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The.
atal
16rtw
INCLUDING
Railway & Industrial Compendium
State & Municipal Compendium
VOL. 121.
financial
iiratude
Public Utility Compendium
Railway Earnings Section
SATURDAY, JULY 18 1925.
txc
Bank and Quotation Seam!
Bankers' Convention Section
NO. 3134.
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This all follows a constantly increasing producWILLIAM B. DANA COMPANY, Publishers,
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Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert: Business Manager, William D. Riggs: That in turn results from a constant increase in
Tress. William Dana Seibert; See.Herbert D.Seibert. Addressesof all.Office
of Co. factory capacity, transportation and
working capitaL And this in turn follows from thrift or the
The Financial Situation.
diverting of part of income into capital saving in
With return of funds from the interior after one form or another. The whole population is beginJuly 1 settlements, call money again has become ning to appreciate the benefit of investment in busiplentiful, with rates below 4%. This has been re- ness enterprises. The savings bank, with its 4% reflected in a somewhat better demand for investment turn, has long appealed to the very thrifty, but the
bonds, with a slight increase in the Dow Jones aver- 5% to 10%, or even greater, return of business
age for 40 bonds, which reached a low of 92.52 on constantly appealing to a larger number. The orWednesday, after reaching a recent high c,f 93.24 on ganization of corporate enterprises, the perfecting
June 23. The stock market again has attracted at- of the Stock Exchange machinery, and the wide edutention with increasing activity at rising prices, par- cation in the advantages of bonds and stocks as inticularly in the public utilities, motors and special- vestments, has developed new incentives to thrift.
ties, and with considerable strength in oils beginning Then, also, enormous amounts of capital have been
on Thursday. Brokers' loans have not been recalcu- going into industry. Our monthly summaries of
lated since June 22, when they were estimated by new capital flotations furnish impressive evidence
Dow, Jones & Co. to be $1,850,000,000, but it is of the truth of the statement.
thought that they may be near or in excess of the
This development in securities is of the greatest
March 6 peak of $2,100,000,000. This necessitates national importance, as the ownership of securities
extreme caution, particularly on the part of those is a very convenient way of saving, open to every
holding stocks which have recently been run up by -one, farmer, wage earner, clerk, petty merchant and
speculative purchases, because those particular professional; as well as the business leader. It
stocks are probably held largely on margin and car- makes possible to all the benefits of business, and
ried in houses that may have their capital quite makes available to business the savings of all.
fully in use. This consideration is entirely apart
Nevertheless, having in mind these impressive evifrom the real values of these securities and apart, dences of increasing wealth widely
distributed, and
indeed,from general market and banking conditions. of the great total of investment securities owned
by
Even if the individual security is worth what it is investors, the fact remains that a
rampant speculaselling for, or more, and even if the banking condi- tion prevails on the Stock Exchange
and is with each
tion is good, as it is, and brokers' loans not too large succeeding day getting more
and more out of hand.
in .elation to the country's wealth and market activ- At such a time brokers' loans aggregating $2,000,ity, nevertheless, brokers' loans are now so high as 000,000 certainly suggest caution.
to call for the exercise of the greatest caution in
respect to speculative favorites or those of houses
The foreign trade of the United States continues
that are carrying very heavy loans.
somewhat in excess of the past few years. The June
The underlying elements of great strength must statement of merchandise exports and imports shows
not, of course, be overlooked. At the bottom of the exactly the same amount for each, $326,000,000.
whole situation is the enterprise, hard work and These are the preliminary figures and when the final
Curl-nuke
236
THE CHRONTCLE
[Vol. 121.
report is issued it will naturally show some varia- 45% and the average import price of about 24 cents
tion one way or the other, but the variation will be per pound 1924-1925 contrasts with 13.8 cents in
small. The value of exports in June is somewhat in 1913. These differences in quantity and price will
excess of the movement during the corresponding account for a considerable part of the increase in
month of the two preceding years, while June im- the value of our foreign commerce over the pre-war
ports this year are larger than for any preceding period.
June back to 1920. There is some loss in exports for
Consideration of the foreign situation by the CoolJune from May this year, the figures being, respectively, $326,000,000 and $371,421,000, a decrease for idge Administration during the last week or a little
last month of nearly $45,500,000—and June exports more is said to have involved especially recent develwere less than for any month back to last July. Im- opments in and with respect to China. For a discusports in June at $326,000,000 were about $1,500,000 sion of these matters particularly, and others as well,
less than in May, and show a decrease in comparison the President summoned Secretary of State Kellogg
with every month back to November last. In and Under Secretary Grew to the Summer White
another respect an important variation is shown; House at Swampscott, Mass., for conferences last
the excess of merchandise exports for May was $44,- Saturday and Sunday. As Mr. Kellogg had gone to
000,000, and has been considerably larger than that his home in St. Paul for a vacation, the President's
amount (except in February, when exports exceeded action naturally caused some surprise and even apimports by $37,060,000) since July last. There were prehension. It was assumed in dispatches from
five months during the past fiscal year in which ex- Swampscott in advance of the conferences that "the
ports exceeded imports by more than $100,000,000; protection of American property rights in Mexico
in November the excess of exports was $197,247,000 •and the war debtsituation" were to be taken up also.
and in October $216,435,000. For the twelve months The Secretary of State and his assistant met with
ending with June, the excess of exports is $1,042,681,- the President again on Sunday. Before they left
407. June, both as to exports and imports, is rather White Court for Washington Sunday night Mr. Kela between-season month, so far as some leading logg issued the following statement: "We have been
products are concerned which enter largely into our engaged in a conference with President Coolidge
foreign commerce, and the above noted variations in with regard to the situation in China, the Foreign
Department question and some other departmental
some measure are attributable to this fact.
For the fiscal year ending with June, merchan- matters. The conference in relation to China had
dise exports were valued at $4,857,654,344 and im- reference to matters of policy. The cornerstone of
ports at $3,824,972,847, the excess of exports being that policy, so far as this Government is concerned,
$1,042,681,407, as already noted. Exports in the may be said to be a scrupulous observance of the obpreceding fiscal year were $4,311,283,740, the twelve ligations to China entered into at the Washington
months just ended showing an increase of $546,370,- Conference, and the insistence that the Government
604, while imports for the year ending June 30 1924 of China take adequate measures for the protection
were $3,554,138,268, the increase in imports for the of foreigners and to carry out her responsibilities
past twelve months being $270,834,579. The excess under the treaties. There is nothing new in the debt
of exportsfor the fiscal year 1923-24 was $757,145,472. question. We were discussing the general situation.
Omitting reference to the foreign trade statistics for The settlement is progressing satisfactorily."
the years 1915 to 1921, when the ocean-borne comThe New York "Times" correspondent at Swampmerce of the United States was affected adversely or
otherwise by the European war and its aftermath, scott declared that "the attitude of the Administramerchandise exports and imports have never been in tion is that the policies as enunciated in the Washexcess of the value reported for the fiscal year just ington treaties should be carried into effect without
closed. For 1913 merchandise exports were valued delay, and that no new policies for dealing with
at $2,465,884,000 and imports $1,813,008,000, both the China should be adopted by other countries contrary
high water mark up to that year. A higher range of to the agreements in the nine-Power treaty. This Govcommodity prices in 1924-1925 over 1912-1913 will ernment is against delaying the conferences on cusaccount for a part of the increase in the later period toms beyond the three months' period, but if present
and various calculations have been made showing an conditions in China forbid such a conference it would
increase in prices between these two periods of 50% not object to a short postponement." Continuing to
or 60%. But exports for the past fiscal year are outline the Administration's attitude as he under97% in excess of the fiscal year 1912-1913, and for stood it, the "Times" correspondent said: "Presiimports there is a gain of 110%. For the fiscal year dent Coolidge believes the commissions authorized to
of 1912-1913 exports exceeded imports by $652,876,- consider extra-territoriality.should meet without de000, an unusually large amount, which was exceeded lay. The American Government's view is that these
prior to that year only twice, in 1908 and 1901, and rights should be abolished. Secretary Kellogg's note
in those years by only a few million dollars. Raw is regarded as an answer to the suggestion that Great
cotton constitutes a large part of our merchandise Britan may enter upon an independent policy reexports and the value for the fiscal year just closed specting her attitude to China. Important developwill exceed $1,060,000,000 (for the eleven months ments in China and in Great Britain are expected as
ending with May, the value is $1,033,500,000). In the result of the United States Government's re1913 cotton exports were valued at $547,000,000. statement of its position and its insistence on the
The average export price in that year was 12 cents; carrying out of the Washington treaties, and China's
for the past year It has been about 25 cents per adherence to her obligations as well as the adoption
pound. On the other side, imports of raw silk are of measures to protect foreigners. The American
nearly double in quantity for the past year what they Government is hopeful that the conferences to carry
were in 1913, and average import price is now double. out the Washington treaties will be convened within
Imports of coffee for the past year exceed 1913 by scheduled time, to the end that China can compose
JULY 181925.]
THE CHRONICLE
her difficulties and obtain revenues from increased
tariffs to assure a more stable Government. Secretary Kellogg believes that France's ratification of
the Washington treaties will be deposited at Washington in the next week or ten days. This action will
conclude the acceptance by all the nine Powers of
the treaties negotiated in Washington."
237
attitude rests upon a rigid adherence to the system
of first declaring a position to be right and to stick
there unmoved."
Commenting upon the Chinese situation from the
Washington point of view, the representative at that
centre of the New York "Evening Post" said in a dispatch on Monday evening that "until a few days ago,
On the very day that Secretary Kellogg made his these treaties [those entered into at the
Washington
statement the Tokio correspondent of the New York Conference with regard to China]
lacked validity,
"Times" cabled a report that "an agreement has been not having been accepted by
all the Powers which
reached by America, Japan and England, after a negotiated them. The first step in
the American polweek's negotiations here, to continue their united icy was to obtain the final accepta
nce of the treaties.
stand in China, thus avoiding a break which, it is This was accomplished last week,
when the French
learned now, seemed imminent several days ago." Government, at the urging of
Washington, ratified
He added that "it is stated on good authority that the Nine-Power Treaty, France being
the last of the
the agreement followed concessions by Great Britain nine Powers to accept." He added that
"in the view
and the United States, the former consenting to ac- of the Administration, this action by
France changes
cept an impartial verdict regarding the culpability the whole Chinese situation. In the
future, all the
for the Shanghai shootings and stand by it, even if it nine Powers must be consulted
regarding action in
involved the censure and dismissal of British offi- China. In this present disturb
ance in China, the
cials, and the latter agreeing not to insist on imme- English Government and the
Japanese Government
diate consideration of the question of abandoning have been pursuing their old
tactics of acting indeextra-territoriality. The agreement seems to be
a pendently of the three great Powers interested in the
victory for the Japanese, who have adhered to a mid- Far East, almost as if the
Anglo-Japanese Alliance,
dle course favoring abolition of extra-territoriality which was terminated by the Washing
ton agreement,
in due time, according to the Washington agree- were still in operation." Continu
ing, he said:"With
ments, and the placation of the Chinese by limited the ratification of the
Nine-Power Treaty by the
concessions in the Shanghai affair." The dispatc French, a new situatio
n has been created. All that
h
further stated that "it is expected here that the
Brit- is required now is the deposit at Washington of the
ish will follow the Japanese suggestion that the
offi- French ratification, which may take a week or so,
cials responsible for the Shanghai shootin
g shall for the treaty to be in full effect and then, with the
resign, thereby meeting part of the Chinese
demands country pressing for the full observance of that
without loss of face. The agreement
was reached treaty, it will be up to the British and Japanese Govlate last night and kept secret, the persons
taking ernments to decide whether or not they will live up
part in the negotiations announcing merely
that 'the to the treaty. The Nine-Power Treaty provides that
conversations were amicable and full co-opera
tion is whenever any issue arises in China, which, in the
assured.'"
opinion of any one of the signatories, involves the
Two days before the London representative of the stipulations of the treaty,. there
shall be a full and
New York "Times" had cabled that "there are indi- frank discussion of the questio
ns involved among the
cations that the British Government intends to
an- nine Powers. tinder the treaty there no longer will
nounce soon a new and individual policy
toward be any single-Power or two-Power moves to constrain
China. If other Powers find it convenient to
agree China."
with the proposed British stand, London will
President Coolidge, according to a special Swampbe satisfied. If not it appears to be the intention
here to scott dispatch to the New York "Times," under date
announce nevertheless a policy/for the protection
of of July 13,"is confident his Chinese policy will avert
British interests, which policy'will tend to get
above a crisis." It was stated also that "as soon as
the diplomatic considerations that now curtail
Brit- France's ratification of the nine-Power compact is
ish freedom and action. The position of the Foreign deposite
d at Washington, within the next week or
Office seems to be that Great Britain cannot stand ten days, Secretary Kellogg
will notify China that
idly by while anti-British sentiment continu
es to final action has been taken and request her to proswell in China, threatening large British interest ceed
to call a conference in China to consider cuss
there."
toms duties. The treaty authorizes China to call
It would seem from the following special
cable dis- such a conference within three months after ratifipatch to the "Times," also on July 10, that the
for- cation. Should the disturbances continue, it is
eign representatives at Shanghai did not know
of the pointed out, such a conference could not be held.
Tokio conferences. The dispatch stated that "evi- Therefo
re, the English-Japanese-American agreedence accumulates here of the serious diverge
nce of ment, intended to quickly settle the uprising, is exthe Powers regarding the policy and the method nec- pected
to make the conference possible." With reessary to settle the Shanghai shooting incident
and spect to a reported agreement as to China between
other similar acts of violence. The diplomatic body Great
Britain, Japan and the United States, as rein Peking, and also the Consuls of the minor nations ported
from Tokio, the "Times" correspondent said
here, are evidently inclined to adjust by a Ciplomatic that Preside
nt Coolidge declined to make any comcompromise. That attitude was indicated in a cable ment.
He did say, however, that 'It is held here
from Peking a few days ago, conveyed to the Con- that
the agreement has brought about a situation,
sular body and the Municipal Council here, advising under
the leadership of the President, expected to
them to meet the Chinese position in some way." It compose
the present difficulties and lead to a permawas added that, "although the Council officially nent solution of
China's problems through carrying
takes the attitude that it is willing to comply with out the Washington
treaty. It is pointed out that
whatever plan is advised by the legations, its real the disturbances
against the British, growing out of
238
THE CHRONICLE
the Shanghai riots, were rapidly leading to a point
where Great Britain might resort to an independent
policy to protect her own interests. This course was
averted, it is declared, by the agreement."
That the conferences will be• called at an early
date was indicated in a special Washington dispatch
to the "Times," also on July 13. It stated that, "fortified by the stand taken by President Coolidge in
the Swampscott conference, Secretary Kellogg returned to the State Department to-day and began laying plans for conferences of the Powers based on
scrupulous observance of their obligations to China
entered into at the Washington Conference on Armament." It was added that "one of these conferences
will deal with Chinese customs and the other relates
to the difficult and complicated problem of extraterritoriality. The Powers bound themselves in one
of the two Nine-Power Treaties to enter a customs
conference. While there was no 'treaty' commitment
in the Washington conference with respect to extraterritoriality, the Powers agreed by resolution to
establish a commission to inquire into the present
practice of extra-territorial jurisdiction in China,
wih a view to considering whether they would be warranted in relinquishing, either progressively or otherwise, their respective rights of extra-territoriality.
President Coolidge and Secretary Kellogg, after careful canvass of the situation, are of opinion that while
all,the Powers directly concerned with China are entitled to full measure of protection for foreigners,
they are in honor bound to carry out, to the extent
that it is reasonably possible, the obligations to
China to which they pledged themselves at Washington. It is understood to be their belief that failure
to live up to these obligations would contribute immeasurably toward making the Chinese problem
more difficult and dangerous."
"President Coolidge," according to a special dispatch from Swampscott to the New York "Evening
Post" on July 14, "favors holding an international
conference in the near future on extra-territoriality
and customs disbursements in China." The author
of the dispatch stated also that "it is the aim of the
American Government, it was said, to promote conditions which will make possible the holding of such
a conference soon. To this end, the State Department is endezvoring to have the nine nations signatory to the Washington Pacific agreements participate. Negotiations with the Powers already are under way, it was learned." It was asserted that "denial was made that Great Britain, Japan and the
United States have reached an agreement regarding
the procedure to be followed in carrying the Pacific
treaties into effect. It was admitted that, naturally, these three Powers, being the most interested,
are expected to lead in what is done and will communicate their views to the six other nations, namely
China, Holland, Italy, France, Belgium and Portugal." This was the first reported denial of the
agreement said to have been reached by Great Britain, Japan and the United States.
In more conservative terms the Associated Press
correspondent at the Summer White House admitted that,"while the President is hopeful for an early
adjustment of conditions in China,it was said he was
without information to determine definitely whether
conditions are now propitious for as wide a range of
discussion of extra-territoriality and other questions
[Vor.. 121.
as he and Secretary Kellogg hope. The American
Government, it was stated, is trying to promote conditions that would warrant an early comprehensive
conference, and while it is in communication with all
the Powers which negotiated the Washington treaty,
it realizes that Great Britain, Japan and the United
States, on account of their larger interests, must
take the lead, although the other nations must be
consulted as to policy and procedure. It was reiterated that the United States was seeking solely to
have the Washington treaty obligations to China carried out on the one hand and to secure from China
protection for lives and property of foreigners on
the other."
John Van A. Madlurray, the new American Minisetr to China, on July 15 presented his credentials
to President Tuan Chi-gui. According to an Associated Press dispatch from Peking, he made "a formal statement of the policy of the United States
Government regarding China."
The French do not appear to be at all enthusiastic
over President Coolidge's policy with respect to
China. It was stated in a Paris cable message on
July 15 that "this is not a propitious time, it was
said in French official circles to-day,for negotiations
seeking revision of foreign extra-territorial privileges
in China. The opinion was expressed that the preliminary essential for the proposed Nine-Power Chinese Conference is that China restore order and show
she can maintain it."
On Thursday afternoon word came from Washington that "an official communication giving a clear
and complete statement of the Washington Government's attitude regarding China has been cabled to
Paris for the information of French Foreign Office
officials." It was added that "contents of the communication were withheld. It contains information,
however, which Washington officials hole will remove any possible misunderstanding between the
American and French Governments." According to
an Associ Lted press dispatch, however, "the note
deals specifically with the proposal to hold a customs conference in 'China under the Nine-Power
Treaty and to bring about creation of a commisSion
on extra-territoriality under resolution No. 5 of the
Washington Arms Conference. It is the hope of the
Administration that both of these bodies will begin
to function soon." It was explained that "the communication is the first regarding China to be sent
directly from Washington to any of the European
capitals since the present situation arose."
In an Associated Press cable message from Paris
the same afternoon it was claimed that "a misunderstanding has arisen here over the attitude of the
United States toward a Chinese conference. It was
understood here that President Coolidge had in mind
a conference distinct from that provided for in the
Washington Nine-Power Treaty. It is assumed the
latter conference will be assembled automatically,
in consequence of the Washington treaty. The French
raise no question whatever regarding that conference."
The London representative of the same news
agency cabled that afternoon that "an important
Cabinet conference to discuss the Chinese situation
and questions related thereto was held at the Foreign
Office this evening with Foreign Secretary Chamberlain presiding and the Ambassadors of the United
States, France and Japan in attendance. It was re-
JULY 18 1925.]
THE CHRONICLE
239
vealed to-day that a Cabinet Council yesterday also Right and Centre. The switch of the Government's
discussed Chinese problems."
majority from Left to Right was preceded by the
resignation of Vincent Auriol as President of the
Atleast two European Governments will soon send Chamber Finance Commission and Millies-Lacroix
as
commissions to the United States to negotiate a set- President of the Senate Finance Commissi
on. These
tlement of war debts. According to an Associated constituted the complete liberation of the Painleve
Press dispatch from Bucharest, Rumania, under Government from the more or less tyrannical control
date of July 16, "after a Cabinet meeting to-day the of the cartel which created it and the death blow ta
newspapers stated that the Government was prepar- the cartel itself."
ing to send a commission of experts to the United
Commenting upon the situation, the Paris repreStates for a preliminary discussion of arrangements sentative of the New York
"Herald Tribune" obfor funding the war debt. Finance Minister Brati- served that "during this period [the
summer recess
ano likewise is going to Paris and London shortly to of Parliament] the Cabinet will have
a free hand in
discuss the inter-Allied debt problem with the French working out its three great
problems—the internal
and British Governments. The American Legation financial question, the debt issue
and the Moroccan
here states that no official notice has yet been given war. Nothing could be more
fortunate for France
of the commission's departure."
than that three months will elapse before the quesFrom Brussels came word on the same date that tion of the survival
of the Ministry must be settled
"the Belgian mission which will go to Washington to and whether Finance
Minister Caillaux or Foreign
negotiate a settlement of the Belgian debt to the Minister Briand
will head a new Government. The
United States will sail on the liner 'Olympic' from parties
of the Left bloc are greatly agitated over the
Cherbourg July 30. Baron de Cartier de Marchisituation in the Chamber, and their newspapers call
enne, Belgian Ambassador to the United States, will Painleve
a traitor to his party." The New York
head the mission. The other members of his party
"Times" correspondent suggested, however, that
are Emile Vandervelde, the Socialist leader, and "suspensi
on of Parliament for the summer recess at
Albert Janssen, Finance Minister."
6 o'clock this morning, following adoption of the
budget by both Houses by substantial majorities, reFinance Minister Caillaux of France finally suclieved the Government of immediate danger. But so
ceeded in getting his 1925 budget passed by both the
eager is the Cabinet to know just where it stands that
Chamber of Deputies and the Senate. It was adopted
it is highly probable Premier Painleve will recall the
by the former body "at an early hour" on the mornChamber into session at the end of September or the
ing of July 13 by a vote of 421 to 150. The Paris repbeginning of October, at any rate fully a month beresentative of the Associated Press said in a disfore the official expiration of the Parliamentary repatch under that date that, "after being sent from
cess. By the end of September the Finance Commisthe Chamber of Deputies to the Senate no fewer
sion will have had ample opportunity to examine the
than six times, France's budget for 1925 was voted
1926 budget bill, upon adoption of which will unquesdefinitely long after dawn this morning. The Sentionably hang the fate of the Government." It was
ate's vote of adoption was 278 to 6 and in the Chamstated in a special Washington message to the
ber there was merely a show of hands, without de"Times" on July 13 that "France's success in balancbate." It was added that "decrees were read closing ing
its budget for the first time since the close of the
the Senate session at 5.45 a. m. and the Chamber's
World War is regarded by American officials as the
at 6.15. The Communists protested noisily as Preinitial step in the direction of a funding of that Govmier Painleve read the Chamber decrees." As to the
ernment's $4,000,000,000 debt to the United States."
terms of the budget in its final form, it was stated
It should have been noted that last Sunday Fithat "the vexing points regarding deduction of in- nance Minister Caillaux
was elected a member of the
come tax payments from the following year's income French Senate, succeedin
g Dr. Gigon, a friend, who
and relief of the smaller classes of traders from pay- resigned to make a
vacancy for him. M. Caillaux
ing a business turnover tax finally were divorced received "641 out of 730
votes cast in the Department
from the bill, with the Government pledging itself of the Sarthe."
to introduce measures dealing with them at an early
date. As finally voted, the budget shows estimated
The first proposal of M. Caillaux's financial plan
receipts of 33,150,000,000 francs and expenditures has met with striking
success, according to a special
of 33,137,000,000, giving a surplus of 13,000,000." cable
dispatch to the New York "Times" under date
Attention was called to the fact also that "at about of July 15.
The situation was outlined in part as
3 a. m., while the Senate was awaiting return of the follows: "Finance
Minister Caillaux seems likely
budget from the Chamber, the additional appropria- to
get enough money out of his conversion loan plan
tions for the Moroccan campaign, already voted by to liberate the
Treasury from all dependence and
the Lower House, were introduced and after a brief enable
him to go ahead with the rest of his financial
discussion adopted unanimously."
reform schemes. During Friday and Saturday last
the public demand for National Defense bonds with
That the Painleve Ministry suffered the loss of old which to purchase
the later new issue reached more
political adherents—and gained new ones—as a re- than 100,000,0
00 francs in excess of the amount
sult of the budget finally going through, was stressed needed
to cover the July maturities. That is to say,
in several Paris cable dispatches. The New York that during these
two days more than 400,000,000
"Times" representative said that "in an all-night francs was invested
in National Defense bonds. Even
battle in the Chamber to secure the adoption of Cail- on Monday, Bastille
Day, when all France was suplaux's budget, the Painleve Government at midnight posed to be on a holiday,
queues of people were to be
found itself almost entirely deserted by its Left ma• seen waiting outside
post office and other centres
jority and only saved itself from falling by acquiring where bonds were for sale. Treasury officials
are
a new majority composed of supporters from the 'confident they will obtain no less than 30,000,000,000
240
THE CHRONICLE
francs, a sum which will enable the Government to
Meet all its maturity obligations this year, pay back
if need be a large slice of the unsecured Bank of
France advances and have money at its disposal -with
which to begin reconstruction of the currency. This
success of the conversion loan is, of course, due to
guaranteeing interest on a gold basis. Peasants,
small manufacturers and people of all kinds who
have been making money recently in the business
boom and increased prices are seeking this new way
of making their future interest secure. To the loan,
too, M. Caillaux's attitude during the closing scenes
of the budget debate has added impetus. Though he
appeared to have split with his old friends, the Socialists, he did not do so without very clear knowledge that he would in consequence receive the praise
of all the conservative papers throughout the country, which are enormously more numerous and more
popularly read than the Liberal Party organs. Even
such conservative Paris papers as the 'Journal des
Debate' and the 'Echo de Paris' have been praising
him,and all that has helped,especially in the country
districts, the success of the sale of National Defense
bonds in preparation for conversion tothe new issue."
The position of the French Government with respect to the Moroccan campaign appears stronger.
It was pointed out that "with the vote by the French
Chamber of Deputies on the evening of July 9 of
183,000,000 francs, further credits for conduct of the
Moroccan campaign and the appointment of General
Naulin to command the French forces coming simultaneously with the apparent agreement with Spain
on terms of peace which can be offered to Abd-elKrim have placed the French Government in a
stronger position than it has hitherto held. If Abdel-Krim wishes peace, he can accept the terms about
to be offered him. If he wishes to continue the war,
the French Government is better placed to meet his
challenge than it has been at any time during the past
three months." In an Associated Press message
from the French capital on July 11 it was reported
that "the French and Spanish Governments have arranged to co-ordinate their military operations
against Abd-el-Krim's Riffian tribesmen. The Spanish effort will be on a rather small scale, it is understood, but nevertheless it is expected to have real
effect. The French War Ministry has decided to
transfer three divisions of colonial troops, now in
the Ruhr and France, to Morocco. General Stanislas
Naulin, newly appointed commander-in-chief of the
French Moroccan forces, will have about 100,000 men
at his disposal when he takes charge July 18."
On the other hand, the Paris representative of the
New York "Times" said on July 13 that "the apparent eagerness on the part of the French Government
to bring the Moroccan war to an end by offering Abdel-Krim peace terms which he might accept is arousing much criticism in opposition groups. Offering
peace terms at this time, according to opponents of
the move, implies entering into negotiations with
Abd-el-Krim and might well be interpreted by him
as a humiliating confession on the part of the French
that they are in no position to wage successful war
against him." He further said that "these critics
insist negotiations should not take place until Abd.
el-Krim himself calls for peace. The Government,
however, contends transmission to Abd-el-Krim of
terms of the France-Spanish accord does not mean
beginning negotiations in a real sense, no representa-
[Vol. 121.
tives having been selected to conduct such negotiations, but is merely a step toward complete clarification of the situation and will convince public opinion
should Abd-el-Krim refuse the Madrid terms that the
Government is thoroughly justified in prosecuting
the war to.the bitter end." In another Paris cable
dispatch it was stated that, "while details of the
peace terms to be offered to Abd-el-Krim under the
accord completed last midnight at Madrid have not
yet been made public, a statement given out in Paris
to-day by M. lialvy, head of the French delegation
at the Franco-Spanish conference, indicates clearly
that the French, in order to procure peace in Morocco, have made the maximum concessions possible,
offering even more than they hoped it would be necessary to offer when the conference began."
The situation in Morocco from a military point of
View was outlined as follows in an Associated Press
dispatch from Fez, French Morocco, on July 14:
"Beyond sporadic skirmishing there is little activity
along the Franco-Riffian front. Abd-el-Krim seems
to have abandoned his idea of trying to rush Taza,
and is concentrating his efforts in a push toward this
city. His chances of success, however, are thought
to be slight, since the bulk of the French forces are
posted north of the city and General Billotte is provided with everything with which to checkmate the
Riffian chief. The approaching Franco-Spanish
junction in the Loukkos region is apparently causing
Abd-el-Krim some anxiety. Determined to prevent
it, he is reported to have dispatched a detachment of
his precious regulars to stiffen the ranks of the Yeballa warriors. On the whole the situation appears
more reassuring than two weeks ago. Even at Taza
the population is regaining confidence, and •the
women and children who were recently sent out of
the city are beginning to return."
According to a special Paris cablegram to the New
York "Times" on July 14,"American fliers will fight
on the side of France in her war against the Riffians.
This was decided to-day when Premier Painleve accepted the offer of a dozen American veterans of the
Foreign Legion and Lafayette Escadrille to re-enter
the French service." It was stated also that "the volunteer airmen's readiness to fly against Abd-el-Krim
was communicated to M. Painleve this afternoon by
Henry Franklin-Bouillon, President of the Foreign
Affairs Commission of the Chamber of Deputies,
whose approval the Americans had gained after several conferences here. The Premier forthwith voiced
his acceptance of the offer on behalf of the French
Government and his gratitude to those who desired
once more to see the Lafayette Escadrille flying for
France. Since its volunteers aim to help restore
peace and prosperity in the harassed protectorate,
M. Painleve suggested that the squadron be attached
directly to the Sultan of Morocco."
Additional features of a more aggressive French
campaign in Morocco have been announced nearly
every day. On July 15 word came from Paris that
"General Naulin went into conference to-day with
Premier Painleve, who is also Minister of War, preparatory to his departure for Morocco Friday. A
famous Moroccan division is already on the way and
the present commanders in Morocco are rejoicing
that the Government is sending divisions at last instead of miscellaneous battalions which have not before operated under accustomed leaders."
JULY 18 1925.]
THE CHRONICLE
According to an Associated Press dispatch from
Paris on July 16,"the importance of pending French
plans for large scale operations in Morocco to crush
Abd-el-Krim's Riffian invasion of the French zone
was indicated to-day when it was announced Marshal
Petain will leave at once for Morocco to confer with
Marshal Lyautey, resident French Governor of Morocco. They will determine details of the French
campaign against the Riffian leader. Marshal Petain will leave for Toulouse to-night and fly from
there to Rabat,French Morocco." In an official communique issued later it was set forth that the Marshal's mission will be "to assure in the best possible
condition utilization of the reinforcements sent to
Morocco and confer with Marshal Lyautey on all
eventualities and on measures to be taken in order
to insure success." So far as reinforcements are concerned, the communique says:"In fulfillment of previous decisions of the Government, reinforcements
have been sent to Morocco for the purpose of safeguarding the security of the French zone and facilitating by their success against Abd-el-Krim the conclusion of peace. These reinforcements are now being concentrated." The New York "Times" correspondent suggested that "the communique leaves in
doubt the exact role Marshal Petain is to play, but
indicates that he will be a sort of Chief of Staff who
will draw up plans of operations and leave the actual
conduct of the campaign to General Naulin." Word
came from Alicante, Spain, last evening, that Marshal Petain arrived there yesterday morning from
Toulouse via Barcelona.
241
yet finally formulated, is expected to be sent on
Wednesday."
Attempting to outline the German attitude, he
said: "The drafting of the reply has caused many
Cabinet and committee meetings and inter-party
rows. Germany does not regard this note merely as
an incidental political document; she considers that
the steps already taken toward a security agreement with France will determine the Government's
whole foreign policy, which, until now, has been nebulous, and therefore the note has been the centre of
a fight of all the conflicting foreign programs. The
Briand note puts before Germany the necessity of
ceasing procrastination and of making up her mind
on the League of Nations, a question which has
brought all conflicting and vague programs to a
focus. According to all indications, an overwhelming majority of the German public favors a policy
which assures a position of neutrality for Germany
in international affairs. There is a desire, intensified by economic necessity, to reestablish normal relations with the Western Powers, but there also is
the greatest fear in some sections of endangering
Germany's friendly relations with Russia."
On the same day that the foregoing dispatch was
filed the Berlin correspondent of the New York
"Herald Tribune" cabled that "Germany's reply to
Foreign Minister Briand's security pact note may be
delayed another week, it was learned to-day, due to
new difficulties raised by the Nationalists, led by
their party Chairman, Count von Westarp. The Nationalists are demanding the political head of Foreign Minister Stresemann and radical revisions in
the already completed draft of the German reply."
Continuing, he said: "As a consequence, it was announced officially to-day that the Cabinet would convene Wednesday to consider 'for the first time' the
formulation of a German reply. This announcement
may be considered as camouflage, as a reply already
has been drafted and its contents, as transmitted in
these dispatches, are known."
Austen Chamberlain, British Foreign Secretary,
stated in the House of Commons on Wednesday that
while his Government "was ready to carry out the
obligations of the Tangier convention, and to co-operate in the suppression of contraband traffic in the
territorial waters of the district, it preferred not to
participate in any action outside of these waters,
nor could it acquiesce in the extension of territorial
waters beyond the three-mile limit. The British Government also opposed the proposal of the dispatching
That Great Britain expects considerable delay
of troops to Tangier, because such action might pos- also was indicated in the following special
wireless
sibly provoke an attack upon the town by the Riffs." message to the New York "Herald Tribune"
from
London, also on July 13: "Some astonishment was
Discussion of Germany's probable reply to the expressed in diplomatic circles here
to-day by reFrench with respect to a security agreement contin- ports from Berlin that the German reply
to the
ued during the greater part of the week. As early as French note on the proposed security pact,
instead
July 10 the Berlin representative of the New York of being forwarded this week, will not be forthcom"Herald Tribune" cabled that "the German Govern- ing for another fortnight. British official
circles
ment to-day completed its reply to the Briand se- now have given up all hope that a security pact
concurity pact note. It will probably be sent on Tues- ference can be held before October.
This postponeday and will be followed by an extensive Parlia- ment, together with the fact that
Germany has not
mentary debate, in which the Government and the yet sufficiently complied with the
disarmament
Opposition will discuss at length the many angles clauses of the Versailles
treaty, makes the British
involved in the pact negotiations and in the proposal very doubtful whether
Germany's entry into the
for Germany's entry into the League." He added League will be arranged at
Geneva in September.
that "in official circles it is learned that the imme- Although they regret this setback,
officials here still
diate object of the German reply to Briand is to start seem optimistic over the eventual
success of the seconversations for a preliminary conference of the curity pact idea and
profess not to attach great imAllied and German representatives for a more inti- portance to it. It is understood
that the Foreign
mate discussion of the pact, the disarmament de- Office legal advisers have ruled that Britain's signamands and Germany's application for League mem- ture to any pact need not commit the Dominions,
bership, either at a session of the Assembly in Sep- which may ratify it or not, as
they see fit."
tember or perhaps at a special session to be summoned later in the year." Three days later, however,
It was reported in an Associated Press cable mesthe New York "Evening Post" representative in the sage from Berlin on Wednesday afternoon that "the
same centre said that "the German answer to For- German Cabinet to-day0agreed upon the tentative
eign Minister Briand's security note, although not phrasing of its reply to the French note regarding
_
242
THE CHRONICLE
Germany's proposal for a western European security
pact. There will be a final editing of Germany's
reply Friday at a conference of the Cabinet with the
Reichstag's Foreign Relations Committee and the
Premiers of the federated States of Germany." This
report was confirmed in a later dispatch to the New
York "Times," in which it was stated that "it was
officially announced this afternoon [July 15] that
the Cabinet had decided at to-day's meeting on an
outline of the German answer to the French note."
The "Times" correspondent said also that he had
learned from "reliable sources" that "it [the note]
will be of such a nature as to pave the way for negotiations between Germany and the Entente on the
final form of the security compact." He also said
that "it was stated in these well-informed quarters
that Germany would persist in her objection to allowing France the right to march troops across Germany to aid France's Eastern Allies and would maintain her stand against signing arbitration treaties
with Poland and Czechoslovakia, of which France is
the guarantor. As will be remembered, Germany opposes such treaties because she does not like, having
the French guarantee treaties of which France herself is a party."
In an Associated Press cablegram .from Berlin
last evening it was stated that "the Reichstag Foreign Affairs Committee by a large majority has approved the principles of the German Government's
reply to Foreign Minister Briand's note of June 28,
which answered the proposal made by Germany in
February for a western European security pact."
According to a special Paris cablegram to the New
York "Times" yesterday morning, "Germany's reply
to Foreign Minister Briand's note, setting forth the
French attitude on the Rhineland guarantee compact, is expected to reach Paris at the latest at the
beginning of next week. Its contents, of course, are
as yet unknown, except in such outline as it is possible to construct from the discussions which have
been taking place in Berlin in an effort to reach
Cabinet solidarity." It was added that, "on the
whole, it is expected that the reply will be of such a
nature as to permit continuance of discussion, either
by note or in a conference, at some early date. One
reported item in it has, however, already disturbed
French opinion. It is stated that the German Government will propose that the evacuation of Cologne
be made one of the conditions of the signature of the
compact. If this be so, and there is reason to believe
it, there will certainly be opposition from France."
Premier Mussolini has encountered new political
opposition, soon after Rome dispatches had indicated
that he had the upper hand again. It was set forth
in a special wireless message from Rome to the New
York "Times" on July 15 that "the Executive Committee of the Secessionist or so-called Aventine Opposition has compiled. what it calls a 'document,'
which in reality is a manifesto to the Italian people,
commenting on the decision of the Senate's High
Court of Justice, which absolved General Dobono of
any share in the Matteotti murder and other aggressions against the Opposition leaders." It was added
that "the document attempts to prove that the High
Court was biased in its decisions, and disregarded
much evidence gravely implicating Dobono and Mussolini himself in various acts of violence, which occurred in Italy during the first two years of the
Fascisti Government. The locument is published in
[Vox. 121.
the Fascist newspaper Epoca,' which also prints the
findings of the King's counsel in the Matteotti murder case, completely endorsing one by one the decisions of the Senate High Court of Justice. Thus it
leaves the public free to decide on which side the
truth lies." Continuing, the "Times" correspondent
said: "The whole gist of the Aventine's document
is summed up in its concluding words. It says:
'The conclusion is that the investigation conducted
by the Senate High Court of Justice gathered more
than sufficient evidence to prove that under protection of the head of the Government men who enjoyed
his confidence organized crimes against deputies to
punish them for their opposition to his regime. The
Opposition's duty was to keep their promise given
after the Matteotti murder. This they have done
conscientiously. They will continue to fight- with all
the means of which they dispose in every field
wherein they can wage battle in defense of truth and
justice. The Opposition assumes once more complete
and entire responsibility for its actions. Those who
affirmed that there was a moral question against the
Fascist Government affirmed the truth. The decisions of the Senate's High Court of Justice have
proved this in clear, incontrovertible fashion. If this
accusation be answered once more with violence, the
Opposition, With full consciousness of having performed their duty, confide in the definite judgment
of the Italian nation."
The British Government has been having trouble
with its miners. In fact, a strike is said to have impended. On July 11 the London correspondent of the
New York "Times" cabled that "the mining industry
dispute apparently reached a deadlock to-day. The
miners flatly refused to meet the owners unless they
withdrew their notice denouncing the present wage
agreement, and succeeded in obtaining from the General Council of the Trades Union Congress a pledge
of assistance of the Miners' Federation in every way
poseible." It was added that "the Government, however, is not believed to have exhausted its efforts to
solve the difficult situation." It was stated in an
Associated Press dispatch on July 13 that "Premier
Baldwin announced in Commons to-day that the
Government has decided to establish a court of inquiry regarding the causes of the dispute in the mining industry." Later it was announced that "the
members of the court will be H. P. MacMillan, leading Scotland lawyer, Chairman; Sir Josiah Stamp,
who was member of the Dawes Committee, and William Sherwood, trade union leader." The observation was also made that "it is assumed that the Premier would not have announced the constitution of
the court without first sounding out the owners and
miners as to whether this step would be acceptable."
The New York "Times" correspondent declared that
"the appointment of this court had been communicated to the miners' leaders assembled at Scarborough for a federation meeting before it was announced in the House. They agreed to appear before
it." It was explained that the miners' leaders are
doing everything they can to convert their contest
into a struggle for the principle of sustaining wages
at what they term a living standard and preserving
the seven-hour day whatever the economic conditions
may be. They have thus sought to enlist the sympathy of the trade unionists in other lines. So, according to an official statement concerning his meetings with both parties to the dispute issued by Mr.
JULY 181925.]
THE CHRONICLE
Bridgeman, the miners made a condition of continuing negotiations with the owners that the latter's
suggestion for a new wage and hours agreement
should be withdrawn."
Word came from London Thursday evening that
"the Government has made fresh efforts through
W. C. Bridgeman, First Lord of the Admiralty, to
bring the disputing coal miners and mine owners together at the conference table. Responding to a letter sent last night to Scarborough, where the Miner's Federation is in session, A. J. Cook, Secretary of
the organization, and other members of the Executive Committee, will come to London to discuss the
crisis with the Admiralty official, who is acting as
mediator. Meanwhile, the court of inquiry set up by
the Government held a preliminary meeting in Whitehall."
That the labor situation in Great Britain is likely
to give trouble for an indefinite time was forecast
in the following Associated Press dispatch from
London last evening: "A conference of trade union
executives meeting here to-day approved a plan for a
great consolidation alliance, embracing millions of
British workers, including miners, railway men, engineers, shipbuilders and transport laborers. The
question then was referred to the various unions to
consult their members and report to a further conference."
Official discount rates at leading European centres continue to be quoted at 9% in Berlin;
in
Italy and Denmark;6% in Paris and Norway;51/
2%
in Belgium and Sweden; 5% in London and Madri
d
and 4% in Holland and Switzerland. In London
open market discounts were easier and the close was
at 4@41/
4% for short bills, against 4 7-16@41/2%,
and at 41/
4@4 5-16% for three months' bills, against
41/
2(4)4 9-16% last week. Call money at the British
centre ruled firm, finishing at 3%, unchanged from
a week ago. At Paris the open market discou
nt rate
has not been changed from 57
/
8%,but in Switzerland
it was shaded from DA% last week to 21-16%.
The Bank of England this week reported anothe
r
large gain in gold holdings, no less than £2,705
,266,
bringing the total up to £161,567,002, as compa
red
with £128,271,141 last year (before the transf
er to
the Bank of England of the £27,000,000 formerly
held by the Redemption Account of the currency note
issue), and £127,637,077 in the corresponding week
of 1923. Moreover, an additional increase
in reserve was achieved of £4,762,000, in conseq
uence of
the continued drawing down of note circul
ation,
which this week declined £2,057,000. The propor
tion
of reserve to liabilities increased from 25.70
% to
29.80%, the highest point of the year, as
well as the
highest for the same week of any year since
1916. It
compares with the low record of
14.68% touched
Jan. 1. Public deposits increased £1,345
,000, but
"other" deposits again heavily declined, viz.,
£3,423,000. Loans on Government securities showe
d a further shrinkage of £6,510,000, while loans
on other securities declined £308,000. Reserve aggreg
ates £38,162,000, against £21,818,511 in 1924 and £21,60
0,727
a year earlier. Loans amount to £71,684,000. A
year
ago the total was £70,180,590 and in 1923 £71,582
,498. Note circulation stands at £143,147,000. This
compares with £126,202,600 and £125,786,350 one and
two years ago, respectively. Clearings through the
243
London banks for the week totaled £857,072,000,
which compares with £811,476,000 last week
and
£737,337,000 a year ago. No change has been
made
in the official discount rate of the Bank,
from 5%.
We append herewith comparisons of the severa
l
items of the Bank of England return for a series
of
years:
BANK OF ENGLAND'S COMPARATIVE
STATEMENT.
1925.
1924.
1923.
1922.
1921.
July 15.
July 16.
July 18.
July 19.
July 29.
£
£
£
£
£
Circulation
6143,147,000 126,202,600 125,786,350 124,256,2
65 127,717.740
Public deposits
12,593,000 11,739.127 11,094.361 22,174,83
2
16,936,44
4
Other deposits
115,231,000 107,447,023 111,639,476 104,466,9
78 149,288.333
Governm't securities 36,005,000 45,187,46
7 47,528.731 46,739,853 82,718,078
Other securities
71,684,000 70,180,590 71,582,498 76,215,63
6 82,275,311
Reserve notes.4 coin 38.162,000 21,818.511
21,600.727 21,595,293 19,099,719
Coln and bullion_0161,567,002 128,271,1
11 127,637,077 127,402,158 128,367,459
Proportion of reserve
to liabilities
29.80%
181i%
179%
11.49%
17%
Bank rate
5%
4%
4%
3%
54%
a Includes beginning with April 29 1925
£27,000,000"gold coin and bullion previously held as security for currency note Issue
and which was transferred to the
Bank of England on the British Government's
decision to return to the gold standard.
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.
In its weekly statement the Bank of France reports
a further small gain of 26,350 francs in its gold item
this week. The Bank's total gold holdings now
aggregate 5,546,798,325 francs, comparing with
5,543,364,362 francs for the corresponding date last
year and 5,537,843,894 francs the year before; of
the foregoing amounts, 1,864,320,907 francs were
held abroad in both 1925 and 1924 and 1,864,344,927
francs in 1923. A further expansion in note circulation occurred this week, namely, 38,624,000 francs.
The total notes in circulation is brought up to the
new high level of 44,532,374,975 francs. The
previous high record was 44,394,750,840 francs
reached last week. For the same time last year the
amount was 40,155,862,010 francs and for the year
previous 37,233,696,920. Silver showed a gain of
525,000 francs, Treasury deposits rose 18,282,000
francs and general deposits increased 20,036,000
francs. On the other hand, bills discounted were
reduced 185,103,000 francs and advances fell off
4,505,000 francs. Comparisons of the various items
of this week's return with the statement of last week
and with corresponding dates in both 1924 and 1923
are as follows:
BANE OF FRANCE'S
Changes
for Week.
Gold Holdings—
Francs.
In France
Inc.
26,350
Abroad
Unchanged
Total
Inc.
26,350
Silver
Inc.
525.000
Billsdiscounted_Dec. 185,103,000
Advances
Dec. 4,505,000
Note circulation_Inc. 38,624.000
Treasury deposits-Lao. 18.282,000
General deposits—Inc. 20,036,000
COMPARATIVE STATEMENT.
Slatus as of
July 16 1925. July 17 1924. July 19 1923.
Francs.
Francs.
Francs,
3,682,477,418 3,679.043,455 3,673,498.967
1,864,320,907 1,884,320,907 1,864,344,927
5,546,798,325 5,543,364,362 5,537,843.894
311.941,338
299,987,671
293,864,635
3.166.935,109 4,715,313,902 2,451,919,942
3,052,654.530 2,709,892.585 2,138,545,778
44,532,374,975 40,155,862,010 37,233,696,920
46,526,669
14,284254
13,432,554
2,493.911,132 2,181,752,536 2,074,112,264
The Imperial Bank of Germany in its statement
for the week ending July 7 showed a reduction
in
note circulation of 31,777,000 marks. Loans from
the Rentenbank were also reduced-215,000 marks,
and other liabilities 62,466,000 marks, but other
maturing obligations increased 9,538,000 marks. On
the assets side, the Bank reported a decline in holdings of bills of exchange and checks of no less than
111,787,000 marks, while advances fell 30,842,000
marks. Deposits held abroad decreased 1,254,000
marks, and silver and other coins 417,000 marks.
There was an increase, however, in reserve in foreign currencies of 1,295,000 marks. Notes on other
banks increased 6,537,000 marks, investments 29,000
244
THE CHRONICLE
marks and other assets 46,381,000 marks. Holdings
of gold and bullion continue to expand, a further
addition of 3,884,000 marks being reported, bringing the total to 1,065,601,000 marks, against 466,363,000 marks last year and 706,911,000 marks in 1923.
Note circulation outstanding aggregates 2,442,639,000 marks.
The weekly statements of the Federal Reserve
banks, issued at the close of business on Thursday,
indicated moderate additions to gold reserves, both
locally and nationally, and comparatively minor
changes in rediscounting operations. For the System as a whole gold holdings expanded $6,300,000.
Rediscounts of paper secured by Government obligations increased $7,200,000, but "other" bills declined $2,800,000, with the result that total bills
discounted showed an increase of $4,400,000. Holdings of bills bought in the open market declined
$9,400,000. Earning assets remained practically
stationary, gaining only approximately $500,000, but
deposits expanded $44,000,000. The amount of Federal Reserve notes in actual circulation was smaller
—$25,300,000. The New York bank reported a gain
in gold of $16,000,000. Rediscounting of Government secured paper declined $10,100,000; other bills,
however, increased $8,100,000, so that total bills discounted were reduced only $2,000,000. Here also
earning assets showed no change of importance,
there having been an increase of $1,000,000. Deposits expanded appreciably, namely $22,000,000, but
Federal Reserve notes in actual circulation declined
$2,800,000. In both statements member bank reserve accounts showed large gains—$48,500,000 for
the banks as a group and $24,600,000 at New York.
As the changes above noted very largely offset each
other, reserve ratios remained almost the same as a
week ago. At New York an advance of 0.2% was
reported, to 81.6%, while the ratio for the entire
System remained at 76.1%, unchanged.
A decline in surplus reserve, coupled with contraction in loans and deposits, constituted the feature of last Saturday's bank statement of New York
Clearing House banks and trust companies, and
indicated that the banks are still feeling the effects
of the extensive July 1 interest and dividend disbursements. In detail, the figures show that the
loan item was reduced $58,813,000. Net demand deposits declined no less than $103,339,000, to $4,430,387,000. This total is exclusive of $7,946,000 in Government deposits, a reduction for the week in the
latter item of $3,372,000. Time deposits fell $3,992,000, to $572,902,000. Cash in own vaults of members of the Federal Reserve banks was reduced
$5,731,000, to $46,526,000, which, however, is not
counted as reserve. Reserves of State banks and
trust companies in own vaults decreased $345,000,
but reserves kept in other depositories by these
State banks and trust companies gained $851,000.
Member banks drew down their reserves at the Reserve institution to the extent of $30,952,000, so that
notwithstanding the great shrinkage in deposits,
surplus showed a loss of $16,917,650, to $24,353,200.
The figures here given for surplus are on the basis of
legal reserves against demand deposits of 13% for
member banks of the Federal Reserve System but
do not include cash amounting to $46,526,000 held
in vault by these member banks on Saturday last.
[VOL 121.
The tendency of call money in the local market
has been distinctly downward. From the 5% rate
that was reached, largely as a result of the necessary preparation for the July 15 disbursements, and
also of the withdrawal of funds by out-of-town institutions when the rates were abnormally low, there
was a more rapid decline than had been expected, to
2%. Although activity in the stock market in1
3/
creased toward the end of the week, so that the total
sales of stocks on the Stock Exchange reached approximately 1,500,000 shares, in contrast with considerably less than 1,000,000 shares only a few days
previous, still call money displayed decidedly easy
tendencies. While there were no single pieces of domestic financing as large as the $40,000,000 Central
Pacific Railway offering of July 8, each successive day brought a good-sized quota. The most
important railway offering was $7,500,000 three-year
notes of the Rock Island to pay for the St. Louis
Southwestern preferred stock acquired some months
ago. The $10,000,000 Hungarian 71/2% consolidated
municipal bonds brought out by Speyer & Co. attracted special attention among the foreign Government offerings. Yesterday afternoon J. P. Morgan
& Co. announced that they had "purchased from the
Commonwealth of Australia $75,000,000 30-year 5%
gold bonds, which will be offered publicly Monday,
July 20, at the price of 99%. Simultaneous offering
of £5,000,000 of Australian Government bonds will
be made in the London market." Some authorities
say that the large volume of freight traffic now being
moved and in sight will bring about higher money
rates in the early autumn.
As to money rates in detail, call loans during the
week covered a range of 3@5%. This compares
with 33'@43/2% a week ago. .On Monday the high
was 5%, the low 4%, with 4% the rate for renewals.
Tuesday, although no loans were made over 432%,
the basis for renewals was advanced to 432%; the
low was still 4%. A slightly easier tone developed
on Wednesday,so that the day's range was
with 4% the ruling figure. Thursday there was a
further lowering to 3%% for renewals, with 332%
the low and 3%% the high for the day. All loans
on call were negotiated at 3% on Friday, which
was the only rate named for the day. In time money
3
the undertone was firm with quotations still at 34
1
@4% for sixty and ninety day money and 4@44%
for four, five and six months, the same as last week.
The market continued quiet and inactive; funds were
in fair supply but the demand was light.
Mercantile paper rates continue to be quoted at
39@4% for four to six months' names of choice
1 70 still required for names not
character, with 4@43.
Trading
was fairly active with a good
known.
well
so
demand, but offerings limited; hence the week's turnover was not large. New England mill paper and the
shorter choice names are still passing at 39%.
Banks' and bankers' acceptances were moderately
active with inquiries from both New York and country banks. The undertone was steady and quotations still unchanged. For call loans against bankers'
acceptances the posted rate of the American Acceptance Council was up to 3%% against 33/2% on
Friday of last week, but yesterday was marked down
0. The Acceptance Council makes the disto 337
count rate on prime bankers' acceptances eligible
for purchase by the Federal Reserve Banks 3%% bid
and 3% asked for bills running 30 days, 33% bid
JULY 18 19251
THE CHRONICLE
and 33/8% asked for bills running 60 days, 3%% bid
and 33.% asked for bills running 90 days, 33/2% bid
and 3%% asked for bills running 120 days, and 34%
bid and VA% asked for bills running 150 and 180
days. Open market quotations follow:
SPOT DELIVERY.
90 Days.
60 Days.
Prime eligible bills
3ila3S1
3%@33FOR DELIVERY WITHIN THIRTY DAYS.
banks
Eligible member
Eligible non-member banks
30 Days
3%@13
3% bid
3% bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
JULY 17 1925.
Paper Maturing—
After 90 After 6
Days, but
but
Within 6 Within 9
Months. Months.
Within 90 Days.
FEDERAL RESERVE
BANK.
Com'rciat
Agrie'l &
Livestock
Payer.
n.e.s.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
3%
3%
3%
3%
4
4
4
4
4
4
4
3%
Secured
by U. S. Bankers' Trade Apricul.* .4grieut
Govern.* Accepand
Acceyand
Obliga- tances. lances. Livestock Livestock
lions.
Payer. Payer.
3%
334
334
3%
4
4
4
4
4
4
4
3%
3%
334
3%
334
4
4
4
4
4
4
4
3%
3%
3%
3%
334
4
4
4
4
4
4
4
3%
3%
3%
314
334
4
4
4
4
4
4
4
3%
3%
314
3%
334
4
4
4
4
4
4
4
331
•Including, bankers' acceptances drawn for an agricultural purpose and secured
by warehouse receipts. dm.
There were no new developments in sterling exchange worthy of note this week and the market was
• again a dull and uninteresting affair with quoted
rates close to par and the range confined to a small
fraction. Demand bills opened at 4 853
4,advanced
subsequently to 4 85 13-16 then declined to 4 85 11-16
and closed at 4 853
4. So pronounced has been the
dulness that on several days of the week there was
hardly enough trading to constitute a market. Nevertheless, the undertone was very firm throughout;
and this, too, in the face of persistent rumors that a
more or less serious crisis in Great Britain's industrial life was impending as a result of increased unemployment and threats of strikes among the ranks
of employed labor. Although sterling has now been
stabilized for some months, it is claimed that British
commodity prices still are higher than those prevailing in European countries and that this to some extent explains the failure to bring about a greater
measure of improvement in Britain's foreign trade
position. Progress, however, has been made and it
should be noted that the English import balance for
May was the smallest of any month of the current
year. That June imports were so much larger was
due merely to the effort to "dump" into England foreign merchandise that became dutiable under the
new McKenna schedules, effective on July 1. In the
opinion of some bankers, the full effect of the decline
in commodity prices and stability in exchange has
not as yet been realized. If further shrinkage in the
import balance could be brought about, it would aid
greatly in preventing undue pressure on exchange
once the commodity export season begins. It is
rumored that the Bank of England may resort to an
increase in its discount rate to draw foreign money to
the British centre and support sterling as soon as
cotton and grain offerings make their appearance on
the market in extensive volume.
As to the day-to-day rates, sterling exchange on
Saturday last was firm but quiet and unchanged;
245
demand was quoted.at'a flat figure of 4 85%, cable
transfers at 4 863/i and sixty days at-4 821A. On
Monday the market was slightly firmer though still
inactive; prices ranged between 4 853
4and 4 85 13-16
for demand; 4 863/
8@4 86 3-16 for cable transfers
/
2@4 82 9-16 for sixty days. There was
and 4 821
very little doing by way of buying or selling on Tuesday and rates remained fixed with demand at 4 85%
8
(one rate), cable transfers at 4 863/i and sixty days
at 4 821A. Wednesday's trading was stagnant and
quotations a shade easier at 4 85 11-16@4 853
4 for
demand, 4 86 1-16@4 86% for cable transfers and
4 72 7-16@4 823/i for sixty days. Dulness was the
chief characteristic of Thursday's dealings and demand continued to be quoted at 4 853
4 (one rate),
cable transfers at 4 863.' and sixty days at
4 823'. Friday a slight lessening in activity took
place, although this had no apparent effect on
quoted rates, which remained at 4 853
4 for
demand, 4 863/i for cable transfers and 4 823/i
for sixty days. Closing quotations were 4 823'
for sixty days, 4 853
4 for demand and 4 863 for
cable transfers. Commercial sight bills finished at
4 853
%,sixty days at 4 803., ninety days at 4 79%,
documents for payment (sixty days) at 4 815
% and
seven-day grain bills at 4 84%. Cotton and grain
for payment closed at 4 853
%.
So far as could be learned no gold was engaged during the week either for import or export. The Bank
of England continues to buy gold in small quantities,
and reported a purchase of £245,000 in bar gold.
Her exports for the week totaled £10,000 in gold sovereigns to Holland.
Trading in the Continental exchanges seems to
have quieted down somewhat and the week's turnover, both here and abroad, was appreciably lighter
than has been the case in recent weeks. Irregularity,
however, was still in evidence and Italian lire, which
took the lead in point of activity and weakness, sustained further losses, although on smaller dealings.
In fact,lire were the only really weak spot in the entire
market. Almost from the start lire were on offer in .
large quantities, principally by the local agents of
Italian banks, and the rate was forced down steadily
from the opening level of 3.83 to 3.64. Conversely,
Italian banks were reported as buying heavily Scandinavian exchanges, which scored notable gains in
consequence. When 3.64 had been reached, a moderate amount of buying support was extended and
prices rallied to 3.72 or thereabouts. According
to the best informed authorities, the outflow of
capital from Italy is still considerable, a factor
that is believed to explain the present exceptional
demand for Norwegian and Danish currency. There
were no new features in the Italian situation, aside
from reports (unconfirmed) that the President of
the Banca D'Italia at Rome had resigned, also
reiteration of previous statements that devaluation
of the lire was to be a part of the forthcoming
program of the new Italian Finance Mnister. A
feeling seems to be growing that lire either have or
are soon to "turn the corner," and that permanently higher prices may be expected very shortly.
This belief is based on the fact that Italy's financial
position is improving and that her rehabilitation
program is progressing favorably.
French francs came in for less attention, at
least
during the first part of the week, and
fluctuations
were comparatively narrow—between 4.723,
and
246
[VOL 121.
THE CBRONICLE
4.673/2. This is explainable by reason of the holiday
celebrations of Monday and Tuesday, which held
dealings in francs down to the minimum and caused
an abrupt cessation of speculative activity. With
the resumption of regular business on Wednesday a
small display of strength made itself felt, based on
passage of the 1925 French budget, which has been
dragging along since last October. Another favorable factor was the closing of the French Parliament
for the summer recess, which will insure some weeks
of quiet and allow Finance Minister Caillaux to go
ahead with his financial reorganization program.
The real test of the success of his plans will come,
however, in the fall, when passage of the 1926 budget
is attempted. Toward the close a moderate recession set in on publication of a poor Bank of France
statement, indicating continued expansion in note
circulation, which was followed by a partial recovery.
Antwerp francs moved sympathetically with Paris
exchange. German and Austrian exchanges remain
inactive at nominal levels. Greek exchange was
easier, while the minor Central European group ruled
dull but steady. It was noted with considerable interest that recent dispatches report French and Italian food crops as well in excess of last year, thus in
all probability doing away with the future necessity
of grain imports and correspondingly improving the
outlook for francs and lire. The latter are expected
to profit shortly by the rush of tourists about to begin
for the celebration of Holy Year.
The London check rate on Paris closed at 103.50,
compared with 103.60 last week. In New York sight
bills on the French centre finished at 4.70, against
4.68; cable transfers at 4.71, against 4.693/2; commercial sight bills at 4.69, against 4.673/2, and commercial sixty days at 4.64, against 4.613. a week ago.
Antwerp francs closed the week at 4.633/2 for checks
and 4.643/2 for cable transfers, in comparison with
4.613 and 4.629 the preceding week. Final quotations on Berlin marks were 23.803/2 for both checks
and cable transfers, as compared with 23.80 a week
earlier. Austrian kronen finished at 0.0014%, unchanged. Lire closed at 3.70 for bankers' sight bills
and 3.71 for cable remittances, as against 3.73 and
3.74 last week. Exchange on Czechoslovakia finished at 2.963, against 2.963; on Bucharest at
0.48, against 0.493; on Poland at 19.20 (unchanged), and on Finland at 2.53 (unchanged).
Greek drachmae closed at 1.59 for checks and at
1.593/2 for cable transfers. Last week the close was
1.613/2 and 1.62.
2, against
40.063/2; commercial sight bills at 40.023/
2,
39.963/2, and commercial sixty days at 39.763/
against 39.603/2 last week. Final quotations on Swiss
francs were at 19.413 for bankers' sight bills and at
19.423 for cable transfers, in comparison with
19.413 and 19.423 a week ago. Copenhagen checks
finished at 21.09 and cable transfers at 21.13, against
20.44 and 20.48. Checks on Sweden closed at
2, against 26.81
26.883/2 and cable transfers at 26.923/
and 26.84, while checks on Norway finished at 17.91
and cable transfers at 17.96, against 17.44 and 17.48
a week earlier. Spanish pesetas closed at 14.47 for
checks and at 14.51 for cable remittances, as compared with 14.503/i and 14.523/2 the previous week.
As to South American quotations, firmness prevailed and Argentine checks ruled around 40.44, but
reacted and closed at 40.36, with cable transfers at
40.41, against 40.45 and 40.50 last week. Brazilian
milreis were strong, finishing at 11.52 for checks
and at 11.57 for cable transfers, against 11.20 and
11.25 the week preceding. Chilian exchange was
firm and closed at 11.70, against 11.63, but Peru
turned weak and finished at 4 10, against 4 13 the
previous quotation.
Far Eastern exchange was as follows: Hong Kong,
57%658, against 573/2658; Shanghai, 78%6785
%,
against 78@783; .Yokohama, 413/2642, against
413/26413; Manila, 49%6499, against 493/2650;
Singapore, 573@573/2,against 579"865732; Bombay,
37@373, against 373/2637%, and Calcutta, 37@
373, against 373/2@37%.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FortemN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JULY 11 1925 TO JULY 17 1925, INCLUSIVE.
Country and Mandato
Unit.
Noon Buying Rale for Cable Transfers in New York
Value in United States Money
July it. Jwy 13. 'nay 14. July 15. July 16. July 17.
$
EUROPE14046
Austria,schilling
.0466
Belgium, franc
.007336
Bulgaria, lev
Czechoslovakia, kron .029607
.2047
Denmark, krone
England, pound ster4.8604
ling
.025203
Finland. markka
.0471
France, franc
Germany, reichsmark .2380
.016192
Greece. drachma
4008
Holland, guilder
.000014
Hungary, krone
.0380
Italy, lira
.1749
Norway, krone
1920
Poland, zloty
.0507
Portugal, escudo
.004830
Rumania,leu
.1451
Spain, peseta
.2684
Sweden,krona
Switzerland, franc- .1941
.017533
Yugoslavia, dinar
ASIAChina7921
Chefoo, tael
.7809
Hankow,tael
7650
Shanghai, tael
.8033
Tientsin, tael
Hong Kong, dollar.. .5688
.5608
Mexican dollar
Tientsin or Pelyang,
.5613
dollar
.5721
Yuan, dollar
.3667
India, rupee
4123
Japan, yen
.5663
3ingapore(8.8.),dol
NORTH AMER.1.000089
Canada, dollar
.999323
Cuba, peso
.496500
4exico, peso
.997594
Newfoundland, doll
SOUTH A MER.krgentina, peso (gold) .9183
1114
Brazil, mtlrets
Chile, peso (paper)___ .1163
.9739
7ruguay, peso
3
.14050
.0465
.007333
.029617
.2059
$
.14066
.0464
.007364
.029617
.2077
$
.14054
.0464
.007361
.029618
.2071
$
.10446
.0464
.007350
.029611
.2086
$
.14048
.0462
.007367
.029614
.2111
4.8607
4.8607
4.8606
4.8604
4.8605
.025198 .025225 .025218 .025208 .025220
.0470
.0469
.0470
.0471
.0471
.2380
.2380
.2380
.2380
.2380
.016172 .016038 .016023 .015977 .015893
.4007
.4006
.4012
.4007
.4006
.000014 .000014 .000014 .000014 .000014
.0372
.0370
.0369
.0370
.0374
.1782
.1790
.1802
.1796
.1775
.1918
.1920
.1918
.1918
.1918
.0517
.0514
.0511
.0517
.0517
.004833 .004846 .004821 .004814 .004826
.1451
.1451
.1452
.1451
.1451
.2687
.2685
.2686
.2686
.2686
.1941
.1941
.1941
.1941
.1941
.017547 .017574 .017573 .017568 .017559
In the former neutral exchanges renewed buying
induced another spurt of strength and activity and
the Scandinavians again shot up spectacularly. Dan.7938
.7913
.7963
.7954
.7954
.7844
.7806
.7844
.7838
.7838
ish kronen advanced to 21.09, another new high
.7688
.7643
.7871
.7671
.7669
.8033
.8025
.8075
.8067
.8067
record. Norwegian krone also reached a new high
.5688
.5696
.5694
.5713
.5710
.5590
.5652
.5620
.5635
.5615
thus
have
while
Swedish
which
17.96,
krona,
of
point
.5617
.5621
.5713
.5713
.5713
far been the most conservative of the group, scored a
.5729
.5729
.5804
.5813
.5817
.3662
.3663
.3660
.3659
.3659
2. The underlying reason
gain of 73/2 points to 26.883/
4136
.4128
.4129
.4127
.4121
.5663
.5663
.5663
.5663
.5663
for this show of firmness, besides confidence over an
1.000078 1.000117 1.000137 1.000148 1.000107
improved outlook, is the transfer of French and Ital.999115 .999115 .999323 .999271 .999010
.496875 .497125 .497188 .496625 .496250
.997344 .997313 .997688 .997750 .997375
ian funds to these centres for safekeeping. Swiss
.9189
.9181
francs were strong but not changed. Guilders con.9174
.9167
.9176
.1117
.1116
.1138
.1117
.1126
.1168
.1167
.1167
.1164
.1181
tinue in neglect,- with the quotation at close to 40.05
0878
.9834
.9769
.9811
.9800
until Friday, when better buying sent the quotation •One schlIllng Is equivalent to 10.000 lacer crowns.
up to 40.133/2. Spanish pesetas were easier and
The New York Clearing House banks, in their
closed at a small net decline.
with interior banking institutions, have
operations
40.103/2,
at
on
closed
Amsterdam
sight
Bankers'
net in cash as a result of the cur$4,325,789
gained
against
40.07,
at
cable
transfers
40.123/2;
against
JULY 181925.]
VIE CHRONICLE
rency movements for the week ended July 16.
Their receipts from the interior have aggregated
$4,933,139, while the shipments have reached $607,350, as per the following table:
247
of extra-territoriality with a view to the gradual
abolition of existing extra-territorial rights. The
customs conference, which it was expected would
meet three months after the exchange of ratifications
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING of the treaties, was to consider specifically a proposal
INS I ITUTIONS.
for the increase of the Chinese tariff duties to a full
Into
Out of
1 Gain or Loss
5%, supplemented by surtaxes ranging from 2I/2 to
Week Ended July 16.
Banks.
Banks.
to Ban.
ks
5%.
The second conference, which was to be conBanks'interior movement
84.933.139
$607.350 Dein $4,325,789
vened within a year after the ratification of the nineAs the Sub-Treasury was taken over by the FedPower agreements, was to examine comprehensively
eral Reserve Bank on Dec. 6 1920, it is no longer
the actual state of extra-territoriality in China, topossible to show the effect of Government operagether with the state of Chinese law and judicial adtions on the Clearing House institutions. The Fed- ministration
, and report its findings and recommeneral Reserve Bank of New York was creditor at the
dations for such action as the Powers represented in
Clearing House each day as follows:
the conference might see fit to take. The failure of
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
France, until a few days ago, to ratify these WashAT CLEARING HOUSE.
ington agreements prevented either of them from
Saturday, Monday, 1Tuesday, Wednesd'y, Thursday, Friday,
Aggregate
July 11. July 13. July 14. July 15. July 16. July 17.
taking effect, and the Chinese Government itself refor Week.
$
quested
a postponement of the conference on extra$
85,000,000 89,000,000 84.000,000 75.000,900 91 000.00097 000,000 C.521 000.000
territoriality because of disturbed conditions in the
Note.—The foregoing heavy credits reflect the huge mass of checks which
come
to the New York Reserve Dank from all parts of the country in the operation
of country. Down to the present time, accordingly,
the Federal Reserve Systems' par collection scheme. These large credit
however, reflect only a part of the Reserve Bank's operations with the balances,
the Washington agreements have remained practiClearing
House institutions, as only the items payable in New York City are represented
the daily balances. The large volume of checks on institutions located outside in
cally
a dead letter.
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
It is these agreements that the Administration is
Reserve
Bank for collection for the account of the local Clearing House banks.
now urging shall be put into effect. The recent ratification
of the Washington treaties, following the
The following table indicates the amount of bulissuance
of Mr. Kellogg's first statement upon which
lion in the principal European banks:
commented
we
in our issue of July 4, removes the
July 16 1925.
July 17 1924.
Banks of
only
legal
obstacle
in the way, and as soon as formal
Gold.
Silver,
Gold.
Silver.
Total.
notice
of
ratification
the
shall have been received
.£ I £
England.. 161,567,002
1161,567,002 128,271,111
128.271,111 both conferences may be called in the way and at the
France_e _ 147,299,097 12,440,000159,739,
097147,160.597 11,960,
159,120,597
Germany c 53,523,100 d994,000 54,517,100
23,318,150 1,174,9
24,493,050 times that the agreements provide. Although no forAus.-Hun _ b2,000.000
b
I
b2,000.000 b2,000,000
b2,000.000
Spain
101,464,000 26,142,000 127,606.000 101.373.000 26,315,000 127.688,000
Italy
35,589,000 3,342,000 38,931,000 35,420.000 3,416,000 38,836,000 mal acceptance of Mr. Kellogg's suggestion has been
Netherrds. 35,963,000
,85 ,000 37.817,000
835,000 45,135,000 announced, it seems to be generally understood that
Nat. Ileig. 10,891,000 3,253,000 14,144,000 44,300.000
10,819.000 2,676,000 13,495.000
Switzerrd_ 19,980.000 3.566.000 23,546,000 20.223.000
3.967,000 24.190,000 the customs conference will be held without delay,
Sweden_
13,023,000
I 13,023,000 13,850.000
13.850.000
Denmark _ 11,636,000 1,140,000 12,776.000 11,642,000
975,000 12,617,000 and that the increased duties which China desires,
Norway.-- 8,180,000
I 8,180,000 8,182,000
8.182,000
Total week 601,115,199 52,731,000653,846,199546,558,85
and which its Treasury urgently needs, will be
51,318.900597,877,758
Prey. week 599,132,979 52,818,600651,951,579546,225
,037 51.386,650597.611.687 granted. With regard
to extra-territoriality and fora Gold holdings of the Bank of France
year are exclusive of £74,572.836
held abroad. b No recent figures. c Goldthis
holdings of the Bank of Germany this eign rights in general, on the other hand, some difyear are exclusive of £4,756,950 held abroad. d As of
Oct 7 1924.
ferences of opinion have been reported to exist, and
while we are unable to think that the objections
Executing the Washington Treaties—The
appear to have been raised are either weighty
which
Proposed China Conferences.
or convincing, they doubtless represent some uncerThe short statement issued on Sunday by Secre- tainty regarding the scope of the American suggestary of State Kellogg, following his conference with tion, and for that reason, if for no other, are entitled
President Coolidge on China the previous day, serves to be considered.
to make clearer the attitude of the American GovernIt should be borne in mind, in the first place, that
ment towards a question which promises to be of con- the proposal formulated at Washington did not considerable international importance in the near fu- template any immediate and complete renunciation
ture. The "cornerstone" of American policy in re- of the extra-territorial rights which foreigners and
gard to China, Mr. Kellogg declared, "may be said their Governments have for many years enjoyed in
to be a scrupulous observance of the obligations to China. Whatever is to be said about the propriety
China entered into at the Washington Conference, of continuing a system which by its nature infringes
and the insistence that the Government of China take upon Chinese sovereignty, any immediate and sweepadequate measures for the protection of foreigners ing abolition of the system, when the existing politand to carry out her responsibilities under the trea- ical and social conditions in China are considered, is
ties." An official statement embodying this posi- hardly to be thought of as practicable. What the
tion was reported on Friday to have been communi- Washington conference provided for was a comprecated to the other eight Powers that took part in the hensive study of the question in all its bearings, and
Washington Conference, but the text of the commu- the submission of recommendat
ions. Moreover, none
nication has not been published.
of the signatory Powers is bound by the treaty to
The scope of Mr. Kellogg's statement will be bet- accept the recommendations
of the proposed conferter understood if we recall the action of the Wash- ence, although the treaty makes it clear that the
ington Conference regarding China, and the subse- abolition of foreign privilege is the end for which the
quent attitude of the Powers towards the agreements examination and recommendations are to be made.
then made. Two agreements were entered into by As far as the recommendations of the conference go,
the nine Powers which metin conference. One of these accordingly, they will have only such weight as inagreements provided for a conference to consider heres in the facts presented and the arguments adthe revision of the Chinese customs tariff, the other duced. The summoning of a conference to deal with
for a conference which should examine the question extra-territoriality in China does not mean imminent
248
THE CHRONICLE
[Vol, 121.
chaos in that country, or the jeopardizing therein of its obligation to observe the stipulations of treaties
to which it is a party, and there is no likelihood that
any legitimate foreign interest.
The British Government, however, with political the United States will surrender its own extra-terriand commercial interests in China greater than those torial rights until satisfactory assurance has been
of any other foreign country, is reported to have given that they are no longer needed for the protectaken the position that before a conference is held, tion of American interests. It will be regrettable if
order should first be established throughout China. the United States does not have the cordial support
A similar objection appears to have been raised in of all the signatory Powers in carrying through this
France, although a Paris dispatch on Thursday program of justice and good-will. What China needs
stated that since the conference which the United is not the strong arm of external authority, ready at
States proposes is not an independent one, as was at all times to meet misconduct with armed force while
first supposed, but only one already provided for by at the same time holding the country in an irritating
treaty, the objection had been withdrawn. That an tutelage, but friendly and well-considered help in
assurance of orderly government and the due protec- stabilizing its Government and developing its industion of foreigners in their rights of person and prop- trial, commercial and social life. The action which
erty will be made a condition of the abandonment of the Washington Conference proposed is an indisextra-territorial privileges is hardly open to doubt. pensable first step to the attainment of that end.
Unless the Chinese Government is able as well as
Shaw and Belloc in Debate.
willing to protect foreign interests in China, the forRecently, at the Savoy Theatre, in London, George
eign Governments concerned will continue to safeguard those interests themselves. What the precise Bernard Shaw and Hilaire Belloc held a debate, to
nature of the assurance shall be is, apparently, for raise money for the King Edward Hospital Fund, on
the conference to indicate after all the facts have the subject of "What is Coming?" The New York
been placed before it. The stability of the Peking "Times" in its special features section of June 29
Government, which enjoys as yet de facto rather printed a complete report of the battle. It may be
than de jure recognition, its ability to enforce its said that neither of these brilliant men answered the
authority throughout the country, its financial or question. Shaw, who opened the debate, developed a
military resources as far as those are involvefl, and belief in evolution from lower to higher, indicating
the confidence which may reasonably be had in its a conviction that is tantamount to Browning's oftpromises and good faith, are among the points to be quoted line, "the best is yet to come." Belloc countconsidered, but until the whole question shall have ered with the statement: "No one knows what is
bene gone over in conference, as the Washington coming." From the address of Mr. Shaw we take
agreement contemplates, all such matters of detail the following: "I suggest that one of the things that
may properly be left in abeyance.
is going to happen in the future is that we are going
abandoning
to get away from rationalism. And we are going to be
of
condition
A guarantee of order as a
very
a
obviously
very much more tolerant of one another's faults. The
is
orial
rights,
however,
extra-territ
different thing from a demand that order ba restored questions really of interest to us are: Will the
before a conference is held. Exactly how or when, churches repent? Will they adapt themselves to the
in the present disturbed condition of China, a state growth of the human spirit; the march of the human
of order entirely satisfactory to all the Powers may soul? Will they cast aside and repent for their past
be restored is a difficult question to answer. More- and adapt themselves to what may be called the new
over, the very fact of the presence of foreign Powers attempt to realize the great catholic ideal? Or will
in China on an extra-territorial footing, with the ad- they stick in the old ruts and try and defend their
vantage which such a status gives for foreign com- conduct and each go on quarreling with the other
mercial or financial exploitation, and for political and each trying to say that it is the only catholic and
intrigues to which China becomes a more or less help- not others?"
Of course,in a world where everything is "coming"
less party, is one of the chief reasons for the demand
educated
eleit would be difficult to conjecture what course such
of the Chinese Government and the
freedom
an intellectual encounter would take. "History rements of the Chinese people for complete
a
that
peats itself"; and that which has not been, is "yet to
therefore,
foreign
from
domination. To ege,
primary grievance of China shall not be considered be." Naturally, we think, the mind of Mr. Shaw
in international conference until the disorders which would turn to spiritual or at least mental things.
that grievance has done much to provoke shall have Belloc, on the contrary, while answering nothing and
been ended, is not greatly different from intimating predicting nothing, does in one place allude to those
that the grievance had better not be considered at all. who are "pursuing their miserable task of creating
Fortunately, it is to be hoped, for the welfare of wealth for others under the system called capitalChina, the position of the Washington Administra- ism." But he, too, concludes in the following way:
tion at this point has not been left any longer in "I am perfectly glad I have not the least idea what
doubt. Mr. Coolidge has called for the execution of is going to happen in any direction whatsoever. In
the obligations of the Washington treaties—obliga- any case, although I am not certain, I am reasonably
tions that are in all respects the same to-day that certain that whatever does happen I shall soon be
they were when they were entered into by the Powers. out of it. . . . I look forward to a condition in
He has asked that the Chinese tariff be studied and, which there can be no question of the future or the
if need be revised to China's financial advan- past. It is a happiness which some day shall be fultage, and that the whole question of extra-ter- filled which is called beatitude. When we have that
ritoriality be examined, exactly as the Wash- we shall not be able to understand why men wanted
ington Conference agreed that it should be ex- to know what was coming." Why is it that these two
smirked, with a view to abrogating special foreign great minds turn away from material progress to
privileges. Neither of these courses, as Mr. Kellogg speculate upon the future state of man himself? We
has said, is to be understood as relieving China from dare to read in this a significance of the highest im-
JULY 18 1925.]
THE CHRONICLE
249
portance to current thought. Not that this debate ing for truth, power, prophecy. Man may not know
proves anything. It could not. The issue to be dis- what new method of trade, transportation, manucussed is too broad. They do not even talk of peace facture or production the next hundred years will
and war. Nor, indeed, Protestant and Catholic as bring, but he does know that man will be here to
they are, do they come to specific clinches at any time appraise its value, and relate that value to himself
in the debate. There are in both touches of humor in the collective sense. And the units of the commuand irony, there are flashes of brilliant comment, nity will never be destroyed while the community
but there is neither argument nor dissertation. Mr. lives. Nor can the man ever be separated from that
Shaw has the best of it—but the whole encoLuter is inner nature that holds in its golden treasury mercy,
fruitless—save, and are we wrong in this? that these justice and love. To think on these things is a reliminds behold in the future not environment, but man gion in itself. Nor does it matter, now that we know
himself.
we have them, what or when the origin of man in a
Speculation is rife as to machine and man, as to world of change, of opportunity for their exercise,
social and economic states, as to Governments and of growth toward greater things. Man knows so
their powers, as to invention and its influence, as to much now that it transcends in immediate imporsocial manners and customs, as to politics and laws, tance what he does not know but would like to know.
and yet there is not much vital discussion outside of Was not science as dogmatic over the atom it has
certain rationalistic and religious schools of thought now discarded as religion ever was over creation in
as to the kind of inner nature the man of the future six days? Here we are. And there is suffering and
is to produce. Mr. Shaw pauses to pay his respects strife all around us. To stanch and calm a little of
to W. J. Bryan and his anti-evolution views, and no these is more important than proof of walking upon
doubt the Tennessee trial will spread over the earth the waters. To set one dogma against another is
a renascence, though emphemeral, of religious dis- like beating two wooden heads together in a Punch
cussion. But here, too, as in this debate, there will and Judy show. Mr. Shaw sees tolerance in this
be few clearly stated principles, few points upon world "coming," Mr. Belloc sees a beatific state in
which opposing lances may be distinctly directed. another world "coming." There is no conflict.
And yet, while man in the best, or worst, of all pos- Maybe the two worlds merge and are one.
sible worlds is a prime consideration of man, the
THE QUARREL.
inner man, the spiritual man, of the future, the manBeyond man's vision lies a mystic Vast
No mind can fathom and no heart embrace;
immortal, if such there be, is worth all the rest.
And could he measure his own hidden past,
That would not give him grace.
There is, then, profound significance, as we see it
religion is a tale grown old,
his
Oft
from a great distance, that Mr. Shaw should address
The senile mumblings of an outworn creed;
While he forgets the law of love is told
himself, being the first speaker, to the future of man's
In some sweet simple deed.
relation to his fellow man and thus to his God. For
Re charters science to unfold the plan
of what permanent value is material progress that
By which he rose from low to high estate,
And seeks in crumbling fossils oft to scan
does not conduce to spiritual? Of what value peace
The far decrees of fate.
without prescience, of business without betterment,
Alas, no in these dogmas can he learn
The living issues of this prescient hour,
of religion without rest, and of truth without tolerBut in those feelings that forever yearn
For justice, truth and power.
ance? What is it to drag out and up the secrets of
Within him lives the evidence divine
natural law to do service for man unless, as one
Of One Great Spirit tolerant and kind;
speaker quoted, he learns to "do justice, love mercy
And in his reverence doth ever shine
The God he seeks to find.
and walk humbly with God"?
Conscience and consciousness he has; he dwells
Drenched in work or pleasure, aye, even in formal
Apart from atom and from star—they know
Not mercy, kindliness—they are but shells
or technical religion or science, what time has man
From which no faith can flow.
for contemplation of the beatitudes? The sweep of
Creation's dawn is ever now and here,
In every good that human kind may do,
modern mind outreaches itself. There is transcendIn joyous laughter and in gentle tear,
ant living in the lowly home. The wide, wide world
In friendship, steadfast, true.
is not so important as the liberty-loving, day-by-day
Nor mind nor matter in themselves reveal
The origin of that which "passeth show,"
helping, of the contented, tolerant and humble vilGod is in man and man in God—his weal
No other source can know.
lage. Not communism with its rank infidelities, but
searches dim horizons for a light;
Doubt
community-living with its love and trust, one to anCreeds write their lore on many a holy page;
Schools read the rocks for answer; but the right
other. Egotism and arrogance are twin brothers.
Triumphs from age to age I
It is not necessary to know all and conquer all.
To hope, to trust, to love and mercy bear,
Faith is simple, though steadfast. Trust—trust is in
This is religion that uplifts and saves,
And science in this spirit-realm may share—
the fidelity which is believed but unknown. In the
All else the soul enslaves!
infinity of Cause there is infinity of Effect. Though
one say prayer is not answered, cannot be in a world
Sir Sidney Lee's Life of King Edward VII.
evolving under law, who can prove it? Love is indeAs monarchy is waning on the political horizon,
pendent of both science and religion. Lay upon it and Kings,for the hour at least, are nowhere in great
the standards of great material benefactions and it demand, the authorized biography of England's rewithers as the rose leaf in the sun. Not to-morrow, cent King, who was pre-eminent through nearly all
to-day! What is to come will come, but the day that his life as the Prince of Wales, will have a special
passes without fulfillment of service is lost forever. timeliness. Only the first volume is issued,* but that
There was at one time discussion of what Christ covers his career until at the age of 59 years he sucwould do if he came again to earth. But must the ceeded to the throne.
divine immanence be forgotten in the conflicts of reIt is often charged that history has in the past
ligion and science? What does it mean to walk hum- been chiefly concerned with the deeds of kings and
bly with God?
great military captains. To-day the situation is difEven so inconclusive a thing, then, as this half""King Edward VII. A Biography." By Sir Sidney Lee. Macmillan
ironical debate may be of import to a world clamor- Company.
250
THE CHRONICLE
[vol. 121.
ferent. The new world into which the world is ad- step of the long story of Prussian
aggression, from
vancing, though by a growingly rough and perplex- the attack on Denmark
in 1864, and upon Austria
ing political experience, is certain to deal with the two years after, to that
on France in 1870 and the
lives of persons nearer the masses. Nevertheless, it despotic course of Bismarck
until the Crown Prince
cannot fail to be interesting and instructive to be came to the throne, the
Prince of Wales had followed
able to look behind the scenes of royalty before we and in all he had keenly
suffered. When in 1888 the
forget the great part it has played in the past. Its Crown Prince became
Kaiser William II, the traits
public acts have been amply exploited; they can be of his youth were
exaggerated. The Prince of Wales
read of all. To appraise them rightly we should was a chief object
of his passionate jealousy, and
know what they were, not exactly in private life, despite his self-contr
ol and resolute purpose to mainthey never were that; but stripped of their pageantry, tain the peace of
Europe, the certainty of coming
known of all, knowing themselves destined to wear trouble was evident.
Pan-Germanism and Welt-polithe crown when the time should come, holding no tik were the Kaiser's
political and moral ideals. The
office, having no authority and no party affiliations, "mailed fist" was his
continued threat, and though
living among men, seeing and being seen, preparing cautious counsellors long
held him back from plunand being prepared for the day when the responsi- ging into war, his
braggart faith in the brute
bilities and the obligations of kingship should be strength of his adult army
and his infant navy made
laid upon them.
his renewed threats hard to bear. The proclamation
In no modern sovereign has this preparatory life to the Mohammedan world
of his headship, the
been so long or so openly disclosed as in the Prince Kruger telegram in 1895 and
the successive moves in
of Wales.
the Kaiser's intricate policy of alternate respect and
From his birth the influence of hereditary birth affront brought the tale up
to the scene at the
was distinct and positive, to be appraised and ac- Queen's death, when the strain
had become almost
• cepted, or withstood through the intricate situations unendurable, but the Prince
of Wales kept the peace.
that prevailed throughout the second half of the 19th
His affection for France began early and was arcentury. His home life also was peculiarly domi- dent and steadfast. It maintaine
d peace between
nating and might readily have resulted in rebellion. that country and England
through the strain of
His father's hand and thought were decisive as ex- many changes in the Premiership
of both nations
prep sing the royal will until he reached manhood, and various European plottings
adverse to France.
and when his father died, his mother exercised the He understood the French people
and they believed
parental authority coupled with that of sovereignty, in him. When the Balkan
controversy was at its
with only slowly loosening hands until the end of the height in 1878 and Turkey
ceded to England the
son's long probation.
island of Cyprus in acknowledgment of England's deHere is the story from the Prince's boyhood. Do- fense of Turkey against Russia,
and France was
cile, unassuming, obedient, with no strong physical aroused at what it linderstood as
a policy hostile to
or intellectual traits, he walked the prescribed paths her interests in the Mediterranean,
it was the perquietly, making friends on all sides, many to be life- sonal intervention of the Prince of
Wales that quieted
long. He came into the limelight notably when at 18 the excitement and preserved the
peace. At last it
years of age he made his visit to America. He was was due to his personal influence
that the "entente
welcomed here with open arms, captivated all and cordiale" was developed into the
Triple Alliance bereceived the impressions which were to influence his tween England, France and Russia,
which saved
action throughout his life. Nothing afterwards Europe in the Great War.
could alter his impressions or shake his purpose to
Despite his manifest desire and growing influbind the two great countries together. Again and ence abrottd it was only within
the last years of
again he had opportunity to show it; in the Civil Edward's career as Prince of
Wales, and after 38
War, and after, when the Emperor Napoleon threat- years had passed since he
made his first protest
ened trouble for us through Mexico; in the war with against the position in which
he was kept at home,
Spain, when the European leaders plotted against that he was admitted to the deliberati
ons of the Cabius; in the Venezuela imbroglio, when we were plung- net and the full sharing of home
and foreign affairs.
ing into trouble with England,and afterwards, when What practically amounted to his
life work was acin the Diamond Jubilee festivities in 1897 he seized complished as a personal achievement and
not as a
upon the coming of Mr. Whitelaw Reid to make him ruler, still less as a King. He carries us
back to
his personal friend that he might do all that he could Alfred the Great, who while King in name
was withto promote Anglo-American good-will socially and out a throne or crown and saved his country
by force
politically that had been so seriously disturbed.
of his personal character and the affection he inAll this is only an illustration. He traveled every- spired.
where; to South Africa, India and among all the
The Prince of Wales had a pleasure-loving temnations of Europe and through the Near East, every- perament and was at times bitterly
criticized. But
where making friends and gathering the information he carried back to the Black Prince
whose motto "Ich
and the experience which was to make him the man Dien"—I serve—was his. From his
boyhood he had
be came to be. He was known as a pacificator while wished "to be of use," and his biographe
r can say of
his opinions on the political situations of the day and him that despite the limits that
were set for him in
of prominent men became definite. Little by little political directions he succeeded throughou
t his manhe claimed the right to information and expression hood in rendering much political
service and amass'which would be respected. Parties and leaders ing valuable political information,
while he had
changed at home and abroad, but he was never bewil- taken an active lead in social and philanthr
opic
dered. He had to exert silent influence, but he could movements of most varied range. He did, in short,
keep friends.
through nearly half a century what probably no man
The story of his relations with his nephew, the without his peculiar position and gifts could have
Crown Prince of Prussia, is enlightening. Every done so extensively or so well. He might justly have
JULY 18 1925.]
THE CHRONICLE
claimed to know life more comprehensively than commonly falls to the lot of humanity,and so far to be fit
to reign.
Sir Sidney closes the volume with these words:
"To his career there is applicable the apothegm
which has obvious limits in its ordinary application,
that the last ten years of life are the best, because
they are fullest of experience and freest from illusion. Although Fate decreed that the Prince's term
of rule should scarcely pass beyond nine years, he
was to leave as King an impression on his country,
and on the popular mind at home and abroad, out of
all proportion to the brevity of his tenure of the predestined dignity." He showed that a large section of
the common manhood in its best form can be found
within royal robes.
The second volume, covering his reign as Edward
VII, which is to appear in the autumn, will be
awaited with interest.
How Much Gold Do We Need?—The Outgivings
of the Federal Reserve.
[From the New York "Journal of Commerce," July 16 1925.]
A few days ago there were sent out from Washington press
reports of an apparently inspired character in which reference was made to the fact that we had "lost" about $175,000,000 of gold since Jan. 1 last. The amount so lost, it was
Intimated, was sufficient to cause quite noticeable changes
in the available volume of our credit, and represented the
tax that we were paying by our effort to finance monetary
reform in foreign countries at the same time that we were
providing large credit facilities for domestic business.
At present Federal Reserve banks have in their vaults
about $2,925,000,000 of gold. In the Treasury and in the
country at large there is enough more gold to add perhaps
$1,350,000,000 to the amount in the vaults of the Reserve
banks, and there may be an additional increment due to private hoards here and there. Certain it is that we have in
this country, in visible form, very nearly two and one-half
times as much gold as we possessed before the war. Our
price level is 50% higher; and if there were much truth in
the "quantity theory of money" we ought to be able to get
along very well with something like $2,600,000,000, in which
case we would have easily $1,500,000,000 available for export. This is on the theory that we should have to retain
here an amount of gold proportionate to the increase in our
price level if we did not want to see the price level decline.
Now, as a matter of fact, there has not been any direct
relationships between our price level and our gold supply for
a long time past, and we could let a good deal more of our
gold "go" without worrying in the least about "deflation" or
any of the old bogies and straw men of the monetary nursery.
They might be trotted out in Congress in order to scare con-
251
1
stituents, but there is no other place for them, and the effort
to begin a definite course of deflation propaganda is certainly
to be regretted.
At the present time our Federal Reserve banks have a
"ratio" of over 76%, and the great bulk of their resources
are lying perfectly idle. At their last report they had only
$450,000,000 of bills discounted, although their "earning
assets" were much more than double that figure. The thing
for both them and for the member banks to worry about is
not the presence of gold or the "less" of it, but the question
of keeping our banks in a liquid condition. Just at present
the total amount of brokers' loans is getting up close to
$2,000,000,000 in this city alone, although the stock market
is supposed to be in the doldrums. There has been an effort
to convert almost every kind of "property" from "bill posting" rights to the natural desire of the human being for
bread and butter into the form of bonds, which are worked
off on the public by "inspirational selling." It is in this
direction and not in worrying about gold that a true basis
for anxiety is to be found.
Other countries must have gold if they are to get back to a
gold basis. That may be accepted as axiomatic. It may be
well enough to dose the community with soothing syrup
-about the "gold exchange standard" so long as there is no
possibility of actually putting a country on the gold basis,
but all such evasions and equivocations are transparent and
cannot last long. Countries that go back to the gold basis
will have to have gold in their vaults. There is no other
way to deal with the situation. And the source of this gold
must be the United States. We have a good deal more than
half of the visible supply of the world and there is no prospect of very much increase in annual production. Gold wil'
be worth something only as long as it is used for currency
purposes. So both the need of other countries and our own
self-interest dictates that we should reconcile ourselves to a
"loss" of gold just as rapidly as it can be wisely and safely
used abroad.
The main thing is to make sure that when we transfer
gold to some other country it is for the purpose of a careful
and sound restoration of currency redeemability. Hasty
loans of this kind will not pay, but will result in a return of
the gold eventually, while in the meantime the bonds or
other obligations which were issued in order to get it in the
first place probably become uncollectible. When we part
with gold we want it to stay where it is sent in order that
we may ourselves get the benefit of trading with a country
whose price level is relatively stable. To the extent that we
can induce countries to go upon such a basis we can well
afford to lose gold.
There is no quantity of gold that is "needed" in this country, and the current statements about "loss" of the metal
are the result of hazy thinking in a foggy political atmosphere. The problem is a good deal more difficult than that
of redistributing gold; it is a problem of redistributing monetary and banking soundness and liquidity—and of starting
with it in the same place where charity should begin—at
home.
Course of Electric Railway Earnings in 1924.
Our annual compilation of the gross and net
earnings of the electric railways of the United States,
covering this time the calendar year 1924, shows a
continuation of the improvement noted in preceding
years—albeit on a much smaller scale. Industrial
activity was on the decline in 1924, the depression in
trade becoming particularly acute in the middle of
the year. In this state of things a large increase in
gross revenues, with fares remaining more or . less
stationary, was naturally not to be expected. The
favorable character of the showing made by the electric railways is revealed in a strong light when it is
recalled, by way of contrast, that the country's
steam roads in the year 1924 suffered a falling off
in gross revenues of over 370 million dollars, or
5.87%.
In net earnings, too, the electric railways show
only very moderate improvement. It must be remembered, however, that in the years immediately
preceding operating costs had been substantially re-
duced, leaving little room for further economies.
Accordingly, in the absence of further additions to
gross receipts, new gains of any considerable size
in the net were out of the question. The electric railways now appear to be operating with a high degree
of efficiency and their inability to effect further reductions in expenses would appear to warrant the
assumption that operating costs are becoming stabilized. This point attained, the electric railways will
be in position to benefit from any increase in traffic
which shall attend improved business conditions.
There is, of course, much room for improvement in
the affairs of these electric railways, the most of
which have had very trying conditions to contend
against since the war, owing to the difficulty of
getting increases in fare commensurate with the
augmentation in operating costs.
During the war, and the years immediately following, operating costs mounted with great rapidity.
The price of everything went up, materials entering
252
THE CHRONICLE
into the cost of operations proving no exception.
Wages had to be raised in all directions. With the war
ended, prices of materials still held at or near their
peak figures, while wages,instead of being decreased
were further increased. In an endeavor to stem the
ever-rising tide of expenses economies of various
kinds were resorted to. New efficiency devices were
installed, one-man cars were put in operation, unprofitable lines (many built to serve war needs)
were lopped off. Fares, of course, had to be raised,
but these advances were granted in most cases only
after bitter struggles with municipal officials and
local authorities, and even when granted they quite
generally proved inadequate to meet the swelling
tide of operating expenses. It finally became evident that nothing short of drastic reductions in the
major items of expense, 1. e., wages and materials,
could bring the cost of operation under control and
it was not until 1921 that a definite turn in that
direction developed. In the meantime many of the
country's important roads had been forced into the
ht,nds of receivers.
As pointed out in our review of that year, 1921
markcd the reversal of conditions in the particulars
noted and a definite change for the better occurred.
The price of materials declined. Fares again had to
be reduced, but with the cost of living also coming
down the men were face to face with a situation
which left no alternative but a reduction in wages.
Cuts of larger or smaller importance were accordingly made, and huge savings in expenses in other
ways effected. Striking gains in net earnings in
that year followed. In 1922 the further progress
was slight. While the year was one of increasing
industrial activity the reductions in fares already
alluded to served to neutralize the gains derived
from increased traffic. Gross earnings therefore
showed only moderate improvement in that year, in
fact the increase in gross in 1922 was only trifling.
In 1923, however, with fare rates more or less stabilized, the growth in industrial activity found reflee
tion in a much more pronounced addition to revenues. The addition to net in 1923 was somewhat
smaller than the gain recorded the previous year, but
it must be remembered that 1921 had witnessed a
tremendous reduction in expense, and that this was
followed by a further but more moderate cut in 1922,
leaving, therefore, in 1923 less room for further savings and economies. And the very moderate further improvement in 1924, as already indicated, is
explained in the same way.
We have dwelt briefly in previous reviews on the
matter of competition from motor vehicles. A few
years ago a fear existed that the inroads on revenue
occasioned by jitney competition might threaten th..
very existence of the street railways. For the time
being the fact that here was a valuable adjunct to
street railway operation was overlooked. It did not
take electric railway men long, however, to recognize the value of this new means of transportation.
At first the traction lines utilized the buses chiefly
as feeders, but use was rapidly found for them in
supplementing existing lines and in opening up new
.territory until to-day electric railways all over the
country are buying out their motor bus competitors
or are establishing bus subsidiaries of their own.
Co-ordinated service between trolley and bus has
now become an established fact. A good idea of the
extent of bus operations by electric railway companies is obtained from the results of a survey made
[Vol. 121.
by the "Electric Railway Journal," which shows
that at the end of 1924 the number of buses operated
by electric railways in the United States and Canada was approximately twice the number in operation at the close of 1923. The same authority reports
no less than 963 buses ordered in 1924, which is an
increase of 342 over the number ordered during
1923. The manner in which the electric railways
are tackling this new phase of public transportation
is evidence of the progress which characterizes the
management of these lines.
To be sure, the companies are losing considerable
revenue as a result of the extensive use of private
motor cars. That is a serious matter, but there is,
evidently a limit even to this. Owing to the high
rate of automobile production and the large number of second-hand cars available at such low prices,
travel by motor car is being attended by much inconvenience and discomfort at times, and especially on
Sundays and holidays. These conditions are bringing home to many the value of the service performed
by the street car. Moreover,for mass transportation
in the cities there is no more economical and efficient means of transportation than that rendered
by the street car companies, while in the suburbs
there can be no gainsaying the fact that electric
lines, supplemented by buses, are now yielding very
satisfactory service.
As we have said in previous reviews, expansion in
revenues, under ordinary circumstances, is the rule
with the electric railways. These railways serve
mainly local needs and therefore growth with them
is more persistent than with any other of the country's activities. It is proper to repeat what we have
said before, namely that apparent exceptions to the
rule obtained from a retrospective glance over the
past are readily explained. In 1914 and again in
1915, for example, the upward course of earnings
was arrested owing to the sudden appearance of a
new form of competition—the jitney: Even the
effect of the jitney, however (treating the entire
body of electric railways as a whole, irrespective of
the conditions in particular localities and on particular roads), went no further than to hold in check
the steady growth which previous experience had
shown could be confidently counted upon. Following the standstill in revenues in 1914 and 1915, the
upward trend in gross revenues was resumed, and
in 1919 and 1920, aided to no small extent by fare
increases, assumed extremely large proportions. In
1921 and in 1922, on the other hand, lower fares, as
already pointed out, were a factor in holding down
the amount of the gain in gross, but in 1923, with
fare reduction less of an influence, the rate of increase in the gross again became larger. In 1924,
on the other hand, the gain in revenues was again
retarded by the inactivity of trade. The upward
course of the net was reversed in 1917 and 1918 because of the tremendous augmentation in expenses,
but this unfavorable trend was corrected in 1919 and
a good recovery in net reported. In 1920 a further,
though smaller,increase was registered in net, while
in 1921 the improvement was very pronounced, and
further additions have been made since year by year.
Dealing now with the specific results, our present
compilation covers complete returns for no less
than 340 roads and the 1924 total of the gross earnings for the first time reaches the billion-dollar
mark. The exact aggregate is $1,000,107,089; this
compares with $994,892,629 in 1923, giving an in_
JULY 18 1925.]
253
THE CHRONICLE
crease of $5,214,460, or 0.52%. Net earnings for order to furnish an indication of what the totals
the same roads are $247,851,070 in 1924, as com- would amount to if we took into consideration the
pared with $246,589,921 in 1923, a gain of $1,261,- roads whose figures are available for other periods, •
149, or 0.51%. The ratio of expenses to gross reve- and particularly for the fiscal year ending June 30.
nues was much the same in the two years, namely The number of roads reporting for periods other
75.22% in 1924 and 75.20% in 1923. We have been than the calendar year has, however, been steadily
able to secure returns this time from an increased diminishing and is now so small that we omit them
number of roads. Where in 1923 we had compara- altogether on this occasion.
To guard against misleading the reader, we wish
tive figures for 319 roads we now have figures for
340 roads. A pqint worth noting in the case of the to reiterate what we have said in previous annual
separate roads is that out of the 340 roads included reviews of the earnings of these electric railways,
in our detailed statement at the end of this article, namely that this is not an attempt to indicate the
no less than 230 have suffered a falling off in gross, aggregate of the gross and net earnings of .all the
while last year, with 319 roads reporting, only 111 street and electric railway undertakings in the
roads were found to have sustained a reduction. The United States. It is simply making use of all the
fact that our grand total reveals a slight increase is figures that have been placed at our disposal, ordue to the good showing made by some of the larger which are available. Large though the totals in our
companies, operating for the most part in big cities, final summary are, they fall considerably short 'of
though this does not hold good in all cases. In the recording the entire earnings of electric railways in
net 210 roads show diminished totals in 1924, against the United States. It is true that the minor roads
not represented would not swell the amount to any
144 in 1923.
• With reference to our detailed statement, it is great extent, but it happens that a few large comproper to say that, as in the case of preceding an- panies.are also missing, because no comparative data
nual reviews, we have sought to procure compara- concerning their income could be obtained. Among
tive returns from all the street and electric railways these may be mentioned the Buffalo & Lake Erie
in the country. The success attending our efforts Traction Co., Charleston (W. Va.) Interurban RR.,,
may be judged from the tables themselves. Mani- Coast Cities Ry., Illinois Power & Light Corp. (RY.
festly, any compilation dealing with electric rail- Dept.), Illinois Traction, Inc., Indiana Service
ways is made up in considerable part of street rail- Corp., San Antonio Public Service Co., Trenton. &
ways, since the latter are now practically all oper- Mercer County Traction Corp. and the various subated with electricity as motive power. Many other sidiaries of the Washington Railway & Electric Co.
classes of electric roads, however, are represented in Even with these roads and numerous other ones missour tabulations, for electric lines connecting various ing, our total of the gross for 1924, it will be obsuburbs are very numerous and in addition electric served, aggregates $1,000,107,089, while the total of •
interurban roads are now quite common and many the net is $247,851,070.
of these are of large magnitude and in addition to
Of course, many of the electric railways furnish
carrying passenger traffic do an immense freight electricity for lighting and power purposes, and the
business as well. The bus operations of some of the earnings from that source form part of their total inelectric companies are included in our tabulations, come. On the other hand, in a number of cases the
but for the most part the railways are for the pres- earnings from lighting and other sources have been'
ent keeping separate accounts of the results of their separated from the street railway income, and the
bus lines. The future undoubtedly will see revenues latter alone is included in our tables. This is true,
from the operation of the buses assuming greater for instance, of the Public Service Corporation of
and greater proportions, and in time they will no New Jersey, where we take simply the result of the
doubt form a substantial part of the roads' revenues. railway properties alone; it is also true of the PhilaAs an illustration of the extent to which bus opera- delphia Company (of Pittsburgh), the Wisconsin
tions by street railways are being carried on, we Valley Electric Co., the Elmira Water, Light & Railmay mention that in the case of the Public Service road Co., the Androscoggin Electric Co., the San
Corporation of New Jersey, its two electric railway Joaquin Light & Power Corp., the Pacific Gas &
subsidiaries, the Public Service Railway and the Electric Co., the Northern States Power Co. of Minn.,,
Public Service Railroad, reported gross of $22,778,- and some others.
445, while the Public Service Transportation Co., the
We have been making up these annual compilabus subsidiary, shows gross of $4,133,120. In this tions over a period of two decades now and to show
particular instance only the railway results are in- how constant the general increase has been from
cluded in our tabulations. We may repeat what we year to year and how the totals have been growing
have said in previous yearly reviews, that the task in magnitude, we furnish the following summary of
of obtaining these figures for the twelve months of comparative totals of the gross and net for each of
the calendar year is not altogether easy. Where the years back to 1905:
monthly returns are furnished it is, of course, not
GROSS EARNINGS.
Previous
Current
difficult to make up the figures. But the number of
Per
Year.
Period—
Year.
Increase.
Cent.
electric railways supplying monthly returns is still 1905 compared with 1904
8306,067,145 8281,608,936 $24,458,209 8.68
1906
"
- 1905
300.567,453 269.595,551
30.971.902 11.49
exceedingly meagre. And this notwithstanding 1907 " " 1906
306.266,315 280.139.044 28.127,271
9.33
1908
"
351,402.164 348,137.240
3.264,924 0.94
" 1908
"
374,305.027 345,006,370 29.298,657 7.49
that with the increase in capital invested in these 1909
1910
- 1909
"
435,461,232 405.010,045 30,451.187 7.51
"
1911
" 1910
455,746,306
428,631,259 27,115,047 6.83
properties, the policy of secrecy in their affairs 1912
"
" 1911
486,225.094
457.146,070 29.079.024 6.86
"
" 1912
629,997.522 500.252,430 29,745,092
5.94
which formerly prevailed so widely, has in a large 1913
"
1914
" 1913
553,095,464 648.296,520
4,798.944 0.87
"
1915
" 1914
567.901,652 669.471,260 *1,569.608 0.28
measure given way to more enlightened methods.
1916
"
" 1915
626,840.449 574.382,899 52,457.550 9.13
1916
670,309,709 618,529,309 51,780,400 8.31
The totals given all relate, as already stated, to 1917
"
1918
1917
696,066,585 649.550.990 46,515,595
7.16
1919
1918
783.514,781 663,572,571 119,942,210 18.08
with
the
favored
us
statements
for
have
roads which
1920
:`
1919
943,996,914 807.164.985 136.831,929 16.95
1921
1920
954,347,804 940.680,968
13,666.836
1.45
calendar year. In previous years it has been our prac- 1922
1921
921.453,839 912,228,430
9.225,409 1.01
1923
1922
"
$987,297,934 946,355,685
80.942,249 4.33
in
further
investigation
a
step
the
carry
1924
1923
tice to
1 000,107.089 994,892.6293118$5,214,460 0.52
di
41
[VOL 121.
THE CHRONICLE
254
Period1905 compared with 1904
1906
"
" 1905
1907
" 1906
1908
•' 1907
" 1908
1909
..
" 1909
1910
..
1911
" 1910
"
1911
1912
" 1912
1913
"
"
1914
" 1913
"
1915
" 1914
"
" 1915
1916
1917
"
" 1916
"
" 1917
1918
"
" 1918
1919
1920
"
" 1919
1921
"
" 1920
1922
"
•• 1921
1923
"
" 1922
" 1923
1924
"
•Decrease.
•d
NET EARNINGS.
Current
Per
Previous
Year.
Cent.
Increase.
Year.
$130.884.923 8118,221,741 512.663,182 10.71
126,580,195 114.024,076 12,556.119 11.01
126 002.304 121.050.703
4,951.601 4.09
142.262.417 141.144,213
1,118,204 0.79
160,314.765 140.647.906 19.746.859 14.04
178,037,379 167.100.351 10.937.028 6.53
186.001,439 175.527,542 10,473,897 5.96
194,309,873 179.915.760 14.394,113 8.00
294.422,429 193,393.045 11.029.384 5.70
211.020.088 212.148.403 .1,126,315 0.53
214.319.303 217,440,533 *3,121.230 1.43
234,402.450 215,917,573 18,484,877 8.56
221.090.740 228,585.929 .7,495,189 3.28
178.226,716 212,570,930 .34,344.314 16.16
185.077.301 168,770,930 16.306.371 9.66
6,112380 3.28
192,360.849 186,248.269
220.266386 189.683.578 30,582,908 16.12
224,301,930 207.907,584 16.394,346 7.89
247.240.587 234,850.554 12,390.033 5.28
1.261349 0.51
247,851,070 246.589,921
It is interesting to observe that while in the first
year our total showed aggregate gross of only $306,067,145, the aggregate for 1924 exceeds, as already
stated, the billion-dollar mark, the exact figure being
$1,000,107,089. In the net, too, there has been
growth, but not in the same degree. Unprecedentedly high operating costs affected net results adversely in 1917 and 1918. In subsequent years, howELECTRIC
ever, expenses were again brought under control and
the upward trend in net was resumed, bringing the total of the net for 1924 up to
nearly 250 million dollars ($247,851,070). Of course,
to some extent our exhibit is more comprehensive
now. In the main, however, the increase is due to
growth of traffic and revenues in the interval, although the large expansion in gross revenues in 1919
and 1920 followed in no small measure from fare
increases, which increases in very many instances
had to be given up in 1921 and 1922. It will be observed that each and every one of the 20 years, except
1915, shows some increase in gross earnings, and
even 1908-the year following the panic-proved no
exception, though the increase then was relatively
small.
The following is the detailed statement already
referred to for the last two calendar years, which
shows separately the comparative figures for each
road contributing returns of gross and net in the
two years:
RAILWAY GROSS AND NET EARNINGS FOR CALENDAR YEARS.
GROSS.
NET.
ROADS.
1924.
•
Albia Light & Railway Co a
Allentown & Reading Traction Oo_b
American Electric Power Co a
Androscoggin Electric Co. (railway on1Y)-6
Androscoggin & Kennebec EY-a
Arkansas Central Power Co a
Arkansas Valley Interurban Ry_a
Atlanta Northern Ry_a
Atlantic City & Shore RR Co_,
Auburn & Syracuse Electric Ry _b
Augusta-Aiken Railway & Electric Corp_a
Austin Street Ry_a
Aurora Elgin & Fox River Electric Co_a
Bamberger Electric RB_a
dBangor Hydro-Electric Co_a
nBangor & Nazareth Transit Cob
Barre & Montpelier Traction & Power(Ry only)_a
Baton Rouge Electric Co_a
Berkshire Street Ry_a
Biddeford & Saco 11R_13
Binghamton (N Y) Railway Co_b
Birmingham Electric Co
Boise Valley Traction Co_a
Boston Elevated Ry_b
Bloomington Pontiac & Joliet Electric Ry_a
Boston & Worcester Street Ry _b
Bristol & Plainfield Tramway Co (Ry only)-b
Brooklyn City RE _a
Brooklyn-Manhattan Transit CoBrooklyn Heights Railroad Co_a
Brooklyn Queens County & Suburban RR_a
Coney Island & Brooklyn RR_a
Coney Island & Gravesend Ry_a
Nassau Electric Railroad Co_a
New York Rapid Transit Corp_a
South Brooklyn Railroad Oo_a
Buffalo & Williamsville Electric Ry. Co-a
Burlington County Transit Co_a
Burlington Traction Co
Butler Railways Co_a
Butte Electric Railway Co_a
California Street Cable_a
Calais Street Rallway_a
Capital Traction (Washington)_a
Carolina Power & Light Co_a
Central California Traction CO_a
Central Illinois Public Service Co.(Railway only)_a_
Chambersburg Greencastle & Waynath St Ry_a
Chambersburg & Gettysburg Electric Ry _b
Charleston Consolidated Ry .Sc Ltg Co (Railway only)
Charlottesville & Albemarle Railway Co
Chautauqua Traction Co_b
Chicago Aurora & Elgin RR
Chicago Interurban Traction Co_ b
Chicago Lake Shore & South Bend
konicago North Shore & MilwaukeeRy_a
RE_a
Chicago Rapid Transit Co_a
IChicago Surface Lines_a
Chicago & West Towns Ry_a
Cincinnati & Dayton Traction Co_a
Cincinnati Georgetown & Portsmouth R12.13
Cincinnati Lawrenceburg & Aurora Electric St RR_a
Cincinnati Traction Co_a
Cincinnati Milford & Blanchester Traction Co_a
Citizens Traction Co_a
City Railway Co_a
Cleveland & Chagrin Falls Ry_a
Cleveland & Eastern Traction Co_a
Cleveland Painesville & Eastern RR_a
Cleveland Railway Co _b
Cleveland Southwestern Railway & Light Co
Coal Belt Electric Ry_a
Colorado Springs & Interurban Ry_a
Columbia Railway, Gas & Elec. Co.(Railway only)_a
Columbus Delaware & Marion Electric Co_a
Columbus (Ga) Electric & Power Co_a
Columbus Marion & Bucyrus Ry_a
Columbus Newark & Zanesville Electric Ry_a
Columbus (Ohio) Railway. Power & Light Co_a
Conestoga 'Traction Co_a
Connecticut Company_ a
Corning & Painted Post Street Ry_a
Cortland County Traction Co (Railway only)_a
Cumberland County Power & Light Co_a
Dayton Covington & Piqua Traction Co_a
Dallas Railway Co
Depew & Lancaster Railway Corp_a
Denver Tramway Cob
Des Moines & Central Iowa RR_a
Dayton & Troy Electric Ry_a
Des Moines City Rya
Datrolt iTnItarl Railway b
1923.
$
$
152.60
152.874
297,8.:
292.115
19.906.902 20,803.892
271.382
300,564
1,055.633 1,165.131
2,125.798 2,057,458
371.679
449,738
247.659
245.783
1,282.539 1.354.015
520,228
594,420
1,217.429 1.227,625
313,423
328.926
1,345.229 1.279.177
562,000
610.004
1,542,293 1,535.212
83.009
97.956
63.693
61,288
707,106
634,003
928,578
985.143
105,017
117,506
937,974
895,277
7.854.660 7,122,569
250.627
296.101
34.045.582 33,947.013
15,584
8,288
1.021.198 1.163,676
186,320
186,869
12,063,099 11,986,253
42,546
2.565.997
2.915,949
130,899
5.905,661
29.306.920
1,229,350
50.509
65.037
202.538
106.022
504.103
556,024
62.362
4.614.338
2.652,46£3
613,626
46.305
317.143
46.839
433,246
61,230
150,802
2,318.570
398,233
883,369
6,198,987
18.003.904
58,091.678
1,273.702
961,950
314.823
176.029
9,326,095
148,373
433,365
973,632
58.768
131.685
546.743
17,313,549
1,658,109
96.996
440,888
201,408
1.202,788
2,326.800
55,908
1,240.359
8.362.576
1.688.726
14,347.839
58,825
85.892
3,857.706
161,750
3,325.517
24,821
4,704,026
637.578
397.072
2,305.591
R 260.0.36
Increase.
Decrease.
$
If
272
4.247
896,990
29.182
109.498
68.340
78.059
1.876
71.476
74.192
10.196
15.503
66.052
48.004
7,081
14.947
2,405
73.103
56,565
12.489
42.697
732.091
45.474
98,569
7.296
142.478
549
76.846
1924.
1923.
$
$
c15.555
c5,769
92.531
101,336
6,797.536 c5,977.124
67.310
75.766
180.239
196.124
811,046
724.714
97.578
127.436
45.071
41,479
282.487
336.969
91467
108.287
492,432
495.969
78.718
80.527
c324.578
c148.106
39.907
101.089
c697.227
c662.329
def16,197
def1,173
1.737
2,498
250,46.5
213,079
115.370
67.852
11.947
22.121
167,618
245.724
2,581.458 2,319,978
def8.362
14.271
8,823.448 9.816.759
def19.066 def20.722
105.001
182.767
21.286
24.407
2.356,296 2.625,612
85,289
42.743
def13.399
8.593
2,560.155
5.842
504.276
590.175
2,920,458
4.505
658.579
645.509
135,675
4,776
11.524
36.207
5,563.096
342.565
911.348 1,253.108
26,022.897 3,284,023
8,617,646 7,245.913
1,247.058
18.708
340,765
385,821
2,398,
48.110
4.195
8,158
79.310
14,273
5.201
def7.403
219,956
17,418
39.059
41,810
113.107
7.085
4.921
6.128
545.163
41.060
20.748
13.059
559.341
3.317
129.939
116.919
56,528
4.166
def7.000
1.679
4.842.619
228,281
1348,105 1,305.401
406.418
2,296,050
992.809
690.574
632.091
18.465
73.970
102.203
56,035
9.730
def10.487
def1,389
332.101
14,958
86.600
91.016
52.727
5.898
1.224
114
526.380
93.134
63.190 def21.253
71.495
10.255
c8.771
cdef6.043
151.682
390
30,050
46.542
2,502,325
183.755
566,960
527.371
425.692
27,459
42.855
def21.825
1,044.i05
160,736
107.468
60.259
253.715
5.945.272
1,25E149 1.212,947
16,014,342 1,989.562
c5.435.222 c4,580,673
426.508
57,655,170
11.506.719 12,815.417
65.484
1,209.218
289,177
274,032
20.423
941.527
85.254
48.160
18.218
296,605
93.795
76.593
185,892
9.863
-------def3.315
37.115
935.333
8,390.762
2.581.115 2,117,703
10.447
137,926
7.777
20.470
485,423
52.0.58
77,892
113.635
20.040
993,672
116.729
115.289
10.297
69,065
3,658
dcf1.760
81.554
213,239
def17,194 def20.077
84.603
631,346
84,416
126,435
971,445
16.342.104
3.052.068 2,018,380
105.402
177.339
1,763,511
202.645
44.988
141.984
def48.379 defl 9,592
35.493
476.381
10.135
910
23.705 dell 11.012 def86.926
225,113
8,686
1,194,102
c371.418
c355.243
86.610
2,240,190
1,056.816 1,144,454
1 934
54,974
3,056
13.496
7.380
1,232,978
126.831
119.678
88.879
8,451.455
2,597.707 2,656.468
29.312
1.718.038
422,523
456,373
369.394
14,717.233
2,195.646 2,467.107
7.155
65,980
8.643
13,186
102,448
16.556
950
def3.682
85,738
3,771,968
c1,418.921 c1.298.242
16,286
178.036
10.777
1580
10,247
3.335.764
693,886
595.800
28.5813.760 def10,685
208
i.5
395,i
.
4,308.374
1.653.154 1,586.455
711,521
73.943
99.091
124.190
7.632
404.704
31.381
37.707
204.525
2.510,116
401.400
772,531
8.863.600
503.564
1.094 239 1.620.320
Increase.
$
9.786
Decrease.
IS
8.805
179,588
8,456
15,885
86,332
29,858
3.592
54.482
16.820
3,637
1,809
176,472
62,082
24,898
15,024
751
37,386
57,518
10,174
78,106
261,480
22.633
993,311
1.656
77.766
3,121
269.316
21,992
85,899
13,070
24,683
341.760
1.371.733
45.056
3,963
12.604
2.751
1,207
7.689
11.970
8,679
157,296
302.234
28.233
9,098
4.407
1,110
84,443
38.301
854.549
14.145
37,094
17,202
463,412
14.814
15,583
39,589
64,680
47,209
1.308,699
40,430
12,693
35,743
1,441
5,418
2,883
----_--1,033,688
42,019
25,307
28.797
9,225
24.086
16,195
87.638
10,440
7,153
58,761
33.850
271,461
4,543
4,632
120,679
9,197
98.086
10.893
66,699
25.099
6.326
281.131
536.090
JULY 18 1925.]
TELE CHRONICLE
GROSS.
ROADS.
1924.
1923.
Increase.
Dover Somersworth & Rochester Street Rya
90,209
100,308
Dayton Springfield & Xenia Southern Rya
243.803
227,922
15,881
Dayton & Western Traction Co_a
278.686
273,839
4.847
Duluth Superior Traction Co_a
1,789,402
1,904.607
East St Louis & Suburban Co
3,931.883 4,411,317
Eastern Massachusetts Street Rya
9,745,501 10,712,706
Eastern New York Utilities Corp_a
1.134.064 1,100,485
33,579
Eastern Texas Electric Co_a
2.361,301 2,067,155
294,146
East Penn Electric Co_a
3,179,359 2,943,988
235,371
Eighth Avenue RR_a
1,167.561 1,266.960
Elmira Water, Light & Railroad (Ry dept only)_a_ _
438.229
490,285
El Paso Electric Co_a
2.434,371
2,407,468
26,903
Empire State Railroad Corp_a
727.956
852,573
Erie County Traction Corp_a
120.455
128,018
Evanston Railway_a
294.746
276,426
18,320
Evansville & Ohio Valley Ry Co_a
506.660
591.307
Evansville Suburban & Newburgh Rya
182.136
242,901
Fairmount Park Transit Co_a
197,057
209.711
Federal Light & Traction Co and subsidiary cos_a
5,665,828 5,510,877
154,951
Fishkill Electric Rya
75,199
78,70
Fitchburg & Leominster Street Rya
432,199
496,542
Fort Smith Light & Traction Co_a
1,207,069 1,159,945
47,124
Fort Wayne & Decatur Traction Co_a
74.776
87,92
Fort Wayne Van Wert & Lima Traction_a
431,011
452,411
Fostoria & Fremont Ry_a
90,786
87,509
3,277
Frankford Tacony & Holmesburg Rya
195.120
203,599
Fresno Traction Co a
366,699
430,441
Galveston-Houston Electric Co a
3,832,085 3,317,846
514,239
Gary & Valparaiso RR a
86.606
99,744
Gary Street Railway Corp_a
998.418
938.150
60,268
Geneva Seneca Falls & Auburn RR, Inc_a
-91,151
100.065
Georgia Ry & Power Co(combined companies)_a__
16,174.768 16,006,929
167,837
Grand Rapids Ry Co_a
1.771.332 1,817,607
Groton & Stonington Traction Co_a
150,733
175,857
Hanover & McSherrytown Street Rya
51.826
56,229
Harrisburg Rys Co_a
1,692.234
1,747,586
Helena Light & Ry Co a
372.091
395,430
liolyoke Street Ry_b
955.442 1,121,749
Hudson River & Eastern Traction_a
29.810
29.480
Hudson Valley Ry Co 1,
330
910,215
962,772
Illinois Northern Utilities Co_a
2,507,112 2,344,443
162,469
Indiana Columbus & Eastern Trac Co_a
1,398,830 1.564,827
Indianapolis & Cincinnati Traction Cob
564.990
583,859
Indianapolis Street Ry_a
5,588.177 5,527,131
61.046
Inland Empire RR
493.336
466,956
Interborough Rapid Transit Co (New York)
26,380
_a
58.350,931 56,487.170 1,863.761
International Ry (Buffalo, N Y)_a
10,322,55
6 9,839.907
Interstate Consolidated Street Ry Co_a
482,449
177.821
224,575
Interstate Public Service Co_a
6.860,290 6,421.595
Iowa Railway & Light Co_a
- 438,695
3,706,170 3,539,238
166,932
Iowa Southern Utilities Co_a
1,133.441 1,009.486
Jamestown Street Ry_b
123,955
391,132
399.923
Janesville Traction Co_a
47.557
53,868
Johnstown Traction Co_a
1,199,497 1,270.399
Joplin & Pittsburgh Ry Co_a
522.529
621,926
Kansas City Clay County & St
Joseph Rya
977,881 1,235.041
Kansas City Kaw Valley & Western
Rya
375.528
461,819
Kansas Electric Power Co (consolidated
earn1
Kansas City Leavenworth & Western Rya n84)-0- 2,161,461 1.857,510
303,951
361.161
417,845
Kansas City Railways_a
10.024,230 10,514,735
Keokuk Electric Co_ a
423,522
413,175
Key System Transit Co_a
10,347
7.306,575 7,357.432
Key West Electric Co_a
241.747
245.125
Kingston Consolidated RR b
204,619
221.530
Knoxville Power & Light Co_a
2,359.145 2,219.243
Laconia Street Ry b
--1-3-9-,902
34.405
40,481
Lake Shore Electric Ry (entire system)
2.211,518 2.235,662
Lancaster & York Furnace Street Ry _a
b
24,717
29,185
Lehigh Valley Transit Co_a
4,975,240 5,268.507
Lewisburg Milton & Watsont
40.671
48,873
Lima City Street Ry Co b own Passenger By-a 304.012
287,864
Lewiston SE Reedsville
16,148
152.502
188,550
Lima-Toledo RR Co bElectric Ry-a
506.737
569.407
Lincoln Traction Cob
934.302
908.926
Long Island Electric Rya
25,376
401,606
385.093
Los Angeles Ry Corp_b
16.513
112,845.948 112.698,978
Louisville Ry Cob
146.970
4.449.678 4,445,866
Lowell & Fitchburg Street Rya
3,812
58.869
78,921
Macon Ry & Light Co_a
917.672
924.946
Madison (Wisconsin) Rys_a
407,202
417.602
Manchester Traction, Light & Power Co
and sub cos_ 2,561.753 2.560,842
Manhattan Bridge Three-Cent Linea
911
269.884
285,267
Manhattan & Queens Traction Corp-a
402.036
397,313
Market Street Rya
4,723
9,852,360 9,809.393
Massachusetts Northeastern Street Ry CO-A
42,967
679.288
904,755
Mauch Chunk & Lehighto
56,616
53,612
Memphis Street Ry Co_a n Transit Co_a
3.004
3.018,302 3,164.004
Mesaba Railway Co_a
183.154
262.449
Middlesex & Boston Street Rya
1,185.431
1,265.978
Michigan RR _ a
1.249,413 1.455.313
Michigan Electric Ry Co_a
2.493.059 2,734.18
Milford & Uxbridge Street Ry_a
275.018
323.678
Milwaukee Electric Ry & Light Co_a
22,559,912 22,206.800
Milwaukee Northern Ry_a
635.489
614.738 -41g
Minneapolis Northfield & Southern Rya
179,339
236,326
Missouri & Kansas Interurban Ry_b
152,237
159.480
Mobile Light & RR Co a
738,013
808.933
Monongahela West Penn Public Service Co_a
5,633.985 5.204,888
Morris County Traction Co_a
429 097
508.936
507,291
Muskogee Electric Traction Cob
1,645
206.686
224,394
Nashua Street Ry_ a
143,788
146.013
Nashville Railway & Light Co a
4.637.89
2 4,423.486
New Bedford & Onset Street Ry
--21-4;466
b
246,396
304,409
New Orleans Public Service, Inca
14.870,840 14.407,601
Newport Electric Corp_a
463.239
626.083
618,160
Newport News & Hampton Ry, Gas & Mee
7.923
Co_a _
1,987.214 2,100,048
Newport & Providence Rya
104.932
New York & Harlem RR
114,948
a
1,457,412 1,489,113
New York & Long Island Traction
_a
453,234
Now York & Queens County
496.749
Rya
716,859
New York Rys_a
661,951
54908
8,645,190 9,095.420
New York Westchester & Boston Rya
1,521,446 1,452.943
New York & Stamford Rya
68,503
513,807
New York State Rys_ a
525.613
10,358,864 10,803.000
Niagara Gorge Ry_b
Ninth Avenue RR (Now York City)_a
184,701
181,992
2,709
483,117
Northampton Street Ry_b
508.298
Northampton Transit Cob
306,208
333,948
Northern Cambria Railway_b
154,929
172,014
Northern States Power Co of Minn
55,054
75.747
(Railway only)_ _
Northern Ohio Traction & Light
520.384
527,355
Co_a
10,080.997 10,105,175
Northern States Power Co of Wisconsi
n_a
138,216
Northern Texas Electric Co_a
147,881
Northwestern Electric Service Co of
2,706,003 2,901.132
Pa (Ry only)_ b_
351.275
Oakwood Street Ry Co_a
387,222
230.945
Ocean Electric Rya
223,343
7.602
332,329
Oklahoma Railway
335.801
1,719,411 1,950,601
Olean Bradford & Salamanca Rya
453.773
471,867
Omaha & Council Bluffs Street Rya
4,341,473 4,498,411
Omaha Lincoln & Beatrice Rya
42,503
41.226
Oregon Electric Rya
1.277
1,056.259 1,089,696
Pacific Electric Ry _ a
20,729,483 21,641,554
Pacific Gas & Electric Co (Railway only)_a
747.005
783.978
Paducah Electric Co_a
630,469
610.772
Peekskill Lighting & RR (Ry Dept only)_a
19,697
82,544
98.647
Peninsular Rya
273,165
311,712
Pennsylvania-New Jersey Ry a
111,269
209.789
Petaluma & Santa Rosa RR b
565,554
601.502
Philadelphia Co—Pittsburgh Rys Co_a
22,063,777 22,547.745
Beaver Valley Traction Co_a
560,527
582.768
255
NET.
Decrease.
10,090
1924.
1923.
def1,099
lef310
21.960
14,739
33,125
36.371
115.205
190,030
268,627
479,434
964,630 1.181,682
967,205
2,164.057 2.276,686
9218.280
9172,522
865,831
778,986
11,486.140 11,168,175
99.399
def84.733 def88,073
52,056
60.836
68,705
871.167
887,191
124,617
130,573
189,715
7,563
def15,918
def5,744
89.317
88,107
88.647
102.810
142,503
60,765
11,442
24,800
12,654
22.575
22.687
2,161,586 2,084,941
3,507
3,796
7.112
44,393
87,461
96,067
302,370
337,371
13,146
def6,019
11,552
21,400
36,537
36.077
18,395
13,833
8,479
26,544
28,718
63,742
def6,173
61,553
1,010,779
681,508
13.138
def1,344
def3,207
231,179
235,434
8,914
1,104
7,072
5,314.099 4,820,065
46,275
534,615
560.457
25,124
def694
14,285
4.403
17,418
11,084
55,352
422,78'
513.676
23,339
95,600
108,455
166,307
208 024
208,764
def91
825
52.557
def24.810
57.778
966.760
855,020
165,997
108.760
148,675
18,869
def17,167
21,456
1,120,073 1,072.903
def84.538 def147,500
22.196,944 21,163.072
813,210
546,001
46,754
def20,605
17,848
1,898,347 1,596.417
1,308,727 1,267,287
423,731
409,254
8,791
24,878
49,477
6,311
cdef2,656
1,703
70.902
316.597
333,047
99,397
12,440
80.561
257,160
285,866
371.904
86,291
38,782
127.905
677,807
596,096
56.684
46,285
87.527
490,505
1,057,043 1.538.245
106.547
108.008
50.857
1,310,203 1,410.920
3.378
95,419
95,138
16,911
41.584
53.745
701,365
695,549
6,076
5.372
8,344
24,144
431,639
525.773
4,468
def2,692
def724
293.267
1,207.766 1.577.327
8.202
1.469
7,033
43,701
def3.305
36,048
28,244
30.359
62,670
9,492
89,239
237,146
210,361
3,585
48.543
4,618,134 4.935.750
1,453.706 1,367.344
20,052
12.207
22,077
156,996
7.274
212,046
10.400
112.070
120.879
989,953
949,247
15.383
10.151
def5.458
70.823
86,177
2.199,152 2,356,045
225.467
69.068
68,816
1.555
21
145.70
896,612
974,634
79.204
def4.293
64,269
80.547
134,862
103,902
205.900
117,436
308.355
241,123
242.306
458,953
48,660
41.256
45,457
6,628.362 6.104,800
185.518
191.298
56.987
179,339
236,326
7,243
45,037
45,219
70,920
41,969
86.351
cl.947,644 c1,872,253
39,857
17,441
19,708
41,134
45.727
2,225
14,995
19,914
1.534.334 1,289,463
58,013
19.378
29.979
4.834,332 4,603.48
191,039
157,517
112.834
640,247
641,829
10,016
14,010
10,618
31,701
91.001
82,588
43,515
43.713
213,255
87,511
70,967
--4-5t1.55
885.532
189.008
318.233
282,830
11.806
94,950
76,594
444,136
2,389,814 2,297,700
30,284
27,505
25,181 def.70,861 def.48,19
1
27,740
77.018
74,810
17,085
3,181
5,431
20,693
def.131
13,864
6,971
11,147
12,046
24,17
2,177,564 2.339,529
9,66L cdef41,811
cdef5,884
195,129
793,383
836.638
35,947
def22,881
26,220
12,583
def4,721
3.472
107,191
120.633
231,190
444,169
486,298
18,094
12.590
34.726
156,938
981.261
934,890
def346
def9,742
33,437 def232.622 def184,2
93
912,071
3,714.351 4.463,752
36.973
62,652
15,053
186,162
201,504
16,103
der28.619 def17.578
38.547
def8j,709 def16,896
98,520
4,883
23,158
35,948
155,421
160,617
483.968
3.730,715 4,114.689
22.241
144327
94.822
Increase.
Decrease.
$
$
7,235
789
3,246
78.597
217.052
112,629
45,758
86.845
317,945
3,340
7,860
16.024
59.142
10.174
1,210
39.693
13.448
112
76.64
3.316
8,606
35.001
17,571
460
4,562
2.154
67,726
329,271
1.863
494,034
25.842
14,970
6,334
-111-Ji6
90.891
12.855'
740
916
82,588
39.916
38,613
47.170
62,962
1,033.872
267.209
—3-011-,930
38,453
41,440
14,477
81,711
281
5.816
47.006
26,785
86,362
40.706
15.609
252
1,534
32,960
523.562
74,791
22.416
244,871
230,847
33,522
3,392
8,413
16,544
696.524
35,403
18,365
92,114
2,779
2,208
17,304
46,371
9,396
24,599
4,359
16.450
67.922
86.03889.12341,242
481.202'
1,461.
100,717
12,161'
2.972'
94.134
1.968
279.561
5.564
2,115
79,747
44.958
317,616
9.870
55,060
8,809
15.354
156,893
78.022
68.562
190,919
216.647
4,201
5,780
56.987
182
44,382
4,503
2,
10,601
1,58z
------------
22.670
2.250
13.997
89t
161.965
35,927
43,255
49,101
13,442
42,129
22,130
48.3§9
749,401
47.599
49.505
15,342
11.041
64.810
18.275
5.194
383,974
[VOL 121.
THE CHRONICLE
256
NET.
GROSS.
ROADS.
1924.
1923.
Increase.
$
115,850
15.451
Pittsburgh & Beaver Street Ry_a
110.898
94.970
Philadelphia & Easton Transit Co b
97,554
81.287
Philadelphia Rys_a
45.655,017 44,930.491
Philadelphia Rapid Transit Co_a
983.363
1,090.808
b
Co
Traction
Chester
West
Philadelphia &
870.854
895.943
Philadelphia & Western RY b
2,250,298 2,446,119
,_
edmont & Northern Ry_a
166.450
158.210
only)_a
he Pine Bluff Co (Ry Dept
954.470 1.029.168
Pittsburgh Harmony Butler & New Castle Ry-a-___
392.229
357.655
Ry_b
Butler
&
Mars
Pittsburgh
116.775
107.884
Plymouth & Brockton St Ry_a
16.806
18.299
Port Jervis Traction Co_a
10,825.380
10,841.618
Co_a
Power
m Portland (Ore) Electric
3.630,199
3,621,846
Potomac Edison Co_a
273,260
262.570
Poughkeepsie & Wappinger Falls Ry_a
22.778.445 21,790,135
Public Service Ry (N J) Incl Public Service RR_a
13.126
8.117
Putnam & Westchester Trac Co_a
3.098.447 3,102.160
Reading Transit Co_a
9,935.925
10.546,268
Republic Ry & Light Co and subsidiaries_a
809.592
810,315
Richmond Light & RR Co_a
546.439
508,160
Rochester Lockport & Buffalo RR Corp_a
25.642
19,003
Rochester & Manitou RR_a
981.392 1,101.559
Rochester & Syracuse RR Co_a
1,017,588
936.253
Tr)-a
City
Rockford St Interurban Ry (inci Rockford
546.567
527.031
e Rutland Ry Light & Power Co_a
292,142
296.045
Rome Railway & Light Co
1.592,247
1,403,281
Sacramento Northern RR_a
107,723
106,754
Salem dr Pennsgrove Traction Co_a
1,540.890 1,412,051
San Diego Electric Ry_a
316,410
297.416
San Francisco Napa & Callistoga Ity_a
990.549 1,032,952
San Francisco-Sacramento RR_a
105,102
97,872
San Joaquin Light & Power Corp (railway only)_a
419,749
390,641
San Jose RR_a
1,774,881
1,904,043
Co_a
&
Savannah Electric Power
1.688.475 1,194,656
Schenectady Ry Co_a
494.525
508.657
Schuylkill Railway Co_a
723,922
674,026
Scioto Valley Ry & Power Co_b
460.610
426,596
Seattle & Rainier Valley Ry Co_b
1,030,960
1,093,037
City)_a
York
(New
Second Avenue
305,029
300,711
Shamokin & Mount Carmel Transit Co_a
44,906
36,526
Shawnee-Tecumseh Traction Co_b
650.866
650,191
Shreveport Railway Co_b
1,141,056 1.092,906
Sioux City Service Co (railway only)..a
2,199,771 1,958,958
Southern Colorado Power Co_a
302.996
245,466
Southern New York Power & Railway Corp_a
5,430,913 4,548.009
•
Southern Public Utilities Co_a
777,825
730.874
Co_a
&
Power
Ry
Eastern
&
Spokane
1,386.600 1,489,865
Spokane United Rys_a
3.173.616 2,433,786
Springfield Street Railway Co_b
112.058
110,937
Springfield Terminal By Co_a
106.867
95,072
Springfield & Xenia Ry Co_a
569.974
492.855
Stark Electric RR_b
754,363
811.597
Steinway Rys_a
801,646
948.747
Steubenville East Liverpool & Beaver Val Trac-a—
335.484
311,931
Stockton Electric RR_a
143,260
141,241
Syracuse Northern Electric By Inc
2,350.676 2,146,820
Tampa Electric Co_a
5,499,428
5.197.922
Cd-a
Trac
&
s
Eastern
i Terre Haute Indianapoli
2,795.476 2.982,105
Texas Electric Ry_a
14,711,897 14,422,140
Third Avenue (New York) Systeni_a
242,668
239.341
Tidewater Southern Ry_a
849.345
841,342
Toledo Bowling Green & Southern Traction Oka
357,622
326.012
By
Findlay
&
Toledo Fostoria
386,933
291.244
Toledo &•Incliana Railroad Co_a
91,201
85,612
Trenton Bristol & Philadelphia Street Ry_b
127,258
127,105
Co_a
Trenton-Princeton Traction
12,805.631 13,580,047
Twin city Rapid Transit (Minneapolls)_b
1,456,767 1,629.020
Union Street Ity_b
73,555
8.700
Union Traction Co.(California)_a6
1"
3,339,188 3.890,690
Union Traction Co of Indiana_a
172.519
193.291
a
(Tenn.)
,
Union Traction Co
8,196.695 8,104,043
United Electric Railways Co_a ,.
Md.)(subsidiary cos)_a 11.896.915 12,140,423
United Light & Power Co.(of
16,461,799
16.453,254
Co_a
United Railways & Electric
19.515,275 20,453,445
United Railways Co of St Louls_a
3,234.149
3.205,856
b
(Albany)_
Co
United Traction
839,806
769,025
Utah-Idaho Central RR_a
1,852.762 1,857,747
Co_a
Traction
&
Light
Utah
473,596
445,599
Valley Rallways_a
99.112
83,792
(The) Vermont Company_a
79,598
71,856
Ry_a
Electric
Vincennes
10,508.608
10,454,047
Co_b
Virginia Railway & Power
206.573
184.576
Co_a
Railroad
Electric
Visalia
154,658
141,245
Warren & Jamestown Street Ry_a Electric Ry_a
2,818.085 2.420.187
Washington Baltimore & Annapolis sub cos)_a
4,759,244 4,957,215
Co
(excluding
Elec
&
By
n
Wishingto
896,104
860.308
Watzloo Cedar Falls & Northern Ry_a
140,591
126,702
Waterville Fairfield & Oakland Ry_a
212,474
218,912
Cob
Railway
Street
West Chester
223,002
216.649
.
Westchester Street RE _a
1,019,018 1,052.415
Western Ohio Ry_a
63,087
55.425
Westmoreland County Railway Co_b
18,646.895 18,059,445
West Penn Railways Co_a
1,110.026
1,246.313
Co_a
Utilities
West Virginia
633,184
628,683
Wheeling Public Service Co_a
899,180
912.872
Wilkes-Barre & Hazleton RR (and affiliated cos)_b
2,470,057
2.520.702
Co_a
Railways
Vilikes-Barre
4,482.031 4,730,157
hWilmington & Philadelphia Traction Co_a
294,979
266,399
Winona Service C0_8
4,512.613 4,229,234
Co_a
Wisconsin Gas & Electric
613,340
686,946
Wisconsin Power & Light Co (Railway only)_a
785,251
801,290
Wisconsin Railway, Light & Power Co_a
1.611,805 1,602,036
Wisconsin Traction, Light, Heat & Power Co_a
130,248
129.230
Wisconsin Valley Electric Co (Railway only)_a
3,990,854 4,565,920
Worcester Consolidated Street Railway Co_b
948,695
909,824
Y'ork Railways Co_a
227,808
180,856
York Utilities Co_a
537,826
326,430
Youngstown & Ohio River RR a
242,172
234,589
Youngstown & Suburban Railway Co_a
t
Decrease.
1924.
1923.
Increase.
Decrease.
$
15.683
f7,386
6.604
3.604
2,744
def15,182 deflY.926
398,919
12.215 288 11.816.369
724,526
13.396
328.565
341.961
107.445
23,615
392.500
416.115
25,089
827.014
642.060
195.821
60.920
41.935
8.240
33,122
157.349
190.471
74.698
10.620
64.051
74.671
34,574
11.524
6.194
8.891
4,541
def13.930 def18.471
1,493
135.611
c3,592,597 c3,456.986
16.238
60.912
1,713,692 1,652.780
8,353
17,365
58,539
75,904
10,690
4.815.256 3,224.788 1,590.468
988,310
1.309
def1.617
5,009
c633,410c578,296
93,713
17-2-,2e5
3,552.635 3,280.372
610,343
14,610
47.842
62.452
723
87.885
80.171
38.279
def5.174
def8,873
6,639
c254.623
c211,406
120,167
158.359
140,717
81.335
1141.830
1137.483
19,536
94.934
79,881
3,903
c145,488
c14,852
188,966
4,078
c3,675
c7.753
969
53,132
167,224
220,356
128,839
106.131
70,508
18,994
9,396
83,722 93.118
42.403
def1,409
def5.977
7.230
45.526
29.334
29,108
97.970
623,701
721,671
129,162
837,113
150,371 def686,742
493,819
75,776
100.083
175,859
14,132
257,338
213.423
49.896
157.890
127,062
34,014
23,322
65,570
88,892
62,077
2,218
37,593
39.811
4,318
2.350
def1.820
8,380
65,254
35.810
675
5,672
136.187
141,859
48,150
138,022
765.206
903.228
240,813
57.530 def121.378 def65.029
555,268
2,065,824 1,510,556
882,904
241,938
170.425
46,951
212,494
2,080
214.574
103.265
618,951
413,051
739,830
37,423
27,616
1.121
def3,225
def15,523
11,795
103,354
70.888
77,119
58.508
56.276
57.234
def7.557
def21.698
147.101
31,072
26,370
23.553
8,668
.5.867
14.535
' 2,019
923,824
79,681
1,003.505
203,856
1.157.420 1.321,225
301.506
1.104.061 1,234,604
186,629
2,386.250 2,602.819
289,757
41.386
37.665
3,327
228.611
188.612
8.003
37,971
def12.278
31.610
11,165
def24,092
95.689
15.700
8,945
5.589
24.136
18.776
153
774.416 3.619,703 4,042.206
405.213
257,723
172.253
•
de122.195 def21,375
4,865
986,157
477.122
551.502
def6,778
8,696
15,474
20,772
624,652
338.188
92,652
3.869.313 3,885.278
243.508
120,193
8.545 c4.159,255 c4,039.062
2,649,946 3,497.659
938.170
72,236
394,212
466,448
28.293
242,319
165,583
70,781
390,157
373,607
4,985
93.229
85.191
27,997
1,671
def13,805
15,320
21,608
16,831
7.742
594,516
5,503,104 4,908.588
54.561
64,813
42,663
21,997
19,506
2,723
13,413
73,668
610,028
683.696
397,898
70,422
868.200
938.622
197.971
34
29.059
29.093
35.796
4,036
1,270
13.889
10,469
51,760
62,229
6,438
439
def6,206
6,353
def5,767
283,243
211.576
33.397
12.009
5,353
7,662
5.284
c5,443,029 c5,437,745
587,450
23.421
386,017
409.438
136,287
1,271
176,917
178,188
4.501
317,358
315,731
13,692
759,431
738.094
50.645
1,795,402 1,866,641
248.126
5,383
6.793
12,176
28,580
500.420
823,439
1.323,859
283.379
14.592
c95,381
c109,973
73.606
17,916
278,100
296,016
16.039
93,876
382,853
476,729
9,769
c19,917
c16.111
1.018
811.284
675.408
575,066
289,372
217,398
38,871
5,094
2,552
46.952
1124,035
110.187
201.396
52,284
44,519
7,583
p0.399
15.928
16,267
$
18,297
3,000
_
-1-81:914
18,985
5,330
2,928
55,114
7,714
3,699
43,217
17.642
4,147
15.053
130,636
35,623
4,568
16,192
43,915
30,828
4.170
29,444
56,349
71,513
205.900
9,807
12,298
32,466
2,232
14,141
4,702
163,805
130,543
216,569
3,721
39,999
50.249
35,257
6,755
5,360
422,503
147,490
820
509,035
-
18-6:al
15,965
-
847,715
76,736
16.550
8,038
15.476
4,777
22,150
16,783
2.766
71,667
6,656
1,627
21.337
71,239
3,806
135,876
71,974
2,542
113,848
7,765
0246,589,921 17,121,527 15,860,378
10001070S9 994,892,629 25.308.712 20,094,252 247,851.07
1,261,149
5,214.460
(0.51%)
(0.52%)
&
Electric Co. e For years
the Bangor Railway
Formerly
d
n.
depreciatio
deducting
After
c
taxes.
Co.
a After deducting taxes. b Before deductingrentals. a After deducting depreciation and rentals. h Including Southern Pennsylvania Traction
the Chicago & Milwaukee Electric Ry., Milwaukee
ended Feb. 28 1925 and 1924. f After deducting
ended Jan. 31 1925 and 1924. k Includes
Co.
Belt
Transit
State
as
known
Formerly
Excluding Indianapolis Street Railway. j For years
n
Co.
Power
&
Light
Portland Railway,
City Lines. 1 Excluding buses. m Formerly the
Total (340 roads)
Increase
Per cent of increase
The Railroads' Heavy Burden of Taxation.
extravagant public expenditures with the resultant heavy taxes and interest
charges which must finally come from the pockets of the voters.
Heavy taxation has in the end, always defeated its own purpose. The old
adage of the goose that laid the golden eggs still holds good in our present
economic system. A railroad that is overburdened with heavy taxes cannot
preserve its credit or earn a sufficient surplus to enable it to expand its
facilities with the growth of the territory which it serves. The general
welfare demands prosperous and growing transportation systems so that the
life blood of trade and commerce may continue to flow without reetraint.
out by the
Pointing out that the $340,000,000 of taxes paid
by all users of
iallroads for the year 1924 was ultimately paid
city call attenrailroad service, Case, Pomeroy & Co. of this
bodies are
political
and
blocs
"various
that
tion to the fact
while at the
continually demanding lower freight rates,"
Noting that "railroad taxation has been steadily increasing
of funds secured from taxasame time "public expenditures
that for the year 1924 the railroads' tax bill reached the
noted:
also
and
It
"
increase.
to
tion of the railroads continue
total of almost one million dollars a day, an inand
lower
taxes
amazing
are at once demanding higher
• Often the same interests
that this process cannot go on indefinitely with- crease of $20,000 a day over 1923," the firm, under date of
obvious
is
It
rates.
freight
the ability of the railroads to render efficient service. July 8, also says:
out seriously impairing
demanding a curtailment of
aroused public opinion is
An enlightened and
JULY 18 1925.]
THE CHRONTOLE
Taxes are a necessary evil if city, State and National Governments shall
continue to perform their proper functions. The justice of equitable tax
levies is beyond dispute. But no class of citizens, or no particular industry
should be required to carry an unfair proportion of the common tax burden
or should be taxed beyond a proper proportion of its net income.
There is still much misapprehension upon the part of the public as to who
actually foots the tax bill. Taxes can ultimately be paid only out of income
and in the case of the railroads must be included as a part of their total
operating expenses.
The intent of the Transportation Act is to establish a general rate structure which will allow the railroads to earn a return of 5%% on their property valuations. In establishing a general schedule of freight rates, the
Inter-State Commerce Commission must take into consideration all expense
factors which have a bearing on the railroads' net income. Taxes must,
therefore, be absorbed in total freight rates and are thus passed on to shippers and consumers as an integral part of the price of all commodities shipped
by freight. The price of a loaf of bread, a pair of shoes, or a new kitchen
stove is thus affected by heavy railroad taxation. We all help to foot the
bill imposed by reckless and excessive State and national expenditures.
The railroads of the United States are performing a necessary public service. Efficient transportation is vital to general prosperity and even to the
very existeace of those who live in our big cities. The railroads must continually expend large sums for the upkeep and extension of their properties
In order to keep pace with the increasing needs of our growing population.
For the current year the railroads are preparing to spend $750,000,000
for improvements and new equipment. This is more than 2 1-3 times the
257
total dividends paid to railroad stockholders for the year 1924, amounting to
$310,000,000. Taxes for 1924 amounted to $340,000,000, or $30,000,000
more than dividends. Since 1913 freight rates have increased only 56%,
dividends have decreased 3.8%, while taxes have increased 186%.
A comparison of railroad taxes for the year 1924 with the net operating
revenue of the Class I roads will surprise many. Out of every dollar of net
operating revenue received after payment of operating expenses, 23.8 cents
were set aside to meet the tax bill.
Th total income before taxes, including income from investments of the
Class I railroads for 1924, amounted to $1,575,000,000. This sum represents the amount of available, income from which the roads must cover all
taxes, all rents for leased roads, all interest charges on 11.1 billion of funded
debt, all dividends on 7.6 billions of stock and all surplus funds for improvements and additional facilities. Out of every dollar of such income, 21.8
cents went to the tax collector, 32.4 cents went to the holders of railroad
bonds and notes, including savings banks, life insurance companies, institutions, colleges and millions of private investors, 20 cents went to the vast
army of holders of railroad stocks, 9 cents went for rents of leased roads and
17 cents were left for all other purposes. This division of the railroads'
income dollar shows that the tax collector is creeping up on the bondholders
and has already outdistanced the stockholders in his demands for a larger
slice.
Various blocks and political bodies are continually demanding lower freight
rates. At the same time public expenditures of funds secured from taxation
of the railroads continue to increase.
Indications of Business Activity 1
vanced sensationally to $1 16 in New York and they are
THE STATE OF TRADE—COMMERCIAL EPITOME,
predicting $125 in London, all because of artificial restricFriday Night, July 17 1925.
Something of midsummer quiet has settled down upon tion by British authorities and a steady expansion in the
various branches of business throughout the country. But world's consumption. It would seem that politics enters
it is remarked that the falling off in the big industries is into this rubber regulation on the part of Great Britain.
not so great as it was a year ago. That is to say, the iron Each successive Ministry sticks to the plan of helping the
and steel trade is considered to be in rather better shape rubber producer in this way. Meanwhile there is a menacthan then, and so, also, with the automobile, cotton textiles ing coal situation in England. It is said that a big consoliand lumber trades. The testimony goes to show that on the dation of British workers is in contemplation including
whole the cotton manufacturing business is in better shape miners, railroad workers, engineers, shipping workers and
than many had believed it to be. There is less talk of cur- transport laborers. In this country it is announced that if
tailment from the South. Sales are larger and prices a hard coal strike is Called on Sept. 1 the United States Govhigher. In parts of the Carolinas the mills are working at ernment will intervene. Certainly there ought to be some
equal to one more day a week than was the case 30 days ago. limit to what organized labor can do in the matter of deSome have orders enough to keep them running at night. priving the country of its usual supply of fuel. Coal minera
Advices from Rhode Island are on the whole rather better. are only a fraction of the population. The whole is supFall River's business has recently improved, although the posed to be greater than the part. Labor is entitled to its
sales of print cloths this week are somewhat less than last rights, but so is society at large.
Cotton advanced early in the week owing to hot, dry
week. The big Amoskeag mills at Manchester, N. H., put on
2,000 more workers last Monday. Lancashire reports a weather in Texas and rains in the Atlantic States, which
rather better trade with China, despite the rumors from it was feared might aggravate the weevil trouble. Also, the
Peking that a boycott is declared at the expense of both better tone of the cotton goods market was not without its
British and Japanese goods. The monsoon has been on the effect. In addition, there was heavy buying at times rewhole favorable in the Far East. It will tend to increase ported by big operators in Wall Street and uptown, if not in
the crops and at the same time increase the buying power New Orleans. To-day there was a sudden slump of 60 to 70
of.the people in the markets of Europe and America. Wool points from the high level of the morning, when it was found
sales in England and Australia have on the whole gone off that special private crop reports were not so bad as expected.
better this week than might have been expected. Only the In general they showed a decline in condition since late in
inferior grades seem to have dragged. The woolen goods June of 2 to 3 points, which is not so great as had been
business in this country is still sluggish. And to-day the feared. It is still true, however, that the Texas drought
American Woolen Co. announced a reduction in wages to go has not been relieved. Day after day there is little or no
into effect at the end of this month of 10%. Silk manufac- rain in that State and temperatures at times have been 100
turing is in very prosperous shape. The rayon industry is to 113 degrees. Of late sales of iron and steel have been
apparently on the up grade. It is said that the big Man- small and bar steel has declined. Tin plate mills, however,
chester, N. H., mill will add that specialty to its products. are running at the usual summer capacity. Copper has adThere is a big business in building construction in various vanced coincident with reports of an excellent demand.
parts of the country. A significant fact in connection with Crude petroleum has shown an upward tendency. At Boston
this is that the cement trade is at a high record of activity.
the Shoe Fair has helped business. Western factories are
The grain markets are for the most part higher. Wheat, said to be operating at a very fair percentage of their caindeed, has advanced 15 cents this week, owing to less favor- pacity. Coal has been quiet, though the prediction is that
able crop reports from the spring wheat belt on both sides an anthracite strike will help soft coal, as it very well may.
of the line. The Northwestern markets are conspicuously The stock market has continued to be active, showing, indeed,
firm and at the same time there is an upward tendency of an extraordinary record in this respect thus far in 1925, and
prices in Liverpool and Buenos Aires. Corn has advanced many prices have advanced to new high levels, with railroad
during the week some 3 to 4 cents, but in the main the shares conspicuously in the upward movement. Moreover,
weather is believed to have been favorable. The intenso it is significant that industrial stocks have also had a proheat, which was harmful to spring wheat in the American nounced upward inclination. London has been steady as a
and Canadian Northwest has been beneficial to corn, though rule, though rubber shares have had something of a reaction.
some damage was reported in Iowa and Nebraska. There And the coal situation is naturally regarded as a drawback.
is a good cash demand. Other grain has moved upward, But on the whole the financial situation at home and abroad
with some complaints in regard to the rye crop. Sugar has is hopeful.
shown little change. The coffee markets have been irreguLondon is still basking in big gold imports, none the less
lar and on the whole lower than a week ago. It is now said grateful for being puzzling. They obviate any increase in
that the Brazilian Government is more disposed to sustain the Bank rate. There is, moreover, a large demand for
Brazilian exchange than Brazilian coffee prices. The tight- foreign securities, especially Japanese, not forgetting Chiness of money in Brazil may perhaps cause freer offerings nese bonds, despite the disturbing situation in China, to
of the current crop in the world's markets. Rubber has ad- which no end is yet in sight. With so heavy a demand for
258
THE CHRONICLE
[Vol, 121.
foreign securities the suggestion is heard in London that according to the Bureau's statement made public July 17,
the British Government may soon remove the ban on the which says:
In the group of farm products there were strong price advances among
floating of foreign loans there.
cattle, hogs, lambs, hay, onions, potatoes and wool, which more than offAt Providence, R. I., the B. B. & R. Knight, Inc., mills set decreases
in corn, wheat, rye and milk. The increase in this group
announced that beginning next Monday all the plants of the as a whole was 2X %. Foods also moved upward, with increases for most
concern in the Pawtucket Valley would close for two weeks. hog products, coffee, eggs and fruits. Fuels averaged 2X% higher than
in May, due to rising prices of fuel oil. gasoline, Pennsylvania crude petrolThis will be the second two-week shutdown of the Knight eum and anthracite
coal. In the group of miscellaneous commodities the
plants this summer. It will affect about 1,800 operatives. phenomenal increase in rubber prices was responsible for a rise of nearly
At Pawtucket, R. I., the Slater Yarn Co. has shut down its 5% in the June level.
In all other commodity groups prices In June averaged lower than In
plant for an indefinite period, in so far as the manufacture May. ranging from one-tenth
of 1% in the case of cloths and clothing to
of yarn is concerned. It is reported that the company is approximately 1 % in the case of building materials.
Of the 404 commodities or price series for which comparable information
considering the advisability of converting the plant to the
for May and June was collected, increases were shown in 118 instances and
manufacture of silk and mixed good specialties. At Lewis- decreases in 120 instances. In 166
instances no change in price was reton, Me., the Bates cotton mill will reopen July 20. All ported. A preponderance of increases in the heavily weighted groups of
farm
products
and
foods
was
responsible
for the increase in the general
mills
in that section are still operating on a
other cotton
price level.
slightly reduced schedule except, the Androscoggin mill,
INDEX NUMBERS OF WHOLESALE PRICES, BY GROUPS OF
which is running full time. At Lock Haven, Pa., night shifts
COMMODITIES (1913-100).
GroupsJune 1924. May 1925. June 1925.
will soon be working in all the silk mills following the an- Farm products
134.0
155.4
151.9
135.6
nouncement of the Susquehanna Silk Co., one of the largest Foods
153.2
155.3
Cloths and clothing
187.2
188.2
188.4
silk industries in that section, that they will begin night Fuel and lighting
174.7
168.2
172.6
Metals and metal
132.2
126.1
127.2
operations shortly. At Manchester, N. H., the Amoskeag Buqaing materialsproducts
172.7
170.7
173.6
Chnnicals and drugs
126.6
132.8
133.1
mills put 2,000 more operatives at work on July 13. It Housefurnishing
goods
171.8
169.9
170.5
opened 10 weave rooms. At Spartanburg, S. C., mills are Miscellaneous
111.1
137.8
131.3
All commodities
144.6
155.2
157.4
selling, it is said, more coarse and fine goods than for some
Comparing prices in June with those of a year ago, as measured by
time past. Greensboro, N. C., reports a distinctly better tone changes in the index numbers,
it is seen that the general level increased
this month, mostly in goods other than staples. This ap- over 8h %. The greatest increase is shown for the group of miscellaneous
plies more particularly to the Piedmont section of North commodities, in which prices were 24% higher than in June 1924. Farm
products averaged 16% higher and foods 14X % higher than in the correCarolina. Mills are running about one day a week more sponding month of last year, while
small increases were shown for cloths
than they were a month ago. Some have enough orders to and clothing and chemicals and drugs. On the other hand, prices in the
groups orfuel and lighting materials, metals and metal products, building
keep them running nights.
materials and housefuriab3hing goods averaged lower than in June of last
Manchester, Eng., cabled that no appreciable improve- year.
ment is evident in the American section of Lancashire cotton industry since the re-introduction of organized short
Department of Commerce Report on Business
time on July 6. Yarn stocks continue to accumulate and a
Conditions.
further drastic increase in short time is being discussed.
The survey of current business made public July 13 by the
Shanghai, China, cabled that the Strike Relief Committee, Department of Commerce at Washington says:
Early reports to the Department of Commerce on business conditions in
after conferences with strike leaders and their business association supporters, announced that it would not assume any June showed increases over May in the principal industrial indicators, such
as deliveries and stocks of silk, receipts of wool at Boston, deliveries of tin,
further responsibility for the support of the strike, owing shipments of new locomotives, receipts of turpentine and
rosin at Southern
to the exhaustion of funds and the fact that there were no ports, and in the number of patents issued by the Government. Decreases
in the production of steel ingots, the output of pig iron and shipprospects of further donations. This decision is expected to occurred
ments of iron ore through the upper Lake ports.
and financial
deal a deathblow to the Shanghai strike. It was suggested indicators showed increases over May in the sales byTrade
the two large mailthat all strikers, except those employed in British and Japan- order houses, the amount of customs receipts, bank clearings and bond
prices, while business failures both in number and liabilities decreased
ese mills, return to work in order to reduce the number of as
did sales by 5-and-10-cent stores, postal receipts, corporate issues.
strikers by half. Peking cabled later that the Chinese fire losses and the amount of the public debt.
Compared with June 1924 early industrial indicators showed increases
Chamber of Commerce has decided on a complete boycott of
fn the production of steel ingots, the output of pig Iron, deliveries of tin,
British and Japanese goods. Italian cotton mills have suf- shipments
of iron ore, receipts of turpentine and rosin and the deliveries
ficient orders booked to keep them busy for the remainder and stocks of silk, while receipts of wool at Boston and shipments of locomotives
declined.
Trade and financial indicators showed increases over a
of the year. Consumption of American cotton by Italian
year ago in the sales by mail-order houses and 5-and-10-cent stores, business
industry this year is estimated at 650,000 bales, against failures, both in number and in liabilities,
customs receipts, postal receipts,
bank clearings, bond prices and fire losses, while decreases occurred in new
547,000 last season.
issues
corporate
and
in
the
gross
public
debt.
On July 13 a threatened bricklayers' strike failed to occur.
BUSINESS INDICATORS.
The threatened strike of bricklayers throughout the coun(Relative Numbers-1919 Mo.Ave:=100.)
try which menaced the nation's $4,000,000,000 building program, appeared to have been called off. But a walkout was
Per Cent Increase (4-)
1924.
1925.
or Decrease (-).
declared to be imminent unless the plasterers' union consented to amalgamate with. the bricklayers' union. New
June 1925" June 1925
May June May June
from' from I
York contractors whose building activities extend into many
May 1925 June 19241
other States asserted that the bricklayers were at work as Pig-iron production
103
80 115 105
-8.7
+31.3
ingots, production
94
74 123 114
+54.1
-7.3
usual and showed no signs of quitting. There are buildings Steel
Locomotives: Shipments
50
65
43
49
+14.0
-24.6
Unfilled orders •__. 49
to the value of $25,000,000 on which the bricklayers' work is
40
-14.3
35
30
-25.0
Postal receipts:
completed and these would not have been affected by the
50 largest cities
141 128 149 147
-1.7
+14.8
50 Industrial cities *•
114 104 123 121
-1.6
+16.3
walkout of the latter organization.
Mall-order sales (2 houses)
92
91
99 103
+4.0
+13.2
Ten-cent store sales (4 chains)._ _ _ 175 163 191 188
-1.6
The weather has been only moderately warmer here and Commercial
+15.3
paper interest /atm.- 78
71
71
72
0.0
-1.4
on Thursday morning there were showers. The day was Federal Reserve banks:
Bills discounted
22
18
21
24
+14.3
+33,3
characterized later by high humidity, which made 79 degrees
Total reserves
147 149 136 135
-0.7
-9.4
Ratio
165 165 153 153
0.0
-7.3
more or less oppressive. On the 15th it was 77 at New York, Business
failures:
firms
Number of
338 299 328 324
-1.2
but much warmer at the West. I. e., 94 at Chicago, 90 at Cin+8.4
T 'n1111111..
ARA
AR1
202
ARO
--n a
cinnati, 88 at Cleveland and Detroit and 90 at Minneapolis.
• 1920 monthly average equals 100.
** 1922 monthly average equals 100.
On the 15th inst. it was very hot in the West. Salt Lake City
had 104 degrees and it halted traffic on the Union Pacific
Railroad in Wyoming. owing to heated rails. Minneapolis Increase of 2% in Retail Food Cost in June as Compared
and Milwaukee suffered from the heat. At Rock Springs,
With May.
Wyo., it was 124 in the sun. To-day it was 80 degrees here
The retail food index issued by the U. S. Department of
in the afternoon, after a sultry day yesterday. Chicago and Labor through the Bureau of Labor
Statistics shows that
Cleveland were down yesterday to 80 and St. Paul to 78.
there was an increase of more than 2% in the retail cost of
food in June 1925 as compared with May 1925. The indey
number (1913 equals 100.0) was 151.6 in May and 155.0 in
Increase in Wholesale Prices in June.
Details of the changes are indicated as follows bx
June.
the
recent downward trend of wholesale
A reaction from
in its statement made public to-day (July 18).
prices is shown for June by information gathered in repre- the Bureaumonth
from May 15 1925 to June 15 1925. 18 articles on which
During the
U.
S.
the
by
markets
sentative
Department of Labor through monthly prices are secured increased as
follows: Potatoes, 30%; onions,
the Bureau of Labor Statistics. The Bureau's weighted 14%; oranges, 10%; strictly fresh eggs, 8%; cabbage. 7%; oleomargarine,
butter, 2%;round steak, park chops, bacon, evaporated milk, cheese,
index number, which includes 404 commodities or price 3%;
lard and canned corn, 1%;and sirloin,steak, canned red salmon, vegetable
series, rose to 157.4 for June, compared with 155.2 for May, lard substitute and tea, less than five-tenths of 1%.
The following ten
1,
10
1
JULY
18.1925.]
THE CHRONICLE
259
dustries continued. In furniture, musical instruments and household furnishings factories, employment fell between 1% and 4%.
The leather group of industries was one of the few to show strength se
far as employment was concerned. Shoe factories increased their working
forces by nearly 2% during June and the tanneries had fully as many employees in June as they had in May and April. Furriers, approaching their
busiest season, were hiring more help.
In the chemical group, the general trend was downward, with a small decline in the drug class and a drop of more than 5% in the miscellaneous
chemicals industry. Employment expanded, however, at the oil refineries
with the hiring of 2.4% more employees.
Except for job printing and edition book binding, both of which are
seasonally busy at the middle of the year, the general trend in the paper
and printing group of industries was downward. The number of workers
engaged in producing paper boxes was depreciated by 1.7% and in the miscellaneous paper goods, the fall was 4.3%.
The seasonal increases in the apparel industries were pronounced. Men's
clothing factories had one-quarter more employees in June than they had in
May and paid them 65% more in wages. With the exception of the overall
factories, all of the industries producing men's wearing apparel reported
increases in the size of their working forces during June. Women's clothing
factories, however, laid off 22% of their employees, the reports indicate.
Seasonal increases prevailed also in the food group of industries. Warm
weather brought increased employment in beverages, ice cream and ice factories. The meat packing employers also had more employees, with larger
receipts, in June, as is regularly the case. The canning employers approaching the peak of their season, added 26% more employees in June than they
had in May and will shortly employ a large number of women workers for
a short time.
An analysis of the manufacturing employment reports by cities, gives
further indication of the stabilization of employment in June at the May
level. In 5 of the 14 principal cities of the State, personnel changes of the
past 80 days has affected less than 1% of those employed.
The business of both the retail stores and the mail order houses was improved. Notwithstanding the considerable amount of unseasonable weather,
employment rose by 7.4% in department houses and 3.5% among the houses
which sell by mail.
Coal mining operations continue to be very had. An additional mine employing about 300 men closed down about June 15. Reports are current,
however, that some of the collieries which have been sealed for some time
are being prepared for the resumption of operations in the early fall.
1,501 employers in all industries who were employing nearly 400,000
workers, paid out in the week of June 15 $10,604,394. This was an increase
of 7.10 of 1% from the amount the identical employers disbursed in the
corresponding week of May. Factory payrolls alone increased 2-10 of 1%
for the State as a whole. The factory workers of Aurora, Bloomington, Decatur, East St. Louis and Springfield had more money to spend in June than
they had in May, while those in Chicago, Cicero, Danville, Joliet, Moline,
Peoria, Quincy, Rockford and Rock Island received a less amount in wages
than the month before.
Little Change in Industrial Situation in Illinois
Free employment operations were changed but slightly from the precedDuring June—Slowing Down in Rate of
ing month, in so far as is shown by the ratio of applicants to jobs. There
148 applicants per 100 positions open in June, which was slightly less
were
Decrease—Building Operations in
favorable than in May and April. During June the unemployment index
Tornado Stricken Area.
changed for the worse in S of the principal cities In which the State operand was more favorable in 6 of them. In all,
According to R. D. Cahn, Chief Statistician of the Lllinois ates free employment offices
22,527 persons sought the assistance of the State free employment offices in
operaindustrial
of
Department of Labor, the general level
securing positions during the month. This was more than 7,000 in excess
tions in Illinois has changed but little during the past 30 of the vacant positions reported to the offices by employers. More favorable
the unemployment ratio or the number of applicants is the number of
days. "Although employment continues on he down grade than
placements made. The free employment offices of the State were able acdescent
and is lower than in any June since 1921, the rate of
tually to place 13,333 persons during the month, which is a full 30% ahead
has slowed down," says Mr. Cahn In his review, made public of last year.
articles decreased: Hens and coffee, 3%; bananas. 2%; chuck roast, plate
beef, leg of lamb, rolled oats, baked beans and canned peas, 1%, and
macaroni, less than five-tenths of 1%. Fifteen articles showed no change
in the month. They are as follows: Rib roast, ham,fresh milk, nut margarine, bread, flour, cornmeal, corn flakes, wheat cereal, rice, navy beans,
canned tomatoes, granulated sugar, raisins and prunes.
For the year period. June 15 1924 to June 15 1925, the increase in all
articles of food combined was approximately 9%.
For the 12-year period, June 15 1913 to June 15 1925, the increase in all
articles of food combined was about 58.5%•
Changes in Retail Prices of Food, by Cities.
During the month from May 15 1925 to June 15 1925 the average family
expenditure for food increased in all cities as follows: Denver, 5%; Butte,
Chicago, Cleveland, Columbia, Detroit, Indianapolis, Rochester, Salt Lake
City. and Scranton, 4%; Buffalo, Cincinnati, Kansas City, Louisville,
Milwaukee, Mobile, New Haven, Norfolk, Omaha, Philadelphia, Pittsburgh, Richmond, St. Louis, and Washington, 3%; Atlanta, Birmingham,
Bridgeport, Fall River, Houston, Jacksonville, Los Angeles, Manchester,
Memphis, Minneapolis, New Orleans, Peoria, Portland, Me.;Portland, Ore.
Providence, San Francisco, Seattle, and Springfield, Ill., 2%, and Baltimore, Boston, Charleston, S. C., Dallas, Little Rock, Newark, New
York, St. Paul, and Savannah. 1%•
For the year period. June 1924 to June 1925, all of the 51 cities showed
increases: Houston and Salt Lake City, 15%; Louisville, 14%; Birmingham and Mobile, 13%; Cleveland, Memphis, and Savannah, 12%; Little
Rock, New Orleans, Norfolk, and Scranton, 11%; Atlanta, Baltimore,
Cincinnati, Detroit, Kansas City, Omaha, Peoria, Richmond, St. Louis,
and Washington, 10%; Buffalo, Charleston, Chicago, Dallas, Denver,
Indianapolis, Jacksonville, Philadelphia, Portland, Ore.; Rochester, and
San Francisco, 9%; Butte, Columbus, Minneapolis, Pittsburgh, and
Seattle, 8%; Los Angeles, Milwaukee, St. Paul, and Springfield, Ill., 7%;
Bridgeport. Newark, New Haven, New York. and Portland. Me.. 8%;
Boston, Fall River. and Providence. 5%, and Manchester, 4%.
As compared with the average cost in the year 1913, food in June 1925
was 66% higher in Chicago and Detroit: 64% in Richmond,63% in Baltimore, Birmingham, and Washington; 60% in Scranton; 58% in Cleveland,
Philadelphia and St. Louis; .57% in Buffalo, Cincinnati and Pittsburgh;
56% in Atlanta and Charleston, S. C.; 55% in Milwaukee, New York and
Omaha;54% in Dallas and San Francisco; 53% in Kansas City and Louisville; 52% in Minneapolis and New Orleans:51% in Boston and Providence;
50% in Indianapolis and New Haven; 49% in Seattle; 48% in Memphis;
47% In Fall River, Jacksonville, Los Angeles, Manchester, and Newark;
48% in Little Rock; 44% in Denver and Salt Lake City. and 42% in Portland, Ore. Prices were not obtained from Bridgeport, Butte, Columbus,
Houston, Mobile, Norfolk, Peoria, Portland, Me.; Rochester, St. Paul.
Savannah and Springfield, Ill,, in 1913, hence no comparison for the 12-year
period can be given for these cities.
July 11, in which he also has the following to say:
The aggregate number of industrial workers who were employed fell by
only 4-10 of 1% In June, whereas the rate of fall was 1% in each of the
three preceding months. The reductions in working forces that have been
made, moreover, are substantially less than those of a year ago, when the
employers of Illinois having laid off 2.5% of their workers in May, eliminated
3.4% from the payrolls in June. The decline of a year ago, however, started
from a higher point than was the case at the beginning of this year, so that
there are now 4.3% fewer people on the rolls of employers than at this time
in 1924.
Just two years ago in June, the volume of employment in the factories of
Illinois was at the highest point since the 1921 depression, and the number
of workers in June 1925 was 15% below that peak. The manufacturing establishments of Illinois thus have about 110,000 fewer employees than they
had at this time in 1923.
These conclusions are based upon a comprehensive survey conducted by
the Illinois Department of Labor in every important industry and locality
of the State, in the course of which signed reports were procured from employers of 40% of the factory workers of the State.
The continuation of the phenomenally high volume of building work of all
kinds throughout the State doubtless affords an explanation of the failure of
the employment curve to drop further. Permits for construction work as
reported by the municipal building offices, made new records in a number
of cities and reports from contractors indicated that very few building workers were unemployed anywhere in the State. The volume of new building
work authorized was larger in June than a year ago in 17 of the 23 principal
cities. Expansion was greatest in the projects recorded at Aurora, Berwyn,
East St. Louis, Rockford, Rock Island and Murphysboro. In the latter city,
which was struck by the tornado during March, over $400,000 worth of work
has been projected in the past two months. The volume of new work totaled
$33,087,100 in the calendar month in Chicago. In Berwyn and Evanston
new projects were estimated to cost over $1,000,000; In Aurora, Decatur,
Oak Park, Peoria and Rockford, between $500,000 and $1,000,000, and in
Cicero, East St. Louis and Springfield, between $250,000 and $500,000.
The demand for building materials has further increased the employment
in several of the industries turning out those products. The reports indicated that the glass factories had taken on 4.6% more employees during
the month and that the brick kilns had retained all of the employees they
had hired in the preceding month. There was, however, in the planing
mills, a drop in the volume of employment amounting to 1.7% and in the
paint factories the employment fell about 4.2%.
Meanwhile, employment fell rather sharply in a number of the metal
industries. Iron and steel plants laid off 2.4% during the month, a continuation of the downward trend of the industry that has been in progress for
some time. Another industry of great consequence in this State which has
been in a state of depression for some time, that of car building, was obliged
to reduce the number of employees by nearly 10% during June. In the auto
accessory industry, which has been having a very good year, employment
dropped 5% during the month. In 8 of the 12 industries making up the
metal machinery and conveyance group, there were fewer employees in June
than in May and in no one of the three others was the gain as much as 1%.
The downward course of employment in the wood products group of in-
Agricultural and Financial Conditions in Federal
Reserve District of Minneapolis.
The money value of business transacted in 17 represents
tive cities of the Ninth Federal Reserve District during June
was 25% greater than in the same month a year ago and made
a new record for the month, according to the preliminary
survey, issued July 11, of the Federal Reserve Bank of Minneapolis, of agricultural and financial conditions in the
district. The bank says:
The physical volume of business as indicated by railway car loadings was
5% greater in the first two weeks of June than in the corresponding period 2
year ago. Reports so far received show increases as compared with a year
ago in retail trade, grain marketing, grain prices and futures sales, cattle
receipts at terminal markets and live stock prices, shipments of feeder live
stock, iron ore, flour and linseed products and car loadings of forest products, miscellaneous commodities and merchandise in less-than-carload lots.
Grain stocks at Northwestern terminal elevators were much larger than a
year ago, with the exception of corn and rye. Decreases as compared with
last year occurred in the, marketing of hogs and sheep.
As compared with a month ago, there was an unseasonally large increase
of 9% in the money value of business. Increases occurred in grain receipts
and futures sales, shipments of flour and linseed products and car loadings of
forest products, miscellaneous commodities and less-than-carload merchandise.
Decreases were reported for live stock receipts, shipments of iron ore and
retail trade.
The valuation of building permits issued during June at nine cities was
51% greater than the valuation in June a year ago and 25% greater than
the valuation of permits issued in May 1925. This increase in June as compared with May was contrary to the usual seasonal movement.
City banks in this district experienced a 5% decline in commercial loans
and a 5% increase in demand deposits during June. They increased their
non-commercial loans and enlarged their investments and reserve funds.
Banks outside of Minneapolis and St. Paul increased their reserve funds
and reduced their borrowings by small amounts. Federal Reserve notes in
circulation expanded with the increase in the volume of business.
Decline in Factory Employment and Wages in Philadelphia and New Jersey in June.
Both factory employment and wages declined in Pennsylvania during the month of June, according to the compilation of the Federal Reserve Bank of Philadelphia and the
Department of Labor and Industry of Pennsylvania. The
statement in the matter, made public July 15, says:
260
THE CHRONICLE
(Vol. 121.
The decline in operations was more general than that of employment,
Reports from public employment offices in several important New Engall the groups sharing in the decline with the exception of the food and land industrial centres
indicate that the demand for workers during May
tobacco group which had a net increase of 2.2% caused by a large expansion and the first half of June
was greater than in the corresponding period of
in the confectionery and ice cream industry. Although the employment 1924. There was, however,
a further decline in total employment in New
total for all industries showed a slight decrease the only group which actually England manufacturing
industries during May. The decrease was not genhad a decline was the metal group. Among the individual industries lumber eral in all lines, however,
for reports from the metal-consuming inndustries
an planing mills experienced the greatest advance in both employment and showed that working
forces were fairly well maintained, and that operating
operations. This increase is caused chiefly by the beginning of the hark schedules were increased
rather than curtailed. Employment in the shoe,
peeling season which requires many more employees. The shipbuilding, cotton and woolen
textiles and rubber manufacturing establishments of Masautomobile and pottery industries and plants making electrical machinery sachusetts continued
generally on a part-time basis.
and leather products, also, reported substantial gains. Iron and steel
blast
furnaces, iron and steel forging plants, clothing, knit goods and hosiery.
boot and shoe and rubber tire establishments and plants dyeing and
finishing textiles reported decided reductions in employment and total Labor Better Paid in United States Than Anywhere
Else in World, According to National Induswages paid.
The downward trend was more noticeable in New Jersey than in Penntrial Conference Board.
sylvania all the groups sharing in the decline with the exception of the
Labor to-day is far better paid in the United States than
chemical and allied products group which showed a very slight increase due
to a small advance in petroleum refining. The automobile and printing anywhere else in
the world, and American industry is proindustries and steel works and rolling mills continued to experience notable
advances; but employment and wages in the majority of industries fell off. ceeding at an even pace, says the National Industrial ConferShipbuilding had a loss nearly as great as its gain in May. Structural iron ence Board, Inc. According to a statement
made public by
works; all textile industries, except the hat industry; bakeries, pottery, the Board May
24, the American wage earner, on basis of
chemical and drug, leather tanning and boot and shoe establishments all
what his pay will buy for him, is paid more than twice as
experienced reductions in employment and operations in New Jersey.
well as his British colleague in London; nearly three times
EMPLOYMENT AND WAGES IN NEW JERSEY.
(Compiled by Federal Reserve Bank of Philadelphia.)
as well as the wage earner in Amsterdam, Holland; more
-Increase or Decrease
- than three
times better than the worker in Berlin, Germany,
No. of
June 1925 over May 1925.
Plants EmployTotal
Average and nearly five times as
much as the industrial worker in
Group and IndustryReporting. mem.
Wages.
Wages.
All induatries(36)
325
-3.6
-1.4
-2.3 Italy. Wages in different countries, in terms of what they
Metal manufactures
-3.6
93
-1.5
-2.2 can purchase of
food and shelter in the resoeotive localities,
Automobiles, bodies and parts
-4.1
+2.0
6
+6.4
Electrical machinery and apparatus
-0.9
-1.4 are graphically compared in a
-2.3
19
chart prepared by the Board
Engines, machines and machine tools
+1.7
+1.9
+3.6
16
Foundries and machine shops
+2.0
+1.4 on basis of data collected by the Internatio
13
+
nal Labor Office
Heating appliances and apparatus
3
-2.7
-2.5
Steel works and rolling mills
+6.6
6
+5.5
+1.1 at Geneva. Taking Philadelphia as a typical American inStructural iron works
-6.4
-1.1 dustrial city, the
-7.4
3
average wage there, in terms of purchasing
Miscellaneous iron and steel products
-1.7
-4.9
17
-3.2
Shipbuilding
-4.6 power is indexed at 100, the wage
-15.0
-10.8
4
index numbers for other
Non-ferrous metals
+3.4
-4.3
-1.1
6
Textile products
countries thus'showing the percentage relation
-6.4
-0.8
74
of foreign
Carpets and rugs
-8.9
0.0
-8.9
3
Clothing
-1.9 "real" wages to American "real" wages, with the following
-2.9
9
-1.0
*Hats, felt and other
+57.7
+70.0
4
-7.2 striking results:
Cotton goods
-3.3
-5.6
13
-2.4
Silk goods
18
-3.3
-6.3 Philadelphia
100 Berlin, Germany
29
Woolens and worsteds
-9.4
9
-0.1
-9.4 Sidney. Australia
70 Prague, Czechoslovakia
29
Dyeing and finishing textiles
-10.6
11
-3.8
-7.1 Ottawa,Canada
69 Brussels, Belgium
28
Miscellaneous textile products
-7.1
+1.1 London
-6.1
7
45 Lodz, Poland
27
Foods and tobacco •
-8.3
11
-3.8
-4.7 Copenhagen. Denmark
41 Rome, Italy
23
Canneries
-4.9
--7.3
7
-2.6 Oslo (Christiania), Norway
38 Vienna, Austria
23
Cigars and tobacco
Amsterdam,
Holland
-12.2
4
-0.3
-11.9
37 Warsaw,Poland
Building materials
23
-7.1
-11.4
23
-4.6 Stockholm, Sweden
36 Milan, Italy
21
Brick, tile and terra cotta products
9
+1.4
-2.3
-3.6 Paris, France
33
Glass
3
-4.1
-8.1
-4.2
The
Board adds:
Pottery
-4.4
-14.5
11
-10.6
Chemicals and allied products
+0.3
43
0.0
+0.3
That stability continues to be the outstanding
Chemicals and drugs
element in business and
-3.4
23
-5.7
+2.5 industrial
conditions of the United States is reflected
Explosives
-0.1
+2.6
9
+2.7
in the monthly cost
Paints and varnishes
-0.1
8
-0.2
+0.1 of living figures just issued by the National Industrial Conference
Board,
Petroleum refining
8
+3,1
+1.3
-1.7 which show little change from the preceding month's
Miscellaneous industries
figures. Clothing retail
-2.7
81
-0.6
-2.1 prices in April were nearly
1%
lower,
and
Furniture
fuel 2.4% lower than in March,
-2.9
-6.5
-9.2
5
Musicalinstruments
+2.4
+2.6
-0.1 bringing the general cost of living index number down 3.10 of 1% for the
6
Leather tanning
-5.2
-7.6
-2.6 month. Present wage rates in the Conference Board's
14
monthly wage report
Boots and shoes
-4.4
-13.5
-9.5 were indicated 813 close to the average for
6
the past five years, 1919 to 1924,
Paper and pulp products
-0.8
-5.3
+4.7 inclusive.
Printing and publishing
7
+8.7
+8.0
-0.7
Rubber tires and goods
+0.7
-2.3
14
-3.0
Novelties and Jewelry
-3.9
9
+0.1
-4.0
All other Industries
12
-1.6
-5.2
-3.6 Dr. Lewis R. Haney Parallels Favorable and Unfavor°Large increase due to the figures of one plant.
able Business Factors for Coming
Month.
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
Business will continue to decline, but the
(Compiled by the Federal Reserve Bank of Philadelphia and the Department
recession
will
of Labor and Industry. Commonwealth of Pennsylvania.)
be moderate, according to the monthly forecast
made by Dr.
Increase or Decrease
Lewis
R. Haney, Director of the Bureau of Business
No. of
June 1925 over May 1925.
Research
Total
Plants EmployAverage of New .York University
. In summing up the favorable and
Group and IndustryReporting. mew.
Wages.
Wages.
All industries(39)
unfavorabl
-0.3
-3.0
e
factors
636
-2.6
governing the situation, Dr. Haney
Metal manufactures
-1.5
242
-2.1
Automobiles, bodies and parts
17
+8.4
+4.5
-3.6 makes a division of seven points, which he lists as follows:
Car construction and repair
12
--0.7
+0.5
+1.2
Favorable factors (1) new business enterprises
Electrical machinery and apparatus
+10.0
18
+3.0
increase; (2) purchasing
-6.7
Engines. machines and machine tools
21
+1.3
+1.8
-1-0.5 power good; (3) money easy and finances sound; (4) readjustment in proFoundries and machine shops
-3.2
54
-0.5 duction; (5) stocks of manufactured commodities decrease; (6)
more faHeating appliances and apparatus
+1.5
14
-5.2 vorable exports and imports, (7) gain
in bank debts.
Iron and steel blast furnaces
-7.0
12
-12.7
--6.1
Unfavorable factors (1) "P-V Line"
Iron and steel forgings
12
-10.2
declines; (2) commodity prices
-5.4
Steel works and rolling mills
42
-3.9
-4.6
-0.7 falling; (3) production in several basic industries in excess of consumption;
Structural iron works
9
+5.7
+1.9
-3.6 (4) large decrease in unfilled steel orders and scrap prices;
(5) steel castMiscellaneous iron and steel products
28
-1.2
-4.8
-3.6 ings bookings decrease again; (6)
stocks of manufactured commodities large;
Shipbuilding
3
+5.1
+9.4
+4.1 (7) business failures
increase.
Textile products
147
-4.7
Carnets and rugs
11
-1.3
Discussing the general outlook, Dr. Haney says the
Clothing
-L3
16
March
-2.7
Hats, felt and other
5
+0.4
+8.8
+8.4 data suggests that the physical volume of
production and
Cotton goods
13
-2.8
-5.6
stocks
Silk goods
of
commodities reached a peak, at least temporarily,
39
+3.5
-5.2
Woolens and worsteds
16
+3.3
-6.2
-9.1 during that
month. Continuing, he says:
Knit goods and hosiery
38
-10.3
-8.4
Dyeing and finishing textiles
9
-4.5
-3.0
In the same period the level of commodity prices was
Foods and tobacco
considerably lower.
66
+2.5
+2.2
-0.3 Bradstreet's, which is
generally best for commercial purposes,
Bakeries
20
+3.9
+0.3
-3.5
decreased 1.8%
Confectionery and ice cream
18
+8.4
+10.0
+1.4 between March 1 and April 1. Dun's index, which is more influenced by
Slaughtering and meat packing
11
-0.4
-0.1 the grains, was 3.7% lower.
tobacco
and
Cigars
17
--2.9
-4.1
--1.2
These facts snake it clear that the general demand
Building materials
for conunodities is not
54
+1.5
-1.8 strong enough
to support the recent high level of
Brick, tile and terra mate products
12
-2.1
-5.4
-3.3
production and that the
Cement
14
+1.9
+1.4
-0.4 rather heavy stocks which have accumulated must be liquidated.
Glass
24
+1.2
This condition is reflected in the trend of my
-2.0
main barometer which underPottery
4
+13.2
+2.7
-9.3 lies this service, the "P-V Line." This
Chemicals and allied products
barometer moved downward slightly
27
+2.3
-1.0
-3.3 in
the
March,
and
conclusion
Chemicals and drugs
based
upon it is that the general trend of busi16
-3.0
-6.3
-3.4
Paints and varnishes
6
+3.4
-1.2
-4.4 ness will be moderately downward for four or five months.
This confirms
Petroleum refining
5
+3.1
-0.2
-3.2 previous forecasts. Already signs of recession
Miscellaneous industries
are apparent in steel produc100-4.2
tion and railway tonnage and the indexes of
Lumber and planing mill products
8
221
+191
+
+
-3.1
production in basic industries
Furniture
16
-1.5
-4.6 and in manufactures have declined.
Leather tanning
18
+1.1
It is frankly admitted, however, that the
+3.1
-2.0
present business situation is
Leather products
4
+8.5
+6.3
-2.0 very mixed and uncertain. Various
business barometers give different readBootsand shoee
21
-3.4 ings. It seems fair to
say that there are more favorable
Paper and pulp products
12
4.1
-6.2
-211
indications than
Printing and publishing
-4.7
-2.3
-2.4 could be found a moRth ago, and, business sentiment shows some improve18
Rubber Urea and goods
3
-15.3
-24.5
-10.9 ment.
mparing the present turn in industry
with those which came in the
Federal Reserve Bank of Boston on Employment spring of 1923 and again in 1924, it may be said that over-produetion has
recentli been checked in a more timely way,
and conclusion may be drawn
Conditions in New England District.
that such recession as is under way or in prospect
will be much more modRegarding employment, the Federal Reserve Bank of Bos- crate than in those years. Equilibrium and a condition of stability should
be restored earlier. The possibility of a prolonged
depression is much more
ton has the following to say in its July "Monthly Review": remote.
__+?..3
=1.1
JULY 18 1925.]
THE *CHRONICLE
Nevertheless, the preponderance of evidence based on the most reliable
and sensitive barometers of industry favors the conclusion that some further
recession will develop in the immediate future, and that a rather prolonged
period of doll business, which may at best be classed as "fair," is in prospect.
No conclusive indications of recovery are yet apparent.
Loading of Revenue Freight During First Half of 1925
Largest of Any Corresponding Period in History.
Loading of revenue freight on the railroads of the United
States during the first six months of 1925 was the largest on
record of any corresponding period, according to reports
filed by the carriers with the Car Service Division of the
American Railway Association. The total for the period
from Jan. 1 this year to July 4, inclusive, was 25,162,080
cars. This exceeded by 306,496 cars or 1.2% the previous
high record for that period, made in 1923, and by 1,219,024
cars or 5.1% the total for the same period in 1924.
For the week ended on July 4 alone, loading of revenue
freight totaled 864,452 cars, an increase of 106,548 cars
above the same week last year and an increase of 14,370 cars
above the same week in 1923. Due to the observance of
Fourth of July throughout the country, however, the total
for that week was a decrease of 126,889 ears under the previous week. Further details follow:
Loading of merchandise and less than carload freight amounted to 224.790
cars, a decrease of 31,017 cars under the week before, but 17,456 cars above
the corresponding week last year as well as 15,196 cars over the same week
two years ago.
Miscellaneous freight totaled 325,167 cars, a decrease of 43,890 cars
under the week before but 50,377 cars above the same week last year and
37,279 cars above the same week two years ago.
Grain and grain products loading amounted to 33,831 cars, a decrease of
2,583 cars under the week before and 886 cars below the same week last
year, but 2,758 cars above the same week in 1923. In the Western districts
alone, grain and grain products loading totaled 21,769 cars, a decrease of
1,433 cars under the corresponding week last year.
Coal loading totaled 134,030 cars, a decrease of 25,443 cars under the
preceding week but 24,632 cars above the same week last year. Compared
with the corresponding week two years ago, however,it was a decrease of
21,256 cars.
Ore loading totaled 55,297 cars, a decrease of 7,819 cars under the preceding week but 6,363 cars above the same week last year and 18.402 cars
above the same period two years ago.
Live stock loading for the week totaled 24,158 cars, a decrease of 2,992
cars under the week before and 706 cars below the corresponding week
last year as well as 519 cars under the same week two years ago. In the
Western districts alone, 18,271 cars were loaded with live stock during the
week, 191 cars below last year.
Forest products loading totaled 58.735 cars. 12,532 cars below the week
before but 7,465 cars above last year and 4,551 cars above two years ago.
Coke loading totaled 8,534 cars, a decrease of 613 cars below the preceding week but 1,847 cars above the corresponding period in 1924. Compared with the same period in 1923, it was a decrease of 5,237 cars.
Compared with the preceding week this year, decreases in the total loading of all commodities were reported in all districts due to the observance
of the Fourth of July. All districts reported increases over the corresponding period last year, while all reported increases over the same week two
years ago except the Allegheny and Northwestern.
Loading ofrevenue freight this year compared with the two previous years
follows:
1923.
1925.
1924.
Five weeks in January
• 4,239,379
4,294,270
4,450,993
Four weeks in February
3.414,809
3,631.819
3,619,326
Four weeks in March
3,662,552
3,661.922
3,694.916
Four weeks in April
3,498,230
3,764.266
3,721,662
Five weeks in May
4,876,893
4,473,729
4,854,720
Four weeks in June
4,047.603
3,625,182
3,956.011
Week ended July 4
850,082
757.904
864.452
261
types of building. Residential projects, including hotels, were second, with
schools and churches, industrial plants, theatres, office buildings and hospitals following about in that order.
Growth of Investments in Real Estate Mortgages
A steady growth in the amount of money invested in real
estate mortgage loans by large business institutions, thus
making possible the accommodation of thousands of additional families who seek to establish themselves in their own
homes, is reflected by a report just made by the Prudential
Insurance Co. through A. M. Woodruff, Vice-President in
charge of this phase of the company's activities. During the
first six months of this year the Prudential alone invested
$45,788,650 in such mortgage loans, thereby providing homes
for 13,331 families. In that same period of last year the
investment was $35,702,857 for like purposes, with 11,392
families accommodated.
This increase of $10,085,793 in the first half of 1925 is
reflective, it is stated, on the theories on good housing as
propounded by Edward D. Duffield, President of the Prudential, who attributes much of the social unrest to improper
housing facilities and who announced early in the year that
he knew of no better way In which an organization could
invest its assets than to bring about the much-needed improvement.
Of the $45,788,650 invested in such loans $698,550 was
placed in Canada, 285 families in the Dominion procuring
homes thereby, and the entire remainder was placed in
various sections of the United States, where 7,925 loans
were made on dwellings and 386 on apartments. In Canada
there were 93 on dwellings and 27 on apartments. Thus, in
both the United States and Canada the Prudential provided
by its investments 8,018 dwellings and 413 apartments, as
against 7,102 dwellings and 397 apartments in the first six
months of 1924.
In addition to these loans, the company also advanced
millions of dollars on city property other than dwellings and
apartments and $2,387,150 on farms. In June alone the
total amount for these classes of property investment, therefore, was $12,798,150.
In housing loans during the month of June alone the company advanced $7,079,750 on 980 dwellings and 63 apartments in the United States and $95,450 on 23 dwellings and
two apartments in Canada. In the United States 1,602 families were provided for, and in Canada 38 families.
Thus, the mortgage loans placed by the Prudential during
June of this year alone amounted to $19,973,350.
Volume of World Shipbuilding for Quarter Ended
June 30-New Low Record Since World War.
A new low record in world shipbuilding since the late
war is shown by returns covering all maritime countries
for the quarter ended June 30 last, says a statement made
public July 15 by "Lloyd's Register of Shipping." Increases
in tonnage orders in the past quarter, as compared with the
previous one, shown by the shipyards of the United States,
Total
23,943,056
24,855,584
25,162.080
Italy, Japan and some of the smaller shipbuilding nations,
says the statement, were more than offset by the decreases
Building. Shortage Still Claimed.
in Great Britain and Ireland, Germany, France, Holland
A building shortage requiring two years of construction and Denmark. The general contrast between the two
activity still exists in many mid-Western cities and towns, last quarters is shown by the following table, the figures
according to a review on July 6 by the Indiana Limestone representing gross tons of shipping:
June 30 1925.
March 31 1925.
Quarrymen's Association. "This shortage," said Thomas J. United States
92,001
81,728
1.093,587
1,165,468
Vernia, President of the association, "virtually makes cer- Great Britain and Ireland
Othercountries
1,149,714
1,184,243
tain a continuation of the present building pace for an inWorld total
2.396,910
2,369,831
definite period. The first half of the year closes with a
The previous low mark, of Sept. 30 1923, says "Lloyd's
total building volume for the entire nation of approximately
$2,910,000,000. This is 10% over the same record period of Register," showed a total of approximately 99,000 gross
last year. It tends to bear out the prediction at the opening tons for the United States, 1,271,000 tons for Great Britain
of the year that 1925 would see the largest volume of build- and Ireland, and 1,007,000 tons for all other countries
combined, making the world total at that period 2,377,000
ing construction in history." The statement adds:
Chicago continues to blaze the trail for other cities. A study of projects tons, so that the present decline from that figure is not a
under way and of those contemplated shows that Chicago's program is likely sharp one. It compares, however, with 2,616,000 gross
to swing past the $400,000,000 mark, which would exceed the enormous voltons for June 30 1924, since which time the decline has
ume of last year by 25%.
All four regions of the country show gains over last year in volume of been a steady one. But, "Lloyd's Register" points out,
building, the most pronounced being among Southern cities, three score of
the decrease is accompanied by a falling off in orders for
which report increases of 40%. New high levels have been attained by West.
steam tonnage. Once again, the figures for construction
ern Coast cities, Los Angeles rising to fifth place in point of activity.
Philadelphia must materially increase its program to meet actual needs, of vessels equipped with internal combustion engines show
New York continues reporting an increase, while in the Middle West, where
an advance, so that now almost 50% of the world's shipnumerous cities still show a two years' shortage, the building pace is quickening. Among the cities where building shortages obtain are St. Louis, building is composed of motor vessels. In Great Britain
Chicago, Kansas City, Memphis, Omaha, Indianapolis, Minneapolis and Mil- and Ireland motor ships represent 36.5% of the total conwaukee. But the Middle West, slow in resuming normal building efforts af- struction, while the
figure for other maritime countries is
ter the war, now promises to give a good account of itself.
Preliminary reports for June indicate a building volume exceeding $500,- 57.3%, making the proportion for all countries combined
000,000 for the entire country. In value, public works outstripped all other 47.7%, as compared with 42% for the:quarter ended March
262
THE CHRONICLE
[vol. 121.
31 last and only 28% a year prior to that. The tonnage of
The United States, according to a study of her production,
motorships building during the past two quarters compares domestic consumption and foreign
trade by the National Inas follows, in gross tons:
dustrial Conference Board, New York, occupies only 5.7%
June 30 1925.
March 31 1925. of the world's
territory, and represents about 6.2% of the
Great Britain and Ireland
399.070
359,920
Other countries
730,842
661,711 world's total population, but she produces 60%
of the world's
World total
1,129,912
1.021,631 entire pig iron output; 53% of all copper, 43% of all coal,
72% of all petroleum; 52% of all cotton, 46% of all lumber,
The statement by Lloyd's continues:
It will be noticed that while on construction of all kinds. Great Britain and possesses 40% of all the world's
developed water power.
and Ireland's share is nearly half the world's total, they are constructing
Regarding its study, the Board on June 27 further stated:
only a little more than a third of the total motor tonnage.
According to the returns, the construction work being done in all countries
u,nder the supervision of "Lloyd's Register," and intended to be classed
with that Society, aggregates 1,587,386 gross tons, of which 876.143 tons
represent orders contracted for in Great Britain and Ireland. Lloyd's
therefore is supervising more than two-thirds of the world's shipbuilding,
and more than 80% of that in Great Britain and Ireland. Both percentages
show a gain over those for the previous quarter.
A new feature of Lloyd's returns gives additional evidence of the development of the motor ship. Data showing the indicated horsepower of marine
engines now building or being installed throughout the world shows that
out of a total of 1,721,3781. h. p..353,144 represents the aggregate for steam
turbines, 559.970 for reciprocating steam engines and 808,264 for motor
propulsion. The indicated horsepower for motor-driven vessels is therefor only 100,000 i. h. p. less than for steam turbines and steam engines
combined.
The outlook for an increase in the world's shipbuilding industry is not
brightened by the returns showing the contrast between new orders begun
and tonnage launched. Another sign of depression is seen in the fact that
of the 1,093,000 gross tons of orders with the shipyards of Great Britain
and Ireland, suspension of work has been ordered on 76,000 tons.
The comparison between new orders and launchings of steamers at motor
vessels Is not quite so pronounced, however, for the quarter Just ended as
for the previous one. During the three months ending Juno 31 launchings
exceeded new work begun by 171.000 gross tons, while during the three
preceding months, ships sent down the ways exceeded those on which
work was started by more than 210.000 tons. The comparative launchings
for the two periods,says "Lloyd's Register," were asfollows, in gross tons:
June 30 1925.
March 31 1925.
Great Britain and Ireland
338,790
297,517
Other countries
267,431
295,770
World total
606,221
593,287
The sharp decrease in the amount of tonnage launched by British shipyards contrasts with the increase for other countries. This decrease for
Great Britain and Ireland and increase for the other maritime nations is
also apparent in the comparative figures of new work commenced during
the two quarters, as shown in the following table of gross tonnage:
June 30 1925.
March 31 1925.
Great Britain and Ireland
198,152
187,445
Other countries
196,818
234,669
World total
394,970
422,114
During the quarter recently ended, therefore, while the shipyards of
Great Britain and Ireland launched slightly more tonnage than all other
countries together, the new work secured by the British yards was 47,000
gross tons less than for the other shipbuilding nations, while in the previous
quarter Great Britain and Ireland led in both launchings and new work.
One direction in which Great Britain and Ireland gained during the last
quarter, while other countries fell back, was that of tanker construction.
It is also noted by Lloyd's Register, in this connection, that while no tankers
were reported to be building in the United States during the first three
months of this year, 9,500 gross tons are now stated to be under way there.
The gains of the shipyards of Great Britain and Ireland during the quarter
ended June 30 were 43,000 tons, while the other nations combined showed
a decrease of about 23,000 tons, as indicated by the following table of gross
tonnage:
March 31 1925.
June 30 1925.
Great Britain and Ireland
122,128
165,467
Other countries
230,015
206,800
Yet, the country's most important resources have hardly been touched.
Only about one-half of 1% of its 3,500 billion tons of coal reserves
have
been mined, according to calculation of the Conference Board. Known
reserves of iron amount to about three billion tons, while probable iron reserves are estimated at more than 70 billion tons, or enough to last 20 centuries at the present rate of consumption. While petroleum and
lumber
resources are believed to be nearing depletion, the United States still
exports about half its cotton crop and half the copper it produces, and our
copper reserves are estimated at about one-third of the world's
total.
It is evident that the United States is practically independent both
as
concerns resources and markets.
In Strategic Position.
An adequate supply of accessible raw materials, the Conference Board
declares, is a fundamental requirement for national prosperity. Industrial
development in America, because of the abundance and ready accessibility of
raw materials, has been in the direction of quantity production for
a broad
market, and, in competition, the Conference Board points out, quantity production has always been able to capture the market from the less "capitalized" producers. It was thus that England's industrial revolution
brought
her industrial supremacy, which now is about to be passed on to the
United
States on the same fundamental principle.
It is most significant, in the view of the Conference Board, that
the
United States is her own best market for manufactures, assuring her of
economic independence in world relations. The relatively high standard of
living pertaining in the United States helps to make her own people
her
beet customers, as in contrast with countries with much greater population,
as China and India, for example, where living standards are low. Despite
the immense volume of its production, the country consumes most
of its
own products, exports representing only a small portion of the total output.
Moreover, it is pointed out, it is characteristic of a country organized for
quantity production that should the market become satiated with any one
commodity, new wants are created for utilizing raw materials, equipment
and labor, directing the respective productive capacity into other channels.
In illustration, it is cited that the United States, having only 6.2% of
the world's population, and 5.7% of the world's territory, has 33.9% of all ,
the miles of railroad in the world, or 20 miles for every 10,000 people, as
against three miles for every 10,000 people outside the United States. Of
telephones, the United States has 57.8% el the world's total, or 3,600 telephones for every 10,000 people, as against 200 telephones for every 10,000
people in the rest of the world. Striking is the proportion of automobiles
use: in the United States there are in use approximately 1,600 automobiles
for every 10,000 people, as against 20 automobiles for every 10,000 people
outside the United States.
Home Market Best.
The immense consuming power of the nation becomes further evident in
comparing import and export figures with production. Much, for instance,
is heard in emphasis of the growing export trade in the automobile industry.
Yet, while the United States produces approximately 83% of all the motor
vehicles in the world, she uses practically all of them herself, less than 5%
of the entire output being exported. Likewise, of all the crude oil produced in the world, amounting to some 1,018,900,000 barrels in 1923, the
United States produces and consumes about 72%, and actually has to import to meet all of the domestic demand. Of the total rubber output of the
world, the United States consumes about 71%. Of all exportable goods
produced in 1921, including agricultural and manufactured goods, minerals
and timber, the United States exported only about 11%.
World total
352,143
372.267
Little change was recorded in the ranking of the various shipbuilding nations during the past quarter France, which stood third during the first
quarter of the year, changed places with Italy, which had ranked fourth.
The United States, which had been in seventh position, Just ahead of Japan
and behind Denmark, moved up to the latter's place and is now sixth,
while Japan, which was 42,000 tons behind Denmark in the March quarter.
Is now only 19,000 tons behind. Lloyd's shows the comparative standings
In tonnage for the quarter, noting a gain for the group of smaller shipbuilding countries of about 25.000 tons, as indicated in the following table:
March 31 1925.
June 30 1925.
Great Britain and Ireland
1,165,468
1,093,587
Germany
.
407,366
Italy
164,023
212,798
France
187,437
169,485
Holland
119,908
100.682
United States
81,728
92.001
Denmark
83,794
78,061
Japan
41,755
59,740
Other countries
131,937
156,131
Healthier Lumber Tone.
Telegraphic reports to the National Lumber Manufacturers' Association from 379 of the larger sawmills of the country covering reports of lumber manufacture for the week
ended July 11, indicate a healthier tone for the industry,
with 21 more mills reporting than for the previous week.
Production and new business indicate a decided increase,
while shipments are slightly less than for the previous week.
The unfilled orders of 249 Southern Pine and West Coast
mills at the end of last week amounted to 616,940,331,
feet as against 603,039,457 feet for 246 mills the previous
week. The 134 identical Southern Pine mills in this group
showed unfilled orders of 230,050,632 feet last week as
World total
2,396,910 against 222,623,604 feet for the week before.
2,369,831
For 115
The gain made by the United States brings American shipyards only West Coast mill the unfilled orders were
386,889,699
feet,
Dutch,
who
in
behind
the
tons
the
8,000
first quarter of this year had a lead
as against 380,415,853 feet for 112 mills a week earlier.
over the United States of 38,000 tons.
Altogether the 379 comparbly reporting mills had shipThe proportionate division of shipbuilding now, as compared with a
year ago, Lloyd's returns show, are as follows:
96% and orders 107% of actual production. For the
ments
Ireland:
and
A
Britain
decline
Great
from 58% to 46%; Germany, a
gain from 12 to 17%; the United States, unchanged at about 4%; other Southern Pine mills these percentages were, respectively,
countries combined, an advance from 26 to 33%. The volume of motor- 97 and 109; and for the West Coast mills 108 and 116.
ships on order now is 319,000 gross tons greater than at June 30 1924; and
Of the comparably reporting mills 355 (having a normal
tanker construction shows a gain of 192,000 tons, being more than double
production
for the week of 219,472,791 feet) reported proago.
year
a
for
total
the
duction 91% of normal, shipments 90%, and orders 101%
thereof.
Elements Assuring United States of Dominant
The following table compares the national lumber moveEconomic Position in World.
ment
as reflected by the reporting mills of seven regional
elements
which
in
two
the
assure
themselves
are
There
associations for the three weeks indicated:
United States of a dominant economic position in the world,
Corresponding Preceding Week
says the National Industrial Conference Board, which states:
Past Week,
One is a superior wealth of natural resources, in various instances sufficiently abundant to supply the entire world.
The other is the possession, within her own boundaries, of the greatest
and broadest market for the products of her industries.
Mills
379
Production
219,445,578
Shipments
209,610,743
Orders (new business)._ 235,159,983
Week 1924.
363
186.659.957
182,681,162
203,388,278
1925 (Revised).
358
192,666,414
212,577,740
212,378,575
THE CHRONICLE
JULY 18 1925.]
263
The following revised figures compare the lumber move- crude oil 10c. a barrel to $2.73 for Petrolia,grade and $2.80
ment for the first twenty-eight weeks of 1925 with the same for Oil Springs grade.
While no advance in the posted prices of Wyoming and
period of 1924:
Orders.
Production.
Shipments.
Montana crude has been announced, Midwest Refining is
6,520,686,998
6,749,351,649
6,667,713,998
1925
6,118,534,169 reported to be paying producers in Salt Creek field an average
1924
6,547,158,844
6,473,003.036
increase of about 11 cents a barrel depending on gravity.
402,152,829 The increase came about automatically under Midwest's
1925 increase
202.192,805
194,710,962
The mills of the California White & Sugar Pine Manu- new contracts following the advances in midcontinent prices.
facturers Association make weekly reports but for a conOn July 14 small refiners were reported to be paying $3
siderable period they have not been comparable in respect to a barrel for crude oil from the Garber pool which is of exceporders with those of other mills. Consequently, the former tionally high gravity, following the advance in prices by
are not represented in any of the foregoing figures. Eight Prairie Oil. This price is 32 cents higher than Prairie's
of these mills reported a cut of 8,451,000 feet, shipments top bracket. The Boline Refining Co., buyer of crude in
4,328,000 feet, and orders 5,642,000 feet. The reported cut several of high gravity Oklahoma pools, has posted a new
represents 14% of the total of the California Pine region. schedule which parallels Prairie's but adds three top brackets.
As compared with the preceding week, from reports of the Prairie stops at 44 gravity, at $2.68, while Boline has posted
same number of mills, production and shipments decreased, $2.76 for 45 to 45.9 gravity crude, $2.84 a barrel for 46 to
while new business gained.
46.9 gravity, and $2.92 for 27 to 27.9.
The Texas Co. has adopted the new schedule of prices
Weekly Lumber Review of West Coast Lumbermen's and gravities put into effect by Prairie Oil & Gas for crude
oil in Oklahoma, North Central and Central Texas district
Association.
One hundred and twelve mills reporting to West Coast of Mid-continent field where it is a buyer of crude. The
Lumbermen's Association for the week ending July 3, manu- advance by the Texas Co. is made effective as of July 10,
factured 73,966,348 feet of lumber;sold 101,322,375 feet; and on which day Prairie Oil advanced prices.
The Standard Oil Co. of Louisiana on July 15 advanced
shipped 98,025,589 feet. New business was 37% above
all
grades of Louisiana and Arkansas crude 15c. a barrel,
production. Shipments were 3% below new business.
Forty-five per cent of all new business taken during the week was for excepting Smackover heavy, which was [boosted Sc. and
future water delivery. This amounted to 45,479,084 feet, of which 35,514,- Cotton Valley 10c. The Gulf Oil Corp. and Louisiana Oil
541 feet was for domestic cargo delivery; and 9,964.543 feet export. New Rfg. Corp. followed
the advance. On July 16 the Atlantic
business by rail amounted to 1,510 cars.
Forty-five per cent of the lumber shipments moved by water. This Oil Producing Co., a subsidiary of Atlantic Refining Co.,
amounted to 44.192,298 feet, of which 35, 362,052 feet moved coastwise posted two new Smackover grades, 23 to 23.9 gravity at 95c.
and intercoastal; and 8,830,246 feet export. Rail shipments totaled 1,443
a barrel and below 23 gravity 90c. Its previous posted price
Cars.
for low gravity was below 24 degrees at 90c. a barrel. The
Local auto and team deliveries totaled 10,543,291 feet.
Unfilled domestic cargo orders totaled 142,820,905 feet. Unfilled export company also advanced Stephens, Columbia county, Ark.,
orders 87.594,948 feet. Unfilled rail trade orders 5,000 cars.
In the first twenty-seven weeks of the year, production reported to west crude 10c. a barrel and met the increase on all grades
Coast Lumbermen's Association has been 2,696,901,972 feet, new business announced by the Standard Oil Co. of Louisiana. According
2,775,098,331 feet, and shipments 2.820,398.347 feet.
to advices received in the financial district on July 10,
bunker "C" fuel oil is firm at $1.50 to $1.55 a barrel in the
Houston-Galveston district. Heavy Mexican Panuco crude
Prices of Crude Oil and Gasoline Advances.
Higher prices for crude oil and the regrading of the product oil is quoted firm at $1.20 a barrel exclusive of tax, equal to
from some fields, together with increases in the price of $1.523/ a barrel laid down at Houston and Galveston. In
gasoline formed the week's news in the petroleum industry. North Texas fuel oil is quoted a 95 to 97M cents a barrel,
Following the Prairie Oil & Gas Co.'s announcement on and in Shreveport at $1 to $1.05 a barrel.
Changes in the price of gasoline were also upward although
July 10, the Humble Oil & Refining Co. on July 11 followed
the advance in mideontinent crude oil, making the same they did not extend over an equally wide territory. On
price for all light oils and same gravity basis. On that day July 13 the Standard Oil Co. of Indiana announced the
also the Humble Co. posted Ranger, North Texas, Mexia, following rebates to gasoline buyers in ifs territory: On
Powell, Richland, Wortham, Lytton Springs, Currie and 1,000 bbls. a month a rebate of Mc.; on 2,000 bbls. a month
3 c.; on 3,000 bbls. a month lo., and on 6,000
Moran crudes on following gravities, beginning with 28 a rebate of 4
degrees at $1.40 a barrel and increasing price 8e. for each bbls. a month 13/2c. This applies also to a yearly basis with
degree with 44 gravity and above at $2.68 a barrel. Previ- slightly better prices for 12 months' contract. Dealers feel
ously, the company's posted prices on light oils in these that the granting of these rebates is a move against the
fields had commanded $2 a barrel for below 42 gravity and "bootleggers" in the gasoline business rather than an
$2.25 a barrel for above 42 gravity. Press reports from indication of weakness in the gasoline market, On the followPittsburgh, on the 11th stated that the Gulf Oil Corp. ing day the Standard Oil Co. of Indiana advanced the price
followed the advance and regrading in midcontinent crude of gasoline 1 cent a gallon throughout its territory to 21 cents
oil by Prairie Oil & Gas and also that by the Humble Oil in service station and 19 cents tank wagon. This advance of
north Texas crude oil. The Ohio Oil Co. on the same day lc. a gallon to 21c. in gasoline at service stations was followed
announced an increase of 10 cents a barrel for crude oil in by the Sinclair and Roxana companies. The Texas Co.
the following grades: Lima, $2.33; Indiana, $2.13; Illinois, advanced its service station price on gasoline lc, a gallon to
$2.12; Princeton, $2.12; Plymouth, $1.65; Wooster, $2.35. 21c. en July 15,following the previous day's advance by
In addition, the Ohio Oil Co. advanced the price of Sunburst, other companies. At Tulsa, Okla., on July 15, New Navy
gasoline was quoted at 13 to 133c. a gallon as compared
Montana, crude oil 15c. a barrel to $1.55.
4 to 13c. on July 14. Then retail prices of gasoline
On July 13 the Magnolia Petroleum advanced Mid- with 123
Continent crude oil prices 8 to 33c. a barrel according to in Minneapolis were advanced one cent a gallon on July 14
gravity, following Prairie Oil & Gas Co., and reclassified to the highest figures in more than two years. Low test
gasoline sold at 24.2 cents a gallon and high test at 27.2
gravities as follows:
GravityNew Prices. GravityOld Prices. cents, including the state tax of 2 cents,establishing new peak
Under 28
$1.00 Under 28
$1.00
1.35 28 to 30.9
'28 to 30.9
1.35 levels since the spring of 1923.
31 to 31.9
32 to 32.9
33 to 33.9
34 to 34.9
35 to 35.9
36 to 36.9
37 to 37.9
38 to 38.9
39 to 39.9
40 to 40.9
41 to 41.9
42 to 42.9
43 to 43.9
44 and above
1.64 31 to 32.9
1.72 33 to 35.9
1.80 36 to 38.9
1.88 39 to 41.9
1.96 42 and above
2.04
2.12
2.20
2.28
2.30
2.44
2.52
2.60
2.68
1.55
1.80
2.00
2.25
2.35
The Magnolia Petroleum Co. also applied its schedule of
posted prices for mideontinent crude oil to Mozoda, Wortham,
Corsicana and Lytton Springs fields of Texas. Previously
a flat price of $2 per barrel had been posted for crudes
of each of these districts.
The price of Canadian crude oil was increased when the
Imperial Oil Co. on July 13 advanced the price of Canadian
Slight Increase Marks Crude Oil Production.
The American Petroleum Institute on July 15 estimated
that the daily average gross crude oil production in the
Smackover heavy oil field was 229,500 barrels, an increase
of 9,100 barrels for the week ending July 11. The daily
average production in the United States for the week ended
July 11 was 2,153,000 barrels as compared with 2,152,350
barrels for the preceding week, an increase of 650 barrels.
The daily average production in the United States, excluding
Smackover, heavy, decreased 8,450 barrels. The daily
average production east of California was 1,497,000 barrels.
as compared with 1,490,850 barrels, an increase of 6,150
barrels. California production was 656,000 barrels as
compared with 661,500 barrels, for the preceding w k
264
THE CHRONICLE
[VOL 121.
decrease of 5,500. Santa Ye Springs Is reported at 52,000 cement. The June 1925 totals include estimates for one
barrels, against 51,500; Long Beach 106,000 barrels, against plant.
SHIPMENTS AND STOCKS OF FINISHED PORTLAND
107,500; Huntington Beach 44,000 barrels, against 45,000; PRODUCTION,
CEMENT, BY DISTRICT, IN JUNE 1924 AND 1925, AND STOCKS
Torrance 35500 barrels, against 36,000; Dominguez 29,500
IN MAY 1925, IN BARRELS.
barrels, against 31,000; Rosecrans 20,000 barrels, against
Production.
Shipments.
Stocks
22,000; Inglewood 93,000 barrels, against 55,500.
CornStocks
at end
.7une.
OK
June.
at
End
of
June
of
May.
estimated
daily average gross_production of the Mid- Dist.
The
1924.
1925.
1924.
1925.
19215.•
1924.
Continent field, including Oklahoma, Kansas, North, East
1925.
Central and West CentraLax22,..21.2rth Louisiana and E l's..
N. J.
Arkansas for the week ended July 11 was 1,135,050 barrels, &
Md 3,301,000 3,554,000 3,945,000 4,340,000 3,521.11 3,321,000 4,106,000
N. Y.. 696,000 809,000 906,000 986.000 1,028,111
-986,000 1,164,000
as compared with 1,144,900 barrels for
week, Oblo,
the preceding
West.
a decrease of 9,850 barrels. The Mid-Continent production, Pa.
&
excluding Smackover, Arkansas, heavy 'oil, ,was 905,550 W.Va 1,282,000 1,587.000 1,526,000 1,839,000 1,639,000 1.715,000 1,966,000
. 899,000 1,140.000 1,093,000 1,320,000 571,000 1,065,000 1,245,000
barrels, against 924,500 barrels, a decrease of 18,950 barrels. Mich
W1a.b.
The following are estimates of daily average gross production Ill..
Ind
Ky.. 2,044.000 2.441,000 2,209 111 2,553.000 2,356.000 3,016.000 3,218,000
for the weeks ended as indicated.
V a .,
,
DAILY AVERAGE PRODUCTION.
(In Bartels)July 11 '25. July 4 '25. June 27'25. July 12'24.
Oklahoma
442,200
478.300
445.100
447.900
Kansas
98,950
100,100
101.300
77.700
North Texas
86,650
86,300
79.050
87.200
East Central Texas
104,800
107.600
119.800
110.000
West Central Texas_....
81,600
92.900
48,850
94,500
North Louisiana
50,700
51.850
55,950
51.100
Arkansas
270,150
261,050
148,650
279.100
Gulf Coast
105,350
101.250
103.450
73.000
Southwest Texas
47,750
48.100
53.500
46,900
Eastern
103.500
104,000
104,500
108,000
Rocky Mountain
105.350
93,400
92,600
129,850
California
656,000
654,500
661,500
620,200
Total
2,153,000
2.152,350
2.173,850
1.992,850
May Figures of Gasoline Production.
The Bureau of Mines of the Department of Commerce at
Washington made public on July 10 the following compilation by G. R. Hopkins, Petroleum Economist, showing the
figures of gasoline production in May 1925 as compared with
April 1925 by various methods in the different divisions of
the country:
Straight
Run.
%
Cracked.
%
Tenn.
Ala.&
939,000 1,176,000 956,000
Ga __
E.Mo..
Iowa,
Minn.
& So.
Dak c 1,444,000 1,461,000 1.524,000
W.Mo.
Neb..
Ken
&Okla 939.000 1,147,000 840,000
390,000 389.000 401,000
Texan_
Colo.&
279,000 216,000 275,000
Utah
992,000 1,073,000 1,010,000
Calif _
0r e.
Wash
&
Mont 333,
394.000 351,111
1,369.000
611,000
1,095.00 1,195,000 1,610.000 1,558,000
444,000 298,111
203,000 258,000
221,000
1,123,000
188,000
365,000
344,000
423,000
350,000
473,000
491,000
579,000
327.011
424,000
13.538.00015.387.000 15.038.00017.501.000 14.903 OM IR 2961)0 IS 4411 BM
a Revised. b Began producing and shipping Juno 1924. e Began producing
Dec. 1924 and shipping Jan. 1925
Stocks of clinker, or unground cement, at the mills at the end of June
1925 amounted to about 7,928,000 barrels, compared with 9,053,000
barrels (revised) at the beginning of the month.
PRODUCTION,SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY MONTHS, IN 1924 AND 1925, IN BARRELS.
Total.
Production.
Month.
East Coast_-_ May 95,445,60 6
44,401,386 29 12,677,136 : 152,524,131
1924.
1925.
WS,
April 100,607,02 64 46,307,751 29 11,027,09
157,941.873
Appalachian__ _ May 27,318,31 7
7.181.67t 20 1,353,330 4 35,853,327 January
8.788,000 8,856.000
April 25.505.60 7
6,877,967 21
964,320 3 33,347,895 Februsry 8,588.000 8.255.000
Ind.-&-111112048 May 7 , 7 .6 . 5
50,498,92 39 4,558,740 4 127,436,351 March
10,370,00011,034,000
April 031,029,521 5. 46,323,98 41 3,469,51
3 109,823.023
Okla.-&-Kan_ May 121,429,11 71 40,388,8
1st quarter. 27,746,00028,145.000
172,939,084
23 11,121,11
April 114,141,4; 7
31.338,35. 21 9,905,26
fibillisb
155,385,103
May 106,992,97 5
'Texas
65.641,1 I 35 14,187,549
186.821.643 April
11.726,00013,807,000
P. 1.44.04111 April 100.818,319 5
59,619,307 34 14,090.806 : 174,528,432 May
13,777.00015,503,000
Ma:At-Ark_ _._ May 39,334,802 71 13,823,313 25 2,505,110 4 55,663,225 June
13.538,00015,387,000
1•..
_ WI ... April 40,317,003 7
10,729,025 20 1,799.142 4 52,845,170
Rooky Mins_ May 24.840,071 51 20,908,130 43 3.151,347 6 48,899.548
2d quarter_ 39,041,00044,697,000
a a -.4
April 23,569,36: 5
45.377,225
18,761,0 1 41 3,046,827
California
May 125,914,17 8.
14,029.000
1,398,214 1 14,596,554 10 141,908,945 July
April 112.274,381 8
15,128.000
2,311,481 2 16,657.532 13 131,243,394 August
September - 14,519,000
U. S. total_ _ _ May 613,653,7
6 244,241,621 26 64,150.87' 7 922,046,254
Apr..578,262.71; 6 221,268,904 26 60,960,49
3d quarter 43,676,000
7 860,492,115
110
179,235.379
:. 168.177.426
418,000
1.720,111 2.410,111 2,808,000 3,067,000
Natural G
Gasoline. %
Blot Or..1
.' Texas and La..
Gulf Coasts_ May 96.988.04: 54 69,649,426 3 12,597,90
Anil! 1)2.568045 5. 62 R4R R42 R 12.759.79
•Included w th (a) and (5) above. c Revised as below.
753,000
October
14.820,000
November --- 13.141.000
December_
10,435,000
Shipments.
1924.
1924.
I
1925.
5.210,000 5.162.111 14.155,000 17,656,000
5.933,000 6,015,000 16,815.000 19.689,000
8.995.000 0,279.00 18,189,000, 20,469,000
20,138,00021,456,000
12,771.00014,394.
17,159,000 19,877.000
14,551,00016,753,000 16,403,000 a18,440,000
15,036.00017.501
14.903,000 16.326,000
42,358,00048,630.000
16.614,000
16,855.000
16,827,000
12,310,000
10,666,000
8.404,000,
50,296.000
17,160,000
10,289.000
5,506.000
4th quarter 38.396,000
32.955,000
.148.859.000
145,747.006
REVISED FIGURES FOR INDIANA AND ILLINOIS AND UNITED STATES.
JANUARY-APRIL, 1925.
Sifts. at End of Month.
1925.
6,073,000
8.928,000
13,913,000
•Revised.
Straight
Run.
%I Cracked.
(Jan. 64,241,081 55
Indiana and
Feb. 62,421,667 56
ba, Illinois Mar. 64,112.03156
April 61,029,521 56
Jan. 569,018,693 68
United
Feb. 541.584,102 68
States
Mar. 580.632,010 68
(April 578.262,716 67
48.762,003
44,757.456
46,824,823
45.323,988
209,939,643
194,064,342
215,468.405
221.268,904
Natural Gas
% Gasoline. %1
Total.
3,372,601
3,558,558
3,733,658
3.469.514
52,694,034j
54.793.235j
57,473,799
60.960.495
116,375,685
110,737.681
114,670,512
109,823,023
831,652.370
790.441.679
853.574.214
860,492.115
42
41
41
41
25
25
2
26
3
3
3
3
7
7
7
7
Volume
of Steel Business
Is Maintained-Pig
Market Slow.
Iron
Steel works operations, which last week were lower than
in the first week of July, are fractionally better to-day,
states the "Iron Age" this week. Estimates based on the
current inflow of orders, which in some lines is larger and
in others less than in June, are that July schedules will
New Automobile Models and Price Changes.
average close to 60%, and that on that basis the month
The Hudson Motor Co. on July 13 reduced the price of its will end with some further reduction in unfilled
orders,
open phaeton to $1,250, the same price as the Hudson coach. continues the "Age," adding:
business
is
car
Open
reported as but 3% of the total output.
In their effort So check the decline In prices, particularly on sheets and
The Oakland Motor Car Co., a division of General Motors cold-rolled strips, producers have had some success. Few consumers in
these lines have as yet paid more than In recent weeks, but the greater
will shortly bring out new line of six-cylinder cars, according resistance of sellers is conceded.
to press reports. Price reductions ranging from $70 to $350
Steel bars have been well held at the 2c. level for several months, but
are expected. The prices on the present line range from some good-sized tonnages offered by automobiles maker In the past week •
have been sharply competed for, resulting In transactions at 1.90c. The
$1,095 to $1,645.
Ford Motor Co.. which a month ago placed large orders for
Stocks
Declining.
Shipments of Portland cement during the month of June
were the highest ever recorded in the United States for any
month, according to statistics compiled by the Bureau of
Mines, Department of Commerce. Production of this
commodity also approached a record mark, the month's
output having been exceeded only by that of May 1925.
Portland cement stocks show a seasonal decline, but are
still at high levels, and are over 9% greater than in June
1924. The following tables, prepared by the Division of
Mineral Resources and Statistics of the Bureau of Mines,
are based mainly on the reports of producers of Portland
Portland Cement Output in June 1925-Large
sheets, has
been in the market for 20,000 to 25,000 tons of bars, most of which has
been closed.
Makers of forgings and other automobile parts have joined in the effort
to get concessions on bars, seeing that several motor car manufacturers
who have announced reductions on cars are pressing for lower prices on
what they buy.
Owing to the lack of railroad equipment orders some car builders have
cut down forces, and shutdowns in August are talked of if railroad buying
does not increase meanwhile. Some of the roads are taking fair amounts
of steel for work in their own shops. At Chicago one line has bought
10.000 tons of plates, shapes and bars for underframes and car repairs.
Somewhat earlier than usual,rail inquiry is coming up,the Great Northern
asking for 10,000 tons and the St. Louis-Southwestern for 15,000 tons,
which with the pending inquiry of 46,500 tons for the Norfolk & Western
amount to 71,500 tons.
The activity of tin plate and pipe mills is a fortunate offset to light
railroad buying and to the quieter situation in structural steel. The
American Sheet & Tin Plate Co. made larger shipments in the first half
of the year than in any corresponding period in its history,
JULY 18 1925.]
The National Tube Co. has issued a new price list on seamless mechanical
tubing. Tubing with very light and very heavy walls is advanced, but
on intermediate wall thicknesses and on sizes around 1 in. outside diameter
there are reductions.
As a result of the firmer stand of sheet mills on prices the volume of
business has been reduced. Buyers find some mills more unwilling than
others to accept low-priced offers, but on the whole the market is stronger.
The average price of steel sheets shipped in May and June was shown
to be $3 a ton lower in May and June than in the March-April period,
and hence at the bi-monthly settlement at Youngstown this week wages
of sheet and tin plate workers were reduced 3.3% for July and August.
Agricultural implement makers have had a satisfactory season's work
and are preparing a year's program which is likely to run 30 to 50% above
that just completed.
The four producers of cotton ties, two in the South and two at Pittsburgh, have opened their books for the new season's business. Prices
range somewhat below the basis of last year, which was less than $1 40
per bundle of 45 lb., f.o.b. Atlantic or Gulf port. Some foreign ties have
been brought in at Galveston, though they are but a small fraction of the
bookings of domestic mills.
Pig iron buying is on a much contracted scale, the majority of the large
consumers having provided for the third quarter Stocks are of good
size and the possible offerings of steel companies are being considered as a
factor in the price situation in the fall. Southern furnaces and some
Northern foundries are active in the hearing now on at Cincinnati, urging
the reduction of pig Iron freights from Alabama to Northern points, while
Northern furnaces are protesting.
The scrap market is inactive, but it is not weak and some forms of
material show unexpected midsummer strength. In both scrap and coke
the possibilities of advancing markets in the fall are already recognized.
There is no change in either of the "Iron Age" composite
prices this week, the pig iron remaining at $18 96 and finished steel at 2.431c. The pig iron composite is 1 2-3%
below the level of one year ago; finished steel is 6% lower
than last year. The table appears as follows:
July 14 1925, Finished Steel, 2.431c. per Pound.
Based on prices of steel bars, beams, tankOne
2 431c.
I
week ago
plates, plain wire, open-hearth
2.439c.
earth rails. One month ago
1
pipe and black sheets, constitut- One year ago
2.589c.
ing 88% of the United States output__ _ 10-year pre-war average_ _1.689c.
July 14 1925, Pig Iron. $18.96 per Gross Ton.
Based on average of basic and foundry One week ago
$18.96
irons, the basic being Valley quotation i One month ago
•
the foundry an average of Chicago,1 One year ago
19.29
Philadelphia and Birmingham
110-year pre-war average__ 15.72
—1923— —1924— —1925—
Finished steel—High 2.824c. Apr. 24 2.789c. Jan. 15 2.560c. Jan. 6
Low 2.424c. June 23 2.460c. Oct. 14 2.4460. Jan. 2
Pig iron
High $30.86 Mar.20 $22.88 Feb. 26 $22.50 Jan. 13
Low $18.96 July 7 $19.21 Nov. 3 $20.77 Nov. 20
With business volume and rate of production holding up
surprisingly well in July, which is considered a dull month
normally, observers of iron and steel market conditions are
more confident a turning point from recent retrenchment is
near, declares the current issue of the "Iron Trade Review."
Demand in almost every line of finished steel is good, and
the large proportion of orders specifying "rush" delivery
indicates a substantial volume of buying is on a hand-tomouth basis. Prices are fairly stable, with shading less in
evidence than in past weeks, adds the "Review," giving
further details as follows:
Publication of the steel ingot production for June shows that the total
for the first half of 1925 ranks fourth in the history of the industry. The
figure of 22,406,160 tons has been exceeded only by 23.326,905 tons in the
first half of 1923 by 22,900,000 tons in the first half of 1917 and 22,500.000
tons in the first six months of 1918. The calculated total for June. 3,207,056. while representing a decline from May.exceeds the total for June 1924,
by more than a million tons. One of the significant features of the present
situation is the high rate of operations. It is estimated that the steel
industry as a whole is at about 60% of capacity. For the lighter products,
at least, production approaches the limit imposed by weather conditions.
In the Youngstown district, independent companies are operating at about
70% as compared with about 40% at this time last year. Bar mills in the
district are engaged at about 80% of capacity while sheet mills are maintaining a schedule of about 70%. In the Chicago district operations of sheetmakers are at about 60%, which is up to the capacity permitted by the
weather. Ingot production in the Pittsburgh district rangesfrom 55 to 70%.
Vacation dullness marks the pig iron market which has eased off after
the recent buying movement. Purchasers who recently contracted iron
are specifying shipments fully up to original schedules. Prices are unchanged with perhaps a firmer condition in Buffalo.
Indications that a long awaited revival of railroad buying may be expected
in the fall, are present in the inquiries for track material pending in the
Chicago market. The inquiries for rails by the Frisco system, Great Northern, Norfolk & Western and Cotton Belt aggregate 86,500 tons, which with
track fastenings brings the total of prospective railroad buying to approximately 110,000 tons.
The discouraging industrial situation of England is further complicated
by a threatened mine suspension. It is possible the pits will be closed
involving the entire industry. The Government has organized a court of
inquiry and is also investigating the depression in the steel industry. While
awards of structural material are lighter this week. the amount of new
business in sight is unusually large. In New York. requests for quotations
on new construction were so numerous that they taxed the ability of mills
to figure. It is significant that much work is coming out on a pound price
basis, suggesting that builders believe prices are due for a rise. Several
bridges contemplated at Pittsburgh are expected to require about 18.000
tons and the Southern California Edison Co is inquiring for 6,000 tons for
transmission towers. The largest awards reported were 3,400 tons for a
New York subway, 2,750 tons for a viaduct in Milwaukee and 2,100 tons
for a stadium for the University of Pennsylvania.
Demand for plates is confined largely to tank and car work. A car order
from the Central RR of Georgia is expected to involve 10,000 tons and
an inquiry from the Pacific Coast for 3,000 tons of plates is current. Car
orders have been responsible for placing sizeable tonnages of plates in
Chicago. Buying of steel bars is limited to spot needs, but the volume is
fair. This is accounted for largely by the surprising production of automobiles, which while lower than last month is well above the average for
July. Shapes and bars are firm at 2 00c ,while the bulk of the plate business
is going at 1 90c , Pittsburgh.
265
THE CHRONICLE
The "Iron Trade Review" composite of 14 leading iron and steel products
s $37 45, this being the third consecutive week it has been level.
Willett & Gray's Estimate of Sugar Consumption in
the United States First Half of 1925.
Willett & Gray have just issued their estimate of sugar
consumption in the United States during the first six months
of 1925, and we reprint the statement in full herewith along
with their introductory remarks and comment:
As usual at this time, we present herewith our compilation of the indicated consumption of sugar in the United States during the first half of
1925, compared with the first half of the years 1924 and 1923. In presenting these calculations to our readers, we must again make mention that this
indicated consumption must be accepted with the usual stipulation, which
is, that it is very seldom that the consumption of the last half of the year
is equal to that of the first half. There is another point to which we desire
to call attention and that is, the tendency of the refiners during 1925 to
increase the carrying of sugar at consignment points, and not only at the
old established consignment markets, such as the larger cities, but there
has been quite an important increase in the number of other locations to
which refiners now regularly consign refined sugar.
This increase in the carrying of refined stocks by refiners throughout the
country at additional consignment points tends to explain in part the very
large increase in the indicated consumption as shown by the table below.
Indicated United Stites Sugar Consumption First Six Months—Refined Value.
1923.
1924.
1925.
Tons.
Tons.
Tons.
All U. S. refining ports. meltings and deliveries, refined value
2,611,489 2.319,675 2.355,417
Louisiana crop and domestic beet consumed, less accounted for in above
417,974
459,497
532,767
figure
Total
Less exports from all U.S. ports
Indicated consumption 6 months
3,144.256 2,779,172
a135.000
b98.222
2,773,391
6179,700
3.009.256 62.680,950 b2,593.691
Increase—Tons
87.259
32R "6
Increase—Per cent
10 25%
3.36%
b Corrected figures for 1924 and 1923.
a Estimated.
The figure of 3.009.256 tons as the indicated consumption for the first
six months of 1925 is the largest figure shown for this period of time in our
records and a remarkable part of the attaining of such a large figure is the
quiet and orderly manner in which this quantity was distributed. There
have been no very heavy buying periods, such as frequently obtained during
former years, and which large movements were followed by periods of quietness, buyers of refined in the meantime taking sugars that they previously
purchased on contract. Instead of this policy, practically all of this year
buyers of refined sugar were satisfied to allow refiners to carry the stocks
and, as refiners were inclined to keep melting freely, in many cases up to
full capacity, there was always an ample supply of refined sugar for the
buyers to get without any unnecessary delays. This method of buying
sugars on the part of refined sugar buyers explains the quiet handling of
such an enormous quantity of sugar of over three million tons in six months
throughout the entire United States.
In making up this figure of 3,009,256 tons, all branches of the trade
show a material increase compared with last year, cane refiners showing
an increased melting, based on refined value,of 291,814 tons, part accounted
for by an increased export refined business of 36,778 tons. Distribution
of beet and Louisiana sugars also shows an increase, while the total indicated
consumption figure of 3,009,256 tons for the first half of 1925 is 328.306
tons larger than the first six months of last year. or an increase of 12.25%•
If the indicated consumption for the second six months of 1925 keeps
close to the record breaking figure of the first six months, which, however..
is hardly according to precedent, but not impossible. the apparent excess
in raw sugar supplies will be quite well used up, which, of course, would
tend to improve the sugar situation genrally, not only as far as the refined
interests are concerned, but for the sugar producers as well, both cane
and beet.
Report of Governor Smith's Advisory Commission on
Garment Industry-77 Members of Union Expelled
on Ground of "Communistic Activities."
A supplementary report by Gov. Smith's Advisory Commission in the cloak, suit and skirt industry in New York
City, in which is recommended the renewal of existing contracts for the period of one year, was presented on July 10
to representatives of the various interested organizations,
viz., the International Ladies' Garment Workers' Union, the
Cloak, Suit and Skirt Manufacturers' Protective Association,
the American Cloak and Suit Manufacturers' Association
and the Merchants' Ladies' Garment Association. The
Commission states that while it has given a great deal of
time and study to the problems before it, "it is not prepared
under present conditions to recommend fundamental changes,
such as limitation of contractors, a guaranteed term of employment, or the unionization of examiners." Nine matters
are discussed in the report, viz.: (1) Bureau of Research;
(2) The Sanitary Label; (3) Shop Strikes; (4) Reorganization; (5) Discounts; (6) Net Yardage; (7) Unemployment
insurance; (8) The Wage Scales; and (9) Independents.
Among other things the Commission indicated that it
"has considered the question of an increase in the wage scales,
but does not find it practicable to propose any change at
this time." The Commission recommends that in the new
contracts the several parties agree to accept a decision to be
rendered by the Commission in the fall on the understanding
that if any increase is then granted it will go into effect for
the spring season. It is further set out that energetic steps
should be taken to prevent the occurrence of shop strikes,
and it is recommended that "the union issue explicit and
266
THE CHRONICLE
[VOL 121.
frequent instructions that, under all circumstances, shop them. They were removed from their offices and declared ineligible to
office for one year.
strikes are to be avoided." Regarding unemployment in- hold
The one defendant found not guilty was A. Animofsky, a member of the
surance, the Commission says that it is clear that the system Russian Polish Branch. Of him the report stated: "Because he can hardly
of indirect payment by the jobbers is unsatisfactory and it speak English or understand the Jewish language, and has proved to your
committee that he cannot be held responsible for their acts, your committee
recommends direct payments by them under rules to be set finds
the above brother not guilty."
the
trustees
by
of
the
fund. On the 11th inst. it was
up
Thirty voted to accept the report, one voted in the negative and two
stated in the New York "Times" that both labor and em- members refused to vote.
Four defendants still remain to be tried.
ployer expressed dissatisfaction with the recommendations
Regarding the recommendations of the Governor's Advismade by the Governor's Commission. Morris Hillquit,
ory
Commission, Morris Sigman, President of the Internarepresentative of the International Ladies'Garment Workers,
tional Union, had the following to say on July 14:
voiced the union dissatisfaction, saying:
The Joint Board feels keenly disappointed with the report of the Govern-
The main request of the union was that the jobbers in the industry be or's Commission and its failure to meet the importantdemands of the workmade to assume a measure of responsibility toward the workers. The ers. The Joint Board delegates are convinced that the investigation conjobbers, so-called, are actually manufacturers in disguise. They deliver ducted by the Commission has revealed sufficient facts to Justify every one
the cloth to the manufacturers to be made up, and at certain prices. The of the major demands of the union and to recommend their enactment.
contractor employs the workers, and in no case is financially responsible
In view, however, of the insistence of the Commission upon its inability
and is indisputably unstable.
to arrive at a definite conclusion with regard to the demands of the workers
Under this system a contractor in many cases had work only during for lack of sufficient data and a wider familiarity with all facts in the indusfifteen to thirty weeks in a year. That means employees without work. try, and in view of its recommendation that a research bureau be at once
The jobbers produce 75% of the product, which means that three-fourths set into operation to gather such facts, in order that the Commission might
of the workers are employed by irresponsible contractors. The union asked be able to render a full decision upon all our demands by next year, the
the Commission to make the jobbers assume responsibility for a certain Joint Board feels that its best course at present is to recommend to our memnumber of contractors.
bers to vote for the extension of the present agreements for another year.
Louis Solomon, representing the American Cloak and Suit In compliance with the expressed wishes of the Commission.
Joint Board, however,emphasizes the point that its demands contain
Manufacturers' Association, said the report was disappoint- theThe
only measures of constructive industrial reform that will regulate our
ing. According to the "Times" he said the recommenda- trade and bring order into it.
tions gave no relief from a "hectic" system of bargaining
and merchandising. Samuel Blumberg, counsel for the
Merchants' Ladies' Garment Association, said the report
would be laid before the members, who would report back to
the Commission. The same account stated:
In its issue of July 14 the New York "Times" said:
The report of the Governor's Advisory Commission in the Cloak, Su it
and Skirt Industry does not meet with the favor of the Joint Committee of
Action of Locals 2,9 and 22 of the International Ladies' Garment Workers•
Union. The committee is made up of the leaders of these locals who were
suspended by the International body for alleged Communistic activities.
Louis Hyman. Chairman of the Committee of Action, said yesterday:
William Klein, counsel for the Industrial Council of the Cloak, Suit and
"The Commission has rejected all the demands of the cloakmakers. We
Skirt Manufacturers' Protective Association, said that the organization had were confident from the beginning that we could not
expect any help from
hoped for a more favorable decision on the question of reorganization. He them. This was one of the points on which we
opposed the Joint Board
said he believed, however, that this would be arrived at through the Re- officials, and one of the actual reasons we were
suspended and tried. We
search Bureau.
have steadily fought against the mortgaging of our union and the giving of
Chairman Battle announced that the Commission would meet again at it over to outside people not familiar with
conditions in the union."
a date to be announced to hear of the action taken on the recommendations
A memorandum submitted in May by Morris Hillquit,
by the organizations involved.
counsel for the International Ladies' Garment Workers'
Mr. Battle is Chairman of the Governor's Commission. Union, to the Governor's Advisory
Commission (made pubOn July 14 the Joint Board of the Cloak, Suit, Skirt, Dress lic on May 25), contained the
following with regard to wages:
and Reefer Makers' Union of the International Ladies' GarOn this subject the investigation just concluded shows the average annual
ment Workers'Union,voted 25 to 8 to accept therecommenda- earnings in the inside shops to be $2,016 per year and in the sub-manufacturers' shops $1,675. About three-fourths of the workers work in sub-mantions of the Governor's Advisory Commission. It was an- ufacturers' shops, so that the average
earnings of the worker in the whole
nounced on the 15th inst. that the members would vote on industry are about $1,760.
The average cloakmaker has a family to support, and that upon the basis
July 17 and 18 on the question of extending all agreements
living costs and standards of life prevailing in the City of New York.
for another year, in accordance with the recommendation of of
The union asserts,from its intimate knowledge of the mode of life and needs
the Commission. At Tuesday's meeting (July 14), the Joint of its members, that such earnings are entirely inadequate and that they
Board of the International Ladies' Garment Workers' Union, fall short of the minimum requirements, I. e., that they are under the level
"below which a family cannot go without danger of physical and moral
acting, it is said, with the authority of the entire organiza- deterioration,"
to adopt a definition of the United States Department of
tion, voted 30 to 1 to expel 77 officers of Locals 2,9 and 22. Labor.
In this connection the union emphatically rejects the theory of the existStating that they were found "guilty of Communistic activi- ence
of an "excess of labor supply" or "surplus labor" in the industry, and
ties to the detriment of the International," the New York denies that such an alleged excess or surplus
of workers in any way accounts
for the inadequate earnings or the seasonal fluctuations in the industry.
"Times" of July 15 said:
The Industrial Council of the Cloak, Suit and Skirt ManuThis action throws open the doors to an internal war that threatens to
become bitter. Already the accused leaders have formed a Joint Committee facturers' Protective Association, in a brief
submitted to the
of Action to carry on their fight against the leaders of the International
Union and have threatened a strike if the employers do not adopt a policy Commission (made public May 22), appealed for relief from
union domination, the Association, said the New York
of "hands off."
The Joint Board is made up of five representatives of the thirteen locals, "Times," suggesting "as the
relief that we feel we are entitled
and last evening all were present with the exception of those of Locals 2.
to" the following:
9 and 22.
1. There must be productivity by the workers. (a) That means be found
The report of the trial committee was read by Harry Borenstein, Chairman. The specific acts upon which the charges were based were to the effect by your Commission to provide an incentive to the workers to produce
that the executive boards and officers of the three locals had organized May through optional piece work and optional week work.
2. The right to the manufacturer to select his workers and to decrease his
Day meetings which were practically given over to the Workers' or Communist Parties. and "served to misrepresent the alms and character" of the force at the end of the season as the needs of his plant, in his judgment,
warrant.
International Union.
3. The right of discharge, with certain safeguards to tho workers.
The accused officers were charged with seeking to sow dissention within
4. The shop strike be prevented.
the union tanks. In the case of Local 22, an additional charge was made
5. The right to the use of improved machinery in accordance with the
that its officers had violated the constitution by using $2.000 "for the benefit
of an organization in no way connected with the International, but hostile best scientific methods.
"The facts we present are, the workers do not produce, and we have no
to it."
"The sole question before us is whether the accused, under the provi- way of compelling production," the appeal continues. "Because of the
sions of our constitution and upon the facts of the case, have not forfeited 'soldiering on the Job,' as non-productivity is understood, the labor cost of
their right to continue holding office. This question we answer in the af- the garment to the inside manufacturer is greatly increased. This increase
is reflected in the cost to the retailer. We expressly deny any desire to
firmative," the report stated.
It was the unanimous opinion of the committee that these local officers force a worker to become so overworked that he will become ill.
"If the right of discharge shall be granted, but subject to safeguard which
were guilty of conduct unbecoming the dignity and the welfare of the union:
Commission will urge, much abuse in the industry will disappear. There
Local 2—J. Boruchowitz, J. Berland, H. Bravin, A. Cohen, L. Feuer- the
stein, D. Goldbaum, J. Goldberg, M. Gabel, H. Hochstein, A. Shafer, will be no soldiering. The employer should have the right to discharge a
worker
upon condition that if he desires to engage another worker he shall
Steinzor,
A.
D.
Spater,
I.
Wise. A.Block, M.Cooper,D.Kravetz. J. Millet,
A. Sununergrad, L. Selesnick, H. Selesnick, S. 8. teiglltz I. Bloom.
be a union man.
Local 9—L. Hyman. Miriam Friedman, D. Pittman', Lena Lewis. B.
"We have come into the situation at the request of the Commission and
Cooper, S. Goldstein, W. Hoffman, M. Leff, P. Herman, Eva Posher.
J. Friedland, Pauline Gartner, M. Goldberg, A. Goldberg, Belle Press, have accepted additional burdens, believing that when we were heard we
would be granted relief. We have nothing further to give. Everything
M. Goodman, I. Seigel, A. Hartman.
Local 22—J. Portnoy, Mollie Katz, Pauline Halpern, Abe Lupin, Fannie has been taken away and we now demand.
Under the present contract
Farber, Clara Goldberg, William Himelfarb, Clara Fox, Fannie Cantor, and present
recommendations, we cannot exist and we cannot give in to
Sonia Neuman, Rose Zucker. Louis Rosenthal, William Block. Sarah Be-gun, Jennie Golden, E. Dachs, Fannie Olivenstein, Anna Mattison and them. It is impossible."
I. Farbiash.
The first payments out
of the unemployment fund for gar-
The committee recommended that the above defendants be removed ment workers were made on June
7 by George Gordon Batfrom their offices and that they be declared ineligible to hold office within
tle, Chairman of Governor Smith's Commission. The folthe union for a period of three years.
The committee found that the following local officers had failed to per- lowing is from the New York "Eveeing Post":
form their official duties because of indifference, rather than on account of
The fund was started in August to offset the hardships resulting from the
deliberate malice:
seasonal unemployment in this industry. Contributions of 1% of earnings
Rabinowitz.
W.
Blagman,
by workers and of 2% by employers have already established a balance of
Loral 2-8.
B. Reisner.
Local 9—I. Kanner, M. Goidofsky, S. Lorber, S. Dembus, M. Rembach, $1,200,000. Each worker will receive $10 for every week over nine that he
J. Achtenbwt. H• Heitner•
Is
without work during each six months.
Local 22—Benjamin Mattis, I. Silver.
The following is the report of the Governor's Advisory
The committee censured the last named defendants because they failed
to protest against the actions of their executive boards, and acquiesced in Commission:
JULY 181925.]
Supplementary Recommendations of the Governor's Advisory Commission in the Cloak, Suit and Skirt Industry, New York City.
July 10 1925.
This Commission was appointed by Governor Alfred E.Smith on June 16
1924 for the purpose of endeavoring to promote peace and stability in New
York's leading industry.
At that time the inside manufacturers had disbanded their industrial
department, the sub-manufacturers had received no official status as a
recognized factor, the Jobbers and the union were preparing for a bitter
struggle and the entire industry was threatened with disruption.
The Commission held extended hearings and made a number of recommendations which were embodied in one year contracts signed by the
Merchants' Ladies' Garment Association (representing the Jobbers), the
Cloak, Suit and Skirt Manufacturers' Protective Association (representing
the inside manufacturers), and the American Cloak & Suit Manufacturers'
Association (representing the sub-manufacturers).
Under these contracts there has been increasing harmony and co-operation between the various factors. This has been very greatly promoted by
the setting up of impartial machinery for the prompt settlement of disputes
arising between the various organizations and between their members.
The selection of Mr. Raymond V. Ingersoll as the Impartial Chairman has
proved to be a most fortunate choice and much of the peace and stability
which the industry has enjoyed during the past year has been due to his
ability, tact and influence.
Other important steps taken after the hearings a year ago were the adoption of the sanitary label and the establishment of a system of unemployment insurance.
The Commission wishes at this time to congratulate the various factors in
the industry on the progress which has been made in overcoming the difficulties involved in the setting up of a system so new and necessarily complicated as the insurance fund. We are convinced that the good effects of
unemployment insurance will extent not only to the employees most directly
affected, but to the entire industry.
In a business so vast and intricate as the New York Cloak and Suit industry there will always be problems to solve and it is neither possible nor perhaps desirable that attempts be made to dispose of them all at once. Time
is necessary for the working out of one set of improvements before too many
new adjustments are undertaken.
At the conclusion of the hearings last summer there were a number of
matters concerning which the Commission did not feel prepared to make
definite recommendations. It promised, however, to have an inquiry
conducted by experts and to give further consideration to these subjects
at a later date.
This investigation was made and a report of it has been published. For
the field which it covered, neither its adequacy nor its accuracy has been
challenged and the wealth of material which it makes available will, in the
opinion of the Commission, be of value for a long time to those concerned
in the industry.
During the past few months extended hearings have been held upon the
findings of the report and their interpretation and upon new requests by
the parties in interest for remedial recommendations by the Commission.
The views and contentions of the respective parties have been carefully and
ably presented by their officers and counsel and much light has been thrown
on the matters in controversy.
While all this is true, and while the Commission has given a great deal of
time and thoughtful study to the entire situation, it is not prepared under
present conditions to recommend fundamental changes, such as limitation
of contractors, a guaranteed term of employment or the unionization of
examiners.
It is a time for adjusting and consolidating innovations which have already been made, for the building up of the organizations and for further
promotion of co-operative dealings between them.
The best judgment of the Commission is that at present the soundest
course will be in substance to renew the existing contracts for the period of
one year, postponing for that length of time the more difficult issues.
We believe, however,that some improvements may be accomplished now
and specifically make the following recommendations.
1. Bureau of Research.
The report of the investigation which the Commission conducted was
focused largely on data related to the demands of the union for a guaranteed term of employment, with limitation of sub-manufacturers, and upon
the demand of the sub-manufacturers for a system of minimum costs.
While the report was both clear and comprehensive, still further information
along these lines will be of value.
There are also many other problems affecting the industry as a whole,
or of particular concern to one of the elements and which may properly be
Investigated. Some of these are suggested in the briefs before the Commission; retailing, the influence of style, &c., are examples of matters which
were outside the terms of reference of the recent investigation but which
might well be explored by impartial experts. The more that is learned
about the industry the more the differences between the parties will be
removed from controversies over the facts and the closer the approach to
amicable adjustments. The Commission recommends, therefore, that a
Bureau of Research be established under joint auspices and that it be partly
financed by contributions from independent manufacturers, sub-manufacturers and Jobbers as well as by contributions from the parties to the collective agreements and from the Unemployment Insurance Fund. This
bureau would make such statistical studies and fact finding investigations
as may be determined from time to time. In case the parties have difficulties in formulating agreed plans for its organization and operation the
Commission will be glad to give its aid and advice in this matter.
2. The Sanitary Label.
We look forward with a great deal of confidence to the beneficial effects
on the industry that will come from the use of the sanitary label heretofore
recommended by the Commission. We strongly urge the fullest possible
evelopment of the use of the label; that the necessary publicity measures
be undertaken and that there be strict supervision over the issuance and use
of the labels. The standards adopted by the Joint Board of Sanitary Control should be rigidly enforced and gradually improved so that the public
may rely on the labels guaranteeing that the garments on which they
appear are manufactured and produced in shops having high standards of
sanitation and modern working conditions.
3. Shop Strikes.
The Commission believes that the shop strike in the industry is harmful
te the interests of all parties concerned and is contrary to the spirit of the
collective agreements that have been entered into. Energetic steps should
be taken to prevent the occurrence of these shop strikes and it is recommended that the union issue explicit and frequent instructions that, under
all circumstances, shop strikes are to be avoided.
The whole theory of the collective agreement in this industry is that there
Is to be no temporary stoppage of work, but that all matters in dispute are
to be submitted to the impartial machinery for adjustment. The stop
strike is contrary to this understanding. While there has been an improve-
267
TELE CHRONICLE
ment in this respect in the industry recently, we believe that by a continuous process of education much more can be accomplished along these lines.
4. Reorganization.
The Commission has given careful consideration to the arguments presented in support of an enlargement of the existing rights of shop reorganization. We are not prepared, however, to make any definite recommendations on this subject at present.
We suggest that the Industrial Council and the union confer on this
matter. If they can reach a reasonable adjustment, it will be of benefit to
all concerned.
Should no agreement be reached the Commission, with the additional
data which will be made available to it through the Bureau of Research.
will be in a better position to come to a definite conclusion when the renewal
of contracts again comes up.
5. Discounts.
The.Commission wishes to have further data in regard to this subject.
It was not covered in the investigation nor discussed very thoroughly at
the hearings. Further information is desirable and can be easily secured,
especially through the proposed Bureau of Research. The recommendation
is that the two associations involved agree to accept a decision of the Commission to be rendered during the fall. If any change is then recommended, it is to become effective for the business of the spring season.
6. Net Yardage.
The sub-manufacturers should be called upon to pay only for the actual
received.
In
other
words, they should be charged only with the
yardage
net yardage after sponging. To charge the sub-manufacturer with shrinkage in materials through the process of sponging is a constant source of
Irritation and gives rise to frequent unnecessary disputes.
7 Unemployment Insurance.
A year ago some haste was unavoidable in devising a plan for unemployment insurance payments. It is clear to the Commission that the system
then established of indirect payment by the Jobbers is unsatisfactory.
It causes unnecessary friction between the jobbers and the sub-manufacturers, its effects are uneven and it is not productive of the best results for
safeguarding the insurance fund.
In the present contract the Jobbers have already accepted the principle
that the ultimate cost of insurance is to be borne by them. The Commission recommends that this principle be made more effective by direct payments into the fund under rules to be set up by the trustees of the fund.
It is true that the insurance items to be paid by them must be based upon
an approximate schedule rather than upon an exact ratio to the payrolls.
That objection could be made equally against the present system. It
does not appear to the Commission to be an objection of great force.
The facts brought out by the investigation show clearly that the periods
of employment are on the average much shorter in the jobber-sub manufacturer system than in the inside shops. It is the employees in this system
who make the heaviest demands upon the insurance fund.
Having in mind this situation. the Commission recommends that the
Insurance items to be paid by the Jobbers be increased by 50% as against the
schedule now in force.
8. The Wage Scales.
The Commission has considered the question of an increase in the wage
find
it
practicable to propose any change at this time.
scales but does not
It recommends that in the new contracts the several parties agree to accept
a decision on this subject to be rendered by the Commission during the fall.
This will be on the understanding that if any increase is then granted it will
go into effect for the spring season.
9. Independents.
In the hearings before the Commission and in the briefs filed by the parties
in interest both the Merchants' Ladies Garment Association and the Industrial Council have several times pointed out the necessity of making it
advantageous for firms to apply for and hold membership in these bodies
It seems to be agreed between the parties and the Commission so recommends:
(a) No contract shall be entered into by the union and a jobber, manufacturer and (or) sub-manufacturer who was suspended from membership
in the Merchants' Ladies Garment Association, or (Cloak & Suit Protective
Association), or (American Coat & Suit Manufacturers' Association), because of failure to comply with an award made against him.on complaint
filed by or through the union or any other party to the collective agreements,
or who has been suspended for failure to pay his dues, assessments and (or)
charges levied against him for the purposes of carrying into effect any provision of the collective agreement with the union until such Jobber and (or)
manufacturer and (or) contractor shall have paid to the association all
such charges.
(b) The contracts between the union and independent jobbers, manufacturers and sub-manufacturers shall provide for the deposit in cash or its
equivalent, with the union, of a sum sufficient to cover any damage by reason of any violation committed by such independent sub-manufacturer.
manufacturer and (or) jobber.
(c) Such contracts shall provide that the independent sub-manufacturer,
manufacturer or jobber shall contribute to a fund for the expenses of the
Bureau of Research in amounts to be approved by the Impartial Chairman.
The Commission does not believe that the expenses of the Impartial
Chairman should be paid in part by the independents. The Impartial
Chairman and his machinery should be reserved for the adjustment of disputes between the members of associations and the union, who are parties
to the collective agreement in the industry, except in so far as controversies
Involving independents may, by consent of the parties to the collective
agreements, be submitted to the Impartial Chairman.
(d) No contract shall be made between the union and an independent
sub-manufacturer, manufacturer and (or) jobber containing any provisions
more favorable than the provisions in the contracts executed between the
union and the various parties collectively, and all such individual agreemeats shall be open for inspection by the association and their duly accredited representatives, at the office of the Impartial Chairman, at such times
and under such conditions as he may designate.
(e) All such contracts shall provide that the books of an independeot
Jobber, manufacturer, and (or) sub-manufacturer against whom a complaint
is made by any party to the collective agreements shall be open for inspection at such times and under such conditions as the Impartial Chairman
may designate.
Concluding Remarks.
The foregoing are the recommendations of the Commission. They leave
for future determination several important points. In the course of the
next year, with the assistance of the Bureau of Research, the Commission
Will give further consideration to these subjects. The Commission has been
impressed with the desirability of making sure that each step proposed is
sound and practicable. It is thoroughly convinced that the proposals here
made are Justified in the interest of the industry as a whole. The Commis-
268
THE CHRONTCLE
Edon hopes that they will be accepted by the parties in interest and embodied
In the new agreements. Another year of industrial peace will strengthen
the position of every group and insure further progress.
THE GOVERNOR'S ADVISORY COMMISSION
IN THE CLOAK, SUIT AND SKIRT INDUSTRY,
George Gordon Battle, Chairman.
Herbert H. Lehman,
Lindsay Rogers,
Bernard L. Shientag,
Arthur D. Wolf.
American Woolen Cuts Wages-Reduction of 10% to
Take Effect Monday, July 27-Affects 30,000
Operatives.
From the "Wall Street Journal" of last night (July 17), we
take the following credited to the Boston News Bureau:
Notices will be posted in all of the mills of the American Woolen Co. of a
wage reduction of 10%, to be effective Monday, July 27. The new wage
schedule applies to all mills regardless of the State in which they are domiciled and affects some 30,000 operatives.
This is the first reduction in wages made by American Woolen since
December 1920, when,in the midst of the deflation, a 22M % cut was made.
On April 30 1923 wages were advanced 121i %. Thus the present downward revision establishes almost identically the same level as that which
prevailed after December 1920.
Taking the 1915 wage level as a base, the new wage scale is approximately 225% higher.
In addition to American Woolen, important independent woolen mills,
comprising the Arlington Mills, George E. Kunhardt Corporation, and
M.T.Stevens & Sons Co.of Andover,are making the same 10% reduction,
also effective July 27.
Pacific Mills management will confer with representatives of employees
on the subject of 10% wage cut announced by American Woolen Co. and
others, before taking definite steps.
Wool Consumption Report for May 1925.
The Department of Commerce on July 1 announced the
following statistics with regard to the consumption of wool,
by manufacturers in the United States during the month
of May, based on reports received from 553 manufacturers.
This is exclusive of 20 who failed to report the consumption
of wool for this month.
The total quantity of wool entering into manufacture
during May 1925, as reported, was 32,146,479 pounds as
compared with 36,774,153 pounds in April 1925 and 30,472,849 pounds for May 1924. The consumption shown for
May 1925 included 24,726,194 pounds of wool reported as in
the grease; 5,439,746 pounds of scoured wool; and 1,980,539
pounds of pulled wool. Reduced to a grease equivalent
these quantities would amount to 38,246,404 pounds. The
grease equivalent for April 1925 was 43,286,554 pounds and
for May 1924, 36,507,484 pounds.
The monthly consumption of wool (pounds) in grease
equivalent for manufacturers reporting for 1925 was as follows: January, 51,434,850; February, 46,415,269; March,
45,853,420; for April, 43,286,554, and for May, 38,246,404.
Consumption by Grades.
Classified according to grade, the total for this month includes 6,833.486
pounds of fine wool, which may be compared with 6,966,575 pounds con
gamed in April 1925 and 6,656,618 pounds consumed in May 1924;2,828,245
pounds of 54 blood as against 3,607,400 pounds in April 1925, and 4,379,467
pounds in May 1924; 5.643,170 pounds of M blood as against 5,611.308
pounds in the month preceding and 4,746,421 pounds in May 1924;4,501.286
pounds of K blood, as against 5,156,086 pounds in April 1925 and 4,315,886
pounds in May 1924; 1,412.200 pounds of low h blood, common, braid,
and Lincoln as against 2,030.442 pounds in April 1925 and 1,902.054
pounds in May 1024; and 10,928,092 pounds of carpet wool, as against
13,402,342 pounds in the preceding month and 8,472,403 pounds in May
1924.
Domestic and Foreign Wool.
Of the total quantity of wool used by manufacturers during this month
of May 1925, 13,623,224 pounds, or 42.4%, was domestic wool; and 18,523.255 pounds, or 57.6%, was foreign wool. The carpet wool was all of
foreign origin. The United States produced 65.7% of the fine wool, 75.8%
of the M blood, 73.1% of the
blood, 52.3% of the kj, blood and 42.8%
to the low 3i blood.
Geographic Distribution of Consumption.
Of the total consumption of wool in May 1925 (amounting to 32,146,479
pounds), 13,217,573 pounds, or 41.1%, were reported from the New England States, 48.9% from the Middle Atlantic States, 1.6% from the Pacific
Coast States, and 8.4% from the other sections of the United States.
Imports of Tops and Nails.
The consumption of foreign tops and foils constitute one element which
it has not been possible to include in the consumption reports since the
manufacturers would be unable to distinguish between foreign and domestic
tops and foils. In the long run, though not necessarily, month by month,
this element must be equal to the imports. The imports of wool and hair,
advanced, including tops, for the current month were 662 pounds, and for
1925,including May,were 152,779; noils for the current month were 199,384
and for 1925, including May, 3,305,478. The exports of tops and foils
were negligible.
Detailed Statement.
The following tables show the quantities of wool consumed, classified
according to condition, grade and class, with separate figures for foreign
and domestic wools. Comparative figures are also given for May 1924,
April 1924 and 1925, and totals for the mouths January to May.inclusive.
CONSUMPTION OF WOOL BY GEOGRAPHIC SECTIONS.
Total.
Section.
New England
Middle Atlantic
Pacific Coast
Other sections
Tn1.1
Grease.
Scoured.
13,217,573 9,753.398 2,643.904
15,727,106 13,502.059 1,267,995
523,035
216,444
293,102
2,678.766 1.254,294 1,23.4,745
29 140 479 94 790 104
r 420 740
Pulled.
Grease
Equivalent.
820,271 16,134,901
957,052 17.314,117
13,489
820,633
189,727 3.976.753
1 050 MA 20 240 404
[Vol, 121.
WOOL CONSUMPTION FOR MAY AND APRIL.
(All quantities in pounds.)
Class and
G704e.
Total for May.
1925.
1924.
Total for April.
1925.
Total Jan. to May Incl.
1924.
1925.
1924.
Total
32.146.478 30.472.84936.774.153 37.597,251 192.462.733197,541.765
Domestic _ - _ _ 13.823.224 14.571,456 15,092,404 15,667,236 85,862,96 86.010,914
Foreign
18,523,255 15,901,393 21,681,74921,930,015 100.599,764 111,530,851
Combing a--- 14,554,375 15,334,800 16,372,948 18,343,446 94,107,754 101,920,376
Clothing a.-- 8,664,014 6,665,646 6,998,883 7,432,591 35,386,590 38,744,678
Fine, total.... 6,838,486
Combing:
Domestic
3,017,46
Foreign
2,158,01:
Clothing:
Domestic _-.. 1,472,957
Foreign
185,043
)i-blood, total_ 2,828,245
Combing:
Domestic
1,342,121
Foreign
571,46
Clothing:
Domestic... 801,160
Foreign
113,497
94-blood, total. 5,643,170
Combing:
Domestic... 2,281,159
Foreign
1,256.219
Clothing:
Domestic
1,844,881
Foreign
280,911
3i-blood, total. 4,501,286
Combing:
Domestic _ _ 1,484,127
Foreign
1,509,629
Clothing:
Domestic -- 867,874
Foreign
639,656
Low 3d-blood... 688,898
Combing:
167,353
Domestic Foreign
232,168
Clothing:
Domestic_ 127,715
Foreign
161,662
175,043
Common,total
35,249
Combing__
Clothing__ ....
139,794
41.366
Braid, total c
14.857
Combing....
26,509
Clothing_ _
Lincoln. total . 506.893
Combing.... 484,538
22,355
Clothing....
Carpet, total d_ 10,928.092
5,043,546
Combing
Filling
5.884,546
6,656,61: 6,966,57. 8,162,180 41,479.661 42,520,360
3,176,444 3,085,247 3,171,50 19,745,337 18,911,834
1,822,961 2,112,859 3,224,770 12,474,414 14,476,665
1.278.073 1,595.093 1,379.23: 8,067.29: 7,081,955
379.140 173,376 386,664 1,192,612 2,049,906
4,379,467 3,607,400 4,400,781 20,113,843 23,101,205
2,861,982 1,981.309 2,630.24
675,078 647,262 901,28
12,832,113 13,871,584
2,669,364 4,425,492
704,192 832,328 696,914 4,057,494 4,000,632
138,21
803.497
146,601
554.872
172,332
4,746,421 5,611,30 5,425,105 29.100,70 30,212,669
1,899,453 2,414,724 2,019.67 12,934,259 10,892,845
809,424 954,997 1,148,923 4,887.327 8,000,948
1,615,674 1,965,221 1,771.899 9,850.787 8.824,362
421,871
276.366 484.605 1.428.335 2,494,516
4,315,886 5,156,086 5,900,534 28,578.028 34,551,269
1,400,016 1,499,375 2,058,121 10.059.626 11,932,381
1,440,114 2,245,856 1,940,482 10,713,981 12,244,624
910.195 872.972 1,154,167
565,561
537,983 747.764
1,122,780 1,261,172 1,119.959
179,971
462,435
350.266
515,353
232.078
524,55:
4,922,863
2,881.556
6,384,362
6,134,940
4,239.344
6,114,168
1.411.413
3,285.486
1,782.671
2,329,434
286,650 211,376
867.727 1,273,589
180,221
193,724
184.177 183,104
728.474
819.736
207.406 230.879 301,099
928,588
946,443
53,875
68,786
263,350
84,366
356.8.50
153.531
162.093 216,733
589,503
665,238
51,401
53,814
375.553
72.06
167.609
32.650
38.936
227.477
49,341
102.56:
18.750
14.678
148,076
66,041
22.726
520,468 484,777 394.312 2,723.692 2.862.242
520.397 457,978 358.088 2,835,016 2,561,093
26,799
71
301.149
36.22488,678
8,472,403 13,402,342 11,821,214 62,968.389 56.875,711
3,699,092 6.203,992 5,471,138 30.609,483 25,850,239
4.773,311 7,198.350 6,350.078 32,358,906 31,045,472
Totalreduced to
grease equiv. 638.246,404 36,507.484 43,286.55444,361,464 225,236 A97 232,977,147
Domestic _ _ _ 17,765.350 18,508.518 19,552,220 20.019.433 107.987.906 108.502.043
Foreign
20.481.054 17.998.966 23.734.334 24 342 nal 117 9415 501 196 475 HU
a Exclusive o carpet wools. b Figures previous to July 923 include "Common'
and "Braid." C All domestic. d All foreign. e In computing the grease equivalent,
1 pound of scoured wool is considered equivalent to 2 pounds in the grease, and 1
Pound of pulled to 1 1-3 pounds in the grease.
CONSUMPTION OF GREASE, SCOURED AND PULLED WOOL IN
MAY.
(All quantities in pounds.)
Grease.
Scoured.
Class ck Grade.
1925.
1924.
1925.
1924.
Pulled.
1925.
1924.
24,726,194 23.309.941 5,439,746 5,470,499 1,980,539 1,692,409
Total
Domestic _ -. 8,641,645 9,815.691 3,722,400 3,527,711 1,259,179 1,228,054
Foreign
160,84,549 13.494,250 1,717,346 1,942,788 721,360 464.355
Combing_a_ 13,460,689 14,225.592 672,739 676,660
Clothing_ a_ _ 1,278,541 1.310,701 4,433,990 4.411,491
Fine, total....
Combing:
Domestic _
Foreign- -Clothing:
Domestic _
Foreign- - Ii-blood,total_
Combing:
Domestic _
Foreign- - Clothing:
Domestic _
Foreign_
h-blood,total
Combing:
Domestic.
Foreign...
Clothing:
Domestic _
Foreign__ _
K-blood,total_
Combing:
Domestic _
Foreign_ _ _
Clothing:
Domestic _
Foreign_.
.
Low 3.I-blood_b
Combing:
Domestic.
Foreign
Clothing:
Domestic.
Foreign--Cm,total_ __c
combing__ _
Clothing--- Braid, total_ c_
Combing__
Clothing _
Lincoln, total ,
Combing__ _ _
Clothing_
Carpet, total_ d
Combing
Filling
905,352 1,004,128
420.946
951.483
432,548
943,454
5,659,505
5,436,246
268,629
216,244
2,880,237
2,156,108
3,018,942
1,820,200
74.843
1,910
108,090
2,761
62,388
49,412
577,410
45,750
1.886,049
534,726
62,378
3,411,974
694,362
134,237
651,142
577,823
315,454
537,534
201,185
5,056
291,054
165,524
1,308
429,959
1,209,601
568,883
2,637,897
662,663
39,842
2,584
25,939
12,415
92,878
198,146
103.614
3,951
3,492,332
93,491
520,763 389,630
17,923
87,953 109.550
2,614,913 1,722,370 1,713,777
176,783
21,593
428,488
221,071
10,724
417,731
2,002,224
1,233,747
1,659,493
783,190
129.431
28,234
132,167
110,529
256,181
180
2,884,495
117,230 1,313,498 1,239,510
55.000 239,632 318.602
2,767,497 1,384,431 1,315.478
275,202
21.099
232,360
258,934
48,268
232,911
1,242,993
1,391,443
1,233,631
1,289,898
147,928
100,338
149.709
116,466
93,206
17,848
16,676
33,750
158,059
92,000
337,471
108,154
135,814
710,457
614.051
522,114
330,137
657,451
391,852
391,838
95.764
25,542
21,290
144,590
133,352
168,443
158,765
398,172
29,330
63,0e5
18,320
54,133
4,671
660
2,886
10,130
32,261
3,415
30.856
25,136
5,720
14,857
14,857
85.385
152,357
29,121
8,347
20,774
26,509
134,797
184,588
80,726
4,848
75,878
16,285
10,069
5.890
115,066
1,766
113,300
3,319
4,150
56,967
9,314
47,653
433,665
433,666
148,534
4.986
69,713
39,713
30,000
35,115
32,650
2.465
490.378
490,378
1,705
1,705
7,773,648
3,572,938
4,200,710
16,285
28,385
28,314
71
382,348
35,765
346,583
15,562
15,562
9,986,964
4.793,689
5,193,27E
26,509
57,666
35,311
22.355
333.018
48.832
284,186
608,110
201,026
407,084
316,407
90,389
226,018
146,768
22,472
37,895
20,485
Total for April_ 28,672.341 29,262,424 5,762,695 5,978,906 2,249,117 2,355,921
Total, Jan. to
May incl....152.983.620 154.129 30920 491
00121 440 55510(1511 922 11
005.491
a Exclusive of carpet wools. b Figures previous to July 1923 include "Common"
and "Braid." c All domestic. d All foreign.
JULY 18 1925.]
THE CHRONICLE
Census Report on Cotton Consumed and on Hand in
June, Also Active Spindles, and Exports and
Imports-Consumption for June and
Season Above a Year Ago.
Under date of July 14 1925, the Census Bureau issued its
report showing cotton consumed, cotton on hand, active cotton spindles and imports and exports of cotton for the month
of June 1925 and 1924. Cotton consumed amounted to 493,765 bales of lint and 60,577 bales of linters, compared with
350,021 bales of lint and 40,016 bales of linters in June 1924
and 531,471 bales of lint and 61,187 bales of linters in May
1925. It will be seen that there is an increase over June 1924
in the total lint and linters combined of 164,305 bales, or
42.1%. The statistics of cotton in this report are given in
running bales, counting round as half bales, except foreign
bales, which are in equivalent 500-lb. bales.
269
as against 68% in the preceding month and 61.9% in May
1924. The number of carpet and rug looms reported for
May 1925 was 9,687 of which 7,267, or 75%, were in opera,
tion for some part of the month,and 2,420 were idle throughout the month. The active machine-hours reported for
these looms represented 73.1% of the single-shift capacity
of the looms, as compared with 75.7% in April 1925, and
54% in May 1924.
Spinning Spindles.
Of the total number of woolen spindles reported in May 1925, 1,835,144.
or 80.4%, were in operation for some part of the month, and 446,873
were idle throughout the month. The active woolen-spindle hours reported for this month represented 85.2% of the single-shift capacity;
as compared with 87.3% in April 1925 and with 82.7% in May 1924.
The number of worsted spindles in operation during May 1925 was
1,590,768, or 59.7% of the total, and the number idle was 1,073.289.
The active worsted-spindle hours were equal to 54% of the single-shift
capacity. In April 1925 the active worsted-spindle hours represented
60.4% of the capacity, and in May 1924, 56.7% •
Cards and Combs.
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
Of the total number of sets of cards reported for May 1925. 5,825, or
(Linters not Included.)
82.3%, were in operation at some time during the month, while 1,256
were idle throughout the month. The active machine-hours for cards
were equal to 86.2% of the single-shift capacity in May 1925, 88.6% in
Cotton Consumed
CoUon on Hand
During (Bales)June 30 (Bales).
Cotton
April 1925, and 89.2% in May 1924.
Spindles
Of the combs reported for May 1925. 1,633, or 60.2%, were in operation
Year
LeoattlY•
Ds
In Public
AMIN
for some part of the month, and 1.081 were idle during the month. The
11 Months Consuming Storageand Duress
June.
Ending Establish- at Commachine-hours for this month were equal to 57.9% of the singleactive
June.
June 30.
ments.
presses. (Number). shift capacity, as compared with 67.2% in April 1925,
and 61.1% In
United States
1925 *493.765 *5,694,451 *1,123,813 *759,945 32,309,896 May 1924.
1924 350,021 5,333,455
Detailed Report.
949,647
882,197 29,219,484
The accompanying table gives the total number of machines in operation
Cotton-growing States_ 1925 337,651 3,891,524
597.862
536.519 16.757,892 some time during the month of May 1925,
the number idle for the whole
1924 247.240 3,617,160
490,838
749.202 15.593,242
New England States_ 1925 128.167 1,509,969
455,543
97.037 13.884.958 month, the number reported on single shift and on double shift, the active
19241 84,348 1,445.081
400,195
77,884 12.089,770 and idle machine or spindle hours, the percentages active and idle, and
All other States
1925 27.947
292,958
126,389 1,667,046 comparative figures for April 1925 and May 1924.
70,408
1924 18,443
271,214
58.614
55,111 1,536,472
•Includes 17,824 Egyptian, 6,190 other foreign, 1.108 American-Egyptian, and
202 sea-Island consumed. 59.047 Egyptian. 25.450 other foreign, 3,450 AmericanEgyptian, and 2.874 sea-Island in consuming establishments, and 15,426 Egyptian,
15,308 other foreign, 1.689 American-Egyptian,and 527 sea-island in public storage
Eleven months' consumption, 172,968 Egyptian, 77,500 other foreign, 18,414
American-Egyptian, and 3,630 sea-island.
Linters not included above were 60,577 bales consumed during June in 1925 and
40,016 bales in 1924:146.673 bales on hand in consuming establishments on June 30
1925 and 110,816 bales In 1924, and 35.173 bales In public storage and at compresses In 1925 and 69,145 bales In 1924. Linters consumed during 11 months
ending June 30 amounted to 588,552 bales In 1925 and 495,006 bales In 1924.
4,s
"
.
1s4P:.`44e, 4.4.'4
,..04......r,
I., - ..1,
,
r
...'s
.
2
E
ni nnna
P„IP,glat'a
i
. tr 7.
1'4
(9 2.
Z
Country to Which Exported.
19,957
1924.
13
187,899
11,679
30,874
44,384
25.078
3.487
162,026
19,436
42,852
26,872
32,928
1,577
13,641
303,401
285,691
7,566
470
2,506
3.086
Exports of Domestic Comm and Linters-Running Bales
(See Note for Linters).
June.
IT&
.0.
•
r4
,
g = ,I' m
0-4. ;-.-. 4.6.3 iq
1.1.1.1„,
.
....c..,.... .0= •
.
...
m lo'...*.b66
cow...,...
..taw-.1wto
11 Months Ending June 30.
1924.
41,203
25,573
24,768
57.214
75,081
2,193
4,947
2,514,630
891,715
706,131
1.814,277
986,999
829,684
249,992
1,643,619
701,571
527,985
1,237,969
729,487
543,889
175,947
4.m.
....
666
m
mptotostow.;to
loploWaloaleco
rt.52828E121
4.
moo ma
K
woo .40.
..
e2
=0,
!.. 66
t,
5 !Ig
Idle.
39.8
-
251 1,692,8461 242,298 1.449,6661 141.102
38( 1.588.864 264,146 1.502,025 186,672
368 1.586,041 234,515 1.543,532 134.882
ww.g. ti z
oomiso -
1.3821
1,361
1.443
;.66 R
titipznp
F az,e., E.F .66.6.4.6..1
661oloi-obWmb
to e.
b
g ,,''.'
'''r,2°,& t."
°
R .o., 1....,
"
Active.
60.2
A
cocoo, a
-,
-
,
..... ....
.....1.0.-4
0,04,7
Sets of Cards.
7951
872'
757
...
r'
... •
b
2 ..
...
"
4.1- CO ...
v
oo. , ;•.;tp
5,0301
4,871
4,879
o..w
ic4.alo
325,711
236.450
404,079
196.992
352,734
225,012
dom, 1.538; Nether/ands, 100; Honduras, I; France, 702: Germany,3,069; Belgium,
204; Italy, 242; Canada, 384; Mexico, 5; Spain, 480.
WORLD STATISTICS.
The preliminary estimated world's production of commercial cotton,exclusive
of linters, grown in 1924, as compiled from Information secured through the domestic
and foreign staff of the Department of Commerce, is 23,377,000 bales of 478 lbs.
lint, while the consumption of cotton (exclusive of linters In the 'United States)
for the year ending July 21 1924 was approximately 19,982,000 bales of 478 lbs.
lint. The total number of spinning cotton spindles, both active and Idle, is about
1,303,136
208,143
1.415.852
182,657
1,374,852
166,398
?.;
217,786
230.979
2223& r..•
5,560,467
7,993.428
Note.-Flgures include 6,725 bales of inters exported during June in 1925 and Weoio F
13,381 bales in 1924, and 186.608 bales or the 11 months ending June 30 in 1925
and 107,238 bales in 1924. The distribution for June 1925 follows: United King- ....
„.
Co
Carpet and
Rug.
1925.
43,702
17,826
32,230
42,538
54,016
18,730
9,374
66;.1o.'.6661.
0
g wt., 4.. wooto6w...6
www '6.
=" °°.
V 6io LI.
mvo •
to
Active.' Idle.
25.0
75.0
1924.
1,522.166
569.154
1,627,067
522,397
1.091,976
931,698
1925.
Total
159,003,0C°.
a
a
...
....
...
. 0.
'.....-. .. .
0-4
-....
mo. •
b
Cocoa
www
,; ww
,,,,
..a v
a".a z 'e",'
66W •
Os COO
o.
....
... m
-'-CO .
Active.; Idle.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
$1
.to .w..to
1c)
41,fa3P
2.
•
21V.3
0......4m.
.F.
LOOMS.
Total
1925.
i
Wider than 501 50-4nch Reed I
inch Reed Space. Space or Less.
British India
AU other
Pa
'
4
Active. I Idle. I
32.0
68.0
China
Mexico
A
11 Months Ending June 30
1924.
10,039
861
4,542
126
4,294
95
ra
-T .T
E1 i
6
r4
8,303,728
4,308,143
9,075.176
4,248,715
8.906.788
4,177.866
1925.
2E2TA
2n
7
Imports of Pongee Oates (500-lb. Balm).
Egypt
Peru
VS
.4i
...2,
...0.„ ...
,:k'''
.,..,
6-t:
tl
an
EEE$
a
June.
'6'6
.
i
.
g171.geii
•4
.....
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
Country of Production.
;'.
4
t,P
-••-
oll
b
E.
2,664,057
1,590,768
1,073.289
2,657,470
1,688,697
968,773
2,598.825
1.678,414
920.411
....
292,045,289
248,399,424
352,697,200
231.420.825
323,027,482
247.153,093
a..w.e.
woo
E
SPINNING SPINDLES.
413,514,914
72.027,832
450.747,016
65.603,189
421.824,528
88,047,643
14.8
12.7
17.3
85.2 I
87.3
82.7
Activity of Machinery on Wool Manufactures During
1.' ,
eon sa
the Month of May 1925.
i
g: 66
,
• ,.. loa-coloa6lo "4
The Department of Commerce has issued its report on
a
active and idle wool machinery for May 1925, based on
• 66'.1o:c2lolo.
.6 2
b
...
a
ossg.13.=.,; zir.
c7
It
a
reports received from 951 manufacturers, operating 1,112
F
v 146 6,
mills. This is exclusive of 11 manufacturers, operating 16
mills, who failed to report for the month. These mills are
equipped wi`h about 3,856 looms, 127 sets of woolen cards, Srla a
g 223 l'a
14 worsted combs and 161,953 spindles. Of the total number
2
of looms wider than 50-in, reed space, 41,091, or 68%, were
in operation for some part of the month of May 1925, and Came.
NN tl
19,350 were idle throughout the month. The active machinehours reported for wide looms for the month of May formed
65.8% of the single-shift capacity; as compared with 68.1% National Coal Association to Collect and D sseminate
for the month of April 1925 and 68.1% for May 1924. Of
Trade Information on Bituminous Coal Industry.
the total number of looms of 50-in, reed space or less covered
A program whereby the National Coal Association will
by the reports for May 1925, 12,576, or 71.3%, were in function as a joint agency to collect trade information from
operation at some time during the month, and 5,050 were the far-flung producing units of the bituminous coal industry
idle throughout the month. The active machine-hours for I and to disseminate this information in summarized form, will
these looms represented 58.9% of the single-shift capacity, be formulated at an early date. C. B. Backus, President of
THE CHRONICLE
270
the Clinchfield Coal Corporation, Virginia, heads a special
committee to define such a program for consideration of the
directors, according to a statement from the offices of the
National Coal Association on July 15. The other committee
members are: J. G. Bradley, President Elk River Coal &
Lumber Co., Dundon, W. Va.; H. N. Taylor, President Sheridan-Wyoming Coal Co., New York City; W. J. Freeman,
President Bon Ayr Coal Co., Terre Haute, Ind.; T. W. Guthrie, President Hillman Coal & Coke Co., Pittsburgh, Pa. Thii
committee was authorized at the recent annual meeting of
the association. Chairman Bockus in commenting on the
movement says:
I consider this the most important work in the interests of both the public
and the industry which faces the association. Realizing the responsibility, I
have accepted the Chairmanship with the belief that the program presents
real possibilities of bringing some relief to a distressed industry. The Supreme Court has ruled, through the maple flooring and cement cases, that
producers are entitled to information, including production costs and realization, and the aim of this committee is to set machinery in motion at the
earliest possible moment, to supply this information. We will have the
first meeting of the committee in August.
The Country's Foreign Trade in June-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on July 14 issued the statement of the foreign
trade of the United States for June and the twelve months
ending with June. The value of merchandise exported in
June 1925 was $326,000,000, as compared with $306,989,006
in June 1924. The imports of merchandise are also provisionally computed at $326,000,000 in June 1925, as against
$274,000,688 in June the previous year. As the value of
merchandise imported for the m'onth of June 1925 is thus
placed exactly the same as the value of the merchandise
exported, there is no trade balance for the month one way
or the other. Last year for the month of June there was a
trade balance in favor of the United States on the merchandise movement of $32,988,318. Imports for the twelve
months of 1924-25 have been $3,824,972,847, as against
$3,554,036,954 for the corresponding twelve months of 192324. The merchandise exports for the twelve months of 192425 have been $4,867,654,344, against $4,311,659,491, giving
a favorable trade balance of $1,042,681,497 in 1925, against
$757,622,537 in 1924. Gold imports totaled $4,426,135 in
June 1925, against $25,181,117 in the corresponding month
the previous year, and for the twelve months they are $134,145,136, as against $417,025,638. Gold exports in June 1925
were $6,712,480, against only $268,015 in June 1924. For
the twelve month. of 1924-25 the exports of the metal foot up
$248,729,698, against but $10,206,941 in the twelve months
of 1923-24. Silver imports for the twelve months of 1924-25
have been $71,606,388, as against $79,939,985 in 1923-24, and
silver exports $108,823,344, against $98,785,586. Some
comments on the figures will be found in an earlier part of
this paper in our article on "The Financial Situation."
Following is the complete official report:
TOTAL VALUE OF IMPORTS AND EXPORTS OF THE UNITED STATES.
(Preliminary figures for 1925. corrected to July 13 1925.)
MERCHANDISE.
June.
1925.
12 Months Ending June.
1924.
1924.
1925
(+)Increase
(-) Decrease.
$
326,000,000 274,000,688 3,824.972,847 3,554,036,954 +270,935,893
326.000,000 306,989,006 4,867,654,344 4,311,659,491 +555,994,853
Imports
Exports
Excess Imports
Excess exports
32.988,318 1,042,681.497 757,622.537
IMPORTS AND EXPORTS OF MERCHANDISE, BY MONTHS.
1924-25.
Imports.
July
August__ _ _
September_
October
November.
December _
January...
February _ _
March
April
May
June
1
278,593,546
254,512,143
287,144,334
310,751.608
296,147,998
333.192,059
346,165.289
333,457,369
385,378,617
346,081,163
327.518,721
326,000.000
1923-24.
1922-23.
$
$
287,433,769 251,771.881
275,437,993 281,376,403
253,645,380 298,493,403
308,290,809 276,103,979
291,333,346 291,804,826
288,304,766 293,788.573
295,506.212 329,253,664
332,323,121 303.406,933
320,482,113 397.928,382
324.290,966 364,252,544
302,987,791 372,544,578
274,000,688 320,233,799
1913-14.
1921-22.
8
139,061.770
137,651,553
171.084,843
132,949,302
148,236,536
181,025,571
154,742,923
148,044.776
182,555,304
173,762,114
164,281.515
157,529,450
$
178,159,154
194,768,751
179,292,165
188.007.629
210.948.036
237,495,505
217.185.396
215.743,282
256,177,796
217,023,142
252.817,254
260,460,898
12 mos.end.
3,824.972,847 3.554,036,954 3,780,958,965 2,608,079,008 1,893,925,657
June_ _
Exports.
278,649,055
July
August___. 330,659,566
8eptember. 427,459,531
October ._ _ 527,171,781
November. 493,572.921
December _ 445.748.393
446.443,088
January.
February _ _ 370,676,434
453,652,842
March
398,218,150
April
371,402.583
May
326,000,000
June
302,186,027
310,965.891
381.433,570
399,199,014
401,483.872
428.605.519
395.172,187
365,774,772
339,755,230
348,935,702
335,098,701
306,989.006
12 mos.snd.
.111 ano 401
---
ze7,4
301,157,335
301,774,517
313.196.557
370,718,595
379.999,622
344,327.560
335,416,506
308,957,419
341.376,664
325,492,175
316,359,470
319,956,953
325,181,138
368,887,538
324,883,123
343,330,815
294,092.219
296,198,373
278,848,469
250.619,841
329,979.817
318,469,578
307.568828
335,116.750
160,990.778
187.909.020
218,240,001
271.861,464
245,539,042
233,195,628
204,066.603
173.920,145
187,499,234
162.552.570
161.732.619
157,072,044
2 GSA 722 272 2 771 i Ka 4000 Rad 570 1.12
•
•
•
•
•
•
•
•
•."
[VOL 121.
GOLD AND SILVER.
June.
1925.
12 Months Ending June.
1924.
1925.
1924.
(+)Increase.
(-)Decrease.
$
9
9
a
$
4,426,135 25,181,117 134,145,136 417.025,638 -282,880,502
6,712,480
268,015 248,729,698 10,206,941 +238,522,757
ColdImports
Exports
Excess of imports_
24,913,102
406,818,697
Excess of exports_ 2,286,345
114,584,562
SilverImports
Exports
4.917,091 4,870,389 71,606,388 79,939,985 -8,333,597
8,517,109 8,648,499 108,823,344 98,785.586 +10,037,758
Excess of imports_
Ex(2701 of PxonrtR_ R nen 015 3 775 110 27 210 95f1 IR 545 ant
IMPORTS AND EXPORTS OF GOLD AND SILVER,BY MONTHS.
Silver.
Gold.
Imports.
July
August September_
October
November _
December _
January
February_.
March
April
May
June
1924-25.
1923-24.
1922-23.
$
18,834,423
18,149,981
6,656,155
19,701,640
19.862.384
10,274,049
5,037,800
3.602,627
7,337,322
8,869,883
11.392,837
4,426,135
$
27,929,447
32,856,097
27.803,961
29,795.185
39,757.436
32,641,226
45,135,760
35,111,269
34,322,375
45,418.115
41,073,650
25,181,117
$
42,986.727
19,092,208
24,484,235
20,866,156
18,308,087
26,439,677
32,820.163
8.382,738
15.951,357
9.188.470
41,156,195
19.433,539
1924-25.
1923-24.
$
$
7,127,613 10,066,463
7,041,630 6,465,949
7,082.962 8,517,971
5,828,572 6,929,311
6,481,416 5,269,173
5,863,892 8,172,301
7,338,559 5,979,758
4.928.916 7,900.409
6.660.750 6,220,934
4.944,807 3,907.745
3,390,180 5,639,582
4,917.091 4,870.389
1922-23.
i
6,957,298
4,943,762
6,370,279
3,940,349
5,855,405
7,847,570
5,824,637
3,792,387
4,626,376
4,261,869
4,461,146
6,065,947
12 mos.end.
June_ _ _ _ 134,145,136 417,025,638 284,089,550 71,606,388 79,939,985 64,947,025
Exports.
July
August
September_
October .__
November _
December _
January
February
March
April
May
June
327,178
2,397,457
4.579.501
4,125,268
6.689,182
39.674,653
73.525,943
50.599.708
25,104,416
21.603.945
13,389,967
6,712,480
'
522,826
643.714 9,190,362 6,233,163 6,268,953
2,200,961
955,853 8.632,067 7.032.221 3,861,180
862.697 1,398.607 10,345,205 8,123.460 3.735.178
1,307.060 17,591.595 9,465.023 7,522,845 3.268,731
746.794 3,431.065 9,401.406 8.775,474 6,599,171
711.529 2,709.591 11,279.630 9,521,083 6,913,200
280,723 8.472.198 11.384,799 8,208.644 6,921,002
505,135 1,399,089 8.832647 8.876.713 2.191,059
817,374 10,392,100 7,916,717 8,355,278 4,731,705
1,390.537
655,235 0,322,618 7,801.659 4,336,338
593,290
824,444 6.535,761 9.686,517 3,499,358
268,015
548,484 8,517,109 8,648,499 3,581,081
12 mos.end
--- -
Anthracite
Market Brightens Somewhat-Bituminous
Remains Dull.
Conditions in the anthracite districts and the fact that the
miners and operators have not as yet come to an agreement
have caused the users of domestic anthracite in the East to
put in their winter supply observes the "Coal Trade Journal"
this week. In the Middle West, where anthracite is not as
important as in the East, the strike talk has had little effect.
The bituminous situation in general seems to be a little better
with prices and production holding up in most producing
sections, adds the "Journal" giving further facts as follows:
In northern West Virginia production fell off slightly last week due to the
holiday and'there was a drop in lake shipments. Railroad loadings were
practically unchanged. The carriers are still holding off from contracting
and prices are unchanged. Last week the nonunion mines produced over
88% of the output of the Fairmont district. In the southern part of the
state production is holding at its former high level and prices on some grades
have advanced slightly. Smokeless lump and egg are rather weak but
mine-run and slack are in a strong position. In the high volatiles mine-run
Is the strongest and slack is showing a greater firmness. In the Upper
Potomac and western Maryland fields contract business is more limited than
before. Railroad shipments are the best item but these are not large enough
to keep the mines active and prices remain at the same low point. The
demand in the Virginia fields is not well balanced but mine-run and slack
are in good position and production is well sustained. Coke demand lags.
No marked change in condition is reported in the central Pennsylvania
producing district though greater non-union production is reported, as
several large operations, formerly union, have started up on the 1917 basis.
In the Pittsburgh district some small sales of domestic and industrial coal
have been put through during the past week, some of it being on contract
for municipal use, but demand in general has dropped. The domestic
trade, however,is livelier on account of the anthracite situation. Very little
free tonnage is available. Prices are holding well with the exception of
spot steam coal. The production of Connellsville coke was cut sharply last
week but quotations were, if anything, a little stronger.
The tidewater bituminous market at Boston has firmed as a result of the
advance in coastwise vessel rates and the small amount of unsold coal on
hand. This firming is not as yet noticeable at Providence where prices
rule a nickel or so less. Same of the all-rail shippers report better business
but prices are the same. The anthracite market has improved and the
demand for independent tonnage has increased noticeably as dealers are
building up their stocks in spite of the fact that retail demand and prices
have not increased. At New York the demand for anthracite picked up at
the end of last week, though the bituminous situation is still dull. All
domestic sizes were a little stronger, though egg and stove still lead. This
increased demand also applied to steam sizes in general. The local binfilling right after the holiday brightened the anthracite outlook at Philadelphia and retail yards were busier than they were for several weeks past.
This activity is expected to hit the wholesalers any day. Egg is the leader
and the demand for all other domestic sizes is good. Barley is the best
seller in the steam sizes. There is, however, no improvement in the bituminous situation and contracts are fewer than ever, with no price changes.
In spite of the drop in overseas shipments during June the soft coal trade
at Baltimore is expecting both export and domestic trade to open up well
in the near future. Householders are still holding off from doing their
winter's stocking.
The U. S. Bureau of Mines, Department of Commerce, reports that
tidewater business at Hampton Roads increased by about 3% during the
week ended July 4. The chief contributing factors were increases of approximately 10% in New England cargo and "other coastwise" shipments.
Iadings for foreigu ports decreased about.
JULY 18 1925.]
THE CHRONICLE
Total accumulative dumpings for the year 1925 to July 4 are 19% ahead
of 1924 and 16% ahead of 1923.
Despite the comparative sameness of day-to-day conditions
in the soft-coal market, orders being scarce and prices
floundering in the depths, the trade seems somewhat more
cheerful, says "Coal Age's" weekly review of the coal market
for July 16. Some intrepid operators, in fact, have had the
hardihood to announce an early advance in prices, among
them Hazard (Ky.), Franklin County (Ill.) and West
Virginia producers. These changes are expected to be
reflected quickly in Indiana and Illinois coals, producers of
which are preparing for an improvement. Meantime the
trade is somewhat at a loss to understand the continued
indifference of Mid-Western consumers of steam coal. An
interesting development of last week was the purchase of a
large tonnage of 2-in, screenings at $1.55 by a strong Franklin
County operator from a mine controlled by a large mail
order concerm, which was about to offer it to the stockyards
at $1.50. This served to hold the price fairly firm at $1.75,
continues the review from which we quote the following:
Kentucky coal is moving somewhat better, but prices in western Kentucky
are unsatisfactory, screenings selling as low as 90c. Eastern Kentucky,
however, is maintaining better prices. Business at the head of the lakes
continues quiet, awaiting developments. Receipts at the docks for the
first six months of this year were nearly 1,500,000 tons above those of a
similar period a year ago. On the other hand, shipments off the docks fell
more than 4,000 cars short of those of the first six months of 1924. Conditions are practically unchanged in Kansas. Colorado and the Southwest,
being somewhat duller in Utah.
At Cincinnati the firmer tendency in evidence a week ago has disappeared
and the market finds itself in much the same condition as in late June.
Domestic trade is picking up in southern Ohio and the steam trade is about
normal. Little change for the better is in evidence in eastern Ohio and
Pittsburgh. The New England and other Eastern markets are somewhat
firmer.
,
As expected, the anthracite market shows a marked increase in firmness
as a result of the strike talk in the air. Demand is better and independent
coal prices reflect a stronger tendency than a week ago. The upturn came
none too soon, as some of the smaller mines were faced with the prospect of
curtailing operations or suspending altogether. Stove heads the demand,
egg is moving in fair volume, but pea is draggy and chestnut is almost as
bad. The steam sizes are quiet.
The "Coal Age" index of spot prices of bituminous coal receded slightly
during the week, standing on July 13 at $160, or $1.93, compared with
$1.94 last week.
Dumpings at Lake Erie ports during the week ended July 12, according
to the Ore & Coal Exchange, were: Cargo, 784,370 net tons; steamship
fuel, 47,520 tons-a total of 831,890 net tons, compared with 780,300 tons
in the preceding week. Hampton Roads dumpings in the week ended
July 9 totaled 468,804 net tons, compared with 401,083 tons in the previous
week.
Observance of Independence Day Results in Decreased
Output of Bituminous Coal, Anthracite and Coke.
The weekly report issued by the Bureau of Mines, Department of Commerce, on July 11 1925 shows that the output
of bituminous coal, anthracite and coke fell below the levels
of the preceding week owing to the observance of Independence Day. The report declares:
Production of bituminous coal during the week ended July 4 was curtailed
by the general observance of Independence Day. Total output,as indicated
by the 130,900 cars loaded for shipment, is estimated at 7,381,000 net
tons. The daily rate of output is still ahead of 1924 but far behind 1923.
Estimated United States Production of Bituminous Coal (Net Tons). (a)
Including Coal Coked.
1925
1924
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date (b).
June 20
8,402,000 223.118,000 7,434,000 222,164,000
Daily average
1,400,000
1.537,000 1,239,000
1,533.000
June 27 c
8,671,000 231,789,000 7,608,000 229,772,000
Daily average
1,445,000
1,533,000 1,268,000
1,523,000
July 4 d
7,381,000 239.170,000 5,913,000 235,685,000
Daily average
1,476,000
1,531,000 1,183,000
1,512,000
a Original estimates corrected for usual error, which in past has averaged
2%. b Minus 2 days' production first week in January to equalize number
of days in the two years. c Revised. d Subject to revision. Five-day
week.
Preliminary telegraphic reports of loadings on the first two days of the
week of July 6-11 indicate much lower shipments on the Monday following
the holiday (July 4), but an increase on Tuesday of 600 cars over the corresponding day of the preceding week.
The total output during the calendar year 1925 to July 4 is 239,170,000
net tons. Corresponding figures for other recent years are given below:
Years of ActivityYears of Depression1918
287,995,000 net tons 1919
223,100,000 net tons
1920
267,700,000 net tons 1921
201,695,000 net tons
1923
284,924,000 net tons 1924
235.685,000 net tons
ANTHRACITE.
The estimated production of anthracite during the week ended 'July 4
(a holiday week) amounted to 1,514,000 net tons, a decrease of 330,000
tons when compared with the preceding full-time week. The daily rate
of output, however, decreased only 4,000 tons or 1.3%. When compared
with the same week in 1924. the 1925 output shows a gain of 17%.
cumulative production during 1925 to date is but 1% behind that in the
corresponding period of 1924.
Estimated United States Production of Anthracite (Net Tons).
1925-1924
Cal. Year
Cal. Year
Week.
Week Endedto Date.
Week.
to Date (a)
1,788.000 42,591,000 1,823,000 43,227,000
June 20
1,844,000 44,435.000 1,918,000 45,145,000
June 27
1,514,000 45,949.000 1,296,000 46,441,000
July 4
a Less two days in January to equalize number of days in the two years.
BEEHIVE COKE.
The production of beehive coke during the week of July 4 is estimated
at 118,000 net tons, a decrease of 10,000 tons, or 8%, when compared
271
with the revised figure for the preceding week. The loss of output attending
the observance of July 4 as a holiday was, however, partially offset by
increased activity on the other days of the week. Assuming that there
were five full working days, the average daily production ar:ounted to
24.000 tons, against 21,000 tons the week before. Compared with the
corresponding week of 1924. the current output shows an increase of 26%,
although cumulations in 1925 to date are about 12% less than in the same
period of 1924.
Estimated Production of Beehive Coke (Net Tons).
Week Ended1925
1924
to
July 4 June 27 July 5
to
1924.
Date.
Date (a).
11125(b) 1925.(c)
Pennsylvania & Ohio _ 83,000 91,000 62,000 4,068.000 4,790,000
9,000
5,000. 320,000
West Virginia
9,000
320,000
526,000
15,000
13.000
525,000
Ala., Ey., Tenn. & Ga_ 14,000
6,000
202,000
214,000
Virginia
4,000
5,000
5,000
5,000
122.000
Colorado & New Mexico 5,000
141,000
3,000
112.000
Washington & Utah_
3,000
3,00e
108,000
United States total
118,000 128,000
94,000 5,350,000 6,098,000
34,000
39,000
Daily average
19,000
24,000 21,000
a Adjusted to make comparable the number of days covered in both
years. b Subject to revision. c Revised since last report.
According to the Connellsville "Courier," production in that region declined about 67,, with a gain of 46 in the number of ovens in blast.
Cumulative production of beehive coke in earlier years is as follows:
11,087,000 net tons
3.525,000 net tons f 1923
1921
6,098,000 net tons
3.479,000 net tons 1924
1922
Commercial Stocks of Anthracite and Bituminous Coal
June 1 1925.
An inventory of the stocks of bituminous coil in the hands
of consumers conducted by the Geological Survey revealed
the following facts: The total quantity in storage on
June 1 1925 was 38,000,000 net tons, against 44,000,000
tons on March 1 1925 and 51,000,000 tons on June 1 1924;
the trend of stocks has been steadily downward since the
early part of 1924 and the heavy reserves built up by consumers in late 1923 have been reduced to more normal
proportions; in fact, the present supply is slightly less than
that in the summer of 1921. ,
Measured in tons, there was a reduction in stocks of
19% during the period Sept.! 1924 to Juno 1 1925, of which
14% occurred during the last three months. At the rate
of consumption prevailing from March 1 to June 1, the stocks
on June 1 would last 32 days if evenly divided, a decrease
of 29% compared with the 45 days' supply on hand Sept. 1
1924. As a matter of fact, stocks are never evenly divided
and the figures of days'supply are presented for comparative
purposes only. It is a well known fact that in every community there are many who habitually carry very small
or even no reserves and others who carry stocks above the
average.
In addition to the quantity in the storage piles of consumers and dealers, it is estimated that the following quantities were in transit on June 1: On the commercial docks of
Lakes Superior and Michigan, 3,800,000 tons; in storage at
the mines or at intermediate points, 150,000 tons.
Retail dealers in anthracite had a 52 days' supply of that
fuel on June 1, an increase of 11% over the supply on
March 1 and slightly more than that on•June 1 1924. The
movement of anthracite in the Lake trade began early this
season and as a result the total on the upper Lake docks
now stands close to 1,000,000 tons. This is more than double
the quantity on the corresponding date a year ago.
The table below shows the estimated total stocks on hand
for all dates for which statistics are available since Oct. 1
1916:
ESTIMATED TOTAL COMMERCIAL STOCKS OF BITUMINOUS COAL IN
THE UNITED STATES (Net Tons).a
.
22,000,000
Oct. 1 1916
27,000,000 Sept. 1 1922
26,000,000
28,100,000 Oct. 1 1922 •
Oct. 1 1917
32,000,000'
July 15 1918
39,700,000 Nov. 1 1922
36,000,000
Oct. 1 1918
59,000,000 Jan. 1 1923_
38,000,000
Day of Armistice
63,000,000 Feb. I 1923
0 011
000:0
Jan. 1 1919
4
326:0
57,900,000 Mar. 1 1923
Apr. 1 1919
40,400,000 June 1 1923
4610000
52 0;0
00
0
Mar. 1 1920
24,000,000 July 1 1923
June I 1920
20,000,000 Alig. 1 1923
Jan, 1 1921
56,000,000
45,800,000 Sept. 1 1923
60 000,000'
Apr. 1 1921
39,500,000 Oct. 1 1923
Aug. 1 1921
c62,000,000
41,000,000 Jan. 1 1924
48,500,000 June 1 1924
c51,000,000•
Nov. 1 1921
c47,000,000
Jan. 1 1922
48,000,000 Sept. 1 1924
Mar. 1 1922
52,500,000 Mar. 1 1925
c44,000,000
Apr. 1 1922 at least
c38,000,000
663,000,000 June 1 1925
a The figures for 1918 in this table are based upon an actual count. Beginning
figures
are
Mall 1 1919, the
estimates based upon reports from a selected list of
5,000 consumers whose stocks in 1918 bore a known relation to the known total
stocks. b No canvass of consumers was made on this date. The total was estimated,
from the stocks on March 1, ascertained by questionnaire. c Subject to revision.
The estimates of stocks in the table above are based on a
series of reports from a selected list of about 5,000 consumers. It is believed that the actual total tonnage in the
hands of all consumers would not differ from this figure•
more than five million tons. They do not take into account
the coal in the bins of householders, steamship fuel, and the
tonnage on Lake docks. The latter item is classed as coal in
transit and is analyzed further below.
An interesting feature of the foregoing table is the
steady reduction of the stocks accumulated during 1923.
272
[vol. 121.
THE CHRONICLE
near-record rc serves of
The liquidation of the
Jan. 1 1924 has now gone on steadily for a year
and a half, and the total stocks on June 1 were lower than
any on record for a normal corresponding date. The reserves
on that date were not quite twice those of June 1 1920
when an acute shortage resulted in a panicky market with
runaway prices. Compared with other corresponding dates,
the stocks on June 1 1925 were 25% less than on June 1 1924,
10% less than on June 1 1923 and they were 4% less than
on April 1 1921, two months earlier in the season.
The reports from consumers,supplemented by information
prom other sources, indicate, it is stated, that the rate of
soft coal consumption—including exports—from March 1 to
May 31 1925 was at the rate of approximately 1,2t0,0o0 tons
a day, or 8,750,000 tons per 7-day week. During the
preceding 6 months, Sept. 1 1924 to March 1 1925, the
average daily rats of consumption was about 1,480,000
tons. The following further facts are given:
Public Utilities.—The public utilities as a unit were in a stronger position
than any other consumers, and on June 1 1925 the electric power plants
had a supply sufficient to last 48 days, and coal-gas plants had a 68-day
reserve. Although well supplied, as compared with other classes of consumers, the reserves of the utilities are perceptibly lower than on other
recent dates.
By-Product Coke and Steel Plants.—Practically complete returns from the
manufacturers of by-product coke and iron and steel indicated the following
reserves on June 1 1925 as compared with those a year ago:
Days Supply
Days Supply
June 1
June 1
June I June 1
By-Product Plants— 1924.
1925.
192.5.
feel Works—
1924.
Low volatile
41
46
26
14 Steam coal
32
24
74
31
Gas coal
High volatile
50
27
34
Average
20
Average
The sharp decrease in the supply held by these two groups was due to
a marked increase in activity as compared with the summer of 1924 and
to a decrease in the actual tonnage on hand. The 20 days' supply at byproduct plants on June 1 1925 was but 59% of that a year ago and the
steel plants, with a 27-day reserve, had less than half of the total for the
earlier date.
Railroad Fuel.—Reports from the railroads, furnished through the
courtesy of the American Railway Associatiea, indicated that the total
railroad fuel in reserve was in the neighborhood of 10.500.000 tons, a
supply sufficient to last 32 days at the present rate of consumption. A
year ago the railroads had a 50 days' supply.
Retail Dealers.—Biluminous.--Atthe rate of delivery of soft coal to the
householders this spring, retailers stocks on June 1 1925 were sufficient to
last 31 days. At the rate of delivery during the summer of 1924 the stocks
on June 1 1924 would have lasted 40 days. Compared with stocks on the
corresponding date two years ago there was a decrease in the actual tonnage
on hand, but because of the reduced rate cf delivery the present supply
appears slightly higher.
BITUMINOUS COAL IN TRANSIT.
Change in Quantity in Transit.—Coal in transit includes all coal brought
to the surface that has not been delivered to an actual consumer. The
total quantity in transit has never been measured accurately, but there is
sufficient evidence to indicate that the figure runs into millions of tons,
and that it is subject to sudden and wide fluctuations. The available
Information indicates that the quantity in transitfrom the mines on March 1
1925 was about three-quarters of a million tons more than on Sept. 1 1924
and on June lit was a million and three-quarter tons less than on March 1.
Bituminous Coal Stored by Producers, and Unbilled Loads at the Mine.—
Storage of soft coal at the mines is practised by a comparatively few producers, but the tonnage so stored may at times be considerable. Reports
from an incomplete list of producers equipped to store show that the total
held on June 1 1925 was barely 150.000 net tons. On June 1 1924 the same
companies reported 370.000 tons and in the spring of 1923 more than
800,000 tons.
The total quantity of unbilled coal in cars at the mines on June 1 was
about 800,000 tons, a decrease of 200.000 tons from the figure for March I.
Coal on the Upper Lake Docks—The Lake season of 1925 opened early
and shipments up the Lakes, to the end of May, exceeded those during the
corresponding period of 1924 by more than 1.000,000 tors, but were about
1,000,000 tons less than in 1923. The tonnage moved off the upper docks
about as fast as it was received, however, and there was but little accumulation of reserves. Reports furnished by the Lake Superior Coal Dock
Operators' Association and the dock operators of Lake Michigan show
the following total stocks:
June 1 1925
3,800,000 tons'June 1 1924
4,150,000 tons
Mar.I 1925
1,591,000 tons
3840,000 tons'June 1 1923
ANTHRACITE.
The production of anthracite was somewhat irregular during the latter
part of 1924 and the early months of 1925, but despite the fact the total
output for 1924 was 90,214,000 net tons, and the total for the first 5 months
of 1925 was 37,259,000 tons, a decrease of about a half million tons as
compared with the corresponding period last year.
Householders' Stocks.—There are no available statistics on this important
subject, but the facts relating to production and retailers' deliveries indicate
that the householders' carry-over from last winter was probably normal.
Retail Dealers' Stocks.—As usual, retailers' receipts of anthracite were
less than their deliveries during the winter months and stocks on March 1
were about 14% less than on Sept. 1. Comparison with earlier years
shows, however, that the carry-over was probably larger than usual. It
was not possible to obtain reports from all the anthracite dealers, but
reports from a group of 497 dealers who have reported regularly for the
last six and a half years throw considerable light on the situation. On
June 1 1925 this group had on hand a total of 1,188,000 net tons of anthracite, against 1,060.387 tons on March 1, 1.006,891 tons on June / 1924.
555,814 tons on June 1 1923 and 488,268 tons on June 1 1920. In terms
of days' supply, the stocks on June 1 were sufficient to last 52 days at the
average rate of delivery in March, April and May. With the exception of
stocks on Sept. 1 1924, this is the largest days' supply shown in the table,
and the figure for that date was based on the summer rate of delivery, which
ordinarily is comparatively low. It is impossible to estimate the total
stocks held by all anthracite dealers, but it is felt that the figures for this
group indicate fairly accurately the trend of the total.
ANTHRACITE IN YARDS OF A SELECTED LIST OF RETAIL COAL
DEALERS.a
Dale.
Net
Tons.
1919—Jan. 1 __
785,359
Apr. 1 ...
732,258
1920—Mar. 1 _ _
625,732
June 1..
488,268
1921—Apr. 1 .... 1,084,228
1922—Mar. I _
"4 010
Days'
Supply.b
36
31
21
15
36
Date.
Net
Tons.
Days'
Suyyly.b
1923—Mar. 1 ...
269,413
June 1 __
555,814
1924—June 1 __ 1,006,891
Sept. 1 __ 1.237,815
1925—Mar. 1 __ 1,060,387
6
10
49
58
46
1 105092
52
95
.firre 1 __
a Based on statements from 497 'den Ica! dealers who reported on each date.
b Calculated at current rate of delivery to consumers, which varies.
Anthracite in Transit.—Like soft coal, the Lake movement of anthracite
this season was early and comparatively heavy. The movement off the
docks has not kept pace with the receipts, and as a result the upper Lake
docks held 1.000,000 net tons on June 1. This was about double the stocks
on March 1 1925 and June 1 1924.
Producers' Stocks of Anthracite.—Unlike bituminous coal, large quantities
of anthracite are stored at the mines or at intermediate points en route to
consuming centres. The supplies at such storage yards were exhausted
by the urgent demand for anthracite that followed the strike of 1922.
Unfortunately it has been impossible for the Government to obtain complete
information on this important subject, and accurate totals cannot be given.
The data available indicate that during 1923 no domestic sizes were stored,
and reserves of steam sizes did not reach the pre-strike level. Beginning
early in 1924 the producers began to stock small quantities of domestic
sizes and by the end of the year the quantity held in storage appears to
have reached or passed the level of 1921. The latest complete information
available is that for Nov. 11921, which showed a total in producers'storage
piles of 4.488,000 gross tons, of which 1,768.000 tons were domestic sizes
including pea and 2,720.000 tons were steam sizes. Additions have been
made to storage during 1925 and it seems evident that the tannage on
June 1 was somewhat in excess of that on Nov. 1 1921.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on July 15, made public by the Federal Reserve Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows an increase of
$4,400,000 in holdings of discounted bills and of $5,500,000
in Government securities and a decrease of $9,400,000 in
holdings of acceptances purchased in open market, with the
result that total earning assets are $500,000 in excess of the
amount reported a week ago. Federal Reserve note circulation declined $25,300,000, while cash reserves increased
$11,600,000 and non-reserve cash $6,500,000. After noting
these facts, the Federal Reserve Board proceeds as follows:
The Federal Reserve Bank of Philadelphia shows an increase for the week
of $7,200,000 in discount holdings and Cleveland an increase of $4,800,000,
'while the Richmond bank reports'a decrease of $2,900,000, San Francisco
of $2.800.000, and Boston of $2.600,000. The remaining banks show
relatively small changes in discount holdings.
A decrease of 93.500.000 in holdings of acceptances purchased in open
market is reported by this Federal Reserve Bank of San Francisco and a
decrease of $2.700.000 by Chicago. The System's holdings of Treasury
certificates went up $4.600,000, of Treasury notes $700,000, and of United
States bonds $200,000.
All Federal Reserve banks report reductions In Federal Reserve note
circulation for the week, the principal decreases being: Boston, 86,100,000;
San Francisco, $3,800,000: Atlanta, $3,100,000; New York, $2,800,000,
and Cleveland, $2,200.000.
on subsequent pages—namely, pages 304 and 305. A summary of changes in the principal assets and liabilities of the
Reserve banks during the week and the year ending July 15
1925 follows.
Total reserves
Gold reserves
Total earning assets
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
Other deposits
Increase (+) or Decrease (—)
During
ear.
+$11,8e06,000 —8331,000,000
+6.300,000
—369,900.000
+500,000
+232,800,000
+4.400.000
+149,500,000
+7,300.000
+140,300.000
—2.900.000
+9,200,000
—9,400,000
+193,900,000
+5,500.000
—122,100,000
+200,000
+48.000,000
+700.000
—102.500,000
+4,600.000
—67,600.000
—25,300,000
—185,700,000
+44.000,000
+87.700,008
+48,500.000
+110,400.000
—2,300,000
—23,600,000
—2,200,000
+900,000
The Week with the Member Banks of the Federal
Reserve System.
The principal changes in the condition of 733 reporting
member banks in leading cities during the week ending July 8,
as shown in the statement issued by the Federal Reserve
Board, comprise decreases of $95,000,000 in loans and discounts, of $19,000,000 in investments, of $164,000,000 and
The statement in full, in comparison with the preceding $24,000,000, respectively, in net demand and Government
week and with the corresponding date last year, will be found deposits, and of $59,000,000 in borrowings from the Federal
,JULY 181925.]
THE OTTRONTCLE
273
Reserve banks. It should be noted that the figures for New South Wales Declines to Join Australian Comthese member banks are always a week behind those of the
monwealth in Floating Loan in the United States.
Reserve banks themselves. The New York City members
Sydney (New South Wales) Associated Press advices,
reported reductions of $121,000,000 in loans and discounts, July 15, stated:
$4,000,000 in investments, $117,000,000 in net demand
The Government of New South Wales has refused to join the Australian
deposits and $18,000,000 in borrowings from the Federal Commonwealth in the suggested loan issue to be floated in the United
Reserve bank. Further comments regarding the changes States. The Premier and Treasurer, J. T. Lang, expressed the view that
it would be time to consider having recourse to New York when he found
shown by these member banks are as follows:
London definitely closed to him.
Loans on stocks and bonds fell off $75,000,000, the larger decline of
$107.000.000 in the New York district being partly offset by an increase of
$34,000,000 in the Chicago district. "All other" loans and discounts,
largely commercial, decreased by $14,000,000. Banks in the New York
and Chicago districts reported reductions of $10,000.000 each and smaller
reductions were reported for the Atlanta, Minneapolis, Kansas City and
Dallas districts, while slight increases were shown for the Boston, Philadelphia, Cleveland. Richmond and San Francisco districts.
Investments in United States securities were reduced by $6.000.000, and
holdings of other bonds, stocks and securities by $13.000.000. the principal
changes occurring in the Chicago and St. Louis districts.
Net demand deposits show a decline of $164.000.000. of which $133.000.000 was in the New York district and $20.000,000 in the Boston district.
Government deposits declined by $24,000,000, small reductions being
shown for all Reserve districts.
The principal changes in borrowings from the Federal Reserve banks were
decreases of $24.000.000 and $17,000,000 in the New York and Chicago
districts, respectively.
$30,000,000 Danish Loan May Be Offered Next Week.
The following is from the New York "Journal of Commerce" of yesterday (July 17):
Offering of 830,000.000 Kingdom of Denmark long term bonds by an
American banking group is looked for next week, according to reports in
financial circles. Three groups of bankers, National City Co., Blair &
Co., and one other, are bidding for the issue. The Government has asked
for two bids, one for a 5% loan and the other for a 5ti% issue.
The proceeds of this issue will be used to redeem the outstanding 8%
issue, which is callable on Oct. 15. Some of the funds may also be used to
take up the credit which was extended to the country in the latter part of
1924.
South Africa Considering Raising of Loan in United
On a subsequent page—that is, on page 305—we give the
States—General Smuts Leans Toward London.
figures in full contained in this latest weekly return of the
Cape Town, South Africa, advices (Associated Press)
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items July 16 state:
In the course of the debate in the Assembly to-day on the proposals to
as compared with a week ago and with last year:
borrow £10,500,000 the question came up as to whether it should be
Increase (-I-) or Decrease (—)
During
Year.
Week.
Loans and discounts. total
—$95,000,000 +$1,083.000.000
Secured by U. S. Government obligations —6.000.000
—41.000.000
Secured by stocks and bonds
+986.000.000
—75,000.000
All other
+138.000,000
—14,000.000
Investments. total
—19.000,000
+640.000.000
U. S. bonds
—2.000.000
+459.000,000
U. S. Treasury notes
—241.000 000
+3.000.000
U. 8. Treasury certificates
—7 000 000
—9.000.000
Other bonds, stocks and securities
—13.000.000
+431.000.000
Reserve balances with Fed'l Reserve banks —46.000.000
+78.000.000
Cash in vault
+12.000.000
—9.000.000
Net demand deposits
—164.000.000
+869.000.000
Time deposits
—8.000.000
+727.000.000
Government deposits
—25,000,000
—24,000.000
Total accommodation at Fedi Res've banks —59.000,000
+164.000,000
raised
In London or New York. General Smuts contended that it would be
expensive
to
go
to
New
more
York. where conditions would be attached
which London would not impose; moreover,there would be further difficulty
in paying for loans in New York.
Loans borrowed in London, he said, were paid through South African
produce, which went almost entirely to the British market. South Africa
did not export to New York,and borrowing there would raise a new exchange
problem.
J.P Morgan & Co. have purchased from the Commonwealth of Australia
875.000.000 thirty-year 5% gold bonds which will be offered publicly on
Monday,July 20. at the price of 99ti. Simultaneous offering of £5,000,000
of Australian Government bonds will be made in the London market.
"undoubtedly will be subscribed in the United States." Burgomaster
Adenauer said the proceeds of this loan would be devoted exclusively to
productive purposes. He spoke of Cologne's industrial importance, of the
soundness of its credit and of the substantial commercial progress it has
made in recent years, despite the Allied occupation. He said Cologne will
have an International Transportation Fair in 1927, in which he expects
extensive American participation.
Forthcoming City of Cologne (Germany) Loan.
According to the "Wall Street Journal" of last night,
negotiations for the City of Cologne bonds have been practically concluded and offering is looked for on Monday.
The issue will amount to $10,000,000,instead of $15,000,000,
the amount originally under discussion. The bonds will run
Offering of $75,000,000 Australian Government Bond until 1950, bear 63'% interest and be offered to yield slightly
more than 75,6%. It is reported in the New York "Times"
Issue in United States Next Monday by J. P.
that $8,000,000 will be floated in New York by a syndicate
Morgan & Co. Simultaneous with Ofheaded by Blair & Co., Inc., and the remainder by a group
fering of £5,000,000 in London.
of bankers in Holland. Associated Press cablegrams from
An announcement as follows was made yesterday (July Cologne, July 16, stated:
17) by J. P. Morgan & Co.:
Burgomaster Conrad Adenauer said to-day a loan by the City of Cologne
Reports of the proposed floating of a loan of $100,000,000
by J. P. Morgan & Co. for the Australian Commonwealth
Government were referred to in these columns last week
(page 144). As was indicated last week, Australian financing has heretofore been conducted in London. On July 13 Offering of $10,000,000 73.% Hungarian Consolidated
a wireless message (copyright) to the New York "Times"
Municipal Loan.
from London, indicating that a portion of the loan would be
Speyer & Co. of New York offered for public subscription
handled there, said:
on July 15 at 89% and accrued interest, to yield about
It is expected in London financial circles that a portion of the Australian
loan of £20,000.000 will be floated here. £5,000,000 is the amount men- 8.67%,$10,000,000 Hungarian Consolidated Municipal Loan
tioned, leaving the balance to be raised in New York in dollar form.
Twenty-Year 732% Secured Sinking Fund gold bonds.
A special cablegram from London on July 10 to the The bankers are authorized to state that, from the point
New York "Journal of Commerce" had the following to of view of the League of Nations Reconstruction Plan, there
say regarding the loan:
is no objection to this loan. Subscriptions are also being
Regarding the Commonwealth of Australia's proposed 8100.000,000
in Amsterdam by Teixeira de Mattos Brothers.
loan, to be issued in New York, conversations have taken place between the received
Australian and British Governments on the subject, and it is now seen The purpose of the loan is indicated as follows:
that Australia's negotiations with J. P. Morgan & Co. were dictated by
a desire to protect the Bank of England's gold stock, which Australia
might have to draw upon to some extent if the loan were issued here.
At the same time some financial interests criticise the authorities here for
allowing New York to take away Australian business. It is, therefore.
increasingly probable, as foreshadowed yesterday, that a part of the loan
will be subscribed here.
The proceeds of the loan will be expended under the control of the Royal
Hungarian Government for capital purposes, over three-fourths for incomeproducing properties and the remainder for schools,roads and other municipal improvements. The Royal Hungarian Government exercises a large
measure of supervision and control over the administration and finances
of the municipalities.
The bonds will be dated July 1 1925 and will become due
The "Wall Street News" of July 11 reported the following
July
1 1945. They will be in coupon form in denominations
from its London bureau:
The market received word of the forthcoming Australian loan in America of $1,000 and $500, and will be registerable as to principal.
with mingled feelings of relief. Money stringency in London will not be Principal and interest (Jan. 1 and July 1) will be payable
accentuated but regret is stated that London will not share in the underin New York City, in United States gold coin of the present
writing profits. Plans for the issue were not a complete surprise because it
was known the Bank of England discouraged colonial issues after the glut standard of weight and fineness, free from all Hungarian
from the first rush. The Australian High Commissioner then secured taxes, present or future, at the office of Speyer & Co.,
approval of the British Government to place the loan in New York because
fiscal agents for the loan.
it was necessary to have £68,000,000 to meet December maturities.
A Cumulative Sinking Fund of about 2.23% per annum
It is evident the Bank of England has decided it could not risk the solid
industrial opposition which would be bound to arise if the bank rate were will redeem the entire issue at or before maturity by semiraised, and therefore it will not risk big issues now. It is doubted whether
annual drawings at par, the first drawing to take place in
the Bank will put an embargo on Australian bonds sold here, as it wishes
October 1925. It is stated that this provision will give the
to avoid seeming to put the colonials on the same basis as foreign issues.
A lively market is expected here for Australian dollar bonds because owner of bonds at 89% a profit of eleven points on any of
American terms are expected to be nearly 1% higher than the privileged
his bonds drawn at par. Regarding the sinking fund prorates enjoyed here by the colonials. There is some prospect of other parts
visions we quote as follows from_the.official circular:
of the Empire seeking American credit.
274
THE CHRONICLE
(VOL 121.
Not subject to redemption before July 1 1930, except for sinking fund.
Redeemable upon not less than three months previous notice, as a whole
or in part, on that date or any interest date thereafter at 102% up to and
including July 1 1932, thereafter at 101% up to and including July 1 1935.
and thereafter at par.
City of Zurich, Switzerland, to Redeem 8% Bonds.
Notice has been received in this country that the City of
Zurich, Switzerland, intends to call for payment, on April
15 1926, all outstanding bonds of its $6,000,000 8% 25-year
The Pester Ungarische Commercial-Bank, Budapest, is loan, dated October 15 1920. The
redemption price is 107.
trustee.
The bonds were sold in 1920 through a syndicate headed
Dr. Johann Bud, Minister of Finance, and Dr. Ivan by Hallgarten & Co., Blair &
Co., Inc., and Halsey, Stuart
Rakovszky, Minister of Interior, of the Kingdom of Hun& Co., Inc.
gary, in a statement to Speyer & Co., furnish the following
information regarding the security, debt, &c.:
Portion of $4,000,000 Bonds of Saar Basin Consolidated
Security.
Counties Distributed Abroad.
The total authorized issue of these bonds is limited to $10,000.000.
Of the $4,000,000 Saar Basin Consolidated Counties
The bonds are issued with the approval and under the control of the Royal
Hungarian Government and will be the direct obligations of 10 cities and external 7% sinking fund gold bonds to which we referred
of 38 towns of Hungary, each being liable as provided by Law XXII of
1925, authorizing this issue, in proportion to its share in the proceeds of last week (page 147) we learn that $500,000 of the issue was
the loan. These municipalities include all of the cities (except Budapest) distributed in Europe by the Amsterdamsche Bank and the
and have about 1,550,000 inhabitants.
Internationale Bank, Amsterdam.
The bonds will be specifically
charge on revenues,
secured by a first
assigned to or collected by these municipalities, which for 1925 are estimated, in the aggregate, at $5,350,000. as follows:
(a) The income tax on profits and the amount of the turnover tax
on sales assigned annually to these municipalities, which taxes
are collected by the Royal Hungarian Government
$2,250,000
(b) Consumption and octroi taxes, collected directly by the
municipalit es
1,100,000
(e) Net receipts of their public utilities and other properties
2,000,000
Total
$5,350,000
or about five and one-half times the annual requirements for interest and
sinking fund on the loan.
The Royal Hungarian Government will place monthly the revenues
specified in section (a) above or others appllcable to the service of the
loan under the loan contract, in a special account in the National Bank
of Hungary, which account is to be controlled by a trustee for the bondholders to be appointed by the bankers. The trustee will retain from
these funds the sums required for semi-annual interest and sinking fund
on the loan and remit monthly the amounts so retained to Speyer & Co.,
fiscal agents.
The bonds will be further secured by a first direct charge on all the
assets of these municipalities which covenant that, so long as any of the
bonds are outstanding, they will not mortgage their real property, nor
without the consent of the trustee sell any part thereof. The aggregate
value of their lands, buildings, public utility and other properties is estimated at more than $100,000,000, whereof about $76,000,000 is the
estimated value of income-producing properties, to which substantial
additions will be made from the proceeds of the loan.
The assessed value of property subject to taxation in these municipalities
is about $257.000,000.
The bonds are legal investments for the Royal Hungarian Postal Savings
Bank, for widows' and orphans' funds (controlled by the Government)
and are acceptable for Government surety bonds in Hungary.
Debt.
The bonds are the only external debt of these municipalities and will
be outstanding at the rate of approximately $6 50 per capita. The internal debt, at the close of 1924. was equal to about $2,650,000, or only
about $1 70 per capita.
General.
The municipalities include the cities of Szeged and Debreczen, with a
population of over 100.000 each, and six other municipalities with a population of more than 50,000 each. With only few exceptions, they report
that their revenues for the year 1925 will exceed their expenditures. . . •
In accordance with the plan of the League of Nations an international
loan for reconstruction purposes was issued in 1924 in the United States,
England and other countries, yielding about $50,650,000, the American
part of the loan amounting to $9,000,000 bonds. About three-fourths
of the proceeds of the loan are still available. Hon. Jeremiah Smith Jr.
of Boston was appointed Commissioner-General of the League for Hungary
and Is now supervising the execution of the plan. Notable progress has
been made in reconstruction, the receipts from taxes greatly exceeding
the estimates of the Financial Committee of the League made in connection
with the loan: for the first ten months of the fiscal year ending June 30
1925 revenues have exceeded expenditures and it is expected that for the
entire fiscal year the budget will balance. The establishment of the
National Bank of Hungary, as a bank of issue independent of State control,
has resulted in stabilizing the currency. The reserves of the bank in
gold and foreign exchange are equal to more than 55% of the notes in
circulation.
About a year ago, Hungary funded its relief obligations to the United
States, which were contracted immediately after the World War.
Soviet Government Signs Contract with British
Corporation for Exploitation of Lena Gold
Fields—Participation by American Interests.
It was announced on April 30 in Associated Press Cablegram from Moscow that the Soviet Government had that
day made the largest concession it has ever granted in signing a long-term contract with the British Lena Gold Fields
Corporation for the exploitation of the Lena Gold Fields of
Siberia, which are estimated to contain more than $100,000,000 worth of gold. American banking interests will it is
stated participate to the extent of 50% in the investment.
The Moscow advices added:
The Lena mines. Which are now operated by the Soviet Government,
will be taken over immediately by the British operating company, which
exploited the fields before the Russian revolution. The concession covers
mining operations over several million acres of the Lena River country in
Siberia.
The following day (May 1) additional advices (Associated
Press) from Moscow stated:
Contract closed by the Soviet Government with Lena Goldfields. Ltd.,
a London corporation, yesterday covers the exploitation of 1,500.000 acres
of gold, silver, copper and lead bearing areas in the three districts of Lena.
Altai and Sissert, in Siberia, and Is the most important concession ever
granted by the Soviet.
It is understood that important New York banking and mining interests
will have a considerable participation in the operations of the company
when its plans are completed. If the contract runs to the end of its term
of fifty years it will involve a turnover of many hundreds of millions of
dollars.
Lena Goldfields, Ltd., embraces also the interests of the Russian Mining
Corporation, Ltd.. the Altai Mines, Ltd., and the Sissert Company, which
with the Lena Goldfields company operated the mines covered by the
present concession before the revolution.
The company's engineers estimate that in the sections of the properties
already prospected there are $150,000,000 worth of fully developed metals,
while in the unprospected areas there are said to be a much greater amount.
In the Altai district alone, which covers 13,000 square miles, there is
declared to be 2,000.000 tons of ore with an average recoverable content of
silver, copper and lead of $50 a ton. The Sissert mines, which are the largest
in Europe or Asia, cover 1,250,000 acres and yield an average of $100
worth of gold, silver and copper per ton.
The Lena gold field, which is a placer property, embraces about 150,000
acres and is estimated to produce from 50c to $1 worth of gold for even,
'
yard of gravel moved in dredging and about $10 per yard for underground
work.
The Sissert area is,also rich in iron and timber, which the holders of the
concession will exploit. In addition, the coal mines in the Kuznetsk basin
and the anthracite mines in the Urals are to be worked by the company.
Under the terms of the contract the Soviet Government turns over to the
company many steamers, steel barges and tugs for transporation on the
Lena River. The contract provides that 6% in cash or kind of the total
production is to be paid to the Government by the company during the first
five years of the contract. The company agrees to install several million
dollars' worth of modern equipment which will be largely of American
manufacture.
The company's technical staff will to a great extent be British and
American. The company agrees to abide by the Soviet labor laws, but the
contract contains a clause providing that all disputes shall be referred to a
special arbitration board consisting of professors of geology and mining in
Swedish and German technical academies.
The contract, which covers ninety-three pages, Is subject to ratification
by the directors of Lena Goldfields, Ltd., and it becomes void in case they
fail to ratify i6 within three months.
The concession was negotiated by Walter Lyman Brown, of Los Angeles.
formerly European director of the American Relief Administration Alexander Malozemoff, of Oakland, Calif., formerly chief engineer of the Lena
properties, and Major Frederick W. D. Gwynne, of London.
All conversion from gold crowns to United States currency have been made at the rate of five gold crowns to the
dollar. The bonds are offered when, as and if received,
subject to the approval of counsel. Amounts due on allotment will be payable at the office of Speyer & Co. in New
York funds on or about Aug. 5 1925, as called for, against
delivery of interim receipts exchangeable for definitive
bonds when ready. Application will [be made fto list the
bonds on the New York Stock Exchange.
Copies of Russian publications received by the Russian
Announcement of the conclusion of the loan negotiations
with the Hungarian Government by Speyer & Co. was made Information Bureau in Washington contain a statement by
G. K. Piatakov, Chairman of the Soviet Concessions Comon July 13.
mittee, giving additional details of the provisional agreeReceipts From Revenues Pledged for Hungarian ment signed with an Anglo-American syndicate for mining
concessions in the Lena gold fields, in the copper, zinc and
Reconstruction Loan.
According to the latest advices from Hungary,the revenues. lead fields in the Altai Mountains, and the copper beds near
pledged for the 73 % Hungarian Government Recon- Sverdlovsk, in northwestern Siberia. In its advices the
says:
struction Loan amounted,for the eleven months ended May Bureau
The triple concession is more edtensive than the cabled summaries Indi$42,180,000,
and
about
it
is:unofficially estimated cated. In addition the concessionary may mine coal for fuel purposes in
31 1925, to
that for the entire fiscal year these revenues were between the Kuzbas and Egorshinsk regions, and he may exrecise certain timber
water-power rights within the area of the concessions.
seven and eight times the interest and/sinking fund require- and
The rights in the Lena fields run for thirty years, as at first reported, but
ments of the Loan.
in the other fields they are extended to fifty years. At the conclusion of
ULY 18 1925.]
THE CHRONICLE
215
been used for filling in. Of the nearly 5,000,000 acres of farm land unsuitthe concession period, the plants erected pass into the possessiou of the able for use at the time of the armistice, 4,525,000 acres had been leveled off.
Soviet Government.
At the time of the armistice the number of destroyed buildings reached
By the terms of the agreement the concessionary is to spend at least 893,792. On Jan. 1 1925 508,319 of these had been rebuilt. A considerable
10.000,000 rubles (85,146,000) on smelting works for copper, lead and zinc, number of the remaining destroyed buildings will not be re-erected, however,
and the same amount on mechanical development in the Lena fields. The as their owners have accepted war damages with no intention to rebuild.
Soviet Government is to receive 7% on gold production and 6% on nonThe number of factories destroyed by the war was 22,900. On Jan. 1 1925
ferrous metals, minimum yearly paymentstaeing fixed 2,000,000 rubles.
21,000 of these establishments had been rebuilt or repaired, as had over oneV,.:.The minimum production program is fixed at 15.120 pounds of gold (about half of the 5,081 schools and 3,311 churches that had also been destroyed.
the present production in the Lena fields). 36.000 pounds of silver, 18,000
On Dec. 31 1924 France had paid out for the restoration of the devastated
tons of copper. 10.800 tons of zinc and 3,240 tons of lead. It is anticipated regions a sum of 74,206,000,000 francs. On the same date the Minister of
that this program will be greatly exceeded.
the Liberated Regions reported that an additional 22,500,000 francs would be
"The economic importance of this concession," concludes Chairman necessary to complete this restoration. It is hoped, however, that economies
,"is to be measured by the considerable investment in the industry will bring down the latter total to about 18,250,000 francs.
Piatakov,
of the Soviet Union, by the increase in the production of non-ferrous and
precious metals, and the consequent improvement of our trade balance
Other factors are the large-scale employment of workers, which will stimu
late the general circulation of goods, and the creation of new industrial cen- Exports from France During May Exceeded Imports.
tres in remote sections."
Exports from France exceeded imports by 671,515,000
Associated Press dispatches from Washington April 30 francs during the month of May, according to figures comhad the following to say in the matter:
piled by the French. customs authorities and transmitted to
officials
Sharp interest was evinced today by Commerce Department
upon receipt of the Soviet announcement that the Lena gold field area had
been leased to a British syndicate. The Lena River basin is known to be
one of the richest of the Eastern Siberian gold deposits that potentially are
the source of huge amounts of the precious metal.
The.Soviet Lena trust has been organized and operating for some time and
reports filed with the Commerce Department have indicated that its output was the largest of any of the Soviet Government's mining enterprises.
The deposits are chiefly placer in which the gold is washed out of sand and
gravel and are more easily workable than other deposits in Eastern Siberia.
Two small groups of Americans have been attempting to negotiate
Independently with the Soviet Government for the mine, but from Soviet
reports it has been concluded that the Americans were working with British
interests.
It is probable from the results attained by engineering prior to the Russian
revolution that the eastern Siberian gold fields can produce many times the
total of $100,000,000 if conditions ever allow their exploitation.
British Embassy Opens New York Office.
On July 10 the British Embassy opened a New York
office at 2 Rector Street, with Captain A. J. Pack, Commercial Secretary to the Embassy, in charge. The purpose
of the new office will be to keep informed at first hand as to
financial and commercial developments in the United States.
The regular commercial work of the district will continue
to be handled by the British Consulate in New York.
Captain Pack has since the war been head of the United
States section of the Overseas Trade Department of the
Foreign Office in London and was a member of the British
Military Mission to the United States in 1917.
French Government's Gold Basis Consolidation Loan.
According to Associated Press cablegrams from Paris
July 15, a poster advertising the new stock issued for Finance
Minister Caillaux's gold basis consolidation loan (referred
to in those columns last week, page 146) will be distributed
throughout France at an early date. It calls attention to
the fact that the issue is at par and will bear 4% interest.
The cablegram notes:
The stock is reserved to holders of national defense bonds, and the dividends will be free from taxation, even from the general income tax, to which
other tax-free stocks are liable.
In a special copyright cablegram from Paris July
New York "Times" said:
15 the
Finance Minister Caillaux seems likely to get enough money out of his
conversion loan plan to liberate the Treasurefrom all dependence and enable
him to go ahead with the rest of his financial reform schemes.
During Friday and Saturday last the public demand for National Defense
bonds with which to purchase the later new issue reached more than 100.000,000 francs in excess of the amount needed to cover the July maturities.
That is to say, that during these two days more than 400,000.000 francs
was invested in National Defense bonds. Even on Monday, Beattie Day,
when all France was supposed to ho on a holiday, queues of people were
to be seen waiting outside post office and other centres where bonds were
for sale.
Treasury officials are confident they will obtain no less than 30.000,000,000francs, a sum which will enable the Government to meet all its maturity
obligations this year, pay back if need be a large slice of the unsecured
Bank of France advances and have money at its disposal with which to
begin reconstruction of the currency. This success of the conversion loan
Is, of course, due to guaranteeing interest on a gold basis. Peasants, small
manufacturers and people of all kinds, who have been making money recently in the business boom and increased prices are seeking this new way
of making their future interest secure.
Reconstruction of French Devastated Regions Nearing
Completion.
Reconstruction in the devastated regions of France is now
beginning to draw to a close, and another year should see a
complete fulfillment of the extensive program inaugurated
by the French Government shortly after the armistice, says
Commercial Attache C. L. Jones, Paris, in a report to the
Department of Commerce. The latter, in announcing this
July 13, states:
Of the 7,250,000 acres of land rendered unsuitable for use at the time of
the armistice, 95% had been restored on the 1st of January 1925. Practically all the land covered with barbed wire entanglements has been cleared
and 97% of the earth that had been thrown up in making trenches has now
the Bankers Trust Co. of New York by its French Information Service. This figure, says the trust company on July
15, represents an increase of 164,739,000 francs over the figure for the favorable balance for April. The company also
states:
Exports for the month were 3,640,187,000 francs and imports were 2,968,672,000 francs. Exports show an increase of 82,448,000 francs over April
last and of 271,607,000 francs over May 1924. Imports are 82,296,000
franc lower than in April of this year and 214,082,000 francs lower than in
May of last year.
For the first five months of 1925 the favorable trade balance amounts to
2,272,571,000 francs, as against 1,685,730,000 francs for the same period in
1924.
German Basic Industries Depressed.
In spite of the continued improvements in the German finishing trades, the severe crises in the coal, iron, machinery
and shipping industries have resulted in a basic depression of
economic conditions, according to the European Division of
the Department of Commerce. In reporting this on July 16
the Department states:
The coal industry now has more than 11 million metric tons of stocks on
hand, representing approximately 170 million marks of frozen operating
capital. The situation has necessitated a reorganization of the coal syndicate and the closing down of marginal mines, including shafts of the Harpener Berghan A. G., Recklinghausen.
Organized opposition to the food duties in the provisional tariff are expected to prevent the passage of the tariff bill before the adjournment of the
Reichstag on July 18, capable okervers report. In this event, they say the
enactment of the new tariff and the abolition of the present import restriction system will be postponed until September. In the unexpected event of
the bill passing, the import license system will be lifted on Aug. 1.
High tariff rates in the best German export markets make necessary similar German rates for commercial treaty negotiations, according to Dr.
Kanitz, Minister of Foodstuffs, which, however, will later in large part
be reduced. The high rates on semi-finished iron and steel is not expected to
pass the Reichstag, in the opinion of observers. Similar difficulties are
predicted in the passage of the valorization and the taxation bills. The increases provided for the beer and tobacco taxes have been rejected in addition to other proposals. The Socialist demand for a tax on inflation profits
Is expected in many quarters to increase in strength in spite of the practical
difficulties of the measure.
An agreement is being negotiated between the raw steel cartel and associations of finishing industries which will provide for the control of import
contingents of iron and steel by the raw steel cartel and for a rebate on
similar exports of finished goods, amounting to the difference between the
domestic and the world market price. Moderate protection of the domestic
raw steel market is considered by the trade as indispensable to normal ac.
tivity of the heavy industries which are at present suffering from French
competition not only in southern Germany but even as far north as Berlin.
German foreign trade figures for May show continued improvement in
exports which totaled 732 million marks, as compared with 672 million in
April. The export level is now approximately 87% of the 1913 monthly
average after a gradual rise from 65% at the beginning of 1924. Imports
maintain their high level, about 140% of the 1913 monthly average, and
amounted to 1,084 million marks in May, as compared with 1,080 million in
April. The resultant trade balance deficit for the past six months under
these conditions approximates the record import surplus for the whole of
the previous year, totaling 2.7 million marks.
Continuation of the present credit rationing policy is necessary to the
maintenance of financial stability, the President of the Reichsbank states,
and Reichsbank commercial and industrial credits will continue to be Binited to 2.5 billion marks.
French and Belgians Preparing to Withdraw from
Ruhr Cities in Accordance with London Agreement.
Duesseldorf, Germany, Associated Press cablegrams July
14 state:
Throughout the Ruhr and in parts of the Rhineland preparations are being
made for the evacuation of cities and districts by French and Belgian troops
In accordance with the London agreement of 1924, which put the Dawes
plan into effect.
The agreement also called for the evacuation of the "sanctions cities,"
Duesseldorf, Durisburg and Ruhrort not later than Aug. 16, provided Germany lived up to the obligations of the Dawes plan. Germany's carrying out
of her part of the bargain has caused the Allies to make the next move.
Already a number of smaller Ruhr towns have been evacuated, including
'lettingen and Oberhausen, while Essen and Bochum will be freed in the
near future.
Although the Allied troops will be withdrawn gradually, political police
will remain until the middle of August as an indication that the occupation
technically continues to the date specified in the agreement.
For this reason the Burgomasters of the cities affected urgently have admonished the population to refrain from demonstrations and celebration lest
new difficulties ensue.
276
THE CHRONICLE
[VOL 121.
The earlier negotiations floundered on the unwillingness of the Germans to
Plans are for the Belgian troops to return home, while French detachments
partly from the Ruhr will replace the colored troops in the Palatinate, which accept the French proposals that individual German firms be allowed to imagainst
port
French ore, especially from Lorraine, in whatever quantities they
French
sent
colored forces will be
continues to be occupied. The
pleased, whereas the Germans wanted imports controlled through an organithe revolting Riffians under Abd-el-Krim.
In German Nationalistic organs apprehension is expressed that the troops zatimi of German industries.
The question of the customs duties to be introduced after the expiration
leaving the Ruhr merely will be added to the occupation forces in the Rhineof the period of free import provided by the Versailles treaty was also one
land, but this is denied by the Allied authorities.
on which the Germans and French could not agree.
The outlook for a security pact favorably influences the reopened negoItaly Ends Fiscal Year to June 30 1925 With Surplus of tiations.
209 Million Lire—New Italian Finance Minister.
R. Angelone, Commercial Attache of the Italian Embassy
at Washington, announces the receipt on July 13 of a cablegram from the Ministry of Finance which states that Finance
Minister De Stefani, just before resigning, was able to
summarize the results of the fiscal year 1924-1925, ended on
June 30 last. In his announcement Sig. Angelone says:
Stinnes Affair Ending—A Settlement Expected to
Be Effected in Six Months.
The following copyright cablegram from Berlin June 28 is
taken from the New York "Times":
The Stinnes affair seems to be blowing over. President Schacht of the
Reichsbank stated that he views the situation optimistically. He says that
when the crisis became public he got numerous offers of foreign help, which
were rejected as superfluous. The Prussian State Bank consented to adPreliminary figures show that said fiscal year ended with a surplus of 209 vance 1,000,000 marks with
Stinnes stock as security.
million lire, an improvement of 1,574 millions over the estimates of one
It is expected here that the entire settlement will be completed within
year ago. The surplus of this year is the first registered in the Italian six months, and it will be effected
by liquidating part of the concern's inbudget since 1920.
dustrial holdings.
The new Italian Ministry of Finance and Treasury is Count Giuseppe
Reference to the credit extended by the German banks to
Volpi who was born in Venice in 1877. Since 1900 he started to be interested
In Oriental affairs and negotiated several concessions for Italy as those of the Stinnes enterprises to prevent their threatened collapse
Eraclea and, later, those of Adalla. In 1912 he was entrusted for the
negotiations of the peace treaty between Italy and Turkey, after the was made in our issue of June 13, page 3009.
Lybian War. In 1913 he was chosen as the Italian technical delegate and
was elected vice-president of the Economic Conference for the Balkans,
held in Paris during that year. During 1919 he took part in the Inter- Dr. Jacob Gould Schurman Assumes Post as United
Allied Economic Supreme Council in various meetings held in Paris,
States Ambassador to Germany.
London and Rome, as the representative of the Italian Conference. In
Dr. Jacob Gould Schurman, whose appointment as Am1920 he took also part in the preliminary discussions which ended with the
Adriatic Treaty of Rapallo.
bassador to Germany was noted in these columns March 21,
Count Volpi has been President of the Executive Committee of the page 1408, presented his credentials to
President von HindenFederation of Italian Industries and of the Association of Joint-stock
Companies. He was also President and General Manager of the Electric burg at Berlin on June 29. Dr. Schurman sailed from the
Adriatic Company and President of the Industrial Credit Bank of Venice. United States on June 10 to take up his new duties in GerThe choice of Count Volpi as Italian Minister of Finance has been well many.
He had formerly been United States Minister to
received in the Italian financial and commercial circles, on account of his
ability as a statesman and for his wide knowledge in financial matters. China. Accompanied by his staff, Dr. Schurman was reConfidence is fully returning, government bonds are fast re-approaching ceived by President von Hindenburg, with Foreign Minister
par, while the lira has already regained most of the ground lost during the
Stresemann and other German officials in attendance. In
past weeks, mainly as a result of wide speculation.
Reference to the resignation of Finance Minister de Stefani submitting his credentials, Dr. Schurman said:
It is the desire of my Government to cultivate to the fullest extent mutual
and the appointment of his successor was made in these friendship
between our two countries. Animated personally by cordial sencolumns last week, page 145.
timent originating in my youthful studies in Germany and sustained by proFranco-German Iron and Steel Trust Formed—Agreement, Regarded as Chief Development Since
Dawes Plan Adoption, to Hasten
Ruhr Evacuation.
The New York "Herald Tribune" of June 28 publishes under the above head the following (copyright) from Berlin
June 27:
Iron-Steel Trust Formed.
While the Government, backed by the States, is preparing to press the negotiations with the Allies, the "Herald Tribune" learned on high authority
that the proposed Franco-German iron and steel trust, on which prolonged
negotiations have been in progress, has finally been formed. A full agreement on basic principles was reached, with only minor details awaiting
adjustment.
This agreement, which is regarded as the most important single development in Europe since the adoption of the Dawes plan, is responsible for the
preparations already under way by the French Government for the evacuation of the Ruhr and is bound to influence profoundly future Franco-German
relations.
According to the "Herald Tribune's" informant, who is in direct touch
with the industrialists involved in the agreement, a way also been opened
for comprehensive Franco-German industrial co-operation. The basic principles already agreed upon in the Franco-German iron and steel trust follow:
France receives the right to export 1,700,000 tons of iron ore from AlsaceLorraine, the Saar and Luxemburg to Germany annually.
Retain Full Control.
The German and French heavy industries retain full control of their respective home markets, while a joint syndicate is to be formed for operation
in the foreign markets. Orders received by this syndicate will be divided
according to fixed quotas between the German and French participants.
A separate syndicate will be formed for the control- of The output, and the
long-term contracts will be concluded for the delivery of French ore to German furnaces and Ruhr coke to French iron firms.
In addition, the German and French industrialists will participate jointly
in enterprises in both countries, but on this point some details remain to
be settled.
Thyssen Heads New Steel Trust Plans—French,
German, Belgian and Luxemburg Makers
Hope to Enlist British Also—To Fight
American Invasion.
A cablegram from Berlin June 12 appeared under the
above head in the New York "Evening Post":
Negotiations have been take up again in Duesseldorf, under the chairmanship of August Thyssen, for building a Continental steel trust that would protect the European market from American steel and bridge difficulties among
French and German producers caused by political dispositions.
It is planned to bind together through agreements the French, German,
Belgian and Luxemburg industries.
Such negotiations, which were under way several months ago, were interrupted by differences between French and German industrialists. The present negotiations have been kept secret and, according to information received
here to-day, will be continued, not in Paris as originally planned, but in
London, whither both the German and French representatives have suddenly
gone with a view, it is thought, to discussing the entrance of England into
such a must.
longed social intercourse, I will find especial satisfaction in carrying out the
instructions of my Government.
I earnestly solicit the confidence and co-operation of Your Excellency's
Government, extended so generously to my predecessors with such happy
results. Thus shall we together promote the re-establishment of the old
relations of cordial friendship between the German and American peoples
which in the past permitted such notable contributions to peace and goodwill in the world.
Although the world to-day is at peace It does not enjoy the fruits of peace.
The spectres of Fear and Distrust stalk among the nations and antagonize
their best efforts for economic, social and moral rehabilitation.
While is is the policy of the United States not to participate in the solution of European problems, and while therefore it would not be proper for
me to express any opinion on the merits of policies now under consideration,
I may be permitted to hail as a happy omen for the world's peace and health
the fact that Germany has proposed a fresh application of the principles of
good-will and mutual confidence.
(This, presumably, referred to Germany's proposals for a Western European security pact.)
With profound admiration for Germany's past contributions to civilization, and with firm faith in the ability of the German people to surmount
their present difficulties, I have the honor to convey to Your Excellency the
best wishes of the President and the Government of the United States for
the welfare and prosperity of Germany.
President von Hindenburg in replying said:
I thank you most sincerely for the kindly words you have just addressed to
me. With deep satisfaction I gather that your Government desires to continue to cultivate in the greatest measure possible the mutual friendship between Germany and the United States.
Be assured that the President and the Federal Government of Germany,
remembering the numerous proofs of friendship received by our country
from the United States during the recent difficult years, are animated by
the same desire as your Government. We will do whatever is in our power
to make easier the fulfillment of the tasks connected with your gravely responsible office.
In addition to the extensive economic relations mutually connecting Germany and the United States, our two countries have always been bound together by strong spiritual bonds.
I have no doubt that you, a former student of three German universities,
as a savant of world reputation, as President for many years of the famous
Comell University, which once before in your predecessor, Andrew D. White,
sent us a distinguished diplomatic representative, will have an especially full
appreciation of American-German cultural and spiritual relations.
Your Excellency's reference to an unpaciffed Europe and your expression
of sympathetic appreciation of the new steps undertaken by the German
Government for bringing about a mutual and sincere understanding, prove
you possess a warm-hearted comprehension of the political needs and honest
intentions of the German people, who are bent upon a real peace.
For the good wishes of the President and the Government of the United
States which you have kindly transmitted I thank you most heartily. In the
name of the German Reich I welcome you sincerely,
Carl von Lewinski to Be German Consul at New York.
According to Associated Press dispatches from Washington, July 8, Carl von Lewinski, German agent on the GermanAmerican Mixed Claims Commission, has been appointed
German Consul-General at New York. He will assume his
new duties July 15, but will for a time continue on the Claims
Commission. He succeeds Dr. Carl Lang, who was recently
appointed Minister to Cuba.
JULY 18 1925.]
THE CHRONICLE
277
translated by the Russian Information Bureau in WashingExport Credits to Be Established by Spain.
Associated Press advices from Madrid July 6, were re- ton. The Bureau says:
The Bank for Foreign Trade supplanted the former Russian Commercial'
ported as follows by the New York "Journal of Commerce": Bank on April 1 1924. During
the
The Spanish Government, working in conjunction with banking and commercial interests, has ordered the establishment of credits for the Spanish export trade, which, says an official statement, "is of extraordinary importance
to the economic interests of the country."
The Bank of Spain, the Superior Banking Council, the National Council of
Spanish Trade Abroad, the Superior Council of the Chambers of Commerce
of Spain, the Foreign Office and the Ministry of Finance and Labor have
been requested by the Military Directorate to designate representatives who
will work with the National Economic Council to establish the credits.
Spanish Farm Loan Board Named.
A copyright cablegram from San Sebastian, Spain, July 7,
to the New York "Times" said:
year its consolidated balance sheet rose'
from $15,000,000 to $55,720,000, capital stock from $5,000,000 to $14,290,000, deposits from $2,230,000 to $14,600,000. At the end of the year the
bank had $28,000,000 outstanding in the financing of foreign trade, as compared with $1,000,000 at the beginning of the year. Loan and discount
operations during the year aggregated upwards of $75,000,000, of which•
over two-thirds were during the second half.
"In the closing months of the year, credits were extended by foreign'
banks," says "Economic Life." "The Bank for Foreign Trade is only
beginning to utilize these foreign bank credits, and its indebtednes under
s
this.
head constitutes but a little more than 1,500,000 rubles (roughly $750,000)'..
However, it is of the utmost importance that a practical foundation
has
already been laid for attracting foreign funds through this bank
to assist
in financing the Soviet Union's foreign trade."
Soviet Russia Developing Its Textile Industry.,
The Textile Syndicate of the Soviet Union has adopted a
comprehensive plan for building new mills, equipment for
which will be imported from Great Britain and the
United
Belgian-American Trust Buys Interest in Bank.
States, according to bulletins received by the Russian InforThe following is from the New York "Journal of Com- mation Bureau in Washington. The first order, for textile
machinery worth $24,672,000, will be placed in
merce" of July 3:
England. In
The Mutuelle Mobiliere et Immobiliere financial organization of the Sol- connection with the plan to place the
next large order in the
vay industrial group, and the newly formed American Belgian Financial United States,
an American banking representative is exCorporation in which Lee, Higginson and White, Weld & Co. of New
York
are interested, has bought important participation in the Banque Generale pected in Moscow shortly for conferences. The Bureau
Beige. This group will take up 25,000 shares of a 50,000-share capital
in- adds:
A new Government Board of Agricultural Credits has been appointed by
royal decree, under jurisdiction of the Minister of the Interior, with duties to
make loans to Spanish farmers and breeders varying from 2,500 to 15,000
pesetas.
crease now authorized.
Textile production in the Soviet Union increased rapidly
last year, and
showed substantial further gains during the first six
months of the current
Soviet fiscal year, Oct. 1 to April 1, 50% in cotton and
India Proposes 100% Rise in Printers' Ink Duty.
20% in woolens as
compared with the same period last year. There is
still, however, a marked
Special advices to the New York "Commercial" under date shortage in textiles as compared with demand,
and this shortage is expected
to increase in the fall, if the present excellent crop prospects
of July 6 from Calcutta said:
materialize. In
addition, Persia has absorbed a million dollars' worth
As a result of its investigations, the Indian Tariff Board has recommend
of Soviet textiles in
ed the last six months, and the demand is growing.
that the import duty on printers' ink be increased from 21
/
2% ad valorem to
At present the textile industry is running at between
5% ad valoreni, says United States Assistant Trade Commissioner Renshaw.
70 and 75% of the
pre-war volume, and, with the new mills, is expected
The tariff board is purely an investigating and advisory body
to pass the pre-war
and makes rate of output during 1926.
its recommendations to the Government of India, which, in its discretion,
presents them to the legislative assembly for final decision.
Argentina Plans Consolidation of Debt Through
Issuance of Bonds Aggregating 350,000,000
Pesos.
Associated Press cablegrams from Buenos Aires July
7
stated:
•
President Be Alvear has sent to Congress a bill
proposing consolidation
of Argentina's debt with the Banco de is Nacion, the official
bank of the
country, through local issuance of bonds up to 350,000,00
0 paper pesos
(about $141,400,000).
The bonds would carry 51
/
2% interest with 4% annual accumulative
amortization. They would be taken by the bnak
at 95, and the proceeds
applied to pay off Treasury bills already rediscounte
d by the bank.
American Cement Admitted Free of Duty
into
Russian Soviet Union.
American cement is now admitted duty free into
the Soviet
Union, according to Order No. 65 of the People's Commissariat of Foreign Trade, a copy of which has just
been received by the Russian Information Bureau in Washingt
on:
The order relating to American cement was published
by the
Customs Tariff Committee of the Commissariat of
Foreign
Trade at the end of April, as a result of a decree of
the
Council of People's Commissars, adopted in March, reading
as follows:
The Customs Tariff Committee is empowered to establish
the duty-free
entry of cement into the Union of S. S. R. when imported
directly from
nations permitting cement from the Union of S. S. R. to
enter their own
territories duty-free.
Governor and Vice-Governor of Bank of Chosen Retire
—New Governor Named.
Cable advices to the Japanese Finance Commission yes- Asking What Became of Russian Bank's Gold—French
terday (July 17) report that both Governor K. Nonaka and
Bureau of Inquiry Finds $200,000,000 of It
Vice-Governor B. Suzuki of the Bank of Chosen were reStill Unaccounted For.
lieved of their posts at their own request, and Shimakichi
The following is from the New York "Times" of June 15:
Suzuki was nominated Governor of the Bank of Chosen,
An examination has been made by the Bureau of Russian
bondholders at
succeeding Mr. Nonaka,. Mr. Shimakichi Suzuki is the for- Paris into the question of what has become of the Russian gold reserve, which
before the war amounted to 1,695,000,090 rubles, or
approximately $847,mer Vice-President of the Yokohama Specie Bank, and one 000,000. As summarized in the
London "Economist," this report shows that
of the present members of the board of directors of the same 680,000,000 rubles gold were transferred from Russia to London,
New York
bank. He has been in the banking business from his boy- and elsewhere in connection with the financing of the war and before the
Bolshevik revolution.
hood.
At the time of the Bolshevik coup d'etat,
Russia actually held 1,164,000,000 rubles of gold, of which between 600,000,00
0 and 700,000,00
0 had beer,
sent for safety to Kazan. It was believed to be
Russian Soviet Currency 45% of 1913 Total.
thus secured from the Germans and from the Russian revolutionaries. When
Admiral Kolchak estabThe total amount of Soviet money in circulation in the lished his Government in Siberia,
his army
the gold at Kazan,
Soviet Union on July 1 was $423,000,000, or only 45% of which was promptly sent on to Omsk, Kolchak'scaptured
Siberian capital.
The
exact
amount of gold which Kolehak thereby acquired
the 1913 circulation, says an Associated Press cablegram
is estimated by
the French bureau at 680,000,000 gold rubles, or $340,000,00
from Moscow July 15. It adds:
0. The Rolchak Government sent nearly half
Of the total, the figures of the Commissariat of
Finance show 8230,000.000
represent State bank notes or tchervontst, which
are guaranteed by a gold
fund and foreign currency deposited in the
State vaults. The balance
includes 8128,000,000 worth of Soviet Treasury
notes, $56,000,000 in silver
currency and $3,000,000 In copper coins.
The June issue of Treasury notes, included
in the total, amounted to
more than 86,000,000.
India Bans Loan for 120,000,000 Rupees.
From Washington July 14 the New
York "Journal of Commerce" reported the following:
The general improvement in the
financial position of India has led the
Government to decide not to issue the
120,000,000 rupee loan as announced
In the budget for 1925-26, says Vice-Consul
Everett, Bombay, in advices
to the Department of Commerce. Only operations
for conversion purposes
will be undertaken.
of this gold to Vladivostok as a base of
credit for supplies. It is stated, however, that
42,000,000 rubles of this
amount, or $21,000,000, passed into the hands
of the Cossack General Semenoff, who kept possession of it, so that
the amount delivered at Vladivostok
in 1918 is estimated at $124,000,000.
The greater part of this was used as
guaranty for a loan granted to the Kolchak
Government by Anglo-American
bankers, in return for which rifles and machine
guns were obtained in the
United States.
The inquiry states that a balance of something
over $200,000,000 remains
unaccounted for, even after deducting what
Kolchak had sent to Vladivostok.
A curious story is told of Kolchak, on his
retreat in 1918, loading the golct
which remained in what was called "special
train No. 2," and sending it to
the rear. At one of the stations the
train carrying the gold collided with
another train several of the cars were
smashed and a good deal of the gold
was scattered
'about the railway.
The French inquiry reaches the conclusion
that the remainder of Katchak's gold fell into the hands of the
Czechoslovakian soldiers who were
roving through Siberia, and that the gold
was dissipated through that capture. The Czechoslovakians reply that it
was all captured from them by
the Russian revolutionaries. The result of
the inquiry, however, is to leave
the location or ultimate fate of $200,000,0
00 gold rubles in entire doubt.
Soviet Russia's Bank for Foreign
Trade.
The Bank for Foreign Trade of the Soviet Union
com- Offering of $3,000,0
00 Farm Loan Bonds of Fremont
pleted its first year of operations on April 1, with
business
Joint Stock Land Bank.
showing a steady expansion of volume, accordin
g to a sumAn offering on July 16 of $3,000,000 43j% Farm
mary printed in a recent issue of "Economic Life"
Loan
(Moscow), bonds of the Fremont
(Neb.) Joint Stock Land Bank was.
278
THE CHRONICLE
made by the Equitable Trust Co. of New York, Brooke,
Stokes & Co. of Philadelphia, the Old Colony Trust Co. of
Boston and the Central Trust Co. of Illinois at Chicago.
The issue was offered at 1023 and interest, to yield over
4.40% to optional date, 1935, and 4.75% thereafter. The
bonds will bear date June 1 1925, will become due June 1
1965, and will be redeemable at par and accrued interest
on any interest date after ten years from the date of issue.
The bonds will be issued in denominations of 81,000, 85,000
and $10,000. Principal and interest (June 1 and Dec. 1)
will be payable at the Fremont Joint Stock Land Bank,
Fremont, Neb., and at the Equitable Trust Co. of New York,
New York. The bonds will be in coupon and fully registered
form, and will be interchangeable. The purpose of the issue
is to refund 5% bonds of the bank which are now callable or
for making additional farm loans. The bonds are issued
under the Federal Farm Loan Act and are exempt from all
Federal, State, municipal and local taxation except inheritance and similar taxes. The Fremont Joint Stock
Land Bank was chartered in April 1919 and operates in the
:States of Iowa and Nebraska. In Feb. 1921 it took over
the Peters Joint Stock Land Bank of Omaha. In July 1924
the bank was placed under the same management with the
Lincoln Joint Stock Land Bank. The Lincoln and Fremont
banks are operated from the same headquarters in Lincoln,
Neb., but retain their separate identity in all respects. The
corporate office of the Fremont Joint Stock Land Bank is at
Fremont, Neb. The following is the statement of the
Fremont Joint Stock Land Bank as of June 30 1925:
For,121.
ative company is unable to comply with a 34,000,000 payment at that time.
It is understood that the vendor companies have expressed a willingness
to co-operate with the Grain Marketing Company officials who may devise a plan to sell grain collectively on a less extensive scale, using, perhaps,
the Board of Trade memberships held here and at Kansas City by Mr.
Silver and J. W. Coverdale, Secretary of the Marketing Company.
Farmers Willing to Help.
Farmers in Nebraska, it is said, are willing to start a move among Farm
Bureau members for the purpose ofraising money to keep the Grain Marketing Company alive through some reorganization plan. It is claimed that
in view of the leadership of the American Farm Bureau Federation, which
ancinsored the Marketing Company from the beginning, a few subscribers
would be sufficient to launch the new venture.
The announcement July 7 of the intention to dissolve the
Grain Marketing Co. followed the failure on July 3 of Dean,
Onativia & Co., stock and grain brokers of New York and
Chicago, although there had been reports a month ago of
the possible dissolution of the Grain company. Emanuel
F. Rosenbaum of Chicago, President of the Rosenbaum
Grain Corp. (one of the companies merged with the Grain'
Marketing Co.) was a partner in Dean, Onativia dr Co. At
the time of the latter's suspension, William F. Unger of
Gilman & Unger, counsel for the firm, in a statement regarding its failure, said in part:
This situation arose from the fact that in the account of customers, Dean,
Onatavia & Co. were carrying 45,000 shares of stock of the Rosenbaum
Grain Corporation which was a subsidiary of the Grain Marketing Company
of Chicago. This stock has been quoted and carried by the banks around
$50 a share.
My information is that under the requirements of the Illinois law it was
necessary for 51% of the stock of the Grain Marketing Company to be
sold by July 1 because it was a co-operative association. It is said that
it will be necessary to unscramble the Grain Marketing Company and its
subsidiaries.
Assets—
fAabiWies—
The Chicago "Journal of Commerce" on July 8, in reMortgage loans
69,233,064 55 Capital stock
6617,300 00
252.631 80 Surplus from earnings-- 61.900 00 porting the proposed dissolution of the Grain Marketing
U.S. Govt.bonds(coa)
Accounts receivable
26,874 28 Undivided profits
119.712 14
4,21245 Farm Loan bonds issued-- 8,839.500 00 Company, stated:
Notes receivable
Deposited with banks_ _ _ _
64,488 59 Payments on principal of
The farmers having subscribed for only 66,000 of a necessary 1,000,000
314,314 14
Accrued Interest on loans
allE1
shares of stock, the Grain Marketing Co., Inc., will dissolve on July 28
and securities
170.575 08 Advance payments on
6,37560 and return its properties to the three remaining constituent companies—
Furniture and natures_
952 50
principal and interest_ _
128,10000 Armour Grain Co., Rosenbaum Grain Corp. and Rosenbaum Brothers.
Real estate
449.187 88 Bills payable
Reserved for unpaid bond
The fourth party to the consolidation—Davis-Noland-Merrill Grain Co.
13.695 00
coupons
of Kansas City—has been operating under its own identity for the last week.
Accrued interest on Farm
Farmer members of the board of directcrs still are struggling to raise the
98,870 78
Loan bonds
Accounts payable (due on
necessary $4,000,000 to be paid on July 28 under the terms of the original
2,219 47 agreement, but these are hopeless
incomplete loans)
and have been rated as such by the vendor
810,201,987 13 companies who have completed plans for the dissolution. This information
310.201,987 13
while not coming in the form of an official announcement, nevertheless
comes fronvofficial sources and is beyond question.
Offering of $500,000 Bonds of New York Joint Stock
Land Bank of New York City.
Clark Williams & Co. offered on July 16 an issue of $500,000 5% farm loan bonds of the New York Joint Stock Land
Bank of New York City at 104% and accrued interest, to
yield about 4.40% to 1935 and 5% thereafter. The bonds
are dated Jan. 1 1925, will mature Jan. 1 1955, and will be
redeemable at par and interest on Jan. 1 1935 or any interest
date thereafter. They are coupon bonds in denomination
of $1,000 each, fully registerable, coupon and registered
bonds being interchangeable. Principal and semi-annual
interest (Jan. 1 and July 1) will be payable at the Chase
National Bank of the City of New York. The New York
Joint Stock Land Bank of New York City was organized
May 21922,receiving its charterfrom the Federal Farm Loan
Board to operate in the States of New York and Pennsylvania. The bank has $5,750,000 bonds now outstanding.
Its loan statistics as of March 31 1925 were published in
our issue of April 25, page 2100,in an item noting an offering
of $1,750,000 bonds. Guy Huston is President of the New
York Joint Stock Land Bank, which is closely associated in
managerial and financial policy with the Chicago, the Kan-.
sas City and other joint stock land banks with assets of
over $170,000,000.
Grain Marketing Company, While Relinquishing Companies Included at Time of Its Formation, Will
Continue as Co-operative Organization.
While it was announced in advices from Chicago July 7
that the Grain Marketing Company of Chicago would be dissolved, the decision of the directors to continue the co-operative marketing of grain under the name of the Grain Marketing Company was reported in the Chicago "Tribune" of
July 14. That paper states:
The properties involved will be returned to the four old line grain companies which merged to form the co-operative company. However, the directors requested an option for one year, allowing the Grain Marketing
company to purchase the properties outright within the next twelve
months.
Has Verbal Approval.
Gray Silver, President of the co-operative, indieated that he had received
verbal approval of the plan from officers of the vendor companies, whose
properties are to be returned to them. The vendor companies were informed
that the option requested did not contemplate Joint operation in handling
grain, but merely the right to purchase in one year.
The Joint contract between the company and the vendors expires on
.July 28, and a statement issued at the close of the meeting said the co-oper•
No Financial Troubles.
Nofinancial difficultiesare associated with the dissolution of this ambitious
co-operative marketing scheme, its break-down being entirely due to the
lack of farmer support. Even though the Grain Marketing Co. had $30.000,000 surplus, it would still have to dissolve because of the peculiar legal
conditions surrounding its formation and continued existence which have
not been met.
The legal talent of the vendor companies—those who consented to sell
their properties to the farmer organization—recognized this fact six month
ago,and the process of dissolution actually has been working all that period.
In consequence the final unscrambling will require only a comparatively
short time as the stage is all set.
The Grain Marketing Company, which was to have been fully farmer
owned, operated elevators having a capacity of 45,000,000 bushels of grian.
and with total resources of $26,000,000.
Much misinformation has been broadcast regarding a 34,000.000 payment
to be made July 28, on mhich the life of the Grain Marketing Company
depended. This amount was furnished to the company by the four merging
units in order to provide working capital. Their properties were leased
to the Grain Marketing Company for one year with an option at any time
in the period to buy. July 28 was set as the date for the expiration of the
option and the return of the $4.000.000 loan. The $4.000,000 can be
returned to the individual companies, but the option cannot be exercised.
The properties have always been owned by the individul companies but
operated by Grain Marketing under lease. These leases merely will be terminated so that the physical dissolution will not be difficult. Each of the
companies will take over a certain proportion of the grain in the marketing
company's elevators, the grain to be appraised and paid for, so that none of
the remaining commodity stocks will have to be dumped on the market.
Armour the Largest Unit.
The Davis-Noland-Merrill Grain Co. of Kansas City dd not own any
properties. It operated elevators under leases and these leases were turned
over to the Grain Marketing Company. Ten days ago they were restored
to the original company, so that unit already has been unscrambled.
Originally there were three other companies mentioned as participants
in the transaction, among them J. C. Shaffer & Co., Bartlett, Frazier &
Co. and Shaffer & Stream, but these decided not to Join.
The Armour Grain Company was the largest unit in the Grain Marketing
Company. When the dissolution is effected it will take back six elevators
with 4,500,000 bushels capacity, owned outright, and ten elevators with
24.300,000 bushels capacity operated under lease. Two elevators were
owned in Chicago and four leased, among the latter the 10.000.000 bushel
elevator, the largest in the world, built and owned by the Chicago & North
Western Ry., near Hegevrisch on the Calumet River.
The Rosenbaum Grain Corporation owned four elevators with 4.450,000
bushels capacity and leased six others with 5,800,000 bushels capacity.
Rosenbaum Brothers owned two with 1,800.000 bushels capacity and
leased two more with 1,500,000 bushels capacity.
The following from Indianapolis (Associated Press) appeared in the New York "Evening Post" of June 11:
The Indiana Securities Comrakdon denied the request of the Grain
Marketing Corp. of Illinois for permission to sell $1,000,000 worth of
stock at $25 a share in this State.
Financial affairs of the company were held, in an opinion by Frederick
E. Schertemier, Secretary of State, to be unsound. Representatives of
the Indiana Farm Bureau Federation protested against the right of the
JULY 181925.1
THE CHRONTCLE
company to issue stock in the State, alleging the Preferred stock bore a
ratio of 50 to 1 over the common stock.
279
was asked regarding the size of the probable deficit. They had no comment
to make on Mr. Unger's statement.
Last Saturday J. Victor Onativia Jr., the New York
The formation of the Grain Marketing Co. was noted in
our issue of July 19 1924, P. 271. Other items regarding it Stock Exchange member of the firm, applied to the Exchange
appeared in these columns Aug. 2 1924, p. 537, and Aug. 9, for reinstatement, and on July 13 the Committee on Admissions set July 20 as the date for the hearing on this applip. 647.
cation. On that date, it is said, Mr. Onativia will be called
Questionnaire to Members of Chicago Board of Trade upon to present facts showing that the claims of all creditors
have been satisfied and the receiver discharged. Meanwhile
in Furtherance of Efforts to Prevent "Wide
Price Swings."
an investigation as to the causes of the bankruptcy will
In announcing the institution by the Chicago Board of be undertaken. According to a press dispatch from Chicago
Trade of new steps to determine means of preventing wide on July 16, printed in the "Wall Street News" of the same
price swings in grain, it is stated that a questionnaire covering day, J. Clark Dean, J. Victor Onativia Jr. and Benjamin B..
in comprehensive manner' various possible changes was Cahn, members of the firm, made application to the Admissent to 1,600 exchange members on July 8 by the Members sion Committee of the Chicago Stock Exchange on that date
Program Committee, recently appointed by Frank L. for reinstatement and the committee set July 21 as the date
Carey, President of the Board, to advise with the member- for hearing the application. Discharge from the receivership and then report to the administrative body. The ship will be asked in the Federal Courts upon completion
of an audit of the firm's books and securities. The "Wall
Committee says:
It is the desire to find some means of preventing rbcurrence of wide Street Journal" in its last night's issue (July 17) stated that
price swings, if measures can be taken that would not interfere with the the firm would resume business early next week. In this
functions of an open market and with the great national service such a
market renders to producer and consumer as well as to the milling and regard it said:
Creditors agreeing to the plan have assigned an average of 50% of their
equities in the firm to the nine partners of Dean, Onativia & Co. individually, and will receive in return 2-year 6% notes secured by collateral to
be transferred to a trustee designated by the creditors' committees. These
funds will be contributed by the partners to their capital accounts in the
firm. Each member of the firm agrees that on Jan. 1 1926 and quarterly
thereafter until the notes are fully paid, he will pay a sum equal to 50% of
The committee then asks if it is advisable to try to foresee the
amount credited to his account on the books of the firm as his share of
and prevent speculation by that part of the public guided net profits to the trustee. Members further agree to pay within a year after
only by sensational press reports, and how such ends could full payment of the notes a sum equivalent to 10% of the face amount of the
notes made by them without interest. Upon payment of this 10% bonus,
be attained. The questionnaire continues:
trustee will assign all the securities and other property deposited with him
Since data gathered by the Grain Futures Administration is not cur- back to the firm of Dean, Onativia & Co.
rently available to the Exchange officers, should provision be made for
The failure of Dean, Onativia & Co. was noted in the
clearing members to furnish executive officers of the Exchange with copies
"Chronicle" of July 4 and July 11, pages 33 and 148, reof reports furnished the Grain Futures Administration?
Should disclosures be made by the Grain Futures Administration the spectively.
executive officers of individual dealings which might result in conditions
detrimental to the good name of the association?
Should any steps be taken to limit the open speculative interest of Supreme Court Justice Benedict Restrains Brokerage
individual traders and if so what would you suggest as such limit in various
Firm of Woram & Co. from Doing Business
grains?
and Appoints a Receiver for the Concern.
Would you favor recommendation to the Department of Agriculture
that restiction on privilege trading be removed?
On June 16 New York State Supreme Court Justice BeneWould a clearing house similar to those in operation at Minneapolis,
signed an injunction restraining Charles
Kansas City, and other markets help prevent a recurrence of conditions dict in Brooklyn
of recent months?
and Henry Woram, as Woram & Co., of 42 Broadway, this
Should any attempt be made to limit the daily fluctuations of prices city, from continuing a brokerage business which New York
for commodities dealt in?
Should your directors provide for additional local storage room, receipts State Attorney-General Ottinger alleged to be fraudulent,
for grain in which would be "regular" for delivery on futures contracts, according to the New York "Times" of June 17. Judge Beneeven though such receipts called for grain not in warehouses designated as dict appointed Thomas W. Millers receiver for the concern.
"public warehouses" under Illinois laws?
•
Should members not present in Chicago at the time of elections of officers The "Times" went on to say:
The application for the restraining order was made on June 1, and on
and ballots on amendments to the rules, be permitted to cast their ballots
June 10 the concern went into bankruptcy in the Federal Court. Because
by mail?
Should the supervision of gossip regarding grain markets extend so far the action in the State court was begun before the firm was thrown into the
as to the approval of such gossip by the board in advance of dissemination? Federal bankruptcy court Justice Benedict held that the State court acMr. Maiers can get an order to have the assets and
Within a fortnight the committee, whose work is advisory, quired jurisdiction andhim.
papers turned over to
hopes to submit a report for consideration of the directors.
directed
to take possession of the books, papers and assets
was
The receiver
L. F. Gates, Chicago, is chairman of the committee, other of the finn, except such property as the defendants shall affirmatively prove
not derived by fraudulent practices.
members representing various branches of the grain trade, were
The Attorney-General alleged that $15,000 worth of orders placed with
including James C. Murray, L. L. Winters, Siebel Harris. the firm were never executed and that in some instances when demand was
Horace L. Wing, Charles H. Sullivan and Allan Clement, made for the return of securities they were not delivered. It was alleged
in one instance the company charged $52 50 a share for stock of the
Previous reference to the board's plans to prevent "wide that
Interstate Mortgage Co., an unlisted security, when, the price quoted on the
price swings" was made in our issue of a week ago, p. 155.
day of sale was $3 a share.
grain trade.
The Secretary of Agriculture in his preliminary report said wide fluctua
tions were due primarily to the heavy trading of a limited number of pro
fessional speculators and that their operations were facilitated to a considerable degree by the large participations on the part of the public after
a material advance in prices had occurred the last half of January.
Dean, Onativia & Co. Secure New Capital and
Expected to Resume Business Early Next Week—
Make Application for Reinstatement in New
York Stock Exchange and Chicago Stock
Exchange.
Announcement was made on Saturday, July 11, by
William P. Unger, counsel for the brokerage firm of Dean,
Onativia & Co. of New York and Chicago, which failed on
July 3 with liabilities estimated at $36,000,000 and assets
at $35,000,000, that the remaining $250,000 of the $2,500,000
needed by the firm to cover collateral pledged for loans by
banks had been raised. Later in the week (July 16) the
amount subscribed by customers and friends had reached
$2,797,611, with the prospect that the total will be $2,800,000
when all the subscriptions are received. In its issue of July12
the New York "Times" in regard to the deficit in the firm's
assets said:
Accountants other than those for the receivers were said by Mr. Unger
yesterday (July 11) to have figured the largest possible deficit in assets at
$386,100, after tentatively disallowing assets appraised at about $3,000,000.
If this latter sum, representing stock of the Rosenbaum Grain Corp.,
Derby Oil Co. and value of New York and Chicago office fixtures and furnishings, were included, there wou d be a substantial balance on the firm's
side. As it is, these items are given a zero rating in the estimated deficit
reported by Mr. Unger.
The receivers have made no statement of the size of the deficit, at first
reported to have been around $1,000,000, and will not make one until the
accountants for the receivers have their report ready. Judge William M.
Cannon, the local receiver, as well as Irving L. Ernst, attorney for the local
receiver, were present in the offices of the firm yesterday when Mr. Unger
Amended Stamp Tax Regulations Require Records of
Sales of Stock Be Kept for Four Years.
The stamp tax regulations have just been amended, requiring purchase and sales records of stocks to be kept for
Pour years instead of two years, according to M. L. Seidman,
tax expert of Seidman & Seidman, Certified Public Accountants. The change in the regulations, Mr. Seidman explained,
was made necessary by the fact that under the Revenue Act
of 1924 claims for redemption of stamps may be presented
within four years after the purchase of the stamps, and
likewise, the Government has four years `In which to require
additional stamps to be purchased and canceled. Under the
old law the period within which this could be done was two
years, says Mr. Seidman, who adds:
In order that the records might be preserved to support claims for redemption, or to permit the Government to 'audit the stock records within the
time allowed, the regulations were naturally changed so as to require that
the revelant records be preserved for the four-year period. The old regulations, prepared under the old law, required that the records be preserved
for two years.
Brokerage Firm of Christian & Parsons, Chicago,
in Bankruptcy.
A voluntary petition in bankruptcy was filed in Chicago
on Thursday of this week (July 16) in behalf of the brokerage
house of Christian & Parsons of 208 South La Salle St.
that city. The liabilities of the concern were estimated at
$650,000 and the assets of $500,000.
280
THE CHRONICLE
3Mutualization of Equitable Life Assurance Society
Effected—Last of Stock Retired and Control
Lodged with Policyholders.
Announcement that complete mutualization of the Equitable Life Assurance Society of the United States had been
effected, the last of the outstanding stock having been
retired, was made in the following statement by W. A.
Day, its President, on July 16:
The Equitable Life Assurance Society of the United States was organized
in 1859 to transact the business of life insurance on the "mutual plan."
The charter under which it was authorized to act so provided and from that
day to this the Equitable has transacted its life insurance business as a
mutual company.
In order to comply with a New York statute passed in 1853 the Equitable
charter provided for the minimum capital stock of $100.000 required by
that law. In time the majority of this stock, originally distributed among
She directors, became concentrated in individual hands. It passed in
succession to Henry B. Hyde, to James Hazen Hyde, to Thomas F. Ryan,
to J. Plerpont Morgan the elder, and finally to T. Coleman du Pont.
Thomas F. Ryan placed this stock in the hands of trustees to be held for
She benefit of the policyholders and subsequent owners followed his example.
Nevertheless, in 1917, and indeed for several years prior thereto, sound
opinion both within and without the Society favored some method of
acquiring all of the outstanding stock for the benefit of the Equitable's
policyholders. The New York Ihstrance Law was amended in 1917 to
rdske such acquisition possible, and the then holder of the majority stock,
General du Pont, having agreed to dispose of it, a "plan of mutualization"
was adopted by the board of directors, and approved by the stockholders
and policyholders of the Society in 1917. Within ninety days after the
approval of the plan by the Superintendent of Insurance in February
1918, all but twenty-three shares of the total issue of capital stock was
acquired and placed in the hands of three trustees, the Hon John H.Finley,
the Hon. Morgan J. O'Brien, and the Hon. George Wharton Pepper, to
be held in trust for the benefit of the policyholders, as provided by law and
in the plan. The power ofselecting all of the directors of the Equitable
was thus definitely placed in the hands of the Society's policyholders, and
thereupon the mutualization of the Society was practically accomplished.
On June 23 1925 the last of the outstanding stock, consisting of eight
shares, which had been held by Jennie R. Morse, was acquired by the
trustees. At a regular meeting of the board of directors held to-day the
final report of the trustees was accepted, the trustees discharged with the
grateful appreciation of the board, the trust terminated, and the total
capital stock retired. Thus the Equitable, instead of being a mutual life
inhurance company with capital stock,becomes as the result of the mutuali•
zation, now finally consummated, a mutual combany without capital stock.
Approval of the plans for the mutualization of the Society
by State Superintendent of Insurance Phillips was noted in
these columns Feb. 16 1918, page 674.
[Vol, 121.
"The act is attacked first," wrote Justice Dowling, "upon the
ground
that it is invalid because of indefiniteness, impracticability, lack of
uniformity and delegation of legislative power. The relators contend that
in
lifting the description 'moneyed capital coming into competition with
the
business of national banks' bodily out of an act of Congress and putting
it
Into their own law the Legislature wholly failed to define or establish
any
class of subjects of taxation by reference to which the assessors might
ascertain and assess the taxable property; that they merely passed on
to
the assessors a function which was essentially and inherently legislative
a
function, and in effect delegated to the assessing officers the determinatio
n
of what should and should not be taxed.
Defined in Federal Courts.
"The meaning of the phrase 'moneyed capital coming into competition
with the business of national banks' is, it seems to me. sufficiently
definite
in meaning, in view of the Federal decisions."
Incorporated in the opinion was a ruling that Stock Exchange seats were
not taxable under the money capital tax statute,
the opinion on this point
reading:
"As national banks cannot own memberships in an exchange
nor trade or
deal in stocks, in my opinion the value of this
membership, $90,000, did not
constitute capital competing with national banks, and
is not taxable as
such."
Justice Dowling in his opinion in the Broderick
case quoted from the
decision of the United States Supreme Court in the case
of the Mercantile
Bank against the City of New York. He said that
the decision in this case
made it clear that "shares of stock held by individuals
in railroad, mining,
Insurance or any other corporation of that description
are not moneyed
capital."
Justice Dowling wrote the opinions in the other
cases, and in rendering
his findings in the case of Mr. Berdan, who is a
member of the New York
Stock Exchange firm of Vernon C. Brown Sz Co.,
74 Broadway, the jurist
defined the business of "odd lot" dealers and "stock
specialists."
Describes Odd-Lot Trading.
"The odd-lot business exists," he wrote, "because
of a rule of the New
York Stock Exchange which makes the unit of
trading on the floor of the
Exchange 100 shares of stock or $10,000 in bonds. Any
number of shares
or bonds less than these units are called 'odd-lots.'
The business of an
odd-lot firm consists in buying or selling any amount
of stock from 1 share
to 99 shares, equalizing his position in the market by continually
purchasing
or selling large amounts of stock in 'board lots' of 100
shares or more.
"Houses in this class of transactions act entirely as
principals, never
charging commissions or brokerage. The specialist is
a floor broker who
undertakes to specialize in a limited group of stocks.
All the stocks listed
on the Stock Exchange are grouped around different 'posts'
located on the
floor. It is impossible for a broker to watch simultaneous
ly a number of
orders in stocks located at posts distant from each other.
"The specialist business has been developed to take
care of this situation.
The specialist accepts orders coming from other
Stock Exchange members
in the stocks listed at his post. He remains liable as a
principal to the party
to whom he sold or from whom he bought until the
due date of the Settlement of the contract."
In the case of Mr. Pratt, who is a member of Maitland,
Coppell & Co..
82 William Street, an amended assessment of $149,205
was upheld. An
order vacating an assessment against Mr. Benkard,
a member of J. P.
Benkard & Co., 61 Broadway, was upheld, the
Appellate Division holding
that the capital of the firm did not compete with
national banks.
Appellate Division of New York Supreme Court Upholds
Constitutionality of Moneyed Capital Tax Law.
The decision of the New York Supreme Court, upholding
the constitutionality of the New York State Moneyed
Michael F. Dee of 61 Broadway, attorney for Arthur F.
Capital Tax Law of 1923, was affirmed by the Appellate Broderick in a statement
on July 8 said:
Division of the Supreme Court on July 7. The Supreme
"The opinion of Mr. Justice Dowling and of the
unanimous Appellate
Court in its opinion rendered July 15 1924 while sustaining Division sustains our contention and the ruling of Mr.
Justice Proskauer
the validity of the law restricted its application. The law at Special Term that general stock brokerage business is not competitive
with the business of the national banks, and
vacates
the assessments
is designed to tax moneyed capital coming into competition against the brokerage houses. The opinion
is too
and comprewith the business of National banks. As we stated in our hensive to be commented on in detail, but its generalextended
purport in the case of
the general stock brokerage houses is that the incidental
issue of July 19 1924 (page 271) in giving the text of the by
extension or credit
the stockbrokers is not
Supreme Court's decision, of the dozen cases before the Moneyed capital tax law. a banking function within the spirit of the
"The decision, like that at Special Term,
Court to test its validity the assessments were declared void
represents the common sense
of the situation; banking business Is the extension
of credit and stock
in all but one ease,—that of Dallas B. Pratt, of Maitland, brokerage
business is the buying and selling of
If the incidental
Coppell & Co. In that case the court held that Mr. Pratt extension of credit in the buying and selling ofsecurities.
securities were held to be
owned moneyed capital in competition with National banks; banking business, the incidental extension of credit in any other transaction
would also ecessarily be banking business and
the administration of the
that his firm enjoyed the use of deposits aggregating nearly moneyed
capital tax law would be of
$5,500,000 and that the capital was largely put out in loans of this tax law would be impossible. endless difficulty and the enforcement
"The city authorities may, of course, carry the question
identical in character with those appropriate of a National
to the Court of
Appeals, and if they do. we must await the decision of that
court before
hank.
the last judicial word is spoken regarding the application of
this disturbing
The cases passed upon by the Supreme Court along with piece of legislation."
those of Mr. Pratt were Peabody, Houghteling & Co., Inc.,
From the New York "Times" of July 12 we quote the
Temple T. Berdan, Arthur F. Broderick, H. Eugene Extol, following:
Jay F. Carlisle, J. Philip Benkard, the Bankers' Commeis:al The decision last week of the Supreme Court, Appellate Division, on the
Security Co., Inc., the Equitable Pledge Society, Inc., moneyed capital tax of 1921 was particularly interesting to members of the
New York Stock Exchange and in fact to all brokers,
because practically
James Talcott, Inc., the Bankers Loan & Investment Co. all of them had declined
to pay the tax.
The contention of attorneys for the brokers, that their
and Charles W. Bonner. The suits were originally filed
funds were not in
competition with national banking funds and therefore
.against the City Commissioners of Taxes and Assessments. sustained
not taxable, wa
in the higher court, as it had been in the Supreme
Court of New
'This decision of Appellate Division was given in an appeal York County.
The test case was brought by J. Phillip Benkard
based on eight cases,—those against Arthur F. Broderick,
against Henry M.
Goldfogle and others as Commissioners of Taxes and
'Temple F. Berdan, Dallas B. Pratt, J. Philip Benkard, City
Assessments of the
of New York. He set forth that
was a member of the firm of J. P.
'Charles W. Bonner, the Bankers Commercial Security Benkard & Co., of 61 Broadway, withhe
capital invested in the business; also
'Company, Inc., James Talcott, Inc., and Peabody, Hough- with capital invested in seats on various exchanges.
It was pointed out that the firm in which Mr.
Benkard's capital was
teling & Co., Inc. The opinion of the Appellate Division invested
was engaged in buying and selling stocks,
bonds and commodities
was written by Justice Victor J. Dowling, with all concurring solely for its customers and not on its own account,
principally upon margin
Lin his findings. An opinion in each of the eight cases was and the remainder for cash, its profits being made from charges to its
customers. The purchases for customers, it was
said, were financed by
rendered, because of the differing technicalities involved in the firm's capital and by such additional
moneys as it required, which it
borrowed from banks, trust companies and
.each.
other brokers.
The charges made by the firm to its customers
included a charge at the
The decision in the Broderick case, however, served as the rate
of commission fixed by the rules of the respective
basis of the others. Justice Dowling incidentally upheld the was the same whether the purchase was made on margin Exchanges, which
or for cash and for
Supreme Court's conclusion that a Stock Exchange seat is a sale as for a purchase. Also, in the case of margin accounts, a charge
denominated as interest charge, calculated on
the debit balance of the
not capital competitive with the business of a National customer, such rate being
made
the firm's capital used and also on the
bank, and hence is not subject to the moneyed capital tax. money borrowed by the firm in on
carrying the customer's indebtedness.
In affirming the judgment of the lower court in annullng
Regarding the decision of Justice Dowling we take the followand vacating
the assessment levied, and in which the entire court concurred, the following
ng from the New York "Times."
findings of fact of the lower court were
reviewed:
•
JULY 18 1925.]
THE CHRONICLE
281
The conferences of American and British financial officials in Berlin are
not believed to be devoted solely to the question of new credits, as the
problem of obviating exchange fluctuations resulting from heavy reparations
payments in the future is vital, but it is pointed out that credits are required
by Germany as much,if no more than by other European countries, and that
the manner in which that nation's needs are met can be applied elsewhere.
While Germany does not stand in the position of a debtor to the United
States, the point is made that the Administration's attitude toward credits
to debtor nations has reacted upon foreign credits as a whole.
Great Britain Affected.
Great Britain, it is maintained, is vitally affected by the tightening up of
American credit to Europe, coming as it does just as she has returned to the
out of
gold standard and can be expected to take the lead in seeking a way
the situation. The co-operation of the Federal Reserve Bank of New York
is looked for because of the assistance pledged to England in resuming gold
factor.
payments, of which the $200.000,000 revolving credit was but one
According to the general impression here, it was assumed that when
of
Great Britain returned to the gold standard the discount rate of the Bank
England would be maintained at about one point above the level of the
the
than
New York rate. At present the British rate is 5%,or 1 % higher
rediscount rate of the Federal Reserve Bank of New York. The effect of
this spread,it had been thought, would be that international credit demands
would relieve Great Britain of the burden offinancing Europe while attempting solidifying her gold position.
Debt Policy Hampers Bankers.
In addition to the decision of the Supreme Court, we also
But,as the new American foreign debt policy has developed the Adminisgave a year ago (July 26, page 407) an interpretation of the
tration has made it clear that it would look with disfavor upon flotation of
decision by E. S. Seidman.
loans in the United States by countries whose war debts held by the Treasury
are still unfunded. This, it is believed, has not given the American public
with the result, it is feared,
Loans to Farmers by Federal Intermediate Credit an encouraging view of foreign investments,
that New York is not now in a position to take the credit burden off the
Banks Greater in May Than at Any Time in
shoulders of London to the extent that had been anticipated.
Nevertheless, it is maintained Europe must have credit. Interest on
History of System.
existing obligations must be paid and new capital is being demanded
Intermediate
Farmers drew more heavily on the Federal
constantly. Paris or Berlin cannot supply the needed credit, Amsterdam
Credit banks for loans in May than in any previous month in can do but little, while London is concerned with the maintenance of the
serious a drain.
the system's history, say Associated Press dispatches from gold standard and large foreign credits might create too
Hence, it is contended ways and means must be devised whereby New York
Washington July 12. The dispatches also contain the fol- can exert its full strength in the situation, and despite the attitude of the
lowing information:
Administration it is suggested that the heads of the financial centers of the
Direct loans in May, as announced to-day, aggregated $9,415,270, or almost world powers will be able to find the way.
65% more than in the previous month.
Last night (July 17) the New York "Evening Post" in
While the direct loans were increasing, as they have for several months,
advices from Berlin said:
loans by the credit banks in the form of rediscounts were materially re- copyright
It is learned that the visit to Berlin of Benjamin Strong, Governor of the
duced, the total for May being $4,514,258, just half of the April total.
Norman, Governor
Commissioner Cooper of the Farm Loan Board explained that the direct Federal Reserve 'Bank of New York, and Montagu C.
had as its
loans represented preparations for marketing, while the rediscounts, for the of the Bank of England, which occasioned much speculation,
an
objects the investigation of the security situation in Germany and
most part, supplied funds for production.
now
America
Federal Land banks increased their mortgage loans during May by $6,051,- agreement on how much and under what terms England and
729, making the total of these outstanding loans $968,713,291. Joint stock could afford to invest here.
policy
English and American bankers desire to agree on a common
land banks loaned an additional $7,918,678 in May, and they had outstandof
regarding German investments, also on the rate of interest, with a view
ing June 1 a total of $494,165,230.
America.
The larger volume of member bank credit as compared with 1920, when not prejudicing the low interest rates obtaining in England and investiBoth financiers saw all the books of the Reichsbank, thoroughly
the commercial demand for bank credits was unduly large, was declared by
the Board to reflect almost entirely a growth in the banks' investments, gated the situation and convinced themselves that there was no danger
threatening the Dawes plan nor any possibility of a return to inflation.
which were shown to stand at a record high level.
Schacht,
It is said that Mr. Norman and Mr. Strong informed Hjalmar
• Loans by the member banks, after declining $3,000,000,000 between the
could
fall of 1920 and the spring of 1922, have since increased continuously until President of the Reicbsbank, that they were satisfied and said they
recommend German investments in America.
now they are slightly above the 1920 level.
"While total member bank loans thus exceed their early high point in
The visit to Berlin of Messrs. Strong and Norman was
1920," the Board said, "loans for commercial purposes, as indicated by rein our issue of a week ago, page 149.
noted
ports from banks in leading cities, are still considerably below their level
at that time. The volume of this class of loans, which had declined by
more than $2,500,000,000 by July 1922, increased $1,000,000,000 during the
following year and has remained relatively constant since the fall of 1923.
Federal Reserve Board on Turn of Tide in Flow of Gold
"Thus it has not been primarily the growth in commercial loans which
The Federal Reserve Board, discussing in its monthly
has accounted for the large increase in the total outstanding credit of reporting member banks. In fact, the two lecent periods of most rapid growth "Bulletin" for July (made public July 12) the gold moveIn total loans and investments of these banks were in 1922 and again in
tide of gold has begun to
1924, when the demand for credit for commercial purposes was relatively ment states that the turn in the
States, and members of
United
inactive, and, of the growth of more than $4,000,000,000 in the total of their affect banking credit in the
credit since the early part of 1922, about three-fourths was an increase in the System are resorting_to increasing use of credit from the
holdings of investments and of loans on securities."
a gold
The advances made by the firm to its customers on securities purchased
or sold for their account were an incident to its business of buying and
selling securities on commission.
National banks do not and could not engage in purchasing and selling
securities or commodities for customers either on margin or for cash.
The advances made by the firm for the account of its customers were not
such loans as national banks make to customers, nor were they made
directly as loans,and they constituted the device by which the firm increased
Its earnings of commissions.
The said firm did not compete with national banks, but, on the contrary,
with other brokers, supplied national banks with a substantial portion of
their business.
The findings were thus summed up by the Court:
"The testimony in this proceeding shows that out of a total of $99,250,000
borrowed by the firm for the period from May 1 1922, to May 1 1923, the
sum of 856,175,000 was borrowed from national banks. It also appears
that customarily an active stock broker borrows twenty times the amount
of his capital to keep his business moving.
"It wasfurther testified to,that on margin accounts the amount deposited
by customers runs from 10 to 25% of the purchase price of the stock and
that national banks will loan, at the most, 80% of the value of very high
grade collateral, such as Government bonds, and only 70% on lower grades
of collateral and on all industrial loans. Thus there is always a deficit
between the total of the customer's payment and the national bank loan
which the broker is forced to advance in order to be able to complete the
transaction and earn his commission."
Floyd R. Harrison Named to Succeed F. W. MondeII,
Resigned, as Member of War Finance
Corporation.
It was announced in Swampscott (Mass.) dispatches July
13 that President Coolidge has appointed Floyd R. Harrison
as a member of the War Finance Corporation, succeeding
Frank W. Monde11, resigned. Mr. Harrison has been assistant
to Eugene Meyer Jr., Managing Director of the corporation,
and served as Secretary to former Secretaries Wallace and
Houston of the Department of Agriculture. The resignation
of Mr. Monde11 was noted in these columns last week, page
149.
Federal Reserve banks. The Board notes that
outflow of $175,000,000 has taken place in the last seven
months, and now the commercial banks find themselves
in a position sharply in contrast to that which they held
almost continually since the end of the war. During those
years these banks, through the deposit of imported gold
with the Federal Reserve banks, obtained funds for repayment of borrowings and for use as a basis for increased extension of credit. The Board goes on to say, according to the
Associated Press accounts from Washington:
For four years prior to 1925 continuous inward gold movements had
been the principal factor in the large growth of commercial bank credit,
accompanied by a decreased use of Reserve Bank credit. But recently
the direction of the gold movement has been reversed and gold exports have
tended to check the growth of member bank credit and to increase the
demand for Reserve Bank credit.
Total loans and investments of all member banks, though they show little
New Plans For Supplying World Credit Needs—Berlin growth
so far this year, now approximate $2,500.000.000. or 10% more
Visit of Governor Strong of New York Federal
than in the spring of 1924. For two years the total loss and investments
of these banks has been above the high point reached in the fall of 1920:
Reserve Bank and Montagu Norman of Bank
and on April 6 this year they were, roughly, 83,000,000,000 larger than the
of England.
maximum in 1920.
The larger volume of member bank credit as compared with 1920. when
The following is from Washington advices July 13 to the
the commercial demand for bank credits was unduly large, was declared
New York "Journal of Commerce."
by the Board to reflect almost entirely a growth in the banks' investments,
Now plans for supplying world credit needs are in the making according which were shown to stand at a record high level.
to views entertained here today in well informed quarters. Conferences in
Loans by the member banks, after declining $3,000,000,000 between the
Berlin between Governor Strong of the Federal Reserve Bank of New York fall of 1920 and the spring of 1922, have since increased continuously until
and Governor Norman of the Bank of England with officials of the Reichs- now they are slightly above the 1920 level.
"While total member bank loans thus exceed their early high point in
bank are regarded here as part of a series of discussions likely to be held by
the financial spokesmen of the leading nations.
1920, the Board said, "loans for commercial purposes, as indicated by
President Coolidge's firm stand against further extension of American reports from banks in leading cities, are still considerably below their level
credit in foreign countries whose debts to the United States remain unfunded at that time. The volume of this class of loans, which had declined by
is believed to have given rise to the necessity for the devising of some new more than $2,500,000,000 by July 1922, increased 81.000.000,000 during
the following year. and has remained relatively constant since the fall
means for the flotation of international loans.
The Administration's attitude, it is contended, has virtually closed the of 1923."
"Thus, it has not been primarily the growth in commercial loans which
door to American credit for the time being and until that barrier is removed
has accounted for the large increase in the total outstanding credit of report.
other arrangements must be made.
282
THE CHRONICLE
[VOL 121.
big member banks. In fact, the two recent periods of most rapid growth in casts upon the Government the full responsibility for the custody and distotal loans and investments of these banks were in 1922 and again in 1924, position of all seized property, and is carrying into effect the policy of emwhen the demand for credit for commercial purposes was relatively inactive, ploying Government agencies, according to sound economic principles.
and of the growth of more than 14,000,000,000 in the total of their credit
This arrangement, which has been carefully worked out, has received the
since the early part of 1922, about three-fourths was an increase in holdings full sanction of the Treasury Department. It will result in the centralizaof investments and of loans on securities."
tion of all trust holdings into Governmental depositaries, and will establish
a more direct control over both principal held and income collected, for
the account of the beneficiaries.
South Carolina Bankers Association Commends Action
The substitution of Federal Reserve banks as depositaries and the collection of income direct by the Alien Property Custodian will facilitate the
of Richmond Federal Reserve Bank in Asking
transaction of the business of this office and will result in a saving estifor Rehearing of Branch Bank Petition.
mated at not less than $150,000 per annum. In addition there will be
many
other indirect benefits which will accrue from the change.
At its annual convention in Greenville, S. C., on June 26
The business of the Alien Property Custodian's office, which involves the
the South Carolina Bankers Association adopted a resolu- administration
of trust assets approximating in value $276,000,000, closely
tion expressing regret at the action of the Federal Reserve parallels commercial trust company management,
and to meet and solve the
problems
incident
to a business of such magnitude it has been deemed exBoard in disapproving the petition for a branch in the Caropedient to adopt methods based upon trust company procedure.
linas of the Federal Reserve Bank of Richmond, and comThis will expedite the number of claims which will be allowed and
paid
mending the action of the latter in seeking a rehearing in daily, and will facilitate office transactions.
Formerly the number of
claims
allowed averaged about 650 per month. Under the new arrangement
the matter. The resolution reads:
Resolved, That this Association notes with regret the disapproval of the this number will be increased to 900 per month, which will in the near fuFederal Reserve Board of the recommendation of the Directors of the ture bring up to date all pending claims.
In the allowance of attorneys' fees, close scrutiny will hereafter be given
Federal Reserve Bank of Richmond that a branch bank be established
In the Carolinas; and feels a keen sense of disappointment that the judgment to all claims submitted, and no fee allowed which is more than a reasonable
recompense
for services rendered.
and conclusion of the Richmond bank—that the establishment of such a
The amount of business conducted by the New York
branch is a necessity—failed to impress the Washington Board.
office did not seem
Further, That this Association voices its confidence in the judgment of to warrant its continuance, and it has been abolished.
In the carrying out of the adopted program, no material increase
the Board of Directors of the Federal Reserve Bank of Richmond, and
in the
commends their action in asking for a rehearing on this important matter personnel of the office is contemplated.
Memorandum of Financial Administration.
to the end that it shall be pursued to a successful conclusion.
Further, That the Secretary of this Association be instructed to send a Total approximate value of tangible property as of
June 1
copy of this resolution to the Governor of the Federal Reserve Board at
1925
$276,610,691
Washington and to the Chairman of the Board of Directors of the Federal Returned under provision of laws as of June 1
Reserve Bank of Richmond.
1925
$290,831,164
taken over
84,193,690
The rejection by the Reserve Board of the application Ships
Other property
21,961,874
346,986,728
of the Richmond Reserve
Bank for a branch at Charlotte,
N. C., or Greenville, S. C., was referred to in our issue of
June 20, page 3139.
Federal Reserve Banks to Act as Depositaries of
Property Held by Alien Property Custodian.
With a view to the centralization of the administration of
all alien property, announcement was made on June 21 by
the Alien Property Custodian, Frederick C. Hicks (who recently succeeded Thomas W. Miller) that the United States
Treasury Department had designated the Federal Reserve
banks as depositaries of the property held by the Custodian.
Under the new policy all funds heretofore held by banking
institutions acting as depositaries will be withdrawn—the
Reserve banks assuming the functions performed by the
retiring depositaries and the Alien Property Custodian collecting the income, which will be deposited directly in
Washington. In making this announcement Mr. Hicks stated
that the substitution of the Federal Reserve banks as depositaries and the collection of income direct by the Custodian will facilitate the transaction of the business of the
latter office and result in a saving estimated at not less than
$150,000 a year. Mr. Hicks states that the business of his
office "involves the administration of trust assets approximating in value $276,000,000" and "closely parallels commercial trust company management" and that it is with a
view to meeting and solving "the problems incident to a business of such magnitude" that "it has been deemed expedient
to adopt methods based upon trust company procedure." We
quote his statement herewith:
In the interest of a more efficient method of handling the business of
this office, I have deemed it advisable to centralize the administration of
all alien property; to concentrate in the office itself the collection of income and to utilize to the fullest degree the facilities of other Government
agencies.
To carry this program into effect, the United States Treasury Department
has designated the Federal Reserve banks as fiscal agents of the United
States Government, and they will act as depositaries of property held by
the Alien Property Custodian.
Under the plan adopted, all funds previously held by the depositaries and
banking institutions, will be deposited in the Treasury, and where such
funds are of a dormant nature, they will be invested in Government securities. For active accounts, the banking facilities of the Treasury Department will be utilized.
The Federal Reserve banks will act as depositaries for all securities, make
delivery of atme to claimants and transact all other business now performed
by the present depositaries. Income will be collected by the Alien Property
Custodian, and deposited directly in the Treasury in Washington. It is estimated that this change of handling the business of this office will bring
about a material reduction in the expense of administration, and will place
funds and securities under the control of the Allen Property Custodian in
public agencies.
Heretofore the office of the Alien Property Custodian, in the conduct of
the enormous business entrusted to it, has made use of banking institutions
in different parts of the country. These institutions have held stocks,
bonds and other securities and property taken over by the Alien Property
Custodian, and have in the past collected dividends and generally looked
after the property in their custody.
The banks selected were those proximate to the different properties involved, and their work has been very efficient and helpful during the past
years. They are entitled to great credit for their interested co-operation
with the Alien Property Custodian, and for their assistance in the solution
of the many problems which have arisen.
The Federal Reserve banks being in a position to take over the handling
of fiduciary affairs of this character, it has been deemed advisable to
transfer to them the work which was previously handled by the private
banking institutions. This is in keeping with the general principle which
Total approximate value of cash and property originally
taken over by the Alien Property Custodian
$623,597,420
Approximate number of trusts being administered as of June
1 1925,
23,000.
North Carolina and South Carolina Cotton Manufacturers Endorse Efforts to Secure Rehearing
on Petition to Establish Reserve Bank
Branch in Carolinas.
A resolution unanimously adopted by members of
the
North Carolina Cotton Manufacturers' Association and
the
Southern Carolina Cotton Manufacturers' Association, in
session at Asheville, N. C., on July 4, voices disappointmen
t
at the action of the Federal Reserve Board of Washington
in declining the recommendation and urgent request
of the
board of directors of the Richmond Federal Reserve Banle
for the establishment of a branch bank of the Richmond
Federal Reserve Bank in the Carolinas and express "full confidence in he Richmond board of directors, and approves
and
commends them for their action in requesting of the Washington hoard a rehearing on their recommendation for the
establishment of a branch in the Carolinas. The association
hopes the Richmond directors will continue their efforts
for
the establishment of this branch until the Washington
board
recognizes the Justice and merits of our claims and
grants
the petition."
Minting a Million in Gold Coin Daily—Government
Uses Bullion to Back Treasury Certificates—
Will Not Be Circulated.
The following is from the New York "Times" of July 15.
The United States mints are turning out about $1,000,000 a day in gold
coins, virtually all of which are destined never to go
into
it was
estimated yesterday by Wall Street bankers. The coins circulation,
represent backing
for large amounts of gold certificates issued by the Treasury.
When gold started pouring Into the United States from all parts of the
world the Treasury began putting the metal to use by issuing gold certificates. Under the law, at least one-third of the total of gold certificates
cates must be represented by actual gold coins, so that nearly
$300,000,000
In coins must be in existence to form a backing for the $870,564,000
outstanding bills. It is estimated that the mints at Philadelphia.
San Francisco turned out $180,000,000 in twenty-dollar goldDenver and
pieces, or
"double eagles," in the first half of 1925.
The coins are minted so that the holder of a gold certificate, on demand,
can obtain gold in a form in which he can use it. There
are practically no
gold coins in circulation in the United States. Before the war
they formed
the principal circulating medium in the West, but the custom was
changed
In the war and now all parts of the country find it more
convenient
business with paper money. The principal demand for gold coinsto do
now
comes for directors' meetings and gifts.
Melvin A. Traylor Says Action of Reserve Banks in
Making Available Credit to Bank of England to
Maintain Gold Standard Was "Most Constructive Step in Aid of American
Farmer."
In an address on July 11 before the Montana Bankers' Convention, Melvin A. Traylor, President of the First National
Bank of Chicago, emphasized the importance to us of the
British return to the gold standard and showed how American bankers, by giving $100,000,000 credit to the British Government, had assisted in this step. He added, however, that
of more importance than this was the action of the twelve
Federal Reserve banks in placing $200,000,000 in gold at the
disposal of the Bank of England for two years to be used by
JULY 18 1925.]
THE CHRONICLE
It if necessary in maintaining the gold standard. This action
of the Federal Reserve banks, he declared, was a most constructive step in the aid of American farmers and producers,
who 'will benefit greatly by the removal of the element of
uncertainty as to the value of exchange from their export
transactions. In alluding to present business conditions, Mr.
Traylor stated that "it is very certain that at the present
time the so-called 'hand-to-mouth' buying is very soundly
entrenched"; "that it is sane and makes for steadier and
more wholesome conditions, seems to me," he said, "obvious."
Reviewing the difficulties of the farmers during the postwar period, Mr. Traylor said in part:
Throughout the entire period of depression, which began in 1920, the live
stock industry has suffered perhaps more severely and continuously than any
other industry in the country. A great deal has been said about the conditions of the live stock producer both in Congress and out. Many reasons
have been advanced for the smash-up in the industry, and even more remedies have been suggested looking to the recovery and rehabilitation of the
business. Perhaps all of the suggested causes were more or less correct, but
personally I think it doubtful if many of the remedies have possessed any
considerable merit.
Without any fear of successful contradiction I think it may be said with
a good deal of emphasis that the fundamental causes—first, of the tremendous shrinkage in values which overtook live stock prices, and second, that
have since contributed to their very slow recovery—are those with which we
have been familiar throughout all our history and which have affected every
line of endeavor in exactly the same manner when applied, as they were
applied to live stock production. The facts simply are a case of over-production, and following the war, a curtailed demand. As applied to cattle,
which have suffered and which continue to suffer most severely, figures indicate that for several years prior to the outbreak of the World War, supplies
had little more than, if equaled the increased demand of a growing population. In fact, the number of cattle in the country in 1914 were less than in
1907, whereas, due to the demand of the World War and stimulated by a
flood of easy money for financing the industry, the number of cattle other
than milk cows in the country, increased from 1914 to 1920 more than eight
million head, or about 23%; whereas the population in the United States in
this period increased only approximately 61
/
2%. Since 1920 there has been
a substantial shrinkage in the number of such cattle in the country, and yet
we find in 1925 that the estimated number of cattle is approximately 18%
more than in 1914, while the total population increase in the period of 19141925 is only about 13%.
In view of these facts, we could have expected nothing else than that
when the war demand ceased and producers were thrown back upon the consumption demand largely of our own population, we would meet a decline
in values such as occurred in 1920. Nor is there any reason for surprise
that prices have not improved in the period subsequent to 1920, because the
supply has simply been out of proportion to our domestic demand, and we
have not been able to recover any substantial export business for beef products. . . .
It must be kept in mind also that in every other industry and in every
other line, borrowers and lenders were equally unwise and unsound, and we
must keep in mind also that those in other activities suffered equally and
in some instances perhaps more severely than did the lenders and producers
In the live stock industry. That whole picture is of the past, and just as
bankers and business men in other lines of activity have had to "right about
face," clean house and plan along wiser and safer lines, so must the producer of live stock chart a new course for his future operations.
I would not undertake a prophecy as to what this new schedule will be,
but looking back over some twenty years, more or less, of intimate contact
with the industry, it seems to me that there are a few salient facts which
those who would engage in the enterprise in the future should not overlook.
First of all, it will never again be profitable to operate large herds of
mediocre stuff. Most of the grazing lands in the country, whether rightly
or not, are now held at too high figures to ever premit successful operation
after the old fashion, and the prohibitive cost of doing business in the old
way, with the incident death loss and other wastage suffered by the big
operator, are too tremendous to permit a continuation of production on that
scale.
As in every other line of activity, it seems to me that the future successful live stock producer will be that one who intensively and intelligently
handles a smaller herd of the higher grade stuff, where personal attention and
close application to every detail of the business will make it possible to turn
out in the shortest period of time the most desirable qualities of stuff. . . .
There has been no more important event for the farmer and stock man of
Montana since the armistice than the recent return of Great Britain to the
gold standard. It seems a long distance from the Montana farm to the gold
vaults of the Bank of England, but as a matter of fact, the price which the
Montana farmer gets for his wheat and cattle depends not a little on the
gold in the vaults of the Bank of England. Let me explain.
The farmer sells his wheat to the elevator man and yet the real buyer, in
many cases, is not the elevator man at all but an Englishman, a Frenchman,
a German, or an Italian, whom the farmer never sees, for about one-third
of the wheat crop is usually sold abroad, either in grain or in flour, and it
is tihs exportable part of the crop, varying from year to year, which is a
large factor in fixing the price of the entire crop.
Between the farmer and the unseen foreign buyer of wheat there are many
steps, but zn recent years the most important step has been that at which
the foreign buyer has to pay the American exporter. For the international
mechanism of payment has been badly out of order because Europe was off
the gold standard.
It was just as though an English buyer drove up to your farm house, bargained for your wheat and drew up the contract. But when you discussed
payment, he said: "I'm sorry I haven't any good United States money to
pay you with; I'll have to pay you in English paper money, which isn't
worth its face value in gold. I don't know what it may be worth next week,
but that is your risk."
I wonder how many of you would be willing to sign contracts on this
basis? Yet that is the way most of the world's trade has had to be carried
on since the armistice. In practically all countries except the United States
the local currencies have had no fixed value in gold, but have changed in
value from day to day. Whenever one country sold anything to another
country, somebody had to take the risk of loss because the value of the money
might change before payment was made.
Such uncertainty of payment is a deadly foe of trade, and people were
afraid to do any larger international business than they had to. World trade
In 1920, 1921 and 1922 dropped off to a point nearly one-third less than
before the war. Exports of food stuffs from the United States fell from
2% billion dollars in 1919 to 800 millions in 1920, and the difficulties of
European buyers in making satisfactory payment for American farm products
was one of the large factors in the drop in the price of farm products.
283
But now the recent action of Great Britain in declaring that it will again
redeem its paper money in gold means that British buyers of American products can pay for them with money which has a fixed value, money which is
accepted the world over at its face value in gold. With the return of Great
Britain to the gold standard, a majority of the countries of Europe now have
paper currencies equal to gold.
American bankers have assisted in the British reutrn to the gold standard
by giving a $100,000,000 credit to the British Government But more 1111.
portant than this was the action of your Federal Reserve Bank and the other
eleven Reserve banks in granting the request of the Bank of England for
material co-operation. They have, as you know, placed $200,000,000 gold
at the disposal of the Bank of England for two years, to be used by it, if
necessary, in maintaining the gold standard. I have no doubt that the readiness of the Reserve banks thus to co-operate with the Bank of England was
an important influence in the willingness of the British people to take this
all-important step for the preservation of the gold standard.
This action of the Reserve banks was a most constructive step in aid of
American farmers and producers, who will benefit greatly by the removal
of this element of uncertainty from their export transactions.
If all the sins of omission and commission charged against the Federal
Reserve System by banker, business man, live stock man or political blatherskite in the last five years were true, and practically none of them are, the
service rendered the commerce and industry of the country and of the world
by the System in connection with the restoration of the gold standard in SO
large a part of the world would far outweigh any mistakes that those in
charge of the System may have made; and no banker, business man or farmer
should permit any self-serving declaration by favor-seeking demagogue to
swerve him from a determination to see that the System is maintained and
preserved for the future welfare of the business of the country.
Not alone in connection with this matter, however, has the Federal Reserve
System been of service to our people. Notwithstanding we hear frequently
these days expressions of dissatisfaction with business conditions, we know
very well that fundamentally conditions are very sound and that we are
actually doing a very large volume of business, no little part of which is due
to the equalizing and stabilizing effect exercised by the Federal Reserve
System on the credits of the country. Throughout all the stress of the last
five years there have been no times of either stringency or plethora of bank
credit. Rates have run along on a rather level keel and in my judgment have
had much to do with the stable volume of business which we have enjoyed,
and which is quite contrary to the old experience of the aftermath of panics,
when the first effect has been very cheap credit and secondary inflation,
with its accompaniment of tight money again and a further depression.
Whether the new method of conducting the business of the country is to
be permanent or not, one cannot very well guess, but it is very certain that
at the present time the so-called hand-to-mouth buying is very soundly entrenched; that it is sane and makes for steadier and more wholesome conditions seems to me obvious. With greatly expanded facilities for manufacture, with the best transportation system in the world, and with assured
credit facilities for handling the needs of business, it would seem unreasonable that we should in the near future resort to the old method of speculation
such as is inseparably tied up with large future commitments in anticipation
of buying demands. If we will preserve our transportation system in its present state of efficiency, together with a credit structure as only the Federal
Reserve System can guarantee, I feel we need have no apprehension, but on
the contrary, sound optimism for the future.
Canada Proposes Stabilization of Prices Through
Control of Currency by League of Nations.
A suggestion that Canada recommend to the League of
Nations concerted action by all the nations in the League
to bring about stabilization of price levels through control
of currency was made in a report filed by the Banking and
Commerce Committee of the Canadian House of Commons
on June 17. This was reported in a dispatch from Ottawa
to the Montreal "Gazette" from which we also quote the
following:
The subject of price fluctuations in their relation to currency has been
exhaustively discussed in the committee.
W. C. Good, Progressive, Brant, said that the report should be changed
to include countries not in the League of Nations, so that the United
States could be asked to take part in any international conference which
might result.
Right Hon. Arthur Meighen, Opposition leader, protested that Parliament should not be asked to commit itself to making a recommendation
to the League on the suggestion merely of a committee of the House. It
was a subject on which the Government should have some policy and
should itself take Its stand. Be asked if the Government was willing
to let the committee suggestion go to the House when the Government
had apparently given no serious thought to the matter. On the point
of whether the recommendation should be submitted to countries outside
the League of Nations, Mr. Meighen thought that perhaps it was implied
rather that Canada should "take steps to constitute a new and enlarged
League of Nations."
The motion to adopt the committee's report carried.
Canada Not a Party to European Security Pact.
According to Ottawa Associated Press advices, Premier
King categorically denied on June 9 that Canada was party
to the Rhine security pact. Asked by J. S. Woodsworth,
Labor, Winnipeg Center, in the House this afternoon if
the Dominion was a party, he said emphatically, "The
answer is no." It is added that there was no further discussion on the subject.
Union of International Associations Proposes Creation
of International City in Brussels Through Part
of Money Received By United States From
Allied War Debts.
The following Associated Press cablegram from Brussels
June 23, is from the New York "Journal of Commerce."
Some of the money the United States Is expected to receive from Inter.
allied war debts is wanted by the Union of International Associations to
create an "International City" in Brussels. The creation of the international city is proposed in a message sent to Herbert Hoover,the American
284
THE CHRONICLE
[VOL. 121.
Secretary of Commerce, by the union, which suggested that the Secretary
ask the American people to devote part of the debt money to "this method
for promoting world peace and general progress."
A memorandum of the union on the subject was distributed among the
delegates to the International Chamber of Commerce today.
Senator Jones of Senate Finance Committee Thinks
Tax Cut of $500,000,000 Possible Through
British Debt Payments.
Senator Jones, Democrat, of New Mexico, a member
Proposed European League of American Debtors of the Senate Finance Committee, has stated it as his belief
that a reduction of $500,000,000 in taxes would be possible
Through Which Concerted Effort Will Be Made
if the British debt payments, approximating $200,000,000
to Secure Most Desirable Debt Terms.
a year, were applied to the sinking fund to take the place
From the New York "Commercial" we take the following of a like amount annually
appropriated out of tax revenues
Paris advices, July 9.
for reduction of the bonded indebtedness, which, he thinks,
The "European League of American Debtors," is now in process of
had been advanced too rapidly. Under date of July 1 the
formation with France. England and Italy playing the leading roles.
M. Vandervelle, the Belgian Foreign Minister, had a conference with Associated Press dispatches in reporting this stated:
Foreign Minister Briand tonight. While he discussed the subjects of
disarmament, the security pact and the Ruhr evacuation, he was chiefly
concerned with the details of this new league which is a sort of Eurot ean
protective association against America.
The idea is that Belgium's commission which sails from Antwerp on the
liner Pittsburgh, on July 29, to negotiate a settlement of Belgium's debt to
the United States, should not accept any debt settlement which would not
be acceptable to France and Italy, in order to confront the United States
with a "solid front" on the debt question.
It is believed here such a plan is indispensable if each nation is to secure
easy terms.
Favoring retention of a Federal inheritance tax, abolition of which has
been suggested by Treasury officials, he expressed the opinion that it should
be made to apply only to the annual State and other taxes instead of the
total estate, as at present.
Revision of the corporation taxes on a graduated rate basis also was
urged by Mr. Jones, together with reduction in the taxes imposed upon
utility corporations and railroads on the ground that they are ultimately
paid by the patrons. To eliminate what he described as gross evasions
Under the present corporation tax laws through avoidance of surtaxes
which would have been due had net earnings been distributed among the
stockholders, he suggested imposition of a normal tax upon the net annual
earnings of all corporations, regardless of what part might be retained
in business.
In the absence of an agreement by his party in Congress on a definite
plan for the distribution of the proposed tax reductions, he was unwilling
to predict rates, but declared for a substantial reduction in normal income
takes and revision of the surtaxes to the point where the maximum revenue
could be obtained from them. He could see no advantage to be derived
from a conference of State and Federal officials to consider overlapping
and dual taxes, which has been proposed by Chairman Smoot of the Senate
Finance Committee, but he thought the States should meet to formulate
a plan to eliminate dual taxation among themselves.
President Coolidge Favors Reduction in All Income
Tax Rates.
An indication of the views of President Coolidge on the
question of the lowering of income tax rates was furnished
in press accounts from Swampscott, Mass., July 7, when it
was announced that not only does he favor a reduction in
surtax rates and inheritance taxes but also that he desires
that a cut be effected in normal income taxes as well. The
Senator Smoot's views were referred to in our issue of
following account of the program which he favors is from the June 27 (page 3270) in an item in which we referred to the
Swampscott advices to the New York "Commercial."
movement to effect a reduction of $300,000,000 in Federal
To cut surtaxes to a maximum of not more than 25%. The present taxation.
maximum is 40%.
To cut inheritance taxes to a maximum of 25% and to adopt a program
for gradual abolishment of them. Their present maximum is 40%•
To cut the lower brackets of income taxes to the extent of the Government
surplus left after the surtax and inheritance tax cuts have been made.
Presses Mellon Bill.
Those are, in substance, the demands he intends to serve upon Congress
as soon as it convenes. He intends to fight anew for the idea contained in
the original Mellon Tax Bill, which Congress refused to accept.
What President Coolidge is striving for is this:
The best system of taxation that can be devised for encouragement of
business.
That is the Coolidge theory of taxation. It will be the slogan of his taxcut fight before the next Congress.
President Coolidge believes that the $35 or $40 paid in taxes by the man
with two children and an income of $5,000 is to him a negligible quantity.
He believes the man is more interested in getting the $5,000 a year or more.
Business conditions become his chief concern.
If surtaxes are reduced, business will go along and his income will be
Increased.
Seeks Largest Revenue.
The President believes that surtaxes should be placed at a figure that will
produce the most revenue. The rate ought not to be higher than 25%•
Some experts think that a rate between 12 and 18% would be the best.
He would welcome a rate below 25% if it can be shown that the revenue
produced would be satisfactory.
It is his opinion that the present maximum of 40% on inheritance taxes
falls to produce revenue and, in some cases, amounts to confiscation of the
property. The Government might consent to abolish the inheritance tax,
leaving that system to the States alone if they would abolish their State
income taxes. But seeing no hope of negotiating such an agreement at
present, President Coolidge favors a cut of the inheritance tax to the
maximum of 25% and the adoption of a policy that will eventually reduce
them to nothing.
Senator Couzens Would Cut Surtax Rate to 20%
Would Abolish Taxes on Incomes Under $5,000.
A reduction to 20% of the maximum surtax rate is recommended by Senator Couzens (Republican) of Michigan, in
an article published in the National Income Tax Magazine
for July. Senator Couzens, who, it is pointed out, opposed
the Administration's income tax revision program in the
Sixty-eighth Congress, urges the adoption of the basic policy
of benefiting all classes of taxpayers in whatever revision
may be made. According to Associated Press advices from
Chicago, July 7, which in presenting an outline of the
proposals which he advances, says:
He suggests abolition of levies on all incomes under $5,000, elimination of
automobile and accessory sales taxes and revisions simplifying collection
and accounting procedure involved in luxury and commodity taxes.
In discussing what he terms the competition between the national and
State governments in collecting inheritance taxes, he outlines a plan under
which the Federal Government would collect all such taxes and divide the
return with the States on a fixed pro rata basis.
The tax on automobiles and accessories is, in most part, a tax on transportation and should be repealed before taxes on incomes are reduced.
The yield of these levies he estimated at $166,000.000 annually.
The elimination of taxes on incomes of less than $5,000 estimated would
wipe out 91% of the number of returns made under existing schedules.
Senator Couzens attacks the law permitting deductions for capital losses,
suggesting that "the subject might very well be discussed as to whether the
whole matter of taxes on gains and losses in capital might not be repealed."
"To go into the application of the statutes by the Bureau of Internal
Revenue is to reveal the absurd results of these provisions. Many of the
statutes work out foolishly."
Senator Underwood Advocates Reduction of Surtax
to 13% With 2% Normal Tax.
Urging a return to pre-war income taxes, Senator Oscar W.
Underwood of Alabama, in an address before the Alabama
Tax Clubs in Montgomery on June 12 stated that if he had
the power to write his views into law, "I would go back to
the tax law of 1916, or something very like it, where the
normal tax was 2% and the highest bracket of the surtax
was 13% and the highest tax on estates was 10%." The
Senator added:
I think we could get the revenue we need, but if we would not I would
give the President blanket authority to abolish Government bureaus—and
there are many of them that are mere conveniences and not governmental
necessities—until our expenditures did not exceed our revenue. In other
words,I would slow down the Government before it slows down the business
of the nation.
The Associated Press points out that this surtax is approximately half of that proposed in the Mellon plan and onethird of the maximum in the present law, which was written
by a coalition of Democrats and Republican insurgents.
Senator Underwood, it is observed, had a prominent part in
the writing of the first income tax law. The Senator in his
Montgomery speech declared "we have levied our taxes so
high that we have chased much of the capital of the country
into hiding, and have reduced our revenue thereby. We are
undoubtedly slowing down the productive energy of the
country. We are encouraging violations of the law and
making men regard their Government as an evil to be
avoided. We have a serious danger to the wage-earners of
America ahead of us if °Lir Government continues to pursue
a course that jeopardizes the development of our business
growth and absorbs the best part of the productive energy
of the nation."
His further remarks follow:
I come to make some suggestions in regard to taxation and its resultant
effect on our civilization and our future business prosperity.
Since the very dawn of civilization taxes and Government have been
almost synonymous terms. Government did net exist where tribute was
not exacted from the governed.
Long, long ago the most cruel, grasping and avaricious of rulers had
learned that through the power to tax he held the power to destroy the
future productive capacity of his people, and that the laying on of undue
burdens of taxation inevitably led to revolution or death.
There is a school of philosophy extant in America today that would
destroy if they could the private ownership of all property and mass it all
in the hands of the State. Though the avowed advocates of these political
heresies are comparatively few in number, their satellites and partial
imitators, who deny the faith, but who would destroy those they envy, are
approaching numbers that may in the near future jeopardize the life of the
State.
The very dawning of civilized life was the recognition of the home unit,
father, wife and children, their sustenance and their protection. The
accumulation of sufficient property (food and clothing) to carry on and
provide for the future was necessary that the family unit might persist.
The destruction of this property by whatever methods has always meant
the destruction of the home life and the fabric that rests upon it.
For untold centuries the ownership or protection of this property, the
resultant accumulation of the family effort, has remained with the family
and not with the State primarily. The philosophers of the new school
JULY 18 1925.1
THE CHRONICLE
would take it away from the family and give it to the State. In a State
where there is no constitutional inhibition it may be done by direct legislation. Not so with us. It must be borne in mind that, although there is a
constitutional prohibition in the Government of the United States against
taking private property without just compensation, there is no limit placed
on the power of taxation, as to amount, in the Federal Government, and
the private ownership of property can be destroyed through the power
to tax.
During the great war, in the high brackets of the revenue bill, taxes
were collected as high as 65% of the revenue derived from the citizens'
estates, and even now, seven years after the conflict is over, our taxes
against some -men and women are as much as 46% of their entire taxable
Income. The question naturally arises: Is this taxation or is it confiscation? In war time the Government may take the life of the citizens and,
I doubt not, his property, if need be. to preserve the life of the nation, but
not so in time of peace. The very fabric of our institution cries out against
it. Have we forgotten the immortal tea party in Boston Harbor, or the
speech of Patrick Henry, or the ride of Paul Revere,that we should become
so callous of other men's rights? Yet if you would follow the school of
the anarchist, why daily with the situation? The power to tax is just as
potent a factor to use in the destruction of private property as the red
flag or the lighted torch.
I am not prepared yet to say that the men possessing the power of government are conscious of a desire to destroy the property of the rich, but I am
willing to say that some of our tax gatherers have become very callous of
the rights of those who have amassed great fortunes, overlooking the
fact that where you unjustly throw the top stones from the monument of
our business life one by one the others will inevitably follow until the very
foundation is reached.
So it is impossible to consider the task of the reduction of taxation without
bearing in mind the motives that may Ile behind the cause that produces
the levy, and to remember always that there are some who first of all
desire high taxation that it may destroy private property, then the home
life, and then the very fabric of our natural existence.
So much for one angle of the situation that confronts us. Another angle
is the answer to the question, does it pay to tax until it destroys, or even
until it hurts?
It is a fundamental canon of taxation that all taxes are paid in the end
from the accumulated wealth of the people taxed. Some have said from
rent, profit and wages, but in the end all wealth is the accumulation of the
asset that grows out of the work of the heads and hands of men and women.
So that at the end of the decade or the century the extraordinary burden
laid on the body politic must come from the men who toil and the women
who reap, or there must be a diminution of the accumulated wealth of the
country that existed when the burden was laid.
The tax advocate of communistic tendencies may welcome the dissipation
of the wealth of the nation, but when we accept his theories we will come
to the dawn of a new era.
The question before us is whether this nation is stronger, safer and more
productive with a great store of accumulated wealth or without it.
Russia dissipated her wealth for a theory some years ago. We amassed
ours. Russia has a larger territory, a larger population and greater natural
resources than we have. Were you outside both countries and choosing a
home, which would you move to?
If you would regard men and women as the pawns on a chessboard to
be moved as inanimate objects and played with as you please, you might
mass them for labor and work out a people's onward progress and development without accumulated wealth. But men and women are human,
filled with needs and desires, passions and prejudices, and you cannot
herd them like dumb, driven cattle without destroying their liberties and
their happiness. The only way you can suit the human equation and
master the onward march of your natural development is to pay man a
wage for his labor from the accumulated wealth of your country.
The genius of our great development has come through the massing
of our dollars on some great enterprise and buying the brains and the
labor to put it through. This takes idle money looking for investment,
and you will not find it at the appointed hour if you tax it to death.
It is manifestly true that the citizens who hold allegiance to, say, the
Government, ought to contribute from their earnings to its support, and
that contribution should be measured by the benefit derived, as well as
the ability to pay the tax. The tax when assessed should not be doubtful
or arbitrary, but should be certain and reasonable. We should levy our
taxes in the form and manner that is most convenient to the taxpayer
to meet the demands made upon him, and we should take from the people
who pay it as little as possible to meet the governmental exigency that
confronts us.
These are either direct or indirect. A direct tax is one that is assessed
against the person who is expected to pay it. An indirect tax is one that
is demanded from one person with the expectation that he will pass the
burden on to another. Taxes on wealth in the main are assessed against
property or the income derived therefrom.
We must now consider whether the present tax levies on income and
Inheritances are within the principales I have just suggested to you. During
the great war the American people accepted excessive rates of taxation
with patience and without complaint, and are entitled to great credit for
the sacrifices they made In order that our armies might win the war. They
had the right to believe that after the.war was over they would be relieved in large part from the excessive burdens they had borne without
complaint.
Many of the war tax burdens have been repealed by the Congress, including the so-called excess profits tax and the small taxes on transfers,
sales and the like, that produced more annoyance than
they did revenue.
The general trend of tax legislation has been downward,
but nevertheless
the burden resting on the larger accumulation of capital
has remained in
the confiscatory class.
The problem we have to solve is whether it is wise, from the standpoint
of the whole people, to allow the conditions to
continue. What I have just
said applies to the inheritance tax as well as to income tax.
When the constitutional amendment authorizing the levy of an income tax
was adopted I was Chairman of the Ways and
Means Committee of the
House of Representatives anfl took an active part in writing the Tariff act
of 1913. which contained the provision providing for the first income tax
levied since the Supreme Court of the United States declared the income
tax law enacted in Grover Cleveland's time was unconstitutional. The tax
of 1913 was very low and reasonable compared with what we now have.
The normal tax was only 1%. and the surtax added an additional burden
of 1% on incomes ranging from 320,000 to 350,000, and from that bracket
gradually increasing until it reached 6% on incomes in excess of $500.000,
with normal tax added making the highest tax on any income
7%•
So it remained until our ordinary revenues were affected by war conditions
in Europe in 1916, when a new levy was made against the wealth of the
nation. The normal tax went to 2% and the highest surtax to 13%, and so
it stood until we became involved in the war.
During the Summer of 1917 we passed the first war tax bill and increased
the normaLtax to 4% and pyramided the surtax until the highest tax levied
285
reached as much as 67% of the incomes involved. This was war, and only'
war could justify the confiscation of men's property, for it matters not
whether you take the principal or the interest, when the Government
absorbs 67% of either it amounts to confiscation.
After the war was over, in 1919. with the war debts unpaid and not•
provided for, with an inflamed public sentiment against the war profiteersreflecting itself into the halls of the Congress, an act was passed that it
will always be hard to justify except by the desire of the legislator to reach
back in the war year of 1918 and take from the profiteer a large part of his
war profits. The normal rates were made 12% for 1918 and slightly lesser
rates in 1919 and 1920, but the surtax rate commencing in 1918 was to
remain. It started at 1% on incomes of $5,000 and increased until It
reached a maximum of 65%,or a total tax of 77% on the larger incomes.
In 1921 a reaction in public sentiment set in and the Congress responded
in part in favor of reducing the manifest burdens of taxation. The House
of Representatives passed a bill making a general reduction all along the
line, bringing the maximum surtax down to 32%, but the Senate would not
accept the House bill and adopted amendments providing for higher rates.
Whenthe bill came out of conference and was adopted, the Senate had won
its contention, and the act provided for a normal tax of8% and a maximum
surtax rate of 50%, making the total highest tax 58%•
Not grasping the fundamental principle that taxes are paid out of the
accumulation of the poor as well as the rich, and can only be amassed by
labor, the Congress, fearing criticism if it reduced any tax assessed against.
wealth, continued its policy of confiscation.
The Revenue Act of 1924 should have relieved the country of a large
part of the war taxes assessed againft it. The Secretary of the Treasury
recommended that the existing surtax rate be cut in two and a general
reduction be made all along the line. He pointed out that the confiscatory
rates of war taxation had driven the great incomes into tax-exempt securities
and that the Government had lost rather than gained revenue thereby.
The result was a reduction in some of the lower brackets, but the maximum surtax rate was left at 40%, making a total high tax rate of 46,7, when
the normal tax was added.
An increase in estate taxes to a maximum of 40% was csrried in the bill
without any justification, unless you are an advocate of the confiscation
theory.
We now face the problem again. Shall we again make an honest effort
to reduce the burden of taxation that rests on our country? Seven years
after the signing of the armistice shall we continue to levy taxes that only
war conditions could justify? What do you want with taxes, exeept to
meet governmental expenses? Who knows most about what money is
needed to run the Government, the men who actually run it or the men who
make the laws and are not a part of the executive branch, that spends the
money? As far hack as 1919 Carter Glass, a Democratic Secretary of the
Treasury, in his annual report to the Congress, declared that the high surtaxes had already passed the point of productivity and were driving capital
from the field of development and stimulating wasteful and non-productive
expenditures.
It was in the closing days of the Wilson Administration that Mr.Houston.
the then Secretary of the Treasury, called to the attention of the Congress
the fact that the surtaxes had long since passed the stage of maximum productivity, on account of the very high rate of the levy, and were becoming
a serious menace to the nation's business.
In 1923 Secretary Mellon called to the attention of the law-making body
of the nation the fact that the high rates of the income tax were becoming
every year less productive of revenue,that they were depriving the TreasurY
ofrevenue that it might obtain under more reasonable rates,and at the same
time they were destroying business incentive and slowing down productive
development in the country.
Let me illustrate what this means. Under the law of 1916 the maximum
surtax on incomes in excess of $300,000 was 13%,and produced, practically
speaking, the same revenue as came from similar incomes in 1921. when the
maximum surtax was 65%. In five years vast sums of money formerly
engaged in productive enterprises had been driven out of active business
and had become interned in tax-free securities. It must be manifest to
even the casual observer that if the rates of 1916 had remained the Treasury
would have received more revenue and business would have been far less
embarrassed.
The wealth of a country must be oreated by the labor of that country.
It cannot be manufactured out of nothing. It is limited in quantity and
can be invested in non-taxable, low interest rate securities that do mot
represent productive enterprise, or it may be used in the active development
of our fields, our mines, our factories, when new enterprise is making our
natural resources the handmaiden of man and giving employment to labor:
but in that field of endeavor there is no exemption from taxation, and the
tax gatherer is waiting to absorb a large part of the profits if the owner's
income falls in the high brackets of the Federal revenue law.
Let me tell you something to remember. Under the law of 1916 nearly
30% of the revenue was derived from incomes of over $100,000 and in 1921
only 4 % came from that source. Your laws had made it moro profitable
for the citizen of large means to abandon productive enterprise and Invest
his money where he need not fear confiscation.
The bond broker will tell you that it is more profitable to the man of large
income to invest his money in a 43.i% tax-free bond than in an enterprise
that will pay him 8% on his money, where his income is subject to Federal
taxation. The loss is really greater to the country than it is to the individual.
He contents himself with a safe investment and a limited income, but that
community that is seeking capital for new enterprises or money for new
development of any kind must pay extraordinary rates of interest to get it,
which in the end usually falls on the public to pay.
There is another viewpoint to the situation, and that is where no capital
can be had at all for industrial development and industry must remain idle
because a great Government lacks wisdom in the writing of its reveque
legislation.
There is a field of taxation on which I have barely touched so far, but its
exploitation is even more dangerous to business development than the tax
on incomes, and that is death taxes—the absorption of the principal of the
dead man's estate for the benefit of the Government, known as estate taxes
and inheritance taxes. Before the great war the maximum tax on estates
was 10%; now it is 40% by the Federal Government alone. and when someof the State Governments get through collecting their share of the spoils.
there is not much left for the wife and children of the dead man.
What happens when a large part of a man's estate must be sold, regardless of price to pay taxes? We all know. It does not bring its fair value.
You force a tremendous sacrifice of values as a death penalty to the man who.
has toiled and achieved success, and then you take a large part of it to
satisfy the maw of the tax gatherer.
Does it pay to dolt? I mean does it pay you, not the victim? The best.
minds among the tax experts regard 20%
the maximum rate in a gradu—
ated estate tax that will produce the largest revenue and at the same time
not destroy business. Your enlightened Government fixes the maxmium
rate at 40%, regardless of what the State Governments may do. Do you
blame the man who hides in the cell-r to escape the Federal tax barrage
if he knows the way?
286
THE CHRONICLE
Brussels Meeting of International Chamber of Commerce—Resolutions Calling for Adjustment of War
Debts and Reaffirming Confidence in Dawes
Debts — Speeches of Sir Josiah Stamp,
American Delegates, Belgian Representatives, S. Parker Gilbert, &c.
The third biennial meeting of the International Chamber
of Commerce, which opened at Brussels on June 21 with the
Injection of inter-Allied war debts and the Dawes reparations plan as the major topics of discussion, respecting which
disconcerting views were advanced by the Belgian delegates
and Sir Josiah Stamp, the British economist, was brought
to a conclusion on June 26 with a series of resolutions on the
economic reconstruction of Europe which, says the "Herald
Tribune copyright cablegram, constituted a repudiation of
the pessimistic theories of Sir Josiah Stamp, of Great
Britain, and Maurice. Despret and Finance Minister Janssen,
of Belgium. They were, says the cablegram, virtually a
ratification of the principles.enunciated by the American
spokesmen, John W. O'Leary, President of the Chamber of
Commerce of the United States, and S. Parker Gilbert Jr.,
Agent-General of Reparations Payments. In its account of
the resolutions adapted, the "Herald Tribune" cablegram
says:
[VOL. 121.
the elimination of surtaxes outside the Ian& of the origin of wealth, and an
agreement by which general income taxes would be paid only in the State
where the payer is domiciled, with the exeeption that revenues obtained from
immobile property or income other than from dividends from agricultural
and commercial undertakings may also be taxed in the land of its origin.
This question was closely followed here by a group of New York and
Paris'international lawyers, who will attend the next League Assembly and
continue the campaign.
IVould Fix Date of Easter.
Other resolutions of a technical character included approval of a movement
for fixing the date of Easter, preliminary to a general calendar reform;
the creation of a commission to co-ordinate international air mutes and telephones; truck and transform reforms to prevent damage to the roads; extension of the system of combined international journeys to include coupons
for sea and rail transportation together; general approval of the marithne
rules drawn up by the International Maritime Committee, known as the
Hauge Rules, and covering the shipowner's liabiltiy in various cases.
In accordance with the pledge to the American shipping delegates, Ira
Campbell, Homer L. Ferguson and Commissioner Thompson of the Shipping
Board, no resolution was adopted affecting America's merchant marine or
coastwise shipping, in which the Japanese are anxious to enter competition,
although on a reciprocal basis.
The final set of resolutions provided international reciprocity on the
facilities accorded receivers in bankruptcy cases of an international nature.
At the opening of the Congress on June 21 Willis H. Booth,
Vice-President of the Guaranty Trust Co. of New York, and
President of the International Chamber, declared that "the
machinery of the Dawes plan has demonstrated its practicability," and he added:
A will for peace and a spirit of co-operation, in which our organization is
justified in claiming no little credit, are gradually making themselves felt.
The inter-Allied debt question, which is distinctly involved in the great
Even on the subject of inter-Allied debts, the congress went so far as to
economic restoration, still awaits settlement and even, to a large
reiterate its stand at the Rome congress in 1923, that a prompt settlement problem of
extent, definition. Public opinion, both in the debtor and creditor countries,
was the only basis of world confidence in Europe's restoration, and urged
Is gradually coming to see that an equitable and practical solution must be
the Governments to seek a funding arrangement without delay.
found, and in this knowledge and spirit there is ground for hoping that
Would Pass Tax Burden On.
the day is not far distant when the uncertainty associated with this probThe only amendment offered to the resolution came from M. Clementel,
formerly Finance Minister of France, who pointed out that the present gen- lem will be dispelled.
The Associated Press accounts from Brussels quoted him
eration is already heavily burdened by taxes and post-war problems, and
that the Governments should take this into consideration when arranging as follows:
the dates for the maturity of the obligations. In other words, he obtained
"Germany is required to accumulate gold marks within Germany and place
the Chamber's support for the idea of a moratorium which would place the
burden of debt and taxation on the generation born during the war years. them at the disposal of the Agent-General for Reparations, who is also the
head
of the Transfer Committee. To this Transfer Committee is given• the
. . .
The first and principal resolution was that on economic restoration drawn primary responsibility of converting the gold marks existing in Germany into
uP by a committee headed by Fred Kent, of the Bankers' Trust Co., of New currencies outside of Germany and available for the beneficiary countries.
York, who has been conferring with experts of all countries for more than This committee will be aided by the German Government and the Reichsbank,
a year. Mr. Kent preceded the reading of the resolution with a technical but responsibility, nevertheless, rests with it.
"Granting that the principles upon which the Dawes plan has been develanalysis of post-war business conditions in which he blamed all the present
difficulties on the failure of Europe to return to production, and the over oped are fundamentally sound, the success of the plan depends upon two
extension of Government, with thousands of needless functionaries drawing factors: First, the hearty and sincere co-operation of all the Governments
on the public wealth Without producing any. This vicious circle, he con- in interest, and, second, ability to make transfers so that the gold marks
accumulated in Germany may reach the beneficiary nations without seritended, had produced false budgets and currencies, and unbalanced foreign
ously jeopardizing the business of the rest of the world."
trade.
Mr. Booth pointed out that a portion of the reparations payments
Difficulties Still to Be Encountered.
would be absorbed by payments in kind and that the problem may be
These errors, the Kent committee contended, are also responsible for the deferred by loans from abroad to Germany, but the
fact remained that these
difficulties still to be encountered, the chief of which admittedly is that transfers would have to be made by the sale of
goods and services abroad.
of the transfers under the Dawes plan. As indicated in the "Herald Tribune" The Chamber's Committee on Economic Restoration, he said, had been enearlier in the week, the congress approved a four-way system of transferring gaged for months in co-operation with leading
economists, and a report
wealth:
had been drawn up which would prove that successful transfers of the annul'
First—"By considerable expansion in German exports in the genera ties provided for in the plan was the important problem of the moment.
world market in the ordinary course and under those conditions normal to
"It will be necessary for Germany to export more goods than she did beGermany, without any overhead organization or effort on the part of the fore the war," Mr. Booth continued, "with the least
possible disturbance of
11001111Nalw.re
creditor countries.
natural markets of other countries. The dumping of goods without
the
Second—"By arrangements between each Allied creditor country and
Germany with a view to developing in the widest possible manner com- profit is economically unsound. The opening up of new continents and the
patible with national interests and the obligations of the transfer com- development of natural resources therein will make outlets which did not
mittee, deliveries in kind or services."
exist before the war.
For International Co-ordination.
•
"Experience alone will demonstrate whether these outlets will be suffiThird—"By the operation of certain international co-ordination in enter- cient. If not, the ingenuity of the busines world will be taxed to solve
prises and public works by research and study of practical action." This the problem, and our organization must
be ready to serve promptly in any
covers the system of "assisted schemes" for dredging, dock, railroad and
other contract projects to be done by German labor, preferably in non- practical way if such a crisis develops."
Allied countries. This would be done.the Congress explains,"if the reparaThe New York "Times" accounts of the proceedings on
tion creditors are willing to exercise their 'options'for the acquisition of the
extra capital and goods to be employed in such projects, taking satisfactory
evidences of debt in the payment of bonds, scrip or other evidences of debt the opening day stated that the delegates heard the Unite()
In non-German currency approximating the equivalent value of the capital States lauded as the world's friend, but heard also what
and goods supplied in time to be negotiable." It estimates that Germany's
amounted to formal notice served here that the inter-Allied
part in such contracts would be 34%.
Fourth—"The sale of railway, industrial and, eventually, other German
bonds in the international market, and by making permanent investments debts, now on the eve of an attempt at a settlement, faced
in Germany which will belong to non-Allied or neutral holders." The difficulties which were well-nigh insurmountable. Two Belfinanciers generally approve the latter idea,says the committee, as, because
of political and other considerations, the debt of the German Government gians, Maurice Despret, President of the Bank of Brussels,
to private creditors, or obligations of German citizens to foreigners may
prove more easily negotiable and consequently more desirable than the same and Albert Janssen, Belgian Minister of Finance, followed
debts to the Allied Governments.
each other with a similar though subtle and gracefully
Taken together, the Kent report and the general resolution left no doubt
phrased warning which, says the "Times," gave rise to the
that the congress did not approve the efforts of Stamp, Despret and Janssen
to make the reparations transfers subservient to the inter-Allied debt set- belief that there was a concerted movement on the part of
tlements and favorable to theirs and other nations.
the smaller nations of opposition to the whole program of
economic restoration backed by the Americans. From the
"Capacity to Pay"
"While it is true that the debts created by the World War were obliga- "Times" account of the speeches of the Belgians we take the
tions undertaken in good faith and do not admit repudiation, nevertheless
following:
they were contracted in a common cause during a period of tremendous sacExpression of Views by Belgian Delegates,
rifice of life and property, and a proper factor in any adjustment should
M. Desprets, . . . leading Brussels banker and adviser of the King,
be the present, and probable future, ability of each debtor," the resolution
did not give a hint of what was in store at the outset. He was pleasantly
says in one passage. Then it adds:
"The Chamber recognizes the necessity of removing this question as an complimentary, but presently exclaimed:
"World reconstruction is dependent from the economic standpoint on
element of uncertainty on a basis of justice and fairness to the interests ot
reparations of the damages caused by the war to the countries which sufboth creditor and debtor nations."
fered. The nations so fortunate as to escape the storm are no whit less inDawes Plan Most Constructive Development During Last Two Years.
terested in the reparation of such damages than the nations directly affected,
Impressed by Mr. Oilbert's declaration yesterday and Mr. O'Leary's con- for as long as the latter remain in the present critical condition their capacity
American
business
men's
Dawes
plan
"the as buyers in the world markets will remain low, and it is self-evident that
resolution calls the
fidence, the
most constructive development during the last two years. In its uncondi- their reduced purchasing power will indirectly affect the prosperity of all
tional acceptance, Germany confirms the belief that it is possible for her their neighbors.
to fulfill the obligations she has assumed, and experience so far gives
"The Dawes plan! What hopes and also illusions are contained in these
assurance of the success of the plan with the co-operation of the German three words which thousands repeat, not having the faintest idea of their
people."
meaning I The greater number believe the Dawes plan really means payment
Co-operates With League.
by Germany and the receipt by Germany's creditors of sums to be devoted to
Following the advice of Professor S. T. Adams, the committee on double repayment of the money already spent on reparation of the damages by the
taxation obtained the passage of a resolution providing for the Chamber's co- war and the alleviation of the burden of taxation which weighs so heavily
operation with the League of Nations in the formation of a committee to on taxpayers. For political reasons this crude notion has been spread almost
draw up a scheme for the application of principles now conceded, namely everywhere."
JULY 18 1925.]
THE CHRONICLE
M. Desprets said that polities had no place in the Chamber, but facts were
facts, against which fancies were powerless.
"Is it really possible to pay and receive of thousands of millions?" he continued. "Will there not be disastrous consequences to him who pays and to
him who receives? And failing payment in cash, how can he get paid?
"If the debtor country pays in goods, to what extent can it do so without
doubtless harming the creditor country, which doubtless produces the very
goods it must accept?
"Failing goods, can the debtor country pay in services, and if so, what services can be rendered without causing prejudice to the creditor country's
industry, trade and labor?"
He said these problems were terribly difficult and added:
"And who can fail to see that these problems extend beyond the reparation of war damages and exist exactly in the same way between debtor and
creditor nations in the matter of debts incurred during the war? Of course,
there is a wide distinction in the origin of reparations and war debt. It
makes a great difference from the moral viewpoint, but from the economic
viewpoint surely payment encounters the same difficulties. Whether interAllied debts shall be paid in cash, goods or services are problems the same
as reparations, and it does not seem that the solution can be other than the
same."
He said the task would not be finished till there was proper propaganda
to enlighten public opinion on the deliberations and resolutions of the congress, and added:
"Perhaps that will destroy certain illusions and dispel certain false hopes.
Is that a cause for regret? You will not think so. Men who in the domain
of fact reveal the truth instead of hiding it play a less easy and less agreeable part, but a more useful and more noble one, than those who arouse and
entertain false hopes."
M. Janssen, who was a delegate at the original Atlantic City meeting in
1919, congratulated the Chamber on the development of reparations transfer
ideas and said:
"Besides, if you have studied the problem of transfers in direct relation
to reparations it must quickly and certainly be realized that the problem
is even wider and overlaps that of inter-Allied debts. I hope you will kill
two birds with one stone, and the light you throw on the question of trans.
fers in relation to reparations will help the nations better to understand and
solve the problem of inter-Allied debts."
He praised the wisdom of the Chamber in demonstrating that a balanced
budget was a sine qua non of all lasting improvements in the interior life
of a nation as well as in its relations with others, adding:
"May I not be permitted to lay stress on the fact that the essential neeessity of balancing budgets, after having through the Dawes plan dominated the question of reparations, must likewise, for the same reasons, be one
of the capital considerations which in the interest of all will have to be taken
into account in settling the question of inter-Allied debts?"
287
spread holding of investments in Germany by neutrals or under the direction
of some international body.
This was interpreted as suggesting the eventual transfer of the whole
reparations problem to the League of Nations.
Sir Josiah also called attention to the likelihood of the
whole financial liquidation of the war becoming a GermanAmerican problem, says the same Associated Press cablegram, which went on to add:
"If there is a general settlement of inter-Allied debts," he said, "the
centre of gravity of the reparations problem will be shifted. Great Britain
proposes to pay all she received and all she may receive from France, Italy
and Germany to the United States.
"France, Italy and Belgium have debts to settle with the United States.
The upshot of all these transactions is that Great Britain, France, Belgium
and Italy are either partly or entirely intermediaries between Germany and
the United States.
"Concurrent transfer giving effect to the reparations payments may result in short circuiting the transactions directly between Germany and the
United States. The problem will, therefore, become, conomically spaking, a
German-American one."
In a reference to prohibition in the United States, he informed the
Chamber that it was to be credited with a 16% increase in the yield of
American industries.
•
The report suggests four solutions as substitutes for the Dawes plan—
first, expansion of German exports to the world's markets generally, making
possible cash payments to the Allies; second, deliveries in kind that do not
conflict with national interests; third, German participation in the public
works of Allied countries; four, permanent investments in Germany, to be
held by other than the Allied countries.
Germany can pay her reparations obligations only through a lowered
standard of living, longer working hours and greater production per hour,
Sir Josiah Stamp, British economist, and co-author of the Dawes plan, told
the International Chamber of Commerce at to-day's meeting here.
Sir Josiah, the New York "Journal of Commerce" cablegram points out, condemned all tariff barriers that interfere
with the free movement of merchandise, asserting that tariff
laws severely limit the field for exports of German goods as
called for by the Dawes plan. He suggested, the cablegram
adds, that international investments in Germany be placed
under the supervision of a special committee. Six things,
according to the copyright cablegram to the New York
As to the confusion resulting from the injection of these "Times" were, he said, chiefly to be avoided, viz.:
First—Creditors must not press Germany for payments quicker than
topics into the Congress, the Associated Press accounts from
trade policy allows.
Brussels June 21 stated:
Second—Tariff walls must be razed.
Many of the American delegates to the congress of the International Chamber of Commerce, and some others, were puzzled to-day by the declarations
of European delegates concerning war debts and reparations, and it was
asked by members of several of the delegations whether the references to
the inter-Allied debts meant that they would be discussed during the congress.
Debts do not appear on the agenda, and inquiry of leading figures in the
Congress elicits opinions to the effect that these declarations were simply
personal expressions of the speakers and that a discussion of the question
need not necessarily follow.
Debts can be brought up only at meetings of groups. If a discussion is
proposed the American delegates, it was said by leading members of that
delegation to-night, will simply refer the congress to the attitude of the
American Government on the debt settlement, without going into the merits
of any subsidiary question raised with reference to capacity to transfer or
make payments.
As to comment occasioned in Germany by M. Despret's
declarations, we quote the following Associated Press cablegrams from Berlin, June 23:
Criticism of the Dawes plan by M. Despret, Belgian banker, in a speech at
the opening session of the International Chamber of Commerce Congress in
Brussels draws comment to-day from the German financial writers.
It is not the reparations plan as such, or the Dawes program which aspires
to give it non-political co-ordination, which is a stupendous economic fallacy, the writers say, but the current theory of the reparations problem as
held by the Allied Powers.
M. Despret's strictures, observes the "Boersen Courier," are all the more
significant because they emanate from a spokesman of one of the nations
listed as a beneficiary of reparations from Germany. It seconds his conclusion to the effect that, regardless whether the payments are made in
cash or goods, the world's economic balance is equally menaced.
The Bourse organ also points out that M. Despret's criticism does not
strike at the Dawes plan itself or at the reasons which prompted Germany
to accept it, but are primarily directed at the existing erroneous conception
of the entire reparations problem.
"Die Zeit," which customarily reflects Foreign Minister Stresemann's
views, discovers in the speaker's conclusions vindication of the past German
contention that the Allied reparations program was destined to become an
"avenging boomerang."
"Six years after the conclusion of peace," the papers say, "world economics present a state of chaos which threatens to become a desperate menace for all nations. The French franc and Italian lire are ruined. Unemployment, carrying in its trail a chain of other social evils, confronts the
victors as well as the vanquished.
"Such are the results of the economic unreason which ruled at Versailles
and has dominated since."
Sir Josiah Stamp's address featured the program on June
23; in it he expressed grave doubts of the continued successful working of the Dawes plan. The Associated Press accounts state:
He declared the time has come for serious study to be given the situation.
The chief difficulties, he said, were the labor problem involved in the production of goods for reparations and the ruinous competition as a result of
the import of goods into receiving countries without exports to offset them.
Sir Josiah presented a long and detailed report prepared by himself and
other experts discussing the economic effects of the Dawes plan.
The report indicated the belief of the experts that within three years it
will be seen that Germany no longer can execute the provisions of the Dawes
plan and that some other method of payments will become necessary.
Expressing the opinion that the postponement of transfers under the
Dawes plan would become necessary, Sir Josiah Stamp proposed the wide-
Third—Restrictions based on similarity of manufactures must be abandoned.
Fourth—Tariffs designed to equalize costs must be abrogated. For instance, a tariff policy variable at the will of the United States President,
though obviously not designed to this end, will make Europe's task of reparations payments generally more difficult and "thus possibly hinder a real
settlement of peace and the general disarmament so much desired."
Fifth—Creditors must not seek to restrict Germany's policies of labor and
work hours.
Sixth—Objections of industrial organizations to the flow of German
goods must pass unheeded.
Mr. O'Leary and S. Parker Gilbert Jr. were heard on
June 25. In indicating what they had to say the Associated
Press reports stated:
The feeling that Europe had strayed up an economic blind alley, which
has pervaded the International Chamber of Commerce congress since its
opening was relieved to-day when the American defense of the Dawes reparations plan and American assurance as to the consequences of the settlement of the inter-Allied debts showed the delegates a way out.
John W. O'Leary, Chairman of the Chamber of Commerce of the United
States, who, in short, told the delegates that the European debtors must
pay and they would find it good for themselves to do so, and Seymour
Parker Gilbert Jr., Agent-General for reparations, who said the Dawes plan
was still "good and going strong," with prospects as bright as anyone
could expect, were applauded by the French, Belgians and Italians as much
as by the others.
Mr. Gilbert recalled that Germany was carrying out the conditions of the
Dawes plan faithfully and that the Ruhr was about to be evacuated in consequence. The transfer question, he explained, was still only a matter of
deliveries in kind and would become a question of transfers in cash only in
the third year of application. In the meantime nobody had the right to predict that those transfers could not be made.
The fact that there would be difficulties, he continued, was foreshadowed
by the Dawes committee itself, but there were many factors working to solve
them. Growing trade might in a few years upset all the calculations of
the pessimists.
Mr. O'Leary made it clear that the people of the United States were solidly behind the Government on the question of debts. He contended that
failure to meet war obligations would be worse for the debtor than for the
creditor, and assured the European delegates that Americans would always
show a spirit of fairness in negotiating settlements.
Mr. O'Leary, who is Vice-President of the Chicago Trust Co., said that
American business men are of the opinion that the time has come for the
settlement of the inter-Allied debts.
"The restoration of confidence," he said, "lies in the assurance that all
nations will meet their financial obligations."
He said the position taken by the United States Government on this question reflects the will of the American people.
He expressed mild resentment at statements to the effect that Americans
are mercenary and are seeking to profit by the misfortunes of Europe. He
said the success of the United States is bound up in the success of Europe
and the rest of the world and that the essential thing everywhere is confidence.
"There can be no confidence in international business agreements," be
added, "if Governments fail to recognize their obligations.
"The precedent of non-recognition of Governmental obligations is more
dangerous to the debtor than to the creditor."
Faith in Dawes Plan.
Mr. O'Leary said Americans believed in the Dawes plan. Be decried the
note of pessimism which has been heard here, regarding the plan and said
the belief in the United States is that it will hasten the world's economic
recovery. He pointed to the stabilization, otthe'Gennan mark as the first
tangible effect of the importance coming from the plan.
288
THE CHRONICLE
[VOL 121.
The people of the debtor nations in Europe have been obliged to pay
The group decided to suspend final action on the "Antwerp rules," in the
-through inflation more than they would have paid without inflation in elaboration of which Americans have had no part. An opportunity will be
'direct taxes sufficient to settle their war debts, Mr. O'Leary declared.
given United States shipping interests to present observations before fur"The people of those nations," he said, "are now faced with greater obli- ther action is taken.
gations than in 1919 and they have much less strength to carry the burden."
The group agreed to recommend unification of ocean bills of lading.
Ile said the real meaning of the Dawes plan has been misunderstood and
Summarizing the developments on June 24, the New York
.that whatever may be the differences of opinion concerning it, one thing is
•certain, that it has created machinery by which reparations payments may "Times" cablegram (copyright) said:
be assembled. He added there is strong hope that means will be found by
Practically for the first time since the opening of the third congress of the
which the reparations funds may be distributed.
International Chamber of Commerce, the American delegation to-day reThe settlement of all war obligations will restore confidence and release gained its confidence, shattered by the first-day attacks by MM. Despret and
vast sums for investment, he said.
Janssen on the efficiency of the Dawes plan, the prospects of an early settleThe following as to what Mr. Gilbert had to say is from ment for inter-Allied debts and the warnings of Sir Josiah Stamp.
Three things contributed chiefly:
the copyright advices to the New York "Times":
1—A speech by Maurice Lewandoski, Vice-President of the Bankers' Syndicate of France. This was a witty and vigorous, though indirect, defense
Gilbert Shows Optimism.
Mr. Gilbert's speech was more restrained and devoted largely to a die- of the Dawes plan. He poked fund at Sir Josiah Stamp, whom he called
"an
archmaster in hermetic science of transfers." He asserted that the
cession of the present progress of the plan of reparations payments. "First
-of all, the plan has had a satisfactory beginning," he said. "It has suc- payments of Germany could be transferred as easily as was the payment of
ceeded in breaking the reparations deadlock. It has restored trust and con- 5,000,000,000 gold francs by France to Germany in 1872.
2—An unequivocal notice served on the whole congress by the American
fidence where for so long there was nothing but doubt and despair. The
plan has realized two essential preliminary objects. The German budget for shipping men that the United States would not permit foreign interference
the fiscal year 1924-25 showed a balance. Germany also succeeded in pro- in her coastwise shipping.
3—The adoption by the Committee on Economic Restoration of a plan
viding and maintaining a stable currency."
He acknowledged that the' burden was light the first year, due to four- presented by Edward A. Filene for an international committee to handle the
problem
of trade barriers and persuade the nations to make tariff and infifths of the annuity being provided by the international loan. "But," he
added, "Germany has faithfully performed the obligations resting upon her dustrial concessions permitting the movement in profitable channels of big
surpluses.
under the plan in respect of payments and deliveries."
He reminded his hearers that the payments in the first eight months
Dr. Walter Leaf, Chairman of the Westminster Bank, Ltd.,
aggregated 620,000,000 gold marks, including 150,000,000 for costs of the of London, was elected
President of the International Chamoccupation armies, 40,000,000 for service of the German loan, 277,000,000
in deliveries in kind and 132,000,000 in payments under the British-French ber of Commerce at the closing session. He succeeds Willis
Reparations Recovery Acts.
H. Booth, of New York.
He cited a contract for dredging the Seine as the first reparations contract for work by Garman labor in France. In Belgium contracts included
a floating dock, railway material, Congo construction and 25 barges to cost President Coolidge Against Lowering of Tariff to Meet
2,500,000 marks. There have been more than 130 contracts of this kind.
Views of Sir Josiah Stamp in Behalf of ReparaHe discussed the difficulties of transfer in unsettling trade exchanges and
tion Payments.
told of the creation of the Transfer Committee, which was preparing for
the future when it would handle large sums.
The
opposition
of
President Coolidge to a change in the
"It would be folly for any one to attempt to predict what volume of transfers it is possible to attain in three or four years," Mr. Gilbert added. "It tariff policy of the United States to conform to the views of
is worth while to draw attention to helpful factors operatinge You have Sir Josiah Stamp of Great Britain, presented at the Brussels
heard Sir Josiah Stamp and others give a most interesting analysis of the
meeting last month of the International Chamber of Comdifficulties. But things are frequently more difficult in anticipation than
merce was evidenced by President Coolidge on June 26.
in actual experience.
"I am convinced that in spite of difficulties enough helpful forces are in As we note in an item in the current issue of our paper
operation to contribute materially to a solution of the whole problem."
dealing with the Brussels meeting Sir Josiah suggested that
Calls Trade Recovery Marvelous.
with a view to aiding Germany to meet her reparation
He cited the natural forces of growth and recuperation saying that trade
and industry already had made a marvelous recovery arid it would not do payments, and enabling the European governments to
to assume that it had reached the end. He hoped for increased deliveries in discharge their war debts, tariff barriers be removed. As to
kind which had not yet been fairly tested, due to the early deadlock and
President's views we quote the following from the
disorder. He recalled the ability of the Transfer Committee so to operate the
as to increase trade. Lastly, he praised the transfer plan, which "carries Associated Press dispatches June 26 from Swampscott,
within itself the best protection against future deadlocks on the reparations (Mass.) where the President is located for the
summer:
question."
The President is of the opinion that many plans proposed for the betterIle suggested that the Chamber would find its greatest usefulness in pro- ment of conditions abroad are simply left-handed
efforts to get the United
snoting public discussion of essential facts and in furthering the collection of States to pay reparations.
industrial and financial information. The statistics of Government expendiThe people of the United States, on whom the burden of any proposal, if
tures were astonishingly incomplete and budget practices dangerously loose, adopted would rest, Mr. Coolidge is convinced, are
determined not to
said Mr. Gilbert, adding:
become involved in the reparation problem and are unalterably opposed to
"The German budget of 1924-25 has not yet finally passed through the debt cancellation. He believes that they have no
sympathy for such a plan
year ended three months ago and most of the expenditures probably have as outlined by Sir Josiah Stamp.
been made. Foreign trade figures were incomplete and frequently it was
In the President's opinion the increase in American imports during the
almost impossible to construct the figures or balance payments. It is diffi- last few years is a sufficient answer to the suggestion
that tariff duties
cult enough for people with technical training to get at the facts and for the should be lowered. He considers it significant that
the American trade
general public it is almost impossible."
volume is approximately 50% greater than before the war, while the
Another step he regarded as a notable contribution to the welfare of inter- Import and export business of most European countries
is less.
national industry was taken when the finance section adopted a resolution
While Mr. Coolidge holds to the view that the American public feel that
proposed by Ernest B. Filsinger, delegate of the National Association of Germany must pay reparations, and that other
European nations must
Credit Men, summoning the Council to appoiht a committee to study the meet their debt obligations, he belleves that to an extent
the people of the
possibilities of a co-operative effort by credit grantors of all nations to the United States have a concern in world
conditions, which they would be glad
end that mutual interests be better served.
to alleviate through any plan which did not shift unwarranted burdens on
The resolution which was regarded as a first move for the internation- their shoulders.
.alization of credits, was seconded by Sir Felix Schuster of England and Dr.
A. Van Hall of Holland.
Incidentally it may be noted that, according to the New
"York "Herald Tribune cablegram (copyright), Mr. O'Leary,
-who had been asked by A. C. Bedford, of New York, Chairman of the Standard Oil Co. of New Jersey, to replace him
on the program at the plenary session on June 22, was refused the platform on the technical point that the Council
had not approved the change. At the session on June 22 the
important bearing the early settlement of war debts has
upon the economic situation of the world was emphasized
,by Sir Alan G. Anderson, Deputy Governor of the Bank of
England, who, speaking of shipping problems, declared that
until the debts were out of the way the recovery of the languishing maritime trade would be impossible. The Asso-daft-d Press advices state:
The British delegate bore rather harshly upon Government-owned shipping,
.asserting that it was partly responsible for world trade stagnation and furnishing figures to show how profitless It was. Australia, he said, had lost
£11,000,000 on her fleet, the United States £34,000,000, Canada a £6,250,•000 and France £3,500,000.
"National maritime fleets." continued Sir Alan, "are an expensive luxury.
Flag discrimination is more dangerous and catching than the plague. Even
were these evils removed, there remain enough others ways in which Gov.ernments can hamper the freedom of overseas commerce."
The British representative said that if world trade returned te the point
where it stood before the war, there would be enough work for the entire
-world's tonnage, while some owners were breaking up their ships. The
world carrying trade had decreased 23% as compared with 1913, while tonnage has increased 10,000,000 tons.
The American policy of making Government ships responsible for damage
-caused by collisions or otherwise, in the same way that privately operated
vessels are responsible, was approved by the transportation group and will
be recommended for adoption by other Governments.
Representative Green Suggests That Tariff Be Let
Alone—Committee on Proceedings at Brussels
Meeting.
Discussing the proceedings of the Brussels meeting of the
International Chamber of Commerce, and the demand for
revision of the tariff, Representative Green, Chairman of
the Ways and Means Committee of the House declared on
June 29 that "a general revision of the tariff in what is
called the 'off-year' that is between the Presidential elections,
has always proved disastrous politically to the party that
undertook it." Chairman Green states that "the revenue
brought in by the present law is more than twice that
produced by any other bill in normal times" and he contends
we let "well enough alone." His statement follows:
The proceedings of the Brussels meeting of the International Chamber
of Commerce show very clearly that Europe intends to bring every possible
pressure upon the United States to lower its tariffs, the claim being made
that Europe will not be albe to pay its debts to us unless this is done.
On the other hand there is an insistent demand in this country that the
tariff be raised with respect to certain industries, for which the claim is set
up that they are not sufficiently protected. There is also a demand in
certain quarters for revision of the tariff for the same reason as was given
at the.Brussels meeting.
I do not consider the claims made at the Brussels Conference well founded.
Balances between two nations are not necessarily settled on the basis of the
balance of trade between them alone,for one or the two may have a favorable
balance with a third nation to which the other, on the contrary, is indebted,
and a settlement can thus be made among the three.
When considering the demands of certain industries for an advance It
will be found that it is practically impossible to revise the rates of our
tariff as to certain particular industries without taking all into consideration
and making a general revision. It ought to be remembered that a general
revision of the tariff in what is called the off-year, that is, between Pried.
JULY
18 1925.1
THE CHRONICLE
dential elections has always proved disastrous politically to the party that
undertook it, with a result that it has lost the House at the next election.
The present tariff has worked well and has not unduly restricted our
buying or selling, for our exports and imports are both more than twice the
value of what they were before the war and in quantity they largely exceed
the amount of that period. The revenue brought in by the present law is
more than twice that produced by any other bill in normal times. Why
not let well enough alone.
289
It is expected that 213 bedroom and living room furniture and refrigerator
men, also indiated, will plead guilty. If these defendants plead guilty and
pay fines in proportion to those paid by the chairmakers, the aggregate will
probably exceed $1,000,000. The $166,000 fine assesoed the ehairmakers is
in itself one of the largest fines ever laid under the Sherman anti-trust lam.
The chairmakers' fines, which ranged from $1,000 to $5,000, were levied
in accordance to the defendants' volume of business. The three Chicago
houses each were assessed $5,000. Others in the group fined $5,000 were:
Old Colony Chair Co.. Rockford, Ill.; Michigan Chair Co., Grand Rapids,
Mich.; Phoenix Chair Co., Sheboygan, Wis.; Webster Manufacturing Co.,
Superior, Wis.; Marietta Chair Co., Marietta, 0.; Jamestown Chair Co.,
Jamestown, N. Y.; B. I. Marble Chair Co., Bedford, 0.; Parkersburg Chair
Co., Parkersburg, W. Va.; Milwaukee Chair Co., Milwaukee, Wis.; W. H.
Gunlocke Chair Co., Wayland, N. Y.; Grand Lodge Chair Co., Grand Lodge,
Mich.; Standard Chair Co., Union City, Pa.; Tell City Chair Co., Tell City,
Ind.
The case against William H. Coye, former financial expert for the indicted
chair association, was asked to be dropped by Prosecutor Shale. With that
motion only the following chair men remain to face trial: Wertz-Klamer
Furniture Co., Evansville, Ind.; Crocker Chair Co., Sheboygan, Wis.; Hale
Co., Arlington, Vt.; William D. Baker, Secretary of the National Association
of Chair Manufacturers; Wisconsin Chair Co., Port Washington, Wis.; and
Wisconsin Manufacturing Co., Jefferson, Wis.
W. D. Mitchell Named to Succeed James M. Beck,
Resigned, as Solicitor-General of United States.
On June 8 William D. Mitchell of St. Paul was presented
to the United States Supreme Court as Solicitor-General of
the United States. The appointment of Mr. Mitchell by
President Coolidge as Solicitor-General, succeeding James
M. Beck, resigned, was announced on June 3. Mr. Beck's
resignation was noted in our issue of May 16, page 2503.
Mr. Mitchell was formerly a law partner of Associate
Justice Pierce Butler of the Supreme Court. He was
Associated Press accounts from Washington, June 18, rerecommended by William Brooks, Republican National Committeeman and by Senator Schall, Republican, of Minnesota. garding the pleas entered by the chair manufacturers and
Indorsements also were received at the White House from the fines paid stated:
The Department expressed its satisfaction at the outcome of the prosecumany others prominent in Minnesota political life, according
tion of the chair manufacturers, stating that it indicated that the Sherman
to Associated Press dispatches from Washington, June 5, lam VMS still effective to prevent the abuse by those engaged in industry of
which state:
the facilities afforded by trade associations.
Mr. Mitchell, it was,said at the Department of Justice, has been a prominent lawyer for 25 years and has been retained in many of the big cases
of his section. He is listed as a Republican in politics but has shown a
degree of independence in formulating his political actions, having in the
past supported Democratic nominees. He has never before held public
office, although during the war he acted as Counsellor for Governor Burnquiet of Minnesota.
The National Chair Association did not confine its activities to the mere
collection and dissemination of statistics, and consequently the case was not
controlled by the recent decisions of the Supreme Court in the Maple Flooring case and Cement case, the Department said.
The indictments against 269 manufacturers and individuals engaged in the manufacture of refrigerators, furniture
Mr. Mitchell's father, William Mitchell, held the post of and case goods, such as dining room sets, bedroom equipment, radio cabinets and clock cases, returned on May 29 by
Chief Justice of the Minnesota Supreme Court.'
the Grand Jury in the Federal Court at Chicago, alleging
E. B. Brossard and A. H. Baldwin New Members of violations of the Sherman Anti-Trust Act, were referred to
in our issue of June 13, page 3021. A statement by E. R.
the United States Tariff Commission.
On July 11 President Coolidge appointed Edgar Bernard Johnston, of counsel for the refrigerator companies, given
Brossard of Utah as a member of the United States Tariff out at Chicago June 30, says:
The National Refrigerator Manufacturers' Association has
in existCommission. On June 6 announcement was made of the ence for a great many years. It is a voluntary association,been
composed of
appointment by the President of Albertus Hutchinson eighteen of the leading manufacturers of refrigerators and ice boxes. The
of the association have been confined to the dissemination of
Baldwin of New York as a member of the Commission. .The activities
trade information and meetings of the association to discuss conditions in
two vacancies which the new members fill were occasioned the trade. The association has no formal articles of association and has
by the resignation of William S. Culbertson of Kansas, never had the advice of counsel, either in its organization or on the carrying
activities.
whose appointment as American Minister to Rumania was on of its
The members of the association decided to plead guilty after consultation
reported in these columns May 2, page 2220, and the retire- with counsel, and after being advised that in their past activities they
ment of Commissioner William Burgess of Pennsylvania. might have been guilty of technical violations of the Sherman Act.
association members were not eonscious of any violation of the law
Mr. Baldwin was formerly Chief of the Bureau of Foreign in The
conducting their association, and if guilty of any infraction of law at all,
and Domestic Commerce, and held numerous other posts in IL ir merely technical in character.
The members of the association emphatically deny that they at any time
the Government's service. Since September 1923, Mr.
or combined to charge or maintain excessive or non-competitive
Brossard has been connected with the Commission as an conspired
prices, as charged in the indictment.
economist assigned to the Agricultural Division. Before
The statement added that prices of refrigerators vary greatly and that
joining the Commission he was Professor of Agricultural the association never had sought to monopolize the manufacture and sale.
Economics and Farm Management at the Utah Agricultural
The Associated Press advices from Chicago, June 30,
College.
stated:
The refrigerator group is the second class of manufacturrers to plead guilty,
Furniture Manufacturers and Refrigerator Firms most of the chair makers having pleaded guilty recently and received similar
fines. The refrigerator companies and their fines were as follows:
Plead Guilty to Charges of Violating Sherman
Fined $5,000: Alaska Refrigerator Co., Muskegon, Mich.;
Anti-Trust Act—Appeal to Be Made to
Co., Belding, Mich.; Challenge Refrigerator Co., Grandhaven, Mich.; Cold
Storage liefrigsrator Co., Eau Claire, NVis.; Gibson Refrigerator Co., GreenSupreme Court by Case-Goods
ville, Mich.; Tennessee Furniture Corporation, Chattanooga, Tenn.
Manufacturers.
Fined $4,000: Gurney Refrigerator Co., Ltd., Fond du Lac, Wis.; McWhile Si case goods furniture manufacturers indicted for Gray Refrigerator Co., Kendalville, Ind.; Rhinelander Refrigerator Co.,
Rhinelaniier,
II is. ; Seeger Refrigerator Co., St. Paul, Minn.
violation of the Sherman anti-trust law pleaded guilty in
Fined $3,000: Illinois Refrigerator Co., Morrison, Ill. ; Rooney RefrigeChicago on July 10, and paid fines aggregating $182,000, it rator Co., Greenville, Mich.
was stated on July 13, in Associated Press advices from w iFs.ined $2,000: Arlington Refrigerator Co., Ar:ingtoa, Vt.; Bildwiq Reii
Grand Rapids, that 70 case goods manufacturers will join fi igerator Co., Burlington, Vt.; Dillingham Ilann,as tur.ng Co., Svicho,ga,
in fighting the proceedings, according to Charles L. Slight,
The case of William H. Coye, Grand Rapids, Mich., Secretary of the RePresident of the Slight Furniture Co. Mr. Slight is quoted as frigerator Association, was dismissed on motion of the Government. Roger
Shale,
Special Assistant to the Attorney-General, said Mr. Coye had not been
saying: "We will carry the case to the United States Suparticularly active in conducting the affairs of the association for the past
preme Court, if necessary." The case goods group, pro- two years, and that he was also a defendant in the pending indictment
ducers of dining room and library furniture, was the third against dining room and bedroom furniture manufacturers.
ed.
of the eighteen members of the association remain to be arand largest section of 269 furniture manufacturers named in raiOgrrillytwo
indictments returned in Chicago in May by the Grand Jury
The fines assessed totaled $68,000, making a grand total of $234,000 so
in the Federal Court. All were members of the National Al- far levied against the defendants in the furniture cases.
Two companies, one the Harder Manufacturing Co. of Cobleskill, N. Y.,
liance of Furniture Manufacturers. On June 30, 16 refrig- were not represented at the
hearing to-day.
erator manufacturing firms pleaded guilty in the same court
Regardless of the pleas of the case goods groups, we quote
to the indictments and were fined from $2,000 to $5,000 each. the following
from the Associated Press dispatches from
Some days previously—June 18-49 American chair manuChicago, July 10:
facturers were fined an aggregate of $166,000 by Federal
Robert Shale, Special Assistant Attorney-General in charge of the proseJudge Adam C. Cliffe of Chicago after they had pleaded cution, said appropriate action against those firms which have not entered
guilty in the Federal Court to charges of operating a chair pleas of guilty and accepted fines soon will be taken. About 130 firms
named in the indictments have not yet entered pleas.
trnst. The Chicago "Journal of Commerce" of June 19 in
The aggregate of fines assessed to date in the furniture proceedings is apreporting the admission of guilty by the chair manufacturers, proximately $420,000. To-day's fines in the case goods group is the largest
ever imposed in a single anti-trust proceeding.
said:
R. K. Walsh, attorney for a
Six of the 66 chairmakers who were indicted were not represented, while
the 56th was discharged. The plea of guilty and fines were the result of an
agreement made between Edwin L. Weisl, representing the furniture men,
and Roger Shale, Special Attorney for the Government.
The Chicago firms which accepted fines under the agreement were S
Karpen & Bros., the Johnsc- Ohair Co. and the Colonial Chair So.
majority of the case goods firms, said the law
violations had been "technical and unintentional," and that pleas of gulity
would entail less expense and interruption of business than a long trial to
establish the legality of the furniture trade's co-operative information bureau.
The firms fined include: &Mance Furniture Co., Jamestown, N. Y.,
$4,000; Allied Furniture Co., Inc., Jamestown, N. Y., $2,000; Empire ease
Goods Co., Jamestown, N. Y., $3,000; the Level Furniture Co., Jamestown,
290
THE CHRONICLE
N. Y., $1,000; the Logan Manufacturing Co., Logan, Ohio, $1,000; Marvel
Furniture Co., Jamestown, N. Y., $5,000; Monarch Furniture Co., Jamestown,
N. Y., $2,000; the Newark Furniture Co., Newark, Ohio, $1,000; Schulze
& Van Stee Manufacturing Co., Inc., Jamestown, N. Y., $1,000; Himebaugh
Bros., Jamestown, N. Y., $2,000; Sterling Furniture Co., Salamanca, N. Y.,
$4,000; Empire Furniture Co., Huntington, W. Va., $2,000; Fancher Furniture Co., Salamanca, N. Y., $4,000; the Geyler Furniture Co., Hillsboro,
Ohio, $1,000; Hanover Cabinet Co., Hanover, Pa., $2,000; Herwick Manufacturing Co., Falconer, N. Y., $2,000; Hughesville Furniture Co., Hughesville, Pa., $1,000; Jamestown Mantel Co., Jamestown, N. Y., $2,000, and
Jamestown Table Co., Jamestown, N. Y., $4,000.
President Coolidge to Open Sesqui-Centennial
Exposition in Philadelphia on June 1 1926.
The Sesqui-Centennial Exposition, which will be held in
Philadelphia next year, will be opened by President Coolidge
in person, according to an announcement following a meeting of the Executive Committee on July 9. From the Philadelphia "Ledger" we also learn that the Governors of all the
States in the Union and the oldest military organizations of
the thirteen original States will also be invited. Among
them will be the First City Troop of Philadelphia, the Old
Guard of New York and the Ancient and Honorable Artillery
of Boston. A joint resolution under which Congressional
approval was given to the holding of the exposition, which
will be held in celebration of the 150th anniversary of the
signing of the Declaration of Independence, was passed by
the House of Representatives and the Senate in 1922, and
was given in our issue of Aug. 5 1922, page 601. Work on
the Administration Building is scheduled to start July 20.
Plans for the first exhibition building are expected to be in
hand next month. Regarding the exposition and efforts to
secure participation by New York, we quote the following
from the New York "Evening Post" of June 27:
[Vol. 121.
The prize for the opera will be $3,000; for the symphony, or a large
orchestral work of syphonic character, $2,000; for a ballet, pageant or
masque, with full orchestral accompaniment, not excluding choral episodes,
$2,000, and for an a-capella choral suite of three or four numbers, written
for six or eight mixed voices, $500. The prize competition is in charge of
a sub-committee, of which Cyrus H. K. Curtis is Chairman and Dr. Herbert
J. Tily Vice-Chairman.
The opera must be submitted by March 1 and the award will be made
May 1. The other competitive works must be submitted by April 1. The
prizes will be adjudged May 15.
New York Trade Groups to Give Poor Boys Free Farm
Training.
Under the joint leadership of Abraham Erlanger, former
president of the B. V. D. Company, Adam L. Gimbel,
vice-president of Saks & Co., and Manny Strauss, business
consultant, business and professional men of New York City,
will give complete equipments for a successful life career
upon the farm, to 120 deserving city boys every three years,
by providing them withfull scholarships through the National
Farm School at Doylestown, Pa. The School was founded,
28 years ago, by the late Philadelphia rabbi, Doctor Joseph
Krauskopf; mainly with the idea of offering to Jewish city
boys, of limited means, an exceptional opportunity to return
to the agricultural occupation of their ancient forebears.
Its entrance requirements have never been sectarian, however, and it numbers, today, hundreds of successful graduates, of all creeds, in every part of the country. It is further
announced that:
With board, lodging, clothing, books, tuition, equipment—in fact.
everything, entirely free—it offers an exceptional three-year course in
practical scientific agriculture. The student learns by actually farming the
institution's 1,100 acres of land, as well as by laboratory and class-room
Instruction. .Of recent years, there is said to have been an average of
forty applications from agricultural employers for every graduate.
New York philanthropists were recently called upon to assist in a plan
of expansion for the now over-crowded institution and the present trade
Philadelphia has invaded New York with an invitation to participate next and
professional group movement in New York has arisen in response to
year in the Sesqui-Centennial International Exhibition, and with an ex- this appeal.
planation of what it is.
Mr. Gimbel, who is chairman of this phase of the work for
The elucidators at a dinner last night were W. Freeland Kendrick, Mayor
of Philadelphia; W. W. Atterbury, Vice-President of the Pennsylvania Rail- the Farm School, with an office at 1482 Broadway, explained
road; Ernest T. Trigg, Chairman of the Executive Committee of the Exhi- it recently as follows:
bition; Captain Asher Carter Baker, a retired naval officer, who sails for
The rest of the country has already contributed, and is now contributing,
Europe to-day on the steamship "Paris" to arrange for the participation of
some handsome sums for the immediate physical expansion of the National
foreign Governments; D. C. Collier, Director-General of the Exhibition, and
Farni
School to the point where it can take care of 120 additional students;
Senator T. Coleman du Pont of Delaware, who was the host at the Waldorfand New York is undertaking to provide the maintenance for these boys.
Astoria Hotel.
It will cost about $600 per boy per year, to keep them at the enlarged school.
Otto H. Kahn was a guest, with a number of other prominent New York- To establish 120 perpetual scholarships would
require the income from a
ers and Philadelphians. Mr. Atterbury brought sixty guests from Philaperpetual scholarship endowment fund of $1,200,000.—that is, $72,000
delphia on a special train.
a
year.
At
an
early
date,
we
hope
to
establish
just
such a 81,200,000 fund
In South Philadelphia, near the navy yard, 670 acres have been set aside
In the name of New York. But we do not care to institute a drive of this
for the fair. The largest stadium in the world will be built, with seats for
size at the present time. Yet, meanwhile, the opportunity and the need
100,000 and for standing room for 100,000 more. Pageants will be held
are immediate. Therefore, for the years of 1925-8-7, we are confining
there. Six one-story exhibit palaces and an amusement section of 130 acres
ourselves to raising the income only—rather a small matter considering the
will be built.
exceptional worth and human appeal of the cause and we are already
The Sesqui-Centennial will begin June 1 1928 and will continue until
practically assured of success.
Dec. 1.
No organized drive, in the customary sense, is or will be instituted, and
Six States already have appropriated $1,270,000 to cover their participathe
work has been in informal progress for little more than a month. Yet,
tion in the exposition. Twenty-one foreign Governments have sent represen24 individual volunteer trade-chairman have already definitely pledged
tatives to Philadelphia for a preliminary survey.
themselves, either to contribute, or to raise within their own circle, the full
The dinner was coincident with the bond drive for the exposition to raise
three years maintenance cost for at least one boy. Considerable money has
$3,000,000. Mayor Kendrick predicted the whole sum would be obtained in
already
been raised and new leaders are volunteering for the work every
two weeks. The City of Philadelphia has appropriated $8,000,000.
day. Before the end of the summer, contributions toward the maintenance
Mayor Kendrick suggested it might be possible to have the projected second
of New York's 120 boys will have come from practically every trade and
International Arms Conference held as an adjunct to the exposition.
professional group in the city, and we know positively, by now, that they
The Philadelphia "Record" of June 27 reported that at the will finally be in sufficient amounts to complete the job-
dinner in New York it was revealed that the Pennsylvania
Railroad has decided to subscribe to $100,000 worth of par- Anthracite Wage Negotiations—Government to Take
Hand if No Agreement Is Reached.
ticipation certificates in the Sesqui-Centennial. The deei.
No progress toward reaching a settlement in the issues in
sion of the directors of the Exhibition Association to form
a committee on concessions was made known in the "Record" dispute between the anthracite miners and the operators
has occurred during the week. The joint sub-committee, at
of July 1, from which we take the following:
This committee, it was said, will be composed of three members, who will
co-operate with William S. Abrahams, Director of Concessions, in the matter
of granting amusement and other privileges for the fair. Under the new
arrangement, it was also stated, no concession will be granted until it has
received final approval by the Executive Committee of the Sesqui-Centennial
Association.
It is understood that the plan for forming a concessions committee was the
result of a request recently made by Governor Pinchot that the management
of the Sesqui-Centennial "exercise great care in awarding concessions only
to reputable and responsible parties." The Governor at that time declared
that he had received information from the State Bureau of Securities that
"certain promoters are planning to conduct extensive stock-selling campaigns based on nothing else than amusement concessions obtained from the
exhibition management." The concessions committee, it is said, will relieve
Director Abrahams of a tremendous burden of responsibility and hard work,
resulting from the large number of applications coming from prospective
concessionaires.
A request has been received at Sesqui-Centennial headquarters from a
number of German manufacturers, now visiting this country, for information
regarding the possibility of a German industrial exhibition at the Sesqui.
Centennial. Max Retied, editor of a German newspaper in this city,
said that these manufacturers had inquired to learn whether a German exhibit would be welcomed at the celebration. Mr. Henrici was informed
at Sesqui headquarters that he might tell the German manufacturers that
German exhibits would be acceptable at the exposition and that they would
be admitted on the same terms as those granted to the exhibits of any other
nation. It is understood that the proposed German exhibit would largely
Include metal work and machinery.
the conclusion of its meeting on Friday a week ago (July 10),
adjourned until July 14, and while sessions have been
held daily since then, nothing of moment has apparently
transpired. On the 16th inst. the members of the miners'
committee, through Vice-President Phillip Murray, proposed
a resolution which, says the Philadelphia "Record," called
for an investigation by the Interstate Commerce Commission of freight rates; of the cost of distributions generally
and the royalties paid the owners of coal lands. The "Record" says:
•
Out of the saving which a reduction of freight rates would bring, they
argued that the miners could be given the increases they demand and the
retail price to the publlc cut on a 60-50 basis.
The operators declined to agree to the resolution, on the ground that an
inquiry into rates ordered by President Coolidge on the recommendation
of the United States Coal Commission in 1923 is now in progress. There is
nothing to prevent the proposition being brought up again, and the persistence with which the miners have clung to it indicates that it will be.
Such a report, if arranged for in any way—say, through co-operation of
the President—could not be made for many months. It could develop no
data before Aug. 31, when the existing contract expires. But the fact that
such an Inquiry were ordered would make it easy for the miners to compromise on an eighteen months' contract at the existing wage scale instead
of the two-year contract they have asked and the one-year term the operators have offered.
This. If agreed to, would "save the faces" of the leaders of both groups.
The same paper July 7 said:
The miners would have won a victory in maintaining their present wage
choral
symphony,
opera,
a
for a longer period than the operators have wished, and making
offer
prizes
for
an
to
structure
purposes
The management
the hard and soft coal wages scales expire on the one date—April 1 1927—
work, a choral suite, a ballet and a pageant or masque.
JULY 181925.]
THE CHRONICLE
291
a substantial adviintage from the union standpoint. The operators would
lose nothing,for none of their members expect or even hope that the United
Mine Workers will agree to any reduction in wages so long as the Jacksonville agreement governs wages in the central competitive bituminous field.
President Lewis of the miners sought permission on the
9th inst. to reply to certain statements by the operators'
spokesman concerning wages in the anthracite industry,
According to the accounts to the New York "Times" on says the New York "Times," which states that
he summarized
July 16 from Atlantic City, where the negotiations are in his arguments in the following statement on the
10th:
progress, "no wage increases" was again the slogan of the
Statements made by anthracite operators that anthracite mine workers
anthracite operators at their conference that day with mine earn high incomes are not borne out by the facts. The United States Coal
Commission spent an entire year and 8600,000 of the people's money in
workers' representatives. The "Times" says:
making an investigation of the coal
The employers maintained that consumers' prices for anthracite were too
high to warrant any additional costs.
The miners, as instructed at the tri-district convention at Scranton two
weeks ago, asked that the new agreement for 155,000 men to replace the
one expiring Aug. 31 embody provisions for at 10% wage increase for
contract miners and $I a day for day men.
In developing their argument the operators again said that substitutes
for hard coal are being used more and more extensively in anthracite consuming territories. These substitutes include oil, electric power, gas, coke
and bituminous coal.
The miners contended that wage increases could be met and that the
public could even be saved considerable money if the spread between the
mine cost and the retail cost to consumers were cut down. They said that
a retail cost of about $8 a ton at the mines and $15 in the consumers' bins
left a wide margin for reductions.
industry. In its report to Congress the
Commission said that out of a total of 45.678 outside day men employed
at the anthracite mines 43,822 earned less than 82,000 a year, and only
1,856 earned more than 82,000.
Approximately 22,000 earned less than 81.000. The men that earned
between $1,000 and 82,000 had to work from 251 to 398 days in the year.
The 1,856 men who earned more than $2,000 had to work from 292 to 470
days. And there are only 308 work days in the year.
Cites Government Figures.
These are not the figures of the United Mine Workers of America. They
are the official figures of the United States Government, and we must accept them as being true. To earn $1,000 a year. or $83 a month,a man had
to work 292 days. To earn $2,000 a year. or $166 a month, a man had to
work every day, including every Sunday and every holiday, and 105 days
of overtime. Where is the American citizen who, after reading these figures, will say that these workingmen should not have more equitable wages
and abetter opportunity to earn a living for themselves and their families?
Last night (July 17) the Associated Press in dispatches
from Swampscott, Mass., (where President Coolidge is
A statement issued on the 11th inst. in the name of the
spending the summer) stated that the Government will take
a hand in the negotiations should an agreement not be Anthracite Operators' Association ,says the New York
reached and a strike called on Sept. 1. We quote further "World," attacks as obsolete, inaccurate and misleading
the figures as to miners' earnings used by Mr. Lewis to show
from these accounts as follows:
This was decided upon in the course of a 3-hour conference today between that the men are underpaid, and promising to prove before
President Coolidge and Secretary of Labor Davis.
the negotiations end that all men employed in and about the
Secretary Davis came to White Court to discuss several departmental
matters before sailing tomorrow for England. but the coal situation received mines, one-third of whom the operators rate as skilled,
particular emphasis during his conference with the Executive. There was average about $2,000 a year. The "World" quotes the
no hint by the President of the plan of procedure by the Government in statement as follows:
case a strike is called.
Mr. Davis will, however, return to this country on
The figures purporting to represent the earnings of "miners" strangely
Aug. 25. a week before the expiration of the present wage agreement in the
enough ignore the wages of all men working underground. The low earnanthracite field.
While in England the Secretary expects to study industrial conditions, ings quoted by Mr. Lewis apply only to outside common laborers, and are
a study which was interrupted two years ago when he was called back by not correct even as to them, for two reasons.
In the first place, they are figures compiled before the 10%wag'e increase
the death of President Harding.
Secretary Davis ventured no opinion as to the outcome of the wage granted in 1923 became effective.
Furthermore, the Coal Commission's figures upon which Mr. Lewis
negotiations now under way. He pointed out, however, that the Department of Labor, through two mediators, was keeping in close touch with the relies did not give full-time earnings but reported as totals what were in
discussion of the operators and the miners and was hoping that an agree- fact part-time earnings on partial payrolls. The confusion resulting has
ment would be reached before the present wage contracts expire on Aug.31. misled Mr. Lewis as well as others.
It is evident on the face of the figures that if a man worked 292says at the
The Joint Seale Conference adjourned yesterday (July 17) former
minimum rate of $420 per day he would earn not 81,000 or less, as
until Tuesday next. Thomas Kennedy, the Miners' inter- stated by Mr. Lewis, but 81,226. Most outside men
now receive more
than
the
present minimum of $4 62 per day, but at the lowest rate a man
national secretary-treasurer and former president of district
working 292 days would receive 81,379.
7, will head a delegation of committeemen attending the Unquestionable figures based on actual payrolls will be presented during
opening of the District Convention at Wilkes-Barre on the present negotiations to show that all anthracite workers, two-thirds of
Monday. They expect to return in time for the Tuesday them unskilled, average about $2,000 per year.
As to the miners, men who work underground, their yearly earnings will
session.
be shown to exceed $2,500.
According to Associated Press advices in "The Sun" of
last night, the anthracite miners demanded yesterday that
the operators reveal the salaries they paid to presidents,
directors and "high priced lawyers" for consideration in
determining the labor costs in anthracite production. The
mine owners refused on the ground that such information
was irrelevant. The dispatch adds:
In describing the demand a miners' spokesman said:
"So far we have been unable to get a statement from the operators on
the labor cost of mining anthracite coal. In order to ascertain all the facts
that enter into this charge we requested the operators to-day to submit
to the subcommittee the salaries of presidents of coal companies, of members
of the boards of directors and the huge sum paid to high priced attorneys.
We believe that the total represents a substantial item in the cost of labor
in the hard coal business.
"The operators did not indicate their willingness to furnish this information, which they regarded as irrelevant and not deserving of consideration."
The conference touched briefly again on the method of paying contract
mine laborers, with the minors contending that the operators were violating
some sections of the present agreement.
Both the operators and miners group have charged each
other with delaying the negotiations, denials of blame in
each instance having been made. John E. Lewis, President
of the United Mine Workers of America, was absent from
this week's sessions, having returned to the headquarters in
Indianapolis on the 13th inst., leaving Vice-President Murray in charge.
Farms Show Improved Financial Returns Last Year.
An average cash balance of $1,024, the margin of cash
receipts over cash expenses, was returned to owner-operators
in 1924 on 15,103 farms surveyed by the United States Department of Agriculture. In addition to this margin, says
the Department, these farms increased inventories of crops,
live stock, machinery and supplies $181, making an average
return of $1,205 for the use of $17,260 of capital and labor of
Regarding the session of the Joint Scale Committee on the farmer and his family. These farms also produced food
July 14, the New York "Journal of Commerce"in its Atlantic and fuel consumed on the farm estimated to be worth $266
City dispatch said in part:
on the average. The Department, under date of June 24, conAccording to an official statement issued by the joint conference, upon tinues:
conclusion of their meeting to-day, the subjects under consideration were
portions of "Demand No. 2" of the miners.
The miners ask that contract laborers be paid direct and entirely by the
contract miners, rather than partly by the contract miners and partly by
the companies, and that this be included in the contract
between the
companies and the miners.
This does not involve any increased cost in the operation of the mines and
it is probable, it was said, that the operators will agree. However, according to the statement,"consideration of this demand was continued to afford
the miners an opportunity to work out concrete examples of how their plan
would work," since the situation varies at different mines. The miners also
ask—and this was considered by the Joint conference to-day—that "the
differential in cents per day between classification of labor previous to the
award of the United States Anthracite Commission shall be restored."
With the 10% wage increase of two years ago, the mine labor wage
minimum became $4 62 per day, but there is not the proper classification
between classes of labor where one man may be required to exercise more
will than another. In other words the miners argued that the differnetiaLs
resulting from the establishment of the minimum rate by the Commission
should be revised.
This would involve more mine expense, but the operators' representatives, it was reported, instead of flatly rejecting the demand, discussed it
and asked that a plan of working under it be shown by the miners.
There was also a brief discussion relative to the demand of the miners
that there be a uniformity of pay rates for the same classes of labor at the
various mines.
This is a somewhat better showing than in 1923, when a similar survey
on 16,183 owner-operated farms averaged a cash balance of $890, Increased
inventory of $130, and produced food and fuel worth $265 on capital amounting to $17,490.
The balance of $1,024 in 1924 was all the cash the average of these farms
made available to the owner to pay his living expenses, take care of debts
and make improvements. Interest paid on debts during the year 1924 averaged $230 and the reported outlay for improvements averaged $133.
Sales of crops in 1924 on the average totaled $1,012, sales of live stock or
live stock products were $1,350, and miscellaneous receipts were $72.
Cash expenses totaled $1,410, which included hired labor worth $384 for
the year, live stock $222, feed 248, fertilizer $66, seed $44, taxes $180,
machinery, $103, and miscellaneous $151.
The average size of these farms was 303 acres, and the reported value of
land and buildings was $14,323, the size and value of the farms being larger
than the average reported in the 1920 census. The value of crops live stock,
machinery and supplies on hand at the beginning of the year was $2,937.
The acreage of the farms reporting in 1923 was SOO acres and the average
capital $17,490.
The Department points out that the figures apply only to the farms reporting and to the farm business in each year. Many farmers have property
besides the farms they work, or supplement their farm returns with outside
work, and many drew on savings or borrowed to meet expenses not covered
by current receipts. It is probable, however, that the figures give a fairly
accurate picture of the state of the business of owner-operators in the years
covered by the surveys.
292
THE CHRONICLE
Under date of J_une 20 the Department announced that
the average cost last year of producing wheat on 4,616
farms distributed fairly well over the country was $1 22 per
bushel, compared with an average sale value of $143 a
bushel, its advices that date further stating:
The average cost of the corn crop on 7,153 farms was 82 cents a bushel,
compared with a sale value of $1 10 a bushel, and the average cost of oats
on 5,509 farms was 50 cents a bushel, compared with a sale value of 57
cents a bushel.
Reports from 284 cotton growers having average yields of 161 pounds of
lint per acre show an average cost of 18 cents a pound and an average sale
price of 23 cents per pound. For potatoes in different sections of the country average production costa were below the average selling price, but the
margin was less than in 1923.
Costs include charges for labor of the farmer and his family, and a charge
for the use of the land on a cash rental basis, so that where cost just equaled
the price received the farmer was paid for his time and his investment.
The yields on the farms reporting were generally higher than the average
yields for the States reported by the Division of Crop and Livestock Estimates of the Department.
A comparison of production costs for 1922, 1923 and 1924 shows that
there was little difference in the average cost of producing an acre of corn
on the total farms reporting for the three years. The cost per bushel
varied from 66 cents in 1922 to 82 cents in 1924, whereas the value per
bushel varied from 73 cents in 1922 to $1 10 in 1924.
These figures are for ear corn and in some parts of the country unusually
low yields and soft corn in 1924 prevented many farmers from having any
corn for husking after filling their silos. The crop was also so poor in
quality on some farms that it was fed from the shock without husking.
Under such conditions the figures are likely to be influenced to a greater
extent by reports from farmers who were less affected by low yields and
soft corn than Alum whose crops were severely damaged.
The acre cost of producing wheat on all farms reporting, varied from
$19 68 in 1922 to $21 88 in 1924. The bushel cost was practically the same
for all three years due to variations in yield, being $1 23 in 1922, $1 24 in
1923 and $1 22 in 1924. The value of the wheat on these farms was $1 11
per bushel in 1922; it was 99 cents in 1923 and $1 43 in 1924. The 1924
wheat crop was the first for the three years when the reported value per
acre was greater than the average cost per acre.
The average cost of producing an acre of oats varied from $17 40 in 1922
to $18 93 in 1924. The average cost per bushel was 53 cents in 1922; it
was 52 eents in 1923 and 50 cents in 1924. The value reported was 48
cents per bushel in 1922; it was 49 cents in 1923 and 57 cents in 1924.
There were no great differences in the 1923 and 1924 acre and bushel
costs of producing potatoes in most of the districts classified. In the
Northeastern division the 1924 average value reported for potatoes was 31
cents less per bushel than the 1923 value. The reported values in the early
potato districts were somewhat lower in 1924 than in 1923, where the
average 1924 value varied from $1 04 per bushel in the Eastern district to
$1 51 in the Southeastern district, as compared with $1 15 and $164 in
1923.
• Wheat.
The reports on wheat for 1924 show an average gross cost of $23 57 per
acre. The credit for straw was $1 69 per acre, leaving an average net cost
of $21 88 per acre, or $1 22 per bushel, the average yield being 18 bushels
per acre. Preparation of the seed bed, planting, harvesting, threshing and
marketing coat $10 43 per acre; fertilizer and manure, $2 56; seed, $1 97;
land rent, $6 19, and miscellaneous items, such as sacks, twine, crop insurance, use of implements and storage buildings, and general overhead, $2 42.
Corn.
The average gross cost of producing an acre of corn was $26 20. There
was a credit of $2 43 for stover, making the net cost of production $23 77
pm acre, or 82 cents per bushel for a yield of 38 bushels per acre. $13 61
of the total cost was for preparing the seed bed, planting, cultivating, harvesting and marketing; fertilizer and manure took $3 94; seed, 46 cents;
land rent, $5 97, and miscellaneous items, such as twine, crop insurance, use
of implements, use of storage buildings and a charge for general farm overhead expenses, $2 22.
Oats.
Oats showed an average gross cost per acre of 20 94, a credit of $2 01 for
straw, and a net cost of $18 93 per acre. The average yield was 26 bushels,
making an average net cost per bushel of 50 cents. Man and horse labor for
preparing the seed bed, planting, harvesting, threshing and marketing took
$10 12 per acre; fertilizer and manure, $1 50; seed, $1 49; land rent, $5 47,
and sacks, twine, crop insurance, use of implements and storage buildings,
and general overhead, $2 36.
Cotton.
Cotton reports were received from 1,471 farmers, but the greater number
were from growers having yields considerably above the average. Farmers
reporting yields of 101 to 140 pounds of lint per acre produced cotton at an
average cost of 20 cents per pound. Yields of 100 pounds and less had costs
considerably above 20 cents, and higher yields were produced at much less
than 20 cents per pound of lint.
The average yield of lint cotton in 1924 was about 157 pounds per acre,
according to the Division of Crop and Livestock Estimates. Of the total
reports received, 284 showed yields of 141 to 180 pounds per acre, averaging
161 pounds. The reports indicate that farmers who had average yields
produced at an average cost of 18 cents per pound, the average price received being 23 cents per pound.
Potatoes.
The 1,589 repeats tabulated on potatoes were from farmers having more
than one acre of potatoes and were grouped to represent as nearly as possible sections of the country having similar production conditions. In the
Southeastern, or early potato section, the average cost was $80 01 per. acre
and the average sales value was $143 09 per acre, leaving a margin of
$63 08 per acre. The North Central group of States showed the loivest
margin between cost and value. The average cost per bushel was 38 cents
and the price received averaged 42 cents, leaving a margin between cost and
value of only $3 58 per acre.
[VOL. 121.
data as to their revenues and traffic, while shippers and communities
concerned were notified of opportunity to contest the carriers' expected
demand for rate increases.
The commission acted under the Hoch-Smith Resolution, by which
Congress directed it to investIgat the general rate structure of the United
States, and in the ugh I of a rallrmd petition which declared that western
carriers were In a "precsr-ous" condition and were "in need of immediate
Increase In revenues."
The commission decided it should first deal with the western district for
these reasons:
"To determine what products of agriculture including livestock are
affected by depression.
"To determine what, if any, reductions may lawfully be affected on the
rates or charges on products of agriculture.
"To determine whether any rates, fares or charges, either on particular
classes or kinds of commodities or classes of traffic in particular sections or
between localities in the western district or otherwise may lawfully be
authorized or required to be increased and if so to what extent in order to
compensate for such rate reductions, if any, as may be found proper.
"To determine whether any rates, fares or charges, * * * may
lawfully be authorized to be increased * * * in order to effect such
ncreases in the revenues of Western carriers as may be found proper."
State commissions are co-operating in the inquiry, but the notice today
Invited representatives of all other Interests to participate. Carriers were
notified to be ready to go on at the first hearing, submitting their statistics
of operations, showing earnings and traffic since 1923.
The Western railroads, in complaining against the level of Western rates
as too low, contended:
"Since the passage of the Transportation Act of 1920 these carriers have
not earned and are not earning a fair return upon the aggregate value of
their property. Notwithstanding that they have been and are now operated
under honest, efficient and economical management, their earnings have
been and are such that it is impossible for them to maintain adequate
transportation system * * * and they are in need of immediate
increase in revenue."
After the carriers submit their testimony at the initial hearing in Chicago
and their cross-examination is under way a short adjournment will be
taken and at the adjourned hearings opportunity will be afforded for further
cross-examination and for introduction of direct evidence.
The commission announced that if parties other than the carriers desire
to introduce evidence at the first hearing they should advise the commission
on or before August 10.
Opening in Toledo of the American Bank, Established
by the American Flint Glass Workers Union.
The new bank, formed under the name of the American
Bank by the national trustees of the American Flint Glass
Workers' Union, began business on July 6. The new institution has a capital of $200,000 and a surplus of $50,000; a
reference to the proposal to establish the bank was made in
these columns on May 9, page 2363. The bank, in which
controlling interest is held by the union, will engage in a
general banking business, with William P. Clarke, International President of the Flint Glass Workers' Union, as
President, Samuel Logan, Vice-President, and Louis F.
Wernert, Secretary-Treasurer.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Two New York Stock Exchange memberships were reported posted for transfer this week, that of Robert A.
Kohloss, Jr., to Walter Duisenberg for a consideration
stated to be $121,000, and that of Albert L. Brown to
William J. Ehrich for a consideration of $120,000. Last
previous sale was at $122,000.
The New York Curb Market membership of Herbert A.
Russell was reported sold this week to Francis A.Connolly
for $20,000.
The New York Coffee & Sugar Exchange membership of
Miguel Rabassa was reported sold this week to Harriss,
Irby & Vose for $13,750. This is an advance of $500 over
the last previous sale, and a new high record.
A handsome loving cup ha-s been presented to the Stock
Exchange firm of Scholle Brothers,5 Nassau St., New York,
by its employees in commemoration of that firm's 75th
anniversary. Scholle Brothers began business on June 28
1850 and is one of the oldest houses in "the Street"; its
personnel, in point of years, on the other hand, is one of the
youngest in the financial district. The average age of the
members of the organization is 27 years. The grandfather
of William D.Scholle, the present senior member of the firm,
founded the business.
-of the Board of the Northern
Howard Elliott, Chairman
Pacific Railway Co., has been elected a director of the
Fulton Trust Co. of this city.
The Bank of the Manhattan Co. 01 this city has purchased
the plot and building at the southwest corner of Broadway
Interstate Commerce Commission to Open Hearings and Twenty-second St., Flushing, L. I., where it will open
on Western Railroad Rates Sept. 1.
a branch office as soon as alterations are completed.
It was announced on July 14 that an inquiry into the
Dr. Henry A. E. Chandler, Economist of the National Bank
sufficiency of Western railroad earnings was brought under
Commerce in New York, sailed July 15 on the "Maureof
Commission,
Interstate
Commerce
the
way that day by
tania" to study economic and financial conditions on the
the Associated Press accounts from Washington stating:
Railroads operating west of Chicago were ordered to be prepared by Continent.
September 1, to present to hearings before Chairman Aitchison in that city,
JULY 18 1925.1
THE CHRONICLE
293
Herbert N. Armstrong, who for 32 years has been associated with the American Exchange National Bank of New
York, has tendered his resignation as Assistant -Vice-President. Mr. Armstrong relinquishes his position in order to
devote more time to his personal business affairs.
Plans to organize the Liberty National Bank of Guttenber, N. J., have been approved by the Comptroller of the
Currency. The bank will have a capital of $100,000 and
surplus of $50,000. It plans to begin business about Januray 1926. The officers chosen are: George Jobst, President and Daniel Herrmann, Vice-President. The stock, in
sixth
for
date
The
the
annual convention of the Morris shares of $100, is being sold at $150 per share.
Plan Bankers Association has been set for Oct. 26-27-28 at
the West Baden Springs Hotel. This convention draws not
The Grape Belt National Bank of Westfield, N. J., of which
only a representative from the 98 Morris Plan banks through- Dr. C. E. Welch is President, has, we are advised, more than
out the country, but it attracts the attendance of many busi- doubled its deposits in the year :o June 30 1925, the amount
ness men of Statewide or nationwide importance.
on that date being reported as $252,231. The bank has a capital of $50,000 and surplus and profits of $9,062. Its reClifford P. Hunt, Vice-President of the Chemical Nasources on June 1 were $346,343. Rex T. Crandall is Vioetional Bank of New York, has recently returned from a visit
President and Cashier of the institution.
to the bank's London office and also to the principal financial centres of the Continent.
The Comptroller of the Curr- ency has approved an applicato organize the Hamilton National Bank of Weehawken,
tion
To accommodate its increasing business and to permit further extension of activities if desired, the New York Title & N. J., with a capital of $100,000; the bank will start with a
Mortgage Co. of New York,through its directors at a special surplus of $50,000 and undivided profits of $10,000. The
meeting on July 14 voted to place before the stockholders a selling price of the stock (in shares of $100) is $160. The
proposal to iherease the capital stock of the company from bank will begin business about Dec. 1 1925. The officers are:
$7,500,000 to $10,000,000 by the issuance of 25,000 shares, of Alfred J. Curtin. President; Edward Fetterly, Vice-Presithe par value of $100 each. The meeting of the stockholders dent, and Stephen K. Sullivan, Cashier. Following are the
Is called for Aug. 18. It is planned first to offer this issue directors: James Agnew, Alfred J. Curtin, Edward Fetterly,
to stockholders of record on Aug. 18 at a price of $365 per Frederic J. Quigley, Arnold Rippe, Wm. J. Sweeney, Stephen
share, to be paid for on or before Oct. 1. Stockholders will K. Sullivan, J. Raymond Tiffany and Edward A. Ward.
be given the right to subscribe to one share of new stock for
The Baltimore Co., Inc., cor- respondent in New York State
every three of old held on Aug. 18. This new financing, if
approved, will raise the capital of the company from $7,500,- and the New England States of the Baltimore Trust Co., announces the election of G. Vail Hartwell as Vice-President
000 to $10,000,000 and will add $6,625,000 to surplus account,
of
the Baltimore Co., Inc., and his appointment as officer in
making the capital and surplus on Oct. 1 over $24,000,000.
This will be the fifth ime in the last four years that growing charge of the company's office at 52 Cedar Street, New York
City.
business has necessitated capital increases.
—
Walter R. Park, of the Savings Department of the Union
The United States Safe Deposit Co. has applied to the
State Banking Department for permission to open a branch Trust Co., Cleveland, has been elected Assistant Treasurer.
office at 47th Street and Lexington Avenue. The new
The death of John Gibson Jr., 48 years of age, Vicebranch will open on July 20.
President of the First Merchants' National Bank and the
William Aspden, heretofore Secretary, has been elected American Trust & Savings Bank, both of Middletown,
Vice-President of the Kidder Peabody Acceptance Corpora- Ohio, occurred on July 9. Mr. Gibson was also President
and Treasurer of the Wrenn Paper Co. of that city.
tion of this city.
Howard H. Warner, hereto-fore Cashier, has been elected
President of the Central National Bank of Middletown,
Conn., to succeed Revile C. Markham, who resigns following
.55 years' service with the bank. Mr. Warner has been with
the bank for 24 years. Edward F. Slavin, Assistant Cashier.
has been made Cashier. Mr. Slavin's connection with the
bank dates from 1907.
The Livingston County Tru-st Co., Geneseo, N. Y., on July
10 purchased the assets and assumed the deposit liabilities
of the private banking business of the late Charles N. Stewart, located at York, in the same county, according to a press
dispatch from Geneseo on July 10, printed in the Rochester
"Democrat" of the following day. Announcement of the
purchase, the dispatch stated, was made on July 10 by the
trust company as well as by the estate of Mr. Stewart, which
had been conducting the business since his death, and all
deposit accounts transferred the same day. By the purchase
the deposits of the Livingston County Trust Co. are increased
to more than $2,000,000 and its resources to more than
*2,500,000, it is stated.
At the regular monthly m-eeting of the directors of the
Merchants' National Bank of Indianapolis, Indianapolis,
on July 7, John P. Frenzel was elected President of the
institution to succeed his brother, the late Otto N. Frenzel,
whose death was recorded in these columns in the "Chronicle"
of July 4. Mr. Frenzel is President of the Indiana Trust Co.
of Indianapolis, which is affiliated with the Merchants'
National Bank of Indianapolis, and has been continuously
associated with the latter institution since 1867. This is
the second time Mr. Frenzel has been President of the
Merchants' National Bank, he having held the office from
1882 to 1902, when he retired to become President of the
Indiana Trust Co., then being organized. Mr. Frenzel
entered the Merchants' National Bank in 1867 as a messenger
at the age of thirteen. In 1885 he was elected Cashier and
seven years later (1882) at the age of 28 became President.
On July 1 last the directors of the Indiana Trust Co. announced that Fred C. Dickson had been selected to succeed
Mr. Frenzel as President of that institution and that the
latter would become Chairman of the Board. These changes,
it is understood, will become effective about Aug. 1 next.
Francis H. Gates, Chairman of the Board of the
Salt
Springs National Bank, Syracuse, N. Y., and
State Senator
of the 37th District from 1903 to 1909, died at
the Gates
homestead, Chittenango, N. Y., on July 6 afer a brief illness.
Senator Gates, previous to becoming Chairman of
the Board,
the office he held at the time of his death, was
for 19 years
President of the Salt Springs National sank.
Among his
other interests he was President of the Madison
-Onondaga
Mutual Fire Insurance Co. and of the Central
New York
Pottery Co. He was in his 86th year.
The opening of the Guardian Trust Co. of Detroit, the
new Detroit banking institution of which Edsel B. Ford and
his brother-in-law, Ernest C. Kanzler, are directors, took
place on Wednesday of last week, July 8. The offices of the
company are on the main floor of the Buhl Building, at
Griswold and West Congress streets. The organization of
the company includes seven major departments, performing
sixteen different services for individuals and corporations.
according to William Robert Wilson, its President. These
departments were thus described in the Detroit "Free Press"
of July 5:
Under the name of theCity Trust Co., a new institution
will begin operations in Hoboken, N. J., about
Aug. 17 at 500
Adams Street. The new company will have a
capital of
$200,000 and a surplus of $100,000 and its officers
are
Henry C. Steneck, President; Fred A. Seide and Joseph
J.
Garibaldi, Vice-Presidents, and Nicholas H. Steneck,
Secretary-Treasurer. The stock (par $100) is being placed
at
*150 per share.
A corporate trust department will perform the functions of transfer agent,
registrar, fiscal agent and trustee, and will disburse dividends, pay interest
and act as trustee under indentures securing note and bond issues. Another
department will issue certificates of deposit in denominations as low as
$100, paying interest on a sliding scale, the rate being 3% from date of
deposit, 31
/
2% after six months and 4% for any period over a year, the in.
terest being paid semi-annually, and these certificates themselves being payable on five days' demand.
A loan department will make loans on approved securities and first mortgages on approved real estate, while a real estate management department
is prepared to handle all the details incident to management of
real property.
294
THE CHRONICLE
[voL 121.
On the floor below the banking rooms and connected by a private entrance
is a huge, fireproof safe deposit vault, protected by every modern device,
with comfortable acommodations for customers.
A personal trust department has been organized to cover a wide range of
trust service. Thus while many people think of a trust as something which
relates solely to the conduct of an estate after death, the Guardian trust
department includes a number of voluntary or living trusts, such as life insurance trusts, personal trusts, the safekeeping of securities, etc. The
Guardian service in this department will enable an individual to deposit life
insurance policies payable to the trust company as trustee and the trust
company will distribute the income and principal according to the expressed
wishes of the owner of the policy. Other trust functions .enable the individual to enter into trust agreements with the company in order to provide
an income for his dependents or to provide for the education of his children.
It also will act as custodian for securities deposited with it and collect income, present securities for payment when they mature or are "called," keep
a record for income tax purposes and serve as a financial secretary in handling the details of an individual's personal affairs, such as receiving income,
paying bills, managing real estate, preparing and filing income tax returns,
etc.
A bond department will buy and sell municipal and Government bonds and
advise investors concerning the problems relative to the advantageous investment of their funds.
to-day, according to H. F. Lawrence, liquidating agent for the State Finance
Department.
Mr. Lawrence said the only possible effect was that the resources of the
bank might be increased by the addition of some of Cant's life insurance.
It is known that Gant carried $165,000 in life insurance at the time the
bank closed, but some of this has been allowed to lapse. Just how much is
in effect and collectible has not been computed by those in charge of his
aftairs.
No part of the insurance can be collected by the bank's liquidating agent
unless Mrs. Gant should turn a part over to the bank fund voluntarily.
Acording to one of the bank directors, Mrs. Gant announced such an intention soon after the bank closed, but it is not known whether she still contemplates such a move now that the total of life insurance has dwindled.
Even though none of the insurance money goes into the fund to lessen the
loss of depositors, it is expected that the depositors will receive approximately 50 cents on the dollar. The first payment to depositors will be
about Aug. 1, probably 40 cents on the dollar. Final payment of whatever
balance there is cannot be made until some time next year.
W. E. Todd, now a banker at Brookfield, Mo., was the bank examiner who
uncovered Cant's defalcations. Mr. Todd made a thorough examination of
all the bank's records, but could find no clew as to what had become of the
stolen money.
Frequently Gant promised to talk to Mr. Todd and aid in clearing up the
bank tangle, but always was prevented from doing so by the refusal of Cant's
The personnel of the directorace of the new institution is family
to permit Mr. Todd to enter the sick room.
as follows:
Mr. Todd said to-day by long distance telephone that he still had no clews
Ford Ballantyne, Henry E. Rodman, Lawrence D. Buhl, Roy D. Chapin, and had learned nothing which he was prevented from telling at the time by
Frank Couzens Fred J. Fisher, Edsel B. Ford, Luman W. Goodenough, John his position as a bank examiner or by reason of Gant being alive.
O. Grier Jr., 6arlton M. Higbie, Harley G. Higbie, Sherwin A. Hill, Ernest
The failure of the Centropolis Bank of Kansas City was
Kanzler, Jerome E. .1. Keane, Alvan Macauley, Louis Mendelesohn, C. Hayward Murphy, James R. Murray, Phelps Newberry, Steuart L. Pittman, referred to in our issues of Nov. 22 and Dec. 6 1924, pages
Walter S. Russell, Alger Shelden, Allan Shelden, Luther S. Trowbridge, 2377 and 2611, respectively.
Hiram H. Walker, Lewis K. Walker, William Robert Wilson, Clarkson C.
Wormer Jr., Charles B. Van Dusen.
Announcement was made in Los Angeles and San Fran-
The officers are William Robert Wilson, President; Lewis
K. Walker, Vice-President and Secretary; John C. Grier Jr.,
Phelps Newberry and Steuart L. Pittman, Vice-Presidents:
Harry S. Johnson, Treasurer; Andrew D. Hotchkiss, Assistant Vice-President; A. A. F. Maxwell, Assistant Secretary;
Rudolph E. Hofelich, Personal Trust Officer, and Henry E.
Bodman, Counsel. The subsidiary institution and New York
correspondent of the new bank, the Guardian Detroit Co.,
Inc., with offices in Detroit and at 120 Broadway, of which
John C. Grier Jr. is President, began business in May of this
year, as noted in the "Chronicle" of May 23, pages 2647 and
2648.
Lewis H. Withey, seventy-eight years of age,.for thirtyfive years President, and for the past year and a half Chairman of the Board of the Michigan Trust Co. of Grand
Rapids, and widely known in trust company, banking and
electric railway circles, died on July 1. To Mr. Withey is
credited the idea upon which the trust compatiies of Michigan had their inception, plans drafted by him for such an
institution having been sanctioned by the State Legislature
in 1889, resulting in the organization of the Michigan Trust.
Co., the first trust company, it is claimed, in that State.
He was Vice-President and Manager of the Street Railway
Company of Grand Rapids, which was organized in 1883 to
merge the independent companies then doing business in
that city. Mr. Withey had been a director of the Grand
Rapids Gas Light Co. from the time of its reorganization
under the MacMillan interests, and had likewise at the time
of his death been a director of the American Light & Traction Co., the Old National Bank, and the Pantlind Building
Co.
A consolidation of two Denver banks, the Home Savings &
Merchants Bank and the Globe National Bank, was consummated on July 6 under the title of the latter. The new institution occupies the former quarters of the Home Savings &
Merchants Bank at the corner of 17th and Champa streets,
and has estimated assets of $6,000,000. Herman B. Gates,
former head of the Globe National Bank, continues as President of the enlarged institution. Mr. Gates, according to
the Denver "Rocky Mountain News" of July 7, has had considerable experience in administrative offices. He is President of the Gates Investment Co.; a former Vice-President
and director of the Howell Stores Co., and a former VicePresident and director of the Western National Life Insurance Co. From 1915 to 1919 he was State Treasurer of
Wyoming.
cisco on July 10 of an important banking consolidation.
namely, the purchase of the Continental National Bank of
Los Angeles by the Americommercial Oorporation of that
city, a holding company, which is practically owned and
controlled by the Bancitaly Corporation of San Francisco
and Los Angeles, of which A. P. Giannini, Chairman of the
Board of the Bank of Italy, is President. According to
W. N. Hamaker, Senior Vice-President of the Continental
National Bank, the Commercial National Bank, which is
controlled by the Americommercial Corporation, and the
Continental National Bank will be combined in one institution with headquarters at the latter's place of business
at Ninth and Spring Sts. The deal involves the purchase
of the stock of the Continental National Bank owned by
Mr. and Mrs. W. D. Howard, amounting to about twothirds of the bank's capitalization. Mr. Howard recently
resigned as President of the institution because of pressure
of private interests. The Americommercial Corporation,
through the acquisition of the Continental National Bank,
becomes one of the largest banking groups in Los Angeles.
As a holding company it already controls the Bank of America
and the Commercial National Bank, each of which have
branch offices scattered throughout Los Angeles and the
surrounding territory. It is capitalized at $10,000,000.
Deposits of the component parts of the Americommercial
Corporation, it is understood, amount to more than $36,000,000 as the result of the inclusion in the group of the
Continental National Bank, which has deposits of almost
$7,000,000. The combined assets of the three banks will
total approximately $45,000,000, it is stated. Through the
Bank of America, of which Orra E. Monette is President,
the activities of the Americommercial Corporation extent
into Culver City, Fullerton and other cities near Los Angeles
in which branches are operated. The Bank of America also
has several branches in Los Angeles and the Commercial
National Bank operates about ten branch offices in and
around that city. The present headquarters of the Commercial National Bank at Fourth and Spring Sts., it is understood, will be operated as a branch of the institution formed
by the union of the Commercial National Bank and the
Continental National Bank. Mr. Hamaker is reported as
saying that it is his understanding that the personnel of the
executive force of the Continental National Bank will remain unchanged, with the exception that L. M. McDonald
will probably become the President to succeed Frank R.
Strong, recently elected. Mr. McDonald is Chairman of
the Board of the Bank of America, senior Vice-President of
the Commercial National Bank,and President of the Americommercial Corporation. Orra E. Monette is Chairman of
the Americommercial Corporation. The Continental National Bank was founded in 1914. It is capitalized at
$500,000 and according to its last statement, it is said, had
combined surplus and undivided profits of $146,069.
Joseph R. Gant, former President of the defunct Centropolis Bank of Kansas City, Kansas City, Mo., died on July V.
Mr. Gant became ill when the bank was closed by the directors on Nov. 14 1924 and placed in the hands of the State
Commissioner of Finance. On Nov. 22 he was arrested for
alleged embezzlement and second degree forgery growing
Irving H. Kahn, of Oakland, Calif., on July 11 was elecout of the failure and was subsequently released in $50,000
ted a Vice-President of the Bank of Italy, San Francisco,
the
directors
bank's
time
loss
at
the
estimated
that
bail. At
according to the San Francisco "Chronicle" of July 12. Mr.
$630,000. The Kansas City "Star" of July 11, in regard to
Kahn for many years has been prominent in the financial
Mr. Gant's death said in part:
Liquidation qf the Centropolis Bank, wrecked by Joseph R. Cant's defalcations of $633,000, will not be affected by the ex-President's death early
and commercial life of Northern California. Until April 1
last he was Vice-President and General Manager of the dry
Juix 181925.1
THE CHRONICLE
goods firm of Kahn Bros., of Oakland. At the present time,
it is said, he is a director of the Oakland Title & Guarantee
Co., a director of the Chamber of Commerce, and a director
and Chairman of the Budget Committee of the Oakland
Community Chest. He has served as President of both the
State Dry Goods Association and the Oakland Dry Goods
Association. As Vice-President of the Bank of Italy, it is
understood, he will be directly interested in the institution's
activities in and about the East Bay region, and will also
take an active part in the management of its many branches
in and about Oakland and neighboring cities.
On July 12 the United States National Bank of Portland,
Ore., acquired by purchase the Ladd & Tilton Bank of that
city, said to be the oldest financial institution in the Pacific
Northwest and second oldest on the Pacific Coast, with
assets aggregating $25,927,112, according to Associated
Press dispatches from Portland on that day appearing In
the New York daily papers of July 13. The transfer was
effective at once. E. B. McNaughton, Vice-President of the
acquired bank, and active representative of Charles Pratt &
Co. of New York, who owned the Ladd & Tilton Bank, in
explaining the sale, stated that the Pratt interests felt they
were too far away to continue active direction of the bank.
As a result of the deal the United States National Bank has
become the largest financial institution north of San Francisco and west of Minneapolis, having combined deposits of
approximately $59,000,000.
Attorney-General Niekle of Ontario has abandoned further
prosecubion upon conspiracy charges of the former officers
and directors of the Home Bank of Canada growing out of
the failure of the institution for more than $18,000,000 in
August 1923. Neither is there to be any appeal from the
recent findings of the First Divisional Court of the Appellate Division (referred to in our issue of July 4 last, page
40) quashing the conviction under the Canadian Bank Act
of five of the defendants and their sentence to various terms
of imprisonment. Prosecution of the charges against M. J.
Haney, a former Presidemt of the Home Bank of Canada,
whose trial is still pending, has also been dropped. The
Attorney-General announced his decision in a lengthy, detailed statement, giving the reasons in each instance for his
belief that further proceedings would be futile and a waste
. of public funds, concluding with the following (as given in
the Toronto "Globe" of July 8):
On the whole, I am of the opinion that nothing is to be gained by a further prosecution of either the conspiracy charge, the charge against Mr.
Haney, or under Section 414 of the Code. The Appellate Division had all
the facts before them; they have defined the duties of directors, and if we
are bound—as we are—by their findings, then I cannot conceive how it is
possible, either under the Bank Act or the Code, to ever convict a director of
breach of duty or the making a false statement in any return or report under
the Bank Act unless he can actually be fixed with fraud and knowledge.
The only other question that I have to consider is the question of appeal.
Under Section 1024-A of the Code, the Attorney-General may appeal to the
Supreme Court of Canada from the judgment of any Court of Appeal, if the
judgment appealed from conflicts with the judgment of any other Court of
Appeal in a like case. I cannot see how it is possible in these cases to come
within this section. I know of no judgment with which this conflicts, because, after all, the judgment is based on findings of fact, or the proper inference to be drawn from the facts proven. The trial judge found the facts
and drew certain inferences. The Appellate Court, while not disturbing
this finding of facts has drawn different inferences, and has said that, from
the inferences so drawn, and applying the law as laid down in Hovey vs.
Cory, that the defendants, the accused, are not liable. I therefore think no
right of appeal exists.
From my knowledge of the feeling of Parliament in 1913, when the Bank
Act was revised I am satisfied neither the members of the Banking and
Commerce Committee, nor of the House, had any thought that the Act would,
as to directors, bear the construction the Appellate Division has given it.
As Attorney-General, I, like others, am bound, for the reasons given by the
decision, and appreciate the futility of further prosecutions.
The Federal Parliament, in view of what has transpired, will without
doubt grapple with the problem, and endeavor to enact legislation that will
so place responsibilities as to protect the public from a repetition of the
misfortune that caused such nation-wide distrust of our financial institutions, to say nothing of individual misery and misfortune.
If Mr. Justice liodgins is correct in his statement—"The popular conception of a bank director's position centres round the word chosen to describe
him. It is a complete misnomer, and the sooner it is altered the better. He
does not and cannot 'direct' as the word is usually understood"—then the
time has conic for Parliament making clear, for the protection of shareholders and depositors, what the duties of a director really are.
THE CURB MARKET.
Business in the Curb Market this week was heavy and
prices moved to higher levels, especially the public utility
issues, where many new high records for the year were
established. Adirondack Power & Light common advanced
from 87 to 100 and closed to-day at 95. Commonwealth
Power common sold up from 167 to 173. Electric Investors
common gained seven points to 663%, reacting finally to
64%. General Gas & Electric common was conspicuous
for an advance from 209 to 234, the close to-day being at
295
_
230. The convertible preferred sold up from 215 to 2338%
and at 233 finally. The preferred A rose from 146 to 179,
and the preferred B from 134 to 166, with the close to-day
at 172 and 160, respectively. Lehigh Power Securities
after early loss from 145 to 1428% recovered to 151 and sold
finally at 148. Nat. Power & Light common rose from
338 to 354, but reacted to 342. Northern States Power
8.
advanced from 1178% to 126 and ends the week at 123%
Power Corp. of New York after loss of about two points
7 and closed to-day at 918%. Southto 76% ran up to 93%
eastern Power & Light advanced from 1078
4 to 1368%, reacting finally to 128. Rubber issues were active and strong.
Goodyear Tire & Rubber common improved from 333% to
368% and sold finally at 35. Intercontinental Rubber rose
8 . Miller
from 148% to 168% and ends the week at 15%
Rubber sold up from 170 to 187 and 186 finally. Chatterton
7 to 388%. St. Regis Paper sold
& Son improved from 34%
up from 76 to 91 and at 908% finally. Trading in oil shares
was limited and without feature. Cumberland Pipe Line
advanced from 145 to 156 and closed to-day at 150. Prairie
Pipe Line advanced from 1243
% to 1268%.
A complete record of Curb Market transactions for the
week will be found on page 320.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET
STOCKS (No. Shares).
Week Ended July 17
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Ind..4M1.s.
011.
86,820
156,670
222,930
310,195
317,805
313,895
23.660
53,880
80.160
74,050
87,860
83,820
1,408,315
403,410
BONDS (Par Value)
Dontutie. For'n Owl
44,600
76,900
63,060
68,680
99,180
91,290
$606,000
631,000
1,131,000
1,152,000
1,199,000
1,016,000
177.000
73,000
25,000
46,000
39,000
85,000
443,610 60,735,000 $345,000
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Except for the period of irregularity on Monday the
New York Stock market made a fairly strong showing during
the present week. The feature of the trading was the
sensational rise in the rubber stocks and the advance of
American Can, which spurted forward on Thursday to 202,
followed by a further advance on Friday to 2043%, the
highest point in its history. Sharp gains were also recorded
by the specialty group and the copper shares, while the
steel issues also moved briskly forward. During the brief
period of trading on Saturday price movements were irregular
and the trading unusually dull. Motor shares were active,
and Nash Motors responded to the announcement of the
declaration of an extra dividend of $6 50 per share on the
common stock with a brisk advance of 9 points. Price
movements continued irregular on Monday and there was
a lack of definite trend during the greater part of the trading.
Sales aggregated only 807,482 shares, the smallest total of
any five-hour session since April 28. Sharp gains were
recorded by many special issues in the course of the trading
on Tuesday. The feature of the day was the phenomenal
rise of United States Rubber, which shot forward 58%
points. Motor stocks led by Dodge Bros. issues and Mack
Truck recovered most of their lost ground, and copper
stocks made a brisk response to the improved conditions in
the industry. Railroad issues improved,particularly Wheeling & Lake Erie preferred, which advanced 10 points. The
market was strong throughout the day on Wednesday and
there was not only considerable increase in activity but a
much wider distribution of interest. United States Steel
common advanced sharply to 1178%, followed by SlossSheffield with a net gain of 3 points. New high records were
scored by numerous prominent issues, notably, American
Can with a further advance of 4 points, and Dodge Bros.,
Nash Motors, United States Rubber, Utah Copper, Mack
Trucks 2d preferred exceeded their highest levels for 1925.
United States Cast Iron Pipe & Foundry advanced 9 points
Railroad shares, particularly Wheeling & Lake
to 163
Erie, Reading, and Baltimore & Ohio, were in strong demand
at advancing prices. Sharp advances all along the line
characterized the movements of the stock market on Thursday and numerous new high records for the year were
established. The upswing included practically every group,
not excepting the oil shares. The features of the day were
the new high record of American Can and the brisk advance
of Southern Railway, and Wheeling & Lake Erie to new high
levels. Under the leadership of United States Rubber the
rubber group continued its forward movement, and copper
shares with Kennecott and Anaconda 'at their head displayed marked strength. Public utilities were also con-
THE CHRONICLE
296
spicuous, Montana Power going forward to a new top at
89%. Stocks continued buoyant as the market resumed
its trading on Friday. No let up was apparent in the
vigorous buying movement, recent favorites maintaining
their upswing and stimulating other stocks to increased
activity. Railroad shares were again in the forefront, Southern Railway, and St. Louis-San Francisco advancing to the
highest tops in the history of the roads. American Can
made a further advance of 3 points to the third new top this
week and United States Steel common closed at 1193,, the
highest level reached in several weeks. Other steel industrials scored substantial increases, particularly SlossSheffield, which made a net gain of 334 points and United
States Cast Iron Pipe & Foundry, which advanced 4M
points. Foundation Co. and General Electric were also in
strong demand at advancing prices. The final tone was
buoyant.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Week Ended July17
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
United
States
Bonds.
State.
Municipal &
Foreign Ronda.
405,660
807,482
993,152
1,291,8.50
1.473,182
1,369,600
$4,120,000
6,612,000
8,063,500
6,374,000
7,278,000
7,951,000
81,054,000
2,179,500
1,975,500
1,671,100
2,399,500
1,869,000
$528,500
1,510,800
2,633,500
1,309,600
703,350
919,000
6,340,926
840,398,500
$11,148,600
87,604,750
Week Ended July 17
Stocks-No. shares__ _
Bonds.
Government bonds_ __
State and foreign bonds
Railroad & misc. bonds
Total bonds
Railroad,
cbc.
Bonds.
Jan. 1 to July 17
1925.
1924.
6,340,926
5,864,183
222,188,951
127,207,650
$7,604,750
11,148,600
40,398,500
$9,872,000
10,380,000
56,762,000
$218,650,360
399,867,000
1,990,454,075
$552,575,000
227,599,000
1,191,910,000
1924
1925.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
8300,000,000 in these coins must be in existence to forma a backing for the
$870,564,000 outstanding yellow-backed bills."
SILVER.
The absence of fresh anti-foreign outbreaks in China and a relaxation of
the strikes which have been interfering with the normal economic life of
Shanghai and of Pekin, have been reflected in the price of salver. Recent
demand for bear covering and the Indian Bazaars, as well as reluctance of
operators in America and elsewhere to sell. were all symptoms of the uneasiness felt as to developments in China. Hence reassuring indications
of a return to more normal conditions have been the most important factor
In the silver market during the last few days.
Bear covering on the 27th ult, carried both prices to 325d.. the highest
quotation recorded this year for two months' delivery and only exceeded
by 1-16d. on Jan. 12.in the case of that for cash delivery. From this point.
quotations receded more from absence of buying than from any great pressure to sell. Should this set in from China or any other important quarter,
the market does not promise much power of resistance.
INDIAN CURRENCY RETURNS.
(in Lacs of Rupees.)
Jun.. 7. June 15. June 22.
Notes in circulation
17653
17492
17369
Silver coin and bullion in India
7420
7703
7542
Silver coin and bullion out of India
Gold coin and bullion in India
2232
2232
2282
Gold coin and bullion out of India
Securities (Indian Government)
5718
5.fii
5718
Securities (British Government)
2000
1999
2000
No silver coinage was reported during the week ending 22d ult.
The stock in Shanghai on the 27th ultimo consisted of about 62,600,000
ounces in sycee, 44,000.000 dollars and 3,510 silver bars, as compared with
about 62,600,000 ounces in sycee. 41,500,000 dollars and 3,510 silver bars
on the 20th idem.
Statistics for the month of June last are appended:
-Bar Silver per Oz. Std.Bar Gold
Cash.
per Oz. Fine.
2 Mos.
Highest price
3214d.
325d.
845. 11Ad.
Lowest price
314d.
31 7-16d.
845. 11d.
Average price
31.862d.
84s. 11.4d.
31.830d.
-Bar Silver per Oz. Std.Bar Gold
QuotationsCash,
2 Mos.
per Oz. Fine.
June 25
32 5-16d.
323d.
84s. 11 d.
June 26
32Ad.
32d.
84.. 11 d.
June 27
32 Ad.
32 d.
84s. 11 d.
June 29
3232)(d.32 d.
84s. 11 d.
June 30
32 1-16d.
32d.
84s. 11d.
July 1
326.
31 15-166. 84s. lid.
Average
32.2506.
32.218d.
84s. 11.3d.
The silver quotations to-day for cash and two months' delivery are 7-16d.
below those fixed a week ago.
$59,151,850 $77,014,000 $2,608,971,435 81.972,084.000
DAILY TRANSACTIONS AT THE BOSTON PHILADELPHIA AND
BALTIMORE EXCHANGES
Week Ending
July 17 1925
[vol. 121.
BOS101$.
Philadelphia-
Baltimore.
Shares. Bond Sates. Shares. Bond Sates. Shares. Bond Sales
15,379
18,652
22,925
24,373
25,607
22,796
$8,700
18,000
23,300
17,400
19,200
10,1100
3,626
10.601
23.003
7,358
15,299
12,620
$9,000
31,500
28,000
60,300
21.000
28,000
1,999
3,291
5,720
5,397
2,723
5,069
$20,800
54,200
21,100
26,000
42,600
17,000
8181,700
129,632
896,600
72.507
$177,800
24,199
128,806
$122,500
56,844
$203,400
21,723 $164,100
•In additlon, as es of rights were: Saturday. 802. Monday, 1,082. Tuesday, 900
Wednesday. 1.600. Thursday. 170.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
July 1 1925:
GOLD.
The Bank of England gold reserve against notes on the 24th ultimo
amounted to E155.353.055. as compared with £155,803,610 on the previous Wednesday,
The following movements of gold to and from the Bank of England have
been announced since our last issue:
Withdrawn.
Received.
June 25
£9,000
nil
June 26
19,000
nil
June 27
nil
nil
June 29
nil
27.000
June 30
nil
595,000
July 1
J
221.000
nil
The origin of the £595,000 bar gold
received on the 30th ult. was not
officially disclosed, but it is generally understood
that it was South African,
a most interesting circumstance in view of the
fact that it would be the
first large purchase from that source by the Bank since the restoration of
the gold standard. This transaction Is the natural consequence of the fact
that recent offerings of gold on the open market
have not readily been
absorbed, the price of such gold being now Ad. per ounce under the Bank
of England selling rate. The destinations of the £231,000 sovereigns withdrawn were given as follows: India, E184,000; Singapore, £27,000, and
Holland, E20,000. During the week under review £319,000 on balance
has been received by the Bank. The net influx since the resumption of
an effeetive gold standard is now £1.773.000.
Reuter states that Rhodesia will return to the gold standard to-day.
and that at present the gold held is English currency, but that it is anticipated South African coinage will be gradually introduced.
The Southern.Rhodesian gold output for May this year amounted to
486
ounces:-as compared-with
47,386-OtiZeifor
ounces for May 1924.
The following is quoted from the Amrrican publication entitled the
"Levant Trade Review":
"More than a million dollars a day of the vast store of gold in the United
States is undergoing the change from bullion to 20-dollar gold nieces, or
'double eagles.' The mints at Philadelphia, Denver and San Francisco
will turn out $180,000.000 in these new gold coins during the first half of
1925. When gold started to pour into the United States from all parts
of the world, it seemed that the foundation for inflation was being laid.
To discourage the tendency toward inflation by removing the temptation
of using idle gold, the United States Treasury adopted the policy of paying
out gold into circulation. It issued millions of dollars in gold certificates.
But since under the law at least one-third of the total of the gold certifioutstanding mus be represented by the actual gold coins, nearly
COURSE OF BANK CLEARINGS.
Bank clearings for the present week for the country as a
whole will again show a satisfactory increase as compared
with a year ago. This is the twentieth consecutive week
that our weekly totals have shown gains 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,
July 18), bank exchanges for all the cities of the United States
from which it is possible to obtain weekly returns will run
15.9% larger than for the corresponding week last year.
The total stands at $9,803,481,494, against $8,461,420,903
for the same week in 1924. At this centre the increase is
12.7%. Our comparative summary for the week is as follows:
Clearings-Returns by Telegraph.
Week Ended July 18.
1925.
'1924.
Per
Cent.
New York
Chicago
Philadelphia
Boiton
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
84,271,000,000
610,344,090
492,000,000
381,000,000
*133,500.000
131,300,000
167,099,000
135.471,000
146,538,868
164,358,230
115,595,707
99,053,195
55.055,392
83,791,139,241
539,251,969
427,000,000
332,000,000
121.358,733
125,100,000
150,500,000
118,824,000
130.578,444
135,876,040
94,811,833
84.122,577
49,269.104
+12.7
+13.2
+15.2
+14.8
+10.0
+5.0
+11.2
+14.0
+12.2
+21.0
+21.9
+17.7
+11.7
Thirteen cities, 5 days
Other cities, 5 days
$6,902,316.382
1,267,251,530
$6,099,831,941
951,352,145
+13.2
+33.2
Total all cities, 5 days
All cities, 1 day
$8,169,567,912
1,633,913,582
$7,051,184,086
1,410,236,817
+15.9
+15.9
IA 502 4R1 40.1
IR 451 son Gin
.L.15 0
Tnrni all cities for Week
• Estimated.
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 July 11. For
that week there is an increase of 26.2%, the 1925 aggregate
of the clearings being $10,591,186,353 and the 1924 aggregate $8,392,895,874. Outside of New York City, however,
the increase is 33.1%, the bank exchanges at this centre
recording a gain of 20.6%. 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 an increase of 18.5%, in the New York Reserve District (including this city) of 20.7% and in the Philadelphia
Reserve District of 19.2%. In the Cleveland Reserve Dis-
Jw..x. 18 19251
THE CHRONICLE
trict there is an improvement of 19.9%, in tho Richmond
Reserve District of 7.7% and in tho Atlanta Reserve District of 41.6%. In the Chicago Reserve District the totals
are better by 20.9%, in the St. Louis Reserve District by
10.8% and in the Minneapolis Reserve District by 21.0%.
The Kansas City Reserve District has a gain of 14.4%, the
Dallas Reserve District of 11.2% and the San Francisco
Reserve District of 14.4%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended July 11 1925.
1925.
Federal Reserve Districts.
$
(1et) Boston
12 citles 502,486,428
(2nd) New York__ _ _ ... 11 '' 5,722,146,519
(8r6) Philadelphia.._.10 "
622,289,502
8 (11th) Cleveland
421,918,558
(5th) Richmond
5 "
223,093,985
(6th) Atlanta
12 246,343,482
(7th) Chicago
19 " 1,063,349,208
(8th) St. Louis
8 "
228,749,158
(9th) Minneapolis_ __ _ 7 "
139,015,244
(10th) Kansas City__ 12 "
271,999,768
(11th) Dallas
5 "
65,703,178
(12th) San Francisco._ _17 544,121,322
1924.
$
424,093,976
,740,243,029
522,145,612
351,839,300
207,155,272
173,940,221
879,323,4,
16
206,533,886
114,915,921
237,824,504
59,081,428
475,799,276
Inc.or
Dec.
1923.
1922.
%
1
$
+18.5 417,226,558 372,626,691
+20.7 4,137,138,964 4,451,826,887
+19.2 522,053,979 477,458,168
+19.9 401,747,378 360,229,740
+7.7 184,555,767 143,554,499
+41.6 152,416,714 137,509,035
+20.9 880,806,606 762,959,586
+10.8 68,133,545 56,984,076
+21.0 126,992,879 117,275,350
+14.4 257,394,362 242,050,950
+11.2 50,530,417 47,891,519
+14.4 489,620,217 395,827,712
Grand total
125 cities 10591186353 8,392,895,874 +26.2 7,688,617,386 7,566,194,213
Outside New York city
4,997,256,234 3,755,520,156 +33.1 3,680,343,739 3,219,520,125
Canada
29(titles 1F1 sag 1s4:1 ass Ils ma _1., c n... ec. en., nne ne. nec
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending July 11.
Clearings at1925.
1924.
Inc. or
Dec.
1923.
1922.
$
$
$
%
$
First Federal Reserve Dist rict-Bosto nMe.-Bangor____
867,637
917,993 -5.5
937,694
767,347
Portland
4,151,539
3,234.931
4,163,056
.3,500,000
36586.-Boston.. 443.000,000 374.000,000 +28.3
+18.4 365,000,600 324,000,000
Fall Sliver.....
2,254,651
2,055,668 +9.7
2,392,499
2,519,382
Holyoke
a
a
a
a
a
Lowell
1,308,045
1,086,069 +20.4
1,425,832
1,281,746
Lynn
a
a
a
a
a
New Bedford_.
1,551,801
1,356,912 +14.4
1,645,018
1,637,239
Springfield...
6,063,134
6,790,943 -10.7
5.424,916
5,288.283
Worcester
4,374,440
3,609,120 +21.2
3,807,000
3,897,465
Coin -Hartford.
16,596,404
12,910.292 +28.6
11,424,627
9,949,509
New Haven_
8,028,975
7,621,422 +5.3
7,342,209
7,111,120
R.I.-Providence
13,290,700
9,661,500 +37.5
12,820,800
11,946.200
N.H.-Manches.
969,102
• 849,126 +14.1
842,907
728,400
Total(12 cities) 502,456,428 424.093,976
+18.5 417,226,558 372,626.691
Second Feder at Reserve 1) istrict-New
York
N. Y.
-A1banY
7,588,399
6,222,681 +21.91
5,857,574
4,781,569
Binghamton_ _ _
1,396,399
1,232,353 +13.3
1,249,624
1,164,683
Buffalo
d50,901,443
37,735,796 +34.9
51,409,320
43,136,432
Elmira
1,027,485
908,960 +13.0
770,013
584,493
Jamestown__
01,660,312
1,242,954 +33.6
1,437,824
1,279,782
New York
5,593,930,119 4,637,375,718 +20.6 4,008,273,647 .346,674,088
Rochester
14,651,935
11,966,677 +22.4
11,482,465
10,333,188
Syracuse
8.262,702
6,126,561 +34.9
6,529,323
5,814,343
Conn.-Stamford
c3,309,321
3,062,325 +8.1
3,753,002
2,835,340
N. J.-Montclair
635,725
566.058 +12.3
493,950
434,391
Northern N. J_
38,782,679
33,802,946 +14.7
45,881,322
34,788,578
Total (11011168) 5,722,146,519 4,740,243,029
+20.74,137,138,904 4,451,826,887
Third Federal Reserve Dist rict -Phila
delphi aPa.-Altoona_
1.828,332
1,421.396 -1-28.6
1,611,079
1,242,860
Bethlehem.....
4,883,319
3,592,273 +35.9
5.005,685
3,076,945
Chester
2,262,998
1,443.534 +56.8
1,550,400
1,049,951
Lancaster
2,899,132
2,916.000 -0.6
3,030,428
2,592,344
Philadelphia.- _ 583,000,000 493.000,000 +18.3
490,000,000 453,000,000
Reading
4,348,857
3,856,597 +12.8
3,946,596
3,043,121
Scranton
6,754,287
5,958,451 +13.4
6,241,960
5,146,056
Wilkes-Barre_ _
d4.151,69I
3,220,342 +28.9
4,017,225
2,856,032
York
2,276,897
1,732,342 +31.4
1,749,799
1,404,712
N.J.-Trenton
9,883,989
5,004,677 +97.5
4,900,807
4,046,147
Del.-Wilming'n
a
a
a
a
a
Total(10 cities) 622,289,502 522,145,612 +19.2
522,053,979 477,458,168
Fourth Feder al Reserve D istrict-Cie
Ohio-Akron ___ _
d5,861,000
6.168,000
Canton
4,607,287
5,300,807
Cincinnati
78,654,174
67,249,405
Cleveland
128,956,795 103,0417,958
Columbus
17,689,700
16.415,300
Dayton
a
a
Lima
a
a
Mansfield
d1,905,270
1,508,090
Springfield__ __
a
a
Toledo
a
a
Youngstown .._
d5,408,885
4,573,604
Pa.-Erie
aa
Pittsburgh__ _ _ 178,835,447 147,556,136
veland
-5.0
-13.1
+17.1
+25.2
+7.7
a
a
+26.3
a
a
+18.3
a
+21.2
Total(8 cities) _
421,918,558 351,839,300 +19.0
Fifth Federal Reserve Dist rict - Rich
mond
W.Va.-Hunt'g'n
1,724,495
2,234,942 -22.8
Va.-Norfolk_ __ _
d7,743,435
6,593,670 +17.4
Richmond ___ _
52,806,000
62,459,000 -15.5
8G.-Charleston
b
b
b
Md.-Baltimore _ 131,008,555 114,706,660
+14.2
D.C.-Washing'n
29.811,500
21,161,000 +40.9
Total(5 cities). 223,093,985 207,155,272
+7.7
Sixth Federal Reserve Dist rice- Atlan taTenn.-Chatt'ga.
d6,043,118
5,223,653 +15.7
Knoxville
b
b
b
Nashville
22,220,486
18,544,178 +19.8
Ga.-Atlanta..._
61,997,204
58,506,285
+6.0
Augusta
1,773,317
v1,500,000 +18.2
Macon
1,941,180
1,429,371 +35.8
Savannah
a
a
a
Fla.-Jack'nville
39,262,356
13,694,783 +186.7
Miami
23,027,644
3,322,526 +593.7
Ala.-Birming'm.
26,870,841
24,917,834
+7.8
Mobile
2,016,394
1,761.224 +14.5
58199.-Jackson
1,485,359
1,472,634
+0.9
Vicksburg
497.441
418,233 +18.9
La.-NewOrleans
59,208,142
43.149,000 +37.2
Total (12 cities)
246,343,482
173,940,221 +41.6
9,001.000
5,616,608
71,366,790
117,518.037
18,129,800
a
a
2,044,428
a
a
5,637,967
a
172,432,748
9,082.000
4.520,024
59,878,616
95,902.537
15,507,400
a
a
1,552,144
a
a
4,787,019
a
169,000,000
401,747,378
360,229,740
2,138,562
7,811,006
48,869.000
b
103,268,575
22,468,624
1,546,427
9,156,638
41,937,427
b
72,195,050
18,718,957
184,555,767
143,554,499
6,188,918
b
18,016,212
47,507.157
5.430.875
b
16,191.239
39,555,808
1,588,772
a
10,357,919
1,417,110
a
9,952,000
19,918,274
1,915,758
1,289,700
376,655
45,257,349
20,774,507
1,955,386
658,383
316.569
41,257,158
152,416,714
137,509,035
297
Week Ending July 11.
Clearings at1925.
1924.
Inc. or
Dec.
1923.
$
$
Seventh Feder al Reserve D istrict-Chi
Mich.-Adrian _ _
240,138
247,325
Ann Arbor_ _ _ _
1,039,138
818,954
Detroit
171,061,866 140,721,550
Grand Rapids..
9,926,258
7.059.533
Lansing
b
b
Ind.-Ft. Wayne
4,526,309
2,659,931
Indianapolis_ _ _
23,558,000
25,435,000
South Bend _ _ _
3,648,000
2,806.800
Terre Haute__ _
5,571,859
5.867,870
Wis.-Milwauke
44,062,552
39,548,015
Ia.-Ced. Rapid
3,032,840
2,670,913
Des Moines_
11,705,203
10,909,855
Sioux City__ _ _
7,505,884
6,631,232
Waterloo
1,468,000
1,584,044
1,704,440
III.-Bloomington
1,564,731
Chicago
760,421,960 619,606,063
Danville
a
a
Decatur
1,676,126
1,521,610
5.309.605
Peoria
4,568,975
Rockford
3,269,602
2,584,562
Springfield _
3,621,428
2,516,480
$
%
Cag0-2.9
238,294
823,705
+26.8
+21.6 131,916,664
7,539,534
+40.6
b
b
+70.2
3,594,477
28,332,000
-7.4
+30.0
2.843.232
-5.0
6,952,552
+11.4
41,101.931
+13.6
2,431,510
+7.3
11,554,337
+13.2
6,379,164
-7.3
1,630,658
1,503,196
+8.6
+22.7 622,859,303
a
a
+10.2
1,397,082
+16.2
4,493,583
2,539,840
+26.5
2,675.544
+43.9
Total(19 cities) 1,063,349,208 879,323,446
Eighth Fedora I Reserve Di trict-St.1...t
7,347,245
Ind.-Evansville
5,532.021
Mo.-St. Louis... 149,200,000 138,600,000
38,788,547
Ky.-Louisville__
32,181,319
463.454
Owensboro._ _ _
471,545
Tenn.-Memphis
18,548,800
16,674,310
12,049,461
Ark.-little Rock
11,299,711
509,988
Ill.-Jacksonville
359,275
1,841,655
1,415,702
Quincy
+20.9
Ws+32.8
+7.6
+20.5
-1.7
+11.2
+6.4.
+41.9
+30.2
Total (8 cities)- 228,749,158 206,533,886
Ninth Federal Reserve Di, trict-Mint4
6,014,665
M inn.-Duluth_ _ d10.194.528
Minneapolis_ _ _
86,103,004
72,577,464
35.355,856
St. Paul
30,030.356
1,787,367
N. D.-Fargo_ _
1,633,995
1,615,897
S. D.-Aberdeen.
1,307,353
637,123
Mont.-Billings
581,727
3,321,469
Helena
2,770,371
880.806,606
$
207,138
661,599
111,016,000
6,545,247
b
2,087,888
21,440,0002,576,800
33,670.414
2,329,921
9,025,132
6,034,853
1,490,312
1,214,296
554,678,618
a
1,310,019
4,266.270
2,044,958
2,360,121
762,959,586,
6,221,412
5,291,597
32,223,222
434,335
16,367,847
11,111.215
345,043
1,430,467
26,964,905
388.275
14,843,703
7,859,786
346,958
1,288.852
+10.8
68.133,545
xapoil: +69.5
8,291.902
+18.6
75,431,551
+17.7
36,168,153
+9.4
1,986,756
+23.6
1,319,706
+9.5
588,951
+19.9
3,205,865
56.984,076
Total(7 cities). 139,015,244 114,915,924 +21.0 126,992,879
Tenth Fedora Reserve DI trict-Kans as City d500,51(
Neb.-Fremont..
479,256
+4.4
436.083
541,973
Hastings
567,659 -4.5
486,213
5,392,991
4,423,583. +21.9
Lincoln
4,677,427
44,953,639
39,483,741 +13.9
Omaha
44,234,229
Kan.-Topeka..
d4,597,271
3,531,909 +30.2
3,343,865
d9,441,731
Wichita
8,067,200 +17.0
9,840,004
Mo.-Kan. City. 149,185,431 131,435,217 +13.5 140,577,919
d6,907,905
St. Joseph_ _
5,668,182 +21.5
7,887,000
a
a
Okla.-M uskogsx a
a
Oklahoma CIO d24,274,294
19,732,015 +23.0
23,940,054
a
a
a
Tulsa
a
1,373,005
1,005,354 +36.5
Colo.-CoL-SPgs
1,410,384
23,635,940
22,268,429
Denver
+6.1
19,566,130
1,195,060
1,161,953
Pueblo
+2.8
995,051
Total(12 cities) 271,999,765 237,824,504 +14.4
Eleventh Feelers I Reserve Di trict-Dans s2,126,675
1,237,779 +71.9
Texas-Austin _
42,104,084
36,661,040 +14.8
Dallas
d9,999,252
10,075,566 -0.1,
Fort Worth_ _ _
6,519,617
6,542,096
Galveston
+0.3
a
a
a
Houston
4,931,167
4,587,421
+7.5
La -Shreveport.
65,703,178
59.081.428
Total(5 cities)
Twelfth Fade al Reserve D istrict-San
44,562.530
45,627.934
Wash -Seatl.
13,605,000
13,000,000
Spokane
a
a
Tacoma
1,362,290
1,221,771
Yakima
44,141,214
37,380.991
Ore.-Portland _
14,848,072
18,055,459
Utah-S. L. CB
a
a
Nev.-Reno
a
a
Ariz.-Phoenix _
3,475,293
3,347,961
Calif
_
7,582,116
7.276,020
Long Bosch....
Los Angeles... 165,218,000 137,655,000
22,071,300
16,645,028
Oakland
6,643,683
5,449,404
Pasadena
d9,874,443
7,640,947
Sacramento _
6,186,958
5.434,161
San Diego - 191,493,000 170,400,000
San Francisco
3,391,465
3,087,335
San Jose
1,241,095
1,380,573
Santa Barbara
c3,342,700
2,453,000
Stockton
2,479,774
2,346,075
Santa Monica
1922.
6,222,367
67,272,630
36,176,136
2,198,809
1,411,421
596,389
3,397,598
117,275,350
408,024
545,062
41752,851
40,726,676
3,757,860
11,116,309
133,624,240
a
24,631,186
a
1,176,862
20,460,557
851,323
257,394,362
242,050,950
1,322,990
26,066,635
10,789,257
6,900,467
a
5,451,066
1,073,377
23,176,395
12,660,999
6,532,859
a
4,447,889
+11.2
50.530,417
Franm co40,671,982
-2.3
-4.5
11,562,000
a
a
1,225,625
+11.5
41,574,080
+18.1
14,482,570
+21.6
a
a
a
a
4,836,081
+3.9
8,943,423
+4.2
+20.0 152,770,000
18,351,392
+32.6
5,975,789
+21.9
9,433,544
+29.2
4,939,647
+13.5
+12.3 167,200,000
2,681,494
+9.8
1,418,990
-10.1
3,553,600
+36.3
+5.7
33,558,510
11,107,000
a
1,454,407
34,239,792
13,389,264
a
a
4,092.000
5,411,793
106,091,000
15,763,349
4,334,835
7,428,092
.4,000,009
148,300,000
2,479.407
1,169,363
3,008,900
47,891,519
Total(17 cities) 544.121,323 475,799,273. +14.9 489.620.217 395,827.712
Grand total (12
10 591186 353 8,392,895.874 +26.2 7,688,617,386 7,566,194,213
cities)
Outside N. Y___
I
nn, nca ass 1 ,M M son ire
_I_ 1'1 1 R P On Id, 1,0 a 910 8911 196
35eek nuara July 9.
Clearings at1925.
1924.
CanadaMontreal
Toronto
Winnipeg
VancouverOttawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William__ - New Westminster
Medicine Hat_
Peterborough_ _
Sherbrooke
Kitchener
Windsor
Prince Albert_ _ _ _
Moncton
Kingston
$
107,993,606
106,458,469
52,117,831
18,061,140
7,490,674
6,926,623
4,039,480
6.607,878
7,352,527
3.156,723
2,536,486
3,680,263
5,205,914
4,056,455
816,901
668,492
1,725,068
1,397,381
1,837,130
813,535
847,020
445,295
1,082,728
830,842
1,055,246
4,087,127
373,625
978,697
1,051,981
5
105,230,337
106,196,434
55,968,001
15,863,210
6,748,401
6,391,261
3.454,769
6,176,825
5,602,505
3,019,301
2,558.115
3,427,490
4,401,881
3,703.261
647,846
512,182
1,650,654
1.217,176
1,395,870
933,104
705,021
327,671
956,779
882,367
1,244,319
3,548,889
313,404
952,798
1,106,047
Totra (90 ,•itip.)
353.695.139
34.5,135.938
Inc. or
Dec.
1923.
1922.
%
+2.6
+0.1
-6.1
+13.9
+11.6
+8.4
+16.6
+7.0
+31.2
+4.6
-0.6
+7.4
+18.3
+9.5
+26.1
+30.5
+4.5
+14.8
+31.6
-12.8
+20.1
+35.9
+13.1
-5.8
-15.2
+15.2
+19.2
+2.7
-4.9
$
114,807,946
99,286.345
38,476.340
15,610,721
7,214,831
6,769.276
4,070,517
7,751,067
4,600,104
2,837,126
2,276,793
3,283,689
4,476,576
3,357,915
687,617
812,477
1,545,137
1,195,445
1,273,202
839,116
620,933
209,453
885,251
994,934
1,209,192
4,564,409
316.073
1,109,070
770,146
$
98,112,344
89,519,537
37,769,446
13,918,327
7,328,327
5,983,490
3,678,172
6,480,119
4,562.330
3,263,311
1,997,334
3,001,228
3,839,781
3,238,259
600.995
475,844
1,640,160
1,131,677
1,187,511
786,025
472,923
252,727
780,194
898.000
994,158
4,251.210
371,338
1,700,226
746,092
+2.5
331.851.6(17
298,961,085
a No longer report clearings. b Do not respond to requests for figures. c Week
ended July 8. d Week ended July 9. e Week ended July 10. •Fstimated.
I No clearings; all banks closed. g Not included In total.
Treasury Money Holdings.
The following compilation made up from the daily Government statements shows the money holdings of the Treasury
at the beginning of business on the first of April, May,
June and July 1925:
Holdings in
U.8 Treasury.
April 1 1925. May 1 1925. June 1 1925. July 1 1925.
$
$
$
$
330,099,389
21,754,070
4,828,475
19,595,231
1,390.238
87,890
7,457.181
5,833,175
Net gold coin and bullion_
Net silver coin and bullion
Net TJnited States notes__
Net nation i bank notes._
Net Fxcl ,teserve notes_
Net Fed" Res. bank notes
Net subsidiary silver
Minor coin,&a
335,993.181
27,643.060
4,746,444
15,224,426
623,537
146,165
8,066,757
4,317.868
Total cash In Treasury_
Lees gold reserve fund....-
396,761.438 *404,056.387 *395,649,367 .391,045,649
153,620,986 153,620,986 153,620,986 153,620,985
Cash balance in Treasury.
Dep.In epee'l depositories:
Acct. Mts. of indebt_
Dep. in Fed3 Res. banks_
Dep. In national banks:
To credit Treas. U. S
To credit disb. officers.
Cash in Philippine Islands
Deposits in foreign depts.
Dep.in Fed'I Land banks.
342,739,771
25,174.229
4,237,044
18,041,024
919,427
174,830
8,200,876
4,569,186
332,764.195
23,431,034
3,874.419
17,548,081
542,961
185,493
7,827,924
9.475,260
243,140,452
250,435,401
242.028.381
237,424,664
418,114.000
60,724.509
270,503,000
38,311.696
180,594,000
50.090.384
150,739,000
41,624,510
7,467.358
22,746,431
689.779
322,294
6,879.347
23,292,839
1,165,961
403,843
6,832,404
22,218.665
1,031,885
320,995
6,799,288
21,746,427
1,042,034
295,225
Net cash in Treasury
and in banks
Deduct current liabilities_
753,204,823
262.471,125
590,990,887
261,665,888
403,116,714
255,049,291
459,671,148
241,835.416
Available cash balance-
490.733.698
329.324.999
248.067.423
217.835.732
•Includes July 1, $16,374,020 95 silver bullion and $1,791,265 58 minor coin.
&c., not included in statement "Stock of Money."
Government Revenue and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for June 1925 and
1924 and the twelve months of the fiscal years 1924-1925
and 1923-1924.
Receipts.
June 1925.
Ordinary$
Customs
44,543,887
Internal revenue:
Income and profits tax _
377,485,178
Misc. internal revenue.... 7C,596,327
Miscellaneous receipts:
Proceeds Govt.-owned secs,Foreign obligationsPrincipal
35,000
Interest
89.733,915
Railroad securities
4,964,848
All others
5,386,244
Trust fund recta. (reapprorelated for investment)
2.520,956
Proceeds sale of surp. prop.- 2,213.167
Panama Canal tolls, &c
1,669,387
Receipts from misc, sources
credited direct to approp. 2,818,805
Other miscellaneous
33,024,736
Total ordinary
June 1924. 12 Mos.'24.. 12 Mos.'23.*
3
$
43,275,796 547,561,226 545,637,504
339,929,510 1,760,537.824 1,842,144,418
72,642,334 828,638,068 953,012,618
5,000
68,804,606
47,341,377
342.474
23,247,699
160,389,978
143,911,421
19,843,302
61,089,867
160,684.808
04,373.536
9,602,405
2,880.515
2,776.065
2,104,941
33,373.481
23,768,975
23,089,958
35,228,062
46,774.600
27,063,204
2,467,370
19,010,503
29,603,432
186,183,321
29,609,735
206,823,948
250,505,238
505,366.986
151,829,104 1,837,004,476 1,828,482,911
84,497,748 881,806,663 940,602,913
481.871
22,920,891
147,777,034
23,216,784
9,092,819
20,566,638
127,220,151
12.638,850
8,387,100
117,487
61,220,948
2.933,866
7.582,407
7,204,993
042,901,758
30.304,860
4,018,132
22,771,168
952,539.947
85,491,359
91,150,576
12,971,000
1,751,413
18,118,477
c99,458,769
1,840,696
44,178
31,991,714
9,745,622
30,410,379
8,028,337
20,007
258,007
82,669
1.123,761
4,584,263
1,019.812
233,420
262,560,944 269,016,118 3,063.105,332 3,048,677.968
Public debt retirem'ts chargeable agst. ordinary recta.:
Sinking fund
87,934,400
Purchases from foreign repayments
Reed from foreign Govts.
under debt settlements.- 67,843,500 19,020,250
Received for estate taxes_
7.600
Purchases and retirements
from franchise tax recta.
(Fed. Reserve and Fed.
Intermediate Crealt bits.)
Forfeitures, gifts, &f:
10,500
10,650
155,788,400
19,038,500
308,308,400
295,987,350
386,100
38,509,150
158,793,500
47.550
110,878,450
8,897,050
794,159
208,403
3,634.550
93,200
466,538,113
457,999.750
Total exp. chargeable
against ordinary rects_418,349,343 288,054,617 3,529,643,446 3,506,677,715
* Receipts and expenditures for June reaching the Treasury in July are included.
a The figures for the month include 3577,774 16 and for the fiscal year 1925 to
date 510,374,897 87 accrued discount on war-savings certificates of the series of
1918, 1919, and 1920; and for the corresponding periods last year the figures include 81.305,76896 and $25,020.344 59, respectively,for the series of 1918 and 1919.
b Excess of credits (deduct).
c The variation in above amount from amount appropriated is due to necessity
or a small working balance in connection with certificate payments by Veterans'
Bureau.
Preliminary Debt Statement of U. S. May 30 1925.
The preliminary statement of the public debt of the
United States June 29 1925.as made up on the basis of the
daily Treasury statements, is as follows:
$599,724,050 00
48,954,180 00
25,947.400 00
49,800,000 00
28,894,500 00
11,995,880 00
5765,316,01000
Find Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
51.951,519,85000
3,104.558,75000
2,885,377.350 00
6,324.481,20000
14,265,936,950 00
Treasury bonds of 1947-1952
Treasury Bonds of 1944-1954
763,948,300 00
1,047,088,500 00
1,811.036,80000
Total bonds
NotesTreasury notesSeries B-1925, maturing Dec. 15 1925
Series A-1926, maturing Mar. 15 1926
Series B-1926, maturing Sept. 15 1926
Series A-1927. maturing Dec. 15 1927
Series B-1927, maturing Mar. 15 1927
Adjusted Service Series, maturing Jan. 1 1930
16,842.289.760 00
299,659.900 00
615,677,900 00
414,922,300 00
355,779,900 00
668,201,400 00
50.000,000 00
2,404.241,40000
Treasury Certificates:
Series T-8-1925. maturing Sept. 15 1925_
Series T-D-1925, maturing Dec. 15 1925._
Series T-J-1926. maturing June 15 1926_ _ _ _
Adjusted Service series, maturing Jan. 1 1926
Treasury(War) Savings SecuritiesWar Savings Certificates:
Series 1921 _ a
Treasury Savings Certificates:
Series 1921. Issue of Dec. 1519216
Series 1922, Rome of Dec. 15 1921
Series 1922, Issue of Sept.30 1922 b
Series 1923. Issue of Sept.30 19220
Series 1923. Issue of Dec. 1 1923 b
Series 1924, Issue of Dec. I 1923 b
Thrift and Treasury Savings Stamps, unclassified sales, Ac
229,576,000 00
179,462,000 00
124,247,000 00
45,400,000 00
578,685,000 00
11,187,468 48
1,810,424 85
96.933,452 25
15.053,03390
134,172,088 25
24.462.754 15
98,203,221 35
3,888.311 29
385,690,754 52
Total Interest-hearing debt
Matured Debt on Which Interest Has Ceased-.
Old debt matured at various dates prior to
April 1 1917
Spanish War Loan of 1908-1918
Loan of 1925
Certificates of indebtedness
Treasury notes
331% Victory Notes of 1922-1923
% Victory Notes of 1922-1923Called for redemption Dec. 15 1922
Matured May 20 1923
20,210.908.914 52
1,280,660 26
244,820 00
1,439,750 00
711.500 00
19,798,900 00
40,300 00
2,223,050 00
4,520,200 00
Debt Rearing No InterestUnited States notes
Less gold reserve
Deposits for retirement et national bank notes
and Federal Reserve bank notes
Old demand notes and fractional currency....
346,681,016 00
153,620,985 51
193,060,030 49
79,919,519 50
2,048,443 13
275,027,993 12
Total gross debt
• Net cash receipts
20,516.193,88700
5 Net redemption value of certiticatee Outstanding.
614,992,250 601,580,491 3,780,148,685 4,012,044.702
Expenditures.
Ordinary (checks and warrants paid. &c.):
General expenditures
145,286,387
Interest on public debt_ a_ _ _ 91,143,410
Refunds of receipts:
Customs
2,830.323
Internal revenue
15,979,162
Postal deficiency
Panama Canal
933,303
Operations in special accts.:
Railroads
4,566,699
War Finance Corporation_ 91.605,348
Shipping Board
1,699,310
Allen property funds
6240,641
Loans to railroads
.fund. 6180,534
Adjusted service certif.
Investment of trust funds:
Government life insurance_ 2,174,788
Civil Service retirement... 6372,086
District of Columbia Teachers' retirement
50.014
Foreign Service retirement
General railroad contingent
296,155
Total
Bond.Consols of 1930
Panama's of 1916-1936
Panama's of 1918-1938
Panama's 01 1981
.Conversion bonds
Postal Savings bonds
30.253,980 26
Excess of ordinary receipts
over total expenditures
chargeable against ordinary
198,642,906 313,525.872
receipts
Total ordinary
[vex. 121.
TTTE CHRONICLE
298
Public Debt of United States-Completed Returns
Showing Net Debt as of A pril 30 1925.
The statement of the public debt and Treasury cash holdings of the United States as officially issued April 30 1925,
delayed in publication, has now been received, and as interest attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making comparisons with the same date in 1924.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
April 30 1925. A pri130 1924.
Balance end month by daily statement.fke
$329.324,999 8331,725,402
Add or Deduct-Excess or deficiency of receipts over
-2,177,908
-1,494.610
or under disbursements on belated Items
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Total
Balance,deficit(-)or surplus(+)
$327,830,389
$329,547,494
$2,371,976
64,046,398
66,196,342
17,045,144
$1,949,221
67,611,240
71,060,915
27,852.473
5149,659,860
5168,473,849
+8178,170,529 +8161,073,645
INTEREST-BEARING DEBT OUTSTANDING.
Interest April 30 1925.
Title of LoanPayable.
$
Q.-J. 599,724,050
2e, Consols of 1930
Q.-F.
es. Loan of 1925
48.954,180
2s of.1916-1936
Q.-F.
Q.-F.
25,947,400
2s of 1918-1938
Q -M.
49,800,000
3s of 1961
Q -J
28,894,500
as, Conversion bonds of 1946-1947
J -J. 564,481,500
Certificates of indebtedness
3-1. 1,409,995,950
814s. First Liberty Loan, 1932-1947
4s, First Liberty Loan, converted
J -D.
6,083,700
{Rs. First Liberty Loan, converted
J.-D. 531,948,350
414e, First Liberty Loan,second converted__ _ _J.-D.
3,492,150
M.-N.
24,101,950
is. Second Liberty Loan. 1927-1942
3.080,459,150
414e, Second Liberty Loan. converted
M.-S. 2,885,377,350
41.15. Third Liberty Loan of 1928
A -O. 6,324,488,350
4'4s, Fourth Liberty Loan of 1933-1938
783,948,300
4345 Treasury bonds of 1947-1952
45 Treasury bonds of 1944-1954
1,047,088,500
is. War Savings and Thrift Stamps
Matured 388,418,140
2545, Postal Savings bonds
J.-J.
11,995,880
4 tis to 5315. Treasury notes
J -D. 2.810,272,400
Aggregate of interest-bearing debt
Bearing no Interest
Matured,interest ceased
Total debt
Deduct Treasury surplus or add Treasury deficit
April 30 1924.
$
599,724,050
118,489,900
48,954,180
25,947,400
49,800,000
28,894,500
749,676,500
1,409,999,000
7,426,100
540,610,500
3,492,150
30,043,650
3,074,716,100
3,125,834,050
6,324,572,850
763,948.300
403,683,968
11,893.760
4,046,398,000
20,605,471,800 21,354,004,958
238,485,718
288,876,428
22,552,480
c18,658,680
a20,913,005,908 21,615,043,156
+178,170,529 +161.073,645
Net debt
520,734,835,379 21,453,969,511
a The total gross debt Apr. 30 1925 on the basis of daily Treasury statements WBS
820.912,829,161 63, and the net amount of public debt redemption and receipts
in transit, &c., was $176,776 42.
O No reduction is made on account of obligations of foreign Governments or
other investments.
c Includes $2,287,400 4% Loan of 1925.
THE CHRONICLE
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
June 30 1925 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of June 30 1925.
July
July
July
CURRENT ASSETS AND LIABILITIES.
GOLD.
July
614,914.33035 Gold certifs. outstand'g_1,608,149,619 00
3.076.079,11263 Gold fund, F. R. Board
(Act of Dec. 23'13, ati
amended June 21'171..1,752,744,435 12
Gold reserve
513,620.985 59
Gold in general fund _ _ _ _ 176,478,403 35
Total
3 690,993,442 98
Total
3,690,993,442 98
Note.—Reserved against 1346,681,016 of U. Ei. notes and $1,386,882 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver
dollars
in the Treasury.
SILVER DOLLARS.
Assets—
Liabilities-Silver dollars
452,507,118 00 Silver certifs. outatand'd 445,740,187 00
Treas. notes of 1890 out_
1,386,882 00
Silver dollars in gen.fund
5,380,049 00
July
London,
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
Week Ended July 17—
July 11. July 13. July 14. July 15. July 16. July 17.
Sliver, per ()Is
d 32
32 1-16 3234
3234
32 1-16 32
Gold, per fine ounce
848.11d. 8411.11d. 848.1030.845.1134d.84a11,4c1.84a1130
Consols, 234 per cents
5634
5634
5634
5634
5634
British, 5 per cents
100
100
10034
10034
mog
British, 434 per cents
9434
9534
9534
9534
9534
French Rentes (In Paris)__fr.
Holiday 42.55 42.55 42.60
French War Loan(in Paris)fr.
Holiday 54.50
53.45
54.25
Bonds—
Bait Cumb Val RR 68_1929
10234 10234
Bait Electric 58
1947
10034 10034
Balt Spar Pt St C 450-1953
8534 8534
Bernheimer-Leader 79_1943
10434 10434
Consol Gas 58
1939
10134 10134
General434s
1954
9334 9334
Cons GEL ex P 430_1935
9734 9734
Series C 5348
1952
10534 10534
Series A 6s
1949
107 107
Elkhorn Coal Corp 68_1925 9934 9934 9934
Fairmont Coal 5s____1931
9834 9834
Nor Cent Ser B 54_ __ _1926
100 100
Stand Gas Equip6s.„1929 10034 10034 10034
Titusville Iron Wks 7s 1929
10034 10034
United E L & P 430_1929
9834 9814
United Ry & Elee 4s..1949
6934 70
Income 4s
1949 50
50
5035
Funding Ets
1936
7154 7134
6s
1927
98
98
Ss
1949 9434 9434 95
Wash Balt & Annan 5s 1941 6934 69
6934
Wil & Welrions 5s _ _ _ _199f,
102 102
•No par value.
Low.
X
'4'''
..
TaallaUranellOWat415MMUnglf74
High.
Plk*...000Q,
t4A.gt,
ZWb30 W./JW001,
21.04.14N2Ww0..N.P.WO
wW11.0.0N.MWt4v$I.WMANJ.
4.1210N-4NOWCAMONN4.000
9234 Jan
20% Mar
42
Feb
11134 Feb
19 Mi34
50 July
187
Mar
34
Jan
11034 Jan
2234 Mar
24
Apr
2434 Apr
32
Jan
102 July
105
Apr
109
Mar
122 Mar
36 May
103
Apr
111
Apr
52
Jan
89
Jan
26
Apr
1834 Jan
9
Jan
78
Apr
1
Jul)
5034 July
22 June
22 June
21 June
823.4 Apr
115
Jan
2034 Jan
4234 Jan
763.4 Jan
12634 Jan
Apr
1534
179
Jan
634 Apr
11 May
61 June
4'........
tang115450114041iM
ENGLISH FINANCIAL MARKETS—PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
95
95
3334 36
4334 4334
120 121
20
20
50
5034
225 225
41
41
11234 113
27
30
2434 25
2534 2634
43
44
10234 10234
10934 110
11234 11234
12534 12534
4334 4534
118 118
125 125
5434 5434
10234 104
27
2714
2134 22
1034 11
90
92
134 2
53
54
2234 2234
23 : 2334
24
24
97
9734
141 14234
2234 23
5534 56
8034 8034
147 147
18
1834
205 , 209
13
1434
21
2234
5234 5234
X X XXX
XX XX
XXX
=XX
X
,
'.,... ,
..
,c....6.4u...
...... w.4...,.,.....,
....*
Net balance
217,835,732 09
Total
459.671,14761
Total
459,671,147 61
Neat—The amount to the credit of disbursing officers and agencies to-day
was
$363,026,669 80. Book credits for which obligations
held by the United States amount to 533.236,629 05. of foreign governments are
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money
for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made
the
Acts mentioned a part of the public debt., The amount of such obligations
under
to-day was 579.919,519.50.
51.227,342 in Federal Reserve notes and $19,550,970 in national
bank notes are
in the Treasury in process of redemption and are charges against the
deposits for
the respective 5% redemption funds.
Amer Wholesale pref __ _100 95
Arundel Corp new stock... 36
Bait Else pref
ill 4334
Baltimore Truitt Co
50 121
Baltimore Tube
100
Preferred
100
Canton Co v t
•
Central Fire Ins
10
Ches & Pot Tel of Balt_100
Commercial Credit
• 30
Preferred
25 2434
Preferred B
25
Consol Gas E L
' 4334
6% preferred&P°w-ISO
634% preferred
100 110
7% preferred
100
8% preferred
100
Consolidation Coal-...100 4434
Eastern Rolling Mill
•
8% preferred
100 125
Equitable Trust Co__ _25
Fidelity & Deposit
60 10334
Fin Coot Amer pref__ —25 27
Finance Seri.ice, Class A 10 2155
Preferred
10 1034
Hotta Oil pref tr ctfs__100
Lorraine Pet Co_ _lc shares
Manufacturers Finance_25
1st preferred
25
2d prefened
25
Trust pref
25 24
Maryland Casualty Co_ _25
Merch & Min Ti' Co._ _100
Monon Val Trae pref _ _ _25 2234
New Amat Casualty Co_10
Northern Central
60
Penna Water & Power_100
United Ry ek Electric_ _ _50 18
U S Fidelity & Guar_.__50 209
Wash Bait & Annan- -50
Preferred
50 2134
West Md Dairy, Inc. fif-50
Range Since Jan. 1.
10234 July
100
Mar
8434 June
10334 Feb
99 June
9234 Jar.
9334 Mat
10234 Jan
10434 Jan
9734 June
96 July
100 July
100
Jan
10034 Apr
9834 Jan
6834 Apr
49
AP
69
AD
98 July
Apr,
93
58
AD
102 Max
XXXX XXXAXXX
. 6.A.= A.
452.507,11800
GENERAL FUND.
Assets—
$
Liabilities-Gold (see above)
176,478,403 35 Treasurer's checks outSilver dollars(see above)
5,380.049 00 standing
1,570,320 95
United States notes.
4,828,475 00 Dews. of Govt. officers:
Federal Reserve notes_
1,390.238 50 Post Office Dept
6,314,208 57
Fed. Res. bank notes
87,89000
Bd. of Trustees Postal
National bank notes_
19,595,231 00
Savings System 5%
Subsidiary sliver coin_ _
7,457,180 95
reeve,lawful money
6,640,640 49
Minor coin
1,791,265 58
Other deposits
404,976 65
Silver bullion
16,374,020 95
Comptroller of CurUnol a Belt
rency, agent for
&o
4,041,909 40
creditors of insolvDeposits in Federal Reent banks
2,574 41
serve banks_________ 41,624,509 92 Postmasters, clerks of
Deposits In special decourts, disbursing
positaries account of
officers, &o
32,353,103 29
sales of Treas. bonds
Deposits for:
& certifs. of indebtners 150,739,000 00
Redemption
Fed.
Deposits In foreign deReserve noces (b%
positaries:
fund,gold)._ _ .____ 161,594,675 70
To credit Treas. U. S
113,528 54
Redemption of nat'l
To credit of other
bank notes (5%
Government officers
181,696 87
fund, lawful money) 26,996,161 79
Deposits in nat'l banks:
Retirement of addl
To credit Treas. US, 6,799,287 61
circulating notes,
To credit of other
Act May 30 1908—
4,74000
Government officers 21.746,42728 Uncollected
Items, exDeposits in Philippine
changes.
&o
5.954,01367
Treasury:
To credit of Treas.0 .
1,042,033 66
241,835,415 52
Stocks—
Friday
Sales
Last Week's Range for •
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
AX X
Total
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange July 11 to July 17, both inclusive, compiled from official lists:
§ wk
c.woww.o.t4ao,
lo &.,QA2aDao,omm&o.
452,507,118 00
Broadway National Bank of Newburgh,
N.Y
100,000
President, R. W. Spencer; Cashier, E. W. GaveY.
8-12786--The First National Bank of Ireland. Texas
Conversion of the First State Bank. Ireland, Texas. 25,000
President, Geo. W.Bradley; Cashier, 0.Z Wilson.
9-12787—The American National Bank of Santa Monica,
Calif
100,000
President, N. S. Gandy: Cashier, E. S. Welch.
11-12788—The Peoples National Bank of Patchogue,
N. Y. 100.000
President, Joseph J. Slechta; Cashier. 0.E. Braine.
VOLUNTARY LIQUIDATION.
6-12486—The American National Bank of Sayre. Okla
Effective March 12 1925. Liquidating agent, E. R. $25,000
Dugger, Sayre. Okla. Absorbed by the
tional Bank of Sayre. Okla., No. 9959. First Na-
m
Total
7-12785--The
g§§§g§§r§n§I§§§§§§§§§
Assets—
Gold coin
Gold bullion
299
0.4,
100.40•
4.4011202000.
0000000
NO.WA.N
.WwwwWw.oP.M.
JULY 18 1925.]
Auction Sales.—Among
securities, the following,
The price of silver in New York on the same day has been: not actually dealt in at the Stockother
Exchange were sold at auction
Silver in N.Y., per os.(eta.):
in New York, Boston and Philadelphia on Wednesda
y of
Foreign
6934
6934
6934
6934
this week:
6934
6934
By Messrs. Wise, Hobbs & Arnold, Boston:
Soramercial andfAiscellianconsgAvars
National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED.
Capital.
July 11—The Guardian National Bank of Denver. Colo
$240,000
Succeeds the Guardian Trust Co., Denver,
Colo.
Correspondent, Denver R. Platt, care
Guardian
Trust Co., Denver, Colo,
APPLICATIONS TO ORGANIZE APPROVED
.
July 8—The First National Bank of Utica, Mich
$25,000
Correspondent, Edgar Schulz, Utica, Mich.
Succeeds
the Farmers & Merchants Bank of Utica,
Mich.
July 8—The Alpha National Bank, Alpha. N..7
$25,000
Correspondent. M. S. Willever, Alpha, N. J.
July 11—The San Leandro National Bank, San Leandro, Calif
100,000
Correspondent, Wllliani J. Gannon,San Leandro,
Calif.
APPLICATION TO CONVERT APPROVED
.
July 11—The Rochelle National Bank, Rochelle, Texas
$25,000
Conversion of the Rochelle State Bank, Rochelle,
Tex.
CHARTERS ISSUED.
July 7-12783—The Farmers & Merchants National Bank of
Celina, Tex
Conversion of the Celina State Bank, Celina, Tex. $25.000
President,D. A. Taylor; Cashier, Lee B. Newsom.
July 7-12784—The McCook County National Bank of Salem,
So. Dak
25,000
Presddent, James R. McGee: Cashier, A. B. Knox.
Shares. Stocks.
t Per sh. Shares. Stocks.
$ per sh.
4 First National Bank
321
4 units First Peoples Truitt
7534
1 Merchants National Bank
33834 3 units First Peoples Trust
7534
10 Ipswich Mills, preferred
8034 2 special units First Peoples Trust_ -. 534
2 Cluisset Mills, common
135
15 North Boston Ltg.Prop..com__ 84
32 Malden & Melrose Gas Light Co.
4 units First PeoplesTrust
7531
Dar $25
38% 9 special units First Peoples Trust- - 534
5 units First Peoples Trust
5 American Glue Co.,75%
pref
111
10 Lowell Gas Light Co. full paid
10 special units First Peoples Trust_ 534
receipts
59
18 units First Peoples Trust
7551
2-100 State Theatre, pref
78e. 27 Lawrence Gas& Elec.(when Ise.) 4254
1 Quincy Market Cold Storage
No. Rights.5
&
Per right.
Warehouse Co., common
107 600 Nashawena Mllls(wh las).17-16-134
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
t Perth. Shares. Stocks.
Speak.
12 United N. J. RR.& Canal
20234 10 Land Title & Trust Co
97 United N. J. RR.& Canal
202 5 Northeastern Title & Trust Co.,725
10 2d & 3d Streets Passenger Ry, 16734
Par $50
66
8 2d & 3d Streets Passenger Ry__ -167 4 Northern
Truet Co
69134
33 Penn. Warehousing & Safe Dep-100 6 Honey Brook
(Pa.) Trust Co..
20 John B.Stetson Co.,corn., no par 93
par $25
4 Manayunk National Bank
620 35Bucks County Trust Co.(Doyles- 2734
8 National Bank of Germantown,
town, Pa.)($60 paid)
125
Par $50
30034 10 Germantown Passenger Ry
73
20 National Bank of Commerce_ __185 5 Phillt.
Germantown aC Nor'. RR.124
6 National Bank of Cornmerce___.18331 3 United
N.
202
Canal
J.
dr
RR.
1 Penn National Bank
50354 5 EastPennsylvania RR
6034
1 First Nat. Bank of Prtiladelphia_34155 5
Independence Indemnity Co
325
35 Drovers & Merchants Nat. Bk_160
10 Hare & Chase.Inc.,corn., no par 27
41 Drovers & Merchants Nat.Bank 160
30
Warwick Iron & Steel, par $10.. 5
12 Philadelphia National Bank.....415 6
50PB
ha
lln
a.
ketura
e,.pcaor.
pref.
..-r$82
rtaa.
$40
lcorn.,
,5
214
35 Mutual Trust Co
110, ex-rights
16 Ninth Bank & Trust Co
43034 50 Bankers Bd.&Mtge. Co.,oom. lot
Trust
ladelphla
pP
Title &
ah
risso
Rights.
3 Wes..t
Co
$ per RIphi.
23134
159 4-5 Mutual Trust Co
15 West Philadelphia Title & Trust
25
Co., par MO
231%
Bonds.
Per Cent.
I Bank of No. Amer.& Trust Co..298 2500 Brookline Square Club 30-year
17 Bank of No. Amer.& Trust Co_298%
68, 1952
94
[VOL 121.
THE CHRONICLE
300
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per sh.
300 Tobacco Products Export
$700 lot
Corp
100 Genesee Corp., corn. (Delaware), no par
143,100 lot
425 EUwanger & Barry Realty Co.
of Rochester
$31,000 lot
$ per oh.
Shares. Stocks.
3,000 Erman Development Co.,
$5 lot
par $1
2,345 431-1000 Boschen Importing
100.
$10
par
Y.),
(N.
Co., pref.
5 Arkansas-Missouri Power,7% Pf- 80
95
21 Okonite Co., pref.(N.J.)
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
1 Atlantic National Bank
23034
1 National 'Union Bank
21534
1 Second National Bank
38334
1 National Shawmut Bank
21834
15 National Shawmut Bank
21834
10 Bank of Commerce& Trust Co_ _135
17 Massasolt-Pocasset Nat. Bank,
Fall River
150, ex-div.
4 Naumkeag Steam Cotton Co.__ _196%
10 Berkshire Cotton Mfg, Co
14131
2 Farr Alpaca Co
180
1 Ludlow Mfg. Associates
16634
5 Farr Alpaca Co
17934
50 Worcester Cons. St. Ry., 1st
pref.. par $80
38
1 Northern RR.. New Hampshire._ 7534
3 units First Peoples Trust
7534
10 Massachusetts Ltg. Cos., corn._ 49
6 Massachusetts Ltg.Cos.,8% pf.11234
3 units First Peoples Trust
7534
25 American Glue Co.. common.... 45
8.1. B.Stetson Co..corn
90
$ per sh.
Shares. Stocks.
10 H. D. Foss & Co., Inc., pref.
1041
(new)
4034
15 F.H.Roberts Co., pref
2 Boston Woven Hose & Rubber
8034
Co., corn
27 Lawrence G.& El.(new),P ar $25 4234
35.000 McNamara Mining & M111$75 lot
log Co.. par $1
2 Springfield Gas Lt.Co.. par 525_ _ 6234
12 Merrimac Hat Corp.M.,par550. 35
2 Merrimac Hat Corp.,com.,par$25 17
8 Industrial Loan Society, Inc.,
11234. ex-d1v.
corn
1$2 lot
25 Jacobs Lumber Co., pref
I
9 Jacobs Lumber Co..corn
430
2 Boston Insurance Co
35 Asbestos Corp.of Am.,8% inertia lot
70 Asbestos Corp. of Amer., corn.'
$ Per right.
No. Rights.
50 Nashawena Mills (when, as and
17-16
it Peered)
Name of Company.
Per
Cent
When
Payable.
Books Closed.
Days Inclusire.
Miscellaneous (Concluded).
141 Aug. 1 Holders of rec. July 18
National Tea, pref.(quar.)
July 31 Holders of rec. July 27
2
New Niquero Sugar (guar.)
New York Canners, Inc., let pref
3% Aug. 1 Holders of rec. July 20
Aug. 1 Holders of rec. July 20
Second preferred
4
N. Y.& Honduras Rosario Mining (qu.) 2% July 25 Holders of rec. July 15a
Extra
234 July 25 Holders of rec. July 154
Oppenheim, Collins & Co.(quar.)
75e. Aug. 15 Holders of rec. July 3I6
Pierce, Butler & Pierce Mfg.5% pf.(qu.) 2
Aug. 1 Holders of rec. July 20
Seven per cent pref. (quar.)
141 Aug. 1 Holders of rec. July 20
Pittsburgh 011 & Gas
*15o. July 31 *Holders of rec. July 24
Postum Cereal Co.,common (quar.)_ _ El
Zug. 1 Holders of rec. July 216
Pure 011, common (guar.)
*37)4c Sept. 1 *Holders of rec. Aug. 10
Pyrene Mfg., corn. (guar.)
2% Aug. 1 July 18 to July 31
Schulte Retail Stores, corn. (quar.)
m$2 Sept. 1 Holders of rec. Aug. 154
Scruggs-N.P. Dry Goods, corn. (quar.)
1% Aug. 1 Holders of rec. July 20
Common (extra)
34 Aug. 1 Holders of rec. July 20
1% Aug. 15 Holders of rec. July 24
Shell Union Oil, pref. A (quar.)
Sinclair Consol. 011 Corp., pref.(quer.). *2
Aug. 15 *Holders of rec Aug. 1
Bkouras Bros., class A
750. Aug. 1 Holders of rec. July 20
Smith (A.0.) Corp., corn.(quar.)
204. Aug. 15 Holders of rec. Aug. 1
Common (extra)
25c. Aug. 15 Holders of rec. Aug. 1
Preferred (guar.)
141 Aug. 15 Holders of rec. Aug. 1
1% Sept.1 Holders of rec. July 31
Standard 011 (Ohio), pref.(quar.)
Sugar Estates Oriente. Prof. (quar.)
Aug. 1 Holders of rec. July 150
2
Tobacco Products Corp., class A (quar.) 134 Aug. 15 Holders of rec. July 31
1.8 Aug. 10 Holders of rec. July 18a
Union Oil Associates (quar.)
United 011 (quar.)
750. July 15 Holders of rec. July 6
Sept. 15 Holders of rec. Sept. 4
U. S. Realty & Inapt., corn. (quar.)_ _ 2
Preferred (guar.)
1% Nov. 2 Holders of rec. Sept. 4
Vanadium Corp. of America (quar.)___ _ 500. Aug. 15 Holders of rec. Aug. 1
134 Sept. 1 Holders of rec. Aug. 184
Van Raalte Co.,first prof (guar.)
131 Aug. 1 Holders of rec. July 24
Washburn-Crosby Co., Prof.(quar.)
•20c. Aug. 15 *Holders of rec. Aug. 5
Wolverine Portland Cement (quar.)
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the curBelow we give the dividends announced in previous weeks
rent week. Then we follow with a second table, in which
we show the dividends previously announced, but which have and not yet paid. This list does not include dividends annot yet been paid.
nounced this week, these being given in the preceding table.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Mine Hill & Schuylkill Haven
Nashville Chattanooga & St. Louis
$1.50 Aug. 1 July 17 to Aug. 2
334 Aug. 3 Holders of rec. July 25
Public Utilities.
Alabama Water, lot pref. (guar.)
American District Telegraph of N. J--Bristol & Plainville Else.(quar.)
Middle West Utilities, corn. (quar.)-Montreal Tramways(guar.)
New England Company,corn.(quar.)-Pacific Power & Light, pref.(quar )
Pennsylvanla-Ohlo P.& L.. 7% pf.(qu.)
Seven per cent pref. (quar.)
Portland (Ore.) Gas dr Coke, pref.(qu.)Pub.Serv. Co.of No.Ill. 7% pf.(111.)-.
Six per cent preferred (quar.)
Southern Counties Gas,Cal.,7%pf.(qu-)
Standard Power & Light, pref.(quar.)_ _
United Rys.& Elec.. Bait.. corn.(401.)-West Penn Company, pref.(quar.)
York Railways, corn. (quar.)
Preferred (quar.)
131 July 15 Holders of rec. July 10
J2.33 July 29 Holders of rec. July 14a
234 Aug. 1 Holders of rec. July 20a
*51.25 Aug. 15 *Holders of rec. July 31
234 Aug. 1 Holders of rec. July 16
134 Aug. 15 Holders of rec. Aug. la
•131 Aug. 1 *Holders of rec. July 18
Nov. 2 Holders of rec. Oct. 22
2
I% Nov. 2 Holders of rec. Oct. 22
*134 Aug. 1 *Holders of rec. July 18
131 Aug. 1 Holders of rec. July 15a
134 Aug. 1 Holders of rec. July 15a
141 July 15 Holders of rec. June 30a
*134 Aug. 1 *Holders of rec. July 16
60c. Aug. 15 Holders of rec. July 25
•141 Aug. 15 *Holders of rec. Aug. 1
134 July 15 July 7 to July 15
131 July 31 July 22 to July 31
Banks.
Bowery (quar.)
Extra
Continental
Eastern Exchange
7
4
1
Aug. 1
Aug. 1
Aug. 1
June 30
Trust Companies.
Farmers Loan dz Trust (quar.)
4
Aug. 1 Holders of rec. July 18a
9
Ondem. Holders of rec. June 30
Fire Insurance.
Home
July 29 to July 31
July 22 to July 31
Holders of rec. July 28a
June 26 to June 29
Miscellaneous,
American Brick, corn. (quar.)
•250. Aug. 1 *Holders of rec. July 24
Preferred (guar.)
*50c. Aug. 1 *Holders of rec. July 24
Amer. Radiator, corn. (quar.)
Sept.30 Holders of rec. Sept.15a
$1
Preferred (guar.)
131 Aug. 15 Holders of rec. July 31a
Amer.Soda Fountain (quar.)
•$1.56 Aug. 1 *Holders of rec. July 31
American Stores (quar.)
*40c. Jct. 1 *Holders of rec. Sept.15
Atlantic Safe Deposit
July 15 Holders of rec. July 9a
3
Bang Serv. Stations, Inc., pref. (quar.) 2
Aug. 1 Holders of rec. July 15
Bigelow-Hartford Carpet, corn. (quar.)- •$1.50 Aug. 1 *Holders of rec. July 18
Preferred (quar.)
*134 Aug. 1 *Holders of rec. July 18
Bourne Mills (quar.)
*1.34 Aug. 1 *Holders of rec. July 15
Brill (.7. G.) Co., pref. (quar.)
1E1 Aug. 1 July 25 to ..11113, 31
Burns Bros., corn, class A (guar.)
•52.55 Aug. lb *Holders of rec. Aug. 1
Common. clam B (quar.)
•5(10. Aug. 16 *Holders of rec. Aug. 1
Prior pref. (quar.)
*134 Aug. 1 *Holders of rec. July 25
Canada Cement, Ltd., pref.(quar.)
131 Aug. 15 Holders of rec. July 31a
Celite Company,common (quar.)
25c. Aug. 1 Holders of rec. July 25
Common (extra)
250. Aug. 1 Holders of rec. July 25
Class A and B preferred (guar.)
134 Aug. 1 Holders of rec. July 25
Chariton Mills (quar.)
2
Aug. 1 Holders of rec. July 13
Chic. Wilm. & Franklin Coal. Pf. (411.) $1.50 Aug. 1 Holders of rec. July 18a
Christie, Brown & Co., pref.(No.1)__ - 134 Aug. 1 Holders of rec. July 20
Cities Service,common(monthly)
Si Sept. 1 Holders of rec. Aug. 15a
Common (Payable in common stock). 134 3ept. 1 Holders of rec. Aug. I5a
Preferred and preferred B (monthly)_ _
34 dept. 1 Holders of rec. Aug. 15a
Cleveland-Cliffs Iron (quar.)
75e. ruly 21, Holders of rec. July 15a
CUnchfield Coal. pref. (quar.)
•151 Aug. 1 *Holders of rec. July 25
Credit Alliance Corp.. corn.(No. 1)_-- _ 500. July It Holders of rec. Ally 10
Preferred (guar.)
134 fuly lb Holders of rec. July 10
Commercial DiscountCo.of Cal.,pf.(qu) 2
July 16 Holders of rec. July 1
Be Beers Consolidated Mines, Am.ohs.. *97c. Aug. 3 *Holders of rec. July 27
Dominion Bridge, Ltd.(quar.)
•1
Aug. 15 *Holders of rec. July Et
Dow Chemical. corn.(in common stock, *110
tug. It Holders of rec. Aug. 5
Eastern Dairies, Inc., coin.(No. 1)
•50c. Aug. I *Holders of rec. July 16
Preferred (quar.)
•131 Aug. 1 *Holders of rec. July 16
Esmond Mills, corn.(quar.)
134 Aug. 1 Holders of rec. July 24
Preferred (quar.)
131 Aug. 1 Holders of reel. July 24
Eureka Vacuum Cleaner, common
Aug. 1 Holders of rec. July 200
51
Fairbanks-Morse & Co., corn. (quar.)_. 65e. Sept. 30 Holders of rec. Sept. 15a
Preferred (quar.)
194 Sept. 1 Holders of rec. Aug. 15a
141 Aug. 1 Holders of rec. July 27
Flak Rubber. 1st pref. (quar.)
Franklin (H. H.) Mfg., pref. (guar.)._ •134 Aug. 1 *Holders of rec. July 20
Grand (F. & W.) 5-10-25-Cent Stores•131 Aug. 1 *Holders of rec. July 18
Preferred (quar.)
Oct. 1 Holders of rec. Sept. 20
$1
Kinney(G. R.) Co.,common
2
(quar.)
Sept. 1 Holders of rec. Aug. 21
Preferred
I% July 15
Magee Furnace Co., 1st pref.(quar.)
2
July 15
Second preferred (quar.)
•500. Aug. 1 *Holders of rec. July 23
McCord Radiator & Mfg.,class B
500. Aug. 15 Holders of rec. Aug. 5
Medan (Fred) Mfg.,corn.(quar.)
Metropolitan Chain StoredFirst and second preferred (quar) _ _ '131 Aug. 1 *Holders of rec. July 20
1)5 July 25 Holders of rec. July 3
Miller Rubber, corn.(pear.)
Aug. 1 Holders of rec. July 200
2
Missouri-Illinois Stores, pref. (quar.)
Sept. 2 Holders of rec. Aug. 1
51
Mohawk Mining
Aug. 1 *Holders of rec. July 20
'It
Motor Products. prof. (War-)
334 Aug. 1 Holders of rec. July 20
Nash Motors, common
634 Aug. 1 Holders of rec. July 20
Common (extra)
134 Aug. 1 Holders of rec. July 20
Preferred (quar.)
Name of Company.
When
Per
Cent. Payable.
Railroads (Steam).
Alabama Great Southern, preferred_ _ _ 334 Aug. 17
1E1 Sept. 1
Atch. Topeka & Santa Fe, corn. (qu.)
2% Aug. 1
Preferred
1% Sept. 1
Baltimore & Ohio. corn. (qua?.)
1
Sept. 1
Preferred (quar.)
1% Aug. 1
Canada Southern
Aug. 15
2
Central RR. of N. J.(guar.)
Aug. I
5
Cincinnati Northern
Cloy. CM.Chic.& St. L.,corn.& pf.(qu.) 134 July 20
Aug. 1
Cuba RR.. preferred
Feb 1'25
3
Preferred
234 Sept.21
Delaware dz Hudson Co.(quar.)
Delaware Lackawanna & Western lqu.). $1.50 July 20
234 Aug. 1
Great Northern, preferred
Gulf Mobile & Northern. prof. (quar.)_. 134 Aug. 15
1% Sept. 1
Illinois Central ,common (guar.)
Sept. 1
3
Preferred (qum%)
1)1 Aug. 14
Internat. Rys. of Cent. Amer., pf.(qu.)_
Aug. 10
3
Louisville & Nashville
$12.50 Aug. 1
Mahoning Coal RR., common
July 29
10
Michigan Central
134 Aug. 1
Missouri-Kansas-Texas, pref. A (quar.)_
1% Aug. I
New York Central RR.(guar.)
1% Sept.19
Norfolk & Western, corn. (quer.
Aug. 19
1
Adjustment preferred (quar,)
•
134 Aug. 1
Northern Pacific (quar.)
750. Aug. 31
Pennsylvania RR.(quar.)
Pere Marquette, prior pref. (quar.)___ _ 1% Aug. 1
11.1 Aug. 1
Preferred (quar.)
July 20
2
Pitts. CM.Chic. dr St. Louis, pref
$2.50 Aug. 1
Pittsburgh & Lake Erie
Aug. 13
$1
Reading Company,common (quar.)
50c. Sept.10
First preferred (quar.)
50c Oct. 8
Second preferred (quar.)
St. Louis-San Fran., pref.. Ser. A.(q.). 1% Aug. 1
1)4 Nov. 2
Preferred, Series A (quar.)
131 Aug. 1
Southern Railway, common (qua?.)
1% Aug. 25
Wabash By.. preferred A (quar.)
Books Closed.
Days Inclusive.
Holders of rec. July 13
Holders of rec. July 240
Holders of rec. June 266
Holders of rec. July 180
Holders of rec. July 180
Holders of rec. June 260
Holders of rec. Aug. 50
Holders of rec. July 240
Holders of rec. June 260
Holdera of rec. July 150
Holders of rec. Jan. I5a
Holders of rec. Aug. 280
Holders of rec. July 60
Holders of rec. June 260
Holders of rec. Aug. la
Holders of rec. Aug. 50
Holders of rec. Aug. 50
Holders of rec. July 310
Holders of rec. July 156
Holders of rec. July 150
Holders of rec. June 26a
Holders of rec. July 150
Holders of rec. June 26a
Holders of rec. Aug. 310
Holders of rec. July 316
Holders of rec. June 300
Holders of rec. Aug. la
Holders of rec. July 15a
Holders of rec. July 156
Holders of rec. July 100
Holders of rec. July 170
Holders of rec. July 200
Holders of rec. Aug. 240
Holders of rec. Sept.22a
Holders of rec. July 150
Holders of rec. Oct. 154
Holders of rec. July Ilia
Aug. 11 to Aug. 24
Public Utilities.
134 Aug. 15 Holders of rec. Aug. 56
Amer. Electric Power, pref. (quar.)__
American Gas & Electric Co.
Preferred (unstamped non-par stock). $1.50 Aug. 1 Holders of rec. July 10
1% Aug. 1 Holders of rec. July 10
Preferred ($50 par stock)
American Light dr Traction, corn.(qu.). 1% Aug. 1 July 17 to July 29
(quar.)
1% Aug. 1 July 17 to July 29
Preferred
Amer. Superpower Corp.. part. pf.(eu.) 1E1 Aug. 15 Holders of rec. July 310
Amer. Water Works & Elec., corn,
300. Aug. 16 Holders of rec. Aug. la
Common (quar.)
1E1 Aug. lb Holders of rec. Aug. la
Seven per cent first pref.(quar.)
cent
(quar.)
1% Aug. lb Holders of rec. Aug. la
pantie. Prof.
Six per
Appalachian Power, first pref.(quar.) _ _ *1% Aug. 1 *Holders of rec. July 15
Associated Gas & Elec.Co., pret.(extra) 12340 Oct. 1 Holders of roe.Sept. 104
1234e Jan 1'26 Holders of roe. Dec. 104
Preferred (extra)
Holders of rec. July 100
62)4e Aug.
Class A (quar.)
he Nov. 1 Holders of rec. Oct. 90
62
(qua?.)
Class A
July 30 *Holders of rec. June 29
*2
Bell Telephone of Pa.. corn,(quar.)..
Boston Consolidated Gas. preferred_- 394 Aug. I Holders of rec. July 15
California-Oregon Power, pref. (guar.). 1% July 30 Holders of rec. July 154
Carolina Power & Light, common (qu.)_ $1.50 Aug. 1 Holders of rec. July 15
34 Aug. It Holders of rec. July 31
Cedar Rapids Mfg.& Power (quar.)
Central Power & Light, preferred (guar.) 13.1 Aug. 1 Holders of rec. July 15
65e. Aug. 1 Holders of rec. July 210
Chicago Rap. Tr.. pr. pt. A (mthly.)
65e. Sept. 1 Holders of rec. Aug. 180
Prior preferred (monthly)
Columbia Gas & Elec., common (qu.)-- 65c. Aug. 15 Holders of roe. July 316
1% Aug. 15 Holders of rec. July 310
Preferred, Series A (guar.)
Aug.
Holders of rec. July 150
Commonwealth-Edison Co. (quar.).... 2
Commonwealth Pow.Corp.,corn.(qu.). 51.50 July 2 Holders of rec. July 1
Aug.
)
Holders of rec. July 13
1%
(quar
Preferred
Consumers Power$1.50 Oct.
Holders of roe. Sept. 15
6% pref. (quar,)
$1.65 Oct.
Holders of rec. Sept. 15
6.6% preferred (quar.)
Holders of rec. Sept. 15
$1.75 Oct.
7% preferred (quar.)
(monthly)
Holders of rec. July 15
50c.
preferred
Aug.
6%
Holders of rec. Aug. 15
50c. Sept.
6% preferred (monthly)
Holders of rec. Sept. 15
500. Oct.
6% preferred (monthly)
Holders of rec. July 15
550. Aug.
6.6% preferred (monthly)
Holders of rec. Aug. 15
6.6% preferred (monthly)
55e. Sept.
Holders of rec. Sept. 15
6 6% preferred (monthly)
55c. Oct.
Holders of rec. Sept. 120
Continental Gas & Elec., corn.(quar.)-- $1.10 Oct.
Holders of rec. Sept. 126
1% Oct.
Prior preference (quar.)
HoMers of rec. Sept.12a
Participating preferred (guar.)
134 Oct.
Holders of rec. Sept.120
Participating preferred (extra)
)4 Oct.
Holders of res. Sept.120
1% Oct.
Preferred (quar.)
Holders ot rec. July 31
Aug. I
3
Eastern Mass. St. Ry., 1st pref
Holders of rec. July 16
Preferred B
Aug.
3
Holders of rec. July 15
Ill.,
Aug.
Boston (quar.)
3
Edison Elec,
Holders of rec. July 150
62340. Aug.
Edison Elec. HI. of Brockton (quar.)
Holders of rec. July 15
Electric Bond dc Share Co.. Prof.(quar.) 134 Aug.
Holders of rec. July 15
$1.75 Aug.
Electric Investors, Inc., pref.(quar.)
*Holders of rec. June 30
*51.75 Aug.
Elec. Pow. & Lt. 2d pf.(qu.)(No. 1)
Holders of rec. July 15
Aug.
&
141
Power
Light,
(qu.)._
pref.
Worth
Ft.
Holders of rec. Aug. 20
Sept.
Georgia Ry.& Power, 2nd pref. (quar.) 1
Holders of roe Nov.29
Dec.
1
Second preferred (Muir.)
Holders of rec. July 15
Aug.
131
Idaho Power, pref. (quar.)
*Holders of MO. July 15
Illinois Northern Utilities. pref.(guar.)- •134 Aug.
JULY 18 1925.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Illuminating & Power Secur.,com.(qu.)- 450. Aug. 10 Holders of rec.
July 31
Preferred (guar.)
114 Aug. 15 Holders of rec. July 31
Interstate Rys., corn. (guar.)
25c. Aug. 1 July 17 to Aug. 1
KaminIstiquia Power (guar.)
2
Aug.
Holders of rec. July 31
Knoxville Power & Light, pref. (guar.). 151 Aug. 15
1 July 21 to July 31
Lowell Elec. Light Corp.(guar.)
62430 Aug. 1 Holders of rec. July 140
Massachusetts Gas Cos., cool. (quar.)
$1.25 Aug. 1 Holders of rec. July 15
Michigan Gas dc Elec.. pref. (guar.).- _
154 July 20 Holders of rec. June
Milwaukee Elec. Ry.& Lt..6% p1.(qu.) 154 July 31 Holders of rec. July 30a
200
Montreal Lt., Ht.& Pow.Consol.(qu.)- 2
Aug. 15 Holders of coup. No. 36r
Montrea1 Light,Heat& Pow.Co.(guar.) 2
Aug. 15 Holders of rec. July 31
Mountain States Power, pref.(quar.)
131 July 20 Holders of rec. June 300
Nevada-Calif. Elec. Corp.. pref.(guar.)- 13( Aug. 1 Holders of rec.
June 30
Newport News & Hampton Ky. Gas &
Electric Co.,corn.(guar.)
144 Aug. 1 Holders of rec. July 15a
Northern N. Y. Utilities, pref. (guar.).- 15( Aug. I Holders of rec.
July 15a
Nor.States Pow.of Del.,com.,A (guar.) 2
Aug. 1 Holders of rec. June 300
Preferred (guar.)
131 July 20 Holders of rec. June 300
Ohio Edison. 6.6% pref.(guar.)
31.65 Sept. 1 Holders of rec. Aug. 15
Six per cent preferred (guar.)
134 Sept. ,1 Holders of rec. Aug. 15
Seven per cent preferred (guar.)
151 Sept. 1 Holders of rec. Aug. 15
6.6% preferred (monthly)
55c. Aug. 1 Holders of rec. July 15
6.6% preferred (monthly)
55c. Sept. 1 Holders of rec. Aug. 15
Oklahoma Natural Gas Co.(guar.)
50e. July 20
Penn-Ohio Power & Lt.. 7% prof.(qu.). 13( Aug. 1 Holders of rec. June 26a
Holders of rec. July 22
8% Preferred (guar.)
2
Aug. 1 Holders of rec. July 22
Philadelphia Company,common (guar.) $1
July 31
Philadelphia Rapid Transit (guar.)---- $1 July 31 Holders of rec. July 1
Holders of rec. July 156
Power Corporation, pref. (quar.)
151 Aug. 1 Holders of rec. July 15a
Public Serv. Elec. Pow., pref. (guar.)._
131 Aug. 1
Public Service Investment,corn.(guar.)_ *1.75 Aug. 1 Holders of rec. July 15a
Holders of rec. July 15
Preferred (guar.)
31.50 Aug. 1 Holders of rec. July 15
Pub.Serv.of N.Ill., corn.(no par)(M) 32
Aug. 1 Holders of rec. July 15a
Common ($100 par) (guar.)
2
Aug. 1 Holders of rec. July 150
Railway & Light Securities, cont.& pref.
3 Aug. 1 Holders of rec. July 15
Sierra Pacific Elec. Co.. pref.(quar.)
134 Aug. 1 Holders of rec. July 15a
South Pittsburgh Water, corn.(guar.,- 154 July 20 Holders
of rec. July 100
Five per cent preferred
2)3 Aug. 19 Holders of rec. July 50
Standard Gas & Electric. corn.(guar.)._ 75c. July
25 Holders of rec. June 30a
Seven per cent preferred (guar.)
131 July
Holders of rec. June 30a
Tennessee Elec.Power 2d pref.(guar.) _ 31.50 Aug. 25
1 Holders of rec. July 13
Texas Electric Ky., common (guar.)._
1
Sept. 1 Holders of rec. Aug. 15
Texas Power & Light, pref.(guar.)
131 Aug. 1 Holders of rec. July 16
Tr-City Ky.& Light.common (guar.)_ _
214 Oct. 1 Holders of rec. Sept.20
Common (guar.)
243
.26 Holders of rec. Dec. 20
United Light & Power, corn. A & B (qu.) 50e. Jan1
Aug. 1 Holders of rec. July 15
United Light & Rys., corn. (otter.)
2
Aug.
1 Holders of rec. July 15
Prior preferred (guar.)
Aug. 1 Holders of rec. July 15a
Virginia Ky. dr Power, pref. (guar.).__ 1.6234
143 July 20 Holders of rec. June 30a
West Penn Company,common (quar.)__ $1 Sept.
30 Holders of rec. Sept.150
Preferred (guar.)
151 Aug. 15 Holders of rec. Aug. la
West Penn Power Co.,7% pref.(guar.). 133 Aug.
1 Holders of rec. July 15
West Penn Rya.. pref. (guar.)
1% Sept.15 Holders of rec. Sept. 1
Winnipeg Elec. Ky.,common
1
Holders
Aug.
1
Wisconsin River Power. pref. (guar.).- *$1.75 Aug. 20 *Holders of rec. July 10
of rec. July 31
Banks.
Corn Exchange (guar.)
Globe Exchange
Trust Companies.
Title Guarantee & Trust (extra)
5
3
Aug. 1 Holders of rec. July 310
Aug.
July 21 to July 31
4
Sept.30 Holders of rec. Sept.22
1
Miscellaneous.
Abitibi Power dr Paper. corn.
- $1 July 2 Holders of rec. July 106
Allied Chemical dr Dye, coin. (guar.).
(quar.)--- $1 Aug. 1 Holders of rec. July 156
Allis-Chalmers Mfg.. common
- 1% Aug. 15 Holders of rec. July 246
Aluminum Manufactures.Inc.,(guar.).
corn.(gu) 37540. Sept.30 Holders of rec. Sept.150
Common (guar.)
37140. Dec. 31 Holders of rec. Dee. 150
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept.200
Preferred (guar.)
151 Janl'26 Holders of rec. Dec. 20a
Amalgamated Sugar, 1st prof. (quar.)-Aug. 1 Holders of rec. July 17a
American Bank Note, corn. (guar.)
$1.25 Aug. 15 Holders of rec. Aug. la
American Beet Sugar.common (quar.).... 1
July 31 Holders of rec. July lla
Common (guar.)
1
Oct. 31 Holders of rec. Oct. 100
Common (guar.)
1
Jan3016 Holders of rec. Jan.9 260
American Can, corn. (guar.)
1% Aug. 15 Holders of rec. July 310
American Cigar, corn. (guar.)
1% Aug. 1 Holders of rec. July 15
American Glue, pref. (guar.)
2
Aug. 1 Holders of rec. July 15
American Ice, corn.(guar.)
1% July 25 Holders of rec. July 100
Preferred (guar.)
1% July 25 Holders of rec. July 10a
Amer.Laundry Machinery,corn,(qu.)
75e. Sept. 1 Aug. 23 to Sept. 1
Common (guar.)
75e. Dec. 1 Nov.23 to Doe. 1
Preferred (guar.)
131 Oct. 15 Oct. 6 to Oct. 15
Am La France Fire Eng., Inc.. com.(qu) 25e. Aug.
15 Holders of rec. Aug. la
American Linseed, pref.(guar.)
143 Oct. 1 Holders of rec. Sept.19a
American Locomotive, common (extra). $2.50 Sept.
30 Holders of rec. Sept.14a
Common (extra)
$2.50 Dec. 31 Holders of reo. Dec. 140
Amer. Manufacturing, corn.(guar.,--1.43 Oct. 1 Sept. 16 to Sept.30
Common (guar.)
1% Dec. 31 Doe. 16 to Dec. 30
Preferred (guar.)
114 Oct. 1 Sept. 16 to Sept.30
Preferred (guar.)
Dec. 31 Dec. 16 to Dec. 30
American Sales Book, prof.(guar.)
Aug. 1 *Holders of rec. July 15
American Shipbuilding. corn. (guar.).Aug. 1 Holders of rec. July 110
Common (guar.)
2
Nov. 2 Holders of rec. Oct. 15a
Preferred (guar.)
154 Aug. 1 Holders of rec. July 150
Amer.Smelting &Refg.,common (quar.) 154 Aug. 1
Holders of rec. July 100
Preferred (guar.)
143 Sept. 1 Holders of rec. Aug. 70
Amoskeag Mfg., pseterred
$2.25 Aug. 3 Holders of rec. July 8a
Anaconda Cooper Mining (quar.)
75c. Aug. 24 Holders of rec. July 18a
Archer-Daniels-Midland Co.. pf.(q.).- $1.75 Aug. 1
Holders of rec. July 210
Arizona Commercial Mining
500. July 31 Holders of rec. July 17a
Art Metal Construction (guar.)
250. July
Holders of rec. July 100
Associated Dry Goods Corp.. corn.(qu.) 63c Aug. 31
I Holders of rec. July 110
1st prof.(guar.)
1% Sept. 1 Holders of roe. Aug. 15
Second preferred (guar.)
1% Sept. 1 Holders of res. Aug. 15
Associated 011 (guar.)
500. July 25 Holders of rec. June 300
Atlantic Refining. Pref. (guar.)
154 Aug. 1 Holders of rec. July 150
Atlas Powder, pref.(guar.)
1% Aug. 1 Holders of rec. July 200
Austin. Nichols de Co.. Inc.. pref.
1% Aug. 1 Holders of roe. July 156
(qu.)
Babcock & Wilcox Co.(guar.)
13( Oct. 1 Holders of rec. Sept. 20
Quarterly
141 Jan1'26 Holders of rec. Dec. 20
Quarterly
13.4 Aprl'26 Holders rec. Mar 20'26a
Balaban & Katz, common (monthly) _ .25c.
Aug. 1 *Holders of rec. July 20
Common (monthly)
.25e. Sept. 1 *Holders of rec. Aug. 20
Common (monthly)
*25e. Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
•1,4 Oct. 1 *Holders
of rec. Sept. 20
Barnhart Bros. & SpindlerFirst and second preferred
_
154 Aug.
Beacon Oil, preferred (guar.)(guar.)._-$ 1.87)4 Aug. 1 Holders of rec. July 250
15 Holders of roe. Aug. 1
Blaw-Knox Co.,corn.(guar.)
2
Aug. 1 July 22 to July 31
Preferred (guar.)
14 Aug. 1 July 22 to July 31
Borden Company, common (quar.)_
$
Sept. 1 Holders of rec. Aug. 150
Preferred (guar.)
1)4 Sept.15 Holders of rec. Sept. la
Briggs Manufacturing (guar.) --•
87)30 July 25 Holders of rec. July 106
Brown Shoe, pref.(guar.)
134 Aug. 1
Bunte Bros., pref.(guar.)
s1,.‘ Aug.' 1 Holders of roc. July 20
*Holders of rec. July 25
California Packing. tom. (guar.)
*31.50 Sept.15 *Holders of rec. Aug. 31
Canadian Car dr Fdy., corn. & rd. (qu.) 1,4 Oct. 9
Holders of rec. Sept. 25
Canadian Explosives, Ltd.. corn.(qu.)._
2
July 31 Holders of rec. June
Cartier, Inc., pref. (guar.)
14( July 31 Holders of rec. July 30a
15a
Casey-Hedges Co.. common (guar.)
2% Aug. 15 Holders °rive. Aug.
I
Common (guar.)
234 Nov.15 Holders of rec. Nov. 1
Preferred (quan)
134 Oct. 1
Century RibbonsMills, corn.(quar.)__
50c. July 31 Holders of rec. July 20a
Preferred (guar.)
1,4 Sept. 1 Holders of rec. Aug. 21a
Cerro de Pasco Copper (guar.)
31
Aug. 1 Holders ol rec. July 160
Chicago Pneumatic Tool (guar.)
134 July 25 Holders of rec. July 15a
Chicago Yellow Cab (monthly)
331-3c Aug. 1 Holders of rec. July 200
Monthly
331-3c Sept. I Holders of rec. Aug. 206
Childs Co., corn.(no par) (extra)
(o) Oct. 1 Holders of roe. Aug 28‘.
Common no oar vailips (ostra)
(0) Dee. 30 Holders
of roe Nov. tits
Name of Company.
301
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Chrysler Corp.. pref. series A
4
July 25 Holders of rec. July 100
Cities Service, common (monthly)
33 Aug. 1 Holders of rec. July 15a
Common (payable in common stock)_
43 Aug. 1 Holders of rec. July 150
Proferred and preferred B (monthly)..
% Aug. 1 Holders of rec. July 150
Bankers shares
1:1 6843c. Aug. 1 Holders of rec. July 15
City fee & Fuel of Cleveland, corn.(au.) 500. Sept.
1 Holders of rec. Aug. 12
Common (guar.)
500. Dee. 1 Holders of roe. Nov.11
Cleveland Stone (guar.)
Holders of rec. Aug. 150
Cluett, Peabody & Co., corn.(quar.)--- 1
1M
4 Aug.
et. 1 Holders of rec. July 210
Columbian Carbon (guar.)
Si
Aug.
1
July
21 to July 31
Commercial Invest,Tr.Corp.,corn.(qu) 62c. Aug.
15 Holders of rec. July 310
Congoleum-Nairn, Inc. (guar.)
50c. July 30 Holders of rec. July 20a
Consolidated Cigar Corp.. pref. (guar.)_
1% Sept.
Pref.
.(acct. accumulated dividends)_ _ Al% Sept. 1 Holders of rec. Aug. 150
1 Holders of rec. Aug. 15a
Consolidated Royalty Oil (guar.)
3e. July 20 July 16 to July 20
Continental Can, corn.(guar.)
Si
Aug. 15 Holders of rec. Aug. 50
Continental Motor Corp. (guar.)
20e. July 30 Holders of rec. July 15a
Corn Products Refg., com. (guar.)._ 50c. July
20 Holders of rec. July 60
Oraddock-Terry Co., common (guar.)._
3
Sept.30 Holders of rec. Elept.15
Common (guar.)
3
Dee.
31
Holders of rec. Dec. 15
First and second preferred
3
Dec. 81 Holders of rec. Dec. 15
Class C preferred
3% Dec. 31 Holders of rec. Dec. 15
Crucible Steel. common (guar.)
1
July 31 Holders of rec. July 150
Cuba Co.. referred
3% Aug. 1 Holders of rec. July 150
• Mdahy Packing, corn.(guar.)
144 Oct. 15 Oct. 6 to Oct. 16
Cuyame:Fruit (guar.)
21
Aug. 1 Holders of rec. July 150
Diamond Match (guar.)
2
Sept.15 Holders of rec. Aug. 310
du Pont(E.I.) de Nemours& Co.
Common(payable in common stock)_ *140
Aug. 10 *Holders of rec. Julyt27
Debenture stock (guar.)
1%
25 Holders of rec. July 100
du Pont (E.I.) de Nem.Powd.,com.(qu.) 134 July
Aug. 1 Holders of rec. July 206
Preferred (guar.)
1% Aug. 1 Holders of rec. July 200
Dome Mines, Ltd.,(guar.)
50c. July 20 Holders of rec. June 304
Eaton Axle & Spring (guar.)
50c. Aug. 1 Holders of rec. July 150
Elgin National Watch (guar.)
2% Aug. 1 Holders of rec. Julyd15a
Ely-Walker Dry Goods, cont.(guar.)_ _ 250. Sept.
1 Aug. 22 to Aug. 31
Eureka Pipe Line (guar.)
1
Aug. 1 Holders of rec. July 15
Exchange Buffet Corp.(guar.)
37%c July 31 Holders of rec. July 180
Fair (The), common (monthly)
200. Aug. 1 Holders of rec. July 20
Common (monthly)
20c. Sept. 1 Holders of rec. Aug. 200
Common (monthly)
20c. Oct. 1 Holders of rec.Sept.d19a
Common (monthly)
20e. Nov. 1 Holders of rec. Oct. 206
Preferred (quar.) •
194 Aug. 1 Holders of rec. July 206
Fajardo Sugar (guar.)
2% Aug. 1 Holders of rec. July 18a
Famous Players-Lasky Corp., pref.(qu.) 2
Aug. 1 Holders or rec. July 156
Firestone Tire & Rubber. corn.(guar.)._ $1.50 July 20
Holders Of rec. July 100
Seven per cent preferred (guar.)
1,3 Aug. 15 Holders of reo. Aug. 1
Fisher Body Corp.. corn. (guar.)
$1.25 Aug. 1 Holders of roe. July 210
Fisher Body Ohio Co.. pref. (guar.)
2
Oct.
Foot Bros. Gear & Machine. corn.(qu.). 25c. Oct. 1 Holders of roe. Sept. 160
1 Sept. 1 to Sept.30
Common (quarterly)
200. Jan116 Dec. 21 to Dec. 31
Francisco Sugar (quar.)
$1.50 Oct. 1 Holders of too. Sept 210
General Cigar Co., Inc., corn. (quar.)_ _ 2
Aug. 1 Holders of roe. July 220
Preferred (guar.)
1% Sept. 1 Holders ot rec. Aug. 244
Debenture preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 244
General Development(guar.)
25c. Aug. 20 Holders of rec. Aug. 100
General Motors. 7% preferred (guar.)._
1% Aug. 1 Holders of rec. July 130
Six per cent preferred (guar.)
1)3 Aug. 1 Holders of rec. Any 130
Six per cent debenture stock (guar.)._
154 Aug. 1 Holders of rec. July 130
Gilchrist Co
75e. July 31 Holders of rec. July 15
Gillette Safety Razor (guar.)
75c. Sept. 1 Holders of rec. Aug. 1
Extra
25c. Sept. 1 Holders of rec. Aug. 1
Gimbel Bros.,pref.(guar.)
1% Aug.
Holders of rec. July 15a
Glister Company, corn. (guar.)
37430. July 2 Holders of rec. July 100
Gossard (H. W.) Co.(monthly)
20o. Aug.
Holders of ree July 216
Monthly
256. Sept.
Holders of rec. Aug. 210
Monthly
25c. Oct.
Holders
of rec. Sent 19a
Monthly
250. Nov.
Holders of rec. Oct. 210
Monthly
25o. Dec.
Holders
of rec. Nov.200
Preferred (guar.)
*1% Aug.
*Holders of rec. July 20
Gulf States Steel. 1st pref. (guar.)
1% Oct. 1 Holders of rec. Sept 15a
First preferred (guar.)
1% Jan 3'26 Holders of rec. Dec. 15a
Hall (C. M.) Lamp
250. Sept.15 Holders of rec. Sept.100
Hall (C. M.) Lamp
25c. Dee. 15 Holders of rec. Dec. 100
Halle Bros., preferred (guar.)
1% July 31 July 25 to July 31
Harblson-Walker Refract.. Pref. (quar.) 134 July 20 Holders of rec. July 100
Harris Bros.. preferred (guar.)
4.1% Aug. 1 *Holders of rec. July 20
Hercules Powder, pref.(guar.)
•1% Aug. 15 *Holders of rec. Aug. 5
Hibbard,Spencer,Bartlett & Co..(mthlY) 300. July 31 Holders of rec.
July 24
Monthly
35c. Aug. 28 Holders of rec. Aug. 21
Monthly
35e. Sept.25 Holders of rec. Sept. 18
Extra
200. Sept.25 Holders of rec. Sept. 18
Holly Sugar, pref.(guar.)
•143 Aug. 1 *Holders of rec. July 15
Preferred (acct. accum. city.)
*5154 Aug. 1 *Holders of rec. July 15
Homestake Mining (monthly)
50c. July 25 Holders of rec. July 200
Hood Rubber Co.. pref.(guar.)
134 Aug. 1 July 21
to Aug
Household Products. Inc., (guar.)
'I40
1
750. Sept. 2 Holders of roe. Aug.
Hupp Motor Car, common (guar.)
250. Aug. 1 Holders of rec. July 154
Hydraulic Press Brick, preferred (quar.)_
1,4 Oct. 1 Holders of rec. Sept.21
Illinois Brick (guar.)
2.40 Oct. 15 Oct. 4 to Oct. 15
Indiana Pipe Line (guar.)
21 Aug. 15 Holders of rec. July 17
Int. Concrete Industries(guar.)
234 Sept.20 Holders of ree. Sept.150
International Nickel, prof.(guar.)
143 Aug. 1 Holders of rec July 160
International Shoe, pref. (montbly)---- 500. Aug. 1 Holders of
July 150
Intertype Corporation, corn. (quar.)...,. 250. Aug. 15 Holders of rec.
rec. Aug. 30
Common (extra)
250. Aug. 15 Holders of rec. Aug. 30
Iron Products Corp.. corn
75e. July 38 Holders of rec. July 166
Kaufmann Dept. Stores, corn. (guar.).- $2
Aug. 1 Holders of rcv. July 20
Kelsey Wheel, pref. (guar.)
143 Aug. 1 Holders of rec. July 900
Keystone Milting
713o Aug. 26 Aug. 12 to Aug. 26
Kress (8. H.) & Co., corn. (guar.)
1
Aug. 1 Holders
rec. July 200
Lanston Monotype Machine (guar.)... *134 Aug. 31 *Holders of rec.
of
Aug. 21
Lehigh Coal & Navigation (guar.)
Si
Aug. 31 Holders of rec. July 310
Lehigh Valley Coal
'$1.25 Aug. 1 *Holders of rec. July 11
Lion 011 Refining (guar.)
*50c. July 27 *Holders of rec. June 30
Loew's Boston Theatre, corn. (quar.)
1% Aug. 1 Holders of rec. July 15e
Loose-W Iles Biscuit, 2d pref. (guar.)._
143 Aug. 1 Holders of rec. June 18s
Lord & Taylor. 2d pref. (guar.)
2
Aug. 1 Holders of rec. July 160
Macfadden Publications, Inc
3
July 25 Holders of rec. June 25
Macy (R. H.) & Co., prof (guar.)
144 Aug. I Holders of rec. July 104
Magnolia Petroleum, stock dividend_
1
Oct. 5
Maillnson(H. R.)& Co., Inc., pf.
.(qu.). 1,3 Oct. 1 lic.Iders of rec. Sept.220
Marian Sugar. oornmon Muer 1
144 Sept. I gainers of rec. Aug. 150
Maple Lea/ Milling, preferred (guar.)
1% July 1 Holders of rec. .11117 3
Mariand Oil, preferred (guar.)
1,4 Oct. 1
Marna-Rockwell Corp., corn.(guar.).-- 25e. Aug. 1 Holders of rec. Sept.150
I:eiders of rec. July 200
McCrory Stores, preferred (guar.)
1% Aug. 1 Holders of tee. Ally 200
Preferred (guar.) ......... _ .
134 Nov 1 Holders of rec. Oct. 200
Mexican Petroleum, corn. (guar.)
3
July 20 Holders of rec. June 300
Preferred (qur.)
2
July 20 Holders of rec. June 300
Miami Copper Co.(guar.)
25c. Aug. 15 Holders of rec. Aug. la
Mining Corn. of Canada
1244o. July 30 July 16 to July 29
Moon Motor Car (guar.)
700. Aug. 1 Holders of rec. July 150
Moore Drop Forging, Class A (guar.)
.- 31.50 Aug.
Holders of rec. July 200
Mullins Body Corp., preferred (guar.)._ 2
Aug.
Holders of rec. July 150
Murray Body Corp.
Common (payable in common stock)._ 1144 Oct. 1 Holders
of rec. Sept.160
Common (payable in common stock)... 11 64 Jan.1'26 Holders of ree. Dec. 160
National Biscuit, cont.(guar.)
75e. Oct. 15 Holders of rec. Sept. 306
Preferred (guar.)
1% Aug. 31 Holders of MC. Aug. 170
National Carbon, pref. (guar.)
2
Aug. 1 Holders of rec. July 200
Nat. Dept. Stores, preferred (quar.)__
1% Aug. 1 Holders of rec. July 15a
Nat. Enameling & Stamping. Prof.(qu.)_
151 Sept.30 Holders of reo. 8.06.10
Preferred (guar.)
1% Dec. 31 Holders of rec. Den. 11
National Supply of Del.(guar.)
750. Aug. 15 Holders of rec. Aug. 54
New York Air Brake, corn. (guar.)
$1
Aug. 1 Holders of rec. July 80
Class A (guar.)
$1
Oct. 1 Holders of rec. Sept. 9a
Massing Mines Co. (guar.)
15e July 20 July 1 to July 19
Ontario Biscuit, common (guar.)(No. 1) $1
Aug. 1 Holders of rec. July 15a
Common (extra)
Aug. 1 Holders of rec. July 15a
Preferred (guar.)
2
Aug. 1 Holders of rec. July 150
TH Fe CHRONICLE
302
Name of Company.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
[VOL 121.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending July 10. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
Miscellaneous (Concluded).
Aug. 1 Holders of rec. July 21
Oppenheimer (8.) & Co.. pref. (guar.) - 2
Orpheum Circuit, common (monthly) _ 150. Aug. 1 Holders of rec. July 206
15e. Sept. 1 Holders of rec Aug. 206
Common (monthly)
Oct. 1 Holders of rec. Sept.156
2
Preferred (guar.)
Overman Cushion Tire,com.cl.A&B(qu.) 134 July 20 Holders of rec. June 306
75o. Oct. 1 Holders of rec. Sept. 156
Owens Bottle common (guar.)
1 Holders of rec. Sept. 156
14 Oct
Preferred (guar.)
234 Aug. 1 Holders of rec. July 246
Pacific Coast Co., 1st preferred
Holders of rec. June 156
20
July
21.50
Oil
Pacific
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
300. July 31 Holders of rec. July 156
Packard Motor Car, corn. (guar/)
(Stated its thousands of dollars-that is, three ciphers (000) omitted.)
50o. July 31 Holders of rec. July 156
Common (extra)
14 Sept.lb Holders of rec. Aug. 31
Preferred ((War.)
Pan-Am.Pet.6r Trans..com.& com.B(qu) 81.50 July 20 Holders of rec. June 300
New
Aug. 15 Holders of rec. Aug. 5
2
Penmans, Limited, corn. (guar.)
Risen,
Capitl Profits. Loans,
134 Aug. 1 Holders of rec. July 21
Preferred (guar.)
Net , Time Baia
with
Discount Cash
Aug. 1 Holders of rec. July 156 Week Ending
3
Penn Traffic
De- armIn
Legal Demand
July 10 1925 Nat'l, Apr. 8 Invest3734c. Sept.25 Holders of rec. Sept. 156
Pennock Oil Corp. (guar.)
Posits. ksDeposiDeposits.
meat,
Vault.
State,
Mar.2
15a
Aug. 1 Holders of rec. July
$2
Philadelphia Insulated Wire
810111
etc.
tortes.
(000 omitted.) Tr.Coe Mar.25
Phillips-Jones Corp., preferred (guar.)... 134 Aug. 1 Holders of rec. July 200
134 July 25 Holders of rec. July 106
Pittsburgh Coal. preferred (quar.)
p•
Average
Wage
A
Res.
Bank,
Average
Averag
Fed.
of
Average
Members
Oct. 1 Holders of rec. Sept. 156
Pittsburgh Plate Glass. common (quar.) 2
$
$
$
Oct. 1 Holders of rec. Sept. 15a Bank of N Y &
5
Common (extra)
7,696
53,691
7,224
899
4,000
12,448
70,265
_
_
_
Co_
Trust
134 Sept. 1 Holders of rec Aug. 150
Pittsburgh Steel, preferred (quar.)
130,025 24.980
134 July 20 Holders of rec. July la Bk of Manhat'n 10,000 14,303 158,782 2,912 17,782
Plymouth Cordage, common (quar.)
547
166,972 11,175
Met Bk 10,000 16,383 177,747 3,357 22,176
Employees' stock (quar.)
133 July 20 Holders of rec. July la Medi &America
94,310 3,972
12,829
5,243
85,121
1,677
6.500
of
Bank
•25c. July 31 *Holders of rec. July 15
Plymouth 011(No. 1)
-iio
81,037
Aug. 1 Holders of rec. July 216 tgat City Bank_ 50.000 60,552 595,659 4,548 68.960 *642,307 5,667
21
Paestum Cereal (guar.)
348
117,898
15,716
1,3
50e. July 31 Holders of rec. June 300 Chemical Nat__ 4,500 17,228 127,677
Prairie Oil& Gas(guar.)
101.788 7,411 4,944
July 31 Holders of rec. June 306 Amer Exch Nat 5,000 8,383 112.037 1,126 12,932
2
Prairie Pipe Line (quar.)
298,689 14,412
14 Sept. 3 Holders of rec. Aug. 180 Nat Bk of Corn. 25,000 39.979 347,742 1,051 39,169
Pressed Steel Car. pref.(guar.)
29,66- 3,404
30,759 1,031 4,316
14 Dec. 8 Holders of rec. Nov. 17e Pacific Bank_ __ 1,000 1,710
Preferred (guar.)
165.626 40,320 5,912
Chat&PhenNat 13,500 12,548 216,443 2,438 22,796
Aug. 15 July 16 to Aug. 16
5
Procter & Gamble,corn.(quar.)
517
14,227
109,587
123,883
5,000
23,827
Nat'l.
Hanover
16
Aug.
to
16
15
14
Aug.
July
Corn.(extra)(pay. in new corn. stk.).
176,940 29,676
Corn Exchange_ 10,000 13,995 202,479 6,742 25,662
Aug. 15 Holders of roe. July 31
2
Producers Oil Corp., pref.(guar.)
977 17,369
131,61 10,297 3.535
National Park _ 10,000 23.786 177,531
Producers & Refiners Corp.-See note()
521
1,35
4,058
28,421 10,015
38,290
2.500
2,240
31
Nat'l
River
July
East
rec.
of
Holders
Aug. 15
2
Pullman Company (quar.)
21,680 4,451
311,664
529
27,521
201,170
10.000
88,011
Quaker Oats, pref. (quar.)
113 Aug. 31 Holders of rec. Aug. la First National..
271.774 28,335
Irving Bk-ColTr 17,500 12,536 274,766 2,794 36,337
Remington Typewriter408
7,999
183
862
6,513
Continental.... 1,000 1,086
Second pref.(account accum. div.)__. 82
Aug. 14 Aug. 5 to Aug. 14
992
14 Oct. 15 Holders of rec. Sept.30a Chase National. 20,000 26,015 364,045 4,592 45,434 *355,460 17,988
Richmond Radiator, pref.(quar.)
779
3,170
25,181
24,930
500
31v
3,016
_
Dec.
Avenue_
Fifth
roe.
of
Holders
(quar.)
134
JanI516
Preferred
484
13,417
3:iii
1,296
9.128
600
1,047
150
Commonwealth
Rockland & Rockport Urns, com.(qu.). 135 Aug. 1 Holders of rec. July
397
496 2,678
314
17,235
16.987
1.000 1,657
First preferred
333 Aug. 1 Holders of roe. July 15a Garfield Nat'l__ 5,000 8,263 106,411
49
892 13,679
103,773 3,277
Aug. 1 Holders of rec. July 150 Seaboard Nat'l_
3
Second preferred
407
273 2,474
20,271
17.614 1,856
Coal & Iron Nat 1,500 1,424
50e. Sept.21 Sept. 10 to Sept.21
St. Joseph Lead (guar.)
730 36,273 *286,521 44,443
Bankers Trust_ 20,000 28,131 338,355
60e. Dee. 21 Dec. 10 to P.O. 21
Quarterly
77
60,262
7.050
54.677 4,888
S Mtge & Tr_ 3,000 4,569
Aug. 1 Holders of rec. July 156
20
Salt Creek Producers Assn. (quar.)
49,618 .453,818 44,333
4235e Aug. 1 Holders of rec. July 156 Guaranty Trust 25,000 19,559 438,576 1.2
Extra
413
2,453
21,517
18.524 1.821
2.171
la
2,000
Aug.
Fidelity-InterTr
rec.
of
Holders
15
Savage Arms Corp., 2d Ore!. (guar.).155 Aug.
672 21.691
160.964 24,141
10,000 19,292 176,670
N Y Trust
Savannah Sugar Refg., corn. (guar.)._ 21.50 Aug. 1 Holders of rec. July 15
442 15,933 •123,073 26,560
Farmers'Ln&Tr 10,000 17,674 153,015
Preferred (guar.)
14 Aug. 1 Holders of rec. July 15
31,031 *282.949 30,807
Scott Paper. pref.(quar.)
131 Aug. 1 Holders of rec. July 24a Equitable Trust 23,000 12,201 250,802 1,4
Seagrove Corp.. common (guar.)
(6) July 20 Holders of rec. July la
2,953
lg July 20 Holders of rec. July la Total of averages307.100 79,2895,044,601 46,776582,716c4,320,206504,509
Preferred (quar.)
Sears. Roebuck & Co.. common (quar.)_ $1.50 Aug. 1 Holders of rec. July 150
46,526599,280c4,311,651 503,82923.007
Shell Tramp. & Trading (Amer. sh.)_._ 41.21 July 25 Holders of rec. July 166 Totals, actual condition July 1 5,037,891 52,257630,232
c4,415,298 507,48422,952
134 Aug. I Holders of rec. July 150 Totals,actual condition July 15.096,412
Simmons Co., preferred (guar.)
45,170593.885c4,279.677530,55023,519
Smith (Howard)Paper Mills. pref. fqu.) 2
July 20 Holders of red. July 106 Totals, actual condition June 275.045,922 Res'ye
Bank.
Fed'I
of
Members
186
Not
Aug.
Banks
rec.
of
State
Holders
1
Spalding (A. CI )dr Bros.. lot pref.(qu.)
Sept.134
22,017 1,463
22,689 1,823 2,238
Greenwich Bank 1,000 2,480
Sept. I Holders of rec. Aug. 18
2
Second preferred (guar.)
347
352
2,729 1,915
5,31
906
Bowery BankSteel Co.of Canada,cont. dr pre/.(guar.) 134 Aug. 1 Holders of rec. July 8
250 5,396
4.194 2,115
34,429 62,653
100,482
3,500
154
July
Bank
State
rec.
of
Holders
Aug. 1
Sterling Products(quar.)
21
200. Aug. It Holders of rec. July 15a
Swift Internacional
59.175 66,031
256. Aug. 1 Holders of rec. July 23a Total of averages 4,750 8,782 128,486 6,304 4,705
Thompson (John R.) Co.. cons.(m'thly;
25e. Sept. 1 Holders of roe. Aug. 246
Common (monthly)
128,183 6,318 4,667
59,130 65,919
Totals, actual condition July 1
Underwood Computing Mach.. PI.(qu.
134 Oct. 1 Holders of rec. Sept. 19
58,823 66,267
1 Holders of rec. Sept. Is Totals, actual condition July 3 128,604 6,388 4,055
Underwoo4 Tao/writer. corn.(quar.)
750. Oct
6,394 4,748
58.277 66,458
Preferred (qua
131 Oct. 1 Holders of rec. Sept. la Totals, actual condition June 27 128,394 Aes'ya
Bank
45c Aug. 10 Holders of rec. July 18a Trust Companies Not Membe rs of Fed'I
Union Oil of California (rpiatr.)
4,991
2.073
1,429
42,453
63,398
1
16,501
10,000
Tr
Aug.
&
rec.
Guar
Title
of
Holders
Union Storage (quar.)___,,..
24 Aug. ii
966 1,785
22,512
18,077 1,074
Lawyers Trust_ 3,000 3,031
24 Nov. 1/ Holders of roe. Nov. 1
Quarterly
156
July
rec.
of
Holders
1
Aug.
United Drug, first preferred vim,
134
./:
156 Total of averages 13,000 19,532 85,910 2,395 6,776
60,530 3,147
Second preferred ((mar.)
135 Sept. 1 Holders of rec. Aug.
United Dyewood, pref. (quar.)
134 Oct. 1 Holders of rec. Sept. 150
2,352
85,050
16a
4,950
59,606 3,154
condition
July
Dec.
actual
10
Totals,
rec.
of
Holders
Preferred (guar.)
134.1 an 1'26
59,605 3,143
234 Oct. 1 Holders of rec. Sept. 56 Totals, actual condition July 3 84,921 2,627 6.711
United Fruit(nue,
56.171 3,193
82,980 2,192 6,454
Totals, actual condition June 27
Tutted Vera/. vvoymoon Mining (guar.). 50c. Aug. 1 Holders of rec. June 16
U.S. Cast ron Pipe Yely pf J.(qtr.). 134 3ept.15 Holders of rec. Sept. la
13s Dee. 15 Holders of rec. Doe. 16 Gr'd aggr..over.324,850507,5845.258,997 55,535594,197 4,439,911 573,68722.953
Preferrei (qua .
134 Aug. 1 Holders of rec. June 5a Comparison with prey. week_ -44,729 +1,003-10,493 --57,947-12,628-4.000
impt., pref. (quar.)
U. S. Realty
U.S. Rubber, 1st pref.(guar.)
2
Aug. 113 Holders of rec. July 20a
134 Aug. 1 Holders of rec. July 16a Gr'd aggr., act' oond'n July 105,251,124 55,196 10,897 4,430,387672.90223.007
Universal Ipe ec !Latham.Ore!.(gunn),076 30.101 --103.339-3,992 +55
Comparison with prey week_ -58.813
1 Holders of rec. July 15
Ventura Consol. 011 Fields (guar.)
50o. Aug. 23
Holders of rec. June 306
Warner (Chas.) Co. 1st & 211 pref.(qu) 134 July
July
aa'tcond'n
4,533.726576.894 22,962
61.272640.998
45,309,937
aggr..
Gr'd
Belibroner&
Weber
23,519
Sept.30 Holders of rec. Sept.15a Gr'd aggr., acticond'n June 275,257,296 53,756605,087 4.394,125600,201 23.433
$1
Common (guar.)
Gr'd aggr., act!cond'n June 205,226,444 52,197027.202 4,395,900612,905
Dec. 30 Holders of rec. Dec. 15
Common(quar.)
61
23.280
17
cond'n
Aug.
oat
4.430.109604,596
rec.
135.268,830
aggr.,
June
54,003629.200
Gr'd
of
Holders
Preferred (guar.)
13-4 Sept. 1
Gr'd aggr., actleond'n June 65,236,636 54.068806,311 4,399,270606,347 23,348
134 Dec. 1 Holders of rec. Nov.18
Preferred (guar.)
Western Grocer orvferred
3)4 fan 1'21 Dec. 20 to Jan.1'26 (led aggr., actleond'n May 29 5,274.289 62.6981341,05g 4,458,660624,333 23.472
3134
Westinghouse Air Brake (guar.)
21.50 July 31 Holders of rec. June 306
Note.-U. S. deposits deducted from net demand deposits in the general total
July 31 Holders of rec. June
Westinghouse Elec. & Mfg., corn.(qu.). al
300
June
rec.
of
above were as follows: Average total July 11, $9,790,000. Actual total, July 11,
Holden
White Eagle 011 & Ref. (guar.)
20
50o. July
White Rock Mineral SPgs., coin.(911J-- 30c. Oct. I Holders of rec. Sept. 22a 37,946,000; July 3, S11,318,000; June 27, 813,193,000; June 20, 213,196,000; June 13.
$19,321,000. Bills payable, rediscounts, acceptances and other liabilities, average
Common (extra)
20c. Oct. 1 Holders of rec. Sent. 22
rec. Dec. 22
for the week, July 11, 3511,406,000; July 3, $524,696,000; June 27, $538,162,000;
Common (guar.)
200/ Dec. 31 Holders of
June 20, 5542,184,000; June 13, 2551,357,000. Actual totals July 11,5527,377.000;
20e. Dec. 31 Holders ot rec. Dec. 22
Common (extra)
22
Sept.
rec.
of
3, 8537,418,000; June 27, 3572,577,000; June 20, 5559,866,000; June 13, 5588,July
Holders
First preferred (Guar
1
Oct.
I%
412,000.
134 Dec. 31 Holders of rec. Dec. 22
First preferred (guar.)
22
Second preferred (guar.)
133 Oct. 1 Holders of MO. Sept.
* Includes deposits In foreign branches not included In total footings as follow:4
Second preferred (extra)
1
Oct. 1 Holders of rec. Sept. 226 National City Bank, $141,295.000; Chase National Bank, 211.795.000; Bankers
Second preferred (guar.)
135 Dec. 31 Holders of rec. Dec. 226 Trust Co., $13,933.000: Guaranty Trust Co.. 278,125,000; Farmers' Loan & Trust
Second preferred (extra)
1
Dec. 31 Holders of rec. Dec. 226 Co.. 57,476.000; Equitable Trust Co.. 282,576,000. Balances carried in banks in
Wilcox 011 & Gas. new stk. no Dar (.7111.)• *50e. Aug. 5 *Holders of rec. July 15
foreign countries as reserve for such deposits were: National City Bank,320,841,000
Par value $5 stock
*100. Aug. 5 Holders of rec. July 15
Chase National Bank, $1,918,000; Bankers' Trust Co.. 22,843,000; Guaranty Trust
Woodley Petroleum (quse.)
215e5c.. Sept.July 20
1 Holders of roe. July 5a Co.. $6,429,000; Farmers' Loan & Trust Co., 27,476,000: Equitable Trust Co..
10a
Aug.
roe.
Holders of
Woolworth (F. W.) Co.(guar.)
210,013,000. c Deposits in foreign branches not included.
Wrigley (Wm.) Jr., & Co.
Monthly
25c. Aug. 1 Holders of roe. July 200
The reserve position of the different groups of institutions
Monthly
25c. Sept. 1 Holders of rec. Aug. 20a
250. Oct. 1 Holders of rec. Sept. 19a on the basis of both the averages for the week and the actual
Monthly
206
Oct.
rec.
of
Monthly
254 Nov. 2 Holders
Monthly
condition at the end of the week is shown in the following
25e Doe. 1 Holders of rec. Nov. 200
Yale & Towne Manufacturing (quar.)_ $1
Oct. I Holders of rec. Sept. 7
Yellow Cab Mfg.. Class B (monthly)... 21c. Aug. 1 Holders of rec. July 200 two tables:
Class 13 (monthly)
21c. Sept 1 Holders of rec. Aug. 206 STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
•From unofficial sources t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. s The
exquoted
be
New York Curb Market Association has ruled that stock will not
Averages.
dividend on this date and not until further notice.
Cash
Reserve
Annual dividend for 1925;all payable in equal quarterly installments on April 1.
Surplus
Reserve
In
Total
ReSeTVE
I 1928. have been declared as follows: On the common
July 1. Oct. 1 1925 and J
Required.
Reserve.
In Vault. Depositaries Reserve.
stock $1 40, rlu.rsesis 1,o/rumour 21 10:prior preference 7%.quarterly installment
participating
131%:
installment
1fi%:Participating preferred.7% regular, quarterly
Federal
Preferred.2% extra,quarterly Installment %;Preferred.6%.quarterly installment Members
Reserve Bank _
582.716.000 582.716,000 574.762.050 5,953,950
34%.
417.500
6,364,000 4.705,000 11,089,000 10,651,500
State banks•
In stock
Payable
Correction.
dividend
d
this
tor
closed
not
a Transfer books
91,500
companies •_
2,395,000 6,776,000 9,171,000 9,079,500
Trust
accumulated
of
account
Payable In common stock. g Payable In asoap. h OnCanadian
funds.
Payable in
dividends. m Payable In preferred stock
Total July 11 _ _ 8.759,000 594,197,000 602,956.000 596.493.050 6,462,950
Totals July 1.... 8,453.000 604.690,000 613,143,000 604,341,220 8,801.780
I Early adviees last week stated the dividend on Producers dr Refiners preferred
was
Total June 27._ _ _ 8,450.000 588,144,000 596,594,000 591,885,560 4,708,440
stock as declare°, but on Saturday (July 11) the New York Stock Exchange
Total June 20.... 8,514.000 600,759,000 609.273.000 596,233,850 13,039,150
notified that this was an error and that dividends on the preferred stock had been
suspended.
•Not members of Federal Reserve Bank.
Final dividend on old $100 par stock at rate of 8% per annum for 335 months.
a This is the reserve required on the net demand deposits in the case o State banks
,Payable to folders of record July 31
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount In reserve required on net time deposits, which was as follows:
•Childs Company stook dividends are one share of no par value common It
July 11. 515,135.270; July 3, 515.503.250; June 27. 315,988,220; June 20, 516,139,or each 100 shares no Par value common stock held.
310; June 13,516.050.600.
'Dividend 11 30 cents In cash or 234% In common stock.
I
JULY 18 1925.]
MONTHLY REVIEW
Actual Figures.
Cash
Reserve
Reserve
In
In Vault. Depositaries
Members Federal
Reserve Bank_
State banks•
Trust companies *
Total July 11_
Total JulY 3...Total June 27„...
Total June 20_
6,318,000
2,352,000
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
$
599,280,000 599,280.000 575,629,500 23,650,500
4,867,000 10,985,000 10,843.400
341,600
6,950,060 9.302,000 8,940,900
361,100
8,670,000 610.897,000 619,567,000 595,213,800
9,015,000 640,998,000 650.013,000 608,742,150
8,586,000 605.087,000 613,673,900 591,190,020
8,388,000 627.202,000 635,5E10.000 591,897,220
24,353,200
41,270,850
22,482,980
43,692.780
•Not members of Federal Reserve Bank.
•This Is the reserve required an net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits,which was as follows: July 11,
$15,114,870: July 3, $15,224,520: June 27, $15,916,500; June 20, $16,302.780;
June 13, 116.057,140.
303
July 15
1925.
Changes from
precious week.
July 8
1925.
July 1
1925.
$
$
$
$
Capital
66,800,000 Unchanged
66,800.000 66.800.000
Surplus and profits
88.977,000 Dec.
908,000 89.885.000 89,594,000
Loans, dise.ts & investments_ 979,568,000 Inc. 4,414,000 975,154,000 953,621,000
Individual deposits,inci. U.S.684.613.000 Inc. 8.555,000 676,058,000 679,370,000
Due to banks
145,122,000 Dec. 2,036,000 147,158.000 134.548,000
Time deposits
'206,396,000 Inc.
695,000 205.701.000 209,432.000
United States deposits
6,300,000 Dec. 1,646,000 7,946,000 8,941.000
Exchanges for Clearing House 29,286,000 Dec. 3,926.000 33,212.000 33,100,000
Due from other banks
98,324,000 Dec. 653,000 98,977,000 90,662.000
Reserve in Fed. Res Bank
80 765,000 Inc.
200,000 80.565.000 79.297.000
Cash In bank and F. R.Bank 9,947,000 Inc.
442,000 9,505,000 9,997,000
Reserve excess In bank and
Federal Reserve Bank
715.000 Dee,
720,000 1.435.000
454.000
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows: return for the week ending July 10, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members
of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
July 10.
Previous Week. is not a part of legal reserve. For trust companies not memLoans and investments
$1,094,278,000 Dec. 11.168,800
bers of the Federal Reserve System the reserve required is
Gold
5.659.400 Inc.
950,100
Currency notes
23,925,700 Inc. 1.799,900 10% on demand deposits and includes "Reserve with legal
Deposits with Federal Reserve Bank of New Yark
102.352.500 Inc. 1,767,900 depositaries" and "Cash
in vaults."
Total deposits
1 157,084,000 Dec. 7,570,000
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N. Y. City, exchanges & U.S. deposits_1,094,329,800 Dec. 6.421,900
Reserve on deposits
176,593,800 Inc. 3,917,300
Percentage of reserve, 22.2%.
RESERVE.
State Banks-----Trust CompaniesCash in vault*
$33,860.100 16.35%
M18,077,500 16.72%
Deposits in banks and trust cos
12,183,000
5.88%
32,473,260
5.53%
Total
$46,043,000 22.23% $130,550,700 22.25%
*Includes deposits with the Federal Reserve Bank of New York, which
for the
State banks and trust companies combined on July 11 was $102.352,500.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companiet in Greater New York City outside of the
COMBINED RESULTS OF BANKS AND TRUST
COMPANIES IN
GREATER NEW YORK.
Week Ended-Mar.14
Mar.21
Mar.28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
May 2
May 9
May 16
May 23
May 29
June 6
June 13
June 20
June 27
July 3
July 10
Loans and
Investments.
Demand
Deposits.
*Total Cash
in Vaults.
Reserve in
Depositaries.
$
6.339.319.300
6,282,558.300
6,238,906,800
6,283,140,300
6.247,899,000
6,267,964.100
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
$
5,525,702,500
5,452,289,100
5,349,637,400
5,422,329,800
5,359,115,500
5,402,569.400
5,519.884,000
5,610,150,900
5,604,043,500
5,523,581,000
5,452,014,500
5,439,376.100
5,508,073,800
5,471,996,200
5.502,440,100
5.469,225,600
5,598,609,700
5.534.240.800
$
83,304,800
80,044,200
81,472,700
80,546,900
83,581,500
81,882,200
81,268,000
90,497,700
81,204,700
82,201,400
80,842,200
83,550,000
81,243,900
83,427,400
81,037,200
81,431,500
81,367,100
85.120.100
$
733.263.600
725,251,500
707,162.000
722,106.500
708,755,700
722,426,700
728,551.900
749.032.400
742,761.100
729.894.500
720,787.700
719,708.300
732,827,700
726,011,100
741,188,800
724.783,000
750,531,400
741.205.700
New York City Non-Member Banks and Trust Companies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING
HOUSE.
(Stated in thousands of dollars-that is. three ciphers 10001
omitted.)
Loans,
Net
CLEARING
Capital./ Profits. Di:NON-MEMBERS,
counts.
Nat. bks. Dec. 31 InvestWeek Ending State bks. Nov.15 ments,
July 10 1925.
. cos. Dec. 31 ctc.
Members of
Fed`l Res've Ban
Grace Nat Bank-Total
State Banks
Not Members of
Fed'i Res've Bank
Bank of Wash'n II
Colonial Bank
Total
Trust Company
Not Member of
Fed'I Res've Bank
MechanTr.Bayonn
Total
$
I
1,000
$
1,736
1,''
1,736
Reserve
Net
Net
Cash
with Demand Time
in
Legal Deposits, Deposits,
Vault. Depositortes.
Average Average Average Average Average.
$
$
$
$
5
11,119
50
853
5,050
4,359
11,119
50
853
5,050
4,359
200
1,200
512
2,447
8,550
28,300
822
3,052
368
1,655
6.573,
24,700
2,420
3,921
1.400
2,960
36,850
3,874
2,023
31,273
6,341
500
532
9,224
401
97
3,239
6,061
500
632
9,224
401
3,239
6,061
Grand aggregate-- 2,900
Comparison with pr ev. week,
5,229
57,193
+262
4,325
+189
2,973 a39,562
+215
+140
16,761
-14
ord aggr., July
Gr'd eggs.. June
Gr'd eggs.. June
fled agar.. June
5,205
5,205
5,205
5.205
56,931
56,500
56,836
56.787
4,136
4,239
4,235
4406
2,758 239,422 16.775
2,682 a38,716 16.705
2,790 839,665 16.645
0
..e. .. .....
3
27
20
13
2.900
2.900
2,900
2.900
97
a United States deposits deducted, $43.000.
Bills payable, rediscounts, acceptances and other liabilities,
$1,653,000.
Excess reserve, 3345,030 increase.
Week Ended July 10 1925.
2Noo Ciphers (00)
omitted.
Membersof
Trust
F.R.System Companies
Capital
Surplus and profits
Loans, disets & 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'ies
Reserve with F. R.Bank
Cash In vault •
Total reserve S,cash held_ _
Reserve required
Excess res. & cash in vault
541,875,0
126 693 0
812,480.0
34,638,0
108,168,0
146,820.0
498,189,0
89,168,0
734,177,0
$5,000,0
16 869,0
48,223,0
536,0
18,0
985.0
28,354,0
1,878.9
31.217,0
3,108,0
63,119.0
9,768.0
72,887,0
64,772.0
8,115.0
1,374,0
4,482,0
4,410,0
72.0
1925
Total.
$46,875,0
143,582,0
860.703,0
35,174,0
108,186.0
147.805,0
626,543,0
91,046,0
865.394,0
5.884,0
3,108,0
63,119,0
11,142,0
77,369.0
69.182.0
8.187.0
July 3
1925.
June 27
1925.
546,875.0
142,212.0
858,128.0
47,320,0
116,745,0
146.487.0
640 555.0
94,193,0
881,235.0
7.990.0
3,778,0
66,354,0
10,927.0
81,059.0
69.379.0
11.680.0
$48,875,0
142,279.0
860:401.0
39n 48,0
102:392.0
141,2,49 0
620;11,1 0
96.73.0
857.013.0
8.586.0
3,1112.0
62,2011.0
11,4ss,0
75,725,0
68,183,0
8,542.0
•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 July 15 1925 in
comparison with the previous week and the corresponding
date last year:
July 15 1925. July 8 1925. July 16 1924
Resources8
$
$
Cold with Federal Reserve Agent
356,047,000 356.047,000 620353,000
Gold redemp. fund with U. S. Treasury_
6,692,000
7,974,000
5,209,000
Gold held exclusively agst. F.R.notes_ 382,739,000
Gold settlement fund with F. R. Board_ 234,758,000
Gold and gold certificates held by bank
341.764.000
364,021,000
223.098.000
336,059,000
625.362,000
149,792,000
208,264,000
Total gold reserves
Reserves other than gold
939,259,000
38,480,000
923,178,000
36,189,000
983,418.000
29,431,000
Total reserves
Non-reserve cash
Bills discountedSecured by 12. S. Govt. obligations
Other bills discounted
977,739,000
19,021.000
959,367.000 1,012,849,000
17,179,000
16,415,000
81,515,000
40,227,000
91,634,000
32,149,000
25,417,000
15,274,000
Total bills discounted
Bills bought In open market
U. S. Government securitiesBonds
Treasury notes
Certificates of Indebtedness
121,742,000
37,394,000
123,783,000
38,453,000
40,691,000
11,990,000
4,912,000
64.864,000
5,482.000
4,912,000
64,054,000
2,256.000
1,202,000
115.425,000
33,363,000
75,258.000
2,835,000
71,222.000
2.835.000
149.990,000
Total earning assets
237,229,000
236,293.000
202.671.000
Uncollected items
Bank premises
All other resources
183,002,000
16,984,000
6,121,000
161,244,000
16.981.000
6,083,000
162.952,080
15,552,000
8,898,000
Total U.S. Government securities__
Foreign loans on gold
Total resources
1,440.086.000 1,397,147.000 1,419,337.000
LiabilitiesFed'I Reserve notes in actual circulation_ 330,147,000
Deposits-Member bank, reserve acc't
851,049,000
Government
3,509.000
Other deposits
13,659,000
332,978,000
826.458,000
3.416.000
16.244.000
334,962,000
849.652.000
5,233,000
13,501,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
846,118,000
124.890,000
31,604,000
58,749,000
2,808.000
868,386.000
124,598,000
29,983,000
59,929,000
1,479,000
Total liabilities
868.217,000
148,402,000
31,608.000
58,749,000
2,973,000
1.440,096.000 1,397.147,000 1,419,337,000
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondents
81.6%
81.4%
84.2%
9.295,000
10,731.000
11,128.000
CURRENT NOTICES.
-Regis H. Post Jr., of Bennett. Post & Coghill. has just returned from
a survey of the fields of Public Service Gas Co. of Kentucky. which are
approximately 135 square miles In extent, and reports that the open flow
capacity at present is approximately 26.000.000 cubic feet per day, as
compared with 18.000.000 cubic feet flow a month ago. Mr. Post stated
that he expects the capacity will be up to 30,000,000 cubic feet per day
very shortly.
THE CHRONICLE
304
[Vol. 121.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,July 16, 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 272, 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 JULY 15, 1925.
July 15 1925. July 8 1925. July 1 1925. June 24 1925. June 17 1925. June 10 1925. June 3 1925. May 27 1925 July 16 1924.
$
s
RESOURCES.
Gold with Federal Reserve agents
Gold redemption fund with U. S. Treas.
$
$
$
$
$
$
$
1,472,241 1,461,023.000 1,459,127,000 1,473,117,000 1,500,333,000 1.516,627,000 1,504.694,000 1,521.237,000 2,111,173,000
58,141,000
53.819.000
51,384,000
47,706,000
38,062.000
37,657,000
65,861,000
62,312,000
62.460.000
Gold held exclusively agst.F.R.notes. 1,523,625,000 1.508.734.000 1,517,268,000 1,526,936,000 1,538,395.000 1.582,483.000 1.567,006,000 1.583,697,000 2,148,830,000
Gold settlement fund with F. R. Board. 675,710,000 678,327.000 630,503.000 674.499.000 673.167,000 637.899,000 657,496,000 651,885,000 574,339,000
Gold and gold certificates held by banks. 591,266,000 597,200,000 587,791.000 609,329.000 604.515.000 600,706,000 593,638.000 602,429,000 437,381,000
Total gold reserves
Reserves other than gold
2,790,601,0)0 2,784,261,000 2.785.562.000 2,810,764.000 2.821,067,000 2,821,093.00 2.818.140,000 2,838,011,000 3,160,550,000
144,769,000 139.493,000 141,306.000 148,049,000 146,659,000 144.159.000 139.397.000 143,814,000 105,864,000
Total reserves
Non-reserve cash
13111s discountecil
Secured by U.S. Govt. obligations
Other bills discounted
2,935,370,000 2,923,754,000 2,926.868,000 2,958,813,000 2,967.726.000 2.965,252,000 2,957,537,000 2,981,825,000 3,266,414,000
47,429,000
55,739,000
56,209,000
49,699,000
54,613,000
57,312,000
54,963.000
48,557,000
52.450,000
237,540,000
217,199,000
230,270,000
220,061,000
268.937.000
242.688,000
249,914,000
205,531,000
248,122,000
193,842.000
222,808,000
194,326,000
207,758,000
204.584,000
216,007,000
197.992.000
97,235,000
208,008,006
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
454,739,000
231,329,000
450,331,000
240,711,000
511,625.000
249,090,000
455,445,000
241,666,000
441,964.000
246,083,000
417,134,000
274.952,000
412,342,000
284,954.000
413,999,000
278.413,000
305,243,000
37,428,000
68,777,000
242,365,000
33,335,000
68,566,000
241,683,000
28,722,000
68,247.000
249,551,000
35,777.000
72.297,000
226,083,000
26,229,000
83,366.000
191,151.000
31,882,000
83,900,000
254,030.000
21.918,000
84,338.000
248,200,000
21.567.000
85,012,000
241,904,000
22,298,000
20,752,006
344,857,000
100,965,006
Total U. S. Government securitiesForeign loans Oil gold
All other earning assets
344,477,000
10,500,000
2,250,000
338,961,000
10,500.000
2,250,000
353,575.000
10,500.000
2,250.000
324,609,000
10,500,000
2,250.000
306,399,000
10,500,000
2,250,000
359,848,000
10,500,000
2,250,000
354.105.000
10,500.000
2,250.000
349,214,000
10,500.000
2,250.000
444,574,000
1,043,295,000 1,042,753,000 1,127,040,000 1,034,470.000 1,007,196.000 1,064,684,000 1,064,151,000 1.054,376,000
746,725,000 683,335,000 270,084,000 619,112,000 311.856,000 613.656,000 683,820,000 584,282.000
60,326,000
60,180,000
60.162,000
60,173.000
59,976,000
60,383,000
59,874.000
59,867,000
21,456,000
21,618,000
21,152,000
21,136.000
21,425.000
23,949.000
23,518,000
23,792,000
810,495,000
655,099,000
57,932,000
27,023,000
Total earnings assets
Uncollected items
Bank premises
All other resources
.
Total resources
LIABILITIES.
F. R. notes in actual circulation
DepositsMember banks-reserve account
Government
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
1,250,000
4,863,407,000 4,781,488.000 4,853.057,000 4,749,459,000 4,922,689,000 4,787,480,000 4,837,457,000 4,756,592,000 4,874,275,000
1,626,971,000 1,652,290.000 1,653,006,000 1,634,235.000 1.643,047,000 1,659,673,000 1,674,688,000 1,670,635,000 1,812,712,000
2,195,601,000 2,147,100,000 2,198,629.000 2,139,779,000 2,212,772,000 2,156,090,000 2,146,921,000 2,138,174,000 2,085,203,000
23,330,000
46,207,000
5,364,000
13,282,000
44,404.000
39,032.000
10,907,000
34,514,000
38.624,000
30.426,000
24,428,000
26,466.000
27,366,000
25,112,000
25.194.000
36,192,000
24,288,000
25,076,000
2,231,702,000 2,187,748,000 2,252,385.000 2,210,414.000 2,244,602,000 2,225,606,000 2,222,145,000 2,201,874,000 2,144,005,000
660.047,000 596,809,000 603,527.000 557,073,000 687.156,000 554,517,000 593,749,000 537,025,000 573,337,000
115.601,000 115,617.000 115,704,000 115,561.000 115.543,000 115.527.000 115.539.000 115.525,000 111,405,000
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'
10,598,000
14,339,000
14,504,000
11,187,000
14.320.000
11,249,000
13,501,000
11,901,000
13,696,000
Total liabilities
4,863,407,000 4,781,488,000 4,853,057.000 4,749.459,000 4,922,689.000 4,787,480.000 4,837,457,000 4,756.592,000 4,874,275,000
Ratio of gold reserves to deposit and
71.3%
72.5%
73.1%
72.5%
72.2%
72.5%
F. R. note liabilities combined
72.5%
73.2%
79.9%
Ratio of total reserves to deposit and
74.9%
76.3%
77.0%
76.3%
76.1%
75.9%
76.1%
77.0%
82.6%
F. R. note liabilities combined
Contingent liability on bills purchased
33,482,000
37,105.000
37,829,000
36,971,000
34,034.000
38,358,000
35,069.000
35,576,000
for foreign correspondents
35,780.000
$
$
5
3
$
$
$
$
$
Distribution by Maturities86,923,000 106,694,000 101,805,000 105,406,000
86,317,000
32,609,000
90,113,000
15,677,000
86,525,000
1-15 day bills bought in open market
329,937,000 322,798,000 381.904.000 330,416.000 330,730.000 303,262.000 295,716,000 302,955,000 139.731,000
1-15 days bills discounted
8,034,000
7,984,000
967,000
184,000
1,860,000
1,000
5,780,000
50.000
1-15 days U. S. certif. of indebtedness.
1-15 days municipal warrants
54,345,000
47,746,000
45,275,000
50,124,000
25,661,000
61,614.000
8,749,000
49,642.000
56,877,000
open
market_
16-30 days bills bought in
26,331,000
28,148,000
23,860.000
26,274,000
54,451,000
27,948,000
34,534,000
25,308,000
22,653.000
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness.
16-30 days municipal warrants
67.302,000
72,665.000
65,788,000
65,730,000
62,894.000
63,887,000
8,149,000
57,293,000
64,199,000
31-60 days bills bought in open market.
39,472,000
34,825,000
41,279.000
35,885,000
41,464,000
37,611,000
49,766,000
40,305,000
37.938.000
31-60 days bills discounted
31-60 days U.S. certif. of indebtedness_
31-60 days municipal warrants
28,392,000
29,858,000
41.417,000
32,453,C00
44,696,000
2,331,000
50,804,000
48,181.000
26,993,000
31-0 days bills bought in open market.
31,565,000
26,718,000
23,488,000
33,204,000
22,580.0013
23,093,000
43,178,000
23,386,000
32,501,000
31-90 days bills discounted
15,814,000
90,237,000
10,805.000
19,210,000
15,812,000
31-90 days U. S. certif. of indebtedness.
31-90 days municipal warrants
8,938.000
5.080.000
6.680.000
8,304.000
7,708,000
6,844,000
2,522,000
10,871,000
3,750,000
Dyer 90 days bills bought in open market
30,496,000
30,421,000
29,061,000
27,204,000
29.133.000
38,034,000
27,974,000
27,067,000
26,688,000
Over 90 days bills discounted
12,983,000
8,556,000
9,448,000
7,652,000
21,734,000
21,566.000
22,248,000 100,965,000
11.743.000
Over 90 days certif. of indebtedness.Over 90 days municipal warrants
F. R. notes received from Comptroller
F. R. notes held by F. R. Agent
2,944,876,000 2,937,365,000 2,946.248,000 2,945,097.000 2,963,134,000 2,974,405,000 2,055,645,000 2.958,665,000 3,246,931,000
1,012,796,000 1,001,026,000 1,011,137,000 1,003,536,000 1,007,826,000 1.004.597,000 992,007.000 985,572,000 928,421,000
Issued to Federal Reserve Banks
How SecuredBy gold and gold certificates
)old redemption fund
)old fund-Federal Reserve Board
9y eligible Paper
1,932,080,000 1,936,339.000 1,935,111.000 1,941,511,000 1,955,308.090 1,969.803,000 1,963,638,000 1.973,093,000 2,318,510,000
ma.el
307,151,000 287,191,000 287,591,000 286,016.000 286.01.6,000 287.666,000 287,666,000 288,566.000 334,679,000
98,032,000 105,154,000 113,690,000
111,784,000 100,560,000 102,093,000 106.255,000 104.643,000 110,983,000
1,053,306,000 1.073.277,000 1.069,443,000 1.080,846,000 1,109,674.000 1.117.978,0001.118.996,000 1327.517,000 1,662,804,000
650,135,000 656,210,000 717.052,000 667,202.000 659,395,000 671,638,000 675.772.000 668,350,000 331,289,000
199 175 nnn 9 117 925000 2
176.179.000 2.140.319.000 2.159.728.000 2.188.265.000 2.180.466.000 2.150.887.000 2.442.41.2.000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 15 1925
Two ciphers (00) omitted.
Boston, New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap Kan. City Dallas. San Fran,
Total.
Federal Reserve Bank of$
$
$
$
$
$
3
RESOURCES.
$
$
$
3
$
$
Gold with Federal ReSerVe Agents 144.637,0 356,047,0 141,469,0 181,068,0 46,693,0 111,764,0 135,348,0 22,111,0 53,802,0 53,329,0 23,449,0 202,524,0 1,472,241,0
51,384,0
6,692,0 7.644,0 2,801,0 2.746,0 2,595,0 3,843,0 1,883,0 1.380,0 1,839,0 1,786,0 2,216,0
Gold red'n fund with U S. Treas. 15,969,0
Gold held excl agst.F.R.notes 160,606,0
Gold settle't fund with F.R. Wrd 53,661.0
Gold and gold ctfs. held bY banks 26.074,0
362.739,0 149,113,0 183,869,0 49,439,0 114,359,0 139,191,0 23,994,0 55,182,0 55,158,0 25,235.0 204,740,0 1,523,625,0
234,756,0 49,223,0 75,386,0 24,921,0 12.238,0109.901.0 14.251,0 14,535,0 32,596,0 10,775,0 43,417,0 675.710,0
341,764,0 19,169,0 41,594,0 4,531,0 3,155,0 102,105.0 9,943.0 7,460,0 3,627,0 7,391,0 24,453,0 591,266,0
Total gold reserves
pawrves other than gold
240.341,0
13.659,0
939.259,0 217,505,0 300,849,0 78.891,0 129,752,0 351,197,0 48,188,0 77,227.0 91,381,0 43,401,0 272,610,0 2,790,601,0
38,480,0 6,991,0 7,335,0 4.492,0 13,815,0 19,181,0 19,777,0 1,829,0 4,328,0 8,691,0 6,141,0 144,769,0
254,000.0
Total reserves
4,930,0
Non-reserve cash
BM discounted:
Sac. by U.S. Govt. obligations 17,577,0
17,543,0
Other bills discounted
977,739.0 224,496,0 308,234,0 83.383,0 143,567,0 370,378,0 67,965,0 79,056,0 95,709,0 52,092,0 278,751,0 2,935,370,0
56,209,0
19,021,0 1,476,0 3,573,0 2,993,0 3,830,0 7,246.0 3,667,0 1,539,0 2,217,0 2,509,0 3,203,0
1,149,0 18,582,0
7,157.0 19,357,0
237,540.0
217,199.0
35,120,0
Total bills discounted
36,199,0
Bills bought in open market
U.S. Government securities:
559,0
Bonds
2,373.0
Treasury notes
Certificates of indebtedness- 5,362,0
121.742,0 46,533,0 47,015,0 47,439,0 22,142,0 56,392,0 19,676,0 5,026,0 7,409,0 8,306,0 37,939,0
37,394,0 12,729,0 20,999,0 8,874,0 16,007,0 27,784.0 10,361,0 15,741,0 14,070,0 13,617,0 17,554,0
454,739,0
231,329.0
ra....-••-r a el..... ....Atlas
R 9114 fl
81,515,0 26,105,0 34,530,0 16.810,0 1,493,0 30,992,0 6,861,0
40,227,0 20,428.0 12,485.0 30,629,0 20,649,0 25,400,0 12,815,0
610,0 8,746,0
4,912,0
64,864,0 17,207,0 11,571,0
57,0 10,397,0
5,482,0
7r 9t11 n
17 0740
20714.0
1.486,0 1,692,0 20,232,0 3,050,0
4,019,0 11,297,0 19,118,0 27,227,0
64,0 1,428,0 1,658,0
544,0
506,0
4,520,0
1,420,0
5.989.0
8,150,0 9,572,0 7,308,0 2,460,0
7,751,0 20,293,0 20,411,0 36,234,0
128,0 2,830,0
337,0 5,048,0
68,777,0
242,365,0
33,335,0
5.580 0 14417.0 41.0080 30.821,0 18 020 0 22 805 0 28 (151% 0 43 742.0
244.477,
JULY 18 1925.]
THE CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Boston.
$
777,0
Foreign loans on gold
All other earning assets
New York.
$
2,835,0
Phila.
s
976,0
2,250,0
305
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap
. Nan City Dallas. San Fran.
$
$
1,124,0
557,0
$
430,0
s
1,449,0
$
483,0
$
346,0
$
420,0
$
Total.
s
$
San Fr.
TWal
368,0
735,0
10,500,0
2,250,0
237,229,0 80.362,0 99.852,0 62,439.0 52,996,0 126,633,
0 61,341.0 37,142,0 54,594,0 50.347,0
183,002,0 66,027,0 73,707,0 59,467,0 33,731,0 93,638,0
99,970,0 1,043,295,0
35,077,0
16,312,0 43,083,0 26.107,0
16,984,0 1,158,0 7,573.0 2,446,0 2,780,0 8,099,0
4,563,0 3,049,0 4,419,0 1,833,0 45,655,0 746,725,0
6,121,0
3,289,0
219.0
346,0
60,383,0
702,0 2,510,0 1,290,0
346,0 3,152,0
642,0 1,559,0 4,456,0
21,425,0
Total resources
414,511,0 1,440,096,0 373.738,0 493,290,0 211,430,0 239,414,
0 607,284,0 172,959,0 140,250,0 200,664,
LIABILITIES.
0 134,447,0 435,324,0 4,863,407,0
F.II. notes In actual circulation_ 175,393,0 330,147,0 152.287, 206,229,
0
0 69,636,0 131,813,0 152,956,0 43,855,0 62,916,0
Deposits:
63,083.0 37,611,0 201,045,0 1,626,971.0
Member bank-reserve sect- 145,184,0 851,049.0 130,756,
0 183,552,0 66,150,0 67,499,0 325,609,0 76,175,0
Government
50,013,0 83,040,0 56,751.0 159,823,
278,0
3,509,0
195.0
672,0
0 2,195,601.0
785,0
396,0
714.0
Other deposits
536,0 1,153.0
252,0
323,0
13,659,0
727.0 1,619,0
589.0
833,0
10,907,0
180,0
152,0 1,190,0 1,329,0
269,0 1,705,0
186,0
4,850,0
25,194,0
Total deposits
145.714,0 868,217,0 131,540,0 185,057.0 67,115,0 68,047,0
327,513.0 78,040,0 51,435,0 85,068.0
Deferred availability items
68,094,0 148.402,0 58.374,0 65,605,0 56,224,0
57,664,0 166,292,0 2,231,702,0
25,311,0 79,367,0
Capital paid in
8,486.0
31.608,0 11.216,0 12,971,0 5.988,0 4,587,0 15,564,0 35,499,0 14,211,0 38,767,0 26,597.0 43.596,0 660,047,0
Surplus
16.382.0
58,749,0 20.059,0 22.462,0 11.701,0 8,950.0 30,426,0 5,109,0 3,233,0 4,332,0 4,312,0 8,195.0 115,601,0
AB other liabilities
9,971.0
7,497.0
442.0
3.977,0
2,973.0
7,592,0 15,071,0 217,837,0
262,0
966,0
766.0
706,0 1.458,0
485,0
958,0
437,0
671,0 1,125,0
11,249,0
Total liabilities
414,511,0 1.440.096,0 373,738,0 493.290,0 211,430,
0 239,414,0 607.284.0 172.959.0 140.250,0 200,664,
Memoranda.
0 134.447,0 435,324,04,803,407,0
Reserve ratio (per cent)
79.1
81.6
79.1
78.8
61.0
Contingent liability on bills pur71.8
77.1
55.8
69.1
64.6
54.7
75.9
76.1
chased for foreign correspond'ts 2,664,0
9,295,0
3,348,0
3,852,0
1.908,0 1,476,0 4,969,0 1,656,0 1,188,0
F. R. notes on hand (notes ree'd
1.440.0 1,260.0 2,520,0
35,576,0
from F. it. Agent less notes In
circulation
23,881,0 123,636,0 31,709,0 20.501,0 13,621.0
Ka
17,081.0 10,541,0 4,366,0 4,596,0 8,350,0
5,304.0 41.523.0 305.109.6
FEDERAL RESERVE NOTE ACCOU
NTS OF FEDERAL RESERVE AGENTS AT CLOSE
OF BUSINESS JULY 15 1925.
Total earning assets
Uncollected Items
Bank premises
All other resources
80,390.0
70,919,0
4,190,0
82,0
Federal Reserve Agent at-
Boston
(Two Ciphers (00) Omitted.)
$
F.R. notes rec'd from Comptrol'r 287,474,0
F.R. notes held by F.R. Agent_ 88,200,0
F.R. notes issued by F.R. bank
Collateral held as security for 199.274.0
F.R. notes issued to F.R. Bk.:
Gold and gold certificates__ 33,350,0
Gold redemption fund
17.287,0
Gold fund-F.R.Board
94,000,0
Eligible paper
71,319,0
Total collateral
215,956,0
New York
Phila.
8
$
Cleveland Richmond Atlanta
$
8
Chicago
St.Louts
Minn. Nan. City
Dallas
s
$
s
$
$
772,003,0 218,996.0 279,080.0 106,751,0 212,143,0 431.254,
$
$
$
0 73,181,0 86,243,0 99,846,0
318,220,0 35,000.0 52,350.0 23,494.0
63.249,0 267.757,0 24,960,0 18,731,0 28,413,0 65,237,0 312,668,0 2.944,876,0
22,322,0 70,100,0 1,012,796,0
453,783,0 183.996.0 226,730,0 83.257,0 148,894,
0 163,497,0 48.221,0 67,512,0 71,433,0 42,915,0
242.568,0 1,932,080,0
186,698,0 5,600,0 8,780,0 21,160,0 9,000,0
12,375.0 13,052,0
28,349,0 12,980,0 12,288,0 2,238,0 8,764,0
17,136.0
307,151,0
4,703,0 1,736,0 1,750,0 3,969.0 2,813,0
141,000,0 122,889,0 160,000,0 23,295,0 94,000,0130,645,
0 8,000,0 39,000,0 49,360,0 3,500.0 14,907,0 111,784,0
134,691.0 49.871.0 67.715.0 55.114,0 38,095,0
84.072,0 29,997,0 20,654,0 21,394,0 21,920,0 187,617,0 1,053,306,0
55,293,0 650,135,0
490,738,0 191.340.0248.783.0 101.807,0 149,859,
0 219,420,0 52,108,0 74,456,0 74,723,0
45.369.0 257.817.0 2.122.376A
Weekly Return for the Member Banks of the
Federal Reserve System.
Following is the weekly statement issued by
the Federal Reserve Board, giving the principal items
the liabilities of the 733 member banks from which
of the resources;
weekly
those for the Reserve banks themselves. Definitions of returns are obtained. These figures are always a week behind
the
differe
nt
items in the statement were given in the statem
of Dec. 12 1917, published in the "Chronicle" of Dec.
ent
29
for the latest week appears in our Department of "Current1917, page 2523. The comment of the Reserve Board upon the figures
Events and Discussions," on page 272.
1. Data for all reporting
member banks In each Federal Reserve District
at close of business July 8 1925. Three
ciphers (000) omitted.
Federal Reserve District.
Boston. New York Phila. Cleveland. Richmond
Atlanta. Chicago. St. Louis. Minneap. Ran.
City Dallas. San Fran. Total.
Number of reporting banks
42
103
55
76
Loans and discounts, gross:
73
36
100
33
25
$
71
$
5
49
5
70
$
Secured by U.S. Gov't obligations
733
$
s
$
s
10,646
$
59,948
11.912
s
18,493
$
5,750
Secured by stocks and bonds
$
6,871
29,684
11,229
2,701
318,210
3,503
2.295.20
3,095
2
332.540
9,159
479.631
172,991
128.993
All other loans and discounts
86,547 786,231 169,480
67,760 112,925
645,812 2,452.272 369,326 747,608 361,457
73,823
241.071 5,092,413
375,940 1,211.269 295,231 162,167 322,192
207,508 864,042 8,014,824
Total loans and discounts
974,668 4,807,422 713,778 1,245,732 496.200
Investments:
469,358 2,027,184 475.940 232,628 438,620 284,426
1,114,272 13,280,228
U.S. pre-war bonds
9,814
39,737
9,653
31,811
25,887
U.S. Liberty bonds
14,884
17,660
12,707
6,811
9,282
78,850 603,216
17,187
23,999
50,129 171.830
219,432
36,828
U.S. Treasury bonds
13,458
170,523
22.172
25,125
50,206
19,547 195,310
17,950 139.897 1,380,184
21,103
30.760
9,040
U.S. Treasury notes
5,315
60,876
11,662
12,072
13,097
9,119
7,876
176.368
50,583
9,113
42,380
437,241
1,084
U.S. Treasury certificates
2,479
75,634
7,043
18,032
16,039
2,552
7,528
51,822
25.049
6.329
389.868
11,653
3,132
Other bonds, stocks and securities 204,789
2.450
8.835
1,535
4,060
3.634
3,472
1,160,861 262,039 348,932
18,028
117,502
61,907
44,618 429.697 107,934
43,372
74,754
18,572 196,355 2.953.830
Total Investments
324.671 2,227,314 358,366 637,366 137.878
83,204 763,225 163,053 109.472 167.012
72.585 453,911 5,498,057
Total loans and Investments_ 1,290,33
9 7,034,736 1,072,144 1,883,098 634,078
Reserve balances with F. it. Bank
552,562 2,700,409 638,993 342,100 605,632 357,011
95,719 753,211
80,409 114.465
1,568,183 18,778,285
38,742
Cash In vault
39.075 237,191
46,946
25.638
49,285
20,509
29,414 106,334 1,616,432
82,670
15,689
32,349
Net demand deposits
14,523
11,098
53.813
7,548
6,343
886,100 5,057,695 770,787 1,015,505 354,515
12,724
9,597
22.881 289,744
Time deposits
323,922
1,762,42
384,486
4
227.616 482,913
307,337 1,104,049 175,248 739,024 204,401
Government deposits
204,153 981,933 206,338 101,479 140,176 256,618 767,479 12,890,060
6,962
13,542
94,763 785,310 5,164,211
8,588
16,260
3.152
Bills rey'le de red isc. with F. 11.13k.:
6,519
18.778
2,244
1,588
837
3,585
6,850
Secured by U.S.Gov't obligations
88,905
5,395
77,032
6,239
14,885
7,585
All other
80
21,155
22
270
15,659
638
22,025
720
6,638
9,124
17,605
12,888
151.626
Bankers' balances of reporting mem6,783
8,434
3,268
349
730
1.278
9,187
ber banks in F.It. Bank cities:
96,361
Due to banks
131,190 1.108.681 176.681
54.854
31.948
Due from banks
20,672
398,370
79,405
53.481 107,278
38,672 112,406
26,868 100,081 2,289,501
57,522
26,917
15.772
13,258 186.532
33,665
27,141
45,946
20,657
53,300
631.781
2. Data of reporting member banks In New
York City, Chicago, and for whole country
.
All Reporting Member Banks.
Number bf reporting banks
Loanstand discounts, gross:
Secured by U. S. Govt. obligati°
Secured by stocks and bonds
All other loans and discounts
Total loans and discounts
Investments:
U.S. pre-war bonds
U. S. Liberty bonds
U.S. Treasury bonds
U.8. Treasury notes
U.8. Treasury certificates
Other bonds, stocks and securities_
Total Investments
Total loans and Investments.-Reserve balances with F. R. banks__
Cash in vault
Net demand deposits
Time deposits
Government deposits
Bills payable and rediscounts with
Federal Reserve Banks:
Secured by U.S. Govt. obligations
All other
Total borrowingsfrom F.R.bks.
Reporting Member Banks in N. Y. City.
Reporting Member Banks in
Chicago.
July 8 1925. July 11925. July 9 1924. July
8 1925. July 11925. July 9 1924.
733
733
748
62
62
67
$
46
s
46
$
a
48
$
$
172,991,000
$
178,572,000
213,999,000
$
s
54,491,0
57,898,0
00
00
87,518,000
5,092,413,000 5.167.857.000 4,106,479.000 2,049,18
22,778,000
22,973,0
00
27.823,000
2,156,97
7,000
3,000 1,644.943,000 595,023,000
8.014,824,000 8,029,008,000 7,877,141,000 2343336
560,653,
000 454,843.
,000 2,152,715.000 2,234,865,000
671,563,000 683,255,000 687,984, 000
000
13,280,228,000 13,375,437,000 12.197,619,000
4,246,814,000 4,367,586,000 3,967,326,000
1,289,364,000 1.266,381.000 1,170,65
0,000
219,432,000
218,945,000
271,846,
29,000,000
29,000,000
40,135,000
1,380,184,000 1,380,329.000 1,236,51 000
1,933,000
1,933,000
4.000 508,433,000 508,261,000 514,076,000
4,136,000
437,241,000
85.403,000
438,850,000
69,177,000 181,230,000 182,917,000
89,315,000
64,280,000
14.926,000
389,868,000
25,527,000
386,897.000
630,835,000 164.327,000 163,696,000 298.882,
25,787,000
3,747,000
000
117,502,000
55,884,0
00
124,084,000
59,201,0
126,463,000
00
49,769,000
80,596.000
50,113,000
54,867,000
2,953,830,000 2,967,457.000 2,522,637,000
3,913,000
3,631,000
6,390.000
874.048,000 876,783,000 753,798.000
199.689,000 206,788,000 172,633,000
5.498.057,000 5,516,502,000 4,857,472,000
1,806,807,000 1,810,770,000 1,676,684,000
372,349,000 386,655,000 331,782,000
18,778,285,000 18,891,999,000 17,055.0
91,000 6.053,621,000 6,178,356,000 5,644,010,000
1,616,432,000 1,662,066,000 1,538,36
1,661,713,000 1,653,536,000
6,000 698,598,000 702,711,000 676,429,
2.000
289,744,000
000 157,892,000 181,013,000 1,502,43
278,125,000
298.584,
151,688,000
000
66,004,009
63.198,000
12,890,060,000 13,053.739,000 12,021,3
69,069,000
25,426,000
23,973,000
30,977.000
5.164,211,000 5.172.152,000 4,437,1454,000 5,098,752,000 5,215,561,000 4,890,907,000 1,152,580,000 1,173,34
8,000 1,083,421,000
3.000 787,334,000 796,780,000 667,139.
88,905,000
000 479,685,000 478,422,000 390,582,
112,855,000
113,559,000
000
10,625,000
14,966,000
19,686,000
9,720,000
11,625,000
7,090,000
151,626.000
185.714,000
28,293.000
59.895,000
68,595.000
96,363.000
4.009,000
8,710,000
121,395,000
9,962,000
55,383,000
350.000
18,954,000
28,066,000
2,666,000
605,000
4,076,000
1,640.000
247,989,000
307,109.000
83.676.000
78,849,000
96.661,000
6,675,000
9.815.000
14.037.000
1.890.000
July 8 1925.
July 1 1925.
July 9 1924.
[VOL 121.
TEM CHRONICLE
306
Paris Bankers' Francs—
4.7231
High for the week
4.7331
4.65
4.6834
4.6731
Low for the week
4.6031
Germany Bankers' Marks—
23.81
23.81
High for the week
23.80
23.80
Low for the week
Amsterdam Bankers' Guilders—
40.1531
39.81%
High for the week
40.1331
40.0634
40.0431
Low for the week
39.6434
Domestic Echange.—Chicago, par. St. Louis. 15©25c. per 81,000
discount. Boston. par. San Francisco. par. Montreal. 80 3125 Per
$1,000 premium. Cincinnati, par.
6anitrrs' Oazettk.
Wall Street, Friday Night, July 17 1925.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on pageThe following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
United States Liberty Loan Bonds and Treasury
pages which follow:
Certificates on the New York Stock Exchange.—Below
we furnish a daily record of the transactions in Liberty Loan
Range Since Jan. 1.
Sales
Range for Week.
STOCKS.
for
Week Ended July 17.
bonds and Treasury certificates on the New York Stock
Highest.
Lowest.
Highest,
Lowest.
Week.
Exchange. The transactions in registered bonds are given
Par Shares $ per spare. 8 per share. 3 per share.S per share.
a footnote at the end of the tabulation.
in
Railroads.
8c 96 July 11 9834
Buff Koch & Pitts pL101
6 5711 July 14 5731
_10(
Canada Southern
101 455 July 17 414
Duluth S S & Atl pfd_ 10
101 3715 July 17 3731
Erie 1st pref Ws_ _ _10
1 6231 July 13'6231
Erie Sr Pittsburgh _ _ _ 5(
1 I 8031 July 15 8031
Morris & Essex
20 14754 July 14 149
Nash Chat & St L_ _ _10
110234 July 13 10231
N Y Lack & West_ _1$ i
6 275 July 16 283
N Y Railways part Cif_
401. 11 July 17 111,5
Preferred ctfs
101 36 July 13 36
101
N Y State Rys
181 SO July 14 8031
Northern Central_ _ $
201 4151 July 11 4134
Pacific Coast 2d pref_10
2,41 1755 July 14 1831
Reading rights
111 10055 July 16 10031
Twin City R T pref. _10
July 16 86
July 13 56
July 17 351
July 17 36%
July 13 6034
July 15 7751
July 15 143
July 13 00
July 11 275
July 17 91,1
July 13 33
July 13 77
July 11 3434
July 16 1731
July 16 9454
Apr 99
Jan 59
Apr 631
July 3751
Jan 6234
Jan 8031
Apr 155
Jan 104
July 294
May 12
June 4451
Jan 8034
Jan 5034
July 2431
Jan 10031
May
May
Jan
My
July
July
Mar
May
May
June
Apr
July
Mar
Jan
July
Indus. & Miscell.
July
July 40
101 40 July 17 40 July 17 40
American Coal Co
July
2C1 90 July 13 91 July 11 8931 July 92
Am Chicle prior pref__
July
11, 96 July 13 96 July 13 9131 May 96
Amer Piano pref _ _ _ _1 i $
Jan 76 June
301 68 July 15 6931 July 15 48
American Republics__
III
201 144 July 15 144 July 15 13831 Ap 15031 Feb
American Snuff
Jan
115 July 4
9001 151 July 13 151 July 1
Am Writ Pap pr etta.1 II
400 5031 July II 5131 July 17 45 Jun 5231 Feb
Atlas Powder
July
July 115
100 115 July 16 115 July 16 115
Beech-Nut Pack pf B lii
:1 27 July 11 31 July 1 25 June 3434 Jan
Booth Fisheries lot pfl II
Botany Cons Mills A_ _51 ' 4411 July 15 4531 July 17 4451 Jul 4531 July
I
I% July 16 151 July 16 154 May 331 Jan
British Empire Steel_ 1 i 1
ill
10
651 July 15 634 July 15 651 July 1131 Feb
2d pref
31 9131 July 15 9215 July 13 9131 July 9731 Apr
101
Burns Bros prof
200 9551 July 13 97 July 13 8931 Jan 98 June
Cert-Teed Prod 1st p1101
Ill
1' 89 July 15 89 July 15 8031 Feb 90 June
2d preferred
•10,50 10831 July 17 113 July 11 10831 July 11731 July
Chrysler Corp ctfs
Preferred
1,60010131 July 1710331 July 1110131 July 10331 July
Jan 10131 Mar
1i i
10 9954 July 16 9934 July 16 99
Coca-Cola prof
May
Ma 51
10 46 July 15 48 July 15 36
111
Crex Carpet
Cudahy Packing_._ _1 i 1 3,900102 July 17 10431 July 13 9531 June 10631 July
July
11 50 July 11 50 July 11 4311 Jun 50
Durham Hosiery pref 111
4,30 9051 July 15 9131 July 11 91) Jun 94 June
Elec Pr & Lt pr etts. _ _
Jan
2
9 July 15 9 July 15 8 May 15
Emerson-Brant pref _1 i i
Fairbanks-Morse prefl II
200108 July 1110831 July 16 10611 June 10831 July
July
7
Fans-Players-Lasky rts_ _ 10040
551 July 11 7 July 14 431 Jun
Mar
Jan 87
1' 8531 July 13 8531 July 13 85
Federal Lt & Tr pref _1 $ i
10 101 July 14 101 July 14 100 Jun 101% June
First Nat Plc lot pf I I I
Fisher Body Ohio p1.10'65 11031 July 1311031 July 14 10431 Ma 11131 June
July 10931 Feb
10 105 July 14 105 July 14 104
Gen Cigar deben pref lii
July
iii 8,51 174 July 11 200 July 16144 Jun 200
Gen Ry Signal
1
21 91 July 11 92 July 13 9035 July 9331 June
Preferred
10 11411 July 17 114% July 17 10131 May 115% June
GreatWesternSugpflul
31
Guantanamo Sugar__
431 July 14 451 July 14 431 July 611 Jan
Feb
July 89
i 47 July 15 4831 July 11 47
Hanna lot plc I A_10$
Jan 10531 May
101
103
11
July 16 103 July 16 100
Hayes Wheel pref
may 83 Apr
2100 6831 July 15 6831 July 15 66
Ilelme(OW)
1,11 1831 July 14 1931 July 17 1631 Jun 1931 June
Howe Sound
Jan 751 Apr
ii
754 July 16 711 July 16 6
Hydraulic Steel pref _101
Jan
4 219 July. 13224 July 17 218 May 249
III
Ingersoll Rand
9051 June
July
87
15
July
90
14
July
100
8811
Paper
pr (7)
1,60
Internet
Mar
Jones & L Steel pref_ _1 i, 20 11431 July 11 115 July 15 11131 Feb 115
Jan 10831 July
K C Power & Lt lot pref. 1,15 10731 July 1110831 July 16 99
11 may 134 June
51 July 16
ii
80
54 July 11
Kansas & Gulf
Feb
AP 100
1i 1
11 9731 July 11 9751 July II 95
Kinney Co pref
Ja $ 9751 June
11 94 July 13 94 July 13 88
Kresge Dept Stores pf 0 I
Long Bell Lumber A_• 2,21 47 July 13 4931 July 17 4511 Ma 5231 Apr
July
Jul 15
40,70 13 July 11 15 July 16 13
Mack Trucks rights
Ma 7831 Feb
30 6851 July 14 6831 July 16 66
Mackay Cos pref_ _100
July
Ma 55
20 5031 July 15 5031 July 15 46
100
Menet'Sugar
10 92 July 11 92 July 11 8351 Ap 94 June
Mid-Cont Petrol pref 100
Mar
4231
Jul
3131
11
July
• 2,7$ 3155 July 17 3331
Murray Body
Feb 2831 Feb
I 22 July 15 2551 July 17 17
•
N Y Shipbuilding
May
Onyx Hosiery pref- - -100 75 83 July 14 8554 July 17 7811 Ma 86
Oppenheim,Collins&Co• 1,91 4351 July 17 46 July 14 4334 Jul 4631 June
Jan 101
Mar
300 100 July 17 100 July 17 98
Orpheum Ciro Inc 91.100
July
Feb 110
II 110 July 16 110 July 16 101
Otis Elevator pref. _ _100
Peoples Gas,Chicago, rts 14,
134 July 11 111 July 16 154 Junk 2 June
Ap 4231 July
513, I 3411 July 11 4231 July 15 18
Phoenix Hordery
Jun 1551 July
21 15 July!' 15 July 13 14
Pitts Utli pf ctfs new_ _ _
July 4731 Feb
Prod & Ref Corp pf50 3,200 34 July 13 43 July 11 34
55 Jun • 1
May
35 July 14 1 July 11
P8Corp of NJ rights__ 53,60
P S Elec & Gas pret _100, 401 94 July 17 9451 July 13 9231 May 9531 June
% July
% July 17 74 J 1 14 51 July 5411
_$30.111
Schulte Stores rights
May
Stand Gas & El pref_50 1,511 5234 July 15 5311 July 16 5031 Ma
July
Ap 315
2 30731 July 16 315 July 17 255
Texas Pee Land Tr_l
July 3634 July
• 4, Ii 34 July 11 3631 July 17 34
Tidewater 011 new
Jun 11955 Jan
11111731 July 1611731 July 11 116
United Cigar St pref _1
Mar
20
M
1 i i 1831 July 15 1831 July 15 12
United Dyew'd Corp 10
Jan
1 i t 1931 July 16 1931 July 16 1831 Ap 23
United Paperb'd Co..1
455 Mar
Ap
4
1 i I 331 July 1
1
334 July!
US Express
100
11111031 July 17 11031 July 17 10534 Ap 11031 July
U B Tobacco pref
• 4,5,, 4731 July 15 50 July 16 43 Jun 5031 July
Warren Bros
4511 June
white Ftk Min sp etfs• 2,901 40 July 15 4151 July 13 3934 July
Mar
Ma 42
201 22 July 13 22 July 13 18
_1
ctfs_
pr
Co
&
Wilson
100 85 July 17 85 July 17 79% Ma 8655 June
Won'house El 1st pf _ _50
•No par value.
Foreign Exchange.—Sterling Exchange remained practically unchanged, on an exceptionally small volume of
trading. The Continental exchanges, though still irregular,
showed improvement, especially for francs; lire rallied, then
slumped, but recovered partially before the close. Here also
trading was less active.
To-day's (Friday's) actual rates or sterling exchange were 4 8251(4i
48231 or sixty days, 4 8544@)4 8534 for checks and 4 8634©4 8631 for
cables. Commercial on banks, sight 4 8534(4)4 8534; sixty days, 4 8034
(60
48031; ninety days, 4 79%©4 7931, and documents for paymentgrain
days). 4.81 34@4 81%. Cotton for payment, 4 8534@4 8531, and
for payment. 4 85% ©4 8531.
To-y's (Friday's) actual rates for Paris bankers' francs were 4.6231 ©
bankers' marks
4.643-1 for long and 4.6734 ©4.6934 for short. Germanbankers' guilders
and short bills. Amsterdam
are not yet quoted for long
short.
for
long
and
40.020140.0334
were 39.70®39.8131for
Exchange at Pans on London. 103.50; week's range, 102.82 high and
103.50 low.
The range for foreign exchange for the week follows:
Cables.
Sixty Days. Checks.
Sterling Actual—
4 85 13-16 4 863-16
4 82 9-16
Nigh for the week
86 1-16
4
11-16
85
4
82
4
7-16
Low for the week
Daily Record of U. S. Bond Prices. July 11 July 13 July 14 July 15 July 16 July 17
10011,, 100",s
(High 100251, 10085,, 10028,, 101
First Liberty Loan
334% bonds of 1932-47_ _(Low_ 10088,, 100"12 100"n 100"n 100"n 100"n
100,,,,, 1002...
(Close 100,232 1002133 100,131 101
(First 3545)
314
151
13
183
275
39
Total sales in $1,000 units_
Converted 4% bonds of (High
Total sales in $1,000 units__ _
Converted 434% bonds (High
of 1932-47 (First 4518)[ Low.
(Close
Total sales in 151.000 units... _
Second Converted 434%(High
bonds of 1032-47 (First( Low.
(Close
Second 451s
Total sales in $1,000 units_
(High
Second Liberty Loan
4% bonds of 1927-42_ _ _ _(Low_
[Close
(Second 4s)
Total sales in $1,000 units__.
Converted 434% bonds (High
of 1927-12 (Second (Low_
(Close
4348)
Total sales in $1,000 units._ _
(High
Third Liberty Loan
(Low.
434 % bonds of 1928
[Close
(Third 4 Ks)
Total sales in $1,000 units__ _
(High
Fourth Liberty Loan
434% bonds of 1933-38_ _ i Low_
(Close
(Fourth 431s)
Total sales in $1,000 units__ _
(High
freasury
(Low..
411s. 1947-52
(Close
Total sales in $1,000 units....
(High
48, 1944-1954
(Low..
(Close
Taint tales In si nnn unm,
___ _
..
__ __
__
_ __.
____
18,, 02
-1
10288,, 10288,, 10282,2 102
- -18,, 102",,
10281,, 102"n 102,n 102"n 102"n 102"n
102142 102"n 102"n 102"n 10214, 10216,1
5
2
56
3
18
86
-- --
- - --
- -.____
__—
_ ..
__
-1018,1
101,n
101,n
227
101"n
10118,,
101"n
162
102"n
102"n
102,1n
712
107",,
107".1
107",,
58
1011,,
103",,
103iiii
IA1
____
_-- ____
___
- ,,
1018
1018,,
101.n
178
101"n
10118,,
10181,,
117
102",,
102".2
102"n
95
107.8,2
107"n
10788,,
2
104,,,
10318,,
104
02
___
___ ___
1018,1
101,n
101.n
207
101"n
10118,,
101"n
667
102"n
102"n
102"n
887
107",,
107"n
107"n
52
103"n
103",,
10388,,
I'M
----
____
____
____
_ _
10133
101,n
101 0n
243
101"n
10118,2
101"n
239
103
102"n
103
299
10784,
107"n
107"n
33
104
10388,,
104
I re,
--
n
100"n 100,
10011,, 1008,,
10011,, 1008,,
1
101%1
101.n
8
101,
99
101"n
10111,,
101"n
47
102181,
102"n
10224n
98
107858,
107"n
107"n
42
103",,
10388,,
10388,,
..c
1
101'11
101
101,n
17
101"n
10118,1
101"n
73
10288,,
102"n
102"n
215
10788.,
107"n
107"n
258
10388,1
10318,,
10358,,
irl
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
10018,, to 1008131 34 4118
102,1n to 102"n 19 4th 414o
101,n to 101.11 5 Treasury 411s
20 liit3158
4 lst 411's
30 2d 4115
101"n to 10118,,
102",, to 10288n
10718,, to 10718.,
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
Zri.E.
Maturity.
Rate.
Bid.
Mar.15 1926_ 434% 10011ts
Dec. 151925... 455% 10031
Sept. 15 1926___ 43.4% 100"
3% 99"1.1
one 15 1926......
Asked.
1001,H
10011
1001114
9918,.
Maturity.
In:.
Rate.
Bid
Asked.
1011111
Dec. 151927... 431% 1011
Mar.15 1927.-- 431% 1011
1011818
Sept. 15 1925___ 251% 991 81, 9911$e
001
Se.
Dec. la 1925
9918,1
New York City Banks and Trust Companies.
All prices dollars per share.
Ask
Ask
Bid
Banks
Banks—N.Y Bid
America •_ .-- 285 295 Hamilton .....- 175 185
1015 1040
Amer Each __ 9372 378 danover
_ 487 495
Harriman
Amer Union* 155
650
Manhattan*
182 185
Bowery*
Mech & Met_ 412 418
Broadway Cen 200
Mutual*
Bronx Boro• 575
445
Nat American 175 190
Bronx Nat..-- 150
Bryant Park' 215 225 National City 488 493
Butch & DrOv 155 185 New Neth•_. 260 265
505 510
Capitol Nat-- 190 198 Park
Cent Mercan- 280 290 Penn Each... 117 125
450 454 Port Morris_ 190
Chase
Public
500 508
Chath Phenix
590 610
Nat Bk &Tr 326 331 Seaboard
217 ieventh Ave_ 130 140
Chelsea Each* 212
670 675 itandard
Chemical
380 415
505 515
Coal 35 Iron.. 275 285 itate•
['rade*
120 145
Colonial' -. 500
180
Commerce .__ 367 371
Com'nwealth• 820 330 United States* 285 275
220 230 Wash'n His'.. 400
Continental
Brooklyn
Corn Exch.-- 507 512
Coney Island* 190 220
Cosmop'tan•. 190
450
315 325 First
East River
225
Fifth Avenue* 1900 2200 Mechanics'*
210
2725 2800 Montauk*
First
'300 315
Nassau
375
Garfield
People's
270
300
Grace
Queensboro• 175
Greenwich'. 415
Ad
Trust Co. Bid
New York
American-Bank of N Y
& Trust Co 605 615
Bankers Trust 493 497
Bronx Co Tr.. 190 200
Central Union 845 855
325 340
Empire
Equitable Tr_ 284 287
Farm L & Tr_ 515 520
Fidelity Into 245 255
320 330
Fulton
Guaranty Tr. 340 344
Irving BankColumbia T 285 289
Lawyers Tr .
_
Manufaeturer 397 403
Mutual(W
cheater)
195
N Y Trust
455 460
Title Gu & Tr 590 600
U M til & Tr 355 370
United States1800 1840
a
Wtches
Tr. 400
Brooklyn
Brooklyn Tr_ 7$53 770
Kings County 200 2400
220
Midwood__
People's
795 810
•Banks marked with(8. are State banks. (x) Ex-dividend
(y) Ex-rights.
(0 New stook
New York City Realty and Surety Companies.
AU prices dollars per share.
Bid
165
143
272
240
Alliance Wity
Amer Surety..
Bond & M G..
Lawyers Mtge
Lawyers Title
& Guarantee 275
Ask
148
279
244
285
Mtge Bond__
Nat Surety...
N Y Title &
Mortgage.
US Casualty.
U S Title Guar
Bid
131
214
382
315
275
Ask
Bid
139 Realty Assoc
(Bklyn)oom 360
220
1.t pref..... 93
388
2d pref--- 84
330 Westchester
Title .1 Tr_ 9320
285
Ad
380
100
8$
The Curb Market.—The review of the Curb. Market is
given this week on page 0000.
A complete record of Curb Market transactions for the
week will be found on page 0000.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
307
OCCUPYING FIVE PAGES.
For sales during the week of stocks usually inactive, Nee preceding page.
HI0.11 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 11.
Monday,
July 13.
Tuesday.
July 14.
Wednesday
July 15.
per share $ per share $ per share 3 per share
Thursday,
July 16.
Friday,
July 17.
per share $ per share
Sales
for
ISO
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
Railroads.
Par
32 '28
32
"28
32 .28
311
/
4 31
32
•28
32
100 Ann Arbor
32
100
•5212 55,
5212 5212 *53
8 *5212 5512 *5212 50
6612 *5412 5612
100
600 Do pref
118/
1
4 11878 11858 119
11878 11912 11918 11978 11912 11978 11938 11934 4,900 Atch Topeka & Santa Fe_ _100
9678 9678 9658 9678 9612 9612 9612 96/
9658 97
1
4 9612 9678 2,400 Do pref
100
514 514
514 514
518 5,8
5
5/
1
4
4,800 Atlantc 13irm & Atlantic_ 100
424 5/
1
4 *478 5
•16334 164
16378 16512 16412 16512 165 16578 "165 166
164/
1
4 16534 2,800 Atlantic Coast Line RR_ 100
77
77
7714 7712 7812 78
7634 7634 77
78,2 x7612 7712 18,100 Baltimore & Ohio
100
.6512 66
65/
1
4 65/
6618 6614 66,4 '65
1
4 6578 6578 66
6512
800 Do pref
100
.
3912 39/
1
4 3978 4058 4012 4012 4012 4078 4014 4078 4012 4053 2,600 Bangor dr Aroostook
50
94 .92
94 .92
9212 "92
•92
94 '92
94
92
94
Do prof
100
1
4 5112 511
1
4 5178 50/
*5114 5134 50/
/
4 53
5258 53/
/
4 20,800 Bklyn Manh Tr v t 0_ __No par
1
4 5278 .541
*7814 7918 79
80
79/
1
4 80
80 •80
78
.
8012 80
1,600 Do pref v to
80
No par
76
82
79 .77
79
76
8334 *78
.78
8334 .77
301 Buffalo Rochester & Pitts. 100
8314
14018 14034 14134 14214 142 14212 14212 14234 142 14234 4,200 Canadian Pacific
141 141
100
283 283 "280 295 1.280 295
283 283 •278 290
283 283
500 Central RR of New Jersey _100
9412 9412' 9334 94
93/
1
4 931
/
4 •0334 9372 9312 94
9334 94
2,900 Chesapeake & Ohio
100
108 108 .109 110 *108 110
*108 110
109 109 *10812 10912
100
Do pref
200
*434 5
*434 5
5
5
5
5
5
5
434 478 1,200 Chicago & Alton
100
878 878 *812 834 *812 85, *85g 834
812 834
814 814
100
Do pref
600
145 160 "145 160 .145 160 .145 160 .145 160
•145 160 .
C C C & St Louis
100
3512
3712
3712
3512
3712
3912
3414 3538
*34
36
36
5,300 Chic dr East.111 RR
100
36
4712 4712 48
4414 4512 4812 50
49 .48
49 .48
49
2,700
100
Do pref
1114 1118 12/
11
1114
•11
1112 11
1
4 1134 12/
1
4 12
1238 9,600 Chicago Great Western_._100
1
4 2412 2434 2412 25/
2412 2412 2378 24/
1
4 25
25/
1
4 2434 25/
100
Do pref
1
4 7,300
734 8
8
712 77
8,4
734 818
8
812
8/
1
4 814 16,800 Chicago Milw & St Paul_ 100
1
4 1478 1418 1438 1414 15
1434 15,8 14/
1478 1514 15
100
Do pref
1538 12,100
6212 62/
6212 6234 6012 6218 6118 63
1
4 63
65
6334 6412 14,000 Chicago & North Western.100
10914 10914 "107 110 '107 110
•10914 110
10978 109/
1
4 110 110
500
100
Do pref
4814 4678 4758 46/
4612 4712 4712 4834 47
1
4 4718 46
70,500 Chicago Rock Ii & Pacific.100
47
95
954 9.514 9514 *9514 96
95
95
96
96
9612 9812
900
100
Do 7% preferred
8512
.8412
8414
8512
84
/
1
4
8414
.
8414
84/
1
4 8434 8434 .84
85
100
Do 6% Preferred
500
*42
*4212 46 .42
46
•4212 46
45 .42
46
"4.2
Chic St Paul Minn & Om100
46
"92
94 .92
96
96 .89
'93
95 .89
97
*88
95
Do pref
100
.5712
5812
'5712 58 '5712 58
*5713 59
57/
1
4 58
*5712 60
300 Colorado & Southern
100
63/
1
4 63/
1
4 '6212 64 '5212 64
•6212 64
6334 6412 *6314 6412
100
Do lst pref
600
.57
61
.57
60 "57
58 '57
58
*5712 60
*5712 60
100
Do 28 prof
1
4 14378 144 14712 148 150
14934 15058 150 15112 151 15134 10.300 Delaware dc Hudson
143/
100
141 14212 140 142
•13912 13934 141 141
141 142 .140 142
2,100 Delaware Lack & 1Nestern_ 50
•3712 40
*3711 40
39
3912 391
/
4 3912 3934 3934 3934 40
900 Denver Rio Gr & West pref 100
.2712 2734 2714 2714 2712 28
2734 2838 28
28
271
/
4 28
1,800 Erie
100
3612 37
3634 38
37
37/
37
1
4 38
3738 3734 3712 3778 4,600
100
Do 1st pref
3.534 35/
37
3778 *35
*35
1
4 .3512 37
"3512 3712 "3712 3734
100
Do 2d prof
300
6714 68141 67/
6753 6834 6658 68
1
4 6814 6712 6812 68
100
6812 11,100 Great Northern pref
2918 291g 2918 2913 2958 2958 30
*2812 2834 29
2958 2978 4,400
Iron Ore Proper ties__No Par
2812 2812 2812 28
2812 2712 29
"28
28
28
2814 2814
100
700 Gulf Mob & Nor
*9534 9612 *9534 9812 *9534 9612 9614 9614 '9614 9612 96,4 96,4
100
Do pref
200
175 177
175 17712 17812 18034 18112 18412 18414 18834 18314 18914 29,200 Havana Elec Ry, Lt & P_ _100
321s 3214 3218 32341 3212 3278, 3212 3258 3212 3278 32
3212 5,500 Hudson & Manhattan
100
72 .71
72 1 .71
*71
72 I .7112 72 '71
72
7012 7012
100
Do pref
100
1
4 11314 11412 11412 *11312 11411 11412 114% •114 115 *114 115
113/
1,200 Illinois Central
100
•11518
•11514 1161
11638 .11518 116/
/
4
1
4 •11518 116/
1
4 "11518 116/
1
4 .11518 116/
1
4
100
Do pref
•
.6102 72 .6812 71
"6812 72
72
72
70
70 "67
72
150
Do RRSec,Serles A _ _1,000
*2714 2814 2734 2734 2918 2918 3014 30's 30/
•2634 28
1
4 3034
900 lot Ry, of Cent Amerlca._100
*6418 67
67
.63
6612 6612 *6434 6512 65/
1
4 65/
1
4 "6518 68
400
Do prof
100
26
2612 2658 27/
.2612 28
1
4 27,
4 2814 2734 28
2712 28/
1
4 8,900 Interboro Rap Tran v t c_.A00
31
32
3134 32
32
3212' 3214 3338 32/
1
4 32/
1
4 32
6,000 Kansas City Southern
100
32
/
1
4
59
.58
5818 5818 *58
58
58
58 '58
59
.58
58
500
Do prof
100
781
/
4 7914 78
78
78
78
7814 7912 •7834 7914 7812 7812 1,200 Lehigh Valley
50
114 11478 114 114/
114 114
1
4 211138 1111
/
4 11014 11114 11012 1101_ 4,600 Louisville & Nashville
100
95 .85
90
•85
87
88/
1
4 8712 8712 9414 99/
1
4 97
Manhattan Elevated guar_100
97
1,270
4334 4318 444 44
43
43
*42
44
44
4512 4714 6,200
45
Do modified guar
100
•914 10
94 9'2 .8
912 *9
958 .8
.8
10
93
200 Market Street Ry
100
35 .30
35 .
*30
30
34 .30
35 •30
33 '30
Do prof
35
100
5212 5212 52
*5212 54
524 3214 5312 52/
1
4 .53
52/
1
4 5214 1,400
Do prior prof
100
24 .19
24 .19
•19
22
*19
24 .19
24 .
24
19
100
Do 28 prof
.
2/
1
4 2/
1
4 "234 278
2/
1
4 234 .212 2/
1
4
258 2/
258 2/
1
4
1
4
800 Minneap & St L
100
39 •35
.35
39 '35
39
*35
38
3712 3712 '35
38
100 Minn St Paul & 58 Marle_100
60 .50
.50
60 •50
60 .50
60
58
58
"50
60
100
Do prof
10
33
3312 3234 3318 32/
32/
1
4 33
1
4 3312 33
3318 3312 331
9,400 Mo-Kan-Texas RR_ __ _No pa
84
84
84
85
85
8512 x84
8434 8434 8434 8414 843
4,800
10
Do
prof
3438 331g 3312 3334 3438 334 3512 3434 35,4 34/
34
1
4 351 12,100 Missouri Pacific
10
1
4 781
7814 7814 77/
7712 78
7738 7912 • 79
793
79/
1
4 811 29,800
Do
pref
10
158
158
11
/
4 158
112 114 .113 114 *112
158 21
1,500 Nat Rya of Mex 2d pref _ _100
11
/
4
12058 12058 *12012 12112 •121 12112'12014 12112 "12014 12113 '12014 1211
200 New on Tex & Max
100
11778 11824 11714 11818 1171
/
4 11734 11714 11734 11712 11714 11738 1173
8,800 New York Central
100
12312 123,2 123 123 .123 124 .123 124 .123 124 "123 124
200 NYC&StLCo
100
9134 91
91
•91
.89
911
/
4 .8991
911
91
.91
Do prof
400
10
311
/
4
3114
3118 324 31/
3114 311
/
4
1
4 /2-38 311
/
4 3238 311
/
4 32/
1
4 10,300 NY N H dr Hartford
100
2412 24
•24
2473 2438 2458 24/
1
4 24/
1
4 24/
1
4 25,4 2412 251
5,200 NY Ontario & Western_ 100
34
3114 3112 •32
33
33 .3212 33
32
33
3314 33/
1
4 1.200 Norfolk Southern
100
12814 12834 12758 128
12754 128
128 12812 12814 129
12812 1283
3,600 Norfolk & Western
100
80
80 "78
•78
.78
80 '78
80
*78
SO
.78
Do pref
80
100
1
4 6512 66
65/
1
4 6634 6458 65/
6514 6534 6538 6578 65/
1
4 683s1 16,400 Northern Pacific
100
4634 4678 4634 471
4658 47
46/
1
4 4634 4612 4634 4614 4658 17,400 Pennsylvania
50
•1612 18
*1612 18
•1612 18
*17
1812 •17
1812 •17
1812
Peoria & Eastern
100
6512 6512 .64
6412 65 .55/
66
1
4 66
6512 65/
1
4 6512 6512
Pere Marquette
900
100
•80
83
801 .78
80
83
81 .
*77
78
81
•78
81
200
Do prior pref
100
74
74 .69 ___ "68
"68
*68
731 "68
7312 O68
7312
Do prof
100
6914 691
70
*69
6911
/
4 701
7012 707 '70
7012 7012 7012 1,100 Pittsburgh & West Va_ _ _ _100
8614 8534 853
86
86
87'8 8738 88/
1
4 8838 8718 88
1
4 87/
25,700 Reading
50
.
3918 3978 .
3912 3953 3912 391 *3912 397 .3912 39/
1
4 3912 3912
300
Do 1st prat
50
39
40
*39
393
40/
1
4 407
3934 40
401
/
4 41
411g 4112 3,300
Do 28 prof
50
59
*54
59 '54
*54
58
57
57
07
57
*54
58
200 Rutland RR pref
100
83/
1
4 84
8334 84
8312 84
8338 74
8334 8412 8412 857g 28,900 St Louis-San Francisco_ _ _100
84/
1
4 85
*8434 85
85
85 .8314 85 '8312 85
•8434 8514
Do prof A
300
100
1
4 4812 4858 491
47/
4812 491
4858 49
48/
1
4 4812 48
49
5,300 St Louis Southwestern_ _ _ _100
71
•7012 711 '71
71
711 .70
711
71
71
7112 7112
Do prof
700
100
3138 3212 3112 32/
1
4 3118 32
1
4 3314 33
3134 3214 32/
33/
1
4 10,900 Seaboard Air Line
100
/
4 42 .4134 42 .4112 42
*411
411
/
4 42
42
4258 4214 42/
1
4 2,300
Do
prat
100
98/
1
4 9878 9818 987
9818 983 9814 987
9812 9878 9858 98/
1
4 10,900 Southern Pacific Co
100
/
4 9614 9758 9712 97/
9618 961
1
4 9738 9758 9714 100
10012 10112 39,900 Southern Rallvray
100
86
8638 8614 86/
1
4 86
85/
1
4 85/
1
4 86
8512 86
85/
1
4 8614 4,500
Do pre
100
1
4 491
4812 4812 47/
4812 481s48
491
4814 491
/
4 4814 4912 6,100 Texas & Pacific
100
1218 121 '1214 13
13
•12
1234 12/
1
4 13
13
13
14
4,000 Third Avenue
100
•6314 6334 63
631 .
63
6512 6212 621 .6212 651
/
4 '62/
1
4 6518
Twin
400
City
Rapid
Transit_
_100
139 13912 13814 1387 13812 13938 13858 1391 13918 13958 13938 13958 3,900 Union
Pacific
100
76
76
75/
1
4 75/
1
4 75/
757s 78
1
4 757
7572 7578 75/
1
4 76
1,500
Do prat
100
2512 271 .20
29 .
29
25
2712 303
.
2978 1291
/
4 '28
2912
1,500
United
Railways Inveet_ _ _100
.7612 79/
1
4 7912 79/
1
4 "7612 791 •76/
1
4 83
8018 8112 •76
Do
80
3,200
pref
100
120 12014 120 120
•11912 12012 119/
1
4 120
120 120
120 12012 1,600 Virginia Railway & Power_100
331
3178 3212 3212 331
3212 3258 32
324 33
32
32/
1
4 26,400 Wabash
100
6714 67/
1
4 6714 68
67/
1
4 6712 6714 677
6714 67/
1
4 67/
1
4 67/
Do prof A
1
4 14,800
100
52 "50
52 .50
5212 .50
.
50
51
.50
51
*50
51
Do pref B
100
.1334 14
14
143s 14/
1
4 14/
1
4 15
161
1514 15/
1
4 1518 15/
1
4 30,500 Western Maryland
100
2214 2278 24/
2178 .2014 211_ 21
*20
1
4 2314 23/
1
4 23
2338 10,900
Do 2d pref
100
.3334 3414 3312 3334 3334 3334 3334 34
3418 3418 3438 34/
1
4 2,200 Western Pacific
100
1
4 86/
8678 8678 86/
1
4 87
.
85
87 .
87
87
87/
1
4 87
87
400
Do pref
100
1878 1914 184 1978 1978 2112 2058 211
/
4 20/
1
4 2114 1914 21
79,400 Wheeling & Lake Erie Ry_ _100
3512 45
42/
1
4 46
3384 3334 34 35
45/
1
4 4738 4258 46/
1
4 44,500
Do pref
100
WI
•131
'9234
1318
.
5112
1112
6714
67
133 •131
•9234
94
1312 1312
54
55
4
1112 10,
6712 6612
6714 •67
133 •130 13212 *12914
"92/
1
4 *9234
94
1
4 93/
*1312 15
*13
14
54 .
*51
54
51
.
107g
11,t
• Rid and asked prices.
67
67
6612
67
1311 •12914 132
13112
931 .9234 9312 93
15
•14
1412 1412
531 .53
5312 '50
111
1078 11
1078
Ex-dividend.
tt Eg-riglata.
6612
13112
93
1412
5312
11
1,000
100
100
600
100
1,900
PER SHARE
Range for Year 1925.
On baste of 100-share lots.
Lowest
Highest
$ per share
3 Per share
22 Feb 17 3478MaY 8
40 Mar 24 6012MaY 8
11614 Jan 16 127/
1
4 Mar 2
9212 Feb 17 0738June 25
3 Jan 14
712 Mar 6
14714 Jan 16 166 Mar 3
71 Mar 30 8414 /Oar 6
1
4 Apr 21 6612 Jan 6
62/
3514 Mar 23 4214 Jan 15
89 June 22 9412 Jan 5
351
/
4 Jan 5 55 June 17
72/
1
4 Jan 2 8154 Mar 14
48 Apr 2 92/
1
4May 2
13612 Mar 30 15238 Jan 8
265 /gar 30 321 Jan 3
891
/
4 Mar 30 9918May 18
10514 Apr 14 111 18May 29
358 Apr 24 1058 Feb 9
51s Apr 23 1912 Feb 21
140 May 20 16412 Feb 11
29/
1
4 Mar 30 3712July 13
40 Mar 30 5714 Jan 2
9 Jan 2 15 Feb 7
1914 Mar 30 3212 Feb 6
1
4 Jan 7
1
4 Apr 20 16/
3/
7 Apr 20 2812 J ,n 7
47 Apr 14 75/
1
4 Jan 12
1011
/
4 Apr 14 117 Mar 5
4012 Mar 30 5414 Mar 3
92 Jan 2 9914 Feb 21
82 /gar 30 8912Mar 3
331
/
4 Apr 22 5912 Jan 13
7314 Apr 21 108 Jan 13
441
/
4 Jan 6 6512 Apr 18
60 Mar 26 6412June 16,
54 Jan 21 6012June 16
13312/gar 3 155 Apr 6
125 Mar 30 14734June 8
35 July 3 60 Jan 12
2634May 1
34 Feb 24
35 June 23 46/
1
4 Jan 2
34 June 29 4314 Jan 5
60 Apr 24 7112June 25
2714June 2
40/
1
4 Jan 19
23 Mar 30 34 May 8
8912 Mar 30 1011
/
4 Jan 10
112 May 16 18914July 17
2134 Mar 18 3314July 6
6412 Feb 18 72 July 10
111 Mar 31 119/
1
4 Jar
11212 Apr 23 119 Jan 7
70 July 1
74 Apr 17
18 Jan
3003 July 17
5912 Jan
6612July 14
1312 Mar 23 3412 Feb 9
281
/
4 Mar 30 4011 Feb 21
57 Jan 1
591
/
4 Feb 24
69 Mar 30 83/
1
4June 6
106 Jan 16 11714 Mar 2
64 /gay 20 100 Jan 14
3218/gar 23 511
/
4 Feb 9
714 Mar 11
10/
1
4 Jan 2
20 Jan 13 34 May 8
434 Mar 20 67 June 27
16 Mar 19 25 May 7
2/
1
4 Jan 5
4 Mar 6
30/
1
4 Apr 4 581
/
4 Jan 14
40 Mar 30 71 Jan 9
2814 Jan 2 4014 Mar 4
7414 Jan 2 87/
1
4 Feb 5
301
/
4 Jan 5 41 Feb 6
71 Mar 30 84 May 20
112Junc 24
2/
1
4 Jan 12'
1131
/
4 Feb 21 12312N1ay 8
11314June 10 12414 Jan 13
118 June 24 13714 Feb 24
88/
1
4 Jan 6 9214 Mar 3
28 Mar 24 361
/
4 Mar 2
201s Apr 4 2712 Jan 7
211
/
4 Apr 22 3712June 8
12312 Mar 30 134/
1
4 Mar 20
7815 Jan
79 Apr 3
5814 Apr 25 711
/
4 Mar 6
4212 Apr 9 48/
1
4 Jan 6
13/
1
4 Apr 30 20/
1
4 Jan 12
6134June 2
72 Feb 25
7812 Apr 15 84 Jan 16
6812 Apr 16 75/
1
4 Jan 10
63 Mar 1
73/
1
4 Jan 2
6934 Mar 30 9114June 1
35/
1
4 Mar I
41 June 1
364 Mar 18 4438June 1
42 Apr 24 62/
1
4 Jan 9
5712 Jan 1
8578July 17
76 Jan 20 8512May 20
4334June 1
5314 Mar 2
701
/
4June 2
75/
1
4 Mar 11
20/
1
4 Jan 1
3534May 20
35 Mar 30 48 May 7
9714June
10812 Jan 9
77/
1
4 Jan
10113 July 17
83 Jan 2 92/
1
4 Feb 25
4314 Jan 27 5814 Mar 13
712 Apr 17 14/
1
4 Jan 12
58 Jan 22 7034July, 1
133/
1
4 Apr 24 1531
/
4 Jan 10
72 Jan 30 76 Feb 28
18/
1
4 Mar 19 3312May 18
4812 Mar 23 8314June 25
641
/
4 Jan 14 123 June 3
1912 Mar 30 3412July 7
55/
1
4 Jan 20 6812July 1
3812 Jan 21 51 July 1
11 Mar 24 17/
1
4 Jan 9
16 Mar 27 261
/
4 Jan 9
3212 Jan 5 55 Mar 11
8412 Jan 6 100 Mar 11
1014 Mar 31 2158July 15
22 Apr 2 47/
1
4July 16
Industrial & Miscellaneous
Abitibi Power & Paper_No par 62
All American Cables
100 119
Adams Express
100 90
Advance RumelY
100 13
Do prof
100 47
Ahumada Lead
1
934
Jan 6 75/
1
4May 29
Jan 5 133 May 26
Apr 16 10314 Jan 9
Apr 11
1812May 13
Feb 18 5912May 18
Apr 21
1258May 27
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
Per Mare $ per slat.
12 Apr
25 Mar
971
/
4 Jan
8612 Jan
11
/
4 Feb
112
Jan
5212 Apr
561
/
4 Apr
391
/
4 Dec
Jan
86
1312 Jan
4834 Jan
40 May
14214 Mar
199 Mar
6714 Feb
9912 Jan
314 Apr
81
/
4 May
100 Apr
21 May
37 May
4 Apr
1012 June
10/
1
4 Oct
1814 Oct
4914 Jan
Jan
100
2112 Feb
76/
1
4 Feb
65/
1
4 Jan
29
Jan
68/
1
4 Apr
20
Jan
Jan
50
45
Jan
10412 Ma
110/
1
4 Feb
42 Dec
2014 Jan
28/
1
4 Feb
2512 Jan
53/
1
4 Ma
26 May
1114 Apr
50
Jan
22/
1
4 Dee
4614 Dee
1
4 Dec
120/
/
4 Dee
961
5 Dec
15214 Dee
84/
1
4 Dec
6612 Dec
4414 Dee
95 Nov
411
/
4 Dec
7514 Dee
6838 Dee
15812 NOV
295 Dee
9814 Dee
10912 July
1012 Dec
19/
1
4 Des
15014 Nov
38 Dec
62/
1
4 Dec
111
/
4 Nov
31/
1
4 Nov
1814 Nov
3212 Nov
7514 Dee
11414 Dee
50 Nov
9714 Dee
8712 Nov
5712 Dee
94 Dee
49 Nov
6512 Dee
20/
1
4 Nov
5714 Oct
10014 Mar
104 Mar
64
Jan
1114 July
444 May
1214 Jan
17/
1
4 Mar
/
4 Mar
511
b39/
1
4 Apr
1
4 Jan
87/
Jan
42
3012 Jan
634 Mar
20 /
1
4ct
41 Nov
14 Mar
11
/
4 Jan
2814 Mar
50 June
1012 May
2914 Feb
914 Jan
Jan
29
11
/
4 July
9312 Feb
9918 Feb
72/
1
4 Feb
83 May
1418 Jan
16 May
12/
1
4 Apr
10212 Jan
7214 Feb
1
4 Mar
47/
42/
1
4 Jan
914 Mar
4012 Ma
7112 Apr
60
Jan
38
Jan
511
/
4 May
34
Oct
b331
/
4 Jan
Jan
32
19/
1
4 AD
42/
1
4 Jan
Jan
33
57/
1
4 Jan
614 Jan
1414 Jan
8512 Mar
3812 Jan
Jan
Jan
19
814 May
3912 Oct
/
4 Mar
1261
70 Mar
75s 14Pr
2612 14pr
36 Feb
10/
1
4 Jan
Jan
34
22/
1
4 Jan
8/
1
4 June
1514 May
1441 Jan
Jan
58
71g Jan
1414 Jan
2914 Dee
6412 Dec
11712 Dec
117/
1
4 Dec
73 Dee
1812 Nov
63 Nov
3914 July
41,
8 Dec
5912 Dec
85 Dec
109 Des
85 Deo
517s July
1312 Jan
42 Dee
7112 Jan
Jan
30
4
Jan
5312 Dee
75 Dee
34/
1
4 Dee
75/
1
4 Dee
3414 Nov
74 Dee
3 Dee
1211
/
4 May
119/
1
4 Dec
128 Dee
93/
1
4 Sept
33/
1
4 Dec
2814 Nov
29 Nov
13314 Dee
8012 Juni,
73 Des
60 Dec
2211 Nov
73 Dee
8512 Aug
77 Aug
7514 Doe
7912 Dee
5612 Jan
Jan
56
66 Nov
65 Dec
8211 Dec
55/
1
4 Dec
74 Nov
241
/
4 Dee
4512 Dee
10512 Nov
1
4 Doe
79/
85 Doe
48/
1
4 Dec
1812 July
Jan
88
1511
/
4 Deo
7612 Aug
41 Dee
64/
1
4 Dee
72/
1
4 July
2438 Dee
6034 Dee
42/
1
4 Dec
1614 Dec
2614 Dec
361
/
4 Dec
861
/
4 Doe
1712 Doe
1
4 Dec
32/
59 Nov
139/
1
4 Dee
1
4 Dee
149/
4315 Dec
35/
1
4 Aug
4914 Dee
46/
1
4 Doe
75 Dec
1
4 Nov
39/
291
/
4 Dec
99 Dee
61 Dec 64 Dee
961
/
4 May 12212 Dec
7312 Jan 9312 Dec
1
4 Des
6 June 16/
2814 June 54 Dee
New York Stock Record-Continued-Page
308
Pot soiree during the week of stocks usually inactire. see gecond Page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
July 11.
Monday.
July 13.
Tuesday.
July 14.
Wednesday. Thursday,
July 15.
July 16.
Friday.
July 17.
5 per share $ per share I 8 per share 3 Per share S per share $ per share
103 10312 10312 10578 10378 1058
10112 10278 10278 103
10134 102
1414 1418 1414 144 1478 1478 15181 144 1514 143 143
14
17
17g *13
13
17
181
178
0184
•134 2
*134 17
9012 8958 81
897s 9018
*894 91
290
90 I 8914 90
90
11934
1193
4 11934
1197
8
1193
4
1193
4
1194
1193
4
1193
4
011914 1197s 11938
8214 8214 8234 8338 8312 824 8314. 8234 838 8234 8334
82
106 106
107 107
10614 10614 106 106 I 106 106
*106 107
2014 2112
2034 1934 208 2058 21
2059 20
2014 2014 20
614 627
5758 5834 5814 69 1 5812 6078 6058 62
57
57
3912 *3834 3912
4012 3913 3934 394 3912 *3834 3912 *39
'
39
88 I 8734 3734 *8614 8712 *8614 8713 *8614 8712 *8614 8712
*86
3439 3412 3459 35
3439 3434 34la 3434
3434 3514 3439 35
105 106
106 106
10512 106 1.'106 10712
105 105
*10412 107
•106 112 *106 112 *10618 11014 *103 110 *10918 10978 10978 110
19934 20212 201 20134
19314 19514 19478 19714 19534 19778 19778 201
11812 11812 *11812 119
119% 11939 11834 11834 *11813 119 '11812 119
10314 10312 10314 10334 10318 10378 103 10312
*10314 104
10359 104
127 127
,128 *12639 128 *12638 128
1263912639 127 127 .1263
2333 2312 2338 2334 2334 2334 2334 2334 2334 2334 2334 2334
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares.
8,800
20,700
300
4,600
2,500
5,800
700
17,100
18.900
500
100
3,800
900
200
96,500
300
1,800
300
900
litchis. & MIscell. (Con.) Par
No par
Air Reduction. 190
Alas Rubber, Ine_---No Par
Alaska Juneau Gold Min__ 10
Anted Chemical & Dye_No par
100
Do prof
Allis-Chalmers Mfg
100
100
Do pref.
Amer Agricultural Chem 100
100
Do prat
American Beet Sugar
100
100
Do prat
Amer Bosch Magneto_ _No par
Am Brake Shoe & F_ __ _No par
100
Do pref
American Can
100
100,
Do prof
American Car& FoundryNopar'
Do pref
mo'
American Chain.class A
25!
Lowest
No par
1,300 American Chicle
51
5112' 51
5184 *5012 51
.5012 5012 5012 5012 5012 51
100
Do pref
No par
Do certificates
300
*4713 18- 48
-4912
48
48
48
4812 4812 ;4814 161;
2,200 Amer Druggists Syndicate_ 10
57
57
578
6 1
6
6
6
6
6
6
57g 58
100
500 American Express
137 137 *138 140 1
137 137 *135 13612 137 137
137 137
4314 4413 37.300 Amer & Forn Pow new_No par
4114 42
4112 4278 4234 4439 4312 447
4112 42
No
par
pref
Do
1.700
91
I
90%
9114
91
8
9118
9114
9114
9114
9118
914
911
9118
Do 25% paid
500
13214 13214 132 13314 *132 135 *133 135 I
*125 135 *125 133
1012 1012 1078 1034 1239 1278 1358 1112 1234 12.300 American Elide & Leather_100
9
9
•9
100
Do pref
*68
67
6634 67
7014 *8712 68'2 3.900
6778 68
68
7039 68
100
11314 1133 11212 11412 114 11514 11512 117 . 116 118 1 116 118 1 5,200 American Ice
100
Do pre(
900
85 1
*84
854 851s 8439 8412 8414 8414 8414 8412 *84114 85
International
Amer
Corp_
_100
26,600
37
3812
3778
3912 4059 3812 4039 3814 39
3812 3912 37
10
1318 1278 13 I 1278 1278 3,800 American La France F E
1312 1312 1314 1312 1339 1312 13
100
2838 2812 2818 2818 2839 2812 2812 2812 1,100 American Linseed
*2812 29 , 2812 29
pref
100
1,200
Do
I
73
72 1 7114 714 7118 7118 7118 7112 7234 7234 73
*71
par
*114 11512 1154 11512 11512 11614 11512 116 1 11434 116 1 11414 11518 4,600 American Locom new__No
100
Do prof
100
120 120 *119 13114 *119 121 *118 121 *118 121 "119 121 I
2,500 American Metals .____No par
49
4912497
4918 49
4912 4912 4912 •491* 4912 49
*49
Radiator
25
104 10558 10114 10412 10112 105
10112 10412 10312 10312 10214 103 1 4,300 1 memoir'
Amer Railway Express____100
77
*7614 7712 *7614 7712 *76114 77 I *7614 7712 *7614 77
17,900 American Safety Razor___ _100
5812 62
59
5818 57
5918 57
5814 5734 5812 58
58
712 2,700 Amer Ship & Comm_ __No par
7
7
678
67s 7
678 7
*634 7
612 678
i
1054 10578 10518 10639 10534 10658 10558 106381 106 10634 17,600 Amer Smelting & Refining_100
10538 106
__100
Do prof
500
110 1107 *110 111 *110 111
11014 11012 *109 111 *11012 111
2 2,500 Amer Steel Foundries _ _No par
3814 3818 3812 3812 3812 3812 3812 3812 3812 38l 3812
038
pref.
_
100
Do
100
11114
11034 11034 *11014 11118 910,4 MI8 011014
'11O'4 111 *11014 111
64
6312 6312 63
8 4,600 American Sugar Refining._100
64
65
634 6334 64
64's 641
100
500
Do prof
8984 100
99 , "9812 9913 9939 9938 9912 9912 *99 100 I
99
100
8% 11% 5,100 Amer Sumatra Tobacco
878 878
8% 838 *814 812
833 84
814 838
100
Do pre(
100
82 1 7914 7914
*79
81
•79
82 1 *79
82
82
*79
*79
Telegraph
&
Cable
...100
Amer
*393
40
4
40
T303
4
4018
*39
40
40
*39
40 I
. "39
*39
100
14078 141 . 5,400 Amer Tato & Teleg
1404 1414 14058 14078 1403s 140% 14058 141
140% 141
50
9618 961* 9534 96
9618 9639 964 9678 9612 978 9758 9838 8,200 American Tobacco
100
Do prof
400
10759 1075 10712 10758 *107 10712 *107 10712 *10612 107 , 10712 10712
Do common Class B____50
9518 954 954 9539 9512 9614 96
9639 96's 07'4 075s 9839 6,200
600 American Tyre. Founders...100
11884 11834 11878 119 1 120 120 I
120 120 *118 120 *116 120
20
6214 6
6112 62 I 62
62
6378 6314 6514 6412 6512 18,400 Am Wat Wks & El
62
100
Do 1st prof (7%)
9958 99713 9912 9934 *9938 995* 2,100
9934 994 995 9934 9934 100
panic
I00
7,800
Do
p1(6%)
10914
10812
10918
107 10712 10712 10814 103
10714 10714 107 107
100
3912' 7,300 A00061086 Woolen
3958 39
*38
3838 3734 3814 377 3878 3878 3939 39
100
Do pref
8, 3,900
817s 8214 8178 82,
8112 82
7934 7934 8012 8012 8034 81
Writing
Paper
Amer
pref-100
1.500
318'
318
234 3 I
3 I
234 3
3
3
3
3 1
3
700 Amer Zinc. Lead & Smelt_ 25
838 812
814 *814 838 *814 812
*8
814 *772 8 1
8
25
Do pref
*2912 2934 297 305* 1,400
29
29
28
2912 2934 2918 294 29
x4258 4312 33,100 Anaconda Copper Mining-50
43
41
414 4078 4138 4114 42 ' 417s 4212 42
par
MIcIrd_No
Dan'Is
3614 2,400 Archer,
*3212 34 I 34
3312 3312 33381 3358 3339 338 34
*33
100
Do pref
100
9712
9713 "96
*96
96
9734 96
*96
9734 .96
98
*96
9634 9734 97% 9814 5,000 Armour & Co (Del) prof._100
97
9712 97
9712 9713 9712 9784 97
A_ _ 25
2314 2278 2318 227 2318 227 23 I 8,300 Armour of Illinois Class
2234 2314 227s 2314 23
914500 Arnold Constle&Covtc No par
*9
91
9lg
9
9
9
94
918 94
834 94
No par
4414 *4214 44 I 1,900 Artloom
*43
43
4412 4414 4438 43
*4234 4318 44
100
Preferred
800
10314
*10112
10318
10318
10312
10312
103
103
*10212
10214
*10112
102
Goods
100
Associated
Dry
3
3,400
3
s
547
53
8
55 1 *5412 54 4
544 54
54
534 5339 54
*53
100
Do 181 pref
200
99 1
98 1 984 9834 *98
98
*981 99
*98
99
*98
99
100
Do 2d prof.
100
*10612 10712 *10613 10712 *10634 10712 1063 10634 *10634 107 *10634 10714
25
38% 8,700 Associated 011
384 3818 3834 38
38
38 I 3712 3712 3712 38
38
3,700 AM Gulf & W I SS Line_ __ _100
53
1
53
1
53
4
7
523
'
53
515
8
52
51
52
5159 5233
5139
100
2,700,
Do
Pre
5139
514
5112
49
50 ; *5012 5112 *5012
5138. 52 I 5134 52
100
112 11312 11314 11312 2,900, Atlantic Refining
111 111 I 112 112 •111 112 ' 112 112
100
Do pref
1001
1174 11734 *11614 11734 '11614 11734 *116 118 I
•1175 118 1'11734 118
par
Tack
No
Atlas
200
108
4
I
1034
*1034 11
an
111/1 11
11
.1034 11
"1034 11
2414 1,400 Austin. Nichols&Covt o No par
234 2212 2212 2278 2278 *2212 2314 "2212 234 23
*23
100
pref
Do
100
9114
9114
9212
*9114
*9114 9212
93
934 *92
9212 *92
.92
Auto Knitter Hoelery_ _No par
*I% 214. •14 214 "118 24 *178 2 , *178 2 ' *178 2 '
Baldwin Locomotive Wks.100
11358 11413 11418 11512 11418 11514 115 1165* 11512 11634 114 11639 26,000
100
Do prof
11114
4
*1103
•11034 11114 *11034 11114 *11034 11112 *11034 11112'11014 11114
25
2412 233 2414 2359 2412 2352 25 1 244 25 1 8,000 Barnsdall Corp, Class A
2412 2438 24
B
25
Class
Do
600
19
19
1
20
*1918
1912
20
*1918
1912
1912
1912
•19
19121
No par
100 Barnet Leather
*4112 44
•4112 43 1 *4112 4312! 4312 43121
*4112 44 I *4112 44
par
No
Inc
Cigars.
400
Bayuk
4114
4212 42
42 ' *4114 42 I 4114
4234 4234 *42
423
*42
20
6812 6814 6912 685* 69 1 3.700 Beech Nut Packing
6834 6818 6814 6814 6814 .68
68
100
4012 4139 4012 4139 4038 41 I 4114 4214 4214 4358 4234 4312 37,200 Bethlehem Steel Corp
500, Co cum cony 8% pref 100
113 1
•11212 113 t 113 113 , 11212 11212 11212 11212 *11112 113 I 11212
100
200, Do pre 7%
957 96
96
*9432 9639 *94
96 I *9514 9614 .9514 9614 *95
No par
514 512 5,000 Booth Fisheries
512 541
518
*412 43
484 54
5
518 512
417s 20,000 Briggs Manyfacturing _ _No par
414 42 I 41% 42 1 4114 42 I 41% 4134 4118 4178' 41
100
1347 135 I 13514 13614 13614 13712 3,100 Brooklyn Edison. Inc
•134 135 *13312 13412 134 135
No par
8814 8712 8814 8834 8912 8,300 Bklyn Union Gas
8734 8814 8714 88 i 8718 8738 88
100
9878 2,100' Brown Shoe Inc
99 I 9714 99 I 9812 9878 *9812 9834 9814 9859 98
*97
100
Do prat
276
*10539 105% 10578 106 ,•10512 10612 *10512 10612 *10512 10612 •10512 10612
Brunswick-Balke-Coll'r No par
2958 297s 2912 31 1 3014 3118 2934 3158 2918 30 i 2934 3018 8,300
No par
200 Burns Brothers
*102 105 *10234 10312 *10314 10414 10414 10414 10318 10318 *1031a 105
Do new Class B com No par
1,400i
24
264 24
2512 26 I 26
*2212 2312 2312 24'8 24'8 25
91
1,9001 Burroughs Add'g Mach-No Dar
87
90
8134' 8112 8112 8112 8113 8112 821s 85
*79
18
1,800 Bush Terminal new __ No par
18
1814 1712 18
1818 *1712 18
18
18141 18
'18
100
Debenture
8718 1,5001
8718 8678 8678 87
8732 86% 86% 87
8712 8712 87
5
57
57
614 4,500 Butte Copper & Zino
52
53
57
6
6
57
6 I
618
0
Co
100
Butterick
2014
300
*1912 2012 1912 20 *1912 20 "1914 2014 •19% 2014 *194
11/
1
4 11341 11% 1138 1114 1212 6,900, Butte & SuPerior Mining_ __10
1072 1114
1034 11
12
*11
34 2,100 Caddo Cent Oil & Ref __No Par
34
%
34
34
34
34
*34
78
78'
54
72
California Packing
No par
116 11612 11514 11614 11412 11412 11439 11512 11618 11634 11613 1167s 3.3001
25
2878I 2858 28% 19,000 California Petroleum
2838 , 28
2814 277* 2814 277 2814 28
28
100
--- 1 ------ - --Do pre!
10
Zinc-Lead
Ca
Callahan
1,i66
s
- -;irz '14 --28 '
4 -- i.2 - -i% --ii2 -258
4 -;212 --i,-;2
72 -1310
8 50,
-038 497 5118, 2,500 Calumet Arizona Mining
8 50
5054 5034 503* 5138 *4912 5034 50,
Hecia
25
Calumet
&
1534.
4,200
1512
155
8
1514
1512 1558 1538 1559
154 1514 15%
15
35 I 2,100 Case Thresh Machlne____100
35
34
34
35
34
"31
35
35
*31
31
31
100
Do prof
700
80
*77
7714 *7512 7712 7712 7912 *7712 80
77
76
*75
100
1914 104 22,400 Central Leather
1812 20
1814 19
1914 2014
1734 17h 1778 18
100
6412 6418 6538 6334 6478 28,3001 Do pref
6134 6212 624 6318 62
61
60
Ribbon Milla__No par
Century
331s,
2,300'
*3212
33
327
3212
3212
3314
3218
33
3114
3414
*33
100
98
*95
*95
98 *95I Do pref
98
98 "95
*95
5178 *231,
9,900 Cerro de Pasco Copper_Ne par
54
5334 54
5484 25314 9
533 544 5353 54
Products_No
par
Certain-Teed
5212'
60,600
51
,
s
52
5314 53
5312 5112 53
5138 5214
50% 52
21,900 Chandler Motor Car_ No par
3139 34
3534 3412 35
3534 3212 3514 3334 3459 35
35
Pneumatic Tool- _100
Chicago
3
6,700
98
8
9518
964
95
4
953
4
94
4
96
954
29412 9512
9539 96
1,000 Chic Yellow Cab tem ctf No par
48
48
49
4912 5039 497 497
48
50
*46
*4614 47
No par
5734 5834 5,300 Childs Co
5712 5712 58
5714 5778 57
57
5712 5752 57
7
25
5
Chile Copper
7
4
35
7,300
343
343
4
34
34
4
34
3412
343
3414 3438 3412 3434
a
2438 2412 1,500 Chlno Copper
23
23
2378 237
"2218 23
23
2313 *22
*22
Cluett.
Peabody
&
64
200
Co
100
*6314
4
633
64
*63
64
63%
*63
64
6412 6412 *6314
N,par
6.300 Coca Cola Co
11878 121
118 118% 118 11834 11878 11878 1184 119
*11734 119
100
4114 4314 17,900 Colorado Fuel & Iron
4134 43
4214 415* 4212 4112 4234 4134 43
41
4818 *4834 4914 4914 4912 1,000 Columbian Carbon v Ill No par
484 4814 48
48
4834 48
1348
Ex
2
dividend.
11115
Ex-rights
miles
00
a
50
gay.
'Noes,
sated
•Big and
r7614
2178!
rIsh 415.400
Range for Year 1926.
On baste of 100-share lots
$ NY share
8634 Jan 30
10 Mar 19
1 Jan 6
80 Mar 30
117 Jan 9
7112 Jan 5
10314 Jan 3
1312 Mar 19
361
/
4 Mar 23
3638 Mar 19
8014 Jan 19
264 Mar 24
904 Mar 30
1074 Jan 12
15818 Jan 16
115 Jan 29
9712 Apr 27
12034 Apr 2
22% Apr 22
37 Jan 27
94 Jan 5
37 Jan 7
514 Mar 17
125 Apr 27
2714 Apr 7
87 Jan 6
11438 Apr 7
812 Mar 31
59 Mar 31
83 Mar 18
7412 Mar 17
3218 Mar 30
Ill. Jan 2
20 Mar 25
53 Jan 2
10412 Jan 5
11812 Mar 20
4534 Mar 30
5078 Jan 3
7814May 13
31139 Jan 2
55* July 7
9038Mar 30
1054 Jan 5
3758.1une 11
108 Jan 7
47% Jan 16
9114 Jan 16
6 May 6
28 Apr 27
3734Jurie 1
13059 Jan 2
85 Feb 17
10413 Jan 5
844 Feb 17
103 Apr 22
343 Jan 13
99 June 30
9512 Jan 2
3434May 6
6912May 6
212 Apr 2
7 May 12
2472May I
3514 Apr 21
26 Jan 7
9012 Jan 5
9018 Mar 31
20 Mar 19
8 Jan 5
39 June 19
10134May 14
4812June 23
94 Jan 7
101 Jan 2
32 Mar 30
20 Jan 5
,31 Jan 5
9512 Jan 2
113/
1
4 Jan 6
918 Feb 16
22 July 6
87, Jan 27
1/
1
4 Jan 7
107 Mar 30
109 May 1
21 Mar 24
1614 Apr 22
35 Jan 5
39 Apr 28
60 Mar 23
37 June 5
109 Mar 18
9314June I
41
/
45.Iay 4
3334 Mar 17
12052 Jan 2
7512 Feb 17
6412 Mar 31
96 Mar 25
24 June 25
92h Feb 11
17 Mar 31
85 Jan 3
14,
4June TO
80 May 14
4/
1
4 Mar 31
17 May 13
6i2May 5
h Apr 25
100/
1
4 Jan 27
2372 Jan 2
100 Jan 2
212May 8
45 A pr 22
1214May 26
24 Mar 18
60 Mar 11
1454 Mar 28
4914 Mar 24
31 14July 13
9434June 23
4318 Mar 34
40/
1
4 Mar 24
2813 Jan 22
8014 Mar 19
4412July 7
49% Mar 31
3012 Mar 30
19 Apr 23
6812 Mar 17
80 Jan 6
3214 Apr 21
45 Mar 24
Highest
Ish Otttat
Range for Prefrl014f
Year 1924.
Lowest
Highest
$ per share $ per share $ Per 'hart
Intl Feb 26
6714 Jan 93 Dec
435 May
1412 Dec
1578 June 19
11
/
4 Mat
Jan
2.4 Mar 27
95i8May 28
65 Mar 8712 D480
Apr 11852 Dee
120 Feb 26 110
411
/
4 May 7352 Dee
8618 Mar 13
Apr 10472 Dec
90
108 June 3
2178 Feb 11
1
4 Apr 1712 July
7/
1834 Apr 4952 Jan
6278 July 17
1
4 Feb
43 Jan 7
36 Mar 49/
6812 Oct 83 Dec
87s rune 19
544 Jan 3
224 Apr 3872 Jan
76 Apr 102 Dec
110 July 17
11314May 20 10414 July 110 Mar
9578 Apr 16312 Dec
20134 July 17
Jan 119 Oet
121 12 rune 12 109
112May 8
127% June 26 -hI8' Apr 125 JulIf
2132 Mar 25 SePt
27 Feb 14
1
4 Dec
1454 Apr 40/
62 Apr 18
1
4 Dec
109 June 3' 514 Feb 93/
Dec
39
Sept
23
5812 Apr 18
Oct
7
34 June
6,
4 Jan 22
Apr 16454 Dec
88
166 Jan 2
47 June 17
94 Feb 19
Ifs; 13239 Dee
135 June 17
14 Jan 14
734 Apr 145, Dee
75% Jan 14
5012 Jan 72% Dec
72 Aug 96 Feb
118 July 17
734 Nov 83 Feb
88 July 9
41 Feb 5
1738 Mar 3538 Nov
14 Jan 15
10 May 1214 Jan
1
4 Dec
31liz July 2
1334 May 28/
7312.1uly 2
30
Apr 5338 Dec
144% Mar 6
7018 Apr 10934 Dee
124 Feb 16 116/
1
4 Apr 12013 Sent
533
, Jan 2
3854 June 54 Dee
108 July 8
94/
1
4 Apr 136 Des
81 Jan 1:4
7712 Nov 83 Oct
62 July 17
572 Apr 1014 Nov
14 Feb 28
1018 Oct 1552 Feb
5712 Jan 10032 Dee
10858 July 9
11118July 8
Jan 10758 Dec
96
40 May 28
112 Apr 18 10114 Apr -1.
0-9i4 No,
7114 Apr 14
36
Oct 6134 Feb
/
4 Feb
101.2 Feb 28
77
Oct gg1
2412 Feb 14
038 July 2813 Jan
Jan
2212 Sept 69
864May 28
47 Feb 25
3814 Dec 4312 Jail
1444.1une 1
121 18 June 13454 Dec
983* July 17 136% Mar 16978 Nos
108 .June 8 101
Apr 10613 July
953* July 17 13514 Mar 16814 Not
124 June 25 106 Sept 115 Sept
68 June 2
40 Feb 144 Dec
10:1 Feb 18
8912 Mar 101 Dec
10914 July 17
66 Feb 102 Nov
6454 Jan 6
1
4 Jan
5114 Sept 78/
9612 Jan 20
1
4 Jan
90 Oct 102/
712 Jan 3
7 July
11
/
4 Apr
1212 Jan 9
7 Mar 1214 Dee
39 Jan 9
1
4 D(83
24 June 36/
48 Jan 3
2812 May 4814 Dee
3614July 17
2812 Dec 29 Dee
98i2June 10
90 Dec 9112 D60
9814July 17
8314 June 9418 Dec
24 June 20
_
124 Jan 28
6 Jars
8 Oct -14453 July 14
_
103I4May 19
_
5534July 3
100 June 16
8312 May
Nov94
10814 Feb 7
89
Jan 10254 Dec
4112June 15
274 July 3452 Feb
56 July 2
1034 Mar 23 Dec
5338JulY 2
1212 Jan 3112 Deo
11712 Feb 5
78h July 1401s Jan
11734June 8 108
Oct 118 Feb
13 Apr 28
5 June Iva Jan
324 Jan 12
1812 Mar 334 Dee
79 Apr 91 NOT
93 May 14
414May 14
lh Nov
812 Jan
146 Feb 26 104/
1
4 Dee
1
4 May 134/
11652 Jan 31 110/
1
4 June 11712 Nov
14 Feb 2312 Dee
30 Mar 3
23 Feb 6
10
Jan 1712 Dec
4972 Mar 4
2312 Nov 39 Dec
5314 Feb 14
391
Jan
/
4 May 59
7412 Jan 10
4484 Apr 72/
1
4 Dec
5342 Jan 13
3754 Oct 624 Feb
1164 Feb 8 10114 Apr 1104 Feb
8912 June 97 Feb
102 Jan 31
7 Jan 10
3/
1
4 June
1
4 Jan
7/
4412May 25
14032May 22 10-714 ihhe -1.1474 115-e;
9158NiaY 22
56/
1
4 Apr 8234 Dec
39 May 7613 DISO
10012.1une I
10634June 15
84 June 9954 Dec
4938 Jan 21
10912May 9
95 Dec 11-2i2June
30 June 6
1932 Feb 29 Nov
91 July 17
6234 Nov 6712 Oot
1912June 15
8972.1une 20
854 Jan 2
3/
1
4 June -11-14Dec
2854 Jan 3
17 Apr 25/
1
4 Dee
24/
1
4 Jan 9
14 May 2512 Dec
238 Jan 12
1 Nov
414 Jan
118 June 1
80 Apr 10614 Daa
3278 Mar 7
1912 July 29/
1
4 Feb
Jan
123 May 22
9212 July 107
212 May
5/
1
4 Jan
434 Feb 19
58 Jan 7
1
4 Dee
41;4 Mar 58/
Mk Dec
1838 Jan 5
134 May
3512klay 28
14 Mar 35 Dec
Jan
4114 May 77
8014May 26
9% Mar 2152 Dee
21% Feb 7
2914 Mar 5814 Dec
66 Feb 7
1
4 Nov
2534 Apr 35/
474 Mar 11
Jan 9512 July
91
9834 Jan 14
E,624 Des
5512 Jan 2
40/
1
4 Mar
24% June 4412 Dee
5312July 15
26% Nov Celt .1110
3958June 9
7978 May 100% Dec
9858 Jan 3
39 May 6118 AI/f
55 Jan 3
_
597sJulY 1
2552 Mar -18-33 Dee
3758 Jan 2
, Mar 29 Dee
28% Feb 2
Get 751 Jan
65
711
/
4 Jan 12
Apr 834 Dec
61
1224June 12
2472 Feb 6414 Aug
4814 Jan 13
1
4 Jan
39/
1
4 Sept 55/
5154 Jan 8
New York Stock Record-Continued--Page 3
For sales during the week of stocks usually lnacti.e, see third page preceding.
NIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday.
July 11.
Monday.
July 13.
Tuesday. 1We4wesday.1 Thursday,
July 15.
July 11.
July 16.
Friday,
July 17.
Sales
for
Ibis
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
?RR SD ARE
Range for Year 1925.
On basis of 100-share lots
309
egl( SH Aria
Rance for Previous
Year 1924.
Lowest
Richest
Lowest I Hightull
$ per share
per share I $ per share $ per share 8 per share
per share Shares. Indus. & Miscell. (Con.) Pot $ Per share $ Per share
per
6314 634 6314 6458 6418 6634 6614 6738 6534
share $ Per than
37,800 Col G oS & Elec
No par 4834 Jan21 6984May 21
33 Mar 48 Dec
1
•10912 ____ 1104 11018 .110
____ '10912
Do pref
100
100 10414 Jan 5 11018July 15 10314 Dec 105 DO,
-*64
67
*64
6653 *64
6612 64
64 .62
Comml
66
Invest
*62
100
Truet_No par 50 Jan 2 67 Feb 16
6612
3038 May 58 Nov
•102 10612 *102 10612 *102 105 *102 10612 .102 10612 *102
1)0 pref _
10612
100 102 Mar 19 10613 Jan 19
9212 9212 93
93 May 103 Nos
93
94
94
9312 0312 92
1,450 Commercial Solvents A No par 80 May 25 190 Jan 29
91
93
91
4312 Jan 13114 Dec
*91
95
*92
95
*91
95 .92
96
914 92
90
1,100
Do "1391
No par 76 May 25 189 Jan 29
33
Jan 12912 Dee
26
264 2614 2652, 264 2638 2584 26
2534 26
2512 2614 6,700 Congoleum Co new..._No par 2312JulY 8 4313 Jan 2
3234 May 66/
.4
1
4 Feb
34
78
78
4
'8' "4
*34
78
78
034
/
1
4
500 Co sley Tin FollstampedNo par
1213day 19 17 Feb 10
7
/
1
4
May
3634 3672' 364 3672 36
1414 Dec
3618 3614 3878 3734 3734 364 37
3,500 Consolidated Cigar.. No par 2613 Jan 2 4413May 29
.8312 85 I 8434 8434 *84
111
/
4 Mar 30 Nov
85 i *8412 85 .85
86
Do prof
100
79
/
1
4
100
Jan 2 89/
1
4 Feb 14
5
5912 Apr 84
514,
5
Jan
533
484 5 I
412 5
452 434 *84
558 84
634 7,600 Consolidated Distill:1're No par
34 Jan 7
9/
1
4 Feb 19
18 Jan
8718 8832 8652 8714, 8658 8738 8738 8734 8718 874
324 Dee
87
8912 31,500 Consolidated OM(NY) No par 741
/
4 Mar 30 8912May 23
*314 314
6072 Jan 7972 Dee
313 3141
318 318
3
318
2,300 Consolidated Textile___No par
3
318 314
314
234June 9
514 Jan 7
7014 714 7112 7258 7114 7112 7113 7214 7114 7213 71
2/
1
4 Apr
8
Jan
27,900 Continental Can, Inc..No par 6012 Mar 30 7252
72
112 112
rulY 13
110 112 *11112 113 *112 113
4312 Apr 69,24 Dee
11212 11212•112 11314
300 Continental Insurance
25 103 Jan 5 12(03 Jan 36
103*)
891
/
8 1012 1012 1034 1012 104 z1018 1012 1018 1033 104 1083 22,500 rlont'l Motors
4
Apr
1091s
Dee
tem ctfs_No Par
84 Jan 2 111
/
4May 9
3534 3534 3534 36 1 3534 3638 364 3678 364 364
6
Apr
874 Dec
3534 3634 9,200 Corn Products Refin
_ 25 3234May 29 4152 Feb 25
12412 12412 *12314 127 *12314 128 *124 127 *12312 128
311
/
4 Jan 4334 Nov
100
*12314 -Do pref.
......_100 1184 Jan 7 127 July 3 1151s Apr
*68 6812 68
6812 68
123/
69 4814 6914 69
1
4 Aug
70
6878 6913 9,100 Crucible Steel of America__100 6412 Mar 30 79/
1
4 Jan 17
48 May 76 Dee
.96
9612!. *96
964 96
96 I 9578 9578 96
96
*9512 96
300
Do pref
100 92 May 8 96 Jan 15
•11
1134 1184 1134 *1112 1178 *1112 1178 *1114 12
86 May 98 Dee
*1114 1178
100 Cuba Cane Sugar
No par
10/
1
4 Apr 29 1428 Feb 9
50
5012 50,
1012 Oct 18 Feb
8 5058 5038 5078 5032 51
51
514 5078 51'2 3,900
Do pref
100 4734 Apr 30 6258 Feb 26
2858 29 I 2854 2878 2878 29
5324 Apr 711
/
4 Feb
2834 29
29
2914 29
4,100 Cuban-American Elugar____10 27 May 6 3312 Mar
293
8
95
97
*95
3
97 1 *9638 97 .9638 97
2814 Nov 3871 Feb
*9638 97
97
97
200
Do
pref
100 9513MaY 5 101 Mar 13
4
418 *4
412
4
96
Jan
4
4
10014
Nbv
4
314 4
313
3,800 Cuban Dominican Bug_No par
34
314 July16
6/
1
4 Feb 27
31
*30
*30
33 1 *30
4/
1
4 June
33
8/
1
4 Feb
*30
33
25
30
2318 25
700
Do pref
100 2314.1111Y 17 444 Jan 6
*75
*7314 81
80
38 Deo 52 Feb
*75
80
75
75
75
75
*734 75
200 Cushman'* Sons
No par 62 Mar 30 87 June 8
5514 5534 5512 5638 56
5812 Aug 7624 Sent
5614 *5412 55
55
5538 55
1,900 Cuyamel Fruit
551
par 50 Feb 17 59 May 25
•184 2
*184 2 1
4518 Nov
134
134 *134 2
1
4 Jan
74/
*158
13
14
153
700 Daniel Boone Woolen MIt
No
lls.25
1 June 25
3478 35
3412 35
773 Jan 9
3458 3458 3434 3558 3488 35
6 Nov 32/
1
4 Mar
345
8
3,100
351
DavLson
Chemical v t c_No par 2773 Apr 30 4934 Jan 23
*1958 21 *2
*1934 21
201 21
3812 Nov 69/
*2014 21
1
4 Jan
*20
300 De Beers Cons Mines_ _No par 2014 Mar 18 244
21
*12414 12412 12418 12418 12414 12518 125 1251 12512 2038 21
Jan 28
1814 Jan 2214 Dec
1254
1254
2.500
Detroit
4
1258
Edison
100 110 Jan 5 12573May 22 10114 Jan
2912 2978 29
3012 2934 31
2958 30
11524 Dec
284 2934 2814 29 198,500 Dodge Bros C1388 A...No par 21341une 9
31 Julv
8234 8312 8278 8372 8312 84
8358 841
8314 8114, 83
8312 55,400
Preferred certifs....No par 7312May 7 13112JulY 14
'314
1434 *14
1412 1414 1412 14
15
14
1412 1578 15
1514
Dome
6,100
Mines. Ltd
No par
1234 Apr 14 161
•1884 19
/
4 Jan
1852 1858 1858 1858 1858 191z 1914 1912 019
lig; 14;194 3,700 Douglas Pectin
No par 14 Feb 16
1104 1104 11014 11534 *11014 11034 11014 11014 11014 111
938 Jun 18 Deo
111 111 : 1,000 Duquesne Light 1st prof ___100 105 Jan 7 2034June 16
1084 10812 108 1084 10818 10814 10734 108
11178June 8 10011 Mar 108/
1
4 Sept
10738 108
1918 194 19
1911 1834 1912 21834 191s 1878 1914 10512 10712 4,700 Eastman Kodak Co._ .No par 1047sJune23 118 Jan 19 10418 Apr 11471 Nov
185s
183
7,800
4
Eaton
Axle
Spring.
&
1012
Feb
Par
13
17712 1784 17778 179
21112July 7
178 179
824 Sept 241.4 Jan
17934 18134 18034 181
18012
181
4,200
E
1
Pont
du
Nem
de
& Co_ 100 13414 Jan 5 184 July 3 112
*9978 10114 *99 10114 *99 101 *100 10058 10014
May 142 Dee
10014 100 10318
300
Do pre! 8%
100 94 Jan 23 102 July 7
37/
1
4 3818 3712 3814, 3712 3833
85
Apr 96 Dec
3833 39 1 3834 4018 3878 3978 115,900 Elec Pow & 1.t ctts._ _ _No par
174 Apr 25 404 July 16
109 10912 10878 109 1 109 10912 109 10958 10958 110
I 10912 110
3,600
40% Pr Pd
100 Mar 18 110 June 16
•10912 111 510912 111
110 11012 11014 11012 11014 11014 *10912 111
_
500
Pre( full paid
10012 Mar 28 11034June 24
63
634 63
6314 6338 6312 64
64
64
65
3,000 Elec Storage Battery. No par 6034 Mar 30
6333 65
•112 2
*158 2 1
7024 Jan 3
138
5011 May 112 .138 2
61 Dec
*112 2
.112
Emerson2
500
Branting
ham Co_100
1 12May 1
*68
2/
1
4 Jan 3
6812 *6712 6812 6812 684 69
% JUDO
3/
1
4 July
6914 6918 6958 69
6918 1,400 Endicott-Johnson Corp_ 50 63/
1
4 Apr 2 72 Jan 9
*114 115 *114 115 *114 115 *114 115 *114 115
8878 May 7322 Dec
115
'15
700
Do
pref.
111
100
May 28 116/
•16
1612 1612 164 .16
1
4 Feb 16 10512 June 115
1612
*16
Jan
164
*16
163
.16
4
163
Exchange
4
100
Buffet Corp_No par
•112 6 1 .
1512 Apr 8 197g Jan 3
12 6 I *112 6
18 Dec 24/
*112 412 *214 412 _ _ ____ ______ Fairbanks Co
1
4 14118
25
2/
1
4 Mar 27
384 3812 *3812 39 I .3812 3914 3914 4014 404
412May 28
2 Dec
4
/
1
4
Jan
423
4
14,030
4
423
443
4
Fairbanks
Morse
No par 3214 Jan
1004 10138 10012 1024 102 1014 10258 10358 10314
1
4July 17
2512 May 34 Dec
10112 10318 10418 27,800 Famous Players-Lasky_No Par 9014 Feb 2 44/
*114 118 1 116 117
17 lo978.1,ily 2
117 11814 211678 11714 •116 117
61
Jan 98/
1
4 Dee
11613
1.600
Do
1164
pref
100
103
0
/
1
4
Feb
17 118'4 July14
3178 3234 32
3214 32
87/
1
4 Jan 108/
3214 32
1
4 Dec
3318 3234 3312 3212 33
8,000 Federal Light & Trac
15 30 May 21 30 June 19
1713 *15
•15
1712 174 1712 *16
18
*15
18
*1614 1712
200 Federal Mining & Smelt'g_10(
1514 Mar 13 25 Jan 19
05514 57 . .5614 57
5678 5714 .57
51s Apr 2433 Dec
5734 *57
4
573
2,500
58
583
4
Do
pre(
100 491/ Mar 11
*163 165 .163 169 *165 168
6414 Jan 15
411
/
4 Jan 6412 Dee
1634 16312 *163
16512 1651,
200 Fidel Phen Fire Ins of N Y._ 25 1471
/
4 Jan 13 175 May 15 118 Mar 146 Dee
•17
1778 1734 1784 .1618 1778 •1512 1778 .16 166
1778 *16
1778
100 Fifth Ave Bus lam ette_No pa
12 Jan 8 1734
75
7534 7412 76
13
912 Jan
754 77
13Is Jan
744 7534 7434 76
748
7534
4
15,100
Fisher
Body
Corp
I
20
2038 2038 2084 2058 2114 2114 2178 2112 2214
6014 Feb 17 7934 Italy 9
21
22 153,300 Fisk Rubber
No pa
*102 103 I 10278 10314 104 105
104 Mar 24 2214 101Y 16
512 June l37s Dec
10473 105 , 105 10678 1054 107
7.200
Do
1st
pref
100
884 89 I 8958 9034 90
7512 Jan 16 107 July 17
381s July 86 De,
9378 90
9034 9012 91 1 9012 9114 9,300
No pa
75 Mar 19 911
128 13012 129 130
/
41n17 7
12412 12884 124 12712 12634 12814 12712 13178 26,100 Fleischman Co
4414 Jan 9014 Nom
Foundation Co
No par 90 Jan 6 13178July 17
134 1534 1412 154 1434 16
6612 Jan 9411
16
/
4 Dec
164 1512 16 1 1534 16
33,200
Freeport
Texas
Co
No par
8AI 9 I
8 Mar IS
0
912
187141une 15
9
7/
94 *914 934
1
4 Sept 13/
1
4 Jan
913 912
1,300 Gardner Motor
84 9
No par
4/
1
4 Jan 2 1614 Mar 2
314 Oct
7
Jan
47
4714 47
4778 46
47114 .4712 48
*4712 48
*4714 4758 1,200 Gen Amer Tank Car
9834 09 I *99 100
100 4434 Apr 27 Pug Jan 10
35/
*99 100
1
4 May 53 Deg
99
99
100 10014 10012 10118 1,200
Do prof
5412 5412 53
100 93/
1
4 Feb 16 1014July 17
53/
1
4 53
545312 54
92
Feb
9912
Dee
54
547
54
8
5478
5,400
General Asphalt
*93
100 4212 Mar 30 63/
9534 92
94
1
4 Jab 2
93
93 I 94
311
/
4 Apr 63/
1
4 Dec
94
95
95
9518 961 1,900
Do pre/
100 8612 Mar 17 100 Jan 2
144 144/
1
4 143 145 *145 146
7112 Apr 100 Dee
145 145
14512 14612 14512 146
1,600 General Baking
8714 8734 88
No par 121 Mar 7 149122une 15
8812 8812 89
93
Jan
89
160
90
90
Sent
5,000 General Cigar Inc
2854 28634 28534 28834 28612 2874 287 2884 28614 9078 9014 91
100 8412May 4 1011
/
4 Mar 4
821
, AP
98/
1
4 Dec
288
287 29012 13,100 General Electric
100 2274 Feb 17 320 Jan 2 193/
•1112 1134 '1112 1134 1184 1134 .1112 1134
Jan 322 Dec
1
4
1112 1134 1112 1158 1,400
Do special
10 11 Jan 2 1170107 10
85
8513 8538 8638 8512 864 8558 8638 854 8612
10/
1
4 Apr
1112 July
8518
48,300 General Motors Corp_No par 6428 Jan 5 8712Ju1y
*98 100 i 96 ---- •96
8
5514 Oct 6674 Dec
____ *96
____ *96
____ *96
_ .1 ____ I
Do Prof
100 90 Feb 13 94 July 6
*98 --I .96 ---- .96 ____
80
June
93
9612 961 .96
Dee
.96
____
1001 Do deb stock (6%).._100 8812 Apr 21 9814.1une 27
11334 11334 112 11212 112 11212 112 1121 112 11258
8018 June 93/
1
4 Dec
1124 11214 5,200
Do 7% pref
100 102 Jan 5 11334July 11
1
4 5612 5618 57 1 5578 5612 561* 5654 564
56/
95/
1
4 July 10312 Dec
5712
41,200
56513
8
573
Genera
Petroleum
25 42 Jan 16 59 June 12
*4412 4612 .4412 45
*4412 4434 .4412 4434 4434 4434 .45
38% June 45 Ana
46 I
100 General Refractoriee___No pa
43 Apr 28 584 Jan 14
5538 5538 *5512 57
31 Jun
5514 5538 .5512 56
55
Jan
800 Gimbel Bros
10102'2- -- 555s 5558 554 5612
No Pa
47 Mar 16 62 June 9
47/
1
4 Jun
6472 Dee
•102I2 106 *104 1044
I
Do pref
10 10214 Mar 14 10514 Jan 20
3812 39 I 38
3812 39
99
Jan 107 Bent
404 4078 4278 42
43
4114 42 i 26,400 Ginter Co temp afs_No pa
223
4
Feb
217s 224 2158 2178 2178 22
13
July
43
16
21 Dec 27/
2173 22
1
4 Nov
2158 2178
8,300 Glidden Co
No par 1212 Mar 19
39 I 3834 394 .3814 3912 394 3912 3818 3814 2112 22
39
8 Jun
15 Nov
1
3834 398 2,400 Gold Dust Corp v t c.. N0 Par 37 Mar 3 23451a5
5612 574 57
4212May 20
5814 5634 5814 574 59
28/
1
4 AD
4372 Nov
5732 59
57
52,300
5752
Goodrich
Co
par
Nc
3624
F)
(B
Jan
*98
5 59 July 15
9878 98
98
*97
9812 9812 9912 9814 99
17 Jun
38 Dee
9734 9812 2,000
Do pre
100 92 Jan 3 tialsMay 22
10178 102
102 103 I 10214 10378 10312 10478 10434 10518 1033
704 May 92 Dee
8 1044 4,500 Goodyear T & Rub pf v t 0.100 86/
1
4 Jan 6 1053* July 1
105 105 *10412 105 , 1044 105
39
105 105
Jan 9054 Dec
10472 10512 *105 10512 1.000
Do prior pref
100 103 Apr 27 107/
1
4 Mar 6
8814 Jan 10812 Dee
16
16 I 1584 16 I 16
16 I 16
1638 1614 1612 1612 1613 1.500 Granby Conn
Min Sm & Pr_100 13 Mar 30 2114 Jan 14
10412 104/
1
4 10414 105
105 1054 1054 10558 10438 105
1212 Apr 217g Dee
144 1412 1433 1438 1412 14341 1434 1478 1453 144 104 10414 3,700 Great Western Sugar tem ctf 25 91 Jan 16 11318June 19
83/
1
4 Oct 96/
1
4 Dee
144 1458 1,700 Greene Cananea Copper_100 1134 Mar 19
8214 83 I 81
1914 Jan 2
8314 8024 8112 8154
10 May 2172 Dee
2
8312
84%
Gulf
30,000
States Steel
100 671
/
4 Mar 24 94/
2812 2812 2812 2812 28/
1
4 Feb 5
02 May 89/
1
4 2812 2818 28141 28
1
4 Feb
2812 2814 2812 1,900 Hartman CorporatIon_No
93
252
Apr
Par
4
24
3712
308440
Jan 7
3
3978
31 Sept 4424 Feb
3934 4012 40
4041 40
4034 3978 4053 9,400 Hayes Wheel
No par 30 Mar 14 4314 Jan 3
46
46
*45
46 •45
47
32/
47
1
4 May 5278 Feb
47 I .45
47
47
47 I
300 Hoe (R)& Co tern ctfs_No par 45 Apr 1
54312 44
04358 44
487
2
Ian
44
9
44
4814
*44
Dee 511
45
*44
/
4 Dee
45
*44
45
200 Homestake Mining
100 43 Jan 2 50 Jan 12
41
4178 4112 42
4178 4233 42
4258 4278 4333 43
35 July 66/
1
4 Jan
4338 10,900 Househ Prod,Inc,temctf No par 34/
1
4 Jan 5 433 July
73
7312 74
7412 73
7312 7312 7312 7312 7612 74
3124 Apr 38 Nov
76141 3,400 Houston 011 of Tex tem ctfs_ 100 59 Apr 22 85 8 Jan 16
64
6414 634 6418 64
29
644 644 64% 64
61
Apr 82/
1
4 Feb
6434 6358 6412; 19,300 Hudson Motor Car _._No Par 33/
1
4
Jan 5 6612July 7
1914 1912 19
194 1918 1913 2184 1914 19
20/
1
4 May 36 Dec
1914 1834 1914 19,800 Hupp Motor Car Corp
10
Mar 18 2012June
36
364 3618 3684 3618 3734 374 3834 37
Ills May 18
384 3718 3838 70,400, Independent 011 & Gas.Ns par 1414
Jan
1312 Jan 5 4134June 19
•15
174 .15
1712 •17
17
18
534 Sept 1614 Dec
17
17 I *1612 18
*17
18
500,
Indian
kiotoeyol
e
*8
NO Par 13 Mar 24 20 Jan 3
814
8
81 8
814
154 June 2514 Feb
838 838
834 914
84 918 1.000 Indian Refining
5
/
1
4
10
Jan
*83
90
*83
2
90
*83
10
/
1
4
90
Feb
*83
6
3/
1
4 Apr
90 I .83
90 •83
7/
1
4 June
90
Do pref
100 77 Mar 24 95 Jan 7
40
40 .4012 41
*4012 41
60 Mar 75 Dee
40
4012 4013 41
41
4114 2,000 Inland Steel
No par 3834MaY 1 50 Feb 2
10712 10712 107 107.•107 108 i*107 108 1 108
311
/
4 May 48/
108 *107 ____
1
4 Nov
600
Do . Prof
10412
2814 2814 2812 294' 29
100
Apr
13
110
Jan 22 10114 Jan 10724 Dee
29 1 2834 2914 2812 2918 2812 2914 6,700 Inspiratio
n Cons Copper.. 20 2214 Apr 22 3234 Jan 12
1312 13/
1
4 13/
1
4 1384 1384 137s 1318 135
2218 Feb 33/
13's 14
1
4 Dec
14
1438 7,500 Intermit AgrIcul
•122 123
NO pa
122 122 : 1244 12412 12412 12558 12538 12838 12818
71s Jan 7 1411 lune 30
3 Jun
928 Jan
12912 5,800 lot Business Machinea_No Pa 110
.6534 68
6712 6741 6714 68
Mar 30 12912July 17
6712 6712 6712 68
83
AP
118
71 Dee
8
1,300
Internati
onal Cement_ _No pa
43
4218 43 I 424 43312 4212 4314 4212
42
52 Jan 5 6912July 9
4034 AP
59/
1
4 Nov
43
424 4254 15,900 Inter Combos Engine_Ne pa
31/
1
4 Jan 21 4514June 18
22 Mar 39 Dee
•108 10812 *108 1094 108 10834 109 109
108 10854 1083 1114 3,400 International Harvester-10
•11832 11813 11838 11838 118 118
0 984 Mar 25 11414Mal 20
11814 118,4 11814 11814 11814 11814
78
Jan 110/
1
4 Dec
800
Do prof
100 114 Mar 3 11838July 10 106 Fe
*84 814
812 84
812 812
812 84 0812 834
1
4 Nov
115/
812 812
900 lot Mercantile Marine_
100
•3113 3238 3158 32
713June 25 1478 Feb 5
3112 32
3112 3112 31
6/
1
4 Jan 1522 Dec
314 31
3238 5,000
Do
pref
2958 3018 2958 30
100
2934 30
295
0une
25 524 Feb 5
2934 3014 2934 3038 2978
2612
Mar
/
1
4
47
Dee
37,000
09958 100
Internati
3013
onal Nickel (The)26 244 Mar 18 314June 12
*9934 100 .9934 100
59934 100
1112 May 271s Dee
9912 *9854 99
100
Do met
100 94 Jan 6 9958July 8
6618 6678 664 67
6614 6738 6678 6712 x9912
75/
1
4 May 95 Nov
6612 684 6618 6712 10,900 International Paper
100
*7812 80
.78
80
4884 Mar 19 7458June 1
*78
80
7912 7912 798 793 .7912
341
/
4 Apr 60 Dee
300
804
Do stamped pref
100 71 Mar 9 8212May 26
16812 16812'16512 16812 16838 1684 170
•165 166
62/
1
4 Mar 74/
170
1
4 Oet
171 174
700 International Shoe
No par 108 Feb 2 175 July 2
•11534 11618 116 116 *116 11633 116 116 •116 1163
73 Apr 119 Nov
8
116
116
3,300
Do
Prof
116 11614 1174 11914 11714 12212 12014 12438 12214
100 11514
9 121 June 3 1154 May 11916 Dee
125/
1
4 1211
/
4 123
34,100 Internat Telep & Teleg_100 8712JulY
23
*20
21
21
21
21
2012 2012 .20
Apr
3
1254JulY
66 Feb 94 Dee
21
*20
22
500 Intertype Corp
No par 18 July 8 2613 Jan 16
1734 1734 *174 18
17
1734 *16
1713 17
6
2412 Dec 32/
1
4 Mar
17
17
17
700 ..eefel Tea, Inc
*103 106 *104 106 *105 106
100 17 July 3 2172 Feb 26
_ *105 108 .105 108
16/
1
4 Apr 23/
1
4 Jan
Do prof
100
.
1814 184 1812 1858 18
1814 19
10212
Jan
19
110 Feb 25
1814
1814 1838 1814 181
78 Mar 106 Dee
1,100
Jones
Bros
Tea,
Inc.
stpd
100
3938 4138 3912 4034 40
1334June 23 211
4212 39
4018 40
Feb
/
4
3
Sept
/
1
4
14
27
Jag
/
1
4
40'4
3934
16,400
407
Jordan Motor Car
No par 39 July 15 5913 Mar 3
3158 3138 31
3112 3114 3114 31
31
2144 MAY 52/
3012 31
1
4 Dec
3134 3258 2,300 Kayser (J) Co v t c
1310 par 1834 Mar 17 9012June 12
*934 9514 *9314 95
*934 94
09314 9414 94
164 Aug 38/
1
4 Jan
94
94
941
400
Do
1st
pref
NO pew 83 Mar 30 10014June 2
1912 1912 1952 20
20
2083 2012 2114 2034 21's 20
77 Aug 10212 Fet
207 16,900 Kelly-Springfield Tlre
25 1214 Mar 24 2158July 3
70
•70
70
71
*65
7034 71
71
914 June 35
70
Jag
70
*6712 71
300
Do 8% pref
100 41 Mar 25 74 July 3
*65
71
*65
71
*70
71
.70
72
*65
33 June 88
Jan
71
*65
71
Do
6%
pref
100 43 Mar 25 72 July 3
*90
95
*90
95
*90
95 .90
95
June 7812 Jan
•90
40
95
95
Kelsey Wheel, Inc
100 88 Mar 26 10412May 12
531., 8311 5379 535, 541* 531, 541, *90
527x 534 53
76 May 104 Der
5358 541 43,100 Konneentt Conner
No par 4812 Mar 30 5734 Jan 13
344 Jan 57/
1
4 Dec
*DM aneaenen mks= DO sake on Me day. I Endlvidend. 1 Par
value channel from $109 to $60 and Prim
On that Mole be Mania June 3. 12 El-rights
•109 4
3,109i4
66
6534 65,4
"Ka,
5614
New York Stock Record -continued--Page 4
310
For sales during the week of st,cks usually Inactive, see fourth page preceding.
f'S5 Giti Atilt
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
gentrdap.
July 11.
Monday,
July 13.
Tuesday.
July 14.
Wednesday
July 15.
Thursday.
July 16.
Friday.
July 17.
Sales
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE
Range for Year 1925.
On basis of 100-share lots.
Lowest
Indus. & Miscall. (Con.) Par
Per share
17 Jan 9
Keystone Tire ds Rubb_ No par
Kinney Co
No par 74 Mar 25
100 355 Apr 28
Kresge 03 Si Co
Kresge Dept Stores__ _No par 3118 Jan 21
Laclede Gas L (St Louis)-100 11014 Jan 5
Lee Rubber dr Tire_ __No par 1155 Feb 20
Liggett dr Myers Tob new.- 25 57 Mar 25
Do prof
100 11612 Jan 16
Do "IT' new
25 5512 Mar 27
Lima Loo Wks
No per 60 June 23
Loew's Incorporated
No par 22 Feb 17
No par
Loft Incorporated
6 Jan 28
100 77 Feb 17
Loose-Wiles Biscuit
Lorillard
25 3014 Jan 24
100 1084 Feb 27
Do oref
Louisiana Oil temp ctfs_No par
1438 Mar 31
Ludlum Steel
No par 3134 Feb 17
Mackay Companies
100 114 Mar 20
Mack Trucks, Inc
No par 117 Jan 16
Do 1st prof
100 104 Jan 27
Do 2d pre'
100 99 Jan 2
dc Co,Ino_No par 6912 Jan 3
Macy (II
Magma Copper
No par 34 Mar 31
Mallinson (H R) dr Co_No par 2138 Mar 30
Manh Elec Stipp tern Otte No par 32 Mar 21
Manhattan Shirt
25 2014 Mar 16
Manila Electric CorpNo par 2812 Mar 5
Maracaibo Oil Exol___No par 254 Apr 2
Marland Oil
No par 3238 Mar 30
Marlin-Rockwell
No par 1038 Mar 13
No par 2512 Mar 24
Martin-Parry Corp
Mathieson Alkali Wkstem ctf50 51 Jan 0
Ja
aa
n 27
Maxwell Motor Class A _ __100 3
73,4
4% j
Maxwell Motor Class B No par
107I2May 6
A certificates
800
•115 118 '115 118 '115 118
117 118 *11638 11722 1164 116%
7712 Apr 24
B certificates
112 11312 10938 11812 10934 11178 11034 11112 11114 11114 10838 11014 33,900
114 11512 1,700 May Department Stores_ _ _50 101 Mar 23
113 114
•113 114
11312 114
11412 11478 114 114
Mar 17
Class
B
No
par
79
McCrory
Stores
2,500
97
9812
*9313 95
9438 95
95
95
95
9514 9512 9634
800 McIntyre Porcupine Mines_ _5 16 Jan 2
18
18
1712 1712 1712 1758 *1712 18
18
18
*1734 18
1,900 Metro Edison Power pt.No par 874 Apr 21
8 115
11334 11412 114 11414 114 1141z 11412 11412 11312 11412 114,
800 Metro-Goldwyn Pictures pf_27 18 Jan 3
2014 2014 20
20
2018 2018 20
20
2014 20,4 201g 2018
1418 14
14
1438 14
14
1378 14
1334 1458 1438 1412 4.700 Mexican Seaboard 011....No par 1112 Mar 17
6 8 May 12
1034 1078 1034 1078 1012 1038 1012 1034 6,000 Miami Copper
10
,
8 1078 1034 11
18,000 Mid-Continent Petro_ _No par 2618 Apr 17
3314 34
3218 3278 3213 34
3258 3278 3212 324 3212 33
38 Apr 16
218 212
218 218
218 214 6,800 Middle States 011 Corp_ -- 10
21s 214
212 214
2
218
100 96 Jan 2
800 Midland Steel Prod pref
11878 1174
117 117 •115 118 *115 118
3110 117 3113 117
100 64 Apr 17
86
83% 112,200 Montana Power
8212 8334 83
857 88
8738 8914 87
8478 83
58
,
s 6114 65,200 Monte Ward dr Co Ill corp..10 41 Mar 30
575g 5838 58
5712 58
5834 5858 5938 5812 59
No par 2234 Mar 19
14,600 Moon Motors
3312 3334 3312 33341 3313 3412 x3314 34
3314 3313 3212 33
May 4
73,
758 734 9,400 Mother Lode Coalition_No par
714
712 758
732 758
714 7121
712 712
No par 18 Apr 9
3034 3114 21,000 Motor Wheel
3018 30
308 3113 3038 3138 3078 3114 3034 31
1434
Mullins
No
par
Feb 2
400
Body
Corp
4
18
*153
1634 1718 1712 1712 1534 18
*16
1734 *1534 18
No par 3018 Apr 23
100 Munsingwear Co
*3434 35
3412 3413 *3334 35
*3412 35
*3434 35
*3334 35
800 Nash Motors Co
No par 1934 Jan 5
443 444
445 445 '435 445 "435 440 442 443 *435 440
300
Do mei
100 10334 Jan 21
*10618 _
.10618
10634 107 *10634 10714 3108 10634
•10634
414 Mar 24
-712 *724 712
600 National Acme stamped _ _10
712 714 *7
714 714
714 714
738
5,200
National
Biscuit
25 65 Apr 29
7018
703
4
703
4
72
72
71
7014
7118 7032 71
7014 7034
100 12312 hlar 11
300
Do pref
125 125
*123 127 "123 127 '123 127 "123 127 *123 125
900 National Cloak & Suit._100 6512 Mar 5
6934 6973 6978 7014 7012
'68
6934 6814 69 '69 6934 "69
100 99 Jan 13
100
Do prof
•101 102
102 102 3101 102 •101 102 "101 102 *101 102
571s 11,700 Nat Dairy Prod tern ctfmNo par 42 Jan 2
5438 5438 54
5412 5438 5512 5578 5714 5612 5712 56
4234 4234 4234 4234 42
4212 4112 4212 4114 4112 4112 41 22 2,900 Nat Department Stores No par 3812 Jan 2
400
Do pref
100 96 Apr 15
9718
97
98
*9914 100 '9914 100
*9914 100
x971z 9712 98
36,4 18,000 Nat Distill Products__ _No par 30 Apr 0
3314 3314 *3314 34
3434 3312 3334 34
3358 3358 34
1,3001
Nat
Distil
Prod
pi
tem
ctf
No/Jar
5218 Jan 8
66
6714
65
6558 '65
67 '6538 6634 •6538 6634 6534 66
800 Nat Enam & Stamping...100 25 Apr 30
"3113 3134
"2912 31
*2911 31
31
32
3178 32 "3112 32
Do prof
100 75 June 22
300
82
82
83
*81
80
80
7914 7914 "81
85
85 "81
1,100 National Lead
10 13812 Apr 27
149 150
148 148 *149 150
148 14814 14972 14978 150 151
Do pref
10 116 Jan 5
100
118 118 '117 11912 3117 11912 3117 11912 '117 11012 3117 11912
8014 July 10
900 National Supply
5
6114 6114 61
.6114 6278 *6112 62
6114 8014 6014 6118 614
1134 Apr 27
4 1318 134 3,800 Nevada Consol Copper____
13
1312 13
•1278 1314 1278 1278 127s 13
par 4234May 1
No p
4312 4312 4334 4334 4334 4334 4334 4334 4338 4612 5.800 NY Air Brake tern ctfs_Na
44
44
A
Mar 19
Class
51
600
Do
4
54
533
53
5212
'5214
*52
5312 '52
5312
5312 *5214 53
3134 Mar 30
4455 4414 447 10,900 N Y Canners temp ctfs_No pa
42
44
4434 4478 4414 4434 44
4458 43
100 18 Mar 24
800 New York Dock
2538
25
'26
28 '2534 2612 "2512 27 "251z 2612 2534 26
Do pref
100 524 Jan 14
700
67
6712 67
387
67
•6712 69
6712 6712 67
67: '67
200 Niagara Falls Power_ _ No pa • 4518 Jan 5
76
*75 _- 754 7512 370
•70
73
*72
75
75
75
Do prat new
2
28 Jan 5
300
2814
*281g 2814 '2818 2814 2818 2818 2815 284 2814 2814 328
10 414 Jan 5
5018 5818 159.400 North American Co
5734 59
58
55
55
5358 5418 5278 5334 53
Do Prof
50 4638 Jan 2
4958 2,000
49
49
49
3494 50
4934 4934 4912 4934 4834 49
400 Nunnally Co (The).-.-No par
8 Jan 16
*9
912 912 *934 10
934 934
912 *9
912
912 912
84 Jan 22
800 Ontario Silver Min new No pa
634 6%
678 672 *634 7
*612 7
*634 7
'61s
1,200 Onyx Hosiery
NO Par 1855 Jan 6
28
*2814 294 28
•25
2534 25
5
2534 2714 2712 28
1 2534 Jan 16
2818 2834 9,400 Orpheum Circuit, Inc
2734 28
2734 28
32734 2778 277 2814 2734 28
50 8738 Feb 27
*12358 12512 124 12412 1241s 12514 125 12514 12512 12714 127 12912 3,2001 OW Elevator (k)
Steel
Otis
NO
8,0001
Par
8 Mar 18
1312
133
4
1358
1312
1314 1314 13
1313 13
1338 1318 13
,
8
9001 Do pre/
100 504 Mar 18
77
77
77
77
73
73
*7314 78
76
77
"7311 75
25 4234 Mar 17
533s 54
5334 547
54
5512 5434 553s 5434 5512 5458 5538 33,1001 Owens Bottle
$ per share $ per share $ per share 3 per share $ per share $ per share Shares
314 31
314
338 7,300
31g
212
235 238
222 238
21
23
800
86
8512 8512 853s 8614 8612 8612 *8513 86 '8"
86
334
*45158
475
'45234
466
*45234
*453
475
*45412
500
____
466
*45114
900
37
36
3612 '3512 37 1 3534 3534 3538 3818
37 '36
*36
500
151 151
150 150
150 150
150 151
•145 160 '145 160
17
1778 1712 1738 1718 1738 6,800
163s 1612 1612 1634 1634 17
6512 *64
6512 "65
6512 '64
*64
6512 6512 6512 6534 6614 1,600
500
*119 12114 *121 12114 *121 12114 12114 12114 "120 123 *122 123
64
64
6318 6318 63
6438 6414 6434 6438 648 3,800
6334 64
1,200
61
61
8012 6012 6034 62
62
63
*6113 62
62
361
7,300
s 2838 2878 2878 2914 2834 2914 2834 29
2858 29
2858 28,
818
734 8
758 72s
8
758 8
738 734
734 778 2,600
700
94
*93
94
95
9434 9434 94
9412 9412 9412 9412 94
4,500
3334 34
34
34
34
34
3414 3358 34'.,l 3338 34
34
500
11378 11378
*109 113 '111 113 '110 11213 11212 11212 113 113
1784 18
1734 177s 1712 1778 1712 1818 18
1814 9,700
1734 18
3658 8,100
"3412 36
3458 3534 3434 35
3434 36
3514 3634 35
*12514 12714 *12514 12714 *12614 12814 *126 12814 *12578 12814 '12534 12814
179 18014 18014 1837s 182 185
18412 18638 184 18734 18513 18834 57,500
600
11014 11034 .110 111 *110 111
*110 11014 *110 11014 110 110
300
105 105
106 106 *10414 106
*10414 106 '10414 106 '10414 106
800
8512 857
*85
8638 8518 86
851s 851s "85
87
86
88
414 4114 4134 4112 4178 4134 42
42
4218 4214 4212 8,100
41
2618 2614 2518 2578 25
2538 5,800
26
2634 26
26
2518 26
51
51 • 51
5234 1,300
'5034 51
*5034 51
*5034 51 '5034 51
2812 2812 2812 2812 2812 2812 2834 2712 2838 1,000
•28
2811 "28
300
*41
43
43
*41
43
4134 4134 *41
43
4112 4112 '41
2714 1,700
2612 2634 2613 2612 2618 2658 2612 2718 27
*2612 27
4312 4334 4314 4334 4318 437s 4358 4412 4334 4433 4434 4512 107,500
2314 2322 2338 2438 3,100
2312 24
24
24
23
23
23
23
8,700
29
2812 2812 2811 29
2914 2914 2922 2934 30s 2938 30
1,500
8114 8112 82
80
7912 7912 7934 8038 "8038 82
81
80
1,000 Pacific Gas dr Electrlo
100 10212 Jan
11214 113
11118 11118 3112 113
113 11338 11278 11278 113 113
54 Apr 1
Pacific Mail Steamship____ 5
3104 11
*1038 11
3104 11
31038 11
*1038 11
"1038 11
No pa
524 Mar 30
57% 5838 17,800 Pacific 011
56s 5678 5678 5714 5634 57,
8 5712 57% 574 58
10 15 Jan 1
3612 371s 33534 3638 3512 364 334 3514 65,500 Packard Motor Car
3614 3658 3618 37
Do pref
100 10214 Jan
8 112 •110% 112 311038 112 •11038 112 311038 112
,112 *110,
•I105
1738May
2178 2238 211g 2238 2114 21% 2112 2178 2112 2178 2012 2112 9,000 Paige Det Motor Car_ _No pa
Petr
dr
Trans
10,900
Pan-Amer
50 04 Jan
77
761z
75% 76%
7513 76
7514 76
7578 7618 7558 76
Jaa
n
Do Class B
Si) 63% j
s 77,
8 35,200
g 7614 7534 7712 76,
7558 7614 7578 7658 7514 7618 75,
ioo Panhandle Prod dc Itef_No par
3314 4
*314 4
314 314 *314 418 *314 4
*314 4
112 Jan 1
500 Pariah & Bing stamped_No par
134 31% 134
1,
8 152 •138 134 •138
•138 134 3138 134
2612May
N o pa
400 Park dr Tilford tern etfs_Na
32934 30
30
*2912 30
3012 2912 30
30
329
'30
30
2112May 2
23
2514 2412 24% 4,700 Penick & Ford
2314 2518 2434 2512 25
'23
2314 23
200 Penn Coal & Coke
60 1234 Apr 2
1434 1434 *1412 1434
*1418 15
31338 1434 *1312 1434 *1412 15
114 Mar 31
112 1% 16,300 Penn-Seaboard St'l vto No Par
132 112
138 112
138 112
1% 112
112
138
3,000 People's DL &0(Chic)---100 112 Jan 16
311312 114
11318 11318 113 1134 113 113% 1141g 11412 11434 117
6078 6014 607s 22,300 Philadelphia Co (PIttab)- 60 514 Mar 18
6012 60
5878 587s 584 5834 5814 5934 59
Do pref
50 4512 Jan 5
100
49
*48
4912 49
4912 348
50
4912 348
•48
4912 "48
3734MaY 6
,
8 4138 10,500 Phila & Read 0 dc I ....No Pa
39
4038 4038 4134 40
3818 3814 3812 3812 384 39
38 July 11
Certificates of Int.....No pa
400
3934 394 34012 4214 403s 40s
38
38
*37
234 1
224 *3812 40
July 13
52
Phillips-Jones
Corp__
.No
par
2001
60
"521z
60
*5214 60
355
35214 60
*52
64
1838 1514 1875 19,4001 Phillip Morris & Co, Ltd--10 1234 Mar 19
•1618 1612 *16
1612 1534 1612 164 17
17
364 Mar 30
No pa
435s 4378 4334 4438 4378 4414 44
4412 4418 4512 4514 4614 47,200 Phillips Petroleum
3258 3158 3234 317s 3314 32% 3338 324 334 3212 3338 49,800 Pierce-Arrow Mot Car_No par 1078 Mar 30
32
100 43 Mar 24
4,5001 Do pref
7812 80
78
7812 79% 7713 78
797
78
79
7712 78
No par 85 Mar 18
1001 Do prior Prof
165 165 3160 170 *160 170 3160 170
•158 170 3160 170
134 Jan 2
Corporation
Pierce
Oil
25
4,3001
2
1%
1%
17
178
14 2
134 17
134 178
14
100 254 Jan 2
Do prof
500
*3212 34
32
•3212 3312 3134 3134 3314 3312 *3138 3312 31
534 Jan 2
634 634 10,100 Pierce Petrol'm tem ctts_No par
814 6%
634 678
612 7
612 658
63g 634
100 3714May 2
471y
500 Pittsburgh Coal of Pa
4614 4614 4712 4712 *46
4712 *46
48
*48
4712 *48
*8515 87
100 80 May 4
Do prof
86t
200
91
87
38512 87
*854 87 .8512 87 .82
87
100 94 Mar 26
Steel
pre/
Pittsburgh
99
9
398
99
99
9912
•98
398
99
398
•98
100 30 Apr 27
39
300 Pitts Term Coal
*36
38
3718 3718 38
39
335
*35
38
38
336
83
100 79 July 10
4.79
81
8112
37912
83
379
82
379
379
82
*79
f Utilities pref.....10 1278 Mar 24
1,900 Pitp
au
Prrgeli
15
1512 1578 *1514 1512 1538 1538 1514 1514 1518 1514 15
400
Do pref certificatee----10 124 Mar 20
31414 14% 31414 1478 *1414 1478 1478 1478 14% 14% 1434 1434
934 Feb 16
2,100 Post'mCer Co Inc tem ctflVo pa
118 119
11712 118
11838 1184 11778 11778 118 118
118 118
10
45 June 25
5212 5212 5212 1,400 Pressed Steel Car
5112 5112 5112 5112 514 5134 5134 5238 52
prof
Do
100
7812 July 9
79
100
*77
376
79
79
79
77
77
*77
378
7812
*76
191 24,200 Producers dr Refiners Corp- 50 1712July 15
171
194 19
2278 1812 1938 1712 19
2312 234 18
625g Mar 30
7212 7214 724 7234 7312 7234 7314 71% 72% 32,800 PubServCorp of NJ newNo pa
717s 7212 72
100 99 Jan 7
300
Do 7% Prof
10034 10034 10038 10058 310014 1004 1003s 100%
39912 101 *10034 101
Do 8% prof
100 10855 Apr 1
300
1134 11318 •114 115 *114 115
311218 11318 113 11318 3112 114
Pullman
3,200
Company
100 129 Mar 30
1394
140
140
139
139%
140
139
13912
13938
8
1383
139
313834
50 35 July 17
3812 8,700 Punta Alegre Sugar
384 3838 3812 3834 3812 3878 3838 3912 3812 3934 35
2
2538 Apr 17
29
2834 29
29
2912 2914 2972 9,200 Pure 011 (The)
29
2838 29
2834 29
nref
Do
1075.,
10212 Jan 5
100
1075*
100
108
108
3107
3107
3107
108
108
•10812 108 310612
a No par. s Ex-rights.
k Trading on
•Bid and asked prices; no sales on this day. z Ex-dlvidend. a Ex-new rights,
beeause of small amount 01 stock outstanding.
Highest
PER SHAIta
Range for Prectoo.
Year 1921.
Lowest
Highest
$ per Mars $ per share $ per sitars
4118 Jan
312 JulY 16
11 Oct
524 May 864 Dee
8734May 25
532 Mar 24 2874 Jan 4754 Dee
424 Nov 8278 June
4534 Jan 7
Jan 113 Nos
79
178 Mar 31
8 May 1718 Jan
18 July 1
50 Mar 6834 Dee
7112 Feb
122 July 7 11478 July 121 June
4878 Mar 684 Dee
7034 Feb 6
Dec
56 June 71
7432 Jan 14
154 June 25 De
3138June 2
8/
1
4 Jan
54 Apr
94 Apr 6
50 Mar 84 Nov
974 Mar 7
3338 Deo 404 July
377 Jan 13
Feb
114 June 26 112 Nov 117
2334 Feb 3
17
Oct
55 Mar 4
Jan 119 Aug
12914June 25 107
7534 Apr 11872 Dec
18834July 17
9512 Jan 10714 Dee
111I2June 10
87 Apr 10114 Dee
108 July 15
91 June 3
59 May 714 Dee
4414 Jan 2
2618 June 45% Dec
18 Mar 414 Dee
3712 Jan 23
3314 Mar 4954 July
59 Mar 10
Jan
2612 Dec 44
304 Jan 3
2834 Deo 3118 Dee
491: Apr 24
3512 Jan 31
24% Oct 3712 J111)
29 May 42 Feb
464 Jan 31
2138July 17
Jan 174 Mar
8
3118 Nov 3752 Jan
3718 Jan 7
29% May 5834 Dee
84I23une 12
12
27
1121,4
38 Apr 8418 Dee
%e 3
104 Apr 3934 Dee
118127une 26
12178June 16
12834May 25
8212 Apr III lie;
July
86
Oct
0834July 7
14% Dec 184 Jan
1818 Feb 24
9014 Apr 101 Dee
115 July 17
15 Sept 19 Dee
2214 Feb 5
141s Jan 2534 Sept
2212 Jan 6
20 May 25 A -2444 Jan 13
3618June 8
1 Aug --ilia an
314June
9112 June 98 Nov
118 July 8
614 June 7434 Dec
89'4 July 16
2134 May 484 Dee
6114401Y 17
1712 Oct 2712 Feb
35 July 7
6 May
918 Jan 2
94 Feb
35 June 29
2112 Feb 20
"Iiig Vet;
3412 July 11
2918 July 3914 Jan
964 Apr 204 Dee
448 May 4
9814 July 104% Nos
107 July 15
34 Oct 104 Jan
8 June 5
75 Jan 2
6012 Mar 7714 Sept
1281aMaY 9 1204 Jan 12854 Dee
44 June 7078 Dee
78 Jan 26
9112 Mar 10078 Dee
104 Jan 29
5878May 25
304 Apr 4414 Dee
45 May 12
364 Oct 43
Jan
92% June 101
102 Jan 2
Dee
3714May 27
30's Aug 64
6934May 23
Dec
3878 Jan 21
184 Sept 44% Jan
8934 Jan 12
07 Sep
89
Jan
16678 Jan 9 1234 Apr 1694 Aug
118 Mar 4 1114 May 118 Sept
71 Jan 29
5412 04
724 Feb
1178 Jan 104 Dee
164 Jan 7
3818 Apr 57 Dec
564 Jan 3
4714 Jan 57 Dee
67 Jan 7
471gJune 18
82
une 37 Dee
3118 Apr 14
19 Jan 874 May
7214June 26
414 Feb 5514 May
7512July 16
42 Sept 67 May
29 Jan 12
27 June 29 Sent
59 July 16
Jan 45 Del
22
4.372 Jan 5014 July
50I8June 2
7 Apr
1018 Jan 30
912 Dee
838 Oot
434 Mar
712June 5
Jan
18 May 30
28 July 15
18 Feb 29 Dee
2988 Feb 27
68% June 92 Dee
12912July 17
117s Jan
614 Nov
144May 26
44
Oct 7434 Mar
7912July 2
394 May 474 Jan
5512 JtUy 14
90% Jan 105 Dee
11814June 3
Apr 104 Jan
11 May 26
45 Apr
Feb
6514 Jan 31
353 July 8
9% May 1012 Dee
$912 Apr 1024 Dee
112I8May 26
2312Jul3' 8
8378 Mar 3 "iii4 Feb 66 -Dee
414 Feb 64% Dee
3
86
412M
54 Faabr 26
112 Sept
44 Jan
1/
1
4 Dee
34 July
178 Feb 11
24 Sept 3534 Dee
3512 Jan 10
28 Apr 14
18'g Nov
2638 Jan 2
14 Oct
3 Jan 9
414 Jan
12214June 16
9214 Apr 11918 Dee
42% May 474 Des
614June 27
49 July 17
4214 Jan 47
Jan
5212 Jan 9
344 Mar 544 Dee
504 Jan 23
35 Mar 523s July
904 Jan 12
44 May 88 JI117
11 July 2334 Jan
18's July 17
4718J une 12
2812 Oct 4212 Apt
3614July 10
618 May 16 Ds
88 June 18
1818 May 54 Dee
179I2July 7
5912 June 95 Dee
44 Jan
312 Feb 5
14 Apr
Jan
40 Feb 26
20 Mar 36
54 Dee
438 Oct
84 Feb 5
544 Jan 13
4778 Dec 6314 Mar
9472 Aug 100 Mir
99 Jan 5
Jan 103 Aug
95
10212 Jan 8
58% Dec 6334 Dee
634 Jan 17
83 Dec 874 Dee
88 Jan
978 Jan 1878 Dec
0une 25
177
1118 Feb 164 Dec
16 June 26
4812 Apr 10312 Dec
121 July 2
39 Aug 62 Jan
69 Jan 23
67 Aug 90 Feb
92% Jan 3
2234 Apr 434 Jan
3238 Feb 3
39 Mar 70 Dee
74 May 21
9812 Mar 10118 Dec
10212June 3
994 Apr 115 Dee
11438June 4
15134 Jan 3 11312 Apr 151% Dee
67% Mar
373s De
474 Jan 7
304 Dec
20 Jun
3334 Feb 4
92 Jan 10514 Dee
10738July 17
N. Y. Stook Exchange suspended
311
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually Inactive, see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 11.
Monday,
July 13.
Tuesday,
Wednesday, Thursday,
July 14. 1 July 15.
July 15.
Friday,
July 17.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
?Etc ASH Alt&
Range for Year 1925.
On baste of 1W-share tots
Lowest
Highest
PIS!, suAlca
Range for Previous
Year 1924.
Lowest
Highest
Shares. Indus. 8c Miscall. (Con.) Par $ per share $ per share $ Per share $ per share
254 Oct 6678 Dee
58,800 Radio Corp of Amer__ _No par 484 Mar 27 7778 Jan 2
50 4838June 9 54 Feb 4
4578 Oct 50 Dec
Do pref
500
Jan 1374 Dec
100 12212 Feb 17 14184 Jan 5 106
400 Railway Steel Spring
Jan 3312 Nov
No par 3378 Jan 7 3814Nlay 1
Rand Mines, Ltd
38
9 Mar
1712 Dec
33,300 Ray Consolidated Copper_ 10 1138 Apr 22 173s Feb 9
10 Slay 16 2814 July 9
No par
9
Oct
1612 Jan
24,200 Reis (1tobt) & Co
3214 Jan 5412 Dec
3,100 Remington Typewriter __ _ _100 4634 Jan 27 7634June 15
100 100 Jan 2 105 Apr 21
9014 July 9934 Dec
Do let pref
100
100 107 June 19 11312 Apr 29
9012 May 110 Dee
Do 2d pref
714 June 2314 Nov
No par 1258June 12 234 Jan 13
13,700 Replogle Steel
42 June 6338 Dec
100 4218 Apr 30 6438 Jan 3
9,300 Republic Iron & Steel
82 June 95 May
100 8414 JU1Y 7 95 Jan 13
Do pref
400
No par
8 July 2 18 Jan 5
94 May 2234 Jan
2,400 Reynolds Spring
6158 Mar 7938 Dee
12,600 Reynolds (It J) Tab Class B 25 7214 Mar 24 7834May 25
100 11978 Jan 8 122 Apr 29 11514 Mar 121 June
Do 7% prof
200
25 85 June 25 974 Feb 20
86 Mar 96 Sept
800 Rossla Insurance Co
4033 Sept 5912 Feb
25,300 Royal Dutch Co(NY shares)- 4814 Mar 24 5738 Jan 31
22
Jan 4578 Dee
10 3534July 1 5212Nlay 25
16,200 St Joseph Lead
3258 Jan 8878 Dec
26,400 Savage Arms Corporation 100 4812 July 15 10838 Mar 3
par
Retail
Stores_No
Schulte
108
May
16
1167
8
Feb
91
9634 1413r 12914 Aug
2,100
100 110 Jan 6 115 Feb 191 105 May 11234 Dec
Do pref
200
No par 1312June 9 1634June 22
2,700 Seagrave Corr
100 14712 Mar 30 177 July 17
7834 May 151 Dec
15,500 Sears, Roebuck & Co
10
74 Jan 3
514 Apr 22
1,800 Shattuck Arizona Copper
4
Apr
8 July
No par 4018 Mar 30 72 July 17
5,400 Shattuck (I C)
900 Shell Transport & Trading_ 52 397851ay 3 4554 Jan 30
3-3- -Jan 42 Dec
No par 2212 Jan
2858 Feb 4
224 Dec
16,200 Shell Union Oil
1534 July
100 9912 Jan 2 10458July 15
Do prof
200
9112 Jan 9912 Dec
10 1912 Mar 17 2834 Jan 12
5,000 Simms Petroleum
1038 Jan 'Z4 Dec
No par 3114 NIar 17 46 June 29
7,200 Simmons Co
22 Apr 37 Dec
17 Jan 6 247g Feb 2
43,600 Sinclair Cons 011 Corp_No par
15 July 2718 Jan
100 7834 Jan 2 9418 Feb 3
800
Jac
Do Prof
75
Oct 90
25 2134 Mar 30 3012 Feb 3
7,200 Skelly 011 Co
1718 July 29 Feb
12,700 Sloss-Sheffield Steel dc Iron 100 8014 Mar 30 9834July 17
52 May 8478 Dec
500 South Porto Rico Sugar_ _100 62 Jan 6 7534June 19
Oct 954 Mar
58
No par
Spear & Co
18'2July 7 24 May 28
100 83 July 3 92 May 19
400
Preferred
No par 1512 Feb 17 2534July 6
9,500 Spicer Mfg Co
;
.
758 June 20 -ffe
100 92 Apr 1 108 July 10
Do prof
200
78 July 9814 Dec
74,600 Standard Gas dr El Co_No par 4014 Jan 2 5738 July 16
314 May 4158 Dee
100 62 May 19 8073June 18
300 Standard Milling
3912 May 7334 Dee
100 81 Jan 20 86!tiJune 12
Do pref
70 July 85 Mar
8,000 Standard 011 of California_ 25 5658 Mar 30 13714 Feb 2
5512 Apr 6812 Jan
36,000 Standard 011 of New Jersey 25 3838 Mar 30 4712 Feb 3
33 Stay 4214 Jac
Do prof non-voting. _ _ _100 11614Ju1y 7 119 Feb 24 11534 Mar 11918 AUS
2,300
16 Jan 16
800 Stand Plate Glass CoNo par 10 Feb 11
1318 Oct 3514 June
No par 6214 Mar 25 7514 July 16
9,500 Sterling Products
5512 Apr 6513 Nov
7,100 Stewart-Warn Sp Corp_No par 55 Mar 18 774 Jan 3
4812 July 10078 Jan
1,300 Stromberg Carburetor_hro par 61 Mar 18 7054 Jan 3
5412 May 8478 Jac
65,200; Stubeb'r Corp(The)new No par 4114 Jan 28 50 July 7
3012 May 4614 Dec
100 112 Mar 13 1834June 3 10978 Nov 115
______ 1 Do prat
Jac
838June 9 12 Mar 6
NO par
700 Submarine Boat
6 Nov
1288 Dec
No pa
33,51ay 28
64 Feb 9
2,700, Superior 011
238 Jan
AUS
100 20 May 1 4138 Jan 10
100, Superior Steel
23 July 35 Dec
50
54 Mar 19 1134 Jan 7
1,100 Sweets Coot America
134 Sept
3
Jan
1,5001 Symington temp ctfs__No par 1012 Jan 15 19 Mar 12
1,000' Class A temp c tfs_ _ _No par 2014 Mar 19 2312 Jan 17
1414 Dee
6001 Telautograph Corp___No par 1134 Mar 30 15 Feb 7
614 June
75g Apr 1 1214July 17
21.500 Tenn Copp & c
No par
634 Mar
984 Jan
53,6001 Texas Company (Tha)__ 25 4234 Jan 5 5438J une 12
3734 June 4538 Jan
10 974 Feb 17 11414July 8
6,200 Texas Gulf Sulphur
5714 Ain 110 Dee
14,200 Texas Pacific Coal & OH
10 1111 Jan 5 2338 Feb 11
8 Oct 1514 Feb
100 122 Mar 30 152 Feb 27 11614 Oct 151
400 Tidewater 011
Feb
3112 May 41
98,900, Timken Roller Bearing_No par 3734 Mar 18 4614July 16
Jan
52 Apr 7338 Dee
9.2001 Tobacco Products Corp... 100 70 Jan 2 8412July 1
Jan
100 934
8314 Mar 9312 Oot
2 10212June 26
2,100
Do Class A
575 May9
378 Jan 2
13,500 TranseYI()titan et!new No par
334 Apr
614 Jan
2514May 13 35 Jan 10
2838 Oct 3518 Jan
300 Transue & Williams St'l No par
3618 Sept 43
Jan
25 3818 Mar 26 4858July 14
5,100 Underwood Typew
3312 Sept 6438 Feb
400 Union Bag & Paper Corp_ _100 36 AM' 1 6012May 25
18 Feb
.21 Jan 3 1.00 Feb 28
38 Apr
No par
500 Union 011
35 Nov 39 Nov
25 3618 Apr 27 4338 Feb 5
5,400 Union Oil, California
94
Jan 13278 Sept
600 Union Tank Car
100 11812 Jan 17 134 June 19
Do pref
100 11314June 17 11718May 6 10614 Feb 11634 July
20
Oct 37 Feb
No par 24 Slay 15 3078 Mar 4
5,800 United Alloy Steel
4212 June 6414 Nov
31,700 United Cigar Stores
25 6014 Jan 6 9612Ju1y 1
71 May 12138 Dec
4,500 United Drug
100 1104 Feb 4 13078 July 7
4612 May 53 Dec
200
60 52 Jan 18 56 June 15
Do 1st pref
Jan 22412 Aug
900 United Fruit
100 20478 Mar 31 231 Jan 3 182
13 July 48 Dec
41,100 Universal Pipe & Rad_-No Oar 2612 Apr 27 504 Feb 11
100 65 July 10 94 Feb 11
4712 Oct 79 Dec
5,200
Do prof
64 Feb 16938 Dec
32,400 US Cast Iron Pipe & Fdy_100 13114 Apr 22 250 Feb 11
8178 Jan 10414 Oct
6,300
100 91 July 11 11212 Feb 27
Do pref
2112 May 42 Dee
16.200 USDistrlb Corp tem et1No par 304 Feb 17 3934 Jan 17
100 130 Mar 9 154 Jan 8
Do pref
98 July 168 Deo
1658 Mar 2439 Oct
3,000 II(3 Hoff Nlach Corp v t o No par 23 Jan 3 3934J1lly 8
100 76 Mar 19 9458May 26
11.700 U S Industrial Alcohol
611a May 8714 Dee
Do pref
98
Jan 10614 Deo
100 105 Jan 29 115 June 22
8,900 U S Realty dc Improv't
100 11412 Mar 30 14734Nlay 12
90 Jun 14312 Dec
100 12214 Jan 2 142 May 4 100 Jun 143 Dee
Do pref
557
55
161-4 5534 101-4 594 6434 6318 6512 6238 6412 177,200 United States Rubber
100 3313 Mar 30 6512JulY 16
224 Ma
4278 Jan
107 1071 107 108
107 10812 108 10812 10812 10812 10814 10814 5,800
Do 1st pref
100 9234 Mar 30 10812July 14
6632 May 9578 Dee
3814 3814 38
3914 39
3912 3912 3934' 3914 3934 3912 395* 4,100 US Smelting, Ref & Slin
4111 Dec
50 30 Feb 17 3914July 9
1812 Ma
4512 451 *4538 46
3712 Ma
46 1 *45
4512 4512 46
407e Dec
500
50 44 Apr 16 4612 Jan 5
4614 454 4538
Do pref
11538 116
11534 117781 11734 11812 11812 11938 139,500 United States Steel Corp 100 11233 Mar 30 12958 Jan 23
11514 11612 11512 116
121
Dee
9414 Jun
*12414 1247 12473 12478 12434 12434 12434 12478 12478 12418' 12412 12478 2,000
100 122183u1ay 7 12658 Jan 26 11814 Fe 123 July
Do pre!
•93
9538 9338 9338 9414 9414 95
9512 9512 0512 *05
10 82 Mar 19 9512 July 15
Jan 8834 Dec
700 Utah Copper
84
9614
34
3312
3334 3414 33
334 Feb
3418 3178 3212 3112 3238 3114 3172! 9,200 Vanadium Corp
No Pa
2558May 4 3434 July9
1918 Jun
•1812 20 .18
20
*18
20
2014 2014 *2012 22
200 Van Raalte
par 1634May 13 2414Slay 19
*20
22
No 1oo
334 Jan
1534 Cie
69
69 •65
.65
*65
70
*6912 70
69
69
*6912 72
500
Jan
Do 1st prof
60 Apr 1 73 May 22
53 Sept 80
534 61
54 64
63e 658
552, 634
55* 618
218 Mar 23
538 23,400 Virg1n1a-Caro Chern___No pa
4
1038 Jan
814JulY 9
34.111n
1814 1934 1958 2114 1818 2214
1718 18
18
812 Jan 5 2312JulY 8
100
1934 1418 1818 41,700
Do pref
212 Jun
3434 Jan
3
314 •318 4
314 31
*3
312 *314 4
1 Jan 17
212 212
No pa
Do "B"
7
44July 9
600
Jan
Is Jun
1478 1478 1434 1512 15
1438 15
1514 1514 15
15
714 Jan 13 1634June 26
414 July
1512 4,100 VIvarlou (V) new
154 Jan
No pa
1534 1534 1534 1578 153* 1558 1558 1534 1534 1534 1,900 Waldorf System
•1534 157
par 1512May 11
14 An, 20 Nov
1978 Jan 3
157 157 •155 157 *155 156
156 156 *155 157 1 3'155 156
200 Ward Baking Class A Noo
116 Apr 30 158 June 17
N
_
6512 66
6558 0718 6612 6734 6714 6812! 67
6534 661
3714 Mar 30 69 July 2
No pa
685* 35,500, Class 13
*10512 1061 10512 10512 *105
1061210612 10612 •10.512 106,4 *105 10614
9412 Feb 11 10612June 25
200
No pa
Preferred (100)
5618
5618
.
5518
5634
.
5532
5613,
.
55
56t,
56
390 W
5658 564 56
We
elbls
er F
51 Apr 17 5714 Feb 9
dtarFl
go
eilbr. new_c No pa
*338 a
*338 5
*314 5
*3
5
*312 5 1 *312 5
1
318Jtine 25 13
12:2 Noe
22
5 Oct
11478 115
115 115
•114 115
11434 11434 *11412 11512 11412 11478 1,100 Western Eleo 7% prat
100 11334 Jan 9 11712June 25 11152 Apr 117 July
13233 1323 13212 13312 13312 13538 133 13334 13212 134 1 132 133
8,800 Western Union Telegraph 100 11614 Jan 2 13712July 3 105 May 11834 Dec
10518 10514 106 1074 10512 10612 105 10512 *104 106
*120 105
97 Apr 9 11378 Jan 7
2,800 Westinghouse Air Brake,.... 5
84
Jan 111 Dec
7112 71
7138 7114 7278 73
713
, 7133 71
74
6614 Mar 28 84 Jan 3
7312 7438 32,100 Westinghouse Else & Mfg_ 5
5518 May 75 May
163g 1712 1538 164 1538 16
1614 17,4
1514 16
914 Apr 1
1514 1534 30,600 West Eiee Instrument
1712July 14
26
2638 2558 2614 2412 2578 243s 25
244 26
1958 Mar 31
Class A
2412 2478 9,400
254July 13
11914 11914 12114 125
•122 128 •120 126
12812 12812 126 126
No par 105 Mar 2 145 May 21
600 West Penn Co
4712 Jan -1-2-7- Dee
9812 *98
9838 9981s 9838 •98
9812 *98
*98
300
9838 9814 99
Do 7% pf tern ctf new _100 94 Apr 3 99 June 17
8712 Apr 97 Dec
27
27
27
27
2712
2814
par
27
,
8
No
5,800 White Eagle 011
28
2718
29
255/ Mar 31
2834 29
3134 Feb 2
2318 Slay 2938 Feb
7234 7334 7314 7334 74
7412 7312 7434 735* 74
7234 73
50 5718 Mar 30 76 Jan 13
15,700 White Motor
5012 Apr 7212 Dee
5
JAB
Wickwire Spencer Steel_No par
321 Jan 30
34 Oct
13,1 Jan 10
4
418
44 4 8
4
4
_ 1:765
4
4
338June 29
378 4
--414 -11-4
Certificates
538May 15
1014
lins 194 1912 1918 2014
1914 1912 1914 1933
94 Jan 26 2412May 11
5
1912 2014 74,900 Willys-Overland (The)
es May -11-14 Jan
Jan
100 7214 Jan 28 111 Slay 22
Do pref
104 1044 14,900
6113 May 88
10234 10418 100 10312 10258 10338 10278 10312 10312 105
633 *6
64 638 *6
638
6
558
558
Jan
6
6
633
28
600 Wilson er Co, Inc
512May 29 1334 Mar 7
418 Stay
No Par
2112 2112 2134 2134 *214 23
*2112 2212 *2112 23
22
400
100 18 Apr 24 60 Mar 7
Do pref
Aug 7218 Jan
11
22
25 11214 Jan 28 1644July 8
158 15818 160 16034 16118 16334 16214 16334 16112 16234 16012 16114 11,700 W )olworth Co(F W)
724 Apr 12634 Dee
41
4112 414 424 4114 4114 3,400 Worthington P & M
Dec
100 3634May 14 7934 Jan 2
4012 4012 4012 4012 41
40
2314 June 81
*75
82
•75
*75
82
82
82
*75
.
1 75
100 79 Apr 6 88 Jan 9
82
82
Do pref A
88 July 8912 Dec
•75
65
65
65
6812 65
*6414 6712 *6414. 68
584 Jan 7534 Dec
200
100 65 Apr 7 7634 Feb 11
Do prat B
68 •65
*65
29
31134 30
3114 30
2873 2838 29
3078 11,500 Wright Aeronautical __NO Par
16 Mar 30 32,
95s May 233s Dee
8July 1
2814 2873 28
504 5078 5012 5012 51
*0012 51
*5012 51
52
51
1,460 W rigley (Wm Jr)
35 Apr 4634 Dec
51
No par 4012 Star 30 524 Feb 7
*43
44
4312 44
43
4314 44
45
43
4318 4,000 Ys Sow Cab Mfg tern otfs__ 10 3312 Feb 18 484Junc 27
32 Nov 8538 Mar
4212 43
67
6712 68
*664 67
gel. Clef 7^ Dee
704 •70
71
67
1,900 Y. ItOratOW .1 Sheet & T No par 63 Mar 27 764 Feb13
•6612 6714 67
.op,
r
di.idead
c New siool oo the .44119 Of 1 new share for three old sheres
,pe
1$ Per share $ per share $ per share 1$ per share $ per share $ per share
5614 58
5712 5878 5718 5814 5614 5734 564 584 56
58
5014 5014 *4912 5038 50
5014 5014 50381 514 5113
50 I *50
•123 124 *121 124 *121 12312 12318 12312 123 123 *124 125
*3318 40
*3378 39
*3312 39
*3378 39
*34
*3334 35
39
1358 134 1338 1378 1334 14
14
1414 14
1412 1458 15
2712 28
26
27
2678
2778 2612 2712 2612 2712 2612 27
7318 7334 7334 7434 *7312 7414 7378 7478 7312 7412 7314 7418
•10114 104 *10114 104 *10234 104
103 103 *104 106 *104 106
•105 10834 *105 10834 *105 10834 *105 10814 *105 10814 *105 108
1338 1334 *1334 14
14
1612 1512 1618
14
14
16
16
4478 4512 4534 4534 4538 4614 4614 4738 4714 4838 48
484
*85
8718 *8478 874 *86
8712 *8634 8712 8712 8712 8758 88
914
914 933
95
919 978
914 914
978 978
912 978
7718 7712 7738 7712 7718 7734 7712 78
7712 78
7734 7838
*120 122 •120 122
12038 12038 12112 12112 *12038 12112 *12038 12112
894 8978 8912 8912 8912 8912 *89
90
8912 8912 *8912 90
1
5212 53
524 5234 5312 534 5334 54 4 5434 5538 5434 554
37
3714 3714 38
38
39
39
4112 4012 4134 4058 4134
534 54
5012 53
4912 5078 4812 4934 4912 5618 5512 57
10934 11012 109 109
110 110 *10918 1094 10912 110
10918 10912
11312 11312 •113 11311 11312 11312 *113 114 *113 114 *113 114
16
16
1534 16
154 1512 1512 1538 1512 1534 1538 1512
171 171
17112 173
17314 17412 x172 17314 173 17334 17312 177
*612 634 *64 614
614 614 •614 612
7
634 714
7
*65
65
67
654 *6514 6578 6634 6634 67
7034 6814 72
*4112 43
4112 4111 4278 4278 43
4334 *42
43
*4214 43
2334 24
2334 24
2334 24
2334 2414 2438 2434
234 24
*10278 105 •1024 105
1044 10418 10458 10458 •1024 105 *10278 105
2314 231
2314 2312 2314 2312 2312 2312 2312 24
2312 24
4434 45
4434 4514 4458 45
4412 4434 4438 4412 4438 4478
224 22
2214 22
22
2214 22
2238 22
224 2212 224
94
93
94
93
93
9334 93
93
93
93
*9318 9312
27
27
27
2714 2678 2714 2714 2712 2738 2818 2712 2778
90
*90
90
91
*90
9112 91
9834
9278 93
94
95
*7112 72
*7112 72
7012 7012 *7058 72
7034 7034 7078 7078
21
*19
21
*19
*19
21
*19
21
21
*19
204 .19
90
•88
89
90
*89
90
90
91
90
*89
9034 *89
2378 241
234 24
23
24
2314 24
2234 24
233* 24
108 108 i• 0612 08 *106 108 *106 10778
108 108 *108 109
51,4 5134 5138 514 5114 4218 5214 55
56
5758 5618 5732
764 *74
761 *74
•74
75
*7412 7612
*74
75
75
76
*8212 8612 .824 861 •8212 864 *8212 8612 *8212 8612 *8212 8612
•58
5812 5814 5814 58
5818 584 594
5814 5814 585* 58
4312 4334 434 434 4312 44
4334 4418 4358 4412 4418 4458
11658 11634 11612 11678 117 117
11634 117
11634 11634 11634 11634
.11
1114 *11
111
1118 •1012 1118 *1012 11
1114 1114 11
737
7134 7212 73
7514 7412 7434
7313 741 2 27334 7378 74
6614 6778 6712 683
68
6812 6712 683
6734 68
878e 68
68 .66
7018 7112
69
69
67
70
68
68
69
69
48
4838 48
49
4832 4878 4838 487
4812 49
4814 4838
*1184
*1184 11834 *1184 11834 •1184 -*11818 ____ •1184 ____
9
9
834 834 *834 0
858 838
858 834 *858 878
*44 414
4
4
413
4
4
4
4
438
41s 418
•21
27
*21
2612 *22
2612 *21
27
30
2612 2612 .23
*6
634
614 61
•6
634
612
618 618 *6
612 618
16
1558 164 1618 1618 1512 16
16
1514 1558 *1514 1534
2112 214 •214 2138 2138 2138 2114 2138 2114 2114 21
21
•124 1212 12
12
12
12
12
1212
12
•1134 12 .12
1114 1138 1132 114 1114 1112 1118 1134 1158 12
1214
12
5112 51
5114 5158 51
514 5112 5238 5158 5278 524 53
11114 111,2 11188 11178 11112 11178 11114 11214 11034 11134
1114 112
15
154 1434 15
144 15
1478 15
1434 1534 1512 1578
•134 137 *134 140 *13834 14034 *137 143
14218 14218
140 141
4278 4338 434 4412 4438 45
444 4518 4458 4614 45
4578
8038 8012 8012 81
82
8312 83
8114 82
8338 8234 8314
1014 10178 *10114 10178 •101 14 1014 10134 10178 10158 10134 10112 102
412 438
458 438
412 458
438 458
412 458
438 458
*2612 2714 264 264 2718 2718 28
28 .2814 2834 .26 -30
4714 4734 4734 4814 4712 4858 4818 4812 4738 4778 47
4712
4512 4512 *44
*4412 46
46
*44
4512 *44
46
4512 4612
12
12
*38
12
3
*38
12
38
se
•311
12
38
3758 381g i3734 38
3714 3734 374 3713 3712 3734 3734 38
129 129 1 12814 130 *130 132
*129 131 *1284 131
129 130
*11614 11634•11614 11634 *11614 11634 *11614 11634 *11614 11634 *11614 11634
*2414 25
24
*2414 25
2412 •24
2434 2538 2634 2612 29
84
82
8314 80
80
8114 7912 8134 80
813s 7914 8218
12734 128
12712 12712 12734 128
128 1283s 1283s 12912 129 13012
*5434 55
*5434 55 z5434 5434 *5434 55
*5434 55
*5434 55
21612 217
21612 21834 21812 2181z
21878 21878 21534 21534 *21612 219
2858 3058 3012 3238 3134 334 3218 3334 3212 35
334 3478
68
6878 6878 6812 6914 6012 7124 26012 71
66
694 714
146 151
15112 154
139 15112 143 150
154 160
15818 16378
014 94
91
95
96 10312 10112 10312 *102 103
9413 *94
34
33
3378 3378 33
33
3234 3312 3338 3578 36
37
•120 150 •120 150 •120 150 .120 150 *120 150 *120 150
39
3834 *3712 38
384 3912 37
.38
3734 38
3812 3878
*87
8712 8612 8712 8534 8714 873s 8812 86311 8778 8612 88
•111,4 115 *11114 115 *11114 115 .•11114 115 *11114 115 *11114 115
*135 13512 136 13678 13514 136341 136 13812 13778 13934 13834 13958
312
New York Stock Exchange—Bond Record Friday Weekly and Yearly
Jan. 1 1909 the Rechange method al quoting bonds was changed and prices are now "and tnterest"—racept for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 17.
Price
F.riday
July 17.
Week's
Range or
Last Sale
U. S. Government.
Bid
Ask Low
High No.
First Liberty Loan334% of 1932-1947
975
J D 1001344 Sale 1009134 101
Cony 4% of 1932-47
0217nJune'25
in
Cony 44% of 1932-47
/
421023242 171
in 102"32 Sale 10211
24 cony 44% of 1932-47
102244June'25
in 102 103
Second Liberty Loan—
do of 1927-1942
2
MN 10044 Sale 10044 1001342
Cony 44% of 1927-1942
1011222 972
MN 101244 Sale 101
Third Liberty Loan434% of 1928
MS 1011'32 Sale 1011242101342 1345
Fourth Liberty Loan4)4% of 1933-1938
AO 1021244 Sale 102,42 103 2217
Treasury 4515
1947-1952 AO 1071444 Sale 10711421072244 451
Treasury 43
1944-1954 J D 1031244 Sale 1031242 10444 734
State and City Securities.
N Y City-44a Corp stock _1960 MS 10078
13114 June'25
4345 Corporate stock
1964 MB 10314 -- 103/
1
4 July'25
434e Corporate stock
10314 May'25
1972 AO 10312
Mis Corporate stock
1966 AO 10314
102/
1
4 Apr'25
4345 Corporate stock
1971 J o 10814 109 10812 July'25
434s Corporate stock_July 1967 j
1
4 May'25
10734
107/
4348 Corporate stock
1965 J D 11734 -- 108 June'25
44943 Corporate stock
1963 MS 10734
108 July'25
4% Corporate stock
1959 MN 99/
10014 16
1
4
10014
Registered
_ 99/
1
4 July'25
MN
4% Corporate stock
1958 MN 9972
10014
_ 10014
4% Corporate stock
1957 MN 9972 _- 10015 June'25
4% Corporatestock
1956 MN 9912
99/
1
4 June'25
Registered
9814 Feb'25
MN
4% Corporate stock
1955 MN
9834 Mar'25
Registered
100 June'25
_
MN
414% Corporate stock1957 M N
1
4
1071
/
4 107/
434% Corporate steek1957 MN 107
107/
1
4 10722 10
Registered
105 Feb'25
M N
834% Corporate stk_May1954 M N 9023 9138 901
/
4 June'25
834% Corporate etk _Nov 1954 M N
91 May'25
Bow York State Canal Im-4s196i J
10334 July'25
6/learnt!
10112 Mar'25
1942 J J
4348 Canal impt
11414 May'25
1964
48 Highway [rapt registerd 1958
103 Feb'25
Highway improv't 4148_1963 M S
114 July'25
Virginia 2-3s
_1991 j
7612 Feb'25
Foreign Government.
Argentine(0ovt) 78
1927 F A 1024 Sale 10238 1031s 93
Argentine Treasury 5s_g_1945 M 8 874 Sale 8718
874 12
Oinking fund 6e Ber A.1957 M S 9614 Sale 96
165
97
En! 6s ser Ft temp...Dec 1958 J D 9618 Sale 96
f 6s of 1925 temp
1959 J D 965 Sale 9612
0
930
6361
Austrian (Govt.) s 1 7s
'442 32
10
415
79
1943 J D 994 Sale 9834
Belgium 25-yr ext If 734e 2.1945 J D 10838 Sale 10812 10834 28
20-year s Fe
28
1941F A 10738 Sale 1073s 108
35-yr ext 0)43 interim rcts_1949 M S 93 Sale 9212
43
93
Ertl I 1 69 Inter rote
8612 161
1966J .1 8618 Sale 8534
Extl s f 7s Int cgs
9812 300
1955 .1 D 981a Sale 98
Bergen (Norway) e f 83
1946 MN 114 11412 11412 11434 10
26-year sinking fund (is
11
99
A 0 98 Sale 9734
Beene (City of) el 8s__ .____1945 M N 10912 Sale 10913 10914 12
Bogota (City) eat'l s f 83.....1945 A 0 944 Sale 9414
9434 20
Salvia (Repuelk of) 8a__ _ .1847 ed N 96 Sale 9532
9614 63
Bordeaux (City of) 16-yr 68.1934 M N 8334 Sale 8314
844 29
Brash (3 8.external 8e
98
98
,2 164
1941 1 D 98 Sale
78 (Central Ry)
8173 77
1952 J D 8134 Sale 8135
2
710(coffee seem) (flat).1962 A 0 10612 Sale 10612 19612
23
Buenos Aires (City) ex I 6481956 J
98
9712 Sale 9712
Canada (Dominion of) g be _1926 A 0 10072 Sale 10072 100/
1
4 17
50
58
1931 A 0 103 Sale 10212 103
203
10-year 545
1
4 103
1929 F A 10233 Sale 102/
58
08
33
411 223
19
a9
le 9812
33
08
338 S9
1952 M N 19
14
Carlsbad (City) s 1 gs
1964 J J
Chile (Republic) extl e f 8s 1941 F A 108 Sale 108
108,4 27
External 5-year s f 8e
10312 21
1926 A 0 103 Sale 103
65
20-year extl is
1942 M N 10034 Sale 10012 102
26
1946 MN 10734 Sale 10734 10812 32
-years f fie
72
Chinese(Hukuang Ry)6s_1951 J D 411
4218
4132
/
4 Sale
5
Christiania (Oslo) at 85
1945 A 0 11012 Sale 11012 11034
3
30-year s I Re
99
1951 M
9734 Sale I 9812
30
1955M N 9814 Sale 9734
-years f 6e Int ctf
98/
1
4 111
Colombia (Repubitc) 604e_ _1927 A 0 100 Sale 100
10014 12
Copenhagen 26
-years f 548_1944 J
9734 Sale • 9734
9812 124
Cuba 5s of 1904
1944 M 13 -- -- 9934 9912 July'25
Exter debt Es 1914 Per A1949 F A 99 Sale 99
99
9
16
External loan 434e
90
1949 F A 90 Sale 8912
1953 2 y 101 Sale 10022 10112 17
59411
22
Czechoslovak (Repub of) 83_1951 A 0 99/
1
4 Sale , 9912
1036
Sink fund 83 Ser B int cUs.1952 A 0 9912 Sale 9914
Danish Con Al unicip Se -4-.1946 F A 11014 112 1104
11601%4
14
5
Series 13 I 88
2 7
03
14
1946F A 11032 11012 11014 110
Denmark external et&
1
4
1945 A 0 11012 Sale 110/
20-year 6s
22:: 261
100
1103
1942i J 10234 Sale 10214
Dominican Rep Con Adm 5 f 53'58 F A 10214 10234 10214
96
47
Custom AdmInistr ZOO__ 1942M_
9554 Sale 9512
Dutch East indiee ext 6s
212
3
1947 J
10214 Sale 10134
40-year Os
1
4 99
1962 M
10214 Sale 10134 102/
30-year eat 53415
28
99
134 26
1953 Si S 100/
1
4 Sale 100/
1
4 16
80-year ext 514s
303
101
1953 MN 100/
1
4 Sale 10014
French Reptib 25-yr ext so_ _1945 M S 102 Sale 10134 10212 2 352
20-yr external loan 74s_ _1941 .1 13 9934 Sale 9919
194JExternaisof
1924
485
91
D 90/
1
4 Sale 904
Finnish Stun L'n 8 4s A__1954 A 0 8978 Sale 8914
32
90
External 654s Series B__ _1954 A 0 90 Sale 8914
2
18
7
7
8
90
Finland (Rep) ext 68
1945 M
88/
1
4 Sale 8612
External s 178 let ctis_ _1950 M S 94 Sale 94
40
5
16
74 6
94
German external loan 7s rets. 1949'A 0 9678 Sale 9612
4
Ot Brit & Irel (UK of) 5543_1937 F A 105 Sale 10434 10
17
1534
738 29
10-year cony 545
1929 F A 11714 Sale 11633
Greater Prague 7)4s
54
4
1952 Si N 9314 Sale 9314
8653
43 14743
9
Greek Govt 7s Int rcts
1964 1 M N 8512 Sale 8512
854
Halt! (Republic) 153
1952 A 0 9614 Sale 96
Hungary (Kingd of) s f 734n1944 F A 9314 Sale 9234
9332 188
Ind Bank of Japan 6% notes 1927IF A 99/
9972 42
1
4 Sale 9922
Japanese Govt f loan 4e193I'2 J 83
14
8
2 87
931
8334
8312 8314
80-year s f 654s
1954 F A 92/
1
4 Sale 9214
Oriental Development 61%1953 M 8 8532 Sale 85
86 I 271
Lyons (City of) 15-year 65..1934 M N 8414 Sale 84
41
84121 14
Marseilles (City of) 15-yr 68_1934 MN 84
8414 8334
Mexican irrigation 4
M
8
18
43'4
2
17
18/
1
4 1834
Assenting 514348
1943 _
Jan'25
24
Mexico (13 8) extl 5e of '99 £ 1945 Q J 40
50
38 May'25
Assenting Se of 1899
1945 _
3232 33
3312 15
33
Assenting 58 large
3712 May'25
Amen(Ins 5s small
3712 May'25
1954J
Gold deb 4s of 1904
---- 35
1934
19/
1
4
Assenting 45 of 1904
18
1912 20 July'25 ---Assenting 4s of 1904 large.........
2612 Jan'25
Assenting 48 01 1994 small____
2432 May'25 _ J J -1938 113-3-4 2014
_
Assenting 41) of 1910
3 June'25
Assenting 48 of 1910 large
Assenting 45 01 1910 small_
2032 Sale 2032
2
21
358 3
17
8
Sc
33
1
4 3812 33
Tress 6s of '31 assent(large)'33 J J 34/
5
Small
3512
- 3512
1952 J D 9578 Sale 9512
Montevideo 75
95/
1
4 42
Netherlands 6s (flat prices)....1972 M 8 10712 Sale 107
1081s 152
1
4 Sale 10314
1C414 225
30-year external 6s (fiat)..1954 A 0 103/
1940 A 0 11012 Sale 11012
11112 78
Norway external s f E4s
1943 F A 10612 Sale 10014
10034 57
20-year ext 68
1944
F A 10018 Sale 10018
10034 106
external
68
20-year
11352 A 0 10012 Sale 10018 10034 104
80-year polite
9614 467
40-yearsf534stemP._l9flSJ D 96 Side 9534
35 ti=z a Due Jan
5 Due July. k Due Aug. y Due Nov
Range
since
Jan. 1.
BONDS.
N.Y.STOCK EXCHANGE
Week Ended July 17.
..8.
Price
Friday
July 17.
Week's
Range or
Last Sale
No.
BM
Ask Low
Mob
1
4 10214
1025g 627
Panama (Rep) 5345 tr recte_1953 J D 1021/ 102/
1002 n 013212 Peru (Rep of) ext1 83
100/
1
4 15
1944A 0 10034 Sale 100
25
/
44 02,344 Poland (Rep of) g 63
70
10111
1940 A 0 6912 Sale 6912
10111
/
44 0344
89/
1
4 23
Ext*1 St g 8s Interim reels.1950 J J 8912 Sale 8918
103
961s
101
Porto Alegre (City of) 89_1961 J D 0612 97
961
/
4 200
3
11118
Queensland (State) ext a I 7s 1941 A 0 111 Sale 111
01"44
10472 10
100
25-year 65
1947 F A 10412 Sale 10418
10012440112n Rio Grande do Sul 8e
9812 25
1946 A 0 96 Sale 96
9572 21
Rio de Janeiro 26-yr e f 8s 1946 A 0 9434 Sale 9434
101144 021n
25-yr en] 8e
95,4 16
1947 A 0 9414 Sale 9414
24
1
4 Sale 100
3: 104
Rotterdam (City) external 631964 M N 103/
73
101144 031244 El Salvador (Rep) 85
104
105
1948 J 1
6
1041244 0811
/
42 Sao Paulo (City) s f 8s
100
1952 MN iiiii" 61il-e- 9934
12
10011
1
4 Sale 102/
/
44 041144 San Paulo (State) eat s I 85_1936 J J 103/
1
4 104
10012 43
External s f 88 let recta_ .1951) J J 10012 Sale
100/
1
4 10112 Seine (France) ext 7s
8714 Sale 874
8772 54
1942
10114 10378 Serbs. Croats & Slovenes 83_1962 Si N 8832 Sale 8712
8812 109
102 10314 Solseons (City)(3s
8412 123
1936 M N 8412 Sale 8412
10114 10232 Sweden 20-year 6s
1
4 Sale .104,4
10514 17
19392 D 104/
10
/
4 Sale 108
14672 10812
101
0:
31
External loan 5143
1954 MN 1001
10572 10778 Swiss Contedern 20-yr s f 8)5 19402
116/
1
4 Sale 116
11634 176
10612 108
Switzerland Govt ext 5545-1946 A 0 10218 Sale 1024
102/
1
4 55
10532 108
67/
1
4 132
Tokyo City 5e loan 01 1912
M S 6714 Sale 6714
19
98 10014 Trondhjem (City) extl 6 43_1944 J
9912 Sale 9912 100
9814 99/
1
4 Sale
1
4 Uruguay (Republic) ext 88_1946 F A 109/
10913 19
21
9832 100,4 Zurich (city no I f 811
110
1945 A 0 10914 Sale 10914
98 twig
Railroad.
4
98,2 100
10133 102
Ala Ot Sou 1st cons A 131-1943 J D 10112
9814 9814 Ala Mid 1st guar gold 58_1928 M N 101 1013)1 10014 July'25 --77
10
98/
1
4 98/
1
4 Alb & Susi cony 314s
83
1946 A 0 83 ____ 83
971
/
4 100
83,4
Mies & Wait lst g 4s gu-1998 A 0 8314
8314
1
9178 934 9414 June'25
10832 107/
1
4 Alleg Val gen guar g 413
1942 Si
7314 91
73
10522 10722 Ann Arbor 1st g 42___July 1995 Q
7314 7212
1
4 Sale 8912
105 105
9012 112
Atch Top & S Fe—Gen g 48_1995 A 0 88/
8912 9078
Registered
8812
AO 8812 Sale 88
8
90 91
8418 June'25 -Adjustment geld 4s July 199.
5
. Nov __-- 85
7
10222 103/
1
4
84
Stamped
July 1995 MN 8334 Sale 8334
101.4 101 12
8012 Apr'25 -Registered
MN
1121
/
4 11414
Cony gold 49 1909
19552 D 8412 ____ 85 July'25'---103 103
85 July'25 - Cony 481905
19)552 D
1111
/
4 114
____ 8312 Feb'25 ---Cony g 4s Issue of 1910,....1960 J D
1
4 —_ 98/
7812 7812
1
4 June'25 -East Okla Div 1st g 45.,,.1928M 8 99/
8711 June'25
Rocky Mtn Dly 1st 4e____1965 J J 8312 -88
10134 10314
Trans-Con Short L let 49_1958 J J 88 Sale 88
88
1
4 93/
8112 8814
1
4 94/
1
4 July'25 ---Cal-Aris let & ref 434e "A"1962 M S 92/
974
95
Registered
Si S 93 ____ 9132 Jan'25
9434 97
8934
Ati Knoxv & Cln Div 4s____1955 Si N
8934 10
96
__ 102/
9634 Atl Knotty & Nor 1st g 5s___1946 J D 10272
1
4 June'25 - 97 1-0-3 971
9312 100
/
4 June'25 -Atl & Chart A L 1st A 4431944 J
107 11014
10234 24
1st 30-year 58 Series B____1944 J 1 10212 Sale 10212
1083s 10932 Atlantic City 1st cons 4s___1951 J J 8532 8912 8512 July'25 --,
92
96
All Coast Line 1st con 46_61952IM S 93 Sale 92
93 I 56
8332 8614
29
10712
10-year secured 75
1930 Si N 10712 Sale 107
98
98/
94141
8
1
4
General unified 4545
19641i D 9312 Sale 9312
10812 11514
88
8754
L & N colt gold 4s____Oct 1952 MN 86
8814 12
78 Sale 77/
95
9914 Atl & Danv lst g 4s
1
4
7812
19481 J
5
108 Mit
6834 68 July'25 ---2d48
19481 J 68
1
4 79
9612 Atl & `fad Ist g guar 4s1949 A 0 77/
94
79 July'25 -10014 101 I10014 July'25,---924 97
A & N W let gu g 5s
1941 J
86
80
Baltimore & 0111095,2 99
90 I 140
1st 50-year gold 4s_July 1948 A 0 8912 Sale I 894
8014 8434
Registered
July1948 Q J 874 ____• 9014 May'25
10312 10712
1
4
10-year cony 4548
9334 2.2U
1933 M S 9234 Sale 92/
951
/
4 9914
1
4
Refund & gen 53 Series A.1995 J D 9012 Sale 89/
914 117
10012 10234
1023s 108
1st g 53 int ate
1948 A 0 101 Sale 101
10112 10312
10314 183
10-year 6/3
1929 J J 10314 Sale 10232
1
4
102
Sale
102 103/
10112 103 I 97
Ref & gen (33 ser C temp _ _1995 J D
10134 105
1
99341
_ 9934
P Jet & NI Div 1st g 34s_1925 MN 9934
99
1
4 -8712 8712
96
PLE&W Va Sys ref 40._1941 M N 86/
8734 13
10814 10914
9972 May'25 - Southw Div let gold 3348.1925 J J
9714 Sale 9634
102 10334
98 I MI6
Southw Div 1st 53
1950 J
98/
1
4 103
Tot & Cln Div lat ref 45 A_1959 J J 741s Sale 744
7434' 6
10814 10912 Battle Cr dc Stur 1st gu 33_1989 J D 6014 6418 624 May'25 ---7
4014 4812 Beech Creek 1st flu g 48
9612 9318
93181
3
1938 J J 93
10934 11114
Registered
9012 July'25'---J D 9012 __
951
/
4 10112 Beech Cr Ext 1st g 354e____1951 A 0 7812 -7978 8012 July'25
/
4 89
98 100's Big Sandy 1st 4s
8734
8824 13
1944 J D 671
9914 111114
& N Y Air Line Int 43
6914 13
1955 F A 69 Sale 671a
9414 100
9312
1
____ 9312
Brum & W 1st au gold 4s_ 1938 J J 92
9512 10012 Buffalo R & P gen gold 5e_1937 M S 10034 102/
1
4 10114 July'25 -9314 100
8712 134
Consol 454s
1957 Si N 87 Sale 8634
84
90
Registered
Si N 824 ___ _ 8222 May'25 -9612 102
Burl C R & Nor 1st 53
1934 A 0 10012 - - - - 10014 July'25 ---9814 10112 Canada Sou cons gu A 5s__.1962 A 0 1021
/
4 Sale 10218
10212 69
0734 10034 Canadian North deb s I 731 1940 J D 11612 11634 11012
117/
1
4 19
109 11034
1
4 Sale 1171
/
4 11734 17
20-years f deb 654s
1946J J 117/
10812 III
9012 269
Canadian Pae fly deb 45 stock._ J J 8032 Sale 79/
1
4
109 111
1
4 ___ _ 9312 May'25 -Carb & Shaw 1st gold 45—.1932 M S 92/
9912 104
Caro Cent 1st con g 43
1938 J D 814 8214 8114 July'25 101 10334 Caro Clinch & 0 1st 3-yr 5s_1938 J D 10114 Sale 1011
/
4
10114 110
J2
/
4 Sale 1074
96
I st es con g 63 tier A
1071a
19
1952J
1
D 1071
3834 10312 Cart & Ad 1st
88
84
Jan'25 -g 4s
1981 J D 85
98/
1
4 10318 Cent Branch U P 1st g 4s
77/
1
4 7814 June'25 -19481.1 D 76
9314 10178 Cent New Eng let gu 48_1961 J J 6614 67
6814
6814
1
9234 10112 Central Ohio Reorg 448
39
_ __ 99 July'25 - --t93o,it4
98/
1
4 10432 Central of Ga 1st gold 58_0945 F A 10232 103 10232 July'25 -93 101 12
10134 48
Consol gold 55
1946 M N 10134 Sale 10112
I m N 10134 10212 10014 June'25
88
92/
1
4
Registered
8512 9212
10-year secur 65
103/
1
4 28
June 1929 1 D 10314 10312 103
22
8512 92,2
10212
103
10218
102
/
1
4
Ref & gen 5%,ear B
1959 A 0
834 89,s
Chatt Div our money g 48_1951 1 D
86'2 Sale
94
87 18
1
9712
06
0 .1"
1e00
.25
Mac & Nor Div 1st g 5s_1946 1 J 100
1946 j j 98
911
___ - 100 Dee'24
/
4 98
Mobile Division 55
113 of Oa mil g 52_1937 24 N 984 Sale 984
10433 1077a Coot RR ,
9812 24
11512 11814 Central of NJ gen gold 5s_k_19
08
8:4 10
08
83
78
4 10
08
934
108
93
987 Q
14
2 21
-1 .1 -10
89
1
9514
Registered
83
8812 Cent Pac 1st ref gu g 4,3____1949 F A 8814 Sale I 8712
8833 56
9114 9612
ue
12
612 JF
Mtge guar gold 3to
nb
e:2
k1929 J D 9618 ___ - 19
25
5 87
94/
1
4
9
Through St L 1st gu 4s___1954 A 0 8758 8734 874
8814
984 100
Charleston & Savannah 72_1936 1 J
81
8412 Clips & Ohio fund & impt 513_1929 J J 10234 ____ 10012 10012
4
90
95
1
4
1939 Si N 10234 Sale 102/
1st consol gold 6s
10312
1039 Si N 1014 1024 10114 July'25 --35
8312 8714
Registered
-8034 8812
General gold 4515
80
1992 Si 8 9014 Sale 904
91
80
88
Registered
9014 July'25 ---1992 Si fil
1834 24
20-year convertible 4315_1930 F A 9734 Sale 9734
72
98
23
24
30-year cony secured 53-1946 A 0 10512 Sale 10434
1053a 219
38
4512
Registered
A 0 ---- ---- 10412 Mar'25 -3228 41
1940J J 9818 998' 9538 July'25 -Craig Valley 1st g Es
36
3712
Potts Creek Branch 1st 48_1946 J J 84 Sale 84
84
3
35
3738
R & A Div 1st con g 4s_
6-_ 8512 8512 6
18/
1
4 28
2d consol gold 43
ale 814
8112
4
1812 24/
1
4
Warm springs V 1st g 53_1941 M S
4
9812
98/
1
4
2812 2612 Chic & Alton RR ref g 3s_ 1949 A 0 64
6454 64
6414 26
20
2412
Certifs dep Med Oct 1924 Int._ ____ 811
/
4 ____ 611
/
4 July'25 -- —
20,4 2412
Certlf dee stmpd Apr 1925 Int ____ 6012 62 1 60/
2
60/
1
4
1
4
22
3054
Railway first Hen 3 tie_ _1950 1 J 4812 Sale 4812
5038 67
1938 2818
Ctfe dep Jan *23&sub coup_ .___
13
48
____ 47
47
33
43
Chic Burl & Q—III Div 3 43_1949 J 1 84
85
7
8532 85
3413 43
Registered
3 J 8118 84 i 8438 Apr'25 --88
9633
IIInols Division 4s
9214 10
1949 3 J 9134 Sale I 9118
10234 1084
Nebraska Extension 48_1927 M N 99/
3
1
4 9934 9934 100
10012 1041
/
4
General 42
90/
1
4 19
1
4 Sale I 9018
1958 M 8 90/
11014 113/
1
4
Registered
.NI 5 87 ---- 8934 Feb'25 ---971
/
4 10112
8
I t & ref 58
10212
1971F A 10134 10214 102
9712 101315 Chic City & Conn Rys 5e
47/
1
4 10
47/
1
4
/
4 48
1927 A 0 461
1
4 Jan'25 ---9715 lot 12 Chicago & East III 1st 68_1934 A 0 10472 10712 106/
9534 9712 C as E III RR (new co) gen 522_1951 Si N 7512 Sale 7514
78 1 489
Low
IN; 1 81,2
a Option sale.
Bangs
Macs
Jan. 1.
Low
Elie*
9912 104
9773 103
6658 79
87 66
94
9634
109 112$4
10112 104512
94
9812
93
9712
92
97
100 10412
103 10612
97 101
100 104
994 10013
8214 91
84
90
82 87
103 10514
981, 1014
113 117
984 1044
6414 684
97 1014
10614 1104
10832 11112
10034 102
10034 1014
82
8414
8112 834
91
941s
634 78
884 924
864 904
8112 85
8234 8514
798 8042
815s 85
814 8514
8112 834
98 100
874
84
86
89
92
9554
915s 915s
884 924
1024 103
95
984
102 1034
8512 854
9412
89
10534 108
9078 95
861s 8971
764 80
6234 704
80
75
984 10014
8534 9214
851s 904
894 95
854 921s
100 104
1024 5041.1
t00% 1044
9954 9954
8358 9014
995s 10058
9734 9972
mog 78/
1
4
604 624
9214 9312
9012 9012
7814 814
8814
85
67
731s
94
93
10012 1024
804 8811
8514
82
9932 1004
1004 1034
115 11754
116 11858
81
79
93 9375
78
8314
100 10175
1054 1084
84
84
7432 80
6412 7014
9714 99
1013s 10234
9914 1024
98 10012
1014 1043s
99 103
84
864
991a 100
95
9838
1074 110
10614 10834
864 90
9512 964
854 8934
11212 11758
983a 102
101 1034
1007s 10214
877s 93
8575 9013
9454 981s
10178 10914
10354 10614
971s 9954
8214 84
8134 8612
8234
79
9538 9815
62 66
5834 624
60
624
4414 584
554
45
8114 8612
843e 843s
8812 941s
9812 100
881s 924
8934 894
1004 10314
46
63
1054 1074
741a 795s
313
New York Bond Record -continued-Page 2
BONDS.
11r. Y. STOCK EXCHANGE
Week Ended July 17.
13
t
Price
Friday
July 17.
Week's
Range or
Last Sale
1:s
Range
Since
Jan. 1.
Price
Friday
July 17.
BONOS.
N.Y.STOCK EXCFIANCIE
Week Ended July 17.
Week's
Range or
Last Sale
Ran04
111
co
svna
Jan. 1.
HISS
Bid
High No, Low
High
Ask Low
Ask Low
Bid
High No. Low
1
1982 m N 1014 _ _ __ 102 July'25
Able & Erie let gold 5e
994 10212 Erie & Pitts gu g 3345 B____1940 2 y 8458 ____ 8434
84 8434
8484
Chicago Great West let 424._1959 M S 64 Sale 6334
Oct'94 ---1
4 ____ 84
2 y 84/
Berta, C
5934 6812
6412 221
Ohio Ind & Loulsv-Ref 66_.1947j J 1111
11212 21 1094 11212 Fla Cent & Pen 1st ext g 51_1930 j j 9938 100 100 July'25 ---- -i93-11 We
'
/
4 --- 11114
Refunding gold 58
1947j j 9978 _ ___ 1001
9978
9911 100/
1943 j 5 9978 102
Consul gold 55
10014
1
4
7
/
4 June'25
96,4 1004
Refunding 45 Seriee C
1947 2 j
96 June'25 ---9512 9615
Temporary Ss
8534 87
1943
87 June'25
General 58 A
1966 M N 92 Sale 9112
6
87
92
92
987s
9218 14
9212 Florida East Coast let 430_1959 .1.15 -91E2 -91- 92
General Os B
93 9712
136
96
1974 m g 9514 Sale 94N
May 1966 J J 10214 10212 10214
103
29 101 104
let & ref be Series A
Ind & Louisville let gu 45_1956 J 5 7958 __ _ _ 79/
1974 m s 95
954 96 July 25 -- -774 7934
let & ref 58 Ser A w I
1
4 June'25 -954 961
/
4
CM)Ind & Sou 50-year 481956.8 J 874 89
18
914
884 8818 Fla West & Nor 76 Series A-1934 m N 11512 Sale 115
27
53
8 17
03
11512 33 18
8758
88
6
Chic L S & East let 434a...1969 J D 9312 _ _ __ 9334
39
9312 9334 Fonda Johns & Glov 430-1952 m N 6438 Sale 6358
65
934
5
0 M & Puget Sd let gu 48___1949 j j 48 Sale 4612
4312 581
/
4 Fort Sill D Co let g 446_1941 j 2 8934 ____ 90 May'25 ___
8951 90
474 14
Oh M & St P gen g 4sfler A_e1989 2 J 7834 Sale 784
79
i 10438 10Ve
1
4 10434
7014 8012 Ft W & Den C let g 530-1961 2 o 1041
10
/
4 ____ 104/
General gold 3345 Set B__e1989 j j 68
6914 8912
6214 70
9'24 117
Ft Worth & Rio Or 1st g 46..1928 2 y 9614 9634 9634 July'25 __-.
6912
2
Gen 434s Series0-May 1989J 1 88
89
7718 924 Frem Elk & Mo Val let 68_1933 & 0 10738 1074 108 July'25 __-- 10712 1094
8818
8912 13
Gen & ref Series A 4yin__a2014 A 0 4758 Sale 474
100 101
1931 MN 10034 ____ 101 July'25 ___
4312 544 GB & S A M & P lst bs
4814 67
Gen ref cony Ser B 5s___a2014 F A 48 Sale 48
4418 5858
loo
E.
99/
1
4 1001
100
/
4
2d exten6 be guar
4834 82
let sec 8s
1934 j 2 10414 Sale 10338
19
964 10458 Galv Hone & Bend 1st 56_1
933
94
1 .1
94 July'25 ____
A 0
j 93
10438 55
90I8 ...S
Debenture 4345
1932.8 D 4712 Sale 4712
44 8012 Genesee River 1st s 1 58
1957 2 j 1034 10514 1054 July'25 ____ 10014 ioa.g
4812 192
Debenture 48
93 10254
1925.8 D 4714 Sale 4714
46
49
7812 Gs dt Ala Ry let cons 55.-01945 2 j 9538 Sale 9512
98
955s 19
25-year debenture 48
1934 J J 4714 Sale 47
994 100
44
4814 143
5614 Ga Caro & Nor let gu g be 1929 2 j 9934 ____ 100
100
8
Chic & Mo RI, Div 55
1926 2 J 99/
6414 67
1
4 Sale 994
9914
2
944 100
1948 A 0 8653 --__ 6812 July'25 ____
Georgia Midland let 35
Oble & N'west Ext 45..1888-1926 F A 9912 Sale 9912
9984
98/
1
4 10018 Gouv & Oswegatch let gu 561942 j Et 99/
1
4 ____ 9834 Feb'24 ____
6
RegIstered
1888-1926 F A 9858 9912 98/
1
4 June'25 - 1941 5 j 9114 ---July'25 --894 9958 Gr R & I ext let gu g 4315
General gold 3318
1987 M N 7358 7514 7412 July'25 -734 77
12 0 1161
/
4 11634 11658
8
Grand Trunk of Can deb 76.1E9
11838
Registered
961'
Q F 7218
72
7212 July'25 s 10738 Sale 1073
7212
8
108
15-year 5 1 65
1436 1-151108231-2
1074 38 General 4e
1987 M N 83
1
1 117
84
8112 8612 Great Nor gen 76 Series A..1938 2 j 110 Sale 109/
512
8358
18
8414
1
4 11012 172 10
3
91
9314
Stamped 48
1987 M N 8312 84
82
8512
1961 .1 J 9214 9318 923s
1
4
84
6
84
93/
5
let & ref 4318 Series A
General 55 stamped
1987 M N 10218 Sale 10218
103
1004
1024 23 101 18 105
2
B
10214
IM .1
Sale 10138
General 5345 Series
10214 33
Sinking fund 66
1879-1929 A 0 104 105 10678 June'25
10312 10678
j 9514 Sale 9412
General 55 Series C
95/
1
4 68
92
96
Registered
A 0 10312 105 104 June'25
8014 80 June'25 __ -Green Bay & West deb Ws"A"-- Feb 79
- 103 104
72
80
Sinking fund 55
1879-1929 A 0 10018 10012 10012 June'25 10015 101
Debentures Ws "B"
1 1
17
124 184
164 18N, 1
Feb
Registered
1879-1929 A 0 97 100
9912 May'25 -- -9915 10012 Greenbrier Ry let gu 45-1940 MN 87
88
884
_ _ _ _I 8812 June'25 ____
Sinking fund deb 58
1933 m N 10018 10012 100
1
9914 103
3 10114
100
Cull Mob & Nor let 534s --1950 A 0 10114 101,
10134 25 10114 103
Registered
1933 m N 9912 Mpg 101 Mar'25 ---- 101 101
Gulf & S list ref & t g 58_51952 J j 10318 ____ 10312 July'25 ---984
11,353
10-year secured 711g
1930 .1 D 10718 Sale 107
107/
1
4 22 105 1124 Harlem 11, & Pt Ches 1st 46..1954 MN 8334 ---- 8314
943
972
4
8
9071
9 8
8334 __ .
9_
15-year secured 854e g _1936 M 5 11138 112 11118
1 107 11212 Hocking Val lid ooll8 g 430.1999 2 j 91 Sale 91
11118
894 92
92
18
let & ref g be
May 2037 J D 96
9112 102
1999 2 j 834 ____ 9012 May'25 __-R 1 tered
9638 95,
8
88
98
90!.3
31
Oak 11 I & P-Rallwall gen 451988 J J 8378 Sale 834
824 88
841
/
4
H & T C isle Int guar
1937 J J 10014 10112 10814 June'25 _--9
994 129.s
Registered
J J 8114 82
8178 834 Houston Belt & Term Ist 58_1937 2 j 9658 98
81/
1
4 July'25
97
97
1
98
99
Refunding gold 45
1934 A 0 8718 Sale 8634
8314 9978 Houston E & w Tex la g 58_1933 m N 100
____ 100
Jan'25 _--873
4
479
94156 100
Registered
883
4
8814
N
May'25
100
1933 M
____ 994 Jan'25
8818
Ohio St L & NO gold 6e_-_-1951 1 D 10318 -- 103
1 10112 10314 Housatonic Ry cons g 5s
103
1937 MN 9414 9514 94,2 July'25
Registered
1 13 10118
10214 June'25 ---- 1014 103
/
4
92 _1
Bud & Manhat 58 Series A-1957 F A 9112 Sale 911
.5_
9
88
1 1sa 93
9433
Gold 3345
1951 1 D 7834 --- - 791
7936 79/
1
4
/
4 Jan'25 Registered
June'25 iiii:
;
11:
14
2
4 94
N:
12
4
2
8
9
2
,80
Memo!)tt Div let g 46_1951 J D 85
83s 854
8512 July'25 -Adjustment Income Ea
1957 A 0 -7ai2 Sale
0 St L & P lei cone g 56-1932 A 0 101
10112 June'25 -- 101 103
2
45_1951
94
____
.1
gold
93
/
1
4
July'25
Central 1st
Register
A 0 1001
1003a 1003s
1
4 Jan'25 904 904
1951 .1 2 8714 ..-- 9012 Apr'25
100/
Ohio St P M & 0 cons 68.1930.8 D 103 4 104 10314 July'25 --„ 199
21i
1 110)8
953:42
022
1951 j y 82
____ 84 June'25 ---let gold 3&is
Cons 85 reduced to 3348....1930 1 D 9234 - - -- 93
11
8412 Sale 8334 June'25 ____
93
Registered
83 8534
.1 J
Debenture bs
96
1930 M El 9512 Sale 9512
18
____ 8312 May'25
Extended let gold 3345___1951 A 0 82
_
Stamped
93
1951 m 5 6414 71
9614 July'25 62 Feb'25 ____
let gold 35 sterling
96
62 63
99N
Ohio T H & So East let 53._1960 J D 8778 Sale
7
89
84
44
5
75
90,
4
2
neg
atrsrtael trust gold M
1952 A 0 8612 8812 88 July'25 ._ _
85%
8818 In
Inc gu 5a
Dec 1 1960 M 13 8118 8138 8114
41
4 8734 8558 Apr'25 ---_A 0 82,
823
4
Ohio tin Stan 1st gu 448 A 1983 1 J' 9234 Sale 9234
9184 944
1955 M N 89 Sale 89
9314 38
9078 47
1st refundtng 46
88
9233
lot be Series B
1963 J 1 9934 10938 10212 10278
6 100 10312
purchased unite 3345
ygth 841e
3
19523 .1 7814 84
8313
8312
Guaranteed g 56
1
4
974 100/
159
1944.8 D 9912 9934 9912 100
J j 7578 ____ 8412
Registered
79
844 ____
8413
let 634s Series C
118
,
4
1
1963J J 11734 Sale 11712
18
11734
1953 MN 8434 Sale 84/
1
4
Collateral trust gold 48
1
4
83 86/
8512 46
8
Chic & West Ind gen g 86_0932 Q M 106 -- 10512 May'25
- 10512 10534
__
82 May'25 ___
Registered
81
_82
.
Consul 50-year 46
804 88
1955 ?A
M N 10
Refunding 58
764 8312
1952.8 1 80 Sale 764
82
412 1-0578 10511
10512
"5 1034 /06.2
1 et ref 512s set A temp .1962 M S 9914 Sale 991,
5
9934 Ill
971 10034
15-year secured 534s
1934 j j 102 Sale 102
102/
1
4 49 102 10335
Oboe Okla & Gulf cons 65_1952 M N 1004
9934 101
1 1002 113
113
15-year secured 83.413 g- 1938 J .1 11114 11212 113
10112 10012 June'25 Din H & D 2d gold 4 4s
9312 954
calm Bridge gold 46
1937 1 J 9534 --- 9512 June'25 ---9112 June'25 ____
1
4 92
1950.8 D 89/
88/
1
4 91.
4
0 I St L & C 1st fi 4s___Aug1938 Q F 933
9158 9312
8 -- -- 9312 July'25 ---Litchfield Div 1st gold 38_1951 J J 7312 ____ 7314 July'25 ____
70
734
Registered
Aug1938 Q F 9112
Louis, Div & Term g 3345 1953 J .1 80
9012 92
92 May'25
____ 814 June'25 ____
7712 824
Gin Leb & Nor gu 4s g
8912
871a
1942 M N 8734 ---- 8912 June'25 Omaha DIv 1st gold 38_ 1951 F A 7358 ____ 734 June'25 __-7012 7
_,4_
Cin E3 & CI cons 1st g be_
9934 104312
1928 J J ____ _ ___ 10018 June'25 - _
sto
7212 July'25 ____
Lo
oludts3D
71h 77
4i:& Term g 35-1951 J 1 723/1
Cleve Cln Ch & St L gen 45_1993 J D 83
8134 8512
8418
8414
1951 J .1 8012 -i31-2 8312 July'25 ____
5
79 8334
20-year deb 4345
1931 J J 9734 -98
98
98
5
Springfield Div let g 3348_1951 J J 781
8278 May'25 ___
96
/
4
98711
7978 82711
General be Series B
1
4
9912 105/
1993.8 D 0038
10532 June'25 ---Western Lines 1st g 45-1951 F A 8714 -9i3-4 88 July'25 ____
8812 88
Ref & [mot Os Series A
1929 J .1 10318 10312 10314
10334 19
1951 F A --------8412 May'25 ____
84 87
ge Series C
10334 107
1941.8 J 1054 10678 10534 July'25
43
i8
4 Ill Ce
Rneralte
Chic St L & N 0hred
bif Series D
64'2 100
1963 5 J 9834 Sale 9853
1
4
1963 J D 100 Sale 100
9814 100/
10014 51
Joint let ref 55 Series A
9918 161
Cairo Div 18t gold 48
8914 91
1939 J J 9038 9112 90/
1
4
874 92
90/
8918 10
1
4
1950 J 1 8838 ---- 8916
Ind III & Iowa let g 48
1
Cin W & M Div 1st g 45_1991 J J 81
80
8
8112 81
814
8212 Ind Union Ry gen be Ser A 1965 1 5 9934 ___ 10034 July'25 ____ 100 101
St L Div 1st coll tr g g 481990 M N 8334 8412 8378 July'25 ---1965 J J
Gen & ref bs Series B
814 85
9934 1-00,4 993
9934
1
9934 10054
Registered
M N 81
83 83 May'25 ---10414
83
Int & Grt Nor 1st(is Sec A 1952 J J 10334 104 10312
11 11.10 1054
83
Spr & Col Div let g 4s____1940 M S 88/
734 92
78
00
7314 Sale 7234
111: 8
1
4 _ - -- 8912 June'25 -13T4
Adjustment 65, Series A 1952 Apr
W W Val Div lat g 46___1940 J J 8812 Sale 8814
73
87
74
73 Jgne'25 ____
69
8812 13
Apr
0 C & I gen cons g 6s
1934.8 J 10734 - - 10734 May'25 -___ 10734 108
78
26
Int Rye Cent Amer let 58-1972 M N 7714 Sale 7712
7154 804
Clay LOr & W con 1st g 58 1933 A 0 10212 Sale 10212
66
57
4i lEIi
b Iowa7
5 16
12
59
10212
uenretrdltirncg
a
gl let gold 56....„1938 J D 5858 6012 59
C
CIA Mar 1st gu g 4346
9614
1935M N
Sale 9818 June'25 -6s52 8214
6038 5833 July'25 -___
ou rf deposit-- 58134g
fI tges
Cleve & Mahon Vall g 58...1938J J 10014 103
9918 Apr'25 ---211
/
4 72
19118 284
1951
3 2214 Sale 1912
In & P gen gu 4345 Ser BI942 A 0
8412 Aug'24 -88/
1
4
5
James Frank & Clear la 45_1959 .1 D 8814 8912 8838
8878 90
Series A
1942.8 J
99 May'25 ---- -ii- -i9.5-2
year
R let gu g 5s
1938 J .1 10012 ----100 Nov'24 __- 2
&
a.G
Series C 3345
854 8614 Kan & M let gu g 45
1948 M N 8518 8512 8512 May'25 -8()
- - -a82 July'25 ___
1990 A 0 8178 82
Series D 34e
84
1950 F A 83/
8534 1Co2dA
1
4 854 85N Mar'25 10018 Sale 1004
10058
1927 J
2
994 1008
Cleve Shot Line let gu 4346_1961 A 0 99 100
953a 100
10
99
99
1
4 10318
1
4
K C Ft S & M cons g 138.....1928 M N 103 103/
10312
7 10212 103/
Cleve Union Term 534s_
1972 A 0 105/
5 10458 10712 K C Ft 8 & M Ry ref g 46_1936 A 0 86/
1
4 10614 105
105
1
4 Sale 86
87
59
80511 884
let 8 f bs Ser B
52
101
994 102
1973 A 0 10058 Sale 100
K C & M R & B 1st gu M...1929 A 0 9912 ____ 9912 June'25 ____
98 10014
Coal River Ry let gu 45_
1945 1 D 8314 8734 87
834 8812 Kansas City Sou 1st gold 38.1950 A 0 7334 Sale 7312
87
1
7334 12
7018 75_
Colorado & South 1st g 45_ _1929 F A 98 Sale 98
98
20
9673 99
Ref & impt 58
Apr 19503 J 9112 Sale DI
92
66
884 92N
Refunding & exten 43E8_1935 M N 94/
1
4 Sale 9434
9538 __T
..
9055 96,2 Kansas City Term let 45_1960 J J 86 Sale 86
83/
1
4 87%
8612 228
001 & II V 1st ext g 48
1948 A 0 8634 ____ 8634 June'25
864 8834 Kentucky Central gold 46..1987 J 1 8514 87
84
8712
85/
1
4 July'25 ____
Ool & Tol 1st ext 46
8414 8414 Keok & Des M 58 ctf den...1934 A 0 8458 ___
844 ____'84N Apr'25 --__
1955
86 Nov'24 ____
Conn & Passum Riv let 45.1943 A 0 77
8158 811
84
/
4 Knoxville & Ohio 1st g 6s-1925 .11 J --------100 June'25 ____ iiir iii6i4
8138 Jan'25 --__
Cuba RR 1st 50-year be g
88i
85
8312 8812 Lag
1952 J J 87/
1
4 Sale 8718
tWest let g 511_1937 .1 J 100 10114 100
9034 101,4
10012
8
let ref 7348
19383 D 10434 Sale 1044
1
4 108
105 _2_0_ 102/
1941 J J 96
9812 96N July'25 ___
gold
9515 97
Cuba Northern Ry 1st 55_ _.1966
89
9212 Sale 9112
34
923
93,4 Lake Shore gold 330
1997 J D 7814 80
80 July'25 784 81
Day & Mich lot cons 454s.,...1931 J J
M
9734 ___ 9778 July'25
974
1997
J
78
D
July'25
7712
80
____
78/
1
4 79'4
Del& Hudson lot & ref 4s1943 M N 90,2 914 9058
8811 9212
9114 133
D
Re
egbe1n
1928 M S 9812 Sale 9812
tetrtierd
e gold 48
9834 48
974 984
80-year cony 58
1935 A 0 10614 Sale 105
1
4
10612 254 10114 108/
25-year gold 48
1931 M N 97 Sale 9633
9718 60
954 974
16-year 5346
1937M N 103 Sale 10212
. 101 103
103 __2_5
Registered
1931 M N 9411 ____ 9578 Jan'25 /
4
951a 991
10-year secured 75
19301 D 109 10912 10834
1 107 110
10834
Leh Val Harbor Term 55_1954 F A --------1025
. 10234 25 10034 103
D RR & Bdge let gu 48 g1931IF A 944 ____ 94 May'25
94
94
Leh Val N Y 1st gu g 4345.19403 J 97
98
96
9712 14
9612
Den & R.0-let cons g 45_19361.1 J 84/
8534
82
1
4 Sale 84
8458 52
Registered
1940 J J ___ _
93 93
Jan'25 --__
93
Consul gold 4 Sks
1936 .1 J 88
8578 90,4 Lehigh Val (Pa) cons g 4s__2003 M N 8312 gl-e- 83
7
8812
8812 884
79
8434 12
8434
Improvement gold 56._ - _1928 J D 98
95 90
9814 98
9812 23
Registered
7812 81
M
N
--__
July'25
77
81
Farmers L & T dep rots for
General cons 434s
2003 M N 924 gtil-elet & ref M
Aug 1 1955 ---- ____ _ ___ 46 July'25 --_
4512 70
Lehigh Val RR gen 5sSeritte_2003 M N 101 10112 10
83
1/
1
4
9
88
8/
1
4 10
91
158
10
92
'
1718 14
Bankers Tr Co ctfs deo
Lab V Term RI 1st go 5 5s_ _1941 A 0 102
4 18
09
234
04
1%
... _1_ 18
_8_8_1_3 18059
Moult to June 15 '23 agree ------------60
69/
Jan'25
1
4 694 Leh & N Y let guar gold 4s 1945 M S 85
July'25
Stamped
6234 Feb'25
5618 704 Lex dr East 1st 50-yr 5s gu_1965 A 0 10614 Sale 106
10614 28 1034 107
Am Ex Nat Ilk ctte Feb '22
8038
5074 Li
____ ____ 6038 Feb'25
55 054
Lotng
tle D
Mota
8314 8412
gg
mig0
45
.3.1 g Os
NI o
N 10
195
35
2A
85
478 ______ 8412 July'25 ____
Den & R 0 West 55
1955 isii4 5914 Sale 5838
5912 -iii
08
2/
1
4
_ _ _4
_ 100
077
4 10
Dee M & Ft D let gu 48._ _1935 1 J 5018 57/
1
4 51
1
3912 5178 Long Isld 1st con gold 5s_h1931 Q J 10114 late 108
51
A11
10
e
1
213
4
114
Temporary etf5 of deposit _____
49
4538 50
51
50 July'25
1st consol gold 4s
51931 Q J 9334
94 May'25 --__
94 944
Dee Plaines Val let 44s.__ _1947 I'M -14 8812 ____ 9312 Feb'25
9314 9312
General gold 48
8918 914
80
91i4
2 -1i1-1-2 91 July'25
1938
21
J D 0
Dot & Mack-let lien g 45,191153 13 7158
72 July'25
72
75
Gold 48
_
93 June'25 --__
8978 93
Gold 4s
199.5.8 D 65 -72 65 July'25
65
ugpro
glit.
4
.16deb5458
1949 M S 8312 1534 8412 June'25 -- 8214 85
1961 M N 93
Del Riv Tun 43413
9314 9314 July'25
1934 J D 9714 10714 97 July'25 ----951
/
4 98
Dul Missabe & Nor gen 58.. _1941 J J 10312 ____ 10234 June'25
102 18:
1937 M N 91
911
/
4 9114
22
92
871a 92
Out & Iron Runge bit 5s_ _1937 A 0 10112 ___ 10178 July'25 ____ 10012 10233
Guar refunding gold 45_ _1949 M 8 8312 Sale 8312
82 854
1
8312
Dui Sou Shore & Atl g 5._1937J J 84 -85
85
7
8215 90
85
Nor Sh B let con g fru 58_01932 Q J 9918 100
98/
1
4 10011
99 July'25 ____
Bost Ry Minn Nor Div 1st 45.'48 A 0 9078 ____ 904 May'25
88
904 Louisiana & Ark 1st g 56_ _ _1927 M S 9978 10034 9934
991a 1011s
7
100
East Tenn reorg lien g 55_1938 M S
10012
4
99,4 102,2 Lou & Jeff Bdge Co go g 413.._1945 M S 841
10012
/
4 86s 8614
865a
7
83 871
/
4
East T Vs & Ga Div g Se....1930 5 J 1601.2 :2: 10012 June'25 ____ 100 101
Louisville & Nashville 55...1937 M N 103
____ 10312 July'25 --__ 100 10514
1956 M N 10258 ___ 10212
Cone let gold 56
1 10035 10234
10212
Unified gold 45
1940 J J 9314 _-_- 937g
917g 95/
1
4
9412 22
Ehrin Joliet & East let g 55_1941 M N 10218 ____ 109 May'25 --__ 101 102/4
Collateral trust gold M...1931 M N 10018 1014 1005s
10114 26 110500%13
1965 A 0 101
El Paso & S W 1st be
_ 10214
1003818
2
99/
1
4 10212
10214
10-year secured 79
1930 M N 10714 10738 10714
10738 16
Erie let consol gold 7s ext..1930 M S 10712 108 10758
9 107 10934
1074
1st refund 514s Series A 2003 A 0 107 Sale 1107
1
4
34 10414 108/
108
1906.8 .5 7058 Sale 7038
let cone g 45 Prior
70
7112 26
7314
let & ref 55 Series El
2003
A
0
104
Sale
104
loos
2,
1998 1 J 86Ie 69/
Registered
1
4 6814 Mar'25 ---8734 8812
1st & ref 4 3411 Series 0_2003 A 0 9434 9538 9538
954
'
1
1
1
1
E
4
1
:i7
0
,
1st consol gen lien g 45-1990
6212 Sale 62
6134 661
/
4
6234 84
1 9
NO & M let gold 85
1930.5 J 104 107 !
04
11t8
45
.1112:
5
25 ii
Registered
1918.8 J ____
58 June'25
:
:
68 67
1 1g98% 11001.01%is
24 gold 65
1930 .1 J 104 105 105
Penn coll trust gold 48..1961 F A 9534 964 965a July'25
8
954 98
Paducah & Mem Div 46_1946 F A 85
50-year cony 45 Ser A 1953 A 0 64 Sale 6414
6414
8
8212 69
St Louts Die 2d gold 38._1980 M S 6214 -a1953 A 0 5714 6412 6412
do Series B
60 69
6412
8
LANAMdc Nf U494148.1945 M S 9834 100 6
94
84
8
94
8N
1
6111 645
Gen cony 4s Beres D__ _1953 410 7078 7138 7118
8955 7534
7118
14
L & N South joint NI 45_1952 J .1 8334 Sale 8334
8153 8613
85
6
10414
1956.8 1
105 10434
Bile & Jersey let e 1 68
1 1014 10614 Louis, Cm n & Lea gold 430_1939 MN 994 ____ 994 July'25 ---_'
98/
1
4 tou1
/
4
...__ 10478
Due Feb c Duel Inc,
a Due Jan,
Due May h Due July
n Due Sept, o Due Oct. V Due Dec. 8 OotIon sale.
it,
%,,:
76's
--.
87.4 l,i 1
20ne_uyreelenadtr
New York Bond Record-Continued-Page 3
314
BONDS
N. Y.STOCK EXCHANGE
Week Ended July 17.
Price
Friday
July 17.
Range
Since
Jan. 1.
Week's
Range or
Last Sale
Hies
Bid
Ask Low
Mahon Coal RR let bs
1934 j j 103 10312 103 June'25
Manila RR (South Lines) 45 1939 m N 591s 63
62 July'25
1.1 48
1959 m N 64
67 June'25
69
Manitoba Colonization bs
1934 3 D 994 10014 10018 June'25
8058
1941 3 j 80%
8058
Man G B & N W 1st 3Ns
Michigan Central bs
1931 Ms 0
101 Feb'25
10
003
14
4
Registered
101 10012 May'25
78 Al
92
ae
1940 J j 92
93 02
J L & S 1st gold 3Nti
7718 Apr'24
1951 m 5 7734
lat gold 3Ns
85
1952 m N 78 1512 85
20-year debenture 48
i
Is g 2 40 98
9734
9734
MIS of NJ lat ext 58
0 92
9312 92 July'25
100 June'25
Maw L 5 & West imp g be1929 F A 10014
Mil & Nor let ext 4 Ns(blue)1934 3 D 90
8734 May'25
Cons ext 434e (brown)___1934 .1 D 8912 -£C1-1-2 9018
904
mn Spar & NW let gu 451947 ge s 8614 87
8612
8612
Mllw & State L let gu 33.48_1941 J j 8058
8612 July'24
Minn & St Louis let 75
2
- 10138 June'25
1927 j 1) 10212 1-6
0-2-134
lit oonsol gold 55
60
1934 al N 5978
60
Temp ctfs of deposit
60 May'25
58% 64
let & refunding gold 4s___1949 1111-5 2178 Sale 1914
22
Ref & ext 50-yr 5s Ser A_1962 Q F 157a Sale 1512
1578
MStP&SSMcong4elntgu'38 j j 8478 8534 8534 July'25
1st cons 55
96
9714 9512
19383 J 96
10-year coil truSt 0
_1931 M 6 1034 Sale 10212 10318
9912 9934 July'25
Jet di ref 68 Series A
1946 .1 .1
25-year 5345
844
1949 poi s 8412 844 8434
let Chicago Terms t 48_ _ _1941 m N 9212
- 9212 Dec'24
MSSM&A lstg4sintgu_1926 J .1 9938 1-69- 995 July'25
Idissimippl Central let be
1949 j j 93
94
93 July'25
hfo Ban & Tex-let gold 45_1990 J D 8318 Sale 8212
83%
Mo-R-T RR-Pr I bs Ser A.1962 J J 9438 Sale 9412
9474
40-year 45 Series 13
7914
19623 .3 79 Sale 787
10-year 6s Series C
10314
1932 .3 j -10314 10334 10314
Cum adjust bs Ser A Jan 1967 A 0 8718 Sale 863s
87%
Missouri Pacific (reorg Co)
let & refunding 55 Ser A__1885 F A 8812 Sale 8812
89%
let & refunding 56 Ser C1926 F A 100 10018 100
1004
1st & refunding es Ser D1940 F A 10034 Sale 100
10114
let & refund 65 Ser E int_1955 M N 10012 Sale 10018 10078
General 48
6534
1975 M 5 6512 Bale 65
Ago Pao 3d 78 ext at 4%
1938 M N 8578 9014 8618 July'25
Mob & Sir prior lien g 58_1945 J J 99 101 10318
10318
Mortgage gold 4s
1945 J J 80
8138 8018 July'25
Mobile & Ohio new gold 65_1927 J D 10318 104 103 July'25
let extended gold 62____81927 Q J
104 103 June'25
General gold 45
____ 90 July'25
1938 M S 90
10038
Montgomery Div let g 53_1947 F A 99 10014 10038
St Louis Div 58
1927 J D 10014 Sale 10014 10014
Mob & Mar 1st gu g 4s
1991 MS 855 9014 85 Feb'25
113
Mont0 lit gu g es
19373 J 111 113 113
let guar gold 5s
1937 .1 J 102 104 10214 Feb'25
M & E la gu 334e
81
20003 D 8012 Sale 8012
Washy Chatt & St L let re_ _1928 A 0 10138 10234 10138 1013s
NFla&Slstgugbe
1937 F A 10112 10418 102 June'25
Nat Ry of Mex pr lien 434s 1957 J J
30 Sept'23
Apr'25
July 1914 coupon on
19
1438
1438
Ament s f red June coup on
1412 15
8718 July'23
Guar 70-years f 4s
- --15
1977 ii
April 1914 coupon on
18 May'24
Gen et 48 assenting red _______- 1314 1434 14 June'25
Rat RR Mex prior lien 4%5_1926 :1-3812 June'23
3
July 1914 coupon on _______ ____
25 July'24
Assent with July '24 coup on
-24r2 -2-6
. 2612 June'25
lit consol 48
28 Apr'25
1951 A6
Jan'25
April 1914 coupon on__________
36
23
nye:2
ua
Assent with Apr 1924 coupon ___ _
m
13
4 J
6
16
7378
Saugatuck RR 1st 45
1954 M N
9434
New England cons bs
1945 J .1 945 9534 94%
Como] 45
81 June'25
1945 J J
May'25
N J June RR guar let 45_1986 F A 831 169 14
89
RO&NEIstref dilmp4NsA'52 J J 92 Sale 9118
New Orleans Term let 45
91
8278
84
1953 J J 86
10014
NO Texas & Mexico let 6s 1925 J D 10014 1005 10014
96
Non-cum Income fa
1935 A 0 96 Sale 06
97
1st bs Series B
1954 A 0 9518 Sale 9518
let 5449 Series A
1954 A 0 10034 101 10058 1007s
Temporary
A 0 10012 Sale 10012 101
If &0 Bdge gen gu 4Ns__1945 J J 9418 ____ 9418 July'25
SYB&MBIstcongbs1935 A 0 100
)
0'2
875
.11
s
-- -- 1 812
90
NY Cent RR cony deb 68._1935 M N 108% Sale
Registered
M N 104 116 10814 June'25
Consol 45 Series A
85% 86
1998 F A 85
9312
Ref & impt 4)45"A"
2013 A 0 9212 Sale 9212
Ref &'mot 5s Series C2013 A 0 10118 551e 100% 10112
Registered
_ 10118 Apr'25
A 0
•
N Y Central & Hudson River78
Mortgage 33,65
1997 J J 7738 Sale 7714
Registered
1997 3 J 7514 7758 7778 July'25
95,8
Debenture gold 48
1934 M N 9434 95% 948
M N 9314
9214 Mar'25
Registered
9112
9112
80-year debenture 45
1942 J J 9012
Registered
93 Feb'25
77
Lake Shore coil gold 3346_1998 FA 77- Sale 77
Registered
79 June'25
1998 FA 7512 78
Mich Cent roll gold 3345_1998 FA 7734 Sale 7734
78%
7612 July'25
Registered
80
1998 FA 76
N Y Chic & St L 1st g 45
1937 AO 9334 9434 '935 July'25
Jan'25
Registered
89
1937 A0 92
955
25-year debenture 4s
1931 M N 95 Sale 95
2d 6s Series A B C
1931 M N 10212 10258 10218 1024
Ref 634e Series A
1974 A 0 9634 Sale 063
9712
9212
NY Connect 1st gu 430 A_1953 F A 9134 Sale 9134
N Y & Erie 1st ext g 48--- 1947 M N
89 June'25
ad ext gold 43-48
1933 M S 9318
9512 May'25
10014
4th ext gold bs
1930 ..'. 9 10014 _ _ - 10014
6th ext gold 4s
1928 J D 9712_ 974 Dec'24
1946 M N 93 -iii 93
93
N Y & Green L gu g 58
80
2000 91 N 80 Sale 80
N Y & Harlem g 3345
N Y Lack & W 1st & ref bs1973 M N
9812 Nov'24
lit & ref 414s
1973 MN
10112 10012 June'25
1930 M S 10618 10612 10712 Apr'25
N Y L E & W let 7sext
9972 Mar'25
1943.3 3
Dock & 'mot Es
1932
10012 10018 June'25
N Y & Jersey let bs
1 9078 92
9112 June'25
N Y & Long Branch gen it 43 1941
N Y N H & Hartford64%
1947 MS 64% Sale 6478
Non-cony deben 48
MS
Registered
60 June'25
Non-cony deben 3Ha1947 MS 574 .6-012 5912 June'25
Non-cony deben 33.481954 AO 5512 5638 56 Junc'25
1955 J J 6118 6378 62 July'25
Non-cony deben 4s
IDA
61%
1956 MN 60
62
Non-cony deben 45
'
3 5318 58
56
1956
Cony debenture 3145
56
1948 J J 9078 Sale 90
907s
Cony debenture 65
33
8814 June'25
Registered
1940 AO 93 Sale 93
9372
Collateral trust es
N 5812 Sale 5812
1957
59
Debenture 42
6014
6112 6014
Cons Ry non-cony 49..„..1954 .1 .1 59
33
60 July'25
Non-Cony deben
1956'.3 59
61
60
61
Non-cony deben 411
NY & Northern let g 5e_1927 AO 10034 -- 100% July'25
MS
1992
6814
ts_June
Sale
6814
70
let
g
ref
NY 0& W
64
1955 3D 63% 65 6312
General 4s
3D
Apr'25
65
Registered
1942 AO 8614
8612 Feb'25
Y Prov & Boeton 4s
AO
86%
_
86%
N Y & Putnam let con gu 48-'93 M Si
June'25
1927
100
foi
10022
N Y&RB 1st gOld 58
High
No. Low
99 103
5912 034
63% 6714
9714 10018
8058 84
10078 101
10012 10012
2
914 92
15
1
5
15
32
15
2
30
9818 i613-2
5134 6215
5818 60
13912
4 26
114
8412 90
9
84
3:
71 19
007
18
2
10214 104%
9934 103
2
58
116
17
48
741
74
18
168
249
200
1
2
2
13
2
3
-6614 1061-2
94
91
8014 8512
9534
86
7114 80
10112 10414
7634 89
83
9034
100 10114
99 10214
10018 102
6212 67
8414 89%
100 1034
76
91
10234 103%
102 104
81.12 904
961s 101
99% 10012
84% 85
11038113
10115 10314
76% 82
10018 102
10078 102
19
19
144 2134
14
-kW&
26's 3213
14
6
10
12
6
1
30
17
56
8
12
64
179
19
24
2
19
9
5
1
181
39
1
7
3
1.,. .,. i0038
a Due Jan. is Due Jay. p Due Nov. s Oistloa
- -86
9612 98
88
9312
100 100%
8512 94
82% 914
8612 89%
2
2
53
2
5
2
2
24
10
9
-id-
9458 -i68134
81
86
86
86
9214
8014 84%
10015 101%
9238 984
9012 9734
98 10212
10014 10212
934 9418
9914 100
10618 1174
106 11612
8234 8714
88% 93%
99 10214
9912, 102
7958
75
74
7814
9212 96
9214 9234
9258
91
93
93
7434 7812
74
79
75
7858
754 7612
94%
91
89 89
9278 9612
10212 10412
9372 9814
90
9312
89
89
9512 9512
99 10112
- _
90
94
757s 7834
80
80
10014 150%
106 107%
9934 99%
0958 10034
9112 9112
61
68
60
60
55% 61
55 60
60 05
56 6558
53 5912
8614 924
8312 90
9014 9634
53% 6114
55 64
60
64
574 64
100 1005s
65
7012
03 694
65 65
864 8612
8214 87%
100 10035
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 17.
Y Slum & W 1st ref 158-1937 J J
28 gold 4345
1937 F A
General gold 58
1940
A
Terminal 1st gold 58
1943 M N
NY W'ches&B lstSerI4Ns_'413 3 .1
Nord Ry ext1 8 610
1950 A 0
Norfolk Sou let & ref A 58_1961 F A
Norfolk & Sou let gold bs
1941 M N
Wort di West gen gold 65
1931 M N
Improvement & ext 69_19
93
32
4F
A 0
A
New River 1st gold
N & W Ry
cons g 48_1996 A 0
Registered
1996
0
lst lien & gen g 48_1944 J J
10-year cony 0,51929 M S
Pocab C & C Joint 4e_1941 J D
Nor Cent gen & ref 513 A__1974 M 5
North Ohio 1st guar g Ss. _1945 A 0
Nor Pacific prior Hen 48
1997
.1
Registered
1997 Q J
General lien gold 3s
a2047 Q F
Registered
a2047 Q F
Ref &Impt 4345 ser
J J
Registered
J .1
Ref & Impt 6s ger B
2047.3 J
Registered
J J
Ref &!rapt 5s ser
2047.7 .1
Ref & Impt 5s ser D
2047.3 J
St Paul & Duluth let 55 1931 Q F
1st consol gold 4s
1968.3 D
Nor Pao Term Co 1st g Cs.. _1933 J J
No of Cal guar g be
1938 A 0
North Wisconsin 18t es
1930 J J
Og & L Cham 1st gu 4s g
1948
J
Ohio Connecting Ry 1st 4s 1943 M S
Ohio River RR let g 58
1938.3 D
General gold 5s
1937 A 0
19273 .1
Ore & Cal 1st guar g 58
Ore RR & Nay con 848
1946 J D
Ore Short Line-let consg 55246 J J
Guar cons bs
1946 J J
Guar refund 49
Oregon-Wash 1st di ref 4s
196
29
1j D
J
Pacific Coast Co 1st g 58_ _ _1946 J D
Pee RR of Mo let ext g 45
1938 F A
2d extended gold be
3
Paducah & Ills let if 4;0_1
19
95
35 j
J .1
1988 F A
Paris-Lyons-Med RR 6s
f external 7s
Paris-Orleans RR f 79
1958
54 M S
Pauline Ry 78
1942 M
Pennsylvania RR-cons g 48 1943 M N
N
J D
Consol gold 45
19
1048
65 M
45 stamjed
May 1 1948 MN
1960 F A
Consol 4 Ns
General 43-48
General bs
secured10-yeasecured7s
A
F 0
15-year secured 644e
1
119
993
36°
8 .1A
6
F A
Registered
40-year gold bs
7M N
S
93
64
Pa Co-Cu 33--4s coil tr A reg 19
Guar 3 Ns coil trust Ser B-1941 F A
1942
D
Guar 3 Ns trust ctfs C
D
Guar 314s trust etre D
1 4 94 J
Guar 15-25-year gold 45_1931 A 0
Guar 4s Ser E
O
Peoria & East 1st con e45-1
A N
19
94
50
2M
Income 4s_
Peo& Pekin Un 1st5 Ns
S
APO
rj
.
199
5
76
9
4j
Pere Marquette let Ser A 5s _1956 J 3
1st 48 Ser B
Phila Bait & W 1st g 45
1943 M N
J
F A
j
Gen 58 Series B
Philippine Ry 1st 30-yr
4s 1193774
9
J D
Pine Creek regstd Os
1840A 0
PCC&StLgu4345A
Series B 43
-is guar
2A
m
1945
A
MN
Series C 434e guar
2F
1949
Serlos D 411 guar
Series E 37-4s guar gold
N
157
9 84 D
Series F 4s guar gold
19533
Series
45 guar
FA
F A
Series H 48
Series I cons guar 4Ns
11996639
Series J 4 Ns
General M bs Series A _1
.1 D
0 51N
195
974
Gen mtge Is Series B
1975 A 0
Pitts & L Erie 2d g bs
a1928
Pitts MOH & Y 1st gu 13s____1932 J
.1
28 guaranteed 65
1934 j
J j
g bs
Pitts Sh & L E
940
3A 0
19
lit consol gold bs
Pitts Va & Char 1st 4s
1943 M N
Pitts Y & Ash let cons 55-1927 M N
let gen 43 series A
48
2J
196
gen
be
series
B
let
Providence Scour deb 45
1957 M N
Providence Term 1st 45
1956 M S
Reading Co gen gold 411
1997,3
.1
Registered
Jersey Central coil g 4s___1951 AO
Gen & ref 4 Ns Ser A
1997 3.3
Richm & Deny deb Is stpd 1927 AO
Rich dr Meek lst g 4a
1948 MN
Mehra Term Ry 1st gu 5s__ _1952 J
Rio Grande Juno let gu 50 1939 3D
Rio Grande Sou 1st gold 4s 1940 J i
Guaranteed
1940 J J
Rio Grande West 1st gold 40_1939 J J
Mtge & coil trust 49 A
1949 AO
1934 MS
RI Ark & Louie 1st 4 Ns
1949 J J
Rut-Canada 1st gu g 48
Rutland lig con g 43,4s
1941 J J
St Jos & Grand 1st 1st g 4s..1947 J J
Mg J J
St Lawr & Ad1r let g 58
1996 A0
2,1 gold Os
1931 J J
St L & Cairo guar g 48
St L Jr M & S gen con g 55_1931 AO
Unified & ref gold 4s
1929 J J
.3,
Registered
Rly & Illy 1st g 45
1933 MN
St L M Bridge Ter gu g 56.._ _1930 A0
St L & San Fran (reorg co) 4s 1950 J J
Prior lien Ser B 58
1350 J J
Prior Ben Ser C 5s
192S.3'
Prior lien 53-is Ser D
1942 J J
Cum adjust Ser A es____311955 AO
Income Series A es
51960 Oct.
StIouls de San Fran Ry gen Os '31.3,
General gold be
1931 J J
St L Peo & N W 15t gu bs_1948 J
Sou
Louis
1st
gu
g
ols
St
1931 MS
bond ctfs1989 M N
St L W 1st g
2d g 4s income bond ctfs..91989 J
Consol gold 49
19323 D
let terminal & unifying 58_1952
St Paul & K C Sh L 1st 410_1941 F A
1047 J
St Paul R (Sr Trunk 41.4e
Price
Friday
July 17.
Week's
Range or
Last Sale
High NO,
Bid
Ask Low
3
7014
7012
6938 70
1
59%
594
5912 60
6212 60 June'25
60
95 June'25
97
99
674 65
6734 Sale 67
8212 79
82 Sale 8118
8114 40
8034 Sale 8034
98 July'25
977 98
10734 10812 10712 June'25
108 ____ 10838 Apr'25
107
____ 108 Mar'25
64
9012 Sale 8934
907
014 July'
,
89
911z
9112 625-e2
_
29
134 July'25
19
28
134 19
32
0 19
9134
10212 103 103
103
7
4
8814
8814
8758 89
85% 64
8434 Sale 8434
5
844
8418 84% 8434
6178 20
6112 Sale 6112
60 June'25
5912
86
8512 -i6-1/1 86
____ 8534 Feb'25
85
53
10712 Sale 10618
107
10678 May'25
-6a58 Sale 9614
97 -if/
9612 Sale 9618
9612 16
1
i00
75 i:148
9914 Mar'24
8412
8514 July'25
10938 ___ 10934 July'25
---- 10314 Mar'25
10334 Apr'25 _
2
4 4 7534 75
7534
91
____ 9034 Dec'24
__ 10138 May'25
1009858 9934 987 July'25
101 Sale 10034
101
33
88% 908 9012
9012 10
10412 10512 105 July'25
10414 105 1047s
10478
2
9734 Sale 9712
9734 53
8234 Sale 8252
834 77
915 92
9112
91%
9
91%01% July'25
9938
2
9914 10(1- 9918
9512
5
9512 9814 9512
76 Sale 7518
76
214
8412 Sale 8412
854 51
8453 Sale 8418
85
10
101 Sale 1001
101
14
96 Sale 96
96
92
954
9518
____ 93
9212 June'25
9914 Sale 9914
9958 27
9338 Sale 9214
9332 84
10114 Sale 10114
102
86
10818 Sale 10784 10812 39
1103 Sale 11038 11012 34
108 111 10912 June'25
98 Sale 9734
983s 258
86
87
8614 May'25
83% 843 84 June'25
8214 84
83 June'25
824 ---- 8214 June'25
96
06
96
44
85% 87
8534 July'25
80
81
8012 June'25
3334 3518 33%
3412 24
____ 1004 9934
9934
5
99 Sale 983
991
61
8112 8412 8338 July'25
9312
_ 935 June'25
106 110612 July'25 _
4112 42
42
43
5
10312 Mar'25
10518
9618 97
9718
9718
96
___ 9612
9612 29
957 ---- 9634 June'25
934 ____ 9412 July'25
92 _-__ 9314 June'25
933 ---- 9314 June'25
933 ____ 9412 July'25
93
___ 94 June'25
9534 _-- 963 June'25
- 96 June'25
9
812 997
9538- - 8 9918
9912 21
08 Sale 977
9858 153
10072 ____ 101 June'25
10612 __ 105 Dec'24
____ 9834 Aug'24
103
1024 ____ 10218 July'25
10018 ____ 10014 Alay'24
88% -- -- 9114 May'25
10014 _- 100 June'25
1
8912
8912 -- -- 8912
____ 102 July'25 _101
5434 ____ 5912 May'25
1
8158
8138 ____ 8138
95 July'25
943
947 May'25
94
93
10
9214 Sale 9234
9412 37
94 Bale 93
10035 ____ 10014 June'25
7912 June'25
70
80
10114 10134 102 July'25
96
9412 ---- 9412
3
514 ____ 5 June'25
61
__ 6 May'25
86 8-8714 8558
8634 23
7314 74
7514
7558
9
88 Sale 8734
8812 80
7634 7712 77 June'25
8614 --_- 89 July'25
8158 Sale 81%
818
3
95
____ 9518 July'28
10212 ____ 101 Jan'25
1
95
___ 9512
9512
1
10058 Sale 10014
10058 14
96 Sale 958
96
21
93
95
93 Apr'25
_
8878 Sale 8814
8914 216
997 10012 100
100
13
773 260
7614 Sale 76
9034 Sale 9034
9158 147
103 Sale 103
10312 78
997 Sale 9812
100
219
124
914 Sale 91
92
8814 Sale 8734
8812 279
10312
1053 June'25
10012 ____ 10034 July'25 ____
10112 10234 10338 June'25
9358 __ 9338 Apr'25
7
8234
8234 Sale 8234
78 June'25
74
76
65
90
90 Sale 894
13
89
8812 Sale 8812
8578 27
8512 Sale 8512
9052 ____ 9112 Apr'25
Range
Bina
Jan, I.
LOW
High
Ws 76
5918 68
5974 66
93 95
5974 7014
7912 84%
7038 84
9434 98
106% 108
108% 10838
106 108
92%
88
89
88
8814 92
12512 134
91
9314
10111 103
80
94
837s 87
8234 847s
60 6218
5918 60
83% 8715
8554 85%
10542 10812
105 10672
9534 974
9.5,4 98
Ws; 854
1094 109%
102 1034
10334 10412
711z 7534
9814 10158
9872 100
10088 10118
8814 90%
19358 107
10358 107
9638 97%
81% 85
94
82
904 9934
9814 100
9412 96
7012 804
8014 89
8012 90
97 101
9172 96
8015 954
90% 93
9814 100
9214 95
10118 103%
1071z 111128
10934 1114
10914 1094
97% 98%
8614 8614
83 84
82% 83
82 8212
9414 96
85
8614
7712 5284
31% 3671
gg 101
97% 100/4
8138 85
9275 909
104 108
40
4434
10512 10512
gg
997a
96
971s
9514 9634
8934 9412
9012 93%
9314 934
9012 9412
91
94
95 98711
9412 90
9E02 101
9772 9914
9972 101
joili fait;
10014 101
9114 9114
100 100
87 8912
10014 10212
5312 5912
802 8142
93% 96
9412 95%
95
88
9918 96
9914 100%
7412 794
100% 102
9242 9612
5
7
6
6
824 894
70, 75%
85
89%
7314 77
8514 89
7512 524
9534
94
101 101
94
964
994 10078
9134 864
9112 93
83% 90
99% 100%
78
71
8514 93111
10172 103%
9312 10073
8434 9234
754 897s
10434 105%
1004 101
102 1044
921% 9375
80
8334
7238 78
8532 9074
8111 90
80
8734
9111 9613
315
New York Bond Record-Continued-Page 4
BONDS
N.Y.STOCK EXCHANGE
Week Ended July 17.
13
Price
Friday
July 17.
Week's
Range or
Last Sale
ft
Range
Since
/an. I.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 17.
Wk
441.,.
Price
Friday
July 17.
Week's
Range or
Last Bale
ft
BO
Ask Low
Ask Low High No,
Molt No. Low
High
Bid
9614 140
9513 951 July'25
9414 96% Am Wat Wks & Eleo 56_1934 A 0 9558 Sale 9558
St Paul Minn & Man con 46_1933 J A 93
9412 Am Writ Paper a f 7-6e
1939 J J 60 Sale 5534
Registered
94 June'25
94
J J
60
8
20
5
6012 55
10713 1094
Temp interchangeable We dep..... 58
let consul g 65
1933 .1 A 10734 10812 10814 July'25
60,4
99%
2
10118 Sale 10012 10114 263
owl 10014 Anaconda Cop Min let Oa 1953
es reduced to gold 4345_1933 J J 9858 99% 9918
234
Registered
9912 9712 Apr'25
lb-year cony deb 7s
1938 F A 102 Sale 10138 102
1933 J J 98
9758 98
218
935
98
Mont ext let gold 481
8758 9512 Andes Cop Min deb 7s 50% Pd '43 J J 971 Sale 9714
6
1937 .1 D 9212 9412 938
7
921 Antllla (Comp Azuc) 7101 1939 J J 9114 9112 9114
9112
Registered
9212 June'25
92
J D 9012 94
Pacific ext guar 4a_ _ _1940 J J 8712 8912 8918 Apr'25
88
8958 Ark & Mem Bridge & Ter 58_1964 M
9334 Sale 9313
9334
7
23 100 10258 Armour & Co 1st realest 454,1939.7 D 90 Sale 90
St Paul Union Depot 58___ _1972J J 10138 102 10112
102
94
134 12
98
3
85
76
El A & A Pass let gu g 4s_ ___1943 J J 8412 Sale 8412
81
8514 Armour & Co of Del b34s_ -1943 J J 9414 Sale 94
Banta Fe Pros az Phen 50_1942 M 5 10034 102 10034 July'25 --- 10058 102
Associated 0116% gold notes 1935 M S 10234 Sale 10234 10314 47
Bay Fla & West let g es__ __1934 A 0 10914 111 10958 July'25 --- 10712 111
Atlanta Gas L let 58
98/
1
4 ---- 9858 May'25 ---J13
D ____ 397 1934 June'25
let g 53
1934 A 0 10258 ____ 102 June'25 ---- 102 102
Atlantic Fruit 7s We dep
7j
193
944
15% June'25
Scioto V & NE 1st gu g 4..._1989 M N
90 June'25 ---8734 9034
Stamped etts of deposit........... 1912 23
9934
10014 67
Seaboard Air Line g 4e
79
100
1950 A 0 78
784 July'25
814 Atlantic Rehr deb be
74
1937
103
3
Gold 4e stamped
7812 78
8 ____ 103
8212 Baldw Loco Works 1st 5s
6
1950 A 0 78
74
1940 M N
79
Adjustment be
103
____ 107 July'25
Oct 1949 F A 81% Sale 81
73 8312 Baragua(Coup Az)7 e_ __ _1937 J
9
Refunding 4s
5912 731 Barnsdall Corp s f cony 8% A1931 J J 10
95
9 4 106 105% 106
1959 A 0 7114 Sale 7114
82
7112 29
26
5
10234 65
1945 M S 9412 Sale 94
let di cone Os Series A_
9434 65
1948 J J 10234 Sale 1023s
8458 9534 Bell Telephone of Pa be
887
Atl & Birm 30-yr let g 4a_d1933 M S 8834 89
89
38
83% 89% Beth Steel 1st ext e f 5a
1926 J J 100% 10012 10014 10014 22
9934 10118
Seaboard & Roan let 5e
1926 J J 100 10118 10018 July'25 -- -let az ref bs guar A
9434
1942 M N 9434 95
9512
8
1936 F A 10058 10418 10418
10418
16 10218 10418
S B N Ala cons gu g be
30-yr p in & Imps!bs_ _ _1936 .1 J 9258 Sale 92
27
6
94
314 20
Gen eons guar 50-yr 5+3_1963 A 0 9954 10638 10478 105 -- _ _
Cons 30-year 6s Series A_ _1948 F A 937 Sale 9312
842 Pee Col 4s(Cent Pat col)k1949 J D 89 Sale 8514
8734 72
8614 78 18
Cons 30-year b101 Series B 1953 F A 8718 88
8534
94
3 1889912
9612 98
20-year cony 4e
Bing & Bing deb 6745
2
June 1929 M 13 9712 Sale 9738
9734 577
95
9534 9512
9512
1950 M
26-year cony be
1934 J D 10018 10012 100 July'25 --_ _
9914 1031 Booth Fisheries deb s f 6s
1926 A 0 7514 87
7938
7958 19
20-year g bs
10018
1 100 101
9612 203
1944 M N 99 100 10018
Botany Cons Mills Ohs.. _ _ _1934 A 0 96 Sale 95
844 8838 Brier Hill Steel let 5303
20
Ban Fran Terml 1st 45_1950 A 0 85% Sale 8412
88
60
100
1942 A 0 997 Sale 997
Registered
A 0
84 July'25 ---83 8514 B'way & 7th Av let e g 58 .1943 J D 761
7658
6
/
4 77
7633
4
So Pao of Cal-Cu g be
1927 M N 10218 ____ 10314 Feb'25 --- 103' 10314
CUB of dep etrepd June '25 let
7614
7614 7714 7614
941
/
4 ____ 9412 Jan'25,„
1937 J J
9618 34
Bo Pao Coast 1st gu g 4s
9438 9412 Brooklyn City RR be
1941 I"; 96% Sale 9512
So Pao RR let ref 45
1955 J J 8938 Sale 8918
Bklyn Edison Inc gee Is A_ _1949 J J 102 Sale 1013, 102
141
8818 92
8934 352
Southern-let cons g Is .l994 J .1 103 Sale 10238
10312 42 10014 104
General 6s Series B
1930 J J 10434 Sale 10414 10434 13
Registered
J D 10012
101
2
10114
99 10114 Bklyn-Man R Ti' Sec 6e
9114 246
1968 J J 9034 Sate 903
Develop & gee 4/1 Ser A1958 A 0 80 Sale 79
80
245
7358 8012 Bklyn Qu Co & Sub con gtd 5s'41 M N 85
6712 6512 July'25 -Develop Jr gee 8e
1966 A 0 10518 Sale 10518
108
80 103 107
1st to
81
1941 J J 81 Sale 81
Develop & gen 654,
1966 A 0 11012 Salo 11014
82 10634 11138 Brooklyn Rapid Trans g be-1945 A 0
111
90 Nov'24
Mem Div let g 4I3e-5e
1996 .1 J 9913 10212 10178 10178
2
9912 10212
let refund cony geld 413_2002 J .1 8818 --__ 92 June'25
St Louis Div 1st g 48
8878 24
1951 J 1 8612 8714 8614
3-yr 7% secured notes_
10912 Sept'24
8514 8712
1921 J .1
Mob & Ohio coil ti's 4e
1938 M S 8612 Sale 8638
Ctfe of deposit stamped
12314 May'25
8634
9
SO Car & Ga 1st ext 5lie- _1929 M N 102 103 10212 10212
3
82381004 1083838 Bklyn Un El let g 4-5s
-8/1- 89
1950
88
8812
4
Spokane Intermit let g 58_1955 J J 84% Sale 847
8473
2
834 8712
Stamped guar 4-5e
1950 F A 8734 Sale 8738
88
9
Term Assn of St L let g 4)0.1939 A 0 9658 971 9678
9514 9814 Bklyn Un Gas let cones 58 1945 M N 10034 Sale 10034 10112 17
96%
3
let cons gold be
99 101 14
1944 F A 10034
10114 July'25 10-yr cony deb 7s
1932 M N 13514 ____ 176
176
1
Gen refund s f g 4e
1953 J J 8378 8412 984,
17 8218 8514
1s1 lien & ref (is Series A1947 M N 108 10918 109
109
5
Tel & NO con gold be
1943J J 961
/
4
May'25
9634 99
Buff az Susq Iron Sf58
1932 J D 9112 _-__ 9212 July'25
Texas & Pao let gold be
2000 J D 10112 10178 10112 10112
9978 10258 Bue
Dh
0880
Teri m
uinal let 4s
1952 A 0 87
878 8714 July'25
2d gold income be
2000 Mar 91 10112 90 Dec'24 1955 J .1 9134 Sale 9112
92
10
La Div 13 L let g Is
1931 J J 9938 9934 9934 July'25 -Building be guar tax ex_ _1960 A 0 96
99
9934
9658 9558
964
9
Tea Pac-Mo Pao Ter 510_1964 M S 9914 9934 9918
9918
2
9818 1004 Cal G &E Corp unit& ref 53_1937 MN 100 10012 100
10058
9
Tol & Ohio Cent let go 08_1935 J J 10014 10034 1004 10012 10
9944 10112 Cal Petroleum at g 634s..J933 A 0 10314 Sale 103
10312 17
Western Div let g be
1935 A 0 100 10014 100 June'25 ---_
9958 1004 Camaguey Bug let if g 76
1942 A 0 91
95
91
9114
3
General gold 5e
1935 J D 9834 Sale 98/
9834
2
9638 9934 Canada EIS Lines 1st coll el 7e '42 M N 997 100 100
1
4
10014 18
Toledo Peoria & West 4s
1917 J J 31
3412 31 July'25 ---3112 Cent Dist Tel 1st 30-yr 50_1943 J D 100 102 101
28
10134
2
pr lien g 313e.._1925 J J ____ ____ 9978 May'25 --Tol St L & W4e9912 99% Cent Foundry let sf6.
1931 F A 9234 95
94
94
1
50-year gold
1950 A 0 8512 8558 8512 July'25 ---Cent Leather 1st lien s f fie_ _1945 J J 1003, Sale 10014
8218 87
10078 82
Tel W V &0 gu 4336 A
1931 J J 9734 ____ 9678 Dee'24
Central Steel let g s f 8s._ _ _1941 MN 115 1173, 116
116
2
Series B 413e
97
1033.7 .1 9634 ____ 97
ChG L&Cokelstgugsa....1937J
Jan'25 -- -97
10034 101 101 July'25
_
Series C 4e
8958 8958 Chicago Rya 1st fre
1942 M S 90
8953 Jan'25 1927 F A 7614 Sale 764
7658 52
Tor Ham & Buff 1st g 488
1946 J D 8612 87
8418 8612 Chile Copper Os Ser A
8612
1
864
1932 A 0 10838 Sale 10712 10812 57
Ulster & Del let cons g 56-1928 1 D 86'4 87 87
844 9218 Cincin Gas & Elec let & ref be '58 A 0 101 10114 101
2
87
101
18
lit refunding g 03
1952 A 0 5358 55
55 July'25 She Ser B due Jan 1
1987 A 0 10458 Sale 1043
5038 62
10438 12
Union Pacific let g 4s
1947 J J 9258 Sale 9134
9258 278 (AA 944 Clearfield Bit Coal let 411_1940 J .1
7635 -__ 80
Jan'25
Registered
J J 89%
9112
6
Colo F & I Co gen f be
91
gill
1
8918 93
1943 F A 90
93
9112
20-year cony 45
995
1927 J J 9912 Sale 9912
43
9814 9958 Col Indus 1st & coil S.gu-1934 F A 8314 84
83
8312 14
Registered
J .1
98
98
98
Jan'25 Registered
F A 77
82 Feb'25
_
let & refunding 46
02008 M S 868 Sale 8612
50
87
Columbia G az E let be
8414 90
19273 J 10012 Sale 1003, 1005, 36
let lien & ref be
02008 M S 10678 Sale 10634
107
19 1644 10712
Stamped
10012 1005, 10012 10012
4
10-year perm secured 66_1928 J J 10334 Sale 10358
101 10312 10458 Col & 9th Ay let IM 531
104
7j
M S
j 1318 15
923
199
1314 June'25
U N J RR & Can gen 413--1944 M 8 9278 ____ 93 July'25 ---Columbus Gas 1st gold 56_1932 J J 998 10014 9912 July'25
924 93
Uteli & Ner gold bs
1926 J J 10018 10114 10014
10014
4 10014 10118 Commercial Cable let g 01_2397 Q
72
78
76 July'25
_
let extended 4s
1933 J i 935 -___ 93 Aug'24 -- - _
Commercial Credit e f
M N 10012 10034 10012 10012
2
Vandal's cons g 4e Ser A_ _1955 F A 8714
871
/
4 June'25 -- -1947 M N 102 Sale 102
8658 -871
4 Commonwealth Power 6e
10214
26
Control 45 Series B
1957 M N 8718 ___ 8658 Apr'25 ---8658 8658 Computing-Tab-Reea f 6e...1941 J J 103 10312 0312 July'25
Vera Cruz & P 1st gu 410
1934 J J --------20
Conn Ry & L 1st dr ref BOO 1951 J J
Oct'24 -9112 _-__ 92 July'25
Assenting Set 45s
1934 ------------2412 Jan'25
2411 2458
Stamped guar 4 As
9112 92
9112
9112
1
Verdi V I & W let g egi
1926 M S 100
____ 10018 May'25 ---9958 10014 Cons Coal of Md let & ref 68_19
2 j D 80
95jJ
8078 80
8158 33
Virginia Mid Scrim E 5s
1926 M 8 10018 10012 10018
10014
10014 100% Consol Gas(N Y)deb 5546.-1945 F A 103/
1
4 Sale 103I
10334 521
5
be Series F
1931 J .1 10012
9912 101
101 June'25 ---Coined Pr & Ltg let 674e1943 M
104 Sale 104
10438 10
Genera 15e
1938 M N 10058 ____ 10212 May'25 -- -- 100 10212 Cont Pap & Bag Mills 6Me-1944 F A
86 Sale 86
8612 14
Vs .1, Southw'n let gu 58_2003 J J 91 10178 10114 June'25 - --934 102
Consumers Gas of Chic gals 1936.7
10014 ____ 0014 July'25
let coos 50-year be
1068 A 0 9118 9214 91 July'25 - - - 8414 9334 Consumers Power let It,
1952 M N 97 Sale 9612
9712 73
Virginian let be Settee A
9914
1981 M N
95 10158 Corn Prod Refg / g be
Sale 9914
9978 242
1931 MN 10034
_ 90% July'24
Wabash lit gold be
1939 M N 10112 102 10113 102
let 25-years f be
8 I0004 10212
10034 10214 101
101
5
941, 9914 Crown Cork & Seal 1st 3168_1
26 gold be
1939 F A
9678 Sale 9678
9784
11
M
93:
194
4
iF
8212 84
8214
83
5
Ref at 553s err A tem p__ _1975 M 8 9612 Sale 9614
97
167
941 9978 Cuba Cane Sugar cony 7e_ _A930
J 9534 Sale 95/
1
4
96
34
7
a
Debenture 86s registered_1939 M 8 --------9334 Feb'25 -- -9334 9378
Cony deben stamped 8ifi_1930 J
10034 Sale 10011
10034 54
let lien 543-yr g term 48_1954 J .1 8048373 8218 July'25 ---774 837a Cuban Am Sugar let coll 85_1931 M
10712 Sale 19738 108
20
Del & Ch ext let g be_ _ _1941 J J 10114
994 1014 Cuban Dom Bug let 730_1944 80 N 97% Sale 97
101 July'25 - -- 98
83
Dee Moines DM let g 08_1939 1 J
8134 86
86 May'25 --- Cumb T & T let & gee 6s_1937 J J
9934 Sale 9934 100
b
Om Div let g 3103
3
1941 A 0 7538 7638 75
77
7
74
Cuyamel Fruit 1st Os let Mrs'40 A 0 9712 9738 97%
7558
9713 14
Tol & Ch Div g 4s
1941 M 8 86% 8712 87,2
1
8712
8412 8712 Den Gas & E L let&ref s f g be'51 MN 94 Sale 925
95
111
Warren 1st ret gu g 3He___ _2000 F A 77
Dery Corp (D G) 1st s f 7e_ _1942 M S 79
8012 7738 Oct'24 __ __
7914 79
80
8
1948 Q M 8212 8812 8678 June'25 --Wash Cent 1st gold 4s
83 86s Detroit Edison 1st coil tr 6E1_1933 .1
10128 Sale 10l12 1015,
7
Wash Term let gu 354e
1945 F A 8334 85
8338 June'25 -let & ref 5,3 Series A_July 1940 M
811e 8512
10234 Sale 10258 10234
4
let 40-Year guar 48
1945 F A 8934 - - - 8938 Mar'25
8938 8938
Gen & ref 5s Series A
A
m8
0 9912 Sale 991
993
4
14
W Min W & N W let gu 56_1930 F A 974 9858 9612 Mar'25
9554 96/
1
4
let & ref 6s Series B_ _July 11994409
10712 108 107l
108
15
63% 6712 Det United 1st cons g 4148_1932
West Maryland let g 4s
6714 185
1952 A 0 6612 Sale 6534
.1 87 Sale 87
87%
West N Y & Pa let g be
1937 i ./ 10012 10113 101
9834 101
101
1
Dodge Bros deb 6a int rcte_ _1941 MN 981 Sale 9712
9912 2267
Gen gold 48
81 July'25
1943 A 0 8058 82
7912 83
Dold (Jacob) Pack let 68_1942 M N 85
8578 85
85
4
Income g bs
45 Feb'25
Apr 1 1943 Nov 3514 46
45
45
Dominion Iron az Steel bs__ _1939 J
5134 Sale 51
52
5
Western Pao let Ser A 5... .1946 M 8 94 Sale 94
95
47
9014 96
Donner Steel 1st ref 7e
1942 J J 9214 Sale 92
9212 33
let gold (le Scrim B
1948 M 8 10214 10234 103
103
2 19014 10418 du Pont(E I) Powder 4 Me_ _1936 J D 945 95
95 July'25 _
West shore 1e2 4,8 guar
2361 J J 8334 Sale 8334
8458 27
8114 8614 duPontdeNemoure&Co 734e 1931 M N 1063, Sale 10614
1063
32
Registered
2361 1 .1 8218 8258 8258
8278
9
7934 10258
Registered
M N 105
__ 10718 June'25
_
Wheeling & L E let g 5s
3026 A 0 10058 Sale 10058
1
10058
5 100
0158 Duquesne Lt 1st & coil 68„...1949 J .1 10638 Sale 106
42
1083,
Wheeling Div 1st gold 5a_1928 J i 991
9938 101
/
4 - --- 100 May'25 ---let coil trust b,He Series B.1949
10434 135 105
10538 16
Ext'n & Inuit gold bs
1930 F A 975 ---_ 9934 Mar'25
/
4 East Cuba Sug 15-yr s f g 7Tie'37 M S 10514 Sale 105
9934 991
10534 40
Refunding 4135 Series A 1966 M 9 79 Sale 7734
68
81
Ed El IliBkn let con g
81
37
.19393 3 9134 93
93
94
6
RR let consul 4s
72
1949 NI S 7814 7812 7712
7858 Ed Elec III let cons g 55____1995 J
7858 39
10258 ____ 103 June'25
Wilk & East 1st gu g 5e
1942 J D 6318 64
6318
6314 13
634 6713 Elec Pow Corp(Germany)6 Tie 50 M
8712
Sale
871
88
43
Will & S F let gold be
D
102
104
1938 .1
10314 May'25
102 10314 Elkhorn Coal6% notes
1925 J D 9834 100
99
99
2
Winston-Salem S B lit 4s_ 1960 J J 8412 86
8512
8512
2
8258 8712 Empire Gas & Fuel 74s_ - _ -1937 M N 104 Sale 10312 104
194
Wle Cent 50-yr let gee 4s_ _ _1949 J 1 7938 80
7912
80
781 8114 lima Gas Light 1st con 5s_ _1932 M
10
997
4
____
10012
May'25
_
Sup & Dul div & term let 444'38 M N 8512 Sale 84
86
7
8258 8714 Federal Light & Tr let 58_1942 M
927
4
9312 931
95% 15
7534 -__ 7618 June'25
Wor & Con Ea.st 1st 4,iis_ _1943 1 J
7638
76
1st lien (is stamped
1942 M
10214
93 sale
931s 102
10212 22
INDUSTRIALS
30-year deb 63 See B
1954 J D
93
93
3
MUMS Express coil tr g 4&_1048 M 8 85 Sale 85
8518
85 8712 Federated Metals t 7s
2
1939
100 Sale 100
101
7
Ajax Rubber let 15-yr at 8s_19311 J D 10138 Sale 101
9413 10274 Flak Rubber let 1
10178 21
11412
Sale
11414
115
42
41
Gold
M
deb
S
Alaska
Os A_ _I925 M
5
4% June'25
3% 678 Ft Smith Lt & Tr 1st g bs_ _1
193
946
1 M
M S 7914 Sale 7834
797k
5
is 2
4% 5
Cony deb 85 Series B
1926 M 8
4
678 Frameric Ind & Dev 20-yr 730842 J J 93 Sale 93
1928 A 0 10234 Sale 0238
41s .1610234
AM Agile Chem 1st be
,' 5 -;18
9814 103
Francisco Sugar 1st sr 754s.1942 MN 1044 10612 10434 10
94
3314
2 11.
4
1941 T A 10312 Sale 103
let rots! 73'0 g
10312 94
9434 10334 Gas & El of Berg Co cons g 581949 J D 9914 ____ 9812 Feb'25
_
Amer Beet Sug cony deb 63_1935 F A 101 Sale ioi
9734 102
10158 20
Gen Asphalt cony 6e
10212 ____ 10314
1034
2
99
13
American Chain deb 5 1 6s_ _1933 A 0 9812 Sale 9812
9658 9934 General Baking let 25-yr 01_1
19
93
36
9J
A
10412 10514 10412
10412
1
9614 96
Am Cot 011 debenture 5e- 1931 M N 96
96
9118 96% Gen
25
1942 F A
deb
u
g
31.3s
85 June'25 _ _ _
1936.7 J 1063s 108 10614
AM Dock & Impt gulls
10614
4 10614 10812
Debentureleetric
10712 Sale 10714
10712 64
9914 9714 July'25 ..- _
1939 A 0 99
AM Math Ai FdY if es
98 100
S 10112 102 102 July'25
Gen Refr let f g fie Ser A_ _ _1
MA
1952 F
_
Am Republic Corp deb 613_1937 A 0 973 9712 97
9838 12
914 9712 German
Do
1945
J
J
Gee
D n,
7s_Jan
15
Ele:
H
60
92
98
0
984
Sale
1947
A
let
rserA
az
R
30-yr
be
9512 9958
AM Elm
9878 122
10
92
4'2 6
10
5412 104%
10
9'
5
3314 34
1947 A 0 1078 10778 1073, 10734 19 10358 10812 Goodyear Tire & Rub let s f 1947
1st M 65 series B
M
1j
12114
Sale 12034
12112 114
Amer Sugar Ref 15-yr 6s_ _ _1937 1 J 10234 Sale 10214
1033, 134
9912 10412
10-year f deb g 8a
110 Sale 10978 11014 144
AM Telep & Teleg colt tr 48.1929.7 J 9758 Sale 9738
9834 152
9618 97% Gro
atnabmyimm
F N
A 10018 102 100 June'25 -Cons MS & Peon Os A' M
1
4 Sale 9234
1936 M 13 93/
Convertible 4.
9314 10
9088 931
/
4
10038 ____ 1003
,June'25
1933 M 8 9612 gale
20-year cony 4 TO
94% 115
Gray & Davis let cony f 7s_1
M N
A 92
192
32
8F
93
3
95
9212
1940.7 D 10178 Sale 1M '
30-year coll tr be
12
62
100 10214 at Cons El Power(Japan)76.1944 F A 9034 Sale 9012
9112 118
1960.7 J 97 Sale 9634
85-yr s f deb 58
9818 1006
9413 98,3 Great Falls Power let it 5s_1940 M N 1017 Sale 10134 102
36
1943 MN 103 Sale 10234
26-year el 55411
10312 164 101 105
Ilacken.sack Water 1st 4s_ _ _1952 J
8658 ____ 8634 June'25
/
4 Sale 134
1925 F A 1341
-year convertible 6e
135 1 51 126 13812 Havana El RI L az P gen he A '54 M S 9334 Sale 9334
94
43
-7
Due Juno r Due July 9 Due Aug 8 Option sale.
., Due May
1025:
9
4
Range
Rime
Jan. 1.
Low
Mg)
9212 98
44
6313
43
6314
991e 10114
9914 104
94 100%
9114 944
91
954
85
91
91
9434
10134 10312
97% 98%
18
26
1512 22
9714 10014
102 105
103 107
10212 106
10014 103
1004 10114
9318 97
90
94
9312 974
85
89te
941
/
4 98
70% 85
95
9612
97 1014
68
79
6734 78
9038 96%
9918 103
103/
1
4 10512
8214 92
617s 71
80 81
92
92
121 123¼
8113 90
8112 8934
994 102
165 176
1074 110/
1
4
914 93/
1
4
84
91
8818 92
93/
1
4 99as
98 1011s
108/
1
4 10418
91
951s
9648 10014
1004 18212
9378 97
9788 10112
110 116
9814 101%
7554 88
105 11112
984 104%
10013 105
80
80
87% 93
80
84
82 82
1003s 102
100 101%
94 14
9812 9911
711
/
4 7712
/
4
98 1011
97% 1031
.
1014 104%
904 924
89
93
80 90
10114 105
1004 105
86
934
9278 100%
9034 100
16618 Nis;
74
83
9338 98
9914 102/
1
48
1073s 110
984 98/
1
4
97 10112
97% 9913
9212 97
75 82
9934 10374
9913 102/
1
4
974 10134
106% 10812
9334
87
9412 994
82 88%
50
58/
1
2
8834 9211
9012 95
108 10811
10718 1071.
1
4
104% 107/
104 106
103 106%
90/
1
4 9514
9912 103
8714 8811
97 100
971, 109
9932 1001)
88
9614
964 103
9412
93
99% 107
108 115
7612 79
894 95/
1
4
103% 1067
.
98% 9812
101 10314
10412 105%
83
85
10113 10712
100 1024
92
94%
10618 106%
119 12113
108% 11014
931e 1004
9314 10014
92
96
8714 911e
997a 1027s
831e 8614
8611 9514
New York Bond Record-Continued-Page 5
316
32
il
Rat
Price
Veers
Range
BONDS
Price
Week's
BONDS.
Friday
No
Since
N. Y. STOCK EXCHANGE It
Range or
11
in_
1t
Friday
Range or
A.Y.STOCK EXCHANGE
Jan
05
July 17.
Last Sale
Jan. 1.
...0.,
Week Ended July 17.
os
Last Sas
July 17.
Week Ended July 17.
...0.
Igh
Mak No, Low
BIM
Ask Low
1110h
Fltok No Lots
Bid
Ask Lot:
9238 9614 Peep Gas & C lid cons g 68__1943 A 0 11014-11034 July'25 --- 107 '1034
9614 July'25 ____
Havana Elm consol g 58----1952 F A 9512 97
94/
1
4 00
12
100
4 9812
1947 M 5 9813 981
Refunding geld 50
10438 55 103 105
Hershey Choc lots t g 6s____1942 m N 10438 Sale 104
/
4 05
38 1011
105
9818 9834 Philadelphia Co coil tr MA_1944 F A 10478 Sale 104
9834 245
1
4 Sale 9814
lot M & cell 5348w I__ _1940 .7 .1 98/
9958 58
9334 00
15-year cony deb
_1938 M S 9932 Sale 99
1
4 13 10038 105,4
Roe(R)& Co let OM temp
- A934 A 0 10334 Sale 10314 103/
9934 0218
I ref 58_1973 J J 9978 Sale 99/
8934 Phlia & Reading C &5549_1
4 10012 44
79
9
8812
Holland-Amer Line 69 (Ilag)_1947 MN 8778 Sale 8778
0512
91
41
104
9818 100/
1
4 Plerce-Arrow Mot Car deb 881943 M g 104 Sale 10238
Hudson Co Gas let g 59._1940 MN 100 10014 10078 July'25 ____
1 10258 07
10812
9912 10212 Pierce 011 s f Ss
155
1931 J D 10614 10612 10612
/
4 Sale 10112 192
Humble Oil& Refining 5549_1932 j j 1011
02/
1
4
995
8
10214
10
102
102
10212
0
A
Mills
20-yr
6s
1943
Pillsbury
Fl
97
1011
/
4
131
10012
10118
Sale
Illinois Bell Telephone 59_1956 j D 10612
1
4 June'25 ---97 9814
9234 9634 Pleasant Val Coal let g s f 58_1928 J J 9734 9834 97/
9412 94
9453 12
Illinois Steel deb 4545
1940 A 0 94
90
i
9488
91
91
91
Poch Con Collieries lots f 5s1957.3 .1 89
8713 94
Ind Nat Gas & OH 55
1936 m N 91
9112 9112 July'25 ____
99/
1
4 0234
101
8
2 10114 10418 Port Arthur Can & Dk 88 A_1953 F A 10118 102 10038
Indiana Steel let 55
1952 MN 10334 10412 10338 104
2 10014 02
92
1st M 6s Series B
1953 F A 10078 ____ 10112
9914
10112
1
4 101
ngersoll-Rand 1st 58
92 May'25
1935 j j 99/
00
9612
25
100
9912
MN
B_1947
10
11
9912
gale
Portland
Elec
Pow
1st
68
____
Apr'25
13
11
11
Interboro MetroP con 4549-.1958 A 0
98/
1
4 0078
9912 June'25 ---1935 J 1 99 100
712 719 Portland Gen Elec lot 5s
____
Guaranty Tr Co etts dep7
712 July'25 ____
12 13
9212 9815
10
95
9638 9434
1012 1012 Portland Ry 1st & ref So.. 1930 M N 95
612 _ _ _ 1912 Mar'25 _--_
_
Ctf dep stpd asstd 16% sub__
8414 92
9012 37
5939 7434 Portland ELY Lt & Plot ref 581942 F A 89/
1
4 90/
1
4 8978
6814 81
6818 Sale 6718
Tnterboro Rap Tran lot 58_1966
001
/
4
94
9912 14
7312
/
4
lot 1 di ref 65 ser B
59
1947 M N 9914 9958 991
07
68 Sale 67
88
Stamped
6134 80
107
lot & retina 754s Ser A 1948 M N 10658 108 10612
5 1051s 07
7112 43
1932 3,--(1 7112 gale 7058
10-year (is
08
10212
_ _ 10212
5 101
Porto Rican Am Tob 85
1931 M N
95
85
9938 61
10-year cony 7% notes. .1932 M 6 9014 Sale 89
93
78
9219 97
9258
9312
- 9214
Pressed Steel Car 55
67
4
1933.3 .1 1012
78
Ent Agile Corp lot 20-yr 59-1932 m N 7712 7778 78
1514
2 104
11334
8212 72
Prod & Ref of 88(with war'nts)31 J D 112 11278 11334
7158 12
7038
Stamped extended to 1942_ _ MN 703s 71
1318
11313 35 110
8419 9112
Without warrants attached__ J D 110 11078 110
8612 38
Inter Mercan Marines 1 58_1941 A 0 8578 8614 8534
1
4 05,4
8712 94
2 104/
Pub Serv Corp of N J gen 59_1959 A 0 10458 Sale 10458 10434
9214 47
International Paper 58
1947j j 92 Sale 9134
997s
Secured g 65
--- - - - 1944 F A 9918 Sale 9812
95
9912 137
1
4 9734 84 Mar'25
1st & ref 59 B
1947 j j 97/
Pub Serv Elec & Gas lot 55491959 14 0 10318 Sale 10314
9718 98
206
98/
1
4 0514
1031
/
4
5
98
Ref a f 80 Ser A temp. _1955 m g --- - ---9719
99/
1
4 105
104
1st & ref 5343
1964 A 0 10312 Sale 103
88 100/
1
4
61
e 97/
1
4
9812 175
'urgent' Works(is (flat ofce)_1947 .3 j 9812
1
4 106 105
9558 101
10534 39 10213 10714
Pub gerv El Pow dr Ltg 68_1948 A 0 105/
9934 44
Kansas City Pow & Lt 59
1952 ad S 9938 Sale 9918
9814 10312 Punta Alegre Sugar 70
1937.3 J 106 Sale 105/
1
4 10612 37 10234 10712
Kansas Gas & Electric 68_ A952 M g 10112 Sale 10118 10258 33
10112
10412
8812
Sale
88
8812 28
N
Remington
Arms
68
8612 92
M
1937
7
10412
Kayser & Co 78
1942 F A 104 10412 104
1
4 Sale 9558
90 103
9312 93
96
Repub I & S 10-30-yr 580 f _ _1940 A 0 95/
31
16
Kelly-Springfield Tire 89
1932 m N 10234 103 10238 103
82
9212
92
93
/
1
4
925
8
93
J
/
1
4
Ref
&
gen
5545
ser
A.,.1953.3
29
901
/
4 94
1
92
92
92
/
1
4
913
4
Keystone Telep Co 1st 69
1936 j .i
10012
103
8818
Sale
F
A
7s
881
Rima
Steel
1st
1955
____
/
4
881
/
4 90
8814
4
Kings County El & P g 58... _1937 A 0 10178 ___ 103 June'25
/
4 Robbins & Myers s f 78
67
65
66
1952 J D 85
6312 7315
0
- ,2 11812 11914 34 11412 1201
Purchase money 6s
1997 A 0 11914 119
111
11114
11114
5
110
111
11114
75
4
M
79
,
4
9
Rochester
B_1946
Gas
&
El
70
8
ser
797
79
_ --79
Kings County El let g 4s
1949 F A
74
80
54
Gen Mtge 550 series C__ _1948 M 5 10414 105 10414 July'25 ----I 10312 10614
80
Stamped guar 4s
1949 F A 7912 Sale 7812
89 101 14 Roch & Pitts Coal & Iron 58_1946 M N 9153.... 90 Aug'24 ----,
9919 32
9914 99
Kings County Lighting 5s 19542 j 99
8434 10 IA WI;
3 10358 10812 Rogers-Brown Iron Co 78_1942 M N 6418 6512 64
1
4
1954 .1 j 10718 10712 10712 107/
6340
/
4 July'25 ----I 85/
1 10814 1087s St Jos Ry Lt Ht & Pr 5s
1937 MN 9158 9134 911
1
4 9134
Kinney Co 750
1936.3 D 10714 10814 10734 10734
9518
_
J
94
/
1
4
9578
J
St
Joseph
895
5
July'25
Stk
Yds
4549_1939
1st
6
--9553 9578
9418
033
4
Lackawanna Steel 59 A_ . 1950 M 13 9334 94
9814 1017s St L Rock Mt & P Mstrapd_1955 J J 8138 -8212 87 July'25 --H 771
5
/
4 87
Lae Gas Lot St L reldrext50 1934 A 0 10012 Sale 10012 10058
9115
74
Feb'25 --- 95,4 102
St Louts Transit 58
79
1924 A 0 --------81
101
Coll & ref 554s Series C .1953 F A 10034 Sale 10014
95
97
95
97
June'25
953
4
100
2
----I
95
St
Paul
City
1
Cable
Cui
1937
9812
9914
9812
Lehigh C & Nay of 454s A 1954 .1 J 9812
9112 9312
92
71
Lehigh Valley Coal lot g 59.1033 J J 9912 10073 101 July'25 ____ 100 10112 Saxon Pub Wks(Germany) 78'45 F A 915s Sale 9112
108 109 109
109
1942 M
1 104 109
1
4 Sept'24 --- --- - --- - Sake Co 75
lot 40-year lot red to 4% A933 .1 .1 -7,.- -- - - 89/
102 10334 10114
3912 431
103
/
4 San Antonio Pub Ser 88
9
9912 104
1952 1
1
4 June'25 ____
Lm Ave & P F lot assa 58-1993 M 5 4
'
1 3 - - - - 43/
21 10578 10712
107
/
4 Sharon Steel Hoop lot 8s ser A '41 M 5 106 107 10614
3 116 1201
12018
Liggett & Myers Tobacco 79.1944 A 0 12018 Sale 12018
1063
4
1067
_..J
1063
8
0
117
/
1
4
10734
105
4
July'25
1173
____
A
4
Farms
6549
1942
Apr'25
Sheffield
0--------1173
4
Registered
A
9704 102
95/
1
4
9312
90
2
Sierra & San Fran Power 514_1949 F A 9112 9312 9312
10178 39
61
1951 F A 101 Sale 101
9434 71
95
89
/
4 Sinclair Cons 011 15-year 78_1937 M a 9414 Sale 94
1 11414 1171
Iduldard Co (P) 78
1944 A 0 11512 Sale 11512 11512
11114
1123
4
Sale
115
11812
11414
0
115
____
551
1st
In
1043
coil
tr
4
65C
1927J
Mar'25
with
warr
--------115
Registered
A 0
1
4
9514 9812
/
4
89
lot lien 6540 Ser B
67
82/
1
4 90/
1935 1 D 8834 Sale 881
9778 20
1951 F A 9634 Isle 9618
Os
9914 101
10978 117
90511 9934 Sinclair Crude 011 3-yr 68 A 1928 F A 10014 Sale 10018
9734 85
Louisville Gas & Electric 58.1952 MN 97 Sale 9612
F A 10014 Sale 10014
9114
10058 49 10015 100/
15_1926
9313
1
4
____
3-yr
6%
notes
July'25
B
Feb
9312
94
Louisv Ry 1st con 55
1930.3 .1 92
82
87
115
89
Sinclair Pipe Line 58
1942 A 0 87 Sale 8634
Lower Austrian Hydro-Elec Co1
4
851
/
4 8012 Skelly 011 654% notes
1927 A 0 11614 Sale 11412 11714 56 1067s 120/
8518 26
lot of 850
1944 F A 8518 Sale 8518
10538 16 102 106
South Porto Rico Sugar 75_1941 J D 10515 Sale 105
99 102
1942 A 0 10112 Sale 10112 10134 20
Sfanati Sugar 7349
10134 Sale 1011
/
4 1017
57/
1
4 84
99 10218
40
South Bell Tel & Tel lots t 551941 J
8214 15
Manbat Ry(N Y)cons g 49_1990 A 0 6158 Sale 6112
51
58
10034 99
4
s'west Bell Tel lot & ref 55_1954 F A 10014 Sale 10018
55
96/
1
4 10111
1
4
2d45
2013 J D 5434 Sale 53/
9834 10
9853 Sale 9812
97/
1
4 10234 Southern Colo Power 69
93/
1
4 9978
10114 13
1947 J
1942 M N 10012 Sale 100
Manila Electric 78
85
6
8912
tvi N 1
1948 M
92
9813
Suing Val Water g Is
89
89
90
Manila Else Ry & Lt o f 59_ _1953 M
600
1
90
6_71
!10
9712 100
812 June'25 118
99:8
2 10034
Standard Milling 1st 56
9934 28
9913 Sale 9912
1930
Market St Ry 70 Series A...1940 Q
- - 10712 108
5 10115 106
8 105 108
Steel & Tube gen s f 78 Ser C 1951 1 J 10712 108
10514
Metr Ed let & ref ado Ser 7_1952 F A 10514 Sale 105
9413
9112 97
9
9412 9715
/
4 9413
947g
3
Sugar Estates (Oriente) 78-1942 M 5 9412 951
9434 Sale 9438
let & ref 59 Series C
1953 J
97
95 June'25 ---1
4 104
95 99
2 100/
1929 FA-i 94
Superior 011 lot 9 f 70
103
1953.3 13 10212 103 103
Metropolitan Power Ss
97/
1
4 10014
Syracuse Lighting lot g 58 1951 J D 100 10012 10014 June'25 ____
701
/
4 80
6
7212
7212
Met West Side El (Chic)40_1938 F A ____ 74
/
4 102 10118
10118
2 10078 102/
9514 99
1
4
9858 173
Tenn Coal Iron A RR gen 58-1951 1 J 1011
9852 Sale 9714
Mid-Coot Petr lot 654s_ _ _1940 M
14 10
0011
25 ...6
_4
21 Jul
l0
y'
3
8716 9314 Tennessee Cop lot cony 68_1925 MN 100
_ 100
224 102
9134 103
/
4 Sale 91
Midvale Steel &0cony 81-59 1938 M S 911
10414
1
4 10053 July'25 ____ 100 10113 Tennensee Elec Power lot 60_1947 / D 1027s Sale
MIlw Elec Ry & Lt cons g 56_1926 F A 10014 100/
/
4s
Sa
alee 5
95
32
9834 Third Ave let ref 40
6
1960 .1 .7 561
1
4
52
8;43 7
9612
16
7
5
34
114 5813
9612 Sale 9612
Refunding & eaten 450_1931 .1
94 100
6
98/
1
4
1
4
50/
Ad1 Inc 56 tax-ea N Y_- _a1960 A 0 4214
1
4
1951 J D 9714 9812 97/
General 5s A
93
/
1
4 08
947
8
9518
9412
95
/
1
4
20
J
J
1937
841
/
4
Third
92
/
1
4
43
Ave
9138
RI
18t
g
be
9013
9012
907
8
D
J
1981
let 155 B
10218 96 19134 11)455
9834 104
34
Tide Water Oil 10-Fr 6348-1931 F A 10178 Sale 10134
1953 M 5 10053 Sale 10038 101
19t di ref g 13s Series C
1
4 109
28 108/
1
4 110
961
/
4 9934 Toledo Edison 1st 79
6
1941 i51 5 10812 Sale 108/
9934
Milwaukee Gas Lt lot 49_1927 M N 9913 Sale 9912
97/
1
4 100/
99 100/
100
2
1
4
1
4 Toledo Trac Lt & Pr 6% notes'25 F A 108 10834 100
1
4 10014 81
Montana Power let 59 A
1943 J J 9978 Sale 99/
1
4 Apr'25 ---9712 23
98/
1
4
94
98
9812 Trenton G & El 1st g 68- _1949 M S 987s.... 98/
Montreal Tram It & ref 69_1941 J 1 97 Sale 97
61
6712
3
70
67
6712
61
J
J
59_1962
Ry
ref
Twenty-third
St
7813
847
8
50
8238
8318
8234
Sale
J
.1
1939
Co
f
4
54s
Morris &
lots
77
7718 Underged of London 4549_1933 .5 J 9134 ---- 9212 June'25 ---89 9212
Mortgage-Bond Co 49 Ser 2_1988 A 0 78- - 7718 Mar'25 ____
Income Os
9553 9712
5
9712
861
/
4 89
1948 J J 8953 -- -- 89 Apr'25 ---10-25-year 59 Series 3
1932 J J 9614 -97- 9712
9413 9912
9656 10012 Union Bag & Paper lot M 68_1942 M N 97 Sale 9514
99/
1
4 27
11
97
Murray Body lid 6 548
1934.3 D 9812 Sale 9812
102
9512 9812 Union Elec Lt &Pr lot g 58-1932 M 5 101 10118 10118
9
9934 102
Mu Fuel Gas 181 go S 56- -1947 MN 9914 9912 9812 July'25 _____
1933 M N 10018 Sale 10018
9753 191
10018 17
Ref & ext 58
9814 101
- 101 June'25
Mut Un gtd bonds ext 4%
- 1941 61 N 9978
/
4 10214 10134
10214 38 100 104
5712 64
let g 554s series A
14
1954 J J 1011
62
- 18 62
Naasau Elec guar gold 4s..1951 J .1 6118 6
98
__ 9912 ma/29._
774
9934 Union Elm RI (Chic) 60_1945 A 0 7634 7712 7634 July'25 ---75
Nat Enam & Stamm ley 58..1929 j 0 100
96 1001s
1931 1 J 9953-.. 9934 July'25 ---,
9312 8i 80 941 Union 011 1st lien 9 f 58 1942
g.i;le
National Acme 7549
1931 J 13 931292
F A 10438 105 1041
/
4 10434 21 10238 105/
1
4
May
985a 101 5
1
30-yr 68 Ser A
981/4
Nat Starch 20-year deb 59._1930
1
4 --- 9858
98/
.1930 F A 10318 Sale 103
10314
12 102/
union Tank Car multi
1
4 10514
10214 25 10034 103
National Tube let So
1952 M N 10134 1-0212 102
02
312
le 10
02
.1 10
314
9812 101
2458
1.0
A 0
27
2
1 19
08
0,4 104
united Drug 20-Yr 60-00t
70_15 1944 J
10078 July'25 ____
Newark Consol Gas 59
19483 D 9978
Sale
/
1
4
99 102
1
4
102/
United Fuel Gas lot of 69___1936
10114 43
New England Tel & Tel 5s 1952 J D 101 Sale 10078
/
4
9914
99 1001
9934 12
2 10112 10434 United Rye Inv 5s Pitts issue 1926 M N 9934 100
10314
NY Air Brake let cony 8s 1928 M N 10314 Sale 10218
Stamped__
9918 100
9934
/
4
9978
77/
1
4 811
4
/
4
0
99,4 1001
81
81
80
N Y Dock 50-year let g 4s 1951 F A 79
69
7414
70 July'25 ---70
114/
1
4 34 112 11512 United Rye St List g 49____1934 i i 69
NY Edison let & ref 6549 A-1941 A 0 11412 Sale 11418
95
/
1
4
99
/
1
4
102
United
55
Co
15-yr
6s
261
10114
lot lien & ref 5s B temp..1944 A 0 10058 Sale 10012
A N94
O 103381 2 10
94
5 10
2M
93
45814
10
94
512 13
7 10
9212
1 105
1
4 17 10010 10412 United Stores Realty 20-yr 6011347
103/
N Y Gas El Lt & Pow g 58_1948 J D 10314 Sale 10318
85
8934 335
9015
se
90/
1
4 U S Rubber lot & ref 58 ser A 1947 J J 8912 Sale 8812
5
8951
/
4
Purchase moneys 48
1
4 Sale 89/
1949 F A 89/
1
4
Sale
10714
10612
A
107/
1
4
108
F
72
10412
1930
100
,
2
sec
notes
____
754%
10012
Apr'25
10-Yr
N Y L E&West C &RR 550 1942 MN
10212 10012
101
23 100/
1
4 102
991
/
4 11.1034 U S Smelt Ref & M cony 69_1928 F A 10078 Sale 10038
N Y Q El L di P lot g 5s
1930 F A 100 10012 10034 July'25 ___
1
4 10614 208 10414 10632
_ _1983 MN 10538 Sale 105/
45 5411 U S Steel Corp(coupon4
5
49
NY Rye lot RE & ref 48_1942,J J 49 Sale 49
a f 10-60-yr 581engigeced_d1963 M N --------105 July'25 - - 103/
423s 64
1
4 10512
9
4912
Certificates of depositI.
4912 Sale 4912
83/
1
4 9112
8978 89/
1
4
9058 89
Utah Lt & Trac lot & ref 59._1944 A 0 87
...18 8
4
110-year ad] Inc 59---Jan 19421A 0
434 534 5 JUne'25 ___,
95
Sale
91
95
9618
29
A
98/
1
4
F
Power
&
Utah
Lt
lot
1944
5
/
1
4
078
3
518
1
4
5/
518 Sale
Certificates of deposit
100
10112
10014
1
2812 32/
2814 10114
10112 16
1
4 Utica Gas & Elm re1 &50.ext55 1957 J
2934 73
2934 Sale 29
N Y Rye Corp Inc 6s_ _ _Jan 1965 - _
80
1953J .1 55
57 June'25 -,,,57
53
995310253
Victor
Fuel
hit
6
f
59
3
/
4
1011
10012
MN
NY & Rich Gas 1st Co
1951
1001310012 Sale
66
64 681
3
73
9934 394
9934
1947 J D 9934 Sale 0734
/
4 Va-Caro Chem lot 79
NY State Rye lot cons 4345_1982 MN 6412 Sale 8412
___. 99 Sale 9712
7113 9914
9914 32
63 63
Certificates of deposit
Apr'25 ____
M N 62
63
Registered
951
/
4 Sale 9414
98
68
_46
99
CertIfIcates
of
@Bond
deposit
88
97
8
89
/
1
4
1St eon 8549 series B
1962 M N 8814 Sale 8814
97/
8214 192
1
4 104
43 82/
-_--0 8012 Sale 79
1
4
750 with & without war-1937 J
NY Steam lot 25-yr 68 Ser A 1947 M N 10234 103 10234 10312 24
8114 117
Certifs of den without wars' ---- 7913 Sale 7713
421s 8114
95
99
125
99
NY Telep 1st & gen s t 4548-1939 M N 9812 Sale 9814
8114
Sale
41
143
7712
8014
_--1071/4
/
4
110
801
Certits
of
den
with
warrants
3
4
50
110/
1
4
30-year debeno f Ss_ _Feb 1949 F A 10912 Sale 109
/
4 10913 Va Iron Coal & Coke 1st g 5s 1949 M S 9112 9134 92 July'25 ---1061
90 95
20-year refunding gold 68-1941 A 0 108 Sale 10734 10818 87 1001
J J 98 Sale 98
/
4 103
99
1943
0814
Ry
Pow
lot
&
9314
Va
ref
68
SO
3
102
Niagara Falls Power let 60-.1932 J J 101 102 102
92
91
91
9411
91
1
4 10612 yertientes Sugar let ref 75-1942 J 0 91
3
5 103/
106
Rat & gen 65
Jan 1932 A 0 106 Sale 108
8972 991i
7
94
1
4
Warner Sugar Refill lot 78_1941 2 0 94 Sale 93/
1007 110
110 ___
__ no
Flag Lock & 0 Pow lot 59_1954 MN _
J 8034 811
871s
8012
/
4
J
9812
81
Sugar
lot
78-1939
46
7712
Warner
Corp
100
9918
7
15 & ref 55 ser A temp_ __1955 A 0 figis g;le 9812
99/4 1017s
18 10458 11036 Wash Wat Powers t 59- - -1939 J 1 10012 102 10118 June'25 ._-110
110
Refunding (is Settles A____1958 F A 110_
III 10118 Sale 1011
102
1
98
/
4
Ustmpd
1950
10118
Ltg
g
fad
5
Westches
961
/
4
10213
33
8
1017
10112
Nor Amer Edison 89.- -1952 M S 10112 1-01-3-4
1
4 108
1944 M N 10258 Sale 102
102/
1
4 19 100/
West KY Coal lot 79
1
4 10214
10478 29 100/
Secured s f g 6546 Ser-B..1948 M 8 10412 Sale 10418
92/
1
4 97
9912
9978 11
West Penn Power Ser A 59..1946 51 8 9914 100
93/
1
4 100
9534 27
Nor Ohio Trac & Light 85 __1947 M 8 9534 Sale 9512
1946 M S 10612 Sale 10513
107/
1
4
10512
Series
D
lot
75
93
991
/
4
10
10612
34
9818
Nor States Pow 25-yr 55 A__1941 A 0 9714 Sale 97
93/
1
4 901s
93'4 9314
lot 55 Series E
1963 M S 9834 Sale 9712
98/
1
4 17
A 0 941
/
4 ____ 9314 Jan'25 _
Registered
98/
8
98/
1
4 99
1
4
9858
Temporary 55 Series E.-1983 M 5 9812 99
8 103 10714
10478
lot & ref 25-yr 69 Ser B.. 1941 A 0 --------10434
1953 A 0 10414
1
4 10414
10414
10414 24 100/
lot 5548 Seam F
_ 10712 Jan'25 ___- 10738 10778
Northwest'n Bell T 100 70 A.1941 A A .. _
9435 98
06
90
1950 J J 9018 -90719
91
8 90
West Va C & C lot tis
North W T lot td g 454s gtd.1934 J J 014 -9-712 9712 July'25 __ 9912
108
101
995
8
A
0
1123
98
Sale
Western
Electric
deb
_1944
4
352
100
a112
112
A
0
11234 110
Ohio Public Service 7548 A 1946
9915 102
/
4 Sale 100
1011
/
4 13
5s_-58_1938 I J 1011
2 10736 11112 Western Union eoll tr cur
11012
1st dr ref 7s series B
1947 F A 11012 Sale 110
9208 9834
71
963
Fund & real estate g 4546_1950 M N 9514 Sale 9514
98
_ _/
1
4 104
3
10214
Ohio River &Been lot 89_1948 J J 19014 102 102
1938 F A 11158 Sale 11158
15-year 650 g
1121
/
4 10 10912 11214
wo'2 99
38
97
1944 F A 9612 Sale 9812
Old Ben Coal lot 65
1931 M N 107 Sale 10634
98 100/
1
4 Westinghouse E & M 79
1071 100 10(04 10814
10034 12
1
4 Sale 100
Ontario Power N F lot 68-1943 _F _A 100/
91
78
9934 Wickwire Spen Steel lot 79_1935 J J 8014 81
2
97
7614
7838
1
9934
9934 Sale 9934
Ontario Transmiludon 68
1945 m N
7655 88
Certificates of deposit
9534 104/
1
4
7638 July'25 ____
78
15
_ z _-_ 77
1941 F A 10312 104 10338 104
Otis Steel 88
81
78
8930 9934
4
Certificates of deposit stamped m N 76
784
82
7614
9912 62
1112 25-yr s 1 g 7540 Ser B-1947 F A 9914 Sale 9878
Willys-Overiand a f 6140___A933 M S 10112 102/
14
9912 1021$
102
1
4 10134
931
/
4 99
97/
1
4 38
pacific0& El gee & ref 56_1942 J .7 9738 Sale 97
99h3 53
911
/
4 9913
Wilson & Co let 25-yr a t 86_1941 A 0 99 Sale 99
98 100
9912 12
Pao Pow & Lt 19t&ref 20-yr 5830 F A 9878 9914 99
93 93
Registered
93 Feb'2 ____
991
/
4 102
1937 J J 10058 101
9934 10034 15
Pacific Tel & Tel lot 56
764
55
9211 10012
7278 13
1
4 Sale 72
10-year cony 8 f 611
1928J -0 72/
9814 48
1952 MN 97/
1
4
1
4 Sale 97/
Ref M 5s series A
75
53
9
7212
Certificates of deposit
72 Sale 7112
4 104,2 107
Pan-Amer P & T 1st 10-yr 75 1930 F A 10612 Sale 10512 10618
77
5315
7218
F
A
n1931
2
7034
cony
s
f
7548
71
73
103
11853
10-yr
253
MN
111e
111
1934
Sale 110
Cony 9 f 6s
593e 7414
17
72
Certificates of deposit
/
4
7034 7278 711
93 99
26
95
Pszk-Lex et leasehold 644*-1953 / / 93 Sale 9234
1941 A 0 10112 102 10112 10112 15 1001. 10214
96 10014 Winchester Arms 7540
Pale Pale0& El combs 1949M 8 99 Sale 10014 June'25 ____
Young'n Sheet & T 20-yr 89_1943 J J 9953 Sale 9912
951
/
4 10011s
991
/
4 08
yj
..__
-.
a Due Jan. d Due April, p Due Dee. s Option sale
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 11.
Monday,
July 13.
Tuesday,
July 14.
Wednesday, Thursday,
July 15.
July 16.
Friday.
July 17.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
BONDS
Range for Year 1925.
Lowest
Highest
Lowest
Flighesi
16414 Jan, 7
86 Jan 2
9812June 11
115I2June 11
102 Jan 9
22 July 17
23 June 4
30 Feb 26
41 July 17
3612Ju1y 17
55 Feb 26
180 May 28
39 Feb 11
71 Apr 3
6212 Jan 12
48 Mar 10
3812 July 17
3614 Feb 25
78 Apr 9
121I2Ju1y 6
111 July 7
634 Jan 2
96 June 26
14572 Mar
7138 Aug
87/
1
4 Dec
107 Dec
92 Sept
812 Jan
12
Jan
13 June
1711 Jan
16 Feb
23
Jan
43
Jan
18 May
5812 Jan
48 May
28 May
25 June
14
Jan
62 Jan
80
Jan
7212 Jan
34 Mar
70
Jan
164 De.
85 Dec
9614 May
11614 Jan
10114 Dec
2514 Nov
2678 Nov
37/
1
4 Nov
48 Nov
41 Nov
62 Nov
172 Nov
384 Dee
71 Dee
6112 Nov
4614 Dec
37/
1
4 Al1r
3314 Dee
81 Nov
108 Nov
98 Nov
64 Nov
934 No.
Railroads
115 Boston & Albany
100 156 Feb 18
120 Boston Elevated
16100 75/
1
4 Mar 17
9312
15 Do pref
100 92 Jan 16
111
266 Do 1st pref
100 109 Mar 31
9914
183 Do 2d pref
100 94 Mar 20
22
4,582 Boston & Maine
100 10 Apr 17
22
115 Do pref
100 1112 Apr 24
2634 1,528 Do Series A 1st pref
100 17 Apr 27
41
548 Do Series B let pref
100 29 Apr 27
3612 1.045 Do Series C 1st pref_.100 25 Apr 25
5212
217 Do Series D 1st pref
100 3513 Apr 25
20 Boston & Providence
100 167 Feb 26
145 East Mass Street Ry Co_ _100 30 May 4
10 Do 1st pref
100 64 June 2
25 Do pref B
100 57 Jan 23
120 Do adjustment
100 3734J2liy 1
733 Maine Central
100 23 May 27
3238 1,065 N Y N H & Hartford
100 28 Mar 30
40 Northern New Hampshlre_100 70 Feb 16
50 Norwich & Worcester pref_100 100 Jan 13
10 Old Colony
100 96 Jan 2
Rutland pref
100 45I4May 1
Iii_0
1-1 Vermont & Massachusetta_100 87 Feb 24
Miscellaneous
312 378
318 338
38 38
3/
1
4 378
338 334 5,770 Amer Pneumatic Service_ _ _25
312 334
2I2Mar 25
18
18
18
18
1812 1834 *1814 18711
1834 1834
_.
130 Do prof
50 1612 Mar 25
14038 14078 14028 14078 14038 14034 14014 1404 14038
141
14034 141
1,461 Amer Telephone & Teleg_ _100 13032 Jan 2
7114 7212 702 7212 71
7112 7112 75
7418 75
7412 75
7,443 Amoskeag Mfg
No par 002May 6
N
*7432 ---- *7438
117438
75
75
18 Do pref
7014May 11
•15
*15
Art Metal Construe, Inc... 10 14 Jan 18
•1034 1114 •1034 1114 *1034 1114 *1034 1114 *1034
Atlas Tack Corp
1114
9/
1
4 Jan 6
No par
*108 109 *108 109
108 108 1'310412 108 *.z10412 108
35 Boston Cons Gas Co pref _ _100 103 Jan 17
•_ _ _ _
_
•
Boston
par
_No
True_
Pet
Mex
•2318 2312 2312 ____
2.
34 .
-23f2
35 __...1
2.4 .3.
-ii" 2434
2412 25
_
i - ii- _ -3-,013 Connor (John T)
10 20 Jan 26
*35 ---- *35
4014 4012
20 Dominion Stores, Ltd_ _No par 21114 Jan 30
•92 ---- *92
_ _ ' *92 _ _ *4
Do
pref
A
100
99 June 12
•238 234 *212 -234 •24 134
238 232
212 112
III Apr 30
100 East Boston Land
10
.34 4
*372
*312 4
134
534
75
Eastern
Manufacturi
ng5
312 Apr 11
55
57/
1
4 5612 5t I 5r18
2 5F
38
4 56
*34 5114 5534 5612 56
5612 6,145 Eastern SS Lines, Inc
25 42 Mar 9
39
38
3818 3812 3912 40 1 3912 40
3912
40
Do pref
No par 35 Jan 15
1,911
_
*98
1st preferred
100 89 Jan 3
212 21-2 - 21112 ill" 21712 /12-'
2
'09 210
209 20912 Z65" 20922
783 Edison Electric Ilium
100 200 Jan 6
*314 334 *314 334
*314 334
314 314 •314 312 ---- ____
34 July 1
50 Elder Mfg Co(v t 0)
10
3012 3034 .3112 33 1 *29
32
*29
32
*29
32
32
3414
Galveston-Houston
429
_100
Eleo
28 June 19
•11814 _-_- *11814 ____ *H8I4 ____ *11814 --__ •
1184
Georgia
&
Elec
100
1153
4 Feb 27
By
*79 - -- *79
*79 -- *79_
. *79 ____ *79
Do 5% non-cum prat _100 784 Apr 15
3712 3712 3714
37 li
36
3612 3534 -3111-2 -3534 353
839 Gilchrist Co
No par 3534July 16
7812 79
79
SO 1 7912 7978 7834 7934 794 7934 7918 791
1,869
tItilette
Safety Razor_No Par 574 Jan 2
13
13
1334 1334 *13
14
*13
14
45 Greenfield Tap & Die
*1218 13
25 11 May 12
*54
56
554 5512 55
55
5784 1,216 Hood Rubber
56
5734 5712 58
57
No par 52 May 6
•67 68 '6714 68 I *6714 6734 *6712 6814
'6712 68
Internet Cement Corp-No Par 524 Jan 5
1%50
1
.20 .50 *20 .50
11.30
940 International Products_No par .20 July 13
1
2
•1
*1
____
_
800 Do pref
100
1 July 13
Kidd r, Peabody Aceeptanoe
.
95 ---- *95
10 Corp Class A pref
100 8212 Jan 6
758 758
738 fig *93iz
609 Libby, McNeill & Libby
10
614 Apr 16
•67
68
68 ,•____ 68 •__
68 •____ 68
Lincoln Fire Insurance
20 70 Mar 18
•1134
+1134 1214' 12
12 •21134 1214 •r11114 1214
ili Loew's Theatres
25 1112 Feb 17
74
74
74
74 1 74
7412 7212 7212 •x7212 74
73 /3-271 Massachusetts Gas Cos.-100 68 Feb 3
6814 6814 67
6714 6714 68
67
6712 6712 68
68
68
238 Do Prof
100 6312 Jan 9
•177 178 *177 178 *117 178
177 '177 I 177 177
177 177
48 Mergenthaler Linotype_ _100 167 Jan 7
•____ 10
*8
10 I *8
10
•8
10
10
10
50 Mexican Investment, Inc
812 Apr 4
10
6312 6312 63
63
*61
6312 63
6312 61
61
61'2 66
575 Mississippi River Power_ 100 36 Jan 2
*93
9412 *93
9412 9412 9412 *93
9412 *93
15 Do stamped pref
9412
100 87/
1
4 Jan 10
44 5
5
5 I
5
538
5
54
51
4 532
5
514 2,140 National Leather
4 Apr 22
10
•118 134
14
118 '1.85 114
.90 .90 •.85
114
200 New Eng. Oil Ref. Co. tr °Us- .20 Feb 9
4,9
94 014 *8
_1 •8
_
51 Do pref (tr ctts)
54 Apr 7
100
11034 111
11034 111
11034 111
111 1-11-12 11034 fif
11034 111
1,700 New England Telephone._100 99 Apr 21
24
2414 24
2412 2412 25
2412 25
*2412
2,812
Olympia Theatres, Inc_NO Par 19 Mar 18
*274 2812 28
2812 •2712 2814 *2712 28 '2712 2812
28 Orpheum Circuit. Inc
1 2534 Jan 16
*58
59
59
59
5812 59
594 6114, 60N 6114 61
1,752 Pacific Mills
63
100 5212June 12
•164 1612 16
1612 *16
1612 16
16181 1618 1618 1612 1612
85 Reece Button Hole
10 1534 Feb 24
•214 212 '214 212
214 214 *214 212' *214 211
214 214
35 Reece Folding Machine
214 Apr 9
10
.15 •____
.15 •____
.15 *____
.15 •____
.15
'Simms Magneto
5
110 11012 110 110
111 111
111 11134' 11212 11314 '115 11512
226 Swift & Co
Apr 22
10914
100
5812 581s 58
58
5712 58
58
58
5814 60
60
405 Torrington
60
25 4512 Apr 13
5
'Union Twist Drill
5 June 19
5
414 42
4134 42
4134 42
4134 42
4134 4173 4134 414 1,879,United Shoe Mach Corp.__ 25 4078June 19
28
28
28
28
28
28
28
28
28
28
*28
2812
9031 Do pref
25 264 Jan 13
2212 2212 2238 2212 224 22/
1
4 22
2212 22
1,130 Ventura Consol 011 Fields_ _ 5 1912 Jan 3
2212
1512 1512 *154 1614 *1512 16
1512 15/
1
4 1512 1578 1534 1534
181 WaldorfSya Inc new eh No Pa
1512May 11
1712 1712 1712 1712 *17
18
*17
18
16
17
175 Walth Watch CI B com-No Par
8 Jan 6
38 •_ .... 38 •___ 38
35
35
38
36
55 Do pref trust otfs
17
/
1
4 Jan 3
100
*85
90
*85
90
*85
90
*85
90
85
85
86
47
86
Do
65
prior
Jan 6
pref
100
*1712 18
1734 173
1712 1712 *1712 18
*1734 18
18
185 Walworth Manufacturing_ 20 16NJune 2
18
48
4812 48
4812 48
4814 48
48
4814 4914 4834 4914 1,395 Warren Bros.
50 37 Jan 2
*4112 4212 *4112 43 .4112 43
*4112 4212 *4112 4212
Do 1st pref
50 374 Jan 10
*43
45
*44
45
*43
____
Do 2d pref
50 4012 Jan 17
Mining
•.10 .40 *AO .40 •.10 .40 *.20 .40 ".10
Adventure Consolidated__ 25 .15 Feb 16
•.10 .20 *.10 .20 ".10 .25 ".10 .25 *AO .40 ".10 .401
.2
•.10 .25
Algomah Mining
26 .10 Mar 3
"112 IN *112
134 *112 134 *112
134 *112
184134 134
Arcadian Consolidated
100
25
I May 11
.134 12
1138 12
12
1214 12
1238 1134 121
1112
12
1,865
Arizona
012 Mar 28
Commercial
*2914 293g 2912 294 294 2938 2958 2938 2934
293
2938 294
696 Bingham Mines
2814Jul
10
Y 1
1434 15
15
153s 1514 1558 1512 1534 1514 1538 1552 16
6,376 Calumet & Hecla
26 124June 8
•.25.35 '.25 .3
'.25 .35 •.25 .35
.25 .2 --------100 Carson Hill Gold
1 .20 May 5
2112 213
2012 2114 2078 2114 2034 2114 2118 2112 2112
22
2,652 Copper Range Co
25 1834June.8
.0
.0 •-- .05
.02 .0 '
1.05 .07
350 Davis-Daly Copper
1 .02 July 36
*412 4
•412 5 I
44 4'2
44 44
4
41
4
4
1,200 East Butte Copper Mining_ 10
3 June 5
•.80
1
•.70
1 I +.70
1
..70
1
•.75
1
*.70
Franklin
1
•1
.40 Jan 7
25
112 "112
1
1
1
*.75
1
".75
1
1
100 Hancock Consolidated-. 25 .50 June 3
1
17
174' 1634 171
1634 17
1634 163
1512 163
1634 1714 1,119 Hardy Coal Co
1512July 16
.214 212 .
214
212 *214 21
*214
212
212 21
214 212
340 Helvetia
25
112 Jan 6
137 127
13634 13634 135 136
136 13614 136 137 •136 13712
310 Island Creek Coal
1
121
Mar 28
96
96
06
96 I *9512 96
96
96
97
97
*97
9812
114
Do
pref
1
9414May
27
•1212 1314 13
13
1314 14
1312 141
14
143s 14
1438 1,780 Isle Royal Copper
25
972 Apr 22
O114 112 "14
112 *11
/
4 1'2
114
11
•114
11
Kerr Lake
*114
112
.95
June
*1
9
114 *1
5
114 •1
11
01
11
/
4
.75 .75
114
114
105 Keweenaw Copper
25 .50 June 29
•132 2 I *14
is4
112 112 *114
134
'
14
.
4 1/
•112
5{
134
670 Lake Copper Co
25
*1
1
1
Apr
184
11
14 "1
134 *1
14 *1
14
La Salle Copper
1
134
25
•168 14 'IN
112May 14
178 •15*
1711
1/
1
4 1/
1
4 "134 2
50 Mason Valley Mine
*112 2
132 Apr 23
5
.80 .80 •.70 .80
.70 .70 '1.70
1
'1.70
1
•.70
1
150 Maas Consolidated
.40
25
May 142
1121 *Hy
Hy
112 112
1341
138
14
IN 2
11
/
4 2
2,119 Mayflower-Old Colony..
.
. 25
1 Apr 4
31381 3112 31.38 3112 3112 3112 3112
3012 3112 30
3134
3212
Mohawk
1,048
2512June
25
9
2012 20
20
2012 •19I2 2012 2012 2012 2032
575 New Cornelia Copper
21
5 18 Mar 30
•.10 .20 •.10 .15 •.10 .20, •.10 .15 *AO 2038 21
.15
500 New Dominion Copper
.10 .10
.10 July 2
INew
River
Company
100 25 Apr 2
.;o--4-i- .iio- ii-riiiii -ii- ..iio 45 __-- - ______ Do prof
•;i(-1100 40 June 30
434 434 '434 5
*434 5
434 43
4/
1
4 438
434 - 43135 NiPlasing Mines
4
114 11o1
44July 3
5
138 138
118
132 *14 14
118
118 *118
North
880
13
8
Butte
15 .89 June 5
•.61 .90 0.55 .901 '
1.55 .90' '
1.65 .90 '1.60 .90
.55 .55
100 Ojibway Mining
25
35
Apr 22
204 2014 2014 2014 2014 2014 20
20 .1934 2012 20
2034 1,035 Old Dominion Co
25 17I2June 9
*512 6
*512 6 1 *512 6
54 534 *54 6
*54 6
133 Park City Mining & Smelt_ 5
4 May 19
•1012 1212 +1012 1212 +1114 12
*1112 1212 12
12
*102 1212
35 Pd Crk Pocahontas Co_No par 1012June 18
23
2334 2412 2434 2434 2414 24'
23
2434 25
25
2614
962 Quincy
25 19 Apr 22
36
3512 3512, 36
36
36
3578 36
3534 36
36
38
1,730 St Mary's Mineral Land.... 25 2812 Apr 21
.70 .70
•.70 .95
.80 .80
.65 .75
.75 .75 +.75 1198
10 .50 May 1
•.25 .75 '.25 .75 '25 .75 '
1.25 .75 '
1.25 .75 *25 .75
South Lake
25
•1
114' '1
/
4 *118
114 *1
11
114
1
114
14
114
403 Superior & Boston Copper. 10 .70 May 13
534 6
54 6
534 618
578 6
534 5/
1
4
532 53
4,235 Utah-Apex Mining
5
3711 Jan 2
.70 .72
.60 .65
.58 .68
.62 .65
.60 .60
.55 .55 9,665 Utah Metal & Tunnel
1 .40 July 7
•.50 .75 '1.50 .75 •.50 .75 '
1.50 .75 •.37 .50
.37 .37
100 Victoria
25 .35 Apr 10
•.20 .25
.20 .20 '
1.20 .25
.20 .
'.20 .25 *.20 .50
Winona
615
25 10 Mar 8
*a._
.75 'a- -.75 •a-__
.75'a _ -.75 *el.__
.75, •.75 .85
I Wyandot
25 -05 Apr 14
•16014 161
16014 161
161 161
16034 16034 16014 18014
*79
7912 79
794 7912 7912 *7934 80
7914 7912 -i6T8
95
95
*95 --- *94
95
94
94
9312
•11112 113
112 112
112 112 *111 112
111 11112 110
*9812 9932 *9812 ____
99
99
99
9934 9918 9934 994
1834 1912 1838 1914 184 19
1812 19
184 2012 2012
•18
*19
20
*19
20
20
19
19
*1838 19
20
.24
25
2414 24
2432 2438 2414 2412 2418 2512 26
.3612 _ -- 3712 374 3734 3734 374 3768 3734 40
4012
34
34
3312 34
*33
34
34
34
33
35
3512
*49_
•49
494 4912 *49 ____
49
.50
5012
*175 ---- 175 1/5 - *175 180
179 179 *179 180
•32
33 •____ 32
30
3212 32
32
•30
3212
*66
68
66
68
66
66
*65
68
*66
68
*60
61
*60
6012 •60
6012 604 6012 Oz.57
59
23612 3712 *37
39
*37
40
38
3812 39
39
28
28
28
2812 2812 32
35
36 I 36
36
-3612
*3112 32
3138 3138 31
3218 3134 314 3214 3214 3134
*76
78
77
77 •____ 78
*77
78 1 77
77
•117 120 *120 123 •____ 123 •____ 120
120 120
•____ 110 •____ 110 •____ 110 •__-- 110
10934 1094
*55
*55
59
60
*55
60
*55
60 .55
60
*95
96
95
95
95
95
94
95 •____ 94
-64-
1
-nz
9;22
9;i2 *9.3,2 n,
317
PER SHARE
Range for Prelates,'
Year 1924.
4/
1
4 Jan 7
1934May 7
14334June 18
77 Jan 13
76 Jan 15
1512JulY 8
13 Apr 28
108 May 12
1 Nov
4/
1
4 Dec
12 Jan 2014 Dec
121 June 1344 Dec
574 Oct83 Jen
69
Oct79 Aug
13 Aug
16 Feb
6 June 104 Jan
100 Dec 108 July
.05 Dee .20
Jan
28 May 18
2012 Dec 2818 Mar
4012 July 17
2412 May 35 Sept
99 June 12
84
Jan 88/
1
4 Dec
3 Jan 2
2 Sept3 Feb
634 Jan 24
4 Oct812 Feb
58 July 13
38
Jan 55/
1
4 Mal
40 July iii
344 Jan 40 Feb
99 July 10
8512 Jan 93 Mar
213 May 21 1634 Jan 2044 Dee
512 Mar 16
24 Jan
5 Dee
38 Jan 7
13
Jan 41 D-e
11534 Feb 27 113/
1
4 Mar 11612 Sept
7934 Feb 27
79 Aug 80
Jan
43 July 1
80101.11Y 3
5523Oct
Oct
15I2June 1
124 Nov 1572 Jan
59I2June 19
48 Mar 60 Dee
6732June 4
41
Apr 59 Nov
2 Jan 3 .10 Feb
8 Dee
1011 Jan 9 .25 Feb 14 Der
95 June 16
80
Jan 8812 Dee
938 Jan 7
4 June
8/
1
4 Dec
7014 Mar 2
70
Jan 71 Nov
13/
1
4 Jan 5
9 Mar 13 Dee
75 Mar 6
66 Nov 81 Feb
69 July 10
62 June 70
Jan
186 Mar 5 150 Apr 172 Dee
16/
1
4 Jan 15
612 Jan 17% Feb
7012 Tune 20
19 Feb 3614 Dec
94I2July .9
80
Jan 90 Sept
64 Jan 131
2 Apr
532 Nov
2 June 22 .50 Dec
511 Ara
10 May 14
6 Dec 311
/
4 Mar
11134June 6
98 Dec 1154 Jan
2634May 16
2112 Dec 2232 Dee
29 Mar 3
14
Jan 284 Dec
8112 Jan 13
694 Oct87 Feb
18 Apr 3
114 Jan 17 JUIY
24 Jan 8
218 May
3
Jae
10
Oct40 Feb
120 Feb 6 100 June 118 Dec
60 July 16
3512 June 52 Dee
74 Jan 23
5 Dec 10 Feb
45 Feb 14
34
Jan 434 Dee
28I4June 29
24112 Feb28/
1
4 Nov
25 Feb 24
19/
1
4 Oct 27
Jan
1934 Jan 3
13/
1
4 Apr 20 Nov
1812June 8
6/
1
4 Jan 10/
1
4 Feb
40 June 2
14 June 2312 Feb
90 June 20
6212 Dec 73 Feb
2024 Jan 3
1512 June 22 Feb
51311 July 7
29/
1
4 Jan 3934 NO"
344 Apr 41
43'2 July I
Jan
46 Mar 2
88 Mar 42 Jan
.25 Jan 26
.25 Jan 2
3 Jan 10
1532 Feb 6
361
/
4 Feb 11
187g Jan 2
.70 Jan 5
38 Jan 10
.78 Feb 6
614 Jan 2
138 Jan 24
IN Feb 6
23 Jan 24
34 Feb 5
140 Feb 5
984Mar 9
2012 Jan 7
1131• Feb 4
112J une 19
3 Jan 2
234 Jan 10
234 Jan 13
14 Jan 2
3 Jan 2
41 Jan 13
25 Jan 2
85 Feb 18
25 Apr 2
60 Jan 5
64 Jan 10
814 Jan 14
11
/
4 Jan 110
27 Jan 10
6 July 1
1412 Jan 24
3912 Jail 10
48 Jan 12
112 Jan 9
2 Jan 5
871. Jan 23
98 Jan 29
11
/
4 Jan 31
48 Jan 7
.21 Feb 11
.15 Dec
.10 June
5 June
8 Jan
14 June
13/
1
4 May
.37 Nov
1812 June
.30 Dec
314 July
.40 May
.30
Oct
194 Dec
.30 May
9414 Apr
90 June
12 June
112 Mar
.50
Jan
.90 Apr
.70 June
1/
1
4 Oct
.60
Jan
80 Apr
234 June
1612 Jan
.40 Dec
85 Jun
574 Dec
534 Jan
14 Oct
.40 June
Jan
15
3/
1
4 Jan
104 July
14 Jun3
KOr
26 Jtuue
.30
.25 July
.25 Aug
178 June
.14 June
Apr
.15
.13 Feb
.10 July
- • 131d and asked Prices: no sake On this day. C Ex-rights. b Ex-div. and rights.
z Ex-div. 0 Ex-stock div. a Assessment paid. g Price on new basis.
.51 Dec
.25 Dee
3/
1
4 Dec
16 Dec
311
/
4 Dec
1971 JIM
3 Feb
83/
1
4 Dec
.70 Mar
6/
1
4 Dee
1
Jan
2
Jan
284 Jail
23ff Dee
142 Nov
100 Sent
2212 Dee
212 Feb
1/
1
4 Nov
34 Dec
3 Dee
2/
1
4 Dee
134 Aeg
6 Jul,
41 Dec
2532 Deo
or
238
El Idat
75 Mai
634 Dee
6/
1
4 July
1 Nov
284 Dec
54 Feb
154 Jul,
8414 Dec
19 Dec
112 Sept
76 Dec
212 Dec
372 Deo
.70 July
1
AUff
71 July
.26 July
318
[VOL 121.
THE CHRONICLE
AllQuotations of Sundry Securities
bond prices ars land la
Standard Oil Stocks Par
Ask.
Anglo-American 011 new_il •23% 24
Atlantic Refining
100 113 11312
Preferred
100 116 118
Borne Scrymeer Co
100 223 230
Buckeye Pipe Line Co
50 60 61
Chesebrough Mfg new
25 *8412 65
Preferred
100 111 113
Continental 011 new____ 25 •2512 25%
Rights
•1330 85c
Crescent Pipe Line Co_ 50 *1512 17
Cumberland Pipe Line. 100 148 152
Eureka Pipe Line Co___100 72
74
Galena Signal 011 corn..100 5414 55
Preferred old
100 105 112
Preferred new
100 102 103
Rumble Oil& Ref new.. 25 *6834 6918
Illinois Pipe Line
100 135 136
Imperial 011
25 *135 138
New when issued
3234 33
Indiana Pipe Line Co__ 50 •68
70
International Petroleum-(I) 2534 25%
Magnolia Petroleum_ __ _100 149 150
National Transit Co_12.50 *2114 2172
New York Transit Co__-100 55
57
Northern Pipe Line Co. 100 79
81
Ohio Oil new
25 *v12 68
Penn Mex Fuel Co
25
25 *24
Prairie 011 & Gas new
25 •59% 5934
Prairie Pipe Line new..._100 126 12812
Solar Refining
100 224 227
Southern Pipe Line Co_100 79
80
South Penn Oil
100 170 17012
Southwest Pa Pipe Lines 100 *65
67
Standard 011 (California) 25 *58% 59
Standard 011 (Indiana)._ 25 •683s 68%
Standard 011 (Kansas)._ 25 *3534 3614
Standard 011 (Kentucky) 25 *1241 125
Standard 011(Nebraska) 100 250 252
Standard Oil of New Jar- 25 *441 4412
Preferred
100 1163 117
Standard Oil of New York 25 *433 44
Standard 011 (0141o)___100 353 356
Preferred
100 117 120
Swan & Finch
17
100 18
Union Tank Car Co
100 1281 130
Preferred
.100 1181 11634
Vacuum Oil new
vs •891 90
Washington 011
4- 10 •30
35
Other Oil Stocks
Atlantic Lobos 011
•25s 312
Preferred
so *512 10
Gulf 011 new
2 •
Mountain Producers__ 10 •7734 7814
Mexican Eagle Oil
*3114%
National Fuel Gas
100 118 118
Salt Creek Cone 011
10 *712 734
Salt Creek Producere_. 10 •27% 2734
Public Utilities
Amer Gee & Eiec new ..--(5) •79
81
13% pref new
(I) *8912 91
Deb Be 2014
M&N 981s 9834
Amer Light & Tree com_100 170 171
Preferred
100 10112 104
Amer Power & Lt common_ _
63
62
Preferred
100 9112 93
Deb Be 2018
M&S 9634 9712
Amer Public UM corn_..100 100 105
7% prior preferred _ -100 90
92
4% Pattie pref
100 80
Associated Gas & El pf__(:) *51
53
Blacketone ValG&E corn 50 *92
Carolina Pow et Lt coin_ _ _ 380 390
Cities Service common_ _20 "Ws 3938
Preferred
100 831s 835s
Preferred B
10 4.778 815
Preferred B-B
7912
100 79
Cities Service Bankers Shares *193s
Colorado Power common 100 34
Preferred
_
100
Com'w'Ith Pow Corp corn(S) *172
94174
Preferred
83
100 81
Mee Bond & Share pref _100 105 10612
Elec Bond & 811 Secur
*7012 7114
Elec Ry Securities
17
(I) *15
Lehigh Power Securities_(1) *146 149
Mississippi 11.1v Pow corn 100 60
65
Preferred
100 93
95
First mtge 5e 1951
J&J 9934 10012
SF g deb 75 1935__M&N 103 _
Nat Power & Lt com
(:) .342 346
Preferred
()•101 103
Income 78 1972
Jdul 10212 10312
North States Pow com_ _100 125 127
Preferred
100 99 101
Nor Texan Elec Co com_100 43
48
Preferred
100 5.5
80
Pacific Gas & El 1st pref_100 9812 100
Power Securities com.. (I) •14
17
Second preferred
37
(I) *34
Coll trust (is 1949_ __J&D *92
94
Incomes June 1949.. FAA .78
81
Puget Sound Pow & Lt._100 53
56
eii% preferred
100 85
87
7% preferred
100 106
let & ref 5345 1949_ _J&D 9914 1001 1
Republic Ry & Light
100
Preferred
100 80 -61-1;
South Calif Edison com_100 118 120
8% preferred
100 123 128
Standard CI&El 7% Prig 100 98 100
Tenneesee Elec Power (I) •89
70
Second preferred
83
(5) *81
Western Power Corp_ ---I00 65
66
Preferred
100 94
97
West Missouri Pr 7% pfr
90
92
Short Term Securities
Anaconda Cop Mln fie'29.1&J 10312 10334
Chic RI & Pac .58 1929 J&J 9934 100
Federal Suit Ref Be '33 _M&N 9512 97
Eloeldng Valley 58 1928 M&S 10038 100%
TerM RY 6 Ms_-_-1926 10114 10112
Letitgh Pow See es '27_F&A 10118 10112
Missouri Pacific 53 '27 J&J 10038 100%
Sloss-Shef $&I es '25_F&A 102 10238
Wis Cent .512e Apr 15 '27 _ _ 10078 10114
Joint Stk Land Sk Bonds
Chla Jt Stk Ld Bk 58__1951 10234 10312
10212 10312
58 1952 opt 1932
10334 10412
51 1983 opt 1933
10434 10534
635e 1951 opt 1931
102 10234
i48 1952 opt 1932
100 101
113es 1952 opt 1932
10114 102
435e 1964 opt 1034
102 10312
efts 1983 opt 1933
Pao Coast of Portland.Ore_.
J4.1 10234 103%
Ile 1953 opt 1923
1023s 1033s
58 1954 op 1934
Outside Stock Exchanges
"except where marked'
Railroad Equipments Per Cl. Bart*
5.15 5.00
Atlantic Coast Line (is
4.95 4.80
Equipment8 3411
5.30 5.05
Baltimore & Ohio 65
Equipment 434e & 5s___. 5.00 4.75
Buff Roch & Pitts equip 68. 5.00 4.75
CanadianPacific 434* & 63. 5.00 4.70
5.20 5.00
CentralRR of N J Be
5.30 5.05
Chesapeake & Ohio ers
5.10 4.85
Equipment 834s
4.90 4.75
Equipment 54
Chicago Burl & Quincy 65... 5.20 5.00
Chicagoaz Eastern Ill 6348_ 5.50 5.15
6.10 4.85
Chicago & North West es
5.05 4.75
Equipment 834e
Chic RI & Pan 4343 & be--- 5.15 4.90
5.40 5.25
Equipment 68
5.45 5.15
Colorado & Southern
5.15 5.00
Delaware & Hudson 8e
5.35 5.00
Erie 434. & 58
5.55 5.25
Equipment68
5.35 5.10
Great Northern (is
5.00 4.75
Equipment 5
5.05 4.80
Hocking Valley 5e
5.40 5.10
Equipment Be
Illinois Central 4345 44 55_ 4.95 4.70
5.15 5.00
Equipment 68
Equipment 7s & 634e____ 4.95 4.75
Kanawha dr Michigan Os... 5.40 5.20
5.20 5.00
Equipment4 343
Kansas City Southern 534.. 5.15 5.05
Louisville & Nashville ea.__ 4.95 4.80
5.00 4.80
Equipment 634s
Michigan Central 53 & 68... 5.30 5.00
MimiSt P&EIBM 434s & fa 5.30 5.00
5.35 5.05
Equipment 6348 & 73Miesouri Kansas & Texas fle 5.65 5.35
5.60 5.25
Missouri Pacific (is & 6145.
5.00 4.80
Mobile & Ohio 434e & 55.
New York Central 4348 & 5e 4.85 4.65
5.15 5.00
Equipment 65
4.95 4.80
Equipment 75
Norfolk & Western 4345.... 4.80 4.80
5.10 4.90
NorthernPacific 7e
Pacific Fruit Express 7s.... 5.00 4.85
PennsylvaniaRR eq 5,& ea 5.10 4.70
5.10 4.85
Pitts & Lake Erie 634s
5.50 5.25
Equipment Os
4.75 4.50
Reading Co 4345 & 56
St Louis & San Franchico 5e. 5.15 4.90
Seaboard Air Line 5313 & 65. 5.60 5.25
Southern Pacific Co 4348.. 4.75 4.65
4.95 4.80
Equipment7s
5.05 4.80
Southern Ry 434s & 58
5.40 5.10
Equipment13s
5.35 5.10
Toledo & Ohio Central Be4.95 4.80
Union Pacific 76
Tobacco Stocks
American Cigar common 100
Preferred
100
Amer Machine & Fdry_ _100
British-Amer Tobac ord. £1
Bearer
£1
Imperial Tab of GB & Irel'd
Int Cigar Machinery_ _100
Johnson Tin Foil dr Met_100
MacAndrews & Forbes_100
Preferred
100
Mengel Co
100
Porto Rican-Amer'rob._100
Universal Leaf Tob coM.100
100
Prefer-el
Young tJ £3) CO
100
100
Preferred
80 83
95 97
183 168
*25
27
*25
27
24
25
73
78
*60
80
151 153
99 101
83 85
50
55
44
46
92
95
126 130
105 110
Rubber Stocks(Cleveland)
Am 'Ere & Rub coin
Preferred
Firestone Tire & Rub corn 10 sitii" 125
100 9712 too
6% preferred
100 98% 100
7% Preferred
General Tire & Rub corn. 50 *235 239
100 102
Preferred
Goodyear Tire & R com_100 35
9114 9112
100
&
R
of
Can
pf
Goody'r T
Mason Tire & Rub coM-(t)
100
Preferred
fiti"
100
Miller Rubber
1013
100
Preferred
_
100
Mohawk Rubber
Preferred
Selberling Tire & Rubber (I)
100
Preferred
20
SwInehart Tire dr R com.100 17
100
Preferred
Sugar Stocks
ee
412
50 eee
Caracas Sugar
85
Cent Aguirre Sugar com_ 20
100 123 125
Fajardo Sugar
55
Federal Sugar Ref corn. 100
90
100
Preferred
10
Godchaux Sugar, Ino (2)
44
100 37
Preferred
42
Holly Sugar Corp corn (2) •39
97
100 94
Preferred
Juncos Central Sugar-100 100 120
National Sugar RefinIng-100 10312 105
92
..100 87
New Niquero
1
4
Banta Cecilia Bug
Sugar-CorpPf100
Savannah Sugar corn....(I) er1101 11512
100 z1001 10812
Preferred
80
Sugar Estates Oriente 01_100 70
IndustrIal&MIscall
93
American Hardware___-100 91
100 139 142
Babcock & Wilcox
17
(I) •16
Bliss(E W)Co new
50 4,54
Preferred
84
Borden Company OOM-M •82
100 107 109
Preferred
100 22 27
Celluloid Company
100 72 77
Preferred
Childs Company pref-100 116 118
100 112 1113
Hercules Powder
100 108 109
Preferred
x1C6 109
_100
prat
International Sliver
83
Lehigh Valley Coal Sales 50 *81
100 105 110
Phelps Dodge core
Royal Baking Pow corn_100 141 144
100 101 103
Preferred
Singer Manufacturing-100 270 274
*Per share. I No par value. S Basle. ri Purchaser also pays accrued dividend
(New stock. I Flat price. k Last sale. n Nominal. x Ex-dividend. p Ex-tient'
oEx-stock dividend s Sale price r Canadian quotation. p Ez interest
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange July 11 to July 17 both inclusive:
Friday
Last IWeek's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Bonds-
Atl G &W IBS L 5e__1959 72
Chi Jct Ry dcU S Yds 48'40
58
1940
E Mass St RR ser A 448'48
Series B 58
1948
68
1925-1929
Hood Rubber 78
1936 105
Mass Gas 4358
1929
1931 9834
434s
New England Tel 55_1932 10035
Series A 58
1952
Old Colony reg 4s....1938
Swift & Co 5e
1944 9931
Western Tel & Tel 5s_ -1932
Wickwire Snencer St'l 714'35 RR
Range Since Jan. 1.
Low.
High.
Jan 72
714 72 $13,500 83
Feb 8635
6,000 84
88
86
Feb 9935
9834 984 3.000 98
Jan 72
85
674 3,000 84
Jan 78
7234 7335 7,000 70
984 99
1,400 9834 July 100
10434 106
31,000 10134 Jan 108
99
994 6,000 9734 Feb 9931
9834 984 2.000 9435 Jan 9731
1004 100% 2,000 9931 Jan 101
1.000 994 Jan 1014
1014 10134
July 89
89
2,000 89
89
99% 1004 8.500 9735 Jan 10015
100 10034
3,000 9934 Jan 10034
RR
RR
'2 non eetz luny 7934
July
May
June
Feb
Mar
Apr
July
June
June
Jan
July
July
June
June
Mar
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, July 11 to July 17, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Stocks-
10
Alliance Insurance
Amer Elec Pow, pref_ -100 104
Amer Gas of Penne v t 0_50 86
American Stores
• 6731
Bell Tel Co of Pa, pref._
......
Cambria Iron
io
Eisenlohr (Otto)
26
914
Electric Storage Batt1.100
50
Fire association
Giant Portland Cement_50 2734
Insurance Co of N A_ __10 58
Receipts full paid
56
Keystone Telephone__ _50
50
Preferred
Keystone Watch Case_ _100
Lake Superior Corp_ _100
50 10134
Lehigh Navigation
Lehigh Valley Coal etre... .......
10 23
Lit Brothers
MInehill & Schuyl Haven50
North Pennsylvania ._._50 82
Penn Cent Light & Power.*
50
Pennsylvania RR
Pennsylvania Salt Mfg_ _50 71
PhDs dr Read Coal &Iron.•
Philadelphia Co(Pitts)_ _50
Preferred (cumuli8%) 50
Phila Electric of Penna_25 39
25 3834
Preferred
•
Phila Insulated Wire
Phila Rapid Transit
._ _ _50 48
Philadelphia Traction__ -50 5934
Phila Os Western
50
Preferred
50
Scott Paper Co, pref--100 98
Tono-Belmont Devel__ __I
1
Tonopah Mining
50 3931
Union Traction
50 87
United Gas Imp
Warrants
344
......
Victor Talking Mach Co
Warwick Iron & Steel _ _10
West Jersey & Sea Shore_50
50
Westmoreland Coal
Range Since Jan. 1.
Low.
High.
554 5534
6 3734 Jan 60
104 104
Jan 10431
60 98
8434 86
1,086 80 June 8834
8334 7134 31,859 4534 Jan 7134
1094 10935
27 1074 Apr 11034
3931 40
17 38
Mar 40
935 934
93e July 12
80
634 6334
20 81% Apr 7034
274 280
300 227
Jan 280
2735 2731
10 174 Jan 3234
5534 5834 1,045 4034 Feb 70
54
56
1,899 494 Apr 56
8
84
94
150
6
Jan
30
31
120 20
Apr 35
55
57 55 June 68
55
4
4
120
4
Apr
734
10035 10235 4,279 8034 Mar 110
384 3834
100 3834 Apr 50
23
2334
407 2134 May 25
30 5034 July 53
6034 5035
814 82
50 804 May 82
89
894
109 60
Jan 0934
4634 4734 3,872 4231 AM 484
71
72
140 70
May 854
394 4131
200 3831 May 52
5931 NM
225 5234 Mar 8035
4834 4835
Apr 49
15 45
3834 39% 6.488 - 3734 Apr 4734
502 374 Apr 45
3834 39
50
50
25 46
May 5134
474 4935 1,043 40
Jan 51
Apr 83%
167 57
594 5934
1434 1434
51 1434 June 1834
38
38
59 3514 Jan 37
98
98
100 96
Jan 9834
200
35 Jan 15-16
9-18 9-16
134 Mar 41-16
334 334 1,120
394 3934
July 44
233 39
8,608 794 Mar 9634
85
87
June 3834
344 36
8.352 31
71
71
100 67 June 97
434 435
7%
30
4% July
38
38
55 3134 Jjne 40
44
44
30 43
May 57
Bonds9315 94 $12,000
Amer Gas & Elec 58_ _2007 94
1,000
Consol Tree of NJ 1st 55'32
7031 764
6335 23,800
Elm & Peep tr etfs 45_1945 624 62
General Asphalt 68_1939 10334 1034 10334 2,000
Keystone Tel lst 58_ _ _1935 92
10,000
9134 92
Phila Co cons & stpd 581951 9031 9634 964 17,000
1960
10034 10035 6,000
rhea Electric 55
1986
103 10314 50,000
1st 138
1947
10034 10634 4,000
530
21,000
1941 10634 1064 107
Os
66
5,000
68
United Re gold tr ctf 48'49
York Railways 1st 59_1937 954 95
954 8.000
•No par value.
87
73
67'
100
8234
9334
99
1004
10335
106
63
92
Apr
May
June
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jae
94
7834
65
10335
9234
974
1034
103%
107
108%
6734
9534
June
Apr
May
July
J111313
Jan
June
Feb
Mar
API"
Jan
July
June
Juner
Feb
Feb
June
Jan
June
July
Jan
Jule'
Jan
Jan
Jan
July
July
Feb
Feb
JanMar
Mar
Jan
Mar
May
Feb
May
Mar
Mar
June
May
Jan
Jan
Jan
June
Mar
Mar
Juno
June
June
June
June
June
June
Feb
June
Cincinnati Stock Exchange.-Record of transactions at
Cincinnati Stock Exchange July 11 to July 17, both inclusive, compiled from official lists:
•
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
par. price. Low. High. Shares.
Am Laund Mach cony_._25
Amer Roiling 14111 corn_ _25
100
Preferred
Am Seeding Mach pref _100
100
Baldwin common
Carey (Philip) pref_ _ _100
Champ Coat Paper com 100
100
Champ Fibre pref
*
Churngold Corp
Cie Union Stk Yards. 100
Cin Postal Term pref _ _100
•
City Ice & Fuel
Cooper Corp new pref...100
Dalton Add Mach com_100
Douglas (John) pref. _100
100
Dow Drug pref
Eagle-Picher Lead com_20
100
Preferred
•
Formica Insulation
_ _100
French Bros-Bauer pf.
•
Gibson Art corn
•
Gruen Watch corn
100
Preferred
Hatfield-Reliance corn...*
Preferred
100
•
Kodel Radio A
20
Preferred
10
Kroger corn
100
New preferred
McLaren A
•
paragon Refining com_25
Procter & Gamble com_ _20
6% preferred
100
100
Pure 0110% pref
8% preferred
100
Richardson
100
m.....,...., corn
Ion
110%
48
108
74
205
110
128
102
6635
142
05
2435
10931 110%
48
49
1074 10834
74
72
205 210
110 110
125 130
-102 102
66
8834
142 142
95
95
244 2434
7155
110
110
3235
109
2131
85
37
3034
1025-4
17
102
18
2035
105
112
124
84
11934
10934
8831
10835
105
Int
71
10834
110
3234
109
214
85
3634
3035
10234
1635
101
18
2034
10131
111
1234
74
117
10935
8531
10635
105
'Inc
wog 100 10034
7134
110
110
3234
109
22
85
37
31
10231
1734
102
18
2034
105
112
1235
8%
122
110
8831
10634
105
Inn
1,008
1,294
134
20
50
36
95
12
92
6
31:1
356
337
141
22
10
924
11
66
20
470
81
35
420
40
100
115
385
13
20
150
1,330
38
288
16
10
14
Range Since Jan. 1.
Low.
72
48
10631
65
198
105
125
9934
4834
129
90
23
9531
58
105
107
31
108
1831
8235
35
30
1004
1635
100
18
20
734
11031
1134
534
112
10735
81
103
90
102
Feb
July
Feb
Mar
Feb
Jan
July
Jan
Jan
Jan
Jan
June
Apr
Jan
Jan
Feb
June
Fab
Mar
Apr
Apr
Feb
Feb
July
Mar
July
May
Mar
Jan
Apr
Jan
Jan
Feb
Jan
Jan
Feb
May
High.
113 June
574 Jan
11134 June
75
Mar
Jan
220
11234 June
Mar
135
Apr
105
71 June
July
142
99% June
2531 Feb
10535 June
7731 May
July
110
July
110
4134 Mar
Mar
110
2254 June
85
July
Feb
45
Feb
33
10231 Jan
20% Mal
Feb
103
July
18
2334 may
108 June
11334 July
Apr
13
934 Mal
API
131
110
Api
May
89
10834 July
May
116
10634 Mai
1 8 1925.]
THE CHRONICLE
Low.
41 100
35 107%
79 59
15 77%
128
5%
383 47
High.
Apr 104% Jan
Mar 120
Apr
Feb 72% Apr
Feb 97% June
Apr 10% Feb
Jan 64
Feb
prBanks100 215% 215
Citizens National
5th-3d4Jnion units_ _ _100 310
310
100 311
First National
310
215%
310
311
38 205
10 275
10 270
Public UtilitiesCincinnati dr Sub Tel_ _50 88
88
100 88% 88%
Cin Gas& Elec
C N & C Lt dr Tr com_100 84
82%
Preferred
100 6115 61
100 108
Ohio Bell Tel pref
107%
88
8811
84
61%
10815
67 79
194 82
110 75
98 60
87 106
Tractions50
Cin Street By
Ohio Traction nom_ _ _ _100
Preferred
100
RailroadsLittle Miami guar
• No par value.
50
Mar 225
Jan 310
Jan 311
May
July
July
Jan 94
Jan 92
Jan 84
Apr 63%
Mar 110
June
June
July
June
June
34
11%
66%
34
3555
11% 14
6615 6714
635
395
622
32% Jan
9
Apr
40
Jan
38 June
15 May
6731 July
94
94
229
92
95
94
Jan
Jan
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange July 11 to July 17, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High Shares.
All American Radio Cl A-5
American Pub Serv, p1.100
Amer Pub Util, part pf_100
American Shipbuilding-100
Preferred
100
Armour & Co (Del), p1.100
Armour & Co, pref _ _ _ _100
Common CI A v t c_ _ _25
Common Cl B v t e..- _25
15
Armour Leather
13alaban & Katz v t 0_25
Beaver Board v to B
Preferred certificates_100
Bendix Corp Class A_ __ -10
*
Borg & Beck
10
Bunte Bros
•
Case (J I)
Central III Pub Serv, pref..'
Chic City & Con By pt sh_•
Preferred
•
Commonwealth Edlson.100
Continental Motors
25
Crane Co
Preferred
100
Cudahy Packing Co...100
100
Deere & Co, pref
Diamond Match
100
Electric Research Lab....'
Evans& Co,Inc, Class-A_5
Fair Co (The)
•
Preferred
100
Foote Bros(G & M)Co_ _•
Gill Manufacturing Co_ •
i3odchaux Sugar
•
Gossard (II W) Co
•
Great Lakes D & D_ _ _100
Hammermill Paper Co-10
Hart,Schaffner & Marx.100
Hibbard, Spencer, Bartlett
25
& Co
Hupp Motor
10
Hurley Machine Co
•
Illinois Brick
100
Illinois Nor Utilities, 01.100
Indep Pneumatic Tool__ -•
Kellogg Switchboard_...25
Kentucky Hydro-Elec-100
Kraft Cheese Co
25
La Salle Ext linty (Ill)-10
Libby,McN&Libby.new.10
McCord Radiator Mfg A.•
•
McQuay-Norris Mfg
Middle West Utilities_ _•
Preferred
leo
Prior lien preferred _ _100
Midland Steel Products...*
Midland URI prior lien_100
Morgan Lithograph Co- •
Nat'l Elec Pow Corp__ _100
"A" w 1
National Leather
10
Omnibus, pref A, w
_100
Voting trust ctfs wia1_- -•
people's0 L & Coke rights
Philipsborn's, Inc, tr ctf.
_ _1
Pick (Albert) & Co
10
5
Pines Winterfront A
Pub Serv of Nor III
Pub Ben,of Nor III- -100
Preferred
100
Rights
100
Quaker Oats Co
Preferred
100
Real Silk Hosiery Mills_ _10
10
Boo Motor
25
Ryan Car Co(The)
Standard Gas dr Electric..'
Preferred
50
Stewart-Warner Speedom •
100
Swift & Co
15
Swift International
25
Thompson (J R)
Union Carbide & Carbon.'
United Light & Power-Common Class A w I a_•
Common Class B Wi a_•
Preferred Class A w 1 a.*
Preferred Class Bwia.•
Rights
20
US Gypsum
100
Preferred
Univ Theatres Cone,Cl A.5
UtilitiesPow & Lt Class A.'
•
Vesta Battery Corp
•
Wahl Co
Ward (Montgom) & Co_10
100
Preferred
•
Class A
•
Wolff Mfg Corp
•
Wrigley, Jr
Yellow Cab Mfg, Cl B-10
Yellow Cab Co.Ine(Chle)•
24
9034
57
8934
98
90
23
534
73
3734
3215
2634
87
136
1034
103
122
2434
2734
3234
13
4154
12935
1834
4834
31
53
4215
87
16
735
40
9414
97
10234
4234
9934
5514
9554
2534
5
94
1414
134
1734
42
11834
9414
5234
2234
2134
6811
11434
2734
6734
115
90
51
814
164
1215
6151
11554
5134
42%
4934
2214
9034
79
57
89%
9634.
89
2234
14
454
6814
554
3714
32
2634
13
24
9011
79
57
89%
98
90
2334
1434
534
960
296
50
200
50
3,238
1,107
2,125
450
1,240
19,200
95
1,625
2,615
395
7334
514
3816
3334
2635
no
13%
150
si 14
86
87
270
200
%
%
41.5 4%
100
13515 13834
698
10
1015
950
57
57
50
115 11511
30
10254 10334
730
97% 98
30
120 122
53
24%
24
150
26
2734 1,575
3234 33
3,420
106 10654
155
12
13
52
135
535 515
8% 8%
50
3754 42
10,025
129 13011
597
29
29
100
11514 11515
10
marry
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High Week.
Range Since Jan. 1.
Range Since Jan. 1.
Low.
18 June
89
Mar
Apr
75
49
Apr
85 June
90
Mar
84
Apr
19% Mar
1135 Apr
315 May
5034 Feb
4 June
21% June
24
Mar
2414 Mar
11% Jan
11 Mar
84
Jan
5( Apr
315 Apr
130% Apr
8% Jan
51 May
113
Apr
79
Jan
83
Jan
11555 Feb
15
Mar
2314 Mar
31% Apr
104
Mar
Apr
12
4
Jan
3
Jan
26% Jan
94% Jan
29
Apr
111
Jan
High.
3654
93%
85%
60
90
98
94
24
15
5%
73%
7
40
36
29
14
11
91%
1%
9%
14111
11%
70
118
108%
99
122%
3715
3011
3534
109%
16%
7
911
42
134%
29%
125
Feb
Mar
May
Jan
June
June
Feb
Feb
Feb
Jan
July
Apr
July
Jan
May
Jan
Mar
Mar
Jan
Jan
June
May
Feb
Feb
Feb
July
May
Jan
Jan
Mar
Mar
Mar
May
May
July
June
May
Jan
74
74
15 68
Jan 74% Feb
1834 1934 5,975 1415 Mar 20% June
46
49
1,537 41% Mar 56
Jan
31
31%
480 28 May 32% June
91
92%
20 85
Jan 9211 Apr
53
52
190 50
Apr 70
Jan
4214 45
6,030 3735 Jun
48
Jan
92
91
90 85% May 92% Feb
8234 9311 20,975 3515 Jan 93% July
1534 1614 3,405 14)5 June 21% May
734 734 1,273
6% Apr
911 Jan
38% 40
360 3715 Apr 42
Feb
15%
15
95 13
Mar 1834 May
92% 95
732 82% Feb 10211 Mar
920 91% Jan 9851 Mar
9615 97
680 98
102 10215
Jan 107% May
42% 43
620 32% Jan 4451 July
99% 99%
56
9814 Apr 101 June
5454 5514 4,54
42
Ma
55% July
57
95%
95
95
Apr 9611 June
26% 18,94
24
24
July 26% July
411 515 1,12
4
Apr
6% Jan
94
93
150 8914 June 9555 Feb
14%
14
24
11% May 17% Mar
154
1.51
134
1% July
135 July
55 1,10
14
55 July
1% Jan
17% 1814 3,70
17% July 2314 Jan
4251
42
33 Jun
31
Jan
74
11814 120%
10 107% Jan 12414 July
11814 120
85 108 Jan 124% June
9434 9634
115 92
Jan 100 June
334 355 9,953
311 Jun
4
July
107 109
515 95
Apr 400
Mar
105 105
39 10214 Jan 105
Feb
5114 53
2,655 48
Mar 75% Feb
2035 2454 7,400 14% Mar 24% July
2134 2315
890 21
Mar 2534 June
513.4 5754
735 40% Jan 57% July
53
53%
Jan 54
270 50
Feb
6614 69
12,575 5534 Mar 7711 Jan
11015 115
2,875 109% Apr 120% Feb
226% 2731 2,760 24% Jun
36
Jan
44
44%
300 44
Jul
48
Apr
66% 68
5,375 65
Ma
73% Feb
113 117
6,450 44
Ma 117
July
115 115
Jan 116
10 49
July
90
9015
Apr 99 June
986 81
50
51
495 42
Jan 54 June
7% 9
414 Jun
6,010
9% July
16015 164% 1,665 112
Feb 175 June
116% 11614
18 112
Jan 11635 July
4
4
345
4
July 53
Jan
29% 29%
25 2235 Mar 29% June
15
15
100 14
Mar 24
Jan
12% 13
160 11 May 2334 Feb
5715 6111 7,820 41
Mar 61% July
115 115
21 11235 Apr 120
July
11511 11534
310 110 May 123
Jan
7% 7%
100
5% Jan 1051 Mar
50% 52
3,660 46% Jan 5214 Feb
42
45
3,954 32% Feb 48% June
46% 50
7.990 45
July 55% Jan
BondsArmour & Co of Delaware
20-year gold 514s_ _ _1943
Chicago City Ry 5s_ _ _1927
Chic City & Con Rys 55'27
Chicago Rys 5s, Ser A..1927
4s, Series B
1927
Cudahy Pack lot Mg 58'46
Swift & Co 1st s f g 55_1944
•No par value.
5654
3734
rwm=
100 103% •10315 104
U S Can pref
20 117% 11715 117%
S Playing Card
S Print & 14th com_ _100 6834 67% 68%
100 9711 97% 9731
lir Preferred
•
13 Shoe com
7%
7% 7%
Preferred
100 5154 5135 52%
319
0;4..10.40*.
Friaay
Sates
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
WWWCRA••40
04....40.401...
1.1
A =AA A
I-.
9.0W0a.40
.1 1
$1.000
3.000
1,000
12,000
4,000
3,000
11,000
Range Since Jan. 1.
Low.
9114
74
46
5415
35
91
98
High.
Jan 9454
Apr 8434
Apr 63
Apr 7854
Apr 4634
Apr 94
Jan 10034
June
Mar
Mar
May
Mar
July
MaY
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange July 11 to July 17, both inclusive, compiled from official sales lists:
Stock,-
Friday
sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price, Low. High Shares.
Allegheny Trust Co-See Note b elow
Am Vitrified Prod tom..50 25
25
25
Am Wind Glass Mach_ _100 9014 9034 91
Preferred
100
96
96
Arkansas Nat Gas nom_ _10
63,4
63,4 634
Byers(AM)Co com
•
17
17
Preferred
100
9314 94
Carnegie Lead & Zinc_ _ _ _5
711
711 755
Consolidated Ice com__ _50
111 2
154
Preferred
50
1434 1434
Duquesne Light pref_ _ _100
111 11115
First Nat Bank-See Note below
Harb-Walk Refrac com_100
120 120
Jones &Laughlin pref _ _100 11411 11434 115
Lone Star Gas
25 3934 3734 3931
Nat Fireproofing corn_ _50
1334 13%
50 3434 3451 34)4
Preferred
Ohio Fuel Corp
25 3234 3235 33
1
Ohio Fuel 011
14
1451
Oklahoma Natural Gas_25 2815 2811 2815
251 214
Pittsburgh Brew nom_ _50
10
50
Preferred
10
Pittsburgh Coal pref_ _100
8534 8554
6
5
Pittsburgh Oil& Gas
6
285 287
Pittsburgh Plate 01555_100 285
70
Pittsb Steel Foundries Pref.
7014
Salt Creek Con 011
10
734
7% 7%
105 108
Stand Sant Mfg nom_ _ _ _25
375 375
Union National Bank _ _ 100
Washington Trust Co-See Note below
103 107%
West'house Alr Brake__ 50
92
West Penn Rya pref...l00
92
Range Since Jan. 1.
Low.
High.
225 1934
30 88
10 93
170
53,4
50 17
45 9314
1,055
4
113
134
25 12
62 1053.4
Jan 2634 June
Mar
Jan 110
May 110
Feb
Apr
854 Feb
July 1934 June
July 9434 June
Jan
854 .Mar
Mar
2
Mar
June 15
Feb
Jan 11134 July
40
168
1,285
380
615
2,070
510
375
200
100
15
200
124
150
680
606
9
May
Jan
Jan
Jan
Jan
Apr
Mar
Jan
Mar
Mar
June
May
Jan
June
July
June
Feb
629
15
115
11134
32
1135
3134
31
12
26
134
6
8354
6
257
69
7
100
360
97
89
140
115
40
1411
36
3454
1611
3154
4
1134
9955
8%
295
7051
9
136
375
Apr 113
Apr 95
Feb
July
Feb
June
June
Feb
Mar
Feb
May
May
Jan
Feb
Feb
June
Feb
Jan
July
Jan
Feb
Bonds7555 7534 $1,000 75
Indep Brewing 68_ _ _ _1955
Jan 7534 July
Motion Riv Con Coal & Co ke 68 -See Note b dow
90
Pittsburgh Brewing 68 1949
90
16.000 85
Mar 90
Jan
•No par value.
Note.-Sold last week and not reported: 5 Allegheny Trust Co.at 205; 100 Amer
Vitrified Prod., com., at 2451; 10 Amer. Window Glass Mach., corn., at 90: 70 Ar
kansas Natural Gas at (115; 23 First National Bank, 316@318: 15 National Fireproofing, pref., at 3434; 75 Oklahoma Natural Gas at 2854; 2 Washington Trust Co.
at 515. Bonds: $4,000 Monongahela River Consol. Coal & Coke 65 at 109; $5,000
Pittsburgh Brewing 68 at 90.
St. Louis Stock Exchange.-Record 'of transactions at
St. Louis Stock Exchange July 11 to July 17, both inclusive, compiled from official sales lists:
Stocks-
OU4C4
r rtaay
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Boatmen's Bank
100 142
First National Bank__ _100 215
Nat Bank of Commerce 100
142 142
212 215
14634 147
Trust Co StocksSt Louis Union Trust_ _100
320
Miscellaneous StocksAmer Credit Indemnity_25
Beck & Corbitt pref_ _100
Berry Motor
•
•
Best Clymer Co
•
Boyd-Welsh Shoe
100
Brown Shoe pref
Certain-teed Prod 1st pf 100
Chicago By Equip com-25
E L Bruce com
•
100
Preferred
Emerson Electric pref _ -100
Ely & Walker Dry°com 25
Second preferred_ -100
Fred Medart Mfg corn...'
100
Preferred
Fulton Iron Works corn_ •
100
Preferred
Globe-Dem preferred_ -100
Hamilton-Brown Shoe_ _25
Ilussmann Refr common.'
Huttig S & D common_ •
Preferred
100
HydraulPressBrickeom100
Preferred
100
International Shoe corn..•
100
Preferred
Johnson-5& El nee
•
Laclede Gas Light pref _100
Laclede Steel Co
100
McQuay-Norris
•
Mo-Ills Stores corn
*
Mo Portland Cement_ _ _25
National Candy cont._ _100
•
Pedigo-Weber Shoe
Scruggs-V-B 1) CI com_100
Scullin Steel pref
100
Skouras Bros "A"
•
Southw Bell Tel pref_ _ _100
Wagner Electric coin_ _ _ _•
100
Preferred
47
47
98
98
2734 2715
45
4514
40
4015
105 105
9614 9654
48
48
493.4 54
100 100
9914 9954
2354 2351
8115 8135
33
33
103 103
43
43
10054 10014
110 110
4954 4934
4615 47
34
35
101 101
615 614
9154 943,4
16654 170
11534 11615
175 185
85
85
130 130
1515 1514
15
15
71
7254
9734 99
4314 4334
116 11634
105 105
41
4315
110 11034
3214 35
79
8034
Street By BondsEast St L dr Sub Co 58_1932
St L & Sub Ry gen M 5s'23
Gen M 58, C-13_ _1923
United Railways 48.. _ _1934
Miscellaneous BondsIndep Breweries 6s...1943
Moloch Long Dist 55_1929
151(5-Edison Elec 5s...1927
Wagner Elec Mfg 7s_Berial
* No par value.
100
634
9415
175
11554
175
7134
99
11051
3234
79
84
320
84
79
78
6954
84
79
78
6934
30
10051
10014
100
30
1009-4
10054
100
Range Singe Jan. 1.
Low.
High.
54 142
July 147
Jan
16 205
Feb 211 June
20 14334 Jan 15034 Feb
1 256
10
20
10
25
65
10
10
50
295
126
5
55
25
10
5
60
6
50
175
21
260
15
235
111
403
284
118
20
40
10
15
1,196
100
114
150
10
145
191
188
173
Jan 320
July
3615 Jan 60
98
July 101
Feb
Feb
423.4 Feb 46
38 June 5034
9815 Apr 105
93 May 9731
48
July 50
38
Apr 53
100
July 10114
96 May 10015
225( Jan 25
8134 July 85
30
Apr 3454
10214 May 103
35 May 43
98 June 10254
104 June 110
4414 Jan 50
3754 Mar 47
3134 Mar 40
100
Apr 102
5 June
834
81
Jan 96
115
Feb 180
11514 July 122
118
Jan 185
81
Jan 88
130
July 146
1434 May 18
15
July 1635
4134 Feb 73
94
Apr 107
40
Mar tiiit
104
Feb 11634
10034 May 105
Apr 43
36
10714 Apr112
2615 Jan 50
July 91
79
Jan
Jan
July
June
Jan
July
June
Feb
Feb
May
Feb
July
July
Feb
July
July
July
Feb
Feb
Feb
May
July
July
July
May
Jan
May
Apr
July
Jan
May
July
July
July
June
Feb
Feb
July
June
May
May
86
84
8334
74
Feb
Jan
Jan
Jan
July 30
2,100 20
2,000 9934 Feb10011
2.000 100 • Jan 10015
July 102
100 100
July
July
July
Mar
1,200
3,000
1,000
5,000
84
78
77
69
Baltimore Stock Exchange.-For this week's record of
transactions on the Baltimore Stock Exchange see page 299.
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from July 11 to
July 17, both inclusive, as compiled from the official lists.
rriday
sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Week Ended July 17.
Stocks-
Range -Since Jan. 1.
Low.
High.
Indus. & Miscellaneous.
1% Jan
10 40e
Acme Coal Mining
40c 50c
400 40c July
July
87 100
8,300 33
Feb 100
Adirondack P & L com.100 97
May
90 92
Jan 107
100 10031 10034 102
7% preferred
Apr 10
Feb
Allied Packers common•
5
631 631
100
July
Alpha Portland Cement_ _ _ ...... 13631 136%
10 136% July 140
Amer Gas & Electric
• 8034 78
83% 7.600 6854 Feb 844 May
Common
200 8334 Apr 90% July
8931 8931
•
Preferred
100
851 May
American Hawaiian 88....10
1031 1034
1334 Feb
Jan 174% May
Amer Lt & Tract. corn..100 17051 168% 171% 2,725 137
Jan
300 18% Mar 22
Amer Multigraph,com---• 21'% 2131 2134
25,500 48% Feb 6711 Jan
64
Amer Pow & Lt com new-• 6234 61
July
Apr 95
95
2,030 84
91
100 93
Preferred
44
3.400 26% May 51% June
Amer Rayon Products..' 40% 37
110 49
July 57
50
Jan
49
American Rolling Mill_ _25
39% July
6,20(, 2631 Ma
Am Superpow Corp,CI A • 3834 37% 39
July
30,600 2754 Ma
• 3934
40
38
41
Class B
300 2431 Feb 26% Mar
26
2534 25%
Prior preferred
200
431 Feb
334 Jan
3% 3%
American Thread pref. _5
I
1
July
1
July
100
1
American Writing Paper..
2931 30%
300 17% Jan 31
June
ArizonaPower com----100
14% 2,600 1154 Apr 15
Feb
14
Armour & Co (111s) cemB25 1431
10 84
AP
9435 Feb
100 8934 89% 89%
Preferred
4% 5
300
3% Jun
5% Feb
Armour Leather, corn. -15
200 35% July
35% July
• 35% 35% 35%
Arundel Crap
42% July
• 40% 38% 40% 20,800 25% Ma
Assoc G & E Class A
Jan
400
1300
85c
134 Mar
•
90c
Sug_
&
Fruit
Atlantic
300 44 Jun
July
55
-ti Cement new..' 5234 51% 55
Atlas P0,
37
1,700 34 Jun
39
July
39
Beaverboard Co pf v t 0100 3734
393( 4031 46,200 39% July 4034 July
Belding Bros & Co com-• 3931
1,200 31c May
610 85c
• 750
331 Feb
Boissounault (0) Co
Borden Company300 6731 Ma
83%
82
July
87
Corn exchange stock..50
140 106
50 108% 10731 10834
Jan 113
May
Preferred
100 18
May 23% June
23
23
Botany Consol Mills com_•
831
8% 9% 2,500
4% Feb 11
May
Bridgeport Machine corn.'
25% 26
600 24% June 2834 Apr
Brit-Am Tob ord bear..l
831
300
831
10
7% May
9% Feb
Brooklyn City RR
15
300 10
Jan
15%
1554 July
Brown & Will Tob CI BAO
157 157
25 121
Jan 163
May
Bucyrus Co common..A00 157
71
1,400 50
77
Apr 75
July
Buffalo Gen Elm new com• 76
33
200 32 Jun
33
2.0
July
33
Butler Bros
110% Ill
120 110
Ma 111
Jan
Campbell Soup, pref. -100
4331 48% 10,200 3434 Jun
Can Dry Ginger Ale new w I 47
5134 July
4
3
5,500
335
1% Jai
Car Ltg & Power com_ _.25
534 May
379 390
30 300
Feb 430
Caaolina Power & Lt..- _100 379
May
7131 74
20 65 Jun
100
97
Celluloid Co, pref
Jan
51
300 51
52
July
Central Steel common_ _ _ _• 52
July
52
15
1,200 10
16
15%
Ma
Centrifugal Pipe Corp
2)54 Jan
100
7
7
7
July
7
July
7
C G Spring & Bumper
• - 45% 44
46% 8,300 1634 Jan 46% July
Chapin-Sacks Inc
Feb 3854 July
10 38% 3431 383‘ 14,400 12
Chatterton & Son
12
100 12
12
July 2434 Jan
Checker Cab Mfg class A_•
600 29
Apr 40 June
Chic Nipple Milo I A-50 3831 3731 38%
16%
700 1131 June 17 June
50 1631 16
Class B
14,600 35
39
Mar 43
Feb
Cities Service coin. w 1_20 38% 38
100 8131 8131 83%
730 814 Jan 8334 Ally
Preferred
731 7%
300
10
731 Mar
731 June
Preferred B
19
400 1734 Mar 2155 Feb
19%
Bankers shares
22
800 1954 Feb 26
23%
May
Cleveland Automobilecom• 22
10 89
Feb 99 June
100
9614 96%
Preferred
2
Jau
134 2% 29,700 800
231 May
Colombian Syndicate
167 173
1,810 106
Apr 173
May
Czna'wealtb Pow Corp-• 173
• 42% 41% 43% 48,300 3654 June 4331 May
Common new
8031 84% 1,600 79% Jan 85
100 82
May
Preferred
1,375 25% Feb 86
77
81%
80
May
Warrants
Cons utts.E LAP Bait new' 4331 4331 44% 8,800 31% Jan 4531 July
Jan 144
2,800 108
July
Continental Baking,comA• 139% 138 141
• 38
83,900 2154 Jan 39% July
35% .38
Common B
100 10134 10131 102% 3,700 91% Jan 10331 JulY
8% preferred
• 4334 41
4,300 37% Apr 45
45
May
Coty. the
• 46% 45
4,900 3551 Apr 48% June
47
Cuba Company
631 Jan 43 June
800
3531 3534
Cuban Tobacco v t
Feb 22
900 13
19%
May
Curtiss Aeropl & M com- • 1931 19
Mar 79
100 55
loo
7831 78%
Preferred
MAY
De Forest Radio Corp...* 2631 2631 2734 3,400 1834 Mar 34
Feb
275 119
Apr 137 June
Del Lack & West Coal_ _50 127% 12731 128
147 147
10 143 June 148 June
Dixon (Jos) Crucible _ _100
1,400 10
Apr 2034 Jan
15
15%
•
Doehler Die-Casting
DubilierCondsr& Rad new'
17% 1834 3,100 1234 Mar 35% Jan
Apr 31
700 25
Dunhill International__ •
25% 20%
Jan
2,800 50o May
Du Pont Motors, Inc__ •
50e 55c
131 Jan
• 13% 1231 1431 8,900 11% June 21
Durant Motors, Inc
Jan
Dus & Co. Inc. Clue A....• 2434 22% 24% 4,200 20 14 Apr 33
Feb
•
400 2234 July 2231 July
Class A vot tr ctfs
2231 22%
• 70
6734 70
245 67% July 76% May
Elec Auto-Lite Co
920 101% Apr 107
Elea Bond & Share.pref 100 105% 104% 105%
July
Elec Bond at Share Sec...' 70% 69
71% 20.900 2654 Apr 9134 Feb
Jan 66% July
Elm, Invest without warts* 64% 5931 6631 52,600 40
•
15% 1531 16% 1,000 1231 Mar 1854 July
Elec Ry Securities
• 50% 4931 50% 1.100 46
MAY 5251 June
Eureka Vac Cleaner
July 3334 May
Federal Light & Tr new_15 27
27
100 27
27
Federal Motor Truck_ __10 35
3331 3531 5,800 3331 July 35% July
400 25 June 42
Federated Metals Corp_ •
27
27
Feb
431 June 1131 Jan
Film Inspection Mach ' 7%
5% 831 10,200
Mar 624
Ford Motor Co of Can-100 503
Feb
500 503
60 462
5631 5431 5734 5,700 4734 June 5731 July
Fox Film class A
Franklin(H H)Mfg Wm.* 38
37% 41
9,500 1855 Apr 42% July
Apr 9231 June
100
176 78
Preferred
90
88
7
Apr 33% Jan
Freed-Eisemann Radio...*
1131 1231
1,500
•
Freshman (Chas)Co
500
954 Mar 28
1531 16
Jan
Apr 29% May
Gabriel Snubber w I CIA' 2934 27% 2931 12,90
28
•
Apr 1731 Jan
4
2
1,000
Garod Corporation
4
4%
Jan 234
General Gas & Elec. com_• 230
209 234
84
80
July
Jan 23331 July
Convertible preferred...* 233
215 23331
405 80
• 172
Jan 179
Preferred class A
July
146 179
2,260 106
• 160
Apr 166
Preferred class B
134 166
1,615 97
July
35
Gen'i lee Cream Corp w 4._
41
34% 41
July
15,000 34% July
Gen'l OutdOor Adver'11-• 2731 22% 28
8,700 2031 June 2454 Feb
•
45% 4431 46
Class A
Apr
3,100 42% June 47
Georgia L.P&Rys,com_100 71
74
56
9,200 3155 Jan 74
July
July 95
Georgia Ry & Pow com100 95
95
95
July
100 95
Gillette Safety Razor....' 7931 7831 80
July
6,500 6734 Jan 80
• 130
Feb 138
Glen Alden Coal
Mar
128% 130
700 117
Goodyear Tire & R.con1100 35
333.1 36% 38,800 2454 Jan 36% July
21% 204 21% 1.600 2051 July 2131 July
Gould Coupler, Class A..
67
July
Grand (F W)5-10-25c Sts• 75
80
2,900 55 Jun
80
Grennan Bakeries (no__ .• 1931 19
1.900 1554 Mar 2131 may
1931
Ma
9
2434 May
500
Grimes(D)Ha & Can lee* 19% 18% 20
431
3% Jan
431 4%
53.4 Feb
1,600
Rail Switch Jr Signal ern100
100
July 28
24
Preferred
24
Apr
400 24
Jan
65(
831
Happiness Candy St cl A..•
9% June
9,500
7% 8%
534 Fe
100
715 7%
851 June
Founders' shares
•
19
6154 Jan
200 1435 Jun
19%
Hazeltine Corp
• 56
May 58% Mar
55
58% 4,500 48
Horn & Hardart Co
July
7% July
8
6
500
6
Imperial Tob of Canada--5
Jan 25 June
2431 24% 24%
100 21
Imperial Tob of GB at Ire_
IS% Jan 16% July
14% 1631 13.000
Intercontinental Rubb_100 1531
Mar 1334 July
7
12
12% 2.400
lot Concrete Ind Fdrs shrs 12
[VOL 121.
THE CHRONTCLE
320
Sates
Friday
Last Week's Range for
Industrial and
Week.
ofPrices.
Sale
Miscellaneous Stocks
Par. Price. Low. High. Shares.
(Concluded).
Range Sines Jan. 1.
High.
Low.
51% July
54
7%
5034 6,400 36
5034 49
Inter Match non-vot of
1,800 35 June 4655 Jan
3534 373-4
•
Int Utilities, Class A
Jan
2,500
May 17
831 ' 834 9
•
Class B
Jan
9
1
May
23.4 331 2,300
Jones(Jos W)Radio Mfg..
200 20941.8June 2334 Jan
2034 2034
Kehler Williams Stpg _ _ _•
July
43
Feb34
.• 42% 39
4254 8,000
Kelvinator Corp
July
91
1,350 64 May
91
83
25
Kraft Cheese
300
831 Jan 2334 May
20
20
Landover Holding Corp A 1
100 1531 June 1755 June
16
16
La Salle Erten Univ._ _ _10
May 109 June
200 90
100 102%
Lehigh Coal & Navig_ __SO 100
Feb 160 June
7,600 8
14234 151
Lehigh Power Securities. • 148
Jan
175 78 May 87
4 83
813,
Lehigh Valley Coal Sales 50 83
5054 Jan
Mar
33
5,400
3931
4034
new
3734
Leh Vall Coal Ws
95E Jan
6% AM
7% 7%
100
Libby McNeill & Libby_10
July
480 182 June 205
185 198%
Libby Owens Sheet Glass25 195
Jan
9
lye
un
.Tu
734 7% 4,200
7:J
6
731
Liberty Radio Ch Stores. •
834 Jan
100
331 June
3% 3%
Lupton(F H)Pub,CIA...'
10
Jan
731 734 2,200
731
Marconi Wird Tel of Lend
700 2231 June 23% June
McCord Had & Mfg vtc w
2234 2231
68% July
6331 65
150
Ion 65
Mengel Co.
155 June
al
15031
150
200 130
40 June
100
Mercantile Stores
4% Jan
2
294
July
2.200
2
•
Mesabi Iron Co
u: 102% Mar
9531
4,350 8
2 34 Feb
884
Middle west Utilities corn' 9431 92
May
107
360
10234 102 10234
Prior lien stock
Jan 99 June
100
280 91
Preferred
9634 97
187
186
187
July
170
2,430
100
Miller Rubber com
63
e 6931 June
ny
ia
k/l
65
7 j
45
150 14
Mississippi River Pow_100 65
Mohawk Valley Co new..' 40% 3954 4034 3,806 39 June 4231 June
Mar 19% June
1834 1934
1,800
Motion Pict Capital Corp• 18%
103 103
Jan
10 10
110
July7
13
Motor Prod Corp new....'
July
13
13
1234 13
1,100 1231 July
Municipal Service Corp.._
831 Mar
2155 Jan
• 1631 1634 16% 2,800
Music Master Corp
6% 634
631 June
100 1848
National Grocer
July
338 354
4JuneFeb 354
4,270
Nat Power & Light. oom • 342
101
Jan 102 June
10154 102
50 95
Preferred
2434 2694 5,300 22% June 28% June
Nat Pub Serv Cl A cora_ _• 25
• 18% 1854 1834 4,400 14 June 20 June
Class B common
July
339 395
Jan 400
30 230
• 395
National Tea
1
73,4
Land..
1151 Feb
2.900
834
New Mex & Ariz
Feb
485 110
Jan 114
631 j
N Y Tele!,6%% pre!--100 112% 112 11231
100 8255 Mar 9034 Feb
Nickel Plate corn new WI._ 85% 853.4 8531
Mar 87% Jan
300
83% 8331 84
Preferred new w I
5331 June
2,300 8
714 Apr
31
Nine,- Corp Class A w _ _• 5131 5131 52
July
4731 46
49
22.500 4334 June 49
Class B, w
9% 1334 104,200
Mar
1331 July
Northern Ohio Power Co.' 12%
May
920 433/
53
814 Jul
Nor Ont Lt & Pr com_ _100 4831 4334 5031
1,480 102% Jan 126
May
No States P Corp,com.100 12331 11734 126
9931 10131
260 9431 Feb 10131 July
100 101
Preferred
2031 2931 13,100
Feb 2931 June
6
Nor States Pow Del warints 27
14
1431
1454 14,500 14
July 14% July
NorwalkTlre& Rub corn 10
143.4 1431
• 14%
% 1714 Jan
700 12 M
84
Omnibus Corp v t
8134
89
8731
12,400
•
A.
el
42
Inc
93% July
Exchange
Pathe
54
145 14831
181
Jan 15355 May
Penns Water & Power_100 145
14431 149
May
160
90 12
454 J.
47
Pittsb Lake Erie RR_ _50
285 285
10 27
2 M
4%
y 290 June
ay
jul
Pittsburgh Plate Glass_100
Mar
80
4234 4231
100
Portland Electric
July
Jan 88
Power Corp of NY.coin_• 01% 7634 93% 32,400 33
Jan
16
100 1331 Apr 26
16
Power Securities corn. • 16
• 4434 4331 4434
500 40
Feb 4454 July
Pratt& LambertInc
56
54
Mar
400
6034
5531
_100
35
49
MaY
Puget Sd P & L, corn_
4534 4694 1.000
Apr 46% June
Purity Bakeries class A.25
June
40
Mar 47
1,400 34
•
4094
Class B
97
97
100 93
Mar 99 May
100
Preferred
10
1034
500 88
951 J s, 12% Mar
Pyrene Manufacturing..10
Jan
43
1,900
3934 41
Reid Ice Cream Corp com • 40
Mar
Mar
46
4231 4294 4234
100
e37
Rem Noiseless Typew CIA
2434 July
10 2231 19% 2434 30,600 15%
Reo Motor Car.,
July
20
80
80
10
Republic Ry & Lt pref_100
431
1434 Jan
37-6 454 2,600
Rove Radio Corp tr Ws_ .•
Feb
118
40
10
121
j
M
M
54
71
Ltg-.100
739
n
a
u
11834
&
Safety Car Htg
July
10,300 38% Apr 91
91
• 90% 76
St Regis Paper corn
18 June
1,100
16% 1634 17
Schwarz(Bernard) Clg A_ _
16
12,100 18
19
lyr 20 June
ap
A
931 j
Serv. El. Corp. cl A, WI.. 19
Jan
18%
400 1231 mar 21
Silica Gel Corp.corn. v t e • 1834 18
27234 274
20 19934 Jan 275 June
100
Singer Mfg
200
8
Mar 10 Juno
8
El
Singer Mfg Ltd
p
9
1154 1,700
•
4
r 19% Jan
aY
494 Ma
Sleeper Radio v t o
2,750 101% Jan 124
11634 124
July
Sou Calif Edison corn..100 122
10731 10731
100 104% Mar 10731 May
7% prof Series A_ _100
Jan 9431 June
94
125
9431
100
6% prof Ser B
700 2331
n 24% July
3June
288
Southern 0& P el A w L.* 23% 2331 2454
b 13655 July
Feb
31 54e
2u
10734 13631 26,800 106
&eastern Pr & Lt com_ • 128
150 1063.4
July
111
Southw Bell Tel 7% pf.iOO 11031 11034 111
4% 431
400
334 Jan
554 Ider
Standard Motor Constr-10
May 27% Feb
Stand Publishing Cl A__25 20% 2031 20% 3,600 ol.9
2431 2434
24% Ju1Y
100 21% Jun
Stand Textile Prod corn 100
41
41% July
4131
100 35 Jun
100
Preferred B
731
1,100
•
tin4 May
AP
734 8
Sluts motor Car
330 109
May 120
rob
11034 114
100
Swift & Co
2631 2734 4,200 2434 June 3514 Jan
15 27
Swift International
July
300 48
70
s,
•
Fe
14
6854 70
Tenn Elec Pow corn
500
22% Jan
1131 1131
11%
Tbermlodyne Radio
6 May 25
Jan
834
1.700
831
Thompson(RE)Radio vie'
8
934 JIM*
334 Jan
500
8%
8
Timken-Detroit Axle---10
04 OW
334 May
334
334 334 3.600
Tob Prod Export Coro _ •
Mar
200 36
5 June 42
3634 3634
Todd Shipyards Corp....'
Mar 2431 Jan
400
9
8
5
Tower Mfg Corp
July 180 June
40 152
152 160
Tublze Artif Silk A v to.' 160
500 1434 Feb 1634 Ma/'
16
16
• 16
Tulip Cup Corp
Mar 7314 Feb
Union Carbide & Carbon_• 6714 6631 8734 1,90
6,200
50 Juno
United GA E com new._10 49% 4634 50
27,500 4
Mar
3455
265
11031 117
M
J
s 11751 JulY
e
ui
United Lt & Pow corn A • 113
8% 2,800
6% Jan 11)4 Mar
8
8
United ProfIt Sharing_ _
5% May
100
3% 3%
June94
Li Lt & Ht corn new___10
2% Jan
1% Jan
600
231 231
10
Preferred
7
July
5,100
534
7
Reclaiming...
Rubber
US
July
5,300 24
33
3034 34
idor 34
Universal Pictures
234 Mar 30% June
28
Utilities Pr & Lt el A_ ___• 2931 2831 2931 8.900 6
108
Jan
74
575
Victor Talking Maohine100 7334 70
1531 1534
800
• 1511
Mar RI% Jai
9
Ware Radio Corp
1634 1631
Feb um June
600 14
Warner Bros Pict, corn_ •
i0 16% 1634 1631 5,200 1451 Apr 1734 May
Class A
20
2031
July 23 May
800 20
West Pac RR corn new.100
July
71
7131
210 71
100
July 78
Preferred new
22,200 30
6631 69
Mar 70% July
Western Pr Corp. oora 100 65
260 86)4 Jan 86% Juno
100 9535 9434 9531
Preferred
Feb 4614 Juno
3931 41
500 16
White Rock Min Bogs corn*
1531 2,100 uji Apr lam July
15
15
Wilson & Co(new) w I__
AN
29
700
Apr 35
2931
2854
2654
I
w
A
Class
June
jbly 7534 Aar
7131
800 68
71% 71
Preferred w I
11
Jan
22
11
14
1,900
Yellow Taxi Corp N ._.•
RightsCommonwealth Power.....131
Garod Corporation
431
Power Corp of NY
Thompson(R E)Radio Corp
8
United Lt &Power, w -- _
134
134 60,700
1,100
10e 10c
92,000
334 5
1,006
60
6c
731 8% 42,200
154
10o
331
60
454
Former Standard 011
Subsidiaries.
anglo-American 011.- _ 81 2331 22% 2431 3,100 18
10 205
220 220
Borne Scryinser Co.---100
310 5854
Buckeye Pipe Line
6031
60 6031 60
400 4834
Chesebrough Mfg
25
6331 6531
Continental Oil vtow
. 2534 25% 2631 41,100 21%
2,000 10
17
11
25
Crescent Pipe Line
1,200 132
145 15431
Cumberland Pipe Line_101) 150
40 72
73
72
100
Eureka Pipe Line
300 63
(lawns-Signal Oil. com-100 5434 5431 5534
10 100
103 103
100 103
New preferred
1%
300
5
6c
2%
July
July
July
July
July
26%
Jan
AP 235
May 72
Jan 66%
3151
Ma
Feb 17
Ma 154%
June 96
June 66
Feb 10731
Apr
Feb
Jan
May
Feb
July
July
Jan
Feb
July
July
July
July
July
June
JULY
18 1925.]
THE CHRONICLE
Friday
Sales
Former Standard Oil
Last Week's Range for
Subsidiaries
Sale
ofPrices.
Week.
(Concluded)
Par. Prtce. Low. High. Shares.
Range 8Dua Jan. 1.
Low.
High.
Bonds (Concluded)-
321
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High .Week.
Range Since Jan. 1.
Low.
High.
Andian Nat Corp 66_1940 120
120 120
54,000 103
Apr 125 June
Without warrants
99
99
9934 20,000 98
May 10034 May
Assoc Gas & Elec 611 __1965
9539 9554 13,000 9534 June 98 June
Assoc'd Simmons Hardware
61.4.
1935 8939 8939 90
49,000 81
Feb 90 June
Atlantic Fruit 86
21
2039 21
22,000 1834 Jan 27
Mar
All G & WIGS L 5s.1959 7139 71
72
31,000 62
Jan 7234 July
Beaver Board Co 89 1935
9474 95
6,000 88
Jan
96
Jan
Beaver Products 7396_1942
10739 10734 8.000 10634 May 10734
J167
Bell 'Telep of Can 5s. _1955
9939 993-9 168,000 9734 Feb 100 June
Beth Steel equip 79- -.1935
1033.4 10334 21,000 103
Mar 10549 Jan
Boston dr Maine RR 691933
91
91
1,000
July
oanadian Nat Rys 7s 1935 11234 11234 112% 18.000 8234 Mar 91
Jan 11234 Ain
10834
Cent Pac Ry 5s, w 1_ _1960 9834 98
98)4 137,000 98
July 9839 July
Chic Milw dr St P (new co)
50-year g 56 Ser Awl'75
82
83
27.000 81
June 8354 July
Adj M 59 w I
53
2000
5334 10,000 5234 June 5939 June
Chic RI dr Pac 5396_1926
10034 101
30,006 10044 Jan 10139 Jan
Cities Service 66
1966 91
91
9139 66,000 9019 June 9134 Juni
Cities Service 76 Ser B _1966
174 175
3,006
Jan 17839 Feb
Clues Service 78 Ser C.19611 12334 123 12336 43,001 15039
III
Jan 128
Feb
ewes Service 70 Serf)1966 10234 10154 10239 132,006
9834 Jan 10639 Feb
Cities Service 76 Ser E.1966
115 115
1.000
Jan 115
July
lilies Serv Pr & Lt 11s 1944 9439 9354 9434 336,000 109
92
Feb 9434 Mal
Other 011 Stocks.
Cons G.E L & P. Bait-Os, Series A
1949 107
10644 107
4,000 10439 Jan 108
Jun(
Amer Controlled Oil F'Ide 5
1952 10534 105 1053-4 12,001. 10139 Jan
534s Series E
7
734 2,100
4% May
739 July
10531 Jul)
Amer Maracaibo Co-be Series F
1965 10034 100 10039 31,001. 100 June 10039
103.4
10)4 11% 30,900
234 Jan
Juts
113-6 June Consol Textile 88
Argo 011
10
1941
8534 86
12,000 80
534 599
500
Apr 95
534 July
1039 June Cosg Meehan Coal 6398'54
Jai
Arkansas Nat. Gas
10
6
9739 9739 10,000 9734 May
6
634
1,000
Apr
5
9834 Jun,
834 Feb Cuba Co 6s
Atlantic Lobos 011 com--•
339
1935 9434 9434 943.4 46,000
239 354 3,100
May
98
Mar
9134
*
Mal
23.4
5
Preferred
439
May
Cuban Telep 7345-1941
110 11034
5
7
5,000 106
1,000
Jan
5
July
JUnl
Cardinal Petrol Corp
1254 May Cudahy Pk deb 5396-1937
234
9134 9239 46,000 8934 Jan 11134
234 234
100
234 July
96
Fed
239 July
Carib Syndicate
5s
1946
4
94
94
434 6,300
7,000
90
Apr
95 Jun4
Mar
334
Consolidated Royalties_ __I
434 Feb Deere & Co 7196
1931 10339 103% 104
1
1
100
11,000
950 Jan
10234 July 106
pet
Creole Syndicate
134 Jan Det City Gas 6:
5 11% 10% 11% 3.600
1947 10539 105 10539 73,000 10254
Jan 10634 Mal
834 Jan
Crown Cent Petrol Corp.•
1434 Apr Detroit Edison 68
1932 124
124 125
939 939
14,000 11054 Jan 125 Juo
300
939 Jul) 12% May
Derby Oil& Ref, Pref____•
Cony deb 75
21
1930
12334 12339
21
100 15
1,006 12139 June 12339 Jull
July 27
Feb
Euclid 011
58
Series
1 Si
B
w1
1955
99
13-4
139 3.500 87e
9934 36.000 99
July 100 Jun
Jan
Gibson Oil Corp
134 June Dunlop T&R of Am 78 1942
1
234
105 105
254 239 5,200
10,000 10034 Jan
149 Jan
334 June En RR of France?. _1954
Glenrock 011
Mal
10 18e
15e 18c
8354 8334 8334 160,000 7839 Apr 10531
2,000 15c
Apr 27c
8814 Fel
Feb Gair (Robert) Co 76_1937
Gulf 011 Corp of Pa
25 78
10139 103% 9,000 99
Apr 10314 Jull
International Petroleum--• 2534 7634 7854 2,600 6334 Mar 79 June Galena-Sig Oil 78
1930
105
2531
105
26
106
14,900
12,000
2234 Mar 2854 Feb Galena-S
10454 June 10639 Jn11
•
3
Kirby Petroleum
ig Oil Tex 66_1933
3
10034 10039 2,000 10034 July 102 Jun,
33,9
1,400
234 Jan
Lego Petroleum Corp__ •
531 Jan General lee Cream 6345'35 104
5
434 534 30.800
104 106
40 104
434 June
73.4 Apr General Petroleu
106
Lion Oil & Refining
Juli
41 21% 20% 21% 2,200
m 68.1921. 1013.4 10154 101% 19,000 10034 July
Jan 10334 Jull
Livingston Petroleum._ _ •
2054 July 21% July Grand 'Trunk Ry6396-1936 109
109 19934 22,000 10534 Jan 110
134
900
134
de
Jan
Mexican Panueo 011_ _10
149 July Gulf 01100 Pa 511
Jul:
134 76e
1937
9934
9939
lhr
10034
13,100
6,000 9834 Jan 10134 Mal
56e
Apr
Mountain & Gulf 011
Pia July
Serial 539e
1
1%
1926
134
10054 100%
134 8,900
1,000 10034 June 10234 Jet
1
Mountain Producers_ ___10
July
2
Mar
Serial 539e
2134 2139 22
1928 10134 10134 10134 2,000 10134 Mar 102
4,400 1854 Jan
National Fuel Gas
Jai
•
2334 June Hood Rubber 76
117 117
1936 10534 10454 10554 25,000 102
10 106
Jan 122
Jan 10534 Jul:
New Bradford 011
Mar Italian Power6396_
5
534
1928
5)9 5%
9939 9934
400
2,000
9741
Jan
1354
Jan
New York 011
6%
9934
June
Jul
25
Kan City Term 534s...1928
1039 10%
10154 10134 9,000 10149 Jan 1023,9 Jai
200
834 Feb
Noble(Chas F)O&G.com 1
1294 June
439s
1960 8639 86
10c
10c
8639 23,000 86
1,000 10e
July 8634 Jul
Jan
Ohio Fuel Corporation 25
13e Feb Krupp(Fried) Ltd 75 1929
3254 3234
9034 9034 9139 16,006 9034 June 9934
200 31
Mar 3434 Feb Lehigh Pow Secur
Jai
Oklahoma Natural Gas_ _25
6s.1927
29
10139 10139 5,000 10039 Mar 10134
29
10 28
Feb 30
Peer Oil Corp
•
1
Feb
Ma
Libby,
MeN
Lib
&
76.1931
104
104 10439 13,000 102
139 1% 3,100
900
May
Jan
Pennock 011 Corp
154
10439
Feb
Jul
• 2639 25
10734 10754
2639 4,600 1739 Jan 28% June Liggett Winchester 79_1942
2,000 10734 Jan 10831 ail
Red Bank 011
26 37
Long Island Ltg 66._ _1945 101
10034 101
397-9 4.000 16
30,006 10039 July 101
Mar 4434 June Manitoon Power
Reiter-Foster Oil Corn---• 2034 37
Jul
76_ _ _194 i 104
19
27
10354 104
14,500 19
14,000 981.4 Jan 10.594 Jun
July 3334 June Mo Pac RR
R )yal Can 011 Syndicate.* 60c
56 w i....1927
10039
550 70e
8,100
9,001. 9939 Apr 101
50c July
Ryan Consol Petroleum •
2
Apr Morrie & Co 7 39 a ..._ _ _1960 10239 10239 10039
Ma'
10234 29,000 9839 Jan 10454
539
43.4
900
334 Jan
Salt Creek Consol OIL 10
994 Mar Nat Diets Prod 7s_ __ _1930 100
Fel
754 734
100
57,000 9939 July 10234 Jun
1,100
Salt Creek Produeers___10
634 Jan
854 Mar New GM Pub Semi 5s_ _1952 9234 9239 10039
2791
93
28
75,000 8854 Jan 95 Jun
4.600 24
Jan 28)4 June
Shrevp El Dorado P L...25 1654 2739
56
Series
15
B
1955
92
92
93
52.000 92
1654 3,500 15
July 93
Jul,
July 1634 July Nor States Pow 8396-1933 120
Sun Oil Co w
• 4139 4039 4239 6.000 3839 May
11439 121 461,000 10554 Jan 121
Tidal Osage 011 vol stk_ •
4634 June
Jul
694s gold notes... _1933
10339
939 10
19,000 9939 Jan 10434 Mal
200
9
Feb
Venezuelan Petroleum _
1539 Feb Ohio Power 5s Ser B_ _1952 9474 9439 104
334
9474 33,000 89
37-6 4
3,400
Jan 9834 Mal
349 Jan
434 Apr Oklahom
Wilcox (11 F)011 & Gas new 2939
'29
29%
600 283.9 July 3131 June Pennok a Gas & El 56 1950 9279 9239 9339 53.000 9239 July 95
Woodley Petroleum car..•
Me
Oil Corp 6s- _1927 10039 1003-4 10034
539
535
535
200
5.000 97
Jan
339
Max
"Y" Oil& Gas
7
10034 Jun
Mar
Penn Power & Light 5e '52
1
9734 9839 23,000 93
7c
8c 15,000
Jan 9954 Jun
50
Jan
9c June
59series D
1953
9839
977-4
23,000
95
Apr 983.4 Ma
Mining Stocks
Phila Electric6s
1941
107 107
5,000 106
Jan 108 Jun
Arizona Globe Cooper...1
5399
1947
25c
10634 10634
25c 28e 19,000
1,000 104
70 Jae He Feb Phila
Jan 10654 Ja
Butte & Western Mining_l
Rap
Transit
69_1962
9839
10c
9839 7,000 97
100
3.000 10c Ma
May
99
Canario Copper
Ms
19c
Feb
Pure
10
Oil
739
1933 10134 10134 102
631.
6)4 7% 13,100
43,000 977-4 Jan 10239 Ma
334 Feb
7% July ShawsheeCo
Chief Consol Mining
1
n Mills 7....l931 1013.4 10154 102
• 339 3%
20,000 100
700
Apr 104
339 July
Ja
Chino Extension
Feb Schulte RE Co 6s_...1935
31111
100
100
15e 400 16,000 15e July
10,000 100 June 10034 Jun
Consol Copper Mines. _1
1% June Siemens dr Halake 76_1926 95
9439 9574 16,000 9444 July 9934 Fe
239 2%
600
254 June
Consol Nevada-Utah_ __3
4
Feb
75
9339
9334
1935
95
Sc
42.000
Sc
2,000
9339 July 9634 Fe
41: Apr
Cortez Silver Mines Co_ __1
6c Apr Sloss-She
102 102
7c
0,000 101
7c
3,000
Jan 10234 Jun
70 June 25e Feb Solvay drff Steel 66_1929
Cresson Cons Gold M&M .1
Cie 68
10339 10434 14,000 100
3
1934
3
339 . 700
Jan 105
3
Jul
July
Dolores Esperanza Corp--2 50c
4
Feb South Calif Edison 58.1949
9539
96
50o 55e
4,000 92
1,100 35e
Jan 97% Ma
e;ugineer Gold mlnea.t.tal 6
Jan
Feb
750
Stand
Gas & El 8396_1954 150
105
13634 15139 828,000 10634 Jan 15134
8334 109
27,200 1414 Jai 109
Eureka Croesus
Jul
July Stand Milling 5399___ 1945
1 10e
94
9439
10e
110
7.000
28,000
94
70
July 96% Ma
Jan
First Thought Gold Mlneel 41e
23e Feb Stand Oil of N Y 6%6_1933 10734 10734 1
37c 420 17,000 106 May 5843
0734 56,000 106% Jan 108
Forty-nine Mining
Fe
Jan Sun 011 5395
1 42e
1939
9934
99
24c
9934
42c
65,100
13
9,000
9534
Sc
Jan 42e July Swift & Co 56._Oot 15 1932
Jan 9999 Jul
Golden Centre Mines
734
965-4 9639 9654 133,000 94
634 7% 53,200
Jan
97
Jul
534
July
Goldfield Florence
754
July
Thyssen
1
(Aug)I&SW 76 '30 9454 9439 9446 182,000 92
6:
6c
5,000
May 9934 Fe
Sc Jun
Hasbrouck Divide
140 Feb Tidal Osage 011 7s
1931
10334 10439
lc
le
2,000
lc May
Jan 10534 Ja
Hawthorne Mines Inc_ _1 130
July Toho El Pow (Japan)76'55 9039 9039 90% 18,000 103
13e
153
247,000 90
7,000
130
May
Fe
Heola Mieing.
9139 Ms
230
Apr
Trans-Continental Oil 79'30 100
250 1434
100
14
1434 4,000 1234 AD
48,000 9954 Apr 10334 Ma
Jerome Verde Devel
16% Feb TyrolHydro-ElPow7399'55 9639 9634 100
1
1
9634 6,000 9639 June 9634 Ms
1,000 98e
Jan
Kay Copper Co
2
Apr
1935
Union
1
011Cal 56
239
9534 9534 9539 14,000 9434
234 21116 28,700
139 Jan
Kerr Lake
May 9614 MI
21114July United 011Prod Els_ 1931
5
131
32
1%
32
134
800 88e May
1,000 28
Jan
50 Jut
Lorraine Consolidated_-_ ......
134 Feb United Rys of Hay 7958'36
110 111
14c
17e
5.000 100 Jul
19,000 10739 Mar 112
Mason Valley Minim
Jul
17e
July
U 14 Rubber Ser 6396-1926 10139 10139 10134 6,000
5
1;9 2
2,100
10054 Apr 10239 Mi
National Tin Corp
134 Ma
234 Jan
Serial
notes__1
50c
927
10134
634%
10134
80
70
10139
12,000
36,000 10054 Apr 102
70
Jan 180 Mar
New Cornelia Copper_ _5
Mi
Serial
notes_19
639%
28 10134 10139 10139 8,000
1939 2054
400 1839 Ma
New Jersey Zino__ .__100
24% Jan
10094 Apr 10254 544
Serial 64% notes-1929 10034 10034101
695 181
27,000 9931 Apr 10154 Mi
May 199
Newmont Mining Corp_10 1904 187 192%
Jan
Serial
6
notes_
_1930
H%
453.4
10054
45;9
10054
10034 35,000 9934 Apr 10154 Me
4654 6,400 4554 Jun
Nipiesing Mines
46% July
Serial 634% notes-1931 100
6
439
9934 10039 18,000 9734
45.4 4%
1.600
439 May
Ohio Copper
Apr 101
Jul
6% Jan
Serial 634% notes--1932 9934 9935 100
1 84e
830 880
2.200 750 Mar
22,000 97
Parma° Poreupine Miningl 37c
Mar 10054 Jul
134
Jan
Serial
notes_
_1933
694%
9934
350 38e
99
9939 24,000 9844 Apr 9934 Jul
6.000 160 Feb 52e
Peterson Lake Silver
Jan
Serial 639% notes_ _1939 99
Sc
Sc
99
Sc
1,000
9954 16,000 984 May
Sc July
Premier Gold Mining, Ltdl
10c Mar
9931 Jul
Serial 631% notes__1935 99
2)4
211, 234 2,100
99 100
2
37,000 98
Jan
Red Warrior Mining
Apr 100
234 Jan
Jul
Serial 634% notes_ _1936 99
1
20e 20e
99
1,000 20e
0934 31.00
Feb 48e
South Amer Gold & Plat-_1
95% Apr 9936 Jul
Jan
Serial 634% notes1937 99
3
3
9831
100
9934
53,000
234 May
Southwest Metals
9554 May 9931 Jul
Jan
334
Serial
639%
notes_19
38
9834
1
1
9854 9934 23.000 9534
500 75e Mar
Spearhead Gold Mining_ _1
1% Feb
Apr 9934 Jul
Serial 63.4% notee_1939 99
80
6c
8c 16,100
983-4 9934 49,00
4e Feb 120 May
Standard Silver Lead..._1
9539 May 9934 Jul
Serial
notes_ _1940 99
16c
18c
9854 9934 25.000 9534 May 9931
5,000
Superior & Boston
843
Jan 3Co Apr Vacuum 634%
Jul
1
0117.
1936 10534 105% 10554 21.000 10654
1
1
100
1
July
Took Hughes
1
June 10734 Js
July Webster Mille 634.__.1933 99
1
134
9834 99
1% 4,000
Tonopah Belmont DeveLl
13,000 9734 Mar 10334 Ji
134 Jan
134 Feb
55c
55c
100 524i) Apr 85c Mar
Tonopah Extension
1
1%
134 1% 2,200
Tonopah Mining
111, June
310 Feb
1
Foreign Government
3
3%
1,600
Tri-BuIllon S & D
1714 Mar
4
May
10c
and Municipalities
90
9c
90
1,000
6c May
United Eastern Mining_ _1
13c
Jan
45c 47e
4,000 39c
United Verde Extene -50e
Jan 63c Feb Berlin (City) 6399____1950
89
2454
89
24%
89
100 2039 Apr 29% Jan Gratz
89
U S Continental Mined- _5
July 8934 Ju
(City) Austria 849 '54 9839 9734 9834 595,000
80
9e
3,000
70 June 160 Mar Denmark
38,000 97
Unity Gold Mines
May 9839 MI
5 85e
(King)69.-1970 99
85e 85c
9835
99
400
72,000 98
50c
Mar 95c June French Nat Mall SS 76 1949
Utah Apex
July 100
Fr
5
539
8034
6
2,100
803.4 8134 38,000 7739 Apr 91
439 Jan
weeder. Copper Mining. _1
JE
854 Jan Indust Mtge Be of Finland
454
4
4% 11,400
1
Jan
West End Consolidated_ _5
5
Apr
1st M coll e f 711.. _1944 963-6 96
50e 500
963.4
100 24c
58,000 9234 Mar 97 Jut
Apr 55e June Medellin (Colom) 8s__1948 98
975-1 98
7,000 975-9 July 9834 Jul
BondsMtge Bk of Chile 6%9_1957 9754 9754 9739 7,000
Allied Pact cony deb 84)
0754 July 9734 Jul
Nettlerla0(1/1(KIngd)tiaB*12
9039 9039 9139 511.000
10734 10734 5,000 10274
84
Mar 0434 Feb Peru (Republi
Deb 66
Mar 10739 Jul
1939 7939 7939 80
c of) 89_1932 10134 101 10139 6,000
18,000 74
Alpine &Ionian St 78 1956 91
Mar
99
8434
Jan 10134 Jul
Feb
Russian Govt64 ctfs-1919 113,9
91
91
1 13.4 11% 9,000
17,000 91
Mar 91 1.1 May
Aluminum Co Of Am 73'33
Fe
17
1154 July
534s Certificates_ _ _ _1921
10734 10754 4,000 106%
1234
1234 5,000 1039 May 1554 4/11
Jan
107)9
75
June
1925
Santa
100% 101
Fe (Prov) Argentina
3,000 100% July
Amer 0 & E deb 69_2014 99
1023-4 Jan
Cred ex 78
9834 99 234,000 95
1942
96
9631
11.000 96
Jan 99% May Switserland Govt
American Ice 78
July 963-4 Jul
117
115 118 136,000 103
5%.1929
10234 10234 23,000 101
Max 118
Jar/ 10234 Jul
American Power dr LightJuly
External 5% notes_ _1928
100 10034
4.000 100 June 1013.4 Ja
6:old without wart 2012 9735 9639 9734 112,000
Upper
Austria
(Prov)
76'45
9254
9254
933-4 Jan
9254 33,000 9254 July 9254 Jul
9894 May
68, new
96% 97)9 79,000 95
Mar 98% May
Amer Rolling Mill 611 .1938
10239 102% 13,000 100
• No par value. 8 Correction. I Listed
Jan 103% June
Amer Sumat TOb 7395_1926 94
on the Stock Exchange this week, where
9339 94
9,000 80
May
98% Apr additional transactions will be found. o New
American Thread 6s._1928
10334 10339
stock. s Option sale. o Sales of
1,000 10234 Jan 104
Feb Standard Publishing In our issue of June
Anaconda Cop Min 68_1929 10334 103)9 103% 10 000
10244 Ian 104
27
at 1739 was an error. to When issued
May
s Ex-dividend. y Ex-rights. 2 Ex-stOek
dividend.
Humble Oil & Refining..25
1111nofe Pipe Line
100
Imperial 011 (Can) new --.
Indiana Pipe Line
50
Magnolia Petroleum...1''
New York Transit
100
Northern Pipe Line__ _100
Ohio 011
25
Penn Mex Fuel
25
Prairie Oil& Gas
25
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
100
Southern Pine Line__ -100
Standard 011 (Indiana)__25
Standard 011 (Kansas). 25
Standard Oil (Ky.)
25
Standard Oil(Neb).-100
Standard OH of N Y_..._25
Stand 011 (Ohio) oom_104,
Preferred
100
Swan & Finch
100
vacuum 011
Washington 011
10
6934 6734 69% 11,500 42% Jan
136
136 138
260 127
Jan
33
3239 33% 5,200 27% Mar
69
70
140 89
July
150
149 150%
3,180 13034 Apr
55% 5539
10 55
July
79
79
40 78 June
68
67
68)9
2,300 6234 Mar
25
2439 26%
1,200 2434 July
5934
58% 60% 8,400 6034 Mal
12634 12439 127
1,790 106
Jan
225 226
60 202
Jan
1703.4 168 172
1,190 139
Jan
8034 8039 82
250
6634 65% 66% 32,700 80 June
5936 Mat
36
34% 36
1,900 20% Apr
125
124% 125% 2,600 114% Ma;
252
247 252
90 240
Apr
44
43
4439 9.300 41
Apr
355
350 356
250 338
Jan
11934 119% 120
70 117% Jan
17
1599 17
170 15 June
8931 88% 90H
4,300 110% Jet
33
33
20 30
Jan
72)4 June
15439 Jan
3439 June
84
Jan
159
Feb
79
Jan
88
Feb
75% Feb
4434 Ma,
65% Jan
127 June
254
Jan
197
Jan
103
Jan
70
Feb
46
Feb
126
June
270
Jan
48% Feb
389
Jan
123
Mar
27
Jan
0.1% Vet,
33
July
putestment awl Sailroati
322
Balance.
Fixed
Net after
Gross
Star lus.
Charges.
Taxes.
Earnings.
es.
Compani
398,045
e355,161
753,206
69
Detroit Edison Co June'25 *2,807,720
232.709
553,433 e320.724
'24 "2.358.6
8
3,985,81
19
e2.085,1
7
758 6.070.93
6 mos end June 30 '25'18628,805
5.411.486 e2,063.195 3.348,291
'24"17530,
579,298
89,710
May'25 1,267.903 *669.008
Havana Elec Ry
512,329
91.308
'24 1,184,085 *603.636
Lt & Power Co
448,852 2,869,502
54
Increase. Decrease.
1924.
2
5 mos end May 31 '25 6,344.2625 *3.318.3
2.554,74
457,708
'24 5.849,80 *3,012.450
89,300
$
79.583
$
$
800,542 *168,883
'25
June
Hy
St
Market
91.632
76.239
12,113
90,209
791.971 *167,871
'24
588,393
24.248
480.053
46
286.673
6 mos end June 30 '25 4,860.1496 "1,068.4
703,117
117.754
406.966
"1,110.083
4,407,628
4,911,72
'24
130,000
charges and amortization
Interest
all
3,397,000
Includes
e
income.
* Includes other
235
109.374
2,200 of debt discount and expense.
37,300
1,963,540 194.460
3,446
6,112
FINANCIAL REPORTS.
1.427
241,718
14,279
286,839
3.988
9,735
reports of steam
94,882
1,536,898
Financial Reports.-An index to annualcompan
ies which
14,756
429,944
miscellaneous
and
y
railwa
street
ds,
railroa
3,345,897 147,398
will be given
531
been published during the preceding month
607.310
have
will not
41,063
281,120
last Saturday of each month. This index
table which
Latest Gross Earnings by Weeks.-In the
the first
for
gs
earnin
the
ely
separat
up
sum
follows we
shows
and
1.43%
roads
16
covers
week of July. The table
year.
last
week
same
the
over
e
increas
First week of July.
1925.
Ann Arbor
Buffalo Rochester & Pittsburgh_
Canadian National
Canadian Pacific
Duluth South Shore & Atlantic..
Georgia & Florida
Great Northern
Mineral Range
Minneapolis & St Louis
Mobile & Ohio
Nevada-California-Oregon
St Louis-San Francisco
St Louis Southwestern
Southern Railway System
Texas & Pacific
Western Maryland
$
102,322
262,425
4,289,874
3,267,000
109,139
35.100
2,158.000
9.558
240,291
301,118
5,747
1.631,780
444,700
3,493,295
607,841
322,183
on the
icle" in which it is
include reports in the issue of the "Chron
in the issue of
published. The latest index will be found
that of July 25.
in
appear
will
next
The
27.
June
summary
In the table which follows we also complete our
American Telephone & Telegraph Co.
of the earnings for the fourth week of June:
Statement-Six Months Ended June 30 1925.)
Annual
(Semiin brief:
.
Increase. Decrease
1924.
President W.S. Gifford, New York, July 15, wrote
1925.
Fourth week of June.
above
522,928 279,852
_ - __NI
243 076
17,280,373 17,037,297
Total (16 roads)
Net increase (1.411%)
$
$
$
$
15 1,379,622 770,210
Previously reported (15 roads)__ 23,453,827 22,844,4
1,157
10,997
12,154
Nevada California & Oregon.._ _
23,465,981 22,855,412 1,380,779 770,210
Total (16 roads)
610.569
Net increase (2.68%)
reFor the second week of July only one road as yet has
ported. The figures are as follows:
Second week of July.
Buffalo Rochester & Pittsburgh_ 1
1925.
1924.
$
302,594
286.673
Increase. Decrease.
15,921
r
In the following we show the weekly earnings for a numbe
of weeks past:
Current
Year.
Week.
Previous
Year.
Increase or
Decrease.
$
$
$
3
16.570,808 17,191,341 -620,53
-962.506
16.384.924 17.347,429 -465.56
3
73
16,289.410 16.754,9
8
22.389,690 22.677.078 -287.38
-89,106
16.992.850 17.081.986 -304.28
5
16.598.018 16.938.303 -330.888
16.688.462 17,019.350
903
22.177.354 24.473,257 -2,295.
8
17.075.429 17,337.287 -261,83
4
-405,98
45
17.388.6
61
16.982.6
6
-288,49
17.170.03617.458.532
+610.569
23,465.981 22.855,412 +243,85
2
97
17.037.2
73
17.280.3
let week April 6 roads)
2d week April 16 roads
3c1 week April 16 roads
6th week April (16 roads)
let week May (16 roads)
2d week May (16 roads)
3d week May (16 roads)
ith week May (16 roads)
1st week June (16 roads)
2d week June (16 roads)
3d week June (16 roads)
ith week June (16 roads
1st week July (16 roads
%
3.51
5.51
2.77
1.21
0.52
2.06
1.94
9.38
1.51
2.33
1.65
2.68
1.43
System continues somewhat
The volume of business of the Bell
ng
. While in general we are furnishi
normal and is increasing steadilyof
ers that Is better than ever
subscrib
millions
our
to
service
telephone
improve
further
toward
directed
are
System
before, the efforts of the Bell
the
service, and it Is our aim to have
ment of both local and long distance
These
user.
e
telephon
the
to
ory
satisfact
entirely
times
service at all
and
d prosecution of our extensive research shall
efforts Include the continue
the quality of Bell telephone service be
development work to the end that
always
may
States
United
the
of
people
the
always advance and that
In the world.
assured of the best telephone service
care of new telephone subscribers,
With these purposes In mind and to take
facilities which in the aggregate
plant
adding
the Bell System has been and Is
of 1925 amounting to
bulk large-net additions to plant for the first half
about $125.000.000.
EARNINGS FOR SIX MONTHS ENDED JUNE 30. 1922.
1923.
1924.
x1925.
Earnings388
$36,623,551 $29.390,660 $25,712,498 $21,751,
Dividends
6,460,110
8.928.719 7.101.690 6.396.462 31.363,9
Interest
42
24
23
35.867.7
36,800.7
98
41,481,3
revenue
Telephone oper.
81.122
192.694
235.432
231,102
Miscellaneous revenues_
562
$87,254,770 $73,528.504 $68,169.378 $59.656.
Total
96 19,036,610
Expenses, incl. taxes_..- 24.200,850 22,576,746 21,122,2
952
$63.063,921 $50,951,758 $47.047,082 $40,619,
Net earnings
8,255,819
10,722.792 8.361.577 6.467,664 25.285.8
Deduct interest
47
63
30.349,9
38
33.670.6
33
39.631.9
Deduct dividends
454 17,078,286
43
$10,229,
$8.919,5
195
$12,709,
Balance
June are available.
x Subject to minor changes when final figures for
V. 120, p. 3063.
of the monthly
We also give the following comparisons
(the net before
net
and
gross
both
s,
earning
d
railroa
of
totals
hensive. They
compre
very
being
these
the deduction of taxes),
y, with a total
Include all the Class A roads in the countr
to the table.
mileage each month as stated in the footnote
Net Earning .
Grose Earnings.
Month
1925.
1924.
increase or
Decrease.
1925.
1924.
Increase or
Decrease.
58 83,680,754 +17,341,704
Jan -- 483,195,842 467.329,225 +15.866,417 101.022,4
99,460.389 104,441,895 -4.981,506
Feb -- 454.009.669 478.451.607 -24.441,938 109.230.0
86 114.677,751 -5,447,665
833
76
-18,864,
504,382,9
Mar-- 485.498.143
97.471.685 +5,389.790
472,591,685 474,287,768 -1.696,103 102,861,475
24 96,054,494 +16,805.030
112,859,5
584
01
+11,114,
476,549,8
487,664,
May__
above months has been
Note.-Percentage of Increase or decrease In net for dec.; April, 5.53% inc.
January. 20.73% inc.; February,4.77% dec.; March, 4.74%
May,17.49% Inc.
1925, against 235,498
In Jan. the length of road covered was 238.149 miles in
in March, 236,559 miles,
males in 1924, In Feb., 238.842 miles, against 236.031 miles,
in May,236,663
miles,
236,045
against
miles,
In
April,
236,664
miles,
against 236.048
miles, against 236,098 miles
Electric Railway and Other Public Utility Net
s of
Earnings.-The following table gives the return
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
s
Earning-Gross Earnings--Net
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
es.
Compani
$
8
e American Power & Light
34
41
"1.547,2
*1.751,4
April 4,049,179 3,706.389
Co
42,210,926'19.811,101'17,174,548
12 mos ended April 30_46.132.852
62
56
*1.483.5
*1,656,9
4
May 3,899,407 3.502,02
4,455'17,365.233
12 mos ended May 31_46,492,196 42,496,698'19,97
5
June 1.858,429 1,649,962 1,797,296 1,588,68
Cities Service Co
17,426,716 17.110.489
12 mos ended June 30-18,180.205 17,110,489
C Electric Power & Light
April 2,956,411 2,848,551 *1,210,401 *1.113,297
Corp
62.301 34,330,132'14,515,002'13,310.715
12 mos ended April 30__35,6
May 2.952,532 2,825,956 *1,187,539 *1,068,551
34.425,191*14,633,990*13.360,300
88,877
May
31-35,7
ended
12 mos
&
a Southwestern PowerMay 1,033,456
989,423 *485,593 *428,279
Light Co
84 *6,283,414 *5,716,642
12 mos ended May 31-_13,023,990 12.267,9
May 9.963,000 9,226.000 *1.143,000 *1,040,000
Western Union
00
48,817,000 45,093,0 "5,712,000 "5.057.000
From Jan 1
n of the properties of subsidiary companies sand
a Earnings from operatio
Power & Light Co. e Earning of
not the earnings of the Southwestern
subsidiary companies only. • After taxes.
Endicott-Johnson Corporation.
(Semi-Annual Report-Six Months Ended July 1 1925.)
10.
INCOME ACCOUNT FOR SI2. MONTHS ENDED JULY 1922.
1923.
1924.
1925.
$27,485,209
170
$33,478.
500
$31.460,
325
$32.652.
Net sales
91 23.583,473
aMfg. costs & other exp- 29.698.969 29,036,897 29,798.4
79 $3.901.736
53.679.6
03
$2,423,6
56
$2.953.3
Net operating income$484,747
5515,905
$437,426
$469.558
Federal taxes, &c
1,055.750
841,797
256,932
513.786
plan
sharing
Profit
487.502
467,983
459.663
442.827
Preferred dividends- _._
842,060
1,013,400 1.012.650 1.012,196
Common dividends
$841,798 *1,031,677
$256.932
5513.785
Balance, surplus
a Includes interest charges, less miscellaneous income.20% ($3,371,370)
of
dividend
stock
a
The company on Feb. 15 1923 paid
from initial surplus.
BALANCE SHEET JULY 1.
1924.
1925.
1924.
1925.
$
$
Liabilities$
3
Ands0
13,200,00
00
-12,750,0
_
Preferred stock_
Land, buildings,
0
Common stock_ _ _20,268,000 20,253,00
machinery, Ac.
0
11,950,00
,000
_10,500
payable_
Notes
8
(less depree'n)_ -13,356,824 13,889.00
554,809
7,000,000 7,000.000 Accounts payable_ 688,550
Good-will
20,334,524 17,979,383 Sundry cred., Incl. 802,698
Inventories
543,982
wages__
Ace'ts & notes rec_11,280,951 12,757.186 accruedtaxes not
237,691 Federal
206,884
Sundry debtors
351,253
3,833,733 5,080,466 due taxes and 345,098
Cash
Federal
Investment In and
1,522,907 1,117,357
reserves
other
389,340
1,237,278
co_
sub.
to
advs.
131,700 Initial surplus._ _ _ 2,653,156 2,653,156
Pref, stk. acquired 210,900
Appropriated surBalance received
plus under cer978,178
1,319,480
on contract ____
4 tineate of ineorp. 2.250,000 1,800,000
4
Deferred charges._
7,000,149 6,019,397
Currentsurphis
58,780,558 58,442,958
Total
-V. 120, p. 447.
Total
58,780,558 58,442,958
Alabama Power Company.
(Annual Report-Year Ended Dec. 311924.)
President Thos. W. Martin says in part:
to
Operations.-The demands of the public for light and powerofcontinue
electricity
increase. In order to meet these requirements, the output
290 kilo823,247,
being
in
's
history,
largest
the
company
was
year
the
for
maxiwatt hours, as compared with 763,260,963 during 1923. In 1923 thed with
mum demand was 238.000 h. p. (178.200 kilowatts), as compare
s), the
kilowatt
of
(189,050
for
h.
p.
1924
252,000
demand
m
maximu
the
in demand.
increase being approximately 8% In energy output and 6%
al
These figures reflect to some degree the growth of the State along industri
apace.
fully
has
which
with
kept
company
and civic lines,
at
rs
custome
Company's system served directly 40,102 retail electric g of the year.
the end of the year as compared with 34.700 at the beginninserved
in turn
an increase of 15%. Other utilities served by this company
rs served directly
an equal number, making approximately 80.000 custome
was
system
the
of
load
d
connecte
total
the
31
1924
On
y.
Dec.
and indirectl
approximately 526,000 It. p., as compared with approximately 460,000 h.P.
at the end of 1923.
hours during
The hydro-generated energy totaled 573.065,400 kilowatt
hours in 1923. The
the year, as compared with 528,449,050 kilowatt
system durthe
of
demands
the
to
,
meet
y
ed
energy
necessar
-generat
steam
231.309,308
ing the year was 247,868,730 kilowatt hours, as compared with
kilowatt hours in 1923.
Bureau
Weather
by
shown
as
years
20
of
a
period
for
The longest drought
Oct. and Nov. 1924,
records occurred during the months of Aug., Sept.,
since the year
levels
lowest
their
reaching
sa
Rivers
and
Tallapoo
Coosa
the
, by reason of the in1904. Notwithstanding these conditions, company
at the Upper Tallassee and
stallation of the additional hydro capacity
al 30,000 h. p.
an
addition
River,
sa
Tallapoo
the
on
e
plants
Tallasse
Lower
U. S. Gov.'s
generating unit at its Gorges steam plant, and the lease of the
JULY 18 1925.]
THE CHRONICLE
323
steam plant at Sheffield, was able to meet not only the entire requirements and retail operations. There was
also an increase of some 100 miles of misof its system, but also to render important aid to the inter-connected com- cellaneous low-voltage circuits throughout
the retail operations.
panies in the Carolinas, Georgia and Tennessee.
In
addition
to
new
the
lines
constructed,
the capacity of the AnnistonEarnings.-OperatIng revenues during the year amounted to $8,923,389, Gadsden 110,000-volt transmission
line was increased by stringing heavier
as compared with $7,863,294 for the year 1923. This increase of 12% conductors;
capacity of the Kimberly line, north of Birmingham, was
resulted from the increased volume of business from existing properties of increased bythe
raising the voltage from 22,000 to 44,000 volts, and a number of
the company and the extensions made to the system.
lines in Montgomery were increased to 11.000 volts.
These
The gross electric revenue was $7,691,382, as compared to $6,885.666 6.000-volt
increases
capacity
in
were rendered necessary by additional service to
new
in 1923. an increase of 12%, of which 55,685.465 was derived from whole- wholesale customers and
retail operations.
sale and 82,005.917 from retail operations. Railway operations showed a
The necessary increases and additions to primary substations were
gross revenue of $722,310 as compared with $650,902 in 1923, and the rev- made,
there
being
the
end
at
of
1924
a
total
of
primary
substantion
capacity
enue from gas operations also showed an increase from $326,726 In 1923 to of 485,600 k.v.a. as compared
with a capacity of 416,600 k.v.a. at the be$409,697 in 1924.
ginning of the year. This increase in transformer capacity
resulted from
The gross operating revenues were divided between electric operations in increases
of
previous
the
capacities
at
the
Warrior, Bessemer, Huntsville
the ratio of 87%, gas operations 5% and street railway operations 8%.
Leeds substations, and from new installations at North Auburn,
Operating expenses increased from $4.278.222 in 1923 to $4.490.026 in and
Upper
Tallassee, Lower Tallassee, Cherokee Bluffs and Albertville.
A 15,0
1924. Nevertheless, by reason of the greater gross revenues, the net oper- kilovolt
ampere
synchronous
condenser
unit was installed at Bessemer,
ating earnings were $4,333.363 for the year, being 20% more than in 1923. and a 12,500-kilovolt
ampere condenser unit at Leeds, both being completed
The increase in operating expenses was due primarily to greater loads, exSeptember.
treme low river flow during the latter part of the year, increase in taxes In Interconnection
of Power Companies.-Company's system is connected by
and the more extensive operations of the company.
Financing.-The outstanding problem of all public utilities is the problem high-voltage transmission lines with the systems of the companies serving
the Atlanta, Macon and Columbus districts of Georgia, which are in
of obtaining the money necessary for improvements and extensions. Se- Interconnected
turn
with other systems serving the Carolinas and Tennessee,
vere competition exists among the utilities themselves for available capital, the entire group
composing the so-called "Southeastern Super-Power
a competition stimulated by the incessant demand of the public for addi- Zone."
the
That
maximum
use
of
the
power
resources of this entire region
tional service.
only be accomplished through the interconnection of its
The demand of the public for the extension of company's service is no can
systems
is a principle agreed upon by all students of this subject. hinter
exception to the general rule and during the year additions and
Shortages of
improvepower
in
section
one
caused
by drought or other emergencies are relieved
ments to company's properties were made in the amount of $8.837,334.
The capital funds for these purposes were obtained for the most part from by the transmission of power from the other systems, thus avoiding in
the sale of its bonds and Preferred stock at prices comparing favorably in many instances serious interruptions in service.
A striking instance of the value of interconnection was afforded in 1922,
with other public utility securities of like character. The net proceeds from
sales of Preferred stock for the year reached the figure of $5,769,707, being 1923 and 1924. when company, by reason of the lease of the Muscel Shoals
more than the sum of such sales for the three previous years, 1921 to 1923, steam plant of the Government, was enabled to partially relieve the power
inclusive. The remaining amount realized from security sales was obtaned shortage in the Carolinas and in Georgia.
The principle of interconnection reduces the duplication of reserve equipfrom the sale of 53,000,000 1st Mtge. Lien & Ref. Gold bonds of the
6% ment by each individual company, improves the average load
Series due 1951.
factor, proSince June 1920, when company Preferred stock was first offered the vides more security in power supply and permits the most advantageous
public, the sales have been constantly increasing, with the result that now use of the combination of water and steam power. In 1924 these interIt is probably the most widely owned security in the State with the single connected companies exchanged a total of 236,600.000 kilowatt hours, a
exception of Liberty bonds, and is held by citizens in every county in the volume of power that would have required a large additional investment in
generating equipment in the different localities had not this interconnecState. A conservative estimate shows that more than 10,000
residents of tion been previously accomplished.
the State are owners of the various securities of company,
and
that
80%
The South has made great progress during the past ten
number
its
of
in
stockholders are residents of Alabama. Company has
due in
large measure to the development of hydro-power. Power years,
established an enviable position in the customer-ownership
generated by
field, and is now the companies composing the super-power group
among the leaders of the larger utilities that market
increased from 800.000.000
their
securities
among
kilowatt
hours
1914
3,300.000,000
in
to
kilowatt
the residents and customers of the territory served.
hours in 1924. It is safe
to say that in the next ten years the generation required of
the region now
Taxes.-The total amount of State, county and city taxes and licenses served
by these companies will be in excess of 8,000,000.000 kilowatt hours,
paid by company and its subsidiaries during 1924 was $673,813.
compared
as
requiring
capacity
plant
4,000,000
of
p. This forecast is conservative
with 5527.169 for the year 1923. This increase was partly due to the and does not include the requirementsh.
for possible railway electrification,
acquisition of utility properties during 1923, including those at Mont- electro-chemica
l operations and for extensions into semi-rural and rural
gomery and Tuscaloosa, and in'part to the initial
recently constructed, including Mitchell Dam. assessment of properties communities of the South and into sections now served inadequately or
inefficiently. Adding ilower which will be required for these purposes,
Additional Communities Served.-Hydro-electric service was established It has been predicted that the coming 15 years
will see the South's requireduring the year at Bessemer North Highlands, East Brookwood,
ments so large that plants with a combined capacity of 5.000.000 h.
Five
p. will
Points, Fulton Springs, Gardendale, Guin, Hueytown, Huffman, Kimberly, be neeessary to serve them.
Morris, Nauvoo, New Merkle, Oak Grove, Shades Mountain, White
The
generating
the
capacity
total
of
system of the Southeast is now
Plains
and Winfield. Service was also authorized during the year to Bankston,
2,200,000 h. p., which figure is predicated on
completion of plants now
Berry, Boston, Chapman, Cherokee, Coaldale, Courtland. Deatsville, under construction or immediately proposed.the
To meet the enormous reEast Mulga, East Parish, Eclectic, Eldridge. Elmore,
Fort Deposit, Geor- quirements of the future, every economy must be practiced to turn into
gians. Leighton, Mt. Meigs, Pelham, Railway Fuel Co.
Village, Speigner primary power the secondary power of the streams. This can be accomand Town Creek,and transmission lines to furnish this service
are now under plished only through the further interconnection of water powers so as to
way.
take full advantage of the flow of the streams and of the varying rainfall
In addition the electric distribution systems at Calera, Demopolis,
Fauns Jn the different sections of this region, and by the construction of large effidale. Fayette, Greenville, Helena
Uniontown were acquired. Hydro- cient reserve steam plants at the mines in the coal fields.
electric service has already been and
established at
and Helena, and
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
transmission lines are under construction to serveCalera
the remaining towns of
this group.
1924.
1923.
1922.
1921.
The addition of the foregoing will make a total of 114 cities, towns
Net oper. rev., less disand
communities now served directly and indirectly by your company.
$8,823,389 $7,
@FedFRASER