*.55
.60
03512
.60 .60 •.60 3.75 3660
25
South Lake
7
0.25 .75
•.55 .60 *.60 .75
75 .1..25 '
75
2
Jan
5
*
May
13
41
5
4
Superior
&
Boston
Copper..
10
.70
11
5
2
1%
114
475
•.25 .75 0.25 .75 0.25 .
132
1%
112 1%
37 Jan 2 8714 Jan 23
112
112
6
122
•132
634 6% 9.810 Utah-Apex Mining
678 7
672 712
6% 7
6% 7%
& Tunnel
3,450
9
lLitE
3cu
it
h
oorina
Nf
a
etal
7,
X4 7,1X,
'.48
.50
.50
50
.50 .50 •.47
•21
.g j
fkuuly
g ; 611% Li
an
a I?
.50 .55
.45 .50
.50 3'.30 .50
.50
0.40 .
25 .15 Aug 17 48 Jan 7
•.50 ____ 0.50 .75 0.50 .75 0 20 .25 0.20 .30 0.20 .23
.15 .15
.03
Apr
14
.21
Feb
11
Wyandot
25
*a
.75
-•.20 .30 ..20
.75
*a____ .75 •61 __
.75 .x____ .75 •a--- .75
•.14
0.10
114
12
34
1513
•.40
2112
14572 Mar
7 114 Aug
8714 Dec
107 Dec
92 Sept
812 Jan
Jan
12
13 June
1712 Jan
Feb
16
Jan
'23
Jan
43
18 May
58% Jan
48 May
28 May
25 June
Jan
14
Jan
62
Jan
80
7212 Jan
34 Ma
Jan
70
Maims;
b!
0.-,
0
5
1-ifa -j
5s
60
59
3
14
Dee
N
Dea
Doe
Jan 8811
80
8%
4 June
70
Jan 71
9 Mar 13
81
66 Nov
62 June 70
1258
7
japnr 17
813 A
150
Dee
Dec
Nov
Dec
Feb
Jan
Dec
8eb
48
41
.10
.25
Mar
Apr
Feb
Feb
8
10
9
e
,
b ,03614 Sept4e
F
ja
2
.80
6
98
21%
55 Nov
Apr
5%M'
A
Des
Des 3114 Mar
Dec 11512 Jan
.J.,eo 2eris Deitl
DecD
!!
va12 :CI
0•12
1134 Jan 17
212 May
3
.30
09 1140(1
10(
0
35% June
5 Dee 10
Jan 43%
34
.Febe
July
Jan
e
Dec1Feeb
Feb
Dee
1
301
:
11
2 1
E
1icri
bt
r
g
T
;7: 1Jan
g( In
14
23%
73
22
,54
os
41
June
ee
a
1
21112
„
)
iu n
9% Jan
4P
:
3
3:% 1.A
Mar
Feb
Feb
Feb
Jan
.8412
.15 Dec
.10 June
Dee
26 Dee
3% Deo
Dee
2'
l
an
e
14 June 3161%
13%May 19% Jab
3 Feb
.37 Nov
1812 June 33% Dee
30 Dec .70 Max
67s Den
314 July
May
Jan
:18
1
19% Dec 2.18 Jan
30 May
234 Dee
9414 Apr 142 Nov
90 June 100 Sent
• 221, Dec
12
Mar
.5P
.90 Apr314 Den
.70 Jun
3 Dee
2% Dee
114 Oa
.50
Jan
Ps Aug
80 Apr
8 July
2312 Jun
41 Dea
1612 Jan 254s Dee
.40 Dec
2% hpr
36 Jun
40 Ma,
d7
51
:
1 Dec 7544
Mx,Dec
1% Oct642 July
.40 Jun
1 Nov
15
Jan 28% Dea
3% Jan
512 Feb
1034 July 1512 July
14 Jun
8434 Dee
28 Jun
49 Deo
.30 AprDI Sept
26 July .76 Dee
25 Aug
21s DOC
37 Ma
172 Jun
.14 Jun
Autils
y
.15 Apr .7? j
.13 Feb .71 July
.10 July .25 J1117
z Ez-dtv. 0 Ex-stook d1v. a Aailesement paid. 0 Price on new basis.
MTG. 29 19251
TAR elTRONTCLE
Quotations of Sundry Securities
All hood twice. arc "and interest" extent where marked "1."
Standard Oil St•Olts f",s1 BUI. Aok.
Railroad Loudon...into Per Cl. Batts
Anglo-Americau 011 new Li *2235 2432 Atlantic Coast Line 6e
5.25 5.00
Atlantic Refining
100 101 102
Equipment 614s
5.00, 4.80
100 115 116. Baltimore & Ohio fie
Preferred
5.40
5.10
Borne Scrymaer Co
100 220 225
Equipment 4
,k M.__ 5.00 4.75
Buckeye Pipe Une Co__ 50 *a
59 Buff [loch & Pitts equip 6e. 5.251 5.00
Obesebrough Mfg new. 25 .62
64
Canadian Pacific 414* & 6s_ 5.001 4.70
Preferred
WO 1131a 11312 Central RR of N J as
5.20 5.00
Continental Oil new.... 25 •231e 24 Chesapeake & Ohio 6e
5.40 5.10
Rights
*MM.' 85c.
Equlprnent 6148
5.10 4.85
Crescent Pipe Line Co.. 50 .1611 17
Equipment be
5.113 4.80
Cumberland Pipe Une..100 147 1149 Chlrairo Burl & Quincy
6e.. 5.25 5.00
Eureka Pipe Line Co....100 .69 I 72 Chicago & Eastern
Galena Signal Oil com___100 4412 96 Chicago & North III 54e. 5•50; 5.15
West lis.
5.40 5.15
100 ILO 112
Preferred old
Equipment 6
5.101 4.85
100 103 1106 Chic R IA Pac tie
Preferred new
4148 & Ms__
5.10 4.75
Humble Oil& Ref new
25 .372 5734
Equipment fie
5.50 5.25
Illinois Pipe Line
10(1 13412 135 Colorado & Southern 6a.„
5.30 5.15
Imperial 011
___ 26 *13412 135
Delaware & Hudson ess
5.25 5.00
New when issued
3 3034 31
Erie 4 lis & 58
5.25 5.00
Indiana Pipe Line Co.__ 50 .68 69
Equipment As
5.60 5.25
International Petroletim.(2) .
237e 24
Great Northern f's
5.35 5.10
Magnolia Petroleum....I00 138 '110
Equipment!,,.
5.10 480
National Transit Co..12.5)) *2012 2112 Halting
Valley 5e
5.05 4.210
New York Trauelt Co...1041 50
57
Equipment fis
5.45
5 10
Northern Pipe Line Co__100 80
81
Illinois Central 41.4* & 5e... 4.95 4.70
Ohio 011 new
25 .6214 63
Equipment its
5.25 5.00
Penn Men Fuel Co
25 .22
25
Equipment
5.05 4.8,1
Prairie Olt& Gas new... 28 .52H 5358 Kanawha & 7s & A
Miehlgan
5.50 5.20
Prairie Pipe Line new _ _101 122 123
Equipment 44e
5.20 5.00
Solar Refining
10( 203 210 Kansas
City Southern 514s. 5 35 5.00
Southern Pipe Line Co 100 77 I 79 Louisville
& Nashville 6e...
5.25 5.00
South Peon 011
10(1 152 153
Equipment fitis ......
5•00 4 •80
Southwest Pa Pipe Linea 10() *60 I 63
Michigan Central 51 & Rm.._ 5 25 4.75
Standard Oil (California) 25 .
5315 5384 Minn St P & 21 8 M 4 tie & 55
5.30 5.00
Standard Oil (Indiana)._ 25 •6114 6112
Equipment 614e & 78.... 5.35 5.95
Standard Oil (Kansas)._ 25 .32 , 321.1 Miasmal
Kansas & Texas 66 5315 5•35
Standard Oil (Kentucky) 25 12412 125
Missouri Pacific As A 6 tis
5.60 5.25
Standard 011 (Nebraska) 10(1 233 236
Standard 011 of New Jer. 2. .3934 3924 MobIle & Ohio 4(48 & 5*... 5.115 4.80
New York Central 4(4* & 5e 4.85 4 65
Preferred_ _
lot 117 1171s
Equipment lie
5.25 5.110
Standard 4)11 of New York 2 .40se 40
Equipment 78
5.05 4.80
Standard 011 (Ohlo)......10ti 344112 3937s
Norfolk & Western
4.89 4.60
Preferred
100 116 11712 Northern Pacific 414e__
7e
Swan & Finch
13
100 12
Union Tank Car Co.._ 100 120 124 Pacific Fruit Express 7s_... 5.115 4.85
Pennsylvania RR eq 118 & 6. 5.20 4.75
Preferred
100 11412 11612 Pitts
& Lake Erie 6 tie
5.10 4.85
Vacuum 011 new
26 .
8634 87
Equipment 66
5.50 5.25
Washington 011
10 .30
84
Reading Co 44e & be
4.85 4.60
Flt Louis & Ran Praise's(%) 5.
5.15 4.90
Atlanttchrobtireks (Li
e3l
212 Seaboard Air Line
5%,& Re. 5.60 5.25
Preferred.
Southern
4.85
Pacific
Co
4.65
41.4..
Gulf Oil new
7312
26 .72
Equipment 75
3.05 4.80
Meant elo Produeere.... 1(3 204 2)312
Southern Ry 4 He & 58_
5.05 4.80
Moslem, Eagle 1/11
5 .334 412
Equipment aft
5.40 5.10
National Fuel Oa*
100 118 119 Toledo
& Ohio Central
5.50 5.10
Balt Creek CoOtliM
II
.0I1 8711 Union Pacific 7e
5.00
4.80
Sall Creek Producers__ 10 .255:, 2572
Public Utilities
Tobacco Stocks
Amer Gas & Elee new __AV .75
78
Amerlean Cigar common 100 82 85
6% pref new
(2) .8912 91
Preferred
95
97
Deb 6e 2014
MAN
91H 9812 Amer Machine & Fdry. 100 165 175
100
Amer Light & Tree com.101 207 211
British-Amer Tobac ord Li .2334 2612
Preferred
100 100 101
Bearer
ti .2572 2612
Amer Power & Lt common.
53
54
Imperial Tob 040 B &
24
25
Preferred
100 93
95 Int Cigar Maehinery _ _Trei'd 73
78
.100
Deb fle 2018
M&S 9512 11612 Johnson Tin
Foil A Met_100 .60
SO
Miner Public 11411 corn...IOo 07 100
Mae A ntirews & Forbes...100 153 156
7% prior preferred
AM
89
91 12
Preferred
100 10012 103
4% pantie pref.
100 811
82
Mengel Co
100 6312 6712
Aseoctated Gas & El Of. (1 .50
52
Secured g 64. 1954 Mi 103 105 Porto Rican-Amer Tob..10n 48 I 59
Universal Leaf Tob corn 11)0 • 49 I 53
Blackstone ValO&E cent 51 .92
94
Preferred
UM 11712 100
Carolina Pow & Lt corn_
380 195
100 124 128
Cities Service common..:2) .3832 3(02 Yount( J Si Co
Preferred
105 119
100
Preferred
100 d4
8412
Preferred B
10 .772 8,2 Rubber Stocks
(Cleveland)
Preferred B-B
100 8(1
8012 Am Tire & Rub
corn
Cities Service Bankers Shares .141,
Preferred
30
Com'w'Ith Pow Corp new(I)
*3312 3413 Firestone Tire & Rub corn 10 .120 123
Preferred
100 82
84
6% preferred
Elm Bond & Share pref_100 104
100 9912 100
10312
7% Preferred
Mee Bond & Rh Recur
100 99 109
.64
65 General Tire & Rub coin_
Else Ry Securities
50 .263 270
•16
17
Preferred
_ 103
Lehigh Power
100
(!) 130 135 Goodyear Tire & R corn 100 -38
3R32
RivSeeuritleePow corn 100 61
64 Goody'r T & R of Can 01
92
100 r...._
Preferred
100 93 95 Maaon Tire & Rub
211
corn (!)
212
First mige 5e
..I&J 98
99
'Preferred
100 1512 1612
F g deb 78 1935..M&N
1951.103
Miller Rubber
193 199
Nat Power & Lt corn.
345
-(1) 930
Preferred
100 101 10312
Pref 'red
(I) .97
99 Mohawk Rubber
40
100 30
Income is 1972
Jgal 10012 102
Preferred
73 85
Nor, ".es Pow com....101 117 120
Selberling Tire & Rubber (2).
25
211e
Preferred
100 100 102
Preferred
100 9912 100
Nor Texim Elise Co eom.106 42
Swinehart Tire A Et corn-100
20
Preferred
100 55 IliPreferred
40
100
Pacific Gas & El let pref.100 96
9712
Power Securities corn___(:) •14
18
Sugar Stock.
Second preferred
(21 .33
36 Caracas -Maar
so
111
Coll trust 6. 1949.....J&D .91
94 Cent Aguirre Sugar corn. 20 .8512 87
Incomes June 1949..F&A .82
84 I Fajardo Sugar
100 120 128
RIM Bound Pow & Lt..100 54
Federal
50
'
Sugar
corn
Ref
104)
55
bi% preferred
100 84
86
Preferred
100
90
7% Preferred
100 1071 10811 Godchaux Sugar.
10
t) •7
let & ref 5(4, 1949...J&1) 98
99
Preferred
37
100
44
Republic Ry & Light...1(10 63
66
Holly sugar Corp com...(I) .40
45
Preferred
100 80
82
Preferred
100 99
94
South Calif Edison eom.100 121 122 Junree
Central Bugar.__100 105 120
8% preferred
100 125
National Sugar Refining_100 1041 10512
Standard OdtEl 7% pr id 100 99 101
New Niquero Sugar_ _..100 83
90
Tennemeee Else Power---(2) .65
70 Banta Cecilia Bug Corp pf100
1
Second preferred
(2) .82
84 Savannah Sugar cora......(:)
128
Western Power Corp....100 64
65
Preferred
100 107 110
Preferred
100 89
91
Sugar Estates Oriente 96.100 55
65
West Missouri Pr 7% pfr .. 94
97
Industrial&Miseell
Short Term Securities
American Hard ware-.100 9112 9212
Anaconda Cop Min fly'29J&J 103 10312 Babcock & Wilms
100 144 14612
Chic R I & Par 58 1929 J&J 99
9912 Bliss (E W)Co new
(I) .25
27
Federal Bug Ref 6. 33 MAN
07
95
Preferred
50 *53
58
Hocking Valley 51 1926 M&B 10014 10012 Borden Company
coM.A1) *82
85
N
Term Ry 5 He....I926 1011a 012i4
Preferred
100 107 110
Lehigh Pow Bee 68 '27 FAA 101 10112 Celluloid Company
100 25
28
Missouri Pacific 58 '27 J&J 100 10032
Preferred
100 68
75
Sloile.elneff dal ils '25 FAA le ii)10212 Childs Company pref
100 116 118
WI. Cent 5128 AM 15 '27 .. 10018 101
Hercules Powder
100 118 12;
Joint Stk Land 131. Sends
Preferred
100 10812
Chic Jt Elik hAl Bk 549-.1961 10212 10312 International Sliver pre?-100 106 11012
110
10212 10414 Lehigh Valley Coal Balm 50
ibe 1952 opt 1932
s8312
be 1963 opt 1933
10234 10412 Phelps Dodge Corp
100 109
1951
opt 1931
548
104 1.0534 Royal Baking Pow cons. 100 136
140
4141 1952 opt 1932
10112 10312
Preferred...
100 100 10212
4148 1952 opt 1932
100 101
Singer Manufacturing...100 283 289
4148 1964 opt 1934
101 102
Mtn 1963 opt 1933
10172 10311
Pao Coast of Portland. ore._
8. 1985 opt 1935 _ M&N 102,
4 104
MAN 10212 10332
58 1954 op 19:14
•Per share. 2 No par value. 6 Basle d Purchaser also pays accrued dividends.
0 New stock. /Flat price. k Lange's). n Nominal. x Ex-dividend. g Ex-rights
if Es-etack dividend. 8 Sale prim. r Canadian quotation. e Ex-Interest.
1089
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Aug 22 to Aug. 28, both inclusive:
fertility
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Bonds-
Range Since Jan. 1.
Low..
Amer Tel & Tel 45. _..1929
97
97
25,000 9634 Jai
AUG & WI SS L 55..1959 73% 72
7334 11.000 63
Jai
CarsHill g cy note 78..1927
75
75
5.200 75
Au,
Chic Jet Ry & U S Y 5sI940
9914 993.4
3,000 96
Eel
1928
Crew Levick 68
98% 9814 15.000 9714 Jul.
1931
Hood Rubber 7s
104% 104% 4,000 10134 JUI
K C Mem & B Inc 58..1934 9734 9714 97% 3.000 95% Mat
1929 99
Mass Gas 4348
99
99(4
2,000 97% Feb
Miss RI yer Power 5s...1951 9814 9734 9834 9.600 96% .1,
New England Tel 55..1932 100% 100% 101% 8.000 9934 Jai.
PC Pocah Co deb 713..1935 101
101 103
3.000 101
Au)
1944 99% 99% 99% 5.000 9714 Jai
Swift & Co 55
ur.sta,n ral A. Tal AR 143' _ __ . 0411 100'A
3.00') 0014 J.,
High.
97%
7434
75
9934
98%
106
9734
99(4
100
101(4
105
100%
inn IC
June
Aug
Aug
June
Aug
July
July
June
Jim,
Aug
July
June
ion.
Philadelphia Stock Exchange.-Record of trarsactiors
at Philadelphia Stock Exchange, Aug 22 to Aug. 28, both
inclusive, compiled from official sales hsts:
Stocks-
,
(14()1,
Jain
has/ Week's Rani( for
Sale
ofPrices.
Week.
Par Price. .ow. High 'hares
11
Alliance Insurance
Amer Elec Pow pref.-11)e
Amer Gas of Pay t
American Stores
Bell Tel Co of Pa pref
10;
Brill(J 0, Co
50
Cambria Iron
Congoleum Co Inc
21
Elmalohr (Otto)
10(1
Preferred
Elec Storage Battery...10i,
50
Fire Association
Giant Portland Cement_5(
56
Preferred
Insurance Coot N
Keystone Telep
--100
Lake ELiperlor
51
Lehigh Navigation
Lehigh Valley Transit.. 54
ht
Lit Brothers
54
Little Schuylkill
North Pennsylvania
Penn Cent Light &
Si
Pennsylvania RR
Pennsylvania Salt Mfg.
Pennsy Seaboard steel......•
Phila dr Read CA I
Philadelphia Ca (?lttS)..80
Preferred (cumul6%).54
2.
Phila Electric of Pa
PhIla Rapid TranxIt.....51.
Philadelphia TraCtl011_ .54
Phila & Western
Torso-Belmont Devel_
Tonopah Mining
,
Union Traction
St,
United Gm Impt
VIctor Talk Mach Co.....
Warwick iron &
We.st Jersey & Sea Shore_ o
,
Westmoreland Coal
York Rys preferred.....St,
55
103
55
55
103 103
97% 100
791. 79 ' 811:
109% 1091.
105
104 105%
. 40
40
25
25
-iiii
11% 12%
83% 83% 83%
6434 651.
276 276
32
31
32
61
.
51
55
5414 55%
32
32
3
3k
95
9434 98%
27
27
23
23
231.
40
40
80
80
80
70
70
70h
46% 481,
71
72
2
2
42
42
5811 59
4814 48%
46% 4414 49.
49
48
4934
60
59% 60
14%
1434 143'.
1.i.
14
434 53,
39
39
3954
98
9634 WO%
79
79
4
4
46(4 44
46%
50
4234 50
38
3734 38
BondsAmer Gas &Elec 55.--200
4
Elec & Peoples tt ctts 4s:
9354
PhIla Co cons & stpd 58 .
Philadelphia Eiec 55-196,
196 101%
1st 5s
194 ,
5%3
195,
51.41
Phil & Read cut imp 42:4
United Rya a tr etre 4s 4
Range Since Jan. 1.
Low.
High.
41
3734 Jac 60
21 .96
Jar 10434
2.84.
80 Jun, 100
13,83(
4514 Jai
88%
91 107% Api 110%
9.
95
Ma. 109
t
38
Ma
40
II
24
Jul.
43
6.141
934 Jul/
14
2,. 80% Jun, 8534
18: 61% Am
7034
21 227
Jai 280
6.
17% Jai
32%
3(
46
Jai
55
1.51:
4615 Fel
70
2.
20
API 35
2.60
3
Au,
73.4
1.871
80% Ma 110
2(
27
Au, 27
291 21% Ma) 25
I
40
Jar
4114
2: 80
Au; 82
63. 60
Jai
7034
14.02.
42% Api
4814
5e 70
Ma/
8514
10.
1% Ma:
3
101
38% Ma:
52
lli
5234 Ma, 6034
4.
45
AP. 4914
172.39. 3734 Ap. 4934
1.20
40
Jai
51
9. 57
AP. 63%
22:
14% Jul.
le%
3.47.
14 Jal
Dis
11.431.
114 Ma
54
1.28:
39
Jul.
44
23,17,
7914 Ma. 10034
11
67 Jun
97
UK
314 Au,
714
1,80. 31% Jun, 46(4
55.. 41% Au,
57
221, 35% Fel
38
9214 93% 58.001 87
62M 63
9.50.
57
9314 94%
4,000 933,4
100 100% 36.00.. 99
10034 102% 13.10. 100
103 105
1.00. 1033,4
1054 105%
7,00. 10414
90
90
1.000 90
A4t4 A& Le. I 111.. az
Api
Jun
Jai
Mai
Au,
Jai
Fel
Au.
in,
94
65
9734
103%
10334
107
10754
90
nv i,
June
Apr
Aug
July
June
Jan
Jan
Mar
Aug
Feb
Feb
Max
Apt
May
Jan
June
Fell
June
Aug
June
Mal
Jar
Aug
Atli
Jac
Jar
Jar
Jul]
Jul!
Aui
Mai
Mai
Jat
Ft!
Aui
Mai
Atli
Mal
Jaz
Aul
Jai
Au!
JUIN
Ma
Jun,
Jun,
Jun,
JULt
Ma)
Ain
Tn.-.
•.so par value.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Aug.22 to Aug 28, both inclusive,
compiled from official sales lists:
Stocks-
Par
f Way
Last Week's Rang, for
Sale
ofPrices.
Week.
Price. :ow. High Mares
All America Radio Cl A._5 27
Amer Pub Serv, pref. _101,
American shipbuilding-1w 60
Armour & Co (Del), 111-101, 954
Armour & Co, pref....101 894
Common Cl A v t c....21 224
Common Cl B v t c___25
l5
Armour Leather
Auburn Auto, corn
25 3454
Balaban & Katz v t c
74
Beaver Board pref ctfe..101
Bendlx Corp, Class A....-10 3334
Borg & Beck
2952
Central III Pub Serv. pref.*
Cent Ind Power. pref _100 90
Chic C & Con Ry pt sit PL.•
4%
Chicago Fuse Mfg Co_ - • 29
Co No Sh & MIL com...100 39
101
Preferred
Chicago Title & Tr. rights
46
Commonwealth Ederon.100 1361/
Consumers Cn. pref....100
Continental Motors .....•
25 59
Crane Co
Coda's)
, Packing Co.....106
Daniel Boone Wool Mills 25
1110
Deere & Co. pref
100
Diamond Match
Earl Motors Co
Eddy Paper Corp (The) •
Electric Research Lab....
Evans & Co, Inc, Class A.5 281s
• 31%
Fair Co(The)
Preferred
100 .
Foote Bros(0 & M)Co-• 1334
Gill Mfg Co
Godchaux Sugar
8
Gossard Co (H W)
38%
Great Lake. D & D__
14914
Bartlett
Hibbard. Spencer.
& Co
25
HUPP Motor
10 18
Hurley Machine Co
• 49%
9
Range Since Jan. 1.
Low,
High.
27
28
1.82e
18 Jun( 3614 Feb
92
92
15
89
Mai 93% Mar
60
61
276 49
Am
61
Aug
95% 96
541
90
Mac
98 June
89)4 90
1.0h
84
Api
94
Feb•
22% 23
2,034
19% Ma
24
Feb
12% 12%
21 11% Am
15
Feb
5
5
2.
3% MS3
'6
July
3114 34%
8.351
31% AM
34% Aug
72
80
12.52: 51% Fel
83% July
30
30
9, 21% Juni
40
July
33
34
1.811 24
Mai
36
Jan
29% 301. 6.30(
24% Mai
30% Aug
86
87
23. 84
Jai
91% Mar
8914 90
176 89
Fee 93
May
4% 4%
25
3% Apt
914 Jan
28
29
47! 27% Au,. 39% Apr
39
4134
411
39
Au!, 41% Aug
79% 79%
79% Am
79% Aug
46
50
41:
46
Aug 52
Aug
135% 13712
99. 130% Apt 14114 June
50
50
10 30
Mai
53
Aug
9
914
40(
8% Jai
11% May
59
62
(11. 51
Ma) 70
Feb
96
96
14, 79
Jan 10134 Feb
1
996
134
14 Jul)
7%
Jan
10414 105
141
83
Jar. 105
July
122 122
19, 115% Fee 129
July
2914 2914
15(i 28% Aus 30
Aug
21% 22
190 15
Apr 25
Jan
29
29
50 15
Mar 3764 Jan
28
2934
544, 2314 Mar 30% Jan
31% 32
2.285 31% Alit
35% Mar
105 105%
45 mg Jul) 109% Mar
13
13%
621, 12
AM
16% Mar
414 4%
150
4
Jan
7
May
8
8%
400
3
Jan
9% May
3814 3914
340 2614 Jan 42%
140 149.4 2.305 941.4 Jan 149% July
Aug
7414 74%
75 68
Jan 744 Feb
17% 18%
3,775 14% Mar 204 June
49% 51
895 41% Mar 56
Jan
34;1
92%
70
48
92%
99
6
22
9%
6%
42
19
2255
125
98%
10734
56
101
59
130
26%
6%
29
95
9535
17%
2355
74
12855
12834
100
11055
400
106
7534
2454
25%
9754
5455
77%
120%
36
48
74%
5
124 132
158 170
94
94
5055 51
19% 19%
193 200
117 117
255 2;5
15
13
956 1034
68% 72
115% 116
20
20
7% 7%
5131 5455
2935 31%
45
41
46% 4854
9,785 44
667 49
2,588 81
224 42
200 1855
3,980 112
100 112
235
250
155 13
9;5
580
1,631 41
370 110
20 10
200
534
9,425 4656
7,200 28
2,658 32%
4,440 45
Mar
Jan
Apr
Jan
Apr
Feb
Jan
Aug
Aug
Aug
Mar
May
Jan
Jan
Jan
July
Feb
July
135%
175
99
54
2235
200
11734
53
24
2355
72%
123
28
10%
5454
3155
48%
5555
Aug
Aug
June
June
Feb
Aug
July
Jan
Jan
Feb
July
Jan
Mar
Mar
Aug
74
74% $3,000
46% 46% 6,000
1025( 1024 2,000
9934 99% 1.000
Aug
June
Jan
Apr 8435 Mar
74
Mar
Apr 63
46
99g July 102% Aug
Jan 100% May
98
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange Aug. 22 to Aug. 28, both inclusive, compiled from official sales lists:
hated
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Friday
Am Vi,rified Prod com-50 27
Am Wind Glass Mach-100
100
Preferred
Arkansas Nat Gas com_10
•
Byers(AM)Co corn
100 9314
Preferred
Carnegie Lead & Zinc_ _5
1554
Carnegie Metals
50
Consolidated Ice com
50
Preferred
Duquesne Light pref___100
100
Fayette Co Gas
First National Bank _ __100
Jones & Laughlin pref _ _100
25 43
Lone Star Gas
50
Nat Fireproofing com
3434
50
Preferred
25 32%
Ohio Fuel Corp
1 1434
Ohio Fuel Co-_
Oklahoma Natural Gas_ _25 2954
Pittsburgh Brew pref._ 50
Pittsburgh Coal corn__ -100
PIttsb & Mt Shasta Cop_ _1
5
Pittsburgh Oil& Gas
Pittsburgh Plate Glass_100
Pittsb S.eel Foundry corn_
Stand Plate Glass pref.-_ -iaii
Prior preferred
25 10734
Stand San Mfg com
10
Tidal Osage Oil
25 15
U S Glass
West-house Air Brkae_ _50 13434
West Penn Rya pref. _100
BondsIndep Brewing 69_ __ _1955
'31
Pitts McKees & Con 5s
tORI
------- .... -
27
27
9255 9334
95
94
534 6
17
17
9355
93
651 654
16
14
3
3
16
17
110 110
95
95
325 325
1153411534
4234 4455
1354 1434
3455 35
3254 3234
1455 1434
30
29
1055
10
43
43
3c
3c
6
6
280 282
18% 1834
45
30
SO% 8034
105% 109
955 934
1334 15
13355 139
93
92
265
110
240
270
50
150
120
2,361
55
60
55
20
4
75
5,560
496
305
3,445
379
1,350
465
10
3,000
120
207
100
290
81
1,216
460
220
410
40
$1,000
75
75
9734 9714 1000
1 non
OR
OR
Range Since Jan. 1.
Low.
1935
88
93
534
17
93
4
14
155
12
10554
90
31254
11155
32
1134
3134
31
12
26
6
3954
3c
5
266
1834
30
80
100
855
13
97
89
Jan
Jan
May
Ain
Ally
July
Jan
Aug
Mar
June
Jan
June
June
Jan
Jan
Jan
Jan
Apr
mar
Jan
Mar
May
Aug
Aug
Aug
Aug
Aug
Aug
June
Jan
Apr
API'
Apr
Jan
75
Mar
96
9534 Jan
High.
2635
110
110
834
1955
9455
835
16
3
17
11155
95
325
11554
4455
1431
36
3455
1634
3155
1134
54
9c
8%
295
2034
79
98
136
1334
2034
14055
95
Aug
Mar
Feb
Feb
June
June
Mar
Aug
Aug
Aug
July
Aug
Aug
Aug
Aug
June
June
Feb
Mar
Feb
May
Jan
Feb
Feb
Feb
June
Feb
Jan
Jan
Feb
Jan
Aug
Feb
7555 July
9854 May
Apr
99
* No par value.
M. Byers Co.. corn., at 17;
Note.-Sold last week and not reported: 65 A.Oklahoma Gas a 29; $10,000
66 pref. at 9334:20 Duquesne Light pref. at 110:50
Cent. Dist. Teleg. 58 at 10134.
at
Cincinnati Stock Exchange.-Record of transactionsinCincinnati Stock Exchange Aug. 22 to Aug. 28, both
clusive, compiled from official lists:
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Amer Laund Mach com_25 10755 10734 10931
Auer Rolling Mill coin_ _25 49% 4954 50
100 10854 10834 10855
Preferred
76
76
Amer Seed Mach pref_ _100 76
20534 206
100 206
common
Baldwin
Range Since Jan. 1.
Low.
High.
Feb 113
506 72
July 5755
1,212 48
334 10655 Feb 11155
Mar 75
10 65
Feb 220
2 198
June
June
June
Mar
Jan
162
132
69 .
23%
87
112
71
108
170
3355
60
113
28
85
37%
78
84
102
32
102
21
102%
100%
18%
123
112
12%
835
128%
110
86
10631
11155
118
68
635
65
34;5
108%
10634
Banks100 213
Citizens National
Fourth & Cent Trust__ -100 218
160 162
132 132
69
68
23% 2335
88
86
112 112
71
71
108 108
170 170
333.4 33%
60
60
113 113
26% 28
85
85
3734 38
78
78
8331 84
102 102
32
32
102 102
20% 21
102% 102%
10035 100%
1834 1835
115% 123
112 11255
12%
12
8% 955
12255 129
110 11051
85% 865(
10634 106%
111 111;5
11755 118
6751 68
6% 7
65
65
34% 34%
108 108%
106% 10634
213
218
213
218
107
25
77
620
125
23
75
2
8
2.177
100
9
96
1
375
5
108
10
30
30
775
3
10
100
2,695
4
853
294
3,363
17
197
5
2
186
214
310
6
240
11
1
so
July
Mar
July
Feb
Aug
Aug
May
149
31
60
112
18%
8255
5
38
7
8355
98%
30
100%
17%
178
11000
May
Mar
Aug
Feb
Mar
Apr
Apr
Aug
Aug
Feb
Feb
Jan
June
r
ne
iday
un
via
.Tj
J
Aug
June
Jan
Aug
Aug
Aug
Feb
Feb
May
May
Feb
Mar
Aug
Jan
Feb
73%
110%
1151
555
112
Mar
June
May
Jars
Jan
81
103
90
10734
59
Jan
Feb
Feb
Mar
Feb
170%
4035
95
113
27
85
40
80
8834
10234
33
103
21
106
103
18%
123
11334
13
10
131
110
89
107
116
120
7255
1055
65
38
108%
10635
Japnr
554 A
43
0
4
35
11
by
eln
.Jua
jF
Aug
Aug
JulY
Apr
JUIY
Apr
Apr
Apr
July
May
Apr
Mar
Feb
Aug
July
Aug
Aug
Mar 225 May
205
20234 Jan 21834 Aug
Public Utilities81
81
Cincinnati dr Sub Tel_ _50 81
8855
88
100 88
Cin Gas& Elec
120 120
Cin Gas Transporta'n...100 120
82%
82
CN&C Lt drTr com-100 82
100 6151 6151 61%
Preferred
10654 107
100 107
Ohio Bell Tel pref
49 79
238 82
2 103
38 75
51 60
31 106
TractionsCin Street Ry
Ohio Traction pref
50
100
34
6254
3355 3435
62
6534
305
65
40
Jan
Jan
38
68
May
July
RailroadsLittle Miami guar
50
9434
9435 9455
30
92
Jan
95
Jan
323,-.
Jan 94
Jan 90
Jan 120
Jan 84
Apr 6355
Mar 110
June
May
Aug
June
June
may
• No par value.
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Aug. 22 to Aug. 28, both inclusive, compiled from official lists:
Stocks- •
•No par value.
Stocks-
Carey (Philip) corn__ __IGO
Champ Ctd Paper corn-100
Churngold Corp
*
City Ice & Fuel
•
Cooper Corp new
100
New preferred
100
Dalton Add Mach com _100
Douglas (John) pref _100
Dow Drug corn
100
Eagle-Picher Lead corn_ _20
Fay & Egan pref
100
Flelschmann pref
100
Formica Insulation
*
French Bros-Bauer pf.
_100
Gibson Art corn
•
Glove Soap Spec pref_ _100
Globe Wernicke com__-100
100
Preferred
Gruen Watch corn
*
Preferred
100
Hatfield-Reliance corn---•
100
Preferred
Johnston Paint pref
100
Kodel Radio A
•
10
Kroger corn
100
New preferred
McLaren A
•
Paragon Refining corn_ _25
Procter .S. Gamble com_ _20
100
6% preferred
100
Pure Oil6% pref
100
8% preferred
100
Richardson corn
20
US Playing Card
US Print & Litho corn _100
U 8 Shoe corn
*
Whitaker Paper pref_..100
•
Western Paper A
100
Wurlitzer 7% pref
100
8% preferred
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Sale
Par. Price. Low. High. Shares.
Amer Wholesale, pref..100
Arundel Corp, new stock_*
Atlan Coast L(Conn)_ _ -50
50
Baltimore Trust Co
100
Baltimore Tube
100
Preferred
Boston Sand & Gravel_100
Ches & Pot Tel of Balt_100
•
Commercial Credit
25
Preferred
25
Preferred B
Consol Gas, EL & Pow. •
160
6% preferred
100
634% preferrea
100
7% preferred
100
8% preferred
Consolidation Coal_._ _100
•
Davison Chemical
Eastern Roi Mill,87•Pf100
50
Fid•lity & Deposlt
Finance Co of Amer,pf-25
Finance dr Guarantee-25
Finance Bervize, Class A.10
10
Preferred
Lorraine Pet Co_ lc shares
Manufacturers Finance_25
25
1st preferred
25
2d preferred
25
Trust preferred
Maryland Casualty Co-25
Merch & Min Ti Co-100
Monon Vali Tree, pref._25
Mtge & Acceptance,corn.*
50
Preferred
Mt V-Wood Mills pf vtr100
New Amsterdam Ca.Co 10
Penna Water & Power_100
Roland Pk Home,1st pfl00
•
Silica Gel Corp
50
United Ry dr Elec
US Fidelity & Guar__ .50
Wash Bait & Annap_ _ _ _ 50
50
Preferred
•
West Md Dairy. Inc
50
Preferred
3455
70
11355
31
44%
11035
11334
53
105
27
2354
98
165
2234
4334
57
52
•
1555
2234
99
99
3435 3635
198 201
134 135
2034 2035
50
50
70
70
11334113)4
32
31
2434 25
2654 2694
4451 4554
10334 103%
110 11055
11351 11335
127 127
53
.52
4454 44%
135 135
104 105
27
27
25
25
2055 21
10
1054
134 154
56
56
2334 23%
24
2434
2354
23
9634 98
165 167
2255 2254
16% 1655
4354 4355
57
56
53
49
165 165
100 100
20
19
1834 19
205 207
1434 1534
2154 2234
60
60
5296 52%
85
4,115
os
32
125
10
40
18
1,103
512
647
733
20
22
10
25
284
100
173
260
30
30
150
15
100
25
10
38
196
705
63
69
170
148
91
1,044
20
40
200
1,040
61
848
273
40
15
•
BondsBelt Traction lst 5s.1929
Bernheimer-Leader 78_1943
Consol G,E L dr P454*'35
1949
Series A 6ts
1965
Series F 58
Consol Coal ref 435s._1934
1950
Refunding so
Danville Trac & Pow 5s '41
Elkhorn Coal Corp 68-1926
1931
Fairmont Coal fo
Georgia Sou & Fla 5s_ _1945
Lexington (Ky) St 5s..1949
Maryl'd Elea Ry lst 581931
United E L dr P 455s_ _1929
United Ity dr Elec 40_1949
1949
Income 4s
%ma
Funding 58
1927
Os
1949
6s
Wash Balt dr Annan 591941
•No par value.
99
9034
83
9955
9855
9554
9835
5055
7154
95
70%
9934 9935 1.000
10434 104% 1.000
9735 9734 5,000
2,000
108 106
99
99
1,000
9055 9034 1,000
2.000
83
83
66
1,000
65
9954 9934 10,000
9835 9855 1.006
99
99
1,000
9314 9315 1,000
9535 .9555 4,000
9831 9855 6,000
12,000
69
88
7,000
5096 51
7134 7234 4,500
9734 9735 1,000
9555 6,000
95
6951 7051 36.000
Range Since Jan. 1
High.
Low.
E
7.7W4gE14geltnetttEgggqqtt4tifili4444114gEEtt,44g.grit
May
Jan
Apr
June
May
Jan
Aug
June
Apr
Aug
Apr
Mar
Aug
Feb
Jan
Jan
Jan
Apr
Mar
Feb
Aug
Apr
Aug
Apr
June
May
July
June
Jan
Jan
Jan
July
Apr
Jan
Mar
Mar
July
July
Jan
Mar
Apr
June
July
Mar
Feb
Jan 170
July 135
Jan 71
Jan 2554
June 87
Apr 113%
Jan 77%
PIV,WilligVegtqggggoittEIVE
1,180 28
10 85
325 50
1.005 3755
10 85%
7,094 35%
3
7,675
12,200 14%
655
4,410
4
120
1,710 3755
460 13
29,310 20%
1,090 82%
560 91%
397 98
2,155 32%
836 98%
1,426 42
38 120
1,500 23%
4
435
40 24%
24 90
10 89%
680 11%
1.336 17%
525 33
245 10755
50 108
40 92
76 102
60 95
120 102%
3,520 48
2,299 14%
100 18%
55 9254
60 50
31,400 5555
1,614 10955
2,245 24%
100 43%
27,240 65
55
350
High.
Low.
135
125
4855
23
65%
9455
65
x
3355 3455
91
91
62
66%
34% 39
9234 9255
94% 99
45( 6
19% 22
7% 7%
455
4
4155
41
16% 19
2035 2234
102% 107
97% 98
106% 107
56
53
100 10055
5755 58%
125 125
23% 23%
435 6
26% 2634
92% 94
92
92
13% 13%
1935
19
48% 49%
126 128%
128 12854
98% 9855
108% 10855
118 118
105 10554
60
58
22% 23%
19
19%
97% 9755
5335 54,5
72;5
68
11151 112
25% 2755
45
45
7055 7454
2
2
Aug
Apr
Jan
Jan
Feb
Aug
Aug
Aug
Jan
Feb
Feb
Aug
Aug
July
Mar
May
Aug
June
Aug
July
July
Jan
Jan
Feb
Feb
Mar
Jan
Jan
Aug
Aug
June
June
Mar
July
Feb
July
June
Aug
Aug
Jan
Feb
Jan
Apr
Aug
Jan
Range Since Jan. 1.
rxx xxx x
High.
. ..
.....
.
. .
0 ...m.www000w..;m.c...mmto
^^. .4..ton'a...2.ww.w.4
.1,
4..cAtocnt4mcbwawwoam..wo.moomoc.wowtoo....o..o.wo4.4vm.00.
4 44
4 44
4
4 4
BondsChicago City Ry 5s_ _1927
Chic City&Con Ky.5s 1927
Commonw Edison 5s_ _1943
Swift dr Co lots(a 5s.1944
Low.
hates
Friaay
Last Week's Range for
0/Prices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
.
.
100
Illinois Brick
Illinois Nor URI, pref_ _100
Indep Pneumatic Tool_ --* 65
Kellogg Switchboard_ _25
Kentucky Hydro-Elec_100
25 97%
Kraft Cheese Co
5
Rights
La Salle Exten Unit,(111).10 20
755
Libby,McN&Libby,new .10
10
4
Lindsay Light, pref
41
McCord Radiator Mfg A.
* 19
McQuay-Norris Mfg
21%
Maytag Co
Middle West Utilities_ • 103%
100 97%
Preferred
Prior lien preferred_ _100 106%
Midland Steel Products.• 65
Midland URI prior lien_100 10055
Morgan Lithograph Co_ _.* 58
Nat Carbon, pref, new_100
Nat Elec Pow Corp"A"w I 23%
10
455
National Leather
North American Car Ci A.
Nor West Util pr In 9f_100
100
Omnibus pref A
Voting trust certlfs____* 1335
10 194
Pick (Albert) & Co
Pines Winterfront"A" -5
•
Pub Serv of Nor Ill
Pub Serv of Nor III_.__100
100 9851
Preferred
100
7% preferred
100 118
Quaker Oats Co
100 105
Preferred
Real Silk Hoelery Mills_ _10 58%
10 22%
Reo Motor
25
Ryan Car Co (The)
Southw G & E 7% pref _100
Stand Gas & Elec, pref. _50
Stewart-Warner Speedom.• 69%
100 112
Swift dr Co
15 26
Swift International
25 45
Thompson (J R)
Union Carbide & Carbon.* 70%
United Iron Works v t 0_50
United Light & Power125
Common Class A
• 160
Common Class B
• 94
Preferred Class A
• 50%
Preferred Class B
United Paper Board_
20 198
LI Gypsum
100
Preferred
Univ Theatres Cone Cl A-5
13
Vesta Battery Corp
955
•
Wahl Co
Ward (Montgom) dr Co_10 69
115%
Class A
Prefer,ed certificates- _ ;-----Wolff Mfg Corp
• 54
Wrigley, Jr
Yates Mach Co partic pfd.* 29%
Yellow Cab we,Ci B._10 41
Yellow Cab Co,Inc(Chic)* 67
Range Since Jan. 1.
mocco.I.octocc,vcomoomm000c
o&wwo
mov.moommakowtoc
4 4 4 4 X4XX
X
Sates
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High Shares.
Stocks-
(Vora 121.
THE CHRONICLE
1090
July
99
3934 July
Aug
201
Aug
140
Jan
32
Jan
70
Feb
75
11451 June
Aug
32
26 June
2655 July
4734 Aug
104
Aug
11051 June
11355 Aug
12735 May
Jan
72
4434 Aug
140
Aug
105
Aug
2755 June
25
July
22
July
11
July
494 Feb
60
Aug
25
Jan
2554 Aug
2454 June
100
July
167
Aug
23 June
1835 June
Jan
45
67
July
56
July
185
Aug
100
Aug
22
Jan
19% Aug
215
July
1555 Aug
23 June
Aug
60
5354 Aug
100
10434
9754
107%
10055
98
8755
7155
100
9855
9934
9434
9734
99
71
6236
74
9955
9634
71
May
Feb
July
May
July
Feb
Jan
Mar
Jan
June
July
June
Mar
May
June
Jan
Jan
Jan
Jan
Aug
AUG. 29 1925.]
THE CHRONICLE
St. Louis Stock Exchange.—For this week's record of
transactions on the St. Louis Stook Exchange see page 1070.
Market.—Below is a record of the
transactions in the New York Curb Market from Aug.22 to
Aug. 28, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
New
York Curb
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Week Ended Aug. 28.
Stocks—
Indus. & Miscellaneous.
Adirondack P&L 7% P1100
•
Allied Packers. corn
Alpha Portland Cement_ __ -----Amer Gas & Electric
• 76
Common
•
Preferred.
American Hawaiian SS.-10
Amer Lt & Tree,corn. 100 208
100
Preferred
Amer Multigraph. corn...* 2031
Amer Pow & La coin new.' 54
100 94
Preferred
Amer Rayon Products_ _.• 3434
Am Superpow Corp.CIA.•
• 36
Class B
25
Prior preferred
American Thread. pref._ _5
334
2
Apco mfg. Class A
Armour & Co (Ills) oomB2b
100
Preferred
•
Arundel Corporation
&JAM 0 & E Class A....• 3831
atlantic Fruit & Sue.-...• 85c
Atlas Port! Cement new •
•
Bliss(E W)Co. corn
• 89c
Boissonnault(0) Co
Borden Co,corn, exch stk50 8534
Corn aubscrip stock. _ _50
Brazilian Tr. L & Pow-100 6834
Bridgeport Machine corn.'
Brit-Am Tob ord bear. _El
Brompton Pulp dr Paper'
Brooklyn City RR
10
8
Bucyrus Co common..-100 186
100
Preferred
Buff Gen Elec. new com..•
Butler Brothers
20
Can Dry Ginger Ale new... 3834
Car Ltg & Power corn-25
3%
Carolina Power & Lt--.100 385
Central Steel Co cont....* 56
Centrifugal Pipe Corp
18
Chapin-Sacks 'no
_. • 5534
Chic, Nipple Mfg,Cl A..50 37%
Class 13
50 16%
Cities Service coin— --20 38%
Preferred
100 8434
Preferred B
10
Bankers' shares
Cleveland Automobile coin'
Preferred
100 97%
Colombian Syndicate.....
1%
Com'wealth Pow Corp—
• 34
Common new
Preferred
100 82%
warrants
Cons Gas.E L&P Bait new' 44%
Continental Baking.comA• 140
Common B
• 35%
100 105
8% preferred
Continental Tobacco_ ___* 1534
Cuba Company
• 47%
Cuban Tobacco v to
Curtiss Aeropl & M,tom.* 17
Davies(Wm)Co Class A_* 31%
De Forest Radio Corp_ _• 23%
Del Lack & West Coal 50 131
Dixon(Jos)Crucible_ -.100
•
Doehler Die Casting
DubillerCondsr& Rad
• 16%
Dunhill International....' 2235
Duplex Cond & had v t ø.
9%
Durant Motors. Inc
12%
Dun & Co. Class A v t c . 2134
Class A
22%
•
Elec Auto-Lite Co
Elee Bond & Share.pref 100 104%
* 64%
Elee Bond & Share Sec
Elia. Invest without warla• 5834
Elec Ry Securities
• 1634
Engineers Public Serv emu. 24%
Preferred (50% paid)'100
Preferred (100% paid) *
Eureka Vacuum Cleaner * 48
Faceol Motors Co. com_10
834
Preferred
10
Fajardo Sugar
100
Federal Motor Truck...10 32%
Federated Metals
• 29
5%
Film Inspection Mach . _•
Ford Motor Co of Can.100 483
7051
Fox Film class A
Franklin (11 tl) Mfg coin_• 32%
Preferred
100
Freed-Elseteann Radio...• 11%
• 16%
Freshman (Chas) Co
•
735
Garod Corporation
58%
of
Del
ci
E
A
w
I*
&
Gen,G
52
Class 13 w
105%
Class A preferred
Gen'l Ice Cream Corp w I • 36%
Georgia L,P&Rys.com-100 64
____• 84%
Gillette Safety Razor.
• 135
Glen Alden Coal
Goodyear Tire & R.com100 38%
Gould Coupler. Clam A' 22%
•Gram.(F W)5-10-25c St_• 80%
,• 1935
Grennan Bakeries ine
Griffith (I) NV), Class A. •
Grimes Ra & Cam Ilea_ •
931
Happiness Caudy St cl A.•
• 17%
.
Haseltine Corp_
' 15
Hellman (Rich), Inc. corn
Preferred with warrants• 33
••
2
Heyden Chemical
5434
Horn & Harden Co
Runt Bros Pack. Class A • 25%
IMPerialTob of G B & Ire
IntercouUnenuri Rubb.100 14%
Int Concrete Ind Fdrs shrs • 10%
Inter Match non-von of _35 51%
• 34
lot Utilities, Class A
• 10%
Clam B. .
100
5
133
101%
5
136
Range Since Jan. 1.
Low.
High.
120 92
Jan 107
100
5
Apr 10
140 131% Aug 136
75
7734 2,000
90% sox
200
io 10
100
204 219
5.705
100% 101%
125
20% 20%
200
5331 5731 9,200
94
94
30
,3331 34% 3,900
36
36%
200
35% 37% 7,100
2531 26%
500
334 334
1,200
24% 2434
100
1234 1234
1.200
89
89
30
3534 3534
100
38% 41% 9,900
85e 90c
1.200
52
53
900
2234 2234
100
75c 800
2,700
83
87
1,700
79
86
1,100
68% 69%
300
935 10
3.200
25% 2535
200
24
25%
500
8
834 2,300
186 193
425
106 106
100
67
67
100
34% 3434
200
35
39% 4.300
331
334
1.700
385 401
150
56
56
100
16% 18
8.700
53% 55% 11.800
3714 37%
700
16% 16% 1.300
14.500
3831 39
83% 8434
400
731 7%
600
19% 1931
100
20% 22%
2.200
9734 9731
70
2
131 1% 2,900
68%
83%
8%
137
94
1831
48%
84
26%
2634
27%
24%
3%
21
11%
84
3334
2536
80e
44
2234
31c
67%
6734
49%
4%
2434
20
734
121
104%
50
32
3434
134
300
51
10
1634
29
1134
35
8114
7%
1714
26
89
60e
33% 3534
82% 82%
50
55
44% 46%
139 143
35% 3731
103 105
1534 1534
4734 4834
4234 46
17
1734
3134 3134
23% 24
131 144
145 145
14% 15
16% 19%
22% 23
8
9%
10
15%
2134 22%
2234 2235
67% 6834
104% 104%
63
66
57% 60%
15% 17
23
26
100 10034
100 100
48
48
7
9
934 934
125 125
3235 3534
2734 29%
5
6
483 485
66% 7214
32% 36
87
87
11% 11%
16
1634
634 7%
55% 6034
5034 55
105 106
3531 37
64
70%
81
84%
135 144%
34
38%
2114 25
80% 8034
19% 20
650 65c
21
25
931 9%
17
18%
14% 15
33
3331
2
2%
54% 5631
25% 25%
25
25
1334 16
10% 11%
51% 52%
34
34
10% 1234
133%
79%
25%
8134
108
10,400
400
825
10,500
8,500
49,800
3.400
200
2,500
1,300
300
100
700
400
10
300
3,800
300
. 80
03,900
1.600
100
150
720
16.800
7,900
1,500
5,700
2,400
100
100
27,800
100
90
2,000
1,100
1,300
40
18.500
7.200
25
2,100
1,200
2.400
11,000
900
900
1,700
1,300
5,200
,
3,600
i2.100
24.100
100
800
100
1,900
5,400
LOKI
1.900
1,000
1,700
2,600
500
500
7.000
1,200
4,700
600
28.100
Feb
Apr
may
Jan
Jan
Mar
Feb
Apr
May
Mar
Mar
Feb
Jan
July
Apr
Apr
Aug
Mar
Jan
June
Aug
may
Mai
Mar
Apr
Feb
June
Aug
May
Jan
July
Apr
June
June
Jan
Feb
July
Mar
Jan
Apr
June
Mar
Jan
Mar
Mar
May
Feb
Jan
8435
9014
13%
224
103%
22
6714
95
51%
3934
41
26%
4%
26%
15
9434
39
4534
154
55%
2234
3%
87
86
69%
11
28%
25%
934
193
111
75%
3436
5114
534
445
58%
2734
55%
40
17
43
8431
8
21%
1934
99
234
Aug
Jan
Feb
Jan
Jan
2136 Jan
91% Jan
143.6 Aug
35% Apr
6% Jan
13
Feb
2535 July
1834 Mar
119
Apr
143 June
10
Apr
1234 Mar
23
Aug
3% Ma
9% Aug
2031 Aug
2034 Apr
6734 July
10134 Apr
55% Apr
40
Jai
1236 Ma
23
Aug
100
Aug
100
Aug
46
May
634 Aug
9% Aug
120
Feb
32% Aug
25% Aug
434 June
462
Mar
4734 June
1634 Apr
78
Apr
7
AD
9% Mar
2
Apr
54% Aug
45
Aug
103
Aug
34
Jul)
3154 Jan
57% Jan
117
Feb
24% Jan
20
Aug
55 June
154 Ma
65c Aug
9
Mar
6% Jan
14% June
14% Aug
33
Aug
1% Apr
46
May
25% Aug
21
Jan
514 Jan
7
Ma
8734 Jan
34
Aug
674 May
4336
85
88
47%
144
3934
104
2636
51
46
22
31%
34
144
149%
2036
35%
31
17
21
22%
33
76%
107
91%
6631
17
29
100
100
52%
9
9%
129
3974
29%
1134
524
7235
4234
92%
May
Feb
Aug
May
July
Feb
Aug
July
Jan
Jan
July
June
July
July
Mar
Feb
Mar
Feb
Feb
July
Aug
Mar
July
Aug
Feb
July
Aug
Aug
May
Apr
Aug
Feb
Aug
June
July
Aug
July
May
July
July
Jan
Aug
June
June
Feb
Aug
Aug
Feb
Feb
June
May
May
May
May
Aug
July
July
Aug
Jan
July
Aug
May
Aug
Feb
Aug
July
Jan
Jan
Jan
Jan
Jan
July
Feb
May
July
Feb
July
Aug
Aug
Aug
Aug
June
Aug
Aug
Apr
Aug
Aug
Jan
Feb
Aug
July
June
aa% Jan
28
Jan
17% Jan
6434 July
6234 July
106
Aug
41
July
7734 July
8435 Aug
145
Aug
3834 Aug
25
Aug
82% Aug
2114 MAY
1% Feb
27
Aug
9541July
513( Jan
15
Aug
3315 Aug
3
Jan
58% Mar
2834 June
25 June
16% July
13% July
5631 July
4635 Jan
17
Jan
1091
Friday
Sates
Industrial and
Last Week's Range for
Miscellaneous Stocks
Week.
Sale
ofPrices.
(Concluded).
Par. Price. Low. High. Shares.
Inter-Ocean Radio Corp_ -•
Johns-Manville Inc
• 1713-4
Jones(Jos W)Radio Mfg.'
Keiner-Williams Stamp_ _•
• 44
Kelvinator Cori)
25
Kraft Cheese
Landover Holding Corp A 1
2034
La Salle Exten Univ. _ _10
50
Lehigh Coal d, Nay
Lehigh Power Securities..• 13031
Lehigh Valley Coal Sales 50 83
39
Leh Vail Coal ctfs sew
Lehn & Fink Products...' 37
Libby McNeill & Libby-10
731
Libby Owens Sheet Glaas25
Liberty Radio Ch Stores..•
854
Marconi Wirel Tei Lond_il
834
• 2134
Maytag Co. w I
McCord Had & Mfg vtc •
McCrory Stores
.100 6535
Mengel Co .
Mercantile Stores Co_ _100 140
Mercur Bk (Vienna) Am sh
•
Mesabi Iron Co
Middle West Utilities corn* 10234
100 10634
Prior lien stock
100 9734
Preferred
Midland Steel Products—' 5654
Miller Rubber corn....l00 195
Mississippi River Pow_100
Mohawk Valley Co new_ •
Moore Drop Forg, CIA..' • 65
Motion Pict Capital Corn • 1731
Moto Meter Co., Inc. A--•
Municipal Service Corp..* 1434
Music Master Corn
- • 17%
10
National Leather
Nat Power & Light. corn.' 333
Preferred
Nat Pub &try CIA com_-• 24
• 17
Class B common
• 440
National Tea
Nev Cal El Corp, com_100
9
New Max & Aria Land-1
• 30
N Y kldse Co,Inc
N Y Telep 6%% Pret-100 112
Nickel Plate corn new w 1_. 9034
Preferred new w
Niter Corp Class A
60
Class B
1031
Northern Ohio Power CO.
NOr Ont Lt & Pr com-100 47%
No States P Corp,com_100 115
100
Preferred
Nor States Pow Del warnts 1235
Norwalk Tire & Rub corn 10
Ohio Traction, corn...100
100
Preferred
•
Omnibus Corp v t o
• 39%
Outlet Co corn
100
7% preferred
Pathe Exchange Inc el A-• 75%
Penns Water & Power_100 164%
25 46%
Phila. Electric, corn
Pitney Bowes Postage
7
•
Meter
Pittsburgh Plate Glass-100
77
Power Corp of NY.
Power Securities,corn....'
•
Pratt& Lambert Inc
Puget SO P & L. com__100 55
Purity Bakeries class A_25 4534
' • 4134
Class B
Pyrene Manufacturing..10
Rem Noiseless Typew CIA.
10 22%
Reo Motor Car
335
Rove Radio Corp tr otfa..•
• 7734
St Regis Paper corn
Schwarz(Bernard) Cif/ A-30%
Serv. El. Corp. CIA
Singer Mfg Co, Ltd____fl
•
7%
Sleeper Radio v t o
Sou Calif Edison com-100 12131
,
7 pref Series A_ _ _.100 10834
6% pref Series B. _100
• 23
Southern G & P el A
SouthCItles Util Co oom100
__
5434
South Dairies CIA w
3434
Class B w I
S'eastern Pr & Lt corn--• 144
New w I
29%
Southw Bell Tel,7% of 100 11035
3%
Stand Motor Constr._ _10
Stand Publishing Cl A .25 20%
Standard Tank Car. tom *
•
Stutz Motor Car
9%
100 111%
Swift & Co
111 25%
Swift International
• 1234
Tbermiodyne Radio
Thompson(RE)Radio vto• 1234
Timken Detroit Axle_ _10
8%
Tob Prod Export Corti....•
4
Trans-Lux Day Pict Screen
Clam A corn
•
6%
Trumbull Steel, com- --25 13%
Tubbs° Artif Bilk A
c.• 185
Class B
Tulip Cup Corp
• 15
Union Carbide & Carbon-• 70%
United G & E con] new
• 42
Trust certificates
United Gas Improvem1-50 98
United Lt & Pow corn A • 12434
United Profit Sharing.---1
1531
U 8 Light & Heat com__10
10
Preferred
U S Rubber Reclaiming..
37
Universal Pictures
Vick Chemical Co
4131
Victor Talking Macblne100 77%
Va-Car Chem (new co) w I. 12%
45
Preferred w I
86%
Prior preferred w I
•
Wahl Co. ,,om
9%
20 25
Walworth Mfg
•
Ware Radio Corr)
Warner Bros Plot corn..'
5
Wayne Coal
Western Pr Corp. corn_100 6535
100 9035
Preferred
White Rock Min Spr,corn • 40
Wilson & Co (new) w I-•
Class A
Preferred w I.
Yellow Taxi Corp. N Y..' 11
•
•
Rights—
Atl Gulf & W I SS Lines._
Commonwealth
Chemical..
Southern Dairies, Inc
--43c1%
Range Singe Jan. I.
Low.
High.
100
2.150
600
100
6,700
1,500
300
100
100
2,500
100
6,300
15,000
1,400
SO
5,600
100
40,100
900
100
400
200
400
500
5.700
320
220
1,400
1,110
150
2,700
400
1.000
19,700
200
5,500
300
3.920
10
3,400
1,300
180
25
5,700
1,600
150
4,700
700
1,200
37.500
7.000
1,250
200
25
3.000
26,000
200
200
100
1,300
los los
1,000
72% 7935 6.900
162 16935
1,11
46
4934 2,400
80c May
163
Aug
1 May
2034 June
18% Feb
64 May
834 Jan
1531 June
90
May
Feb
82
May
78
33
Mar
3634 Aug
6% Am
182 June
6% June
6% Aug
2134 Aug
July
22
Mar
87
Jan
30
140 June
5
Aug
July
2
82% Feb
9854. Jan
Jan
91
5254 AIM
145 June
47
May
36
Aug
6335 Mar
Mar
17
3834 Aug
12% July
8% Mar
4
Apr
184% Feb
Jan
95
22% June
14 June
230
Jan
3234 July
634 Jan
29
Aug
11034 Jan
82% Aug
8134 Mar
37
AM
4334 June
6% May
43% July
102% Jan
9434 Feb
Feb
6
July
14
11% July
62
Aug
MAY
12
July
38
Aug
10(5
1236 Mar
Jan
127
Apr
39
Jan
14
Aug
185
Jan
9
231.5 Jan
Aug
45
9954 Aug
2334 May
21% Aug
109 June
160 June
Jan
87
50% Jan
37% Aug
934 Jan
July
219
Jan
9
Jan
10
22% Aug
23% Aug
95
Jan
6954 July
155 June
Jan
8
4% Jan
12431 Aug
107% Aug
99 June
56% Aug
200
Aug
69% June
45% July
68% May
19% June
42% Aug
15
Aug
21% Jan
6% Jan
July
354
102 June
Aug
30
20 June
450
July
5034 July
1114 Feb
30% Aug
114
Feb
9454 Aug
Aug
513
6454 Aug
6134 Aug
13% July
53
May
May
126
101% July
2944 June
19% Aug
13
Aug
69% Aug
1754 Jan
41
Aug
100
Aug
9354 J11113,
187
Aug
49% Aug
7
7
281 281
7234 78%
16
1634
4834 50
55
5534
45
46
4135 4234
10% 1034
4434
44
2234 2331
331 4'
76% 81
17
17
2934 30%
834 8%
614 7;4
12054 125%
108% 10834
9534 95%
23
23
55
59%
5331 56
32% 34%
140% 149
28% 2931
11034 111
331 3%
2055 20%
11
13%
9% 10
111% 111%
2554 27%
11% 12%
10% 1254
854 954
4
4
100
1
12,700
200
700
30
1,300
2,000
100
400
6,60(i
700
2,800
100
10,600
1.600
900
2,925
25
50
500
400
14,000
58.100
4,300
1,900
50
100
1,000
300
7.900
90
5,200
1,100
4.400
800
1,800
7
260
83
13%
40
49
35
34
931
37
15%
3%
3834
16
(1%
4
4M
1013.4
104%
88
23
55
5334
32%
5234
2834
108%
336
519
835
6
109
2414
634
6
334
8%
Aug
July
Jan
Apr
Feb
Mar
Apr
Mar
July
Mar
Apr
Aug
Apr
July
APT
Mar
May
Jan
Mar
Jan
Aug
July
Aug
Aug
Feb
Aug
Mar
Jan
May
Jun
Apr
May
June
Mar
May
Jan
May
934
290
9134
26
50
60%
46%
67
12%
4934
24%
6% 6%
10
14%
160 170
163 169%
15
15
70% 7434
41
45
39
39
96% 101%
12134 131%
1434 15%
5% 6%
334 4
5% 534
36
3734
41
42
77% 79%
1254 1331
44% 47%
85% 86%
9% 9%
23% 2534
14% 1434
17
17
15c 15c
61
66%
90
90%
40
40
11
12%
2634 2734
70
70%
11
11
600
6%
1,200 10
470 147
220 156
100 1434
28.100 65
2.100 25
. 100 37
14.200 9074
24,800 44%
900
5%
1,400
%
400
1%
200
4%
2,200 24
8,000 41
1,275 65
5,100 12%
3,200 45%
1.500 86
200
934
1,800 23%
200
9
300 1334
2,000 15c
13,600 30
100 86%
100 16
1,100 11
800 26%
300 68
700 11
Aug
Aug
Aug
Aug
Feb
Mar
Feb
Jan
Feb
Mar
Jan
June
Jan
Aug
Mar
Aug
Apr
Aug
Aug
Aug
Aug
Aug
Mar
July
Aug
Mar
Jan
Feb
Aug
Aug
June
July
6%
1934
180
200
183.4
7474
52
44
1017(
186
1654
13%
4
7
37%
42
105
14%
4934
89
19
25%
35
18%
550
70%
9634
4934
lah
35
7.114
22
Aug
Feb
June
June
May
Aug
July
June
Aug
Aug
Mar
Aug
Aug
July
Aug
Aug
Jan
Aug
Aug
Aug
Jan
Aug
Jan
Aug
Jan
July
June
Aug
July
Apr
Apr
Jan
Aug
Aug
Aug
Aug
53'
1%
1%
134
Aug
July
Aug
Aug
2
2
171 185
351 351
21
21
42
45%
9534 9934
20% 21%
"21% 21%
9531 95%
130 136
84
83
39
4034
3634 373.4
7% 735
195% 19831
8% 834
636 631
2134 2234
22% 2231
91% 9134
65
65%
140 142
5
6
' 2
2%
102% 108
10634 107%
97% 97%
52% 5635
18234 200
64% 6434
36
3831
6534
65
1731 18
4134 4234
1434 1431
16
1754
431 4%
316 348
99
99
24
26
16
1734
418 440
33 .33
734 9
29
3035
112 112%
9034 93%
8635 87%
62
633.4
59
6135
10% 1154
45
4835
115% 117
100 100
1214 1831
1734 1934
1234 13
64
63
1334 13%
38% 40%
435 534 2,900
34c 656 31,100
1%
134
400
134
134 6.200
234
340
134
131
July
June
July
Jan
Aug
May
June
June
Mar
July
July
1454 Jan
95
July
18 June
Aug
81
10 June
19% Jan
189
July
111
Aug
9651 Aug
244 July
71% July
56
Aug
34% Aug
July
159
29% Aug
July
Ill
5% Mar
27% Feb
16% Aug
1014 May
120
Feb
85% Jan
2235 Jan
Jan
25
934 June
5% Jan
1092
Former Standard Oil
Subsidiaries.
s)
Anglo-American Oil_
Borne Scrymser Co_ _100
64
Buckeye Pipe Line
Chesebrough Mfg
100
Preferred
Continental 011 v t 0.-10
26
Crescent Pipe Line
Cuntberland Pipe Llne 104
104
Eureka Pipe Line
Galena-Signal t M.cam
104
New preferred
Humble Oil & Refining_ _21
lie
Illinois Pipe Line
Imperial 011 (Can) new _ _
5.
Indiana Pipe Line
Magnolia Petroleum..,140
12.5l)
National Transit.
104
New York Transit
25
Ohio 011
2'
Penn Mex Fuel
.2)
Prairie Oil& Gas
10.
Prairie Pipe Line
104
Solar Relining
In.
South Penn Oil
Southern Pipe Line ...lie
So West Pa Pipe Lines_104
Standard 011 (Indiana)._2.
Standard 011(Kansas) .2.
2.
Standard Oil (Ky.)
Standard 011 (Neb)____104
Standard 011 of N Y....2.
Stand 011 (Ohio) corn_ _ ID.
100
Preferred
Swan & Finch
10
21
Vacuum 011
Other 011 Stocks
Amer Controlled 4411 Fide 5
Amer Maracaibo Co
11
Argo 011
Arkansas Natural Gas_ .14.
Atlantic Lobos 011 corn-.•
•
Preferred.
25
Brit Amer 011
(Jamb Syndicate..
Consolidated Royalties_ _I
5
Creole Syndicate
Crown Cent Petrol Corn.•
Euclid 011
Gibson Oil Corp
•
Gilliland Oil corn v t c
21
Gulf Oil Corp of Pa
International Petroleum..•
•
Kirby Petroleum
Lego Petrol...4m Corp.__ •
•
Lion Oil & Refining
•
Livingston Petroleum_
.10
Mexican Panueo
blountaln h Gulf Oil
Mountain Producers....„11,
•
National Fuel Gas
New dradtord Al
New England Fuel 011..25
25
New York 011
Noble 011 & Gas,com_ _ _ _1
1
Northwest Oil
Ohio Fuel Oil
Pan-Ant West Pet Class B•
•
Peer 011 Corp
•
Pennock Oil Corp
26
Red Sant 011
Reiter-Foster 011 Corn- Royal Can 011 Syndicate.
Ryan Consol Petroleum_ •
Salt Creek Consol Oil_ _
Salt Creek Producers_ _ It)
5
Savoy 011
Si,,, 011 Co
•
Tidal Osage Oil
•
Venezuelan Petroleum
Western States Oil & Gas.1
Wilcox(H F)Oil & Gas new
%%minei rerroleuni co
"Y"011 & Gas
refining StocksArizona Comm
Arizona ;lobe Conner
Butte & Western Mining.'
Calaveras Copper
Caned° cornier
Chino Extension
Consul CuttPur Mines Cortez Sliver Mines Co . .1
Cresson Cons Gold M&M .I
Engineer Gold MInea,tal 6
Eureka Croestis _
First Thought Gold Mines'
Forty tillw Mining
I
Golden Centre Mines
1
Goldfield Florence
Hawthorne Mines Inc...)
Becht Mining
Hollinger Consol0 M _ _ _5
Jerome Verde Develop...
Kay Conner Co
5
Kerr Lake
Mason Valley Mines
_ 50.
National Ti.. Corp
New Cornelia Copper.
.1101
New Jersey Sine
Newmont Mining Corp.ill
6
bilplasing Mines
1
Ohio Copper
Plymouth Load Mines_ l
Premier Cold Mm, Ltd_ _1
Red Warrior Mining
1
San Toy Mining.
Shaw Mines Corp
South Amer Gold &Plat _ _1
Spearhead Gold Mining
1
Teck Hughes
Tonopah uelmont Devel.I
Tomos': Extension
Tonopah Mining
1
104
'Fri-Bullion S & D
50,
United Verde Extens
US Continental Mines_ _ _L
Unity Gold Mines
5
Utah Apex
Walker Mining
Wooden Copper Mining...
22%
6354
23%
c151
5795
135
30%
69
137
53%
122
205
15234
78
6134
32Ii
124%
404
350
12%
864
95:
4
24
39
6
10%
14
25.
155
72
24
254
434
20%
134
2034
5
6
8c
25%
14
2214
30
18
750
134
385.
34
25
25c
14
7%
22c
2%
70
86
24c
6%
16c
15*.
90c 2
49.
77c
be
Sue
62e
29.
10e
1
5
9c
245,
64;
65.
.
1 14.1u.
Range Since Jan. 1.
Low.
22% 23%
2,600 18
224 224%
20 205
58
593
170 58
624 6355
90(4 4854
113 113
110
22% 24% 28,900 21%
16% 17
300 10
XIS! 153
74, 132
6955 72
40 69%
45
46
271
45
103 103
21, 100
56% 69
7,201
42%
13155 135
130 127
30% 31% 4,30, 27%
67
69
104- 66%
137 1405.
304. 13054
21
214
204, 1955
50
56
154. 5)
62
63% 2,10( 60%
24
24
51/0 23
52% 54% 7,604.4 504
1214 123*.
1,651, 106
204 212
150 212
151 155
571 139
81
7555 80
7534
60
60
14• 60
6055 62*. 34,30(
6914
32
32%
1,404. 304
124 124%
1,00, 114%
231 239
)314 231
40% 415. 6,901
40
350 355
30 138
116 118
3. 116
12
14%
3E3, 12
4,600 80%
8534 87
3
3%
9%
9
44
4
46% 6
254 2%
334 3%
334 38%
594 64
1
1
1094 114
7% 84
1
15i,
255 24
14 154
7055 72
22% 24%
294 2%
4% 4%
20% 21
90c 90c
1% 2%
194 1%
20% 21%
1184 119
54
5
6
5
9% 94
8c
9c
30
3c
14
14
25% 27
1%
19:
22
22%
30
30
17% 194
750
154
454 45.
634
25% 26%
155 I%
374
36
9% 934
3% 354
120 13c
25%
25
555
5
6c
60
300
314
30,0004,
24
204
4
1.304
5
1,61.1u
2
800
355
2,200 38
16,000
34
700 95c
2,700
854
400
7%
1.800 87c
13.104,
1%
20u
155
2.400 634
17,70u 224
70(
254
18,60u
44
1,30g
19
100 75c
2,100 56c
1,70,4
1
4,000 1834
90 106
1,300
355
500
5
10u
854
3,00,
Sc
8,00,
3,
20 12
600 25%
4,600
90o
500 174
200 16
1,000 174
15,000
50c
900
354
100
654
1,60u 24
204,
155
3,20u 36
104.4
9
3.90u
355
6,000
70
1.600 25
41a,
34
4,00u
50
124 12%
100 10%
180 26c 31,Oug
Jo
6,00u 100
13c 15c
3945
14
155
154
8
7.400
170 22e
12,00u
10c
254 3
8.500
14
Sc
9,00u
70
70
3
3
6uu
3
85
91
4.004, 1454
70
8c
6.000
7c
180 180
1,00u 100
240 26c 14,000
4543
555 655 9,800
534
4,0ug
50
Sc
Sc
16c 19c
9.004,
Sc
15% 16% 1,004) 12%
144 14%
200 13%
1,9uu 76c
760 90c
155 2
39,euu
1%
Sua 880
1
2
2
400
1%
7c
2,00u
70
5e
400 18%
19% 20
192 200
8045 181
4455 4455
10,4 434
4% 44 4,3uu
44
4,600 73c
760 80c
6,Uuu
80 100
844
1,400
2',, 255
2
25c 51c 49,3uu 200
40
4c
2,00,.,
20
420 520 3jah.iu 320
411u
2% 2%
255
80 100 19,00.,
40
oa 1,1140
gi
154
4(s., 520
70c 75c
155
1515 15) 4.100
4% 534
3,60u
Pia
2,O.,
90
90
13c
23
244
1,9Uo 204
Sc
60
60
800 80
1.40 50e
64 755
2,204,
44
2% 24
1.100
254
3% 355 3.°W
BondsAllied Pack cony deb 89'39 86% 88% 86% 51,0013 84
1,000 74
1939 779: 774 77%
Debenture 13s
Alpine Si ini tan St 78 19.,.. 91
9115 61,000 91
91
1064 107
14,000 10634
Aluminum Co of Am 78 '33 107
97% 984 150,000 95
Amer 0 & E deb ris .210. 98
American Power &
as old without war/ 2014 95% 9534 984 189,000 93%
(Vol, 121.
THE elTRONTCLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High. Shares.
High.
Jar, 26% Apr
Apr 240
July
Aug 72
Jan
Jar 66% May
Mar 115
May
Mar 314 Feb
Feb
July
17
Mar 155
July
Au.. 98
Jan
Feb
A1111
65
Eel 10754 July
Jai. 7234 June
Jai 1544 Jan
Mar 34% June
Jul. 84
Jan
Apr 159
Feb
Aug 25% Jan
Jan
Aug 79
Aug 75% Feb
Am
4454 Mar
Ma. 654 Jan
Jar 127% July
Jai 254
Jan
Jan
Jar 197
Jan
Aug 103
Aui
Jan
85
Mai
Feb
70
Feb
Apr 46
Mai 126
June
Jan
Aug 270
Aug 48% Feb
Jan
Jar. 3419
Mar
July 123
Jan
Ati,
27
Jan 96% Feb
Atu
755 July
Jan
1154 June
Aur 10% June
Apr
855 Feb
Jul,
455 May
Jul, 1254 May
Feb
Aug 40
Mar
755 Aug
Jar
14 Jan
Jan
1434 Apr
Aug
1214 May
Jan
13.4 June
June
Jar
Mai
3% Mar
Ma, 79 June
Mat 28% Feb
Jar.
Jan
June
794 Apr
Am: 23
July
Jar
1% July
All. . Vie July
Mar
Jul)
2
Jai
23% June
Jar 122
Mar
Jai,
64 June
Jul:
June
Feb
1234 June
Au;
130 Feb
Jar
60 June
Jar
20
Feb
Au
32% Aug
Ma)
1% Feb
Jan 28% June
Mar 4454 June
Jul) 3355 June
Jul,
Apr
2
Jan
955 Mar
Jan
8% Mar
Jan 284 June
Mai
3% Jan
Aug 4614 June
Feb 154 Feb
Jan
44 Apr
Junt
24c June
Aug 31% June
7
Mar
Mar
Jan
go June
Apr 124
Jar344
Mar 190
Jar
2
Feb
8
Aug
14
July
4
Juni
250
July
4
Jan 109
Jan 230
May 584i
420
July
Juin
144,
Pet, 230
Apr
17
Ma, 1854
Aug
2
Ja.
May
Maisc
Aug
Mar 2455
Ma, 200
4055
Aug
614
Ma,
Aug
134
Aug 85c
Jan
24
Fel. 510
Jai
70
Aug 52e
Ma.
354
Fri
12c
Jan
14
An, 89c
Aug
3411
Ma.
lie
Ma:
2955
Apr
Au,
16c
Ma, 95c
Jai
834
355
Ma:
Jan
5
Mar
Feb
Feb
Feb
Aug
June
Feb
Feb
Feb
July
Feb
Jan
July
July
Feb
Apr
Aug
May
Apr
July
Feb
Jan
Mar
Jan
Aug
July
Jan
Jan
Mar
Jan
Aug
Feb
Aug
Jan
May
July
Aug
Feb
Aug
Jan
Jan
Mar
June
Jan
Feb
Apr
Mar 94% Feb
Mar
8414 Feb
Ma, 914 May
Aug 107% June
Jai, 99% July
Jan
98% May
Bonds (Concluded)
-
Lasi
Sale
Price
Amer Rolling MI1166_1938 10151
%II/41'011,ln 'op Min 68 1924, 103
Andian Nat Corp 6s __1940
Without warrant
9834
&woe(his & Eler ris _1965 9255
tssoc'd Simmons Hardware
6345.
90%
Atlantic Fruit 8s
Atl G & W 188 L 5s. _1
74
19:
5
3
Beaver Board Co 85..1938 8934
Beaver Prod 754s.......194)
dell Telep of Can 56._19515
Beth Steel equip 78 _1936 103%
Boston & Maine RR 681932
ranadlan Nat Rye 75 1935
Chic 6411w & St P (new eo
Ad)M 5awl
2000
CM- it I at Pac 5411_ _ I92,
1986 905.
Cities Service 89
Cities Seri,laser B...1961
Cities Service 78 Ser C.198r, 1245;
Cities Service 7sSer D 1986 103
Mies Serv Pr & LtSs.I944 94
Cons G. E L & P. Balt6s, Series A
5559 Series E
111999465215'
58 Series F
Congol rev ille Si
855'5
131944
4 97%
Cosgr-Meehan
914
('ulm Co ha
931' 112%
Cuban Teiep 7559____11941
Cudahy Pk deb 5559_1941
9034
1946 92%
5s
193 i 103*.
688
I)ierc
e &ty GasCo 74
1947
Oct
Detrolt Edison 69_ _1932 130
1955
59 Series B
1930
Debenture 79
86
Est RR of France 7s ..1954
1933
Federal Sugar 69
(lair 'Ruben ) Co is 1937 104
General Ice Cream 6548 35 107
General Petroleum 68.1928 100%
tirand frunk Sy 6 48 1921. 103
Great Cons Els. 648 195" 86
1937 99%
Gulf 011 of Pa 58
Hood Rubber 79
92%1
Kan City Term 549..19
1960 8414
4545
Krupp(Fried) Ltd 79 1929 88
Lehigh Pow Scour 68..1927 101%
Libby. MeN & 1.1b 78 1931 10494
Liggett Winchester 79_1942
Long Island Ltg 68... _1945 100
Manitoba Power 79._ .1941 1034
Missouri Vac RR 58_
MorrInh Co 7'.4s ......193. 102%
Nat Dists Prod 79._..1930 1004
New on Pub Sere 58..196,
1955
58 Series B
No Amer Cement 85591940
99
With warrants
Nor States Pow 650.-19K, 113
6%s gold notes......1933 10255
Ohio Power 59 der B..195: 92%
Oklahoma Gas & El 5s 1951. 92
Penn Power & Light fts 'f2 9651
1953
59 Series
Phlia Elec 555s
941
7 9754
Phila Rap Transit 6/1_ _1196
Phillips Petrol 748.....1931
Pure 1)11 Co 6130
1933 1015:
Schulte R E Co U....1935 100
Shawatieen Mills Ts.. _1931 101%
Siemens & Betake 741. _1928 959,
9134
7s
9
19
92
36
Sloss-Sheff St a I 89..1
103
Solvay & Cie 6s
10
92
35
4 97%
Southeast P & L 6s A.2
South Calif Edison 58_1944 9531
Stand Milling 5(4s._ .1945
8ta
13unno
d0
11 5
11%
010N Y63.48.1933
week a Rang, Sales
for
ofPrices
Low. High Week.
Range SlfWO
Low.
Jan. I.
High.
10155
103
11855
98%
9255
Jan 10334 June
101%
2.000 100
May
1035. 7,00( 1112% Jna in4
118%
1,000 103
Ain 125 June
98% 2,001
98 Ma) 1004 May
93% 26,000 9255 Am. 96 June
90%
21
72
89
10554
9855
10355
90
11034
91
21
74
90
1055:
98%
103%
91
11054.
Fel,
22,000 81
4,000 1855 Jai
Jar,
77,000 82
11,00(4 8734 Au4
2,000 10554 Au,
39,000 9755 Ala
6.00u 103
Ms,
23,000 8254 Mai
9,000 1084 Jar
91
27
7455
96
10755
100
104%
92
11255
June
Mar
Aug
Jan
July
June
Jan
July
Ant
52% 54
10055 1005:
903490%
176 176
12454 125
102% 103%
9354 94
124,000 5254 June 5554 Aug
10154 Aug
5,004, 10055 Au
33.000 9034 June 9154 June
2.000 15055 Jai 17854 Feb
Feb
46.000 Ill
Jar 128
73.000 9854 Ja. 1011% Feb
Fem
94% Mar
92,000 92
105 1055.
10454 10554.
9334 99
86
88
9754 9754
9155 9235
111% 11254
9054 91
92% 93
10354 103S;
10454 105
130 132
99
99
130% 130%
84
8655
9555 97
10234 104
107 10334
10034 101%
10754 108
86
86
9955 101
104 105
10154 10134
8355 8454
87
88
101 10134
10454 105
103 10$
9955 10054
10354 103%
100% 100%
10254 102%
10054 100%
90% 904
89% 90
7,001, 1044 Jar
3.000 1014 Jan
Aug
6,01./u 98
Al"
14,000 go
22,0ou 974 May
35.000 9155 Ma,
Jan
108
11.0(k., 449% Jig
Apr
7.000 90
12.0110 10255 Jul)
8,00t, 10291 Jan
28,011u 110% Jan
25,00u 974 Aug
3.00o 12155 Jun.
275.00., 75 44 Aar
10,1101, 9255 Apr
Apr
7.000 99
48,000 104
Jul)
48,0u0 10094 Jan
10634 Jai.
Jul'
50.00u 86
35,00o 9834 Jan
Jun
11,01Ju 102
1.00u 10155 Aug
30.00u 83
July
53 000 86
Aug
13.00u 11104 Jul,
Jan
22,000 102
1,0uu 10794 Jan
45,00u 99% A og
9,000 9855 Jan
2,00u 9955 At,'
6.01.1v 984 Ito
1,000 9955 July
10000 "11
J1111
16,001, 8954 Aug
98% 9955
113 11455
1024 103
9255 9255
914 924
964 97
96% 97
106 10654
97
975,
105 105
10154 102
100 100
101% 101%
9455 954
9054 91%
102 102%
10255 103
97
9755
95
95%
9535 9555
106% 10654
9755 9754
9655
96
91
90
10355 10355
8855 894
99
9955
9855 97
9635 9654
109% 109%
101 1014
101% 101%
10155 101%
100% 1015(
10051 100%
9954 10055
9955 10054
98% 100
99
98
9835 99
9834 9855
98%
98
98%
98
98%
98
9855
98
10554 105%
104 104
9854 99
13,000
76,00u
21,004,
27.00,,
28,00i,
14.00u
13.04.8,
2,004,
14,00u
3.000
59,000
2,000
16,000
19,000
8.00u
16,00u
24,00u
120.110u
17,00u
5,004,
16,00u
3.00u
35.001.4
26,000
1.000
43,000
2,000
20.004(
12,000
3,004,
5.0(/0
37.000
13,000
29,000
15.0130
34,000
9.00(4
27,000
13,000
41,000
25,000
71.000
30.000
55,00o
27,00t.
14,001:
89
88
Berlin (City) 634s.....19110 88
8755 88
Cologne (City) 6549.-1951)
99% 9954 99%
Denmark (King)68-107,
99% 9954 9954
548w I
98%
98
Gratz (CRY) Austria 89 55
1949
81% 79% 824
French Nat Mall SS 75
Hungarian Cons Mon1955
8954
89
89
Loan 755s
a111
Indust Mtge Bk of Flist95
9455 944
let M roll s f 7s _194.
9855
98
Medeilln (Colom) 88..1948 98
9754
94
Mtge Bk of Chile 650_1957
103% 109
N etherlands( Mintd)1930 72
10034 101
Peru (Republic of) 8)3_1932
1154 1255
Russian Govt 6559 ctfa 1919 1155
114 12
655% certificates __MS
1154 1155
.....
555s
Santa Fe (Prov) Argettritt
96
2 93% 93
Cred ex 78
Switzerland Govt 5)4e i92 103% 103 103%
9255 92%
Upper Austria(Prov) 79'45
330.000
13,004.,
9.00,
75,00.
3C,00,
88.00.
9 96
Swift & Co 519...Oct 15 11932
Tbyssen(Aug) 1&S 78 1940 91
Tidal Osage Oil 78. _1931
rob° El Pow (Japan) 78'55 8955
Tokyo Elec Light 68._1928
Trans-Continental 0117530 96%
Tyrol Hydro El Pow 7 45'56
United Rys of Hay 7555'36
US Rubber Ser 8549._1926
Serial 655% notes_ _191/
Serial 634% notes..1928 101%
Serial 64% note). _192v 101
Serial 64% notes_ _193ti 100%
Serial 634% notes 1931 100
Serial 634% notes..1932 99%
Serial
% notes_.1932 98%
Serial 654% notes._1934 98
Serial 654% notes._1935 984
Serial 655% notes_ _193t, ......
Serial 64% notes_ _1937 98%
Serial 655% notes-1938 98%
94
tee:
:1 1931: 98%
vaes
Se
eutrutta
a
l
l6
notes
0
44
11%
‘7
.
78 a
9855
193(
1937
Valvoline 01168
Webster Mills 694s_ --1933 99
98%
105%
9954
89
9134
96
95
104
96%
1034
97%
WO
WO
934
904
1111
100
96%
92
94
106
9534
94
90
103
87
98%
96
114%
in7%
1004
100%
100%
99(4
9955
97%
97
984
98%
96
95%
95%
95(4
954
9555
11154
104
13.00t, 9734
Am
Jan
Jan
Jan
Aug
At..
Apr
Jan
Aor
Jae
Jan
June
AP,
Aug
Aug
Jab
Jail
Am
Jan
Jul'
Aug
Jai,
Jan
Aug
Jan
Ante
Aug
Aug
June
Mar
Apr
AM
Al.'
Ape
Apr
Apr
Mar
Apr
Ma3
Apr
Apr
Ma)
Apr
Ma)
Mao
Aug
Jar
Mar
108
111534
1004
u5
9855
913
11255
93
95
105
1084
1334
100
133
8854
99
141434
110%
11)24
86
10134
105%
1024
8654
ellen
101%
105
10855
102
10555
11)1
104114
102%
95
93
004
121
10455
963.4
us
9854
9854
107
99
11)5
i n214
10094
104
99%
96%
10254
105
974
97%
9694
108
994
97
994
1114%
914
99%
103%
96%
112
10254
102
10255
101%
10154
191
1004
100
994
100
-.9 )4
tig 54
99%
99%
9955
107 A
106
10354
June
Aug
June
Jan
June
Mar
Aug
Feb
June
Feb
May
July
June
July
Feb
Mar
July
July
July
JulY
July
May
July
Jan
July
Jan
Mar
Aug
Aug
July
June
May
Feb
June
June
July
Aug
Juhr
May
May
Mar
Ma
,
May
Aug
Mae
Aug
May
June
JaO
Feb
Feb
June
July
Aug
May
May
Feb
July
July
Feb
Jan
Mar
Aug
May
May
July
Mar
Mar
Mar
Mat
May
July
£111113
Aug
July
July
July
July
July
July
July
Jan
Mar
Jan
Foreign Government
and Municipalities
July
Aug
Feb
Aug
May
Jan
88
8754
98
9955
97
7754
Aug 8955
Aug 88
Jul, log)
Aug 9955
Ma, 583.4
Apr 91
27,00t,
89
Juli
30,00.16,004,
18,001-
9254
9755
9455
1442
99
11
12
11
June
Mar 97
July 9854 July
Au.- 9755 July
Mar '9% Aug
Jan 1014 June
Aug It% Feb
Feb
17
Au)
1754 Feb
July
37.00,6.004
11,00t
37,001
4,00,
8914 Aug
328,004. 93
Aug 904 July
July
Jan (IA
65.00. i01
32,001., 924 July 92% July
•No par value. k Correction. I Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. s Option sale a Sales Of
Standard Publishing in ouri ssue of June 27 at 1734 was an error. to When Issued
XEx dividend. y Ex-rights. s Ha-stock dividend.
Xnuestutent and &Railroad luttiligna.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third
week of August. The table covers 13 roads and shows
10.15% increase over the same week last year.
Third Week of August.
Ann Arbor
Buffalo Rochester & Pittsburgh
Canadian National
Canadian Pacific_
Duluth South Shore & Atlantic_
Great Western
Mineral Range
Minneapolis & St Louis
Mobile & Ohlo ________ ._ ___
St Louis San Francisco
St Louis Southwestern
Southern Railway System
Texas & Pacific
Total (13 roads)
Net increase (10.15%)
1925.
1924.
$
109.233
362,791,
4.758,521'
3,510.000
119.424
2,349.000
11,0115
358,386
365.920
1.927,043
488,400
3,865.606
653,406
$
103.492
307.691
4,135,84).
3.116.000
122,485
1,996.505
8.247
341.806
357.605
1,8115,423
487,057
3,717,094
628,480
Increase. Decrease.
$
5.741
55.108
622,680
394,000
$
3.061
352.495
2.84%
16.580
8.315
110.620
1.343
148.512
24.926
- - --
18,878,841 17,138,734 1,743.168
1.740.107
3,061
1925.
1924.
Increase. Decrease.
$
$
$
Previously reported (1' roads) _ _ 18.103.18f 16124.297 1.C808'
Duluth South S.,ore & Atlantic_ 116,7'3
114,321
2.422
Georgia & Florida
39.300
40.600
Mineral Range
11.661
7.304
4,365
Nevada California St Oregon__ _
7.662
____
12.168
Western Maryland
414.997
342.045
72.952
Total (16 roads)
- _ - 18.693.557 17.140.935 1.660.324
Net increase(9.05%)
1.552.622
$
01,696
1,500
4,506
107.702
In the following we show the weekly earnings for a
number
of weeks past:
eurreni
Year.
Week.
let week May (16 roads)
2d week May (16 roads)
8d week May (16 roads)
4th week May (16 roads)
let week June (16 roads)
2d week June (16 roads)
8d week June (16 roads)
4th week June (16 roads)
let week July (16 roads)
2d week July (16 roa(1s)
3d week July (16 roads)
4th week July (16 roads)
1st week August (16 roads)
2d week August (16 roads)
3d week August (13 roads)
Previous
Year.
16.992.851 17.081,956
16.598.01% 16.938.303
16 688.-16: 17.019.3."41
22.177.351 24.473.257
17.075.421 17.337.267
18,982.661 17.388.645
7.170.113t 17.458.532
23.465.981 22.855.412
17.280,373 17.0:17.297
17.742.46% I 7.483.935
I 8.1)53.59% I 7.240.803
27.201.378 25,022.731
18.408.362 17.160.592
18.693,557 17.140.935
18,878,841 17.138,734
Increase or
Decrease
-89,106
-304.285
-330 888
-2.295.(1)3
-261.838
• -405.981
-288.496
+610.5611
+243.852
4-258,5:33
+ 922,795
4-2.178.647
+1.247.770
+1.552,622
+1.740,107
0.52
2.00
1.94
9.38
1.51
2.33
.65
2.68
1.43
1.47
5.35
8.70
7.27
9.05
10.15
We also give the following 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
miteave each month as stated in the footnote to the
table.
Urals Earnings.
Month
1925.
Jan. 183,195.642
Feb.. 154.009.66i.
Mar. 185,495,143
Apr. 172.591 66:.
May.. 187,664,385
June inn i1).5.1) 6
1924.
$
167.329,225
178.451.607
104.362,971
i74.2117.76•
176,549.801
1114.774 32i:
Increase or
Decrease.
Nei Earnings,
1925.
1924
#15,866,417 101.022,459 83 680.754
-24.441.93% 99.460.389 104.441.8911
109,230,081, 114.677,751
-1.696.10 102.861.47r 97,471.681.
+11.114.584 112.859,524 96.054.494
%41.227.7n 130.837.32, 101.487.318
Chi Del & Can G T Jet105.076
181,715
243.761
July
902,184
From Jan 1_ 1.790.953 1,755,558
Del G H & Milwaukee220,477
478.039
July
645,048
From Jan L 3,841,796 3,757,783 1,176,804
07.037
826,853
41.422
741.334
216,299
78.406
847,353 1,144,473
72.468
810.367
55,385
817,315
Central of Georgia558.474
561.047
2,506.290 2,390.203
July
From Jan L16,580,496 15,531,374 3,487,543 3,301,411
454,938
456.816
2,751,307 2.565.727
Central RR of New Jersey5,286,426 4,831,983 1,646,820 1.848,738
July
In the table which follows we also complete our summary
of the earnings for the second week of August:
Second Week of August.
1093
-Gross from Railway- -Net from Railway- -Net after Tares1924.1925.
1924.
1925
1924.
1925.
$
$
$
$
$
$
Buffalo Rochester & Pittsburgh198.475
242,735
228.479
July
277.741
1.450.289 1.208.513
974,655 __912.943
From Jan E 8,791.097 -9,278,596-1.219.891......1,138,685
,
Buffalo & SusquehannaJuly
112,601 --14.198 --22.748 --17,598 --25.148
108.665
--6,225 --78,875 --30,048 --112.179
From Jan 1.. 963,596 1,098,053
Canadian National Rys585.252
July
20,370,614 19,986,670 1,924.941
From Jan 1.125914357 134849,228 5,667,287 3,214,681
At) & St Lawrence382 -42.054
18,020 -20.738
153.100
195.862
July
20,067 --236.992 --96,380 --349.255
From Jan E 1.480,231 1,435,802
Increase or
Decrease.
5
+17.341,704
-4,981.506
-5.447,1165
+ 5.389.790
+16.805.030
+29.350.006
Note.-Per...Loam! U I inereame or demease III 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% 1nel June, 28.917 Inc.
In Jan, the length of road covered was
236,149 miles In
miles In 1924. In Feb.. 230.642 miles. against 236.031 miles. In 1925. against 235.498
against 2311.048 miles. In A pril. 236.664 miles. against 236,045 March. 2311,559 nines,
miles, against 236,098 miles; In June. 236.779 miles. againstmiles. In May,236,663
236,357 miles.
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for
STEAM
railroads reported this week:
Ches & Ohio Lines10,538.673 9,072,770 3.201.045 2,110,965 2,711.270 1.718.374
July
From Jan E66,855,851 60,614,860 17,466,166 14,626.160 14,237,836 1E944.317
Chicago & Alton516.054
675.229
606,997
774.794
2,672,454 2,454,144
July
From Jan 1_17.012,425 17.253.651 3,819.()05 3,615,422 3,122.520 2.972.7:10
Chicago Burlington & Quincy*2,626.948 *2.029.860
13,517,004 12,626.305
July
•12.146.421.12.914,478
From Jan L85.890.470 88,569,284
Chicago & East Illinois2.146.112 1,957.171
July
From Jan L14,450.403 14,755,559
•139,205
*446,614
.57.763
*291.377
Chicago Great Western251,975
304.690
325.048
382,659
2,024,326 1,975.033
July
From Jan 1.13.185,250 13,571,234 1.790,576 1,906.109 1,228.227 1.378.599
Chicago Milw & St Paul13..529.272 12.288,253 1,810,958 2,621,568 1,080,592 1.860.894
July
From Jan 1_87,059,242 87,153,228 11,854.430 13,637,845 6,466,3119 8,087,991
Chicago & North Western12.779,585 12,370.882
July
From Jan 1_80,468,015 83,688,766
Chicago St Paul Minn & Omaha2,185.304 2,127,250
July
From Jan 1_14,628,335 15,372.192
*2.230.895 .1.549.838
*9.182,536 *7,215,144
*217.868 .104.502
*1.273,712 *1,122.178
Clinchneld687.611
652.842
July
From Jan L 5,032,164 4,836,035
Colorado & Southern068,214 1,011,190
July
From Jan L 6,569,445 7,054,342
*205A94 *196,865
•1,827.084 *1,399.969
*88.710
*559,940
*120.471
*643.095
Columbus & Greens10.127
10.371
11,678
11.995
125.342
126.910
July
100.308
17,328
110,390
29.638
875,538
From Jan L. 871,122
Delaware & Hudson806.949
960.535
909,649
4.043,135 3,755,439 1.073,390
July
From Jan 1_26.498.848 25,924,869 5,584,911 4.121,468 4.796.532 3,398.578
Del Lack & Western7,789,128 7,047.545 2,399,279 1,909,565 1,735,822 1.336,706
July
From Jan L51.350.610 49,938,219 13,606,895 12,063,290 9,418,889 8.256.106
Denver & Rio Grande2,805,186 2,761,042
July
From Jan 1_17,234,921 17,211,642
Duluth & Iron Range861,869
1,011,392
July
From Jan 1_ 3,789,987 3,516,428
East St Louis Connecting159.946
175,695
July
From Jan I_ 1,297,540 1,275,782
*707.023
*14.759
*3,002,577 *1,605.932
559,533
1,012,590
393.235
471,803
493.880
756,672
336.392
236,765
84.710
558,807
59,983
533,074
85,092
524,795
56.793
481,939
Erie Railroad9,464,035 8,598,108 2.096,606 1,470,132 1,727.139 1.126,567
July
0,535.821
From Jan L60,006,486 59,069,107 10,241,070 8,975,100 7.693,428
Chicago es Erie272.992
357,825
325,805
414,756
1,136,097 1,032,397
July
From Jan L 7,996,046 7.984,930 3.095,688 2.813,663 2,707,785 2,444,574
NJ&NYRR32,617
30,072
36.284
33.805
141,898
151,443
July
136,477
86,570
162,332
112,286
917,137
From Jan 1_
943,462
Evans Ind & Terre Haute5.980
35.054
10,854
40,137
132,630
July
182,156
180.692
361,276
214,329
407,113
086,941
From Jan 1_ 1,337,631
Fonda Johns & Gloversville89,153
July
08.377
766,322
From Jan 1_
746,006
Ft Smith & Western135,270
July
129,548
943,598
From Jan 1_
982.517
Galveston Wharf75,993
94,120
July
627,741
From Jan 1. 952,348
31.734
243,384
19,771
266,254
23,894
188,504
11.931
211,374
23.113
222,950
26,520
113,097
17,613
184,207
20.696
72,144
-505 -19,750 -20,505
1,750
115,203 --42,997
240,781
78,288
-Grossfrom Railway- -Net from Railway- -Net
after
Tares
Georgia Railroad1025.
1924.
1925.
1024.
1925.
70,535
1924.
123,463
77,340
501,352
130.537
504,337
July
501,838
599,059
655,180
550,835
From Jan 1_ 3,456,707 3,440,149
Akron Canton & YoungstownJuly
282,328
Grand Trunk Western202,074
126,912
70,911
113,469
57.791
162,768
From Jan I_ 1,769,984 1,533,884
273,307
242,109
335,535
1,553,351 1,456,872
July
724,053
590,028
630,439
496,171
From Jan L10,343,924 10,787,215 1,983,246 1,549,399 1,510,829 1.028,574
Ann ArborJuly
518,036
415.871
145.686
109,427
124,701
80,627 Great Northern
From Jan E 3,242,393 3,101,100
*2.595.033 *1,911,879
10.090.146 9.120,577
July
823,189
649,180
687,984
489,583
*9,439,599 *7,721,980
From Jan 1_56.930,452 54,798,236
Ateh Topeka & Santa FeJuly
20,564,747 19,156,332
Hocking
Valley
*4,724.336 *3,569,025
From Jan 1_126967182 122623,486
*350,803 *416.241
1,790,907 1,594,216
July
*20,109,281.1 15,535,705
*2.041,057 *2,179,349
From Jan 1_10,643,010 9,768,520
Atlantic CityJuly
785,495
679,190
Illinois Central System386.136
298,987
363,419
279,038
From Jan E 2,761,534 2,496.643
13,903.616 13,050,692 2,939,106 2,470009 2,036,571 1.616.606
July
371,627
114,608
212,734 -25,350
From Jan L97.931,040 98,650,779 22,276,515 21.477,107 15.181,612 14,876,233
Line
Atlantic Coast
Illinois Central Co6,016,773 5,530,374
July
*624,719 *125,132
11,932,443 11.509,950 2,391,707 2,132,709 1,617.504 1,394,567
July
From Jan 1_53,835,953 50,313,018
*12,399,248'10,832,909
From Jan 1_84,924,778 86,954.142 18,765,424 18,727,262 12,571,138 12,934,752
Ohio
Baltimore &
Yazoo & Miss ValleyJuly
20,023,565 17,503,623 5,493,437 4,537,559 4,645.576
419.067
221,499
547,399
337,300
1,971,173 1,540,741
July
From Jan 1_129812024 128226,890 28,441,212 27,016,769 22,506,363 3,708,965
21,042.868
From Jan 1_13,006,263 11,696,637 3.511,091 2,749.845 2.610,474 1,941.481
Bangor & AroostookLake Terminal318,429
July
364,043
*-37,118
15,234
2,545 -12,964
-3,755 -19.389
94,254
101.741
July
From Jan E 4.187,714 4,068,437
*1,068,581
969,932
611,327
34,536 -37,750
-8,163 -82.582
From Jan 1_ 670,120
Boston ar MaineLehigh
Valley
July
6,830,234 6,522,683 1,646,543 1,237,863 *1,131,228
7,070.389 6,501,808 1,990,071 1,623.918 1,587,974 1.291.171
*733,087
July
From Jan L45.015,087 44,942,309 8,691,994 7,285,014 *5.281,984
*4,030,508
From Jan 1_45,444,088 43,822,538 11.614.088 8,500,488 9.108.267 6,779,898
Brooklyn E D TerminalMaine Central126,413
July
114,651
53,009
43.136
43,970
282,080
317.240
181,691
214,648
1,630.664 1,678.053
34.702
July
From Jan L 833,582
838.308
338,937
338,827
287,627
From Jan 1_11,670,208 11.988,891 2,465,241 2,126,885 1,762,221 1,409,588
287,370
1094
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1924.
1925.
1924.
1925.
1924.
1925.
$
$
Midland Valley68,171
143,501
July
88,581
160,410
396,504
339,648
701,915
770,243
824.198
From Jan 1_ 2.543.730 2,574.335
888,594
S
Minn St P & S M252,124
385,569
July
403,391
559,509
2,323,630 2,156,826
597,160
From Jan E14,362,029 13,610,790 2.698,898 1,598,797 1,628,358
Wisconsin Central294,620
469,627
386.612
1,875.234 1,676,924
July
565,136
From Jan 1_11,316,150 11,127,541 2,566,826 2,115,434 1,923,532 1.483,351
Minn St P&SSM Sys546,744
865,198
790,003
July
4,198,865 3,833,750 1,124,647
From Jan E25,678,180 24,738,331 5,265,725 3,714,231 3,551,890 2,080,510
Total SystemJuly
4,772.110 4,517,445 1,413,203 1,284.605 *1,024,409 *896,629
From Jan 1_31,696,918 29,339,757 9,630,059 8,000,364 *6,865,283 4.838,021
Mobile &
291,956
333,635
July
1,465,357 1,452,489
2,136,780 2,532,821
From Jan E10,675,779 11,449,446
Montour20,988
July
29,725 -16,073
59,239
150,901 -13,318
23,788
From Jan 1_ 612,917
66,216 -55,283
883,538 -24,369
Newburgh & South Shore8,519
-7,998
July
4,412
153.830
23,596
149,802
-8,185
180,393
From Jan 1_ 1,182,902 1,154,823
86,027
273,441
New York CentralJuly
32,467,804 29,601,787 8.898,923 7,544,717 6,782,342 5,600,361
FromJanl 215,819,050212738.012 53,819,050 51,647,145 38.817,330 37,811,668
C CC & St Louis900.557
July
7,512.759 6,759,531 1,903,784 1,244,614 1.479,462
From Jan 151,070,498 49,383,306 13,264,952 10,686,866- 10,186,427 8,052,832
Cincinnati Northern70.817
112,705
87,036
July
136,128
337,899
382,360
671.568
694,181
802,847
From Jan 1 2,553,265 2,690,841
858,091
Pittsburgh & Lake Erie*662,274 *435,902
July
2,499,938 2,272,047
*4,972,171 4,892,054
From Jan 1.18,581,548 18,731,986
New York Chicago & St Louis636,664
967,870
863,437
July
4.350,018 4,016,166 1,214,987
From Jan 1 30,847,166 30,965,027 8.362,809 7,089,733 6,626,308 5.461,141
NYNH& HartfordJuly
11,588,595 10,877,095 2.979,398 2,369,509 2,561.651 1,964,605
From Jan 1 74,732 589 73,357,035 18.732,711 16,051,503 15,891,321 13.189,499
N Y Ontario & Western502,574
617.388
July
550,623
656,329
1,766,619 1,639,161
672,307
860,761
935.100
From Jan 1 7,709,195 7,583,221 1,145,538
N Y Susq & Western30,496
108.263
59,781
July
137,351
426,548
473,755
494,319 -42.955
From Jan 1 2,994,715 2,710.161
167,796
696,705
Norfolk Southern108,629
133,411
July
151,852
178,050
736,191
726,046
970.603 1,128,135
From Jan 1 5,194,018 5.637,294 1,291,208 1,431,911
Norfolk & WesternJuly
8,985,810 7.132,821 3,038,800 1,783,231 2,387,968 1,107,844
From Jan 156.422,726 52,436,229 17,937,823 11,943,691 13,685.196 7,513,598
Northern PacificJuly
8,074,052 7,299,929 2,198,097 1,444,962 *1,750,817 *1,088,232
From Jan 1_50.212,345 49,907,377 9,610,952 8,380,914 *7,092,975 4,256,747
Pennsylvania SystemPennsylvania CoJuly
57,181,073 53,049,271 14,594,053 10,302,638 11,083,955 7,171,488
From Jan 1374980,003 368986,630 73,797,132 71,414,046 55.553,583 55,054,540
Long Island•1,289,974 490,012
3,887,935 3,708,502
July
4,440,330 *2,145,246
From Jan E20,951,073 19,788,671
West Jersey & Seashore434,212
241,740
473,693
674.504
July
1.631,680 1,525,228
490.101
944,347 1,106,704
From Jan 1 7,482,253 7.017.592 1,575,526
Peoria & Pekin Union-1,553
10,006
10,947
26,006
121,508
July
135,010
141.848 1,145,495
232,995
253,848
From Jan 1 1.073,235 1,012,686
Pere Marquette*606,893 *780,081
July
3,401,509 3,448,727
*3,779,110 *3.289,188
From Jan 1 22,841,121 23,769,976
Perklomen44,135
42,786
54,307
47,934
109,745
July
116,468
255.273
273.975
287,912
310,211
690,752
From Jan 1
747,436
Pittsburgh & Shawmut6,422
9,657
9,870
17.952
94,919
101,357
July
78,902 -48,853
99,265 -43,998
From Jan 1
603,990
693,947
Pitts Shawmut & North124
19,523
2,760
22,152
113,954
July
143,508
154,247 -35,637
173,091 -16,761
From Jan 1 1,018,642
771,364
Pittsburgh & West Va59,051
107,616
101,664
July
156,981
330,646
413,057
323,447
691.519
593,503
983,431
From Jan 1 2,699,196 2,237,807
Port Reading60,191
129,109
72,823
July
144,472
179,986
243,054
324.445
587.919
422,904
From Jan 1 1,410,988 1,188,947
699,715
Reading Co_.
July
7,962,367 7,047,233 2,074,719 1,665,686 1,705,371 1,366,274
From Jan 153,889,874 53,409,522 13,144,893 11,621,983 10,574,271 9,048,529
Rich Fred Jr Potomac254,711
271,336
308,239
July
990,554
329.519
977,435
From Jan 1 7,574,137 7,261.086 2,761,980 2,479,609 2,321,754 2,077,422
Rutland77,850
107,514
106,668
140,604
599,612
July
564,655
443,948
310,822
635.950
483,119
From Jan 1 3,656,667 3,793,644
St Louis Southwestern334,688
337.887
404,184
385,155
1,348,741 1,291,134
July
From Jan 110,089,269 9,943,125 3,019,718 2,962,269 2.649,783 2.526,496
Total System252.396
326.196
422,320
326,868
1,938,222 1.899,410
July
From Jan 114.312,324 14,147,521 2,825,917 2,811,447 2,266,724 2,194,537
St Louis Transfer13,509
136
393
13.892
58,051
60,664
July
49,838
72.793
50.962
75,587
463,151
452,939
From Jan 1
Seaboard Air Line
•197,774 *145,910
4,488,814 3,734,115
July
4.783.775 *1,785,447
From Jan E34,626,305 31,294,414
Southern Ry Co2,786.986 2,173,782
12.149,031 11,233,682
July
17,964,727 16,135,560
From Jan E83,147,860 80,853,263
Alabama Great Southern105,585
152,527
762.495
838,442
July
1.296,757 1,027,049
From Jan 1_ 5,831.880 5,680,241
Clue N 0& Texas Pacific426,323
672.564
1,988,285 1,765,767
July
3,968,842 3,073,991
From Jan E13,273,724 12,692,013
Georgia So & Florida112,387
186,137
436,501
584,480
July
584,634
999.288
From Jan E 3.495,031 2,848,332
Eastern
N 0& North
94.204
112,349
428,528
472.323
July
661,881
852,613
FromJan E 3,326,502 3,224,775
Staten Island Rapid Transit56,944 -11,681
7,421
73,148
282,508
311.357
July
42,178 -57,796
54,963
152,555
From Jan E 1.679,482 1,568,947
Terminal Ry Assn of St Louis
45,296
88,369
102,838
157,511
392,612
410,376
July
316,799
553,185
734,596
996,624
From Jan 1_ 2,913,203 2,879,313
[VoL 121.
THE CHRONICLE
-Grossfrom Railway- -Na from Railway- -Net after Taxes
1924.
1925.
1924.
1925.
1924.
1925.
$
$
$
$
$
$
St Louis Merchants Bridge Terminal6,009
92.856
24,916
121,427
July
322,664
392,106
292,887
535,123
460,369
From Jan 1_ 2,754,036 2,580.980
729,762
Texas & Pacific*339,374 *136,943
July
2,689,526 2,671,921
*2.315,299 4,898.478
From Jan 1_18.650,372 18,063,457
Union PacificTotal SystemJuly
15,627,467 15,635.418 3,441,266 3,456,512 2,378,598 2,123,482
From Jan 1_99,131,884 107314,070 24.031,975 26,610,984 15,760.158 17,874,019
Union RR (Penn)129,228
246,567
140,728
283,644
July
906,105
1,009,044
169,062
258,927 1,082,592
From Jan E 6,684,417 6,342,851 1,234.618
WabashJuly
5,899,650 5,160,942
From Jan 1 _38,772,699 37,049,408
Western Maryland541,854
July
1,665,016 1,436.218
From Jan 1 _11,149,898 11,081,784 3,307,541
• After rents.
*999,797 *750,280
.5,357,535 *3,877.323
288,802
476,854
358,802
2,812.050 2,862,562 2,262,060
Balance.
Income. 'Charges.
$
$
$
5,774
31,238
*37,012
'25
July
Fonda Johnstown & Gloversville
-6.886
30.979
44.093
'24
-8,238
224,270
*216,032
From Jan 1 to July 31 '25
15,393
221,442
*236,835
'24
626,897
New York New Haven & Hartford_ _ _ _July '25 *2,528,359 1,899,462 3,290.472
13,378,796
From Jan 1 to July 31 '25 *16,667.268
*448.519
July'25
Western Maryland
*259,408
794,283
From Jan 1 to July 31 '25 *2,567,599 1,773,316
311,552
'24 *2,123.187 1,811,635
1:74N
N3
"U'24
after digs.-Gross from Railway- -Available for Int.- -Surplus' 1924.
1925.
19$24.
1925.
24.
198
25.
19$
S
& Louis San Francisco (inc Isub lines)386,125
581,018
7,901,023 7,357,910 1,840,528 1.641,830
July
1,746,545
From Jan E51,858.602 49,102,001 11,819,342 10,437,655 2.998,020
Net Income
-Cross from Railway- -Available for Int.1924.
25.
19$
25.
193
$
$
$
10524.
Missouri-Kansas-Texas LinesMissou
.81
,2
24
72
129
.93
,7
95
22
49
1
896,629
4,772,110 4,517,445 1,024.409
July
1,438,630
From Jan 1_31.696,918 29,339,757 6.865.283 5,838,021 2,651.432
Fixed
Total Net
Balance.
Charges.
Income.
$
$
$
40,225
238,149
*278,374
St Louis Southwestern (incl St Louis July '25
128,182
236,046
*364,228
'24
Southwestern of Texas)
662,711
From Jan 1 to July 31 '25 *2,305,721 1,643,010
666,766
'24 .2.289,029 1,622,263
* Includes other income.
Net
Electric Railway and Other Public Utility
of
Earnings.-Tho following table gives the returns
not
and
gross
utility
public
other
and
ELECTRIC railway
earnings with charges and surplus reported this week:
Companies.
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
July 999.067
Alabama Power Co
12 mos ended July 31-10,100,576
716,860
cAmer & For'n Pow Joe _May
12 mos ended May 31 _ -- 7,667,760
726,840
June
12 mos ended June 30_ -- 7,857,880
July 1,603,728
Cities Service Co
12 mos ended July 31_ _18,463.237
July 4.309,075
Philadelphia Co
7 mos ended July 31 -_ - -36.467.553
a Southwestern Power &
June 1,091,902
Light Co
12 mos ended June 30-13.157,445
352,633
421.454
676,410
8,703.561 4,920,831 4,088,163
*233,366
*276,553
525.485
5,559,891 *3.282,733 *2,572.671
*233,348
*295.430
536,720
5,667,634 *3,344,725 *2.599.072
1,320,696 1,534,552 1,259,005
17,134,512 17,702,264 16,569,070
b795,757
b933,147
4.012.948
35,673,619610,822,243610,377,946
*439,299
*515,181
996.795
12,390,435 *6,370,766 *5,757,903
Earnings of subsidiary
*After taxes. b After taxes and depreciation. c
companies only.
companies and
subsidiary
of
properties
the
of
operation
a Earnings from
not the earnings of the Southwestern Power & Light Co.
Balance.
Fixed
Net after
Gross
Surplus.
Charges.
Taxes.
Earnings.
Companies.
191,679
k185,687
June'25 2,382.011 *c377.366
Atl Gulf & West
164.978
k200.301
'24 2.175,417 *c365,279
SS Lines & Subs
1.111,931
k1,124.709
40
14,854,780•c2,236,6
6 mos end June 30 '25
634,469
44.209,806
'24 13.457,388*c1,844.275
29,036
26,153
55,189
119,416
Bangor Hydro-Elec July '25
28,312
25,462
53,774
117.411
'24
Co
505,326
311.296
816.622
1,544,332
12 mos ended July 31 '25
491.681
298.625
'24 1,550,438 1,550,438
674,630 -249,478
425,152
July'25 *2,581,875
Boston Elm- fly
-353,246
678,390
325,144
'24 *2,547,400
117.095
56.774
*174.769
924.465
Brooklyn City RR July'25
116,121
39,141
*155.262
936.251
'24
1)421,307
1603.137
Columbia Gas & El July '25 2,406,316c*1,024,444
8495,115
1505,888
'24 1,433,997 c•701,003
Co & sub cos
j3.963,036 65,155,661
7 mos ended July 31 '25 18.422,8480'9318,697 13.691,662 154,158,753
'24 18509,252C'7.850.415
1,257,709
Commonw'th Pow July '25 3,333.644 1,148,730
'24 2.854.515
Corp & sub cos
,745 7,507,404
.
4
-218.132.149m106
41.340,134
12 mos ended July 31 '25
7.661,567
'24 39.171,617 17,008,398 m9,346.831
629.423
Consumers Power July '25 1.560,500
581,121
'24 1,334,690
Co
8,912.509 2.556,808 6,355,701
12 mos ended July 31 '25 19.155.801 8,460,633 2,401,910 6,0.58.723
'24 18,206.257
98,604
16,817
230.242 •115,421
Fort Worth Power June'25
94.717
16.765
*111,482
234.501
'24
& Light Co
1,222,128
201,631
*1,423,759
2,915.652
'25
12 mos ended June 30
1,183,592
217.451
*1,401.043
'24 3,115.814
24,433
56,573
81,006
320,658
June'25
Galv Houston El
51,812
44,493
96,305
329,125
'24
Co and subsid cos
482,029
564,192
1,046,221
3.952,997
'25
30
June
12 mos end
295,782
509,845
805,627
3,512.942
'24
170,465
212.330
382.795
643.448
July'25
Great Western
104,298
220.363
324.661
615,108
'24
Power System
1,252.445
1,527,297
2,779,742
4,561,193
'25
31
July
ended
mos
7
'24 4,419,788 2,580,674 1,512.379 1,068,295
84,873
56,478
*141.351
257.760
July'25
Idaho Power Co
60.430
64.828
*125.258
253.558
'24
776.191
709,091
12 mos ended July 31 '25 2,837.813 *1.485.282
701,859
779,065
'24 2.679.929 *1,480.924
508,156
Interboro R T Co July'25 5,259,212 1,812,606 1.304,450
-61.725
'24 4,426.138 1,213,391 1,275.116
6.501
34.791
41.292
262.566
Lake Shore Electric June'25
35.148 -16,605
231.748
18.543
'24
Ry System
54,333
220.858
275.191
6 mos ended June 30 '25 1,667,914
47.883
211,644
259,527
'24 1.561,431
i
AUG. 291925.]
THE CHRONICLE
1095
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
Companies.
Nebraska Power Co June'25
320,033
4'160,714
68.809
91,905
'24
298,276
*135,310
51,017
84,293
12 mos ended June 30 '25 4,045,211 '2.147.922
759,758 1.388,164
'24 3,885.104 *1,840.333
649,695 1.190.638
Nevada Calif Elec July'25
485.051
*267,143
105,824
161,319
Cor and subsid cos
'24
436.821
*243,242
99,512
143.730
12 mos end July 31 '25 4,789.524 *2,286,079 1,243,250 1,042,829
'24 4,367.028 *2,267.922 1,074,711 1,188,211
New Bedford Gas
July'25
313.332
*116,156
948,950
67,206
& Edison Light Co '24
256.314
*81,310
948,955
32,355
12 mos ended July 31 '25 3,850,946 *1,487.076 9618,814
868,262
'24 3,487.908 .1,220.744
9588,362
632.382
New York Dock
July '25
289,426
5156,747
k94,289
62,458
Co
•'24
273.223
5148,787
k105,811
42,976
7 mos ended July 31 '25 1,965,703 51,059,046
11180,848
378.198
'24 1.883.424 11.065,748
k743,249
322,499
Nor Ohio Pow Co July '25
933.762
227;669
{184,570
43,099
& sub cos
'24
786.409
136,780
1179,600 -42,820
7 mos ended July '25 6,626,520 1,707.270
{275,825
431.445
'24 5,726.918 1,238.782
{175,638
63,144
June '25
Pacific Power &
294,432
*130,998
63,512
67,486
'24
Co
265,663
*121.144
59.891
61,253
ended
June 30 '25 3.278.137 *1,424.078
12 mos
763.739
660,339
'24 3,250,912 *1,579,841
719,427
860,414
Penn Central Lt & June '25
319,669
156,270
69,260
87,010
Power Co
'24
286,460
136,081
65,307
70.774
12 mos ended June 30 '25 3,926,423 2,024,210
832,909 1,191,301
'24 3,551,927 1,676.750
632,632 1.044.118
Penne Coal & Coke July' 25
399,724 4.-24,961
930,987 --55,948
Corp & subs
'24
435,045 4.-14,666
932.454 --47.120
7 mos ended July 31 '25 3,026,624 4.-181,865
9223,177 --405,042
'24 3.465.900
*41,609
9229,837 --188,228
Portland El Power July '25
893,871
230,991
205,540
125,451
Co
24
860,350
298,056
184,576
113,480
12 mos ended July 31 '25 10.924.914 4,370,607 2,427,774
1.,942,833
'24 10.902.214 4.192,529 2,120,003 2.072,526
Portland Gas &
July '25
325.988
*126,706
44,213
82,493
Coke Co
'24
287,141
*102,165
38,298
63,867
12 mos ended July 31 '25 3,921,206 *1,394,508
489,266
905,242
'24 3.535.937 *1,301,866
466.593
835.273
Republic By & Lt July :25
847.0'71
293,683
1276,129
17,554
4
783,549
245,735
{241,386
4,349
12 mos ended July 31 '25 10.859.137 3,502,977 12.751,451
751,526
'24 10,464.516 3.637,926 12,967,864
670,062
San Joaquin Lt & Power
Corp
July '25 1,013,505
596.557
195,342
401,215
7 mos ended July 31 '25 5,425,518 2,830.241 1.372,567
1,457,674
Tenn El Power
July '25
915.104
350,258
Co
'24
733,458
347.539
12 mos ended July 31 '25 10.642.408 4,933,589 2,131,739
2.801.850
'24 9.352.365 4,411,808 1.842,599 2,569.209
Texas Elec By
July '25
177.113
52,244
36.352
15,892
.'24
211,591
79,970
35,890
44,080
12 mos ended July 31 '25 2.604.250
979.238
425,586
553,652
'24 3,008.674 1,256,714
433,014
823.700
June '25
Texas Power &
503,433 '205,656
83,223
122.433
Light Co'
'24
463,857
*197,356
66,356
131,000
12 mos ended June 30 '25 6,580,111 *2,974,300
921,884 2,052,416
'24 6311,551 *2.641,816
744.644 1,897.172
June'25 1,271.161
z Third Ave Ry
*277,916
e221,501
56.415
'24 1,272,271
System
*251.396
e218,574
32.822
12 mos end June 30 '25 14,542,509 *2,583,812 82,685,951
'24 14,649,265 *2,764,340 e2,689,078 -102.139
75,262
'Includes other Income. b After rentals. c After depreciation.
{ Includes dividends on outstanding preferred stock of sub. cos. m
Includes
amortization of debt discount and dividends on outstanding
preferred stock
of sub. cos. f Includes preferred dividends of subsidiaries.
z Figures revised. e Includes all interest charges and
amortization of
debt discount and expenses.
-Deficit.
Public Utilities (Concluded)- Page
Industrials (Continued)Page.
Southern Colorado Power Co
587 Graniteville Mfg.Co
984
Southern Indiana Gas & El. Co
588 Grennan Bakeries, Inc
714
Southwestern Gas & El. Co. (Del.),
Gulf States Steel Co
466
Chicago
461 Hartman Corporation
847
Standard Gas & Electric Co
841 Hayes Wheel Co
487
Tennessee Elec. Power Co.(& subs.)-461 Heels Mining Co
984
Third Avenue RY. System
709 (Richard) Hellman, Inc
592
Toho Electric Power Co.,Ltd
980 Hercules Powder Co
467
Tokyo Electric Light Co., Ltd
709 Houston 011 Co.(of Texas)
467
Twin City Rapid Transit Co
709 Hudson's Bay Co
715
Union Street By.of New Bedford_-_841 Hudson Motor Car Co
847
United Electric Lt.& Pr. Co
841 Hupp Motor Car Co
467,592. 715
United Gas Improvement Co
588 Hydraulic Steel Co
467
United Light & Power Co.(Md.)588.841 Ice & Fuel Co., Youngstown, Ohio__ -715
Utilities Power dr Light CorP-451, 588 Independent Oil & Gas Co
468
Virginia By. dr Power Co
709 Indian Motocycle CO
715
WestPenn Co
709 Indian Refining Co
835
Pape. Industrial Office Bldg., Newark, N.J-468
Industrials462 Inland Steel Co
Air Reduction Co
592
588, 710 Internat. Business Machines Corp.._592
Ajax Rubber Co
842 International Cement Corn
Alaska-Juneau Gold Mining Co
984
710 International Match Corp
Alliance Realty Co
468
462, 588 International Nickel Co
Allis-Chalmers Mfg. Co
715
Amalgamated Silk Corp.(& Subs.)_ _589 International Salt Co
469
462, 842 Iron Cap Copper Co
American Bank Note Co.
984
710 Island Creek Coal Co
American Bosch Magneto Corp
592
454 Jewel Tea Co., Inc
American Chicle Co
716,984
980 Jones Bros. Tea Co
American Cyanamid Co
847
980 Eel •ey Wheel Co
American Druggists' Syndicate
985
980 Kelvinator Corn
American Fruit Growers, Inc
592
462 Keystone Tire dr Rubber Co
American Hide & Leather Co
847
589, 710 (J. C.) Kinney Co., Inc
American Ice Co
716
American-La France Fire Engine Co..
592. 716
S.) Kresge Co
589 (S.
Inc
(S. H.) Kress Co
716
702 Lake Superior Corporation
American Locomotive Co
985
710 Lawyers
American Metal Co., Ltd
848
Mortgage
463 Lee Rubber & TireCO
American Piano Co
Corporation...-716
463
American Republics Corn
Lehn & Fink Products Co
716
589 Library
American Safety Razor Co
716
Bureau
710
American Steel Foundries Co
847
Liggett Co
(Louis
K.)
American Zinc, Lead & Smelting Co_ _710 Lion Oil Refining Co
716
842 Little River Redwood Co
Amoskeag Mtg. Co
716
Archer-Daniels-Midland Co.(& subs.)589 Loblaw Grocetarias Co., Ltd
847
589 Loft, Inc
Art Metal Construction Co
985
Associated Oil Co.(& subs.)._ _ _710, 843 Long Bell Lumber Corp.(& Subs.)_592
463 Louisiana 011 Refining CO
Atlantic Gulf & W. I. SS. Linea
716
72 Ludlum Steel
Atlantic Refining Co
848
Co
463 Mack Trucks, Inc
Atlas Plywood Corp
716
711 McCord Radiator & Mfg. Co
Atlas Tack Corp
469
843 McCrory
Auto Knitter Hosiery Co., Inc
469
Stores Corporation
463 Magma
Barnet Leather Co.,Inc
469
Copper
Co
463
Barney & Smith Car Co
Inc
483, 711 Manhattan Electrical Supply Co.. -593
Barnsdall Corp
489
463 Marland 011Co.(& Subs.)
Bayuk Cigars, Inc
593
Marlin
Rockwell
Corp
463 Martin-Parry Corporation
Beech-Nut Packing Co
848
843
Belding Bros.& Co
716
Rubber
Mason
Co
Tire
&
464
Bethlehem Steel Corp
469
464 Mathieson Alkali Works,Inc
Bing & Bing, Inc.(& subs.)
598
843 MM crick Mills
(Sidney) Blumenthal & Co
CartonCo.985
Printing
&
Menasha
(Wis.)
843
Bohn Aluminum & Brass Corp
848
589 Mengel Co
Booth Fisheries Co
716
464 Metro-Goldwyn Pictures Core
Borg dr Beck Co
848
Oil Co
843 Mexican Seaboard
Briggs Mfg. Co
Petroleum Corp.593, 716
Mid-Continent
589
Bush Terminal Co.(& subs.)
489
711 Midland Steel Products CO
Butte Copper & Zinc Co
717
981 Montgomery Ward & Co
Butte & Superior Mining Co
717
Moon
Motor
Car
Co
843
California Petroleum Corp
Coalition Mines Co.....-985
590 Mother Lode
Calorizing Co
717
Moto Meter Co., Inc
Calumet & Bela Consol. Copper Co-590 Motor Wheel Corporation
717
464
Canada Dry Ginger Ale, Inc
717
843 Mullins Body Corporation
Canton Co. of Baltimore
843
464 Murray Body Corporation
Central Leather Co
470
590 National Acme Co
Century Ribbon Mills, Inc
343
Carbon Co
National
581
Products
Certain-teed
Corp
986
Corp
464 National Dairy Products
Chandler Motor Car Co
ProductsCorn _ _ --717
464 National DistillersStamping
Chapin-Sacks Corp
Co..Inc-593
dr
Enam.
National
982
Chicago Fuse Mfg. Co
(Delaware)_
464 National Supply Co.
Chicago Pneumatic Tool Co
593
Tea Co
590 NationalConsolidated
Childs Company
Copper Co__ _ _717
Nevada
464, 590
Chrysler Corn
986
Southern Mills
711 New England
City Ice & Fuel Co
717
711 New Jersey Zinc Co
Cleveland Automobile Co
718
Dock Co
590 New York
Clinchfield Coal Corp
Annual, dkc., Reports.-..The following is an index to all Cluett.
N.Y.& Honduras Rosario Min. Co_ _848
711
Inc
Co.,
&
Peabody
Merchandise Co.. Inc-...718
464 New York
Collins Co
848
Mortgage Co
annual and other reports of steam railroads, public utilities, Colorado
465 New York Title &
Fuel & Iron Co
986
Corporation
Niter
711
and
industrial
miscellaneous companies published since said Columbian Carbon Co Balto_712,
Cement
986
American
Corn
North
982
Commercial Credit Co..
North Atlantic Oyster Farms, Inc_ -.986
including July 25 1925.
Investment Trust Corp.
Commercial
•
465 Nunally Co
(& subs.)
470
This index, which is given monthly, does not include Congoleum
982 Ohio Leather Co
Nairn Co.,Inc
848
712 Ontario Steel Products Co.,Ltd
(John T.) Connor Co
reports in to-day's "Chronicle."
470
Inc
Hosiery.
Onyx
590
Consolidated Cigar Corn
986
712 Oppenheim. Collins & Co.,Inc
Boldface figures indicate reports published at length.
Consolidated Textile Corp
590 Orpheum Circuit Co..Inc.(& Subs.)-849
Converse Rubber Shoe Co
Page.
Steam RoadsPublic Utilities (Cenduded)- Page Continental Can Co.. Inc
844 Otis Steel Co
Alabama & Vicksburg By
454 Interborough Rapid Transit Co
594
844 (The) Outlet Co
Continental Insurance Co
Chicago Union Station Co
835 International By.. Buffalo, N.
594
Owen Bottle Co
0:
1
Continental Tobacco Co., Inc
Chicago & Western Indiana RR
835 International Tel. & Tel. Corp
977
848
4
6
8
8
5
Refining
Corn
Co
Owl
Products
Drug
Cincinnati
Co
Chicago & St.
Cleveland
International Utilities Coro
718
706 cCootroynIancTy.
712 Pacific Mills
Co.. Inc .
580, 601 Iowa Southern Utilities Co
Louis BY
987
844 Pacific 011 Co
(Del.)
973 Jamaica Public Service Co., Ltd_ _
Denver & Salt Lake RR
987
114
7
3
Craddock-Terry
982
Pacific
Steamship Co
Co
580, 600 Kansas-Oklahoma Gas Co
Great Northern By
718
839 Crew Levick Co
465 Paige-Detroit Motor Car Co
International Rye. of Cent. Amer_ _ -4
98
74
3 Keystone Telephone458
88
47
9
Crows Nest Pass Coal Co., Ltd
844 Panhandle Production & Refining Co_8
Minneapolis dr St. Louis RR
839
466 Paraffine Cos., Inc
Cummings Car & Coach Co
Northern Pacific RY
583 Lexington Utilities Co
849
458
Co
Wilcox
Cushman's
465
Sons,
Stow
Ine
&
Peck,
By
583
Southern
Lone Star Gas Co
849
591,712 Peerless Truck & Motor Corn
837 Louisville Gas & El. Co. (Del.).458, h Cuyamel Fruit Co
Wabash BY
ggg Davison Chemical Co
8
74
14
2 Pe
petnIn
noSeaboard
Oi co Steel Corporation.
456 Marconi Wireless Teleg. Co.,
Western Pacific RR.Corp
Lt4L.839 Derby Oil & Refining Corp
-718,
Utilities
Public
Madison (Wis.) RY8
594
Diamond Match Co
712 Pennsylvania Coal & Coke Co
Amer. Light & Tree. Co. Or subs.)_ _704 Manila Electric Co
458,5
48g Dome Mines, Ltd
594
465 (J. C.) Penny Co
Amer. Water Wks.& Elec. Co., Inc_ _704 Massachusetts Gas Cos
458
719
Co
Wire
Insulated
Donner
Steel
465
Philadelphia
Co
Androscoggin Water Power Co
456 Metropolitan Edison Co
566 Douglas-Pictin Corp
719
465 Phillips & Jones Corporation
584, 975 Monongahela West Penn Public458,
Associated Gas & Elec. Co
Ser594
(E. I.) du Pont de Nemours & Co.,
Pickwick Stages System
584
vice Co
Baton Rouge (La.) Electric Co
706
719
591, 712 Pie Bakeries of America, Inc
Bell Telephone Co. of Pennsylvania_704 Montana Power Co
459 Dwight Mtg. Co
595
845 Pierce-Arrow Motor Co
Binghamton(N.Y.) Lt., Ht.& Pr.Co 584 Mississippi Power Co
719
Eaton Axle & Spring Co
466 Pierce 011 Corporation
837 Mutual Telephone Co., Erie, Ps
Boston Elevated Rys
839 Economy Grocery Stores Corp
719
983 Pierce Petroleum Corporation
456 National Electric Power Co__
Brooklyn City RR
_459, 707 Edmunds & Jones Corp
973
Gamble
Co
845
Procter
&
Brooklyn-Manhatn
ta Transit Corp.
New Bedford Gas & Edison Li Co
850
712 Producers 011 Corporation
458 New England Co. Power System_ .7Q7 Edwards Mfg. Co. (Boston)
(and affiliated
_707 Electric Auto-Lite Co
e 8
74
15
3 Quhlo
Cold Storage & Waronus
cyeNc
la
584 New England Telep. & Teleg. Co_ ___
Central Illinois Light Co
459
Engels
8
Copper
Mining
Co
584, 976 New Jersey Power & Light Co
Central Maine Power Co
586 Fairbanks Co.(
850
(&Subs)
844 Ray Consolidated Copper Co
705 New York Edison Co
Cities Service Co_
840 Fairbanks, Morse & Co
850
713 Reid Ice Cream Corporation
584 North American Co
Columbia Gas & Electric Co
Federal Motor Truck Co
719
48
5 RReeploinagletorrteTerco
Co
457 Northern Ohio Power Co.(&
Commonwealth Power Corp
Subs.).- igtg Fidelity-Phenix Fire Insurance Co_ _ _8
719
8
Steel Co
Con.sol. Gas, El. Lt. & Pr. Co., Balt_705 Ohio Cities Telephone Co
459
Fisher
Body
719
Corp
983
Reynolds
Spring
Power
&
Co
Light
Co
838 Ohio Edison Co
Consolidated
587 Fisk Rubber Co
466 Roesla Insurance Co. of America-470
Continental Gas &Electric Corp....705 Oregon-Washington Telephone Co_ _708 Fleischmann
591 St. Louis Independent Packing Co---851
Co
457 Pacific Gas & Electric Co
Detroit United By
587 sto Foundation Co
713 St. Louis Rocky Mtn. &Pacific Co--595
585 Pennsylvania Baron Co.(& Subs.)_587
Duquesne Light Co
Francisco Sugar Co
983 Savage Arms Corp
720
838 Phila. Rapid Transit Co
Easy Kootenay Power Co., Ltd
460 (H. H.) Franklin Mfg. Co
466, 713 Schulte Retail Stores Corp
851
East. Massachusetts Street Ry_838,977 Portland Electric Power Co_ _ _ _460. 587 Gabriel Snubber Mfg. Co_466, 972, 991 Seagrave Corp
720
585 Public Service Corp. of New Jer_460, 587
Eastern Texas Elec. Co.(Del.)
General Cigar Co., Inc
591, 713 Sears, Roebuck & Co
720
705 Quebec Power Co
Electric Investors Inc
460 General Motors Acceptance Corp....713 Selberling Rubber Co
720
•
English Elec. Co.of Canada. Ltd...838 Radio Corp. of America
460 General Motors Corp
591, 701. 723 (Frank G.) Shattuck Co
471
Co
Traction
705
Reading
Transit
Co
&
Light
ederal
587 General Outdoor Advertising Co.,Inc.846 Shattuck Arizona Copper Co
720
457 Republic R.& Light Co
ifth Ave. Bus Securities Corp
846 Sheffield Farms Co.. Inc
851
977 Roanoke (Va.) Water Works Co.....460 General Railway Signal Co
ry (Ind.) RI'. Co
General Refractories Co
591, 713 Shell Union 011 CorpCorp
851
Corp
585
San
Diego
Electric
COnsol.
Gas
&
Elec. Co._ _840 Ginter Co.. Boston.
neral Gas &
984 Simmons Co
San Joaquin Light & Power Corp_ __
ackensack Water Co., Weehawken,
Glidden Co
846 Simms Petroleum Co
988
585 Schenectady BY
979 Goodyear Tire & Bubb.Co., Akron,0582 Skelly 011 Co
N. J
596
Telephone
Co_
__
.977
Southeastern Power & Lt. Co._.587, 841 Granby
Iome Independent
Canso!. Mining, Smelting &
Southern Ice & Utilities Co
696
585
Southern
California
Co
Edison
Utility
Co
Public
708
Him&
Power Co., Ltd
714 Southeastern Fuel Co
988
•
FINANCIAL REPORTS.
Y
7
sal
Page
Industrials (Continued)851
(AU., Spalding & Bros
720
Spear & Co
720
Spicer Mfg. Co
471
(C. G.) Spring & Bumper Co
989
Standard Chemical Co
471
Standard Plate Glass Co
471
Standard Textile Products Co
Stewart Warner Speedometer Corp_ _471
596 702
Studebaker Corp
721. 852
Sun Oil Co
852
Superior Oil Corp
597, 721
Superior Steel Corp
Sweets Co. of America, Sod. 597, 989
721
Symington Co
471, 721.989
Telaut°graph Corp
471
Texas Gulf Sulphur Co.. Inc
471
Texas Pacific Coal & Oil Co
852
(John R.) Thompson Co
702. 989
Tide Water 011 Co
989
Timken-Detroit Axle Co
989
Tooke Bros.. Ltd
721
Transcontinental Oil Co
Transue & Williams Steel Forging
471
Corp
597
Trumbull Steel Co
263-271 West 38th St. Bldg., N. Y.
598
City
852
Underwood Typewriter Co
990
Union Tank Car Co
598. 721
United Alloy Steel Co
United Cigar Storm Co.of America_721
598
United Drug Co
Page
Induatriats(Concluded)U.S. Distributing Corp.(& suba.)722
U. B. Hoffman Mach. Corp____472, 598
852, 990
U. S. Realty & Impt. Co
834
United States Rubber Co
581
U.S.Steel Corp
722
Co__
Min.
Extension
Verde
United
722
Universal Pictures Corp
853
Utah Apex Mining Co
722
Utah Copper Co
Vanadium Corp. of America. Inc___ _990
Vick Chemical Co.,Greensboro, N.C.852
598
Virginia Iron, Coal & Coke Co
990
Vulvan Detinning Co
854
Ltd
Co.,
Wabasso Cotton
472, 854
Waldorf System, Inc
990
Wanner Malleable Castings Co
472
Ward Baking Corp
854
Warner Bros Pictures, Inc
_722
City_
Y.
N.
Co.,
Disinfecting
West
472
West Kentucky Coal Co
599
Western Grocers Ltd
599
Westinghouse Air Brake Co
Weston Electrical Instrument Co.,
722,854
722
Wheeling Steel Corp
473
White Eagle Oil & Refining Co
473
Corp
Wright Aeronautical
473
(Wm.) Wrigley Jr., Co
722
(F. W.) Woolworth Co
Youngstown (0.) Sheet & Tithe Co.,
473,
Zellerbach Corp
Investment in Amalgamated Phosphate Co. This makes a total of $1.500.000 which has been charged off with respect to this item. Charges for depreciation on buildings and machinery of $724,656 and on patents of $234,887 are reflected in the profit and loss account for the year. There has been
expended during the course of the year for plant extensions and improvements the sum of 51.120.192. The subsidiary companies show a net loss for
the year due to the substantial amount of development work in which they
are engaged.
The claim of the Government for additional taxes still remains undetermined. 44
RESULTS FOR YEAR ENDED JUNE 30.
1921-22.
1922-23.
1923-24.
1924-25.
$10,190,806 58.912,555 88.387,420 $4,137,792
Gross sales
305,604
417,596
600.311
1.097,872
Freight allowances
89.092.935 88,312.244 $7.969.823 $3.832,188
Netsales
471.005
612.255
541.370
423.280
Sales to Antal. Phos. Co.
599
(B. F.) Goodrich Company.
(Semi-Annual Report-Half-Year Ended June 30 1925.)
CONSOLIDATED INCOME ACCOUNT-SIX MONTHS END.JUNE 30'
1923.
1924.
1925.
$60.434.755 $50.137.665 854,074.926
Net sales
50,682.831 45.412.064 48.980.358
Manufacturing, &c., expense
Net profit
Miscellaneous income
Total net income
Depreciation
Federal tax reserve (estimated)
Interest
Preferred dividend (335%)
Balance, surplus
Previous surplus
Preferred stock redemption
Federal tax paid on 1924 earnings
[VOL 121.
THE CHRONICLE
1096
$9.751,924
563.285
$4.725.601
409.927
$5.094.568
451.436
$10,315.209 55.135.528 55.546.004
51.195.415 51.056.662 81.036.189
1,000.000
1,503.430
1.323.849
1.013.178
1.282.050
1,240.470
1,178.100
55.928.516
17.609.966
Cr33.642
342,846
51.514.547 51,724.335
11.106.950 10.794.614
Cr115,012 Cr180.413
E Total profit and loss surplus
523.251.279 512.736.509 $12,699,361
CONSOLIDATED'BALANCE SHEET JUNE 30.
(Omitting good-will, previously carried at $57,798,000, and patents and
trade marks carried at $1.1
1924.
1925.
1924.
1925.
5
5
Liabilities•
Asset.,Common stock
Real estate and
2,313,999
2,313,999
note)
(see
equity
31,022,067
a30,646,906
plants
Inv. in other cos__ 6,822,711 4,305.591 Preferred stock _..32,472,000 34,848,000
920,389 8,483,724
522,400 1.238.400 Notes payable__ __
Treasury pref.stk_
25,397,531 26,919.536 25-yr. 1st M.6;4E1_22,662,500 23.273.500
Inventory
Accounts payable_ 5,816.124 3,235,484
Due from etnpfees
460,140
1,322.830 1,123.263 Sundry accr.liabil. 749.551
account stock
3,330,102 7,319,638
Trade accts. rec_ _21,141.135 16.439.124 Reserves
54,347
23,167
327.377 Empl. net credits.
Other accts.ree_ _ 613,745
3,927,715 3,710,550 Surplus approp.for
Cash
amort. of war
Prepaid accounts. 2,359,202 2,854,496
1,225,064 1,225,064
facilities
United States Lib10.000 Earned surplus_..23.251.279 12,736,509
10,000
erty bonds
92.764.175 87,950.404
Total_
92,764.175 87.950.404
Total
less reserve
a Real estate, buildings, machinery and sundry equipment,
of $13.342.165 for depreciation.
of no
I Note.-Common stock June 30 1925, authorized. 750,000 shares
less exclusion of
par value: outstanding. 601.400 shares, or 360,112.000:
good-will,
and
rks
Intangible capital assets, namely, patents, trade-ma
121, p. 847. 466.
857.798,001. leaving 52,313,999.-V.
59.516.215 88.853.614 58.582.078 84,303.194
Total sales
3,678.429
5,936,679
6.540.636
Cost of sales
7,403,084
269.202
443.783
528.941
668,955
Selling & gen.expenses...
$355.563
Net profit on sales_ _ _ _ 81.444.175 51.784.036 52,201.615
97,560
224.217
146,573
89.504
Miscellaneous income_ -1p,
Total income
51,533.680 $1.930.609 $2,18.
14.844
Int.,exch.& disc. paid_
.
42,2T.S
20
8:18
hit. bds. of Am. I'll. Co_
36
Miscellaneous charges
60
1
51
$44
Net profit Am.Cy. Co $1.533.680 $1.871.456 52.373,213
Ptofit ofsub. cos
dr.58.072 cr.108,488 cr.131.867
261.149
189.542
148.888
Res.for Federal taxes.._
233,975
234,888
Licenses & pat's writ. off
234,887
$403.031
cr.83.937
55.000
233,975
$2,009,957
3,143,276
50.101
$197,992
3,291,490
Net income
Previous surplus
Sundry credits
$1.091,832 81.555,514
1.628,219
1.039,268
Total surplus__
$2,131,100 33,183.733 $5,203,334 $3,489,482
10,451
6,613
7,845
136.347
Losses on aband.equip_ 2,216,805
Good-will written of,..
69.322
Sundry charges
22,684
Red.ofinv. in A.Ph.Co500,000
1.000.000
950,000
Res, for contingencies
335.754
Preferred dividends_ _ __(6%)335,754
335.754
335.754
Common dividends- ---(6%)395.658(535)362.686 (1 %)65.943
a Profit & loss, surplus
$869,160 $1.279,624 81,628.219 $3,143.278
a Includes income of subsidiary companies, as above stated as a loss for
1924-25.
BALANCE SHEET JUNE 30.
1924.
1925.
1924.
1925.
$
$
LiabilitiesAssetsLands, bldgs., &c_x4,608,966 4,242,477 Common stock__ 6,594,300 6,594,300
497.763 Preferred stock.- 5,595,900 5,595,900
Notes & acts.rec._
778,753
881,980 Accts. pay., accr.
928,135
Cash
833.089
772,625
wages & taxes__
2,355.800 2,061,994
Inventories
402,236
789,912
License, pats., &e_71,675,792 1,910,680 Due to subsid.cos_
182.853
Inv.in sub. cos.. 3,780,428 4,115,839 Dividends payable 182,853
974,595
862.402
444.152 Iles, for canting__
Due from sub.cos_ 650.932
193,526
.198,589
533.694 1,242.686 Inc. & prof. taxes_
U. S. Govt. secs._
927,231 1,039,267
418,195 Surplis
Prepaid insurance_ 611.312
15.923,812 15,815,786
Total
Total
15.923,812 15,815,766
y After deducting proporx After deducting 54.041.075 depreciation.
on written off amounting to 51.873.628.-V. 121. P. 980.
Lake Superior Corporation.
(21st Annual Report-Year Ended June 30 1925.)
President William H. Cunningham (of Philadelphia),
Sault Ste. Marie, Canada, Aug. 1925, wrote in substance:
show
Results.-The operations of the subsidiary companies for the year
the following results:
Algoma
Net earnings from operations of the subsid. cos.. excl. the
$28.685
Central & Hudson Bay fly Co.
Int. on bonds of sub, cos, on bank and other advances, and
rentals (less int. earned on bank balances and investments)... 1.276.218
Amount set aside for depletion and depreciation of mining
78,403
properties and quarries. &c
51.325.938
Net loss for the year
Algoma Steel Corp., Ltd.-The tonnage as compared with the preceding
year is as follows:
4
65
5,32
5244 19
25
68
32,
90
0
4-25
1923-24
END.JUNE 30 1925.
CONSOLIDATED INCOME ACCOUNT FOR 6 MOS.
1
Coal imported
711.321 268,790 Pig iron produced_ _3
used.
materials
Ore imported
636.985 216.144 Steel ingots proGross profit and other earnings after deducting
$16.521.968 Limestone
51
1E4r,p10
d.9
duced
imestone prod__..259.523 107.042
labor. expenses. depreciations, &c
4.349.521 Coke
223,134 123.635
374,392 218.197 Steel products
advertising, administrative and general expenses
produced
302.978
5
in
nt2
9
Interest
t
53.182
fiscal year ended June 30 1925 has been a somewhat
Bond discount
236.315 one, as railway buying has been very light on account of low earnings of
and
Adjustments and other items
active,
been
in
has
not
Business
general
Railways.
the
1.124.390
Canadian
tariff
Equipment expenses and miscellaneous provisions
dullness in the Iran and steel trade has been aggravated by certain
810.455.582 reductions made in the past few years. Orders for rails and fastenings
Net profit for Smog, end. June 30 1925 (before Fed. taxes)._
1169)
p.
119.
(V.
515.972.789 for winter rolling anticipated in the last annual report
Balance Dec.31 1924
did not materialize. The rail mill was idle until March 2. operating on
In
526.428.371 double turn from that date to June 8 with the exception of two weeks
fiscal
Total
5771.732
April, when it worked day shift only. Of 313 working days in the
stock
Preferred
on
paid
Deductions--Dividends
days, and closed
73
12
days,
turn
single
turn
1.306.948
year
was
double
the
on
mIll
Provision for Federal taxes
down 228 days. Orders secured for the merchant mills kept the 18-in.
the
$24.349,691 mill operating double turn for 63 days and single turn 134 days. and
Balance June 30 1925
12-in, mill on double turn for 54 days and single turn 191 days.
maintenance
30.
June
Consolidated Balance Sheet
Only repairs necessary to efficient operation and proper
1924.
1925.
were made at the steel plant during the year. and no new construction
1924.
1925.
Liabilitieswas undertaken. That the plant is in good physical condition is evidenced
A ssetsby the fact that March was the best month for steel production in the
1.782,294 1.749.547 Preferred stock_ -22,049.500 22.049.500
Land
Common stock__ -11,323.220 11,323,130 history of the corporation. Ingot production of 48.799 tons established
Bldg,. machinery,
1,046
956
a new monthly record, and the 35-in. blooming mill also broke previous
124,559,384 25.525.730 Common scrip....
I he
Acc'ts payable_ _ _ _ 9.083.969 6,683,104 records. The rail mill produced its largest monthly tonnage. 35.099.
G'd-will. patterns,
775.405
571.691
&c.._
taxes,
and also broke daily records, the highest daily output being 1,670 tons.
1 Accr'd
71
he
8,000.000 9,000,000 Practice throughout was good •
14.869,125 2.723,922 1st M tge.6 Hs_ _
Cash
932,315
770.600
contr.
purch.
Stk.
The general trend of iron and steel prices furing the year was downward,
4,772,663
Notes & acc'ts rec.x7.158.079
4.255
income__
and prices received for rails and fastenings were slightly lower than the
Mdse.inventories.27.154.534 31.938.107 Deferred
1.829.619 1.957.629 preceding year. Pig iron prim; advanced during the first half of the fiscal
contingles
for
Res.
890.480
1.067,082
Due fr. Mill. coseairru
uf
,nb
eu 0r2e
Res.for inv.shrink 1,208,560 1,208,560 o
ceded during the second half to a level somewhat below that
4.
Invested in OM.&
Federal
other companies 1.319.702 1,332.938 Res. for tax
1,306,948
Income
Ran
for the year was 87.078 tons as compared with 175,550
production
Misc. notes & ac24,349.691 16,437.660 tons in 1924: and pig iron shipments amounted to 63,674 tons. compared
161.670 Surplus
counts receivable 130,755
1.273.289
with
tons
1924.
in
100.619
2,458.052
Deferred accounts
The failing off in demand for the products of the corporation has been
80,499.009 70,368,349 principally due to depressed business conditions, and it is hoped that
Total
80,499 009 70.368.349
Total
excellent agriallowance for depreciation and losses. railway buying will be stimulated a little later on by the winter rolling.
x After deducting 516.792.694 for
cultural crop in prospect so that orders may be secured for
value of $1.
y Less reserve provided to reduce to book accounts.
and orders on
time,
at
the
working
are
present
Both
mills
merchant
doubtful
for
z After $568,595 for reserves
being contingently liable at June hand assure their operation until some time in August.
will be
Note.- The company was reported as
Several cargoes of coal and ore have been brought in and these
acceptances. &c.. aggregating 17.111.751.
30 1925 as endorsers on notes. returns have been reviewed and settled for supplemented by further tonnages. to provide for winter operation, as
requirements
The company's Federal tax
the
to
.d something more diefnite as
hesumramilwer
tf
owann
ne
is
advances
current adjustments with the Gov- o
the period covered by high tax rates and only.
railways
started on
ernment should be of minor importance
Cannelton Coal et Coke Co.-No. 5 mine at Cannelton was
have been paid to April 1 1921:
been
Dividends on the 7% Cumul. Pref, stock$6,559,726
at June 30 1925.- April 27 and No. 2 on May 20 on non-union basis, all mines having
Kanawha
the accumulated dividends amounted to
closed since September 1923 on account of wage dispute in the
being
is
mines
V. 121. p. 599.
two
the
for
coal. Output of
District and the dull market
shipped to the Algoma Stool Corp. and other customers. Additional
American Cyanamid Company.
opened as the production can be marketed at profitable
ces.are being open
prlin
ni
Willys-Overland Co., Toledo, 0., & Subsidiary Cos.
(Semi-Annual Report-6 Months Ended June 30 1925.)
r
(13th Annual Report-Year Ended June 30 1925.)
wrote in brief:
C. M. Grant, Treas., New York, Aug. 1925
representing a further
Surplus account reflects a deduction of 5500.000.the company carries its
write-down during the year of the amount at which
Production for the fiscal year ended June 30 was 45,590 tons. while
In the preceding year 198.098 tons were produced.
Lake Superior Coal Co.-Output for the fiscal year was 352,215 tons,
is being
compared with 354,261 tons in 1924. Part of present production
AUG. 29 1925.]
THE CHRONICLE
1097
shipped to the Algoma Steel Corp. and the balance applied on commercial
BALANCE SHEET JUNE 30.
orders.
1925.
1924.
1925.
1924.
The tipple at No. 1 mine, destroyed by fire in November 1917, was
Assets
Liabilitiesrebuilt and placed in operation Aug. 25 1924. The output of this mine
can now be screened and graded prior to shipment, resulting in a higher Property account_41,145,429 41,114,811 Cap. stock, com_15,000,000 15,000,000
Prof.7% Corn,z__10,000,000 10,000,000
average price for the coal. These mines have always operated on non-union Moneys invest. in
subsid. & other
Purch. money 5%
basis.
companies
1,413,154 1,413,154
bonds
5,800,000 5,800,000
Algoma Eastern Ry.-The operating results for the year ended June 30
let & Ref. M.5%
1925 show a net profit of $10,450. as compared with $7,885 for the previous Funds in trustees'
hands
7,693
9,627
gold bonds. ___z15,459,373 15,459,373
year. Gross earnings fell off 28% which was largely attributable to the
235,700 Deb. bonds of city
decrease in the shipments of mine and forest products. The total decrease Products on hand_ 365.981
Mat'l & supplies_ 3,135,468 4,492,244
of S. S. Marie__
60,456
in tonnage amounted to 26%, but the reduction in the gross earnings
73,056
was Miscellaneous
47,526
47,408 Adv. from Lake
more than offset by a reduction in expenses of 32%.
Superior Corp__ 1,635,000 1,385,000
Algoma Central A Hudson Bay Ry.-The year's operations of the railway Advance payments
on
ore,
&c
37,190
40,083
Acets payable__ _ 769,368 1,526,920
company and Algoma Central Terminals resulted in a net loss, before
218,009
bond interest, of $120.636. as against net earnings for last fiscal year. before Acc'ta receivable 1,807,831 2,245,308 Accr. int.on bonds 217,906
Cash
912,299
709,947 Suspense account_
7,182
7,382
bond interest, of $207.288.
accounts
Suspense
18,678
33,609 Reserve for depreIncome Bonds Extended.-In connection with the Income bonds of the
779,287
ciation, &c.
1,796,599 1,649.505
corporation, which fell due on Oct. 1 4924, a plan for the extension of Profit &loss deficit 1,852,703
same until Oct. 1 1929 was submitted to the holders and was declared
Total
50,745,886 51.119,247
Total
50,745,886 51,119.247
effective.
z Dividends in arrears from March 30 1916. z First & Refunding MortResults for the fiscal year do not permit the payment of interest on the
gage 5% Gold bonds, authorized issue, 530.000.000: outstanding, $21,966,Income bonds.
379; less pledged as security for city debs. and temporary loans, $44,455.913,
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
and bonds held in sinking fund, 52.051.093.-V. 120, p. 1750.
1924-25.
1923-24.
1922-23.
1921-22.
Int. & div. on securities
of subsidiary cos
$294,500
$295,000
$293,500
$293,500
Other income
70,627
32,711
46,806
100.391
Total
$365,127
$327,711
$340,306
$393,891
STEAM RA ILRO etDS.
Int. on 1st Mtge. bonds_ $263,900
$263,900
$263,900
$263.900
Other interest
Pullman Porters Form Union-Will Demand Higher Wages.-Locals
2,030
Mineral land Menses
25,000 1 and 2 of Brotherhood of Sleeping Car Porters formed in Harlem (N. Y.0.)
Bank exch. & comm'n_
with 200 members. Will demand 50% wage increase, better working
1,557
1,117
General expenses
85,060
65,975
68,211
76,565 conditions and abolition of present plan of representation, which, it Is
said, now keeps men under power of Pullman Co.-New York "Times,"
Net income
$16.167
def$3.721
$7,078
$26,396 Aug. 26, p. 9.
Balance, preceding years
New Egutpment.-Class I roads during the first 7 months this year placed
951,439
955.160
948,082
921,686
in service e3,R69 freicht cars, according to reports filed by the carriers
Total surplus as per
with the Car Service Division of the American Railway Association. This
balance sheet
$967,606
$951,160
$955.160
$948.082 was an increase ef 0.0(.9 er the number installed during the corresponding
pa led ast year but 3,081 less than during the s .e period in 1923. Of
OPERATIONS OF SUBSID. COS. FOR YEARS ENDED JUNE 30.
tae total number installed during the 7 months period this year. 10.578
(Excluding the earnings of the Algoma Central & Hudson Bay Ry.1
wore placed in service in the month of July, including 4,551 box cars.
4.367 coal cars and'451 refrigerator cars. Freight cars on order on Aug. 1
1924-25.
1923-24.
1922-23.
1921-22.
this year totaled 26,813. compared with 52,375 on the same date last year
a Net earnings from oper.
and 86.716 in 1923. Class 1 railroads during the first 7 months in 1925
of all sub. cos
$39,510 $1,169,018 $1,004,792
$335,592 placed in service 1,066 steam locomotives compared with 1,268 during the
Deduct Charges, Divs., etc., Paid by Sub.
Cos.same period last year and 2 221 during the corresponding period in 1923.
lot,on bonds of sub. cos.
The same roads on Aug. 1 1925 had 250 locomotives on order, compared
and on bank and other
with 401 on the same day last year and 1.772 two years ago. During the
advances, diva,&c_ - _ $1,285,913 $1,306,034 $1,331,219
$1,412.571 month of July this year 139 locomotives were installed in service.
Dividend paid
4.500
5,000
116,000
These figures as to freight cars and locomotives include new, rebuilt
3.500
Depletion & depreciation
78,403
86,164
92,246
87,703 and leased equipment.
Reserve for possible bad
Car Surplus.-Class I roads on Aug. 7 had 238.474 surplus freight cars
debts and taxes
887
8,704
in good repair and immediately available for service, according to reports
Income tax
279
368
9,463
445 filed by the carriers with the Car Service Division of the American Railway Association. This was a decrease of 25.402 cars under the number
Deficit for year
$1,330.473
$237,251
$544,136 $1,168,628 ,reported on July 31. Surplus coal cars in good repair on Aug.
7 totaled
Brought forward
dell.545,200 def1,307,943 def163,814
404.813 72,054. a decrease of 8,607 within a week, while surplus box cars in good
repair totaled 126,053. a decrease of 13.375 during the same period. ReTotal deficit
$2.875,673 $1,545,200 $1,307,950
$763,814 ports also showed 17.997 surplus stock cars, a decrease of 1.407 under the
Adj. of inc. tax-net.
340,054
number reported on July 31, while surplus refrigerator cars totaled 13.489,
a decrease of 1.442 under the number compared with the same previous date.
Bal.. def.carried for'd. $2,535,619 $1,545,200 $1,307,950
$763,814
Class I roads on Aug. 14 had 217.190 surplus freight cars in good repair
a Includes other income.
and immediately available for service according to reports filed by the
INCOME OF SUB. COS. (EXCL. ALGOMA CENTRAL & HUDSON BAY
carriers with the Car Service Division of the American Railway Association.
RI%)
This was a decreaase of 21,284 cars under the number reported on Aug.7
YEAR ENDED JUNE 30 1925.
Surplus coal cars in good repair on Aug. 14 totaled 62.0o8, a decrease of
Net Earns. Na Earns. Int. and
Deyrecia- Net Deficit 9.996 cars within a week, while surplus box cars in good repair totaled
Yr. '23-'24. Yr. '24-25. Rentals. lion, &c. for Year. 115,912, a decrease of 10.141 cars during the
same period. Reports also
Algoma Eastern Ry_ _ _ _ b$234.166 b$207,177 $196,728
$887 sur$9.562 showed 17.770 surplus stock cars, a decrease of 227 cars under the number
Algoma Steel Corp._ 61,051,724
b8,04 1,078,143
1,069,549
reported
surplus
7,
on
while
Aug.
refrigerator
cars totaled 12.655. a deBrit.-Amer.Exp.Co__
5,676
4,430
243 sur4,187 crease of 834 cars as compared with the same previous date.
Cannelton C.& C
def135,725 def151,192
11,042
29,724
Car Shortage.-No car shortage was reported for either the week ended
191.958
Morn Limestone
def7,608
def9,191
12,257
21,448 Aug. 7 or Aug. 14.
Lake Superior Coal_ _ _ _
21,798 bdef19.523
32,374
51,897
Matters Covered in "Chronicle" Aug. 22.-(a) Gross and net earnings for
8.5. Marie Traction_
def1,014
bdef786
4,084
4,870 the six months ended June 30. p. 900-905.
Total 1924-25
Algona Eastern Railway Co.-Annual Report.$39,510 $1,285,913
$79,569 $1,325,973
Total 1923-24
$1,169,018
$1.306,034
$95.235 $232,251
See Lake Superior Corp. under "Reports- above.-V. 119. p. 1171.
Net Deficit c Previous Dividends
Total
ContinuedBaltimore & Ohio RR.-Listing.-for Year.
Deficit.
Payable.
Deficit.
Algoma Eastern Ry
$571,314
sur$9,562
The New York Stock Exchange has authorized the listing of not exceeding
$561,752
Algoma Steel Corp
1,069,549
783.1541,85
2,703 $45,000,000 Southwestern Division Irina Mtge. 3Yi% Gold bonds, Interest
Brit.-Amer, Exp. Co
sur571
sur4.187
4,600
sur259 Increased to 5%, extended to July 1 1950.-V. 121. p. 974. 835.
Cannelton C.& C
191.958 sur34,313
157.645
Morn Limestone
21,448
59,596
Bartlett Western Ry.-Tentative Valuation.81,045
Lake Superior Coal
51,897 sur2G7,469
The I.-S. C. Commission has placed a tentative valuation of 5240,000 on
sur155,572
S. S. Marie Traction
4,870
33,436
the
total owned and $244,400 on the total used property of the company.
38,306
as of June 30 1918.-V. 108, P. 1935.
Total 1924-25
$1.325,973 $1,205.147
$4,500
$2,535,620
Total 1923-24
$232.251 $1,307,949
Belvidere Delaware RR.-To Pay Bonds.$5,000 $1,545,200
b Includes other income. c After adjustment of Federal taxes.
The $500,000 4% bonds due Sept. 1 will be paid off at office of the
company,
Broad St. Station, Philadelphia.-V. 118, p. 430.
BALANCE SBEET JUNE 30 (Lake Superior Corp.)
1925.
1924.
Canadian
1925.
National Railway.-Listing.
1924.
AssetsThe New York Stock Exchange has authorized the listing of $18,000,000
$
Invest'ts & mourn-46.526,120 46,626.164 Capital stock
40,000.000
5
-Year
4
%
Gold
bonds, due Feb. 15 1930 (guaranteed by the Government
40,000,000
Real estate. &a_ __
95,993
95,976 First mtge. bonds_ 5,278,000 5,278,000 of the Dominion of Canada).-V. 121,
p. 193, 191.
Due by sub.cos. _ _ 1,735,300 1,677,997 Income bonds_
2,315.850 2,432,500
Proc. of sale of inv.
572
572 Accounts payable.
14,787
15.806
Canadian
Northern
Railway.
-Listing.-Cash
128,519
32.302 Accrued interest_
21,992
21.992
The New York Stock Exchange has authorized the listing of 517,000.000
Miscellaneous ._
46,380
9,285 Coupons unpaid__
35,812
29,687 10-Year 4% Gold bonds, due Feb. 15 1935 (guaranteed
Accrued int. rec__
33.996
by the Govern25,085 Suspense account_ 198,417
198,417 ment of the Dominion of Canada).-V. 120, p. 1086.
Cash for unpaid inProfit and loss_ _ 967,606
951,439
terest
35.363
29,162
tempoey
Central Pacific Railway.-Listing.Cash oncoupons_loans secured__
The New York Stock Exchange has authorized the listing of 540.000.000
100,000
200,000
Def. pay't acct.
35-Year 5% Guaranteed Gold bonds due Aug. 1 1960.
sale of tim. Ids. 125.721
226,297
Income Account for Year Ended May 31 1925.
Div.ree'd sub.cos.
4.500
5.000
Tot.(each side)-48,832,464 48,927,841 Income from lease of road
510,852.180
The company had (as of June 30 1925) contingent liabilities in
Other income
respect
of
876.045
the guarantees of bonds of the following subs. cos.: Algoma
Hudson Bay Ry., Algoma Eastern Ry., Algoma Steel Corp.. Central &
Gross income
Ltd., and
$11.728.225
Algoma Central Terminals. Ltd.
Deduct-Interest on funded debt
$8,206,687
Interest not fully paid by Algoma Central & Hudson Bay Ry.and Algoma Maintenance of investment
organization
11,644
Central Terminals, Ltd. (see "Railway & Industrial Supplement,"
Miscellaneous income charges
p.
7).
69.011
-V. 121. P. 95.5, 847.
Income applied to sinking and other reserve funds
60.811
GENERAL INVESTMENT NEWS
Algoma Steel Corporation, Ltd.
(Report for Fiscal Year Ended June 30 1925.)
This company, whose operations are discussed above,
under caption "Lake Superior Corpora'ion," reports:
Balance
53.380.073
Condensed Balance Sheet as of May 31 1925.
AssetsLiabilitiesTotal investments
5350,634.953 Capital stock
$87,275,500
Total current assets.... _
183.728 Grants in aid of construe
Dr.275
Unadjusted debits
518,405 Long term debt
181,760.201
Open accounts
13.403.672
INCOME & PROFIT .31 LOSS ACCOUNT FOR YEARS END.
iTotal
current
liabilities_
2,294.435
JUNE 30.
!Accrued deprec'n-road
453.023
1924-25.
1923-24.
1922-23.
lAccr. depen-equipait 10,884.026
1921-22.
Net earns.from °peens_
10855323 $1,012,109
$355,093
$339,088
Other unadjusted credits 28,202,967
Dividend (sub. cos.)......
112.500
Total (each side)_ _3351,337.086 Total corporate surplus.. 27,063.444
-V. 121. p. 194.
Total net income
10885323 51.042,109
$467,593
5330,088
Interest charges, less int.
Chicago Milwaukee & St. Paul Ry.-Interest Payment.
on investment, &c.--- 1,069,226
1,066.064
1,049.233
1,161.984
Judge Wilkerson in the U. S. District Court at Chicago Aug. 25 authorIncome tax
1,881
ized the receivers to pay $750,000 interest due Sept. 1 on a 525.000,000
withhold
Government
to
payment
note, and
of interest on another $20.Bal., def. fcr year. 51,069,549
523.954
5583,519
5831.896 000,000 Government note until further order of court.
Bal. at debit of p. & I.
Counsel for the receivers had previously argued that if interest payment
acct.. brought forward
779.287
755,333
171.813 Cr660.083 on the $20.000,000
obligation were ordered by the court, the Government
Adj.ofinc. tax (pr.yrs.)3.866
would become a preferred creditor. The receivers also held
that this
note might as well be defaulted inasmuch as the bends securing it have
Bal.,def.,carried for'd $1.852,703
$779,287
$755,332
$171.813 already been defaulted.
THE CHRONICLE
1098
To Forectose on Puget bound Bonds.-
Federal District
Steps were taken Aug. 24 before Judge Wilkerson intothe
adjustment. Suit
Paul
Court at Chicago to bring the affairs of the St.Milwaukee
& Puget Sound
Chicago
the
of
for foreclosure on the mortgage
Co. and Edward W.
RR. was filed in behalf of the United States Trusthas
interest
defaulted
company
the
that
claim
the
on
trustees,
Sheldon,
Judge Wilkerson
payments on the outstanding $26,175,000 1st Mtge. 45.
company's
ordered the foreclosure suit consolidated with the parent
receivership.
Committee Representing
Against Plan.-
Massachusetts
Savings
Banks
[voL 121.
It required th
$3.65. We paid out in taxes that year $8.500,000. Therefore
entire gross amount received from the first 2,328,767 revenue passenger°
327.
583,
p.
121,
-V.
to pay our 1924 tax bill."
Pennsylvania RR.-Number of Stockholders.-
decrease of 479
The number of stockholders on August 1 were 146.509. a 1924.
Average
1
compared with July I, and an increase of 794 over Aug. with
67.93 shares
compared
as
shares,
68.15
were
1925
holdings on Aug. 1
of
decrease
a
3.73%,
on July 1 and 67.84 on June 1. Foreign holdings total
.03% compared with Aug. 1 1924.-V. 121. n• 837. 703•
Southern RR.-Abandonment of Line.-
Port Townsend
the
The I.-S. 0. Commission on Aug. 14 issued a certificate authorizing
to abandon,as
company and the Port Townsend & Puget Sound Ry., lessee,
extending
to interstate and foreign commerce, that portion of its railroad
in
from Discovery Junction to Quilcene, a distance of 13.91 miles, all Jefferson County, Wash.-V.104. p. 2343.
Institution
The committee comprising Robert D.Brewer of the Provident
Savings and
for Savings and Charles A. Collins of Lynn Institutionbyfor
number
large
a
Co.,
empowered
&
Spalding
Collins,
of
firm
head of the
in the matter of the
of Massachusetts savings banks to represent them
to the plan. In a comSt. Paul reorganization, comes out in opposition
St. Louis-San Francisco Ry.-Interest Payment.- of 3%
'Mr. Collins says:
munication to New England holders of St. Paul securities,
The directors have declared a Semi-annual interest installment
New Enginstall"Roosevelt & Son have asked me to get in touch with certain
D.
on the Cumul. Adjust. Mtge.6% Gold bonds and an annual interest
Mr. Robert
1.-V. 121, P. 975.
land holders of Chicago Milwaukee & St. Paul securities.
have been authorized ment of 6% on the Income bonds, both payable Oct.
Brewer of the Provident Institution for Savings and I savings
act
to
banks
by something more than 100 of the Massachusetts
Seaboard Air Line Ry.-Extension.to the
Aug. 21 providing
for them concerning their holdings. We are unalterably opposed
Applications were filed with the I.-S. C. Commissionand
West coasts of
present reorganization plan.
for
the extensions of the Seaboard system on the East
the
of
ll Florida
-Seaboard-A
"We believe the chances are most favorable for a readjustment
subsidiary
chartered
hearings before the I.-S. Florida through its recently
be extended from West
will
line
rate schedule in the Northwest, as a result of thequite
Florida
cross-State
Ry.
The
Seaboard's
different
that
sure
coast,
to Fort
and
East
0. Commission next month, and if so, we are
the
on
City
Florida
and
Palm Beach to Miami
and better plans of reorganization will be submitted. I beg to urge you to Myers, Punta Rassa and points in Southern Florida on the West Coast, a
on both coasts. In
"Whether or not you have deposited your bonds. rate hearings.
construction
new
of
miles
195
y
of
approximatel
total
President
be represented, either in person or otherwise, at the
Brewer and connection with the Fort Myers extension, S. Davies Warfield,
"Will you not authorize either Roosevelt & Son or Mr.
and the amount of the Seaboard, made the following statement:
the American
with
myself to represent you, as the number of security holders
contract
into
entered
has
By.
Line
Air
"The
Seaboard
very
be of
Harbor &
of securities held, presented at these hearings, cannot fail to
Agricultural Chemical Co. for the acquisition of the Charlotte
the property
great value."
Northern RR. under a 3-year lease and for the purchase ofI.
C. Com-S.
the
of
approval
the
to
subject
lease,
the
Plan.
of
at the expiration
Potter Opposes Flat Rate Increase-Favors Pooling
RR. owns approximately
road, asserted mission. The Charlotte Harbor 3c Northern other
tracks, running from
Mark W. Potter, one of the receivers of the St. Paulreceive
and
industrial
including
of
railroad,
133
miles
another
with extensive
Aug. 21 that he did not believe the carriers should ever
Bradley Junction, a point on the Seaboard, to Rosa Grande
Seaboard the only
flat increase in rates. He added:
flat increase in terminals on the Gulf of Mexico. This will give the
"What is more, I don't think there ever will be another to the principle protected deep water Gulf port terminal south of Tampa. The CHAN RR.
railroad rates. The carrier officials must become resigned
of the American Agricultural Chemical Co.
of a private icousiness. serves phosphate rock plantsin
of regulation which takes railroads out of the class passed,
this section of Florida, and together with
that the public and other mining companies
The feeling that the days of old railroading have notownership that it will the new mileage to be constructed will form the main line connection of
has had so decided a reaction from Government
Rassa and points in Southern Florida
Punta
Myers,
Fort
to
the
Seaboard
corpoindustrial
an
as
permit a railroad to be run on the same principles
to a connection with the Naples, Seaboard & Gulf RR. to be constructed
to take over three
'
ration, is checking railroad progress.
country were pooled by John S. Jones, which the Seaboard has contracted
through the
"If a 5% increase In freight rates over the entire return,
and no more, years after date of construction. The Seaboard Air Line By.
a fair
in connection
construction
the
new
and divided so as to enable each road to earn
and
Northern
Charlotte Harbor &
$500,000.000
some
of
loss
The
over.
be
points
would
receiverships
Northern
the days of
the short line from Jacksonville and
with the St. Paul, through therewith will formcontiguous
to stockholders and bondholders, as was the case
territory."-V. 121, p. 583, 327.
would be impossible. to Fort Myers and
the inability of the road to receive sufficient revenues,
at the
"If my opponents are able to convince the I.-S. C.isCommission
Southern Pacific Co.-Earnings 5 Mos. End. May 31 '25.
a private business,
Chicago bearing [scheduled for Sept. 81 that railroadingable
to convince the (Southern Pacific Co. and Transportation System Companies, Combined.
then they have me licked to a frazzle. But if I ameconomic
good of the
excluding offsetting accounts.1
Commission that the railroads must be run for the
$20 212 530
$77,405.611 Net revenue
Freight revenue
people, then I have them licked to a frazzle.
When Passenger
problem.
7.814,168
the
of
solution
22,061,208Railway tax accruals_ -absolute
an
revenue
as
not
plan
presented
is
"My
it
that
28,580
decide
may
rev
railway
we
it
Uncollectlble
1,733,769
the officials involved are willing to talk about only 3% of it. I am not Mail
1,331,999
2,556,132 Equipment rents, net.,.,
would be better to grant a 5% increase and poolconsent to such a revision, Express
26,319
net
rents,
facility
Joint
would
3,263,747
n
I
All
that
or
other transportatio
saying that this would be the case
agreement." Incidental
2,578.815
but I regard my plan purely as a basis for arriving at an
811,011.464
100.757 Net income
Joint facility-Credit
-V. 121, p. 974, 838.
7,523.037
39,279 Non-operating income
Joint facility-Debit_
. Trusts.Chicago Rock Island & Pacific Ry.-Equip
518,534.500
assume
Gross
income
to
,680,759
company
Tot,
railway
oper.rev.$109
the
The I.-S. C. Commission on Aug. 18 authorized
11,143,932
Trust issue of 1925 Maint. of way & struc__ $17,703,700 Deductions
obligation and liability in respect of $5.400,000 Equip.
Trust Co.of New York, Maintenance of equipl_ 21,506,048 Income applied to sinkcertificates. Series N,to be issued by the Equitable
508,333
funds
reserve
at
&c.,
Co.
ing,
&
Speyer
to
2,263,963
Traffic
sold
under an agreement to be dated Aug. 11925. and
42,610,211 Income approp. for inv.
the procurement of certain Transportation
not less than 96.89 and diva. In connection with
56,188
property__
Speyer
physical
in
by
last
June
1,752,313
Miscall,
operations
in
offered
were
equipment. (These equipment trusts
4,129,589
3309.)-V. 121,p. 974. General
& Co. and Dillon, Read & Co. See V. 120, p.
$6,826,046
Balance
517,594
for
invest.-Cr.
Transp.
835.
General Balance Shee as of May 31 1925.
Co.-Listino.---LiabililiesCleveland Union Terminals
Assets$5,000,000
of
listing
the
$372,380,905
authorized
has
2E2,051,317,868 Capital stock
Investments
The New York Stock Exchange
Fund Gold bonds, due April 1 Total
32,000,000
Pref.
stock of sub. cos_ _ _ _
22,444,518
Cash
additional Series "B" 1st Mtge. 5% Sinking for:
Series "A"
$12,000,000
353,904,900
cos__
applied
sub.
stock
of
Com,
2,175
amounts
total
loans & deposits_
1973, making the
"B"5% bends, due Demand
6,304,440
323,657 Premium on Capital stock
Special deposits
% bonds. due April 11972. and $20,000,000 Series
711,554,167
726,505 Total long term debt
Loans & bills receivable_.
April 1 1973.
1925.
31
May
125,000
of
as
Sheet
Loans
and
bills
payable
837,944
General Balance
Traffic & caraerv. bal. rec.
3 ,925,546
Traffic & car serv. bal. pay
.
LiabilitiesNet bal. rec.from agents &
Assets-$10,000
18,807,555
wages
pay
dr
mete
3,329,717
stock
Audited
Capital
conductors
Inv.in road & equipment$23,851,927 Long term debt
27,000,000 Misc. accounts receivable_
1,542,969
6,973,355 Misc.accounts payable_ __
General expenditures__ _ 3,244,249 Non-negotiable debt to
3,755,835
34,602,281 Interest matured unpaid_ _
Materials and supplies_._
223,992
Current assets
102,386
1,577,453
___
Divs,
unpaid_
matured
companies__
2.182,461
rec'le
affiliated
Interest & dividends
50
Deferred assets
30,581 Rents receivable
3,943,714
146,221 Funded debt ma t'd unpaid
1,570,985 Aud. accts. & wages payUnadjusted debits
36,070 Other current assets
5,885,714
189,103 Unmatured dive. declared
Interest matured unpaid7,150,847
235,000 Total deferred assets
4.482,984 Unmatured interest accr'd
Unmatured int. accrued..
228,974
2,100 Total unadjusted assets_ _
26,937,567 Unmatured rents accrued_
$28.891,204 Guarantee deposits
Total (each side)
To
1,210,055
Other current liabilities_ _
-V. 121. P. 70.
1,409,222
Deferred liabilities
244,082,508
Unadjusted credits
Denver & Rio Grande RR.-Suit.52,821,407
Total appropriated surplus
in which certain
The action pending in the New York Supreme Court,
and loss surplus__ _ 333,360,213
Profit
the
and
plaintiffs
are
RR.
Grande
stockholders of the old Denver & Rio
Justice
before
trial
former directors of the road defendants, will proceed to 1323.
$2,154,496,356
$2,154,496,356 Total
Total
Levy in Special Term Part III. on Oct. 1.-V. 120, p.
a Investments in: (1) Road and equipment, $1.299,342,194;(2) improvements on leased railway property, $193,543;(3) sinking funds, $18.441,105:
Great Northern Ry.-Stock Authorized.to issue (4) deposits in lieu of mortgaged property sold, $168,966: (5) miscellaneous
The I.-S. C. Commission on Aug. 19 authorized the company
of the territory physical property, $15.585.597; (6) investments in affiliated companies:
$300.000 Preferred stock, to be sold at par to the inhabitants
in Daniels (a) stocks, $300.250.789: (b) bonds, $152.844.957; (c) stocks and bonds,
tributary to the proposed construction of a branch line extension
cost inseparable, $56,901,034: (d) notes, $28,700,617; (e) advances, $171.and Valley Counties, Mont.-V. 121, p. 580, 582.
599,874;(7) other investments:(a)stocks. $1,592,121:(b) bonds,$4.370.148:
Approved.
-Lease
(c) notes. $400,355; (d) advances, $111.722: (e) miscellaneous, $814,840.
RR.
Jonesboro, Lake City & Eastern
The following statement by H. W. Do Forest. Chairman of the execuleasing of the road to
The stockholders have approved a proposal for the
703,
p.
committee, who is now on a tour of inspection, was issued yesterday
121,
tive
-V.
years.
99
of
the St. Louis-San Francisco Ry. for a period
from the company's New York offices:
Natron
195.
"I have just returned from inspecting the new construction on the
the
donment.cut-off and have spent to-day at Klamath Falls and motoring about the
Kansas City Northwestern Ry.-Aban
that
is
Our
impressed.
expectation
much
am
for authority to country with which I
The company has applied to the I.-S. C. Commission
including the cut-off from Grass Lake to the
cut-off,
distance
Natron
work
a
on
the
Kan.,
Seneca,
to
Kan.,
and
abandon its entire line from Kansas City,
Neb.,a distance of present main line in the vicinity of Black Butte, Will be completed
of 117 miles, and from Axtel Junction, Kan.,to Virginia,
time in July of next year as planned. We are
Junction. Kan., to Leavenworth. ready for operation some
33 miles. with a branch line from Menager miles.
other construction in southern Oregon and norththe
with
that
to
claims
proceed
ready
company
The
Kan., a distance of 11 miles, a total of 161
of which have been fully explained by Mr.
which must be done before it ern California, the details
it is without funds to rehabilitate the road, refused
to make a loan to the Sproule and Mr. Shoup in their recent statements, and we await simply
can be operated. The Commission recently
Commission.
C.
-S.
I.
the
enable
of
to
the
approval
credit
road, and it states that the corporation is wholly without
"This will involve a cost of approximately $15,000,000, our new capital
It to raise funds in any other direction. $2,500,000of1st mtge. bonds has investment in the Natron cut-off, necessary to complete it as a through
a
The application ofthe company to issue
line, will be about 323.000,000, and taking the two together will make
it will be
been denied by the 1.-S.C. Commission.-V.121, p. 703.
new investment of $38,000.000. So far as we are able to judge,
self-supportlarge
will
become
these
investments
before
years
a
of
number
Southern Pacific will get the benefit of all of
Maryland & Delaware Coast Ry.-Notes.company to issue ing, even assuming that thereached by these lines. It is clear therefore
The I.-S. C. Commission on Aug. 19 authorizedinthe
connection with the the traffic of the territory
$18,158,
he justified if there be destructive compewarrants,
aggregating
cannot
lease
or
notes
investments
24
that such
121, p. 975.
procurement of one combination passenger trailer car.-V.
tition from the Northern lines."-V. 121, p. 327. 196.
-Construction of Line.-
National Coal Railway.
certificate authorizing the
The I.-S. C. Commission on Aug. 14 issued arailroad in Carbon County,
Company to construct and operate 83 miles of
Utah.
Texas Pacific-Missouri Pacific Terminal RR. of New
Orleans.-Listing
of $5,000,000
The New York Stock Exchange has authorized the listing
1st Mtge. 5)% Gold bonds, Series "A," due Sept. 11064.
Income Account 12 Months Ending Dec. 31 1924.
railway operating revenues
The Mass. Dept. of Public Utilities has
n Co., to operate motor Total
expenses
Total
operating
its subsidiary. the New England Transportatio
freight between Providence, Railway tax accruals
buses for transportation of passengers and
Isnd Newport, R. I.,
R. I., and Fall River, Mass., and between Providence
passing through Massachusetts territory.-V.121. n• 975. 837.
Railway operating deficit
Total non-operating income
Northern Pacific Ry.-It Requires 2,328,767 Passengers Gross Income
Total deductions.........................................
to Pay the Northern Pacific Taxes.tr reserve unts
recently made this state- Income applied to
T. Sanders, Tax Commissioner of the company,
passengers. The
ment: "In 1924 the company carried 3,607,987 revenue fare
deficit
Balance,
was
collected
average
the
and
average distance carried was 114 miles,
RR.-Buses.New York New Haven & Hartford
authorized the company, through
8225,725
328,144
138,322
$240,742
$767,721
526,979
533,786
132
$6,675
AUG. 29 1925.]
THE CHRONICLE
General Balance Sheet Dec. 31 1924.
AssetsLiabilitiesInvestments
$6,521,814 Capital stock
Cash
110,596 Long term debt
Time drafts & deposits- _ _ 802.515 Current liabilities
Traff.& car serv. bal. rec_
4.329 Unadjusted credits
Net bal. rec. from agents
Corporate surplus
& conductors
19,510
Miscell. accts. receivable.. 355.610
Material & supplies
92,161
Rents receivable
48.242
Unadjusted debits
Total (each side)
157,190
-V. 120, p. 1087.
1099
Brooklyn (N. Y.) Edison Co.-Expansion.
$2,000,000
5,299,910
250,024
100,848
461,184
38,111,967
Western Pacific RR.-Listing.-
The company on Aug. 20 was granted permission by the New York P. S.
Commission to take over and operate the remaining electrical distribution
system and services of the Flatbush Gas Co. In the territory comprising
Ocean Parkway and the streets immediately adjacent thereto. from Foster
Ave. to the Atlantic Ocean. Approximately 3.300 customers located in this
district will be served by the Brooklyn Edison Co.
In Nov.last the company was granted permission to take over the electric
business of the gas company in the old 29th ward. The new territory is
located in the 30th and 31st wards, and with this final acquisition the Brooklyn Edison Co. provides electric service through the entire borough of
Brooklyn.-V.121.P•704•
Cambridge (Mass.) Electric Light Co.-Rates Reduced.-
The company has filed new tariffs with the Massachusetts Department
The New York Stock Exchange has authorized the listing of $4,000.000
additional 1st Mtge. 5% Gold Bonds, Series "A," due March 1 1946, of Public Utilities, effective Oct. 1, reducing the general lighting rate from
making the total amount of Series "A" bonds issued and applied for $28,- 8Sic. to Sc. per k.w.h. and abolishing the coal charge. All other rates,
which include power, commercial lighting, &c., are not changed in their
180,000.-V. 121. p. 456.
rates, but the coal clause is canceled for the first 1,000 k.w.h., which is in
effect a reduction.-V. 120, p. 1585.
PUBLIC UTILITIES.
American Gas Co.(Pa.).-Merger Approved.-.-
Canadian Light & Power Co. of Montreal.-Bondholders' Protective Committee.-
Associated Gas & Electric Cos.-Earnings.-
The letter of the directors to the bondholders (referred to
above) concludes as follows:
The following have agreed to act as a protective committee for the holdThe merger of this company with the United Gas Improvement Co.
has been approved by the Pennsylvania P. 8. Commission and Governor ers of the 1st Mtge. 5s due July 1 1949 and urge all holders of these bonds
Pinchot. Shareholders of the two companies had previously approved the to deposit them immediately with the American Trust Co., 135 Broadway,
N. Y. City. This action is taken following the issuance of a letter to bondplan. (See also V. 120, P. 2266.)-V. 121, p. 456.
holders dated July 15, which the committee says "makes it imperative that
Antigo (Wis.) Electric Co.-New Control.they unite to protect their interests."
the
company has passed into the hands of the First WisOwnership of
Committee -Hamilton Pell, Chairman (W. A. Harriman & Co., Inc.),
consin Trust Co. of Milwaukee through the transfer of all the stock of the A. De S. Mendes (F. J. Lhunan Sz Co.), New York; Furman S. Howson
company on the basis of $200 a share. The valuation of the company's (Rufus Wapies & Co.), Philadelphia; H. R. Sweet, Sec.. 39 Broadway,
property in 1921 was $241,749. It serves a community of about 10,000. New York City; Sidney G. De Kay, counsel.
("E)ectrical World.")
Consolidated Statement of Earnings & Expenses 12 Months Ended June 30.
Increase.
1925
1924.
Amount.
Gross earnings
$9.420.516 $3,519.336 $5.901.180
167
oper.exp.maint.& taxes 5.896.291
2.224.868
3,671.423
165
Fixed chgs & other deduc 1.705.560
651.507
1,054,053
161
Preferred dividends.. _ _ _
442.927
197,079
245.848
124
Class A dividends
207.795
207,795
Bal. for property retire.,
res., Class 13 div.& sur 1.167.943
445,882
722,061
161
Note.-In the above statements the earnings of acquired properties are
Included since date of acquisition only. Gross earnings for the full 12 months
properties
of
now
all
period
operated approximate $14.500.000 annually.
not including the Pennsylvania Elec. Corp. which will add approximately
39,000.000.
the
policy of the principal electric light and power companies
In line with
to make public their sales of electric current, the company states that
hereafter it will announce each week the sales of electric light and power
and gas by Associated properties.
For the week ended Aug. 21 the company reported sales of 5.827,181
k. w. h., as against 4.916.752 k, w. h. for the corresponding week in 1924.
'This represents an increase of 18.5% in electric sales. Gas sales for the
week ended Aug. 21 total 12.517.506.cu. ft. as against 10,437,337 cu. ft.
for the corresponding week of last year, or '
itll increase of 19.9%•
The largest increase was noted in the Staten Island property due to the
increase in population on Staten Island during the past year, where a
home building boom has been underway, and also to the fact that power
Is now being delivered to the Staten Island Rapid Transit, which
operation of its electrified lines in June of this year.-V. 121, p. 975.started
Atlanta (Ga.) Northern Ry.-Decision.-
The Supreme Court of Georgia recently decided that a public service corporation may discontinue operations without surrendering its charter. if
it is proved to be operating at a loss. In this it affirmed the action of Judge
W. D. Ellis of the Fulton Superior Court in denying an injunction to compel the Atlanta Northern Ry. to resume service.
The litigation originated several months ago when the Atlanta Northern
Ry., operating between Atlanta and Marietta, discontinued operations,
shooting financial loss by reason of jitney competition, and left Marietta
and the intervening territory without car service for a period of several days.
The company subsequently resumed service on the line after the City Council of Marietta had adopted an ordinance barring the operation of Jitneys
and busses between Marietta and Atlanta, but in the meantime Judge Newt
A. Morris of Marietta, had filed a petition in the Fulton Superior Court for
an injunction to compel the railway either to resume operations or relinquish
its charter. After an exhaustive hearing on the subject before the court.
Judge Ellis declined to issue any injunction. The case was then appealed to
the Supreme Court of the state. The Supreme Court holds that a permissive charter does not obligate a public service corporation to operate at a
lass. All of the iustices of the Supreme Court concurred in the opinion.
(Electric Ry. Journal.)-V.120. P. 700.
Baton Rouge (La.) Electric Co.-Dividend, &c.
-
In order to put the present plant into proper operating condition, including replacements so as to enable the company more nearly to perform its
obligations to deliver 20,. Oh. p., it is necessary that a sum of not less than
$200.000 be spent immediately. This money can only be raised by additional loans or by the sale of securities, and the present financial conditions
precludes the adoption of either method.
The company, as far as can be ascertained, has never had sufficient
working capital.
The directors of the company, recognizing the small value of the assets
previously capitalized for $6,000,000, recently held a special meeting of
shareholders at which a by-law was passed reducing the capital of the company from $6.000,000 to $600,000.
The conclusions arrived at are: (1) That the present position of the
company precludes the possibility of raising further capital. (2) That
the capacity of the plant does not justify the present bonded indebtedness.
(3) That the sinking fund has always been provided through borrowing.
(4) That insufficient depreciation has been allowed. (5) That the machinery and plant have not been maintained at a proper rate of efficiency.
V.121, p.72.
Central California Traction Co.-New Control.
-
The Southern Pacific Co. has applied to the I.-8. C. Commission for
authority to acquire control of the company. '1 he line extends from Stockton, Cal., to Lodi. a distance of 55 miles. The stock is to be secured under
an agreement July 3 1925 becween the Southern Pacific Co. and Herbert
FleLschhaeker, the owner of all the outstanding capital stock, including
$290,300 Common and $792,800 Preferred, together with 70% of the 1st
Mtge.5% 30-year gold bonds of the traction company. or $1.471.000. which
constitute all of the securities outstanding. The Southern Pacific agrees
to pay $2.200.000 1st Ref. Pacific Electric Ry. Mtge. bonds and 3750.000
cash. The Pacific Electric mortgage bonds, par $1.000 each, are to be
exchanged for bonds of equal par value of the Central California Traction
Co., not less than $1.000.000 to be so exchanged.-V. 107. p. 401.
Central States Electric Corp.-Listing.
There have been placed on the Boston Stock Exchange list temporary
certificates for 45,433 shares (par $100) 7% Cumul. Pref. stock with authority to add 30.000 additional shares.
Transfer agents, Old Colony Trust Co.. Boston, Mass.; Guaranty Trust
Co., New York. Registrars, American Trust Co., Boston; Irving BankColumbia Trust Co.. New York.-V. 121. p. 976.
Cities Service Co.-Dividends-New Well.Regular monthly dividends of )6 of 1% in Common stock and II% in
cash have been declared on the Common stock, together with the usual
monthly cash dividends of
of 1% on the Preferred and Preference stocks,
all payable Oct. 1 to holders of record Sept. 15. Like amounts are payable
Sept. 1.
Henry L. Doherty & Co. announce that subsidiaries of Cities Service Ce.
operating in ..lexico have just brought in a new well on the Cocaina° property with an initial daily production of 10,000 barrels. This well, owing to
its shallow depth and heavy gas pressure, is believed to indicate the discovery of a new pool in the Cacalilao field. Subsidiaries of Cities Service
Co. hold under lease a solid block of 18.000 acres in which this well is located.
Statement of Earnings 12 Months Ended July 31.
Gross earnings
318.463.238 $17,134,512
Expenses
760.974
565.441
Interest and discount on debentures
2,046,216
2,218.949
Dividends Preferred stocks
5.149,957
5,054,230
A quarterly dividend of 623 cents a share has been declared on the new
'Common stock,of no par value, payable Sept. I to holders of record Aug. 25.
The stockholders on May 29 last changed the authorized Common stock
from 8.000 shares, par $100 to 65,000 shares of no par value. Four shares
-of new no par stock was issued in exchange for each share of Common stock
of $100 par value.
The stockholders also voted to eliminate the then authorized $250.000
6% Preferred stock (par $100) and to provide in lieu thereof for the issue of
Preferred stock in series, designated as Series "A," Series "B," &c. An
Net to Common stock and reserves
10,506.091
9.295.891
Total Surplus and Reserves July 31 1925,348,147,685.-V. 121, p. 838,
issue of $425,000 of Preferred stock, Series "A," par $100, was approved,
which shall be entitled out of net profits or surplus to cumulative dividends 705.
at the rate of 7% per annum, payable quarterly.(M. 1), the first dividend
Cleveland Electric Illuminating Co.-Earnings.
to be payable Sept. 1. This stock is redeemable all or part on any div.
12 Months Ended June 30date at 115 and (flys., to be entitled to par value ($100 per share) in case of
1925.
1924.
Operating revenues
318,876.640 $18.013.335
stockholders
of
record
May
Operating
29
were
expenses
given the right to subscribe to
'Me
7,838.331
7,341.476
17.589 shares of new Common stock of no par value, at $25 per share, on Taxes
2,196.000 2,258.500
the basis of 3 shares of no par stock for each share of old $100 par value
Net operating revenues
stock hold. Rights expired on June 24. The new stock will participate in
38.842.309 38,413.359
Non-operating revenues
514.352
any dividends payable on Sept. 11925, and thereafter.-V. 121, p. 584.
158.431
Beech Grove Traction Co., Indianapolis.-Sale,---Gross income
39.356.661
38.571.790
The sale of the company by the receiver to C.F. Schmidt for $35,000 was Interest on funded debt
1,643.096
1,620.650
recently announced. The sale coincided with the filing of a petition by Mr. Other interest charges
11.549
9.644
Schmidt with the Indiana P. 8. Commission asking authority to establish
Beech Grove and Indianapolis at any time the CommisBalance
a bus line between
37.702,016 $6.941,596
public
that
the
decide
requires
the
proposed
may
service.
sion
The petition
Condensed Balance Sheet.
filed by the purchaser with the Commission followed a recent decision of the
Jane 3025. Mar.3125.
June 30'25. Mar.31'25.
Commission that the application for a bus line from Beech Grove to InAssets.dianapolis in competition with the traction company's line should be disap& plant_61,711,702 61,711,702 Preferred stock_ _16,081,100 16,064,000
proved. The petition by the owner is filed as a preventive measure, ac- Capital expend's_
4,902,224 2,005,020 Common stock__ _16,629,800 16,629,800
cording to Mr. Schmidt
Investments
764,800
514,800 Funded debt
35,000.000 35.000,000
The sale of the property was ordered some time ago by Judge Harry 0. Cash
5,075,463 6,728,041 Acets payable_ _ _ _ 1,160,274 1,542,211
Chamberlin of the Circuit Court as a termination of the receivership under Notes & bills reo 3,316,763
3,257,384 Sundry cur. liab__ 327,277
800,828
Trust
Savings
&
Co.
Fletcher
has
operated
the
the
line since 1917. Acc'ts receivable 1,717.733 1,937,258 Taxes accrued_ ___
which
1,017.103
The court fixed an upset price on the property of not less than $30.000. Materials & supp_ 2,172,668 2,035,336 Interest accrued_ 1,562,501
512,286
336,140
When C. F. Schmidt bid in the property in June it was conditional on the Sundry cur. assets 11.504,475 11,510.142 Dividends accrued 669,126
415.745
withdrawal or disapproval of a petition filed by three residents of Beech Prepaid accounts_ 227,734
248,859 Reserves
10,754,860 10.279,519
Grove before the Indiana P. B. Commission asking for a permit under the Open accounts_ _ _ _ 324,477
317,426 Surplus
10.697,974 10.242.809
name of the South Side Motor Coach Co. to operate a bus line between Bond & note disc't 1,496,370 1,492,928
Indianapolis and Beech Grove, Ind. The petition was denied.-V.121, D. Special funds
180,788
569,260
Total(each side) 93,395,199 92,328,156
72.
-V.121. p. 977.
Blackstone Valley Gas & Electric Co.-Obituary.--
Columbia Gas & Electric Co.-Earnings, &c.
Stedman Buttrick, a director of this company,died at Concord, Mass., on
President Philip 0. Gossler writes in brief:
Aug. 22. Mr. Buttrick was also a director of the Columbus Electric Co.,
Operating conditions and results continue to be very satisfactory. The
Loose-Wiles Biscuit Co.. Lowell Electric Light Corp., Merrimac Chemical
Power Co. of Maine, New Orleans Texas & Mexico output of electrical energy in Cincinnati during July was more than 26%
Co., New England
Bypuget Sound Traction, Light & Power Co., and other corporations.- greater than in July of last year, the largest increase in any one month in
recent years. The increase in Dayton and other districts was also most
V. 120. p. 1324.
satisfactory.
Boston Elevated Ry.-New Trustee Appointed.The high-pressure gas main constructed late last year from Johns Rill
of
former
Marshall,
Attorney-General
a
Andrew
Massachusetts, has been Measuring Station In Kentucky, across the Ohio River to the East
End Gas
appointed a trustee of the road by Governor Fuller to fill a vacancy caused Works In Cincinnati, has just been extended through the city of
Cincinnati
b-y- the resignation of Chairman James F. Jackson. Under the law the to Norwood, to a total length of 11 miles. The extension completes an
trustees elect their own chairman.-V. 121, p. 837, 456.
Important connecting link between the main gas transmission lines of
THE CHRONICLE
1100
Columbia System running from West Virginia through Kentucky to Cincinnati, and the other source of supply for Cincinnati entering through Ohio.
It will also serve to reinforce the gas distributing system throughout Cincinnati and improve the maintenance of even pressures throughout the
System.
compleThe new Columbia power station near Cincinnati is approaching
lines and
tion on schedule time, together with extensive transmissionthe
several
substations connecting it with the distribution systems of
towers
properties. The transmission lines consist of a double line of steelof
three
circuits
about 115 feet in height, each tower carrying two complete
feet
165
company,
the
by
owned
way
of
a
located
right
on
wires,
copper
out
towers
194
Already
wide and covering a distance of about 20 miles.
of the total of 198 have been erected, and 254 miles of wire out of the total
place.
in
are
already
of 280 miles
Consolidated Earnings and Expenses 12 Months Ended July 31.
lease.
[Incl. cos, controlled by practically 100% Com,stock ownership or
1924.
1925.
825.059.650
$28,605,272
Gross earnings
16.650.969 14,822.075
Operating expenses, taxes and depreciation
Net operating earnings
Other income
$11.954.304 $10,237,576
1,969.208
2,412,271
' $14,366,575 812.206.784
Total
4,605.565 4,778.763
Lease rentals
231,734
1,102,978
Interest charges and Preferred dividends of subs
1.058.616
953,851
Interest charges (Columbia Gas & Electric Co.)
$7,704,181 $6,137,671
Surplus, available for dividends
-V. 121. p. 977. 584.
s (Ga.) Electric & Power Co.-Acguisition.-
Columbu
Co.
A contract to purchase the properties of the Georgia-Alabama Power
Columand the South Georgia Public Service Co. was recently signed by themanageexecutive
bus Electric & Power Co. of Georgia. which is under the
ment of Stone & Webster. Inc.
These companies serve 12 cities and towns in southwestern Georgia,
Gaines.
Including Albany, Cordele. Americus, Tifton. Pelham and Fort
and hydroThe capacity of the present plants, which include both steam
population
total
the
and
p.,
electric generation, is approximately 14,750 h.
of the territory served about 50.000.
eventually
The new properties, if the growth of business justifies, may & Power
be tied in with the transmission lines of the Columbus Electric
on the
Co., to receive energy from its new development at Bartletts Ferry,
Chattahoochee River, 18 miles above Columbus.-V. 121, P. 73.
s Newark & Zanesville Electric Ry.-Sale.-
Columbu
on Aug. 17
The Southern Ohio Public Service Co. of Zanesville, 0..
the Columbus
was authorized by the Ohio P. U. Commission to purchase
company
the
by
fixed
appraisal
an
at
Co.
Ry.
Newark & Zanesville Electric
at $7.681.297.
to tako over the properThe new company, which was organized May 21 to
issue $1.000,000 First
ties of the C. N. & Z. El. Ry., also was authorizedshares
of no par Common
Mtge. bonds, S691,750 Preferred stock and 25,928
2400.
p.
120,
-V.
purchase.
the
stock to finance
s.-Commonwealth Power Corp.(& Subs.).-Earning
1924.
Twelve Months Ended July 31Gross earnings
Operating expenses, incl. taxes and maintenance
1925.
$41.340,133 839,171,616
23,207.984 22.163.218
For, 121.
will be co-receiver with the Security Trust Co. of Detroit and succeeds
appointJ. W. Simard of Montreal. former co-receiver, who resigned. Theissued
by
ment of Mr. Dunbar was reported In the following statement
the company: "At the request of Dillon, Read & Co., P. R. T. tankers.
C. Dunbar,
Mitten management has agreed to the appointment of W.The
arrangeP. R. T. President, as a receiver of the Detroit United Ry.
to the
ment provides for reimbursement to P. R. T. for the time devoted
Presias
continues
who
Dunbar,
by
Mr.
Ry.
United
affairs of the Detroit
period
this
or
delegating
dent ana in active direction of P. R. T. finances,
his other responsibilities to Vice-President W. K. Myers."-V. 121. P.
705. 457.
n Power & Transmission Co., Ltd.
Dominio
to
According to George Waller, manager of the company, the Oakville
service was
Burlington section of the Hamilton Oakville radial line, on which
because
years,
6
or
5
some
for
paying
been
not
recently discontinued, has
of bus competition. Mr. Waller said that the line will be torn up. Service
between Hamilton and Burlington is still being carried on.-V.121. p. 329.
197.
s.
East St. Louis & Suburban Co.(& Subs.).-Earning
1924.
12 Months Ended June 30Gross earnings
Operating eatpenses and taxes
Interest expense
Depreciation
1925.
84.013.978 $4.286.174
3.289.018
3,049,848
657.630
710,472
299,983
167.257
$39.543
886.401
Balance,surplus
Consolidated Balance Sheet (Exclusive of Alton Company).
Alton
the
and
Co.
[The accounts of the Alton Granite & St. Louis Traction
interest
Gas & Electric Co. are not consolidated, the holding company's"Investof
heading
the
therein being carried in this balance sheet under
ments "]
June 30'25. Mar.31'25
June 30'25.Mar.31'25.
LiabilitiesAssetsProperty & plant_23,009,831 22,890,077 85% Cum. Pf.stk. 6,000,000 6.000,000
33,304 Common stock... 6,000,000 6,000,000
21,148
Cash with trustees
69,236,100 9,249,200
c5,086,732 5,007,704 Funded debt
Investments
141,511 Due to MM. cos 3,919,531 3,627.316
147,818
Due fr, attn. cos
115,000
45,000
Day_
74,707 Notes & bills
66,643
Cash
305.563
146.694
Acc'tspayabl.
Deposit for paym't
81,614
80.429
nab_
cur.
Sundry
142,775
8,125
of bond interest_
108,311
155,357
200,656 Taxes accrued. _
Acc'ts receivable.- 187,000
222,225
108,264
364.825 Interest accrued
Mat'is 6: supplies. 352,207
1,816,511 1,782,506
49,161 Reserves
52,086
Prepaid accounts_
1,500,676 1,491,244
78,260 Surplus
76,970
Bond & note disc't
w0
99 onQ,nss 2s,9°9.,
TOtfli
29.008,503 28,941,980
Total
a No dividends have been paid on the Preferred stock since Feb. 1 1918,
at
paid
were
dividends
to
1915
1
Feb.
prior to which date and subsequent
the rate of 3%. b Including $1,217,000 of the subsidiary companies.c Alton Granite & St. Louis Traction Co., $4,248,730; Alton Gas & Electric Co.. $838,002.-V. 120, p. 1/202.
Florida Power & Light Co.-Bonds Called.-
All of the outstanding 1st Mtge. S. F. 5% Gold bonds of the Miami Gas
Co. dated April 1 1914 have been called for payment Oct. 1 at 105 and int.
at the Bankers Trust Co.. 16 Wall St., N. Y. City.-V. 119. p. 2410.
General Gas & Electric Corp. (D el.).--Initied
The directors have declared initial quarterly dividends of 3 J4 cents on the
818,132.149 $17.008,398 Class"A" Common,$2 on the $8 Class"A" Preferred, 81 75 on the 87 Class
9.346.831 "A" Preferred and 81 75 on the Class "B" Preferred stock, all payable Oct.
10.624.744
1,980.606
2.175,570
holders of record Sept. 15.
right to
3.016,558 2,829.327 1 to
Holders of Class "A" Common stock have also been given the
in lieu of a cash dividend, additional Class "A" Common stock at a
accept
82,851,633
82.315,277
457.
585,
121,
-V.
p.
share.
of
price
$25a
Balance
and dividends on
Note.-Includes interest, amortization of debt discount
Georgia-Alabama Power Co.-Proplsed Sole.outstanding Preferred stock of subsidiary companies.
on the basis of giving
See Columbus (Ga.) Electric & Power Co. above.-V. 120, p. 1746.
The combined earnings statement has been prepared of
of the
control
the
acquisition
the
to
period
effect for the full two-year
effective in July
Georria Rv.& Power Co.-Votine T n t Be Erten/leg the
Tennessee Electric Power Co. under plan which became
The stockholders will shortly vote on approving the extension oftrust
1925.-V. 121. p. 457. 192.
voting trust for seven years to Dec. 31 1932. The present voting
and more than
Consumers' Power Co. (Me.), Mich.-Semi-Annual was formed in 1912 when all the Second Preferred stock
By its
90% of the Common stock were deposited under the agreement.
Second PreReport.the
to
terms It is to terminate when the preferences accruing
charter
-Calendar Years
company's
the
will
occur
under
This
12 Mos.End.
ceased.
have
shall
ferred
1922.
1923.
1924.
June 30'25.
Preferred and Common stock shall have received
Period443,162,574 346,149.671 when both the Second
for three consecutive years. Payment of the
Elec.sales(k.w.h. 480,037,710 459.781.360
2,828,106,000 2.480.873.000 dividends of not less than 4%
Gassales(cu.ft.)3.208.711,000 2.854.190.000 $16,877,422 814.201,203 Dec. 1 quarterly dividend of 1% on the Second Preferred and Common
818.328,151
Second
Preferred stock will then lose its preferwill fulfill this condition, the
Gross earnings- - $18,929.992
terminate Jan. 1
Net avail.for int.
6.764.127 ence and the voting trust agreement will automatically
7,769,348
8,717,121
8,864,208
charges
next.
In order to carry out the plans of the present management forofcon-V.121, p.584.
the
structing, enlargement and extensions of the plants and properties
of Collateral.addiDenver Tramway Co.-Sale
and the leased Georgia Ry. & Electric Co.. and to provide
trustee for the $2,500,000 7% company
purpose, the extension of the voting trust agreement
this
The International Trust Co., Denver,
for
capital
tional
17
Aug.
on
auction
at public
Collateral Trust notes due April 1 1922, sold collateral: 81,370.000 First & is requested by the management. Voting trustees are: H. M. Atkinson,
Randal Morgan, of Philadelphia: B. W.
at the Court House at Denver the following
of the of Atlanta, Ga.; S. T. Bodine and and
5% gold bonds, due Nov. 11933,
George G. Moore.-V.120. p.2400.
Smith
Ref. Sinking Fund Mtge. 25-Year
(being the entire capital stock Palmer,of Boston;C.Elmer
shares
4,995
and
Co..
Tramway
City
Denver
d Securities & Investing Co.
Power Co.(of Calif.).-To Issue Stock.Western
Great
except five directors' shares) of the Consolidate
for
committee
protective
'
The securities were purchased by the noteholders
The company has applied to the California RR.Commission for authority
11.125,000.-V. 121. p. 838, 705.
to issue 81,000,0007%- Cumul. Preferred and 82.000,0006% Cumul. Prostock.-,V. 121,13. 977.
ferred
Detroit Edison Co.-Listing.-the listing of $8,000,000
l (Mo.) Ry. & Electric Co.-New Control.
Hanniba
The New York Stock Exchange has authorized
amount
total
the
making
5%,
"11,"
Mo., resiGen. & Ref. Mtge. Gold Bonds, Series
Controlling interest in the company has passed to Hannibal,
"A"$12,500,000 and
MainBruce
with
been
President,
has
elected
Hodgdon
T.
of Gen. & Ref. Mtge. Gold bonds applied for: Series
dents and Frank
Series "B" $8,000.000.
Chicago, Vice-President, and Sinclair Mainland, Hannibal. Secretary-Consul. Cos.). land,
Sr.. and
(Incl.
Mainland,
Sinclair
last
year
of
1925
the
31
within
July
Ended
death
Months
7
The
Account
Treasurer.
Consol. Income
$21,461,165 William Mainland of Oshkosh, Wis., brought about the reorganization of the
Gross earnings from operations
10,569,607 board with Messrs Hodgdon, Bruce and Sinclair Mainland, and George D.
Expense of operations
2,340.000 Clayton, Charles E. Rendlen, Hannibal, and Frank Hixson, Chicago, as
Retirement reserve (depreciation)
1,743,900 directors.-V. 116, p. 176.
Federal income, &c.. taxes
2,326.872
Committees.Interest on funded debt
70,843
Helena Light & Railway Co.-Protective
Interest on unfunded debt
bondholders owning
borrowed for const Cr.195.722
The committee (below) in response to requests from20
Amt.charged to prop. acct,for int. on money
Gold bonds,
-Year
5%
Mtge.
First
$878,000
235.512
the
of
proportion
a large
Extinguishment of discount on securities
14,583 have consented to act as a committee to represent the bondholders in an
Miscellaneous deductions
on of the company to enable it to
effort to perfect a financial reorganizati
$4,355,571 meet the requirements of the future as they may develop.
is
Net Income
5,605,902
The principal of the bonds falls duo on Sept. 1 and the committee
the principal
Profit and loss at Dec. 31 1924
advlseti that the company has no means of meeting payment of
89.961.473 and that no plan for refunding has been formulated.
Total
$2,574,788
to the bondholders says:
Dividends paid (April and July 1925)
A letter from the committeelight
15,011
previous years
and power and electric railway
Miscell. adjustments of profit and loss for
"The company furnishes gas, electric
been
furnished, it appears that the ,
have
which
87.371.674 service. From statements
contributes by far the greater part of the net earnings,
Profit and loss at July 31 1925
department
electrical
profit and the electric
moderato
a
at
operated
being
Consolidated Balance Sheet July 31 1925.
the gas department
the company has earned In excess of its
Liabilitiesrailway at a substantial loss. While
AssetsThe census of 1920
not
growing.
867,092,500
is
served
stock
community
Capital
the
charges,
Real est.. bidgs., fix. &
127,163 interest a loss in population for the City of Helena, and it is believed that
$30.468.037 Prem. on capital stock
grounds
435.860 showed
subscribed..
We are informed that the company is dependent
stock
Capital
continuing.
is
decline
the
equipment,
Power plant
77,735,100 for its revenue almost entirely upon the residential population and such
Long term debt
trans. & distr. system114,241.885 Notes payable
214.002
population as arises from legislative and other similar activities
Materials & supplies...._4,063.109
2.137,437 transient
marketing of the securities necessary
Accounts payable
2,213.762
which occur at the State Capitol. The
Cash
3,221.723
liabilities
1,062,895 Accrued
be issued to insure the refinancing is rendered more difficult, owing to the
Notes receivable
9,830.525 to
reserve
involved."
Retirement
amount
small
4,357.641
relatively
Accts. receivable
626.640
Immediately
The holders of the bonds are requested to deposit their bondsYork.
932.868 Casualty insur. reserve
Prepaid accounts
212,658 with
deposiIrving Bank-Columbia Trust Co,. 60 Broadway, New
180.045 Other temporary res
Subscrib, to cap. stock
416,260 tary,
Ltd., 168 Fenchurch St., London. Eng..or the
unadjusted credBank.
(seen.
Barclay's
M
at
or
1,949.049
7,371,674
Stock of sub. cos
been
authorized
,
have
which
Holland.
Amsterdam
loss
Bank,
and
Amsterdamsche
3.413,832 Profit
Adv,to sub. CO8
254.402
to receive deposits on behalf of the depositary. All bonds should have the
Bonds. &c.. investments
cmi
R
te2e5-couf
613.747
Soot. llt9
Insur. investment fund
Chairman, C. N. Mason and A. F. BerinWalter
252.056
Special deposits
Sec.. 31 Nassau St., New York City, and Simpson,
Osborne.
W.
L.
with
ger,
922
5.018
Debt disc. & expense_
New York City, counsel.
St..
Cedar
62
Thacher & Bartlett,
255.198
Deferred charges
Total (each side)-- -$169,421,542
144.093
Reacquired securities..
Protective Committee Formed for 5% Preferred Stock and
-V. 121. p. 329.
in subst.:
Common Stork.-A letter to the stockholders says
.
Detroit United Ry.-New Receiver.
A committee has been formed to protect the interest of the bondholders
has
Co.
Transit
Rapid
a
Philadelphi
imperative that a similar committee should.be formed
President Willis C. Dunbar of ..he
Simons. Mr. Dunbar It therefore seems
C.
Charles
Judge
Federal
by
receiver
been named
Gross income
Fixed charges (see note)
Dividends on Preferred stock
Provision for replacements and depreciation
AUG. 29 1925.]
THE CHRONICLE
for the interests of the Preferred and Common stockholders
, and the committee (below), in response to requests from
owning a large
proportion of the stocks of the company, havestockholders
consented to act as a committee for the Preferred and Common stock in an
effort to effect a financial
reorganization to enable company to properly meet
the requirements of the
future as they may develop.
As is the case with most public utility companies, this company
funds in the future for improvements and extensions and requires will need
a financial
structure, not existing at present, for issuing securities which can
be sold
at reasonable prices to investors to obtain funds
improvements and
extensions necessary to render adequate service in thefor
territory served by it.
Outstanding Obligations of Company in
of the Public.
First Mtge. Sink. Fund 5% 20-Year Gold bondsHands
due Sept. 1 192&..$878,000
5% Preferred stock
374,000
Common stock
561,000
Earnings for the Twelve Months Ended May 31.
Gross oper. rev.,$373,484;oper.exp.& taxes,$273,104;oper.inc_
_$100.380
Renewals and replacements
33,975
Interest on bonds. $43,900: other interest, $2,981
46,881
Amortization of debt discount and expense
336
Net income
$19,188
No dividends have been paid on the Preferred stock since
Nov. 1 1918.
and no dividends have been paid on the Common stock since
Feb. 11918.
The surplus earnings of the company have been invested in
its property
or used towards reducing its outstanding funded debt. Every
been made by the management to maintain the property in good effort has
operating
condition and to run it as economically as possible and
to endeavor to
uphold its rates so that it might earn a reasonable return on capital
However, the Public Service Commission has, within the past invested.
two years,
reduced its electric light and power rates 20% and has refused
increases in the fares for its electric railway department sufficientto grant
operating expenses. The holders of the 5% Preferred stock and to meet
Common
stock are requested to deposit their certificates immediately
Bank of Commerce, 31 Nassau St., New York, depositary.with National
Committee.-J. H. Pardee. Chairman. P. G. Gassier and
H. C. Hopson,
with C. A. Dougherty. Sec., 33 Liberty St., New York City.
-V. 120, P.
1458.
1101
Manhattan division and 17% on the Subway Division to cover
and depreciation. These are the percentages fixed for the firstmaintenance
year of oper
ation in each case. Negotiations have been pending between the
company
and the Commission ever since the end of the first year to determine
what.
if any, changes in these percentages should be made for subsequent years.
Prior to July 1 1923 the amount expended in excess of 14% upon the Manhattan Division was approximately offset by the amount under 17% expended upon the Subway Division. The net expenditures for maintenance
in excess of the amounts therefor, included in "operating expenses, taxes
and rental paid city for old.subway," are shown as "maintenance in excess
of contractual provisions.'
la Under the plan of readjustment payment of the sinking fund is deferred
until July 1 1926 on condition that. prior to that date, an amount equal
to the deferred sinking fund be expended on additions or improvements
to the property.
c Includes $770,000 received July 2 1925 on execution of new advertising
and vending contract, which becomes operative Nov. 1 1925.-V.
121, 1).
706. 586.
International Utilities Corp.-To Seoreoate Oil Itiohtt.-
The corporation has taken steps to segregate its oil rights in the Viking
gas field of Canada through the organization of a subsidiary. the Princeton
Petroleum Co. The leases were originally obtained by the Internationa
Utilities Corp. for the purpose of getting gas, which is served as a utilityl
to the City of Edmonton. Alberta. The possibility that oil will be
discovered in paying quantities in the same field led to the segregation. Several other companies are prospecting in the same territory. See also V. 121.
p. 978.
Lone Star Gas Co.(Tex.).-To Increase Capital.-
The directors will recommend to the stockholders an increase in the capital stock (par $25)from 427.000 shares to 690.000 shares,and that this stock
be sold to stockholders at par ($25) as follows: 82.325.000 to be offered on
or before Dec. 311925. the remaining $2.000.000 to be issued when and as
needed during 1926. The proceeds of the sale of this stock will be used in
the construction of new pipe lines into additional casing-head gas
and piping of additional towns, and adding to the company's presentplants
markets.-V. 121, p. 458.
Hocking-Sunday Creek Traction Co.-No
Bids.Long Island Water Corp.-Meroer
No bidders appeared at the recent sale by
receiver of the company,
The Roosevelt (N. Y.) Water Power
which connects Nelsonville and Athens,0. Athe
new and lower appraisal will the above corporation.-V 121. p. 706.& Light Co. has been merged with
be made of the properties immediately. (Electric
Ry. Journal.)-V.118.
p.311.
Illinois Bell Telephone Co.-Expenditures.-
The directors have approved expenditures
$1,014,490 for new plant
and extensions, making $19,378,170 so far thisofyear.
-V. 121. P. 585.
Illinois Power & Light Corp.-Fare Increase.
The City Council of Quincy,
• on Silly 13 approved an increase
in fare
by the Illinois Power & Light Corp The new
rates
are
10
cents
cash, with
5 tokens for 35 cents, and school children rates 40 tickets for
$I. the same as
heretofore. It is stated that the effective date of the
new rates has not yet
been determined.-V.120, p. 3187.
Independence (Mo.) Waterworks Co.-Bonds Sold.Putnam & Storer, Boston, have sold at 97 and interest
yield about 5 Yi% $450,000 1st Mtge. 53'2% Gold bonds.to
Dated Sept. 1 1925: due Sept. 1 1945. Denotn.
c*. Red. on
30 days' notice up to Sept. 1 1935 at 103 and int.,$1.000.
the redemption price
decreasing 34 of 1% each two years thereafter. Interest
payable M. & S.
at First National Bank, Boston. trustee. Interest payable
tion for normal Federal income Tax up to 2%. Company without deducwill reimburse
holders upon proper application for income
taxes not exceeding 6% or
personal property taxes not exceeding 434 mills
when held by residents of
any of the New ngland States, Penn.,
or Maryland.
Company.-Owns and operates the water system supplying
water to the
City of Independence, Mo., and adjacent territory.
Company serves the
entire territory up to the City limits of Kansas City, comprising
a rapidly
increasing population now in excess of 30,009.
Security.-Secured as to principal and interest by a direct first
mortgage
on all the properties of the company now or hereafter
Company has
nearly completed the construction of new reservoirs,owned.
pumping stations and
flow lines connecting its water system with the enlarged
improved water
supply of Kansas City, Mo.
Value.-Stone & Webster. Inc. appraised the completed
properties as
having a reproduction value as of Oct 15 1924
of over
or over
234 times the amount of bonds to be outstanding under $1,101).000
this issue.
Earnings.-For the 12 months ending June 30 1925 the
net
cable to bond interest amounted to nearly twice the interest income applirequirements.
The earnings for the quarter ended June
were at the rate of well over 2
times the interest requirements on these30
bonds. Upon completion of the
above construction it is estimated that
earnings will be further increased.
CapitalizationAuthorized.
Outstanding.
Common stock (no par)
3,000 shs.
3,000 sits.
Preferred stock 6% Cumulative
8150.000
$150,000
1st Mtge. 534% Gold bonds
$1,500,000
$450,000
Purpose.-Proceeds will be used for retiring the company's short
term indebtedness and to refund outstanding bonds at a lower interest
Sinking Fund.-Company covenants that so long as any of rate.
its
bonds
of
this issue remain outstanding it will pay to the trustee
Sept. 1 1928 and
semi-annually thereafter and until Sept 11935. a sum inon
cash amounting to
of
1%
34
(equivalent to over 1% per annum)and from that date to
maturity
semi-annually ,£ of 1% (equivalent to over 13i% per annum)
of the greatest
aggregate principal amount of the bonds of tIlLs series theretofore
issued
and
outstanding at any time. The trustee shall apply such funds
to the purchase
of bonds of this issue in the open market or by call. Bonds purchased
shall be
kept alive and interest on same added to the
fund.-V.119. p. 529, 2071.
Interborough Rapid Transit Co.-July
Earnings.A statement issued with the July earnings says:
The total revenue from all sources for the month showed an
$833,074. This was largely due to the fact that the company increase of
in
the first part of July 1925 a cash payment of $770,000 as part of received
the consideration for the new advertising contract, which becomes
effective
1925. Under the prescribed system of accounting this entire on Nov. 1
$770.000 necessarily was credited to earnings for the month inpayment of
which received and appears as an increase in revenue as compared with July
year, during which month, of course, there was no similar payment.of last
Disregarding this item, the normal operations for the month
showed an
increase in total revenue of $63,074. The allowances for
operating expenses, taxes and rentals paid to the city on the
subway increased $233,859. After allowing for all charges, there was old
a balance for the month of
3252,856, an increase of $569.581 over the month
of July last year, due to
the extraordinary payment of $770,000 above mentioned.
Net Earnings of the Interborough System Under the Plan.
Month of July1925.
1924.
Total revenue
c$5,259.212
aOper.exp., tax.& rent, paid city for old subway_ - 3,307,433 $4,426,138
3,072.219
aMaint.in excess of contractual provisions
139,171
140,528
Income available for all purposes
81.812.606 $1,213,391
Fixed ChargesInterest on I. R.T.1st Mtge. 5s
672.726
672.483
Interest on Manhattan Ry. bonds
150.687
150,687
Interest on I. R. T.7°4 Secured notes
198,070
197.505
Interest on I. R. T.6% 10-Year notes
41,290
28.793
Interest on equipment trusts
24,128
5.600
Miscellaneous income deductions
32.793
35.292
hSinking fund on I. R.T. 1st M.5% bonds
184,757
184,757
Total
$1,304.450 $1,275,116
Balance after charges
508.156
def61,724
Reserve to cover addl rental which may become
payable to owners of Man. Ry. Co.'s stock not
assenting to plan of read iustment
5.300
5.000
Div. rental on $60.000.000 Manhattan Ry.stock._
250.000
250.000
Balance
3252.856 deft316.725
a From the commencement of operations under Contract No.
3 and the
related certificates, respectively. it has been the practice to Include
In all
&Torts of operating expenses 14% of the gross operating revenue upon
the
Louisville Gas & Electric Co.(Del.).-Initial Dividends.
-The directors have declared initial quarterly dividends of
43% cents per share on the Class "A" and "B" Common
stocks payable Sept. 25 to holders of record Aug. 31. This
places
the stock on a $1 75 annual dividend basis (see V. 120,
'
p. 2815).
The Class A Common stock was listed on the Chicago Stock Exchange
Aug. 19.
Earnings of this company and affiliated companies for the 12 months
ended June 30 compare as follows:
1925.
1924.
Gross earnings
87.477.344 87.017.891
Net earnings exclusive of depreciation
3.808,175
The Louisville Gas & Electric Co. (of Dd.) owns 99.87% of the3,403.256
Common
stocks of the companies comprising the Louisville Gas di Electric Co.
system.-V.121. p. 586. 458.
Mackay Cos.-Business Ahead of Last Year.-
"Earnings of the Mackay companies are running well ahead of last year."
said John II. Goldhancuner. Vice-President of the Commercial Cable Co.
"The domestic business of the Postal Co. Is running well ahead of last year
and the last half should be better than the first 6 months. Cable business
is running about 1,5% ahead of last year, but earnings are not showing that
much of an increase because of reductions in cable rates.::-V.121. p.458.
Manila Electric Corporatinn.-Nem Dire^t1rx.A new board of directors has been elected as a result of the recent acquisition of a controlling interest in the company by the Associated Gas &
Electric Co.
The new board, including representatives of the Associated Gas &
Electric. consists of the following: J. M. Daly C. A. Greenk103, H. C.
Hopson. S. J. Magee. J. I. Mange, T. W. Moffat and W. C. Wishart, who
succeed W. C. Burton, A. N. Connett, R. Walter Lee. R. B. Merchant,
Charles M. Swift, Samuel S. Swift, J. Dugaid X Elite and J. G. White. :
It is stated that more than 220.009 of the 230.093 outstanding shares of
Manila Electric Corp. stock are now held by the Assodiated Co.-V. 121.
rc• 706, 458.
Marcones Wireless Ter
egt
-•":7'-'th Co., Ltd.. England.-A final dividend for the year 1924 of 5%. being Is. per share less income
tax at 4s. 6d. in the £. was payable on the 3,250.035 Ordinary
shares
on Aug 28, Net amount. 9.3d. per share.
Coupons may be lodged at the head office of the company. Marconi
House, Strand. London, W.C. 2. Coupons are payable at the following
places at the exchange of the day: Banco di Roma. Rome, and branches;
Banque d'Outremer, 48 Rue de Namur, Brussels; Hanover National Bank,
New York.-V. 121. ro• 839.
Michigan Electric Ry.-Bus Project.-
The Southern Michigan Transportation Co.,a recently formed subsidiary
of Michigan Electric Ry., has been authorized by the Michigan P.
U. Commission to establish bus lines to connect Jackson, Battle Creek
and Kalamazoo and to connect Jackson, Lansing and East Lansing. Mich.
The
company has ordered 12 de luxe motor coaches from the Fageol company
and
experts to start operations lay Oct. 1.-V.
120• p• 86.
Michigan RR.-Bus Project.-
The Rapid Transportation Co., a recently formed subsidiary of the
Michigan RR., has been authorized by the Michigan P.
Commission to
establish bus lines to connect Bay City, Saginaw, MountU.
Morris and Flint
and from Grand Rapids to Kalamazoo, Mich. The company
has placed an
order for 14 de luxe motor coaches with the Fageol company. It
expects
to start service by Oct. 1 1925.-V. 119. p. 2064.
Midland Utilities Co.-Listed.-Class "A" Stock to Be
Offered Shortly.The Board of Governors of the Chicago Stock
Aug. 19 listed
100,000 shares of Class "A" Preferred stock (roar Exchange
$109). Of this amount,
shares with a par value of $9,716,579 were admitted
to trading. Samuel
Insull is President of the company, which is an investment
company owning
or controlling public utility properties serving important industrial
sections
of northern Indiana and western Ohio.
Gross earnings of the operating companies in the Midland group aggregated $17,234.457 for the 12 months period ended June
1925. Earnings
of the subsidiaries accruing to the Midland Utilities Co.30
for the same period
toatied 82.490.682.
Public offering of the Class"A" Preferred stock will be made soon. Prior
Lien stock of the Midland Co. was listed on the Chicago Stock Exchange
and offered to the public last March.-V.121. p. 200.
Milwaukee Electric Ry. & Light Co.-Buses-Earns.--
Owing to the falling off in traffic on its Whitefish Bay-Fox Point suburban
lines, the company on Aug. 17 substituted bus service
on this line north of
Hampton Roads.
12 Months Ended June 301925.
1924.
Operating revenues
822.891.416 $22 536.002
Operating expenses
$13.901.007 314.535.912
Taxes
Tax
1.961.995
1.663.001
Net operating revenues
Non-operating revenues
$6.938.415 86.367.088
253.273
275.205
Gross income
Interest on funded debt
Other interest charges
87.191.688 86.642.293
2,629.509
2.558.111
Cr41.093 0'162.412
Balance
$4,603.272 $4,246.595
THE CHRONICLE
1102
Condensed Balance Sheet.
'June.30 25 Dec.31'24
Jose 30'25 Dec.31'24
$
LiabilitiesAssets3 12,898,196
-13.379.24
stockPreferred
74.557,699
plant-79,152,773
Prop'ty &
11,250,000
50.000
stock.-11,2
Common
Capital expends.,
47,243.900 47,194,800
current year.... 1,933,633 4,595,074 Funded debt
45,000
10,986 Notes & bills pay10.986
Treasury securities
661.034
Sundry invest's. 1,717,699 1,490,699 Accounts payable. 654.349
655,175
828.199
liabils_
curr
Misc
813,455
831,942
Cash
2,991.032
1.174,674
accounts
41,222 Inter-co.
6,778
Notes & bills rec.469,008
Accts receivable- 1.575,788 1,819,242 Taxes accrued...-. 1,365,484
628,255
Mat'l dc supplies.- 2,396.627 2,788,993 Interest accrued.- 473,730
95,396
98,243
Inter-co. accounts 2,518,062 3,800,140 Dividends accrued
735
19,290
18,670 Sundry seer. Habits
53,315
Prepaid accounts.
433.353
522.591
_
accounts___
585,176 Open
Open accounts.... 663,504
15.228,160 14,531,254
Bond & note disc't 3,274,174 3.364,020 Reserves
2,370,650 2,212.373
329,239 Surplus
518,235
Special funds
94,653,515 94,020,614
TotaL
94,653,515 94.020,614
Total
-v. 120, p. 1586.
olis Street Ry.-Rate Case.-
Minneap
Judicial
H. A. Dancer. Duluth, Minn., former judge of the Eleventh
Federal Court
District, has been named by Judge John B. Sanborn ofsthe
in the suit of the
master in chancery to conduct the valuation proceeding aside
the cash fare
St. Paul City Ry. and the Minneapolis Street Ry. to set
RR. &
of 8 cents with 10 tokens for 60 cents established by the Minnesota
a test of its
as
1
Aug.
from
months
6
n
continue
to
Commissio
Warehouse
the
declared
railways
The
ability to make a fair return on the investments.
p. 2411.
rate confiscatory and asked an emergency fare of 7 cents.-V.119,
ppi Power Co.-Bonds Listed.-
Mississi
list temporary
There have been placed on the Boston Stock Exchangedue
1955. New
bonds for $4,000.000 1st & Ref. Mtge.Gold bonds5% series,
York trust Co., New York,trustee. See offering in V. 121, p.979.
& Light Co.-Acquires Plants.-
Mississippi Power
power plant at
The company has announced the purchase'of the small
one of a number of
Raymond, Miss. This acquisition, it is explained, is
being to feed
plan
similar purchases recently made or soon to be made, then line now nearly
these small places from the 110.000-volt transmissio
plant at
steam
new
large
completed from Jackson, Miss., to the company's
to the transfer
Sterlington, La. Overtures,it is said, are under way looking
-V.
operated.
119.P.
and
owned
y
municipall
of the Yazoo City plant, now
2762.
[vor, 121.
to arrange for the
Stockholders who took advantage of the company's offer
of $1 20 a share, or the
sale of their dividend stock received cash at the rate
by stockholders
followed
market on July 1 1925. This procedure may be
that stockif they wish, with respect to the dividend declared on Aug.24,so
ely equal to
approximat
amount
an
holders who desire cash will receive
market on
the market value of their dividend stock Oct. 1 1925. Atathe
instead
Aug. 24, this would give Common stockholders about $1 43 share.
of 85c. a share under the underwrit ng offer."
s).
Subsidiarie
(Including
30
June
Sheet
Consolidated Balance
1924,
1925.
1924.
1925.
Liabilities$
Assets19,085,750
Prop. & plant 307.909.451 271,762,081 6% Pref. stock_ 29.085,750
Common stock_ 30,714.610 27,829,160
Cash dc secur.on
dep. with tr._ 3,183,484 4,035,304 Pref.stks of sub. 48,458.077 36,976,453
Minority int. In
Stks & bds. of
other cos.__ 19,078,725 8,405,893 subsidiaries_ _ 6,618,876 5,569.465
Div.pay.in Corn.
.Incl.
Sundry Inv.
695,105
766,641
bds. of sub___ 1,434,044 2,262,975 stock
,192 161,299,683
11.090.6057,714.426 Fun.dbt. of sub.179.786
Cash
504,075 Notes&bilis pay. 1,806,033 4,106.909
U. S. Gov't sec_ 11,504,075
4,742,579
3.896,
Notes& bilis rec. 3,673,459 4,439,105 Accts. payable__ 2,383,927
2,223,615
9,480,665 13,150,963 Sundry cur. nab.
Accts.reo
4.593,848
Mat.& supplies. 7,810,935 8,869,712 Taxes accrued__ 5,345,077
409,933 Interest accrued 2,274,427 2,602,633
481,611
Prepaid accts.
439,567 '
735.479
Bond & note disc 12,007.215 11,864,764 Div. accrued..._
61.612
59,472
I Sundry ace liab.
43,384,247
49,402,734
'Reserves
26,320.549 19,808,606
Tot.(ea. side)387,654,269 333,419,233 Surplus
587.
The usual comparative income account was given in V. 121. p.
for the Common
President Frank L. Dame says: "The balance available
48 per share on
stock for the 12 months ended June 30 1925 was equal to $3
g June 30 1925, as
3.071,461 shares of Common stock (par $10) outstandin
ended June 30 1924 on
compared with 12 76 per share for the 12 months earnings
set a new high
2.782,916 shares outstanding June 30 1924. These
record for the company.'
System,includAmerican
North
the
by
served
territories
the
t
Throughou
electricity has
ing Cleveland, St. Louis and Milwaukee, consumption ofs extensively to
steadily Increased at a rate which has required subsidiarie
months ended
12
the
For
radii
ties.
n
distributio
enlarge transmission and
an Increase of
June 30 1925 electric output totaled 2.502 536.647 k. w, hrs.,
electric customers rose
of
number
The
period.
preceding
the
over
12.177
708.
p.
121,
from 624,921 to 668.673 or 7% increase.-V.
Cos.).-Earns.
North American Edison Co.(Incl. Sub.
Mos. End. June 30-
-6 Mos. End. June 30- -12
1924.
1925.
1924.
1925.
7
135.976,375 $33.945.363 168.310,365 866,459,45
Gross earnings
41,667,022
21,708.947 21,241.803 41.386.123
exp. & taxes
The following have been added to the board
7.913.094
Anson W. Oper.
Brewer,
8,841.185
S.
3,875,412
Charles
4,746,057
F.
Brady,
Nicholas
Interest
charges
Brady,
son, James C.
1,902,981
Cogswell, Jr., Pref. diva, of subsids
2.606,052
1,397,222 . 1,064.488
Burchard, Floyd L. Carlisle, John N. Carlisle, Ledyard
1,013,321
1.190.767
T. Hanscom. James T. Minority deductions_ _ _ _
586,958
647.438
Arthur V. Davis. Francis E. Frothingham, Perry
6,056,460
Morgan,
Randal
8,766.389
Machold,
3,425.477
3,578,057
Edmund
H.
Lewis,
Depreciation reserve
Hutchings, William E.
D.
Cornelius
Ruffner,
S.
Robert 0. Pruyn, Charles B. Rogers, Charles Thompson and Owen D.
83,900.615 13.749,225 $7,519,850 87,900.571
Balance
Scully, William I. Taber, Frank M. Tait, Paul
: Charles S.
Consolidated Balance Sheet.
Young. Charles S. Ruffner is President of the corporation
Brewer is Chairman, and Paul Weathers Treasurer.
June 30'25. Mar.31'25.
June 30'25. Mar.31,25.
State St.,
The executive offices of the company will be located at 124-126
uabauusAssets27,139,870 27,139,870
Albany, N. Y.-V. 121. p. 979. 839.
stock_
Common
235,636,320
67.836
Prop. dc plant_241,3
stocks of
Co.-Acquisition. Cash with trust's 3.266,571 3,692,439 Pref,
39,258,403
Mountain States Telephone & Teleg.
40.839,476
cos__
subsid.
551,687
548,043
comthe
by
s,_
_
Investment
acquisition
6,438,026
The I.-S.0.Commission on Aug. 15 approved the
Due fr.BM.cos. 7,754,508 7.352,710 Min. Int. In sube 6,574,373
151,414,727
92
pany of the properties of the Taos Telephone Co.. Inc.
8.121.0939,940.951 Funded debt._.150.938.5
agrees to purchase all of Cash
12,361,909
By contract made May 1 1925 the Mountain Co.
10,692.137
to
attn.
cos.
Due
11,504.075
paid
11,504,075
be
will
on
sees.
U.S.Govt.
considerati
591,334
the properties of the Taos Co. for $13,525. The
1.218,691
issued in connection with the Notes& bills rec. 3.591,628 3,483,511 Notes& bills PaY 2,655,945
3,198,511
In cash and no additional securities are to bethe
engineer of the Moun- Accts. receivable 6,404,783 6,898,795 Accts. payable.. 1.703.095 2,046.235
proposed acquisition. An appraisal made by the plant
cum
Habil
Sund.
6,584,523
and
properties at $19.432,
Mat'l & supplies 6,650,936
tain Co. fixes the reproduction cost new of
275.604 Taxes accrued- 4,732,245 3,329,026
308,096
of the Taos Co. Prepaid accts.._
1,692,086
less depreciation. 113.044. In 1924 operating revenues
13.513.-V. 120, P. Bd.& note dIsc't 10.499,562 10,762,598 Interest accreted 2,052,134
279.265
299,235
were $5,151 and operating expenses and taxes totaled
Die. accrued___
56,555
59.177
1203.
Sund accr. Habil
39,119,527
2.No.
40.472,988
Div.
n
-Commo
Co.
Reserves
Service
Public
National
9,757.741
share
a
10,639,171
40c.
of
Surplus
The directors have declared a regular quarterly dividend
Sept. 15 to holders of record
on the Class "A" Common stock, payable like
300,017,133 296,683.216
Total
amount was paid on this
300,017,133 296,683,216
Total
Aug. 27. An initial quarterly dividend of
-V. 120. p. 1204.
issue on June 15 last.-V. 121. D. 75.
ors.Mohawk-Hudson Power Corp.-Direct
of directors: Roger W. Bab-
New England Telephone & Telegraph Co.-Expendies.
e of 12,080.585
The executive committee has authorized the expenditur
will be spent in Metrofor new construction. Of this amount $1,037.794
in Rhode Island.
politan Boston. $578,346 in the rest of the State, 1228.707
and $6,608 in Vermont.
$165,566 in Maine, $65.564 in New Hampshire
authorization for expendiThis authorization Is in addition to a previous
121,
707.
979.
P.
78.-V.
127,974,0
of
tures this year
New Orleans Public Service, Inc.-Listing.-
the listing of (a) $12,000,The New York Stock Exchange has authorized
5%. due Oct. 11952, and (b)
000 1st & Ref. Mtge. Gold bonds Series "A"
permanent engraved 1st
for
le
exchangeab
receipts
interim
of
$5,000.000
1 1955, which interim
Ref. Mtge. Gold Bonds Series "B" 5%. due June hands of the public.
receipts have been issued and are outstanding in the
30.
April
Ended
Income Account 12 Months
1924.
1925.
4 $14.706,839
$14,988.94
Operating revenues
8.329.283
8,193,258
Operating expenses
209,798
244.633
Federal taxes
1,478.777
1,555,786
Other taxes
4,688.982
4.995.268
operation
from
Net revenues
114,947
173,517
Non-operating revenues
14,803.929
85.188.785
Gross income
2.091,550
2,054,276
Interest on bonds
121,414
118,718
Other interest and deductions
299.166
299.324
Dividends on Preferred stock
1.240,000
1,352.000
Approp. for renewal & replacement reserve
81.344.469 11.051,799
Balance Sheet April 30 1925.
Liabilities
Assets
421.628.050
856.418.114 Capital stock
Plant
41,083.628
Construc'n expenditures.. 4.021.461 Funded&debt
1.500.000
payable
loans
Notes
3,549.714
Constr. contract adv
529.549
payable
220.359 Accounts
Investments (at cost)._
654,450
deposits_..-Customers
974.928
Cash
35,986
deposits..
'
Employees
131.704
Notes & loans receivable7.263
g
918.182 Tickets outstandin
Accounts receivable
1,602,066
payableaccts.
Accrued
Mat'l & suppl. (at cost)_ 1,303.893 Deferred paving assessm41.489
116.453
Prepaid accounts
176 Renewal & replacem't res 1.299.414
Special deposits
596.334
185.152 Other reserves
Trust funds
997.667
Unamort. disct. & exp.... 1,929.322 Surplus
204.436
Deferred debits
169.973.896
Total (each side)
stock of an authorized 150.000
a Represented by 42.753 shares Preferred
shares
1,050,000
authorized
of an
shares and 694.030 shares Common stock
200.
all of no par value-stated value.-V. 121, p.
Balance
in Stock
North American Co.-Dividend of 23'% Payable
-Balance Sheet June 30.(or at Holder's Option in Cash)
the regular quarterly dividends of 1%`70
The directors on Aug.24 declared the Common stock, payable on Oct. 1
on the Preferred stock and 2Si% ondividend
on the Common stock will be
to holders of record Sept. 5. The the rate of 1-40th of one share for each
paid in Common stock at par, or at
stockholders may receive cash on
share h Id of record Sept. 5. Common
stock at the rate of not less than 85c.
Oct. 11025 for their dividend Common
notifying the company at its
a share of Common stock held of record byA sale of the dividend stock in
New York office not later than Sept. 15.
approximately $1 43 for each
realize
the market at the present price would
share held on Sept. 5.
any stockholder, for either
of
request
upon
arrange,
The company will
full share or for the sale of
the purchase of fractional scrip to complete a
scrip.
fractional
statement: "The dividend
President Frank L. Dane Issued the following
previous dividend paid July 1.
on the Common stock is the same as the
Co. (& Subs.).-Earning8.Northern Ohio Power End.
-12 Mos.End.July 31-
July31-7 Mos.
1924.
1925.
1924.
1925.
Period-86.626.519 15.726.918 $10.980,598 89,757.429
Gross earnings
Incl.
expenses.
Operating
7,851.863
taxes and maintenance 4.919.249 4.488.136 8.279.123
$2,105,766
82.701.475
11.238.782
81.707.270
Gross income
1.970,228
2,169.032
1,175,638
Fixed charges(see note). 1.275.825
1135.538
8532.443
863,144
8431.445
x Net income
computed for comNote.-Fixed charges prior to Feb. 1 1925 have beenOhio
Co. for
Power
the
Northern
of
interest
include
to
purposes
parative
1924 and include interest charges and
expired periods of 1925 and for year stock
of subsidiary companies.
dividends on outstanding Preferred
x Available for replacements, depreciation, &c.-V. 121, p. 459.
Ohio Utilities Co.-Stockholders Seek Accounting.-
See Ohio & Western Utilities Co. below.-V. 117. p. 1785.
AcOhio & Western Utilities Co.-Stockholders Seek
counting.
s' suit for
says: "A stockholder
The "Journal of Commerce," Aug 25,
s of Individual members of P. W.
an accounting of the financial transaction
ot the Ohio & Western Utilities Co.,
Brooks & Co. in relation to the affairs
the National Utilities Co., was, on
the Ohio Utilities Co. (of Del.), and
1. Klelufeld. attorney,
Aug. 24. Instituted in the Supreme Court by Edward
44 West 16th St.
Brooks. Albert W.
W.
Percy
are
action
the
in
named
The defendants
Albert F. Beringer, John Clifford Martin,
Brooks. P. W. Brooks & Co..Buchanan,
H. Van Wyck, Charence
Laurence N. Symmes. Robert companies.Edwin
E. Hale and the three utilities E. Whelan. Charles S. Hirsch, Joseph L.
"The plaintiffs are: Hariette
George A. G. Christiancy, Frederick
Lilienthal, Theodore Bernstein.
of the firm of Hirsch. Lllienthal & Co., and
Eisemann and Harry Rising,
of themselves and other stockholders;
Frances G. Merritt, suing on behalf
and Theodore Bernstein. suing as
and Thomas D. Brown, Erson B. Merritt
s of the Ohio Utilities Co.
a committee for Preferred stockholder
Nov. 13 1914 with an
organized
was
Co.
Utilities
Western
Ohio
The
Common stock and 82.500.000 7% Cumuauthorized capital of 15,000,000
company of Delaware was incorporated
lative Preferred stock. The Ohio Capital
stock of 82.500,000 in Common
Nov. 13 1916 with an authorized
e Preferred stock.
stock and 12.500,900 in 7% Cumulativ
defendants" manipulated
the
"conspiring
that
alleges
complaint
The
and other companies controlled by
the securities of the utilities companies
the stockholders. The other companies
the defendants, to the detriment ofLight
& Power Co.. the Fort Scott &
included the Chillicothe Electric
the Circleville Light & Power
Nevada Light. Heat. Water Se Power Co.,
& Power Co., the Hillsboro Light
Co., the Delaware Electric Light. Heat
Co.,
the
Gallipoli, Electricity & Power
Coal
&
lee
& Fuel Co., the Hillsboro
Co., and the Port Arthur (Tex.) Gas & Power Co.-V. 117. P. 1785.
Public Service Co., Inc.-To Pay Notes.
Orange County
Sept. 1 1925. will all be retired,
The 1550.000 04% Gold notes. due
the option to exchange same at par up to Sept.
Holders of the notes haveRefunding
Mortgage 6% Gold Bonds, Series A.
for the company's First
Such notes as are not converted will be paid for in cash.-V 120. D.3315.
Penn Central Light & Power Co.-Sale of Controllin
of Stockholders.Interest Subject to Approval
(Day & Zimmermann, Inc.) and Charles Day
John E. Zimmermann
a large majority of the Common stock
President, acting for toe owners ofan
agreement looking to the sale of the
of the company, have entered into
of
the
company to interests identified with
stock
the
controlling interest in
will vote Oct. 12 on ap.
United Lighting Co. (of Pa.). The stockholders
L-ght.ng Co. for the purchase of all The
prov.ng the offer made by Irated
company.
Property and francli.ses of the
AUG. 29 1925.]
THE CHRONTCLE
The Preference stock provides that on the dissolution of the company
(wh.ch the sale of all its property and franchises will effect) the holders of
the Preference shares are entitled to receive $70 per share plus accrued and
unpaid dividends to the date of the dissolution. and that all the remaining
assets of the company shall be distributed among the holders of the Common stock.
The purchasers have agreed, however, tha5 the holders of the Preference
shares of the Penn Central Light & Power Co. may,at their option, receive
for each such share. instead of the cash consideration. one share of the Pref.
stock of United Lighting Co., which shall be entitled to cumulative dividends at the rate of $5 per annum and no more, payable quarterly.
The directors recommend to the Preference shareholders of the Penn
Central Light & Power Co. the acceptance of the offer.
Details fiom the Offer of United Lighting Co.-Preferred stock of United
Lighting Co. shall be entitled to cumulative dividends at. the rate of $5 per
annum,and no more, payable quarterly. accruing from the date upon which
dividends on the present Penn Central Light & Power Co. Preference stock
shall cease: to be entitled to $70 per share and dive in the event of dissolution; to be callable in whole or in part on 30 days' notice at $80 a share and
dive.: to have no voting rights whatsoever; to have no pre-emptive right to
subscribe to additional Preferred or Common stock.
The United Lighting Co. shall have the right to issue additional Pref.
stock in additional series with varying dividend rates, and entitled to varying amounts on dissolution, ranking equally but not in priority to the $5
series Pref. stock. No Pref. stock in excess of 100,000 shares of the $5
series of the United Lighting Co.. or in excess of an aggregate issue of Pref.
stock of all series entitled to $7,000,000 in dissolution, shall be issued unless
the net earnings for 12 consecutive months out of the 15 months preceding
the issue applicable to Pref. stock divs. are 1% times the annual div. requirements upon Pref. stock then outstanding and that proposed to be issued. No Pref. stock ranking in preference to the $5 series either as to dive.
or upon dissolution shall be created by the United Lighting Co.. except with
the consent of the holders of two-thirds of the outstanding Pref. stock.
Simultaneously with the sale, it is proposed to change the name of United
Lighting Co. to Penn Central Light & Power Co., so that the new securities
offered in exchange will be known as securities of the new Penn Central
Light & Power Co.
It is stipulated in the offer of United Lighting Co.that acceptance of this
offer and appropriate action by the directors and stockholders of the Penn
Central Light & Power Co. authorizing such sale shall be taken on or before
Oct. 20, and that the purchase price shall be payable within 10 days after
the consent or approval of the Pennsylvania P. S. Commission has been
obtained, and that this offer shall be deemed withdrawn in the event that
the approval shall not be obtained prior to Nov. 1 1925, unless the date be
extended with the approval of United Lighting Co.
Pres. Chas. Day in a letter to the holders of Pref. stock
Aug. 15 states:
It is desirable that the holders of a majority of the outstanding stock
1103
Saginaw (Mich.) Transit Co.-Fare Increase Voted.-
At a special election held Aug. 25 1925 the voters of Saginaw, Mich.,
authorized increasing the ticket fare of the Saginaw Transit Co.. a subsidiary of Electric Railway Securities Co., from 4 tickets for 25c. to a fare
not in excess of 3 tickets for 25c. Fare to be charged to be fixed by City
Commission upon application of company. The cash fare remains ioe.
-V. 117. p. 2891.
Scranton (Pa.) Ry.-Wage Decision.-
Thomas J. Williams, umpire in the wage dispute between the company
and its Amalgamated employees,recently rendered a decision in the arbitration proceedings, denying the 16-cent flat increase demand by the men.
At the same time, Mr. Williams denied the desired increase of 30 cents an
hour for bus drivers and one-man car operators. He agreed, however, that
the bus driver should receive 5 cents an hour over and above the maximum
wage now paid. The one-man car operator was also granted an increase
of 8 cents over the 64-cent maximum wage that is now paid the second year
motorman or conductor.
This decision affects the rate of wage for the period from April 1 1925. to
April 1 1926.-V. 120, p. 1329.
Southern Bell Telep. & Teleg.
The I.-S. C. Commission on Aug. 15 approved the acquisition by the
company of th
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